|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
OMAN FLOUR MILLS COMPANY SAOG |
|
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|
|
Registered Office : |
Wilayat: Muttrah, Jibroo,Ruwi P.O.Box 566 Muscat, 112 |
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Country : |
Oman |
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|
|
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Financials (as on) : |
30.06.2012 |
|
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|
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Date of Incorporation : |
01.03.1976 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of grain mill products |
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|
|
No. of Employees : |
328 |
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 : |
Good |
|
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 |
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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
Oman Flour Mills
Company SAOG
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Business
Description
|
Oman Flour Mills Co SAOG (OFM) is an Oman-based public joint stock
company engaged in the milling and food processing business. The primary activities
of the Company are milling of wheat and other cereals, sale of flour, and the
processing and sale of animal feed. It manufactures and markets two principal
product lines, flour products that are marketed under the Dahabi brand name,
and feed products that are marketed under the Barakat brand name. OFM
operates through its subsidiaries Modern Poultry Farms Company SAOC, which is
engaged in the production and sale of eggs and related by-products (spent
hens and poultry manure), Bread House LLC, which is engaged in the sale and
distribution of franchise frozen bakery products and Atyab Investment LLC,
which is engaged in investments in the food sector and related industries.
The Company distributes its products to the Arabian Gulf markets, as well as
exports them to Africa, the Commonwealth of Independent States and the Far
East market For the six months ended 31 December 2012, Oman Flour Mills
Company SAOG revenues increased 12% to OMR33.2M. Net income increased from
OMR1.2M to OMR2.9M. Revenues reflect an increase in demand for the Company's
products and services due to favorable market conditions. Net income
benefited from Net Investment & Other Income increase from OMR65K
(expense) to OMR262K (income). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock
Snapshot
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = OMR 0.3849874
2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.3848
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Executives Report
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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) |
0.384987 |
0.385042 |
0.384991 |
0.384977 |
0.38488 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
158.0 |
135.9 |
121.3 |
133.3 |
131.8 |
|
Revenue |
158.0 |
135.9 |
121.3 |
133.3 |
131.8 |
|
Total Revenue |
158.0 |
135.9 |
121.3 |
133.3 |
131.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
126.7 |
113.9 |
91.1 |
101.8 |
110.6 |
|
Cost of Revenue, Total |
126.7 |
113.9 |
91.1 |
101.8 |
110.6 |
|
Gross Profit |
31.2 |
22.0 |
30.2 |
31.6 |
21.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2.3 |
2.2 |
8.0 |
8.5 |
6.9 |
|
Labor & Related Expense |
6.7 |
5.8 |
- |
- |
- |
|
Advertising Expense |
0.4 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
9.4 |
8.0 |
8.0 |
8.5 |
6.9 |
|
Depreciation |
0.5 |
0.4 |
0.4 |
- |
- |
|
Depreciation/Amortization |
0.5 |
0.4 |
0.4 |
- |
- |
|
Total Operating Expense |
136.7 |
122.3 |
99.5 |
110.3 |
117.4 |
|
|
|
|
|
|
|
|
Operating Income |
21.3 |
13.6 |
21.8 |
23.1 |
14.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Expense, Net Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Income -
Non-Operating |
0.4 |
0.7 |
- |
- |
- |
|
Interest/Investment Income - Non-Operating |
0.4 |
0.7 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
0.4 |
0.7 |
-0.1 |
-0.1 |
-0.1 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Non-Operating Income (Expense) |
0.4 |
0.6 |
2.1 |
-7.3 |
8.5 |
|
Other, Net |
0.4 |
0.6 |
2.1 |
-7.3 |
8.5 |
|
Income Before Tax |
22.1 |
14.9 |
23.8 |
15.7 |
22.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
Income After Tax |
19.2 |
13.1 |
20.9 |
12.8 |
21.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.2 |
-0.1 |
0.1 |
-0.1 |
-0.3 |
|
Equity In Affiliates |
0.4 |
0.5 |
-0.1 |
- |
- |
|
Net Income Before Extraord Items |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
Net Income |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Basic EPS Excl Extraord Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Basic/Primary EPS Incl Extraord Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted Net Income |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
Diluted Weighted Average Shares |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Diluted EPS Excl Extraord Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted EPS Incl Extraord Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.06 |
0.06 |
0.05 |
0.06 |
|
Gross Dividends - Common Stock |
10.2 |
10.2 |
10.2 |
8.2 |
10.2 |
|
Interest Expense, Supplemental |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
3.2 |
3.5 |
3.3 |
3.2 |
4.7 |
|
Total Special Items |
0.0 |
0.0 |
0.0 |
- |
- |
|
Normalized Income Before Tax |
22.1 |
14.9 |
23.8 |
15.7 |
22.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
Normalized Income After Tax |
19.2 |
13.1 |
20.9 |
12.8 |
21.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.4 |
13.5 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted Normalized EPS |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Rental Expenses |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Advertising Expense, Supplemental |
0.4 |
0.3 |
0.2 |
0.3 |
0.4 |
|
Normalized EBIT |
21.3 |
13.6 |
21.8 |
23.1 |
14.4 |
|
Normalized EBITDA |
24.4 |
17.1 |
25.2 |
26.2 |
19.1 |
|
Current Tax - Total |
3.1 |
1.7 |
2.7 |
2.9 |
1.8 |
|
Current Tax - Total |
3.1 |
1.7 |
2.7 |
2.9 |
1.8 |
|
Deferred Tax - Total |
-0.2 |
0.1 |
0.2 |
0.0 |
-0.3 |
|
Deferred Tax - Total |
-0.2 |
0.1 |
0.2 |
0.0 |
-0.3 |
|
Income Tax - Total |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.3848 |
0.38505 |
0.38475 |
0.38505 |
0.38505 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
20.0 |
12.9 |
19.6 |
12.4 |
22.1 |
|
Short Term Investments |
9.3 |
29.1 |
36.8 |
30.5 |
18.0 |
|
Cash and Short Term Investments |
29.4 |
42.0 |
56.4 |
42.9 |
40.2 |
|
Accounts Receivable -
Trade, Gross |
21.9 |
27.6 |
23.5 |
20.4 |
22.6 |
|
Provision for Doubtful
Accounts |
-1.2 |
-1.2 |
-1.7 |
-1.9 |
-1.9 |
|
Trade Accounts Receivable - Net |
20.8 |
26.4 |
21.8 |
18.5 |
20.7 |
|
Other Receivables |
20.4 |
- |
- |
- |
- |
|
Total Receivables, Net |
41.2 |
26.4 |
21.8 |
18.5 |
20.7 |
|
Inventories - Finished Goods |
1.8 |
1.9 |
1.1 |
1.3 |
1.4 |
|
Inventories - Work In Progress |
- |
- |
0.0 |
0.0 |
0.0 |
|
Inventories - Raw Materials |
26.2 |
25.2 |
11.3 |
19.2 |
21.5 |
|
Inventories - Other |
3.0 |
1.7 |
2.2 |
2.4 |
2.2 |
|
Total Inventory |
31.0 |
28.7 |
14.6 |
22.8 |
25.1 |
|
Prepaid Expenses |
0.5 |
0.6 |
0.5 |
- |
- |
|
Total Current Assets |
102.1 |
97.8 |
93.4 |
84.2 |
86.0 |
|
|
|
|
|
|
|
|
Buildings |
0.7 |
0.7 |
33.6 |
32.2 |
32.2 |
|
Land/Improvements |
39.5 |
37.4 |
3.8 |
3.8 |
3.6 |
|
Machinery/Equipment |
88.3 |
82.5 |
79.3 |
75.4 |
70.4 |
|
Natural Resources |
2.1 |
1.9 |
2.3 |
2.3 |
1.6 |
|
Other
Property/Plant/Equipment |
34.7 |
11.3 |
3.4 |
2.3 |
3.6 |
|
Property/Plant/Equipment - Gross |
165.3 |
133.8 |
122.4 |
116.0 |
111.4 |
|
Accumulated Depreciation |
-89.4 |
-86.5 |
-83.4 |
-80.0 |
-76.9 |
|
Property/Plant/Equipment - Net |
75.8 |
47.3 |
39.1 |
36.0 |
34.5 |
|
Goodwill, Net |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
LT Investment - Affiliate Companies |
2.5 |
2.2 |
1.4 |
- |
- |
|
LT Investments - Other |
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Long Term Investments |
3.2 |
2.8 |
2.1 |
0.6 |
0.6 |
|
Other Long Term Assets |
- |
- |
0.0 |
3.6 |
- |
|
Other Long Term Assets, Total |
- |
- |
0.0 |
3.6 |
- |
|
Total Assets |
181.5 |
148.3 |
134.9 |
124.9 |
121.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
7.4 |
2.0 |
1.3 |
7.2 |
7.3 |
|
Accrued Expenses |
6.0 |
6.0 |
3.1 |
- |
- |
|
Notes Payable/Short Term Debt |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.2 |
1.2 |
0.5 |
0.4 |
0.4 |
|
Income Taxes Payable |
2.8 |
1.7 |
2.8 |
3.0 |
1.9 |
|
Other Current Liabilities |
0.4 |
0.3 |
0.4 |
- |
- |
|
Other Current liabilities, Total |
3.2 |
2.1 |
3.2 |
3.0 |
1.9 |
|
Total Current Liabilities |
19.8 |
11.2 |
8.1 |
10.6 |
9.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
23.5 |
8.4 |
1.6 |
2.1 |
2.5 |
|
Total Long Term Debt |
23.5 |
8.4 |
1.6 |
2.1 |
2.5 |
|
Total Debt |
26.7 |
9.6 |
2.1 |
2.5 |
2.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.3 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Deferred Income Tax |
1.3 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Minority Interest |
0.9 |
0.7 |
0.7 |
0.8 |
0.7 |
|
Pension Benefits - Underfunded |
1.4 |
1.2 |
1.1 |
0.9 |
0.7 |
|
Other Liabilities, Total |
1.4 |
1.2 |
1.1 |
0.9 |
0.7 |
|
Total Liabilities |
46.9 |
23.0 |
12.8 |
15.6 |
14.7 |
|
|
|
|
|
|
|
|
Common Stock |
40.9 |
40.9 |
40.9 |
40.9 |
40.9 |
|
Common Stock |
40.9 |
40.9 |
40.9 |
40.9 |
40.9 |
|
Retained Earnings (Accumulated Deficit) |
93.7 |
84.4 |
71.0 |
60.2 |
55.7 |
|
Other Equity |
- |
- |
10.2 |
8.2 |
10.2 |
|
Other Equity, Total |
- |
- |
10.2 |
8.2 |
10.2 |
|
Total Equity |
134.6 |
125.3 |
122.1 |
109.3 |
106.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
181.5 |
148.3 |
134.9 |
124.9 |
121.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Total Common Shares Outstanding |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Number of Common Shareholders |
- |
- |
1,668 |
1,908 |
- |
|
Total Long Term Debt, Supplemental |
26.7 |
9.6 |
2.1 |
2.5 |
2.9 |
|
Long Term Debt Maturing within 1 Year |
3.2 |
1.2 |
0.5 |
0.4 |
0.4 |
|
Long Term Debt Maturing in Year 2 |
4.6 |
3.4 |
0.5 |
0.4 |
0.4 |
|
Long Term Debt Maturing in Year 3 |
3.9 |
1.4 |
0.4 |
0.4 |
0.5 |
|
Long Term Debt Maturing in Year 4 |
3.9 |
1.4 |
0.4 |
0.4 |
0.5 |
|
Long Term Debt Maturing in Year 5 |
3.9 |
1.4 |
0.4 |
0.4 |
0.5 |
|
Long Term Debt Maturing in 2-3 Years |
8.5 |
4.8 |
0.9 |
0.8 |
1.0 |
|
Long Term Debt Maturing in 4-5 Years |
7.8 |
2.8 |
0.7 |
0.7 |
1.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
7.2 |
0.8 |
0.0 |
0.5 |
0.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384987 |
0.385042 |
0.384991 |
0.384977 |
0.38488 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
22.5 |
15.4 |
23.8 |
15.7 |
22.8 |
|
Depreciation |
3.2 |
3.5 |
3.3 |
3.2 |
4.7 |
|
Depreciation/Depletion |
3.2 |
3.5 |
3.3 |
3.2 |
4.7 |
|
Accounting Change |
0.2 |
2.6 |
-0.9 |
0.0 |
0.2 |
|
Unusual Items |
0.5 |
-0.2 |
0.1 |
0.8 |
-2.4 |
|
Equity in Net Earnings (Loss) |
-0.4 |
-0.5 |
- |
- |
- |
|
Other Non-Cash Items |
0.1 |
0.1 |
-0.5 |
8.1 |
-3.2 |
|
Non-Cash Items |
0.5 |
2.0 |
-1.3 |
8.9 |
-5.4 |
|
Accounts Receivable |
-14.6 |
-4.7 |
-3.8 |
2.2 |
-5.1 |
|
Inventories |
-2.7 |
-13.8 |
7.5 |
1.3 |
-7.5 |
|
Accounts Payable |
4.9 |
0.0 |
-3.0 |
-0.7 |
2.3 |
|
Other Operating Cash Flow |
-2.2 |
-2.8 |
-3.0 |
-2.0 |
-1.3 |
|
Changes in Working Capital |
-14.6 |
-21.3 |
-2.3 |
0.8 |
-11.5 |
|
Cash from Operating Activities |
11.6 |
-0.4 |
23.5 |
28.6 |
10.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.8 |
-12.2 |
-6.3 |
-4.0 |
-4.4 |
|
Capital Expenditures |
-31.8 |
-12.2 |
-6.3 |
-4.0 |
-4.4 |
|
Sale of Fixed Assets |
0.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
3.1 |
0.0 |
- |
- |
- |
|
Investment, Net |
16.5 |
8.2 |
-0.6 |
-22.6 |
0.6 |
|
Purchase of Investments |
0.0 |
-0.3 |
-1.6 |
-1.5 |
-1.8 |
|
Other Investing Cash Flow |
0.4 |
0.7 |
0.9 |
0.4 |
0.3 |
|
Other Investing Cash Flow Items, Total |
20.4 |
8.7 |
-1.4 |
-23.7 |
-1.0 |
|
Cash from Investing Activities |
-11.4 |
-3.5 |
-7.7 |
-27.7 |
-5.3 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-10.2 |
-10.2 |
-8.2 |
-10.2 |
-8.2 |
|
Total Cash Dividends Paid |
-10.2 |
-10.2 |
-8.2 |
-10.2 |
-8.2 |
|
Long Term Debt Issued |
17.1 |
8.0 |
- |
- |
- |
|
Long Term Debt
Reduction |
0.0 |
-0.5 |
-0.4 |
-0.4 |
-0.6 |
|
Long Term Debt, Net |
17.1 |
7.5 |
-0.4 |
-0.4 |
-0.6 |
|
Issuance (Retirement) of Debt, Net |
17.1 |
7.5 |
-0.4 |
-0.4 |
-0.6 |
|
Cash from Financing Activities |
6.8 |
-2.7 |
-8.6 |
-10.6 |
-8.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
7.0 |
-6.7 |
7.2 |
-9.7 |
-3.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.9 |
19.6 |
12.4 |
22.1 |
25.7 |
|
Net Cash - Ending Balance |
20.0 |
12.9 |
19.6 |
12.4 |
22.1 |
|
Cash Taxes Paid |
2.1 |
2.7 |
2.9 |
1.8 |
1.2 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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) |
0.384987 |
0.385042 |
0.384991 |
0.384977 |
0.38488 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
158.0 |
135.9 |
121.3 |
133.3 |
131.8 |
|
Total Revenue |
158.0 |
135.9 |
121.3 |
133.3 |
131.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
126.7 |
113.9 |
91.1 |
101.8 |
110.6 |
|
Selling and Distribution |
0.2 |
0.5 |
1.5 |
1.9 |
1.6 |
|
Other General & Administration |
2.1 |
1.7 |
6.5 |
6.7 |
5.3 |
|
Staff Costs & Director's Fees |
6.7 |
5.8 |
- |
- |
- |
|
Depreciation |
0.5 |
0.4 |
0.4 |
- |
- |
|
Advertising |
0.4 |
- |
- |
- |
- |
|
Total Operating Expense |
136.7 |
122.3 |
99.5 |
110.3 |
117.4 |
|
|
|
|
|
|
|
|
Investment/Finance/Other Income |
0.4 |
0.6 |
2.1 |
-7.3 |
8.5 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Interest Expenses |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Income |
0.4 |
0.7 |
- |
- |
- |
|
Net Income Before Taxes |
22.1 |
14.9 |
23.8 |
15.7 |
22.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
Net Income After Taxes |
19.2 |
13.1 |
20.9 |
12.8 |
21.2 |
|
|
|
|
|
|
|
|
Minority Interests |
-0.2 |
-0.1 |
0.1 |
-0.1 |
-0.3 |
|
Share of Equity in Associate |
0.4 |
0.5 |
-0.1 |
- |
- |
|
Net Income Before Extra. Items |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
Net Income |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Basic EPS Including ExtraOrdinary Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted Net Income |
19.5 |
13.6 |
20.9 |
12.7 |
20.9 |
|
Diluted Weighted Average Shares |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted EPS Including ExtraOrd Items |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
DPS-Ordinary Shares |
0.06 |
0.06 |
0.06 |
0.05 |
0.06 |
|
Gross Dividends - Common Stock |
10.2 |
10.2 |
10.2 |
8.2 |
10.2 |
|
Normalized Income Before Taxes |
22.1 |
14.9 |
23.8 |
15.7 |
22.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
Normalized Income After Taxes |
19.2 |
13.1 |
20.9 |
12.8 |
21.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.4 |
13.5 |
20.9 |
12.7 |
20.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Diluted Normalized EPS |
0.12 |
0.09 |
0.13 |
0.08 |
0.13 |
|
Interest Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Rental Expense |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Depreciation |
3.2 |
3.5 |
3.3 |
3.2 |
4.7 |
|
Advertising |
0.4 |
0.3 |
0.2 |
0.3 |
0.4 |
|
Current Tax |
3.1 |
1.7 |
2.7 |
2.9 |
1.8 |
|
Current Tax - Total |
3.1 |
1.7 |
2.7 |
2.9 |
1.8 |
|
Deferred Tax |
-0.2 |
0.1 |
0.2 |
0.0 |
-0.3 |
|
Deferred Tax - Total |
-0.2 |
0.1 |
0.2 |
0.0 |
-0.3 |
|
Income Tax - Total |
2.9 |
1.8 |
2.9 |
2.9 |
1.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.3848 |
0.38505 |
0.38475 |
0.38505 |
0.38505 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Due from Subsidiaries & Associates |
1.0 |
1.2 |
0.9 |
- |
- |
|
Raw Materials |
26.2 |
25.2 |
11.3 |
19.2 |
21.5 |
|
Finished Product |
1.8 |
1.9 |
1.1 |
1.3 |
1.4 |
|
Work in Progress |
- |
- |
0.0 |
0.0 |
0.0 |
|
Packing/Spares |
5.2 |
3.7 |
4.2 |
4.1 |
3.5 |
|
Prov. Obsolescen |
-2.2 |
-2.0 |
-2.0 |
-1.8 |
-1.2 |
|
Investments Held to Maturity |
0.0 |
10.4 |
18.3 |
19.5 |
- |
|
Investments Available for Sale |
8.4 |
11.7 |
11.8 |
11.0 |
18.0 |
|
Trade Receivable |
21.9 |
27.6 |
23.5 |
20.4 |
22.6 |
|
Provision for Doubtful Debts |
-1.2 |
-1.2 |
-1.7 |
-1.9 |
-1.9 |
|
Prepayments |
0.5 |
0.6 |
0.5 |
- |
- |
|
Other Receivable |
20.4 |
- |
- |
- |
- |
|
Long Term Deposit |
0.0 |
5.8 |
5.8 |
- |
- |
|
Cash-Bank/Hand |
20.0 |
12.9 |
19.6 |
12.4 |
22.1 |
|
Total Current Assets |
102.1 |
97.8 |
93.4 |
84.2 |
86.0 |
|
|
|
|
|
|
|
|
Biological Assets |
2.1 |
1.9 |
2.3 |
2.3 |
1.6 |
|
Land/Buildings |
0.7 |
0.7 |
33.6 |
32.2 |
32.2 |
|
Buildings on Leasehold Land |
4.2 |
4.0 |
3.8 |
3.8 |
3.6 |
|
Buildings on Freehold Land |
35.3 |
33.4 |
- |
- |
- |
|
Plant/Machinery |
81.5 |
77.9 |
75.3 |
71.6 |
67.1 |
|
Furn./Fittings |
3.5 |
3.0 |
2.5 |
2.4 |
2.0 |
|
Motor Vehicles |
3.3 |
1.6 |
1.5 |
1.4 |
1.3 |
|
Work in Progress |
34.7 |
11.3 |
3.4 |
2.3 |
3.6 |
|
Depreciation |
-89.4 |
-86.5 |
-83.4 |
-80.0 |
-76.9 |
|
Investments |
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Intangible Assets Goodwill |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Investment in Associate |
2.5 |
2.2 |
1.4 |
- |
- |
|
L-T Deposits |
- |
- |
0.0 |
3.6 |
- |
|
Total Assets |
181.5 |
148.3 |
134.9 |
124.9 |
121.6 |
|
|
|
|
|
|
|
|
Bank Borrowings |
0.1 |
0.0 |
- |
- |
- |
|
Current Port-Gov't Term Loans |
3.2 |
1.2 |
0.5 |
0.4 |
0.4 |
|
Trade Payables |
7.4 |
2.0 |
1.3 |
7.2 |
7.3 |
|
Taxation |
2.8 |
1.7 |
2.8 |
3.0 |
1.9 |
|
Payable to Related Parties |
- |
0.0 |
0.0 |
- |
- |
|
Accrued Expenses |
6.0 |
6.0 |
3.1 |
- |
- |
|
Directors' Fee |
0.4 |
0.3 |
0.4 |
- |
- |
|
Total Current Liabilities |
19.8 |
11.2 |
8.1 |
10.6 |
9.5 |
|
|
|
|
|
|
|
|
Gov't Term Loans |
23.5 |
8.4 |
1.6 |
2.1 |
2.5 |
|
Total Long Term Debt |
23.5 |
8.4 |
1.6 |
2.1 |
2.5 |
|
|
|
|
|
|
|
|
Deferred Taxes |
1.3 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Employees' end of Service Benefits |
1.4 |
1.2 |
1.1 |
0.9 |
0.7 |
|
Minority Int. |
0.9 |
0.7 |
0.7 |
0.8 |
0.7 |
|
Total Liabilities |
46.9 |
23.0 |
12.8 |
15.6 |
14.7 |
|
|
|
|
|
|
|
|
Share Capital |
40.9 |
40.9 |
40.9 |
40.9 |
40.9 |
|
Legal Reserve |
14.2 |
14.1 |
13.6 |
13.6 |
13.6 |
|
General Reserve |
6.5 |
6.5 |
6.5 |
6.5 |
6.5 |
|
Proposed Dividends |
- |
- |
10.2 |
8.2 |
10.2 |
|
Retained Profit |
72.9 |
63.8 |
50.8 |
40.1 |
35.6 |
|
Total Equity |
134.6 |
125.3 |
122.1 |
109.3 |
106.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
181.5 |
148.3 |
134.9 |
124.9 |
121.6 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Total Common Shares Outstanding |
157.5 |
157.5 |
157.5 |
157.5 |
157.5 |
|
Number of Shareholders |
- |
- |
1,668 |
1,908 |
- |
|
LT Loans Maturing Within 1 Year |
3.2 |
1.2 |
0.5 |
0.4 |
0.4 |
|
Loans-btw 1 & 2 yrs. |
4.6 |
3.4 |
0.5 |
0.4 |
0.4 |
|
Loans-btw 2 & 5 yrs. |
11.7 |
4.3 |
1.1 |
1.1 |
1.5 |
|
Loans over 5 yrs. |
7.2 |
0.8 |
0.0 |
0.5 |
0.5 |
|
Total Long Term Debt, Supplemental |
26.7 |
9.6 |
2.1 |
2.5 |
2.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal
|
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384987 |
0.385042 |
0.384991 |
0.384977 |
0.38488 |
|
Auditor |
Moore Stephens |
Moore Stephens |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
22.5 |
15.4 |
23.8 |
15.7 |
22.8 |
|
Depreciation |
3.2 |
3.5 |
3.3 |
3.2 |
4.7 |
|
Depreciation on Chickens |
- |
- |
0.5 |
-0.2 |
0.9 |
|
Share of Profits in Associate |
-0.4 |
-0.5 |
- |
- |
- |
|
Directors Fees |
0.6 |
0.6 |
0.6 |
0.6 |
0.5 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Work in Progress Written Off |
0.6 |
-0.2 |
0.1 |
0.9 |
-2.7 |
|
Prov-Impairment of Rcvbls. |
- |
- |
- |
- |
0.3 |
|
Interest Income |
-0.4 |
-0.7 |
-0.9 |
-0.4 |
-0.3 |
|
Dividend Income |
-0.3 |
-0.3 |
-0.3 |
-0.5 |
-0.6 |
|
Employee End of Service Benefit |
0.3 |
0.2 |
0.3 |
0.4 |
0.2 |
|
Prov-Obsolence of Inventories |
0.2 |
0.0 |
0.2 |
0.5 |
0.8 |
|
Change in Fair Value of Investments |
-0.4 |
0.3 |
-0.8 |
7.7 |
-4.8 |
|
Payment of End of Service Benefits |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
|
Inventories |
-2.7 |
-13.8 |
7.5 |
1.3 |
-7.5 |
|
Acc'ts & Other Rcvbls. |
-14.6 |
-4.7 |
-3.8 |
2.2 |
-5.1 |
|
Due from Subsid. |
0.2 |
2.6 |
-0.9 |
0.0 |
0.2 |
|
Acc'ts & Other Payables |
4.9 |
0.0 |
-3.0 |
-0.7 |
2.3 |
|
Income Tax Paid |
-2.1 |
-2.7 |
-2.9 |
-1.8 |
-1.2 |
|
Cash from Operating Activities |
11.6 |
-0.4 |
23.5 |
28.6 |
10.6 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-31.8 |
-12.2 |
-6.3 |
-4.0 |
-4.4 |
|
Proceed-Fixed Assets |
0.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Purch-Invst. Held-to Maturity |
- |
- |
-0.1 |
-1.5 |
-1.8 |
|
Disp-Avail-for Sale |
3.1 |
0.0 |
- |
- |
- |
|
Purchase of Investment in Subsidiary |
0.0 |
-0.3 |
-1.6 |
0.0 |
- |
|
Interest Received |
0.4 |
0.7 |
0.9 |
0.4 |
0.3 |
|
Dividend Received |
0.3 |
0.3 |
0.3 |
0.5 |
0.6 |
|
L-T Deposits |
5.8 |
- |
-2.2 |
-3.6 |
- |
|
S-T Deposits |
10.4 |
7.9 |
1.2 |
-19.5 |
- |
|
Cash from Investing Activities |
-11.4 |
-3.5 |
-7.7 |
-27.7 |
-5.3 |
|
|
|
|
|
|
|
|
Draw-Dwn. of Term loans |
17.1 |
8.0 |
- |
- |
- |
|
Repayment-LT Loan |
0.0 |
-0.5 |
-0.4 |
-0.4 |
-0.6 |
|
Dividend Paid |
-10.2 |
-10.2 |
-8.2 |
-10.2 |
-8.2 |
|
Cash from Financing Activities |
6.8 |
-2.7 |
-8.6 |
-10.6 |
-8.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
7.0 |
-6.7 |
7.2 |
-9.7 |
-3.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
12.9 |
19.6 |
12.4 |
22.1 |
25.7 |
|
Net Cash - Ending Balance |
20.0 |
12.9 |
19.6 |
12.4 |
22.1 |
|
Cash Taxes Paid |
2.1 |
2.7 |
2.9 |
1.8 |
1.2 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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.