Attached 4

( Report of Audit Committee)

Report from the Audit Committee

The Audit Committee of the Thai Stanley Electric Public Company Limited
was appointed following a resolution at the Board of Directors Meeting
on 2 July 2010. The Audit Committee’s scope of responsibility was
assigned in the “Audit Committee Charter”, which was revised on 24
October 2008, according to the regulations of the Stock Exchange of
Thailand.

The Audit Committee consists of three independent members who are fully
qualified according to the Capital Market Committee’s notification. They
are Mr. Krisada Visavateeranon as Chairman of the Audit Committee, with
Mr. Chokechai Tanpoonsinthana and Mr. Suchart Phisitvanich as the Audit
Committee members, Mrs. Sudjai Srifuengfung is the secretary.

In fiscal 2011, running from 1st April 2012 – 31st March 2013, the Audit
Committee performed its duty according to the responsibility as
delegated by the company’s Board of Directors which corresponding to the
regulations of the Stock Exchange of Thailand. There were 8 Audit
Committee meetings, of which 4 meetings was a non-management meeting
with an auditor and the other 4 meetings were performed with executives,
auditors, and internal auditors attending as necessary. The Audit
Committee members attended all the meetings. Major activities were as
follows.

1. A review of the quarterly and annual financial statements after
listening to the executives’ and auditors’ explanation before proposing
to the Board of Directors meeting. The Audit Committee shared the same
opinion as the auditors that such financial statements were accurate
according to the Generally Accepted Accounting Principles.

2.A review of the internal audit system by considering the scope of the
responsibilities and independence of the Internal Audit and approving
the annual internal audit plan, in which the Audit Committee inspects
that the Company conducts sufficient and appropriate internal audit
control.

3.A review of the Company’s operating information and internal control
by considering the annual internal audit report according to the
approved plan, which covers the Company’s major operating areas. It was
found that there were no significant faults and there was appropriate
attention and maintenance of the activities and accurate, complete, and
reliable information disclosed. Auditor was no serious concerns about
the internal control. The Audit Committee’s opinion that the Company has
sufficient and appropriate operational audit control.

4.A review of Company operations are in compliance with the law on
securities and exchange , the Stock Exchange regulations, and laws
relevant to the Company’s business. The Audit Committee ‘s opinion that
no evidence to show any violation of the relevant laws and regulations.

5.A review of the Connected Transactions or the transactions that may
lead to conflicts of interests as well as the disclosure of such
transactions. Whereas in the past year there were the Connected
Transactions or the transactions that may lead to conflicts of interests
with related companies, which were normal business transactions. The
auditor has the opinion that the business transactions with related
companies disclosed sufficient information that was presented in the
financial statements and notes to the financial statements. The Audit
Committee’s opinion that such transactions were reasonable and a benefit
to the Company business operation and that there was complete and
accurate disclosure.

6.Considering the selection, nomination, and remuneration proposed for
the auditor in 2013 fiscal year in order to propose to the Board of
Directors for approval at the annual ordinary shareholders meeting in
2013. The Audit Committee considered the performance, independence, and
remuneration appropriateness and opinion that it appropriate to appoint
Mrs. Unakorn Phruithithada, Certified Public Accountant no. 3257 and/or
Miss Varaporn Vorathitikul, Certified Public Accountant no. 4474 and/or
Miss Sukhumaporn Wong-ariyaporn, Certified Public Accountant no. 4843 in
the name of the PricewaterhouseCoopers ABAS Co., Ltd. as the Company’s
auditors for 2013 with the following reasons;

- They demonstrate a good work standard and expertise in auditing and
have performed their duty efficiently.

- The aforesaid audit company and auditors have no relationship or
stakes with the Company/ executives/ major shareholders or persons
related to those mentioned. Therefore there will be auditing
independence and opinion in the Company’s financial statement.

-The remuneration is deemed appropriate. The Audit Committee has fully
performed the duty assigned by the Audit Committee Charter approved by
the Company’s Board of Directors and reports that the Company’s
operation in the fiscal year from 1st April 2012 – 31st March 2013 has
been according to the appropriate internal control system and internal
audit system. The financial report is accurate, complete, and reliable.
Operations are concordant with adequate, transparent, and reliable
Corporate Governance standards, and there is continuous improvement for
better quality of the business operating system.

  Mr. Krisada Visavateeranon

  Chairman of the Audit Committee