Sirca paints’ numbers look good, products, opportunity size is also good and company’s future plans indicate that it is on a right track. Receivables are on the higher side but so far it has not resulted in a debt pile up so not a concern for now but something to watch out for. Valuations looks OK too,
What I was unable to find in the prospectus is company’s best selling products and sales break up including historical data. ‘Our Business’ section is full of future plans as if company has nothing to write about its past. Historical numbers are good but I could not find out how did the company manage to get these numbers. There is a lot of information about company’s products but that looks like a copy-paste job rather than an attempt to communication useful and company specific information to future shareholders.
Since this is a distribution company, I was looking for specific information about number of distributors, geographical spread of distributors, historical number of distributors, sales/distributor, future plans about growth of the network etc.
Since I was unable to find out details of primary sources of income, I did not dig further. Will not apply for IPO.