11. Financial Statements and Operating Results

(1) Summary of Financial Status and operation for 3 year

A) For the past 3 year we assure the Financial Statement report and the
results of its operations and its cash flows in conformity with
generally accepted accounting principles.

B) Table of the Financial Statement

Thai Stanley Electric Public Company Limited

Balance Sheets

As at 31 March 2008 to 31 March 2010

  -------------------------- ----------- -------- ----------- -------- ----------- --------
                             Audited                                               

                             Mar 31,     (%)      Mar 31,     (%)      Mar 31      (%)
                             2010                 2009                 ,2008       

  Assets                                                                           

  Current assets                                                                   

  Cash and cash equivalents  1,858,790   22.02    1,529,911   20.41    1,489,337   19.78

  Short-term investment held 975,579     11.56    498,746     6.65     -           -
  to maturity                                                                      

  Trade accounts receivable  1,190,976   14.11    657,468     8.77     1,151,608   15.29
  other companies                                                                  

  Trade accounts receivable  90,585      1.07     78,062      1.04     154,184     2.05
  related parties                                                                  

  Inventories , net          419,593     4.97     512,652     6.84     570,084     7.57

  Foreign currency forward   -           -        -           -        283         0.00
  contract receivable , net                                                        

  Other current assets       62,371      0.74     61,077      0.81     61,755      0.82

  Total current assets       4,597,894   54.47    3,337,196   44.53    3,427,251   45.51

  Non-current assets                                                               

  Investments in associates  298,878     3.54     310,001     4.14     274,708     3.65

  Long-term investments ,    144,219     1.71     141,639     1.89     144,179     1.92
  net                                                                              

  Property , plant and       3,031,174   35.91    3,367,523   44.92    3,402,292   45.18
  equipment, net                                                                   

  Intangible assets , net    345,681     4.10     320,985     4.28     252,421     3.35

  Other non-current assets,  23,651      0.28     18,402      0.25     29,479      0.39
  net                                                                              

  Total non-current assets   3,843,604   45.53    4,158,550   55.47    4,103,078   54.49

  Total assets               8,441,498   100.00   7,496,466   100.00   7,530,330   100.00
  -------------------------- ----------- -------- ----------- -------- ----------- --------

Thai Stanley Electric Public Company Limited

Balance Sheets

  As at 31 March 2008 to 31 March 2010

  (Unit : Thousand Baht)

+----------------------------+--------+----+-------+----+-------+----+
|                            | A      |    |       |    |       |    |
|                            | udited |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
|                            | Mar    | (  | Mar   | (  | Mar   | (  |
|                            | 3      | %) | 31    | %) | 31,   | %) |
|                            | 1,2010 |    | ,2009 |    | 2008  |    |
+----------------------------+--------+----+-------+----+-------+----+
| Liabilities and            |        |    |       |    |       |    |
| shareholders’equity        |        |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Current liabilities        |        |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Trade accounts payable     | 4      | 5. | 23    | 3. | 55    | 7. |
| other companies            | 35,331 | 16 | 8,918 | 19 | 7,426 | 40 |
+----------------------------+--------+----+-------+----+-------+----+
| Trade accounts payable     | 1      | 1. | 7     | 1. | 22    | 2. |
| related companies          | 41,633 | 68 | 9,235 | 06 | 4,160 | 98 |
+----------------------------+--------+----+-------+----+-------+----+
| Other accounts payable     | 1      | 1. | 9     | 1. | 23    | 3. |
| other companies            | 14,055 | 35 | 2,254 | 23 | 1,831 | 08 |
+----------------------------+--------+----+-------+----+-------+----+
| Other accounts payable     | 1      | 1. | 8     | 1. | 9     | 1. |
| related parties            | 09,727 | 30 | 7,525 | 17 | 7,834 | 30 |
+----------------------------+--------+----+-------+----+-------+----+
| Foreign currency forward   | 68     | 0. | 6,940 | 0. | -     | -  |
| contract payables , net    |        | 00 |       | 09 |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Accured income tax         | 2      | 2. | 8     | 1. | 23    | 3. |
|                            | 27,204 | 69 | 3,085 | 11 | 9,816 | 18 |
+----------------------------+--------+----+-------+----+-------+----+
| Advance received from      | 15,650 | 0. | 5     | 0. | 1,039 | 0. |
| customers                  |        | 19 | 4,674 | 73 |       | 01 |
+----------------------------+--------+----+-------+----+-------+----+
| Other current liabilities  | 89,237 | 1. | 7     | 1. | 10    | 1. |
|                            |        | 06 | 6,839 | 03 | 0,600 | 34 |
+----------------------------+--------+----+-------+----+-------+----+
| Total current liabilities  | 1,1    | 1  | 71    | 9. | 1,45  | 1  |
|                            | 32,906 | 3. | 9,470 | 60 | 2,706 | 9. |
|                            |        | 42 |       |    |       | 29 |
+----------------------------+--------+----+-------+----+-------+----+
| Retirement benefit         | 46,753 | 0. | 1     | 0. | 1     | 0. |
| obligation                 |        | 55 | 8,343 | 24 | 9,025 | 25 |
+----------------------------+--------+----+-------+----+-------+----+
| Total liabilities          | 1,1    | 1  | 73    | 9. | 1,47  | 1  |
|                            | 79,659 | 3. | 7,813 | 84 | 1,731 | 9. |
|                            |        | 97 |       |    |       | 54 |
+----------------------------+--------+----+-------+----+-------+----+
| Shareholders’ equity       |        |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Authorised Share capital   | 3      | 4. | 38    | 5. | 38    | 5. |
|                            | 83,125 | 54 | 3,125 | 11 | 3,125 | 09 |
+----------------------------+--------+----+-------+----+-------+----+
| Premium on share capital   | 5      | 5. | 50    | 6. | 50    | 6. |
|                            | 04,250 | 97 | 4,250 | 73 | 4,250 | 70 |
+----------------------------+--------+----+-------+----+-------+----+
| Unrealised gain on         | 4,860  | 0. | 2,280 | 0. | 4,820 | 0. |
| revaluation of available-  |        | 06 |       | 03 |       | 06 |
| for-                       |        |    |       |    |       |    |
|                            |        |    |       |    |       |    |
| sale securities            |        |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Legal reserve              | 38,313 | 0. | 3     | 0. | 3     | 0. |
|                            |        | 45 | 8,313 | 51 | 8,313 | 51 |
+----------------------------+--------+----+-------+----+-------+----+
| Unappropriated             | 6,4    | 7  | 5,83  | 7  | 5,12  | 6  |
|                            | 05,016 | 5. | 0,686 | 7. | 8,091 | 8. |
|                            |        | 88 |       | 78 |       | 10 |
+----------------------------+--------+----+-------+----+-------+----+
| Translation adjustment     | (7     | (0 | -     | -  | -     | -  |
|                            | 3,725) | .8 |       |    |       |    |
|                            |        | 7) |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+
| Total shareholders’ equity | 7,2    | 8  | 6,75  | 9  | 6,05  | 8  |
|                            | 61,839 | 6. | 8,653 | 0. | 8,599 | 0. |
|                            |        | 03 |       | 16 |       | 46 |
+----------------------------+--------+----+-------+----+-------+----+
| Total liabilities and      | 8,4    | 10 | 7,49  | 10 | 7,53  | 10 |
| shareholders’quity         | 41,498 | 0. | 6,467 | 0. | 0,330 | 0. |
|                            |        | 00 |       | 00 |       | 00 |
+----------------------------+--------+----+-------+----+-------+----+
| Book Value * (Baht)        | 94.77  |    | 88.20 |    | 79.07 |    |
+----------------------------+--------+----+-------+----+-------+----+
| Par Value (Baht)           | 5.00   |    | 5.00  |    | 5.00  |    |
+----------------------------+--------+----+-------+----+-------+----+
| Number of share (thousand  | 76,625 |    | 7     |    | 7     |    |
| shares)                    |        |    | 6,625 |    | 6,625 |    |
+----------------------------+--------+----+-------+----+-------+----+
| Weighted average ordinary  | 76,625 |    | 7     |    | 7     |    |
| number of share (thousand  |        |    | 6,625 |    | 6,625 |    |
| shares)                    |        |    |       |    |       |    |
+----------------------------+--------+----+-------+----+-------+----+

* Calculated by using The Weighted Average number of ordinary share

Thai Stanley Electric Public Company Limited

Statements of Income

As at 31 March 2008 to 31 March 2010

the equity method (Unit : Thousand Baht)

+--------------------------+--------+----+--------+----+---------+----+
|                          | A      |    |        |    |         |    |
|                          | udited |    |        |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+
|                          | Mar    | (  | Mar    | (  | Mar 31, | (  |
|                          | 31,    | %) | 31,    | %) | 2008    | %) |
|                          | 2010   |    | 2009   |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+
| Revenue                  |        |    |        |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+
| Sales                    | 7,2    | 10 | 7,8    | 10 | 8,      | 10 |
|                          | 86,367 | 0. | 93,738 | 0. | 329,879 | 0. |
|                          |        | 00 |        | 00 |         | 00 |
+--------------------------+--------+----+--------+----+---------+----+
| Dividend income          | 48,064 | 0. | 1      | 1. | 54,616  | 0. |
|                          |        | 66 | 15,163 | 46 |         | 66 |
+--------------------------+--------+----+--------+----+---------+----+
| Gain on exchange rates , | 7,574  | 0. | 6,634  | 0. | -       | -  |
| net                      |        | 10 |        | 08 |         |    |
+--------------------------+--------+----+--------+----+---------+----+
| Others                   | 1      | 1. | 1      | 2. | 200,703 | 2. |
|                          | 28,563 | 76 | 84,964 | 34 |         | 41 |
+--------------------------+--------+----+--------+----+---------+----+
| Total Revenue            | 7,4    | 10 | 8,2    | 10 | 8,      | 10 |
|                          | 70,568 | 2. | 00,499 | 3. | 585,198 | 3. |
|                          |        | 52 |        | 89 |         | 07 |
+--------------------------+--------+----+--------+----+---------+----+
| Cost of sales            | 5,7    | 7  | 6,2    | 7  | 6,      | 7  |
|                          | 15,725 | 8. | 49,512 | 9. | 303,147 | 5. |
|                          |        | 44 |        | 17 |         | 67 |
+--------------------------+--------+----+--------+----+---------+----+
| Selling and              | 5      | 7. | 5      | 7. | 630,552 | 7. |
| administrative expenses  | 13,981 | 05 | 84,956 | 41 |         | 57 |
+--------------------------+--------+----+--------+----+---------+----+
| Net loss on exchange     | -      | -  | -      | -  | 3,846   | 0. |
| rates                    |        |    |        |    |         | 05 |
+--------------------------+--------+----+--------+----+---------+----+
| Directors and            | 25,002 | 0. | 23,165 | 0. | 21,054  | 0. |
| managements’             |        | 34 |        | 29 |         | 25 |
| remuneration             |        |    |        |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+
| Total Expenses           | 6,2    | 8  | 6,8    | 8  | 6,      | 8  |
|                          | 54,708 | 5. | 57,633 | 6. | 958,599 | 3. |
|                          |        | 84 |        | 87 |         | 54 |
+--------------------------+--------+----+--------+----+---------+----+
| Operation profit         | 1,2    | 1  | 1,3    | 1  | 1,      | 1  |
|                          | 15,859 | 7. | 42,866 | 7. | 626,599 | 9. |
|                          |        | 01 |        | 01 |         | 53 |
+--------------------------+--------+----+--------+----+---------+----+
| Share of profit from     | 92,751 | 1  | 63,633 | 0. | 84,499  | 1. |
| investment in            |        | 6. |        | 81 |         | 01 |
|                          |        | 69 |        |    |         |    |
| associates               |        |    |        |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+
| Profit before financial  | 1,3    | 1  | 1,4    | 1  | 1,      | 2  |
| costs and income tax     | 08,610 | 7. | 06,499 | 7. | 711,098 | 0. |
|                          |        | 96 |        | 82 |         | 54 |
+--------------------------+--------+----+--------+----+---------+----+
| Financial cost           | 5      | 0. | 2      | 0. | 132     | 0. |
|                          |        | 00 |        | 00 |         | 00 |
+--------------------------+--------+----+--------+----+---------+----+
| Profit before income tax | 1,3    | 1  | 1,4    | 1  | 1,      | 2  |
|                          | 08,605 | 7. | 06,497 | 7. | 710,966 | 0. |
|                          |        | 96 |        | 82 |         | 54 |
+--------------------------+--------+----+--------+----+---------+----+
| Income tax               | 3      | 4. | 2      | 3. | 414,936 | 4. |
|                          | 51,164 | 82 | 97,865 | 77 |         | 98 |
+--------------------------+--------+----+--------+----+---------+----+
| Net profit for ther year | 9      | 1  | 1,1    | 1  | 1,      | 1  |
|                          | 57,441 | 3. | 08,632 | 4. | 296,030 | 5. |
|                          |        | 14 |        | 04 |         | 56 |
+--------------------------+--------+----+--------+----+---------+----+
| Net profit per share     | 12.50  |    | 14.47  |    | 16.91   |    |
+--------------------------+--------+----+--------+----+---------+----+
| Par Value (Baht / Share) | 5      |    | 5      |    | 5       |    |
+--------------------------+--------+----+--------+----+---------+----+
| Weighted Average Number  | 76,625 |    | 76,625 |    | 76,625  |    |
| of Share                 |        |    |        |    |         |    |
|                          |        |    |        |    |         |    |
| (thousand share)         |        |    |        |    |         |    |
+--------------------------+--------+----+--------+----+---------+----+

  Auditor Miss Nangnoi Charoenthaveesub

Certified Public Accountant (Thailand) No. 3044

PricewaterhouseCoopers ABAS Limited

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2008 to 31 March 2010

(Unit: Thousand baht)

+---------------------------------------+---------+----------+---------+
|                                       | Audited |          |         |
+---------------------------------------+---------+----------+---------+
|                                       | Mar     | Mar      | Mar     |
|                                       | 31,2010 | 31,2009  | 31,2008 |
+---------------------------------------+---------+----------+---------+
| Cash flows from operating activities: |         |          |         |
+---------------------------------------+---------+----------+---------+
| Profit before income tax for the year | 1,      | 1        | 1,      |
|                                       | 308,605 | ,406,497 | 710,966 |
+---------------------------------------+---------+----------+---------+
| Adjustments to reconcile profit       |         |          |         |
| before income tax to net cash         |         |          |         |
| provided by operations:               |         |          |         |
+---------------------------------------+---------+----------+---------+
| Depreciation and amortisation         | 837,322 | 875,587  | 776,023 |
+---------------------------------------+---------+----------+---------+
| Interest expenses                     | 5       | 2        | 132     |
+---------------------------------------+---------+----------+---------+
| Interest income                       | (       | (43,545) | (       |
|                                       | 23,718) |          | 36,657) |
+---------------------------------------+---------+----------+---------+
| Share profit from investments in      | (       | (63,633) | (       |
| associates                            | 92,751) |          | 84,499) |
+---------------------------------------+---------+----------+---------+
| Dividend income from                  |         |          |         |
+---------------------------------------+---------+----------+---------+
| - Long-term investments               | (       | (        | (       |
|                                       | 48,064) | 115,163) | 54,616) |
+---------------------------------------+---------+----------+---------+
| Net gains on disposal of equipment    | (1,528) | (2,072)  | (3,289) |
+---------------------------------------+---------+----------+---------+
| Losses on write off intangible assets | 8,038   | 2        | -       |
+---------------------------------------+---------+----------+---------+
| Allowance for slow moving inventories | 361     | 4,849    | (5,628) |
| and net realisable                    |         |          |         |
|                                       |         |          |         |
| value lower than cost of inventories  |         |          |         |
+---------------------------------------+---------+----------+---------+
| Reversal of allowance for doubtful    | -       | (353)    | (212)   |
| account                               |         |          |         |
+---------------------------------------+---------+----------+---------+
| Provision for impairment of assets    | -       | -        | 8,801   |
+---------------------------------------+---------+----------+---------+
| Retirement benefits obligation        | 28,410  | (681)    | 11,693  |
+---------------------------------------+---------+----------+---------+
| Provision for impairment of           | -       | -        | 6,496   |
| investments                           |         |          |         |
+---------------------------------------+---------+----------+---------+
| Unrealised losses on exchange rates   | 107     | (4,616)  | (1,299) |
+---------------------------------------+---------+----------+---------+
| Cash flows before changes in          | 2,      | 2        | 2,      |
| operating assets and liabilities      | 016,788 | ,066,103 | 327,911 |
+---------------------------------------+---------+----------+---------+
| Trade accounts receivable other       | (5      | 443,974  | (1      |
| companies                             | 33,508) |          | 41,570) |
+---------------------------------------+---------+----------+---------+
| Trade account receivable related      | (       | 59,474   | (6,949) |
| parties                               | 12,522) |          |         |
+---------------------------------------+---------+----------+---------+
| Inventories                           | 92,697  | 52,584   | (1      |
|                                       |         |          | 29,095) |
+---------------------------------------+---------+----------+---------+
| Other current assets                  | 504     | 1,241    | (3,332) |
+---------------------------------------+---------+----------+---------+
| Other non-current assets              | (5,249) | 11,077   | (       |
|                                       |         |          | 11,644) |
+---------------------------------------+---------+----------+---------+
| Trade accounts payable other          | 196,413 | (        | 128,922 |
| companies                             |         | 240,422) |         |
+---------------------------------------+---------+----------+---------+
| Trade accounts payable related        | 62,398  | (        | 19,383  |
| parties                               |         | 155,844) |         |
+---------------------------------------+---------+----------+---------+
| Other accounts payable other          | 24,479  | (53,651) | (       |
| companies                             |         |          | 42,553) |
+---------------------------------------+---------+----------+---------+
| Other accounts payable related        | 22,202  | (10,310) | 4,304   |
| parties                               |         |          |         |
+---------------------------------------+---------+----------+---------+
| Advance received from customers       | (       | 53,635   | (       |
|                                       | 39,024) |          | 13,877) |
+---------------------------------------+---------+----------+---------+
| Other current liabilities             | 13,313  | (22,309) | 7,850   |
+---------------------------------------+---------+----------+---------+
| Cash generated from operation         | 1,      | 2        | 2,      |
|                                       | 838,490 | ,205,552 | 139,351 |
+---------------------------------------+---------+----------+---------+
| - Interest paid                       | (5)     | (2)      | (132)   |
+---------------------------------------+---------+----------+---------+
| - Interest received                   | 18,965  | 43,265   | 36,607  |
+---------------------------------------+---------+----------+---------+
| - Income tax paid                     | (2      | (        | (3      |
|                                       | 14,871) | 454,595) | 50,444) |
+---------------------------------------+---------+----------+---------+
| Net cash received from operating      | 1,      | 1        | 1,      |
| activities                            | 642,579 | ,794,219 | 825,382 |
+---------------------------------------+---------+----------+---------+

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2008 to 31 March 2010

(Unit: Thousand baht)

  -------------------------------------- ----------- ------------- -------------
                                         Audited                   

                                         March 31,   March 31,     March 31,
                                         2009        2008          2007

  Cash flows from investing activities:                            

  Purchases of property , plant and      (435,790)   (875,452)     (1,047,583)
  equipment                                                        

  Proceeds form disposals of equipment   9,565       2,360         4,873

  Dividends received from                2,955       -             -

  - Investmenst in associates            30,149      28,340        17,577

  - Long-term investments                48,064      115,163       54,616

  Purchase of intangible assets          (108,631)   (120,145)     (142,827)

  Purchase of investments with fixed     498,746     -             -
  maturity                                                         

  Net cash used in investment activities (975,579)   (498,746)     -

  Cash flows from financing activites :  (930,521)   (1,348,479)   (1,113,343)

  Dividends paid to shareholders         (383,110)   (406,037)     (371,617)

  Net cash used in financing activities  (383,110)   (406,037)     (371,617)

  Net increase in cash and cash          328,947     39,702        340,421
  equivalents                                                      

  Cash and cash equivalents at beginning 1,529,911   1,489,337     1,148,679
  of the year                                                      

  Effects of exchange rate changes       (68)        872           236

  Cash and cash equivalents at end of    1,858,790   1,529,911     1,489,337
  the year                                                         
  -------------------------------------- ----------- ------------- -------------

Non-cash transactions:

Purchase of plant and equipment by credit 11,953 14,631 100,557

(C) Financial ratio

Thai Stanley Electric Public Company Limited

Ratio of financial statement

(Unit: Thousand baht)

+--------------------------+-----+-----------+------------+-----------+
|                          |     | Audited   |            |           |
+--------------------------+-----+-----------+------------+-----------+
|                          |     | 31 March  | 31 March   | 31 March  |
|                          |     | 2010      | 2009       | 2008      |
|                          |     |           |            |           |
|                          |     | (The      | (The       |           |
|                          |     | Company   | Company    |           |
|                          |     | Only)     | Only)      |           |
+--------------------------+-----+-----------+------------+-----------+
| Liquidity Ratio          |     |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Current Ratio            | (   | 4.06      | 4.48       | 2.36      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Quick Ratio              | (   | 2.77      | 3.06       | 1.92      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Cash Ratio               | (   | 2.01      | 1.63       | 1.29      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Receivable Turnover      | (   | 7.22      | 7.61       | 6.76      |
| Ratio                    | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Collection Period        | (Da | 49.86     | 47.31      | 53.25     |
|                          | ys) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Inventory Turnover       | (   | 12.26     | 11.54      | 12.67     |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Sale Period              | (Da | 29.36     | 31.20      | 28.41     |
|                          | ys) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Account Payable Turnover | (   | 11.97     | 11.04      | 9.00      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Payment Period           | (Da | 30.08     | 32.61      | 40.00     |
|                          | ys) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Cash Cycle               | (Da | 49.14     | 45.90      | 41.66     |
|                          | ys) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Profitability Ratio      |     |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Gross Profit Margin      | (%) | 21.56     | 20.83      | 23.56     |
+--------------------------+-----+-----------+------------+-----------+
| Net Profit Margin        | (%) | 12.66     | 13.04      | 14.29     |
+--------------------------+-----+-----------+------------+-----------+
| Return on Equity         | (%) | 13.66     | 17.39      | 22.74     |
+--------------------------+-----+-----------+------------+-----------+
| Efficiency Ratio         |     |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Return on Assets         | (%) | 12.01     | 14.71      | 17.97     |
+--------------------------+-----+-----------+------------+-----------+
| Return on Fixed Assets   | (%) | 53.78     | 50.03      | 60.66     |
+--------------------------+-----+-----------+------------+-----------+
| Asset Turnover           | (   | 0.95      | 1.13       | 1.26      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Financial Policy Ratio   |     |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Debt to Equity           | (   | 0.16      | 0.17       | 0.25      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Interest coverage Ratio  | (   | 2         | 511,644.10 | 12,434.50 |
|                          | Tim | 52,725.09 |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Fixed Charge Coverage    | (   | 4.85      | 4.42       | 4.91      |
|                          | Tim |           |            |           |
|                          | es) |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| (CASH BASIS)             |     |           |            |           |
+--------------------------+-----+-----------+------------+-----------+
| Payout Ratio             | (%) | *         | 35.69      | 33.04     |
+--------------------------+-----+-----------+------------+-----------+

  * It will be approved from the ordinary shareholders’ meeting year
  2010

  (2) Management Analysis and explanations.

Since Year 2009, the company gains the total revenue of 7,470.56 million
baht, which has been considered to be 8.9 percents less than those of
Year 2008, the effect was mainly from economic conditions of the country
slow down continuously , that the details of Business Result and
Financial Situation can be shown as follows;

Company’s Revenue

Since Year 2009, our total revenue was 7,470.56 million baht, which was
729.94 million baht decrease or 8.9 percents of previous year as from
Sales were 7,286.37 million baht, which were 607.37 million baht
decrease or 7.69 percents less of previous year from domestic sale
decrease 8 percents and export sale decrease 6 percents. And Dividend
income decrease 67.10 million baht from Asian Stanley International
Co.,Ltd. and PT Indonesia Stanley Electric , Other Incomes decrease 56
million baht from previous year from Interest Income decrease 19.83
million baht of previous year from interest rate increase and scrap sale
decrease 41.41 million baht because of the company improved production
process to defect rate decrease from previous year.

Company Expenses

The Expenses of our company since year 2009 was 6,605.88 million baht
which was 251.75 million baht decrease or 3.67 percents less of Year
2008, as from Cost of Sales was 5,715.73 million baht or 78.44 percents
of sale and 8.54 percents less of previous year that from the reduce
defect continuously and cost controlling to get the best result.

Selling Expenses of Year 2009 was 318.74 million baht, which was 43
million baht or 11.89 percents decrease of previous year, from Royalty
expenses decrease 26.23 million baht or 12.25 percents , Export &
Transportation decrease 15.42 million baht or 16.93 percents.

Administration expenses was 195.26 million baht decrease form previous
year 27.98 million bath or 12.53 percents.

Income Tax was 351.16 million baht increase from the previous year 53.3
million baht, this was from the right of BOI promotion , 1 certificate
at Die&Mold and the right of the installation of facilities ot operate
under the rules of the Committee to profit not exceeding a total of 25
percents of investment funds under Section 35 to promote local
investment this year

Net Profit

Net Profit of the company was 957.44 million baht, which was 151.19
million baht or 13.64 percents less of same period last year.

Financial Situation of the Company

Total Assets

Total Assets of the Company was 8,441.50 million baht increase from last
year was 7496.47 million baht in 945.03 million baht,or 12.61 percents
decreasing ,from cash and cash equivalents increase 328.88 million baht
or 21.49 percents from deposit in treasury bills and bills of exchange
term under 3 months. Short term investment held to maturity increases
476.83 million baht or 95.61 percents from deposit increase in treasury
bills and bills of exchange term over 3 months .

Trade accounts receivable, net increase 546.03 million or 73.83 percents
from in quarterly 4 that sale high growth more than previous year . And
Inventories decrease 93.06 million baht or 18.15 percents from the
previous year.

Investments in associates decrease 11.12 million baht or 3.59 percents
from foreign currency translation adjustment in Vietnam Stanley Electric
Co.,Ltd. , so the ratio of investment decreased.

Property, Plant and equipment net, decrease 336.35 million baht or 9.99
percents, this was from written off the no asset value Intangible Assets
increase 24.69 million baht or 7.69 percents , which was the Capital of
New Product Design Development Project and investment in new software
program SAP system.

Total Liabilities

Total liabilities of the company was 1,179.66 million baht increase
441.85 million baht or 59.89 percents more of last year from Trade
accounts payable increase 258.81 million baht or 81.35 percents. Other
accounts payable increase 44 million baht or 24.47 percents. And Accrued
income tax increase 144.12 million baht or 173.46 percents.

Other current liabilities increase 12 million baht or 16 percents.
Retirement benefit obligation increase 24.81 million baht or 154.87
percents, which was the provision under Thai Labor Law.

Shareholders’ equity

The Shareholders equity was 7,261.84 million baht increase 503.19
million baht or 7.45 percents, since net profit of the company was
957.44 million baht and dividends paid has been paid for the amount of
383.11 million baht and currency translation adjustments in Vietnam
Stanley Electric Co.,Ltd. 73.72 million baht.

  (3) Auditor’s remuneration

  A. Audit fee

  The last year company paid for the audit fee 1.82 million bath.

  B. Other service fee

  Company paid for the other compensation that was review of promotional
  privileges of Die & Mold 0.12 million baht, other consultant that did
  not concern about audit accounts total amount - million baht.