It's not very common to have some local companies appearing on the internation scene of the business arena, Air Asia manage to acheive that recently.

http://biz.yahoo.com/ap/080907/malaysia_airasia.html

No doubt, I agree, AirAsia is indeed a very strong company.
This horse has been led by a very cool and strong jockey, Tony Fernandes.

But, if I read that correctly from the above news, it says that:-
- Air Asia is having a $1Bil  cash sitting in it's account
- It's quarterly earnings for the recent quarter ~~ $10Mil (which equates to around $50Mil a year?) 
- It has an outstanding debt of $5.4Bil currently.

A $5.4Bil debt. Even if they were to use their current cash to reduce it to $4.4Bil, with their current earning powers of $50Mil a year, that would take them around 88 FREAKING years to settle that chunk of load.

And the best this that, they are currently taking aggresive steps in expending agressively. 

Hmmm ..... something to pinder.