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DJ Asia Wealth Group Holdings Annual Financial Report

 
TIDMAWLP 
 
FOR IMMEDIATE RELEASE 
 
 
                                        30 July 2015 
 
                      Asia Wealth Group Holdings Limited 
 
                       ("Asia Wealth" or the "Company") 
 
                                AUDITED RESULTS 
 
                 FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2015 
 
The Board is pleased to report the Audited Results of Asia Wealth Group 
Holdings Limited ("Accounts") for the Financial Year from 1 March 2014 to 28 
February 2015. These Accounts have been prepared in accordance with the ISDX 
Rules and contain an audit opinion which is qualified only in respect of the 
possible effects of the Group's investment in Ray Alliance not having been 
assessed for impairment. The Accounts will shortly be available on the ISDX 
website, www.isdx.com or via the Company's website, www.asiawealthgroup.com and 
extracts are set out below in Appendix 1. 
 
Chairman's Statement 
 
The Company reports a consolidated loss of US$81,566 (last year (US$26,187)). 
 
Whilst the Board is disappointed with the consolidated results for the fourth 
financial year of the Company, it is working hard to restore the group to 
profitability and has identified several new areas of business expansion 
opportunities in South East Asia. The Group's main source of income, Meyer 
Asset Management Ltd, achieved a net profit of US$151,243 (last year 
US$368,649) and continues to show a satisfactory performance, despite difficult 
trading conditions. 
 
The Board continues to focus on further nurturing the working relationship 
between Ray Alliance and the Meyer Group, and remains focused on further 
acquisitions and partnerships in the South-East Asian region. The Board has a 
cash surplus to seek further acquisitions. 
 
I would again like to thank the Company's staff for their hard work throughout 
the year and shareholders for their support and we look forward to taking 
advantage of the opportunities which we expect to encounter in the forthcoming 
year. 
 
Richard Cayne 
 
Chairman 
 
Contacts: 
 
Richard Cayne (Chairman and CEO) 
 
Asia Wealth Group Holdings Limited, +66 (0) 2611-2561 
 
Roland Cornish (Corporate Adviser) 
 
Beaumont Cornish Limited, +44 (0) 207 628 3396 
 
www.asiawealthgroup.com 
 
                                  Appendix 1 
 
Consolidated Statement of Financial Position 
 
For the year ended 28 February 2015 
 
Expressed in U.S. Dollars 
 
                                         Note(s)            2015           2014 
 
Non-current assets 
 
Fixed assets                                3             68,925         34,976 
 
                                                          68,925         34,976 
 
Current assets 
 
Cash and cash equivalents                              1,695,584      1,874,858 
 
Trade receivables                                        273,483        242,314 
 
Due from related party                     4,5            26,810              1 
 
Prepayments and other assets                              88,191         79,139 
 
Investment in associate                     5             12,410             - 
 
Available-for-sale investment               6            318,162        318,162 
 
                                                       2,414,640      2,514,474 
 
Total assets                                       $   2,483,565  $   2,549,450 
 
Equity 
 
Share capital                               7            913,496        913,496 
 
Share-based payment reserve                 8             35,423         35,423 
 
Consolidation reserve                                    405,997        405,997 
 
Translation reserve                                      (7,875)        (9,984) 
 
Accumulated deficit                                    (166,773)       (85,207) 
 
Total equity                                           1,180,268      1,259,725 
 
Non-current liabilities 
 
Liabilities under finance lease             9             40,031          8,908 
agreement 
 
Current liabilities 
 
Trade payables                                         1,183,146      1,203,952 
 
Due to related party                                       4,975             - 
 
Liabilities under finance lease             9             13,168          5,568 
agreement 
 
Other payables and accrued expenses         4             61,977         71,297 
 
                                                       1,263,266      1,280,817 
 
Total liabilities                                      1,303,297      1,289,725 
 
Total equity and liabilities                       $   2,483,565  $   2,549,450 
 
 
Consolidated Statement of Comprehensive Income 
 
For the year ended 28 February 2015 
 
Expressed in U.S. Dollars 
 
                                            Note             2015          2014 
                                             (s) 
 
Revenue                                                 1,726,989     1,967,605 
 
Expenses 
 
Commission                                                998,447     1,125,948 
 
Professional fees                             4           265,769       337,302 
 
Directors' fees                              4,9          209,030       276,785 
 
Travel and entertainment                                   60,283        64,605 
 
Wages and salaries                                         39,031        36,654 
 
Rent                                                       15,244        30,661 
 
Office expenses                                            16,979        23,343 
 
Depreciation                                  3            17,324        19,323 
 
Communications                                              3,447        14,201 
 
Bank charges                                                7,488         8,988 
 
Marketing expenses                                         30,125           - 
 
Sundry expenses                                            57,528        65,046 
 
                                                        1,720,695     2,002,856 
 
Net profit/(loss) from operations                           6,294      (35,251) 
 
Other income/(expense) 
 
Loss on disposal of subsidiary                4           (8,272)            - 
 
Foreign exchange gain/(loss)                             (87,041)         3,137 
 
Other income                                               11,948        11,015 
 
                                                         (83,365)        14,152 
 
Net loss before finance costs                            (77,071)      (21,099) 
 
Finance costs 
 
Interest expense                                            1,825         1,994 
 
Net loss before taxation                                 (78,896)      (23,093) 
 
Taxation                                     10             2,670         3,094 
 
Total comprehensive loss                              $  (81,566)   $  (26,187) 
 
Loss per share attributable to the equity holders 
of the Company: 
 
                                                        (0.00713)   $ (0.00229) 
 
Basic loss per share                         11       $ 
 
                                                        (0.00685)   $ (0.00223) 
 
Diluted loss per share                       11       $ 
 
Consolidated Statement of Changes in Equity 
 
For the year ended 28 February 2015 
 
Expressed in U.S. Dollars 
 
                                                                   2015 
 
                        Share Capital           Share-based    Consolidation    Translation    Accumulated       Equity 
                                                    Payment          Reserve        Reserve        Deficit 
                                                    Reserve 
              Note   Number         US$ 
 
Balances at        11,433,433      913,496           35,423          405,997        (9,984)       (85,207)    1,259,725 
beginning of 
year 
 
Translation   2(g)         -            -                -                -           2,109             -         2,109 
differences 
 
Total                      -            -                -                -              -        (81,566)     (81,566) 
comprehensive 
loss 
 
Balances at        11,433,433   $  913,496   $       35,423  $       405,997  $     (7,875)  $   (166,773)  $ 1,180,268 
end of year 
 
                                                                   2014 
 
                        Share Capital           Share-based    Consolidation    Translation    Accumulated       Equity 
                                                    Payment          Reserve        Reserve        Deficit 
                                                    Reserve 
              Note   Number         US$ 
 
Balances at        11,433,433      913,496           35,423          405,997            444       (59,020)    1,296,340 
beginning 
of year 
 
Translation   2(g)         -            -                -                -        (10,428)             -      (10,428) 
differences 
 
Total                      -            -                -                -              -        (26,187)     (26,187) 
comprehensive 
loss 
 
Balances at        11,433,433   $  913,496   $       35,423  $       405,997  $     (9,984)  $    (85,207)  $ 1,259,725 
end of year 
 
 
Consolidated Statement of Cash Flows 
 
For the year ended 28 February 2015 
 
Expressed in U.S. Dollars 
 
                                                               2015           2014 
 
Operating activities 
 
Commissions received                                      1,618,577      2,084,277 
 
Other income received                                        11,948         11,015 
 
Commissions paid                                        (1,019,253)    (1,264,711) 
 
Directors' fees paid                                      (209,030)      (276,785) 
 
Other expenses paid                                       (513,786)      (631,883) 
 
Cash flows from operating activities                      (111,544)       (78,087) 
 
Investing activities 
 
Disposal of subsidiary                                      (6,249)             - 
 

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Acquisition of associate                                   (12,410)             - 
 
Acquisition of fixed assets                                (11,585)        (4,887) 
 
Cash flows from investing activities                       (30,244)        (4,887) 
 
Financing activities 
 
Net advances to related party                                                   - 
                                                           (26,809) 
 
Cash flows from financing activities                       (26,809)             - 
 
Net decrease in cash and cash equivalents                 (168,597)       (82,974) 
 
Effects of exchange rate fluctuations on cash and          (10,677)        (7,291) 
cash equivalents 
 
Cash and cash equivalents at beginning of                 1,874,858      1,965,123 
year 
 
Cash and cash equivalents at end of year              $   1,695,584  $   1,874,858 
 
Cash and cash equivalents comprise cash at bank. 
 
On 2 July 2014, the Company disposed of its 100% interest in Asia Wealth Group 
Pte. Ltd. ("Asia Wealth Singapore"), with a net asset value of $84,575, to one 
of the directors of Asia Wealth Singapore by paying cash of $6,249 and being 
forgiven payables owed to Asia Wealth Singapore at 31 July 2014 of $82,552. 
 
On 31 January 2015, the Group entered into a finance lease agreement to 
purchase a new vehicle amounting to $49,610 and paid a 20% downpayment of 
$9,922. 
 
Notes to and forming part of the Consolidated Financial Statements 
 
For the year ended 28 February 2015 
 
Expressed in U.S. Dollars 
 
1       GENERAL INFORMATION 
 
Asia Wealth Group Holdings Limited (the "Company") was incorporated in the 
British Virgin Islands on 7 October 2010 under the BVI Business Companies Act, 
2004.  The liability of the shareholders is limited by shares.  The Company 
maintains its registered office in the British Virgin Islands and its financial 
records and statements are maintained and presented in U.S. Dollars, rounded to 
the nearest dollar.  The financial statements were authorised for issue by the 
Board of Directors on 16 July 2015. 
 
The principal activity of the Company and its subsidiaries (the "Group") is to 
provide wealth management advisory services to Asia-based high net worth 
individuals and corporations. 
 
The Company's shares are listed on the PLUS Stock Exchange based in London, 
United Kingdom.  During the prior year, ICAP Plc, an interdealer broker based 
in London, United Kingdom, bought PLUS Stock Exchange and rebranded and 
relaunched it as ICAP Securities & Derivatives Exchange ("ISDX").  The 
Company's shares were automatically admitted to ISDX. 
 
The Company has the following subsidiaries: 
 
                                      Incorporation       Country of Ownership 
 
                                               Date    Incorporation  Interest 
 
 Meyer Asset Management Ltd. ("Meyer           2000   British Virgin      100% 
BVI")                                                        Islands 
 
 Meyer International Limited ("Meyer           2010         Thailand      100% 
Thailand") 
 
Meyer BVI directly holds 49% and acquired beneficial ownership of 51% of the 
total issued share capital of Meyer Thailand via a trust agreement.  The 
registered owner of the 51% outstanding shares is Mr. Somchai Kruntong as set 
out in a declaration of trust in favour of Meyer BVI.  The Company has control 
over the financial and reporting policies of Meyer Thailand and has accordingly 
accounted for it as a wholly owned subsidiary. 
 
On 13 June 2012, Meyer BVI was licensed to provide investment business services 
under Section 3 of the Securities and Investment Business Act, 2010 of the 
British Virgin Islands. 
 
2       SIGNIFICANT ACCOUNTING POLICIES 
 
The significant accounting policies adopted in the preparation of the Group's 
consolidated financial statements are set out below. 
 
 a. Statement of compliance 
 
The consolidated financial statements of the Group have been prepared in 
accordance with International Financial Reporting Standards ("IFRSs"). 
 
 a. Basis of preparation 
 
The consolidated financial statements have been prepared on the basis of 
historical costs and do not take into account increases in the market value of 
assets. 
 
The accounting policies have been applied consistently by the Group and are 
consistent with those used in the previous year. 
 
There are no new standards, interpretations or amendments to existing standards 
that are effective for the first time for the financial year beginning 1 March 
2014 that would be expected to have a material impact on the Group's 
consolidated financial statements. 
 
 a. Use of estimates 
 
The preparation of consolidated financial statements in conformity with IFRSs 
requires management to make judgments, estimates and assumptions that affect 
the application of policies and the reported amounts of assets and liabilities, 
income and expenses.  The estimates and associated assumptions are based on 
historical experience and various other factors that are believed to be 
reasonable under the circumstances, the results of which form the basis of 
making the judgments about carrying values of assets and liabilities that are 
not readily apparent from other sources.  Actual results may differ from these 
estimates. 
 
The estimates and underlying assumptions are reviewed on an ongoing basis. 
Revisions to accounting estimates are recognised in the period in which the 
estimate is revised if the revision affects only that period or in the period 
of the revision and future periods if the revision affects both current and 
future periods. 
 
Critical accounting estimates and judgments 
 
Depreciation 
 
Management regularly reviews the estimated useful lives and residual values of 
the Group's fixed assets and will revise rates of depreciation where useful 
lives and residual values previously estimated have changed. 
 
Leases 
 
In determining whether a lease is to be classified as an operating lease or a 
finance lease, management is required to use their judgment as to whether the 
significant risks and rewards of ownership of the leased asset have been 
transferred or not. 
 
 a. Basis of consolidation 
 
The consolidated financial statements include the financial statements of the 
Company and its subsidiaries for the year ended 28 February 2015. 
 
Details of the Group are set out in note 1. 
 
Subsidiaries are those enterprises controlled by the Company.  Control exists 
when the Company has the power, directly or indirectly, to govern the financial 
and operating policies of an enterprise so as to obtain benefits from its 
activities.  The financial statements of subsidiaries are included in the 
consolidated financial statements from the date that control commences until 
the date that control ceases. 
 
Intra-group balances and transactions, and any unrealised gains arising from 
intra-group transactions, are eliminated in preparing the consolidated 
financial statements.  Unrealised losses are eliminated in the same way as 
unrealised gains, but only to the extent that there is no evidence of 
impairment. 
 
 a. Associates 
 
Associates are those enterprises in which the Group has significant influence, 
but not control, over the financial and operating policies.  The consolidated 
financial statements include the Group's share of the total recognised gains 
and losses of associates on an equity accounted basis, from the date that 
significant influence commences until the date that significant influence 
ceases.  When the Group's share of losses exceeds the carrying amount of the 
associate, the carrying amount is reduced to nil and recognition of further 
losses is discontinued except to the extent that the Group has incurred 
obligations in respect of the associate. 
 
 a. Segment reporting 
 
The Group's operating businesses are organised and managed separately according 
to geographical area, with each segment representing a strategic business unit 
that serves a different market.  Financial information on business segments is 
presented in note 12 of the consolidated financial statements. 
 
 a. Translation reserve 
 
Assets and liabilities of the Group's non-U.S. Dollar functional currency 
subsidiaries are translated into U.S. Dollars at the closing exchange rates at 
the reporting date.  Revenues and expenses are translated at the average 
exchange rates for the year.  All cumulative differences from the translation 
of the equity of foreign subsidiaries resulting from changes in exchange rates 
are included in a separate caption within equity without affecting income. 
 
 a. Financial instruments 
 
 i. Classification 
 
Available-for-sale investment 
 
The Group designates its investment into the available-for-sale category.  The 
category of available-for-sale financial assets comprise non-derivative 
financial assets that are designated as available for sale or are not 
classified as loans and receivables, held-to-maturity investments or financial 
assets at fair value through profit or loss.  This includes investment in 
equity securities in a private company (see note 6). 
 
Cash and cash equivalents 
 
Cash comprises current deposits with banks, net of any overdrafts.  Cash 
equivalents are short-term highly liquid investments that are readily 
convertible to known amounts of cash and which are subject to an insignificant 
risk of changes in value. 
 
Loans and receivables 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market.  Financial 
assets that are classified as loans and receivables comprise trade receivables 
and due from related party. 
 
Trade accounts receivable are recognised initially at fair value and are 
subsequently recorded at fair value reduced by any appropriate allowances for 
estimated irrecoverable amounts.  An allowance for doubtful accounts is 
established when there is evidence that the Group will not be able to collect 
amounts due.  The Group primarily uses the specific identification method to 

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DJ Asia Wealth Group Holdings Annual Financial -3-

determine if the receivable is impaired.  The carrying amount of the receivable 
is reduced through the use of the allowance account, and the amount of the loss 
is recognised in the consolidated statement of comprehensive income. 
 
The Group determines its allowance by considering a number of factors, 
including the length of time trade receivables are past due, the Group's 
previous loss history, the customer's current ability to pay its obligation to 
the Group, and the condition of the general economy and the industry as a 
whole. 
 
The Group writes off accounts receivable when they become uncollectible. 
Actual bad debts, when determined, reduce the allowance, the adequacy of which 
management then reassesses. The Group writes off accounts after a determination 
by management that the amounts at issue are no longer likely to be collected, 
following the exercise of reasonable collection efforts and upon management's 
determination that the costs of pursuing the collection outweigh the likelihood 
of recovery. 
 
Financial liabilities at cost 
 
Financial liabilities measured at cost are non-derivative contractual 
obligations to deliver cash or another financial asset to another entity. 
Financial liabilities measured at cost comprise trade payables and other 
payables and accrued expenses. 
 
Share capital 
 
Shares are classified as equity.  Incremental costs directly attributable to 
the issue of shares are recognised as a deduction from equity. 
 
ii)   Recognition and derecognition 
 
The Group recognises financial assets and financial liabilities on the date it 
becomes a party to the contractual provisions of an instrument. 
 
The Group derecognises a financial asset when the contractual rights to the 
cash flows from a financial asset expire or it transfers a financial asset and 
the transfer qualifies for derecognition in accordance with IAS 39, "Financial 
Instruments: Recognition and Measurement."  A financial liability is 
derecognised when the obligation specified in a contract is discharged, 
cancelled or expired. 
 
iii) Measurement 
 
The financial asset classified as an available-for-sale investment does not 
have a quoted market price in an active market and its fair value cannot be 
reliably measured using other methods of estimating fair value.  Accordingly, 
it has been carried at cost, less impairment losses, if any (refer to 
accounting policy 2(j)). 
 
Financial assets classified as loans and receivables are carried at amortised 
cost using the effective interest method, less impairment losses, if any. 
 
Financial liabilities are measured at amortised cost using the effective 
interest method. 
 
 i. Fixed assets 
 
Items of fixed assets are stated at cost less accumulated depreciation. 
Depreciation is charged to the consolidated statement of comprehensive income 
on a straight-line basis over the estimated useful lives of fixed assets. 
 
The annual rates of depreciation in use are as follows: 
 
Leasehold improvements                                 20% 
 
Office equipment                                               20-33% 
 
Vehicles                                                                20% 
 
Subsequent expenditure incurred to replace a component of a fixed asset is 
capitalised only when it increases the future economic benefits embodied in the 
item of a fixed asset.  All other expenditure is recognised in the consolidated 
statement of comprehensive income when it is incurred. 
 
 a.  Impairment 
 
The carrying amounts of the Group's assets are reviewed at each reporting date 
to determine whether there is any indication of impairment.  If any such 
indication exists, the asset's recoverable amount is estimated.  The 
recoverable amount is estimated as the greater of an asset's net selling price 
or value in use.  An impairment loss is recognised in the consolidated 
statement of comprehensive income whenever the carrying amount of an asset or 
its cash-generating unit exceeds its recoverable amount. 
 
If in a subsequent period, the amount of an impairment loss decreases and the 
decrease can be linked objectively to an event occurring after the write-down, 
the write-down is reversed through the consolidated statement of comprehensive 
income. 
 
An impairment is reversed only to the extent that the asset's carrying amount 
does not exceed the carrying amount that would have been determined, net of 
depreciation or amortisation, if no impairment loss had been recognised. 
 
 a.  Revenue and expense recognition 
 
In relation to the rendering of professional services, the Group recognises fee 
income as time is expended and costs are incurred, provided the amount of 
consideration to be received is reasonably determinable and there is reasonable 
expectation of its ultimate collection. 
 
Interest income is recognised in the consolidated statement of comprehensive 
income as it accrues. 
 
All expenses are recognised in the consolidated statement of comprehensive 
income on the accrual basis. 
 
  * Offsetting 
 
Financial assets and liabilities are offset and the net amount is reported in 
the consolidated statement of financial position whenever the Group has a 
legally enforceable right to set off the recognised amounts and the 
transactions are intended to be settled on a net basis. 
 
 a.  Leases 
 
Leases of equipment where the Group assumes substantially all the benefits and 
risks of ownership are classified as finance leases.  Finance leases are 
capitalised at the estimated present value of the underlying lease payments. 
Each lease payment is allocated between the liability and finance charges so as 
to achieve a constant rate on the finance balance outstanding.  The 
corresponding rental obligations, net of finance charges, are recorded as 
long-term liabilities.  The finance charge is taken to the consolidated 
statement of comprehensive income over the lease period.  Assets acquired under 
finance lease agreements are depreciated over their useful lives. 
 
Leases of assets under which all the risks and rewards of ownership are 
effectively retained by the lessor are classified as operating leases. 
Payments made under operating leases are charged to the consolidated statement 
of comprehensive income on a straight line basis over the term of the lease. 
When an operating lease is terminated before the lease term has expired, any 
penalty is recognised as an expense in the period in which the termination 
takes place. 
 
  * Taxation 
 
Taxation on net profit before taxation for the year comprises both current and 
deferred tax. 
 
Current tax is the expected income tax payable on the taxable income for the 
year, using tax rates enacted or substantially enacted at the reporting date 
and any adjustment to tax payable in respect of previous years in the countries 
where the Company and its subsidiaries operate and generate taxable income. 
 
The Group accounts for income taxes in accordance with IAS 12, "Income Taxes," 
which requires that a deferred tax liability be recognised for all taxable 
temporary differences and a deferred tax asset be recognised for an 
enterprise's deductible temporary differences, operating losses, and tax credit 
carryforwards.  A deferred tax asset or liability is measured using the 
marginal tax rate that is expected to apply to the last dollars of taxable 
income in future years.  The effects of enacted changes in tax laws or rates 
are recognised in the period that includes the enactment date. 
 
  * Share-based payment 
 
The Group entered into a series of equity-settled, share-based payment 
transactions, under which the Group received services from a third party as 
consideration for equity instruments (shares, options or warrants) of the 
Group. 
 
For non-vesting share-based payments, the fair value of the service received in 
exchange for the shares is recognised as an expense immediately with a 
corresponding credit to share capital. 
 
For share-based payments with vesting periods, the service received is 
recognised as an expense by reference to the fair value of the share options 
granted or warrants issued. The total expense is recognised over the vesting 
period, which is the period over which all of the specified vesting conditions 
are to be satisfied with a corresponding credit to the share capital reserve. 
 
 a. Foreign currency 
 
Transactions in foreign currencies are converted at the foreign currency 
exchange rate ruling at the date of the transaction.  Monetary assets and 
liabilities denominated in foreign currencies are translated into U.S. Dollars 
at the foreign currency exchange rate ruling at the reporting date. 
 
Foreign currency exchange differences arising on conversion or translation and 
realised gains and losses on disposals or settlements of monetary assets and 
liabilities are recognised in the consolidated statement of comprehensive 
income. 
 
Non-monetary assets and liabilities denominated in foreign currencies which are 
stated at historical cost are translated at the foreign currency exchange rate 
ruling at the date of the transaction, or if impaired, at the date of the 
impairment recognition.  Non-monetary assets and liabilities denominated in 
foreign currencies that are measured at fair value are translated into U.S. 
Dollars at the foreign currency exchange rates ruling at the dates that the 
values were determined. 
 
 a. Newly issued accounting standards 
 
A number of new standards, amendments to standards and interpretations are 
effective for annual periods beginning after 1 March 2014, and have not been 
applied in preparing these consolidated financial statements.  None of these 
are expected to have a significant effect on the consolidated financial 
statements of the Group. 
 
3)      FIXED ASSETS 
 
                                 Leasehold       Office     Vehicles        Total 
                              improvements    equipment 
 
Cost: 
 
At 28 February 2014                 20,281       25,823       40,223       86,327 
 
Additions                                -        1,663       49,610       51,273 
 

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DJ Asia Wealth Group Holdings Annual Financial -4-

At 28 February 2015                 20,281       27,486       89,833      137,600 
 
Depreciation: 
 
At 28 February 2014                 12,874       13,191       25,286       51,351 
 
Charge for the year                  3,729        5,115        8,480       17,324 
 
At 28 February 2015                 16,603       18,306       33,766       68,675 
 
Net book value: 
 
At 28 February 2015         $        3,678  $     9,180  $    56,067  $    68,925 
 
At 28 February 2014         $        7,407  $    12,632  $    14,937  $    34,976 
 
 
As at 28 February 2015, the Group had fixed assets under a finance lease 
agreement (refer to note 9) with a net book value of $56,847 (2014: $14,937). 
 
4)      RELATED PARTY TRANSACTIONS 
 
A promissory note was issued by a director as consideration for the allotment 
of the Company's issued share capital of $1.  It was unsecured, carried 
interest at an annual rate of 3% and was repayable on demand.  It was settled 
during the year. 
 
On 2 July 2014, the Company disposed of its 100% interest in Asia Wealth Group 
Pte. Ltd. ("Asia Wealth Singapore"), with a net asset value of $84,575, to one 
of the directors of Asia Wealth Singapore by paying cash of $6,249 and being 
forgiven payables owed to Asia Wealth Singapore at 31 July 2014 of $82,552. 
 
The Group was charged $33,082 (2014: $36,125) in accounting fees by 
Administration Outsourcing Co., Ltd, a company related by way of common 
directorship, of which $2,551 (2014: $2,556) remained outstanding as at 28 
February 2015. 
 
During the year, the Group paid directors' fees, inclusive of an accommodation 
allowance, amounting to $209,030 (2014: $276,785). 
 
As at 28 February 2015, the Group owed one of the directors for expenses paid 
on behalf of the Group amounting to $4,975 (2014: $nil). 
 
5)      INVESTMENT IN ASSOCIATE 
 
On 12 January 2015, the Group paid $12,410 for a 20% shareholding in BTS 
Property Holdings Co., Ltd. (the "Associate"), a new company incorporated in 
Thailand. 
 
The Group also advanced $26,810 to cover the initial costs of the operations of 
the Associate. 
 
The Group's investment in Associate as at 28 February 2015 was as follows: 
 
                                                            2015        2014 
 
Balance at beginning of year                               -   .        -  . 
 
Investment during the year                                12,410        -  . 
 
Share of income in associate                               -   .        -  . 
 
Balance at end of year                                   $12,410     $  -  . 
 
6)      AVALAIBALE-FOR-SALE INVESTMENT 
 
On 12 June 2012, the Company acquired a 15% equity interest in Ray Alliance 
Financial Advisers Pte Ltd ("RAFA") for a consideration of 322,000 shares 
issued at GBP0.70 per share.  The Company also issued 16,100 shares at GBP0.60 per 
share in consideration for the advisory services provided during the 
transaction.  The total cost of the investment amounted to $318,162. 
 
7)      SHARE CAPITAL 
 
Authorised 
 
The Company is authorised to issue an unlimited number of no par value shares 
of a single class. 
 
Issued and fully paid: 
 
11,433,433 shares of no par value per share. 
 
Each share in the Company confers upon the shareholder: 
 
(a) the right to one vote on any resolution of shareholders; 
 
(b) the right to an equal share in any dividend paid by the Company; and 
 
(c) the right to an equal share in the distribution of the surplus assets of 
the Company on its liquidation. 
 
8)      SHARE-BASED PAYMENTS 
 
 a. Options 
 
Following the Company's admission to the ISDX, the directors of the Company 
proposed to grant options for up to 1,000,000 shares to key consultants.  On 1 
July 2011, the Company issued a total of 260,000 share options at an exercise 
price of GBP0.60 per share conditional on the consultants completing 2 years' 
service (the vesting period). On 27 May 2012, the Company issued 50,000 share 
options at an exercise price of GBP0.60 per share in consideration of the 
provision of advisory services exercisable on or after 30 September 2012.  On 
30 July 2012, the Company issued 100,000 share options at an exercise price of 
GBP0.60 per share to one of the Group's directors exercisable on the second 
anniversary of the date of grant.  The share options reserve as at 28 February 
2015 amounted to $26,402 (2014: $26,402). 
 
Share options outstanding at the end of the year had the following expiry dates 
and exercise prices: 
 
  Grant Date             Expiry Date     Exercise           2015        2014 
                                            Price 
 
  1 October 2012         27 May 2017        GBP0.60         50,000      50,000 
 
  1 July 2013            1 July 2016        GBP0.60        260,000     260,000 
 
  31 July 2013          30 July 2017        GBP0.60        100,000     100,000 
 
 a.  Warrants 
 
On 16 May 2011, the Company issued share warrants to Beaumont Cornish Limited 
to subscribe for 55,444 shares, in accordance with the terms of its agreement. 
The warrants are exercisable at the placing price for a period of 5 years.  The 
total advisory fee expense and share warrants reserve for these issued share 
warrants amounted to $9,021.  The fair value of these warrants issued 
determined using the Black-Scholes valuation model was GBP0.102.  The significant 
inputs into the model were the share price of GBP0.60 at the grant date, the 
exercise price shown below, a volatility of 10%, a dividend yield of 0%, an 
expiry date of 5 years and an annual risk-free interest rate of 3%. 
 
Share warrants outstanding at the end of the year had the following expiry date 
and exercise price: 
 
  Grant Date          Expiry Date    Exercise Price           2015        2014 
 
  16 May 2011         1 July 2016             GBP0.60         55,444      55,444 
 
9)      LEASES 
 
Finance leases 
 
                                                            2015        2014 
 
Liabilities under finance lease agreements: 
 
Less than 1 year                                          15,802       6,701 
 
1 to 5 years                                              43,569       8,890 
 
Total                                                    59,371       15,591 
 
Less: Deferred interest                                       (    (  1,115) 
                                                          6,172) 
 
                                                         53,199       14,476 
 
Less: Current portion                                          (   (  5,568) 
                                                         13,168) 
 
Net                                                      $40,031     $ 8,908 
 
Operating leases 
 
As at 28 February 2015, the future minimum lease payments under non-cancellable 
operating leases for director accommodation are as follows: 
 
                                                            2015        2014 
 
Payable within:                                                . 
 
1 year                                                      -  .      66,288 
 
1 to 5 years                                                -  .      16,572 
 
Total                                                    $  -  .     $82,860 
 
10)   TAXATION 
 
There is no mainstream taxation in the British Virgin Islands.  The Company and 
Meyer BVI are not subject to any forms of taxation in the British Virgin 
Islands, including income, capital gains and withholding taxes. 
 
Meyer Thailand is subject to Thailand graduated statutory income tax at a rate 
of 0-30% on profit before tax. 
 
Asia Wealth Singapore is subject to Singapore statutory income tax rate of 17% 
on profit before tax. 
 
The current tax expense included in the consolidated statement of comprehensive 
income relates to the following subsidiaries: 
 
                                                            2015        2014 
 
Meyer Thailand                                           2,670       2,633 
 
Asia Wealth Singapore                                       -  .         461 
 
                                                          $2,670      $3,094 
 
The Group had no deferred tax assets or liabilities as at the reporting date. 
 
The Group's total income tax differs from the amount determined by multiplying 
net profit before taxation by the weighted average tax rate of 0.12% (2014: 
8.67%) as follows: 
 
                                                            2015        2014 
 
Net loss before taxation                               $(78,896)   $(23,093) 
 
                                                       (     95)   (  2,002) 
Tax calculated at weighted average tax rate 
 
Asia Wealth Singapore's statutory stepped income            -  .          ( 
exemption                                                             1,050) 
 
Expenses not deductible for tax purposes                      21       1,938 
 
Meyer BVI net profit not subject to tax                 (   181)    (31,960) 
 
Company's net loss not subject to tax                        288      35,771 
 
Weighted average tax rate differential                 2,635         381 
 
Other                                                          2          16 
 
                                                          $2,670    $  3,094 
 
11)   LOSS PER SHARE 
 
 a. Basic 
 
Basic loss per share is calculated by dividing the loss attributable to equity 
holders of the Company by the weighted average number of shares in issue during 
the year. 
 
                                                          2015        2014 
 
Loss attributable to equity holders of the           $(81,566)   $(26,187) 
Company 
 
Weighted average number of shares in issue          11,433,433  11,433,433 
 
 a. Diluted 
 
Diluted loss per share is calculated by adjusting the weighted average number 
of shares outstanding to assume conversion of all dilutive potential shares. 
The Company has share warrants and share options as potential dilutive shares. 
For the share options and warrants, a calculation is done to determine the 

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DJ Asia Wealth Group Holdings Annual Financial -5-

number of shares that could have been acquired at fair value based on the 
monetary value of the subscription rights attached to outstanding share options 
and warrants. The number of shares calculated as above is compared with the 
number of shares that would have been issued assuming the exercise of the share 
options and warrants. 
 
                                                       2015        2014 
 
Loss attributable to equity holders of the        $(81,566)   $(26,187) 
Company 
 
Weighted average number of shares in issue       11,433,433  11,433,433 
 
Adjusted for weighted average number of : 
 
- share options (see note 8(a)) 
                                                    410,000     280,466 
 
- share warrants (see note 8(b))                     55,444 
                                                                 55,444 
 
Weighted average number of shares for diluted    11,898,877  11,769,343 
earnings per share 
 
12)   SEGMENTAL INFORMATION 
 
The Group has three reportable segments based on geographical areas where the 
Group operates and these were as follows: 
 
British Virgin Islands ("BVI") - where the Company and Meyer BVI are 
domiciled.  The Company serves as the investment holding company of the Group 
and Meyer BVI provides wealth management and advisory services. 
 
Thailand - where Meyer Thailand is domiciled and provides marketing and 
economic consulting services to the Group. 
 
Singapore - where Asia Wealth Singapore is domiciled and provided management 
services to the Group until the loss of control on 2 July 2014. 
 
The reportable segments' revenue, other profit and loss disclosures and assets 
were as follows: 
 
Revenue 
 
                            2015                                 2014 
 
                  Total Inter-segment    Revenue       Total Inter-segment    Revenue 
                segment       revenue       from     segment       revenue       from 
                revenue                 external     revenue                 external 
                                       customers                            customers 
 
 BVI          1,726,989          -  .  1,726,989   1,967,605        -    .  1,967,605 
 
 Thailand       242,500     (242,500)       -                    (247,580)       - 
                                               .    247,580                         . 
 
 Singapore       14,910    (  14,910)                            (166,597) 
                                          -          166,597                   - 
 
             $1,984,399    $(257,410) $1,726,989  $2,381,782    $(414,177) $1,967,605 
 Total 
 
The revenue between segments is carried out at arm's length. 
 
Other profit and loss disclosures 
 
                             2015                                  2014 
 
               Commission Depre-ciation Income tax   Commission Depre-ciation    Income 
                  expense                               expense                     tax 
 
 BVI          998,447               984      -   .    1,125,948           636 
                                                                                 -    . 
 
 Thailand          -    .        15,674      2,670       -    .        17,169     2,633 
 
 Singapore            -             666      -   .                      1,518       461 
                        .                                - 
 
             $998,447           $17,324     $2,670   $1,125,948       $19,323    $3,094 
 Total 
 
Assets 
 
                               2015                          2014 
 
                             Total   Additions                Total Additions to 
                            assets          to               assets  non-current 
                                   non-current                            assets 
                                        assets 
 
 BVI                     2,320,554       -   .            2,394,649        3,152 
 
 Thailand                  163,011      51,273                             1,381 
                                                            132,932 
 
 Singapore                                  -                21,869          354 
                           -     .           . 
 
                        $2,483,565     $51,273                    $       $4,887 
 Total                                                    2,549,450 
 
Intersegment assets amounting to $1,873,554 (2014: $1,815,597) were already 
eliminated in the total assets per segment above. 
 
Revenues from two customers of the BVI segment represent approximately 71% 
(2014: 88%) of the Group's total revenues. 
 
13)   FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS 
 
Financial assets of the Group include cash and cash equivalents, trade 
receivables, due from related party, investment in associate and 
available-for-sale investment.  Financial liabilities include trade payables, 
due to related party and other payables and accrued expenses. 
 
 a. Market risk 
 
Market risk represents the potential loss that can be caused by a change in the 
market value of the Group's financial instruments.  The Group's exposure to 
market risk is determined by a number of factors which include interest rate 
risk. 
 
Interest rate risk 
 
The financial instruments exposed to interest rate risk comprise cash and cash 
equivalents. 
 
The Group is exposed to interest rate cash flow risk on cash and cash 
equivalents, which earn interest at floating interest rates that are reset as 
market rates change.  The Group is exposed to interest rate risk to the extent 
that these interest rates may fluctuate 
 
A sensitivity analysis was performed with respect to the interest-bearing 
financial instruments with exposure to fluctuations in interest rates and 
management noted that there would be no material effect to shareholders' equity 
or net income for the year. 
 
 a. Credit risk 
 
Credit risk represents the accounting loss that would be recognised at the 
reporting date if financial instrument counterparties failed to perform as 
contracted. 
 
As at 28 February 2015, the Group's financial assets exposed to credit risk 
amounted to the following: 
 
                                                            2015        2014 
 
Cash and cash equivalents                              1,695,584   1,874,858 
 
Trade receivables                                                    242,314 
                                                         273,483 
 
Due from related party                                    26,810        - 
                                                                           . 
 
Investment in associate                                   12,410        - 
                                                                           . 
 
Available-for-sale investment                            318,162     318,162 
 
                                                      $2,326,449  $2,435,334 
 
The ageing of the Group's trade receivables as at 28 February 2014 is as 
follows: 
 
                                     2015                    2014 
 
                                  Gross Impairment        Gross Impairment 
 
1 - 90 days                     145,197      -    .     129,115      -    . 
 
91 - 180 days                   128,286      -    .     113,199      -    . 
 
                               $273,483 $    -    .    $242,314 $    -    . 
 
The Group invests all its available cash and cash equivalents in several 
banks.  The Group is exposed to credit risk to the extent that these banks may 
be unable to repay amounts owed.  To manage the level of credit risk, the Group 
attempts to deal with banks of good credit standing, whenever possible. 
 
The Group has two significant customers which expose it to credit risk, though 
the exposure to credit risk is reduced as these customers have a good working 
relationship with the Group.  To reduce exposure to credit risk, the Group may 
perform ongoing credit evaluations on the financial condition of its customers, 
but generally does not require collateral. 
 
The Group is exposed to credit risk with respect to its investments. 
Bankruptcy or insolvency of the investee companies may cause the Group's rights 
to the security to be delayed or limited. 
 
The extent of the Group's exposure to credit risk in respect of these financial 
assets approximates their carrying values. 
 
 a.  Liquidity risk 
 
Liquidity risk is the risk that the Group will not be able to meet its 
financial obligations as they fall due.  The Group's approach to managing 
liquidity is to ensure, as far as possible, that it will always have sufficient 
liquidity to meet its liabilities when due, under both normal and stressed 
conditions, without incurring unacceptable losses or risking damage to the 
Group's reputation.  Typically, the Group ensures that it has sufficient cash 
on demand to meet expected operational needs as they arise. 
 
14)   FAIR VALUE INFORMATION 
 
The Group's investment at the reporting date comprises an investment in the 
unlisted ordinary shares of RAFA.  Ordinary shares that have no active market 
and whose fair value cannot be reliably measured are carried at cost, less 
impairment, if any. 
 
For certain of the Group's financial instruments, not carried at fair value, 
including cash and cash equivalents, trade receivables, due from related party, 
trade payables, due to related party and other payables and accrued expenses, 
the carrying amounts approximate fair value due to the immediate or short-term 
nature of these financial instruments. 
 
The fair value hierarchy has the following levels: 
 
·         Level 1 inputs are quoted prices (unadjusted) in active markets for 
identical assets or liabilities that the entity can access at the measurement 
date. 
 
·         Level 2 inputs are inputs other than quoted prices included within 
Level 1 that are observable for the asset or liability, either directly or 
indirectly. 
 
·         Level 3 inputs are unobservable inputs for the asset or liability. 
 

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