“SQUARE

TEXTTILE LIMITED”
FIN 254 PROJECT
Submitted to:
Sheikh Mohammad Rabby
Lecturer
Department of Accounting & Finance,
North South University.

Submitted by:
Date of Submission: Sohrab Ahmed 2013612030

24th April, 2022 Mobin Khan Uday 2021448630

Nafi Iftesam Rhythm 2121464630

Tanbir Ahmad Siddik 2012341630

Most. Urmi AKter 2111987030

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Letter of Transmittal
24 April, 2022

Sheikh Mohammad Rabby

Course Instructor

North South University

Subject: Request to accept our report on “Ratio Analysis of Square Textile Limited
(2016-2021)

Dear Sir,

With respect and honor submission, we want to inform you that, we are
submitting a report on “Financial Analysis of Square Textile Limited (2016-17 to
2020-21)”

All of the content displayed here was created with the highest sincerity and
honesty. We've done our best to make this report as thorough and informative as
possible. First, we obtain financial statements from Square Textile Limited for our
report. We acquire certain data from the Statement, which we use to make ratio
analysis and graphics, and display the entire financial situation of Square Textile
Limited from 2016-17 to 2020-21.

Sincerely,

Sohrab Ahmed
Mobin Khan Uday
Nafi Iftesam Rhythm
Tanbir Ahmad Siddik
Most. Urmi AKter

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Introduction
Square Textile is a Square Group subsidiary company. In the year 1994, the corporation was

established as a public limited company. In 1997, the surgery began. In 2002, it was listed on

the Dhaka Stock Exchange and the Chittagong Stock Exchange. The firm attained some

significant success in a relatively short period of time. In the year 2000, Square Textile received

Oeko-Tex standard 100 and ISO-9002 accreditation. The company's authorized capital is tk.

1000 million. It has tk. 251.90 million in paid-up capital. Square Textiles Limited's business lines

include yarn manufacture and marketing. In March 2011, Square Textile's net profit after tax

was 207.29 million BDT.

Square is one of Bangladesh's largest employers. It has an administrative and personnel

department. There are a total of 1223 workers. Employees are given rigorous in-house training

both at home and overseas. The managing director, or CEO, is the senior management team's

leader. Directors, executive directors, and the general manager are listed below. A number of

departments are under the direct supervision of the general manager.

To begin, we perform a ratio analysis for both 2016 to 2021, determining the liquidity ratio

(Square's ability to meet short-term obligations), leverage ratio (the amount of equity in

comparison to debt or the amount of earnings in comparison to debt), coverage ratio (the

ability to meet interest payments and thus avoid bankruptcy), activity ratio (how effectively

the firm uses its assets), and profitability ratio (the profit was earned which is relative to sales,

total assets and net worth). We can find out the financial status of Square textile Limited from

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2016 to 2021 using ratio analysis, and we can compare these five years to see

which one is the best and which one is the worst.

Company Description
Square Textile Ltd is a Bangladesh-based private limited business that is part of a large

industrial multinational. It has a large selection of textiles. Square Textile, a well-known textile

firm in the Asia-Pacific area, has always delivered on its promise of providing value to its clients.

We have provided top quality items to our demanding and quality aware consumers all around

the world for the past fourteen years.

The Company's strategic goals and objectives are to work hard to maximize profit via efficient

and transparent company operations, as well as to make the internal and external markets

more competitive. Export sales climbed by 19% in 2003 compared to the previous year. The

degree of competition in both the domestic and international markets is growing. After 2005,

when the multitier agreement is taken down, competition will be fiercer. Sri Lanka, China,

Pakistan, and India are among the other overseas rivals.

Bangladesh's textile sector, which comprises knitwear and ready-made garments as well as

specialty textile items, is the country's top export earner, accounting for 80% of the country's

$15.56 billion in exports in 2009. Bangladesh is the world's third-largest exporter of textiles,

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after Turkey, another low-volume exporter, and China, which exported $120.1

billion in textiles in 2009. Nearly 3.5 million people work in the business. Since 2004, exports

have more than doubled. Bangladesh's textile sector has the lowest wages in the world in 2010.

The country was seen as China's most threatening competitor, with fast growing salaries and a

strengthening currency.

In 2006, the government formed a Minimum Pay Board comprising of business and worker

representatives, which set a minimum salary of 1,662.50 taka ($24 per month), up from Tk950.

Following 100,000 worker protests in June 2010, the Board considered a contentious proposal

to raise the monthly minimum wage to the equivalent of $50 per month, still far below worker

demands of 5,000 taka ($72) for entry-level wages, but far too high for textile manufacturers,

who demand wages below $30. The minimum beginning wage will be increased to 3,000 taka

(about $43) on July 28, 2010.

The government appears to believe that certain changes are necessary. The government said

on September 21, 2006, during the opening of the Bangladesh Apparel & Textile Exposition,

that textile businesses must guarantee employees' safety by adhering to international labor

standards (BATEXPO). As a result, ipdc is one of the most important sectors in Bangladesh.

1. Liquidity Ratios
1.1: Current Ratio = Current Assets ÷ Current Liabilities

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In 2020-21 = 8,523,673,196 ÷ 5,207,495,826 = 1.64 times

In 2019-20 = 7,272,822,724 ÷ 7,094,063,392 = 1.03 times

In 2018-19 = 6,396,837,207 ÷ 5,494,425,209 = 1.16 times

In 2017-18 = 4,430,793,243 ÷ 3,910,867,252 = 1.13 times

In 2016-17 = 3,618,294,827 ÷ 1,948,729,056 = 1.86 times

Interpretations:

 In 2020-21, Square Textile’s current asset was 1.64 times of its current liabilities. The
current ratio of Square textile for the years 2016-2021 has decreased from 1.86 to 1.64
times, but compare to the previous year, in 2020-21 they did really well to increase their
current ratio.

Current Ratio
2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square Textile’s has sharply improved his financial health in 2020-21. They had to
maintain or improve that situation in future.

1.2: Quick Ratio = (Current Assets – Inventory) ÷ Current Liabilities

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In 2020-21 = (8,523,673,196 - 2,423,543,313) ÷ 5,207,495,826 =
1.17 times

In 2019-20 = (7,272,822,724 - 2,946,881,714) ÷ 7,094,063,392 = 0.61 times

In 2018-19 = (6,396,837,207 - 2,821,819,716) ÷ 5,494,425,209 = 0.65 times

In 2017-18 = (4,430,793,243 - 1,478,552,169) ÷ 3,910,867,252 = 0.75 times

In 2016-17 = (3,618,294,827 - 1,326,693,264) ÷ 1,948,729,056 = 1.18 times

Interpretations:

 In the year 2020-21, the Square textile company’s current assets excluding inventories
were 1.17 times its current liabilities. Quick ratio of Square textile for the years 2016-
2021 has increased and it has an upward slope trend.

Quick Ratio
1.4
1.2
1
0.8
0.6
0.4
0.2
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The company is in a better position to meet short-term liabilities with short-term assets
in 2020-21 than that of 2017 and 2019 which is effective for the company. Investor will
be interested to invest in Square Textiles or will be interested to buy their share.

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2. Activity Ratios
2.1: Inventory Turnover = Cost of Goods Sold (COGS) ÷ Inventory

In 2020-21 = 10,588,987,142 ÷ 2,423,543,313 = 4.37 times

In 2019-20 = 8,822,382,013 ÷ 2,946,881,714 = 3.00 times

In 2018-19 = 7,944,893,270 ÷ 2,821,819,716 = 2.82 times

In 2017-18 = 5,695,595,049 ÷ 1,478,552,169 = 3.85 times

In 2016-17 = 4,494,791,289 ÷ 1,326,693,264 = 3.39 times

Interpretations:

 In the year 2020-2021 the Square textile company sold and restocked its inventories
4.37 times. Inventory turnover of Square textile for the year 2016-2021 has increased
from 3.39 times to 4.37 times. So, the ratio is in upward slope trend.

Inventory Turnover
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 As the ratios are increasing through the year, Square Textiles Ltd. either needs more
stocking or isn't stocking items that sell.

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2.2 Average Age of Inventory = 365 days ÷ Inventory Turnover

In 2020-21 = 365 ÷ 4.37 = 83.54 days

In 2019-20 = 365 ÷ 3.00 = 121.92 days

In 2018-19 = 365 ÷ 2.82 = 129.64 days

In 2017-18 = 365 ÷ 3.85 = 94.75 days

In 2016-17 = 365 ÷ 3.39 = 107.73 days

Interpretations:

 In the year 2020-2021, on average the company took around 84 days to sell its
inventories. Average age of inventory of Square textiles for the year 2016-2021 has
decreased from 108 days to 84 days. It has a downward slope trend which was the good
sign for the company.

Avg Age of Inventory

140
120
100
80
60
40
20

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 As the ratios are increasing through the year, Square Textiles needs more stocks in their
inventories.

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2.3: Average Collection Period = Accounts Receivables ÷ Average Sales
per Day

In 2020-21 = 4,487,974,375 ÷ 32670423.74 = 137.37 days

In 2019-20 = 3,693,864,711 ÷ 26041990.05 = 141.84 days

In 2018-19 = 2,993,583,494 ÷ 24373271.48 = 122.82 days

In 2017-18 = 1,999,834,667 ÷ 17444177.25 = 114.64 days

In 2016-17 = 1,344,598,778 ÷ 13754590.16 = 97.76 days

Interpretations:

 In 2020-21 the company took around 137 days to collect its receivables from its
customers. Average collection period of square textiles for the year 2016-2021 has
increased from 98 days to 137 days. It has an upward slope trend which has the bad
sign.

Avg Cullection Period

160
140
120
100
80
60
40
20
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The firm must exert more pressure on management to make the credit terms more
stiffer and take legal actions if payment is not received within the given period.
However the firm must keep in mind that they don’t disrupt the relation between the
customers.

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2.4: Average Payment Period = Accounts Payable ÷ Average purchases per Day

In 2020-21 = 70,899,885 ÷ 1634443.104 = 43.38 days

In 2019-20 = 78,389,484 ÷ 2558430.83 = 30.64 days

In 2018-19 = 64,229,574 ÷ 3912229.463 = 16.42 days

In 2017-18 = 79,467,584 ÷ 3675961.737 = 21.62 days

In 2016-17 = 65,384,511 ÷ 2503767.819 = 26.11 days

Interpretations:

 In 2020-21 on an average the company took around 43 days to pay it’s due to its
creditors. Average payment period of square textiles for the year 2016-2021 has
increased from 26 days to 43 days, and it has an upward slope trend.

Avg Payment Period

50
45
40
35
30
25
20
15
10
5
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The firm must exert more pressure on management to make the credit terms more stiff
and take legal actions if payment is not received within the given period. The average
payment period must be higher than the average collection period.

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2.5: Total Assets Turnover = Sales Revenue ÷ Total Assets

In 2020-21 = 11,924,704,664 ÷ 15,418,897,924 = 0.7738 or, 77.38%

In 2019-20 = 9,505,326,369 ÷ 14,190,037,664 = 0.6698 or, 66.98%

In 2018-19 = 8,896,244,091 ÷ 12,954,548,410 = 0.6867 or, 68.67%

In 2017-18 = 6,367,124,698 ÷ 9,425,480,289 = 0.6755 or, 67.55%

In 2016-17 = 5,020,425,409 ÷ 7,511,324,947 = 0.6683 or, 66.83%

Interpretations:

 In 2020-21, the company has generated $77.38 worth of sales by using $100 worth of
assets. Total asset turnover of square textiles for the year 2016-2021 has increased from
66.83% to 77.38%. It has an upward slope trend which is the positive sign.

Total Asset Turnover

0.8
0.78
0.76
0.74
0.72
0.7
0.68
0.66
0.64
0.62
0.6
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Managers of Square Textile’s should put emphasis in increasing sales. Although Square’s
assets turnover ratio has increased throughout the year. So managers of Square should
try to maintain their sales in order to obtain a higher asset turnover ratio that of its
competitors.

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3. Debt Ratios
3.1: Debt Ratio = Total Liabilities ÷ Total Assets

In 2020-21 = 8,113,236,008 ÷ 15,418,897,924 = 0.5261 or, 52.61%

In 2019-20 = 7,308,757,802 ÷ 14,190,037,664 = 0.5150 or, 51.50%

In 2018-19 = 5,730,126,383 ÷ 12,954,548,410 = 0.4423 or, 44.23%

In 2017-18 = 4,039,446,757 ÷ 9,425,480,289 = 0.4285 or 42.85%

In 2016-17 = 2,058,379,585 ÷ 7,511,324,947 = 0.2740 or 27.40%

Interpretations:

 In the year 2020-21, 52.6% of the square textile companies’ assets were financed by its
liabilities. Debt ratio of square textile for the year 2016-2021 has increased from 27.40%
to 52.61%. It has an upward slope trend which is a negative sign.

Debt Ratio
0.6

0.5

0.4

0.3

0.2

0.1

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square Textile Company should continue to have a very low amount of debt against the
total assets then the firm progress.

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3.2: Times Interest Earned = Operating Income (EBIT) ÷ Interest Expense

In 2020-21 = 1,094,442,796 ÷ 223,101,314 = 4.91 times

In 2019-20 = 443,970,656 ÷ 204,828,143 = 2.17 times

In 2018-19 = 697,849,423 ÷ 214,195,591 = 3.26 times

In 2017-18 = 444,187,591 ÷ 60,997,318 = 7.28 times

In 2016-17 = 344,367,976 ÷ 22,552,598 = 15.27 times

Interpretations:

 In the year 2020-21, the square textiles companies operating income was 4.91 times of
its interest expense. Time interest earned of square textile for the year 2016-2021 has
decreased from 15.27 times to 4.91 times. It has a downward slope trend.

Times Interes Erned

18
16
14
12
10
8
6
4
2
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The ratio is low in the year 2020-21. So managers should try to increase the ratio by
lessening interest expenses and taking less debt financing in order to secure the firm
from not being able to make interest obligation as they come due.

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4. Profitability Ratios
4.1: Gross Profit Margin = Gross Profit ÷ Sales

In 2020-21 = 1,335,717,522 ÷ 11,924,704,664 = 0.1120 or, 11.20%

In 2019-20 = 682,944,356 ÷ 9,505,326,369 = 0.0715 or, 7.15%

In 2018-19 = 951,350,821 ÷ 8,896,244,091 = 0.1069 or, 10.69%

In 2017-18 = 671,529,649 ÷ 6,367,124,698 = 0.1054 or, 10.54%

In 2016-17 = 525,634,120 ÷ 5,020,425,409 = 0.1047 or, 10.47%

Interpretations:

 In the year 2020-21, every $100 worth of square textiles companies sales has generated
$ 11.20 worth of gross profit. Gross profit margin of square textiles for the year ended
2016-2021 has increased from 10.47% to 11.20%, and it has an upward slope trend.

Gross Proft Margin

0.12

0.1

0.08

0.06

0.04

0.02

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The increasing graph of the gross profit ratio is a positive indication of Square Textile’s
financial health. The manager should maintain or increasing the gross profit, so that
Investor will be interested to invest in Square Textile’s or will be interested to buy their
share.

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4.2: Operating Profit Margin = Operating Profit (EBIT) ÷ Sales

In 2020-21 = 1,094,442,796 ÷ 11,924,704,664 = 0.0917 or, 9.17%

In 2019-20 = 443,970,656 ÷ 9,505,326,369 = 0.0467 or, 4.67%

In 2018-19 = 697,849,423 ÷ 8,896,244,091 = 0.0784 or, 7.84%

In 2017-18 = 444,187,591 ÷ 6,367,124,698 = 0.0697 or, 6.97%

In 2016-17 = 344,367,976 ÷ 5,020,425,409 = 0.0685 or, 6.85%

Interpretations:

 In 2020-21, every $100 worth of companies sales generated $11.20 worth of operating
profit. Operating profit margin of square textile for the year 2016-2021 has increased
from 6.85% to 9.17%. It has an upward slope trend.

Operating Profit Margin

0.1
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square Textile’s; despite the operating profit margin ratio seem good, the company
should consistently rely on improving its performance.

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4.3: Net Profit Margin = Net Profit (EAFCS) ÷ Sales

In 2020-21 = 621,634,054 ÷ 11,924,704,664 = 0.0521 or, 5.21%

In 2019-20 = 51,361,835 ÷ 9,505,326,369 = 0.0054 or, 0.54%

In 2018-19 = 346,461,980 ÷ 8,896,244,091 = 0.0389 or, 3.89%

In 2017-18 = 290,913,928 ÷ 6,367,124,698 = 0.0456 or, 4.56%

In 2016-17 = 252,493,568 ÷ 5,020,425,409 = 0.0502 or, 5.02%

Interpretations:

 In 2020-21, every $100 worth of companies sales generated $ 5.21 worth of net profit
for common shareholders. Net profit margin of square textile for the year 2016-2021
has increased from 5.02% to 5.21%. Though the number dramatically decreased in the
year 2019-20. It has an upward slope trend.

Net profit Margin

0.06

0.05

0.04

0.03

0.02

0.01

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 For Square Textile’s the ratio has remained mostly the same. And the profit margin is
very much satisfactorily acceptable. But management should try to further improve this
ratio.

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4.4: Earnings Per Share (EPS) = Net Profit (EAFCS) ÷ Number of Common Shares Outstanding’s

In 2020-21 = 621,634,054 ÷ 197,252,000 = 3.15

In 2019-20 = 51,361,835 ÷ 197,252,000 = 0.26

In 2018-19 = 346,461,980 ÷ 197,252,000 = 1.76

In 2017-18 = 290,913,928 ÷ 187,859,048 = 1.55

In 2016-17 = 252,493,568 ÷ 178,913,379 = 1.41

Interpretations:

 In the year 2020-21 the company earned $3.15 worth of profit for each share of
common stock. Earnings per share of square textiles for the year ended 2016-2021 have
increased from $1.41 to $3.15. It has an upward slope trend.

Earning Per Share

3.5

2.5

1.5

0.5

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 The ratios indicate that earnings per share increases in the previous year, which is the
positive sign for the company and they should maintain that.

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4.5: Return on Assets (ROA) = Net Profit (EAFCS) ÷ Total Assets

In 2020-21 = 621,634,054 ÷ 15,418,897,924 = 0.0403 or, 4.03%

In 2019-20 = 51,361,835 ÷ 14,190,037,664 = 0.0036 or, 0.36%

In 2018-19 = 346,461,980 ÷ 12,954,548,410 = 0.0267 or, 2.67%

In 2017-18 = 290,913,928 ÷ 9,425,480,289 = 0.0308 or, 3.08%

In 2016-17 = 252,493,568 ÷ 7,511,324,947 = 0.0336 or, 3.36%

Interpretations:

 In the year 2020-2021 the company generated $4.03 net profit by using $100 worth of
total assets. Return on assets of square textile for the year 2016-2021 has increased
from $3.36 to $4.03. It has an upward slope trend.

Return on Assets
0.045
0.04
0.035
0.03
0.025
0.02
0.015
0.01
0.005
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square should maintain or increase their ratio even more; they can do that either by
decreasing the asset to generate the same amount of sale or by generating more net
profits after taxes by even more utilizing the existing asset.

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4.6: Return on Equity (ROE) = Net Profit (EAFCS) ÷ Total Common Stock Equity

In 2020-21 = 621,634,054 ÷ 7,305,661,916 = 0.0850 or, 8.50%

In 2019-20 = 51,361,835 ÷ 6,881,279,862 = 0.0074 or, 0.74%

In 2018-19 = 346,461,980 ÷ 7,224,422,027 = 0.0479 or, 4.79%

In 2017-18 = 290,913,928 ÷ 5,386,033,532 = 0.0540 or, 5.40%

In 2016-17 = 252,493,568 ÷ 5,452,946,362 = 0.0463 or, 4.63%

Interpretations:

 In 2020-2021 the company earned $8.50 of net profit by using $100 worth of common
stock equity. Return on equity of square textile for the year 2016-2021 has increased
from 4.63% to 8.50%. It has a downward slope trend.

Ration On Equity
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square Textile’s should maintain to utilize their stockholder’s equity more. By utilizing
the stockholder’s equity properly BEXIMCO can significantly increase its ROE and rival
that of its competitors.

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5. Market Ratios
5.1: Price Earnings (P/E) Ratio = Market Price per Share ÷ Earnings per Share

In 2020-21 = 47.5 ÷ 3.15 = 15.08 times

In 2019-20 = 29 ÷ 0.26 = 111.54 times

In 2018-19 = 45.7 ÷ 1.76 = 25.97 times

In 2017-18 = 50.7 ÷ 1.47 = 34.45 times

In 2016-17 = 67.7 ÷ 1.28 = 52.89 times

Interpretations:

 In 2020-21, the square textiles companies’ market price per share was 15.08 times of its
earnings per share. Price earnings ratio of square textile for the year 2016-2021 has
decreased from 52.89 times to 15.08 times which has a downward slope trend.

Price Earning Ratio

120

100

80

60

40

20

0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 We can see that the price earnings ratio is decreasing, that means investors were willing
to pay less for each dollar of Square’s earnings, management should try to increase the
earnings potential which will significantly boost the confidence of the investors.

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5.2: Market to Book (M/B) Ratio = Market Price per Share ÷ Book
Value per Share

In 2020-21 = 47.5 ÷ 10 = 4.75

In 2019-20 = 29 ÷ 10 = 2.9

In 2018-19 = 45.7 ÷ 10 = 4.57

In 2017-18 = 50.7 ÷ 10 = 5.07

In 2016-17 = 67.7 ÷ 10 = 6.77

Interpretations:

 In the year 2020-21 for every $1 book value per share the market share price is $4.75.
Market to book ratio of square textile for the year 2016-2021 has decreased from 6.77
to 4.75. It has a downward slope trend.

Market To Book Ratio

8
7
6
5
4
3
2
1
0
20-21 19-20 18-19 17-18 16-17

Recommendation:

 Square, should try to increase the ratio as this shows that their company is worth less.
Managers can increase it by increasing the market price of the shares by their activities.

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Conclusion

In conclusion, the ratio analysis of Square Textile Limited describes the overall company's

performance of the previous 5 years. From the analysis we have found that Square Textile

Limited has done a good job to conduct the business. From the liquidity ratio analysis, we came

to know that the company is in a better position to meet short-term liabilities which is a good

sign to invest. Secondly, the profitability ratio of Square Textile Limited is seem good, operating

profit margin of square Textile for the year 2016-2021 has an upward slope trend by 6.85% to

9.17%. Earnings per share increase in the previous year, which is the positive sign for the

investor. Square textile has been improving to finish their inventory, which also shows that

company uses their assets efficiently. We found that Square Textile is allocating their resources

properly to generate sells from the total asset turnover ratio. Moreover, Square Textile’s net

profit margin is good which indicates that the company covers all the expenses and can have a

good amount of money in hand. After studding the earnings per share of square textiles we can

see that the company has a good position as earnings per share improving rapidly. At the end,

we can say Square Textile Limited's stocks can be the good option to invest and the investors

are more confident to invest in the company’s stock.

Appendix:

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https://textile.squaregroup.com/annual_reports.php?

fbclid=IwAR151bYG16s09YZdhQMJg4Eq9Vh3iFrDT4nJyyFwUz7dJQx914I6DDUE_yo

----- End-----

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