Post on 04-Aug-2020
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
√“¬ß“πª√–®”ª ï 2546 ANN
UAL REPORT 20
03 ∫√‘…—∑ æ
√’‡™ ’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIO
US SHIPPING PUBLIC CO
MPAN
Y LIMITED∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿ߇∑æ¡À“π§√ 10500‚∑√. 66-2237-8700-4 ·øì°´å 66-2236-7654, 2633-8460‡∑‡≈Á°´å 20412 PSL TH ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®.309e-mail : psl@preciousshipping.comHome page : http://www.preciousshipping.com
PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
7th Floor, Cathay House, 8 Noth Sathorn Road,Bangkok 10500, ThailandTel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309e-mail : psl@preciousshipping.comHome page : http://www.preciousshipping.com
√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003
“√∫—≠CONTENTS
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
1 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π2 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡
12 §≥–°√√¡°“√∫√‘…—∑14 √“¬ß“π®“°§≥–°√√¡°“√26 √“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ40 ªí®®—¬§«“¡‡ ’ˬß∑’Ë ”§—≠44 °Õß°”≈—߇√◊Õ45 ‚§√ß √â“ß√“¬‰¥â46 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕߺŸâ∫√‘À“√66 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à67 ‚§√ß √â“ß°“√®—¥°“√70 ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑78 §≥–ºŸâ∫√‘À“√80 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫82 √“¬ß“𧫓¡√—∫º‘¥™Õ∫¢Õߧ≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π84 √“¬ß“π¢ÕߺŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ88 ß∫°“√‡ß‘π
106 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π150 ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞160 π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑
‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)166 ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535172 √“¬°“√∑’ˇ°’ˬ«‚¬ß°—π174 ¥—™π’· ¥ß√“¬°“√∑’Ë°”À𥵓¡·∫∫ 56-2176 ∫ÿ§§≈Õâ“ßÕ‘ß
1 Financial Highlights
3 Nature of Business ond Industry
12 The Board of Directors
15 Board of Directors’ Report
27 Report on Implementation of Fifteen Principles of Good Corporate Governance
41 Significant Risk Factors
44 Fleet List
45 Revenue Structure
47 Management Discussion and Analysis
66 Major Shareholders
67 Management Structure
71 Board of Directors - Profile
79 Management Team
81 Audit Committee Report
83 Report on The Board of Directors’ Responsibilities for Financial Statements
85 Report of Independent Auditor
89 Financial Statements
107 Notes to Financial Statements
151 Restated us Dollar Financial Statements
161 Policy of Restatement from THB to USD Currency
166 Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535
173 Connected Transactions
175 Index of report in accordance with Form 56-2
176 References
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 1
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
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8 M
8
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7 M
8
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2
6 M
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5 M
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3 M
8
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2 M
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1 M
®ÿ¥‡¥àπ∑“ß°“√‡ß‘πFINANCIAL HIGHLIGHTS
√“¬°“√ 2546 2545 2544 2543 2542 2541 2540 2539Details 2003 2002 2001 2000 1999 1998 1997 1996
√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ / Vessel Operating Revenues 3,796,876 3,290,904 4,010,630 4,115,748 3,590,598 4,101,676 3,099,110 2,806,998
µâπ∑ÿπ°“√‡¥‘π‡√◊Õ / Vessel Operating Costs * 1,530,823 1,758,124 2,362,639 2,506,688 2,432,880 2,722,280 1,848,476 1,726,546
°”‰√¢—Èπµâπ / Gross Profit 2,266,053 1,532,780 1,647,991 1,609,060 1,157,718 1,379,397 1,250,634 1,080,452
√“¬‰¥â√«¡ (‰¡à√«¡°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ) 3,829,488 3,361,993 4,056,011 4,196,088 3,741,324 4,618,323 3,351,782 3,244,415
Total Revenues excl unrealised exchange gain
µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“·≈–¢“¥∑ÿπ®“° 1,999,613 2,355,746 3,019,430 3,579,748 3,200,656 3,723,088 3,023,549 2,342,546
Õ—µ√“·≈°ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ)
Total Costs (excl. depreciation & unrelaised
exchange loss)
§à“‡ ◊ËÕ¡√“§“ / Depreciation * 601,965 634,971 544,048 608,723 678,660 705,197 680,421 548,693
°”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß 161,037 40,396 (52,283) (436,662) (161,546) 2,395,307 (5,462,852) 0
Unrealized Exchange Gain (Loss)
√“¬°“√摇»… / Extra-ordinary items 147,613 90,762 233,068 62,403 238,826 689,581 13,445 0
°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net Profit (Loss) 1,536,560 502,434 673,318 (366,642) (60,712) 3,274,925 (5,801,595) 353,176
°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß 1,227,910 371,276 492,533 7,617 (137,992) 190,037 (352,188) 353,176
Adjusted Net Profit (Loss) **
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ / Total Current Assets 1,073,536 629,295 802,327 762,538 811,426 502,601 678,354 3,486,676
‘π∑√—æ¬å∂“«√ ( ÿ∑∏‘) / Fixed Assets (net) 4,617,999 4,207,699 4,765,597 5,478,767 6,425,955 7,737,443 8,616,006 5,396,134
‘π∑√—æ¬å√«¡ / Total Assets 5,867,920 5,103,836 5,802,968 6,691,354 7,605,455 8,621,060 9,659,334 9,175,215
Àπ’È ‘πÀ¡ÿπ‡«’¬π√«¡ / Total Current Liablities 1,426,283 796,118 1,022,449 1,369,174 7,705,131 2,079,645 2,215,057 1,596,350
‡ß‘π°Ÿâ¬◊¡√«¡ / Total Borrowings 3,422,350 4,024,519 4,896,588 5,774,319 6,976,929 8,052,560 12,233,115 6,419,979
à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Shareholdersû Equity 1,957,866 676,585 474,038 365,206 (223,529) (231,344) (3,510,049) 2,407,230
∑ÿπ∑’ˉ¥â™”√–·≈â« / Paid-up Capital 520,000 520,000 520,000 520,000 520,000 520,000 520,000 520,000
¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) / Book Value per share (Baht) 3.77 1.30 0.91 0.70 (0.43) (0.44) (6.75) 4.63
°”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ (∫“∑) Earnings per share (Baht) 2.95 0.97 1.29 (0.71) (0.12) 6.30 (11.16) 0.68
‡ß‘πªíπº≈µàÕÀÿâπ (∫“∑) / Dividend per share (Baht) 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.30
Õ—µ√“°”‰√¢—Èπµâπ (√âÕ¬≈–) / Gross Profit Margin (%) 59.68 46.58 41.09 39.10 32.24 33.63 40.35 38.49
Õ—µ√“°”‰√ ÿ∑∏‘ (√âÕ¬≈–) / Net Profit Margin (%) ** 32.06 11.04 12.14 0.18 (3.69) 4.11 (10.51) 10.89
Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ (√âÕ¬≈–) / Return on Equity (%) 93.22 64.53 117.38 - - - - 15.40
Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) 22.38 6.81 7.88 0.11 (1.70) 2.08 (3.74) 4.03
Return on Total Assets (%)
Àπ૬ : æ—π∫“∑ / Unit : Baht Thousand
* „π√–À«à“ߪï 2545 ·≈– 2546 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‰¡à‰¥â√«¡§à“„™â®à“¬„π°“√ àÕ¡·´¡·≈– ”√«®‡√◊Õµ—¥®”Àπà“¬®”π«π 155,171æ—π∫“∑ ·≈–148,861æ—π∫“∑µ“¡≈”¥—∫ ∑’ˉª√«¡Õ¬Ÿà„π§à“‡ ◊ËÕ¡√“§“
** µ—«‡≈¢· ¥ßº≈°√–∑∫®“°°“√‰¡àπ—∫√«¡º≈°”‰√/¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß·≈–√“¬°“√摇»…
* During year 2002 and 2003 Vessel operating costs does not include amortized portion of drydock and special servey Baht 155,171 Thousandand Baht 148,861Thousand respectively, which is included in Deprecition.
** Figures derived by adjusting unrealized loss/gain on exchange difference and extra-ordinary items to calculate Adjusted Net Profit (loss)
2003
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
‘π∑√—æ¬å√«¡TOTAL ASSETS
2002 2001 2000 1999 1998 1997 1996
Àπ૬ : æ—π∫“∑ / Unit : Baht Thousand
2003
à«π¢ÕߺŸâ∂◊ÕÀÿâπSHAREHOLDERSû EQUITY (DEFICIT)
2002 2001 2000 1999 1998 1997 1996
Àπ૬ : æ—π∫“∑ / Unit : Baht Thousand
-1,500,000
-500,000
1,500,000
2,500,000
500,000
-2,500,000
-4,000,000
2003
300,000
600,000
900,000
1,200,000
1,500,000
°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿßADJUSTED NET PROFIT (LOSS)
2002 2001 2000 1999 1998 1997 1996
Àπ૬ : æ—π∫“∑ / Unit : Baht Thousand
-300,000
-600,000
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¡’°“√‡™à“∑—Èß 2 ≈—°…≥– Time Charter ·≈– Voyage Charter „πÕ—µ√“„°≈⇧’¬ß°—π ‚¥¬√–¬–‡«≈“°“√‡™à“ª√–¡“≥ 1-3 ‡¥◊Õπ ·µà
„π√–¬–À≈—ßπ’È —¥ à«π¢Õß°“√‡™à“·∫∫‡ªìπ√–¬–‡«≈“‡æ‘Ë¡¢÷Èπ
§«“¡ “¡“√∂„π°“√„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬ª√–‡¿∑‚¥¬‡©æ“– ‘π§â“æ◊Èπ∞“π∑’Ë®”‡ªìπ·≈–‰¡àª√–®”‡ âπ∑“ß
‡ªì𠓇Àµÿ„Àâ∫√‘…—∑œ “¡“√∂≈¥§«“¡‡ ’ˬ߮“°º≈°√–∑∫Õ—π‡°‘¥¢÷Èπ„π¿Ÿ¡‘¿“§„¥Ê ª√–‡¿∑ ‘π§â“ ·≈– ¿“懻√…∞°‘®
1.2 Õ“¬ÿ¢Õß°Õ߇√◊Õ
°Õ߇√◊Õæ’‡Õ ·Õ≈®—¥‰¥â«à“¡’Õ“¬ÿπâÕ¬‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’ˬՓ¬ÿ¢Õß°Õ߇√◊Õ∑—Ë«‚≈° Õ“¬ÿ‡©≈’ˬ¢Õß°Õ߇√◊Õæ’‡Õ ·Õ≈
Õ¬Ÿà∑’˪√–¡“≥ 16 ªï
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 3
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1. NATURE OF BUSINESS
1.1 Background
Precious Shipping P.C.L. (“PSL”), established in 1989 and listed on the Thailand Stock Exchange
in 1993, owns and charters dry bulk ships, on a tramp shipping basis, in the small, handy size sector of the shipping
markets. The corporate structure of PSL, similar to other shipping companies, has separate subsidiaries owning
each vessel (sometimes 2 vessels) to limit liability.
PSL presently (as on 15th March 2004) operates 31 bulkers and a cement carrier (the “Fleet”),
representing 745,616 dwt. Of the entire Fleet, 31 ships are registered under the Thai flag, and 1 under Bahamas
flag.
PSL is one of the largest pure dry cargo ship-owning companies operating in the small, handy
size (10,000 to 30,000 dwt) sector of the tramp freight market. This segment is extremely fragmented and
characterized by companies owning 2 or 3 ships. PSL’s Fleet makes it one of the largest, if not the single largest
company in the world, operating in this segment. PSL’s Fleet is managed by Great Circle Shipping Agency Ltd,
Bangkok, a wholly owned subsidiary of PSL that is ISO 9002 certified.
PSL operates its Fleet on a tramp-shipping basis covering the entire world. Principal cargoes
handled by PSL are agricultural products, steel, fertilizers, ores and concentrates, logs and other items. PSL
estimates its business to be divided evenly across five regions : USA/Canada, Europe, Latin America-Africa, Indian
sub-continent - Middle East, and South East & Far East Asia. PSL operates its ships in ports that have restricted
draft and limited infrastructure (PSL ships have equipment for loading/unloading) where larger ships cannot
operate. This distinction is a comparative advantage and allows PSL to enjoy more stable charter rates than
other larger vessel operators.
The Chartering of the ships is mainly undertaken by PSL vide the following two types of Charters :
Time Charter : Under this Charter, the Charterer pays Charter Hire to PSL to operate the vessel
for an agreed time period. The Charterer bears all voyage costs including the cost of bunker fuels.
Voyage Charter : Under this Charter, the Charterer pays freight to PSL to transport a particular
cargo between two or more designated ports. In this case, the PSL bears all the voyage costs including the cost of
bunker fuels.
PSL’s Fleet does not follow set voyage routes, but keeps moving across the globe depending on
its charters. The Fleet is hired on both time charters as well as voyage charters, with typical charter duration of 1-3
months. The mix between the two types of business has historically been equal, although lately the proportion of
time charters has increased.
The well spread diversification and nature of its operations (dry bulk shipping in the small handy
size sector carrying ‘essential basic’ commodities) enables PSL to minimise the impact of concentration risks in
terms of regions or commodities covered, and economic cycles.
1.2 Fleet Age
PSL has a relatively young Fleet, as compared to the world average, with present average age of
about 16 years.
NATURE OF BUSINESS AND INDUSTRY
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)4
°√“øµàÕ‰ªπ’ȇªìπ°“√«‘‡§√“–ÀåÕ“¬ÿ¢Õß°Õ߇√◊Õ¢π àß ‘π§â“∑—Ë«‚≈°·≈–°Õ߇√◊Õæ’‡Õ ·Õ≈ ≥ ‡¥◊Õπ ¡°√“§¡ 2547
∑’Ë¡“®“° Clarkson Research Studies / Aries Shipbroking Ltd (CRS/Aries)
1.3 °“√¥”‡π‘π∏ÿ√°‘®
√“¬‰¥â¢Õßæ’‡Õ ·Õ≈¡’°“√°√–®“¬·À≈àß∑’Ë¡“¢Õß√“¬‰¥â‡ªìπÕ¬à“ߥ’¥—ßπ’È
1.3.1 ª√–‡¿∑¢Õß ‘π§â“∑’Ë¢π àß
1.3.2 °“√‡™à“√“¬‡∑’ˬ«·≈–°“√‡™à“‡ªìπ√–¬–‡«≈“
(®”π«π¢Õ߇∑’ˬ«°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’ˬ«°“√‡¥‘π‡√◊Õ√«¡)
°“√‡™à“ 2544 2545 2546
°“√‡™à“√“¬‡∑’ˬ« 142 112 80(55%) (49%) (36%)
°“√‡™à“‡ªìπ√–¬–‡«≈“ 116 116 145(45%) (51%) (64%)
(®”π«π‡∑’ˬ«¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’ˬ«°“√‡¥‘π‡√◊Õ√«¡)
‘π§â“ 2544 2545 2546
‘π§â“°“√‡°…µ√ 74 (28.68%) 69 (30.26%) 66 (29.33%)
‡À≈Á° 48 (18.60%) 41 (17.98%) 28 (12.45%)
ªÿܬ 35 (13.57%) 25 (10.96%) 32 (14.22%)
·√à∏“µ‘·≈– ‘π·√à 54 (20.93%) 29 (12.72%) 31 (13.78%)
º≈‘µ¿—≥±å®“°‰¡â-´ÿß 25 (9.69%) 30 (13.16%) 23 (10.22%)
∂à“πÀ‘π 18 (6.98%) 19 (8.33%) 9 (4.00%)
Õ◊ËπÊ 4 (1.55%) 15 (6.59%) 36 (16.00%)
√«¡ 258 228 225
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 5
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1.3 Business Operations
PSL’s revenues are well diversified in terms of it’s business mix as can be seen from the following
tables :
i. Commodities/Cargoes Carried
(Number of Voyages and % of Total Voyages)
Commodity 2001 2002 2003
Agricultural Commodities 74 (28.68%) 69 (30.26%) 66 (29.33%)
Steel 48 (18.60%) 41 (17.98%) 28 (12.45%)
Fertilisers 35 (13.57%) 25 (10.96%) 32 (14.22%)
Specialised Ores 54 (20.93%) 29 (12.72%) 31 (13.78%)
Forest Products/Logs 25 (9.69%) 30 (13.16%) 23 (10.22%)
Coal 18 (6.98%) 19 (8.33%) 9 (4.00%)
Others 4 (1.55%) 15 (6.59%) 36 (16.00%)
Total 258 228 225
An ageing analysis as on January 2004 is given in the following graph vis-a-vis the World Fleet :
ii. Time Charter v/s Voyage Charter
(Number of Voyages and % of Total Voyages)
Charter 2001 2002 2003
Voyage Charters 142 112 80
(55%) (49%) (36%)
Time Charters 116 116 145
(45%) (51%) (64%)
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)6
1.3.3 æ◊Èπ∑’Ë„π°“√„Àâ∫√‘°“√¢π àß
1.3.4 ®”π«π‡§√◊Õ¢à“¬°“√µ≈“¥ ·≈–∑’˵—ÈߢÕßπ“¬Àπâ“√“¬„À≠à
®“°°√“ø¢â“ßµâπ “¡“√∂µ—ÈߢâÕ —߇°µ‰¥â«à“æ’‡Õ ·Õ≈¡’‡§√◊Õ¢à“¬°“√µ≈“¥™—ÈπÀπ÷Ëߧ√Õ∫§≈ÿ¡∑—Ë«‚≈° ‚¥¬¡’°“√
µ‘¥µàÕ°—π‚¥¬∑“ßÕ‘π‡µÕ√å‡πÁµ∑”„Àâ°“√µ‘¥µàÕ§√Õ∫§≈ÿ¡‡§√◊Õ¢à“¬‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–≈¥µâπ∑ÿπ°“√¥”‡π‘πß“π
2. ‚§√ß √â“ßÕÿµ “À°√√¡
Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑“ß∑–‡≈ “¡“√∂®”·π°Õ¬à“ß°«â“ßÊ ‰¥â¥—ßπ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 7
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iii. Vessel Trading Areas
iv. Marketing network and major broker locations :
From the above graphs it can be observed that PSL enjoys a wide coverage with its top class
world-wide marketing net work. The extensive use of the internet has allowed this coverage to be obtained in an
extremely cost effective manner.
2. INDUSTRY STRUCTURE
Broadly the Shipping Industry is classified as under :
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)8
2.1 µ≈“¥‡√◊Õ‡Õπ°ª√– ߧå¢π“¥‡≈Á° (The Small Handy Size Market)
µ≈“¥‡√◊Õ¢π àß¢π“¥‡≈Á°ª√–°Õ∫¥â«¬‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’¢π“¥ 10,000 - 30,000 ‡¥¥‡«∑µ—𠧫“¡µâÕß°“√„™â∫√‘°“√
¢Õ߇√◊Õ‡¥‘π∑–‡≈„πµ≈“¥π’ȧàÕπ¢â“ß°√–®—¥°√–®“¬ Õ—π‡π◊ËÕß¡“®“°§«“¡ “¡“√∂„π°“√¢π àß ‘π§â“‰¥âÀ≈“°À≈“¬™π‘¥ ·≈–
∑à“‡√◊Õ®”π«π¡“°∑’Ë “¡“√∂„Àâ∫√‘°“√·°à‡√◊Õ‡¥‘π∑–‡≈¢π“¥π’ȉ¥â Õ¬à“߉√°Áµ“¡≈—°…≥–¥—ß°≈à“«∑”„À⧫“¡µâÕß°“√„™â∫√‘°“√¢Õß
‡√◊Õ‡¥‘π∑–‡≈¢π“¥‡≈Á°¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§«“¡µâÕß°“√„™â‡√◊Õ∑’Ë¡’¢π“¥„À≠à°«à“
„π¥â“π¢ÕߺŸâ„Àâ∫√‘°“√∑—Ë«‚≈°∑’Ë¡’‡√◊Õ„π°≈ÿà¡π’È°Á°√–®—¥°√–®“¬ ‡√◊Õ„π°≈ÿà¡π’È¡’ª√–¡“≥ 3,000 ≈” (≥ ‘Èπªï 2546)
‚¥¬ºŸâª√–°Õ∫°“√√“¬„À≠à∑’Ë ÿ¥ ¡’‡√◊Õ‡æ’¬ß 60 ≈” À√◊Õ§‘¥‡ªìπ 2% ¢Õß à«π·∫àß„πµ≈“¥ à«π∑’ˇÀ≈◊Õ à«π„À≠à‡ªìπºŸâª√–°Õ∫°“√
∫√‘…—∑‡Õ°™π¡’‡√◊ÕÕ¬Ÿà‡æ’¬ß‰¡à°’Ë≈”
®“°Õ¥’µ∑’˺à“π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈‡ªìπÕÿµ “À°√√¡∑’Ë¡’«—Ø®—°√ ‚¥¬·µà≈–√Õ∫¢Õß«—Ø®—°√®–¡’™à«ß∑’ËÕ—µ√“
§à“‡™à“¢π àß ‘π§â“≈¥µË”≈ߪ√–¡“≥ Õߪï À≈—ß®“°π—Èπ®–¡’°“√ª√—∫µ—«¢ÕßÕÿª∑“π·≈–Õÿª ߧå°àÕπ∑’ËÕ—µ√“§à“‡™à“¢π àß ‘π§â“®–‡√‘Ë¡
ª√—∫µ—« Ÿß¢÷Èπ ™à«ßµ°µË”§√—Èß≈à“ ÿ¥‡√‘Ë¡µâπ„π°≈“ߪï 2540 Õ—π‡π◊ËÕß¡“®“°«‘°ƒµ°“√≥å‡Õ‡™’¬∑”„À⧫“¡µâÕß°“√¢π àß ‘π§â“∑“ß
∑–‡≈πâÕ¬≈ß Õ¬à“߉√°Áµ“¡°“√‡®√‘≠‡µ‘∫‚µ∑“߇»√…∞°‘®„π∑ÿ°¿Ÿ¡‘¿“§¢Õß‚≈°∑”„Àâ¡’§«“¡µâÕß°“√ ‘π§â“·Àâ߇∑°Õß¡“°¢÷Èπ„πªï
2543 ·≈–¬—ߧߥ’¢÷Èπ®π°√–∑—Ëß∂÷ߧ√÷Ëß·√°¢Õߪï 2544 πÕ°®“°π’È√“§“√—∫´◊ÈÕ‡»…‡À≈Á°∑’ˇæ‘Ë¡ Ÿß¢÷Èπ™à«¬„À⇰‘¥°“√¢“¬‡√◊Õ‡°à“
‡æ‘Ë¡¢÷Èπ∑”„ÀâÕÿª∑“π„π°Õ߇√◊Õ°≈ÿà¡π’È≈¥≈ß·≈– àߺ≈∂÷ßÕ—µ√“§à“√–«“ß∑’ˇæ‘Ë¡¢÷Èπ À≈—ß®“°π—Èπµ—Èß·µà ‘Èπªï 2544 µ≈“¥‰¥âª√—∫µ—«
≈¥≈ßÕ’°§√—ÈßÕ—π‡π◊ËÕß¡“®“°ªí®®—¬À≈“¬Õ¬à“ß Õ¬à“߉√°Áµ“¡µ≈“¥‰¥â¡’·π«‚πâ¡∑’Ë¥’¢÷Èππ—∫®“°‰µ√¡“ ∑’Ë 4 ¢Õߪï 2545 ·≈–°Á
∂Ÿ°§“¥°“√≥å«à“®–§ß‡ªìπ‡™àππ’ȉª®π∂÷ߪï 2547 ·≈– 2548
2.2 ¿“æ√«¡¢ÕßÕÿª ߧå·≈–Õÿª∑“π
·¡â«à“Õߧåª√–°Õ∫¢Õß∫√‘…—∑œ ·≈–Õ“¬ÿ¢Õß°Õ߇√◊Õ∫√‘…—∑œ ®–¡’º≈µàÕ√“¬‰¥â·≈–§à“„™â®à“¬°Áµ“¡·µà®“°µ“√“ߥ—ßµàÕ‰ªπ’È
· ¥ß„Àâ‡ÀÁπ∂÷ßªí®®—¬¿“¬πÕ°Õ—πÀ≈“°À≈“¬´÷Ëߧ√Õ∫ß”Õÿª ߧå·≈–Õÿª∑“π∑’ˇªìπ à«πº≈—°¥—π„πÕÿµ “À°√√¡°“√¢π àß·≈–
‡ªìπµ—« √â“ß«ß®√¢Õß∏ÿ√°‘®
2.3 ¥—™π’ Baltic Dry Index
°√“ø¢â“ß„µâπ’È®–· ¥ß∂÷ߧ«“¡‡ª≈’ˬπ·ª≈ߢÕߥ—™π’ Baltic Dry Index (BDI) ÷Ë߇ªìπµ—«™’Èπ”Õ—µ√“§à“¢π àß ‘π§â“·Àâß
‡∑°Õß„π™à«ß‡«≈“ 10 ªï∑’˺à“π¡“ ”À√—∫‡√◊Õ¢π“¥„À≠à ®—¥∑”‚¥¬ Baltic Exchange µ—ÈßÕ¬Ÿà∑’Ë°√ÿß≈Õπ¥Õπ ·≈–‰¥â· ¥ß∂÷ß°“√
‡ª≈’ˬπ·ª≈ߢÕߥ—™π’ JE Hyde Shipping Index (JEHSI) ”À√—∫‡√◊Õ¢π“¥‡≈Á° „π√–¬–‡«≈“‡¥’¬«°—π ¥—ßπ—Èπ°Õ߇√◊Õæ’‡Õ ·Õ≈®–
‡ªìπ à«πÀπ÷Ëß„π¥—™π’ JEHSI °“√‡ª√’¬∫‡∑’¬∫¢Õߥ—™π’∑—Èß Õßπ’È· ¥ß„Àâ‡ÀÁπ∂÷ß°“√º—πº«π¢ÕßÕ—µ√“§à“√–«“ß∑’ËπâÕ¬°«à“ ”À√—∫
‡√◊Õ¢π“¥‡≈Á° ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡√◊Õ¢π“¥„À≠à„πµ≈“¥‡√◊Õ®√
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 9
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2.1 Small Handy Size Market
The small handy size sector is classified as the ships in the range of 10,000 - 30,000 dwt. The demand
in the small handy size market is fragmented because of the broad cargo base and multitude of ports serviced by
the market segment. However, because this segment caters to such a wide variety of cargoes and calls on smaller
ports, the demand is less volatile compared to the larger ships.
On the supply side also the industry is highly fragmented. The fleet of over 3,000 ships (as at end
2003) has the largest operator having only 60 ships or 2 percent market share. The majority of the operators
are private companies with a small number of vessels.
Historically, the shipping industry has been a very cyclical industry with approximately two years of
declining charter rates needed to stabilise supply and demand before utilisation rates and therefore freight rates
would begin to increase. The previous “down cycle” started in mid 1997 because of the demand issues associated
with the “Asian crisis”. With the gradual increase in economic growth in all regions of the world, the dry bulk demand
improved in 2000 and the improvement continued till first half of 2001. Also helping the bullish freight rates was
increased scrap prices that lead to demolition of older vessels. Thereafter, since the end of 2001, the market has
witnessed a downturn due to various factors. But the market has witnessed an upward trend since fourth quarter
2002 and that is expected to continue through year 2004 and possibly 2005.
2.2 Demand - Supply
While the composition and the age of a Company’s fleet does have an effect on it’s earnings and
expenses, the following table illustrates the various external factors governing demand and supply which drive
the shipping industry and create the business cycles.
2.3 Baltic Dry Index
The graph below shows the movement of Baltic Dry Index (BDI), which is the leading indicator of spot
dry bulk cargo rates, calculated by the London - based Baltic Exchange over a period of last 10 years. It also shows
the movement of the JE Hyde Shipping Index over the same period. Whilst the BDI is mainly weighted towards
the larger ships, the JEHSI is geared more or less towards ships in PSL’s sector and is therefore more representative
of PSL’s fleet. The comparison of these two indexes illustrates how the small handy size sector is less volatile as
compared to the larger sectors of the tramp freight market.
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2.4 °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫‡°’ˬ«°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ
°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë ”§—≠∑’Ë„™â§«∫§ÿ¡„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ “°≈¡’¥—ßµàÕ‰ªπ’È
1. ∏ߪ√–®”™“µ‘
‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬π¿“¬„µâ∏ߪ√–®”™“µ‘ ÷Ëß®–∂◊Õ‡ªìπ°“√®¥∑–‡∫’¬π¿“¬„µâ°ÆÀ¡“¬ª√–‡∑»π—ÈπÊ
‚¥¬°“√®¥∑–‡∫’¬π‡√◊Õ®–¡’°“√ÕÕ°„∫∑–‡∫’¬π‡√◊Õ´÷Ë߇ªìπ‡Õ° “√ ”§—≠∑’ˇ√◊Õ·µà≈–≈”®–µâÕß¡’ ‡æ◊ËÕ∑’Ë®–‡ªìπ‡Õ° “√„Àâµ√«® Õ∫
‰¥â‡¡◊ËÕ¡’°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈√«¡∂÷ß°“√‡¢â“‡∑’¬∫∑à“‡√◊Õµà“ßÊ ∑—Ë«‚≈° ‚¥¬∑—Ë«‰ª∑–‡∫’¬π‡√◊Õ¥—ß°≈à“«π’È®–ª√–°Õ∫‰ª¥â«¬
√“¬≈–‡Õ’¬¥‡°’ˬ«°—∫≈”‡√◊Õ ∏ߪ√–®”‡√◊Õ ‡®â“¢Õ߇√◊Õ ·≈–°—ªµ—π‡√◊Õ
2. °ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ߪ√–‡∑»
°ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ߪ√–‡∑»‡ªìπ∑’Ë√Ÿâ®—°°—π„ππ“¡¢Õß°ÆÀ¡“¬√–À«à“ߪ√–‡∑»·Ààß∑âÕß∑–‡≈ ÷Ëß
°ÆÀ¡“¬π’È®–§√Õ∫§≈ÿ¡∂÷ß√–‡∫’¬∫¢âժؑ∫—µ‘µà“ßÊ Õ—π‡ªìπ∑’ˬա√—∫·≈–¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“߇§√àߧ√—¥‚¥¬π“π“ª√–‡∑»
Õߧ尓√æ“≥‘™¬åπ“«’ “°≈ (The International Maritime Organisation, IMO) ‡ªìπÕߧ尓√¢Õß Àª√–™“™“µ‘®–‡ªìπºŸâÕÕ°°Æ
√–‡∫’¬∫‡æ◊ËÕ„™â∫—ߧ—∫„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ√–À«à“ߪ√–‡∑»„π‡√◊ËÕߢÕߧ«“¡ª≈Õ¥¿—¬„π™’«‘µ ∑√—æ¬å ‘π·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬
·µà≈–ª√–‡∑»°Á®–¡’Àπ૬ߓπæ“≥‘™¬åπ“«’ ”À√—∫ª√–‡∑»∑’ˇ√’¬°°—π«à“ Port State Control ®–‡ªìπÀπ૬ߓπ∑’Ë®–§«∫§ÿ¡·≈–
∫—ߧ—∫„Àâ‡√◊Õ∑’ˇ¢â“¡“„ππà“ππÈ”¢Õߪ√–‡∑»µπ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬°“√¢π àß∑“ßπÈ” “°≈
3. °“√®—¥™—Èπ‡√◊Õ
µ“¡π‚¬∫“¬«à“¥â«¬°“√ª√–°—π¿—¬∑“ßπÈ”‰¥â¡’°“√°”Àπ¥„Àâ¡’°“√®—¥™—Èπ‡√◊Õ ‚¥¬‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√
®¥∑–‡∫’¬πÀ√◊Õ¡’°“√®—¥™—Èπ‡√◊Õ‚¥¬Àπ૬ߓπ∑’Ë¡’ª√– ∫°“√≥å ¡’™◊ËÕ‡ ’¬ß‡ªìπ∑’ˬա√—∫´÷Ë߇√’¬°°—π«à“ ¡“§¡®—¥™—Èπ‡√◊Õ (Classifi-
cation Societies) ‚¥¬Àπ૬ߓππ’ȉ¥â√‘‡√‘Ë¡¢÷Èπ®“°Õπÿ —≠≠“ Load Line „πªï §.». 1930 ·≈–Õπÿ —≠≠“√–À«à“ߪ√–‡∑» „πªï §.».
1955 ·≈– 1959 ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ√–À«à“ߪ√–‡∑» (The International of Association Classification Societies, IACS)
‰¥â°àÕµ—Èߢ÷Èπ‡¡◊ËÕ §.». 1968 ÷Ëß¡’ ¡“§¡®—¥™—Èπ‡√◊Õµà“ßÊ ‡¢â“√à«¡‡ªìπ ¡“™‘° ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ®–µ√«® Õ∫„π‡√◊ËÕß¡“µ√∞“π
„π°“√°àÕ √â“߇√◊Õ·≈–°“√∫”√ÿß√—°…“≈”‡√◊Õ
4. °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈
°ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ (The Carriage of Goods by Sea Act, COGSA) ‰¥â°”‡π‘¥¢÷Èπ¿“¬À≈—ß®“°∑’Ë
¡’°“√ª√–™ÿ¡‡°’ˬ«°—∫°“√¢π àß∑“ßπÈ”À≈“¬§√—Èß√–À«à“ß°≈ÿࡪ√–‡∑»¬ÿ‚√ª´÷Ëß¡’¢÷Èπ∑’Ë°√ÿß∫√— ‡´≈ å ‚¥¬°ÆÀ¡“¬„π≈—°…≥–§≈⓬§≈÷ß
°—ππ’È°Á‰¥â¡’¢÷Èπ„πª√–‡∑» À√—∞Õ‡¡√‘°“‡™àπ‡¥’¬«°—π ‚¥¬°ÆÀ¡“¬π’ȉ¥â§√Õ∫§≈ÿ¡‰ª∂÷ß°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ߪ√–‡∑»
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 11
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2.4 Maritime Laws and Regulations
The following major laws and regulations govern the International Shipping Industry :
1. Flag State
Each ship is registered under a Flag State, which is the nation in which the ship is registered and
which holds legal jurisdiction as regards operation of the ship. The Flag State issues a Certificate of Registry, which is
one of the essential documents that every ship has to possess before she can operate and sail from or to any port. The
certificate generally contains details of the ship, flag, owners and master.
2. International Maritime Law
Also known as the International Law of the Sea, this law covers the uniform systems and rules,
which are acknowledged and followed carefully by most nations. The International Maritime Organisation (IMO) is a
UN body, which regulates the International Shipping Industry for safety of life, property and the environment. Each
nation has its own local maritime authority generally termed as Port State Control, which ensures and enforces
compliance within their respective territorial waters.
3. Classification
The marine insurance policy is subject to a classification clause, which requires classification of
the ship. Each ship is required to be registered or classed with world-wide experienced and reputable organisations
called Classification Societies. With its origins in the Load Line Convention 1930 and international conventions in
1955 and 1959, the International Association of Classification Societies (IACS) was established in 1968 which
has leading societies as members. The classification societies ensure that standards for construction and
maintenance of the ships are complied.
4. Carriage of Goods by Sea Act
The Carriage of Goods by Sea Act (COGSA) was introduced after many shipping conferences were held
in Brussels among various European nations interested in shipping transportation and subsequently, similar legislation
was also introduced in America. This law covers the international transportation of merchandise by sea.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)12
§≥–°√√¡°“√∫√‘…—∑THE BOARD OF DIRECTORS
𓬉®ª“≈ ¡—π ÿ¢“π’°√√¡°“√
Mr. Jaipal Mansukhani
Director
æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–ª√–∏“π°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫
Admiral Dr. Amnad Chandanamattha
Chairman and Audit Committee Member
æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–
Police LT. Gen. Kiattisak Prabhavat
Chairman of Audit Committee
and Independent Director
𓬙’√– ¿“≥ÿæß»å°√√¡°“√Õ‘ √–
Mr. Chira Panupong
Independent Director
π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡°√√¡°“√∫√‘À“√
Mr. Munir Moinuddin Hashim
Executive Director
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 13
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π“ß “«π‘™‘µâ“ ™“Àå°√√¡°“√
Ms. Nishita Shah
Director
𓬧Ÿ™√Ÿ §“≈’ «“‡¥’¬°√√¡°“√∫√‘À“√
Mr. Khushroo Kali Wadia
Executive Director
𓬧“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡°√√¡°“√ºŸâ®—¥°“√·≈–°√√¡°“√∫√‘À“√
Mr. Khalid Moinuddin Hashim
Managing Director and Executive Director
π“¬∏’√– «‘¿Ÿ™π‘π°√√¡°“√Õ‘ √–
Mr. Thira Wipuchanin
Independent Director
𓬠ÿæ—≤πå »‘«–»√’Õ”‰æ°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Mr. Suphat Sivasriaumphai
Independent Director and
Audit Committee Member
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)14
√“¬ß“π®“°§≥–°√√¡°“√
𓬧“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr.Khalid Moinuddin Hashim
‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ
§≥–°√√¡°“√¡’§«“¡¬‘π¥’Õ¬à“߬‘Ëß∑’Ë®–𔇠πÕ√“¬ß“πª√–®”ªï∑’Ë 15 ·≈–√“¬ß“πß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ∑’ˉ¥âµ√«® Õ∫
·≈â« ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ·°àºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π‰¥â√—∫∑√“∫¥—ßπ’È
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®ÿ¥‡¥àπ∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π„πªï∑’˺à“π¡“
¥â“π°“√¥”‡π‘π°‘®°“√„π√Õ∫ªï∑’˺à“π¡“∫√‘…—∑œ ¡’√“¬‰¥â√«¡‡ªìπ‡ß‘π 3,990.52 ≈â“π∫“∑ (ªï 2545 : 3,402.39
≈â“π∫“∑) ·≈–¡’º≈°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π 1,536.56 ≈â“π∫“∑ (ªï 2545 : °”‰√ ÿ∑∏‘ 502.43 ≈â“π∫“∑) ∑—Èßπ’È√«¡∂÷ß°”‰√ ÿ∑∏‘
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5,867.92 ≈â“π∫“∑ (ªï 2545 : 5,103.84 ≈â“π∫“∑)
„π√–À«à“ߪï∑’˺à“π¡“ ∫√‘…—∑œ ¡’°”‰√®“°°“√¥”‡π‘πß“π°àÕπ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ §à“¿“…’‡ß‘π‰¥â ·≈–√“¬°“√
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∏ÿ√°‘®¢Õß∫√‘…—∑œ ®“°‡ß‘π°Ÿâ„À¡à®“°∏𓧓√°√ÿ߉∑¬
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 15
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TO THE MEMBERS
The directors are pleased to present the Fifteenth Annual Report of the Company alongwith the Audited
Financial Statements as on 31st December 2003.
2003, and what a year it was! For us at PSL we had some special milestones that were achieved during this
momentous year.
FINANCIAL HIGHLIGHTS AND REVIEW OF THE YEAR :
In terms of operations, during the year under review, the Total Revenues of the Company was Baht 3,990.52
million [2002 : Baht 3,402.39 million] and the Company incurred a Net Profit of Baht 1,536.56 million [2002 : Net
Profit Baht 502.43 million]. This included a Net Gain on Foreign Exchange of Baht 184.19 million [2002 : Gain Baht
73.12 million]. The Shareholders’ Equity of the Company has increased significantly to Baht 1,957.87 million [2002
: Baht 676.59 million]. The Total Assets of the Company have increased to Baht 5,867.92 million [2002 : Baht
5,103.84 million].
During the year, the Company incurred an Operating Net Profit before Exchange Gain, Income Tax and
Extraordinary items of Baht 1,204.76 million. In terms of the earnings, the Company’s vessels achieved about 34
percent increase in yields as compared to the previous year 2002. The total revenues in absolute terms were higher
than that of the previous year, which is mainly on account of higher yield achieved during the year 2003. The total
revenues increased during the year in spite of lower vessel operating days and lower exchange rate of U.S. Dollar to
Thai Baht as compared to the previous year. The Company has continued to keep a tight control over vessel operating
expenses and there is a marginal increase in vessel operating cost during the year 2003. The technical downtime
has also been kept under control, at an average of around 10 days per vessel, which, has led to minimum loss of
revenues. As a result of the improved profitability and new USD 100 Million facility with a 1 year moratorium on
repayment of Loans and reduction in the interest costs during the year, the Company enjoyed extremely high level
of liquidity during 2003.
January saw us stripping out the convertible feature of our outstanding bonds (RCD) and thereby ensuring
that there was no threat of any form of dilution to our existing shareholders. We also got the maturity of this
𓬧Ÿ™√Ÿ §“≈’ «“‡¥’¬Mr.Khushroo Kali Wadia
BOARD OF DIRECTORSû REPORT
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BEST CORPORATE GOVERNANCE AWARD FOR PSL
The Best Corporate Governance Award was given by the Stock Exchange of Thailand
(SET) to Precious Shipping Pcl. (PSL) on 21st July, 2003. PSL’s Chairman, Admiral Amnad
Chandanamatta, is seen receiving the award from His Excellency, The Prime Minister of
Thailand, Dr.Thaksin Shinawatra.
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 17
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instrument extended by another 6 years to January 2009. During the year, despite the extension in maturity, we
bought back the entire outstanding bonds, at a tidy discount of 25%, and closed out the last of our formerly
restructured loans.
June was when we signed the Krung Thai Bank (KTB) USD 100 million loan. This was used to refinance all
our existing loans, that would have been pre-paid by the middle of 2004, and extend their maturity to 2010. This
also allowed us for the first time, in more than 6 years, to look at the possibility of buying ships and expanding our
business.
Best Corporate Governance Report Award : This award was given by the Stock Exchange of Thailand
(SET) in July to 15 of the listed companies on the SET for outstanding reports that complied with the SET’s 15 good
corporate governance principles. In considering the candidates, judges examined the 56-1 form, annual reports,
∏𓧓√°√ÿ߉∑¬Õπÿ¡—µ‘‡ß‘π°Ÿâ °«à“ 4,000 ≈â“π∫“∑ „Àâæ’‡Õ ·Õ≈≈â“ßÀπ’ȇ°à“·≈–´◊ÈÕ‡√◊Õ‡æ‘Ë¡(„π¿“æ) æ‘∏’≈ßπ“¡‡ Áπ —≠≠“°Ÿâ‡ß‘π ¡√.§Ÿ™√Ÿ «“‡¥’¬ (∑’ËÀâ“®“° ⓬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬
°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ·≈– §ÿ≥‡¬“«≈—°…≥å ≈‘¢‘µ«—≤π“πÿ√—°…å (∑’Ë ’Ë®“°¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬Õ“«ÿ‚ ·≈–ºŸâ∫√‘À“√
ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏𓧓√°√ÿ߉∑¬ ·≈–∑’¡ß“π¢Õß∑—Èß ÕßΩÉ“¬√à«¡‡ªìπ —°¢’欓π·≈–· ¥ß
√à«¡· ¥ß§«“¡¬‘𥒄𧫓¡ ”‡√Á® ª√–°Õ∫¥â«¬ (·∂«Àπâ“) §ÿ≥ªî¬«¥’ —µ¬∫—≥±‘µ (¢«“ ÿ¥) ºŸâ™à«¬ºŸâ®—¥°“√
ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√∏𓧓√°√ÿ߉∑¬ §ÿ≥√–æ’ °ÿ≈∂“«√ (∑’Ë Õß®“°¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬
Õ“«ÿ‚ ·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏𓧓√°√ÿ߉∑¬ ºŸâ™à«¬ºŸâ∫√‘À“√ß“π∏ÿ√°‘® —¡æ—π∏å
∏𓧓√°√ÿ߉∑¬ §ÿ≥ ÿ∑∏‘π’ «‘‡»… ¡‘µ (∑’Ë “¡®“°¢«“) √ÕߺŸâÕ”π«¬°“√ΩÉ“¬·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å
‘π‡™◊ËÕ‚§√ß°“√ ∏𓧓√°√ÿ߉∑¬ ·≈– §ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘πæ’‡Õ ·Õ≈
(·∂«À≈—ß) §ÿ≥ƒ∑∏‘™—¬ ߥߓ¡ ( ⓬ ÿ¥) ∫√‘…—∑ ≈‘Èߧå‡≈‡∑Õ√å ¡√. ®ÕÀåπ §Õ√å‚¥«“ (∑’Ë Õß®“° ⓬) ∫√‘…—∑
‡ø√™øî≈¥å ¡√. ‰®ª“≈ ¡—π ÿ¢“π’ (∑’Ë “¡®“° ⓬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡¥‘π‡√◊Õæ’‡Õ ·Õ≈ ¡√.
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À√—∞ (ª√–¡“≥°«à“ 4,000 ≈â“π∫“∑) °—∫∏𓧓√°√ÿ߉∑¬ (‡§∑’∫’) ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ‚¥¬¡’
∫√‘…—∑ ¡Ÿ≈≈‘ ·§ªªîµÕ≈ ‡ªìπºŸâ¥”‡π‘π°“√„π∞“π–∑’˪√÷°…“∑“ߥâ“π°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ‡ß‘π°Ÿâ¥—ß°≈à“«‡ªìπ
‡ß‘π°Ÿâ∑’˧Ȕª√–°—π‚¥¬ ‘π∑√—æ¬å¢Õß∫√‘…—∑œ ‡Õß ‚¥¬«ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 2,700
≈â“π∫“∑) ®–‡ªìπ‡ß‘π°Ÿâ‡∫‘°‡ªìπß«¥‡æ◊ËÕ™”√–Àπ’È¡’À≈—°ª√–°—πªí®®ÿ∫—π∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà ·≈–«ß‡ß‘πÕ’°®”π«π 35
≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 1,400 ≈â“π∫“∑) ‡æ◊ËÕ‡ªìπ°“√ ◊ÈÕ‡√◊Õ‡æ‘Ë¡ ‚¥¬ “¡“√∂‡∫‘°∂Õπ‡ß‘π°Ÿâ‰¥â
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PSL SIGNS US DOLLARS 100 MILLION CREDIT FACILITY AGREEMENT WITH KTB
Seen in the picture : Mr.Khushroo Wadia (front left), PSL’s Finance Director and Khun
Yaovaluk Likitwattananurak (front right), Krung Thai Bank’s Senior Vice President and Manager
Project Financing Relationship Dept, after the credit facility agreement signing while Mr.Jaipal
Mansukhani (far left) PSL’s Director, Mr.Jeremy Jennings-Mares (second from left) from
Feshfields Bruckhaus Deringer, Khun Rapee Sakunthavorn (third from right) KTB’s Assistant
Corporate Relations Manager, Khun Suthini Visessmit (second from right) KTB’s Vice Presi-
dent, and Mr.Peter Treacy (far right) from Linklaters look on.
Precious Shipping PCL. (PSL) announced the signing of a US $ 100 million Credit
Facility Agreement with Krung Thai Bank (KTB) on 16th June 2003. Mullis Capital was the sole
arranger and also acted as the Financial Advisor for PSL. The facility is for refinancing the
existing secured debt of PSL (US$ 65 million) plus an additional US $ 35 million for buying new
or second-hand ships.
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ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 19
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meeting invitation documents, and shareholders’ meeting reports of companies with accounting periods ending
December 31, 2003. PSL was one of the proud recipients of this award.
September saw us buying and taking physical possession of the first of 5 ships that we purchased during
the final quarter of 2003 and the 1st quarter of 2004. Until the end of 2003, we have taken over two of these
ships with the balance three to be taken over in January, February and March 2004.
November was when we became XD for the first time in more than 6 years with a yield, based on the
average share price for 2003, of about 3%. We hope that this will be the beginning of a stable and long term
trend at PSL and something that all the shareholders can look forward to.
The Baltic Dry Index (BDI) ended the year on an all time historic high of 4765 points. To bring this in
perspective you must remember that the last all time high was set in April 1995 when the index peaked at 2362
points. So the dry bulk market has scaled unimaginable peaks and is presently sailing in uncharted waters.
The earnings per day per ship for our fleet followed a similar pattern as the BDI. In Q1 the figure was
USD 6,474, Q2 saw it jump to USD 7,643, Q3 bumped it up to USD 7,840 and Q4 was an amazing USD 9,524!
For 2003 we averaged USD 7,870 per day per ship as compared to USD 5,854 for 2002 or an increase of over
34%!
Share Prices and Market Capitalisation, adjusted for share split and dividend, followed a similar but even
more dramatic pattern. On January 2nd 2003, on the very first day of trading a mere 4,000 shares were traded
with a closing price, duly adjusted, of 1.97 Baht. On December 27th 2003, on the last day of trading just twelve
months later, 8,943,300 shares were traded with a closing price of 35 Baht per share or almost 18 times higher!
Market Capitalisation went from 1,025 million Baht on January 2nd 2003, to 18,200 million Baht on the 27th of
December 2003 or an increase of 17.5 times! It is no wonder that we were the 2nd best performing stock in probably
the best performing stock market in the world!!
FLEET :
The Company bought 5 ships (including one ship in 2004) but took physical delivery of only 2 of them
during the year and consequently, the fleet strength at the end of the year was 30 vessels with an aggregate
capacity of 691,823 dwt and an average age of about 16 years. The balance 3 ships purchased, as detailed above,
will be physically delivered to us prior the end of Q1 of 2004. The rest of the vessels in the fleet are in good condition
and there may not be any need for disposals during the year 2004. The Company shall continue replenishing
the fleet with further vessel acquisitions and shall be on the lookout for the right opportunities. Fujisan Maru, the
Company’s partially owned cement carrier, converted in 1998, remained gainfully employed on a long-term charter
during the entire year.
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AMVER ‰¥â√—∫°“√ π—∫ πÿπ‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬ΩíòߢÕß À√—∞Õ‡¡√‘°“ ‡ªìπ‚§√ß°“√∑’Ë¡’‡Õ°≈—°…≥å‚¥¥‡¥àπ‡©æ“– §«∫§ÿ¡‚¥¬„™â√–∫∫§Õ¡æ‘«‡µÕ√å ‚¥¬¡’‡√◊Õæ“≥‘™¬å∑—Ë«‚≈°Õ“ “ ¡—§√‡¢â“√à«¡‚§√ß°“√‡ªìπ√–∫∫‡§√◊Õ¢à“¬°“√·®âß¢à“« “√ °“√§âπÀ“ ·≈–°“√°Ÿâ¿—¬‡√◊Õ∑’˧√Õ∫§≈ÿ¡∑—Ë«‚≈°‡æ◊ËÕ„Àâ°“√™à«¬‡À≈◊Õ‡√◊Õ∑’˪√– ∫¿—¬„π∑–‡≈
∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ®”°—¥ (GCSHIP) §◊ÕºŸâ®—¥°“√¥â“π‡∑§π‘§°“√‡¥‘π‡√◊Õ¢Õß°Õ߇√◊Õ PSL∑ÿ°≈” ‡ªìπ∫√‘…—∑„π‡§√◊Õ∑’Ë PSL ∂◊ÕÀÿâπ 100% ‡√◊Õ∑—ÈßÀ¡¥¢Õß PSL ∑’Ë∫√‘À“√°“√‡¥‘π‡√◊Õ‚¥¬ GCSHIP ≈â«π‰¥â√—∫√“ß«—≈¥—ß°≈à“«¢â“ßµâπ ‡√◊ÕÕ‚π¥“¥ π“√’ ‡ªìπ‡√◊Õ∑’ˉ¥â√—∫√“ß«—≈∏ß∑Õ߇°’¬√µ‘¬» (Gold Pennant) ¥â«¬‡π◊ËÕß®“°‰¥â‡¢â“√à«¡„π‚§√ß°“√π’È·≈–‰¥â√—∫√“ß«—≈ AMVER µ‘¥µàÕ°—π 5 ªï
PSL’S SHIPS GET AMVER AWARDS
Receiving AMVER Awards : from left : Koka V. Sudhakar, Great Circle Shipping Agency
Vice President, Mr. Ravic Huso, Deputy Chief of Mission at the U.S. Embassy, Capt. Kamal
Kumar Dua, Senior Manager- Quality & Safety Systems of Great Circle Shipping Agency, Capt.
Narong Phukaeophuek, Ship Master of Apisara Naree, Sutada Mekrungruengkul, Senior Man-
ager - Corporate Affairs and Capt. Thomas F. Shackelford III, Naval Attach at U.S Embassy
presenting at the AMVER Certificate of Merit ceremony on April 29, 2003
The awards presentation was arranged on the 29th April 2003 at the U.S. Embassy
in Bangkok. In recognition of the outstanding participation of vessels managed by Great Circle
Shipping Agency Ltd. in the Automated Mutual Assistance Vessel Rescue System (AMVER)
program, the U.S. Coast Guard provided certificates of recognition for each of the participating
vessels. AMVER, sponsored by the United States Coast Guard, is a unique, computer-based,
and voluntary global ship reporting system used worldwide by search and rescue authorities
to arrange for assistance to persons in distress at sea.
Great Circle Shipping (GCSHIP) are Technical Managers for vessels owned by Precious
Shipping Public Company Limited and is also a fully owned subsidiary of PSL. All vessels man-
aged by GCSHIP received the above award. One of the vessels, Anodad Naree, was also awarded
a Gold pennant. A GOLD pennant is awarded for a vessel completing five consecutive years of
eligibility for an AMVER award.
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 21
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THE INDUSTRY OUTLOOK :
Ship scrapping for 2003 continued in the same vein that we left off in 2002 but slowed down as we
neared the end of 2003 with a total of 109 ships being removed from our sector, resulting in a net reduction of about
3.5% in the world fleet. The highest previous reduction was in 2000 when there was a net reduction of 4.5% in
the world fleet in our sector. The reason for a slowing down in the scrapping rate has been the change in the
freight market from a state of relative strength at the beginning of the year to astronomical levels and uncharted
territory as the year 2003 ended. With over 25.70% of the world fleet in our sector being greater than 27 years
of age, we expect the scrapping rate in the next few years to reflect those of the immediate past. This consistent
net reduction in fleet size can only continue to be beneficial to freight rates.
For the year 2004, the supply of new ships is marginally stronger than in the immediate past. In the
Capesize sector 40 ships or 6.50% are scheduled for delivery in 2004 with another 42 ships or 6.20% to follow
in 2005. In this sector 74 ships or 11.90% will be over 22 years of age and likely to be scrapped during 2004.
In the Panamax sector there are 72 ships or 6.70% to be delivered during 2004 with another 62 ships or 5.80%
contracted for delivery in 2005. The saving grace in the Panamax sector is that 64 ships or 6.0% of the fleet is
currently over 24 years of age and would likely be scrapped during 2004 thereby balancing the fresh supply.
In the Super Handymax sector 84 ships or 6.90% are scheduled for delivery in 2004 with another 70 ships or
5.70% to follow in 2005. In this sector 78 ships or 6.40% will be over 25 years of age and likely to be scrapped
during 2004.
In our last Annual Report we had commented on the geo-political situation in Iraq acting as an economic
drag whilst keeping oil prices at very high and economically unsustainable levels. We had then felt that this would
push the world into an economic recession and that would be bad news for all of us. Happily for us just the opposite
proved true. All the world economic fundamentals for 2004 appear to be pulling in the right direction for the first
time since 1986. We therefore expect that trade flows, and consequently bulk cargo movements, should increase
during the coming year.
æ’‡Õ ·Õ≈ √à«¡·¢àߢ—π Õ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ §√—Èß∑’Ë 19¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√ ∂à“¬√Ÿª√à«¡°—∫∑’¡π—°°’Ó§√‘°‡°Áµ¢Õß æ’‡Õ ·Õ≈ °àÕπ°“√·¢àߢ—π
°—∫∑’¡ §·¡¡Õπ‡«≈∑ å ´’´’ √Õ∫√Õß™π–‡≈‘» „π°“√·¢àߢ—πÕ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ §√—Èß∑’Ë 19
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‡¢â“√à«¡°“√·¢àߢ—πÕ“√å∫’‡Õ ’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ ·≈– ∑’¡æ’‡Õ ·Õ≈°Á‰¥â· ¥ßº≈ß“π‰¥âÕ¬à“ߥ’‡¬’ˬ¡
‚¥¬ “¡“√∂‡¢â“ Ÿà√Õ∫√Õß™π–‡≈‘»‰¥â ‚¥¬æà“¬∑’¡™π–‡≈‘»ªï∑’Ë·≈⫉ªÕ¬à“ßÀ«ÿ¥À«‘¥
PSL PARTICIPATES IN THE 19TH RBSC INTERNATIONAL CRICKET SIXES
Mr. Khalid Hashim, Managing Director of Precious Shipping Public Company Limited
with the PSL team before the match with Commonwealth CC in the semi-finals at the 19th
RBSC International Cricket Sixes held at the Polo Club on Sunday, March 30, 2003. This is the
first year that Precious Shipping Plc. sent a team to participate in the RBSC International
Cricket Sixes and the team performed very well by reaching the semi-finals, in the process
defeating last year’s champions.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)22
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„π√“¬ß“π©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥âµ—Èߧ«“¡À«—߉«â«à“°√–· °“√§«∫√«¡°‘®°“√®–·ºà¢¬“¬¡“∂÷ß°≈ÿࡇ√◊Õ¢π àß ‘π§â“
·Àâ߇∑°Õß ÷Ë߇ªìπ°≈ÿà¡∏ÿ√°‘®‡√◊Õ∑’˵âÕß°“√°“√§«∫√«¡°‘®°“√Õ¬à“߬‘Ëß ‘Ëßπ’ȉ¥â‡°‘¥¢÷Èπ·≈â« ·µà°Á‡ªìπ‰ªÕ¬à“ß™â“Ê ¥â«¬°“√‡¢â“¬÷¥
°‘®°“√°Õ߇√◊Õ¢π“¥‡≈Á°‚¥¬∫√‘…—∑‡√◊Õ∑’Ë„À≠à°«à“ °“√§«∫√«¡°‘®°“√Õ’°·∫∫Àπ÷Ëß°Á§◊Õ°“√√«¡°—π¢Õß°≈ÿà¡∫√‘…—∑„À¡à‚¥¬¬—ߧß
√—°…“°“√∫√‘À“√ß“π·≈–§«“¡‡ªìπ‡®â“¢ÕߢÕß·µà≈–§π‰«â‰¥â ¥—ßπ—Èπ®–¥â«¬√Ÿª·∫∫°“√√«¡°—π·∫∫„¥°Áµ“¡ ¡—π°Á‡ªìπ ‘Ëß∑’Ëπà“¬‘π¥’
‡æ√“–¡—π®–™à«¬„Àâ°“√¥”‡π‘π∏ÿ√°‘®¥’¢÷Èπ ”À√—∫ºŸâ¡’ à«π√à«¡∑ÿ°§π„πÕÿµ “À°√√¡π’È
‚§√ß°“√√à«¡∑ÿπ
°√–∫«π°“√øóôπøŸÀ√◊Õ¬°‡≈‘°‚§√ß°“√√à«¡∑ÿπ¢Õß∫√‘…—∑œ ¬—ߥ”‡π‘πµàÕ‰ª
Geepee Bulk Handlers, Kandla (GPBH) : µ—ÈßÕ¬Ÿà ≥ ‡¡◊Õß Kandla ª√–‡∑»Õ‘π‡¥’¬ º≈®“°°“√À¡¥Õ“¬ÿ —¡ª∑“π°“√
∫√‘À“√∑à“‡√◊Õ°—∫√—∞∫“≈ ∫√‘…—∑π’È®÷ßµâÕߥ”‡π‘π°“√ªî¥µ—«≈ß
Southern LPG (SLPG) : ¢∫«π°“√ªî¥µ—«≈ߢÕß‚§√ß°“√√à«¡∑ÿππ’ȉ¥â¡“∂÷ߢâÕ √ÿª ‚¥¬°“√‡®√®“µàÕ√Õ߇æ◊ËÕ¢“¬‡ß‘π
≈ß∑ÿπ¢Õß∫√‘…—∑ ∫√‘…—∑πà“®–ªî¥°“√¢“¬„πÕπ“§µÕ—π„°≈âπ’È
International Seaports (ISPL) : §«“¡¡ÿàßÀ«—ߢÕß‚§√ß°“√≈ß∑ÿππ’È°Á‡æ◊ËÕ°‘®°“√ “¡“√∂∑”°”‰√‰¥âµ≈Õ¥‰ª‚¥¬‰¡à¡’
™à«ß¢“¢÷Èπ·≈–¢“≈ß Õ¬à“߉√°Áµ“¡¥â«¬·ºπ°“√À“‡¡Á¥‡ß‘π¡“‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ¢Õß∫√‘…—∑œ ·≈–§«“¡≈à“™â“„π°“√Õπÿ¡—µ‘‚§√ß°“√
¢Õß√—∞∫“≈Õ‘π‡¥’¬·≈–Àπ૬ߓπ∑’ˇ°’ˬ«¢âÕß ∑”„Àâ·ºπ°“√¢¬“¬°“√≈ß∑ÿπ„π‚§√ß°“√π’È„π∑à“‡√◊Õ°–°‘𓥓·≈–¥√“¡√“µâÕßÀ¬ÿ¥™–ß—°
º≈°Á§◊Õ ·¡â«à“®–¡’§«“¡§◊∫Àπâ“„π à«π¢ÕßÀÿâπ à«πÀ√◊Õ§«“¡§◊∫Àπâ“®“°ºŸâ√à«¡∑ÿπ√“¬„À¡à ‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ „π‚§√ß°“√π’È°Á
®–≈¥¡Ÿ≈§à“≈ß ¥—ßπ—Èπ°àÕπ∑’Ë —¥ à«π°“√∂◊ÕÀÿâπ®–‡°‘¥¢÷Èπ®√‘ß ∫√‘…—∑œ ‰¥â¥”‡π‘π°“√¢“¬‚§√ß°“√≈ß∑ÿππ’ÈÕÕ°‰ª ÷Ëߢ≥–π’È°“√‡®√®“
‡§√◊ËÕߢπ∂àà“¬ ‘π§â“≈߇√◊Õ„π√–À«à“ß°“√ªØ‘∫—µ‘ß“π ≥ ∑à“‡√◊Õ 4A ∑’Ë Œ—≈‡¥’¬ :∑à“‡∑’¬∫‡√◊Õ·Ààßπ’È √â“ß·≈–∫√‘À“√‚¥¬ International Seaport (ISPL) ‚¥¬ PSL ¡’ÀÿâπÕ¬Ÿà√âÕ¬≈– 22.4
„π∫√‘…—∑ International Seaport (ISPL)
MERCHANISED UNLOADERES IN OPERATION AT BERTH 4A AT HALDIA :
The berth has been contructed and is Being managed by International Sea Private
Limited (ISPL). As a group, PSL, hold 22.4% stakes in International Sea Port Private Limited
(ISPL).
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 23
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The myriad of forecasts made by our industry pundits, as indicated in our last report, have been vindicated
with rates recovering strongly in the latter half of 2003. The same pundits now forecast that 2004, 2005 and,
maybe, even 2006, should be good years! We are, therefore, cautiously optimistic about the prospects for the
next three years.
REGULATORY INFLUENCES :
Port State Control (PSC) has continued its iron-man role forcing “best industry practice” levels in every
sector. The few accidents resulting in oil staining pristine beaches have helped tighten the screws by a few more
notches. With the coming into force of the International Ship and Port facility Security (ISPS) code by 1st July 2004
we expect that PSC will get even greater latitude in taking action against those ships that are deemed to be
sub-standard and or those that trade to undesirable ports of the world.
ISSUES FACING THE INDUSTRY :
With the Freight Markets hitting all time highs during 2003, the need for financial restructuring is a thing
of the past. Very few Companies are left in any such dire predicaments. Most Companies today have a lot of cash in
their pockets which will be used to chase those second-hand ships that are available, driving prices that are already
very high, to levels never seen before.
The dot.com platforms in our industry are fading away. However many IT solution providers are making
available standardized packages that would allow us to make better use of modern technology to conduct our business
in a more efficient manner. These solution providers are to be welcomed by the progressive elements within our
industry.
In our previous reports we had hoped that the consolidation bug would spread to the Dry Cargo Sector that
was badly in need of the same. This is happening, though rather slowly, with the take over of smaller fleets by larger
companies. Another move is the formation of Pools that are another aspect of the desire for consolidation whilst
retaining control and ownership of the individual assets. By whatever means consolidation takes place, it is to be
welcomed as it can only make life a bit better for the participants in this industry.
JOINT VENTURES :
The process of winding up or the disposal of our joint-venture investments continues.
Geepee Bulk Handlers, Kandla (GPBH) : In view of the expiry of the concession agreement with the
Government, for the Berth, the orderly closing down of this company continues.
Southern LPG (SLPG) : The process of closing down this entity has been finalized. Negotiations for the
sale of our investment in this Company are ongoing and we should be able to close the sale in the near future.
International Seaports (ISPL) : This investment was supposed to form the basis of some non-cyclical
earning streams in the future. However, in view of the requirement to raise funds for the redemption of the RCD’s,
and the delays in receiving permissions and approvals from Government and other statutory authorities, further
investments in the Kakinada and Dhamra Port Projects were frozen, as a result of which, even if there is further
progress in these projects through the efforts of our partners or new investors, our holdings in these projects shall
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)24
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∫√‘…—∑œ „π‚§√ß°“√∑à“‡√◊ÕŒ—≈‡¥’¬ (ª√–¡“≥√âÕ¬≈– 22.4) ·≈–°“√≈ß∑ÿπ‡¥‘¡„π∫√‘…—∑ ISPL ∑’Ë ‘ߧ‚ª√å °Á®–‡ªìπ‚§√ß°“√√à«¡∑ÿπ
∑’ˬ—ߧ߇À≈◊ÕÕ¬Ÿà¿“¬„µâ°“√¥Ÿ·≈¢Õß ISPL §«“¡§◊∫Àπâ“¢Õß‚§√ß°“√Œ—≈‡¥’¬π—Èπ‡ªìπ‰ªµ“¡°”Àπ¥°“√∑’Ë«“߉«â·≈–°“√°àÕ √â“ß
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∫∑ √ÿª
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ç∂â“°“√¢÷Èπ≈ߢÕßµ≈“¥ªí®®ÿ∫—ππ—Èπ‡ªìπ‡æ’¬ß·§à°“√‰µà√–¥—∫¢Õß∫√√¥“‡®â“¢Õ߇√◊Õ¢π àß ‘π§â“·Àâ߇∑°Õß ¥—ßπ—Èπæ«°‡√“°Á¬—߉¡à∂÷ß
®ÿ¥ Ÿß ÿ¥é (çIf riding the current market wave has been a hair-raising ride for some bulker owners, itûs becoming clear that
they ainût seen nothing yet.é) §”°≈à“«π’ȇªìπ°“√√«∫√«¡∫∑ √ÿª¢Õߪï 2546 ‰¥â‡ªìπÕ¬à“ߥ’ ªï 2547 2548 ·≈– 2549 ®–
‡ªìπªï∑’Ë¡’§«“¡À¡“¬ ”À√—∫æ«°‡√“
„ππ“¡§≥–°√√¡°“√
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
𓬧“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 𓬧Ÿ™√Ÿ §“≈’ «“‡¥’¬
°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√
«—π∑’Ë 26 ¡’π“§¡ 2547
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 25
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be automatically diluted. Therefore, before a substantial dilution could take place, which could have had an adverse
impact on the liquidity of the sale of these investments, we had commenced efforts to sell these investments,
which are now at an advanced stage and are hopeful of a positive result this year. Once investments in these two
projects are disposed off, our investment in the Haldia port project (about 22.4%) and the original investment in
ISPL, Singapore shall be the only investments remaining alive under the ISPL umbrella. Progress on the Haldia
project was according to schedule and project construction is now entirely completed. Commercial operations
commenced on 15th January 2004, with a formal opening by the Union Minister of Shipping on 23rd February, 2004.
IN CONCLUSION :
We have managed to set up a strong growth-platform, through some very turbulent times, during 2003.
We feel that we are poised to take advantage of this once-in-a-life-time opportunity that the Dry Bulk Tramp Freight
Markets have thrown our way. With Gods Grace, we hope to be able to deliver, to our shareholders and other
stakeholders, the promise of the potential that was first shown in 2003. This realisation will, in no small measure, be
due to the very dedicated and hardworking professionals that make up the office, as well as, floating staff at PSL.
I will leave you with a quote from an article that appeared in the Fairplay Weekly magazine issue dated 9th
October 2003 “If riding the current market wave has been a hair-raising ride for some bulker owners, it’s becoming
clear that they ain’t seen nothing yet.” This quote nicely sums up what the year 2003 was all about and what, God
willing, the years 2004, 2005 and 2006 will hold in store for us.
For and on behalf of the Board of Directors
Precious Shipping Public Company Limited.
(Khalid Moinuddin Hashim) (Khushroo Kali Wadia)
Managing Director Executive Director
February 26, 2004
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ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 27
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REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OFGOOD CORPORATE GOVERNANCE
1. THE CORPORATE GOVERNANCE POLICY
In recognition of the fact that it is important and necessary for sustainable growth of operating business
and long term shareholder value, Board of Directors have set up a Corporate Governance Policy for the Company.
Board of Directors intend to reinforce corporate governance by includes setting up the policies and directions
on operating the business, set up of adequate internal controls and internal auditing system and monitoring the
management to perform effectively under the policy to ensure the long term interests of shareholders under the
applicable laws with full transparency and correct business ethics. A Corporate Governance Policy Manual outlining
the features of the Policy has also been drawn up by the Company.
2. SHAREHOLDERS : RIGHT AND EQUITABLE TREATMENT
In the year 2003, two shareholders’ meeting was held. The meeting was an Annual General Meeting
which was held on 30 th April 2003 and an Extraordinary General Meeting which was held on 10 th September
2003 at the company’s office. The company had sent out the notice to all shareholders of the meeting including
information and documents for each agenda item to be considered by the shareholders, 14 days prior to the date
of the shareholders’ meeting. The notice was also circulated vide an advertisement in the newspapers as a reminder
and follow-up action for the benefit of the shareholders. Under each agenda item, the opinion of the Board of
Directors was included in the notice. The minutes of the meeting were also prepared and were made available for
examination.
3. VARIOUS GROUPS OF STAKEHOLDERS
The company foresees and recognizes the importance of all stakeholder groups whether it is the internal
stakeholders such as shareholders, employees and management of the company and subsidiaries or external
stakeholders such as creditors, suppliers, customers, communities, government agencies and other related
organizations. The Company is aware that the support from each stakeholder would help establish the company’s
competitive advantages and profitability which would contribute greatly to the company’s long term success and
prosperity.
4. SHAREHOLDERS’ MEETINGS
The Company recognizes the rights of shareholders and accords equal treatment to all shareholders in
every manner including compliance with SET/SEC regulations and recommendations for sending notices of meetings
and book closure and general conduct and procedures in the meetings. In the year 2003, 7 out of 11 directors
attended the Annual General Meeting of shareholders and 6 out of 11 directors attended the Extraordinary
General Meeting of shareholders which also included Audit Committee Member and Independent Directors. The
Auditors also attended the AGM of shareholders meeting to answer any questions raised by shareholders in
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)28
5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå
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6. §«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå
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Õ“®®–°àÕ„À⇰‘¥§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™π剫âÕ¬à“߇ªìπ≈“¬≈—°…≥åÕ—°…√ ¥—ßπ’È
6.1 √“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå : §≥–°√√¡°“√∑√“∫‡ªìπÕ¬à“ߥ’∂÷ß√“¬°“√∑’ËÕ“®π”¡“ ÷Ëߧ«“¡
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ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 29
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respect of the accounts or the conduct of the Audit. The chairman of the meeting provided equal opportunity to all
shareholders to examine the company’s operations, to ask questions and express their opinions and advice, and
ensured that all the items and resolutions were properly recorded in the minutes of meeting.
5. LEADERSHIP AND VISION
Board of Directors have provided for an internal control system, internal auditing and the process of
identification, assessment and measurement of risks as a part of the Risk Management system and closely
monitor these matters through periodic reports through the close supervision of the Audit Committee.
Board of Directors have clearly defined and demarcated powers, duties and responsibilities between
each committee as mentioned under the “Management Structure” section in this report.
6. CONFLICT OF INTERESTS
In order to prevent the conflict of interest transactions, Board of Directors, through the Audit Committee
have supervised carefully such potential transactions by setting up a written policy and procedure of approval of the
transactions involving any potential conflict of interests and have set up an appropriate policy as follows :
6.1 Potential conflict of interest transactions : Board of Directors are well aware of any transaction which
could lead to a potential conflict of interest and/or any related party transaction, which, if any, are considered very
carefully with a view to full compliance with the relevant rules and regulations of the Stock Exchange of Thailand,
apart from compliance with the internal policies and guidelines set up by the Company. Moreover, such transactions
are entered into strictly on an “Arms-Length” basis. The terms and conditions of such transactions are always in
compliance with generally acceptable, standard commercial terms and conditions and appropriate disclosure
regarding the details of the transactions viz. value, counter-party, reason and necessity of the transaction is made
in the annual report and Form 56-1.
In addition to the above, Audit Committee and Internal Audit Department prepared the annual audit plan
to review the transactions that may cause conflict of interests. For the year 2003, the internal auditors audited
the aforesaid transactions and reported to the Audit Committee in the Audit Committee’s Meeting No. 1/2003
in February 2003. The Audit Committee found that the Company has a proper policy for approval and prevention
of abuse in such transactions. The existing conflict of interest transactions are made only on the basis of proper
comparison of market prices and for the benefit of the Company. Adequate disclosures of all such material
transactions have been made in the financial statements.
Moreover internal audit has reviewed the compliance of the Company in respect of new Notifications of
the Stock Exchange of Thailand Re: Disclosure of Information and Act of Listed Companies Concerning the Connected
Transactions, 2003. The details of the connected transactions have been explained under the topic “Connected
Transactions” in this annual report. The results of the review have been reported to the Board of Directors of the
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6.2 °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π : µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535
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7. ®√‘¬∏√√¡∏ÿ√°‘®
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8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’ˉ¡à‡ªìπºŸâ∫√‘À“√
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9. °“√√«¡À√◊Õ·¬°µ”·Àπàß
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°“√°”°—∫¥Ÿ·≈·≈–°“√∫√‘À“√ß“πª√–®”
10.§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√
ªí®®ÿ∫—π ∫√‘…—∑œ ¬—߉¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√
‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ π‚¬∫“¬¥—ß°≈à“«‰¥âºà“π°“√Õπÿ¡—µ‘®“°∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« °√√¡°“√∑’ˉ¥â√—∫¡Õ∫À¡“¬„À⇪ìπ
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°√√¡°“√∫√‘…—∑
„πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√‡ªìπ§à“‡∫’Ȭª√–™ÿ¡ „Àâ°√√¡°“√®”π«π 10 ∑à“π
‡ªìπ®”π«π‡ß‘π 2.44 ≈â“π∫“∑ ·≈–®”π«π 12 ∑à“𠇪ìπ®”π«π‡ß‘π 1.25 ≈â“π∫“∑µ“¡≈”¥—∫
„πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√¡’√“¬≈–‡Õ’¬¥¥—ßπ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 31
11 M
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10 M
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9 M
8
6
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8 M
8
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6 M
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4 M
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3 M
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2 M
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Company. The Board of Directors of the Company is of the opinion that such transactions are fair and for the
full benefit of the Company.
6.2 Monitoring the use of insider information : Pursuant to section 59 of the Securities and Exchange
Act B.E. 2535, management is required to report the changes of stock holding to the Office of the Securities and
Exchange Commission. Moreover, the 4 working directors who are full-time employees of the Company are not
allowed to trade in the company’s shares during the period of 3 weeks (or 2 weeks) before and two days after the
annual audited (or reviewed) results respectively are announced.
7. BUSINESS ETHICS
The Company has set up a code of ethics for directors, management and employees as a guideline to
carry out their respective work for the company in a transparent, honest, faithful and justifiable manner.
8. BALANCE OF POWER FOR NON-EXECUTIVE DIRECTORS
Currently, there are 10 directors on the Board of Directors of the Company which consists of 3
Executive Directors and 1 working director (as full-time employees of the Company), 1 Non- Executive Director and
5 Independent Directors. The Audit Committee comprises entirely of Independent Directors.
9. AGGREGATION OR SEGREGATION OF POSITIONS
The Chairman of Board of Directors is an independent director and has no relationship with the
management, as defined by the Stock Exchange of Thailand. The Chairman is not the same person as the managing
director of the Company in order to segregate the duties between the policy maker and the policy manager.
10. DIRECTORS AND MANAGEMENT REMUNERATION
Currently, the Company does not have a Remuneration Committee but the Company has a clear and
transparent directors’ remuneration policy which is approved by the shareholders in the shareholders’ meeting.
The directors who are also appointed as Audit Committee members are entitled to additional remuneration to
compensate for the increased scope of duties and responsibilities.
The management remuneration is fixed in accordance with the principles and policies set by the Board of
Directors and the Board of Directors directly and specifically approves the remuneration of the Executive Board.
During the year 2003 and 2002, the Company paid the Directors meeting fee as the remuneration to
10 directors and 12 directors of Baht 2.44 million and Baht 1.25 million respectively.
During the year 2003 and 2002, the Company paid the remuneration to senior management (including
the Executive Directors) as follows :
11 M
8
6
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10 M
8
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9 M
8
6
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8 M
8
6
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7 M
8
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6 M
8
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4 M
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2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)32
11.°“√ª√–™ÿ¡§≥–°√√¡°“√
§≥–°√√¡°“√¡’°“√ª√–™ÿ¡‚¥¬ª°µ‘‡ªìπª√–®”∑ÿ°‰µ√¡“ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√
°”À𥫓√–°“√ª√–™ÿ¡Õ¬à“ß™—¥‡®π ≈à«ßÀπâ“ ·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ΩÉ“¬‡≈¢“πÿ°“√∫√‘…—∑
‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“„π·µà≈–«“√–°àÕπ°“√ª√–™ÿ¡
≈à«ßÀπâ“ 7 «—π ‡æ◊ËÕ„Àâ§≥–°√√¡°“√‰¥â¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“߇撬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡
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„Àâ√“¬ß“π°“√ª√–™ÿ¡¢Õߧ≥–°√√¡°“√µ√«® Õ∫‰¥â∂Ÿ°‡ πÕ‡¢â“‰ª„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ„Àâ§≥–°√√¡°“√∫√‘…—∑
æ‘®“√≥“·≈–√—∫∑√“∫
πÕ°®“°π’ȉ¥â¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡·≈–®—¥∑”Õ¬à“߇ªìπ≈“¬≈—°…≥åÕ—°…√ ¡’°“√µ√«® Õ∫·≈–√—∫√Õß√“¬ß“π
°“√ª√–™ÿ¡¥—ß°≈à“«®“°§≥–°√√¡°“√ ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡ æ√âÕ¡„Àâ§≥–°√√¡°“√
·≈–ºŸâ∑’ˇ°’ˬ«¢âÕßµ√«® Õ∫‰¥â
ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™—Ë«‚¡ß ‚¥¬„πªï 2546 ∑’˺à“π¡“ §≥–°√√¡°“√¡’°“√ª√–™ÿ¡µ“¡
«“√–ª°µ‘®”π«π 4 §√—Èß ·≈–ª√–™ÿ¡µ“¡«“√–摇»… 1 §√—Èß ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√∫√‘…—∑·µà≈–∑à“π √ÿª‰¥â¥—ßπ’È
ªï 2546 ªï 2545
√“¬°“√ ®”π«π√“¬®”π«π‡ß‘π√«¡
®”π«π√“¬®”π«π‡ß‘π√«¡
(≈â“π∫“∑) (≈â“π∫“∑)
‡ß‘π‡¥◊Õπ 8 22.31 8 19.03
‚∫π— 8 5.19 8 4.62
§à“µÕ∫·∑πÕ◊Ëπ* 8 18.41 8 15.22
√«¡ 8 45.91 8 38.87
* §à“µÕ∫·∑πÕ◊Ëπ‰¥â·°à §à“¿“…’‡ß‘π‰¥â §à“‡™à“∫â“π §à“‡≈à“‡√’¬π∫ÿµ√
°“√‡¢â“√à«¡ª√–™ÿ¡ / °“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)
™◊ËÕ°√√¡°“√ °“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ °“√ª√–™ÿ¡µ“¡«“√–摇»…
æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞– 4/4 1/1
𓬧“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“ ‘¡ 4/4 1/1
π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ 4/4 1/1
𓬧√Ÿ™Ÿ §“≈’ «“‡¥’¬ 4/4 1/1
𓬉®ª“≈ ¡—π ÿ¢“π’ 4/4 1/1
æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ 4/4 1/1
𓬙’√– ¿“≥ÿæß»å 4/4 1/1
π“¬∏’√– «‘¿Ÿ™π‘π 4/4 1/1
𓬠ÿæ—≤πå »‘«–»√’Õ”‰æ 3/4 1/1
π“ß “«π‘™‘µâ“ ™“Àå 3/4 1/1
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 33
11 M
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6
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10 M
8
6
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9 M
8
6
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8 M
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11. BOARD OF DIRECTORS’ MEETINGS
The Board of Directors’ meetings are held quarterly on a regular basis, but extraordinary meetings if
required may be called. The meeting would have the specific agenda, which would include the review of the
Company’s operations. The Company Secretary sends the notice of the meeting and relevant documents to all
directors, at least 7 days prior to the meeting date so as to allow sufficient time for them to review the information
before joining the Meeting.
Board of Directors Meetings are held about 7 to 10 days after Audit Committee meeting so that the
minutes of Audit Committee can be sent to the Board of Directors for their consideration and discussion during
the Board meeting.
In every meeting, the minutes of the meeting are recorded, reviewed and adopted by the Board of Directors.
The minutes of the meeting are kept with the Company Secretary for ready reference and review by other concerned
parties.
The Board of Directors’ meeting normally takes around 2-3 hours. In the year 2003, the Board of Directors
held 4 ordinary meetings and 1 extraordinary meeting. The record of attendance of the Directors is summarized as
follows :
2003 2002
DescriptionNumber Amount Number Amount
of persons (In million Baht) of persons (In million Baht)
Salary 8 22.31 8 19.03
Bonus 8 5.19 8 4.62
Other remuneration* 8 18.41 8 15.22
Total 8 45.91 8 38.87
* Representing income tax, house rental, children’s school fees.
Attendance / Total Meeting (Times) Year 2003
Name of Director Ordinary Meeting Extraordinary Meeting
Admiral Dr. Amnad Chandanamattha 4/4 1/1
Mr. Khalid Moinuddin Hashim 4/4 1/1
Mr. Munir Moinuddin Hashim 4/4 1/1
Mr. Khushroo Kali Wadia 4/4 1/1
Mr. Jaipan Mansukhani 4/4 1/1
Police Lt.Gen Kiattisak Prabhavat 4/4 1/1
Mr. Chira Panupong 4/4 1/1
Mr. Thira Wipuchanin 4/4 1/1
Mr. Suphat Sivasriaumphai 3/4 1/1
Miss Nishita Shah 3/4 1/1
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2 M
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13.√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π
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°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫
∫√‘…—∑œ ¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’˵√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªÆ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë
”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë°”Àπ¥·≈–°ÆÀ¡“¬∑’ˇ°’ˬ«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π
¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π·µà≈–·ºπ°·≈–√“¬ß“πº≈µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫‡æ◊ËÕ„ÀâÀπ૬ߓπµ√«® Õ∫¿“¬„π¡’
§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√
”À√—∫°“√§«∫§ÿ¡¿“¬„π∑’ˇ°’ˬ«¢âÕß°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ
‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∑—Èßπ’ȇæ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ߧ套ߵàÕ‰ªπ’È
1. ‡æ◊ËÕ§«“¡¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√ªØ‘∫—µ‘ß“π √«¡∑—Èß°“√„™â∑√—欓°√∑’Ë¡’Õ¬ŸàÕ¬à“ß®”°—¥‡æ◊ËÕ°àÕ„À⇰‘¥
ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ
2. ‡æ◊ËÕ§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß√“¬ß“π∑“ß°“√‡ß‘π
3. ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑œ ‡ªìπ‰ªµ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ߧ—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’ˇ°’ˬ«¢âÕß
·≈–‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ߧ套߰≈à“«¢â“ßµâπ ∫√‘…—∑œ ®÷ß¡’°“√®—¥°“√√–∫∫°“√§«∫§ÿ¡¿“¬„π„Àâ‡∑’¬∫‡§’¬ß°—∫¡“µ√∞“π
“°≈ À√◊Õ COSO (The Committee of Sponsoring Organizations of the Treadway Commission) ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È
1. ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ (Control Environment)
∫√‘…—∑œ „À⧫“¡ ”§—≠‡°’ˬ«°—∫ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π®÷ß°”Àπ¥„Àâ®—¥∑”§Ÿà¡◊Õπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’
·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®¢÷ÈπÕ¬à“߇ªìπ≈“¬≈—°…≥åÕ—°…√ √«¡∑—Èߪ√–°“»„Àâæπ—°ß“π∑ÿ°§π∑√“∫‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘‡π◊ËÕß®“°
∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ߥ’«à“°“√∑”ß“π¿“¬„µâ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡∑’Ë¥’π—Èπ®– àߺ≈„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªÕ¬à“ß¡’
ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈–°àÕ„À⇰‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ √«¡∑—ÈߺŸâ∑’ˇ°’ˬ«¢âÕß∑ÿ°ΩÉ“¬
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 35
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
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8 M
8
6
4
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7 M
8
6
4
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6 M
8
6
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5 M
8
6
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4 M
8
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3 M
8
6
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2
2 M
8
6
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1 M
12. COMMITTEE
The Board of Directors appointed the Audit Committee as a part of the good corporate governance policy
of the Company. The Details of the members of the committee, their duties and responsibilities are presented
under the sections on “Management Structure” and “Audit Committee Report”.
Currently, the Company does not have a Remuneration Committee but the Company has a clear and
transparent directors’ remuneration policy as explained under the section on “Directors and Management
Remuneration”.
13. CONTROLLING SYSTEM AND INTERNAL AUDIT
The Company recognizes the importance of internal control systems on an operational level to ensure that
the operations are conducted efficiently. Powers and Duties of operations and management level personnel are
laid down clearly. There is a proper level of control maintained on the utilization of Company’s property/assets for
the highest benefit of the Company and there is clear segregation between the operations units, control units and
assessment units for the purpose of maintaining appropriate checks and balances. Moreover, an internal control
system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting
to the relevant management.
The Company has the Internal Audit Department in order to ensure that the key operations and the
financial activities are conducted efficiently under the guidelines and relevant laws. Moreover, to ensure the Company
has complied with laws and regulations relating to the business of the Company, the Internal Audit Department
conducts regular checks. Internal auditors report directly to the Audit Committee on all matters, in order to make
the internal audit department completely independent of management.
Moreover, an internal control system for the financial and accounting functions of the Company is clearly
set up which allows adequate reporting to the relevant managers to achieve the following objectives :
1. Efficient and effective operations, including skillful use of resources for the best benefit of the Company.
2. Accurate, reliable and prompt financial reporting.
3. Full compliance with the Company’s policies, laws and regulations.
For the achievement of such objectives, the Company has implemented the internal control system in
accordance with the recommendations of The Committee of Sponsoring Organizations of the Treadway Commission
(COSO) as follows :
1. Control Environment
The Company has forged ahead with control environment and therefore set up the Corporate Governance
Policy and Business Ethics in writing. They are published to all staff of the Company for the basis of working. The
Company recognizes that the Control Environment will lead to efficiency and effectiveness of work and brings out the
best benefits to the Company.
11 M
8
6
4
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10 M
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6
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9 M
8
6
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8 M
8
6
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7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
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2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)36
2. °“√ª√–‡¡‘𧫓¡‡ ’Ë¬ß (Risk Assessment)
∫√‘…—∑œ µ√–Àπ—°·≈–‡≈Á߇ÀÁπ∂÷ߧ«“¡ ”§—≠¢Õß°“√ª√–‡¡‘𧫓¡‡ ’Ë¬ß«à“‡ªìπ‡§√◊ËÕß¡◊Õ∑’Ë∫àß∫Õ°≈à«ßÀπâ“∂÷ß —≠≠“≥
Õ—πµ√“¬∑’ËÕ“® √â“ߧ«“¡‡ ’¬À“¬„Àâ·°à∫√‘…—∑œ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß°”Àπ¥„Àâ¡’°“√ª√–‡¡‘𧫓¡‡ ’ˬßÕÕ°‡ªìπ 2 √–¥—∫‡ªìπª√–®”
∑ÿ°ªï §◊Õ§«“¡‡ ’ˬ߄π√–¥—∫Õߧå°√´÷Ëß°”°—∫¥Ÿ·≈‚¥¬ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–§«“¡‡ ’ˬ߄π√–¥—∫°‘®°√√¡ ÷Ë߇ªì𧫓¡√—∫º‘¥™Õ∫
√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π·≈–ºŸâªØ‘∫—µ‘ß“π∑ÿ°ΩÉ“¬ §«“¡‡ ’ˬ߄π√–¥—∫Õߧå°√®–∂Ÿ°‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï à«π
§«“¡‡ ’ˬ߄π√–¥—∫°‘®°√√¡π—Èπ®–‡ªìπ°“√ª√–‡¡‘π√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π ÷Ëß¡’§«“¡‡ªìπÕ‘ √–°—∫ºŸâªØ‘∫—µ‘ß“π„π
·µà≈–°‘®°√√¡ ÷Ëß¡’§«“¡™”π“≠°“√·≈–‡¢â“„®‡ªìπÕ¬à“ߥ’∂÷ß°√–∫«π°“√∑”ß“π ·≈–𔇠πÕºŸâ∫√‘À“√√–¥—∫ Ÿß‡æ◊ËÕæ‘®“√≥“ ∑—Èßπ’È
‡æ◊ËÕ„Àâº≈°“√ª√–‡¡‘𧫓¡‡ ’ˬ߉¥â –∑âÕπ∂÷ߧ«“¡‡ ’ˬß∑’Ë·∑â®√‘ß∑’ËÕ“®°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–‡æ◊ËÕ„Àâ∫√‘…—∑œ
“¡“√∂°”Àπ¥°≈‰°°“√§«∫§ÿ¡‰¥âÕ¬à“ß∂Ÿ°µâÕß ·≈–‡À¡“– ¡
3. °‘®°√√¡°“√§«∫§ÿ¡ (Control Activities)
°“√ª√–‡¡‘𧫓¡‡ ’ˬߥ—ß°≈à“«¢â“ßµâπ®–¥”‡π‘π°“√§«∫§Ÿàæ√âÕ¡°—∫°“√ª√–‡¡‘π°≈‰°°“√§«∫§ÿ¡‡æ◊ËÕ„Àâ¡—Ëπ„®«à“
∫√‘…—∑œ ¡’°“√®—¥«“ß√–∫∫°“√§«∫§ÿ¡∑’˧√∫∂â«π ‡æ’¬ßæÕ·≈–‡À¡“– ¡ Õ¥§≈âÕß°—∫§«“¡‡ ’ˬߵà“ßÊ ∑’ËÕ“®®–‡°‘¥¢÷Èπ ∑—Èßπ’ȇæ◊ËÕ
‡ªìπ°“√≈¥·≈–°√–®“¬§«“¡‡ ’ˬߵà“ßÊ „Àâ àߺ≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ πâÕ¬∑’Ë ÿ¥ √«¡∑—È߇æ◊ËÕ„Àâ°“√¥”‡π‘πß“π
¢Õß∫√‘…—∑œ ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈
4. “√ π‡∑»·≈–°“√ ◊ËÕ “√ (Information & Communication)
∫√‘…—∑œ „À⧫“¡ ”§—≠‡°’ˬ«°—∫§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢ÕߢâÕ¡Ÿ≈ “√ π‡∑»µà“ßÊ ‚¥¬‡©æ“–∑’Ë¡’π—¬ ”§—≠
√«¡∑—Èߧ«“¡√«¥‡√Á«¢Õß°“√µ‘¥µàÕ ◊ËÕ “√ ∑—Èßπ’ȇæ◊ËÕ„Àâ°“√µ—¥ ‘π„®‡√◊ËÕßµà“ßÊ ‡ªìπ‰ªÕ¬à“ß∂Ÿ°µâÕß ·¡à𬔠·≈–©—∫‰« ‚¥¬®—¥„Àâ¡’
™àÕß∑“ß°“√ ◊ËÕ “√∑—Èß¿“¬„π·≈–¿“¬πÕ°∫√‘…—∑œ Õ¬à“߇ªìπ√–∫∫·≈–¡’ª√– ‘∑∏‘¿“æ ”À√—∫°“√µ‘¥µàÕ ◊ËÕ “√¿“¬„π∫√‘…—∑œ
®–ºà“π√–∫∫ Intranet æπ—°ß“π„π∑ÿ°√–¥—∫™—Èπ√«¡∑—ÈߺŸâ∫√‘À“√√–¥—∫ Ÿß “¡“√∂‡¢â“∂÷ß°—π‰¥âÕ¬à“ß –¥«° √«¥‡√Á« ‡æ◊ËÕ„Àâ°“√
ª√– “π°“√∑”ß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈·≈–∫√√≈ÿ‡ªÑ“À¡“¬∑’Ë«“߉«â ”À√—∫°“√µ‘¥µàÕ°—∫∫ÿ§§≈¿“¬πÕ° ‡™àπ
π—°≈ß∑ÿ𠇪ìπµâπ ∫√‘…—∑œ ¡’™àÕß∑“ß°“√µ‘¥µàÕ ◊ËÕ “√ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«∫‰´¥å¢Õß
∫√‘…—∑œ √«¡∑—ÈߺŸâ∫√‘À“√¢Õß∫√‘…—∑œ ‡Õß°Áæ√âÕ¡∑’Ë®–µÕ∫¢âÕ´—°∂“¡„πª√–‡¥Áπµà“ßÊ ®“°π—°≈ß∑ÿπ√«¡∑—ÈߺŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ
5. °“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈ (Monitoring & Evaluation)
∫√‘…—∑œ °”Àπ¥¡“µ√°“√„π°“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È
√–¥—∫°“√ª√–‡¡‘π ºŸâª√–‡¡‘𧫓¡∂’Ë¢Õß°“√µ‘¥µ“¡
·≈–ª√–‡¡‘πº≈°“√∑”ß“π (µàÕªï)
æπ—°ß“π À—«Àπâ“·ºπ° Õ¬à“ßπâÕ¬ 1 §√—Èß
À—«Àπâ“·ºπ° ºŸâ∫√‘À“√√–¥—∫ Ÿß Õ¬à“ßπâÕ¬ 1 §√—Èß
ºŸâ∫√‘À“√√–¥—∫ Ÿß §≥–°√√¡°“√∫√‘…—∑ Õ¬à“ßπâÕ¬ 4 §√—Èß
º≈®“°°“√µ‘¥µ“¡·≈–°“√ª√–‡¡‘π∑’ˉ¥â®–∂Ÿ°π”‰ª°”À𥇪ìπ·ºπ‡™‘ß°≈¬ÿ∑∏å‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¡’ª√– ‘∑∏‘¿“æ·≈–
ª√– ‘∑∏‘º≈¬‘Ëߢ÷Èπ
πÕ°‡Àπ◊Õ®“°∑’Ë°≈à“«¢â“ßµâπ·≈â« ∫√‘…—∑œ ¬—ß¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’ˇªìπÀπà«¬ß“πµ‘¥µ“¡·≈–ª√–‡¡‘πº≈Õ’°¥â«¬
‚¥¬Õ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈‚¥¬µ√ß®“°§≥–°√√¡°“√µ√«® Õ∫ ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ ¡’Àπâ“∑’˵√«® Õ∫‡æ◊ËÕ„Àâ
¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë
°”Àπ¥·≈–°ÆÀ¡“¬∑’ˇ°’ˬ«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π„π·µà≈–°‘®°√√¡·≈–√“¬ß“πº≈µ√ßµàÕ
§≥–°√√¡°“√µ√«® Õ∫ ∑—Èßπ’ȇæ◊ËÕ„ÀâÀπ૬ߓπµ√«® Õ∫¥”√߉«â´÷Ëߧ«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 37
11 M
8
6
4
2
10 M
8
6
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9 M
8
6
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8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
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2
4 M
8
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3 M
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2 M
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1 M
2. Risk Assessment
The Company recognizes the importance of Risk assessment as the tool to indicate a dangerous signal
that could result in loss and therefore, the Company has annually assessed prominent risks by dividing them into
two categories as being on 1) Organization Level that are managed by Management and published in the Company’s
annual report. or 2) Activities Level for which both, Internal Audit department as independent entity and each
specific department (being in possession of sound knowledge and skills required for operations), are responsible.
Such assessment bring out the risks that affect the Company’s operations which are then required to be managed
through a set up of correct and appropriate control systems. The results of Risk Assessment are reported
periodically to Management for consideration.
3. Control Activities
The Risk Assessment process also involves an assessment of control activities. The objective of
assessment is to ensure that the Company has a good control system and conforms to the related risks to decrease/
or distribute all risks of the Company with a view to ensuring efficiency and effectiveness of operations.
4. Information & Communication
The Company recognizes the importance of accurate, reliable and prompt information & communication.
It leads to accurate and timely data being made available for decision making. The Company has provided an effective
communication system, including internal and external channels. For the internal channel, all staff and Management
can easily communicate through the Intranet System for the efficiency and effectiveness of communication and
achieve the Company’s objectives. For the external channel, the Company provides the information though the
channel of SET, the Company’s web site and the Company’s top management is very prompt in answering any
queries which may be raised by Investors or any stakeholder.
5. Monitoring & Evaluation
The Company features a performance monitoring and evaluation system as follows :
The results of monitoring and evaluation are considered while setting up the Company’s strategic plans.
Moreover, Internal Audit department evaluates the monitoring systems and activities under the close
supervision of the Audit Committee. Internal Audit department also reviews whether the key operations and the
financial activities are conducted efficiently and whether the same are in compliance with relevant laws. Further, to
Level Monitored and Evaluated byThe frequency of monitoring
and evaluation (per year)
Staff Head of Department At least 1 time
Head of Department Management At least 1 time
Management Board of Directors At least 4 times
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8
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)38
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‡ ’ˬ߷≈–π”À≈“¬‡§√◊ËÕß¡◊Õ ”À√—∫¡“µ√°“√§«“¡‡ ’ˬߡ“„™â ·≈–𔉪 Ÿà°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑—Èßπ’Èªí®®—¬§«“¡‡ ’ˬß∑’Ë ”§—≠‰¥â
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§ÿ≥ ÿ∏“¥“ ‡¡¶√ÿà߇√◊Õß°ÿ≈ ‚∑√»—æ∑å 02 237 8700-4 µàÕ 954
§ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ‚∑√»—æ∑å 02 237 8700-4 µàÕ 951
À√◊Õ∑’Ë Õ’‡¡≈å¢Õß∫√‘…—∑œ psl@preciousshipping.com
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 39
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ensure that the Company has complied with laws and regulations relating to the business of the Company, the Internal
Audit Department conducts regular checks. Internal auditors report directly to the Audit Committee on all matters in
order to make the internal audit department completely independent of management.
In relation to Risk Management, Internal Auditors have reviewed and assessed the risks of the
Company and found that the Company has identified the risks and has applied the various tools of measurement of
the risks and thereafter has taken steps to manage these risks. Significant risk factors are laid down in the Annual
Report for the benefit of the shareholders and investors.
14. BOARD OF DIRECTORS’ REPORT
The Board of Directors is responsible for the Company and its subsidiaries’ financial statements and
financial information presented in this annual report. The Report of the Board of Directors’ Responsibilities for
Financial Statements is presented along with the audit report in this annual report.
15. RELATIONS WITH INVESTORS
The Board of Directors recognizes the importance of accurate, complete and transparent disclosure of
financial information and general information, which may affect the Company share price. The Company provides
the information through the channel of SET, the Company’s website and through regular newsletters and commu-
nications from the Managing Director. While the Company undertakes investor relations at the top management
level, the Company has also designated the officers as the contact points in the Company to service investors,
shareholders, analysts and public as under :
Khun Sutada Mekrungruengkul Telephone 66 2237 8700-4 ext. 954
Khun Somprathana Thepnapaplern Telephone 66 2237 8700-4 ext. 951
Or email at psl@preciousshipping.com.
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ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 41
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The Company has classified the various risk factors the Company is exposed to into three categories viz.
Operating Risk, Financial Risk and Market Risk. The significant risk factors under each of these categories are
explained as under :
OPERATING RISK
The Company, as an owner and operator of ocean-going vessels operating without any geographical
limitations is exposed to risks of marine disaster, environmental mishaps resulting in substantial claims, cargo/
property loss or damage and business interruptions due to accidents or other events caused by mechanical failure,
human error, political action in various countries, labor strikes, terrorist actions, piracy, adverse weather conditions
and other such circumstances and events. This could result in increased costs or loss of revenues. However, to cover
against most of these risks, which are standard for an International Ship owner/Operator, insurance covers are
available in the international insurance industry. Accordingly, the Company is adequately covered against such
aforesaid circumstances and events.
The operations of the Company depend on extensive and changing environment protection laws and other
maritime regulations, compliance with which may entail the risk of significant expenses, including expenses for ship
modifications and changes in operating procedures. However, the Company is vigilant on these issues and maintains
internationally prescribed safety and technical standards.
The operations of the ships and the management of the Company as a public company listed on the Stock
Exchange of Thailand require skilled personnel to be employed as crew to operate its ships and managers at the
corporate level with appropriate knowledge and experience. Sourcing and retaining such personnel is crucial for
the business operations of the Company. However, due to the adoption of fair and reasonable staffing policies, the
Company has hitherto been quite successful in sourcing and retaining such highly skilled personnel, and does not
expect any future cause for concern in this regard.
As a publicly listed Company, the Company is required to comply with various laws and regulations and
failure to comply with any one or more of such law and/or regulation could expose the Company to penalties or other
legal action against the Company and its senior management. The Company remains vigilant on this issue and
has taken adequate steps to employ qualified staff and also adopted adequate and effective systems to ensure full
compliance with all laws and regulations.
The Company is not exposed to any risk of increased costs due an increase in international oil prices, since,
wherever the Company is required to incur fuel costs (in case of a Voyage Charter), increases in oil price is passed on
to the Customers since the freight rates are quoted and charged after incorporating the increased fuel cost.
FINANCIAL RISK
Almost the entire Revenues and Expenses of the Company are denominated in US Dollars. Further,
almost all the Fixed Assets of the Company, viz., ships are US Dollar based assets, since they are readily salable in
US Dollars in the International market. Therefore, the Company is exposed to a Foreign Exchange risk in respect of its
liabilities in any currency other than US Dollars. The US Dollar equivalent figure of such Thai Baht debt may increase or
decrease with a fluctuation in the prevailing Thai Baht/US Dollar rate. In recognition of this risk, the Company has
attempted to maintain least possible exposure in other currencies and accordingly as on 31st December 2003 the
Company did not have any debt denominated in Thai Baht.
A substantial portion of the Company’s secured loans carry interest at floating rates based on LIBOR (London
Inter-Bank offered rate) and as such, the Company is exposed to fluctuations in its interest rates due to a change in the
LIBOR. The Company monitors market interest rates regularly and remains vigilant on this issue.
SIGNIFICANT RISK FACTORS
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√“¬‰¥â¢Õß∫√‘…—∑œ ¡“®“°®”π«π¢Õß≈Ÿ°§â“À≈“°À≈“¬·≈–‰¡à¢÷ÈπµàÕ≈Ÿ°§â“√“¬„¥√“¬Àπ÷Ëß„π°“√¥”‡π‘π∏ÿ√°‘® ¥—ßπ—Èπ∫√‘…—∑œ
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ª√– ∫¿“«–¢“¥∑ÿπ
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 43
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With the amendment of the terms and conditions of the Redeemable Convertible Debentures (RCD), the
convertibility option in the instrument has been removed, and all the RCD are now redeemed and therefore, the
shareholders of the Company are no longer exposed to any risk of potential dilution in their shareholdings due to any
outstanding equity instruments.
MARKET RISK
The shipping industry and market has been cyclical, experiencing volatility in profitability, vessel values and
freight rates, resulting from changes in the supply of and demand for shipping capacity, as explained in the section on
“Nature of Business and Industry” of this Report. The Company has traditionally marketed all (except the one Cement
Carrier) its ships in the spot market and has therefore been exposed to market fluctuations and the cyclical nature of
the business. However, the Company believes that by being in the “niche” small handy size sector of the industry,
wherein there is a fundamental advantage of demand over supply, some downside protection against the cyclical
nature of the business is provided.
The demand side of the Company’s business is generated by the quantity of cargo its vessels are required
to transport. The generation of this demand is mainly dependent on World Trade and Economic Growth. Severe
depression in Growth and Trade could reduce the demand for ships. The recent spurt in demand for shipping capacity
has largely been driven by the demand from China which is importing commodities in huge quantities for major
infrastructure projects. If there is a significant reduction in the Demand from China, it could have an impact on
overall demand for Shipping Capacity, which could lead to a significant fall in freight rates and could also be coupled
with a fall in ship values. The Company has recently acquired a number of second hand ships at market values while
the market has been in the midst of this upturn, and therefore, the Company is exposed to the risk of reduced
earnings and/or fall in asset values if there is any significant downturn in the market. The Company has attempted
to cover this risk by entering into period charters or contracts for a longer period for a large number of its ships,
whereby the Company is able to “lock-in” future earnings at current high freight rates.
As indicated above, the Company has entered into a number of contracts for longer periods at current high
freight rates. In case of a fall in the market and consequent fall in freight rates, the Company’s customers (Charterers)
with whom the period charters have been signed could default in their obligations, pursuant to which, the Company will
not be able to achieve the higher contracted freight rates and would then be forced to contract these ships in the
spot market in a depressed market when market freight rates would be lower. However, the Company is conscious of
the Counter-party risk associated with its period charters and accordingly takes steps in analysing the counter-party
risk of its potential charterers, particularly those with whom the Company intends to sign period charters and such
contracts (Charters) are signed only with first class charterers with the highest possible credit ratings.
The Company’s ships ply in international waters all over the world and the employment of its vessels is quite
evenly distributed, without any concentration in any particular area. As such, the Company is not exposed to a risk of
geographical concentration of the Company’s market and its customers. Therefore, any major adverse change in the
market conditions in any particular area of the world due to war, political action, or any other reason shall not result
in a significant drop in revenues.
The Company’s revenues are generated from a number of customers and the Company is not dependent on
any single customer for the majority of its business. As such, the Company is not exposed to any risk of concentration
of its business with any one customer and any loss of business from one such customer shall not have any significant
impact on the Company’s business and will not result in sudden loss of revenues.
11 M
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)44
°Õß°”≈—߇√◊ÕFLEET LIST
1 øŸ®‘´“π ¡“√Ÿ * Fujisan Maru * ∫“Œ“¡“ Bahamas 2519 1976 16,922
2 ¡√°µ π“√’ Morakot Naree ‰∑¬ Thai 2525 1982 17,692
3 ™Æ“ π“√’ Chada Naree ‰∑¬ Thai 2524 1981 18,668
4 ¡ÿ°¥“ π“√’ Mukda Naree ‰∑¬ Thai 2524 1981 24,001
5 π≈‘π’ π“√’ Nalinee Naree ‰∑¬ Thai 2524 1981 24,912
6 «π– π“√’ Wana Naree ‰∑¬ Thai 2523 1980 26,977
7 ®“¡®ÿ√’ π“√’ Jamjuree Naree ‰∑¬ Thai 2525 1982 25,073
8 Õ‚π¥“¥ π“√’ Anodad Naree ‰∑¬ Thai 2523 1980 25,502
9 √®‡√¢ π“√’ Rojarek Naree ‰∑¬ Thai 2523 1980 23,991
10 ¡≥±‘√“ π“√’ Monthira Naree ‰∑¬ Thai 2523 1980 29,489
11 ¡—≈≈‘°“ π“√’ Mallika Naree ‰∑¬ Thai 2527 1984 23,386
12 ·«π¥“ π“√’ Vanda Naree ‰∑¬ Thai 2528 1985 23,849
13 √¡‘µ“ π“√’ Ramita Naree ‰∑¬ Thai 2526 1983 23,360
14 ÿ¡π“ π“√’ Sumana Naree ‰∑¬ Thai 2527 1984 23,423
15 ¿«‘µ√“ π“√’ Pawitra Naree ‰∑¬ Thai 2528 1985 21,654
16 π—™™“ π“√’ Natcha Naree ‰∑¬ Thai 2527 1984 23,593
17 Õ¿‘ √“ π“√’ Apisara Naree ‰∑¬ Thai 2539 1996 18,596
18 »‘‚√√—µπå π“√’ Sirorat Naree ‰∑¬ Thai 2527 1984 29,125
19 ∫ÿ…√“ π“√’ Bussara Naree ‰∑¬ Thai 2540 1997 18,573
20 ÿ™“¥“ π“√’ Suchada Naree ‰∑¬ Thai 2537 1994 23,732
21 ª√‘≥¥“ π“√’ Parinda Naree ‰∑¬ Thai 2538 1995 23,720
22 «√“≈’ π“√’ Waralee Naree ‰∑¬ Thai 2525 1982 25,413
23 ∫ÿ≥±√‘°“ π“√’ Boontrika Naree ‰∑¬ Thai 2533 1990 27,881
24 ∏“√‘≥’ π“√’ Tharinee Naree ‰∑¬ Thai 2537 1994 23,724
25 ™≈≈¥“ π“√’ Chollada Naree ‰∑¬ Thai 2540 1997 18,485
26 ≈‘≈∑‘æ¬å π“√’ Salinthip Naree ‰∑¬ Thai 2525 1982 21,259
27 ¥ÿ ‘µ“ π“√’ Dusita Naree ‰∑¬ Thai 2540 1997 18,486
28 ‡Õ¡«‘°“ π“√’ Emwika Naree ‰∑¬ Thai 2540 1997 18,462
29 æ—™√– π“√’ Patchara Naree ‰∑¬ Thai 2527 1984 25,403
30 æ≈Õ¬‰æ≈‘π π“√’ Ploypailin Naree ‰∑¬ Thai 2538 1995 26,472
√«¡ Total 691,823
≈”∑’Ë ™◊ËÕ‡√◊Õ VESSEL NAME —≠™“µ‘ FLAG ªï∑’Ë √â“ß YEAR ¢π“¥√–«“ß∫√√∑ÿ°NO. æ.». BUILT DEAD WEIGHT
TONNES (DWT)
À¡“¬‡Àµÿ : * °≈ÿà¡∫√‘…—∑æ√’‡™’¬ ™‘æªîôß ∂◊ÕÀÿâπ√âÕ¬≈– 64Remarks : * 64 % shares held by PSL Group
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546As on 31st December, 2003
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 45
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‚§√ß √â“ß√“¬‰¥âREVENUE STRUCTURE
‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„π√Õ∫ 2 ªï∑’˺à“π¡“Revenue structure from the operation of the Company and Subsidiaries for the last 2 years
ªï 2546 / YEAR 2003
Àπ૬ : ≈â“π∫“∑ / UNIT : BAHT MILLION
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2
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56
ªï 2545 / YEAR 2002
Àπ૬ : ≈â“π∫“∑ / UNIT : BAHT MILLION
3,796.88 (95.15%)
(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊ÕVessel operating income
6.26 (0.16%)
(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√Service income
1.26 (0.03%)
(3) ¥Õ°‡∫’Ȭ√—∫Interest income
0.18 (0.00%)
(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√Gain on disposals
of fixed assets
184.19 (4.62%)
(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπExchange gains
1.76 (0.04%)
(6) √“¬‰¥âÕ◊ËπOther income
3,290.90 (96.72%)
(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊ÕVessel operating income
7.58 (0.22%)
(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√Service income
3.26 (0.10%)
(3) ¥Õ°‡∫’Ȭ√—∫Interest income
23.66 (0.70%)
(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√Gain on disposals
of fixed assets
73.12 (2.15%)
(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπExchange gains
3.87 (0.11%)
(6) √“¬‰¥âÕ◊ËπOther income
4
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§à“√–«“߇√◊Õ‰¥â∑” ∂‘µ‘ Ÿß ÿ¥§√—Èß„À¡à„π∑ÿ°∫√‘…—∑‡®â“¢Õ߇√◊Õ‡¥‘π∑–‡≈‡¡◊ËÕ‡∑’¬∫°—∫µ≈“¥¢π àß ®“°¢âÕ‡∑Á®®√‘ß„π¥â“π®”π«π‡√◊Õ
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∂“π°“√≥å∑—ÈßÀ¡¥π’È∫√‘…—∑œ ‰¥â‡¢â“¡“´◊ÈÕ‡√◊Õ¡◊Õ Õ߇æ‘Ë¡°”≈—ß°Õ߇√◊Õ ‡æ◊ËÕ∫√‘…—∑œ ®–‰¥âª√–‚¬™π宓°µ≈“¥∑’Ë¥’®–∑”„Àâ∫√‘…—∑œ
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2. ∑‘»∑“ßÕÿª ߧå Õÿª∑“π¢Õß‚≈° ”À√—∫‡√◊ÕÕ‡π°ª√– ߧå¢π“¥‡≈Á°
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°—∫ªï 2545 ·µàÕ—µ√“°“√ª≈¥√–«“ß™–≈Õµ—«≈߇¡◊ËÕ„°≈â ‘Èπªï ‚¥¬‡√◊Õ„π°≈ÿà¡¢π“¥‡¥’¬«°—∫æ’‡Õ ·Õ≈∂Ÿ°ª≈¥√–«“ß∑—ÈßÀ¡¥ 109
≈” àߺ≈„Àâ¡’Õ—µ√“°“√≈¥≈ß ÿ∑∏‘ª√–¡“≥√âÕ¬≈– 3.5 „π°≈ÿà¡°Õ߇√◊Õπ’È∑—ÈßÀ¡¥ °“√≈¥≈ß Ÿß ÿ¥‡°‘¥¢÷Èπ„πªï 2543 §◊Õ¡’Õ—µ√“
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 47
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1. MARKET CONDITIONS
Precious Shipping PCL (hereinafter referred to as PSL or the Company) continues to own and operate its
ships on a tramp-shipping basis in the small handy size sector of the Dry Bulk International Shipping market.
Historically, the shipping industry has been a cyclical industry characterized by volatility with approximately
2-3 years of declining charter rates needed to stabilize supply and demand before utilization rates and consequently
freight rates begin to increase. The demand in the small handy size market is fragmented because of the broad
cargo base and multitude of ports serviced by this market segment. However, because this segment caters to a wide
variety of cargoes and calls on smaller ports, the demand is less volatile compared to the larger ships. On the supply
side also the industry is highly fragmented. The world fleet of about 3,000 ships in this segment has the largest
operator having slightly over 60 ships or 2% market share. Since the third quarter of 2003 and particularly from
the last quarter, the dry bulk sector of the industry has witnessed a remarkable upturn due to a number of factors
but primarily due to a combination of increased demand from China for bulk commodities and limited supply of dry
bulk capacity leading to very high freight rates. The dry bulk sector of the industry is currently in the midst of an
unprecedented bull run of the freight market, which has resulted in record freight levels being achieved currently by
most shipping companies of the world. In view of the fact that supply is not expected to increase substantially in the
next two years through end of year 2006, coupled with continued high demand for dry bulk cargo movement in the
world, particularly into China, it is expected that the present high freight levels should continue for the next 2 or even
3 years. Consequently, the Company with its increased fleet is well poised to take advantage of the better market
conditions and achieve very good results.
2. WORLD DEMAND-SUPPLY OUTLOOK (SMALL HANDY SIZE SECTOR ONLY)
It will be observed from the above chart that ship scrapping for 2003 continued at nearly the same pace
as in 2002 but slowed down near the end of the year with a total of 109 ships being removed from PSL’s sector,
resulting in a net reduction of about 3.5% in the world fleet. The highest previous reduction was in 2000 when there
was a net reduction of 4.5% in the world fleet in PSL’s sector. The reason for a slowing down in the scrapping rate
MANAGEMENT DISCUSSION AND ANALYSIS
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)48
°“√≈¥≈ß ÿ∑∏‘¢Õß°Õ߇√◊Õ„π°≈ÿࡇ√◊Õ‡¥’¬«°—∫æ’‡Õ ·Õ≈√âÕ¬≈– 4.5 „π°≈ÿà¡°Õ߇√◊Õ°≈ÿà¡π’È∑—ÈßÀ¡¥ º≈¢Õß°“√∑’ËÕ—µ√“°“√
ª≈¥√–«“߇√◊Õ∑’ˇæ‘Ë¡¢÷Èπ ∑”„ÀâÕ—µ√“§à“√–«“߇√◊Õ‰¥âª√—∫µ—«¢÷Èπ Ÿß ÿ¥∑”≈“¬ ∂‘µ‘ ≥ ª≈“¬ªï 2546
®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ”À√—∫ªï 2547 Õÿª∑“π¢Õ߇√◊Õ„À¡à¡’‰¡à¡“°‡À¡◊Õπ„πÕ¥’µ∑’˺à“π¡“ °≈à“«§◊Õ„πÕ’°
3 ªï¢â“ßÀπâ“ ‡√◊Õ„π°≈ÿࡇ¥’¬«°—∫æ’‡Õ ·Õ≈¡’§” —Ë߇√◊ÕµàÕ„À¡à‡æ’¬ß√âÕ¬≈– 3.2 ‡¡◊ËÕ‡∑’¬∫°—∫°Õ߇√◊Õ„πªí®®ÿ∫—π ´÷Ëß¡’∂÷ß√âÕ¬≈–
25.70 ∑’Ë¡’Õ“¬ÿ¡“°°«à“ 27 ªï ¥—ßπ—Èπ¥Ÿ‡À¡◊Õπ«à“Õÿª∑“π¢Õ߇√◊Õ®–¡’¿“æ∑’Ëπà“æÕ„®Õ¬à“߬‘Ëß
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 49
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has been the change in the freight market from a state of weakness in the beginning of the year to relative strength
at the beginning of the year to astronomical levels and uncharted territory as the year 2003 ended.
It is evident from the above chart that, for the year 2004, the supply of new ships is marginally strong as
in the immediate past. In PSL’s sector, in the next three years just 3.2% of new ships have been contracted to be
built as against the existing fleet, which has 25.70% of the fleet over 27 years of age. Therefore, the supply side
appears to be most favorable.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)50
®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ¡“°°«à“√âÕ¬≈– 59 ¢Õ߇√◊Õ„π°≈ÿࡇ¥’¬«°—∫æ’‡Õ ·Õ≈®–¡’Õ“¬ÿ‡°‘π 20 ªï ®÷ß¡’°“√
§“¥°“√≥å«à“Õ—µ√“°“√ª≈¥√–«“߇√◊Õ„π 2-3 ªï¢â“ßÀπⓇªìπ‡™àπ‡¥’¬«°—∫„πÕ¥’µ∑’˺à“π¡“ ¥—ßπ—ÈπÕ—µ√“°“√≈¥≈ß ÿ∑∏‘¢Õß°Õ߇√◊Õ
®–‡ªìπª√–‚¬™πåµàÕÕ—µ√“§à“√–«“߇√◊Õ
3. √“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ
µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ (Opex) §◊Õ§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’ˬ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) µàÕ«—πµàÕ≈”‡√◊Õ §”π«≥‚¥¬
∂◊Õ«à“¡’ 365 «—π∑”°“√„π√Õ∫ªï (°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 3.7) ´÷Ëß√«¡∂÷ß§à“„™â®à“¬
´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) µ—¥∫—≠™’·≈–§à“„™â ”À√—∫°“√µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß∫—≠™’
√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ §”π«≥®“°§à“‡™à“§à“√–«“߇©≈’ˬµàÕ«—πµàÕ≈”‡√◊Õ ‚¥¬∂◊Õ«à“¡’ 350 «—π„π√Õ∫ªï
®–‡ÀÁπ«à“√“¬‰¥â‡©≈’ˬµàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ¢÷Èπ‰ª¡“°°«à“ 7,870 ‡À√’¬≠ À√—∞ ¢≥–∑’Ë§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬
‡©≈’ˬ„πªï 2546 Õ¬Ÿà∑’Ë 2,670 ‡À√’¬≠ À√—∞µàÕ«—πµàÕ≈”‡√◊Õ ªí®®ÿ∫—π∫√‘…—∑œ ¡’°”≈—ß°Õ߇√◊Õ ≥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡
2546 ∑’Ë 30 ≈” ¡’√–«“ß∫√√∑ÿ°√«¡ 691,823 ‡¥¥‡«∑µ—π „π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡„π°Õ߇√◊Õ 2 ≈” ´÷Ëß
‡ªìπ°“√‡æ‘Ë¡°”≈—ß°Õ߇√◊Õ¢Õß∫√‘…—∑œ ·≈–‡ªìπ°“√∑”„ÀâÕ“¬ÿ‡©≈’ˬ¢Õß°Õ߇√◊Õ„ÀâÕ¬Ÿà∑’˪√–¡“≥ 16 ªï µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’ˬ
¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 °“√‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“߇√◊Õ„π™à«ß§√÷ËߪïÀ≈—ߢÕߪï 2546 ∑”„Àâ
∫√‘…—∑œ ‰¥â§à“√–«“߇√◊ÕµàÕ«—πµàÕ≈”‡©≈’ˬ∑’Ë 7,870 ‡À√’¬≠ À√—∞ ´÷Ë߇æ‘Ë¡¢÷Èπ√âÕ¬≈– 34 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ∫√‘…—∑œ
§“¥°“√≥å«à“Õ—µ√“§à“√–«“ß∑’Ë Ÿß¬—ß∑√ßµ—«µàÕ‰ªµ≈Õ¥ªï 2547 ·≈–®–‡æ‘Ë¡¢÷Èπ‰ªÕ’° 1-2 ªï¢â“ßÀπâ“ ¢âÕ ¡¡ÿµ‘∞“π¢Õß∫√‘…—∑œ ∑’Ë
°“√§“¥°“√≥å«à“§à“√–«“߇√◊Õ®–ª√—∫µ—« Ÿß¢÷Èπ·≈–¬—ߧßÕ¬Ÿà„π√–¥—∫ Ÿß¡’¥—ßπ’È
‡»√…∞°‘®¢Õߪ√–‡∑»®’π°”≈—ßÕ¬Ÿà„π ¿“«–¡—Ëπ§ß·≈–µ—«‡≈¢°“√π”‡¢â“·≈– àßÕÕ°∑’Ë¡’Õ¬Ÿà„π¢≥–π’Èπà“®–¬—ߧß√—°…“
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‡»√…∞°‘®¢Õߪ√–‡∑» À√—∞Õ‡¡√‘°“°”≈—߇µ‘∫‚µ·≈–µ—«‡≈¢‡»√…∞°‘®®–‰¡àµ°‡°‘π°«à“∑’ˇ§¬‡ªìπÀ√◊Õ®–‰¡à‡¢â“ Ÿà¿“«–
‡»√…∞°‘®µ°µË”
√“§“πÈ”¡—π®–‰¡à¢÷Èπ Ÿß‰ª°«à“ 30 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“µàÕ∫“√å‡√≈ À√◊ÕÀ“°√“§“πÈ”¡—πª√—∫µ—«¢÷Èπ Ÿß∂÷ß√–¥—∫
¥—ß°≈à“«°Á®–‡ªìπ‡æ’¬ß√–¬–‡«≈“ —ÈπÊ ‡∑à“π—Èπ
®–‰¡à¡’‡Àµÿ°“√≥å°àÕ°“√√⓬√ÿπ·√ß∑’Ë®– àߺ≈°√–∑∫µàÕ°“√§â“¢Õß‚≈°Õ’°
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 51
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As observed from the above charts, with over 59% of the world fleet in PSL’s sector being greater than 20
years of age, it is expected that the scrapping rate in the next few years will reflect that of the immediate past. This
consistent net reduction in fleet size is expected to be beneficial to freight rates.
3. SHIP EARNINGS AND OPERATING EXPENSES
Opex - Average operating expenses (excluding depreciation) per day per ship computed over a 365 days
operating cycle and includes amounts amortised per accounting policy (note 3.7 of audited financial statements) for
Dry-docking and Special Survey expenses and shown as “depreciation and amortisation” in the financial statements.
Income - Average time-charter equivalent earnings per day per ship computed over a 350 days cycle
The average earnings per day per ship during 2003 reached US$ 7,870 while average daily operating
expenses per ship for 2003 were US$ 2,670 per day per ship. The fleet size as at 31st December 2003 stands at
30 ships with an aggregate capacity of 691,823 dwt. During the year 2003, the company has bought 2 vessels
which have enabled the company to increase the aggregate capacity and maintain the average age of the
Company’s fleet at around 16 years. The average daily Vessel operating cost has marginally increased as compared
to the year 2002. The significant improvement in the freight rates in the second half of 2003 has enabled the
Company to achieve average daily earnings per ship of US$ 7,870 which is a 34% increase as compared to Year
2002. The Company expects that this is likely to continue during the rest of 2004 and next 1-2 years. The main
underlying assumptions that would support the continued improvement and firming up of these freight rates in our
view are :
The Chinese economy will remain stable and existing imports/exports continue to remain at about
same level.
The US economy will grow and will not go into a double dip or any other form of recession.
Oil prices will not spike above USD 30 per barrel, and if so, will not remain at such levels for any
appreciable length of time.
There will be no significant terrorist incident thereby hampering global trade.
11 M
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)52
* EBITDA §‘¥À≈—ß®“°°“√À—°§à“„™â®à“¬µ—¥∫—≠™’¢Õß§à“„™â®à“¬´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) ·≈–§à“„™â®à“¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey)‡™àπ‡¥’¬«°—∫ªï°àÕπÊ ´÷Ëß§à“„™â®à“¬‡À≈à“π’È∂Ÿ°√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√‡¥‘π‡√◊ÕÕ¬Ÿà·≈â«
** ®”π«πÀÿâπ¢Õß∑—Èß Õߪ六¥À≈—ß®“°·µ°æ“√凪ìπ 1 ∫“∑µàÕÀÿâπ
4. º≈°“√¥”‡π‘πß“π∑“ß°“√‡ß‘π
ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑‰¥â Õ∫∑“π‚¥¬∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ·≈–∂Ÿ°ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å
À√—∞Õ‡¡√‘°“·≈–¡’°“√ Õ∫∑“π‚¥¬π—°∫—≠™’Õ‘ √–-∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ®“°‡Àµÿº≈∑’ˉ¥â
Õ∏‘∫“¬„πÀπâ“√“¬ß“π°àÕπß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ (®—¥‡√’¬ß„À¡à‡æ◊ËÕ· ¥ß„π√“¬ß“πª√–®”ªïπ’È) ∫√‘…—∑œ
‡ÀÁπ«à“ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“®–· ¥ß∂÷ߺ≈°“√¥”‡π‘πß“π∑’Ë·∑â®√‘ߢÕß∫√‘…—∑œ „π√–À«à“ߪï√«¡∂÷ß
‘π∑√—æ¬å Àπ’È ‘π à«π¢ÕߺŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈
µ“¡µ“√“ß∑’Ë®–· ¥ßµàÕ‰ªπ’ȉ¥â √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ”À√—∫ 2 ªï∑’˺à“π¡“ ´÷Ëßµ—«‡≈¢∑’Ë· ¥ßπ—Èπ‰¥âπ”¡“
®“°ß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π·≈–√“¬ß“π‚¥¬ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥
( ”À√—∫ªï 2545 Õ∫∑“π‚¥¬∫√‘…—∑ ‡øÕ√å‡√’¬√å ŒÕ¥®å —π ®”°—¥)
31 ∏.§. 2545 31 ∏.§. 2546
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë ≈â“π¥Õ≈≈“√å À√—∞ ≈â“π¥Õ≈≈“√å À√—∞
ß∫°”‰√¢“¥∑ÿπ
√“¬‰¥â√«¡ 76.82 91.39
°”‰√°àÕπÀ—°¥Õ°‡∫’Ȭ ¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA)* 28.28 46.63
§à“‡ ◊ËÕ¡√“§“* 18.30 17.23
°”‰√°àÕπÀ—°¥Õ°‡∫’Ȭ·≈–¿“…’ 9.98 29.40
¥Õ°‡∫’Ȭ®à“¬ 4.68 6.07
°”‰√®“°°“√¥”‡π‘πß“π 5.30 23.33
°”‰√ ÿ∑∏‘ (0.47) 24.78
ß∫¥ÿ≈
‡ß‘π≈ß∑ÿπ 0.82 2.04
‡√◊Õ‡¥‘π∑–‡≈ 290.04 305.01
‡ß‘π ¥·≈–‡∑’¬∫‡∑à“‡ß‘π ¥ 7.65 22.69
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 14.60 27.15
‘π∑√—æ¬å√«¡ 179.41 193.93
‡ß‘π°Ÿâ¡’À≈—°ª√–°—π 72.46 86.12
Àÿâπ°Ÿâ‡ß‘π∫“∑·≈–Àÿâπ°Ÿâ¬Ÿ‚√ 20.48 0.00
Àπ’È ‘πÀ¡ÿπ‡«’¬π 9.30 12.27
√«¡Àπ’È ‘π 102.24 98.39
∑ÿπ‡√◊ÕπÀÿâπ 20.39 20.39
à«π¢ÕߺŸâ∂◊ÕÀÿâπÀ√◊Õ ‘π∑√—æ¬å ÿ∑∏‘ 77.18 95.53
¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (¥Õ≈≈à“√å À√—∞)** 0.15 0.18
Õ—µ√“ à«π (‡∑à“)
‡ß‘π°Ÿâ/ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1.20 0.90
Àπ’È ‘π√«¡/ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1.32 1.03
‡ß‘π°Ÿâ/EBITDA 3.29 1.85
Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–Àπ’È 1.37 4.46
EBITDA/¥Õ°‡∫’Ȭ 6.04 7.68
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 53
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4. FINANCIAL PERFORMANCE
The Thai Baht Financial Statements are audited by Ernst & Young and restated in US Dollars, which, is
then certified by Baker Tilly FAS (Thailand) Company Limited, Independent Accountants. Due to the reasons explained
in the cover note to the restated US Dollar Financial Statements (reproduced separately in this Annual Report), the
Company is of the opinion that these restated US Dollar statements provide a more realistic, true and fair view of
the financial performance of the Company during the year and also of its Assets and Liabilities on the Balance
Sheet date.
The following table summarises the performance of the company for the last 2 years. All figures
quoted are from the restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Company Limited
(For Year 2002, certified by Ferrier Hodgson.)
* EBITDA and Depreciation are considered after depreciation of dry docking and special survey expenses consistently withprevious years wherein these expenses were included in vessel running expenses.
** Number of shares in both years considered after split of par value to Baht 1 per share.
31st Dec-02 31st Dec-03
For the year ended/as at Million US$ Million US$
Income Statement
Total Revenues 76.82 91.39
EBITDA* 28.28 46.63
Depreciation* 18.30 17.23
EBIT 9.98 29.40
Interest and finance costs 4.68 6.07
Operating profit (loss) 5.30 23.33
Net Profit (Loss) (0.47) 24.78
Balance Sheet
Investments 0.82 2.04
Vessels at Cost 290.04 305.01
Cash & Cash Equivalents 7.65 22.69
Current Assets 14.60 27.15
Total Assets 179.41 193.93
Secured Debt 72.46 86.12
Thai Baht and Euro Bonds (RCD) 20.48 0.00
Current Liabilities 9.30 12.27
Total Liabilities 102.24 98.39
Equity Share Capital 20.39 20.39
Total Shareholders Equity or Tangible Net Worth 77.18 95.53
Net Book Value per share (US$)** 0.15 0.18
Ratios (times)
Funded Debt/Equity 1.20 0.90
Total Liabilities/Equity 1.32 1.03
Funded Debt/EBITDA 3.29 1.85
Debt Service Cover 1.37 4.46
EBITDA/Interest 6.04 7.68
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)54
4.1 √“¬‰¥â·≈–º≈°”‰√
√“¬‰¥â√«¡‡æ‘Ë¡¢÷Èπ®“° 76.82 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 91.39 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡π◊ËÕß®“°
ª√—∫µ—«‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢Õß√“¬‰¥â‡©≈’ˬµàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ Õ—π‡ªìπº≈¡“®“°°“√‡ª≈’ˬπ·ª≈ß
Õ¬à“ß°â“«°√–‚¥¥¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ ¥—ßπ—Èπ àߺ≈„Àâ°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πÀ√◊Õ°”‰√°àÕπÀ—°¥Õ°‡∫’Ȭ ¿“…’
‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ®“° 28.28 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 46.63 ≈â“π
‡À√’¬≠ À√—∞„πªï 2546 ”À√—∫Õ—µ√“§à“√–«“߇©≈’ˬµàÕ«—πµàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ®“° 5,854 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 7,870
‡À√’¬≠ À√—∞ ”À√—∫ªï 2546 „π¢≥–‡¥’¬«°—π∫√‘…—∑œ “¡“√∂§«∫§ÿ¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’ˬµàÕ«—π
µàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ‡æ’¬ß‡≈Á°πâÕ¬®“° 2,604 ‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 2,670 ‡À√’¬≠ À√—∞ „πªï 2546 ∑—ÈßÀ¡¥π’È®÷߇ªìπµ—«
™’È«—¥«à“°”‰√¢—Èπµâπ„πªï 2545 ‰¥âª√—∫µ—«¥’¢÷Èπ„πªï 2546
„π√–À«à“ߪï§à“‡ ◊ËÕ¡√“§“≈¥≈ßµ“¡ —¥ à«π¢Õ߇√◊Õ‡¥‘π∑–‡≈∑’Ë¡’Õ¬Ÿà ”À√—∫¥Õ°‡∫’Ȭ®à“¬‰¥â‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°®“° 4.68
≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 6.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπº≈®“°°“√®à“¬§à“∏√√¡‡π’¬¡«ß‡ß‘π°Ÿâ„À¡à 100 ≈â“π
‡À√’¬≠ À√—∞ ·≈–¥Õ°‡∫’Ȭ®“°Àÿâπ°Ÿâ∑’˵âÕß®à“¬®π°√–∑—ËßÀÿâπ°Ÿâ∂Ÿ°‰∂à∂Õπ ‡π◊ËÕß®“°‡ß‘π∫“∑¡’§à“·¢Áߢ÷ÈπµàՇߑπ‡À√’¬≠ À√—∞ Õ—µ√“
·≈°‡ª≈’ˬπ„π√–À«à“ߪï 2546 ¡’§à“µË”≈߇¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡ªìπº≈„Àâ°“√·ª≈Àπ’È ‘π®“°‡ß‘π∫“∑‡ªìπ‡ß‘π‡À√’¬≠ À√—∞
∑”„À⇰‘¥°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ 163 ≈â“π‡À√’¬≠ À√—∞ ´÷Ëß®”π«ππ’È∂Ÿ°√—∫√Ÿâ·≈â«„π√–À«à“ߪï 2546 ‡π◊ËÕß®“°º≈¢Õß
°”‰√¢—Èπµâπ∑’ˇæ‘Ë¡¢÷Èπ„π™à«ßªï 2546 °”‰√®“°°“√¥”‡π‘πß“π∑’ˇæ‘Ë¡¢÷Èπ®“° 5.30 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 23.33
≈â“π‡À√’¬≠ À√—∞„πªï 2546 °”‰√ ÿ∑∏‘‡æ‘Ë¡®“° 0.47 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 24.78 ≈â“π‡À√’¬≠ À√—∞„πªï 2546
‡ªìπº≈®“°°“√‡æ‘Ë¡ Ÿß¢÷Èπ¢Õß°”‰√®“°°“√¥”‡π‘πß“π„πªï 2546 ∑’Ë¡“°°«à“ªï 2545
4.2 ‘π∑√—æ¬å Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ
‡ß‘π≈ß∑ÿπ
µ“√“ߢâ“ß≈à“ßπ’ȇªìπ°“√ √ÿª ∂“π¿“æ°“√≈ß∑ÿπ∑—ÈßÀ¡¥„π‚§√ß°“√√à«¡∑ÿπ„πß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡
2546 (µ—«‡≈¢‡ªìπ¥Õ≈≈“√å À√—∞)
* Equity adjustment À¡“¬∂÷ß°“√ª√—∫ª√ÿß (+ / -) µ“¡«‘∏’ à«π‰¥â‡ ’¬
** Advance À¡“¬∂÷ß ‡ß‘π≈ß∑ÿπ∑’Ë®à“¬‰ª‡æ◊ËÕ‡ªìπ çÀÿâπ∑ÿπé ∑’ËÕ“®®–Õ¬Ÿà„π√–À«à“ß°“√ÕÕ°„∫ÀÿâπÀ√◊Õ‰¥â√—∫À≈—ß®“°«—π∑’Ë 31 ∏—𫓧¡ 2546
·≈–· ¥ß‰«â¿“¬„µâ ç ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπÊé
*** §à“‡º◊ËÕ ”À√—∫‡ß‘π≈ß∑ÿπ· ¥ß√“¬°“√„π√Ÿª¢Õß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ (Provision for possible loss on other investments) à«π§à“‡º◊ËÕ
„π‡√◊ËÕßÕ◊ËπÊ · ¥ß√“¬°“√„π√Ÿª¢ÕßÀπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (Bad debts and allowance for doubtful accounts)
**** ‡ß‘π≈ß∑ÿπ„π Geepee Bulk Handlers Private Limited ª√–‡∑»Õ‘π‡¥’¬ (GPBH) ‰¡à√«¡Õ¬Ÿà„π à«π¢Õ߇ߑπ≈ß∑ÿπ„πß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ
‡π◊ËÕß®“°‰¥â∂Ÿ°µ—¥ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡
Jt Venture ProjectInvestment
**Advance Total***Provisions made for Balance as on 31st December 2003
Cost *Equity Adjt Sub Total Investment **Advance Total Investment **Advance Total
ISPL
Singapore 570,000 136,200 706,200 52,500 758,700 706,200 52,500 758,700 0 0 0
Dhamra 2,562,091 (80) 2,562,011 46,909 2,608,920 2,562,011 46,909 2,608,920 0 0 0
Kakinada 563,549 0 563,549 40,951 604,500 563,549 0 563,549 0 40,951 40,951
Haldia 2,037,650 0 2,037,650 0 2,037,650 0 0 0 2,037,650 0 2,037,650
Sub Total 5,733,290 136,120 5,869,410 140,360 6,009,770 3,831,760 99,409 3,931,168 2,037,650 40,951 2,078,601
SLPG 872,727 (323,596) 549,131 565,934 1,115,065 549,131 565,934 1,115,065 0 0 0
GPBH**** 786,193 0 786,193 0 786,193 0 0 0 786,193 0 786,193
TOTAL 7,392,210 (187,476) 7,204,733 706,294 7,911,027 4,380,890 665,343 5,046,233 2,823,843 40,951 2,864,794
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 55
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9 M
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6 M
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2 M
8
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1 M
4.1 Revenues and Profitability
Total revenues have increased from US$ 76.82 Million in Year 2002 to US$ 91.39 Million in Year
2003. This is mainly due to significant improvement in average earnings per day per vessel in 2003 as compared
to the previous year due to a sharp upturn in the freight markets. Consequently, operating cashflows or Earnings
before Interest, Tax, Depreciation and Amortisation (EBITDA) have increased from US$ 28.28 Million in Year 2002
to US$ 46.63 Million in Year 2003. The earnings per day per ship have increased from US$ 5,854 in Year 2002
to US$ 7,870 in Year 2003 while daily operating expenses have been successfully controlled and have increased
marginally from US$ 2,604 in Year 2002 to US$ 2,670 in Year 2003. This indicates that gross margins have
improved significantly from Year 2002 to Year 2003.
Depreciation has reduced proportionately to the average number of Vessels operated during the Year
whereas interest and finance costs have increased substantially from US$ 4.68 Million in Year 2002 to US$ 6.07
Million in Year 2003 as a result of the fees paid for the new US$ 100 million debt facility and interest on Bonds
paid until the Bonds were redeemed. Due to the appreciation of the Thai Baht against the US Dollar, the exchange
rate during year 2003 was lower as compared to the previous year. As a result of the translation of the Thai Baht
Liabilities into U.S. Dollars, there was an exchange loss of US$ 1.63 million which was fully realized during the year
2003. Due to higher gross margin during 2003, operating profits have increased from US$ 5.30 Million in Year
2002 to US$ 23.33 Million in Year 2003.
The company’s Net Profit (loss) increased from US$ (0.47) Million in Year 2002 to US$ 24.78 Million in
Year 2003. This is mainly due to higher operating profits earned during year 2003 as compared to the year 2002.
4.2 Assets, Liabilities and Shareholders Equity
Investments
The following table summarises the position of all Investments in Joint Ventures in the Financial
Statements as of 31st December 2003 (figures in US Dollars) :
* Equity adjustment means adjustments (+/-) made to value at equity method.** Advance mean contribution made towards “Equity” for which share certificates are awaited or received after 31st December 2003
and are presented under “other current assets”*** Provisions made for “Equity” have been presented as “Provision for possible loss on other investments” and Provisions made for
“Others” have been presented as “Bad debts and allowance for doubtful accounts” and both were made in the Year 2002.**** Investment in Geepee Bulk Handlers Private Limited, India (GPBH) is not reflected in the audited consolidated financial statements
as “Investments” but is eliminated in the process of consolidation
Jt Venture ProjectInvestment
**Advance Total***Provisions made for Balance as on 31st December 2003
Cost *Equity Adjt Sub Total Investment **Advance Total Investment **Advance Total
ISPL
Singapore 570,000 136,200 706,200 52,500 758,700 706,200 52,500 758,700 0 0 0
Dhamra 2,562,091 (80) 2,562,011 46,909 2,608,920 2,562,011 46,909 2,608,920 0 0 0
Kakinada 563,549 0 563,549 40,951 604,500 563,549 0 563,549 0 40,951 40,951
Haldia 2,037,650 0 2,037,650 0 2,037,650 0 0 0 2,037,650 0 2,037,650
Sub Total 5,733,290 136,120 5,869,410 140,360 6,009,770 3,831,760 99,409 3,931,168 2,037,650 40,951 2,078,601
SLPG 872,727 (323,596) 549,131 565,934 1,115,065 549,131 565,934 1,115,065 0 0 0
GPBH**** 786,193 0 786,193 0 786,193 0 0 0 786,193 0 786,193
TOTAL 7,392,210 (187,476) 7,204,733 706,294 7,911,027 4,380,890 665,343 5,046,233 2,823,843 40,951 2,864,794
11 M
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6
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2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
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2
5 M
8
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4 M
8
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3 M
8
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2 M
8
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2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)56
„π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â≈ß∑ÿπ 1.22 ≈â“π‡À√’¬≠ À√—∞ „π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√åµ (Œ—≈‡¥’¬) ÷Ë߇ªìπ
‚§√ß°“√√à«¡∑ÿπ∑’Ë¡’§«“¡√ÿ¥ÀπⓉª‡ªìπÕ¬à“ߥ’ °“√°àÕ √â“ß∑à“‡√◊Õπ’ȇ √Á® ¡∫Ÿ√≥凡◊ËÕ«—π∑’Ë 7 ∏—𫓧¡ 2546 ·≈–°Á‰¥â‡√‘Ë¡‡ªî¥
°“√¥”‡π‘π°“√∑“ß∏ÿ√°‘®·≈⫇¡◊ËÕ«—π∑’Ë 15 ¡°√“§¡ 2547 ‚¥¬¡’æ‘∏’‡ªî¥Õ¬à“߇ªìπ∑“ß°“√‡¡◊ËÕ«—π∑’Ë 23 °ÿ¡¿“æ—π∏å 2547 ‚¥¬
√—∞¡πµ√’«à“°“√°√–∑√«ß°“√¢π àß∑“߇√◊Õ¢Õߪ√–‡∑»Õ‘π‡¥’¬ „π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¡à‰¥âµ—Èß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ
‡π◊ËÕß®“°‚§√ß°“√≈ß∑ÿπ∑—ÈßÀ¡¥∑’Ë¡’Õ¬Ÿà¬—ß¡’¡Ÿ≈§à“∑’Ë¥’Õ¬Ÿà
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ
¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥Õ—π‡ªìπº≈¡“®“°∏ÿ√°‘®∑’Ë¥’¢÷Èπ·≈–°“√‰¥â√—∫™”√–§◊π¢ÕßÀπ’È Ÿ≠ ≈Ÿ°Àπ’È ÿ∑∏‘≈¥≈ß 1.52
≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ≈Ÿ°Àπ’Ȫ√–°Õ∫¥â«¬‡ß‘π∑’˵âÕ߉¥â√—∫®“°µ—«·∑π ºŸâ‡™à“‡√◊Õ∑—ÈßÀ≈“¬·≈–√“¬‰¥â§â“ß√—∫
®“°°“√‡¥‘π‡√◊Õ·∫∫‡ªìπ√“¬‡∑’ˬ«∑’Ë®∫ ‘Èπ·≈â« ‚¥¬∏√√¡‡π’¬¡ªØ‘∫—µ‘∑—Ë«‰ª„π∏ÿ√°‘®°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∫√‘…—∑œ ®–‡√’¬°‡°Á∫
§à“¢π àß®“°≈Ÿ°§â“≈à«ßÀπⓇªìπ®”π«π√âÕ¬≈– 95 ¢Õߧà“√–«“ß„π°√≥’∑’ˇªìπ°“√„Àâ∫√‘°“√‡™à“‡ªìπ√“¬‡∑’ˬ« (Voyage Charter)
·≈–®–‡√’¬°‡°Á∫§à“‡™à“®“°≈Ÿ°§â“≈à«ßÀπâ“∑ÿ° 15 «—π „π°√≥’∑’ˇªìπ°“√„Àâ‡™à“‡ªìπ√–¬–‡«≈“ (Time Charter) ¥—ßπ—Èπ®–‰¡à¡’ªí≠À“
„¥Ê ®“°°“√µ‘¥µ“¡Àπ’È
‘π∑√—æ¬å∂“«√
‘π∑√—æ¬å∂“«√‡æ‘Ë¡¢÷Èπ®“°ªï∑’˺à“π¡“ ÷Ëß¡’º≈¡“®“°°“√ ◊ÈÕ‡√◊Õ 2 ≈” ªï 2546 ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπµ“¡°“√
‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ªí®®ÿ∫—π∫√‘…—∑œ ¡’°Õ߇√◊Õ∑—Èß ‘Èπ®”π«π 30 ≈” ÷Ëß√“¬≈–‡Õ’¬¥‰¥â· ¥ß‰«â
¿“¬„µâÀ—«¢âÕ°”≈—ß°Õ߇√◊Õ„π√“¬ß“πª√–®”ªïπ’È ‡√◊Õ¢Õß∫√‘…—∑œ Õ¬Ÿà„π ¿“æ¥’‡π◊ËÕß®“°¡’°“√∫”√ÿß√—°…“Õ¬à“ßµàÕ‡π◊ËÕ߇æ◊ËÕ„Àâ‡√◊Õ
¡’¡“µ√∞“π Ÿß ÿ¥‡∑à“∑’Ë®–∑”‰¥â
Àπ’È ‘π√«¡
‡ß‘π°Ÿâ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“° 72.46 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 86.12 ≈â“π‡À√’¬≠
À√—∞„πªï 2546 „π¢≥–∑’ËÀπ’ȉ¡à¡’À≈—°ª√–°—π∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ∂Ÿ°‰∂à∂Õπ·≈â«∑—ÈßÀ¡¥ „π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â√—∫«ß‡ß‘π
‘π‡™◊ËÕ„À¡à®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ °—∫∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) ´÷Ëß®”π«π 63.60 ≈â“π‡À√’¬≠ À√—∞
®“°«ß‡ß‘π ‘π‡™◊ËÕπ’È„™â‰ª‡æ◊ËÕ°“√®à“¬§◊πÀπ’È¡’À≈—°ª√–°—π‡¥‘¡ ·≈–Õ’° 15.55 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ËÕ´◊ÈÕ‡√◊Õ 2 ≈” ·≈–®”π«π
6.10 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ËÕ´◊ÈÕ§◊πÀÿâπ°Ÿâ‡ß‘π∫“∑ ∑—ÈßÀ¡¥π’È àߺ≈„ÀâÀπ’È ‘π√«¡≈¥≈ß®“° 102.24 ≈â“π‡À√’¬≠ À√—∞ „πªï 2545
‡À≈◊Õ 98.39 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546
à«π¢ÕߺŸâ∂◊ÕÀÿâπ
∫√‘…—∑œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 24.78 ≈â“π‡À√’¬≠ À√—∞ ∫√‘…—∑œ ‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π
6.52 ≈â“π‡À√’¬≠ À√—∞ (0.50 ∫“∑µàÕÀÿâπ) „π√–À«à“ߪï 2546 º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕߺŸâ∂◊ÕÀÿâπ
à«ππâÕ¬‡æ‘Ë¡¢÷Èπ®”π«π 0.09 ≈â“π‡À√’¬≠ À√—∞ ∑”„Àâ à«π¢ÕߺŸâ∂◊ÕÀÿâπ¡“Õ¬Ÿà∑’Ë 95.53 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546 ÷Ë߇æ‘Ë¡
¢÷Èπ 18.35 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ
º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπµ“¡∑’Ë°≈à“«¢â“ßµâπ∑”„Àâ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µàÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“° 0.15
‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2545 ‡ªìπ 0.18 ‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2546
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 57
11 M
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10 M
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9 M
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8 M
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7 M
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6 M
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5 M
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4 M
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3 M
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2 M
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1 M
During year 2003, The Company invested US$ 1.22 Million in International Seaports (Haldia) Pvt. Limited.
This joint Venture Project is progressing well. This project has completed construction on 7th December 2003, and
commercial operations started on 15th January 2004 with the formal opening on 23rd February, 2004 by the Union
Minister of Shipping, India. During year 2003, the company did not make any provision for possible loss on Invest-
ments as all the remaining investments are considered of good value.
Current Assets
As compared to the end of the year 2002, there is an increase in the current assets as at 31st
December 2003, due to higher cash and cash equivalents. Due to better recoveries, Receivables net of all provisions
which are part of current assets are decreased by USD 1.52 million as compared to the previous year. The amount
presented as receivables is only on account of miscellaneous dues from Agents, Charterers and accrual of income on
the basis of percentage of voyage completed. On a practical level, as is customary in the shipping business, the
Company actually collects almost all its income in advance (95% of Freight in case of a Voyage Charter and 15 days’
Hire in case of Time Charter) and as such, there is no concern on collection of receivables.
Fixed Assets
The fixed assets of the company have increased from previous year’s levels mainly on account of
purchase of 2 ships during year 2003. Total assets have consequently increased on account of increase in fixed
assets. As at 31st December 2003, the Company owned 30 ships, details of which have been provided in the Fleet
List separately in this Report. The ships are of good quality and continue to be maintained to the highest possible
standards.
Total Liabilities
The company’s secured debt has increased from US$ 72.46 Million in Year 2002 to US$ 86.12
Million in Year 2003 whereas all the unsecured loans (RCD) have been redeemed in full. During the year 2003,
company availed new US$ 100 Million facilities from KTB, out of which US$ 63.60 Million was used for repaying
the then existing secured loans, US$ 15.55 Million was used for purchase of 2 vessels and US$ 6.10 Million was
used for buyback of all outstanding THB RCD. This has resulted in reduction of total liabilities from US$ 102.24 in
year 2002 to US$ 98.39 Million at the end of year 2003.
Shareholders Equity
Due to the net profits of US$ 24.78 million earned, interim dividend of US$ 6.52 million (Baht 0.50
per share) paid during the year and net positive increase of US$ 0.09 Million on account of translation adjustment
and minority interest, Shareholders’ Equity is now at US$ 95.53 million, which is an increase of US$ 18.35 million
over the Shareholders’ Equity as compared at the end of the previous year.
As a result of the above increase in Shareholders Equity, the net book value per share has increased
from US$ 0.15 per share as at the end of Year 2002 to US$ 0.18 per share as at the end of Year 2003.
11 M
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10 M
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9 M
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8 M
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7 M
8
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6 M
8
6
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2
5 M
8
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4 M
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3 M
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2 M
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2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)58
4.3 §«“¡ “¡“√∂„π°“√°àÕÀπ’È (Leverage) ¿“æ§≈àÕß (Liquidity) ·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È
(Coverage)
§«“¡‡ ’ˬߥâ“π ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ ‡ªìπ‰ª„π∑“ß∑’Ë¥’¢÷Èπµ—Èß·µà¡’°“√ª√—∫‚§√ß √â“ßÀπ’È„πªï 2543 ·≈–®“°
∂“π°“√≥å∑’Ë¥’¢÷Èπ®“°°“√‰¥â«ß‡ß‘π ‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞ ®“°∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) ∫√‘…—∑œ ‰¥â®à“¬
§◊π‡ß‘π°Ÿâ ‰∂à∂ÕπÀÿâπ°Ÿâ ∑”„Àâ°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’Ȭ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°Õ—µ√“
°”‰√¢—Èπµâπ∑’ˇæ‘Ë¡¢÷Èπ„π√–À«à“ߪï 2546 ¥—ßπ—ÈπÕ—µ√“ à«π°“√°àÕÀπ’È Leverage Ratio ¥’¢÷Èπ ‡ÀÁπ‰¥â®“°°“√≈¥≈ߢÕßÕ—µ√“ à«π
Total Liabilities/Tangible Networth ·≈– Funded Debt/EBITDA ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 √–¥—∫Àπ’È ‘π¢Õß∫√‘…—∑œ ¡’‡æ’¬ß
1.85 ‡∑à“ ¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’Ȭ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ¿“æ√«¡Àπ’È¢Õß∫√‘…—∑œ (Õ—µ√“ à«π
Àπ’È ‘π√«¡µàÕ ‘π∑√—æ¬å ÿ∑∏‘) π—ÈπÕ¬Ÿà„π‡°≥±å¥’¡“°∑’Ë 1.03 ‡∑à“ ´÷Ëߪ√—∫µ—«¥’¢÷Èπ®“°∑’Ë¡“°°«à“ 1.32 ‡∑à“ ≥ «—π∑’Ë 31 ∏—𫓧¡
2545 ·≈–‰¥âÕ¬ŸàµË”°«à“√–¥—∫ 2 ‡∑à“ ÷Ë߇ªìπ√–¥—∫ Ÿß ÿ¥∑’Ë°”À𥉫â„π‡ß◊ËÕπ‰¢¢âÕ∫—ߧ—∫∑“ß°“√‡ß‘π
§«“¡ “¡“√∂„π°“√™”√–Àπ’È¢Õß∫√‘…—∑œ „π√–À«à“ߪï 2546 Õ¬Ÿà∑’Ë 4.46 ´÷Ëß°ÁÕ¬Ÿà„π√–¥—∫∑’Ë¥’°«à“ 1 ‡∑à“ ´÷Ëß
°”À𥉫â„π‡ß◊ËÕπ‰¢¢âÕ∫—ߧ—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’Ȭ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’
(EBITDA) µàÕ¥Õ°‡∫’Ȭ ª√—∫µ—«¥’¢÷Èπµ—Èß·µàªï 2543 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 Õ¬Ÿà∑’Ë 7.68 ‡∑à“ Õ—µ√“ à«π∑—Èß Õߥ—ß°≈à“«· ¥ß„Àâ
‡ÀÁπ∂÷ߧ«“¡ “¡“√∂Õ—π·¢Áß·°√àßµàÕ°“√™”√–Àπ’È ‘π∑’Ë¡’Õ¬Ÿàªí®®ÿ∫—πÀ√◊Õ„π∑“ßµ√ߢⓡ§◊Õ§«“¡ “¡“√∂„π°“√®—¥À“‡ß‘π°Ÿâ∑’Ë¡“°
¢÷Èπ‡æ◊ËÕπ”¡“ª√—∫‡ª≈’ˬπ°”≈—ß°Õ߇√◊Õ
5. «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®“°∏𓧓√ °√ÿ߉∑¬ ®”°—¥ (¡À“™π)
5.1 «ß‡ß‘π ‘π‡™◊ËÕ 100 ≈â“π‡À√’¬≠ À√—∞
‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ ‰¥â≈ßπ“¡‡ Áπµå —≠≠“°—∫∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) ‡æ◊ËÕ√—∫«ß‡ß‘π
‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ ¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢À≈—°Ê ¢Õß ‘π‡™◊ËÕ¥—ß°≈à“« ¡’¥—ßπ’È
«ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ æ√âÕ¡ ”À√—∫°“√‡∫‘°∂Õπ∂÷߇¥◊Õπ¡‘∂ÿπ“¬π 2547 „π√Ÿª·∫∫ Tranche A
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Tranche B “¡“√∂‡∫‘°∂Õπ‰¥â∂÷ߪ≈“¬ªï 2548 «ß‡ß‘π 35 ≈â“π‡À√’¬≠ À√—∞ ‡æ◊ËÕ°“√ ◊ÈÕ‡√◊Õ∑—È߇√◊Õ„À¡à·≈–‡√◊Õ¡◊Õ ÕßÀ√◊Õ
‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ§◊π ÷Ëß ≥ 31 ∏—𫓧¡ 2546 ∫√‘…—∑œ ‰¥â‡∫‘°∂Õπ‰ª ®”π«π 21.65 ≈â“π‡À√’¬≠ À√—∞
‡ß‘π°Ÿâ®–µâÕß™”√–§◊π„π‡«≈“ 7.5 ªï ‚¥¬°“√™”√–‡ªìπß«¥∑ÿ°‰µ√¡“ ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–‡ß‘π„πªï·√°
¥—ßπ—Èπ°“√™”√–§◊π‡ß‘π°Ÿâ®–‡√‘Ë¡„π«—π∑’Ë 30 °—𬓬π 2546
Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°ŸâÕ¬Ÿà∑’Ë USD LIBOR (√“¬ 3 ‡¥◊Õπ) ∫«°¥â«¬ à«π‡æ‘Ë¡§ß∑’Ë
À≈—°ª√–°—π¢Õ߇ߑπ°Ÿâ§◊Õ„Àâ°“√®”πÕ߇√◊Õ (‡ªìπ‡√◊Õ∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥·≈–‡√◊Õ·µà≈–≈”∑’Ë®–´◊ÈÕ) ·≈–§Õπ‚¥¡’‡π’¬¡ 28
ÀâÕß™ÿ¥∑’Ë∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß ·≈–°“√®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬∑’ˇªìπ‡®â“¢Õ߇√◊Õ·≈–§Õπ‚¥¡’‡π’¬¡ —≠≠“‚Õπ ‘∑∏‘„πºŸâ√—∫
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(Õâ“ß∂÷ß√“¬°“√ 5.2 ¢â“ß∑⓬π’È)
5.2 ¢âÕ∫—ߧ—∫∑“ß°“√‡ß‘π·≈–¢âÕ∫—ߧ—∫Õ◊ËπÊ
¢âÕ∫—ߧ—∫¥â“π≈à“ßπ’ȇªìπ¢âÕ∫—ߧ—∫∑’Ë°”À𥂥¬∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) ∑’Ë∫√‘…—∑œ ®–µâÕߪؑ∫—µ‘µ≈Õ¥∂â“
¬—ß¡’«ß‡ß‘π ‘π‡™◊ËÕ®“°∏𓧓√·≈–æ‘®“√≥“®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞‡æ◊ËÕ§ß ∂“π–∑“ß°“√‡ß‘π¢Õß
∫√‘…—∑œ ‰«â„π√–¥—∫∑’ˬա√—∫‰¥â„π√–À«à“ß°“√‡ªìπ≈Ÿ°Àπ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 59
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
4.3 Leverage, Liquidity and Coverage
The company’s credit risk profile has consistently improved since the debt restructure of year
2000. It has further improved by new facility of US$ 100 Million facility from KTB. As the company repaid its debt,
redeemed the RCD, and EBITDA increased due to high margin earned during the year 2003, the leverage ratios have
improved considerably, as evident from lower Total Liabilities/Tangible Networth and Funded Debt/EBITDA. As at
31st December 2003, the company’s debt level is only 1.85 times its EBITDA. The Company’s overall gearing
(Total Liabilities/Tangible Networth) is quite strong at 1.03 times, which is an improvement from over 1.32 times as
at 31st December 2002 and well below the maximum of 2.00 times in compliance with the Financial Covenants.
The company’s debt service cover for year 2003 was 4.46 which is well above 1.00 times in
compliance with the Financial Covenants. The ratio of EBITDA/Interest has improved considerably since Year
2000 and it is now 7.68 times as of 31st December 2003. Both these ratios show company’s strong ability to
service the existing debt or conversely its capacity to raise more debt required for fleet replenishment.
5. NEW FACILITIES AVAILED FROM KRUNG THAI BANK (KTB)
5.1 US Dollars 100 Million credit facility :
On 16th June 2003, the company signed the agreement with KTB for availing the US Dollars 100
Million credit facility. The major terms and conditions of the facility are as under:
US Dollars 65 million was available up to June 2004, as Tranche A for the purpose of refinancing
the existing secured loans. US Dollars 63.60 million was drawn and remains outstanding as at the end of the year
2003. US Dollars 35 million available up to the end of year 2005 for the purpose of acquiring new or second hand
ships. US Dollars 21.65 million has been totally drawn down up to 31st December 2003 to acquire 2 ships and
redeem the THB RCD and remains outstanding as at the end of the year 2003.
The loans are to be repaid in 7.5 years in quarterly installments with a waiver on repayments during
the first year. Accordingly, repayments will commence on 30th September 2004.
The loans are subject to interest at the rate of 3 months’ LIBOR plus margin.
The loans are secured by a mortgage over the ships (existing as well as those acquired) and 28
condominium units owned by the respective subsidiaries of the Company, the pledge of 100% of the shares of the
respective subsidiaries owning the ships and the condominium units, assignment of ship proceeds and insurances of
the ships and condominium units mortgaged.
Adherence to Financial Covenants by the Company (and subsidiaries) based on the consolidated US
Dollars Restated Financial Statements as listed separately. (Refer to item 5.2 hereunder)
5.2 Financial and Non-Financial Covenants :
The following are the key covenants imposed by the KTB and are to be complied by PSL in respect of
the facilities availed from KTB, and are derived from the restated US Dollar Financial Statements to maintain financial
profile of the company at acceptable level during the tenor of the debt.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)60
∫√‘…—∑œ µâÕß∑¥ Õ∫¢âÕ∫—ߧ—∫∑“ß°“√‡ß‘π¥—ß°≈à“«¢â“ßµâπ ·≈–µâÕßπ” àß„∫√—∫√Õß°“√ªØ‘∫—µ‘µ“¡„À⇮â“Àπ’ȇªìπ√“¬‰µ√¡“
¢âÕ∫—ߧ—∫Õ◊ËπÊ ∑’ˉ¡à‡°’ˬ«°—∫¥â“π°“√‡ß‘π
◊∫‡π◊ËÕß®“°º≈¢Õß°“√§◊πÀπ’ȇߑπ°Ÿâ¡’À≈—°ª√–°—π‡¥‘¡∑’Ë¡“®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ·≈–°“√‰∂à∂ÕπÀÿâπ°Ÿâ ∫√‘…—∑œ ‰¡à¡’
¢âÕ®”°—¥„¥Ê µàÕÀ≈—°ª√–°—π∑’ˉ¡à‡°’ˬ«°—∫¥â“π°“√‡ß‘πÕ’°µàÕ‰ª ¥—ßπ—Èππ—∫·µàπ’ȉª∫√‘…—∑œ ‰¥â‡√‘Ë¡·ºπ°“√¢¬“¬°Õ߇√◊Õ·≈– “¡“√∂
‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„π®”π«π 0.50 ∫“∑µàÕÀÿâπ „πªï 2546
6. °“√«‘‡§√“–Àåß∫°“√‡ß‘π√«¡‡ß‘π∫“∑∑’˵√«® Õ∫·≈â«
6.1 °“√«‘‡§√“–Àåß∫°”‰√¢“¥∑ÿπ
„π√–À«à“ߪï 2546 √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ‡æ‘Ë¡¢÷Èπª√–¡“≥√âÕ¬≈– 15 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ·¡â«à“
Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘π °ÿ≈¥Õ≈≈“√åµàՇߑπ∫“∑‚¥¬‡©≈’ˬµË”°«à“ªï∑’˺à“π¡“‡≈Á°πâÕ¬ ·≈–∑’Ë ”§—≠®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546
≈¥≈߇¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ·µà°Á‡ªìπ∑’Ë —߇°µ‰¥â«à“¡’°“√ª√—∫µ—«‡æ‘Ë¡¢÷ÈπÕ¬à“ß™—¥‡®π¢Õß√“¬‰¥âµàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546
‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ Õ—π‡ªìπº≈¡“®“°¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈
„π√–À«à“ߪï 2546 §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ≈¥≈ߪ√–¡“≥√âÕ¬≈–7 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ∑—Èßπ’ȇπ◊ËÕß®“°
Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘π °ÿ≈¥Õ≈≈“√åµàՇߑπ∫“∑‚¥¬‡©≈’ˬµË”°«à“ªï∑’˺à“π¡“‡≈Á°πâÕ¬ ·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß
‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ‚¥¬¿“æ√«¡ ∫√‘…—∑œ ª√– ∫§«“¡ ”‡√Á®„π°“√√—°…“√–¥—∫µâπ∑ÿπ°“√‡¥‘π‡√◊Õ ‚¥¬‡æ‘Ë¡¢÷Èπ®“°ªï
∑’˺à“π¡“‡æ’¬ß√âÕ¬≈– 2 ‡∑à“π—Èπ
„π√–À«à“ߪï 2546 µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ√«¡≈¥≈ߪ√–¡“≥√âÕ¬≈– 13 ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’˺à“π¡“ ‡π◊ËÕß®“°
Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘π °ÿ≈¥Õ≈≈“√åµàՇߑπ∫“∑‚¥¬‡©≈’ˬµË”°«à“ªï∑’˺à“π¡“‡≈Á°πâÕ¬·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß
‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ °“√≈¥≈ß à«π„À≠à¡“®“°°“√≈¥≈ߢÕß§à“„™â®à“¬∑à“‡√◊Õ·≈–§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ߢÕ߇√◊Õ ´÷Ë߇ªìπº≈
¡“®“°°“√¡’∏ÿ√°‘®ª√–‡¿∑√“¬‡∑’ˬ« (voyage charter) ≈¥≈ߪ√–¡“≥√âÕ¬≈– 29 ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’˺à“π¡“
°”‰√¢—Èπµâπ„πªï 2545 ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 48 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ·¡â«à“Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘π °ÿ≈
¥Õ≈≈“√åµàՇߑπ∫“∑‚¥¬‡©≈’ˬµË”°«à“ªï∑’˺à“π¡“‡≈Á°πâÕ¬ ·≈–∑’Ë ”§—≠®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈߇¡◊ËÕ‡ª√’¬∫‡∑’¬∫
°—∫ªï∑’˺à“π¡“ ·µà°Á‡ªìπ∑’Ë —߇°µ‰¥â«à“°”‰√¢—Èπµâπ‰¥â‡æ‘Ë¡ Ÿß¢÷Èπ∂÷ß√âÕ¬≈– 60 ®“°√âÕ¬≈– 47 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ Õ—π‡ªìπ
º≈¡“®“°¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈
®“°º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â√«¡√–À«à“ߪï 2546 π—Èπ‡æ‘Ë¡ Ÿß¢÷Èπ‡¡◊ËÕ‡∑’¬∫°—∫ªï°àÕπ
µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) „πªï 2546 ≈¥≈߇¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π¡“ ¡’ “‡ÀµÿÀ≈—°¡“®“°°“√
≈¥≈ߢÕßµâπ∑ÿπ°“√‡¥‘π‡√◊Õ ·≈–‰¡à¡’°“√∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ·≈–¿“√–§È”ª√–°—π®à“¬ „π√–À«à“ߪï°àÕπ
¢âÕ∫—ߧ—∫∑“ß°“√‡ß‘π
¢âÕ∫—ߧ—∫ Õ—µ√“ —¥ à«π∑’˵âÕߪؑ∫—µ‘ ™à«ß‡«≈“°“√∑¥ Õ∫ ªØ‘∫—µ‘µ“¡À√◊Õ‰¡à
§«“¡ “¡“√∂„π°“√™”√–Àπ’È ‘π(Debt Service) 1 ‡∑à“ √Õ∫ 4 ‰µ√¡“ „™à
¿“æ§≈àÕß (Liquidity Reserve) 100,000 ‡À√’¬≠ À√—∞µàÕ≈”‡√◊Õ √“¬‰µ√¡“ „™à
Àπ’È ‘πµàÕ∑ÿπ (Debt / Equity) 2.00 ‡∑à“ √“¬‰µ√¡“ „™à
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 61
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Financial Covenants
The Company is required to test the above financial covenants and send a compliance certificate on a
quarterly basis.
Non-Financial Covenants
As a result of the refinancing of the restructured secured debt and the redemption of the RCD, the
company is no longer subject to any significant restrictive non-financial covenants. Therefore, the company has now
commenced the expansion of its fleet of ships and has also paid an interim dividend of Baht 0.50 per share in year
2003.
6. REVIEW AND ANALYSIS OF AUDITED CONSOLIDATED THAI BAHT FINANCIAL STATEMENTS
6.1 Analysis of Profit and Loss Account (Statement of Earnings)
During the year 2003 the vessel operating revenues increased by about 15% in absolute terms,
over the operating revenues of the previous year. This is in spite of lower average US Dollar/Thai Baht exchange rate
during the year and lower vessel operating days in 2003 as compared to the previous year. It is to be noted that
there was significant improvement in average earnings per day per vessel in 2003 as compared to that of the
previous year due to a sharp upturn in the freight markets.
During the year 2003, the vessel running expenses decreased by about 7% in absolute terms, over
the operating costs of the previous year. This is due to a lower average US Dollar/Thai Baht exchange rate during the
year, and lower vessel operating days in 2003 as compared to the previous year. On an average basis, the Company
has succeeded in maintaining the operating cost per vessel, which was only about 2% higher as compared to that of
the previous year.
During the year 2003, the total vessel operating costs decreased by about 13% in absolute terms,
over the total vessel operating costs of the previous year. While a slight decrease is due to decrease in lower average
US Dollar/Thai Baht exchange rate during the year, and lower vessel operating days in 2003 as compared to the
previous year, the majority of decrease is due to decrease in vessel disbursements and bunker consumption, which
was due to 29% decrease in voyage charters during the year as compared to the previous year.
Gross Profit has increased by about 48% as compared to the previous year. This was in spite of a
lower average US Dollar/Thai Baht exchange rate during the year and lower vessel operating days in 2003 as
compared to the previous year. It may be noted that the Gross Profit Margin has increased to 60% from 47% as
compared to the previous year, due to a sharp upturn in the freight markets and higher earnings per day per ship.
Covenant Ratio Test Period Compliance
Debt Service (DSCR) 1.00 times Rolling 4 qtrs Yes
Liquidity Reserve US$ 100,000 per vsl Quarterly Yes
Debt/Equity 2.00 times Quarterly Yes
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)62
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°Õ߇√◊Õ‡¡◊ËÕ ‘Èπ ÿ¥ªï§◊Õ 28 ≈” ®“° 31 ≈” ¥—ßπ—Èπ¢π“¥°Õ߇√◊Õ‡©≈’ˬ„πªï 2545 §◊Õ 29.5 ≈” ∑—Èßπ’ȇπ◊ËÕß®“°°“√≈¥≈ߢÕߢπ“¥
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2546 ®÷ߵ˔°«à“Õ—µ√“·≈°‡ª≈’ˬπ‡¡◊ËÕªï°àÕ𠇪ìπº≈„Àâ°“√∫—π∑÷°Àπ’È ‘π °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑‡°‘¥º≈°”‰√®“°
Õ—µ√“·≈°‡ª≈’ˬπ®”π«π 184.19 ≈â“π∫“∑ ´÷Ë߇ªìπº≈°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˇ°‘¥¢÷Èπ®√‘ß 23.15 ≈â“π∫“∑ à«π∑’ˇÀ≈◊Õ
®”π«π 161.04 ≈â“π∫“∑‡ªìπº≈°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß
„π√–À«à“ߪï 2546 Àÿâπ°Ÿâ‰¥â∂Ÿ°´◊ÈÕ§◊π„π√“§“µË”°«à“√“§“Àπ⓵—Ϋ ∑”„À⇰‘¥º≈°”‰√®”π«π 147.61 ≈â“π∫“∑
´÷Ë߉¥â· ¥ß‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ
”À√—∫ªï 2546 ∫√‘…—∑œ ¡’°”‰√ ÿ∑∏‘À≈—ß®“°√“¬°“√摇»…∑—Èß ‘Èπ 1,539.56 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫
ªï∑’˺à“π¡“®”π«π 502.43 ≈â“π∫“∑ “‡ÀµÿÀ≈—°¡“®“°º≈°”‰√ ÿ∑∏‘∑’Ë Ÿß¢÷Èπ Õ—π¡“®“°°”‰√¢—Èπµâπ∑’ˇæ‘Ë¡¢÷Èπ´÷Ëß¡“®“°√“¬‰¥â
µàÕ«—πµàÕ≈”‡√◊Õ‚¥¬‡©≈’ˬ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡Àµÿº≈Õ◊ËπÊ §◊Õ°”‰√∑’ˇæ‘Ë¡¢÷Èπ¡“®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ (‡æ‘Ë¡¢÷Èπ 56.85
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6.2 °“√«‘‡§√“–Àåß∫¥ÿ≈
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ‡æ‘Ë¡¢÷Èπ®”π«π 444.24 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’˺à“π
¡“ ¡’ “‡ÀµÿÀ≈—°®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ Õ—π‡ªìπº≈¡“®“°∏ÿ√°‘®∑’Ë¥’¢÷Èπ ¡’Àπ’È Ÿ≠‰¥â√—∫§◊π·≈–
≈Ÿ°Àπ’È ÿ∑∏‘∑’ˇªìπ à«πÀπ÷ËߢÕß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π≈¥≈ß 71.83 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ∫√‘…—∑œ ¡’ ¿“æ§≈àÕßµ≈Õ¥
ªï 2546 ¥â«¬°“√¥”√߇ߑπ ¥∑’ˇ撬ßæÕ·≈–§“¥«à“®–√—°…“ ∂“π¿“楗߰≈à“«„Àâ¡’Õ¬ŸàµàÕ‰ª
‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õ߇√◊Õ®”π«π 2 ≈” ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπ
‡ªìπº≈®“° ‘π∑√—æ¬å∂“«√·≈– ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ
Àπ’È ‘πÀ¡ÿπ‡«’¬π‡æ‘Ëπ¢÷Èπ 630.17 ≈â“π∫“∑‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õ߇ߑπ°Ÿâ√–¬–¬“«∑’Ë
∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï‡æ‘Ë¡¢÷Èπ
‡ß‘π°Ÿâ√«¡≈¥≈ß 602.17 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡π◊ËÕß®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ∑’ˇÀ≈◊ÕÕ¬Ÿà∑—ÈßÀ¡¥ ®“°
°“√‡∫‘°∂Õπ«ß‡ß‘π°Ÿâ„À¡à‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ 2 ≈” ®÷ß∑”„ÀâÀπ’È¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫
≥ «—π∑’Ë 31 ∏—𫓧¡ 2545 ∑—Èßπ’ȇªìπº≈„Àâ —¥ à«π¢Õ߇ߑπ°Ÿâ√–¬–¬“«‡æ‘Ë¡¢÷Èπ„π∞“π–‡ß‘π°Ÿâ¡’À≈—°ª√–°—π∑’Ë¡“·∑π∑’ËÀÿâπ°Ÿâ∑’ˬ—߉¡à
§√∫°”Àπ¥°“√™”√–§◊π„πªïÀπâ“ ≥ ‘Èπªï 2546
∫√‘…—∑œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 1,536.56 ≈â“π∫“∑ ·≈–‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 260 ≈â“π∫“∑
·≈–°“√‡æ‘Ë¡¢÷Èπ®”π«π 4.72 ≈â“π∫“∑„πº≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π√–À«à“ߪï
∑”„Àâ à«π¢ÕߺŸâ∂◊ÕÀÿâπÕ¬Ÿà∑’Ë 1,957.87 ≈â“π∫“∑ ´÷Ë߇æ‘Ë¡¢÷Èπ 1,281.28 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 63
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
As a result of the higher vessel operating revenues, the total revenues during the year, in absolute
terms, are also higher than that of the previous year.
The total costs (excluding depreciation) in 2003, as compared to the previous year, are lower mainly
on account of reduction of total vessel operating costs, and absence of the provisions made for possible loss on
Investments and the charge on account of the Guarantee Obligation during the previous year.
During year 2003, the company bought 2 vessels making the fleet size at the year end to 30 from
28. Average fleet size for year 2003 was 29 whereas as a consequence of the disposal of 3 vessels during the year
2002, fleet size at the year end was 28 from 31, and thus average fleet size was 29.5 for the year 2002. Due to
reduction in average fleet size, the annual charge of Depreciation is lower than that of the previous year.
Due to the appreciation of the Thai Baht against the US Dollar, the exchange rate as on 31st
December 2003 was lower than the rate at the end of the previous year. As a result of the translation of the
US Dollar liabilities into Thai Baht, there was an exchange gain of Baht 184.19 million. However, only Baht 23.15
million was realized and the balance of Baht 161.04 million remains unrealized.
Certain Redeemable Convertible Debentures (RCD) were bought-back during the year at discounts
to par value, which, resulted in an aggregate gain of Baht 147.61 million. This has been classified as an Extraordinary
Gain in the Financial Statements.
The Company has reported Net Profit after Extraordinary Items of Baht 1,536.56 million for the
year 2003 as compared to Net Profit after Extraordinary Items of Baht 502.43 million in the previous year. The
main reason for the higher Net Profit is increase in gross profit due to an increase in average earnings per day per
vessel as compared to the previous year. The other reasons are higher gain on redemption of RCD (Baht 56.85
million more than the previous year), higher gain on exchange (Baht 110.07 million more than the previous year)
and absence of the provisions made for possible loss on Investments and the charge on account of the Guarantee
Obligation (Baht 192.94 million) during the previous year.
6.2 Analysis of Balance Sheet
As compared to the end of the previous year (2002), there is an increase of Baht 444.24 million in
the current assets as at 31st December, 2003, mainly due to higher Cash and cash equivalents. Due to better
recoveries, Receivables, net of all provisions which are part of current assets decreased by Baht 71.83 million as
compared to the previous year. The company continues to be in a comfortable position in terms of liquidity with
adequate cash balances at all times. This has been the position throughout the year and is expected to continue.
Fixed assets of the company have increased from previous year’s levels on account of the purchase
of 2 vessels. Total assets also increased on account of increase in fixed assets and current assets.
Total current liabilities have increased by Baht 630.17 million as compared to the previous year.
This is mainly due to the increase in the current portion of long term loan by Baht 545.19 million as compared to
the previous year.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)64
6.3 °“√«‘‡§√“–Àå°√–· ‡ß‘π ¥
„π√–À«à“ߪï 2546 ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π ®”π«π 1,998.60 ≈â“π∫“∑ ÷Ë߇æ‘Ë¡¢÷Èπ√âÕ¬≈–
57 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õߪï∑’˺à“π¡“ ‡π◊ËÕß®“°°”‰√¢—Èπµâπ‡æ‘Ë¡¢÷Èπµ“¡∑’ˉ¥âÕ∏‘∫“¬¢â“ßµâπ
À≈—ß®“°√“¬°“√ª√—∫ª√ÿß°“√‡ª≈’ˬπ·ª≈ߢÕ߇ߑπ∑ÿπÀ¡ÿπ‡«’¬π ∫√‘…—∑œ §ß‡À≈◊Õ‡ß‘π ¥®”π«π 2,196 ≈â“π∫“∑
‰«â ”À√—∫„™â„π°‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡∑“ß°“√‡ß‘π
„π√–À«à“ߪï ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®à“¬ÕÕ°‡æ◊ËÕ°“√ ◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 2 ≈” ·≈–§à“„™â®à“¬‡æ◊ËÕ°“√´àÕ¡ÕŸà·Àâß
·≈–°“√µ√«®‡√◊Õ ®”π«π 792.90 ≈â“π∫“∑ ·≈–À≈—ß®“°°“√ª√—∫ª√ÿß√“¬°“√Õ◊ËπÊ ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥ ÿ∑∏‘ ”À√—∫°‘®°√√¡
≈ß∑ÿπ®”π«π 922.45 ≈â“π∫“∑
„π√–À«à“ßªï ¡’°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ√–¬–¬“«∑’Ë¡’À≈—°ª√–°—π®”π«π 3,103 ≈â“π∫“∑ ·≈–¡’°“√‡∫‘°‡ß‘π
°Ÿâ«ß‡ß‘π„À¡à ®”π«π 3,553 ≈â“π∫“∑‡¢â“¡“·∑π πÕ°®“°π—Èπ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ∑—ÈßÀ¡¥®”π«π 739 ≈â“π∫“∑
µ“¡∑’ˉ¥â°≈à“«¢â“ßµâπ ¢≥–∑’Ë°“√¢¬“¬µ—«¢Õßµ≈“¥‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈∑’ˇæ‘Ë¡ Ÿß¢÷Èπ‰¥â àߺ≈µàÕ°“√‡æ‘Ë¡¢÷Èπ
¢Õß°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ °“√∫√‘À“√‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ∑”„Àâ∫√‘…—∑œ “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ‰¥â·≈–¡’‡ß‘π ¥
‡æ’¬ßæÕ‚¥¬‰¡à¡’ªí≠À“ ¿“æ§≈àÕß·µàÕ¬à“ß„¥
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 65
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Total borrowings have decreased by Baht 602.17 million as compared to the previous year because
of the redemption of all the outstanding redeemable convertible debentures (RCD). Due to the drawdown of the
new credit facility for the purchase of 2 vessels, there is an increase in the secured debt as on 31st December
2003 as compared to 31st December 2002. This has also resulted in an increase in current portion of long term
loan at the end of year 2003 as secured loan has replaced the RCD, which were not due for repayment in the next
year.
Due to the profits of Baht 1,536.56 million earned, dividend of Baht 260.00 million paid and net
positive increase of Baht 4.72 million on account of translation adjustment and minority interests during the year,
the Shareholders’ Equity is now at Baht 1,957.87 million, which is an increase of Baht 1,281.28 million over the
Shareholders’ Equity as compared to the end of the previous year.
6.3 Analysis of Statements of Cashflows
During the year under review, Baht 1,998.60 million was generated from operations. This is about
57% more than the cash generated from operations in the previous year. The increase is due to the higher Gross
Profit earned for the reasons explained hereinabove.
After adjusting for the Working Capital Changes, the Company was left with Baht 2,196 million
available for use in investing and financing activities.
During the year Baht 792.90 million was paid mainly for purchase of 2 vessels and dry dock &
special survey incurred. After adjustments, the net cash inflow used in investing activities was Baht 922.45 million.
During the year, Baht 3,103 million of long term secured loans were repaid and a new long term
loan of Baht 3,553 million was availed. Further, Baht 739 million was utilized for the redemption of the RCD.
As explained above, while the increase in freight market had positive impact on the absolute Gross
Profit, efficient working capital management allowed the Company to redeem the RCD and maintain sufficient cash
balances at all times without any kind of liquidity problems.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)66
ºŸâ∂◊ÕÀÿâπ√“¬„À≠àMAJOR SHAREHOLDERS
ºŸâ∂◊ÕÀÿâπ√“¬„À≠൓¡ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 15 ¡’π“§¡ 2547
Major Shareholders per share register as on 15th March 2004
Note : 1 Miss Nishita Shah who is the Diector of the Company,is also the Director and major shareholder of GlobexCorporation Limited and Graintrade Limited
2 Mr. Khalid Moinuddin Hashim is the brother ofMr. Munir Moinuddin Hashim
24.23 %∫√‘…—∑ ‚°≈‡∫Á°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥Globex Corporation Limited125,990,000 shares
23.13 %Õ◊ËπÊOther120,254,250 shares
7.06 %∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥Graintrade Limited
36,734,000 shares
6.06 %∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥
Thai NVDR Co., Ltd.31,534,800 shares
3.44 %∫¡® ‘µ’È·∫ߧå Õ‘π‡µÕ√å‡π™—Ëπ·π≈
( “¢“ ≈—°·´¡‡∫Õ√å°)Citibank International PLC
(Luxembourg Branch)17,893,400 shares
2.43 %摧∑‘§ ·Õπ¥å ’Pictet & Cie12,617,500 shares
12.08 %π“ß “« π‘™‘µâ“ ™“ÀåMiss Nishita Shah62,793,000 shares
1.92 %𓬠™“Àå ´“≈‘≈ ’·«π∑‘≈‘≈Mr.Shah Salil Sevantilal10,007,900 shares
2.26 %∫√‘…—∑ ‡Õ™‡Õ ∫’´’ ( ‘ߧ‚ª√å) πÕ¡‘π’ æ’∑’Õ’ ®”°—¥HSBC (Singapore) Nominees Pte Ltd.11,760,300 shares
7.83 %𓬠¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡
Mr. Munir Moinuddin Hashim40,695,050 shares
9.56 %𓬠§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Khalid Moinuddin Hashim49,719,800 shares
À¡“¬‡Àµÿ : 1 π“ß “« π‘™‘µâ“ ™“Àå ºŸâ´÷Ë߇ªìπ°√√¡°“√¢Õß∫√‘…—∑œ ·≈–‡ªìπ°√√¡°“√ ·≈–ºŸâ∂◊ÕÀÿâπ„À≠à„π∫√‘…—∑ ‚°≈‡∫Á° å§Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥
2 𓬠§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‡ªìππâÕß™“¬¢Õß𓬠¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 67
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
‚§√ß √â“ß°“√®—¥°“√MANAGEMENT STRUCTURE
The Company has 3 Boards / Committees
The Board of Directors
The Executive Board of Directors
The Audit Committee
Election of the Board of Directors
The election of Directors is conducted by the meeting of shareholders. Each shareholder has one vote
per share and each shareholder exercises all votes applicable in appointing one or more person to be a Director.
The candidates are ranked in descending order from the highest number of votes to the lowest, and are
appointed as directors in that order until the director positions are filled. Where the votes for candidates are
tied, which would otherwise cause the number of directors to be exceeded, the Chairman has the casting vote.
The Board of Directors
Powers, duties and responsibilities of the Board of Directors are as follows :
1. The Board of Directors perform their duties in conformity with applicable laws, and carry on the
business of the Company in accordance with the laws, the Company’s objectives and the articles of association
as well as the resolutions of the shareholders’ meetings. They are authorized to carry on any activities as
prescribed in the memorandum or those related thereto under the Public Limited Companies Act B.E. 2535
2. The Directors, in their business conduct, are expected to generally act with care to preserve the
interest of the Company
∫√‘…—∑œ ¡’ §≥–°√√¡°“√ 3 ™ÿ¥ §◊Õ
§≥–°√√¡°“√∫√‘…—∑
§≥–°√√¡°“√∫√‘À“√
§≥–°√√¡°“√µ√«® Õ∫
°“√·µàßµ—Èߧ≥–°√√¡°“√∫√‘…—∑
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µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß„À⇪ìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷߇≈◊Õ°µ—Èß„π§√—Èßπ—Èπ ·≈–„π°√≥’∑’Ë
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§≥–°√√¡°“√¡’Õ”π“®„π°“√·µàßµ—Èß°√√¡°“√∫√‘À“√®“°°√√¡°“√¢Õß∫√‘…—∑œ ‚¥¬¡’®”π«π‰¡àπâÕ¬°«à“ “¡§π‡æ◊ËÕ
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1. §≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫®—¥°“√°‘®°“√∑—ÈßÀ≈“¬¢Õß∫√‘…—∑œ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë¥”‡π‘π°“√¿“¬„π¢Õ∫‡¢µ¢Õß
°ÆÀ¡“¬ «—µ∂ÿª√– ߧå·≈–¢âÕ∫—ߧ—∫¢Õß∫√‘…—∑œ ·≈–µ“¡¡µ‘¢Õß∑’˪√–™ÿ¡„À≠ຟâ∂◊ÕÀÿâπ √«¡∑—Èß¡’Õ”π“®°√–∑”°“√„¥Ê µ“¡∑’Ë√–∫ÿ
‰«â„πÀπ—ß ◊Õ∫√‘§≥Àå π∏‘ À√◊Õ∑’ˇ°’ˬ«¢âÕß°—∫°“√¥—ß°≈à“«
11 M
8
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10 M
8
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9 M
8
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8 M
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7 M
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6 M
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5 M
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§≥–°√√¡°“√∫√‘À“√
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3) 𓬧Ÿ™√Ÿ §“≈’ «“‡¥’¬
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1. §≥–°√√¡°“√∫√‘À“√¡’Àπâ“∑’Ë∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œ ¿“¬„µâ¡µ‘ ·≈–√–‡∫’¬∫¢âÕ∫—ߧ—∫¢Õߧ≥–°√√¡°“√∫√‘…—∑
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3. §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®°√–∑”°“√„¥Ê ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬
§≥–°√√¡°“√µ√«® Õ∫
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2) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– °√√¡°“√µ√«® Õ∫
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1. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“߇撬ßæÕ·≈–∂Ÿ°µâÕß
2. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–°“√µ√«® Õ∫¿“¬„π∑’Ë¡’ª√– ‘∑∏‘¿“æ
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°ÆÀ¡“¬Õ◊ËπÊ ∑’ˇ°’ˬ«¢âÕß
4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·µàßµ—Èß·≈–‡ πÕ§à“µÕ∫·∑π·°àºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ œ
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∑“ߺ≈ª√–‚¬™πå „Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π
6. √“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õߧ≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ
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ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 69
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
3. The Board of Directors or the Shareholders at their meeting are entitled to designate the authorized
directors to bind the Company and any two of the following with the Company’s Seal are authorized signatories :
1) Mr. Khalid Moinuddin Hashim
2) Mr. Munir Moinuddin Hashim
3) Mr. Khushroo Kali Wadia
4. The Board of Directors are authorized to sell or mortgage any of the Company’s immovable proper-
ties, to let any of the Company’s immovable properties for the period more than three years, to make a gift, to
compromise, to file complaints to the Court and to submit the dispute to the Arbitration.
The Executive Board of Directors
The following 3 directors are appointed by the Board of Directors as the Executive Directors on
the Executive Board of Directors.
1) Mr. Khalid Moinuddin Hashim
2) Mr. Munir Moinuddin Hashim
3) Mr. Khushroo Kali Wadia
Powers, duties and responsibilities of the Executive Board of Directors are summarized hereunder :
1. To manage the Company’s business under the resolutions / regulations of the Board of Directors.
2. To execute any agreements / contracts binding the Company of which the terms and conditions
must be in the scope of authority vested by the Board of Directors. Such agreements / contracts must be
affixed with signatures of any two Executive Directors together with the Company’s seal.
3. To generally act on behalf and in the interest of the Company and its subsidiaries as may be required
to carry on the business.
The Audit Committee
Board of Directors have appointed the Audit Committee since 24 August 1998 with the term of
2 years for each member. The current Audit Committee Members are following
1) Police LT. Gen . Kiattisak Prabhavat Chairman
2) Admiral Dr. Amnad Chandanamattha Member
3) Mr. Suphat Sivasriaumphai Member
The Audit Committee is responsible to review and report the following matters to the Board of Directors.
1. To review the Company’s financial reporting process to ensure accuracy and adequate disclosure.
2. To ensure that the Company has suitable and efficient internal control system and internal audit.
3. To review the performance of the Company to ensure compliance with the securities and exchange
law, regulations of the Exchange and other laws relating to business of the Company.
4. To select and nominate an external auditor of the Company, including recommendation of remunera-
tion of the external auditor.
5. To review the disclosure of information of the Company in case that there is a connected transaction
or transaction that may lead to conflict of interest so as to ensure the accuracy and completeness.
6. To prepare a report on activities of the Audit Committee and disclose it in an annual report. Such
report must be signed by the Chairman of the Audit Committee.
7. To perform any other act as delegated by the Board of Directors and approved by the Audit Committee.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
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8
6
4
2
6 M
8
6
4
2
5 M
8
6
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4 M
8
6
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3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)70
æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–Admiral Dr. Amnad Chandanamattha
µ”·Àπàß
ª√–∏“π°√√¡°“√∫√‘…—∑, °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–
§ÿ≥«ÿ≤‘°“√»÷°…“
B.Sc. First-Class Hons. Ph.D. «‘»«°√√¡‡§√◊ËÕß°≈ ¡À“«‘∑¬“≈—¬ Leeds ª√–‡∑»Õ—ß°ƒ… ·≈–
«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 28
ª√– ∫°“√≥å
2534 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ Hospital Network ®”°—¥
ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚√ß欓∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥
2542 - ªí®®ÿ∫—π °√√¡“∏‘°“√ √—∞ ¿“
2534 æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ‡ π“∏‘°“√°Õß∫—≠™“°“√∑—Ë«‰ª
2532 - 2534 ‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ
2531 - 2532 √Õ߇®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ
ª√–«—µ‘°“√Õ∫√¡
3 ∏§. 2544 ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
16 æ¬. 2544 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé
®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
31 µ§. 2543 ‡¢â“√à«¡°“√Õ∫√¡„πÀ—«¢âÕ çThe State of Corporate Governance in Europeé
®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 25,000 Àÿâπ
POSITION Chairman of the Board of Directors, Audit Committee Member and Independent Director
EDUCATION B.Sc. First-Class Hons. Ph.D in Mechanical Engineering, University of Leeds, England
National Defense College Group No. 28.
EXPERIENCE
1991 - present Chairman, Precious Shipping Public Company Limited.
Present Chairman, Hospital Network Company Limited.
Chairman, Bangkok 9 International Hospital Company Limited.
1999 - present Commissioner of Parliament
1991 Admiral, General Headquarters, Royal Thai Navy.
1989 - 1991 Director General, Naval Dockyard.
1988 - 1989 Deputy Director General, Naval Dockyard.
TRAINING
3 Dec 2001 Attended the training course on the topic “Chairman 2000”
held by Thai Institute of Directors Association.
16 Nov 2001 Attended the training course on the topic “Effective Audit Committees & Best Practices”
held by Thai Institute of Directors Association.
31 Oct 2000 Attended the training course on the topic “The State of Corporate Governance in Europe”
held by Thai Institute of Directors Association.
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 25,000 shares
ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 71
11 M
8
6
4
2
10 M
8
6
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2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
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4 M
8
6
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3 M
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2 M
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1 M
𓬧“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Khalid Moinuddin Hashim
µ”·Àπàß
°√√¡°“√ºŸâ®—¥°“√ ·≈– °√√¡°“√∫√‘À“√
§ÿ≥«ÿ≤‘°“√»÷°…“
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ª√– ∫°“√≥å
2534 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
2527 - 2534 À—«Àπâ“·ºπ°™‘æªîôß ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥
2522 - 2526 ºŸâ∫√‘À“√Õ“«ÿ‚ ∫√‘…—∑ ·æπ‚Õ‡™’ˬπ π“«‘‡°™—Ëπ ·Õπ ‡∑√¥¥‘Èß®”°—¥
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 (14,669,000) Àÿâπ
POSITION Managing Director and Executive Director
EDUCATION Master Degree in Management Studies Specializing in Finance from the University of Bombay
EXPERIENCE
1991 - present Managing Director, Precious Shipping Public Company Limited
1984 - 1991 Head of Shipping Department, Geepee Corporation Limited
1979 - 1983 Senior Executive, Pan Ocean Navigation & Trading Pte. Ltd.
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (14,669,000) shares
π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Munir Moinuddin Hashim
µ”·Àπàß °√√¡°“√ (°“√æ“≥‘™¬å) ·≈–°√√¡°“√∫√‘À“√
§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√µ≈“¥ ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å
ª√– ∫°“√≥å
2534 - ªí®®ÿ∫—π °√√¡°“√ (°“√æ“≥‘™¬å) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
2529 - 2534 À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√ ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥
2524-2528 À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√æ“≥‘™¬å ∫√‘…—∑ ¡—≈¥’ø å ™‘æªîôß ®”°—¥
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 (56,865,000) Àÿâπ
POSITION Director (Commercial) and Executive Director
EDUCATION Master Degree in Management Studies Specializing in Marketing from the University of Bombay
EXPERIENCE
1991 - present Director (Commercial), Precious Shipping Public Company Limited
1986 - 1991 Head of Operations, Geepee Corporation Limited
1981 - 1985 Head of Commercial Operations, Maldives Shipping Limited
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (56,865,000) shares
BOARD OF DIRECTORS-PROFILE
11 M
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6
4
2
10 M
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6
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9 M
8
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8 M
8
6
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7 M
8
6
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6 M
8
6
4
2
5 M
8
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4 M
8
6
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3 M
8
6
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2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)72
𓬧Ÿ™√Ÿ §“≈’ «“‡¥’¬Mr. Khushroo Kali Wadia
µ”·Àπàß °√√¡°“√∫√‘À“√
§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’ - ∂‘µ‘, §≥‘µ»“ µ√å·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å
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2542 - ªí®®ÿ∫—π °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
2537 - 2542 °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥
2540 - 2541 ºŸâÕ”π«¬°“√ (°“√‡ß‘π·≈–°“√®—¥°“√) ∫√‘…—∑ ™—« å‡∑°´å ®”°—¥
2533 - 2537 ºŸâ®—¥°“√·ºπ°∫—≠™’·≈–°“√‡ß‘π °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥
2531 - 2533 ºŸâ™à«¬ºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ.‡Õø.‡øÕ√å°Ÿ —π ·Õπ¥å ‚§.
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 (195,000) Àÿâπ
POSITION Director (Finance) and Executive Director
EDUCATION Bachelor Degree in Science from University of Bombay
Chartered Accountant from Institute of Chartered Accountants of India.
EXPERIENCE
1999 - present Director (Finance), Precious Shipping Public Company Limited.
1994 - 1999 Director (Finance & Accounts), Maxwin Group of Companies
1997 - 1998 Vice President (Finance & Administration), Suretex Ltd.
1990 - 1994 Financial Controller, Maxwin Group of Companies
1988 - 1990 Assistant Manager, A.F. Ferguson & Co.
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (195,000) shares
π“ß “« π‘™‘µâ“ ™“ÀåMiss Nishita Shah
µ”·Àπàß °√√¡°“√
§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’ “¢“°“√®—¥°“√∏ÿ√°‘® (°“√‡ß‘π ·≈– °ØÀ¡“¬∏ÿ√°‘®), ¡À“«‘∑¬“≈—¬∫Õ µ—π, ‚√߇√’¬π°“√®—¥°“√
ª√– ∫°“√≥å
.§. 2545 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 45,725,000 Àÿâπ
POSITION Director
EDUCATION Bachelor of Science in Business Administration; concentration in Finance and Business Law,
Boston University, School of Management
EXPERIENCE
Aug 2002 - Present Director, Precious Shipping Public Company Limited
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 45,725,000 shares
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 73
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µPolice LT. Gen. Kiattisak Prabhavat
µ”·Àπàß ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–
§ÿ≥«ÿ≤‘°“√»÷°…“
2498 - 2502 ‚√߇√’¬ππ“¬√âÕ¬∑À“√∫° ª√–‡∑»Õ—ß°ƒ…
‚√߇√’¬π µ”√«® ª√–‡∑»Õ—ß°ƒ…
‚√߇√’¬π ◊∫ «π Õ∫ «π ‡Œπ¥Õπ ª√–‡∑»Õ—ß°ƒ…
2509 - 2510 ‚√߇√’¬π ◊∫ «π Õ∫ «π·Ààß™“µ‘ ‡Õø∫’‰Õ ª√–‡∑» À√—∞Õ‡¡√‘°“
2536 - 2537 ‚√߇√’¬ππ—°∫√‘À“√™—Èπ Ÿß¢Õß ”π—°ß“π‡≈¢“∏‘°“√ ¢â“√“™°“√æ≈‡√◊Õπ
ª√– ∫°“√≥å
2539 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
ªí®®ÿ∫—π ∑’˪√÷°…“ ∫√‘…—∑ All Seasons Property Co.,Ltd.
°√√¡°“√ ∫√‘…—∑ ÕŸ™à“ ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π)
ª√–∏“π°√√¡°“√ ∫√‘…—∑ Perfect Place Property ®”°—¥
∑’˪√÷°…“ ∫√‘…—∑ V. Group Building
2545 ∑’˪√÷°…“ √—∞¡πµ√’«à“°“√°√–∑√«ß§¡π“§¡
2539 - 2541 ∑’˪√÷°…“摇»… ∫√‘…—∑ À«‘√‘¬“ ´‘µ’È ®”°—¥ (¡À“™π)
∑’˪√÷°…“摇»… ∫√‘…—∑ °«ß¥Õß ‡ÕÁπ‡µÕ√å‰æ√´å ®”°—¥ (¡À“™π)
2538 - 2539 °√√¡°“√ °“√∑à“Õ“°“»¬“π·Ààߪ√–‡∑»‰∑¬
2537 - 2539 ºŸâ∫—≠™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß
2537 ®‡√µ”√«®
2535 - 2537 √Õß®‡√µ”√«®
2534 - 2535 √ÕߺŸâ∫—≠™“°“√»÷°…“
2533 - 2534 ºŸâ™à«¬ºŸâ∫—≠™“°“√µ”√«®π§√∫“≈
2532 - 2533 ºŸâ∫—ߧ—∫°“√Õ”π«¬°“√°Õß∫—≠™“°“√µ”√«®π§√∫“≈
2531 - 2532 ºŸâ∫—ߧ—∫°“√µ”√«®®√“®√
2526 - 2531 √ÕߺŸâ∫—ߧ—∫°“√µ”√«®π§√∫“≈æ√–π§√„µâ
ª√–«—µ‘°“√Õ∫√¡
30 °.§. 2545 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çChairman 2000é ®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
16 æ.¬. 2544 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé
®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
30 µ.§. 2543 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß ç°√√¡°“√∫√‘…—∑°—∫§«“¡√—∫º‘¥™Õ∫∑’ˇæ‘Ë¡µ“¡ æ.√.∫.°“√∫—≠™’ æ.». 2543é
®—¥‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)74
POSITION Chairman of Audit Committee and Independent Director
EDUCATION
1955-1959 Graduated from Royal Military Academy, England
Police Academy, England.
Hendon Detective Training School, England.
1966 - 1967 Federal Bureau of Investigation, USA
1993 - 1994 High Executive Training School of Civil Service Commission.
EXPERIENCE
1996 - present Director, Precious Shipping Public Company Limited.
Present Advisor of All Seasons Property Co.,Ltd.
Director, Usha Siam Steel Industries Public Company Limited
Chairman, Perfect Place Condominium Company Limited
Advisor, Company Affair of V. Group Building
2002 Advisor of the Minister of Communications
1996 - 1998 Advisor of Sahaviriya City Public Company Limited
Advisor of Guang Dong Enterprise Co., Ltd.
1995 - 1996 Director of Aviation Authority of Thailand
1994 - 1996 Commissioner of the Immigration Bureau
1994 Inspector General of Police
1992 - 1994 Deputy Inspector General of Police
1991 - 1992 Deputy Commissioner of the Police Education Bureau
1990 - 1991 Assistant Commissioner of the Metropolitan Police
1989 - 1990 Commander Chief of General Staff
1988 - 1989 Commander Traffic Police Division
1983 - 1988 Deputy Commander, Southern Bangkok Police Division
TRAINING
30 - Jul - 2002 Attended training course on the topic “Chairman 2000”
held by Thai Institute of Directors Association
16 - Nov - 2001 Attended training course on the topic “Effective Audit Committees & Best Practices”
held by Thai Institute of Directors Association
30 - Oct - 2000 Attended training course on the the topic “The Increased Liabilities of Company
Directors according to Accounting ACT 2000” held by Thai Institute of Directors
Association
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 -None-
𓬠ÿæ—≤πå »‘«–»√’Õ”‰æMr. Suphat Sivasriaumphai
µ”·Àπàß °√√¡°“√ ·≈– °√√¡°“√µ√«® Õ∫
§ÿ≥«ÿ≤‘°“√»÷°…“ Õ— —¡™—≠æ“≥‘™¬å
ª√– ∫°“√≥å
2532 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
2543 - ªí®®ÿ∫—π °√√¡°“√µ√«® Õ∫ ∫√‘…—∑ øîπ‘§´ æ—≈æ ·Õπ¥å ‡æ‡æÕ√å ®”°—¥ (¡À“™π)
2512 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥
°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬Õ—¡∫‘°â“ ‡§¡‘§—≈ å ®”°—¥
°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 (4,000,000) Àÿâπ
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 75
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
POSITION Director and Audit Committee Member
EDUCATION Assumption Commercial College
EXPERIENCE
1989 - present Director, Precious Shipping Public Company Limited.
2000 - present Audit Committee Member, Phoenix Pulp & Paper Public Company Limited.
1989 - present Managing Director, Thai Filament Textiles Co., Ltd.
Managing Director, Thai Ambica Chemicals Co., Ltd.
Managing Director, Rembrandt Hotel Corporation Ltd.
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (4,000,000) shares
𓬉®ª“≈ ¡—π ÿ¢“π’Mr.Jaipal Mansukhani
µ”·Àπàß °√√¡°“√
§ÿ≥«ÿ≤‘°“√»÷°…“ Cadet, Directorate of Marine Engineering Training.
ª√– ∫°“√≥å
2536 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
2544 - ªí®®ÿ∫—π °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥
2531 - 2536 ºŸâ®—¥°“√ΩÉ“¬‡∑§π‘§ ∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥
2528 - 2530 √ÕߺŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥
2524 - 2527 ºŸâ™à«¬ºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥
2520 - 2524 À—«Àπâ“«‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥
2514 - 2519 «‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 (170,000) Àÿâπ
POSITION Director
EDUCATION Cadet, Directorate of Marine Engineering Training
EXPERIENCE
1993 - present Director, Precious Shipping Public Company Limited
2001 - present Director, (Technical), Great Circle Shipping Agency Limited
1988 - 2001 Technical Manager, Great Circle Shipping Agency Limited
1985 - 1987 Deputy Engineer Superintendent, Scindia Steam Navigation Limited
1981 - 1984 Assistant Engineer Superintendent, Scindia Steam Navigation Limited
1977 - 1981 Chief Engineer, Scindia Steam Navigation Limited
1971 - 1976 Marine Engineer, Scindia Steam Navigation Limited.
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (170,000) shares
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)76
𓬙’√– ¿“≥ÿæß»åMr. Chira Panupong
µ”·Àπàß °√√¡°“√Õ‘ √–
§ÿ≥«ÿ≤‘°“√»÷°…“ ∏√√¡»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å
B. Com. (Accountancy) Hons., University of Leeds, England.
M.Sc. (Econ.), School of Economics and Political Science, University of London
À≈—° Ÿµ√ Industrial Project Evaluation Course, Economic Development Institute, IBRD,
«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 20
ª√– ∫°“√≥å
2543 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π)
√Õߪ√–∏“π°√√¡°“√ ∫√‘…—∑ ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π)
2543 - 2546 ª√–∏“π°√√¡°“√ ∫√‘…—∑‰µ√ ‡Õπ‡πÕ®’È ®”°—¥
°àÕπªï 2535 ‡≈¢“∏‘°“√§≥–°√√¡°“√ à߇ √‘¡°“√≈ß∑ÿπ
”π—°ß“π‡≈¢“πÿ°“√°√¡ °√–∑√«ß°“√µà“ߪ√–‡∑»
°√¡∑–‡∫’¬π°“√§â“ °√–∑√«ßæ“≥‘™¬å
”π—°«‘™“°“√·≈–«“ß·ºπ °√–∑√«ßæ—≤π“°“√·Ààß™“µ‘
®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-
POSITION Independent Director
EDUCATION LL.B., Thammasat University
B. Com. (Accountancy) Hons., University of Leeds, England
M.Sc. (Econ.), School of Economics and Political Science, University of London
Industrial Project Evaluation Course, Economic Development Institute, IBRD,
National Defense College Group No. 20.
EXPERIENCE
2000 - Present Director, Precious Shipping Public Company Limited.
Present Chairman of the Board of Directors, Banpu Public Co., Ltd.
Vice Chairman of Tuntex (Thailand) Public Co., Ltd.
2000-2003 Chairman of the Board of Directors, Tri Energy Co.,Ltd.
Before year 1992 Secretary General, Board of Investment
Office of the Under Secretary of State, Ministry of Foreign Affairs
Dept. of Commercial Registration, Ministry of Commerce
Technical Planning Office, Ministry of National Development
INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 -None-
π“¬∏’√– «‘¿Ÿ™π‘πMr. Thira Wipuchanin
µ”·Àπàß °√√¡°“√Õ‘ √–§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’∑“ß∫√‘À“√∏ÿ√°‘®·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬«‘ §Õπ´‘π À√—∞Õ‡¡√‘°“ª√– ∫°“√≥å2543 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π)
°√√¡°“√ §≥–°√√¡°“√∏ÿ√°‘®¢π“¥°≈“ß·≈–¢π“¥¬àÕ¡ ÀÕ°“√§â“‰∑¬ ∑’˪√÷°…“ §≥–°√√¡°“√∏ÿ√°‘®°“√‡ß‘π·≈–°“√≈ß∑ÿπ ÀÕ°“√§â“‰∑¬
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 77
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
°√√¡°“√ºŸâ∑√ߧÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß °.ª.π °√√¡°“√ ∫√‘…—∑ ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ °√√¡°“√ ∫√‘…—∑ ·¡Á§‚§√ ®”°—¥
2543 - 2546 √Õß°√√¡°“√ºŸâ®—¥°“√ ∏𓧓√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààߪ√–‡∑»‰∑¬ °√√¡°“√ ∫√‘…—∑ ´—π‚¬ ¬Ÿπ‘‡«Õ√å·´≈ Õ’‡≈Á§∑√‘§ ®”°—¥ (¡À“™π) °√√¡°“√·≈–‡À√—≠≠‘° ¡Ÿ≈π‘∏‘‡Õ°™πæ—≤π“¿Ÿ¡‘¿“§ °√√¡°“√ºŸâ∑√ߧÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ∑.».∑ ·≈– °. .∑ °√√¡°“√ºŸâ∑√ߧÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ª.µ.∑ Õπÿ°√√¡°“√ §≥–Õπÿ°√√¡°“√∫√‘À“√»Ÿπ¬å√–¥¡∑ÿπ
2537 - 2540 √Õß°√√¡°“√ºŸâ®—¥°“√„À≠àÕ“«ÿ‚ °≈ÿà¡∫√‘…—∑æ√’‡¡’¬√å2533 - 2537 ºŸâ·∑πª√–®”ª√–‡∑»‰∑¬∫√‘…—∑æ√Ÿ‡¥Áπ‡™’¬≈ ·Õ ‡´Áµ ·¡π‡π®‡¡âπ∑å ‡Õ™’¬ ®”°—¥2518 - 2533 √Õߪ√–∏“π (°“√≈ß∑ÿπ), ∫√‘…—∑ Õ‡¡√‘°—πÕ‘π‡µÕ√å·π™™—Ëπ·π≈ ·Õ ™—«√—π å ®”°—¥2517 - 2518 ∫√‘…—∑ ‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥2516 - 2517 ª√–®”°Õßæ≈∑À“√¡â“®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-
POSITION Independent DirectorEDUCATION B.Sc. in Economics and Business Administration, University of
Wisconsin - Stevents Point, U.S.A.EXPERIENCE2000 - present Director, Precious Shipping Public Company Limited.Present Director, United Palm Oil Industry Public Company Limited.
Member, Small and Medium Business Development Committee, Thai Chamber of Commerce. Advisor, Financial Services Committee, Thai Chamber of Commerce Board of Director Company Establish Preparatory Committee M.W.A Director of Dhamniti and Truth Company Limited. Director of Macro Company Limited.
2000 - 2003 Senior Executive Vice President, Export - Import Bank of Thailand. Director, Sanyo Universal Electric Public Company Limited. Treasurer, The Community Support Foundation, Thailand Board of Director Company Establish Preparatory Committee/T.O.T.and C.A.T Board of Director Company Establish Preparatory Committee / P.T.T. Board member, Capital Market Opportunity Center.
1994 -1997 Senior Vice President, Premier Group of Companies.1990 - 1994 Thailand Representative, Prudential Asset Management Asia Ltd.1975 - 1990 Vice President (Investment), American International Assurance Co., Ltd.1974 - 1975 Business Loan Manager, Commercial Credit Corp. (Thailand) Ltd.1973 - 1974 Served the Royal Thai ArmyINCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 - None-
π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘πMiss Somprathana Thepnapaplern
µ”·Àπàß ‡≈¢“πÿ°“√∫√‘…—∑·≈–‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫
POSITION Company Secretary and Executive Secretary of Audit Committee
À¡“¬‡Àµÿ : ‡π◊ËÕß®“°¡’°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ√–À«à“ߪﮓ°Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ ¥—ßπ—Èπ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ®–§‘¥®“°¡Ÿ≈§à“∑’˵√“‰«â„À¡àÀÿâπ≈– 1 ∫“∑Note : Increase (decrease) in shareholding is after considering the split in par value per share to Baht 1 per share.
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Foreign Trade Master degree in Management in Studies (M.M.S)
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2528 - 2538 Deputy manager, Shipping Corporation of India Ltd.
§≥–ºŸâ∫√‘À“√
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 79
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MR. KHALID MOINUDDIN HASHIM
MR. MUNIR MOINUDDIN HASHIM
MR. KHUSHROO KALI WADIA
MR. JAIPAL MANSUKHANI
MR. SHRILAL GOPINATHAN
Position Vice President (Commercial)
Education Bachelor of Commerce from the University of Bombay
Diploma in Shipping from the Norattam Morarjee Institute of Shipping, Bambay
Experience 1999 - present Vice President (Commercial), Precious Shipping Public Company Limited.
1989 - 1998 Chartering Manager, Precious Shipping Public Company Limited.
MR. KOKA VENKATARAMANA SUDHAKAR
Position Vice President (Fleet Management)
Education Cadet, Directorate of Marine Engineering Training
Experience 1999 - present Vice President (Fleet Management), Precious Shipping Public Company Limited.
1989 - 1998 Fleet Manager, Great Circle Shipping Agency Limited.
CAPT. RAFIK NANA KAPADI
Position Vice President (International Safety Management) (ISM)
Education Bachelor of Science and Master Mariner
Experience 1999 - present Vice President (ISM), Precious Shipping Public Company Limited.
1995 - 1998 ISM - In charge
1986 - 1995 Port Captain, G.P. Ltd.
1979 - 1986 Marine Superintendent, Singapore
1975 - 1979 Captain onboard the ship
MR. NEELAKANTAN VASUDEVAN
Position Vice President (Risk Management)
Education Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade.
Master Degree in Management Studies (M.M.S)
Experience 1999 - present Assistant Vice President (Risk Management),
Precious Shipping Public Company Limited.
1995 - 1998 Insurance & Claims Manager, Precious Shipping Public Company Limited.
1985 - 1995 Deputy Manager, Shipping Corporation of India Limited.
MANAGEMENT TEAM
Managing Director
Director (Commercial)
Director (Finance)
Director (Technical) of Great Circle Shipping Agency Ltd.
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26 ¡’π“§¡ 2547
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 81
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AUDIT COMMITTEE REPORT
TO THE SHAREHOLDERS,
The Audit Committee of Precious Shipping Public Company Limited consists of 3 independent directors viz., Police
LT. Gen. Kiattisak Prabhavat as Chairman of Audit Committee, Admiral Dr. Amnad Chandanamattha and Mr. Suphat
Sivasriaumphai, both, as Audit Committee members. The Audit Committee has performed with total responsibility in
compliance with the Audit Committee Charter approved by the Board of Directors and the requirements of the Stock
Exchange Commission and the Stock Exchange of Thailand, which is summarized as follows :
In the year 2003, meetings of the Audit Committee have been held through the year to review financial
statements of the Company and its subsidiaries and meetings with external auditor were also held every quarter for the
discussions of the Auditor’s report, financial statements and the recommendations of the relevant accounting standards.
The Audit Committee is of the opinion that the Company has a proper financial reporting process to disclose its financial
information, in which the financial statements are correct, sufficient and credible.
The Audit Committee has also discussed with internal auditors the scope of internal auditing, their responsi-
bilities and functions and approved the internal audit plan for the Internal Audit Department. In the year 2003, Internal Audit
Department reviewed the risk assessment and internal control activities of all departments, audited the operations of some
departments, reviewed the conflict of interest transactions and reviewed the compliance with regulations and laws relating
to the business of the Company such as Thai Vessels Act and areas of potential tax exposure. Internal auditors also followed
up on the results of the aforesaid review. The results of the review and the recommendations were discussed with the
related staff and management and reported to the Audit Committee.
Internal Audit has reviewed the connected transactions according to the new Notification of the Stock Exchange
of Thailand Re: The Disclosure and Procedures of Listed Company for Connected Transactions B.E.2546. The Company has
2 connected transactions which are classified as type 2 transactions under the notification towards office rental and air ticket
expenses. The details of the transactions have been explained under the topic “Connected Transactions” in this annual report.
The result of the review has been discussed in the Board of Directors Meeting No. 2/2004 held on 26 March 2004. Audit
Committee and Board of Directors are of the opinion that such transactions are fair and for the full benefit of the Company.
The Audit Committee is of the opinion that the Company has proper and adequate internal control system and
no significant deficiency.
The Audit Committee is of the opinion that the Company has been in compliance with the laws and regulations
to which the operations of the company are subjected. Principally, these laws are the Public Companies Act, Revenue
Code, Thai vessels Act, SEC Act and regulations of the SET.
The Audit Committee has reported the minutes of the meeting of the Audit Committee with external auditors
and internal auditors to the Board of Directors every quarter as a matter of record and for receiving suggestions from
the Board.
For the audit of the year 2004 financial statements of the Company and subsidiaries, the Audit Committee has
proposed to the Board of Directors to consider and seek shareholders’ in the Annual General Meeting of 2004, approval for
the appointment as auditors, of Ernst & Young Office Limited with a remuneration of Baht 4 million plus out of pocket
expenses. These fees are based on the number of ships as of 31 December 2003 of 29 ships (does not include 1 ship owned
by an overseas subsidiary). If there is any acquisition of any ship (s) in the year 2004, the fees would be increased at the rate
of Baht 80,000 for 1 ship owning subsidiary and Baht 100,000 for 2 ships owning subsidiary.
For and on behalf of the Audit Committee of
Precious Shipping Public Company Limited
Police LT. Gen. Kiattisak Prabhavat
Chairman of the Audit Committee
26th March 2004
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„ππ“¡¢Õߧ≥–°√√¡°“√
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
(§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) (§Ÿ™√Ÿ §“≈’ «“‡¥’¬)°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 83
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REPORT ON THE BOARD OF DIRECTORSû RESPONSIBILITIESFOR FINANCIAL STATEMENTS
The Board of Directors is responsible for the Company and its subsidiaries’ financial statements
and financial information presented in this annual report. The aforementioned financial statements have been
prepared in accordance with Thai Generally Accepted Accounting Principles, using appropriate accounting
policies consistently employed by the Company after applying prudent judgment and best estimation. Important
information is adequately disclosed in the notes to the financial statements.
The Board of Directors has provided for and maintained an efficient internal control system to ensure
that accounting records are accurate, complete and adequate to protect the Company’s assets and uncover
weaknesses in order to prevent fraud or materially irregular operations.
To accomplish this task, the Board of Directors has appointed an audit committee, which consists of
Non-Executive Directors and the committee is responsible for the quality of financial statements and internal
control systems, whose comments on these issues are readily included in the Audit Committee Report in this
annual report.
The Board of Directors is of the opinion that the Company’s overall internal control system has func-
tioned upto a satisfactory level and rendered credibility and reliability to the Company’s and its subsidiaries’
financial statements for the year ended December 31, 2003.
For and on behalf of the Board of Directors of
Precious Shipping Public Company Limited
(Khalid Moinuddin Hashim) (Khushroo Kali Wadia)Managing Director Executive Director
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≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥
(¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’˧«√„π “√– ”§—≠µ“¡
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ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3970
∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥
°√ÿ߇∑æœ : 11 °ÿ¡¿“æ—π∏å 2547
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 85
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TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
I have audited the accompanying consolidated balance sheet of Precious Shipping Public Company Limited
and subsidiaries as at 31 December 2003, the related consolidated statements of earnings, changes in shareholders’
equity and cash flows for the year then ended, and the separate financial statements of Precious Shipping Public
Company Limited for the same period. These financial statements are the responsibility of the management of the
Company and subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to
express an opinion on these financial statements based on my audit. I did not audit the financial statements of seven
subsidiaries incorporated overseas which are included in these consolidated financial statements. The assets and
revenues of these subsidiaries as included in the consolidated financial statements constitute 7.4% of the consolidated
total assets as at 31 December 2003, and 3.4% of the consolidated total revenues for the year then ended. In
addition, the Company’s financial statements included investments in these subsidiaries as at 31 December 2003 of
Baht 638.1 million, stated under the equity method, and share of gain from these subsidiaries for the year then ended
of Baht 25.4 million. The financial statements of these subsidiaries were audited by other auditors, whose reports
have been furnished to me, and my opinion, in sofar as it relates to the amounts included for those subsidiaries in the
consolidated financial statements and the Company’s financial statements, is based solely on the reports of these
other auditors. The consolidated financial statements and the separate financial statements of the Company for
the year ended 31 December 2002, were audited by another auditor of our firm whose report dated 10 February
2003, expressed an unqualified opinion on those statements.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that
I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. I believe that my audit and
the reports of other auditors as referred to in the first paragraph, provide a reasonable basis for my opinion.
In my opinion, based on my audit and the reports of other auditors, the financial statements referred to
above present fairly, in all material respects, the financial position of Precious Shipping Public Company Limited and
subsidiaries and of Precious Shipping Public Company Limited as at 31 December 2003, and the results of their
operations and their cash flows for the year then ended, in accordance with generally accepted accounting principles.
Sumalee Reewarabandith
Certified Public Accountant (Thailand) No. 3970
Ernst & Young Office Limited
Bangkok : 11 February 2004
REPORT OF INDEPENDENT AUDITOR
11 M
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≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 4 70,185,983 142,019,006 - -
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∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—πÕ◊Ëπ 5 2,299,440 25,983,399 439,741 439,741
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 20,612,060 47,066,795 - -
‡ß‘π∑¥√Õß®à“¬·°à°—ªµ—π‡√◊Õ 41,952,688 39,524,421 - -
‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 41,215,594 44,986,219 7,298,984 8,951,837
√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 1,073,535,724 629,295,040 888,759,902 966,089,791
‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π
‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 6 - - 4,567,338,616 5,297,114,582
‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ 6 87,700,531 35,555,856 - -
‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å - ÿ∑∏‘ 7 4,617,999,254 4,427,064,530 2,720,955 4,197,008
‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 77,585,550 - - -
§à“§«“¡π‘¬¡ - ÿ∑∏‘ 8,136,920 8,815,000 - -
‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,962,436 3,106,073 423,248 471,166
√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 4,794,384,691 4,474,541,459 4,570,482,819 5,301,782,756
√«¡ ‘π∑√—æ¬å 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 87
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
BALANCE SHEETSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
Note 2003 2002 2003 2002
ASSETS
Current assets
Cash and cash equivalents 897,269,959 329,715,200 282,671,551 6,538,138
Trade accounts receivable - net 4 70,185,983 142,019,006 - -
Receivable from and advances to related parties
Subsidiaries 5 - - 598,349,626 950,160,075
Other related companies 5 2,299,440 25,983,399 439,741 439,741
Bunker oil 20,612,060 47,066,795 - -
Advances to vessel masters 41,952,688 39,524,421 - -
Other current assets 41,215,594 44,986,219 7,298,984 8,951,837
Total current assets 1,073,535,724 629,295,040 888,759,902 966,089,791
Non-current assets
Investments accounted for under 6 - - 4,567,338,616 5,297,114,582
equity method
Other long-term investments - net 6 87,700,531 35,555,856 - -
Vessels, condominium and 7 4,617,999,254 4,427,064,530 2,720,955 4,197,008
equipment - net
Prepayment for vessel purchases 77,585,550 - - -
Goodwill - net 8,136,920 8,815,000 - -
Other non-current assets 2,962,436 3,106,073 423,248 471,166
Total non-current assets 4,794,384,691 4,474,541,459 4,570,482,819 5,301,782,756
Total assets 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547
(Unit : Baht)
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)88
ß∫¥ÿ≈ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
À¡“¬‡Àµÿ 2546 2545 2546 2545
(Àπ૬ : ∫“∑)
Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ
Àπ’È ‘πÀ¡ÿπ‡«’¬π
‡®â“Àπ’È°“√§â“ 52,290,655 100,232,355 3,596,851 10,024,159
‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ 5 - - 2,532,517,944 2,430,759,380
‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–
¿“¬„πÀπ÷Ëߪï 8 938,579,124 393,385,757 242,582,284 -
√“¬‰¥â√—∫≈à«ßÀπâ“ 108,893,669 74,038,616 1,311,834 1,429,559
§à“„™â®à“¬‡°’ˬ«°—∫≈Ÿ°‡√◊Õ§â“ß®à“¬ 69,601,789 79,681,091 - -
¿“√–§È”ª√–°—π§â“ß®à“¬ 5 - 21,060,600 - 21,060,600
¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ 34,577,673 2,092,737 33,763,593 1,253,664
‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 9 70,161,560 - 70,161,560 -
Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 152,178,339 125,626,789 11,539,947 1,848,784
√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 1,426,282,809 796,117,945 2,895,474,013 2,466,376,146
Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â 10 - 886,736,531 - 886,736,531
‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬ 5 - - 662,818,000 662,818,000
‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 8 2,483,771,798 2,744,396,287 - 1,618,368,101
√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,483,771,798 3,631,132,818 662,818,000 3,167,922,632
√«¡Àπ’È ‘π 3,910,054,607 4,427,250,763 3,558,292,013 5,634,298,778
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 89
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
BALANCE SHEETS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
CONSOLIDATED THE COMPANY ONLY
Note 2003 2002 2003 2002
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Trade accounts payable 52,290,655 100,232,355 3,596,851 10,024,159
Payable to and advances from subsidiaries 5 - - 2,532,517,944 2,430,759,380
Current portion of long-term loans 8 938,579,124 393,385,757 242,582,284 -
Advances received from charterers 108,893,669 74,038,616 1,311,834 1,429,559
Accrued crew accounts 69,601,789 79,681,091 - -
Accrued guarantee obligation 5 - 21,060,600 - 21,060,600
Withholding tax payable 34,577,673 2,092,737 33,763,593 1,253,664
Advance receipt for sale of investments 9 70,161,560 - 70,161,560 -
Other current liabilities 152,178,339 125,626,789 11,539,947 1,848,784
Total current liabilities 1,426,282,809 796,117,945 2,895,474,013 2,466,376,146
Non-current liabilities
Redeemable convertible debentures 10 - 886,736,531 - 886,736,531
Subordinated loans from subsidiaries 5 - - 662,818,000 662,818,000
Long-term loans 8 2,483,771,798 2,744,396,287 - 1,618,368,101
Total non-current liabilities 2,483,771,798 3,631,132,818 662,818,000 3,167,922,632
Total liabilities 3,910,054,607 4,427,250,763 3,558,292,013 5,634,298,778
(Unit : Baht)
The accompanying notes are an integral part of the financial statements.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)90
ß∫¥ÿ≈ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
À¡“¬‡Àµÿ 2546 2545 2546 2545
(Àπ૬ : ∫“∑)
à«π¢ÕߺŸâ∂◊ÕÀÿâπ
∑ÿπ‡√◊ÕπÀÿâπ
∑ÿπ®¥∑–‡∫’¬π
Àÿâπ “¡—≠ 520,000,000 Àÿâπ
¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑
(2545 : Àÿâπ “¡—≠ 197,300,000 Àÿâπ
¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 11 520,000,000 1,973,000,000 520,000,000 1,973,000,000
∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â«
Àÿâπ “¡—≠ 520,000,000 Àÿâπ
¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑
(2545 : Àÿâπ “¡—≠ 52,000,000 Àÿâπ
¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 520,000,000 520,000,000 520,000,000 520,000,000
à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 11 411,429,745 926,054,829 411,429,745 926,054,829
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 159,706,393 168,888,751 159,706,393 168,888,751
°”‰√ – ¡
®—¥ √√·≈â«
”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑œ 11, 12 52,000,000 60,500,000 52,000,000 60,500,000
- ∫√‘…—∑¬àÕ¬ 12 169,995,000 77,466,000 - -
”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 24,181,905 24,181,905 - -
¬—߉¡à‰¥â®—¥ √√ (¢“¥∑ÿπ) 563,637,665 (1,143,517,716) 757,814,570 (1,041,869,811)
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 1,900,950,708 633,573,769 1,900,950,708 633,573,769
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 56,915,100 43,011,967 - -
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1,957,865,808 676,585,736 1,900,950,708 633,573,769
√«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 91
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
Note 2003 2002 2003 2002
Shareholders’ equity
Share capital
Authorised share capital
520,000,000 ordinary shares of
Baht 1 each (2002 : 197,300,000
ordinary shares of Baht 10 each) 11 520,000,000 1,973,000,000 520,000,000 1,973,000,000
Issued and paid-up share capital
520,000,000 ordinary shares of
Baht 1 each (2002 : 52,000,000
ordinary shares of Baht 10 each) 520,000,000 520,000,000 520,000,000 520,000,000
Premium on ordinary shares 11 411,429,745 926,054,829 411,429,745 926,054,829
Translation adjustment 159,706,393 168,888,751 159,706,393 168,888,751
Retained earnings
Appropriated
Statutory reserve - the Company 11, 12 52,000,000 60,500,000 52,000,000 60,500,000
- subsidiaries 12 169,995,000 77,466,000 - -
General reserve in subsidiaries 24,181,905 24,181,905 - -
Unappropriated (Deficit) 563,637,665 (1,143,517,716) 757,814,570 (1,041,869,811)
Total equity attributable to Company’s shareholders 1,900,950,708 633,573,769 1,900,950,708 633,573,769
Minority interest - Equity attributable to
minority shareholders of subsidiaries 56,915,100 43,011,967 - -
Total shareholders’ equity 1,957,865,808 676,585,736 1,900,950,708 633,573,769
Total liabilities and shareholders’ equity 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547
(Unit : Baht)
BALANCE SHEETS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)92
ß∫°”‰√¢“¥∑ÿπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
À¡“¬‡Àµÿ 2546 2545 2546 2545
(Àπ૬ : ∫“∑)
√“¬‰¥â
√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ 3,796,875,589 3,290,904,183 - -
√“¬‰¥â®“°°“√„Àâ∫√‘°“√ 6,259,661 7,580,380 - -
¥Õ°‡∫’Ȭ√—∫ 1,261,148 3,255,056 286,996 770,405
°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ 7 177,035 23,662,343 - 237,296
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ 13 184,190,660 73,120,913 22,259,875 17,099,206
√“¬‰¥âÕ◊Ëπ 1,760,637 3,865,964 61,187 1,611,425
à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - - 1,688,819,220 706,643,900
√«¡√“¬‰¥â 3,990,524,730 3,402,388,839 1,711,427,278 726,362,232
§à“„™â®à“¬
µâπ∑ÿπ°“√‡¥‘π‡√◊Õ
§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ 957,395,362 1,030,909,341 - -
√“¬®à“¬∑à“‡√◊Õ 306,807,237 382,177,575 - -
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 266,620,343 345,037,438 - -
√«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ 1,530,822,942 1,758,124,354 - -
µâπ∑ÿπ°“√„Àâ∫√‘°“√ 13,243,470 11,422,526 - -
§à“„™â®à“¬„π°“√∫√‘À“√ 177,572,647 156,940,127 164,814,134 136,836,743
Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 33,552,025 32,970,383 4,044,813
§à“‡ ◊ËÕ¡√“§“ 7 601,964,978 634,970,791 1,614,542 2,181,882
¿“√–§È”ª√–°—π®à“¬ 5 - 31,589,725 - 31,589,725
§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ 6 - 161,353,402 - 22,955,307
§à“µÕ∫·∑π°√√¡°“√ 14 2,442,500 1,252,500 2,442,500 1,252,500
à«π·∫àߢ“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - 433,572 - -
¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - 379,725 - -
√«¡§à“„™â®à“¬ 2,332,751,799 2,790,018,747 201,841,559 198,860,970
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 93
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
Note 2003 2002 2003 2002
Revenues
Vessel operating income 3,796,875,589 3,290,904,183 - -
Service income 6,259,661 7,580,380 - -
Interest income 1,261,148 3,255,056 286,996 770,405
Gains on disposals of fixed assets 7 177,035 23,662,343 - 237,296
Exchange gains 13 184,190,660 73,120,913 22,259,875 17,099,206
Other income 1,760,637 3,865,964 61,187 1,611,425
Share of profit from investments accounted
for under equity method - - 1,688,819,220 706,643,900
Total revenues 3,990,524,730 3,402,388,839 1,711,427,278 726,362,232
Expenses
Vessel operating costs
Vessel running expenses 957,395,362 1,030,909,341 - -
Voyage disbursements 306,807,237 382,177,575 - -
Bunker consumption 266,620,343 345,037,438 - -
Total vessel operating costs 1,530,822,942 1,758,124,354 - -
Cost of services 13,243,470 11,422,526 - -
Administrative expenses 177,572,647 156,940,127 164,814,134 136,836,743
Bad debt and allowance for doubtful accounts 6,705,262 33,552,025 32,970,383 4,044,813
Depreciation 7 601,964,978 634,970,791 1,614,542 2,181,882
Guarantee obligation 5 - 31,589,725 - 31,589,725
Allowance for possible loss on 6 - 161,353,402 - 22,955,307
other investments
Directors’ remuneration 14 2,442,500 1,252,500 2,442,500 1,252,500
Share of loss from investments accounted
for under equity method - 433,572 - -
Loss on sales of investments - 379,725 - -
Total expenses 2,332,751,799 2,790,018,747 201,841,559 198,860,970
(Unit : Baht)
STATEMENTS OF EARNINGSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)94
ß∫°”‰√¢“¥∑ÿπ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
À¡“¬‡Àµÿ 2546 2545 2546 2545
(Àπ૬ : ∫“∑)
°”‰√°àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π
·≈–¿“…’‡ß‘π‰¥â 1,657,772,931 612,370,092 1,509,585,719 527,501,262
¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π (254,923,424) (201,132,020) (120,639,345) (115,829,843)
¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 15 - - - -
°”‰√°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–√“¬°“√摇»… 1,402,849,507 411,238,072 1,388,946,374 411,671,419
¢“¥∑ÿπ (°”‰√) ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (13,903,133) 433,347 - -
°”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 1,388,946,374 411,671,419 1,388,946,374 411,671,419
√“¬°“√摇»…
°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â 10 147,612,923 90,762,259 147,612,923 90,762,259
°”‰√ ÿ∑∏‘ ”À√—∫ªï 1,536,559,297 502,433,678 1,536,559,297 502,433,678
°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π
°”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 2.67 0.79 2.67 0.79
√“¬°“√摇»… 0.28 0.18 0.28 0.18
°”‰√ ÿ∑∏‘ 2.95 0.97 2.95 0.97
®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° (Àÿâπ) 520,000,000 520,000,000 520,000,000 520,000,000
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 95
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
Note 2003 2002 2003 2002
Earnings before interest and financial
costs and income tax 1,657,772,931 612,370,092 1,509,585,719 527,501,262
Interest and financial costs (254,923,424) (201,132,020) (120,639,345) (115,829,843)
Corporate income tax 15 - - - -
Earnings before minority interest
and extraordinary item 1,402,849,507 411,238,072 1,388,946,374 411,671,419
Net loss (earnings) of minority interest (13,903,133) 433,347 - -
Earnings from normal items 1,388,946,374 411,671,419 1,388,946,374 411,671,419
Extraordinary items
Gain on redemption of bonds and redeemable
convertible debentures 10 147,612,923 90,762,259 147,612,923 90,762,259
Net earnings for the year 1,536,559,297 502,433,678 1,536,559,297 502,433,678
Basic earnings per share
Earnings from normal items 2.67 0.79 2.67 0.79
Extraordinary item 0.28 0.18 0.28 0.18
Net earnings 2.95 0.97 2.95 0.97
Weighted average number of
ordinary shares (shares) 520,000,000 520,000,000 520,000,000 520,000,000
(Unit : Baht)
STATEMENTS OF EARNINGS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)96
¬Õ¥§ß‡À≈◊Õµâπªï 2545 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 77,466,000 24,181,905 (1,645,951,394) 39,507,244 474,038,340
‚Õ𰔉√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥
‰∂à∂Õπ‰¥â‰ª
Õߧåª√–°Õ∫¢ÕßÀπ’È ‘π - - (329,203,639) - - - - - - (329,203,639)
º≈µà“ß®“°°“√·ª≈ߧà“
ß∫°“√‡ß‘π - - - 25,812,634 - - - - - 25,812,634
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ - - - - - - - - 3,504,723 3,504,723
√“¬°“√∑’ˬ—߉¡à√—∫√Ÿâ„π
ß∫°”‰√¢“¥∑ÿπ - - (329,203,639) 25,812,634 - - - - 3,504,723 (299,886,282)
°”‰√ ÿ∑∏‘ ”À√—∫ªï 2545 - - - - - - - 502,433,678 - 502,433,678
¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545 520,000,000 926,054,829 - 168,888,751 60,500,000 77,466,000 24,181,905 (1,143,517,716) 43,011,967 676,585,736
‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß
∫√‘…—∑œ ‰ªÀ—°¢“¥∑ÿπ – ¡
(À¡“¬‡Àµÿ 11) - - - - (60,500,000) - - 60,500,000 - -
‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ª
À—°¢“¥∑ÿπ – ¡
(À¡“¬‡Àµÿ 11) - (514,625,084) - - - - - 514,625,084 - -
”√Õßµ“¡°ÆÀ¡“¬
(À¡“¬‡Àµÿ 12) - - - - 52,000,000 92,529,000 - (144,529,000) - -
‡ß‘πªíπº≈®à“¬
(À¡“¬‡Àµÿ 16) - - - - - - - (260,000,000) - (260,000,000)
º≈µà“ß®“°°“√·ª≈ߧà“
ß∫°“√‡ß‘π - - - - - - - - (9,182,358) (9,182,358)
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ - - - - - - - - 13,903,133 13,903,133
√“¬°“√∑’ˬ—߉¡à√—∫√Ÿâ„π
ß∫°”‰√¢“¥∑ÿπ - (514,625,084) - (9,182,358) (8,500,000) 92,529,000 - 170,596,084 13,903,133 (255,279,225)
°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 - - - - - - - 1,536,559,297 - 1,536,559,297
¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 520,000,000 411,429,745 - 159,706,393 52,000,000 169,995,000 24,181,905 563,637,665 56,915,100 1,957,865,808
ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
(Àπ૬ : ∫“∑)
”√Õßµ“¡°ÆÀ¡“¬
®—¥ √√·≈â«
°”‰√ (¢“¥∑ÿπ) – ¡
√«¡
à«π¢Õß
ºŸâ∂◊ÕÀÿâπ
à«ππâÕ¬
¬—߉¡à‰¥â
®—¥ √√
º≈µà“ß®“°
°“√·ª≈ߧà“
ß∫°“√‡ß‘π
°”‰√∑’ˬ—߉¡à
‡°‘¥¢÷Èπ®√‘ß
®“°Àÿâπ°Ÿâ
·ª≈ß ¿“æ
™π‘¥‰∂à∂Õπ‰¥â
à«π‡°‘π
¡Ÿ≈§à“
Àÿâπ “¡—≠
∑ÿπ‡√◊ÕπÀÿâπ
∑’ËÕÕ°·≈–
™”√–·≈â« ”√Õß∑—Ë«‰ª
∫√‘…—∑¬àÕ¬∫√‘…—∑¬àÕ¬∫√‘…—∑œ
ß∫°“√‡ß‘π√«¡
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 97
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Balance - beginning of the
year 2002 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 77,466,000 24,181,905 (1,645,951,394) 39,507,244 474,038,340
Transfer unrealised gain on
redeemable convertible
debentures to liabilities
element - - (329,203,639) - - - - - - (329,203,639)
Translation adjustment - - - 25,812,634 - - - - - 25,812,634
Minority interest - - - - - - - - 3,504,723 3,504,723
Items not yet recognised in
earnings statements - - (329,203,639) 25,812,634 - - - - 3,504,723 (299,886,282)
Net earnings for the year 2002 - - - - - - - 502,433,678 - 502,433,678
Balance - end of the year 2002 520,000,000 926,054,829 - 168,888,751 60,500,000 77,466,000 24,181,905 (1,143,517,716) 43,011,967 676,585,736
Transfer statutory reserve of the
Company to offset deficit
(Note 11) - - - - (60,500,000) - - 60,500,000 - -
Transfer premium on ordinary
shares to offset deficit
(Note 11) - (514,625,084) - - - - - 514,625,084 - -
Statutory reserve (Note 12) - - - - 52,000,000 92,529,000 - (144,529,000) - -
Dividend paid (Note 16) - - - - - - - (260,000,000) - (260,000,000)
Translation adjustment - - - (9,182,358) - - - - - (9,182,358)
Minority interest - - - - - - - - 13,903,133 13,903,133
Items not yet recognised in
earnings statements - (514,625,084) - (9,182,358) (8,500,000) 92,529,000 - 170,596,084 13,903,133 (255,279,225)
Net earnings for the year 2003 - - - - - - - 1,536,559,297 - 1,536,559,297
Balance - end of the year 2003 520,000,000 411,429,745 - 159,706,393 52,000,000 169,995,000 24,181,905 563,637,665 56,915,100 1,957,865,808
The accompanying notes are an integral part of the financial statements.
(Unit : Baht)
STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
Statutory reserve
Appropriated
Retained earnings (deficit)
TotalMinorityinterest
Unappro-priated
Translationadjustment
Unrealisedgain on
redeemableconvertibledebentures
Premiumon ordinary
shares
Issued andpaid-upsharecapital
Generalreserve in
subsidiariesSubsidiariesThe Company
CONSOLIDATED
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)98
ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
°”‰√∑’ˬ—ß °”‰√ (¢“¥∑ÿπ) – ¡
∑ÿπ‡√◊ÕπÀÿâπ à«π‡°‘π¡Ÿ≈§à“
‰¡à‡°‘¥¢÷Èπ®√‘ߺ≈µà“ß®“° ®—¥ √√·≈â«
¬—߉¡à‰¥â∑’ËÕÕ°·≈– ®“°Àÿâπ°Ÿâ°“√·ª≈ß§à“ ”√Õßµ“¡
√«¡
™”√–·≈â« Àÿâπ “¡—≠
·ª≈ß ¿“æß∫°“√‡ß‘π °ÆÀ¡“¬ ®—¥ √√
™π‘¥‰∂à∂Õπ‰¥â
¬Õ¥§ß‡À≈◊Õµâπªï 2545 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 (1,544,303,489) 434,531,096
‚Õ𰔉√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ
·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‰ª
Õߧåª√–°Õ∫¢ÕßÀπ’È ‘π - - (329,203,639) - - - (329,203,639)
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π - - - 25,812,634 - - 25,812,634
√“¬°“√∑’ˬ—߉¡à√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπ - - (329,203,639) 25,812,634 - - (303,391,005)
°”‰√ ÿ∑∏‘ ”À√—∫ªï 2545 - - - - - 502,433,678 502,433,678
¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545 520,000,000 926,054,829 - 168,888,751 60,500,000 (1,041,869,811) 633,573,769
‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑œ
‰ªÀ—°¢“¥∑ÿπ – ¡
(À¡“¬‡Àµÿ 11) - - - - (60,500,000) 60,500,000 -
‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠
‰ªÀ—°¢“¥∑ÿπ – ¡
(À¡“¬‡Àµÿ 11) - (514,625,084) - - - 514,625,084 -
”√Õßµ“¡°ÆÀ¡“¬
(À¡“¬‡Àµÿ 12) - - - - 52,000,000 (52,000,000) -
‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 16) - - - - - (260,000,000) (260,000,000)
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π - - - (9,182,358) - - (9,182,358)
√“¬°“√∑’ˬ—߉¡à√—∫√Ÿâ„π
ß∫°”‰√¢“¥∑ÿπ - (514,625,084) - (9,182,358) (8,500,000) 263,125,084 (269,182,358)
°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 - - - - - 1,536,559,297 1,536,559,297
¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 520,000,000 411,429,745 - 159,706,393 52,000,000 757,814,570 1,900,950,708
(Àπ૬ : ∫“∑)
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 99
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
THE COMPANY ONLY
Unrealised Retained earnings (deficit)
Issued and Premium on gain on
Appropriatedpaid-up ordinary redeemable Translationstatutory
Unappro- Total
share capital shares convertible adjustmentreserve
priated
debentures
Balance - beginning of the year 2002 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 (1,544,303,489) 434,531,096
Transfer unrealised gain on
redeemable convertible debentures
to liabilities element - - (329,203,639) - - - (329,203,639)
Translation adjustment - - - 25,812,634 - - 25,812,634
Items not yet recognised in
earnings statements - - (329,203,639) 25,812,634 - - (303,391,005)
Net earnings for the year 2002 - - - - - 502,433,678 502,433,678
Balance - end of the year 2002 520,000,000 926,054,829 - 168,888,751 60,500,000 (1,041,869,811) 633,573,769
Transfer statutory reserve of the
Company to offset deficit
(Note 11) - - - - (60,500,000) 60,500,000 -
Transfer premium on ordinary
shares to offset deficit
(Note 11) - (514,625,084) - - - 514,625,084 -
Statutory reserve (Note 12) - - - - 52,000,000 (52,000,000) -
Dividend paid (Note 16) - - - - - (260,000,000) (260,000,000)
Translation adjustment - - - (9,182,358) - - (9,182,358)
Items not yet recognised in
earnings statements - (514,625,084) - (9,182,358) (8,500,000) 263,125,084 (269,182,358)
Net earnings for the year 2003 - - - - - 1,536,559,297 1,536,559,297
Balance - end of the year 2003 520,000,000 411,429,745 - 159,706,393 52,000,000 757,814,570 1,900,950,708
The accompanying notes are an integral part of the financial statements.
(Unit : Baht)
STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)100
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ß∫°√–· ‡ß‘π ¥∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
(Àπ૬ : ∫“∑)
°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π
°”‰√ ÿ∑∏‘ 1,536,559,297 502,433,678 1,536,559,297 502,433,678
ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬)
®“°°‘®°√√¡¥”‡π‘πß“π
§à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ 602,643,058 635,648,871 1,614,542 2,181,882
Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 33,552,025 32,970,383 4,044,813
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß (161,037,212) (40,396,838) (7,495,859) (14,030,386)
à«π·∫àß (°”‰√) ¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ
µ“¡«‘∏’ à«π‰¥â‡ ’¬ - 433,572 (1,688,819,220) (706,643,900)
°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ (177,035) (23,662,343) - (237,296)
¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - 379,725 - -
§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ - 161,353,402 - 22,955,307
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ 13,903,133 3,504,723 - -
1,998,596,503 1,273,246,815 (125,170,857) (189,295,902)
‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß
≈Ÿ°Àπ’È°“√§â“ 60,590,103 (34,093,958) - -
≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à
°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 23,683,960 (16,636,010) 2,953,252,895 60,097,620
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 26,454,735 14,561,952 - -
‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 1,342,358 77,601,017 1,652,853 1,182,346
‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 143,637 1,770,387 47,918 (140,808)
Àπ’È ‘𥔇π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)
‡®â“Àπ’È°“√§â“ (48,103,858) (20,552,747) (6,167,716) 6,431,926
‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ - - 101,758,564 470,472,342
√“¬‰¥â√—∫≈à«ßÀπâ“ 35,585,195 (878,789) - -
¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ 32,484,936 (4,793,871) 32,509,929 (3,900,239)
‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 70,161,560 - 70,161,560 -
Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (4,588,352) (4,825,102) (11,369,438) 17,458,315
‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π 2,196,350,777 1,285,399,694 3,016,675,708 362,305,600
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 101
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Cash flows from (used in) operating activities
Net earnings 1,536,559,297 502,433,678 1,536,559,297 502,433,678
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities :
Depreciation and amortisation 602,643,058 635,648,871 1,614,542 2,181,882
Bad debt and allowance for doubtful accounts 6,705,262 33,552,025 32,970,383 4,044,813
Unrealised exchange gains (161,037,212) (40,396,838) (7,495,859) (14,030,386)
Share of (profit) loss from investments
accounted for under equity method - 433,572 (1,688,819,220) (706,643,900)
Gain on disposals of fixed assets (177,035) (23,662,343) - (237,296)
Loss on sales of investments - 379,725 - -
Allowance for possible loss on other
investments - 161,353,402 - 22,955,307
Increase in minority interest 13,903,133 3,504,723 - -
1,998,596,503 1,273,246,815 (125,170,857) (189,295,902)
Operating assets (increase) decrease
Trade accounts receivable 60,590,103 (34,093,958) - -
Receivable from and advances to related parties 23,683,960 (16,636,010) 2,953,252,895 60,097,620
Bunker oil 26,454,735 14,561,952 - -
Other current assets 1,342,358 77,601,017 1,652,853 1,182,346
Other non-current assets 143,637 1,770,387 47,918 (140,808)
Operating liabilities increase (decrease)
Trade accounts payable (48,103,858) (20,552,747) (6,167,716) 6,431,926
Payable to and advances from subsidiaries - - 101,758,564 470,472,342
Advances received from charterers 35,585,195 (878,789) - -
Withholding tax payable 32,484,936 (4,793,871) 32,509,929 (3,900,239)
Advance receipt for sale of investments 70,161,560 - 70,161,560 -
Other current liabilities (4,588,352) (4,825,102) (11,369,438) 17,458,315
Net cash from operating activities 2,196,350,777 1,285,399,694 3,016,675,708 362,305,600
(Unit : Baht)
STATEMENTS OF CASH FLOWSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)102
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ß∫°√–· ‡ß‘π ¥ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
(Àπ૬ : ∫“∑)
°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ
‡ß‘πΩ“°∏𓧓√∑’Ë∂÷ß°”Àπ¥®à“¬§◊π‡°‘π°«à“ 3 ‡¥◊Õπ
·≈–‡ß‘πΩ“°∑’Ë¡’¿“√–§È”ª√–°—π≈¥≈ß - 14,964,636 - 13,744,636
¢“¬‡ß‘π≈ß∑ÿπÕ◊Ëπ - 708,312 - -
‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬‡æ‘Ë¡¢÷Èπ - - (225,000,000) -
‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ‡æ‘Ë¡¢÷Èπ (52,144,675) (49,071,977) - -
´◊ÈÕ ‘π∑√—æ¬å∂“«√ (792,898,845) (183,265,650) (138,489) (1,602,565)
¢“¬ ‘π∑√—æ¬å∂“«√ 176,177 131,164,634 - 237,300
‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ (77,585,550) - - -
‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ (922,452,893) (85,500,045) (225,138,489) 12,379,371
°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π
‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡„À¡à 3,552,990,822 - 249,700,826 -
‡ß‘π ¥®à“¬™”√–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (3,103,415,058) (929,657,885) (1,618,368,101) (144,039,140)
‡ß‘π ¥®à“¬™”√– ”À√—∫°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–
Àÿâπ°Ÿâ·ª≈ß ¿“æ (739,123,608) (137,167,460) (739,123,608) (137,167,460)
‡ß‘πªíπº≈®à“¬ (260,000,000) - (260,000,000) -
‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π
°àÕπ√“¬°“√摇»… (549,547,844) (1,066,825,345) (2,367,790,883) (281,206,600)
√“¬°“√摇»… - °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â (147,612,923) (90,762,259) (147,612,923) (90,762,259)
‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (697,160,767) (1,157,587,604) (2,515,403,806) (371,968,859)
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) (9,182,358) 25,812,634 - -
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 567,554,759 68,124,679 276,133,413 2,716,112
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 329,715,200 261,590,521 6,538,138 3,822,026
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 897,269,959 329,715,200 282,671,551 6,538,138
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 103
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Cash flows from (used in) investing activities
Decrease in deposits at banks with maturity of
more than 3 months and amount pledged - 14,964,636 - 13,744,636
Sales of other investments - 708,312 - -
Increase in investments accounted
for under equity method - - (225,000,000) -
Increase in long-term investments (52,144,675) (49,071,977) - -
Acquisitions of fixed assets (792,898,845) (183,265,650) (138,489) (1,602,565)
Disposals of fixed assets 176,177 131,164,634 - 237,300
Prepayment for vessel purchases (77,585,550) - - -
Net cash from (used in) investing activities (922,452,893) (85,500,045) (225,138,489) 12,379,371
Cash flows from (used in) financing activities
Cash received from new loans 3,552,990,822 - 249,700,826 -
Cash paid for long-term loans (3,103,415,058) (929,657,885) (1,618,368,101) (144,039,140)
Cash paid on redemption of bonds and
redeemable convertible debentures (739,123,608) (137,167,460) (739,123,608) (137,167,460)
Dividend paid (260,000,000) - (260,000,000) -
Net cash used in financing activities
before extraordinary items (549,547,844) (1,066,825,345) (2,367,790,883) (281,206,600)
Extraordinary item - gains on redemption of bonds
and redeemable convertible debentures (147,612,923) (90,762,259) (147,612,923) (90,762,259)
Net cash used in financing activities (697,160,767) (1,157,587,604) (2,515,403,806) (371,968,859)
Increase (decrease) in translation adjustment (9,182,358) 25,812,634 - -
Net increase in cash and cash equivalents 567,554,759 68,124,679 276,133,413 2,716,112
Cash and cash equivalents at beginning of year 329,715,200 261,590,521 6,538,138 3,822,026
Cash and cash equivalents at end of year 897,269,959 329,715,200 282,671,551 6,538,138
(Unit : Baht)
STATEMENTS OF CASH FLOWS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)104
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È
ß∫°√–· ‡ß‘π ¥ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
(Àπ૬ : ∫“∑)
¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ª√–°Õ∫ß∫°√–· ‡ß‘π ¥
‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫
¥Õ°‡∫’Ȭ®à“¬ 164,740,081 200,909,307 96,778,203 116,123,964
¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ - 369,951 - -
√“¬°“√∑’Ë¡‘„™à‡ß‘π ¥
à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â
≈¥≈ß®“°°“√‰∂à∂Õπ„πÕ—µ√“§‘¥≈¥ - (227,929,718) - (227,929,718)
à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â
‡æ‘Ë¡¢÷Èπ®“°Õ—µ√“ à«πÕߧåª√–°Õ∫¢Õß
Àπ’È ‘π ≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’ˬπ·ª≈ß - 329,203,639 - 329,203,639
°”‰√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ·ª≈ß ¿“æ
™π‘¥‰∂à∂Õπ‰¥â≈¥≈ß ®“°Õ—µ√“ à«π
Õߧåª√–°Õ∫¢Õß∑ÿπ
≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’ˬπ·ª≈ß - (329,203,639) - (329,203,639)
‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬
‚¥¬À—°°≈∫≈∫Àπ’È°—∫‡®â“Àπ’È
·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ - - 2,637,762,695 -
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 105
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The accompanying notes are an integral part of the financial statements.
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Supplemental cash flow information
Cash paid during the year for
Interest expenses 164,740,081 200,909,307 96,778,203 116,123,964
Corporate income tax - 369,951 - -
Non-cash transactions
Decrease in redeemable convertible
debentures due to redemption at discount - (227,929,718) - (227,929,718)
Increase in redeemable convertible debentures
from the change in proportion of liabilities
element as at the balance sheet date - 329,203,639 - 329,203,639
Decrease in unrealised gain on redeemable
convertible debentures from the change in
proportion of equity element as at
the balance sheet date - (329,203,639) - (329,203,639)
Dividend income from subsidiaries offset
against payable to and advances
from subsidiaries - - 2,637,762,695 -
(Unit : Baht)
STATEMENTS OF CASH FLOWS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
As At 31 December 2003 and 2002
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)106
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545
1. ¢âÕ¡Ÿ≈∑—Ë«‰ª
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥¿“¬„µâ°ÆÀ¡“¬‰∑¬·≈–®¥∑–‡∫’¬π
„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ∫√‘…—∑œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ∫√‘…—∑‚Œ≈¥‘Èߧաæ“π’
‡æ◊ËÕ≈ß∑ÿπ„π∏ÿ√°‘®¥â“π°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑œ µ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 8 Õ“§“√§“‡∏à¬å‡Œâ“ å ™—Èπ 7
∂ππ “∑√‡Àπ◊Õ ’≈¡ ∫“ß√—° °√ÿ߇∑æ¡À“π§√
2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡
2.1 ß∫°“√‡ß‘π√«¡π’ȉ¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545 ¢Õß∫√‘…—∑
æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ( ÷ËßµàÕ‰ªπ’ȇ√’¬°«à“ ç∫√‘…—∑œ é) ·≈–∫√‘…—∑¬àÕ¬ Õ—µ√“ à«π°“√ ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬
µ≈Õ¥®π ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡¡’¥—ßπ’È
Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß
®—¥µ—Èß °“√∂◊ÕÀÿâπ ‚¥¬ ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà∫√‘…—∑¬àÕ¬
¢÷Èπ„π ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „π¬Õ¥√“¬‰¥â√«¡
ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡
2546 2545 2546 2545 2546 2545
1. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ‘ߧ‚ª√å 100 100 ¢π àß∑“ß∑–‡≈ 1.54 1.80 0.01 0.95
( ‘ߧ‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥
2. ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ߧ‚ª√å 100 100 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -
3. ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ߧ‚ª√å 100 100 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -
4. ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.96 2.34 3.06 2.65
5. ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.38 2.14 3.12 4.47
6. ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.63 7.08 7.42 6.50
7. ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 3.74 4.47 3.09 3.03
8. ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.53 - 1.77 -
9. ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.35 - - -
10. ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.86 7.65 3.42 3.83
11. ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.75 7.11 3.37 3.66
12. ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 6.86 8.39 3.75 3.68
13. ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.79 5.81 3.95 3.38
14. ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.73 - - -
15. ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.00 6.22 3.93 3.77
16. ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.56 6.20 3.54 3.46
17. ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.07 6.19 3.43 4.05
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 107
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
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2
4 M
8
6
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3 M
8
6
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2
2 M
8
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1 M
NOTES TO FINANCIAL STATEMENTSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES
For the Years ended 31 December 2003 and 2002
1. GENERAL INFORMATION
Precious Shipping Public Company Limited was incorporated as a public limited company under Thai laws
and then listed on the Stock Exchange of Thailand. The Company engages the business in Thailand as a holding
company for investment in the business of marine transportation. Its registered office is located at No. 8 Cathay
House, 7th Floor, North Sathorn Road, Silom, Bangrak, Bangkok.
2. BASIS OF CONSOLIDATION
2.1 The consolidated financial statements included the financial statements of Precious Shipping Public
Company Limited (hereinafter referred to as “the Company”), and the financial statements of its subsidiary companies
(“the subsidiaries”) for the years ended 31 December 2003 and 2002. The percentage of subsidiaries owned by the
Company, assets and revenues of the subsidiaries included in the consolidated financial statements are as follows :
Percentage Percentage of total Percentage of total
Subsidiaries
Countrydirectly and Nature of assets included revenues included
ofindirectly owned business in the consolidated in the consolidatedincorporationby the Company total assets total revenues
2003 2002 2003 2002 2003 2002
1. Precious Shipping (Singapore) Singapore 100 100 Marine transportation 1.54 1.80 0.01 0.95
Pte. Limited
2. Thebes Pte. Limited Singapore 100 100 Holding company* - - - -
3. Regidor Pte. Limited Singapore 100 100 Holding company* - - - -
4. Precious Metals Limited Thailand 99.99 99.99 Marine transportation 1.96 2.34 3.06 2.65
5. Precious Wishes Limited Thailand 99.99 99.99 Marine transportation 1.38 2.14 3.12 4.47
6. Precious Capitals Limited Thailand 99.99 99.99 Marine transportation 5.63 7.08 7.42 6.50
7. Precious Oceans Limited Thailand 99.99 99.99 Marine transportation 3.74 4.47 3.09 3.03
8. Precious Minerals Limited Thailand 99.99 99.99 Marine transportation 4.53 - 1.77 -
9. Precious Stones Shipping Limited Thailand 99.99 99.99 Marine transportation 1.35 - - -
10. Precious Mountains Limited Thailand 99.99 99.99 Marine transportation 5.86 7.65 3.42 3.83
11. Precious Hills Limited Thailand 99.99 99.99 Marine transportation 5.75 7.11 3.37 3.66
12. Precious Resorts Limited Thailand 99.99 99.99 Marine transportation 6.86 8.39 3.75 3.68
13. Precious Lagoons Limited Thailand 99.99 99.99 Marine transportation 4.79 5.81 3.95 3.38
14. Precious Cities Limited Thailand 99.99 99.99 Marine transportation 2.73 - - -
15. Precious Cliffs Limited Thailand 99.99 99.99 Marine transportation 5.00 6.22 3.93 3.77
16. Precious Stars Limited Thailand 99.99 99.99 Marine transportation 4.56 6.20 3.54 3.46
17. Precious Seas Limited Thailand 99.99 99.99 Marine transportation 5.07 6.19 3.43 4.05
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)108
Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß
®—¥µ—Èß °“√∂◊ÕÀÿâπ ‚¥¬ ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà∫√‘…—∑¬àÕ¬
¢÷Èπ„π ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „π¬Õ¥√“¬‰¥â√«¡
ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡
2546 2545 2546 2545 2546 2545
18. ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.71 3.39 3.94
19. ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 3.28 4.60 6.57 8.03
20. ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.14 3.33 7.41 6.00
21. ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.76 2.62 3.64 3.44
22. ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.00 2.63 3.81 4.48
23. ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.46 2.42 3.49
24. ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.74 0.95 2.73 4.66
25. ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.10 1.75 3.25 3.53
26. ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.92 1.43 3.42 3.38
27. ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.78 1.53 4.84 2.97
28. ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.14 1.33 3.26 2.21
29. ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.87 1.51 3.63 2.44
30. ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.79 1.22 3.34 2.22
31. ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - 0.01 -
32. ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - - -
33. ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - - -
34. ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.47 - - -
35. ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 7.54 0.07 0.43 0.57
36. ∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‰∑¬ 99.99 99.99 ºŸâ∫√‘À“√‡√◊Õ 1.96 2.51 0.15 0.23
‡Õ‡¬π´’Ë ®”°—¥ ∑“ߥâ“π‡∑§π‘§
37. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ Õ—ß°ƒ… 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.81 0.05 0.01 0.03
38. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ª“π“¡“ 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.50 0.08 - 0.02
(ª“π“¡“) ‡Õ ‡Õ
39. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ‡¡Õ√‘‡™’¬ 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - 0.01 0.01
(‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥
40. ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß ‘ߧ‚ª√å 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -
æ’∑’Õ’ ≈‘¡‘‡µ¥
41. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∫—≈§å ‡¡Õ√‘‡™’¬ 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 0.03 0.04 - -
‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 109
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Percentage Percentage of total Percentage of total
Subsidiaries
Countrydirectly and Nature of assets included revenues included
ofindirectly owned business in the consolidated in the consolidatedincorporationby the Company total assets total revenues
2003 2002 2003 2002 2003 2002
18. Precious Planets Limited Thailand 99.99 99.99 Marine transportation 1.12 1.71 3.39 3.94
19. Precious Jasmines Limited Thailand 99.99 99.99 Marine transportation 3.28 4.60 6.57 8.03
20. Precious Ventures Limited Thailand 99.99 99.99 Marine transportation 2.14 3.33 7.41 6.00
21. Precious Diamonds Limited Thailand 99.99 99.99 Marine transportation 1.76 2.62 3.64 3.44
22. Precious Orchids Limited Thailand 99.99 99.99 Marine transportation 2.00 2.63 3.81 4.48
23. Precious Rivers Limited Thailand 99.99 99.99 Marine transportation 1.12 1.46 2.42 3.49
24. Precious Forests Limited Thailand 99.99 99.99 Marine transportation 0.74 0.95 2.73 4.66
25. Precious Trees Limited Thailand 99.99 99.99 Marine transportation 1.10 1.75 3.25 3.53
26. Precious Flowers Limited Thailand 99.99 99.99 Marine transportation 0.92 1.43 3.42 3.38
27. Precious Pearls Limited Thailand 99.99 99.99 Marine transportation 0.78 1.53 4.84 2.97
28. Precious Emeralds Limited Thailand 99.99 99.99 Marine transportation 1.14 1.33 3.26 2.21
29. Precious Ponds Limited Thailand 99.99 99.99 Marine transportation 0.87 1.51 3.63 2.44
30. Precious Garnets Limited Thailand 99.99 99.99 Marine transportation 0.79 1.22 3.34 2.22
31. Precious Rubies Limited Thailand 99.99 99.99 Marine transportation* - - 0.01 -
32. Precious Lands Limited Thailand 99.99 99.99 Marine transportation* - - - -
33. Precious Opals Limited Thailand 99.99 99.99 Marine transportation* - - - -
34. Precious Lakes Limited Thailand 99.99 99.99 Marine transportation 0.47 - - -
35. Precious Sapphires Limited Thailand 99.99 99.99 Marine transportation 7.54 0.07 0.43 0.57
36. Great Circle Shipping Thailand 99.99 99.99 Ship technical 1.96 2.51 0.15 0.23
Agency Limited management
37. Precious Shipping (UK) Limited England 99.99 99.99 Chartering 0.81 0.05 0.01 0.03
38.Precious Shipping Panama 99.99 99.99 Chartering 0.50 0.08 - 0.02
(Panama) S.A.
39. Precious Shipping Mauritius 99.99 99.99 Holding company* - - 0.01 0.01
(Mauritius) Limited
40.Rapid Port Leasing Singapore 99.99 99.99 Holding company* - - - -
Pte. Limited
41.PSL Bulk Terminal Mauritius 99.99 99.99 Holding company* 0.03 0.04 - -
Company Limited
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
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2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)110
Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß
®—¥µ—Èß °“√∂◊ÕÀÿâπ ‚¥¬ ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà∫√‘…—∑¬àÕ¬
¢÷Èπ„π ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „π¬Õ¥√“¬‰¥â√«¡
ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡
2546 2545 2546 2545 2546 2545
42. ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ‰∑¬ 99.88 99.88 ‚Œ≈¥‘Èß §Õ¡æ“π’* - 0.04 - -
43. ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ‰∑¬ 99.40 99.40 ¢π àß∑“ß∑–‡≈* - - - -
44. ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ‰∑¬ 99.40 99.40 ¢π àß∑“ß∑–‡≈* - - - -
45. ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‡¡Õ√‘‡™’¬ 79.99 79.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 1.50 1.16 - -
‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥
46. ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‰∑¬ 69.99 69.99 §≈—߇°Á∫ ‘π§â“ - - - 0.01
‡∑Õ¡‘π—≈ å ®”°—¥ ≈Õ¬πÈ”*
47. ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ‰∑¬ 69.99 69.99 §≈—߇°Á∫ ‘π§â“ - 0.01 0.01 0.01
≈Õ¬πÈ”*
48. ∫√‘…—∑ æ’‡Õ ·Õ≈ ‡¡Õ√‘‡™’¬ 68.96 68.96 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -
Õ‘π‡« ∑凡π∑å ≈‘¡‘‡µ¥
49. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß ‘ߧ‚ª√å 64.06 64.06 ¢π àß∑“ß∑–‡≈ 2.98 3.13 3.34 4.29
æ’∑’Õ’ ≈‘¡‘‡µ¥
50. ∫√‘…—∑ §“√å‚°â ‘ ‡µÁ¡ ‡¡Õ√‘‡™’¬ 59.93 59.93 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -
Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥
51. ∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å Õ‘π‡¥’¬ 59.93 59.93 „Àâ∫√‘°“√®—¥°“√ - - - -
(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ¥â“π°“√¢π àß*
52. ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œ π¥å‡¥≈Õ å Õ‘π‡¥’¬ 50.94 50.94 ∫√‘À“√∑à“®Õ¥‡√◊Õ* 0.55 0.86 0.01 0.01
‰æ√‡«∑ ≈‘¡‘‡µ¥
* ªí®®ÿ∫—π‰¥âÀ¬ÿ¥¥”‡π‘π∏ÿ√°‘®·≈â«
2.2 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πµà“ߪ√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ∂—«‡©≈’ˬ
≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ√◊ÕÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬ„π√–À«à“ßªï ”À√—∫ √“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß
®“°°“√·ª≈ß§à“¥—ß°≈à“«‰¥â· ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ß§à“ ß∫°“√‡ß‘πé „π à«π¢ÕߺŸâ∂◊ÕÀÿâπ
2.3 ¬Õ¥§ß§â“ß·≈–√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’
¢Õß∫√‘…—∑œ ·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«
2.4 ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ ‰¥âÀ—°°≈∫≈∫°—π°—∫¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬
≥ «—π∑’Ë´◊ÈÕÀÿâπ º≈µà“߉¥â· ¥ß‡ªìπ ‘π∑√—æ¬å‰¡à¡’µ—«µπ¿“¬„µâ√“¬°“√ ç§à“§«“¡π‘¬¡é „π ß∫¥ÿ≈·≈–µ—¥®”Àπà“¬¿“¬„π√–¬–‡«≈“
20 ªï
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 111
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Percentage Percentage of total Percentage of total
Subsidiaries
Countrydirectly and Nature of assets included revenues included
ofindirectly owned business in the consolidated in the consolidatedincorporationby the Company total assets total revenues
2003 2002 2003 2002 2003 2002
42.Geepee Corporation Limited Thailand 99.88 99.88 Holding company * - 0.04 - -
43. Precious Comets Limited Thailand 99.40 99.40 Marine transportation* - - - -
44. Precious Ornaments Limited Thailand 99.40 99.40 Marine transportation* - - - -
45. International Lighterage Limited Mauritius 79.99 79.99 Holding company* 1.50 1.16 - -
46. Precious Storage Thailand 69.99 69.99 Bulk storage barges* - - - 0.01
Terminals Limited
47. Nedtex Limited Thailand 69.99 69.99 Bulk storage barges* - 0.01 0.01 0.01
48. PSL Investments Limited Mauritius 68.96 68.96 Holding company* - - - -
49.PSL Thun Shipping Pte. Limited Singapore 64.06 64.06 Marine transportation 2.98 3.13 3.34 4.29
50.Cargo Systems International Mauritius 59.93 59.93 Holding company* - - - -
Limited
51.Multi Cargo Systems India 59.93 59.93 Handling services* - - - -
(India) Private Limited
52.Geepee Bulk Handlers
Private Limited India 50.94 50.94 Port management* 0.55 0.86 0.01 0.01
*Currently suspended their businesses
2.2 The financial statements of the subsidiaries and associated incorporated overseas are translated into
Thai Baht at the average closing exchange rate at the balance sheet date as to assets and liabilities, and at the
average exchange rate during the year as to revenues and expenses. The resultant difference has been shown under
the caption of “Translation adjustment” in the shareholders’ equity.
2.3 Material balances and transactions between the Company and its subsidiaries, investments in the
subsidiaries in the Company’s accounts and shareholders’ equity of the subsidiaries have been eliminated from the
consolidated financial statements.
2.4 The acquisition cost of investments in the subsidiaries and the net book value of the subsidiaries at the
time of acquisition have been offset and the difference thereof have been shown as intangible asset under the heading
of “Goodwill” in balance sheet and has been amortised over a period of 20 years.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)112
3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠
ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”À𥂥¬ ¡“§¡π—°∫—≠™’·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ·Ààߪ√–‡∑»‰∑¬
·≈–‡ªìπ‰ªµ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘ππ’ȉ¥â®—¥∑”¢÷Èπµ“¡À≈—°√“§“∑ÿπ‡¥‘¡ ´÷ËßÕ“®ª√—∫ª√ÿߥ⫬°“√
µ’√“§“„À¡à¢Õß√“¬°“√∫“ß√“¬°“√∑’ˇªìπÕ“§“√™ÿ¥
π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È
3.1 °“√√—∫√Ÿâ√“¬‰¥â·≈–§à“„™â®à“¬
√“¬‰¥â®“°°“√‡¥‘π‡√◊Õª√–°Õ∫¥â«¬
√“¬‰¥â§à“‡™à“‡√◊Õ - √“¬‰¥â·≈–§à“„™â®à“¬®“°°“√„Àâ‡™à“‡√◊Õ∫—π∑÷°∫—≠™’µ“¡‡°≥±å§ß§â“ß
√“¬‰¥â§à“√–«“߇√◊Õ - √“¬‰¥â§à“√–«“߇√◊Õ·≈–§à“„™â®à“¬∫—π∑÷°∫—≠™’µ“¡√–¬–‡«≈“∑’Ë∂◊Õ«à“‡∑’ˬ«‡√◊Õ‰¥â ‘Èπ ÿ¥≈ß·≈â«
√“¬‰¥â®“°°“√„Àâ∫√‘°“√Õ◊Ëπ√—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕ‰¥â„Àâ∫√‘°“√·≈â«
√“¬‰¥â¥Õ°‡∫’Ȭ√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å —¥ à«π¢Õ߇«≈“‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ߢÕß ‘π∑√—æ¬å
‡«âπ·µà®–¡’§«“¡‰¡à·πàπÕπ„π°“√√—∫™”√–
3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬∂÷ß‡ß‘π ¥·≈–‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬–
‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ π—∫·µà«—π∑’ËΩ“°·≈–ª√“»®“°¿“√–ºŸ°æ—π
3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠
≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬ ®– Ÿ≠‚¥¬ª√–¡“≥
¢÷Èπ®“°®”π«πÀπ’È∑’ËÕ“®‡√’¬°‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’ȉ¡à‰¥â ‚¥¬æ‘®“√≥“®“°ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π·≈–µ“¡ ∂“π–ªí®®ÿ∫—π¢Õß
≈Ÿ°Àπ’ȧߧâ“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ Àπ’È Ÿ≠®–∂Ÿ°µ—¥®”Àπà“¬‡¡◊ËÕ ‰¡à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â
3.4 πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’‡¢â“°àÕπ-ÕÕ°°àÕπ)
3.5 ‡ß‘π≈ß∑ÿπ
‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πß∫°“√‡ß‘π√«¡ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
· ¥ß¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ ´÷Ëß°“√∫—π∑÷°µ“¡«‘∏’ à«π‰¥â‡ ’¬π’È ‡ß‘π≈ß∑ÿπ®–∂Ÿ°∫—π∑÷°§√—Èß·√°„π√“§“∑ÿπ∑’Ë´◊ÈÕ¡“·≈–ª√—∫¥â«¬
à«π‰¥â‡ ’¬∑’ˇ°‘¥¢÷Èπ®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡Õ—µ√“ à«π°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ
‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’ˉ¡àÕ¬Ÿà„𧫓¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπÕ◊Ëπ´÷Ëß· ¥ß„π√“§“∑ÿπ ∫√‘…—∑œ ®–
∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπ ‡¡◊ËÕ√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π
3.6 ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å
‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡
Õ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“°àÕπªï 2539 · ¥ß¡Ÿ≈§à“„π√“§“ª√–‡¡‘πÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«πÕ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“
¿“¬À≈—ß«—π∑’Ë∑”°“√ª√–‡¡‘π∫—π∑÷°„π√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ¢Õß∫√‘…—∑
¬àÕ¬ ¥—ßπ—Èπ®÷߉¥â· ¥ß¬Õ¥ ÿ∑∏‘®“°∫—≠™’‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬
3.7 §à“‡ ◊ËÕ¡√“§“
§à“‡ ◊ËÕ¡√“§“¢Õ߇√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥委π«≥®“°√“§“∑ÿπ (À≈—ß®“°À—°¡Ÿ≈§à“´“°) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√
™ÿ¥ ·≈–Õÿª°√≥åÕ◊Ëπ§”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“ª√–‡¡‘π·≈â«·µà°√≥’ ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 113
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
3. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in accordance with accounting standards pronounced by
the Institute of Certified Accountants and Auditors of Thailand and with the Accounting Act B.E. 2543. The financial
statements have been prepared on the basis of historical cost, with certain items, such as condominium units,
adjusted to reflect their appraised values.
Significant accounting policies adopted by the Company and subsidiaries are summarised below:
3.1 Revenue and expense recognition
Vessel operating income consist of
Time charters - Income and expenses are recognised on an accrual basis.
Voyage charters - Income and expenses are recognised on the percentage of completion basis
(completed voyage).
Service income is recognised when service has been rendered.
Interest is recognised as income on a time proportion basis taking into accounts the effective yield rate
of assets, except for the uncertainty in the collection.
3.2 Cash and cash equivalents
Cash and cash equivalents consist of cash and deposits at financial institutions with an original maturity
of three months or less and not subject to restriction.
3.3 Trade accounts receivable and allowance for doubtful accounts
Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is
provided to cover the estimated losses that may be incurred in the collection. The allowance is based on collection
experience and current status of receivables outstanding at the balance sheet date. Bad debts will be written off for
the accounts considered uncollectible.
3.4 Bunker Oil
Bunker oil is valued at cost (first-in, first-out method).
3.5 Investments
Investments in associated companies in the consolidated financial statements, investments in subsi-
diaries and associated companies in the Company’s financial statements are valued under equity method. Under this
method, the investment is recorded at cost and for each subsequent year the investment is adjusted to incorporate
the Company’s proportionate share of the operating results in the subsidiaries and associated companies.
Investments in non-marketable equity securities, which the Company holds as other investments, are
valued at cost. Allowance for possible loss on other investments is included in determining earnings when the carrying
amount exceeds its recoverable amount.
3.6 Vessels, condominium and equipment
Vessels and equipment are valued at cost less accumulated depreciation.
Condominium, acquired before 1996, are valued at appraisal value less accumulated depreciation. The
condominium acquired subsequent to the appraisal dates are valued at cost less accumulated depreciation. The
surplus resulted from the revaluation is belongs to a subsidiary, which has been presented by netting off investments
accounted for under equity method.
3.7 Depreciation
Depreciation of vessels and equipment is calculated by reference to their costs (after deducting residual
value), depreciation of condominium and other equipment is calculated by reference to their costs or appraised value,
using the straight-line method over the estimated useful lives as follows :
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)114
‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å 5 - 20 ªï
§à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 2 ªï ·≈– 4 ªï
Õ“§“√™ÿ¥ 20 ªï
Õÿª°√≥å∑à“‡√◊Õ 10 ªï
‘Ëߪ√—∫ª√ÿß ‘π∑√—æ¬å‡™à“ µ“¡Õ“¬ÿ —≠≠“‡™à“ (3 ªï ·≈– 20 ªï)
Õ◊ËπÊ 5 ªï
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑¬àÕ¬ 1 ·Ààß (2545 : 4 ·Ààß) ¡’‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å´÷Ëß¡’√“§“∑ÿπ
ª√–¡“≥ 228.9 ≈â“π∫“∑ (9.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 701.9 ≈â“π∫“∑ (27.7 ≈â“π‡À√’¬≠ À√—∞œ )) ‚¥¬¡’¡Ÿ≈§à“´“°
56.2 ≈â“π∫“∑ (2.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 223.6 ≈â“π∫“∑ (8.8 ≈â“π‡À√’¬≠ À√—∞œ ))∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“
‡√◊Õ‡¥‘π∑–‡≈¥—ß°≈à“«µ—Èß·µà«—π∑’ˉ¥â¡“µ“¡«‘∏’‡ âπµ√߇ªìπ‡«≈“ 8 ªï (2545 : 5 ·≈– 7 ªï) ‚¥¬§”π«≥®“°√“§“∑ÿπ ÿ∑∏‘À≈—ß®“°
À—°¡Ÿ≈§à“´“° „π√–À«à“ߪï 2546 ·≈– 2545 ∫√‘…—∑¬àÕ¬µ—¥ §à“‡ ◊ËÕ¡√“§“§√∫°”Àπ¥·≈â« Õ¬à“߉√°Áµ“¡ ∫√‘…—∑¬àÕ¬‰¥â ”√«®
Õ“¬ÿ°“√„™âß“π¢Õ߇√◊Õ‡¥‘π∑–‡≈ª√–°Õ∫°—∫°“√æ‘®“√≥“¡Ÿ≈§à“´“°„À¡à ·≈–§“¥«à“‡√◊Õ®–„™âß“π‰¥âÕ’° 5 ªï ‚¥¬¡’¡Ÿ≈§à“´“°„À¡à
≈”≈– 0.7 ≈â“π‡À√’¬≠ À√—∞œ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ßµ—¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µ“¡«‘∏’‡ âπµ√߇ªìπ‡«≈“ 5 ªï
π—∫·µà«—π∑’˧√∫°”Àπ¥°“√µ—¥§à“‡ ◊ËÕ¡§√—Èß·√° §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’˵—¥‡æ‘Ë¡„πªï 2546 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 73.5
≈â“π∫“∑ (2545 : 77.6 ≈â“π∫“∑)
3.8 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å
∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–æ‘®“√≥“§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ‡¡◊ËÕ¡’‡§√◊ËÕß∫àß™’È«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’¢Õß
‘π∑√—æ¬å¡’®”π«π Ÿß°«à“¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊πÀ√◊Õ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬®–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ
À√◊Õ∫—π∑÷°≈¥ à«π‡°‘π∑ÿπ„π°√≥’∑’Ë ‘π∑√—æ¬åπ—Èπ‡§¬µ’√“§“‡æ‘Ë¡·≈–®–°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√
¥âÕ¬§à“¥—ß°≈à“«‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß ‚¥¬∫—π∑÷°‡ªìπ√“¬‰¥âÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπÀ√◊Õ𔉪‡æ‘Ë¡ à«π‡°‘π∑ÿπ
®“°°“√µ’√“§“ ‘π∑√—æ¬å·≈â«·µà°√≥’
3.9 ‡ß‘πµ√“µà“ߪ√–‡∑»
√“¬°“√∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬ¢Õ߇¥◊Õπ°àÕπ‡¥◊Õπ∑’Ë
‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ˇªìπµ—«‡ß‘π∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“
·≈°‡ª≈’ˬπ ≥ «—π∑’Ë„πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’ˇ°‘¥®“°°“√‡ª≈’ˬπ·ª≈ß„πÕ—µ√“·≈°‡ª≈’ˬπ‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π
3.10 º≈ª√–‚¬™πåæπ—°ß“π
∫√‘…—∑œ ∫√‘…—∑¬àÕ¬ ·≈–æπ—°ß“π‰¥â√à«¡°—π®¥∑–‡∫’¬π®—¥µ—Èß°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’浓¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ
”√Õ߇≈’Ȭߙ’æ æ.». 2530 ÷Ëߪ√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡·≈–‡ß‘π∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫„À⇪ìπ√“¬‡¥◊Õπ
„πÕ—µ√“√âÕ¬≈– 5 ¢Õ߇ߑπ‡¥◊Õπ °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æπ’È∫√‘À“√‚¥¬∏𓧓√°√ÿ߇∑æ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π
„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬ °Õß∑ÿπœ „πªï 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ
‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.9 ≈â“π∫“∑ ·≈– 0.8 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…—∑œ : 0.6 ≈â“π∫“∑ ·≈– 0.6 ≈â“π∫“∑
µ“¡≈”¥—∫)
3.11 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’
„π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√
√“¬°“√∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë
‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß®÷ßÕ“®·µ°µà“߉ª®“°®”π«π∑’˪√–¡“≥‰«â
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 115
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Vessels and equipment 5 - 20 years
Dry-dock and special survey expenses 2 years and 4 years
Condominium 20 years
Berth equipment 10 years
Leasehold improvement lease periods (3 years and 20 years)
Others 5 years
As at 31 December 2003, a subsidiary (2002 : 4 subsidiaries) has a vessel and equipment at cost of
approximately Baht 228.9 million (USD 9.2 million) (2002 : Baht 701.9 million (USD 27.7 million)), with residual value
of approximately Baht 56.2 million (USD 2.2 million) (2002 : Baht 223.6 million (USD 8.8 million)). The subsidiary
depreciated its vessel and equipment since its acquisition by the straight-line method for a period of 8 years (2002 :
5 years and 7 years) on cost net of residual value. During the year 2003 and 2002 the subsidiaries have fully
depreciated their vessels ; however, the subsidiaries made a survey of the estimated useful life and residual value of
their vessels and expected that the useful life should be extended for another five years with the residual value of
USD 0.7 million per vessel. Those subsidiaries, therefore, depreciate their vessels and equipment by the straight-line
method for another period of five years on their net book value since the date first fully depreciated. Additional
depreciation expenses for the year 2003 are approximately Baht 73.5 million (2002 : Baht 77.6 million).
3.8 Allowance for assets impairment
Allowance for assets impairment has been set up when there are indications that the carrying value of
the assets may be higher than their net realisable value or fair value. The impairment losses will be recognised in the
earnings statement, or reduce the revaluation increment in assets in case that those assets are previously revalued.
The reversal of impairment losses will be recognised as part of other income or as a revaluation increment in assets
when there is an indication that the impairment losses are no longer exist or decreased.
3.9 Foreign currencies
Foreign currency transactions during the year are translated into Baht at the average rates ruling on the
previous transaction month. Monetary assets and liabilities in foreign currency outstanding on the balance sheet date
are translated into Thai Baht at the rates ruling on the balance sheet date. Exchange gains and losses are included in
determining earnings.
3.10 Employees’ benefits
The Company and subsidiaries and their employees have jointly registered provident fund scheme under
Provident Fund Act B.E. 2530. The funds are contributed at the rate of 5 percent of their basic salaries by both the
Company/the subsidiaries and the employees and managed by Bangkok Bank Public Company Limited. The funds will
be paid to the employees upon retirement, resignation and termination in accordance with the rules of staff provident
fund. During the years 2003 and 2002, approximately Baht 0.9 million and Baht 0.8 million, respectively, have been
contributed to the fund by the Company and subsidiaries (The Company only : Baht 0.6 million and Baht 0.6 million,
respectively).
3.11 Use of accounting estimates
Preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates for certain accounting transactions, affecting the amounts reported in the
financial statements and notes related thereto. Subsequent actual results may differ from these estimates.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)116
3.12 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π
∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ
‡æ◊ËÕ°“√§â“
‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È °“√§â“ ‡®â“Àπ’È
°“√§â“·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ´÷Ëßπ‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ
∑’ˇ°’ˬ«¢âÕß·≈â«
3.13 °”‰√µàÕÀÿâπ
°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà
„π√–À«à“ßªï ‚¥¬‰¥â¡’°“√ª√—∫®”π«πÀÿâπ “¡—≠µ“¡ —¥ à«π∑’ˇª≈’Ë¬π‰ª¢Õß®”π«πÀÿâπ “¡—≠∑’ˇ°‘¥®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ
∑’˵√“‰«âµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 11 ·≈–‰¥âª√—∫ª√ÿß®”π«πÀÿâπ “¡—≠∑’Ë„™â„π°“√§”π«≥°”‰√µàÕÀÿâπ¢Õßß«¥°àÕπ∑’Ëπ”¡“
‡ª√’¬∫‡∑’¬∫‡ ¡◊Õπ«à“°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â‰¥â‡°‘¥¢÷Èπµ—Èß·µà«—π‡√‘Ë¡µâπ¢Õßß«¥·√°∑’ˇ πÕ√“¬ß“π
‰¡à¡’°“√· ¥ß°”‰√µàÕÀÿâπª√—∫≈¥ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡ß◊ËÕπ‰¢‡°’ˬ«°—∫°“√·ª≈ßÀÿâπ°Ÿâ·ª≈ß ¿“懪ìπÀÿâπ
“¡—≠¢Õß∫√‘…—∑œ ‰¥âÀ¡¥‰ªµ“¡º≈°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâµ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 10
4. ≈Ÿ°Àπ’È°“√§â“
¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ “¡“√∂·¬°µ“¡Õ“¬ÿ≈Ÿ°Àπ’ȉ¥â¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
πâÕ¬°«à“ 3 ‡¥◊Õπ 62,016 131,366 - -
3 - 6 ‡¥◊Õπ 1,111 4,907 - -
6 - 12 ‡¥◊Õπ 6,292 5,518 - -
¡“°°«à“ 12 ‡¥◊Õπ 89,759 93,170 1,849 2,016
√«¡ 159,178 234,961 1,849 2,016
À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (88,992) (92,942) (1,849) (2,016)
≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 70,186 142,019 - -
5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π
„π√–À«à“ߪï ∫√‘…—∑œ ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π (‡°’ˬ«¢âÕß°—π‚¥¬°“√
¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–Õ—µ√“∑’Ë√–∫ÿ„π —≠≠“√–À«à“ß∫√‘…—∑œ ·≈–
∫√‘…—∑‡À≈à“π—Èπ´÷Ë߇ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘® ‡ß‘π∑¥√Õß®à“¬„Àâ·°à∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ·≈– ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å
®”°—¥ §‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 8 µàÕªï ”À√—∫‡ß‘π∑¥√Õß®à“¬„Àâ·°à/®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡Õ◊Ëπ‰¡à¡’°“√§‘¥¥Õ°‡∫’Ȭ
´÷Ëß “¡“√∂ √ÿª√“¬°“√¥—ß°≈à“«‰¥â¥—ßπ’È
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 117
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
3.12 Financial instruments
The Company and subsidiaries have no policy to hold or issue derivative instruments for speculative
or trading purposes.
Financial instruments carried in the balance sheet include cash and cash equivalents, trade accounts
receivable, trade accounts payable and loans from financial institutions. The particular recognition methods adopted
are disclosed in the individual policy statements associated with each item.
3.13 Earnings per share
Basic earnings per share is determined by dividing net earnings for the year by the weighted average
number of ordinary shares in issue during the year, after adjusting the number of ordinary shares in proportion to the
change in the number of shares as a result of the change in par value as discussed in Note 11. The number of ordinary
shares has been adjusted as if it had changed in par value since the beginning of the reported period.
No diluted earnings per share for 2002 has been presented since the conditions for converting
debentures to the Company’s ordinary shares were cancelled in accordance with the result of the bondholders’
meeting as discussed in Note 10.
4. TRADE ACCOUNTS RECEIVABLE
The balances of trade accounts receivable are classified by aging as follows :
(Unit : Thousand Baht)
CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED THE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLY
20032003200320032003 20022002200220022002 20032003200320032003 20022002200220022002
Less than 3 months 62,016 131,366 - -
3 - 6 months 1,111 4,907 - -
6 - 12 months 6,292 5,518 - -
More than 12 months 89,759 93,170 1,849 2,016
Total 159,178 234,961 1,849 2,016
Less : Allowance for doubtful accounts (88,992) (92,942) (1,849) (2,016)
Trade accounts receivable - net 70,186 142,019 - -
5. RELATED PARTY TRANSACTIONS
During the years, the Company had significant business transactions with its subsidiaries, associated and
related companies (related by way of common shareholders and/or directors). Such transactions, have been
concluded on the terms and basis as stipulated in the agreements between the Company and those companies,
were in the normal course of business. The transactions included advances to Nedtex Limited and Precious Storage
Terminals Limited charging interest at a rate of 8% per annum and advances to/from subsidiary and other associated
companies on which no interest is charged. The transactions are summarised below :
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)118
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬
(‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«)
¥Õ°‡∫’Ȭ√—∫ - - 642 2,615
§à“„™â®à“¬„π°“√∫√‘À“√ - - 6,612 6,612
√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π
§à“‡™à“·≈–§à“„™â®à“¬∑’ˇ°’ˬ«¢âÕß 1,365 1,569 672 786
§à“µ—Ϋ‡§√◊ËÕß∫‘π 11,731 13,382 3,300 3,673
¬Õ¥§ß‡À≈◊Õ¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß‡ªìπ√“¬°“√·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷Ëߪ√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546
≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑¬àÕ¬
∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 90,691 - 90,691 -
∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 134,201 99,539 116,632 117,108
∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 180,514 - 180,514 -
∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 61,796 - 61,796 -
∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 9,020 - 9,020 -
∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 39,738 495,638 445,518 89,858
∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 113,639 432,927 487,899 58,667
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 48,350 104,818 61,650 91,518
∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 2,058 - 2,058 -
∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 137,948 358,978 434,422 62,504
∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 208 - 208 -
∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 48,167 817,711 743,170 122,708
∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 22,148 - 22,148 -
∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ 6,350 - 6,350 -
∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 3,993 - 3,993 -
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ - 449,246 421,367 27,879
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ®”°—¥ - 337,639 309,532 28,107
∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 51,339 - 51,339 -
√«¡ 950,160 3,096,496 3,448,307 598,349
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 119
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Transactions with subsidiaries
(Eliminated from consolidated financial statements)
Interest income - - 642 2,615
Administrative expenses - - 6,612 6,612
Transactions with related companies
Rental and related expenses 1,365 1,569 672 786
Air ticket expenses 11,731 13,382 3,300 3,673
The outstanding balances of the above transactions have been separately shown in the balance sheets.
Details of balances are as follows :
(Unit : Thousand Baht)
THE COMPANY ONLY
2002 Increase Decrease 2003
Receivable from and advances to subsidiaries
Precious Hills Limited 90,691 - 90,691 -
Great Circle Shipping Agency Limited 134,201 99,539 116,632 117,108
Precious Capitals Limited 180,514 - 180,514 -
Precious Jasmines Limited 61,796 - 61,796 -
Precious Orchids Limited 9,020 - 9,020 -
Precious Seas Limited 39,738 495,638 445,518 89,858
Precious Resorts Limited 113,639 432,927 487,899 58,667
Precious Shipping (Mauritius) Limited 48,350 104,818 61,650 91,518
Precious Trees Limited 2,058 - 2,058 -
Precious Stars Limited 137,948 358,978 434,422 62,504
Precious Ponds Limited 208 - 208 -
Precious Cliffs Limited 48,167 817,711 743,170 122,708
Geepee Corporation Limited 22,148 - 22,148 -
Nedtex Limited 6,350 - 6,350 -
Precious Lakes Limited 3,993 - 3,993 -
Precious Shipping (Panama) S.A. - 449,246 421,367 27,879
Precious Shipping (UK) Limited - 337,639 309,532 28,107
Precious Mountains Limited 51,339 - 51,339 -
Total 950,160 3,096,496 3,448,307 598,349
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)120
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546
‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ߧ‚ª√å)
æ’∑’Õ’ ≈‘¡‘‡µ¥ 479,206 442,145 425,876 495,475
∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 272,285 300,853 302,689 270,449
∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 252,014 261,943 264,793 249,164
∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 139,924 85,512 141,673 83,763
∫√‘…—∑ æ√’‡™’¬ ‘µ’È å ®”°—¥ 139,447 30,000 161,143 8,304
∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 137,667 - 79,728 57,939
∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 136,394 753,154 811,675 77,873
∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 123,036 256,334 309,406 69,964
∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 167,820 536,977 570,036 134,761
∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 59,274 301,862 268,620 92,516
∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 61,076 555,872 566,193 50,755
∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 23,876 - 31 23,845
∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 21,322 - 31 21,291
∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 65,933 1,016 40,730 26,219
∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 1,902 186,774 55,261 133,415
∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 54,143 605,753 583,930 75,966
∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 57,195 221,947 220,504 58,638
∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ - 8 - 8
∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 111,517 284,759 265,522 130,754
∫√‘…—∑ æ√’‡™’¬ √’‡«Õ√å ®”°—¥ 11,189 182,259 144,673 48,775
∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 36,390 351,105 329,504 57,991
∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ - 476,207 470,457 5,750
∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ 1,166 19,272 20,438 -
∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 65,969 516,581 453,491 129,059
∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 17 137 138 16
∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 17 129 130 16
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 3,623 - 3,623 -
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ 8,357 - 8,357 -
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 121
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
THE COMPANY ONLY
2002 Increase Decrease 2003
Payable to and advances from subsidiaries
Precious Shipping (Singapore)
Pte. Limited 479,206 442,145 425,876 495,475
Precious Wishes Limited 272,285 300,853 302,689 270,449
Precious Metals Limited 252,014 261,943 264,793 249,164
Precious Minerals Limited 139,924 85,512 141,673 83,763
Precious Cities Limited 139,447 30,000 161,143 8,304
Precious Stones Shipping Limited 137,667 - 79,728 57,939
Precious Flowers Limited 136,394 753,154 811,675 77,873
Precious Forests Limited 123,036 256,334 309,406 69,964
Precious Planets Limited 167,820 536,977 570,036 134,761
Precious Diamonds Limited 59,274 301,862 268,620 92,516
Precious Lagoons Limited 61,076 555,872 566,193 50,755
Precious Opals Limited 23,876 - 31 23,845
Precious Lands Limited 21,322 - 31 21,291
Precious Rubies Limited 65,933 1,016 40,730 26,219
Precious Sapphires Limited 1,902 186,774 55,261 133,415
Precious Pearls Limited 54,143 605,753 583,930 75,966
Precious Garnets Limited 57,195 221,947 220,504 58,638
Precious Ornaments Limited - 8 - 8
Precious Oceans Limited 111,517 284,759 265,522 130,754
Precious Rivers Limited 11,189 182,259 144,673 48,775
Precious Emeralds Limited 36,390 351,105 329,504 57,991
Precious Mountains Limited - 476,207 470,457 5,750
Precious Storage Terminals Limited 1,166 19,272 20,438 -
Precious Ventures Limited 65,969 516,581 453,491 129,059
Regidor Pte. Limited 17 137 138 16
Thebes Pte. Limited 17 129 130 16
Precious Shipping (Panama) S.A. 3,623 - 3,623 -
Precious Shipping (UK) Limited 8,357 - 8,357 -
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)122
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546
∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ - 28,416 23,649 4,767
∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ - 347,865 336,007 11,858
∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ - 383,501 377,829 5,672
∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ - 8 - 8
∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ - 26,708 17,505 9,203
∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ - 75,000 35,878 39,122
∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ - 274,518 206,676 67,842
∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ - 277,624 247,741 29,883
∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ - 562,689 560,975 1,714
∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ - 521,410 461,667 59,743
√«¡ 2,430,759 8,868,338 8,766,579 2,532,518
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡
2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546
≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à
∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—πÕ◊Ëπ
∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’
≈‘¡‘‡µ¥ 440 - - 440
∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å
(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µÁ¥ 23,683 - 23,683 -
∫√‘…—∑ §“§‘𓥓 ’æÕ√å∑ å ≈‘¡‘‡µ¥ 1,860 - - 1,860
√«¡ 25,983 - 23,683 2,300
„π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â¬°Àπ’È∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥„Àâ·°à∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å
®”°—¥ ‡ªìπ®”π«π 14.2 ≈â“π∫“∑ ·≈– 18.8 ≈â“π∫“∑ µ“¡≈”¥—∫¬Õ¥‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑ ‡π¥‡∑Á° å ®”°—¥∑’Ë
· ¥ß‰«â¢â“ßµâπ‡°‘¥®“°∫√‘…—∑œ √—∫√Ÿâ à«π·∫àߺ≈¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬µ“¡«‘∏’ à«π‰¥â‡ ’¬‡°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“«
¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑¬àÕ¬/∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—πÕ◊Ëπ‡ªìπ√“¬°“√∑’ˇ°‘¥®“°∫—≠™’‡¥‘π –æ—¥√–À«à“ß∫√‘…—∑œ
·≈–∫√‘…—∑‡À≈à“π—Èπ ´÷ËßΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“‰¡à¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß∫—π∑÷°§à“‡º◊ËÕ Àπ’È ß —¬®– Ÿ≠ ”À√—∫Àπ’È¥—ß°≈à“«
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 123
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
THE COMPANY ONLY
2002 Increase Decrease 2003
Nedtex Limited - 28,416 23,649 4,767
Precious Orchids Limited - 347,865 336,007 11,858
Precious Hills Limited - 383,501 377,829 5,672
Precious Comets Limited - 8 - 8
Geepee Corporation Limited - 26,708 17,505 9,203
Precious Lakes Limited - 75,000 35,878 39,122
Precious Trees Limited - 274,518 206,676 67,842
Precious Ponds Limited - 277,624 247,741 29,883
Precious Capitals Limited - 562,689 560,975 1,714
Precious Jasmines Limited - 521,410 461,667 59,743
Total 2,430,759 8,868,338 8,766,579 2,532,518
(Unit : Thousand Baht)
CONSOLIDATED
2002 Increase Decrease 2003
advances to
other related companies
International Seaports Pte. Ltd. 440 - - 440
International Seaports (Haldia)
Private Limited 23,683 - 23,683 -
Kakinada Seaports Limited 1,860 - - 1,860
Total 25,983 - 23,683 2,300
During the year 2003, the Company has waived debts of Baht 14.2 million and Baht 18.8 million,
respectively, due from Nedtex Limited and Precious Storage Terminals Limited. Payable to and advances from Nedtex
Limited as presented above was derived from the Company recognised share of loss from investment accounted for
under equity method of that company over its investment.
The outstanding balances of the amounts due from/to subsidiaries/other related companies represents
current accounts between the Company and those companies. The Company’s management believes that no
allowance for doubtful accounts is necessary.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)124
‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬‰¡à¡’¥Õ°‡∫’Ȭ ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„πªï 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545
∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 143,000 143,000
∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 143,000 143,000
∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 100,750 100,750
∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 96,525 96,525
∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 95,693 95,693
∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 57,850 57,850
∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 21,450 21,450
∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 4,550 4,550
√«¡ 662,818 662,818
πÕ°®“°π’È „π√–À«à“ߪï 2545 ∫√‘…—∑œ ‰¥â∫—π∑÷°¿“√–§È”ª√–°—π®”π«π 31.6 ≈â“π∫“∑ ‡ªìπ§à“„™â®à“¬„π ß∫°”‰√
¢“¥∑ÿπ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡®â“Àπ’È¢Õß∫√‘…—∑·ÀàßÀπ÷Ëß∑’Ë∫√‘…—∑œ ‰¥â‡§¬ÕÕ°Àπ—ß ◊էȔª√–°—π„À≥â‡√’¬°‡ß‘𙥇™¬¡“¬—ß
∫√‘…—∑œ ∫√‘…—∑œ ‰¥â®à“¬™”√–„Àâ·°à‡®â“Àπ’È√“¬¥—ß°≈à“«®”π«π 10.5 ≈â“π∫“∑„πªï 2545 à«π∑’ˇÀ≈◊Õ®”π«π 21.1 ≈â“π∫“∑
‰¥â®à“¬™”√–„πªï 2546
6. ‡ß‘π≈ß∑ÿπ
‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑Õ◊Ëπª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬
2546/2545 2546 2545 2546 2545
‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬
∫√‘…—∑¬àÕ¬
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ߧ‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 363,338 363,338 631,413 607,050
∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 99.99 250,000 250,000 282,056 354,449
∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 99.99 229,999 229,999 257,356 309,575
∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 99.99 199,999 199,999 269,727 226,207
∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 99.99 175,000 175,000 204,418 333,884
∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 99.99 140,000 140,000 161,156 139,890
∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 99.99 140,000 140,000 137,026 137,688
∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 99.99 139,999 139,999 166,608 191,467
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 125
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Details of subordinated interest-free loans from subsidiaries, which are repayable within 2006, are as
follows :
(Unit : Thousand Baht)
THE COMPANY ONLY
2003 2002
Precious Cliffs Limited 143,000 143,000
Precious Capitals Limited 143,000 143,000
Precious Jasmines Limited 100,750 100,750
Precious Stars Limited 96,525 96,525
Precious Seas Limited 95,693 95,693
Precious Orchids Limited 57,850 57,850
Precious Ponds Limited 21,450 21,450
Precious Lakes Limited 4,550 4,550
Total 662,818 662,818
In addition, during the year 2002, the Company recorded guarantee obligation of Baht 31.6 million as an
expense in the 2002 earnings statement. This obligation is payable to claimant on account of guarantee issued. The
Company paid Baht 10.5 million to that creditor in 2002, and the remaining Baht 21.1 million was repaid in 2003.
6. INVESTMENTS
These represent investments in the following subsidiaries, associated and other companies :
(Unit : Thousand Baht)
THE COMPANY ONLY
Percentage of Ownership Cost Method Equity Method
2003/2002 2003 2002 2003 2002
Investments accounted for under
equity method
Subsidiaries
Precious Shipping (Singapore) Pte. Limited 100.00 363,338 363,338 631,413 607,050
Precious Metals Limited 99.99 250,000 250,000 282,056 354,449
Precious Wishes Limited 99.99 229,999 229,999 257,356 309,575
Precious Capitals Limited 99.99 199,999 199,999 269,727 226,207
Precious Oceans Limited 99.99 175,000 175,000 204,418 333,884
Precious Minerals Limited 99.99 140,000 140,000 161,156 139,890
Precious Stones Shipping Limited 99.99 140,000 140,000 137,026 137,688
Precious Mountains Limited 99.99 139,999 139,999 166,608 191,467
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)126
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬
2546/2545 2546 2545 2546 2545
∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 99.99 139,999 139,999 166,685 260,418
∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 99.99 139,999 139,999 165,275 171,900
∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 99.99 139,999 139,999 168,277 189,775
∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ 99.99 169,999 139,999 168,342 139,442
∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 99.99 139,999 139,999 138,638 79,498
∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 99.99 121,995 121,995 (64,617) (44,821)
∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 99.99 105,000 105,000 135,996 115,965
∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 99.99 100,000 100,000 131,312 216,810
∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 99.99 100,000 100,000 129,611 190,220
∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 99.99 97,999 97,999 174,434 254,729
∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 99.99 79,999 79,999 140,697 164,906
∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 99.99 55,000 55,000 94,285 155,623
∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 99.99 51,999 51,999 89,708 152,174
∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 99.99 44,000 44,000 58,634 54,340
∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 99.99 39,999 39,999 57,088 119,656
∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 99.99 39,999 39,999 61,803 47,337
∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 99.99 38,999 38,999 65,949 146,839
∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 99.99 38,999 38,999 66,227 125,836
∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 99.99 32,000 32,000 52,028 98,913
∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 99.99 31,999 31,999 61,206 79,548
∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 99.99 30,999 30,999 54,520 113,569
∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 99.99 24,000 24,000 26,390 65,847
∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 99.99 24,000 24,000 21,250 21,253
∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 99.99 24,000 24,000 23,872 23,904
∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 99.99 99,000 24,000 70,977 (3,725)
∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 99.99 143,999 23,999 127,659 672
∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 99.88 5,874 5,874 (9,204) (3,878)
∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ 69.99 4,199 4,199 26 (12,669)
∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ 69.99 648 648 (4,783) (14,290)
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ 99.99 250 250 6,690 7,729
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 99.99 250 250 (2,338) (97)
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 99.99 250 250 (173,236) (171,692)
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 127
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
THE COMPANY ONLY
Percentage of Ownership Cost Method Equity Method
2003/2002 2003 2002 2003 2002
Precious Hills Limited 99.99 139,999 139,999 166,685 260,418
Precious Resorts Limited 99.99 139,999 139,999 165,275 171,900
Precious Lagoons Limited 99.99 139,999 139,999 168,277 189,775
Precious Cities Limited 99.99 169,999 139,999 168,342 139,442
Precious Cliffs Limited 99.99 139,999 139,999 138,638 79,498
Great Circle Shipping Agency Limited 99.99 121,995 121,995 (64,617) (44,821)
Precious Stars Limited 99.99 105,000 105,000 135,996 115,965
Precious Seas Limited 99.99 100,000 100,000 131,312 216,810
Precious Planets Limited 99.99 100,000 100,000 129,611 190,220
Precious Jasmines Limited 99.99 97,999 97,999 174,434 254,729
Precious Ventures Limited 99.99 79,999 79,999 140,697 164,906
Precious Diamonds Limited 99.99 55,000 55,000 94,285 155,623
Precious Orchids Limited 99.99 51,999 51,999 89,708 152,174
Precious Rivers Limited 99.99 44,000 44,000 58,634 54,340
Precious Forests Limited 99.99 39,999 39,999 57,088 119,656
Precious Trees Limited 99.99 39,999 39,999 61,803 47,337
Precious Flowers Limited 99.99 38,999 38,999 65,949 146,839
Precious Pearls Limited 99.99 38,999 38,999 66,227 125,836
Precious Emeralds Limited 99.99 32,000 32,000 52,028 98,913
Precious Ponds Limited 99.99 31,999 31,999 61,206 79,548
Precious Garnets Limited 99.99 30,999 30,999 54,520 113,569
Precious Rubies Limited 99.99 24,000 24,000 26,390 65,847
Precious Lands Limited 99.99 24,000 24,000 21,250 21,253
Precious Opals Limited 99.99 24,000 24,000 23,872 23,904
Precious Lakes Limited 99.99 99,000 24,000 70,977 (3,725)
Precious Sapphires Limited 99.99 143,999 23,999 127,659 672
Geepee Corporation Limited 99.88 5,874 5,874 (9,204) (3,878)
Precious Storage Terminals Limited 69.99 4,199 4,199 26 (12,669)
Nedtex Limited 69.99 648 648 (4,783) (14,290)
Precious Shipping (UK) Limited 99.99 250 250 6,690 7,729
Precious Shipping (Panama) S.A. 99.99 250 250 (2,338) (97)
Precious Shipping (Mauritius) Limited 99.99 250 250 (173,236) (171,692)
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)128
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬
2546/2545 2546 2545 2546 2545
∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ 99.40 99 99 (95) (64)
∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ 99.40 99 99 (96) (64)
∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 0.0365 0.0365 (615) (479)
∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 0.0503 0.0503 (678) (532)
√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ 3,703,984 3,478,984 4,311,677 5,044,802
‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 4,567,339 5,297,114
à«π·∫àߺ≈¢“¥∑ÿπ‡°‘π°«à“‡ß‘π≈ß∑ÿπ (255,662) (252,312)
√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ 4,311,677 5,044,802
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ «‘∏’ à«π‰¥â‡ ’¬
2546 2545 2546 2545 2546 2545 2546 2545
‡ß‘π≈ß∑ÿπÕ◊Ëπ
∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å
æ’∑’Õ’ ≈‘¡‘‡µÁ¥ 33.33 33.33 17,225 17,225 22,955 22,955 22,955 22,955
∫√‘…—∑ ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‘‡µ¥ 26.37 26.37 96,889 96,889 96,889 96,889 - -
∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ 39.96 39.96 31,716 31,716 19,365 19,365 - -
∫√‘…—∑ §“§‘𓥓 ’æÕ√å∑ å ≈‘¡‘‡µ¥ 16.65 16.65 22,144 22,144 22,144 22,144 - -
∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å
(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ 17.92 17.83 87,701 35,556 87,701 35,556 - -
√«¡ 255,675 203,530 249,054 196,909 22,955 22,955
À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ (161,353) (161,353) (22,955) (22,955)
‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘ 87,701 35,556 - -
‡ß‘π≈ß∑ÿπ™—Ë«§√“« - ÿ∑∏‘ - - - -
‡ß‘π≈ß∑ÿπ√–¬–¬“« - ÿ∑∏‘ 87,701 35,556 - -
√«¡‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘ 87,701 35,556 - -
∫√‘…—∑œ ‰¥â· ¥ß à«π·∫àߺ≈¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬∑’ˇ°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ‚¥¬· ¥ß ÿ∑∏‘°—∫ ≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑¬àÕ¬
„πß∫¥ÿ≈
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 129
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
THE COMPANY ONLY
Percentage of Ownership Cost Method Equity Method
2003/2002 2003 2002 2003 2002
Precious Comets Limited 99.40 99 99 (95) (64)
Precious Ornaments Limited 99.40 99 99 (96) (64)
Thebes Pte. Limited 100.00 0.0365 0.0365 (615) (479)
Regidor Pte. Limited 100.00 0.0503 0.0503 (678) (532)
Total net investments in subsidiaries 3,703,984 3,478,984 4,311,677 5,044,802
Investments accounted for under equity method 4,567,339 5,297,114
Share of losses over investments (255,662) (252,312)
Total net investments in subsidiaries 4,311,677 5,044,802
(Unit : Thousand Baht)
CONSOLIDATED THE COMPANY ONLY
Percentage of Ownership Cost method Equity Method Equity Method
2003 2002 2003 2002 2003 2002 2003 2002
Other investments
International Seaports
Pte. Limited 33.33 33.33 17,225 17,225 22,955 22,955 22,955 22,955
Dhamra Port Company
Private Limited 26.37 26.37 96,889 96,889 96,889 96,889 - -
Southern LPG Limited 39.96 39.96 31,716 31,716 19,365 19,365 - -
Kakinada Seaports Limited 16.65 16.65 22,144 22,144 22,144 22,144 - -
International Seaports (Haldia)
Private Limited 17.92 17.83 87,701 35,556 87,701 35,556 - -
Total 255,675 203,530 249,054 196,909 22,955 22,955
Less : Allowance for possible
loss on investments (161,353) (161,353) (22,955) (22,955)
Net other investments 87,701 35,556 - -
Net current investments - - - -
Net long - term investments 87,701 35,556 - -
Total net other investments 87,701 35,556 - -
The Company has presented share of losses from subsidiaries over investments by net off the amounts
due from/to subsidiaries in the balance sheets.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)130
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑œ ‰¥â®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬®”π«π 27 ∫√‘…—∑ ÷Ëß¡’¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬√«¡
3,416.7 ≈â“π∫“∑ (2545 : ∫√‘…—∑¬àÕ¬ 23 ∫√‘…—∑ ¡Ÿ≈§à“√«¡ 3,840.4 ≈â“π∫“∑) ‰«â°—∫∏𓧓√‡æ◊ËէȔª√–°—π‡ß‘π°Ÿâ¬◊¡
√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8
„π√–À«à“ߪï 2546 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»‰¥â ◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ‘π‡µÕ√å ‡π™—Ëπ·π≈ ’æÕ√å∑ å (Œ“≈‡¥’¬)
‰æ√‡«∑ ≈‘¡‘‡µ¥ ‡æ‘Ë¡Õ’°®”π«π 5,855,207 Àÿâπ „π√“§“¡Ÿ≈§à“∑’˵√“‰«â‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 52.2 ≈â“π∫“∑ ∑”„Àâ∫√‘…—∑¬àÕ¬
·Ààßπ—Èπ∂◊ÕÀÿâπ„π∫√‘…—∑¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 22.4 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿâπ
∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ ·≈â«®–‡∑à“°—∫√âÕ¬≈– 17.9 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« ∫√‘…—∑¥—ß°≈à“«¥”‡π‘π∏ÿ√°‘®‡°’ˬ«°—∫°“√
ÕÕ°·∫∫ °àÕ √â“ßæ—≤π“·≈–∫√‘À“√∑à“‡∑’¬∫‡√◊Õ„πª√–‡∑»Õ‘π‡¥’¬ ªí®®ÿ∫—π∫√‘…—∑¥—ß°≈à“«¬—ßÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß∑à“‡∑’¬∫‡√◊Õ
‡¡◊ËÕ«—π∑’Ë 18 惻®‘°“¬π 2546 ∑’˪√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑¬àÕ¬‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈
„Àⷰຟâ∂◊ÕÀÿâπ¥—ßπ’È
®”π«πÀÿâπ Õ—µ√“Àÿâπ≈– ®”π«π‡ß‘π
(Àÿâπ) (∫“∑) (≈â“π∫“∑)
∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 440,000 80.40 35.38
∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑π å ®”°—¥ 1,400,000 70.20 98.28
∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 2,300,000 44.35 102.01
∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 2,500,000 48.20 120.50
∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 1,400,000 3.35 4.69
∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 390,000 385.35 150.29
∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 400,000 262.85 105.14
∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 1,000,000 129.25 129.25
∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 550,000 253.40 139.37
∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 1,400,000 62.75 87.85
∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 240,000 165.10 39.62
∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 390,000 339.75 132.50
∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 310,000 369.00 114.39
∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 1,750,000 107.20 187.60
∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 320,000 304.10 97.31
∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 800,000 203.10 162.48
∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 1,400,000 104.00 145.60
∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 2,000,000 38.85 77.70
∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 980,000 192.80 188.94
∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 520,000 235.25 122.33
∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 1,000,000 143.35 143.35
∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 1,400,000 48.35 67.69
∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 400,000 138.80 55.52
∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 1,050,000 37.30 39.17
∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 320,000 283.85 90.83
2,637.79
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 131
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
As at 31 December 2003, the Company has pledged the shares of 27 subsidiaries amounting to Baht
3,416.7 million (2002 : 23 subsidiaries amounting to Baht 3,840.4 million), stated under the equity method, with
banks to secure the long-term loans referred to in Note 8.
During the year 2003, an overseas subsidiary has additionally acquired 5,855,207 of ordinary shares of
International Seaports (Haldia) Private Limited at par value, a total of Baht 52.2 million. This represents 22.4% of
registered share capital of that company. Based on indirect holding, the Company holds 17.9% of the registered
capital of that company, which is engaged in the design, construction, development and operation of a berth in India.
The berth is currently still under construction.
On 18 November 2003, the Board of Directors Meeting of subsidiaries approved the following interim
dividend payments to the shareholders :
Number of shares Dividend per share Amount
(Shares) (Baht) (Million Baht)
Precious Rivers Limited 440,000 80.40 35.38
Precious Mountains Limited 1,400,000 70.20 98.28
Precious Wishes Limited 2,300,000 44.35 102.01
Precious Metals Limited 2,500,000 48.20 120.50
Precious Minerals Limited 1,400,000 3.35 4.69
Precious Flowers Limited 390,000 385.35 150.29
Precious Forests Limited 400,000 262.85 105.14
Precious Planets Limited 1,000,000 129.25 129.25
Precious Diamonds Limited 550,000 253.40 139.37
Precious Lagoons Limited 1,400,000 62.75 87.85
Precious Rubies Limited 240,000 165.10 39.62
Precious Pearls Limited 390,000 339.75 132.50
Precious Garnets Limited 310,000 369.00 114.39
Precious Oceans Limited 1,750,000 107.20 187.60
Precious Emeralds Limited 320,000 304.10 97.31
Precious Ventures Limited 800,000 203.10 162.48
Precious Hills Limited 1,400,000 104.00 145.60
Precious Capitals Limited 2,000,000 38.85 77.70
Precious Jasmines Limited 980,000 192.80 188.94
Precious Orchids Limited 520,000 235.25 122.33
Precious Seas Limited 1,000,000 143.35 143.35
Precious Resorts Limited 1,400,000 48.35 67.69
Precious Trees Limited 400,000 138.80 55.52
Precious Stars Limited 1,050,000 37.30 39.17
Precious Ponds Limited 320,000 283.85 90.83
2,637.79
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)132
∫√‘…—∑œ ‰¥âπ”‡ß‘πªíπº≈√—∫®”π«π¢â“ßµâπ‰ªÀ—°°≈∫≈∫Àπ’È°—∫¬Õ¥§ß§â“ß∫—≠™’‡®â“Àπ’È·≈– ‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬
πÕ°®“°π’È „π√–À«à“ߪï 2546 ∫√‘…—∑¬àÕ¬ 3 ·Ààß„πª√–‡∑»‰¥â·°à∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å
®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈՇߑπ≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π°“√
∂◊ÕÀÿâπ ≥ «—ππ—Èπ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 225 ≈â“π∫“∑
∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ߪ√–‡∑» 3 ∫√‘…—∑∑’Ë¡’Õ¬Ÿà‡¥‘¡ µ“¡«‘∏’ à«π‰¥â‡ ’¬®π∂÷ß«—π∑’Ë
31 ∏—𫓧¡ 2543 ‡∑à“π—Èπ ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡µ—Èß„®∑’Ë®–‡ πÕ¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈–‡ß‘π
≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ¥—ßπ—Èπ®÷߉¥â®—¥ª√–‡¿∑‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‡ß‘π≈ß∑ÿπ™—Ë«§√“«„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π Õ¬à“߉√°Áµ“¡
„π√–À«à“ߪï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ‡ªìπ®”π«π 161.4 ≈â“π∫“∑ (‡©æ“–
∫√‘…—∑œ : 22.9 ≈â“π∫“∑)
7. ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡
‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ ‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ√“§“ª√–‡¡‘π
‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å
§à“„™â®à“¬„π ‘Ëßµ‘¥µ—Èß ‘Ëߪ√—∫ª√ÿßÕ“§“√™ÿ¥ Õ“§“√™ÿ¥
‡√◊Õ·≈–°“√´àÕ¡·´¡ √«¡
Õÿª°√≥å·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å √«¡
Õÿª°√≥å ·≈– ”√«®‡√◊Õ ∑à“‡√◊Õ ”π—°ß“𠇙à“
√“§“∑ÿπ / √“§“ª√–‡¡‘π
31 ∏—𫓧¡ 2545 175,063 8,654 7,566,468 558,325 8,124,793 114,582 34,671 13,113 750 8,471,626
´◊ÈÕ‡æ‘Ë¡ - - 601,837 189,528 791,365 - 358 1,176 - 792,899
®”Àπà“¬ - - - (279,693) (279,693) - (83) (583) - (280,359)
31 ∏—𫓧¡ 2546 175,063 8,654 8,168,305 468,160 8,636,465 114,582 34,946 13,706 750 8,984,166
§à“‡ ◊ËÕ¡√“§“ – ¡
31 ∏—𫓧¡ 2545 65,773 3,995 3,520,096 338,959 3,859,055 72,160 32,585 10,461 532 4,044,561
§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 4,708 433 430,840 148,861 579,701 10,342 1,004 1,022 67 597,277
§à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë
µ’√“§“‡æ‘Ë¡ 4,688 - - - - - - - - 4,688
§à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë
®”Àπà“¬ - - - (279,693) (279,693) - (585) (81) - (280,359)
31 ∏—𫓧¡ 2546 75,169 4,428 3,950,936 208,127 4,159,063 82,502 33,004 11,402 599 4,366,167
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 133
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
The Company offset the above dividend income against amount payable to and advances from subsidiaries.
In addition, during the year 2003, 3 local subsidiaries - Precious Cities Limited, Precious Lakes Limited and
Precious Sapphires Limited - issued new ordinary shares, which the Company purchased in proportion to its shareholding
at the acquisition date, at par value, or a total of Baht 225 million.
The Company and subsidiaries have recorded investments in 3 overseas associated companies under
the equity method upto 31 December 2000 since the management of the Company and subsidiaries are making
efforts to sell these investments and the investment in other company. Therefore, the above investments have
been reclassified to current investments in current assets. During the year 2002, the Company and subsidiaries
set up the provision for possible loss on other investments of Baht 161.4 million (The Company Only : Baht 22.9
million).
7. VESSELS, CONDOMINIUM AND EQUIPMENT
(Unit : Thousand Baht)
CONSOLIDATED
Assets atappraisal Assets at cost
Vessels and equipment
VesselsDry-dock Furniture,
LeaseholdCondo- Condo-
andand special
TotalBerth fixtures Motor
improve- Totalminium minium
equipmentsurvey equipment and office vehicles
mentexpenses equipment
Cost/Appraised value
31 December 2002 175,063 8,654 7,566,468 558,325 8,124,793 114,582 34,671 13,113 750 8,471,626
Acquisitions - - 601,837 189,528 791,365 - 358 1,176 - 792,899
Disposals - - - (279,693) (279,693) - (83) (583) - (280,359)
31 December 2003 175,063 8,654 8,168,305 468,160 8,636,465 114,582 34,946 13,706 750 8,984,166
Accumulated
depreciation
31 December 2002 65,773 3,995 3,520,096 338,959 3,859,055 72,160 32,585 10,461 532 4,044,561
Depreciation
for the year 4,708 433 430,840 148,861 579,701 10,342 1,004 1,022 67 597,277
Depreciation on
revaluation surplus 4,688 - - - - - - - - 4,688
Depreciation on disposals - - - (279,693) (279,693) - (585) (81) - (280,359)
31 December 2003 75,169 4,428 3,950,936 208,127 4,159,063 82,502 33,004 11,402 599 4,366,167
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)134
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡
‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ ‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ√“§“ª√–‡¡‘π
‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å
§à“„™â®à“¬„π ‘Ëßµ‘¥µ—Èß ‘Ëߪ√—∫ª√ÿßÕ“§“√™ÿ¥ Õ“§“√™ÿ¥
‡√◊Õ·≈–°“√´àÕ¡·´¡ √«¡
Õÿª°√≥å·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å √«¡
Õÿª°√≥å ·≈– ”√«®‡√◊Õ ∑à“‡√◊Õ ”π—°ß“𠇙à“
¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’
31 ∏—𫓧¡ 2545 109,290 4,659 4,046,372 219,366 4,265,738 42,422 2,086 2,652 218 4,427,065
31 ∏—𫓧¡ 2546 99,894 4,226 4,217,369 260,033 4,477,402 32,080 1,942 2,304 151 4,617,999
§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï
ªï 2545 634,971
ªï 2546 601,965
¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’°√≥’
· ¥ß¥â«¬√“§“∑ÿπ
31 ∏—𫓧¡ 2545 70,795
31 ∏—𫓧¡ 2546 65,143
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
‘Ëßµ°·µàß µ‘¥µ—Èß ‘Ëߪ√—∫ª√ÿß
·≈–Õÿª°√≥å ¬“πæ“Àπ– √«¡
”π—°ß“π ‘π∑√—æ¬å‡™à“
√“§“∑ÿπ
31 ∏—𫓧¡ 2545 11,524 10,593 750 22,867
´◊ÈÕ‡æ‘Ë¡ 138 - - 138
31 ∏—𫓧¡ 2546 11,662 10,593 750 23,005
§à“‡ ◊ËÕ¡√“§“ – ¡
31 ∏—𫓧¡ 2545 10,183 7,955 532 18,670
§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 760 787 67 1,614
31 ∏—𫓧¡ 2546 10,943 8,742 599 20,284
¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’
31 ∏—𫓧¡ 2545 1,341 2,638 218 4,197
31 ∏—𫓧¡ 2546 719 1,851 151 2,721
§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï
ªï 2545 2,182
ªï 2546 1,614
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 135
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
(Unit : Thousand Baht)
CONSOLIDATED
Assets atappraisal Assets at cost
Vessels and equipment
VesselsDry-dock Furniture,
LeaseholdCondo- Condo-
andand special
TotalBerth fixtures Motor
improve- Totalminium minium
equipmentsurvey equipment and office vehicles
mentexpenses equipment
Net book value
31 December 2002 109,290 4,659 4,046,372 219,366 4,265,738 42,422 2,086 2,652 218 4,427,065
31 December 2003 99,894 4,226 4,217,369 260,033 4,477,402 32,080 1,942 2,304 151 4,617,999
Depreciation for the year
2002 634,971
2003 601,965
Net book value as
presented at
historical cost
31 December 2002 70,795
31 December 2003 65,143
(Unit : Thousand Baht)
THE COMPANY ONLY
Furniture,fixtures Motor Leasehold
and office vehicles improvementTotal
equipment
Cost
31 December 2002 11,524 10,593 750 22,867
Acquisitions 138 - - 138
31 December 2003 11,662 10,593 750 23,005
Accumulated depreciation
31 December 2002 10,183 7,955 532 18,670
Depreciation for the year 760 787 67 1,614
31 December 2003 10,943 8,742 599 20,284
Net book value
31 December 2002 1,341 2,638 218 4,197
31 December 2003 719 1,851 151 2,721
Depreciation for the year
2002 2,182
2003 1,614
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)136
„π√–À«à“ߪï 2546 ∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈¡◊Õ Õß®”π«π 2 ≈” „π√“§“ 15.6 ≈â“π‡À√’¬≠ À√—∞œ
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕ߇√◊Õ‡¥‘π∑–‡≈®”π«π 30 ≈” ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π
4,217.4 ≈â“π∫“∑ (2545 : 28 ≈” ¡Ÿ≈§à“ 4,046.4 ≈â“π∫“∑) ·≈–Õ“§“√™ÿ¥´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘®”π«π 104.1 ≈â“π∫“∑ (2545 :
113.9 ≈â“π∫“∑) ‰«â°—∫∏𓧓√‡æ◊ËէȔª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8
„π√–À«à“ߪï 2545 ∫√‘…—∑¬àÕ¬‰¥â¢“¬‡√◊Õ‡¥‘π∑–‡≈®”π«π 3 ≈” ·≈– Õ“§“√™ÿ¥ 2 ÀâÕß ‚¥¬¡’°”‰√®“°°“√¢“¬®”π«π
23.7 ≈â“π∫“∑
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õÿª°√≥å´÷Ë߉¥â§‘¥§à“‡ ◊ËÕ¡√“§“ – ¡‰«â·≈⫇µÁ¡
®”π«π·µà¬—ß„™âß“πÕ¬Ÿà ‚¥¬ ‘π∑√—æ¬å¥—ß°≈à“«¡’√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 40.6 ≈â“π∫“∑ ·≈– 37.4 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–
∫√‘…—∑œ : 15.9 ≈â“π∫“∑ ·≈– 12.4 ≈â“π∫“∑ µ“¡≈”¥—∫)
8. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«
‡ß‘π°Ÿâ¬◊¡√–¬–¬“«π’ȇªìπ‡ß‘π°Ÿâ¬◊¡∑’ˇ°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȵ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 6 °√°Æ“§¡
2543 ·≈–«—π∑’Ë 10 °√°Æ“§¡ 2543 ·≈– —≠≠“„Àâ ‘π‡™◊ËÕ°—∫∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) ≈ß«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546
‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545 ¡’¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
‡ß‘π°Ÿâ¬◊¡‡¥‘¡ - 1,463,931 - -
‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å (Commercial Loan) - 1,618,368 - 1,618,368
‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ 34,367 55,483 - -
‡ß‘π°Ÿâ¬◊¡„À¡à 3,387,984 - 242,582 -
√«¡ 3,422,351 3,137,782 242,582 1,618,368
À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï (938,579) (393,386) (242,582) -
à«π∑’Ë∂÷ß°”Àπ¥™”√–‡°‘π°«à“Àπ÷Ëߪï 2,483,772 2,744,396 - 1,618,368
‡ß‘π°Ÿâ¬◊¡‡¥‘¡
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑¬àÕ¬‰¡à¡’¬Õ¥§ß‡À≈◊Õ¢Õ߇ߑπ°Ÿâ¬◊¡‡¥‘¡ (2545 : 241.4 ≈â“π∫“∑ ·≈– 28.2
≈â“π‡À√’¬≠ À√—∞œ) ‡ß‘π°Ÿâ¬◊¡‡¥‘¡¡’Õ—µ√“¥Õ°‡∫’Ȭ∑—Èߧß∑’Ë·≈–≈Õ¬µ—«µ“¡Õ—µ√“∑’Ë°”À𥉫â„π —≠≠“µ“¡µ“√“ß°“√®à“¬™”√–Àπ’È
‡ß‘π°Ÿâ¬◊¡ π’È®–®à“¬™”√–§◊π‡ªìπ√“¬‰µ√¡“ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2543 ·≈–®–µâÕß™”√– „ÀâÀ¡¥¿“¬„πªï 2548 „π√–À«à“ß
ªï 2546 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡‡¥‘¡∑—ÈßÀ¡¥·≈â« ‡ªìπ®”π«π 241.4 ≈â“π∫“∑ ·≈– 28.2 ≈â“π‡À√’¬≠ À√—∞œ (2545
: 48.2 ≈â“π∫“∑ 17.2 ≈â“π‡À√’¬≠ À√—∞œ ·≈– 15 ≈â“πÕ‘π‡¥’¬√Ÿªï)
‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å
‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å‡ªìπ‡ß‘π°Ÿâ¬◊¡ °ÿ≈‡ß‘π∫“∑§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“§ß∑’˵àÕªï „π°√≥’∑’Ë∫√‘…—∑œ ‰¡à “¡“√∂®à“¬™”√–§◊πµ“¡
°”À𥇫≈“Õ—µ√“¥Õ°‡∫’Ȭ®–∂Ÿ°ª√—∫‡æ‘Ë¡¢÷ÈπÕ’°√âÕ¬≈– 1 µàÕªïπ—∫®“°«—π∑’Ë∂÷ß°”Àπ¥™”√– Õ¬à“߉√°Áµ“¡ ‡ß‘π°Ÿâ¬◊¡π’È®–µâÕß™”√–§◊π
‰¡à‡°‘π«—π∑’Ë 17 °√°Æ“§¡ 2548 „π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å∑—ÈßÀ¡¥·≈⫇ªìπ®”π«π 1,618.4
≈â“π∫“∑ (2545 : 83.4 ≈â“π∫“∑)
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 137
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
During the year 2003, certain subsidiaries have purchased 2 second-hand vessels of USD 15.6 million.
As at 31 December 2003, the subsidiaries have mortgaged 30 vessels with net book value of Baht 4,217.4
million (2002 : 28 vessels amounting to Baht 4,046.4 million) and condominium units with net book value of Baht
104.1 million (2002 : Baht 113.9 million) with banks to secure long-term loans as referred to in Note 8.
During the year 2002, certain subsidiaries disposed of their 3 vessels and 2 condominium units with gain of
Baht 23.7 million.
As at 31 December 2003 and 2002, the Company and subsidiaries has fully depreciated equipment which
are still in use, the costs of such assets amounted to Baht 40.6 million and Baht 37.4 million, respectively (The
Company Only : Baht 15.9 million and Baht 12.4 million, respectively).
8. LONG-TERM LOANS
The long-term loans were the loans resulting from the restructuring of debts under the debt restructuring
agreement dated 6 July 2000 and 10 July 2000, and credit facilities agreement dated 16 June 2003 with Krung
Thai Bank Public Company Limited.
The outstanding balances of long-term loans as at 31 December 2003 and 2002 were as follows :
(Unit : Thousand Baht)
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Original loans - 1,463,931 - -
Commercial loans - 1,618,368 - 1,618,368
Other loan 34,367 55,483 - -
New loans 3,387,984 - 242,582 -
Total 3,422,351 3,137,782 242,582 1,618,368
Less : Current portion (938,579) (393,386) (242,582) -
Long-term portion 2,483,772 2,744,396 - 1,618,368
Original loans
As at 31 December 2003, the subsidiaries had no outstanding balance of original loans (2002 : Baht 241.4
million and USD 28.2 million) on which interest were charged at fixed and floating rates specified in the agreements.
According to the repayment schedule, the loans were to be repaid in quarterly installments commencing 31 March
2000 until the end of 2005. During the year 2003, the subsidiaries paid all outstanding original loans by Baht
241.4 million and USD 28.2 million (2002 : Baht 48.2 million, USD 17.2 million and INR 15 million).
Commercial loans
These were Thai Baht loans which carried interest at fixed rates per annum. If the Company failed to repay
at the applicable repayment dates, interest rate was to be increased by 1% per annum from those dates. However,
the loans were finally due for repayment on 17 July 2005. During the year 2003, the Company paid all outstanding
commercial loans by Baht 1,618.4 million (2002 : Baht 83.4 million).
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)138
‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ
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µàÕªï ¡’°”Àπ¥®à“¬™”√–§◊π∑ÿ°À°‡¥◊Õπ∂÷ߪï 2548
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‡ß‘π°Ÿâ¬◊¡„À¡à
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®”π«π 100 ≈â“π‡À√’¬≠ À√—∞œ ‚¥¬¡’«—µ∂ÿª√– ߧ套ßπ’È
°) ‘π‡™◊ËÕ®”π«π 65 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕ𔉪™”√–§◊π‡ß‘π°Ÿâ¬◊¡°àÕπ°”Àπ¥ ”À√—∫‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ ·≈–
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¢) ‘π‡™◊ËÕ®”π«π 35 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕ𔉪®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ·≈–/À√◊Õ ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ ‚¥¬¡’√–¬–
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∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕߪؑ∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥∫“ߪ√–°“√∑’Ë°”À𥉫â„π —≠≠“„Àâ ‘π‡™◊ËÕ Õ“∑‘ ‡™àπ
°) ¥”√ß√—°…“Õ—µ√“ à«π debt service coverage ‰¡àπâÕ¬°«à“ 1 µàÕ 1
¢) ¥”√ß√—°…“Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ (debt to equity) ‰¡à‡°‘π°«à“ 2 µàÕ 1
§) ¥”√߇ߑπ∑ÿπ ”√ÕßÀ¡ÿπ‡«’¬π‰¡àπâÕ¬‰ª°«à“ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈”
9. ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ
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‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ߪ√–‡∑»
10.Àÿâπ°Ÿâ / Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‡°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȵ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 17 °√°Æ“§¡
2543
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 139
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
Other loan
Other loan represents loan of an overseas subsidiary which charges interest at the rate of LIBOR plus margin
per annum and is payable in semi-annual installments until 2005.
As at 31 December 2003, the subsidiary had outstanding other loan of USD 0.9 million (2002 : USD 1.3
million). During the year 2003, the subsidiary repaid other loan of USD 0.4 million (2002 : USD 0.4 million). The loan
is secured by the mortgage and the assignment of the insurance policy of its vessel to a creditor (Note 7).
New loans
On 16 June 2003, the Company and subsidiaries have entered into an agreement with Krung Thai Bank
Public Company Limited to obtain credit facilities of USD 100 million for the following purposes :
a) USD 65 million is to be used to refinance all outstanding loans of the Company and subsidiaries. Such
facility is to be drawn down within 12 months from the date of the agreement.
b) USD 35 million is to be used to pay for purchases of vessels and/or to fund the redemption of the Bonds.
Such facility can be drawn down until the end of 2005.
These loans carry interest at the rate of LIBOR plus margin per annum and are payable in quarterly install-
ments over a period of 7.5 years, in accordance with the proportionate amounts stipulated in the agreement, with a
waiver of debt repayment for one year.
As at 31 December 2003, USD 63.6 million and USD 21.7 million were drawn down from the loans against
a) and b), respectively, by the Company and 26 subsidiaries.
As at 31 December 2003, these loans are secured by the following:
a) The mortgage of 29 vessels and condominium units belonging to subsidiaries (Note 7).
b) The pledge of the shares of 27 subsidiaries (Note 6).
c) The assignment of the insurance policies of the subsidiaries’ vessels and condominium units.
The Company and subsidiaries have to comply with certain conditions and restrictions provided in the credit
facilities agreement such as :
a) Maintenance of debt service coverage ratio of at least 1 : 1.
b) Maintenance of debt to equity ratio of not exceeding 2 : 1.
c) Maintenance of available liquidity reserve of no less than USD 100,000 per vessel.
9. ADVANCE RECEIPT FOR SALE OF INVESTMENTS
On 24 November 2003 the Company received an advance from an overseas company in relation to its offer
to sell its investments in overseas associated companies.
10.BONDS/REDEEMABLE CONVERTIBLE DEBENTURES
These redeemable convertible debentures (RCDs) were issued under the terms of the debt restructuring
agreement dated 17 July 2000.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)140
‡¡◊ËÕ«—π∑’Ë 17 °√°Æ“§¡ 2543 ∫√‘…—∑œ ‰¥âÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥âª≈Õ¥¥Õ°‡∫’Ȭ °ÿ≈‡ß‘π∫“∑®”π«π
589,503,000 ∫“∑ ·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 20,936,297 ‡À√’¬≠ À√—∞œ µ“¡¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„π°“√ÕÕ°
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â °ÿ≈‡ß‘π∫“∑·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ Àÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°‰∂à∂Õπµ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑œ
°”Àπ¥‰«â¿“¬„π√–¬–‡«≈“ 30 ‡¥◊Õππ—∫·µà«—π∑’ËÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“楗߰≈à“« ÷Ëߧ√∫°”Àπ¥„π«—π∑’Ë 16 ¡°√“§¡ 2546
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¡’¡µ‘Õπÿ¡—µ‘¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„À¡à¢ÕßÀÿâπ°Ÿâ ‚¥¬„Àâ¡’º≈∫—ߧ—∫µ—Èß·µà«—π∑’Ë 16 ¡°√“§¡ 2546 ‡ªìπµâπ‰ª ‚¥¬¡’‡π◊ÈÕÀ“ √ÿª¥—ßπ’È
°) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“懪ìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª
¢) ¡’¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 4.25 µàÕªï ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2546
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®”π«π‡ß‘πµâπ„π‡«≈“„¥Ê °àÕπ∑’Ë®–§√∫°”Àπ¥‰∂à∂Õπ°Á‰¥â
µàÕ¡“‡¡◊ËÕ«—π∑’Ë 17 ¡°√“§¡ 2546 ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ§◊π‰¥â °ÿ≈‡ß‘π∫“∑‰¥â¡’¡µ‘Õπÿ¡—µ‘
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°) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“懪ìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª
¢) ¡’¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 5 µàÕªï ®π∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2549 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 6 µàÕªï µ—Èß·µà«—π∑’Ë 17
¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2552 ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 17 ‡¡…“¬π 2546
§) Àÿâπ°Ÿâ®–∂Ÿ°‰∂à∂Õπ§◊π‚¥¬∫√‘…—∑œ ‡ªìπ√“¬‰µ√¡“ µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 17 ¡°√“§¡ 2552
„π√–À«à“ߪï 2546 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ§ß‡À≈◊Õ∑—ÈßÀ¡¥§◊π ‚¥¬∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ °ÿ≈‡ß‘π‡À√’¬≠
À√—∞œ ®”π«π 13.2 ≈â“π‡À√’¬≠ À√—∞œ „π√“§“ 9.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑®”π«π 316.5 ≈â“π∫“∑
„π√“§“ 306.0 ≈â“π∫“∑ ∫√‘…—∑œ ¡’°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 147.6 ≈â“π∫“∑ ÷Ëß∫—π∑÷°‡ªìπ√“¬°“√摇»…„π
ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2546
„π√–À«à“ߪï 2545 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 1.5 ≈â“π‡À√’¬≠ À√—∞œ
„π√“§“ 0.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π∫“∑®”π«π 163 ≈â“π∫“∑ „π√“§“ 98 ≈â“π∫“∑ ∫√‘…—∑œ ¡’
°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 90.8 ≈â“π∫“∑ ÷Ëß∫—π∑÷°‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2545
11.∑ÿπ‡√◊ÕπÀÿâπ
‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2546 ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï‰¥â¡’¡µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π®“° 1,973 ≈â“π∫“∑
(Àÿâπ “¡—≠ 197.3 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 52 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ∫√‘…—∑œ
‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ®¥∑–‡∫’¬π¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 20 情¿“§¡ 2546
‡¡◊ËÕ«—π∑’Ë 10 °—𬓬π 2546 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È
°) „À⇪≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â¢Õß∫√‘…—∑œ ®“°Àÿâπ≈– 10 ∫“∑‡ªìπÀÿâπ≈– 1 ∫“∑ ‚¥¬¡’∑ÿ𠮥∑–‡∫’¬π·≈–∑ÿπ
™”√–·≈â« 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 520 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)
¢) „Àâ‚Õπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬®”π«π 60.5 ≈â“π∫“∑ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠®”π«π 514.6 ≈â“π∫“∑
‰ª™¥‡™¬∫—≠™’¢“¥∑ÿπ – ¡¢Õß∫√‘…—∑œ ÷Ëß “¡“√∂ªØ‘∫—µ‘‰¥âµ“¡æ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥
∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â°—∫°√–∑√«ßæ“≥‘™¬å·≈⫇¡◊ËÕ«—π∑’Ë 15 °—𬓬π 2546
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 141
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
On 17 July 2000, the Company issued Thai Baht 589,503,000 and USD 20,936,297 of zero coupon
RCDs. Under the terms and conditions of the Thai Baht’s and US dollar’s RCDs, the Company had an option to redeem
the bonds within a period of thirty months from the issue date dued on 16 January 2003.
However, on 10 January 2003, the meeting of the holders of the USD redeemable convertible debentures
passed a resolution approving new terms and conditions for the bonds, effective from 16 January 2003, which can
be summarised as follows :
a) The bonds are no longer convertible to shares of the Company.
b) The coupon rate is to be 4.25% per annum, with interest paid quarterly commencing on 31 March 2003.
c) The bonds will be redeemed by the Company on 16 January 2009 or may be redeemed in part or in full
at any time prior to maturity.
Subsequently, on 17 January 2003, the meeting of the holders of the Baht redeemable convertible
debentures passed a resolution approving new terms and conditions for the bonds, effective from 17 January 2003,
which can be summarised as follows :
a) The bonds are no longer convertible to shares of the Company.
b) The coupon rate is to be 5% per annum until 16 January 2006 and then 6% per annum from 17
January 2006 to 16 January 2009. Interest is to be paid quarterly, commencing on 17 April 2003.
c) The bonds will be redeemed by the Company in quarterly installments, from 17 January 2006 to 17
January 2009.
During the year 2003, the Company had redeemed all outstanding Bonds by buy-back of the USD Bonds
of USD 13.2 million nominal value at the amount of USD 9.9 million and the Baht Bonds of Baht 316.5 million nominal
value at the amount of Baht 306.0 million. The redemption resulted in a gain of Baht 147.6 million which was
recorded as an extraordinary item in the 2003 earnings statement.
During the year 2002, the Company had redeemed USD RCDs of USD 1.5 million nominal value at the
amount of USD 0.9 million and the THB RCDs of Baht 163 million nominal value at the amount of Baht 98 million.
The redemption resulted in a total gain of Baht 90.8 million which was recorded as an extraordinary item in the
2002 earnings statement.
11. SHARE CAPITAL
On 30 April 2003, the Annual General Meeting of shareholders of the Company passed a resolution
approving a decrease of its authorised share capital from Baht 1,973 million (197.3 million ordinary shares of Baht
10 each) to be Baht 520 million (52 million ordinary shares of Baht 10 each). The Company registered the reduction
of its authorised share capital with the Ministry of Commerce on 20 May 2003.
On 10 September 2003, the Extraordinary General Meeting of shareholders of the Company approved
the following resolutions :
a) The changing of the Company’s par value of share from Baht 10 per share to Baht 1 per share with
the authorised and paid-up share capital of Baht 520 million (520 million ordinary shares of Baht 1 each).
b) The transfer of amounts of Baht 60.5 million from its statutory reserve and Baht 514.6 million from its
premium on ordinary shares to reduce its accumulated losses in compliance with the Public Limited Companies Act.
The Company registered the changing of its par value of share with the Ministry of Commerce on 15
September 2003.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)142
12. ”√Õßµ“¡°ÆÀ¡“¬
µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œ ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ë߉«â‡ªìπ∑ÿπ ”√Õß
‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“
√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–𔉪®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â
µ“¡¡“µ√“ 1202 ·Ààߪ√–¡«≈°ÆÀ¡“¬·æàß·≈–æ“≥‘™¬å ∫√‘…—∑¬àÕ¬∑’Ë®—¥µ—Èߢ÷Èπµ“¡°ÆÀ¡“¬‰∑¬µâÕß®—¥ √√∑ÿπ
”√Õßµ“¡°ÆÀ¡“¬‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß®”π«πº≈°”‰√´÷Ëß∫√‘…—∑∑”¡“À“‰¥â∑ÿ°§√“«∑’Ë®à“¬ ‡ß‘πªíπº≈®π°«à“∑ÿπ ”√Õßπ—Èπ
®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–𔉪®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â
13.°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ·≈– 2545 ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˇ°‘¥¢÷Èπ®√‘ß 23,154 32,725 14,764 3,069
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’Ë
¬—߉¡à‡°‘¥¢÷Èπ®√‘ß 161,037 40,396 7,496 14,030
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ - ÿ∑∏‘ 184,191 73,121 22,260 17,099
14.§à“µÕ∫·∑π°√√¡°“√
§à“µÕ∫·∑π°√√¡°“√π’ȇªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ µ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑
¡À“™π®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’ˇ°’ˬ«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√
15.¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈
∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈¢Õß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 ·≈– 2545 ‡π◊ËÕß®“°º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“
®“°ªï°àÕπÊ ¡’¡“°°«à“°”‰√ ÿ∑∏‘¢Õߪ綾߰≈à“«
∫√‘…—∑¬àÕ¬‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ”À√—∫‡ß‘π‰¥â®“°°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ߪ√–‡∑» µ“¡ª√–°“»Õ∏‘∫¥’
°√¡ √√æ“°√‡°’ˬ«°—∫¿“…’‡ß‘π‰¥â©∫—∫∑’Ë 72 ≈ß«—π∑’Ë 1 ¡°√“§¡ 2541
16. ‡ß‘πªíπº≈®à“¬
‡¡◊ËÕ«—π∑’Ë 18 惻®‘°“¬π 2546 ∑’˪√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„Àâ·°à
ºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ªìπ‡ß‘πªíπº≈∑—Èß ‘Èπ 260 ≈â“π∫“∑
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 143
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
12. STATUTORY RESERVE
Under the Public Limited Companies Act B.E. 2535, the Company is required to set aside a reserve at least
5 percent of its net profit after deducting accumulated deficit brought forward (if any) until the reserve reaches 10
percent of the registered share capital. This reserve is not available for dividend distribution.
In accordance with Section 1202 of the Civil and Commercial Code, each time the subsidiaries (incorporated
under Thai laws) declares a dividend payment, it must allocate not less than 5 percent of its earnings to its statutory
reserve, until this statutory reserve reaches not less than 10 percent of registered share capital. This reserve is not
available for dividend distribution.
13. EXCHANGE GAINS
Exchange gains for the years ended 31 December 2003 and 2002 were summarised below :
(Unit : Thousand Baht)
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Realised exchange gains 23,154 32,725 14,764 3,069
Unrealised exchange gains 161,037 40,396 7,496 14,030
Exchange gains - net 184,191 73,121 22,260 17,099
14. DIRECTORS’ REMUNERATION
Directors’ remuneration represents the benefits paid to the Company’s directors in accordance with Section
90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.
15. CORPORATE INCOME TAX
The Company does not have corporate income tax liabilities on its net earnings for the years 2003 and
2002 because tax losses brought forward exceed the net earnings of these years.
In accordance with the Director - General’s Notification on Income Tax No. 72 dated 1 January 1998, the
subsidiaries have received an exemption from the payment of income tax for their marine transportation income.
16. DIVIDEND PAID
On 18 November 2003, the Board of Directors Meeting of the Company approved the payment of an interim
dividend of 520 million shares of Baht 0.50 per share, to the Company’s shareholders, a total of Baht 260 million.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)144
17. ®”π«π·≈–§à“„™â®à“¬‡°’ˬ«°—∫æπ—°ß“π
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ
2546 2545 2546 2545
®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) 886 833 66 66
§à“„™â®à“¬‡°’ˬ«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑) 766,545 773,621 141,231 113,116
18. ‘∑∏‘摇»…®“°°“√ à߇ √‘¡°“√≈ß∑ÿπ
∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘摇»…∑“ß¿“…’∫“ߪ√–°“√µ“¡æ√–√“™∫—≠≠—µ‘ à߇ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√
¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈ Õ“∑‘‡™à𠉥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈‡ªìπ‡«≈“ 5 - 8 ªï π—∫·µà «—π∑’ˇ√‘Ë¡¡’√“¬‰¥â®“°
°“√ª√–°Õ∫°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡ ‡ªìπµâπ ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∫√‘…—∑¬àÕ¬®–µâÕß®¥∑–‡∫’¬π‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬‡ªìπ
‡√◊Õ‰∑¬ ÷Ëß ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑¬àÕ¬ 26 ∫√‘…—∑‰¥â ®¥∑–‡∫’¬π‡√◊Õ®”π«π 29 ≈”‡ªìπ‡√◊Õ‰∑¬·≈â« (2545 : ∫√‘…—∑¬àÕ¬
24 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 27 ≈”‡ªìπ‡√◊Õ‰∑¬)
√“¬‰¥â√«¡·≈–§à“„™â®à“¬√«¡ ”À√—∫ªï 2546 ·≈– 2545 (°àÕπ°“√µ—¥√“¬°“√√–À«à“ß°—π) ®”·π°µ“¡°‘®°“√∑’ˉ¥â√—∫
°“√ à߇ √‘¡·≈–°‘®°“√∑’ˉ¡à‰¥â√—∫°“√ à߇ √‘¡ “¡“√∂· ¥ß √ÿª‰¥â¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡ °‘®°“√∑’ˉ¡à‰¥â√—∫°“√ à߇ √‘¡ √«¡
2546 2545 2546 2545 2546 2545
√“¬‰¥â 2,485,892 2,873,452 2,113,674 1,311,021 4,599,566 4,184,473
µâπ∑ÿπ·≈–§à“„™â®à“¬ 1,404,889 2,088,472 1,458,933 1,358,117 2,863,822 3,446,589
°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 1,081,003 784,980 654,741 (47,096) 1,735,744 737,884
19. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“
19.1 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π®“°°“√ ◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 3 ≈” ‡ªìπ®”π«π‡ß‘πª√–¡“≥
1,450.4 ≈â“π∫“∑ (36.5 ≈â“π‡À√’¬≠ À√—∞œ)
19.2 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√∂Ÿ°øÑÕ߇√’¬°§à“‡ ’¬À“¬∑’Ë
‡°‘¥¢÷Èπ®“°°“√‡¥‘π‡√◊Õ∑–‡≈®”π«π‡ß‘πª√–¡“≥ 0.8 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 0.6 ≈â“π‡À√’¬≠ À√—∞œ) º≈¢Õß§à“‡ ’¬À“¬
¬—߉¡à∑√“∫„π¢≥–π’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“º≈‡ ’¬À“¬∑’ˇ°‘¥¢÷Èπ„π∑’Ë ÿ¥®–‰¡à‡ªìπ “√– ”§—≠ ¥—ßπ—Èπ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷߉¡à‰¥â
∫—π∑÷°§à“‡º◊ËÕ§«“¡‡ ’¬À“¬‰«â„π∫—≠™’
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 145
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
17. EMPLOYEES AND RELATED COSTS
CONSOLIDATED THE COMPANY ONLY
2003 2002 2003 2002
Number of employees at end of year 886 833 66 66
Employee costs for the year
(Thousand Baht) 766,545 773,621 141,231 113,116
18. PROMOTIONAL PRIVILEGES
Under the provisions of the Investment Promotion Act B.E. 2520, the subsidiaries were granted certain
promotional privileges for their marine transportation. The promotional privileges include, among other things,
exemption from the payment of income tax for a period of 5 - 8 years commencing as from the date of first earning
operating income on the condition that the vessels owned by the subsidiaries are registered in Thailand. As at 31
December 2003, the 26 subsidiaries have registered their 29 vessels under the Thai flag (2002 : 24 subsidiaries
have registered their 27 vessels under the Thai flag).
Revenues and expenses for 2003 and 2002 (before eliminating related transactions), classified between
promoted and non-promoted business can be summarised below :
(Unit : Thousand Baht)
Promoted Business Non-Promoted Business Total
2003 2002 2003 2002 2003 2002
Revenues 2,485,892 2,873,452 2,113,674 1,311,021 4,599,566 4,184,473
Costs and expenses 1,404,889 2,088,472 1,458,933 1,358,117 2,863,822 3,446,589
Net earnings (loss) 1,081,003 784,980 654,741 (47,096) 1,735,744 737,884
19. COMMITMENTS AND CONTINGENT LIABILITIES
19.1 As at 31 December 2003, the subsidiaries have commitments of Baht 1,450.4 million (USD 36.5
million) as a result of the acquisition of 3 vessels.
19.2 As at 31 December 2003, the Company and subsidiaries have contingent liabilities as a result of being
sued for damages in maritime claims totalling USD 0.8 million (2002 : USD 0.6 million). The ultimate outcome of
these claims cannot be determined at this time, but management anticipates that no material liability will arise.
Accordingly, no provision has been provided in the accounts.
11 M
8
6
4
2
10 M
8
6
4
2
9 M
8
6
4
2
8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
4
2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)146
20.°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’ˬ«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π
20.1 §«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ
√“¬‰¥â·≈–§à“„™â®à“¬‡°◊Õ∫∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑œ ¬àÕ¬‡°‘¥®“° °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®÷߇ªìπ°“√ªÑÕß°—π
§«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˇ°‘¥®“°√“¬°“√∑’ˇªìπ‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â„πµ—«‡Õß Õ¬à“߉√°Áµ“¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß
§ß¡’§«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’ˇªìπ‡ß‘πµ√“ °ÿ≈Õ◊Ëπ Õ¬à“߉√°Áµ“¡ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â
æ‘®“√≥“·≈â«·≈–‰¥âµ√–Àπ—°∂÷ߧ«“¡‡ ’ˬß∑’ˬ—ߧߡ’Õ¬Ÿà¥—ß°≈à“«
Õ—µ√“·≈°‡ª≈’ˬπ∑’Ë„™â„π°“√·ª≈ߧà“Àπ’È ‘π∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑» ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 §◊Õ 1 ‡À√’¬≠ À√—∞œ
‡∑à“°—∫ 39.7378 ∫“∑ (2545 : 43.3039 ∫“∑)
20.2 §«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭ
≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’§«“¡‡ ’ˬß
®“°Õ—µ√“¥Õ°‡∫’Ȭ¥—ßπ’È
(Àπ૬ : æ—π∫“∑)
®”π«π‡ß‘π¢Õß ‘π∑√—æ¬å/Àπ’È ‘π
Õ—µ√“¥Õ°‡∫’Ȭ‰¡à¡’¿“√–
Õ—µ√“¥Õ°‡∫’Ȭ
ª√—∫¢÷Èπ≈ßµ“¡ √«¡ ∂—«‡©≈’ˬ
Õ—µ√“µ≈“¥¥Õ°‡∫’Ȭ
(√âÕ¬≈–µàÕªï)
°ÿ≈‡À√’¬≠ À√—∞œ
‘π∑√—æ¬å∑“ß°“√‡ß‘π
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 896,967 303 897,270 0.25
≈Ÿ°Àπ’È°“√§â“ - 70,186 70,186 -
≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë
‡°’ˬ«¢âÕß°—π - ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—πÕ◊Ëπ - 2,299 2,299 -
√«¡ 896,967 72,788 969,755
Àπ’È ‘π∑“ß°“√‡ß‘π
‡®â“Àπ’È°“√§â“ - 52,291 52,291 -
‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 3,422,351 - 3,422,351 3.55
√«¡ 3,422,351 52,291 3,474,642
20.3 §«“¡‡ ’ˬߥâ“π ‘π‡™◊ËÕ
∫√‘…—∑œ °”Àπ¥π‚¬∫“¬„π°“√„Àâ ‘π‡™◊ËÕ·°àºŸâ‡™à“‡√◊Õ·≈–∫ÿ§§≈¿“¬πÕ°‚¥¬®”°—¥°“√„Àâ ‘π‡™◊ËÕ‡©æ“–°—∫
≈Ÿ°§â“™—Èπ¥’ ·≈–„À⧫“¡‡¢â¡ß«¥„π°“√®—¥∑”‡Õ° “√ª√–°Õ∫√“¬°“√µà“ßÊ „Àâ§√∫∂â«π‡æ◊ËÕ≈¥§«“¡‡ ’ˬ߮“°º≈¢“¥∑ÿπ∑’Ë®–
‡°‘¥¢÷Èπ®“°°“√º‘¥π—¥™”√–Àπ’È¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“§«“¡‡ ’Ë¬ß Ÿß ÿ¥¢Õß∫√‘…—∑œ ®–‡∑à“°—∫¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È°“√§â“
À—°¥â«¬§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ë· ¥ß„πß∫¥ÿ≈
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 147
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20. FINANCIAL INSTRUMENTS
20.1 Foreign Currency Risk
Almost all revenues and expenditures of the Company and subsidiaries are denominated in U.S. dollars,
which provides a natural hedge against the currency risk associated with transactions in U.S. dollars. Consequently,
the Company and subsidiaries are exposed to a currency risk in respect of its financial instruments denominated in
other currencies. However, the Company’s management has decided to maintain an open position of this exposure.
Exchange rate applied for translation of foreign currency liabilities as at 31 December 2003 was
USD 1 : Baht 39.7378 (2002 : Baht 43.3039).
20.2 Interest Rate Risk
As at 31 December 2003, the Company and subsidiaries had the following financial assets and
financial liabilities exposed to interest rate risk :
(Unit : Thousand Baht)
Amounts of assets/liabilities
Floating Non-interest Average interestinterest rate bearing
Total rate (% p.a.)
USD
Financial assets :
Cash and cash equivalents 896,967 303 897,270 0.25
Trade accounts receivable - 70,186 70,186 -
Receivable from and
advances to related parties
- other related companies - 2,299 2,299 -
Total 896,967 72,788 969,755
Financial liabilities :
Trade accounts payable - 52,291 52,291 -
Long - term loans 3,422,351 - 3,422,351 3.55
Total 3,422,351 52,291 3,474,642 -
20.3 Credit Risk
The Company has established a credit policy of evaluating the creditworthiness of its charterers and
other parties and restricts its dealings to only sound parties along with tight and adequate documentation to minimize
the risk of financial loss from default. The Company’s management believes that the maximum exposure to credit risk
is limited to the carrying amount of receivables less allowance for doubtful debts as stated in the balance sheets.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)148
20.4 ¡Ÿ≈§à“¬ÿµ‘∏√√¡
‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–‡ß‘π°Ÿâ¬◊¡¡’Õ—µ√“¥Õ°‡∫’Ȭ „°≈⇧’¬ß°—∫Õ—µ√“
¥Õ°‡∫’Ȭ„πµ≈“¥ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®–‰¡à
·µ°µà“ßÕ¬à“߇ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’
21. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘𮔷𰵓¡ à«πß“π
∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«π„À≠à‡°’ˬ«°—∫°“√¢π àß∑“ß∑–‡≈„π¿Ÿ¡‘¿“§µà“ßÊ ∑—Ë«‚≈° ¥—ßπ—Èπ√“¬‰¥â °”‰√
·≈– ‘π∑√—æ¬å∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷߇°’ˬ«¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡‘»“ µ√嵓¡∑’Ë°≈à“«‰«â
22. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π
°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’ȉ¥â∑”¢÷Èπ‡æ◊ËÕ„À⇪ìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14
°—𬓬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543
∫√‘…—∑œ ‰¥â®—¥ª√–‡¿∑√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2545 „À¡à ‡æ◊ËÕ„Àâ
Õ¥§≈âÕß°—∫°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õߪïªí®®ÿ∫—π ÷Ë߉¡à¡’º≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢Õß ºŸâ∂◊ÕÀÿâπµ“¡∑’ˉ¥â√“¬ß“π‰ª·≈â«
23. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π
ß∫°“√‡ß‘ππ’ȉ¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ ·≈â«
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 149
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20.4 Fair Value
Since the majority of financial assets are short-term and loans carry interest at rates close to current
market rates, the management believes that the fair value of the Company’s and subsidiaries’ financial assets and
liabilities do not materially differ from their carrying value.
21. FINANCIAL INFORMATION BY SEGMENT
The Company and its subsidiaries’ activities predominantly involve the shipping businesses and carries
cargo operations to various locations worldwide. As a result, all of the revenues, operating profits and assets as
reflected in these financial statements pertain mainly to the aforementioned industry segment and geographic area.
22. PRESENTATION
The presentation of the financial statements has been made in compliance with the Notification of the
Business Development Department dated 14 September 2001, issued under the Accounting Act B.E. 2543.
Certain amounts in the financial statements for the year ended 31 December 2002 have been reclassified
to conform to the current year’s classifications, with no effect on net earnings or shareholders’ equity previously
reported.
23. APPROVAL OF FINANCIAL STATEMENTS
These financial statements have been approved by the Company’s directors.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)150
ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞
ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’ȉ¥â Õ∫∑“πæ√âÕ¡√“¬ß“π‚¥¬ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ
(ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π‰¥â®—¥∑”¢÷Èπ®“°¢âÕ¡Ÿ≈°“√‡ß‘π °ÿ≈∫“∑´÷Ë߉¥âµ√«® Õ∫·≈â«‚¥¬ºŸâ Õ∫∫—≠™’¢Õß
∫√‘…—∑œ ·≈–ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’ȉ¥â Õ∫∑“π·≈â«‚¥¬ π—°∫—≠™’Õ‘ √– - ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ
(ª√–‡∑»‰∑¬) ®”°—¥ ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’ȧ«√Õà“π§Ÿà°—∫√“¬ß“π¢Õ߇∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ
(ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß· ¥ß„Àâ‡ÀÁππ‚¬∫“¬„π°“√·ª≈ߧà“ß∫°“√‡ß‘π °ÿ≈∫“∑‡ªìπß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“
∫√‘…—∑œ ‡ÀÁπ«à“¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“„Àⷰຟâ∂◊ÕÀÿâπ ‡π◊ËÕß®“°
ß∫°“√‡ß‘π¥—ß°≈à“«®–· ¥ß„Àâ‡ÀÁπ∞“π–∑“ß°“√‡ß‘π∑’Ë∂Ÿ°µâÕߢÕß∫√‘…—∑œ ‡π◊ËÕß®“°‚¥¬æ◊Èπ∞“π·≈â« ‘π∑√—æ¬å„π°“√‡¥‘π‡√◊Õ ÷Ëß
‡ªìπ ‘π∑√—æ¬å à«π„À≠à¢Õß∫√‘…—∑œ ®–´◊ÈÕ·≈–¢“¬¥â«¬‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ¬‘Ë߉ª°«à“π—Èπ√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑—ÈßÀ¡¥
¢Õß∫√‘…—∑œ °Á‰¥â√—∫‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“¥â«¬ „π∑“߇¥’¬«°—π§à“„™â®à“¬ à«π„À≠à¢Õß∫√‘…—∑œ °Á‡°‘¥¢÷Èπ„π√Ÿª °ÿ≈‡ß‘π
¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ „π à«π∑’ˇ°’ˬ«°—∫Àπ’È ‘𧫓¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ¢Õß∫√‘…—∑œ ¡’‡æ’¬ß§«“¡‡ ’ˬß∑’ˇ°‘¥®“°°“√¡’Àπ’È
‘π∑’ˇªìπ‡ß‘π °ÿ≈∫“∑‡∑à“π—Èπ ¥—ßπ—Èπ®÷߇°‘¥§«“¡‰¡à ¡¥ÿ≈„πß∫¥ÿ≈ °ÿ≈‡ß‘π∫“∑¢Õß∫√‘…—∑œ ´÷Ëß ‘π∑√—æ¬å à«π„À≠à∑’ˇªìπ‡√◊Õ‡¥‘π
∑–‡≈¢Õß∫√‘…—∑œ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ (∑’ËÕ—µ√“·≈°‡ª≈’ˬπª√–¡“≥ 25-26 ∫“∑
µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) „π¢≥–∑’ËÀπ’È ‘π∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’ˬπªí®®ÿ∫—π (∑’ËÕ—µ√“·≈°‡ª≈’ˬπª√–¡“≥
40 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) °“√∫—π∑÷°¥â«¬«‘∏’¥—ß°≈à“«∑”„Àâ¡Ÿ≈§à“¢Õß ‘π∑√—æ¬åµË”°«à“¡Ÿ≈§à“®√‘߇¡◊ËÕÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π∫“∑
‡æ◊ËÕ‡ªìπ°“√°”®—¥§«“¡‰¡à ¡¥ÿ≈„πß∫°“√‡ß‘π ∫√‘…—∑œ ®÷߉¥â®—¥∑”ß∫°“√‡ß‘π„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π‚¥¬
‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ πÕ°®“°π’È à«πÀπ÷Ëß„π —≠≠“°“√ª√—∫‚§√ß √â“ßπ’È ∫√‘…—∑œ ¡’Àπâ“∑’˵âÕß®—¥„Àâ¡’
°“√®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“·°à‡®â“π’È¢Õß∫√‘…—∑œ ·≈–§”π«≥Õ—µ√“ à«π∑“ß°“√‡ß‘πµà“ßÊ µ“¡¢âÕµ°≈ß
°—∫‡®â“Àπ’È ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’˪√—∫ª√ÿß„À¡àπ’È ¥—ßπ—Èπ ∫√‘…—∑œ ®÷߉¥â®—¥∑”ß∫°“√‡ß‘π¥—ß°≈à“«„Àâ·°à‡®â“π’È¢Õß∫√‘…—∑œ ·≈–
π” àßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬‡√◊ËÕ¬¡“
¢Õ∫‡¢µÀπâ“∑’Ë°“√∑”ß“π
‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ‰¡à‰¥â∑”°“√µ√«® Õ∫∫—≠™’À√◊Õ¢âÕ¡Ÿ≈‡æ◊ËÕ°“√∫√‘À“√
¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) √«¡∑—È߉¡à‰¥â∑”°“√æ‘ Ÿ®πå√“¬°“√§â“¢“¬∑’Ë∫—π∑÷°‰«â·µà
Õ¬à“ß„¥ ¥—ßπ—Èπ∫’∑’‡Õø®÷߉¡à “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ„πµ—«ß∫°“√‡ß‘πµà“ßÊ ‰¥â §«“¡√—∫º‘¥™Õ∫„π‡Õ° “√π’È®÷߇ªìπ‡æ’¬ß°“√
·ª≈ß§à“®“°ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑∑’ˉ¥â√—∫°“√µ√«® Õ∫·≈â«„ÀâÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“
‰¡à«à“„π°√≥’„¥Ê °Áµ“¡ ∫’∑’‡Õø®–‰¡à¢Õ√—∫º‘¥„π¿“√–¢“¥∑ÿπ µâπ∑ÿπ §à“§«“¡‡ ’¬À“¬ À√◊Õ§à“„™â®à“¬„¥Ê °Áµ“¡∑’Ë
‡°‘¥¢÷Èπ®“°°“√°√–∑”©âÕ©≈ °“√‡ πÕ¢âÕ¡Ÿ≈∑’ˉ¡à∂Ÿ°µâÕß À√◊Õ°“√µ—Èß„®º‘¥π—¥™”√–‚¥¬∫√‘…—∑œ °√√¡°“√∫√‘…—∑œ æπ—°ß“π
∫√‘…—∑œ À√◊Õµ—«·∑π∫√‘…—∑œ
√“¬ß“π©∫—∫π’ȉ¥â√—∫°“√®—¥∑”¢÷Èπ‡æ◊ËÕ‡ªìπ¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ‡®â“Àπ’È¢Õß∫√‘…—∑œ √«¡∂÷ß∑’˪√÷°…“∑“ß°ÆÀ¡“¬·≈–
∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ∫’∑’‡Õø‰¡à¢Õ√—∫º‘¥™Õ∫„πæ—π∏°√√¡„¥Ê ∑’ËÕ“®¡’µàÕ∫ÿ§§≈Õ◊Ëπ∑’ˉ¡à„™à∫ÿ§§≈∑’Ë√–∫ÿ‰«â¢â“ßµâπ
∫’∑’‡Õø¢Õ®”°—¥§«“¡√—∫º‘¥™Õ∫„¥Ê∑’ˇ°‘¥®“°§«“¡º‘¥æ≈“¥ À√◊Õ§«“¡‰¡à∂Ÿ°µâÕß„π°“√·ª≈π’È „π°√≥’∑’Ë¡’§«“¡¢—¥
·¬â߇°‘¥¢÷Èπ√–À«à“ß√“¬ß“π¿“§¿“…“Õ—ß°ƒ…·≈–¿“…“‰∑¬ ¢Õ„Àâ∑à“π¬÷¥‡Õ“µ“¡√“¬ß“π¿“§¿“…“Õ—ß°ƒ…‡ªìπÀ≈—°
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 151
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The Restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Limited along
with their report, are reproduced hereunder. The restatement has been done on the basis of the audited
Thai Baht Financial Statements and the subsequent restatement into US Dollar has been certified by the
Independent Accountants - Baker Tilly FAS (Thailand) Limited. The Restated US Dollar Financial Statements
should be read together with the Report of Baker Tilly FAS (Thailand) Limited, which contains, inter alia, the
Policy of Restatement from Thai Baht to US Dollar.
It is necessary to provide the Restated US Dollar Financial Statements to the shareholders, since,
these statements give a more accurate financial position of the Company since the shipping assets, which,
from the major bulk of the total assets of the Company are valued, bought and sold in US Dollars. Moreover,
all shipping revenues are derived in US Dollars and practically all expenses are incurred in US Dollars. In respect
of liabilities, the Company’s Foreign Exchange exposure is only on the uncovered Baht denominated liabilities.
This leads to a mismatch in the Baht Denominated Balance Sheet where the fixed assets are expressed in
Thai Baht at the original exchange rates prevailing at the time of purchase of the asset (about Baht 25-26
per US Dollar), but the liabilities are expressed in Thai Baht at the closing exchange rate as at 31st December
2003 (about Baht 40 per US Dollar) resulting in an understatement of the value of the fixed assets, in Baht
terms.
To remove the above mismatch, the Company has prepared the Restated US Dollar Financial
Statements which are then certified by Baker Tilly FAS (Thailand) Limited. In recognition of the above, as a part
of the Debt Restructure documentation, it is the Company’s obligation to additionally provide the Restated
US Dollar Financial Statements to all the Financial Creditors and also to compute the Financial Covenants
based on these Restated Financial Statements only. Accordingly, there are regularly being provided to all
financial creditors and are also released to the Stock Exchange of Thailand (SET).
SCOPE OF WORK
Baker Tilly FAS (Thailand) Limited (“BTF”) has not performed an audit examination of Precious
Shipping Public Company Limited’s (“PSL” or “the Company”) accounts or of the management information,
nor has BTF verified the underlying transactions. Therefore, BTF give no opinion on the financial statements.
This is only a restatement of the THB audited financial statements into USD.
In no event shall BTF be liable for any loss liability, cost, damage or expense arising in any way from
fraudulent acts, misrepresentation or wilful default on the part of the Company, its directors, employees, or
agents.
The Report has been prepared for the use of the Company, its creditors, legal and financial advisors.
BTF does not accept any responsibility or liability to other parties.
RESTATED US DOLLAR FINANCIAL STATEMENTS
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)152
∫∑ √ÿª®“°ºŸâ∫√‘À“√
‡¡◊ËÕ«—π∑’Ë 3 °ÿ¡¿“æ—π∏å 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) ‰¥â«à“®â“ß„Àâ ∫√‘…—∑
‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ®—¥∑”√“¬ß“πª√–®”‰µ√¡“ ‡°’ˬ«°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à
‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ¢Õß∫√‘…—∑œ ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘π√«¡ °ÿ≈‰∑¬∫“∑∑’ˉ¥â√—∫°“√µ√«® Õ∫ /
Õ∫∑“π¢÷Èπ °“√«à“®â“ߥ—ß°≈à“«®–‡ªìπ°“√µ√«®∑“π°“√§”π«≥µ—«‡≈¢·≈–À≈—°‡°≥±å∑’Ë„™â„π°“√ª√—∫ª√ÿߧà“ß∫¥ÿ≈·≈–ß∫°”‰√
¢“¥∑ÿπ„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ.
¥—ßπ—Èπ ¢âÕ √ÿª∑’ˇ°’ˬ«°—∫°“√ª√—∫ª√ÿߧà“ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑„À¡à„À⇪ìπ‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°·π∫‰«â„ππ‚¬∫“¬∑’Ë
„™â „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)
∫’∑’‡Õø‰¥â∑”°“√√“¬ß“πº≈®“°°“√µ√«®∑“π°“√ª√—∫ª√ÿߧà“ß∫°“√‡ß‘π√«¡„À¡à„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ”À√—∫
√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 „π°“√µ√«®∑“π¥—ß°≈à“« ∫’∑’‡Õø‰¥â√—∫°“√™à«¬‡À≈◊Õ·≈–§«“¡√à«¡¡◊Õ®“°
æπ—°ß“π∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√‡ªìπÕ¬à“ߥ’
ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ∑’ˉ¥â¡’°“√·ª≈ß§à“‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«π—Èπ· ¥ß„Àâ‡ÀÁπ«à“¡Ÿ≈§à“√«¡¢Õß
‘π∑√—æ¬å·≈–Àπ’È ‘π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π∑—Èß ‘Èπ 194 ≈â“π‡À√’¬≠ √Õ. ·≈– 98 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ ¥—ßπ—Èπ∑ÿπ
‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ®÷ß¡’¡Ÿ≈§à“ 96 ≈â“π‡À√’¬≠ √Õ.
„π à«π¢Õßß∫°”‰√¢“¥∑ÿπ ¡Ÿ≈§à“√«¡¢Õß√“¬‰¥â·≈–§à“„™â®à“¬ (‰¡à√«¡¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π) ¢Õß
∫√‘…—∑œ „π™à«ß√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ‡ªìπ®”π«π∑—Èß ‘Èπ 91 ≈â“π‡À√’¬≠ √Õ. ·≈– 64 ≈â“π‡À√’¬≠
√Õ. µ“¡≈”¥—∫ °”‰√ ÿ∑∏‘À≈—ß®“°√«¡√“¬°“√Õ◊ËπÊ Õ“∑‘ ¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ·≈–°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ
®”π«π 6 ≈â“π‡À√’¬≠ √Õ. ·≈– 3.5 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫·≈â«π—È𠇪ìπ®”π«π∑—Èß ‘Èπ 24.8 ≈â“π‡À√’¬≠ √Õ. à«π¬Õ¥
°”‰√ – ¡ ‘Èπß«¥¡’¡Ÿ≈§à“‡ªìπ 45 ≈â“π‡À√’¬≠ √Õ.
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 153
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9 M
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7 M
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EXECUTIVE SUMMARY
Precious Shipping Public Company Limited (“PSL” or “the Company”) on 3 February 2004
engaged Baker Tilly FAS (Thailand) Limited (“BTF”) to prepare a quarterly report on the restatement of
the THB audited / reviewed consolidated financial statements into USD, prepared by the Company. The
engagement includes a review of the Company’s mathematical calculation and the basis of USD restatement
of both the balance sheet and income statement.
Accordingly, BTF attach a summary of the basis of the restatement of the THB financial statements
into USD as Policy of restatement from THB to USD Currency.
BTF has undertaken to report on its review of the restated USD consolidated financial statements
for the twelve-month period ended 31st December 2003. In undertaking the above, BTF were accorded the
full assistance and co-operation of the PSL staff and management.
The restated USD Balance Sheet as at 31st December 2003 indicates that the total assets and
liabilities of PSL were USD 194 million and USD 98 million, respectively. The equity of PSL as at 31st December
2003 was therefore USD 96 million.
In relation to the income statement, PSL’s total revenues and expenses, excluding interest and
finance cost, for the twelve months ended 31st December 2003 were USD 91 million and USD 64 million,
respectively. Net income, after including such items as interest and finance cost and gain on redemption of
debentures totalling USD 6 million and 3.5 million, respectively, equals USD 24.8 million. The retained earnings
at the end of the period stood at USD 45 million.
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9 M
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8 M
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6 M
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2 M
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)154
ß∫°“√‡ß‘πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 - ‘π∑√—æ¬å
31/12/03 31/12/02
‘π∑√—æ¬å ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 897,269,959 22,693,576 329,715,200 7,650,945
≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 70,185,983 1,775,130 142,019,006 3,295,510
≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’ˇ°’ˬ«¢âÕß 2,299,440 58,157 25,983,399 602,937
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 20,612,060 521,316 47,066,795 1,092,171
‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 83,168,282 2,103,476 84,510,640 1,961,045
√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 1,073,535,724 27,151,655 629,295,040 14,602,608
‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π
‡ß‘π≈ß∑ÿπ√–¬–¬“« 87,700,531 2,037,650 35,555,856 820,000
‘π∑√—æ¬å∂“«√∑’Ë√“§“∑ÿπ
‡√◊Õ‡¥‘π∑–‡≈ ·≈–Õÿª°√≥å‡√◊Õ‡¥‘π∑–‡≈ 8,168,304,742 305,010,737 7,566,467,585 290,040,858
§à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 468,160,083 11,150,635 558,324,360 13,267,209
Õÿª°√≥å ”π—°ß“π 16,576,118 423,335 16,481,783 388,495
à«πª√—∫ª√ÿß —≠≠“‡™à“ 2,773,880 70,156 2,773,880 64,367
¬“πæ“Àπ– 13,705,876 346,646 13,112,287 305,758
Õ“§“√™ÿ¥·≈– à«πª√—∫ª√ÿß 181,693,446 7,125,233 181,693,446 7,125,233
à«πµ°·µàß·≈–Õÿª°√≥å ”π—°ß“π 18,370,004 464,611 18,189,970 422,093
Õÿª°√≥å∑à“‡√◊Õ 114,582,149 4,493,418 114,582,149 4,493,418
√«¡ 8,984,166,298 329,084,771 8,471,625,460 316,107,431
À—° : §à“‡ ◊ËÕ¡√“§“ – ¡ (4,366,167,044) (166,692,092) (4,044,560,930) (152,533,827)
√«¡ ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘ 4,617,999,254 162,392,679 4,427,064,530 163,573,604
‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 77,585,550 1,950,000 - -
§à“§«“¡π‘¬¡ - ÿ∑∏‘ 8,136,920 319,095 8,815,000 345,686
‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,962,436 74,925 3,106,073 72,076
√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 4,794,384,691 166,774,349 4,474,541,459 164,811,366
√«¡ ‘π∑√—æ¬å 5,867,920,415 193,926,004 5,103,836,499 179,413,974
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 155
11 M
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6
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10 M
8
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9 M
8
6
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8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
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4 M
8
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3 M
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2 M
8
6
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1 M
FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - ASSETS
31/12/03 31/12/02
ASSETS THB USD THB USD
CURRENT ASSETS
Cash and cash equivalents 897,269,959 22,693,576 329,715,200 7,650,945
Accounts receivable - trade - net 70,185,983 1,775,130 142,019,006 3,295,510
Receivable from and advances to 2,299,440 58,157 25,983,399 602,937
related companies
Bunker oil 20,612,060 521,316 47,066,795 1,092,171
Other current assets 83,168,282 2,103,476 84,510,640 1,961,045
Total current assets 1,073,535,724 27,151,655 629,295,040 14,602,608
NON-CURRENT ASSETS
Long-term investments 87,700,531 2,037,650 35,555,856 820,000
Fixed assets at cost:
Vessels & Vessels Equipment 8,168,304,742 305,010,737 7,566,467,585 290,040,858
Drydock & special survey 468,160,083 11,150,635 558,324,360 13,267,209
Office equipment 16,576,118 423,335 16,481,783 388,495
Leasehold improvement 2,773,880 70,156 2,773,880 64,367
Vehicles 13,705,876 346,646 13,112,287 305,758
Buildings & improvement 181,693,446 7,125,233 181,693,446 7,125,233
Furniture & fixtures 18,370,004 464,611 18,189,970 422,093
Berth equipment 114,582,149 4,493,418 114,582,149 4,493,418
Total 8,984,166,298 329,084,771 8,471,625,460 316,107,431
Less : Accumulated depreciation (4,366,167,044) (166,692,092) (4,044,560,930) (152,533,827)
Total fixed assets - net 4,617,999,254 162,392,679 4,427,064,530 163,573,604
Prepayment for vessel purchases 77,585,550 1,950,000 - -
Goodwill - net 8,136,920 319,095 8,815,000 345,686
Other non-current assets 2,962,436 74,925 3,106,073 72,076
Total non-current assets 4,794,384,691 166,774,349 4,474,541,459 164,811,366
Total Assets 5,867,920,415 193,926,004 5,103,836,499 179,413,974
11 M
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6
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)156
ß∫°“√‡ß‘πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 - Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ
31/12/03 31/12/02
Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.
Àπ’È ‘π
Àπ’È ‘πÀ¡ÿπ‡«’¬π
‡®â“Àπ’È°“√§â“ 52,290,655 1,315,892 100,232,355 2,314,627
‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï 938,579,124 23,619,303 393,385,757 9,084,303
√“¬‰¥â√—∫≈à«ßÀπâ“ 108,893,669 2,740,304 74,038,616 1,709,745
Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 326,519,361 8,216,845 228,461,217 5,275,765
√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 1,426,282,809 35,892,344 796,117,945 18,384,440
Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π
Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â - - 886,736,531 20,477,060
‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 2,483,771,798 62,504,008 2,744,396,287 63,375,269
√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,483,771,798 62,504,008 3,631,132,818 83,852,329
√«¡Àπ’È ‘π 3,910,054,607 98,396,352 4,427,250,763 102,236,769
à«π¢ÕߺŸâ∂◊ÕÀÿâπ
∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°·≈–™”√–·≈â« 520,000,000 20,392,157 520,000,000 20,392,157
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 159,706,393 4,996,371 168,888,751 5,345,546
à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 411,429,745 16,134,500 926,054,829 36,315,876
”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ 52,000,000 1,304,730 60,500,000 2,372,549
”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ 169,995,000 5,187,990 77,466,000 2,856,051
”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 24,181,905 800,153 24,181,905 800,153
°”‰√ (¢“¥∑ÿπ) – ¡ 563,637,665 45,281,485 (1,143,517,716) 8,101,614
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ 1,900,950,708 94,097,386 633,573,769 76,183,945
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 56,915,100 1,432,266 43,011,967 993,259
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1,957,865,808 95,529,652 676,585,736 77,177,205
√«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ 5,867,920,415 193,926,004 5,103,836,499 179,413,974
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 157
11 M
8
6
4
2
10 M
8
6
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9 M
8
6
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8 M
8
6
4
2
7 M
8
6
4
2
6 M
8
6
4
2
5 M
8
6
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2
4 M
8
6
4
2
3 M
8
6
4
2
2 M
8
6
4
2
1 M
FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - LIABILITIES & SHAREHOLDERS’ EQUITY
31/12/03 31/12/02
LIABILITIES SHAREHOLDERS’ EQUITY THB USD THB USD
LIABILITIES
Current liabilities
Trade accounts payable 52,290,655 1,315,892 100,232,355 2,314,627
Current portion of long - term loans 938,579,124 23,619,303 393,385,757 9,084,303
Advance received from charterers 108,893,669 2,740,304 74,038,616 1,709,745
Other current liabilities 326,519,361 8,216,845 228,461,217 5,275,765
Total current liabilities 1,426,282,809 35,892,344 796,117,945 18,384,440
Non-current liabilities
Redeemable convertible debentures - - 886,736,531 20,477,060
Long - term loans 2,483,771,798 62,504,008 2,744,396,287 63,375,269
Total non-current liabilities 2,483,771,798 62,504,008 3,631,132,818 83,852,329
Total liabilities 3,910,054,607 98,396,352 4,427,250,763 102,236,769
SHAREHOLDERS’ EQUITY
Share capital ñ issued and paid-up 520,000,000 20,392,157 520,000,000 20,392,157
Translation adjustment 159,706,393 4,996,371 168,888,751 5,345,546
Premium on ordinary shares 411,429,745 16,134,500 926,054,829 36,315,876
Statutory reserve - the Company 52,000,000 1,304,730 60,500,000 2,372,549
Statutory reserve - subsidiaries 169,995,000 5,187,990 77,466,000 2,856,051
General reserve in subsidiaries 24,181,905 800,153 24,181,905 800,153
Retained earnings (deficit) 563,637,665 45,281,485 (1,143,517,716) 8,101,614
Total equity attributable to shareholders 1,900,950,708 94,097,386 633,573,769 76,183,945
Minority interest - equity attributable to
minority shareholders of subsidiaries 56,915,100 1,432,266 43,011,967 993,259
Total Shareholders’ Equity 1,957,865,808 95,529,652 676,585,736 77,177,205
Total Liabilities & Shareholders’ Equity 5,867,920,415 193,926,004 5,103,836,499 179,413,974
11 M
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6
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10 M
8
6
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9 M
8
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8 M
8
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7 M
8
6
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6 M
8
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8
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4 M
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3 M
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6
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2 M
8
6
4
2
1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)158
ß∫°“√‡ß‘πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546
12 ‡¥◊Õπ∂÷ß 31/12/03 12 ‡¥◊Õπ∂÷ß 31/12/02
ß∫°”‰√¢“¥∑ÿπ√«¡ ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.
√“¬‰¥â
√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ 3,796,875,589 91,163,739 3,290,904,183 76,479,387√“¬‰¥â®“°°“√„Àâ∫√‘°“√ 6,259,661 151,261 7,580,380 176,275°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ 177,035 2,578 23,662,343 -°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ 184,190,660 - 73,120,913 -¥Õ°‡∫’Ȭ√—∫ 1,261,148 30,028 3,255,056 75,615√“¬‰¥âÕ◊Ëπ 1,760,637 42,769 3,865,965 89,766
√«¡√“¬‰¥â 3,990,524,730 91,390,375 3,402,388,840 76,821,043
§à“„™â®à“¬
§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ 957,395,362 22,936,127 1,030,909,341 23,965,877√“¬®à“¬∑à“‡√◊Õ 306,807,237 7,330,573 382,177,575 8,866,846πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 266,620,343 6,347,273 345,037,438 8,013,287√«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ 1,530,822,942 36,613,973 1,758,124,354 40,846,010µâπ∑ÿπ°“√„Àâ∫√‘°“√ 13,243,470 316,996 11,422,526 264,986§à“„™â®à“¬„π°“√∫√‘À“√ 180,015,147 4,303,901 158,192,627 3,672,961Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 160,583 33,552,025 970,911§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ - - 161,353,403 4,380,891¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - - 379,725 8,788¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ - 1,625,991 - 1,283,120§à“‡ ◊ËÕ¡√“§“ 601,964,978 20,719,581 634,970,791 22,052,344¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ - - - 504,573 à«π·∫àߢ“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - - 433,572 10,034¿“√–§È”ª√–°—π®à“¬ - - 31,589,725 750,000
√«¡§à“„™â®à“¬ 2,332,751,799 63,741,025 2,790,018,748 74,744,618
°”‰√°àÕπÀ—°¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π·≈–¿“…’‡ß‘π‰¥â 1,657,772,931 27,649,350 612,370,092 2,076,425
À—° : ¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π (254,923,424) (6,071,882) (201,132,019) (4,675,164)°”‰√ (¢“¥∑ÿπ) °àÕπÀ—°¿“…’‡ß‘π‰¥â 1,402,849,507 21,577,468 411,238,073 (2,598,739)À—° : ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ - - - -°”‰√ (¢“¥∑ÿπ) °àÕπÀ—° à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 1,402,849,507 21,577,468 411,238,073 (2,598,739)À—° : ¢“¥∑ÿπ / (°”‰√) ÿ∑∏‘ à«π∑’ˇªìπ¢Õß
ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (13,903,133) (329,634) 433,347 9,323°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘°àÕπ√“¬°“√摇»… 1,388,946,374 21,247,834 411,671,420 (2,589,416)°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ 147,612,923 3,538,429 90,762,259 2,112,782
°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 1,536,559,297 24,786,263 502,433,679 (476,634)
‡ß‘πªíπº≈ (260,000,000) (6,523,648) - - ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ (52,000,000) (1,304,730) - - ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ (92,529,000) (2,331,939) - -‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑‰ªÀ—°¢“¥∑ÿπ – ¡ 60,500,000 2,372,549 - -‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡ 514,625,084 20,181,376 - -°”‰√ (¢“¥∑ÿπ) – ¡, µâπß«¥ (1,143,517,716) 8,101,614 (1,645,951,395) 8,578,248°”‰√ (¢“¥∑ÿπ) – ¡, ª≈“¬ß«¥ 563,637,665 45,281,485 (1,143,517,716) 8,101,614
°”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ 2.95 0.05 0.97 (0.00)
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 159
11 M
8
6
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10 M
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9 M
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8 M
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7 M
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1 M
FINANCIAL STATEMENTSCONSOLIDATED INCOME STATEMENT FOR TWELVE MONTHS ENDED 31ST DECEMBER 2003
12 MONTHS TO 31/12/03 12 MONTHS TO 31/12/02
CONSOLIDATED INCOME STATEMENT THB USD THB USD
REVENUESVessel operating income 3,796,875,589 91,163,739 3,290,904,183 76,479,387Service income 6,259,661 151,261 7,580,380 176,275Gain on disposal of fixed assets 177,035 2,578 23,662,343 -Exchange gains 184,190,660 - 73,120,913 -Interest income 1,261,148 30,028 3,255,056 75,615Other income 1,760,637 42,769 3,865,965 89,766
Total revenues 3,990,524,730 91,390,375 3,402,388,840 76,821,043
EXPENSESVessel running expenses 957,395,362 22,936,127 1,030,909,341 23,965,877Voyage disbursement 306,807,237 7,330,573 382,177,575 8,866,846Bunker consumption 266,620,343 6,347,273 345,037,438 8,013,287Total vessel operating costs 1,530,822,942 36,613,973 1,758,124,354 40,846,010Cost of services 13,243,470 316,996 11,422,526 264,986Administrative expenses 180,015,147 4,303,901 158,192,627 3,672,961Bad debt and allowance for doubtful accounts 6,705,262 160,583 33,552,025 970,911Provision for possible loss on other - - 161,353,403 4,380,891
investmentsLoss on sale of investment - - 379,725 8,788Exchange losses - 1,625,991 - 1,283,120Depreciation 601,964,978 20,719,581 634,970,791 22,052,344Loss on disposal of fixed assets - - - 504,573Share of loss from investments under - - 433,572 10,034
equity methodGuarantee obligation - - 31,589,725 750,000
Total expenses 2,332,751,799 63,741,025 2,790,018,748 74,744,618
Income before interest and finance costand income tax 1,657,772,931 27,649,350 612,370,092 2,076,425
Less : Interest and finance costs (254,923,424) (6,071,882) (201,132,019) (4,675,164)Income before income tax 1,402,849,507 21,577,468 411,238,073 (2,598,739)
Less : Corporate income tax - - - -Income before minority interest after tax 1,402,849,507 21,577,468 411,238,073 (2,598,739)
Less: Net loss / (earning) of minority interest (13,903,133) (329,634) 433,347 9,323Net income before extraordinary items 1,388,946,374 21,247,834 411,671,420 (2,589,416)Gain on redemption of bonds 147,612,923 3,538,429 90,762,259 2,112,782
Net income 1,536,559,297 24,786,263 502,433,679 (476,634)
Dividend paid (260,000,000) (6,523,648) - -Legal reserve - the Company (52,000,000) (1,304,730) - -Legal reserve - subsidiaries (92,529,000) (2,331,939) - -Transfer of statutory reserve - Company to
offset deficit 60,500,000 2,372,549 - -Transfer of premium on ordinary share to
offset deficit 514,625,084 20,181,376 - -Retained earnings, Beginning of the period (1,143,517,716) 8,101,614 (1,645,951,395) 8,578,248Retained earnings, Ending of the period 563,637,665 45,281,485 (1,143,517,716) 8,101,614
Earnings per share 2.95 0.05 0.97 (0.00)
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)160
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πÈ”Àπ—°®÷ß∂Ÿ°π”¡“„™â„π°“√·ª≈ß·∑π
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‡Õøé) ‰¥âÀ“π‚¬∫“¬∑’Ë®–∑”„Àâ¡—Ëπ„®‰¥â«à“®–‡ªìπ«‘∏’°“√ª√—∫ª√ÿߧà“∑’ˇÀ¡“– ¡∑’Ë ÿ¥„π°“√· ¥ß¡Ÿ≈§à“·≈–º≈°“√¥”‡π‘π°“√
¢Õß∫√‘…—∑œ
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‡À√’¬≠ √Õ. ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘πª√–®”‰µ√¡“ / ”À√—∫ß«¥§√÷Ëߪï / ”À√—∫ß«¥ª√–®”ªï °ÿ≈‰∑¬∫“∑∑’ˉ¥â√—∫°“√ Õ∫∑“π /
µ√«® Õ∫®“°ºŸâµ√«® Õ∫∫—≠™’∑’ˉ¥â√—∫°“√·µàßµ—Èßµ“¡°ÆÀ¡“¬‡∑à“π—Èπ ¥—ßπ—Èπ¢Õ∫‡¢µÀπâ“∑’Ë®÷ß®”°—¥Õ¬Ÿà‡æ’¬ß°“√µ√«®∑“𧫓¡
∂Ÿ°µâÕߢÕß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡∑à“π—Èπ ‚¥¬Õ‘ß®“°¢âÕ¡Ÿ≈∑“ß∫—≠™’∑’Ë¡’Õ¬Ÿà·≈â«„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑
ß∫¥ÿ≈
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‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.
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and Special Survey) π—Èπ ‰¥â¡’°“√´◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“
·≈°‡ª≈’ˬπ ≥ «—π ◊ÈÕ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠
√Õ.
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°“√ª√—∫ª√ÿߧà“π’ȉ¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’ˇªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷߇ÀÁπ«à“§«√„™â
Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’ˇªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ
¥â«¬‡™àπ°—π
π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 161
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In restating the financial statements, consideration has been given to Thai GAAP. However, due to the
unique nature of this restatement the provisions of Thai GAAP may not necessarily have been complied
with. A significant unique feature is that many of the assets, liabilities and transactions of PSL were originally
denominated in USD and translated into THB as required by the SET. In these instances these assets, liabilities
and transactions have been restated into USD at the exchange rate, or estimated exchange rate, at which
they were converted into THB. This, however, was not always possible in relation to the transactions recorded
in the income statement, as this would require matching each transaction with the exchange rate at that
date, in which case the weighted average exchange rate was applied.
Based on the uniqueness of the restatement discussed above, BTF has sought to ensure the
application of the most appropriate methods of restatement to reflect the underlying valuation and
performance of the Company.
Please note that BTF’s responsibility is limited only to check and certify the restatement of the
financial statements in USD based on the quarterly / semi-annual / annual financial statements in Thai Baht
currency (THB) already reviewed / audited by statutory auditors. As such, the scope is limited only to a review
on the accuracy of the restatement of the financial statements based upon the existing set of accounts
maintained in THB.
Accordingly, the policies of the restatement of the items in the Company’s balance sheet and income
statement can be described as follows : -
BALANCE SHEET
Most items in PSL’s audited / reviewed balance sheet are converted from THB into USD using
the exchange rate as at the balance sheet date. THB / USD’s buying rate is applied on the asset side while
the selling rate is used on the liability side. This policy, however, is not applied to some items as BTF considers
an alternative policy, as described below, would provide more accurate restatement into USD.
Investments originally made in USD were translated by PSL into THB at the historical exchange
rate as at the date of the investment. Therefore, in restating in USD the historical exchange rate
has been used to reverse the translation.
Vessels (including the barge and its equipment), drydock and the special survey were originally
purchased in USD currency and translated into THB at the historical exchange rate as at
the acquisition date. Therefore in restating to USD the historical exchange rate has been used
to reverse the translation.
Where fixed assets were originally purchased in THB the assets are converted by PSL at the
exchange rate as at the balance sheet date. This, compared with the translation of USD fixed
assets, is not consistent and therefore BTF have applied the historical exchange rates to major
THB fixed assets, i.e. buildings and berth equipment.
POLICY OF RESTATEMENT FROM THB TO USD CURRENCY
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)162
§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊Èե⫬‡ß‘π‡À√’¬≠ √Õ. ®–¡’°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˉ¥â¡“
¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ¬à“߉√°Áµ“¡ §à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë¡’°“√ ◊Èե⫬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√
·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈ Õπ÷Ëß π‚¬∫“¬°“√ª√—∫ª√ÿߧà“π’ȉ¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß
§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’ˇªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷߇ÀÁπ«à“§«√„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß
§à“‡ ◊ËÕ¡√“§“ ‘π∑√—æ¬å∑’ˇªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊ե⫬‡™àπ°—π
πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ≈Ÿ°Àπ’È·≈–‡®â“Àπ’È°“√§â“ ·≈–√“¬‰¥â√—∫≈à«ßÀπâ“®“°°“√¢π àß ‘π§â“ ‰¥â¡’°“√ ◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠
√Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™â
Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.
≈—°…≥–¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‚¥¬¡“°®–¡’°“√À¡ÿπ‡«’¬πÕ¬à“ß¡“° ¥—ßπ—Èπ°“√·ª≈ߧà“√“¬°“√
∫—≠™’¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈
‘π∑√—æ¬åÕ◊ËπÊ ∑’ËπÕ°‡Àπ◊Õ®“° §à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”À𥇫≈“∑’ˬ—߉¡à‰¥âµ—¥®à“¬π—Èπ¡’°“√´◊ÈÕ¢“¬°—π
‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß
§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.
§à“§«“¡π‘¬¡‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ë߇ªìπÀπ÷Ëß„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ
à«π∑’ˇ°‘π®“°¡Ÿ≈§à“µ“¡∫—≠™’ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«Õ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π∑”πÕ߇¥’¬«°—∫ ‘π∑√—æ¬å∑’Ë¡’°“√
´◊Èե⫬‡ß‘π‰∑¬∫“∑ °“√·ª≈ߧà“√“¬°“√¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˇ°‘¥√“¬°“√¢÷Èπ
‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√ æ—π∏∫—µ√·ª≈ß ¿“æ ·≈–¥Õ°‡∫’Ȭ§â“ß®à“¬ à«π„À≠àÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ߧà“
‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë
31 ∏—𫓧¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π∑”πÕ߇¥’¬«°—π ‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ∑’ËÕ¬Ÿà„π√Ÿª‡ß‘π
‰∑¬∫“∑°Á¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈
à«π‰¥â‡ ’¬¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„𰔉√ – ¡¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬
„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ëß∫¥ÿ≈
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»‚¥¬À≈—°Ê ·≈â«®–‡°’ˬ«¢âÕß°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë
‡ªìπ °ÿ≈‡ß‘π‰∑¬∫“∑∑’Ë∂Ÿ°ª√—∫ª√ÿß§à“„À¡à„À⇪ìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ∑’Ë·µ°µà“ß°—π °àÕ„Àâ
‡°‘¥§«“¡‰¡à ¡¥ÿ≈¢÷Èπ„πß∫¥ÿ≈ °√≥’‡™àππ’È®–‰¡à‡°‘¥¢÷Èπ®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ˇªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡π◊ËÕß®“°
‡√“∑”°“√ª√—∫ª√ÿß§à“®“° °ÿ≈‡ß‘π‰∑¬∫“∑°≈—∫‰ª Ÿà¡Ÿ≈§à“¥—È߇¥‘¡„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ®÷߇ªìπ∑’ˇ¢â“„®‰¥â«à“º≈ – ¡
„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ¢Õß°“√ª√—∫ª√ÿß∑’ˇ°‘¥®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»π—Èπ ‰¡à‰¥âÀ¡“¬∂÷ß
°“√ª√—∫ª√ÿß∑’ˇ°‘¥®“°°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑
∑ÿπ‡√◊ÕπÀÿâπ ·≈– ”√Õß ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˇ°‘¥°“√‡ª≈’ˬπ·ª≈ß„π√“¬°“√
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 163
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Depreciation of assets which were originally acquired in USD is restated using the historical
exchange rate at the date of acquisition. However, where the assets were originally purchased
in THB, the depreciation is converted by PSL at the exchange rate as at the balance sheet date.
Again, the policy on USD and THB asset depreciation is not consistent and therefore BTF has
applied the historical exchange rates to major THB fixed assets, i.e. buildings and berth equipment.
Bunker oil, accounts receivable and payable, and advance received from charterers were
originally denominated in USD and are translated into THB at the exchange rate at the balance
sheet date. The restatement into USD therefore is based on the 31st December 2003 exchange
rate to reverse the translation.
The nature of other current assets and liabilities is mostly very current and therefore the
exchange rate as at the balance sheet date is applied.
Other assets, excluding unamortised drydock and special survey, are denominated in USD and
are translated into THB at the exchange rate as at the balance sheet date. The restatement
into USD therefore has been done at the 31st December 2003 exchange rate to reverse the
translation.
Goodwill is the excess of the investment in Great Circle Shipping Agency Limited, one of PSL’s
subsidiaries, over its book value at the amount denominated in THB. Similar to fixed assets
originally made in THB the restatement into USD is applied at the historical rate.
Loans from banks, bonds and interest payable are mostly denominated in USD and are translated
into THB at the exchange rate as at the balance sheet date. The restatement into USD therefore
has been done at the 31st December 2003 exchange rate to reverse the translation. THB
loans and debentures are also converted at the exchange rate as at the balance sheet date.
Minority interest is derived from minority shareholders’ portion in the retained earnings of
subsidiaries of PSL calculated at the balance sheet date and therefore the exchange rate as at
the balance sheet date is applied.
Translation adjustment primarily relates to THB denominated assets and liabilities restated at
different exchange rates to USD resulting in an imbalance in the balance sheet. This should not
occur for assets and liabilities originally denominated in USD as we have sought to restate the
THB amounts to the original USD amounts. It should therefore be understood that the USD
cumulative translation adjustment is not the translation of the THB translation adjustment.
Share capital and reserves are restated at the historical exchange rates in which movements
occurred.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)164
ß∫°”‰√¢“¥∑ÿπ
√“¬°“√ à«π„À≠à„πß∫°”‰√¢“¥∑ÿπ∑’ˉ¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â«¢Õß∫√‘…—∑œ π—È𠇪ìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«∂Ÿ°
·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ ¢≥–π—Èπ1 ‡æ◊ËÕ„Àâ°“√ª√—∫ª√ÿß§à“„À¡à„π°“√§â“¢“¬·µà≈–√“¬°“√π’È∂Ÿ°µâÕß
¡∫Ÿ√≥å®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß π‚¬∫“¬¥—ß°≈à“«Õ¬ŸàπÕ°‡Àπ◊Õ®“°¢Õ∫‡¢µ°“√
µ√«®∑“π¢Õß∫’∑’‡Õø √“¬°“√‡À≈à“π’ȉ¥â¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ¿“¬„π™à«ß√–¬–‡«≈“
3 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ÷Ëß (À“°√“¬‰¥â §à“„™â®à“¬ ·≈–Õ—µ√“·≈°‡ª≈’ˬπ§àÕπ¢â“ߧß∑’Ë) Õ—µ√“·≈°‡ª≈’ˬπ¥—ß°≈à“«
πà“®–ª√–¡“≥Õ—µ√“·≈°‡ª≈’ˬπ„πÕ¥’µ ”À√—∫°“√§â“·µà≈–√“¬°“√‰¥â Õ¬à“߉√°Áµ“¡ „π°√≥’∑’ËÕ—µ√“·≈°‡ª≈’ˬπ ‡ß‘π °ÿ≈‰∑¬
∫“∑ / ‡À√’¬≠ √Õ. ‡°‘¥°“√‡ª≈’ˬπ·ª≈ßÕ¬à“߇ªìππ—¬ ”§—≠¢÷Èπ„πÕ𓧵 π‚¬∫“¬¥—ß°≈à“«Õ“®¡’°“√‡ª≈’ˬπ·ª≈߇æ◊ËÕ· ¥ß
„Àâ‡ÀÁπº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. „Àâ∂Ÿ°µâÕß¡“°¬‘Ëߢ÷Èπ Õπ÷Ëß π‚¬∫“¬π’ȉ¡à‰¥â„™â„π°“√·ª≈ߧà“√“¬°“√
∫“ß√“¬°“√ ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°µâÕß
¬‘Ëߢ÷Èπ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È
„π∑”πÕ߇¥’¬«°—∫√“¬°“√§à“‡ ◊ËÕ¡√“§“ – ¡„πß∫¥ÿ≈ °“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊Èե⫬‡ß‘π‡À√’¬≠
√Õ. ®–„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˉ¥â¡“¢Õß ‘π∑√—æ¬å¥—ß°≈à“« ¡‘„™àÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ
Õ¬à“߉√°Áµ“¡ µ“¡∑’ˉ¥â°≈à“«‰ª·≈â«¢â“ßµâπ„π à«π¢Õßß∫¥ÿ≈ π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’ˇªìπ
‡ß‘π‰∑¬∫“∑π—Èπ ‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬¢â“ßµâπ ¥—ßπ—ÈπÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˉ¥â¡“¢Õß ‘π∑√—æ¬å®÷ß∂Ÿ°π”¡“„™â
„π à«π¢Õß ‘π∑√—æ¬åÀ≈—°∑’ˇªìπ‡ß‘π‰∑¬∫“∑ ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ
°”‰√ / ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’ˬπ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß
≥ «—π∑’Ë¢“¬ ‘π∑√—æ¬å∑—Èß∑’ˇªìπ‡ß‘π‰∑¬∫“∑·≈–‡ß‘π‡À√’¬≠ √Õ.
°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ„πß∫°”‰√¢“¥∑ÿπ„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡°‘¥¢÷Èπ®“°√“¬°“√‡°’ˬ«°—∫‡ß‘π ‘π∑√—æ¬å
∂“«√¬àÕ¬Ê √«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑ ‚¥¬¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“π’È„π
√Ÿª‡ß‘π‡À√’¬≠ √Õ. ‰¥â‡ª≈’ˬπ·ª≈߉ª®“°¡Ÿ≈§à“ ≥ «—π∑’Ë 30 °—𬓬π 2546 ‡π◊ËÕß®“°§«“¡ —∫´âÕπ„π°“√‰¥â¡“
´÷Ëßµ—«‡≈¢‚¥¬≈–‡Õ’¬¥„π·µà≈–√“¬°“√ ®÷ß∂◊Õ«à“√“¬°“√‡À≈à“π’ȉ¡à¡’°“√‡ª≈’ˬπ·ª≈ßµ≈Õ¥™à«ß√–¬–‡«≈“ß∫°“√‡ß‘π
π—Ëπ§◊Õµ—Èß·µà‡¥◊Õπµÿ≈“§¡ 2546
°”‰√®“°°“√¬°‡≈‘° —≠≠“ Swap ‰¥â∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’ˬπ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë
¬°‡≈‘° —≠≠“ Swap
‡ß‘πªíπº≈∑’Ë®à“¬„Àⷰຟâ∂◊ÕÀÿâπ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˇ°‘¥°“√‡ª≈’ˬπ·ª≈ß„π√“¬°“√
°”‰√ – ¡µâπªï‰¥â∂Ÿ°ª√—∫ª√ÿß§à“¥â«¬Õ—µ√“·≈°‡ª≈’ˬπ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ ™à«ß‡«≈“∑’Ë¡’°“√∫—π∑÷°
°”‰√ – ¡ Õ¬à“߉√°Áµ“¡ µ“¡∑’ˉ¥â°≈à“«‰ª·≈â«„π¢â“ßµâπ Õ—µ√“·≈°‡ª≈’ˬπ∑’Ë·∑â®√‘ß∑’Ë„™â„π°“√·ª≈ߧà“Õ“§“√
·≈–Õÿª°√≥å∑à“‡√◊Õπ—Èπ¡’º≈µàÕ¡Ÿ≈§à“ ÿ∑∏‘¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ—π àߺ≈µàÕ°”‰√ – ¡„πÕ¥’µ∑’˺à“π¡“
‚ª√¥µ√–Àπ—°«à“√“¬°“√„¥Ê ∑’˪√“°Ø¢÷Èπ„π∫—≠™’°àÕπ‡¥◊Õπ¡‘∂ÿπ“¬π 2540 π—Èπ®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’ˬπ
‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë 25.5 ‡π◊ËÕß®“°°“√≈¥§à“‡ß‘π∫“∑‰¥â‡√‘Ë¡‡°‘¥¢÷Èπ„π‡¥◊Õπ¡‘∂ÿπ“¬π 2540 „π™à«ß°àÕπ∑’Ë®–¡’°“√≈¥
§à“‡ß‘π∫“∑π—Èπ Õ—µ√“·≈°‡ª≈’ˬπ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ®–§àÕπ¢â“ߧß∑’ËÕ¬Ÿà∑’Ë¡Ÿ≈§à“ 25.5 ∫“∑ / 1 ‡À√’¬≠ √Õ.
1 Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘πµ√“µà“ߪ√–‡∑»∑’Ë„™â‡ªìπÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬª√–®”‡¥◊Õπ∑’ˉ¥â®“°∏𓧓√·Ààߪ√–‡∑»‰∑¬Àπ÷Ë߇¥◊ÕπÀ≈—ß®“°π—Èπ‡™àπÕ—µ√“·≈°‡ª≈’ˬπ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‚¥¬‡©≈’ˬ¢Õ߇¥◊Õπ‡¡…“¬π®–∂Ÿ°π”‰ª„™â‡ªìπ‡°≥±å°“√§”π«≥µ—«‡≈¢„π‡¥◊Õπ情¿“§¡
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 165
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INCOME STATEMENT
Most items in the Company’s audited / reviewed income statement were originally denominated in
USD and translated into THB at the prevailing exchange rate1 at that time. In order to perfectly restate
these transactions it would be necessary to match each transaction with its historical exchange rate. This is
outside the scope of our review. These items have been translated using the weighted average exchange rates
for three months ended 31st December 2003, which should approximate (where income, expenses and
exchange rates are relatively stable) the historical exchange rates of each transaction. However should the
THB / USD exchange rate change significantly in the future, the policy may be amended to better illustrate
PSL’s performance in USD terms. This policy, again, is not applied to some items as we consider an alternative
policy, as described below, would provide more accurate restatement in USD.
Depreciation of assets originally acquired in USD is similar to the depreciation item in the
balance sheet. This item is not directly translated using the weighted monthly average rate but
the historical acquisition exchange rates. As mentioned earlier in the balance sheet section, the
policy on USD and THB asset depreciation is not consistent and therefore the historical
exchange rates are applied to major THB fixed assets, i.e. buildings and berth equipment.
Gains / losses on disposal of fixed assets are converted at the actual THB / USD exchange rate
as at the date of asset disposal for both USD and THB sales.
The exchange gain in the USD Income Statement arises from THB denominated monetary
assets and liabilities, minor fixed assets and current assets and liabilities which in USD terms
have changed in value since 30 September 2003. Due to the complexity in obtaining detailed
figures for each item it is assumed that these items are fixed for the whole financial statement
period, i.e. since October 2003.
Gain on swap termination is restated at the actual THB / USD exchange rate as at the date of
swap termination.
Dividend paid is restated at the historical exchange rates in which movements occurred.
Retained earnings at the beginning of the year are restated into USD at the actual historical
exchange rate for the periods in which retained earnings were recorded. However, as mentioned
earlier, the historical rate applied to buildings and berth equipment affects their net value, which
subsequently affects the retained earnings in the past.
Please note that any items existing in the accounts before June 1997 are converted at THB / USD
rate of 25.5 since the devaluation of THB commenced in June 1997 as before the devaluation the THB / USD
exchange rate was relatively stable at THB 25.5 / USD 1.
1 The foreign exchange rate used is the monthly average rate obtained from the Bank of Thailand one monthafterwards, eg average THB / USD rate of April is applied as the basis for the month of May figure.
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)166
¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535OTHER INFORMATION PURSUANT TO SEC.114 OF PUBLIC LIMITED COMPANIES ACT B.E 2535
√“¬≈–‡Õ’¬¥¢Õß∫√‘…—∑
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
ª√–‡¿∑∏ÿ√°‘® : ‡®â“¢Õ߇√◊Õ‡¥‘π∑–‡≈
∑–‡∫’¬π‡≈¢∑’Ë : ∫.¡.® 309
∑ÿπ®¥∑–‡∫’¬π : 520,000,000 ∫“∑
(520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)
Àÿâπ∑’ËÕÕ°·≈–
‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« : 520,000,000 ∫“∑
(520,000,000 ÀÿâπÊ ≈– 1 ∫“∑)
∑’˵—Èß : ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿ߇∑æœ 10500
‚∑√»—æ∑å : 66-2 237-8700-4
‚∑√ “√ : 66-2 236-7654, 633-8460
‡∑‡≈Á°´å : 20412 PSL TH
E-mail : psl@preciousshipping.com
Home page : http://www.preciousshipping.com
DETAILS OF THE COMPANY
PRECIOUS SHIPPING PUBLIC COMPANY LIMITED.
Business : Shipowner
Registration No. : Bor Mor Jor 309
Authorized share capital : Baht 520,000,000.-
(520,000,000 shares of Baht 1 each)
Issued and fully paid-up
share capital : Baht 520,000,000
(520,000,000 shares of Baht 1 each)
Location : 7th Floor, Cathay House, 8 North Sathorn Road,
Silom, Bangrak, Bangkok 10500
Telephone : 66-2 237-8700-4
Fax : 66-2 236-7654, 633-8460
Telex : 20412 PSL TH
E-mail : psl@preciousshipping.com
Home page : http://www.preciousshipping.com
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 167
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™◊ËÕ∫√‘…—∑¬àÕ¬ °ÿ≈‡ß‘π ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ∑’ËÕÕ°·≈– —¥ à«π
ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ
NAME OF SUBSIDIARIES CURRENCY REGISTERED ISSUED AND FULLY PERCENTAGE OF
CATEGORY OF BUSINESS CAPITAL PAID-UP SHARE CAPITAL SHAREHOLDINGS
™◊ËÕ ·≈– ª√–‡¿∑∏ÿ√°‘® ¢Õß∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª ¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«∑—ÈßÀ¡¥
¢Õß𑵑∫ÿ§§≈π—Èπ
Names and category of subsidiary companies in which the Company holds more than 10% of shares sold
by them.
1 ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫“∑ 250,000,000 250,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Metals Limited Baht 250,000,000 250,000,000 99.99 Shipowner
2 ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫“∑ 230,000,000 230,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Wishes Limited Baht 230,000,000 230,000,000 99.99 Shipowner
3 ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Stones Shipping Limited Baht 140,000,000 140,000,000 99.99 Shipowner
4 ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Minerals Limited Baht 140,000,000 140,000,000 99.99 Shipowner
5 ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Lands Limited Baht 24,000,000 24,000,000 99.99 Shipowner
6 ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫“∑ 44,000,000 44,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Rivers Limited Baht 44,000,000 44,000,000 99.99 Shipowner
7 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫“∑ 99,000,000 99,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Lakes Limited Baht 99,000,000 99,000,000 99.99 Shipowner
8 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫“∑ 100,000,000 100,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Seas Limited Baht 100,000,000 100,000,000 99.99 Shipowner
9 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫“∑ 105,000,000 105,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Stars Limited Baht 105,000,000 105,000,000 99.99 Shipowner
10 ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’ˬπ å ®”°—¥ ∫“∑ 175,000,000 175,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Oceans Limited Baht 175,000,000 175,000,000 99.99 Shipowner
11 ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫“∑ 100,000,000 100,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Planets Limited Baht 100,000,000 100,000,000 99.99 Shipowner
12 ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫“∑ 55,000,000 55,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Diamonds Limited Baht 55,000,000 55,000,000 99.99 Shipowner
13 ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫“∑ 144,000,000 144,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Sapphires Limited Baht 144,000,000 144,000,000 99.99 Shipowner
14 ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫“∑ 32,000,000 32,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Emeralds Limited Baht 32,000,000 32,000,000 99.99 Shipowner
15 ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Rubies Limited Baht 24,000,000 24,000,000 99.99 Shipowner
16 ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Opals Limited Baht 24,000,000 24,000,000 99.99 Shipowner
17 ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫“∑ 31,000,000 31,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Garnets Limited Baht 31,000,000 31,000,000 99.99 Shipowner
18 ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫“∑ 39,000,000 39,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Pearls Limited Baht 39,000,000 39,000,000 99.99 Shipowner
19 ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫“∑ 39,000,000 39,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Flowers Limited Baht 39,000,000 39,000,000 99.99 Shipowner
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)168
™◊ËÕ∫√‘…—∑¬àÕ¬ °ÿ≈‡ß‘π ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ∑’ËÕÕ°·≈– —¥ à«π
ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ
NAME OF SUBSIDIARIES CURRENCY REGISTERED ISSUED AND FULLY PERCENTAGE OF
CATEGORY OF BUSINESS CAPITAL PAID-UP SHARE CAPITAL SHAREHOLDINGS
20 ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫“∑ 40,000,000 40,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Forests Limited Baht 40,000,000 40,000,000 99.99 Shipowner
21 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫“∑ 40,000,000 40,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Trees Limited Baht 40,000,000 40,000,000 99.99 Shipowner
22 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫“∑ 32,000,000 32,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Ponds Limited Baht 32,000,000 32,000,000 99.99 Shipowner
23 ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫“∑ 80,000,000 80,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Ventures Limited Baht 80,000,000 80,000,000 99.99 Shipowner
24 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫“∑ 200,000,000 200,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Capitals Limited Baht 200,000,000 200,000,000 99.99 Shipowner
25 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫“∑ 98,000,000 98,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Jasmines Limited Baht 98,000,000 98,000,000 99.99 Shipowner
26 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫“∑ 52,000,000 52,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Orchids Limited Baht 52,000,000 52,000,000 99.99 Shipowner
27 ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Lagoons Limited Baht 140,000,000 140,000,000 99.99 Shipowner
28 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Cliffs Limited Baht 140,000,000 140,000,000 99.99 Shipowner
29 ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Hills Limited Baht 140,000,000 140,000,000 99.99 Shipowner
30 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Mountains Limited Baht 140,000,000 140,000,000 99.99 Shipowner
31 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Resorts Limited Baht 140,000,000 140,000,000 99.99 Shipowner
32 ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫“∑ 100,000 100,000 99.40 ‡®â“¢Õ߇√◊ÕPrecious Comets Limited Baht 100,000 100,000 99.40 Shipowner
33 ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫“∑ 100,000 100,000 99.40 ‡®â“¢Õ߇√◊ÕPrecious Ornaments Limited Baht 100,000 100,000 99.40 Shipowner
34 ∫√‘…—∑ æ√’‡™’¬ ‘µ’È å ®”°—¥ ∫“∑ 170,000,000 170,000,000 99.99 ‡®â“¢Õ߇√◊ÕPrecious Cities Limited Baht 170,000,000 170,000,000 99.99 Shipowner
35 ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ∫“∑ 6,000,000 6,000,000 69.99 §≈—߇°Á∫ ‘π§â“≈Õ¬πÈ”Precious Storage Terminals Limited Baht 6,000,000 6,000,000 69.99 Bulk Storage Barges
36 ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ∫“∑ 10,000,000 2,500,000 69.99 §≈—߇°Á∫ ‘π§â“≈Õ¬πÈ”Nedtex Limited Baht 10,000,000 2,500,000 69.99 Bulk Storage Barges
37 ∫√‘…—∑ ‡°√∑ ‡´Õ√凧‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ∫“∑ 15,000,000 15,000,000 99.99 ºŸâ∫√‘À“√‡√◊Õ∑“ߥâ“π‡∑§π‘§
Great Circle Shipping Agency Limited Baht 15,000,000 15,000,000 99.99 Technical Managerof ships
38 ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫“∑ 5,000,000 5,000,000 99.88 ‚Œ≈¥‘Èß §—¡æ“π’Geepee Corporation Limited Baht 5,000,000 5,000,000 99.88 Holding company
39 ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑凡π∑å ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 1,160 99.99* ‚Œ≈¥‘Èß §—¡æ“π’PSL Investments Limited USD 10,000 1,160 99.99* Holding company
40 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 79.99* ‚Œ≈¥‘Èß §—¡æ“π’International Lighterage Ltd. USD 10,000 10,000 79.99* Holding company
41 ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 1,000,000 2 99.99 ‚Œ≈¥‘Èß §—¡æ“π’Rapid Port Leasing Company Pte. Ltd. USD 1,000,000 2 99.99 Holding company
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 169
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™◊ËÕ∫√‘…—∑¬àÕ¬ °ÿ≈‡ß‘π ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ∑’ËÕÕ°·≈– —¥ à«π
ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ
NAME OF SUBSIDIARIES CURRENCY REGISTERED ISSUED AND FULLY PERCENTAGE OF
CATEGORY OF BUSINESS CAPITAL PAID-UP SHARE CAPITAL SHAREHOLDINGS
42 ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ ‘ߧ‚ª√å 100,000 2 100.00 ‚Œ≈¥‘Èß §—¡æ“π’Thebes Pte. Ltd. SGD 100,000 2 100.00 Holding company
43 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ߧ‚ª√å) ‡À√’¬≠ ‘ߧ‚ª√å 20,000,000 15,000,000 100.00 „Àâ∫√‘°“√‡™à“‡√◊Õæ’ ∑’ Õ’ ≈‘¡‘‡µ¥Precious Shipping (Singapore) Pte. Limited SGD 20,000,000 15,000,000 100.00 Chartering
44 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (Panama) S.A. USD 10,000 10,000 99.99 Chartering
45 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (UK) Limited USD 10,000 10,000 99.99 Chartering
46 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (Mauritius) Limited USD 10,000 10,000 99.99 Chartering
47 ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 500,000 12,864 64.06* ‡®â“¢Õ߇√◊ÕPSL Thun Shipping Pte. Ltd. USD 500,000 12,864 64.06* Shipowner
48 ∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 1,000,000 100,000 59.93* ‚Œ≈¥‘Èß §—¡æ“π’Cargo Systems International Ltd. USD 1,000,000 100,000 59.93* Holding company
49 ∫√‘…—∑ ¡—≈µ‘§“√å‚°â ´‘ ‡µÁ¡ å Õ‘π‡¥’¬π√Ÿªï 5,000,000 3,409,020 59.93* „Àâ∫√‘°“√®—¥°“√(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ¥â“π°“√¢π àßMulticargo Systems (India) Private Limited Indian Rs 5,000,000 3,409,020 59.93* Cargo handling services
50 ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥ Õ‘π‡¥’¬π√Ÿªï 50,000,000 50,000,000 50.94* ∫√‘À“√∑à“®Õ¥‡√◊ÕGeepee Bulk Handlers Private Limited Indian Rs 50,000,000 50,000,000 50.94* Port management
51 ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ Õ‘π‡¥’¬π√Ÿªï 100,000,000 64,592,200 47.99* »Ÿπ¬å°≈“ß°“√∫√√®ÿ·≈–®—¥®”Àπà“¬°ä“´Àÿßµâ¡
Southern LPG Limited Indian Rs 100,000,000 64,592,200 47.99* Terminal owning, bottlingand distribution of LPG
52 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‡À√’¬≠ À√—∞ 6,300,000 1,815,000 34.30 ≈ß∑ÿπ„π‚§√ß°“√´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ “∏“√≥Ÿª‚¿§International Seaports Pte. Limited USD 6,300,000 1,815,000 34.30 Investment in
infrastructure projects
53 æ’‡Õ ·Õ≈ ∫—§≈å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 2 99.99* ‚Œ≈¥‘Èß §—¡æ“π’PSL Bulk Terminal Company Limited USD 10,000 2 99.99* Holding company
54 Dhamra Port Company Limited Õ‘π‡¥’¬π√Ÿªï 500,000,000 333,091,060 33.33* °àÕ √â“ß·≈–æ—≤π“∑à“‡√◊ÕDhamra Port Company Limited Indian Rs 500,000,000 333,091,060 33.33* Port construction &
Development
55 Kakinada Seaports Limited Õ‘π‡¥’¬π√Ÿªï 500,000,000 150,123,200 16.66* °“√®—¥°“√∑à“‡√◊ÕKakinada Seaports Limited Indian Rs 500,000,000 150,123,200 16.66* Port Management
56 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å Õ‘π‡¥’¬π√Ÿªï 30,000,000 25,005,800 34.30* „À⧔ª√÷°…“„π°“√(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ æ—≤π“∑à“‡√◊ÕInternational Seaports (India) Indian Rs 30,000,000 25,005,800 34.30* Consultancy Service inPrivate Limited Port Development
57 Regidor Pte. Ltd. ‡À√’¬≠ ‘ߧ‚ª√å 100,000 2 100.00 ‚Œ≈¥‘Èß §—¡æ“π’Regidor Pte. Ltd. SGD 100,000 2 100.00 Holding company
58 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å Õ‘π‡¥’¬π√Ÿªï 445,000,000 440,580,200 17.92* °àÕ √â“ß·≈–æ—≤π“(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ∑à“‡∑’¬∫‡√◊ÕInternational Seaports (Haldia) Pvt. Ltd. Indian Rs 445,000,000 440,580,200 17.92* Berth construction &
Development
* (represents indirect ownership of shares)
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)170
∫√‘…—∑¬àÕ¬∑’Ë 1-11 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡
‡¢µ∫“ß√—° °√ÿ߇∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬
‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460
Subsidiary 1-11, Registered Address is at 8/27-28, 7th Floor, Cathay House, North Sathorn Road,
Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 633-8460
∫√‘…—∑¬àÕ¬∑’Ë 12-36 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√Õ‘π‚¥-‰∑¬ ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡
‡¢µ∫“ß√—° °√ÿ߇∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬
‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 66-2 633-8460
Subsidiary 12-36, Registered Address is at 8/27-28, 7th Floor, Indo-Thai Building, North Sathorn Road,
Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 66-2 633-8460
∫√‘…—∑¬àÕ¬∑’Ë 37 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/35 Õ“§“√¡‘¥·≈π¥å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°
°√ÿ߇∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬
Subsidiary 37, Registered Address is at 8/35 Midland Towers, North Sathorn Road, Silom, Bangrak,
Bangkok 10500 Thailand
∫√‘…—∑¬àÕ¬∑’Ë 38 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/23-26, ™—Èπ∑’Ë 6 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°
°√ÿ߇∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬
Subsidiary 38, Registered Address is at 8/23-26, 6th Floor North Sathorn Road, Silom, Bangrak,
Bangkok 10500, Thailand
∫√‘…—∑¬àÕ¬∑’Ë 39-40 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
Subsidiary 39-40 Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
∫√‘…—∑¬àÕ¬∑’Ë 41-42 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.
Subsidiary 41-42 Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.
∫√‘…—∑¬àÕ¬∑’Ë 43 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore.
Subsidiary 43 Registered Address is 79A Tras StreetSingapore 079106 Republic of Singapore.
∫√‘…—∑¬àÕ¬∑’Ë 44 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er,
Piso, Panama.
Subsidiary 44 Registered Address is at Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er,
Piso, Panama.
∫√‘…—∑¬àÕ¬∑’Ë 45 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë The Quadrangle, 180 Wardour Street, London W1V 3AA.
Subsidiary 45 Registered Address is at The Quadrangle, 180 Wardour Street, London W1V3AA.
∫√‘…—∑¬àÕ¬∑’Ë 46 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
Subsidiary 46, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
∂“π∑’˵—Èß ”π—°ß“π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«
ADDRESS OF SUBSIDIARY COMPANIES ARE AS FOLLOWS :
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 171
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∫√‘…—∑¬àÕ¬∑’Ë 47 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore.
Subsidiary 47, Registered Address is at 79A Tras StreetSingapore 079106 Republic of Singapore.
∫√‘…—∑¬àÕ¬∑’Ë 48 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
Subsidiary 48, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,
Pope Hennessy Street, Port Louis.
∫√‘…—∑¬àÕ¬∑’Ë 49 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.
Subsidiary 49, Registered Address is at 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.
∫√‘…—∑¬àÕ¬∑’Ë 50 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 11, Swaminarayan Building,Sector No. 9,Gandhidham - 370 201India.
Subsidiary 50, Registered Address is at 11, Swaminarayan Building,Sector No. 9,
Gandhidham - 370 201India.
∫√‘…—∑√à«¡∑’Ë 51 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ICM Business Centre, Ceebros Arcade 1st Floor, No.1
3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India.
Associate 51, Registered Address is at ICM Business Centre, Ceebros Arcade 1st Floor, No.1
3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India.
∫√‘…—∑√à«¡∑’Ë 52 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.
Associate 52, Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.
∫√‘…—∑√à«¡∑’Ë 53 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,
Pope Hennessy Street : Port Louis
Associate 53, Registered Address is at C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,
Pope Hennessy Street : Port Louis
∫√‘…—∑√à«¡∑’Ë 54 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 133 Surya Nagar Bhubaneswar 751 003, India.
Associate 54, Registered Address is at 133 Surya Nagar Bhubaneswar 751 003, India.
∫√‘…—∑√à«¡∑’Ë 55 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 5-10-173, Fateh Maidan Road, Hyderabad 500 004, India.
Associate 55, Registered Address is at 5-10-173, fateh maidan Road, Hyderabad 500 004, India.
∫√‘…—∑√à«¡∑’Ë 56 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë L&T Chennai House, 2nd Floor No. 10, Club House Road,
Anna Salai Chennai 600 002
Associate 56, Registered Address is at L&T Chennai House, 2nd Floor No. 10, Club House Road,
Anna Salai Chennai 600 002
∫√‘…—∑¬àÕ¬∑’Ë 57 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.
Subsidiary 57, Registered Address is at Raffles Place #18-00 Clifford Centre, Singapore 048621.
∫√‘…—∑¬àÕ¬∑’Ë 58 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 22 Lee Road Kolkata 700 020, India.
Subsidiary 58, Registered Address is at 22 Lee Road Kolkata 700 020, India.
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Õπ÷ËߺŸâµ√«® Õ∫∫—≠™’¿“¬„π‰¥âµ√«® Õ∫√“¬°“√∑’ˇ°’ˬ«‚¬ß°—π·≈–‰¥â√“¬ß“πº≈µàÕ§≥–°√√¡°“√µ√«® Õ∫‡¡◊ËÕ°“√
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´÷Ëߧ≥–°√√¡°“√∫√‘…—∑¡’§«“¡‡ÀÁπ«à“∫√‘…—∑œ ¡’°Æ¢âÕ∫—ߧ—∫·≈–π‚¬∫“¬ªÑÕß°—π°“√∑”√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå
√“¬°“√√–À«à“ß°—π∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫—π‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“‚¥¬∑—Ë«‰ª
‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªì𠔧—≠·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ·≈–¡’°“√‡ªî¥‡º¬Õ¬à“߇撬ßæÕ·≈â«„πß∫°“√‡ß‘π
√“¬°“√∑’ˇ°’ˬ«‚¬ß°—π
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 173
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The following transactions entered into by the Company and Subsidiary constitute transactions with
related parties
1. OFFICE LEASE AGREEMENT BETWEEN THE COMPANY AND SUBSIDIARY WITH UNISTRETCH LIMITED
The Relation
The Office lease agreement is between the Company and Great Circle Shipping Agency Limited
(subsidiary of the Company) with Unistrech Limited. Miss Nishita Shah, director of the Company is directly
interested as director and shareholder of Unistretch Limited.
The Significance of the related transaction
The Office lease agreement is necessary for operating the Company and Great Circle Shipping
Agency Limited.
The Fairness of Terms and Conditions of the Transaction
As of 31st December 2003, the Company and Great Circle Shipping Agency Limited have rental
and related expense from such transaction amounting to Baht 1.36 million which is 0.035% of total vessel
operating income.
2. PURCHASE OF AIR TICKETS FROM AMBIKA TOUR LIMITED AND GEEPEE AIR SERVICE LIMITED
The Relation
The Company and subsidiaries purchased air tickets from Ambika Tours Limited and Geepee Air
Service Limited in which Miss Nishita Shah is directly interested as director and shareholder.
The Significance of the related transaction
Given the nature of business, air tickets are required for the crew on a regular basis to allow them
to sign on/off in different ports around the world on commencement and completion of their contracts,
respectively.
The Fairness of Terms and Condition of the Transaction
For the year 2003, the Company and subsidiaries purchased air tickets of Baht 11.73 million from
Ambika Tours Limited and Geepee Air Service Limited. They are 0.31% of total vessel operating income.
Ambika Tours Limited and Geepee Air Service Limited have been selected for this purpose in view of their
competitive rates and service including their proximity to the Company’s office.
Internal Auditors have reviewed the above connected transactions and reported the results of their
review to the Audit Committee Meeting No. 1/2004 and Board of Director Meeting No. 2/2004 held on
26th March 2004. Board of Directors is of the opinion that the Company has rules, regulations and policies
for prevention of the conflict of interest transactions. The above interested party transactions are entered
based on the market prices and for the full benefit of the Company. Adequate disclosures have been made in
the financial statements.
CONNECTED TRANSACTIONS
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)174
¥—™π’· ¥ß√“¬°“√∑’Ë°”À𥵓¡·∫∫ 56-2(µ“¡¡“µ√“ 56 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535)
≈”¥—∫∑’Ë À—«¢âÕ Àπâ“
1 ¢âÕ¡Ÿ≈∑—Ë«‰ª
1.1 ™◊ËÕ ∂“π∑’˵—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® 168
1.2 ™◊ËÕ ∂“π∑’˵—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® ¢Õß𑵑∫ÿ§§≈∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπ
µ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 169-173
1.3 ™◊ËÕ ∂“π∑’˵—Èß ¢Õß∫ÿ§§≈Õâ“ßÕ‘ß 176
2. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π
2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π‚¥¬ √ÿª 1
2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë ”§—≠ 1
3. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®
3.1 §«“¡‡ªìπ¡“·≈–≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®‚¥¬ —߇¢ª 2-10
3.2 ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 45
3.3 √ÿª°“√‡ª≈’ˬπ·ª≈ß∑’Ë ”§—≠¢Õß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 14-24
4. ªí®®—¬§«“¡‡ ’Ë¬ß 40
5. ‚§√ß √â“ߺŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√
5.1 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 66
5.2 °“√®—¥°“√
‚§√ß √â“ß°“√®—¥°“√ 67-78
°“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√ 67-78
§à“µÕ∫·∑πºŸâ∫√‘À“√ 30, 32
°“√°”°—∫¥Ÿ·≈°‘®°“√ 26-38, 80-82
°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π 30
°“√§«∫§ÿ¡¿“¬„π 34-38, 80-82
6. √“¬°“√√–À«à“ß°—π
6.1 °“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π 174
6.2 §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√ 174
6.3 ¡“µ√“°“√À√◊Õ¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π 174, 28
6.4 π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π 174, 28
7. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 46-64
8. ß∫°“√‡ß‘π 86-166
ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 175
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INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2(PURSUANT TO SECTION 56 OF SECURITIES AND EXCHANGE ACT B.E. 2535)
No. Details Page No.
1 General information
1.1 Name, address and category of business 168
1.2 Name, address and category of juristic person in which the
Company holds shares exceeding 10% 169-173
1.3 Name, address of other references 176
2. Financial information
2.1 Summary of financial information 1
2.2 Significant financial ratios 1
3. Nature of Business
3.1 Nature of business 3-11
3.2 Revenue Structure 45
3.3 Summary of significant changes during the year 15-25
4. Risk factors 41-43
5. Shareholders structure and the Management
5.1 Major Shareholders 66
5.2 Management
Management structure 67-79
Selection of directors and management 67-79
Remuneration of management 31-32
Corporate Governance 26-39, 81-83
Using internal information 31
Comments from directors about internal control 35-39, 81-83
6. Related parties and connected transactions
6.1 Transactions between related parties 175
6.2 The necessity and reasonableness of transactions 175
6.3 Procedure to approve connected party transactions 175, 29-31
6.4 Policy in respect of future transactions with connected parties 175, 29-31
7. Explanation and Analysis of financial position and operating result 47-65
8. Financial Statements 87-167
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1 M√“¬ß“πª√–®”ªï 2546 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)176
∫ÿ§§≈Õâ“ßÕ‘ßREFERENCES
1. π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å
∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥™—Èπ 4 6-7 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬‡≈¢∑’Ë 62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õ߇µ¬‡¢µ§≈Õ߇µ¬ °√ÿ߇∑æ¡À“π§√ 10110‚∑√»—æ∑å : 66 2229 2800, 66 2229 2888‚∑√ “√ : 66 2359 1259
2. ‡®â“Àπ’ȇߑπ°ŸâÀ≈—°
∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π)Õ“§“√‡æ≈‘𮑵‡ Áπ‡µÕ√å ™—Èπ 5∂ππ ÿ¢ÿ¡«‘∑ ´Õ¬ 2 ·¢«ß§≈Õ߇µ¬ ‡¢µ§≈Õ߇µ¬°√ÿ߇∑æ¡À“π§√ 10100‚∑√»—æ∑å : 66 2208 8020-21, 66 2256 8146‚∑√ “√ : 66 2256 8147Website : www.ktb.co.th
3. ºŸâ Õ∫∫—≠™’
∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥™—Èπ 33 Õ“§“√‡≈§√—™¥“ 193/136-137∂ππ√—™¥“¿‘‡…°µ—¥„À¡à(‡¬◊ÈÕß»Ÿπ¬åª√–™ÿ¡·Ààß™“µ‘ ‘√‘°‘µ‘Ï)§≈Õ߇µ¬ °√ÿ߇∑æ¡À“π§√ 10110µŸâ ª.≥. 1047 °√ÿ߇∑æœ 10501‚∑√»—æ∑å : 66 2264 0777, 66 2661 9190‚∑√ “√ : 66 2264 0789-90
4. ∑’˪√÷°…“°ÆÀ¡“¬
∫√‘…—∑ ≈‘Èߧå‡≈‡∑Õ√å (ª√–‡∑»‰∑¬) ®”°—¥™—Èπ 20 ·§ªªîµÕ≈ ∑“«‡«Õ√å ÕÕ≈´’´—Ëπ ‡æ≈ ‡≈¢∑’Ë 87/1 ∂ππ«‘∑¬ÿ °√ÿ߇∑æ¡À“π§√ 10330‚∑√»—æ∑å : 66 2305 8000‚∑√ “√ : 66 2305 8010
1. SHARE REGISTRAR
Thailand Securities Depository Co., Ltd.
4th, 6th - 7th Floor, Stock Exchange of
Thailand Building, 62 Ratchadapisek Road,
Kwang Klongtoey, Khet Klongtoey, Bangkok 10110
Telephone : 66 2229 2800, 66 2229 2888
Facsimile : 66 2359 1259
2. MAIN LENDERS
Krung Thai Bank PCL.
Ploenchit Center 5th floor
2 Sukhumvit Road, Soi 2, Kwang Klongtoey,
Klongtoey, Bangkok 10110
Telephone : 66 2208 8020-21, 66 2256 8146
Facsimile : 66 2256 8147
Website : www.ktb.co.th
3. AUDITOR
Ernst & Young Office Limited
33rd Floor, Lake Rajada Office Complex
193/136-137 New Rajadapisek Road,
(New Queen Sirikit’s National Convention Centre)
Klongtoey, Bangkok 10110
G.P.O. Box 1047, Bangkok 10501, Thailand
Telephone : 66 2264 0777, 66 2661 9190
Facsimile : 66 2264 0789-90
4. LAWYERS
Linklaters (Thailand) Ltd.
20th Floor, Capital Tower All Seasons Place
87/1 Wireless Road Bangkok 10330
Telephone : 66 2305 8000
Facsimile : 66 2305 8010
“√∫—≠CONTENTS
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
1 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π2 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡
12 §≥–°√√¡°“√∫√‘…—∑14 √“¬ß“π®“°§≥–°√√¡°“√26 √“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ40 ªí®®—¬§«“¡‡ ’ˬß∑’Ë ”§—≠44 °Õß°”≈—߇√◊Õ45 ‚§√ß √â“ß√“¬‰¥â46 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕߺŸâ∫√‘À“√66 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à67 ‚§√ß √â“ß°“√®—¥°“√70 ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑78 §≥–ºŸâ∫√‘À“√80 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫82 √“¬ß“𧫓¡√—∫º‘¥™Õ∫¢Õߧ≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π84 √“¬ß“π¢ÕߺŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ88 ß∫°“√‡ß‘π
106 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π150 ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞160 π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑
‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)166 ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535172 √“¬°“√∑’ˇ°’ˬ«‚¬ß°—π174 ¥—™π’· ¥ß√“¬°“√∑’Ë°”À𥵓¡·∫∫ 56-2176 ∫ÿ§§≈Õâ“ßÕ‘ß
1 Financial Highlights
3 Nature of Business ond Industry
12 The Board of Directors
15 Board of Directors’ Report
27 Report on Implementation of Fifteen Principles of Good Corporate Governance
41 Significant Risk Factors
44 Fleet List
45 Revenue Structure
47 Management Discussion and Analysis
66 Major Shareholders
67 Management Structure
71 Board of Directors - Profile
79 Management Team
81 Audit Committee Report
83 Report on The Board of Directors’ Responsibilities for Financial Statements
85 Report of Independent Auditor
89 Financial Statements
107 Notes to Financial Statements
151 Restated us Dollar Financial Statements
161 Policy of Restatement from THB to USD Currency
166 Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535
173 Connected Transactions
175 Index of report in accordance with Form 56-2
176 References
∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
√“¬ß“πª√–®”ª ï 2546 ANN
UAL REPORT 20
03 ∫√‘…—∑ æ
√’‡™ ’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIO
US SHIPPING PUBLIC CO
MPAN
Y LIMITED∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)
™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿ߇∑æ¡À“π§√ 10500‚∑√. 66-2237-8700-4 ·øì°´å 66-2236-7654, 2633-8460‡∑‡≈Á°´å 20412 PSL TH ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®.309e-mail : psl@preciousshipping.comHome page : http://www.preciousshipping.com
PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
7th Floor, Cathay House, 8 Noth Sathorn Road,Bangkok 10500, ThailandTel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309e-mail : psl@preciousshipping.comHome page : http://www.preciousshipping.com
√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003