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 position 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

Statement of Financial Position

As at 31 March 2011 to 31 March 2013

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

                              Mar 31,2013  (%)      Mar 31, 2012 (%)      Mar31,2011   (%)

  Assets                                                                               

  Current assets                                                                       

  Cash and cash equivalents   1,076,831    14.53    1,707,852    17.04    3,133,890    31.77

  Short-term investment held  109,705      0.94     198,850      1.98     560,986      5.68
  to maturity                                                                          

  Trade and other accounts    2,034,445    17.32    1,546,358    15.42    1,462,459    13.37
  receivable , net                                                                     

  Inventories , net           844,327      7.19     848,394      8.46     584,334      5.92

  Corporate income tax        38,804       0.31     35,804       0.36     -            -
  refundable                                                                           

  Other current assets        7,224        0.06     11,524       0.12     68,667       0.70

  Total current assets        4,738,336    40.35    4,348,782    43.38    5,746,468    58.25

  Non-current assets                                                                   

  Investments in associates   475,827      4.05     417,869      4.17     291,218      2.95

  Long-term investments , net 139,860      1.19     146,267      1.46     151,667      1.54

  Property , plant and        5,905,057    50.28    4,574,302    45.63    3,268,205    33.13
  equipment, net                                                                       

  Intangible assets , net     465,263      3.96     437,256      4.36     389,393      3.95

  Other non-current assets,   19,840       0.17     100,051      1.00     18,361       0.19
  net                                                                                  

  Total non-current assets    7,005,847    59.65    5,675,745    56.62    4,118,846    41.76

  Total assets                11,744,183   100.00   10,024,527   100.00   9,865,314    100.00
  --------------------------- ------------ -------- ------------ -------- ------------ --------

Thai Stanley Electric Public Company Limited

Statement of Financial Position

  As at 31 March 2011 to 31 March 2013

  (Unit : Thousand Baht)

+----------------------------+-------+----+-------+----+-------+----+
|                            | Au    |    |       |    |       |    |
|                            | dited |    |       |    |       |    |
+----------------------------+-------+----+-------+----+-------+----+
|                            | Mar31 | (  | Mar31 | (  | Mar   | (  |
|                            | ,2013 | %) | ,2012 | %) | 31,   | %) |
|                            |       |    |       |    | 2011  |    |
+----------------------------+-------+----+-------+----+-------+----+
| Liabilities and            |       |    |       |    |       |    |
| shareholders ‘equity       |       |    |       |    |       |    |
+----------------------------+-------+----+-------+----+-------+----+
| Current liabilities        |       |    |       |    |       |    |
+----------------------------+-------+----+-------+----+-------+----+
| Trade accounts payable -   | 56    | 4. | 49    | 4. | 50    | 5. |
| other companies            | 4,389 | 81 | 7,328 | 96 | 1,770 | 25 |
+----------------------------+-------+----+-------+----+-------+----+
| Trade accounts payable -   | 30    | 2. | 15    | 1. | 19    | 2. |
| related companies          | 0,625 | 56 | 6,621 | 56 | 1,708 | 45 |
+----------------------------+-------+----+-------+----+-------+----+
| Other accounts payable -   | 23    | 2. | 32    | 3. | 20    | 1. |
| other companies            | 5,633 | 01 | 1,752 | 21 | 5,281 | 91 |
+----------------------------+-------+----+-------+----+-------+----+
| Other accounts payable -   | 13    | 1. | 18    | 1. | 17    | 1. |
| related parties            | 0,841 | 11 | 6,129 | 86 | 1,196 | 23 |
+----------------------------+-------+----+-------+----+-------+----+
| Accrued corporate income   | 23    | 1. | -     | -  | 26    | 2. |
| tax                        | 4,080 | 99 |       |    | 9,432 | 73 |
+----------------------------+-------+----+-------+----+-------+----+
| Advance received from      | 3     | 0. | 6     | 0. | 8     | 0. |
| customers                  | 8,640 | 33 | 2,278 | 62 | 5,710 | 87 |
+----------------------------+-------+----+-------+----+-------+----+
| Other current liabilities  | 24    | 2. | 19    | 1. | 10    | 1. |
|                            | 6,250 | 10 | 2,185 | 92 | 7,240 | 09 |
+----------------------------+-------+----+-------+----+-------+----+
| Total current liabilities  | 1,75  | 1  | 1,41  | 1  | 1,53  | 1  |
|                            | 0,458 | 4. | 6,293 | 4. | 2,641 | 5. |
|                            |       | 91 |       | 13 |       | 53 |
+----------------------------+-------+----+-------+----+-------+----+
| Retirement benefit         | 13    | 1. | 11    | 1. | 9     | 0. |
| obligation                 | 1,762 | 12 | 1,671 | 11 | 2,290 | 94 |
+----------------------------+-------+----+-------+----+-------+----+
| Total liabilities          | 1,88  | 1  | 1,52  | 1  | 1,62  | 1  |
|                            | 2,220 | 6. | 7,964 | 5. | 4,931 | 6. |
|                            |       | 03 |       | 24 |       | 47 |
+----------------------------+-------+----+-------+----+-------+----+
| Shareholders’ equity       |       |    |       |    |       |    |
+----------------------------+-------+----+-------+----+-------+----+
| Authorised Share capital   | 38    | 3. | 38    | 3. | 38    | 3. |
|                            | 3,125 | 26 | 3,125 | 83 | 3,125 | 88 |
+----------------------------+-------+----+-------+----+-------+----+
| Premium on share capital   | 50    | 4. | 50    | 5. | 50    | 5. |
|                            | 4,250 | 29 | 4,250 | 03 | 4,250 | 11 |
+----------------------------+-------+----+-------+----+-------+----+
| Retained earnings          |       |    |       |    |       |    |
|                            |       |    |       |    |       |    |
| Appropriated               |       |    |       |    |       |    |
+----------------------------+-------+----+-------+----+-------+----+
| Legal reserve              | 3     | 0. | 3     | 0. | 3     | 0. |
|                            | 8,313 | 33 | 8,313 | 38 | 8,313 | 39 |
+----------------------------+-------+----+-------+----+-------+----+
| Unappropriated             | 9,07  | 7  | 7,67  | 7  | 7,44  | 7  |
|                            | 1,207 | 7. | 8,162 | 6. | 9,618 | 5. |
|                            |       | 24 |       | 59 |       | 51 |
+----------------------------+-------+----+-------+----+-------+----+
| Other components of equity | (134  | (1 | (107  | (1 | (139  | (1 |
|                            | ,932) | .1 | ,287) | .0 | ,543) | .4 |
|                            |       | 5) |       | 7) |       | 1) |
+----------------------------+-------+----+-------+----+-------+----+
| Total shareholders’ equity | 9,86  | 8  | 8,49  | 8  | 8,24  | 8  |
|                            | 1,963 | 3. | 6,563 | 4. | 0,382 | 3. |
|                            |       | 97 |       | 76 |       | 53 |
+----------------------------+-------+----+-------+----+-------+----+
| Total liabilities and      | 11,74 | 10 | 10,02 | 10 | 9,86  | 10 |
| shareholders’ equity       | 4,183 | 0. | 4,527 | 0. | 5,314 | 0. |
|                            |       | 00 |       | 00 |       | 00 |
+----------------------------+-------+----+-------+----+-------+----+
| Book Value * (Baht)        | 1     |    | 1     |    | 1     |    |
|                            | 28.70 |    | 10.88 |    | 07.54 |    |
+----------------------------+-------+----+-------+----+-------+----+
| Par Value (Baht)           | 5.00  |    | 5.00  |    | 5.00  |    |
+----------------------------+-------+----+-------+----+-------+----+
| Number of share (thousand  | 7     |    | 7     |    | 7     |    |
| shares)                    | 6,625 |    | 6,625 |    | 6,625 |    |
+----------------------------+-------+----+-------+----+-------+----+
| Weighted average ordinary  | 7     |    | 7     |    | 7     |    |
| number of share (thousand  | 6,625 |    | 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 2011 to 31 March 2013

(The equity method) (Unit : Thousand Baht)

+---------------------------+--------+----+-------+----+-------+----+
|                           | A      |    |       |    |       |    |
|                           | udited |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
|                           | Mar31, | (  | Mar31 | (  | Mar31 | (  |
|                           | 2013   | %) | ,2012 | %) | ,2011 | %) |
+---------------------------+--------+----+-------+----+-------+----+
| Revenue                   |        |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Sales                     | 11,3   | 10 | 7,80  | 10 | 8,93  | 10 |
|                           | 34,990 | 0. | 0,988 | 0. | 9,609 | 0. |
|                           |        | 00 |       | 00 |       | 00 |
+---------------------------+--------+----+-------+----+-------+----+
| Dividend income           | 24,229 | 0. | 6     | 0. | 5     | 0. |
|                           |        | 21 | 3,488 | 81 | 2,603 | 59 |
+---------------------------+--------+----+-------+----+-------+----+
| Gain on exchange rates ,  | 20,551 | 0. | 1     | 0. | 2,120 | 0. |
| net                       |        | 18 | 9,003 | 25 |       | 02 |
+---------------------------+--------+----+-------+----+-------+----+
| Others                    | 2      | 1. | 22    | 2. | 17    | 1. |
|                           | 01,943 | 78 | 2,188 | 85 | 1,048 | 91 |
+---------------------------+--------+----+-------+----+-------+----+
| Total Revenue             | 11,5   | 10 | 8,10  | 10 | 9,16  | 10 |
|                           | 81,713 | 2. | 5,667 | 3. | 5,380 | 2. |
|                           |        | 17 |       | 91 |       | 52 |
+---------------------------+--------+----+-------+----+-------+----+
| Cost of sales             | 8,7    | 7  | 6,47  | 8  | 6,58  | 7  |
|                           | 96,588 | 7. | 7,659 | 3. | 1,400 | 3. |
|                           |        | 60 |       | 03 |       | 62 |
+---------------------------+--------+----+-------+----+-------+----+
| Selling and               | 8      | 7. | 63    | 8. | 65    | 7. |
| administrative expenses   | 02,770 | 08 | 1,527 | 10 | 6,132 | 34 |
+---------------------------+--------+----+-------+----+-------+----+
| Expenses arising from     | 35,294 | 0. | 16    | 2. | -     | -  |
| floods , net              |        | 31 | 2,138 | 08 |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Total Expenses            | 9,6    | 8  | 7,27  | 9  | 7,23  | 8  |
|                           | 34,652 | 4. | 1,324 | 3. | 7,532 | 0. |
|                           |        | 99 |       | 21 |       | 96 |
+---------------------------+--------+----+-------+----+-------+----+
| Operation profit          | 1,9    | 1  | 83    | 1  | 1,92  | 2  |
|                           | 47,061 | 7. | 4,344 | 0. | 7,848 | 1. |
|                           |        | 18 |       | 70 |       | 56 |
+---------------------------+--------+----+-------+----+-------+----+
| Share of profit from      | 1      | 1. | 13    | 1. | 8     | 0. |
| investment in             | 33,944 | 18 | 9,722 | 79 | 4,072 | 94 |
|                           |        |    |       |    |       |    |
| associates                |        |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Profit before income tax  | 2,0    | 1  | 97    | 1  | 2,01  | 2  |
|                           | 81,005 | 8. | 4,067 | 2. | 1,920 | 2. |
|                           |        | 36 |       | 49 |       | 50 |
+---------------------------+--------+----+-------+----+-------+----+
| Income tax                | 4      | 4. | 24    | 3. | 58    | 6. |
|                           | 58,094 | 04 | 7,481 | 17 | 4,208 | 53 |
+---------------------------+--------+----+-------+----+-------+----+
| Net profit for the year   | 1,6    | 1  | 72    | 9. | 1,42  | 1  |
|                           | 22,911 | 4. | 6,586 | 31 | 7,711 | 5. |
|                           |        | 32 |       |    |       | 97 |
+---------------------------+--------+----+-------+----+-------+----+
| Net profit per share      | 21.18  |    | 9.48  |    | 18.63 |    |
+---------------------------+--------+----+-------+----+-------+----+
| Par Value (Baht / Share)  | 5      |    | 5     |    | 5     |    |
+---------------------------+--------+----+-------+----+-------+----+
| Weighted Average Number   | 76,625 |    | 7     |    | 7     |    |
| of Share                  |        |    | 6,625 |    | 6,625 |    |
|                           |        |    |       |    |       |    |
| (thousand share)          |        |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+

  Auditor Mrs.Unakorn Phruithithada

  Certified Public Accountant (Thailand) No.3257

PricewaterhouseCoopers ABAS Limited

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2011 to 31 March 2013

(Unit: Thousand baht)

+---------------------------------+------------+-------------+--------+
|                                 | Audited    |             |        |
+---------------------------------+------------+-------------+--------+
|                                 | Mar        | Mar 31,2012 | Mar    |
|                                 | 31,2013    |             | 3      |
|                                 |            |             | 1,2011 |
+---------------------------------+------------+-------------+--------+
| Cash flows from operating       |            |             |        |
| activities:                     |            |             |        |
+---------------------------------+------------+-------------+--------+
| Profit before income tax for    | 2,081,005  | 974,067     | 2,0    |
| the year                        |            |             | 11,920 |
+---------------------------------+------------+-------------+--------+
| Adjustments to reconcile profit |            |             |        |
| before income tax               |            |             |        |
|                                 |            |             |        |
| For the year to net cash        |            |             |        |
| provided by operations:         |            |             |        |
+---------------------------------+------------+-------------+--------+
| Depreciation and amortisation   | 861,503    | 745,599     | 9      |
|                                 |            |             | 85,683 |
+---------------------------------+------------+-------------+--------+
| Interest income                 | (34,483)   | (83,863)    | (5     |
|                                 |            |             | 1,324) |
+---------------------------------+------------+-------------+--------+
| Share profit (loss) from        | (133,944)  | (139,722)   | (8     |
| investments in associates       |            |             | 4,071) |
+---------------------------------+------------+-------------+--------+
| Dividend income from            |            |             |        |
+---------------------------------+------------+-------------+--------+
| - Long-term investments         | (24,229)   | (63,488)    | (5     |
|                                 |            |             | 2,603) |
+---------------------------------+------------+-------------+--------+
| Gains on disposal of equipment  | (3,038)    | (4,184)     | (      |
|                                 |            |             | 5,886) |
+---------------------------------+------------+-------------+--------+
| Losses on write off intangible  | -          | -           | -      |
| assets                          |            |             |        |
+---------------------------------+------------+-------------+--------+
| Allowance for slow moving       | (9,679)    | 16,013      | (      |
| inventories and net realisable  |            |             | 5,335) |
|                                 |            |             |        |
| value lower than cost of        |            |             |        |
| inventories                     |            |             |        |
+---------------------------------+------------+-------------+--------+
| Impairment of long term         | 1,614      | 5,000       | -      |
| investment                      |            |             |        |
|                                 | 166        | -           | -      |
| Loss on sale of long-term       |            |             |        |
| investment                      | (794)      | 4,161       | -      |
|                                 |            |             |        |
| Allowance for doubtful account  | -          | 50,477      | -      |
|                                 |            |             |        |
| Loss on write off of damaged    |            |             |        |
| inventories from floods         |            |             |        |
+---------------------------------+------------+-------------+--------+
| Provision for retirement        | 21,168     | 19,751      | 45,980 |
| benefit                         |            |             |        |
+---------------------------------+------------+-------------+--------+
| Unrealised loss (gain) on       | (130)      | 285         | (559)  |
| exchange rates                  |            |             |        |
+---------------------------------+------------+-------------+--------+
| Cash flows before changes in    | 2,759,157  | 1,524,096   | 2,6    |
| operating assets and            |            |             | 43,803 |
|                                 |            |             |        |
| liabilities                     |            |             |        |
+---------------------------------+------------+-------------+--------+
| Trade and other account         | (488,350)  | (91,286)    | (11    |
| receivable                      |            |             | 9,498) |
+---------------------------------+------------+-------------+--------+
| Inventories                     | 13,747     | (330,549)   | (15    |
|                                 |            |             | 9,406) |
+---------------------------------+------------+-------------+--------+
| Other current assets            | 4,299      | (6,724)     | (      |
|                                 |            |             | 1,003) |
+---------------------------------+------------+-------------+--------+
| Other non-current assets        | 4,809      | (6,287)     | 5,289  |
+---------------------------------+------------+-------------+--------+
| Trade accounts payable other    | 67,061     | (4,442)     | 70,867 |
| companies                       |            |             |        |
+---------------------------------+------------+-------------+--------+
| Trade accounts payable related  | 144,004    | (35,087)    | 57,071 |
| parties                         |            |             |        |
+---------------------------------+------------+-------------+--------+
| Other accounts payable other    | (49,166)   | 120,222     | 30,426 |
| companies                       |            |             |        |
+---------------------------------+------------+-------------+--------+
| Other accounts payable related  | (55,402)   | 26,091      | 43,314 |
| parties                         |            |             |        |
+---------------------------------+------------+-------------+--------+
| Advance received from customers | (23,638)   | (23,432)    | 70,060 |
+---------------------------------+------------+-------------+--------+
| Other current liabilities       | 54,065     | 84,641      | 18,239 |
+---------------------------------+------------+-------------+--------+
| Payments for retirement         | (1,076)    | (371)       | (443)  |
| benefits obligation             |            |             |        |
+---------------------------------+------------+-------------+--------+
| Cash generated from operation   | 2,429,510  | 1,256,873   | 2,6    |
|                                 |            |             | 58,718 |
+---------------------------------+------------+-------------+--------+
| - Interest received             | 33,073     | 83,073      | 37,999 |
+---------------------------------+------------+-------------+--------+
| - Income tax paid               | (224,013)  | (552,718)   | (54    |
|                                 |            |             | 1,980) |
+---------------------------------+------------+-------------+--------+
| Net cash received from          | 2,238,569  | 787,229     | 2,1    |
| operating activities            |            |             | 54,737 |
+---------------------------------+------------+-------------+--------+

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2011 to 31 March 2013

(Unit: Thousand baht)

+------------------------------------+----------+----------+----------+
|                                    | Audited  |          |          |
+------------------------------------+----------+----------+----------+
|                                    | March    | March    | March    |
|                                    | 31, 2013 | 31, 2012 | 31, 2011 |
+------------------------------------+----------+----------+----------+
| Cash flows from investing          |          |          |          |
| activities:                        |          |          |          |
+------------------------------------+----------+----------+----------+
| Purchases of property , plant and  | (2,      | (1,      | (        |
| equipment                          | 048,145) | 965,826) | 862,560) |
|                                    |          |          |          |
| Advance payment for purchase of    | -        | (75,043) | -        |
| machines                           |          |          |          |
+------------------------------------+----------+----------+----------+
| Proceeds form disposals of         | 6,136    | 9,138    | 6,395    |
| equipment                          |          |          |          |
+------------------------------------+----------+----------+----------+
| Interest received on short-term    | 2,468    | 4,014    | 10,501   |
| investments held to maturity       |          |          |          |
|                                    | 7,988    | -        | -        |
| Proceeds from sale of long-term    |          |          |          |
| investment                         |          |          |          |
|                                    |          |          |          |
| Dividends received from            |          |          |          |
+------------------------------------+----------+----------+----------+
| - Investment in associates         | 44,981   | 41,109   | 25,913   |
+------------------------------------+----------+----------+----------+
| - Long-term investments            | 24,229   | 63,488   | 52,603   |
+------------------------------------+----------+----------+----------+
| Purchase of intangible assets      | (        | (        | (        |
|                                    | 136,656) | 153,596) | 136,844) |
+------------------------------------+----------+----------+----------+
| Purchase of long-term investments  | -        | -        | (7,688)  |
| – other company                    |          |          |          |
+------------------------------------+----------+----------+----------+
| Cash receipts from short-term      | 198,850  | 560,986  | 2        |
| investment held to maturity        |          |          | ,289,498 |
+------------------------------------+----------+----------+----------+
| Cash payment on short –term        | (        | (        | (1,      |
| investment held to maturity        | 109,705) | 198,850) | 874,905) |
+------------------------------------+----------+----------+----------+
| Net Cash use in investing          | (2,      | (1,      | (        |
| activities                         | 009,853) | 714,940) | 497,086) |
+------------------------------------+----------+----------+----------+
| Dividends paid                     | (        | (        | (        |
|                                    | 229,866) | 498,042) | 383,110) |
+------------------------------------+----------+----------+----------+
| Net cash used in financing         | (        | (        | (        |
| activities                         | 229,866) | 498,042) | 383,110) |
+------------------------------------+----------+----------+----------+
| Net increase (decrease) in cash    | (1,150)  | (1,      | 1        |
| and cash equivalents               |          | 425,753) | ,274,541 |
+------------------------------------+----------+----------+----------+
| Cash and cash equivalents at       | 1        | 3        | 1        |
| beginning of the year              | ,707,852 | ,133,890 | ,858,790 |
+------------------------------------+----------+----------+----------+
| Effects of exchange rate changes   | 130      | (286)    | 559      |
+------------------------------------+----------+----------+----------+
| Cash and cash equivalents at end   | 1        | 1        | 3        |
| of the year                        | ,706,831 | ,707,852 | ,133,890 |
+------------------------------------+----------+----------+----------+

Non-cash transactions:

Purchase of plant and equipment by credit 27,735 64,575 79,483

(C) Financial ratio

Thai Stanley Electric Public Company Limited

Ratio of financial statement

(The Company Only)

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

                                       31 March    31 March 2012 31 March
                                       2013                      2011

  Liquidity Ratio                                                

  Current Ratio              (Times)   2.71        3.07          3.75

  Quick Ratio                (Times)   2.20        2.30          3.32

  Cash Ratio                 (Times)   1.41        0.53          1.64

  Receivable Turnover Ratio  (Times)   6.33        5.19          6.67

  Collection Period          (Days)    57.66       69.36         53.97

  Inventory Turnover         (Times)   10.39       9.04          13.11

  Sale Period                (Days)    35.13       39.82         27.46

  Account Payable Turnover   (Times)   7.35        5.80          9.84

  Payment Period             (Days)    49.66       62.07         36.59

  Cash Cycle                 (Days)    43.13       47.11         44.84

  Profitability Ratio                                            

  Gross Profit Margin        (%)       22.39       16.96         26.38

  Net Profit Margin          (%)       14.01       8.96          15.58

  Return on Equity           (%)       17.68       8.68          18.42

  Efficiency Ratio                                               

  Return on Assets           (%)       14.91       7.31          15.60

  Return on Fixed Assets     (%)       45.33       34.85         55.60

  Asset Turnover             (Times)   1.06        0.82          1.00

  Financial Policy Ratio                                         

  Debt to Equity             (Times)   0.19        0.18          0.20

  Interest coverage Ratio    (Times)   -**         -**           -**

  Fixed Charge Coverage      (Times)   9.74        1.58          7.01

  (CASH BASIS)                                                   

  Payout Ratio               (%)       *           36.61         36.37
  -------------------------- --------- ----------- ------------- ------------

  * It will be approved from the ordinary shareholders’ meeting year
  2013

  ** The company have not interest payment .

(2) Management Analysis and explanations.

  Overview results operations

  In 2012, the economic conditions in the automotive industry the auto
  parts industry grew over the last year, as a result of the recovery of
  the automotive industry. The slowing of the flood in the year 2554 and
  the company has increased production to delivery for the first cars
  project under the government policy. The details are as follows;

  Operating result

  In 2012, The total sale were 11,334.99 million baht, an increase on
  the previous year 3,534 million baht or 45.30 percent, while domestic
  sale increase 54.88 percent and export sale increase 19.91 percent.
  The company had profit 1,662.91 million baht, or 14.32 percent,
  increase from the last year 892.36 million or 123.36 percent of which
  comes from the expansion of the domestic automotive industry and the
  first car project under the government policy.

  Financial Situation of the Company

  Total Assets

  Total Assets of the Company were 11,744.18 million baht increase from
  the last year were 1,719.65 million baht in 159.22 million baht, or
  17.15 percent. The main item as follows;

  - Trade accounts receivable and other account receivable, net increase
  as 488.08 million or 31.56 percent due to increased product sales and
  the major customers have credit term 60 days. The company has set up a
  provision for doubtful accounts based on the age of receivables
  overdue more than 1 year and in this year the company does not have a
  provision for doubtful accounts increased.

  - Inventories increased 5.61 million, or 0.64 percent increase, the
  company has recorded an allowance for slow moving inventories and net
  realizable value lower than cost of inventories, Totaling 33.87
  million, up from last year 9.68 million, or 40 percent.

  - Property, plant and equipment increased as 1,330.75 million baht, or
  29.09 percent, expansion of production capacity and to support the
  growth of the automotive industry in the future.

  Total Liabilities

  Total liabilities of the company were 1,882.22 million baht increase
  from last year 354.26 million baht, or 23.19 which comes from the
  corporate income tax payable increase by 234.08 million baht and
  liabilities of provision for post-employment benefit increase 20.09
  million baht.

  Cash flow structure

  In 2012, the company had cash and cash equivalents, net 1,706.83
  million, decrease 1.15 million baht by the cash flows from operating
  activities amount to 2,238.57 million baht to the investment
  activities of 2,009.85 million and financing activities were allowed
  to pay dividends 229.87 million baht.

  (3) Auditor’s remuneration

  A. Audit fee

  The last year company paid for the audit fee 1.91 million bath , and
  other expenses in auditing such as transportation , copy and others
  amount 0.97 million baht

  B. Other service fee

Reviewing compliance with conditions of BOI promotion certificate amount
0.12

million baht.