The company maintains a conservative 0.47% debt-to-equity ratio, though this appears to reflect limited access to capital rather than a strategic choice.
| Metric | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Total Current Assets | 19.68M | 18.6M | 13.95M | 13.67M |
| Cash & Short-Term Investments | 846.41K | 2.17M | 963.1K | 2.45M |
| Cash Only | 846.41K | 2.17M | 963.1K | 1.5M |
| Short-Term Investments | 0 | 0 | 0 | 949.79K |
| Accounts Receivable | 16.29M | 14.71M | 11.52M | 9.56M |
| Days Sales Outstanding | 148.53 | 132.71 | 174.02 | 131.74 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 216.19K | 230.05K | 198.87K | 166.13K |
| Total Non-Current Assets | 5.1M | 4.39M | 5.56M | 6.77M |
| Property, Plant & Equipment | 2.26M | 3.12M | 4.87M | 6.01M |
| Fixed Asset Turnover | 17.74x | 12.95x | 4.96x | 4.41x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.8M | 1.23M | 662.23K | 601.87K |
| Total Assets | 24.78M | 22.99M | 19.51M | 20.44M |
| Asset Turnover | 1.62x | 1.76x | 1.24x | 1.30x |
| Asset Growth % | 7.79% | 17.84% | -4.55% | - |
| Total Current Liabilities | 12.12M | 11.03M | 6.48M | 7.27M |
| Accounts Payable | 4.88M | 5.12M | 3.75M | 3.23M |
| Days Payables Outstanding | 52.3 | 52.78 | 66.21 | 47.92 |
| Short-Term Debt | 3.77M | 1.99M | 436.83K | 1.03M |
| Deferred Revenue (Current) | 117.19K | 241.01K | 219.7K | 318.81K |
| Other Current Liabilities | 277.74K | 188.94K | 196.37K | 197.89K |
| Current Ratio | 1.62x | 1.69x | 2.15x | 1.88x |
| Quick Ratio | 1.62x | 1.69x | 2.15x | 1.88x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 1.2M | 2.21M | 3.49M | 4.12M |
| Long-Term Debt | 0 | 0 | 145.61K | 0 |
| Capital Lease Obligations | 1.2M | 2.21M | 3.35M | 4.12M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 13.32M | 13.24M | 9.97M | 11.39M |
| Total Debt | 5.42M | 4.94M | 5.11M | 6.13M |
| Net Debt | 4.57M | 2.77M | 4.15M | 4.64M |
| Debt / Equity | 0.47x | 0.51x | 0.54x | 0.68x |
| Debt / EBITDA | 2.30x | 3.19x | 4.04x | - |
| Net Debt / EBITDA | 1.94x | 1.79x | 3.28x | - |
| Interest Coverage | 15.79x | 14.70x | 35.92x | -9.04x |
| Total Equity | 11.47M | 9.75M | 9.54M | 9.05M |
| Equity Growth % | 17.6% | 2.21% | 5.38% | - |
| Book Value per Share | 0.95 | 0.81 | 0.79 | 0.75 |
| Total Shareholders' Equity | 11.47M | 9.75M | 9.54M | 9.05M |
| Common Stock | 1.04K | 1.04K | 1K | 1K |
| Retained Earnings | 3.22M | 1.65M | 1.87M | 753.27K |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 204.75K | 57.13K | 468.98K | 1.1M |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidity and regional concentration
As reported in financial statements, ELOG maintains a cash position of only $846,409 against $40 million in annual revenue, which suggests a highly constrained liquidity buffer that may leave the firm unable to absorb unexpected operational shocks or fund necessary working capital requirements during cyclical downturns.
The extremely low cash-to-revenue ratio indicates that the company operates with minimal margin for error in its day-to-day cash management. Investors should monitor whether this lack of liquidity forces the company to rely on expensive short-term financing or restricts its ability to maintain essential service levels for its industrial clients.
Based on the company's reported figures, the debt-to-equity ratio of 0.47% suggests a conservative capital structure, yet this lack of leverage appears to be a function of limited access to capital rather than a strategic choice to minimize interest expense in a volatile industrial environment.
While the low debt load reduces interest rate sensitivity, it also implies that the company may be unable to leverage its balance sheet to fund growth or navigate periods of stagnant revenue. The reliance on equity rather than debt may be necessary given the thin 5.66% operating margins, which likely preclude the servicing of significant debt obligations.
According to recent filings, the combination of stagnant revenue growth and minimal cash reserves suggests a weakening balance sheet trajectory, as the firm appears unable to reinvest in the specialized assets required to defend its niche position within the highly competitive Suzhou industrial logistics market.
The lack of growth in the face of regional industrial activity suggests that the company's business model may be losing its competitive edge. Without a significant improvement in cash generation or capital reinvestment, the firm's ability to maintain its current market share appears increasingly precarious.
As indicated by the company's corporate structure, the use of a Cayman Islands holding company for operations in China warrants further investigation, as it may obscure the actual flow of funds and the true liquidity available to the parent entity from its underlying operating subsidiaries.
This structural arrangement often complicates the assessment of asset quality and the repatriation of earnings, potentially masking risks related to related-party transactions or local regulatory hurdles. Investors should remain cautious regarding the transparency of these financial arrangements and their impact on the company's actual economic value.
Quick answers to the most common questions about buying ELOG stock.
As of 2024, Eastern International Ltd. Ordinary Shares (ELOG) had total assets of $24.8M including $19.7M in current assets.
Eastern International Ltd. Ordinary Shares (ELOG) carries total debt of $5.4M, offset by $0.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Eastern International Ltd. Ordinary Shares (ELOG) has total shareholders' equity (book value) of $11.5M ($0.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Eastern International Ltd. Ordinary Shares (ELOG) reported a current ratio of 1.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.