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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN REFRESHMENT COMPANY - 237873 |
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Registered Office : |
30, C.P.O. Seeb P.O.Box : Muscat, 111 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1975 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in the business of filling and
distribution of soft drinks, water, juices and trading in consumer packaged
goods. |
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No. of Employees : |
685 |
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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Oman Refreshment Company |
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Oman Refreshment Company SAOG is an Oman-based company engaged in the
business of filling and distribution of soft drinks, water, juices and trading
in consumer packaged goods. The Company holds the franchise rights to fill
and distribute PepsiCo range of soft drinks and Aquafina water, as well as
trading in non-carbonated beverages and Frito Lays range of snacks throughout
the Sultanate of Oman. Further, it also produces and distributes juices under
its own brand Top Fruit. The Company is organized into two business segments:
canning, bottling and distribution of soft drinks and trading in related
products, and the production and distribution of potato chips in the
Sultanate of Oman. The Company has purpose fit production & bottling
plant and central warehousing facilities in Al Ghubrah, Muscat and ten depots
situated at Al Wafi, Ibri, Nizwa, Saham, Salalah, Bukha, Buraimi, Musannah,
Liwa and Mudhaibi. For the six months ended 30 June 2013, Oman Refreshment
Company revenues increased 4% to OMR33.7M. Net income increased 2% to
OMR4.6M. Revenues reflect an increase in demand for the Company's products
and services due to favorable market conditions. Net income was partially
offset by Administrative Expenses increase of 14% to OMR7.5M (expense),
Depreciation - Gen & Admin increase of 27% to OMR371K (expense). |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
1104 - Manufacture of soft drinks; production of
mineral waters and other bottled waters |
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NACE Rev 2: |
1107 - Manufacture of soft drinks; production of
mineral waters and other bottled waters |
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NAICS 2012: |
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UK SIC 2007: |
1107 - Manufacture of soft drinks; production of
mineral waters and other bottled waters |
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US SIC 1987: |
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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
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News
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|
MSM index in the red |
16-Sep-2013 |
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MSM index in the red |
16-Sep-2013 |
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TERRA CAPITAL PLC : Half Yearly Report |
03-Sep-2013 |
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MSM index ends flat |
26-Aug-2013 |
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MSM index ends flat |
26-Aug-2013 |
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Despite mixed sentiment in the regional markets,
MSM30 index ended in green at 6924.08 points, up by 0.36%. |
21-Aug-2013 |
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MSM gains momentum |
20-Aug-2013 |
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MSM gains momentum |
20-Aug-2013 |
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LEADERS ALL |
15-Aug-2013 |
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Oman Refreshment H1 net profit up |
30-Jul-2013 |
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MSM 30 index continues last week's rally |
21-Jul-2013 |
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|
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 |
Restated 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 |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
173.3 |
145.5 |
117.2 |
111.1 |
113.1 |
|
Revenue |
173.3 |
145.5 |
117.2 |
111.1 |
113.1 |
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Total Revenue |
173.3 |
145.5 |
117.2 |
111.1 |
113.1 |
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Cost of Revenue |
107.8 |
94.3 |
83.1 |
82.7 |
83.5 |
|
Cost of Revenue, Total |
107.8 |
94.3 |
83.1 |
82.7 |
83.5 |
|
Gross Profit |
65.5 |
51.2 |
34.1 |
28.5 |
29.6 |
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|
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Selling/General/Administrative Expense |
9.5 |
29.2 |
22.9 |
20.6 |
22.0 |
|
Labor & Related Expense |
16.5 |
- |
- |
- |
- |
|
Advertising Expense |
9.1 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
35.0 |
29.2 |
22.9 |
20.6 |
22.0 |
|
Depreciation |
1.6 |
1.5 |
1.7 |
1.9 |
- |
|
Depreciation/Amortization |
1.6 |
1.5 |
1.7 |
1.9 |
- |
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Total Operating Expense |
144.4 |
125.0 |
107.7 |
105.2 |
105.6 |
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Operating Income |
28.9 |
20.5 |
9.5 |
6.0 |
7.6 |
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Interest Expense -
Non-Operating |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Interest Expense, Net Non-Operating |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Interest Income -
Non-Operating |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Interest/Investment Income - Non-Operating |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Gain (Loss) on Sale of Assets |
0.2 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
0.1 |
0.1 |
0.2 |
0.1 |
-0.1 |
|
Other, Net |
0.1 |
0.1 |
0.2 |
0.1 |
-0.1 |
|
Income Before Tax |
29.5 |
20.8 |
9.9 |
6.3 |
7.6 |
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Total Income Tax |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
Income After Tax |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
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Net Income Before Extraord Items |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
Net Income |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
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Income Available to Common Excl Extraord Items |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
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Income Available to Common Incl Extraord Items |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
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Basic/Primary Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
45.8 |
|
Basic EPS Excl Extraord Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.15 |
|
Basic/Primary EPS Incl Extraord Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.15 |
|
Diluted Net Income |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
Diluted Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
45.8 |
|
Diluted EPS Excl Extraord Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.15 |
|
Diluted EPS Incl Extraord Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.15 |
|
Dividends per Share - Common Stock Primary Issue |
0.26 |
0.18 |
2.60 |
0.11 |
0.08 |
|
Gross Dividends - Common Stock |
13.0 |
- |
- |
- |
- |
|
Interest Expense, Supplemental |
0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Depreciation, Supplemental |
3.6 |
3.3 |
3.5 |
3.6 |
3.7 |
|
Total Special Items |
-0.2 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Normalized Income Before Tax |
29.4 |
20.8 |
9.9 |
6.2 |
7.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
Normalized Income After Tax |
25.9 |
18.3 |
8.7 |
5.5 |
6.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
25.9 |
18.3 |
8.7 |
5.5 |
6.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Diluted Normalized EPS |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Rental Expenses |
0.7 |
- |
- |
- |
- |
|
Advertising Expense, Supplemental |
9.1 |
- |
- |
- |
4.9 |
|
Normalized EBIT |
28.9 |
20.5 |
9.5 |
6.0 |
7.6 |
|
Normalized EBITDA |
32.5 |
23.9 |
13.0 |
9.6 |
11.3 |
|
Current Tax - Total |
3.4 |
2.7 |
1.0 |
0.8 |
0.8 |
|
Current Tax - Total |
3.4 |
2.7 |
1.0 |
0.8 |
0.8 |
|
Deferred Tax - Other |
0.0 |
-0.1 |
- |
- |
- |
|
Deferred Tax - Total |
0.1 |
-0.1 |
0.2 |
-0.1 |
0.1 |
|
Deferred Tax - Total |
0.1 |
-0.2 |
0.2 |
-0.1 |
0.1 |
|
Income Tax - Total |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
|
|
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 |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
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|
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|
Cash & Equivalents |
3.0 |
7.1 |
6.5 |
1.5 |
8.1 |
|
Short Term Investments |
29.9 |
15.6 |
8.3 |
10.9 |
- |
|
Cash and Short Term Investments |
32.8 |
22.6 |
14.8 |
12.4 |
8.1 |
|
Accounts Receivable -
Trade, Gross |
10.7 |
10.6 |
8.9 |
8.4 |
8.0 |
|
Provision for Doubtful
Accounts |
-1.5 |
-1.7 |
-1.5 |
-1.3 |
-0.9 |
|
Trade Accounts Receivable - Net |
9.2 |
8.9 |
7.4 |
7.4 |
7.1 |
|
Other Receivables |
1.4 |
1.6 |
4.2 |
1.0 |
1.0 |
|
Total Receivables, Net |
10.5 |
10.4 |
11.6 |
8.4 |
8.0 |
|
Inventories - Finished Goods |
7.8 |
5.7 |
5.0 |
4.2 |
4.1 |
|
Inventories - Raw Materials |
8.5 |
9.2 |
5.8 |
4.4 |
5.6 |
|
LIFO Reserve |
-0.1 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Total Inventory |
16.2 |
14.4 |
10.3 |
8.1 |
9.1 |
|
Prepaid Expenses |
0.4 |
0.6 |
0.7 |
0.8 |
0.7 |
|
Other Current Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets, Total |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Current Assets |
60.1 |
48.2 |
37.5 |
29.8 |
26.1 |
|
|
|
|
|
|
|
|
Land/Improvements |
- |
9.4 |
8.8 |
8.8 |
8.7 |
|
Machinery/Equipment |
- |
47.7 |
45.3 |
43.8 |
42.2 |
|
Construction in
Progress |
- |
0.2 |
0.0 |
0.1 |
0.2 |
|
Property/Plant/Equipment - Gross |
67.4 |
57.3 |
54.1 |
52.8 |
51.1 |
|
Accumulated Depreciation |
-41.4 |
-38.4 |
-35.1 |
-31.7 |
-28.5 |
|
Property/Plant/Equipment - Net |
26.0 |
18.9 |
19.0 |
21.1 |
22.6 |
|
LT Investments - Other |
9.1 |
- |
- |
- |
- |
|
Long Term Investments |
9.1 |
- |
- |
- |
- |
|
Deferred Charges |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Other Long Term Assets |
0.0 |
0.5 |
0.1 |
0.1 |
- |
|
Other Long Term Assets, Total |
0.0 |
0.6 |
0.1 |
0.2 |
0.0 |
|
Total Assets |
95.2 |
67.7 |
56.6 |
51.1 |
48.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.4 |
- |
- |
- |
- |
|
Payable/Accrued |
- |
9.2 |
9.2 |
6.4 |
7.8 |
|
Accrued Expenses |
3.9 |
3.1 |
1.9 |
1.8 |
2.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
2.2 |
- |
- |
- |
- |
|
Income Taxes Payable |
3.4 |
2.6 |
1.0 |
0.9 |
0.9 |
|
Other Payables |
6.1 |
4.7 |
6.5 |
6.5 |
4.7 |
|
Other Current liabilities, Total |
9.5 |
7.3 |
7.5 |
7.4 |
5.6 |
|
Total Current Liabilities |
25.9 |
19.6 |
18.6 |
15.6 |
15.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
4.3 |
- |
- |
- |
- |
|
Total Long Term Debt |
4.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
6.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Deferred Income Tax |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Pension Benefits - Underfunded |
2.3 |
2.0 |
1.8 |
1.9 |
1.7 |
|
Other Long Term Liabilities |
0.0 |
0.3 |
0.8 |
1.5 |
1.3 |
|
Other Liabilities, Total |
2.3 |
2.3 |
2.6 |
3.4 |
3.0 |
|
Total Liabilities |
32.5 |
21.9 |
21.4 |
19.1 |
18.3 |
|
|
|
|
|
|
|
|
Common Stock |
13.0 |
13.0 |
7.8 |
7.8 |
7.8 |
|
Common Stock |
13.0 |
13.0 |
7.8 |
7.8 |
7.8 |
|
Retained Earnings (Accumulated Deficit) |
49.7 |
32.8 |
27.5 |
24.2 |
22.5 |
|
Total Equity |
62.7 |
45.8 |
35.3 |
32.0 |
30.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
95.2 |
67.7 |
56.6 |
51.1 |
48.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Number of Common Shareholders |
413 |
384 |
350 |
352 |
- |
|
|
|
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 |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
29.5 |
20.8 |
9.9 |
6.3 |
7.6 |
|
Depreciation |
3.6 |
3.3 |
3.5 |
3.6 |
3.7 |
|
Depreciation/Depletion |
3.6 |
3.3 |
3.5 |
3.6 |
3.7 |
|
Other Non-Cash Items |
0.0 |
0.3 |
0.0 |
0.4 |
0.3 |
|
Non-Cash Items |
0.0 |
0.3 |
0.0 |
0.4 |
0.3 |
|
Accounts Receivable |
0.2 |
1.0 |
-3.4 |
-0.8 |
-1.3 |
|
Inventories |
-1.8 |
-4.1 |
-2.2 |
1.0 |
-1.7 |
|
Payable/Accrued |
3.4 |
-0.7 |
2.9 |
0.3 |
3.2 |
|
Other Operating Cash Flow |
-2.8 |
-1.1 |
-0.9 |
-0.9 |
-0.7 |
|
Changes in Working Capital |
-1.1 |
-4.8 |
-3.6 |
-0.5 |
-0.5 |
|
Cash from Operating Activities |
32.0 |
19.6 |
9.8 |
9.9 |
11.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-10.7 |
-3.3 |
-1.4 |
-2.2 |
-2.9 |
|
Capital Expenditures |
-10.7 |
-3.3 |
-1.4 |
-2.2 |
-2.9 |
|
Sale of Fixed Assets |
0.2 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
0.0 |
|
Purchase of Investments |
0.0 |
- |
- |
- |
- |
|
Other Investing Cash Flow |
-22.9 |
-8.0 |
2.0 |
-5.3 |
-4.2 |
|
Other Investing Cash Flow Items, Total |
-22.8 |
-7.9 |
2.0 |
-5.2 |
-4.0 |
|
Cash from Investing Activities |
-33.5 |
-11.2 |
0.7 |
-7.4 |
-6.8 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-9.1 |
-7.8 |
-5.5 |
-3.9 |
-2.6 |
|
Total Cash Dividends Paid |
-9.1 |
-7.8 |
-5.5 |
-3.9 |
-2.6 |
|
Long Term Debt, Net |
6.5 |
- |
- |
- |
- |
|
Issuance (Retirement) of Debt, Net |
6.5 |
- |
- |
- |
- |
|
Cash from Financing Activities |
-2.6 |
-7.8 |
-5.5 |
-3.9 |
-2.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-4.1 |
0.6 |
5.0 |
-1.4 |
1.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
7.1 |
6.5 |
1.5 |
2.9 |
1.3 |
|
Net Cash - Ending Balance |
3.0 |
7.1 |
6.5 |
1.5 |
2.9 |
|
Cash Interest Paid |
0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Cash Taxes Paid |
- |
1.1 |
0.8 |
0.8 |
0.6 |
|
|
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 |
Restated 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 |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
173.3 |
145.5 |
117.2 |
111.1 |
113.1 |
|
Total Revenue |
173.3 |
145.5 |
117.2 |
111.1 |
113.1 |
|
|
|
|
|
|
|
|
Labor & Related Expense - COGS |
3.7 |
- |
- |
- |
- |
|
Advertising Expenses |
9.1 |
- |
- |
- |
- |
|
Employee Related Expense in Selling |
12.9 |
- |
- |
- |
- |
|
Employee Related Expenses in General |
3.6 |
- |
- |
- |
- |
|
Rent |
0.4 |
- |
- |
- |
- |
|
Rent in General |
0.3 |
- |
- |
- |
- |
|
Provision for Impairment for Receivables |
0.1 |
- |
- |
- |
- |
|
Distribution Costs - Balancing value |
6.7 |
- |
- |
- |
- |
|
Other Admin |
2.0 |
- |
- |
- |
- |
|
Direct Materials |
87.5 |
- |
- |
- |
- |
|
Depreciation/Amortization in COR/COGS |
2.0 |
- |
- |
- |
- |
|
Cost of Sales - Balancing value |
14.6 |
- |
- |
- |
- |
|
Cost of Sales |
- |
94.3 |
83.1 |
82.7 |
83.5 |
|
Distribution Costs |
- |
24.0 |
19.3 |
17.1 |
18.2 |
|
Administrative Expenses |
- |
5.2 |
3.6 |
3.5 |
3.9 |
|
Depreciation in Selling |
1.0 |
- |
- |
- |
- |
|
Depreciation in General |
0.6 |
- |
- |
- |
- |
|
Depreciation |
- |
1.5 |
1.7 |
1.9 |
- |
|
Total Operating Expense |
144.4 |
125.0 |
107.7 |
105.2 |
105.6 |
|
|
|
|
|
|
|
|
Interest Income |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Interest Expense |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Other Income - Balancing value |
0.1 |
- |
- |
- |
- |
|
Proposed Directors' Fees |
- |
- |
- |
- |
-0.2 |
|
Gain on Disposal of Prop/Plant & Equipm. |
0.2 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Income |
- |
0.1 |
0.2 |
0.1 |
0.1 |
|
Net Income Before Taxes |
29.5 |
20.8 |
9.9 |
6.3 |
7.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
Net Income After Taxes |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
Net Income |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
45.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Basic EPS Including ExtraOrdinary Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Diluted Net Income |
26.0 |
18.3 |
8.7 |
5.6 |
6.7 |
|
Diluted Weighted Average Shares |
50.0 |
50.0 |
50.0 |
50.0 |
45.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Diluted EPS Including ExtraOrd Items |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
DPS-Ordinary Shares |
0.26 |
0.18 |
2.60 |
0.11 |
0.08 |
|
Gross Dividends - Common Stock |
13.0 |
- |
- |
- |
- |
|
Normalized Income Before Taxes |
29.4 |
20.8 |
9.9 |
6.2 |
7.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
Normalized Income After Taxes |
25.9 |
18.3 |
8.7 |
5.5 |
6.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
25.9 |
18.3 |
8.7 |
5.5 |
6.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Diluted Normalized EPS |
0.52 |
0.37 |
0.17 |
0.11 |
0.14 |
|
Rent |
0.4 |
- |
- |
- |
- |
|
Rent in General |
0.3 |
- |
- |
- |
- |
|
Interest Expense |
0.1 |
- |
- |
- |
- |
|
Interest Expenses |
- |
0.0 |
0.0 |
0.0 |
- |
|
Advertisement Expenses |
9.1 |
- |
- |
- |
4.9 |
|
Depreciation |
3.6 |
3.3 |
3.5 |
3.6 |
3.7 |
|
Current Tax |
3.4 |
2.7 |
1.0 |
0.8 |
0.8 |
|
Current Tax - Total |
3.4 |
2.7 |
1.0 |
0.8 |
0.8 |
|
Deferred Tax |
0.1 |
-0.1 |
0.2 |
-0.1 |
0.1 |
|
Prior Years Deferred Tax |
0.0 |
-0.1 |
- |
- |
- |
|
Deferred Tax - Total |
0.1 |
-0.2 |
0.2 |
-0.1 |
0.1 |
|
Income Tax - Total |
3.5 |
2.5 |
1.2 |
0.7 |
0.9 |
|
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 |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Bank Balances |
3.0 |
7.1 |
6.5 |
1.5 |
8.1 |
|
Trade Receivables |
10.7 |
10.6 |
8.9 |
8.4 |
8.0 |
|
Provision for Doubtful Balances |
-1.5 |
-1.6 |
-1.3 |
-1.3 |
-0.9 |
|
Receivable from Related Parties |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Allowance for other receivables |
0.0 |
-0.2 |
-0.2 |
- |
- |
|
Employee Advances |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deposits |
29.9 |
15.6 |
8.3 |
10.9 |
- |
|
Prepaid Expenses |
0.4 |
0.6 |
0.7 |
0.8 |
0.7 |
|
Other Receivables |
1.4 |
1.6 |
4.2 |
1.0 |
1.0 |
|
Raw Materials |
5.2 |
5.6 |
3.2 |
2.8 |
3.2 |
|
Finished Products |
3.2 |
3.1 |
2.2 |
1.9 |
2.0 |
|
Stores and Spares |
1.0 |
1.4 |
1.1 |
0.6 |
0.6 |
|
Prov.-Slow Moving and Obsolete Inventory |
-0.1 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Packing Materials |
2.3 |
2.2 |
1.5 |
1.0 |
1.7 |
|
Trading Items |
0.6 |
0.6 |
0.4 |
0.4 |
0.4 |
|
Goods in Transit |
4.0 |
2.0 |
2.4 |
1.8 |
1.7 |
|
Total Current Assets |
60.1 |
48.2 |
37.5 |
29.8 |
26.1 |
|
|
|
|
|
|
|
|
Deferred Tax |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Advance for Property, Plant & Eq. |
0.0 |
0.5 |
0.1 |
0.1 |
- |
|
Land and Buildings |
- |
9.4 |
8.8 |
8.8 |
8.7 |
|
Plant and Equipment |
- |
28.5 |
27.3 |
26.6 |
25.1 |
|
Motor Vehicles |
- |
5.4 |
5.2 |
5.1 |
5.4 |
|
Tools and Equipment |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Furniture and Equipment |
- |
3.5 |
3.0 |
2.6 |
2.3 |
|
Coolers |
- |
10.2 |
9.6 |
9.4 |
9.4 |
|
Capital Work in Progress |
- |
0.2 |
0.0 |
0.1 |
0.2 |
|
Depreciation |
-41.4 |
-38.4 |
-35.1 |
-31.7 |
-28.5 |
|
Investment |
9.1 |
- |
- |
- |
- |
|
Fixed Assets, Gross |
67.4 |
- |
- |
- |
- |
|
Total Assets |
95.2 |
67.7 |
56.6 |
51.1 |
48.6 |
|
|
|
|
|
|
|
|
Payable and Accruals |
- |
9.2 |
9.2 |
6.4 |
7.8 |
|
Cerditors for Purchase Tangibles |
3.1 |
0.4 |
0.7 |
0.7 |
0.3 |
|
Accrued Expenses |
3.9 |
3.1 |
1.9 |
1.8 |
2.0 |
|
Other Payable |
3.0 |
4.3 |
5.8 |
5.9 |
4.4 |
|
Tax Payable |
3.4 |
2.6 |
1.0 |
0.9 |
0.9 |
|
Trade Payable |
10.4 |
- |
- |
- |
- |
|
Current Portion of Term Loan |
2.2 |
- |
- |
- |
- |
|
Total Current Liabilities |
25.9 |
19.6 |
18.6 |
15.6 |
15.3 |
|
|
|
|
|
|
|
|
Term Loan |
4.3 |
- |
- |
- |
- |
|
Total Long Term Debt |
4.3 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Employee Terminal Benefits |
2.3 |
2.0 |
1.8 |
1.9 |
1.7 |
|
Deferred Tax |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Liabilities |
0.0 |
0.3 |
0.8 |
1.5 |
1.3 |
|
Total Liabilities |
32.5 |
21.9 |
21.4 |
19.1 |
18.3 |
|
|
|
|
|
|
|
|
Share Capital |
13.0 |
13.0 |
7.8 |
7.8 |
7.8 |
|
Legal Reserves |
4.3 |
4.3 |
2.6 |
2.6 |
2.6 |
|
General reserve |
6.5 |
3.3 |
- |
- |
- |
|
Retained Profits |
38.9 |
25.1 |
24.9 |
21.6 |
19.9 |
|
Total Equity |
62.7 |
45.8 |
35.3 |
32.0 |
30.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
95.2 |
67.7 |
56.6 |
51.1 |
48.6 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
Total Common Shares Outstanding |
50.0 |
50.0 |
50.0 |
50.0 |
50.0 |
|
T/S-Ordinary Shares |
0.0 |
- |
- |
- |
- |
|
Number of Shareholders |
413 |
384 |
350 |
352 |
- |
|
|
|
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 |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
OMR |
OMR |
OMR |
OMR |
OMR |
|
Exchange Rate (Period Average) |
0.384884 |
0.385032 |
0.385008 |
0.384999 |
0.384956 |
|
Auditor |
Ernst & Young LLP |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Talal Abu-Ghazaleh & Co. |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit Before Taxation |
29.5 |
20.8 |
9.9 |
6.3 |
7.6 |
|
Depreciation |
3.6 |
3.3 |
3.5 |
3.6 |
3.7 |
|
Finance Expense |
0.1 |
- |
- |
- |
- |
|
G-Disposal of Property, Plant and Equip. |
-0.2 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Interest Income |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
0.0 |
|
Employee Terminal Benefits |
-0.1 |
-0.2 |
-0.4 |
0.2 |
0.3 |
|
Employee End of Service Benefits |
0.4 |
0.3 |
0.4 |
- |
- |
|
Allowance for Other Receivables |
- |
0.0 |
0.2 |
0.0 |
- |
|
Provision for Doubful Debts |
0.1 |
0.3 |
0.0 |
0.4 |
0.0 |
|
Receivables and Prepayments |
0.2 |
1.0 |
-3.4 |
-0.8 |
-1.3 |
|
Inventories and Goods in Transit |
-1.8 |
-4.1 |
-2.2 |
1.0 |
-1.7 |
|
Payables and Accruals |
3.4 |
-0.7 |
2.9 |
0.3 |
3.2 |
|
Interest Paid |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Tax Paid |
-2.6 |
-1.1 |
-0.8 |
-0.8 |
-0.6 |
|
Cash from Operating Activities |
32.0 |
19.6 |
9.8 |
9.9 |
11.0 |
|
|
|
|
|
|
|
|
Purchase of AFS Investments |
0.0 |
- |
- |
- |
- |
|
Term Deposits |
-23.4 |
-7.3 |
2.6 |
-5.7 |
-3.9 |
|
Sale of Property, Plant and Equipment |
0.2 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Capital Expenditures |
-10.7 |
-3.3 |
-1.4 |
-2.2 |
-2.9 |
|
Advance for Property, Plant & Eq. |
0.5 |
-0.4 |
-0.1 |
-0.1 |
- |
|
Sale of Investments |
- |
- |
- |
- |
0.0 |
|
Interest Received |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Other Liabilities Settled |
-0.4 |
-0.5 |
-0.7 |
0.3 |
-0.3 |
|
Cash from Investing Activities |
-33.5 |
-11.2 |
0.7 |
-7.4 |
-6.8 |
|
|
|
|
|
|
|
|
Proceeds from Term Loan |
6.5 |
- |
- |
- |
- |
|
Dividend Paid |
-9.1 |
-7.8 |
-5.5 |
-3.9 |
-2.6 |
|
Cash from Financing Activities |
-2.6 |
-7.8 |
-5.5 |
-3.9 |
-2.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-4.1 |
0.6 |
5.0 |
-1.4 |
1.6 |
|
|
|
|
|
|
|
|
Net Cash-Beginning Balance |
7.1 |
6.5 |
1.5 |
2.9 |
1.3 |
|
Net Cash-Ending Balance |
3.0 |
7.1 |
6.5 |
1.5 |
2.9 |
|
Cash Interest Paid |
0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Cash Taxes Paid |
- |
1.1 |
0.8 |
0.8 |
0.6 |
|
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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.