Very bullish, page-35

Increase in accounts receivable accounts for the reduced cash flow. I calculated the cash conversion ratio which has gone from negative to positive ( approx 4 days) . So the amount of time for the cycle from credit sales to cash has gone up from last year which explains the low cash flow . The accounts receivable days for this year is approx 92 days. Therefore I will have my eyes on next quarterly to ensure that those credit sales are flowing into the cash flow statement. It's a growing company and will require working capital , but I agree that ensuring that the credit sales flowing into cash will be important otherwise we will be seeing that cash being used from coffers for working capital management rather than acquisitions.