MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ASAFFA FOODS SAOG 

 

 

Formerly Known as:

A'Saffa Poultry Farms SAOG

 

 

Registered Office :

Ruwi, P. O. Box 3436, Salalah, 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

30.12.2001

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacture and distribution of poultry meat.

 

 

No. of Employees :

242

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints

 

 

Litigation :

Clear 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

oman ECONOMIC OVERVIEW

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.

 

Source : CIA

Company name & address

 

ASaffa Foods SAOG

Ruwi

P.O.Box 3436

Salalah, 112

Oman

Tel:       968-24-591800

Fax:      968-24-592800

Web:    www.asaffa.com

 

 

Synthesis 

 

Employees:                  242

Company Type:            Public Independent

Traded:                         Muscat Securities Market:          SPFI

Incorporation Date:         30-Dec-2001

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Rial Omani

Annual Sales:               67.2  1

Net Income:                  18.9

Total Assets:                 100.5  2

Market Value:               248.1 (08-May-2013)

 

 

Business Description     

 

A Saffa Foods SAOG is an Oman-based company engaged in the manufacture and distribution of poultry meat. The Company's products include chilled fresh and frozen chicken, chicken thighs, chicken breast, drumstick, wings, liver, heart and gizzard. ASaffa Foods SAOG's farms comprise a complex of parent bird farms, hatchery, broiler bird farms, slaughter houses, processing plant, rendering plant, power station, laboratory, cold storage and effluent treatment system. Its chickens are produced at the processing plant and slaughtering is done by hand (Halal) according to the Islamic Sharia. It exports frozen chicken to countries like United Arab Emirates, Qatar, Bahrain, Kuwait, Saudi Arabia, Yemen, Iraq, Lebanon, Egypt, Vietnam, China and Pakistan. The Company’s wholly owned subsidiary, A Saffa Meat Processing LLC, which focuses on the production and distribution of meat and fish products. For the fiscal year ended 31 December 2012, ASaffa Foods SAOG revenues increased 21% to OMR25.9M. Net income increased 89% to OMR7.3M. Revenues reflect Oman segment increase of 24% to OMR19M, GCC Countries segment increase of 12% to OMR6.6M. Net income benefited from Exchange Loss decrease of 86% to OMR7K (expense), Profit on Disposal of Equipment increase of 69% to OMR3K (income). Dividend per share remained flat at OMR0.01.

 

Industry             

Industry            Food Processing

ANZSIC 2006:    1112 - Poultry Processing

NACE 2002:      1512 - Production and preserving of poultry meat

NAICS 2002:     311615 - Poultry Processing

UK SIC 2003:    1512 - Production and preserving of poultry meat

UK SIC 2007:    1012 - Processing and preserving of poultry meat

US SIC 1987:    2015 - Poultry Slaughtering and Processing

 

           

Key Executives   

 

Name

Title

Naser Zaher Naser Al Maawali

Chief Executive Officer

Mohammed Rafiq Chaudhry

Chief Financial Officer

Sidhartha Lenka

Head of Marketing and Sales Manager

Amira Al Atta Bin Ouf Al Atta

Secretary of the Board

Yassin Khidir Elnour

Senior Operations Manager

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Dividends

1

A Saffa Foods SAOG Recommends 15% Annual Cash Dividend and 5% Stock Dividend For FY 2012

26-Feb-2013

 

* number of significant developments within the last 12 months                

 

 

News 

 

Title

Date

INVITATION TO ATTEND EGM/AGM
Muscat Securities Market (558 Words)

5-Mar-2013

A'Saffa Foods annual net profit after tax increases
Datamonitor FoodWire (106 Words)

4-Mar-2013

 

 

Financial Summary    

 

 

As of 31-Dec-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.16

1.53

Quick Ratio (MRQ)

1.45

0.78

Debt to Equity (MRQ)

0.53

1.14

Sales 5 Year Growth

22.77

6.97

Net Profit Margin (TTM) %

28.10

7.06

Return on Assets (TTM) %

21.48

7.05

Return on Equity (TTM) %

36.16

21.45


Stock Snapshot

 

 

Traded: Muscat Securities Market: SPFI

 

As of 8-May-2013

   Financials in: OMR

Recent Price

0.83

 

EPS

0.07

52 Week High

0.83

 

Price/Sales

3.69

52 Week Low

0.41

 

Dividend Rate

0.01

Avg. Volume (mil)

0.03

 

Price/Earnings

8.26

Market Value (mil)

95.50

 

Price/Book

3.94

 

Price % Change

Rel S&P 500%

4 Week

10.00%

10.11%

13 Week

33.27%

24.76%

52 Week

66.27%

52.74%

Year to Date

54.96%

42.79%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.3848844

2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

 

 

Corporate Overview

 

Location

Ruwi

P.O.Box 3436

Salalah, 112

Oman

Tel:       968-24-591800

Fax:      968-24-592800

Web:    www.asaffa.com

           

Quote Symbol - Exchange

SPFI - Muscat Securities Market

Sales OMR(mil):            25.9

Assets OMR(mil):          38.7

Employees:                   242

Fiscal Year End:            31-Dec-2012

Industry:                        Food Processing

Incorporation Date:         30-Dec-2001

Company Type:             Public Independent

Quoted Status:              Quoted

Previous Name:             A'Saffa Poultry Farms SAOG

 

Chief Executive Officer:

Naser Zaher Naser Al Maawali

 

Industry Codes

 

ANZSIC 2006 Codes:

1112     -          Poultry Processing

0171     -          Poultry Farming (Meat)

1120     -          Seafood Processing

017       -          Poultry Farming

 

NACE 2002 Codes:

1512     -          Production and preserving of poultry meat

1520     -          Processing and preserving of fish and fish products

0124     -          Farming of poultry

 

NAICS 2002 Codes:

311615  -          Poultry Processing

112390  -          Other Poultry Production

311712  -          Fresh and Frozen Seafood Processing

112340  -          Poultry Hatcheries

 

US SIC 1987:

2015     -          Poultry Slaughtering and Processing

2092     -          Prepared Fresh or Frozen Fish and Seafoods

0259     -          Poultry and Eggs, Not Elsewhere Classified

0254     -          Poultry Hatcheries

 

UK SIC 2003:

1512     -          Production and preserving of poultry meat

1520     -          Processing and preserving of fish and fish products

0124     -          Farming of poultry

 

UK SIC 2007:

1012     -          Processing and preserving of poultry meat

1020     -          Processing and preserving of fish, crustaceans and molluscs

0147     -          Raising of poultry

 

Business Description

A Saffa Foods SAOG is an Oman-based company engaged in the manufacture and distribution of poultry meat. The Company's products include chilled fresh and frozen chicken, chicken thighs, chicken breast, drumstick, wings, liver, heart and gizzard. ASaffa Foods SAOG's farms comprise a complex of parent bird farms, hatchery, broiler bird farms, slaughter houses, processing plant, rendering plant, power station, laboratory, cold storage and effluent treatment system. Its chickens are produced at the processing plant and slaughtering is done by hand (Halal) according to the Islamic Sharia. It exports frozen chicken to countries like United Arab Emirates, Qatar, Bahrain, Kuwait, Saudi Arabia, Yemen, Iraq, Lebanon, Egypt, Vietnam, China and Pakistan. The Company’s wholly owned subsidiary, A Saffa Meat Processing LLC, which focuses on the production and distribution of meat and fish products. For the fiscal year ended 31 December 2012, ASaffa Foods SAOG revenues increased 21% to OMR25.9M. Net income increased 89% to OMR7.3M. Revenues reflect Oman segment increase of 24% to OMR19M, GCC Countries segment increase of 12% to OMR6.6M. Net income benefited from Exchange Loss decrease of 86% to OMR7K (expense), Profit on Disposal of Equipment increase of 69% to OMR3K (income). Dividend per share remained flat at OMR0.01.

 

More Business Descriptions

·         Production and processing of chickens

Poultry Services

 

Financial Data

Financials in:

OMR(mil)

 

Revenue:

25.9

Net Income:

7.3

Assets:

38.7

Long Term Debt:

7.3

 

Total Liabilities:

15.6

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

21.3%

88.8%

33.6%

Market Data

Quote Symbol:

SPFI

Exchange:

Muscat Securities Market

Currency:

OMR

Stock Price:

0.8

Stock Price Date:

05-08-2013

52 Week Price Change %:

66.3

Market Value (mil):

95,504.1

 

SEDOL:

B1890N8

ISIN:

OM0000002804

 

Equity and Dept Distribution:

3/2010, 100-for-10 stock split. 3/2011, Scrip Issue 5 new shares for every 100 shares held (Factor: 1.05 ). 3/2012, Scrip Issue, 5 new shares for every 100 shares held (Factor: 1.05). 3/2013, Scrip Issue, 5 new shares for every 100 shares held (Factor: 1.05).

 

 

Subsidiaries

Company

Percentage Owned

Country

A'Saffa Meat Processing LLC

100%

OMAN

 

 

 

Shareholders

 

 

Major Shareholders

Gulf Investment Corporation (33.25%); Arab Authority for Agricultural Investment & Development (33.25%); Internal Security Service Pension Fund (10%); National United Engineering & Contracting Co LLC (10%)

 

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers, PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Saleh Mohammed Al Shanfari

 

Non-Executive Independent Chairman of the Board

Chairman

 

Biography:

Eng. Saleh Mohammed Al Shanfari serves as Non-Executive Independent Chairman of the Board of A Saffa Foods SAOG. He represented Global Omani Investment Co. SAOC until March 24, 2011. He is also Member of the Board of Global Omani Investment Co SAOC, The Global Omani Investment Co SAOC, Oman International Sayyarat Co SAOC, Dhofar Holding Co SAOC and Chief Executive Officer of Oman Food Investment Holding co SAOC.

 

Compensation/Salary:5,600

Compensation Currency: OMR

 

Fahad Mohammed Al Abdul Kader

 

Non-Executive Independent Vice Chairman of the Board, representing Gulf Investment Corporation

Vice-Chairman

 

 

Biography:

Mr. Fahad Mohammed Al Abdul Kader serves as Non-Executive Independent Vice Chairman of the Board, representing Gulf Investment Corporation at A Saffa Foods SAOG. He is a Certified Accountant.

 

Compensation/Salary:5,100

Compensation Currency: OMR

 

Shanfari, Mohammed Al

 

Board Member

Director/Board Member

 

 

Kulaib, Areej Al

 

Board Member

Director/Board Member

 

 

Said Ali Al Fannah Al Araimi

 

Non-Executive Member of the Board, representing National United Engineering and Contracting Co. LLC

Director/Board Member

 

 

Saeed Ali Salem AlFannah Al Arami

 

Director

Director/Board Member

 

 

Mohammed Bin Hasan Al Asere

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Areej Mohammed Al Kleeb

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Suleiman Bin Naser Al Lamki

 

Non-Executive Independent Member of the Board, representing Internal Security Pension Fund

Director/Board Member

 

 

Biography:

Mr. Suleiman Naser Al Lamki serves as Non-Executive Independent Member of the Board of A Saffa Foods SAOG, representing Internal Security Pension Fund. He is also the Investment Manager in Internal Security Pension Fund.

 

Compensation/Salary:10,000

Compensation Currency: OMR

 

Mubarak Suleiman Al Mantheri

 

Non-Executive Independent Member of the Board, representing Arab Authority For Agricultural Investment & Development

Director/Board Member

 

 

Biography:

Mr. Mubarak Suleiman Al Mantheri serves as Non-Executive Independent Member of the Board of A Saffa Foods SAOG, representing Arab Authority For Agricultural Investment & Development since March 24, 2011. He is also Member of the Board of Oman Cement Co SAOG and Takamul Investment Co SAOG. Mr. Al Mantheri is also Director General of Investments in the Ministry of Finance.

 

Compensation/Salary:4,200

Compensation Currency: OMR

 

Al, Rashid Mohammed

 

Board Member

Director/Board Member

 

 

Al Lamki, Suleiman Nasser

 

Board Member

Director/Board Member

 

 

 

 

 

Executives

 

Name

Title

Function

 

Naser Zaher Naser Al Maawali

 

Chief Executive Officer

Chief Executive Officer

 

Biography:

Dr. Naser Zaher Naser Al Maawali serves as Chief executive Officer of A Saffa Foods SAOG. He has 34 years experience in animal production encompassing planning and overseeing implementation of projects and programs, conducting and supervising research projects and hand-on commercial production at the farm level.

 

Nasser Zahir Nasser Al Maawali

 

CEO

Chief Executive Officer

 

 

Yassin Khidir Elnour

 

Senior Operations Manager

Operations Executive

 

 

Biography:

Eng. Yassin Khidir Elnour serves as Senior Operations Manager of A Saffa Foods SAOG. He has experience in poultry farming and farm management.

 

Mohammed Ahmad Al Shanfari

 

Assistant Chief Executive Officer for Administration Affairs

Administration Executive

 

 

Biography:

Mr. Mohammed Ahmad Al Shanfari serves as Assistant Chief Executive Officer for Administration Affairs of A Saffa Foods SAOG. He has over 39 years in the public relation, commercial activities, human resource and administration.

 

Amira ElAtta Bin Ouf ElAtta

 

Secretary

Administration Executive

 

 

Amira Al Atta Bin Ouf Al Atta

 

Secretary of the Board

Company Secretary

 

 

Mohammed Rafiq Chaudhry

 

Chief Financial Officer

Finance Executive

 

 

Biography:

Mr. Mohammed Rafiq Chaudhry serves as Chief Financial Officer of A Saffa Foods SAOG. He has 29 years diversified experience in strategic financial and Operation planning, designing corporate objectives and goals, monitoring project performance, performance analysis and corrective measures, financial and accounting activities of the project.

 

Salim Padmavathy Vasu

 

Internal Auditor

Accounting Executive

 

 

Sidhartha Lenka

 

Head of Marketing and Sales Manager

Sales Executive

 

 

Biography:

Mr. Sidhartha Lenka serves as Head of Marketing and Sales Manager of A Saffa Foods SAOG. He has 24 years experience in Heading Sales and Marketing Pan India as well as Eastern and Southern African, and GCC countries, special in brand building, setting distribution network, direct distribution, advertising and promotion, business and sales planning and setting goals, target achievement and ROI.

 

Deepti Rai

 

Head-Compliance

Legal Executive

 

 

P. M. Ranganathan

 

Head-Risk Management

Insurance Executive

 

 

 

 

Significant Developments

 

A Saffa Foods SAOG Recommends 15% Annual Cash Dividend and 5% Stock Dividend for FY 2012 Feb 26, 2013

 

A Saffa Foods SAOG announced that its Board of Directors has recommended the distribution of 15% annual cash dividend and 5% stock dividend, of the Company's paid up capital, for the fiscal year ended December 31, 2012 subject to the approval of shareholders at their Annual General Meeting to be held on March 28, 2013.

 

 

Annual Income Statement

 

 

Financials in: USD (mil)          

Except for share items (millions) and per share items (actual units)   

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.384884

0.385032

0.385008

0.384999

0.384956

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

67.2

55.4

48.6

41.0

33.8

Revenue

67.2

55.4

48.6

41.0

33.8

Total Revenue

67.2

55.4

48.6

41.0

33.8

 

 

 

 

 

 

    Cost of Revenue

40.3

35.9

31.6

26.6

24.0

Cost of Revenue, Total

40.3

35.9

31.6

26.6

24.0

Gross Profit

26.9

19.5

16.9

14.4

9.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.8

4.3

3.8

5.7

4.0

    Labor & Related Expense

4.0

3.0

2.5

-

-

    Advertising Expense

1.1

0.9

1.0

-

-

Total Selling/General/Administrative Expenses

9.9

8.2

7.2

5.7

4.0

    Depreciation

0.4

0.4

0.4

-

-

Depreciation/Amortization

0.4

0.4

0.4

-

-

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-0.1

-

-

    Other Unusual Expense (Income)

0.0

0.0

0.0

-

-

Unusual Expense (Income)

0.0

0.0

-0.1

-

-

    Other, Net

-3.2

0.0

0.0

-0.3

-0.4

Other Operating Expenses, Total

-3.2

0.0

0.0

-0.3

-0.4

Total Operating Expense

47.5

44.4

39.1

32.0

27.5

 

 

 

 

 

 

Operating Income

19.8

11.0

9.4

9.0

6.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.0

-1.0

-1.2

-1.8

-1.8

    Interest Expense, Net Non-Operating

-1.0

-1.0

-1.2

-1.8

-1.8

        Interest Income - Non-Operating

0.1

0.1

0.2

0.2

0.2

    Interest/Investment Income - Non-Operating

0.1

0.1

0.2

0.2

0.2

    Interest Income (Expense) - Net Non-Operating

-

-

-

0.2

-

Interest Income (Expense) - Net Non-Operating Total

-0.8

-0.8

-1.0

-1.5

-1.6

    Other Non-Operating Income (Expense)

0.0

-0.1

0.0

-

-

Other, Net

0.0

-0.1

0.0

-

-

Income Before Tax

18.9

10.0

8.4

7.5

4.6

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.2

0.0

0.0

Income After Tax

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Net Income Before Extraord Items

18.9

10.0

8.2

7.5

4.6

Net Income

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

110.3

115.8

110.3

115.8

82.0

Basic EPS Excl Extraord Items

0.17

0.09

0.07

0.06

0.06

Basic/Primary EPS Incl Extraord Items

0.17

0.09

0.07

0.06

0.06

Diluted Net Income

18.9

10.0

8.2

7.5

4.6

Diluted Weighted Average Shares

110.3

115.8

110.3

115.8

82.0

Diluted EPS Excl Extraord Items

0.17

0.09

0.07

0.06

0.06

Diluted EPS Incl Extraord Items

0.17

0.09

0.07

0.06

0.06

Dividends per Share - Common Stock Primary Issue

0.04

0.03

0.02

-

-

Gross Dividends - Common Stock

-

3.3

2.7

-

-

Interest Expense, Supplemental

1.0

1.0

1.2

1.8

1.8

Depreciation, Supplemental

2.8

2.5

2.4

2.2

1.5

Total Special Items

0.0

0.0

-0.1

0.0

0.0

Normalized Income Before Tax

18.9

10.0

8.3

7.5

4.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.2

0.0

0.0

Normalized Income After Tax

18.9

10.0

8.1

7.5

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

18.9

10.0

8.1

7.5

4.6

 

 

 

 

 

 

Basic Normalized EPS

0.17

0.09

0.07

0.07

0.06

Diluted Normalized EPS

0.17

0.09

0.07

0.07

0.06

Rental Expenses

1.9

1.9

1.4

1.0

0.4

Advertising Expense, Supplemental

1.1

0.9

1.0

0.9

0.5

Normalized EBIT

19.8

11.0

9.4

9.0

6.3

Normalized EBITDA

22.6

13.5

11.8

11.2

7.8

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.385

0.38495

0.38505

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

1.0

-

-

-

-

    Cash & Equivalents

-

2.1

2.1

8.1

6.0

    Short Term Investments

5.4

5.2

5.2

-

-

Cash and Short Term Investments

6.4

7.4

7.4

8.1

6.0

        Accounts Receivable - Trade, Gross

14.3

10.7

10.3

8.9

6.3

        Provision for Doubtful Accounts

-0.3

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

23.9

10.5

10.2

8.9

6.2

    Other Receivables

-

1.7

0.5

0.5

1.3

Total Receivables, Net

23.9

12.2

10.7

9.4

7.5

    Inventories - Finished Goods

1.8

1.6

1.2

2.6

0.9

    Inventories - Raw Materials

12.7

6.8

6.7

7.7

6.4

    Inventories - Other

0.4

0.7

0.7

0.7

0.5

Total Inventory

14.8

9.1

8.5

11.0

7.8

Prepaid Expenses

0.2

0.2

0.3

0.1

0.0

Total Current Assets

45.4

28.8

26.9

28.6

21.3

 

 

 

 

 

 

        Buildings

31.9

25.8

25.7

25.2

10.2

        Land/Improvements

1.5

1.5

1.5

-

-

        Machinery/Equipment

33.5

28.1

27.7

27.1

21.8

        Construction in Progress

5.0

5.0

-

0.0

15.3

    Property/Plant/Equipment - Gross

71.9

60.4

55.0

52.3

47.3

    Accumulated Depreciation

-16.8

-14.1

-11.6

-9.5

-7.3

Property/Plant/Equipment - Net

55.1

46.3

43.4

42.8

40.0

    LT Investments - Other

0.1

0.1

0.1

-

-

Long Term Investments

0.1

0.1

0.1

-

-

Total Assets

100.5

75.3

70.4

71.4

61.3

 

 

 

 

 

 

Accounts Payable

3.3

-

-

-

-

Payable/Accrued

2.1

4.6

4.0

4.2

6.3

Accrued Expenses

2.9

1.7

1.3

-

-

Notes Payable/Short Term Debt

12.7

6.4

5.3

6.5

3.8

Current Portion - Long Term Debt/Capital Leases

0.0

0.0

0.1

1.3

0.1

    Income Taxes Payable

-

0.0

0.2

-

-

Other Current liabilities, Total

-

0.0

0.2

-

-

Total Current Liabilities

21.0

12.7

10.8

12.0

10.2

 

 

 

 

 

 

    Long Term Debt

19.0

17.7

22.2

27.8

26.9

    Capital Lease Obligations

0.0

0.0

0.1

-

-

Total Long Term Debt

19.0

17.7

22.2

27.8

26.9

Total Debt

31.7

24.2

27.6

35.5

30.8

 

 

 

 

 

 

    Pension Benefits - Underfunded

0.6

0.4

0.3

0.2

0.1

    Other Long Term Liabilities

-

-

-

0.0

0.2

Other Liabilities, Total

0.6

0.4

0.3

0.2

0.4

Total Liabilities

40.5

30.8

33.3

40.0

37.4

 

 

 

 

 

 

    Common Stock

28.6

27.3

26.0

26.0

26.0

Common Stock

28.6

27.3

26.0

26.0

26.0

Retained Earnings (Accumulated Deficit)

31.4

17.2

11.0

5.5

-2.1

Total Equity

60.0

44.4

37.0

31.4

23.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

100.5

75.3

70.4

71.4

61.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

110.3

115.8

115.8

115.8

115.8

Total Common Shares Outstanding

110.3

115.8

115.8

115.8

115.8

Treasury Shares - Common Stock Primary Issue

0.0

-

-

-

-

Employees

-

-

-

-

242

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.384884

0.385032

0.385008

0.384999

0.384956

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

18.9

10.0

8.4

7.5

4.6

    Depreciation

2.8

2.5

2.4

2.2

1.5

Depreciation/Depletion

2.8

2.5

2.4

2.2

1.5

    Other Non-Cash Items

1.0

1.0

1.2

1.4

1.3

Non-Cash Items

1.0

1.0

1.2

1.4

1.3

    Accounts Receivable

-11.3

-1.4

-1.6

-2.0

-2.3

    Inventories

-5.7

-0.5

2.4

-3.1

-2.2

    Accounts Payable

2.0

1.0

1.1

-2.3

1.9

    Other Operating Cash Flow

-0.9

-1.0

-1.2

-1.3

-1.2

Changes in Working Capital

-15.9

-2.0

0.8

-8.7

-3.8

Cash from Operating Activities

6.8

11.5

12.7

2.4

3.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-12.0

-5.5

-2.9

-5.1

-13.5

Capital Expenditures

-12.0

-5.5

-2.9

-5.1

-13.5

    Sale of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Other Investing Cash Flow

-

0.0

-0.1

-3.7

-0.1

Other Investing Cash Flow Items, Total

0.0

0.0

-0.1

-3.7

-0.1

Cash from Investing Activities

-12.0

-5.5

-3.0

-8.7

-13.6

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-4.4

3.4

-1.0

Financing Cash Flow Items

-

-

-4.4

3.4

-1.0

    Cash Dividends Paid - Common

-3.3

-2.6

-2.6

-

-

Total Cash Dividends Paid

-3.3

-2.6

-2.6

-

-

Issuance (Retirement) of Stock, Net

-

-

-

0.0

13.0

        Long Term Debt Issued

8.0

3.3

-

-

-

        Long Term Debt Reduction

-4.9

-8.5

-

-

-

    Long Term Debt, Net

7.5

-3.5

-3.5

1.3

-1.8

Issuance (Retirement) of Debt, Net

7.5

-3.5

-3.5

1.3

-1.8

Cash from Financing Activities

4.2

-6.1

-10.5

4.8

10.2

 

 

 

 

 

 

Net Change in Cash

-0.9

0.0

-0.8

-1.5

0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2.1

2.1

2.9

4.4

4.2

Net Cash - Ending Balance

1.2

2.1

2.1

2.9

4.4

Cash Interest Paid

1.0

1.0

1.1

1.3

1.2

Cash Taxes Paid

-

0.1

0.0

-

-

 

 

Annual Income Statement

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.384884

0.385032

0.385008

0.384999

0.384956

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

67.2

55.4

48.6

41.0

33.8

Total Revenue

67.2

55.4

48.6

41.0

33.8

 

 

 

 

 

 

    Cost of Sales

40.3

33.8

29.6

26.6

24.0

    Depreciation- COS

-

2.1

2.0

-

-

    Marketing & Distribution costs

-

3.4

2.9

3.7

2.3

    Director's Remuneration

0.3

-

-

-

-

    Employee Related Costs-M&D

2.1

1.6

1.2

-

-

    Advertisement & Sales Promotion

1.1

0.9

1.0

-

-

    Depreciation(1)

0.1

0.1

0.0

-

-

    Administrative & Pre-Operative Expenses

-

0.9

0.9

2.0

1.7

    Employee Related Costs-G&A

1.6

1.4

1.3

-

-

    Depreciation

0.4

0.3

0.3

-

-

    Other Operating Income

-3.2

-

-

-

-

    Other Financial Charges

-

-

-

-0.3

-0.4

    Rental Expense

1.8

-

-

-

-

    Rental Expense

0.1

-

-

-

-

    Other Administrative Expenses

0.8

-

-

-

-

    Other Marketing & Distribution costs

2.2

-

-

-

-

    Pre-Operating Expenses

0.0

0.0

0.0

-

-

    Other Operating Income

-

0.0

0.0

-

-

    Profit on Disposal of Equipment

0.0

0.0

-0.1

-

-

Total Operating Expense

47.5

44.4

39.1

32.0

27.5

 

 

 

 

 

 

    Interest Expenses

-1.0

-1.0

-1.2

-1.8

-1.8

    Interest Income

0.1

0.1

0.2

0.2

0.2

    Exchange Loss

0.0

-0.1

0.0

-

-

    Other Income

-

-

-

0.2

-

Net Income Before Taxes

18.9

10.0

8.4

7.5

4.6

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.2

0.0

0.0

Net Income After Taxes

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Net Income Before Extra. Items

18.9

10.0

8.2

7.5

4.6

Net Income

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

18.9

10.0

8.2

7.5

4.6

 

 

 

 

 

 

Basic Weighted Average Shares

110.3

115.8

110.3

115.8

82.0

Basic EPS Excluding ExtraOrdinary Items

0.17

0.09

0.07

0.06

0.06

Basic EPS Including ExtraOrdinary Items

0.17

0.09

0.07

0.06

0.06

Diluted Net Income

18.9

10.0

8.2

7.5

4.6

Diluted Weighted Average Shares

110.3

115.8

110.3

115.8

82.0

Diluted EPS Excluding ExtraOrd Items

0.17

0.09

0.07

0.06

0.06

Diluted EPS Including ExtraOrd Items

0.17

0.09

0.07

0.06

0.06

DPS-Common Stock

0.04

0.03

0.02

-

-

Gross Dividends - Common Stock

-

3.3

2.7

-

-

Normalized Income Before Taxes

18.9

10.0

8.3

7.5

4.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.2

0.0

0.0

Normalized Income After Taxes

18.9

10.0

8.1

7.5

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

18.9

10.0

8.1

7.5

4.6

 

 

 

 

 

 

Basic Normalized EPS

0.17

0.09

0.07

0.06

0.06

Diluted Normalized EPS

0.17

0.09

0.07

0.06

0.06

Depreciation

2.8

2.5

2.4

2.2

1.5

Interest Expenses

1.0

-

-

-

-

Interest Expenses

-

1.0

1.2

1.8

1.8

Rent Expense

1.9

1.9

1.4

1.0

0.4

Advertisement Expense

1.1

0.9

1.0

0.9

0.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.385

0.38495

0.38505

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Bank Balances

-

2.1

2.1

8.1

6.0

    Call Deposit

0.2

-

-

-

-

    ST Deposits

5.2

5.2

5.2

-

-

    Other Rcvbls. & Prepayments

9.9

-

-

-

-

    Raw Materials

9.3

4.3

4.3

5.2

5.0

    Biological Assets

3.3

2.4

2.4

2.5

1.5

    Finished Products

1.8

1.6

1.2

2.6

0.9

    Stores & Others

0.4

0.3

0.4

0.4

0.1

    Hutchable Eggs

-

0.4

0.3

0.3

0.4

    Trade Accounts Receivable

14.3

10.7

10.3

8.9

6.3

    Allowance for Credit Losses

-0.3

-0.2

-0.1

-0.1

-0.1

    Prepayments

0.2

0.2

0.3

0.1

0.0

    Other Receivables

-

1.7

0.5

0.5

1.3

    Cash in Hand & with Banks

1.0

-

-

-

-

Total Current Assets

45.4

28.8

26.9

28.6

21.3

 

 

 

 

 

 

    Freehold Land

1.5

1.5

1.5

-

-

    Buildings

31.9

25.8

25.7

25.2

10.2

    Motor Vehicles

2.0

1.9

1.6

1.5

1.0

    Bore Wells

0.6

0.4

0.4

0.4

0.4

    Plant & Machinery

29.3

24.4

24.4

24.0

19.5

    Furniture & Fixtures

0.4

0.4

0.4

0.3

0.3

    Office Equipment

0.5

0.5

0.5

0.4

0.2

    Porta Cabins

0.5

0.5

0.5

0.5

0.4

    Const. in Progress

5.0

5.0

-

0.0

15.3

    Depreciation

-16.8

-14.1

-11.6

-9.5

-7.3

    Available for Sale Investment

0.1

0.1

0.1

-

-

Total Assets

100.5

75.3

70.4

71.4

61.3

 

 

 

 

 

 

    Due to Bank

-

1.9

0.2

3.7

2.3

    Other Payables & Accruals

2.1

-

-

-

-

    Payables & Accruals

-

4.6

4.0

4.2

6.3

    Income Tax Payable

-

0.0

0.2

-

-

    Accruals

2.9

1.7

1.3

-

-

    ST Loans

6.2

-

-

-

-

    Term Loan

6.4

4.5

5.1

2.8

1.5

    Lease Finance

0.0

0.0

0.1

-

-

    Current Port. of LT Debt (Gov)

-

-

-

1.3

0.1

    Accounts Payable

3.3

-

-

-

-

Total Current Liabilities

21.0

12.7

10.8

12.0

10.2

 

 

 

 

 

 

    Term Loans

17.2

15.5

19.5

27.8

26.9

    Deferred Government Grant

1.8

2.2

2.7

-

-

    Lease Finance

0.0

0.0

0.1

-

-

Total Long Term Debt

19.0

17.7

22.2

27.8

26.9

 

 

 

 

 

 

    Retentions Payable

-

-

-

0.0

0.2

    Employees Terminal Benefit

0.6

0.4

0.3

0.2

0.1

Total Liabilities

40.5

30.8

33.3

40.0

37.4

 

 

 

 

 

 

    Share Capital

28.6

27.3

26.0

26.0

26.0

    Special Reserve

-

-

-

-

0.0

    Legal Reserve

5.2

3.3

2.3

1.4

0.7

    Accumulated results

26.2

13.9

8.8

4.0

-2.8

Total Equity

60.0

44.4

37.0

31.4

23.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

100.5

75.3

70.4

71.4

61.3

 

 

 

 

 

 

    S/O-Common Stock

110.3

115.8

115.8

115.8

115.8

Total Common Shares Outstanding

110.3

115.8

115.8

115.8

115.8

T/S-Common Stock

0.0

-

-

-

-

Full-Time Employees

-

-

-

-

242

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.384884

0.385032

0.385008

0.384999

0.384956

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Moore Stephens Chartered Accountants

Moore Stephens Chartered Accountants

Moore Stephens

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

18.9

10.0

8.4

7.5

4.6

    Depreciation

2.8

2.5

2.4

2.2

1.5

    Interest income

-0.1

-0.1

-

-

-

    Finance Cost/(Income)

1.0

1.0

1.1

1.3

1.2

    Loss on Disposal of Equipment

0.0

0.0

-0.1

0.0

0.0

    Employees Terminal Benefits

0.2

0.2

0.1

0.1

0.1

    Employees' Benefits Paid

0.0

0.0

0.0

0.0

0.0

    Inventory

-5.7

-0.5

2.4

-3.1

-2.2

    Rcvbls/Prepayments

-11.3

-1.4

-1.6

-2.0

-2.3

    Payables & Accruals

2.0

1.0

1.1

-2.3

1.9

    Income Tax Paid

0.0

-0.1

0.0

-

-

    Interest Paid

-1.0

-0.9

-

-

-

    Interest received

0.1

0.1

-

-

-

    Allowance for Credit Losses

-

-

0.0

0.0

0.0

    Bad Debts Written Off

-

-

0.0

0.0

0.0

    Finance Charges Paid

-

-

-1.1

-1.3

-1.2

Cash from Operating Activities

6.8

11.5

12.7

2.4

3.7

 

 

 

 

 

 

    Capital Expenditure

-12.0

-5.5

-2.9

-5.1

-13.5

    Rights Issue Expenses

-

-

-

0.0

-0.1

    Investment in AFS Asset

-

0.0

-0.1

-

-

    Bank/ Margin Deposits

-

0.0

0.0

-3.7

-0.1

    Proceeds from Disposal of Equipment

0.0

0.0

0.1

0.0

0.0

Cash from Investing Activities

-12.0

-5.5

-3.0

-8.7

-13.6

 

 

 

 

 

 

    Equity Increase

-

-

-

0.0

13.0

    Overdraft/Due to Banks

-

-

-

0.0

-0.1

    Due to Bank

4.4

1.7

-3.5

1.3

-1.8

    Loan from Related Party Repaid

-0.7

-4.7

-

-

-

    Long Term Loans Received

8.0

3.3

-

-

-

    Finance Lease Creditors Paid

0.0

-0.1

-

-

-

    Long Term Loans Repaid

-4.2

-3.7

-

-

-

    Term Loans

-

-

-4.4

3.4

-0.9

    Dividend Paid

-3.3

-2.6

-2.6

-

-

Cash from Financing Activities

4.2

-6.1

-10.5

4.8

10.2

 

 

 

 

 

 

Net Change in Cash

-0.9

0.0

-0.8

-1.5

0.2

 

 

 

 

 

 

Beginning Balance

2.1

2.1

2.9

4.4

4.2

Ending Balance

1.2

2.1

2.1

2.9

4.4

    Cash Interest Paid

1.0

1.0

1.1

1.3

1.2

    Cash Taxes Paid

-

0.1

0.0

-

-

 

 

Financial Health

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

19.7

40.57%

67.2

21.29%

17.90%

22.77%

Operating Income1 

10.1

281.91%

19.8

80.07%

30.09%

43.20%

Income Available to Common Excl Extraord Items1

10.0

201.65%

18.9

88.77%

35.94%

63.20%

Basic EPS Excl Extraord Items1 

0.09

217.27%

0.17

98.20%

38.21%

43.36%

Capital Expenditures2 

12.0

118.02%

12.0

118.02%

33.32%

60.86%

Cash from Operating Activities2 

6.8

-40.82%

6.8

-40.82%

40.75%

51.45%

Free Cash Flow 

-5.2

-

-5.2

-

-

-

Total Assets3 

100.5

33.58%

100.5

33.58%

12.09%

18.83%

Total Liabilities3 

40.5

31.34%

40.5

31.34%

0.46%

2.37%

Total Long Term Debt3 

19.0

6.93%

19.0

6.93%

-11.96%

-7.27%

Total Common Shares Outstanding3 

110.3

-4.76%

110.3

-4.76%

-1.61%

13.75%

1-ExchangeRate: OMR to USD Average for Period

0.384916

 

0.384884

 

 

 

2-ExchangeRate: OMR to USD Average for Period

0.384884

 

0.384884

 

 

 

3-ExchangeRate: OMR to USD Period End Date

0.385000

 

0.385000

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin 

40.06%

35.14%

34.89%

35.07%

29.15%

Operating Margin 

29.39%

19.80%

19.42%

21.88%

18.56%

Pretax Margin 

28.10%

18.06%

17.20%

18.34%

13.68%

Net Profit Margin 

28.10%

18.06%

16.86%

18.34%

13.68%

Financial Strength

Current Ratio 

2.16

2.27

2.48

2.38

2.09

Long Term Debt/Equity 

0.32

0.40

0.60

0.88

1.12

Total Debt/Equity 

0.53

0.54

0.75

1.13

1.29

Management Effectiveness

Return on Assets 

21.48%

13.74%

11.55%

11.33%

8.92%

Return on Equity 

36.16%

24.57%

23.93%

27.17%

30.53%

Efficiency

Receivables Turnover 

3.72

4.83

4.84

4.87

5.34

Inventory Turnover 

3.37

4.07

3.24

2.83

3.56

Asset Turnover 

0.76

0.76

0.69

0.62

0.65

Market Valuation USD (mil)

P/E (TTM) 

12.80

.

Enterprise Value2 

273.3

Price/Sales (TTM) 

3.69

.

Enterprise Value/Revenue (TTM) 

4.07

Price/Book (MRQ) 

3.94

.

Enterprise Value/EBITDA (TTM) 

12.11

Market Cap as of 08-May-20131

248.1

.

 

 

1-ExchangeRate: OMR to USD on 8-May-2013

0.384950

 

 

 

2-ExchangeRate: OMR to USD on 31-Dec-2012

0.385000

 

 

 

 

 

Annual Ratios

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio 

2.16

2.27

2.48

2.38

2.09

Quick/Acid Test Ratio 

1.45

1.54

1.67

1.46

1.32

Working Capital1 

24.4

16.1

16.1

16.6

11.1

Long Term Debt/Equity 

0.32

0.40

0.60

0.88

1.12

Total Debt/Equity 

0.53

0.54

0.75

1.13

1.29

Long Term Debt/Total Capital 

0.21

0.26

0.34

0.41

0.49

Total Debt/Total Capital 

0.35

0.35

0.43

0.53

0.56

Payout Ratio 

21.67%

32.73%

31.82%

-

-

Effective Tax Rate 

0.00%

0.00%

1.96%

0.00%

0.00%

Total Capital1 

91.7

68.6

64.6

67.0

54.7

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.76

0.76

0.69

0.62

0.65

Inventory Turnover 

3.37

4.07

3.24

2.83

3.56

Days In Inventory 

108.41

89.58

112.70

129.04

102.57

Receivables Turnover 

3.72

4.83

4.84

4.87

5.34

Days Receivables Outstanding 

98.15

75.49

75.43

74.92

68.34

Revenue/Employee2 

-

-

-

-

139,683

Operating Income/Employee2 

-

-

-

-

25,928

EBITDA/Employee2 

-

-

-

-

32,206

 

 

 

 

 

 

Profitability

Gross Margin 

40.06%

35.14%

34.89%

35.07%

29.15%

Operating Margin 

29.39%

19.80%

19.42%

21.88%

18.56%

EBITDA Margin 

33.58%

24.32%

24.35%

27.33%

23.06%

EBIT Margin 

29.39%

19.80%

19.42%

21.88%

18.56%

Pretax Margin 

28.10%

18.06%

17.20%

18.34%

13.68%

Net Profit Margin 

28.10%

18.06%

16.86%

18.34%

13.68%

COGS/Revenue 

59.94%

64.86%

65.11%

64.93%

70.85%

SG&A Expense/Revenue 

14.76%

14.72%

14.90%

13.95%

11.77%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

21.48%

13.74%

11.55%

11.33%

8.92%

Return on Equity 

36.16%

24.57%

23.93%

27.17%

30.53%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-0.05

0.05

0.08

-0.02

-0.08

Operating Cash Flow/Share 2 

0.06

0.10

0.11

0.02

0.03

1-ExchangeRate: OMR to USD Period End Date

0.385

0.385

0.385

0.38495

0.38505

2-ExchangeRate: OMR to USD Average for Period

0.385

0.385

0.385

0.38495

0.38505

 

Current Market Multiples

Market Cap/Earnings (TTM) 

13.44

Market Cap/Equity (MRQ) 

4.13

Market Cap/Revenue (TTM) 

3.69

Market Cap/EBIT (TTM) 

12.56

Market Cap/EBITDA (TTM) 

10.99

Enterprise Value/Earnings (TTM) 

14.80

Enterprise Value/Equity (MRQ) 

4.55

Enterprise Value/Revenue (TTM) 

4.07

Enterprise Value/EBIT (TTM) 

13.84

Enterprise Value/EBITDA (TTM) 

12.11

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.