Smartag: How did this company get listed?

I have nothing much to say over the quality of recent IPOs except that some of them are quite awful. Well Smartag Solution's IPO was not so recent. It was listed on 18 April 2011, a year ago. Let me highlight its revenue numbers after its listing.

The full year account as at 30 Sep 2011 vs 2010

The 2 quarters account ending 31 March 2012

Look at the its revenue drop - from RM22.769 million for FY2010 to RM5.9 million FY2011. Ridiculous. Latest half year, it only registered RM1 million revenue. Hence, it is on track to only make 10% of its revenue prior to listing. How unreal!

How did this company pass its sponsor's approval? I do not want to name names, but whoever does the listing better be more careful in future.

Speculators- this is not the company that does the smart tag for PLUS. Please read what it claims to do, which I am still wondering. I can safely say, many traders in Chow Kit get more revenue than this LISTED company.

Amazingly, it is still carrying a market value of more than RM50 million.

Also, an ex-deputy minister is a director in this company! Hmmm...with such listings, how do we create confidence over ACE-listed companies.