Сборник бизнес-кейсов алматы, 2015 Выпуск 1
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Epilogue The loan agreement for Darithana included a more stringent requirement, according to which the Company had to have bank accounts in the Bank-creditor to get all payments due to the Company from customers, and to ensure that the fees in a predetermined amount will be deposited in the Bank. The Company had not complied with this requirement, and the Bank could get the right to claim immediate repayment of all amounts under the loan agreement. But the Company's management was able to not only prolong the loan term for one more year, but increase the sum of the credit line. This, apparently, could explain the appearance of the sum in the line "current portion of long term loans" in the balance sheet on 01/07/2013. Obviously, under the requirement to maintain the necessary level of liquidity, as described in the case, the Bank immediately could not require repayment of the debt, and take additional measures to get other sources of collateral for the loan. The company realized that it needed long-term loans for the investment project for the period of five years. Therefore, in January 2013, it released 10 million bonds with nominal value of $6.60. The total amount of the bond issue at nominal value – $66 million, the coupon rate - 8% per annum, maturity – five years. But by the 01/09/2013 the Company was able to accommodate only 8900 bonds, which can be seen in the balance sheet at 01/07/2013 within non-current liabilities. Regarding the Company’s financial policy, the credit ratings service Standard & Poor’s had assigned Kazakhstan producer of medicines on national scale rating as kzBB. The agency had estimated the financial risk profile of the company as aggressive. Such an assessment showed inadequate (less than enough) liquidity, reflecting some uncertainty about how successful bonds placement will be held. Standard & Poor’s had assigned the credit rating kzBB to the debt obligation of the upcoming issue of unsecured bonds for $66 million. This rating was substantiated by the credit rating of the Company and the absence of factors that increase or reduce the risks of the securities. Before the bond issue the Standard & Poor’s forecast was as follows: “We appreciate the liquidity as less than adequate, taking into account the expected bond issuance and some doubts about its success CR = 1 + Equity plus (Non-Current Liabilities minus Non-Current Assets) Current Liabilities 77 and placement because of the current state of the debt capital markets. Furthermore, if the bond issue has not been successfully placed, the company would have to use alternative sources of resources, among which are likely to be dominated by short-term and possibly unsubstantiated credit lines of banks. Therefore, the assessment of liquidity in accordance with our criteria may deteriorate. Due to this uncertainty, we estimate the company's liquidity as less than adequate” Interestingly, their forecast came true? жүктеу/скачать 3.48 Mb. Достарыңызбен бөлісу:
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