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Section B–TWO questions ONLY to be attempted

5 RM Batteries Co(RMB)is a manufacturer of battery packs.It has expanded rapidly in the last few years under the leadership of its autocratic chairman and chief executive officer,John Smith.Smith is relentlessly optimistic.He likes to get his own way and demands absolute loyalty from all his colleagues.

The company has developed a major new product over the last three years which has necessitated a large investment in new equipment.Smith has stated that this more efficient battery is critical to the future of the business as the company operates in a sector where customers expect constant innovation from their suppliers.

However,the recent share price performance has caused concern at board level and there has been comment in the financial press about the increased gearing and the strain that this expansion is putting on the company.The average share price has been $1.56(2008),$1.67(2009)and $1.34(2010).There are 450 million shares in issue.

A relevant Z-score model for the industry sector is:

Z = 1·2X1 + 1·4X2 + 3·3X3 + 0·6X4 + X5

Where

X1 is working capital/total assets(WC/TA);

X2 is retained earnings reserve/total assets(RE/TA);

X3 is Profit before interest and tax/total assets(PBIT/TA);

X4 is market value of equity/total long-term debt(Mve/total long-term debt);and

X5 is Revenue/total assets(Revenue/TA).

A score of more than 3 is considered safe and at below 1.8,the company is at risk of failure in the next two years.