NOTE 6 - SHORT-TERM INVESTMENTS Short-term investments at March 31, represent time deposits with banks and other financial institutions and investments in bills of exchange of which their withdrawal periods are within 1 year, comprise: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Time deposits with local and foreign banks 3,356.67 1,117.16 3,306.66 912.50 Time deposits with othe financial institutions 1,135.90 1,170.00 730.56 900.00 Investments in bills of exchange 377.90 101.29 248.80 101.29 Total 4,870.47 2,388.45 4,286.02 1,913.79 Investments in bills of exchange as at March 31, 1998 and 1997 in the consolidated balance sheets are shown net of discount, determined from the remaining periods of those bills of exchange, amounting to approximately Baht 2.09 million and Baht 1.61 million, respectively. Investments in bills of exchange as at March 31, 1998 and 1997 in the Company's separate balance sheets are shown net of discount, determined from the remaining periods of those bills of exchange, amounting to approximately Baht 1.20 million and Baht 1.61 million, respectively. NOTE 7 - ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable at March 31 were shown net of allowance for doubtful accounts as follows: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Related parties (Note 3) 8.65 1.43 0.67 0.92 Other customers 3,552.05 2,490.71 3,328.78 2,246.92 3,560.70 2,492.14 3,329.45 2,247.84 Less Allowance for doubtful accounts 232.76 357.50 131.10 270.00 Accounts and Notes Receivable - net 3,327.94 2,134.64 3,198.35 1,977.84 NOTE 8 - OTHER CURRENT ASSETS Other current assets at March 31, comprise: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Other receivables 452.85 243.83 444.13 239.93 Prepaid expenses 158.45 136.50 149.86 127.39 Refundable value added tax 237.14 35.49 243.87 1.02 Accrued interest income 33.70 28.52 30.04 22.16 Others 18.59 41.07 17.04 37.26 Total 900.73 485.41 884.94 427.76 Other receivables mainly comprise service cost to be reimbursed by International network operators and value added tax to be claimed from the Telephone Organization of Thailand. NOTE 9 - ASSETS PLEDGED AS COLLATERAL As at March 31, 1997, time deposits with banks, of the Company and its subsidiary, amounting to approximately Baht 12.16 million were pledged as collateral for credits obtained from financial institutions. NOTE 10 - INVESTMENTS Investments at March 31, 1998 comprise investments in share capital of the following companies Values (Million Baht) % Paid-up Cost Equity Recorded Dividend Holding Capital Method Method Values Income In the Company's separate financial statements Related Parties Subsidiary company Shinawatra Paging Company Limited 59.99 350.00 753.76 794.39 794.39 - Other related company Shinawatra Datacom Company Limited 13.77 457.52 62.36 - 62.36 - 856.75 Other Company Fonepoint (Thailand) Company Limited 17.80 15.00 - - - - In the consolidated financial statements Related Parties Other related company Shinawatra Datacom Company Limited 13.77 457.52 62.36 - 62.36 - Other Company Fonepoint (Thailand) Company Limited 17.80 15.00 - - - - Investments at March 31, 1997 comprise investments in share capital of the following companies: Values (Million Baht) % Paid-up Cost Equity Recorded Dividend Holding Capital Method Method Values Income In the Company's separate financial statements Related Parties Subsidiary company Shinawatra Paging Company Limited 59.99 350.00 753.76 792.50 792.50 - Other related company Shinawatra Datacom Company Limited 18.00 695.30 63.86 - 63.86 - 856.36 Other Company Fonepoint (Thailand) Company Limited 17.80 15.00 - - - - In the consolidated financial statements Related Parties Other related company Shinawatra Datacom Company Limited 18.00 695.30 63.86 - 63.86 - Other Company Fonepoint (Thailand) Company Limited 17.80 15.00 - - - - Shinawatra Paging Company Limited is principally engaged in the operations of a DIGITAL DISPLAY PAGING SYSTEM network, pagers rental and the trading of pagers. Shinawatra Datacom Company Limited is principally engaged in the operations of simultaneous voice and data transfer system known as DataNet. Certain directors of Shinawatra Datacom Company Limited are having their directorship in Advanced Info Service Public Company Limited. The above investments in an other related company and an other company as at March 31, 1998 and 1997 are shown net of adjustments relating to the decline in values of investments amounting to approximately Baht 50.70 million and Baht 49.20 million, respectively. The Company does not have significant influence in the management of those companies. NOTE 11 - PROPERTY AND EQUIPMENT As at March 31, 1998, land purchased by the Company's subsidiary from Pager Sales Company Limited, at the value of approximately Baht 5.05 million, was in the process of transferring the ownership to the subsidiary. NOTE 12 - UNUTILIZED SHORT-TERM AND LONG-TERM LOAN FACILITIES Unutilized short-term and long-term loan facilities of the Company and its subsidiary as at March 31, 1998 are classified by type of currencies and shown as follows: Million Baht Consolidated Company's Separate Financial Statements Financial Statements Short-term Baht 320.00 - US Dollar 18.00 13.00 Long-term US Dollar 47.30 47.30 Deutschmark 117.79 117.79 Terms and conditions of unutilized long-term facilities are similar to those long-term loans described in Note 15, while terms and conditions of unutilized short-term loans facilities are not currently specified and subject to mutual agreement between the Company and its subsidiary and lenders in due course. NOTE 13 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses at March 31, comprise: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Related parties (Note 3) 232.28 261.94 231.04 257.67 Other suppliers 8,076.13 5,266.04 7,959.11 5,068.23 8,308.41 5,527.98 8,190.15 5,325.90 Add Excess of foreign currency value under contracted forward exchange rates, for the future payments of above liabilities, over the current value of the purchased foreign currency 36.13 - 36.13 - Accounts payable and accrued expenses - net 8,344.54 5,527.98 8,226.28 5,325.90 NOTE 14 - OTHER CURRENT LIABILITIES Other current liabilities at March 31, comprise: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Income tax payable 1,163.10 1,243.62 1,061.80 1,185.31 Other payables 134.43 49.86 131.10 42.43 Equipment payables 68.75 45.11 67.71 44.60 Value added tax and withholding income tax payables 40.63 68.41 36.09 64.85 Others 22.03 19.91 7.09 10.08 Total 1,428.94 1,426.91 1,303.79 1,347.27 Other payables mainly comprise service costs to be charged by International network operators. NOTE 15 - LONG-TERM LIABILITIES Long-term liabilities at March 31, comprise: Million Baht Consolidated Company's Separate Balance Sheets Balance Sheets 1998 1997 1998 1997 Loans from foreign banks 508.05 338.26 508.05 338.26 Syndicated loans from foreign banks 8,363.27 676.52 7,347.17 - Loans from foreign finance companies 1,427.05 1,006.34 1,427.05 1,006.34 Loans from foreign company 45.03 96.69 45.03 96.69 Liabilities under financial leases 3.42 4.03 3.42 4.03 10,346.82 2,121.84 9,330.72 1,445.32 Less Excess of the current value of purchased currency, in relation to the repayments of above loans, over the value under contracted forward exchange rates 1,350.10 40.01 997.00 26.49 8,996.72 2,081.83 8,333.72 1,418.83 Less Current portion of long-term liabilities 2,734.55 464.56 2,071.55 464.56 Long-term Liabilities - net 6,262.17 1,617.27 6,262.17 954.27 Outstanding long-term loans in foreign currencies at the end of each period are translated into baht at the exchange rate ruling on that date and are shown net of the excess of the current value of purchased foreign currency, in relation to the repayments of above loans, over the value under contracted forward exchange rates. Loans From Foreign Banks Loans from foreign banks as at March 31, 1998 and 1997 comprise loans obtained by the Company from two banks under two loan agreements. Both loans are repayable in lump sum on December 26, 1999. Interest rates and interest payments are to be mutually agreed with the lenders at the 1 month LIBOR or 3 month LIBOR or 6 month LIBOR plus the rates as prescribed in each of the said agreements. As at March 31, 1998 and 1997, outstanding loan balances under the aforesaid two loan agreements amount to approximately Baht 508.05 million and Baht 338.26 million, respectively. Syndicated Loans From Foreign Banks Syndicated loans from foreign banks as at March 31, 1997 comprise loans under an agreement obtained by the subsidiary company from eight banks and are repayable in a lump sum on September 5, 1998, while interest rate and interest payments under the said loan agreement are to be mutually agreed with the lenders at the 1 month SIBOR or 3 month SIBOR or 6 month SIBOR plus the rate as prescribed in the said agreement. Syndicated loans from foreign banks as at March 31, 1998 comprise loans under four loan agreements. Loan under the first agreement represents loan obtained by the subsidiary company from the same lenders and under the same loan agreement as at March 31, 1997. Loan under the second agreement obtained by the Company from fourteen banks and are repayable in five equal semi-annual installments commencing April 9, 1998, while interest rate and interest payments under the said loan agreement are to be mutually agreed with the lenders at the 1 month LIBOR or 3 month LIBOR or 6 month LIBOR plus the rate as prescribed in the said agreement. Loans under the third and fourth agreement are obtained by the Company from twelve banks and three banks, respectively. Both loan agreements are repayable in four equal semi-annual installments commencing March 30, 1999 and April 2, 1999, respectively. Interest rates and interest payments under both loan agreements are to be mutually agreed with the lenders at the 3 month LIBOR or 6 month LIBOR plus the rate as prescribed in each of the said agreements. As at March 31, 1998 and 1997 outstanding balances under the said four syndicated loan agreements in the consolidated balance sheets amount to approximately Baht 8,363.27 million and Baht 676.52 million, respectively. As at March 31, 1998 outstanding balances under the said three syndicated loan agreements in the Company's separate balance sheets amount to approximately Baht 7,347.17 million. Loans From Foreign Finance Companies Loans from a foreign finance company as at March 31, 1997 comprise loans obtained by the Company under five loan agreements. Loans under the first and second agreement are repayable in fifteen equal semi- annual installments commencing March 15, 1993 and June 23, 1993, respectively. Interest payments under the said two loan agreements are payable semi-annually at the rates ranging from 6.78% - 7.40% per annum. Loan under the third agreement is repayable in four equal semi- annual installments commencing January 15, 1997. Interest rate and interest payments are at the 6 month LIBOR plus the rate as prescribed in the said agreement. Loan under the fourth agreement is repayable in ten equal semi-annual installments commencing July 15, 1996. Interest payment under the said loan agreement is payable semi-annually at the rate of 6.88% per annum. Loan under the fifth agreement is repayable in nine equal semi-annual installments commencing January 15, 1997. Interest payment under the said loan agreement is payable semi- annually at the rate of 6.10% per annum. Loans from foreign finance companies as at March 31, 1998 comprise loans obtained by the Company from two finance companies under six loan agreements. Loans from the first finance company under five loan agreements represent the same loans under the same agreements as at March 31, 1997. Loan from the second finance company under the sixth agreement is repayable in six equal semi-annual installments commencing September 15, 1999. Interest rate and interest payments are at the 6 month LIBOR plus the rate as prescribed in the said agreement. As at March 31, 1998 and 1997, outstanding loan balances obtained from two finance companies under six loan agreements amount to approximately Baht 1,427.05 million and Baht 1,006.34 million, respectively. (More)