Introduction:
Project report is a temporary program for a student of graduation program. Project report is required for partial fulfillment of Masters of Business Administration (MBA) degree which covered 6 credit of total required credit to be completed. Through a report making a student gathered knowledge about special sectors or about special topics in details.
To prepare a project report for my MBA degree I chose Mr. Md. Mamunur Rashid as a supervisor who is the lecturer of Department of Business Administration of Stamford University Bangladesh.
Under his supervision I prepare my report on “Performance Evaluation of selected Textile Companies through Financial Statement (Ratio) Analysis”
1.1 Background of the Study
Textile is considered as the largest industrial sub-sector in Bangladesh. It contributes 76% to 78% of the country’s total export earnings, gives employment to over four million people, meets the entire needs for clothing of the country and contributes about 50% of the industrial value addition. Its net contribution to country’s export earning, however, is still less than 30% because of its over dependence on imported raw materials in the absence of appropriate support from backward linkage industry. One of the sustainable means to keep the country’s garment sector competitive in the free world market is to establish backward linkage of RMG, i.e., weaving, knitting, knit dyeing, yarn dyeing, and of course, spinning industries. It will be difficult for Bangladesh to compete with countries like China, India, Pakistan, Indonesia, Vietnam, Cambodia, etc., in the export market under quota free situation by importing fabrics and yarn from its competitors. Realizing the importance, the government has already declared this sector as a “Thrust Sector” for the economy.
The Term Paper on Bangladesh Export Policy
General Provisions for Import Regulation of Import- Import of goods under this Order shall be regulated as follows: * Unless otherwise specified in this order, the items banned for import in the list shall not be importable: Provided that, those items which are importable on fulfillment of certain conditions specified in the list shall be importable on fulfillment of those conditions. Except the ...
1.2 Objective of the Study
The purpose of the study is to make an analysis of Financial Statements of selected textile companies in terms of textile Industry. This study attempted to understand the financial conditions of selected textile companies through different ratio analysis.
Other Objective:
• Partial fulfillments of Masters of Business Administration Degree
1.3 Methodology
a. Data collection: I have collected data from secondary sources through internet, different web site, company web site & annual report of selected companies b. Data presentation: After collecting data, I’ve presented them through graphical approach. c. Data analysis: Data analysis is a process of gathering, modeling, and transforming data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, in different business, science, and social science domains. I’ve tried to analysis all the data in a proper way to make proper informat
1.4 Scope
The scope of the study will be limited to the organizational setup, function and operation of the textile sector in the Bangladesh. This report mainly encompasses the Training and Development Practices. To collect data from primary source I’ve gone to different textile mill, talked with different level of executives. All of them were very much supportive. They have inspired me and willingly discussed on the impotency of training and development in textile sector in Bangladesh.
1.5 Limitation
While collection data from different sources, I’ve faced some difficulties.
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Why did the textile workers union in the southern United States spread so rapidly? The textile industry was, at one time, one of the largest industries in the south. Starting in the late 1800?s with small local looms and spreading to become corporations controlling the south and whose influence stretched internationally. One of the south?s first textile corporations originated in Gaston County, ...
The limitation of time and sufficient money was one of the problems.
• The main limitation while preparing this report was time. So it was not possible to focus everything deeply. • Lack of Information at source
• Lack of sufficient privileges
Textile Industry in Bangladesh
History of textile in Bangladesh:
Textiles the history of power driven modern textiles in Bengal dates back to the beginning of the twentieth century. Before 1947, modern textiles were only the composite textile mills having spinning and weaving facilities. Added later were activities like specialized textile weaving, knitting and hosiery, and dyeing-printing-finishing. At Partition of 1947, there were about 11 composite textile mills in East Pakistan with 1.1million spindles and 2.7 thousand looms. Spindles grew to 3.2 millions in 1956but declined to 0.8 million in 1972 as worn-out obsolete spindles went out of operation. In 1972 large-scale manufacturing units including textile mills were nationalized. After 1982, state owned spinning mills were gradually denationalized. By 1999, spindles installed were 2.4 million in the private sector as compared to 0.4 million in the public sector. Most spinning mills of Bangladesh produce low-grade yarn.
The existing capacity is not enough to produce good quality combed yarn and polyester/cotton blended yarn for meeting there requirement of garment industry. The products oft he spinning sub-sector are cotton yarn of different counts, polyester, synthetic yarn, woolen yarn and blended yarn mixed of cotton and polyester. Yarns are being used by the weaving sub-sectors like specialized textiles, hand looms, and knitting and hosiery. In 1999, yarn production of 112 million kg satisfied only 22% of total yarn requirement of the country. The growth of mill weaving loom age capacity was slow (2% annually) during 1947-56 but was faster(4.6% annually) during 1957-72. Like the spinning mills, the weaving mills with6.8 thousand looms, which were in composite mills, were also nationalized in1972. Loom age capacity was more or less the same until 1983 when privatization of nationalized mills was undertaken. Loom age capacity reduced to 3.9 thousands in 1999 from 6.3 thousands in 1983 as the old obsolete looms went out of operation.
Knitting and hosiery units catered to the domestic need with 3,000 machines in 1952 and 1,562 machines in 1976. Only after the 1980’s, the products of this sub-sector gained access to export market. The annual growth of machine capacity satisfying domestic market was about 5.3% for the period 1976-83 and only 2.1% for the period 1983-99. In this period, 1,390 circular knitting machines were added to the capacity to satisfy the export demand. However, the situation on the knitting side looks better than in weaving. The main products of this sub-sector are vests, underwear, T-shirts, polo shirts, ladies undergarments, socks, mufflers and sweaters. During 1956-76, modern dyeing facilities were limited to composite mills and traditional hand-dyeing facilities to hand loom industry. Automatic and semi-automatic dyeing-printing-finishing facilities were set up in the private sector after 1976.
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The annual growth in the semi-automatic dyeing and finishing units was 17.4% during 1976-83 and only1.9% during 1983-99. It was 6.3 and 7.7% for automatic dyeing and finishing units for the two periods respectively. Manual dyeing still exists in the hand loom sub-sector. As of 1999, the textile sector of Bangladesh may be characterized by the following facts: there were 2.8 million spindles with an annual production capacity of 200 million kg of thread; the total numbers of looms were 3,900; 1,200 in private sector and 2,700 in public sector and the annual production capacity was 66.9 million meters of cloth. All the specialized textile mills were in the private sector and they had 40,500 looms producing annually 69million meters of cloth. The number of body machines/circular machines in knitting and hosiery sector was 8,884, of which 5,753 operated for export market. There were 250 dyeing and finishing units – 175 semi-automatic and 75automatic and the number of export oriented RMG manufacturing units was 2,650having an annual production capacity of 1,8 billion pieces.
Textile Industry in Bangladesh
Immediately after the founding of Bangladesh, tea and jute were the most export-oriented sectors. But with the constant threat of flooding, declining jute fiber prices and a significant decrease in world demand, the contribution of the jute sector to the country’s economy has deteriorated. The garment industry in Bangladesh became the main export sector and a major source of foreign exchange starting in 1980, and exported about $5 billion USD in 2002.
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The industry employs about 3 million workers of whom 90% are women. Two non- market factors have played a crucial role in ensuring the garment sectors continual success namely (a) quotas under Multi-Fiber Arrangement1 (MFA) in the North American market and (b) preferential market access to European markets. From 1995-2005 the WTO Agreement on Textiles and Clothing (ATC)was in effect, wherein more industrialized countries consented to export fewer textiles while less industrialized countries enjoyed increased quotas for exporting their textiles. Throughout the 10 year agreement, Bangladesh economy benefited from quota-free access to European markets and desirable quotas for the American markets. |export market |USA (textile) |USA (clothing) |EU (textile) |EU (clothing) | |market share in 1995
