Total liabilities approx =$108m, Equity approx = $221mDebt to...

Total liabilities approx =$108m, Equity approx = $221m

Debt to equity ratio = Total liabilities ? Owners' equity
Debt to equity ratio approx = 0.49

The higher the ratio, the more the business relies on debt to finance its operations and the greater the risk to external lenders. A debt equity ratio of 1:1 indicates that the external lenders and the owners are bearing the same degree of risk.

A ratio of less than 1:1 means that:

1. debt is less than owners' equity
2. the business is positively geared
3. the external lenders are bearing less risk than the owners
4. the owner has a stronger financial interest in the business than external lenders
In theory NMS is in a good poition it is just that it has completely stuffed up the long term to short term mix of debt.
The current ratio is approx 0.94 which means NMS has trouble meeting short term financial obligations as they fall due.
If they can fix up the short term/long term debt mix then all should be fine.
In fact in good times after the fix the balance sheet would be regarded as 'lazy'.
The only query i have on the Equity $ figure is whether the values for Intangible assets , ie goodwill remains intact. By this i mean are the businesses purchased still worth what NMS paid for them. If not then then Goodwill may be written down. The auditors did not query this so maybe they still see the value is still there.
I suspect the delays in refinancing may have been due to earlier 'double dip' fears by banks. These fears are now dwindling.