MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI AIRWAYS INTERNATIONAL PUBLIC CO., LTD |
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Registered Office : |
89
Vibhavadi Rangsit Road,
Ladyao, Jatujak, Bangkok
10900 |
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Country : |
Thailand |
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|
Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
29.03.1960 |
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Com. Reg. No.: |
010753700175 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Aviation and Transportation |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
THAI AIRWAYS
INTERNATIONAL PUBLIC CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 89
VIBHAVADI RANGSIT ROAD,
LADYAO,
JATUJAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2545-1000,
2595-1000
FAX : [66] 2513-0203,
2512-2182, 2512-2262
E-MAIL
ADDRESS : public.info@thaiairways.co.th
WEB SITE : WWW.THAIAIRWAYS.COM
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1960
REGISTRATION
NO. : 0107537001757 [Former : BOR MOR JOR.
422] CAPITAL REGISTERED : BHT.
17,000,000,000
CAPITAL
PAID-UP : BHT. 6,988,881,500
FISCAL
YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : F.O. APINAN
SUMANASENI, THAI PRESIDENT
NO. OF STAFF : 25,000
LINES
OF BUSINESS : AVIATION AND
TRANSPORTATION
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
originally formed on
March 29, 1960
as a private limited company
by a joint venture among
Thailand’s domestic carrier,
Thai Airways Company [TAC]
and Scandinavian Airlines System
[SAS] with the
Scandinavian carrier initially
providing a 30%
share capital of
two million baht.
On April 1st,
1977 after a
17 years capital participation
partnership with SAS, the
Thai Government bought
SAS’s remaining
15% holding and
Thai became
fully owned by
the Thai people.
On April 1st,
1988 as a
result of its
merger with Thai Airways
Company [TAC] the
domestic airline, which
raised the company’s
share capital from
Bht. 1,400 million to
Bht. 2,230 million.
Under the cabinet policy,
as authorised by
General Prem Tinsulanonda, Prime Minister at
the time, Thai International would
be responsible for
commercial aviation, both
international and domestic.
The subject acts
as a state enterprise company.
The subject
was listed on
The Stock Exchange
of Thailand on
July 19, 1991
and was officially
traded on July
23, 1992. Its
status was converted
into public company
limited on May
20, 1994.
A significant
development in 1997
concerned a joining
the Star Alliance,
a strategic grouping
with four other
leading airlines to
provide customers with
seamless travelling services
comprising Lufthansa, United
Airlines, SAS,
Air Canada and THAI.
THAI’s 1997
operating results were
ranked as one
of the world’s top ten
airlines according to
a market survey
conducted by Business
Traveller Magazine.
On September 28,
2006, the Bangkok
International Airport has
moved to the
new international airport,
“Suvarnabhumi International Airport”,
located in Bangplee
district, Samutprakarn province. It currently employs approximately 25,000 staff.
The subject’s registered
address is 89
Vibhavadi Rangsit Rd., Ladprao,
Jatujak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
ACM. Chalit Pukbhasuk : [x] Chairman |
Thai |
59 |
|
F.O.. Apinan Sumanaseni |
Thai |
58 |
|
Mr. Suparut Kawatkul :
Vice Chairman |
Thai |
55 |
|
Mr. Chaisak Saeng-xuto |
Thai |
65 |
|
Mr. Aviruth Wongputhipitak |
Thai |
59 |
|
Mr. Chaisawasd Kitipornpaiboon |
Thai |
60 |
|
Mr. Pichai Chunhavajira |
Thai |
58 |
|
Mr. Wisudhi Srisuphan |
Thai |
58 |
|
Mr. Wichit Na-Ranong |
Thai |
64 |
|
Mrs. Pornthip Jala |
Thai |
58 |
|
Mr. Chartsiri Sophonpanich |
Thai |
48 |
|
Prof. Dr. Borwornsak Uwanno |
Thai |
53 |
|
Mr. Sivaporn Dardarananda |
Thai |
60 |
|
Mr. Pairoaj Panichsamai |
Thai |
60 |
|
Mr. Chaikasem Nitisiri |
Thai |
59 |
AUTHORIZED PERSON
The mentioned director
[x] jointly signs
with one of
the rest directors,
or three of
other directors jointly
sign on behalf
of the subject with the
company’s affixed.
SENIOR MANAGEMENT
F.O. Apinan Sumanaseni
is the President.
He is Thai nationality with
the age of
58 years old.
Wg. Cdr. Supachai
Limipisvasti is the Senior
Executive Vice President,
Technical Advisor for
Special Project
He is Thai nationality.
Air Chief Marshal Narongsak Sangapong
is the Executive Vice President,
Corporate Secretariat.
He is Thai nationality.
Mr. Tummasak Chutiwong
is the Managing Director, Technical
Department.
He is Thai nationality.
Mrs. Ngamnit Sombulpibool is the Executive
Vice President, Finance & Account
Department. She is
Thai nationality.
Mr. Chanchai Singtoroj
is the Executive Vice President,
Human Resources Department & Management. He is
Thai nationality.
Flt. Lt.
Pravit Sinawatra is
the Executive Vice
President, Operations Department.
He is Thai nationality.
Mr. Pandit Cnanapai
is the Executive Vice President,
Commercial Department.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in
the national carrier
serving the Kingdom of Thailand.
It operates domestic,
regional and intercontinental flights radiating from
its home base
in Bangkok to
key destinations around the
world and within
Thailand. The subject
also provides services related to air
transportation such as
airport services, restaurant
& catering business,
limousine service, warehouse
& storage services,
etc.
Since November 2001,
the subject has
adjusted its organizational structure by dividing
the operations into
the major business
as follows:
1.
Airline Business
2.
Operations of Subsidiaries Business Relevant to
Air Transportation Services
-
Ground Customer Services
-
Ground Support Equipment
Services
-
Cargo & Mail
Commercial
-
Catering Services
-
Technical Services
3. Transport Supporting
Activities
Aircraft Fleet
Type
|
Aircraft
Type |
Number
of Aircraft in
2006 |
|
|
|
|
Boeing 777-300 |
6 |
|
Boeing 777-200 |
8 |
|
Boeing 777-200ER |
6 |
|
Boeing 747-400 |
18 |
|
Boeing 737-400 |
10 |
|
Airbus 300-600 |
9 |
|
Airbus 330-300 |
22 |
|
Airbus A340-500 |
4 |
|
Airbus 340-600 |
5 |
|
ATR 72 |
2 |
|
Total |
90 |
THAI’s fleet presently
consists of 90
aircraft Fleet [as
of November 2007]
The Revenue Structure of the Company
The details of the company’s total revenues are as follows:
1. Revenue from passengers
and excess baggage in each route of the company including charter flights.
2. Revenue from
freight according to weight, category, size and destination.
3. Revenue from mail.
4. Revenue from
business units and supporting activities.
5. Revenue from
subsidiaries.
6. Other income.
REVENUE INCOME
|
|
2006 |
2005 |
2004 |
|
|
MTHB % |
MTHB % |
MTHB % |
Revenue from domestic
transportation
|
|
|
|
|
Passenger and excess baggage |
12,030 6.59 |
10,581 6.41 |
11,524 7.48 |
|
Freight |
397 0.22 |
378 0.23 |
377 0.24 |
|
Mail |
8 0.00 |
9 0.01 |
8 0.01 |
|
|
|
|
|
Revenue from other activities-domestic
|
|
|
|
|
Business units |
7,388 4.05 |
118,653 71.89
|
6,193 4.02 |
|
Supporting |
772 0.42 |
686 0.41 |
284 0.18 |
|
Total operating revenues – domestic |
20,595
11.28 |
18,321 11.10 |
18,386 11.93 |
|
|
|
|
|
|
Revenue from
international transportation |
|
|
|
|
Passengers and excess
baggage |
131,372 71.96 |
118,653 71.89
|
110,942 72.02
|
|
Freight |
25,242 13.83 |
24,041 14.57
|
21,873 14.20 |
|
Mail |
1,028 0.56 |
1,070 0.65
|
133,802 86.86 |
|
|
|
|
|
Revenue from subsidiaries
|
|
|
|
|
Thai-Amadeus Southeast Asia Company Ltd. |
360 0.20 |
4036 0.24 |
415 0.27 |
|
Total operating
revenues |
178,607 97.83 |
162,488 98.45 |
152,603 99.06 |
|
|
|
|
|
Other income
|
|
|
|
|
Share of net profit from
associated companies |
256 0.14 |
127 0.08 |
158 0.10 |
|
Interest income |
317 0.17 |
362 0.22 |
336 0.22 |
|
Others |
3,388 1.86 |
2,071 1.25 |
955 0.62 |
|
Total other income |
3,961 2.17 |
2,560 1.55 |
1,449 0.94 |
|
Total revenues |
182,568 100.00 |
165,048 100.00 |
154,052 100.00 |
IMPORT [COUNTRIES]
Aircraft
together with spare
parts, supplies and
equipment related to
repairing and maintenance
are imported from overseas
suppliers in United
States of America,
Germany, Japan, United
Kingdom, Taiwan,
Sweden, France, Australia
and etc.
SALES
The services is
sold to end-users
both local and
international as well
as Thai Government.
SUBSIDIARIES AND
ASSOCIATED COMPANIES
The subject is
found to have
subsidiaries and affiliated
companies as follows:
1.
Royal Orchid
Hotel [Thailand] Public
Co., Ltd.
Address
: Captain Bush Lane,
Siphya Road, Bangkok 10500,
Thailand
Business Type: Hotel and
Restaurant
The
subject holds 24.0%
of its investment.
2.
Donmuang International Airport Hotel Co.,
Ltd.
Address
: 333 Chert Wudthakas Road, Don Muang, Bangkok 10210,
Thailand
Business Type: Hotel
and Restaurant
The subject holds 40.00% of
its investment.
3.
Bangkok Aviation
Fuel Services Public
Co., Ltd.
Address
: 171/2 Vibhavadi Rangsit Road, Don Muang Bangkok 10210,
Thailand
Business Type: Aviation Fuel Services
The subject holds 22.6% of
its investment.
4. Phuket
Air Catering Co.,
Ltd.
Address : 10/3 Moo 6 Sanambin Rd., Mai Khoa, Thalang, Phuket 83000, Thailand
Business Type:
Air catering
The subject
holds 30.0% of
its investment.
5.
Thai-Amadeus Southeast
Asia Co., Ltd.
Address :
89 Vibhavadi Rangsit Rd., Ladyao,
Chatuchak, Bangkok 10900, Thailand
Business Type: On-line
ticketing Services and other
traveling services to
agents
The subject holds 55.0%
of its investment.
6.
Suvarnabhumi Airport
Hotel Co., Ltd.
Address
: 333 Chert Wudthakas Rd., Sikan,
Don Muang, Bangkok
10210
Business Type: Hotel and Restaurant
The subject holds 30.0%
of its investment.
7.
Nok Air
Company Limited
Address
: 140 11th
Floor, One Pacific
Place, Klong Toei, Bangkok 10110
Business Type: Aviation
Transportation Services
The subject holds 39.0%
of its investment.
LITIGATION
Bankruptcy and
Receivership
There are no litigation on
bankruptcy and receivership cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are no
legal suits filed
against the subject
CREDIT
Purchasing terms are
by cash or
on the credit terms of
30-120 days.
Imports are by
L/C and T/T.
Selling terms are
by cash or
on the credits of 30-60
days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Road, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok 10140].
TMB Bank
Public Co., Ltd.
[Head Office : 3000
Phaholyothin Rd., Ladyao,
Jatujak, Bangkok 10900].
Krung Thai
Bank Public Co.,
Ltd.
[ Head Office : 35
Sukhumvit Rd., Klongtunnua, Wattana, Bangkok 10110].
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
approximately 25,000 staff,
comprise of 21,000
permanent staff and
4,000 temporary staff.
LOCATION DETAILS
The
head office is
owned in a
22-storey building at
the heading address.
Premise is located
in a neat and new
building in commercial area
at 89 Vibhavadi Rangsit Rd.,
Ladyao, Jatujak, Bangkok
10900, Thailand
Information, Passenger
& Cargo Sales:
485 Silom Road,
Bangkok 10500 Tel:
[66] 2234-3100-9, [66] 2234-3110-9
Airport office:
Suvarnabhumi International Airport,
Bangna-Trad Rd., Rajathewa,
Bangplee, Samutprakarn province.
Thai On-line Offices are in 51
countries around the
world, 6 offices
in Bangkok and
9 offices in big
city nationwide.
COMMENT
In the
year 2006 Thai Airways
faced many challenges,
high fuel price,
exchange rate fluctuations, higher interest
rates and increased
competition from low
cost airlines. This
has been responded
to by quickly adjusting to
market conditions to
minimize the impact
of these challenges
in an efficient manner, resulting
in stronger performance.
The company
has focused on Strength
and Growth for the
future by restructuring the organization, adopting
transparent corporate management
and streamlining working
procedures.
Additionally, the
company has optimized
the use of
corporate assets while
minimizing operating costs.
Strategies employed include
effective aircraft utilization, expansion of alliance
networks, increasing flight
frequency and expansion
of routes into markets
of high potential
such as China,
India, Japan, Australia
and European destinations from which the
company expects to
attract more first
and business class
passengers. THAI also
plans to earn more
revenue from cargo
transport as contribution from the business
has grown considerably over the past
few years.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000.
The capital was
increased later as
followings:
Bht.
950,000,000 on
September 16, 1980
Bht.
1,100,000,000 on September
18, 1981
Bht.
1,400,000,000 on September
24, 1982
Bht.
13,000,000,000 on March
3, 1992
Bht.
14,000,000,000 on June
1, 1992
Bht.
16,850,000,000 in 2003
The current registered
capital is Bht. 17,000,000,000, divided
into 1,700,000,000 ordinary shares
of Bht. 10
each.
MAIN SHAREHOLDERS
[as at January 10, 2007] at Bht.
16,988,881,500 of capitalization.
|
NAME |
HOLDING |
% |
|
Ministry of Finance |
913,407,726 |
53.76 |
|
Vayuphak I Mutual
Fund by Krung Thai Bank Plc. |
154,888,700 |
9.12 |
|
Vayuphak I Mutual
Fund by MFC
Co., Ltd. |
154,888,700 |
9.12 |
|
Chase Nominees Limited
1 |
66,586,900 |
3.92 |
|
Littledown Nominees Limited
5 |
27,251,100 |
1.60 |
|
Thai NVDR Co.,
Ltd. |
22,889,644 |
1.35 |
|
Nortrust Nominees Ltd. |
20,127,861 |
1.18 |
|
Investors Bank And
Trust Company |
18,514,500 |
1.09 |
|
Social Securities Fund |
17,911,600 |
1.05 |
|
Clearstream Nominees Ltd. |
15,544,092 |
0.91 |
|
HSBC Bank PLC |
14,202,616 |
0.84 |
|
Others |
272,674,711 |
16.06 |
Total Shareholders : 107,608 [including
the above shareholders]
NAME OF AUDITOR
AND CERTIFIED PUBLIC ACCOUNTANT
NO.
Boobpha Anuntawat
Deputy Auditor General,
for Auditor General
Bubpha Kingsak
Director of Audit
Office
THAI AIRWAYS
INTERNATIONAL PUBLIC CO.,
LTD.
BALANCE SHEET [BAHT]
The latest financial figures published as at
September 30, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash & Cash
Equivalents |
20,241,103,098 |
8,937,827,934 |
|
Trade Account Receivable |
17,948,254,495 |
16,576,817,194 |
|
Inventories & Supplies |
5,997,875,383 |
5,255,350,885 |
|
Other Current Assets |
14,756,089,261 |
14,524,282,369 |
|
|
|
|
|
Total Current
Assets |
58,943,322,237 |
45,294,278,382 |
|
Investments in Associated
& Subsidiaries Company |
926,770,500 |
907,572,750 |
|
Other Long-term Investments |
83,598,922 |
86,534,540 |
|
Fixed Assets |
204,653,040,673 |
195,937,578,431 |
|
Intangible Assets-net |
853,269,727 |
418,776,627 |
|
Deferred Income Tax |
3,889,351,863 |
4,008,711,086 |
|
Other Assets |
1,490,103,840 |
1,144,792,764 |
|
Total Assets |
270,839,457,762 |
247,798,244,580 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Account Payable |
7,942,173,649 |
9,411,603,172 |
|
Short-term Loans |
12,121,060,200 |
5,606,417,700 |
|
Current Portion of Long-term
Loans : |
|
|
|
Loan Shares |
6,000,000,000 |
- |
|
Long-term Loans |
- |
8,023,757,350 |
|
Liabilities under
Finance Leases |
8,667,640,690 |
8,314,392,593 |
|
Promissory Notes |
1,050,000,000 |
1,050,000,000 |
|
Other Current Liabilities Accrued Expenses |
20,465,787,505 |
16,398,217,085 |
|
Accrued Dividends |
62,901,721 |
57,863,117 |
|
Unearned Transportation Revenues |
30,537,000,786 |
24,287,909,663 |
|
Others |
2,615,403,652 |
4,605,732,387 |
|
|
|
|
Total Current Liabilities
|
89,461,968,203 |
77,755,893,067 |
|
Long-term Debts Debentures |
34,000,000,000 |
40,000,000,000 |
|
Long-term Loans |
4,074,621,000 |
4,393,142,000 |
|
Liabilities under
Finance Leases |
68,369,645,625 |
53,485,647,432 |
|
Promissory Notes |
2,100,000,000 |
3,150,000,000 |
|
Staff Pension Fund |
4,771,886,386 |
4,495,820,618 |
|
Total Liabilities |
202,778,121,214 |
183,280,503,117 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized 1,700
million ordinary shares |
17,000,000,000 |
17,000,000,000 |
|
|
|
|
|
1,698.89 million
ordinary shares |
16,989,009,500 |
16,988,961,500 |
|
Premium on Share
Capital |
15,639,064,110 |
15,642,835,031 |
|
Retained Earnings Appropriated for
Legal Reserve |
1,700,000,000 |
1,700,000,000 |
|
Unappropriated |
33,733,262,938 |
30,185,944,932 |
|
Total
Shareholders' Equity |
68,061,336,548 |
64,517,741,463 |
|
Total
Liabilities & Shareholders' Equity |
270,839,457,762 |
247,798,244,580 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Revenues from
the Sale of
Goods & the
Rendering
of Services |
|
|
|
Passenger and
Excess Baggage |
156,258,304,364 |
143,401,184,068 |
|
Freight |
25,737,296,643 |
25,649,667,924 |
|
Mail |
992,282,983 |
1,036,188,352 |
|
Other Activities |
8,689,395,806 |
8,159,740,321 |
|
Total Revenues
from the Sale
of Goods &
the
Rendering of Services |
191,677,279,796 |
178,246,780,665 |
|
|
|
|
|
Operating Expenses |
|
|
|
Personnel |
32,603,597,343 |
30,697,016,022 |
|
Fuel &
Oil |
58,892,664,167 |
59,999,262,178 |
|
Cost of
Inventories & Supplies |
9,996,537,252 |
10,201,744,088 |
|
Lease of Aircraft
& Spare Parts |
6,767,821,949 |
5,434,434,982 |
|
Flight Operations |
41,557,103,822 |
37,659,857,591 |
|
Depreciation |
17,716,486,919 |
15,484,615,707 |
|
Marketing |
3,151,111,310 |
3,075,578,993 |
|
Insurance |
1,016,273,298 |
1,516,417,024 |
|
Remuneration to
Board of Directors |
24,143,805 |
25,051,680 |
|
Other Operating
Expenses |
7,328,108,029 |
5,957,823,150 |
|
Total Operating
Expenses |
179,053,847,894 |
170,051,801,415 |
|
|
|
|
|
Profit / [Loss]
from Sale of Goods
& the Rendering Services |
12,623,431,902 |
8,194,979,250 |
|
|
|
|
Other Income
Interest Income |
609,306,786 |
315,364,272 |
|
Others |
1,574,025,926 |
3,547,894,973 |
|
|
|
|
Total Other
Income
|
2,183,332,712 |
3,863,259,245 |
|
|
2007 |
2006 |
|
|
|
|
|
Other Expenses |
|
|
|
Losses [Gains] on
Foreign Currency Exchange |
[1,184,797,148] |
[6,178,102,699] |
|
Yields from
Pension Fund |
102,110,925 |
75,923,013 |
|
Others |
2,154,739,436 |
1,146,427,301 |
|
|
|
|
|
Total Other
Expenses |
1,072,053,213 |
[4,955,752,385] |
|
|
|
|
|
Profit from
Operations |
13,734,711,401 |
17,013,990,880 |
|
|
|
|
Profit before
Interest & Income
Tax
Expenses
|
13,734,711,401 |
17,013,990,880 |
Interest Expenses
|
[4,698,766,508] |
[4,450,936,258] |
Income Tax
Expenses
|
[2,685,448,239] |
[3,727,555,881] |
Net Profit
|
6,350,496,654 |
8,835,498,741 |
THAI AIRWAYS
INTERNATIONAL PUBLIC CO.,
LTD.
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
7.58 |
|
|
Operating Profit |
43.18 |
|
|
Net Profit |
[28.13] |
|
|
Fixed Assets |
4.45 |
|
|
Total Assets |
9.30 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.87 |
84.66 |
|
Operating Profit Margin |
6.90 |
4.82 |
|
S & A
Expenses |
15.98 |
15.32 |
|
Interest Paid |
2.57 |
2.62 |
|
Other Revenues |
4.75 |
4.80 |
|
Net Profit Margin |
3.47 |
5.19 |
|
Earning Per Shares |
3.74 |
5.20 |
|
No. of Shares |
1,698,900,950 |
1,698,996,150 |
Net Sales was
increased by 7.58%,
Operating Profit was
increased by 43.18%,
Net Profit was
decreased by 28.13%,
Fixed Assets was
increased by 4.45%,
Total Assets was
increased by 9.30%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 84.66%
to 81.87%, Operating
Profit Margin was
increased from 4.82%
to 6.90%, S & A
Expenses was increased
from 15.32% to
15.98%, Interest Paid was
decreased from 2.62%
to 2.57%, Other
Revenues was decreased
from 4.80% to
4.75%, Net Profit
Margin was decreased
from 5.19% to
3.47%.
Earning Per Shares
was decreased from
5.20 baht per
share to 3.74
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.66 |
0.58 |
|
Quick-Assets Ratio |
0.43 |
0.33 |
Current Ratio was
increased from 0.58
to 0.66, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.33 to 0.43,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.98 |
2.84 |
|
Times Interest Earned |
2.69 |
1.84 |
D/E Ratio was
increased from 2.84
to 2.98, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
1.84 to 2.69,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
0.89 |
0.87 |
|
Total Assets Turnover |
0.68 |
0.69 |
|
Return on Assets |
2.34 |
3.57 |
|
Return on Equity |
9.33 |
13.69 |
|
Day's Payable |
15.62 |
19.92 |
|
Day’s Inventories |
11.80 |
11.12 |
|
Day’s Receivables |
35.31 |
35.09 |
Fixed Assets Turnover
was increased from
0.87 times to
0.89 times, Total
Assets Turnover was
decreased from 0.69
times to 0.68
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 3.57 to
2.34, Return on
Equity was decreased
from 13.69 to
9.33, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 20
days to 16
days, while Day’s
Inventories was stable
at 12 days, Day’s Receivables
was stable at
36 days.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)