IJCRT1893232

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org © 2018 IJCRT | Volume 6, Issue 2 April 2018 | ISSN: 2320-2882
AN INVESTIGATION OF FINANCIAL
PERFORMANCE OF MESFIN INDUSTRIAL
ENGINEERING PRIVATE LIMITED
COMPANY IN TIGRAY REGION.
Abreha Gebrerufael Desta
Lecturer, Head, Department of Accounting and Finance,
College of Business and Economics, Adigrat University, Ethiopia
ABSTRACT
In Ethiopia the contribution of manufacturing companies to economic growth is so minimal as compared to
agriculture and services sectors. They are experiencing low return which is an indicator of poor financial
performance. However, to remain competitive in the globalized economy, having good financial
performance is highly imperative. Financial performance analysis is the process of determining the operation and
financial characteristics of a firm from accounting and financial statements.Therefore, this research was aimed to
address the financial performance of Mesfin industrial Engenering PLC company via financial ratios from
audited financial statements. The research paper primarily based on secondary source of data adapted from
audited financial statements published by the company. A time period of seven years from 2011 to 2017 was
used to evaluate the financial stability of Mesfin Industrial Engineering PLC company.The findings from the
analysis reveal that the liquidity ratio having a good measure of the financial position of an organization
over a period of time and the solvency ratio implies that enough scope for the company to raise the long
term finance from the outsides.The overall profitability of the company is good with evidence from return on
investment recorded as high the efficient ratio performance gradually increases over a period of time.
Hence, the application of various categories of ratios becomes more dependable indicators of the efficiency
of a company.It concluded that, ratios analysis was the best way to evaluate the financial results of the
company in order to measure its overall performance. Finally, the company had shown all results was very
prominent and prospects of growth during the study period.
KEYWORDS:- Financial ratio, Mesfin Industrial Engineering Company, Liquidity, Profitability,
Efficiency.
I. INTRODUCTION
Financial performance evaluation is important to the management, owners, customers, suppliers,
competitors, regulatory agencies, tax payers and lenders each having their views in applying financial
statement analysis in their evaluations and making judgments about the financial health of the
organization(Habimana, et.al, 2017). The financial stability of a firm is associated with its ability to
generate profit, increase the value of investing capital and at the same time repay its short- and long-term
liabilities.
IJCRT1893232 International Journal of Creative Research Thoughts (IJCRT) www.ijcrt.org 525

www.ijcrt.org © 2018 IJCRT | Volume 6, Issue 2 April 2018 | ISSN: 2320-2882
Assessment of financial performance is primarily based on various methods of financial analysis. The
choice of methods is mainly influenced by the purpose of use, time criteria, character of information
resources or the degree of algorithm development. The aim is to achieve the desired level of complexity in
evaluating firm and its activities. In the practice of financial analysis, financial ratios are mainly used for
their simplicity and additional information value (Renata & Myskova, 2017). Mesfin industrial engineering
company an electromechanical and manufacturing sectors in throughout Ethiopia, which is active in
manufacturing of low bed trailers, agricultural trailers, antenna towers, electromechanical erection works,
renting and maintenance of heavy duty and light vehicles.
This study found that financial ratios analysis was the best tool that to evaluate its financial
pefromance and support to the decision making therefore, the company needs to analysis of profitability
ratios, efficiency ratio, liquidity ratio and solvency ratio facilitate the Mesfin industrial engineering PLC
company in good decision making.
II. OBJECTIVES OF THE STUDY
The main objective of the study was the evaluation of companies’ performance and throughfinancial
information. The following objectives are:
 To examine the short term and long term solvency of the company, whether ability to repay its debt
or not.
 To assess the overall profitability and efficiency of the companyusing financial ratios.
III. REVIEW OF LITERATURE
The study focus on the overall financial position of the particular Mesfin Industrial engennerin PLC
company during the specific period based on the selected variables, which may interest not only for the
respective companies in the industry but also brings a process of development operational aspects of the
entire industry. The study is much important to the management from the point of decision-making purpose,
to identify the strength, weak as of the company and finally helps to maximize the intrinsic value of the
company (Ramya & Kavitha, 2017).
This study was aimed at evaluating the financial performance of Mesfin Industrial engennerin PLC
company in Tigray region,Ethiopia the period 2011 to 2017. To meet the objective of the study, secondary
sources of data have been utilized. Accordingly, the results of the study reveal that the financial
performance of the company had kept on improving, if not fluctuating over time. Besides, the bank has
performed well in profit earning and efficiently managing its assets for generating revenue, whereas there is
a need for improvement in its much dependence on outside financing and the high proportion of non-
performing loans (Muhabie, Mekonnen & Mengistu, 2015).
The study made use of secondary data to obtain relevant financial information. The data were extracted
from annual reports, audtid financial statements, journals and publications of of the company The data
collected were analyzed using different categories of ratios. The findings from the computations reveal that
the net working capital is a good measure of the financial position of an organization over a period oftime,
but this is not enough to get a true and clear picture of the liquidity of the firm. Hence, the application of

variouscategories of ratios becomes more dependable indicators of the liquidity of a company than the net
working capital (Ebenezer,et.al, 2016).
IV. RESEARCH METHODOLOGY

The study has been undertaken for the period of seven years from July 2011 to June 2017. In orderto
analyze financial performance in terms of liquidity, solvency, profitability and financial efficiency in
accounting ratios have been used. The various statistical measures have been used like arithmetic mean,
trend growth rate, and multiple regression analysis for a test of hypotheses. In this study an attempt has been
made for the financial performance of Mesfin industrial engineering private limited company to understand
how to manage of finance and to maintain the firm growth (Amalendu,2016)
V. DATA ANALYSIS AND INTERPRETATION
The secondary data were collected subjected to various statistical ratio analyses. These results were
computed and analyzed using different categories of ratios and the presented the following tables
1. Liquidity Ratio
It refers to the ability of a concern to meet its current obligation as and when these become due. The
short term obligations are met by releasing amounts of current, floating or circulating assets. The current
assets should either be liquid or near liquidity. These should be converted into cash for paying obligations of
short term nature (Shashi et.al,2015)
a) Current ratio
An indication of a company's ability to meet short term debt obligations; The higher the ratio, the
more liquid the company is. Current ratio is equal to current assets divided by current liabilities. If the
current assets of a company are more than industry averages, then that company is generally considered to
have good short term financial strength. If current liabilities exceed current assets, then the company may
have problems meeting its short term obligations (Amalendu ,2016).
Current ratio = Current Assets / Current Liabilities
b) Quick ratio
This measures the immediate solvency of the business - the ability of the business to meet its
immediate financial obligations when they fall due (Alo, Ebenezer Adebisi et.al)
Quick ratio = Quick assets / Current Liabilities
Where,
Quick asset = Current assets – Inventory
c) Cash Position Ratio
A cash position represents the amount of cash that a company, investment fund or bank has on its
books at a specific point in time. The cash position is a sign of financial strength and liquidity. In addition to
the cash itself, this position often takes into consideration highly liquid assets, such as certificates of deposit,
short-term government debt and other cash equivalents.
Cash position ratio = cash and Marketable securities / Liquid Liabilities

Where,
Liquid liabilities = current liabilities – (bank overdraft + cash credit)
Table 1
Liquidity Ratio for the Period from 2013 to 2017 of Mesfin Industrial Engineering company
Year Current Ratio Liquid Ratio Cash Position Ratio
2011 2.839 1.132 0.202
2012 2.069 1.507 0.963
2013 2.702 0.472 0.215
2014 3.338 0.411 0.022
2015 3.117 0.785 0.310
2016 5.457 0.890 0.109
2017 4.759 0.832 0.016
Mean 2.190 0.861 0.262
SD 0.420 0.377 0.327
CV 0.192 0.438 1.246
(Source: Computed from Secondary data)
From the above table observed that, the company has more liquidity in the year 2016 on account of
5.457, but in the year 2012 current ratio was less than the average value of 2.190.It indicates that the
company experienced an increase incurrent assets, but this was not sufficient enough to give an increase net
working capital due to increase in current liabilities. The ratioof 2:1 is considered and accepted as industry
average. In case of Mesfin engennering company average is also the ideal point, in the seven years. A quick
ratio of 1:1 is usually acceptable,It could be stated that a result of the computation of the seven year average
was 0.861, and it is less than that of the acceptable industry average limit of 1:1. It concludes that a less
profitable position.As per the cash position ratio represents the amount of cash that a company, investment
fund or bank has on its books at a specific point in time.The cash position is a sign of financial strength
and liquidity and the average value of 0.262 is more than the recommended value is between 0.2 and 0.5.
Finally, the above three ratios measures the firm ability to repay the short term loans and having liquidity
position is sufficient.
2. Solvency Ratio
The solvency ratio indicates whether a company's cash flow is sufficient to meet its long-
term liabilities. The lower a company's solvency ratio indicates the greater the probability that it will default
on its debt obligations. The example of long term solvency ratio was debt to equity ratio and total debt ratio.
a) Debt to equity ratio
It measures the relative claims of outsiders and the owners against the firm’s assets. This ratio
indicates the relationship between the external equity and the internal equity funds. (Shashi k. Gupta et.al)
Debt-equity ratio = outsiders Funds / Shareholders’ Funds
b) Debt to total capitalization
The ratio establishes a link between the long term funds raised from outsiders and total long term
funds available in the business.
Debt to Total capitalization = Long term debt / Total Capitalization *100
Total capitalization = owner’s equity + long term debt.

Table 2
Solvency Ratio for the Period from 2013 to 2017 of Mesfin Industrial Engineering company
Year Debt to Equity Ratio Debt to Total
capitalization(Percentage)
2011 1.452 0.779
2012 2.834 0.728
2013 5.444 0.466
2014 1.285 0.359
2015 1.056 0.259
2016 0.829 1.517
2017 0.661 1.230
Mean 1.937 0.762
SD 1.703 0.464
CV 0.879 0.609
Source: Computed from Secondary data
From the above table could be observed that, the debt equity relationship of the company during the
study period. It was 5.444 in the year 2013 suddenly increases from the year 2012 value of 2.834. The
average value of debt equity ratio was 1.937, butdeviations from each year on account of 1.703, which
indicates that the highly variable between the debt and equity capital in an origination during the study
period.The ratio 1:1 may be usually considered to be a satisfactory level. It may conclude that the above
information, in the year 2011, 2014, 2015, 2016 and 2016 secured the value of 1.452, 1.285, 1.056, 0.829
and 0.661 respectively, which implies that the a low ratio is considered as a favorable from the long term
creditors’ point of view because a high proportion of owner’s funds provide a larger margin of safety for
them. Hence, the company is not maintaining its debt position is time to time variability during this study
period.
According to the debt to total capitalization ratio reveals that the highest value of 1.517 percentages
in the year 2016 and the lowest value of in the year 2015 on account of 0.259 percentages. From the year
2012 to 2015 the ratio is lower than the average value of 0.762, which indicated that, most of the year using
the lower debt finance that a result of the firm’s value might be an increase in the market. Beside that the
company has not relied much on outside sources for raising the long term funds. There is enough scope for
the company to raise the long term finance from the outsides.
3. Profitability Ratio
Profitability ratio is also known as profit margin ratios. They are used to evaluate the overall
performance of a company and how well the company is performing in terms of profit. The ratios are
indicators of the company’s efficiency in using the capital committed by shareholders and lenders
(Venugopala &Ibrahim,2017).The ROA, ROE, NPM, GPM and ROI ratios are selected for the present
study.
a) Return on Assets (ROA)
It is a measure of financial performance of a company which takes the use of assets into
account.Return on assets (ROA), often described as the primary ratio, relates the income earned by the bank
to the assets it used in the business operation.
ROA = Net Income (or pre-tax profit) / Total Assets * 100
It provides information about management's performance in using the assets of the business to
generate income. Profit before tax is generally ideal because calculations using net income after tax figures
may show trends due simply to changes in the rates of taxation. (Gilbert Sebe and Yeboah, Charles Mensah)
b) Return on Equity (ROE)
It (ROE) is a measure of profitability that calculates the value of profit a company generates with
each value of shareholders' equity. In general, equity shareholders are more interested in the profitability of
a company and the performance of a company should be judged on the basis of return on equity capital of
the company. Return on equity capital, which is the relationship between profits of a company and its equity
capital (Shashi et.al)
ROE = Net Income available to equity shareholder / Shareholders' Equity *100
c) Net Profit Margin (NPM)
It establishes a relationship between net profit (after taxes) and sales. It is determined by dividing the
net income after tax to the net sales for the period and measures the profit of sales.
Net Profit Margin Ratio = Net Profit / Net sales * 100
d) Gross Profit Margin (GPM)
This ratio expresses the relationship between Gross profit and sales. It indicated the efficiency of
production or trading operation. A high gross profit ratio is a good management as it implies that the cost of
production is relatively low (Idhayajothi, et.al ,2016).
Gross Profit Margin ratio = Gross Profit / Net sales * 100
e) Return on Capital Employed (ROCE)
It establishes the relationship between profits and the capital employed. It is the primary ratio and is
most widely used to measure the overall profitability and efficiency of a business. The term capital
employed refers to the total investments made in a business. (Shashi k et.al,2017)
Return on Capital Employed =Operating Profit (EBIT) / Capital Employed *100
f) Return on Investment (ROI)
Return on investment ratio is used by financial analysts to ascertain the best investment plans. It is
also an important tool used by investors and shareholders, while making investment decisions. A
performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a
number of different investments. Return on Investment ratio for a company shows how much profit a
company is making against the investments made by the shareholders and the investors.An investment with
a higher ROI ratio is a more lucrative option as compared to an investment with a lower ROI ratio.
(Amalendu Bhunia)
ROI = Net Profit / Shareholder’s Funds *100
Table 3
Profitability Ratio for the Period from 2013 to 2017 of Mesfin Industrial Engineering PLC
Year Return on Return on Gross Net Return on capital Return on
Asset Equity Profit Profit Employed Investment
2011 18.598 61.289 19.608 11.941 27.493 18.622
2012 11.245 53.323 18.748 9.799 19.551 13.721
2013 8.449 58.090 20.619 9.114 18.729 13.004
2014 15.878 28.738 18.864 9.923 31.498 21.933
2015 21.556 37.141 23.672 13.053 38.143 26.516
2016 38.102 35.097 26.930 15.854 59.802 25.065
2017 26.022 17.465 25.847 12.826 39.836 14.248
Mean 19.978 41.592 22.041 11.787 33.579 19.016
SD 9.962 16.366 3.414 2.374 14.179 5.604
CV 0.499 0.393 0.155 0.201 0.422 0.294
From the table 3 shows that the various profitability ratios in which return on assets (ROA), in the
year 2016 ratio of 38.102 percentages as high, whereas, in the year 2013 ratio of 8.449 percentages as low
level. But, from 2011 to 2014 year recorded the less than average ratio of 19.978, which indicates that, for
the company assets’ sole purpose is to generate revenues and produce profits gradually increases in the over
a period of time. This ratio helps both management and investors see how well the company can convert its
investments in assets into profits.In case of return on equity reveals that, from beginning of the year have the
highest value of return against the equity after that it’s gradually decreases. But the firm’s earned average
return on equity value for the seven years on account of 41.592 percentages and deviation from the all year
ratio was 16.366, which implies that the firm’s average return was good. Moreover, this ratio is more
meaningful to the equity shareholders who are interested to know profits earned by the company and those
profits which can be made available to pay dividend to them.
According to the gross profit ratio says that, the extent to which selling prices of goods per unit may
decline without resulting in losses on operations of a firm. It reflects the efficiency with which a firm
produces its products. As a result of the high gross profit ratio is better to the firm’s. From the above table
indicates that, in the year 2016 recorded the highest gross profit and most of the year earned more profit as
compared to average gross profit return of the company, initially four years earned as a less return. It
concluded that, the firm’s gross profit gradually increases it meant by firm’s growth was good manner.In
case of net profit margin in the above table, in the year 2016 shows good return in the study period. From
the year 2012 to 2014 recorded the less than the average return as well as deviation of net profit margin was
on account of 2.347. It implies that, the firm’s capacity to face adverse economic conditions such as price
fluctuation, competition and their low demand.It concludes that the company’s net profit margin slightly
increases over a period of time.
From the above table reveals another important ratio of return on capital employed, in the year 2016
had secured a return on capital employed value of 59.806 percentages, which was the high return during the
study period. For the first four years return value was less than the average value of 33.579 percentages,
which indicated, the company earned less return against the total capital invested in the organization. In
general, a higher percentage of return on capital employed will satisfy the owners that their money is
profitably utilized, for this study in the year 2015 to 2107 performances was good more than the average.
Therefore, the business has been expanding in the future.
At last of the above table shows that return on investment, which is most important to use for
measuring the overall efficiency of a firm. As a result of a company is to maximize its earnings, the extent
to which this primary objective of business is being achieved. In the year 2015 recorded highest return on
investment whereas, 2013 had secured was less than the return as the study period. Moreover, in the year
2011 to 2013 shows that less than average and the deviation value of 5.604, which indicated that, the
company had reached the optimizing the firm value as year by year since, 2014. Finally, the company
overall efficiency was worthy.
4. Efficiency Ratio
Funds are invested in various assets in business to make sales and earn profits. The efficiency with
which assets are managed directly affect the volume of sales. The better the management of assets, the
larger is the amount of sales and the profits. These ratios are called turnover ratio because they indicate the
speed with which assets are converted or turned over into sales.
a) Working Capital Turnover Ratio
The working capital turnover indicates the velocity of the utilization of networking capital. This indicates
the number of times the working capital is turned over in the course of a year. It measures the efficiency
with which the working capital is being used by a firm. A high ratio indicates the efficient utilization of
working capital and a low ratio indicates otherwise.
Working capital turnover ratio = cost of goods sold / average working capital
b) Fixed Assets Turnover Ratio
The ratio indicates the extent to which the investments in fixed assets contribute towards sales. If
compared with a previous year. It indicates whether the investment in fixed assets has been judicious or not.
Fixed assets turnover ratio = Net sales / Fixed Assets
c) Current Assets Turnover Ratio
An activity ratio measuring firm’s ability of generating sales through its current assets (cash,
inventory, accounts receivable, etc.). However, higher current asset turnover comparing to competitors
would indicate a high intensity of the current asset usage. The increasing trend of this ratio is a good sign
because this means that the company is working on the consistent improvement of its policies in inventory,
accounts receivable, cash and other current asset management.
Current Assets Turnover Ratio = Net sales / Current Assets
d) Inventory Turnover Ratio
Every firm has to maintain a certain level of of inventory of finished goods so s to be able to meet
the requirements of the business. But the level of inventory should neither be too high nor too low. It would
indicate whether inventory has been efficiently used or not. The purpose is to see whether only the required
minimum funds have been looked up in inventory.
Inventory Turnover Ratio = Cost of goods sold / Average inventory
Table 4
Efficiency Ratio for the Period from 2013 to 2017 of Mesfin Industrial Engineering PLC
Year Working Capital Fixed Assets Current Assets Inventory
Turnover Turnover Turnover Turnover
2011 1.957 7.392 1.268 1.695
2012 1.815 5.943 0.938 2.419
2013 1.893 5.682 0.725 1.296
2014 2.797 10.365 1.251 1.461
2015 2.490 10.873 1.296 1.565
2016 1.966 7.487 1.145 1.453
2017 1.398 5.102 0.841 1.013
Mean 2.045 7.549 1.066 1.557
SD 0.460 2.275 0.230 0.437
CV 0.225 0.301 0.216 0.281
It could be observed from the above table, the working capital turnover ratio implies that, all years’
data would be less than the average of 2.045 except in the year 2014 and 2015. This implies that, utilization
of capacity of working capital is less. The deviation of 0.406 was little fluctuation, which meant by the
company’s ability to use gradually either increase or decrease in the study period.As per the fixed assets
turnover ratio indication, the firms’measures the efficiency with which a company uses its fixed assets to
generate its sales revenue. For instance, in the above tables shows that, from 2014 to 2016 higher than the
average of 7.549 times. Which represent, these years efficiently generate the sales revenue when they
utilization of fixed assets.
According to the current assets ratio dealt with generating the sales revenue when their firms used
the current asset. On the evidence from the above table except in the year 2012,2013 and 2017 had recorded
the reasonable revenue that is, remaining period not enough revenue in an organization.It could be observed
from table 4, in the last element of inventory turnover ratio reveals, the neither higher nor lower value of
inventory is best of the firms’ that is when the company earn a medium level of ratio is better. As per this
record, from 2013 to 2017 period inventory turnover reasonable pattern, whereas remaining period as a
normal. Finally, the firm should retain as certain levels of ratio depend on the nature and if have, the more
inventory value it converts to sell as much as possible.
VI. FINDINGS OF THE STUDY
The following are the findings with regard to the analysis and interpretation of financial performance
of the Mesfin Industrial Engineering PLC.
 The current ratio during the study period was good. Because of all years current ratio was more than
the ideal value of 1:1 which indicated that the firm’s sufficient short term credit worthiness.
 The liquidity ratio during the study period is lower than the normal (i.e.) 1:1 except first two years.
Hence, the firm is not controlling its stock position because there are linear relationship between
current ratio and liquidity ratio. The cash position ratio also indicates, lower than ideal value, therefore
a firm’s should keep that cash position as reasonable level.
 The debt equity relationship of the company had a low ratio except in the year 2103 and is considered
as a favorable from the long term creditors’ point of view because a high proportion of owner’s funds
provide a larger margin of safety for them. In case of the total debt capitalization ratio,most of the year
using lower debt finance that a result of the firm’s value might be an increase in the market. There is
enough scope for the company to raise the long term finance from the outsides.

 The overall profitability of the company is good with evidence from return on investment recorded as
high. However, for the first three years had less than return as compared the average value.
 The efficient ratio performance gradually increases over a period of time. The firm’s efficient to use
the current assets and the fixed assets for more productive as well as to retain minimum level of
inventory as the closing period for every year.
VII. CONCLUSION
This research was an attempt to determine the financial performance of Mesfin Industrial
Engineering Company in Ethiopia. By using the financial performance parameters like ratio analysis were
tested for efficiency and liquidity position of the company. It can be concluded that, the company has initial
period was secured the lowest efficiency, but over a period of time an increasing the efficiency of the firm.
Further research, need to focus on the different financial statement analysis and the different period of the
study.
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IV. RESEARCH METHODOLOGY

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