ANNUAL REPORT 2007
Mermaid Maritime Public Company Limited (Formerly Mermaid Maritime Limited) Notes to the Consolidated and Company Financial Statements For the years that ended on 30 September 2007 and 2006
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MERMAID MARITIME PUBLIC COMPANY LIMITED
073
Promotional privileges As at 30 September 2007, three offshore and drilling subsidiaries received promotional privileges from the Board of Investment (“BOI”) under a number of different categories, including services of submerged structure inspection, service of underwater equipment, service of inspection of marine pollution, and drilling services. The main privileges include exemption from payment of import duty on machinery and exemption from corporate income tax for the promoted activities for a period of 8 years from the date when income is first derived, or when approval is given by the BOI. To be entitled to the privileges, the subsidiaries must comply with the conditions and restrictions provided in the promotional certificates.
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Guarantees As at 30 September, the Group and the Company have guarantees as follows:
Consolidated / Company Consolidated/Company
2007 2007 Baht Baht Letters of guarantee issued by banks in the normal course of business A guarantee for short-term loans of subsidiaries to a financial institution A guarantee for long-term loans of subsidiaries to a financial institution A guarantee for forward contract facility of a subsidiary to a financial institution 25
USD
2006 2006 Baht Baht
USD USD
71,264,000
989,733
19,536,880
618,500
321,320,000
2,000,000
195,000,000
2,000,000
212,950,000
53,985,750
245,000,000
55,798,750
55,000,000
-
30,000,000
-
Contingent asset On 14 June 2007, a subsidiary’s tender rig was involved in a fire accident. Loss of fixed assets amounting to Baht 129,803,476 (or USD 3,767,976) has been included in the statement of income for the year ended 30 September 2007. As at 30 September 2007, it is probable that the subsidiary will receive a refund from insurance companies amounting to Baht 50,134,141 (or USD 1,442,077).
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