For (a), Raw material plays an important role in production of a product and adequate funds are also required for it but there are alternatives available for it such as loans to fulfill the requirement so (a) is not the most possible reason. Employee satisfaction and proper machinery plays a vital role in growth of the company but again both of these can be replaced or modified. So, (b) and (c) do not follow. Statement (e) is vague. So, the most possible reason is (d) as the demand has been declined from past 5 years hence the production also declined.