11 สิงหาคม 2543
FINANCIAL STATEMENTS QUARTER 3 (AS OF JUN 30,2000) - PL
within one year from June 30,
2000 of approximately
Baht 87.3 million) 161,270 211,132
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In Thousand Baht
June 30, 2000 September 30, 1999
Less unearned interest income
(including portion due
within one year from
June 30, 2000 of
approximately Baht
2.8 million) ( 6,573) ( 11,468)
Net 154,697 199,664
The 63 receivables under finance lease contracts which may be
uncollectible as at June 30, 2000, categorized by aging schedules, are as follows:
In Thousand Baht
Over 3 months to 6 months 5,174
Over 6 months to 12 months 35,460
Over 12 months 36,986
Total 77,620
The Company provided allowance for doubtful accounts covering
receivables under finance lease contracts equal to the estimated losses that may be
incurred in the collection of receivables amounting to approximately Baht 84.3
million.
6. INVESTMENT IN ASSOCIATED COMPANY - At Cost
In Thousand Baht
Percentage of
Company's Name Business Relation Holding (%) Investment Dividend
Associated Company
Sarathi Co., Ltd. Car driving service Shareholder 49 245 -
7. DEFERRED INCOME TAX
The Company recorded a tax benefit arising from loss carryforward which
management believes to be utilized in the succeeding fiscal years amounting to
Baht 8 million as part of deferred income tax account at June 30, 2000 and
September 30, 1999. The said deferred income tax on recognition of tax benefit
arising from loss carryforwards is taken up only in the case that the Company can
assure beyond a reasonable doubt that the future operating results will generate
sufficient taxable income available against which the deferred income tax arising
from loss carryforwards can be utilized in the succeeding fiscal years. In this
connection, it is the Company's practice to determine at every accounting period
whether the carrying amount of such deferred income tax, which is recorded in
the balance sheet, will be fully utilized.
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8. DEBENTURES
On December 13, 1999, the Company issued the unsecured, name
registered, unsubordinated and no-trustee debentures with face value of Baht
1,000 per unit for 350,000 units. The offering price is Baht 1,000 per unit totalling
Baht 350 million by offering to the specific investors as specified in the Notification
of Securities Exchange Commission. The said debentures are mature on
December 13, 2001 and bear interest at the fixed rate of 8% p.a.. Interest will be
paid semi-annually on June 13 and December 13 of each year.
In connection with the terms of the rights and responsibilities of the
debentures issuer. The Company, as the issuer, has to comply with certain
restrictions and conditions as stipulated therein such as maintaining a certain
financial ratio, etc.
9. LONG - TERM LOANS FROM RELATED COMPANIES
As at June 30, 2000, the Company has overdraft line and other credit
facilities with a related local bank totalling Baht 609 million, which bear interest at
the rates specified in the agreements.
The Company entered into loan agreement with the said related local
bank. The loan bears interest at the rate specified in the agreement and is
repayable in installments at the amounts indicated in the agreement. The loan
agreement contains certain conditions and restrictions which include, among
others, maintaining certain financial ratios, etc..
10. ASSETS HELD FOR LEASE
As at June 30, 2000 and September 30, 1999, the Company had a schedule
by years of minimum future rentals for the next five years of assets held for
operating lease as follows:
In Thousand Baht
Year ending June 30/September 30 2000 1999
2000 517,844 520,840
2001 372,015 320,500
2002 246,604 188,655
2003 104,628 76,259
2004 4,598 1,295
Total 1,245,689 1,107,549
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Under the provisions of certain lease agreements, the lessees have option
to purchase the leased assets upon the expiration of the lease terms. In this
connection, the lessees are required to pay the sums as guarantee for exercising
the purchase option in advance.
As at June 30, 2000 and September 30, 1999, unguaranteed residual value
of assets held for lease under finance lease contracts amounted to approximately
Baht 11.8 million and Baht 23.7 million, respectively.
11. DIVIDENDS
At the ordinary shareholders' meeting on January 24, 2000, the
shareholders approved the payment of dividends amounting to Baht 22.5 million
(Baht 0.75 per share for 30 million shares).
12. CONTINGENT LIABILITY
As at June 30, 2000, the Company was contingently liable for a letter of
guarantee issued by a local bank amounting to approximately Baht 0.07 million.
13. RECLASSIFICATION OF ACCOUNTS
Certain accounts in the 1999 interim financial statements were reclassified
to conform with the 2000 interim financial statement presentation.
14. SEGMENT FINANCIAL INFORMATION
The Company does not present the segment financial information in the
interim financial statements since the Company engages in only the business on
leasing assets under lease agreements.
15. UNCERTAINTIES OF ECONOMIC SITUATION
The operations of the Company have been affected, and may continue to
be affected for the foreseeable future, by the adverse economic conditions in
Thailand and in the Asia Pacific region, including the volatile foreign exchange
rates, slowdown in economic growth and the general deterioration of the
economies of countries in the Asia Pacific region. Further, it is not possible to
determine the future effect that a continuation of the economic crisis may have on
the Company's liquidity and earnings. The accompanying financial statements do
not include any adjustment that might result from these uncertainties.
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