MIRA INFORM REPORT
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Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ASAFFA FOODS SAOG |
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Formerly Known as: |
A'Saffa Poultry Farms SAOG |
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Registered Office : |
Ruwi, P.O.Box 3436, Salalah, 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.12.2001 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacture
and distribution of poultry
meat. |
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No. of Employees : |
242 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company name & address
ASaffa Foods SAOG
Ruwi
P.O.Box 3436
Salalah, 112
Oman
Tel: 968-24-591800
Fax: 968-24-592800
Web: www.asaffa.com
Synthesis
Employees: 242
Company Type: Public Independent
Traded: Muscat
Securities Market: SPFI
Incorporation Date:
30-Dec-2001
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Rial
Omani
Annual Sales: 67.2
1
Net Income: 18.9
Total Assets:
100.5 2
Market Value: 248.1 (08-May-2013)
Business Description
A Saffa Foods SAOG is an Oman-based company engaged in the manufacture and distribution of poultry meat. The Company's products include chilled fresh and frozen chicken, chicken thighs, chicken breast, drumstick, wings, liver, heart and gizzard. ASaffa Foods SAOG's farms comprise a complex of parent bird farms, hatchery, broiler bird farms, slaughter houses, processing plant, rendering plant, power station, laboratory, cold storage and effluent treatment system. Its chickens are produced at the processing plant and slaughtering is done by hand (Halal) according to the Islamic Sharia. It exports frozen chicken to countries like United Arab Emirates, Qatar, Bahrain, Kuwait, Saudi Arabia, Yemen, Iraq, Lebanon, Egypt, Vietnam, China and Pakistan. The Company’s wholly owned subsidiary, A Saffa Meat Processing LLC, which focuses on the production and distribution of meat and fish products. For the fiscal year ended 31 December 2012, ASaffa Foods SAOG revenues increased 21% to OMR25.9M. Net income increased 89% to OMR7.3M. Revenues reflect Oman segment increase of 24% to OMR19M, GCC Countries segment increase of 12% to OMR6.6M. Net income benefited from Exchange Loss decrease of 86% to OMR7K (expense), Profit on Disposal of Equipment increase of 69% to OMR3K (income). Dividend per share remained flat at OMR0.01.
Industry
Industry Food Processing
ANZSIC 2006: 1112 - Poultry
Processing
NACE 2002: 1512 - Production
and preserving of poultry meat
NAICS 2002: 311615 - Poultry
Processing
UK SIC 2003: 1512 - Production
and preserving of poultry meat
UK SIC 2007: 1012 - Processing
and preserving of poultry meat
US SIC 1987: 2015 - Poultry
Slaughtering and Processing
Key Executives
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Name |
Title |
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Chief Executive Officer |
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Chief Financial Officer |
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Head of Marketing and Sales Manager |
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Amira Al Atta Bin Ouf Al Atta |
Secretary of the Board |
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Senior Operations Manager |
Significant Developments
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* number of significant developments within the last 12 months
News
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Title |
Date |
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INVITATION TO ATTEND EGM/AGM |
5-Mar-2013 |
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A'Saffa Foods annual net profit after tax
increases |
4-Mar-2013 |
Financial Summary
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Stock Snapshot
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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
Ruwi
P.O.Box 3436
Salalah, 112
Oman
Tel: 968-24-591800
Fax: 968-24-592800
Web: www.asaffa.com
Quote Symbol - Exchange
SPFI - Muscat Securities Market
Sales OMR(mil): 25.9
Assets OMR(mil): 38.7
Employees: 242
Fiscal Year End: 31-Dec-2012
Industry: Food
Processing
Incorporation Date: 30-Dec-2001
Company Type: Public
Independent
Quoted Status: Quoted
Previous Name: A'Saffa
Poultry Farms SAOG
Chief Executive
Officer:
Naser Zaher Naser Al Maawali
Industry Codes
ANZSIC 2006 Codes:
1112 - Poultry Processing
0171 - Poultry Farming (Meat)
1120 - Seafood Processing
017 - Poultry Farming
NACE 2002 Codes:
1512 - Production and preserving of poultry meat
1520 - Processing and preserving of fish and fish products
0124 - Farming of poultry
NAICS 2002 Codes:
311615 - Poultry Processing
112390 - Other Poultry Production
311712 - Fresh and Frozen Seafood Processing
112340 - Poultry Hatcheries
US SIC 1987:
2015 - Poultry Slaughtering and Processing
2092 - Prepared Fresh or Frozen Fish and Seafoods
0259 - Poultry and Eggs, Not Elsewhere Classified
0254 - Poultry Hatcheries
UK SIC 2003:
1512 - Production and preserving of poultry meat
1520 - Processing and preserving of fish and fish products
0124 - Farming of poultry
UK SIC 2007:
1012 - Processing and preserving of poultry meat
1020 - Processing and preserving of fish, crustaceans and molluscs
0147 - Raising of poultry
Business
Description
A Saffa Foods SAOG
is an Oman-based company engaged in the manufacture and distribution of poultry
meat. The Company's products include chilled fresh and frozen chicken, chicken
thighs, chicken breast, drumstick, wings, liver, heart and gizzard. ASaffa
Foods SAOG's farms comprise a complex of parent bird farms, hatchery, broiler
bird farms, slaughter houses, processing plant, rendering plant, power station,
laboratory, cold storage and effluent treatment system. Its chickens are
produced at the processing plant and slaughtering is done by hand (Halal)
according to the Islamic Sharia. It exports frozen chicken to countries like
United Arab Emirates, Qatar, Bahrain, Kuwait, Saudi Arabia, Yemen, Iraq,
Lebanon, Egypt, Vietnam, China and Pakistan. The Company’s wholly owned
subsidiary, A Saffa Meat Processing LLC, which focuses on the production and
distribution of meat and fish products. For the fiscal year ended 31 December
2012, ASaffa Foods SAOG revenues increased 21% to OMR25.9M. Net income
increased 89% to OMR7.3M. Revenues reflect Oman segment increase of 24% to
OMR19M, GCC Countries segment increase of 12% to OMR6.6M. Net income benefited
from Exchange Loss decrease of 86% to OMR7K (expense), Profit on Disposal of
Equipment increase of 69% to OMR3K (income). Dividend per share remained flat
at OMR0.01.
More Business
Descriptions
· Production and processing of chickens
Poultry
Services
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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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Non-Executive Independent Vice Chairman of
the Board, representing Gulf Investment Corporation |
Vice-Chairman |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Non-Executive Member of the Board,
representing National United Engineering and Contracting Co. LLC |
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, representing Internal Security Pension Fund |
Director/Board Member |
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Non-Executive Independent Member of the
Board, representing Arab Authority For Agricultural Investment &
Development |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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CEO |
Chief Executive Officer |
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Senior Operations Manager |
Operations Executive |
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Assistant Chief Executive Officer for
Administration Affairs |
Administration Executive |
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Secretary |
Administration Executive |
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Secretary of the Board |
Company Secretary |
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Chief Financial Officer |
Finance Executive |
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Internal Auditor |
Accounting Executive |
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Head of Marketing and Sales Manager |
Sales Executive |
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Head-Compliance |
Legal Executive |
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Head-Risk Management |
Insurance Executive |
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Significant Developments
A Saffa Foods SAOG Recommends 15% Annual Cash Dividend and 5% Stock Dividend For FY 2012 Feb 26, 2013
A Saffa Foods SAOG announced that its Board of Directors has recommended the distribution of 15% annual cash dividend and 5% stock dividend, of the Company's paid up capital, for the fiscal year ended December 31, 2012 subject to the approval of shareholders at their Annual General Meeting to be held on March 28, 2013.
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 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate
(Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
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Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Moore Stephens
Chartered Accountants |
Moore Stephens |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
67.2 |
55.4 |
48.6 |
41.0 |
33.8 |
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Revenue |
67.2 |
55.4 |
48.6 |
41.0 |
33.8 |
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Total Revenue |
67.2 |
55.4 |
48.6 |
41.0 |
33.8 |
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Cost of Revenue |
40.3 |
35.9 |
31.6 |
26.6 |
24.0 |
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Cost of Revenue, Total |
40.3 |
35.9 |
31.6 |
26.6 |
24.0 |
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Gross Profit |
26.9 |
19.5 |
16.9 |
14.4 |
9.9 |
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Selling/General/Administrative Expense |
4.8 |
4.3 |
3.8 |
5.7 |
4.0 |
|
Labor & Related Expense |
4.0 |
3.0 |
2.5 |
- |
- |
|
Advertising Expense |
1.1 |
0.9 |
1.0 |
- |
- |
|
Total Selling/General/Administrative Expenses |
9.9 |
8.2 |
7.2 |
5.7 |
4.0 |
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Depreciation |
0.4 |
0.4 |
0.4 |
- |
- |
|
Depreciation/Amortization |
0.4 |
0.4 |
0.4 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
0.0 |
-0.1 |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
0.0 |
0.0 |
-0.1 |
- |
- |
|
Other, Net |
-3.2 |
0.0 |
0.0 |
-0.3 |
-0.4 |
|
Other Operating Expenses, Total |
-3.2 |
0.0 |
0.0 |
-0.3 |
-0.4 |
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Total Operating Expense |
47.5 |
44.4 |
39.1 |
32.0 |
27.5 |
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Operating Income |
19.8 |
11.0 |
9.4 |
9.0 |
6.3 |
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Interest Expense -
Non-Operating |
-1.0 |
-1.0 |
-1.2 |
-1.8 |
-1.8 |
|
Interest Expense, Net Non-Operating |
-1.0 |
-1.0 |
-1.2 |
-1.8 |
-1.8 |
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Interest Income -
Non-Operating |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
- |
0.2 |
- |
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Interest Income (Expense) - Net Non-Operating Total |
-0.8 |
-0.8 |
-1.0 |
-1.5 |
-1.6 |
|
Other Non-Operating Income (Expense) |
0.0 |
-0.1 |
0.0 |
- |
- |
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Other, Net |
0.0 |
-0.1 |
0.0 |
- |
- |
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Income Before Tax |
18.9 |
10.0 |
8.4 |
7.5 |
4.6 |
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Total Income Tax |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
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Income After Tax |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Net Income Before Extraord Items |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Net Income |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Income Available to Common Excl Extraord Items |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Income Available to Common Incl Extraord Items |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Basic/Primary Weighted Average Shares |
110.3 |
115.8 |
110.3 |
115.8 |
82.0 |
|
Basic EPS Excl Extraord Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
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Basic/Primary EPS Incl Extraord Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
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Diluted Net Income |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
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Diluted Weighted Average Shares |
110.3 |
115.8 |
110.3 |
115.8 |
82.0 |
|
Diluted EPS Excl Extraord Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Diluted EPS Incl Extraord Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
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Dividends per Share - Common Stock Primary Issue |
0.04 |
0.03 |
0.02 |
- |
- |
|
Gross Dividends - Common Stock |
- |
3.3 |
2.7 |
- |
- |
|
Interest Expense, Supplemental |
1.0 |
1.0 |
1.2 |
1.8 |
1.8 |
|
Depreciation, Supplemental |
2.8 |
2.5 |
2.4 |
2.2 |
1.5 |
|
Total Special Items |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
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Normalized Income Before Tax |
18.9 |
10.0 |
8.3 |
7.5 |
4.6 |
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|
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|
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Normalized Income After Tax |
18.9 |
10.0 |
8.1 |
7.5 |
4.6 |
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|
|
|
|
|
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Normalized Inc. Avail to Com. |
18.9 |
10.0 |
8.1 |
7.5 |
4.6 |
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|
|
|
|
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Basic Normalized EPS |
0.17 |
0.09 |
0.07 |
0.07 |
0.06 |
|
Diluted Normalized EPS |
0.17 |
0.09 |
0.07 |
0.07 |
0.06 |
|
Rental Expenses |
1.9 |
1.9 |
1.4 |
1.0 |
0.4 |
|
Advertising Expense, Supplemental |
1.1 |
0.9 |
1.0 |
0.9 |
0.5 |
|
Normalized EBIT |
19.8 |
11.0 |
9.4 |
9.0 |
6.3 |
|
Normalized EBITDA |
22.6 |
13.5 |
11.8 |
11.2 |
7.8 |
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 |
Updated 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 |
Moore Stephens
Chartered Accountants |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
1.0 |
- |
- |
- |
- |
|
Cash & Equivalents |
- |
2.1 |
2.1 |
8.1 |
6.0 |
|
Short Term Investments |
5.4 |
5.2 |
5.2 |
- |
- |
|
Cash and Short Term Investments |
6.4 |
7.4 |
7.4 |
8.1 |
6.0 |
|
Accounts Receivable -
Trade, Gross |
14.3 |
10.7 |
10.3 |
8.9 |
6.3 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
23.9 |
10.5 |
10.2 |
8.9 |
6.2 |
|
Other Receivables |
- |
1.7 |
0.5 |
0.5 |
1.3 |
|
Total Receivables, Net |
23.9 |
12.2 |
10.7 |
9.4 |
7.5 |
|
Inventories - Finished Goods |
1.8 |
1.6 |
1.2 |
2.6 |
0.9 |
|
Inventories - Raw Materials |
12.7 |
6.8 |
6.7 |
7.7 |
6.4 |
|
Inventories - Other |
0.4 |
0.7 |
0.7 |
0.7 |
0.5 |
|
Total Inventory |
14.8 |
9.1 |
8.5 |
11.0 |
7.8 |
|
Prepaid Expenses |
0.2 |
0.2 |
0.3 |
0.1 |
0.0 |
|
Total Current Assets |
45.4 |
28.8 |
26.9 |
28.6 |
21.3 |
|
|
|
|
|
|
|
|
Buildings |
31.9 |
25.8 |
25.7 |
25.2 |
10.2 |
|
Land/Improvements |
1.5 |
1.5 |
1.5 |
- |
- |
|
Machinery/Equipment |
33.5 |
28.1 |
27.7 |
27.1 |
21.8 |
|
Construction in
Progress |
5.0 |
5.0 |
- |
0.0 |
15.3 |
|
Property/Plant/Equipment - Gross |
71.9 |
60.4 |
55.0 |
52.3 |
47.3 |
|
Accumulated Depreciation |
-16.8 |
-14.1 |
-11.6 |
-9.5 |
-7.3 |
|
Property/Plant/Equipment - Net |
55.1 |
46.3 |
43.4 |
42.8 |
40.0 |
|
LT Investments - Other |
0.1 |
0.1 |
0.1 |
- |
- |
|
Long Term Investments |
0.1 |
0.1 |
0.1 |
- |
- |
|
Total Assets |
100.5 |
75.3 |
70.4 |
71.4 |
61.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
3.3 |
- |
- |
- |
- |
|
Payable/Accrued |
2.1 |
4.6 |
4.0 |
4.2 |
6.3 |
|
Accrued Expenses |
2.9 |
1.7 |
1.3 |
- |
- |
|
Notes Payable/Short Term Debt |
12.7 |
6.4 |
5.3 |
6.5 |
3.8 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.0 |
0.1 |
1.3 |
0.1 |
|
Income Taxes Payable |
- |
0.0 |
0.2 |
- |
- |
|
Other Current liabilities, Total |
- |
0.0 |
0.2 |
- |
- |
|
Total Current Liabilities |
21.0 |
12.7 |
10.8 |
12.0 |
10.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
19.0 |
17.7 |
22.2 |
27.8 |
26.9 |
|
Capital Lease Obligations |
0.0 |
0.0 |
0.1 |
- |
- |
|
Total Long Term Debt |
19.0 |
17.7 |
22.2 |
27.8 |
26.9 |
|
Total Debt |
31.7 |
24.2 |
27.6 |
35.5 |
30.8 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
0.6 |
0.4 |
0.3 |
0.2 |
0.1 |
|
Other Long Term Liabilities |
- |
- |
- |
0.0 |
0.2 |
|
Other Liabilities, Total |
0.6 |
0.4 |
0.3 |
0.2 |
0.4 |
|
Total Liabilities |
40.5 |
30.8 |
33.3 |
40.0 |
37.4 |
|
|
|
|
|
|
|
|
Common Stock |
28.6 |
27.3 |
26.0 |
26.0 |
26.0 |
|
Common Stock |
28.6 |
27.3 |
26.0 |
26.0 |
26.0 |
|
Retained Earnings (Accumulated Deficit) |
31.4 |
17.2 |
11.0 |
5.5 |
-2.1 |
|
Total Equity |
60.0 |
44.4 |
37.0 |
31.4 |
23.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
100.5 |
75.3 |
70.4 |
71.4 |
61.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
110.3 |
115.8 |
115.8 |
115.8 |
115.8 |
|
Total Common Shares Outstanding |
110.3 |
115.8 |
115.8 |
115.8 |
115.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Employees |
- |
- |
- |
- |
242 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Moore Stephens
Chartered Accountants |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
18.9 |
10.0 |
8.4 |
7.5 |
4.6 |
|
Depreciation |
2.8 |
2.5 |
2.4 |
2.2 |
1.5 |
|
Depreciation/Depletion |
2.8 |
2.5 |
2.4 |
2.2 |
1.5 |
|
Other Non-Cash Items |
1.0 |
1.0 |
1.2 |
1.4 |
1.3 |
|
Non-Cash Items |
1.0 |
1.0 |
1.2 |
1.4 |
1.3 |
|
Accounts Receivable |
-11.3 |
-1.4 |
-1.6 |
-2.0 |
-2.3 |
|
Inventories |
-5.7 |
-0.5 |
2.4 |
-3.1 |
-2.2 |
|
Accounts Payable |
2.0 |
1.0 |
1.1 |
-2.3 |
1.9 |
|
Other Operating Cash Flow |
-0.9 |
-1.0 |
-1.2 |
-1.3 |
-1.2 |
|
Changes in Working Capital |
-15.9 |
-2.0 |
0.8 |
-8.7 |
-3.8 |
|
Cash from Operating Activities |
6.8 |
11.5 |
12.7 |
2.4 |
3.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-12.0 |
-5.5 |
-2.9 |
-5.1 |
-13.5 |
|
Capital Expenditures |
-12.0 |
-5.5 |
-2.9 |
-5.1 |
-13.5 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
- |
0.0 |
-0.1 |
-3.7 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.0 |
-0.1 |
-3.7 |
-0.1 |
|
Cash from Investing Activities |
-12.0 |
-5.5 |
-3.0 |
-8.7 |
-13.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
-4.4 |
3.4 |
-1.0 |
|
Financing Cash Flow Items |
- |
- |
-4.4 |
3.4 |
-1.0 |
|
Cash Dividends Paid - Common |
-3.3 |
-2.6 |
-2.6 |
- |
- |
|
Total Cash Dividends Paid |
-3.3 |
-2.6 |
-2.6 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
13.0 |
|
Long Term Debt Issued |
8.0 |
3.3 |
- |
- |
- |
|
Long Term Debt
Reduction |
-4.9 |
-8.5 |
- |
- |
- |
|
Long Term Debt, Net |
7.5 |
-3.5 |
-3.5 |
1.3 |
-1.8 |
|
Issuance (Retirement) of Debt, Net |
7.5 |
-3.5 |
-3.5 |
1.3 |
-1.8 |
|
Cash from Financing Activities |
4.2 |
-6.1 |
-10.5 |
4.8 |
10.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.9 |
0.0 |
-0.8 |
-1.5 |
0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.1 |
2.1 |
2.9 |
4.4 |
4.2 |
|
Net Cash - Ending Balance |
1.2 |
2.1 |
2.1 |
2.9 |
4.4 |
|
Cash Interest Paid |
1.0 |
1.0 |
1.1 |
1.3 |
1.2 |
|
Cash Taxes Paid |
- |
0.1 |
0.0 |
- |
- |
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 |
Updated Normal |
Reclassified
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 |
Moore Stephens
Chartered Accountants |
Moore Stephens
Chartered Accountants |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
67.2 |
55.4 |
48.6 |
41.0 |
33.8 |
|
Total Revenue |
67.2 |
55.4 |
48.6 |
41.0 |
33.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
40.3 |
33.8 |
29.6 |
26.6 |
24.0 |
|
Depreciation- COS |
- |
2.1 |
2.0 |
- |
- |
|
Marketing & Distribution costs |
- |
3.4 |
2.9 |
3.7 |
2.3 |
|
Director's Remuneration |
0.3 |
- |
- |
- |
- |
|
Employee Related Costs-M&D |
2.1 |
1.6 |
1.2 |
- |
- |
|
Advertisement & Sales Promotion |
1.1 |
0.9 |
1.0 |
- |
- |
|
Depreciation(1) |
0.1 |
0.1 |
0.0 |
- |
- |
|
Administrative & Pre-Operative Expenses |
- |
0.9 |
0.9 |
2.0 |
1.7 |
|
Employee Related Costs-G&A |
1.6 |
1.4 |
1.3 |
- |
- |
|
Depreciation |
0.4 |
0.3 |
0.3 |
- |
- |
|
Other Operating Income |
-3.2 |
- |
- |
- |
- |
|
Other Financial Charges |
- |
- |
- |
-0.3 |
-0.4 |
|
Rental Expense |
1.8 |
- |
- |
- |
- |
|
Rental Expense |
0.1 |
- |
- |
- |
- |
|
Other Administrative Expenses |
0.8 |
- |
- |
- |
- |
|
Other Marketing & Distribution costs |
2.2 |
- |
- |
- |
- |
|
Pre-Operating Expenses |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Operating Income |
- |
0.0 |
0.0 |
- |
- |
|
Profit on Disposal of Equipment |
0.0 |
0.0 |
-0.1 |
- |
- |
|
Total Operating Expense |
47.5 |
44.4 |
39.1 |
32.0 |
27.5 |
|
|
|
|
|
|
|
|
Interest Expenses |
-1.0 |
-1.0 |
-1.2 |
-1.8 |
-1.8 |
|
Interest Income |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Exchange Loss |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Other Income |
- |
- |
- |
0.2 |
- |
|
Net Income Before Taxes |
18.9 |
10.0 |
8.4 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Net Income After Taxes |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
Net Income |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
110.3 |
115.8 |
110.3 |
115.8 |
82.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Basic EPS Including ExtraOrdinary Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Diluted Net Income |
18.9 |
10.0 |
8.2 |
7.5 |
4.6 |
|
Diluted Weighted Average Shares |
110.3 |
115.8 |
110.3 |
115.8 |
82.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Diluted EPS Including ExtraOrd Items |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
DPS-Common Stock |
0.04 |
0.03 |
0.02 |
- |
- |
|
Gross Dividends - Common Stock |
- |
3.3 |
2.7 |
- |
- |
|
Normalized Income Before Taxes |
18.9 |
10.0 |
8.3 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
18.9 |
10.0 |
8.1 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
18.9 |
10.0 |
8.1 |
7.5 |
4.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Diluted Normalized EPS |
0.17 |
0.09 |
0.07 |
0.06 |
0.06 |
|
Depreciation |
2.8 |
2.5 |
2.4 |
2.2 |
1.5 |
|
Interest Expenses |
1.0 |
- |
- |
- |
- |
|
Interest Expenses |
- |
1.0 |
1.2 |
1.8 |
1.8 |
|
Rent Expense |
1.9 |
1.9 |
1.4 |
1.0 |
0.4 |
|
Advertisement Expense |
1.1 |
0.9 |
1.0 |
0.9 |
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 |
Updated 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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Moore Stephens
Chartered Accountants |
Moore Stephens
Chartered Accountants |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Bank Balances |
- |
2.1 |
2.1 |
8.1 |
6.0 |
|
Call Deposit |
0.2 |
- |
- |
- |
- |
|
ST Deposits |
5.2 |
5.2 |
5.2 |
- |
- |
|
Other Rcvbls. & Prepayments |
9.9 |
- |
- |
- |
- |
|
Raw Materials |
9.3 |
4.3 |
4.3 |
5.2 |
5.0 |
|
Biological Assets |
3.3 |
2.4 |
2.4 |
2.5 |
1.5 |
|
Finished Products |
1.8 |
1.6 |
1.2 |
2.6 |
0.9 |
|
Stores & Others |
0.4 |
0.3 |
0.4 |
0.4 |
0.1 |
|
Hutchable Eggs |
- |
0.4 |
0.3 |
0.3 |
0.4 |
|
Trade Accounts Receivable |
14.3 |
10.7 |
10.3 |
8.9 |
6.3 |
|
Allowance for Credit Losses |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Prepayments |
0.2 |
0.2 |
0.3 |
0.1 |
0.0 |
|
Other Receivables |
- |
1.7 |
0.5 |
0.5 |
1.3 |
|
Cash in Hand & with Banks |
1.0 |
- |
- |
- |
- |
|
Total Current Assets |
45.4 |
28.8 |
26.9 |
28.6 |
21.3 |
|
|
|
|
|
|
|
|
Freehold Land |
1.5 |
1.5 |
1.5 |
- |
- |
|
Buildings |
31.9 |
25.8 |
25.7 |
25.2 |
10.2 |
|
Motor Vehicles |
2.0 |
1.9 |
1.6 |
1.5 |
1.0 |
|
Bore Wells |
0.6 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Plant & Machinery |
29.3 |
24.4 |
24.4 |
24.0 |
19.5 |
|
Furniture & Fixtures |
0.4 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Office Equipment |
0.5 |
0.5 |
0.5 |
0.4 |
0.2 |
|
Porta Cabins |
0.5 |
0.5 |
0.5 |
0.5 |
0.4 |
|
Const. in Progress |
5.0 |
5.0 |
- |
0.0 |
15.3 |
|
Depreciation |
-16.8 |
-14.1 |
-11.6 |
-9.5 |
-7.3 |
|
Available for Sale Investment |
0.1 |
0.1 |
0.1 |
- |
- |
|
Total Assets |
100.5 |
75.3 |
70.4 |
71.4 |
61.3 |
|
|
|
|
|
|
|
|
Due to Bank |
- |
1.9 |
0.2 |
3.7 |
2.3 |
|
Other Payables & Accruals |
2.1 |
- |
- |
- |
- |
|
Payables & Accruals |
- |
4.6 |
4.0 |
4.2 |
6.3 |
|
Income Tax Payable |
- |
0.0 |
0.2 |
- |
- |
|
Accruals |
2.9 |
1.7 |
1.3 |
- |
- |
|
ST Loans |
6.2 |
- |
- |
- |
- |
|
Term Loan |
6.4 |
4.5 |
5.1 |
2.8 |
1.5 |
|
Lease Finance |
0.0 |
0.0 |
0.1 |
- |
- |
|
Current Port. of LT Debt (Gov) |
- |
- |
- |
1.3 |
0.1 |
|
Accounts Payable |
3.3 |
- |
- |
- |
- |
|
Total Current Liabilities |
21.0 |
12.7 |
10.8 |
12.0 |
10.2 |
|
|
|
|
|
|
|
|
Term Loans |
17.2 |
15.5 |
19.5 |
27.8 |
26.9 |
|
Deferred Government Grant |
1.8 |
2.2 |
2.7 |
- |
- |
|
Lease Finance |
0.0 |
0.0 |
0.1 |
- |
- |
|
Total Long Term Debt |
19.0 |
17.7 |
22.2 |
27.8 |
26.9 |
|
|
|
|
|
|
|
|
Retentions Payable |
- |
- |
- |
0.0 |
0.2 |
|
Employees Terminal Benefit |
0.6 |
0.4 |
0.3 |
0.2 |
0.1 |
|
Total Liabilities |
40.5 |
30.8 |
33.3 |
40.0 |
37.4 |
|
|
|
|
|
|
|
|
Share Capital |
28.6 |
27.3 |
26.0 |
26.0 |
26.0 |
|
Special Reserve |
- |
- |
- |
- |
0.0 |
|
Legal Reserve |
5.2 |
3.3 |
2.3 |
1.4 |
0.7 |
|
Accumulated results |
26.2 |
13.9 |
8.8 |
4.0 |
-2.8 |
|
Total Equity |
60.0 |
44.4 |
37.0 |
31.4 |
23.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
100.5 |
75.3 |
70.4 |
71.4 |
61.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
110.3 |
115.8 |
115.8 |
115.8 |
115.8 |
|
Total Common Shares Outstanding |
110.3 |
115.8 |
115.8 |
115.8 |
115.8 |
|
T/S-Common Stock |
0.0 |
- |
- |
- |
- |
|
Full-Time Employees |
- |
- |
- |
- |
242 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
Moore Stephens
Chartered Accountants |
Moore Stephens
Chartered Accountants |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
18.9 |
10.0 |
8.4 |
7.5 |
4.6 |
|
Depreciation |
2.8 |
2.5 |
2.4 |
2.2 |
1.5 |
|
Interest income |
-0.1 |
-0.1 |
- |
- |
- |
|
Finance Cost/(Income) |
1.0 |
1.0 |
1.1 |
1.3 |
1.2 |
|
Loss on Disposal of Equipment |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Employees Terminal Benefits |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Employees' Benefits Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inventory |
-5.7 |
-0.5 |
2.4 |
-3.1 |
-2.2 |
|
Rcvbls/Prepayments |
-11.3 |
-1.4 |
-1.6 |
-2.0 |
-2.3 |
|
Payables & Accruals |
2.0 |
1.0 |
1.1 |
-2.3 |
1.9 |
|
Income Tax Paid |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Interest Paid |
-1.0 |
-0.9 |
- |
- |
- |
|
Interest received |
0.1 |
0.1 |
- |
- |
- |
|
Allowance for Credit Losses |
- |
- |
0.0 |
0.0 |
0.0 |
|
Bad Debts Written Off |
- |
- |
0.0 |
0.0 |
0.0 |
|
Finance Charges Paid |
- |
- |
-1.1 |
-1.3 |
-1.2 |
|
Cash from Operating Activities |
6.8 |
11.5 |
12.7 |
2.4 |
3.7 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-12.0 |
-5.5 |
-2.9 |
-5.1 |
-13.5 |
|
Rights Issue Expenses |
- |
- |
- |
0.0 |
-0.1 |
|
Investment in AFS Asset |
- |
0.0 |
-0.1 |
- |
- |
|
Bank/ Margin Deposits |
- |
0.0 |
0.0 |
-3.7 |
-0.1 |
|
Proceeds from Disposal of Equipment |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-12.0 |
-5.5 |
-3.0 |
-8.7 |
-13.6 |
|
|
|
|
|
|
|
|
Equity Increase |
- |
- |
- |
0.0 |
13.0 |
|
Overdraft/Due to Banks |
- |
- |
- |
0.0 |
-0.1 |
|
Due to Bank |
4.4 |
1.7 |
-3.5 |
1.3 |
-1.8 |
|
Loan from Related Party Repaid |
-0.7 |
-4.7 |
- |
- |
- |
|
Long Term Loans Received |
8.0 |
3.3 |
- |
- |
- |
|
Finance Lease Creditors Paid |
0.0 |
-0.1 |
- |
- |
- |
|
Long Term Loans Repaid |
-4.2 |
-3.7 |
- |
- |
- |
|
Term Loans |
- |
- |
-4.4 |
3.4 |
-0.9 |
|
Dividend Paid |
-3.3 |
-2.6 |
-2.6 |
- |
- |
|
Cash from Financing Activities |
4.2 |
-6.1 |
-10.5 |
4.8 |
10.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.9 |
0.0 |
-0.8 |
-1.5 |
0.2 |
|
|
|
|
|
|
|
|
Beginning Balance |
2.1 |
2.1 |
2.9 |
4.4 |
4.2 |
|
Ending Balance |
1.2 |
2.1 |
2.1 |
2.9 |
4.4 |
|
Cash Interest Paid |
1.0 |
1.0 |
1.1 |
1.3 |
1.2 |
|
Cash Taxes Paid |
- |
0.1 |
0.0 |
- |
- |
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.55.52 |
|
UK Pound |
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
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.