MIRA INFORM REPORT

 

 

Report Date :

10.07.2012

 

IDENTIFICATION DETAILS

 

Name :

OMAN FOODS INTERNATIONAL

 

 

Formerly Known As :

National Rice Mills SAOG

 

 

Registered Office :

Post Box 137, Rusayl, 124

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.01.1996

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

processing and sale of rice in the Sultanate of Oman

 

 

No. of Employees :

65

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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 31st, 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 & address 

 

Oman Foods International

Post Box 137

Rusayl, 124

Oman

Tel:       968-24-446213

Fax:      968-24-446203

Web:    www.omanfoodsintl.com

 

 

Registration data 

 

Employees:                  65

Company Type:            Public Independent

Traded:                         Muscat Securities Market:          NRCI

Incorporation Date:         13-Jan-1996

Auditor:                        Maqbool H. Moosa Yousuf Auditors        

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Rial Omani

Annual Sales:               18.8  1

Net Income:                  (0.8)

Total Assets:                11.2  2

Market Value:                2.3 (01-May-2012)        

 

 

Business Description     

 

Oman Foods International SAOG, formerly known as National Rice Mills SAOG, is an Oman-based public joint stock company engaged in the processing and sale of rice in the Sultanate of Oman. Its products include rice, sugar, milk powder, masool dal, cooking oil Alia, as well as new products including chicken-masala and mango-pickle. The Company sells processed rice under its own brand names, namely Thamer, Basmah, Asila, Al Watani, as well as under the brand name of its customers. The Company's main shareholders are Bank Muscat SAOG (30.25%), Bank Dhofar SAOG (25.90%) and Oman Arab Bank SAOC (12.44%). Oman Foods International is an Oman-based public joint stock company engaged in the processing and sale of rice in the Sultanate of Oman. Its products include rice, sugar, milk powder, masool dal, cooking oil Alia, as well as new products including chicken-masala and mango-pickle. The Company sells processed rice under its own brand names, namely Thamer, Basmah, Asila, Al Watani, as well as under the brand name of its customers.

 

Industry             

Industry            Food Processing

ANZSIC 2006:    1161 - Grain Mill Product Manufacturing

NACE 2002:      1561 - Manufacture of grain mill products

NAICS 2002:     311212 - Rice Milling

UK SIC 2003:    15612 - Manufacture of breakfast cereals and cereals-based foods

US SIC 1987:    2044 - Rice Milling

 

           

Key Executives   

 

Name

Title

V. Parthasarathy

Chief Executive Officer, Secretary to the Board of Directors

Krishna Kumar Menon

General Manager - Operations

Sam Abdullah Bin Saleh Al Habsi

Chairman of the Board

Issam Kamal Redha Sultan

Vice Chairman of the Board

Ahmad Bin Mohammed Al Humaidi

Non-Executive Independent Member of the Board

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Corporate Litigation

1

Court Judges In Favor of Oman Foods International SAOG In Case Filed By Public Authority for Stores and Foods Reserve

31-May-2012

Officer Changes

2

Oman Foods International SAOG Announces Chief Executive Officer Resignation

27-Mar-2012

* number of significant developments within the last 12 months                                                                            

 

 

Financial Summary    

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.13

1.53

Quick Ratio (MRQ)

0.61

0.78

Debt to Equity (MRQ)

0.69

1.14

Sales 5 Year Growth

41.05

6.97

Net Profit Margin (TTM) %

-4.96

7.06

Return on Assets (TTM) %

-8.42

7.05

Return on Equity (TTM) %

-23.34

21.45

 

 

Stock Snapshot    

 

 

Traded: Muscat Securities Market: NRCI

 

As of 1-May-2012

   Financials in: OMR

Recent Price

0.14

 

EPS

-0.05

52 Week High

0.15

 

Price/Sales

0.12

52 Week Low

0.05

 

Price/Book

0.66

Avg. Volume (mil)

0.01

 

 

 

Market Value (mil)

0.87

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

0.0000%

1.14%

13 Week

7.63%

7.63%

52 Week

15.57%

20.17%

Year to Date

8.46%

8.56%

 

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.385032

2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

 

 

Corporate Overview

 

Location

Post Box 137

Rusayl, 124

Oman

Tel:       968-24-446213

Fax:      968-24-446203

Web:    www.omanfoodsintl.com

           

Quote Symbol - Exchange

NRCI - Muscat Securities Market

Sales OMR(mil):            7.2

Assets OMR(mil):          4.3

Employees:                   65

Fiscal Year End:            31-Dec-2011

Industry:                        Food Processing

Incorporation Date:         13-Jan-1996

Company Type:             Public Independent

Quoted Status:              Quoted

Previous Name:             National Rice Mills SAOG

Chief Executive Officer,

Secretary to the Board of Directors:         V. Parthasarathy

 

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

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1161     -          Grain Mill Product Manufacturing

3312     -          Cereal Grain Wholesaling

 

NACE 2002 Codes:

1561     -          Manufacture of grain mill products

5121     -          Wholesale of grain, seeds and animal feeds

 

NAICS 2002 Codes:

424510  -          Grain and Field Bean Merchant Wholesalers

311212  -          Rice Milling

 

US SIC 1987:

2044     -          Rice Milling

5153     -          Grain and Field Beans

 

UK SIC 2003:

15612   -          Manufacture of breakfast cereals and cereals-based foods

5121     -          Wholesale of grain, seeds and animal feeds

 

Business Description

Oman Foods International SAOG, formerly known as National Rice Mills SAOG, is an Oman-based public joint stock company engaged in the processing and sale of rice in the Sultanate of Oman. Its products include rice, sugar, milk powder, masool dal, cooking oil Alia, as well as new products including chicken-masala and mango-pickle. The Company sells processed rice under its own brand names, namely Thamer, Basmah, Asila, Al Watani, as well as under the brand name of its customers. The Company's main shareholders are Bank Muscat SAOG (30.25%), Bank Dhofar SAOG (25.90%) and Oman Arab Bank SAOC (12.44%). Oman Foods International is an Oman-based public joint stock company engaged in the processing and sale of rice in the Sultanate of Oman. Its products include rice, sugar, milk powder, masool dal, cooking oil Alia, as well as new products including chicken-masala and mango-pickle. The Company sells processed rice under its own brand names, namely Thamer, Basmah, Asila, Al Watani, as well as under the brand name of its customers.

 

More Business Descriptions

Processing and sale of rice

 

Financial Data

Financials in:

OMR(mil)

 

Sale:

7.2

Net Income:

-0.3

Assets:

4.3

Long Term Debt:

0.5

 

Total Liabilities:

3.0

 

Working Capital:

NaN

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

3.8%

NA

4.9%

 

Market Data

Quote Symbol:

NRCI

Exchange:

Muscat Securities Market

Currency:

OMR

Stock Price:

0.1

Stock Price Date:

05-01-2012

52 Week Price Change %:

15.6

Market Value (mil):

874.3

 

SEDOL:

6606479

ISIN:

OM0000002010

 

Equity and Dept Distribution:

12/2006, Company name changed from National Rice Mills S.A.O.G.

 

 

Shareholders

 

 

Major Shareholders

Bank Muscat SAOG (30.14%); Bank Dhofar SAOG (25.9%); Oman Arab Bank SAOG (12.94%)

 

 

 

Key Corporate Relationships

Auditor:

Maqbool H. Moosa Yousuf Auditors

 

Auditor:

Maqbool H. Moosa Yousuf Auditors, MHMY Auditors

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Sam Abdullah Bin Saleh Al Habsi

 

Chairman of the Board

Chairman

 

Mardas Abdullah Al Harthy

 

Non-Executive Chairman of the Board, representing the Government

Chairman

 

Issam Kamal Redha Sultan

 

Vice Chairman of the Board

Vice-Chairman

 

Humaid Nasser Sultan Al Bortmani

 

Non-Executive Director

Director/Board Member

 

Imaad Soud Hilal Al Harthy

 

Non-Executive Director

Director/Board Member

 

Ahmad Bin Mohammed Al Humaidi

 

Non-Executive Independent Member of the Board

Director/Board Member

 

Abdul Nassir Noori Ahmed Al Raisi

 

Non-Executive Director

Director/Board Member

 

Malallah Ali Yousef Al Zadjali

 

Non-Executive Member of the Board

Director/Board Member

 

Deepak Atal

 

Non-Executive Independent Member of the Board

Director/Board Member

 

S Sarathy

 

Non-Executive Director

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

V. Parthasarathy

 

Chief Executive Officer, Secretary to the Board of Directors

Chief Executive Officer

 

Biography:

Mr. V. Parthasarathy serves as Chief Executive Officer and Secretary to the Board of Directors of Oman Foods International. He is a Chartered Accountant with 42 years of experience in various Management, Industrial and Infrastructure developments, Audit and Consultancy services with many organizations including Ministries in India. He is responsible for the overall day to day business operations of the Company.

 

Krishna Kumar Menon

 

General Manager - Operations

Operations Executive

 

 

 

 

Significant Developments

 

Court Judges In Favor of Oman Foods International SAOG In Case Filed By Public Authority for Stores and Foods Reserve May 31, 2012

 

Oman Foods International SAOG announced that the Court has issued a decision in favor of the Company in the lawsuit filed by The Public Authority for Stores and Foods Reserve on July 31, 2011, requesting the Company to pay OMR 647,702 for a breach of contract and in addition to OMR 15,000 for advocacy and arbitration fees. The arbitration panel decided, that the Company had not breach any contractual clause and also the decision of the Company to terminate the roll over the case was fair and as per terms and conditions of the agreement.

 

Oman Foods International SAOG Announces Chief Executive Officer Resignation Mar 27, 2012

 

Oman Foods International SAOG announced that its Chief Executive officer, Mr. V. Parthasarathy, has resigned from his position effective from March 28, 2012.

 

Oman Foods International SAOG Appoints New Chairman Mar 22, 2012

 

Oman Foods International SAOG announced that its Board of Directors has appointed on March 21, 2012, Sam Abdullah Bin Saleh Al Habsi, as the Company's new Chairman.

 

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

18.8

18.1

29.9

17.0

7.9

Sale

18.8

18.1

29.9

17.0

7.9

Total Sale

18.8

18.1

29.9

17.0

7.9

 

 

 

 

 

 

    Cost of Sale

17.9

17.1

27.5

13.7

6.6

Cost of Sale, Total

17.9

17.1

27.5

13.7

6.6

Gross Profit

0.9

1.0

2.4

3.3

1.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.8

1.6

1.4

1.2

0.8

Total Selling/General/Administrative Expenses

1.8

1.6

1.4

1.2

0.8

    Depreciation

0.1

0.1

0.1

0.1

-

Depreciation/Amortization

0.1

0.1

0.1

0.1

-

    Impairment-Assets Held for Sale

-

-

0.0

0.1

-

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

0.0

0.1

-

    Other, Net

-0.2

-0.3

-0.4

-0.4

-0.2

Other Operating Expenses, Total

-0.2

-0.3

-0.4

-0.4

-0.2

Total Operating Expense

19.6

18.5

28.7

14.6

7.3

 

 

 

 

 

 

Operating Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

0.0

0.0

0.0

0.0

0.0

Other, Net

0.0

0.0

0.0

0.0

0.0

Income Before Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Net Income Before Extraord Items

-0.8

-0.4

1.3

2.4

0.6

Net Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Basic EPS Excl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Basic/Primary EPS Incl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-0.8

-0.4

1.3

2.4

0.6

Diluted Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Diluted EPS Excl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Diluted EPS Incl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

0.3

0.3

0.3

0.3

0.3

Total Special Items

0.0

0.0

0.0

0.1

-

Normalized Income Before Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Diluted Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Rental Expenses

0.0

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.2

0.2

0.2

0.2

0.1

Normalized EBIT

-0.8

-0.4

1.3

2.5

0.6

Normalized EBITDA

-0.5

-0.1

1.6

2.7

0.9

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash

1.7

1.8

5.2

3.3

0.0

Cash and Short Term Investments

1.7

1.8

5.2

3.3

0.0

        Accounts Receivable - Trade, Gross

12.8

12.2

12.6

12.9

12.7

        Provision for Doubtful Accounts

-10.6

-10.6

-10.5

-10.6

-10.8

    Trade Accounts Receivable - Net

2.2

1.6

2.0

2.3

1.9

    Other Receivables

0.2

0.2

0.3

0.1

0.0

Total Receivables, Net

2.4

1.8

2.4

2.4

1.9

    Inventories - Finished Goods

0.9

0.4

0.3

0.4

0.3

    Inventories - Raw Materials

1.1

1.8

2.0

0.6

0.4

    Inventories - Other

1.2

0.6

0.8

0.5

-0.1

Total Inventory

3.1

2.8

3.1

1.6

0.6

Total Current Assets

7.2

6.4

10.7

7.3

2.6

 

 

 

 

 

 

        Buildings

2.3

2.3

2.3

2.3

2.3

        Machinery/Equipment

3.9

3.9

3.8

3.4

3.5

        Construction in Progress

-

-

0.0

0.1

-

    Property/Plant/Equipment - Gross

6.2

6.2

6.1

5.9

5.8

    Accumulated Depreciation

-4.2

-3.9

-3.6

-3.2

-3.0

Property/Plant/Equipment - Net

2.1

2.3

2.5

2.7

2.8

    LT Investments - Other

2.0

1.9

1.9

-

-

Long Term Investments

2.0

1.9

1.9

-

-

    Other Long Term Assets

0.0

-

-

-

-

Other Long Term Assets, Total

0.0

-

-

-

-

Total Assets

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

Accounts Payable

5.7

4.1

7.7

3.8

1.7

Accrued Expenses

-

-

0.0

0.2

0.0

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

0.5

0.4

0.3

0.2

0.1

    Other Payables

0.2

0.1

0.3

0.2

0.1

Other Current liabilities, Total

0.2

0.1

0.3

0.2

0.1

Total Current Liabilities

6.5

4.6

8.3

4.3

1.9

 

 

 

 

 

 

    Long Term Debt

1.2

1.7

2.1

2.3

2.5

    Capital Lease Obligations

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt

1.2

1.7

2.1

2.4

2.5

Total Debt

1.7

2.1

2.4

2.5

2.6

 

 

 

 

 

 

    Pension Benefits - Underfunded

0.1

0.1

0.0

0.0

0.0

Other Liabilities, Total

0.1

0.1

0.0

0.0

0.0

Total Liabilities

7.7

6.4

10.4

6.7

4.4

 

 

 

 

 

 

    Common Stock

16.1

16.1

16.1

16.1

16.1

Common Stock

16.1

16.1

16.1

16.1

16.1

Retained Earnings (Accumulated Deficit)

-12.6

-11.8

-11.5

-12.8

-15.2

Total Equity

3.5

4.3

4.6

3.3

0.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

Employees

65

-

-

-

-

Number of Common Shareholders

-

-

-

-

1,573

Total Long Term Debt, Supplemental

1.7

2.1

-

2.5

-

Long Term Debt Maturing within 1 Year

0.5

0.4

-

0.1

-

Long Term Debt Maturing in Year 2

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 3

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 4

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 5

0.3

0.4

-

0.4

-

Long Term Debt Maturing in 2-3 Years

0.6

0.8

-

0.8

-

Long Term Debt Maturing in 4-5 Years

0.6

0.8

-

0.8

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

-

0.6

-

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.3

Capital Lease Payments Due in Year 1

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 2

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

0.0

0.0

0.1

Capital Lease Payments Due in 4-5 Years

0.0

0.0

0.0

0.0

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

-

0.2

Total Operating Leases, Supplemental

0.2

0.2

0.3

0.3

0.3

Operating Lease Payments Due in Year 1

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 2

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

0.0

0.0

0.0

0.0

0.1

Operating Lease Pymts. Due in 4-5 Years

0.0

0.0

0.0

0.0

0.1

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.1

0.1

0.2

0.2

0.2

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-0.8

-0.4

1.3

2.4

0.6

    Depreciation

0.3

0.3

0.3

0.3

0.3

Depreciation/Depletion

0.3

0.3

0.3

0.3

0.3

    Unusual Items

0.0

-0.1

0.0

0.1

0.0

    Other Non-Cash Items

0.0

0.1

0.1

0.0

0.0

Non-Cash Items

0.0

0.0

0.1

0.1

0.0

    Accounts Receivable

-0.5

0.5

0.0

-0.5

-0.9

    Inventories

-0.3

0.2

-1.6

-0.9

-0.5

    Accounts Payable

1.7

-3.7

3.8

2.3

0.6

    Other Operating Cash Flow

0.0

0.0

0.0

0.0

0.0

Changes in Working Capital

0.9

-3.0

2.2

0.9

-0.8

Cash from Operating Activities

0.4

-3.1

3.9

3.7

0.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.1

-0.1

-0.1

-0.3

-0.1

Capital Expenditures

-0.1

-0.1

-0.1

-0.3

-0.1

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Investing Cash Flow

-

0.0

-1.8

-

-

Other Investing Cash Flow Items, Total

0.0

0.0

-1.8

0.0

0.0

Cash from Investing Activities

-0.1

-0.1

-1.8

-0.3

-0.1

 

 

 

 

 

 

    Sale/Issuance of Common/Preferred

-

-

-

0.0

5.7

Issuance (Retirement) of Stock, Net

-

-

-

0.0

5.7

    Long Term Debt, Net

-0.4

-0.3

-0.2

-0.1

-5.7

Issuance (Retirement) of Debt, Net

-0.4

-0.3

-0.2

-0.1

-5.7

Cash from Financing Activities

-0.4

-0.3

-0.2

-0.1

0.0

 

 

 

 

 

 

Net Change in Cash

-0.1

-3.5

1.9

3.3

0.0

 

 

 

 

 

 

Net Cash - Beginning Balance

1.8

5.2

3.3

0.0

0.0

Net Cash - Ending Balance

1.7

1.8

5.2

3.3

0.0

Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Turnover

18.8

18.1

29.9

17.0

7.9

Total Sale

18.8

18.1

29.9

17.0

7.9

 

 

 

 

 

 

    Cost of Turnover

17.9

17.1

27.5

13.7

6.6

    Other Income

-0.2

-0.5

-0.5

-0.4

-0.2

    Administrative and General Expenses

0.8

0.7

0.6

0.5

0.5

    Selling and Distribution Expenses

1.0

1.0

0.8

0.7

0.4

    Depreciation

0.1

0.1

0.1

0.1

-

    Provision for Impairment

0.0

0.0

0.1

-

-

    Provision for Doubtfull Debts

0.0

0.1

-

-

-

    Profit on Sale of fixed Assets

0.0

0.0

-

-

-

    Impairment of Fixed Assets

-

-

0.0

0.1

-

Total Operating Expense

19.6

18.5

28.7

14.6

7.3

 

 

 

 

 

 

    Financial Costs

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Net Income Before Extra. Items

-0.8

-0.4

1.3

2.4

0.6

Net Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Basic EPS Excluding ExtraOrdinary Items

-0.14

-0.07

0.20

0.47

0.12

Basic EPS Including ExtraOrdinary Items

-0.14

-0.07

0.20

0.47

0.12

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-0.8

-0.4

1.3

2.4

0.6

Diluted Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Diluted EPS Excluding ExtraOrd Items

-0.14

-0.07

0.20

0.47

0.12

Diluted EPS Including ExtraOrd Items

-0.14

-0.07

0.20

0.47

0.12

Normalized Income Before Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Diluted Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Depreciation

0.3

0.3

0.3

0.3

0.3

Advertising Expenses

0.2

0.2

0.2

0.2

0.1

Rental Expenses

0.0

0.0

0.0

0.0

0.0

Interest Expenses

0.0

0.0

0.0

0.0

0.0

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Raw Materials

0.7

1.5

1.7

0.5

0.2

    Packing Materials

0.3

0.3

0.3

0.2

0.2

    Finished Goods

0.9

0.4

0.3

0.4

0.3

    Trading Goods

0.7

0.6

0.3

0.2

-

    PASFR Distribution Stock

0.6

0.2

0.6

0.3

-

    Stores & Spares

0.0

0.0

-

-

-

    Provisions for Slow Moving Inventories

-0.2

-0.2

-0.1

0.0

-0.1

    Trade Receivables

12.8

12.2

12.6

12.9

12.7

    Provision for Doubtful Debts

-10.6

-10.6

-10.5

-10.6

-10.8

    Other Receivables

0.2

0.2

0.3

0.1

0.0

    Cash Balance

1.7

1.8

5.2

3.3

0.0

Total Current Assets

7.2

6.4

10.7

7.3

2.6

 

 

 

 

 

 

    Buildings and Civil Works

2.3

2.3

2.3

2.3

2.3

    Plant and Machinery

1.8

1.8

1.8

1.5

1.7

    Electromechanical Installations

1.1

1.1

1.1

1.1

1.1

    Electromechanical Equipment

0.2

0.2

0.2

0.2

0.2

    Furniture, Fixtures and Office Equipment

0.6

0.6

0.5

0.4

0.4

    Motor Vehicles

0.3

0.2

0.2

0.2

0.2

    Capital Work in Progress

-

-

0.0

0.1

-

    Depreciation

-4.2

-3.9

-3.6

-3.2

-3.0

    Subordinated Bonds

2.0

1.9

1.9

-

-

    Adjustment

0.0

-

-

-

-

Total Assets

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    Trade Payables

5.7

4.1

7.7

3.8

1.7

    Other Payables

0.2

0.1

0.3

0.2

0.1

    Accrued Expenses

-

-

0.0

0.2

0.0

    Leases Finance

0.0

0.0

0.0

0.0

0.0

    Term Loans

0.5

0.4

0.3

0.1

0.1

Total Current Liabilities

6.5

4.6

8.3

4.3

1.9

 

 

 

 

 

 

    Lease Finance, excluding Current Mat.

0.0

0.0

0.0

0.0

0.0

    Term Loans, Excluding Current Maturities

1.0

1.4

1.7

1.8

1.8

    Deferred Government Grant

0.1

0.2

0.4

0.5

0.7

Total Long Term Debt

1.2

1.7

2.1

2.4

2.5

 

 

 

 

 

 

    Staff Terminal Benefits

0.1

0.1

0.0

0.0

0.0

Total Liabilities

7.7

6.4

10.4

6.7

4.4

 

 

 

 

 

 

    Share Capital

16.1

16.1

16.1

16.1

16.1

    Legal Reserve

0.4

0.4

0.4

0.3

0.1

    Accumulated Losses

-13.3

-12.4

-12.0

-13.1

-15.3

    FV Reserves

0.2

0.2

0.1

-

-

Total Equity

3.5

4.3

4.6

3.3

0.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    S/O-Ordinary Share

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

Number of Shareholders

-

-

-

-

1,573

Full-Time Employees

65

-

-

-

-

Term Loans within 1 Year

0.5

0.4

-

0.1

-

Term Loans 2-5 Years

1.2

1.7

-

1.7

-

Term Loans over 5 Years

-

-

-

0.6

-

Total Long Term Debt, Supplemental

1.7

2.1

-

2.5

-

Capital Leases Less Than 1 Year

0.0

0.0

0.0

0.0

0.0

Capital Leases Between 1 & 5 Years

0.0

0.0

0.0

0.0

0.1

Capital Leases More Than 5 Years

-

-

-

-

0.2

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.3

Op. Leases Not Later than 1 Yr

0.0

0.0

0.0

0.0

0.0

Between 1 - 5 Yrs

0.1

0.1

0.1

0.1

0.1

Later than 5 Yrs

0.1

0.1

0.2

0.2

0.2

Total Operating Leases, Supplemental

0.2

0.2

0.3

0.3

0.3

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Loss for the Year

-0.8

-0.4

1.3

2.4

0.6

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Impairment of Plant & Machinery

0.0

-0.1

0.0

0.1

-

    Finance Costs

0.0

0.0

0.0

0.0

0.0

    Staff Terminal Benefits, Charged

0.0

0.0

0.0

0.0

0.0

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Inventories

-0.3

0.2

-1.6

-0.9

-0.5

    Provision For Stock

0.0

0.0

0.1

-

-

    Trade Receivables

-0.5

0.5

0.0

-0.5

-0.9

    Other Receivables

-

-

-

0.0

0.0

    Trade and Other Payables

1.7

-3.7

3.8

2.3

0.6

    Staff Terminal Benefits Paid

0.0

0.0

0.0

0.0

0.0

    Interest Paid

0.0

0.0

0.0

0.0

0.0

Cash from Operating Activities

0.4

-3.1

3.9

3.7

0.1

 

 

 

 

 

 

    Additions to Property, Plant & Equipment

-0.1

-0.1

-0.1

-0.3

-0.1

    Purchase of AFS Financial Assets

-

0.0

-1.8

-

-

    Proceeds from Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

Cash from Investing Activities

-0.1

-0.1

-1.8

-0.3

-0.1

 

 

 

 

 

 

    Term Loans Availed

-0.4

-0.3

-0.1

-0.1

-5.8

    Lease Finance Availed

0.0

0.0

0.0

0.0

0.1

    Long Term Loans Converted into Shares

-

-

-

0.0

5.7

Cash from Financing Activities

-0.4

-0.3

-0.2

-0.1

0.0

 

 

 

 

 

 

Net Change in Cash

-0.1

-3.5

1.9

3.3

0.0

 

 

 

 

 

 

    Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

Cash & Equivalent, Beginning of the Year

1.8

5.2

3.3

0.0

0.0

Cash & Equivalent, End of the Year

1.7

1.8

5.2

3.3

0.0

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

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 Sale1

3.0

-33.28%

18.8

3.82%

3.37%

41.05%

Operating Income1

-0.2

-

-0.8

-

-

-

Income Available to Common Excl Extraord Items1

-0.2

-

-0.8

-

-

-

Basic EPS Excl Extraord Items1

-0.03

-

-0.14

-

-

-

Capital Expenditures2

-

-

0.1

6.26%

-33.21%

20.42%

Cash from Operating Activities2

-1.2

-

0.4

-

-52.44%

-10.76%

Free Cash Flow

-1.2

-

0.3

-

-54.74%

-13.88%

Total Assets3

8.5

-28.40%

11.2

4.94%

3.85%

21.93%

Total Liabilities3

5.2

-34.33%

7.7

20.77%

4.89%

-4.10%

Total Long Term Debt3

1.2

-35.71%

1.2

-30.86%

-20.63%

-30.99%

Employees3

-

-

65

-

-

-

Total Common Shares Outstanding3

6.2

0.00%

6.2

0.00%

0.00%

9.15%

1-ExchangeRate: OMR to USD Average for Period

0.385046

 

0.385032

 

 

 

2-ExchangeRate: OMR to USD Average for Period

0.385046

 

0.385032

 

 

 

3-ExchangeRate: OMR to USD Period End Date

0.385025

 

0.385000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

4.68%

5.58%

7.97%

19.65%

16.49%

Operating Margin

-4.40%

-2.34%

4.24%

13.95%

7.92%

Pretax Margin

-4.47%

-2.46%

4.19%

13.86%

7.72%

Net Profit Margin

-4.47%

-2.46%

4.19%

13.86%

7.72%

Financial Strength

Current Ratio

1.10

1.38

1.29

1.69

1.35

Long Term Debt/Equity

0.34

0.40

0.45

0.72

2.69

Total Debt/Equity

0.49

0.49

0.51

0.77

2.79

Management Effectiveness

Return on Assets

-7.67%

-3.47%

10.03%

30.63%

12.80%

Return on Equity

-21.71%

-10.01%

31.68%

111.43%

-27.44%

Efficiency

Receivables Turnover

8.92

8.62

12.58

7.90

5.44

Inventory Turnover

6.08

5.80

11.84

12.30

15.60

Asset Turnover

1.72

1.41

2.39

2.21

1.66

Market Valuation USD (mil)

Enterprise Value2

4.6

.

Price/Sales (TTM)

0.13

Enterprise Value/Sale (TTM)

0.26

.

Price/Book (MRQ)

0.68

Market Cap as of 01-May-20121

2.3

.

 

 

1-ExchangeRate: OMR to USD on 1-May-2012

0.385086

 

 

 

2-ExchangeRate: OMR to USD on 31-Mar-2012

0.385025

 

 

 

 

 

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

1.10

1.38

1.29

1.69

1.35

Quick/Acid Test Ratio

0.63

0.78

0.92

1.33

1.01

Working Capital1

0.7

1.8

2.4

3.0

0.7

Long Term Debt/Equity

0.34

0.40

0.45

0.72

2.69

Total Debt/Equity

0.49

0.49

0.51

0.77

2.79

Long Term Debt/Total Capital

0.23

0.27

0.30

0.41

0.71

Total Debt/Total Capital

0.33

0.33

0.34

0.43

0.74

Effective Tax Rate

-

-

0.00%

0.00%

0.00%

Total Capital1

5.2

6.4

7.0

5.8

3.5

 

 

 

 

 

 

Efficiency

Asset Turnover

1.72

1.41

2.39

2.21

1.66

Inventory Turnover

6.08

5.80

11.84

12.30

15.60

Days In Inventory

60.04

62.93

30.82

29.67

23.40

Receivables Turnover

8.92

8.62

12.58

7.90

5.44

Days Receivables Outstanding

40.90

42.36

29.01

46.23

67.09

Sale/Employee2

288,876

-

-

-

-

Operating Income/Employee2

-12,713

-

-

-

-

EBITDA/Employee2

-7,730

-

-

-

-

 

 

 

 

 

 

Profitability

Gross Margin

4.68%

5.58%

7.97%

19.65%

16.49%

Operating Margin

-4.40%

-2.34%

4.24%

13.95%

7.92%

EBITDA Margin

-2.68%

-0.60%

5.24%

15.60%

11.24%

EBIT Margin

-4.40%

-2.34%

4.24%

13.95%

7.92%

Pretax Margin

-4.47%

-2.46%

4.19%

13.86%

7.72%

Net Profit Margin

-4.47%

-2.46%

4.19%

13.86%

7.72%

COGS/Sale

95.32%

94.42%

92.03%

80.35%

83.51%

SG&A Expense/Sale

9.33%

9.03%

4.63%

6.98%

10.61%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-7.67%

-3.47%

10.03%

30.63%

12.80%

Return on Equity

-21.71%

-10.01%

31.68%

111.43%

-27.44%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.05

-0.52

0.62

0.55

0.00

Operating Cash Flow/Share 2

0.06

-0.50

0.63

0.59

0.02

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)

-2.65

Market Cap/Equity (MRQ)

0.68

Market Cap/Sale (TTM)

0.13

Market Cap/EBIT (TTM)

-2.72

Market Cap/EBITDA (TTM)

-3.26

Enterprise Value/Earnings (TTM)

-5.32

Enterprise Value/Equity (MRQ)

1.37

Enterprise Value/Sale (TTM)

0.26

Enterprise Value/EBIT (TTM)

-5.46

Enterprise Value/EBITDA (TTM)

-6.56

 

 

 

 

Annual Income Statement

Standardized

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

18.8

18.1

29.9

17.0

7.9

Sale

18.8

18.1

29.9

17.0

7.9

Total Sale

18.8

18.1

29.9

17.0

7.9

 

 

 

 

 

 

    Cost of Sale

17.9

17.1

27.5

13.7

6.6

Cost of Sale, Total

17.9

17.1

27.5

13.7

6.6

Gross Profit

0.9

1.0

2.4

3.3

1.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.8

1.6

1.4

1.2

0.8

Total Selling/General/Administrative Expenses

1.8

1.6

1.4

1.2

0.8

    Depreciation

0.1

0.1

0.1

0.1

-

Depreciation/Amortization

0.1

0.1

0.1

0.1

-

    Impairment-Assets Held for Sale

-

-

0.0

0.1

-

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

0.0

0.1

-

    Other, Net

-0.2

-0.3

-0.4

-0.4

-0.2

Other Operating Expenses, Total

-0.2

-0.3

-0.4

-0.4

-0.2

Total Operating Expense

19.6

18.5

28.7

14.6

7.3

 

 

 

 

 

 

Operating Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

0.0

0.0

0.0

0.0

0.0

Other, Net

0.0

0.0

0.0

0.0

0.0

Income Before Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Net Income Before Extraord Items

-0.8

-0.4

1.3

2.4

0.6

Net Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Basic EPS Excl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Basic/Primary EPS Incl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-0.8

-0.4

1.3

2.4

0.6

Diluted Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Diluted EPS Excl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Diluted EPS Incl Extraord Items

-0.14

-0.07

0.20

0.47

0.12

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

0.3

0.3

0.3

0.3

0.3

Total Special Items

0.0

0.0

0.0

0.1

-

Normalized Income Before Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-0.4

1.3

2.4

0.6

Basic Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Diluted Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Rental Expenses

0.0

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.2

0.2

0.2

0.2

0.1

Normalized EBIT

-0.8

-0.4

1.3

2.5

0.6

Normalized EBITDA

-0.5

-0.1

1.6

2.7

0.9

 

 

Interim Income Statement

Standardized

 

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

3 Months

3 Months

3 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

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385019

0.385015

0.385023

0.385072

 

 

 

 

 

 

    Net Sales

3.0

5.3

4.5

4.5

4.5

Sale

3.0

5.3

4.5

4.5

4.5

Total Sale

3.0

5.3

4.5

4.5

4.5

 

 

 

 

 

 

    Cost of Sale

2.8

5.1

4.2

4.3

4.2

Cost of Sale, Total

2.8

5.1

4.2

4.3

4.2

Gross Profit

0.2

0.2

0.2

0.2

0.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

0.4

0.5

0.4

0.4

0.4

Total Selling/General/Administrative Expenses

0.4

0.5

0.4

0.4

0.4

    Depreciation

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.0

0.0

0.0

0.0

0.0

    Other, Net

-0.1

-0.1

0.0

0.0

0.0

Other Operating Expenses, Total

-0.1

-0.1

0.0

0.0

0.0

Total Operating Expense

3.1

5.6

4.7

4.7

4.6

 

 

 

 

 

 

Operating Income

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

0.0

0.0

0.0

0.0

0.0

Other, Net

0.0

0.0

0.0

0.0

0.0

Income Before Tax

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Net Income Before Extraord Items

-0.2

-0.3

-0.2

-0.2

-0.1

Net Income

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

6.2

6.2

6.2

6.2

6.2

Basic EPS Excl Extraord Items

-0.03

-0.05

-0.03

-0.04

-0.02

Basic/Primary EPS Incl Extraord Items

-0.03

-0.05

-0.03

-0.04

-0.02

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-0.2

-0.3

-0.2

-0.2

-0.1

Diluted Weighted Average Shares

6.2

6.2

6.2

6.2

6.2

Diluted EPS Excl Extraord Items

-0.03

-0.05

-0.03

-0.04

-0.02

Diluted EPS Incl Extraord Items

-0.03

-0.05

-0.03

-0.04

-0.02

Dividends per Share - Common Stock Primary Issue

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Basic Normalized EPS

-0.03

-0.05

-0.03

-0.04

-0.02

Diluted Normalized EPS

-0.03

-0.05

-0.03

-0.04

-0.02

Normalized EBIT

-0.2

-0.3

-0.2

-0.2

-0.1

Normalized EBITDA

-0.1

-0.3

-0.1

-0.2

-0.1

 

 

 

Annual Balance Sheet

Standardized

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash

1.7

1.8

5.2

3.3

0.0

Cash and Short Term Investments

1.7

1.8

5.2

3.3

0.0

        Accounts Receivable - Trade, Gross

12.8

12.2

12.6

12.9

12.7

        Provision for Doubtful Accounts

-10.6

-10.6

-10.5

-10.6

-10.8

    Trade Accounts Receivable - Net

2.2

1.6

2.0

2.3

1.9

    Other Receivables

0.2

0.2

0.3

0.1

0.0

Total Receivables, Net

2.4

1.8

2.4

2.4

1.9

    Inventories - Finished Goods

0.9

0.4

0.3

0.4

0.3

    Inventories - Raw Materials

1.1

1.8

2.0

0.6

0.4

    Inventories - Other

1.2

0.6

0.8

0.5

-0.1

Total Inventory

3.1

2.8

3.1

1.6

0.6

Total Current Assets

7.2

6.4

10.7

7.3

2.6

 

 

 

 

 

 

        Buildings

2.3

2.3

2.3

2.3

2.3

        Machinery/Equipment

3.9

3.9

3.8

3.4

3.5

        Construction in Progress

-

-

0.0

0.1

-

    Property/Plant/Equipment - Gross

6.2

6.2

6.1

5.9

5.8

    Accumulated Depreciation

-4.2

-3.9

-3.6

-3.2

-3.0

Property/Plant/Equipment - Net

2.1

2.3

2.5

2.7

2.8

    LT Investments - Other

2.0

1.9

1.9

-

-

Long Term Investments

2.0

1.9

1.9

-

-

    Other Long Term Assets

0.0

-

-

-

-

Other Long Term Assets, Total

0.0

-

-

-

-

Total Assets

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

Accounts Payable

5.7

4.1

7.7

3.8

1.7

Accrued Expenses

-

-

0.0

0.2

0.0

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

0.5

0.4

0.3

0.2

0.1

    Other Payables

0.2

0.1

0.3

0.2

0.1

Other Current liabilities, Total

0.2

0.1

0.3

0.2

0.1

Total Current Liabilities

6.5

4.6

8.3

4.3

1.9

 

 

 

 

 

 

    Long Term Debt

1.2

1.7

2.1

2.3

2.5

    Capital Lease Obligations

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt

1.2

1.7

2.1

2.4

2.5

Total Debt

1.7

2.1

2.4

2.5

2.6

 

 

 

 

 

 

    Pension Benefits - Underfunded

0.1

0.1

0.0

0.0

0.0

Other Liabilities, Total

0.1

0.1

0.0

0.0

0.0

Total Liabilities

7.7

6.4

10.4

6.7

4.4

 

 

 

 

 

 

    Common Stock

16.1

16.1

16.1

16.1

16.1

Common Stock

16.1

16.1

16.1

16.1

16.1

Retained Earnings (Accumulated Deficit)

-12.6

-11.8

-11.5

-12.8

-15.2

Total Equity

3.5

4.3

4.6

3.3

0.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

Employees

65

-

-

-

-

Number of Common Shareholders

-

-

-

-

1,573

Total Long Term Debt, Supplemental

1.7

2.1

-

2.5

-

Long Term Debt Maturing within 1 Year

0.5

0.4

-

0.1

-

Long Term Debt Maturing in Year 2

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 3

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 4

0.3

0.4

-

0.4

-

Long Term Debt Maturing in Year 5

0.3

0.4

-

0.4

-

Long Term Debt Maturing in 2-3 Years

0.6

0.8

-

0.8

-

Long Term Debt Maturing in 4-5 Years

0.6

0.8

-

0.8

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

-

0.6

-

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.3

Capital Lease Payments Due in Year 1

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 2

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

0.0

0.0

0.1

Capital Lease Payments Due in 4-5 Years

0.0

0.0

0.0

0.0

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

-

0.2

Total Operating Leases, Supplemental

0.2

0.2

0.3

0.3

0.3

Operating Lease Payments Due in Year 1

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 2

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

0.0

0.0

0.0

0.0

0.1

Operating Lease Pymts. Due in 4-5 Years

0.0

0.0

0.0

0.0

0.1

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.1

0.1

0.2

0.2

0.2

 

 

 

Interim Balance Sheet

Standardized

 

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

Updated Normal 
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385025

0.385

0.38505

0.38505

0.385

 

 

 

 

 

 

    Cash

0.0

1.7

2.0

1.6

3.3

Cash and Short Term Investments

0.0

1.7

2.0

1.6

3.3

        Accounts Receivable - Trade, Gross

12.8

12.8

12.8

12.2

12.0

        Provision for Doubtful Accounts

-10.6

-10.6

-10.6

-10.6

-10.6

    Trade Accounts Receivable - Net

2.2

2.2

2.1

1.5

1.4

    Other Receivables

0.3

0.2

-

1.2

-

Total Receivables, Net

2.4

2.4

2.1

2.7

1.4

    Inventories - Finished Goods

1.6

0.9

1.8

1.4

1.2

    Inventories - Raw Materials

0.6

1.1

1.7

1.7

2.0

    Inventories - Other

-0.2

1.1

-0.2

-0.2

-0.2

Total Inventory

2.0

3.1

3.3

3.0

3.0

    Other Current Assets

-

-

0.2

-

-

Other Current Assets, Total

-

-

0.2

-

-

Total Current Assets

4.5

7.2

7.7

7.2

7.8

 

 

 

 

 

 

Property/Plant/Equipment - Net

2.0

2.1

2.1

2.2

2.2

    LT Investments - Other

2.0

2.0

1.8

1.8

1.8

Long Term Investments

2.0

2.0

1.8

1.8

1.8

Total Assets

8.5

11.2

11.6

11.3

11.9

 

 

 

 

 

 

Accounts Payable

2.9

6.0

6.3

5.8

5.8

Notes Payable/Short Term Debt

0.6

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

0.5

0.5

0.5

0.5

0.3

Total Current Liabilities

4.0

6.5

6.8

6.3

6.0

 

 

 

 

 

 

    Long Term Debt

1.2

1.2

1.2

1.2

1.8

    Capital Lease Obligations

-

0.0

-

-

-

Total Long Term Debt

1.2

1.2

1.2

1.2

1.8

Total Debt

2.3

1.7

1.7

1.7

2.1

 

 

 

 

 

 

    Pension Benefits - Underfunded

-

0.1

-

-

-

Other Liabilities, Total

-

0.1

-

-

-

Total Liabilities

5.2

7.7

8.0

7.5

7.8

 

 

 

 

 

 

    Common Stock

16.1

16.1

16.1

16.1

16.1

Common Stock

16.1

16.1

16.1

16.1

16.1

Retained Earnings (Accumulated Deficit)

-12.8

-12.6

-12.5

-12.3

-12.1

Total Equity

3.3

3.5

3.6

3.8

4.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

8.5

11.2

11.6

11.3

11.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

 

 

 

Annual Cash Flows

Standardized

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-0.8

-0.4

1.3

2.4

0.6

    Depreciation

0.3

0.3

0.3

0.3

0.3

Depreciation/Depletion

0.3

0.3

0.3

0.3

0.3

    Unusual Items

0.0

-0.1

0.0

0.1

0.0

    Other Non-Cash Items

0.0

0.1

0.1

0.0

0.0

Non-Cash Items

0.0

0.0

0.1

0.1

0.0

    Accounts Receivable

-0.5

0.5

0.0

-0.5

-0.9

    Inventories

-0.3

0.2

-1.6

-0.9

-0.5

    Accounts Payable

1.7

-3.7

3.8

2.3

0.6

    Other Operating Cash Flow

0.0

0.0

0.0

0.0

0.0

Changes in Working Capital

0.9

-3.0

2.2

0.9

-0.8

Cash from Operating Activities

0.4

-3.1

3.9

3.7

0.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.1

-0.1

-0.1

-0.3

-0.1

Capital Expenditures

-0.1

-0.1

-0.1

-0.3

-0.1

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Investing Cash Flow

-

0.0

-1.8

-

-

Other Investing Cash Flow Items, Total

0.0

0.0

-1.8

0.0

0.0

Cash from Investing Activities

-0.1

-0.1

-1.8

-0.3

-0.1

 

 

 

 

 

 

    Sale/Issuance of Common/Preferred

-

-

-

0.0

5.7

Issuance (Retirement) of Stock, Net

-

-

-

0.0

5.7

    Long Term Debt, Net

-0.4

-0.3

-0.2

-0.1

-5.7

Issuance (Retirement) of Debt, Net

-0.4

-0.3

-0.2

-0.1

-5.7

Cash from Financing Activities

-0.4

-0.3

-0.2

-0.1

0.0

 

 

 

 

 

 

Net Change in Cash

-0.1

-3.5

1.9

3.3

0.0

 

 

 

 

 

 

Net Cash - Beginning Balance

1.8

5.2

3.3

0.0

0.0

Net Cash - Ending Balance

1.7

1.8

5.2

3.3

0.0

Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

 

 

 

Interim Cash Flows

Standardized

 

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

Updated Normal 
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385032

0.385036

0.385048

0.385072

 

 

 

 

 

 

Net Income/Starting Line

-

-0.8

-

-

-

    Depreciation

-

0.3

-

-

-

Depreciation/Depletion

-

0.3

-

-

-

    Other Operating Cash Flow

-1.2

0.9

0.3

0.8

1.6

Changes in Working Capital

-1.2

0.9

0.3

0.8

1.6

Cash from Operating Activities

-1.2

0.4

0.3

0.8

1.6

 

 

 

 

 

 

    Other Investing Cash Flow

0.0

-0.1

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

0.0

-0.1

0.0

0.0

0.0

Cash from Investing Activities

0.0

-0.1

0.0

0.0

0.0

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

-0.4

0.0

0.0

0.0

Financing Cash Flow Items

0.0

-0.4

0.0

0.0

0.0

Cash from Financing Activities

0.0

-0.4

0.0

0.0

0.0

 

 

 

 

 

 

Net Change in Cash

-1.2

-0.1

0.3

0.8

1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

0.6

1.8

1.8

1.8

1.8

Net Cash - Ending Balance

-0.6

1.7

2.1

2.6

3.3

Cash Interest Paid

0.0

0.0

0.0

-

0.0

 

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Turnover

18.8

18.1

29.9

17.0

7.9

Total Sale

18.8

18.1

29.9

17.0

7.9

 

 

 

 

 

 

    Cost of Turnover

17.9

17.1

27.5

13.7

6.6

    Other Income

-0.2

-0.5

-0.5

-0.4

-0.2

    Administrative and General Expenses

0.8

0.7

0.6

0.5

0.5

    Selling and Distribution Expenses

1.0

1.0

0.8

0.7

0.4

    Depreciation

0.1

0.1

0.1

0.1

-

    Provision for Impairment

0.0

0.0

0.1

-

-

    Provision for Doubtfull Debts

0.0

0.1

-

-

-

    Profit on Sale of fixed Assets

0.0

0.0

-

-

-

    Impairment of Fixed Assets

-

-

0.0

0.1

-

Total Operating Expense

19.6

18.5

28.7

14.6

7.3

 

 

 

 

 

 

    Financial Costs

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Net Income Before Extra. Items

-0.8

-0.4

1.3

2.4

0.6

Net Income

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Basic EPS Excluding ExtraOrdinary Items

-0.14

-0.07

0.20

0.47

0.12

Basic EPS Including ExtraOrdinary Items

-0.14

-0.07

0.20

0.47

0.12

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-0.8

-0.4

1.3

2.4

0.6

Diluted Weighted Average Shares

6.2

6.2

6.2

5.0

5.0

Diluted EPS Excluding ExtraOrd Items

-0.14

-0.07

0.20

0.47

0.12

Diluted EPS Including ExtraOrd Items

-0.14

-0.07

0.20

0.47

0.12

Normalized Income Before Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-0.4

1.3

2.4

0.6

 

 

 

 

 

 

Basic Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Diluted Normalized EPS

-0.14

-0.07

0.20

0.49

0.12

Depreciation

0.3

0.3

0.3

0.3

0.3

Advertising Expenses

0.2

0.2

0.2

0.2

0.1

Rental Expenses

0.0

0.0

0.0

0.0

0.0

Interest Expenses

0.0

0.0

0.0

0.0

0.0

 

 

 

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

3 Months

3 Months

3 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

Updated Normal 
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385019

0.385015

0.385023

0.385072

 

 

 

 

 

 

    Turnover /Sale

3.0

5.3

4.5

4.5

4.5

Total Sale

3.0

5.3

4.5

4.5

4.5

 

 

 

 

 

 

    Cost of Sales

2.8

5.1

4.2

4.3

4.2

    Other Income

-0.1

-0.1

0.0

0.0

0.0

    Depreciation

0.0

0.0

0.0

0.0

0.0

    Selling/General/Administration Expenses

0.4

0.5

0.4

0.4

0.4

Total Operating Expense

3.1

5.6

4.7

4.7

4.6

 

 

 

 

 

 

    Financial Charges

0.0

0.0

0.0

0.0

0.0

    Provisions for Doubtful Debts

-

0.0

-

-

-

    Write Back Previous Provisions

-

0.0

-

-

-

Net Income Before Taxes

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Net Income Before Extra. Items

-0.2

-0.3

-0.2

-0.2

-0.1

Net Income

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Basic Weighted Average Shares

6.2

6.2

6.2

6.2

6.2

Basic EPS Excluding ExtraOrdinary Items

-0.03

-0.05

-0.03

-0.04

-0.02

Basic EPS Including ExtraOrdinary Items

-0.03

-0.05

-0.03

-0.04

-0.02

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-0.2

-0.3

-0.2

-0.2

-0.1

Diluted Weighted Average Shares

6.2

6.2

6.2

6.2

6.2

Diluted EPS Excluding ExtraOrd Items

-0.03

-0.05

-0.03

-0.04

-0.02

Diluted EPS Including ExtraOrd Items

-0.03

-0.05

-0.03

-0.04

-0.02

DPS-Ordinary Share

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Normalized Income Before Taxes

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.2

-0.3

-0.2

-0.2

-0.1

 

 

 

 

 

 

Basic Normalized EPS

-0.03

-0.05

-0.03

-0.04

-0.02

Diluted Normalized EPS

-0.03

-0.05

-0.03

-0.04

-0.02

Depreciation

0.0

0.0

0.0

0.0

0.0

Finance Costs

0.0

0.0

0.0

0.0

0.0

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Raw Materials

0.7

1.5

1.7

0.5

0.2

    Packing Materials

0.3

0.3

0.3

0.2

0.2

    Finished Goods

0.9

0.4

0.3

0.4

0.3

    Trading Goods

0.7

0.6

0.3

0.2

-

    PASFR Distribution Stock

0.6

0.2

0.6

0.3

-

    Stores & Spares

0.0

0.0

-

-

-

    Provisions for Slow Moving Inventories

-0.2

-0.2

-0.1

0.0

-0.1

    Trade Receivables

12.8

12.2

12.6

12.9

12.7

    Provision for Doubtful Debts

-10.6

-10.6

-10.5

-10.6

-10.8

    Other Receivables

0.2

0.2

0.3

0.1

0.0

    Cash Balance

1.7

1.8

5.2

3.3

0.0

Total Current Assets

7.2

6.4

10.7

7.3

2.6

 

 

 

 

 

 

    Buildings and Civil Works

2.3

2.3

2.3

2.3

2.3

    Plant and Machinery

1.8

1.8

1.8

1.5

1.7

    Electromechanical Installations

1.1

1.1

1.1

1.1

1.1

    Electromechanical Equipment

0.2

0.2

0.2

0.2

0.2

    Furniture, Fixtures and Office Equipment

0.6

0.6

0.5

0.4

0.4

    Motor Vehicles

0.3

0.2

0.2

0.2

0.2

    Capital Work in Progress

-

-

0.0

0.1

-

    Depreciation

-4.2

-3.9

-3.6

-3.2

-3.0

    Subordinated Bonds

2.0

1.9

1.9

-

-

    Adjustment

0.0

-

-

-

-

Total Assets

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    Trade Payables

5.7

4.1

7.7

3.8

1.7

    Other Payables

0.2

0.1

0.3

0.2

0.1

    Accrued Expenses

-

-

0.0

0.2

0.0

    Leases Finance

0.0

0.0

0.0

0.0

0.0

    Term Loans

0.5

0.4

0.3

0.1

0.1

Total Current Liabilities

6.5

4.6

8.3

4.3

1.9

 

 

 

 

 

 

    Lease Finance, excluding Current Mat.

0.0

0.0

0.0

0.0

0.0

    Term Loans, Excluding Current Maturities

1.0

1.4

1.7

1.8

1.8

    Deferred Government Grant

0.1

0.2

0.4

0.5

0.7

Total Long Term Debt

1.2

1.7

2.1

2.4

2.5

 

 

 

 

 

 

    Staff Terminal Benefits

0.1

0.1

0.0

0.0

0.0

Total Liabilities

7.7

6.4

10.4

6.7

4.4

 

 

 

 

 

 

    Share Capital

16.1

16.1

16.1

16.1

16.1

    Legal Reserve

0.4

0.4

0.4

0.3

0.1

    Accumulated Losses

-13.3

-12.4

-12.0

-13.1

-15.3

    FV Reserves

0.2

0.2

0.1

-

-

Total Equity

3.5

4.3

4.6

3.3

0.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

11.2

10.7

15.0

10.0

5.4

 

 

 

 

 

 

    S/O-Ordinary Share

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

Number of Shareholders

-

-

-

-

1,573

Full-Time Employees

65

-

-

-

-

Term Loans within 1 Year

0.5

0.4

-

0.1

-

Term Loans 2-5 Years

1.2

1.7

-

1.7

-

Term Loans over 5 Years

-

-

-

0.6

-

Total Long Term Debt, Supplemental

1.7

2.1

-

2.5

-

Capital Leases Less Than 1 Year

0.0

0.0

0.0

0.0

0.0

Capital Leases Between 1 & 5 Years

0.0

0.0

0.0

0.0

0.1

Capital Leases More Than 5 Years

-

-

-

-

0.2

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.3

Op. Leases Not Later than 1 Yr

0.0

0.0

0.0

0.0

0.0

Between 1 - 5 Yrs

0.1

0.1

0.1

0.1

0.1

Later than 5 Yrs

0.1

0.1

0.2

0.2

0.2

Total Operating Leases, Supplemental

0.2

0.2

0.3

0.3

0.3

 

 

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

Updated Normal 
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385025

0.385

0.38505

0.38505

0.385

 

 

 

 

 

 

    Raw & Packing Material

0.6

1.1

1.7

1.7

2.0

    Finished Goods

1.6

0.9

1.8

1.4

1.2

    Less: Provision

-0.2

-0.2

-0.2

-0.2

-0.2

    Trading Goods

-

0.7

-

-

-

    PASFR Distribution Stock

-

0.6

-

-

-

    Trade Receivables

12.8

12.8

12.8

12.2

12.0

    Other Receivables

0.3

0.2

-

-

-

    Less: Provision

-10.6

-10.6

-10.6

-10.6

-10.6

    Cash at Bank and in Hand

0.0

1.7

2.0

1.6

3.3

    Other Deposits and Prepayments

-

-

0.2

-

-

    Other Payments

-

-

-

1.2

-

Total Current Assets

4.5

7.2

7.7

7.2

7.8

 

 

 

 

 

 

    Property, Plant & Equipment

2.0

2.1

2.1

2.2

2.2

    Investment AFS

2.0

2.0

1.8

1.8

1.8

Total Assets

8.5

11.2

11.6

11.3

11.9

 

 

 

 

 

 

    Trade and Other Creditors

2.9

6.0

6.3

5.8

5.8

    Provision for Repair

-

-

0.0

-

-

    Bank Overdrafts & LTR's

0.6

-

0.0

-

0.0

    Govt. Soft Loan Installment due<1 year

0.5

0.5

0.5

0.5

0.3

    Lease Finances

-

0.0

-

-

-

Total Current Liabilities

4.0

6.5

6.8

6.3

6.0

 

 

 

 

 

 

    Loans- Banks net of Conversion to Equity

-

1.0

-

-

-

    Soft Loans

0.8

-

0.8

0.8

1.4

    Lease Finance, excluding Current Mat.

-

0.0

-

-

-

    Deferred Government Grant

0.4

0.1

0.4

0.4

0.4

Total Long Term Debt

1.2

1.2

1.2

1.2

1.8

 

 

 

 

 

 

    Staff Terminal Benefits

-

0.1

-

-

-

Total Liabilities

5.2

7.7

8.0

7.5

7.8

 

 

 

 

 

 

    Issued Capital

16.1

16.1

16.1

16.1

16.1

    Accumulated Losses

-13.3

-13.3

-12.4

-12.4

-12.4

    Legal Reserve

0.4

0.4

0.4

0.4

0.4

    FV Reserve

0.2

0.2

0.0

0.0

0.0

    Profit & (Loss) Account for the Period

-0.2

-

-0.5

-0.4

-0.1

Total Equity

3.3

3.5

3.6

3.8

4.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

8.5

11.2

11.6

11.3

11.9

 

 

 

 

 

 

    S/O-Ordinary Share

6.2

6.2

6.2

6.2

6.2

Total Common Shares Outstanding

6.2

6.2

6.2

6.2

6.2

 

 

 

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

Updated Normal 
31-Dec-2009

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

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

Maqbool H. Moosa Yousuf Auditors

BDO

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Loss for the Year

-0.8

-0.4

1.3

2.4

0.6

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Impairment of Plant & Machinery

0.0

-0.1

0.0

0.1

-

    Finance Costs

0.0

0.0

0.0

0.0

0.0

    Staff Terminal Benefits, Charged

0.0

0.0

0.0

0.0

0.0

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Inventories

-0.3

0.2

-1.6

-0.9

-0.5

    Provision For Stock

0.0

0.0

0.1

-

-

    Trade Receivables

-0.5

0.5

0.0

-0.5

-0.9

    Other Receivables

-

-

-

0.0

0.0

    Trade and Other Payables

1.7

-3.7

3.8

2.3

0.6

    Staff Terminal Benefits Paid

0.0

0.0

0.0

0.0

0.0

    Interest Paid

0.0

0.0

0.0

0.0

0.0

Cash from Operating Activities

0.4

-3.1

3.9

3.7

0.1

 

 

 

 

 

 

    Additions to Property, Plant & Equipment

-0.1

-0.1

-0.1

-0.3

-0.1

    Purchase of AFS Financial Assets

-

0.0

-1.8

-

-

    Proceeds from Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

Cash from Investing Activities

-0.1

-0.1

-1.8

-0.3

-0.1

 

 

 

 

 

 

    Term Loans Availed

-0.4

-0.3

-0.1

-0.1

-5.8

    Lease Finance Availed

0.0

0.0

0.0

0.0

0.1

    Long Term Loans Converted into Shares

-

-

-

0.0

5.7

Cash from Financing Activities

-0.4

-0.3

-0.2

-0.1

0.0

 

 

 

 

 

 

Net Change in Cash

-0.1

-3.5

1.9

3.3

0.0

 

 

 

 

 

 

    Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

Cash & Equivalent, Beginning of the Year

1.8

5.2

3.3

0.0

0.0

Cash & Equivalent, End of the Year

1.7

1.8

5.2

3.3

0.0

 

 

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

Updated Normal 
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385032

0.385036

0.385048

0.385072

 

 

 

 

 

 

Net Income

-

-0.8

-

-

-

    Depreciation

-

0.3

-

-

-

    Cash from Operations

-1.2

0.9

0.3

0.8

1.6

    Interest Paid

0.0

0.0

0.0

0.0

0.0

    End of Services Paid

-

0.0

-

-

-

Cash from Operating Activities

-1.2

0.4

0.3

0.8

1.6

 

 

 

 

 

 

    Net Cash used in Investing Activities

0.0

-0.1

0.0

0.0

0.0

Cash from Investing Activities

0.0

-0.1

0.0

0.0

0.0

 

 

 

 

 

 

    Net Cash from Financing Activities

0.0

-0.4

0.0

0.0

0.0

Cash from Financing Activities

0.0

-0.4

0.0

0.0

0.0

 

 

 

 

 

 

Net Change in Cash

-1.2

-0.1

0.3

0.8

1.6

 

 

 

 

 

 

    Cash Interest Paid

0.0

0.0

0.0

-

0.0

Cash & Cash Equivalent Brought/Forward

0.6

1.8

1.8

1.8

1.8

Cash & Cash Equivalent Carried/Forward

-0.6

1.7

2.1

2.6

3.3

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.02

UK Pound

1

Rs.86.78

Euro

1

Rs.68.83

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.