Report of the Audit Committee

To the Shareholders

On 2^(nd) March 2009, the Board of Directors has approved reappointment
of 2 Audit Committee members whose tenure was expiring for another team
of 3 years and appointed new audit committee member to replace the
member who has resigned. All the 3 members are independent directors
under the definition of the Stock Exchange of Thailand (SET). The Board
has set the compositions, qualifications, terms of office, and
responsibilities of the audit committee as specified in the Audit
Committee Charter

+--------------------+----------------------+---+------------+-----------+
| Name               | Position             |   | Meeting    | Remarks   |
|                    |                      |   | attendance |           |
|                    |                      |   | (no.)      |           |
+--------------------+----------------------+---+------------+-----------+
| 1.Mr. Prakit       | Chairman of Audit    |   |   5/5      |           |
| Pradipasen         | Committee(1)         |   |            |           |
+--------------------+----------------------+---+------------+-----------+
| 2.Mr. Sachin Mehta | Audit Committee      |   |   3/5      |           |
|                    | member               |   |            |           |
+--------------------+----------------------+---+------------+-----------+
| 3.Mr. S.S.         | Audit Committee      |   |   2/5      |           |
| Mahansaria         | member (2)           |   |            |           |
+--------------------+----------------------+---+------------+-----------+
| Audit Committee    |                      |   |            |           |
| member who         |                      |   |            |           |
| completed his term |                      |   |            |           |
| and resigned       |                      |   |            |           |
| during the year    |                      |   |            |           |
| 2009               |                      |   |            |           |
+--------------------+----------------------+---+------------+-----------+
| 1.Mr. R.K. Rathi   | Chairman of Audit    |   |            | Being     |
| (3)                | Committee            |   |            | foreign   |
|                    |                      | 1 |            | director  |
|                    |                      | / |            |           |
|                    |                      | 5 |            |           |
+--------------------+----------------------+---+------------+-----------+

*Note –

(1) Mr. Prakit Pradipasen has been appointed as Chairman of Audit
Committee as approved by the Board of Director in its meeting held on
2^(nd) March 2009 (previous position is Audit Committee member)

(2) Mr. S.S. Mahansaria was appointed as member of the Audit Committee
as approved by the Board of Director in its meeting held on 2^(nd) March
2009

(3) Mr. R.K. Rathi completed his term as Chairman of audit committee and
resigned from the audit committee as approved by the Board of Director
in its meeting held on 2^(nd) March 2009

The audit committee has performed its duties within the scope of
responsibilities as specified in the audit committee charter. In 2009
Audit committee discussed various matters as summarized below:

1.  Reviewed the quarterly and annual financial statement for the year
    2009 to ensure that the Company’s financial statements were produced
    in conformity with Generally Accepted Accounting Principles, with
    appropriate disclosure of information, and the independent auditors
    have expressed an opinion thereon as presented in their report to
    the Board of Directors and to Shareholders. The audit committee also
    met independently the external auditor to discuss various matters.

2.  Reviewed the internal control systems of the company from time to
    time and is of the opinion that it is adequate, appropriate and
    effective. The audit committee has also reviewed the improvements
    made in the systems for better effectiveness in the normal working
    of the company during the year. Audit committee has reviewed the
    internal audit reports of the major functions like Finance &
    Accounts, Sales & Marketing, HR, statutory compliances, MIS &
    costing and procurement as conducted by the corporate audit division
    and found the reports very useful for systems improvement.

3.  Reviewed the company’s performance to ensure compliance with the
    Securities and Exchange Acts, Regulations of the Stock Exchange of
    Thailand (SET) and any other relevant laws, including the compliance
    with the Company’s requirement and obligations to external agencies
    related to its business

4.  Reviewed the company’s risk management system to ensure its
    adequacy. The audit Committee is of the opinion that Company’s risk
    management process is efficient and effective.

5.  Reviewed and provided opinion to connected transactions or
    transactions that may have conflict of interest, and information
    disclosure of such transactions to comply with Regulation of the
    Stock Exchange of Thailand (SET) and the Office of the Securities
    and Exchange Commission (SEC). The external auditors are of opinion
    that the significant transaction with the connected persons were
    disclosed and shown in the Financial Statement and notes to
    Financial Statements and the Audit Committee considered that such
    transactions were reasonable and beneficial to the business of the
    Company and were disclosed correctly and completely.

6.  Considered appointment of the External Auditors and their
    Remuneration for year 2010, to propose to the Board of Directors to
    ask for the approval of the shareholders in the AGM for the
    year 2010. After considering the performance, independency and
    remuneration concluded to propose appointment of Mr. Narong
    Puntawang License no.3315,Ms. Thipawan Nananuwat License no.3459and
    Ms. Siraporn Ouaanunkun License no.3844 of M/S Ernst & Young office
    limited to serve as the Company’s external’s auditor for the year
    2010 with the remuneration of Baht 900,000 plus out of pocket
    expenses. The Audit Committee gave its opinion regarding the
    external auditors as follows:

    i.  The external auditors performed their duties with knowledge,
        professional competency and gave recommendation regarding
        internal control system and various risks and also maintained
        independency in performing their duties.

    ii. The proposed remuneration for year 2010 of Baht 900,000 is
        appropriate which is same as 2009.

    iii. There is compliance with the Regulation of the Office of the
         Securities and Exchange Commission (SEC) with regards to the
         changing of the external auditor every 5 years. If such auditor
         is reappointed to be the external auditors for the year 2010,
         it shall be 5^(th) consecutive year.

    iv. The external auditors had no relation with the company and its
        subsidiaries.

The Audit Committee always values proper internal control and continuous
risk management system. The Company has good corporate governance and
appropriate procedures in line with its business, together with reliably
accounting practices, financial statements and compliance with relevant
laws and regulations.

Mr. Prakit Pradipasen

Chairman of Audit Committee