Part 1 Business Overview

1.Policy and Business Overview

1.1 Vision Objective Goal / Business Strategies

Thai Stanley Electric Public Company Limited is a manufacturer of
automotive lighting equipment with international quality. The goal is
committed to producing quality products and value added products that
the importance and value to all related group with the company
sincerely.

Management Policy is to consider customer satisfaction as the first
priority by improving every function; quality control, costing,
delivery, development, safety, and relationship through Planning – Doing
– Checking process cycle.

2.  Background

    The Company was first registered as a limited company on 30
    May 1980. It manufactured, imported and distributed automotive light
    bulbs and lighting equipment. That was founded by a Thai-Japanese
    joint venture between Seng Nguan Hong (Sittipol) Company Limited
    (currently known as The Sittipol 1919 Company Limited) and Stanley
    Electric Co., Ltd. of Japan. The Company operates three separate
    plants, producing auto bulbs, dies and molds, and auto lamps.

    During year 1980 - 1990 the company invested Bulb factory , Lamp1
    factory and Die & Mold factory, has been investment promoted from
    BOI for every plant and has registered capital of 10 million baht to
    153 million baht .

    During year 1991 – 2001 , the Company was listed on the SET, and the
    Company's shares began being traded on the SET under the
    abbreviation 'STANLY'. In the same year, the Company founded own
    research and development center with promotional support from the
    Board of Investment (BOI). This center is mainly engaged in
    researching and developing products for the Company. In July 1993,
    the Company was converted into a public limited company.

    The company entered into a joint venture in establishing new
    companies: Lao Stanley Co., Ltd. and Vietnam Stanley Electric Co.,
    Ltd. Stanley Electric Engineering India PVT Ltd. PT. Indonesia
    Stanley Electric, that also took shares in various companies, such
    as Inoue Rubber (Thailand) Public Company Limited, Sum Hitechs Co.,
    Ltd. Sirivit Stanley Co., Ltd., Top Hightech (Thailand) Co., Ltd.
    and Lumax Industries Limited of India. In addition, the Company
    formed a technical support alliance with Electro Polymers (PVT) Ltd.
    of Pakistan and Unitech Machines Limited of India.

    The company has registered capital to 383.125 million baht and
    continued investment in Land around for new factory and new
    machinery and equipment for business expansion.

    During years 2002 - 2010 the company has invested Lamp4 factory at
    Nava Nakorn Industrial Estate , Klong Luang, Pathumthani and Lamp 5
    in the main area Muang , Pathum Thani

    Thailand's auto industry development and growth, respectively, but
    in the years 2011 - 2013 have fluctuated dramatically in late 2011
    caused mega flooding in the central of Thailand impact on the
    automotive manufacturers and parts suppliers, the production and
    interruption and in 2012 from the needs of consumers returning to
    the policy of the government to make the first car sales and auto
    production record high. The company as a manufacturer of automotive
    parts has been ordered by customers many car manufacturers. As a
    result, the company is higher and opening of a new plant (Lamp7) to
    produced lamps for ECO Car, that selling are affect to growth of the
    automotive market.

    In 2013 the automotive industry fell again after delivery of the car
    from the first car out. The demand for automotive consumer that was
    used prior to the year 2012, making the auto industry downturn and
    the decline continued until 2014 automotive manufacturers including
    companies as part manufacturers have tried hard to remedy the
    situation and results of operations.

    Management: Since the Company's initial establishment and subsequent
    listing on the SET, the original management team has continued in
    office without any significant change in management policy.

1.3 Company group holding structure

The company has 2 related company that manufacture of Lighting Equipment
are Lao Stanley Company Limited and Vietnam Stanley Electric Company
Limited which is in the business of lighting equipment. The operations
and management based on the consideration of the Board of Directors of
each company based on the policy of Stanley group.

1.4 Major shareholder group Relationship

Major shareholder of the company is a group company Stanley Electric Co.
Ltd. Japan and the Lee-issaranukul family , who is the founder of the
company before listing on the SET. Each group has a representative on
the board for the company.

Business operations in accordance with company policy accordance with
the Stanley group policy.

2. Conduct of business

The company currently manufactures and market auto bulb, automotive
lighting equipment and dies & molds. The business segment information
for dies & molds, which is different from auto bulb, automotive
lighting, has not been separately reported as the sales of this segment
represent only 4.82% of total sales.

Income Structure

  (The Equity Method)

[TABLE]

2.1 Nature of products

The Company's core business is to manufacture and sell products in a
single sector, both domestic and export, namely lighting equipment for
use in motorcars, motorcycles and other vehicles. There are two core
products: light bulbs and lamps. In addition to the core products, the
Company also manufactures all kinds of dies and molds in support of the
core business and for sale to other industrial operators. The details of
the dies and molds segment are not identified in this filing because
their sales account for only 4.05% of the Company's total sales.

Certificate of Promotion

The company received investment promotion from The Board Of Investment
total 18 certificates of promotion as follows :

(1) Manufacture Automotive Bulbs (Certificate of Promotion No. 1038/Sor.
Aor./2533)

(2) Manufacture Automotive Lamps (Certificate of Promotion No.
1044/2527)

(3) Manufacture Die & Mold (Certificate of Promotion No. 1214/Sor.
Aor./2530)

(4) Manufacture Die & Mold (Certificate of Promotion No. 1078/Sor.
Aor./2533)

(5) Manufacture of Automotive Lighting Equipment and parts

(Certificate of Promotion No. 1279/Sor. Aor./2533)

(6) Research & Development of Automotive Lighting Equipment

(Certificate of Promotion No. 1176/2534)

(7) Manufacture Die & Mold (Certificate of Promotion No 1767/2538)

(8) Manufacture of automotive Lighting Equipment, Machine or Electrical

(Certificate of promotion No. 5675/2539)

(9) Manufacture Electronic Bulbs (Certificate of promotion No.
1016/2541)

(10) Manufacture Engineering Plastic parts

  (Certificate of Promotion No. 1017/2541)

(11) Manufacture of automotive Lighting Equipment, Machine or Electrical

(Certificate of Promotion No. 4290/2541)

(12) Manufacture of automotive Lighting Equipment, Machine or Electrical

(Certificate of promotion No. 4573/2541)

(13)) Manufacture Die & Mold (Certificate of Promotion No 1096/2543)

(14) Electronic Design (Certificate of promotion No. 1294 (2)/2545)

(15) Manufacture and repair Die & Mold (Certificate of promotion No.
1539 (2)/2545)

(16) Manufacture of Automotive Parts (Certificate of Promotion No.1545
(2)/2546)

(17) International Standard Lamp for economic car

(Certificate of Promotion No.1631(2)/2012)

(18) Manufacture and repair Die & Mold (Certificate of promotion
No.2216(2)/2013)

Now the company have right from received investment promotion from The
Board Of Investment total 2 certificates of promotion as follows :

1. Certificate of Promotion No. 1631 (2)/2012 , was issued on 22 May
2012 to engage in the international standard Lamp economic car ,
category 4.10 vehicle part production . The privileges and benefits
under Certificate of Promotion No. 1631(2)/2012 include the following:
Certificate

1. Be exempted from import duty on machinery as approved by the BOI

2. Has been a reduction of 90% of the incoming rate to import raw
material or necessary material required for use in the production of
distributors in the country for 1 year from the first day of imported.
The raw and necessary material must not be same as made in a similar
quality to the imports, and a sufficient quantity to supply them and in
term and conditions in the time of the BOI to stipulate.

3. Be exempt the income tax , net profit from operations that have been
promoted but not exceed 100% of the total investment , excluding land
and current capital for 8 years from the date of the income from the
operation. In the calculation of net income that including income from
the sale of defect from productions.

The loss of business during the income tax exemption , that losses can
be deducted from the net profit after the period of exemption from
income tax that for a period not exceeding five years from the date of
expiration of the period , by deducting from net income of any year or
many year.

4. The dividend from the promoted has exempted that to not calculation
for the income tax , duration the period of exemption right in income
tax.

5. Be exempted from import duties on raw and necessary materials that
imported for use in production to export in a period of 1 year from the
first date of imported.

6. Be exempted from import duties for the imports to exports for a
period of 1 year form the

first date of import.

2. The certificate of promotion No.2216(2)/2013 dated September 4, 2013
to engage in the manufacture of molds and mold repair category 4.2
Manufacture of machinery. Equipment and parts , the rights and
privileges as follows:

1. Be exempted from import duty on machinery as approved by the BOI

2. Be exempt the Income tax , Net profit from operations that have been
promoted but not exceed 100% of the total investment, excluding land and
current capital for 8 years from the date of the income from the
operation.

In the calculation of net income that including income from the sale of
defect from productions.

The loss of business during the income tax exemption , that losses can
be deducted from the net profit after the period of exemption from
income tax for a period not exceeding 5 years from the date of
expiration of the period , by deducting from net income of any year or
many year.

3. The dividend from the promoted has exempted that to not calculation
for the income tax , duration the period of exemption right in income
tax.

4. Be exempted from import duties on raw and necessary materials that
imported for use in production to export in a period of 1 year from the
first date of import.

5. Be exempted from import duties for the imports to exports for a
period of 1 year from the first date of import.

The general conditions and project conditions as follows:

General Condition

1. Use land that is permitted to engage in activities that promote only.

2. The machine that has approved the exemption or reduction of import
duty in accordance with privileges.

3. Raw and necessary material to apply preferences in promote activities
only ,and must be submitted for approval to import not less than 2
months.

4. Must provide Income – expenses statement for the promoted business
separately from the other business for the purpose of calculating other
net income that is exempted from income tax.

5. Raw materials and necessary material must be a specific product or
assembly that is used to export product and product from promoted
business.

6. Shall provide and protection system to prevent environmental damage
or a danger or nuisance to the neighboring .

7. Quality of products from manufactured or assembled. Must be in
accordance with international standards.

Project Conditions

1.  Machinery for the promoted business must be a new machine and
    purchasing within

March 4 ,2016.

2. The operation must be completed within 36 months from the date of the
promotion.

3. The implementation of significant projects have been promoted in the
following.

  3.1 Kind of product : Mold and Mold Repair .

  3.2 Size of the business. The production capacity for Mold , about 100
  sets and Mold repair 50 sets per year.

(Working time 16 hours / day : 300 days / year) , outgrowth is defect
from

productions

4. Minimum investment (Excluding land and current capital) not less than
1 million Baht

5. Income tax exemption worth up not over than 190,000,000 baht

2.2 Market and competition

a. Policy and marketing

Because of the limited competition in this industry, the Company's
strategy is to manufacture high-quality products at a reasonable price.
The pricing policy is based on the cost of manufacturing with a standard
profit margin. The Company also has a policy of expanding additional
lines of automotive products to meet the demand in the automotive
market.

The Company's customers include manufacturers and distributors of
motorcycles and motorcars (passenger cars and commercial vehicles). The
Sittipol 1919 Co., Ltd. is the Company's dealer in automotive spare
parts that The Company has not paid any compensation to dealers.

Distribution channels and customer base

1.  Local channels

1.1 Original equipment market: The products are sold directly to local
assembly plants in Thailand. Usually, they are used in the manufacturing
process or kept as spare parts.

2.  Replacement equipment market: The products are sold through the
    Company's dealer, The Sittipol 1919 Co., Ltd. In this market, the
    products are as replacements.

2.  International channels

    1.  Original equipment market: The products are sold directly to
        local assembly plants abroad. Usually, they are used for
        manufacturing or kept as spare parts.

    2.  Inter-member market: The products are export sold to each
        international member of the Stanley Group which engages in
        automotive assembly. This is to enable those members to assure
        the availability and quality of their stock. Deliveries are made
        on their orders from time to time on the basis of a single
        source. That means the Company is the sole manufacturer and
        distributor of these kinds of products for the Stanley Group
        worldwide. This creates economies of scale and efficient cost
        control. For some members in the Stanley Group, if only a few
        items are required and it is not cost-effective to order them
        directly from another manufacturer, an occasional delivery from
        the Company is a better alternative.

  In 2014, The company had domestic sale approximately 75% of the
  company total sale , decreased 7% from the previous year which was the
  automotive industry in stagnation of economic conditions and export
  sales approximately 25% of the company's total sales , decreased 9%
  that sale to foreign customers are in Asia, Europe and the USA.

  b. Competition situation

The Company's policy in competitive to practice under the rules of the
competition. Not take any action as a monopoly or reduce competition or
limited competition

In the local automotive lighting equipment industry, the competition is
limited with very few market players. Basically, there are only three
manufacturers in Thailand, i.e. the Company , Thai Koito Co., Ltd and
Ichikoh Industry (Thailand) Co.,Ltd. However, the Company is the larger
manufacturer and in terms of competition, the Company definitely has the
edge over its competitor because the Company's business integrates
research and development, design, moulding, manufacturing, assembly and
quality control. As regards cost, the Company can take advantage of its
being a listed company by obtaining lower cost financing through the
Stock Exchange of Thailand, compared with its competitor.

  The barriers to entry are high for the following reasons:

1.  Significant investment is needed to acquire the costly machinery,
    tools and devices, including the equipment for quality testing.

2.  The specialist training for workers is expensive and time-consuming.

3.  The business naturally relies on specialised technology and must
    conform strictly to each country's safety standards.

4.  The Company benefits greatly from the modern technology and valuable
    experience transferred from its joint venture partner, Stanley
    Electric Co., Ltd. of Japan, thereby increasing customers'
    confidence in the Company.

Because there are so few operators in this industry, the Company has the
bargaining power over its customers at a particular level. However, the
course of business is still based on the facts, especially, the basis of
the actual cost of manufacturing plus standard profit.
Despite the limited number of operators in this industry, there are many
suppliers. The Company has a non-monopoly policy with suppliers so that
it can negotiate for the lowest price possible.

The automotive industry plays an essential role in the country's overall
industrial development. Structurally, the automotive industry is linked
to a wide range of other industries. That starts with basic materials,
such as steel, plastic, rubber, glass and animal hides and the
manufacture of automotive parts. The final process ends with assembly.

[]Over the past decade, Thailand's automotive industry has improved
substantially, making Thailand the largest manufacturer of vehicles and
component parts in Asian. The growth of the automotive industry over the
past decade can be classified by types of vehicles: motorcars and
motorcycles , details as follows

[]

[]

Remark : Not shown graph of motorcycle production data because
production and sale are same level

In 2014 , the automotive industry production and sales dropped
dramatically , continuity from year end 2013 due to the overall economy
in the slowdown.

Naturally, the Company's business aims at the OEM market while the
replacement market is its secondary channel. Therefore, the growth of
the Company's business over the past decade has been in line with the
direction of the country's automotive industry.

2.3 Supplies and services

a. Manufacturing and raw material

  The Company has three manufacturing plants as follows:
  1. Automotive bulb plant : capacity = 113 million pieces per year

  All production from customers' orders and the other portion supplies
  the Company's lamp plant.
  2. Automotive Lamp plant : capacity = 40 million pieces per year
  All production from customers' orders
  3. Die and mould plant: Production = 400 pieces per year
  All production from customers' orders and the other portion supplies
  the Company's lamp plant.

The Company currently acquires 68% of materials from local suppliers and
32% import from foreign suppliers. That their price has not changed
significantly over the years. Details of local and foreign acquisition
of materials over the past three years are as follows

Unit : Million Baht

  ----------------- ---------- -------- ---------- -------- ---------- --------
  Sources           31 March            31 March            31 March   
                    2015                2014                2013       

                    Amount     %        Amount     %        Amount     %

  Local             2,843.71   68.15    2,069.87   64.36    3,219.36   80.50

  Foreign           1,329.05   31.85    1,146.36   35.64    779.66     19.50

  Total             4,172.76   100.00   3,216.23   100.00   3,999.02   100.00
  ----------------- ---------- -------- ---------- -------- ---------- --------

The majority of materials are supplied by Stanley Electric Co.,Ltd. of
Japan and other company members in the Stanley Group for the following
reasons:

1.The material has characteristic features and can be acquired in large
quantities from a single source to save costs. Conversely, it is not
cost-effective for the Company itself to manufacture the material in
Thailand because of the low demand.

2.A large order is necessary for cost-effectiveness. However, local
demand is not large enough. In other words, a small order increases the
cost. The Company has therefore opted to buy only essential material
locally out of the total quantities obtained from Stanley Electric Co.,
Ltd. of Japan. This is to reduce the cost of procurement and the risk of
dead stock.

3.A single source provides the material on the basis of the alliance
among the members of the Stanley Group, resulting in economies of scale.
The material is distributed to all other members worldwide.

The price of material provided by Stanley Electric Co., Ltd. of Japan
and the Stanley Group is fixed at a reasonable and favourable level. The
pricing formula is the actual cost plus administrative expenses. If some
kinds of general material can be acquired from other suppliers on
favourable conditions, the Company has absolute discretion to proceed
with that procurement without abiding by any commitments within the
Stanley Group.

b. Environmental impacts

In every production process , The Company to realized the effective to
do not adversely affect the environment. For the painting process, a
water shield and sludge disposal system are in place to prevent dust in
the air. In this regard, the Company has engaged to the company which
holds a waste disposal licence, to dispose of and treat the waste.
Consequently, no pollution is emitted outside the Company's facilities.
That means the environment suffers no impact from the Company's
operations.

Now the company has completely Waste Water Treatment , the waste water
from all factory will be sent in for proper treatment whose water level
can be measured for the standard , that can be brought back for reused
in production process and other activity such as toilet flushing , water
plant and Lamp7 factory has reuse it in painting process and flushing
water for toilet , and other factory are adjusting this water for
appropriate use. Therefore , the company have not any affect to
environment.

In all circumstances, the Company recognises the importance of
environmental conservation. It has campaigned for environmental
management and was awarded ISO14001 certification .The company have
designed our products to be environmentally friendly (green products) by
relying on chemical-free substances or reducing the use of poisonous
chemicals such as mercury (Hg), lead (Pb), chromium 6 (Cr6+), cadmium
(Cd) and flame retardants (PBB & PBDE).

In addition, we also provide a green space project in the company , by
providing a tree Planting activity on the last working day of the year ,
Enhancing the green space in the company and create a habit of
environmental importance to employees.

The company has no disputes or litigation regarding environmental issues
from local communities.

2.4 Undelivered Projects

- None -

3. Risk factors

The Company’s risk management policy is , The Company must ensure safety
of life and body of employees by considering as the highest priority and
must maintain process property and to cope with risk by coordinate with
local and government offices, make a relationship with other industries
as well as provide suggestions of necessary and adequate information for
risk management measures

1.  The Company structure of risk management systems, as follows.

    - The executive responsible for the oversight of risk management .

    - Provide executive level of risk management committee. The
    President is the Chairman of the Committee , to perform risk and
    crisis response. The preparation and management of information.
    (Security) social activities , prevent the problem recurring , and
    the drafting and verification of risk management policy and report
    such action to the Board of Directors of the Company.

    Risk Management Committee has prepared a guide to determine how the
    risk control environment risk is expected to affect the company's
    operations , such as , the risk of shutting down production due to
    machinery and equipment. The risk of stopping deliveries from
    suppliers. Product quality risks Risk of computer systems and data.
    Risk of utilities Environmental and safety risks. Including risks
    arising from the misconduct of individuals in the company. To
    accommodate risks and crisis that quickly , and requires the
    verification of the control such condition each year.

    To establishment of the Business Continuity Plan (BCP) in case of
    crisis from approval by The Risk Management Committee , to served
    unified response to the crisis so that they can continue to operate
    and manage the risks linked with Stanley Electric Co., Ltd.. Japan.

    The company has reviewed the requirements for the risk management .
    To provide for the obligation to deliver to customers the ability to
    perform perfectly and can operate continuously. It is conjectured
    that the risks facing the company substantially. There are measures
    to prevent losses due to such risks , including ensuring the safety
    in the event of a crisis. And the subsequent management measures to
    limit losses in the least and have performed simulations flood
    crisis. Start from the implementation of management responsible for
    risk oversight ,the Risk Management Committee ‘s operation and
    establishment of the Business Continuity Plan and various operations
    to normal levels. So that all departments understand the role and
    the simulation results to improve the risk management plan of each
    agency accordingly with the cooperation of the Stanley Electric Co.,
    Ltd., Japan to advise such simulations.

    Furthermore of such measures , in the other departments have
    responsible for risk control that have been prepared terms and
    measures in case that crisis. Such as conflagration, substances
    chemical leak. Including preparation of training plans. Simulation
    Evaluation of a record, and monitoring the safety of the facility
    and has established the TOP GUN and training as a special case to as
    a team supplement in helping prevent and suspend conflagration
    preliminary to reduce the damage that may occur.

    From company Risk Assessment in business risk has not significant
    effect on investment of the investors. There are only business risk
    in general and in middle level , that to risk reduce by cost of
    protection which must be carefully considered. In the budget and
    must take measures to reduce risk within the fixing date as follows
    ,

    1. Risk caused from economics and political instability in the
    country

    Performance Improvement Strategy Office has been established in
    order to study about cost reduction as well as study business
    environment to find measures of maintaining profit margin.
    Management meeting is held and update information is posted on
    announcement board every week.

    2. Risk caused from foreign exchange rate and loan

    Risk from foreign exchange rate .This risk arises because of raw
    materials importing and exporting. Such business transaction is
    usually in short term, approximately 1-3 months with currency of Yen
    and U.S. dollar. Measure of preventing this risk is to use Forward
    Contract.

    1.  Executive committee is the person who considers acceptable risk
        level for each transaction and each partner. Forward contract
        policy remains unchanged which can prevent risk by 50% of total
        net debt in foreign currency. The contract will be made only
        with the main bank that the company is using service. The
        company will not do speculating business transaction.

        Risk caused from loan. The company has no significant risk from
        loan clustering. The company made a contract of derivatives and
        deposited cash with the reliable financial institutions.

    3. Risk caused from increasing in materials cost and being short of
    suppliers

    The policy on this matter is not dealing solely with any particular
    manufacturer or supplier. As the supply is more than demand for this
    material, the company can choose the supplier who is strong,
    capable, and stable in financial status. All factors can be a
    purchasing power of the company to negotiate with the suppliers

    4. Risk of a major shareholder group of more than 25%

    The company have shareholder of more than 25% of two groups: Stanley
    Electric. Japan holding 30% and Lee-issaranukul family holding 30%
    of the shares , by each group assign their representative to be the
    Executive Director of the Company.

    Stanley Electric is the master of the production of all products.
    The company must rely on technology to produce materials designed by
    Stanley Electric assistance, which payment the remuneration for each
    type of transactions in normal business base.

    Since the company established, no any major changes in the
    shareholder structure, or business policy . The company has had no
    impact on issues of major shareholders and management.

4. Assets for used in Business Operation

4.1 The main aspect of the company's fixed assets used in the business.

+-----------------------------+-------------+------------+------------+
| Type of Asset               | Ownership   | Amount     | Obligation |
|                             |             |            |            |
|                             |             | (Million   |            |
|                             |             | Baht)      |            |
+-----------------------------+-------------+------------+------------+
| 1.Land and Land Improvement | owner       | 1,204.53   | -          |
|                             |             |            |            |
| Total 185 rai 2 ngarn 94.2  |             |            |            |
| square wah                  |             |            |            |
+-----------------------------+-------------+------------+------------+
| 2. Office Building , Net    | owner       | 240.00     | -          |
+-----------------------------+-------------+------------+------------+
| 3. Factory Building , Net   | owner       | 618.27     | -          |
+-----------------------------+-------------+------------+------------+
| 4. Machinery and equipment  | owner       | 3,760.35   | -          |
| , Net                       |             |            |            |
+-----------------------------+-------------+------------+------------+

Total assets are at 29/3 Moo 1, Bangpoon-Rangsit Road, Ban Klang
Sub-district, Muang District, Pathumthani Province and during year 2014
the company sold land 12 rai 100 square wah is at Navanakorn Industrial
Estate 3, Klong Neung Sub-district, Klong Luang District, Pathumthani
Province (include in land already)

4.2 Investment policy relating to subsidiaries and associates

On 31 March 2015, the Company's investments in its subsidiaries and
associates in the automotive lighting business totalled Baht 728.04
million, or 5.48% of its total assets. The Company expects to increase
its investments in this business in the next three years. However, the
combination of actual and future investments is capped at 10% of its
total assets.

5. Legal Disputes

  -None

6. Company Information

6.1 General Information

(1) Name : Thai Stanley Electric Public Company Limited

Public Registered No. 0107536000765

Address : 29/3 M.1 Bangpoon-Rungsit Road, Banklang, Muang

Pathumthanee 12000

Homepage: www.thaistanley.com

Type of Business : Manufacturer of automotive lighting equipment and
mold

Paid up capital : 383,125,000 Baht (Three hundred eighty-three million
and one

hundred twenty-five thousand baht)

Common share 76,625,000 share par value 5 Baht.

  (2) Details of Investment in other companies exceed of 10%

+---+------------------------------+------------+------------+-------+
| N | Name/Address/Type Of         | Capital    | Amount Of  | Inves |
| o | Business                     | Registered | Number     | tment |
|   |                              |            |            |       |
|   |                              |            | Of Share   | Rat   |
|   |                              |            | Hold       | io(%) |
+---+------------------------------+------------+------------+-------+
| 1 | Lao Stanley Co.,Ltd.         | USD        | USD        | 50    |
| . |                              | 500,000    | 250,000    |       |
|   | KM.7 Luangprabang Road,      |            |            |       |
|   | Vientiane, Laos              |            |            |       |
|   |                              |            |            |       |
|   | - Manufacturer of automotive |            |            |       |
|   | lighting equipment           |            |            |       |
|   |                              |            |            |       |
|   | Telephone : 85621 222171-3   |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : 85621 222174     |            |            |       |
+---+------------------------------+------------+------------+-------+
| 2 | Vietnam Stanley Electric     | USD        | USD        | 20    |
| . | Co.,Ltd.                     | 8,300,000  | 1,660,000  |       |
|   |                              |            |            |       |
|   | Hanoi , Vietnam              |            |            |       |
|   |                              |            |            |       |
|   | - Manufacturer of automotive |            |            |       |
|   | Lighting equipment           |            |            |       |
|   |                              |            |            |       |
|   | Telephone : (844) - 8 534546 |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : (844) -8 531337  |            |            |       |
+---+------------------------------+------------+------------+-------+
| 3 | Top Hightech (Thailand)      | 35.9       | 5 million  | 13.93 |
| . | Co.Ltd                       | Million    | baht       |       |
|   |                              | baht       |            |       |
|   | Saha Ratana Nakorn           |            | common     |       |
|   | Industrial Park , Ayuttaya   |            | stock      |       |
|   |                              |            |            |       |
|   | - Manufacturer,sell,assemble |            | 5,000      |       |
|   | plastic goods and Assemble   |            | shares     |       |
|   | light resolution molds       |            |            |       |
|   |                              |            |            |       |
|   | Telephone : (035) 364-051    |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : (035) 364-052    |            |            |       |
+---+------------------------------+------------+------------+-------+
| 4 | Asian Stanley International  | 400        | 60 million | 15    |
| . | Co.,Ltd                      | Million    | baht       |       |
|   |                              | baht       |            |       |
|   | 48/1 M.1 Kukwang Ladlumkaew  |            | common     |       |
|   | , Pathumthani                |            | stock      |       |
|   |                              |            |            |       |
|   | - Manufacturer of lighting   |            | 600,000    |       |
|   | emitting diodes              |            | shares     |       |
|   |                              |            |            |       |
|   | (LED) and camera flashes.    |            |            |       |
|   |                              |            |            |       |
|   | Telephone :0-2599-1260       |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : 0-2599-1263      |            |            |       |
+---+------------------------------+------------+------------+-------+
| N | Name/Address/Type Of         | Capital    | Amount Of  | Inves |
| o | Business                     | Registered | Number     | tment |
|   |                              |            |            |       |
|   |                              |            | Of Share   | Rat   |
|   |                              |            | Hold       | io(%) |
+---+------------------------------+------------+------------+-------+
| 5 | Sum Hitechs Co.,Ltd          | 104        | 27.19      | 16.35 |
| . |                              | Million    |            |       |
|   | Navanakorn Industrial Estate | baht       | million    |       |
|   | (Zone 2)                     |            | baht       |       |
|   |                              |            |            |       |
|   | 60/63 Klongnung              |            | common     |       |
|   | Klongluang,Pathumthanee      |            | stock      |       |
|   |                              |            |            |       |
|   | - Manufacturing of Auto      |            | 170,040    |       |
|   | Parts, Motorbike parts,      |            | shares     |       |
|   | Light Electric Appliance     |            |            |       |
|   | part, and Plating parts      |            |            |       |
|   |                              |            |            |       |
|   | Telephone : 0-2529-0928      |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : 0-2529-0931      |            |            |       |
+---+------------------------------+------------+------------+-------+
| 6 | Sirivit Stanley Co.,Ltd      | 40 Million | 6.00       | 15    |
| . |                              | baht       | million    |       |
|   | 182 M.6 Tambol Cokegluad     |            | baht       |       |
|   | Muang ,                      |            |            |       |
|   |                              |            | (paid – up |       |
|   | Nakhonrachasima              |            | 3.00       |       |
|   |                              |            | million    |       |
|   | - Manufacturer of automotive |            | baht)      |       |
|   | lighting equipment           |            |            |       |
|   |                              |            | common     |       |
|   | and electronic components    |            | stock      |       |
|   |                              |            |            |       |
|   | Telephone : (044) 291-411-3  |            | 600,000    |       |
|   |                              |            | shares     |       |
|   | Facsimile : (044) 291-414    |            |            |       |
+---+------------------------------+------------+------------+-------+
| 7 | P.T. Indonesia Stanley       | USD        | USD        | 10    |
| . | Electric                     | 7,500,000  | 750,000    |       |
|   |                              |            |            |       |
|   | Jakarta, Indonesia.          |            |            |       |
|   |                              |            |            |       |
|   | - Production and Sales of    |            |            |       |
|   | Automotive lamps for         |            |            |       |
|   |                              |            |            |       |
|   | motorcycle and motorcar, Die |            |            |       |
|   | & Molds                      |            |            |       |
|   |                              |            |            |       |
|   | Telephone : (021) 59404510   |            |            |       |
|   |                              |            |            |       |
|   | Facsimile : (021) 59404506   |            |            |       |
+---+------------------------------+------------+------------+-------+

(3) Reference

+-----------------+----------------------------------------------------+
| Registrar       | Thailand Securities Depository Co.,Ltd.            |
|                 |                                                    |
|                 | 7th floor , The Stock Exchange of Thailand         |
|                 | Building                                           |
|                 |                                                    |
|                 | 62 Ratchadapisek Road, Klongtoey Bangkok 10110     |
|                 |                                                    |
|                 | Telephone : 0-2229-2800 Facsimile : 0-2359-1259    |
+-----------------+----------------------------------------------------+
| Auditor         | Ms.Varaporn Vorathitikul                           |
|                 |                                                    |
|                 | Certified Public Accountant (Thailand) No.4474     |
|                 |                                                    |
|                 | PricewaterhouseCoopers ABAS Limited.               |
|                 |                                                    |
|                 | 15th Floor Bangkok City Tower , 179/74-80          |
|                 |                                                    |
|                 | South Sathorn Road, Bangkok 10120                  |
|                 |                                                    |
|                 | Telephone : 0-2286-9999 Facsimile : 0-2286-5050    |
+-----------------+----------------------------------------------------+
| Law Consultant  | ALLEN & OVERY                                      |
|                 |                                                    |
|                 | 22nd Floor, Sindhorn Building III                  |
|                 |                                                    |
|                 | 130 - 132 Wireless Road, Bangkok 10330             |
|                 |                                                    |
|                 | Telephone : 0-2263-7600 Facsimile : 0-2263-7699    |
+-----------------+----------------------------------------------------+

6.2 Other data

- None