MIRA INFORM REPORT
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Report No. : |
342710 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
89 Vibhavadi Rangsit Road, Jompol, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
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|
|
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Date of Incorporation : |
29.03.1960 |
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|
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Com. Reg. No.: |
0107537001757 |
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Legal Form : |
Public Limited Liability |
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|
|
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Line of Business : |
The subject is
engaged in the national carrier serving. (Aviation and
Transportation) |
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|
No. of Employees : |
24,900 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d’tat, tourism decreased 6-7% but is beginning to recover. The
household debt to GDP ratio is over 80%. The Thai government in 2013 implemented
a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai baht has
remained stable.
|
Source
: CIA |
Company
Name
THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 89
VIBHAVADI RANGSIT ROAD,
JOMPOL,
JATUJAK, BANGKOK
10900, THAILAND
TELEPHONE : [66]
2545-1000, 2595-1000
FAX :
[66] 2513-0203,
2512-2182, 2512-2262
E-MAIL
ADDRESS : irtg@thaiairways.com
WEBSITE : www.thaiairways.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1960
REGISTRATION
NO. : 0107537001757 [Former : BOR MOR JOR. 422]
TAX
ID NO. : 3101000634
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.
CHARAMPORN JOTIKASTHIRA, THAI
PRESIDENT
NO.
OF STAFF : 24,900
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 FAIR 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
raveling by General Prem Tinsulanonda, Prime Minister at
the time, Thai International
would be responsible
for commercial aviation,
both international and
domestic. The subject
actually is the
state enterprise.
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
seamlessraveling 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 24,900 staff.
Details of Certificates :
- ISO 9001 :
2008 certification
- ISO 14001 :
2004 certification
- OHSAS 18001 :
2007 certification
- HACCP [Catering Department]
- GMP [Catering Department]
- HALAL [Catering Department]
- ISO 50001 :
2011 [Engineering Management System]
- FAR 145
- RSC 13
- EASAPart-145 [Technical Department]
The subject’s registered
address is 89
Vibhavadi Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Areepong Bhoocha-oom : Chairman and
Vice Chairman |
|
Thai |
58 |
|
Mr. Kanit Sangsubhan |
[x] |
Thai |
57 |
|
ACM . Suprija Kamalasana |
[x] |
Thai |
63 |
|
ACM. Treetod Sonjance :
Vice Chairman |
[x] |
Thai |
59 |
|
Mr. Damri Tunshevavong |
|
Thai |
- |
|
Mr. Rungson Sriworasat |
|
Thai |
60 |
|
ACM. Siwakiat Jayema |
|
Thai |
59 |
|
Mrs. Soithip Trisuddhi |
[x] |
Thai |
60 |
|
Mr. Rathapol Bhakdibhumi |
|
Thai |
48 |
|
Mr. Weerawong Chittmittrapap |
|
Thai |
57 |
|
Mr. Somkiat Sirichatchai |
|
Thai |
51 |
|
Mr. Veerathai Santiprabhob |
|
Thai |
46 |
|
AM. Pakdee Saeng-xuto |
|
Thai |
59 |
|
Lt. Gen. Chatudom Titthasiri |
|
Thai |
59 |
|
Mr. Charamporn Jotikasthira |
[x] |
Thai |
58 |
AUTHORIZED
PERSON
Three of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
the company’s affixed.
SENIOR
MANAGEMENT
Mr. Charamporn Jotikasthira is
the President.
He is Thai
nationality, and a
former Stock Exchange
of Thailand (SET) president,
Mr. Charamporn Jotikasthira has experienced in running big
organizations, especially in areas related to information technology. He
started working with
the company in
November 2014.
Flt. Lt. Montree Jumrieng is
the Executive Vice
President, Corporate Strategy
and Sustainable Department.
He is Thai
nationality.
Sqn. Ldr. Asdavut Watanangura is
the Executive Vice
President, Operations Support
for H R H Chairman
Operations Support Center.
He is Thai
nationality.
F.O. Chalermpon Intarawong is the
Executive Vice President,
Technical.
He is Thai
nationality.
F.O. Suraphon Israngura Na
Ayuthya is the
Executive Vice President,
Commercial.
He is
Thai nationality.
Flt. Lt. Kanok Thongpurk is the
Executive Vice President,
Human Resources and
Compliance.
He is Thai
nationality.
Sqn. Ldr. Sathaporn Charoensiri
is the Executive
Vice President, Operations.
He is Thai
nationality.
Sub. Lt. Anussorn
Naksrichum is the
Executive Vice President,
Aviation
Business Unit.
He is Thai
nationality.
Mrs. Charita Leelayudth is
the Vice President,
Investor Relations Management
Department, as Acting
Executive Vice President,
Finance and Accounting.
She 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. Currently
the subject operates
flights to 34
countries worldwide, to 73
international and 10 domestic cities,
with over 800
flights per week.
The subject also
provides services related
to air transportation such
as airport services,
restaurant & catering
business, limousine service,
warehouse & storage
services and etc.
Presently, the subject
has adjusted its
organization structure by
dividing the operations
into 3 major
business as follows:
1.
Air
Transport Service Business
Air
transport [passenger
transport] is the
main business which
includes transportation of
passengers, cargo and
mail, as well
as chartered flights
on THAI to
domestic and international
destinations.
2.
Business
Units [Airline Related]
Business
2.1 Cargo Handling
service
-
Cargo and mail
reservation service
-
Space control and
load planning for
cargo, mail and
baggage
-
Warehouse storage service
-
Cargo and mail
condition inspection, softing,
transfer, loading and
unloading
services
-
Cargo and mail
documentation service
-
Cargo and mail
manifesting service
-
Compilation of shipment
documents and submission
of reports on
inbound
and outbound aircraft
to the customs
department
-
Cargo tracing service
-
Transfer of electronic
information to customer
airlines and overseas
stations
-
Import and export
statistics and data
service
-
Unit load
devices control service
-
Provide tracking information
on package and
cargo delivery via
the internet
-
Perishable services area
to ensure quality
and freshness of
cargo
-
Express service center
2.2
Ground Customer Services
-
Check-in service
-
Lounge service
-
Baggage service
-
Load control and
weight balance service
-
Special service
-
Non-customer airline services
-
Customer airline services
2.3
Ground Equipment Services
-
Passenger and crew
transport and luggage
services
-
Aircraft services
-
Maintenance services
2.4
Catering Service
3.
Other
Activities [Airline Business
Support Service]
-
Air transport service
-
Passenger Transportation
Aircraft Fleet Type [as
of August 8,
2015]
|
Aircraft Type |
No. of Aircraft [Seat] |
|
|
|
|
Airbus 330-300 [A330-322/A330-343X] |
17 |
|
Airbus A320-200 [A320-232] |
5 |
|
Airbus A380-800 [A380-841] |
6 |
|
Boeing 747-400 [B747-4D7] |
11 |
|
Boeing 777-200 [B777-2D7] |
8 |
|
Boeing 777-200ER [B777-2D7ER] |
6 |
|
Boeing 777-300 [D777-3D7] |
6 |
|
Boeing 777-300ER [B777-3AL ER/B777-3D7 ER] |
13 |
|
Boeing 737-400 [B737-4D7] |
2 |
|
Boeing 787-8 Dream Liner [B787-8] |
6 |
|
Total |
80 |
IMPORT
[COUNTRIES]
Aircraft together
with spare parts,
supplies and equipment
related to repair
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.
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
STRUCTURE
[The company and
its subsidiaries]
|
|
2013 |
|
2014 |
|
||
|
Unit :
Million Baht |
Million Baht |
% |
Million Baht |
% |
||
|
|
|
|
|
|
||
|
Revenue from Transportation Activities |
|
|
|
|
||
|
Passenger and Excess Baggage
Revenue |
172,335 |
83.0 |
154,881 |
76.0 |
||
|
Freight and mail
revenue |
24,515 |
11.8 |
23,601 |
11.6 |
||
|
Total Air Transport
Revenue |
196,850 |
94.8 |
178,482 |
87.6 |
||
|
Revenue from Other
Business |
9,486 |
4.6 |
9,885 |
4.8 |
||
|
Total Sales and
Services Revenue |
206,336 |
99.4 |
188,367 |
92.4 |
||
|
Other Income |
1,374 |
0.6 |
15,522 |
7.6 |
||
|
Total Revenue |
207,710 |
100.0 |
203,889 |
100.0 |
||
SUBSIDIARIES
AND ASSOCIATED COMPANIES
The subject is
found to have
subsidiaries and associated
companies as follows:
Thai-Amadeus Southeast Asia Co., Ltd.
Address : The Offices
at Central World,
999/9 Unit 3406-3412,
34th Floor,
Rama
1 Rd., Pathumwan,
Bangkok 10330
Business Type : On-line
ticketing Services and
other traveling services
to agents
Investment : The
subject holds 55.0%
of company’s shares.
Royal Orchid Hotel
[Thailand] Public Co., Ltd.
Address : 2 Captain Bush
Lane, Charoen Krung Rd., Bangrak,
Bangkok 10500 Business Type : Hotel
and Restaurant
Investment : The
subject holds 24.0%
of company’s shares.
Don Mueang International Airport
Hotel Co., Ltd.
Address : 333 Moo 10, Chert
Wudthakas Rd., Don Muang, Bangkok
10210
Business Type : Hotel
and restaurant
Investment : The
subject holds 40.00%
of company’s shares.
Bangkok Aviation Fuel
Services Public Co., Ltd.
Address : 171/2
Vibhavadi Rangsit Rd., Don Muang Bangkok 10210, Thailand
Business Type : Aviation
fuel services
Investment : The
subject holds 22.60%
of company’s shares.
Phuket Air Catering
Co., Ltd.
Address : 10/3 Moo 6 Sanambin Rd., Mai Khoa, Thalang, Phuket 83000, Thailand
Business Type : Air
catering
Investment : The
subject holds 30.0%
of company’s shares.
Suvarnabhumi Airport Hotel
Co., Ltd.
Address :
999 Suvarnabhumi Airport Hotel
Bldg., Moo 1, Nongprue,
Bang Phli,
Samutprakarn 10540
Business Type : Hotel
and restaurant
Investment : The
subject holds 30.0%
of company’s shares.
Nok Air Co.,
Ltd.
Address :
17th Floor, Rajanakarn
Bldg., 183 South
Sathorn Rd., Yannawa,
Sathorn, Bangkok
10120
Business Type : Aviation
transportation services
Investment : The
subject holds 39.20%
of company’s shares.
Wing Span Services
Co., Ltd.
Address : 89
Vibhavadi Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900
Business Type : Human
resources aanagment Services
Investment : The subject
holds 49.0% of
company’s shares.
Thai Flight Training
Co., Ltd.
Address : 89
Vibhavadi Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900
Business Type : Aviation
Training Services
Investment : The subject
holds 49.0% of
company’s shares.
Tour Eurng Luang
Co., Ltd.
Address : 89 Vibhavadi Rangsit
Rd., Jompol, Jatujak,
Bangkok 10900
Business Type : Tourism
services and related-tourism activities
Investment : The subject
holds 49.0% of
company’s shares.
Thai Smile Airways Co., Ltd.
Address : 89
Vibhavadi Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900
Business Type : Passenger
& cargo air
transportation service
Investment : The subject
holds 100.0% of
company’s shares.
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
according to the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-120 days.
Imports are by
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., 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 24,900 staff.
LOCATION
DETAILS
The head
office is owned 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.,
Jompol, Jatujak, Bangkok
10900, Thailand.
Information, Passenger &
Cargo Sales: 485
Silom Rd., 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
Over the past decade, the global aviation industry has undergone
significant changes in technology, aircraft development, ticket pricing, and a
proliferation of new airlines, particularly budget carriers that have wrested
market share from their struggling higher-cost rivals.
State-controlled Thai Airways is
one of the
major state companies
to undergo reform after
the military seized
power from an
elected government in May
2014.
The company reported
that the first
half of 2015, losses
were to be around Bt. 8 billion
due to a non-operating
profit of Bt. 4.4 billion in the
first quarter. The
airline also planned
to sell 30
properties in Thailand
and abroad to reduce
its debts, which
stand at six
time equity. Among
those properties up
for sale are
residential and office
properties in Copenhagen, London,
Jakarta, Sydney, Madrid
and Thailand’s Mae
Hong Son and
Udon Thani provinces.
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
10, 2015]
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
Plc. |
165,037,582 |
7.56 |
|
Thai NVDR Co.,
Ltd. |
69,496,882 |
3.18 |
|
The Government Saving
Bank |
46,409,885 |
2.13 |
|
State Street Bank
and Trust Company |
20,178,019 |
0.92 |
|
East Fourteen Limited-Dimensional Emer Mkts value-FD |
17,012,811 |
0.78 |
|
State Street Bank
Europe Limited |
16,854,355 |
0.77 |
|
Mr. Eiam Archavakulthep |
15,790,000 |
0.72 |
|
Mr. Vichai Kanathanavanich |
14,724,100 |
0.67 |
|
Others |
538,299,640 |
24.68 |
Total Shareholders :
109,933 [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, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash Equivalents |
22,605,700,442 |
11,649,734,484 |
19,741,670,550 |
|
Trade Accounts Receivable |
12,421,448,355 |
13,602,738,159 |
15,679,356,299 |
|
Prepaid Expenses &
Deposit |
9,247,752,662 |
9,117,676,555 |
9,012,036,532 |
|
Inventories & Supplies |
6,390,435,351 |
7,521,371,974 |
7,780,199,730 |
|
Other Current Assets
|
11,118,182,978 |
9,508,020,384 |
9,713,193,240 |
|
Non-current Assets
Classified as Held for Sale |
4,825,624,336 |
7,196,723,980 |
7,430,210,409 |
|
|
|
|
|
|
Total Current Assets
|
66,609,144,124 |
58,596,265,536 |
69,356,666,760 |
|
Investment in Associates
|
1,083,520,500 |
1,083,520,500 |
723,520,500 |
|
Investment in Subsidiaries |
810,209,893 |
460,209,893 |
370,209,900 |
|
Other Long-term Investments |
80,940,004 |
79,195,065 |
74,585,128 |
|
Property, Plant and Equipment |
224,013,693,009 |
231,440,806,539 |
218,477,941,563 |
|
Intangible Assets |
1,233,074,265 |
856,777,952 |
772,954,356 |
|
Deferred Tax Assets |
6,991,941,202 |
5,727,973,315 |
4,939,492,971 |
|
Other Non-current Assets |
5,831,235,015 |
5,431,405,823 |
4,640,196,663 |
|
Total Assets |
306,653,758,012 |
303,676,154,623 |
299,355,567,841 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
4,856,382,197 |
6,179,081,198 |
4,287,281,811 |
|
Accrued Expenses |
24,095,946,587 |
20,653,985,311 |
18,497,737,175 |
|
Current Portion of Long-term
Liabilities |
|
|
|
|
Long-term loans
from related parties |
7,471,449,581 |
1,322,000,000 |
3,297,264,000 |
|
Long-term loans from
others |
568,000,000 |
9,445,117,378 |
8,151,368,421 |
|
Liabilities under
finance leases |
10,638,027,281 |
10,313,020,136 |
9,938,493,819 |
|
Debentures |
3,000,000,000 |
3,720,000,000 |
2,556,790,000 |
|
Short-term Borrowings from Financial institutions |
13,300,000,000 |
- |
- |
|
Related parties |
10,000,000,000 |
- |
- |
|
Other Current Liabilities |
|
|
|
|
Accrued dividends |
54,809,341 |
55,007,676 |
51,692,971 |
|
Unearned transportation revenues |
22,452,816,806 |
20,546,445,629 |
23,380,604,242 |
|
Others |
8,549,157,255 |
10,920,292,838 |
11,470,031,663 |
|
|
|
|
|
|
Total Current Liabilities |
104,986,589,048 |
83,154,950,166 |
81,631,264,102 |
|
Long-term Liabilities |
|
|
|
|
Long-term borrowings from
financial |
28,414,617,915 |
32,887,321,733 |
- |
|
Long-term loans
from related parties |
15,471,246,741 |
17,943,517,559 |
1,890,000,000 |
|
Long-term loans
from others |
- |
- |
39,120,631,579 |
|
Liabilities under
finance leases |
61,388,824,147 |
63,318,861,181 |
61,610,827,672 |
|
Debentures |
41,600,000,000 |
37,400,000,000 |
32,120,000,000 |
|
Deferred tax Liabilities
|
127,934,346 |
105,336,022 |
83,351,796 |
|
Staff Pension Fund |
4,763,145,821 |
4,874,412,373 |
4,670,104,407 |
|
Employee Benefits Obligation |
11,456,349,347 |
10,511,745,306 |
10,970,895,026 |
|
Long-term Provisions |
410,519,111 |
486,082,020 |
829,190,752 |
|
Other Non-current Liabilities |
172,982,273 |
233,470,172 |
185,856,512 |
|
Total Liabilities |
268,792,208,749 |
250,915,696,532 |
233,112,121,846 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized &
issued share capital 2,698.90 million
shares |
26,989,009,500 |
26,989,009,500 |
26,989,009,500 |
|
|
|
|
|
|
Capital Paid |
21,827,719,170 |
21,827,719,170 |
21,827,719,170 |
|
Premium on Ordinary Shares |
25,545,316,308 |
25,548,223,951 |
25,548,223,951 |
|
Retained Earning Appropriated Legal reserve |
2,691,275,568 |
2,691,275,568 |
2,691,275,568 |
|
Unappropriated |
[12,202,761,783] |
2,693,239,402 |
16,176,227,306 |
|
Total Shareholders' Equity |
37,861,549,263 |
52,760,458,091 |
66,243,445,995 |
|
Total Liabilities & Shareholders' Equity |
306,653,758,012 |
303,676,154,623 |
299,355,567,841 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Revenues from Sale or Revenues from Service Passenger & excess baggage |
154,135,518,653 |
172,334,807,613 |
165,485,878,390 |
|
Freight |
22,848,094,507 |
23,553,974,470 |
25,838,723,744 |
|
Mail |
753,212,553 |
960,880,422 |
906,912,641 |
|
Other activities |
10,040,759,899 |
9,126,217,355 |
8,826,571,593 |
|
Total Revenues from
Sale or Revenues from Service |
187,777,585,612 |
205,975,879,860 |
201,058,086,368 |
|
Other Income Interest Income |
268,615,608 |
510,771,156 |
442,687,520 |
|
Gain /[losses] on foreign current exchange |
12,644,844,956 |
[3,897,221,771] |
- |
|
Others |
3,120,492,132 |
4,282,173,605 |
2,753,902,024 |
|
Total Other Income |
16,033,952,696 |
895,722,990 |
3,196,589,544 |
|
Total Revenues |
203,811,538,308 |
206,871,602,850 |
204,254,675,912 |
|
Expenses |
|
|
|
|
Fuel & Oil |
78,101,938,927 |
80,525,255,227 |
77,480,576,480 |
|
Employee benefits Expenses |
31,123,370,184 |
33,091,975,460 |
31,543,539,495 |
|
Flight Service Expenses |
21,326,425,139 |
21,726,825,135 |
20,693,196,467 |
|
Crew Expenses |
5,768,145,956 |
6,008,593,154 |
5,546,598,602 |
|
Aircraft Maintenance & Overhaul Costs |
14,308,385,268 |
13,446,842,295 |
11,288,227,430 |
|
Depreciation & Amortization
Expenses |
20,530,221,460 |
20,019,984,082 |
20,424,026,088 |
|
Lease of Aircraft
& Spare Parts |
8,211,687,583 |
4,699,434,859 |
3,683,317,045 |
|
Inventories & Supplies |
8,169,067,665 |
9,624,613,734 |
9,415,467,950 |
|
Selling & Advertising Expenses |
8,800,452,822 |
9,407,838,251 |
6,466,595,641 |
|
Insurance Expenses |
477,957,195 |
628,580,377 |
760,285,940 |
|
Impairment Losses of
Assets |
146,248,635 |
333,663,737 |
589,772,919 |
|
Impairment loss of
Aircraft |
6,196,331,961 |
5,092,536,008 |
181,143,438 |
|
Other Expenses |
10,682,459,841 |
10,614,233,954 |
8,593,446,506 |
|
Losses [gains] on
Foreign Currency Exchange |
- |
- |
[3,207,273,109] |
|
Finance Costs |
6,073,282,906 |
6,057,264,324 |
5,838,536,325 |
|
Total Expenses |
219,915,975,542 |
225,174,862,368 |
199,297,457,217 |
|
Profit / [Loss] before Income Tax |
[16,104,437,234] |
[14,406,037,747] |
4,957,218,695 |
|
Income Tax Expense
[ income ] |
[1,208,436,049] |
[968,045,697] |
527,564,618 |
|
|
|
|
|
|
Net Profit / [Loss] for
the Year |
[14,896,001,185] |
[13,437,992,050] |
4,429,654,077 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.63 |
0.70 |
0.85 |
|
QUICK RATIO |
TIMES |
0.42 |
0.41 |
0.54 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.79 |
0.85 |
0.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.65 |
0.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
23.46 |
26.85 |
28.93 |
|
INVENTORY TURNOVER |
TIMES |
15.56 |
13.59 |
12.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.51 |
25.22 |
29.77 |
|
RECEIVABLES TURNOVER |
TIMES |
14.31 |
14.47 |
12.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.83 |
22.06 |
15.94 |
|
CASH CONVERSION CYCLE |
DAYS |
31.14 |
30.01 |
42.76 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
55.94 |
51.94 |
51.07 |
|
SELLING & ADMINISTRATION |
% |
58.36 |
52.00 |
46.77 |
|
INTEREST |
% |
3.42 |
3.08 |
3.04 |
|
GROSS PROFIT MARGIN |
% |
58.73 |
53.15 |
55.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(9.06) |
(9.30) |
2.58 |
|
NET PROFIT MARGIN |
% |
(8.38) |
(6.83) |
2.30 |
|
RETURN ON EQUITY |
% |
(39.34) |
(25.47) |
6.69 |
|
RETURN ON ASSET |
% |
(4.86) |
(4.43) |
1.48 |
|
EARNING PER SHARE |
BAHT |
(6.82) |
(6.16) |
2.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.83 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.10 |
4.76 |
3.52 |
|
TIME INTEREST EARNED |
TIMES |
(2.65) |
(3.02) |
0.85 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.71) |
2.40 |
|
|
OPERATING PROFIT |
% |
(12.01) |
(469.22) |
|
|
NET PROFIT |
% |
(10.85) |
(403.36) |
|
|
FIXED ASSETS |
% |
(3.21) |
5.93 |
|
|
TOTAL ASSETS |
% |
0.98 |
1.44 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -9.71%. Turnover has decreased from THB
196,849,662,505.00 in 2013 to THB 177,736,825,713.00 in 2014. While net profit
has decreased from THB -13,437,992,050.00 in 2013 to THB -14,896,001,185.00 in
2014. And total assets has increased from THB 303,676,154,623.00 in 2013 to THB
306,653,758,012.00 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
58.73 |
Impressive |
Industrial
Average |
(1.64) |
|
Net Profit Margin |
(8.38) |
Deteriorated |
Industrial
Average |
2.69 |
|
Return on Assets |
(4.86) |
Deteriorated |
Industrial
Average |
1.97 |
|
Return on Equity |
(39.34) |
Deteriorated |
Industrial
Average |
5.88 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The
company’s figure is 58.73%. When
compared with the industry average, the ratio of the company was higher,
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. The company's figure is -8.38%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the
company's figure is -4.86%.
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. When compared with the
industry average, it was lower, the company's figure is -39.34%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.63 |
Risky |
Industrial
Average |
0.81 |
|
Quick Ratio |
0.42 |
|
|
|
|
Cash Conversion Cycle |
31.14 |
|
|
|
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 0.63 times in 2014, decreased from 0.7 times, then the company may
not be efficiently using its current assets. 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 0.42 times in 2014,
increased from 0.41 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 32 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.72 |
|
Debt to Equity Ratio |
7.10 |
Risky |
Industrial
Average |
2.59 |
|
Times Interest Earned |
(2.65) |
Risky |
Industrial
Average |
- |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -2.66 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.79 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Acceptable |
Industrial
Average |
1.06 |
|
Inventory Conversion Period |
23.46 |
|
|
|
|
Inventory Turnover |
15.56 |
Impressive |
Industrial
Average |
6.53 |
|
Receivables Conversion Period |
25.51 |
|
|
|
|
Receivables Turnover |
14.31 |
Acceptable |
Industrial
Average |
20.53 |
|
Payables Conversion Period |
17.83 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.31 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 27 days at the
end of 2013 to 23 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 13.59 times in year 2013 to 15.56
times in year 2014.
The company's Total Asset Turnover is calculated as 0.58 times and 0.65
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.