5.  Asset Used in Business Operations

    1.  Assets

  Assets of the Company or subsidiary as at 31 December 2004 are as
  follows:

1.  Land, Buildings, and Machinery

(1) Land, Buildings

  Assets of the Company and the Subsidiary

  Cost (Baht) Net Book Value(Baht)

Land 61,740,000 61,740,000

Land Improvement 991,000 149,000

Building, Temporary Building and Dry Dock 71,450,000 62,953,000

Motor Vehicles 43,348,000 23,271,000

Furniture and Office Equipment 13,018,000 4,066,000

Machinery and Equipment 49,422,000 22,281,000

Others 16,200,000 13,349,000

256,169,000 187,809,000

Details of Company and Subsidiary lands: As at 31 December 2004, total
company land is 33 rai 1 ngan 47.4 sq wah, cost at Baht 53,066,000/=.
The Company and its subsidiary companies’ land is 100 rai, 3 ngan, 91.30
sq wah, cost Baht 470,310,000/=. The details are as follows:

+--------+-------+----+----+----+---------+------------------+------+
| Lo     | N     | R  | Ng | Sq | Cost    | Owner            | St   |
| cation | umber | ai | an | W  |  (Baht) |                  | atus |
|        | of    |    |    | ah |         |                  |      |
|        | Lands |    |    |    |         |                  |      |
+--------+-------+----+----+----+---------+------------------+------+
| Phuket | 7     | 33 | 1  | 47 | 53,     | Tongkah Harbour  | (A)  |
|        |       |    |    | .4 | 066,000 | PCL.             |      |
+--------+-------+----+----+----+---------+------------------+------+
| Loei   | 5     | 64 | -  | 82 | 8,      | Tungkum Limited  | (B)  |
|        |       |    |    |    | 674,000 |                  |      |
+--------+-------+----+----+----+---------+------------------+------+
| B      | 3     | 3  | 1  | 6  | 408,    | Sky Cliff        | (B)  |
| angkok |       |    |    | 1. | 570,000 | Limited          |      |
|        |       |    |    | 90 |         |                  |      |
+--------+-------+----+----+----+---------+------------------+------+
| Total  |       | 1  | 3  | 9  | 470,    |                  |      |
|        |       | 00 |    | 1. | 310,000 |                  |      |
|        |       |    |    | 30 |         |                  |      |
+--------+-------+----+----+----+---------+------------------+------+

(A) Residential Units. Land Title deeds are mortgaged to a bank for Baht
15 million for a company credit facility, and another Baht 12 million as
a secondary mortgage for related company, Sino Pac Development
(Thailand) Limited, which allowed the Company exclusive use of another
Baht 14 million banking overdraft for the Company’s operations at actual
interest rate, no charge. Total mortgage is Baht 27 million. Including
mortgaged to a bank for Baht 10 million for the Company’s credit
facilities.

(B) All land are freehold.

(2) Machinery which book value is more than 10% of total assets.

  Quantity Depreciable Life No. of Year Used Book Value

-   The Company Only -NONE-

-   Consolidated -NONE-

    1.  Property Development

The appraisal value of the Company’s land on Ratchadapisek Road, Bangkok
is Baht 300,000 per sq wah as shown in Note 13 Long Term Investment in
Le Metro Condominium Project in the Company’s Financial Statement. In
2004, the Company completed its piling to develop a 29-storey
condominium project under “Le Metro Condominium”.

2.  Mining Rights

The Company’s offshore tin mining concession agreement details are shown in Note 10 Long-Term Investment in Tin Mining in the Company’s Financial Statement. Additional, the Company’s gold mining licenses details are shown in Note 12 Long-Term Investment In Gold Mining.

3.  Policy on Investment in Subsidiary and Associated Companies

Any significant share acquisitions or investment in projects will be
considered and approved by the Board of Directors of each company
concerned prior to recommendation to shareholders for consideration.

Management Policy

Major shareholders normally appoint their representatives to the board
of directors of the subsidiary and associated companies. Director seats
will be allocated in proportion with the investment ratio. Each
subsidiary and associated company, therefore, has its own board of
directors whose policies and regulations are guided. However, the
Company, as the major shareholder, has control in the subsidiary
business operations.