11. Financial Status & Business Performance

11.1 Financial Statements

11.1.1 Summary of Auditors’ Report

Summary of Auditors’ Report of Financial Statements ended March 31, 2009

From the report of the Company’s auditor, Miss Thipawan Nananuwat
holding certified public number 3459 of Ernst & Yong Office Limited and
whose name is on the approval list of the Office of Securities and
Exchange Commission, has audited the Company’s consolidated and separate
financial statements including the balance sheet, income statement,
statement of changes in shareholders’ equity and cash flow statement.
The auditor is of the opinion that the financial statements for the
accounting period ended March 31, 2009 present fairly, in all material
respects in accordance with generally accepted accounting principles but
drew attention to the following:

-   The Company has been unable to transfer the Company’s ordinary
    shares temporarily registered in the name of a subsidiary, deposited
    with the creditors at the Central Bankruptcy Court as guarantees of
    debt settlement, to creditors since there are still undue debts and
    debts pending final court judgment or comptroller’s orders as
    discussed in Note 25 to the financial statements.

-   The Company has outstanding balances of cash deposited with the
    Central Bankruptcy Court as guarantees of settlement of unsecured
    and secured creditors as discussed in Note 13 to the financial
    statements. However, the Company has completely recorded such debts
    in its accounts and the secured creditors are provided guarantees by
    the mortgage of the Company’s assets in full.

-   The Company has been unable to transfer certain assets to creditors
    since there are still debts pending final court judgment or
    comptroller’s orders as discussed in Notes 15 and 16 to the
    financial statements.

Summary of Auditors’ Report of Financial Statements ended March 31, 2008

From the report of the Company’s auditor, Mr. Supachai Phanyawattano
holding certified public accountant number 3930 of Ernst & Yong Office
Limited and whose name is on the approval list of the Office of
Securities and Exchange Commission, the auditor, is of the opinion that
the financial statements for the accounting period ended March 31, 2008
present fairly, in all material respects in accordance with generally
accepted accounting principles but drew attention to complying with some
conditions under the business rehabilitation plan and the change in
accounting policy for recording investments in subsidiaries and
associates in the separate financial statements from the equity method
to the cost method.

Summary of Auditors’ Report of Financial Statements ended March 31, 2007

From the report of the Company’s auditor, Mr. Supachai Phanyawattano
holding certified public accountant number 3930 of Ernst & Young Office
Limited and whose name is on the approval list of the Office of
Securities and Exchange Commission, the auditor has expressed no
qualifying opinion on the financial statements for the accounting period
ended March 31, 2007 but drew attention to uncertainties to comply with
the rehabilitation plan.

11.1.2 Summary of Financial Statements

Balance Sheets (Unit : Million Baht)

+------------------------------+----+------+----+------+-----+-----+
|                              | Ac |      | Ac |      | A   |     |
|                              | co |      | co |      | cco |     |
|                              | un |      | un |      | unt |     |
|                              | ti |      | ti |      | ing |     |
|                              | ng |      | ng |      | Per |     |
|                              | Pe |      | Pe |      | iod |     |
|                              | ri |      | ri |      | Y   |     |
|                              | od |      | od |      | ear |     |
|                              | Ye |      | Ye |      | 2   |     |
|                              | ar |      | ar |      | 006 |     |
|                              | 20 |      | 20 |      |     |     |
|                              | 08 |      | 07 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|                              | As |      | As |      | As  |     |
|                              | at |      | at |      | at  |     |
|                              |    |      |    |      |     |     |
|                              | M  |      | M  |      | Ma  |     |
|                              | ar |      | ar |      | rch |     |
|                              | ch |      | ch |      | 31, |     |
|                              | 3  |      | 3  |      | 2   |     |
|                              | 1, |      | 1, |      | 007 |     |
|                              | 20 |      | 20 |      |     |     |
|                              | 09 |      | 08 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|                              | Am | %    | Am | %    | Amo | %   |
|                              | ou |      | ou |      | unt |     |
|                              | nt |      | nt |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
| Assets                       |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Cash and cash equivalents  | 61 | 0.9% | 1  | 2.3% | 117 | 1   |
|                              |    |      | 54 |      |     | .7% |
+------------------------------+----+------+----+------+-----+-----+
|   Short-term investment      | -  | -    | -  | -    | 47  | 0   |
|                              |    |      |    |      |     | .7% |
+------------------------------+----+------+----+------+-----+-----+
|   Trade accounts             | 50 | 0.7% | 9  | 0.1% | 14  | 0   |
|   receivable - net           |    |      |    |      |     | .2% |
+------------------------------+----+------+----+------+-----+-----+
|   Unbilled receivables       | 80 | 1.2% | 1  | 2.2% | -   | -   |
|                              |    |      | 47 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Accounts receivable from   | 2  | 3.8% | -  | -    | -   | -   |
|   sale of rights of claim    | 58 |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Short-term loans and       | 8  | 0.1% | -  | -    | -   | -   |
|   advances to related        |    |      |    |      |     |     |
|   parties - net              |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Real estate development    | 1  | 1    | 1  | 1    | 1,  | 15  |
|   costs - net                | ,0 | 5.2% | ,0 | 6.3% | 079 | .6% |
|                              | 28 |      | 83 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Construction in progress - | 13 | 0.2% | 39 | 0.6% | 169 | 2   |
|   net                        |    |      |    |      |     | .4% |
+------------------------------+----+------+----+------+-----+-----+
|   Assets awaiting transfer   | 2  | 3.4% | 2  | 3.4% | 1,  | 18  |
|   under rehabilitation       | 27 |      | 28 |      | 310 | .9% |
|   plan - net                 |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Investments in             | 2  | 3.3% | 2  | 3.4% | 224 | 3   |
|   subsidiaries awaiting      | 24 |      | 24 |      |     | .2% |
|   transfer under             |    |      |    |      |     |     |
|   rehabilitation plan - net  |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Other current assets       |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Advances to contractors    | 37 | 0.5% | 30 | 0.5% | -   | -   |
+------------------------------+----+------+----+------+-----+-----+
|   Advances to contractors –  | -  | -    | -  | -    | -   | -   |
|   related party              |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Advance for land           | -  | -    | 1  | 0.0% | -   | -   |
|   procurement of low-cost    |    |      |    |      |     |     |
|   residential housing        |    |      |    |      |     |     |
|   project                    |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Advances for purchases of  | -  | -    | 65 | 0.9% | -   | -   |
|   land and buildings         |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Other receivables - net    | 57 | 0.8% | 29 | 0.4% | 25  | 0   |
|                              |    |      |    |      |     | .4% |
+------------------------------+----+------+----+------+-----+-----+
|   Others                     | 11 | 0.2% | 25 | 0.4% | 28  | 0   |
|                              |    |      |    |      |     | .4% |
+------------------------------+----+------+----+------+-----+-----+
| Total current assets         | 2  | 3    | 1  | 2    | 3,  | 44  |
|                              | ,0 | 0.4% | ,9 | 9.6% | 079 | .4% |
|                              | 55 |      | 68 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Restricted deposits        | 3  | 0.0% | 3  | 0.0% | 3   | 0   |
|                              |    |      |    |      |     | .0% |
+------------------------------+----+------+----+------+-----+-----+
|   Cash deposited as          | 3  | 4.6% | 3  | 4.7% | 361 | 5   |
|   collateral for debt        | 13 |      | 13 |      |     | .2% |
|   settlement                 |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Advance for purchases of   | 11 | 0.2% | 24 | 0.4% | -   | -   |
|   land                       |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Loans to related parties - | 5  | 0.1% | 2  | 4.4% | 292 | 4   |
|   net                        |    |      | 92 |      |     | .2% |
+------------------------------+----+------+----+------+-----+-----+
|   Investments in             | -  | -    | -  | -    | -   | -   |
|   subsidiaries - net         |    |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Investments in             | 6  | 9.4% | 6  | 9.5% | -   | -   |
|   associates - net           | 33 |      | 36 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Other long-term            | 1  | 1.9% | 1  | 1.7% | 112 | 1   |
|   investments - net          | 26 |      | 13 |      |     | .6% |
+------------------------------+----+------+----+------+-----+-----+
|   Land held for future       | 1  | 1    | 7  | 1    | 601 | 8   |
|   development - net          | ,0 | 5.7% | 67 | 1.5% |     | .7% |
|                              | 75 |      |    |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Property, plant and        | 2  | 3    | 2  | 3    | 2,  | 32  |
|   equipment - net            | ,2 | 3.4% | ,3 | 4.9% | 271 | .7% |
|                              | 49 |      | 22 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
|   Leasehold rights - net     | 99 | 1.5% | 11 | 0.2% | 12  | 0   |
|                              |    |      |    |      |     | .2% |
+------------------------------+----+------+----+------+-----+-----+
|   Condominiums and fixtures  | 1  | 2.9% | 2  | 3.1% | 204 | 2   |
|   for lease - net            | 96 |      | 06 |      |     | .9% |
+------------------------------+----+------+----+------+-----+-----+
|   Other non-current assets   | 4  | 0.1% | 5  | 0.1% | -   | -   |
+------------------------------+----+------+----+------+-----+-----+
| Total non-current assets     | 4  | 6    | 4  | 7    | 3,  | 55  |
|                              | ,7 | 9.6% | ,6 | 0.4% | 856 | .6% |
|                              | 13 |      | 91 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+
| Total Assets                 | 6  | 100% | 6  | 10   | 6,  | 100 |
|                              | ,7 |      | ,6 | 0.0% | 935 | .0% |
|                              | 68 |      | 58 |      |     |     |
+------------------------------+----+------+----+------+-----+-----+

Balance Sheets (Continued)

(Unit : Million Baht)

+------------------------------+-----+-----+-----+-----+-----+-----+
|                              | A   |     | A   |     | A   |     |
|                              | cco |     | cco |     | cco |     |
|                              | unt |     | unt |     | unt |     |
|                              | ing |     | ing |     | ing |     |
|                              | Per |     | Per |     | Per |     |
|                              | iod |     | iod |     | iod |     |
|                              | Y   |     | Y   |     | Y   |     |
|                              | ear |     | ear |     | ear |     |
|                              | 2   |     | 2   |     | 2   |     |
|                              | 008 |     | 007 |     | 006 |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|                              | As  |     | As  |     | As  |     |
|                              | at  |     | at  |     | at  |     |
|                              |     |     |     |     |     |     |
|                              | Ma  |     | Ma  |     | Ma  |     |
|                              | rch |     | rch |     | rch |     |
|                              | 3   |     | 31, |     | 3   |     |
|                              | 1,2 |     | 2   |     | 1,2 |     |
|                              | 009 |     | 008 |     | 007 |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|                              | Amo | %   | Amo | %   | Amo | %   |
|                              | unt |     | unt |     | unt |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
| Liabilities & Shareholders’  |     |     |     |     |     |     |
| equity                       |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Short-term loan from       | 400 | 5   | 132 | 2   | -   | -   |
|   financial institution      |     | .9% |     | .0% |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Trade accounts payable     | 18  | 0   | 19  | 0   | 8   | 0   |
|                              |     | .3% |     | .3% |     | .1% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Short-term loans &         | 27  | 0   | 11  | 0   | 11  | 0   |
|   advances from related      |     | .4% |     | .2% |     | .2% |
|   parties                    |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Current portion of         | 1,  | 29  | 1,  | 28  | 4,  | 58  |
|   creditors per              | 972 | .1% | 889 | .4% | 021 | .0% |
|   rehabilitation plan        |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Accrued costs of           | 36  | 0   | 86  | 1   | -   | -   |
|   construction of low-cost   |     | .5% |     | .3% |     |     |
|   residential housing        |     |     |     |     |     |     |
|   projects                   |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Loan from financial        | 65  | 1   | -   | -   | -   | -   |
|   institution                |     | .0% |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Other current liabilities  |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Advances received from     | 59  | 0   | 49  | 0   | 69  | 1   |
|   employer                   |     | .9% |     | .7% |     | .0% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Provision for loss on      | 11  | 0   | -   | -   | -   | -   |
|   low-cost residential       |     | .2% |     |     |     |     |
|   housing project            |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Accrued expenses           | 46  | 0   | 41  | 0   | 36  | 0   |
|                              |     | .7% |     | .6% |     | .5% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Retention payable          | 71  | 1   | 72  | 1   | 6   | 0   |
|                              |     | .0% |     | .1% |     | .1% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Other payables             | 60  | 0   | 28  | 0   | 27  | 0   |
|                              |     | .9% |     | .4% |     | .4% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Others                     | 50  | 0   | 71  | 1   | 45  | 0   |
|                              |     | .7% |     | .1% |     | .6% |
+------------------------------+-----+-----+-----+-----+-----+-----+
| Total current liabilities    | 2,  | 41  | 2,  | 36  | 4,  | 60  |
|                              | 814 | .6% | 397 | .0% | 223 | .9% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Creditors per              | 257 | 3   | 580 | 8   | 747 | 10  |
|   rehabilitation plan – net  |     | .8% |     | .7% |     | .8% |
|   of current portion         |     |     |     |     |     |     |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Loans from directors       | 1   | 0   | 1   | 0   | 1   | 0   |
|                              |     | .0% |     | .0% |     | .0% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Loans from related parties | 9   | 0   | 10  | 0   | 10  | 0   |
|                              |     | .1% |     | .1% |     | .1% |
+------------------------------+-----+-----+-----+-----+-----+-----+
|   Other non-current          | 12  | 0   | 14  | 0   | 10  | 0   |
|   liabilities                |     | .2% |     | .2% |     | .1% |
+------------------------------+-----+-----+-----+-----+-----+-----+
| Total non-current            | 279 | 4   | 605 | 9   | 768 | 11  |
| liabilities                  |     | .1% |     | .1% |     | .1% |
+------------------------------+-----+-----+-----+-----+-----+-----+
| Total Liabilities            | 3,  | 45  | 3,  | 45  | 4,  | 72  |
|                              | 092 | .7% | 001 | .1% | 991 | .0% |
+------------------------------+-----+-----+-----+-----+-----+-----+

Balance Sheets (Continued)

(Unit : Million Baht)

+----------------------------+-----+-----+-----+-----+-----+------+
|                            | A   |     | A   |     | A   |      |
|                            | cco |     | cco |     | cco |      |
|                            | unt |     | unt |     | unt |      |
|                            | ing |     | ing |     | ing |      |
|                            | Per |     | Per |     | Per |      |
|                            | iod |     | iod |     | iod |      |
|                            | Y   |     | Y   |     | Y   |      |
|                            | ear |     | ear |     | ear |      |
|                            | 2   |     | 2   |     | 2   |      |
|                            | 008 |     | 007 |     | 006 |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|                            | As  |     | As  |     | As  |      |
|                            | at  |     | at  |     | at  |      |
|                            |     |     |     |     |     |      |
|                            | Ma  |     | Ma  |     | Ma  |      |
|                            | rch |     | rch |     | rch |      |
|                            | 31, |     | 31, |     | 31, |      |
|                            | 2   |     | 2   |     | 2   |      |
|                            | 009 |     | 008 |     | 007 |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|                            | Amo | %   | Amo | %   | Amo | %    |
|                            | unt |     | unt |     | unt |      |
+----------------------------+-----+-----+-----+-----+-----+------+
| Shareholders’ equity       |     |     |     |     |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Paid-up capital          | 5,  | 85  | 5,  | 87  | 5,  | 7    |
|                            | 813 | .9% | 813 | .3% | 333 | 6.9% |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Premium on ordinary      | 134 | 2   | 134 | 2   | -   | -    |
|   shares                   |     | .0% |     | .0% |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Unrealized gain (loss)   |     |     |     |     |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Revaluation surplus on   | 2,  | 29  | 2,  | 30  | 2,  | 2    |
|   Assets                   | 020 | .8% | 020 | .3% | 021 | 9.1% |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Revaluation deficit on   | (1) | 0   | (0) | 0   | 1   | 0.0% |
|   changes in value of      |     | .0% |     | .0% |     |      |
|   investments              |     |     |     |     |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Company’s shares held by | (   | -0  | (   | -0  | (   | -    |
|   subsidiaries             | 16) | .2% | 16) | .2% | 16) | 0.2% |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Capital reserve on       | 3   | 0   | 3   | 0   | 3   | 0.0% |
|   consolidation            |     | .0% |     | .0% |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Translation adjustment   | (1  | -2  | (1  | -2  | (1  | -    |
|                            | 34) | .0% | 34) | .0% | 34) | 1.9% |
+----------------------------+-----+-----+-----+-----+-----+------+
|   Deficit                  | (   | (   | (   | -62 | (   | -7   |
|                            | 4,1 | 61. | 4,1 | .7% | 5,2 | 5.9% |
|                            | 55) | 4%) | 75) |     | 64) |      |
+----------------------------+-----+-----+-----+-----+-----+------+
| Equity attributable to the | 3,  | 54  | 3,  | 54  | 1,  | 2    |
| Company’s shareholders     | 665 | .1% | 645 | .7% | 944 | 8.0% |
+----------------------------+-----+-----+-----+-----+-----+------+
| Minority interest – equity | 11  | 0   | 12  | 0   | -   | -    |
| attributable to minority   |     | .2% |     | .2% |     |      |
| shareholders of subsidiary |     |     |     |     |     |      |
+----------------------------+-----+-----+-----+-----+-----+------+
| Total Shareholders’ Equity | 3,  | 54  | 3,  | 54  | 1,  | 2    |
|                            | 676 | .3% | 657 | .9% | 944 | 8.0% |
+----------------------------+-----+-----+-----+-----+-----+------+
| Total Liabilities &        | 6,  | 1   | 6,  | 100 | 6,  | 10   |
| Shareholders’ Equity       | 768 | 00% | 658 | .0% | 935 | 0.0% |
+----------------------------+-----+-----+-----+-----+-----+------+

Income Statements

(Unit : Million Baht)

+----------------------+-------+-------+-------+-----+-------+-------+
|                      | Accou |       | Accou |     | Accou |       |
|                      | nting |       | nting |     | nting |       |
|                      | P     |       | P     |     | P     |       |
|                      | eriod |       | eriod |     | eriod |       |
|                      | Year  |       | Year  |     | Year  |       |
|                      | 2008  |       | 2007  |     | 2006  |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|                      | Ap    |       | Ap    |     | Ap    |       |
|                      | ril1, |       | ril1, |     | ril1, |       |
|                      | 2008  |       | 2007  |     | 2006  |       |
|                      | –     |       | –     |     | –     |       |
|                      |       |       |       |     |       |       |
|                      | March |       | March |     | March |       |
|                      | 31    |       | 31,   |     | 31,   |       |
|                      | ,2009 |       | 2008  |     | 2007  |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|                      | A     | %     | A     | %   | A     | %     |
|                      | mount |       | mount |     | mount |       |
+----------------------+-------+-------+-------+-----+-------+-------+
| Revenues             |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Revenues from      | 49    | 4.5%  | 10    | 0   | 30    | 0.1%  |
|   sales of real      |       |       |       | .4% |       |       |
|   estate             |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Revenues from land | -     | -     | 144   | 5   | 502   | 1.8%  |
|   procurement of     |       |       |       | .8% |       |       |
|   low-cost           |       |       |       |     |       |       |
|   residential        |       |       |       |     |       |       |
|   housing projects   |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Revenues from      | 547   | 50.8% | 832   | 33  | -     | -     |
|   construction       |       |       |       | .4% |       |       |
|   services           |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Rental and         | 168   | 15.6% | 138   | 5   | 75    | 0.3%  |
|   services income    |       |       |       | .5% |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Hotel income       | 37    | 3.4%  | 37    | 1   | 35    | 0.1%  |
|                      |       |       |       | .5% |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Other income       |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Gain on            | 195   | 18.1% | -     | -   | -     | -     |
|   cancellation of    |       |       |       |     |       |       |
|   guarantees         |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Gain on debt       | -     | -     | 12    | 0   | 2     | 87.7% |
|   restructuring      |       |       |       | .5% | 4,443 |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Gain on transfer   | -     | -     | 1,149 | 46  | -     | -     |
|   of assets for debt |       |       |       | .1% |       |       |
|   settlement         |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Revenue from       | 16    | 1.5%  | -     | -   | -     | -     |
|   expense settlement |       |       |       |     |       |       |
|   from land auction  |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Reversal of        | 12    | 1.1%  | 114   | 4   | 6     | 0.0%  |
|   allowance for      |       |       |       | .6% |       |       |
|   doubtful debts     |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Reversal of        | -     | -     | -     | -   | 1,597 | 5.7%  |
|   liabilities in     |       |       |       |     |       |       |
|   excess of amounts  |       |       |       |     |       |       |
|   per comptroller’s  |       |       |       |     |       |       |
|   order              |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Gain on transfer   | -     | -     | -     | -   | 1,050 | 3.8%  |
|   of assets for debt |       |       |       |     |       |       |
|   settlement         |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Interest income    | 1     | 0.1%  | 6     | 0   | 5     | 0.0%  |
|                      |       |       |       | .2% |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Gain on sales of   | -     | -     | -     | -   | 26    | 0.1%  |
|   investment in      |       |       |       |     |       |       |
|   associate          |       |       |       |     |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
|   Others             | 46    | 4.8%  | 48    | 1   | 94    | 0.3%  |
|                      |       |       |       | .9% |       |       |
+----------------------+-------+-------+-------+-----+-------+-------+
| Total revenues       | 1,071 | 100%  | 2,491 | 100 | 2     | 1     |
|                      |       |       |       | .0% | 7,863 | 00.0% |
+----------------------+-------+-------+-------+-----+-------+-------+

Income Statements (Continued)

(Unit : Million Baht)

+-----------------------+-------+-----+-------+-----+-------+-------+
|                       | Accou |     | Accou |     | Accou |       |
|                       | nting |     | nting |     | nting |       |
|                       | P     |     | P     |     | P     |       |
|                       | eriod |     | eriod |     | eriod |       |
|                       | Year  |     | Year  |     | Year  |       |
|                       | 2008  |     | 2007  |     | 2006  |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|                       | Ap    |     | Ap    |     | Ap    |       |
|                       | ril1, |     | ril1, |     | ril1, |       |
|                       | 2008  |     | 2007  |     | 2006  |       |
|                       | –     |     | –     |     | –     |       |
|                       |       |     |       |     |       |       |
|                       | March |     | March |     | March |       |
|                       | 31    |     | 31,   |     | 31,   |       |
|                       | ,2009 |     | 2008  |     | 2007  |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|                       | A     | %   | A     | %   | A     | %     |
|                       | mount |     | mount |     | mount |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
| Expenses              |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Costs of sales of   | 53    | 4   | 7     | 0   | 12    | 0.0%  |
|   real estate         |       | .9% |       | .3% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Costs of land       | -     | -   | 145   | 5   | 449   | 1.6%  |
|   procurement of      |       |     |       | .8% |       |       |
|   low-cost            |       |     |       |     |       |       |
|   residential housing |       |     |       |     |       |       |
|   projects            |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Costs of            | 536   | 49  | 845   | 33  | -     | -     |
|   construction        |       | .8% |       | .9% |       |       |
|   services            |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Costs of rentals    | 105   | 9   | 93    | 3   | 57    | 0.2%  |
|   and services        |       | .8% |       | .7% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Costs of hotel      | 23    | 2   | 22    | 0   | 22    | 0.1%  |
|   operation           |       | .2% |       | .9% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Selling and         | 18    | 1   | 16    | 0   | 343   | 1.2%  |
|   servicing expenses  |       | .6% |       | .6% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Administrative      | 216   | 20  | 226   | 9   | -     | -     |
|   expenses            |       | .6% |       | .1% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Management          | 38    | 3   | 23    | 0   | -     | -     |
|   remuneration        |       | .5% |       | .9% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Loss on provision   | 11    | 1   | 20    | 0   | 538   | 1.9%  |
|   for impairment of   |       | .0% |       | .8% |       |       |
|   assets              |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Loss on provision   | 13    | 1   | -     | -   | 17    | 0.1%  |
|   for loss on         |       | .2% |       |     |       |       |
|   diminution in value |       |     |       |     |       |       |
|   of projects         |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Doubtful debts      | -     | -   | -     | -   | 16    | 0.1%  |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Loss on provision   | -     | -   | -     | -   | 93    | 0.3%  |
|   for impairment of   |       |     |       |     |       |       |
|   low-cost            |       |     |       |     |       |       |
|   residential housing |       |     |       |     |       |       |
|   projects            |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
|   Loss on provision   | -     | -   | -     | -   | 100   | 0.4%  |
|   for impairment of   |       |     |       |     |       |       |
|   advance for         |       |     |       |     |       |       |
|   purchase of land    |       |     |       |     |       |       |
|   paid to prior       |       |     |       |     |       |       |
|   shareholders before |       |     |       |     |       |       |
|   acquisition of      |       |     |       |     |       |       |
|   subsidiary          |       |     |       |     |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+
| Total expenses        | 1,013 | 94  | 1,396 | 56  | 1,646 | 5.9%  |
|                       |       | .6% |       | .0% |       |       |
+-----------------------+-------+-----+-------+-----+-------+-------+

Income Statements (Continued)

(Unit : Million Baht)

+---------------------+-------+-------+-------+-------+-------+-------+
|                     | Accou |       | Accou |       | Accou |       |
|                     | nting |       | nting |       | nting |       |
|                     | P     |       | P     |       | P     |       |
|                     | eriod |       | eriod |       | eriod |       |
|                     | Year  |       | Year  |       | Year  |       |
|                     | 2008  |       | 2007  |       | 2006  |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|                     | Ap    |       | Ap    |       | Ap    |       |
|                     | ril1, |       | ril1, |       | ril1, |       |
|                     | 2008  |       | 2007  |       | 2006  |       |
|                     | –     |       | –     |       | –     |       |
|                     |       |       |       |       |       |       |
|                     | March |       | March |       | March |       |
|                     | 31,   |       | 31,   |       | 31,   |       |
|                     | 2009  |       | 2008  |       | 2007  |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|                     | A     | %     | A     | %     | A     | %     |
|                     | mount |       | mount |       | mount |       |
+---------------------+-------+-------+-------+-------+-------+-------+
| Income before share | 58    | 5.4%  | 1,094 | 43.9% | 2     | 94.1% |
| of loss from        |       |       |       |       | 6,217 |       |
| investment in       |       |       |       |       |       |       |
| associates          |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
| Share of loss from  | (6)   | -0.6% | (4)   | -0.1% | -     | -     |
| investments in      |       |       |       |       |       |       |
| associates          |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
| Income (loss)       | 51    | 4.8%  | 1,090 | 43.8% | 2     | 94.1% |
| before interest     |       |       |       |       | 6,217 |       |
| expenses and taxes  |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|   Interest expenses | (23)  | -2.2% | (1)   | 0.1%  | (2)   | -0.0% |
+---------------------+-------+-------+-------+-------+-------+-------+
| Income (loss)       | 28    | 2.6%  | 1,089 | 43.7% | 2     | 94.1% |
| before corporate    |       |       |       |       | 6,215 |       |
| income tax          |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|   Taxes             | (9)   | -0.8% | -     | 0.0%  | -     | 0.0%  |
+---------------------+-------+-------+-------+-------+-------+-------+
|   Net income (loss) | 20    | 1.8%  | 1,089 | 43.7% | 2     | 94.1% |
|   for the year      |       |       |       |       | 6,215 |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|                     |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|   Net income (loss) | 21    | 1.9%  | 1,089 | 43.7% | 2     | 94.1% |
|   attributable to:  |       |       |       |       | 6,215 |       |
|   equity holders of |       |       |       |       |       |       |
|   the parent        |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|   Minority interest | (1)   | -0.1% | -     | -     | -     | -     |
|   of the subsidiary |       |       |       |       |       |       |
+---------------------+-------+-------+-------+-------+-------+-------+
|                     | 20    | 1.8%  | 1,089 | 43.7% | 2     | 94.1% |
|                     |       |       |       |       | 6,215 |       |
+---------------------+-------+-------+-------+-------+-------+-------+

(Unit : Million Baht or otherwise specified)

+---------------------+---------------+---------------+---------------+
|                     | Accounting    | Accounting    | Accounting    |
|                     | Period Year   | Period Year   | Period Year   |
|                     | 2008          | 2007          | 2006          |
+---------------------+---------------+---------------+---------------+
|                     | April1, 2008  | April1, 2007  | April1, 2006  |
|                     | –             | –             | –             |
|                     |               |               |               |
|                     | March 31,2009 | March 31,     | March 31,     |
|                     |               | 2008          | 2007          |
+---------------------+---------------+---------------+---------------+
| Basic Earnings per  |               |               |               |
| Share               |               |               |               |
+---------------------+---------------+---------------+---------------+
| Net income          | 0.004         | 0.190         | 9.223         |
| attributed to       |               |               |               |
| equity holders of   |               |               |               |
| the parent          |               |               |               |
+---------------------+---------------+---------------+---------------+
| Weighted average    | 5,781,555,421 | 5,745,347,771 | 2,842,471,167 |
| number of ordinary  |               |               |               |
| shares (Shares)     |               |               |               |
+---------------------+---------------+---------------+---------------+

Cash Flow Statements

(Unit : Million Baht)

+--------------------------------------+---------+---------+----------+
|                                      | Acc     | Acc     | Ac       |
|                                      | ounting | ounting | counting |
|                                      | Period  | Period  | Period   |
|                                      |         |         |          |
|                                      | Year    | Year    | Year     |
|                                      | 2008    | 2007    | 2006     |
+--------------------------------------+---------+---------+----------+
|                                      | April1, | A       | April1,  |
|                                      | 2008 –  | pril1,l | 2006 –   |
|                                      |         | 2007 –  |          |
|                                      | March   |         | March    |
|                                      | 31,2009 | March   | 31,2007  |
|                                      |         | 31,2008 |          |
+--------------------------------------+---------+---------+----------+
| Cash flows from operating activities |         |         |          |
+--------------------------------------+---------+---------+----------+
| Net income (loss) before tax for the | 28.1    | 1,089.4 | 26,214.9 |
| year                                 |         |         |          |
+--------------------------------------+---------+---------+----------+
| Adjustments to reconcile net income  |         |         |          |
| before tax to net cash provided by   |         |         |          |
| (paid from) operating activities :-  |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Depreciation and amortization      | 43.9    | 30.0    | 76.9     |
+--------------------------------------+---------+---------+----------+
|   Share of loss from investments in  | 6.4     | 4.3     | -        |
|   associates                         |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Reversal of liabilities in excess  | (3.4)   | -       | (        |
|   of amounts per comptroller’s order |         |         | 1,597.4) |
+--------------------------------------+---------+---------+----------+
|   Gain on cancellation of guarantees | (195.1) | -       | -        |
+--------------------------------------+---------+---------+----------+
|   Gain on debt restructuring         | -       | (12.2)  | (2       |
|                                      |         |         | 4,442.9) |
+--------------------------------------+---------+---------+----------+
|   Gain on transfer of assets for     | -       | (1      | (        |
|   debt settlement                    |         | ,149.2) | 1,049.6) |
+--------------------------------------+---------+---------+----------+
|   Gain on sales of investment in     |         | -       | (25.6)   |
|   associated company                 |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Gain on sales of short-term        | -       | (1.0)   | -        |
|   investment                         |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Gain on receipt of assets for debt | (3.9)   | -       | -        |
|   settlement                         |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Reversal of allowance for doubtful | (11.8)  | (114.4) | (6.5)    |
|   debts                              |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Withholding tax written-off        | 26.3    | 1.1     | 2.3      |
+--------------------------------------+---------+---------+----------+
|   Doubtful debts                     | -       | 11.7    | 16.0     |
+--------------------------------------+---------+---------+----------+
|   Loss on provision for impairment   | -       | -       | 100.0    |
|   of advance for purchase of land    |         |         |          |
|   paid to prior shareholders before  |         |         |          |
|   acquisition of subsidiary          |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss on provision for impairment   | 10.6    | 19.8    | 537.8    |
|   of assets                          |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss on provision for loss on      | 11.2    | -       | -        |
|   low-cost residential housing       |         |         |          |
|   project                            |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss on adjustment of the value of | -       | -       | 42.1     |
|   loans according to related         |         |         |          |
|   company’s rehabilitation plan      |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss on provision for diminution   | 13.1    | -       | -        |
|   in value of projects               |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss on provision for diminution   | -       | -       | 17.5     |
|   in value of investments            |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Loss (gain) on sales of property,  | 0.8     | (0.5)   | -        |
|   plant and equipment                |         |         |          |
+--------------------------------------+---------+---------+----------+
|   Interest income                    | (1.2)   | (5.5)   | -        |
+--------------------------------------+---------+---------+----------+
|   Interest expenses                  | 22.8    | 0.5     | -        |
+--------------------------------------+---------+---------+----------+
| Loss from operating activities       | (52.3)  | (126.6) | (114.8)  |
| before changes in operating assets & |         |         |          |
| liabilities                          |         |         |          |
+--------------------------------------+---------+---------+----------+

Cash Flow Statements (Continued)

(Unit : Million Baht)

+-------------------------------------+----------+----------+----------+
|                                     | Ac       | Ac       | Ac       |
|                                     | counting | counting | counting |
|                                     | Period   | Period   | Period   |
|                                     |          |          |          |
|                                     | Year     | Year     | Year     |
|                                     | 2008     | 2007     | 2006     |
+-------------------------------------+----------+----------+----------+
|                                     | April1,  | April1,  | April1,  |
|                                     | 2008 –   | 2007 –   | 2006 –   |
|                                     |          |          |          |
|                                     | March    | March    | March    |
|                                     | 31,2009  | 31,2008  | 31,2007  |
+-------------------------------------+----------+----------+----------+
| Decrease (increase) in operating    |          |          |          |
| assets :-                           |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Trade accounts receivable         | (41.8)   | 3.0      | 0.7      |
+-------------------------------------+----------+----------+----------+
|   Unbilled receivables              | 66.8     | (146.8)  | -        |
+-------------------------------------+----------+----------+----------+
|   Real estate development costs     | 41.3     | (7.9)    | 9.5      |
+-------------------------------------+----------+----------+----------+
|   Land procurement costs of         | -        | -        | 127.7    |
|   low-cost residential housing      |          |          |          |
|   projects                          |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Construction in progress          | 26.3     | 110.8    | (169.2)  |
+-------------------------------------+----------+----------+----------+
|   Advances for land procurement of  | -        | -        | (1.0)    |
|   low-cost residential housing      |          |          |          |
|   project                           |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Advances to contractors           | (23.2)   | (13.8)   | -        |
+-------------------------------------+----------+----------+----------+
|   Other receivables                 | 3.7      | (7.7)    | (2.7)    |
+-------------------------------------+----------+----------+----------+
|   Other current assets              | (1.8)    | 2.1      | (20.0)   |
+-------------------------------------+----------+----------+----------+
|   Other non-current assets          | 0.5      | (4.4)    | (1.3)    |
+-------------------------------------+----------+----------+----------+
| Increase (decrease) in operating    |          |          |          |
| liabilities :-                      |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Trade accounts payable            | (1.0)    | 10.2     | (4.6)    |
+-------------------------------------+----------+----------+----------+
|   Accrued costs of construction of  | (50.1)   | 85.8     | -        |
|   low-cost residential housing      |          |          |          |
|   projects                          |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Advances received from employer   | 20.2     | (48.5)   | 68.7     |
+-------------------------------------+----------+----------+----------+
|   Accrued expenses                  | 0.7      | 5.1      | 2.8      |
+-------------------------------------+----------+----------+----------+
|   Retention payable                 | (1.5)    | 66.1     | 4.5      |
+-------------------------------------+----------+----------+----------+
|   Other payable                     | 0.5      | 29.0     | (4.0)    |
+-------------------------------------+----------+----------+----------+
|   Other current liabilities         | (23.8)   | 29.6     | 5.9      |
+-------------------------------------+----------+----------+----------+
| Cash flows used in operating        | (35.5)   | (1.7)    | (97.9)   |
| activities                          |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Cash paid for interest expenses   | (21.7)   | (0.5)    | -        |
+-------------------------------------+----------+----------+----------+
|   Cash paid for corporate income    | (15.7)   | (12.2)   | -        |
|   tax                               |          |          |          |
+-------------------------------------+----------+----------+----------+
|   Cash received for interest income | 1.20     | 5.5      | -        |
+-------------------------------------+----------+----------+----------+
| Net cash used in operating          | (71.8)   | (8.9)    | (97.9)   |
| activities                          |          |          |          |
+-------------------------------------+----------+----------+----------+

Cash Flow Statements (Continued)

(Unit : Million Baht)

+--------------------------------------+---------+---------+----------+
|                                      | Acc     | Acc     | Ac       |
|                                      | ounting | ounting | counting |
|                                      | Period  | Period  | Period   |
|                                      |         |         |          |
|                                      | Year    | Year    | Year     |
|                                      | 2008    | 2007    | 2006     |
+--------------------------------------+---------+---------+----------+
|                                      | April1, | April1, | April1,  |
|                                      | 2008 –  | 2007 –  | 2006 –   |
|                                      |         |         |          |
|                                      | March   | March   | March    |
|                                      | 31,2009 | 31,2008 | 31,2007  |
+--------------------------------------+---------+---------+----------+
| Cash flows from investing activities |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from sales of rights   | 20.0    | -       | -        |
| of claim                             |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from sales of          | -       | 47.3    | (46.2)   |
| short-term investments               |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease (increase) in restricted    | 0.1     | (0.0)   | 2.9      |
| deposits                             |         |         |          |
+--------------------------------------+---------+---------+----------+
| Increase in short-term loans and     | (8.3)   | -       | -        |
| advances to related parties          |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease (increase) in loans to      | 1.4     | 2.6     | (3.8)    |
| related parties                      |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease (increase) in investments   | (4.0)   | (640.2) | 150.0    |
| in associates                        |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from transfer of right | -       | 65.0    | -        |
| for purchases of land                |         |         |          |
+--------------------------------------+---------+---------+----------+
| Increase in advances for purchases   | (10.9)  | (23.5)  | (65.0)   |
| of land                              |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash paid for purchases of land held | (264.7) | (48.3)  | -        |
| for future development               |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash paid for purchases of property, | (22.3)  | (98.3)  | (8.5)    |
| plant & equipment                    |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash paid for purchases of leasehold | (25.9)  | -       | (6.5)    |
| rights                               |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash paid for condominiums &         | (2.1)   | (10.3)  | (5.5)    |
| fixtures for lease                   |         |         |          |
+--------------------------------------+---------+---------+----------+
| Proceeds from sales of property,     | -       | 0.6     | 0.2      |
| plant & equipment                    |         |         |          |
+--------------------------------------+---------+---------+----------+
| Net cash provided from (used in)     | (316.7) | (705.1) | 17.5     |
| investing activities                 |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash flows from financing activities |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease (increase) in cash          | -       | 48.2    | (361.0)  |
| deposited as collateral for debt     |         |         |          |
| settlement                           |         |         |          |
+--------------------------------------+---------+---------+----------+
| Increase in short-term loan from     | 267.8   | 132.2   | -        |
| financial institution                |         |         |          |
+--------------------------------------+---------+---------+----------+
| Increase in loan from financial      | 65.0    | -       | -        |
| institution                          |         |         |          |
+--------------------------------------+---------+---------+----------+
| Increase (decrease) in short-term    | 5.5     | (0.0)   | (0.7)    |
| loan from financial institution      |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease in loans from related       | (0.3)   | (0.0)   | -        |
| parties                              |         |         |          |
+--------------------------------------+---------+---------+----------+
| Decrease in loans from directors     | 0.0     | (0.1)   | -        |
+--------------------------------------+---------+---------+----------+
| Cash paid for creditors per          | (41.9)  | (56.6)  | (        |
| rehabilitation plan                  |         |         | 1,542.4) |
+--------------------------------------+---------+---------+----------+
| Decrease in advance received from    | -       | -       | (133.3)  |
| transfer of subleasing agreement     |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from issuance of       | -       | 614.4   | 2,133.3  |
| additional shares                    |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from disposal of       | -       | -       | 1.9      |
| Company’s shares held by subsidiary  |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash received from minority interest | -       | 12.3    | -        |
| of subsidiary                        |         |         |          |
+--------------------------------------+---------+---------+----------+
| Net cash from financing activities   | 296.1   | 750.4   | 97.7     |
+--------------------------------------+---------+---------+----------+
|   Increase (decrease) in translation | (0.0)   | 0.1     | 0.7      |
|   adjustment                         |         |         |          |
+--------------------------------------+---------+---------+----------+
| Net increase (decrease) in cash and  | (92.4)  | 36.5    | 18.1     |
| cash equivalents                     |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash and cash equivalents at         | 153.8   | 117.3   | 99.2     |
| beginning of the year                |         |         |          |
+--------------------------------------+---------+---------+----------+
| Cash and cash equivalents at end of  | 61.3    | 153.8   | 117.3    |
| the year                             |         |         |          |
+--------------------------------------+---------+---------+----------+

Significant Financial Ratios

+---------------------------+-----+-----------+-----------+-----------+
| Analysis of Financial     |     | A         | A         | A         |
| Ratios                    |     | ccounting | ccounting | ccounting |
|                           |     | Period    | Period    | Period    |
|                           |     |           |           |           |
|                           |     | Year 2008 | Year 2007 | Year 2006 |
+---------------------------+-----+-----------+-----------+-----------+
|                           |     | April1,   | April1,   | April1,   |
|                           |     | 2008 –    | 2007 –    | 2006 –    |
|                           |     |           |           |           |
|                           |     | March     | March     | March     |
|                           |     | 31,2009   | 31,2006   | 31,2007   |
+---------------------------+-----+-----------+-----------+-----------+
| Liquidity Ratios          |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Liquidity Ratios          | x   | 0.73      | 0.82      | 0.73      |
+---------------------------+-----+-----------+-----------+-----------+
| Quick Ratios              | x   | 0.04      | 0.07      | 0.03      |
+---------------------------+-----+-----------+-----------+-----------+
| Operating Cash Flows /    | x   | (0.03)    | 0.00      | 5.76      |
| Current Liabilities       |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Account           | x   | 27.23     | 104.01    | 45.31     |
| Receivable Turnover       |     |           |           |           |
| ratio*                    |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Collection        | Day | 13.22     | 3.46      | 7.95      |
| Period*                   |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Inventory         | x   | 0.05      | 0.13      | 0.36      |
| Turnover ratio**          |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Inventory         | Day | 7,155.86  | 2,764.38  | 1,003.65  |
| Period**                  |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Account Payable   | x   | 39.82     | 82.65     | 50.55     |
| Turnover ratio            |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Average Payment Period    | Day | 9.04      | 4.36      | 7.12      |
+---------------------------+-----+-----------+-----------+-----------+
| Cash Cycle                | Day | 7,160.04  | 2,763.49  | 1,004.47  |
+---------------------------+-----+-----------+-----------+-----------+
| Profitability Ratios      |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Gross Profit Margin       | %   | 10.34     | 4.34      | 15.95     |
+---------------------------+-----+-----------+-----------+-----------+
| Operating Profit Margin   | %   | (23.53)   | (18.48)   | (30.85)   |
+---------------------------+-----+-----------+-----------+-----------+
| Non-operating Profit /    | %   | 25.21     | 53.36     | 81.77     |
| Total Revenues            |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Operating Cash Flows /    | %   | (23.06)   | (4.94)    | (24.31)   |
| Operating Profit          |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Net Profit Margin         | %   | 1.83      | 43.72     | 744.86    |
+---------------------------+-----+-----------+-----------+-----------+
| Return on Equity***       | %   | 0.53      | 38.89     | n.a       |
+---------------------------+-----+-----------+-----------+-----------+
| Efficiency Ratios         |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Return on Assets          | %   | 10.34     | 16.01     | 381.67    |
+---------------------------+-----+-----------+-----------+-----------+
| Return on Fixed Assets    | %   | 1.35      | 26.19     | 874.24    |
+---------------------------+-----+-----------+-----------+-----------+
| Asset Turnover Ratios     | x   | 0.16      | 0.37      | 0.51      |
+---------------------------+-----+-----------+-----------+-----------+
| Financial Policy Ratios   |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Debt to Equity            | x   | 0.84      | 0.82      | 2.57      |
+---------------------------+-----+-----------+-----------+-----------+
| Interest Coverage         | x   | (1.64)    | (3.10)    | n.a.      |
| Ratio****                 |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Debt Service Coverage     | x   | (0.31)    | (0.26)    | (0.06)    |
| Ratio (Cash Basis)        |     |           |           |           |
+---------------------------+-----+-----------+-----------+-----------+
| Dividend Payout           | %   | n.a       | n.a       | n.a       |
+---------------------------+-----+-----------+-----------+-----------+

Remarks:

* Calculated by Revenue from Sales of Real Estate, Revenues from Land
Procurement & Construction Services, Rental & Services Income and Hotel
Income

** Calculated by Revenues from Sales of Real Estate and Revenues from
Land Procurement & Construction Services of Low-cost Residential Housing
Projects

*** Negative on Averaged Total Shareholders’ Equity during the
accounting period of year 2005

**** There was no interest paid in the cash flow statement during the
accounting period of year 2006

11.2 Financial Status & Business Performance

11.2.1 An Overview of the Business Performance in the Previous Period

During the fiscal year 2008, the Company’s total revenue amounted to
1,071 million baht and revenue from its core business in the amount of
801 million baht, which accounted for 74.8 percent of the total revenue.
Revenue from non-business operations, which mostly materialized from
debt restructuring was 270 million baht, accounted for 25.2 percent of
the total revenue.

The Company’s total revenue in fiscal year 2008 was lower compared to
the revenue in the fiscal year 2007 because of a reduction in gains from
debt restructuring due to the accomplishment of the obligations under
the rehabilitation plan of the Company in the fiscal year 2007. In
fiscal year 2007, the Company’s total revenue amounted to 2,491 million
baht, revenue from its core business was in the amount of 1,161 million
baht, which accounted for 46.6 percent of the total revenue. Revenue
from non-business operations, which mostly materialized from debt
restructuring, was 1,330 million baht, accounted for 53.4 percent of the
total revenue.

Net profit for the fiscal year 2008 declined in line with the decreasing
total revenue. In the fiscal year 2008, net profit was 20 million baht
and in the fiscal year 2007, net profit was 1,089 million baht.

11.2.2. Performance by Business Units in the Previous Period

Revenues from Operating Business

The Company had revenue from core business and other business in the
fiscal year 2008 in the amount of 801 million baht, a decrease from the
fiscal year 2007 by 1,161 million baht. The reduction was mainly
attributed to decrease in revenue from construction services and land
procurement of the low-cost residential housing project.

In the fiscal year 2008, the Company’s revenues from core business
operations consist of (1) revenues from sales of real estate, (2)
revenues from construction services, (3) rental and services incomes and
(4) hotel income, as described below:

(1) Revenues from sales of real estate

In the fiscal year 2008, the Company has revenue from sales of real
estate in the amount of 49 million baht, an increase of 39 million baht
from the fiscal year 2007 or 390.0 percent. This revenue came from the
Thana City project. In the fiscal year 2008, the Company focused more on
the sales of real estate. In the fiscal year 2007, the Company had
revenue from sales of real estate in the amount of 10 million baht since
the Company was in the process of preparing its existing real estate
projects to be re-positioned in the market, hence the sales volume of
the real estate projects was minimal.

(2) Revenues from construction services

In the fiscal year 2008, the Company had revenue from construction
services projects in the total amount of 547 million baht which was from
Baan Aur-Arthorn projects 440 million baht and from the Four Points
Sheraton Hotel project 107 million baht. In the fiscal year 2008, there
was no revenue from land procurement of the Baan Aur-Arthorn project
since the revenue was fully realized in the fiscal year 2007. In the
fiscal year 2007, the Company had revenue from the Baan Aur-Arthorn
project in the amount of 976 million baht consisting of revenue from
construction services of the Baan Aur-Arthorn project of 832 million
baht and land procurement of the Baan Aur-Arthorn project of 144 million
baht. During the fiscal year 2008, the Company had revenue from the
construction progress and delivery of the housing units in the Baan
Aur-Arthorn Project Chonburi (Najomtien) in the amount of 261 million
baht, the Baan Aur-Arthorn Project Prajuabkirikhan (Hua-Hin 3) in the
amount of 27 million baht and the Baan Aur-Arthorn Project Saraburi (Kok
Yae) in the amount of 152 million baht.

(3) Rental and services income

In the fiscal year 2008, the Company had rental and services income from
the operations of the office building for rent, TST Tower, rental of
golf course and residential apartments (The Royal Place 1, The Royal
Place 2 and The Grand) in the total amount of 168 million baht, an
increase of 30 million baht or 21.7 percent growth from the fiscal year
2007. In the fiscal year 2007, the Company had rental and services
income in the amount of 138 million baht.

(4) Hotel income

In the fiscal year 2008, the Company had the revenues from the operation
of Eastin Lakeside Hotel in the amount of 23 million baht and the
operation of U Chiang Mai in the amount of 14 million baht. There was a
decrease in revenue from the operation of Eastin Lakeside Hotel from the
previous fiscal year, the reduction in the revenue was due to the fact
that the tourism industry in Thailand was affected by the global
economic situation and local political events. However, the Company had
revenue from the operation of U Chiang Mai to compensate for the
reduction and therefore, there were no changes in the amount of hotel
income compared with the fiscal year 2007.

Other Income

In the fiscal year 2008, the Company had other income from non-business
operation activities in the amount of 270 million baht, most of which
materialized as a result of debt restructuring and the performance of
the Rehabilitation Plan. In the fiscal year 2007, other income from
non-business operation activities was in the amount of 1,330 million
baht. The other income declined by 1,060 million baht or by 79.7 percent
due to the accomplishment of the obligations under the Rehabilitation
Plan of the Company.

Costs of Sales and Services

In the fiscal year 2008, the Company’s costs of sales and services
amounted to 717 million baht, a decrease of 395 million baht from the
previous fiscal year or a decrease by 35.5 percent. During the fiscal
year 2008, the Company focused on adjusting pricing strategies and
efficiently controlling cost to be in line with market demand. In the
fiscal year 2008, the gross profit margin accounted for 10.3 percent
compared to 4.3 percent in the fiscal year 2007. The main reasons for
the reduction in cost of sales and services are as follows:

(1) Costs of sales of real estate business

In the fiscal year 2008, the Company’s costs of sales of real estate
were 53 million baht compared to 7 million baht in the year 2007, an
increase of 657.1 percent. Whereas, an increase in revenue from sales of
real estate was 390.0 percent. As a result, the gross profit margin
accounted for negative (8.2) percent and 30.0 percent in the fiscal year
2008 and 2007 respectively, since there were sale promotions using the
price factor to stimulate sales, hence lowering gross profit margin.

(2) Costs of construction services

In the fiscal year 2008, costs of construction services amounted to 536
million baht consisting

of the Baan Aur-Arthorn project in the amount of 439 million baht and
Four Points by Sheraton project in the amount of 97 million baht. The
construction cost of the Baan Aur-Arthorn project reduced by 406 million
baht, a decrease of 48 percent compared to the fiscal year 2007 in line
with lower revenue. In the fiscal year 2008, the gross profit margin of
the project was 0.2 percent, an increase from the fiscal year 2007 with
the gross loss margin of (1.4) percent. The reason was most of profit
from land procurement revenue was already realized in the previous year
whereas profit from construction was minimal or in loss in some
projects.

(3) Costs of rentals and services business

In the fiscal year 2008, the Company’s costs of rentals and services
were 105 million baht and in the fiscal year 2007, costs of rentals and
services were 93 million baht, an increase of 12 million baht from the
fiscal year 2007. The increase of 12.9 percent is in line with an
increase in rental and services income. The Company’s gross profit of
rentals and services were 37.5 percent and 32.6 percent in the fiscal
year 2008 and 2007 respectively, representing a positive improvement.

(4) Costs of hotel operation business

In the fiscal year 2008, the Company’s costs of hotel operation were 23
million baht with the gross profit margin of 37.8 percent and in the
fiscal year 2007, costs of hotel operation were 22 million baht with the
gross profit margin of 40.5 percent. The gross profit margin in the
fiscal year 2008 was lower due to the fact that U Chiang Mai Hotel just
commenced its operation for the first year, and therefore the gross
profit margin was low, normal for the hospitality service business
having the lower gross profit margin during the beginning of operations
than normal operation years.

Selling, Servicing and Administrative Expenses

In fiscal year 2008, the Company’s selling, servicing and administrative
expenses were 272 million baht, an increase from the fiscal year 2007
when the Company’s selling, servicing and administrative expenses were
265 million baht, representing an increase of 2.6 percent.

Interest Expenses

In fiscal year 2008, the Company’s interest expenses were 23 million
baht, an increase from the fiscal year 2007 with interest expenses of 1
million baht due to an increase in the amount of loans to support the
development of various projects.

Corporate Income Tax

In the fiscal year 2008, the Company’s subsidiaries had 9 million baht
of corporate income tax and in the fiscal year 2007, the Company and
subsidiaries had no corporate income tax expenses.

Net Profit

In the fiscal year 2008, the Company had net income in the amount of 20
million baht reducing from 1,089 million baht in the fiscal year 2007.
It was because in the fiscal year 2008, there was a reduction in the
non-operating revenue such as gain from debt restructuring from
complying with the business rehabilitation plan. In the fiscal year
2008, the Company’s net profit margin was 1.9 percent and in the fiscal
year 2007, the net profit margin was 43.7 percent.

Return on Equity

In the fiscal year 2008, return on equity was 0.5 percent, decreased
from the fiscal year 2007 with a return on equity of 38.9 percent. It
was due to the reduction of net profit in the fiscal year 2008 as a
result of a reduction of gains from debt restructuring.

11.2.3 Financial Status

Assets

-   Composition and the Change of Key Assets

The total assets at the end of accounting period 2008, as at March 31,
2009, were 6,768 million baht, consisting of current assets of 2,055
million baht and non-current assets of 4,713 million baht or equivalent
to 30.4 percent and 69.6 percent of the total assets, respectively. The
total assets increased by 110 million baht or 1.7 percent from the
fiscal year 2007. It was mainly due to the increase in accounts
receivable from sale of rights of claim, land held for future
development, and leasehold rights from previous accounting period.

In the fiscal year 2008, non-current assets increased by 87 million baht
from the previous accounting period due to the increase in accounts
receivable from sale of rights of claim and trade accounts receivable.
In the fiscal year 2008, there was an increase in accounts receivable
from sale of rights of claim and trade accounts receivable. Also,
non-current assets increased by 23 million baht in the fiscal year 2008,
mainly due to the increase in land held for future development by 308
million baht.

Liquidity

-   Cash Flows

The Company’s net cash flows was 92 million baht in the fiscal year 2008
and the beginning cash from the year 2008 was 154 million baht and the
ending cash for 2008 was 61 million baht. The reduction of the net cash
flow was due to the cash used in operating activities in the amount of
72 million baht, and in investing activities in the amount of 317
million baht which was used in purchases of land held for future
development in the amount of 256 million baht, purchase of property,
plant and equipment and purchases of leasehold right in the amount of 48
million baht, and others in the amount of 4 million baht. Moreover, the
net cash flow from the financing activities of 296 million baht was from
the short-term loan from financial institution in the amount of 268
million baht and long-term loan from financial institution in the amount
of 65 million baht.

-   Liquidity Ratios

In the fiscal year 2008, the company’s liquidity ratio was 0.73 times
which was lower than the previous fiscal year of 0.82 times. It was
mainly due to the increase in current liabilities in the fiscal year
2008 as a result of an increase in short-term loans from financial
institution from the previous fiscal year. As a result, the quick ratio
was 0.04 times as at the end of the fiscal year 2008, a reduction from
the end of the fiscal year 2007 at 0.07 times.

Interest coverage ratio increased from a negative of 3.10 times in the
fiscal year 2007 to a negative of 1.6 times in the fiscal year 2008.
Reason for the negative ratio was due to the fact that the Company was
in the process of developing projects and the Company had to incur
expenses for future revenue.

Source of Funds

-   Capital Structure

The Company’s capital structure remained unchanged from last year with
debt to equity ratio of 0.84 times in the fiscal 2008 compared to that
in the fiscal year 2007 at 0.82 times.

-   Liabilities

In the fiscal year 2008, total liabilities slightly increased from 3,001
million baht in the fiscal year 2007 to 3,092 million baht in the fiscal
year 2008 due to an increase in loans from financial institutions for
the projects under development by the Company.

The table below is the details of creditors under the Rehabilitation
Plan and loans from the financial institutions.

+--------------------------+--------+-----+----------+---------------+
|                          | Outst  | In  | Co       | Collateral    |
|                          | anding | ter | nditions |               |
|                          | as at  | est | and      |               |
|                          | March  | R   | Re       |               |
|                          | 31,    | ate | payments |               |
|                          | 2008   |     |          |               |
|                          | (MB)   |     |          |               |
+==========================+========+=====+==========+===============+
| Debt Obligations under   |        |     |          |               |
| the Rehabilitation Plan  |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+
| Secured creditors /      |        |     |          |               |
| unsecured creditors for  |        |     |          |               |
| which other persons’     |        |     |          |               |
| assets are placed as     |        |     |          |               |
| security                 |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+
|   Debts of which the     | 859    | -   | Asset    | TST Tower and |
|   Company is an assets   |        |     | Sale for |               |
|   selling agent          |        |     | debt     | Yongsu        |
|                          |        |     | services | Apartment     |
+--------------------------+--------+-----+----------+---------------+
|   Debts pending final    | 457    | -   | Cash and | Land bank in  |
|   judgment               |        |     | asset    | Thana City,   |
|                          |        |     | transfer | in Phang-nga, |
|                          |        |     | for debt | Chiang Mai,   |
|                          |        |     | services | Chanthaburi;  |
|                          |        |     |          | and           |
|                          |        |     |          | BaanMittra    |
|                          |        |     |          | Condominium   |
|                          |        |     |          | and Khing     |
|                          |        |     |          | Kaew          |
|                          |        |     |          | Condominium   |
+--------------------------+--------+-----+----------+---------------+
| Subtotal                 | 1,316  |     |          |               |
+--------------------------+--------+-----+----------+---------------+
| Unsecured creditors      |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+
|   Debts pending final    | 366    | -   | Cash     | -             |
|   judgment               |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+
|   Undue debts            | 80     | -   | Cash     | -             |
+--------------------------+--------+-----+----------+---------------+
|   Installment debts      | 467    | -   | Cash     | -             |
+--------------------------+--------+-----+----------+---------------+
| Subtotal                 | 913    |     |          |               |
+--------------------------+--------+-----+----------+---------------+
| Total Debts under the    | 2,230  |     |          |               |
| Rehabilitation Plan      |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+
| Short-term debts from    | 400    | MLR | Annual   | Land in       |
| financial                |        |     | review   | Ratchburana   |
| institutions^(*)         |        |     |          |               |
+--------------------------+--------+-----+----------+---------------+

Remark: * Credit facility of 400 million baht

-   Shareholders’ Equity

Shareholders’ equity also increased from 3,657 million baht in the
fiscal year 2007 to 3,676 million baht in the fiscal year 2008 due to
decreasing accumulated retained loss.

11.3 Auditor’s Remuneration

As at March 31, 2009, the Company’s auditor was Ernst & Young Office
Limited. The audit fee of the Company and subsidiaries was in total 3.54
million baht, which was composed of fees from the reviews of quarterly
financial statements in the amount of 0.6 million baht and the audit of
annual financial statements in the amount of 2.94 million baht.