MIRA INFORM REPORT

 

 

Report Date :

05.04.2013

 

IDENTIFICATION DETAILS

 

Name :

OMAN AGRICULTURE DEVELOPMENT CO SAOG 

 

 

Registered Office :

66 Ruwi, P. O. Box, Muscat, 311

 

 

Country :

Oman

 

 

Financials (as on) :

30.04.2012

 

 

Year of Establishments:

1978

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Subject is engaged in the production and distribution of dairy products, agricultural products and fresh juices

 

 

No. of Employees :

273

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

oman - ECONOMIC OVERVIEW

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.

 

Source : CIA

Company name & address

 

Oman Agriculture Development Co SAOG

66 Ruwi

P.O.Box

Muscat, 311

Oman

Tel:       968-26-840301

Fax:      968-26-842363

Web:  www.omzest.com

 

           

Synthesis

 

Employees:                  273

Company Type:            Public Independent

Traded:                         Muscat Securities Market:          OADI

Incorporation Date:        1978

Auditor:                                   PricewaterhouseCoopers LLP   

Financials in:                 USD (Millions)

Fiscal Year End:            30-Apr-2012

Reporting Currency:       Rial Omani

Annual Sales:               10.0  1

Net Income:                 7.1

Total Assets:                26.0  2

 

 

Business Description     

 

Oman Agriculture Development Co SAOG, a member of the OMZEST Group, is an Oman-based company engaged in the production and distribution of dairy products, agricultural products and fresh juices. The Company is primarily involved in supplying dairy farm products in the Sultanate of Oman through a network of shops and other establishments. The Company’s dairy products are sold to retailers, hotels, Government Institutions and Caterers. The Company produces fresh milk, yoghurt, real fruit yoghurt, laban, and Jeera laban. The Company operates an 800-hectare farm located at Sohar, backed up by a fleet of refrigerated trucks and store facilities. As of April 30, 2012, the Company held 10%-investment in an associate, Al Nejd Agriculture Development Company SAOC. For the six months ended 31 October 2012, Oman Agriculture Development Co SAOG sales increased 50% to OMR2.8M. Net loss totaled OMR236K vs. income of OMR734K. Sales reflect an increase in demand for the Company's products and services due to favorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from OMR0.67 to -OMR0.21.

 

Industry            

Industry           Food Processing

ANZSIC 2006:   1131 - Milk and Cream Processing

NACE 2002:      1511 - Production and preserving of meat

NAICS 2002:     311511 - Fluid Milk Manufacturing

UK SIC 2003:    15511 - Liquid milk and cream production

UK SIC 2007:    10511 - Liquid milk and cream production

US SIC 1987:    2026 - Fluid Milk

 

           

Key Executives   

 

Name

Title

Arjun Subramanian

General Manager

Abdul Majeed Palekkodan

Finance Manager

Mohammed Shareef

Sales Manager

Sunil Kumar

Secretary

Hemender Gupta

Production Manager

 

 

 

Financial Summary

  

 

As of 31-Oct-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.61

1.53

Quick Ratio (MRQ)

3.14

0.78

Debt to Equity (MRQ)

2.44

1.14

Sales 5 Year Growth

-5.83

6.97

Net Profit Margin (TTM) %

37.14

7.06

Return on Assets (TTM) %

15.77

7.05

Return on Equity (TTM) %

36.31

21.45

 

 

Stock Snapshot

  

 

Traded: Muscat Securities Market: OADI

 

As of 30-Apr-2012

   Financials in: OMR

 

 

Price % Change

Rel S&P 500%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.3850173

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

 

 

Corporate Overview

 

Location

66 Ruwi

P.O.Box

Muscat, 311

Oman

Tel:       968-26-840301

Fax:      968-26-842363

Web:    www.omzest.com

           

Quote Symbol - Exchange

OADI - Muscat Securities Market

Sales OMR(mil):            3.9

Assets OMR(mil):          10.0

Employees:                  273

Fiscal Year End:            30-Apr-2012

Industry:                       Food Processing

Incorporation Date:        1978

Company Type:             Public Independent

Quoted Status:              Quoted

Secretary:                     Sunil Kumar

 

Industry Codes

 

ANZSIC 2006 Codes:

1131     -          Milk and Cream Processing

1211     -          Soft Drink, Cordial and Syrup Manufacturing

0123     -          Vegetable Growing (Outdoors)

 

NACE 2002 Codes:

1511     -          Production and preserving of meat

0111     -          Growing of cereals and other crops not elsewhere classified

0112     -          Growing of vegetables, horticultural specialities and nursery products

1598     -          Manufacture of mineral waters and soft drinks

 

NAICS 2002 Codes:

311511  -          Fluid Milk Manufacturing

312111  -          Soft Drink Manufacturing

111219  -          Other Vegetable (except Potato) and Melon Farming

111211  -          Potato Farming

 

US SIC 1987:

2026     -          Fluid Milk

0134     -          Irish Potatoes

0161     -          Vegetables and Melons

2086     -          Bottled and Canned Soft Drinks and Carbonated Waters

 

UK SIC 2003:

15511   -          Liquid milk and cream production

0111     -          Growing of cereals and other crops not elsewhere classified

0112     -          Growing of vegetables, horticultural specialities and nursery products

1598     -          Manufacture of mineral waters and soft drinks

 

UK SIC 2007:

10511   -          Liquid milk and cream production

1107     -          Manufacture of soft drinks; production of mineral waters and other bottled waters

0113     -          Growing of vegetables and melons, roots and tubers

0111     -          Growing of cereals (except rice), leguminous crops and oil seeds

 

Business Description

Oman Agriculture Development Co SAOG, a member of the OMZEST Group, is an Oman-based company engaged in the production and distribution of dairy products, agricultural products and fresh juices. The Company is primarily involved in supplying dairy farm products in the Sultanate of Oman through a network of shops and other establishments. The Company’s dairy products are sold to retailers, hotels, Government Institutions and Caterers. The Company produces fresh milk, yoghurt, real fruit yoghurt, laban, and Jeera laban. The Company operates an 800-hectare farm located at Sohar, backed up by a fleet of refrigerated trucks and store facilities. As of April 30, 2012, the Company held 10%-investment in an associate, Al Nejd Agriculture Development Company SAOC. For the six months ended 31 October 2012, Oman Agriculture Development Co SAOG sales increased 50% to OMR2.8M. Net loss totaled OMR236K vs. income of OMR734K. Sales reflect an increase in demand for the Company's products and services due to favorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from OMR0.67 to -OMR0.21.

 

Financial Data

Financials in:

OMR(mil)

 

Sale:

3.9

Net Income:

2.7

Assets:

10.0

Long Term Debt:

1.2

 

Total Liabilities:

8.8

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

30-Apr-2012

 

1 Year Growth

-5.4%

NA

NA

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Abdullah Zahran Abdullah Al Balushi

 

Non-Executive Independent Chairman of the Board, representing Al Khuwair Development Services Co.

Chairman

 

Biography:

Mr. Abdullah Zahran Al Balushi serves as Non-Executive Independent Chairman of the Board of Oman Agriculture Development Co SAOG, representing Al Khuwair Development Services Co. He holds a Masters of Business Administration degree from Lincoln University, Bachelor of Science degree in Military Science, United Kingdom, Postgraduate Diploma in Information Analysis, United States, and Postgraduate Diploma in Strategic Studies NDC, India. He has 31 years of experience in Royal Air Force of Oman as Officer, served in operational and management posts, including Director of Training, Defense Attache in Washington, USA project manager for MOD Joint Logistic system ERP.

 

Education:

Lincoln University, MBA 

 

Harish A. Abichandani

 

Non-Executive Independent Vice Chairman of the Board, representing Wilayat Holding Co LLC

Vice-Chairman

 

 

Biography:

Mr. Harish A. Abichandani serves as Non-Executive Independent Vice Chairman of the Board, representing Wilayat Holding Co LLC at Oman Agriculture Development Co SAOG since February 10, 2011. He is also Member of the Board of Muscat Finance Company, SAOG Oman Textile Holding Company, SAOG.

 

Education:

Bombay University (Commerce)

 

Ebrahim M. Ashraf

 

Non-Executive Independent Member of the Board, representing Muscat Insurance Co SAOC

Director/Board Member

 

 

Biography:

Mr. Ebrahim M. Ashraf serves as Non-Executive Independent Member of the Board of Oman Agriculture Development Co SAOG, representing Muscat Insurance Co SAOC since October 19, 2009. He graduated with a Bachelor of Science degree in Mechanical Engineer. He has 41 years of experience in Chemical Plant Management, Plant Maintenance, and Corporate Management and technical management for last 25 years. He is also Member of Areej Vegetable Oils & Derivatives, SAOG.

 

Praveen Kumar

 

Non-Executive Independent Member of the Board, rep. Riyam Investment and Trading Est.

Director/Board Member

 

 

K.P. Sivaramakrishnan

 

Non-Executive Independent Member of the Board, rep. Waleed Associates

Director/Board Member

 

 

Biography:

Mr. K.P. Sivaramakrishnan serves as Non-Executive Independent Member of the Board of Oman Agriculture Development Co SAOG, representing Waleed Associates since September 26, 2011. He also served as Acting General Manager since March 8, 2011. He joined the Company's board on October 19, 2009. He holds a Bachelor of Science degree in Chemistry, India, Certified Associate of the Indian Institute of Bankers, Certified Information Systems Auditor. He has 20 years micro and macro level experience working in inspection retail banking, corporate banking, Regional Credit head. He was deputed to the Central Bureau of Investigation India for joint investigating of fraud case. Also worked directly with the Executive Director as well as with the Chairman and Director of the Bank with macro level roles. Member of various committees including investment committee, risk management committee and committee constituted for structuring a Vision Document for the bank. He is also Member of Oman Textile Holding Company, SAOG.

 

 

 

 

 

Executives

 

Name

Title

Function

 

Arjun Subramanian

 

General Manager

Division Head Executive

 

Biography:

Dr. Arjun Subramanian serves as General Manager at Oman Agriculture DEvelopment Co SAOG since September 26, 2011. He has over 20 years experience in Dairy Industry.

 

Sunil Kumar

 

Secretary

Company Secretary

 

 

Abdul Majeed Palekkodan

 

Finance Manager

Finance Executive

 

 

Biography:

Mr. Abdul Majeed Palekkodan serves as Finance Manager Oman Agriculture Development Co SAOG. He has over 17 years of experience in dairy industry in the field of Finance, Accounts and Audit.

 

.. Abdul Hamid

 

HR Manager

Human Resources Executive

 

 

Biography:

Mr. Abdul Hamid serves as HR Manager of Oman Agriculture Development Co SAOG. He has experience of over 15 years in HR and Administration.

 

Mohammed Shareef

 

Sales Manager

Sales Executive

 

 

Biography:

Mr. Mohammed Shareef serves as Sales Manager at Oman Agriculture Development Co SAOG. He has over 15 years in marketing of dairy products and in FMCG industry.

 

Hemender Gupta

 

Production Manager

Manufacturing Executive

 

 

Biography:

Mr. Hemender Gupta serves as Production Manager at Oman Agriculture Development Co. He is a dairy technician by profession, having experience of over 20 years in the field of Dairy production.

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Reclassified Normal 
30-Apr-2011

Updated Normal 
30-Apr-2009

Updated Normal 
30-Apr-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385017

0.385038

0.384989

0.384987

0.384877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

10.0

10.6

7.7

14.9

14.6

Sale

10.0

10.6

7.7

14.9

14.6

Total Sale

10.0

10.6

7.7

14.9

14.6

 

 

 

 

 

 

    Cost of Sale

9.6

8.6

8.2

11.2

11.1

Cost of Sale, Total

9.6

8.6

8.2

11.2

11.1

Gross Profit

0.4

2.0

-0.5

3.7

3.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.2

2.2

2.6

2.8

1.7

    Labor & Related Expense

1.7

1.2

-

-

0.8

    Advertising Expense

0.0

0.0

-

-

0.5

Total Selling/General/Administrative Expenses

4.0

3.4

2.6

2.8

3.0

    Depreciation

0.6

0.6

0.7

0.8

0.6

Depreciation/Amortization

0.6

0.6

0.7

0.8

0.6

        Investment Income - Operating

0.1

0.0

0.5

-0.9

-0.3

    Interest/Investment Income - Operating

0.1

0.0

0.5

-0.9

-0.3

Interest Expense (Income) - Net Operating Total

0.1

0.0

0.5

-0.9

-0.3

    Impairment-Assets Held for Use

1.7

0.0

-

-

-

Unusual Expense (Income)

1.7

0.0

-

-

-

    Other, Net

-13.8

0.0

0.0

0.0

0.0

Other Operating Expenses, Total

-13.8

0.0

0.0

0.0

0.0

Total Operating Expense

2.2

12.7

11.9

13.9

14.5

 

 

 

 

 

 

Operating Income

7.8

-2.1

-4.2

1.0

0.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.7

-0.5

-0.4

-0.3

    Interest Expense, Net Non-Operating

-0.6

-0.7

-0.5

-0.4

-0.3

        Interest Income - Non-Operating

0.0

0.0

-

-

-

        Investment Income - Non-Operating

-0.1

0.0

0.0

-

-

    Interest/Investment Income - Non-Operating

0.0

0.0

0.0

-

-

Interest Income (Expense) - Net Non-Operating Total

-0.7

-0.7

-0.5

-0.4

-0.3

Income Before Tax

7.1

-2.8

-4.7

0.6

-0.2

 

 

 

 

 

 

Total Income Tax

0.0

0.1

-0.1

0.1

0.0

Income After Tax

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Net Income Before Extraord Items

7.1

-2.9

-4.6

0.5

-0.1

Net Income

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

1.1

1.1

1.1

1.1

1.1

Basic EPS Excl Extraord Items

6.49

-2.61

-4.21

0.48

-0.13

Basic/Primary EPS Incl Extraord Items

6.49

-2.61

-4.21

0.48

-0.13

Dilution Adjustment

-

0.0

0.0

-

0.0

Diluted Net Income

7.1

-2.9

-4.6

0.5

-0.1

Diluted Weighted Average Shares

1.1

1.1

1.1

1.1

1.1

Diluted EPS Excl Extraord Items

6.49

-2.61

-4.21

0.48

-0.13

Diluted EPS Incl Extraord Items

6.49

-2.61

-4.21

0.48

-0.13

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.6

0.7

0.5

0.4

0.3

Depreciation, Supplemental

0.6

0.6

0.7

0.8

0.6

Total Special Items

1.7

0.0

-

-

-

Normalized Income Before Tax

8.9

-2.8

-4.7

0.6

-0.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.6

0.0

-

-

-

Inc Tax Ex Impact of Sp Items

0.6

0.1

-0.1

0.1

0.0

Normalized Income After Tax

8.3

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Basic Normalized EPS

7.53

-2.61

-4.21

0.48

-0.13

Diluted Normalized EPS

7.53

-2.61

-4.21

0.48

-0.13

Rental Expenses

0.1

0.3

0.1

0.1

0.1

Advertising Expense, Supplemental

0.0

0.0

0.0

0.3

0.5

Normalized EBIT

9.7

-2.1

-3.7

0.1

-0.1

Normalized EBITDA

10.2

-1.4

-3.0

0.9

0.5

    Current Tax - Domestic

0.3

0.0

-

-

-

Current Tax - Total

0.3

0.0

-

-

-

    Deferred Tax - Domestic

-0.3

0.1

-0.1

0.1

-

Deferred Tax - Total

-0.3

0.1

-0.1

0.1

-

Income Tax - Total

0.0

0.1

-0.1

0.1

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Reclassified Normal 
30-Apr-2011

Updated Normal 
30-Apr-2009

Updated Normal 
30-Apr-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.38505

0.385

0.38505

0.385

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

11.0

0.8

0.0

0.1

0.2

Cash and Short Term Investments

11.0

0.8

0.0

0.1

0.2

        Accounts Receivable - Trade, Gross

1.6

1.6

1.4

1.8

2.1

        Provision for Doubtful Accounts

-0.2

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

1.4

1.4

1.3

1.7

2.0

    Other Receivables

0.8

0.6

0.2

0.1

0.1

Total Receivables, Net

2.2

2.0

1.5

1.8

2.1

    Inventories - Finished Goods

0.1

0.1

0.1

0.2

0.5

    Inventories - Raw Materials

2.8

2.4

2.8

2.9

2.8

    Inventories - Other

-0.5

-0.3

-0.3

-0.2

-0.2

Total Inventory

2.4

2.3

2.6

2.9

3.2

    Other Current Assets

-

-

-

0.5

0.2

Other Current Assets, Total

-

-

-

0.5

0.2

Total Current Assets

15.6

5.0

4.2

5.2

5.6

 

 

 

 

 

 

        Buildings

2.5

3.0

3.0

2.9

2.5

        Land/Improvements

1.2

-

-

-

-

        Machinery/Equipment

10.0

11.0

10.8

10.7

10.5

        Construction in Progress

0.7

0.0

0.0

0.0

0.4

        Leases

0.0

0.0

0.0

0.0

0.0

    Property/Plant/Equipment - Gross

14.4

14.0

13.7

13.6

13.5

    Accumulated Depreciation

-12.1

-11.7

-11.0

-10.4

-9.6

Property/Plant/Equipment - Net

2.3

2.3

2.7

3.3

3.9

    LT Investment - Affiliate Companies

3.2

3.3

3.3

-

-

    LT Investments - Other

0.7

0.0

-

-

-

Long Term Investments

4.0

3.3

3.3

-

-

    Deferred Income Tax - Long Term Asset

0.1

0.0

-

-

-

    Other Long Term Assets

4.1

4.6

4.4

5.8

4.2

Other Long Term Assets, Total

4.2

4.6

4.4

5.8

4.2

Total Assets

26.0

15.3

14.6

14.3

13.7

 

 

 

 

 

 

Accounts Payable

1.5

3.2

2.8

4.3

4.5

Accrued Expenses

0.1

0.4

0.3

-

-

Notes Payable/Short Term Debt

2.5

5.1

4.5

4.1

2.6

Current Portion - Long Term Debt/Capital Leases

0.3

3.3

3.8

1.0

0.9

    Income Taxes Payable

0.3

0.0

-

-

-

    Other Payables

0.0

0.2

0.1

-

-

    Other Current Liabilities

0.2

-

-

-

-

Other Current liabilities, Total

0.5

0.2

0.1

-

-

Total Current Liabilities

5.0

12.2

11.5

9.3

8.0

 

 

 

 

 

 

    Long Term Debt

3.0

0.0

-

0.5

1.8

Total Long Term Debt

3.0

0.0

0.0

0.5

1.8

Total Debt

5.9

8.5

8.3

5.5

5.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.1

0.1

0.2

0.1

Deferred Income Tax

0.0

0.1

0.1

0.2

0.1

    Pension Benefits - Underfunded

0.3

0.4

0.4

0.5

0.5

    Other Long Term Liabilities

14.5

6.2

3.4

-

-

Other Liabilities, Total

14.8

6.6

3.8

0.5

0.5

Total Liabilities

22.8

19.0

15.4

10.4

10.4

 

 

 

 

 

 

    Common Stock

2.9

2.9

2.9

2.9

2.9

Common Stock

2.9

2.9

2.9

2.9

2.9

Retained Earnings (Accumulated Deficit)

0.3

-6.5

-3.6

1.0

0.5

Total Equity

3.2

-3.6

-0.8

3.9

3.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

26.0

15.3

14.6

14.3

13.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

1.1

1.1

1.1

1.1

1.1

Total Common Shares Outstanding

1.1

1.1

1.1

1.1

1.1

Employees

273

261

247

286

296

Number of Common Shareholders

-

-

-

377

-

Total Long Term Debt, Supplemental

3.0

3.3

3.8

1.5

2.7

Long Term Debt Maturing within 1 Year

0.2

3.3

3.8

1.0

0.9

Long Term Debt Maturing in Year 2

0.2

-

-

0.5

1.8

Long Term Debt Maturing in Year 3

0.9

-

-

-

-

Long Term Debt Maturing in Year 4

0.9

-

-

-

-

Long Term Debt Maturing in Year 5

0.9

-

-

-

-

Long Term Debt Maturing in 2-3 Years

1.1

-

-

0.5

1.8

Long Term Debt Maturing in 4-5 Years

1.8

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Operating Leases, Supplemental

0.3

0.3

0.4

0.0

0.0

Operating Lease Payments Due in Year 1

0.1

0.1

0.1

0.0

0.0

Operating Lease Payments Due in Year 2

0.2

0.2

0.2

0.0

0.0

Operating Lease Payments Due in Year 3

0.0

0.0

0.0

-

-

Operating Lease Payments Due in Year 4

0.0

0.0

0.0

-

-

Operating Lease Payments Due in Year 5

0.0

0.0

0.0

-

-

Operating Lease Pymts. Due in 2-3 Years

0.2

0.2

0.2

0.0

0.0

Operating Lease Pymts. Due in 4-5 Years

0.0

0.0

0.0

-

-

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

0.0

0.0

0.0

0.0

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Updated Normal 
30-Apr-2010

Restated Normal 
30-Apr-2010

Restated Normal 
30-Apr-2009

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385017

0.385038

0.384989

0.384987

0.384877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

7.1

-2.8

-4.7

0.6

-0.2

    Depreciation

0.6

0.6

0.7

0.8

0.6

Depreciation/Depletion

0.6

0.6

0.7

0.8

0.6

    Unusual Items

0.4

0.6

2.3

-0.5

0.1

    Equity in Net Earnings (Loss)

0.1

-

-

-

-

    Other Non-Cash Items

2.4

0.7

0.6

0.5

0.3

Non-Cash Items

2.9

1.4

2.9

0.0

0.4

    Accounts Receivable

-0.2

-0.5

0.7

0.0

-0.2

    Inventories

-0.1

0.3

0.3

0.3

-0.6

    Other Assets

-

-

0.1

0.0

0.0

    Accounts Payable

-1.9

0.6

-1.1

-0.3

1.7

    Other Operating Cash Flow

-14.3

-0.8

-0.6

-0.5

-0.3

Changes in Working Capital

-16.5

-0.3

-0.7

-0.4

0.5

Cash from Operating Activities

-5.9

-1.1

-1.8

0.9

1.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.9

-1.3

-1.2

-1.5

-3.4

Capital Expenditures

-1.9

-1.3

-1.2

-1.5

-3.4

    Sale of Fixed Assets

1.0

0.1

0.2

0.2

0.3

    Investment, Net

-1.0

0.0

-3.3

0.0

-

Other Investing Cash Flow Items, Total

0.0

0.1

-3.1

0.2

0.3

Cash from Investing Activities

-2.0

-1.1

-4.4

-1.3

-3.2

 

 

 

 

 

 

    Other Financing Cash Flow

20.7

2.8

3.4

0.0

-

Financing Cash Flow Items

20.7

2.8

3.4

0.0

-

    Cash Dividends Paid - Common

-

-

-

-

-0.3

Total Cash Dividends Paid

-

-

-

-

-0.3

    Short Term Debt, Net

-2.6

0.6

0.4

1.5

-

    Long Term Debt, Net

0.0

-0.5

2.3

-1.2

1.9

Issuance (Retirement) of Debt, Net

-2.6

0.2

2.7

0.3

1.9

Cash from Financing Activities

18.1

3.0

6.2

0.3

1.7

 

 

 

 

 

 

Net Change in Cash

10.2

0.7

0.0

-0.1

-0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

0.8

0.0

0.1

0.2

-0.5

Net Cash - Ending Balance

11.0

0.8

0.0

0.1

-0.6

Cash Interest Paid

0.6

0.7

0.5

0.4

0.3

Cash Taxes Paid

-

-

-

-

0.0

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Reclassified Normal 
30-Apr-2011

Updated Normal 
30-Apr-2009

Updated Normal 
30-Apr-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385017

0.385038

0.384989

0.384987

0.384877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sale

10.0

10.6

7.7

14.9

14.6

Total Sale

10.0

10.6

7.7

14.9

14.6

 

 

 

 

 

 

    Cost of Sales

9.6

8.6

8.2

11.2

11.1

    Employee Related Expenses-Selling

-

-

-

-

0.8

    Transportation

-

-

-

-

0.5

    Sales Promotion Expenses

-

-

-

-

0.5

    Sales Commission

-

-

-

-

0.2

    Rent

-

-

-

-

0.1

    Repairs, Maintenance and Utilities

-

-

-

-

0.1

    Miscellaneous Expenses-Selling

-

-

-

-

0.1

    Staff Expenses

1.2

0.9

-

-

-

    Selling & Distribution Expense

1.6

1.6

1.9

2.1

-

    General and Administrative Expenses

0.6

0.6

0.7

0.7

0.7

    Staff Expenses

0.5

0.3

-

-

-

    Advertising

0.0

0.0

-

-

-

    Depreciation

0.6

0.6

0.7

0.8

0.6

    Other Operating Income

-0.3

0.0

0.0

0.0

0.0

    Government Towards Losses

-13.5

0.0

-

-

-

    G-Change in Fair Value of Bio. Assets

0.1

0.0

0.5

-0.9

-0.3

    Impairment Loss

1.7

0.0

-

-

-

Total Operating Expense

2.2

12.7

11.9

13.9

14.5

 

 

 

 

 

 

    Interest Cost

-0.6

-0.7

-0.5

-0.4

-0.3

    Interest Income

0.0

0.0

-

-

-

    Exchange Gains

0.0

0.0

0.0

-

-

    Share of Loss from Associate

-0.1

0.0

-

-

-

Net Income Before Taxes

7.1

-2.8

-4.7

0.6

-0.2

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.1

-0.1

0.1

0.0

Net Income After Taxes

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Net Income Before Extra. Items

7.1

-2.9

-4.6

0.5

-0.1

Net Income

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.1

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Basic Weighted Average Shares

1.1

1.1

1.1

1.1

1.1

Basic EPS Excluding ExtraOrdinary Items

6.49

-2.61

-4.21

0.48

-0.12

Basic EPS Including ExtraOrdinary Items

6.49

-2.61

-4.21

0.48

-0.12

Dilution Adjustment

-

0.0

0.0

-

0.0

Diluted Net Income

7.1

-2.9

-4.6

0.5

-0.1

Diluted Weighted Average Shares

1.1

1.1

1.1

1.1

1.1

Diluted EPS Excluding ExtraOrd Items

6.49

-2.61

-4.21

0.48

-0.12

Diluted EPS Including ExtraOrd Items

6.49

-2.61

-4.21

0.48

-0.12

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

8.9

-2.8

-4.7

0.6

-0.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

0.1

-0.1

0.1

0.0

Normalized Income After Taxes

8.3

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

-2.9

-4.6

0.5

-0.1

 

 

 

 

 

 

Basic Normalized EPS

7.53

-2.61

-4.21

0.48

-0.12

Diluted Normalized EPS

7.53

-2.61

-4.21

0.48

-0.12

Interest Expenses

0.6

0.7

0.5

0.4

0.3

Depreciation

0.6

0.6

0.7

0.8

0.6

Rental Expenses

0.1

0.3

0.1

0.1

0.1

Advertising Expenses

0.0

0.0

0.0

0.3

0.5

    Current Tax

0.3

0.0

-

-

-

Current Tax - Total

0.3

0.0

-

-

-

    Deferred Tax

-0.3

0.1

-0.1

0.1

-

Deferred Tax - Total

-0.3

0.1

-0.1

0.1

-

Income Tax - Total

0.0

0.1

-0.1

0.1

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Reclassified Normal 
30-Apr-2011

Updated Normal 
30-Apr-2009

Updated Normal 
30-Apr-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.38505

0.385

0.38505

0.385

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

1.7

1.5

1.6

1.6

1.7

    Consumables

0.5

0.4

0.5

0.5

0.6

    Provision for Slow Moving Stock

-0.5

-0.3

-0.3

-0.2

-0.2

    Agricultural Produce

0.0

0.0

0.0

0.1

0.4

    Cattle Herd

0.6

0.5

0.6

0.7

0.6

    Finished Stocks

0.1

0.1

0.1

0.1

0.2

    Trade Receivables

1.6

1.6

1.4

1.7

2.0

    Provision for Doubtful Debts

-0.2

-0.2

-0.1

-0.1

-0.1

    Other Assets

-

-

-

0.5

0.2

    Other Receivables and Advances

0.8

0.6

0.2

0.1

0.1

    Due from Related Parties

-

-

-

0.1

0.1

    Cash on Hand and at Banks

11.0

0.8

0.0

0.1

0.2

Total Current Assets

15.6

5.0

4.2

5.2

5.6

 

 

 

 

 

 

    Freehold Land

1.2

-

-

-

-

    Buildings

2.5

3.0

3.0

2.9

2.5

    Plant and Machinery

7.6

8.6

8.4

8.3

8.2

    Furniture and Fixtures

0.5

0.5

0.5

0.4

0.4

    Motor Vehicles

2.0

2.0

2.0

2.0

1.9

    Leasehold Improvement

0.0

0.0

0.0

0.0

0.0

    Work in Progress

0.7

0.0

0.0

0.0

0.4

    Depreciation

-12.1

-11.7

-11.0

-10.4

-9.6

    Biological Assets

4.1

4.6

4.4

5.8

4.2

    Investment in Associates

3.2

3.3

3.3

-

-

    Investment AFS

0.7

0.0

-

-

-

    Deferred Tax

0.1

0.0

-

-

-

Total Assets

26.0

15.3

14.6

14.3

13.7

 

 

 

 

 

 

    Trade and Other Payables

-

-

-

4.2

4.5

    Trade Payables

1.2

3.0

2.7

-

-

    Due to Related Parties

0.3

0.1

0.1

0.1

0.1

    Other Payables

0.0

0.2

0.1

-

-

    Provision

0.2

-

-

-

-

    Accrued Expenses

0.1

0.4

0.3

-

-

    Bank Borrowings

2.5

5.1

4.5

4.1

2.6

    Term Loans

0.3

3.3

3.8

1.0

0.9

    Tax

0.3

0.0

-

-

-

Total Current Liabilities

5.0

12.2

11.5

9.3

8.0

 

 

 

 

 

 

    Term Loans

3.0

0.0

-

0.5

1.8

Total Long Term Debt

3.0

0.0

-

0.5

1.8

 

 

 

 

 

 

    Due to Shareholder

0.0

6.2

3.4

-

-

    End of Service Benefit

0.3

0.4

0.4

0.5

0.5

    Deferred Government Grant

14.5

-

-

-

-

    Deferred Tax

0.0

0.1

0.1

0.2

0.1

Total Liabilities

22.8

19.0

15.4

10.4

10.4

 

 

 

 

 

 

    Share Capital

2.9

2.9

2.9

2.9

2.9

    Legal Reserve

1.0

0.4

0.4

0.4

0.3

    Retained Earnings

-0.3

-6.9

-4.0

0.6

0.1

    Fair Value Reserve

-0.3

0.0

-

-

-

Total Equity

3.2

-3.6

-0.8

3.9

3.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

26.0

15.3

14.6

14.3

13.7

 

 

 

 

 

 

    S/O-Common Stock

1.1

1.1

1.1

1.1

1.1

Total Common Shares Outstanding

1.1

1.1

1.1

1.1

1.1

Full-Time Employees

273

261

247

286

296

No. of Sharehoders

-

-

-

377

-

Term Loans Due Within 1 Year

-

3.3

3.8

1.0

0.9

Term Loans Due Within 1-2 Years

0.3

-

-

0.5

1.8

Term Loans Due Within 2-5 Years

2.7

-

-

-

-

Total Long Term Debt, Supplemental

3.0

3.3

3.8

1.5

2.7

Operating Lease Due Within 1 Year

0.1

0.1

0.1

0.0

0.0

Operating Lease Due Within 1-2 Years

0.2

0.2

0.2

0.0

0.0

Operating Lease Due Within 3-5 Years

0.0

0.0

0.1

-

-

Total Operating Leases

0.3

0.3

0.4

0.0

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Apr-2012

Updated Normal 
30-Apr-2011

Updated Normal 
30-Apr-2010

Restated Normal 
30-Apr-2010

Restated Normal 
30-Apr-2009

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385017

0.385038

0.384989

0.384987

0.384877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Profit/Loss Before Taxation

7.1

-2.8

-4.7

0.6

-0.2

    Depreciation

0.6

0.6

0.7

0.8

0.6

    Interest Expense

0.6

0.7

0.5

0.4

0.3

    Share of Loss of Associate

0.1

-

-

-

-

    L-Sale and Mortality of Livestock

0.5

0.6

1.8

0.4

0.4

    G-Changes in Fair Value of Bio. Assets

0.1

0.0

0.5

-0.9

-0.3

    Provision for End of Service Indemn.

0.1

0.0

0.1

0.0

-

    Depreciated Fixed Assets

0.0

0.0

-

-

-

    Impairment Loss

1.7

-

-

-

-

    Government Towards

-13.5

-

-

-

-

    G-Sale of Fixed Assets

-0.2

-

-

-

-

    End of Service Indem. Paid

-0.2

-0.1

-0.2

-0.1

-

    Inventories

-0.1

0.3

0.3

0.3

-0.6

    Trade and Other Receivables

-0.2

-0.5

0.7

0.0

-0.2

    Related Party Balances

-

-

0.1

0.0

0.0

    Trade and Other Payables

-1.9

0.6

-1.1

-0.3

1.7

    Interest Paid

-0.6

-0.7

-0.5

-0.4

-0.3

    Income Tax Paid

-

-

-

-

0.0

Cash from Operating Activities

-5.9

-1.1

-1.8

0.9

1.4

 

 

 

 

 

 

    Capital Expenditures

-1.1

-0.2

-0.1

-0.2

-2.3

    Investment in Associates

-

0.0

-3.3

0.0

-

    Purchase of Live Stock

-0.8

-1.0

-1.1

-1.3

-1.1

    Sale of Livestock

0.7

0.1

0.2

0.2

0.3

    Sale of Fixed Assets

0.2

-

-

-

-

    AFS Investment

-1.0

-

-

-

-

Cash from Investing Activities

-2.0

-1.1

-4.4

-1.3

-3.2

 

 

 

 

 

 

    Due to Shareholders

-6.2

2.8

3.4

0.0

-

    Net Decrease in Term Loans

0.0

-0.5

2.3

-1.2

1.9

    Borrowing

-2.6

0.6

0.4

1.5

-

    Government Towards

13.5

-

-

-

-

    Government Grant Received

13.4

-

-

-

-

    Dividends Paid

-

-

-

-

-0.3

Cash from Financing Activities

18.1

3.0

6.2

0.3

1.7

 

 

 

 

 

 

Net Change in Cash

10.2

0.7

0.0

-0.1

-0.1

 

 

 

 

 

 

Net Cash-Beginning Balance

0.8

0.0

0.1

0.2

-0.5

Net Cash-Ending Balance

11.0

0.8

0.0

0.1

-0.6

    Cash Interest Paid

0.6

0.7

0.5

0.4

0.3

    Cash Taxes Paid

-

-

-

-

0.0

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Oct-2012

Quarter
Ending
Yr Ago

Annual
Year End
30-Apr-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Sale1 

3.5

94.81%

10.0

-5.45%

-12.47%

-5.83%

Operating Income1 

-0.2

-

7.8

-

97.09%

73.03%

Income Available to Common Excl Extraord Items1 

-0.3

-

7.1

-

138.77%

93.64%

Basic EPS Excl Extraord Items1 

-0.29

-

6.49

-

138.79%

93.65%

Capital Expenditures2 

-

-

1.9

52.66%

8.93%

10.96%

Cash from Operating Activities2 

-1.1

-

-5.9

-

-

-

Free Cash Flow 

-1.1

-

-7.8

-

-

-

Total Assets3 

25.8

-21.44%

26.0

70.04%

22.13%

20.36%

Total Liabilities3 

23.2

133.21%

22.8

20.49%

29.86%

28.27%

Total Long Term Debt3 

3.3

0.00%

3.0

-

86.71%

18.17%

Employees3 

-

-

273

4.60%

-1.54%

-1.67%

Total Common Shares Outstanding3 

1.1

0.00%

1.1

0.00%

0.00%

0.00%

1-ExchangeRate: OMR to USD Average for Period

0.384756

 

0.385017

 

 

 

2-ExchangeRate: OMR to USD Average for Period

0.384778

 

0.385017

 

 

 

3-ExchangeRate: OMR to USD Period End Date

0.384750

 

0.385000

 

 

 

Key Ratios

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Profitability

Gross Margin 

4.26%

18.65%

-6.04%

24.77%

23.86%

Operating Margin 

78.07%

-19.91%

-54.72%

6.84%

1.12%

Pretax Margin 

71.24%

-26.53%

-61.01%

3.99%

-1.03%

Net Profit Margin 

71.35%

-27.15%

-60.01%

3.52%

-0.94%

Financial Strength

Current Ratio 

3.11

0.41

0.36

0.56

0.70

Long Term Debt/Equity 

0.94

0.00

0.00

0.12

0.55

Total Debt/Equity 

1.84

-2.32

-10.75

1.44

1.59

Management Effectiveness

Return on Assets 

34.53%

-19.19%

-32.01%

3.74%

-1.15%

Return on Equity 

-3,211.14%

130.20%

-299.79%

14.58%

-3.90%

Efficiency

Receivables Turnover 

4.78

6.04

4.66

7.67

7.70

Inventory Turnover 

4.09

3.52

2.98

3.71

3.85

Asset Turnover 

0.48

0.71

0.53

1.07

1.22

Market Valuation USD (mil)

Enterprise Value2 

-3.6

.

Price/Sales (TTM) 

0.33

Enterprise Value/Sale (TTM)

-0.29

.

Enterprise Value/EBITDA (TTM) 

-0.39

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

0.384750

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Financial Strength

Current Ratio 

3.11

0.41

0.36

0.56

0.70

Quick/Acid Test Ratio 

2.63

0.23

0.14

0.20

0.29

Working Capital1 

10.6

-7.2

-7.3

-4.1

-2.4

Long Term Debt/Equity 

0.94

0.00

0.00

0.12

0.55

Total Debt/Equity 

1.84

-2.32

-10.75

1.44

1.59

Long Term Debt/Total Capital 

0.33

0.00

0.00

0.05

0.21

Total Debt/Total Capital 

0.65

1.76

1.10

0.59

0.61

Payout Ratio 

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate 

-0.16%

-

-

11.79%

-

Total Capital1 

9.1

4.8

7.5

9.4

8.6

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.48

0.71

0.53

1.07

1.22

Inventory Turnover 

4.09

3.52

2.98

3.71

3.85

Days In Inventory 

89.30

103.82

122.64

98.49

94.70

Receivables Turnover 

4.78

6.04

4.66

7.67

7.70

Days Receivables Outstanding 

76.37

60.45

78.36

47.61

47.43

Sale/Employee2 

36,668

40,557

31,241

52,177

49,395

Operating Income/Employee2 

28,626

-8,073

-17,096

3,569

553

EBITDA/Employee2 

30,793

-5,664

-14,371

6,284

2,738

 

 

 

 

 

 

Profitability

Gross Margin 

4.26%

18.65%

-6.04%

24.77%

23.86%

Operating Margin 

78.07%

-19.91%

-54.72%

6.84%

1.12%

EBITDA Margin 

83.98%

-13.97%

-46.00%

12.04%

5.54%

EBIT Margin 

78.07%

-19.91%

-54.72%

6.84%

1.12%

Pretax Margin 

71.24%

-26.53%

-61.01%

3.99%

-1.03%

Net Profit Margin 

71.35%

-27.15%

-60.01%

3.52%

-0.94%

COGS/Sale 

95.74%

81.35%

106.04%

75.23%

76.14%

SG&A Expense/Sale 

39.50%

32.52%

33.53%

18.90%

20.68%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

34.53%

-19.19%

-32.01%

3.74%

-1.15%

Return on Equity 

-3,211.14%

130.20%

-299.79%

14.58%

-3.90%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-7.11

-2.17

-2.78

-0.51

-1.83

Operating Cash Flow/Share 2 

-5.37

-1.02

-1.67

0.84

1.29

1-ExchangeRate: OMR to USD Period End Date

0.385

0.38505

0.385

0.38505

0.385

2-ExchangeRate: OMR to USD Average for Period

0.385

0.38505

0.385

0.38505

0.385

 

Current Market Multiples

Enterprise Value/Earnings (TTM) 

-0.79

Enterprise Value/Sale (TTM) 

-0.29

Enterprise Value/EBIT (TTM) 

-0.40

Enterprise Value/EBITDA (TTM) 

-0.39

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.65

UK Pound

1

Rs.82.41

Euro

1

Rs.70.08

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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