MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	GULF PLASTIC INDUSTRIES CO. SAOG
Registered Office :	Post Box 55 Rusayl Industrial Estate, 124
Country :	Oman
Financials (as on) :	31.12.2010
Date of Incorporation :	27.11.1996
Legal Form :	Public Independent
Line of Business :	Manufacture of plastic packing goods
No. of Employees :	277

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Oman	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Top of Form

Gulf Plastic Industries Co. SAOG

Post Box 55
Rusayl Industrial Estate, 124
Oman
Tel:	968 24446688
Fax:	968--24446766
gulfplasticoman.com

Employees:

277

Company Type:

Public Independent

Traded:

Muscat Securities Market:

AKPI

Incorporation Date:

27-Nov-1996

Auditor:

Horwath

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Rial Omani
Annual Sales:	9.3 ^1
Net Income:	0.4
Total Assets:	8.3 ^2
Market Value:	1.0
	(20-Sep-2011)

Business Description

Gulf Plastic Industries Co SAOG is an Oman-based public shareholding company that operates in the production of packaging products. It is engaged in manufacturing of packaging products flexible intermediate bulk containers (FIBC) or jumbo/bulk bags, Polypropylene woven sacks and Polystyrene cups and bowls. The Company’s FIBC production capacity is 0.75 million bags per month, woven sacks production capacity is 12 million per annum, and the polystyrene cups and bowls production capacity is 300 million per annum. It products include FIBCs, woven sacks, webbings, polystyrene printed cups and disposable cups and containers. In addition to the domestic market, the Company sells its products to the Middle East and the Far East countries, Europe, Africa, and parts of the United States. For the three months ended 31 March 2011, Gulf Plastic Industries Company SAOG' total revenue increased 14% to OMR927K. Net income for the period decreased 98% to OMR1K. Total revenue reflects an increase in demand for the Company's products and services due to favorable market conditions. Net income for the period was offset by higher general & administrative expenses as well as lower gross profit margin.

Industry

Industry	Containers and Packaging
ANZSIC 2006:	1522 - Paper Bag Manufacturing
NACE 2002:	2522 - Manufacture of plastic packing goods
NAICS 2002:	326111 - Plastics Bag Manufacturing
UK SIC 2003:	2522 - Manufacture of plastic packing goods
US SIC 1987:	2673 - Plastics, Foil, and Coated Paper Bags

Key Executives

Name	Title
Asok Kumar	General Manager
S. Krishnan	Finance Manager
K. Mahesh Kumar	Marketing Manager
Salomon Thambi Arumai Justus	Maintenance Engineer & HSE Incharge
Janardhanan Roy	Production Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Accounting Issues/SEC Inquiries	1	Gulf Plastic Industries Co. SAOG Appoints New External Auditor	28-Mar-2011
Officer Changes	2	Gulf Plastic Industries Co SAOG Announces Appointment of General Manager	5-Sep-2011

* number of significant developments within the last 12 months

>> View All >> View Last 12 Months

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.44	1.71
Quick Ratio (MRQ)	1.05	0.99
Debt to Equity (MRQ)	1.06	2.81
Sales 5 Year Growth	9.63	5.24
Net Profit Margin (TTM) %	2.19	6.22
Return on Assets (TTM) %	2.95	6.73
Return on Equity (TTM) %	8.41	17.15

Stock Snapshot

Traded: Muscat Securities Market: AKPI

As of 30-Sep-2011

   Financials in: OMR

Recent Price	0.39	EPS	0.14
52 Week High	0.39	Price/Sales	0.11
52 Week Low	0.39	Price/Earnings	4.26
Avg. Volume (mil)	0.0000	Price/Book	0.35
Market Value (mil)	0.39

	Price % Change	Rel S&P 500%
4 Week	0.0000%	2.48%
13 Week	0.0000%	2.88%

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.3850075
2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

Corporate Overview

Location
Post Box 55
Rusayl Industrial Estate, 124
Oman

Tel:	968 24446688
Fax:	968--24446766

gulfplasticoman.com

Quote Symbol - Exchange
AKPI - Muscat Securities Market
Sales OMR(mil):	3.6
Assets OMR(mil):	3.2
Employees:	277
Fiscal Year End:	31-Dec-2010

Industry:	Containers and Packaging

Incorporation Date:	27-Nov-1996
Company Type:	Public Independent
Quoted Status:	Quoted

Non-Executive Independent Chairman of the Board:	Mohammed Bin Ali Al Fanah Al Araimi

Company Web Links

Company Contact/E-mail

Home Page

Products/Services

Contents · Industry Codes · Business Description · Financial Data · Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1522	-	Paper Bag Manufacturing
1913	-	Polymer Foam Product Manufacturing

NACE 2002 Codes:
2524	-	Manufacture of other plastic products
2522	-	Manufacture of plastic packing goods

NAICS 2002 Codes:
326111	-	Plastics Bag Manufacturing
326140	-	Polystyrene Foam Product Manufacturing

US SIC 1987:
2673	-	Plastics, Foil, and Coated Paper Bags
3086	-	Plastics Foam Products

UK SIC 2003:
2522	-	Manufacture of plastic packing goods
2524	-	Manufacture of other plastic products

Business Description

Gulf Plastic Industries Co SAOG is an Oman-based public shareholding company that operates in the production of packaging products. It is engaged in manufacturing of packaging products flexible intermediate bulk containers (FIBC) or jumbo/bulk bags, Polypropylene woven sacks and Polystyrene cups and bowls. The Company’s FIBC production capacity is 0.75 million bags per month, woven sacks production capacity is 12 million per annum, and the polystyrene cups and bowls production capacity is 300 million per annum. It products include FIBCs, woven sacks, webbings, polystyrene printed cups and disposable cups and containers. In addition to the domestic market, the Company sells its products to the Middle East and the Far East countries, Europe, Africa, and parts of the United States. For the three months ended 31 March 2011, Gulf Plastic Industries Company SAOG' total revenue increased 14% to OMR927K. Net income for the period decreased 98% to OMR1K. Total revenue reflects an increase in demand for the Company's products and services due to favorable market conditions. Net income for the period was offset by higher general & administrative expenses as well as lower gross profit margin.

More Business Descriptions

Manufacture of polystyrene and polypropylene packaging products including bags, sacks and cups

Financial Data

Financials in:	OMR(mil)
Revenue:	3.6
Net Income:	0.1
Assets:	3.2
Long Term Debt:	0.9
Total Liabilities:	2.1
Working Capital:	0.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

12.1%

-28.4%

7.4%

Market Data

Quote Symbol:	AKPI
Exchange:	Muscat Securities Market
Currency:	OMR
Stock Price:	0.4
Stock Price Date:	09-20-2011
52 Week Price Change %:	0.0
Market Value (mil):	389.0
SEDOL:	6397847
ISIN:	OM0000002051

Shareholders

Major Shareholders

Budoor Mohd Rashid Al Fannah Al Araimi (22%); Khulood Mohd Rashid Al Fannah Al Araimi (22%); Sh Salem Bin Said Al Fannah Al Araimi (20.16%); Al Siraj Investment Holding LLC (19.5%)

Key Corporate Relationships

Auditor:	Horwath
Auditor:	Horwath, Horwath Mak Ghazali LLC

Executives Report

Board of Directors

Name	Title	Function
Mohammed Bin Ali Al Fanah Al Araimi	Non-Executive Independent Chairman of the Board	Chairman
Mr. Mohammed Bin Ali Al Fannah Al Araimi serves as Non-Executive Independent Chairman of the Board of Gulf Plastic Industries. He is also Member of the Board of Al Jazzeira Services Co. SAOG and A'Sharqiya Investment Holding Co. SAOG.
Budoor Mohammed Rashid Al Fannah Al Araimi	Non-Executive Director	Director/Board Member
Fidwa Salim Said Al Fannah Al Araimi	Non-Executive Independent Member of the Board	Director/Board Member
Khulood Mohammed Rashid Al Fannah Al Araimi	Non-Executive Director	Director/Board Member
Khulood Mohammed Rashed Al Fannah Al Araimi	Non-Executive Independent Member of the Board	Director/Board Member
Ms. Khulood Mohammed Rashed Al Fannah Al Araimi serves as Non-Executive Independent Member of the Board of Gulf Plastic Industries. She also serves as Member of the Board of Muscat Finance Company SAOG and Oman Medical College SAOC. Education BS Business, University of Nottingham
Zaki Hasan Ihsan Al Naseeb	Non-Executive Independent Member of the Board	Director/Board Member
Reuters Biography (Gulf Plastic Industries Co. SAOG) Mr. Zaki Bin Hassan Ehsan Naseed Al Naseeb serves as Non-Executive Independent Member of the Board of Gulf Plastic Industries. He is also Member of the Board of Computer Stationery Industry SAOG, Al Omaniya Financial Services SAOG and Oman Education and Training Investment SAOG. Education MBA , University of Salford BS Business Administration, Western International University

Executives

Name	Title	Function
Gautam Datta	General Manager	Division Head Executive
Asok Kumar	General Manager	Division Head Executive
Mr. Asok Kumar serves as General Manager of Gulf Plastic Industries Co SAOG since September 5, 2011. Mr. Kumar holds post graduation in Plastic Technology and has more than 30 years of field experience in Plastic Industries - FIBC / Woven Sacks.
S. Krishnan	Finance Manager	Finance Executive
Mr. S. Krishnan serves as Finance Manager of Gulf Plastic Industries. He holds a Masters degree in Commerce. He has over 22 years of experience in financial functions in manufacturing companies.
K. Mahesh Kumar	Marketing Manager	Marketing Executive
Mr. K. Mahesh Kumar serves as Marketing Manager of Gulf Plastic Industries Co. SAOG. He holds a Bachelors degree in Commerce. He has more than 17 years of experience in plastic products marketing and FIBC.
Salomon Thambi Arumai Justus	Maintenance Engineer & HSE Incharge	Engineering/Technical Executive
Mr. Salomon Thambi Arumai Justus serves as Maintenance Engineer & HSE Incharge of Gulf Plastic Industries Co. SAOG. He holds a Bachelors of Engineering degree in Electronics. He has more than 17 years of experience in plastic industry and key skills in production and maintenance management.
Janardhanan Roy	Production Manager	Manufacturing Executive
Mr. Janardhanan Roy serves as Production Manager of Gulf Plastic Industries Co. SAOG. He holds a Bachelor of Arts degree. He has more than 24 years experience in in FIBC industry and in Quality control and production management.

Significant Developments

Gulf Plastic Industries Co SAOG Announces Appointment of General Manager

Sep 05, 2011

Gulf Plastic Industries Co SAOG announced that Mr. Asok Kumar has been appointed as General Manager of the Company in place of the resigned General Manager. Mr. Kumar holds post graduation in plastic technology and has more than 30 years of field experience in plastic industries - FIBC / Woven Sacks.

Gulf Plastic Industries Co SAOG Announces Resignation of General Manager

Aug 15, 2011

Gulf Plastic Industries Co SAOG announced that the Board of Directors has accepted the resignation of the Company's General Manager (Chief Executive Officer), Gautam Datta, effective September 17, 2011, due to some health reasons.

Gulf Plastic Industries Co. SAOG Appoints New External Auditor

Mar 28, 2011

Gulf Plastic Industries Co. SAOG announced that it has appointed M/s Moore Stephens as External Auditors for the year ending December 31, 2011.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	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 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	9.3	8.3	10.7	9.5	8.5
Revenue	9.3	8.3	10.7	9.5	8.5
Total Revenue	9.3	8.3	10.7	9.5	8.5
Cost of Revenue	8.0	6.8	9.3	8.6	7.8
Cost of Revenue, Total	8.0	6.8	9.3	8.6	7.8
Gross Profit	1.4	1.5	1.4	0.9	0.6
Selling/General/Administrative Expense	1.0	0.9	0.9	0.7	0.6
Total Selling/General/Administrative Expenses	1.0	0.9	0.9	0.7	0.6
Total Operating Expense	8.9	7.7	10.2	9.3	8.5
Operating Income	0.4	0.6	0.5	0.2	0.0
Interest Expense - Non-Operating	-0.3	-0.3	-0.2	-0.4	-0.4
Interest Expense, Net Non-Operating	-0.3	-0.3	-0.2	-0.4	-0.4
Interest Income (Expense) - Net Non-Operating Total	-0.3	-0.3	-0.2	-0.4	-0.4
Gain (Loss) on Sale of Assets	-	0.0	0.0	-	-
Other Non-Operating Income (Expense)	0.3	0.2	0.1	0.4	0.2
Other, Net	0.3	0.2	0.1	0.4	0.2
Income Before Tax	0.4	0.5	0.3	0.1	-0.2
Total Income Tax	0.0	0.0	0.0	0.0	0.0
Income After Tax	0.4	0.5	0.3	0.1	-0.2
Net Income Before Extraord Items	0.4	0.5	0.3	0.1	-0.2
Net Income	0.4	0.5	0.3	0.1	-0.2
Income Available to Common Excl Extraord Items	0.4	0.5	0.3	0.1	-0.2
Income Available to Common Incl Extraord Items	0.4	0.5	0.3	0.1	-0.2
Basic/Primary Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Basic/Primary EPS Incl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	0.4	0.5	0.3	0.1	-0.2
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Diluted EPS Incl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Interest Expense, Supplemental	0.3	0.3	0.2	0.4	0.4
Depreciation, Supplemental	0.6	0.6	0.6	0.6	0.5
Total Special Items	-	0.0	0.0	-	-
Normalized Income Before Tax	0.4	0.5	0.3	0.1	-0.2
Effect of Special Items on Income Taxes	-	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Tax	0.4	0.5	0.3	0.1	-0.2
Normalized Inc. Avail to Com.	0.4	0.5	0.3	0.1	-0.2
Basic Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Diluted Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Rental Expenses	0.1	0.1	0.0	0.0	0.0
Normalized EBIT	0.4	0.6	0.5	0.2	0.0
Normalized EBITDA	1.0	1.2	1.1	0.7	0.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38495	0.38505	0.385	0.385
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.7	0.5	0.5	0.7	0.5
Cash and Short Term Investments	0.7	0.5	0.5	0.7	0.5
Accounts Receivable - Trade, Gross	2.3	1.8	1.8	2.2	-
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	0.0	-
Trade Accounts Receivable - Net	2.2	1.7	1.7	2.2	1.7
Total Receivables, Net	2.2	1.7	1.7	2.2	1.7
Inventories - Finished Goods	0.0	0.0	0.2	0.0	0.1
Inventories - Work In Progress	0.3	0.2	0.2	0.3	0.2
Inventories - Raw Materials	0.8	0.6	0.7	0.6	0.6
Total Inventory	1.1	0.9	1.1	0.9	0.8
Total Current Assets	3.9	3.1	3.3	3.8	3.0
Buildings	2.4	2.4	2.4	2.4	2.3
Machinery/Equipment	7.4	7.2	7.1	7.0	6.8
Construction in Progress	-	-	-	0.0	0.2
Property/Plant/Equipment - Gross	9.7	9.5	9.5	9.4	9.3
Accumulated Depreciation	-5.3	-4.8	-4.3	-3.7	-3.2
Property/Plant/Equipment - Net	4.4	4.7	5.2	5.7	6.1
Total Assets	8.3	7.7	8.5	9.5	9.1
Accounts Payable	1.9	1.2	1.9	2.7	2.1
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.6	0.5	0.5	1.2	0.7
Other Current Liabilities	-	-	-	-	1.1
Other Current liabilities, Total	-	-	-	-	1.1
Total Current Liabilities	2.5	1.7	2.4	3.9	3.9
Long Term Debt	2.3	2.8	3.1	2.9	3.6
Total Long Term Debt	2.3	2.8	3.1	2.9	3.6
Total Debt	2.9	3.3	3.6	4.2	4.3
Pension Benefits - Underfunded	0.2	0.2	0.1	0.1	0.1
Other Long Term Liabilities	0.4	0.6	0.8	0.9	-
Other Liabilities, Total	0.6	0.8	1.0	1.0	0.1
Total Liabilities	5.5	5.2	6.5	7.8	7.6
Common Stock	2.6	2.6	2.6	2.6	2.6
Common Stock	2.6	2.6	2.6	2.6	2.6
Retained Earnings (Accumulated Deficit)	0.3	-0.1	-0.6	-1.0	-1.0
Total Equity	2.9	2.5	2.0	1.6	1.6
Total Liabilities & Shareholders’ Equity	8.3	7.7	8.5	9.5	9.1
Shares Outstanding - Common Stock Primary Issue	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Number of Common Shareholders	775	787	787	-	-
Deferred Revenue - Current	0.1	0.0	0.0	0.0	-
Total Long Term Debt, Supplemental	3.4	3.9	4.4	5.0	4.3
Long Term Debt Maturing within 1 Year	0.6	0.5	0.5	1.2	0.7
Long Term Debt Maturing in Year 2	0.8	0.6	0.5	0.7	0.9
Long Term Debt Maturing in Year 3	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in Year 4	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in Year 5	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in 2-3 Years	1.4	1.5	1.5	1.4	1.6
Long Term Debt Maturing in 4-5 Years	1.3	1.8	1.9	1.4	1.4
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.5	1.0	0.6
Total Operating Leases, Supplemental	0.4	0.5	0.3	0.4	0.4
Operating Lease Payments Due in Year 1	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 2	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 3	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	0.0
Operating Lease Pymts. Due in 2-3 Years	0.1	0.1	0.1	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	0.1	0.1	0.1	0.1	0.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.3	0.3	0.2	0.2	0.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.4	0.5	0.3	0.1	-0.2
Depreciation	0.6	0.6	0.6	0.6	0.5
Depreciation/Depletion	0.6	0.6	0.6	0.6	0.5
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	0.4	0.4	0.2	0.2	0.2
Non-Cash Items	0.4	0.4	0.2	0.2	0.2
Accounts Receivable	-0.5	0.0	0.5	-0.5	-0.6
Inventories	-0.2	0.2	-0.1	-0.1	0.0
Payable/Accrued	0.7	-0.8	-0.8	0.6	0.8
Other Operating Cash Flow	0.0	0.0	-	-	-
Changes in Working Capital	0.0	-0.6	-0.4	0.0	0.1
Cash from Operating Activities	1.3	0.9	0.7	0.9	0.7
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-0.1	-0.1
Capital Expenditures	-0.3	-0.1	-0.1	-0.1	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	-	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	-	0.0
Cash from Investing Activities	-0.3	-0.1	-0.1	-0.1	-0.1
Other Financing Cash Flow	-0.3	-0.3	0.0	-0.3	-0.3
Financing Cash Flow Items	-0.3	-0.3	0.0	-0.3	-0.3
Long Term Debt Reduction	-0.5	-0.5	-0.3	-0.2	-0.1
Long Term Debt, Net	-0.5	-0.5	-0.6	-0.4	-0.3
Issuance (Retirement) of Debt, Net	-0.5	-0.5	-0.6	-0.4	-0.3
Cash from Financing Activities	-0.9	-0.9	-0.6	-0.7	-0.6
Net Change in Cash	0.1	0.0	0.0	0.1	0.0
Net Cash - Beginning Balance	0.3	0.3	0.3	0.2	0.2
Net Cash - Ending Balance	0.5	0.3	0.3	0.3	0.2
Cash Interest Paid	0.3	0.3	0.2	0.2	0.2

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 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	9.3	8.3	10.7	9.5	8.5
Total Revenue	9.3	8.3	10.7	9.5	8.5
Cost of Sales	8.0	6.8	9.3	8.6	7.8
General & Administrative Expenses	0.6	0.6	0.6	0.4	0.3
Selling and Distribution Expenses	0.4	0.3	0.3	0.3	0.3
Total Operating Expense	8.9	7.7	10.2	9.3	8.5
Profit on Sale of Fixed Assets	-	0.0	0.0	-	-
Finance Charges	-0.3	-0.3	-0.2	-0.4	-0.4
Other, Net	0.3	0.2	0.1	0.4	0.2
Net Income Before Taxes	0.4	0.5	0.3	0.1	-0.2
Provision for Income Taxes	0.0	0.0	0.0	0.0	0.0
Net Income After Taxes	0.4	0.5	0.3	0.1	-0.2
Net Income Before Extra. Items	0.4	0.5	0.3	0.1	-0.2
Net Income	0.4	0.5	0.3	0.1	-0.2
Income Available to Com Excl ExtraOrd	0.4	0.5	0.3	0.1	-0.2
Income Available to Com Incl ExtraOrd	0.4	0.5	0.3	0.1	-0.2
Basic Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excluding ExtraOrdinary Items	0.36	0.50	0.35	0.09	-0.17
Basic EPS Including ExtraOrdinary Item	0.36	0.50	0.35	0.09	-0.17
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	0.4	0.5	0.3	0.1	-0.2
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excluding ExtraOrd Items	0.36	0.50	0.35	0.09	-0.17
Diluted EPS Including ExtraOrd Items	0.36	0.50	0.35	0.09	-0.17
Normalized Income Before Taxes	0.4	0.5	0.3	0.1	-0.2
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Taxes	0.4	0.5	0.3	0.1	-0.2
Normalized Inc. Avail to Com.	0.4	0.5	0.3	0.1	-0.2
Basic Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Diluted Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Depreciation Expense	0.6	0.6	0.6	0.6	0.5
Rental Expense	0.1	0.1	0.0	0.0	0.0
Finance Charges	0.3	0.3	0.2	0.4	0.4

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 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38495	0.38505	0.385	0.385
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Accounts Receivable, Net	-	-	-	-	1.7
Account Receivable	2.3	1.8	1.8	2.2	-
Provision for Doubtful Amounts	-0.1	-0.1	-0.1	0.0	-
Raw Materials	0.6	0.5	0.6	0.5	0.5
Work-in-Progress	0.3	0.2	0.2	0.3	0.2
Finished Goods	0.0	0.0	0.2	0.0	0.1
Spare Stocks	0.2	0.1	0.1	0.1	0.1
Cash in Hand & Banks	0.7	0.5	0.5	0.7	0.5
Total Current Assets	3.9	3.1	3.3	3.8	3.0
Factory Buildings	2.4	2.4	2.4	2.4	2.3
Plant and Machinery	7.1	6.8	6.7	6.7	6.5
Furniture & Fixtures	0.1	0.1	0.1	0.1	0.1
Office Equipment	0.1	0.1	0.1	0.1	0.1
Motor Vehicles	0.1	0.2	0.1	0.1	0.1
Construction Work-in-Progress	-	-	-	0.0	0.2
Accumulated Depreciation	-5.3	-4.8	-4.3	-3.7	-3.2
Total Assets	8.3	7.7	8.5	9.5	9.1
Accounts Payable and Accrued Expenses	1.9	1.2	1.9	2.7	2.1
Current Portion of Long-Term Debt	-	-	0.0	0.2	0.2
Government Soft Loan	0.6	0.5	0.5	1.0	0.4
Deferred Government Grant	-	-	-	-	1.1
Total Current Liabilities	2.5	1.7	2.4	3.9	3.9
Government Soft Loan	2.3	2.8	3.1	2.9	3.4
Bank Term Loan	-	-	0.0	0.0	0.3
Total Long Term Debt	2.3	2.8	3.1	2.9	3.6
Deferred Government Grant Income	0.4	0.6	0.8	0.9	-
Provision for End of Service Indemnity	0.2	0.2	0.1	0.1	0.1
Total Liabilities	5.5	5.2	6.5	7.8	7.6
Share Capital	2.6	2.6	2.6	2.6	2.6
Accumulated Deficit	0.1	-0.3	-0.7	-1.0	-1.1
Statutory Reserve	0.2	0.1	0.1	0.0	0.0
Special Reserve	0.0	0.0	0.0	0.0	0.0
Total Equity	2.9	2.5	2.0	1.6	1.6
Total Liabilities & Shareholders' Equity	8.3	7.7	8.5	9.5	9.1
S/O-Common Stock	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Advance from Customers	0.1	0.0	0.0	0.0	-
Number of Shareholders	775	787	787	-	-
Due Within 1 Year	0.6	0.5	0.5	1.2	0.7
Due Within 2 Years	0.8	0.6	0.5	0.7	0.9
Due Within 5 Years	2.0	2.8	2.9	2.1	2.1
Due More Remaining Time	-	0.0	0.5	1.0	0.6
Total Long Term Debt, Supplemental	3.4	3.9	4.4	5.0	4.3
Due Within 1 Year	0.0	0.0	0.0	0.0	0.0
Due Within 5 Years	0.1	0.1	0.1	0.1	0.1
Due More Remaining Time	0.3	0.3	0.2	0.2	0.3
Total Operating Leases	0.4	0.5	0.3	0.4	0.4

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 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.4	0.5	0.3	0.1	-0.2
Depreciation	0.6	0.6	0.6	0.6	0.5
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Finance Charges	0.3	0.3	0.2	0.2	0.2
Provision for Employees' End Service	0.1	0.0	0.0	0.0	0.0
Accounts Receivable	-0.5	0.0	0.5	-0.5	-0.6
Inventories	-0.2	0.2	-0.1	-0.1	0.0
Account Payable and Accrued Expenses	0.7	-0.8	-0.8	0.6	0.8
Employees' End of Service Indemnity Paid	0.0	0.0	-	-	-
Cash From Operating Activities	1.3	0.9	0.7	0.9	0.7
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-0.1	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	-	0.0
Cash From Investing Activities	-0.3	-0.1	-0.1	-0.1	-0.1
Repayment of Gov.Soft Loan	-0.5	-0.5	-0.3	-0.2	-0.1
Term Loans, Net	-	-	-0.3	-0.2	-0.2
Finance Charges	-0.3	-0.3	-0.2	-0.2	-0.2
Change in Fixed Deposit	-	-	0.2	-0.1	-0.1
Cash From Financing Activities	-0.9	-0.9	-0.6	-0.7	-0.6
Net Change in Cash	0.1	0.0	0.0	0.1	0.0
Net Cash - Beginning Balance	0.3	0.3	0.3	0.2	0.2
Net Cash - Ending Balance	0.5	0.3	0.3	0.3	0.2
Cash Interest Paid	0.3	0.3	0.2	0.2	0.2

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	3.2	35.50%	9.3	12.06%	-0.57%	9.63%
Operating Income1 (?)	0.2	78.50%	0.4	-33.76%	36.46%	2.20%
Income Available to Common Excl Extraord Items1 (?)	0.1	134.88%	0.4	-28.35%	58.36%	10.86%
Basic EPS Excl Extraord Items1 (?)	0.15	135.00%	0.36	-28.35%	58.36%	10.86%
Capital Expenditures2 (?)	-	-	0.3	334.62%	41.36%	-35.21%
Cash from Operating Activities2 (?)	0.7	3.79%	1.3	44.93%	13.06%	10.61%
Free Cash Flow (?)	0.7	-	1.0	21.32%	8.14%	-
Total Assets3 (?)	8.2	4.20%	8.3	7.44%	-4.17%	-1.13%
Total Liabilities3 (?)	5.3	1.82%	5.5	4.31%	-11.20%	-5.04%
Total Long Term Debt3 (?)	2.4	-22.55%	2.3	-16.06%	-7.46%	-10.73%
Total Common Shares Outstanding3 (?)	1.0	0.00%	1.0	0.00%	0.00%	0.00%
1-ExchangeRate: OMR to USD Average for Period	0.385015	Â	0.385008	Â	Â	Â
2-ExchangeRate: OMR to USD Average for Period	0.385036	Â	0.385008	Â	Â	Â
3-ExchangeRate: OMR to USD Period End Date	0.385050	Â	0.385000	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin (?)	14.58%	17.94%	13.31%	9.57%	7.60%
Operating Margin (?)	4.32%	7.31%	4.55%	1.67%	0.25%
Pretax Margin (?)	3.88%	6.06%	3.22%	0.96%	-1.99%
Net Profit Margin (?)	3.88%	6.06%	3.22%	0.96%	-1.99%
Financial Strength
Current Ratio (?)	1.56	1.80	1.36	0.97	0.78
Long Term Debt/Equity (?)	0.81	1.11	1.56	1.78	2.33
Total Debt/Equity (?)	1.03	1.33	1.83	2.53	2.77
Management Effectiveness
Return on Assets (?)	4.49%	6.20%	3.85%	0.98%	-1.88%
Return on Equity (?)	13.49%	22.45%	19.00%	5.68%	-10.28%
Efficiency
Receivables Turnover (?)	4.78	4.89	5.54	4.94	6.30
Inventory Turnover (?)	8.27	7.06	9.29	9.69	9.64
Asset Turnover (?)	1.16	1.02	1.19	1.02	0.95

Market Valuation USD (mil)

P/E (TTM) (?)

4.26

.

Enterprise Value2 (?)

3.5

Price/Sales (TTM) (?)

0.09

.

Enterprise Value/Revenue (TTM) (?)

0.32

Price/Book (MRQ) (?)

0.34

.

Enterprise Value/EBITDA (TTM) (?)

4.88

Market Cap as of 20-Sep-20111 (?)

1.0

.

1-ExchangeRate: OMR to USD on 20-Sep-2011

0.385050

2-ExchangeRate: OMR to USD on 30-Sep-2011

0.385050

Annual Ratios

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
Financial Strength
Current Ratio (?)	1.56	1.80	1.36	0.97	0.78
Quick/Acid Test Ratio (?)	1.14	1.29	0.92	0.73	0.56
Working Capital1 (?)	1.4	1.4	0.9	-0.1	-0.9
Long Term Debt/Equity (?)	0.81	1.11	1.56	1.78	2.33
Total Debt/Equity (?)	1.03	1.33	1.83	2.53	2.77
Long Term Debt/Total Capital (?)	0.40	0.48	0.55	0.51	0.62
Total Debt/Total Capital (?)	0.51	0.57	0.65	0.72	0.73
Effective Tax Rate (?)	0.00%	0.00%	0.00%	0.00%	-
Total Capital1 (?)	5.8	5.8	5.6	5.8	5.9
Efficiency
Asset Turnover (?)	1.16	1.02	1.19	1.02	0.95
Inventory Turnover (?)	8.27	7.06	9.29	9.69	9.64
Days In Inventory (?)	44.15	51.71	39.28	37.67	37.88
Receivables Turnover (?)	4.78	4.89	5.54	4.94	6.30
Days Receivables Outstanding (?)	76.29	74.65	65.94	73.89	57.98
Profitability
Gross Margin (?)	14.58%	17.94%	13.31%	9.57%	7.60%
Operating Margin (?)	4.32%	7.31%	4.55%	1.67%	0.25%
EBITDA Margin (?)	10.54%	14.13%	9.85%	7.54%	6.59%
EBIT Margin (?)	4.32%	7.31%	4.55%	1.67%	0.25%
Pretax Margin (?)	3.88%	6.06%	3.22%	0.96%	-1.99%
Net Profit Margin (?)	3.88%	6.06%	3.22%	0.96%	-1.99%
COGS/Revenue (?)	85.42%	82.06%	86.69%	90.43%	92.40%
SG&A Expense/Revenue (?)	10.26%	10.63%	8.76%	7.89%	7.35%
Management Effectiveness
Return on Assets (?)	4.49%	6.20%	3.85%	0.98%	-1.88%
Return on Equity (?)	13.49%	22.45%	19.00%	5.68%	-10.28%
Valuation
Free Cash Flow/Share2 (?)	1.01	0.83	0.60	0.79	0.61
Operating Cash Flow/Share 2 (?)	1.30	0.90	0.68	0.90	0.68
1-ExchangeRate: OMR to USD Period End Date	0.385	0.38495	0.38505	0.385	0.385
2-ExchangeRate: OMR to USD Average for Period	0.385	0.38495	0.38505	0.385	0.385

Current Market Multiples
Market Cap/Earnings (TTM) (?)	4.26
Market Cap/Equity (MRQ) (?)	0.34
Market Cap/Revenue (TTM) (?)	0.09
Market Cap/EBIT (TTM) (?)	4.12
Market Cap/EBITDA (TTM) (?)	1.42
Enterprise Value/Earnings (TTM) (?)	14.65
Enterprise Value/Equity (MRQ) (?)	1.18
Enterprise Value/Revenue (TTM) (?)	0.32
Enterprise Value/EBIT (TTM) (?)	14.16
Enterprise Value/EBITDA (TTM) (?)	4.88

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	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 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	9.3	8.3	10.7	9.5	8.5
Revenue	9.3	8.3	10.7	9.5	8.5
Total Revenue	9.3	8.3	10.7	9.5	8.5
Cost of Revenue	8.0	6.8	9.3	8.6	7.8
Cost of Revenue, Total	8.0	6.8	9.3	8.6	7.8
Gross Profit	1.4	1.5	1.4	0.9	0.6
Selling/General/Administrative Expense	1.0	0.9	0.9	0.7	0.6
Total Selling/General/Administrative Expenses	1.0	0.9	0.9	0.7	0.6
Total Operating Expense	8.9	7.7	10.2	9.3	8.5
Operating Income	0.4	0.6	0.5	0.2	0.0
Interest Expense - Non-Operating	-0.3	-0.3	-0.2	-0.4	-0.4
Interest Expense, Net Non-Operating	-0.3	-0.3	-0.2	-0.4	-0.4
Interest Income (Expense) - Net Non-Operating Total	-0.3	-0.3	-0.2	-0.4	-0.4
Gain (Loss) on Sale of Assets	-	0.0	0.0	-	-
Other Non-Operating Income (Expense)	0.3	0.2	0.1	0.4	0.2
Other, Net	0.3	0.2	0.1	0.4	0.2
Income Before Tax	0.4	0.5	0.3	0.1	-0.2
Total Income Tax	0.0	0.0	0.0	0.0	0.0
Income After Tax	0.4	0.5	0.3	0.1	-0.2
Net Income Before Extraord Items	0.4	0.5	0.3	0.1	-0.2
Net Income	0.4	0.5	0.3	0.1	-0.2
Income Available to Common Excl Extraord Items	0.4	0.5	0.3	0.1	-0.2
Income Available to Common Incl Extraord Items	0.4	0.5	0.3	0.1	-0.2
Basic/Primary Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Basic/Primary EPS Incl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	0.4	0.5	0.3	0.1	-0.2
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Diluted EPS Incl Extraord Items	0.36	0.50	0.35	0.09	-0.17
Interest Expense, Supplemental	0.3	0.3	0.2	0.4	0.4
Depreciation, Supplemental	0.6	0.6	0.6	0.6	0.5
Total Special Items	-	0.0	0.0	-	-
Normalized Income Before Tax	0.4	0.5	0.3	0.1	-0.2
Effect of Special Items on Income Taxes	-	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Tax	0.4	0.5	0.3	0.1	-0.2
Normalized Inc. Avail to Com.	0.4	0.5	0.3	0.1	-0.2
Basic Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Diluted Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Rental Expenses	0.1	0.1	0.0	0.0	0.0
Normalized EBIT	0.4	0.6	0.5	0.2	0.0
Normalized EBITDA	1.0	1.2	1.1	0.7	0.6

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385015	0.385023	0.385072	0.385068	0.385004
Net Sales	3.2	2.8	2.4	2.5	2.4
Revenue	3.2	2.8	2.4	2.5	2.4
Total Revenue	3.2	2.8	2.4	2.5	2.4
Cost of Revenue	2.7	2.5	2.0	2.5	1.9
Cost of Revenue, Total	2.7	2.5	2.0	2.5	1.9
Gross Profit	0.5	0.3	0.4	0.0	0.4
Selling/General/Administrative Expense	0.2	0.2	0.3	0.3	0.2
Total Selling/General/Administrative Expenses	0.2	0.2	0.3	0.3	0.2
Depreciation	0.1	0.1	0.1	-0.4	0.1
Depreciation/Amortization	0.1	0.1	0.1	-0.4	0.1
Total Operating Expense	3.0	2.8	2.4	2.4	2.3
Operating Income	0.2	0.0	0.0	0.1	0.1
Interest Expense - Non-Operating	0.0	0.0	0.0	-0.2	0.0
Interest Expense, Net Non-Operating	0.0	0.0	0.0	-0.2	0.0
Interest Income (Expense) - Net Non-Operating Total	0.0	0.0	0.0	-0.2	0.0
Other Non-Operating Income (Expense)	0.0	0.0	0.0	0.2	0.0
Other, Net	0.0	0.0	0.0	0.2	0.0
Income Before Tax	0.1	-0.1	0.0	0.2	0.1
Total Income Tax	0.0	0.0	0.0	0.0	0.0
Income After Tax	0.1	-0.1	0.0	0.2	0.1
Net Income Before Extraord Items	0.1	-0.1	0.0	0.2	0.1
Net Income	0.1	-0.1	0.0	0.2	0.1
Income Available to Common Excl Extraord Items	0.1	-0.1	0.0	0.2	0.1
Income Available to Common Incl Extraord Items	0.1	-0.1	0.0	0.2	0.1
Basic/Primary Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excl Extraord Items	0.15	-0.06	0.00	0.15	0.06
Basic/Primary EPS Incl Extraord Items	0.15	-0.06	0.00	0.15	0.06
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	0.1	-0.1	0.0	0.2	0.1
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excl Extraord Items	0.15	-0.06	0.00	0.15	0.06
Diluted EPS Incl Extraord Items	0.15	-0.06	0.00	0.15	0.06
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	-	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Interest Expense, Supplemental	0.0	-	0.0	0.2	0.0
Depreciation, Supplemental	0.1	-	0.1	0.2	0.1
Normalized Income Before Tax	0.1	-0.1	0.0	0.2	0.1
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Tax	0.1	-0.1	0.0	0.2	0.1
Normalized Inc. Avail to Com.	0.1	-0.1	0.0	0.2	0.1
Basic Normalized EPS	0.15	-0.06	0.00	0.15	0.06
Diluted Normalized EPS	0.15	-0.06	0.00	0.15	0.06
Normalized EBIT	0.2	0.0	0.0	0.1	0.1
Normalized EBITDA	0.3	0.0	0.2	0.3	0.2

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38495	0.38505	0.385	0.385
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.7	0.5	0.5	0.7	0.5
Cash and Short Term Investments	0.7	0.5	0.5	0.7	0.5
Accounts Receivable - Trade, Gross	2.3	1.8	1.8	2.2	-
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	0.0	-
Trade Accounts Receivable - Net	2.2	1.7	1.7	2.2	1.7
Total Receivables, Net	2.2	1.7	1.7	2.2	1.7
Inventories - Finished Goods	0.0	0.0	0.2	0.0	0.1
Inventories - Work In Progress	0.3	0.2	0.2	0.3	0.2
Inventories - Raw Materials	0.8	0.6	0.7	0.6	0.6
Total Inventory	1.1	0.9	1.1	0.9	0.8
Total Current Assets	3.9	3.1	3.3	3.8	3.0
Buildings	2.4	2.4	2.4	2.4	2.3
Machinery/Equipment	7.4	7.2	7.1	7.0	6.8
Construction in Progress	-	-	-	0.0	0.2
Property/Plant/Equipment - Gross	9.7	9.5	9.5	9.4	9.3
Accumulated Depreciation	-5.3	-4.8	-4.3	-3.7	-3.2
Property/Plant/Equipment - Net	4.4	4.7	5.2	5.7	6.1
Total Assets	8.3	7.7	8.5	9.5	9.1
Accounts Payable	1.9	1.2	1.9	2.7	2.1
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.6	0.5	0.5	1.2	0.7
Other Current Liabilities	-	-	-	-	1.1
Other Current liabilities, Total	-	-	-	-	1.1
Total Current Liabilities	2.5	1.7	2.4	3.9	3.9
Long Term Debt	2.3	2.8	3.1	2.9	3.6
Total Long Term Debt	2.3	2.8	3.1	2.9	3.6
Total Debt	2.9	3.3	3.6	4.2	4.3
Pension Benefits - Underfunded	0.2	0.2	0.1	0.1	0.1
Other Long Term Liabilities	0.4	0.6	0.8	0.9	-
Other Liabilities, Total	0.6	0.8	1.0	1.0	0.1
Total Liabilities	5.5	5.2	6.5	7.8	7.6
Common Stock	2.6	2.6	2.6	2.6	2.6
Common Stock	2.6	2.6	2.6	2.6	2.6
Retained Earnings (Accumulated Deficit)	0.3	-0.1	-0.6	-1.0	-1.0
Total Equity	2.9	2.5	2.0	1.6	1.6
Total Liabilities & Shareholders’ Equity	8.3	7.7	8.5	9.5	9.1
Shares Outstanding - Common Stock Primary Issue	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Number of Common Shareholders	775	787	787	-	-
Deferred Revenue - Current	0.1	0.0	0.0	0.0	-
Total Long Term Debt, Supplemental	3.4	3.9	4.4	5.0	4.3
Long Term Debt Maturing within 1 Year	0.6	0.5	0.5	1.2	0.7
Long Term Debt Maturing in Year 2	0.8	0.6	0.5	0.7	0.9
Long Term Debt Maturing in Year 3	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in Year 4	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in Year 5	0.7	0.9	1.0	0.7	0.7
Long Term Debt Maturing in 2-3 Years	1.4	1.5	1.5	1.4	1.6
Long Term Debt Maturing in 4-5 Years	1.3	1.8	1.9	1.4	1.4
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.5	1.0	0.6
Total Operating Leases, Supplemental	0.4	0.5	0.3	0.4	0.4
Operating Lease Payments Due in Year 1	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 2	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 3	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	0.0
Operating Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	0.0
Operating Lease Pymts. Due in 2-3 Years	0.1	0.1	0.1	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	0.1	0.1	0.1	0.1	0.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.3	0.3	0.2	0.2	0.3

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.38505	0.38505	0.385	0.385	0.385
Cash	0.7	0.5	0.7	0.7	0.4
Cash and Short Term Investments	0.7	0.5	0.7	0.7	0.4
Accounts Receivable - Trade, Gross	-	-	-	2.3	-
Provision for Doubtful Accounts	-	-	-	-0.1	-
Trade Accounts Receivable - Net	2.4	2.4	1.9	2.2	1.9
Total Receivables, Net	2.4	2.4	1.9	2.2	1.9
Inventories - Finished Goods	0.0	0.0	0.1	0.0	0.0
Inventories - Work In Progress	0.4	0.4	0.3	0.3	0.3
Inventories - Raw Materials	0.7	0.9	0.7	0.8	0.7
Total Inventory	1.1	1.3	1.1	1.1	1.1
Total Current Assets	4.2	4.3	3.6	3.9	3.5
Property/Plant/Equipment - Net	4.0	4.2	4.3	4.4	4.4
Total Assets	8.2	8.4	7.9	8.3	7.9
Accounts Payable	2.1	2.3	1.6	1.9	1.5
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.8	0.7	0.7	0.6	0.6
Total Current Liabilities	2.9	3.0	2.3	2.5	2.1
Long Term Debt	2.4	2.6	2.7	2.3	3.1
Total Long Term Debt	2.4	2.6	2.7	2.3	3.1
Total Debt	3.1	3.3	3.4	2.9	3.7
Pension Benefits - Underfunded	-	-	-	0.2	-
Other Long Term Liabilities	-	-	-	0.4	-
Other Liabilities, Total	-	-	-	0.6	-
Total Liabilities	5.3	5.6	5.0	5.5	5.2
Common Stock	2.6	2.6	2.6	2.6	2.6
Common Stock	2.6	2.6	2.6	2.6	2.6
Retained Earnings (Accumulated Deficit)	0.3	0.2	0.3	0.3	0.1
Total Equity	2.9	2.8	2.9	2.9	2.7
Total Liabilities & Shareholders’ Equity	8.2	8.4	7.9	8.3	7.9
Shares Outstanding - Common Stock Primary Issue	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Total Long Term Debt, Supplemental	2.9	3.1	3.7	3.4	3.5
Long Term Debt Maturing within 1 Year	0.8	0.7	0.6	0.6	0.6
Long Term Debt Maturing in Year 2	-	-	-	0.8	0.7
Long Term Debt Maturing in Year 3	-	-	-	0.7	0.7
Long Term Debt Maturing in Year 4	-	-	-	0.7	0.7
Long Term Debt Maturing in Year 5	-	-	-	0.7	0.7
Long Term Debt Maturing in 2-3 Years	-	-	-	1.4	1.4
Long Term Debt Maturing in 4-5 Years	-	-	-	1.3	1.4
Long Term Debt Matur. in Year 6 & Beyond	2.1	2.4	3.2	0.0	0.0
Total Operating Leases, Supplemental	-	-	-	0.4	-
Operating Lease Payments Due in Year 1	-	-	-	0.0	-
Operating Lease Payments Due in Year 2	-	-	-	0.0	-
Operating Lease Payments Due in Year 3	-	-	-	0.0	-
Operating Lease Payments Due in Year 4	-	-	-	0.0	-
Operating Lease Payments Due in Year 5	-	-	-	0.0	-
Operating Lease Pymts. Due in 2-3 Years	-	-	-	0.1	-
Operating Lease Pymts. Due in 4-5 Years	-	-	-	0.1	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	-	0.3	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	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 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.4	0.5	0.3	0.1	-0.2
Depreciation	0.6	0.6	0.6	0.6	0.5
Depreciation/Depletion	0.6	0.6	0.6	0.6	0.5
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	0.4	0.4	0.2	0.2	0.2
Non-Cash Items	0.4	0.4	0.2	0.2	0.2
Accounts Receivable	-0.5	0.0	0.5	-0.5	-0.6
Inventories	-0.2	0.2	-0.1	-0.1	0.0
Payable/Accrued	0.7	-0.8	-0.8	0.6	0.8
Other Operating Cash Flow	0.0	0.0	-	-	-
Changes in Working Capital	0.0	-0.6	-0.4	0.0	0.1
Cash from Operating Activities	1.3	0.9	0.7	0.9	0.7
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-0.1	-0.1
Capital Expenditures	-0.3	-0.1	-0.1	-0.1	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	-	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	-	0.0
Cash from Investing Activities	-0.3	-0.1	-0.1	-0.1	-0.1
Other Financing Cash Flow	-0.3	-0.3	0.0	-0.3	-0.3
Financing Cash Flow Items	-0.3	-0.3	0.0	-0.3	-0.3
Long Term Debt Reduction	-0.5	-0.5	-0.3	-0.2	-0.1
Long Term Debt, Net	-0.5	-0.5	-0.6	-0.4	-0.3
Issuance (Retirement) of Debt, Net	-0.5	-0.5	-0.6	-0.4	-0.3
Cash from Financing Activities	-0.9	-0.9	-0.6	-0.7	-0.6
Net Change in Cash	0.1	0.0	0.0	0.1	0.0
Net Cash - Beginning Balance	0.3	0.3	0.3	0.2	0.2
Net Cash - Ending Balance	0.5	0.3	0.3	0.3	0.2
Cash Interest Paid	0.3	0.3	0.2	0.2	0.2

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385036	0.385048	0.385072	0.385008	0.384987
Net Income/Starting Line	-	-	0.0	0.4	-
Depreciation	-	-	-	0.6	-
Depreciation/Depletion	-	-	-	0.6	-
Unusual Items	-	-	-	0.0	-
Other Non-Cash Items	-	-	-	0.4	-
Non-Cash Items	-	-	-	0.4	-
Accounts Receivable	-	-	-	-0.5	-
Inventories	-	-	-	-0.2	-
Accounts Payable	-	-	-	0.7	-
Other Operating Cash Flow	0.7	0.3	0.3	0.0	0.7
Changes in Working Capital	0.7	0.3	0.3	0.0	0.7
Cash from Operating Activities	0.7	0.3	0.3	1.3	0.7
Purchase of Fixed Assets	-	-	-	-0.3	-
Capital Expenditures	-	-	-	-0.3	-
Sale of Fixed Assets	-	-	-	0.0	-
Other Investing Cash Flow	-0.1	0.0	0.0	-	-0.2
Other Investing Cash Flow Items, Total	-0.1	0.0	0.0	0.0	-0.2
Cash from Investing Activities	-0.1	0.0	0.0	-0.3	-0.2
Other Financing Cash Flow	-0.6	-0.4	-0.2	-0.3	-0.6
Financing Cash Flow Items	-0.6	-0.4	-0.2	-0.3	-0.6
Long Term Debt Reduction	-	-	-	-0.5	-
Long Term Debt, Net	-	-	-	-0.5	-
Issuance (Retirement) of Debt, Net	-	-	-	-0.5	-
Cash from Financing Activities	-0.6	-0.4	-0.2	-0.9	-0.6
Net Change in Cash	0.0	-0.1	0.0	0.1	-0.1
Net Cash - Beginning Balance	0.5	0.5	0.7	0.3	0.3
Net Cash - Ending Balance	0.5	0.3	0.7	0.5	0.2
Cash Interest Paid	0.1	0.1	0.0	0.3	0.1

Annual Income Statement

As Reported

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 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	9.3	8.3	10.7	9.5	8.5
Total Revenue	9.3	8.3	10.7	9.5	8.5
Cost of Sales	8.0	6.8	9.3	8.6	7.8
General & Administrative Expenses	0.6	0.6	0.6	0.4	0.3
Selling and Distribution Expenses	0.4	0.3	0.3	0.3	0.3
Total Operating Expense	8.9	7.7	10.2	9.3	8.5
Profit on Sale of Fixed Assets	-	0.0	0.0	-	-
Finance Charges	-0.3	-0.3	-0.2	-0.4	-0.4
Other, Net	0.3	0.2	0.1	0.4	0.2
Net Income Before Taxes	0.4	0.5	0.3	0.1	-0.2
Provision for Income Taxes	0.0	0.0	0.0	0.0	0.0
Net Income After Taxes	0.4	0.5	0.3	0.1	-0.2
Net Income Before Extra. Items	0.4	0.5	0.3	0.1	-0.2
Net Income	0.4	0.5	0.3	0.1	-0.2
Income Available to Com Excl ExtraOrd	0.4	0.5	0.3	0.1	-0.2
Income Available to Com Incl ExtraOrd	0.4	0.5	0.3	0.1	-0.2
Basic Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excluding ExtraOrdinary Items	0.36	0.50	0.35	0.09	-0.17
Basic EPS Including ExtraOrdinary Item	0.36	0.50	0.35	0.09	-0.17
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	0.4	0.5	0.3	0.1	-0.2
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excluding ExtraOrd Items	0.36	0.50	0.35	0.09	-0.17
Diluted EPS Including ExtraOrd Items	0.36	0.50	0.35	0.09	-0.17
Normalized Income Before Taxes	0.4	0.5	0.3	0.1	-0.2
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Taxes	0.4	0.5	0.3	0.1	-0.2
Normalized Inc. Avail to Com.	0.4	0.5	0.3	0.1	-0.2
Basic Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Diluted Normalized EPS	0.36	0.50	0.34	0.09	-0.17
Depreciation Expense	0.6	0.6	0.6	0.6	0.5
Rental Expense	0.1	0.1	0.0	0.0	0.0
Finance Charges	0.3	0.3	0.2	0.4	0.4

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385023	0.385072	0.385068	0.385004	0.384989
Revenue	2.8	2.4	2.5	2.4	2.3
Total Revenue	2.8	2.4	2.5	2.4	2.3
Cost of Sales	2.5	2.0	2.5	1.9	1.9
Depreciation	0.1	0.1	-0.4	0.1	0.1
General & Administrative Expenses	0.2	0.3	-0.1	0.2	0.2
Selling & Distribution Expenses	-	-	0.4	-	-
Total Operating Expense	2.8	2.4	2.4	2.3	2.3
Finance Charges	0.0	0.0	-0.2	0.0	0.0
Non Operating Expense	0.0	-	-	-	-
Other Income	0.0	0.0	0.2	0.0	0.0
Net Income Before Taxes	-0.1	0.0	0.2	0.1	0.1
Provision for Income Taxes	0.0	0.0	0.0	0.0	0.0
Net Income After Taxes	-0.1	0.0	0.2	0.1	0.1
Net Income Before Extra. Items	-0.1	0.0	0.2	0.1	0.1
Net Income	-0.1	0.0	0.2	0.1	0.1
Income Available to Com Excl ExtraOrd	-0.1	0.0	0.2	0.1	0.1
Income Available to Com Incl ExtraOrd	-0.1	0.0	0.2	0.1	0.1
Basic Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Basic EPS Excluding ExtraOrdinary Items	-0.06	0.00	0.15	0.06	0.06
Basic EPS Including ExtraOrdinary Items	-0.06	0.00	0.15	0.06	0.06
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-0.1	0.0	0.2	0.1	0.1
Diluted Weighted Average Shares	1.0	1.0	1.0	1.0	1.0
Diluted EPS Excluding ExtraOrd Items	-0.06	0.00	0.15	0.06	0.06
Diluted EPS Including ExtraOrd Items	-0.06	0.00	0.15	0.06	0.06
DPS-Common Stock	0.00	0.00	-	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	-	0.0	0.0
Normalized Income Before Taxes	-0.1	0.0	0.2	0.1	0.1
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Taxes	-0.1	0.0	0.2	0.1	0.1
Normalized Inc. Avail to Com.	-0.1	0.0	0.2	0.1	0.1
Basic Normalized EPS	-0.06	0.00	0.15	0.06	0.06
Diluted Normalized EPS	-0.06	0.00	0.15	0.06	0.06
Depreciation	-	0.1	0.2	0.1	0.1
Interest Expense	-	0.0	0.2	0.0	0.0

Annual Balance Sheet

As Reported

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
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38495	0.38505	0.385	0.385
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Accounts Receivable, Net	-	-	-	-	1.7
Account Receivable	2.3	1.8	1.8	2.2	-
Provision for Doubtful Amounts	-0.1	-0.1	-0.1	0.0	-
Raw Materials	0.6	0.5	0.6	0.5	0.5
Work-in-Progress	0.3	0.2	0.2	0.3	0.2
Finished Goods	0.0	0.0	0.2	0.0	0.1
Spare Stocks	0.2	0.1	0.1	0.1	0.1
Cash in Hand & Banks	0.7	0.5	0.5	0.7	0.5
Total Current Assets	3.9	3.1	3.3	3.8	3.0
Factory Buildings	2.4	2.4	2.4	2.4	2.3
Plant and Machinery	7.1	6.8	6.7	6.7	6.5
Furniture & Fixtures	0.1	0.1	0.1	0.1	0.1
Office Equipment	0.1	0.1	0.1	0.1	0.1
Motor Vehicles	0.1	0.2	0.1	0.1	0.1
Construction Work-in-Progress	-	-	-	0.0	0.2
Accumulated Depreciation	-5.3	-4.8	-4.3	-3.7	-3.2
Total Assets	8.3	7.7	8.5	9.5	9.1
Accounts Payable and Accrued Expenses	1.9	1.2	1.9	2.7	2.1
Current Portion of Long-Term Debt	-	-	0.0	0.2	0.2
Government Soft Loan	0.6	0.5	0.5	1.0	0.4
Deferred Government Grant	-	-	-	-	1.1
Total Current Liabilities	2.5	1.7	2.4	3.9	3.9
Government Soft Loan	2.3	2.8	3.1	2.9	3.4
Bank Term Loan	-	-	0.0	0.0	0.3
Total Long Term Debt	2.3	2.8	3.1	2.9	3.6
Deferred Government Grant Income	0.4	0.6	0.8	0.9	-
Provision for End of Service Indemnity	0.2	0.2	0.1	0.1	0.1
Total Liabilities	5.5	5.2	6.5	7.8	7.6
Share Capital	2.6	2.6	2.6	2.6	2.6
Accumulated Deficit	0.1	-0.3	-0.7	-1.0	-1.1
Statutory Reserve	0.2	0.1	0.1	0.0	0.0
Special Reserve	0.0	0.0	0.0	0.0	0.0
Total Equity	2.9	2.5	2.0	1.6	1.6
Total Liabilities & Shareholders' Equity	8.3	7.7	8.5	9.5	9.1
S/O-Common Stock	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Advance from Customers	0.1	0.0	0.0	0.0	-
Number of Shareholders	775	787	787	-	-
Due Within 1 Year	0.6	0.5	0.5	1.2	0.7
Due Within 2 Years	0.8	0.6	0.5	0.7	0.9
Due Within 5 Years	2.0	2.8	2.9	2.1	2.1
Due More Remaining Time	-	0.0	0.5	1.0	0.6
Total Long Term Debt, Supplemental	3.4	3.9	4.4	5.0	4.3
Due Within 1 Year	0.0	0.0	0.0	0.0	0.0
Due Within 5 Years	0.1	0.1	0.1	0.1	0.1
Due More Remaining Time	0.3	0.3	0.2	0.2	0.3
Total Operating Leases	0.4	0.5	0.3	0.4	0.4

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.38505	0.385	0.385	0.385	0.38475
Trade Receivables	2.4	1.9	-	1.9	-
Trade Receivables	-	-	2.3	-	2.0
Provisions	-	-	-0.1	-	0.0
Bank and Cash	0.5	0.7	0.7	0.4	0.4
Raw Materials	0.8	0.5	0.6	0.6	0.6
Work-in-Progress	0.4	0.3	0.3	0.3	0.3
Finished Goods	0.0	0.1	0.0	0.0	0.0
Spares and Consumables	0.2	0.2	0.2	0.2	0.1
Total Current Assets	4.3	3.6	3.9	3.5	3.5
Fixed Assets	4.2	4.3	4.4	4.4	4.5
Total Assets	8.4	7.9	8.3	7.9	8.0
Trade and Other Creditors	2.3	1.6	1.9	1.5	1.5
Current Portion of Long-Term Debt	0.7	0.7	0.6	0.6	0.6
Current Portion of Bank Loan	-	0.0	-	-	-
Total Current Liabilities	3.0	2.3	2.5	2.1	2.1
Bank Loans and Overdrafts	2.4	2.5	-	2.9	3.1
Others	0.2	0.2	-	0.2	0.2
Government Soft Loans	-	-	2.3	-	-
Total Long Term Debt	2.6	2.7	2.3	3.1	3.3
Deferred Government Grant	-	-	0.4	-	-
Provision for End of Service Benefits	-	-	0.2	-	-
Total Liabilities	5.6	5.0	5.5	5.2	5.4
Share Capital	2.6	2.6	2.6	2.6	2.6
Profit and Loss Account	0.0	0.1	0.1	-0.1	-0.1
Special Reserve	0.0	0.0	0.0	0.0	0.0
Statutory Reserve	0.2	0.2	0.2	0.1	0.1
Total Equity	2.8	2.9	2.9	2.7	2.6
Total Liabilities & Shareholders' Equity	8.4	7.9	8.3	7.9	8.0
S/O-Common Stock	1.0	1.0	1.0	1.0	1.0
Total Common Shares Outstanding	1.0	1.0	1.0	1.0	1.0
Due Within 1 Year	0.7	0.6	0.6	0.6	0.6
Due Within 2 Years	-	-	0.8	-	-
Due Within 5 Years	-	-	2.0	2.9	3.1
Due After 1 Year	2.4	3.2	-	-	-
Total Long Term Debt, Supplemental	3.1	3.7	3.4	3.5	3.7
Due Within 1 Year	-	-	0.0	-	-
Due Within 5 Years	-	-	0.1	-	-
Due More Remaining Time	-	-	0.3	-	-
Total Operating Leases	-	-	0.4	-	-

Annual Cash Flows

As Reported

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 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385008	0.384999	0.384956	0.384897	0.384998
Auditor	Horwath	Horwath	AGN Mak Ghazali LLC	AGN Mak Ghazali LLC	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.4	0.5	0.3	0.1	-0.2
Depreciation	0.6	0.6	0.6	0.6	0.5
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Finance Charges	0.3	0.3	0.2	0.2	0.2
Provision for Employees' End Service	0.1	0.0	0.0	0.0	0.0
Accounts Receivable	-0.5	0.0	0.5	-0.5	-0.6
Inventories	-0.2	0.2	-0.1	-0.1	0.0
Account Payable and Accrued Expenses	0.7	-0.8	-0.8	0.6	0.8
Employees' End of Service Indemnity Paid	0.0	0.0	-	-	-
Cash From Operating Activities	1.3	0.9	0.7	0.9	0.7
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-0.1	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	-	0.0
Cash From Investing Activities	-0.3	-0.1	-0.1	-0.1	-0.1
Repayment of Gov.Soft Loan	-0.5	-0.5	-0.3	-0.2	-0.1
Term Loans, Net	-	-	-0.3	-0.2	-0.2
Finance Charges	-0.3	-0.3	-0.2	-0.2	-0.2
Change in Fixed Deposit	-	-	0.2	-0.1	-0.1
Cash From Financing Activities	-0.9	-0.9	-0.6	-0.7	-0.6
Net Change in Cash	0.1	0.0	0.0	0.1	0.0
Net Cash - Beginning Balance	0.3	0.3	0.3	0.2	0.2
Net Cash - Ending Balance	0.5	0.3	0.3	0.3	0.2
Cash Interest Paid	0.3	0.3	0.2	0.2	0.2

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385048	0.385072	0.385008	0.384987	0.384977
Net Income	-	0.0	0.4	-	-
Depreciation	-	-	0.6	-	-
Interest Paid	-0.1	0.0	-	-0.1	-0.1
Sale of Fixed Assets	-	-	0.0	-	-
Finance Charges	-	-	0.3	-	-
Provision for Staff End of Service	-	-	0.1	-	-
Inventory	-	-	-0.2	-	-
Account Receivables	-	-	-0.5	-	-
Accounts Payables	-	-	0.7	-	-
Net Cash from Operating Activities	0.3	-	-	0.2	0.1
Employees' End of Service Indemnity Paid	-	-	0.0	-	-
Adjustment	-	0.3	-	0.6	0.2
Cash from Operating Activities	0.3	0.3	1.3	0.7	0.3
Purchase of Fixed Assets	-	-	-0.3	-	-
Sale of Fixed Assets	-	-	0.0	-	-
Net Cash from Investing Activities	0.0	0.0	-	-0.2	0.0
Cash from Investing Activities	0.0	0.0	-0.3	-0.2	0.0
Finance Charges	-	-	-0.3	-	-
Repayment of Government Soft Loan	-	-	-0.5	-	-
Net Cash from Financing Activities	-0.4	-0.2	-	-0.6	-0.3
Cash from Financing Activities	-0.4	-0.2	-0.9	-0.6	-0.3
Net Change in Cash	-0.1	0.0	0.1	-0.1	-0.1
Net Cash - Beginning Balance	0.5	0.7	0.3	0.3	0.3
Net Cash - Ending Balance	0.3	0.7	0.5	0.2	0.2
Cash Interest Paid	0.1	0.0	0.3	0.1	0.1

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Middle East	2.8	29.9 %	2.8	33.2 %	2.2	20.6 %	1.9	19.7 %	1.9	22.9 %
Europe	0.8	8.5 %	0.3	4 %	2.3	21.7 %	2.9	31 %	2.5	29.2 %
Asia	0.1	0.8 %	0.2	1.8 %	0.4	3.3 %	0.4	4.2 %	0.4	4.1 %
USA	0.0	0.5 %	-	-	-	-	-	-	-	-
Oman	5.3	56.5 %	4.8	58.2 %	5.4	50.8 %	4.0	42.4 %	3.7	43.8 %
Other	0.4	3.9 %	0.2	2.8 %	0.4	3.7 %	0.3	2.7 %	0.0	0.1 %
Segment Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Consolidated Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Exchange Rate: OMR to USD	0.385008		0.384999		0.384956		0.384897		0.384998
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Middle East	2.8	29.9 %	2.8	33.2 %	2.2	20.6 %	1.9	19.7 %	1.9	22.9 %
Europe	0.8	8.5 %	0.3	4 %	2.3	21.7 %	2.9	31 %	2.5	29.2 %
Asia	0.1	0.8 %	0.2	1.8 %	0.4	3.3 %	0.4	4.2 %	0.4	4.1 %
USA	0.0	0.5 %	-	-	-	-	-	-	-	-
Oman	5.3	56.5 %	4.8	58.2 %	5.4	50.8 %	4.0	42.4 %	3.7	43.8 %
Other	0.4	3.9 %	0.2	2.8 %	0.4	3.7 %	0.3	2.7 %	0.0	0.1 %
Segment Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Consolidated Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Exchange Rate: OMR to USD	0.385008		0.384999		0.384956		0.384897		0.384998

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Cups	2.2	23.3 %	2.3	27.7 %	2.8	26.1 %	2.5	26.8 %	2.3	27.5 %
Jumbo Bags	4.8	51.8 %	4.0	48.6 %	5.8	54 %	5.4	56.5 %	4.7	55.4 %
Woven Sacks	2.1	22.5 %	1.8	21.3 %	1.9	17.3 %	1.5	15.3 %	1.5	17.1 %
Internal Filling	0.2	2.4 %	0.2	2.4 %	0.3	2.7 %	0.1	1.4 %	-	-
Segment Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Consolidated Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Exchange Rate: OMR to USD	0.385008		0.384999		0.384956		0.384897		0.384998
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Cups	2.2	23.3 %	2.3	27.7 %	2.8	26.1 %	2.5	26.8 %	2.3	27.5 %
Jumbo Bags	4.8	51.8 %	4.0	48.6 %	5.8	54 %	5.4	56.5 %	4.7	55.4 %
Woven Sacks	2.1	22.5 %	1.8	21.3 %	1.9	17.3 %	1.5	15.3 %	1.5	17.1 %
Internal Filling	0.2	2.4 %	0.2	2.4 %	0.3	2.7 %	0.1	1.4 %	-	-
Segment Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Consolidated Total	9.3	100 %	8.3	100 %	10.7	100 %	9.5	100 %	8.5	100 %
Exchange Rate: OMR to USD	0.385008		0.384999		0.384956		0.384897		0.384998

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Sep-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10
Cups	1.5	24.7 %	0.5	22.1 %	0.5	21.6 %	0.5	22.5 %	0.5	23 %
Jumbo Bags	3.0	50.9 %	1.3	55 %	1.4	57.6 %	1.3	53.3 %	1.2	50.2 %
Woven Sacks	1.3	22 %	0.5	21.9 %	0.5	19 %	0.5	22 %	0.6	24.2 %
Internal Filling	0.1	2.4 %	0.0	1 %	0.0	1.9 %	0.1	2.2 %	0.1	2.7 %
Segment Total	6.0	100 %	2.4	100 %	2.5	100 %	2.4	100 %	2.3	100 %
Consolidated Total	6.0	100 %	2.4	100 %	2.5	100 %	2.4	100 %	2.3	100 %
Exchange Rate: OMR to USD	0.385019		0.385072		0.385068		0.385004		0.384989
Total Revenue   USD (mil)
	30-Sep-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10
Cups	1.5	24.7 %	0.5	22.1 %	0.5	21.6 %	0.5	22.5 %	0.5	23 %
Jumbo Bags	3.0	50.9 %	1.3	55 %	1.4	57.6 %	1.3	53.3 %	1.2	50.2 %
Woven Sacks	1.3	22 %	0.5	21.9 %	0.5	19 %	0.5	22 %	0.6	24.2 %
Internal Filling	0.1	2.4 %	0.0	1 %	0.0	1.9 %	0.1	2.2 %	0.1	2.7 %
Segment Total	6.0	100 %	2.4	100 %	2.5	100 %	2.4	100 %	2.3	100 %
Consolidated Total	6.0	100 %	2.4	100 %	2.5	100 %	2.4	100 %	2.3	100 %
Exchange Rate: OMR to USD	0.385019		0.385072		0.385068		0.385004		0.384989

Cost of Revenue   USD (mil)
	30-Sep-11		31-Mar-11		30-Sep-10		30-Jun-10
Cups	1.3	24.7 %	0.4	22.1 %	0.4	22.4 %	0.4	23.2 %
Jumbo Bags	2.6	50.9 %	1.1	55 %	1.0	53.2 %	1.0	50 %
Woven Sacks	1.1	22 %	0.4	21.8 %	0.4	22.2 %	0.5	24.1 %
Internal Filling	0.1	2.4 %	0.0	1 %	0.0	2.2 %	0.1	2.7 %
Segment Total	5.1	100 %	2.0	100 %	1.9	100 %	1.9	100 %
Consolidated Total	5.1	100 %	2.0	100 %	1.9	100 %	1.9	100 %
Exchange Rate: OMR to USD	0.385019		0.385072		0.385004		0.384989
Gross Profit   USD (mil)
	30-Sep-11		31-Mar-11		30-Sep-10		30-Jun-10
Cups	0.2	24.9 %	0.1	22.2 %	0.1	22.2 %	0.1	22.9 %
Jumbo Bags	0.4	50.5 %	0.2	54.9 %	0.2	53.9 %	0.2	50 %
Woven Sacks	0.2	22 %	0.1	21.6 %	0.1	22.2 %	0.1	24.1 %
Internal Filling	0.0	2.6 %	0.0	1.2 %	0.0	1.8 %	0.0	2.9 %
Segment Total	0.8	100 %	0.4	100 %	0.4	100 %	0.4	100 %
Consolidated Total	0.8	100 %	0.4	100 %	0.4	100 %	0.4	100 %
Exchange Rate: OMR to USD	0.385019		0.385072		0.385004		0.384989

Gross Margin (%)
	30-Sep-11		31-Mar-11		30-Sep-10		30-Jun-10
Cups	13.8	-	17.6	-	18.1	-	18.8	-
Jumbo Bags	13.6	-	17.5	-	18.6	-	18.8	-
Woven Sacks	13.7	-	17.2	-	18.5	-	18.8	-
Internal Filling	14.3	-	22.2	-	15.0	-	20.8	-
Segment Total	13.7	-	17.5	-	18.4	-	18.9	-
Consolidated Total	13.7	-	17.5	-	18.4	-	18.9	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.