I am neither hallucinating nor suffering from permanent brain damage as I write this post. I have stumbled across a company on the SGX where you can indeed earn a million ( if you believe the management & auditors). Introducing China Sports International
About China Sports International
A China Company which sells Sports & Apparel products in China under the brand name "Yeli". The company's current market capitalization on the SGX is s$9.228 million. Its current auditor is RT LLP.
How To Make a Million
Before you guys get too excited , lets analyse its latest Balance Sheet:
China Sport's Balance Sheet as of 3QFY16
If you notice the company has RMB 133 mil cash & equivalent and a total liabilities of only RMB 66 Million.
Step 1: Go to any (dumb) bank, tell them you wish to takeover China Sports International and need a s$12 million loan to launch the takeover. Take the money and announce the s$12 million takeover (at a 30% premium).
Step 2; Takeover the company and use its cash to pay off all the liabilities; you will be left with cash of RMB 67.41 Million (approx s$13.9 million).
Step 3: Repay your s$12 million loan and you will be left with s$1.9 million cash; what's more you get a factory in China and an inventory loads of "Yeli" Shoes and Apparel.
Be a Millionaire!
Let me reiterate my disclaimer that I accept no liability whatsoever for any loss or damage of any kind arising out from the use of any or part of this post.
If you are gungho/naive to adjudge the numbers reported by the management as true, this is truly your chance to become a millionaire in 2017.