-Translation from Thai Text-

12. Operating Results and Financial Standing

1) Summary of auditor’s opinion

The past unqualified opinion of the auditor for the 5 years between 2003
to 2007 confirms that the company’s financial statements, operating
results and accompanying cash flows conform materially to the generally
accepted accounting principles.

+-----+------------+------------------------------+---------+--------+
| Fis | Certified  | Auditor’s Office             | Regis   | Aud    |
| cal | Public     |                              | tration | itor’s |
| Y   | Accountant |                              | No.     | o      |
| ear |            |                              |         | pinion |
|     | (Thailand) |                              |         |        |
+-----+------------+------------------------------+---------+--------+
| 2   | Nachalee   | Deloitte Touch Tohmatsu      | 3126    | Unqua  |
| 007 | Boo        | Jaiyos Audit Co., Ltd.       |         | lified |
|     | nyakarnkul |                              |         |        |
+-----+------------+------------------------------+---------+--------+
| 2   | Nachalee   | Deloitte Touch Tohmatsu      | 3126    | Unqua  |
| 006 | Boo        | Jaiyos Audit Co.             |         | lified |
|     | nyakarnkul |                              |         |        |
+-----+------------+------------------------------+---------+--------+
| 2   | Somporn    | Deloitte Touch Tohmatsu      | 3709    | Unqua  |
| 005 | Dulyavit   | Jaiyos Audit Co.             |         | lified |
+-----+------------+------------------------------+---------+--------+
| 2   | Somporn    | Deloitte Touch Tohmatsu      | 3709    | Unqua  |
| 004 | Dulyavit   | Jaiyos Audit Co.             |         | lified |
+-----+------------+------------------------------+---------+--------+
| 2   | Somporn    | Deloitte Touch Tohmatsu      | 3709    | Unqua  |
| 003 | Dulyavit   | Jaiyos Audit Co.             |         | lified |
+-----+------------+------------------------------+---------+--------+

  2) Summary of operating results and financial standing

Summary of Pico’s operating results and financial condition for 2005 to
2007 are as follows:

  Thousand Baht

+-------------------------+------+-----+------+------+------+------+
|                         | Cons |     |      | Com  |      |      |
|                         | olid |     |      | pany |      |      |
|                         | ated |     |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
|                         | 2007 | 2   | 2005 | 2007 | 2006 | 2005 |
|                         |      | 006 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Total Revenue           | 1    | 1,1 | 720  | 934  | 958  | 626  |
|                         | ,042 | 12, | ,220 | ,935 | ,935 | ,313 |
|                         | ,477 | 375 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Total Expenses          | 975  | 1,0 | 662  | 854  | 873  | 575  |
|                         | ,960 | 17, | ,664 | ,889 | ,738 | ,901 |
|                         |      | 772 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Net Income              | 50   | 71, | 41   | 69   | 68   | 41   |
|                         | ,138 | 254 | ,702 | ,207 | ,041 | ,702 |
+-------------------------+------+-----+------+------+------+------+
| Earnings per share      | 0.44 | 0   | 0.36 | 0.60 | 0.59 | 0.36 |
|                         |      | .62 |      |      |      |      |
| Weighted average no. of | 114  |     | 114  | 114  | 114  | 114  |
| ordinary share          | ,670 | 1   | ,670 | ,670 | ,670 | ,670 |
|                         |      | 14, |      |      |      |      |
|                         |      | 670 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Total Assets            | 626  | 5   | 429  | 576  | 460  | 391  |
|                         | ,717 | 27, | ,237 | ,838 | ,326 | ,816 |
|                         |      | 333 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Total Liabilities       | 298  | 2   | 114  | 262  | 180  | 116  |
|                         | ,548 | 09, | ,869 | ,049 | ,245 | ,413 |
|                         |      | 762 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Total company           | 328  | 3   | 284  | 314  | 280  | 275  |
| shareholder’s equity    | ,169 | 17, | ,368 | ,789 | ,082 | ,403 |
|                         |      | 571 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| Book value per share    | 2.86 | 2   | 2.48 | 2.75 | 2.68 | 2.4  |
| (Baht)                  |      | .78 |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
| No. of shares issued    | 115  | 1   | 115  | 115  | 115  | 115  |
| and outstanding as at   | ,000 | 15, | ,000 | ,000 | ,000 | ,000 |
| year end (Thousand      |      | 000 |      |      |      |      |
| shares)                 |      |     |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+
|                         |      |     |      |      |      |      |
+-------------------------+------+-----+------+------+------+------+

  Remarks - Fiscal year of the company October 31

-   In 2007 there are 330,000 preferred shares and 114,669,980 common
      shares both at Baht 1 par value

The comparison of earning per share and book value per share 2006 and
2007 of shares is based on weighted average of shares

-Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Balance Sheets

As at October 31

Thousand Baht

[TABLE]

  -Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Balance Sheets (Continued)

As at October 31

Thousand Baht

+-------------------------+------+-----+-------+-------+-------+-----+
| Liabilities and         | Cons |     |       | The   |       |     |
| Shareholder’s Equity    | olid |     |       | co    |       |     |
|                         | ated |     |       | mpany |       |     |
|                         |      |     |       | only  |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|                         | 2007 | 2   | 2005  | 2007  | 2006  | 2   |
|                         |      | 006 |       |       |       | 005 |
+-------------------------+------+-----+-------+-------+-------+-----+
|                         |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Current Liabilities   |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Bank overdrafts and   | 292  | -   | -     | -     | -     | -   |
|   short-term            |      |     |       |       |       |     |
|                         |      |     |       |       |       |     |
|   loan from financial   |      |     |       |       |       |     |
|   institutions          |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Trade accounts        | 8    | 3,  | 1,727 | 1     | 7,099 | 4,  |
|   payable Related       | ,848 | 374 |       | 3,735 |       | 358 |
|   Parties               |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Others                | 169  | 1   | 8     | 14    | 9     | 64, |
|                         | ,214 | 04, | 0,817 | 5,807 | 2,491 | 246 |
|                         |      | 372 |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Total trade accounts  | 178  | 1   | 8     | 15    | 9     | 68, |
|   payables              | ,062 | 07, | 2,544 | 9,542 | 9,590 | 604 |
|                         |      | 746 |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Short-term loan from  | 1    | 1,  | -     | -     | -     | -   |
|   a related party-Joint | ,654 | 550 |       |       |       |     |
|   Venture               |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Current portion of    | 1    | 2,  | 1,831 | 1,760 | 2,199 | 1,  |
|   obligations under     | ,760 | 214 |       |       |       | 830 |
|   hire-purchase         |      |     |       |       |       |     |
|   agreement             |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Amount due to related | 20   | 11, | 4,536 | 2     | 1     | 4,  |
|   parties               | ,643 | 720 |       | 0,646 | 1,720 | 573 |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Amount due to a       | 423  | 974 | -     | -     | -     | -   |
|   related party-Joint   |      |     |       |       |       |     |
|   Venture               |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Other current         |      |     |       |       |       |     |
|   liabilities           |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Accrued expenses      | 26   | 33, | 2     | 2     | 2     | 17, |
|                         | ,486 | 645 | 4,626 | 1,064 | 8,635 | 238 |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Accrued expensed-     | 37   | -   | -     | -     | -     | -   |
|   Joint Venture         |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   The gross amount due  | 13   | 5,  | 9,144 | 9,704 | 1,821 | 5,  |
|   to customers for      | ,802 | 483 |       |       |       | 455 |
|   contract work         |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Deposits received     | 23   | 7,  | 644   | 2     | 8,051 | 644 |
|   from customers        | ,267 | 434 |       | 2,199 |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Dividend payable      | -    | 2,  | -     | -     | -     | -   |
|                         |      | 077 |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Others                | 27   | 26, | 1     | 2     | 2     | 13, |
|                         | ,150 | 519 | 7,386 | 2,456 | 2,940 | 821 |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Others-Joint Venture  | 295  | 5,  | -     | -     | -     | -   |
|                         |      | 110 |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Total Current         | 293  | 2   | 14    | 25    | 17    | 1   |
|   Liabilities           | ,871 | 04, | 0,711 | 7,372 | 4,956 | 12, |
|                         |      | 472 |       |       |       | 255 |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Non Current           |      |     |       |       |       |     |
|   Liabilities           |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Obligations under     | 4    | 5,  | 4,158 | 4,678 | 5,289 | 4,  |
|   hire-purchase         | ,678 | 290 |       |       |       | 158 |
|   agreements            |      |     |       |       |       |     |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Total Non-current     | 4    | 5,  | 4,158 | 4,678 | 5,289 | 4,  |
|   Liabilities           | ,678 | 290 |       |       |       | 158 |
+-------------------------+------+-----+-------+-------+-------+-----+
|   Total liabilities     | 298  | 2   | 14    | 26    | 18    | 1   |
|                         | ,548 | 09, | 4,869 | 2,049 | 0,245 | 16, |
|                         |      | 762 |       |       |       | 413 |
+-------------------------+------+-----+-------+-------+-------+-----+

  -Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Balance Sheets (Continued)

As at October 31

Thousand Baht

+---------------------------------+-----+-----+-----+-----+-----+-----+
| Shareholders’ Equity            | Con |     |     | The |     |     |
|                                 | sol |     |     | c   |     |     |
|                                 | ida |     |     | omp |     |     |
|                                 | ted |     |     | any |     |     |
|                                 |     |     |     | o   |     |     |
|                                 |     |     |     | nly |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|                                 | 2   | 2   | 2   | 2   | 2   | 2   |
|                                 | 007 | 006 | 005 | 007 | 006 | 005 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|                                 |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Share Capital                 |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   330,000 preferred shares of   | 330 | 330 | 330 | 330 | 330 | 330 |
|   Baht 1 each                   |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   114,670,000 ordinary shares   | 1   | 1   | 1   | 1   | 1   | 1   |
|   of Baht 1 each                | 14, | 14, | 14, | 14, | 14, | 14, |
|                                 | 670 | 670 | 670 | 670 | 670 | 670 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|                                 | 1   | 1   | 65, | 1   | 1   | 1   |
|                                 | 15, | 15, | 000 | 15, | 15, | 15, |
|                                 | 000 | 000 |     | 000 | 000 | 000 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Issued and paid-up share      |     |     |     |     |     |     |
|   capital                       |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   330,000 preferred shares of   | 330 | 330 | 330 | 330 | 330 | 330 |
|   Baht1 each, fully paid        |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   114,669,980 ordinary shares   | 1   | 1   | 1   | 1   | 1   | 1   |
|   of Baht 1 each, fully paid    | 14, | 14, | 14, | 14, | 14, | 14, |
|                                 | 670 | 670 | 670 | 670 | 670 | 670 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|                                 | 1   | 1   | 1   | 1   | 1   | 1   |
|                                 | 15, | 15, | 15, | 15, | 15, | 15, |
|                                 | 000 | 000 | 000 | 000 | 000 | 000 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
| Additional Paid-in Capital      |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
| Premium on ordinary shares, net | 1   | 1   | 1   | 1   | 1   | 1   |
|                                 | 01, | 01, | 01, | 01, | 01, | 01, |
|                                 | 250 | 250 | 250 | 250 | 250 | 250 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Land Revaluation Surplus      | 27, | 27, | 27, | 27, | 27, | 27, |
|                                 | 917 | 917 | 917 | 917 | 917 | 917 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Retained Earnings             |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Appropriated                  | 11, | 10, | 7,  | 11, | 10, | 7,  |
|                                 | 500 | 713 | 150 | 500 | 713 | 150 |
|   Legal reserve                 |     |     |     |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Unappropriated                | 67, | 52, | 24, | 59, | 25, | 24, |
|                                 | 528 | 677 | 086 | 122 | 201 | 086 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Total company shareholders’   | 3   | 3   | 2   | 3   | 2   | 2   |
|   equity                        | 23, | 07, | 75, | 14, | 80, | 75, |
|                                 | 195 | 557 | 403 | 789 | 081 | 403 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Minority Interest             | 4,  | 10, | 8,  | -   | -   | -   |
|                                 | 974 | 014 | 965 |     |     |     |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Total shareholders’ equity    | 3   | 3   | 2   | 3   | 2   | 2   |
|                                 | 28, | 17, | 84, | 14, | 80, | 75, |
|                                 | 169 | 571 | 368 | 789 | 081 | 403 |
+---------------------------------+-----+-----+-----+-----+-----+-----+
|   Total Liabilities and         | 6   | 5   | 4   | 5   | 4   | 3   |
|   Shareholders’ Equity          | 26, | 27, | 29, | 76, | 60, | 91, |
|                                 | 718 | 333 | 237 | 838 | 326 | 816 |
+---------------------------------+-----+-----+-----+-----+-----+-----+

  -Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Statements of Income

For the years ended October 31

Thousand Baht

+----------------------------+------+------+-----+-----+-----+------+
| Revenues                   | Cons |      |     | The |     |      |
|                            | olid |      |     | c   |     |      |
|                            | ated |      |     | omp |     |      |
|                            |      |      |     | any |     |      |
|                            |      |      |     | o   |     |      |
|                            |      |      |     | nly |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|                            | 2007 | 2006 | 2   | 2   | 2   | 2005 |
|                            |      |      | 005 | 007 | 006 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Revenues                 |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Revenues from the        | 1    | 1    | 7   | 9   | 9   | 611  |
|   rendering of services    | ,014 | ,037 | 16, | 01, | 49, | ,994 |
|                            | ,399 | ,604 | 499 | 019 | 030 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Revenues from the        | 20   | 71   | -   | -   | -   | -    |
|   rendering of services    | ,772 | ,191 |     |     |     |      |
|   -Joint Venture           |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Dividend income          | 1    | 324  | -   | 28, | 4,  | -    |
|                            | ,177 |      |     | 617 | 499 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Other income             | 3    | 2    | 3,  | 5,  | 5,  | 4    |
|                            | ,971 | ,945 | 278 | 299 | 409 | ,216 |
+----------------------------+------+------+-----+-----+-----+------+
|   Other income – Joint     | 262  | -    | -   | -   | -   | -    |
|   Venture                  |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Share of profits from    | 1    | 311  | 443 | -   | -   | 10   |
|   investments using the    | ,897 |      |     |     |     | ,103 |
|   equity method            |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Total revenues           | 1    | 1    | 7   | 9   | 9   | 626  |
|                            | ,042 | ,112 | 20, | 34, | 58, | ,313 |
|                            | ,477 | ,375 | 220 | 935 | 938 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Expenses                 |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Cost of the rendering of | 793  | 815  | 5   | 7   | 7   | 472  |
|   services                 | ,349 | ,889 | 33, | 17, | 45, | ,309 |
|                            |      |      | 995 | 945 | 086 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Cost of the rendering of | 14   | 45   | -   | -   | -   | -    |
|   service                  | ,004 | ,579 |     |     |     |      |
|                            |      |      |     |     |     |      |
|   –Joint Venture           |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Selling and              | 167  | 155  | 1   | 1   | 1   | 103  |
|   administrative expenses  | ,209 | ,917 | 28, | 36, | 28, | ,591 |
|                            |      |      | 669 | 945 | 652 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Selling and              | 1    | 387  | -   | -   | -   | -    |
|   administrative expenses  | ,398 |      |     |     |     |      |
|                            |      |      |     |     |     |      |
|   –Joint Venture           |      |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Total expenses           | 975  | 1    | 6   | 8   | 8   | 575  |
|                            | ,960 | ,017 | 62, | 54, | 73, | ,900 |
|                            |      | ,772 | 664 | 890 | 738 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Income Before Interest   | 66   | 94   | 57, | 80, | 85, | 50   |
|   Expenses and Income Tax  | ,517 | ,603 | 556 | 045 | 200 | ,413 |
+----------------------------+------+------+-----+-----+-----+------+
|   Interest Expenses        | (    | (    | (3  | (5  | (5  | (    |
|                            | 610) | 566) | 18) | 35) | 62) | 318) |
+----------------------------+------+------+-----+-----+-----+------+
|   Interest Expenses –      | (    | -    | -   | -   | -   | -    |
|   Joint Venture            | 262) |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Income Tax               | (13, | (20, | (1  | (1  | (1  | (8,  |
|                            | 755) | 233) | 2,8 | 0,3 | 6,5 | 393) |
|                            |      |      | 99) | 03) | 97) |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Income Tax – Joint       | (    | -    | -   | -   | -   | -    |
|   Venture                  | 273) |      |     |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Income After Income Tax  | 51   | 73   | 44, | 69, | 68, | 41   |
|                            | ,617 | ,805 | 339 | 207 | 041 | ,702 |
+----------------------------+------+------+-----+-----+-----+------+
|   Net Income of Minority   | (1,  | (2,  | (   | -   | -   | -    |
|   Interest                 | 479) | 551) | 2,6 |     |     |      |
|                            |      |      | 37) |     |     |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Net income               | 50   | 71   | 41, | 69, | 68, | 41   |
|                            | ,138 | ,254 | 702 | 207 | 041 | ,702 |
+----------------------------+------+------+-----+-----+-----+------+
|   Basic earnings per share | 0.44 | 0.62 | 0   | 0   | 0   | 0.36 |
|                            |      |      | .36 | .60 | .59 |      |
+----------------------------+------+------+-----+-----+-----+------+
|   Weighted average number  | 115  | 115  | 1   | 1   | 1   | 115  |
|   of ordinary shares       | ,000 | ,000 | 15, | 15, | 15, | ,000 |
|                            |      |      | 000 | 000 | 000 |      |
+----------------------------+------+------+-----+-----+-----+------+

  -Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Statements of Cash flows

For the years ended October 31

Thousand Baht

+------------------------------+------+-----+-----+-----+-----+-----+
|                              | Cons |     |     | The |     |     |
|                              | olid |     |     | c   |     |     |
|                              | ated |     |     | omp |     |     |
|                              |      |     |     | any |     |     |
|                              |      |     |     | o   |     |     |
|                              |      |     |     | nly |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|                              | 2007 | 2   | 2   | 2   | 2   | 2   |
|                              |      | 006 | 005 | 007 | 006 | 005 |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Cash flows from operating  |      |     |     |     |     |     |
|   activities                 |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Net Income                 | 50   | 71, | 41, | 69, | 68, | 41, |
|                              | ,138 | 254 | 702 | 207 | 041 | 702 |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Item to reconcile net      |      |     |     |     |     |     |
|   income to net cash flows   |      |     |     |     |     |     |
|   from operating activities: |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Depreciation and           | 16   | 14, | 11, | 10, | 8,  | 6,  |
|   amortization of intangible | ,829 | 495 | 776 | 543 | 109 | 349 |
|   assets                     |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Doubtful accounts and bad  | 1    | 655 | 1,  | 787 | 228 | 702 |
|   debt                       | ,019 |     | 406 |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   (Gain) losses on sale of   | 237  | (9  | (   | 272 | (9  | (2  |
|   fixed assets               |      | 07) | 1,0 |     | 60) | 63) |
|                              |      |     | 20) |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Loss on writing off of     | 186  | 2,  | 310 | 13  | 2,  | 288 |
|   fixed assets               |      | 631 |     |     | 612 |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Unrealized (gain) loss on  | 88   | (   | (   | 88  | (   | -   |
|   exchange rate              |      | 22) | 18) |     | 23) |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Dividends received from    | 917  | -   | -   | -   | -   | 6,  |
|   investments using the      |      |     |     |     |     | 303 |
|   equity method              |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Share of profits from      | (1   | (3  | (4  | -   | -   | (1  |
|   investments using the      | ,897 | 11) | 43) |     |     | 0,1 |
|   equity method              | )    |     |     |     |     | 02) |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Losses on sales of         | 168  | -   | -   | 1,  | -   | -   |
|   investment in associated   |      |     |     | 821 |     |     |
|   company                    |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Net income of minority     | 1    | 2,  | 2,  | -   | -   | -   |
|   interest                   | ,479 | 551 | 637 |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Income from operations     | 69   | 90, | 56, | 82, | 78, | 44, |
|   before changes in          | ,164 | 346 | 350 | 731 | 007 | 979 |
|   operating assets and       |      |     |     |     |     |     |
|   liabilities                |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Operating assets           |      |     |     |     |     |     |
|   (increase) decrease        |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Trade accounts receivable  | (56  | (   | (1  | (4  | (1  | (1  |
|                              | ,340 | 8,4 | 2,4 | 7,0 | 6,8 | 1,9 |
|                              | )    | 71) | 03) | 26) | 88) | 92) |
+------------------------------+------+-----+-----+-----+-----+-----+
| Amounts due from related     | 157  | (2  | 61  | (   | 82  | 5   |
| parties                      |      | 51) |     | 70) |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Amounts due from related   | (18) | -   | -   | -   | -   | -   |
|   parties joint venture      |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Inventories                | 367  | (   | 285 | 367 | (   | 285 |
|                              |      | 96) |     |     | 96) |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   The gross amount due from  | (88, | (   | 13, | (8  | (   | 16, |
|   customs for contract work  | 809) | 9,9 | 982 | 3,3 | 9,6 | 461 |
|                              |      | 59) |     | 05) | 19) |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Other current assets       | (15, | (   | (   | (1  | (2  | (   |
|                              | 219) | 22, | 6,2 | 0,7 | 5,3 | 5,6 |
|                              |      | 770 | 67) | 11) | 04) | 93) |
|                              |      | )   |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Other current assets –     | 9    | (9, | -   | -   | -   | -   |
|   Joint Venture              | ,029 | 880 |     |     |     |     |
|                              |      | )   |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Other non-current assets   | (    | (1  | 519 | 283 | (1  | 476 |
|                              | 263) | 55) |     |     | 05) |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Operating liabilities      |      |     |     |     |     |     |
|   increase (decrease)        |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Trade accounts payable     | 70   | 25, | 13, | 59, | 31, | 10, |
|                              | ,241 | 224 | 106 | 876 | 008 | 096 |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Amounts due to related     | 8    | 7,  | (   | 8,  | 7,  | (   |
|   parties                    | ,902 | 188 | 2,6 | 906 | 150 | 2,5 |
|                              |      |     | 06) |     |     | 63) |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Amounts due to related     | (    | 974 | -   | -   | -   | -   |
|   parties- Joint Venture     | 552) |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Accrued expenses           | (7,  | 9,  | 1,  | (   | 11, | (7  |
|                              | 159) | 018 | 483 | 7,5 | 307 | 78) |
|                              |      |     |     | 71) |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Accrued expenses – Joint   | 37   | -   | -   | -   | -   | -   |
|   Venture                    |      |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   The gross amount due to    | 8    | (   | 3,  | 7,  | (   | 3,  |
|   customers for contract     | ,318 | 3,6 | 448 | 883 | 3,6 | 550 |
|   work                       |      | 61) |     |     | 33) |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Deposits received from     | 15   | 6,  | 612 | 14, | 7,  | 612 |
|   customers                  | ,834 | 790 |     | 148 | 407 |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Deposits received from     | (2,  | -   | -   | -   | -   | -   |
|   customers – Joint Venture  | 077) |     |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Other current liabilities  | 3    | 6,  | 1,  | 3,  | 6,  | 1,  |
|                              | ,772 | 065 | 171 | 377 | 284 | 862 |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Other current liabilities  | (4,  | 7,  | -   | -   | -   | -   |
|   – Joint Venture            | 814) | 187 |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+
|   Net cash provided by       | 10   | 97  | 69, | 28, | 85, | 57, |
|   operating activities       | ,570 | ,54 | 741 | 889 | 600 | 300 |
|                              |      | 9   |     |     |     |     |
+------------------------------+------+-----+-----+-----+-----+-----+

-Translation from Thai Text-

  Pico (Thailand) Public Company Limited

Statements of Cash flows (Continued)

For the years ended October 31

Thousand Baht

+----------------------------+-----+-----+-----+-----+-----+-------+
|                            | Con |     |     | The |     |       |
|                            | sol |     |     | c   |     |       |
|                            | ida |     |     | omp |     |       |
|                            | ted |     |     | any |     |       |
|                            |     |     |     | o   |     |       |
|                            |     |     |     | nly |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|                            | 2   | 2   | 2   | 2   | 2   | 2005  |
|                            | 007 | 006 | 005 | 007 | 006 |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash flows from          |     |     |     |     |     |       |
|   investing activities     |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from       | 810 | -   | 2,  | -   | -   | 2,000 |
|   deposit at bank used as  |     |     | 000 |     |     |       |
|   collateral               |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment from        | -   | (   | -   | -   | -   | -     |
|   deposit at bank used as  |     | 4,9 |     |     |     |       |
|   collateral – Joint       |     | 20) |     |     |     |       |
|   Venture                  |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from       | 4,  | -   | -   | -   | -   | -     |
|   deposit at bank used as  | 920 |     |     |     |     |       |
|   collateral – Joint       |     |     |     |     |     |       |
|   Venture                  |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment for bill of | (   | -   | -   | -   | -   | -     |
|   exchange used as         | 1,4 |     |     |     |     |       |
|   collateral – Joint       | 76) |     |     |     |     |       |
|   Venture                  |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from short | 155 | -   | -   | 259 | -   | -     |
|   term loan to a related   |     |     |     |     |     |       |
|   party                    |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment for         | (1  | (3  | (1  | (1  | (2  | (7    |
|   purchase of fixed assets | 8,6 | 7,1 | 0,6 | 2,1 | 3,5 | ,872) |
|                            | 90) | 04) | 45) | 97) | 53) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment for         | (   | (4  | (3  | (   | (2  | (325) |
|   purchase of intangible   | 2,2 | 08) | 28) | 2,2 | 37) |       |
|   of assets                | 05) |     |     | 05) |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from sale  | 393 | 1,  | 1,  | 237 | 1,  | 806   |
|   of fixed assets          |     | 068 | 992 |     | 050 |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment for capital | -   | -   | -   | -   | (1  | -     |
|   investment in Joint      |     |     |     |     | 60) |       |
|   Venture                  |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Purchase of investment   | -   | -   | -   | (2  | -   | -     |
|   in subsidiaries          |     |     |     | 0,4 |     |       |
|                            |     |     |     | 36) |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment to minority | (   | -   | -   | -   | -   | -     |
|   interest on purchase of  | 3,8 |     |     |     |     |       |
|   the additional share     | 76) |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Purchase of investment   | -   | (   | -   | -   | (   | -     |
|   in associated company    |     | 4,3 |     |     | 4,3 |       |
|                            |     | 50) |     |     | 50) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Purchase of investment   | (   | (2  | (4  | -   | -   |       |
|   in other company         | 1,6 | 80) | 50) |     |     |       |
|                            | 57) |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from sale  | 129 | -   | -   | 129 | -   | -     |
|   of investment in         |     |     |     |     |     |       |
|   associated company       |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Short-term loan to a     | -   | (   | -   | -   | (   | -     |
|   related party            |     | 5,0 |     |     | 8,4 |       |
|                            |     | 55) |     |     | 25) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash received from       | -   | -   | -   | -   | -   | 300   |
|   short-term loan to a     |     |     |     |     |     |       |
|   related company          |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Net cash used in         | (2  | (5  | (   | (3  | (3  | (5    |
|   investing activities     | 1,4 | 1,0 | 7,4 | 4,2 | 5,6 | ,091) |
|                            | 97) | 49) | 31) | 13) | 75) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash Flows from          |     |     |     |     |     |       |
|   Financing Activities     |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Bank overdraft and       | 292 | -   | -   | -   | -   | -     |
|   short-term loan from     |     |     |     |     |     |       |
|   financial institution    |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash payment for         | (   | (   | (   | (   | (   | (1    |
|   obligations under        | 2,5 | 2,9 | 1,7 | 2,5 | 2,8 | ,793) |
|                            | 75) | 17) | 93) | 59) | 57) |       |
|   hire-purchase agreements |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Increased share capital  | 6,  | -   | -   | -   | -   | -     |
|   of minority shareholders | 040 |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Dividends paid           | (3  | (3  | (2  | (3  | (3  | (21   |
|                            | 4,5 | 9,1 | 1,6 | 4,5 | 9,1 | ,655) |
|                            | 00) | 00) | 55) | 00) | 00) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Dividends of subsidiary  | (   | (   | (   | -   | -   | -     |
|   paid to                  | 8,7 | 1,5 | 2,3 |     |     |       |
|                            | 900 | 02) | 070 |     |     |       |
|   minority shareholders    |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Short-term loan from a   | 103 | 1,  | -   | -   | -   | -     |
|   relate party-Joint       |     | 550 |     |     |     |       |
|   Venture                  |     |     |     |     |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Net cash used in         | (3  | (4  | (2  | (3  | (4  | (23   |
|   financing activities     | 9,4 | 1,9 | 5,7 | 7,0 | 1,9 | ,448) |
|                            | 30) | 69) | 55) | 59) | 57) |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Net increase (decrease)  | (5  | 4,  | 36, | (4  | 7,  | 2     |
|   in cash equivalents      | 0,3 | 531 | 892 | 2,3 | 968 | 8,761 |
|                            | 57) |     |     | 85) |     |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash and cash equivalent | 1   | 1   | 95, | 1   | 1   | 7     |
|   balance as at beginning  | 36, | 32, | 243 | 11, | 03, | 4,491 |
|                            | 666 | 135 |     | 220 | 252 |       |
+----------------------------+-----+-----+-----+-----+-----+-------+
|   Cash and cash equivalent | 86, | 1   | 1   | 68, | 1   | 10    |
|   balance as at ending     | 309 | 36, | 32, | 835 | 11, | 3,252 |
|                            |     | 666 | 135 |     | 220 |       |
+----------------------------+-----+-----+-----+-----+-----+-------+

-Translation from Thai Text-

Comparative financial Ratios 2005-2007

Financial ratios

+----------------------------+-----+------+-----+------+-----+-----+
|                            | Con |      |     | The  |     |     |
|                            | sol |      |     | Com  |     |     |
|                            | ida |      |     | pany |     |     |
|                            | ted |      |     | only |     |     |
+----------------------------+-----+------+-----+------+-----+-----+
|                            | 2   | 2006 | 2   | 2007 | 2   | 2   |
|                            | 007 |      | 005 |      | 006 | 005 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Liquidity Ratio          |     |      |     |      |     |     |
+----------------------------+-----+------+-----+------+-----+-----+
|   Current Ratio (time)     | 1   | 1.96 | 2   | 1.74 | 2   | 2   |
|                            | .69 |      | .39 |      | .01 | .52 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Quick Ratio (time)       | 1   | 1.81 | 1   | 1.71 | 1   | 1   |
|                            | .67 |      | .72 |      | .84 | .74 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Cash current ratio       | 0   | 0.57 | 0   | 0.27 | 0   | 0   |
|   (time)                   | .29 |      | .53 |      | .52 | .54 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Receivable turnover      | 6   | 9.50 | 6   | 6.83 | 9   | 7   |
|   (time)                   | .86 |      | .65 |      | .44 | .03 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Collection (day)         | 53  | 38   | 54  | 53   | 38  | 51  |
+----------------------------+-----+------+-----+------+-----+-----+
|   Trade payable turnover   | 5   | 9.05 | 7   | 5.54 | 8   | 7   |
|   (time)                   | .65 |      | .29 |      | .86 | .43 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Payment (day)            | 64  | 40   | 49  | 65   | 41  | 48  |
+----------------------------+-----+------+-----+------+-----+-----+
|   Profitability ratios     |     |      |     |      |     |     |
+----------------------------+-----+------+-----+------+-----+-----+
|   Gross operating profit   | 22  | 2    | 25  | 2    | 21  | 22  |
|   (%)                      | .01 | 2.31 | .47 | 0.32 | .49 | .82 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Operating profit (%)     | 6   | 8.53 | 8   | 8.88 | 8   | 8   |
|                            | .43 |      | .03 |      | .98 | .24 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Net profit (%)           | 4   | 6.41 | 5   | 7.40 | 7   | 6   |
|                            | .81 |      | .82 |      | .10 | .81 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Return on equity (%)     | 15  | 2    | 15  | 2    | 24  | 16  |
|                            | .53 | 3.67 | .79 | 3.27 | .50 | .29 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Operating Efficiency     |     |      |     |      |     |     |
+----------------------------+-----+------+-----+------+-----+-----+
|   Return on assets(%)      | 8   | 1    | 10  | 1    | 15  | 11  |
|                            | .69 | 4.90 | .44 | 3.35 | .97 | .44 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Return on fixed assets   | 59  | 8    | 67  | 8    | 90  | 80  |
|   (%)                      | .12 | 7.37 | .05 | 3.69 | .16 | .02 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Assets turnover (time)   | 1   | 2.33 | 1   | 1.80 | 2   | 1   |
|                            | .81 |      | .80 |      | .25 | .71 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Key Financial indicators |     |      |     |      |     |     |
+----------------------------+-----+------+-----+------+-----+-----+
|   Total debts to equity    | 0   | 0.66 | 0   | 0.83 | 0   | 0   |
|   ratio (time)             | .91 |      | .51 |      | .64 | .42 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Long-term debts to       | 0   | 0.02 | 0   | 0.01 | 0   | 0   |
|   equity ratio (time)      | .01 |      | .01 |      | .02 | .01 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Interest coverage (time) | 76  | 16   | 262 | 14   | 151 | 207 |
|                            | .23 | 7.27 | .16 | 9.51 | .54 | .58 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Book value per share     | 2   | 2.77 | 2   | 2.75 | 2   | 2   |
|   (Baht)                   | .86 |      | .48 |      | .44 | .40 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Earning per share (Baht) | 0   | 0.62 | 0   | 0.60 | 0   | 0   |
|                            | .44 |      | .36 |      | .59 | .36 |
+----------------------------+-----+------+-----+------+-----+-----+
|   Dividend per share       | *   | 0.37 | 0   | *    | 0   | 0   |
|   (Baht)                   |     |      | .31 |      | .37 | .31 |
+----------------------------+-----+------+-----+------+-----+-----+
|                            |     |      |     |      |     |     |
+----------------------------+-----+------+-----+------+-----+-----+

Remark:

* During 2007, the company paid Baht 0.10 interim dividend per share.

-Translation from Thai Text-

3) Explanation and Analysis

-   Operation Overview

  For 2007 the consolidated revenue amounted to Baht 1,042 million, a
  decline of Baht 70 million or 6.3% from the previous year. Net profit
  is Baht 50 million or 4.8% of total revenue.

-   Revenue from services rendered

-   Revenue from trade show and exhibition amounted to Baht 413 million,
    an increase of Baht 63 million or 18.1% rise due to new type of
    exhibition such as the Readers Expo, Exhibitions in honor of H.M.
    the King and the expansion of our market share in regular
    exhibitions.

-   Revenue from event marketing amounted to Baht 156 million, a decline
    of Baht 130 million or 45.6% due to the completion of a one off
    large project ( Baht 72 million) “H.M. King’s 60^(th) anniversary
    accession to the throne” of 2006 and the slowdown in activities due
    to political and economic uncertainty.

-   Revenue from knowledge communication totaled Baht 292 million
    declined by Baht 15 million for the year. This income represents
    carryovers from 2006 e.g. Children Museum, The Rama VII museum, The
    National Discovery Museum and a few medium sized museums of 2007.

-   Other services amounted to Baht 174 million, an increase of Baht 9
    million due mainly to large tent rentals, design and installation of
    counters display for many retail outlets. The design and printing of
    inkjet banners, however, declined as clients withheld spending in
    face of market uncertainty.

-   Cost and Operating Profit

  Cost of services is Baht 807 million with the gross margin of Baht 228
  million or 22% of revenue. The cost structure for shorter term medium
  size projects is more predictable resulting in higher profitability.
  The larger government undertakings generally stretched over a longer
  period and were aggressively tendered under heavy competition
  resulting in lower profitability.

-   Selling and General Administrative expenses (SGA)

  Selling and General Administrative Expenses increased to Baht 169
  million which is 7.9% due to increased employee benefits reflecting
  the company’s commitment to its most important assets. Details of the
  expenses are as follows:

  - Salaries and Bonus 86.51 Million Baht

  - Directors’ fees 6.00 Million Baht

  - Auditor’s fees 2.04 Million Baht

-   Net Income

  Consolidated net profit of Baht 50 million is 29.6% or Baht 21 million
  down from 2006 with earnings per share at Baht 0.44.

-   Financial Standing

  Assets

  Consolidated assets of baht 626.7 million consist of:

  - Baht 86.3 million in cash or 13.7% of total assets down by Baht 50.4
  from the previous year due to increased working capital needs.

-Translation from Thai Text-

  - Baht 411.4 million or 65.7% are current assets consisting of baht
  174.4 million in trade receivables and baht 171.2 million in accrued
  income. The large increase is due to the completion of major projects
  in the last quarter of 2007.

  - Non current assets of Baht 129 million or 20.6% of total assets
  consist of land, buildings, fixtures and other investments
  representing no material change from the previous level.

  Liabilities

  Consolidated liabilities of Baht 298.5 million consist mostly of
  current liabilities such as trade payables, customers’ deposit. Long
  term obligations are only Baht 4.6 million.

  Equity

  An increase of Baht 10.6 million to Baht 328.2 million resulting
  mostly from the annual profit and the reduction in dividend payment.

-   Sources of Fund

  Internal operation generated cash primarily from suppliers’ credit was
  used to fund working capital needs with no bank borrowing resulting a
  total debt to equity of 0.9. Liquidity indicators continue to be high
  with the current position at 1.7 with almost all of the total
  obligations of Baht 298.5 million consisting of short term liabilities
  of Baht 293.9 million . Net worth stands at Baht 328.2 million at
  fiscal closing.

  Liquidity and cash generation

  Increased operating needs from receivables growth were matched by
  payables with a decreased of Baht 87 million in operating cash. Non
  operating needs declined by Baht 29.5 million with the completion of
  the premises renovation in 2006. The operation continued to be debt
  free in 2007 with a year end cash balance of Baht 86.3 million.

  Contingent liabilities

  As of October 31, 2007 consolidated contingent liabilities of Baht
  61.2 million, down by Baht 5.6 million, consisted mostly of
  outstanding bank issued performance bonds and retention guarantees
  issued on our behalf