MIRA INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI
AIRWAYS INTERNATIONAL PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
89 Vibhavadi Rangsit
Road, Ladyao, Jatujak,
Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.03.1960 |
|
|
|
|
Com. Reg. No.: |
0107537001757 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Aviation and transportation |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI AIRWAYS
INTERNATIONAL PUBLIC COMPANY
LIMITED
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. 26,989,009,500
CAPITAL
PAID-UP : BHT.
21,827,719,170
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
PIYASAVASTI AMRANAND, THAI
PRESIDENT
NO.
OF STAFF : 25,884
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 established 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 25,884
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 |
|
|
|
|
|
|
Mr. Ampon Kittiampon |
[x] : Chairman |
Thai |
55 |
|
Mr. Surachai Tansitpong |
|
Thai |
62 |
|
Mr. Piyasvasti Amranand |
[+] |
Thai |
57 |
|
Mr. Chaisak Angkasuwan |
[+] |
Thai |
61 |
|
Mr. Dheerasak Suwannayos |
|
Thai |
59 |
|
ACM Satipong Sukvimol |
|
Thai |
61 |
|
Mr. Banyong Pongpanich |
|
Thai |
56 |
|
Mr. Kanit Sangsubhan |
[+] |
Thai |
52 |
|
Mr. Weerawong Chittmittrapap |
|
Thai |
52 |
|
Mr. Sathit Limpongpan |
|
Thai |
60 |
|
Mr. Apiporn Pasawat |
[+] |
Thai |
62 |
|
Mr. Prawich Rattanapian |
[+] |
Thai |
54 |
|
Mr. Areepong Bhoocha-oom |
|
Thai |
53 |
|
Mr. Chulasingh Vasantasinght |
|
Thai |
60 |
|
Mr. Varah Sucharitakul |
|
Thai |
47 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the directors
[+] or three
of directors [+]
can jointly sign
on behalf of
the subject with
the company’s affixed.
SENIOR MANAGEMENT
Mr. Piyasvasti Amranand is
the President.
He is Thai
nationality with the
age of 57
years old.
Sqn. Ldr. Asdavut Watanangura is
the Executive Vice
President, Operation Department.
He is Thai
nationality.
Flt. Lt. Montree Jumrieng is the Executive Vice President,
Level & Technical Department.
He is Thai
nationality.
Mr. Kaweepan Ruangpaka is the Executive Vice President, Financial &
Accounting Department. He
is Thai nationality.
Mr. Teerapol Chotichanapibul is
the Executive Vice
President, Commercial Department.
He is Thai
nationality.
Mr. Pradit Chanapai is
the Executive Vice
President, HR and
General Management Department.
He is Thai
nationality.
Mr. Chokechai Panyayong is the
Executive Vice president,
Strategy and Business
Development 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
and 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 Business Units
Related to Air
Transport
-
Ground Customer Services
-
Ground Support Equipment
Services
-
Cargo & Mail
Commercial Services
-
Catering Services
-
Technical Services
3. Transport Supporting
Activities
- Dispatch Services
- Sales on
Board
- THAI’s Souvenir
Shop
Aircraft Fleet Type
|
Aircraft Type |
Number of
Aircraft in June
2010 |
|
|
|
|
Boeing 777-300 |
6 |
|
Boeing 777-200 |
8 |
|
Boeing 777-200ER |
6 |
|
Boeing 777-300ER |
3 |
|
Boeing 747-400 |
18 |
|
Boeing 737-400 |
9 |
|
Airbus 300-600 |
13 |
|
Airbus 330-300 |
20 |
|
Airbus A340-500 |
4 |
|
Airbus 340-600 |
6 |
|
ATR 72 |
2 |
|
Total |
95 |
The Sale
Structure of the Company
The details of the
company’s total sales
are as follows:
1.
Sale from passengers and excess baggage in each
route of the company including charter flights.
2.
Sale from freight according to weight, category,
size and destination.
3.
Sale from mail.
4.
Sale from business units and supporting activities.
5.
Sale from subsidiaries.
6.
Other income
SALE STRUCTURE
[including subsidiaries]
|
|
2009 |
2008 |
2007 |
|
|
MTHB % |
MTHB % |
MTHB % |
Sale from domestic transportation
|
|
|
|
|
Passenger and excess baggage |
15,177
9.26 |
16,080
7.94 |
13,434
6.72 |
|
Freight |
378 0.23 |
376 0.15 |
392
0.19 |
|
Mail |
1 - |
3 - |
- - |
|
|
|
|
|
Sale from other
activities-domestic
|
|
|
|
|
Business
units |
6,821
4.17 |
7,976
3.94 |
8,156
4.08 |
|
Supporting |
574
0.35 |
692
0.34 |
787 0.39 |
|
|
|
|
|
|
Total operating sales – domestic |
22,951
14.01 |
25,127
12.40 |
22,769
11.38 |
|
|
|
|
|
|
Sale from
international transportation |
|
|
|
|
Passengers
and excess baggage |
119,302
72.80 |
148,238
73.19 |
147,124 73.55 |
|
Freight |
18,148
11.08 |
25,464
12.57 |
25,665
12.83 |
|
Mail |
822
0.50 |
911
0.45 |
978 0.49 |
|
|
|
|
|
Sale from subsidiaries
|
|
|
|
|
Thai-Amadeus Southeast Asia Company Ltd. |
380 0.23 |
378 0.19 |
373 0.19 |
|
Total operating sales |
161,603 98.62 |
200,118 98.80 |
196,909 98.44 |
|
|
|
|
|
Other income
|
|
|
|
|
Share of net profit from associated
companies |
[9] [0.01] |
[65]
[0.03] |
101 0.05 |
|
Interest
income |
178 0.11 |
493 0.24 |
745 0.37 |
|
Others |
1,994
0.99 |
1,994
0.99 |
2,267
1.14 |
|
Total other income |
2,094
1.28 |
2,422
1.20 |
3,113
1.56 |
|
Total sales |
163,866 100.00 |
202,540 100.00 |
200,022 100.00 |
Thai Airways International
Public Co., Ltd. (Foreign
Purchasing Division)
Head Office: 89
Vibhavadee Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900
Tel :
[66] 2545-1000, 2545-3251
Foreign Purchasing Division
is under the
supervision and control
of Purchasing Department of
Thai Airway International
Public Co., Ltd., by
having Mr. Kriengsak
Sakruangnam is the
Purchasing Department Manager
(Acting).
Foreign Purchasing Division
can be divided
into to the
followings:
1. Foreign Purchasing
Division for Catering
Service
Address: Suvarnabhumi Office
(Building C1), 333/4 Moo
1, T. Nongprue,
A. Bangphli,
Samutprakarn 10540
Tel. : [66]
2137-2200-4
Fax : [66]
2137-2456-7
Khun Suchada Teetavanich
is the Manager for Foreign
Purchasing Division for
Catering Service.
2. Foreign Purchasing
Division for Technical
Service
Address: Suvarnabhumi Office (Building G1),
333/2 Moo 1, T. Nongprue,
A. Bangphli,
Samutprakarn 10540
Tel. : [66]
2137-3106, 2137-6689
Fax : [66]
2137-3708-9
Mr. Pipat Sincharoen
is the Manager for Foreign
Purchasing Division for
Technical Service.
Thai
Airways International Public
Co., Ltd.
Branch
Office
Address: 999 Moo
10, Suvarnabhumi International
Airport, Bangna-Trad Rd., K.M. 15,
T. Rajathewa, A. Bangplee,
Samutprakarn 10540
Tel. : [66]
2137-111
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 are
sold to end-users
both local and
international passengers as
well as Thai
Government.
SUBSIDIARIES AND ASSOCIATED
COMPANIES
The subject is
found to have
subsidiaries and associated
companies as follows:
Subsidiary company :
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 company’s
shares.
Associated companies :
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 company’s shares.
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
company’s shares.
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
company’s shares.
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 company’s shares.
5.
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 company’s shares.
6.
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 company’s shares.
7.
Fuel
Pipeline Transportation Ltd.
Business
Address : Pipeline
transportation service.
8.
Tradesiam
Co., Ltd.
Business
Type : Operator
of electronic data
interchange center service.
9.
Aeronautical
Radio of Thailand
Ltd.
Business
Type : Air
traffic service.
10.
The
Syndicate of Thai
Hotel and Tourist
Enterprise Ltd.
Business
Type : Operator
of land development.
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 or
on the credit
terms of 30-120
days.
Imports are by
L/C at sight
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 25,884 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.
Additional Information
The board of directors of Thai Airways International Plc (THAI) have agreed in principle to co-invest with Tiger Airways Holdings Limited to set up an ultra-low cost, low fare airline.
The
new low-cost Thai Tiger Airline will have an initial registered
capital of 200 million baht. THAI will
invest 99.6 million baht, or
49.8 per cent, in the joint venture airline,
while THAI’s affiliate firms will take 1.2 per cent
stake and Tiger Airlines Holdings
will hold the remaining 49 per cent.
The co-investment
memorandum of understanding signed
early August, 2010 by THAI president Piyasvasti Amranand
and Tiger Airlines
Holdings CEO Tony Davis.
The
establishment of Thai Tiger Airlines
is aimed at the introduction of the
coming [Asean] open skies policy
and to create business
opportunities for the national
flag carrier.
Mr.
Piyaswasti informed Thai Tiger
Airlines will use Bangkok and Suvarnabhumi international airport as
its gateway to fly to other
countries in Southeast Asia.
The new low-cost airline plans
to buy five A320
planes from Airbus
next year and another 10 aircraft in 2012.
Sources: Mr. Niruth Maneepan,
Executive Director of The Legal Department at THAI
Bangkok
Post, August 2, 2010
REMARK
MAMXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 100,000,000.
COMMENT
The company has earned numerous honors and commendations from leading organizations both within and outside Thailand and continues to receive global recognition for its unique service incorporating the Thai identity and graceful hospitality that is found nowhere else in the world. In 2010, THAI achieved its goals set forth in the Company’s five-year plan under “Mission TG100” with successful strategies for the various operating units resulting in a satisfactory financial performance.
Despite
domestic challenges and
natural disasters overseas,
THAI was able
to maintain confidence among
its creditors, shareholders
and customers, while building
stability and positioning itself
among the world’s
leading carriers.
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. 26,989,009,500 divided
into 2,698,900,950 ordinary
shares of Bht.
10 each.
MAIN SHAREHOLDERS :
[as at March
16, 2011] at
Bht. 21,827,719,170 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ministry of Finance |
1,113,931,061 |
51.03 |
|
Vayuphak I Mutual
Fund by Krung Thai Bank Plc. |
165,037,582 |
7.56 |
|
Vayuphak I Mutual
Fund by MFC
Co., Ltd. |
165,037,582 |
7.56 |
|
Thai NVDR Co.,
Ltd. |
99,706,482 |
4.57 |
|
The Government Saving
Fund |
52,114,826 |
2.39 |
|
The Bank of
New York Mellon |
29,056,370 |
1.33 |
|
Norbax Inc. 13 |
22,956,412 |
1.05 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
19,046,402 |
0.87 |
|
State Street Bank
and Trust Company |
15,664,907 |
0.72 |
|
State Street Bank
and Trust Company
for Australia |
14,646,158 |
0.67 |
|
Others |
485,574,135 |
22.25 |
Total Shareholders :
106,922 [including the
above shareholders]
NAME OF AUDITOR AND CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr. Bhisit Leelavachiropas
Auditor General
Ms. Puangchomnart Jariyachinda
Director of Auditor
Office
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
37,601,476,433 |
14,064,775,967 |
|
Trade Accounts Receivable |
16,997,958,124 |
15,229,390,710 |
|
Inventories & Supplies |
6,967,672,684 |
6,197,959,528 |
|
Prepaid Expenses &
Deposit |
9,080,884,481 |
4,454,258,206 |
|
Other Current Assets
|
6,963,643,648 |
6,636,287,703 |
|
|
|
|
|
Total Current Assets
|
77,611,635,370 |
46,582,672,114 |
|
Investment in Associates
|
918,520,500 |
723,520,500 |
|
Investment in Subsidiary |
9,229,930 |
8,250,000 |
|
Other Long-term Investments |
78,868,075 |
86,413,463 |
|
Fixed Assets |
206,106,106,106 |
213,483,314,774 |
|
Intangible Assets |
547,622,540 |
646,822,436 |
|
Assets for Sales |
274,996,800 |
883,280,235 |
|
Deferred Income Tax
Assets |
4,759,030,425 |
5,718,494,474 |
|
Other Assets |
2,260,652,011 |
2,306,773,221 |
|
Total Assets |
292,566,661,757 |
270,439,541,217 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
6,429,968,646 |
6,579,114,979 |
|
Current Portion of Long-term
Liabilities Debentures |
11,487,920,000 |
10,955,290,000 |
|
Long-term Loans
from Related Parties |
2,072,000,000 |
2,072,000,000 |
|
Long-term Loans
from Others |
- |
400,000,000 |
|
Liabilities under
Finance Leases |
9,595,026,378 |
11,312,930,437 |
|
Promissory Notes
from Related Parties |
- |
500,000,000 |
|
Promissory Notes
from Others |
- |
250,000,000 |
|
Short-term Loans from
Related Parties |
- |
1,116,109,440 |
|
Short-term Provisions |
- |
458,200,000 |
|
Other Current Liabilities Accrued Expenses |
18,869,584,115 |
13,607,050,871 |
|
Accrued Dividends |
72,007,719 |
70,615,864 |
|
Unearned Transportation Sales |
25,804,443,193 |
24,950,135,646 |
|
Deferred Income |
509,417,156 |
1,979,762,723 |
|
Others |
5,819,769,875 |
6,116,204,661 |
|
|
|
|
|
Total Current Liabilities |
80,660,137,082 |
80,367,414,621 |
|
Long-term Liabilities Debentures |
17,846,790,000 |
29,334,710,000 |
|
Long-term Loans
from Related Parties |
7,245,852,000 |
9,446,672,000 |
|
Long-term Loans
from Others |
43,300,000,000 |
22,600,000,000 |
|
Liabilities under
Finance Leases |
54,732,093,240 |
68,028,272,475 |
|
Staff Pension Fund |
4,371,134,750 |
4,708,607,486 |
|
Long-term Provisions |
2,555,351,979 |
3,880,336,949 |
|
Other Non-current Liabilities |
61,310,000 |
- |
|
Total Liabilities |
210,772,669,051 |
218,366,013,531 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized &
issued share capital 2,698.90 & 1,700
million shares in
2010 & 2009 Respectively |
26,989,009,500 |
17,000,000,000 |
|
|
|
|
|
Capital Paid |
21,827,719,170 |
16,989,009,500 |
|
Premium on Ordinary Shares |
25,548,223,951 |
15,637,625,278 |
|
Retained Earning Appropriated Legal Reserve |
2,469,792,865 |
1,700,000,000 |
|
Unappropriated |
31,948,256,720 |
17,746,892,908 |
|
Total Shareholders' Equity |
81,793,992,706 |
52,073,527,686 |
|
Total Liabilities & Shareholders' Equity |
292,566,661,757 |
270,439,541,217 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales from Sale or Sales from Service Passenger &
Excess Baggage |
144,862,179,813 |
134,479,296,254 |
|
Freight |
27,391,294,840 |
18,525,307,811 |
|
Mail |
838,688,162 |
822,754,186 |
|
Other Activities |
7,181,174,045 |
7,395,296,568 |
|
Total Sales from
Sale or Sales from Service |
180,273,336,860 |
161,222,654,819 |
|
|
|
|
|
Other Income Interest Income |
175,552,112 |
164,924,864 |
|
Others |
3,666,122,646 |
2,248,356,186 |
|
Total Other Income |
3,841,674,758 |
2,413,281,050 |
|
Total Sales |
184,115,011,618 |
163,635,935,869 |
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Fuel & Oil |
56,518,905,218 |
47,014,753,162 |
|
Personnel |
33,487,600,235 |
26,135,364,671 |
|
Management Benefit Expenses |
72,362,095 |
59,401,478 |
|
Flight Service Expenses |
19,064,241,405 |
17,691,615,362 |
|
Crew Expenses |
5,092,478,171 |
5,243,530,868 |
|
Aircraft Maintenance & Overhaul
Costs |
9,674,696,586 |
10,320,750,374 |
|
Depreciation & Amortisation Expenses |
20,224,771,922 |
21,008,481,119 |
|
Lease of Aircraft
& Spare Parts |
4,330,692,346 |
1,531,697,470 |
|
Inventories & Supplies |
9,045,666,940 |
8,496,583,764 |
|
Selling & Advertising Expenses |
6,060,948,019 |
6,177,708,638 |
|
Insurance Expenses |
675,150,146 |
760,064,787 |
|
Impairment Losses of
Assets |
489,179,972 |
529,056,765 |
|
Reversal Impairment of
Assets |
[195,000,000] |
- |
|
Other Expenses |
6,049,676,146 |
8,056,875,218 |
|
Losses [Gains] on
Foreign Currency Exchange |
[9,114,515,204] |
[3,166,632,320] |
|
Total Expenses |
161,476,853,997 |
149,859,251,356 |
|
|
|
|
|
Profit / [Loss] before Finance Cost &
Income Tax |
22,638,157,621 |
13,776,684,513 |
|
Finance Cost |
[5,165,714,842] |
[5,737,562,830] |
|
Profit / [Loss] before Income Tax |
17,472,442,779 |
8,039,121,683 |
|
Income Tax |
[2,076,585,493] |
[621,712,450] |
|
|
|
|
|
Net Profit / [Loss] |
15,395,857,286 |
7,417,409,233 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.96 |
0.58 |
|
QUICK RATIO |
TIMES |
0.68 |
0.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.84 |
0.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.59 |
0.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.00 |
48.12 |
|
INVENTORY TURNOVER |
TIMES |
8.11 |
7.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.84 |
36.14 |
|
RECEIVABLES TURNOVER |
TIMES |
10.18 |
10.10 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.52 |
51.08 |
|
CASH CONVERSION CYCLE |
DAYS |
39.32 |
33.18 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
32.65 |
30.56 |
|
SELLING & ADMINISTRATION |
% |
30.32 |
34.90 |
|
INTEREST |
% |
2.98 |
3.73 |
|
GROSS PROFIT MARGIN |
% |
71.50 |
74.24 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.86 |
7.39 |
|
NET PROFIT MARGIN |
% |
8.89 |
4.82 |
|
RETURN ON EQUITY |
% |
18.82 |
14.24 |
|
RETURN ON ASSET |
% |
5.26 |
2.74 |
|
EARNING PER SHARE |
BAHT |
7.05 |
4.37 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.58 |
4.19 |
|
TIME INTEREST EARNED |
TIMES |
3.64 |
1.98 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
12.52 |
|
|
OPERATING PROFIT |
% |
65.41 |
|
|
NET PROFIT |
% |
107.56 |
|
|
FIXED ASSETS |
% |
(3.46) |
|
|
TOTAL ASSETS |
% |
8.18 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
71.50 |
Impressive |
Industrial Average |
20.52 |
|
Net Profit Margin |
8.89 |
Impressive |
Industrial Average |
(1.73) |
|
Return on Assets |
5.26 |
Impressive |
Industrial Average |
(5.63) |
|
Return on Equity |
18.82 |
Impressive |
Industrial Average |
(25.70) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 71.5%. When
compared with the industry average, the ratio of the company was higher. This indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 8.89%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets is 5.26%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 18.82%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.96 |
Risky |
Industrial Average |
40.37 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
39.32 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.96 times in 2010, increase from 0.58 times, then the company may
have problems meeting its short-term obligations. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.68 times in 2010,
increase from 0.36 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could survive
when no cash inflow was received from sale for 40 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
2.58 |
Risky |
Industrial Average |
2.44 |
|
Times Interest Earned |
3.64 |
Deteriorated |
Industrial Average |
4,726.97 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.64 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.72 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.84 |
Deteriorated |
Industrial Average |
650.73 |
|
Total Assets Turnover |
0.59 |
Deteriorated |
Industrial Average |
1.78 |
|
Inventory Conversion Period |
45.00 |
|
|
|
|
Inventory Turnover |
8.11 |
Deteriorated |
Industrial Average |
26.92 |
|
Receivables Conversion Period |
35.84 |
|
|
|
|
Receivables Turnover |
10.18 |
Acceptable |
Industrial Average |
15.18 |
|
Payables Conversion Period |
41.52 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.