|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL PHARMACEUTICAL INDUSTRIES CO. |
|
|
|
|
Registered Office : |
Al Rusayl Industrial Estate P.O.Box 120 Muscat, 124 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.02.1996 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacture of pharmaceutical preparations |
|
|
|
|
No. of Employees : |
215 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
765,000 USD |
|
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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. 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. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide financing
for start-ups. In response to fast growth in household indebtedness, the
Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
Source
: CIA
National
Pharmaceutical Industries Co.
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Business
Description
|
National Pharmaceutical Industries Co SAOG is an Oman-based joint
stock company engaged in the manufacture of pharmaceutical products. The
Company’s products include lipid lowering, cardio vascular, anti-bacterial,
niche & mass, anti-allergic, non-steroidal anti-inflammatory, gastro
intestinal, anti-diabetic, anti-depressant and analgesic antipyretic, among
others. The Company’s facilities are spread over a 30,042.43 square meters
plot of land, and consist of a non-beta lactum plant for the production of
oral solids, liquids, drops, dry suspensions and sachets; a beta lactum
plant, which produces capsules and dry suspension; a research and development
laboratory, and a quality control laboratory. The Company is a subsidiary of
Al Ritaj Holding Company, Kuwait, which holds 69.46% of the issued and paid
up share capital of the Company. For the three months ended 31 March 2013,
National Pharmaceutical Industries Co. revenues increased 19% to OMR2M. Net
income increased 37% to OMR220K. Revenues reflect an increase in demand for
the Company's products and services due to favorable market conditions. Net
income benefited from Finance Charges decrease of 11% to OMR129K (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
1841 - Human Pharmaceutical and Medicinal Product
Manufacturing |
|
ISIC Rev 4: |
2100 - Manufacture of pharmaceuticals, medicinal
chemical and botanical products |
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
|
|
|
|
Key Executives
|
Significant
Developments
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = OMR 0.3848844
2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385
|
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|
National
Pharmaceutical Industries Co. |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Al Ritaj Holding KSCC |
Parent |
|
|
|
|
|
|
Subsidiary |
Muscat |
Oman |
Pharmaceutical Manufacturing |
18.5 |
215 |
Executives Report
|
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|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
18.5 |
16.5 |
14.9 |
19.8 |
9.4 |
|
Revenue |
18.5 |
16.5 |
14.9 |
19.8 |
9.4 |
|
Total Revenue |
18.5 |
16.5 |
14.9 |
19.8 |
9.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
12.8 |
12.4 |
10.8 |
14.4 |
7.1 |
|
Cost of Revenue, Total |
12.8 |
12.4 |
10.8 |
14.4 |
7.1 |
|
Gross Profit |
5.6 |
4.2 |
4.1 |
5.3 |
2.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2.4 |
1.5 |
2.1 |
3.7 |
2.1 |
|
Labor & Related Expense |
0.7 |
0.6 |
0.7 |
0.5 |
- |
|
Total Selling/General/Administrative Expenses |
3.1 |
2.1 |
2.8 |
4.3 |
2.1 |
|
Research & Development |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
1.3 |
|
Depreciation/Amortization |
0.1 |
0.1 |
0.1 |
0.1 |
1.3 |
|
Other, Net |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
-0.1 |
|
Other Operating Expenses, Total |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
-0.1 |
|
Total Operating Expense |
16.2 |
14.6 |
13.6 |
18.7 |
10.5 |
|
|
|
|
|
|
|
|
Operating Income |
2.3 |
1.9 |
1.3 |
1.0 |
-1.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
- |
- |
- |
-1.4 |
|
Interest Expense, Net Non-Operating |
- |
- |
- |
- |
-1.4 |
|
Interest Income (Expense) - Net Non-Operating |
-1.1 |
-1.1 |
-0.8 |
-0.9 |
0.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.1 |
-1.1 |
-0.8 |
-0.9 |
-1.0 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.4 |
- |
- |
- |
|
Other, Net |
0.4 |
0.4 |
- |
- |
- |
|
Income Before Tax |
1.6 |
1.2 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.2 |
-1.5 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
Net Income |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
66.7 |
|
Basic EPS Excl Extraord Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Basic/Primary EPS Incl Extraord Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
Diluted Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
66.7 |
|
Diluted EPS Excl Extraord Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Diluted EPS Incl Extraord Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
- |
- |
- |
0.9 |
1.4 |
|
Depreciation, Supplemental |
1.5 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Total Special Items |
- |
- |
- |
- |
0.0 |
|
Normalized Income Before Tax |
1.6 |
1.2 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.2 |
-1.5 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Diluted Normalized EPS |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Research & Development Exp, Supplemental |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Normalized EBIT |
2.3 |
1.9 |
1.3 |
1.0 |
-1.1 |
|
Normalized EBITDA |
3.8 |
3.3 |
2.7 |
2.4 |
0.2 |
|
Current Tax - Other |
0.0 |
0.0 |
- |
- |
- |
|
Current Tax - Total |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Tax - Other |
0.2 |
-1.5 |
- |
- |
- |
|
Deferred Tax - Total |
0.2 |
-1.5 |
- |
- |
- |
|
Income Tax - Total |
0.2 |
-1.5 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
8.0 |
10.3 |
10.3 |
10.4 |
10.1 |
|
Cash and Short Term Investments |
8.0 |
10.3 |
10.3 |
10.4 |
10.1 |
|
Trade Accounts Receivable - Net |
9.6 |
8.6 |
6.2 |
8.9 |
6.3 |
|
Other Receivables |
0.4 |
0.5 |
0.6 |
0.6 |
- |
|
Total Receivables, Net |
9.9 |
9.1 |
6.8 |
9.5 |
6.3 |
|
Inventories - Finished Goods |
2.0 |
0.8 |
1.0 |
- |
0.4 |
|
Inventories - Work In Progress |
0.8 |
0.8 |
0.6 |
- |
0.6 |
|
Inventories - Raw Materials |
3.8 |
2.9 |
2.7 |
- |
4.1 |
|
Total Inventory |
6.6 |
4.5 |
4.3 |
3.7 |
5.0 |
|
Prepaid Expenses |
0.1 |
0.1 |
- |
- |
- |
|
Total Current Assets |
24.6 |
24.0 |
21.4 |
23.7 |
21.4 |
|
|
|
|
|
|
|
|
Buildings |
16.2 |
16.1 |
16.1 |
- |
16.1 |
|
Machinery/Equipment |
10.2 |
9.8 |
8.9 |
- |
7.7 |
|
Construction in
Progress |
0.3 |
0.0 |
0.5 |
- |
0.0 |
|
Property/Plant/Equipment - Gross |
26.7 |
25.9 |
25.4 |
- |
23.8 |
|
Accumulated Depreciation |
-15.7 |
-14.2 |
-12.7 |
- |
-10.0 |
|
Property/Plant/Equipment - Net |
11.0 |
11.7 |
12.7 |
13.3 |
13.8 |
|
Intangibles - Gross |
0.4 |
0.4 |
- |
- |
- |
|
Accumulated Intangible Amortization |
0.0 |
0.0 |
- |
- |
- |
|
Intangibles, Net |
0.3 |
0.4 |
0.3 |
0.3 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
1.3 |
1.5 |
- |
- |
- |
|
Other Long Term Assets, Total |
1.3 |
1.5 |
- |
- |
- |
|
Total Assets |
37.2 |
37.6 |
34.3 |
37.2 |
35.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
1.6 |
1.6 |
2.0 |
2.7 |
2.1 |
|
Accrued Expenses |
0.1 |
0.2 |
- |
- |
- |
|
Notes Payable/Short Term Debt |
7.1 |
8.3 |
7.3 |
9.7 |
9.4 |
|
Current Portion - Long Term Debt/Capital Leases |
0.2 |
1.6 |
0.1 |
0.1 |
0.1 |
|
Other Payables |
0.0 |
0.3 |
0.6 |
0.8 |
- |
|
Other Current liabilities, Total |
0.0 |
0.3 |
0.6 |
0.8 |
- |
|
Total Current Liabilities |
9.0 |
12.0 |
9.9 |
13.3 |
11.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
12.4 |
11.2 |
12.8 |
12.8 |
10.2 |
|
Total Long Term Debt |
12.4 |
11.2 |
12.8 |
12.8 |
10.2 |
|
Total Debt |
19.7 |
21.1 |
20.2 |
22.6 |
19.7 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
0.5 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
2.6 |
|
Other Liabilities, Total |
0.5 |
0.4 |
0.4 |
0.3 |
2.8 |
|
Total Liabilities |
21.9 |
23.6 |
23.1 |
26.5 |
24.6 |
|
|
|
|
|
|
|
|
Common Stock |
13.0 |
13.0 |
13.0 |
13.0 |
13.0 |
|
Common Stock |
13.0 |
13.0 |
13.0 |
13.0 |
13.0 |
|
Retained Earnings (Accumulated Deficit) |
2.3 |
1.0 |
-1.7 |
-2.3 |
-2.4 |
|
Total Equity |
15.3 |
14.0 |
11.3 |
10.7 |
10.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
37.2 |
37.6 |
34.3 |
37.2 |
35.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Number of Common Shareholders |
888 |
888 |
888 |
- |
896 |
|
Accumulated Intangible Amort, Suppl. |
0.0 |
0.0 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
12.6 |
12.8 |
12.8 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
0.2 |
1.6 |
0.1 |
- |
- |
|
Long Term Debt Maturing in Year 2 |
1.6 |
1.6 |
1.6 |
- |
- |
|
Long Term Debt Maturing in Year 3 |
1.6 |
1.6 |
1.6 |
- |
- |
|
Long Term Debt Maturing in Year 4 |
1.6 |
1.6 |
1.6 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
1.6 |
1.6 |
1.6 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
3.2 |
3.2 |
3.2 |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
3.2 |
3.2 |
3.2 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
6.0 |
4.8 |
6.4 |
- |
- |
|
Total Operating Leases, Supplemental |
0.8 |
0.8 |
0.9 |
- |
0.6 |
|
Operating Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.2 |
0.2 |
0.2 |
- |
0.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.2 |
0.2 |
0.2 |
- |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.4 |
0.4 |
0.5 |
- |
0.4 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
- |
- |
- |
- |
5.2 |
|
Cash Payments |
- |
- |
- |
- |
-10.0 |
|
Cash Interest Paid |
- |
- |
- |
- |
-1.0 |
|
Accounts Receivable |
-0.9 |
-2.4 |
2.7 |
-3.2 |
- |
|
Inventories |
-2.0 |
-0.2 |
-0.6 |
1.3 |
- |
|
Other Assets |
0.2 |
-1.5 |
- |
- |
- |
|
Payable/Accrued |
-0.4 |
-0.4 |
-1.0 |
1.4 |
- |
|
Other Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Operating Cash Flow |
3.7 |
4.9 |
2.8 |
2.5 |
0.0 |
|
Changes in Working Capital |
0.6 |
0.3 |
4.0 |
2.0 |
0.0 |
|
Cash from Operating Activities |
0.6 |
0.3 |
4.0 |
2.0 |
-5.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.8 |
-0.4 |
-0.8 |
-0.8 |
-0.1 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-0.2 |
0.0 |
-0.3 |
- |
|
Capital Expenditures |
-0.8 |
-0.6 |
-0.9 |
-1.0 |
-0.1 |
|
Sale of Fixed Assets |
- |
- |
- |
0.0 |
0.0 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
-9.3 |
|
Other Investing Cash Flow Items, Total |
- |
- |
- |
0.0 |
-9.3 |
|
Cash from Investing Activities |
-0.8 |
-0.6 |
-0.9 |
-1.0 |
-9.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.7 |
-0.7 |
-0.8 |
-0.9 |
3.0 |
|
Financing Cash Flow Items |
-0.7 |
-0.7 |
-0.8 |
-0.9 |
3.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
12.8 |
|
Common Stock, Net |
- |
- |
- |
- |
12.8 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
12.8 |
|
Short Term Debt, Net |
2.0 |
0.0 |
-0.2 |
-0.2 |
- |
|
Long Term Debt
Reduction |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Long Term Debt, Net |
-1.4 |
1.0 |
-2.5 |
0.3 |
-0.1 |
|
Issuance (Retirement) of Debt, Net |
0.6 |
0.9 |
-2.6 |
0.1 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
0.2 |
-3.4 |
-0.9 |
15.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.2 |
-0.1 |
-0.3 |
0.1 |
0.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.5 |
0.6 |
0.9 |
0.8 |
-4.1 |
|
Net Cash - Ending Balance |
0.2 |
0.5 |
0.6 |
0.9 |
-3.6 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
18.5 |
16.5 |
14.9 |
19.8 |
9.4 |
|
Total Revenue |
18.5 |
16.5 |
14.9 |
19.8 |
9.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
12.8 |
12.4 |
10.8 |
14.4 |
7.1 |
|
Other Income |
-0.1 |
-0.1 |
-0.2 |
-0.3 |
-0.1 |
|
Product Development Expenses |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Salaries and Staff Costs |
0.7 |
0.6 |
0.7 |
0.5 |
- |
|
Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
1.3 |
|
Administrative and General Expenses |
2.4 |
1.5 |
2.1 |
3.7 |
2.1 |
|
Total Operating Expense |
16.2 |
14.6 |
13.6 |
18.7 |
10.5 |
|
|
|
|
|
|
|
|
Finance Charges (Government Grant) |
-1.1 |
-1.1 |
-0.8 |
-0.9 |
0.4 |
|
Governement Grant Income |
0.4 |
0.4 |
- |
- |
- |
|
Interest Expense |
- |
- |
- |
- |
-1.4 |
|
Net Income Before Taxes |
1.6 |
1.2 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.2 |
-1.5 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
Net Income |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
66.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Basic EPS Including ExtraOrdinary Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
Diluted Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
66.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
DPS-Ordinary Shares |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
1.6 |
1.2 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.2 |
-1.5 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.4 |
2.7 |
0.5 |
0.1 |
-2.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Diluted Normalized EPS |
0.03 |
0.05 |
0.01 |
0.00 |
-0.03 |
|
Depreciation |
1.5 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Product Development Expenses |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Interest Expenses |
- |
- |
- |
0.9 |
1.4 |
|
Current Tax |
0.0 |
0.0 |
- |
- |
- |
|
Current Tax - Total |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Income Tax |
0.3 |
-1.9 |
- |
- |
- |
|
Defrred Tax Liability |
-0.1 |
0.4 |
- |
- |
- |
|
Deferred Tax - Total |
0.2 |
-1.5 |
- |
- |
- |
|
Income Tax - Total |
0.2 |
-1.5 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials and Packaging Materials |
3.8 |
2.9 |
2.7 |
- |
4.1 |
|
Work in Progress |
0.8 |
0.8 |
0.6 |
- |
0.6 |
|
Finished Goods |
2.0 |
0.8 |
1.0 |
- |
0.4 |
|
Inventories |
- |
- |
- |
3.7 |
- |
|
Accounts Receivables |
8.3 |
7.5 |
5.5 |
8.4 |
5.9 |
|
Prepayments |
0.1 |
0.1 |
- |
- |
- |
|
Other Receivables |
0.4 |
0.5 |
0.6 |
0.6 |
- |
|
Amounts due from Related Parties |
1.3 |
1.2 |
0.7 |
0.5 |
0.3 |
|
Cash and Bank Balance |
0.2 |
0.5 |
0.6 |
0.9 |
0.8 |
|
Fixed Deposits |
7.8 |
9.8 |
9.8 |
9.6 |
9.4 |
|
Total Current Assets |
24.6 |
24.0 |
21.4 |
23.7 |
21.4 |
|
|
|
|
|
|
|
|
Buildings |
16.2 |
16.1 |
16.1 |
- |
16.1 |
|
Plant and Equipment |
9.3 |
9.0 |
8.1 |
- |
7.1 |
|
Furniture Fixtures and Office Equipment |
0.6 |
0.5 |
0.5 |
- |
0.3 |
|
Office Equipments |
0.2 |
0.2 |
0.2 |
- |
0.2 |
|
Motor Vehicles |
0.1 |
0.1 |
0.1 |
- |
0.1 |
|
Capital Work in Progress |
0.3 |
0.0 |
0.5 |
- |
0.0 |
|
Accumulated Depreciation |
-15.7 |
-14.2 |
-12.7 |
- |
-10.0 |
|
Property, Plant and Equipment |
- |
- |
- |
13.3 |
- |
|
Intangible assets |
- |
- |
0.3 |
0.3 |
0.0 |
|
Intangible Gross |
0.4 |
0.4 |
- |
- |
- |
|
Accumulated Amortization |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Tax Assets |
1.3 |
1.5 |
- |
- |
- |
|
Total Assets |
37.2 |
37.6 |
34.3 |
37.2 |
35.3 |
|
|
|
|
|
|
|
|
Accounts payable & Other Accruals |
1.5 |
1.5 |
1.9 |
2.6 |
2.0 |
|
Other Payables |
0.0 |
0.3 |
0.6 |
0.8 |
- |
|
Accrued expenses |
0.1 |
0.2 |
- |
- |
- |
|
Amounts Due to Related Parties |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Bank Borrowings |
7.1 |
8.3 |
7.3 |
9.7 |
9.4 |
|
Current Portion of Government Loan |
0.2 |
1.6 |
0.1 |
0.1 |
0.1 |
|
Total Current Liabilities |
9.0 |
12.0 |
9.9 |
13.3 |
11.6 |
|
|
|
|
|
|
|
|
Government Soft Loan |
12.4 |
11.2 |
12.8 |
12.8 |
10.2 |
|
Total Long Term Debt |
12.4 |
11.2 |
12.8 |
12.8 |
10.2 |
|
|
|
|
|
|
|
|
Provision for Staff terminal Benefits |
0.5 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Deferred Government Grants |
- |
- |
- |
- |
2.6 |
|
Total Liabilities |
21.9 |
23.6 |
23.1 |
26.5 |
24.6 |
|
|
|
|
|
|
|
|
Share Capital |
13.0 |
13.0 |
13.0 |
13.0 |
13.0 |
|
Legal Reserve |
0.5 |
0.3 |
0.1 |
0.0 |
0.0 |
|
Special Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Loss |
1.8 |
0.6 |
-1.8 |
-2.3 |
-2.4 |
|
Total Equity |
15.3 |
14.0 |
11.3 |
10.7 |
10.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
37.2 |
37.6 |
34.3 |
37.2 |
35.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Accumulated Intangible Amort, Suppl. |
0.0 |
0.0 |
- |
- |
- |
|
Number of Shareholders |
888 |
888 |
888 |
- |
896 |
|
Long Term Debt Maturing within 1 Year |
0.2 |
1.6 |
0.1 |
- |
- |
|
Long Term Debt Maturing in 1-5 Years |
6.4 |
6.4 |
6.4 |
- |
- |
|
Long Term Debt Maturing after 5 Years |
6.0 |
4.8 |
6.4 |
- |
- |
|
Total Long Term Debt, Supplemental |
12.6 |
12.8 |
12.8 |
- |
- |
|
Lease Due Not Later than 1 Yr |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Lease Due Between 1-5 Yrs |
0.3 |
0.3 |
0.3 |
- |
0.2 |
|
Lease Due After 5 Yrs |
0.4 |
0.4 |
0.5 |
- |
0.4 |
|
Total Operating Leases, Supplemental |
0.8 |
0.8 |
0.9 |
- |
0.6 |
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period
Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
BDO |
BDO |
BDO |
Moore Stephens |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
- |
- |
- |
- |
5.2 |
|
Cash Payments |
- |
- |
- |
- |
-10.0 |
|
Net Profit for the Year |
1.4 |
2.7 |
0.5 |
0.1 |
- |
|
Depreciation |
1.5 |
1.5 |
1.4 |
1.3 |
- |
|
Fair Value Adj. Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Profit on Sale of PPE |
- |
- |
0.0 |
0.0 |
- |
|
Finance Costs |
0.7 |
0.7 |
0.8 |
0.9 |
- |
|
Staff Terminal Benefits |
0.1 |
0.0 |
0.1 |
0.1 |
- |
|
Cash Interest Paid |
- |
- |
- |
- |
-1.0 |
|
Inventories |
-2.0 |
-0.2 |
-0.6 |
1.3 |
- |
|
Deferred Tax Assets |
0.2 |
-1.5 |
- |
- |
- |
|
Receivables and Prepayments |
-0.7 |
-2.0 |
3.0 |
-3.1 |
- |
|
Payables and Accruals |
-0.4 |
-0.4 |
-1.0 |
1.4 |
- |
|
Related Parties |
-0.2 |
-0.4 |
-0.2 |
-0.1 |
- |
|
Due to Related Parties |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
BOD's Remuneration |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
0.6 |
0.3 |
4.0 |
2.0 |
-5.9 |
|
|
|
|
|
|
|
|
Additions to Property, Plant and Equip. |
-0.8 |
-0.4 |
-0.8 |
-0.8 |
-0.1 |
|
Purchase of Intangibles |
0.0 |
-0.2 |
0.0 |
-0.3 |
- |
|
Property, Plant, Equipment |
- |
- |
- |
0.0 |
0.0 |
|
Movement in Short Term Deposits |
- |
- |
- |
- |
-9.4 |
|
Interest on Short Term Deposits |
- |
- |
- |
- |
0.1 |
|
Cash from Investing Activities |
-0.8 |
-0.6 |
-0.9 |
-1.0 |
-9.4 |
|
|
|
|
|
|
|
|
Governement Soft Loan |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Additional Capital |
- |
- |
- |
- |
12.8 |
|
ST Loan from Bank |
2.0 |
0.0 |
-0.2 |
-0.2 |
- |
|
Net Bank Borrowings |
-1.2 |
1.0 |
-2.4 |
0.3 |
- |
|
Finance Costs Paid |
-0.7 |
-0.7 |
-0.8 |
-0.9 |
- |
|
Share Applic. Money Pending Allotment |
- |
- |
- |
- |
3.0 |
|
Net Balance of Share Issue Charges |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-0.1 |
0.2 |
-3.4 |
-0.9 |
15.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.2 |
-0.1 |
-0.3 |
0.1 |
0.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.5 |
0.6 |
0.9 |
0.8 |
-4.1 |
|
Net Cash - Ending Balance |
0.2 |
0.5 |
0.6 |
0.9 |
-3.6 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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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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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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.