So paying the Bank loan off doesn't change Net Assets. VMT...

So paying the Bank loan off doesn't change Net Assets. VMT reduce cash and reduce a liability by doing so, so they cancel each other out.
The opening Net Assets were reduced by the Bad Debt from last year which was provided for in full.
It sounds like VMT will have recovered most if not all of that bad debt which should be reflected as a write-back in this year's profit.
The purchases of failed distributors and the Soco patents were all flagged as being significantly below the real value acquired. Current accounting standards require the acquirer to recognise the fair value of the assets acquired. If they paid less than that, it is considered a "Bargain purchase", and the gain is recognised in the year the acquisition occurs.

If you add all of these pluses, then depending on what profit has actually been made from trading, then Net Assets could even be higher than your estimate.

On the other side though a lot of the balance sheet asset value will be represented by the factory built on leased land. While it does represent a real asset that has the potential to generate productive capacity, if things turn worse then that cannot easily be converted to cash and shareholders could discount its value in terms of considering the extent of the real Net Asset backing.