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 2010 to 31 March 2012

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

                              Mar 31,2012  (%)      Mar 31,     (%)      Mar31,2010   (%)
                                                    2011                              

  Assets                                                                              

  Current assets                                                                      

  Cash and cash equivalents   1,707,852    17.04    3,133,890   31.77    1,858,790    22.02

  Short-term investment held  198,850      1.98     560,986     5.68     975,579      11.56
  to maturity                                                                         

  Trade and other accounts    1,546,358    15.42    1,462,459   13.37    1,281,561    15.18
  receivable , net                                                                    

  Inventories , net           848,394      8.46     584,334     5.92     419,593      4.97

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

  Other current assets        11,524       0.12     68,667      0.70     62,371       0.74

  Total current assets        4,348,782    43.38    5,746,468   58.25    4,597,894    54.47

  Non-current assets                                                                  

  Investments in associates   417,869      4.17     291,218     2.95     298,878      3.54

  Long-term investments , net 146,267      1.46     151,667     1.54     144,219      1.71

  Property , plant and        4,574,302    45.63    3,268,205   33.13    3,031,174    35.91
  equipment, net                                                                      

  Intangible assets , net     437,256      4.36     389,393     3.95     345,681      4.10

  Other non-current assets,   100,051      1.00     18,361      0.19     23,651       0.28
  net                                                                                 

  Total non-current assets    5,675,745    56.62    4,118,846   41.76    3,843,604    45.53

  Total assets                10,024,527   100.00   9,865,314   100.00   8,441,498    100.00
  --------------------------- ------------ -------- ----------- -------- ------------ --------

Thai Stanley Electric Public Company Limited

Balance Sheets

  As at 31 March 2010 to 31 March 2012

  (Unit : Thousand Baht)

+-----------------------------+-------+----+-------+----+-------+----+
|                             | Au    |    |       |    |       |    |
|                             | dited |    |       |    |       |    |
+-----------------------------+-------+----+-------+----+-------+----+
|                             | Mar31 | (  | Mar31 | (  | Mar   | (  |
|                             | ,2012 | %) | ,2011 | %) | 31,   | %) |
|                             |       |    |       |    | 2010  |    |
+-----------------------------+-------+----+-------+----+-------+----+
| Liabilities and             |       |    |       |    |       |    |
| shareholders’equity         |       |    |       |    |       |    |
+-----------------------------+-------+----+-------+----+-------+----+
| Current liabilities         |       |    |       |    |       |    |
+-----------------------------+-------+----+-------+----+-------+----+
| Trade accounts payable -    | 49    | 4. | 50    | 5. | 43    | 5. |
| other companies             | 7,328 | 96 | 1,770 | 25 | 5,331 | 16 |
+-----------------------------+-------+----+-------+----+-------+----+
| Trade accounts payable -    | 15    | 1. | 19    | 2. | 14    | 1. |
| related companies           | 6,621 | 56 | 1,708 | 45 | 1,633 | 68 |
+-----------------------------+-------+----+-------+----+-------+----+
| Other accounts payable -    | 32    | 3. | 20    | 1. | 11    | 1. |
| other companies             | 1,752 | 21 | 5,281 | 91 | 4,123 | 35 |
+-----------------------------+-------+----+-------+----+-------+----+
| Other accounts payable -    | 18    | 1. | 17    | 1. | 10    | 1. |
| related parties             | 6,129 | 86 | 1,196 | 23 | 9,727 | 30 |
+-----------------------------+-------+----+-------+----+-------+----+
| Accured corporate income    | -     | -  | 26    | 2. | 22    | 2. |
| tax                         |       |    | 9,432 | 73 | 7,205 | 69 |
+-----------------------------+-------+----+-------+----+-------+----+
| Advance received from       | 6     | 0. | 8     | 0. | 1     | 0. |
| customers                   | 2,278 | 62 | 5,710 | 87 | 5,650 | 19 |
+-----------------------------+-------+----+-------+----+-------+----+
| Other current liabilities   | 19    | 1. | 10    | 1. | 8     | 1. |
|                             | 2,185 | 92 | 7,240 | 09 | 9,237 | 06 |
+-----------------------------+-------+----+-------+----+-------+----+
| Total current liabilities   | 1,41  | 1  | 1,53  | 1  | 1,13  | 1  |
|                             | 6,293 | 4. | 2,641 | 5. | 2,906 | 3. |
|                             |       | 13 |       | 53 |       | 42 |
+-----------------------------+-------+----+-------+----+-------+----+
| Retirement benefit          | 11    | 1. | 9     | 0. | 4     | 0. |
| obligation                  | 1,671 | 11 | 2,290 | 94 | 6,753 | 55 |
+-----------------------------+-------+----+-------+----+-------+----+
| Total liabilities           | 1,52  | 1  | 1,62  | 1  | 1,17  | 1  |
|                             | 7,964 | 5. | 4,931 | 6. | 9,659 | 3. |
|                             |       | 24 |       | 47 |       | 97 |
+-----------------------------+-------+----+-------+----+-------+----+
| Shareholders’ equity        |       |    |       |    |       |    |
+-----------------------------+-------+----+-------+----+-------+----+
| Authorised Share capital    | 38    | 3. | 38    | 3. | 38    | 4. |
|                             | 3,125 | 83 | 3,125 | 88 | 3,125 | 54 |
+-----------------------------+-------+----+-------+----+-------+----+
| Premium on share capital    | 50    | 5. | 50    | 5. | 50    | 5. |
|                             | 4,250 | 03 | 4,250 | 11 | 4,250 | 97 |
+-----------------------------+-------+----+-------+----+-------+----+
| Retained earnings           |       |    |       |    |       |    |
|                             |       |    |       |    |       |    |
| Appropriated                |       |    |       |    |       |    |
+-----------------------------+-------+----+-------+----+-------+----+
| Legal reserve               | 3     | 0. | 3     | 0. | 3     | 0. |
|                             | 8,313 | 38 | 8,313 | 39 | 8,313 | 45 |
+-----------------------------+-------+----+-------+----+-------+----+
| Unappropriated              | 7,67  | 7  | 7,44  | 7  | 6,40  | 7  |
|                             | 8,162 | 6. | 9,618 | 5. | 5,016 | 5. |
|                             |       | 59 |       | 51 |       | 88 |
+-----------------------------+-------+----+-------+----+-------+----+
| Other components of equity  | (107  | (1 | (139  | (1 | (68   | (0 |
|                             | ,287) | .0 | ,543) | .4 | ,865) | .8 |
|                             |       | 7) |       | 1) |       | 2) |
+-----------------------------+-------+----+-------+----+-------+----+
| Total shareholders’ equity  | 8,49  | 8  | 8,24  | 8  | 7,26  | 8  |
|                             | 6,563 | 4. | 0,382 | 3. | 1,839 | 6. |
|                             |       | 76 |       | 53 |       | 03 |
+-----------------------------+-------+----+-------+----+-------+----+
| Total liabilities and       | 10,02 | 10 | 9,86  | 10 | 8,44  | 10 |
| shareholders’quity          | 4,527 | 0. | 5,314 | 0. | 1,498 | 0. |
|                             |       | 00 |       | 00 |       | 00 |
+-----------------------------+-------+----+-------+----+-------+----+
| Book Value * (Baht)         | 1     |    | 1     |    | 94.77 |    |
|                             | 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 2010 to 31 March 2012

(The equity method) (Unit : Thousand Baht)

+---------------------------+--------+----+-------+----+-------+----+
|                           | A      |    |       |    |       |    |
|                           | udited |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
|                           | Mar31, | (  | Mar31 | (  | Mar31 | (  |
|                           | 2012   | %) | ,2011 | %) | ,2010 | %) |
+---------------------------+--------+----+-------+----+-------+----+
| Revenue                   |        |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Sales                     | 7,8    | 10 | 8,93  | 10 | 7,28  | 10 |
|                           | 00,988 | 0. | 9,609 | 0. | 6,367 | 0. |
|                           |        | 00 |       | 00 |       | 00 |
+---------------------------+--------+----+-------+----+-------+----+
| Dividend income           | 63,488 | 0. | 5     | 0. | 4     | 0. |
|                           |        | 81 | 2,603 | 59 | 8,064 | 66 |
+---------------------------+--------+----+-------+----+-------+----+
| Gain on exchange rates ,  | 19,003 | 0. | 2,120 | 0. | 7,574 | 0. |
| net                       |        | 25 |       | 02 |       | 10 |
+---------------------------+--------+----+-------+----+-------+----+
| Others                    | 2      | 2. | 17    | 1. | 12    | 1. |
|                           | 22,188 | 85 | 1,048 | 91 | 8,563 | 76 |
+---------------------------+--------+----+-------+----+-------+----+
| Total Revenue             | 8,1    | 10 | 9,16  | 10 | 7,47  | 10 |
|                           | 05,667 | 3. | 5,380 | 2. | 0,568 | 2. |
|                           |        | 91 |       | 52 |       | 52 |
+---------------------------+--------+----+-------+----+-------+----+
| Cost of sales             | 6,4    | 8  | 6,58  | 7  | 5,71  | 7  |
|                           | 77,659 | 3. | 1,400 | 3. | 5,725 | 8. |
|                           |        | 03 |       | 62 |       | 44 |
+---------------------------+--------+----+-------+----+-------+----+
| Selling and               | 6      | 8. | 65    | 7. | 53    | 7. |
| administrative expenses   | 31,527 | 10 | 6,132 | 34 | 8,983 | 40 |
+---------------------------+--------+----+-------+----+-------+----+
| Expenses arising from     | 1      | 2. | -     | -  | -     | -  |
| floods , net              | 62,138 | 08 |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Total Expenses            | 7,2    | 9  | 7,23  | 8  | 6,25  | 8  |
|                           | 71,324 | 3. | 7,532 | 0. | 4,708 | 5. |
|                           |        | 21 |       | 96 |       | 84 |
+---------------------------+--------+----+-------+----+-------+----+
| Operation profit          | 8      | 1  | 1,92  | 2  | 1,21  | 1  |
|                           | 34,344 | 0. | 7,848 | 1. | 5,859 | 7. |
|                           |        | 70 |       | 56 |       | 01 |
+---------------------------+--------+----+-------+----+-------+----+
| Share of profit from      | 1      | 1. | 8     | 0. | 9     | 1. |
| investment in             | 39,722 | 79 | 4,072 | 94 | 2,751 | 27 |
|                           |        |    |       |    |       |    |
| associates                |        |    |       |    |       |    |
+---------------------------+--------+----+-------+----+-------+----+
| Profit before financial   | 9      | 1  | 2,01  | 2  | 1,30  | 1  |
| costs and income tax      | 74,067 | 2. | 1,920 | 2. | 8,610 | 7. |
|                           |        | 49 |       | 50 |       | 96 |
+---------------------------+--------+----+-------+----+-------+----+
| Interest expenses         | -      | -  | -     | -  | 5     | 0. |
|                           |        |    |       |    |       | 00 |
+---------------------------+--------+----+-------+----+-------+----+
| Profit before income tax  | 9      | 1  | 2,01  | 2  | 1,30  | 1  |
|                           | 74,067 | 2. | 1,920 | 2. | 8,605 | 7. |
|                           |        | 49 |       | 50 |       | 96 |
+---------------------------+--------+----+-------+----+-------+----+
| Income tax                | 2      | 3. | 58    | 6. | 35    | 4. |
|                           | 47,481 | 17 | 4,208 | 53 | 1,164 | 82 |
+---------------------------+--------+----+-------+----+-------+----+
| Net profit for ther year  | 7      | 9. | 1,42  | 1  | 95    | 1  |
|                           | 26,586 | 31 | 7,711 | 5. | 7,441 | 3. |
|                           |        |    |       | 97 |       | 14 |
+---------------------------+--------+----+-------+----+-------+----+
| Net profit per share      | 9.48   |    | 18.63 |    | 12.50 |    |
+---------------------------+--------+----+-------+----+-------+----+
| Par Value (Baht / Share)  | 5      |    | 5     |    | 5     |    |
+---------------------------+--------+----+-------+----+-------+----+
| Weighted Average Number   | 76,625 |    | 7     |    | 7     |    |
| of Share                  |        |    | 6,625 |    | 6,625 |    |
|                           |        |    |       |    |       |    |
| (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 2010 to 31 March 2012

(Unit: Thousand baht)

+-----------------------------------+-------------+----------+---------+
|                                   | Audited     |          |         |
+-----------------------------------+-------------+----------+---------+
|                                   | Mar 31,2012 | Mar      | Mar     |
|                                   |             | 31,2011  | 31,2010 |
+-----------------------------------+-------------+----------+---------+
| Cash flows from operating         |             |          |         |
| activities:                       |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Profit before income tax for the  | 974,067     | 2        | 1,      |
| year                              |             | ,011,920 | 308,605 |
+-----------------------------------+-------------+----------+---------+
| Adjustments to reconcile profit   |             |          |         |
| before income tax                 |             |          |         |
|                                   |             |          |         |
| For the year to net cash provided |             |          |         |
| by operations:                    |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Depreciation and amortisation     | 745,599     | 985,683  | 837,322 |
+-----------------------------------+-------------+----------+---------+
| Interest expenses                 | -           | -        | 5       |
+-----------------------------------+-------------+----------+---------+
| Interest income                   | (83,863)    | (51,324) | (       |
|                                   |             |          | 23,718) |
+-----------------------------------+-------------+----------+---------+
| Share profit (loss) from          | (139,722)   | (84,071) | (       |
| investments in associates         |             |          | 92,751) |
+-----------------------------------+-------------+----------+---------+
| Dividend income from              |             |          |         |
+-----------------------------------+-------------+----------+---------+
| - Long-term investments           | (63,488)    | (52,603) | (       |
|                                   |             |          | 48,064) |
+-----------------------------------+-------------+----------+---------+
| Gains on disposal of equipment    | (4,184)     | (5,886)  | (1,528) |
+-----------------------------------+-------------+----------+---------+
| Losses on write off intangible    | -           | -        | 8,038   |
| assets                            |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Allowance for slow moving         | 16,013      | (5,335)  | 361     |
| inventories and net realisable    |             |          |         |
|                                   |             |          |         |
| value lower than cost of          |             |          |         |
| inventories                       |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Impairment of long term           | 5,000       | -        | -       |
| investment                        |             |          |         |
|                                   | 4,161       | -        | -       |
| Allowance for doubtful account    |             |          |         |
|                                   | 50,477      | -        | -       |
| Loss on write off of damaged      |             |          |         |
| inventories from floods           |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Provision for retirement benefit  | 19,751      | 45,980   | 28,410  |
+-----------------------------------+-------------+----------+---------+
| Unrealised loss (gain) on         | 285         | (559)    | 107     |
| exchange rates                    |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Cash flows before changes in      | 1,524,096   | 2        | 2,      |
| operating assets and liabilities  |             | ,643,803 | 016,788 |
+-----------------------------------+-------------+----------+---------+
| Trade and other account           | (91,286)    | (        | (5      |
| receivable                        |             | 119,498) | 33,508) |
+-----------------------------------+-------------+----------+---------+
| Trade account receivable related  | -           | -        | (       |
| parties                           |             |          | 12,522) |
+-----------------------------------+-------------+----------+---------+
| Inventories                       | (330,549)   | (        | 92,697  |
|                                   |             | 159,406) |         |
+-----------------------------------+-------------+----------+---------+
| Other current assets              | (6,724)     | (1,003)  | 504     |
+-----------------------------------+-------------+----------+---------+
| Other non-current assets          | (6,287)     | 5,289    | (5,249) |
+-----------------------------------+-------------+----------+---------+
| Trade accounts payable other      | (4,442)     | 70,867   | 196,413 |
| companies                         |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Trade accounts payable related    | (35,087)    | 57,071   | 62,398  |
| parties                           |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Other accounts payable other      | 120,222     | 30,426   | 24,479  |
| companies                         |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Other accounts payable related    | 26,091      | 43,314   | 22,202  |
| parties                           |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Advance received from customers   | (23,432)    | 70,060   | (       |
|                                   |             |          | 39,024) |
+-----------------------------------+-------------+----------+---------+
| Other current liabilities         | 84,641      | 18,239   | 13,313  |
+-----------------------------------+-------------+----------+---------+
| Payments for retirement benefits  | (371)       | (443)    | (66)    |
| obligation                        |             |          |         |
+-----------------------------------+-------------+----------+---------+
| Cash generated from operation     | 1,256,873   | 2        | 1,      |
|                                   |             | ,658,718 | 838,490 |
+-----------------------------------+-------------+----------+---------+
| - Interest paid                   | -           | -        | (5)     |
+-----------------------------------+-------------+----------+---------+
| - Interest received               | 83,073      | 37,999   | 18,965  |
+-----------------------------------+-------------+----------+---------+
| - Income tax paid                 | (552,718)   | (        | (2      |
|                                   |             | 541,980) | 14,871) |
+-----------------------------------+-------------+----------+---------+
| Net cash received from operating  | 787,229     | 2        | 1,      |
| activities                        |             | ,154,737 | 642,579 |
+-----------------------------------+-------------+----------+---------+

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2010 to 31 March 2012

(Unit: Thousand baht)

+------------------------------------+----------+----------+----------+
|                                    | Audited  |          |          |
+------------------------------------+----------+----------+----------+
|                                    | March    | March    | March    |
|                                    | 31, 2012 | 31, 2011 | 31, 2010 |
+------------------------------------+----------+----------+----------+
| Cash flows from investing          |          |          |          |
| activities:                        |          |          |          |
+------------------------------------+----------+----------+----------+
| Purchases of property , plant and  | (1,      | (        | (        |
| equipment                          | 965,826) | 862,560) | 435,790) |
|                                    |          |          |          |
| Advance payment for purchase of    | (75,043) | -        | -        |
| machines                           |          |          |          |
+------------------------------------+----------+----------+----------+
| Proceeds form disposals of         | 9,138    | 6,395    | 9,565    |
| equipment                          |          |          |          |
+------------------------------------+----------+----------+----------+
| Interest received on short-term    | 4,014    | 10,501   | 2,955    |
| investments held to maturity       |          |          |          |
|                                    |          |          |          |
| Dividends received from            |          |          |          |
+------------------------------------+----------+----------+----------+
| - Investmenst in associates        | 41,109   | 25,913   | 30,149   |
+------------------------------------+----------+----------+----------+
| - Long-term investments            | 63,488   | 52,603   | 48,064   |
+------------------------------------+----------+----------+----------+
| Purchase of intangible assets      | (        | (        | (        |
|                                    | 153,596) | 136,844) | 108,631) |
+------------------------------------+----------+----------+----------+
| Purchase of long-term investments  | -        | (7,688)  | -        |
| – other company                    |          |          |          |
+------------------------------------+----------+----------+----------+
| Cash receipts from short-term      | 560,986  | 2        | 498,746  |
| investment held to maturity        |          | ,289,498 |          |
+------------------------------------+----------+----------+----------+
| Cash payment on short –term        | (        | (1,      | (        |
| investment held to maturity        | 198,850) | 874,905) | 975,579) |
+------------------------------------+----------+----------+----------+
| Net Cash use in investing          | (1,      | (        | (        |
| activities                         | 714,940) | 497,086) | 930,521) |
+------------------------------------+----------+----------+----------+
| Dividends paid                     | (        | (        | (        |
|                                    | 498,042) | 383,110) | 383,110) |
+------------------------------------+----------+----------+----------+
| Net cash used in financing         | (        | (        | (        |
| activities                         | 498,042) | 383,110) | 383,110) |
+------------------------------------+----------+----------+----------+
| Net increase (decrease) in cash    | (1,      | 1        | 328,947  |
| and cash equivalents               | 425,753) | ,274,541 |          |
+------------------------------------+----------+----------+----------+
| Cash and cash equivalents at       | 3        | 1        | 1        |
| beginning of the year              | ,133,890 | ,858,790 | ,529,911 |
+------------------------------------+----------+----------+----------+
| Effects of exchange rate changes   | (286)    | 559      | (68)     |
+------------------------------------+----------+----------+----------+
| Cash and cash equivalents at end   | 1        | 3        | 1        |
| of the year                        | ,707,852 | ,133,890 | ,858,790 |
+------------------------------------+----------+----------+----------+

Non-cash transactions:

Purchase of plant and equipment by credit 64,575 79,483 11,953

(C) Financial ratio

Thai Stanley Electric Public Company Limited

Ratio of financial statement

(The Company Only) (Unit: Thousand baht)

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

                                       31 March    31 March 2011 31 March
                                       2012                      2010

  Liquidity Ratio                                                

  Current Ratio              (Times)   3.07        3.75          4.06

  Quick Ratio                (Times)   2.30        3.32          3.63

  Cash Ratio                 (Times)   0.53        1.64          1.45

  Receivable Turnover Ratio  (Times)   5.19        6.67          7.22

  Collection Period          (Days)    69.36       53.97         49.86

  Inventory Turnover         (Times)   9.04        13.11         12.26

  Sale Period                (Days)    39.82       27.46         29.36

  Account Payable Turnover   (Times)   5.80        9.84          11.97

  Payment Period             (Days)    62.07       36.59         30.08

  Cash Cycle                 (Days)    47.11       44.84         49.14

  Profitability Ratio                                            

  Gross Profit Margin        (%)       16.96       26.38         21.56

  Net Profit Margin          (%)       8.96        15.58         12.66

  Return on Equity           (%)       8.68        18.42         13.66

  Efficiency Ratio                                               

  Return on Assets           (%)       7.31        15.60         12.01

  Return on Fixed Assets     (%)       34.85       55.60         53.78

  Asset Turnover             (Times)   0.82        1.00          0.95

  Financial Policy Ratio                                         

  Debt to Equity             (Times)   0.18        0.20          0.16

  Interest coverage Ratio    (Times)   -**         -**           252,725.09

  Fixed Charge Coverage      (Times)   1.58        7.01          4.85

  (CASH BASIS)                                                   

  Payout Ratio               (%)       *           36.37         42.81
  -------------------------- --------- ----------- ------------- ------------

  * It will be approved from the ordinary shareholders’ meeting year
  2012

  ** The company have not interest payment .

(2) Management Analysis and explanations.

In 2011, the company gains the total revenue of 8,290.34 million baht,
decreased 9.55 percent from year 2010, because of flooding in Thailand,
as a result, economic interruption from the previous year. The details
can be shown as follows;

Company’s Revenue

The year 2011, our total revenue were 8,290.34 million baht, which was
875.04 million baht decrease or 9.55 percent of previous year as from
Sales were 7,800.99 million baht, which were 1,138.62 million baht
decrease or 12.74 percent more of previous year from domestic sale
decrease 23.31 percent and export sale increase 37.56 percent. And
Dividend income increase 260.80 million baht, Other Incomes increase
51.14 million baht from previous year, interest Income increased 32.54
million baht of previous year from interest rate increase and other
income increase 11.22 million baht.

Company Expenses

The Expenses in fiscal year 2011 were 7,455.44 million baht which was
227.91 million baht increase or 3.02 percent more of Year 2010, as from
cost of Sales were 6,477.66 million baht or 83.04 percent of sale and
1.50 percent more of previous year The company was affected by the flood
in Thailand, As a result, there are other expenses. The detail of
expenses arising from floods, other expenses arising from floods
including flood-prevention and rehabilitation expenses were 187.82
million baht, staff salaries and other fixed expenses during the period
when the company stopped and rehabilitated its operation was 108.51
million and loss on write-off of damaged inventories from floods was
50.48 million. The company has entered into insurance contract which
cover business interruption, damaged inventories and assets. At present,
the company is still in the process of filing insurance claims with its
insurance companies. Now the company received the first reimbursement
from the insurance companies amounting to baht 184.67 million.

Selling expenses of year 2011 were 402.79 million baht, which was 20.23
million baht or 4.78 percent decrease of previous year, from staff cost
increase 7.08 million baht or 4.45 percent of previous year, Royalty
expenses decrease 27.31million baht or 10.82 percent.

Administration expenses of year were 228.74 million baht decrease from
previous year 9.71 million bath or 4.07 percent.

Income Tax was 247.48 million baht decrease from the previous year
336.73 million baht; this was from the flood in Thailand.

Net Profit

Net Profit of the company was 726.59 million baht, decrease from the
previous year 701.12 million baht or 49.11 percent because the flooding
situation in the central region of Thailand , and sales was
significantly decrease while the company still has fixed expenses and
flood-prevention and rehabilitation expenses.

Financial Situation of the Company

Total Assets

Total Assets of the Company were 10,024.53 million baht increase from
last year were 9,865.31 million baht in 159.22 million baht, or 1.61
percent decreasing, from cash and cash equivalents decrease 1,426.04
million baht or 45.50 percent that caused an additional investment in a
new plant, deposit in treasury bills and bills of exchange term under 3
months. Short term investment held to maturity decreases 362.54 million
baht or 64.55 percent from deposit decrease in short-term investment
held to maturity.

Trade accounts receivable and other account receivable, net increase
83.90 million or 5.74 percent, from value added tax receivable from
Revenue Department was 95.59 million baht due in March 2555 has sold
increases the balance of receivables – related parties was 50.53 million
baht or 63.53 percent and account receivable trade decrease from the
previous year 85.01 million baht or 6.44 percent from flood situation
past year, And inventory increased 264.06 million baht or 39.26 percent.

Investment in associates increase 126.65 million baht or 43.49 percent
from share of profit and foreign currency translation adjustment in
Vietnam Stanley Electric Co., Ltd., and Lao Stanley Co.,Ltd , so the
ratio of investment increase.

Property ,Plant and equipment net, increase 1,306.09 million baht or
39.96 percent, this was from invest in Land 292.08 million baht, and
investment in new plant increase 1,658.84 million baht.

Intangible assets net, increase 47.87 million baht or 12.29 percent,
which was the capital of new product design development project.

Total Liabilities

Total liabilities of the company were 1,416.29 million baht decrease
116.35 million baht or 7.59 percent more of last year from income tax
decrease 269.43 million baht, And accrued income tax increase 42.23
million baht or 18.59 percent.

Other current liabilities increase 84.65 million baht or 71.71 percent.
Retirement benefit obligation increase 19.38 million baht or 21 percent,
which was the provision under Thai Labor Law.

Shareholders’ equity

The Shareholders equity were 8,496.56 million baht increase 256.18
million baht or 3.11 percent, net profit of the company was 726.59
million baht and dividends has been paid in year 2011 for the amount
498.04 million baht and currency translation adjustments in Vietnam
Stanley Electric Co., Ltd. And Lao Stanley increase 27.63 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 0.10 million baht

  B. Other service fee

Reviewing compliance with conditions of BOI promotion certificate amount
0.12

million baht.