2.5 Utilization of Assets

The company has its office situated at Grand Amarin Tower Building,
4-5^(th) Floors, New Petchburi Road, Rajthavee, Bangkok 10320 by renting
the building from related company and by which the renting fee on
Premises and office equipment and other services fees have been
specified in the related transactions part. The list of company’s major
assets as at 31 December 2001 are as follows:

United Securities Public Company Limited.

+--------------+---------------+-----------+----------+---------------+
| Items        | Remaining     | Book      | Rights   | Collater      |
|              | useful lives  | Value     |          | al/Commitment |
|              |               |           | Charact  |               |
|              | (period)      | (Baht)    | eristics | from the loan |
|              |               |           |          | Contract      |
+--------------+---------------+-----------+----------+---------------+
| Premises     | 16–59         | 3,7       | owner    | none          |
| improvement  |               | 47,515.15 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Vehicles     | 32-37         | 3,9       | owner    | none          |
| ^(1/)        |               | 13,558.05 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Vehicles     | 42-59         | 2,9       | leasing  | none          |
|              |               | 00,919.09 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Office       | 3-59          | 3,2       | owner    | none          |
| Equipment    |               | 91,089.20 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Office       | 5-52          | 1,1       | owner    | none          |
| Decoration   |               | 71,831.32 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Computer     | 1-59          | 10,7      | leasing  | none          |
| ^(2/)        |               | 51,696.44 |          |               |
+--------------+---------------+-----------+----------+---------------+
| Total        |               | 32,5      |          |               |
|              |               | 91,515.15 |          |               |
+--------------+---------------+-----------+----------+---------------+

  Remarks

  1/ The company had a leasing contract with Siam Commercial Leasing
  PCL. for 8 cars total value of Baht 3,600,449.12. The installment per
  period is Baht 14,440 per car totaling 24 periods. Later on 5 cars
  were sold and the installment of the remaining 3 cars were Baht
  144,400 per car with another 6 period left. Then 2 additional cars
  were purchased for the total of 1.9 Million Baht by an installment of
  Baht 31,847 per car with the remaining 24 period of installment.

  2/ The company had a leasing contract of computer for the total of
  Baht 11.55 Million Baht in the year 2000 and in the following year,
  the leasing contract was restructured and the outstanding balance was
  Baht 11.27 Million Baht.

United Advisory Services Company Limited(UAS)

Our subsidiary company is situated on the 6^(th) floor in the same
building of the company’s head office, the Grand Amarin Tower Building,
New Petchburi Road, Rajthevee, Bangkok 10320. The space was rented from
the related company and which the renting fee on premises and office
equipment and other services fees have been specified in the related
transactions part. The list of subsidiary company’s major assets as at
31 December 2001 are as follows:

+--------------+--------------+-----------+---------+----------------+
| Items        | Remaining    | Book      | Rights  | Collate        |
|              | useful lives | Value     |         | ral/Commitment |
|              |              |           | C       |                |
|              | (period)     | (Baht)    | haracte | from the loan  |
|              |              |           | ristics | Contract       |
+--------------+--------------+-----------+---------+----------------+
| Premises     |              |           |         |                |
| Improvement  |              |           |         |                |
+--------------+--------------+-----------+---------+----------------+
| Vehicles     | 3 years      | 1,1       | Leasing | None           |
| ^(1/)        |              | 16,382.02 |         |                |
+--------------+--------------+-----------+---------+----------------+
| Office       | 3 years      | 8         | Owner   | None           |
| Equipment    |              | 13,494.99 |         |                |
+--------------+--------------+-----------+---------+----------------+
| Office       | 3 years      | 1,1       | Owner   | None           |
| Decorations  |              | 34,539.73 |         |                |
+--------------+--------------+-----------+---------+----------------+
| Total        |              | 3,0       |         |                |
|              |              | 64,416.74 |         |                |
+--------------+--------------+-----------+---------+----------------+

Remark 1/ United Advisory Services Company Limited had a leasing
contract for 5 cars with Siam Commercial leasing PCL. The installment
payment is approx. Baht 152,000 monthly per car(inclusive of VAT)

Allowance for Doubtful Accounts

The company has laid down its policy on debt classifications and
provisions to be in accordance with the SEC’s Rules. Debtors especially
on margin loan were classified to be below standard if the debts
outstanding was lower than the collateral value and those debtors whose
debts outstanding was higher than the collateral value, were classified
under doubtful debts.

With such classification of the debtors, the company has provided an
allowance for doubtful debts for those below standard debtors at the
rate of50% of the debts and an allowance of 100% of the debt will be set
aside for doubtful debts not fully covered by the collateral value.

However, for the moment, the company does not provide any margin loan
account. All accounts are only cash accounts and the allowance for
doubtful account is considered individually depending on the debtor’s
repayment capability taking into consideration risk in recovery and
value of collateral. An allowance will be set aside monthly for 100% of
the debt value for doubtful debts not fully covered by collateral and/or
debtors which are forecast not to be recovered.

The Unrecognition of Revenue

Unpaid brokerage fees will not be recognized as company’s revenue if it
was not settled within 3 months and such debtors will be classified as a
below standard debtor and the company will consider the allowance for
doubtful debts amount according to the set policy.

The allowance for the devaluation of the Assets.

The company will set up allowance for devaluation of assets from cash investment by comparing the market value with the book value. If the book value is higher than the market value, the company will set an allowance for the devaluation of the securities. If no market value is available, the book value will be used instead to consider the allowance amount on securities devaluation. For the devaluation of fixed assets, which for the company at present, consist of only insignificant value such as equipment, decorations and office equipment, the considerations on the amount of devaluation allowance is relatively in significant. However, the company will always comply to the general Accounting Standard No.36 concerning the devaluation of Assets.

Investment in Subsidiary and Merged Company.

The investment in Subsidiary and merged company will base on reasonable
returns of each kind of business involved. The Subsidiary and the merged
company will be independent in their management yet focusing on the
shareholders’ benefits as a whole.

The decision on the designated persons and its numbers to join in the
subsidiary or merged companies will be made on mutual agreement with the
merged company.