2.5 Utilization of Assets

The company has its office situated at Thanapoom Tower Building,
4-6^(th) Floors, New Petchburi Road, Rajthavee, Bangkok 10400 by renting
the building from Thai City Electric Co., Ltd. The list of company’s
major assets as at 31 December 2003 are as follows:

United Securities Public Company Limited.

+--------------+-------------+------------+------------+-------------+
| Items        | Remaining   | Book Value | Rights     | Collateral  |
|              | useful      |            |            | /Commitment |
|              | lives       | (Baht)     | Chara      |             |
|              |             |            | cteristics | from the    |
|              | (period)    |            |            | loan        |
|              |             |            |            | Contract    |
+--------------+-------------+------------+------------+-------------+
| Premises     | 2-59        | 4,641,789  | owner      | none        |
| improvement  |             |            |            |             |
+--------------+-------------+------------+------------+-------------+
| Vehicles     | 8-45        | 5,753,682  | owner      | none        |
+--------------+-------------+------------+------------+-------------+
| Vehicles     | 37-50       | 9,084,194  | leasing    | none        |
| ^(1/)        |             |            |            |             |
+--------------+-------------+------------+------------+-------------+
| Office       | 1-59        | 4,035,509  | owner      | none        |
| Equipment    |             |            |            |             |
+--------------+-------------+------------+------------+-------------+
| Office       | 1-59        | 4,947,694  | owner      | none        |
| Decoration   |             |            |            |             |
+--------------+-------------+------------+------------+-------------+
| Computer     | 1-59        | 5ม262ม148  | owner      | none        |
+--------------+-------------+------------+------------+-------------+
| Total        |             | 33,725,016 |            |             |
+--------------+-------------+------------+------------+-------------+

Remarks 1/ The company had car leasing contracts with Siam Commercial
Leasing PCL. for 9 cars total value of Baht 8,963,856 for 24 installment
periods.

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 Thanapoom Tower Building, New
Petchburi Road, Rajthevee, Bangkok 10400. The space was rented from Thai
City Electric Co., Ltd. The list of subsidiary company’s major assets as
at 31 December 2003 are as follows:

+--------------+---------------+---------+----------+----------------+
| Items        | Remaining     | Book    | Rights   | Collate        |
|              | useful lives  | Value   |          | ral/Commitment |
|              |               |         | Charact  |                |
|              | (year)        | (Baht)  | eristics | from the loan  |
|              |               |         |          | Contract       |
+--------------+---------------+---------+----------+----------------+
| Premises     | 16            | 81,249  |          |                |
| Improvement  |               |         |          |                |
+--------------+---------------+---------+----------+----------------+
| Vehicles     | 15            | 214,855 | Leasing  | None           |
| ^(1/)        |               |         |          |                |
+--------------+---------------+---------+----------+----------------+
| Office       | 18            | 452,193 | Owner    | None           |
| Equipment    |               |         |          |                |
+--------------+---------------+---------+----------+----------------+
| Office       | 16            | 397,104 | Owner    | None           |
| Decorations  |               |         |          |                |
+--------------+---------------+---------+----------+----------------+
| Total        |               | 1,      |          |                |
|              |               | 145,401 |          |                |
+--------------+---------------+---------+----------+----------------+

Remark 1/ United Advisory Services Company Limited had leasing contracts
of 5 cars with Siam Commercial leasing PCL with a monthly installment of
Baht 152,000 (including VAT). (On 26 December,2003, one contract was
cancelled leaving a total of 4 contracts with the total amount of Baht
116,918.98 per month).

Siam Chaisri Company Limited

The new subsidiary company, Siam Chaisri Co.,Ltd., had its office
situated on the 6^(th) floor of the same building of the head office by
renting the space at the same proprietor. In the mean time there was no
asset. There was only one car leasing contract with Phatra Leasing PCL.
of about Baht 99,991.50 monthly installment.

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 were 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.

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 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 insignificant. 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 focusing on the
shareholders’ utmost 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.