ข่าวแจ้งตลาดหลักทรัพย์

10. Short-term Loans Consolidated Short-term loans -Related companies Amount Amount Policy for setting the cost This year Last year of borrowing Loan payable Related companies Total Way Image Co., Ltd. 500,000.00 10,000,000.00 Not less than the interest rate Thai Monster Co., Ltd. 4,500,000.00 2,000,000.00 of fixed deposit ( 12 months) Thai Mitsuboshi Co., Ltd. 2,000,000.00 6,500,000.00 " Thai Hishiya Co., Ltd. - 2,000,000.00 " Thai Takaya Co., Ltd. 6,000,000.00 26,000,000.00 " Saha Pathana Inter-Holding Public Co., Ltd. 12,488,519.66 - " Total 25,488,519.66 46,500,000.00 The company only Short-term loans -Related companies Amount Amount Policy for setting the cost This year Last year of borrowing Loan payable Related companies Total Way Image Co., Ltd. - 8,500,000.00 Not less than the interest rate Thai Mitsuboshi Co., Ltd. - 6,500,000.00 of fixed deposit ( 12 months) Thai Hishiya Co., Ltd. - 2,000,000.00 " Thai Takaya Co., Ltd. - 25,000,000.00 " Saha Pathana Inter-Holding Public Co., Ltd. 12,488,519.66 - " Total 12,488,519.66 42,000,000.00 . 11. Long-term Liabilities and Current portion of Long-term Liabilities The company borrows Baht 14.0 million from a commercial bank which is ten year term loan and repaid by every six month equal installments amounting Baht 0.7 million at the interest rate of 17.25% or MLR + 1.0% per annum on clean basis. The first repayment will be on January 3, 1998. 12. Earnings Appropriation The companys earnings appropriation shall be recorded upon approval from the shareholders meeting. 13. 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. 14. Earnings per Share Earnings per share is calculated by dividing net income by the number of shares outstanding. 15. Commitments and Contingencies As at December 31, 1998 and 1997 the company has the following commitments. - The company has entered into 13 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 company has a total of Baht 48.82 million and Baht 72.0 million,respectively on available but unutilized L/C lines for ordering imported raw materials. - There are contingent obligations under three bank guarantees issued to guarantee customs duties at Baht 6.95 million and Baht 4.74 million and the use of electricity at Baht 5.67 million and 4.89 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 company has the contract for buying software program with a company amounting Baht 4,100,000.00 which would be paid by 6 installment term as the following. Term payment Baht 1,500,000.00 on 1 October 1998 Baht 400,000.00 on 1 November 1998 Baht 400,000.00 on 1 December 1998 Baht 300,000.00 on 1 January 1999 Baht 1,400,000.00 upon user acceptance of some part of project Baht 100,000.00 upon completion of project The subsidiary company has the following commitments. - The subsidiary company has a total of Baht 4.75 million and Baht 5.0 million, respectively on available but unutilized L/C lines for ordering imported raw materials. - The subsidiary company has a bank guarantee issued to guarantee the use of electricity at Baht 0.5 million and 1.0 million, respectively. 16. Related Party Transactions 16.1 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 : (Unit : Baht 1,000) Consolidated The company only 1998 1997 1998 1997 Accounts receivable and post-date check 37,999 35,756 43,452 38,418 Accounts payable 5,234 11,843 18,621 18,784 Other liabilities 560 - 560 - Loan receivable 137,500 - 202,935 - Accrued expenses 170 - 189 - Accrued income 1,837 2,955 2,700 3,743 Sales income 161,190 152,105 191,500 179,841 Other income 37,313 26,810 46,165 33,410 Purchase of goods and raw materials 30,763 43,292 84,629 87,189 Revenue from disposal of fixed assets 681 46 681 97 Other expenses 15,825 10,184 15,825 10,411 Advances - 5 - 5 Prepaid expenses - 9 - 9 16.2 The company has been authorized by the 24th shareholders ordinary general meeting on April 27, 1998 to : 16.2.1 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 202.93 million. 16.2.2 Provide guarantees to banks and other financial institutions for related companies liabilities at the amount less than half of the companys total assets. On the year ending date, the company has a total of Baht 200.31 million and US$ 120,000 contingent liabilities from various guarantees to 15 related companies. 17. Promotional Privileges The company was granted privileges from the BOI according to the Investment Promotion Act B.E. 2520 (1977) for business type 3.6 the manufacturing of ready-to-wear garments and 3.10 the manufacturing of leather or synthetic leather products. The privileges were granted by the Board of Investment on June 14, 1996, February 14, 1995 and November 10, 1994 respectively, according to Clauses 25, 26, 28, 30, 31, paragraphs one, two and three, Clauses 34, 35(2)(3)(4), 36(1)(2)(4) paragraphs one and two, and Clauses 37 under which taxes are exempt for a period of 8 years. The board of investment has cancelled Thanuluxs privilege under the article 3.10 on the section 36 (1) (2) (4) since March 18,1997, and the subsidiaries privilege under article 3.6 section 36 (1) (2) (4) first and second paragraph since June 25, 1998. Apart from the mentioned privileges, the company has to comply with various conditions as prescribed in the promotional certificates. 18. Segment Information (Unit : Baht 1,000) 1998 1997 Domestic Export Others Total Domestic Export Others Total sales sales sales sales Revenues 565,192 560,530 304,517 1,430,238 647,846 313,963 84,489 1,046,298 Operating profit 53,335 69,089 22,996 145,420 52,692 34,844 4,338 91,874 Other expenses 1,320 2,640 Profit before income tax 144,100 89,234 Income tax - - Profit before adjustment of revenue from investment 144,100 89,234 Revenue from investment 8,248 (27,465) Last year accumulated profit from the investment - 813 Extraordinary items - (119,107) Net profit (loss) 152,348 (56,525) Property, plant and equipment, net 378,238 384,686 Other assets 25,244 25,725 Total assets 1,222,469 1,245,447 19. Business transaction with the related company The company has 73 domestic and export customers which are separated according to the age of accounts receivable. (Unit : Baht 1,000) Consolidated The company only 1998 1998 Within credit term 148,257 152,261 Over due 3 - 6 months 32,108 32,108 Over due 6 - 12 months 1,879 1,878 Over due more than 12 months 9,798 9,799 Total 192,042 196,046 The company has made Baht 11.59 million of allowance for doubtful account. 20. Computer Development plan for the problem in the year 2000 In the end of 1996, the company had prepared to solve the problem in the year 2000 by setting up the Y2K committee for analyzing the problem and the direction of solving. The problem of hardware has been already solved for the part of computer. The expenses of hardware is Baht 4.2 million. The computer equipment had been 90% certified by the suppliers. The operation system software, the database management software and the network operating system software have to be solved by the manufacturer. The software application which is on process of setting up. The process costs about Baht 9.5 million. It will be completed in the third quarter of 1999.