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ABC Ltd. has banked with Bank of Australia for more than 10 years. ABC Ltd. woul...
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ABC Ltd. has banked with Bank of Australia for more than 10 years. ABC Ltd. would like to apply for a $ 10 million loan from the Bank of Australia and provides the following balance sheet report to the bank.
Balance Sheets | ||
As at end of Year |
| 2019 |
| $ million | |
Current Assets |
|
|
| Cash | 50 |
| Debtors | 150 |
| Stock | 240 |
Current Liabilities |
| |
| Creditors | 120 |
| Hire Purchase | 50 |
| Bank Overdraft | 160 |
| Directors' Loans | 14 |
| Current Tax | 1 |
|
| |
Net Current Assets |
| 95 |
|
| |
Fixed Assets |
| |
| Freehold Building | 120 |
| Plant & Machinery | 150 |
Long Term Liabilities |
| |
| Mortgage Loan | 50 |
| Deferred Taxation | 5 |
| Corporate Bonds | 60 |
Net Long Assets |
| 155 |
Net Assets |
| 250 |
Financed by: |
| |
| Issued Share Capital | 100 |
| Profit and Loss Account | 150 |
| Total Capital | 250 |
Profit & Loss Account Summary |
| |
| Sales | 1300 |
| Cost of Goods Sold | 1050 |
| including Credit Purchases | 800 |
| EBIT | 74 |
| Interest | 10 |
| Net Profit before Tax | 60 |
Under the KMV model, what’s the default point of this borrower?