Three companies' Z score model has been given. Develop Credit rating for those companies/ or a comparison

Z score calculation Access Engineering PLC Description 2019/20 (Million) 2018/19 (Million) Net working capital 10,682 6,243 Total Assets 36,949 34,621 Retained Earnings 11,323 9,932 EBIT 3,018 3,184 BV of Equity 20,534| 19,085 BV of Liabilities 16,415 15,536 MV of Equity 24,387 23,588 Total Sales 17,917 19,356 X1 0.29 0.18 X2 0.31 0.29 X3 0.08 X4 0.09 1.23 1.23 X5 1.25 1.25 0.48) 3.0470 X6 Z Score 0.56 2.8870) Hemas Holdings Description 2019/20 (Million) 2018/19 (Million) Net working capital 7,7341 7,734 Total Assets 64,380 62,749 Retained Earnings 18,574 18,497) EBIT 10,000 9,000 BV of Equity 31,474 19,085 BV of Liabilities 32,906 30,880 MV of Equity 24,387 23,588 Total Sales 61,632 64,082 X1 0.12 0.12 X2 0.29 0.29 X3 0.16 0.14 0.62 X4 X5 0.62 0.96 0.96 0.961 2.5910 X6 Z Score 1.02 2.0228 Ceylon Cold Stores PLC Description |2019/20 (Million) 2018/19 (Million) Net working capital 10,682 6,243 Total Assets 48,236 37,568) Retained Earnings 10,726 10,705 EBIT 7,385 4,042 BV of Equity 20,534 19,569 BV of Liabilities 32,4301 22,168 MV of Equity 24,387 23,588) Total Sales 69,055 59,060 X1 0.22 0.17 X2 0.22 0.28 X3 0.15 0.11 X4 0.63 0.88 X5 0.63 0.88 X6 1.43 1.57 Z Score 2.0954 2.3658 Z score calculation Access Engineering PLC Description 2019/20 (Million) 2018/19 (Million) Net working capital 10,682 6,243 Total Assets 36,949 34,621 Retained Earnings 11,323 9,932 EBIT 3,018 3,184 BV of Equity 20,534| 19,085 BV of Liabilities 16,415 15,536 MV of Equity 24,387 23,588 Total Sales 17,917 19,356 X1 0.29 0.18 X2 0.31 0.29 X3 0.08 X4 0.09 1.23 1.23 X5 1.25 1.25 0.48) 3.0470 X6 Z Score 0.56 2.8870) Hemas Holdings Description 2019/20 (Million) 2018/19 (Million) Net working capital 7,7341 7,734 Total Assets 64,380 62,749 Retained Earnings 18,574 18,497) EBIT 10,000 9,000 BV of Equity 31,474 19,085 BV of Liabilities 32,906 30,880 MV of Equity 24,387 23,588 Total Sales 61,632 64,082 X1 0.12 0.12 X2 0.29 0.29 X3 0.16 0.14 0.62 X4 X5 0.62 0.96 0.96 0.961 2.5910 X6 Z Score 1.02 2.0228 Ceylon Cold Stores PLC Description |2019/20 (Million) 2018/19 (Million) Net working capital 10,682 6,243 Total Assets 48,236 37,568) Retained Earnings 10,726 10,705 EBIT 7,385 4,042 BV of Equity 20,534 19,569 BV of Liabilities 32,4301 22,168 MV of Equity 24,387 23,588) Total Sales 69,055 59,060 X1 0.22 0.17 X2 0.22 0.28 X3 0.15 0.11 X4 0.63 0.88 X5 0.63 0.88 X6 1.43 1.57 Z Score 2.0954 2.3658