Part 3 Financial Statement & Operation Result

13. Financial Statements

(1) Summary of Financial Status and operation for 3 year A) For the past
3 year we assure the financial position and the results of its
operations and its cash flows in conformity with generally accepted
accounting principles.

B) Table of the Financial Statement

Thai Stanley Electric Public Company Limited

Statement of Financial Position

As at 31 March 2013 to 31 March 2015

(Financial statement in which the equity method is applied)

+------------------------+--------+----+---------+----+--------+----+
|                        | A      |    |         |    |        |    |
|                        | udited |    |         |    |        |    |
+------------------------+--------+----+---------+----+--------+----+
|                        | Mar    | (  | Mar     | (  | Mar    | (  |
|                        | 3      | %) | 31,2014 | %) | 3      | %) |
|                        | 1,2015 |    |         |    | 1,2013 |    |
+------------------------+--------+----+---------+----+--------+----+
| Asset                  |        |    |         |    |        |    |
+------------------------+--------+----+---------+----+--------+----+
| Current Assets         |        |    |         |    |        |    |
+------------------------+--------+----+---------+----+--------+----+
| Cash and cash          | 2,3    | 1  | 2,      | 2  | 1,7    | 1  |
| equivalents            | 50,313 | 7. | 667,175 | 1. | 06,831 | 4. |
|                        |        | 68 |         | 33 |        | 53 |
+------------------------+--------+----+---------+----+--------+----+
| Short-term investment  | 7      | 5. | 159,913 | 1. | 1      | 0. |
| held to maturity       | 27,358 | 47 |         | 28 | 09,705 | 94 |
+------------------------+--------+----+---------+----+--------+----+
| Trade and other        | 1,8    | 1  | 1,      | 1  | 2,0    | 1  |
| accounts receivable ,  | 84,060 | 4. | 663,302 | 3. | 34,445 | 7. |
| net                    |        | 17 |         | 30 |        | 32 |
+------------------------+--------+----+---------+----+--------+----+
| Inventories , net      | 9      | 7. | 729,396 | 5. | 8      | 7. |
|                        | 39,180 | 06 |         | 83 | 44,327 | 19 |
| Corporate income tax   |        |    | 35,804  |    |        |    |
| refundable             | 35,804 | 0. |         | 0. | 35,804 | 0. |
|                        |        | 27 |         | 29 |        | 31 |
+------------------------+--------+----+---------+----+--------+----+
| Other current assets   | 10,291 | 0. | 6,380   | 0. | 7,224  | 0. |
|                        |        | 08 |         | 05 |        | 06 |
+------------------------+--------+----+---------+----+--------+----+
| Total current assets   | 5,9    | 4  | 5,      | 4  | 4,7    | 4  |
|                        | 47,007 | 4. | 261,970 | 2. | 38,336 | 0. |
|                        |        | 73 |         | 08 |        | 35 |
+------------------------+--------+----+---------+----+--------+----+
| Non-current assets     |        |    |         |    |        |    |
+------------------------+--------+----+---------+----+--------+----+
| Investments in         | 7      | 5. | 601,562 | 4. | 4      | 4. |
| associates             | 28,045 | 48 |         | 81 | 75,827 | 05 |
+------------------------+--------+----+---------+----+--------+----+
| Long-term investments  | 1      | 1. | 137,940 | 1. | 1      | 1. |
| , net                  | 38,380 | 04 |         | 10 | 39,860 | 19 |
+------------------------+--------+----+---------+----+--------+----+
| Property , plant and   | 5,8    | 4  | 5,      | 4  | 5,9    | 5  |
| equipment, net         | 23,148 | 3. | 975,284 | 7. | 05,057 | 0. |
|                        |        | 80 |         | 78 |        | 28 |
+------------------------+--------+----+---------+----+--------+----+
| Intangible assets ,    | 6      | 4. | 508,441 | 4. | 4      | 3. |
| net                    | 33,700 | 77 |         | 06 | 65,263 | 96 |
+------------------------+--------+----+---------+----+--------+----+
| Other non-current      | 23,625 | 0. | 20,879  | 0. | 19,840 | 0. |
| assets, net            |        | 18 |         | 17 |        | 17 |
+------------------------+--------+----+---------+----+--------+----+
| Total non-current      | 7,3    | 5  | 7,      | 5  | 7,0    | 5  |
| assets                 | 46,898 | 5. | 244,106 | 7. | 05,847 | 9. |
|                        |        | 27 |         | 92 |        | 65 |
+------------------------+--------+----+---------+----+--------+----+
| Total assets           | 13,2   | 10 | 12,     | 10 | 11,7   | 10 |
|                        | 93,905 | 0. | 506,076 | 0. | 44,183 | 0. |
|                        |        | 00 |         | 00 |        | 00 |
+------------------------+--------+----+---------+----+--------+----+

Thai Stanley Electric Public Company Limited

Statement of Financial Position

  As at 31 March 2013 to 31 March 2015 ( Unit : Thousand Baht)

+-------------------------+--------+----+--------+----+--------+----+
|                         | A      |    |        |    |        |    |
|                         | udited |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
|                         | Mar    | (  | Mar    | (  | Mar    | (  |
|                         | 3      | %) | 3      | %) | 3      | %) |
|                         | 1,2015 |    | 1,2014 |    | 1,2013 |    |
+-------------------------+--------+----+--------+----+--------+----+
| Liabilities and         |        |    |        |    |        |    |
| shareholders ‘equity    |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Current liabilities     |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Trade accounts          | 4      | 3. | 4      | 3. | 5      | 4. |
| payable - other         | 99,825 | 76 | 60,247 | 68 | 64,389 | 81 |
| companies               |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| - related companies     | 3      | 2. | 2      | 1. | 3      | 2. |
|                         | 70,910 | 79 | 32,632 | 86 | 00,625 | 56 |
+-------------------------+--------+----+--------+----+--------+----+
| Other accounts          | 1      | 1. | 2      | 2. | 2      | 2. |
| payable - other         | 54,773 | 16 | 81,971 | 25 | 35,633 | 01 |
| companies               |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| - related parties       | 1      | 1. | 1      | 0. | 1      | 1. |
|                         | 48,707 | 12 | 13,384 | 91 | 30,841 | 11 |
+-------------------------+--------+----+--------+----+--------+----+
| Accrued corporate       | 1      | 1. | 1      | 1. | 2      | 1. |
| income tax              | 59,832 | 20 | 60,083 | 28 | 34,080 | 99 |
+-------------------------+--------+----+--------+----+--------+----+
| Advance received from   | -      | -  | 12,085 | 0. | 38,640 | 0. |
| customers               |        |    |        | 10 |        | 33 |
+-------------------------+--------+----+--------+----+--------+----+
| Accrued expenses        | 2      | 1. | 2      | 1. | 2      | 2. |
|                         | 17,340 | 64 | 23,881 | 79 | 46,250 | 10 |
+-------------------------+--------+----+--------+----+--------+----+
| Total current           | 1,5    | 1  | 1,4    | 1  | 1,7    | 1  |
| liabilities             | 51,388 | 1. | 84,284 | 1. | 50,458 | 4. |
|                         |        | 67 |        | 87 |        | 91 |
+-------------------------+--------+----+--------+----+--------+----+
| Non-current liabilities | 59,977 | 0. | 45,765 | 0. | 26,387 | 0. |
|                         |        | 45 |        | 37 |        | 22 |
| Deferred tax            | 1      |    | 1      |    | 1      |    |
| liabilities , net       | 43,208 | 1. | 44,192 | 1. | 31,762 | 1. |
|                         |        | 08 |        | 15 |        | 12 |
| Provision for           |        |    |        |    |        |    |
| post-employee benefits  |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Total liabilities       | 2      | 1. | 1      | 1. | 1      | 1. |
|                         | 03,186 | 53 | 89,956 | 52 | 58,149 | 34 |
+-------------------------+--------+----+--------+----+--------+----+
| Shareholders’ equity    | 1,7    | 1  | 1,6    | 1  | 1,9    | 1  |
|                         | 54,574 | 3. | 74,240 | 3. | 08,607 | 6. |
|                         |        | 20 |        | 39 |        | 25 |
+-------------------------+--------+----+--------+----+--------+----+
| Authorised Share        |        |    |        |    |        |    |
| capital                 |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Premium on share        | 3      | 2. | 3      | 3. | 3      | 3. |
| capital                 | 83,125 | 88 | 83,125 | 06 | 83,125 | 26 |
+-------------------------+--------+----+--------+----+--------+----+
| Retained earnings       | 5      | 3. | 5      | 4. | 5      | 4. |
|                         | 04,250 | 79 | 04,250 | 03 | 04,250 | 29 |
| Appropriated            |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Legal reserve           | 38,313 | 0. | 38,313 | 0. | 38,313 | 0. |
|                         |        | 29 |        | 31 |        | 33 |
+-------------------------+--------+----+--------+----+--------+----+
| Unappropriated          | 10,6   | 8  | 9,9    | 7  | 9,0    | 7  |
|                         | 89,308 | 0. | 90,720 | 9. | 20,394 | 6. |
|                         |        | 41 |        | 89 |        | 81 |
+-------------------------+--------+----+--------+----+--------+----+
| Other components of     | (7     | (0 | (8     | (0 | (11    | (0 |
| equity                  | 5,664) | .5 | 4,572) | .6 | 0,505) | .9 |
|                         |        | 7) |        | 8) |        | 4) |
+-------------------------+--------+----+--------+----+--------+----+
| Total shareholders’     | 11,5   | 8  | 10,8   | 8  | 9,8    | 8  |
| equity                  | 39,331 | 6. | 31,836 | 6. | 35,576 | 3. |
|                         |        | 80 |        | 61 |        | 75 |
+-------------------------+--------+----+--------+----+--------+----+
| Total liabilities and   | 13,2   | 10 | 12,5   | 10 | 11,7   | 10 |
| shareholders’ equity    | 93,905 | 0. | 06,076 | 0. | 44,183 | 0. |
|                         |        | 00 |        | 00 |        | 00 |
+-------------------------+--------+----+--------+----+--------+----+
| Book Value * (Baht)     | 150.59 |    | 141.36 |    | 128.36 |    |
+-------------------------+--------+----+--------+----+--------+----+
| Par Value (Baht)        | 5.00   |    | 5.00   |    | 5.00   |    |
+-------------------------+--------+----+--------+----+--------+----+
| Number of share         | 76,625 |    | 76,625 |    | 76,625 |    |
| (thousand shares)       |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+
| Weighted average        | 76,625 |    | 76,625 |    | 76,625 |    |
| ordinary number of      |        |    |        |    |        |    |
| share (thousand shares) |        |    |        |    |        |    |
+-------------------------+--------+----+--------+----+--------+----+

* Calculated by using The Weighted Average number of ordinary share

Thai Stanley Electric Public Company Limited

Statements of Income

As at 31 March 2013 to 31 March 2015

(The equity method) (Unit : Thousand Baht)

+--------------------------+--------+----+--------+----+--------+----+
|                          | A      |    |        |    |        |    |
|                          | udited |    |        |    |        |    |
+--------------------------+--------+----+--------+----+--------+----+
|                          | Mar    | (  | Mar    | (  | Mar    | (  |
|                          | 3      | %) | 3      | %) | 3      | %) |
|                          | 1,2015 |    | 1,2014 |    | 1,2013 |    |
+--------------------------+--------+----+--------+----+--------+----+
| Revenue                  |        |    |        |    |        |    |
+--------------------------+--------+----+--------+----+--------+----+
| Sales                    | 9,5    | 10 | 10,2   | 10 | 11,3   | 10 |
|                          | 23,829 | 0. | 68,617 | 0. | 34,990 | 0. |
|                          |        | 00 |        | 00 |        | 00 |
+--------------------------+--------+----+--------+----+--------+----+
| Dividend income          | 10,851 | 0. | 41,766 | 0. | 24,229 | 0. |
|                          |        | 11 |        | 41 |        | 21 |
+--------------------------+--------+----+--------+----+--------+----+
| Gain on exchange rates , | 22,474 | 0. | 7,022  | 0. | 20,551 | 0. |
| net                      |        | 24 |        | 07 |        | 18 |
+--------------------------+--------+----+--------+----+--------+----+
| Others                   | 2      | 2. | 3      | 3. | 2      | 1. |
|                          | 55,920 | 69 | 10,382 | 02 | 01,943 | 78 |
+--------------------------+--------+----+--------+----+--------+----+
| Total Revenue            | 9,8    | 10 | 10,6   | 10 | 11,5   | 10 |
|                          | 13,074 | 3. | 27,787 | 3. | 81,713 | 2. |
|                          |        | 04 |        | 50 |        | 17 |
+--------------------------+--------+----+--------+----+--------+----+
| Cost of sales            | 7,8    | 8  | 8,0    | 7  | 8,7    | 7  |
|                          | 08,825 | 1. | 80,350 | 8. | 96,588 | 7. |
|                          |        | 99 |        | 69 |        | 60 |
+--------------------------+--------+----+--------+----+--------+----+
| Selling and              | 7      | 7. | 8      | 8. | 8      | 7. |
| administrative expenses  | 27,656 | 64 | 30,962 | 09 | 02,770 | 08 |
+--------------------------+--------+----+--------+----+--------+----+
| Other expenses           | -      | -  | -      | -  | 35,294 | 0. |
|                          |        |    |        |    |        | 31 |
+--------------------------+--------+----+--------+----+--------+----+
| Total Expenses           | 8,5    | 8  | 8,9    | 8  | 9,6    | 8  |
|                          | 36,481 | 9. | 11,312 | 6. | 34,652 | 4. |
|                          |        | 63 |        | 78 |        | 99 |
+--------------------------+--------+----+--------+----+--------+----+
| Operation profit         | 1,2    | 1  | 1,7    | 1  | 1,9    | 1  |
|                          | 76,593 | 3. | 16,475 | 6. | 47,061 | 7. |
|                          |        | 40 |        | 72 |        | 18 |
+--------------------------+--------+----+--------+----+--------+----+
| Share of profit from     | 1      | 1. | 1      | 1. | 1      | 1. |
| investment in            | 68,534 | 77 | 30,545 | 27 | 33,944 | 18 |
|                          |        |    |        |    |        |    |
| Associates               |        |    |        |    |        |    |
+--------------------------+--------+----+--------+----+--------+----+
| Profit before income tax | 1,4    | 1  | 1,8    | 1  | 2,0    | 1  |
|                          | 45,127 | 5. | 47,021 | 7. | 81,005 | 8. |
|                          |        | 17 |        | 99 |        | 36 |
+--------------------------+--------+----+--------+----+--------+----+
| Income tax               | 2      | 3. | 3      | 3. | 4      | 4. |
|                          | 87,480 | 02 | 59,508 | 50 | 73,920 | 04 |
+--------------------------+--------+----+--------+----+--------+----+
| Net profit for the year  | 1,1    | 1  | 1,4    | 1  | 1,6    | 1  |
|                          | 57,648 | 2. | 87,512 | 4. | 07,085 | 4. |
|                          |        | 16 |        | 49 |        | 32 |
+--------------------------+--------+----+--------+----+--------+----+
| Net profit per share     | 15.11  |    | 19.41  |    | 20.97  |    |
+--------------------------+--------+----+--------+----+--------+----+
| Par Value (Baht / Share) | 5      |    | 5      |    | 5      |    |
+--------------------------+--------+----+--------+----+--------+----+
| Weighted Average Number  | 76,625 |    | 76,625 |    | 76,625 |    |
| of Share                 |        |    |        |    |        |    |
|                          |        |    |        |    |        |    |
| (thousand share)         |        |    |        |    |        |    |
+--------------------------+--------+----+--------+----+--------+----+

  Auditor Ms.Varaporn Vorathitikul

  Certified Public Accountant (Thailand) No.4474

PricewaterhouseCoopers ABAS Limited

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2013 to 31 March 2015

(Unit: Thousand baht)

+---------------------------------------+---------+----------+---------+
|                                       | Audited |          |         |
+---------------------------------------+---------+----------+---------+
|                                       | Mar     | Mar      | Mar     |
|                                       | 31,2015 | 31,2014  | 31,2013 |
+---------------------------------------+---------+----------+---------+
| Cash flows from operating activities: |         |          |         |
+---------------------------------------+---------+----------+---------+
| Profit before income tax for the year | 1,      | 1        | 2,      |
|                                       | 445,127 | ,847,021 | 081,005 |
+---------------------------------------+---------+----------+---------+
| Adjustments to reconcile profit       |         |          |         |
| before income tax                     |         |          |         |
|                                       |         |          |         |
| For the year to net cash provided by  |         |          |         |
| operations:                           |         |          |         |
+---------------------------------------+---------+----------+---------+
| Depreciation and amortisation         | 1,      | 1        | 861,503 |
|                                       | 146,172 | ,031,075 |         |
+---------------------------------------+---------+----------+---------+
| Interest income                       | (       | (45,997) | (       |
|                                       | 42,369) |          | 34,483) |
+---------------------------------------+---------+----------+---------+
| Share profit (loss) from investments  | (1      | (        | (1      |
| in associates                         | 68,534) | 130,545) | 33,944) |
+---------------------------------------+---------+----------+---------+
| Dividend income from                  |         |          |         |
+---------------------------------------+---------+----------+---------+
| - Long-term investments               | (       | (41,766) | (       |
|                                       | 10,851) |          | 24,229) |
+---------------------------------------+---------+----------+---------+
| Gains on disposal of equipment        | (       | (224)    | (3,038) |
|                                       | 96,331) |          |         |
+---------------------------------------+---------+----------+---------+
| (Reversal of) Allowance for slow      | (       | 3,349    | (9,679) |
| moving inventories and net            | 11,936) |          |         |
|                                       |         |          |         |
| realizable value lower than cost of   |         |          |         |
| inventories                           |         |          |         |
+---------------------------------------+---------+----------+---------+
| Losses on write off intangible assets | -       | -        | 1,614   |
|                                       |         |          |         |
| Loss on sale of long-term investment  | -       | -        | 166     |
+---------------------------------------+---------+----------+---------+
| Allowance for doubtful account        | (636)   | (273)    | (794)   |
+---------------------------------------+---------+----------+---------+
| Impairment of long term investment    | -       | -        | -       |
+---------------------------------------+---------+----------+---------+
| Provision for post-employment benefit | (257)   | 12,886   | 21,168  |
+---------------------------------------+---------+----------+---------+
| Unrealised loss (gain) on exchange    | (566)   | (236)    | (130)   |
| rates                                 |         |          |         |
+---------------------------------------+---------+----------+---------+
| Cash flows before changes in          | 2,      | 2        | 2,      |
| operating assets and                  | 259,818 | ,675,291 | 759,157 |
|                                       |         |          |         |
| Liabilities                           |         |          |         |
+---------------------------------------+---------+----------+---------+
| Trade and other account receivable    | (2      | 371,579  | (4      |
|                                       | 08,178) |          | 88,350) |
+---------------------------------------+---------+----------+---------+
| Inventories                           | (1      | 111,581  | 13,747  |
|                                       | 97,847) |          |         |
+---------------------------------------+---------+----------+---------+
| Other current assets                  | (3,911) | 844      | 4,299   |
+---------------------------------------+---------+----------+---------+
| Other non-current assets              | (2,746) | (1,039)  | 4,809   |
+---------------------------------------+---------+----------+---------+
| Trade accounts payable other          | 39,578  | (        | 67,061  |
| companies                             |         | 104,142) |         |
+---------------------------------------+---------+----------+---------+
| Trade accounts payable related        | 138,278 | (67,993) | 144,004 |
| parties                               |         |          |         |
+---------------------------------------+---------+----------+---------+
| Other accounts payable other          | (       | (36,818) | (       |
| companies                             | 62,431) |          | 49,166) |
+---------------------------------------+---------+----------+---------+
| Other accounts payable related        | 34,838  | (17,449) | (       |
| parties                               |         |          | 55,402) |
+---------------------------------------+---------+----------+---------+
| Advance received from customers       | (       | (26,555) | (       |
|                                       | 12,085) |          | 23,638) |
+---------------------------------------+---------+----------+---------+
| Accrued expenses                      | (6,541) | (22,369) | 54,065  |
|                                       |         |          |         |
| Payments for post-employment benefits | (726)   | (457)    | (1,076) |
| obligation                            |         |          |         |
+---------------------------------------+---------+----------+---------+
| Cash generated from operation         | 1,      | 2        | 2,      |
|                                       | 978,047 | ,882,473 | 429,510 |
+---------------------------------------+---------+----------+---------+
| - Interest received                   | 34,936  | 40,859   | 33,073  |
+---------------------------------------+---------+----------+---------+
| - Income tax paid                     | (2      | (        | (2      |
|                                       | 75,745) | 420,611) | 24,013) |
+---------------------------------------+---------+----------+---------+
| Net cash received from operating      | 1,      | 2        | 2,      |
| activities                            | 737,238 | ,502,722 | 238,569 |
+---------------------------------------+---------+----------+---------+

Thai Stanley Electric Public Company Limited

Statements of Cash flows

For the years ended 31 March 2013 to 31 March 2015

(Unit: Thousand baht)

+----------------------------------------+---------+---------+---------+
|                                        | Audited |         |         |
+----------------------------------------+---------+---------+---------+
|                                        | Mar     | Mar     | Mar     |
|                                        | 31,2015 | 31,2014 | 31,2013 |
+----------------------------------------+---------+---------+---------+
| Cash flows from investing activities:  |         |         |         |
+----------------------------------------+---------+---------+---------+
| Purchases of property , plant and      | (1,0    | (9      | (2,0    |
| equipment                              | 13,844) | 07,451) | 48,145) |
+----------------------------------------+---------+---------+---------+
| Proceeds from disposals of equipment   | 207,730 | 8,549   | 6,136   |
+----------------------------------------+---------+---------+---------+
| Interest received on short-term        | 5,489   | 4,975   | 2,468   |
| investments held to maturity           |         |         |         |
|                                        | -       | -       | 7,988   |
| Proceeds from sale of long-term        |         |         |         |
| investment                             |         |         |         |
|                                        |         |         |         |
| Dividends received from                |         |         |         |
+----------------------------------------+---------+---------+---------+
| - Investment in associates             | 42,746  | 39,146  | 44,981  |
+----------------------------------------+---------+---------+---------+
| - Long-term investments                | 10,821  | 41,766  | 24,229  |
+----------------------------------------+---------+---------+---------+
| Purchase of intangible assets          | (2      | (1      | (1      |
|                                        | 81,134) | 62,205) | 36,656) |
+----------------------------------------+---------+---------+---------+
| Cash receipts from short-term          | 1,      | 770,000 | 198,850 |
| investment held to maturity            | 003,000 |         |         |
+----------------------------------------+---------+---------+---------+
| Cash payment on short –term investment | (1,5    | (8      | (1      |
| held to maturity                       | 70,445) | 20,208) | 09,705) |
+----------------------------------------+---------+---------+---------+
| Net Cash used in investing activities  | (1,5    | (1,0    | (2,0    |
|                                        | 95,606) | 25,428) | 09,853) |
+----------------------------------------+---------+---------+---------+
| Cash flow from financing activity :    |         |         |         |
+----------------------------------------+---------+---------+---------+
| Dividends paid                         | (4      | (5      | (2      |
|                                        | 59,060) | 17,186) | 29,866) |
+----------------------------------------+---------+---------+---------+
| Net cash used in financing activities  | (4      | (5      | (2      |
|                                        | 59,060) | 17,186) | 29,866) |
+----------------------------------------+---------+---------+---------+
| Net increase (decrease) in cash and    | (3      | 960,108 | (1,150) |
| cash equivalents                       | 17,428) |         |         |
+----------------------------------------+---------+---------+---------+
| Cash and cash equivalents at beginning | 2,      | 1,      | 1,      |
| of the year                            | 667,175 | 706,831 | 707,852 |
+----------------------------------------+---------+---------+---------+
| Effects of exchange rate changes       | 566     | 236     | 130     |
+----------------------------------------+---------+---------+---------+
| Cash and cash equivalents at end of    | 2,      | 2,      | 1,      |
| the year                               | 350,313 | 667,175 | 706,831 |
+----------------------------------------+---------+---------+---------+
| Non – cash transaction :               |         |         |         |
+----------------------------------------+---------+---------+---------+
| Outstanding liabilities arisen from    |         |         |         |
| purchases of plant ,                   |         |         |         |
+----------------------------------------+---------+---------+---------+
| Equipment and intangible assets        | 46,602  | 110,884 | 27,735  |
+----------------------------------------+---------+---------+---------+
| Accrued dividend income from           | 10,000  | -       | -       |
| investment in associate                |         |         |         |
+----------------------------------------+---------+---------+---------+

(C) Financial ratio

Thai Stanley Electric Public Company Limited

Ratio of financial statement

(The Company Only)

+-------------------------------+------+---------+--------+----------+
|                               |      | Audited |        |          |
+-------------------------------+------+---------+--------+----------+
|                               |      | Mar     | Mar    | Mar      |
|                               |      | 31,2015 | 3      | 31,2013  |
|                               |      |         | 1,2014 |          |
+-------------------------------+------+---------+--------+----------+
| Liquidity Ratio               |      |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Current Ratio                 | (Ti  | 3.83    | 3.55   | 2.71     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Quick Ratio                   | (Ti  | 3.20    | 2.92   | 2.20     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Cash Ratio                    | (Ti  | 1.14    | 1.55   | 1.41     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Receivable Turnover Ratio     | (Ti  | 4.30    | 5.55   | 6.33     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Collection Period             | (D   | 83.72   | 64.86  | 57.66    |
|                               | ays) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Inventory Turnover            | (Ti  | 108.36  | 88.30  | 70.74    |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Sale Period                   | (D   | 3.32    | 4.08   | 5.09     |
|                               | ays) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Account Payable Turnover      | (Ti  | 9.99    | 10.37  | 7.35     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Payment Period                | (D   | 36.04   | 34.72  | 49.66    |
|                               | ays) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Cash Cycle                    | (D   | 51.00   | 34.22  | 13.09    |
|                               | ays) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Profitability Ratio           |      |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Gross Profit Margin           | (%)  | 18.01   | 21.31  | 22.39    |
+-------------------------------+------+---------+--------+----------+
| Operation Profit Margin       | (%)  | 13.40   | 16.72  | 17.18    |
|                               |      |         |        |          |
| Other profit Margin           | (%)  | -***    | -***   |   -***   |
+-------------------------------+------+---------+--------+----------+
| Cash margin                   | (%)  | 136.08  | 145.81 | 114.97   |
+-------------------------------+------+---------+--------+----------+
| Net profit margin             | (%)  | 11.80   | 14.00  | 14.01    |
+-------------------------------+------+---------+--------+----------+
| Return on Equity              | (%)  | 10.38   | 14.39  | 17.55    |
+-------------------------------+------+---------+--------+----------+
| Efficiency Ratio              |      |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Return on Assets              | (%)  | 8.97    | 12.27  | 14.77    |
+-------------------------------+------+---------+--------+----------+
| Return on Fixed Assets        | (%)  | 36.51   | 40.15  | 45.33    |
+-------------------------------+------+---------+--------+----------+
| Asset Turnover                | (Ti  | 0.76    | 0.88   | 1.06     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Financial Policy Ratio        |      |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Debt to Equity                | (Ti  | 0.15    | 0.15   | 0.19     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Interest coverage Ratio       | (Ti  | -**     | - **   | - **     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Fixed Charge Coverage         | (Ti  | 0.85    | 1.62   | 9.74     |
|                               | mes) |         |        |          |
+-------------------------------+------+---------+--------+----------+
| (CASH BASIS)                  |      |         |        |          |
+-------------------------------+------+---------+--------+----------+
| Pay- out Ratio                | (%)  | *       | 32.51  | 33.72    |
+-------------------------------+------+---------+--------+----------+

  * It will be approved from the ordinary shareholders’ meeting year
  2015 and calculate from Net Profit – The company only

  ** The company have no interest payment . ***The company have no other
  profit

14. Management Analysis and explanations

14.1 Overview results operations

In 2014, the Company's all revenues and profit were decreased , sale
decreased 7.25% and operating profit decreased 25.63% same as the
automotive industry in Thailand slow down continue from year 2015 , that
motorcar sold decreased 18% and motorcycle sold decreased 15% from
previous year and in early of year 2015 the export sale increasing and
growth trend but domestic sale still slowdown.

Operating result and profitability

In 2014, The total sale were 9,523.83 million baht, an decrease on the
previous year 744.79 million baht or decreased 7.25%, that slow down
from domestic sale of automotive industry , detail as follows.

Domestic sale was 74.85% of total sale and decreased 6.67% from the
previous year and export sale was 25.15% of total sale and decreased
8.96% from the previous year.

Sale by product as Automotive Bulb and Lamp was 95.18% of total sale and
decreased 6.28% from the previous year , Die&Mold sold was 4.82% of
total sale and decreased 23.01% from the previous year.

Expense – Cost of sale was 7,808.83million baht or 82% of total sale and
decreased 3% from the previous year , that not more decrease from fixed
cost such as depreciation and labor cost that can not control to decline
and production cost from newly model that first time to production so
the company must more test to production but now the production is
stable and test cost can control and decreasing , the gross margin was
1,715.00 million baht or 18% of total sale and decreased 21.63% from the
previous year

Selling and Administration expense was 727.66 million baht or 7.67% of
total sale , decreased 12.43% from the previous year that from royalty
fee to payment to Stanley Electric Co.,Ltd. Japan that calculate 3% from
net sale , and other expenses was decreased from our control.

Operation profit was 1,145.13 million baht or 15.17% of total sale and
decreased 21.76% from the previous year , that operation profit ratio
was 13.40% decreased from the previous year ratio was 16.72%

Net profit was 1,157.65 million baht or 12.16% of total sale and
decreased from the previous year 329.86 million baht or decreased 22.18%
and net profit ratio was 11.80% that decreased from the previous year
that ratio was 14% The company approved the agreement of New Cost
Management System program with Stanley Electric Co.,Ltd., Japan , that
expected to cost control sustainable and increasing in profitability .
Now the company started to use this program with new model.

Asset Management

Total Assets

Total Assets of the Company were 13,293.90 million baht increase from
the last year were 787.83 million baht , or 6.30 %. The main item as
follows:,

- Trade accounts receivable and other account receivable , net were
1,884.06 million baht , increase as 220.76 million or 13.27% due to
increased sales in quarterly 4 (January – March 2015).

- Inventories were 939.18 million baht , increased 209.78 million, or
28.76% increase also due to production , main inventory from work in
process was 62% , raw material and packaging 23% and finished goods 8%.
The company have policy to production as customer order not more stock
for inventory control cost , the company have inventory provision 25.29
million baht main in expired raw material and packaging.

- Property, plant and equipment net were 5,823.15 million baht increased
as 102.14 million baht, or 2.55%, that the company slow down to
investment in equipment and machinery due to production decreasing. The
company ratio for return on asset was 8.97% decreased from the previous
year that ratio was 12.27% , fixed asset return ratio was 36.51%
decreased from the previous year that ratio was 40.15% and asset
turnover ratio was 0.76 times decreased from the previous year that
ratio was 0.88 times

Total Liabilities

Total liabilities of the company were 1,754.57 million baht increase
from last year 80.33 million baht, or 4.80% which comes from the trade
account payable and other account payable due to production trend
increasing in quarterly 4 (January-March 2015), so the company account
payable turnover ratio was 9.99 time , nearly the previous year ratio
was 10.37 times

Shareholders’ equity

Total shareholders’ equity was 11,539.33 million baht increased 707.50
million baht or increased 6.53% from the previous year and return on
equity ratio was 10.35% decreased from the previous year that ratio was
14.39%

Cash flow structure

In 2014, the company had cash and cash equivalents, net 2,350.31
million, decrease 316.86 million baht or 11.88 % that from income
decreasing but enough for use in our business , that current ratio was
3.83 times that good ratio and to classified as cash flows from
operating activities amount 1,737.24 million baht used in investing
activities was 1,595.61 million baht and financing activities for
dividend by 459.06 million baht .

The company continues to invest in building improvements, machinery and
equipment but lower investment by the production situation and increased
investment for die& molded part that for support to new model production
that continuing .

Debt servicing obligations and management of off-balance sheet
obligations.

The Company adopts the policy to use cash flow to invest and spend in
the company. Do not focus on lending , in year 2014 the company has no
outstanding debt and interest expense. There are only account payable
liabilities and commercial liabilities as usual , the company has a debt
to equity shareholders ratio was 0.15 times same as last year, which is
very small because the company has very little debt.

14.2 Factors or events that could affect the financial position or
operations significantly in the future.

The Economic and automotive industry are the main factors that affect
the operation of the company directly and current political situation
affects the economy and the automotive industry. The production and
sales decrease drastically.

  Companies need to take measures to reduce costs and slow down
  investment to comply with this a situation

  The company continues to make a significant contribution to research
  and development. Customers still have plans to launch new models
  constantly, the company continues to gain the trust of getting to Lamp
  products throughout.