MIRA INFORM REPORT
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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN CABLES INDUSTRY |
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Registered Office : |
Building Number: 206 Street Number: 2, Rusay l P.O.Box 25 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 : |
21.03.1984 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged
in the manufacture and sale of electrical cables and conductors |
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No. of Employees : |
460 |
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
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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
Source
: CIA
Company name and address
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Oman Cables Industry |
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Business Description
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Oman Cables Industry SAOG (OCI) is an Oman-based shareholding company engaged in the manufacture and sale of electrical cables and conductors. The Company is a manufacturer and exporter of medium- and low-voltage (LV) electric cables, building wires, instrumentation cables, overhead transmission line conductors, and other special purpose cables and wiring solutions. The Company’s products include LV power and control cables, low smoke and fire retardant (LSF) LV power and control cables, LSF wiring cables, medium voltage cables and overhead line conductors, among others. OCI also manufactures custom designed cables to meet specific customer needs. The Company holds 51% shareholding in Oman Aluminium Processing Industries LLC, which manufactures Aluminium rods and overhead conductors. The Company’s products are sold in Middle East and North Africa (MENA) and international markets. For the six months ended 30 June 2013, Oman Cables Industry revenues increased 13% to OMR152.1M. Net income increased 55% to OMR7.6M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Share of Results in Affiliate increase from OMR4K (expense) to OMR20K (income). Basic Earnings per Share excluding Extraordinary Items increased from OMR0.06 to OMR0.09. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
2712 - Manufacture of electricity distribution and control apparatus |
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NAICS 2012: |
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UK SIC 2007: |
2712 - Manufacture of electricity distribution and control apparatus |
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US SIC 1987: |
Key Executives
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Significant Developments
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News
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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
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Executives Report
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Significant Developments
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Annual Income Statement
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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 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
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Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
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Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
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Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Moore Stephens |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
668.1 |
707.2 |
521.8 |
404.2 |
790.7 |
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Revenue |
668.1 |
707.2 |
521.8 |
404.2 |
790.7 |
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Total Revenue |
668.1 |
707.2 |
521.8 |
404.2 |
790.7 |
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Cost of Revenue |
605.7 |
665.7 |
477.3 |
365.6 |
747.4 |
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Cost of Revenue, Total |
605.7 |
665.7 |
477.3 |
365.6 |
747.4 |
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Gross Profit |
62.5 |
41.6 |
44.5 |
38.6 |
43.2 |
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Selling/General/Administrative Expense |
14.0 |
10.6 |
9.1 |
14.2 |
17.9 |
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Labor & Related Expense |
8.5 |
6.9 |
8.3 |
- |
- |
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Advertising Expense |
0.9 |
1.0 |
- |
- |
- |
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Total Selling/General/Administrative Expenses |
23.3 |
18.6 |
17.3 |
14.2 |
17.9 |
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Depreciation |
0.7 |
0.5 |
0.4 |
0.4 |
0.4 |
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Depreciation/Amortization |
0.7 |
0.5 |
0.4 |
0.4 |
0.4 |
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Loss (Gain) on Sale of Assets - Operating |
- |
- |
0.0 |
- |
- |
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Unusual Expense (Income) |
- |
- |
0.0 |
- |
- |
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Other Operating Expense |
-2.2 |
-2.4 |
-0.3 |
-1.0 |
-0.7 |
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Other Operating Expenses, Total |
-2.2 |
-2.4 |
-0.3 |
-1.0 |
-0.7 |
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Total Operating Expense |
627.5 |
682.4 |
494.7 |
379.3 |
765.1 |
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Operating Income |
40.6 |
24.8 |
27.1 |
24.9 |
25.6 |
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Interest Income - Non-Operating |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
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Investment Income - Non-Operating |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
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Interest/Investment Income - Non-Operating |
0.3 |
0.4 |
0.2 |
0.3 |
0.3 |
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Interest Income (Expense) - Net Non-Operating |
-3.6 |
-4.4 |
-3.0 |
-5.7 |
-8.1 |
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Interest Income (Expense) - Net Non-Operating Total |
-3.3 |
-4.1 |
-2.8 |
-5.4 |
-7.8 |
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Foreign Currency Adjustment |
0.7 |
0.3 |
- |
- |
- |
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Other, Net |
0.7 |
0.3 |
- |
- |
- |
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Income Before Tax |
38.0 |
21.1 |
24.3 |
19.4 |
17.7 |
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Total Income Tax |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
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Income After Tax |
33.4 |
18.8 |
21.0 |
17.1 |
15.6 |
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Minority Interest |
-2.5 |
-0.9 |
0.2 |
0.1 |
0.1 |
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Equity In Affiliates |
- |
- |
- |
0.1 |
0.3 |
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Net Income Before Extraord Items |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Net Income |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Income Available to Common Excl Extraord Items |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Income Available to Common Incl Extraord Items |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Basic/Primary Weighted Average Shares |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
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Basic EPS Excl Extraord Items |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
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Basic/Primary EPS Incl Extraord Items |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
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Dilution Adjustment |
- |
- |
- |
0.0 |
0.0 |
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Diluted Net Income |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Diluted Weighted Average Shares |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
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Diluted EPS Excl Extraord Items |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
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Diluted EPS Incl Extraord Items |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
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Dividends per Share - Common Stock Primary Issue |
0.18 |
0.10 |
0.10 |
0.08 |
0.05 |
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Gross Dividends - Common Stock |
16.3 |
9.3 |
9.3 |
7.0 |
4.7 |
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Depreciation, Supplemental |
7.9 |
7.1 |
5.7 |
4.9 |
5.0 |
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Total Special Items |
- |
- |
0.0 |
- |
- |
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Normalized Income Before Tax |
38.0 |
21.1 |
24.3 |
19.4 |
17.7 |
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Effect of Special Items on Income Taxes |
- |
- |
0.0 |
- |
- |
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Inc Tax Ex Impact of Sp Items |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
|
Normalized Income After Tax |
33.4 |
18.8 |
21.0 |
17.1 |
15.6 |
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|
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|
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Normalized Inc. Avail to Com. |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
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Basic Normalized EPS |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
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Diluted Normalized EPS |
0.35 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Rental Expenses |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
0.9 |
1.0 |
1.0 |
0.4 |
0.5 |
|
Normalized EBIT |
40.6 |
24.8 |
27.1 |
24.9 |
25.6 |
|
Normalized EBITDA |
48.5 |
31.9 |
32.8 |
29.7 |
30.6 |
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Current Tax - Total |
3.9 |
2.2 |
3.0 |
1.9 |
1.9 |
|
Current Tax - Total |
3.9 |
2.2 |
3.0 |
1.9 |
1.9 |
|
Deferred Tax - Total |
0.7 |
0.1 |
0.0 |
0.4 |
0.2 |
|
Deferred Tax - Total |
0.7 |
0.1 |
0.0 |
0.4 |
0.2 |
|
Other Tax |
0.0 |
0.0 |
0.3 |
- |
- |
|
Income Tax - Total |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
|
|
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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 |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Moore Stephens |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash |
0.1 |
0.1 |
0.1 |
8.1 |
18.4 |
|
Cash & Equivalents |
12.0 |
3.6 |
6.3 |
- |
- |
|
Cash and Short Term Investments |
12.1 |
3.7 |
6.4 |
8.1 |
18.4 |
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Accounts Receivable - Trade, Gross |
134.3 |
134.0 |
126.6 |
103.5 |
113.0 |
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Provision for Doubtful Accounts |
-2.6 |
-2.1 |
-2.1 |
-2.1 |
-1.8 |
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Trade Accounts Receivable - Net |
131.7 |
131.9 |
124.5 |
101.5 |
111.3 |
|
Other Receivables |
8.3 |
5.6 |
5.4 |
4.7 |
19.8 |
|
Total Receivables, Net |
140.0 |
137.5 |
129.9 |
106.2 |
131.1 |
|
Inventories - Finished Goods |
86.9 |
77.8 |
78.7 |
35.6 |
43.0 |
|
Inventories - Work In Progress |
8.7 |
7.1 |
9.4 |
4.5 |
8.3 |
|
Inventories - Raw Materials |
34.5 |
36.3 |
24.2 |
27.0 |
96.6 |
|
Inventories - Other |
-2.6 |
-2.1 |
-2.1 |
-2.1 |
-1.9 |
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Total Inventory |
127.5 |
119.1 |
110.2 |
65.0 |
146.0 |
|
Prepaid Expenses |
2.4 |
4.4 |
4.1 |
2.5 |
1.6 |
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Total Current Assets |
281.9 |
264.7 |
250.6 |
181.8 |
297.1 |
|
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|
|
|
|
|
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Buildings |
31.3 |
27.2 |
25.4 |
16.5 |
16.5 |
|
Machinery/Equipment |
103.4 |
94.4 |
85.5 |
62.7 |
58.3 |
|
Construction in Progress |
4.9 |
9.0 |
6.7 |
20.0 |
4.2 |
|
Other Property/Plant/Equipment |
6.3 |
5.9 |
5.7 |
5.3 |
5.4 |
|
Property/Plant/Equipment - Gross |
145.9 |
136.6 |
123.3 |
104.5 |
84.3 |
|
Accumulated Depreciation |
-51.2 |
-44.0 |
-37.4 |
-31.8 |
-27.1 |
|
Property/Plant/Equipment - Net |
94.7 |
92.6 |
85.9 |
72.7 |
57.3 |
|
LT Investment - Affiliate Companies |
1.6 |
1.6 |
1.9 |
1.9 |
1.7 |
|
LT Investments - Other |
3.6 |
3.5 |
4.6 |
3.3 |
0.3 |
|
Long Term Investments |
5.2 |
5.1 |
6.5 |
5.2 |
2.0 |
|
Other Long Term Assets |
-0.5 |
- |
- |
0.2 |
0.8 |
|
Other Long Term Assets, Total |
-0.5 |
- |
- |
0.2 |
0.8 |
|
Total Assets |
381.3 |
362.4 |
343.0 |
259.9 |
357.2 |
|
|
|
|
|
|
|
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Accounts Payable |
56.4 |
53.0 |
62.7 |
0.3 |
2.4 |
|
Payable/Accrued |
2.4 |
1.9 |
7.4 |
37.2 |
51.8 |
|
Accrued Expenses |
8.9 |
8.9 |
9.5 |
- |
- |
|
Notes Payable/Short Term Debt |
122.6 |
131.3 |
104.4 |
89.6 |
203.6 |
|
Current Portion - Long Term Debt/Capital Leases |
4.2 |
2.1 |
3.2 |
3.2 |
4.0 |
|
Income Taxes Payable |
3.9 |
2.2 |
3.0 |
2.1 |
2.0 |
|
Other Current liabilities, Total |
3.9 |
2.2 |
3.0 |
2.1 |
2.0 |
|
Total Current Liabilities |
198.3 |
199.4 |
190.4 |
132.3 |
263.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
16.9 |
23.2 |
26.6 |
17.6 |
7.7 |
|
Total Long Term Debt |
16.9 |
23.2 |
26.6 |
17.6 |
7.7 |
|
Total Debt |
143.7 |
156.6 |
134.3 |
110.4 |
215.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.9 |
2.2 |
2.1 |
2.1 |
1.7 |
|
Deferred Income Tax |
2.9 |
2.2 |
2.1 |
2.1 |
1.7 |
|
Minority Interest |
8.3 |
6.1 |
4.8 |
3.0 |
1.9 |
|
Pension Benefits - Underfunded |
2.8 |
2.4 |
2.0 |
- |
- |
|
Other Long Term Liabilities |
- |
- |
0.0 |
0.1 |
0.1 |
|
Other Liabilities, Total |
2.8 |
2.4 |
2.1 |
0.1 |
0.1 |
|
Total Liabilities |
229.3 |
233.3 |
226.0 |
155.1 |
275.3 |
|
|
|
|
|
|
|
|
Common Stock |
23.3 |
23.3 |
23.3 |
23.3 |
23.3 |
|
Common Stock |
23.3 |
23.3 |
23.3 |
23.3 |
23.3 |
|
Additional Paid-In Capital |
2.5 |
2.5 |
2.5 |
2.5 |
2.5 |
|
Retained Earnings (Accumulated Deficit) |
126.2 |
103.3 |
91.2 |
79.0 |
56.0 |
|
Total Equity |
152.1 |
129.1 |
117.0 |
104.8 |
81.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
381.3 |
362.4 |
343.0 |
260.0 |
357.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Total Common Shares Outstanding |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Total Long Term Debt, Supplemental |
21.1 |
25.3 |
29.8 |
20.9 |
- |
|
Long Term Debt Maturing within 1 Year |
4.2 |
2.1 |
3.2 |
3.2 |
- |
|
Long Term Debt Maturing in Year 2 |
4.2 |
4.2 |
1.3 |
4.5 |
- |
|
Long Term Debt Maturing in Year 3 |
4.2 |
5.6 |
8.4 |
4.4 |
- |
|
Long Term Debt Maturing in Year 4 |
4.2 |
5.6 |
8.4 |
4.4 |
- |
|
Long Term Debt Maturing in Year 5 |
4.2 |
5.6 |
8.4 |
4.4 |
- |
|
Long Term Debt Maturing in 2-3 Years |
8.4 |
9.8 |
9.7 |
8.9 |
- |
|
Long Term Debt Maturing in 4-5 Years |
8.4 |
11.3 |
16.9 |
8.8 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
2.1 |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
4.7 |
4.9 |
5.1 |
6.1 |
5.3 |
|
Operating Lease Payments Due in Year 1 |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 2 |
0.3 |
0.2 |
0.2 |
0.9 |
0.2 |
|
Operating Lease Payments Due in Year 3 |
0.3 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Operating Lease Payments Due in Year 4 |
0.3 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Operating Lease Payments Due in Year 5 |
0.3 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.5 |
0.5 |
0.5 |
1.2 |
0.5 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.5 |
0.5 |
0.5 |
0.6 |
0.5 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
3.5 |
3.7 |
4.0 |
4.2 |
4.3 |
|
|
|
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 |
Restated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Moore Stephens |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
685.1 |
723.9 |
493.9 |
414.9 |
802.4 |
|
Cash Payments |
-639.1 |
-718.7 |
-489.0 |
-286.8 |
-832.5 |
|
Cash Taxes Paid |
-2.2 |
-3.0 |
-2.4 |
-1.9 |
-5.0 |
|
Other Operating Cash Flow |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Changes in Working Capital |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
43.7 |
2.0 |
2.4 |
126.0 |
-35.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.7 |
-15.1 |
-18.4 |
-18.5 |
-7.5 |
|
Capital Expenditures |
-9.7 |
-15.1 |
-18.4 |
-18.5 |
-7.5 |
|
Sale of Fixed Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
0.0 |
1.9 |
0.0 |
0.3 |
0.0 |
|
Investment, Net |
- |
- |
0.0 |
- |
- |
|
Purchase of Investments |
-0.1 |
-0.1 |
-1.3 |
-3.2 |
0.0 |
|
Other Investing Cash Flow |
- |
- |
0.0 |
5.2 |
- |
|
Other Investing Cash Flow Items, Total |
0.0 |
1.9 |
-1.3 |
2.3 |
0.0 |
|
Cash from Investing Activities |
-9.7 |
-13.3 |
-19.7 |
-16.2 |
-7.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
13.5 |
0.4 |
16.5 |
-54.1 |
40.2 |
|
Financing Cash Flow Items |
13.5 |
0.4 |
16.5 |
-54.1 |
40.2 |
|
Cash Dividends Paid - Common |
-9.6 |
-9.3 |
-7.0 |
-4.7 |
-9.3 |
|
Total Cash Dividends Paid |
-9.6 |
-9.3 |
-7.0 |
-4.7 |
-9.3 |
|
Short Term Debt, Net |
-23.4 |
22.1 |
5.8 |
-72.5 |
26.4 |
|
Long Term Debt Issued |
- |
- |
12.2 |
13.1 |
0.0 |
|
Long Term Debt Reduction |
-5.9 |
-4.5 |
-3.2 |
-4.0 |
-5.3 |
|
Long Term Debt, Net |
-5.9 |
-4.5 |
8.9 |
9.1 |
-5.3 |
|
Issuance (Retirement) of Debt, Net |
-29.3 |
17.6 |
14.7 |
-63.4 |
21.1 |
|
Cash from Financing Activities |
-25.4 |
8.7 |
24.3 |
-122.2 |
52.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
8.6 |
-2.6 |
6.9 |
-12.4 |
9.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3.3 |
5.9 |
-1.0 |
11.3 |
2.2 |
|
Net Cash - Ending Balance |
11.9 |
3.3 |
5.9 |
-1.0 |
11.3 |
Annual Income Statement
|
|
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 |
Restated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
668.1 |
707.2 |
521.8 |
404.2 |
790.7 |
|
Total Revenue |
668.1 |
707.2 |
521.8 |
404.2 |
790.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
605.7 |
665.7 |
477.3 |
365.6 |
747.4 |
|
Other Income |
-2.2 |
-2.4 |
-0.3 |
-1.0 |
-0.7 |
|
Administrative Expenses |
4.4 |
3.3 |
2.4 |
8.3 |
9.2 |
|
Employee Costs |
8.5 |
6.9 |
8.3 |
- |
- |
|
Selling/Distribution |
9.5 |
7.3 |
6.6 |
5.9 |
8.7 |
|
Advertisement & Sales Promotion |
0.9 |
1.0 |
- |
- |
- |
|
Gain on Sale of PP&E |
- |
- |
0.0 |
- |
- |
|
Depreciation |
0.7 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Total Operating Expense |
627.5 |
682.4 |
494.7 |
379.3 |
765.1 |
|
|
|
|
|
|
|
|
Financing Costs |
-3.6 |
-4.4 |
-3.0 |
-5.7 |
-8.1 |
|
Foreign Currency Translation |
0.7 |
0.3 |
- |
- |
- |
|
Interest Income |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Invest in Associates |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Net Income Before Taxes |
38.0 |
21.1 |
24.3 |
19.4 |
17.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
|
Net Income After Taxes |
33.4 |
18.8 |
21.0 |
17.1 |
15.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.5 |
-0.9 |
0.2 |
0.1 |
0.1 |
|
Share of Results in Affiliate |
- |
- |
- |
0.1 |
0.3 |
|
Net Income Before Extra. Items |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
Net Income |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Basic EPS Including ExtraOrdinary Items |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Diluted Net Income |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
Diluted Weighted Average Shares |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Diluted EPS Including ExtraOrd Items |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
DPS-Ordinary Shares |
0.18 |
0.10 |
0.10 |
0.08 |
0.05 |
|
Gross Dividends - Common Stock |
16.3 |
9.3 |
9.3 |
7.0 |
4.7 |
|
Normalized Income Before Taxes |
38.0 |
21.1 |
24.3 |
19.4 |
17.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
|
Normalized Income After Taxes |
33.4 |
18.8 |
21.0 |
17.1 |
15.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
30.9 |
17.9 |
21.2 |
17.3 |
16.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Diluted Normalized EPS |
0.34 |
0.20 |
0.24 |
0.19 |
0.18 |
|
Advertising |
0.9 |
1.0 |
1.0 |
0.4 |
0.5 |
|
Depreciation |
7.9 |
7.1 |
5.7 |
4.9 |
5.0 |
|
Rent Expenses |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Current Taxes |
3.9 |
2.2 |
3.0 |
1.9 |
1.9 |
|
Current Tax - Total |
3.9 |
2.2 |
3.0 |
1.9 |
1.9 |
|
Deferred Taxes |
0.7 |
0.1 |
0.0 |
0.4 |
0.2 |
|
Deferred Tax - Total |
0.7 |
0.1 |
0.0 |
0.4 |
0.2 |
|
Prior Years Tax |
0.0 |
0.0 |
0.3 |
- |
- |
|
Income Tax - Total |
4.6 |
2.3 |
3.3 |
2.4 |
2.1 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate |
0.385 |
0.385 |
0.385 |
0.38495 |
0.38505 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
29.0 |
32.2 |
20.9 |
24.8 |
93.0 |
|
Spares and Consumables |
5.5 |
4.0 |
3.2 |
2.2 |
3.5 |
|
Finished Goods |
57.6 |
54.9 |
42.7 |
21.7 |
35.3 |
|
Provision for Inventory |
-2.6 |
-2.1 |
-2.1 |
-2.1 |
-1.9 |
|
Work in Progress |
8.7 |
7.1 |
9.4 |
4.5 |
8.3 |
|
Goods in Transit |
29.3 |
22.9 |
36.0 |
13.9 |
7.6 |
|
Trade Receivables |
134.3 |
134.0 |
126.6 |
103.5 |
113.0 |
|
Provision for Impairment |
-2.6 |
-2.1 |
-2.1 |
-2.1 |
-1.8 |
|
Advances to Suppliers |
2.4 |
4.4 |
4.1 |
2.5 |
1.6 |
|
Other Receivables |
3.2 |
1.7 |
1.1 |
2.2 |
16.9 |
|
Due from Related Party |
5.2 |
4.0 |
4.3 |
2.6 |
2.8 |
|
Cash/Balances |
0.1 |
0.1 |
0.1 |
8.1 |
18.4 |
|
Cash in Banks |
12.0 |
3.6 |
6.3 |
- |
- |
|
Total Current Assets |
281.9 |
264.7 |
250.6 |
181.8 |
297.1 |
|
|
|
|
|
|
|
|
Buildings/Civil Works |
31.3 |
27.2 |
25.4 |
16.5 |
16.5 |
|
Plant/machinery |
87.4 |
80.9 |
73.8 |
53.7 |
49.5 |
|
Electrical Equipment |
5.8 |
5.2 |
4.9 |
3.3 |
3.2 |
|
Motor Vehicles |
0.7 |
0.7 |
0.5 |
0.5 |
0.4 |
|
Furniture/Fixtures |
1.7 |
1.6 |
1.3 |
1.1 |
1.1 |
|
Office Equipment |
2.6 |
2.1 |
1.8 |
1.5 |
1.5 |
|
Material Handling |
6.3 |
5.9 |
5.7 |
5.3 |
5.4 |
|
Loose Tools |
0.9 |
0.8 |
0.5 |
0.4 |
0.4 |
|
Lab Equipment |
4.3 |
2.9 |
2.6 |
2.2 |
2.1 |
|
Work in Progress |
4.9 |
9.0 |
6.7 |
20.0 |
4.2 |
|
Depreciation |
-51.2 |
-44.0 |
-37.4 |
-31.8 |
-27.1 |
|
Investment in Susidiaries |
0.0 |
0.0 |
- |
- |
- |
|
Investment in Associates |
1.6 |
1.6 |
1.9 |
1.9 |
1.7 |
|
AFS Investments |
0.4 |
0.3 |
1.4 |
0.0 |
0.3 |
|
Held to Maturity Inv |
3.2 |
3.2 |
3.2 |
3.2 |
- |
|
Capital Advances |
- |
- |
- |
0.2 |
0.8 |
|
Adjustments |
-0.5 |
- |
- |
- |
- |
|
Total Assets |
381.3 |
362.4 |
343.0 |
259.9 |
357.2 |
|
|
|
|
|
|
|
|
Bank Loan |
96.4 |
79.8 |
75.0 |
89.6 |
203.6 |
|
Overdrafts |
0.2 |
0.4 |
0.5 |
- |
- |
|
ST Loans |
26.0 |
51.1 |
28.9 |
- |
- |
|
Current Mat. of LT Debt |
4.2 |
2.1 |
3.2 |
3.2 |
4.0 |
|
Trade/Other Payables |
- |
- |
- |
37.2 |
51.8 |
|
Trade Payables |
56.3 |
52.9 |
62.5 |
- |
- |
|
Other Payables |
2.4 |
1.9 |
7.4 |
- |
- |
|
Accruals |
8.9 |
8.9 |
9.5 |
- |
- |
|
Due to Related Party |
0.0 |
0.1 |
0.2 |
0.3 |
2.4 |
|
Taxation |
3.9 |
2.2 |
3.0 |
2.1 |
2.0 |
|
Total Current Liabilities |
198.3 |
199.4 |
190.4 |
132.3 |
263.9 |
|
|
|
|
|
|
|
|
Term Loans |
16.9 |
23.2 |
26.6 |
17.6 |
7.7 |
|
Total Long Term Debt |
16.9 |
23.2 |
26.6 |
17.6 |
7.7 |
|
|
|
|
|
|
|
|
End of Service Benefits |
2.8 |
2.4 |
2.0 |
- |
- |
|
Deferred Gov. Grants |
- |
- |
0.0 |
0.1 |
0.1 |
|
Deferred Taxes |
2.9 |
2.2 |
2.1 |
2.1 |
1.7 |
|
Minority Interest |
8.3 |
6.1 |
4.8 |
3.0 |
1.9 |
|
Total Liabilities |
229.3 |
233.3 |
226.0 |
155.1 |
275.3 |
|
|
|
|
|
|
|
|
Share Capital |
23.3 |
23.3 |
23.3 |
23.3 |
23.3 |
|
Share Premium |
2.5 |
2.5 |
2.5 |
2.5 |
2.5 |
|
Legal Reserve |
8.5 |
8.0 |
7.8 |
7.8 |
7.8 |
|
General Reserve |
11.4 |
8.5 |
6.8 |
4.7 |
2.9 |
|
Retained Earnings |
103.8 |
85.5 |
78.9 |
66.8 |
55.9 |
|
Changes in Fair Value |
2.6 |
1.3 |
-2.3 |
-0.3 |
-10.6 |
|
Total Equity |
152.1 |
129.1 |
117.0 |
104.8 |
81.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
381.3 |
362.4 |
343.0 |
260.0 |
357.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Total Common Shares Outstanding |
89.7 |
89.7 |
89.7 |
89.7 |
89.7 |
|
Between 1 and 2 years |
4.2 |
4.2 |
1.3 |
4.5 |
- |
|
Between 2 and 5 years |
12.7 |
16.9 |
25.3 |
13.1 |
- |
|
Long Term Debt - Remaining Maturities |
0.0 |
2.1 |
- |
- |
- |
|
Current maturities |
4.2 |
2.1 |
3.2 |
3.2 |
- |
|
Total Long Term Debt, Supplemental |
21.1 |
25.3 |
29.8 |
20.9 |
- |
|
Leases Due within 1 Year |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Leases Due within 1-5 Years |
1.0 |
1.0 |
0.9 |
0.9 |
0.9 |
|
Lease Due in More than 5 Years |
3.5 |
3.7 |
4.0 |
4.2 |
4.3 |
|
Optg leases-year 2 |
- |
- |
- |
0.9 |
- |
|
Total Operating Leases, Supplemental |
4.7 |
4.9 |
5.1 |
6.1 |
5.3 |
|
|
|
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 |
Restated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts from Customers |
685.1 |
723.9 |
493.9 |
414.9 |
802.4 |
|
Cash Payments to Suppliers and Employees |
-639.1 |
-718.7 |
-489.0 |
-286.8 |
-832.5 |
|
Interest Received |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Cash Taxes Paid |
-2.2 |
-3.0 |
-2.4 |
-1.9 |
-5.0 |
|
Director's Renumeration |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Cash from Operating Activities |
43.7 |
2.0 |
2.4 |
126.0 |
-35.4 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-9.7 |
-15.1 |
-18.4 |
-18.5 |
-7.5 |
|
Purchase of Held to Inv |
- |
- |
0.0 |
-3.2 |
0.0 |
|
Investments |
- |
- |
0.0 |
- |
- |
|
Proceed from AFS Inv |
0.0 |
1.9 |
0.0 |
0.3 |
0.0 |
|
Purchase of AFS Investments |
-0.1 |
-0.1 |
-1.3 |
- |
- |
|
Proceed from Fixed Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
ST Deposits |
- |
- |
0.0 |
5.2 |
- |
|
Cash from Investing Activities |
-9.7 |
-13.3 |
-19.7 |
-16.2 |
-7.5 |
|
|
|
|
|
|
|
|
Payment of Term Loans |
-5.9 |
-4.5 |
-3.2 |
-4.0 |
-5.3 |
|
Dividends Paid |
-9.6 |
-9.3 |
-7.0 |
-4.7 |
-9.3 |
|
Net Movement in ST Loans |
-23.4 |
22.1 |
5.8 |
-72.5 |
26.4 |
|
Loan against trust Receipt |
16.6 |
4.9 |
17.6 |
-48.8 |
46.5 |
|
Receipt of Term Loans |
- |
- |
12.2 |
13.1 |
0.0 |
|
Interest Paid |
-3.1 |
-4.5 |
-3.0 |
-6.6 |
-8.1 |
|
Minority Interest |
- |
0.0 |
1.9 |
1.3 |
1.9 |
|
Cash from Financing Activities |
-25.4 |
8.7 |
24.3 |
-122.2 |
52.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
8.6 |
-2.6 |
6.9 |
-12.4 |
9.2 |
|
|
|
|
|
|
|
|
Begining Cash |
3.3 |
5.9 |
-1.0 |
11.3 |
2.2 |
|
Ending Cash |
11.9 |
3.3 |
5.9 |
-1.0 |
11.3 |
Financial Health
|
|
|
|
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Annual Ratios
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
UK Pound |
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
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.