MIRA INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL METAL MANUFACTURING & CASTING |
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Registered Office : |
P.O. Box 10882, Jubail Industrial City, Jubail Industrial City, 31961 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.06.1990 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufactures steel wire and wire related products |
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No. of Employees
: |
160 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
|
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
National Metal Manufacturing & Casting
P.O. Box 10882
Jubail Industrial City
Jubail Industrial City, 31961
Saudi Arabia
Tel: 966-3-3588000
Fax: 966-3-3583831
Web: www.natmetalco.com
Synthesis
Employees: 160
Company Type: Public Parent
Corporate Family: 2
Companies
Traded: Saudi
Arabian Stock Exchange: 2220
Incorporation Date:
17-Jun-1990
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2010
Reporting Currency: Saudi
Riyal
Annual Sales: 84.8
1
Net Income: 4.5
Total Assets: 137.7
2
Market Value: 272.6
(23-Nov-2011)
Business Description
National Metal
Manufacturing and Casting Co (Maadaniyah) is a Saudi Arabia-based public
shareholding company that manufactures steel wire and wire related products.
The Company's range of products include low relaxation PC strand, galvanized
steel high carbon wire and strand, galvanized steel low carbon wire and strand,
mattress spring wire, fasteners, metal inert gas (MIG) welding wire and an
assorted selection of steel nails. Maadaniyah operates a manufacturing plant in
Jubail industrial city in Jubail, and two other plants in Dammam industrial
city in Dammam. The Company’s products are geared towards the construction,
appliances, electrical cables, steel fabrication, furniture and wooden pallet
manufacturing industries. For the nine months ended 30 September 2011, National
Metal Manufacturing and Casting Company's total revenue increased 8% to
SAR269.4M. Net income decreased 76% to SAR4.8M. Total revenue reflects a slight
increase in the Company's overall sales due to a decrease demand. Net income
was offset by an increase in selling & distribution expenses, general &
administrative expenses, as well as higher finance charges.
Industry
Industry Iron and Steel
ANZSIC 2006: 2110 - Iron
Smelting and Steel Manufacturing
NACE 2002: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
NAICS 2002: 331111 - Iron and
Steel Mills
UK SIC 2003: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
US SIC 1987: 3312 - Steel
Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills
Key Executives
|
Name |
Title |
|
Saleh Abdul Karim Al Obayyed |
Managing Director, Executive Member of the Board |
|
Chairman of the Board, representing National Manufacturing for
Industrial Investments Company |
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|
Mohammed Bin Awaid Bin Ateeq Al Gaid |
Member of the Board |
|
Moayyed I. Al-Qurtas |
Chairman |
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Mazen Khalifa Ahmed Al-Laheq |
Director |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Mergers / Acquisitions |
2 |
National Metal Manufacturing & Casting Signs Two Memorandum of
Understanding |
1-Mar-2011 |
|
Accounting Issues/SEC Inquiries |
1 |
National Metal Manufacturing & Casting Appoints M/s. Ernst & Young
as External Auditors for FY 2011 |
16-Apr-2011 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
Arab stocks rebound strongly amid receding political woes |
11-Mar-2011 |
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Saudi Maadaniyah slips into loss in Q4 2010 |
18-Jan-2011 |
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Four Saudis fined in metal firm trading scam |
5-Jan-2011 |
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Financial Summary
As of 30-Sep-2011
Key Ratios Company Industry
Current Ratio (MRQ) 2.14 2.95
Quick Ratio (MRQ) 0.82 1.63
Debt to Equity (MRQ) 0.35 0.67
Sales 5 Year Growth 9.35 8.01
Net Profit Margin (TTM) % 0.52 0.49
Return on Assets (TTM) % 0.34 0.76
Return on Equity (TTM) % 0.50 -0.76
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = SAR 3.750188
2 - Balance Sheet Item Exchange Rate: USD 1 = SAR 3.75025
Corporate Overview
Location
P.O. Box 10882
Jubail Industrial City
Jubail Industrial City, 31961
Saudi Arabia
Tel: 966-3-3588000
Fax: 966-3-3583831
Quote Symbol - Exchange
2220 - Saudi
Arabian Stock Exchange
Sales SAR(mil): 317.8
Assets SAR(mil): 516.6
Employees: 160
Fiscal Year End: 31-Dec-2010
Industry: Iron
and Steel
Incorporation Date: 17-Jun-1990
Company Type: Public
Parent
Quoted Status: Quoted
Previous Name: National
Company for the Manufacturing & Casting of Metals
Managing Director,
Executive Member of the Board: Saleh
Abdul Karim Al Obayyed
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Home Page
· Products/Services
Contents
· Industry Codes
· Business Description
· Brand/Trade Names
· Financial Data
· Market Data
· Shareholders
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2291 - Spring and Wire Product Manufacturing
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2710 - Manufacture of basic iron and steel and of ferro-alloys
2734 - Wire drawing
NAICS 2002 Codes:
331111 - Iron and Steel Mills
331222 - Steel Wire Drawing
US SIC 1987:
3315 - Steel Wiredrawing and Steel Nails and Spikes
3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and
Rolling Mills
UK SIC 2003:
2734 - Wire drawing
2710 - Manufacture of basic iron and steel and of ferro-alloys
Business
Description
National Metal
Manufacturing and Casting Co (Maadaniyah) is a Saudi Arabia-based public
shareholding company that manufactures steel wire and wire related products.
The Company's range of products include low relaxation PC strand, galvanized
steel high carbon wire and strand, galvanized steel low carbon wire and strand,
mattress spring wire, fasteners, metal inert gas (MIG) welding wire and an
assorted selection of steel nails. Maadaniyah operates a manufacturing plant in
Jubail industrial city in Jubail, and two other plants in Dammam industrial
city in Dammam. The Company’s products are geared towards the construction,
appliances, electrical cables, steel fabrication, furniture and wooden pallet
manufacturing industries. For the nine months ended 30 September 2011, National
Metal Manufacturing and Casting Company's total revenue increased 8% to
SAR269.4M. Net income decreased 76% to SAR4.8M. Total revenue reflects a slight
increase in the Company's overall sales due to a decrease demand. Net income
was offset by an increase in selling & distribution expenses, general &
administrative expenses, as well as higher finance charges.
More Business Descriptions
· One of the largest wire drawing units in the Middle East; the secondary stage steel production unit covers the whole spectrum of the wire production process including wire rod pickling, drawing, annealing, galvanizing, stranding, fastener maunufacture, heat treatment and electroplating
· All Other Fabricated Metal Product Manufacturing
Brand/Trade Names
MAADANIAH
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Corporate
Family |
Corporate
Structure News: |
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National Metal
Manufacturing & Casting |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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National Metal Manufacturing & Casting |
Parent |
Jubail Industrial City |
Saudi Arabia |
Iron and Steel |
84.8 |
160 |
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Arabian Axles Foundries and Spare Part |
Subsidiary |
Dammam |
Saudi Arabia |
Iron and Steel |
25.6 |
270 |
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Executive report
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Board of
Directors |
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Chairman of the Board, representing National Manufacturing for
Industrial Investments Company |
Chairman |
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Chairman |
Chairman |
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Member of the Board |
Director/Board Member |
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Independent Member of the Board, representing National
Industrialization Company |
Director/Board Member |
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Independent Member of the Board |
Director/Board Member |
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Non-Executive Member of the Board, representing National Manufacturing
Company |
Director/Board Member |
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Managing Director, Executive Member of the Board |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Managing Director, Executive Member of the Board |
Managing Director |
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Significant Developments
National Metal Manufacturing & Casting Appoints M/s. Ernst & Young as External Auditors for FY 2011 Apr 16, 2011
National Metal Manufacturing & Casting announced that it has appointed M/s. Ernst & Young as the Company's external auditors for the fiscal year 2011.
National Metal Manufacturing & Casting Signs Two Memorandum of Understanding Mar 01, 2011
National Metal Manufacturing & Casting announced that further to its announcement concerning the investment opportunity to acquire a company that specializes in the production and sale of (P.C. Strand) product in the United Arab Emirates, it has signed two memorandum of understanding (MOU) as follow: a MOU of 77 days starts from the day of signature with the partners of Gulf Iron Scheduler Company (GISC) and it sister company, Techno Seram Middle East. The MOU includes terms and conditions and the initial cost to buy all the shares of the partners to wholly acquire GISC and its sister company. According to the MOU, the total cost of the acquisition would amount to almost USD 53 million, including outstanding loan by HSBC Bank Middle East to GISC. Second MOU has been signed with HSBC Bank Middle East, Abu Dhabi, the lender bank of GISC's project, to renew the loan of USD 34 million granted to GISC after the acquisition by the Company and reschedule it for 10 years in addition to provide an additional funding of USD 11.8 million to finance future expansions as well as partial funding for working capital requirements. It was agreed that the Company should pump a USD 5 million in GISC for partial financing of the capital requirements. It should be noted that the acquisition is subject to the completion of the all requirements.
National Metal Manufacturing & Casting Announces Study of Investment Opportunity Feb 20, 2011
National Metal Manufacturing & Casting announced that it has completed the initial assessment of an investment opportunity to acquire a company that specializes in the production and sale of (P.C. Strand) product in the United Arab Emirates. The move comes in line with the Company's strategic plans to expand its production capacity and in particular its main (P.C. Strand) product to double its production capacity to serve future new markets and strengthens its competitive position in current markets. The Company has contracted with Jadwa for Investment Company as a financial consultant to evaluate and provide crisis services to this investment opportunity.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
3.750187 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
84.8 |
85.1 |
133.4 |
97.4 |
75.9 |
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Revenue |
84.8 |
85.1 |
133.4 |
97.4 |
75.9 |
|
Total Revenue |
84.8 |
85.1 |
133.4 |
97.4 |
75.9 |
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Cost of Revenue |
73.0 |
73.4 |
113.6 |
80.1 |
65.1 |
|
Cost of Revenue, Total |
73.0 |
73.4 |
113.6 |
80.1 |
65.1 |
|
Gross Profit |
11.7 |
11.7 |
19.8 |
17.2 |
10.8 |
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|
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|
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Selling/General/Administrative Expense |
5.6 |
6.1 |
6.6 |
5.9 |
1.5 |
|
Labor & Related Expense |
- |
- |
- |
- |
1.9 |
|
Total Selling/General/Administrative Expenses |
5.6 |
6.1 |
6.6 |
5.9 |
3.4 |
|
Depreciation |
0.4 |
- |
- |
- |
0.3 |
|
Amortization of Intangibles |
- |
- |
- |
- |
0.7 |
|
Depreciation/Amortization |
0.4 |
- |
- |
- |
1.0 |
|
Other Operating Expense |
- |
- |
- |
- |
1.0 |
|
Other, Net |
0.7 |
0.7 |
0.5 |
0.4 |
0.5 |
|
Other Operating Expenses, Total |
0.7 |
0.7 |
0.5 |
0.4 |
1.4 |
|
Total Operating Expense |
79.6 |
80.2 |
120.7 |
86.5 |
70.9 |
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Operating Income |
5.1 |
4.9 |
12.6 |
10.9 |
5.0 |
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|
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|
Gain (Loss) on Sale of Assets |
-0.1 |
0.0 |
-0.3 |
0.0 |
- |
|
Other Non-Operating Income (Expense) |
0.6 |
0.4 |
0.6 |
0.7 |
0.6 |
|
Other, Net |
0.6 |
0.4 |
0.6 |
0.7 |
0.6 |
|
Income Before Tax |
5.7 |
5.3 |
12.9 |
11.6 |
5.6 |
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|
|
|
|
|
|
Total Income Tax |
1.2 |
1.1 |
1.2 |
1.2 |
0.8 |
|
Income After Tax |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
|
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|
|
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|
|
Net Income Before Extraord Items |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
|
Discontinued Operations |
0.0 |
-0.1 |
-1.0 |
-4.8 |
- |
|
Total Extraord Items |
0.0 |
-0.1 |
-1.0 |
-4.8 |
- |
|
Net Income |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
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Income Available to Common Excl Extraord Items |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
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Income Available to Common Incl Extraord Items |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
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Basic/Primary Weighted Average Shares |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Basic EPS Excl Extraord Items |
0.17 |
0.16 |
0.46 |
0.40 |
0.19 |
|
Basic/Primary EPS Incl Extraord Items |
0.17 |
0.16 |
0.42 |
0.22 |
0.19 |
|
Diluted Net Income |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
|
Diluted Weighted Average Shares |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Diluted EPS Excl Extraord Items |
0.17 |
0.16 |
0.46 |
0.40 |
0.19 |
|
Diluted EPS Incl Extraord Items |
0.17 |
0.16 |
0.42 |
0.22 |
0.19 |
|
Dividends per Share - Common Stock Primary Issue |
0.13 |
0.13 |
0.13 |
- |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
- |
0.0 |
|
Depreciation, Supplemental |
4.1 |
3.8 |
3.5 |
3.7 |
3.6 |
|
Total Special Items |
0.1 |
0.0 |
0.3 |
0.0 |
- |
|
Normalized Income Before Tax |
5.7 |
5.3 |
13.2 |
11.5 |
5.6 |
|
|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
1.2 |
1.1 |
1.2 |
1.2 |
0.8 |
|
Normalized Income After Tax |
4.5 |
4.2 |
12.0 |
10.3 |
4.8 |
|
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|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4.5 |
4.2 |
12.0 |
10.3 |
4.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.18 |
0.16 |
0.47 |
0.40 |
0.19 |
|
Diluted Normalized EPS |
0.18 |
0.16 |
0.47 |
0.40 |
0.19 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.4 |
0.4 |
0.7 |
0.7 |
|
Normalized EBIT |
5.1 |
4.9 |
12.6 |
10.9 |
5.0 |
|
Normalized EBITDA |
9.4 |
9.2 |
16.5 |
15.3 |
9.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate |
3.75025 |
3.75075 |
3.7531 |
3.75055 |
3.75025 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3.1 |
9.3 |
3.6 |
3.2 |
7.7 |
|
Cash and Short Term Investments |
3.1 |
9.3 |
3.6 |
3.2 |
7.7 |
|
Accounts Receivable -
Trade, Gross |
14.6 |
16.6 |
23.7 |
21.5 |
15.0 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.3 |
-0.1 |
0.0 |
0.0 |
|
Trade Accounts Receivable - Net |
14.4 |
16.4 |
23.6 |
21.5 |
15.0 |
|
Total Receivables, Net |
14.4 |
16.4 |
23.6 |
21.5 |
15.0 |
|
Inventories - Finished Goods |
16.0 |
10.2 |
14.0 |
5.6 |
4.0 |
|
Inventories - Work In Progress |
2.3 |
2.4 |
2.3 |
1.8 |
1.9 |
|
Inventories - Raw Materials |
22.1 |
10.7 |
27.4 |
16.2 |
12.7 |
|
Inventories - Other |
8.1 |
9.4 |
4.8 |
8.8 |
7.2 |
|
Total Inventory |
48.5 |
32.8 |
48.5 |
32.4 |
25.8 |
|
Prepaid Expenses |
2.0 |
1.3 |
2.0 |
1.7 |
1.5 |
|
Total Current Assets |
67.9 |
59.8 |
77.7 |
58.7 |
50.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
25.0 |
24.8 |
24.2 |
22.8 |
22.6 |
|
Machinery/Equipment |
88.9 |
87.2 |
78.7 |
76.4 |
73.9 |
|
Construction in
Progress |
2.8 |
0.6 |
6.2 |
0.2 |
0.3 |
|
Property/Plant/Equipment - Gross |
116.6 |
112.7 |
109.1 |
99.4 |
96.8 |
|
Accumulated Depreciation |
-64.0 |
-61.1 |
-58.7 |
-54.9 |
-48.0 |
|
Property/Plant/Equipment - Net |
52.7 |
51.6 |
50.4 |
44.5 |
48.8 |
|
Goodwill, Net |
16.5 |
16.5 |
16.5 |
16.5 |
16.5 |
|
Intangibles, Net |
0.7 |
0.9 |
0.4 |
0.9 |
1.6 |
|
Total Assets |
137.7 |
128.8 |
145.0 |
120.6 |
117.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
6.6 |
4.9 |
13.3 |
6.0 |
3.8 |
|
Accrued Expenses |
5.8 |
4.8 |
5.0 |
3.8 |
2.5 |
|
Notes Payable/Short Term Debt |
16.5 |
6.4 |
21.7 |
6.6 |
7.1 |
|
Current Portion - Long Term Debt/Capital Leases |
3.2 |
5.3 |
7.8 |
6.7 |
5.0 |
|
Total Current Liabilities |
32.1 |
21.5 |
47.8 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
9.2 |
12.5 |
3.9 |
10.9 |
17.5 |
|
Total Long Term Debt |
9.2 |
12.5 |
3.9 |
10.9 |
17.5 |
|
Total Debt |
29.0 |
24.2 |
33.5 |
24.1 |
29.6 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
3.5 |
3.0 |
2.7 |
2.3 |
2.1 |
|
Other Liabilities, Total |
3.5 |
3.0 |
2.7 |
2.3 |
2.1 |
|
Total Liabilities |
44.8 |
37.0 |
54.5 |
36.2 |
38.1 |
|
|
|
|
|
|
|
|
Common Stock |
68.1 |
68.1 |
54.5 |
43.6 |
43.6 |
|
Common Stock |
68.1 |
68.1 |
54.5 |
43.6 |
43.6 |
|
Additional Paid-In Capital |
3.4 |
3.4 |
13.6 |
24.5 |
24.5 |
|
Retained Earnings (Accumulated Deficit) |
21.4 |
20.4 |
22.5 |
16.3 |
10.8 |
|
Total Equity |
92.9 |
91.9 |
90.6 |
84.4 |
78.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
137.7 |
128.8 |
145.0 |
120.6 |
117.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Total Common Shares Outstanding |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Deferred Revenue - Current |
0.4 |
0.6 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
7.5 |
17.8 |
11.7 |
17.5 |
22.5 |
|
Long Term Debt Maturing within 1 Year |
1.6 |
5.3 |
7.8 |
6.7 |
5.0 |
|
Long Term Debt Maturing in Year 2 |
1.1 |
12.5 |
3.9 |
7.7 |
6.7 |
|
Long Term Debt Maturing in Year 3 |
1.0 |
- |
- |
3.2 |
7.7 |
|
Long Term Debt Maturing in Year 4 |
1.2 |
- |
- |
- |
3.2 |
|
Long Term Debt Maturing in 2-3 Years |
2.1 |
12.5 |
3.9 |
10.9 |
14.4 |
|
Long Term Debt Maturing in 4-5 Years |
1.2 |
- |
- |
- |
3.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.6 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
3.750187 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
5.7 |
5.2 |
11.9 |
8.2 |
5.6 |
|
Depreciation |
4.1 |
3.8 |
3.5 |
3.7 |
3.6 |
|
Depreciation/Depletion |
4.1 |
3.8 |
3.5 |
3.7 |
3.6 |
|
Amortization of Intangibles |
0.2 |
0.4 |
0.4 |
0.7 |
0.7 |
|
Amortization |
0.2 |
0.4 |
0.4 |
0.7 |
0.7 |
|
Unusual Items |
- |
0.0 |
0.3 |
0.0 |
0.0 |
|
Other Non-Cash Items |
0.6 |
0.5 |
0.6 |
0.5 |
0.4 |
|
Non-Cash Items |
0.6 |
0.5 |
0.9 |
0.5 |
0.4 |
|
Accounts Receivable |
2.0 |
7.2 |
-2.1 |
-6.5 |
-3.3 |
|
Inventories |
-15.7 |
15.4 |
-16.1 |
-7.5 |
0.4 |
|
Prepaid Expenses |
-0.6 |
0.7 |
-0.4 |
-0.1 |
-0.4 |
|
Other Assets |
0.1 |
0.0 |
1.0 |
2.8 |
- |
|
Accounts Payable |
4.6 |
-15.7 |
12.9 |
1.8 |
3.0 |
|
Accrued Expenses |
0.1 |
-0.1 |
0.1 |
0.9 |
-0.1 |
|
Other Liabilities |
0.7 |
0.7 |
0.5 |
- |
- |
|
Other Operating Cash Flow |
-1.1 |
-2.1 |
-0.8 |
-1.2 |
-0.9 |
|
Changes in Working Capital |
-10.1 |
6.2 |
-4.9 |
-9.9 |
-1.3 |
|
Cash from Operating Activities |
0.4 |
16.2 |
11.8 |
3.2 |
9.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.3 |
-4.7 |
-10.8 |
-2.8 |
-1.0 |
|
Capital Expenditures |
-5.3 |
-4.7 |
-10.8 |
-2.8 |
-1.0 |
|
Sale of Fixed Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.0 |
1.4 |
|
Intangible, Net |
0.0 |
-0.9 |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
0.1 |
-0.9 |
0.0 |
0.0 |
1.5 |
|
Cash from Investing Activities |
-5.1 |
-5.6 |
-10.8 |
-2.8 |
0.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.2 |
-0.1 |
- |
- |
|
Financing Cash Flow Items |
0.0 |
-0.2 |
-0.1 |
- |
- |
|
Cash Dividends Paid - Common |
-3.4 |
-2.7 |
-4.2 |
- |
- |
|
Total Cash Dividends Paid |
-3.4 |
-2.7 |
-4.2 |
- |
- |
|
Short Term Debt Issued |
20.1 |
20.1 |
16.2 |
- |
- |
|
Short Term Debt
Reduction |
-12.8 |
-21.5 |
-6.6 |
- |
- |
|
Short Term Debt, Net |
7.3 |
-1.3 |
9.6 |
- |
- |
|
Long Term Debt Issued |
- |
7.2 |
0.9 |
- |
- |
|
Long Term Debt
Reduction |
-5.4 |
-7.8 |
-6.7 |
-5.0 |
-4.8 |
|
Long Term Debt, Net |
-5.4 |
-0.6 |
-5.8 |
-5.0 |
-4.8 |
|
Issuance (Retirement) of Debt, Net |
1.9 |
-1.9 |
3.8 |
-5.0 |
-4.8 |
|
Cash from Financing Activities |
-1.5 |
-4.8 |
-0.6 |
-5.0 |
-4.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-6.3 |
5.8 |
0.4 |
-4.5 |
4.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
9.4 |
3.6 |
3.2 |
7.7 |
3.0 |
|
Net Cash - Ending Balance |
3.1 |
9.4 |
3.6 |
3.2 |
7.7 |
|
Cash Taxes Paid |
0.4 |
1.2 |
0.2 |
0.9 |
0.8 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
3.750187 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
84.8 |
85.1 |
133.4 |
97.4 |
75.9 |
|
Total Revenue |
84.8 |
85.1 |
133.4 |
97.4 |
75.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
73.0 |
73.4 |
113.6 |
80.1 |
65.1 |
|
General & Adminstrative Expenses |
3.1 |
3.6 |
3.7 |
3.6 |
- |
|
Sales & Distribution Expenses |
2.5 |
2.5 |
2.9 |
2.4 |
- |
|
Wages |
- |
- |
- |
- |
0.4 |
|
Transportation |
- |
- |
- |
- |
1.5 |
|
Other |
- |
- |
- |
- |
0.2 |
|
Wages |
- |
- |
- |
- |
1.5 |
|
Depreciation |
0.4 |
- |
- |
- |
0.3 |
|
Amortisation |
- |
- |
- |
- |
0.7 |
|
Other |
- |
- |
- |
- |
0.8 |
|
Financial Expenses |
0.7 |
0.7 |
0.5 |
0.4 |
0.5 |
|
Total Operating Expense |
79.6 |
80.2 |
120.7 |
86.5 |
70.9 |
|
|
|
|
|
|
|
|
Sale of Fixed Assets |
-0.1 |
0.0 |
-0.3 |
0.0 |
- |
|
Other Revenues |
0.6 |
0.4 |
0.6 |
0.7 |
0.6 |
|
Net Income Before Taxes |
5.7 |
5.3 |
12.9 |
11.6 |
5.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.2 |
1.1 |
1.2 |
1.2 |
0.8 |
|
Net Income After Taxes |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
|
Discontinued Operations |
0.0 |
-0.1 |
-1.0 |
-4.8 |
- |
|
Net Income |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.5 |
4.2 |
11.7 |
10.3 |
4.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.17 |
0.16 |
0.46 |
0.40 |
0.19 |
|
Basic EPS Including ExtraOrdinary Items |
0.17 |
0.16 |
0.42 |
0.22 |
0.19 |
|
Diluted Net Income |
4.5 |
4.1 |
10.7 |
5.5 |
4.8 |
|
Diluted Weighted Average Shares |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.17 |
0.16 |
0.46 |
0.40 |
0.19 |
|
Diluted EPS Including ExtraOrd Items |
0.17 |
0.16 |
0.42 |
0.22 |
0.19 |
|
DPS-Common Stock |
0.13 |
0.13 |
0.13 |
- |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
- |
0.0 |
|
Normalized Income Before Taxes |
5.7 |
5.3 |
13.2 |
11.5 |
5.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.2 |
1.1 |
1.2 |
1.2 |
0.8 |
|
Normalized Income After Taxes |
4.5 |
4.2 |
12.0 |
10.3 |
4.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4.5 |
4.2 |
12.0 |
10.3 |
4.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.18 |
0.16 |
0.47 |
0.40 |
0.19 |
|
Diluted Normalized EPS |
0.18 |
0.16 |
0.47 |
0.40 |
0.19 |
|
Depreciation |
4.1 |
3.8 |
3.5 |
3.7 |
3.6 |
|
Amortisation |
0.2 |
0.4 |
0.4 |
0.7 |
0.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate |
3.75025 |
3.75075 |
3.7531 |
3.75055 |
3.75025 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalent |
3.1 |
9.3 |
3.6 |
3.2 |
7.7 |
|
Accounts Receivable |
14.6 |
16.6 |
23.7 |
21.5 |
15.0 |
|
Loan Loss Provision |
-0.3 |
-0.3 |
-0.1 |
0.0 |
0.0 |
|
Finished Goods |
16.0 |
10.2 |
14.0 |
5.6 |
4.0 |
|
Raw Material |
22.1 |
10.7 |
27.4 |
16.2 |
12.7 |
|
Work in progress |
2.3 |
2.4 |
2.3 |
1.8 |
1.9 |
|
Goods in Transit |
3.5 |
5.0 |
0.2 |
4.6 |
2.7 |
|
Secondary Material & Other |
1.5 |
1.6 |
1.5 |
1.4 |
1.0 |
|
Spare Parts |
3.4 |
3.2 |
3.5 |
3.2 |
3.8 |
|
Slow Moving Items |
-0.2 |
-0.3 |
-0.4 |
-0.4 |
-0.3 |
|
Prepaid Expenses |
2.0 |
1.3 |
2.0 |
1.7 |
1.5 |
|
Total Current Assets |
67.9 |
59.8 |
77.7 |
58.7 |
50.0 |
|
|
|
|
|
|
|
|
Goodwill |
16.5 |
16.5 |
16.5 |
16.5 |
16.5 |
|
Equipment & Patterns |
80.4 |
78.6 |
69.5 |
67.2 |
65.1 |
|
Buildings & Land |
25.0 |
24.8 |
24.2 |
22.8 |
22.6 |
|
Cars & Transport |
2.1 |
1.9 |
1.9 |
1.7 |
1.6 |
|
Fixtures |
1.0 |
1.2 |
1.7 |
1.8 |
1.7 |
|
Work in Progess |
2.8 |
0.6 |
6.2 |
0.2 |
0.3 |
|
Machinery |
5.4 |
5.6 |
5.6 |
5.6 |
5.5 |
|
Depreciation |
-64.0 |
-61.1 |
-58.7 |
-54.9 |
-48.0 |
|
Intangible Asset |
0.7 |
0.9 |
0.4 |
0.9 |
1.6 |
|
Total Assets |
137.7 |
128.8 |
145.0 |
120.6 |
117.0 |
|
|
|
|
|
|
|
|
Notes Payable |
7.6 |
4.8 |
12.1 |
6.6 |
7.1 |
|
Accounts Payable |
6.6 |
4.9 |
13.3 |
6.0 |
3.8 |
|
Accrued Expenses |
5.8 |
4.8 |
5.0 |
3.8 |
2.5 |
|
ST Murabahat |
8.9 |
1.6 |
9.6 |
- |
- |
|
Current Portion of LT Debt |
3.2 |
5.3 |
7.8 |
6.7 |
5.0 |
|
Total Current Liabilities |
32.1 |
21.5 |
47.8 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
LT Debt |
9.2 |
12.5 |
3.9 |
10.9 |
17.5 |
|
Total Long Term Debt |
9.2 |
12.5 |
3.9 |
10.9 |
17.5 |
|
|
|
|
|
|
|
|
End of Service |
3.5 |
3.0 |
2.7 |
2.3 |
2.1 |
|
Total Liabilities |
44.8 |
37.0 |
54.5 |
36.2 |
38.1 |
|
|
|
|
|
|
|
|
Share Capital |
68.1 |
68.1 |
54.5 |
43.6 |
43.6 |
|
Share Premium |
3.4 |
3.4 |
13.6 |
24.5 |
24.5 |
|
Statutory Reserve |
4.6 |
4.2 |
3.8 |
1.6 |
1.1 |
|
Consensual Reserves |
- |
- |
0.0 |
1.1 |
1.1 |
|
Loss/Gain |
16.8 |
16.2 |
18.7 |
13.6 |
8.6 |
|
Total Equity |
92.9 |
91.9 |
90.6 |
84.4 |
78.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
137.7 |
128.8 |
145.0 |
120.6 |
117.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Total Common Shares Outstanding |
25.6 |
25.6 |
25.6 |
25.6 |
25.6 |
|
Deferred Revenue - Current |
0.4 |
0.6 |
- |
- |
- |
|
Debt Within One Year |
1.6 |
5.3 |
7.8 |
6.7 |
5.0 |
|
Debt Within 2 Years |
1.1 |
12.5 |
3.9 |
7.7 |
6.7 |
|
Debt Within 3 Years |
1.0 |
- |
- |
3.2 |
7.7 |
|
Debt within 4 Years |
1.2 |
- |
- |
- |
3.2 |
|
Long Term Debt - Remaining Maturities |
2.6 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
7.5 |
17.8 |
11.7 |
17.5 |
22.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
3.750187 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
5.7 |
5.2 |
11.9 |
8.2 |
5.6 |
|
Depreciation |
4.1 |
3.8 |
3.5 |
3.7 |
3.6 |
|
Amortisation |
0.2 |
0.4 |
0.4 |
0.7 |
0.7 |
|
End of Service Prov. |
0.6 |
0.5 |
0.6 |
0.5 |
0.4 |
|
Sale of Fixed Assets |
- |
0.0 |
0.3 |
0.0 |
0.0 |
|
Financial Expenses |
0.7 |
0.7 |
0.5 |
- |
- |
|
Account Receivable |
2.0 |
7.2 |
-2.1 |
-6.5 |
-3.3 |
|
Loss of Fixed Assets |
0.1 |
0.0 |
1.0 |
2.8 |
- |
|
Inventory |
-15.7 |
15.4 |
-16.1 |
-7.5 |
0.4 |
|
Prepaid Expenses |
-0.6 |
0.7 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.