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DARITHANA
This note serves as a facilitator’s guide to the Darithana case study. After a brief case synopsis,
the note describes the learning objectives and key lessons. Assignment questions are listed and a
teaching plan to guide the discussion and answer the questions is presented.
Case Synopsis
Darithana, a listed company of generic and
branded drugs in Kazakhstan, faced the two urgent
liabilities: (1) the Bank’s requirement to repay its loan ahead of time because of its inability to meet the
requirement to the Current Ratio and (2) debts on employee wages. But the Company currently did not
have sufficient funds to carry out these obligations. Its liquidity problems
had been linked to
construction of the new factory within the Company’s long-term investment project that needed cash
outflows. What financial decisions should the CFO Serik Junn take to cover these two urgent liabilities:
repay the debt to the Bank and pay the employees?
Learning Objectives
This case is best used as the introduction to the Ratio Analysis or Financial Reports & Analysis,
especially on Liquidity Ratios. The case can also be used to assess the financial policy
of a company
and its creditworthiness. It can also raise another issue of international and national scales of financial
rating for companies and their financial instruments (e.g. bonds).
The purpose of this case is to stimulate students’ discussion on the following issues:
1. Current Ratio (CR) concept
2. The structural analysis of short-term assets and liabilities
3. The approaches to standard values of Current
Ratio
4. The two types of financial policy
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