Management Structure

The company comprises of

-   Board of Directors

-   Audit Committee

-   Management Team

Board of Directors

There are 12 directors on the Board of Directors of the company (consist
of 8 independent directors) as on 31^(st) December 2007. Any two
directors signing jointly with company’s seal is required in order to
execute company documents

List of Board of Directors (As on 31^(st) December 2007) 

  --------------------------------- -------------------------------------
  Name                              Position

  1.Mr. Kumar Mangalam Birla        Chairman

  2.Mrs. Rajashree Birla            Director

  3.Dr. Rakesh Jain                 Executive Director

  4.Mr. S.S. Mahansaria             Independent Director

  5.Mr. R.K. Rathi                  Independent Director / Chairman of
                                    Audit Committee

  6.Mr. Prakit Pradipasen           Independent Director / Audit
                                    Committee Member

  7.Mr. Deepak Mittal               Independent Director

  8.Mr. Rajinderpal Singh           Independent Director
  Thakralbutra                      

  9.Mrs. Rachani Kajiji             Independent Director

  10.Mr. Arvind K. Newar            Independent Director

  11.Mr. Sachin Jitendra Mehta      Independent Director / Audit
                                    Committee Member

  12.Mr. S. Srinivasan              President & Director
  --------------------------------- -------------------------------------

Duties & Responsibilities of Board of Directors

1.  To perform duties in accordance with the laws and objectives and
    Article of Association of the company as well as the resolutions of
    the shareholders meeting

2.  To be responsible for setting up the company’s policies, direct,
    monitor and supervise the management to implement the policies and
    to carry out the laid down objectives efficiently, effectively and
    in the best interest of the company.

3.  To be responsible for appointing the Audit Committee and its scope
    of work

4.  To convene the meeting of shareholders and Board of Director from
    time to time

Appointment of Directors

1.  The appointment of director is made by a majority vote of the
    shareholder’s meeting in accordance with the following conditions
    and procedures

  a.) One shareholder shall have one vote for each share

  b.) Each shareholder shall exercise all the votes he/she has under (a)
  to appoint the nominated persons to be directors on a person by person
  basis, provided that he can not divide his vote to any person to any
  extent

  c.) The persons obtaining the most votes in descending order shall be
  elected as directors equal to the number of directors required or
  ought to be elected. If there is a tie in the last to be elected and
  this exceeds the said member of directors. the presiding chairman will
  have the casting vote for election of last director.

2.  The company should have at least 6 directors. Not less than half of
    the directors shall have residence in the kingdom of Thailand

3.  Directors of the company are not appointed by the Nominating
    Committee

Qualification of Independent Director

TCB has defined the qualification of Independent Directors same as those
defined by the Securities and Exchange Commission (SEC), as mentioned
below:

(a) Holding shares not more than 5 percent of the paid-up capital of the
Company and its affiliated, associated, or related companies, including
the shares held by his or her spouse, children under legal age, or
nominee(s)

(b) Being director who does not take part in the management of the
company,

affiliated, associated, related companies or majority shareholder of the
company ; is not an employee, staff member or an advisor who receives a
regular salary from the company, affiliated, associated, related
companies or majority shareholder of the company including the benefit
or interest of the said nature during the period of 1 year before his
appointment to the Board

(c) Being a director who has no business relationship, direct and
indirect benefit of the finance and management of the company,
affiliated, associated, related companies, including have no such
benefits or interests bearing on the performance and can only have the
expression of independent views

(e) Being a director who is not a related person or close relative of
any management member or majority shareholder of the company and not be
appointed as a representative to safeguard interests of the company’s
director, majority shareholders or shareholders who are related to the
company’s majority shareholders

Audit Committee

Pursuant to the notification of the Stock Exchange of Thailand, the
company has constituted the Audit Committee to implement the Good
Corporate Governance Practices. The Audit Committee comprises of 3
independent directors

1. Mr. R.K. Rathi : Chairman

2. Mr. Prakit Pradipasen : Member

3. Mr. Sachin Jitendra Mehta : Member

The Board of directors passed the resolution to appoint the Audit
Committee on 27^(th) February 2006 for a fresh term of 3 years

Duties & Responsibilities of Audit Committee

1.  Review that the company’s financial statements are correct and
    sufficient

2.  Review that the company have adequate and effective internal control
    and internal audit system

3.  Review that the company complies with the Securities and Exchange
    Acts, regulations of the SET, and any other relevant laws

4.  Consider, select and propose the company’s auditor and audit fee

5.  Consider that the company complies with all connected transaction
    disclosures or the conflict of interests disclosures

6.  Prepare a Audit Committee Report which must be disclosed in the
    company’s annual report and signed by the Chairman of the Audit
    Committee

7.  Take care of the matters as assigned by the Board of Directors and
    agreed upon by the Audit Committee

Management team

The company’s management team comprises of 8 persons as on 31^(st)
December 2007 as per the details below

  ----------------------------------- -----------------------------------
  Name                                Position

  1. Mr. S.Srinivasan                 President

  2. Mr. Rajiv Gupta                  Senior Vice President (Marketing)

  3. Mr. H.S.Vyas                     Senior Vice President (Projects)

  4. Mr. P.K.Sipani                   Senior Vice President (Sourcing)

  5. Mr. Bipul Sinha                  Senior Vice President
                                      (Manufacturing)

  6. Mr.Pawan Jain                    Vice President (Commercial)

  7. Mr. Atul Badwe                   Vice President (Marketing)

  8. Mr.Latthasit Thongklaew          General Manager (HR&Admin)
  ----------------------------------- -----------------------------------

Duties & Responsibilities of the Management

The management team headed by President works under the supervision of
Executive Director and is responsible for management of day to day
operations of the company and have authority to appoint persons as
needed and qualified as employees, assign duties and responsibilities
for them, tasked with overseeing and accurately reporting on the
financial report of the company, ensuring the appropriateness and
efficiency of the company’s internal control system, and designing
employee regulations within such parameters.

-   

Remuneration

1. Remuneration to Directors

As stipulated in the Company’s Articles of Association clause no. 13,
The directors of the Company shall be entitled to receive fee for
attending each meeting of Board of Directors in the maximum amount of
Baht 25,000 per meeting. The remuneration of directors for performance
of other duties shall be fixed by general meeting of shareholders. In
addition to the fee for attending the Board of Directors Meeting as
aforesaid, the Directors of the Company shall be entitled to be
reimbursed for any expenses incurred by Directors due to the performance
of their duties.

Details of Director’s meeting fee and Audit Committee fee for year 2007
is given below

+------------------+-------+----------+-------+-------+---------------+
| Name             | Board |          | Audit |       | Remark        |
|                  | of    |          | Comm  |       |               |
|                  | Dir   |          | ittee |       |               |
|                  | ector |          | Me    |       |               |
|                  |       |          | eting |       |               |
|                  | Me    |          |       |       |               |
|                  | eting |          |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
|                  | Atten | fees     | Atten | fees  |               |
|                  | dance |          | dance |       |               |
|                  |       | (Baht)   |       | (     |               |
|                  | (T    |          | (T    | Baht) |               |
|                  | imes) |          | imes) |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 1.Mr. Kumar      |   0/4 | -        |       |       | Being foreign |
| Mangalam Birla   |       |          |       |       | Director      |
+------------------+-------+----------+-------+-------+---------------+
| 2.Mrs. Rajashree |   0/4 | -        |       |       | Being foreign |
| Birla            |       |          |       |       | Director      |
+------------------+-------+----------+-------+-------+---------------+
| 3.Dr. Rakesh     |   2/4 | 50,000   |       |       |               |
| Jain             |       |          |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 4.Mr. S.S.       |   3/4 |   75,000 |       |       |               |
| Mahansaria       |       |          |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 5.Mr. R.K. Rathi |   1/4 | 25,000   |   1/4 | 1     | Being foreign |
|                  |       |          |       | 0,000 | Director      |
+------------------+-------+----------+-------+-------+---------------+
| 6.Mr. Prakit     |   4/4 |          |   4/4 |   5   |               |
| Pradipasen       |       |  100,000 |       | 0,000 |               |
+------------------+-------+----------+-------+-------+---------------+
| 7.Mr. Deepak     |   4/4 |          |       |       |               |
| Mittal           |       |  100,000 |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 8.Mr.            |   4/4 |          |       |       |               |
| Rajinderpal      |       |  100,000 |       |       |               |
| Singh            |       |          |       |       |               |
| Thakralbutra     |       |          |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 9.Mrs. Rachani   |   4/4 |          |       |       |               |
| Kajiji           |       |  100,000 |       |       |               |
+------------------+-------+----------+-------+-------+---------------+
| 10.Mr. Arvind K. |   0/4 | -        |       |       | Being foreign |
| Newar            |       |          |       |       | Director      |
+------------------+-------+----------+-------+-------+---------------+
| 11.Mr. Sachin    |   3/4 |   75,000 |   4/4 |   5   |               |
| Jitendra Mehta   |       |          |       | 0,000 |               |
+------------------+-------+----------+-------+-------+---------------+
| 12. Mr. S.       |   4/4 |          |       |       |               |
| Srinivasan       |       |  100,000 |       |       |               |
+------------------+-------+----------+-------+-------+---------------+

Summary of director’s remuneration to Board members for the year 2007 &
2006 is given below

  Amt: Baht

  ----------------------------- -------------------- ---------------------
  Details of Remuneration       2007                 2006

  1. Board of Director’sMeeting 725,000              675,000
  fee                                                

  2. Audit Committee Meeting    110,000              80,000
  fee                                                

  3. *Executive Director’s      2,513,519            1,989,017
  remuneration                                       

  Total remuneration            3,328,519            2,744,071
  ----------------------------- -------------------- ---------------------

* The shareholder’s meeting has approved remuneration to Executive
Director not exceeding Baht 4,000,000 per year on 27^(th) April 2006
effective from January 2006. Company also makes payments for
accommodation hotel, traveling, car expenses and other miscellaneous
expenses effective from January 2006 for discharging his duties and
responsibilities and for the over all growth of company’s business

2. Remuneration to Senior Executives

1.  Cash Benefit (includes salary, allowances and bonus)

  Year Cash Benefit

  2007 19,827,823- Baht

  2006 20,210,448-Baht

  2. Other Benefits None-

Personnel

Manpower structure as on 31.12.2007

  ----------------- ----------------- ----------------- -----------------
                    Officers /Staff   Worker            Total

  Factory           190               98                288

  Head office       21                -                 21

  Total             211               98                309
  ----------------- ----------------- ----------------- -----------------

-   These has been no significant change in no. of employees during the
    year 2007

-   Total remuneration and benefits to all employees for the year 2007
    is Baht 241 million for salary wages, bonus, over time, medical
    expenses, social security welfare etc.

-   The company gives very high importance for the all round development
    of all the employees and prepares a detailed training plan and skill
    inventory for each employee based on his / her need and functional
    responsibilities for the full year and the same is monitored closely
    by Training Department and the department managers. The company
    organizes training of employees both by internal & external
    faculties and also send employees to various Institutes
    /Associations both in Thailand and aboard. The company provides
    training on safety, environment control, functional topics,
    technical matters, general management leadership, strategic
    planning, team building, balance scorecard, enhancement of
    performance, cross functional and multiskills

Thai Carbon Black Public Company limited (TCB), which operates the business under the supervision and guidance of the Board of Directors, strongly intends to carry out the business to benefit all stakeholders. The Board of Directors set the guiding principles of doing business with the adherence to the good corporate governance concept as follows.

1.  Corporate governance policy

The Board of Directors have well recognized the importance of Good
Corporate Governance practices and its implementation and adopted a
policy to ensure that corporate business is conducted in accordance with
high standards of Corporate Governance with legally and ethically
accepted corporate practices. The Board has given due important to
follow the code of best practices as laid down by the Stock Exchange of
Thailand

The Board of Director’s approved a policy of good corporate governance
as follows:

Thai Carbon Black Public Company Limited recognizes the importance of
good corporate governance including the paramount role that it plays in
the sustainable growth and the effective operation of the Company. The
Company is therefore committed to doing business in compliance with
Securities and Exchange Law, Rules and Regulations of the Stock Exchange
of Thailand, Related Business Laws, Regulations of the company, Code of
Best Practice for Directors of Listed Companies and the Principles of
Good Corporate Governance of the Stock Exchange of Thailand. The Company
is committed for compliance of good corporate governance by adhering to
the following 7 principles:

1.  Rights and Equitable Treatment of Shareholders and Various Groups of
    Stakeholders

2.  Structure, Roles, Duties and Independence of Directors

3.  Information Disclosure and Transparency

4.  Internal Control and Risk Management

5.  Company Code of Conduct

6.  Long Term Value Creation to Stakeholders

7.  Promotion of Best Practices

2.  Shareholders: Rights and Equitable treatment

The Board of Directors has a policy to treat all shareholders on
equitable basis. All shareholders have the same fundamental rights
including rights to receive share certificates, transfer of shares,
attend and vote at shareholders’ meetings on all matters including the
matters that the Board of Directors must seek shareholder’s approval,
rights to elect and remove directors and to share profits. The Board of
Directors will facilitate shareholders in terms of meeting dates and
time, meeting location, submission of adequate information in a timely
manner and encourage shareholders to attend meeting to exercise their
voting right at shareholders’ meetings or through proxy to independent
director in case they could not attend including allowing them to
express their views, seek explanation or pose any question freely.

3.  Rights of all stakeholders

The Board realizes the importance of various stakeholders group like
customers, management and employees, suppliers, shareholders, statutory
auditors, the state , Community, trade union, creditors etc in the
company’s business and its growth.

The senior management of the company regularly meets various stakeholder
groups to understand their views and needs and ensures that the
recommendations of various groups are given due importance and
implemented in the best interest of the company and for the fair and
appropriate treatment to all parties concerned

The company regularly meets its, customers, conducts annual customer
satisfaction surveys, employee satisfaction surveys, arranges customer
visits to company, organize vendor conferences, meet various government
agencies, participate in community development projects etc to meets
requirements of various stakeholders groups.

The company takes active participation in various social & community
development projects like scholarship programs, blood donation, support
during flood, adopt village, support the community programs at temples
etc.

The company’s believes that its employees are the most important and
valuable assets of the company and strongly encourages the employee to
participate in various developmental activities like Quality Control
Circles (QCC), “KAIZEN” Suggestion System (KSS), Total Productive
Maintenance implementation (TPM), Quality of Life Club, morning
meetings, cross functional performance team and also prepares a detailed
and intensive annual training program for each employee to continuously
improve their performance and develop multi-skills for mutual benefit.
The company also conduct Organizational Health Surveys (OHS) to take
into confidence the views of managerial & supervisory level employees
and implement various suggestions for continuous improvement

The company also have excellent relationship with all its creditors,
bankers, financial institutions etc.

4.  Shareholders’ meeting

The company views the annual general meeting as an important event. With
respect to this, the majority of resident directors and management
attend the shareholders’ meeting and clarify shareholders’ queries. In
2007, the annual general meeting was held on April 26^(Th) 2007. the
notice of the meeting as well as the agenda document were delivered to
the shareholders 16 days prior to the meeting date to allow shareholders
appropriate time to study the details of the agenda. The company strives
to provide them with company’s information by way of an Annual Report
both in Thai & English language. The company also advertised the notice
of the meeting in Thai daily newspaper for three consecutive days during
18-20 April, 2007. In such meeting, the number of shareholders attending
the meeting in person and by proxy totaling 221,792,260 shares or
73.93%of the company’s paid-up capital. The company always conducts the
shareholder’s meeting in just and equitable manner by giving equal
opportunity to all the shareholders groups including minority
shareholders and encourages shareholders to participate in the meeting
and the senior management talks personally with small shareholders to
know their views about the company performance and for improvement.

5.  Leadership & Vision

The Board gives top priority in discharging its role through providing
leadership, vision, developing policy and strategy, advising, guiding
and monitoring the performance of the management of the company
regularly

The Board of Directors aims to maintain a management team endowed with
knowledge, ability, professionalism, a system of good corporate
governance and efficiency for placing the Company’s operations on a
solid foundation basis, and for enhancing competitive capacity both in
the present and in the future. The goal of management is to produce
sustainable growth, which will lead to the end result of value added to
the company’s stakeholders and the society as a whole

The Board of directors ensures through the management team that the
company’s business is conducted in line with the committed vision,
mission, code of conducts, with regard to internal and external risks,
good corporate governance principle, business plan and budget of the
company annually.

The Board of Directors support and guide the management team in setting
the directions, objectives, and goals in the corporate plan and annual
business plan as well as providing recommendation regarding the rules
and significant working procedures to ensure that the Company’s policies
are always adhered to and the corporate goals are achieved.

The company has clearly assigned the scope of authority of audit
committee and management in accordance with the company’s organization
structure as well as the operational responsibility of all levels of
staff to ensure adherence to operational plans and policies of the
company.

The company has clearly stated its Vision & Mission as mentioned below

Vision : “To become a leading Thai company and world class organization
in the carbon black industry through continuous improvement of its
people. Process, products and services to delight customer and
stakeholders”

Mission:

1. Adopt & match best practices of the top Thai companies

2. To add value to customers by continuously improving product &
services to meet & exceed their needs, by benchmarking the top world
carbon black manufacturers.

3. To add value to society and state through employment export and by
practicing friendly environment.

4.To continuously harness human resources & develop their potential for
organizational & self development.

To sustain the good corporate governance system, the company encourages
directors to attend the courses at the Thai Institute of Directors to
continuously develop their professionalism with the aim to enhancing the
effectiveness of the governance system and to allow the directors to
network with their peers to exchange and update information on corporate
governance.

6.  Conflict of interest

The board of directors takes the following into consideration to prevent
and avoid any conflict of interest.

- Strict adherence to rules and regulation of the Stock Exchange of
Thailand, its Articles of Association and relevant laws including
disclosure of related party transaction.

- Prevention of the use of inside information by management or involved
parties for their personal benefit. All directors and the management
team are prohibited from trading in the company’s shares before the
release of its financial results to the public.

- Directors are not permitted to vote or decide on those issues in which
they may be personally involved.

- All related party transactions are disclosed in the Annual report as
well as in the form 56-1. Audit Committee and external auditors also
review related party transaction to ensure that all such transactions
are conducted transparently and on an arms-length basis.

7.  Business Ethics

The board recognized the importance of code of conduct and professional
business ethics of management and officers of the company in conducting
the business and various business transactions. The company is having
details corporate principles and code of conduct while detailing with
its employees, customers, government, society and other stakeholders.
The document entails details about what will be the role of employees in
conducting business professionally and ethically, while dealing with
customers, government and matters relating to environment, health &
safety

The code of business ethics is used as a guideline in performing their
jobs and duties, which all the officers of the company have signed such
code of conduct to ensure that the same is implemented in company’s day
to day business activities in matters relating to personal integrity as
well as in the conduct of business in relation with all stakeholders
such document has also been discussed in the Board & Audit Committee
about its significance and compliance.

8.  Non- Executive and Independent Directors

The Board is having 12 directors, consisting of 1 Executive Director and
11 non- executive directors with power to inspect and audit. 8 directors
are independent directors and are able to protect interest of all
shareholders, prevent conflict of interest and are able to attend board
meetings to make decision on significant company activities.

9.  Consolidations or separation of office

The chairman of the Board has no relationship with the Management. The
Chairman of the Board is not the same person as the President as the
system is designed to create a check-and-balance system and to separate
the duty in policy supervision from operational management, All
directors are able to express their opinions independently regarding the
operation of the company and are free to make comments about, as well as
object to, any issue, based on their own viewpoints, with no
intervention In 2007, the Board of Directors and management efficiently
oversaw the effectiveness o the company and protected the assets of all
stakeholders.

10. Remuneration for Directors and Management

The remuneration to directors and audit committee members is only the
meeting fee which is appropriate, transparent and in accordance with
company’s Articles and Association and as approved by the meeting of
shareholders.

The remuneration for management is determined in accordance to the
policies of the company, which corresponds to the performances of the
company as well as that of each individual and is appropriate to their
position and responsibilities

The amount of fee paid to directors, audit committee and senior
management is separately disclosed elsewhere in the Annual Report.

11.The meeting of Board of Directors

The Board conducts its meeting at least once every three months and the
meeting are scheduled in advance with agenda circulated to all the
directors at least 7 days in advance.

During the meeting, the chairman of the meeting encourages prudent
consideration and allocate appropriate time for the management to
present adequate issue and enough data for the directors to broadly
discuss important matters. The management of the company provides enough
data and information to the board for discussion and explain in details
all the matters which board discusses. All the member of the Board are
encouraged to participate actively.

In 2007, the Board of Directors had held 4 meeting. The details of
director’s attendance at the board meetings is as under.

+----------------------+----------------+----------+-----------------+
| Name                 | Position       | Meeting  | Remark          |
|                      |                | at       |                 |
|                      |                | tendance |                 |
|                      |                | (no.)    |                 |
+----------------------+----------------+----------+-----------------+
| 1.Mr. Kumar Mangalam | Chairman       |   0/4    | Being foreign   |
| Birla                |                |          | director        |
+----------------------+----------------+----------+-----------------+
| 2.Mrs. Rajashree     | Director       |   0/4    | Being foreign   |
| Birla                |                |          | director        |
+----------------------+----------------+----------+-----------------+
| 3. Dr. Rakesh Jain   | Executive      |   2/4    |                 |
|                      | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 4.Mr. S.S.           | Independent    |   3/4    |                 |
| Mahansaria           | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 5.Mr. R.K. Rathi     | Independent    |   1/4    | Being foreign   |
|                      | Director       |          | director        |
+----------------------+----------------+----------+-----------------+
| 6.Mr. Prakit         | Independent    |   4/4    |                 |
| Pradipasen           | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 7.Mr. Deepak Mittal  | Independent    |   4/4    |                 |
|                      | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 8.Mr. Rajinderpal    | Independent    |   4/4    |                 |
| Singh Thakralbutra   | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 9.Mrs. Rachani       | Independent    |   4/4    |                 |
| Kajiji               | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 10.Mr. Arvind K.     | Independent    |   0/4    | Being foreign   |
| Newar                | Director       |          | director        |
+----------------------+----------------+----------+-----------------+
| 11.Mr. Sachin        | Independent    |   4/4    |                 |
| Jitendra Mehta       | Director       |          |                 |
+----------------------+----------------+----------+-----------------+
| 12.Mr. S. Srinivasan | Director       |   4/4    |                 |
+----------------------+----------------+----------+-----------------+

12.Sub- Committees

The Audit Committee

The Audit Committee is comprised of three independent directors whose
responsibilities are to review the company’s financial statement; assess
adequacy of the internal control and risk management system and the
compliance with relevant laws, rules and regulations; to consider, and
propose for appointment of auditors and recommend their fee, review the
company’s disclosure of information in case of connected transaction or
transaction that may lead to conflict of interest to ensure accuracy,
completion and transparency; examine major risk management measures and
if appropriate, recommend the management to review these measures.

The Audit Committee functions under the overall guidance and supervision
of Board and conducts its meeting at least once every 3 months and
present its activities by way of minutes of meeting to the Board every
quarter. During the year the committee held 4 meetings. A separate
report of the audit committee to shareholders is also published
elsewhere in this annual report.

13.Internal control systems and risk management

The company places utmost importance on the system of internal control
and internal audit for optimal performance and transparency of
operations, reduce risk and to prevent or reduce losses that may occur
to its operations.

The objective is achieved by setting up clear and documented internal
control system and framework and it covers all aspects of company’s
operation and compliance of various laws, rules and regulations.

Board has entrusted Audit committee for supervision and to oversee the
implementation of internal control systems and by engaging the internal
audit team who reports directly to audit committee on such matters of
control and prevention and about their internal audit activities along
with recommendations for improvement in the systems. The above framework
helps to achieve independent control and ensures that the main
operations and important financial activities of the company are
conducted according to the laid down policies, and rules and regulations

14.Relations with the investors

The Board of directors is well aware of the importance of the
relationship with investors in connection with providing them with both
financial and non-financial information that is accurate, complete,
transparent and comprehensive. This information is of importance to
investors, shareholders, analysts and the public to aid them in making
the right choices.

The company accord top priority to the relations with investors, stock
analysts and to help develop knowledge and ability of company personnel
to make presentation and communicate and to ensure that company
discloses important information correctly, timely and transparently.

The company’s senior executives regularly meets with SET officials,
corporate governance center of SET, institutions and individual
investors, stock analysts, representatives of securities and brokerage
firms, shareholder groups, press, various government agencies etc. to
inform about company’s performance and various activities of the company
to keep their fully informed.

The Corporate Finance department has been assigned with the job of
investor relations and Mr. Pawan Jain can be contacted at 035-672-150-5
ext.104 or pawan.k.jain@adityabirla.com/ Ms. Phansachol Kusolputchong
can be contacted at 02-253-6745-54 ext. 2341 or email :,
phansachol.kus@adityabirla.com for any information or clarifications.

  15.The Board’s responsibilities for financial statement

The management of the company is responsible for the financial
statements and financial reporting contained in the Annual Report. The
financial statements are prepared in accordance with generally accepted
accounting principles, (GAAP) in Thailand and Thai Accounting Standards
using appropriate accounting polices consistently and includes careful
judgment and best estimates of management. All important information is
adequately disclosed in the notes to financial statements as expressed
by the independent auditor in their opinion on the financial statement
of the company. The management is also responsible for establishing and
maintaining effective internal control system for financial reporting
and safeguarding of company’s assets.

The Board complies its responsibilities for quality of company’s
financial statements and the adequacy of the internal control systems
primarily through its Audit Committee, which consists of independent
directors and through the management which reports to the Board of
Directors

The Audit Committee and the management of the company has also reported
to the Board that the Company has properly recorded and compiled the
financial and operational results of the Company. The Company also has
in place appropriate internal controls and risk management system to
protect its asset and interest of all its stakeholders and any
irregularities in its day to operations.