MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	OMAN CABLES INDUSTRY
Registered Office :	Post Box No. 25, Rusayl, Muscat, 124
Country :	Oman
Financials (as on) :	31.12.2010
Date of Incorporation :	21.03.1984
Legal Form :	Public Independent Company
Line of Business :	manufacture and sale of electrical cables and conductors
No. of Employees :	460 Persons

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^th, 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 & address

Oman Cables Industry

Post Box No. 25, Rusayl

Muscat, 124

Oman

Tel: 968 24446464

Fax: 968--24446096

Web: www.omancables.com

synthesis

Employees: 460

Company Type: Public Independent

Traded:

Muscat Securities Market: OCAI

Incorporation Date: 21-Mar-1984

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Rial Omani

Annual Sales: 521.8 1

Net Income: 21.2

Total Assets: 343.0 2

Market Value: 162.1

(03-Nov-2011)

Business Description

Oman Cables Industry SAOG (OCI) is an Oman-based shareholding company engaged in the manufacture and sale of electrical cables and conductors. It is a manufacturer and exporter of medium- and low-voltage (LV) electric cables, building wires, instrumentation cables, control cables, overhead transmission line conductors, and other special purpose cables and wiring solutions in the Middle East. Its products include LV power and control cables, low smoke and fire retardant (LSF) LV power and control cables, LSF wiring cables, medium voltage cables, overhead line conductors, aerial bunch cables, polyvinyl chloride (PVC) wires and flexible cables, and instrumentation cables. OCI also manufactures custom designed cables to meet specific customer needs. The Company holds 51% shareholding in Oman Aluminium Processing Industries LLC. For the nine months ended 30 September 2011, Oman Cables Industry's total revenue increased 48% to OMR212.5M. Net income decreased 21% to OMR4.3M. Total revenue reflects an increase in demand for the Company's products and services. Net income was offset by an increase in administrative expenses, selling and distribution expenses and finance costs. Net income was also offset by a fall in other income.

Industry

Industry Electronic Instruments and Controls

ANZSIC 2006: 2431 - Electric Cable and Wire Manufacturing

NACE 2002: 3120 - Manufacture of electricity distribution and control apparatus

NAICS 2002: 335931 - Current-Carrying Wiring Device Manufacturing

UK SIC 2003: 3120 - Manufacture of electricity distribution and control apparatus

US SIC 1987: 3643 - Current-Carrying Wiring Devices

Key Executives

Name	Title
Cornelis Johannes Meiring	Chief Executive Officer
M. M. Vaidya	General Manager - Corporate Finance
Louis Dupreez	General Manager - Sales & Marketing
Fawzi Mubarak Al Kiyumi	General Manager - Human Resources and Administration
Mohammed Mustafa Mukhtar Al Lawati	General Manager - Corporate Projects

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	Oman Cables Industry Proposes 40% Cash Dividend For FY 2010	22-Jan-2011

* number of significant developments within the last 12 months

News

Title	Date
Oman Cables bags corporate governance award from CMA Times of Oman (491 Words)	8-Jan-2011
Oman Cables net earnings slip 27 per cent Times of Oman (280 Words)	23-Jul-2011
Theatre treat begins this weekend Times of Oman (681 Words)	10-Jul-2011
OMAN : Frederic Rouyer becomes CEO of OAPIL Mena Report (72 Words)	16-Jun-2011
MAJCSC Delegation Visits Al Rusayl Industrial Estate Oman News Agency (ONA) (278 Words)	17-May-2011

Financial Summary

As of 30-Sep-2011

Key Ratios Company Industry

Current Ratio (MRQ) 1.26 2.32

Quick Ratio (MRQ) 0.68 1.43

Debt to Equity (MRQ) 1.39 0.56

Sales 5 Year Growth 27.09 8.07

Net Profit Margin (TTM) % 2.53 6.72

Return on Assets (TTM) % 5.14 5.54

Return on Equity (TTM) % 14.38 13.32

Stock Snapshot

Traded: Muscat Securities Market: OCAI

As of 3-Nov-2011

   Financials in: OMR

Recent Price	0.70	EPS	0.09
52 Week High	1.27	Price/Sales	0.31
52 Week Low	0.68	Dividend Rate	0.04
Avg. Volume (mil)	0.02	Price/Earnings	9.98
Market Value (mil)	62.43	Price/Book	1.39
		Beta	1.75

	Price % Change	Rel S&P 500%
4 Week	-0.57%	-1.25%
13 Week	-15.43%	-12.61%
52 Week	-43.96%	-34.64%
Year to Date	-40.77%	-28.21%

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 No. 25, Rusayl

Muscat, 124

Oman

Tel: 968 24446464

Fax: 968--24446096

Web: www.omancables.com

Quote Symbol - Exchange

OCAI - Muscat Securities Market

Sales OMR(mil): 200.9

Assets OMR(mil): 132.0

Employees: 460

Fiscal Year End: 31-Dec-2010

Industry: Electronic Instruments and Controls

Incorporation Date: 21-Mar-1984

Company Type: Public Independent

Quoted Status: Quoted

Chief Executive Officer: Cornelis Johannes Meiring

Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Employment Opportunities

· Executives

· Financial Information

· Home Page

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2149 - Other Basic Non-Ferrous Metal Product Manufacturing

2432 - Electric Lighting Equipment Manufacturing

2431 - Electric Cable and Wire Manufacturing

NACE 2002 Codes:

3120 - Manufacture of electricity distribution and control apparatus

2745 - Other non-ferrous metal production

3162 - Manufacture of other electrical equipment not elsewhere classified

NAICS 2002 Codes:

335931 - Current-Carrying Wiring Device Manufacturing

335932 - Noncurrent-Carrying Wiring Device Manufacturing

331422 - Copper Wire (except Mechanical) Drawing

US SIC 1987:

3357 - Drawing and Insulating of Nonferrous Wire

3644 - Noncurrent-Carrying Wiring Devices

3643 - Current-Carrying Wiring Devices

UK SIC 2003:

3162 - Manufacture of other electrical equipment not elsewhere classified

3120 - Manufacture of electricity distribution and control apparatus

2745 - Other non-ferrous metal production

Business Description

Oman Cables Industry SAOG (OCI) is an Oman-based shareholding company engaged in the manufacture and sale of electrical cables and conductors. It is a manufacturer and exporter of medium- and low-voltage (LV) electric cables, building wires, instrumentation cables, control cables, overhead transmission line conductors, and other special purpose cables and wiring solutions in the Middle East. Its products include LV power and control cables, low smoke and fire retardant (LSF) LV power and control cables, LSF wiring cables, medium voltage cables, overhead line conductors, aerial bunch cables, polyvinyl chloride (PVC) wires and flexible cables, and instrumentation cables. OCI also manufactures custom designed cables to meet specific customer needs. The Company holds 51% shareholding in Oman Aluminium Processing Industries LLC. For the nine months ended 30 September 2011, Oman Cables Industry's total revenue increased 48% to OMR212.5M. Net income decreased 21% to OMR4.3M. Total revenue reflects an increase in demand for the Company's products and services. Net income was offset by an increase in administrative expenses, selling and distribution expenses and finance costs. Net income was also offset by a fall in other income.

More Business Descriptions

Manufacture and sale of electrical cables and conductors

Financial Data

Financials in:	OMR(mil)
Revenue:	200.9
Net Income:	8.2
Assets:	132.0
Long Term Debt:	10.2
Total Liabilities:	87.0
Working Capital:	0.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

29.1%

22.3%

32.0%

Market Data

Quote Symbol:	OCAI
Exchange:	Muscat Securities Market
Currency:	OMR
Stock Price:	0.7
Stock Price Date:	11-03-2011
52 Week Price Change %:	-44.0
Market Value (mil):	62,431.2
SEDOL:	B1KQKB5
ISIN:	OM0000001707
Equity and Dept Distribution:
12/2006, Complex capital change (Factor: 30.0003).

Subsidiaries

Company	Percentage Owned	Country
Oman Aluminium Processing Industries LLC	51%	OMAN

Shareholders

Major Shareholders

Draka Holding (NV) (34.78%); Mustafa Mukhtar Ali Al Lawati (12.54%); Hussain Salman Al Lawati (12.24%)

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Auditor:	Ernst & Young, Ernst & Young LLP

Executive report

Board of Directors

Name	Title	Function	Source
Mohammed Mustafa Mukhtar Al Lawati	General Manager - Corporate Projects	Chairman
Reuters Biography (Oman Cables Industry) Mr. Mohammed Mustafa Mukhtar Al Lawati serves as General Manager for Corporate Projects at Oman Cables Industry. He has ten years experience, of which three years in senior levels. He is responsible for Projects of the Company.
Hussein Salman Al Lawati	Vice Chairman of the Board, Managing Director	Vice-Chairman
Reuters Biography (Oman Cables Industry) Mr. Hussein Salman Al Lawati serves as Vice Chairman and Managing Director of Oman Cables Industry. He also serves as Member of the Board of Al Saleh Enterprises, Jenfel LLC, Jenfel Heavy Equipments, and Shubaila LLC. He also serves as Chairman of the Board of Oman Aluminium Processing Industries LLC and Director of Shumookh Investment and Services (SAOC). He has 43 years enterprising experience, of which 36 years in electrical and cable industry. He is responsible for the overall strategic management of the company, repoing to the Board of Directors. He is Member of the Strategic Risk Management Committee.
Hilal Hamad Al Ahasani	Non-Executive Independent Member of the Board	Director/Board Member
Reuters Biography (Oman Cables Industry) Mr. Hilal Hamad Al Ahasani serves as Non-Executive Independent Member of the Board of Oman Cables Industry. He is also Chairman of Oman & Emirates Investment Holding Co. (SAOG), and Vice Chairman of Financial Corporation Co. (SAOG).
Salim Rabbani	Non-Executive Independent Member of the Board	Director/Board Member
Christian F. Raskin	Non-Executive Independent Member of the Board	Director/Board Member
Reuters Biography (Oman Cables Industry) Mr. Christian F. Raskin serves as Non-Executive Independent Member of the Board of Oman Cables Industry. He is Chairman of the Strategic Risk Management Committee. LLM Economics, Katholieke Universiteit Leuven
Maqbool Ali Salman	Non-Executive Independent Member of the Board	Director/Board Member
Reuters Biography (Oman Cables Industry) Mr. Maqbool Ali Salman serves as Non-Executive Independent Member of the Board of Oman Cables Industry. He is also Vice Chairman and Managing Director of Al Hassan Engineering Co. (SAOG) and Member of the Board of Al Hassan Electrical LLC.
Mohammed H. Shihab	Non-Executive Independent Member of the Board	Director/Board Member

Executives

Name	Title	Function
Cornelis Johannes Meiring	Chief Executive Officer	Chief Executive Officer
Reuters Biography (Oman Cables Industry) Mr. Cornelis Johannes (Hans) Meiring serves as Chief Executive Officer of Oman Cables Industry since his promotion on January 20, 2010, responsible for all the operations of the Company repoing to Vice Chairman and Managing Director. Prior to his current position, Mr. Meiring served as Chief Operating Officer of the Company until January 20, 2010. He has 37 years of experience in the cable industry, of which 30 years serving in the executive management levels.
Mohammed Mustafa Mukhtar Al Lawati	General Manager - Corporate Projects	Division Head Executive
Reuters Biography (Oman Cables Industry) Mr. Mohammed Mustafa Mukhtar Al Lawati serves as General Manager for Corporate Projects at Oman Cables Industry. He has ten years experience, of which three years in senior levels. He is responsible for Projects of the Company.
V. Duggal	General Manager - Works	Division Head Executive
Reuters Biography (Oman Cables Industry) Mr. V. Duggal serves as General Manager for Works of Oman Cables Industry. He has 38 years experience in manufacturing in cable industry, of which 18 years at executive management levels. He is responsible for Manufacturing and Quality Assurance
Ahmad Farouqui	General Manager - Procurement and Supply Chain	Division Head Executive
Reuters Biography (Oman Cables Industry) Mr. Ahmad Farouqui serves as General Manager of Procurement and Supply Chain at Oman Cables Industry. He has 28 years experience in industry, of which 16 years at executive levels.
Hussein Salman Al Lawati	Vice Chairman of the Board, Managing Director	Managing Director
Reuters Biography (Oman Cables Industry) Mr. Hussein Salman Al Lawati serves as Vice Chairman and Managing Director of Oman Cables Industry. He also serves as Member of the Board of Al Saleh Enterprises, Jenfel LLC, Jenfel Heavy Equipments, and Shubaila LLC. He also serves as Chairman of the Board of Oman Aluminium Processing Industries LLC and Director of Shumookh Investment and Services (SAOC). He has 43 years enterprising experience, of which 36 years in electrical and cable industry. He is responsible for the overall strategic management of the company, repoing to the Board of Directors. He is Member of the Strategic Risk Management Committee.
Fawzi Mubarak Al Kiyumi	General Manager - Human Resources and Administration	Administration Executive
Reuters Biography (Oman Cables Industry) Mr. Fawzi Mubarak Al Kiyumi serves as General Manager for Human Resources and Administration at Oman Cables Industry. He has 24 years experience, of which 15 years at executive levels.
M. M. Vaidya	General Manager - Corporate Finance	Finance Executive
Reuters Biography (Oman Cables Industry) Mr. M. M. Vaidya serves as General Manager for Corporate Finance of Oman Cables Industry. He has 28 years experience, of which 23 years at executive management levels. He is responsible for Finance and Risk Management functions.
Louis Dupreez	General Manager - Sales & Marketing	Sales Executive
Reuters Biography (Oman Cables Industry) Mr. Louis Dupreez serves as General Manager for Sales and Marketing at Oman Cable Industries. He has 31 years of experience in industry, of which 21 years at executive management levels. Responsible for Sales, Marketing and Customer Service.
Kuldip Chadha	General Manager - Strategic Business Development	Business Development Executive
Reuters Biography (Oman Cables Industry) Mr. Kuldip Chadha serves as General Manager of Strategic Business Development at Oman Cables Industry. He has 33 years of experience, of which 20 years at executive levels.

Significant Developments

Oman Cables Industry Proposes 40% Cash Dividend For FY 2010 Jan 22, 2011

Oman Cables Industry announced that the Board of Directors has proposed 40% cash dividend for the fiscal year ended December 31, 2010. In the previous year, the cash dividend was 30%.

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	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	521.8	404.2	790.7	564.9	326.5
Revenue	521.8	404.2	790.7	564.9	326.5
Total Revenue	521.8	404.2	790.7	564.9	326.5
Cost of Revenue	477.3	365.6	747.4	500.0	282.8
Cost of Revenue, Total	477.3	365.6	747.4	500.0	282.8
Gross Profit	44.5	38.6	43.2	64.9	43.7
Selling/General/Administrative Expense	17.3	14.2	17.9	13.5	11.2
Total Selling/General/Administrative Expenses	17.3	14.2	17.9	13.5	11.2
Depreciation	0.4	0.4	0.4	0.4	0.3
Amortization of Intangibles	-	-	-	-	0.1
Depreciation/Amortization	0.4	0.4	0.4	0.4	0.4
Other Operating Expense	-0.3	-1.0	-0.7	-1.2	-0.7
Other Operating Expenses, Total	-0.3	-1.0	-0.7	-1.2	-0.7
Total Operating Expense	494.7	379.3	765.1	512.8	293.7
Operating Income	27.1	24.9	25.6	52.2	32.8
Interest Income - Non-Operating	0.3	0.3	0.2	0.4	0.2
Investment Income - Non-Operating	-	0.0	0.0	-	0.9
Interest/Investment Income - Non-Operating	0.3	0.3	0.3	0.4	1.1
Interest Income (Expense) - Net Non-Operating Total	0.3	0.3	0.3	0.4	1.1
Other Non-Operating Income (Expense)	-3.0	-5.7	-8.1	-8.0	-5.9
Other, Net	-3.0	-5.7	-8.1	-8.0	-5.9
Income Before Tax	24.4	19.4	17.7	44.6	28.1
Total Income Tax	3.3	2.4	2.1	5.4	3.4
Income After Tax	21.1	17.1	15.6	39.2	24.7
Minority Interest	0.2	0.1	0.1	-	-
Equity In Affiliates	-0.1	0.1	0.3	0.1	0.0
Net Income Before Extraord Items	21.2	17.3	16.0	39.3	24.8
Net Income	21.2	17.3	16.0	39.3	24.8
Income Available to Common Excl Extraord Items	21.2	17.3	16.0	39.3	24.8
Income Available to Common Incl Extraord Items	21.2	17.3	16.0	39.3	24.8
Basic/Primary Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excl Extraord Items	0.24	0.19	0.18	0.44	0.28
Basic/Primary EPS Incl Extraord Items	0.24	0.19	0.18	0.44	0.28
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	21.2	17.3	16.0	39.3	24.8
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excl Extraord Items	0.24	0.19	0.18	0.44	0.28
Diluted EPS Incl Extraord Items	0.24	0.19	0.18	0.44	0.28
Dividends per Share - Common Stock Primary Issue	0.10	0.08	0.05	0.10	0.03
Gross Dividends - Common Stock	9.3	7.0	4.7	9.3	2.3
Interest Expense, Supplemental	3.0	5.7	10.3	10.8	5.9
Depreciation, Supplemental	5.7	4.9	5.0	3.8	3.0
Normalized Income Before Tax	24.4	19.4	17.7	44.6	28.1
Inc Tax Ex Impact of Sp Items	3.3	2.4	2.1	5.4	3.4
Normalized Income After Tax	21.1	17.1	15.6	39.2	24.7
Normalized Inc. Avail to Com.	21.2	17.3	16.0	39.3	24.8
Basic Normalized EPS	0.24	0.19	0.18	0.44	0.28
Diluted Normalized EPS	0.24	0.19	0.18	0.44	0.28
Amort of Intangibles, Supplemental	-	-	-	0.0	0.1
Rental Expenses	0.1	0.1	0.1	0.1	0.0
Advertising Expense, Supplemental	1.0	0.4	0.5	0.4	0.3
Normalized EBIT	27.1	24.9	25.6	52.2	32.8
Normalized EBITDA	32.8	29.7	30.6	55.9	36.0
Current Tax - Total	3.0	1.9	1.9	5.0	-
Current Tax - Total	3.0	1.9	1.9	5.0	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Other Tax	0.3	-	-	-	-
Income Tax - Total	3.3	2.4	2.1	5.4	-

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	Reclassified Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	6.4	8.1	18.4	9.0	8.3
Cash and Short Term Investments	6.4	8.1	18.4	9.0	8.3
Accounts Receivable - Trade, Gross	126.6	103.5	113.0	123.6	81.1
Provision for Doubtful Accounts	-2.1	-2.1	-1.8	-1.2	-1.2
Trade Accounts Receivable - Net	124.5	101.5	111.3	122.4	79.8
Other Receivables	5.4	4.7	19.8	6.6	6.8
Total Receivables, Net	129.9	106.2	131.1	128.9	86.6
Inventories - Finished Goods	78.7	35.6	43.0	61.7	62.9
Inventories - Work In Progress	9.4	4.5	8.3	9.6	7.3
Inventories - Raw Materials	24.2	27.0	96.6	24.1	18.0
Inventories - Other	-2.1	-2.1	-1.9	-1.9	-1.7
Total Inventory	110.2	65.0	146.0	93.5	86.6
Prepaid Expenses	4.1	2.5	1.6	7.4	6.4
Total Current Assets	250.6	181.8	297.1	238.8	187.9
Buildings	25.4	16.5	16.5	16.4	14.0
Machinery/Equipment	85.5	62.7	58.3	49.3	44.1
Construction in Progress	6.7	20.0	4.2	5.8	0.4
Other Property/Plant/Equipment	5.7	5.3	5.4	4.8	3.4
Property/Plant/Equipment - Gross	123.3	104.5	84.3	76.3	62.0
Accumulated Depreciation	-37.4	-31.8	-27.1	-22.1	-18.4
Property/Plant/Equipment - Net	85.9	72.7	57.3	54.2	43.5
Intangibles, Net	-	-	-	-	0.0
LT Investment - Affiliate Companies	1.9	1.9	1.7	1.2	0.9
LT Investments - Other	4.6	3.3	0.3	0.4	0.4
Long Term Investments	6.5	5.2	2.0	1.7	1.3
Other Long Term Assets	-	0.2	0.8	-	-
Other Long Term Assets, Total	-	0.2	0.8	-	-
Total Assets	343.0	259.9	357.2	294.7	232.7
Accounts Payable	0.2	0.3	2.4	0.9	1.2
Payable/Accrued	81.6	37.2	51.8	67.0	67.6
Notes Payable/Short Term Debt	104.4	89.6	203.6	130.5	102.0
Current Portion - Long Term Debt/Capital Leases	3.2	3.2	4.0	5.3	4.2
Income Taxes Payable	3.0	2.1	2.0	5.1	3.1
Other Current liabilities, Total	3.0	2.1	2.0	5.1	3.1
Total Current Liabilities	192.4	132.3	263.9	208.9	178.1
Long Term Debt	26.6	17.6	7.7	11.8	17.3
Total Long Term Debt	26.6	17.6	7.7	11.8	17.3
Total Debt	134.3	110.4	215.3	147.6	123.6
Deferred Income Tax - LT Liability	2.1	2.1	1.7	1.5	1.2
Deferred Income Tax	2.1	2.1	1.7	1.5	1.2
Minority Interest	4.8	3.0	1.9	-	-
Other Long Term Liabilities	0.0	0.1	0.1	-	0.3
Other Liabilities, Total	0.0	0.1	0.1	-	0.3
Total Liabilities	226.0	155.1	275.3	222.2	196.9
Common Stock	23.3	23.3	23.3	23.3	23.3
Common Stock	23.3	23.3	23.3	23.3	23.3
Additional Paid-In Capital	2.5	2.5	2.5	2.5	2.5
Retained Earnings (Accumulated Deficit)	91.2	79.0	56.0	46.7	10.0
Total Equity	117.0	104.8	81.9	72.5	35.8
Total Liabilities & Shareholders’ Equity	343.0	260.0	357.2	294.7	232.7
Shares Outstanding - Common Stock Primary Issue	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7
Employees	-	-	-	-	460
Total Long Term Debt, Supplemental	29.8	20.9	-	5.3	-
Long Term Debt Maturing within 1 Year	3.2	3.2	-	5.3	-
Long Term Debt Maturing in Year 2	1.3	4.5	-	-	-
Long Term Debt Maturing in Year 3	8.4	4.4	-	-	-
Long Term Debt Maturing in Year 4	8.4	4.4	-	-	-
Long Term Debt Maturing in Year 5	8.4	4.4	-	-	-
Long Term Debt Maturing in 2-3 Years	9.7	8.9	-	-	-
Long Term Debt Maturing in 4-5 Years	16.9	8.8	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	-	0.0	-
Total Operating Leases, Supplemental	6.0	6.1	5.3	3.0	2.7
Operating Lease Payments Due in Year 1	0.2	0.1	0.1	0.1	0.1
Operating Lease Payments Due in Year 2	0.9	0.9	0.2	0.4	0.1
Operating Lease Payments Due in Year 3	0.3	0.3	0.2	0.1	0.1
Operating Lease Payments Due in Year 4	0.3	0.3	0.2	0.1	0.1
Operating Lease Payments Due in Year 5	0.3	0.3	0.2	0.1	0.1
Operating Lease Pymts. Due in 2-3 Years	1.2	1.2	0.5	0.5	0.2
Operating Lease Pymts. Due in 4-5 Years	0.6	0.6	0.5	0.2	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	4.0	4.2	4.3	2.1	2.2

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	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	493.9	414.9	802.4	524.2	287.4
Cash Payments	-489.0	-286.8	-832.5	-520.2	-323.0
Cash Taxes Paid	-2.4	-1.9	-5.0	-3.0	-0.9
Cash Interest Paid	-	-	-	-7.8	-4.4
Other Operating Cash Flow	-0.2	-0.2	-0.2	-0.5	-0.3
Changes in Working Capital	-0.2	-0.2	-0.2	-0.5	-0.3
Cash from Operating Activities	2.4	126.0	-35.4	-7.3	-41.3
Purchase of Fixed Assets	-18.4	-18.5	-7.5	-13.5	-17.9
Capital Expenditures	-18.4	-18.5	-7.5	-13.5	-17.9
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	0.0	0.3	0.0	-	-
Purchase of Investments	-1.3	-3.2	0.0	-	-
Other Investing Cash Flow	0.0	5.2	-	-	-
Other Investing Cash Flow Items, Total	-1.3	2.3	0.0	0.0	0.0
Cash from Investing Activities	-19.7	-16.2	-7.5	-13.5	-17.9
Other Financing Cash Flow	16.5	-54.1	40.2	-18.3	45.0
Financing Cash Flow Items	16.5	-54.1	40.2	-18.3	45.0
Cash Dividends Paid - Common	-7.0	-4.7	-9.3	-2.3	-1.6
Total Cash Dividends Paid	-7.0	-4.7	-9.3	-2.3	-1.6
Short Term Debt, Net	5.8	-72.5	26.4	45.8	7.7
Long Term Debt Issued	12.2	13.1	0.0	3.9	14.1
Long Term Debt Reduction	-3.2	-4.0	-5.3	-8.6	-4.3
Long Term Debt, Net	8.9	9.1	-5.3	-4.7	9.8
Issuance (Retirement) of Debt, Net	14.7	-63.4	21.1	41.1	17.5
Cash from Financing Activities	24.3	-122.2	52.0	20.5	61.0
Net Change in Cash	6.9	-12.4	9.2	-0.3	1.8
Net Cash - Beginning Balance	-1.0	11.3	2.2	2.4	0.7
Net Cash - Ending Balance	5.9	-1.0	11.3	2.2	2.4
Depreciation	-	-	-	0.4	3.0

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	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Revenues	521.8	404.2	790.7	564.9	326.5
Total Revenue	521.8	404.2	790.7	564.9	326.5
Cost of Sales	477.3	365.6	747.4	500.0	282.8
Other Income	-0.3	-1.0	-0.7	-1.2	-0.7
Administrative Expenses	9.1	8.3	9.2	8.2	7.0
Selling/Distribution	8.2	5.9	8.7	5.4	4.2
Depreciation	0.4	0.4	0.4	0.4	0.3
Amortization	-	-	-	-	0.1
Total Operating Expense	494.7	379.3	765.1	512.8	293.7
Financing Costs	-3.0	-5.7	-8.1	-8.0	-5.9
Interest Income	0.3	0.3	0.2	0.4	0.2
Invest in Associates	-	0.0	0.0	-	0.9
Net Income Before Taxes	24.4	19.4	17.7	44.6	28.1
Provision for Income Taxes	3.3	2.4	2.1	5.4	3.4
Net Income After Taxes	21.1	17.1	15.6	39.2	24.7
Minority Interest	0.2	0.1	0.1	-	-
Share of Results in Affiliate	-0.1	0.1	0.3	0.1	0.0
Net Income Before Extra. Items	21.2	17.3	16.0	39.3	24.8
Net Income	21.2	17.3	16.0	39.3	24.8
Income Available to Com Excl ExtraOrd	21.2	17.3	16.0	39.3	24.8
Income Available to Com Incl ExtraOrd	21.2	17.3	16.0	39.3	24.8
Basic Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excluding ExtraOrdinary Items	0.24	0.19	0.18	0.44	0.28
Basic EPS Including ExtraOrdinary Items	0.24	0.19	0.18	0.44	0.28
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	21.2	17.3	16.0	39.3	24.8
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excluding ExtraOrd Items	0.24	0.19	0.18	0.44	0.28
Diluted EPS Including ExtraOrd Items	0.24	0.19	0.18	0.44	0.28
DPS-Ordinary Shares	0.10	0.08	0.05	0.10	0.03
Gross Dividends - Common Stock	9.3	7.0	4.7	9.3	2.3
Normalized Income Before Taxes	24.4	19.4	17.7	44.6	28.1
Inc Tax Ex Impact of Sp Items	3.3	2.4	2.1	5.4	3.4
Normalized Income After Taxes	21.1	17.1	15.6	39.2	24.7
Normalized Inc. Avail to Com.	21.2	17.3	16.0	39.3	24.8
Basic Normalized EPS	0.24	0.19	0.18	0.44	0.28
Diluted Normalized EPS	0.24	0.19	0.18	0.44	0.28
Advertising	1.0	0.4	0.5	0.4	0.3
Depreciation	5.7	4.9	5.0	3.8	3.0
Amortization	-	-	-	0.0	0.1
Interest Expenses	3.0	5.7	10.3	10.8	5.9
Rent Expenses	0.1	0.1	0.1	0.1	0.0
Current Taxes	3.0	1.9	1.9	5.0	-
Current Tax - Total	3.0	1.9	1.9	5.0	-
Deferred Taxes	0.0	0.4	0.2	0.3	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Prior Years Tax	0.3	-	-	-	-
Income Tax - Total	3.3	2.4	2.1	5.4	-

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	Reclassified Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	20.9	24.8	93.0	21.8	15.9
Spares and Consumables	3.2	2.2	3.5	2.2	2.1
Finished Goods	42.7	21.7	35.3	23.0	31.0
Provision for Inventory	-2.1	-2.1	-1.9	-1.9	-1.7
Work in Progress	9.4	4.5	8.3	9.6	7.3
Goods in Transit	36.0	13.9	7.6	38.7	32.0
Trade Receivables	126.6	103.5	113.0	123.6	81.1
Provision for Impairment	-2.1	-2.1	-1.8	-1.2	-1.2
Advances to Suppliers	4.1	2.5	1.6	7.4	6.4
Other Receivables	1.1	2.2	16.9	2.2	1.5
Due from Related Party	4.3	2.6	2.8	4.4	5.2
Cash/Balances	6.4	8.1	18.4	9.0	8.3
Total Current Assets	250.6	181.8	297.1	238.8	187.9
Buildings/Civil Works	25.4	16.5	16.5	16.4	14.0
Plant/machinery	73.8	53.7	49.5	41.5	37.2
Electrical Equipment	4.9	3.3	3.2	3.2	3.0
Motor Vehicles	0.5	0.5	0.4	0.4	0.3
Furniture/Fixtures	1.3	1.1	1.1	1.0	0.8
Office Equipment	1.8	1.5	1.5	1.1	1.0
Material Handling	5.7	5.3	5.4	4.8	3.4
Loose Tools	0.5	0.4	0.4	0.4	0.3
Lab Equipment	2.6	2.2	2.1	1.7	1.6
Work in Progress	6.7	20.0	4.2	5.8	0.4
Depreciation	-37.4	-31.8	-27.1	-22.1	-18.4
Intangible Assets	-	-	-	-	0.0
LT Deposits	-	-	-	-	0.0
Investment in Associates	1.9	1.9	1.7	1.2	0.9
AFS Investments	1.4	0.0	0.3	0.4	0.4
Held to Maturity Inv	3.2	3.2	-	-	-
Capital Advances	-	0.2	0.8	-	-
Total Assets	343.0	259.9	357.2	294.7	232.7
Bank Loan	104.4	89.6	203.6	130.5	102.0
Current Mat. of LT Debt	3.2	3.2	4.0	5.3	4.2
Trade/Other Payables	81.6	37.2	51.8	67.0	67.6
Due to Related Party	0.2	0.3	2.4	0.9	1.2
Taxation	3.0	2.1	2.0	5.1	3.1
Total Current Liabilities	192.4	132.3	263.9	208.9	178.1
Term Loans	26.6	17.6	7.7	11.8	17.3
Total Long Term Debt	26.6	17.6	7.7	11.8	17.3
Deferred Gov. Grants	0.0	0.1	0.1	-	0.3
Deferred Taxes	2.1	2.1	1.7	1.5	1.2
Minority Interest	4.8	3.0	1.9	-	-
Total Liabilities	226.0	155.1	275.3	222.2	196.9
Share Capital	23.3	23.3	23.3	23.3	23.3
Share Premium	2.5	2.5	2.5	2.5	2.5
Legal Reserve	7.8	7.8	7.8	7.8	4.8
General Reserve	6.8	4.7	2.9	1.3	0.3
Retained Earnings	78.9	66.8	55.9	50.8	17.8
Changes in Fair Value	-2.3	-0.3	-10.6	-13.3	-13.0
Total Equity	117.0	104.8	81.9	72.5	35.8
Total Liabilities & Shareholders' Equity	343.0	260.0	357.2	294.7	232.7
S/O-Ordinary Shares	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7
Full-Time Employees	-	-	-	-	460
Between 1 and 2 years	1.3	4.5	-	-	-
Between 2 and 5 years	25.3	13.1	-	-	-
Total Long Term Debt, Supplemental	26.6	17.6	-	-	-
Leases Due within 1 Year	0.2	0.1	0.1	0.1	0.1
Leases Due within 1-5 Years	0.9	0.9	0.9	0.4	0.4
Lease Due in More than 5 Years	4.0	4.2	4.3	2.1	2.2
Total Operating Leases	5.1	5.2	5.3	2.6	2.7

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	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts from Customers	493.9	414.9	802.4	524.2	287.4
Cash Payments to Suppliers and Employees	-489.0	-286.8	-832.5	-520.2	-323.0
Interest Received	0.3	0.3	0.2	-	-
Cash Interest Paid	-	-	-	-7.8	-4.4
Cash Taxes Paid	-2.4	-1.9	-5.0	-3.0	-0.9
Director's Renumeration	-0.5	-0.5	-0.5	-0.5	-0.3
Cash from Operating Activities	2.4	126.0	-35.4	-7.3	-41.3
Sale of Property	-	-	-	0.0	0.0
Capital Expenditure	-18.4	-18.5	-7.5	-13.5	-17.9
Purchase of Held to Inv	0.0	-3.2	0.0	-	-
Proceed from AFS Inv	0.0	0.3	0.0	-	-
Purchase of AFS Investments	-1.3	-	-	-	-
Proceed from Fixed Assets	0.0	0.0	0.0	-	-
ST Deposits	0.0	5.2	-	-	-
Cash from Investing Activities	-19.7	-16.2	-7.5	-13.5	-17.9
Payment of Term Loans	-3.2	-4.0	-5.3	-8.6	-4.3
Dividends Paid	-7.0	-4.7	-9.3	-2.3	-1.6
Net Movement in ST Loans	5.8	-72.5	26.4	45.8	7.7
Loan against trust Receipt	17.6	-48.8	46.5	-18.3	45.0
Receipt of Term Loans	12.2	13.1	0.0	3.9	14.1
Interest Paid	-3.0	-6.6	-8.1	-	-
Minority Interest	1.9	1.3	1.9	-	-
Cash from Financing Activities	24.3	-122.2	52.0	20.5	61.0
Net Change in Cash	6.9	-12.4	9.2	-0.3	1.8
Depreciation	-	-	-	0.4	3.0
Amortization of Intangibles	-	-	-	0.0	0.1
Begining Cash	-1.0	11.3	2.2	2.4	0.7
Ending Cash	5.9	-1.0	11.3	2.2	2.4

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	165.1	23.04%	521.8	29.10%	-2.61%	27.09%
Operating Income1	4.9	-16.36%	27.1	8.97%	-19.61%	22.14%
Income Available to Common Excl Extraord Items1	3.2	-33.66%	21.2	22.31%	-18.59%	25.67%
Basic EPS Excl Extraord Items1	0.04	-33.33%	0.24	22.31%	-18.60%	25.70%
Capital Expenditures2	-	-	18.4	-0.10%	10.96%	29.41%
Cash from Operating Activities2	-19.7	-	2.4	-98.13%	-	-
Free Cash Flow	-19.7	-	-16.1	-	-	-
Total Assets3	387.7	27.47%	343.0	31.96%	5.19%	23.03%
Total Liabilities3	263.5	37.53%	226.0	45.69%	0.57%	19.21%
Total Long Term Debt3	25.3	13.28%	26.6	51.12%	31.09%	25.73%
Total Common Shares Outstanding3	89.7	0.00%	89.7	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	8.52%	9.55%	5.47%	11.49%	13.39%
Operating Margin	5.19%	6.15%	3.23%	9.24%	10.06%
Pretax Margin	4.67%	4.81%	2.24%	7.89%	8.61%
Net Profit Margin	4.06%	4.29%	2.02%	6.96%	7.59%
Financial Strength
Current Ratio	1.30	1.37	1.13	1.14	1.05
Long Term Debt/Equity	0.23	0.17	0.09	0.16	0.48
Total Debt/Equity	1.15	1.05	2.63	2.04	3.45
Management Effectiveness
Return on Assets	6.99%	5.53%	4.79%	14.86%	13.96%
Return on Equity	19.12%	18.58%	20.71%	72.58%	77.89%
Efficiency
Receivables Turnover	4.42	3.41	6.08	5.24	4.94
Inventory Turnover	5.45	3.46	6.24	5.55	4.67
Asset Turnover	1.73	1.31	2.43	2.14	1.84

Market Valuation USD (mil)
P/E (TTM)	9.52	.	Enterprise Value2	335.4
Price/Sales (TTM)	0.23	.	Enterprise Value/Revenue (TTM)	0.48
Price/Book (MRQ)	1.30	.	Enterprise Value/EBITDA (TTM)	11.34
Market Cap as of 03-Nov-20111	162.1	.
1-ExchangeRate: OMR to USD on 3-Nov-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	1.30	1.37	1.13	1.14	1.05
Quick/Acid Test Ratio	0.71	0.86	0.57	0.66	0.53
Working Capital1	58.2	49.5	33.2	29.9	9.8
Long Term Debt/Equity	0.23	0.17	0.09	0.16	0.48
Total Debt/Equity	1.15	1.05	2.63	2.04	3.45
Long Term Debt/Total Capital	0.11	0.08	0.03	0.05	0.11
Total Debt/Total Capital	0.53	0.51	0.72	0.67	0.78
Payout Ratio	43.96%	40.32%	29.15%	23.71%	9.40%
Effective Tax Rate	13.55%	12.12%	11.99%	12.04%	11.98%
Total Capital1	251.3	215.2	297.2	220.1	159.4
Efficiency
Asset Turnover	1.73	1.31	2.43	2.14	1.84
Inventory Turnover	5.45	3.46	6.24	5.55	4.67
Days In Inventory	66.98	105.36	58.49	65.74	78.19
Receivables Turnover	4.42	3.41	6.08	5.24	4.94
Days Receivables Outstanding	82.57	107.12	60.01	69.64	73.88
Revenue/Employee2	-	-	-	-	709,870
Operating Income/Employee2	-	-	-	-	71,406
EBITDA/Employee2	-	-	-	-	78,295
Profitability
Gross Margin	8.52%	9.55%	5.47%	11.49%	13.39%
Operating Margin	5.19%	6.15%	3.23%	9.24%	10.06%
EBITDA Margin	6.29%	7.35%	3.87%	9.90%	11.03%
EBIT Margin	5.19%	6.15%	3.23%	9.24%	10.06%
Pretax Margin	4.67%	4.81%	2.24%	7.89%	8.61%
Net Profit Margin	4.06%	4.29%	2.02%	6.96%	7.59%
COGS/Revenue	91.48%	90.45%	94.53%	88.51%	86.61%
SG&A Expense/Revenue	3.32%	3.52%	2.27%	2.40%	3.42%
Management Effectiveness
Return on Assets	6.99%	5.53%	4.79%	14.86%	13.96%
Return on Equity	19.12%	18.58%	20.71%	72.58%	77.89%
Valuation
Free Cash Flow/Share2	-0.18	1.20	-0.48	-0.23	-0.66
Operating Cash Flow/Share 2	0.03	1.41	-0.39	-0.08	-0.46
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)	9.52
Market Cap/Equity (MRQ)	1.30
Market Cap/Revenue (TTM)	0.23
Market Cap/EBIT (TTM)	6.80
Market Cap/EBITDA (TTM)	5.48
Enterprise Value/Earnings (TTM)	19.69
Enterprise Value/Equity (MRQ)	2.70
Enterprise Value/Revenue (TTM)	0.48
Enterprise Value/EBIT (TTM)	14.06
Enterprise Value/EBITDA (TTM)	11.34

Annual Income Statement

Standardized

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	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	521.8	404.2	790.7	564.9	326.5
Revenue	521.8	404.2	790.7	564.9	326.5
Total Revenue	521.8	404.2	790.7	564.9	326.5
Cost of Revenue	477.3	365.6	747.4	500.0	282.8
Cost of Revenue, Total	477.3	365.6	747.4	500.0	282.8
Gross Profit	44.5	38.6	43.2	64.9	43.7
Selling/General/Administrative Expense	17.3	14.2	17.9	13.5	11.2
Total Selling/General/Administrative Expenses	17.3	14.2	17.9	13.5	11.2
Depreciation	0.4	0.4	0.4	0.4	0.3
Amortization of Intangibles	-	-	-	-	0.1
Depreciation/Amortization	0.4	0.4	0.4	0.4	0.4
Other Operating Expense	-0.3	-1.0	-0.7	-1.2	-0.7
Other Operating Expenses, Total	-0.3	-1.0	-0.7	-1.2	-0.7
Total Operating Expense	494.7	379.3	765.1	512.8	293.7
Operating Income	27.1	24.9	25.6	52.2	32.8
Interest Income - Non-Operating	0.3	0.3	0.2	0.4	0.2
Investment Income - Non-Operating	-	0.0	0.0	-	0.9
Interest/Investment Income - Non-Operating	0.3	0.3	0.3	0.4	1.1
Interest Income (Expense) - Net Non-Operating Total	0.3	0.3	0.3	0.4	1.1
Other Non-Operating Income (Expense)	-3.0	-5.7	-8.1	-8.0	-5.9
Other, Net	-3.0	-5.7	-8.1	-8.0	-5.9
Income Before Tax	24.4	19.4	17.7	44.6	28.1
Total Income Tax	3.3	2.4	2.1	5.4	3.4
Income After Tax	21.1	17.1	15.6	39.2	24.7
Minority Interest	0.2	0.1	0.1	-	-
Equity In Affiliates	-0.1	0.1	0.3	0.1	0.0
Net Income Before Extraord Items	21.2	17.3	16.0	39.3	24.8
Net Income	21.2	17.3	16.0	39.3	24.8
Income Available to Common Excl Extraord Items	21.2	17.3	16.0	39.3	24.8
Income Available to Common Incl Extraord Items	21.2	17.3	16.0	39.3	24.8
Basic/Primary Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excl Extraord Items	0.24	0.19	0.18	0.44	0.28
Basic/Primary EPS Incl Extraord Items	0.24	0.19	0.18	0.44	0.28
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	21.2	17.3	16.0	39.3	24.8
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excl Extraord Items	0.24	0.19	0.18	0.44	0.28
Diluted EPS Incl Extraord Items	0.24	0.19	0.18	0.44	0.28
Dividends per Share - Common Stock Primary Issue	0.10	0.08	0.05	0.10	0.03
Gross Dividends - Common Stock	9.3	7.0	4.7	9.3	2.3
Interest Expense, Supplemental	3.0	5.7	10.3	10.8	5.9
Depreciation, Supplemental	5.7	4.9	5.0	3.8	3.0
Normalized Income Before Tax	24.4	19.4	17.7	44.6	28.1
Inc Tax Ex Impact of Sp Items	3.3	2.4	2.1	5.4	3.4
Normalized Income After Tax	21.1	17.1	15.6	39.2	24.7
Normalized Inc. Avail to Com.	21.2	17.3	16.0	39.3	24.8
Basic Normalized EPS	0.24	0.19	0.18	0.44	0.28
Diluted Normalized EPS	0.24	0.19	0.18	0.44	0.28
Amort of Intangibles, Supplemental	-	-	-	0.0	0.1
Rental Expenses	0.1	0.1	0.1	0.1	0.0
Advertising Expense, Supplemental	1.0	0.4	0.5	0.4	0.3
Normalized EBIT	27.1	24.9	25.6	52.2	32.8
Normalized EBITDA	32.8	29.7	30.6	55.9	36.0
Current Tax - Total	3.0	1.9	1.9	5.0	-
Current Tax - Total	3.0	1.9	1.9	5.0	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Other Tax	0.3	-	-	-	-
Income Tax - Total	3.3	2.4	2.1	5.4	-

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	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	165.1	205.6	181.2	149.9	134.2
Revenue	165.1	205.6	181.2	149.9	134.2
Total Revenue	165.1	205.6	181.2	149.9	134.2
Cost of Revenue	155.6	192.7	172.7	137.0	124.0
Cost of Revenue, Total	155.6	192.7	172.7	137.0	124.0
Gross Profit	9.4	12.9	8.5	12.9	10.1
Selling/General/Administrative Expense	4.4	5.3	4.5	5.5	4.2
Total Selling/General/Administrative Expenses	4.4	5.3	4.5	5.5	4.2
Depreciation	0.1	0.1	0.1	0.1	0.1
Depreciation/Amortization	0.1	0.1	0.1	0.1	0.1
Other Operating Expense	0.0	-0.1	0.0	-0.1	-0.1
Other Operating Expenses, Total	0.0	-0.1	0.0	-0.1	-0.1
Total Operating Expense	160.2	198.0	177.2	142.5	128.3
Operating Income	4.9	7.6	3.9	7.4	5.9
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.1
Interest/Investment Income - Non-Operating	0.1	0.1	0.1	0.1	0.1
Interest Income (Expense) - Net Non-Operating Total	0.1	0.1	0.1	0.1	0.1
Other Non-Operating Income (Expense)	-1.0	-1.3	-1.0	-0.9	-0.7
Other, Net	-1.0	-1.3	-1.0	-0.9	-0.7
Income Before Tax	4.0	6.4	3.0	6.6	5.2
Total Income Tax	0.4	0.7	0.4	0.7	0.7
Income After Tax	3.6	5.7	2.6	5.9	4.5
Minority Interest	-0.5	-0.4	0.1	-0.1	0.2
Equity In Affiliates	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	3.2	5.3	2.7	5.8	4.8
Net Income	3.2	5.3	2.7	5.8	4.8
Income Available to Common Excl Extraord Items	3.2	5.3	2.7	5.8	4.8
Income Available to Common Incl Extraord Items	3.2	5.3	2.7	5.8	4.8
Basic/Primary Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excl Extraord Items	0.04	0.06	0.03	0.06	0.05
Basic/Primary EPS Incl Extraord Items	0.04	0.06	0.03	0.06	0.05
Diluted Net Income	3.2	5.3	2.7	5.8	4.8
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excl Extraord Items	0.04	0.06	0.03	0.06	0.05
Diluted EPS Incl Extraord Items	0.04	0.06	0.03	0.06	0.05
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.03	0.08
Gross Dividends - Common Stock	0.0	0.0	0.0	2.3	7.0
Interest Expense, Supplemental	1.0	1.3	1.0	0.9	0.7
Depreciation, Supplemental	0.1	0.1	0.1	5.4	0.1
Normalized Income Before Tax	4.0	6.4	3.0	6.6	5.2
Inc Tax Ex Impact of Sp Items	0.4	0.7	0.4	0.7	0.7
Normalized Income After Tax	3.6	5.7	2.6	5.9	4.5
Normalized Inc. Avail to Com.	3.2	5.3	2.7	5.8	4.8
Basic Normalized EPS	0.04	0.06	0.03	0.06	0.05
Diluted Normalized EPS	0.04	0.06	0.03	0.06	0.05
Normalized EBIT	4.9	7.6	3.9	7.4	5.9
Normalized EBITDA	5.0	7.7	4.0	12.8	6.0

Annual Balance Sheet

Standardized

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	Reclassified Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	6.4	8.1	18.4	9.0	8.3
Cash and Short Term Investments	6.4	8.1	18.4	9.0	8.3
Accounts Receivable - Trade, Gross	126.6	103.5	113.0	123.6	81.1
Provision for Doubtful Accounts	-2.1	-2.1	-1.8	-1.2	-1.2
Trade Accounts Receivable - Net	124.5	101.5	111.3	122.4	79.8
Other Receivables	5.4	4.7	19.8	6.6	6.8
Total Receivables, Net	129.9	106.2	131.1	128.9	86.6
Inventories - Finished Goods	78.7	35.6	43.0	61.7	62.9
Inventories - Work In Progress	9.4	4.5	8.3	9.6	7.3
Inventories - Raw Materials	24.2	27.0	96.6	24.1	18.0
Inventories - Other	-2.1	-2.1	-1.9	-1.9	-1.7
Total Inventory	110.2	65.0	146.0	93.5	86.6
Prepaid Expenses	4.1	2.5	1.6	7.4	6.4
Total Current Assets	250.6	181.8	297.1	238.8	187.9
Buildings	25.4	16.5	16.5	16.4	14.0
Machinery/Equipment	85.5	62.7	58.3	49.3	44.1
Construction in Progress	6.7	20.0	4.2	5.8	0.4
Other Property/Plant/Equipment	5.7	5.3	5.4	4.8	3.4
Property/Plant/Equipment - Gross	123.3	104.5	84.3	76.3	62.0
Accumulated Depreciation	-37.4	-31.8	-27.1	-22.1	-18.4
Property/Plant/Equipment - Net	85.9	72.7	57.3	54.2	43.5
Intangibles, Net	-	-	-	-	0.0
LT Investment - Affiliate Companies	1.9	1.9	1.7	1.2	0.9
LT Investments - Other	4.6	3.3	0.3	0.4	0.4
Long Term Investments	6.5	5.2	2.0	1.7	1.3
Other Long Term Assets	-	0.2	0.8	-	-
Other Long Term Assets, Total	-	0.2	0.8	-	-
Total Assets	343.0	259.9	357.2	294.7	232.7
Accounts Payable	0.2	0.3	2.4	0.9	1.2
Payable/Accrued	81.6	37.2	51.8	67.0	67.6
Notes Payable/Short Term Debt	104.4	89.6	203.6	130.5	102.0
Current Portion - Long Term Debt/Capital Leases	3.2	3.2	4.0	5.3	4.2
Income Taxes Payable	3.0	2.1	2.0	5.1	3.1
Other Current liabilities, Total	3.0	2.1	2.0	5.1	3.1
Total Current Liabilities	192.4	132.3	263.9	208.9	178.1
Long Term Debt	26.6	17.6	7.7	11.8	17.3
Total Long Term Debt	26.6	17.6	7.7	11.8	17.3
Total Debt	134.3	110.4	215.3	147.6	123.6
Deferred Income Tax - LT Liability	2.1	2.1	1.7	1.5	1.2
Deferred Income Tax	2.1	2.1	1.7	1.5	1.2
Minority Interest	4.8	3.0	1.9	-	-
Other Long Term Liabilities	0.0	0.1	0.1	-	0.3
Other Liabilities, Total	0.0	0.1	0.1	-	0.3
Total Liabilities	226.0	155.1	275.3	222.2	196.9
Common Stock	23.3	23.3	23.3	23.3	23.3
Common Stock	23.3	23.3	23.3	23.3	23.3
Additional Paid-In Capital	2.5	2.5	2.5	2.5	2.5
Retained Earnings (Accumulated Deficit)	91.2	79.0	56.0	46.7	10.0
Total Equity	117.0	104.8	81.9	72.5	35.8
Total Liabilities & Shareholders’ Equity	343.0	260.0	357.2	294.7	232.7
Shares Outstanding - Common Stock Primary Issue	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7
Employees	-	-	-	-	460
Total Long Term Debt, Supplemental	29.8	20.9	-	5.3	-
Long Term Debt Maturing within 1 Year	3.2	3.2	-	5.3	-
Long Term Debt Maturing in Year 2	1.3	4.5	-	-	-
Long Term Debt Maturing in Year 3	8.4	4.4	-	-	-
Long Term Debt Maturing in Year 4	8.4	4.4	-	-	-
Long Term Debt Maturing in Year 5	8.4	4.4	-	-	-
Long Term Debt Maturing in 2-3 Years	9.7	8.9	-	-	-
Long Term Debt Maturing in 4-5 Years	16.9	8.8	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	-	0.0	-
Total Operating Leases, Supplemental	6.0	6.1	5.3	3.0	2.7
Operating Lease Payments Due in Year 1	0.2	0.1	0.1	0.1	0.1
Operating Lease Payments Due in Year 2	0.9	0.9	0.2	0.4	0.1
Operating Lease Payments Due in Year 3	0.3	0.3	0.2	0.1	0.1
Operating Lease Payments Due in Year 4	0.3	0.3	0.2	0.1	0.1
Operating Lease Payments Due in Year 5	0.3	0.3	0.2	0.1	0.1
Operating Lease Pymts. Due in 2-3 Years	1.2	1.2	0.5	0.5	0.2
Operating Lease Pymts. Due in 4-5 Years	0.6	0.6	0.5	0.2	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	4.0	4.2	4.3	2.1	2.2

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	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 & Equivalents	6.9	8.2	10.3	6.4	6.1
Cash and Short Term Investments	6.9	8.2	10.3	6.4	6.1
Accounts Receivable - Trade, Gross	-	-	-	126.6	-
Provision for Doubtful Accounts	-	-	-	-2.1	-
Trade Accounts Receivable - Net	142.3	166.7	151.0	124.5	134.4
Other Receivables	6.8	6.5	6.8	5.4	6.5
Total Receivables, Net	149.1	173.2	157.8	129.9	140.9
Inventories - Finished Goods	-	-	-	42.7	-
Inventories - Work In Progress	-	-	-	9.4	-
Inventories - Raw Materials	-	-	-	24.2	-
Inventories - Other	132.5	130.7	121.5	33.9	68.9
Total Inventory	132.5	130.7	121.5	110.2	68.9
Prepaid Expenses	-	-	-	4.1	-
Total Current Assets	288.6	312.1	289.6	250.6	215.9
Property/Plant/Equipment - Net	92.6	92.7	86.3	85.9	82.1
LT Investment - Affiliate Companies	1.9	1.9	1.9	1.9	3.0
LT Investments - Other	4.7	4.7	4.7	4.6	3.3
Long Term Investments	6.6	6.6	6.6	6.5	6.3
Other Long Term Assets	-	-	-	-	0.0
Other Long Term Assets, Total	-	-	-	-	0.0
Total Assets	387.7	411.4	382.5	343.0	304.2
Accounts Payable	0.1	0.2	0.7	0.2	2.4
Payable/Accrued	79.6	96.7	86.2	81.6	52.8
Notes Payable/Short Term Debt	146.4	158.0	146.2	104.4	102.1
Current Portion - Long Term Debt/Capital Leases	1.3	1.9	1.9	3.2	3.2
Income Taxes Payable	1.4	1.2	0.4	3.0	2.3
Other Current liabilities, Total	1.4	1.2	0.4	3.0	2.3
Total Current Liabilities	228.8	258.0	235.4	192.4	162.9
Long Term Debt	25.3	26.6	26.6	26.6	22.4
Total Long Term Debt	25.3	26.6	26.6	26.6	22.4
Total Debt	173.0	186.6	174.7	134.3	127.7
Deferred Income Tax - LT Liability	2.1	2.0	2.1	2.1	2.1
Deferred Income Tax	2.1	2.0	2.1	2.1	2.1
Minority Interest	7.2	6.1	4.7	4.8	4.2
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.1
Other Liabilities, Total	0.0	0.0	0.0	0.0	0.1
Total Liabilities	263.5	292.7	268.8	226.0	191.6
Common Stock	23.3	23.3	23.3	23.3	23.3
Common Stock	23.3	23.3	23.3	23.3	23.3
Additional Paid-In Capital	2.5	2.5	2.5	2.5	2.5
Retained Earnings (Accumulated Deficit)	98.4	92.8	87.9	91.2	86.8
Total Equity	124.3	118.7	113.7	117.0	112.6
Total Liabilities & Shareholders’ Equity	387.7	411.4	382.5	343.0	304.2
Shares Outstanding - Common Stock Primary Issue	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7
Total Long Term Debt, Supplemental	-	1.9	1.9	6.5	3.2
Long Term Debt Maturing within 1 Year	-	1.9	1.9	3.2	3.2
Long Term Debt Maturing in Year 2	-	-	-	3.2	-
Long Term Debt Maturing in 2-3 Years	-	-	-	3.2	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	-	-	-	6.0	-
Operating Lease Payments Due in Year 1	-	-	-	0.2	-
Operating Lease Payments Due in Year 2	-	-	-	0.9	-
Operating Lease Pymts. Due in 2-3 Years	-	-	-	0.9	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	-	4.9	-

Annual Cash Flows

Standardized

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	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Moore Stephens	MOOR STEPHENS
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	493.9	414.9	802.4	524.2	287.4
Cash Payments	-489.0	-286.8	-832.5	-520.2	-323.0
Cash Taxes Paid	-2.4	-1.9	-5.0	-3.0	-0.9
Cash Interest Paid	-	-	-	-7.8	-4.4
Other Operating Cash Flow	-0.2	-0.2	-0.2	-0.5	-0.3
Changes in Working Capital	-0.2	-0.2	-0.2	-0.5	-0.3
Cash from Operating Activities	2.4	126.0	-35.4	-7.3	-41.3
Purchase of Fixed Assets	-18.4	-18.5	-7.5	-13.5	-17.9
Capital Expenditures	-18.4	-18.5	-7.5	-13.5	-17.9
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	0.0	0.3	0.0	-	-
Purchase of Investments	-1.3	-3.2	0.0	-	-
Other Investing Cash Flow	0.0	5.2	-	-	-
Other Investing Cash Flow Items, Total	-1.3	2.3	0.0	0.0	0.0
Cash from Investing Activities	-19.7	-16.2	-7.5	-13.5	-17.9
Other Financing Cash Flow	16.5	-54.1	40.2	-18.3	45.0
Financing Cash Flow Items	16.5	-54.1	40.2	-18.3	45.0
Cash Dividends Paid - Common	-7.0	-4.7	-9.3	-2.3	-1.6
Total Cash Dividends Paid	-7.0	-4.7	-9.3	-2.3	-1.6
Short Term Debt, Net	5.8	-72.5	26.4	45.8	7.7
Long Term Debt Issued	12.2	13.1	0.0	3.9	14.1
Long Term Debt Reduction	-3.2	-4.0	-5.3	-8.6	-4.3
Long Term Debt, Net	8.9	9.1	-5.3	-4.7	9.8
Issuance (Retirement) of Debt, Net	14.7	-63.4	21.1	41.1	17.5
Cash from Financing Activities	24.3	-122.2	52.0	20.5	61.0
Net Change in Cash	6.9	-12.4	9.2	-0.3	1.8
Net Cash - Beginning Balance	-1.0	11.3	2.2	2.4	0.7
Net Cash - Ending Balance	5.9	-1.0	11.3	2.2	2.4
Depreciation	-	-	-	0.4	3.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	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
Cash Receipts	-	-	-	493.9	-
Cash Payments	-	-	-	-489.0	-
Cash Taxes Paid	-3.0	-3.0	-3.0	-2.4	-2.3
Cash Interest Paid	-3.6	-2.7	-1.3	-	-2.4
Other Operating Cash Flow	-13.1	-26.7	-20.7	-0.2	5.1
Changes in Working Capital	-13.1	-26.7	-20.7	-0.2	5.1
Cash from Operating Activities	-19.7	-32.4	-25.0	2.4	0.4
Purchase of Fixed Assets	-	-	-	-18.4	-
Capital Expenditures	-	-	-	-18.4	-
Sale of Fixed Assets	-	-	-	0.0	-
Sale/Maturity of Investment	-	-	-	0.0	-
Purchase of Investments	-	-	-	-1.3	-
Other Investing Cash Flow	-11.9	-10.3	-2.2	0.0	-14.6
Other Investing Cash Flow Items, Total	-11.9	-10.3	-2.2	-1.3	-14.6
Cash from Investing Activities	-11.9	-10.3	-2.2	-19.7	-14.6
Other Financing Cash Flow	41.6	43.9	24.8	16.5	21.4
Financing Cash Flow Items	41.6	43.9	24.8	16.5	21.4
Cash Dividends Paid - Common	-9.3	-9.3	-9.3	-7.0	-7.0
Total Cash Dividends Paid	-9.3	-9.3	-9.3	-7.0	-7.0
Short Term Debt, Net	-	-	-	5.8	-
Long Term Debt Issued	-	-	-	12.2	-
Long Term Debt Reduction	-	-	-	-3.2	-
Long Term Debt, Net	-	-	-	8.9	-
Issuance (Retirement) of Debt, Net	-	-	-	14.7	-
Cash from Financing Activities	32.3	34.5	15.5	24.3	14.4
Net Change in Cash	0.7	-8.1	-11.7	6.9	0.2
Net Cash - Beginning Balance	5.9	5.9	5.9	-1.0	-1.0
Net Cash - Ending Balance	6.6	-2.2	-5.8	5.9	-0.8

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	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Revenues	521.8	404.2	790.7	564.9	326.5
Total Revenue	521.8	404.2	790.7	564.9	326.5
Cost of Sales	477.3	365.6	747.4	500.0	282.8
Other Income	-0.3	-1.0	-0.7	-1.2	-0.7
Administrative Expenses	9.1	8.3	9.2	8.2	7.0
Selling/Distribution	8.2	5.9	8.7	5.4	4.2
Depreciation	0.4	0.4	0.4	0.4	0.3
Amortization	-	-	-	-	0.1
Total Operating Expense	494.7	379.3	765.1	512.8	293.7
Financing Costs	-3.0	-5.7	-8.1	-8.0	-5.9
Interest Income	0.3	0.3	0.2	0.4	0.2
Invest in Associates	-	0.0	0.0	-	0.9
Net Income Before Taxes	24.4	19.4	17.7	44.6	28.1
Provision for Income Taxes	3.3	2.4	2.1	5.4	3.4
Net Income After Taxes	21.1	17.1	15.6	39.2	24.7
Minority Interest	0.2	0.1	0.1	-	-
Share of Results in Affiliate	-0.1	0.1	0.3	0.1	0.0
Net Income Before Extra. Items	21.2	17.3	16.0	39.3	24.8
Net Income	21.2	17.3	16.0	39.3	24.8
Income Available to Com Excl ExtraOrd	21.2	17.3	16.0	39.3	24.8
Income Available to Com Incl ExtraOrd	21.2	17.3	16.0	39.3	24.8
Basic Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excluding ExtraOrdinary Items	0.24	0.19	0.18	0.44	0.28
Basic EPS Including ExtraOrdinary Items	0.24	0.19	0.18	0.44	0.28
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	21.2	17.3	16.0	39.3	24.8
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excluding ExtraOrd Items	0.24	0.19	0.18	0.44	0.28
Diluted EPS Including ExtraOrd Items	0.24	0.19	0.18	0.44	0.28
DPS-Ordinary Shares	0.10	0.08	0.05	0.10	0.03
Gross Dividends - Common Stock	9.3	7.0	4.7	9.3	2.3
Normalized Income Before Taxes	24.4	19.4	17.7	44.6	28.1
Inc Tax Ex Impact of Sp Items	3.3	2.4	2.1	5.4	3.4
Normalized Income After Taxes	21.1	17.1	15.6	39.2	24.7
Normalized Inc. Avail to Com.	21.2	17.3	16.0	39.3	24.8
Basic Normalized EPS	0.24	0.19	0.18	0.44	0.28
Diluted Normalized EPS	0.24	0.19	0.18	0.44	0.28
Advertising	1.0	0.4	0.5	0.4	0.3
Depreciation	5.7	4.9	5.0	3.8	3.0
Amortization	-	-	-	0.0	0.1
Interest Expenses	3.0	5.7	10.3	10.8	5.9
Rent Expenses	0.1	0.1	0.1	0.1	0.0
Current Taxes	3.0	1.9	1.9	5.0	-
Current Tax - Total	3.0	1.9	1.9	5.0	-
Deferred Taxes	0.0	0.4	0.2	0.3	-
Deferred Tax - Total	0.0	0.4	0.2	0.3	-
Prior Years Tax	0.3	-	-	-	-
Income Tax - Total	3.3	2.4	2.1	5.4	-

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
Revenues	205.6	181.2	149.9	134.2	130.6
Total Revenue	205.6	181.2	149.9	134.2	130.6
Cost of Sales	192.7	172.7	137.0	124.0	118.3
Other Income	-0.1	0.0	-0.1	-0.1	0.0
Administrative & General Expenses	2.8	2.5	2.0	2.3	2.5
Selling & Distribution	2.5	2.0	3.5	1.9	1.6
Depreciation & Amortisation	0.1	0.1	0.1	0.1	0.1
Total Operating Expense	198.0	177.2	142.5	128.3	122.5
Financing Costs	-1.3	-1.0	-0.9	-0.7	-0.7
Interest Income	0.1	0.1	0.1	0.1	0.1
Net Income Before Taxes	6.4	3.0	6.6	5.2	7.4
Provision for Income Taxes	0.7	0.4	0.7	0.7	1.3
Net Income After Taxes	5.7	2.6	5.9	4.5	6.2
Share of Results in Affiliate	0.0	0.0	0.0	0.0	-0.1
Minority Interest	-0.4	0.1	-0.1	0.2	0.1
Net Income Before Extra. Items	5.3	2.7	5.8	4.8	6.1
Net Income	5.3	2.7	5.8	4.8	6.1
Income Available to Com Excl ExtraOrd	5.3	2.7	5.8	4.8	6.1
Income Available to Com Incl ExtraOrd	5.3	2.7	5.8	4.8	6.1
Basic Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Basic EPS Excluding ExtraOrdinary Items	0.06	0.03	0.06	0.05	0.07
Basic EPS Including ExtraOrdinary Items	0.06	0.03	0.06	0.05	0.07
Diluted Net Income	5.3	2.7	5.8	4.8	6.1
Diluted Weighted Average Shares	89.7	89.7	89.7	89.7	89.7
Diluted EPS Excluding ExtraOrd Items	0.06	0.03	0.06	0.05	0.07
Diluted EPS Including ExtraOrd Items	0.06	0.03	0.06	0.05	0.07
DPS-Ordinary Shares	0.00	0.00	0.03	0.08	0.00
Gross Dividends - Common Stock	0.0	0.0	2.3	7.0	0.0
Normalized Income Before Taxes	6.4	3.0	6.6	5.2	7.4
Inc Tax Ex Impact of Sp Items	0.7	0.4	0.7	0.7	1.3
Normalized Income After Taxes	5.7	2.6	5.9	4.5	6.2
Normalized Inc. Avail to Com.	5.3	2.7	5.8	4.8	6.1
Basic Normalized EPS	0.06	0.03	0.06	0.05	0.07
Diluted Normalized EPS	0.06	0.03	0.06	0.05	0.07
Depreciation & Amortisation	0.1	0.1	5.4	0.1	0.1
Interest Expenses	1.3	1.0	0.9	0.7	0.7

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	Reclassified Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	20.9	24.8	93.0	21.8	15.9
Spares and Consumables	3.2	2.2	3.5	2.2	2.1
Finished Goods	42.7	21.7	35.3	23.0	31.0
Provision for Inventory	-2.1	-2.1	-1.9	-1.9	-1.7
Work in Progress	9.4	4.5	8.3	9.6	7.3
Goods in Transit	36.0	13.9	7.6	38.7	32.0
Trade Receivables	126.6	103.5	113.0	123.6	81.1
Provision for Impairment	-2.1	-2.1	-1.8	-1.2	-1.2
Advances to Suppliers	4.1	2.5	1.6	7.4	6.4
Other Receivables	1.1	2.2	16.9	2.2	1.5
Due from Related Party	4.3	2.6	2.8	4.4	5.2
Cash/Balances	6.4	8.1	18.4	9.0	8.3
Total Current Assets	250.6	181.8	297.1	238.8	187.9
Buildings/Civil Works	25.4	16.5	16.5	16.4	14.0
Plant/machinery	73.8	53.7	49.5	41.5	37.2
Electrical Equipment	4.9	3.3	3.2	3.2	3.0
Motor Vehicles	0.5	0.5	0.4	0.4	0.3
Furniture/Fixtures	1.3	1.1	1.1	1.0	0.8
Office Equipment	1.8	1.5	1.5	1.1	1.0
Material Handling	5.7	5.3	5.4	4.8	3.4
Loose Tools	0.5	0.4	0.4	0.4	0.3
Lab Equipment	2.6	2.2	2.1	1.7	1.6
Work in Progress	6.7	20.0	4.2	5.8	0.4
Depreciation	-37.4	-31.8	-27.1	-22.1	-18.4
Intangible Assets	-	-	-	-	0.0
LT Deposits	-	-	-	-	0.0
Investment in Associates	1.9	1.9	1.7	1.2	0.9
AFS Investments	1.4	0.0	0.3	0.4	0.4
Held to Maturity Inv	3.2	3.2	-	-	-
Capital Advances	-	0.2	0.8	-	-
Total Assets	343.0	259.9	357.2	294.7	232.7
Bank Loan	104.4	89.6	203.6	130.5	102.0
Current Mat. of LT Debt	3.2	3.2	4.0	5.3	4.2
Trade/Other Payables	81.6	37.2	51.8	67.0	67.6
Due to Related Party	0.2	0.3	2.4	0.9	1.2
Taxation	3.0	2.1	2.0	5.1	3.1
Total Current Liabilities	192.4	132.3	263.9	208.9	178.1
Term Loans	26.6	17.6	7.7	11.8	17.3
Total Long Term Debt	26.6	17.6	7.7	11.8	17.3
Deferred Gov. Grants	0.0	0.1	0.1	-	0.3
Deferred Taxes	2.1	2.1	1.7	1.5	1.2
Minority Interest	4.8	3.0	1.9	-	-
Total Liabilities	226.0	155.1	275.3	222.2	196.9
Share Capital	23.3	23.3	23.3	23.3	23.3
Share Premium	2.5	2.5	2.5	2.5	2.5
Legal Reserve	7.8	7.8	7.8	7.8	4.8
General Reserve	6.8	4.7	2.9	1.3	0.3
Retained Earnings	78.9	66.8	55.9	50.8	17.8
Changes in Fair Value	-2.3	-0.3	-10.6	-13.3	-13.0
Total Equity	117.0	104.8	81.9	72.5	35.8
Total Liabilities & Shareholders' Equity	343.0	260.0	357.2	294.7	232.7
S/O-Ordinary Shares	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7
Full-Time Employees	-	-	-	-	460
Between 1 and 2 years	1.3	4.5	-	-	-
Between 2 and 5 years	25.3	13.1	-	-	-
Total Long Term Debt, Supplemental	26.6	17.6	-	-	-
Leases Due within 1 Year	0.2	0.1	0.1	0.1	0.1
Leases Due within 1-5 Years	0.9	0.9	0.9	0.4	0.4
Lease Due in More than 5 Years	4.0	4.2	4.3	2.1	2.2
Total Operating Leases	5.1	5.2	5.3	2.6	2.7

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
Inventories	130.7	121.5	-	68.9	67.2
Raw Materials	-	-	20.9	-	-
Work in Progress	-	-	9.4	-	-
Finished Goods	-	-	42.7	-	-
Spares and Consumables	-	-	3.2	-	-
Provision	-	-	-2.1	-	-
Goods in Transit	-	-	36.0	-	-
Trade Receivables	166.7	151.0	-	134.4	115.3
Trade Receivable	-	-	126.6	-	-
Provisions	-	-	-2.1	-	-
Advances to Suppliers	-	-	4.1	-	-
Other Receivables	-	-	1.1	-	-
Due from Related Party	6.5	6.8	4.3	6.5	4.4
Cash/Balances	8.2	10.3	6.4	6.1	10.4
Total Current Assets	312.1	289.6	250.6	215.9	197.3
Prop./Equip.	92.7	86.3	85.9	82.1	79.5
Inves. in Associates	1.9	1.9	1.9	3.0	2.9
Investments AFS	1.5	1.5	1.4	0.0	0.0
Held To maturity Invest.	3.2	3.2	3.2	3.3	3.3
Capital Advances	-	-	-	0.0	-
Total Assets	411.4	382.5	343.0	304.2	282.9
Trade/Other Payables	96.7	86.2	81.6	52.8	41.8
Due to Related Party	0.2	0.7	0.2	2.4	0.1
Bank Loan	158.0	146.2	104.4	102.1	97.2
Current Mat. of LT Debt	1.9	1.9	3.2	3.2	3.3
Taxation	1.2	0.4	3.0	2.3	1.6
Total Current Liabilities	258.0	235.4	192.4	162.9	143.9
Term Loans	26.6	26.6	26.6	22.4	24.3
Total Long Term Debt	26.6	26.6	26.6	22.4	24.3
Deferred Taxes	2.0	2.1	2.1	2.1	2.1
Deferred Gov. Grants	0.0	0.0	0.0	0.1	0.1
Minority Interest	6.1	4.7	4.8	4.2	4.9
Total Liabilities	292.7	268.8	226.0	191.6	175.4
Share Capital	23.3	23.3	23.3	23.3	23.3
Share Premium	2.5	2.5	2.5	2.5	2.5
Legal Reserve	7.8	7.8	7.8	7.8	7.8
Retained Earnings	77.6	72.3	78.9	4.7	70.5
General Reserve	6.8	6.8	6.8	75.2	4.7
Changes in Fair Value	0.7	1.0	-2.3	-0.8	-1.2
Total Equity	118.7	113.7	117.0	112.6	107.5
Total Liabilities & Shareholders' Equity	411.4	382.5	343.0	304.2	282.9
S/O-Ordinary Shares	89.7	89.7	89.7	89.7	89.7
Total Common Shares Outstanding	89.7	89.7	89.7	89.7	89.7

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	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	MOOR STEPHENS	Not Available
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts from Customers	493.9	414.9	802.4	524.2	287.4
Cash Payments to Suppliers and Employees	-489.0	-286.8	-832.5	-520.2	-323.0
Interest Received	0.3	0.3	0.2	-	-
Cash Interest Paid	-	-	-	-7.8	-4.4
Cash Taxes Paid	-2.4	-1.9	-5.0	-3.0	-0.9
Director's Renumeration	-0.5	-0.5	-0.5	-0.5	-0.3
Cash from Operating Activities	2.4	126.0	-35.4	-7.3	-41.3
Sale of Property	-	-	-	0.0	0.0
Capital Expenditure	-18.4	-18.5	-7.5	-13.5	-17.9
Purchase of Held to Inv	0.0	-3.2	0.0	-	-
Proceed from AFS Inv	0.0	0.3	0.0	-	-
Purchase of AFS Investments	-1.3	-	-	-	-
Proceed from Fixed Assets	0.0	0.0	0.0	-	-
ST Deposits	0.0	5.2	-	-	-
Cash from Investing Activities	-19.7	-16.2	-7.5	-13.5	-17.9
Payment of Term Loans	-3.2	-4.0	-5.3	-8.6	-4.3
Dividends Paid	-7.0	-4.7	-9.3	-2.3	-1.6
Net Movement in ST Loans	5.8	-72.5	26.4	45.8	7.7
Loan against trust Receipt	17.6	-48.8	46.5	-18.3	45.0
Receipt of Term Loans	12.2	13.1	0.0	3.9	14.1
Interest Paid	-3.0	-6.6	-8.1	-	-
Minority Interest	1.9	1.3	1.9	-	-
Cash from Financing Activities	24.3	-122.2	52.0	20.5	61.0
Net Change in Cash	6.9	-12.4	9.2	-0.3	1.8
Depreciation	-	-	-	0.4	3.0
Amortization of Intangibles	-	-	-	0.0	0.1
Begining Cash	-1.0	11.3	2.2	2.4	0.7
Ending Cash	5.9	-1.0	11.3	2.2	2.4

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
Cash Receipts from Customers	-	-	493.9	-	-
Cash Payments to Suppliers and Employees	-	-	-489.0	-	-
Cash from Operations	-26.2	-20.7	-	5.6	8.4
Interest Received	-	-	0.3	-	-
Cash Interest Paid	-2.7	-1.3	-	-2.4	-1.6
Director's Remuneration	-0.5	0.0	-0.5	-0.5	-0.5
Cash Taxes Paid	-3.0	-3.0	-2.4	-2.3	-2.3
Cash from Operating Activities	-32.4	-25.0	2.4	0.4	4.1
Sale of Property	-	-	0.0	-	-
Capital Expenditure	-	-	-18.4	-	-
Purchase of Held to Inv	-	-	0.0	-	-
Preceed from AFS Inv	-	-	0.0	-	-
Purchase of AFS Investments	-	-	-1.3	-	-
ST Deposits	-	-	0.0	-	-
Investing Activity	-10.3	-2.2	-	-14.6	-10.3
Cash from Investing Activities	-10.3	-2.2	-19.7	-14.6	-10.3
Payment of Term Loans	-	-	-3.2	-	-
Dividends Paid	-9.3	-9.3	-7.0	-7.0	-7.0
ST Loans	-	-	5.8	-	-
Loan against trust Receipt	-	-	17.6	-	-
Receipt of Term Loans	-	-	12.2	-	-
Interest Paid	-	-	-3.0	-	-
Minority Interest	-	-	1.9	-	-
Financing Activity	43.9	24.8	-	21.4	17.6
Cash from Financing Activities	34.5	15.5	24.3	14.4	10.6
Net Change in Cash	-8.1	-11.7	6.9	0.2	4.3
Begining Cash	5.9	5.9	-1.0	-1.0	-1.0
Ending Cash	-2.2	-5.8	5.9	-0.8	3.3

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10		31-Dec-09
Oman	243.9	46.7 %	177.0	43.8 %
Middle East & North Africa	250.3	48 %	214.2	53 %
Others	27.6	5.3 %	12.9	3.2 %
Segment Total	521.8	100 %	404.2	100 %
Consolidated Total	521.8	100 %	404.2	100 %
Exchange Rate: OMR to USD	0.385008		0.384999
Total Revenue USD (mil)
	31-Dec-10		31-Dec-09
Oman	243.9	46.7 %	177.0	43.8 %
Middle East & North Africa	250.3	48 %	214.2	53 %
Others	27.6	5.3 %	12.9	3.2 %
Segment Total	521.8	100 %	404.2	100 %
Consolidated Total	521.8	100 %	404.2	100 %
Exchange Rate: OMR to USD	0.385008		0.384999

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.98
UK Pound	1	Rs.80.59
Euro	1	Rs.69.12

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.