MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	NATIONAL PHARMACEUTICAL INDUSTRIES CO.
Registered Office :	Al Rusayl Industrial Estate, P O Box 120, Muscat, 124
Country :	Oman
Financials (as on) :	31.12.2011
Date of Incorporation :	14.02.1996
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of pharmaceutical products
No. of Employees :	215

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

National Pharmaceutical Industries Co.

Al Rusayl Industrial Estate
P O Box 120
Muscat, 124
Oman
Tel:	968-24-449090
Fax:	968-24-446431

Employees:

215

Company Type:

Public Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Al Ritaj Holding KSCC

Traded:

Muscat Securities Market:

NPMI

Incorporation Date:

14-Feb-1996

Auditor:

BDO

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Rial Omani
Annual Sales:	16.5 ^1
Net Income:	2.7
Total Assets:	37.6 ^2
Market Value:	13.0
	(18-Sep-2011)

Business Description

National Pharmaceutical Industries Co SAOG is an Oman-based joint stock company engaged in the manufacture of pharmaceutical products. The Company’s products include lipid lowering, cardio vascular, anti-bacterial, niche & mass, anti-allergic, non-steroidal anti-inflammatory, gastro intestinal, anti-diabetic, anti-depressant and analgesic antipyretic, among others. The Company’s facilities are spread over a 30,042.43 square meters plot of land, and consist of a non-beta lactum plant for the production of oral solids, liquids, drops, dry suspensions and sachets; a beta lactum plant, which produces capsules and dry suspension; a research and development laboratory, and a quality control laboratory. The Company is a subsidiary of Al Ritaj Holding Company, Kuwait, which holds 69.46% of the issued and paid up share capital of the Company. National Pharmaceutical Industries Company is an Oman-based shareholding company located in the Rusayl Industrial Estate, Muscat. The Company is primarily engaged in the manufacture of pharmaceutical products, which include analgesic, anti-allergic, non-steroidal anti-inflammatory, anti-bacterial, gastro-intestinal, anti-diabetic, cardio-vascular, anti-depressant, lipid lowering and other products.

Industry

Industry	Biotechnology and Drugs
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002:	2442 - Manufacture of pharmaceutical preparations
NAICS 2002:	325412 - Pharmaceutical Preparation Manufacturing
UK SIC 2003:	24421 - Manufacture of medicaments
US SIC 1987:	2834 - Pharmaceutical Preparations

Key Executives

Name	Title
G. Sridhar	Chief Executive Officer and Secretary to the Board of Directors
M.V. Suresh	Vice President - Finance and Commercial Affairs
Dhabia Wana	Assistant Vice President - Plant Operations
Ghazi Omar Al Zubaidi	Non-Executive Independent Chairman of the Board
Ali Mohammed Jaafar Al Dabbous	Non-Executive Independent Vice Chairman of the Board

News

Title	Date
Oman Pharmaceuticals and Healthcare Report Q2 2012 - A Tax to Be Put On Tobacco Products at End Of 2012 Pharma Business Week (302 Words)	18-Apr-2012

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.97	2.84
Quick Ratio (MRQ)	1.65	1.96
Debt to Equity (MRQ)	1.53	0.37
Sales 5 Year Growth	18.88	13.75
Net Profit Margin (TTM) %	16.89	10.96
Return on Assets (TTM) %	7.91	7.42
Return on Equity (TTM) %	22.68	13.52

Stock Snapshot

Traded: Muscat Securities Market: NPMI

As of 31-Dec-2011

   Financials in: OMR

Recent Price	0.10	EPS	0.02
52 Week High	0.10	Price/Sales	0.79
52 Week Low	0.10	Price/Book	0.93
Avg. Volume (mil)	0.0000
Market Value (mil)	5.00

	Price % Change	Rel S&P 500%
4 Week	0.0000%	4.05%
13 Week	0.0000%	10.27%
Year to Date	0.0000%	4.59%

Source: Reuters

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.385032
2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

Corporate Overview

National Pharmaceutical Industries Co.

Location
Al Rusayl Industrial Estate
P O Box 120
Muscat, 124
Oman

Tel:	968-24-449090
Fax:	968-24-446431

npioman.com

Quote Symbol - Exchange
NPMI - Muscat Securities Market
Sales OMR(mil):	6.4
Assets OMR(mil):	14.5
Employees:	215
Fiscal Year End:	31-Dec-2011

Industry:	Biotechnology and Drugs

Incorporation Date:	14-Feb-1996
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Chief Executive Officer and Secretary to the Board of Directors:	G. Sridhar

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:
2441	-	Manufacture of basic pharmaceutical products
2442	-	Manufacture of pharmaceutical preparations

NAICS 2002 Codes:
325412	-	Pharmaceutical Preparation Manufacturing
325411	-	Medicinal and Botanical Manufacturing

US SIC 1987:
2833	-	Medicinal Chemicals and Botanical Products
2834	-	Pharmaceutical Preparations

UK SIC 2003:
24421	-	Manufacture of medicaments
2441	-	Manufacture of basic pharmaceutical products

Top

Business Description

National Pharmaceutical Industries Co SAOG is an Oman-based joint stock company engaged in the manufacture of pharmaceutical products. The Company’s products include lipid lowering, cardio vascular, anti-bacterial, niche & mass, anti-allergic, non-steroidal anti-inflammatory, gastro intestinal, anti-diabetic, anti-depressant and analgesic antipyretic, among others. The Company’s facilities are spread over a 30,042.43 square meters plot of land, and consist of a non-beta lactum plant for the production of oral solids, liquids, drops, dry suspensions and sachets; a beta lactum plant, which produces capsules and dry suspension; a research and development laboratory, and a quality control laboratory. The Company is a subsidiary of Al Ritaj Holding Company, Kuwait, which holds 69.46% of the issued and paid up share capital of the Company. National Pharmaceutical Industries Company is an Oman-based shareholding company located in the Rusayl Industrial Estate, Muscat. The Company is primarily engaged in the manufacture of pharmaceutical products, which include analgesic, anti-allergic, non-steroidal anti-inflammatory, anti-bacterial, gastro-intestinal, anti-diabetic, cardio-vascular, anti-depressant, lipid lowering and other products.

Source: Reuters

More Business Descriptions

Manufacture of pharmaceutical products

Source: Graham & Whiteside

Drugs

Source: BMI

Top

Financial Data

Financials in:	OMR(mil)
Revenue:	6.4
Net Income:	1.0
Assets:	14.5
Long Term Debt:	4.3
Total Liabilities:	9.1
Working Capital:	0.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

10.9%

410.7%

9.5%

Top

Market Data

Quote Symbol:	NPMI
Exchange:	Muscat Securities Market
Currency:	OMR
Stock Price:	0.1
Stock Price Date:	09-18-2011
52 Week Price Change %:	0.0
Market Value (mil):	5,000.0
SEDOL:	6635741
ISIN:	OM0000001939
Top

Shareholders

Major Shareholders

Al Ritaj Holding KSCC, Kuwait (69.46%); Suhail Bahwan Group (30%)

Top

Key Corporate Relationships

Auditor:	BDO
Auditor:	BDO, BDO

Top

Corporate Family	Corporate Structure News:
	National Pharmaceutical Industries Co.
National Pharmaceutical Industries Co. Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Al Ritaj Holding KSCC	Parent
National Pharmaceutical Industries Co.	Subsidiary	Muscat	Oman	Biotechnology and Drugs	16.5	215

National Pharmaceutical Industries Co. Muscat, , Oman, Tel: 968-24-449090, URL: http://npioman.com

Executives Report

Board of Directors

Name	Title	Function
Ghazi Omar Al Zubaidi	Non-Executive Independent Chairman of the Board	Chairman
Biography: Dr. Ghazi Omar Al Zubaidi serves as Non-Executive Independent Chairman of the Board for National Pharmaceutical Industries Co SAOG. Dr. Al Zubaidi is Advisor to H. E. Minister of Health for Hospitals Affairs. Source: Reuters
Ali Mohammed Jaafar Al Dabbous	Non-Executive Independent Vice Chairman of the Board	Vice-Chairman
Biography: Mr. Ali Mohammed Jaafar Al Dabbous serves as Non-Executive Independent Vice Chairman of the Board for National Pharmaceutical Industries Co SAOG. Mr. Al Dabbous is a businessman, and he served as Director at Bait Aljara, Kuwait; Chairman and Managing Director at Al Ritaj Holding Company, Kuwait; Vice Chairman at Pharo Pharma, Egypt and Chairman for Delta Pharma, Egypt.
Nayef Al Hajery	Non-Executive Independent Member of the Board, representing Al Ritaj Investment Company	Director/Board Member
Fahad S Al Kunaimish	Director	Director/Board Member
Khalid Al Said	Member of the Board	Director/Board Member
Amal Bint Suhail Bahwan	Director	Director/Board Member
Amal Suhail Bahwan	Non-Executive Independent Member of the Board	Director/Board Member
Biography: Ms. Amal Bint Suhail Bahwan serves as Non-Executive Independent Member of the Board for National Pharmaceutical Industries Co SAOG. She is a businesswoman. Ms. Bahwan served as Chairperson at Oman Ceramics Co SAOG and as Director for Oman Oil Marketing Co SAOG.
Mohammed Kunwar Ghazaly	Director	Director/Board Member
Khalifa Salman Mohannadi	Non-Executive Independent Member of the Board, representing Al Ritaj Holding Co.	Director/Board Member
Biography: Mr. Khalifa Salman Mohannadi serves as Non-Executive Independent Member of the Board for National Pharmaceutical Industries Co SAOG, representing Al Ritaj Holding Company. He is Member of Al Ritaj Holding Co. Mr. Mohannadi also served as Director at Pharo Pharma, Egypt and for Al- Ritaj Holding Co, Kuwait, as well as Chairman of the Board for Majdi Foods Co, Kuwait.
Mukesh Sawhney	Non-Executive Independent Member of the Board	Director/Board Member	Reuters
Biography: Mr. Mukesh Sawhney serves as Non-Executive Independent Member of the Board for National Pharmaceutical Industries Co SAOG. He is a Chartered Accountant. Mr. Sawhney is a Financial Advisor to Suhail Bahwan Group. He is Deputy Chairman of Oman United Insurance Co SAOG and Director of Oman Ceramics Co SAOG. Source: Reuters

Executives

Name	Title	Function
G. Sridhar	Chief Executive Officer and Secretary to the Board of Directors	Chief Executive Officer
Biography: Mr. G. Sridhar serves as Chief Executive Officer and Secretary to the Board of Directors for National Pharmaceutical Industries Co SAOG. He was appointed as Secretary to the Board of Directors on March 19, 2011. He holds a Masters degree in Pharmacy. He has over 30 years experience in various pharmaceutical companies in product development, Quality Control, production, projects and general Management. His last assignments were at the position of General Manager of Pharmaceutical Companies.
Dhabia Wana	Assistant Vice President - Plant Operations	Operations Executive
Biography: Ms. Dhabia Wana serves as Assistant Vice President - Plant Operations at National Pharmaceutical Industries Co SAOG. She holds a Master of Pharmacy degree with over 30 years of experience in various pharmaceutical manufacturing companies in the region. She has experience in Product Development, Projects and Production operations.
M.V. Suresh	Vice President - Finance and Commercial Affairs	Finance Executive
Biography: Mr. M.V. Suresh serves as Vice President - Finance and Commercial Affairs for National Pharmaceutical Industries Co SAOG. He is a Chartered Accountant and a Cost and Management Accountant with over 25 years of experience in the industry heading the finance function.

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	16.5	14.9	19.8	9.4	7.8
Revenue	16.5	14.9	19.8	9.4	7.8
Total Revenue	16.5	14.9	19.8	9.4	7.8
Cost of Revenue	12.4	10.8	14.4	7.1	7.1
Cost of Revenue, Total	12.4	10.8	14.4	7.1	7.1
Gross Profit	4.2	4.1	5.3	2.3	0.6
Selling/General/Administrative Expense	1.5	2.1	3.7	2.1	1.7
Labor & Related Expense	0.6	0.7	0.5	-	-
Total Selling/General/Administrative Expenses	2.1	2.8	4.3	2.1	1.7
Research & Development	0.2	0.2	0.3	0.1	0.1
Depreciation	0.1	0.1	0.1	1.3	0.0
Depreciation/Amortization	0.1	0.1	0.1	1.3	0.0
Other, Net	-0.1	-0.2	-0.3	-0.1	-
Other Operating Expenses, Total	-0.1	-0.2	-0.3	-0.1	-
Total Operating Expense	14.6	13.6	18.7	10.5	9.0
Operating Income	1.9	1.3	1.0	-1.1	-1.2
Interest Expense - Non-Operating	-	-	-	-1.4	-
Interest Expense, Net Non-Operating	-	-	-	-1.4	-
Interest Income (Expense) - Net Non-Operating	-0.7	-0.8	-0.9	0.4	-0.8
Interest Income (Expense) - Net Non-Operating Total	-0.7	-0.8	-0.9	-1.0	-0.8
Income Before Tax	1.2	0.5	0.1	-2.1	-2.1
Total Income Tax	-1.5	0.0	0.0	0.0	0.0
Income After Tax	2.7	0.5	0.1	-2.1	-2.1
Net Income Before Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Net Income	2.7	0.5	0.1	-2.1	-2.1
Income Available to Common Excl Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Income Available to Common Incl Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Basic/Primary Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Basic EPS Excl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Basic/Primary EPS Incl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	2.7	0.5	0.1	-2.1	-2.1
Diluted Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Diluted EPS Excl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Diluted EPS Incl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
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	-	-	0.9	1.4	0.8
Depreciation, Supplemental	1.5	1.4	1.3	1.3	1.3
Total Special Items	-	-	-	0.0	-
Normalized Income Before Tax	1.2	0.5	0.1	-2.1	-2.1
Effect of Special Items on Income Taxes	-	-	-	0.0	-
Inc Tax Ex Impact of Sp Items	-1.5	0.0	0.0	0.0	0.0
Normalized Income After Tax	2.7	0.5	0.1	-2.1	-2.1
Normalized Inc. Avail to Com.	2.7	0.5	0.1	-2.1	-2.1
Basic Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Diluted Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Research & Development Exp, Supplemental	0.2	0.2	0.3	0.1	0.1
Normalized EBIT	1.9	1.3	1.0	-1.1	-1.2
Normalized EBITDA	3.3	2.7	2.4	0.2	0.1
Current Tax - Other	0.0	-	-	-	-
Current Tax - Total	0.0	-	-	-	-
Deferred Tax - Other	-1.5	-	-	-	-
Deferred Tax - Total	-1.5	-	-	-	-
Income Tax - Total	-1.5	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.385	0.38495	0.38505	0.385
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	10.3	10.3	10.4	10.1	0.2
Cash and Short Term Investments	10.3	10.3	10.4	10.1	0.2
Trade Accounts Receivable - Net	8.6	6.2	8.9	6.3	3.0
Other Receivables	0.6	0.6	0.6	-	0.2
Total Receivables, Net	9.2	6.8	9.5	6.3	3.2
Inventories - Finished Goods	0.8	1.0	-	0.4	1.0
Inventories - Work In Progress	0.8	0.6	-	0.6	0.4
Inventories - Raw Materials	2.9	2.7	-	4.1	1.5
Total Inventory	4.5	4.3	3.7	5.0	2.8
Prepaid Expenses	-	-	-	-	0.0
Total Current Assets	24.0	21.4	23.7	21.4	6.2
Buildings	16.1	16.1	-	16.1	-
Machinery/Equipment	9.8	8.9	-	7.7	-
Construction in Progress	0.0	0.5	-	0.0	-
Property/Plant/Equipment - Gross	25.9	25.4	-	23.8	-
Accumulated Depreciation	-14.2	-12.7	-	-10.0	-
Property/Plant/Equipment - Net	11.7	12.7	13.3	13.8	15.0
Intangibles, Net	0.4	0.3	0.3	0.0	-
Deferred Income Tax - Long Term Asset	1.5	-	-	-	-
Other Long Term Assets, Total	1.5	-	-	-	-
Total Assets	37.6	34.3	37.2	35.3	21.2
Accounts Payable	1.6	2.0	2.7	2.1	1.8
Notes Payable/Short Term Debt	8.3	7.3	9.7	9.4	6.3
Current Portion - Long Term Debt/Capital Leases	1.6	0.1	0.1	0.1	5.2
Other Payables	0.5	0.6	0.8	-	-
Other Current liabilities, Total	0.5	0.6	0.8	-	-
Total Current Liabilities	12.0	9.9	13.3	11.6	13.3
Long Term Debt	11.2	12.8	12.8	10.2	6.7
Total Long Term Debt	11.2	12.8	12.8	10.2	6.7
Total Debt	21.1	20.2	22.6	19.7	18.1
Pension Benefits - Underfunded	0.4	0.4	0.3	0.2	0.2
Other Long Term Liabilities	-	-	-	2.6	1.1
Other Liabilities, Total	0.4	0.4	0.3	2.8	1.3
Total Liabilities	23.6	23.1	26.5	24.6	21.2
Common Stock	13.0	13.0	13.0	13.0	19.7
Common Stock	13.0	13.0	13.0	13.0	19.7
Retained Earnings (Accumulated Deficit)	1.0	-1.7	-2.3	-2.4	-19.7
Total Equity	14.0	11.3	10.7	10.6	0.0
Total Liabilities & Shareholders’ Equity	37.6	34.3	37.2	35.3	21.2
Shares Outstanding - Common Stock Primary Issue	50.0	50.0	50.0	50.0	7.6
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	7.6
Number of Common Shareholders	888	888	-	896	-
Total Long Term Debt, Supplemental	12.8	12.8	-	-	-
Long Term Debt Maturing within 1 Year	1.6	0.1	-	-	-
Long Term Debt Maturing in Year 2	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 3	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 4	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 5	1.6	1.6	-	-	-
Long Term Debt Maturing in 2-3 Years	3.2	3.2	-	-	-
Long Term Debt Maturing in 4-5 Years	3.2	3.2	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	4.8	6.4	-	-	-
Total Operating Leases, Supplemental	0.8	0.9	-	0.6	0.6
Operating Lease Payments Due in Year 1	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 2	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 3	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 4	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 5	0.1	0.1	-	0.0	0.0
Operating Lease Pymts. Due in 2-3 Years	0.2	0.2	-	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	0.2	0.2	-	0.1	0.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.4	0.5	-	0.4	0.4

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	-	-	-	5.2	8.0
Cash Payments	-	-	-	-10.0	-7.6
Cash Interest Paid	-	-	-	-1.0	-0.8
Accounts Receivable	-2.5	2.7	-3.2	-	-
Inventories	-0.2	-0.6	1.3	-	-
Other Assets	-1.5	-	-	-	-
Payable/Accrued	-0.4	-1.0	1.4	-	-
Other Liabilities	-	0.0	0.0	-	-
Other Operating Cash Flow	4.9	2.8	2.5	0.0	0.0
Changes in Working Capital	0.3	4.0	2.0	0.0	0.0
Cash from Operating Activities	0.3	4.0	2.0	-5.9	-0.5
Purchase of Fixed Assets	-0.4	-0.8	-0.8	-0.1	0.0
Purchase/Acquisition of Intangibles	-0.2	0.0	-0.3	-	-
Capital Expenditures	-0.6	-0.9	-1.0	-0.1	0.0
Sale of Fixed Assets	-	-	0.0	0.0	-
Other Investing Cash Flow	-	-	-	-9.3	-
Other Investing Cash Flow Items, Total	-	-	0.0	-9.3	-
Cash from Investing Activities	-0.6	-0.9	-1.0	-9.4	0.0
Other Financing Cash Flow	-0.7	-0.8	-0.9	3.0	-
Financing Cash Flow Items	-0.7	-0.8	-0.9	3.0	-
Sale/Issuance of Common	-	-	-	12.8	-
Common Stock, Net	-	-	-	12.8	-
Issuance (Retirement) of Stock, Net	-	-	-	12.8	-
Short Term Debt, Net	0.0	-0.2	-0.2	-	-
Long Term Debt Reduction	-0.1	-0.1	-0.1	-0.1	-
Long Term Debt, Net	1.0	-2.5	0.3	-0.1	-
Issuance (Retirement) of Debt, Net	0.9	-2.6	0.1	-0.1	-0.6
Cash from Financing Activities	0.2	-3.4	-0.9	15.8	-0.6
Net Change in Cash	-0.1	-0.3	0.1	0.5	-1.1
Net Cash - Beginning Balance	0.6	0.9	0.8	-4.1	-3.0
Net Cash - Ending Balance	0.5	0.6	0.9	-3.6	-4.1

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	16.5	14.9	19.8	9.4	7.8
Total Revenue	16.5	14.9	19.8	9.4	7.8
Cost of Sales	12.4	10.8	14.4	7.1	7.1
Other Income	-0.1	-0.2	-0.3	-0.1	-
Product Development Expenses	0.2	0.2	0.3	0.1	0.1
Salaries and Staff Costs	0.6	0.7	0.5	-	-
Depreciation	0.1	0.1	0.1	1.3	0.0
Administrative and General Expenses	1.5	2.1	3.7	2.1	1.7
Total Operating Expense	14.6	13.6	18.7	10.5	9.0
Finance Charges (Government Grant)	-0.7	-0.8	-0.9	0.4	-0.8
Interest Expense	-	-	-	-1.4	-
Net Income Before Taxes	1.2	0.5	0.1	-2.1	-2.1
Provision for Income Taxes	-1.5	0.0	0.0	0.0	0.0
Net Income After Taxes	2.7	0.5	0.1	-2.1	-2.1
Net Income Before Extra. Items	2.7	0.5	0.1	-2.1	-2.1
Net Income	2.7	0.5	0.1	-2.1	-2.1
Income Available to Com Excl ExtraOrd	2.7	0.5	0.1	-2.1	-2.1
Income Available to Com Incl ExtraOrd	2.7	0.5	0.1	-2.1	-2.1
Basic Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Basic EPS Excluding ExtraOrdinary Items	0.05	0.01	0.00	-0.03	-0.27
Basic EPS Including ExtraOrdinary Items	0.05	0.01	0.00	-0.03	-0.27
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	2.7	0.5	0.1	-2.1	-2.1
Diluted Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Diluted EPS Excluding ExtraOrd Items	0.05	0.01	0.00	-0.03	-0.27
Diluted EPS Including ExtraOrd Items	0.05	0.01	0.00	-0.03	-0.27
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	1.2	0.5	0.1	-2.1	-2.1
Inc Tax Ex Impact of Sp Items	-1.5	0.0	0.0	0.0	0.0
Normalized Income After Taxes	2.7	0.5	0.1	-2.1	-2.1
Normalized Inc. Avail to Com.	2.7	0.5	0.1	-2.1	-2.1
Basic Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Diluted Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Depreciation	1.5	1.4	1.3	1.3	1.3
Product Development Expenses	0.2	0.2	0.3	0.1	0.1
Interest Expenses	-	-	0.9	1.4	0.8
Current Tax	0.0	-	-	-	-
Current Tax - Total	0.0	-	-	-	-
Deferred Income Tax	-1.9	-	-	-	-
Defrred Tax Liability	0.4	-	-	-	-
Deferred Tax - Total	-1.5	-	-	-	-
Income Tax - Total	-1.5	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.385	0.38495	0.38505	0.385
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials and Packaging Materials	2.9	2.7	-	4.1	1.5
Work in Progress	0.8	0.6	-	0.6	0.4
Finished Goods	0.8	1.0	-	0.4	1.0
Inventories	-	-	3.7	-	-
Accounts Receivables	7.5	5.5	8.4	5.9	0.9
Prepayments	-	-	-	-	0.0
Other Receivables	0.6	0.6	0.6	-	0.2
Amounts due from Related Parties	1.2	0.7	0.5	0.3	2.1
Cash and Bank Balance	0.5	0.6	0.9	0.8	0.2
Fixed Deposits	9.8	9.8	9.6	9.4	-
Total Current Assets	24.0	21.4	23.7	21.4	6.2
Buildings	16.1	16.1	-	16.1	-
Plant and Equipment	9.0	8.1	-	7.1	-
Furniture Fixtures and Office Equipment	0.5	0.5	-	0.3	-
Office Equipments	0.2	0.2	-	0.2	-
Motor Vehicles	0.1	0.1	-	0.1	-
Capital Work in Progress	0.0	0.5	-	0.0	-
Accumulated Depreciation	-14.2	-12.7	-	-10.0	-
Property, Plant and Equipment	-	-	13.3	-	15.0
Intangible assets	0.4	0.3	0.3	0.0	-
Deferred Tax Assets	1.5	-	-	-	-
Total Assets	37.6	34.3	37.2	35.3	21.2
Accounts payable & Other Accruals	1.5	1.9	2.6	2.0	1.7
Other Payables	0.5	0.6	0.8	-	-
Amounts Due to Related Parties	0.1	0.1	0.1	0.1	0.1
Bank Borrowings	8.3	7.3	9.7	9.4	6.3
Current Portion of Government Loan	1.6	0.1	0.1	0.1	5.2
Total Current Liabilities	12.0	9.9	13.3	11.6	13.3
Government Soft Loan	11.2	12.8	12.8	10.2	6.7
Total Long Term Debt	11.2	12.8	12.8	10.2	6.7
Provision for Staff terminal Benefits	0.4	0.4	0.3	0.2	0.2
Deferred Government Grants	-	-	-	2.6	1.1
Total Liabilities	23.6	23.1	26.5	24.6	21.2
Share Capital	13.0	13.0	13.0	13.0	19.7
Legal Reserve	0.3	0.1	0.0	0.0	0.0
Special Reserve	0.0	0.0	0.0	0.0	0.1
Accumulated Loss	0.6	-1.8	-2.3	-2.4	-19.8
Total Equity	14.0	11.3	10.7	10.6	0.0
Total Liabilities & Shareholders' Equity	37.6	34.3	37.2	35.3	21.2
S/O-Common Stock	50.0	50.0	50.0	50.0	7.6
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	7.6
Number of Shareholders	888	888	-	896	-
Long Term Debt Maturing within 1 Year	1.6	0.1	-	-	-
Long Term Debt Maturing in 1-5 Years	6.4	6.4	-	-	-
Long Term Debt Maturing after 5 Years	4.8	6.4	-	-	-
Total Long Term Debt, Supplemental	12.8	12.8	-	-	-
Lease Due Not Later than 1 Yr	0.1	0.1	-	0.0	0.0
Lease Due Between 1-5 Yrs	0.3	0.3	-	0.2	0.2
Lease Due After 5 Yrs	0.4	0.5	-	0.4	0.4
Total Operating Leases, Supplemental	0.8	0.9	-	0.6	0.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	-	-	-	5.2	8.0
Cash Payments	-	-	-	-10.0	-7.6
Net Profit for the Year	2.7	0.5	0.1	-	-
Depreciation	1.5	1.4	1.3	-	-
Fair Value Adj. Intangible Assets	0.0	0.0	0.0	-	-
Profit on Sale of PPE	-	0.0	0.0	-	-
Finance Costs	0.7	0.8	0.9	-	-
Staff Terminal Benefits	0.0	0.1	0.1	-	-
Cash Interest Paid	-	-	-	-1.0	-0.8
Inventories	-0.2	-0.6	1.3	-	-
Deferred Tax Assets	-1.5	-	-	-	-
Receivables and Prepayments	-2.0	3.0	-3.1	-	-
Payables and Accruals	-0.4	-1.0	1.4	-	-
Related Parties	-0.5	-0.2	-0.1	-	-
Due to Related Parties	-	0.0	0.0	-	-
BOD's Remuneration	-	-	-	0.0	0.0
Cash from Operating Activities	0.3	4.0	2.0	-5.9	-0.5
Additions to Property, Plant and Equip.	-0.4	-0.8	-0.8	-0.1	0.0
Purchase of Intangibles	-0.2	0.0	-0.3	-	-
Property, Plant, Equipment	-	-	0.0	0.0	-
Movement in Short Term Deposits	-	-	-	-9.4	-
Interest on Short Term Deposits	-	-	-	0.1	-
Cash from Investing Activities	-0.6	-0.9	-1.0	-9.4	0.0
Governement Soft Loan	-0.1	-0.1	-0.1	-0.1	-
Additional Capital	-	-	-	12.8	-
ST Loan from Bank	0.0	-0.2	-0.2	-	-
Net Bank Borrowings	1.0	-2.4	0.3	-	-
Finance Costs Paid	-0.7	-0.8	-0.9	-	-
Share Applic. Money Pending Allotment	-	-	-	3.0	-
Loan Against Trust Receipt	-	-	-	-	-0.6
Net Balance of Share Issue Charges	-	-	-	0.0	-
Cash from Financing Activities	0.2	-3.4	-0.9	15.8	-0.6
Net Change in Cash	-0.1	-0.3	0.1	0.5	-1.1
Net Cash - Beginning Balance	0.6	0.9	0.8	-4.1	-3.0
Net Cash - Ending Balance	0.5	0.6	0.9	-3.6	-4.1

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	4.4	22.70%	16.5	10.87%	20.76%	18.88%
Research & Development1	0.0	50.96%	0.2	3.24%	16.35%	4.98%
Operating Income1	0.6	70.26%	1.9	44.85%	-	-
Income Available to Common Excl Extraord Items1	0.4	126.73%	2.7	410.72%	-	-
Basic EPS Excl Extraord Items1	0.01	128.57%	0.05	404.88%	-	-
Capital Expenditures2	0.2	115.19%	0.6	-31.16%	65.86%	-
Cash from Operating Activities2	-0.5	-	0.3	-92.51%	-	-
Free Cash Flow	-0.7	-	-0.3	-	-	-
Total Assets3	39.0	-	37.6	9.46%	2.14%	10.86%
Total Liabilities3	24.6	-	23.6	2.41%	-1.40%	3.01%
Total Long Term Debt3	11.2	-	11.2	-12.50%	3.00%	7.93%
Total Common Shares Outstanding3	50.0	-	50.0	0.00%	0.00%	45.84%
1-ExchangeRate: OMR to USD Average for Period	0.385046	Â	0.385032	Â	Â	Â
2-ExchangeRate: OMR to USD Average for Period	0.385046	Â	0.385032	Â	Â	Â
3-ExchangeRate: OMR to USD Period End Date	0.385025	Â	0.385000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	25.22%	27.70%	26.90%	24.45%	8.24%
Operating Margin	11.31%	8.66%	5.27%	-11.80%	-15.84%
Pretax Margin	7.08%	3.54%	0.54%	-22.71%	-26.72%
Net Profit Margin	16.31%	3.54%	0.54%	-22.71%	-26.72%
Financial Strength
Current Ratio	1.99	2.16	1.78	1.85	0.47
Long Term Debt/Equity	0.80	1.13	1.20	0.96	-
Total Debt/Equity	1.51	1.79	2.11	1.85	-
Interest Coverage	2.68	1.69	1.12	-	-1.46
Management Effectiveness
Return on Assets	7.49%	1.48%	0.30%	-7.54%	-9.49%
Return on Equity	21.37%	4.80%	1.01%	-40.10%	-200.00%
Efficiency
Receivables Turnover	2.07	1.83	2.51	1.98	2.36
Inventory Turnover	2.81	2.69	3.31	1.82	2.59
Asset Turnover	0.46	0.42	0.55	0.33	0.36

Market Valuation USD (mil)
P/E (TTM)	4.44	.	Enterprise Value2	24.7
Price/Sales (TTM)	0.75	.	Enterprise Value/Revenue (TTM)	1.43
Price/Book (MRQ)	0.90	.	Enterprise Value/EBITDA (TTM)	6.92
Market Cap as of 18-Sep-20111	13.0	.
1-ExchangeRate: OMR to USD on 18-Sep-2011	0.385000
2-ExchangeRate: OMR to USD on 31-Mar-2012	0.385025

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.99	2.16	1.78	1.85	0.47
Quick/Acid Test Ratio	1.62	1.73	1.50	1.42	0.26
Working Capital1	12.0	11.5	10.4	9.8	-7.0
Long Term Debt/Equity	0.80	1.13	1.20	0.96	-
Total Debt/Equity	1.51	1.79	2.11	1.85	-
Long Term Debt/Total Capital	0.32	0.41	0.38	0.34	0.37
Total Debt/Total Capital	0.60	0.64	0.68	0.65	1.00
Interest Coverage	2.68	1.69	1.12	-	-1.46
Payout Ratio	-	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	-130.35%	0.00%	0.00%	-	-
Total Capital1	35.1	31.4	33.3	30.3	18.1
Efficiency
Asset Turnover	0.46	0.42	0.55	0.33	0.36
Inventory Turnover	2.81	2.69	3.31	1.82	2.59
Days In Inventory	130.11	135.73	110.44	200.96	141.02
Receivables Turnover	2.07	1.83	2.51	1.98	2.36
Days Receivables Outstanding	176.31	199.05	145.48	184.62	154.64
Profitability
Gross Margin	25.22%	27.70%	26.90%	24.45%	8.24%
Operating Margin	11.31%	8.66%	5.27%	-11.80%	-15.84%
EBITDA Margin	20.09%	18.15%	12.10%	2.30%	1.07%
EBIT Margin	11.31%	8.66%	5.27%	-11.80%	-15.84%
Pretax Margin	7.08%	3.54%	0.54%	-22.71%	-26.72%
Net Profit Margin	16.31%	3.54%	0.54%	-22.71%	-26.72%
R&D Expense/Revenue	1.26%	1.36%	1.28%	1.41%	1.74%
COGS/Revenue	74.78%	72.30%	73.10%	75.55%	91.76%
SG&A Expense/Revenue	12.85%	18.73%	21.67%	21.93%	21.89%
Management Effectiveness
Return on Assets	7.49%	1.48%	0.30%	-7.54%	-9.49%
Return on Equity	21.37%	4.80%	1.01%	-40.10%	-200.00%
Valuation
Free Cash Flow/Share2	-0.01	0.06	0.02	-0.12	-0.07
Operating Cash Flow/Share 2	0.01	0.08	0.04	-0.12	-0.06
1-ExchangeRate: OMR to USD Period End Date	0.385	0.385	0.38495	0.38505	0.385
2-ExchangeRate: OMR to USD Average for Period	0.385	0.385	0.38495	0.38505	0.385

Current Market Multiples
Market Cap/Earnings (TTM)	4.44
Market Cap/Equity (MRQ)	0.90
Market Cap/Revenue (TTM)	0.75
Market Cap/EBIT (TTM)	6.16
Market Cap/EBITDA (TTM)	3.64
Enterprise Value/Earnings (TTM)	8.44
Enterprise Value/Equity (MRQ)	1.72
Enterprise Value/Revenue (TTM)	1.43
Enterprise Value/EBIT (TTM)	11.72
Enterprise Value/EBITDA (TTM)	6.92

ational Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Income Statement Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	16.5	14.9	19.8	9.4	7.8
Revenue	16.5	14.9	19.8	9.4	7.8
Total Revenue	16.5	14.9	19.8	9.4	7.8
Cost of Revenue	12.4	10.8	14.4	7.1	7.1
Cost of Revenue, Total	12.4	10.8	14.4	7.1	7.1
Gross Profit	4.2	4.1	5.3	2.3	0.6
Selling/General/Administrative Expense	1.5	2.1	3.7	2.1	1.7
Labor & Related Expense	0.6	0.7	0.5	-	-
Total Selling/General/Administrative Expenses	2.1	2.8	4.3	2.1	1.7
Research & Development	0.2	0.2	0.3	0.1	0.1
Depreciation	0.1	0.1	0.1	1.3	0.0
Depreciation/Amortization	0.1	0.1	0.1	1.3	0.0
Other, Net	-0.1	-0.2	-0.3	-0.1	-
Other Operating Expenses, Total	-0.1	-0.2	-0.3	-0.1	-
Total Operating Expense	14.6	13.6	18.7	10.5	9.0
Operating Income	1.9	1.3	1.0	-1.1	-1.2
Interest Expense - Non-Operating	-	-	-	-1.4	-
Interest Expense, Net Non-Operating	-	-	-	-1.4	-
Interest Income (Expense) - Net Non-Operating	-0.7	-0.8	-0.9	0.4	-0.8
Interest Income (Expense) - Net Non-Operating Total	-0.7	-0.8	-0.9	-1.0	-0.8
Income Before Tax	1.2	0.5	0.1	-2.1	-2.1
Total Income Tax	-1.5	0.0	0.0	0.0	0.0
Income After Tax	2.7	0.5	0.1	-2.1	-2.1
Net Income Before Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Net Income	2.7	0.5	0.1	-2.1	-2.1
Income Available to Common Excl Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Income Available to Common Incl Extraord Items	2.7	0.5	0.1	-2.1	-2.1
Basic/Primary Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Basic EPS Excl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Basic/Primary EPS Incl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	2.7	0.5	0.1	-2.1	-2.1
Diluted Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Diluted EPS Excl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
Diluted EPS Incl Extraord Items	0.05	0.01	0.00	-0.03	-0.27
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	-	-	0.9	1.4	0.8
Depreciation, Supplemental	1.5	1.4	1.3	1.3	1.3
Total Special Items	-	-	-	0.0	-
Normalized Income Before Tax	1.2	0.5	0.1	-2.1	-2.1
Effect of Special Items on Income Taxes	-	-	-	0.0	-
Inc Tax Ex Impact of Sp Items	-1.5	0.0	0.0	0.0	0.0
Normalized Income After Tax	2.7	0.5	0.1	-2.1	-2.1
Normalized Inc. Avail to Com.	2.7	0.5	0.1	-2.1	-2.1
Basic Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Diluted Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Research & Development Exp, Supplemental	0.2	0.2	0.3	0.1	0.1
Normalized EBIT	1.9	1.3	1.0	-1.1	-1.2
Normalized EBITDA	3.3	2.7	2.4	0.2	0.1
Current Tax - Other	0.0	-	-	-	-
Current Tax - Total	0.0	-	-	-	-
Deferred Tax - Other	-1.5	-	-	-	-
Deferred Tax - Total	-1.5	-	-	-	-
Income Tax - Total	-1.5	-	-	-	-

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Income Statement Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	9 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Special 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385046	0.385019	0.385015	0.385023	0.385072
Net Sales	4.4	12.9	4.2	4.4	3.6
Revenue	4.4	12.9	4.2	4.4	3.6
Other Revenue	-	-	0.0	0.0	-
Other Revenue, Total	-	-	0.0	0.0	-
Total Revenue	4.4	12.9	4.2	4.4	3.6
Cost of Revenue	3.2	9.5	3.4	3.5	2.8
Cost of Revenue, Total	3.2	9.5	3.4	3.5	2.8
Gross Profit	1.2	3.4	0.8	0.9	0.7
Selling/General/Administrative Expense	0.4	1.3	-	-	0.3
Labor & Related Expense	0.2	0.5	-	-	0.1
Total Selling/General/Administrative Expenses	0.6	1.7	-	-	0.4
Research & Development	0.0	0.2	-	-	0.0
Depreciation	0.0	0.1	0.4	0.4	0.0
Depreciation/Amortization	0.0	0.1	0.4	0.4	0.0
Other, Net	0.0	-0.1	-	-	0.0
Other Operating Expenses, Total	0.0	-0.1	-	-	0.0
Total Operating Expense	3.8	11.4	3.8	3.8	3.2
Operating Income	0.6	1.5	0.5	0.5	0.3
Interest Income (Expense) - Net Non-Operating	-0.2	-0.5	-0.2	-0.3	-0.2
Interest Income (Expense) - Net Non-Operating Total	-0.2	-0.5	-0.2	-0.3	-0.2
Other Non-Operating Income (Expense)	-	-	0.1	0.1	-
Other, Net	-	-	0.1	0.1	-
Income Before Tax	0.4	1.0	0.3	0.4	0.2
Total Income Tax	0.0	-1.5	0.0	0.0	0.0
Income After Tax	0.4	2.5	0.3	0.4	0.2
Net Income Before Extraord Items	0.4	2.5	0.3	0.4	0.2
Net Income	0.4	2.5	0.3	0.4	0.2
Income Available to Common Excl Extraord Items	0.4	2.5	0.3	0.4	0.2
Income Available to Common Incl Extraord Items	0.4	2.5	0.3	0.4	0.2
Basic/Primary Weighted Average Shares	50.0	50.0	50.0	50.0	50.0
Basic EPS Excl Extraord Items	0.01	0.05	0.01	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.01	0.05	0.01	0.01	0.00
Diluted Net Income	0.4	2.5	0.3	0.4	0.2
Diluted Weighted Average Shares	50.0	50.0	50.0	50.0	50.0
Diluted EPS Excl Extraord Items	0.01	0.05	0.01	0.01	0.00
Diluted EPS Incl Extraord Items	0.01	0.05	0.01	0.01	0.00
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
Depreciation, Supplemental	0.4	1.1	0.4	0.4	0.4
Normalized Income Before Tax	0.4	1.0	0.3	0.4	0.2
Inc Tax Ex Impact of Sp Items	0.0	-1.5	0.0	0.0	0.0
Normalized Income After Tax	0.4	2.5	0.3	0.4	0.2
Normalized Inc. Avail to Com.	0.4	2.5	0.3	0.4	0.2
Basic Normalized EPS	0.01	0.05	0.01	0.01	0.00
Diluted Normalized EPS	0.01	0.05	0.01	0.01	0.00
Research & Development Exp, Supplemental	0.0	0.2	-	-	0.0
Normalized EBIT	0.6	1.5	0.5	0.5	0.3
Normalized EBITDA	1.0	2.6	0.8	0.9	0.7

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Balance Sheet Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.385	0.38495	0.38505	0.385
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	10.3	10.3	10.4	10.1	0.2
Cash and Short Term Investments	10.3	10.3	10.4	10.1	0.2
Trade Accounts Receivable - Net	8.6	6.2	8.9	6.3	3.0
Other Receivables	0.6	0.6	0.6	-	0.2
Total Receivables, Net	9.2	6.8	9.5	6.3	3.2
Inventories - Finished Goods	0.8	1.0	-	0.4	1.0
Inventories - Work In Progress	0.8	0.6	-	0.6	0.4
Inventories - Raw Materials	2.9	2.7	-	4.1	1.5
Total Inventory	4.5	4.3	3.7	5.0	2.8
Prepaid Expenses	-	-	-	-	0.0
Total Current Assets	24.0	21.4	23.7	21.4	6.2
Buildings	16.1	16.1	-	16.1	-
Machinery/Equipment	9.8	8.9	-	7.7	-
Construction in Progress	0.0	0.5	-	0.0	-
Property/Plant/Equipment - Gross	25.9	25.4	-	23.8	-
Accumulated Depreciation	-14.2	-12.7	-	-10.0	-
Property/Plant/Equipment - Net	11.7	12.7	13.3	13.8	15.0
Intangibles, Net	0.4	0.3	0.3	0.0	-
Deferred Income Tax - Long Term Asset	1.5	-	-	-	-
Other Long Term Assets, Total	1.5	-	-	-	-
Total Assets	37.6	34.3	37.2	35.3	21.2
Accounts Payable	1.6	2.0	2.7	2.1	1.8
Notes Payable/Short Term Debt	8.3	7.3	9.7	9.4	6.3
Current Portion - Long Term Debt/Capital Leases	1.6	0.1	0.1	0.1	5.2
Other Payables	0.5	0.6	0.8	-	-
Other Current liabilities, Total	0.5	0.6	0.8	-	-
Total Current Liabilities	12.0	9.9	13.3	11.6	13.3
Long Term Debt	11.2	12.8	12.8	10.2	6.7
Total Long Term Debt	11.2	12.8	12.8	10.2	6.7
Total Debt	21.1	20.2	22.6	19.7	18.1
Pension Benefits - Underfunded	0.4	0.4	0.3	0.2	0.2
Other Long Term Liabilities	-	-	-	2.6	1.1
Other Liabilities, Total	0.4	0.4	0.3	2.8	1.3
Total Liabilities	23.6	23.1	26.5	24.6	21.2
Common Stock	13.0	13.0	13.0	13.0	19.7
Common Stock	13.0	13.0	13.0	13.0	19.7
Retained Earnings (Accumulated Deficit)	1.0	-1.7	-2.3	-2.4	-19.7
Total Equity	14.0	11.3	10.7	10.6	0.0
Total Liabilities & Shareholders’ Equity	37.6	34.3	37.2	35.3	21.2
Shares Outstanding - Common Stock Primary Issue	50.0	50.0	50.0	50.0	7.6
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	7.6
Number of Common Shareholders	888	888	-	896	-
Total Long Term Debt, Supplemental	12.8	12.8	-	-	-
Long Term Debt Maturing within 1 Year	1.6	0.1	-	-	-
Long Term Debt Maturing in Year 2	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 3	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 4	1.6	1.6	-	-	-
Long Term Debt Maturing in Year 5	1.6	1.6	-	-	-
Long Term Debt Maturing in 2-3 Years	3.2	3.2	-	-	-
Long Term Debt Maturing in 4-5 Years	3.2	3.2	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	4.8	6.4	-	-	-
Total Operating Leases, Supplemental	0.8	0.9	-	0.6	0.6
Operating Lease Payments Due in Year 1	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 2	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 3	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 4	0.1	0.1	-	0.0	0.0
Operating Lease Payments Due in Year 5	0.1	0.1	-	0.0	0.0
Operating Lease Pymts. Due in 2-3 Years	0.2	0.2	-	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	0.2	0.2	-	0.1	0.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.4	0.5	-	0.4	0.4

ational Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Balance Sheet Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385025	0.385	0.38505	0.38505	0.385
Cash & Equivalents	10.3	10.3	9.9	10.3	10.0
Cash and Short Term Investments	10.3	10.3	9.9	10.3	10.0
Trade Accounts Receivable - Net	8.8	7.5	8.6	8.0	6.2
Other Receivables	2.3	1.7	-	-	1.2
Total Receivables, Net	11.1	9.2	8.6	8.0	7.4
Total Inventory	4.1	4.5	3.8	4.2	4.9
Total Current Assets	25.5	24.0	22.3	22.5	22.3
Property/Plant/Equipment - Net	11.5	11.7	12.4	12.5	12.4
Intangibles, Net	0.4	0.4	-	-	0.3
Deferred Income Tax - Long Term Asset	1.5	1.5	-	-	0.0
Other Long Term Assets, Total	1.5	1.5	-	-	0.0
Total Assets	39.0	37.6	34.7	35.0	35.0
Payable/Accrued	1.7	1.6	2.4	2.5	1.6
Notes Payable/Short Term Debt	9.3	8.3	7.4	7.9	8.2
Current Portion - Long Term Debt/Capital Leases	1.6	1.6	1.6	1.6	0.1
Other Payables	0.4	0.5	-	-	0.5
Other Current liabilities, Total	0.4	0.5	-	-	0.5
Total Current Liabilities	13.0	12.0	11.4	12.0	10.4
Long Term Debt	11.2	11.2	9.4	9.4	12.8
Total Long Term Debt	11.2	11.2	9.4	9.4	12.8
Total Debt	22.1	21.1	18.4	18.9	21.0
Pension Benefits - Underfunded	0.5	0.4	-	-	0.4
Other Long Term Liabilities	-	-	1.8	1.8	-
Other Liabilities, Total	0.5	0.4	1.8	1.8	0.4
Total Liabilities	24.6	23.6	22.6	23.2	23.5
Common Stock	13.0	13.0	13.0	13.0	13.0
Common Stock	13.0	13.0	13.0	13.0	13.0
Retained Earnings (Accumulated Deficit)	1.4	1.0	-0.9	-1.2	-1.5
Total Equity	14.4	14.0	12.1	11.8	11.4
Total Liabilities & Shareholders’ Equity	39.0	37.6	34.7	35.0	35.0
Shares Outstanding - Common Stock Primary Issue	50.0	50.0	50.0	50.0	50.0
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	50.0

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Cash Flows Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	-	-	-	5.2	8.0
Cash Payments	-	-	-	-10.0	-7.6
Cash Interest Paid	-	-	-	-1.0	-0.8
Accounts Receivable	-2.5	2.7	-3.2	-	-
Inventories	-0.2	-0.6	1.3	-	-
Other Assets	-1.5	-	-	-	-
Payable/Accrued	-0.4	-1.0	1.4	-	-
Other Liabilities	-	0.0	0.0	-	-
Other Operating Cash Flow	4.9	2.8	2.5	0.0	0.0
Changes in Working Capital	0.3	4.0	2.0	0.0	0.0
Cash from Operating Activities	0.3	4.0	2.0	-5.9	-0.5
Purchase of Fixed Assets	-0.4	-0.8	-0.8	-0.1	0.0
Purchase/Acquisition of Intangibles	-0.2	0.0	-0.3	-	-
Capital Expenditures	-0.6	-0.9	-1.0	-0.1	0.0
Sale of Fixed Assets	-	-	0.0	0.0	-
Other Investing Cash Flow	-	-	-	-9.3	-
Other Investing Cash Flow Items, Total	-	-	0.0	-9.3	-
Cash from Investing Activities	-0.6	-0.9	-1.0	-9.4	0.0
Other Financing Cash Flow	-0.7	-0.8	-0.9	3.0	-
Financing Cash Flow Items	-0.7	-0.8	-0.9	3.0	-
Sale/Issuance of Common	-	-	-	12.8	-
Common Stock, Net	-	-	-	12.8	-
Issuance (Retirement) of Stock, Net	-	-	-	12.8	-
Short Term Debt, Net	0.0	-0.2	-0.2	-	-
Long Term Debt Reduction	-0.1	-0.1	-0.1	-0.1	-
Long Term Debt, Net	1.0	-2.5	0.3	-0.1	-
Issuance (Retirement) of Debt, Net	0.9	-2.6	0.1	-0.1	-0.6
Cash from Financing Activities	0.2	-3.4	-0.9	15.8	-0.6
Net Change in Cash	-0.1	-0.3	0.1	0.5	-1.1
Net Cash - Beginning Balance	0.6	0.9	0.8	-4.1	-3.0
Net Cash - Ending Balance	0.5	0.6	0.9	-3.6	-4.1

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Cash Flows Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385046	0.385032	0.385036	0.385048	0.385072
Cash Interest Paid	-	-	-	-0.3	-
Accounts Receivable	-1.9	-2.5	-1.8	-1.3	-1.1
Inventories	0.4	-0.2	0.5	0.1	-0.6
Other Assets	-	-1.5	-	-	-
Payable/Accrued	0.0	-0.4	-0.6	-0.4	0.0
Other Operating Cash Flow	1.0	4.9	2.0	1.6	0.7
Changes in Working Capital	-0.5	0.3	0.1	0.0	-1.0
Cash from Operating Activities	-0.5	0.3	0.1	-0.3	-1.0
Purchase of Fixed Assets	-0.2	-0.4	-0.6	-0.2	-0.1
Purchase/Acquisition of Intangibles	-	-0.2	-	-	-
Capital Expenditures	-0.2	-0.6	-0.6	-0.2	-0.1
Cash from Investing Activities	-0.2	-0.6	-0.6	-0.2	-0.1
Other Financing Cash Flow	-0.2	-0.7	-	-	-0.2
Financing Cash Flow Items	-0.2	-0.7	-	-	-0.2
Short Term Debt, Net	0.9	0.0	0.1	0.5	0.9
Long Term Debt Reduction	-	-0.1	-	-	-
Long Term Debt, Net	-	1.0	-	-	-
Issuance (Retirement) of Debt, Net	0.9	0.9	0.1	0.5	0.9
Cash from Financing Activities	0.8	0.2	0.1	0.5	0.7
Net Change in Cash	0.1	-0.1	-0.4	0.0	-0.3
Net Cash - Beginning Balance	0.5	0.6	10.3	10.3	0.6
Net Cash - Ending Balance	0.5	0.5	9.9	10.3	0.2

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Income Statement As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	16.5	14.9	19.8	9.4	7.8
Total Revenue	16.5	14.9	19.8	9.4	7.8
Cost of Sales	12.4	10.8	14.4	7.1	7.1
Other Income	-0.1	-0.2	-0.3	-0.1	-
Product Development Expenses	0.2	0.2	0.3	0.1	0.1
Salaries and Staff Costs	0.6	0.7	0.5	-	-
Depreciation	0.1	0.1	0.1	1.3	0.0
Administrative and General Expenses	1.5	2.1	3.7	2.1	1.7
Total Operating Expense	14.6	13.6	18.7	10.5	9.0
Finance Charges (Government Grant)	-0.7	-0.8	-0.9	0.4	-0.8
Interest Expense	-	-	-	-1.4	-
Net Income Before Taxes	1.2	0.5	0.1	-2.1	-2.1
Provision for Income Taxes	-1.5	0.0	0.0	0.0	0.0
Net Income After Taxes	2.7	0.5	0.1	-2.1	-2.1
Net Income Before Extra. Items	2.7	0.5	0.1	-2.1	-2.1
Net Income	2.7	0.5	0.1	-2.1	-2.1
Income Available to Com Excl ExtraOrd	2.7	0.5	0.1	-2.1	-2.1
Income Available to Com Incl ExtraOrd	2.7	0.5	0.1	-2.1	-2.1
Basic Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Basic EPS Excluding ExtraOrdinary Items	0.05	0.01	0.00	-0.03	-0.27
Basic EPS Including ExtraOrdinary Items	0.05	0.01	0.00	-0.03	-0.27
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	2.7	0.5	0.1	-2.1	-2.1
Diluted Weighted Average Shares	50.0	50.0	50.0	66.7	7.6
Diluted EPS Excluding ExtraOrd Items	0.05	0.01	0.00	-0.03	-0.27
Diluted EPS Including ExtraOrd Items	0.05	0.01	0.00	-0.03	-0.27
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	1.2	0.5	0.1	-2.1	-2.1
Inc Tax Ex Impact of Sp Items	-1.5	0.0	0.0	0.0	0.0
Normalized Income After Taxes	2.7	0.5	0.1	-2.1	-2.1
Normalized Inc. Avail to Com.	2.7	0.5	0.1	-2.1	-2.1
Basic Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Diluted Normalized EPS	0.05	0.01	0.00	-0.03	-0.27
Depreciation	1.5	1.4	1.3	1.3	1.3
Product Development Expenses	0.2	0.2	0.3	0.1	0.1
Interest Expenses	-	-	0.9	1.4	0.8
Current Tax	0.0	-	-	-	-
Current Tax - Total	0.0	-	-	-	-
Deferred Income Tax	-1.9	-	-	-	-
Defrred Tax Liability	0.4	-	-	-	-
Deferred Tax - Total	-1.5	-	-	-	-
Income Tax - Total	-1.5	-	-	-	-

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Income Statement As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	9 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Special 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385046	0.385019	0.385015	0.385023	0.385072
Revenue	4.4	12.9	4.2	4.4	3.6
Other Income	-	-	0.0	0.0	-
Total Revenue	4.4	12.9	4.2	4.4	3.6
Cost of Sales	3.2	9.5	3.4	3.5	2.8
Other Income	0.0	-0.1	-	-	0.0
Product Development Expenses	0.0	0.2	-	-	0.0
Salaries & Staff Costs	0.2	0.5	-	-	0.1
Depreciation	0.0	0.1	0.4	0.4	0.0
Administraton and Selling Expenses	0.4	1.3	-	-	0.3
Total Operating Expense	3.8	11.4	3.8	3.8	3.2
Finance Charges	-0.2	-0.5	-0.2	-0.3	-0.2
Governement Grant Income	-	-	0.1	0.1	-
Net Income Before Taxes	0.4	1.0	0.3	0.4	0.2
Provision for Income Taxes	0.0	-1.5	0.0	0.0	0.0
Net Income After Taxes	0.4	2.5	0.3	0.4	0.2
Net Income Before Extra. Items	0.4	2.5	0.3	0.4	0.2
Net Income	0.4	2.5	0.3	0.4	0.2
Income Available to Com Excl ExtraOrd	0.4	2.5	0.3	0.4	0.2
Income Available to Com Incl ExtraOrd	0.4	2.5	0.3	0.4	0.2
Basic Weighted Average Shares	50.0	50.0	50.0	50.0	50.0
Basic EPS Excluding ExtraOrdinary Items	0.01	0.05	0.01	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.01	0.05	0.01	0.01	0.00
Diluted Net Income	0.4	2.5	0.3	0.4	0.2
Diluted Weighted Average Shares	50.0	50.0	50.0	50.0	50.0
Diluted EPS Excluding ExtraOrd Items	0.01	0.05	0.01	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.01	0.05	0.01	0.01	0.00
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	0.4	1.0	0.3	0.4	0.2
Inc Tax Ex Impact of Sp Items	0.0	-1.5	0.0	0.0	0.0
Normalized Income After Taxes	0.4	2.5	0.3	0.4	0.2
Normalized Inc. Avail to Com.	0.4	2.5	0.3	0.4	0.2
Basic Normalized EPS	0.01	0.05	0.01	0.01	0.00
Diluted Normalized EPS	0.01	0.05	0.01	0.01	0.00
Depreciation	0.4	1.1	0.4	0.4	0.4
Product Development Expenses	0.0	0.2	-	-	0.0

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Balance Sheet As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.385	0.38495	0.38505	0.385
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials and Packaging Materials	2.9	2.7	-	4.1	1.5
Work in Progress	0.8	0.6	-	0.6	0.4
Finished Goods	0.8	1.0	-	0.4	1.0
Inventories	-	-	3.7	-	-
Accounts Receivables	7.5	5.5	8.4	5.9	0.9
Prepayments	-	-	-	-	0.0
Other Receivables	0.6	0.6	0.6	-	0.2
Amounts due from Related Parties	1.2	0.7	0.5	0.3	2.1
Cash and Bank Balance	0.5	0.6	0.9	0.8	0.2
Fixed Deposits	9.8	9.8	9.6	9.4	-
Total Current Assets	24.0	21.4	23.7	21.4	6.2
Buildings	16.1	16.1	-	16.1	-
Plant and Equipment	9.0	8.1	-	7.1	-
Furniture Fixtures and Office Equipment	0.5	0.5	-	0.3	-
Office Equipments	0.2	0.2	-	0.2	-
Motor Vehicles	0.1	0.1	-	0.1	-
Capital Work in Progress	0.0	0.5	-	0.0	-
Accumulated Depreciation	-14.2	-12.7	-	-10.0	-
Property, Plant and Equipment	-	-	13.3	-	15.0
Intangible assets	0.4	0.3	0.3	0.0	-
Deferred Tax Assets	1.5	-	-	-	-
Total Assets	37.6	34.3	37.2	35.3	21.2
Accounts payable & Other Accruals	1.5	1.9	2.6	2.0	1.7
Other Payables	0.5	0.6	0.8	-	-
Amounts Due to Related Parties	0.1	0.1	0.1	0.1	0.1
Bank Borrowings	8.3	7.3	9.7	9.4	6.3
Current Portion of Government Loan	1.6	0.1	0.1	0.1	5.2
Total Current Liabilities	12.0	9.9	13.3	11.6	13.3
Government Soft Loan	11.2	12.8	12.8	10.2	6.7
Total Long Term Debt	11.2	12.8	12.8	10.2	6.7
Provision for Staff terminal Benefits	0.4	0.4	0.3	0.2	0.2
Deferred Government Grants	-	-	-	2.6	1.1
Total Liabilities	23.6	23.1	26.5	24.6	21.2
Share Capital	13.0	13.0	13.0	13.0	19.7
Legal Reserve	0.3	0.1	0.0	0.0	0.0
Special Reserve	0.0	0.0	0.0	0.0	0.1
Accumulated Loss	0.6	-1.8	-2.3	-2.4	-19.8
Total Equity	14.0	11.3	10.7	10.6	0.0
Total Liabilities & Shareholders' Equity	37.6	34.3	37.2	35.3	21.2
S/O-Common Stock	50.0	50.0	50.0	50.0	7.6
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	7.6
Number of Shareholders	888	888	-	896	-
Long Term Debt Maturing within 1 Year	1.6	0.1	-	-	-
Long Term Debt Maturing in 1-5 Years	6.4	6.4	-	-	-
Long Term Debt Maturing after 5 Years	4.8	6.4	-	-	-
Total Long Term Debt, Supplemental	12.8	12.8	-	-	-
Lease Due Not Later than 1 Yr	0.1	0.1	-	0.0	0.0
Lease Due Between 1-5 Yrs	0.3	0.3	-	0.2	0.2
Lease Due After 5 Yrs	0.4	0.5	-	0.4	0.4
Total Operating Leases, Supplemental	0.8	0.9	-	0.6	0.6

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Balance Sheet As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385025	0.385	0.38505	0.38505	0.385
Stocks	4.1	4.5	3.8	4.2	4.9
Account Receivables	8.8	7.5	-	-	6.2
Other Receivables	1.1	0.6	-	-	0.5
Short Term Deposits	9.8	9.8	-	-	9.8
Debtors,Prepaid and Other Receivables	-	-	8.6	8.0	-
Due from Related Party	1.2	1.2	-	-	0.7
Bank and Cash	0.5	0.5	9.9	10.3	0.2
Total Current Assets	25.5	24.0	22.3	22.5	22.3
Fixed Assets	11.5	11.7	12.4	12.5	12.4
Intangible Assets	0.4	0.4	-	-	0.3
Deferred Tax Assets	1.5	1.5	-	-	0.0
Total Assets	39.0	37.6	34.7	35.0	35.0
Accounts Payable and Accrued Expenses	1.6	1.5	2.4	2.5	1.5
Other Payables	0.4	0.5	-	-	0.5
Due to Related Party	0.1	0.1	-	-	0.1
Bank Overdrafts	9.3	8.3	7.4	7.9	8.2
Current Portion of Government Loan	1.6	1.6	1.6	1.6	0.1
Total Current Liabilities	13.0	12.0	11.4	12.0	10.4
Government Soft Loan	11.2	11.2	9.4	9.4	12.8
Total Long Term Debt	11.2	11.2	9.4	9.4	12.8
Provision for Staff Terminal Benefits	0.5	0.4	-	-	0.4
Deferred Government Grants	-	-	1.8	1.8	-
Total Liabilities	24.6	23.6	22.6	23.2	23.5
Share Capital	13.0	13.0	13.0	13.0	13.0
Legal Reserve	0.3	0.3	0.1	0.1	0.1
Special Reserve	0.0	0.0	0.0	0.0	0.0
Accumulated Loss	1.0	0.6	-1.0	-1.3	-1.6
Total Equity	14.4	14.0	12.1	11.8	11.4
Total Liabilities & Shareholders' Equity	39.0	37.6	34.7	35.0	35.0
S/O-Common Stock	50.0	50.0	50.0	50.0	50.0
Total Common Shares Outstanding	50.0	50.0	50.0	50.0	50.0

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Annual Cash Flows As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	BDO	BDO	Moore Stephens LLP	Moore Stephens	Moore Stephens
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	-	-	-	5.2	8.0
Cash Payments	-	-	-	-10.0	-7.6
Net Profit for the Year	2.7	0.5	0.1	-	-
Depreciation	1.5	1.4	1.3	-	-
Fair Value Adj. Intangible Assets	0.0	0.0	0.0	-	-
Profit on Sale of PPE	-	0.0	0.0	-	-
Finance Costs	0.7	0.8	0.9	-	-
Staff Terminal Benefits	0.0	0.1	0.1	-	-
Cash Interest Paid	-	-	-	-1.0	-0.8
Inventories	-0.2	-0.6	1.3	-	-
Deferred Tax Assets	-1.5	-	-	-	-
Receivables and Prepayments	-2.0	3.0	-3.1	-	-
Payables and Accruals	-0.4	-1.0	1.4	-	-
Related Parties	-0.5	-0.2	-0.1	-	-
Due to Related Parties	-	0.0	0.0	-	-
BOD's Remuneration	-	-	-	0.0	0.0
Cash from Operating Activities	0.3	4.0	2.0	-5.9	-0.5
Additions to Property, Plant and Equip.	-0.4	-0.8	-0.8	-0.1	0.0
Purchase of Intangibles	-0.2	0.0	-0.3	-	-
Property, Plant, Equipment	-	-	0.0	0.0	-
Movement in Short Term Deposits	-	-	-	-9.4	-
Interest on Short Term Deposits	-	-	-	0.1	-
Cash from Investing Activities	-0.6	-0.9	-1.0	-9.4	0.0
Governement Soft Loan	-0.1	-0.1	-0.1	-0.1	-
Additional Capital	-	-	-	12.8	-
ST Loan from Bank	0.0	-0.2	-0.2	-	-
Net Bank Borrowings	1.0	-2.4	0.3	-	-
Finance Costs Paid	-0.7	-0.8	-0.9	-	-
Share Applic. Money Pending Allotment	-	-	-	3.0	-
Loan Against Trust Receipt	-	-	-	-	-0.6
Net Balance of Share Issue Charges	-	-	-	0.0	-
Cash from Financing Activities	0.2	-3.4	-0.9	15.8	-0.6
Net Change in Cash	-0.1	-0.3	0.1	0.5	-1.1
Net Cash - Beginning Balance	0.6	0.9	0.8	-4.1	-3.0
Net Cash - Ending Balance	0.5	0.6	0.9	-3.6	-4.1

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Interim Cash Flows As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385046	0.385032	0.385036	0.385048	0.385072
Net Profit	0.4	2.7	1.3	0.8	0.2
Depreciation	0.4	1.5	1.1	0.7	0.4
Fair Vlaue Adj. Intangible Assets	0.0	0.0	-	-	0.0
Finance Costs	0.2	0.7	-0.4	-	0.2
Staff Terminal Benefits	0.0	0.0	-	-	0.0
Cash Interest Paid	-	-	-	-0.3	-
Inventories	0.4	-0.2	0.5	0.1	-0.6
Deferred Tax Assets	-	-1.5	-	-	-
Receivables and Prepayments	-1.9	-2.0	-1.8	-1.3	-1.1
Payables and Accruals	0.0	-0.4	-0.6	-0.4	0.0
Related Parties	0.0	-0.5	-	-	0.0
Cash from Operating Activities	-0.5	0.3	0.1	-0.3	-1.0
Additions to Property, Plant and Equip.	-0.2	-0.4	-0.6	-0.2	-0.1
Purchase of Intangibles	-	-0.2	-	-	-
Cash from Investing Activities	-0.2	-0.6	-0.6	-0.2	-0.1
Governement Soft Loan	-	-0.1	-	-	-
ST Loan from Bank	0.9	0.0	0.1	0.5	0.9
Net Bank Borrowings	-	1.0	-	-	-
Finance Costs Paid	-0.2	-0.7	-	-	-0.2
Cash from Financing Activities	0.8	0.2	0.1	0.5	0.7
Net Change in Cash	0.1	-0.1	-0.4	0.0	-0.3
Net Cash - Beginning Balance	0.5	0.6	10.3	10.3	0.6
Net Cash - Ending Balance	0.5	0.5	9.9	10.3	0.2

National Pharmaceutical Industries Co. Muscat, Oman, Tel: 968-24-449090, URL: http://npioman.com

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Oman	9.2	55.5 %	6.4	42.8 %	5.3	26.8 %	4.2	45.1 %	4.9	62.6 %
Other GCC Countries	6.6	39.8 %	7.1	47.6 %	-	-	-	-	-	-
Other Than GCC Countries	0.8	4.7 %	1.4	9.6 %	-	-	-	-	-	-
Export Market	-	-	-	-	14.5	73.2 %	5.1	54.9 %	2.9	37.4 %
Segment Total	16.5	100 %	14.9	100 %	19.8	100 %	9.4	100 %	7.8	100 %
Consolidated Total	16.5	100 %	14.9	100 %	19.8	100 %	9.4	100 %	7.8	100 %
Exchange Rate: OMR to USD	0.385032		0.385008		0.384999		0.384956		0.384897
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Oman	9.2	55.5 %	6.4	42.8 %	5.3	26.8 %	4.2	45.1 %	4.9	62.6 %
Other GCC Countries	6.6	39.8 %	7.1	47.6 %	-	-	-	-	-	-
Other Than GCC Countries	0.8	4.7 %	1.4	9.6 %	-	-	-	-	-	-
Export Market	-	-	-	-	14.5	73.2 %	5.1	54.9 %	2.9	37.4 %
Segment Total	16.5	100 %	14.9	100 %	19.8	100 %	9.4	100 %	7.8	100 %
Consolidated Total	16.5	100 %	14.9	100 %	19.8	100 %	9.4	100 %	7.8	100 %
Exchange Rate: OMR to USD	0.385032		0.385008		0.384999		0.384956		0.384897

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.87.54
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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