Attilan Group (formerly: Asiasons Capital)

[butcher]

http://infopub.sgx.com/FileOpen/Asiasons...eID=343680

Noted its auditors, Moore Stephens included an emphasis of matters paragraph in its audit report detailing material uncertainty that cast significant doubt of ability as a going concern. Seems very jia lat!

In Note 4, revenue sources:-
Investment management - increased 22% yoy
Financial advisory services - decreased 56% yoy
Media sales - increased 314% yoy
Total revenue - increased 51%

Looks as though operation wise, things looks rosier, with media sales hitting the jackpot which constitute 60% of Fy14 revenue (FY13: 22%)

Look at so call gross profit ("GP") of media sales using figures from NTFS 4 & income statement:-

FY14 Media sales 5,505,986
FY14 Cost of media sales (1,066,160)
GP 4,439,826
GPM 81%

FY13 Media sales 1,327,268
FY13 Cost of media sales (119,579)
GP 1,207,689
GPM 91%

Media sales exponential growth with lower but still remarkable 81% GPM. This should be main core of growth for the turnaround. (also refer to NTFS 32 Biz segments).

The year performance hugely dampened by 2 huge impairment items:-

refer to NTFS 6
Impairment on financial assets, available for sale (AFS) $12,170,358
Impairment on trade and other receivables $19,697,759
Total $31,868,117

NTFS 15, fin assets AFS portfolio of $24,385,316 carrying value:-

Dragonrider Opportunity Fund I
Dragonrider Opportunity Fund II
Asiasons Eco Energy Fund
TAP Harimau Fund

Can refer to some investee companies in the portfolio here - http://asiasons.com/portfolios/

Can see Lion Gold and Chaswood poor results (which are public listed) continues to drive down the value of the funds giving rise to impairments. No details available on the Eco Energy & Harimau funds for analysis.


NTFS 23 - Loan receivable of $12,552,350 due from an investee company was impaired entirely in the year. Any body knows which investee company is this and what are the circumstances which leads to the entire amount being impaired down the drain in the year. May have possible implication to further impairment in the AFS as the investee company should be included in one of the funds.

NTFS 17 - Increased in allowance for impairment at $7,500,214 due to which company? Probable same company.

NTFS 19 - Investment in associates

Noted Chaswood revenue decreased 6% yoy
Loss for FY14 increased $1,979,533 which is an increase of 49%

Loss widening for Chaswood! What is happening?
Chaswood have a range of concept F&B businesses which are interesting, the management seriously and need to critically carry out rebranding and marketing strategy to revitalise the businesses as things aren't getting better. Possible to look at strategy to tap on synergies with other business segments. Also noted auditors of Chaswood being RSM Chio Lim LLP, the auditors for the infamous Trans Cab whose IPO flopped last year. Hope RSM Chio Lim do a good audit job and be able to give some value adding advice for Chaswood, else they will lose the client (becase Chaswood might go out of business).


Seems like huge wide cobweb on impairments still be possible for the year ahead. Also critically in need of fund raising in equity or debt for funding and operational purposes.

[cyclone]

Formerly known as Asiasons Capital Limited, now it's name is  Attilan Group Limited.

From http://marvel.com/universe/Attilan

Attilan is the ancestral home of the inhumans, a highly advanced offshoot of the human race. About seven thousand years ago, the Inhumans grew tired of centuries of persecution by their more primitive parent race, and decided to create a place of refuge for themselves. Under the leadership of King Myran, the Inhumans chose as a site for their city a small island in the northern Atlantic Ocean, located about two hundred miles southwest of Iceland. The city, which took several decades to complete, was named Attilan, a name derived from Atlantis, the former pinnacle of civilization on Earth that had vanished beneath the sea about three millennia before. Attilan has been the sole center of the Inhuman population ever since.

For millennia, the Inhumans dwelled in Attilan, isolated from contact with mainstream humanity except for an occasional encounter with a lost Greek or Viking sailing vessel. Finally, in the mid-Twentieth Century, with the advent of steamships and airplanes, the Inhumans began to fear discovery by the human race. When one of his subjects was captured by human beings, young king Black Bolt determined that the Inhumans must move their civilization to some place more secure. Employing anti-gravity generators, the Inhumans moved their entire city and its foundation in one piece. The new site of Attilan, a hidden valley in the Himalayan Mountain range in China, was excavated by the Eternals, another variant offshoot of humanity. The Himalayan site of Attilan became known as "the Great Refuge." The Himalayas did not prove to be remote enough to enable the Inhumans to retain their secrecy, however, and soon the Inhumans' existence became known to several of the governments of the outside world, although not to the general public. While in the Himalayas, all of Attilan's ancient architecture was accidentally destroyed by Black Bolt and the city has been extensively redesigned and rebuilt.

Attilan was relocated once again, this time to escape the effects of Earthly pollution and disease. Attilan is currently located in the "Blue Area of the Moon," nestled in the ruins of an ancient city built by the alien Kree whose technology gives the "Blue Area" its own artificially created atmosphere.

[brattzz]

errr.... why is this co. still around? CAD cannot shut it down? :O