Appraisal of Dividend Policy

RAHIM TEXTILE MILLS LTD.

An Appraisal of Dividend Policy of Rahim Textile Mills Ltd.
Based on the analysis of the last 5years

Prepared for:
Prof. Dr. Tanbir Ahmed Chowdhury Professor
Department of Business Administration East
West University

Prepared by:
Mohammad Husain, 2016-1-10-007 Jubair
Alam Saimon, 2016-1-10-214 Shoev
Mahmud, 2016-1-10-304
Md. Mahadi Hasan shawon, 2016-1-10-323 Samia
Afrin, 2016-1-10-009
Israk Shourav, 2015-1-10-207
Department of Business Administration

DATE of Submission: December 02, 2018

1|Pag
2nd December, 2018
Prof. Dr. Tanbir Ahmed Chowdhury
Professor,
Department of Business Administration, East
West University.

Subject: Submission of the report on “An Appraisal of Dividend Policy of Rahim Textile Mills Ltd.”

Dear Sir,
With due respect, we would like to submit the report titled ‘An Appraisal of Dividend Policy of
Rahim Textile Mills Ltd.’ This report has been prepared to fulfill the partial requirement of the
course, ‘Managerial Finance’.
We are pretty much optimistic that the preparation of this report would enrich our practical
knowledge. We have devoted our best effort to make the report an informative one.
We shall remain ever grateful to you for rendering us the opportunity of working on such an
interesting field.
Thanking you.

Mohammad Husain, 2016-1-10-007 Jubair

Alam Saimon, 2016-1-10-214 Shoev
Mahmud, 2016-1-10-304
Md. Mahadi Hasan shawon, 2016-1-10-323 Samia
Afrin, 2016-1-10-009
Isak Shourav, 2015-1-10-207

2|Page
First of all, we express our deep gratitude to the Almighty Allah who created and nurture us in this
transitory world. We also have to put our heartfelt respect and gratitude for His kindness and help
that were provided to us to complete our report on the topic “An Appraisal of Dividend Policy
of Rahim Textile Mills Ltd”
We would like to thank our course instructor Prof. Dr. Tanbir Ahmed Chowdhury for his
excellent cooperation and guidance which has helped us to prepare this report properly. Without his
help this report would be impossible.
Executive Summary...............................................................................................................................5
Chapter 1: INTRODUCTION................................................................................................................6
1.1 Overview of the Dividend Theories:..........................................................................................7
1.2 Objectives of the Study..............................................................................................................8
1.3 Scope and Methodology of The Study.......................................................................................8
1.4 Limitation of the study...............................................................................................................8
Chapter 2: Appraisal of Dividend Policy of Rahim Textile Mills Ltd...................................................9
2.1 Overview of Rahim Textiles Mills Ltd....................................................................................10
2.2 Capital Structure.......................................................................................................................12
2.3 Net income after tax.................................................................................................................14
2.4 Retained Earnings:...................................................................................................................15
2.5 Earnings per Share...................................................................................................................16
2.6 Cash Dividend..........................................................................................................................17
2.7 Stock Dividend.........................................................................................................................18
2.8 Dividend payout ratio...............................................................................................................19
2.9 Market Price of the Share.........................................................................................................20
2.10 Dividend Reinvestment Plan in Rahim Textile Ltd.:.............................................................22
2.11 Dividend policy followed by Rahim Textile Ltd...................................................................22
Chapter 3: Findings & Conclusion.......................................................................................................23
3.1 Findings....................................................................................................................................24
Company Prospects......................................................................................................................24
Company Dividend policy...........................................................................................................24
Company Preference on Investors................................................................................................24
3.2 Conclusion................................................................................................................................25
3.3 References................................................................................................................................26
Executive Summary
Rahim Textile Mills limited is one of the leading conglomerates in Bangladesh, with a multinational
heritage. It is an enlisted public limited company in the stock exchange and raises their capital from
shareholders by issuing shares. Moreover, this company pays out dividend to shareholders
throughout years. Dividends refer to that portion of a firm’s earnings which are paid out to the
shareholders.
Dividend can be two types such as Cash dividend and Stock dividend. In this paper, the dividend
policy of Rahim Textile Mills limited is appraised on the basis of 5 years data and considering
different factors such as Net income after tax, Earnings per share, Cash dividend, Stock dividend,
Dividend payout ratio, Net asset value per share, Total dividend, Market value per share, Dividend
per share.
After the analysis we have found that, the company is paying out more cash dividend and less stock
dividend. Besides that, the net asset value per share decreasing during 5 years. Therefore, it can be
said that this company is practicing the dividend relevance theory. In case of dividend payout, the
company maintains constant payout ratio. Moreover, it does not have any specific dividend
reinvestment plans and the company is not interested to expand in the near future.
Chapter 1: INTRODUCTION
1.1 Overview of the Dividend Theories:
Dividends refer to that portion of a firm’s earnings which are paid out to the shareholders. Dividend
can be two types such as Cash dividend and Stock dividend. In cash dividend shareholders get a
certain percentage of cash of the net income whereas, a stock dividend is the payment to existing
owners of dividends in the form of stock. Corporations decide the form of dividend payment on the
basis of firm’s situation.
A dividend policy is the policy a company uses to decide how much it will pay out to shareholders as
dividends from retained earnings. It is a part of net income distributed among the shareholders.
Whether and what amount to pay as cash dividend is decided by the board of directors in (AGM)
Annual General Meeting. In the date of Annual General Meeting which is commonly known as
record date; the corporation declares the payment date on which dividends will be paid to those
shareholders who were registered in ex-dividend date.
In a corporation there are two types of shareholders. These two are most fundamental categories of
shareholders, which differ in the rights that they confer upon their owners. These are-
 Common Shareholders: The payment of dividend to common shareholders is not fixed and
fluctuates by the net income.
 Preferred shareholders: The payment of dividend to preferred shareholders is fixed and
mentioned when it is issued. Preferred stock can be classified in two types further.
 Cumulative preferred shareholders: Dividend payment is mandatory if company makes
profit. In the case of loss, on that year dividend won’t be paid. But in the next year,
company must pay the outstanding dividends if the company earns sufficient profit.
 Non-Cumulative preferred stock: Dividend payment is mandatory if the company makes
profit. But if there is loss, dividend payment is not required for that year.
Dividend theories are developed to help firms with their dividend policies. Dividend theory has 2
types.
 Dividend Irrelevance Theory: Dividend irrelevance theory put forth by Metorn H. Millar &
Franco Modigliani (M&M) that in a perfect world, the value of a firm is unaffected by the
distribution of dividends and is determined solely by the earning power and risk of its assets
and that the manner in which it splits its earnings stream between dividends and internally
retained funds does not affect this value.
 Dividend Relevance Theory: The theory Dividend relevance advanced by Gordon and
Lintner states that there is a direct relationship between a firm’s dividend policy and its
market value. Fundamentals to this proposition are their bird-in-the-hand argument, which
suggests that investors see current dividends as less risky than future dividends or capital
 gains. That means investors are risk averse & attach less risk to current as opposite to future
dividends or capital gains.

1.2 Objectives of the Study

 To appraise the dividend policy of Rahim Textile Limited
 To identify their net income after tax, earning per share, cash dividend, stock dividend.
 To learn how to do financial Dividend policy work and importance and compare the growth
rate by studying annual reports.
 To learn how to do wealth maximization
 To identify their dividend payout ratio, total dividend
 To learn how to understand future prospect
 To learn how the dividend policy are used in organizations
 To have a glimpse of Rahim Textile during last 5 years
 To present an overview of Rahim Textile Limited
 To present an analysis on the over-all dividend policy of Rahim Textile Limited.
 The relationship between Rahim Textile Limited's dividend policy and its market values.

1.3 Scope and Methodology of The Study

The study is based on Rahim Textile Mills Ltd conducted in order to evaluating different aspects and
criteria related with companies’ financial performance. This term paper will give a detailed idea of
how we have analyzed the performance of the Rahim Textile in case of financial transaction and
other financial activities in the light of balanced scorecard. All the information incorporated in this
report has been collected from the secondary sources like: DSE website, HR policy of Rahim
Textile, Operational process, Annual report of the Rahim Textile, Web site of Rahim Textile, Review
of literature, different published articles, journals, brochures, and organization’s web site, books and
Periodicals, Internet, Newspapers and magazines and many more. After the detailed study of the
dates, an attempt has been made to present comprehensive analysis. The data is organized on the
basis of tables in excels and graphs, charts etc.

1.4 Limitation of the study

Since this report is a part of our coursework so that we faced time limitation while doing this. There
was deficiency of sufficient information on the website. In addition to these, the verification of data
was a significant problem. Moreover, there were some restrictions to have access to the information
confidential by concern authority. So due to all these reasons along with time limitations, primary
data could not able to collect. We used secondary data for this report. This report has been made on
the basis of five-year data. If more data can be used the analysis would have been more meaningful.
Chapter 2: Appraisal of Dividend Policy
of Rahim Textile Mills Ltd.
2.1 Overview of Rahim Textiles Mills Ltd.
Rahim Textile Mills Limited a public limited company, started commercial operation in 1987 with
dyeing, printing and finishing unit. The company has pioneered the printing of Viscose, Stretch
Poplin, all categories of knit fabric and other textile products. The products of the processing mill
conform to the International standard. The company’s Senior Management Team consists of a group
of highly qualified and very well-trained professionals who run the units with extreme efficiency,
optimizing productivity, minimizing loss and wastages and dealing with all personnel in the lawful
manner. The 7,500 strong workforces have given loyal support to the growth of the company. They
are extremely dedicated and are very easily trainable adapting to new technologies and opportunities.
The company has diversified into three major strategic business units.
Strategic Business Units
 Woven fabric Unit.
 Knit fabric Unit

 Dyeing and printing on Denim category Unit.

Subsidiaries
 Knit Asia Ltd.
 Malek spinning Mills Ltd.
 New Asia Ltd.
 Design Asia Ltd.
 Salek Textile Ltd.
 Hejaj Publication Ltd.
 New Asia Synthesus Ltd.
 J.M. Fabrics Ltd.
Company Vision
We view businesses as a means to the materials and social well-being of the investors, employees
and society at large leading to accretion of wealth through financial and moral gains as a part of the
process of the human civilization.
Company Mission
Our mission is to produce and provide world class textile and garments products and services and
position the country in the higher value segments in the international market.
Company Products
 Woven Solid Dyed Fabrics like Cotton Poplin, Stretch Poplin, Cotton Twill, Stretch Twill,
Canvas and Sheeting, Voile, TC, Polyester, etc.
  Knit Printed Fabrics like Cotton, CVC, Lyera, Polyester, etc.
Values
Rahim textile cares for various things. Mainly they are careful to the top-quality products at the
lowest cost. They value their shareholders and protect their capital, they assure the highest return and
growth of their assets as well. They provide best compensation to all the employees who are the
backbone of the management and operational strength of the company. They look for the best co-
operation of the creditors and debtors who provide financial support, the suppliers who provide raw
materials at the best price, the providers of utilities, and the customers who buy their products and
services. They distribute the proper product on due date to their customers. They fulfill their
responsibility to the Government through proper payment of taxes, duties and claims by various
public agencies. They work as a responsible citizen for avoiding social malpractices, anti-
environmental behaviors, unethical activities and corruptive dealings. They practice good
governance, disclose and report to shareholders, hold AGM in time, distribute dividends and other
benefits to shareholders. They work for equality in sexes, races, religions and pollution free
environment. Overall, they value the achievement of Millennium development goals for the Human
Civilization.
 Quality: Rahim Textiles always strive to provide the best possible quality for their products
and services in order to meet and exceed customer’s expectation.
 Customer Focus: Rahim Textiles main focus is always their customers. They are always to
provide the finest products and services to their customers in order to attract and retain
customers.
 VA Fairness: Rahim Textiles always attempts to maintain fairness in what they do and
produce. This helped them to gain customer’s faith and confidence and also to operate
successfully in the market with their competitors.
 Transparency: Rahim Textiles maintains transparency by providing the desired goods and
services to their customers and sharing their goals with their employees.
 Continuous Improvement: Rahim Textiles always attempts to make improvements in their
products and services in order to meet customer’s demands and cope with the current trend.
In this way, they are able to compete successfully in the market in comparison to others
providing the similar kind of products and services.
 Innovation: Rahim Textiles strongly believes in innovation. As a result, they go for frequent
research and development in order to improve and upgrade their product on a frequent basis.
2.2 Capital Structure
Total Asset
The values of total asset of Rahim Textile Ltd. over the years are as follows:

Table: Total Asset

YEAR Total Asset GROWTH RATE

2012 BDT 644,672 14.90%

2013 BDT 571,726 21.75%
2014 BDT 710,654 0.49%
2015 BDT 624,344 4.06%
2016 BDT 655,513 5.29%
2017 BDT 1,119,955 13.83%

Source: Annual report 2012 – 2017

Figure: Total Asset

TOTAL ASSET
1200000

1000000

800000

600000

400000

200000
2012 2013 2014 2015 2016 2017
0

Growth Rate of Total Asset

25.00%
21.75%
20.00%

15.00% 13.83%

14.90%
10.00%

5.00%
0.49%
5.29%
4.06%
0.00%
2012 2013 2014 2015 2016 2017
 Table: Capital Structure
Growth rate of
Year Debt% Growth rate of Debt Equity % Equity
2012 45.32% 54.68%
2013 44.87% 25% 55.13% 27%
2014 41.94% 5% 58.06% 18%
2015 34.88% -13% 65.12% 17%
2016 35.38% 22% 64.62% 19%

2017 33.92% 6% 66.08% 8%

Source: Calculated from the data provided in Annual Report 2012-2017

Figure: Capital Structure

CAPITAL STRUCTURE
DEBTEQUITY

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%

2012 2013 2014 2015 2016 2017

Growth Rate of Debt & Equity

27%
25%
22%
18% 19%
17%
13%

8%
5% 6%

0
2012 2013 2014 2015 2016 2017
DEBTEQUITY
2.3 Net income after tax
Table: Net Income After Tax
Year Tk in thousand Growth in %

2011 - 12 4418 -
2012 - 13 12795 189.61
2013 - 14 23180 81.16
2014 - 15 23565 1.66
2015 - 16 43331 83.88
2016 - 2017 44958 .60

Figure: Net income after tax

50000 NET INCOME

40000 43331 44958

30000 23180

20000 23565

10000 4418 12795

0
2012 2013 2014 2015 2016 2017

Net income after taxes is calculated after subtracting expenses, charge-offs, depreciation and taxes
from company’s earnings. During five years of operation Rahim Textile’s highest net income after
tax was in 2016 and lowest net income after tax was in 2012. But the highest growth showed in 2013
and negative growth was in 2015.
2.4 Retained Earnings:

Table: Retained Earnings

1 July, 2017 1 July, 2016

99927242 68077465
From the above table we can see that in 2017 the company had a bigger amount of retained earnings
than 2016.

Figure: Retained Earning

120000000

100000000

80000000

60000000

40000000

20000000

0
1 July , 2016 1 July , 2017

2.5 Earnings per Share

Table: E.P.S
Year EPS Growth in %
2011-12 0.51 -
2012-13 4.65 811.76
2013-14 6.68 43.66
2014-15 6.79 1.65
2015-16 8.92 31.37
2016-17 6.61 26

Figure: Earnings per Share

5
 3

Earnings per share (EPS) are 0the portion of company’s profit allocated to each outstanding share of
common stock. Earnings per share serve as an indicator of a company’s profitability. It is calculated
2011-122012-132013-142014-152015-162016-17
by subtracting net income from dividend on preferred stock and divide by the number of shares
outstanding.
Rahim Textile Limited had highest amount of earnings per share in 2016 but in 2012 the EPS was
not much significant. In 2013 the EPS growth percentage was large than others but in 2015 the EPS
growth was significantly poor.
2.6 Cash Dividend
Table: Cash Dividend
Year Cash Dividend in % Growth in %
2011-12 90 -
2012-13 75 -16.67
2013-14 74 -1.33
2014-15 60 -18.92
2015-16 60 0
2016-17 50 -16.67

Figure: Cash Dividend

2011-122012-132013-142014-152015-162016-17
100 90
80

70

60

50

40

30

20

10

A cash dividend is money paid to stockholders, normally out of the corporation’s current earnings or
accumulated profits. All dividends must be declared by the board of directors and they are taxable as
income to the recipients.
From the graph, we can see that Rahim Textile Limited provided 90% cash dividend but from 2013
to 2014 the company disbursed approximately 75% of the cash dividend. In 2015 and 2016 it paid its
shareholders 60% of cash dividend. There was negative growth in Rahim Textile’s cash dividend
during 2013 to 2015.
2.7 Stock Dividend
Table: Stock Dividend

Year Stock dividend % Growth %

2011-12 10
2012-13 25 150

2013-14 26 4

2014-15 40 53.85

2015-16 40 0

2016-17 50 25

Figure: Stock Dividend

160

140

120

100

80

60

40

20
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
0

A stock dividend is a dividend payment made in the form of additional shares rather than cash
payout. Companies may decide to distribute this type of dividend to shareholders of record if the
company’s availability of liquid cash is in short supply.
From the figure of stock dividend, we clearly observe that Rahim Textile Limited did not pay stock
dividend more than 30% during 2012 to 2014. In 2015 the stock dividend increased by 53.85%.
2.8 Dividend payout ratio
Table: Dividend Payout Ratio
Dividend payout Growth
Year
ratio in % in%
2011-12 61.94 -
2012-13 15.83 -74.44

2013-14 24.03 51.80

2014-15 31.01 29.05

2015-16 32.33 4.26

2016-17 30 7.76

Figure: Dividend payout ratio

60

40

20

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

-20

-40

-60

-80

-100

The dividend payout ratio is the percentage of earnings paid to shareholders in dividends. It is
calculated by total dividends divided by the net income of the company.

From the bar graph, it can be said that Rahim Textile Mills Ltd. had the highest dividend payout ratio
in 2012 that means the company paid almost 62% of its net income as dividends to the shareholder.
In this year the growth rate is also abnormally high in 2014. The lowest dividend payout ratio was in
2013 and the negative growth was also in 2013.
 Table: Total dividend
Dividend in
Year Growth in%
thousand Tk
2011-12 2736.48 -

2012-13 2025.22 -25.99

2013-14 5569.98 175.03

2014-15 7308.35 31.21

2015-16 14009.76 91.66

2016-17 13487.4 -3.72

Figure: Total dividend

2011-122012-132013-142014-152015-162016-17
16000

14000

12000

10000

8000

6000

4000

2000

The line chart shows that, Rahim Textile limited paid 14009.76 thousand taka as dividend in 2016
which is the highest amount of dividend paid by this company during 5 years. Besides that, the
significant growth of dividend was observed in 2014. The lowest amount of dividend paid in 2012
and the negative growth was in 2013.

2.9 Market Price of the Share:

 Financial Statement Summery

2012-2013 2013-2014 2014-2015 2015-2016 2016-2017

Balance Sheet

Total Non-Current
432,308,067 485,851,375 448,490,698 444,606,595 549,749,118
Assets

Total Current Assets 139,417,711 224,802,259 175,853,303 210,906,499 570,205,461

Total Assets 571,725,778 710,653,634 624,344,001 655,513,094 1,119,954,579

Total Equity 156,023,626 179,203,726 190,954,365 234,285,398 279,243,718
Total Non-Current
121,385,734 114,622,104 105,454,189 55,705,407 193,938,774
Liabilities
Total Current
294,316,418 416,827,804 327,935,447 365,522,289 646,772,087
Liabilities
Total Owners Equity &
571,725,778 710,653,634 624,344,001 655,513,094 1,119,954,579
Liabilities

Book Value Per Share 70.85 65.1 55.05 48.25 41.08

Income Statement

Revenue 572,483,346 575,292,598 598,621,652 630,290,462 717,462,840

Gross Profit 83,094,412 70,210,546 92,309,818 108,568,176 118,454,339
Operating Profit/
63,028,941 47,602,964 65,792,755 76,929,736 76,740,716
(loss)
Profit / (loss) Before Tax
15,622,810 27,068,510 33,723,487 54,059,770 59,683,347

Profit / (loss) for the

12,794,642 23,180,100 23,564,710 43,331,032 44,958,321
Period
Earnings Per Share -
5.81 8.42 6.79 8.92 6.61
Basic
Cash Flow
Net Cash Generated from
Operating 54,139,854 55,410,559 93,261,893 158,586,053 121,071,679
Activities
Net Cash Flow from
(12,696,128) (83,231,190) (3,767,931) (48,067,797) (293,613,643)
Investing Activities

Net Cash Flow

(46,036,619) 31,615,404 (75,361,822) (67,651,144) 115,347,401
Financing Activities

Cash at the beginning of

10,023,094 5,430,199 9,224,974 23,357,113 66,224,225
the period

Cash at the end of the

5,430,201 9,224,972 23,357,114 66,224,225 9,029,662
period
2.10 Dividend Reinvestment Plan in Rahim Textile Ltd.:
A dividend reinvestment plan (DRP) is a plan offered by a corporation that allows investors to invest
their cash dividend by purchasing additional shares or fractional shares on the dividend payment
date. The reinvestment of dividend is a method that Rahim Textile Mills Ltd. investors use for the
creation of wealth. So, it is designed for long time investors but after analyzing the data we see that
the Rahim Textile Mills Ltd. investors are not very much eager to reinvest their dividend in the
Rahim Textile Mills Ltd. Earning Per Share (EPS) also decreased gradually. In 2012 the EPS was 51
and the last 2016 the EPS was 4.65, which means the Rahim Textile Ltd. earning power per share is
adversely affected. As the company’s asset allocation per share gradually decreased, it results in
decreasing the share price of the company, which sends a negative signal to the investors to reinvest
their dividend. Another cause of negative effect of reinvestment plan is that the company was issuing
less bonus shares or stock dividend and more amount of cash dividend.

2.11 Dividend policy followed by Rahim Textile Ltd:

From the analysis of dividend payments of Rahim Textile Limited, we can assume that the company
is following constant pay-out ratio dividend policy through which the company ensure a certain
percentage of net income is distributed as dividend as we can see from table-1 and table-2 that if net
income is occurred, whether it may increase the dividend payment or decrease. The dividends are
considered as a indicator of this company’s future conditions. Based on this policy, Rahim Textile
Limited is calculated this dividend policy by dividing the firm’s cash dividend per share by its
earnings per share.
Chapter 3: Findings &
Conclusion
3.1 Findings
Company Prospects
(1) From the figure of Total Dividend, we can find that their dividend payout was
lowering in 2011-2013 because they were in “Introductory and Growth stage”. From
2013-2017 it become gradually positive.
(2) Owner of the corporation was in low tax bracket which result in higher dividend
payout every year.
(3) Shareholders of “Rahim Textile Ltd” prefer more “Cash Dividend” over “Stock
Dividend”.
(4) Future prospect of the company was bright which results in |Higher “Re investment
opportunity” |Higher “Retained Earnings” Every Year| Higher “Future Capital Gain”
|.

Company Dividend policy

(1) From 2011—2016 they were following “Dividend Relevance” Theory Because after
analyzing the 5 years data we find that in 2012, the net asset value per share decreased gradually
which had a negative impact towards investors. They never issued right share to the shareholders
which also indicate they were following “Dividend Relevance theory’”
(2) Starting from2016-2017 they were moving towards “Dividend Irrelevance theory”
because the company is prominently going to decrease their cash dividend and increase their stock
dividend.
(3) Although the retained earnings of the Rahim Textile Limited was increased
simultaneously, but the company was issuing less bonus shares and was focusing more on cash
dividends because of the shareholders preference on dividend.
(4) They follow “Constant Payout Ratio” because their dividend payout ratio
was changing every year.
(5) Net asset value per share is not in a good condition because high amount of cash
dividend is given to the investors. It creates a lower demand trends who are the risk takers.

Company Preference on Investors

(1) Rahim textile prefer “Risk Averse” Investor whose are mainly short term
and individual Investors.
(2) Companies owner investment opportunity is low because of short term investor.
3.2 Conclusion
At the end of analysis of dividend policy, it can be appraised that Rahim Textile Limited follows
dividend relevance theory and the constant pay-out ratio policy. The overall performance of Rahim
Textile Limited is good in visible scene. As we know the company is following relevance theory
which indicates for those who are risk averse. They believe in “A bird in the Hand is worth two in
the bush”. They give priority to immediate dividend rather than future capital gain. But in finance
one of the principals is high risk leads to high return. Their net asset value per share is not in a good
condition because high amount of cash dividend is given to the investors. It creates a lower demand
trends who are the risk takers. For that reason, they follow the relevance theory. In that case the
shareholders are indifferent to reinvest in same company. These appraisals of dividend policies are
analyzed in this paper including different factors.
3.3 References
1. Besley, S. F. Brigham, E. (2008) Principles of Finance, Thomson Higher education
2. Gitman, L. (2013) Principles of Managerial Finance, Pearson
3. www.dsebd.org
4. https://www.rahimtextile.com
5. http://www.investopedia.com