SET Releases

I.C.C. International Public Co., Ltd.Cosmetics and Co-Director 290,634 0.99 13,214 - 1,003 20,196 Apparel Thai Wacoal Public Co., Ltd. Ladies's Lingerie Co-Director 120,000 0.93 8,461 - - 9,324 Far East Advertising Public Co. Ltd. Advertising Co-Shareholder 25,000 0.35 505 - 78 819 Textile Prestige Public Co., Ltd. Embroidery Lace Co-Shareholder 108,000 0.35 285 - 57 856 Saha Pathana Inter-Holding Public Investment Co-Director 494,034 0.33 6,836 - 40 8,150 Co., Ltd. Sahapathanapibul Public Co., Ltd. Consumer Products Co-Shareholder 275,875 0.07 495 - 40 865 Total 39,757 - 2,409 59,167 Add Unrealized gain for marketable securities 19,410 - - - Total securities for trading 59,167 - 2,409 59,167 - General investments Subsidiary company Thanulux Kabinburi Co., Ltd. Garment Co-Director 35,000 99.99 34,999 11,778 - - P.T. Mesapro International Garment and Co-Director US$ 800 19 3,817 - - - Leatherware Thai Hamilton Co. Ltd. Garment Co-Director 20,000 19 12,236 - 760 - Thai Monster Co., Ltd. Garment Co-Director 20,000 19 5,549 - 570 - Total Way Image Co., Ltd. Leatherware Co-Director 20,000 19 7,132 - 950 - Thai Nakamura Label Co., Ltd. Label Co-Shareholder 20,000 19 3,800 - - - Puning Xie Zhong Garment Co. Ltd. Garment Co-Director US$ 2,400 18 6,311 - - - International Commercial Apparel Co-Director HK$ 1,000 18 1,302 - - - Coordination (Hong Kong) Ltd. International Leather Fashion Leatherware Co-Director 50,000 18 8,810 - - - Corp., Ltd. Champ Ace Co., Ltd. Garment Co-Director 40,000 15 6,000 - 2,400 - SSDC (Tigertex) Co., Ltd. Dyeing Co-Director 270,000 14.28 42,809 - - - Woven Fabric S.T. G.C. Co., Ltd. Reserch and Co-Director 2,500 13 325 - - - Development Thai Takaya Co., Ltd. Jeans Co-Director 30,000 11 3,300 - 495 - Thai Poron Co., Ltd. Garment Co-Director 20,000 10 2,000 - - - Ascot International Co., Ltd. Knitwear Co-Shareholder 21,000 7.62 1,600 - - - Grand Star Industry Co., Ltd. Cloth Co-Shareholder 20,000 7.5 1,500 - 375 - Belle Maison (Thailand) Co., Ltd. Direct Sale Co-Shareholder 30,000 7 * 2,100 - - - Thai Le Jour Co., Ltd. Garment Co-Shareholder 20,000 5 1,000 - - - Saha Info Technology Co., Ltd. Information Co-Shareholder 5,000 5 * 250 - - - Technology Thai Shikibo Co., Ltd. Cotton Yarn Co-Shareholder 237,500 4.81 11,425 - - - Thai Staflex Co., Ltd. Powernet Co-Shareholder 60,000 4 2,400 - 60 - Thai Gunze Co., Ltd. Garment Co-Shareholder 180,000 4 7,200 - 810 - Treasure Hill Co., Ltd. Golf Course Co-Shareholder 200,000 4 6,300 - - - Sunrise Garment Co., Ltd. Garment Co-Shareholder 10,000 3.5 385 - - - Thai Janome Co., Ltd. Sewing Machine Co-Shareholder 88,000 2 1,760 - 405 - Sahapat Properties Co., Ltd. Land Development Co-Shareholder 20,000 1 200 - - - Thai Itokin Co., Ltd. Garment Co-Director 100,000 1 1,411 - - - Racha Uchino Co., Ltd. Cotton Towels Co-Director 81,000 0.49 163 - - - Total general investments 176,084 11,778 6,825 - Less Loss from impairment of investments 15,435 - - - Total general investments 160,649 11,778 6,825 - Total investments 219,816 11,778 9,234 59,167 The company only 1998 (Unit : 1,000) Company Name Type of Relationship Paid-up % of Investment Dividend Market Business Share capital Investment Cost method Equity method price As of Dec.31 - Securities for trading Related companies People's Garment Public Co., Ltd. Garment Co-Director 72,000 13.78 9,920 - - 9,526 I.C.C. International Public Co., Ltd. Cosmetics and Co-Director 290,634 0.99 13,214 - 263 20,626 Apparel Far East Advertising Public Co. Ltd. Advertising Co-Shareholder 25,000 0.35 505 - 4 690 Textile Prestige Public Co., Ltd. Embroidery Lace Co-Shareholder 108,000 0.35 285 - - 513 O.C.C. Public Co., Ltd. Consumer Products Co-Shareholder 60,000 0.13 41 - - 74 Saha Pathana Inter-Holding Public Investment Co-Director 494,034 0.08 724 - - 760 Co., Ltd. Sahapathanapibul Public Co., Ltd. Consumer Products Co-Shareholder 275,875 0.07 495 - - 740 Total securities for trading 25,184 - 267 32,929 - General investments Subsidiary company Thanulux Kabinburi Co., Ltd. Garment Co-Director 35,000 99.99 34,999 16,047 - - Associated companies Puning Xie Zhong Garment Co. Ltd. Garment Co-Director US$ 2,400 33.33 24,242 14,087 - - International Commercial Apparel Co-Director HK$ 1,000 20 663 1,874 147 - Coordination (Hong Kong) Ltd. Related companies P.T. Mesapro International Garment and Co-Director US$ 800 19 3,817 - - - Leatherware Thai Hamilton Co. Ltd. Garment Co-Director 20,000 19 12,104 - 250 - Thai Monster Co., Ltd. Garment Co-Director 20,000 19 5,566 - 420 - Total Way Image Co., Ltd. Leatherware Co-Director 20,000 19 7,132 - 1,050 - International Leather Fashion Leatherware Co-Director 50,000 15 7,500 - - - Corp., Ltd. Thai Mitsuboshi Co., Ltd. Garment Co-Director 20,000 15 3,000 - 945 - Champ Ace Co., Ltd. Garment Co-Director 40,000 15 6,000 - 900 - Thai Takaya Co., Ltd. Jeans Co-Director 30,000 11 3,300 - 215 - Thai Poron Co., Ltd. Garment Co-Director 20,000 10 2,000 - - - Ascot International Co., Ltd. Knitwear Co-Shareholder 21,000 7.62 1,600 - - - Grand Star Industry Co., Ltd. Cloth Co-Shareholder 20,000 7.5 1,500 - 375 - Belle Maison (Thailand) Co., Ltd. Direct Sale Co-Shareholder 20,000 7 * 1,400 - - - SSDC (Tigertex) Co., Ltd. Dyeing Co-Shareholder 875,000 5.48 19,597 - - - Woven Fabric Sunrise Garment Co., Ltd. Garment Co-Shareholder 6,500 5.38 385 - - - Thai Le Jour Co., Ltd. Garment Co-Shareholder 20,000 5 1,000 - - - Saha Info Technology Co., Ltd. Information Co-Shareholder 5,000 5 * 250 - 50 - Technology Thai Staflex Co., Ltd. Powernet Co-Shareholder 60,000 4 2,400 - - - Thai Gunze Co., Ltd. Garment Co-Shareholder 180,000 4 7,200 - 1,080 - Thai Nakamura Label Co., Ltd. Label Co-Shareholder 30,000 4 1,200 - - - Treasure Hill Co., Ltd. Golf Course Co-Shareholder 200,000 4 6,300 - - - Value Added Textile Co., Ltd. Embroidery Co-Shareholder 50,000 3 1,500 - - - Thai Shikibo Co., Ltd. Cotton Yarn Co-Shareholder 187,500 3 5,625 - - - Sahapat Realestate Co., Ltd. Land Development Co-Shareholder 500,000 2.5 12,500 - - - Thai Janome Co., Ltd. Sewing Machine Co-Shareholder 88,000 2 1,760 - 238 - Sahapat Properties Co., Ltd. Land Development Co-Shareholder 20,000 1 200 - - - Thai Itokin Co., Ltd. Garment Co-Director 100,000 1 1,411 - - - Racha Uchino Co., Ltd. Cotton Towels Co-Director 81,000 0.49 163 - - - Total general investments 176,314 32,008 5,670 - Total investments 201,498 32,008 5,937 32,929 The companies do not require fully pay for their sales share values. Investments-Others - Securities for trading comprise : Public Limited Companies 1999 1998 % of Investment % of Investment Investment Investment 1. Thai Toray Textile Mill 0.50 265,320.00 0.50 265,320.00 Add Unrealized gain for marketable securities 304,680.00 - . Total securities for trading 570,000.00 265,320.00 - General investments comprise : Limited Companies 1999 1998 % of Investment % of Investment Investment Investment 1. Thai Pleats 12.50 1,000,000.00 12.50 1,000,000.00 2. Make Up Technique Institute 12.00 60.00 - - 3. Builton (Thailand) 10.00 * 250,000.00 10.00 * 250,000.00 4. Miwaki SDN. BHD. 10.00 368,900.00 10.00 368,900.00 5. Pan Asia Leather - - 5.00 5,000,000.00 6. Osoth Inter Laboratories 3.13 88,125.00 - - 7. H & B Intertex 5.00 2,000.00 - - 8. The International Knitting Mills 3.75 1,500,000.00 3.75 1,500,000.00 9. Eastern Rubber 2.50 450,300.00 1.50 450,000.00 10. Sunlots Enterprise - - 3.50 3,500,000.00 11. Khonkaen Vithes Suksa 1.67 1,000,000.00 1.67 1, 000,000.00 12. Thanara - - 1.25 750,000.00 13. Adventage Footwear - - 0.75 1,387,500.00 14. Sigma Holding 0.46 120,000.00 0.46 120,000.00 15. Praram 9 Hospital 0.25 1,000,000.00 0.25 1,000,000.00 Total investments 5,779,385.00 16,326,400.00 Less loss from impairment of investments 2,291,522.50 - . Total general investments 3,487,862.50 16,326,400.00 Total investments-Others 4,057,862.50 16,591,720.00 * The companies do not require fully pay for their sales share values. Investment in debt securities The company invests Baht 20.0 million in five year period debenture with gradually matured condition which redeem on November 15, 2004. The interest rate will be, fix at 9.5% per year for the first through third year, and "MLR" of Siam Commercial Bank Public Company Limited. 9. Property, Plant and Equipment, net consist of Consolidated The company only 1999 1998 1999 1998 Land 126,523 125,563 126,523 125,563 Land development cost 3,707 5,569 3,657 5,519 Buildings and construction 292,549 266,737 231,744 205,932 Machinery 190,254 175,383 172,181 157,310 Furniture and equipment 73,742 79,748 72,407 78,484 Vehicles 14,041 10,181 14,041 10,181 Furniture and fixtures 106,373 106,599 95,528 95,714 Constructions in progress 10,123 14,720 9,525 14,776 Total 817,312 784,500 725,606 693,479 Less accumulated depreciation 386,848 351,304 362,054 334,193 Net value 430,464 433,196 363,552 359,286 Add Leasehold (net) 19,197 20,112 19,197 20,112 Grand total 449,661 453,308 382,749 378,238 Total depreciation for year 46,008 44,713 38,330 37,587 10. Bank overdrafts and Loans from Financial Institutions consist of Consolidated The company only 1999 1998 1999 1998 Bank overdrafts 331 1,268 331 1,268 Trust receipts - 6,627 - 6,627 Packing credit - 13,711 - 13,458 Promissory notes at call - . 178,681 - . 178,681 Total 331 200,287 331 200,034 As of December 31, 1999 and 1998, the company received credits from 11 and 12 commercial banks comprising of bank overdrafts of Baht 65.02 million and Baht 122.02 million, promissory notes Baht 85.0 million and Baht 273.78 million, letters of credit and trust receipts Baht 82.0 million and Baht 55.45 million, packing credits Baht 124.85 million (US$ 0.5 million facility included in this amount) and Baht 131.0 million,cheque discount Baht 1.0 million, and letters of guarantee Baht 116.51 million and Baht 111.0 million, respectively. In addition, the company also received forex line US$ 2.0 million (or Baht 75.42 million and Baht 73.78 million) and forward line US$ 12.43 million (or Baht 468.73 million) and US$ 10.93 million (or Baht 403.21 million), respectively. And the subsidiary company received credits from a commercial banks comprising of bank overdrafts of Baht 4.0 million and letters of guarantee Baht 0.5 million. 11. Short-term Loans The subsidiaries has loaned a sum of Baht 4.0 million from a company at the interest rate per year of 4.50% without guarantee. 12. Debentures The company issued debentures as the resolution of the 25th ordinary shareholders meeting on 26 April, 1999. The issue of named certificate, unsecured and unsubordinated debenture will be 300,000 units-par value Baht 1,000 per unit, issued on 9 August 1999 3 years period debenture. The interest will be MLR + 0.25, paidevery 6 months-on 9 February and 9 August of the year. The first interest payment will be on 9 February 2000. The debenture will be redeemed in full at par maturity date with last interest payment. 13. Earnings Appropriation The company's earnings appropriation shall be recorded upon approval from the shareholders'meeting. 14. Provident Fund The company has set up a provident fund under the Provident Fund Act B.E. 2530 (1987) on February 1, 1993. Contributions are made by the company and the employees as stipulated. The company has appointed a Provident Fund Manager to manage the said fund according to the ministerial regulations. However, the company has requested the temporary suspension of the provident fund from October 1, 1997 until December 31, 1999. 15. Earnings per Share Earnings per share is calculated by dividing net income by the number of shares outstanding. 16. Commitments and Contingencies As at December 31, 1999 and 1998 the company has the following commitments. - The company has entered into 11 trademark contracts with respective owners concerning the manufacturing and distribution of garments and leather products under their trademarks. Both parties have mutual obligations to fulfil under these contracts. The trademark fees are 0.3-7.5%. - The unused amount of letter of credit for importing raw materials totalled Baht 59.51 million and Baht 48.82 million, respectively. - There are contingent obligations guarantees issued to guarantee customs duties at Baht 7.32 million and Baht 6.95 million and the use of electricity at Baht 4.04 million and 5.67 million, respectively. - The company has signed a 15-year land lease to build a warehouse for raw materials in Chong Nonthri, Yannawa, Bangkok, starting on March 30, 1992 until November 29, 2007. The company paid Baht 300,000.00 for the transfer of leasehold rights plus monthly lease fees. The subsidiary company has the following commitments. - The subsidiary company has a bank guarantee issued to provincial electricity authority for the electricity supply at Baht 0.5 million. 17. Related Party Transactions 17.1 The company has some parts of trade transactions with the related companies by holding the shares and, or jointed. Some parts of assets, liabilities, revenues and expenses of the company had come from the related transaction. So, this financial statements had included the mentioned transaction on the policy of setting the usual business price with the related companies. At the end of fiscal year, the company had related transaction as the followings : Consolidated The company only 1999 1998 1999 1998 Accounts receivable and post-date check 179,478 37,999 191,875 43,452 Accounts payable 8,049 5,234 18,192 18,621 Other liabilities 1 560 1 560 Loan receivable 87,000 137,500 145,500 202,935 Accrued expenses 6,383 170 6,444 189 Accrued income 26,150 1,837 26,757 2,700 Sales income 590,960 161,190 610,126 191,500 Other income 33,368 37,313 41,835 46,165 Purchase of goods and raw materials 36,756 30,763 84,516 84,629 Profit (loss) from disposal of fixed assets (45) 681 (36) 681 Other expenses 23,896 15,825 32,925 15,825 17.2 The company has been authorized by the 25th shareholders' ordinary general meeting on April 26, 1999 to : 17.2.1 Provide loans to related companies to the amount of Baht 500 million. As at the year end, total loans to 2 related companies amount to Baht 145.5 million. 17.2.2 Provide guarantees to banks and other financial institutions for related companies' liabilities at the amount less than half of the company's total assets. On the year ending date, the company has a total of Baht 127.77 million and US$ 96,200 and Yen 16.84 million contingent liabilities from various guarantees to 11 related companies. 18. Promotional Privileges The company was granted privileges from the BOI according to the Investment Promotion Act B.E. 2520 (1977) Type of promoted business Type 3.1 Type 3.6 Type 3.6 Date of receiving promoted certificate Dec. 23, 1993 Aug. 31, 1994 Apr. 11, 1995 Date of receiving revenue Nov. 10, 1994 Feb. 14, 1995 Jun. 14, 1996 Promotional privilege 1. Tax exempt since the first date of receiving revenue. 8 years 8 years 8 years 2. Tax exempt for dividends as mentioned in article 1. 8 years 8 years 8 years 3. The deduction of 50% of normal corporate tax since The expiry date of promotional period. 5 years 5 years 5 years 4. The double amount of expenses for public utility. 10 years 10 years 10 years Beside the privilege, the company has to practice along the BOI regulation. 19. Segment Information 1999 1998 Bangkok Kabinburi Lamphun Total Bangkok Kabinburi Lamphun Total Revenues 993,057 187,796 161,174 1,342,027 960,840 186,381 123,969 1,271,190 Loss from impairment of assets 17,727 - - 17,727 - - - - Operating profit 56,201 36,602 39,927 132,730 76,365 45,859 23,196 145,420 Profit before realization from profit (loss) sharing of the susidiaries and Associated 41,288 36,602 39,927 117,817 75,376 45,648 23,076 144,100 1999 1998 Bangkok Kabinburi Lamphun Total Bangkok Kabinburi Lamphun Total Profit (loss) shareing of the Subsidiares and associated (7,097) - - (7,097) 8,248 - - 8,248 Net profit 34,191 36,602 39,927 110,720 83,624 45,648 23,076 152,348 Property, plant and Equipment, net 382,749 379,398 Other assets 29,633 27,658 (more)