MUSCAT THREAD MILLS SAOG

Statement of financial position

As at 31 December 2009  

Assets:

 

2009

 

2008

 

 

RO

 

RO

Non-current assets

 

 

 

 

Property, plant and equipment

 

     1,024,537

 

    1,060,171

Total non-current assets

 

   1,024,537

 

    1,060,171

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

        628,292

 

       651,496

Trade and other receivables

 

        584,288

 

       674,401

Amount due from related parties

 

               587

 

              171

Cash in hand and at bank

 

          19,837

 

         17,584

Total current assets

 

     1,233,004

 

    1,343,652

Total assets

 

   2,257,541

 

    2,403,823

 

 

 

 

 

Equity and liabilities:

 

 

 

 

Capital and reserves

 

 

 

 

Share capital

 

      805,000

 

       700,000

Legal reserve

 

         64,089

 

         58,341

Retained earnings

 

      131,241

 

         79,508

Proposed dividend

 

                  -  

 

       105,000

Total equity

 

   1,000,330

 

       942,849

 

 

 

 

 

Liabilities:

 

 

 

 

Non-current liabilities

 

 

 

 

Term loan

 

      285,648

 

       445,010

Deferred Government Grant

 

         46,871

 

         57,021

Deferred tax liability

 

         14,764

 

         23,704

End of service benefits

 

         38,238

 

         33,557

Total non-current liabilities

 

      385,521

 

       559,292

 

 

 

 

 

Current liabilities

 

 

 

 

Current portion of term loan

 

      253,680

 

       259,865

Short term bank borrowings

 

      336,015

 

       393,048

Trade and other payables

 

      281,995

 

      242,640

Amount due to related parties

 

                  -  

 

           6,129

Total current liabilities

 

      871,690

 

       901,682

Total liabilities

 

   1,257,211

 

    1,460,974

Total equity and liabilities

 

   2,257,541

 

    2,403,823

Net assets per share

 

             0.124

 

           0.135

 


 

MUSCAT THREAD MILLS SAOG

Statement of comprehensive income

For the year ended 31 December 2009  

 

 

2009

 

2008

 

 

RO

 

RO

 

 

 

 

 

Revenue

 

      2,662,810

 

2,865,989

Cost of sales

 

 (2,132,088)

 

 (2,080,008)

 

 

 

 

 

Gross profit

 

530,722

 

785,981

 

 

 

 

 

Other income

 

3,585

 

8,339

Distribution expenses

 

 (61,741)

 

 (73,862)

Administrative and general expenses

 

 (267,833)

 

 (301,375)

Impairment allowance for slow moving inventories

 

 (32,585)

 

 (36,000)

Impairment allowance for doubtful trade receivables

 

 (24,000)

 

 (76,000)

Profit from operations

 

148,148

 

307,083

 

 

 

 

 

Finance expenses

 

 (86,656)

 

 (82,491)

 

 

 

 

 

Profit for the year before income tax

 

61,492

 

224,592

 

 

 

 

 

Income tax expense

 

 (4,011)

 

 (22,799)

 

 

 

 

 

Net profit for the year

 

57,481

 

201,793

 

 

 

 

 

Other comprehensive income

 

-  

 

-  

 

 

 

 

 

Total comprehensive income for the year

 

57,481

 

201,793

 

 

 

 

 

Basic earnings per share

 

0.0071

 

0.0251

 

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