MIRA
INFORM REPORT
|
Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK AIRWAYS CO., LTD. |
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Registered Office : |
99 Moo 14, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527004727 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Operator of domestic and international airline. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
BANGKOK AIRWAYS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99 MOO 14,
CHATUCHAK,
TELEPHONE : [66] 2265-5555
FAX : [66] 2265-5665
E-MAIL ADDRESS : researvation@bangkokair.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527004727 [Former : 473/2527]
CAPITAL REGISTERED : BHT.
1,200,000,000
CAPITAL PAID-UP : BHT.
1,200,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR.
PRASERT PRASARTTONG-OSOTH, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 2,000
LINES OF
BUSINESS : AIRLINE
OPERATOR
SERVICES
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR
MANAGEMENT STANDARD : MANAGEMENT
WITH FGOOD PERFORMANCE
HISTORY
Bangkok Airways Co.,
Ltd. began its
air transportation service
as “Sahakol Air”
the first private
aviation company established
in
The subject changed
its name to
Bangkok Airways Co.,
Ltd. on April
5, 1989, and began
operation as the
country’s first privately
owned domestic airline offering scheduled
flights from Bangkok
to the destinations: Krabi,
Korat and Surin.
The subject built
its owned 3
airports on Samui
Island which was opened
in April 1989, Sukhothai
province in 1996
and Trad province
in 2003. It
currently employs approximately 2,000
staff.
The subject’s registered
address was initially
located at 140
Sukhumvit Rd., Klongtoey,
Bangkok 10110. On
October 30, 2003
the subject’s registered
address was relocated
to 99 Moo 11,
Vibhavadi-Rangsit Rd., Jompol,
Chatuchak, Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Prasert Prasarttong-osoth |
: Chairman |
Thai |
70 |
|
Mr. James Patrick
Roony |
|
American |
67 |
|
Air Chief Marshal Kaset Rojananil |
|
Thai |
72 |
|
Mr. Putthipong Prasarttong-osoth |
|
Thai |
40 |
|
Mr. Pradit Theekakul |
|
Thai |
46 |
|
Mr. Tavatwong Thanasumitra |
|
Thai |
58 |
|
Gen. Vichit Yathip |
|
Thai |
58 |
|
F.LT. Padej Limpisawat |
|
Thai |
63 |
|
Pol. Col. Visanu Prasarttong-osoth |
|
Thai |
43 |
|
Mr. Veerapongse Ramangura |
|
Thai |
63 |
AUTHORIZED PERSON
Only Dr. Prasert Prasarttong-osoth signs
or two of
the rest directors
can jointly sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Dr. Prasert Prasarttong-osoth : President
& Chief Executive
Officer
Mr. Puttipong Prasarttong-osoth : Vice
President - Operations
Mr. Thavatwong Thanasumitra : Vice
President - Finance
Mrs. Vanli Prasarttong-osoth :
Executive Director-Marketing
Research
Mrs. Supachada Tulwatana : Ground
Services Director
Mr. Pradit Theekakul : Vice
President - Administration
Mrs. Suneerat Watanavimalakul : Vice President
- Marketing
M.L. Nandhika Varawarn, : Vice
President - Corporate Communication
Mr. Marc Kirner : Vice
President - Technical
Gen. Kornkrich Sriyabhandha : Vice
President - Airport
Mr. Ping Na Thalang : Vice
president - Information
Ms. Ariya Prasarttong-osoth : Director
of Sales
Mr. Piyapan Intasuwarn : Information
Systems Director
Mrs. Duangjai Tantikul : Human
Resource Director
Ms. Sumalee Chaitientong : Deputy
Senior Director of
Public Relation
BUSINESS OPERATIONS
The subject’s activity
is an operator
of domestic and international
airline. The subject
flies to a total
of 20 destinations
in eight countries,
including Bangkok, Samui
Island [Suratthani], Phuket, Krabi,
Sukhothai, Trad, Pattaya
Beach [Utapao] and Chiangmai,
in Thailand.
In Cambodia, Bangkok
Airways fly to
Phnom Pench and
Angkor Wat, [Siem Reap], and
also fly to
Jinghong, Xi’an, Guilin, Hangzhou, Changzhou,
Shenzhen in Republic
of China, Luang
Prabang in Laos,
Yangoon in Myammar,
Maldives, Singapore as
well as Hiroshima
and Fukuoka in
Japan.
At present, Bangkok
Airways fleet of the
total 16 aircrafts comprising:
-
4
Boeing 717-200 jet aircraft
-
8 ATR
72-500 fixed turboprop aircraft
-
3 new Airbus
A320-232 aircraft
-
1 ATR 72-200
aircraft.
The subject owned
and operates three
airports in Thailand which
are using as
hubs to connect
its cultural and
resort centred destination
in Thailand, Indochina,
China and etc. in
Samui, Sukhothai and
IMPORT
Aircraft spare parts
are imported from
SALES
100% of its
services is sold
to government and
tourists.
SUBSIDIARIES AND
AFFILIATED COMPANIES
Bangkok Airtour
Co., Ltd.
Business Type :
Travel Agent
Business Type :
Catering service.
Bangkok Flight
Service Co., Ltd.
Business Type :
Cargo handling, passenger
and aircraft ground
services.
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 for
the past two
years.
CREDIT
Purchasing terms are
by cash.
Selling terms are
by cash or
on the credits
of 30-60 days.
Import are by
contract.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office :
Bangkok Bank
Public Co., Ltd.
[Head Office :
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
approximately 2,000 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address in commercial
area. Premise is
located in a
good condition and
neat.
CONTACTED DETAILS
|
1. |
Airport Office |
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Domestic Terminal, |
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Tel: [66] 2535-2497-8, 2535-3757 |
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Fax: [66] 2523-7116, 2535-3757 |
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2. |
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99 Moo 4, T. Bo Pud |
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Koh Samui |
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Surathani |
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Tel: [66] 77 425-012 |
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Fax: [66] 77 425-010 |
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3. |
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172/1 |
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Tel : [66] 77 420-133 |
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Fax : [66] 77 425-010 |
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4. |
Sukhothai Office |
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Pailyn Hotel |
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Tel : [66] 55 613-310-5 EXT : 8891-2 |
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[ |
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5. |
Chiang Mai Office |
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2nd Floor |
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Tel : [66] 53 281-519 |
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Fax : [66] 53 281-520 |
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6. |
Pattaya Office: |
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2nd Fl, |
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Chonburi |
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Tel: [66] 38 411-965 |
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7. |
Phuket Office: |
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Tel: [66] 76 225-033-5 |
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Fax: [66] 76 212-341 |
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8. |
Ranong Office |
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50/18 Moo 1, |
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Highway, Bangchan |
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Tel : [66] 77 835-096 |
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Fax : [66] 77 835-097 |
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9. |
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No E 14
St. 214, Sangkat
Beong Flang |
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Kan Don Penh,
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Tel : [85523]
427-429 |
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Fax : [85523] 426-707,
426-624 |
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|
10. |
Siem
Reap Office
|
|
|
082 Rd No.6 Phum
Satakangseng |
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|
Siem Reap |
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Tel : [85563] 380-191-2 |
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Fax : [85563] 380-191 |
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11. |
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Terminal 1, |
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Tel & Fax
: [65] 546-8982 |
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12. |
|
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|
Oeder Weg 2 |
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|
60318 |
|
|
|
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Tel: 49 69 597-1304 |
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Fax: 49 69 550-131 |
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13. |
Sydney Office |
|
|
De la Sala
House |
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|
|
|
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Tel: [612] 9297
3900 |
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Fax: [612] 9279 2166 |
Bangkok
|
1. |
|
|
|
Hillto Marketing Limited |
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Tel: [03] 5798-7537 |
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Fax: [03] 5798-7538 |
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2. |
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|
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The Kent Travel
Portfolio Ltd. |
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Tel: [44] 181
543-3135 |
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Fax: [44] 181 540-0550 |
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3. |
|
|
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Aviation & Tourism International Pty.
Ltd. |
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Tel: [612] 92
32 58 66 |
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|
Fax: [612] 92 23 93
85 |
ADDITIONAL INFORMATION
Recently, it was reported that Bangkok Airways was counted among the
world’s best airlines in 2005 in a
survey involving more than 12 million
passengers by the research firm Skytrax.
Bangkok Airways kept its ranking as
the best regional airline of Asia for the
second consecutive year, ahead of
COMMENT
Since its inception, Bangkok Airways has grown in leaps and
bounds and has become greatly loved by its passengers for its friendly service,
punctuality and constant innovation. It
is one of the
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000, divided
into 1,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows :
Bht 10,000,000 on
August 20, 1984
Bht.
60,000,000 on September
27, 1989
Bht. 220,000,000 on
November 8, 1989
Bht. 440,000,000 on
December 8, 1995
Bht. 740,000,000 on
December 8, 2000
Bht. 990,000,000 on
October 16, 2003
Bht. 1,040,000,000 on
February 26, 2004
Bht. 1,200,000,000 on
December 29, 2005
The latest registered capital was
increased to Bht.1,200,000,000 divided into
120,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at January
1, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dr. Prasert Prasarttong-osoth Nationality: Thai Address : 102 Sukhumvit 38 Rd., Prakanong,
Klongtoey, |
110,420,800 |
92.02 |
|
Sinsahakol Co., Ltd. Nationality: Thai Address : 99 Moo 14, Ladyao, Jatujak,
|
5,156,000 |
4.30 |
|
Bangkok Dusit
Vechakorn Public Co., Ltd. Nationality: Thai Address : 2 Soi Soonvijai
7, Huaykwang, |
1,444,000 |
1.20 |
|
Mr. Puthipong
Prasarttong-osoth Nationality: Thai Address : 102 Moo 12,
Budhamonthon Sai 3 Rd.,
Salathamsop, Taveewatana, |
600,000 |
0.50 |
|
Mr. Pradit Theekakul Nationality: Thai Address : 3/104 Moo 1,
Thungsonghong, Donmuang, |
600,000 |
0.50 |
|
Mrs. Naruemol
Jainaknaen Nationality: Thai Address : 622 Moo 12, Budhamonthon Sai 3 Rd.,
Salathamsop, Taveewatana, |
550,100 |
0.46 |
|
Ms. Ariya
Prasarttong-osoth Nationality: Thai Address : 102 Moo 12,
Budhamonthon Sai 3 Rd.,
Salathamsop, Taveewatana, |
500,000 |
0.42 |
|
Mr.
Tavatwong Thanasumitra Nationality: Thai Address : 3/104 Moo 1,
Thungsonghong, Donmuang, |
420,000 |
0.35 |
|
Other Shareholders |
309,100 |
0.25 |
Total Shareholders
18
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO
Mr. Phisit Chewaruengroj
No. 2803
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current
Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank |
421,968,257 |
224,733,448 |
|
Short Term Investment |
14,697,608 |
27,120,355 |
|
Trade Accts. Receivable
|
836,836,731 |
652,736,350 |
|
Receivable Subsidiaries & Related
Company |
230,458,730 |
73,335,017 |
|
Loan & Accrued Interest
from Subsidiaries Company |
44,634,398 |
42,769,505 |
|
Loan & Accrued Interest
from Directors |
635,080,259 |
282,392,696 |
|
Spare Parts &
Materials |
204,805,233 |
180,762,658 |
|
Prepaid Expenses |
339,926,617 |
260,863,665 |
|
|
|
|
|
Total Current
Assets |
2,728,407,833 |
1,744,713,694 |
|
|
|
|
|
Investment in Subsidiaries Company |
506,499,790 |
506,499,790 |
|
Other Long Term
Loans |
2,640,094,445 |
1,830,527,852 |
|
Fixed Assets |
7,717,208,936 |
7,416,866,933 |
|
Other Non-Current Assets
|
1,120,035,869 |
1,181,918,498 |
|
Total Assets |
14,712,246,873 |
12,680,526,767 |
LIABILITIES &
SHAREHOLDERS’ EQUITY
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan from Financial Institution |
768,328,970 |
1,391,257,278 |
|
Other Short Term
Loan |
121,131,863 |
116,731,863 |
|
Trade Accts. Payable |
1,291,224,321 |
916,556,668 |
|
Current Portion of
Long Term Loan |
651,875,916 |
324,211,082 |
|
Current Portion of
Hire-purchase Air Plane Liabilities |
247,599,702 |
214,507,773 |
|
Current Portion of
Hire-purchase Spar Part Liabilities |
6,332,213 |
36,344,743 |
|
Current Portion of
Hire-purchase Contract Liabilities |
74,434,782 |
55,252,469 |
|
Payable-Related Company |
15,917,107 |
29,311,632 |
|
Pre-Receipt Income |
549,046,817 |
452,672,075 |
|
Other Current Liabilities |
583,505,805 |
414,966,418 |
|
|
|
|
|
Total Current
Liabilities |
4,309,397,496 |
3,951,812,001 |
|
Long-term Loan |
2,629,051,749 |
1,758,471,145 |
|
Long Term Liabilities
Net of Current
Portion |
3,538,852,530 |
3,599,507,746 |
|
Hire-purchase Contract Liabilities Net of
Current Portion |
102,336,989 |
72,163,069 |
|
Total Liabilities |
10,579,638,764 |
9,381,953,961 |
|
Shareholders’
Equity |
|
|
|
|
|
|
|
Share Capital :
Bht. 10 par
value authorized issued
and fully paid share
capital 104,000,000 & 120,000,000 shares in 2005 & 2004 |
1,200,000,000 |
1,040,000,000 |
|
|
|
|
|
Capital Paid |
1,200,000,000 |
1,040,000,000 |
|
Unrealized Gain on
Investment |
2,268,134,729 |
1,459,114,335 |
|
Retained Earning/[Loss] - Statutory Reserve |
103,761,834 |
67,146,327 |
|
- Unappropriated |
560,711,546 |
732,310,144 |
|
Total
Shareholders’ Equity |
4,132,608,109 |
3,298,570,806 |
|
Total
Liabilities & Shareholders’ Equity |
14,712,246,873 |
12,680,526,767 |
PROFIT & LOSS
ACCOUNT
|
Revenues |
2005 |
2004 |
|
|
|
|
|
Services |
7,404,737,130 |
5,415,759,607 |
|
Freight Free |
151,687,400 |
99,161,056 |
|
Airport Fees |
241,838,692 |
212,413,738 |
|
Air Craft Rental |
101,814,243 |
171,055,221 |
|
Gain on Exchange
Rate |
- |
69,763,552 |
|
Other Revenues |
198,218,226 |
285,682,656 |
|
Total Revenues |
8,098,295,691 |
6,253,835,830 |
|
Expenses |
|
|
|
Cost of Service |
6,224,589,624 |
4,572,488,597 |
|
Selling & Administrative
Expenses |
1,142,161,909 |
996,389,560 |
|
Loss on Exchange
Rate |
200,599,273 |
- |
|
Total Expenses |
7,567,350,806 |
5,568,878,157 |
|
|
|
|
|
Profit from Operation |
530,944,885 |
684,957,673 |
|
Interest Expenses |
[499,527,976] |
[465,329,981] |
|
Income Tax |
- |
[3,506,159] |
|
Net Profit/[Loss] |
31,416,909 |
216,121,533 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
36.73 |
|
|
Operating Profit |
[21.89] |
|
|
Net Profit |
[85.46] |
|
|
Fixed Assets |
4.05 |
|
|
Total Assets |
16.02 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.06 |
84.43 |
|
Operating Profit Margin |
9.88 |
12.65 |
|
S & A
Expenses |
15.42 |
18.40 |
|
Interest Paid |
6.75 |
8.59 |
|
Other Revenues |
9.37 |
15.47 |
|
Net Profit Margin |
0.42 |
3.99 |
|
Earning Per Shares |
0.26 |
2.08 |
|
No. of Shares |
120,000,000 |
104,000,000 |
Net Sales was
increased by 36.73%,
Operating Profit was
decreased by 21.89%,
Net Profit was
decreased by 85.46%,
Fixed Assets was
increased by 4.05%,
Total Assets was
increased by 16.02%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 84.43%
to 84.06%, Operating
Profit Margin was
decreased from 12.65%
to 9.88%, S
& A Expenses
was decreased from
18.40% to 15.42%,
Interest Paid was decreased
from 8.59% to
6.75%, Other Revenues
was decreased from
15.47% to 9.37%,
Net Profit Margin
was decreased from
3.99% to 0.42%.
Earning Per Shares
was decreased from
2.08 baht per
share to 0.26
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.63 |
0.44 |
|
Quick-Assets Ratio |
0.59 |
0.40 |
Current Ratio was
increased from 0.44
to 0.63, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.40
to 0.59, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.56 |
2.84 |
|
Times Interest Earned |
1.46 |
1.47 |
D/E Ratio was
decreased from 2.84
to 2.56, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
1.47 to 1.46,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.96 |
0.73 |
|
Total Assets Turnover |
0.50 |
0.43 |
|
Return on Assets |
0.21 |
1.70 |
|
Return on Equity |
0.76 |
6.55 |
|
Day's Payable |
62.78 |
60.93 |
|
Day’s Inventories |
9.96 |
12.02 |
|
Day’s Receivables |
40.68 |
43.39 |
Fixed Assets Turnover
was increased from
0.73 times to
0.96 times, Total
Assets Turnover was
increased from 0.43
times to 0.50
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
1.70 to 0.21,
Return on Equity
was decreased from
6.55 to 0.76,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 61
days to 63
days, while Day’s
Inventories was decreased
from 13 days
to 10 days,
and Day’s Receivables
was decreased from
44 days to
41 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/normal. |
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%)