MIRA
INFORM REPORT
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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL AGRICULTURAL DEVELOPMENT CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.08.1981 |
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Legal Form : |
Public Independent |
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Line of Business : |
Engaged in cattle farming and agricultural development activities, as well as food processing and distribution. |
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No. of Employees : |
2,500 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Source
: CIA
Company name and address
National
Agricultural Development Co
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Business
Description
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National Agriculture Development Company (NADEC) is a Saudi
Arabia-based joint stock company engaged in cattle farming and agricultural
development activities, as well as food processing and distribution. The
Company operates through two business segment: Agricultural Products, and
Food Manufacturing. The Company’s products included crops, fruit, honey,
olive oil and vegetable. Its food products include butter, cheese and tomato
paste, as well as other dairy products, juice and dates. The Company operates
a range of business in dairy farms, agricultural production, dairy and food
processing, honey production and dates processing. The Company has four
agricultural projects located across the |
Industry
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Industry |
Fish and Livestock |
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ANZSIC 2006: |
0160 - Dairy Cattle Farming |
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NACE 2002: |
0121 - Farming of cattle, dairy farming |
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NAICS 2002: |
11212 - Dairy Cattle and Milk Production |
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0121 - Farming of cattle, dairy farming |
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0141 - Raising of dairy cattle |
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US SIC 1987: |
0241 - Dairy Farms |
Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = SAR 3.750258
2 - Balance Sheet Item Exchange Rate: USD 1 = SAR 3.7502
Corporate Overview
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Executives Report
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Significant
Developments
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Annual Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated |
Updated |
Restated |
Reclassified |
Restated |
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Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
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Exchange Rate
(Period Average) |
3.750258 |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
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Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
414.8 |
386.0 |
355.8 |
356.8 |
289.1 |
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Revenue |
414.8 |
386.0 |
355.8 |
356.8 |
289.1 |
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Total Revenue |
414.8 |
386.0 |
355.8 |
356.8 |
289.1 |
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Cost of Revenue |
268.7 |
258.4 |
244.3 |
229.8 |
180.3 |
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Cost of Revenue, Total |
268.7 |
258.4 |
244.3 |
229.8 |
180.3 |
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Gross Profit |
146.1 |
127.6 |
111.6 |
127.1 |
108.8 |
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Selling/General/Administrative Expense |
57.2 |
60.8 |
97.5 |
92.7 |
79.1 |
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Labor & Related Expense |
46.0 |
45.2 |
- |
- |
- |
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Total Selling/General/Administrative Expenses |
103.2 |
106.0 |
97.5 |
92.7 |
79.1 |
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Depreciation |
11.3 |
12.0 |
12.4 |
10.8 |
6.8 |
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Depreciation/Amortization |
11.3 |
12.0 |
12.4 |
10.8 |
6.8 |
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Other, Net |
- |
- |
- |
- |
1.4 |
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Other Operating Expenses, Total |
- |
- |
- |
- |
1.4 |
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Total Operating Expense |
383.2 |
376.3 |
354.1 |
333.3 |
267.5 |
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Operating Income |
31.6 |
9.7 |
1.7 |
23.5 |
21.6 |
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Investment Income -
Non-Operating |
0.3 |
1.0 |
-1.0 |
- |
- |
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Interest/Investment Income - Non-Operating |
0.3 |
1.0 |
-1.0 |
- |
- |
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Interest Income (Expense) - Net Non-Operating |
-7.1 |
-9.2 |
-10.1 |
-6.7 |
-3.2 |
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Interest Income (Expense) - Net Non-Operating Total |
-6.8 |
-8.3 |
-11.1 |
-6.7 |
-3.2 |
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Gain (Loss) on |
1.8 |
2.0 |
0.4 |
- |
0.5 |
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Other Non-Operating Income (Expense) |
1.3 |
1.2 |
-0.1 |
4.6 |
2.3 |
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Other, Net |
1.3 |
1.2 |
-0.1 |
4.6 |
2.3 |
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Income Before Tax |
27.8 |
4.6 |
-9.1 |
21.5 |
21.1 |
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Total Income Tax |
3.5 |
1.8 |
2.4 |
2.1 |
2.0 |
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Income After Tax |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
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Net Income Before Extraord Items |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
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Extraord Items |
- |
- |
- |
-1.1 |
0.0 |
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Total Extraord Items |
- |
- |
- |
-1.1 |
0.0 |
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Net Income |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
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Income Available to Common Excl Extraord Items |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
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Income Available to Common Incl Extraord Items |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
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Basic/Primary Weighted Average Shares |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
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Basic EPS Excl Extraord Items |
0.41 |
0.05 |
-0.19 |
0.32 |
0.32 |
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Basic/Primary EPS Incl Extraord Items |
0.41 |
0.05 |
-0.19 |
0.31 |
0.32 |
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Dilution Adjustment |
- |
- |
0.0 |
- |
- |
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Diluted Net Income |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
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Diluted Weighted Average Shares |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
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Diluted EPS Excl Extraord Items |
0.41 |
0.05 |
-0.19 |
0.32 |
0.32 |
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Diluted EPS Incl Extraord Items |
0.41 |
0.05 |
-0.19 |
0.31 |
0.32 |
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Dividends per Share - Common Stock Primary Issue |
0.20 |
0.00 |
0.00 |
0.20 |
0.27 |
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Gross Dividends - Common Stock |
12.0 |
0.0 |
0.0 |
12.0 |
16.0 |
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Depreciation, Supplemental |
44.2 |
45.1 |
49.9 |
41.6 |
32.5 |
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Total Special Items |
-1.8 |
-2.0 |
-0.4 |
- |
-0.5 |
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Normalized Income Before Tax |
26.0 |
2.6 |
-9.5 |
21.5 |
20.7 |
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Effect of Special Items on Income Taxes |
-0.2 |
-0.8 |
-0.1 |
- |
0.0 |
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Inc Tax Ex Impact of Sp Items |
3.2 |
1.0 |
2.2 |
2.1 |
2.0 |
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Normalized Income After Tax |
22.8 |
1.6 |
-11.7 |
19.4 |
18.7 |
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Normalized Inc. Avail to Com. |
22.8 |
1.6 |
-11.7 |
19.4 |
18.7 |
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Basic Normalized EPS |
0.38 |
0.03 |
-0.20 |
0.32 |
0.31 |
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Diluted Normalized EPS |
0.38 |
0.03 |
-0.20 |
0.32 |
0.31 |
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Advertising Expense, Supplemental |
- |
- |
- |
33.4 |
- |
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Normalized EBIT |
31.6 |
9.7 |
1.7 |
23.5 |
21.6 |
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Normalized EBITDA |
75.8 |
54.8 |
51.6 |
65.1 |
54.1 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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UpdateType/Date |
Updated |
Updated |
Restated |
Restated |
Restated |
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Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
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Exchange Rate |
3.7502 |
3.75025 |
3.75075 |
3.7531 |
3.75055 |
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Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash & Equivalents |
7.4 |
12.6 |
9.4 |
4.9 |
5.3 |
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Cash and Short Term Investments |
7.4 |
12.6 |
9.4 |
4.9 |
5.3 |
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Accounts Receivable -
Trade, Gross |
55.9 |
62.2 |
58.6 |
66.3 |
60.4 |
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Provision for Doubtful
Accounts |
-4.1 |
-7.7 |
-5.8 |
-4.7 |
-4.0 |
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Trade Accounts Receivable - Net |
51.7 |
54.5 |
52.8 |
61.6 |
56.4 |
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Other Receivables |
10.1 |
10.8 |
12.8 |
14.4 |
5.7 |
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Total Receivables, Net |
61.8 |
65.3 |
65.6 |
76.0 |
62.1 |
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Inventories - Finished Goods |
19.6 |
21.4 |
25.5 |
15.2 |
12.2 |
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Inventories - Raw Materials |
66.7 |
66.4 |
83.6 |
- |
- |
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Inventories - Other |
-3.0 |
-4.8 |
-2.9 |
81.2 |
52.3 |
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Total Inventory |
83.2 |
83.0 |
106.1 |
96.4 |
64.5 |
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Prepaid Expenses |
5.0 |
6.1 |
5.4 |
2.7 |
2.9 |
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Other Current Assets |
15.3 |
15.8 |
18.0 |
24.9 |
19.6 |
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Other Current Assets, Total |
15.3 |
15.8 |
18.0 |
24.9 |
19.6 |
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Total Current Assets |
172.8 |
182.7 |
204.5 |
204.9 |
154.4 |
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Buildings |
175.7 |
171.0 |
166.4 |
116.9 |
104.6 |
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Land/Improvements |
46.3 |
47.3 |
47.3 |
46.2 |
46.2 |
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Machinery/Equipment |
423.6 |
413.6 |
411.1 |
358.9 |
291.6 |
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Construction in
Progress |
40.5 |
31.6 |
26.8 |
77.8 |
41.2 |
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Natural Resources |
40.7 |
33.6 |
27.0 |
21.7 |
18.0 |
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Other
Property/Plant/Equipment |
117.2 |
114.2 |
113.1 |
107.8 |
105.1 |
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Property/Plant/Equipment - Gross |
844.0 |
811.4 |
791.8 |
729.1 |
606.8 |
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Accumulated Depreciation |
-399.7 |
-368.0 |
-337.4 |
-298.2 |
-282.4 |
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Property/Plant/Equipment - Net |
444.3 |
443.4 |
454.4 |
431.0 |
324.3 |
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LT Investments - Other |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
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Long Term Investments |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
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Deferred Charges |
5.3 |
4.9 |
4.6 |
5.2 |
6.6 |
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Other Long Term Assets, Total |
5.3 |
4.9 |
4.6 |
5.2 |
6.6 |
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Total Assets |
624.4 |
633.2 |
665.5 |
643.0 |
487.5 |
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Accounts Payable |
51.8 |
66.9 |
70.1 |
87.2 |
60.9 |
|
Accrued Expenses |
10.9 |
12.2 |
12.6 |
- |
- |
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Notes Payable/Short Term Debt |
142.0 |
103.1 |
247.0 |
245.6 |
118.7 |
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Current Portion - Long Term Debt/Capital Leases |
44.1 |
72.8 |
10.2 |
0.0 |
- |
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Dividends Payable |
7.2 |
7.3 |
7.4 |
8.4 |
8.8 |
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Customer Advances |
0.7 |
0.7 |
0.7 |
- |
- |
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Income Taxes Payable |
6.3 |
4.1 |
4.4 |
3.4 |
4.7 |
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Other Payables |
1.3 |
1.4 |
1.5 |
- |
15.3 |
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Other Current Liabilities |
- |
- |
- |
- |
0.7 |
|
Other Current liabilities, Total |
15.5 |
13.5 |
13.9 |
11.8 |
29.6 |
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Total Current Liabilities |
264.3 |
268.5 |
353.9 |
344.6 |
209.1 |
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Long Term Debt |
55.9 |
85.5 |
36.9 |
0.0 |
- |
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Total Long Term Debt |
55.9 |
85.5 |
36.9 |
0.0 |
0.0 |
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Total Debt |
242.0 |
261.4 |
294.1 |
245.6 |
118.7 |
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Pension Benefits - Underfunded |
20.9 |
20.1 |
18.4 |
16.3 |
14.4 |
|
Other Liabilities, Total |
20.9 |
20.1 |
18.4 |
16.3 |
14.4 |
|
Total Liabilities |
341.0 |
374.1 |
409.2 |
360.9 |
223.5 |
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Common Stock |
160.0 |
160.0 |
160.0 |
159.9 |
106.7 |
|
Common Stock |
160.0 |
160.0 |
160.0 |
159.9 |
106.7 |
|
Retained Earnings (Accumulated Deficit) |
123.5 |
99.1 |
96.3 |
122.2 |
157.3 |
|
Total Equity |
283.4 |
259.1 |
256.3 |
282.1 |
263.9 |
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|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
624.4 |
633.2 |
665.5 |
643.0 |
487.5 |
|
|
|
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|
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Shares Outstanding - Common Stock Primary
Issue |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Total Common Shares Outstanding |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Deferred Revenue - Current |
0.7 |
0.7 |
0.7 |
- |
- |
|
Total Long Term Debt, Supplemental |
99.9 |
158.3 |
47.1 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
44.1 |
72.8 |
10.2 |
- |
- |
|
Long Term Debt Maturing in Year 2 |
43.5 |
76.5 |
15.9 |
- |
- |
|
Long Term Debt Maturing in Year 3 |
4.1 |
3.0 |
7.0 |
- |
- |
|
Long Term Debt Maturing in Year 4 |
4.1 |
3.0 |
7.0 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
4.1 |
3.0 |
7.0 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
47.6 |
79.5 |
22.9 |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
8.2 |
6.0 |
14.0 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
|
|
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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750258 |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
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|
|
|
Net Income/Starting Line |
27.8 |
4.6 |
-9.1 |
20.4 |
21.4 |
|
Depreciation |
44.2 |
45.1 |
49.9 |
41.6 |
32.5 |
|
Depreciation/Depletion |
44.2 |
45.1 |
49.9 |
41.6 |
32.5 |
|
Unusual Items |
-1.8 |
-2.0 |
-0.4 |
-0.6 |
-0.5 |
|
Other Non-Cash Items |
16.6 |
21.3 |
20.2 |
13.2 |
9.6 |
|
Non-Cash Items |
14.8 |
19.3 |
19.8 |
12.6 |
9.1 |
|
Accounts Receivable |
4.3 |
-2.2 |
6.6 |
-14.4 |
-12.0 |
|
Inventories |
-2.7 |
20.3 |
-13.9 |
-31.9 |
-19.7 |
|
Other Assets |
0.5 |
2.2 |
7.0 |
-5.3 |
-4.8 |
|
Payable/Accrued |
-16.6 |
-3.7 |
-2.3 |
11.1 |
5.0 |
|
Other Operating Cash Flow |
-12.4 |
-16.9 |
-15.5 |
-11.1 |
-5.3 |
|
Changes in Working Capital |
-26.8 |
-0.4 |
-18.1 |
-51.6 |
-36.8 |
|
Cash from Operating Activities |
60.0 |
68.6 |
42.6 |
23.0 |
26.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-50.9 |
-38.4 |
-75.7 |
-148.1 |
-93.1 |
|
Capital Expenditures |
-50.9 |
-38.4 |
-75.7 |
-148.1 |
-93.1 |
|
Sale of Fixed Assets |
7.6 |
6.3 |
3.1 |
2.8 |
1.2 |
|
Other Investing Cash Flow |
-3.3 |
-3.4 |
-2.0 |
-2.0 |
-3.7 |
|
Other Investing Cash Flow Items, Total |
4.4 |
3.0 |
1.1 |
0.8 |
-2.5 |
|
Cash from Investing Activities |
-46.6 |
-35.4 |
-74.6 |
-147.3 |
-95.6 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-0.1 |
-0.1 |
-13.0 |
-0.4 |
-15.3 |
|
Total Cash Dividends Paid |
-0.1 |
-0.1 |
-13.0 |
-0.4 |
-15.3 |
|
Short Term Debt Issued |
861.7 |
980.4 |
441.2 |
266.4 |
133.4 |
|
Short Term Debt
Reduction |
-880.3 |
-1,010.2 |
-391.6 |
-141.3 |
-45.4 |
|
Short Term Debt, Net |
-18.6 |
-29.9 |
49.6 |
124.4 |
88.8 |
|
Issuance (Retirement) of Debt, Net |
-18.6 |
-29.9 |
49.6 |
124.4 |
88.8 |
|
Cash from Financing Activities |
-18.6 |
-30.0 |
36.6 |
124.0 |
73.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-5.2 |
3.2 |
4.5 |
-0.4 |
4.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.6 |
9.4 |
4.9 |
5.3 |
1.1 |
|
Net Cash - Ending Balance |
7.4 |
12.6 |
9.4 |
4.9 |
5.3 |
|
Cash Taxes Paid |
1.2 |
2.1 |
1.4 |
2.2 |
2.4 |
|
|
|
|
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 |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750258 |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
414.8 |
386.0 |
355.8 |
356.8 |
289.1 |
|
Total Revenue |
414.8 |
386.0 |
355.8 |
356.8 |
289.1 |
|
|
|
|
|
|
|
|
Cost of Revenues |
268.7 |
258.4 |
244.3 |
229.8 |
180.3 |
|
Selling & Distribution Expenses |
54.3 |
58.1 |
83.2 |
76.7 |
63.0 |
|
Labor Expenses ( Selling & Dist) |
33.3 |
32.6 |
- |
- |
- |
|
Depreciation ( Selling & Dist) |
10.5 |
11.0 |
- |
- |
- |
|
General & Administrative Expenses |
2.9 |
2.7 |
14.3 |
16.0 |
16.0 |
|
Labor Expenses (General) |
12.8 |
12.6 |
- |
- |
- |
|
Depreciation |
0.8 |
0.9 |
12.4 |
10.8 |
6.8 |
|
Provisions |
- |
- |
- |
- |
1.4 |
|
Total Operating Expense |
383.2 |
376.3 |
354.1 |
333.3 |
267.5 |
|
|
|
|
|
|
|
|
Deferred Profit |
-4.1 |
-2.6 |
-0.5 |
- |
-0.3 |
|
Realized Profit for the Year |
4.1 |
2.6 |
0.5 |
- |
- |
|
Islamic Finance Expense |
-7.1 |
-9.2 |
-10.1 |
-6.7 |
-3.2 |
|
Capital Gains/Losses |
1.8 |
2.0 |
0.4 |
- |
0.5 |
|
Investment in Associates |
0.6 |
0.6 |
0.2 |
- |
- |
|
Foreign Currency Exchange |
-0.3 |
0.4 |
-1.2 |
- |
- |
|
Other Income |
1.3 |
1.2 |
-0.1 |
4.6 |
2.6 |
|
Net Income Before Taxes |
27.8 |
4.6 |
-9.1 |
21.5 |
21.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.5 |
1.8 |
2.4 |
2.1 |
2.0 |
|
Net Income After Taxes |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
|
Extraordinary Loss |
- |
- |
- |
-1.1 |
0.0 |
|
Net Income |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
24.3 |
2.8 |
-11.4 |
19.4 |
19.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.41 |
0.05 |
-0.19 |
0.32 |
0.32 |
|
Basic EPS Including ExtraOrdinary Items |
0.41 |
0.05 |
-0.19 |
0.31 |
0.32 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
24.3 |
2.8 |
-11.4 |
18.3 |
19.1 |
|
Diluted Weighted Average Shares |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.41 |
0.05 |
-0.19 |
0.32 |
0.32 |
|
Diluted EPS Including ExtraOrd Items |
0.41 |
0.05 |
-0.19 |
0.31 |
0.32 |
|
DPS-Common Stock |
0.20 |
0.00 |
0.00 |
0.20 |
0.27 |
|
Gross Dividends - Common Stock |
12.0 |
0.0 |
0.0 |
12.0 |
16.0 |
|
Normalized Income Before Taxes |
26.0 |
2.6 |
-9.5 |
21.5 |
20.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.2 |
1.0 |
2.2 |
2.1 |
2.0 |
|
Normalized Income After Taxes |
22.8 |
1.6 |
-11.7 |
19.4 |
18.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
22.8 |
1.6 |
-11.7 |
19.4 |
18.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.38 |
0.03 |
-0.20 |
0.32 |
0.31 |
|
Diluted Normalized EPS |
0.38 |
0.03 |
-0.20 |
0.32 |
0.31 |
|
Depreciation |
44.2 |
45.1 |
49.9 |
41.6 |
32.5 |
|
Advertising |
- |
- |
- |
33.4 |
- |
|
|
|
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 |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate |
3.7502 |
3.75025 |
3.75075 |
3.7531 |
3.75055 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
7.4 |
12.6 |
9.4 |
4.9 |
5.3 |
|
Trade Receivables |
55.9 |
62.2 |
58.6 |
66.3 |
60.4 |
|
Doubtful Accounts |
-4.1 |
-7.7 |
-5.8 |
-4.7 |
-4.0 |
|
Other Receivables |
10.1 |
10.8 |
12.8 |
14.4 |
5.7 |
|
Prepaid Expenses |
5.0 |
6.1 |
5.4 |
2.7 |
2.9 |
|
Fuel |
1.6 |
1.5 |
1.2 |
- |
- |
|
Raw Materials |
52.0 |
51.4 |
67.7 |
- |
- |
|
Spare Parts |
14.7 |
15.0 |
15.9 |
- |
- |
|
Provision for Slow Moving Spare Parts |
-4.6 |
-6.5 |
-4.1 |
-2.5 |
-2.5 |
|
Materials & Spare Parts |
- |
- |
- |
83.6 |
54.7 |
|
Products in Transit |
- |
- |
- |
- |
0.0 |
|
Agriculture Products |
8.8 |
10.0 |
14.4 |
7.4 |
5.6 |
|
Food Processing Products |
7.5 |
8.3 |
8.6 |
6.9 |
6.1 |
|
Animal Products |
3.4 |
3.2 |
2.5 |
1.0 |
0.5 |
|
Other Products |
0.0 |
0.2 |
0.0 |
0.1 |
0.1 |
|
Existing Harvests |
15.3 |
15.8 |
18.0 |
24.9 |
19.6 |
|
Total Current Assets |
172.8 |
182.7 |
204.5 |
204.9 |
154.4 |
|
|
|
|
|
|
|
|
Long Term Investments |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
|
Deferred Charges |
5.3 |
4.9 |
4.6 |
5.2 |
6.6 |
|
Construction in Progress |
40.5 |
31.6 |
26.8 |
77.8 |
41.2 |
|
Production Cattle |
37.4 |
31.1 |
26.4 |
21.1 |
16.7 |
|
Land |
46.3 |
47.3 |
47.3 |
46.2 |
46.2 |
|
Buildings |
156.2 |
151.8 |
147.0 |
99.6 |
90.4 |
|
Civil Works & Wells |
94.3 |
92.2 |
92.3 |
88.4 |
88.0 |
|
Equipment & Machinery |
288.0 |
282.1 |
279.0 |
232.8 |
187.4 |
|
Warehouses |
19.5 |
19.2 |
19.4 |
17.2 |
14.1 |
|
Agricultural Equipment |
34.8 |
34.6 |
33.4 |
29.7 |
29.5 |
|
Motor Vehicles |
63.0 |
63.1 |
65.8 |
65.5 |
51.5 |
|
Tools |
37.8 |
33.9 |
32.9 |
30.9 |
23.3 |
|
Furniture & Fixtures |
22.9 |
22.0 |
20.8 |
19.3 |
17.1 |
|
Trees & Gardens |
3.4 |
2.5 |
0.5 |
0.5 |
1.4 |
|
Depreciation |
-399.7 |
-368.0 |
-337.4 |
-298.2 |
-282.4 |
|
Total Assets |
624.4 |
633.2 |
665.5 |
643.0 |
487.5 |
|
|
|
|
|
|
|
|
Due to Banks |
- |
- |
- |
- |
0.7 |
|
Trade Payables |
51.8 |
66.9 |
70.1 |
87.2 |
60.9 |
|
Accrued Expense |
10.9 |
12.2 |
12.6 |
- |
- |
|
Advance Payments from Customers |
0.7 |
0.7 |
0.7 |
- |
- |
|
Other Payables |
1.3 |
1.4 |
1.5 |
- |
15.3 |
|
Unpaid Dividends |
7.2 |
7.3 |
7.4 |
8.4 |
8.8 |
|
ST Borrowings-Murabahat w. Islamic Bank |
142.0 |
103.1 |
247.0 |
245.6 |
118.7 |
|
Current Portion of LT Murabahat |
40.5 |
70.3 |
9.4 |
0.0 |
- |
|
Current Portion of LT Loan from Ind Dev |
3.6 |
2.5 |
0.7 |
0.0 |
- |
|
Zakah Provision |
6.3 |
4.1 |
4.4 |
3.4 |
4.7 |
|
Total Current Liabilities |
264.3 |
268.5 |
353.9 |
344.6 |
209.1 |
|
|
|
|
|
|
|
|
Long Term Murabaha Loan |
34.7 |
68.7 |
17.7 |
0.0 |
- |
|
Finance from Saudi Ind Dev Fund |
21.1 |
16.8 |
19.2 |
0.0 |
- |
|
Total Long Term Debt |
55.9 |
85.5 |
36.9 |
0.0 |
- |
|
|
|
|
|
|
|
|
End of Service Indemnity |
20.9 |
20.1 |
18.4 |
16.3 |
14.4 |
|
Total Liabilities |
341.0 |
374.1 |
409.2 |
360.9 |
223.5 |
|
|
|
|
|
|
|
|
Paid in Capital |
160.0 |
160.0 |
160.0 |
159.9 |
106.7 |
|
Statutory Reserve |
32.5 |
31.1 |
31.1 |
31.1 |
29.3 |
|
Government Grants |
78.1 |
78.1 |
78.1 |
78.0 |
78.1 |
|
Proposed Dividends |
- |
- |
- |
12.0 |
0.0 |
|
Deferred Income |
- |
- |
- |
- |
0.3 |
|
Retained Earnings |
12.8 |
-10.1 |
-12.9 |
1.1 |
49.6 |
|
Total Equity |
283.4 |
259.1 |
256.3 |
282.1 |
263.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
624.4 |
633.2 |
665.5 |
643.0 |
487.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Total Common Shares Outstanding |
60.0 |
60.0 |
60.0 |
60.0 |
60.0 |
|
Deferred Revenue - Current |
0.7 |
0.7 |
0.7 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
44.1 |
72.8 |
10.2 |
- |
- |
|
Long Term Debt Maturing in Year 2 |
43.5 |
76.5 |
15.9 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
12.3 |
9.1 |
21.0 |
- |
- |
|
Total Long Term Debt, Supplemental |
99.9 |
158.3 |
47.1 |
- |
- |
|
|
|
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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
SAR |
SAR |
SAR |
SAR |
SAR |
|
Exchange Rate
(Period Average) |
3.750258 |
3.750188 |
3.750409 |
3.751248 |
3.747242 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
27.8 |
4.6 |
-9.1 |
20.4 |
21.4 |
|
Depreciation |
44.2 |
45.1 |
49.9 |
41.6 |
32.5 |
|
Amortization of Deferred Charges |
3.0 |
3.0 |
2.6 |
3.5 |
- |
|
Provision for End of Service Indemnity |
3.9 |
4.3 |
3.7 |
3.4 |
3.8 |
|
Provision for Doubtful Debts |
0.1 |
1.9 |
1.1 |
0.7 |
1.4 |
|
Provision for slow Moving Inventory |
2.4 |
2.9 |
1.6 |
0.0 |
- |
|
Finance Costs |
7.1 |
9.2 |
11.2 |
9.4 |
5.2 |
|
Sale of Fixed Assets |
-1.8 |
-2.0 |
-0.4 |
-0.6 |
-0.5 |
|
Write Back of Provision for Zakat |
- |
- |
- |
-1.3 |
-0.8 |
|
Write Back of Other Provision |
- |
- |
- |
-2.6 |
0.0 |
|
Change in Receivables |
4.3 |
-2.2 |
6.6 |
-14.4 |
-12.0 |
|
Change in Inventory |
-2.7 |
20.3 |
-13.9 |
-31.9 |
-19.7 |
|
Change in Existing Harvests |
0.5 |
2.2 |
7.0 |
-5.3 |
-4.8 |
|
Change in Payables |
-16.6 |
-3.7 |
-2.3 |
11.1 |
5.0 |
|
Finance Cost Paid |
-8.0 |
-12.2 |
-12.4 |
-7.5 |
-2.0 |
|
Paid Zakah |
-1.2 |
-2.1 |
-1.4 |
-2.2 |
-2.4 |
|
Paid from End of Service Indemnity |
-3.1 |
-2.7 |
-1.6 |
-1.4 |
-0.9 |
|
Retained Earnings |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
60.0 |
68.6 |
42.6 |
23.0 |
26.3 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-50.9 |
-38.4 |
-75.7 |
-148.1 |
-93.1 |
|
Sale of Fixed Assets |
7.6 |
6.3 |
3.1 |
2.8 |
1.2 |
|
Deferred Charges |
-3.3 |
-3.4 |
-2.0 |
-2.0 |
-3.7 |
|
Cash from Investing Activities |
-46.6 |
-35.4 |
-74.6 |
-147.3 |
-95.6 |
|
|
|
|
|
|
|
|
Change in Unpaid Dividends |
-0.1 |
-0.1 |
-13.0 |
-0.4 |
-15.3 |
|
ST Borrowings- Islamic Bank |
861.7 |
980.4 |
441.2 |
266.4 |
133.4 |
|
Payments to ST Borrowings-Islamic Bank |
-880.3 |
-1,010.2 |
-391.6 |
-141.3 |
-45.4 |
|
Payment Received from Saudi Bank |
- |
- |
- |
0.0 |
- |
|
Due to Banks |
- |
- |
- |
-0.7 |
0.7 |
|
Cash from Financing Activities |
-18.6 |
-30.0 |
36.6 |
124.0 |
73.5 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-5.2 |
3.2 |
4.5 |
-0.4 |
4.1 |
|
|
|
|
|
|
|
|
Cash-Beginning Balance |
12.6 |
9.4 |
4.9 |
5.3 |
1.1 |
|
Cash-Ending Balance |
7.4 |
12.6 |
9.4 |
4.9 |
5.3 |
|
Cash Taxes Paid |
1.2 |
2.1 |
1.4 |
2.2 |
2.4 |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
|
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.