MIRA
INFORM REPORT
|
Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DHOFAR CATTLE FEED CO. S.A.O.G. |
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|
Registered Office : |
P.O.Box 1220, Salalah,
211 |
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|
|
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Country : |
Oman |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.01.1981 |
|
|
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Legal Form : |
Public Parent
Company |
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Line of Business : |
·
Subject
is engaged in the production and packaging of dairy and beverages products,
animal feed, and beef, as well as trading on equity investments and investing
in private equity. ·
Production
of cattle feed, milk, dairy and beverage products and beef |
|
|
|
|
No. of Employees : |
262 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
TATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Company
name & address
Dhofar Cattle Feed Co.
S.A.O.G.
P.O.Box 1220
Salalah, 211
Oman
Tel: 968-23-225381
Fax: 968-23-225258
synthesis
Employees: 262
Company Type: Public
Parent
Corporate Family: 2 Companies
Traded: Muscat
Securities Market: DCFI
Incorporation
Date: 13-Jan-1981
Auditor: Moore
Stephens
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Rial Omani
Annual Sales: 71.5 1
Net Income: 4.4
Total Assets: 145.9 2
Market Value:
50.0 (07-Nov-2013)
Business
Description
Dhofar Cattle
Feed Co SAOG is an Oman-based company mainly engaged in the production and
packaging of dairy and beverages products, animal feed, and beef, as well as trading
on equity investments and investing in private equity. The Company, together
with its subsidiaries, is active mainly in three business segments, namely Feed
Mill, Agriculture and Diary. DCF is involved in dairy industry producing dairy
products under the brand name A'Safwah, and A’Sanabil in feed segment. Its
Agriculture division operates two farms, namely Garziz and Sahnout. During
2010, the Company handed over its 75% of Garziz farm area to the Ministry of
Housing. The Sahnout farm produces sorghum, maize and barley, as well as it
includes the Company’s live stock yards. The Company operates through its
wholly owned subsidiary, International Plastic Industries Company LLC, and one
85%-owned subsidiary, Dhofar Poultry Company SAOG (DPC). For the six months
ended 30 June 2013, Dhofar Cattle Feed Co. S.A.O.G. revenues increased 7% to
OMR14.3M. Net loss totaled OMR280K vs. income of OMR730K. Revenues reflect
Dairy segment increase of 82% to OMR9.2M, Feed Mill segment increase from
OMR2.5M to OMR6M. Net loss reflects Admin. & General Expenses increase of
58% to OMR1.2M (expense), Selling and Marketing Expenses increase of 14% to
OMR2.1M (expense).
Industry
Industry Food Manufacturing
ANZSIC 2006: 1192 - Prepared Animal and Bird Feed
Manufacturing
ISIC Rev 4: 108 - Manufacture of prepared animal
feeds
NACE Rev 2: 109 - Manufacture of prepared animal feeds
NAICS 2012: 311119 - Other Animal Food Manufacturing
UK SIC 2007: 109 - Manufacture of prepared animal feeds
US SIC 1987: 2048 - Prepared Feed and Feed Ingredients
for Animals and Fowls, Except Dogs and Cats
Key
Executives
|
Name |
Title |
|
Sreenivas K.M.S. |
Chief Executive Officer |
|
Manoj Krishna |
Chief Financial Officer |
|
Ahmad Al Dahab |
Dairy Plant Manager |
|
Rabea Bin Awadh Marzouq Al Amri |
Human Resource Manager |
|
J.S.D. Sundarsingh |
Live Stock Manager |
|
|
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
Corporate
Overview
Location
P.O.Box 1220
Salalah, 211
Oman
Tel: 968-23-225381
Fax: 968-23-225258
Quote Symbol - Exchange
DCFI - Muscat Securities Market
Sales OMR(mil): 27.5
Assets OMR(mil): 56.2
Employees: 262
Fiscal Year End: 31-Dec-2012
Industry: Food
Processing
Incorporation Date: 13-Jan-1981
Company Type: Public
Parent
Quoted Status: Quoted
Chief Executive
Officer: Sreenivas K.M.S.
Industry Codes
ANZSIC 2006
Codes:
1192 - Prepared
Animal and Bird Feed Manufacturing
0160 - Dairy
Cattle Farming
0171 - Poultry
Farming (Meat)
1131 - Milk and Cream Processing
0123 - Vegetable Growing (Outdoors)
0159 - Other Crop Growing Not Elsewhere
Classified
ISIC Rev 4 Codes:
108 - Manufacture of prepared animal feeds
1050 - Manufacture of dairy products
0113 - Growing of vegetables and melons,
roots and tubers
0146 - Raising of poultry
0141 - Raising of cattle and buffaloes
0129 - Growing of other perennial crops
NACE Rev 2 Codes:
109 - Manufacture of prepared animal feeds
0141 - Raising of dairy cattle
0147 - Raising of poultry
1051 - Operation of dairies and cheese making
0113 - Growing of vegetables and melons,
roots and tubers
0129 - Growing of other perennial crops
NAICS 2012 Codes:
311119 - Other Animal Food Manufacturing
311511 - Fluid Milk Manufacturing
111219 - Other Vegetable (except Potato) and
Melon Farming
112320 - Broilers
and Other Meat Type Chicken Production
112120 - Dairy
Cattle and Milk Production
111998 - All
Other Miscellaneous Crop Farming
US SIC 1987:
2048 - Prepared
Feed and Feed Ingredients for Animals and Fowls, Except Dogs and Cats
0241 - Dairy
Farms
0251 - Broiler,
Fryer, and Roaster Chickens
2026 - Fluid
Milk
0161 - Vegetables
and Melons
0191 - General
Farms, Primarily Crop
UK SIC 2007:
109 - Manufacture
of prepared animal feeds
0141 - Raising
of dairy cattle
0147 - Raising
of poultry
10511 - Liquid
milk and cream production
0129 - Growing
of other perennial crops
0113 - Growing
of vegetables and melons, roots and tubers
Business Description
Dhofar Cattle Feed Co SAOG is an Oman-based company mainly
engaged in the production and packaging of dairy and beverages products, animal
feed, and beef, as well as trading on equity investments and investing in
private equity. The Company, together with its subsidiaries, is active mainly in
three business segments, namely Feed Mill, Agriculture and Diary. DCF is
involved in dairy industry producing dairy products under the brand name
A'Safwah, and A’Sanabil in feed segment. Its Agriculture division operates
two farms, namely Garziz and Sahnout. During 2010, the Company handed over its
75% of Garziz farm area to the Ministry of Housing. The Sahnout farm produces
sorghum, maize and barley, as well as it includes the Company’s live stock
yards. The Company operates through its wholly owned subsidiary, International
Plastic Industries Company LLC, and one 85%-owned subsidiary, Dhofar Poultry
Company SAOG (DPC). For the six months ended 30 June 2013, Dhofar Cattle Feed Co. S.A.O.G. revenues
increased 7% to OMR14.3M. Net loss totaled OMR280K vs. income of OMR730K.
Revenues reflect Dairy segment increase of 82% to OMR9.2M, Feed Mill segment
increase from OMR2.5M to OMR6M. Net loss reflects Admin. & General Expenses
increase of 58% to OMR1.2M (expense), Selling and Marketing Expenses increase
of 14% to OMR2.1M (expense).
More Business Descriptions
Production of
cattle feed, milk, dairy and beverage products and beef
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Corporate Family |
Corporate
Structure News: |
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Dhofar
Cattle Feed Co. S.A.O.G. |
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Dhofar Cattle Feed Co. S.A.O.G. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Dhofar Cattle Feed Co. S.A.O.G. |
Parent |
Salalah |
Oman |
Food Manufacturing |
71.5 |
262 |
|
|
Dhofar Poultry Company SAOG |
Subsidiary |
Salalah |
Oman |
Food Manufacturing |
9.6 |
111 |
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Executive report
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Board of
Directors |
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Non-Executive Independent Chairman of the Board |
Chairman |
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Chairman |
Chairman |
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Deputy Chairman |
Chairman |
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Non-Executive Independent Vice Chairman of the Board |
Vice-Chairman |
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Non-Executive Independent Member of the Board |
Director/Board Member |
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Non-Executive Independent Member of the Board |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Independent Member of the Board |
Director/Board Member |
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Non-Executive Independent Member of the Board |
Director/Board Member |
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Non-Executive Independent Member of the Board |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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General Manager |
Division Head Executive |
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Deputy General Manager - Dairy |
Division Head Executive |
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Deputy General Manager - Support Services, Secretary |
Division Head Executive |
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Chief Financial Officer |
Finance Executive |
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Human Resource Manager |
Human Resources Executive |
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Dairy Plant Manager |
Manufacturing Executive |
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Plant Manager - Feed Mill |
Manufacturing Executive |
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Live Stock Manager |
Other |
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Significant
Developments
Dhofar Cattle
Feed Co SAOG Announces Disclosure of Appeal Court on Labor Case Filed against
the Company
Jun 11, 2013
Dhofar Cattle
Feed Co SAOG (DCF) announced that, As per part 8 of article 173 and article 291
and 292 of Executive Regulation of Capital Market Law decision No 1/2009, and
the Company's previous disclosed on March 4, 2013 regarding judgment of The
Primary Court at Salalah on labor case No. (184/2009) against the Company, DCF
would like to inform MSM that the Appeal Court at Salalah ruled a hearing on
June 4, 2013 and accepted the appeals in procedures form and rejected the
appeals and support The Primary Court justice which the Company disclosed on
March 4, 2013.
Dhofar Cattle
Feed Co SAOG Issues Further Information Concerning Labor Case Filed By Former
Chief Executive Officer Mar 04, 2013
Dhofar Cattle
Feed Co SAOG announced that Primary Court at Salalah issued justice refusing
the former Chief Executive Officer (CEO) request and claim to pay for his
salaries, annual bonus and end of services benefit (gratuity) after
termination; not to consider the request of the former CEO on the subject of
defamation for lack of jurisdiction of the court. The Court has requested the
Company to pay OMR 72,666 as a compensation for dismissal and arbitrary
termination (6 months salaries), un-paid leave allowance and compensation for
one month salary for end of contract notice. The Court also requested the
Company to issue experience certificates to the former CEO. Furthermore, the
Court rejected Company's claims in subsidiary case raised against former CEO
and requested the Company to pay legal case expenses for the original and
subsidiary cases.
Dhofar Cattle
Feed Co SAOG Recommends 17% Final Annual Cash Dividends For FY 2012 Mar 03, 2013
Dhofar Cattle
Feed Co SAOG announced that its Board of Directors has recommended the Company
to distribute 17%, representing OMR 0.017 per ordinary share, as annual cash
dividends for the fiscal year ended December 31, 2012.
Annual
Income Statement
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Moore Stephens |
Moore Stephens |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
71.5 |
64.5 |
58.5 |
56.8 |
55.8 |
|
Revenue |
71.5 |
64.5 |
58.5 |
56.8 |
55.8 |
|
Total Revenue |
71.5 |
64.5 |
58.5 |
56.8 |
55.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
52.4 |
52.1 |
44.4 |
39.4 |
43.7 |
|
Cost of Revenue, Total |
52.4 |
52.1 |
44.4 |
39.4 |
43.7 |
|
Gross Profit |
19.1 |
12.4 |
14.1 |
17.4 |
12.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
4.9 |
4.3 |
13.1 |
10.6 |
11.2 |
|
Labor & Related Expense |
7.2 |
6.4 |
0.3 |
0.2 |
0.2 |
|
Advertising Expense |
2.1 |
1.7 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
14.1 |
12.3 |
13.4 |
10.8 |
11.4 |
|
Depreciation |
1.2 |
1.6 |
- |
- |
- |
|
Depreciation/Amortization |
1.2 |
1.6 |
- |
- |
- |
|
Impairment-Assets Held for Use |
- |
- |
0.8 |
8.1 |
1.4 |
|
Unusual Expense (Income) |
- |
- |
0.8 |
8.1 |
1.4 |
|
Total Operating Expense |
67.7 |
66.0 |
58.5 |
58.3 |
56.5 |
|
|
|
|
|
|
|
|
Operating Income |
3.7 |
-1.5 |
0.0 |
-1.5 |
-0.6 |
|
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|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.1 |
-1.6 |
-2.3 |
-3.7 |
-3.2 |
|
Interest Expense, Net Non-Operating |
-1.1 |
-1.6 |
-2.3 |
-3.7 |
-3.2 |
|
Investment Income -
Non-Operating |
1.1 |
2.9 |
14.6 |
0.0 |
4.1 |
|
Interest/Investment Income - Non-Operating |
1.1 |
2.9 |
14.6 |
0.0 |
4.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.1 |
1.3 |
12.3 |
-3.7 |
0.9 |
|
Gain (Loss) on Sale of Assets |
0.3 |
0.0 |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
1.1 |
0.6 |
2.2 |
2.0 |
2.8 |
|
Other, Net |
1.1 |
0.6 |
2.2 |
2.0 |
2.8 |
|
Income Before Tax |
5.0 |
0.4 |
14.5 |
-3.2 |
3.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.5 |
0.2 |
0.3 |
0.1 |
0.0 |
|
Income After Tax |
4.5 |
0.3 |
14.2 |
-3.3 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Net Income Before Extraord Items |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
Net Income |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
Diluted Weighted Average Shares |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
1.1 |
1.6 |
2.3 |
3.7 |
3.3 |
|
Depreciation, Supplemental |
4.8 |
5.3 |
5.3 |
4.7 |
4.2 |
|
Total Special Items |
-0.3 |
0.0 |
0.8 |
8.1 |
1.4 |
|
Normalized Income Before Tax |
4.8 |
0.4 |
15.3 |
4.9 |
4.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
2.8 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.5 |
0.1 |
0.3 |
2.9 |
0.0 |
|
Normalized Income After Tax |
4.3 |
0.2 |
15.0 |
1.9 |
4.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4.2 |
0.2 |
14.8 |
1.9 |
4.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.00 |
0.19 |
0.02 |
0.06 |
|
Diluted Normalized EPS |
0.05 |
0.00 |
0.19 |
0.02 |
0.06 |
|
Rental Expenses |
0.2 |
0.2 |
- |
- |
- |
|
Advertising Expense, Supplemental |
2.1 |
1.7 |
- |
- |
- |
|
Normalized EBIT |
3.7 |
-1.5 |
0.7 |
6.6 |
0.8 |
|
Normalized EBITDA |
8.5 |
3.8 |
6.0 |
11.3 |
4.9 |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.4 |
- |
- |
- |
- |
|
Income Tax - Total |
0.5 |
- |
- |
- |
- |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
Moore Stephens |
Moore Stephens |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
1.4 |
1.4 |
5.3 |
5.5 |
5.9 |
|
Short Term Investments |
0.0 |
3.9 |
0.0 |
0.3 |
4.2 |
|
Cash and Short Term Investments |
1.4 |
5.4 |
5.3 |
5.8 |
10.2 |
|
Accounts Receivable -
Trade, Gross |
9.2 |
8.6 |
8.6 |
7.7 |
7.6 |
|
Provision for Doubtful
Accounts |
-0.8 |
-1.3 |
-1.2 |
-1.0 |
-1.4 |
|
Trade Accounts Receivable - Net |
16.3 |
8.7 |
8.8 |
7.9 |
6.9 |
|
Notes Receivable - Short Term |
0.1 |
0.2 |
- |
- |
- |
|
Other Receivables |
2.4 |
3.6 |
2.6 |
4.3 |
0.5 |
|
Total Receivables, Net |
18.8 |
12.5 |
11.4 |
12.1 |
7.4 |
|
Inventories - Finished Goods |
1.0 |
0.9 |
1.1 |
1.3 |
0.9 |
|
Inventories - Raw Materials |
15.6 |
12.4 |
9.7 |
9.0 |
13.0 |
|
Inventories - Other |
-1.2 |
-0.8 |
-0.9 |
0.3 |
0.9 |
|
Total Inventory |
15.4 |
12.5 |
9.8 |
10.5 |
14.8 |
|
Prepaid Expenses |
0.4 |
0.3 |
0.7 |
0.3 |
0.5 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
- |
0.0 |
|
Other Current Assets, Total |
- |
- |
- |
- |
0.0 |
|
Total Current Assets |
36.0 |
30.7 |
27.2 |
28.7 |
32.8 |
|
|
|
|
|
|
|
|
Buildings |
30.7 |
29.9 |
30.2 |
27.2 |
25.9 |
|
Land/Improvements |
5.6 |
5.6 |
5.6 |
5.6 |
5.5 |
|
Machinery/Equipment |
56.5 |
52.7 |
51.8 |
49.4 |
46.1 |
|
Construction in
Progress |
1.8 |
0.0 |
0.3 |
2.9 |
3.2 |
|
Other
Property/Plant/Equipment |
4.3 |
4.2 |
3.9 |
3.0 |
2.5 |
|
Property/Plant/Equipment - Gross |
98.8 |
92.3 |
91.7 |
88.0 |
83.3 |
|
Accumulated Depreciation |
-58.6 |
-55.3 |
-50.8 |
-45.5 |
-42.2 |
|
Property/Plant/Equipment - Net |
53.4 |
49.2 |
54.1 |
55.7 |
51.8 |
|
LT Investment - Affiliate Companies |
8.1 |
6.4 |
6.3 |
6.1 |
6.1 |
|
LT Investments - Other |
47.9 |
49.6 |
51.1 |
63.2 |
57.4 |
|
Long Term Investments |
56.0 |
56.0 |
57.3 |
69.3 |
63.5 |
|
Deferred Income Tax - Long Term Asset |
0.5 |
0.9 |
1.0 |
1.3 |
1.3 |
|
Other Long Term Assets, Total |
0.5 |
0.9 |
1.0 |
1.3 |
1.3 |
|
Total Assets |
145.9 |
136.9 |
139.6 |
155.1 |
149.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
4.4 |
5.0 |
8.7 |
9.9 |
3.0 |
|
Payable/Accrued |
- |
- |
- |
- |
1.2 |
|
Accrued Expenses |
2.2 |
2.3 |
- |
- |
2.2 |
|
Notes Payable/Short Term Debt |
27.5 |
22.2 |
18.9 |
30.8 |
38.9 |
|
Current Portion - Long Term Debt/Capital Leases |
0.2 |
0.2 |
5.5 |
7.7 |
5.1 |
|
Income Taxes Payable |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Current liabilities, Total |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Current Liabilities |
34.4 |
29.9 |
33.2 |
48.6 |
50.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
0.2 |
0.4 |
7.4 |
10.9 |
|
Total Long Term Debt |
0.0 |
0.2 |
0.4 |
7.4 |
10.9 |
|
Total Debt |
27.7 |
22.6 |
24.8 |
45.9 |
54.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Deferred Income Tax |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Minority Interest |
1.0 |
0.9 |
0.8 |
0.7 |
0.6 |
|
Pension Benefits - Underfunded |
1.1 |
0.9 |
0.8 |
0.8 |
- |
|
Other Liabilities, Total |
1.1 |
0.9 |
0.8 |
0.8 |
- |
|
Total Liabilities |
36.6 |
32.0 |
35.3 |
57.4 |
62.0 |
|
|
|
|
|
|
|
|
Common Stock |
20.0 |
20.0 |
18.2 |
18.2 |
18.2 |
|
Common Stock |
20.0 |
20.0 |
18.2 |
18.2 |
18.2 |
|
Retained Earnings (Accumulated Deficit) |
61.6 |
58.2 |
59.9 |
45.8 |
49.1 |
|
Unrealized Gain (Loss) |
27.7 |
26.6 |
26.3 |
33.7 |
20.1 |
|
Total Equity |
109.3 |
104.8 |
104.3 |
97.6 |
87.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
145.9 |
136.9 |
139.6 |
155.1 |
149.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Total Common Shares Outstanding |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
0.2 |
0.4 |
5.9 |
15.1 |
15.9 |
|
Long Term Debt Maturing within 1 Year |
0.2 |
0.2 |
5.5 |
7.7 |
5.1 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
0.2 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
0.2 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.4 |
7.4 |
10.9 |
|
Total Operating Leases, Supplemental |
2.5 |
0.9 |
0.3 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 1 |
0.5 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 2 |
0.4 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 3 |
0.4 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 4 |
0.4 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.4 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.8 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.8 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.5 |
0.6 |
0.0 |
0.0 |
0.0 |
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 |
Updated 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 |
Moore Stephens |
Moore Stephens |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
68.7 |
62.0 |
56.8 |
55.2 |
54.4 |
|
Cash Payments |
-68.8 |
-58.8 |
-49.1 |
-41.5 |
-51.1 |
|
Cash Interest Paid |
-1.1 |
-1.6 |
-2.3 |
-3.7 |
-3.3 |
|
Other Operating Cash Flow |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Changes in Working Capital |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
-1.6 |
1.3 |
5.3 |
9.8 |
-0.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-8.8 |
0.0 |
-0.7 |
-0.4 |
-3.4 |
|
Capital Expenditures |
-8.8 |
0.0 |
-0.7 |
-0.4 |
-3.4 |
|
Sale of Fixed Assets |
0.3 |
- |
- |
- |
- |
|
Sale/Maturity of Investment |
1.0 |
3.4 |
19.2 |
3.7 |
5.7 |
|
Investment, Net |
3.4 |
0.0 |
-0.1 |
1.4 |
1.3 |
|
Purchase of Investments |
- |
-1.4 |
-4.6 |
-6.4 |
-8.6 |
|
Other Investing Cash Flow |
1.2 |
2.0 |
1.8 |
1.8 |
3.0 |
|
Other Investing Cash Flow Items, Total |
5.9 |
3.9 |
16.3 |
0.5 |
1.4 |
|
Cash from Investing Activities |
-2.9 |
4.0 |
15.6 |
0.1 |
-2.0 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-1.0 |
- |
- |
0.0 |
-3.6 |
|
Total Cash Dividends Paid |
-1.0 |
- |
- |
0.0 |
-3.6 |
|
Short Term Debt, Net |
10.8 |
3.4 |
-8.0 |
-4.4 |
2.7 |
|
Long Term Debt
Reduction |
-0.2 |
-5.5 |
-9.1 |
-7.1 |
-4.2 |
|
Long Term Debt, Net |
-0.2 |
-5.5 |
-9.1 |
-7.1 |
-4.2 |
|
Issuance (Retirement) of Debt, Net |
10.6 |
-2.2 |
-17.2 |
-11.5 |
-1.5 |
|
Cash from Financing Activities |
9.6 |
-2.2 |
-17.2 |
-11.5 |
-5.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
5.2 |
3.1 |
3.7 |
-1.6 |
-7.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-6.5 |
-9.6 |
-13.3 |
-11.7 |
-4.4 |
|
Net Cash - Ending Balance |
-1.3 |
-6.5 |
-9.6 |
-13.3 |
-11.7 |
|
Depreciation |
- |
5.3 |
5.3 |
4.6 |
4.2 |
Annual Income Statement
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Moore Stephens |
Moore Stephens |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
71.5 |
64.5 |
58.5 |
56.8 |
55.8 |
|
Total Revenue |
71.5 |
64.5 |
58.5 |
56.8 |
55.8 |
|
|
|
|
|
|
|
|
Salaries and Employee Related Costs |
4.0 |
3.6 |
- |
- |
- |
|
Cost of Materials Consumed |
44.6 |
39.1 |
- |
- |
- |
|
Depreciation |
3.6 |
3.7 |
- |
- |
- |
|
Fuel and Electricity |
1.0 |
1.3 |
- |
- |
- |
|
Provision for Slow Moving Inventories |
0.4 |
0.5 |
- |
- |
- |
|
Other Overheads |
3.7 |
2.8 |
- |
- |
- |
|
Cost of Revenues - Balancing value |
-4.9 |
1.0 |
- |
- |
- |
|
Cost of Revenues |
- |
- |
44.4 |
39.4 |
43.7 |
|
Depreciation |
0.3 |
0.3 |
- |
- |
- |
|
Depreciation |
0.9 |
1.3 |
- |
- |
- |
|
Administrative & General Expenses |
- |
- |
3.5 |
3.1 |
4.0 |
|
Selling and Distribution Expenses |
- |
- |
9.6 |
7.4 |
7.2 |
|
Salaries and Employee Related Costs |
3.6 |
3.4 |
- |
- |
- |
|
Salaries Employee Related Costs |
3.2 |
2.7 |
- |
- |
- |
|
Others |
0.4 |
0.3 |
- |
- |
- |
|
Repairs and Maintenance |
0.1 |
0.1 |
- |
- |
- |
|
Other Overheads |
1.1 |
1.0 |
- |
- |
- |
|
Administrative & General Expenses - Bala |
0.4 |
0.2 |
- |
- |
- |
|
Repairs and Maintenance |
0.1 |
0.1 |
- |
- |
- |
|
Office rent, Utilities and Insurance |
0.2 |
0.2 |
- |
- |
- |
|
Vehicle Expenses |
2.7 |
2.3 |
- |
- |
- |
|
Advertisement and Sales Promotion |
2.1 |
1.7 |
- |
- |
- |
|
Directors' Remuneration |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Impairment of Invest in Associates |
- |
- |
0.8 |
8.1 |
1.4 |
|
Total Operating Expense |
67.7 |
66.0 |
58.5 |
58.3 |
56.5 |
|
|
|
|
|
|
|
|
Gain on Disposal of Plant and Equipment |
0.3 |
0.0 |
- |
- |
- |
|
Dividend Income |
1.2 |
- |
- |
- |
- |
|
Investment Income - Balancing value |
-0.3 |
- |
- |
- |
- |
|
Investment Income |
- |
2.7 |
- |
- |
- |
|
Realized Gain on AFS Invest at FV |
- |
- |
14.5 |
0.0 |
5.0 |
|
Interest on Term Loans |
0.0 |
-0.1 |
- |
- |
- |
|
Interest on bank Borrowings |
-1.1 |
-1.6 |
-2.3 |
-3.7 |
-3.2 |
|
Rental Income, Net |
0.3 |
0.3 |
- |
- |
- |
|
Allowance for Credit Losses Written back |
0.7 |
0.0 |
- |
- |
- |
|
Miscellaneous Income |
0.1 |
0.3 |
- |
- |
- |
|
Interest Income |
0.0 |
0.1 |
0.1 |
0.2 |
- |
|
Other Income |
- |
- |
2.1 |
1.8 |
2.8 |
|
Share of Result of Associates |
0.1 |
0.2 |
0.1 |
0.0 |
-0.9 |
|
Net Income Before Taxes |
5.0 |
0.4 |
14.5 |
-3.2 |
3.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.5 |
0.2 |
0.3 |
0.1 |
0.0 |
|
Net Income After Taxes |
4.5 |
0.3 |
14.2 |
-3.3 |
3.1 |
|
|
|
|
|
|
|
|
Minority Interests |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Net Income Before Extra. Items |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
Net Income |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
4.4 |
0.2 |
14.1 |
-3.4 |
3.1 |
|
Diluted Weighted Average Shares |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.00 |
0.18 |
-0.04 |
0.04 |
|
DPS-Ordinary Shares |
0.04 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
4.8 |
0.4 |
15.3 |
4.9 |
4.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.5 |
0.1 |
0.3 |
2.9 |
0.0 |
|
Normalized Income After Taxes |
4.3 |
0.2 |
15.0 |
1.9 |
4.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4.2 |
0.2 |
14.8 |
1.9 |
4.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.00 |
0.19 |
0.02 |
0.06 |
|
Diluted Normalized EPS |
0.05 |
0.00 |
0.19 |
0.02 |
0.06 |
|
Interest on bank Borrowings |
1.1 |
1.6 |
- |
- |
- |
|
Interest Expense |
- |
- |
2.3 |
3.7 |
3.3 |
|
Depreciation |
4.8 |
5.3 |
5.3 |
4.7 |
4.2 |
|
Office rent, Utilities and Insurance |
0.2 |
0.2 |
- |
- |
- |
|
Advertisement and Sales Promotion |
2.1 |
1.7 |
- |
- |
- |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.4 |
- |
- |
- |
- |
|
Income Tax - Total |
0.5 |
- |
- |
- |
- |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
Moore Stephens |
KPMG LLP |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Bank Balances |
1.2 |
1.2 |
- |
- |
- |
|
Cash in Hand |
0.2 |
0.2 |
- |
- |
- |
|
Cash at Bank & in Hand |
- |
- |
5.3 |
5.5 |
5.9 |
|
Short Term Deposits |
0.0 |
3.9 |
- |
- |
- |
|
Trading Investments |
- |
- |
0.0 |
0.3 |
4.2 |
|
Raw Materials |
9.8 |
7.0 |
4.2 |
3.6 |
8.2 |
|
Packing Materials and Spares |
5.8 |
5.3 |
5.5 |
5.4 |
4.8 |
|
Finished Goods |
1.0 |
0.9 |
0.8 |
1.0 |
0.8 |
|
Consumable Biological Assets |
0.6 |
0.7 |
0.4 |
1.3 |
1.6 |
|
Processed Chicken |
- |
- |
0.3 |
0.3 |
0.1 |
|
Provision for Slow Moving Inventories |
-1.8 |
-1.5 |
-1.4 |
-1.0 |
-0.6 |
|
Accounts Receivables |
9.2 |
8.6 |
8.6 |
7.7 |
7.6 |
|
Provision for Bad & Doubtful Debts |
-0.8 |
-1.3 |
-1.2 |
-1.0 |
-1.4 |
|
Accrued Subsidy Income |
6.2 |
0.0 |
- |
- |
- |
|
Amounts Due from Related Parties |
1.7 |
1.4 |
1.4 |
1.1 |
0.8 |
|
Advances and Other Receivables |
2.4 |
3.6 |
2.6 |
4.3 |
0.5 |
|
Goodwill |
- |
- |
- |
- |
0.0 |
|
Prepayments & Accrued Income |
0.4 |
0.3 |
0.7 |
0.3 |
0.5 |
|
Provision for Impairment Loss |
- |
- |
0.0 |
0.0 |
- |
|
Income tax Refund Receivable |
- |
- |
- |
- |
0.0 |
|
Loan to Related Parties |
0.1 |
0.2 |
- |
- |
- |
|
Total Current Assets |
36.0 |
30.7 |
27.2 |
28.7 |
32.8 |
|
|
|
|
|
|
|
|
Freehold Land, Gross |
5.6 |
5.6 |
5.6 |
5.6 |
5.5 |
|
Buildings and Civil Works, Gross |
30.7 |
29.9 |
30.2 |
27.2 |
25.9 |
|
Plant and Machinery, Gross |
48.8 |
44.0 |
43.2 |
42.0 |
38.8 |
|
Motor Vehicles, Gross |
7.7 |
8.7 |
8.5 |
7.4 |
7.4 |
|
Furniture and Fixtures, Gross |
4.3 |
4.2 |
3.9 |
3.0 |
2.5 |
|
Capital Work in Progress, Gross |
1.8 |
0.0 |
0.3 |
2.9 |
3.2 |
|
Accumulated Depreciation Freehold Land |
0.0 |
0.0 |
- |
- |
- |
|
Acc Depr Buildings |
-19.1 |
-18.1 |
- |
- |
- |
|
Acc Depr Plant/Machinery/Equipment |
-29.2 |
-26.8 |
- |
- |
- |
|
Accumulated Depreciation Motor Vehicles |
-6.9 |
-7.4 |
- |
- |
- |
|
Acc Depr Furniture and Equip |
-3.4 |
-3.1 |
- |
- |
- |
|
Acc Depr Construction in Progress |
0.0 |
0.0 |
- |
- |
- |
|
Depreciation |
- |
- |
-50.8 |
-45.5 |
-42.2 |
|
Biological Assets |
13.3 |
12.2 |
13.1 |
13.2 |
10.6 |
|
Investment in Associate |
8.1 |
6.4 |
6.3 |
6.1 |
6.1 |
|
Investment in Subs. |
0.0 |
0.0 |
- |
- |
0.0 |
|
Investment Available for Sale |
46.5 |
48.1 |
49.6 |
61.0 |
51.8 |
|
Investment Properties |
1.4 |
1.5 |
1.5 |
2.2 |
5.6 |
|
Deferred Tax Asset |
0.5 |
0.9 |
1.0 |
1.3 |
1.3 |
|
Total Assets |
145.9 |
136.9 |
139.6 |
155.1 |
149.4 |
|
|
|
|
|
|
|
|
Bank Borrowings |
27.5 |
22.2 |
18.9 |
30.8 |
38.9 |
|
Payables & Accruals |
- |
- |
8.7 |
9.9 |
- |
|
Accounts Payable |
4.1 |
4.1 |
- |
- |
2.4 |
|
Due to Related Parties |
0.3 |
0.5 |
- |
- |
0.6 |
|
Accrued Expenses & Other Payables |
2.2 |
2.3 |
- |
- |
2.2 |
|
Accrual For End of Service Benefits |
- |
- |
- |
- |
1.2 |
|
Amount Due to an Associate |
0.0 |
0.5 |
- |
- |
- |
|
Current Portion of Long Term Loan |
0.2 |
0.2 |
5.5 |
7.7 |
5.1 |
|
Taxation |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Current Liabilities |
34.4 |
29.9 |
33.2 |
48.6 |
50.5 |
|
|
|
|
|
|
|
|
Term Loan |
0.0 |
0.2 |
0.4 |
7.4 |
10.9 |
|
Total Long Term Debt |
0.0 |
0.2 |
0.4 |
7.4 |
10.9 |
|
|
|
|
|
|
|
|
Deferred Tax Liability |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Employee's End of Service Benefits |
1.1 |
0.9 |
0.8 |
0.8 |
- |
|
Minority Interests |
1.0 |
0.9 |
0.8 |
0.7 |
0.6 |
|
Total Liabilities |
36.6 |
32.0 |
35.3 |
57.4 |
62.0 |
|
|
|
|
|
|
|
|
Revaluation Reserves |
1.6 |
0.0 |
- |
- |
- |
|
Share Capital |
20.0 |
20.0 |
18.2 |
18.2 |
18.2 |
|
Legal Reserve |
6.5 |
6.1 |
6.1 |
6.1 |
6.1 |
|
General Reserve |
9.5 |
9.1 |
9.1 |
9.1 |
9.1 |
|
Fair Value Reserve |
26.1 |
26.6 |
26.3 |
33.7 |
20.1 |
|
Retained Earnings |
45.7 |
43.0 |
44.7 |
30.6 |
34.0 |
|
Total Equity |
109.3 |
104.8 |
104.3 |
97.6 |
87.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
145.9 |
136.9 |
139.6 |
155.1 |
149.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
Total Common Shares Outstanding |
77.0 |
77.0 |
77.0 |
77.0 |
77.0 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
0.0 |
0.2 |
- |
- |
- |
|
LT Debt Mat. Within 1 Year |
0.2 |
0.2 |
5.5 |
7.7 |
5.1 |
|
LT Debt Mat. Within 6 Years |
- |
0.0 |
0.4 |
7.4 |
10.9 |
|
Total Long Term Debt, Supplemental |
0.2 |
0.4 |
5.9 |
15.1 |
15.9 |
|
Operating Leases - More than 5 Years |
0.5 |
0.6 |
- |
- |
- |
|
Operating Leases Mat. Within 1 Year |
0.5 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Leases Mat. Within 5 Years |
1.6 |
0.3 |
0.3 |
0.1 |
0.1 |
|
Total Operating Leases, Supplemental |
2.5 |
0.9 |
0.3 |
0.1 |
0.1 |
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 |
Updated 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 |
Moore Stephens |
Moore Stephens |
Not Available |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
68.7 |
62.0 |
56.8 |
55.2 |
54.4 |
|
Cash Payments |
-68.8 |
-58.8 |
-49.1 |
-41.5 |
-51.1 |
|
Finance Costs |
-1.1 |
-1.6 |
-2.3 |
-3.7 |
-3.3 |
|
Director's Remuneration |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
-1.6 |
1.3 |
5.3 |
9.8 |
-0.3 |
|
|
|
|
|
|
|
|
Purchase of Investments |
- |
0.0 |
-0.8 |
0.0 |
-8.6 |
|
Purchase of Invest. Property |
- |
-1.4 |
-3.8 |
-6.4 |
0.0 |
|
Invest in Subs. |
- |
- |
- |
- |
0.0 |
|
Investment in Associates |
-0.5 |
- |
- |
0.0 |
-2.1 |
|
Sale of Investments |
1.0 |
3.4 |
19.2 |
3.7 |
5.7 |
|
Sale of Property, Plant, and Equipment |
0.3 |
- |
- |
- |
- |
|
Purchase of Biological Assets |
-1.9 |
0.0 |
-0.7 |
-0.4 |
-1.2 |
|
Purchase of Property Plant and Equipment |
-6.9 |
0.0 |
0.0 |
0.1 |
-2.2 |
|
Interest Income |
0.0 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Dividends Received |
1.2 |
1.9 |
1.7 |
1.6 |
2.9 |
|
Movement in Short Term Deposits |
3.9 |
0.0 |
-0.1 |
1.4 |
3.4 |
|
Cash from Investing Activities |
-2.9 |
4.0 |
15.6 |
0.1 |
-2.0 |
|
|
|
|
|
|
|
|
Net Movement in Borrowings |
10.8 |
3.4 |
-8.0 |
-4.4 |
2.7 |
|
Repayment of Term Loan |
-0.2 |
-5.5 |
-9.1 |
-7.1 |
-4.2 |
|
Dividends |
-1.0 |
- |
- |
0.0 |
-3.6 |
|
Cash from Financing Activities |
9.6 |
-2.2 |
-17.2 |
-11.5 |
-5.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
5.2 |
3.1 |
3.7 |
-1.6 |
-7.4 |
|
|
|
|
|
|
|
|
Depreciation |
- |
5.3 |
5.3 |
4.6 |
4.2 |
|
Cash-Beginning Balance |
-6.5 |
-9.6 |
-13.3 |
-11.7 |
-4.4 |
|
Cash-Ending Balance |
-1.3 |
-6.5 |
-9.6 |
-13.3 |
-11.7 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
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.62.23 |
|
UK Pound |
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.64 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.