|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE NATIONAL DETERGENT COMPANY SAOG |
|
|
|
|
Registered Office : |
Ruwi Al Ghubra P.O. Box 3104 Muscat, 112 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.11.1980 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of soap and detergents, cleaning and polishing preparations |
|
|
|
|
No. of Employees : |
239 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 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
The National
Detergent Company SAOG
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Business
Description
|
The National Detergent Co SAOG is an Oman-based joint stock company
engaged in the manufacture and distribution of detergents, liquid soaps,
homecare products and other household cleaners. The Company operates through
two divisions, namely Consumer Products division and Sulphonation division.
The Consumer Products division is specialized in the manufacture, marketing
and distribution of detergent powders, liquid detergents, hand wash liquids,
toilet soaps, shampoos and other industrial and household cleaning products.
The Sulphonation division is engaged in the manufacture of sulphonic acid, a
surface active agent used in the detergent and home care products. The
Company’s products are classified into four divisions: fabric care, dish
care, personal care and home care. As of December 31, 2011, the Company's
major shareholders included Oman International Development and Investment
Company SAOG and Bhacker Suleiman Jaffer Company, among others. For the nine
months ended 30 September 2012, The National Detergent Company SAOG revenues
increased 2% to OMR16.5M. Net income decreased 35% to OMR582K. Revenues
reflect Consumer Division segment increase of 2% to OMR4.7M. Net income was
offset by Selling and Distribution Expenses increase of 51% to OMR531K
(expense), Finance Costs increase from OMR64K to OMR142K (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
2451 - Manufacture of soap and detergents, cleaning
and polishing preparations |
|
NAICS 2002: |
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|
UK SIC 2003: |
|
|
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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Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
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 |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
- |
53.3 |
46.8 |
40.7 |
35.5 |
|
Revenue |
- |
53.3 |
46.8 |
40.7 |
35.5 |
|
Total Revenue |
- |
53.3 |
46.8 |
40.7 |
35.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
41.3 |
34.6 |
29.8 |
28.8 |
|
Cost of Revenue, Total |
- |
41.3 |
34.6 |
29.8 |
28.8 |
|
Gross Profit |
- |
12.0 |
12.2 |
10.9 |
6.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
2.8 |
2.4 |
6.2 |
4.1 |
|
Labor & Related Expense |
- |
1.8 |
1.7 |
0.9 |
0.9 |
|
Advertising Expense |
- |
3.9 |
3.4 |
- |
- |
|
Total Selling/General/Administrative Expenses |
- |
8.5 |
7.6 |
7.1 |
4.9 |
|
Depreciation |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Depreciation/Amortization |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Other Operating Expense |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other, Net |
- |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
|
Other Operating Expenses, Total |
- |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Total Operating Expense |
- |
50.2 |
42.3 |
36.9 |
33.9 |
|
|
|
|
|
|
|
|
Operating Income |
- |
3.2 |
4.5 |
3.8 |
1.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-0.2 |
-0.1 |
-0.2 |
-0.5 |
|
Interest Expense, Net Non-Operating |
- |
-0.2 |
-0.1 |
-0.2 |
-0.5 |
|
Interest Income -
Non-Operating |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Investment Income - Non-Operating |
- |
- |
- |
0.0 |
0.1 |
|
Interest/Investment Income - Non-Operating |
- |
0.0 |
0.1 |
0.1 |
0.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
-0.2 |
0.0 |
-0.2 |
-0.3 |
|
Other Non-Operating Income (Expense) |
- |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Other, Net |
- |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Income Before Tax |
- |
2.9 |
4.3 |
3.4 |
1.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
0.3 |
0.6 |
0.4 |
0.2 |
|
Income After Tax |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
Net Income |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
17.0 |
17.0 |
17.0 |
17.0 |
|
Basic EPS Excl Extraord Items |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Diluted Net Income |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
Diluted Weighted Average Shares |
- |
17.0 |
17.0 |
17.0 |
17.0 |
|
Diluted EPS Excl Extraord Items |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Diluted EPS Incl Extraord Items |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.10 |
0.13 |
0.10 |
0.05 |
|
Gross Dividends - Common Stock |
- |
1.8 |
2.2 |
1.8 |
0.9 |
|
Interest Expense, Supplemental |
- |
0.2 |
0.1 |
0.2 |
0.5 |
|
Depreciation, Supplemental |
- |
0.8 |
0.8 |
0.8 |
0.9 |
|
Normalized Income Before Tax |
- |
2.9 |
4.3 |
3.4 |
1.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
- |
0.3 |
0.6 |
0.4 |
0.2 |
|
Normalized Income After Tax |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
2.5 |
3.8 |
3.0 |
1.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Diluted Normalized EPS |
- |
0.15 |
0.22 |
0.18 |
0.07 |
|
Advertising Expense, Supplemental |
- |
3.9 |
3.4 |
3.1 |
1.5 |
|
Normalized EBIT |
- |
3.2 |
4.5 |
3.8 |
1.7 |
|
Normalized EBITDA |
- |
4.0 |
5.3 |
4.6 |
2.5 |
|
Current Tax - Other |
- |
0.3 |
0.6 |
0.4 |
0.1 |
|
Current Tax - Total |
- |
0.3 |
0.6 |
0.4 |
0.1 |
|
Deferred Tax - Total |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax - Total |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Tax - Total |
- |
0.3 |
0.6 |
0.4 |
0.2 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
1.7 |
2.4 |
3.2 |
1.0 |
|
Cash and Short Term Investments |
- |
1.7 |
2.4 |
3.2 |
1.0 |
|
Accounts Receivable -
Trade, Gross |
- |
12.1 |
9.2 |
6.9 |
8.7 |
|
Provision for Doubtful
Accounts |
- |
-0.4 |
-0.3 |
-0.7 |
-0.7 |
|
Trade Accounts Receivable - Net |
- |
11.7 |
8.9 |
6.2 |
8.0 |
|
Other Receivables |
- |
1.0 |
1.3 |
0.1 |
0.5 |
|
Total Receivables, Net |
- |
12.7 |
10.2 |
6.3 |
8.5 |
|
Inventories - Finished Goods |
- |
2.0 |
2.4 |
1.9 |
2.8 |
|
Inventories - Work In Progress |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Inventories - Raw Materials |
- |
4.8 |
3.1 |
2.4 |
4.1 |
|
Inventories - Other |
- |
0.0 |
0.7 |
0.2 |
0.3 |
|
Total Inventory |
- |
6.9 |
6.3 |
4.6 |
7.3 |
|
Total Current Assets |
- |
21.3 |
18.9 |
14.1 |
16.8 |
|
|
|
|
|
|
|
|
Buildings |
- |
5.6 |
5.5 |
5.4 |
5.3 |
|
Land/Improvements |
- |
23.1 |
23.1 |
23.1 |
23.1 |
|
Machinery/Equipment |
- |
15.1 |
14.5 |
14.2 |
14.0 |
|
Construction in Progress |
- |
7.2 |
0.1 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
- |
51.1 |
43.3 |
42.6 |
42.4 |
|
Accumulated Depreciation |
- |
-16.0 |
-15.2 |
-14.5 |
-13.9 |
|
Property/Plant/Equipment - Net |
- |
35.1 |
28.1 |
28.2 |
28.6 |
|
Total Assets |
- |
56.4 |
46.9 |
42.2 |
45.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
7.0 |
6.2 |
3.7 |
3.2 |
|
Accrued Expenses |
- |
2.1 |
1.8 |
- |
- |
|
Notes Payable/Short Term Debt |
- |
1.8 |
0.2 |
0.0 |
5.6 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
0.6 |
0.7 |
0.7 |
0.7 |
|
Other Payables |
- |
1.0 |
1.1 |
2.5 |
3.0 |
|
Deferred Income Tax - Current Liability |
- |
0.3 |
0.6 |
0.4 |
0.1 |
|
Other Current liabilities, Total |
- |
1.4 |
1.6 |
2.9 |
3.2 |
|
Total Current Liabilities |
- |
12.9 |
10.5 |
7.3 |
12.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
6.7 |
0.2 |
0.8 |
1.4 |
|
Total Long Term Debt |
- |
6.7 |
0.2 |
0.8 |
1.4 |
|
Total Debt |
- |
9.2 |
1.0 |
1.5 |
7.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
2.7 |
2.7 |
2.7 |
2.7 |
|
Deferred Income Tax |
- |
2.7 |
2.7 |
2.7 |
2.7 |
|
Pension Benefits - Underfunded |
- |
1.1 |
1.0 |
0.8 |
- |
|
Other Long Term Liabilities |
- |
0.0 |
0.0 |
0.1 |
0.2 |
|
Other Liabilities, Total |
- |
1.1 |
1.0 |
0.9 |
0.2 |
|
Total Liabilities |
- |
23.5 |
14.4 |
11.6 |
16.9 |
|
|
|
|
|
|
|
|
Common Stock |
- |
4.4 |
4.4 |
4.4 |
4.4 |
|
Common Stock |
- |
4.4 |
4.4 |
4.4 |
4.4 |
|
Additional Paid-In Capital |
- |
0.9 |
0.9 |
0.9 |
0.9 |
|
Retained Earnings (Accumulated Deficit) |
- |
25.8 |
25.0 |
23.5 |
22.2 |
|
Other Equity |
- |
1.8 |
2.2 |
1.8 |
0.9 |
|
Other Equity, Total |
- |
1.8 |
2.2 |
1.8 |
0.9 |
|
Total Equity |
- |
32.9 |
32.6 |
30.6 |
28.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
56.4 |
46.9 |
42.2 |
45.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
17.0 |
17.0 |
17.0 |
17.0 |
|
Total Common Shares Outstanding |
- |
17.0 |
17.0 |
17.0 |
17.0 |
|
Total Long Term Debt, Supplemental |
- |
7.4 |
0.9 |
1.5 |
1.4 |
|
Long Term Debt Maturing within 1 Year |
- |
0.6 |
0.7 |
0.7 |
0.2 |
|
Long Term Debt Maturing in Year 2 |
- |
0.6 |
0.1 |
0.3 |
0.2 |
|
Long Term Debt Maturing in Year 3 |
- |
0.6 |
0.1 |
0.3 |
0.2 |
|
Long Term Debt Maturing in Year 4 |
- |
2.4 |
0.0 |
0.1 |
0.4 |
|
Long Term Debt Maturing in Year 5 |
- |
2.4 |
0.0 |
0.1 |
0.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
1.2 |
0.2 |
0.7 |
0.4 |
|
Long Term Debt Maturing in 4-5 Years |
- |
4.8 |
0.0 |
0.1 |
0.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.8 |
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 |
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 |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
2.9 |
4.3 |
3.4 |
1.4 |
|
Depreciation |
- |
0.8 |
0.8 |
0.8 |
0.9 |
|
Depreciation/Depletion |
- |
0.8 |
0.8 |
0.8 |
0.9 |
|
Other Non-Cash Items |
- |
0.4 |
0.3 |
0.3 |
0.4 |
|
Non-Cash Items |
- |
0.4 |
0.3 |
0.3 |
0.4 |
|
Accounts Receivable |
- |
-2.5 |
-3.9 |
2.2 |
-1.1 |
|
Inventories |
- |
-0.6 |
-1.7 |
2.7 |
-2.0 |
|
Accounts Payable |
- |
1.0 |
2.9 |
0.7 |
-0.2 |
|
Other Operating Cash Flow |
- |
-0.8 |
-0.5 |
-0.4 |
-0.6 |
|
Changes in Working Capital |
- |
-2.9 |
-3.2 |
5.1 |
-3.9 |
|
Cash from Operating Activities |
- |
1.2 |
2.2 |
9.6 |
-1.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-7.9 |
-0.7 |
-0.4 |
-0.3 |
|
Capital Expenditures |
- |
-7.9 |
-0.7 |
-0.4 |
-0.3 |
|
Sale of Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
0.4 |
|
Other Investing Cash Flow Items, Total |
- |
0.0 |
0.0 |
0.0 |
0.4 |
|
Cash from Investing Activities |
- |
-7.9 |
-0.7 |
-0.4 |
0.1 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
- |
-2.2 |
-1.8 |
-0.9 |
-0.4 |
|
Total Cash Dividends Paid |
- |
-2.2 |
-1.8 |
-0.9 |
-0.4 |
|
Short Term Debt, Net |
- |
1.8 |
0.0 |
-5.4 |
1.4 |
|
Long Term Debt Issued |
- |
7.1 |
- |
- |
- |
|
Long Term Debt
Reduction |
- |
-0.7 |
-0.7 |
-0.7 |
-0.7 |
|
Long Term Debt, Net |
- |
6.5 |
-0.7 |
-0.7 |
-0.7 |
|
Issuance (Retirement) of Debt, Net |
- |
8.3 |
-0.7 |
-6.1 |
0.7 |
|
Cash from Financing Activities |
- |
6.1 |
-2.4 |
-6.9 |
0.3 |
|
|
|
|
|
|
|
|
Net Change in Cash |
- |
-0.6 |
-0.9 |
2.3 |
-0.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
2.3 |
3.2 |
0.8 |
1.6 |
|
Net Cash - Ending Balance |
- |
1.7 |
2.3 |
3.2 |
0.8 |
|
Cash Interest Paid |
- |
0.2 |
0.1 |
0.2 |
0.4 |
|
Cash Taxes Paid |
- |
0.6 |
0.4 |
0.1 |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
0.384897 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
53.3 |
46.8 |
40.7 |
35.5 |
32.3 |
|
Total Revenue |
53.3 |
46.8 |
40.7 |
35.5 |
32.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
41.3 |
34.6 |
29.8 |
28.8 |
27.1 |
|
Selling & Distribution Expenses |
2.3 |
1.9 |
5.7 |
3.6 |
2.7 |
|
Advertising |
3.9 |
3.4 |
- |
- |
- |
|
Expenses Related to Employees |
0.7 |
0.7 |
- |
- |
- |
|
Personnel Expenses |
1.1 |
1.0 |
0.9 |
0.9 |
0.8 |
|
Administrative Expenses |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Depreciation & Amortisation |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Miscellaneous Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Income |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
|
Total Operating Expense |
50.2 |
42.3 |
36.9 |
33.9 |
31.2 |
|
|
|
|
|
|
|
|
Interest Expense |
-0.2 |
-0.1 |
-0.2 |
-0.5 |
-0.5 |
|
Other FInance Expense |
0.0 |
-0.1 |
-0.1 |
- |
- |
|
Release of Deferred Government Grant |
- |
- |
- |
- |
0.1 |
|
Interest Income |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Proposed Directors' Remuneration |
-0.1 |
-0.1 |
-0.1 |
0.0 |
- |
|
Share of Loss/Profit in Associates |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale of Investment in Associate |
- |
- |
0.0 |
0.1 |
- |
|
Joint Guarantee Discharged to Banks |
- |
- |
- |
- |
0.0 |
|
Excess of fair Values on Net Asssets |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
2.9 |
4.3 |
3.4 |
1.4 |
0.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.3 |
0.6 |
0.4 |
0.2 |
0.1 |
|
Net Income After Taxes |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
Net Income |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
17.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
Diluted Net Income |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
Diluted Weighted Average Shares |
17.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
DPS-Common Stock |
0.10 |
0.13 |
0.10 |
0.05 |
0.03 |
|
Gross Dividends - Common Stock |
1.8 |
2.2 |
1.8 |
0.9 |
- |
|
Normalized Income Before Taxes |
2.9 |
4.3 |
3.4 |
1.4 |
0.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.6 |
0.4 |
0.2 |
0.1 |
|
Normalized Income After Taxes |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2.5 |
3.8 |
3.0 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
Diluted Normalized EPS |
0.15 |
0.22 |
0.18 |
0.07 |
0.04 |
|
Interest Expense |
0.2 |
0.1 |
0.2 |
0.5 |
0.5 |
|
Depreciation |
0.8 |
0.8 |
0.8 |
0.9 |
0.9 |
|
Advertising |
3.9 |
3.4 |
3.1 |
1.5 |
1.1 |
|
Current Tax - Current Year |
0.3 |
0.6 |
0.4 |
0.1 |
0.0 |
|
Current Tax - Prior Years |
- |
0.0 |
- |
- |
0.0 |
|
Current Tax - Total |
0.3 |
0.6 |
0.4 |
0.1 |
0.0 |
|
Deferred Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Income Tax - Total |
0.3 |
0.6 |
0.4 |
0.2 |
0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.38495 |
0.38505 |
0.385 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw & Packing Materials |
4.8 |
3.1 |
2.4 |
4.1 |
3.7 |
|
Finished Goods |
2.0 |
2.4 |
1.9 |
2.8 |
1.3 |
|
Stores & Consumable Spares |
0.2 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Work in Progress |
0.0 |
0.1 |
0.0 |
0.1 |
- |
|
Less: Provision for slow moving stock |
-0.2 |
-0.2 |
-0.1 |
- |
- |
|
Material in Transit |
0.0 |
0.6 |
0.0 |
- |
0.1 |
|
Trade Receivables |
12.1 |
9.2 |
6.9 |
8.7 |
7.7 |
|
Provision for Receivables |
-0.4 |
-0.3 |
-0.7 |
-0.7 |
-0.6 |
|
Other Receivables |
1.0 |
1.3 |
0.1 |
0.5 |
0.2 |
|
Due from Related Parties |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash at Bank & In Hand |
1.7 |
2.4 |
3.2 |
1.0 |
2.4 |
|
Total Current Assets |
21.3 |
18.9 |
14.1 |
16.8 |
15.1 |
|
|
|
|
|
|
|
|
Land |
23.1 |
23.1 |
23.1 |
23.1 |
15.6 |
|
Buildings |
5.6 |
5.5 |
5.4 |
5.3 |
5.3 |
|
Plant & Machinery |
12.5 |
12.1 |
11.7 |
11.6 |
11.4 |
|
Furniture, Fixtures & Office Equipment |
1.8 |
1.6 |
1.6 |
1.5 |
1.5 |
|
Motor Vehicles |
0.8 |
0.8 |
0.9 |
0.9 |
0.8 |
|
Work in Progress |
7.2 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
-16.0 |
-15.2 |
-14.5 |
-13.9 |
-13.1 |
|
Investment in Associates |
- |
- |
- |
- |
0.3 |
|
Total Assets |
56.4 |
46.9 |
42.2 |
45.3 |
37.0 |
|
|
|
|
|
|
|
|
Bank Borrowings |
1.8 |
0.2 |
0.0 |
5.6 |
4.8 |
|
Current Maturity of Term Loans |
0.6 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Trade Payables |
7.0 |
6.2 |
3.7 |
3.2 |
3.9 |
|
Due to Related Parties |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Accrued Expenses |
2.1 |
1.8 |
- |
- |
- |
|
Other Payables |
1.0 |
1.0 |
2.5 |
2.3 |
1.5 |
|
End of Service Benefits |
- |
- |
- |
0.7 |
1.0 |
|
Provision for Investment |
- |
- |
- |
- |
0.0 |
|
Current Tax Liabilities |
0.3 |
0.6 |
0.4 |
0.1 |
- |
|
Total Current Liabilities |
12.9 |
10.5 |
7.3 |
12.7 |
12.0 |
|
|
|
|
|
|
|
|
Term Loan Excluding Current Maturities |
6.7 |
0.2 |
0.8 |
1.4 |
2.0 |
|
Total Long Term Debt |
6.7 |
0.2 |
0.8 |
1.4 |
2.0 |
|
|
|
|
|
|
|
|
Deferred Government Grant |
0.0 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Deferred Tax Liabilities |
2.7 |
2.7 |
2.7 |
2.7 |
1.8 |
|
End of Service Benefits |
1.1 |
1.0 |
0.8 |
- |
- |
|
Total Liabilities |
23.5 |
14.4 |
11.6 |
16.9 |
16.0 |
|
|
|
|
|
|
|
|
Share Capital |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Share Premium |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
Legal Reserve |
1.5 |
1.5 |
1.5 |
1.5 |
1.4 |
|
Retained Earnings |
5.5 |
4.8 |
3.2 |
1.9 |
1.7 |
|
Revaluation Reserve |
18.8 |
18.8 |
18.8 |
18.8 |
12.1 |
|
Proposed Dividend |
1.8 |
2.2 |
1.8 |
0.9 |
0.4 |
|
Total Equity |
32.9 |
32.6 |
30.6 |
28.4 |
21.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
56.4 |
46.9 |
42.2 |
45.3 |
37.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
17.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Total Common Shares Outstanding |
17.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Full-Time Employees |
- |
- |
- |
- |
239 |
|
Due in One Year |
0.6 |
0.7 |
0.7 |
- |
- |
|
Two to Three Years |
1.2 |
0.2 |
0.7 |
0.7 |
0.7 |
|
Three to Five Years |
4.8 |
0.0 |
0.1 |
0.7 |
1.3 |
|
Long Term Debt - Remaining Maturities |
0.8 |
0.0 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
7.4 |
0.9 |
1.5 |
1.4 |
2.0 |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
0.384897 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit Before Income Tax |
2.9 |
4.3 |
3.4 |
1.4 |
0.8 |
|
Depreciation |
0.8 |
0.8 |
0.8 |
0.9 |
0.9 |
|
Amortisation |
- |
- |
- |
- |
0.0 |
|
Excess Fair Value Paid on Acq. |
- |
- |
- |
- |
0.0 |
|
Profit on Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss/Profit on Results of Associates |
- |
- |
- |
0.0 |
0.0 |
|
End of Services Benefits Expenses |
0.2 |
0.2 |
0.1 |
0.1 |
- |
|
Interest Expense |
0.2 |
0.1 |
0.2 |
0.4 |
0.4 |
|
Interest Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale of Investment in Associates |
- |
- |
- |
-0.1 |
- |
|
Joint Guarantees Discharged to Banks |
- |
- |
- |
- |
0.0 |
|
Inventories |
-0.6 |
-1.7 |
2.7 |
-2.0 |
0.6 |
|
Trade & Other Receivables |
-2.5 |
-3.9 |
2.2 |
-1.1 |
-1.6 |
|
Trade & Other Payables |
1.0 |
2.9 |
0.7 |
-0.2 |
0.8 |
|
Interest Paid |
-0.2 |
-0.1 |
-0.2 |
-0.4 |
-0.4 |
|
Interest Received |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
End of Services Benefites Expenses |
0.0 |
0.0 |
-0.1 |
-0.1 |
- |
|
Tax Paid |
-0.6 |
-0.4 |
-0.1 |
- |
0.0 |
|
Cash from Operating Activities |
1.2 |
2.2 |
9.6 |
-1.2 |
1.5 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-7.9 |
-0.7 |
-0.4 |
-0.3 |
-0.2 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Proceeds from Sale of Fixed Assets |
- |
- |
- |
0.0 |
0.0 |
|
Cash Acquired on Business Combination |
- |
- |
- |
0.4 |
0.0 |
|
Cash from Investing Activities |
-7.9 |
-0.7 |
-0.4 |
0.1 |
-0.2 |
|
|
|
|
|
|
|
|
Long-term Loan Repaid |
-0.7 |
-0.7 |
-0.7 |
-0.7 |
-0.6 |
|
Dividends Paid |
-2.2 |
-1.8 |
-0.9 |
-0.4 |
- |
|
Short Term Loans |
1.8 |
0.0 |
-5.4 |
1.4 |
4.0 |
|
L-T Loan |
7.1 |
- |
- |
- |
0.0 |
|
Joint & Proportionate Guarantee Paid |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
6.1 |
-2.4 |
-6.9 |
0.3 |
3.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.6 |
-0.9 |
2.3 |
-0.8 |
4.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.3 |
3.2 |
0.8 |
1.6 |
-3.0 |
|
Net Cash - Ending Balance |
1.7 |
2.3 |
3.2 |
0.8 |
1.6 |
|
Cash Interest Paid |
0.2 |
0.1 |
0.2 |
0.4 |
0.4 |
|
Cash Taxes Paid |
0.6 |
0.4 |
0.1 |
- |
0.0 |
|
Financials in: USD (mil) |
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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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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.