Thanks and good detailing. One good part is they are Contract manufacturer for several brands. Just take case of Dixon. However, need to know more why are they unable to generate cash flow still? One reason could be asset heavy business model, where initial few years they keep investing and expanding, as demand is rising. Are they overspending on sales network or distribution network etc? Their overall supply chain needs to be optimized to reduce operational expenses to get operating profit at least. Another aspect is their pricing power/monopoly or pricing strategy to connect more clients initially. Hence as you rightly said, from numbers I saw, its tough to make out any prediction. Good to track.
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