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Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SWEETS OF OMAN SAOG |
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Registered Office : |
Road Number: 8, Rusayl Industrial Estate P.O.Box 49 Muscat, 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
31.10.1988 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in the production and distribution of chocolates and sugar confectionery |
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No. of Employees : |
262 |
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) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
Source
: CIA
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SWEETS OF OMAN SAOG
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Sweets of Oman SAOG is an Oman-based company engaged in the production and distribution of chocolates and sugar confectionery. The Company produces a range of confectionery, such as eclairs, toffees, fudge, caramels and enrobed chocolates. The Company markets its products under brand names of Chiko, Folen & Court and Chelsea. The Company’s plant is located at Rusayl Industrial Estate in Muscat, Sultanate of Oman. The Company exports its products to Gulf Cooperation Council (GCC) countries and others. As of December 31, 2011, the Company’s main shareholders included Al Mekyal Imports and Exports, among others. For the six months ended 30 June 2013, Sweets of Oman SAOG revenues remained flat at OMR5.4M. Net income decreased 8% to OMR406K. Revenues reflect market conditions. Net income was partially offset by Administrative Expenses increase of 21% to OMR1M (expense), Depreciation increase of 3% to OMR163K (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at OMR0.06. |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
1073 - Manufacture of cocoa, chocolate and sugar confectionery |
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NACE Rev 2: |
1082 - Manufacture of cocoa, chocolate and sugar confectionery |
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NAICS 2012: |
311352 - Confectionery Manufacturing from Purchased Chocolate |
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UK SIC 2007: |
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US SIC 1987: |
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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
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Industry Codes
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Sweets of Oman SAOG is an Oman-based company engaged in the production and distribution of chocolates and sugar confectionery. The Company produces a range of confectionery, such as eclairs, toffees, fudge, caramels and enrobed chocolates. The Company markets its products under brand names of Chiko, Folen & Court and Chelsea. The Company’s plant is located at Rusayl Industrial Estate in Muscat, Sultanate of Oman. The Company exports its products to Gulf Cooperation Council (GCC) countries and others. As of December 31, 2011, the Company’s main shareholders included Al Mekyal Imports and Exports, among others. For the six months ended 30 June 2013, Sweets of Oman SAOG revenues remained flat at OMR5.4M. Net income decreased 8% to OMR406K. Revenues reflect market conditions. Net income was partially offset by Administrative Expenses increase of 21% to OMR1M (expense), Depreciation increase of 3% to OMR163K (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at OMR0.06.
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Production and distribution of sugar and chocolate confectionery |
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Chocolates & Confectionery Mfr |
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Shareholders
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Key Corporate Relationships
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Dividend for the year 2012 |
21-Feb-2013 |
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Confectionery firm Sweets of Oman receives leading
national award |
03-Jan-2013 |
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Confectionery firm Sweets of Oman receives leading
award in Oman |
02-Jan-2013 |
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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 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
28.8 |
26.4 |
22.0 |
19.0 |
16.0 |
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Revenue |
28.8 |
26.4 |
22.0 |
19.0 |
16.0 |
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Total Revenue |
28.8 |
26.4 |
22.0 |
19.0 |
16.0 |
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|
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|
Cost of Revenue |
21.4 |
20.2 |
15.8 |
13.4 |
12.1 |
|
Cost of Revenue, Total |
21.4 |
20.2 |
15.8 |
13.4 |
12.1 |
|
Gross Profit |
7.4 |
6.2 |
6.2 |
5.7 |
3.9 |
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|
|
|
|
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Selling/General/Administrative Expense |
1.9 |
3.9 |
3.2 |
3.2 |
2.4 |
|
Labor & Related Expense |
1.6 |
- |
- |
- |
- |
|
Advertising Expense |
1.0 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
4.5 |
3.9 |
3.2 |
3.2 |
2.4 |
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Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Depreciation/Amortization |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Other, Net |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Other Operating Expenses, Total |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Operating Expense |
25.8 |
24.0 |
19.1 |
16.6 |
14.5 |
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Operating Income |
3.0 |
2.4 |
3.0 |
2.5 |
1.5 |
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|
|
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Interest Expense - Non-Operating |
-0.3 |
-0.2 |
-0.2 |
- |
- |
|
Interest Expense, Net Non-Operating |
-0.3 |
-0.2 |
-0.2 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.3 |
-0.2 |
-0.2 |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.2 |
|
Other, Net |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.2 |
|
Income Before Tax |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
|
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|
|
|
|
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Total Income Tax |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Income After Tax |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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|
|
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Net Income Before Extraord Items |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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Net Income |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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Income Available to Common Excl Extraord Items |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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Income Available to Common Incl Extraord Items |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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Basic/Primary Weighted Average Shares |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
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Basic EPS Excl Extraord Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
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Basic/Primary EPS Incl Extraord Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
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Diluted Net Income |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
Diluted Weighted Average Shares |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Diluted EPS Excl Extraord Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Diluted EPS Incl Extraord Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
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Dividends per Share - Common Stock Primary Issue |
0.13 |
0.12 |
0.10 |
0.03 |
0.00 |
|
Gross Dividends - Common Stock |
0.9 |
0.8 |
0.7 |
0.2 |
0.0 |
|
Interest Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Depreciation, Supplemental |
0.8 |
0.9 |
0.6 |
0.4 |
0.3 |
|
Normalized Income Before Tax |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
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Inc Tax Ex Impact of Sp Items |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Normalized Income After Tax |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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|
|
|
|
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Normalized Inc. Avail to Com. |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
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|
|
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|
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Basic Normalized EPS |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Diluted Normalized EPS |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
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Advertising Expense, Supplemental |
1.0 |
0.7 |
0.4 |
0.4 |
0.3 |
|
Normalized EBIT |
3.0 |
2.4 |
3.0 |
2.5 |
1.5 |
|
Normalized EBITDA |
3.8 |
3.2 |
3.6 |
2.9 |
1.8 |
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Current Tax - Domestic |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Current Tax - Total |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Deferred Tax - Local |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Tax - Total |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
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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 |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash & Equivalents |
0.1 |
0.9 |
0.7 |
1.4 |
1.0 |
|
Cash and Short Term Investments |
0.1 |
0.9 |
0.7 |
1.4 |
1.0 |
|
Accounts Receivable - Trade, Gross |
6.7 |
5.6 |
4.1 |
3.4 |
3.0 |
|
Provision for Doubtful Accounts |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
6.6 |
5.5 |
4.1 |
3.4 |
2.8 |
|
Other Receivables |
- |
- |
- |
0.0 |
0.2 |
|
Total Receivables, Net |
6.6 |
5.5 |
4.1 |
3.4 |
3.1 |
|
Inventories - Finished Goods |
0.5 |
0.6 |
0.4 |
0.3 |
0.5 |
|
Inventories - Work In Progress |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Inventories - Raw Materials |
3.4 |
2.1 |
1.6 |
1.2 |
0.7 |
|
Inventories - Other |
2.5 |
4.2 |
1.9 |
1.6 |
1.9 |
|
Total Inventory |
6.7 |
7.2 |
4.1 |
3.3 |
3.3 |
|
Prepaid Expenses |
1.0 |
1.1 |
0.5 |
0.4 |
1.0 |
|
Other Current Assets |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets, Total |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
14.5 |
14.8 |
9.4 |
8.4 |
8.4 |
|
|
|
|
|
|
|
|
Land/Improvements |
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Machinery/Equipment |
7.8 |
7.3 |
6.3 |
5.3 |
4.1 |
|
Construction in Progress |
0.8 |
0.1 |
0.2 |
0.0 |
0.1 |
|
Other Property/Plant/Equipment |
0.6 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Property/Plant/Equipment - Gross |
9.8 |
8.6 |
7.6 |
6.4 |
5.1 |
|
Accumulated Depreciation |
-6.7 |
-5.9 |
-5.0 |
-4.4 |
-4.0 |
|
Property/Plant/Equipment - Net |
3.1 |
2.7 |
2.5 |
1.9 |
1.1 |
|
Deferred Income Tax - Long Term Asset |
0.1 |
0.1 |
0.0 |
0.0 |
- |
|
Other Long Term Assets, Total |
0.1 |
0.1 |
0.0 |
0.0 |
- |
|
Total Assets |
17.7 |
17.6 |
11.9 |
10.4 |
9.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
1.6 |
4.4 |
1.9 |
1.6 |
2.4 |
|
Accrued Expenses |
1.1 |
1.2 |
0.9 |
1.4 |
0.9 |
|
Notes Payable/Short Term Debt |
3.9 |
2.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.4 |
0.9 |
1.0 |
2.3 |
|
Income Taxes Payable |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Other Payables |
1.7 |
1.5 |
0.9 |
0.5 |
0.4 |
|
Other Current liabilities, Total |
2.1 |
1.8 |
1.2 |
0.8 |
0.6 |
|
Total Current Liabilities |
8.7 |
9.8 |
5.0 |
4.8 |
6.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.6 |
1.0 |
1.3 |
2.0 |
2.0 |
|
Capital Lease Obligations |
0.0 |
0.0 |
0.2 |
0.4 |
0.3 |
|
Total Long Term Debt |
0.6 |
1.0 |
1.4 |
2.4 |
2.3 |
|
Total Debt |
4.5 |
3.4 |
2.3 |
3.4 |
4.5 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
0.5 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Other Liabilities, Total |
0.5 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Total Liabilities |
9.8 |
11.2 |
6.8 |
7.5 |
8.7 |
|
|
|
|
|
|
|
|
Common Stock |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
|
Common Stock |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
|
Retained Earnings (Accumulated Deficit) |
5.1 |
3.7 |
2.6 |
0.8 |
-1.0 |
|
Other Equity |
0.9 |
0.8 |
0.7 |
0.2 |
- |
|
Other Equity, Total |
0.9 |
0.8 |
0.7 |
0.2 |
- |
|
Total Equity |
7.9 |
6.3 |
5.1 |
2.8 |
0.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17.7 |
17.6 |
11.9 |
10.4 |
9.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Total Common Shares Outstanding |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Employees |
262 |
284 |
303 |
171 |
145 |
|
Number of Common Shareholders |
461 |
480 |
519 |
471 |
524 |
|
Total Long Term Debt, Supplemental |
3.9 |
2.3 |
1.0 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
3.5 |
2.0 |
0.7 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.3 |
0.3 |
0.3 |
- |
- |
|
Interest Costs |
- |
- |
- |
- |
-0.1 |
|
Total Capital Leases, Supplemental |
0.0 |
0.2 |
0.6 |
0.6 |
0.4 |
|
Capital Lease Payments Due in Year 1 |
0.0 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.0 |
0.2 |
0.4 |
0.2 |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Total Operating Leases, Supplemental |
1.6 |
1.7 |
1.8 |
1.9 |
1.5 |
|
Operating Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 5 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
1.1 |
1.2 |
1.3 |
1.4 |
1.1 |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified 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 |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
|
Depreciation |
0.8 |
0.9 |
0.6 |
0.4 |
0.3 |
|
Depreciation/Depletion |
0.8 |
0.9 |
0.6 |
0.4 |
0.3 |
|
Other Non-Cash Items |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Non-Cash Items |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Accounts Receivable |
-0.9 |
-2.2 |
-0.8 |
0.3 |
-1.1 |
|
Inventories |
0.4 |
-3.1 |
-0.8 |
0.0 |
-0.7 |
|
Accounts Payable |
-2.7 |
3.4 |
0.2 |
-0.3 |
1.1 |
|
Other Operating Cash Flow |
-0.3 |
-0.4 |
-0.3 |
-0.2 |
-0.2 |
|
Changes in Working Capital |
-3.4 |
-2.3 |
-1.7 |
-0.1 |
-0.9 |
|
Cash from Operating Activities |
0.2 |
0.8 |
1.8 |
2.8 |
0.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.3 |
-1.0 |
-1.3 |
-1.3 |
-0.5 |
|
Capital Expenditures |
-1.3 |
-1.0 |
-1.3 |
-1.3 |
-0.5 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-1.2 |
-1.0 |
-1.3 |
-1.3 |
-0.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
0.0 |
0.3 |
0.5 |
|
Financing Cash Flow Items |
- |
- |
0.0 |
0.3 |
0.5 |
|
Cash Dividends Paid - Common |
-0.8 |
-0.7 |
-0.2 |
- |
- |
|
Total Cash Dividends Paid |
-0.8 |
-0.7 |
-0.2 |
- |
- |
|
Short Term Debt, Net |
1.6 |
2.0 |
0.0 |
0.9 |
0.1 |
|
Long Term Debt Reduction |
-0.5 |
-0.9 |
-1.1 |
-2.3 |
-0.4 |
|
Long Term Debt, Net |
-0.5 |
-0.9 |
-1.1 |
-2.3 |
-0.4 |
|
Issuance (Retirement) of Debt, Net |
1.1 |
1.1 |
-1.1 |
-1.4 |
-0.2 |
|
Cash from Financing Activities |
0.3 |
0.3 |
-1.3 |
-1.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
0.2 |
-0.7 |
0.4 |
0.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.9 |
0.7 |
1.4 |
1.0 |
0.5 |
|
Net Cash - Ending Balance |
0.1 |
0.9 |
0.7 |
1.4 |
1.0 |
|
Cash Interest Paid |
- |
0.2 |
0.2 |
0.1 |
0.2 |
|
Cash Taxes Paid |
- |
0.3 |
0.3 |
0.2 |
0.2 |
|
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 |
Reclassified 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 |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
28.8 |
26.4 |
22.0 |
19.0 |
16.0 |
|
Total Revenue |
28.8 |
26.4 |
22.0 |
19.0 |
16.0 |
|
|
|
|
|
|
|
|
Staff Costs in Selling |
0.7 |
- |
- |
- |
- |
|
Advertising Expenses |
1.0 |
- |
- |
- |
- |
|
Direct Labor |
2.8 |
- |
- |
- |
- |
|
Staff Costs in Admin |
0.9 |
- |
- |
- |
- |
|
Depreciation |
0.8 |
- |
- |
- |
- |
|
Cost of Goods Sold - Balancing value |
17.8 |
- |
- |
- |
- |
|
Cost of Goods Sold |
- |
20.2 |
15.8 |
13.4 |
12.1 |
|
Other Operating Income |
-0.1 |
- |
- |
- |
- |
|
Other Operating Income |
- |
-0.1 |
-0.1 |
-0.1 |
- |
|
Other Admin |
0.4 |
- |
- |
- |
- |
|
Other Selling |
1.5 |
- |
- |
- |
- |
|
Selling & Distribution Expenses |
- |
2.7 |
2.2 |
2.2 |
1.6 |
|
Administrative Expenses |
- |
1.2 |
1.1 |
1.1 |
0.7 |
|
Deferred Income |
- |
- |
- |
- |
-0.1 |
|
Depreciation in Selling |
0.0 |
- |
- |
- |
- |
|
Depreciation in Admin |
0.1 |
- |
- |
- |
- |
|
Depreciation |
- |
0.1 |
0.1 |
0.1 |
- |
|
Total Operating Expense |
25.8 |
24.0 |
19.1 |
16.6 |
14.5 |
|
|
|
|
|
|
|
|
Interest Expense |
-0.3 |
-0.2 |
-0.2 |
- |
- |
|
Other Fin. Charges(Gov Subsidy) |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.2 |
|
Net Income Before Taxes |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Net Income After Taxes |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
Net Income |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Basic EPS Including ExtraOrdinary Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Diluted Net Income |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
Diluted Weighted Average Shares |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Diluted EPS Including ExtraOrd Items |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
DPS-Ordinary Shares |
0.13 |
0.12 |
0.10 |
0.03 |
0.00 |
|
Gross Dividends - Common Stock |
0.9 |
0.8 |
0.7 |
0.2 |
0.0 |
|
Normalized Income Before Taxes |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Normalized Income After Taxes |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2.4 |
1.9 |
2.5 |
2.0 |
1.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Diluted Normalized EPS |
0.34 |
0.27 |
0.35 |
0.29 |
0.17 |
|
Interest Expense |
0.3 |
- |
- |
- |
- |
|
Interest Expense |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
Depreciation |
0.8 |
0.9 |
0.6 |
0.4 |
0.3 |
|
Advertising |
1.0 |
0.7 |
0.4 |
0.4 |
0.3 |
|
Current Year |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Prior Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Tax - Total |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Deferred Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Tax - Total |
0.3 |
0.3 |
0.3 |
0.3 |
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 |
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 |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
3.4 |
2.1 |
1.6 |
1.2 |
0.7 |
|
Packing Materials |
1.6 |
1.4 |
1.1 |
1.1 |
0.7 |
|
Work in Progress |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Finished Products |
0.5 |
0.6 |
0.4 |
0.3 |
0.5 |
|
Promotional Items |
- |
- |
- |
0.0 |
0.0 |
|
Goods in Transit |
0.6 |
2.6 |
0.8 |
0.6 |
1.2 |
|
Other Inventories |
0.4 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Provision for Slow Moving Inventories |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Trade Debtors |
6.7 |
5.6 |
4.1 |
3.4 |
3.0 |
|
Provision for Doubtful Debts |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Amount Due from a Related Party |
- |
- |
- |
0.0 |
0.2 |
|
Deposits |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Prepayments |
0.1 |
0.1 |
0.2 |
0.1 |
0.1 |
|
Advances |
0.8 |
1.0 |
0.3 |
0.3 |
1.0 |
|
Other Receivables |
- |
- |
- |
0.0 |
0.0 |
|
Bank & Cash |
0.1 |
0.9 |
0.7 |
1.4 |
1.0 |
|
Total Current Assets |
14.5 |
14.8 |
9.4 |
8.4 |
8.4 |
|
|
|
|
|
|
|
|
Leashold Buildings |
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Plant, Machinery & Equipment |
7.7 |
7.2 |
6.1 |
5.1 |
3.9 |
|
Furniture, Fixtures & Office Equipment |
0.6 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Motor Vehicles |
0.2 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Capital Work in Progress |
0.8 |
0.1 |
0.2 |
0.0 |
0.1 |
|
Acc Depr Leashold Buildings |
-0.5 |
- |
- |
- |
- |
|
Acc Depr Plant, Machinery & Equipment |
-5.7 |
- |
- |
- |
- |
|
Acc Depr Furniture, Fixtures & Office Eq |
-0.4 |
- |
- |
- |
- |
|
Acc Depr Motor Vehicles |
-0.1 |
- |
- |
- |
- |
|
Acc Depr Capital Work in Progress |
0.0 |
- |
- |
- |
- |
|
Depreciation |
- |
-5.9 |
-5.0 |
-4.4 |
-4.0 |
|
Deferred Taxation |
0.1 |
0.1 |
0.0 |
0.0 |
- |
|
Total Assets |
17.7 |
17.6 |
11.9 |
10.4 |
9.5 |
|
|
|
|
|
|
|
|
Short Term loans |
3.9 |
2.0 |
- |
- |
- |
|
Current Portion of Finance lease Oblig. |
0.0 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Current Portion of Term Loans |
- |
0.3 |
0.7 |
0.8 |
2.1 |
|
Trade Payables |
1.6 |
4.4 |
1.9 |
1.6 |
2.4 |
|
Accrued Expenses |
1.1 |
1.2 |
0.9 |
1.4 |
0.9 |
|
Other Creditors |
1.7 |
1.5 |
0.9 |
0.5 |
0.4 |
|
Provision for Taxation |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Total Current Liabilities |
8.7 |
9.8 |
5.0 |
4.8 |
6.2 |
|
|
|
|
|
|
|
|
Non-Current Portion of LT Loans |
0.6 |
0.0 |
0.3 |
1.0 |
1.0 |
|
Loans From Shareholders |
0.0 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Finance Lease Losses |
0.0 |
0.0 |
0.2 |
0.4 |
0.3 |
|
Total Long Term Debt |
0.6 |
1.0 |
1.4 |
2.4 |
2.3 |
|
|
|
|
|
|
|
|
End of Service Benefits |
0.5 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Total Liabilities |
9.8 |
11.2 |
6.8 |
7.5 |
8.7 |
|
|
|
|
|
|
|
|
Share Capital |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
|
Legal Reserve |
0.6 |
0.6 |
0.6 |
0.6 |
0.4 |
|
Accumulated Losses |
4.5 |
3.1 |
2.0 |
0.2 |
-1.4 |
|
Proposed Dividend |
0.9 |
0.8 |
0.7 |
0.2 |
- |
|
Total Equity |
7.9 |
6.3 |
5.1 |
2.8 |
0.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17.7 |
17.6 |
11.9 |
10.4 |
9.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Total Common Shares Outstanding |
7.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
T/S-Ordinary Shares |
0.0 |
- |
- |
- |
- |
|
Full-Time Employees |
262 |
284 |
303 |
171 |
145 |
|
Number of Shareholders |
461 |
480 |
519 |
471 |
524 |
|
Long Term Debt Maturing within 1 Year |
3.5 |
2.0 |
0.7 |
- |
- |
|
Long Term Debt - Remaining Maturities |
0.3 |
0.3 |
0.3 |
- |
- |
|
Total Long Term Debt, Supplemental |
3.9 |
2.3 |
1.0 |
- |
- |
|
Finance Lease Due Within 1 Year |
0.0 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Finance Lease Due Within 4 Years |
0.0 |
0.0 |
0.4 |
0.5 |
0.3 |
|
Finance Cost |
- |
- |
- |
- |
-0.1 |
|
Total Capital Leases, Supplemental |
0.0 |
0.2 |
0.6 |
0.6 |
0.4 |
|
Operating Lease Due Within 1 Year |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Within 5 Years |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Remaining Years |
1.1 |
1.2 |
1.3 |
1.4 |
1.1 |
|
Total Operating Leases, Supplemental |
1.6 |
1.7 |
1.8 |
1.9 |
1.5 |
|
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 |
Reclassified 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 |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
2.7 |
2.2 |
2.8 |
2.3 |
1.3 |
|
Depreciation |
0.8 |
0.9 |
0.6 |
0.4 |
0.3 |
|
Interest Expense |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Interest Income |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
End of Service Benefits |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
End of Service Benefits |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Stocks |
0.4 |
-3.1 |
-0.8 |
0.0 |
-0.7 |
|
Debtors & Prepayments |
-0.9 |
-2.2 |
-0.8 |
0.3 |
-1.1 |
|
Creditors & Accruals |
-2.7 |
3.4 |
0.2 |
-0.3 |
1.1 |
|
Interest Paid |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
-0.2 |
|
Tax Paid |
-0.3 |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
0.2 |
0.8 |
1.8 |
2.8 |
0.7 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-1.3 |
-1.0 |
-1.3 |
-1.3 |
-0.5 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-1.2 |
-1.0 |
-1.3 |
-1.3 |
-0.5 |
|
|
|
|
|
|
|
|
Purchase of Property, Plant & Equipm. |
- |
- |
0.0 |
0.3 |
0.5 |
|
Long Term Finance Lease Payments |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Long Term Repaid |
-0.3 |
-0.7 |
-0.9 |
-2.1 |
-0.3 |
|
Short Term Loans |
1.6 |
2.0 |
0.0 |
0.9 |
0.1 |
|
Dividend Paid |
-0.8 |
-0.7 |
-0.2 |
- |
- |
|
Cash from Financing Activities |
0.3 |
0.3 |
-1.3 |
-1.1 |
0.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-0.8 |
0.2 |
-0.7 |
0.4 |
0.4 |
|
|
|
|
|
|
|
|
Cash-Beginning Balance |
0.9 |
0.7 |
1.4 |
1.0 |
0.5 |
|
Cash-Ending Balance |
0.1 |
0.9 |
0.7 |
1.4 |
1.0 |
|
Cash Interest Paid |
- |
0.2 |
0.2 |
0.1 |
0.2 |
|
Cash Taxes Paid |
- |
0.3 |
0.3 |
0.2 |
0.2 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.