2nd group assignment

Working Capital Financing

*RM 000
ICP

RCP

APP

Operat
ing
Cycle
CCC

WCF

2010
26601/
(30214/360
)

2011
24217/
(44202/36
0)

2012
8231/
(130799/3
60)

2013
9733/
(216293/3
60)

2014
8827/
(491916/3
60)

2015
31061/
(465790/3
60)

=317 days
34114/
(30214/360
)

=197 days
34716/
(44202/36
0)

=23 days
34716/
(130799/3
60)

=16 days
25322/
(216293/3
60)

=7 days
77179/
(491916/3
60)

=24 days
55515/
(465790/3
60)

=407 days
23862/
(30996/360
)

=283 days
21981/
(38438/36
0)

=96 days
56819/
(101336/3
60)

=43 days
73785/
(156136/3
60)

=57 days
90093/
(328486/3
60)

=43 days
150752/
(291097/3
60)

=277 days
317 + 407

=206 days
197 + 283

=202 days
23 + 96

=170 days
16 + 43

=99 days
7 + 57

=187 days
24 + 43

=724 days
724 277

=480 days
480 206

=119 days
119 202

=59 days
59 170

=64 days
64 99

=67 days
67 187

=447 days

=274 days

= -83 days

= -35 days

447 x
(30214/360
)

274 x
(44202/36
0)

-83 x
(130799/3
60)

= -111
days
-111 x
(216293/3
60)

35 x
(491916/3
60)

= -120
days
-120 x
(465790/3
60)

=RM37,516

=RM33,64
3

=
-RM30,156

=RM66,69
0

=RM47,82
5

=RM155,2
64

ICP = Inventory/(sales/360)
RCP= Receivable/(sales/360)
APP= Payable/(COGS/360)
Operating cycle= ICP + RCP
CCC= ICP + RCP APP

WCF= CCC X (sales/360)

Z-Score

*RM 000

x1

x2

2010

2011

2012

2013

2014

2015

(210,19291,700)
/325,570

(198,31557,130)
/347,799

(329,77684,662)
/475,959

(401,42489,303)
/549,657

(543,113109,963)
/742,330

(798,049154,469)
/1,002,715

=0.364
74,835/325,570

=0.4059
97,141/347,79
9

=0.5150
126,010/475,95
9

=0.5678
169,979/549,6
57

=0.5835
245,308/742,330

=0.6418
329,730/
1,002,715

=0.2793
16,871/347,79
9

=0.2647
48,164/475,959

=0.3092
79,206/549,65
7

=0.2299

x3

30,372/325,570

=0.3305

=0.0933

x4

x5

119,660.906/
93,728
=1.2767
30,214/325,570

=0.1012

1.909

Z = 1.2

x1

+ 1.4

=0.3288
186,455/1,002,7
15

=0.2437

=0.0485
119,660.906/
91,146

119,660.906/
184,148

=0.1441
119,660.906/
200,071

=1.3128
44,202/347,79
9

=0.6498
130,799/475,95
9

=0.5981
216,293/549,6
57

=0.1271

=0.2748

=0.3935

1.965

1.978

2.33

=0.0928

180,903/742,330

140,401.7632/
196,519
=0.7144
491,916/742,330

=0.1860
216,184.6832/
310,860.0928
=0.6954
465,790/1,002,7
15

=0.6627

x 2 + 3.3 x 3

+ 0.6

x 1 = working capital/total asset

x 2 = retained earnings/total asset

x4

+ 1.0

x5

=0.4645

3.036

2.737

x 3 = EBIT/total asset
x4

= market value of equity/book value of total debt

x 5 = sales/total asset