You have been given the following information for XYZ (Pty) Ltd:

Balance Sheet		Income Statement
	2022	2023			2022	2023
	R' 000	R' 000			R' 000	R' 000
Non-current assets (carrying value)		250		270		Revenue		305		320
Current assets:		91		92		Opening inventory	47		45
Inventory	44		42			Purchases	184		180
Receivables	38		43					231		225
Bank	9		7			Closing inventory		35		45
Total Assets		341		362		Cost of sales		196		180
						Gross profit		109		140
Equity and liabilities						Finance costs	4.2		5.3
Ordinary share capital (R0.50 shares)		75		75		Depreciation	10		10
Share premium account		37		37		Sundry expenses	24		27
Revaluation reserve		20		0		Operating expenses		38		42
Profit and loss account		35		45		Operating profit		71		98
		167		157		Taxation		10		10
						Profit after tax		61		88
Non-current liabilities						Dividends		12		17
5% secured loan notes		84		105		Ordinary shares	10		15
8% Preference shares (R1 shares)		25		25		Preference shares	2		2
						Retained profit		49		71
Current liabilities:
Trade payables		55		65
Taxation		10		10
Total equity and liabilities		341		362
Current Ratio		1.4		1.2
Quick Ratio		0.7		0.7
	2022
Inventory Holding Period		65		91
Receivables days		45		49
Payables days		109		132
Cash operating Cycle		2		8

Calculate the current and quick ratios in 2022 and 2023 and comment on the liquidity position of the company. (10 Marks