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Furthermore we noticed that tsl has a high net

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Furthermore, we noticed that TSL has a high Net Borrowing Cost . At 29 February 2012, the Group’s interest bearing liabilities increased to HK$440 million from HK$215.6 million ,which may contribute to the completion of the issue of the convertible bonds to CDH King Limited on 20 April 2012. ebruar012, the Group’s interest Since the NBC is still lower than RNOA. As a result, the spread between them is high. The TSL take use of the high financial leverage and opened two new stores in Hong Kong in the last year. As to the Avge Days to Collect Receivables, Chow collect much more faster than TSL, which due to the versatile sales channels (Retail channel, wholesale channel and online channel) of the Chow and it opened 50 new shops in the last year. All of these factors lead to the quicker turnover of Receivables, which is go consistent with the reality of only 60 days to recive the cash for Chow. The same reason applied to the shorter inventory holding period compared with TSL. While with respect to the Avge Days to Pay Payables, TSL get a huge benefit from it owing the good relationship with suppliers. Rosy Blue Hong Kong Limited, one of the Group’s five largest suppliers, is a subsidiary of Prime Investments S.A., which is a preference shareholder of Partner Logistics Limited (the Company’s controlling shareholder).
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Analysis Analysisof ofofofleverage leverage Chow Debt to Equity Ratio 0.023 0.022 0.082 0.106 FFO to Total Debt 0.298 7.095 3.444 1.560 CFO to Total Debt 0.345 -8.050 0.847 0.612 Current Ratio 2.699 3.514 2.993 3.334 Quick Ratio 0.445 0.403 0.452 0.532 EBIT Interest Coverage 35.263 39.882 28.703 28.460 EBITDA Interest Coverage 35.263 39.882 28.703 28.460 TSLTSLTSLTSL Debt to Equity Ratio 0.292 0.233 0.245 0.279 0.358
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Furthermore we noticed that TSL has a high Net Borrowing...

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