Vietnam Report JS Company has had to review the recent ranking of 500 fastest-growing companies (FAST500) 2012 due to mistakes in the figures, resulting in the removal of a number of firms from the list.
SMES on the brink of bankruptcy. Photo by Vietnam Economic Times
The review was made after DTiNews reported surprise among the business community that SME Securities Corporation (SMES) had been ranked 30th on the list despite the fact they were on the verge of bankruptcy.
Five other firms, Vimeco Joint-stock Company, NTACO Corporation, Song Hong Corporation, Vinaconex No. 7 and Century 21 Joint Sock Company were taken off the FAST500 because they failed to meet requirements for total assets, profits and a compounded annual growth rate (CAGR) of at least 20%.
Vimeco Joint-stock Company, for example, had a CAGR of only minus 1.87%.
Earlier, Vietnam Report JS Company announced that SME achieved high revenues during the period of 2008-2011 period, but, according to further investigation by DTiNews, the firm had not released their business records for 2011.
A number of other companies were also eliminated from the FAST500 ranking.
Vietnam Report JS Company has also reviewed the ranking of 500 small and medium-sized enterprises with the fastest growth in 2012, removing 11 firms from the list.
Vietnam Report JS Company has continued asking companies updating their databases to send all pertinent information to the organising board before April 4 to avoid possible mistakes in the official lists, which are scheduled to be released on April 9.