Report of the Audit Committee

To the Shareholders

The audit committee consists of three Independent directors, namely Mr.
Prakit Pradipasen as Chairman of the Audit Committee, Mr. Shyam Sundar
Mahansaria and Mr. G. K. Tulsian as member of the Audit committee. Audit
committee has performed its duties within the scope of responsibilities
as specified in the audit committee charter. In 2012 Audit committee
discussed various matters as summarized below:

1.  Reviewed the quarterly and annual financial statement of the year
    2012 to ensure that the Company’s financial statements have been
    prepared in accordance with Generally Accepted Accounting
    Principles, with appropriate disclosure of information on
    significant matters and the independent auditors have expressed an
    opinion thereon as presented in their report to the Board of
    Directors and to Shareholders.

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.

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 the short accounting year of 3 months period
    starting from 1^(st) January 2013 and ending on 31^(st) March 2013
    (consequent to the accounting year change from January - December to
    April – March), and made recommendation to the Board of Directors.
    After considering the performance, independency and remuneration,
    the Committee recommended appointment of Mr. Termphong Opanaphan
    License No. 4501, Ms. Thipawan Nananuwat License no.3459 and Ms.
    Siraporn Ouaanunkun License no.3844 of M/S Ernst & Young Office
    Limited to serve as the Company’s external’s auditor for the period
    of 3 months starting from January 2013 to March 2013 with the
    remuneration of Baht 350,000 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 of Baht 350,000 for short accounting
        year of 3 months period starting from 1^(st) January 2013 and
        ending on 31^(st) March 2013 is appropriate.

    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 as per the recommendations, it will be their
         3^(rd) 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
generally accepted accounting principles, financial statements and
compliance with relevant laws and regulations.

Mr. Prakit Pradipasen

Chairman of Audit Committee