|
 |
|
 |
|
 |
|
 |
NATIONAL PHARMACEUTICAL
INDUSTRIES COMPANY SAOG
FINANCIAL STATEMENTS
31 DECEMBER 2009
Registered office and principal place of business
P O Box 120, Road No 15,
Rusayl Industrial Estate, Rusayl,
Postal Code 124
Sultanate of Oman
NATIONAL PHARMACEUTICAL INDUSTRIES COMPANY SAOG
STATEMENT OF FINANCIAL POSITION |
|
at 31 December 2009 |
|
|
Note |
2009 |
2008 |
|
|
RO |
RO |
ASSETS |
|
|
|
Non-current assets |
4 |
5,102,537 |
5,330,065 |
Intangible asset |
5 |
109,800 |
-- |
|
|
---------------- |
---------------- |
Total non-current assets |
|
5,212,337 |
5,330,065 |
|
|
---------------- |
---------------- |
Current assets |
|
|
|
Inventories |
6 |
1,435,938 |
1,929,556 |
Accounts and other receivables |
7 |
3,528,132 |
2,284,286 |
Short term deposits |
8 |
3,682,175 |
3,602,493 |
Due from a related party |
21 c) |
183,260 |
129,930 |
Bank balances and cash |
|
149,920 |
303,925 |
|
|
---------------- |
---------------- |
Total current assets |
|
8,979,425 |
8,250,190 |
|
|
---------------- |
---------------- |
Total assets |
|
14,191,762 |
13,580,255 |
|
|
========= |
========= |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Equity |
|
|
|
Share capital |
9 |
5,000,000 |
5,000,000 |
Legal reserve |
10 |
7,085 |
2,945 |
Special reserve |
11 |
11,364 |
11,364 |
Accumulated losses |
|
(886,537) |
(923,792) |
|
|
---------------- |
---------------- |
Total equity |
|
4,131,912 |
4,090,517 |
|
|
---------------- |
---------------- |
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Government soft loan |
12 |
3,909,319 |
3,940,125 |
Deferred government grant |
12 |
1,030,681 |
1,019,875 |
Employees’ end of service benefits |
18 b) |
125,069 |
69,616 |
|
|
---------------- |
---------------- |
Total non-current liabilities |
|
5,065,069 |
5,029,616 |
|
|
---------------- |
---------------- |
Current liabilities |
|
|
|
Accounts and other payables |
13 |
1,199,397 |
779,079 |
Due to related parties |
21 c) |
33,014 |
42,291 |
Bank borrowings |
14 |
3,742,370 |
3,618,752 |
Current portion of Government soft loan |
12 |
20,000 |
20,000 |
|
|
---------------- |
---------------- |
Total current liabilities |
|
4,994,781 |
4,460,122 |
|
|
---------------- |
---------------- |
Total liabilities |
|
10,059,850 |
9,489,738 |
|
---------------- |
---------------- |
|
Total equity and liabilities |
|
14,191,762 |
13,580,255 |
|
|
========= |
========= |
|
|
|
|
Net assets per share |
22 |
0.083 |
0.082 |
|
|
====== |
====== |
These financial statements were approved by the Board of Directors on 16.02.2010 and were signed on their behalf by:
___________________ |
|
_________________ |
Chairman |
|
Director |
NATIONAL PHARMACEUTICAL INDUSTRIES COMPANY SAOG
for the year ended 31 December 2009 |
|
Note |
2009 |
2008 |
|
|
RO |
RO |
INCOME |
|
|
|
Sales |
3 b) |
7,606,670 |
3,611,159 |
Cost of sales |
15 |
(5,526,123) |
(3,222,367) |
|
|
---------------- |
---------------- |
Gross profit |
|
2,080,547 |
388,792 |
|
|
|
|
Other income |
16 |
123,499 |
41,521 |
|
|
---------------- |
---------------- |
|
|
2,204,046 |
430,313 |
|
|
---------------- |
---------------- |
EXPENSES |
|
|
|
Product development costs |
|
131,543 |
51,088 |
Administration and selling |
17 |
1,671,414 |
806,628 |
Finance charges |
19 |
359,694 |
394,254 |
|
|
---------------- |
----------------- |
|
|
2,162,651 |
1,251,970 |
|
|
---------------- |
----------------- |
PROFIT / (LOSS) AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
|
41,395 |
(821,657) |
|
|
======== |
======== |
|
|
|
|
BASIC EARNINGS / (LOSS) PER SHARE |
23 |
0.001 |
(0.012) |
|
|
===== |
====== |
|
____________________ |
|
______________________
|
|
Chairman
|
|
Director
|
NATIONAL PHARMACEUTICAL INDUSTRIES COMPANY SAOG
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2009
|
|
Share capital |
Legal |
Special reserve |
Accumulated losses |
Total |
|
(note 9) |
(note 10) |
(note 11) |
|
|
|
|
|
|
|
|
7,579,608 |
2,945 |
22,756 |
(7,605,947) |
(638) |
|
Accumulated losses absorbed |
(7,503,812) |
-- |
-- |
7,503,812 |
-- |
Additional capital introduced through rights issue |
4,924,204 |
-- |
-- |
-- |
4,924,204 |
Share issue expenses |
-- |
-- |
(11,392) |
-- |
(11,392) |
Total comprehensive income for the year |
-- |
-- |
-- |
(821,657) |
(821,657) |
|
-------------- |
----------- |
------------- |
---------------- |
-------------- |
At 31 December 2008 |
5,000,000 |
2,945 |
11,364 |
(923,792) |
4,090,517 |
|
======== |
====== |
======= |
========= |
======== |
At 31 December 2008 |
5,000,000 |
2,945 |
11,364 |
(923,792) |
4,090,517 |
Total comprehensive income for the year |
-- |
-- |
-- |
41,395 |
41,395 |
Transfer to legal reserve |
-- |
4,140 |
-- |
(4,140) |
-- |
|
-------------- |
----------- |
------------- |
---------------- |
-------------- |
At 31 December 2009 |
5,000,000 |
7,085 |
11,364 |
(886,537) |
4,131,912 |
|
======== |
====== |
======= |
========= |
======== |
NATIONAL PHARMACEUTICAL INDUSTRIES COMPANY SAOG
STATEMENT OF CASH FLOWS |
|
for the year ended 31 December 2009 |
|
|
|
2009 |
|
2008 |
|
RO |
RO |
||
CASH FLOWS FROM OPERATING |
|
|
|
|
|
|
|
|
|
6,323,362 |
|
1,995,679 |
|
|
Cash paid towards cost of sales and expenses |
(6,004,130) |
|
(3,844,569) |
|
|
---------------- |
|
--------------- |
|
Cash generated from / (used in) operations |
319,232 |
|
(1,848,890) |
|
Finance charges |
(359,694) |
|
(394,254) |
|
Directors’ meeting attendance fees |
(18,150) |
|
(11,950) |
|
|
---------------- |
|
--------------- |
|
Net cash used in operating activities |
|
(58,612) |
|
(2,255,094) |
|
|
|
|
|
CASH FLOWS FROM INVESTING |
|
|
|
|
|
|
|
|
|
Proceeds from disposal of plant and equipment |
350 |
|
3,060 |
|
Movement in short term deposits |
1,934,493 |
|
(3,602,493) |
|
Interest on short term deposits |
123,001 |
|
38,205 |
|
Purchase of plant and equipment |
(242,680) |
|
(50,893) |
|
|
---------------- |
|
--------------- |
|
Net cash from / (used in) investing activities |
|
1,815,164 |
|
(3,612,121) |
|
|
|
|
|
CASH FLOWS FROM FINANCING |
|
|
|
|
|
|
|
|
|
Additional capital introduced through rights issue |
-- |
|
4,924,204 |
|
Share issue expenses |
-- |
|
(11,392) |
|
Net movement in government soft loan |
(20,000) |
|
(20,000) |
|
Net movement in loans against trust receipts and bills discounted |
(313,619) |
|
1,174,475 |
|
|
---------------- |
|
--------------- |
|
Net cash (used in) / from financing activities |
|
(333,619) |
|
6,067,287 |
|
|
--------------- |
|
--------------- |
Net increase in cash and cash equivalents during the year |
|
1,422,933 |
|
200,072 |
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
|
(1,385,584) |
|
(1,585,656) |
|
|
--------------- |
|
--------------- |
Cash and cash equivalents at the end of the year |
|
37,349 |
|
(1,385,584) |
|
|
======== |
|
======== |
Cash and cash equivalents [note 3 h)] at the end of the year comprise: |
|
|
|
|
|
|
|
|
|
Bank balances and cash |
|
149,920 |
|
303,925 |
Short term deposits (note 8) |
|
2,014,175 |
|
-- |
Bank overdraft (note 14) |
|
(2,126,746) |
|
(1,689,509) |
|
|
--------------- |
|
--------------- |
|
|
37,349 |
|
(1,385,584) |
|
|
======== |
|
======== |