MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	AL ANWAR CERAMIC TILES COMPANY SAOG
Registered Office :	Al Harthy Complex, P.O Box 143, Muscat, 118
Country :	Oman
Financials (as on) :	31.12.2011
Date of Incorporation :	01.06.1997
Legal Form :	Public Independent
Line of Business :	Manufacture and sale of glazed ceramic wall, floor and decorative tiles
No. of Employees :	141

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

Al Anwar Ceramic Tiles Company SAOG

Al Harthy Complex,
P.O Box 143
Muscat, 118
Oman
Tel:	968-24-571359
Fax:	968-24-571680
www.alshams.org

Employees:

141

Company Type:

Public Independent

Traded:

Muscat Securities Market:

AACT

Incorporation Date:

01-Jun-1997

Auditor:

MOOR STEPHENS

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Rial Omani
Annual Sales:	48.3 ^1
Net Income:	14.9
Total Assets:	86.1 ^2
Market Value:	190.6

Business Description

Al Anwar Ceramic Tiles Company SAOG is an Oman-based joint stock company engaged in the manufacture and sale of glazed ceramic wall, floor and decorative tiles. The Company offers a range of products under Al-Shams brand, including glazed wall, floor, boarder and decorative tiles, in different colors, designs and sizes. As of December 31, 2011, the Company’s main shareholders included Al Jazeera Services Co. SAOG with a 36.99% stake and Damac Investment Company Kuwait with a 5.57% stake. The Company's principal place of business is located at Nizwa, Sultanate of Oman. For the fiscal year ended 31 December 2011, Al Anwar Ceramic Tiles Company's total revenue increased 9% to OMR18.6M. Net income increased 8% to OMR5.7M. Revenue reflects increased demand for the Company's products and services as well as favorable market conditions. Net income was partially offset by a lower gross profit margin as well as higher general and administrative expenses. Anwar Tiles is listed on the Muscat Securities Market.

Industry

Industry	Construction - Supplies and Fixtures
ANZSIC 2006:	2029 - Other Ceramic Product Manufacturing
NACE 2002:	2630 - Manufacture of ceramic tiles and flags
NAICS 2002:	327122 - Ceramic Wall and Floor Tile Manufacturing
UK SIC 2003:	2630 - Manufacture of ceramic tiles and flags
US SIC 1987:	3253 - Ceramic Wall and Floor Tile

Key Executives

Name	Title
A. Shamsuddin	Managing Director and Executive Member of the Board, representing Damac Invest LLC
A. Suresh	Chief Financial Officer, Secretary
Shantanu Ghosh Roy	General Manager- Sales & Marketing
Khalfan Bin Mohammed Al Sabahi	Senior Administration Manager
B.R. Menon	General Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Other Accounting	1	Al Anwar Ceramic Tiles Co SAOG Appoints New External Auditors For FY 2012	27-Mar-2012
Dividends	1	Al Anwar Ceramic Tiles Co SAOG Recommends 15% Cash Dividends and 5% Bonus Shares For FY 2011	14-Mar-2012

* number of significant developments within the last 12 months

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.85	2.87
Quick Ratio (MRQ)	3.24	1.37
Debt to Equity (MRQ)	0.0000	0.76
Sales 5 Year Growth	18.24	1.49
Net Profit Margin (TTM) %	30.90	3.92
Return on Assets (TTM) %	18.92	2.89
Return on Equity (TTM) %	21.85	4.01

Stock Snapshot

Traded: Muscat Securities Market: AACT

As of 3-May-2012

   Financials in: OMR

Recent Price	0.36	EPS	0.03
52 Week High	0.36	Price/Sales	3.95
52 Week Low	0.25	Dividend Rate	0.02
Avg. Volume (mil)	0.25	Price/Earnings	11.01
Market Value (mil)	73.39	Price/Book	2.55
		Beta	1.07

	Price % Change	Rel S&P 500%
4 Week	7.81%	7.17%
13 Week	8.01%	2.52%
52 Week	32.26%	42.86%
Year to Date	15.99%	12.68%

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

Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

Corporate Overview

Location
Al Harthy Complex,
P.O Box 143
Muscat, 118
Oman

Tel:	968-24-571359
Fax:	968-24-571680

www.alshams.org

Quote Symbol - Exchange
AACT - Muscat Securities Market
Sales OMR(mil):	18.6
Assets OMR(mil):	33.2
Employees:	141
Fiscal Year End:	31-Dec-2011

Industry:	Construction - Supplies and Fixtures

Incorporation Date:	01-Jun-1997
Company Type:	Public Independent
Quoted Status:	Quoted

Managing Director and Executive Member of the Board, representing Damac Invest LLC:	A. Shamsuddin

Industry Codes

ANZSIC 2006 Codes:
2029	-	Other Ceramic Product Manufacturing

NACE 2002 Codes:
2630	-	Manufacture of ceramic tiles and flags

NAICS 2002 Codes:
327122	-	Ceramic Wall and Floor Tile Manufacturing

US SIC 1987:
3253	-	Ceramic Wall and Floor Tile

UK SIC 2003:
2630	-	Manufacture of ceramic tiles and flags

Business Description

Al Anwar Ceramic Tiles Company SAOG is an Oman-based joint stock company engaged in the manufacture and sale of glazed ceramic wall, floor and decorative tiles. The Company offers a range of products under Al-Shams brand, including glazed wall, floor, boarder and decorative tiles, in different colors, designs and sizes. As of December 31, 2011, the Company’s main shareholders included Al Jazeera Services Co. SAOG with a 36.99% stake and Damac Investment Company Kuwait with a 5.57% stake. The Company's principal place of business is located at Nizwa, Sultanate of Oman. For the fiscal year ended 31 December 2011, Al Anwar Ceramic Tiles Company's total revenue increased 9% to OMR18.6M. Net income increased 8% to OMR5.7M. Revenue reflects increased demand for the Company's products and services as well as favorable market conditions. Net income was partially offset by a lower gross profit margin as well as higher general and administrative expenses. Anwar Tiles is listed on the Muscat Securities Market.

More Business Descriptions

Manufacture of glazed wall and floor ceramic tiles

Ceramic Tile Mfr

Source: LexisNexis

Financial Data

Financials in:	OMR(mil)
Revenue:	18.6
Net Income:	5.7
Assets:	33.2
Long Term Debt:	0.0
Total Liabilities:	4.4
Working Capital:	0.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

9.1%

7.8%

20.2%

Market Data

Quote Symbol:	AACT
Exchange:	Muscat Securities Market
Currency:	OMR
Stock Price:	0.4
Stock Price Date:	05-03-2012
52 Week Price Change %:	32.3
Market Value (mil):	73,389.0
SEDOL:	B127J86
ISIN:	OM0000002168
Equity and Dept Distribution:
03/2006, Scrip Issue, 25 new shares for every 100 shares held. 03/2008, Scrip Issue, 20 new shares for every 100 shares held. 03/2009, Scrip Issue, 30 new shares for every 100 shares held. 3/2010, Scrip Issue, 45 new shares for every 100 shares held. 3/2011, Scrip Issue, 2 new shares for every 10 shares held (Factor: 1.2 ).

Shareholders

Major Shareholders

Al Jazeira Services SAOG (36.99%); Damac Kuwait Investment Co (5.57%)

Key Corporate Relationships

Auditor:	MOOR STEPHENS
Auditor:	Moore Stephens, MOOR STEPHENS

Board of Directors

Name	Title	Function
Hussein Ali Habib Al Sajwani	Independent Chairman of the Board	Chairman
Education: University of Washington, B (Industrial Engineering)
Hussain Ali Habib Sajwani	Chairman	Chairman
Adel Mohammed Hasan Taqi	Independent Vice Chairman of the Board, representing Soor Foodstuff Co LLC	Vice-Chairman
Biography Mr. Adel Mohammed Hasan Taqi serves as Independent Vice Chairman of the Board of Al Anwar Ceramic Tiles Co SAOG, representing Soor Foodstuff Co LLC. He is also Chairman of the Company's Audit Committee.
Saud Ali Salem Al Senaidi	Member of the Board	Director/Board Member
A.V. Babu	Board Member	Director/Board Member
Sofyan Adnan Khatib	Independent Member of the Board, representing Al Jazeera Services	Director/Board Member
Biography Mr. Sofyan Adnan Khatib serves as Independent Member of the Board of Al Anwar Ceramic Tiles Co SAOG, representing Al Jazeera Services. He is also Member of the Company's Audit Committee. He was awarded a Bachelor degree in Business Administration from the University of Jordan.
Akshay Jayant Kothari	Independent Member of the Board, representing NIFCO	Director/Board Member
A. Shamsuddin	Managing Director and Executive Member of the Board, representing Damac Invest LLC	Director/Board Member
Biography Mr. A. Shamsuddin serves as Managing Director and Executive Member of the Board of Al Anwar Ceramic Tiles Co SAOG, representing Damac Invest LLC. He has been involved with the Company since the inception. Prior to this, he was Vice President of EID Parry India Ltd with the responsibility for the Ceramics division as an independent profit centre. Prior to that he worked with Hindustan Lever Ltd, Unilevers arm in India in the sales and marketing discipline. He has over 30 years of industry experience that he brings to the Company. He is responsible for setting the strategic direction and overseas the entire operations of the Organisation. He has done his Masters in Management from the Birla Institute of Technology and Science, Pilani, India. He has also attended the Advanced Management program (AMP) from the Wharton Business School, University of Pennsylvania in the United States.

Executives

Name	Title	Function
B.R. Menon	General Manager	Division Head Executive
A. Shamsuddin	Managing Director and Executive Member of the Board, representing Damac Invest LLC	Managing Director
Biography Mr. A. Shamsuddin serves as Managing Director and Executive Member of the Board of Al Anwar Ceramic Tiles Co SAOG, representing Damac Invest LLC. He has been involved with the Company since the inception. Prior to this, he was Vice President of EID Parry India Ltd with the responsibility for the Ceramics division as an independent profit centre. Prior to that he worked with Hindustan Lever Ltd, Unilevers arm in India in the sales and marketing discipline. He has over 30 years of industry experience that he brings to the Company. He is responsible for setting the strategic direction and overseas the entire operations of the Organisation. He has done his Masters in Management from the Birla Institute of Technology and Science, Pilani, India. He has also attended the Advanced Management program (AMP) from the Wharton Business School, University of Pennsylvania in the United States.
Khalfan Bin Mohammed Al Sabahi	Senior Administration Manager	Administration Executive
Biography Mr. Khalfan Bin Mohammed Al Sabahi serves as Senior Administration Manager of Al Anwar Ceramic Tiles Co SAOG since 2011. He is with the Company for about 13 years. Prior to joining the Company, he was with the Ministry of Labour and Manpower, Sultanate of Oman for 16 years. He brings with him an experience and knowledge of local labour, immigration and other related laws of Oman. He is responsible for the Administration, Health Safety & Environment functions.
A. Suresh	Chief Financial Officer, Secretary	Company Secretary
Biography Mr. A. Suresh serves as Chief Financial Officer, Secretary of Al Anwar Ceramic Tiles Co SAOG. he served as Financial Controller of Al Anwar Ceramic Tiles Co SAOG until 2011 when he took his current position. He is a double graduate with a Bachelor of Commerce & Accounts and Bachelor of Law and also holds a PG Diploma in Industrial Relations and Personal Management, has over 20 years of experience in finance and accounts, audit, materials management and administration. He has been with the Company since inception. Prior to that, he worked for four years with a manufacturing company in Oman handling accounts, procurement, materials and general administration. He is responsible for the entire Finance, Commercial, Logistics, IT Systems and Administrative functions of the Company.
Shantanu Ghosh Roy	General Manager- Sales & Marketing	Sales Executive
Biography Mr. Shantanu Ghosh Roy serves as General Manager for Sales and Marketing of Al Anwar Ceramic Tiles Co SAOG since 2010. He is a Mechanical Engineer and PGCGM from IIM Calcutta. He has a total experience of over 30 years in sales and marketing with various companies which includes HR Johnson, Godrej, Escort, Gulf Stone and other reputed tile industries. He has multi trade exposure and has travelled across the globe with which he brings in an experience of international marketing. He is responsible for the entire Sales and Marketing functions.

Significant Developments

Al Anwar Ceramic Tiles Co SAOG Appoints New External Auditors For FY 2012

Mar 27, 2012

Al Anwar Ceramic Tiles Co SAOG announced that the Company has approved to appoint BDO Jawad Habib - Accountants and Auditors as its external auditors for the fiscal year ending December 31, 2012.

Al Anwar Ceramic Tiles Co SAOG Recommends 15% Cash Dividends and 5% Bonus Shares For FY 2011

Mar 14, 2012

Al Anwar Ceramic Tiles Co SAOG announced that its Board of Directors has recommended the Company to distribute 15%, representing OMR 0.015 per share, as annual cash dividend for the fiscal year ended December 31, 2011. Furthermore the Board of Directors has recommended the Company to distribute 5%, of the paid up capital, representing 5.00 shares for every 100 outstanding shares of the Company, as bonus shares for the fiscal year ended December 31, 2011.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	48.3	44.3	41.3	30.8	22.8
Revenue	48.3	44.3	41.3	30.8	22.8
Total Revenue	48.3	44.3	41.3	30.8	22.8
Cost of Revenue	24.4	21.6	20.6	15.4	12.3
Cost of Revenue, Total	24.4	21.6	20.6	15.4	12.3
Gross Profit	24.0	22.7	20.6	15.4	10.5
Selling/General/Administrative Expense	8.2	7.6	6.1	5.2	4.5
Labor & Related Expense	-	-	-	-	0.1
Total Selling/General/Administrative Expenses	8.2	7.6	6.1	5.2	4.6
Depreciation	0.3	0.3	0.2	-	-
Depreciation/Amortization	0.3	0.3	0.2	-	-
Total Operating Expense	32.9	29.6	26.9	20.6	16.9
Operating Income	15.4	14.7	14.3	10.2	5.9
Interest Income - Non-Operating	1.2	0.9	0.2	-	-
Interest/Investment Income - Non-Operating	1.2	0.9	0.2	-	-
Interest Income (Expense) - Net Non-Operating Total	1.2	0.9	0.2	-	-
Gain (Loss) on Sale of Assets	-	0.0	0.0	-	-
Other Non-Operating Income (Expense)	0.2	0.1	0.0	0.1	0.2
Other, Net	0.2	0.1	0.0	0.1	0.2
Income Before Tax	16.9	15.7	14.6	10.3	6.1
Total Income Tax	2.0	1.8	1.7	1.1	0.1
Income After Tax	14.9	13.8	12.8	9.3	6.0
Net Income Before Extraord Items	14.9	13.8	12.8	9.3	6.0
Net Income	14.9	13.8	12.8	9.3	6.0
Income Available to Common Excl Extraord Items	14.9	13.8	12.8	9.3	6.0
Income Available to Common Incl Extraord Items	14.9	13.8	12.8	9.3	6.0
Basic/Primary Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Basic EPS Excl Extraord Items	0.07	0.07	0.06	0.05	0.03
Basic/Primary EPS Incl Extraord Items	0.07	0.07	0.06	0.05	0.03
Diluted Net Income	14.9	13.8	12.8	9.3	6.0
Diluted Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Diluted EPS Excl Extraord Items	0.07	0.07	0.06	0.05	0.03
Diluted EPS Incl Extraord Items	0.07	0.07	0.06	0.05	0.03
Interest Expense, Supplemental	0.0	0.0	0.0	0.1	0.0
Depreciation, Supplemental	3.2	3.0	2.9	2.0	1.8
Total Special Items	-	0.0	0.0	0.0	-
Normalized Income Before Tax	16.9	15.7	14.6	10.4	6.1
Effect of Special Items on Income Taxes	-	0.0	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	2.0	1.8	1.7	1.1	0.1
Normalized Income After Tax	14.9	13.8	12.8	9.3	6.0
Normalized Inc. Avail to Com.	14.9	13.8	12.8	9.3	6.0
Basic Normalized EPS	0.07	0.07	0.06	0.05	0.03
Diluted Normalized EPS	0.07	0.07	0.06	0.05	0.03
Advertising Expense, Supplemental	1.5	2.0	0.6	0.5	0.5
Normalized EBIT	15.4	14.7	14.3	10.2	5.9
Normalized EBITDA	18.6	17.7	17.2	12.2	7.7
Current Tax - Domestic	2.1	1.9	1.6	0.9	-
Current Tax - Total	2.1	1.9	1.6	0.9	-
Deferred Tax - Domestic	-0.1	-0.1	0.1	0.2	0.1
Deferred Tax - Total	-0.1	-0.1	0.1	0.2	0.1
Income Tax - Total	2.0	1.8	1.7	1.1	0.1

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	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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	5.9	3.5	3.1	3.3	10.4
Short Term Investments	14.7	16.6	11.9	0.3	-
Cash and Short Term Investments	20.5	20.1	15.0	3.6	10.4
Accounts Receivable - Trade, Gross	9.8	8.2	9.0	6.8	-
Provision for Doubtful Accounts	-0.3	-0.3	-0.1	-0.1	-
Trade Accounts Receivable - Net	9.5	8.0	8.9	6.7	4.8
Other Receivables	1.8	1.6	0.6	0.5	0.9
Total Receivables, Net	11.4	9.5	9.5	7.2	5.7
Inventories - Finished Goods	1.8	2.2	2.2	2.0	1.2
Inventories - Work In Progress	0.1	0.1	0.1	0.1	0.1
Inventories - Raw Materials	2.4	2.2	2.0	2.0	1.2
Inventories - Other	1.6	1.4	1.4	1.4	1.2
Total Inventory	6.0	5.8	5.7	5.6	3.7
Total Current Assets	37.9	35.4	30.3	16.4	19.8
Buildings	9.1	9.0	8.9	8.8	6.2
Machinery/Equipment	37.5	37.2	35.1	34.3	21.3
Construction in Progress	15.4	0.0	0.5	0.0	0.4
Property/Plant/Equipment - Gross	61.9	46.1	44.5	43.1	27.9
Accumulated Depreciation	-22.5	-19.5	-16.5	-13.6	-11.7
Property/Plant/Equipment - Net	39.4	26.6	28.0	29.5	16.2
LT Investments - Other	8.9	9.6	0.1	0.1	0.2
Long Term Investments	8.9	9.6	0.1	0.1	0.2
Total Assets	86.1	71.7	58.4	45.9	36.2
Accounts Payable	5.5	3.2	3.7	4.0	3.3
Accrued Expenses	1.7	1.8	1.4	1.8	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.0	0.8	0.8	0.8	0.8
Customer Advances	0.1	0.2	0.3	0.2	-
Income Taxes Payable	0.0	0.0	-	-	-
Other Payables	0.3	0.1	0.2	0.2	-
Deferred Income Tax - Current Liability	2.1	1.9	1.6	0.9	-
Other Current liabilities, Total	2.6	2.2	2.1	1.3	-
Total Current Liabilities	9.8	8.0	8.0	7.9	4.1
Long Term Debt	-	0.0	0.6	1.3	2.1
Total Long Term Debt	0.0	0.0	0.6	1.3	2.1
Total Debt	0.0	0.8	1.4	2.1	2.9
Deferred Income Tax - LT Liability	0.7	0.8	0.9	0.8	0.6
Deferred Income Tax	0.7	0.8	0.9	0.8	0.6
Pension Benefits - Underfunded	1.0	0.8	0.7	0.5	0.4
Other Long Term Liabilities	-	0.0	0.2	0.3	0.3
Other Liabilities, Total	1.0	0.8	0.8	0.9	0.7
Total Liabilities	11.5	9.7	10.4	10.8	7.4
Common Stock	50.6	42.1	29.1	22.4	18.6
Common Stock	50.6	42.1	29.1	22.4	18.6
Retained Earnings (Accumulated Deficit)	24.0	19.9	18.9	12.8	3.6
Other Equity	-	-	-	-	6.5
Other Equity, Total	-	-	-	-	6.5
Total Equity	74.6	62.0	48.0	35.1	28.8
Total Liabilities & Shareholders’ Equity	86.1	71.7	58.4	45.9	36.2
Shares Outstanding - Common Stock Primary Issue	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Number of Common Shareholders	1,006	1,226	1,255	945	597
Deferred Revenue - Current	0.1	0.2	0.3	0.2	-
Total Capital Leases, Supplemental	2.7	2.3	2.5	2.6	2.0
Capital Lease Payments Due in Year 1	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 2	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 3	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 4	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 5	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in 2-3 Years	0.4	0.3	0.3	0.3	0.3
Capital Lease Payments Due in 4-5 Years	0.4	0.3	0.3	0.3	0.3
Cap. Lease Pymts. Due in Year 6 & Beyond	1.8	1.5	1.7	1.9	1.4

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	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Other Operating Cash Flow	16.0	16.8	13.9	11.3	9.8
Changes in Working Capital	16.0	16.8	13.9	11.3	9.8
Cash from Operating Activities	16.0	16.8	13.9	11.3	9.8
Purchase of Fixed Assets	-14.4	-2.0	-1.9	-14.7	-0.8
Capital Expenditures	-14.4	-2.0	-1.9	-14.7	-0.8
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.1
Investment, Net	-4.4	-7.2	-11.6	8.6	-7.6
Purchase of Investments	7.0	-6.7	0.0	0.0	-0.1
Other Investing Cash Flow	1.0	0.4	0.2	0.2	0.2
Other Investing Cash Flow Items, Total	3.6	-13.6	-11.3	8.8	-7.4
Cash from Investing Activities	-10.8	-15.6	-13.3	-5.9	-8.3
Cash Dividends Paid - Common	-2.1	-	0.0	-2.8	0.0
Total Cash Dividends Paid	-2.1	-	0.0	-2.8	0.0
Long Term Debt Reduction	-0.8	-0.8	-0.8	-0.8	-0.8
Long Term Debt, Net	-0.8	-0.8	-0.8	-0.8	-0.8
Issuance (Retirement) of Debt, Net	-0.8	-0.8	-0.8	-0.8	-0.8
Cash from Financing Activities	-2.9	-0.8	-0.8	-3.6	-0.8
Net Change in Cash	2.3	0.4	-0.2	1.8	0.7
Net Cash - Beginning Balance	3.5	3.1	3.3	1.5	0.8
Net Cash - Ending Balance	5.9	3.5	3.1	3.3	1.5
Cash Interest Paid	-	-	0.0	0.1	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	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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	48.3	44.3	41.3	30.8	22.8
Total Revenue	48.3	44.3	41.3	30.8	22.8
Cost of Sales	24.4	21.6	20.6	15.4	12.3
Administrative & General Expenses	4.2	3.8	3.2	3.0	2.2
Depreciation-Admininstrative & General	0.3	0.3	0.2	-	-
Selling & Distribution Expenses	4.0	3.8	2.9	2.2	2.3
Director's Remumeration	-	-	-	-	0.1
Total Operating Expense	32.9	29.6	26.9	20.6	16.9
Other Income	0.3	0.1	0.0	0.2	0.2
Profit/Loss on disposal of plant & Ecq.	-	0.0	0.0	-	-
Finance Chareges	0.0	0.0	0.0	-0.1	0.0
Interest Income	1.2	0.9	0.2	-	-
Net Income Before Taxes	16.9	15.7	14.6	10.3	6.1
Provision for Income Taxes	2.0	1.8	1.7	1.1	0.1
Net Income After Taxes	14.9	13.8	12.8	9.3	6.0
Net Income Before Extra. Items	14.9	13.8	12.8	9.3	6.0
Net Income	14.9	13.8	12.8	9.3	6.0
Income Available to Com Excl ExtraOrd	14.9	13.8	12.8	9.3	6.0
Income Available to Com Incl ExtraOrd	14.9	13.8	12.8	9.3	6.0
Basic Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Basic EPS Excluding ExtraOrdinary Items	0.07	0.07	0.06	0.05	0.03
Basic EPS Including ExtraOrdinary Items	0.07	0.07	0.06	0.05	0.03
Diluted Net Income	14.9	13.8	12.8	9.3	6.0
Diluted Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Diluted EPS Excluding ExtraOrd Items	0.07	0.07	0.06	0.05	0.03
Diluted EPS Including ExtraOrd Items	0.07	0.07	0.06	0.05	0.03
Normalized Income Before Taxes	16.9	15.7	14.6	10.4	6.1
Inc Tax Ex Impact of Sp Items	2.0	1.8	1.7	1.1	0.1
Normalized Income After Taxes	14.9	13.8	12.8	9.3	6.0
Normalized Inc. Avail to Com.	14.9	13.8	12.8	9.3	6.0
Basic Normalized EPS	0.07	0.07	0.06	0.05	0.03
Diluted Normalized EPS	0.07	0.07	0.06	0.05	0.03
Interest Expense	0.0	0.0	0.0	0.1	0.0
Depreciation	3.2	3.0	2.9	2.0	1.8
Advertising Expense	0.8	1.0	0.6	0.5	0.5
Advertising Expense, Supplemental	0.8	1.0	-	-	-
Current Tax	2.1	1.9	1.6	0.9	-
Current Tax - Total	2.1	1.9	1.6	0.9	-
Deferred Tax	-0.1	-0.1	0.1	0.2	0.1
Deferred Tax - Total	-0.1	-0.1	0.1	0.2	0.1
Income Tax - Total	2.0	1.8	1.7	1.1	0.1

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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Bank Balances	5.9	3.5	3.1	3.3	10.4
Trade Receivables	-	-	-	-	4.8
Trade Receivables	9.8	8.2	9.0	6.8	-
Other Receivables	1.8	1.6	0.6	0.5	0.9
Doubtful Accounts	-0.3	-0.3	-0.1	-0.1	-
Raw Materials	2.4	2.2	2.0	2.0	1.2
Work In Progress	0.1	0.1	0.1	0.1	0.1
Finished Goods	1.8	2.2	2.2	2.0	1.2
Engineering Stores & Spares	1.5	1.3	1.3	1.4	1.3
Packing Materials	0.3	0.2	0.2	0.2	0.1
Provision for Slow Moving Inventories	-0.2	-0.1	-0.1	-0.1	-0.3
Investment Held to Maturity	14.7	9.6	11.9	0.3	-
Investment AFS	0.0	6.9	0.0	-	-
Total Current Assets	37.9	35.4	30.3	16.4	19.8
Buildings	9.1	9.0	8.9	8.8	6.2
Plant & Machinery	33.4	33.3	31.8	31.5	19.1
Engineering Tools & Equipment	0.5	0.5	0.4	0.4	0.3
Material Handling Equipment	1.1	1.1	0.9	0.9	0.6
Furniture & Fittings	1.0	0.9	0.8	0.7	0.5
Motor Vehicles	0.9	0.7	0.6	0.5	0.4
Office Equipment	0.6	0.6	0.6	0.4	0.3
Capital Work in Progress	15.4	0.0	0.5	0.0	0.4
Accumulated Depreciation	-22.5	-19.5	-16.5	-13.6	-11.7
Financial AFS	0.1	0.1	0.1	0.1	0.2
Investment Held to Maturity	8.8	9.5	0.0	-	-
Total Assets	86.1	71.7	58.4	45.9	36.2
Current Maturities of Term Loans	0.0	0.8	0.8	0.8	0.8
Trade Payables	5.5	3.2	3.7	4.0	3.3
Accrued Expenses	1.7	1.8	1.4	1.8	-
Advance From Customers	0.1	0.2	0.3	0.2	-
Directors Remuneration	0.1	0.1	0.1	0.1	-
Retention Money Payable	0.3	0.1	0.1	0.1	-
Social Security Taxes	0.0	0.0	-	-	-
Amounts Due to Related Parties	0.0	0.0	0.1	0.1	-
Deferred Taxation	2.1	1.9	1.6	0.9	-
Total Current Liabilities	9.8	8.0	8.0	7.9	4.1
Term Loans, Excluding Current Maturities	-	0.0	0.6	1.3	2.1
Total Long Term Debt	-	0.0	0.6	1.3	2.1
Deferred Government Grant	-	0.0	0.2	0.3	0.3
Deferred Tax Liability	0.7	0.8	0.9	0.8	0.6
Staff Terminal Benefits	1.0	0.8	0.7	0.5	0.4
Total Liabilities	11.5	9.7	10.4	10.8	7.4
Share Capital	50.6	42.1	29.1	22.4	18.6
Legal Reserve	7.7	6.2	4.8	3.5	2.6
Proposed Distriution	-	-	-	-	6.5
Retained Earnings	16.4	13.5	14.1	9.3	0.9
Changes in Fair Value AFS	0.0	0.2	0.0	0.0	0.1
Total Equity	74.6	62.0	48.0	35.1	28.8
Total Liabilities & Shareholders' Equity	86.1	71.7	58.4	45.9	36.2
S/O-Common Stock	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Deferred Revenue-Current	0.1	0.2	0.3	0.2	-
Number of Shareholders	1,006	1,226	1,255	945	597
Leases Within 1 Yr	0.2	0.2	0.2	0.2	0.1
Leases Between 1& 5Yrs	0.7	0.6	0.6	0.6	0.5
Leases After 5 Yrs	1.8	1.5	1.7	1.9	1.4
Total Capital Leases	2.7	2.3	2.5	2.6	2.0

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	Reclassified Normal 31-Dec-2008
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	46.8	45.3	39.1	28.9	24.3
Cash Paid	-30.8	-28.4	-25.2	-17.6	-14.4
Net Finance Costs	0.0	0.0	-	-	-
Finance Costs Paid	-	-	0.0	-0.1	0.0
Cash from Operating Activities	16.0	16.8	13.9	11.3	9.8
Capital Expenditure	-14.4	-2.0	-1.9	-14.7	-0.8
Sale of Property, Plant & Equipment	0.0	0.0	0.0	0.0	0.1
Bank Deposits	-	-	-	8.6	-7.6
Net Movement in Held to Maturity Inv.	-4.4	-7.2	-11.6	-	-
Financial Assets AFS	7.0	-6.7	0.0	0.0	-0.1
Interest Income	1.0	0.4	0.2	0.2	0.2
Dividend Income	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-10.8	-15.6	-13.3	-5.9	-8.3
Repayment of Term Loan	-0.8	-0.8	-0.8	-0.8	-0.8
Dividend Paid to Shareholders	-2.1	-	0.0	-2.8	0.0
Cash from Financing Activities	-2.9	-0.8	-0.8	-3.6	-0.8
Net Change in Cash	2.3	0.4	-0.2	1.8	0.7
Cash Interest Paid	-	-	0.0	0.1	0.0
Cash at the Begining of the Year	3.5	3.1	3.3	1.5	0.8
Cash at the End of the Year	5.9	3.5	3.1	3.3	1.5

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	0.0	-99.89%	48.3	9.06%	16.15%	18.24%
Operating Income1	-	-	15.4	4.76%	14.84%	26.02%
Income Available to Common Excl Extraord Items1	-	-	14.9	7.80%	17.22%	26.37%
Basic EPS Excl Extraord Items1	-	-	0.07	7.66%	17.10%	26.43%
Capital Expenditures2	14.4	610.97%	14.4	610.97%	-0.81%	84.06%
Cash from Operating Activities2	16.0	-4.87%	16.0	-4.87%	12.35%	22.58%
Free Cash Flow	1.6	-88.91%	1.6	-88.91%	-	-20.30%
Total Assets3	86.1	20.21%	86.1	20.21%	23.32%	23.48%
Total Liabilities3	11.5	19.31%	11.5	19.31%	2.17%	9.43%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Total Common Shares Outstanding3	204.4	0.00%	204.4	0.00%	0.00%	0.00%
1-ExchangeRate: OMR to USD Average for Period	0.385046	Â	0.385032	Â	Â	Â
2-ExchangeRate: OMR to USD Average for Period	0.385032	Â	0.385032	Â	Â	Â
3-ExchangeRate: OMR to USD Period End Date	0.385000	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	49.60%	51.14%	50.04%	50.00%	45.90%
Operating Margin	31.96%	33.28%	34.75%	33.08%	25.83%
Pretax Margin	34.99%	35.35%	35.33%	33.55%	26.77%
Net Profit Margin	30.90%	31.26%	31.10%	30.06%	26.40%
Financial Strength
Current Ratio	3.85	4.42	3.76	2.07	4.88
Long Term Debt/Equity	0.00	0.00	0.01	0.04	0.07
Total Debt/Equity	0.00	0.01	0.03	0.06	0.10
Management Effectiveness
Return on Assets	18.92%	21.30%	24.61%	22.57%	18.18%
Return on Equity	21.85%	25.18%	30.89%	29.01%	23.39%
Efficiency
Receivables Turnover	4.62	4.65	4.94	4.79	3.73
Inventory Turnover	4.15	3.77	3.64	3.31	3.13
Asset Turnover	0.61	0.68	0.79	0.75	0.69

Market Valuation USD (mil)
P/E (TTM)	12.77	.	Enterprise Value2	170.1
Price/Sales (TTM)	3.95	.	Enterprise Value/Revenue (TTM)	3.52
Price/Book (MRQ)	2.55	.	Enterprise Value/EBITDA (TTM)	9.14
Market Cap as of 03-May-20121	190.6	.
1-ExchangeRate: OMR to USD on 3-May-2012	0.385025
2-ExchangeRate: OMR to USD on 31-Dec-2011	0.385000

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	3.85	4.42	3.76	2.07	4.88
Quick/Acid Test Ratio	3.24	3.70	3.05	1.36	3.97
Working Capital1	28.0	27.4	22.2	8.5	15.7
Long Term Debt/Equity	0.00	0.00	0.01	0.04	0.07
Total Debt/Equity	0.00	0.01	0.03	0.06	0.10
Long Term Debt/Total Capital	0.00	0.00	0.01	0.03	0.07
Total Debt/Total Capital	0.00	0.01	0.03	0.06	0.09
Effective Tax Rate	11.71%	11.56%	11.96%	10.40%	1.40%
Total Capital1	74.6	62.8	49.4	37.2	31.6
Efficiency
Asset Turnover	0.61	0.68	0.79	0.75	0.69
Inventory Turnover	4.15	3.77	3.64	3.31	3.13
Days In Inventory	88.03	96.91	100.32	110.15	116.57
Receivables Turnover	4.62	4.65	4.94	4.79	3.73
Days Receivables Outstanding	78.95	78.54	73.92	76.27	97.80
Profitability
Gross Margin	49.60%	51.14%	50.04%	50.00%	45.90%
Operating Margin	31.96%	33.28%	34.75%	33.08%	25.83%
EBITDA Margin	38.52%	40.06%	41.76%	39.60%	33.74%
EBIT Margin	31.96%	33.28%	34.75%	33.08%	25.83%
Pretax Margin	34.99%	35.35%	35.33%	33.55%	26.77%
Net Profit Margin	30.90%	31.26%	31.10%	30.06%	26.40%
COGS/Revenue	50.40%	48.86%	49.96%	50.00%	54.10%
SG&A Expense/Revenue	16.94%	17.20%	14.72%	16.93%	20.07%
Management Effectiveness
Return on Assets	18.92%	21.30%	24.61%	22.57%	18.18%
Return on Equity	21.85%	25.18%	30.89%	29.01%	23.39%
Valuation
Free Cash Flow/Share2	0.01	0.07	0.06	-0.02	0.04
Operating Cash Flow/Share 2	0.08	0.08	0.07	0.06	0.05
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)	12.77
Market Cap/Equity (MRQ)	2.55
Market Cap/Revenue (TTM)	3.95
Market Cap/EBIT (TTM)	12.34
Market Cap/EBITDA (TTM)	10.24
Enterprise Value/Earnings (TTM)	11.39
Enterprise Value/Equity (MRQ)	2.28
Enterprise Value/Revenue (TTM)	3.52
Enterprise Value/EBIT (TTM)	11.01
Enterprise Value/EBITDA (TTM)	9.14

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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	48.3	44.3	41.3	30.8	22.8
Revenue	48.3	44.3	41.3	30.8	22.8
Total Revenue	48.3	44.3	41.3	30.8	22.8
Cost of Revenue	24.4	21.6	20.6	15.4	12.3
Cost of Revenue, Total	24.4	21.6	20.6	15.4	12.3
Gross Profit	24.0	22.7	20.6	15.4	10.5
Selling/General/Administrative Expense	8.2	7.6	6.1	5.2	4.5
Labor & Related Expense	-	-	-	-	0.1
Total Selling/General/Administrative Expenses	8.2	7.6	6.1	5.2	4.6
Depreciation	0.3	0.3	0.2	-	-
Depreciation/Amortization	0.3	0.3	0.2	-	-
Total Operating Expense	32.9	29.6	26.9	20.6	16.9
Operating Income	15.4	14.7	14.3	10.2	5.9
Interest Income - Non-Operating	1.2	0.9	0.2	-	-
Interest/Investment Income - Non-Operating	1.2	0.9	0.2	-	-
Interest Income (Expense) - Net Non-Operating Total	1.2	0.9	0.2	-	-
Gain (Loss) on Sale of Assets	-	0.0	0.0	-	-
Other Non-Operating Income (Expense)	0.2	0.1	0.0	0.1	0.2
Other, Net	0.2	0.1	0.0	0.1	0.2
Income Before Tax	16.9	15.7	14.6	10.3	6.1
Total Income Tax	2.0	1.8	1.7	1.1	0.1
Income After Tax	14.9	13.8	12.8	9.3	6.0
Net Income Before Extraord Items	14.9	13.8	12.8	9.3	6.0
Net Income	14.9	13.8	12.8	9.3	6.0
Income Available to Common Excl Extraord Items	14.9	13.8	12.8	9.3	6.0
Income Available to Common Incl Extraord Items	14.9	13.8	12.8	9.3	6.0
Basic/Primary Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Basic EPS Excl Extraord Items	0.07	0.07	0.06	0.05	0.03
Basic/Primary EPS Incl Extraord Items	0.07	0.07	0.06	0.05	0.03
Diluted Net Income	14.9	13.8	12.8	9.3	6.0
Diluted Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Diluted EPS Excl Extraord Items	0.07	0.07	0.06	0.05	0.03
Diluted EPS Incl Extraord Items	0.07	0.07	0.06	0.05	0.03
Interest Expense, Supplemental	0.0	0.0	0.0	0.1	0.0
Depreciation, Supplemental	3.2	3.0	2.9	2.0	1.8
Total Special Items	-	0.0	0.0	0.0	-
Normalized Income Before Tax	16.9	15.7	14.6	10.4	6.1
Effect of Special Items on Income Taxes	-	0.0	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	2.0	1.8	1.7	1.1	0.1
Normalized Income After Tax	14.9	13.8	12.8	9.3	6.0
Normalized Inc. Avail to Com.	14.9	13.8	12.8	9.3	6.0
Basic Normalized EPS	0.07	0.07	0.06	0.05	0.03
Diluted Normalized EPS	0.07	0.07	0.06	0.05	0.03
Advertising Expense, Supplemental	1.5	2.0	0.6	0.5	0.5
Normalized EBIT	15.4	14.7	14.3	10.2	5.9
Normalized EBITDA	18.6	17.7	17.2	12.2	7.7
Current Tax - Domestic	2.1	1.9	1.6	0.9	-
Current Tax - Total	2.1	1.9	1.6	0.9	-
Deferred Tax - Domestic	-0.1	-0.1	0.1	0.2	0.1
Deferred Tax - Total	-0.1	-0.1	0.1	0.2	0.1
Income Tax - Total	2.0	1.8	1.7	1.1	0.1

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	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	0.0	11.4	11.7	12.5	12.8
Revenue	0.0	11.4	11.7	12.5	12.8
Total Revenue	0.0	11.4	11.7	12.5	12.8
Cost of Revenue	-	5.9	5.8	6.5	6.1
Cost of Revenue, Total	-	5.9	5.8	6.5	6.1
Gross Profit	-	5.4	5.9	6.0	6.7
Selling/General/Administrative Expense	-	2.0	1.9	1.9	2.4
Total Selling/General/Administrative Expenses	-	2.0	1.9	1.9	2.4
Depreciation	-	0.1	0.1	0.1	0.1
Depreciation/Amortization	-	0.1	0.1	0.1	0.1
Total Operating Expense	-	8.0	7.8	8.5	8.6
Operating Income	-	3.3	3.9	4.0	4.2
Other Non-Operating Income (Expense)	-	0.5	0.3	0.3	0.3
Other, Net	-	0.5	0.3	0.3	0.3
Income Before Tax	0.0	3.8	4.3	4.3	4.5
Total Income Tax	-	0.4	0.5	0.5	0.5
Income After Tax	0.0	3.4	3.8	3.8	3.9
Net Income Before Extraord Items	-	3.4	3.8	3.8	3.9
Net Income	0.0	3.4	3.8	3.8	3.9
Income Available to Common Excl Extraord Items	-	3.4	3.8	3.8	3.9
Income Available to Common Incl Extraord Items	-	3.4	3.8	3.8	3.9
Basic/Primary Weighted Average Shares	-	204.4	204.4	204.4	204.4
Basic EPS Excl Extraord Items	-	0.02	0.02	0.02	0.02
Basic/Primary EPS Incl Extraord Items	-	0.02	0.02	0.02	0.02
Diluted Net Income	-	3.4	3.8	3.8	3.9
Diluted Weighted Average Shares	-	204.4	204.4	204.4	204.4
Diluted EPS Excl Extraord Items	-	0.02	0.02	0.02	0.02
Diluted EPS Incl Extraord Items	-	0.02	0.02	0.02	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
Depreciation, Supplemental	-	0.8	0.8	0.8	0.8
Normalized Income Before Tax	-	3.8	4.3	4.3	4.5
Inc Tax Ex Impact of Sp Items	-	0.4	0.5	0.5	0.5
Normalized Income After Tax	-	3.4	3.8	3.8	3.9
Normalized Inc. Avail to Com.	-	3.4	3.8	3.8	3.9
Basic Normalized EPS	-	0.02	0.02	0.02	0.02
Diluted Normalized EPS	-	0.02	0.02	0.02	0.02
Advertising Expense, Supplemental	-	0.0	0.2	0.2	0.4
Normalized EBIT	-	3.3	3.9	4.0	4.2
Normalized EBITDA	-	4.1	4.7	4.8	5.0
Current Tax - Domestic	-	0.5	0.5	0.5	0.5
Current Tax - Total	-	0.5	0.5	0.5	0.5
Deferred Tax - Domestic	-	-0.1	0.0	0.0	0.0
Deferred Tax - Total	-	-0.1	0.0	0.0	0.0
Income Tax - Total	-	0.4	0.5	0.5	0.5
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org				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	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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	5.9	3.5	3.1	3.3	10.4
Short Term Investments	14.7	16.6	11.9	0.3	-
Cash and Short Term Investments	20.5	20.1	15.0	3.6	10.4
Accounts Receivable - Trade, Gross	9.8	8.2	9.0	6.8	-
Provision for Doubtful Accounts	-0.3	-0.3	-0.1	-0.1	-
Trade Accounts Receivable - Net	9.5	8.0	8.9	6.7	4.8
Other Receivables	1.8	1.6	0.6	0.5	0.9
Total Receivables, Net	11.4	9.5	9.5	7.2	5.7
Inventories - Finished Goods	1.8	2.2	2.2	2.0	1.2
Inventories - Work In Progress	0.1	0.1	0.1	0.1	0.1
Inventories - Raw Materials	2.4	2.2	2.0	2.0	1.2
Inventories - Other	1.6	1.4	1.4	1.4	1.2
Total Inventory	6.0	5.8	5.7	5.6	3.7
Total Current Assets	37.9	35.4	30.3	16.4	19.8
Buildings	9.1	9.0	8.9	8.8	6.2
Machinery/Equipment	37.5	37.2	35.1	34.3	21.3
Construction in Progress	15.4	0.0	0.5	0.0	0.4
Property/Plant/Equipment - Gross	61.9	46.1	44.5	43.1	27.9
Accumulated Depreciation	-22.5	-19.5	-16.5	-13.6	-11.7
Property/Plant/Equipment - Net	39.4	26.6	28.0	29.5	16.2
LT Investments - Other	8.9	9.6	0.1	0.1	0.2
Long Term Investments	8.9	9.6	0.1	0.1	0.2
Total Assets	86.1	71.7	58.4	45.9	36.2
Accounts Payable	5.5	3.2	3.7	4.0	3.3
Accrued Expenses	1.7	1.8	1.4	1.8	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.0	0.8	0.8	0.8	0.8
Customer Advances	0.1	0.2	0.3	0.2	-
Income Taxes Payable	0.0	0.0	-	-	-
Other Payables	0.3	0.1	0.2	0.2	-
Deferred Income Tax - Current Liability	2.1	1.9	1.6	0.9	-
Other Current liabilities, Total	2.6	2.2	2.1	1.3	-
Total Current Liabilities	9.8	8.0	8.0	7.9	4.1
Long Term Debt	-	0.0	0.6	1.3	2.1
Total Long Term Debt	0.0	0.0	0.6	1.3	2.1
Total Debt	0.0	0.8	1.4	2.1	2.9
Deferred Income Tax - LT Liability	0.7	0.8	0.9	0.8	0.6
Deferred Income Tax	0.7	0.8	0.9	0.8	0.6
Pension Benefits - Underfunded	1.0	0.8	0.7	0.5	0.4
Other Long Term Liabilities	-	0.0	0.2	0.3	0.3
Other Liabilities, Total	1.0	0.8	0.8	0.9	0.7
Total Liabilities	11.5	9.7	10.4	10.8	7.4
Common Stock	50.6	42.1	29.1	22.4	18.6
Common Stock	50.6	42.1	29.1	22.4	18.6
Retained Earnings (Accumulated Deficit)	24.0	19.9	18.9	12.8	3.6
Other Equity	-	-	-	-	6.5
Other Equity, Total	-	-	-	-	6.5
Total Equity	74.6	62.0	48.0	35.1	28.8
Total Liabilities & Shareholders’ Equity	86.1	71.7	58.4	45.9	36.2
Shares Outstanding - Common Stock Primary Issue	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Number of Common Shareholders	1,006	1,226	1,255	945	597
Deferred Revenue - Current	0.1	0.2	0.3	0.2	-
Total Capital Leases, Supplemental	2.7	2.3	2.5	2.6	2.0
Capital Lease Payments Due in Year 1	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 2	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 3	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 4	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in Year 5	0.2	0.2	0.2	0.2	0.1
Capital Lease Payments Due in 2-3 Years	0.4	0.3	0.3	0.3	0.3
Capital Lease Payments Due in 4-5 Years	0.4	0.3	0.3	0.3	0.3
Cap. Lease Pymts. Due in Year 6 & Beyond	1.8	1.5	1.7	1.9	1.4

Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org

Interim Balance Sheet Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38505	0.38505	0.385	0.385
Cash & Equivalents	5.9	5.3	4.0	1.3	3.5
Short Term Investments	14.7	23.2	19.5	12.4	16.6
Cash and Short Term Investments	20.5	28.5	23.5	13.7	20.1
Accounts Receivable - Trade, Gross	9.8	10.0	9.7	10.1	8.2
Provision for Doubtful Accounts	-0.3	-0.3	-0.3	-0.3	-0.3
Trade Accounts Receivable - Net	9.5	9.7	9.5	9.9	8.0
Other Receivables	1.8	3.1	4.8	4.7	1.6
Total Receivables, Net	11.4	12.9	14.2	14.6	9.5
Inventories - Finished Goods	1.8	1.7	1.5	1.9	2.2
Inventories - Work In Progress	0.1	-	-	-	0.1
Inventories - Raw Materials	2.4	3.7	-	-	2.2
Inventories - Other	1.6	-0.1	3.7	3.9	1.4
Total Inventory	6.0	5.3	5.2	5.8	5.8
Total Current Assets	37.9	46.7	42.9	34.1	35.4
Property/Plant/Equipment - Net	39.4	36.3	25.5	26.1	26.6
LT Investments - Other	8.9	7.7	8.8	12.8	9.6
Long Term Investments	8.9	7.7	8.8	12.8	9.6
Total Assets	86.1	90.7	77.2	72.9	71.7
Accounts Payable	5.5	12.2	2.5	3.2	3.2
Accrued Expenses	1.7	2.9	3.4	3.0	1.8
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.0	0.6	0.6	0.6	0.8
Customer Advances	0.1	0.1	0.1	0.1	0.2
Income Taxes Payable	2.1	1.6	1.1	0.4	1.9
Other Payables	0.3	0.2	0.1	0.0	0.1
Other Current liabilities, Total	2.6	1.9	1.3	0.6	2.2
Total Current Liabilities	9.8	17.6	7.7	7.4	8.0
Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.6	0.6	0.6	0.8
Deferred Income Tax - LT Liability	0.7	0.8	0.8	0.8	0.8
Deferred Income Tax	0.7	0.8	0.8	0.8	0.8
Pension Benefits - Underfunded	1.0	0.9	0.9	0.9	0.8
Other Long Term Liabilities	-	0.0	0.0	0.0	0.0
Other Liabilities, Total	1.0	0.9	0.9	0.9	0.8
Total Liabilities	11.5	19.3	9.4	9.1	9.7
Common Stock	50.6	50.6	50.6	50.6	42.1
Common Stock	50.6	50.6	50.6	50.6	42.1
Retained Earnings (Accumulated Deficit)	24.0	20.9	17.2	13.3	19.9
Total Equity	74.6	71.4	67.8	63.8	62.0
Total Liabilities & Shareholders’ Equity	86.1	90.7	77.2	72.9	71.7
Shares Outstanding - Common Stock Primary Issue	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Deferred Revenue - Current	0.1	0.1	0.1	0.1	0.2
	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	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Other Operating Cash Flow	16.0	16.8	13.9	11.3	9.8
Changes in Working Capital	16.0	16.8	13.9	11.3	9.8
Cash from Operating Activities	16.0	16.8	13.9	11.3	9.8
Purchase of Fixed Assets	-14.4	-2.0	-1.9	-14.7	-0.8
Capital Expenditures	-14.4	-2.0	-1.9	-14.7	-0.8
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.1
Investment, Net	-4.4	-7.2	-11.6	8.6	-7.6
Purchase of Investments	7.0	-6.7	0.0	0.0	-0.1
Other Investing Cash Flow	1.0	0.4	0.2	0.2	0.2
Other Investing Cash Flow Items, Total	3.6	-13.6	-11.3	8.8	-7.4
Cash from Investing Activities	-10.8	-15.6	-13.3	-5.9	-8.3
Cash Dividends Paid - Common	-2.1	-	0.0	-2.8	0.0
Total Cash Dividends Paid	-2.1	-	0.0	-2.8	0.0
Long Term Debt Reduction	-0.8	-0.8	-0.8	-0.8	-0.8
Long Term Debt, Net	-0.8	-0.8	-0.8	-0.8	-0.8
Issuance (Retirement) of Debt, Net	-0.8	-0.8	-0.8	-0.8	-0.8
Cash from Financing Activities	-2.9	-0.8	-0.8	-3.6	-0.8
Net Change in Cash	2.3	0.4	-0.2	1.8	0.7
Net Cash - Beginning Balance	3.5	3.1	3.3	1.5	0.8
Net Cash - Ending Balance	5.9	3.5	3.1	3.3	1.5
Cash Interest Paid	-	-	0.0	0.1	0.0
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org					Interim Cash Flows Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385036	0.385048	0.385072	0.385008
Other Operating Cash Flow	16.0	13.5	7.0	1.0	16.8
Changes in Working Capital	16.0	13.5	7.0	1.0	16.8
Cash from Operating Activities	16.0	13.5	7.0	1.0	16.8
Purchase of Fixed Assets	-14.4	-3.7	-2.5	-2.0	-2.0
Capital Expenditures	-14.4	-3.7	-2.5	-2.0	-2.0
Sale of Fixed Assets	0.0	-	-	-	0.0
Investment, Net	-4.4	-0.9	3.0	-	-7.2
Purchase of Investments	7.0	-4.8	-4.8	-	-6.7
Other Investing Cash Flow	1.0	-	-	4.3	0.4
Other Investing Cash Flow Items, Total	3.6	-5.7	-1.8	4.3	-13.6
Cash from Investing Activities	-10.8	-9.3	-4.3	2.3	-15.6
Other Financing Cash Flow	-	-	-	-3.2	-
Financing Cash Flow Items	-	-	-	-3.2	-
Cash Dividends Paid - Common	-2.1	-2.1	-2.1	-2.1	-
Total Cash Dividends Paid	-2.1	-2.1	-2.1	-2.1	-
Long Term Debt Reduction	-0.8	-0.2	-0.2	-0.2	-0.8
Long Term Debt, Net	-0.8	-0.2	-0.2	-0.2	-0.8
Issuance (Retirement) of Debt, Net	-0.8	-0.2	-0.2	-0.2	-0.8
Cash from Financing Activities	-2.9	-2.3	-2.3	-5.6	-0.8
Net Change in Cash	2.3	1.8	0.4	-2.3	0.4
Net Cash - Beginning Balance	3.5	3.5	3.5	3.5	3.1
Net Cash - Ending Balance	5.9	5.3	4.0	1.3	3.5
Cash Taxes Paid	-	1.9	1.1	1.9	-
	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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	48.3	44.3	41.3	30.8	22.8
Total Revenue	48.3	44.3	41.3	30.8	22.8
Cost of Sales	24.4	21.6	20.6	15.4	12.3
Administrative & General Expenses	4.2	3.8	3.2	3.0	2.2
Depreciation-Admininstrative & General	0.3	0.3	0.2	-	-
Selling & Distribution Expenses	4.0	3.8	2.9	2.2	2.3
Director's Remumeration	-	-	-	-	0.1
Total Operating Expense	32.9	29.6	26.9	20.6	16.9
Other Income	0.3	0.1	0.0	0.2	0.2
Profit/Loss on disposal of plant & Ecq.	-	0.0	0.0	-	-
Finance Chareges	0.0	0.0	0.0	-0.1	0.0
Interest Income	1.2	0.9	0.2	-	-
Net Income Before Taxes	16.9	15.7	14.6	10.3	6.1
Provision for Income Taxes	2.0	1.8	1.7	1.1	0.1
Net Income After Taxes	14.9	13.8	12.8	9.3	6.0
Net Income Before Extra. Items	14.9	13.8	12.8	9.3	6.0
Net Income	14.9	13.8	12.8	9.3	6.0
Income Available to Com Excl ExtraOrd	14.9	13.8	12.8	9.3	6.0
Income Available to Com Incl ExtraOrd	14.9	13.8	12.8	9.3	6.0
Basic Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Basic EPS Excluding ExtraOrdinary Items	0.07	0.07	0.06	0.05	0.03
Basic EPS Including ExtraOrdinary Items	0.07	0.07	0.06	0.05	0.03
Diluted Net Income	14.9	13.8	12.8	9.3	6.0
Diluted Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Diluted EPS Excluding ExtraOrd Items	0.07	0.07	0.06	0.05	0.03
Diluted EPS Including ExtraOrd Items	0.07	0.07	0.06	0.05	0.03
Normalized Income Before Taxes	16.9	15.7	14.6	10.4	6.1
Inc Tax Ex Impact of Sp Items	2.0	1.8	1.7	1.1	0.1
Normalized Income After Taxes	14.9	13.8	12.8	9.3	6.0
Normalized Inc. Avail to Com.	14.9	13.8	12.8	9.3	6.0
Basic Normalized EPS	0.07	0.07	0.06	0.05	0.03
Diluted Normalized EPS	0.07	0.07	0.06	0.05	0.03
Interest Expense	0.0	0.0	0.0	0.1	0.0
Depreciation	3.2	3.0	2.9	2.0	1.8
Advertising Expense	0.8	1.0	0.6	0.5	0.5
Advertising Expense, Supplemental	0.8	1.0	-	-	-
Current Tax	2.1	1.9	1.6	0.9	-
Current Tax - Total	2.1	1.9	1.6	0.9	-
Deferred Tax	-0.1	-0.1	0.1	0.2	0.1
Deferred Tax - Total	-0.1	-0.1	0.1	0.2	0.1
Income Tax - Total	2.0	1.8	1.7	1.1	0.1

Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org

Interim Income Statement As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385019	0.385015	0.385023	0.385072	0.385068
Revenue	11.4	11.7	12.5	12.8	9.7
Total Revenue	11.4	11.7	12.5	12.8	9.7
Cost Of Revenue	5.9	5.8	6.5	6.1	4.8
Depreciation	0.1	0.1	0.1	0.1	0.1
Selling & Distribution Expenses	0.9	0.8	0.9	1.3	0.6
Administration & General Expenses	1.1	1.0	1.0	1.1	1.1
Total Operating Expense	8.0	7.8	8.5	8.6	6.6
Finance Charges	0.0	0.0	0.0	0.0	-0.1
Other Income	0.5	0.3	0.3	0.3	0.4
Net Income Before Taxes	3.8	4.3	4.3	4.5	3.4
Provision for Income Taxes	0.4	0.5	0.5	0.5	0.3
Net Income After Taxes	3.4	3.8	3.8	3.9	3.0
Net Income Before Extra. Items	3.4	3.8	3.8	3.9	3.0
Net Income	3.4	3.8	3.8	3.9	3.0
Income Available to Com Excl ExtraOrd	3.4	3.8	3.8	3.9	3.0
Income Available to Com Incl ExtraOrd	3.4	3.8	3.8	3.9	3.0
Basic Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Basic EPS Excluding ExtraOrdinary Items	0.02	0.02	0.02	0.02	0.01
Basic EPS Including ExtraOrdinary Items	0.02	0.02	0.02	0.02	0.01
Diluted Net Income	3.4	3.8	3.8	3.9	3.0
Diluted Weighted Average Shares	204.4	204.4	204.4	204.4	204.4
Diluted EPS Excluding ExtraOrd Items	0.02	0.02	0.02	0.02	0.01
Diluted EPS Including ExtraOrd Items	0.02	0.02	0.02	0.02	0.01
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	3.8	4.3	4.3	4.5	3.4
Inc Tax Ex Impact of Sp Items	0.4	0.5	0.5	0.5	0.3
Normalized Income After Taxes	3.4	3.8	3.8	3.9	3.0
Normalized Inc. Avail to Com.	3.4	3.8	3.8	3.9	3.0
Basic Normalized EPS	0.02	0.02	0.02	0.02	0.01
Diluted Normalized EPS	0.02	0.02	0.02	0.02	0.01
Depreciation	0.8	0.8	0.8	0.8	0.1
Advertising	0.0	0.2	0.2	0.4	0.0
Current Tax	0.5	0.5	0.5	0.5	0.3
Current Tax - Total	0.5	0.5	0.5	0.5	0.3
Deferred Tax	-0.1	0.0	0.0	0.0	0.0
Deferred Tax - Total	-0.1	0.0	0.0	0.0	0.0
Income Tax - Total	0.4	0.5	0.5	0.5	0.3
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org				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	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Bank Balances	5.9	3.5	3.1	3.3	10.4
Trade Receivables	-	-	-	-	4.8
Trade Receivables	9.8	8.2	9.0	6.8	-
Other Receivables	1.8	1.6	0.6	0.5	0.9
Doubtful Accounts	-0.3	-0.3	-0.1	-0.1	-
Raw Materials	2.4	2.2	2.0	2.0	1.2
Work In Progress	0.1	0.1	0.1	0.1	0.1
Finished Goods	1.8	2.2	2.2	2.0	1.2
Engineering Stores & Spares	1.5	1.3	1.3	1.4	1.3
Packing Materials	0.3	0.2	0.2	0.2	0.1
Provision for Slow Moving Inventories	-0.2	-0.1	-0.1	-0.1	-0.3
Investment Held to Maturity	14.7	9.6	11.9	0.3	-
Investment AFS	0.0	6.9	0.0	-	-
Total Current Assets	37.9	35.4	30.3	16.4	19.8
Buildings	9.1	9.0	8.9	8.8	6.2
Plant & Machinery	33.4	33.3	31.8	31.5	19.1
Engineering Tools & Equipment	0.5	0.5	0.4	0.4	0.3
Material Handling Equipment	1.1	1.1	0.9	0.9	0.6
Furniture & Fittings	1.0	0.9	0.8	0.7	0.5
Motor Vehicles	0.9	0.7	0.6	0.5	0.4
Office Equipment	0.6	0.6	0.6	0.4	0.3
Capital Work in Progress	15.4	0.0	0.5	0.0	0.4
Accumulated Depreciation	-22.5	-19.5	-16.5	-13.6	-11.7
Financial AFS	0.1	0.1	0.1	0.1	0.2
Investment Held to Maturity	8.8	9.5	0.0	-	-
Total Assets	86.1	71.7	58.4	45.9	36.2
Current Maturities of Term Loans	0.0	0.8	0.8	0.8	0.8
Trade Payables	5.5	3.2	3.7	4.0	3.3
Accrued Expenses	1.7	1.8	1.4	1.8	-
Advance From Customers	0.1	0.2	0.3	0.2	-
Directors Remuneration	0.1	0.1	0.1	0.1	-
Retention Money Payable	0.3	0.1	0.1	0.1	-
Social Security Taxes	0.0	0.0	-	-	-
Amounts Due to Related Parties	0.0	0.0	0.1	0.1	-
Deferred Taxation	2.1	1.9	1.6	0.9	-
Total Current Liabilities	9.8	8.0	8.0	7.9	4.1
Term Loans, Excluding Current Maturities	-	0.0	0.6	1.3	2.1
Total Long Term Debt	-	0.0	0.6	1.3	2.1
Deferred Government Grant	-	0.0	0.2	0.3	0.3
Deferred Tax Liability	0.7	0.8	0.9	0.8	0.6
Staff Terminal Benefits	1.0	0.8	0.7	0.5	0.4
Total Liabilities	11.5	9.7	10.4	10.8	7.4
Share Capital	50.6	42.1	29.1	22.4	18.6
Legal Reserve	7.7	6.2	4.8	3.5	2.6
Proposed Distriution	-	-	-	-	6.5
Retained Earnings	16.4	13.5	14.1	9.3	0.9
Changes in Fair Value AFS	0.0	0.2	0.0	0.0	0.1
Total Equity	74.6	62.0	48.0	35.1	28.8
Total Liabilities & Shareholders' Equity	86.1	71.7	58.4	45.9	36.2
S/O-Common Stock	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Deferred Revenue-Current	0.1	0.2	0.3	0.2	-
Number of Shareholders	1,006	1,226	1,255	945	597
Leases Within 1 Yr	0.2	0.2	0.2	0.2	0.1
Leases Between 1& 5Yrs	0.7	0.6	0.6	0.6	0.5
Leases After 5 Yrs	1.8	1.5	1.7	1.9	1.4
Total Capital Leases	2.7	2.3	2.5	2.6	2.0
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org				Interim Balance Sheet As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate	0.385	0.38505	0.38505	0.385	0.385
Cash & Equivalents	5.9	5.3	4.0	1.3	3.5
Trade Receivables	9.8	10.0	9.7	10.1	8.2
Doubtful Accounts	-0.3	-0.3	-0.3	-0.3	-0.3
Other Receivables	1.8	3.1	4.8	4.7	1.6
Raw Mete. Spares & Packing	-	-	3.8	3.9	-
Raw Meterials	2.4	3.7	-	-	2.2
Work In Progress	0.1	-	-	-	0.1
Finished Goods	1.8	1.7	1.5	1.9	2.2
Spares & Consumables	1.5	-	-	-	1.3
Packing Material	0.3	-	-	-	0.2
Provisions for Inventory	-0.2	-0.1	-0.1	-0.1	-0.1
Short Term Investments	14.7	15.1	12.4	5.5	9.6
Available for Sale Investment	0.0	8.0	7.1	6.9	6.9
Total Current Assets	37.9	46.7	42.9	34.1	35.4
Property, Plant & Equipment	39.4	36.3	25.5	26.1	26.6
Financial AFS	0.1	3.8	4.9	3.3	0.1
Held-to-Maturity Investments	8.8	3.9	3.9	9.5	9.5
Total Assets	86.1	90.7	77.2	72.9	71.7
Trade Payables	5.5	3.4	2.5	3.2	3.2
Accrued Expenses	1.7	2.9	3.4	3.0	1.8
Advances from Customers	0.1	0.1	0.1	0.1	0.2
Social Security Taxes	0.0	0.0	0.0	0.1	0.0
Other Payables	0.3	0.2	0.1	0.0	0.1
Trade & Other Creditors	-	8.8	-	-	-
Bank Overdrafts	-	-	0.0	-	-
Current Portion of LT Debt	0.0	0.6	0.6	0.6	0.8
Taxation	2.1	1.6	1.1	0.3	1.9
Total Current Liabilities	9.8	17.6	7.7	7.4	8.0
Long Term Loans	0.0	0.0	0.0	0.0	0.0
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Deferred Government Grant	-	0.0	0.0	0.0	0.0
Staff Terminal Benefits	1.0	0.9	0.9	0.9	0.8
Deferred Tax Liability	0.7	0.8	0.8	0.8	0.8
Total Liabilities	11.5	19.3	9.4	9.1	9.7
Share Capital	50.6	50.6	50.6	50.6	42.1
Capital Reserve	7.7	6.2	6.2	6.2	6.2
Profit & Loss Account	-	14.4	-	-	-
Retained Earnings	16.4	-	10.7	6.9	13.5
Change in Fair Value AFS	0.0	0.2	0.3	0.2	0.2
Total Equity	74.6	71.4	67.8	63.8	62.0
Total Liabilities & Shareholders' Equity	86.1	90.7	77.2	72.9	71.7
S/O-Common Stock	204.4	204.4	204.4	204.4	204.4
Total Common Shares Outstanding	204.4	204.4	204.4	204.4	204.4
Deferred Revenue	0.1	0.1	0.1	0.1	0.2
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org					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	Reclassified Normal 31-Dec-2008
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385008	0.384999	0.384956	0.384897
Auditor	MOOR STEPHENS	MOOR STEPHENS	MOOR STEPHENS	Yashpal Mehta	Yashpal Mehta
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	46.8	45.3	39.1	28.9	24.3
Cash Paid	-30.8	-28.4	-25.2	-17.6	-14.4
Net Finance Costs	0.0	0.0	-	-	-
Finance Costs Paid	-	-	0.0	-0.1	0.0
Cash from Operating Activities	16.0	16.8	13.9	11.3	9.8
Capital Expenditure	-14.4	-2.0	-1.9	-14.7	-0.8
Sale of Property, Plant & Equipment	0.0	0.0	0.0	0.0	0.1
Bank Deposits	-	-	-	8.6	-7.6
Net Movement in Held to Maturity Inv.	-4.4	-7.2	-11.6	-	-
Financial Assets AFS	7.0	-6.7	0.0	0.0	-0.1
Interest Income	1.0	0.4	0.2	0.2	0.2
Dividend Income	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-10.8	-15.6	-13.3	-5.9	-8.3
Repayment of Term Loan	-0.8	-0.8	-0.8	-0.8	-0.8
Dividend Paid to Shareholders	-2.1	-	0.0	-2.8	0.0
Cash from Financing Activities	-2.9	-0.8	-0.8	-3.6	-0.8
Net Change in Cash	2.3	0.4	-0.2	1.8	0.7
Cash Interest Paid	-	-	0.0	0.1	0.0
Cash at the Begining of the Year	3.5	3.1	3.3	1.5	0.8
Cash at the End of the Year	5.9	3.5	3.1	3.3	1.5
Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org					Interim Cash Flows As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	OMR	OMR	OMR	OMR	OMR
Exchange Rate (Period Average)	0.385032	0.385036	0.385048	0.385072	0.385008
Cash Receipt	46.8	-	-	-	45.3
Cash Paid	-30.8	-	-	-	-28.4
Cash From Operations	-	15.4	8.1	2.9	-
Finance Costs	0.0	0.0	0.0	0.0	0.0
Tax Paid	-	-1.9	-1.1	-1.9	-
Cash from Operating Activities	16.0	13.5	7.0	1.0	16.8
Capital Expenditure	-14.4	-3.7	-2.5	-2.0	-2.0
Sale of Fixed Assets	0.0	-	-	-	0.0
Short Term Investments	-	-0.9	-	-	-
Net Movement in Held to Maturity Inv.	-4.4	-	3.0	-	-7.2
Interest Income	1.0	-	-	-	0.4
Available for Sale Investments	7.0	-4.8	-4.8	-	-6.7
Dividend Income	0.0	-	-	-	0.0
Investing Activities	-	-	-	4.3	-
Cash from Investing Activities	-10.8	-9.3	-4.3	2.3	-15.6
Dividends Paid	-2.1	-2.1	-2.1	-2.1	-
Repayment of Term Loan	-0.8	-0.2	-0.2	-0.2	-0.8
Net Financing Activities	-	-	-	-3.2	-
Cash from Financing Activities	-2.9	-2.3	-2.3	-5.6	-0.8
Net Change in Cash	2.3	1.8	0.4	-2.3	0.4
Cash Taxes Paid	-	1.9	1.1	1.9	-
Cash-Beginning Balance	3.5	3.5	3.5	3.5	3.1
Cash-Ending Balance	5.9	5.3	4.0	1.3	3.5

Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org

Geographic Segments

Financials in: As Reported (mil)

Annual

Interim

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Oman	24.8	51.4 %	21.0	47.4 %	21.8	52.8 %	19.1	62.1 %	10.2	44.8 %
GCC	23.5	48.6 %	23.3	52.5 %	19.5	47.2 %	11.7	37.9 %	12.6	55.2 %
Segment Total	48.3	100 %	44.3	100 %	41.3	100 %	30.8	100 %	22.8	100 %
Consolidated Total	48.3	100 %	44.3	100 %	41.3	100 %	30.8	100 %	22.8	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	24.8	51.4 %	21.0	47.4 %	21.8	52.8 %	19.1	62.1 %	10.2	44.8 %
GCC	23.5	48.6 %	23.3	52.5 %	19.5	47.2 %	11.7	37.9 %	12.6	55.2 %
Segment Total	48.3	100 %	44.3	100 %	41.3	100 %	30.8	100 %	22.8	100 %
Consolidated Total	48.3	100 %	44.3	100 %	41.3	100 %	30.8	100 %	22.8	100 %
Exchange Rate: OMR to USD	0.385032		0.385008		0.384999		0.384956		0.384897

Al Anwar Ceramic Tiles Company SAOG Muscat, Oman, Tel: 968-24-571359, URL: http://www.alshams.org

Geographic Segments

Financials in: As Reported (mil)

Annual

Interim

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-08		31-Mar-08		31-Dec-07
Oman	24.8	51.4 %	21.0	47.4 %	15.0	63.5 %	4.2	57.4 %	7.9	46.8 %
exportation	23.5	48.6 %	23.3	52.5 %	8.6	36.5 %	3.1	42.6 %	9.0	53.2 %
Segment Total	48.3	100 %	44.3	100 %	23.6	100 %	7.2	100 %	16.9	100 %
Consolidated Total	48.3	100 %	44.3	100 %	23.6	100 %	7.2	100 %	16.9	100 %
Exchange Rate: OMR to USD	0.385032		0.385008		0.384981		0.384885		0.384870
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-08		31-Mar-08		31-Dec-07
Oman	24.8	51.4 %	21.0	47.4 %	15.0	63.5 %	4.2	57.4 %	7.9	46.8 %
exportation	23.5	48.6 %	23.3	52.5 %	8.6	36.5 %	3.1	42.6 %	9.0	53.2 %
Segment Total	48.3	100 %	44.3	100 %	23.6	100 %	7.2	100 %	16.9	100 %
Consolidated Total	48.3	100 %	44.3	100 %	23.6	100 %	7.2	100 %	16.9	100 %
Exchange Rate: OMR to USD	0.385032		0.385008		0.384981		0.384885		0.384870

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.87
UK Pound	1	Rs.86.46
Euro	1	Rs.69.48

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.