Net Assets - 0.45cents

From the half-yearly report TSN has Net Tangible Assets per security of 0.45c.

Having read the report I can see this is made up of a combination of cash and an ascribed value to the Subsidiary TSI Plc and Indian Company.

Is this a real value or just an accounting value that's been ascribed?

If it's a real market value then what's the catch here or are we buying a company at a discount to its asset value?