Following are the summarised financial statements of Nixon Ltd. A manufacturing organisation which produces a range of Toy scooters. Statements of Financial Position of Nixon Ltd. 31/12/2018 31/12/2019 ( mil) ( mil) Non-current assets Land and buildings Equipment 360 510 80 90 Total 440 600 Current assets Inventories 599 400 Trade receivables 176 320 Cash at bank 85 90 Total 860 810 Total assets 1,300 1,410 Equity El ordinary shares 320 300 Retained Earnings 367 640 Total 687 940 Liabilities Non-current liabilities Loans 190 250 Current liabilities Trade payables 406 200 Tax Payable 17 20 423 220 Total equity & liabilities 1,300 1,410 Income statements of Nixon Ltd. 31/12/2018 ( mil) 31/12/2019 ( mil) Revenue 2,000 1,800 Cost of sales (1600) (1200) Gross profit 400 600 Operating expenses (300) (300) 100 300 Operating Profit Interest payable Profit before taxation (20) (27) 80 273 (32) (35) Taxation Profit after tax for the year 48 238 Required: A. Calculate the following ratios for the year 31/12/2018 and 31/12/2019: i) ii) Profitability ratios (2): Gross profit ratio Operating ratio Liquidity ratios (2): Current ratio Quick ratio Efficiency ratio: Trade receivable days (Note: assume that all sales were on credit in both years) Solvency ratio: Debt equity ratio. iii) iv) B. Give your comments on each of the above calculated ratios