Directors Report :    English / Arabic

Unaudited Consolidated Balance Sheet:
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Unaudited Profit and Loss Account : 
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Unaudited Consolidated Cash Flow Statement: 
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Statement of change in Equity:
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Notes  : English / Arabic

Published Accounts: English / Arabic

	Interim Report for 6 months ended 31st Oct 2009.
	Notes.
1	Inventories.
	Inventories can be analysed as follows:
		31st Oct	31st Oct
		2009	2008
		Ro. ' 000	Ro. ' 000
	Raw materials	688	788
	Standing Crops/Beef herds	265	347
	Finished goods	27	36
	Spares and consumables	210	233
	Less: Provision	-87	-65
		1103	1339
	Finished goods at 31.10.2009 represent 4 days of sales (2008: 2 days)
2	Trade Receivables
	At 31st October 2009 trade receivables can be analysed as follows:
		31st Oct	31st Oct
		2009	2008
		Ro. ' 000	Ro. ' 000
	Trade receivables	347	917
	Less: Provisions	-40	-40
		307	877
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 6

	Interim Report for 6 months ended 31st October 2009.
	Notes
4	Bank loans and overdrafts
	These can be analysed as follows:
		31st Oct	31st Oct
		2009	2008
		Ro. ' 000	Ro. ' 000
	Bank loans	99	1,737
	Overdrafts	974	543
		1,073	2,280
	Less: Current maturities of bank	-836	-1,243
	loans and bank overdrafts.
	Long term element of bank loans	237	1,037
	The Bank loans bear interest at rates ranging between 5% to 8% per annum.
	The Bank overdraft facilities bear interest at rates between 7.5% to 9.%.
	per annum and are renewable on November 2009.
	Bank loans are repayble within as detailed below:
	The maturity of the bank loans:
		31st Oct	31st Oct
		2009	2008
		Ro. ' 000	Ro. ' 000
	Due within 1 year	836	1,243
	Due after more than 1 year	237	1,037
		1,073	2,280

Page 7

	Interim Report for 6 months ended 31st October 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 October 2009			31st October 2008
	Company		Holding	Company		Holding
	-		-	-		-
	Subsidiaries ( See also Note 7)

Page 8

	Interim Report for 6 months ended 31st October 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 analysed as follows:
		Market	Market	Book	Book
		Value	Value	Value	Value
		31.10.2009	31.10.2008	31.10.2009	31.10.2008
						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 realisable value or market value.
	Cost of investments held on …………..

Page 9

	Interim Report for 6 months ended 31st October 2009.
	Notes
6	Investments (continued)
	Investment income
	Realised
	Realised investment income represents gains and losses on disposal of investments and
	other realised investment related gains and losses.
	Unrealised
	Marketable securities are recorded at their open market value. Movements in the carrying
	values of marketable securities are taken to unrealised investment income.
	Interest
	Interest receivable for term deposits and bonds is included in investment income.
	Investment income can be analysed as follows:
		31st Oct	31st Oct
		2009	2008
		Ro. '000	Ro. '000
	Realised	-	-
	Unrealised	-	-
	Dividends	-	-
	Interest on Term Deposits and Bonds	-	-
		-	-

Page 10

	Interim Report for 6 months ended 31st October 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 31.10.2009.		-		-	-
	MSM Unquoted securities
			-		-	-
	Foreign Unlisted securities
			-		-	-
	Total as of 31.10.2009.		-		-	-
*	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 11

	Interim Report for 6 months ended 31st October 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 Oct	31st Oct
	SALES	2009	2008
		Ro. '000	Ro. '000
	Omzest. Dairy Products	53	44
	National Heaters. Dairy products		1
		53	45
	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 analysed to
	follows:
		31st Oct	31st Oct
		2009	2008
		Ro. '000	Ro. '000
	Mezoon Travels Air tickets	8	12
	Muscat Cold Stores. Dairy products.	2	2
	Muscat Contracting. Rentals	13	13
	Zawawi Trading Co. Spares.	2	1
	Muscat Insurance Co. Insurance	30	39
	HE. Dr. Omar Zawawi . Rentals.	12	12
		67	79

Page 12

	Interim Report for 6 months ended 31st October 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 analysed as follows:
		31st Oct	31st Oct
		2009	2008
		Ro. '000	Ro. '000
	Omzest	26	27
	Areej Vegetables & Oils
	Muscat Cold Stores.
	Provisions	-	-
	Write-offs	-	-
	Receivable from related parties.	26	27

Page 13

	Interim Report for 6 months ended 31st October 2009.
	Notes
9	Provisions
	Changes to the level of provisions during the period can be analysed as follows:
	Provisions for:	Advances &	Value of	Inventories
		Receivables	Investements	Other	Total
	Beginning balance	56	0	87	143
	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	56	0	87	143
	31.10.2009