Rex Plc is a manufacturer of exclusive brands of energy drinks and has been in operation for the past 5 years. Due to an increase in competition over the years in the energy drinks market, the company has been experiencing a slow growth and this has impacted on its profits. Profits after tax for the year ended 31 December 2019 was $825,000 and $957,000 for the same period ending 2020 . In view of commercialising the brand new energy drinks, the company has contracted a long term loan with an implicit interest rate of 10% per annum. Apparently, the bank's credit analysts have been very critical on the overall performance and financial position of Rex Ple before sanctioning the loan. The board of directors has appointed you as the company's Accountant and the following ratios have been calculated based on the published accounts for the year 2020. The latest industry average ratios have also been compiled. (a) Assuming the role of the Accountant, write a comprehensive report to the board of directors analysing the profitability, liquidity, efficiency and gearing position of the company by comparing the results of the company against the industry average. (You may make any assumptions)