Its a dull low margin business on the edge of insolvency really. As you point out the magnitude of the mismatch between trade payables and receivable is very large. A negative quick ratio always a big redflag and the equity market is shut to this company, and rightly so.
Multi million $ convertible in the offing if you ask me
Ann: NNG Maiden Profit & Appendix 4C Clarification, page-36
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