When we calculate the strength of composite using rule of mixture, fibre orientation is not taken into account, so is it a good method to obtain the properties of the composite?
Rule of mixtures gives the properties of the laminate in the zero degree direction of the fibers, if you are having fiber orientation other than the zero direction you will have to multiply the property matrix by a transformation matrix . Pl refer pages 74 to 75 of mechanics of composites by R M Jones
Pramod Vadavkar is absolutely right. You have to pre- and post-multiply the elasticity matrix with an orthogonal rotation matrix. To derive the needed transformation the following links could be helpful.
but since composite properties can be influenced by several factors such as chemical treatment, is rule of mixture able to include all of these factors in the analysis?
The rule of mixtures will give you approximate properties, there will be slight variations in the properties depending on the degree of bonding between the fibers and the matrix