I completely agree to give company a chance, but its something like the
beer game example. The structure of industry determines how they behave.
the list of associates disclosed here is the easy one and u would never
know from a working capital perspective how much debtors are owned by them.
Remember BS is just a snapshot of point in time.
the actual debtors could be much longer in form of companies managed by
friends in Hongkong and Dubai 
Also how do u determine the end sales? if it happens to associates what
happens after that.
Regarding debt to equity, the whole industry would seldom have large long
term debt. they always have WC debt which is much easier to showcase.
if u can try speaking to few bankers who fund these guys….
Regards,
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