Directors Report :    English / Arabic
                              
Unaudited Consolidated Balance Sheet:
                               English / Arabic

Unaudited Profit and Loss Account
                               English / Arabic

Unaudited Consolidated Cash Flow Statement
                               English / Arabic

Statement of change in Equity:
                               English / Arabic

Notes  :                   English / Arabic        

Published Accounts: English / Arabic
          

 

 


                                                      
 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

 

 

Notes.

 

 

 

 

 

 

 

 

 

 

 

 

1

Inventories.

 

 

 

 

 

 

Inventories can be analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

2009

 

2008

 

 

 

 

Ro. ' 000

 

Ro. ' 000

 

 

 

 

 

 

 

 

 

 

Raw materials

752

 

572

 

 

 

Standing Crops/Beef herds

366

 

505

 

 

 

Finished goods

72

 

53

 

 

 

Spares and consumables

222

 

255

 

 

 

Less: Provision

-65

 

-65

 

 

 

 

1347

 

1320

 

 

 

 

 

 

 

 

 

 

Finished goods at 31.1.2009 represent 4 days of sales (2008: 4 days)

 

 

 

 

 

 

 

 

 

2

Trade Receivables

 

 

 

 

 

 

At 31st January 2009 trade receivables can be analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

2009

 

2008

 

 

 

 

Ro. ' 000

 

Ro. ' 000

 

 

 

 

 

 

 

 

 

 

Trade receivables

758

 

694

 

 

 

 

 

 

 

 

 

 

Less: Provisions

-40

 

-40

 

 

 

 

718

 

654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

Segment Reporting

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company operates in one business segment of Agriculture and Livestock development.

 

All relevant information relating to primary segment is disclosed.

 

 

                 

 

 

 

 

 

 

 

 

     Page No. 6

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

Notes

 

 

 

 

 

4

Bank loans and overdrafts

 

 

 

 

 

 

These can be analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

2009

 

2008

 

 

 

 

Ro. ' 000

 

Ro. ' 000

 

 

 

 

 

 

 

 

 

 

Bank loans

      1,465

 

      1,737

 

 

 

Overdrafts

        652

 

        448

 

 

 

 

      2,117

 

      2,185

 

 

 

 

 

 

 

 

 

 

Less: Current maturities of bank

     -1548

 

-1,248

 

 

 

loans and bank overdrafts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long term element of bank loans

        569

 

        937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Bank loans bear interest at rates ranging between 5.00% to 7.03% per annum.

 

 

 

 

 

 

 

 

The Bank overdraft facilities bear interest at rates between 6.5% to 7.5. %.

 

 

per annum and are renewable on   December 2008.

 

 

 

 

 

 

 

 

 

 

 

Bank loans are repayable within as detailed below:

 

 

 

 

The maturity of the bank loans:

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

2009

 

2008

 

 

 

 

Ro. ' 000

 

Ro. ' 000

 

 

 

Due within 1 year

     1,548

 

      1,248

 

 

 

Due after more than 1 year

        569

 

        937

 

 

 

 

 

 

 

 

 

 

 

      2,117

 

      2,185

 

 

 

 

     Page No. 7

 

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Investment in associates and subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

Associates (See also Note 7 )

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Associates are accounted for using the equity method.

 

 

 

 

 

 

 

 

 

The Associates of Services/Manufacturing Company SAOG are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st January 2009.

 

 

31st January 2008.

 

 

 

 

 

 

 

 

 

Company

 

Holding

 

Company

 

Holding

 

 

 

 

 

 

 

 

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiaries ( See also Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Page No. 8

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

Notes

 

 

 

 

 

6

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments include all long term and short term investments of the company, excluding

 

only those associates and subsidiaries listed in Note 5. All marketable securities are

 

carried at their open market value. Unquoted investments are carried at cost adjusted for

 

any permanent diminutions in value.

 

 

 

 

 

 

 

 

 

 

 

 

Investments can be analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Market

Market

Book

Book

 

 

 

Value

Value

Value

Value

 

 

 

31.01.2009

31.01.2008

31.01.2009

31.01.2008

 

 

 

 

 

 

 

Cost**

 

 

Ro. ' 000

Ro. ' 000

Ro. ' 000

Ro. ' 000

Ro. ' 000

 

 

 

 

 

 

 

 

Marketable securities - MSM

 

 

 

 

 

 

Banking

 

 

 

 

 

 

Investment

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

Services

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

Government Bonds

 

 

 

 

 

 

 

-

-

-

-

-

 

 

 

 

 

 

 

 

Marketable securities - Foreign by Sector

 

 

 

 

 

Banking

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

Bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

-

-

-

-

 

 

 

 

 

 

 

 

Unquoted and other investments

 

 

 

 

 

 

Unquoted Omani shares

 

 

 

 

 

 

Investment fund units*

 

 

 

 

 

 

Term deposits

 

 

 

 

 

 

Unquoted foreign shares

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

-

-

-

-

-

 

 

 

 

 

 

 

 

Carried at lower of net asset value, net realizable value or market value.

 

 

 

Cost of investments held on …………..

 

 

 

 

 

 

 

     Page No. 9

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized investment income represents gains and losses on disposal of investments and

 

other realized investment related gains and losses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities are recorded at their open market value. Movements in the carrying

 

values of marketable securities are taken to unrealized investment income.

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest receivable for term deposits and bonds is included in investment income.

 

 

 

 

 

 

 

 

 

 

Investment income can be analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

 

 

2009

 

2008

 

 

 

 

 

 

Ro. '000

 

Ro. '000

 

 

 

 

 

 

 

 

 

 

 

Realized

 

 

 

-

 

-

 

 

Unrealized

 

 

-

 

-

 

 

Dividends

 

 

 

-

 

-

 

 

Interest on Term Deposits and Bonds

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

-

 

                   

 

 

 

 

 

 

 

 

 

 

     Page No. 10

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

Notes

 

 

 

 

 

 

7

Details of Significant Investments.

 

 

 

 

 

 

 

 

 

 

 

 

 

Details of all the reporting company's investments, including associates and subsidiaries,

 

for which either, the reporting company's holding represents 10% or more of the issuer's

 

share capital, or , the reporting company's holding exceeds 10% of the market value of

 

the reporting company's investment portfolio, are provided as follows as of …………

 

 

 

 

 

 

 

 

 

 

 

 

 

Market

Book

Cost

 

 

 

Holding

Number of

Value

Value

 

 

 

 

%

Securities

Ro. 000's

Ro. 000's

Ro. 000's

 

MSM Quoted securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Listed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Value as of 31.01.2009.

 

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSM Unquoted securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Unlisted securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

-

-

 

 

 

 

 

 

 

 

 

Total as of 31.01.2009.

 

 

-

 

-

-

 

 

 

 

 

 

 

 

*

Provide the name and location of the issuer, the class of security, and the name of B32

 

the market in which the security is listed.

 

 

 

 

 

 

 

     Page No. 11

 

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

Related Parties and Holders of 10% of the Company's shares.

 

 

 

 

 

 

 

 

 

 

 

 

Holders of 10% or more of the Company's shares may include companies, individuals, or

 

families. Families are included if the shares of the family members total 10% or more of

 

the company's shares. Members of the family of an individual are those that may be

 

expected to influence, or be influenced by, that person in their dealings with the

 

company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The nature of significant transactions involving related parties or holders of 10% or more

 

of the company's shares, or their family members, and the amounts involved during the

 

period were as follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

SALES

 

 

 

2009

 

2008

 

 

 

 

 

 

Ro. '000

 

Ro. '000

 

 

Omzest. Dairy Products

 

58

 

67

 

 

Areej Vegetables & Oils. Dairy Prdts.

 

 

 

  

 

National Heater Industries Dairy prods.

2

 

1

  

 

 

 

 

 

60

 

68

  

 

 

 

 

 

 

 

 

 

 

Expense Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items of expense which were paid to related parties or holders of 10% or more of the

 

company's shares, or their family members, during the period can be further analyzed to

 

follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

 

 

2009

 

2008

 

 

 

 

 

 

Ro. '000

 

Ro. '000

 

 

Mezoon Travels Air tickets

 

14

 

19

 

 

Muscat Cold Stores. Dates

 

2

 

2

 

 

Muscat Contracting. Cleaning

 

 

2

 

17

  

 

Zawawi Trading Co.       Spares.

 

2

 

3

  

 

Zawawi Business Machines. Computer parts

0

 

6

 

 

Riyam Computer Services. Computer services.

4

 

2

 

 

Muscat Insurance Co.   Insurance

53

 

51

  

 

HE. Dr. Omar Zawawi . Rentals.

 

38

 

20

  

 

 

 

 

 

115

 

120

  

                         

 

 

 

 

     Page No. 12

 

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

Related Parties and Holders of 10% of the Company's shares. (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Loans, Advances, Receivables Due, Provisions & Write-offs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, advances or receivables due from related parties or holders of 10% or more of the

 

company's shares, or their family members, minus all provisions and write-offs which

 

 

have been made on these accounts at any time, are further analyzed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

 

31st Jan

 

 

 

 

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Ro. '000

 

Ro. '000

 

 

 

Omzest

 

 

 

16

 

16

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

  

 

 

Provisions

 

 

 

-

 

-

  

 

 

Write-offs

 

 

 

-

 

-

  

 

 

 

 

 

 

 

 

 

 

 

 

Receivable from related parties.

 

16

 

16

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page No. 13

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

9

Provisions

 

 

 

 

 

 

 

 

 

 

 

Changes to the level of provisions during the period can be analyzed as follows:

 

 

 

 

 

 

 

Provisions for:

Advances &

Value of

Inventories

 

 

 

Receivables

Investments

Other

Total

 

 

 

 

 

 

 

Beginning balance

46

0

65

111

 

of Provisions

 

 

 

 

 

 

 

 

 

 

 

Provided during the period

0

0

0

0

 

 

 

 

 

 

 

(Released)

0

0

0

0

 

during the period.

 

 

 

 

 

 

 

 

 

 

 

"(Written Off)

 

 

 

 

 

during the period

0

0

0

0

 

 

 

 

 

 

 

Provisions Balance as of

46

0

65

111

 

31.01.2009.

 

 

 

 

 

 

 

 

 

 

 

The book value of assets before and after provisions can be shown as follows:

 

 

 

 

 

 

 

Book Value of

Advances &

 

Inventories

 

 

Assets

Receivables

Investments

Other

Total

 

 

 

 

 

 

 

Value of Assets

934

0

1412

2346

 

before Provisions

 

 

 

 

 

 

 

 

 

 

 

Provisions Balance

-46

0

-65

-111

 

as of 31.01.2009.

 

 

 

 

 

 

 

 

 

 

 

Book value of Assets

888

0

1347

2235

 

as of 31.01.2009.

 

 

 

 

 

 

 

 

 

Page No. 14

 

 

 

 

 

 

Interim Report for 9 months ended 31st January 2009.

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All those shareholders of the company who own 10% or more of the company's shares.

 

whether in their name, or through a nominee account, and the member of shares they had

 

are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st Jan

31st Jan

 

 

 

 

 

 

 

2009

2008

 

 

 

 

 

 

 

Ro. '000

Ro. '000

 

Common Share Holders

 

shares

 

 

 

 

 

 

 

 

 

 

 

 

 

HE. Dr. Omar Abdul Muneim Al Zawawi.

162814

 

163

163

 

Brig. Waleed Omar Zawawi.

 

136037

 

136

136

 

Al Khuwair Dev. Services.

 

175838

 

176

176

 

Wilayat Holding Company Ltd. LLC.

126984

 

127

127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Share Holders.