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National Pharmaceutical Industries Co. (SAOG)
Contents
Board Of
Director's Report
Unaudited Balance Sheet
Unaudited Profit & Loss Account
Unaudited Cash Flows
Shareholders Who Own 10 % or More Shares
Statement Of Change In Equity
20.07.2010
Board Of Director's Report
Sales were RO
3,322,212 in the first half of the year 2010 as against RO 3,575,060
during the same period last year and the profit for the period was RO
133,986 as against RO 1,607 for the same period last year.
This was on account of change in product and market mix with increased
penetration in the private markets resulting in increased margins. The
financing costs were also controlled by better working capital
management.
The product profile is being diversified to introduce high value products through collaborations and in-house development. Also additional lines in both the plants are being commissioned to augment capacity and to introduce new products in pipeline.
The Board of Directors expresses their gratitude to the Ministry of Health, Ministry of Commerce & Industry & Ministry of National Economy for their unstinted support.
Finally on behalf of the Board of Directors and shareholders I would like to extend our gratitude to His Majesty SULTAN QABOOS BIN SAID and his Government for their continued support to the Company.
Chairman of the Board
National Pharmaceutical Industries Co. (SAOG)
Unaudited Balance Sheet as at 30th June 2010
|
Particulars |
Notes |
30th June 2010 |
30th June 2009 |
Change |
|
|
|
RO |
RO |
% |
|
|
|
|
|
|
|
Fixed Assets |
|
5,109,978 |
5,110,146 |
NA |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
Stocks |
|
1,206,315 |
1,444,247 |
-16.47 |
|
Debtors, Prepaid and other receivables |
|
3,050,494 |
2,794,915 |
9.14 |
|
Bank & Cash |
|
3,891,024 |
3,792,648 |
2.59 |
|
Sub – Total |
|
8,147,833 |
8,031,810 |
1.44 |
|
|
|
|
|
|
|
Total Assets |
|
13,257,811 |
13,141,956 |
0.88 |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Account Payable and accrued expenses |
|
1,144,229 |
861,575 |
32.81 |
|
Bank Overdraft,LTR,Adv |
|
2,907,684 |
3,232,257 |
-10.04 |
|
Short Term Loan |
|
|
|
|
|
Term Loan ( Current portion of Govt Soft Loan) |
|
20,000 |
20,000 |
- |
|
Sub –Total |
|
4,071,913 |
4,113,832 |
-1.02 |
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
Deferred Govt grant Loan |
|
866,136 |
1,019,875 |
|
|
Government Soft Loan |
|
4,053,864 |
3,920,125 |
|
|
Sub-Total |
|
4,920,000 |
4,940,000 |
-0.40 |
|
|
|
|
|
|
Total Liabilities |
|
8,991,913 |
9,053,832 |
-0.68 |
|
|
|
|
|
|
|
Net Assets |
|
4,265,898 |
4,088,124 |
4.34 |
|
|
|
|
|
|
Shareholder’s Fund |
|
|
|
|
|
Share Capital |
|
5,000,000 |
5,000,000 |
|
|
Special Reserve |
|
11,364 |
7,364 |
|
|
Legal Reserve |
|
7,085 |
2,984 |
|
|
Profit & Loss Account |
|
(752,551) |
(922,185) |
|
|
Total Shareholder’s equity |
|
4,265,898 |
4,088,124 |
4.34 |
National Pharmaceutical Industries Co. (SAOG)
Unaudited Profit & Loss
Account for 6 months ended 30/06/2010
|
Particulars |
Note |
30-June 2010 |
30-June 2009 |
|
|
|
RO |
RO |
|
|
|
|
|
|
Turnover / Revenue |
|
3,322,212 |
3,575,060 |
|
Other Income |
|
11 |
280 |
|
Gross Income |
|
3,322,223 |
3,575,340 |
|
|
|
|
|
|
Depreciation |
|
279,790 |
259,985 |
|
Material, Factory ,Admin & Gen Expenses |
|
2,803,874 |
3,189,833 |
|
Operating Profit |
|
238,559 |
125,522 |
|
|
|
|
|
|
Finance Charges |
|
181,214 |
201,419 |
|
Government Grant Income |
|
76,641 |
77,504 |
|
Profit before Taxation & Minority Interest |
|
133,986 |
1,607 |
|
Taxation |
|
|
|
|
Net profit attributable to ordinary shareholders |
|
133,986 |
1,607 |
|
Dividend per share |
|
|
|
National
Pharmaceutical Industries Co. (SAOG)
Unaudited Statement of Cash Flows for the period ended 30th June
|
Particulars |
30th June 2010 |
30th Jun 2009 |
|
|
|
|
|
Operating Activities |
|
|
|
Net Profit/(loss) for the period |
238,559 |
125,522 |
|
Adjustments for Depreciation |
279,790 |
259,985 |
|
Operating profit/(loss) before working capital changes |
518,349 |
385,507 |
|
Inventories |
229,623 |
485,309 |
|
Receivables & Prepayments |
660,898 |
(380,699) |
|
Payables & Accruals |
(213,251) |
(33,411) |
|
Cash Generated/(used) in operations |
1,195,619 |
456,706 |
|
Financing Charges |
(104,573) |
(123,915) |
|
Net cash from operating activities |
1,091,046 |
332,791 |
|
Additions to Fixed Assets |
(177,431) |
(40,066) |
|
Net cash used in investing activities |
(177,431) |
(40,066) |
|
Bank Term Loans/Facilities |
(854,686) |
(406,495) |
|
Net cash used in financing activities |
(854,686) |
(406,495) |
|
Net ( decrease) / increase in cash & cash equivalent |
58,929 |
(113,770) |
|
Cash and cash equivalent brought forward |
3,832,095 |
3,906,418 |
|
Cash and cash equivalent carried forward |
3,891,024 |
3,792,648 |
National Pharmaceutical Industries Co. (SAOG)
Shareholders
Shareholders of the company who own 10% or more of the Company shares (common shares)
|
Name of the Shareholder |
Number of Shares |
Percentage |
||
|
30-Jun 10 |
30-Jun-09 |
30-Jun 10 |
30-June 09 |
|
|
|
|
|
|
|
|
Al Ritaj Holding Co, Kuwait |
34,733,516 |
69,490,150 |
69 % |
91.68% |
|
M/s. Middle East Investment
|
15,000,000 |
- |
30 % |
- |
|
Total |
49,733,516 |
69,490,150 |
99% |
91.68%
|
Shares split to shares on RO 0.100 in April 2008.
National Pharmaceutical Industries Co. (SAOG)
Statement Of Change In Equity For The Period Ended
30/
|
Particulars |
Share Capital |
Special Reserve |
Legal Reserve |
Accumulated Deficit/Retained Earnings |
Total |
|
|
RO |
RO |
RO |
RO |
RO |
|
|
|
|
|
|
|
|
Balance as on 1 Jan 2010 |
5,000,000 |
11,364 |
7,085 |
(886,537) |
4,131,912 |
|
Net Profit 30th June 2010 |
- |
- |
- |
133,986 |
133,986 |
|
Adjustment |
- |
- |
- |
- |
- |
|
Increase in Capital |
- |
- |
- |
- |
- |
|
Balance as on 30th June 2010 |
5,000,000 |
11,364 |
7,085 |
(752,551) |
4,265,898 |