>>They have much less debt than you originally propose, but are in a worse equity ratio position than thought. Does this make sense?<<
It makes no sense because you have a wrong number fort he assets
Agria Liabilities: $US415.033m 415,033
Agria Equity: $US406.596m <- (Wrong) 821,629 Page 116
Agria L & E: $US821.629m <- (Wrong) 1236662
Now use subtraction to look at the underlying Agria balance sheet.
Underlying Agria Liabilities: $US 94.325m
Underlying Agria Equity: $US 361.490m
Underlying Agria L & E: $US 455.815m
That means DEBT/Equity ratio: 5,83 :)
Please compare that with US Heavyweights like IBM or HPQ
I think Agria is a safe bank. They have still credit to get money for the rest of PGW.
Here is a very nice overview in Yahoo:
http://finance.yahoo.com/q/bs?s=GRO+...e+Sheet&annual