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not really imv ...so far...given poor record on receivables ...I suspect 12-13p has provided a false floor for bottom seekers
What a terrible reaction to results. Pity I didn't follow my instincts and get out at about 30p last January! A bit of a delayed reaction to the results though, not instantaneous, and I see hardly a huge sell-off at about £50k sold. Well I'm going to stick it out, I think everyone was aware of the finance problems and I'm certain so is the company. May get their act together one day. At this level, IMO, HOLD.
Indeed.....could bleed for years...unless they operate or get another infusion. Intangibles?.....growth rate, profits, order book......one supports the other, otherwise the value and justification are false..and that is one large value in the books....and nearly the value of the net worth of the business. GL
yep..interesting support @ 13p..foolish?
I truly wish in this case i was wrong ...... But the accounts, management and history of the business do not appear to line up to suggest otherwise....Unless something dramatic changes... GL
I hope you're well & had a nice weekend pal. I just thought I'd let you know that I posted a little something on the RBN bb which I'd appreciate you having a look at. Speak to you there, Dan
you called this right ages back, if I recall
Here, is a real case of 'Revenue recognition'.......as an issue IMO All the indicators are flashing signals, the business could be selling on a sale or return basis, but booking the revenue....It would be interesting to see if the have any 'Terms and conditions of sale' plus any other contracts. Because if they had and they were half descent the business would be able to enforce and driventhe collection process..... Interesting case study......I am not invested, but have followed out of interest.... GL
yep...just not good enough
"monies are being received on a regular basis from most of the customers, though in small values, thus confirming their commitment to pay and honour their liabilities" Jolly, Where i come from that sounds like either the 'the tail wagging the dog' or worse several payment plans in place, which would normally lead to a % future write off's, straight off the bottom line. If the products are good and meeting a demand, then the only conclusion i can come up with is that this management are totally out of the depth, bordering on incompetent.....Do they credit check, or have any international credit control experience....processes? Or do they just sell to anyone.. Shame as they do appear to have a product.....
in old style Porter Framework analysis, DQE looks as though it has either/both (i) weak management (critical skill being paid/managing working capital) (ii) weak negotiating position/market power
No, it looks like a lack of respect because they are from India. Companies such as BBC/ZDF/RAI pay other European film companies in a reasonable timeframe. I think the US Jungle Book/partner customer who refused to pay was quite surprised by the fact they started litigation against him.
and dqe said ages ago it was trying to get on top of the receivables challenge lol ...is it impossible to change their terms of business? or do customers do business with DQE because their terms are "soft"... or have I grasped the wrong end of the proverbial?? ...if DQE does a decent job, surely they should require that all customers pay...and those customers with dodgy finances/payment history should provide credit enhancement/support
O/T notice it with retailers - most use to pay suppliers in 30 days and now the norm is 60 days. No wonder there's cash flow problems for small cap companies.
don't seem to treat DQE with much...how should we call it?..respect ..is this an industry wide problem, Sonny?
In the total for bad and doubtful debts of INR 230m at 31 March 2014, an amount of INR 55m is the amount due from Moonscoop SA, France, which has filed for administration, and INR 175m has been provided for receivables from SMC International Group Inc. (SMC). SMC was appointed as DQE's licensing agent for the Jungle Book Season 1 TV series for the North American territory, but has breached the terms of its contract with DQE. DQE has terminated the contract with SMC and also filed a legal claim against SMC for recovery of the dues. Our legal counsel is confident that the verdict will be in our favour. Advanced negotiations are ongoing with experienced licensing and merchandising agents in the US to replace SMC. While the net cash flow from the operating activities after working capital changes is positive, the overall cash and cash equivalent was negative at the year end because of the continual investment by the Company in the development of Intellectual properties as part of its business plan. Our banks have been supportive in extending the facilities for carrying out its business activities. Cash available at year end was INR 28m and the main reason for the low cash position was on account of the slow recovery of receivables. The total outstanding Trade Receivables of the Company at 31 March 2014 was INR 2,599m, out of which INR 1,322m was outstanding for more than 180 days. The Company has confirmations from its customers of their dues to the Company. The monies are being received on a regular basis from most of the customers, though in small values, thus confirming their commitment to pay and honour their liabilities.
yep...the upside here is terrific but I have to cut my losses
yep...cultural difference??...receivables and payment challenges more accepted there...and raising finance perhaps seen as less of a problem?
The weird thing is that results were out on Friday after close in India and investors are reacting positive about it there today. Very strange. Also noticed the word "strategic". Could it be a merger?
the receivables are not being collected as they shd The debtor position has inevitably put pressure on our cash flow and working capital which of course we are monitoring closely and our banks have been supportive. However, whilst debtors are gradually repaying, it has not come at a rate we expected and" AND therefore " so we have been exploring options for a longer term funding solution for the Company to crystalize the large and growing pipeline of orders as quickly as possible. In this regard we are in active discussions with strategic / financial investors" Goodness gracious me "to refinance the business."
,,,
potential upside here stupendous
They are the results for the strongest quarter
The coming results may be rubbish but hopefully we wont understand them!
VERY strange time to reduce given the sp and results due soon