XML 88 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - INVESTMENTS
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
INVESTMENTS

A summary of the carrying values and balance sheet classification of all investments in privately-held equity securities, debt, and equity securities was as follows: 

 

    As of December 31,
    2011   2012
         
Held-to-maturity securities   $ –   $ 2,378
         
         
Short-term investments   –   2,378
         
         
Held-to-maturity securities   $ –   $ 360
Equity securities in privately-held companies (cost method)   618   642
         
         
Long-term investments   618   1,002
         
         
Total investments   $ 618   $ 3,380

 

Held-to-maturity securities are comprised of:  

 

      Investment carrying value at
      December 31,
Nature Contracted maturity Interest rate 2011 2012
         
Short-term held-to-maturity securities

 

Two weeks to one month

 

3.8% to 4.7%

 

$ –

 

$ 2,378

Subordinated debentures 10 years 4.375% – 360
Total held-to-maturity     $ – $ 2,738

 

The investment is on a fixed or non-fixed income mature on or before the date of maturity. The Company recorded interest income related to short-term held-to-maturity securities amounting to $nil, $nil and $101 as a component of interest income for the years ended December 31, 2010, 2011 and 2012, respectively. The estimated fair value of the investment approximated its amortized cost and, therefore, there were no significant unrealized holding gains or losses.

 

In 2012, a Thai subsidiary invested $360 (Baht 11 million) in subordinated debentures of Bangkok Bank Public Company Limited. The debentures bear a fixed interest rate of 4.375% per annum with a maturity of ten years callable at the option of the issuer after five years. As the call option is clearly and closely related to the debt host contract, no bifurcation of embedded call option is required.  The debentures are marketable and rated AA- by Fitch Rating (Thailand) Ltd.

 

The investments in equity securities in privately-held companies are recorded at cost as their market value is not readily and publicly determinable. It consists of the investment in Thai Metal Processing Co., Ltd, (“TMP”) which is engaged in the fabrication of copper rods. The investments were not evaluated for impairment because the Company did not identify any events or changes in circumstances that may have a significant effect on the fair value of the investments. During the years ended December 31, 2010, 2011 and 2012, the Company received dividends of $106, $111 and $109 from TMP, respectively, which was recorded in other income in the consolidated statements of operations.