ratio analysis of textile industry

RATIO ANALYSIS OF TEXTILE INDUSTRY

Project Submitted By:PG-13-61 Anant Shenoy

PG-13-62 Zeba Khan

PG-13-63 Pooja Parikh

PG-13-64 Fatema Tinwala

PG-13-65 Tanmay Vanmali

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ContentsIntroduction of Bombay Dyeing................................................................................................3

Introduction of Raymond Group...............................................................................................4

Market Size...............................................................................................................................6

Market Share............................................................................................................................6

Balance Sheet of Bombay Dyeing.............................................................................................7

Profit and Loss A/c of Bombay Dyeing......................................................................................8

Balance Sheet of Raymond Group............................................................................................9

Profit and Loss A/c of Raymond Group...................................................................................10

Liquidity Ratios....................................................................................................................... 11

Efficiency Ratios......................................................................................................................12

Profitability Ratios.................................................................................................................. 14

Market Valuation Ratios.........................................................................................................16

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Introduction of Bombay DyeingThe Bombay Dyeing & Mfg. Co. Ltd was established 1879 is the flagship company of the Wadia Group, engaged mainly into the business of Textiles. Bombay Dyeing is one of India's largest producers of textiles.

Its current chairman is Nusli Wadia. In March 2011, Jeh Wadia the younger son of Nusli, has been named the managing director of Wadia Group's flagship, Bombay Dyeing & Manufacturing Company, while the elder son, Ness has resigned from the post of joint MD of the company.

Business activitiesTextiles

It manufactures wide range of cotton suiting, polyester cotton suiting, shoe lining and duck fabrics, satin furnishings, yarn dyed fabrics, towels, table tops and napkins, satin bed sets, etc.

Textile manufacturing is main activity of Bombay Dyeing with 5 manufacturing facilities confirming to international standards.

Chemicals Bombay Dyeing is the largest manufacturer of Dimethyl Terephthalate (DMT) in India.

It has a capacity to manufacture 165000 tonnes per annum (TPA). DMT is raw material for manufacturing polyester fiber, film, filament & yarn and

engineering plastics

Competitors Grasim Voltas 3M India

Market ShareThe current market capitalization stands at Rs.1,337.31 crores.

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Introduction of Raymond GroupIncorporated in 1925, Raymond Group is one of India's largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world, with a capacity of producing 31 million meters of wool & wool-blended fabrics.

The Group owns apparel brands like Raymond, Raymond Premium Apparel, Park Avenue and Park Avenue Woman ColorPlus & Parx. All the brands are retailed through 'The Raymond Shop' (TRS) – One of the largest network of over 700 retail shops spread across India and overseas, in over 200 cities.

In addition, the Group also has business interests in readymade garments, designer wear, cosmetics & toiletries, engineering files and tools, prophylactics and air charter operations.

Business of the companyRaymonds is into Textiles, Engineering and Aviation business

Raymond Ltdo Raymond Ltd. is among the largest integrated manufacturers of fabrics in the

world.

Raymond Apparel Ltdo Raymond Apparel Ltd. has in its folio some of the apparel brands in India –

Raymond Premium Apparel,Park Avenue, Parx. ColorPlus Fashions Ltd

o ColorPlus is among the smart casual brand in the premium category in India.

Silver Spark Apparel Ltdo A garmenting facility in India that manufactures formal suits, trousers and

jackets. EverBlue Apparel Ltd

o A denim garmenting facility.

J.K. Helene Curtis Ltdo A player in the grooming, accessories and toiletries category.

JK Files (India) Limitedo A player in the Engineering Files & Tools segment and the largest producer of

steel files in the world.

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Some joint ventures Raymond UCO Denim Pvt. Ltd

o A 50:50 Joint Venture with European denim major, UCO NV, Raymond UCO

Denim Pvt. Ltd. engaged in the business of manufacturing and marketing of denim fabrics.

Raymond Zambaiti Pvt. Ltdo A joint venture with the Cotonificio Honegger S.P.A., (part of Gruppo

Zambaiti), Raymond Zambaiti Ltd. produces cotton shirting fabrics. J.K. Ansell Ltd

o A joint venture with Ansell International, engaged in the business of

manufacturing and marketing 'KamaSutra' condoms. J.K. Talabot Ltd

o A joint venture with MOB Outillage S.A. of France, for manufacturing files and

rasps.

Competitors Premium wear, Inc. Sunrise brands, LLC. MAST Industries, Inc.

Market Share

With over 60% market share in India, Raymond Ltd. is one of the largest integrated manufacturer of worsted fabric in the world. The company comprises the following divisions

Textileso With a capacity of 38 million meters in wool & wool-blended fabrics,

Raymond commands over 60% market share in worsted suiting in India and ranks amongst the first three fully integrated manufacturers of worsted suiting in the world.

Engineeringo JK Files (India) Ltd. and Ring Plus Aqua Ltd. are the group companies that are

engaged in the manufacture of precision engineering products such as steel files, cutting tools, hand tools, agri tools and auto components.

Aviation

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o Raymond Ltd. is one of the first Corporate House in India to launch Air Charter Services in India in 1996 and since then it has been always a way ahead for Raymond Aviation.

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Market SizeThe size of India’s textile market in 2011 was US$ 89.0 billion; the market is expected to expand at a compound annual growth rate (CAGR) of 10.1 per cent over 2009–21.

Market ShareIn 2012, apparel had a share of 69 per cent of the overall market; textiles contributed the remaining 31 per cent.

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Balance Sheet of Bombay Dyeing------------------- in Rs. Cr. -------------------

Mar '13 Mar '12 Mar '11 Mar '10 Mar '0912 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 41.31 41.31 40.54 38.61 38.61Equity Share Capital 41.31 41.31 40.54 38.61 38.61Share Application Money 0.00 0.00 26.75 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00 0.00Reserves 1,645.77 1,751.09 282.07 171.74 130.25Revaluation Reserves 0.00 0.00 778.83 0.00 201.56Networth 1,687.08 1,792.40 1,128.19 210.35 370.42Secured Loans 793.64 760.74 1,146.49 1,611.97 1,499.00Unsecured Loans 167.96 51.15 90.81 163.14 211.88Total Debt 961.60 811.89 1,237.30 1,775.11 1,710.88Total Liabilities 2,648.68 2,604.29 2,365.49 1,985.46 2,081.30


Application Of FundsGross Block 1,310.20 1,271.81 1,190.14 1,183.44 1,159.75Less: Accum. Depreciation 402.25 342.39 292.81 231.26 178.72Net Block 907.95 929.42 897.33 952.18 981.03Capital Work in Progress 126.91 102.04 205.55 208.39 218.85Investments 55.96 55.96 60.19 60.19 60.22Inventories 1,285.99 1,549.73 1,031.72 144.24 380.31Sundry Debtors 216.80 137.59 203.46 634.57 405.93Cash and Bank Balance 42.55 33.31 4.97 18.86 9.95Total Current Assets 1,545.34 1,720.63 1,240.15 797.67 796.19Loans and Advances 1,134.94 780.05 286.19 278.86 257.38Fixed Deposits 0.00 0.00 16.05 15.03 113.63Total CA, Loans & Advances 2,680.28 2,500.68 1,542.39 1,091.56 1,167.20Deffered Credit 0.00 0.00 0.00 0.00 0.00Current Liabilities 1,083.69 952.00 316.50 309.86 335.94Provisions 38.73 31.81 23.47 17.00 11.46Total CL & Provisions 1,122.42 983.81 339.97 326.86 347.40Net Current Assets 1,557.86 1,516.87 1,202.42 764.70 819.80Miscellaneous Expenses 0.00 0.00 0.00 0.00 1.40Total Assets 2,648.68 2,604.29 2,365.49 1,985.46 2,081.30Contingent Liabilities 189.05 169.46 111.70 75.26 49.64Book Value (Rs) 81.68 433.92 79.56 54.47 43.73

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Profit and Loss A/c of Bombay Dyeing------------------- in Rs. Cr. -------------------


IncomeSales Turnover 2,329.26 2,230.81 2,019.40 1,707.84 1,388.36Excise Duty 0.00 0.00 102.85 46.46 44.36Net Sales 2,329.26 2,230.81 1,916.55 1,661.38 1,344.00Other Income 45.97 54.57 36.12 2.20 -14.84Stock Adjustments -173.67 683.38 47.49 -2.52 4.22Total Income 2,201.56 2,968.76 2,000.16 1,661.06 1,333.38ExpenditureRaw Materials 1,367.88 1,423.25 1,169.49 822.33 815.41Power & Fuel Cost 135.45 103.93 85.68 82.87 94.10Employee Cost 98.46 84.21 60.02 49.72 51.38Other Manufacturing Expenses 93.62 915.43 232.72 275.20 178.19Selling and Admin Expenses 0.00 0.00 140.13 105.10 105.41Miscellaneous Expenses 171.57 125.13 48.90 43.24 40.33Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00Total Expenses 1,866.98 2,651.95 1,736.94 1,378.46 1,284.82


Operating Profit 288.61 262.24 227.10 280.40 63.40PBDIT 334.58 316.81 263.22 282.60 48.56Interest 174.74 180.57 174.07 200.70 184.95PBDT 159.84 136.24 89.15 81.90 -136.39Depreciation 62.03 61.39 62.08 59.54 55.73Other Written Off 0.00 0.00 0.00 0.00 0.00Profit Before Tax 97.81 74.85 27.07 22.36 -192.12Extra-ordinary items 0.00 0.00 0.28 0.00 0.00PBT (Post Extra-ord Items) 97.81 74.85 27.35 22.36 -192.12Tax 22.11 15.50 5.26 3.77 1.02Reported Net Profit 75.70 59.35 21.39 18.42 -194.62Total Value Addition 499.10 1,228.70 567.45 556.13 469.41Preference Dividend 0.00 0.00 0.00 0.00 0.00Equity Dividend 20.66 20.66 14.19 9.66 3.86Corporate Dividend Tax 3.50 3.36 2.30 1.60 0.66Per share data (annualised)Shares in issue (lakhs) 2,065.35 413.07 405.47 386.17 386.17Earning Per Share (Rs) 3.67 14.37 5.28 4.77 -50.40Equity Dividend (%) 50.00 50.00 35.00 25.00 10.00Book Value (Rs) 81.68 433.92 79.56 54.47 43.73

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Balance Sheet of Raymond Group

------------------- in Rs. Cr. -------------------


Sources Of FundsTotal Share Capital 61.38 61.38 61.38 61.38 61.38Equity Share Capital 61.38 61.38 61.38 61.38 61.38Share Application Money 0.00 0.00 0.00 0.00 20.87Preference Share Capital 0.00 0.00 0.00 0.00 0.00Reserves 969.58 1,042.92 1,004.20 1,111.53 1,065.60Revaluation Reserves 0.00 0.00 0.00 0.00 0.00Networth 1,030.96 1,104.30 1,065.58 1,172.91 1,147.85Secured Loans 656.09 637.30 848.71 756.96 868.85Unsecured Loans 350.00 363.27 408.54 495.75 476.22Total Debt 1,006.09 1,000.57 1,257.25 1,252.71 1,345.07Total Liabilities 2,037.05 2,104.87 2,322.83 2,425.62 2,492.92


Application Of FundsGross Block 1,846.34 1,825.30 1,726.60 1,713.39 1,700.64Less: Accum. Depreciation 1,012.06 958.08 868.87 772.98 701.60Net Block 834.28 867.22 857.73 940.41 999.04Capital Work in Progress 144.88 121.75 101.98 41.64 62.11Investments 744.85 777.30 740.13 889.54 888.59Inventories 502.99 447.67 413.09 284.50 340.40Sundry Debtors 416.26 392.40 320.46 296.94 304.48Cash and Bank Balance 18.25 12.85 15.37 17.67 35.79Total Current Assets 937.50 852.92 748.92 599.11 680.67Loans and Advances 359.61 423.64 436.93 402.17 361.59Fixed Deposits 0.00 0.01 16.38 8.89 11.00Total CA, Loans & Advances 1,297.11 1,276.57 1,202.23 1,010.17 1,053.26Deffered Credit 0.00 0.00 0.00 0.00 0.00Current Liabilities 936.16 879.33 535.89 403.04 450.43Provisions 47.89 58.62 43.34 53.11 59.67Total CL & Provisions 984.05 937.95 579.23 456.15 510.10Net Current Assets 313.06 338.62 623.00 554.02 543.16Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00Total Assets 2,037.07 2,104.89 2,322.84 2,425.61 2,492.90Contingent Liabilities 236.31 255.52 325.00 295.29 446.45Book Value (Rs) 167.96 179.91 173.60 191.09 183.61

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Profit and Loss A/c of Raymond Group------------------- in Rs. Cr. -------------------


IncomeSales Turnover 2,034.51 1,884.61 1,502.51 1,360.84 1,414.21Excise Duty 1.38 2.61 0.96 4.16 14.00Net Sales 2,033.13 1,882.00 1,501.55 1,356.68 1,400.21Other Income 59.36 67.59 -183.19 76.22 -250.43Stock Adjustments 35.05 52.24 88.55 -47.86 28.99Total Income 2,127.54 2,001.83 1,406.91 1,385.04 1,178.77ExpenditureRaw Materials 878.58 763.08 573.25 464.17 536.93Power & Fuel Cost 138.25 106.16 83.05 89.66 89.83Employee Cost 280.12 244.36 251.28 254.54 261.00Other Manufacturing Expenses 182.97 170.27 114.71 71.38 83.00

Selling and Admin Expenses 0.00 347.39 273.58 232.95 251.45Miscellaneous Expenses 416.16 61.28 77.60 67.42 87.64Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00Total Expenses 1,896.08 1,692.54 1,373.47 1,180.12 1,309.85


Operating Profit 172.10 241.70 216.63 128.70 119.35PBDIT 231.46 309.29 33.44 204.92 -131.08Interest 156.11 131.89 101.88 98.17 85.20PBDT 75.35 177.40 -68.44 106.75 -216.28Depreciation 116.02 109.86 103.72 111.31 88.81Other Written Off 0.00 0.00 0.00 0.00 0.00Profit Before Tax -40.67 67.54 -172.16 -4.56 -305.09Extra-ordinary items 0.00 9.46 24.20 23.29 6.38PBT (Post Extra-ord Items) -40.67 77.00 -147.96 18.73 -298.71Tax 7.17 20.66 -47.78 -6.32 -27.15Reported Net Profit -47.84 56.35 -104.87 26.37 -270.40Total Value Addition 1,017.50 929.45 800.23 715.95 772.92Preference Dividend 0.00 0.00 0.00 0.00 0.00Equity Dividend 6.14 15.35 6.14 0.00 0.00Corporate Dividend Tax 1.00 2.49 1.00 0.00 0.00Per share data (annualised)Shares in issue (lakhs) 613.81 613.81 613.81 613.81 613.81Earning Per Share (Rs) -7.79 9.18 -17.09 4.30 -44.05Equity Dividend (%) 10.00 25.00 10.00 0.00 0.00Book Value (Rs) 167.96 179.91 173.60 191.09 183.61

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Liquidity RatiosIt measures efficiency of the company to meet its short term obligations.

Liquidity parameter will be studied with profitability parameter so that while ensuring liquidity, the company does not put profitability at stake.

Current RatioIt measures relationship between current assets and current liabilities.

Quick RatioIt’s more stringent test of liquidity and is also known as acid test or liquid ration

Cash RatioThis is final test of liquidity since we use only the readily available cash reserve to service the current liabilities.

Ratios Bombay Dyeing RaymondCurrent Ratio 1.72 1.18Quick Ratio 0.87 0.76Cash Ratio 0.04 0.02

InterpretationA look at liquidity position of Bombay Dyeing compared to Raymond implies that it is efficient. In case of Bombay Dyeing, the current ratio is 1.72:1. It implies that current assets are 1.72 times the current liabilities. Similarly, in case of Raymond, current assets are 1.18 times the current liabilities. The liquidity position, as measured by current ratio, is better in the case of Bombay Dyeing as compared to Raymond. This is because the safety of margin in the former is substantially higher than the latter. The ideal current ratio is 2:1. According to this convention, both the firms are inadequately liquid. But, this will differ depending on the development of capital market and the availability of long term funds to finance the assets. Similarly, if we look at quick ratio of Bombay Dyeing and Raymond, they are 0.87 and 0.76 respectively. Ideal quick ratio is 1:1. According to the convention, the reason of having low quick ratio is that a large part of the current assets of the firm is tied up in slow moving and unsaleable inventories and slow paying debts. The firms will find it difficult to pay its current liabilities. If the companies install some inventory management practices then these ratios would further increase. Bombay Dyeing’s liquidity efficiency compared to Raymond is further proved with cash ratio which shows that the company invest some amount of additional cash in government securities. With an efficiency improvement parameter, the overall liquidity of both the companies will also further improve.

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Efficiency RatiosEfficiency ratios which is also known as activity ratios or turnover ratios which will help us to know how efficient the business is in employing all its available resources. They help in answering important questions like whether each type of assets that are reported in the Balance Sheet are high, low or reasonable in view with current level of sale.

Company Bombay dyeing RaymondInventory turnover ratio 1.81 4.04Debtors turnover ratio 13.15 5.03Creditors turnover ratio - -Fixed assets turnover ratio 1.78 1.10Total asset turnover ratio 0.88 1.00

INTERPRETATION

Inventory Turnover RatioThis ratio helps in calculating the number of times conversion takes place from raw material to finished goods during the year.

Inventory turnover ratio of Bombay dyeing company is 1.81times which is lower as compared to Raymond Company which is 4.04times, which is a signal of inefficiency since inventory usually has a rate of return of zero. It also implies either poor sales or excess inventory and can indicate poor liquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory buildup in the case of material shortages or in anticipation of rapidly rising prices.

Debtors turnover ratioThis ratio shows the number of times debtors are converted into cash. This ratio takes in consideration ONLY the credit sales. If the cash sales are included, the ratio will be affected and may lose its significance.

Debtors turnover ratio of Bombay dyeing company is 13.15times which is higher compared to Raymond company which is 5.03times which implies either that the company operates on a cash basis or that its extension of credit and collection of accounts receivable are efficient. Also, a high ratio reflects a short lapse of time between sales and the collection of cash, while a low number means collection takes longer.

Creditors turnover ratioThis signifies the number of times the company pays to its creditors.

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Fixed asset turnover ratioThis ratio shows relationship between fixed assets and sales. It shows how efficiently fixed assets have helped to generate and increase sales.

Fixed asset turnover ratio of Bombay dyeing company which is 1.78times is higher as compared to Raymond Company whose ratio is 1.10times, which means that sales are high or the investment in plant and equipment is too low. If the fixed asset turnover ratio is too high, then the business firm is likely operating over capacity and needs to either increase its asset base (plant, property, equipment) to support its sales or reduce its capacity.

Total asset turnover ratioThis ratio measures the utilization of total assets in generating sales including current assets without taking into considerations investments.

Total asset turnover ratio of Bombay dyeing company which is 0.88times which is comparatively little lower the Raymond company which is 1.00 times, which indicate a problem with one or more of the asset categories composing total assets - inventory, receivables, or fixed assets, but it is just lower than 0.12 which shows its improving showing that firm is utilizing all its assets - its asset base - efficiently to generate sales and that is a very good thing.

Overall interpretationAfter seeing the efficiency ratios above, we can interpret that Debtors Turnover Ratio, Fixed Asset Turnover Ratio and Total Asset turnover ratios are higher compared to Raymond company which shows that company is efficient. Although inventory turnover ratio is lower of Bombay dyeing company, company is taking measures to improve the same to improve the efficiency parameter of the company which would further help to improve the overall liquidity position in future of the company.

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Profitability RatiosProfitability Ratios are significant to all stakeholders of the company since it motivates the stakeholders to have relationships with the Company.

Gross Profit RatioThis Ratio understands the relationship of the percentage of the Cost of Goods Sold in generating Sales.

Net Profit RatioThis Ratio can be analyzed under 2 methods

Earnings Power RatioThis ratio analyzes the ability of the company to generate Profits.

Net Profit Margin RatioThis Ratio calculates the relationship between Net Profit After Taxes and Net Sales.

Return On Equity RatioThis Ratio shows how much Returns are available to Equity Shareholders

Return On Asset RatioThis Ratio understands Returns in relationship to Total Assets and signifies how the Total Assets have generated Returns.

Ratios Bombay Dyeing RaymondGross Profit Margin 9.72% 2.75%Earnings Power Ratio 4.19% 1.99Net Profit Margin Ratio 3.18 -2.25Operating Expense Ratio 80.12 50Return On Equity Ratio 182% -77%Return On Asset Ratio 81.68 167.96

InterpretationThe Gross Profit Ratio of Bombay Dyeing is more than that of Raymond. This shows that Bombay Dyeing is able to meet most of its Prime Cost Expenses and generate more profit compared to Raymond. Also Gross Profit Ratio of 9.72 for Bombay Dyeing is a sign of good management as it implies that the cost of production of the firm is relatively low. It also indicates that the Sales Price of Bombay Dyeing is higher than that of Raymond.

Earnings Power Ratio considers all income earned by the company, not just income from operating activity. This gives a more complete picture of how the company makes money. The Earnings Power Ratio of Bombay Dyeing is higher than that of Raymond which shows Bombay Dyeing is able to make more money from all its sources compared to Raymond.

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Both Companies Net Profit Margin is Low and the Company should take necessary steps so that their profitability increases. Though Bombay Dyeing’s Net Profit Margin Ratio is positive 3.18, still it’s quite low.

Operating Expense Ratio of Bombay Dyeing is more than Raymond shows that the Operating Expenses of Bombay Dyeing are more than Raymond’s. It means that Raymond’s has 50 % to meet other financial liabilities compared to Bombay Dyeing which has approximately 20%.

Return On EquityIt measures the return of the owner’s investment in the firm. Both equity and the preference shareholders are considered. After calculating return on equity, it should be compared industry rivals. Bombay dyeing has a return on equity of around 182 % whereas Raymond’s has a return on equity of around -77 %. This clearly indicates that Bombay Dyeing has performed better than Raymond’s over the past year. There is no preference share capital in both the companies. The net profit of Raymond is negative that why the company’s return on equity is negative.

Return on Asset RatioHere the profitability is measured in terms of relationship between net profits and assets. ROA of Bombay dyeing is 81.68 whereas that of Infosys is 167.96. It shows that Raymonds is using its assets more effectively than Bombay Dyeing.

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Market Valuation RatiosRatio Bombay dyeing Raymond

Earnings per share 3.67 -7.79Dividend per share 1.00 1.00Dividend Yield Ratio 1.5% 2%Earning Yield Ratio 0.0566 0.0255P/V ratio 17.656 39.15

Earnings per share (EPS)Earnings per share tell us how a company is generating profits for its shareholders .In case of Bombay dyeing the EPS is 3.67 and the EPS of Raymond is -7.79 which indicates that the company is losing money and therefore conveys a wrong signal to the shareholders.

Dividend per share (DPS)The dividend per share ratio is similar for both the companies. Both the companies have declared dividend in the financial year 2013 which is 1 per share

Dividend Yield RatioBombay dyeing: 0.015 times(*100)=1.5%

Raymond: 0.02 times(*100)=2%

The dividend yield ratio of Raymond is more so an individual should consider investing in Raymond rather than Bombay dyeing. In terms of investing in these two companies an investor should not just rely on the DYR as it cannot be a wise decision A high dividend yield percentage may be due to a recent decrease in the market price of the stock of this company due to sever financial troubles. It may have to reduce the amount of dividends in future that may further reduce the market value of its stock. Therefore Bombay deing with attractive dividend yield figure may not always be the best option to invest from an investors point of view.

Earnings Yield RatioBombay Dyeing: 3.67/64.80=0.0566 times

Raymond: 7.79/305=-0.0255 times

The earnings yield is a way to measure returns, and it helps investors evaluate whether those returns commensurate with an investment's risk. Here the Earning Yield ratio of Bombay dyeing is 0.0566 times whereas Raymond’s Earning Yield Ratio is Negative because of its negative EPS.

P/V ratioBombay dyeing: 64.80/3.67=17.656

Raymond: 305/-7.79=-39.15

Bombay dyeing has a higher P/E ratio compared to Raymond which is in negative, that’s because the earning per share of Raymond is itself negative.so it can be summed up that

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Bombay Dyeing’s P/E ratio its MPS is higher signifying that Bombay Dyeing’s stocks are more attractive, it signifies investors’ confidence of investing in this company.

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ratio analysis of textile industry

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