Veltex Corporation (VLXC)

[pual]

There is question I would like to have an answer to but do not seem to find by myself. If anyone can answer of find someone that could, it would be very much appreciated.

1- The financials we saw (except for a revenue of $261,000 in 2002) are all related to "Veltex textile mills", a subsidiary of Veltex Corporation, located in Bengladesh.

2- Therefore the audit we got was entirely made by an unnamed Bengladesh firm. I however assume that, not withstanding usual disclaimers, Anne Tahim corp did normal due diligence before they put the name of their firm on the report.

3- Now we find out that Veltex Corporation has signed a Letter of Intent to purchase KCA Garment Industries of Dhaka, Bangladesh. Accepting released financial, the corporation has important retained earnings in Bengladesh and could use them if the project goes thru.

Just looking at this (forget about 2003) and accepting it at face value (forget about the uncertainty relative to the auditor that effectively conducted the audit):

How do you estimate the value of a stock, listed and traded in US, but related to a 100% Bengladesh based operation?

Note: If the referred to D & B reports only consider US operation, it effectively (as of 12/31/2002) refer to a $261,000 revenue operation. It therefore describe a very small start up , excluding the subsidiart that generates all the business.