 |
|
|
|
|
|
Statement of income for the year ended
31 December 2007 |
|
|
|
|
|
|
|
2007 |
|
2006 |
|
|
RO |
|
RO |
|
|
|
|
|
|
Turnover |
2,359,269 |
|
2,007,598 |
|
Cost of turnover |
(1,526,848) |
|
(1,374,736) |
|
Gross profit |
832,421 |
|
632,862 |
|
|
|
|
|
|
Other income |
20,877 |
|
8,890 |
|
|
853,298 |
|
641,752 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Salaries and staff costs |
180,084 |
|
148,656 |
|
General and administrative expenses |
59,134 |
|
77,099 |
|
Selling and distribution expenses |
226,612 |
|
185,590 |
|
Finance costs |
74,065 |
|
82,564 |
|
Depreciation |
17,707 |
|
16,777 |
|
Provision for slow moving inventories |
32,613 |
|
12,000 |
|
Provision for doubtful trade receivables |
29,000 |
|
38,000 |
|
|
619,215 |
|
560,686 |
|
|
|
|
|
|
Net profit for the year before income tax |
234,083 |
|
81,066 |
|
|
|
|
|
|
Provision for Income Tax |
16,294 |
|
- |
|
Deferred tax |
43,041 |
|
- |
|
|
|
|
|
|
Net profit for the year transferred to retained earnings |
174,748 |
|
81,066 |
|
|
|
|
|
|
Earnings per share |
0.250 |
|
0.118 |
|
|
|
|
|
Balance sheet at 31
December 2007 |
|
|
|
|
|
|
2007 |
|
2006 |
|
|
RO |
|
RO |
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
918,324 |
|
901,061 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
641,859 |
|
527,263 |
|
Trade receivable |
530,129 |
|
488,297 |
|
Other receivables |
60,912 |
|
18,588 |
|
Amount due from related party |
- |
|
547 |
|
Cash and bank balances |
14,338 |
|
18,533 |
|
|
1,247,238 |
|
1,053,228 |
|
Current liabilities |
|
|
|
|
Trade payable |
152,623 |
|
75,293 |
|
Other payables |
75,159 |
|
49,214 |
|
Amount due to a related party |
10,874 |
|
348 |
|
Bank borrowings |
222,900 |
|
154,575 |
|
Current portion of long-term loans |
264,915 |
|
264,915 |
|
Current and deferred tax |
59,335 |
|
- |
|
|
785,806 |
|
544,345 |
|
|
|
|
|
|
Net current assets |
461,432 |
|
508,883 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Non-current portion of long-term loans |
489,403 |
|
673,155 |
|
Deferred Government grant |
83,276 |
|
113,556 |
|
Staff terminal benefits |
31,021 |
|
21,925 |
|
|
603,700 |
|
808,636 |
|
|
|
|
|
|
Net assets |
776,056 |
|
601,308 |
|
|
|
|
|
|
Shareholders' funds |
|
|
|
|
Share capital |
700,000 |
|
700,000 |
|
Legal reserve |
38,162 |
|
20,687 |
|
Proposed dividend |
35,000 |
|
- |
|
Retained earnings/(accumulated losses) |
2,894 |
|
(119,379) |
|
|
776,056 |
|
601,308 |
|
|
|
|
|
|
Net assets per share |
1.109 |
|
0.859 |
|
|
|
|
|
|
|
