annual report 2003 √“¬ß“πª√–®”ªï √“¬ß“πª√–®”ª€¦ · annual...

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

√“¬ß“πª√–®”ª ï 2546 ANN

UAL REPORT 20

03 ∫√‘…—∑ æ

√’‡™ ’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIO

US SHIPPING PUBLIC CO

MPAN

Y LIMITED∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500‚∑√. 66-2237-8700-4 ·øì°´å 66-2236-7654, 2633-8460‡∑‡≈Á°´å 20412 PSL TH ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®.309e-mail : [email protected] page : http://www.preciousshipping.com

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

7th Floor, Cathay House, 8 Noth Sathorn Road,Bangkok 10500, ThailandTel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309e-mail : [email protected] page : http://www.preciousshipping.com

√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003

“√∫—≠CONTENTS


1 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π2 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡

12 §≥–°√√¡°“√∫√‘…—∑14 √“¬ß“π®“°§≥–°√√¡°“√26 √“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ40 ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠44 °Õß°”≈—ß‡√◊Õ45 ‚§√ß √â“ß√“¬‰¥â46 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√66 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à67 ‚§√ß √â“ß°“√®—¥°“√70 ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑78 §≥–ºŸâ∫√‘À“√80 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫82 √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π84 √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ88 ß∫°“√‡ß‘π

106 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π150 ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞160 π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑

‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)166 ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535172 √“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π174 ¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2176 ∫ÿ§§≈Õâ“ßÕ‘ß

1 Financial Highlights

3 Nature of Business ond Industry

12 The Board of Directors

15 Board of Directors’ Report

27 Report on Implementation of Fifteen Principles of Good Corporate Governance

41 Significant Risk Factors

44 Fleet List

45 Revenue Structure

47 Management Discussion and Analysis

66 Major Shareholders

67 Management Structure

71 Board of Directors - Profile

79 Management Team

81 Audit Committee Report

83 Report on The Board of Directors’ Responsibilities for Financial Statements

85 Report of Independent Auditor

89 Financial Statements

107 Notes to Financial Statements

151 Restated us Dollar Financial Statements

161 Policy of Restatement from THB to USD Currency

166 Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535

173 Connected Transactions

175 Index of report in accordance with Form 56-2

176 References

ANNUAL REPORT 2003 PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 1

11 M

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1 M

®ÿ¥‡¥àπ∑“ß°“√‡ß‘πFINANCIAL HIGHLIGHTS

√“¬°“√ 2546 2545 2544 2543 2542 2541 2540 2539Details 2003 2002 2001 2000 1999 1998 1997 1996

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ / Vessel Operating Revenues 3,796,876 3,290,904 4,010,630 4,115,748 3,590,598 4,101,676 3,099,110 2,806,998

µâπ∑ÿπ°“√‡¥‘π‡√◊Õ / Vessel Operating Costs * 1,530,823 1,758,124 2,362,639 2,506,688 2,432,880 2,722,280 1,848,476 1,726,546

°”‰√¢—Èπµâπ / Gross Profit 2,266,053 1,532,780 1,647,991 1,609,060 1,157,718 1,379,397 1,250,634 1,080,452

√“¬‰¥â√«¡ (‰¡à√«¡°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ) 3,829,488 3,361,993 4,056,011 4,196,088 3,741,324 4,618,323 3,351,782 3,244,415

Total Revenues excl unrealised exchange gain

µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“·≈–¢“¥∑ÿπ®“° 1,999,613 2,355,746 3,019,430 3,579,748 3,200,656 3,723,088 3,023,549 2,342,546

Õ—µ√“·≈°ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ)

Total Costs (excl. depreciation & unrelaised

exchange loss)

§à“‡ ◊ËÕ¡√“§“ / Depreciation * 601,965 634,971 544,048 608,723 678,660 705,197 680,421 548,693

°”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß 161,037 40,396 (52,283) (436,662) (161,546) 2,395,307 (5,462,852) 0

Unrealized Exchange Gain (Loss)

√“¬°“√æ‘‡»… / Extra-ordinary items 147,613 90,762 233,068 62,403 238,826 689,581 13,445 0

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net Profit (Loss) 1,536,560 502,434 673,318 (366,642) (60,712) 3,274,925 (5,801,595) 353,176

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß 1,227,910 371,276 492,533 7,617 (137,992) 190,037 (352,188) 353,176

Adjusted Net Profit (Loss) **

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ / Total Current Assets 1,073,536 629,295 802,327 762,538 811,426 502,601 678,354 3,486,676

‘π∑√—æ¬å∂“«√ ( ÿ∑∏‘) / Fixed Assets (net) 4,617,999 4,207,699 4,765,597 5,478,767 6,425,955 7,737,443 8,616,006 5,396,134

‘π∑√—æ¬å√«¡ / Total Assets 5,867,920 5,103,836 5,802,968 6,691,354 7,605,455 8,621,060 9,659,334 9,175,215

Àπ’È ‘πÀ¡ÿπ‡«’¬π√«¡ / Total Current Liablities 1,426,283 796,118 1,022,449 1,369,174 7,705,131 2,079,645 2,215,057 1,596,350

‡ß‘π°Ÿâ¬◊¡√«¡ / Total Borrowings 3,422,350 4,024,519 4,896,588 5,774,319 6,976,929 8,052,560 12,233,115 6,419,979

à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Shareholdersû Equity 1,957,866 676,585 474,038 365,206 (223,529) (231,344) (3,510,049) 2,407,230

∑ÿπ∑’Ë‰¥â™”√–·≈â« / Paid-up Capital 520,000 520,000 520,000 520,000 520,000 520,000 520,000 520,000

¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) / Book Value per share (Baht) 3.77 1.30 0.91 0.70 (0.43) (0.44) (6.75) 4.63

°”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ (∫“∑) Earnings per share (Baht) 2.95 0.97 1.29 (0.71) (0.12) 6.30 (11.16) 0.68

‡ß‘πªíπº≈µàÕÀÿâπ (∫“∑) / Dividend per share (Baht) 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.30

Õ—µ√“°”‰√¢—Èπµâπ (√âÕ¬≈–) / Gross Profit Margin (%) 59.68 46.58 41.09 39.10 32.24 33.63 40.35 38.49

Õ—µ√“°”‰√ ÿ∑∏‘ (√âÕ¬≈–) / Net Profit Margin (%) ** 32.06 11.04 12.14 0.18 (3.69) 4.11 (10.51) 10.89

Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ (√âÕ¬≈–) / Return on Equity (%) 93.22 64.53 117.38 - - - - 15.40

Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) 22.38 6.81 7.88 0.11 (1.70) 2.08 (3.74) 4.03

Return on Total Assets (%)

Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand

* „π√–À«à“ßªï 2545 ·≈– 2546 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‰¡à‰¥â√«¡§à“„™â®à“¬„π°“√ àÕ¡·´¡·≈– ”√«®‡√◊Õµ—¥®”Àπà“¬®”π«π 155,171æ—π∫“∑ ·≈–148,861æ—π∫“∑µ“¡≈”¥—∫ ∑’Ë‰ª√«¡Õ¬Ÿà„π§à“‡ ◊ËÕ¡√“§“

** µ—«‡≈¢· ¥ßº≈°√–∑∫®“°°“√‰¡àπ—∫√«¡º≈°”‰√/¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß·≈–√“¬°“√æ‘‡»…

* During year 2002 and 2003 Vessel operating costs does not include amortized portion of drydock and special servey Baht 155,171 Thousandand Baht 148,861Thousand respectively, which is included in Deprecition.

** Figures derived by adjusting unrealized loss/gain on exchange difference and extra-ordinary items to calculate Adjusted Net Profit (loss)

2003

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

‘π∑√—æ¬å√«¡TOTAL ASSETS

2002 2001 2000 1999 1998 1997 1996


2003

à«π¢ÕßºŸâ∂◊ÕÀÿâπSHAREHOLDERSû EQUITY (DEFICIT)

2002 2001 2000 1999 1998 1997 1996


-1,500,000

-500,000

1,500,000

2,500,000

500,000

-2,500,000

-4,000,000

2003

300,000

600,000

900,000

1,200,000

1,500,000

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿßADJUSTED NET PROFIT (LOSS)

2002 2001 2000 1999 1998 1997 1996


-300,000

-600,000

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¡’°“√‡™à“∑—Èß 2 ≈—°…≥– Time Charter ·≈– Voyage Charter „πÕ—µ√“„°≈â‡§’¬ß°—π ‚¥¬√–¬–‡«≈“°“√‡™à“ª√–¡“≥ 1-3 ‡¥◊Õπ ·µà

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§«“¡ “¡“√∂„π°“√„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬ª√–‡¿∑‚¥¬‡©æ“– ‘π§â“æ◊Èπ∞“π∑’Ë®”‡ªìπ·≈–‰¡àª√–®”‡ âπ∑“ß

‡ªìπ “‡Àµÿ„Àâ∫√‘…—∑œ “¡“√∂≈¥§«“¡‡ ’Ë¬ß®“°º≈°√–∑∫Õ—π‡°‘¥¢÷Èπ„π¿Ÿ¡‘¿“§„¥Ê ª√–‡¿∑ ‘π§â“ ·≈– ¿“æ‡»√…∞°‘®

1.2 Õ“¬ÿ¢Õß°Õß‡√◊Õ

°Õß‡√◊Õæ’‡Õ ·Õ≈®—¥‰¥â«à“¡’Õ“¬ÿπâÕ¬‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’Ë¬Õ“¬ÿ¢Õß°Õß‡√◊Õ∑—Ë«‚≈° Õ“¬ÿ‡©≈’Ë¬¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈

Õ¬Ÿà∑’Ëª√–¡“≥ 16 ªï


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1. NATURE OF BUSINESS

1.1 Background

Precious Shipping P.C.L. (“PSL”), established in 1989 and listed on the Thailand Stock Exchange

in 1993, owns and charters dry bulk ships, on a tramp shipping basis, in the small, handy size sector of the shipping

markets. The corporate structure of PSL, similar to other shipping companies, has separate subsidiaries owning

each vessel (sometimes 2 vessels) to limit liability.

PSL presently (as on 15th March 2004) operates 31 bulkers and a cement carrier (the “Fleet”),

representing 745,616 dwt. Of the entire Fleet, 31 ships are registered under the Thai flag, and 1 under Bahamas

flag.

PSL is one of the largest pure dry cargo ship-owning companies operating in the small, handy

size (10,000 to 30,000 dwt) sector of the tramp freight market. This segment is extremely fragmented and

characterized by companies owning 2 or 3 ships. PSL’s Fleet makes it one of the largest, if not the single largest

company in the world, operating in this segment. PSL’s Fleet is managed by Great Circle Shipping Agency Ltd,

Bangkok, a wholly owned subsidiary of PSL that is ISO 9002 certified.

PSL operates its Fleet on a tramp-shipping basis covering the entire world. Principal cargoes

handled by PSL are agricultural products, steel, fertilizers, ores and concentrates, logs and other items. PSL

estimates its business to be divided evenly across five regions : USA/Canada, Europe, Latin America-Africa, Indian

sub-continent - Middle East, and South East & Far East Asia. PSL operates its ships in ports that have restricted

draft and limited infrastructure (PSL ships have equipment for loading/unloading) where larger ships cannot

operate. This distinction is a comparative advantage and allows PSL to enjoy more stable charter rates than

other larger vessel operators.

The Chartering of the ships is mainly undertaken by PSL vide the following two types of Charters :

Time Charter : Under this Charter, the Charterer pays Charter Hire to PSL to operate the vessel

for an agreed time period. The Charterer bears all voyage costs including the cost of bunker fuels.

Voyage Charter : Under this Charter, the Charterer pays freight to PSL to transport a particular

cargo between two or more designated ports. In this case, the PSL bears all the voyage costs including the cost of

bunker fuels.

PSL’s Fleet does not follow set voyage routes, but keeps moving across the globe depending on

its charters. The Fleet is hired on both time charters as well as voyage charters, with typical charter duration of 1-3

months. The mix between the two types of business has historically been equal, although lately the proportion of

time charters has increased.

The well spread diversification and nature of its operations (dry bulk shipping in the small handy

size sector carrying ‘essential basic’ commodities) enables PSL to minimise the impact of concentration risks in

terms of regions or commodities covered, and economic cycles.

1.2 Fleet Age

PSL has a relatively young Fleet, as compared to the world average, with present average age of

about 16 years.

NATURE OF BUSINESS AND INDUSTRY

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°√“øµàÕ‰ªπ’È‡ªìπ°“√«‘‡§√“–ÀåÕ“¬ÿ¢Õß°Õß‡√◊Õ¢π àß ‘π§â“∑—Ë«‚≈°·≈–°Õß‡√◊Õæ’‡Õ ·Õ≈ ≥ ‡¥◊Õπ ¡°√“§¡ 2547

∑’Ë¡“®“° Clarkson Research Studies / Aries Shipbroking Ltd (CRS/Aries)

1.3 °“√¥”‡π‘π∏ÿ√°‘®

√“¬‰¥â¢Õßæ’‡Õ ·Õ≈¡’°“√°√–®“¬·À≈àß∑’Ë¡“¢Õß√“¬‰¥â‡ªìπÕ¬à“ß¥’¥—ßπ’È

1.3.1 ª√–‡¿∑¢Õß ‘π§â“∑’Ë¢π àß

1.3.2 °“√‡™à“√“¬‡∑’Ë¬«·≈–°“√‡™à“‡ªìπ√–¬–‡«≈“

(®”π«π¢Õß‡∑’Ë¬«°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡)

°“√‡™à“ 2544 2545 2546

°“√‡™à“√“¬‡∑’Ë¬« 142 112 80(55%) (49%) (36%)

°“√‡™à“‡ªìπ√–¬–‡«≈“ 116 116 145(45%) (51%) (64%)

(®”π«π‡∑’Ë¬«¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡)

‘π§â“ 2544 2545 2546

‘π§â“°“√‡°…µ√ 74 (28.68%) 69 (30.26%) 66 (29.33%)

‡À≈Á° 48 (18.60%) 41 (17.98%) 28 (12.45%)

ªÿÜ¬ 35 (13.57%) 25 (10.96%) 32 (14.22%)

·√à∏“µ‘·≈– ‘π·√à 54 (20.93%) 29 (12.72%) 31 (13.78%)

º≈‘µ¿—≥±å®“°‰¡â-´ÿß 25 (9.69%) 30 (13.16%) 23 (10.22%)

∂à“πÀ‘π 18 (6.98%) 19 (8.33%) 9 (4.00%)

Õ◊ËπÊ 4 (1.55%) 15 (6.59%) 36 (16.00%)

√«¡ 258 228 225


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1.3 Business Operations

PSL’s revenues are well diversified in terms of it’s business mix as can be seen from the following

tables :

i. Commodities/Cargoes Carried

(Number of Voyages and % of Total Voyages)

Commodity 2001 2002 2003

Agricultural Commodities 74 (28.68%) 69 (30.26%) 66 (29.33%)

Steel 48 (18.60%) 41 (17.98%) 28 (12.45%)

Fertilisers 35 (13.57%) 25 (10.96%) 32 (14.22%)

Specialised Ores 54 (20.93%) 29 (12.72%) 31 (13.78%)

Forest Products/Logs 25 (9.69%) 30 (13.16%) 23 (10.22%)

Coal 18 (6.98%) 19 (8.33%) 9 (4.00%)

Others 4 (1.55%) 15 (6.59%) 36 (16.00%)

Total 258 228 225

An ageing analysis as on January 2004 is given in the following graph vis-a-vis the World Fleet :

ii. Time Charter v/s Voyage Charter

(Number of Voyages and % of Total Voyages)

Charter 2001 2002 2003

Voyage Charters 142 112 80

(55%) (49%) (36%)

Time Charters 116 116 145

(45%) (51%) (64%)

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1.3.3 æ◊Èπ∑’Ë„π°“√„Àâ∫√‘°“√¢π àß

1.3.4 ®”π«π‡§√◊Õ¢à“¬°“√µ≈“¥ ·≈–∑’Ëµ—Èß¢Õßπ“¬Àπâ“√“¬„À≠à

®“°°√“ø¢â“ßµâπ “¡“√∂µ—Èß¢âÕ —ß‡°µ‰¥â«à“æ’‡Õ ·Õ≈¡’‡§√◊Õ¢à“¬°“√µ≈“¥™—ÈπÀπ÷Ëß§√Õ∫§≈ÿ¡∑—Ë«‚≈° ‚¥¬¡’°“√

µ‘¥µàÕ°—π‚¥¬∑“ßÕ‘π‡µÕ√å‡πÁµ∑”„Àâ°“√µ‘¥µàÕ§√Õ∫§≈ÿ¡‡§√◊Õ¢à“¬‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–≈¥µâπ∑ÿπ°“√¥”‡π‘πß“π

2. ‚§√ß √â“ßÕÿµ “À°√√¡

Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑“ß∑–‡≈ “¡“√∂®”·π°Õ¬à“ß°«â“ßÊ ‰¥â¥—ßπ’È


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iii. Vessel Trading Areas

iv. Marketing network and major broker locations :

From the above graphs it can be observed that PSL enjoys a wide coverage with its top class

world-wide marketing net work. The extensive use of the internet has allowed this coverage to be obtained in an

extremely cost effective manner.

2. INDUSTRY STRUCTURE

Broadly the Shipping Industry is classified as under :

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2.1 µ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° (The Small Handy Size Market)

µ≈“¥‡√◊Õ¢π àß¢π“¥‡≈Á°ª√–°Õ∫¥â«¬‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’¢π“¥ 10,000 - 30,000 ‡¥¥‡«∑µ—π §«“¡µâÕß°“√„™â∫√‘°“√

¢Õß‡√◊Õ‡¥‘π∑–‡≈„πµ≈“¥π’È§àÕπ¢â“ß°√–®—¥°√–®“¬ Õ—π‡π◊ËÕß¡“®“°§«“¡ “¡“√∂„π°“√¢π àß ‘π§â“‰¥âÀ≈“°À≈“¬™π‘¥ ·≈–

∑à“‡√◊Õ®”π«π¡“°∑’Ë “¡“√∂„Àâ∫√‘°“√·°à‡√◊Õ‡¥‘π∑–‡≈¢π“¥π’È‰¥â Õ¬à“ß‰√°Áµ“¡≈—°…≥–¥—ß°≈à“«∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢Õß

‡√◊Õ‡¥‘π∑–‡≈¢π“¥‡≈Á°¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§«“¡µâÕß°“√„™â‡√◊Õ∑’Ë¡’¢π“¥„À≠à°«à“

„π¥â“π¢ÕßºŸâ„Àâ∫√‘°“√∑—Ë«‚≈°∑’Ë¡’‡√◊Õ„π°≈ÿà¡π’È°Á°√–®—¥°√–®“¬ ‡√◊Õ„π°≈ÿà¡π’È¡’ª√–¡“≥ 3,000 ≈” (≥ ‘Èπªï 2546)

‚¥¬ºŸâª√–°Õ∫°“√√“¬„À≠à∑’Ë ÿ¥ ¡’‡√◊Õ‡æ’¬ß 60 ≈” À√◊Õ§‘¥‡ªìπ 2% ¢Õß à«π·∫àß„πµ≈“¥ à«π∑’Ë‡À≈◊Õ à«π„À≠à‡ªìπºŸâª√–°Õ∫°“√

∫√‘…—∑‡Õ°™π¡’‡√◊ÕÕ¬Ÿà‡æ’¬ß‰¡à°’Ë≈”

®“°Õ¥’µ∑’Ëºà“π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈‡ªìπÕÿµ “À°√√¡∑’Ë¡’«—Ø®—°√ ‚¥¬·µà≈–√Õ∫¢Õß«—Ø®—°√®–¡’™à«ß∑’ËÕ—µ√“

§à“‡™à“¢π àß ‘π§â“≈¥µË”≈ßª√–¡“≥ Õßªï À≈—ß®“°π—Èπ®–¡’°“√ª√—∫µ—«¢ÕßÕÿª∑“π·≈–Õÿª ß§å°àÕπ∑’ËÕ—µ√“§à“‡™à“¢π àß ‘π§â“®–‡√‘Ë¡

ª√—∫µ—« Ÿß¢÷Èπ ™à«ßµ°µË”§√—Èß≈à“ ÿ¥‡√‘Ë¡µâπ„π°≈“ßªï 2540 Õ—π‡π◊ËÕß¡“®“°«‘°ƒµ°“√≥å‡Õ‡™’¬∑”„Àâ§«“¡µâÕß°“√¢π àß ‘π§â“∑“ß

∑–‡≈πâÕ¬≈ß Õ¬à“ß‰√°Áµ“¡°“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®„π∑ÿ°¿Ÿ¡‘¿“§¢Õß‚≈°∑”„Àâ¡’§«“¡µâÕß°“√ ‘π§â“·Àâß‡∑°Õß¡“°¢÷Èπ„πªï

2543 ·≈–¬—ß§ß¥’¢÷Èπ®π°√–∑—Ëß∂÷ß§√÷Ëß·√°¢Õßªï 2544 πÕ°®“°π’È√“§“√—∫´◊ÈÕ‡»…‡À≈Á°∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ™à«¬„Àâ‡°‘¥°“√¢“¬‡√◊Õ‡°à“

‡æ‘Ë¡¢÷Èπ∑”„ÀâÕÿª∑“π„π°Õß‡√◊Õ°≈ÿà¡π’È≈¥≈ß·≈– àßº≈∂÷ßÕ—µ√“§à“√–«“ß∑’Ë‡æ‘Ë¡¢÷Èπ À≈—ß®“°π—Èπµ—Èß·µà ‘Èπªï 2544 µ≈“¥‰¥âª√—∫µ—«

≈¥≈ßÕ’°§√—ÈßÕ—π‡π◊ËÕß¡“®“°ªí®®—¬À≈“¬Õ¬à“ß Õ¬à“ß‰√°Áµ“¡µ≈“¥‰¥â¡’·π«‚πâ¡∑’Ë¥’¢÷Èππ—∫®“°‰µ√¡“ ∑’Ë 4 ¢Õßªï 2545 ·≈–°Á

∂Ÿ°§“¥°“√≥å«à“®–§ß‡ªìπ‡™àππ’È‰ª®π∂÷ßªï 2547 ·≈– 2548

2.2 ¿“æ√«¡¢ÕßÕÿª ß§å·≈–Õÿª∑“π

·¡â«à“Õß§åª√–°Õ∫¢Õß∫√‘…—∑œ ·≈–Õ“¬ÿ¢Õß°Õß‡√◊Õ∫√‘…—∑œ ®–¡’º≈µàÕ√“¬‰¥â·≈–§à“„™â®à“¬°Áµ“¡·µà®“°µ“√“ß¥—ßµàÕ‰ªπ’È

· ¥ß„Àâ‡ÀÁπ∂÷ßªí®®—¬¿“¬πÕ°Õ—πÀ≈“°À≈“¬´÷Ëß§√Õ∫ß”Õÿª ß§å·≈–Õÿª∑“π∑’Ë‡ªìπ à«πº≈—°¥—π„πÕÿµ “À°√√¡°“√¢π àß·≈–

‡ªìπµ—« √â“ß«ß®√¢Õß∏ÿ√°‘®

2.3 ¥—™π’ Baltic Dry Index

°√“ø¢â“ß„µâπ’È®–· ¥ß∂÷ß§«“¡‡ª≈’Ë¬π·ª≈ß¢Õß¥—™π’ Baltic Dry Index (BDI) ÷Ëß‡ªìπµ—«™’Èπ”Õ—µ√“§à“¢π àß ‘π§â“·Àâß

‡∑°Õß„π™à«ß‡«≈“ 10 ªï∑’Ëºà“π¡“ ”À√—∫‡√◊Õ¢π“¥„À≠à ®—¥∑”‚¥¬ Baltic Exchange µ—ÈßÕ¬Ÿà∑’Ë°√ÿß≈Õπ¥Õπ ·≈–‰¥â· ¥ß∂÷ß°“√

‡ª≈’Ë¬π·ª≈ß¢Õß¥—™π’ JE Hyde Shipping Index (JEHSI) ”À√—∫‡√◊Õ¢π“¥‡≈Á° „π√–¬–‡«≈“‡¥’¬«°—π ¥—ßπ—Èπ°Õß‡√◊Õæ’‡Õ ·Õ≈®–

‡ªìπ à«πÀπ÷Ëß„π¥—™π’ JEHSI °“√‡ª√’¬∫‡∑’¬∫¢Õß¥—™π’∑—Èß Õßπ’È· ¥ß„Àâ‡ÀÁπ∂÷ß°“√º—πº«π¢ÕßÕ—µ√“§à“√–«“ß∑’ËπâÕ¬°«à“ ”À√—∫

‡√◊Õ¢π“¥‡≈Á° ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡√◊Õ¢π“¥„À≠à„πµ≈“¥‡√◊Õ®√


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2.1 Small Handy Size Market

The small handy size sector is classified as the ships in the range of 10,000 - 30,000 dwt. The demand

in the small handy size market is fragmented because of the broad cargo base and multitude of ports serviced by

the market segment. However, because this segment caters to such a wide variety of cargoes and calls on smaller

ports, the demand is less volatile compared to the larger ships.

On the supply side also the industry is highly fragmented. The fleet of over 3,000 ships (as at end

2003) has the largest operator having only 60 ships or 2 percent market share. The majority of the operators

are private companies with a small number of vessels.

Historically, the shipping industry has been a very cyclical industry with approximately two years of

declining charter rates needed to stabilise supply and demand before utilisation rates and therefore freight rates

would begin to increase. The previous “down cycle” started in mid 1997 because of the demand issues associated

with the “Asian crisis”. With the gradual increase in economic growth in all regions of the world, the dry bulk demand

improved in 2000 and the improvement continued till first half of 2001. Also helping the bullish freight rates was

increased scrap prices that lead to demolition of older vessels. Thereafter, since the end of 2001, the market has

witnessed a downturn due to various factors. But the market has witnessed an upward trend since fourth quarter

2002 and that is expected to continue through year 2004 and possibly 2005.

2.2 Demand - Supply

While the composition and the age of a Company’s fleet does have an effect on it’s earnings and

expenses, the following table illustrates the various external factors governing demand and supply which drive

the shipping industry and create the business cycles.

2.3 Baltic Dry Index

The graph below shows the movement of Baltic Dry Index (BDI), which is the leading indicator of spot

dry bulk cargo rates, calculated by the London - based Baltic Exchange over a period of last 10 years. It also shows

the movement of the JE Hyde Shipping Index over the same period. Whilst the BDI is mainly weighted towards

the larger ships, the JEHSI is geared more or less towards ships in PSL’s sector and is therefore more representative

of PSL’s fleet. The comparison of these two indexes illustrates how the small handy size sector is less volatile as

compared to the larger sectors of the tramp freight market.

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2.4 °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫‡°’Ë¬«°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ

°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë ”§—≠∑’Ë„™â§«∫§ÿ¡„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ “°≈¡’¥—ßµàÕ‰ªπ’È

1. ∏ßª√–®”™“µ‘

‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬π¿“¬„µâ∏ßª√–®”™“µ‘ ÷Ëß®–∂◊Õ‡ªìπ°“√®¥∑–‡∫’¬π¿“¬„µâ°ÆÀ¡“¬ª√–‡∑»π—ÈπÊ

‚¥¬°“√®¥∑–‡∫’¬π‡√◊Õ®–¡’°“√ÕÕ°„∫∑–‡∫’¬π‡√◊Õ´÷Ëß‡ªìπ‡Õ° “√ ”§—≠∑’Ë‡√◊Õ·µà≈–≈”®–µâÕß¡’ ‡æ◊ËÕ∑’Ë®–‡ªìπ‡Õ° “√„Àâµ√«® Õ∫

‰¥â‡¡◊ËÕ¡’°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈√«¡∂÷ß°“√‡¢â“‡∑’¬∫∑à“‡√◊Õµà“ßÊ ∑—Ë«‚≈° ‚¥¬∑—Ë«‰ª∑–‡∫’¬π‡√◊Õ¥—ß°≈à“«π’È®–ª√–°Õ∫‰ª¥â«¬

√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫≈”‡√◊Õ ∏ßª√–®”‡√◊Õ ‡®â“¢Õß‡√◊Õ ·≈–°—ªµ—π‡√◊Õ

2. °ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ßª√–‡∑»

°ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ßª√–‡∑»‡ªìπ∑’Ë√Ÿâ®—°°—π„ππ“¡¢Õß°ÆÀ¡“¬√–À«à“ßª√–‡∑»·Ààß∑âÕß∑–‡≈ ÷Ëß

°ÆÀ¡“¬π’È®–§√Õ∫§≈ÿ¡∂÷ß√–‡∫’¬∫¢âÕªØ‘∫—µ‘µà“ßÊ Õ—π‡ªìπ∑’Ë¬Õ¡√—∫·≈–¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“ß‡§√àß§√—¥‚¥¬π“π“ª√–‡∑»

Õß§å°“√æ“≥‘™¬åπ“«’ “°≈ (The International Maritime Organisation, IMO) ‡ªìπÕß§å°“√¢Õß Àª√–™“™“µ‘®–‡ªìπºŸâÕÕ°°Æ

√–‡∫’¬∫‡æ◊ËÕ„™â∫—ß§—∫„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ√–À«à“ßª√–‡∑»„π‡√◊ËÕß¢Õß§«“¡ª≈Õ¥¿—¬„π™’«‘µ ∑√—æ¬å ‘π·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬

·µà≈–ª√–‡∑»°Á®–¡’Àπà«¬ß“πæ“≥‘™¬åπ“«’ ”À√—∫ª√–‡∑»∑’Ë‡√’¬°°—π«à“ Port State Control ®–‡ªìπÀπà«¬ß“π∑’Ë®–§«∫§ÿ¡·≈–

∫—ß§—∫„Àâ‡√◊Õ∑’Ë‡¢â“¡“„ππà“ππÈ”¢Õßª√–‡∑»µπ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬°“√¢π àß∑“ßπÈ” “°≈

3. °“√®—¥™—Èπ‡√◊Õ

µ“¡π‚¬∫“¬«à“¥â«¬°“√ª√–°—π¿—¬∑“ßπÈ”‰¥â¡’°“√°”Àπ¥„Àâ¡’°“√®—¥™—Èπ‡√◊Õ ‚¥¬‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√

®¥∑–‡∫’¬πÀ√◊Õ¡’°“√®—¥™—Èπ‡√◊Õ‚¥¬Àπà«¬ß“π∑’Ë¡’ª√– ∫°“√≥å ¡’™◊ËÕ‡ ’¬ß‡ªìπ∑’Ë¬Õ¡√—∫´÷Ëß‡√’¬°°—π«à“ ¡“§¡®—¥™—Èπ‡√◊Õ (Classifi-

cation Societies) ‚¥¬Àπà«¬ß“ππ’È‰¥â√‘‡√‘Ë¡¢÷Èπ®“°Õπÿ —≠≠“ Load Line „πªï §.». 1930 ·≈–Õπÿ —≠≠“√–À«à“ßª√–‡∑» „πªï §.».

1955 ·≈– 1959 ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ√–À«à“ßª√–‡∑» (The International of Association Classification Societies, IACS)

‰¥â°àÕµ—Èß¢÷Èπ‡¡◊ËÕ §.». 1968 ÷Ëß¡’ ¡“§¡®—¥™—Èπ‡√◊Õµà“ßÊ ‡¢â“√à«¡‡ªìπ ¡“™‘° ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ®–µ√«® Õ∫„π‡√◊ËÕß¡“µ√∞“π

„π°“√°àÕ √â“ß‡√◊Õ·≈–°“√∫”√ÿß√—°…“≈”‡√◊Õ

4. °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈

°ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ (The Carriage of Goods by Sea Act, COGSA) ‰¥â°”‡π‘¥¢÷Èπ¿“¬À≈—ß®“°∑’Ë

¡’°“√ª√–™ÿ¡‡°’Ë¬«°—∫°“√¢π àß∑“ßπÈ”À≈“¬§√—Èß√–À«à“ß°≈ÿà¡ª√–‡∑»¬ÿ‚√ª´÷Ëß¡’¢÷Èπ∑’Ë°√ÿß∫√— ‡´≈ å ‚¥¬°ÆÀ¡“¬„π≈—°…≥–§≈â“¬§≈÷ß

°—ππ’È°Á‰¥â¡’¢÷Èπ„πª√–‡∑» À√—∞Õ‡¡√‘°“‡™àπ‡¥’¬«°—π ‚¥¬°ÆÀ¡“¬π’È‰¥â§√Õ∫§≈ÿ¡‰ª∂÷ß°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑»


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2.4 Maritime Laws and Regulations

The following major laws and regulations govern the International Shipping Industry :

1. Flag State

Each ship is registered under a Flag State, which is the nation in which the ship is registered and

which holds legal jurisdiction as regards operation of the ship. The Flag State issues a Certificate of Registry, which is

one of the essential documents that every ship has to possess before she can operate and sail from or to any port. The

certificate generally contains details of the ship, flag, owners and master.

2. International Maritime Law

Also known as the International Law of the Sea, this law covers the uniform systems and rules,

which are acknowledged and followed carefully by most nations. The International Maritime Organisation (IMO) is a

UN body, which regulates the International Shipping Industry for safety of life, property and the environment. Each

nation has its own local maritime authority generally termed as Port State Control, which ensures and enforces

compliance within their respective territorial waters.

3. Classification

The marine insurance policy is subject to a classification clause, which requires classification of

the ship. Each ship is required to be registered or classed with world-wide experienced and reputable organisations

called Classification Societies. With its origins in the Load Line Convention 1930 and international conventions in

1955 and 1959, the International Association of Classification Societies (IACS) was established in 1968 which

has leading societies as members. The classification societies ensure that standards for construction and

maintenance of the ships are complied.

4. Carriage of Goods by Sea Act

The Carriage of Goods by Sea Act (COGSA) was introduced after many shipping conferences were held

in Brussels among various European nations interested in shipping transportation and subsequently, similar legislation

was also introduced in America. This law covers the international transportation of merchandise by sea.

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§≥–°√√¡°“√∫√‘…—∑THE BOARD OF DIRECTORS

π“¬‰®ª“≈ ¡—π ÿ¢“π’°√√¡°“√

Mr. Jaipal Mansukhani

Director

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–ª√–∏“π°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫

Admiral Dr. Amnad Chandanamattha

Chairman and Audit Committee Member

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

Police LT. Gen. Kiattisak Prabhavat

Chairman of Audit Committee

and Independent Director

π“¬™’√– ¿“≥ÿæß»å°√√¡°“√Õ‘ √–

Mr. Chira Panupong

Independent Director

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡°√√¡°“√∫√‘À“√

Mr. Munir Moinuddin Hashim

Executive Director


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π“ß “«π‘™‘µâ“ ™“Àå°√√¡°“√

Ms. Nishita Shah

Director

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬°√√¡°“√∫√‘À“√

Mr. Khushroo Kali Wadia

Executive Director

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡°√√¡°“√ºŸâ®—¥°“√·≈–°√√¡°“√∫√‘À“√

Mr. Khalid Moinuddin Hashim

Managing Director and Executive Director

π“¬∏’√– «‘¿Ÿ™π‘π°√√¡°“√Õ‘ √–

Mr. Thira Wipuchanin

Independent Director

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Mr. Suphat Sivasriaumphai

Independent Director and

Audit Committee Member

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√“¬ß“π®“°§≥–°√√¡°“√

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr.Khalid Moinuddin Hashim

‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ

§≥–°√√¡°“√¡’§«“¡¬‘π¥’Õ¬à“ß¬‘Ëß∑’Ë®–π”‡ πÕ√“¬ß“πª√–®”ªï∑’Ë 15 ·≈–√“¬ß“πß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ∑’Ë‰¥âµ√«® Õ∫

·≈â« ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·°àºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π‰¥â√—∫∑√“∫¥—ßπ’È

ªï 2546 ‡ªìπªï∑’Ë ”§—≠®√‘ßÊ æ’‡Õ ·Õ≈ ‰¥â¡“∂÷ß§«“¡ ”‡√Á® ”§—≠Ê À≈“¬‡√◊ËÕß„π™à«ßªï∑’Ë¥’π’È ¥—ßπ’È

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π„πªï∑’Ëºà“π¡“

¥â“π°“√¥”‡π‘π°‘®°“√„π√Õ∫ªï∑’Ëºà“π¡“∫√‘…—∑œ ¡’√“¬‰¥â√«¡‡ªìπ‡ß‘π 3,990.52 ≈â“π∫“∑ (ªï 2545 : 3,402.39

≈â“π∫“∑) ·≈–¡’º≈°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π 1,536.56 ≈â“π∫“∑ (ªï 2545 : °”‰√ ÿ∑∏‘ 502.43 ≈â“π∫“∑) ∑—Èßπ’È√«¡∂÷ß°”‰√ ÿ∑∏‘

®“°Õ—µ√“·≈°‡ª≈’Ë¬π®”π«π 184.19 ≈â“π∫“∑ (ªï 2545 : ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 73.12 ≈â“π∫“∑) à«π¢ÕßºŸâ∂◊ÕÀÿâπ

‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¡“Õ¬Ÿà∑’Ë 1,957.87 ≈â“π∫“∑ (ªï 2545 : 676.59 ≈â“π∫“∑) ‘π∑√—æ¬å√«¡¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ¡“Õ¬Ÿà∑’Ë

5,867.92 ≈â“π∫“∑ (ªï 2545 : 5,103.84 ≈â“π∫“∑)

„π√–À«à“ßªï∑’Ëºà“π¡“ ∫√‘…—∑œ ¡’°”‰√®“°°“√¥”‡π‘πß“π°àÕπ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π §à“¿“…’‡ß‘π‰¥â ·≈–√“¬°“√

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√«¡ Ÿß°«à“ªï°àÕπ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥âÕ—µ√“§à“√–«“ß∑’Ë Ÿß¢÷Èπ„πªï 2546 ·¡â«à“®”π«π«—π‡¥‘π‡√◊Õ®–πâÕ¬°«à“·≈–Õ—µ√“·≈°‡ª≈’Ë¬π

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§◊πÀÿâπ°Ÿâ∑—ÈßÀ¡¥‚¥¬¡’ à«π≈¥≈ß√âÕ¬≈– 25 ‡∑à“°—∫«à“‡ªìπ°“√ ‘Èπ ÿ¥‚§√ß°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë∫√‘…—∑œ ∑”‰«â°àÕπÀπâ“≈ß

‡¥◊Õπ¡‘∂ÿπ“¬π §◊Õ™à«ß‡«≈“∑’Ë∫√‘…—∑œ ≈ßπ“¡ —≠≠“°Ÿâ‡ß‘π®”π«π 100 ≈â“π‡À√’¬≠ À√—∞°—∫∏π“§“√°√ÿß‰∑¬ ‡ß‘π°Ÿâπ’È

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∏ÿ√°‘®¢Õß∫√‘…—∑œ ®“°‡ß‘π°Ÿâ„À¡à®“°∏π“§“√°√ÿß‰∑¬


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TO THE MEMBERS

The directors are pleased to present the Fifteenth Annual Report of the Company alongwith the Audited

Financial Statements as on 31st December 2003.

2003, and what a year it was! For us at PSL we had some special milestones that were achieved during this

momentous year.

FINANCIAL HIGHLIGHTS AND REVIEW OF THE YEAR :

In terms of operations, during the year under review, the Total Revenues of the Company was Baht 3,990.52

million [2002 : Baht 3,402.39 million] and the Company incurred a Net Profit of Baht 1,536.56 million [2002 : Net

Profit Baht 502.43 million]. This included a Net Gain on Foreign Exchange of Baht 184.19 million [2002 : Gain Baht

73.12 million]. The Shareholders’ Equity of the Company has increased significantly to Baht 1,957.87 million [2002

: Baht 676.59 million]. The Total Assets of the Company have increased to Baht 5,867.92 million [2002 : Baht

5,103.84 million].

During the year, the Company incurred an Operating Net Profit before Exchange Gain, Income Tax and

Extraordinary items of Baht 1,204.76 million. In terms of the earnings, the Company’s vessels achieved about 34

percent increase in yields as compared to the previous year 2002. The total revenues in absolute terms were higher

than that of the previous year, which is mainly on account of higher yield achieved during the year 2003. The total

revenues increased during the year in spite of lower vessel operating days and lower exchange rate of U.S. Dollar to

Thai Baht as compared to the previous year. The Company has continued to keep a tight control over vessel operating

expenses and there is a marginal increase in vessel operating cost during the year 2003. The technical downtime

has also been kept under control, at an average of around 10 days per vessel, which, has led to minimum loss of

revenues. As a result of the improved profitability and new USD 100 Million facility with a 1 year moratorium on

repayment of Loans and reduction in the interest costs during the year, the Company enjoyed extremely high level

of liquidity during 2003.

January saw us stripping out the convertible feature of our outstanding bonds (RCD) and thereby ensuring

that there was no threat of any form of dilution to our existing shareholders. We also got the maturity of this

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬Mr.Khushroo Kali Wadia

BOARD OF DIRECTORSû REPORT

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BEST CORPORATE GOVERNANCE AWARD FOR PSL

The Best Corporate Governance Award was given by the Stock Exchange of Thailand

(SET) to Precious Shipping Pcl. (PSL) on 21st July, 2003. PSL’s Chairman, Admiral Amnad

Chandanamatta, is seen receiving the award from His Excellency, The Prime Minister of

Thailand, Dr.Thaksin Shinawatra.


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instrument extended by another 6 years to January 2009. During the year, despite the extension in maturity, we

bought back the entire outstanding bonds, at a tidy discount of 25%, and closed out the last of our formerly

restructured loans.

June was when we signed the Krung Thai Bank (KTB) USD 100 million loan. This was used to refinance all

our existing loans, that would have been pre-paid by the middle of 2004, and extend their maturity to 2010. This

also allowed us for the first time, in more than 6 years, to look at the possibility of buying ships and expanding our

business.

Best Corporate Governance Report Award : This award was given by the Stock Exchange of Thailand

(SET) in July to 15 of the listed companies on the SET for outstanding reports that complied with the SET’s 15 good

corporate governance principles. In considering the candidates, judges examined the 56-1 form, annual reports,

∏π“§“√°√ÿß‰∑¬Õπÿ¡—µ‘‡ß‘π°Ÿâ °«à“ 4,000 ≈â“π∫“∑ „Àâæ’‡Õ ·Õ≈≈â“ßÀπ’È‡°à“·≈–´◊ÈÕ‡√◊Õ‡æ‘Ë¡(„π¿“æ) æ‘∏’≈ßπ“¡‡ Áπ —≠≠“°Ÿâ‡ß‘π ¡√.§Ÿ™√Ÿ «“‡¥’¬ (∑’ËÀâ“®“° â“¬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬

°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ·≈– §ÿ≥‡¬“«≈—°…≥å ≈‘¢‘µ«—≤π“πÿ√—°…å (∑’Ë ’Ë®“°¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬Õ“«ÿ‚ ·≈–ºŸâ∫√‘À“√

ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ·≈–∑’¡ß“π¢Õß∑—Èß ÕßΩÉ“¬√à«¡‡ªìπ —°¢’æ¬“π·≈–· ¥ß

√à«¡· ¥ß§«“¡¬‘π¥’„π§«“¡ ”‡√Á® ª√–°Õ∫¥â«¬ (·∂«Àπâ“) §ÿ≥ªî¬«¥’ —µ¬∫—≥±‘µ (¢«“ ÿ¥) ºŸâ™à«¬ºŸâ®—¥°“√

ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√∏π“§“√°√ÿß‰∑¬ §ÿ≥√–æ’ °ÿ≈∂“«√ (∑’Ë Õß®“°¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬

Õ“«ÿ‚ ·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ºŸâ™à«¬ºŸâ∫√‘À“√ß“π∏ÿ√°‘® —¡æ—π∏å

∏π“§“√°√ÿß‰∑¬ §ÿ≥ ÿ∑∏‘π’ «‘‡»… ¡‘µ (∑’Ë “¡®“°¢«“) √ÕßºŸâÕ”π«¬°“√ΩÉ“¬·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å

‘π‡™◊ËÕ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ·≈– §ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘πæ’‡Õ ·Õ≈

(·∂«À≈—ß) §ÿ≥ƒ∑∏‘™—¬ ß¥ß“¡ ( â“¬ ÿ¥) ∫√‘…—∑ ≈‘Èß§å‡≈‡∑Õ√å ¡√. ®ÕÀåπ §Õ√å‚¥«“ (∑’Ë Õß®“° â“¬) ∫√‘…—∑

‡ø√™øî≈¥å ¡√. ‰®ª“≈ ¡—π ÿ¢“π’ (∑’Ë “¡®“° â“¬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡¥‘π‡√◊Õæ’‡Õ ·Õ≈ ¡√.

‡®‡√¡’Ë ‡®ππ‘Ëß å-·¡√å (∑’Ë “¡®“°¢«“) ∫√‘…—∑ ‡ø√™øî≈¥å ¡√. ªï‡µÕ√å ‡∑√´’Ë (∑’Ë Õß®“°¢«“) ∫√‘…—∑ ≈‘Èß§å‡≈

‡∑Õ√å ·≈– ¡√. ‚√‡∫‘√åµ ¡—≈≈‘ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑¡Ÿ≈≈‘ ·§ªªîµÕ≈

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) ≈ßπ“¡‡ Áπ —≠≠“°Ÿâ‡ß‘π®”π«π 100 ≈â“π‡À√’¬≠

À√—∞ (ª√–¡“≥°«à“ 4,000 ≈â“π∫“∑) °—∫∏π“§“√°√ÿß‰∑¬ (‡§∑’∫’) ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ‚¥¬¡’

∫√‘…—∑ ¡Ÿ≈≈‘ ·§ªªîµÕ≈ ‡ªìπºŸâ¥”‡π‘π°“√„π∞“π–∑’Ëª√÷°…“∑“ß¥â“π°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ‡ß‘π°Ÿâ¥—ß°≈à“«‡ªìπ

‡ß‘π°Ÿâ∑’Ë§È”ª√–°—π‚¥¬ ‘π∑√—æ¬å¢Õß∫√‘…—∑œ ‡Õß ‚¥¬«ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 2,700

≈â“π∫“∑) ®–‡ªìπ‡ß‘π°Ÿâ‡∫‘°‡ªìπß«¥‡æ◊ËÕ™”√–Àπ’È¡’À≈—°ª√–°—πªí®®ÿ∫—π∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà ·≈–«ß‡ß‘πÕ’°®”π«π 35

≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 1,400 ≈â“π∫“∑) ‡æ◊ËÕ‡ªìπ°“√ ◊ÈÕ‡√◊Õ‡æ‘Ë¡ ‚¥¬ “¡“√∂‡∫‘°∂Õπ‡ß‘π°Ÿâ‰¥â

®π∂÷ß ‘Èπªï æ.». 2548

PSL SIGNS US DOLLARS 100 MILLION CREDIT FACILITY AGREEMENT WITH KTB

Seen in the picture : Mr.Khushroo Wadia (front left), PSL’s Finance Director and Khun

Yaovaluk Likitwattananurak (front right), Krung Thai Bank’s Senior Vice President and Manager

Project Financing Relationship Dept, after the credit facility agreement signing while Mr.Jaipal

Mansukhani (far left) PSL’s Director, Mr.Jeremy Jennings-Mares (second from left) from

Feshfields Bruckhaus Deringer, Khun Rapee Sakunthavorn (third from right) KTB’s Assistant

Corporate Relations Manager, Khun Suthini Visessmit (second from right) KTB’s Vice Presi-

dent, and Mr.Peter Treacy (far right) from Linklaters look on.

Precious Shipping PCL. (PSL) announced the signing of a US $ 100 million Credit

Facility Agreement with Krung Thai Bank (KTB) on 16th June 2003. Mullis Capital was the sole

arranger and also acted as the Financial Advisor for PSL. The facility is for refinancing the

existing secured debt of PSL (US$ 65 million) plus an additional US $ 35 million for buying new

or second-hand ships.

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meeting invitation documents, and shareholders’ meeting reports of companies with accounting periods ending

December 31, 2003. PSL was one of the proud recipients of this award.

September saw us buying and taking physical possession of the first of 5 ships that we purchased during

the final quarter of 2003 and the 1st quarter of 2004. Until the end of 2003, we have taken over two of these

ships with the balance three to be taken over in January, February and March 2004.

November was when we became XD for the first time in more than 6 years with a yield, based on the

average share price for 2003, of about 3%. We hope that this will be the beginning of a stable and long term

trend at PSL and something that all the shareholders can look forward to.

The Baltic Dry Index (BDI) ended the year on an all time historic high of 4765 points. To bring this in

perspective you must remember that the last all time high was set in April 1995 when the index peaked at 2362

points. So the dry bulk market has scaled unimaginable peaks and is presently sailing in uncharted waters.

The earnings per day per ship for our fleet followed a similar pattern as the BDI. In Q1 the figure was

USD 6,474, Q2 saw it jump to USD 7,643, Q3 bumped it up to USD 7,840 and Q4 was an amazing USD 9,524!

For 2003 we averaged USD 7,870 per day per ship as compared to USD 5,854 for 2002 or an increase of over

34%!

Share Prices and Market Capitalisation, adjusted for share split and dividend, followed a similar but even

more dramatic pattern. On January 2nd 2003, on the very first day of trading a mere 4,000 shares were traded

with a closing price, duly adjusted, of 1.97 Baht. On December 27th 2003, on the last day of trading just twelve

months later, 8,943,300 shares were traded with a closing price of 35 Baht per share or almost 18 times higher!

Market Capitalisation went from 1,025 million Baht on January 2nd 2003, to 18,200 million Baht on the 27th of

December 2003 or an increase of 17.5 times! It is no wonder that we were the 2nd best performing stock in probably

the best performing stock market in the world!!

FLEET :

The Company bought 5 ships (including one ship in 2004) but took physical delivery of only 2 of them

during the year and consequently, the fleet strength at the end of the year was 30 vessels with an aggregate

capacity of 691,823 dwt and an average age of about 16 years. The balance 3 ships purchased, as detailed above,

will be physically delivered to us prior the end of Q1 of 2004. The rest of the vessels in the fleet are in good condition

and there may not be any need for disposals during the year 2004. The Company shall continue replenishing

the fleet with further vessel acquisitions and shall be on the lookout for the right opportunities. Fujisan Maru, the

Company’s partially owned cement carrier, converted in 1998, remained gainfully employed on a long-term charter

during the entire year.

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º≈°√–∑∫®“°°Æ¢âÕ∫—ß§—∫

ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ„π∑à“‡√◊Õ¢Õß√—∞ (Port State Control) ¬—ß§ß∑”Àπâ“∑’ËºŸâ§«∫§ÿ¡µàÕ∫√√¥“‡®â“¢Õß‡√◊ÕÕ¬Ÿà

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2547 ∫√‘…—∑œ À«—ß«à“ ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ„π∑à“‡√◊Õ¢Õß√—∞®–¬‘Ëß‡¢â¡ß«¥°«¥¢—π°—∫‡√◊Õ∑’ËµË”°«à“¡“µ√∞“πÀ√◊Õ∫√√¥“

‡√◊Õ∑’Ë∑”∏ÿ√°‘®°“√§â“°—∫∑à“‡√◊Õ∑’Ë¡’¡“µ√∞“π°“√ª√–°Õ∫°“√µË”

°Õß‡√◊Õæ’‡Õ ·Õ≈√—∫¡Õ∫√“ß«—≈ AMVER AWARDSæ‘∏’√—∫¡Õ∫√“ß«—≈ AMVER Awards (®“° â“¬) ¡√.‚°°“ «’. ÿ¥√“°“√å √ÕßºŸâÕ”π«¬°“√ ∫√‘…—∑ ‡°√∑

‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π ’Ë ®”°—¥ ¡√. √“«‘§ Õ“√å ŒŸ‚ à Õ—§√√“™∑Ÿµ∑’Ëª√÷°…“ ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ª√–®”ª√–‡∑»‰∑¬ °—ªµ—π °“¡—≈ °ÿ¡“√ ¥—« (¢«“) ºŸâ®—¥°“√Õ“«ÿ‚ ¥â“π√–∫∫§ÿ≥¿“æ·≈–§«“¡ª≈Õ¥¿—¬ °—ªµ—π≥√ß§å ¿Ÿà·°â«‡º◊Õ° °—ªµ—π‡√◊Õ™≈≈¥“ π“√’ π“ß “« ÿ∏“¥“ ‡¡¶√ÿàß‡√◊Õß°ÿ≈ ºŸâ®—¥°“√Õ“«ÿ‚ ΩÉ“¬°‘®°“√ —¡æ—π∏å°—ªµ—π ‚∑¡— ‡Õø. ·™§‡§≈øÕ√å¥ ∑’Ë 3 ºŸâ™à«¬∑Ÿµ∑À“√‡√◊Õª√–®” ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ª√–®”ª√–‡∑»‰∑¬ „πß“πæ‘∏’¡Õ∫√“ß«—≈ AMVER „Àâ·°à ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑∫√‘À“√°“√‡¥‘π‡√◊Õ„Àâ°—∫°Õß‡√◊Õ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈)

æ‘∏’¡Õ∫√“ß«—≈ AMVER ®—¥¢÷Èπ‡¡◊ËÕ«—π∑’Ë 29 æƒ…¿“§¡ 2546 ≥ ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ª√–®”ª√–‡∑»‰∑¬ √“ß«—≈ AMVER ‡ªìπ√“ß«—≈∑’Ë¡Õ∫„Àâ‡æ◊ËÕ‡ªìπ‡°’¬√µ‘ª√–«—µ‘¥’‡¥àπ·°à°Õß‡√◊Õ∑’Ë∫√‘À“√‚¥¬∫√‘…—∑‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π ’Ë ®”°—¥ „π°“√∑’Ë‰¥âπ”‡√◊Õ∑—ÈßÀ¡¥‡¢â“√à«¡„π‚§√ß°“√ ç√–∫∫°Ÿâ¿—¬‡√◊Õ√à«¡°—πé (Au-tomated Mutual Assistance Vessel Rescue System) ∑’Ë¥”‡π‘π°“√‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬Ωíòß¢Õß À√—∞Õ‡¡√‘°“

AMVER ‰¥â√—∫°“√ π—∫ πÿπ‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬Ωíòß¢Õß À√—∞Õ‡¡√‘°“ ‡ªìπ‚§√ß°“√∑’Ë¡’‡Õ°≈—°…≥å‚¥¥‡¥àπ‡©æ“– §«∫§ÿ¡‚¥¬„™â√–∫∫§Õ¡æ‘«‡µÕ√å ‚¥¬¡’‡√◊Õæ“≥‘™¬å∑—Ë«‚≈°Õ“ “ ¡—§√‡¢â“√à«¡‚§√ß°“√‡ªìπ√–∫∫‡§√◊Õ¢à“¬°“√·®âß¢à“« “√ °“√§âπÀ“ ·≈–°“√°Ÿâ¿—¬‡√◊Õ∑’Ë§√Õ∫§≈ÿ¡∑—Ë«‚≈°‡æ◊ËÕ„Àâ°“√™à«¬‡À≈◊Õ‡√◊Õ∑’Ëª√– ∫¿—¬„π∑–‡≈

∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ®”°—¥ (GCSHIP) §◊ÕºŸâ®—¥°“√¥â“π‡∑§π‘§°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õ PSL∑ÿ°≈” ‡ªìπ∫√‘…—∑„π‡§√◊Õ∑’Ë PSL ∂◊ÕÀÿâπ 100% ‡√◊Õ∑—ÈßÀ¡¥¢Õß PSL ∑’Ë∫√‘À“√°“√‡¥‘π‡√◊Õ‚¥¬ GCSHIP ≈â«π‰¥â√—∫√“ß«—≈¥—ß°≈à“«¢â“ßµâπ ‡√◊ÕÕ‚π¥“¥ π“√’ ‡ªìπ‡√◊Õ∑’Ë‰¥â√—∫√“ß«—≈∏ß∑Õß‡°’¬√µ‘¬» (Gold Pennant) ¥â«¬‡π◊ËÕß®“°‰¥â‡¢â“√à«¡„π‚§√ß°“√π’È·≈–‰¥â√—∫√“ß«—≈ AMVER µ‘¥µàÕ°—π 5 ªï

PSL’S SHIPS GET AMVER AWARDS

Receiving AMVER Awards : from left : Koka V. Sudhakar, Great Circle Shipping Agency

Vice President, Mr. Ravic Huso, Deputy Chief of Mission at the U.S. Embassy, Capt. Kamal

Kumar Dua, Senior Manager- Quality & Safety Systems of Great Circle Shipping Agency, Capt.

Narong Phukaeophuek, Ship Master of Apisara Naree, Sutada Mekrungruengkul, Senior Man-

ager - Corporate Affairs and Capt. Thomas F. Shackelford III, Naval Attach at U.S Embassy

presenting at the AMVER Certificate of Merit ceremony on April 29, 2003

The awards presentation was arranged on the 29th April 2003 at the U.S. Embassy

in Bangkok. In recognition of the outstanding participation of vessels managed by Great Circle

Shipping Agency Ltd. in the Automated Mutual Assistance Vessel Rescue System (AMVER)

program, the U.S. Coast Guard provided certificates of recognition for each of the participating

vessels. AMVER, sponsored by the United States Coast Guard, is a unique, computer-based,

and voluntary global ship reporting system used worldwide by search and rescue authorities

to arrange for assistance to persons in distress at sea.

Great Circle Shipping (GCSHIP) are Technical Managers for vessels owned by Precious

Shipping Public Company Limited and is also a fully owned subsidiary of PSL. All vessels man-

aged by GCSHIP received the above award. One of the vessels, Anodad Naree, was also awarded

a Gold pennant. A GOLD pennant is awarded for a vessel completing five consecutive years of

eligibility for an AMVER award.


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THE INDUSTRY OUTLOOK :

Ship scrapping for 2003 continued in the same vein that we left off in 2002 but slowed down as we

neared the end of 2003 with a total of 109 ships being removed from our sector, resulting in a net reduction of about

3.5% in the world fleet. The highest previous reduction was in 2000 when there was a net reduction of 4.5% in

the world fleet in our sector. The reason for a slowing down in the scrapping rate has been the change in the

freight market from a state of relative strength at the beginning of the year to astronomical levels and uncharted

territory as the year 2003 ended. With over 25.70% of the world fleet in our sector being greater than 27 years

of age, we expect the scrapping rate in the next few years to reflect those of the immediate past. This consistent

net reduction in fleet size can only continue to be beneficial to freight rates.

For the year 2004, the supply of new ships is marginally stronger than in the immediate past. In the

Capesize sector 40 ships or 6.50% are scheduled for delivery in 2004 with another 42 ships or 6.20% to follow

in 2005. In this sector 74 ships or 11.90% will be over 22 years of age and likely to be scrapped during 2004.

In the Panamax sector there are 72 ships or 6.70% to be delivered during 2004 with another 62 ships or 5.80%

contracted for delivery in 2005. The saving grace in the Panamax sector is that 64 ships or 6.0% of the fleet is

currently over 24 years of age and would likely be scrapped during 2004 thereby balancing the fresh supply.

In the Super Handymax sector 84 ships or 6.90% are scheduled for delivery in 2004 with another 70 ships or

5.70% to follow in 2005. In this sector 78 ships or 6.40% will be over 25 years of age and likely to be scrapped

during 2004.

In our last Annual Report we had commented on the geo-political situation in Iraq acting as an economic

drag whilst keeping oil prices at very high and economically unsustainable levels. We had then felt that this would

push the world into an economic recession and that would be bad news for all of us. Happily for us just the opposite

proved true. All the world economic fundamentals for 2004 appear to be pulling in the right direction for the first

time since 1986. We therefore expect that trade flows, and consequently bulk cargo movements, should increase

during the coming year.

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°—∫∑’¡ §·¡¡Õπ‡«≈∑ å ´’´’ √Õ∫√Õß™π–‡≈‘» „π°“√·¢àß¢—πÕ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ §√—Èß∑’Ë 19

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‡¢â“√à«¡°“√·¢àß¢—πÕ“√å∫’‡Õ ’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ ·≈– ∑’¡æ’‡Õ ·Õ≈°Á‰¥â· ¥ßº≈ß“π‰¥âÕ¬à“ß¥’‡¬’Ë¬¡

‚¥¬ “¡“√∂‡¢â“ Ÿà√Õ∫√Õß™π–‡≈‘»‰¥â ‚¥¬æà“¬∑’¡™π–‡≈‘»ªï∑’Ë·≈â«‰ªÕ¬à“ßÀ«ÿ¥À«‘¥

PSL PARTICIPATES IN THE 19TH RBSC INTERNATIONAL CRICKET SIXES

Mr. Khalid Hashim, Managing Director of Precious Shipping Public Company Limited

with the PSL team before the match with Commonwealth CC in the semi-finals at the 19th

RBSC International Cricket Sixes held at the Polo Club on Sunday, March 30, 2003. This is the

first year that Precious Shipping Plc. sent a team to participate in the RBSC International

Cricket Sixes and the team performed very well by reaching the semi-finals, in the process

defeating last year’s champions.

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°Á¡’‡¡Á¥‡ß‘π‡À≈◊ÕÕ¬Ÿà„π∫√‘…—∑¡“° ´÷Ëß°Áπ”¡“ ◊ÈÕ‡√◊Õ¡◊Õ Õß∑’Ë¡’Õ¬Ÿà„πµ≈“¥∑”„Àâ√“§“‡√◊Õ Ÿß¢÷ÈπÕ¬à“ß∑’Ë‰¡à‡§¬¡’¡“°àÕπ

°“√„™â‡∑§‚π‚≈¬’¥Õ∑§Õ¡„πÕÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑–‡≈π—Èπ§àÕ¬Ê ®“ßÀ“¬‰ª Õ¬à“ß‰√°Áµ“¡ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å

”‡√Á®√Ÿª ”À√—∫∏ÿ√°‘®‡¥‘π‡√◊Õ∂Ÿ°‡¢’¬π¢÷Èπ¡“„Àâ∫√‘°“√·∑π ÷Ëß°Á∑”„Àâ∫√‘…—∑‡√◊Õ‰¥â„™âª√–‚¬™πå®“°‡∑§‚π‚≈¬’∑—π ¡—¬π’È‡æ◊ËÕ¥”‡π‘π

∏ÿ√°‘®¢Õß‡√“‰¥â¥’¢÷Èπ·≈–¡’ª√– ‘∑∏‘¿“æ¡“°¢÷Èπ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å ”‡√Á®√Ÿª¥—ß°≈à“«‰¥â‡ªìπ∑’ËµâÕß°“√¢ÕßÕÿµ “À°√√¡‡¥‘π‡√◊Õ

„π√“¬ß“π©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥âµ—Èß§«“¡À«—ß‰«â«à“°√–· °“√§«∫√«¡°‘®°“√®–·ºà¢¬“¬¡“∂÷ß°≈ÿà¡‡√◊Õ¢π àß ‘π§â“

·Àâß‡∑°Õß ÷Ëß‡ªìπ°≈ÿà¡∏ÿ√°‘®‡√◊Õ∑’ËµâÕß°“√°“√§«∫√«¡°‘®°“√Õ¬à“ß¬‘Ëß ‘Ëßπ’È‰¥â‡°‘¥¢÷Èπ·≈â« ·µà°Á‡ªìπ‰ªÕ¬à“ß™â“Ê ¥â«¬°“√‡¢â“¬÷¥

°‘®°“√°Õß‡√◊Õ¢π“¥‡≈Á°‚¥¬∫√‘…—∑‡√◊Õ∑’Ë„À≠à°«à“ °“√§«∫√«¡°‘®°“√Õ’°·∫∫Àπ÷Ëß°Á§◊Õ°“√√«¡°—π¢Õß°≈ÿà¡∫√‘…—∑„À¡à‚¥¬¬—ß§ß

√—°…“°“√∫√‘À“√ß“π·≈–§«“¡‡ªìπ‡®â“¢Õß¢Õß·µà≈–§π‰«â‰¥â ¥—ßπ—Èπ®–¥â«¬√Ÿª·∫∫°“√√«¡°—π·∫∫„¥°Áµ“¡ ¡—π°Á‡ªìπ ‘Ëß∑’Ëπà“¬‘π¥’

‡æ√“–¡—π®–™à«¬„Àâ°“√¥”‡π‘π∏ÿ√°‘®¥’¢÷Èπ ”À√—∫ºŸâ¡’ à«π√à«¡∑ÿ°§π„πÕÿµ “À°√√¡π’È

‚§√ß°“√√à«¡∑ÿπ

°√–∫«π°“√øóôπøŸÀ√◊Õ¬°‡≈‘°‚§√ß°“√√à«¡∑ÿπ¢Õß∫√‘…—∑œ ¬—ß¥”‡π‘πµàÕ‰ª

Geepee Bulk Handlers, Kandla (GPBH) : µ—ÈßÕ¬Ÿà ≥ ‡¡◊Õß Kandla ª√–‡∑»Õ‘π‡¥’¬ º≈®“°°“√À¡¥Õ“¬ÿ —¡ª∑“π°“√

∫√‘À“√∑à“‡√◊Õ°—∫√—∞∫“≈ ∫√‘…—∑π’È®÷ßµâÕß¥”‡π‘π°“√ªî¥µ—«≈ß

Southern LPG (SLPG) : ¢∫«π°“√ªî¥µ—«≈ß¢Õß‚§√ß°“√√à«¡∑ÿππ’È‰¥â¡“∂÷ß¢âÕ √ÿª ‚¥¬°“√‡®√®“µàÕ√Õß‡æ◊ËÕ¢“¬‡ß‘π

≈ß∑ÿπ¢Õß∫√‘…—∑ ∫√‘…—∑πà“®–ªî¥°“√¢“¬„πÕπ“§µÕ—π„°≈âπ’È

International Seaports (ISPL) : §«“¡¡ÿàßÀ«—ß¢Õß‚§√ß°“√≈ß∑ÿππ’È°Á‡æ◊ËÕ°‘®°“√ “¡“√∂∑”°”‰√‰¥âµ≈Õ¥‰ª‚¥¬‰¡à¡’

™à«ß¢“¢÷Èπ·≈–¢“≈ß Õ¬à“ß‰√°Áµ“¡¥â«¬·ºπ°“√À“‡¡Á¥‡ß‘π¡“‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ¢Õß∫√‘…—∑œ ·≈–§«“¡≈à“™â“„π°“√Õπÿ¡—µ‘‚§√ß°“√

¢Õß√—∞∫“≈Õ‘π‡¥’¬·≈–Àπà«¬ß“π∑’Ë‡°’Ë¬«¢âÕß ∑”„Àâ·ºπ°“√¢¬“¬°“√≈ß∑ÿπ„π‚§√ß°“√π’È„π∑à“‡√◊Õ°–°‘π“¥“·≈–¥√“¡√“µâÕßÀ¬ÿ¥™–ß—°

º≈°Á§◊Õ ·¡â«à“®–¡’§«“¡§◊∫Àπâ“„π à«π¢ÕßÀÿâπ à«πÀ√◊Õ§«“¡§◊∫Àπâ“®“°ºŸâ√à«¡∑ÿπ√“¬„À¡à ‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ „π‚§√ß°“√π’È°Á

®–≈¥¡Ÿ≈§à“≈ß ¥—ßπ—Èπ°àÕπ∑’Ë —¥ à«π°“√∂◊ÕÀÿâπ®–‡°‘¥¢÷Èπ®√‘ß ∫√‘…—∑œ ‰¥â¥”‡π‘π°“√¢“¬‚§√ß°“√≈ß∑ÿππ’ÈÕÕ°‰ª ÷Ëß¢≥–π’È°“√‡®√®“

‡§√◊ËÕß¢π∂àà“¬ ‘π§â“≈ß‡√◊Õ„π√–À«à“ß°“√ªØ‘∫—µ‘ß“π ≥ ∑à“‡√◊Õ 4A ∑’Ë Œ—≈‡¥’¬ :∑à“‡∑’¬∫‡√◊Õ·Ààßπ’È √â“ß·≈–∫√‘À“√‚¥¬ International Seaport (ISPL) ‚¥¬ PSL ¡’ÀÿâπÕ¬Ÿà√âÕ¬≈– 22.4

„π∫√‘…—∑ International Seaport (ISPL)

MERCHANISED UNLOADERES IN OPERATION AT BERTH 4A AT HALDIA :

The berth has been contructed and is Being managed by International Sea Private

Limited (ISPL). As a group, PSL, hold 22.4% stakes in International Sea Port Private Limited

(ISPL).


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The myriad of forecasts made by our industry pundits, as indicated in our last report, have been vindicated

with rates recovering strongly in the latter half of 2003. The same pundits now forecast that 2004, 2005 and,

maybe, even 2006, should be good years! We are, therefore, cautiously optimistic about the prospects for the

next three years.

REGULATORY INFLUENCES :

Port State Control (PSC) has continued its iron-man role forcing “best industry practice” levels in every

sector. The few accidents resulting in oil staining pristine beaches have helped tighten the screws by a few more

notches. With the coming into force of the International Ship and Port facility Security (ISPS) code by 1st July 2004

we expect that PSC will get even greater latitude in taking action against those ships that are deemed to be

sub-standard and or those that trade to undesirable ports of the world.

ISSUES FACING THE INDUSTRY :

With the Freight Markets hitting all time highs during 2003, the need for financial restructuring is a thing

of the past. Very few Companies are left in any such dire predicaments. Most Companies today have a lot of cash in

their pockets which will be used to chase those second-hand ships that are available, driving prices that are already

very high, to levels never seen before.

The dot.com platforms in our industry are fading away. However many IT solution providers are making

available standardized packages that would allow us to make better use of modern technology to conduct our business

in a more efficient manner. These solution providers are to be welcomed by the progressive elements within our

industry.

In our previous reports we had hoped that the consolidation bug would spread to the Dry Cargo Sector that

was badly in need of the same. This is happening, though rather slowly, with the take over of smaller fleets by larger

companies. Another move is the formation of Pools that are another aspect of the desire for consolidation whilst

retaining control and ownership of the individual assets. By whatever means consolidation takes place, it is to be

welcomed as it can only make life a bit better for the participants in this industry.

JOINT VENTURES :

The process of winding up or the disposal of our joint-venture investments continues.

Geepee Bulk Handlers, Kandla (GPBH) : In view of the expiry of the concession agreement with the

Government, for the Berth, the orderly closing down of this company continues.

Southern LPG (SLPG) : The process of closing down this entity has been finalized. Negotiations for the

sale of our investment in this Company are ongoing and we should be able to close the sale in the near future.

International Seaports (ISPL) : This investment was supposed to form the basis of some non-cyclical

earning streams in the future. However, in view of the requirement to raise funds for the redemption of the RCD’s,

and the delays in receiving permissions and approvals from Government and other statutory authorities, further

investments in the Kakinada and Dhamra Port Projects were frozen, as a result of which, even if there is further

progress in these projects through the efforts of our partners or new investors, our holdings in these projects shall

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°Á°â“«Àπâ“‰ª¡“°·≈â« ·≈–∫√‘…—∑œ À«—ß«à“®–‡°‘¥º≈¥’„πªïπ’È ‡¡◊ËÕ°“√≈ß∑ÿπ„π‚§√ß°“√√à«¡∑ÿπ Õß‚§√ß°“√π’È¬ÿµ‘≈ß °“√≈ß∑ÿπ¢Õß

∫√‘…—∑œ „π‚§√ß°“√∑à“‡√◊ÕŒ—≈‡¥’¬ (ª√–¡“≥√âÕ¬≈– 22.4) ·≈–°“√≈ß∑ÿπ‡¥‘¡„π∫√‘…—∑ ISPL ∑’Ë ‘ß§‚ª√å °Á®–‡ªìπ‚§√ß°“√√à«¡∑ÿπ

∑’Ë¬—ß§ß‡À≈◊ÕÕ¬Ÿà¿“¬„µâ°“√¥Ÿ·≈¢Õß ISPL §«“¡§◊∫Àπâ“¢Õß‚§√ß°“√Œ—≈‡¥’¬π—Èπ‡ªìπ‰ªµ“¡°”Àπ¥°“√∑’Ë«“ß‰«â·≈–°“√°àÕ √â“ß

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‡ªî¥Õ¬à“ß‡ªìπ∑“ß°“√‚¥¬√—∞¡πµ√’ À¿“æ°“√æ“≥‘™¬åπ“«’‡¡◊ËÕ«—π∑’Ë 23 °ÿ¡¿“æ—π∏å 2547

∫∑ √ÿª

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®–¡’™à«ß‡«≈“∑’Ë¬“°≈”∫“°∑’Ë ÿ¥ æ«°‡√“¬◊πÀ¬—¥∑’Ë®–™à«ß™‘ß‚Õ°“ ¢Õßµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß∑’ËÕ“®®–

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2546 µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°§π·≈–ºŸâ¡’ à«π‰¥â‡ ’¬∑—ÈßÀ≈“¬ §«“¡µ√–Àπ—°„π ‘Ëßπ’È¢Õßæ«°‡√“¡“®“°§«“¡‡ ’¬ ≈– °“√∑”ß“πÀπ—°¢Õß

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∑â“¬π’È®–¢ÕÕâ“ß§”°≈à“«∑’Ëª√“°Ø„ππ‘µ¬ “√√“¬ —ª¥“Àå·ø√å‡æ≈¬å (Fairplay Weekly) ©∫—∫«—π∑’Ë 9 µÿ≈“§¡ 2546 «à“

ç∂â“°“√¢÷Èπ≈ß¢Õßµ≈“¥ªí®®ÿ∫—ππ—Èπ‡ªìπ‡æ’¬ß·§à°“√‰µà√–¥—∫¢Õß∫√√¥“‡®â“¢Õß‡√◊Õ¢π àß ‘π§â“·Àâß‡∑°Õß ¥—ßπ—Èπæ«°‡√“°Á¬—ß‰¡à∂÷ß

®ÿ¥ Ÿß ÿ¥é (çIf riding the current market wave has been a hair-raising ride for some bulker owners, itûs becoming clear that

they ainût seen nothing yet.é) §”°≈à“«π’È‡ªìπ°“√√«∫√«¡∫∑ √ÿª¢Õßªï 2546 ‰¥â‡ªìπÕ¬à“ß¥’ ªï 2547 2548 ·≈– 2549 ®–

‡ªìπªï∑’Ë¡’§«“¡À¡“¬ ”À√—∫æ«°‡√“

„ππ“¡§≥–°√√¡°“√

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√

«—π∑’Ë 26 ¡’π“§¡ 2547


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be automatically diluted. Therefore, before a substantial dilution could take place, which could have had an adverse

impact on the liquidity of the sale of these investments, we had commenced efforts to sell these investments,

which are now at an advanced stage and are hopeful of a positive result this year. Once investments in these two

projects are disposed off, our investment in the Haldia port project (about 22.4%) and the original investment in

ISPL, Singapore shall be the only investments remaining alive under the ISPL umbrella. Progress on the Haldia

project was according to schedule and project construction is now entirely completed. Commercial operations

commenced on 15th January 2004, with a formal opening by the Union Minister of Shipping on 23rd February, 2004.

IN CONCLUSION :

We have managed to set up a strong growth-platform, through some very turbulent times, during 2003.

We feel that we are poised to take advantage of this once-in-a-life-time opportunity that the Dry Bulk Tramp Freight

Markets have thrown our way. With Gods Grace, we hope to be able to deliver, to our shareholders and other

stakeholders, the promise of the potential that was first shown in 2003. This realisation will, in no small measure, be

due to the very dedicated and hardworking professionals that make up the office, as well as, floating staff at PSL.

I will leave you with a quote from an article that appeared in the Fairplay Weekly magazine issue dated 9th

October 2003 “If riding the current market wave has been a hair-raising ride for some bulker owners, it’s becoming

clear that they ain’t seen nothing yet.” This quote nicely sums up what the year 2003 was all about and what, God

willing, the years 2004, 2005 and 2006 will hold in store for us.

For and on behalf of the Board of Directors

Precious Shipping Public Company Limited.

(Khalid Moinuddin Hashim) (Khushroo Kali Wadia)

Managing Director Executive Director

February 26, 2004

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√“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√

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µ—Èß„®∑’Ë®–ªØ‘∫—µ‘µ“¡À≈—°°“√¥—ß°≈à“« ‚¥¬‰¥â°”Àπ¥π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ§«“¡

‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π °”°—∫¥Ÿ·≈ΩÉ“¬∫√‘À“√„Àâ¥”‡π‘π°“√µ“¡π‚¬∫“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ

‡æ◊ËÕª√–‚¬™πå„π√–¬–¬“«¢ÕßºŸâ∂◊ÕÀÿâπ ¿“¬„µâ°√Õ∫¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬¥â«¬§«“¡‚ª√àß„ ·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®∑’Ë¥’ ·≈–‰¥â

®—¥∑”§Ÿà¡◊Õπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ

„πªï 2546 ∫√‘…—∑œ ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ 2 §√—Èß ‡ªìπ°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2546

·≈–°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2546 ‚¥¬°“√ª√–™ÿ¡‰¥â®—¥¢÷Èπ∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑œ ‰¥â®—¥ àßÀπ—ß ◊Õ

π—¥ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬∑√“∫≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 14 «—π √«¡∑—Èß

ª√–°“»Àπ—ß ◊Õπ—¥ª√–™ÿ¡¥—ß°≈à“«„πÀπ—ß ◊Õæ‘¡æå ∑—Èßπ’È‡æ◊ËÕ‡ªìπ°“√√—°…“‰«â´÷Ëßº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ‡ªìπ ”§—≠ ”À√—∫

„π·µà≈–«“√–°“√ª√–™ÿ¡π—Èπ¡’§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√ª√–°Õ∫ ·≈–¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß §√∫∂â«π ‡æ◊ËÕ„Àâ

ºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬

∫√‘…—∑œ ‡≈Áß‡ÀÁπ·≈–„Àâ§«“¡ ”§—≠µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ‰¡à«à“®–‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬¿“¬„π ‰¥â·°à æπ—°ß“π·≈–ºŸâ∫√‘À“√

¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿà§â“ ‡®â“Àπ’È ≈Ÿ°§â“ §Ÿà·¢àß ™ÿ¡™π ¿“§√—∞·≈–Àπà«¬ß“πÕ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß

‡π◊ËÕß®“°∫√‘…—∑œ µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ „πÕ—π∑’Ë®–™à«¬ √â“ß§«“¡ “¡“√∂„π°“√·¢àß¢—π·≈– √â“ß°”‰√

„Àâ°—∫∫√‘…—∑œ ·≈–‡ªìπ·√ß π—∫ πÿπÕ¬à“ß¥’¬‘Ëß„π°“√ √â“ß§«“¡ ”‡√Á®„π√–¬–¬“«¢Õß∫√‘…—∑œ

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π·≈–‡ªìπ‰ªµ“¡À≈—°‡°≥±å·≈–¢âÕ‡ πÕ·π–

¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å „πÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡

«—πªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ √«¡∑—Èß¢—ÈπµÕπµà“ßÊ „π°“√ª√–™ÿ¡ ”À√—∫ªï 2546 „π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï¡’°√√¡°“√‡¢â“√à«¡

ª√–™ÿ¡∑—Èß ‘Èπ 7 ∑à“π ®“°∑—ÈßÀ¡¥ 11 ∑à“π ”À√—∫°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¡’°√√¡°“√‡¢â“√à«¡ª√–™ÿ¡∑—Èß ‘Èπ 6 ∑à“π ®“°∑—ÈßÀ¡¥

11 ∑à“π ´÷Ëß√«¡∂÷ß°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– ºŸâ Õ∫∫—≠™’¿“¬πÕ°‰¥â‡¢â“√à«¡„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï‡æ◊ËÕµÕ∫

§”∂“¡®“°ºŸâ∂◊ÕÀÿâπ„πª√–‡¥Áπ∑’Ë‡°’Ë¬«°—∫¢âÕ¡Ÿ≈∑“ß∫—≠™’À√◊Õ°“√ªØ‘∫—µ‘ß“πµ√«® Õ∫∫—≠™’ ‚¥¬ª√–∏“π„π∑’Ëª√–™ÿ¡‰¥â‡ªî¥‚Õ°“

„ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡ªî¥‚Õ°“ „Àâ´—°∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈–

¢âÕ‡ πÕ·π–µà“ßÊ √«¡∑—Èß‰¥â∫—π∑÷°¡µ‘∑’Ëª√–™ÿ¡·≈–ª√–‡¥Áπµà“ßÊ ‰«â„π√“¬ß“π°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß·≈–§√∫∂â«π·≈â«


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REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OFGOOD CORPORATE GOVERNANCE

1. THE CORPORATE GOVERNANCE POLICY

In recognition of the fact that it is important and necessary for sustainable growth of operating business

and long term shareholder value, Board of Directors have set up a Corporate Governance Policy for the Company.

Board of Directors intend to reinforce corporate governance by includes setting up the policies and directions

on operating the business, set up of adequate internal controls and internal auditing system and monitoring the

management to perform effectively under the policy to ensure the long term interests of shareholders under the

applicable laws with full transparency and correct business ethics. A Corporate Governance Policy Manual outlining

the features of the Policy has also been drawn up by the Company.

2. SHAREHOLDERS : RIGHT AND EQUITABLE TREATMENT

In the year 2003, two shareholders’ meeting was held. The meeting was an Annual General Meeting

which was held on 30 th April 2003 and an Extraordinary General Meeting which was held on 10 th September

2003 at the company’s office. The company had sent out the notice to all shareholders of the meeting including

information and documents for each agenda item to be considered by the shareholders, 14 days prior to the date

of the shareholders’ meeting. The notice was also circulated vide an advertisement in the newspapers as a reminder

and follow-up action for the benefit of the shareholders. Under each agenda item, the opinion of the Board of

Directors was included in the notice. The minutes of the meeting were also prepared and were made available for

examination.

3. VARIOUS GROUPS OF STAKEHOLDERS

The company foresees and recognizes the importance of all stakeholder groups whether it is the internal

stakeholders such as shareholders, employees and management of the company and subsidiaries or external

stakeholders such as creditors, suppliers, customers, communities, government agencies and other related

organizations. The Company is aware that the support from each stakeholder would help establish the company’s

competitive advantages and profitability which would contribute greatly to the company’s long term success and

prosperity.

4. SHAREHOLDERS’ MEETINGS

The Company recognizes the rights of shareholders and accords equal treatment to all shareholders in

every manner including compliance with SET/SEC regulations and recommendations for sending notices of meetings

and book closure and general conduct and procedures in the meetings. In the year 2003, 7 out of 11 directors

attended the Annual General Meeting of shareholders and 6 out of 11 directors attended the Extraordinary

General Meeting of shareholders which also included Audit Committee Member and Independent Directors. The

Auditors also attended the AGM of shareholders meeting to answer any questions raised by shareholders in

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5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå

§≥–°√√¡°“√‰¥â®—¥„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈–¡“µ√°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë¡’

ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ √«¡∑—Èß¡’°“√µ‘¥µ“¡°“√¥”‡π‘π°“√„π‡√◊ËÕß¥—ß°≈à“«Õ¬à“ß„°≈â™‘¥·≈–√“¬ß“πº≈Õ¬à“ß ¡Ë”‡ ¡Õ„π

°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ¿“¬„µâ°“√¥Ÿ·≈Õ¬à“ß„°≈â™‘¥¢Õß§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√‡ªìπºŸâæ‘®“√≥“°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–Õπÿ°√√¡°“√µà“ßÊ

Õ¬à“ß™—¥‡®π ¥—ß√“¬≈–‡Õ’¬¥„πÀ—«¢âÕ ç‚§√ß √â“ß°“√®—¥°“√é

6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

‡æ◊ËÕ‡ªìπ°“√ªÑÕß°—π√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫®÷ß‰¥â

¥Ÿ·≈Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬°”Àπ¥π‚¬∫“¬·≈–¢—ÈπµÕπ°“√Õπÿ¡—µ‘√“¬°“√∑’Ë

Õ“®®–°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‰«âÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¥—ßπ’È

6.1 √“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå : §≥–°√√¡°“√∑√“∫‡ªìπÕ¬à“ß¥’∂÷ß√“¬°“√∑’ËÕ“®π”¡“ ÷Ëß§«“¡

¢—¥·¬âß∑“ßº≈ª√–‚¬™πå·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–‰¥âæ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√–¡—¥√–«—ß√Õ∫§Õ∫∑ÿ°§√—Èß √«¡∑—Èß¡’

°“√ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ’°∑—Èß°“√ªØ‘∫—µ‘µ“¡π‚¬∫“¬/·π«∑“ß¢Õß∫√‘…—∑œ ‚¥¬√“§“·≈–

‡ß◊ËÕπ‰¢‡ ¡◊Õπ∑”√“¬°“√°—∫∫ÿ§§≈¿“¬πÕ° (Arms-Length Basis) ‡ªìπ‰ª‚¥¬ª°µ‘¡“µ√∞“π∑“ß°“√§â“∑—Ë«‰ª ·≈–‰¥â‡ªî¥‡º¬

√“¬≈–‡Õ’¬¥ ¡Ÿ≈§à“√“¬°“√ §Ÿà —≠≠“ ‡Àµÿº≈/§«“¡®”‡ªìπ ‰«â„π√“¬ß“πª√–®”ªï·≈–·∫∫ 56-1 Õ¬à“ß§√∫∂â«π·≈â«

Õ’°∑—Èß§≥–°√√¡°“√µ√«® Õ∫·≈–ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√«“ß·ºπß“πµ√«® Õ∫‡√◊ËÕß°“√∑”√“¬°“√∑’ËÕ“®¡’

§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬®—¥„Àâ¡’°“√∫√√®ÿ‡√◊ËÕß¥—ß°≈à“«‰«â„π·ºπ°“√µ√«® Õ∫¿“¬„π‡ªìπª√–®”∑ÿ°ªï ”À√—∫ªï 2546

ºŸâµ√«® Õ∫¿“¬„π‰¥âµ√«® Õ∫√“¬°“√¥—ß°≈à“«·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ËÕ°“√ª√–™ÿ¡§≥–°√√¡°“√

µ√«® Õ∫§√—Èß∑’Ë 1/2546 „π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2546 æ∫«à“∫√‘…—∑œ ¡’π‚¬∫“¬°“√Õπÿ¡—µ‘√“¬°“√‡æ◊ËÕªÑÕß°—π°“√∑”√“¬°“√∑’Ë

Õ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬√“¬°“√∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫—π ‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“°“√·¢àß¢—π‚¥¬∑—Ë«‰ª

‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªìπ ”§—≠·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ √«¡∑—Èß‰¥â¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«„πß∫°“√‡ß‘πÕ¬à“ß

‡æ’¬ßæÕ·≈â«

πÕ°®“°π’È ΩÉ“¬µ√«® Õ∫¿“¬„π‰¥âµ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

‡√◊ËÕß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫—µ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π æ.». 2546é ·≈–√“¬ß“πº≈°“√

µ√«® Õ∫µàÕ§≥–°√√¡°“√∫√‘…—∑·≈â« ÷Ëß§≥–°√√¡°“√∫√‘…—∑‡ÀÁπ«à“√“¬°“√‡°’Ë¬«‚¬ß°—π∑’Ë∫√‘…—∑œ ¡’‡ªìπ°“√∑”√“¬°“√∑’Ë

‡À¡“– ¡·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ


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respect of the accounts or the conduct of the Audit. The chairman of the meeting provided equal opportunity to all

shareholders to examine the company’s operations, to ask questions and express their opinions and advice, and

ensured that all the items and resolutions were properly recorded in the minutes of meeting.

5. LEADERSHIP AND VISION

Board of Directors have provided for an internal control system, internal auditing and the process of

identification, assessment and measurement of risks as a part of the Risk Management system and closely

monitor these matters through periodic reports through the close supervision of the Audit Committee.

Board of Directors have clearly defined and demarcated powers, duties and responsibilities between

each committee as mentioned under the “Management Structure” section in this report.

6. CONFLICT OF INTERESTS

In order to prevent the conflict of interest transactions, Board of Directors, through the Audit Committee

have supervised carefully such potential transactions by setting up a written policy and procedure of approval of the

transactions involving any potential conflict of interests and have set up an appropriate policy as follows :

6.1 Potential conflict of interest transactions : Board of Directors are well aware of any transaction which

could lead to a potential conflict of interest and/or any related party transaction, which, if any, are considered very

carefully with a view to full compliance with the relevant rules and regulations of the Stock Exchange of Thailand,

apart from compliance with the internal policies and guidelines set up by the Company. Moreover, such transactions

are entered into strictly on an “Arms-Length” basis. The terms and conditions of such transactions are always in

compliance with generally acceptable, standard commercial terms and conditions and appropriate disclosure

regarding the details of the transactions viz. value, counter-party, reason and necessity of the transaction is made

in the annual report and Form 56-1.

In addition to the above, Audit Committee and Internal Audit Department prepared the annual audit plan

to review the transactions that may cause conflict of interests. For the year 2003, the internal auditors audited

the aforesaid transactions and reported to the Audit Committee in the Audit Committee’s Meeting No. 1/2003

in February 2003. The Audit Committee found that the Company has a proper policy for approval and prevention

of abuse in such transactions. The existing conflict of interest transactions are made only on the basis of proper

comparison of market prices and for the benefit of the Company. Adequate disclosures of all such material

transactions have been made in the financial statements.

Moreover internal audit has reviewed the compliance of the Company in respect of new Notifications of

the Stock Exchange of Thailand Re: Disclosure of Information and Act of Listed Companies Concerning the Connected

Transactions, 2003. The details of the connected transactions have been explained under the topic “Connected

Transactions” in this annual report. The results of the review have been reported to the Board of Directors of the

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6.2 °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π : µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535

°”Àπ¥„ÀâºŸâ∫√‘À“√√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ ”π—°ß“π°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å πÕ°®“°π’È‰¥â

°”Àπ¥„Àâ°√√¡°“√∫√‘À“√·≈–°√√¡°“√∑”ß“π®”π«π 4 ∑à“π ´÷Ëß‰¥â∑”ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“π∫√‘…—∑ ‰¡à “¡“√∂ ◊ÈÕ¢“¬

Àÿâπ∑ÿπ¢Õß∫√‘…—∑ „π™à«ß 3 —ª¥“Àå°àÕπ°“√‡ªî¥‡º¬ß∫°“√‡ß‘π ”À√—∫ªï∑’Ëµ√«® Õ∫·≈â«µàÕ “∏“√≥™π·≈– 2 —ª¥“Àå °àÕπ°“√

‡ªî¥‡º¬ß∫°“√‡ß‘π∑’Ë Õ∫∑“π·≈â«µàÕ “∏“√≥™π ·≈– 2 «—πÀ≈—ß‡ªî¥‡º¬ß∫¥—ß°≈à“«µàÕ “∏“√≥™π

7. ®√‘¬∏√√¡∏ÿ√°‘®

∫√‘…—∑œ ‰¥âÕÕ°¢âÕæ÷ßªØ‘∫—µ‘‡°’Ë¬«°—∫®√√¬“∫√√≥¢Õß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√ ·≈–æπ—°ß“π ‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«∑“ß

„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë„Àâª√– ∫º≈ ”‡√Á®µ“¡¿“√°‘®¢Õß∫√‘…—∑œ ¥â«¬§«“¡‚ª√àß„ ◊ËÕ —µ¬å ÿ®√‘µ ·≈–‡∑’Ë¬ß∏√√¡

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√

ªí®®ÿ∫—π§≥–°√√¡°“√∫√‘…—∑¡’®”π«π 10 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ 3 ∑à“π °√√¡°“√∑”ß“π 1 ∑à“π

´÷Ëß‰¥âªØ‘∫—µ‘ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“πª√–®”¢Õß∫√‘…—∑ °√√¡°“√∑’Ë‰¡à‰¥â‡ªìπºŸâ∫√‘À“√ 1 ∑à“π ·≈–°√√¡°“√∑’Ë‡ªìπÕ‘ √– 5 ∑à“π

·≈–¡’§≥–°√√¡°“√µ√«® Õ∫´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπÕ‘ √–∑—ÈßÀ¡¥

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß

ª√–∏“π°√√¡°“√‡ªìπ°√√¡°“√Õ‘ √–µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å ·≈–‰¡à¡’§«“¡ —¡æ—π∏å„¥Ê °—∫ΩÉ“¬∫√‘À“√

Õ’°∑—Èßª√–∏“π°√√¡°“√‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√ ‡æ◊ËÕ‡ªìπ°“√·∫àß·¬°Àπâ“∑’Ë√–À«à“ß°“√°”Àπ¥π‚¬∫“¬

°“√°”°—∫¥Ÿ·≈·≈–°“√∫√‘À“√ß“πª√–®”

10.§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√

‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ π‚¬∫“¬¥—ß°≈à“«‰¥âºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« °√√¡°“√∑’Ë‰¥â√—∫¡Õ∫À¡“¬„Àâ‡ªìπ

°√√¡°“√µ√«® Õ∫®–¡’§à“µÕ∫·∑π‡æ‘Ë¡µ“¡¢Õ∫‡¢µ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡¢÷Èπ à«π§à“µÕ∫·∑πºŸâ∫√‘À“√∂Ÿ°°”Àπ¥¢÷Èπ

µ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑°”Àπ¥ ·≈–§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√®–∂Ÿ°æ‘®“√≥“Õπÿ¡—µ‘‚¥¬§≥–

°√√¡°“√∫√‘…—∑

„πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√‡ªìπ§à“‡∫’È¬ª√–™ÿ¡ „Àâ°√√¡°“√®”π«π 10 ∑à“π

‡ªìπ®”π«π‡ß‘π 2.44 ≈â“π∫“∑ ·≈–®”π«π 12 ∑à“π ‡ªìπ®”π«π‡ß‘π 1.25 ≈â“π∫“∑µ“¡≈”¥—∫

„πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√¡’√“¬≈–‡Õ’¬¥¥—ßπ’È


11 M

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10 M

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9 M

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8 M

8

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7 M

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6 M

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4 M

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Company. The Board of Directors of the Company is of the opinion that such transactions are fair and for the

full benefit of the Company.

6.2 Monitoring the use of insider information : Pursuant to section 59 of the Securities and Exchange

Act B.E. 2535, management is required to report the changes of stock holding to the Office of the Securities and

Exchange Commission. Moreover, the 4 working directors who are full-time employees of the Company are not

allowed to trade in the company’s shares during the period of 3 weeks (or 2 weeks) before and two days after the

annual audited (or reviewed) results respectively are announced.

7. BUSINESS ETHICS

The Company has set up a code of ethics for directors, management and employees as a guideline to

carry out their respective work for the company in a transparent, honest, faithful and justifiable manner.

8. BALANCE OF POWER FOR NON-EXECUTIVE DIRECTORS

Currently, there are 10 directors on the Board of Directors of the Company which consists of 3

Executive Directors and 1 working director (as full-time employees of the Company), 1 Non- Executive Director and

5 Independent Directors. The Audit Committee comprises entirely of Independent Directors.

9. AGGREGATION OR SEGREGATION OF POSITIONS

The Chairman of Board of Directors is an independent director and has no relationship with the

management, as defined by the Stock Exchange of Thailand. The Chairman is not the same person as the managing

director of the Company in order to segregate the duties between the policy maker and the policy manager.

10. DIRECTORS AND MANAGEMENT REMUNERATION

Currently, the Company does not have a Remuneration Committee but the Company has a clear and

transparent directors’ remuneration policy which is approved by the shareholders in the shareholders’ meeting.

The directors who are also appointed as Audit Committee members are entitled to additional remuneration to

compensate for the increased scope of duties and responsibilities.

The management remuneration is fixed in accordance with the principles and policies set by the Board of

Directors and the Board of Directors directly and specifically approves the remuneration of the Executive Board.

During the year 2003 and 2002, the Company paid the Directors meeting fee as the remuneration to

10 directors and 12 directors of Baht 2.44 million and Baht 1.25 million respectively.

During the year 2003 and 2002, the Company paid the remuneration to senior management (including

the Executive Directors) as follows :

11 M

8

6

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10 M

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9 M

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7 M

8

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6 M

8

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5 M

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3 M

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2 M

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11.°“√ª√–™ÿ¡§≥–°√√¡°“√

§≥–°√√¡°“√¡’°“√ª√–™ÿ¡‚¥¬ª°µ‘‡ªìπª√–®”∑ÿ°‰µ√¡“ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√

°”Àπ¥«“√–°“√ª√–™ÿ¡Õ¬à“ß™—¥‡®π ≈à«ßÀπâ“ ·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ΩÉ“¬‡≈¢“πÿ°“√∫√‘…—∑

‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“„π·µà≈–«“√–°àÕπ°“√ª√–™ÿ¡

≈à«ßÀπâ“ 7 «—π ‡æ◊ËÕ„Àâ§≥–°√√¡°“√‰¥â¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡

°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑®–¡’¢÷Èπ¿“¬À≈—ß®“°°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ª√–¡“≥ 7-10 «—π ∑—Èßπ’È‡æ◊ËÕ

„Àâ√“¬ß“π°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√µ√«® Õ∫‰¥â∂Ÿ°‡ πÕ‡¢â“‰ª„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ„Àâ§≥–°√√¡°“√∫√‘…—∑

æ‘®“√≥“·≈–√—∫∑√“∫

πÕ°®“°π’È‰¥â¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡·≈–®—¥∑”Õ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¡’°“√µ√«® Õ∫·≈–√—∫√Õß√“¬ß“π

°“√ª√–™ÿ¡¥—ß°≈à“«®“°§≥–°√√¡°“√ ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡ æ√âÕ¡„Àâ§≥–°√√¡°“√

·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßµ√«® Õ∫‰¥â

ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™—Ë«‚¡ß ‚¥¬„πªï 2546 ∑’Ëºà“π¡“ §≥–°√√¡°“√¡’°“√ª√–™ÿ¡µ“¡

«“√–ª°µ‘®”π«π 4 §√—Èß ·≈–ª√–™ÿ¡µ“¡«“√–æ‘‡»… 1 §√—Èß ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√∫√‘…—∑·µà≈–∑à“π √ÿª‰¥â¥—ßπ’È

ªï 2546 ªï 2545

√“¬°“√ ®”π«π√“¬®”π«π‡ß‘π√«¡

®”π«π√“¬®”π«π‡ß‘π√«¡

(≈â“π∫“∑) (≈â“π∫“∑)

‡ß‘π‡¥◊Õπ 8 22.31 8 19.03

‚∫π— 8 5.19 8 4.62

§à“µÕ∫·∑πÕ◊Ëπ* 8 18.41 8 15.22

√«¡ 8 45.91 8 38.87

* §à“µÕ∫·∑πÕ◊Ëπ‰¥â·°à §à“¿“…’‡ß‘π‰¥â §à“‡™à“∫â“π §à“‡≈à“‡√’¬π∫ÿµ√

°“√‡¢â“√à«¡ª√–™ÿ¡ / °“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)

™◊ËÕ°√√¡°“√ °“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ °“√ª√–™ÿ¡µ“¡«“√–æ‘‡»…

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞– 4/4 1/1

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“ ‘¡ 4/4 1/1

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ 4/4 1/1

π“¬§√Ÿ™Ÿ §“≈’ «“‡¥’¬ 4/4 1/1

π“¬‰®ª“≈ ¡—π ÿ¢“π’ 4/4 1/1

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ 4/4 1/1

π“¬™’√– ¿“≥ÿæß»å 4/4 1/1

π“¬∏’√– «‘¿Ÿ™π‘π 4/4 1/1

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ 3/4 1/1

π“ß “«π‘™‘µâ“ ™“Àå 3/4 1/1


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11. BOARD OF DIRECTORS’ MEETINGS

The Board of Directors’ meetings are held quarterly on a regular basis, but extraordinary meetings if

required may be called. The meeting would have the specific agenda, which would include the review of the

Company’s operations. The Company Secretary sends the notice of the meeting and relevant documents to all

directors, at least 7 days prior to the meeting date so as to allow sufficient time for them to review the information

before joining the Meeting.

Board of Directors Meetings are held about 7 to 10 days after Audit Committee meeting so that the

minutes of Audit Committee can be sent to the Board of Directors for their consideration and discussion during

the Board meeting.

In every meeting, the minutes of the meeting are recorded, reviewed and adopted by the Board of Directors.

The minutes of the meeting are kept with the Company Secretary for ready reference and review by other concerned

parties.

The Board of Directors’ meeting normally takes around 2-3 hours. In the year 2003, the Board of Directors

held 4 ordinary meetings and 1 extraordinary meeting. The record of attendance of the Directors is summarized as

follows :

2003 2002

DescriptionNumber Amount Number Amount

of persons (In million Baht) of persons (In million Baht)

Salary 8 22.31 8 19.03

Bonus 8 5.19 8 4.62

Other remuneration* 8 18.41 8 15.22

Total 8 45.91 8 38.87

* Representing income tax, house rental, children’s school fees.

Attendance / Total Meeting (Times) Year 2003

Name of Director Ordinary Meeting Extraordinary Meeting

Admiral Dr. Amnad Chandanamattha 4/4 1/1

Mr. Khalid Moinuddin Hashim 4/4 1/1

Mr. Munir Moinuddin Hashim 4/4 1/1

Mr. Khushroo Kali Wadia 4/4 1/1

Mr. Jaipan Mansukhani 4/4 1/1

Police Lt.Gen Kiattisak Prabhavat 4/4 1/1

Mr. Chira Panupong 4/4 1/1

Mr. Thira Wipuchanin 4/4 1/1

Mr. Suphat Sivasriaumphai 3/4 1/1

Miss Nishita Shah 3/4 1/1

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12.§≥–Õπÿ°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëß∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß

∫√‘…—∑œ ‚¥¬√“¬≈–‡Õ’¬¥¢Õß ¡“™‘°¢Õß§≥–°√√¡°“√µ√«® Õ∫ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ‰¥â°≈à“«‰«â·≈â«„π√“¬ß“πª√–®”ªïπ’È¿“¬

„µâÀ—«¢âÕ ‚§√ß √â“ß°“√®—¥°“√·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫

ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«â

Õ¬à“ß™—¥‡®π·≈–‚ª√àß„ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫π’È¿“¬„µâÀ—«¢âÕ §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

13.√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π√–¥—∫ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ

®÷ß‰¥â°”Àπ¥Õ”π“® Àπâ“∑’Ë „π°“√¥”‡π‘πß“π¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈

°“√„™â∑√—æ¬å ‘π¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“π ºŸâµ‘¥µ“¡§«∫§ÿ¡·≈–ª√–‡¡‘π

º≈ÕÕ°®“°°—π ‡æ◊ËÕ√—°…“‰«â´÷Ëß°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß

°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫

∫√‘…—∑œ ¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªÆ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë

”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë°”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π

¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π·µà≈–·ºπ°·≈–√“¬ß“πº≈µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π¡’

§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√

”À√—∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ

‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∑—Èßπ’È‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å¥—ßµàÕ‰ªπ’È

1. ‡æ◊ËÕ§«“¡¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√ªØ‘∫—µ‘ß“π √«¡∑—Èß°“√„™â∑√—æ¬“°√∑’Ë¡’Õ¬ŸàÕ¬à“ß®”°—¥‡æ◊ËÕ°àÕ„Àâ‡°‘¥

ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ

2. ‡æ◊ËÕ§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß√“¬ß“π∑“ß°“√‡ß‘π

3. ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑œ ‡ªìπ‰ªµ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß

·≈–‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å¥—ß°≈à“«¢â“ßµâπ ∫√‘…—∑œ ®÷ß¡’°“√®—¥°“√√–∫∫°“√§«∫§ÿ¡¿“¬„π„Àâ‡∑’¬∫‡§’¬ß°—∫¡“µ√∞“π

“°≈ À√◊Õ COSO (The Committee of Sponsoring Organizations of the Treadway Commission) ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È

1. ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ (Control Environment)

∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π®÷ß°”Àπ¥„Àâ®—¥∑”§Ÿà¡◊Õπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®¢÷ÈπÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ √«¡∑—Èßª√–°“»„Àâæπ—°ß“π∑ÿ°§π∑√“∫‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘‡π◊ËÕß®“°

∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“°“√∑”ß“π¿“¬„µâ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡∑’Ë¥’π—Èπ®– àßº≈„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªÕ¬à“ß¡’

ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈–°àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ √«¡∑—ÈßºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬


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12. COMMITTEE

The Board of Directors appointed the Audit Committee as a part of the good corporate governance policy

of the Company. The Details of the members of the committee, their duties and responsibilities are presented

under the sections on “Management Structure” and “Audit Committee Report”.

Currently, the Company does not have a Remuneration Committee but the Company has a clear and

transparent directors’ remuneration policy as explained under the section on “Directors and Management

Remuneration”.

13. CONTROLLING SYSTEM AND INTERNAL AUDIT

The Company recognizes the importance of internal control systems on an operational level to ensure that

the operations are conducted efficiently. Powers and Duties of operations and management level personnel are

laid down clearly. There is a proper level of control maintained on the utilization of Company’s property/assets for

the highest benefit of the Company and there is clear segregation between the operations units, control units and

assessment units for the purpose of maintaining appropriate checks and balances. Moreover, an internal control

system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting

to the relevant management.

The Company has the Internal Audit Department in order to ensure that the key operations and the

financial activities are conducted efficiently under the guidelines and relevant laws. Moreover, to ensure the Company

has complied with laws and regulations relating to the business of the Company, the Internal Audit Department

conducts regular checks. Internal auditors report directly to the Audit Committee on all matters, in order to make

the internal audit department completely independent of management.

Moreover, an internal control system for the financial and accounting functions of the Company is clearly

set up which allows adequate reporting to the relevant managers to achieve the following objectives :

1. Efficient and effective operations, including skillful use of resources for the best benefit of the Company.

2. Accurate, reliable and prompt financial reporting.

3. Full compliance with the Company’s policies, laws and regulations.

For the achievement of such objectives, the Company has implemented the internal control system in

accordance with the recommendations of The Committee of Sponsoring Organizations of the Treadway Commission

(COSO) as follows :

1. Control Environment

The Company has forged ahead with control environment and therefore set up the Corporate Governance

Policy and Business Ethics in writing. They are published to all staff of the Company for the basis of working. The

Company recognizes that the Control Environment will lead to efficiency and effectiveness of work and brings out the

best benefits to the Company.

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2. °“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß (Risk Assessment)

∫√‘…—∑œ µ√–Àπ—°·≈–‡≈Áß‡ÀÁπ∂÷ß§«“¡ ”§—≠¢Õß°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß«à“‡ªìπ‡§√◊ËÕß¡◊Õ∑’Ë∫àß∫Õ°≈à«ßÀπâ“∂÷ß —≠≠“≥

Õ—πµ√“¬∑’ËÕ“® √â“ß§«“¡‡ ’¬À“¬„Àâ·°à∫√‘…—∑œ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß°”Àπ¥„Àâ¡’°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ßÕÕ°‡ªìπ 2 √–¥—∫‡ªìπª√–®”

∑ÿ°ªï §◊Õ§«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√´÷Ëß°”°—∫¥Ÿ·≈‚¥¬ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–§«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡ ÷Ëß‡ªìπ§«“¡√—∫º‘¥™Õ∫

√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π·≈–ºŸâªØ‘∫—µ‘ß“π∑ÿ°ΩÉ“¬ §«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√®–∂Ÿ°‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï à«π

§«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡π—Èπ®–‡ªìπ°“√ª√–‡¡‘π√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π ÷Ëß¡’§«“¡‡ªìπÕ‘ √–°—∫ºŸâªØ‘∫—µ‘ß“π„π

·µà≈–°‘®°√√¡ ÷Ëß¡’§«“¡™”π“≠°“√·≈–‡¢â“„®‡ªìπÕ¬à“ß¥’∂÷ß°√–∫«π°“√∑”ß“π ·≈–π”‡ πÕºŸâ∫√‘À“√√–¥—∫ Ÿß‡æ◊ËÕæ‘®“√≥“ ∑—Èßπ’È

‡æ◊ËÕ„Àâº≈°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß‰¥â –∑âÕπ∂÷ß§«“¡‡ ’Ë¬ß∑’Ë·∑â®√‘ß∑’ËÕ“®°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–‡æ◊ËÕ„Àâ∫√‘…—∑œ

“¡“√∂°”Àπ¥°≈‰°°“√§«∫§ÿ¡‰¥âÕ¬à“ß∂Ÿ°µâÕß ·≈–‡À¡“– ¡

3. °‘®°√√¡°“√§«∫§ÿ¡ (Control Activities)

°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß¥—ß°≈à“«¢â“ßµâπ®–¥”‡π‘π°“√§«∫§Ÿàæ√âÕ¡°—∫°“√ª√–‡¡‘π°≈‰°°“√§«∫§ÿ¡‡æ◊ËÕ„Àâ¡—Ëπ„®«à“

∫√‘…—∑œ ¡’°“√®—¥«“ß√–∫∫°“√§«∫§ÿ¡∑’Ë§√∫∂â«π ‡æ’¬ßæÕ·≈–‡À¡“– ¡ Õ¥§≈âÕß°—∫§«“¡‡ ’Ë¬ßµà“ßÊ ∑’ËÕ“®®–‡°‘¥¢÷Èπ ∑—Èßπ’È‡æ◊ËÕ

‡ªìπ°“√≈¥·≈–°√–®“¬§«“¡‡ ’Ë¬ßµà“ßÊ „Àâ àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ πâÕ¬∑’Ë ÿ¥ √«¡∑—Èß‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π

¢Õß∫√‘…—∑œ ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈

4. “√ π‡∑»·≈–°“√ ◊ËÕ “√ (Information & Communication)

∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»µà“ßÊ ‚¥¬‡©æ“–∑’Ë¡’π—¬ ”§—≠

√«¡∑—Èß§«“¡√«¥‡√Á«¢Õß°“√µ‘¥µàÕ ◊ËÕ “√ ∑—Èßπ’È‡æ◊ËÕ„Àâ°“√µ—¥ ‘π„®‡√◊ËÕßµà“ßÊ ‡ªìπ‰ªÕ¬à“ß∂Ÿ°µâÕß ·¡àπ¬” ·≈–©—∫‰« ‚¥¬®—¥„Àâ¡’

™àÕß∑“ß°“√ ◊ËÕ “√∑—Èß¿“¬„π·≈–¿“¬πÕ°∫√‘…—∑œ Õ¬à“ß‡ªìπ√–∫∫·≈–¡’ª√– ‘∑∏‘¿“æ ”À√—∫°“√µ‘¥µàÕ ◊ËÕ “√¿“¬„π∫√‘…—∑œ

®–ºà“π√–∫∫ Intranet æπ—°ß“π„π∑ÿ°√–¥—∫™—Èπ√«¡∑—ÈßºŸâ∫√‘À“√√–¥—∫ Ÿß “¡“√∂‡¢â“∂÷ß°—π‰¥âÕ¬à“ß –¥«° √«¥‡√Á« ‡æ◊ËÕ„Àâ°“√

ª√– “π°“√∑”ß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈·≈–∫√√≈ÿ‡ªÑ“À¡“¬∑’Ë«“ß‰«â ”À√—∫°“√µ‘¥µàÕ°—∫∫ÿ§§≈¿“¬πÕ° ‡™àπ

π—°≈ß∑ÿπ ‡ªìπµâπ ∫√‘…—∑œ ¡’™àÕß∑“ß°“√µ‘¥µàÕ ◊ËÕ “√ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«∫‰´¥å¢Õß

∫√‘…—∑œ √«¡∑—ÈßºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ‡Õß°Áæ√âÕ¡∑’Ë®–µÕ∫¢âÕ´—°∂“¡„πª√–‡¥Áπµà“ßÊ ®“°π—°≈ß∑ÿπ√«¡∑—ÈßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ

5. °“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈ (Monitoring & Evaluation)

∫√‘…—∑œ °”Àπ¥¡“µ√°“√„π°“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È

√–¥—∫°“√ª√–‡¡‘π ºŸâª√–‡¡‘π§«“¡∂’Ë¢Õß°“√µ‘¥µ“¡

·≈–ª√–‡¡‘πº≈°“√∑”ß“π (µàÕªï)

æπ—°ß“π À—«Àπâ“·ºπ° Õ¬à“ßπâÕ¬ 1 §√—Èß

À—«Àπâ“·ºπ° ºŸâ∫√‘À“√√–¥—∫ Ÿß Õ¬à“ßπâÕ¬ 1 §√—Èß

ºŸâ∫√‘À“√√–¥—∫ Ÿß §≥–°√√¡°“√∫√‘…—∑ Õ¬à“ßπâÕ¬ 4 §√—Èß

º≈®“°°“√µ‘¥µ“¡·≈–°“√ª√–‡¡‘π∑’Ë‰¥â®–∂Ÿ°π”‰ª°”Àπ¥‡ªìπ·ºπ‡™‘ß°≈¬ÿ∑∏å‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¡’ª√– ‘∑∏‘¿“æ·≈–

ª√– ‘∑∏‘º≈¬‘Ëß¢÷Èπ

πÕ°‡Àπ◊Õ®“°∑’Ë°≈à“«¢â“ßµâπ·≈â« ∫√‘…—∑œ ¬—ß¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ë‡ªìπÀπà«¬ß“πµ‘¥µ“¡·≈–ª√–‡¡‘πº≈Õ’°¥â«¬

‚¥¬Õ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈‚¥¬µ√ß®“°§≥–°√√¡°“√µ√«® Õ∫ ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ ¡’Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ

¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë

°”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π„π·µà≈–°‘®°√√¡·≈–√“¬ß“πº≈µ√ßµàÕ

§≥–°√√¡°“√µ√«® Õ∫ ∑—Èßπ’È‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¥”√ß‰«â´÷Ëß§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√


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2. Risk Assessment

The Company recognizes the importance of Risk assessment as the tool to indicate a dangerous signal

that could result in loss and therefore, the Company has annually assessed prominent risks by dividing them into

two categories as being on 1) Organization Level that are managed by Management and published in the Company’s

annual report. or 2) Activities Level for which both, Internal Audit department as independent entity and each

specific department (being in possession of sound knowledge and skills required for operations), are responsible.

Such assessment bring out the risks that affect the Company’s operations which are then required to be managed

through a set up of correct and appropriate control systems. The results of Risk Assessment are reported

periodically to Management for consideration.

3. Control Activities

The Risk Assessment process also involves an assessment of control activities. The objective of

assessment is to ensure that the Company has a good control system and conforms to the related risks to decrease/

or distribute all risks of the Company with a view to ensuring efficiency and effectiveness of operations.

4. Information & Communication

The Company recognizes the importance of accurate, reliable and prompt information & communication.

It leads to accurate and timely data being made available for decision making. The Company has provided an effective

communication system, including internal and external channels. For the internal channel, all staff and Management

can easily communicate through the Intranet System for the efficiency and effectiveness of communication and

achieve the Company’s objectives. For the external channel, the Company provides the information though the

channel of SET, the Company’s web site and the Company’s top management is very prompt in answering any

queries which may be raised by Investors or any stakeholder.

5. Monitoring & Evaluation

The Company features a performance monitoring and evaluation system as follows :

The results of monitoring and evaluation are considered while setting up the Company’s strategic plans.

Moreover, Internal Audit department evaluates the monitoring systems and activities under the close

supervision of the Audit Committee. Internal Audit department also reviews whether the key operations and the

financial activities are conducted efficiently and whether the same are in compliance with relevant laws. Further, to

Level Monitored and Evaluated byThe frequency of monitoring

and evaluation (per year)

Staff Head of Department At least 1 time

Head of Department Management At least 1 time

Management Board of Directors At least 4 times

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„π‡√◊ËÕß°“√∫√‘À“√§«“¡‡ ’Ë¬ß ºŸâµ√«® Õ∫¿“¬„π‰¥â Õ∫∑“π·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß ·≈–æ∫«à“∫√‘…—∑œ ¡’°“√°”Àπ¥§«“¡

‡ ’Ë¬ß·≈–π”À≈“¬‡§√◊ËÕß¡◊Õ ”À√—∫¡“µ√°“√§«“¡‡ ’Ë¬ß¡“„™â ·≈–π”‰ª Ÿà°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑—Èßπ’Èªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠‰¥â

°≈à“«‰«â„π√“¬ß“πª√–®”ªï ∑—Èßπ’È‡æ◊ËÕº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ

14.√“¬ß“π¢Õß§≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø

„π√“¬ß“πª√–®”ªï ‚¥¬¡’°“√π”‡ πÕ√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π§«∫§Ÿà°—∫ß∫°“√‡ß‘π∑’Ëµ√«®

Õ∫·≈â«„π√“¬ß“πª√–®”ªïπ’È·≈â«

15.§«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ

§≥–°√√¡°“√„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ∑—Èß√“¬ß“π¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π·≈–

¢âÕ¡Ÿ≈∑—Ë«‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’ËÕ“®¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ ‚¥¬‰¥â‡º¬·æ√à¢âÕ¡Ÿ≈¢à“« “√µà“ßÊ ¥—ß°≈à“«

‡æ◊ËÕ„ÀâºŸâ≈ß∑ÿπ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß√—∫∑√“∫ ‚¥¬ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«∫‰´µå¢Õß∫√‘…—∑œ

®¥À¡“¬·®âß¢à“«·≈–®“°°“√µ‘¥µàÕ°—∫°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑œ ‰¥â§”π÷ß∂÷ß§«“¡ ”§—≠µàÕºŸâ≈ß∑ÿπ¥—ßπ—ÈπºŸâ∫√‘À“√√–¥—∫ Ÿß®–

‡ªìπºŸâ√—∫º‘¥™Õ∫„π à«π∑’Ë‡°’Ë¬«°—∫°“√∫√‘°“√π—°≈ß∑ÿπ¥â«¬ Õ’°∑—Èß‰¥â®—¥‡®â“Àπâ“∑’Ë∫√‘…—∑‡æ◊ËÕ„Àâ∫√‘°“√¢âÕ¡Ÿ≈¢à“« “√ ”À√—∫

ºŸâ≈ß∑ÿπ ºŸâ∂◊ÕÀÿâπ π—°«‘‡§√“–Àå·≈–ª√–™“™π∑—Ë«‰ª ∑—Èßπ’ÈºŸâ≈ß∑ÿπ “¡“√∂µ‘¥µàÕ‰¥â∑’Ë

§ÿ≥ ÿ∏“¥“ ‡¡¶√ÿàß‡√◊Õß°ÿ≈ ‚∑√»—æ∑å 02 237 8700-4 µàÕ 954

§ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ‚∑√»—æ∑å 02 237 8700-4 µàÕ 951

À√◊Õ∑’Ë Õ’‡¡≈å¢Õß∫√‘…—∑œ [email protected]


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ensure that the Company has complied with laws and regulations relating to the business of the Company, the Internal

Audit Department conducts regular checks. Internal auditors report directly to the Audit Committee on all matters in

order to make the internal audit department completely independent of management.

In relation to Risk Management, Internal Auditors have reviewed and assessed the risks of the

Company and found that the Company has identified the risks and has applied the various tools of measurement of

the risks and thereafter has taken steps to manage these risks. Significant risk factors are laid down in the Annual

Report for the benefit of the shareholders and investors.

14. BOARD OF DIRECTORS’ REPORT

The Board of Directors is responsible for the Company and its subsidiaries’ financial statements and

financial information presented in this annual report. The Report of the Board of Directors’ Responsibilities for

Financial Statements is presented along with the audit report in this annual report.

15. RELATIONS WITH INVESTORS

The Board of Directors recognizes the importance of accurate, complete and transparent disclosure of

financial information and general information, which may affect the Company share price. The Company provides

the information through the channel of SET, the Company’s website and through regular newsletters and commu-

nications from the Managing Director. While the Company undertakes investor relations at the top management

level, the Company has also designated the officers as the contact points in the Company to service investors,

shareholders, analysts and public as under :

Khun Sutada Mekrungruengkul Telephone 66 2237 8700-4 ext. 954

Khun Somprathana Thepnapaplern Telephone 66 2237 8700-4 ext. 951

Or email at [email protected].

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The Company has classified the various risk factors the Company is exposed to into three categories viz.

Operating Risk, Financial Risk and Market Risk. The significant risk factors under each of these categories are

explained as under :

OPERATING RISK

The Company, as an owner and operator of ocean-going vessels operating without any geographical

limitations is exposed to risks of marine disaster, environmental mishaps resulting in substantial claims, cargo/

property loss or damage and business interruptions due to accidents or other events caused by mechanical failure,

human error, political action in various countries, labor strikes, terrorist actions, piracy, adverse weather conditions

and other such circumstances and events. This could result in increased costs or loss of revenues. However, to cover

against most of these risks, which are standard for an International Ship owner/Operator, insurance covers are

available in the international insurance industry. Accordingly, the Company is adequately covered against such

aforesaid circumstances and events.

The operations of the Company depend on extensive and changing environment protection laws and other

maritime regulations, compliance with which may entail the risk of significant expenses, including expenses for ship

modifications and changes in operating procedures. However, the Company is vigilant on these issues and maintains

internationally prescribed safety and technical standards.

The operations of the ships and the management of the Company as a public company listed on the Stock

Exchange of Thailand require skilled personnel to be employed as crew to operate its ships and managers at the

corporate level with appropriate knowledge and experience. Sourcing and retaining such personnel is crucial for

the business operations of the Company. However, due to the adoption of fair and reasonable staffing policies, the

Company has hitherto been quite successful in sourcing and retaining such highly skilled personnel, and does not

expect any future cause for concern in this regard.

As a publicly listed Company, the Company is required to comply with various laws and regulations and

failure to comply with any one or more of such law and/or regulation could expose the Company to penalties or other

legal action against the Company and its senior management. The Company remains vigilant on this issue and

has taken adequate steps to employ qualified staff and also adopted adequate and effective systems to ensure full

compliance with all laws and regulations.

The Company is not exposed to any risk of increased costs due an increase in international oil prices, since,

wherever the Company is required to incur fuel costs (in case of a Voyage Charter), increases in oil price is passed on

to the Customers since the freight rates are quoted and charged after incorporating the increased fuel cost.

FINANCIAL RISK

Almost the entire Revenues and Expenses of the Company are denominated in US Dollars. Further,

almost all the Fixed Assets of the Company, viz., ships are US Dollar based assets, since they are readily salable in

US Dollars in the International market. Therefore, the Company is exposed to a Foreign Exchange risk in respect of its

liabilities in any currency other than US Dollars. The US Dollar equivalent figure of such Thai Baht debt may increase or

decrease with a fluctuation in the prevailing Thai Baht/US Dollar rate. In recognition of this risk, the Company has

attempted to maintain least possible exposure in other currencies and accordingly as on 31st December 2003 the

Company did not have any debt denominated in Thai Baht.

A substantial portion of the Company’s secured loans carry interest at floating rates based on LIBOR (London

Inter-Bank offered rate) and as such, the Company is exposed to fluctuations in its interest rates due to a change in the

LIBOR. The Company monitors market interest rates regularly and remains vigilant on this issue.

SIGNIFICANT RISK FACTORS

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‡ß‘π°Ÿâ¡’À≈—°ª√–°—π à«π„À≠à¢Õß∫√‘…—∑œ ®–¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«µ“¡Õ—µ√“ LIBOR (Õ—µ√“¥Õ°‡∫’È¬√–À«à“ß∏π“§“√„π

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LIBOR ∫√‘…—∑œ ‰¥âµ‘¥µ“¡§«“¡‡§≈◊ËÕπ‰À«Õ—µ√“¥Õ°‡∫’È¬„πµ≈“¥‡ß‘πÕ¬à“ß ¡Ë”‡ ¡Õ ·≈–¡’§«“¡‡ÀÁπ«à“„πÕπ“§µÕ—π„°≈âπ’ÈÕ—µ√“

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With the amendment of the terms and conditions of the Redeemable Convertible Debentures (RCD), the

convertibility option in the instrument has been removed, and all the RCD are now redeemed and therefore, the

shareholders of the Company are no longer exposed to any risk of potential dilution in their shareholdings due to any

outstanding equity instruments.

MARKET RISK

The shipping industry and market has been cyclical, experiencing volatility in profitability, vessel values and

freight rates, resulting from changes in the supply of and demand for shipping capacity, as explained in the section on

“Nature of Business and Industry” of this Report. The Company has traditionally marketed all (except the one Cement

Carrier) its ships in the spot market and has therefore been exposed to market fluctuations and the cyclical nature of

the business. However, the Company believes that by being in the “niche” small handy size sector of the industry,

wherein there is a fundamental advantage of demand over supply, some downside protection against the cyclical

nature of the business is provided.

The demand side of the Company’s business is generated by the quantity of cargo its vessels are required

to transport. The generation of this demand is mainly dependent on World Trade and Economic Growth. Severe

depression in Growth and Trade could reduce the demand for ships. The recent spurt in demand for shipping capacity

has largely been driven by the demand from China which is importing commodities in huge quantities for major

infrastructure projects. If there is a significant reduction in the Demand from China, it could have an impact on

overall demand for Shipping Capacity, which could lead to a significant fall in freight rates and could also be coupled

with a fall in ship values. The Company has recently acquired a number of second hand ships at market values while

the market has been in the midst of this upturn, and therefore, the Company is exposed to the risk of reduced

earnings and/or fall in asset values if there is any significant downturn in the market. The Company has attempted

to cover this risk by entering into period charters or contracts for a longer period for a large number of its ships,

whereby the Company is able to “lock-in” future earnings at current high freight rates.

As indicated above, the Company has entered into a number of contracts for longer periods at current high

freight rates. In case of a fall in the market and consequent fall in freight rates, the Company’s customers (Charterers)

with whom the period charters have been signed could default in their obligations, pursuant to which, the Company will

not be able to achieve the higher contracted freight rates and would then be forced to contract these ships in the

spot market in a depressed market when market freight rates would be lower. However, the Company is conscious of

the Counter-party risk associated with its period charters and accordingly takes steps in analysing the counter-party

risk of its potential charterers, particularly those with whom the Company intends to sign period charters and such

contracts (Charters) are signed only with first class charterers with the highest possible credit ratings.

The Company’s ships ply in international waters all over the world and the employment of its vessels is quite

evenly distributed, without any concentration in any particular area. As such, the Company is not exposed to a risk of

geographical concentration of the Company’s market and its customers. Therefore, any major adverse change in the

market conditions in any particular area of the world due to war, political action, or any other reason shall not result

in a significant drop in revenues.

The Company’s revenues are generated from a number of customers and the Company is not dependent on

any single customer for the majority of its business. As such, the Company is not exposed to any risk of concentration

of its business with any one customer and any loss of business from one such customer shall not have any significant

impact on the Company’s business and will not result in sudden loss of revenues.

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°Õß°”≈—ß‡√◊ÕFLEET LIST

1 øŸ®‘´“π ¡“√Ÿ * Fujisan Maru * ∫“Œ“¡“ Bahamas 2519 1976 16,922

2 ¡√°µ π“√’ Morakot Naree ‰∑¬ Thai 2525 1982 17,692

3 ™Æ“ π“√’ Chada Naree ‰∑¬ Thai 2524 1981 18,668

4 ¡ÿ°¥“ π“√’ Mukda Naree ‰∑¬ Thai 2524 1981 24,001

5 π≈‘π’ π“√’ Nalinee Naree ‰∑¬ Thai 2524 1981 24,912

6 «π– π“√’ Wana Naree ‰∑¬ Thai 2523 1980 26,977

7 ®“¡®ÿ√’ π“√’ Jamjuree Naree ‰∑¬ Thai 2525 1982 25,073

8 Õ‚π¥“¥ π“√’ Anodad Naree ‰∑¬ Thai 2523 1980 25,502

9 √®‡√¢ π“√’ Rojarek Naree ‰∑¬ Thai 2523 1980 23,991

10 ¡≥±‘√“ π“√’ Monthira Naree ‰∑¬ Thai 2523 1980 29,489

11 ¡—≈≈‘°“ π“√’ Mallika Naree ‰∑¬ Thai 2527 1984 23,386

12 ·«π¥“ π“√’ Vanda Naree ‰∑¬ Thai 2528 1985 23,849

13 √¡‘µ“ π“√’ Ramita Naree ‰∑¬ Thai 2526 1983 23,360

14 ÿ¡π“ π“√’ Sumana Naree ‰∑¬ Thai 2527 1984 23,423

15 ¿«‘µ√“ π“√’ Pawitra Naree ‰∑¬ Thai 2528 1985 21,654

16 π—™™“ π“√’ Natcha Naree ‰∑¬ Thai 2527 1984 23,593

17 Õ¿‘ √“ π“√’ Apisara Naree ‰∑¬ Thai 2539 1996 18,596

18 »‘‚√√—µπå π“√’ Sirorat Naree ‰∑¬ Thai 2527 1984 29,125

19 ∫ÿ…√“ π“√’ Bussara Naree ‰∑¬ Thai 2540 1997 18,573

20 ÿ™“¥“ π“√’ Suchada Naree ‰∑¬ Thai 2537 1994 23,732

21 ª√‘≥¥“ π“√’ Parinda Naree ‰∑¬ Thai 2538 1995 23,720

22 «√“≈’ π“√’ Waralee Naree ‰∑¬ Thai 2525 1982 25,413

23 ∫ÿ≥±√‘°“ π“√’ Boontrika Naree ‰∑¬ Thai 2533 1990 27,881

24 ∏“√‘≥’ π“√’ Tharinee Naree ‰∑¬ Thai 2537 1994 23,724

25 ™≈≈¥“ π“√’ Chollada Naree ‰∑¬ Thai 2540 1997 18,485

26 ≈‘≈∑‘æ¬å π“√’ Salinthip Naree ‰∑¬ Thai 2525 1982 21,259

27 ¥ÿ ‘µ“ π“√’ Dusita Naree ‰∑¬ Thai 2540 1997 18,486

28 ‡Õ¡«‘°“ π“√’ Emwika Naree ‰∑¬ Thai 2540 1997 18,462

29 æ—™√– π“√’ Patchara Naree ‰∑¬ Thai 2527 1984 25,403

30 æ≈Õ¬‰æ≈‘π π“√’ Ploypailin Naree ‰∑¬ Thai 2538 1995 26,472

√«¡ Total 691,823

≈”∑’Ë ™◊ËÕ‡√◊Õ VESSEL NAME —≠™“µ‘ FLAG ªï∑’Ë √â“ß YEAR ¢π“¥√–«“ß∫√√∑ÿ°NO. æ.». BUILT DEAD WEIGHT

TONNES (DWT)

À¡“¬‡Àµÿ : * °≈ÿà¡∫√‘…—∑æ√’‡™’¬ ™‘æªîôß ∂◊ÕÀÿâπ√âÕ¬≈– 64Remarks : * 64 % shares held by PSL Group

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546As on 31st December, 2003


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‚§√ß √â“ß√“¬‰¥âREVENUE STRUCTURE

‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„π√Õ∫ 2 ªï∑’Ëºà“π¡“Revenue structure from the operation of the Company and Subsidiaries for the last 2 years

ªï 2546 / YEAR 2003

Àπà«¬ : ≈â“π∫“∑ / UNIT : BAHT MILLION

1

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ªï 2545 / YEAR 2002

Àπà«¬ : ≈â“π∫“∑ / UNIT : BAHT MILLION

3,796.88 (95.15%)

(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊ÕVessel operating income

6.26 (0.16%)

(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√Service income

1.26 (0.03%)

(3) ¥Õ°‡∫’È¬√—∫Interest income

0.18 (0.00%)

(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√Gain on disposals

of fixed assets

184.19 (4.62%)

(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬πExchange gains

1.76 (0.04%)

(6) √“¬‰¥âÕ◊ËπOther income

3,290.90 (96.72%)

(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊ÕVessel operating income

7.58 (0.22%)

(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√Service income

3.26 (0.10%)

(3) ¥Õ°‡∫’È¬√—∫Interest income

23.66 (0.70%)

(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√Gain on disposals

of fixed assets

73.12 (2.15%)

(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬πExchange gains

3.87 (0.11%)

(6) √“¬‰¥âÕ◊ËπOther income

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¢π“¥‡≈Á°„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬™π‘¥°«à“·≈– “¡“√∂¢π∂à“¬ ‘π§â“∑’Ë∑à“‡√◊Õ‡≈Á°°«à“‰¥â ∑”„Àâ§«“¡µâÕß°“√°“√¢π àß

‘π§â“¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡∑’¬∫°—∫§«“¡µâÕß°“√¢Õß‡√◊Õ¢π“¥„À≠à „π¥â“π¢ÕßÕÿª∑“π°Á‡™àπ°—π ‡ªìπÕÿµ “À°√√¡∑’Ë¡’

°“√°√–®“¬§àÕπ¢â“ß Ÿß ®”π«π‡√◊Õ∑—ÈßÀ¡¥∑—Ë«‚≈°¢Õß°Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°π’È¡’ª√–¡“≥ 3,000 ≈” ·≈–‡®â“¢Õß°Õß

‡√◊Õ√“¬„À≠à∑’Ë ÿ¥„π‚≈°„π°≈ÿà¡‡√◊Õ¢π“¥‡≈Á°¡’°Õß‡√◊Õª√–¡“≥ 60 ≈” À√◊Õ§‘¥‡ªìπª√–¡“≥√âÕ¬≈– 2 ¢Õß à«π·∫àßµ≈“¥

π—∫®“°‰µ√¡“ “¡¢Õßªï 2546 ‡ªìπµâπ¡“ ·≈–‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß„π‰µ√¡“ ÿ¥∑â“¬ Õ—µ√“§à“√–«“ßµ≈“¥¢π àß

‘π§â“·Àâß‡∑°Õß‰¥âª√—∫µ—« Ÿß ÿ¥Õ¬à“ß‰¡à‡§¬¡’¡“°àÕπÕ—π‡π◊ËÕß¡“®“°ªí®®—¬À≈“¬ª√–°“√ ·µàªí®®—¬æ◊Èπ∞“π∑’Ë ”§—≠π—Èπ¡“®“°

ª√‘¡“≥§«“¡µâÕß°“√¢π àß ‘π§â“‡∑°Õß·≈–æ◊™º≈®“°ª√–‡∑»®’π·≈–®”π«π®”°—¥¢Õß‡√◊Õ∑’Ë„Àâ∫√‘°“√‰¥â ÷Ëßπ”¡“ Ÿà°“√‡æ‘Ë¡

Ÿß¢÷ÈπÕ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ µ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß„πªí®®ÿ∫—ππ—Èπ¡’Õ—µ√“°“√‡µ‘∫‚µÕ¬à“ß¡“° àßº≈„ÀâÕ—µ√“

§à“√–«“ß‡√◊Õ‰¥â∑” ∂‘µ‘ Ÿß ÿ¥§√—Èß„À¡à„π∑ÿ°∫√‘…—∑‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈‡¡◊ËÕ‡∑’¬∫°—∫µ≈“¥¢π àß ®“°¢âÕ‡∑Á®®√‘ß„π¥â“π®”π«π‡√◊Õ

∑’Ë„Àâ∫√‘°“√ æ∫«à“Õÿª∑“π§◊Õ®”π«π‡√◊Õ®–‰¡à‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡’ “√– ”§—≠„π™à«ß 2-3 ªï¢â“ßÀπâ“π’È®π∂÷ß ‘Èπªï 2549 ¥—ßπ—Èπ®“°

∂“π°“√≥å∑—ÈßÀ¡¥π’È∫√‘…—∑œ ‰¥â‡¢â“¡“´◊ÈÕ‡√◊Õ¡◊Õ Õß‡æ‘Ë¡°”≈—ß°Õß‡√◊Õ ‡æ◊ËÕ∫√‘…—∑œ ®–‰¥âª√–‚¬™πå®“°µ≈“¥∑’Ë¥’®–∑”„Àâ∫√‘…—∑œ

¡’º≈°“√¥”‡π‘πß“π¥’¥â«¬ ¥â«¬°”≈—ß°Õß‡√◊Õ∑’Ë‡æ‘Ë¡¢÷Èπ∫√‘…—∑œ ®–¡’‚Õ°“ Õ¬Ÿà„π°“√∑”°”‰√‰¥âÕ¬à“ß¥’

2. ∑‘»∑“ßÕÿª ß§å Õÿª∑“π¢Õß‚≈° ”À√—∫‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°

®“°°√“ø¢â“ßµâπ· ¥ß∂÷ß°“√ª≈¥√–«“ß‡√◊Õ„πªï 2546 ¬—ß§ß¥”‡π‘πÕ¬à“ßµàÕ‡π◊ËÕß®π¡’Õ—µ√“°“√ª≈¥√–«“ß„°≈â‡§’¬ß

°—∫ªï 2545 ·µàÕ—µ√“°“√ª≈¥√–«“ß™–≈Õµ—«≈ß‡¡◊ËÕ„°≈â ‘Èπªï ‚¥¬‡√◊Õ„π°≈ÿà¡¢π“¥‡¥’¬«°—∫æ’‡Õ ·Õ≈∂Ÿ°ª≈¥√–«“ß∑—ÈßÀ¡¥ 109

≈” àßº≈„Àâ¡’Õ—µ√“°“√≈¥≈ß ÿ∑∏‘ª√–¡“≥√âÕ¬≈– 3.5 „π°≈ÿà¡°Õß‡√◊Õπ’È∑—ÈßÀ¡¥ °“√≈¥≈ß Ÿß ÿ¥‡°‘¥¢÷Èπ„πªï 2543 §◊Õ¡’Õ—µ√“


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1. MARKET CONDITIONS

Precious Shipping PCL (hereinafter referred to as PSL or the Company) continues to own and operate its

ships on a tramp-shipping basis in the small handy size sector of the Dry Bulk International Shipping market.

Historically, the shipping industry has been a cyclical industry characterized by volatility with approximately

2-3 years of declining charter rates needed to stabilize supply and demand before utilization rates and consequently

freight rates begin to increase. The demand in the small handy size market is fragmented because of the broad

cargo base and multitude of ports serviced by this market segment. However, because this segment caters to a wide

variety of cargoes and calls on smaller ports, the demand is less volatile compared to the larger ships. On the supply

side also the industry is highly fragmented. The world fleet of about 3,000 ships in this segment has the largest

operator having slightly over 60 ships or 2% market share. Since the third quarter of 2003 and particularly from

the last quarter, the dry bulk sector of the industry has witnessed a remarkable upturn due to a number of factors

but primarily due to a combination of increased demand from China for bulk commodities and limited supply of dry

bulk capacity leading to very high freight rates. The dry bulk sector of the industry is currently in the midst of an

unprecedented bull run of the freight market, which has resulted in record freight levels being achieved currently by

most shipping companies of the world. In view of the fact that supply is not expected to increase substantially in the

next two years through end of year 2006, coupled with continued high demand for dry bulk cargo movement in the

world, particularly into China, it is expected that the present high freight levels should continue for the next 2 or even

3 years. Consequently, the Company with its increased fleet is well poised to take advantage of the better market

conditions and achieve very good results.

2. WORLD DEMAND-SUPPLY OUTLOOK (SMALL HANDY SIZE SECTOR ONLY)

It will be observed from the above chart that ship scrapping for 2003 continued at nearly the same pace

as in 2002 but slowed down near the end of the year with a total of 109 ships being removed from PSL’s sector,

resulting in a net reduction of about 3.5% in the world fleet. The highest previous reduction was in 2000 when there

was a net reduction of 4.5% in the world fleet in PSL’s sector. The reason for a slowing down in the scrapping rate

MANAGEMENT DISCUSSION AND ANALYSIS

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°“√≈¥≈ß ÿ∑∏‘¢Õß°Õß‡√◊Õ„π°≈ÿà¡‡√◊Õ‡¥’¬«°—∫æ’‡Õ ·Õ≈√âÕ¬≈– 4.5 „π°≈ÿà¡°Õß‡√◊Õ°≈ÿà¡π’È∑—ÈßÀ¡¥ º≈¢Õß°“√∑’ËÕ—µ√“°“√

ª≈¥√–«“ß‡√◊Õ∑’Ë‡æ‘Ë¡¢÷Èπ ∑”„ÀâÕ—µ√“§à“√–«“ß‡√◊Õ‰¥âª√—∫µ—«¢÷Èπ Ÿß ÿ¥∑”≈“¬ ∂‘µ‘ ≥ ª≈“¬ªï 2546

®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ”À√—∫ªï 2547 Õÿª∑“π¢Õß‡√◊Õ„À¡à¡’‰¡à¡“°‡À¡◊Õπ„πÕ¥’µ∑’Ëºà“π¡“ °≈à“«§◊Õ„πÕ’°

3 ªï¢â“ßÀπâ“ ‡√◊Õ„π°≈ÿà¡‡¥’¬«°—∫æ’‡Õ ·Õ≈¡’§” —Ëß‡√◊ÕµàÕ„À¡à‡æ’¬ß√âÕ¬≈– 3.2 ‡¡◊ËÕ‡∑’¬∫°—∫°Õß‡√◊Õ„πªí®®ÿ∫—π ´÷Ëß¡’∂÷ß√âÕ¬≈–

25.70 ∑’Ë¡’Õ“¬ÿ¡“°°«à“ 27 ªï ¥—ßπ—Èπ¥Ÿ‡À¡◊Õπ«à“Õÿª∑“π¢Õß‡√◊Õ®–¡’¿“æ∑’Ëπà“æÕ„®Õ¬à“ß¬‘Ëß


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has been the change in the freight market from a state of weakness in the beginning of the year to relative strength

at the beginning of the year to astronomical levels and uncharted territory as the year 2003 ended.

It is evident from the above chart that, for the year 2004, the supply of new ships is marginally strong as

in the immediate past. In PSL’s sector, in the next three years just 3.2% of new ships have been contracted to be

built as against the existing fleet, which has 25.70% of the fleet over 27 years of age. Therefore, the supply side

appears to be most favorable.

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®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ¡“°°«à“√âÕ¬≈– 59 ¢Õß‡√◊Õ„π°≈ÿà¡‡¥’¬«°—∫æ’‡Õ ·Õ≈®–¡’Õ“¬ÿ‡°‘π 20 ªï ®÷ß¡’°“√

§“¥°“√≥å«à“Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ„π 2-3 ªï¢â“ßÀπâ“‡ªìπ‡™àπ‡¥’¬«°—∫„πÕ¥’µ∑’Ëºà“π¡“ ¥—ßπ—ÈπÕ—µ√“°“√≈¥≈ß ÿ∑∏‘¢Õß°Õß‡√◊Õ

®–‡ªìπª√–‚¬™πåµàÕÕ—µ√“§à“√–«“ß‡√◊Õ

3. √“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ

µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ (Opex) §◊Õ§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) µàÕ«—πµàÕ≈”‡√◊Õ §”π«≥‚¥¬

∂◊Õ«à“¡’ 365 «—π∑”°“√„π√Õ∫ªï (°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 3.7) ´÷Ëß√«¡∂÷ß§à“„™â®à“¬

´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) µ—¥∫—≠™’·≈–§à“„™â ”À√—∫°“√µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß∫—≠™’

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ §”π«≥®“°§à“‡™à“§à“√–«“ß‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ ‚¥¬∂◊Õ«à“¡’ 350 «—π„π√Õ∫ªï

®–‡ÀÁπ«à“√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ¢÷Èπ‰ª¡“°°«à“ 7,870 ‡À√’¬≠ À√—∞ ¢≥–∑’Ë§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬

‡©≈’Ë¬„πªï 2546 Õ¬Ÿà∑’Ë 2,670 ‡À√’¬≠ À√—∞µàÕ«—πµàÕ≈”‡√◊Õ ªí®®ÿ∫—π∫√‘…—∑œ ¡’°”≈—ß°Õß‡√◊Õ ≥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

2546 ∑’Ë 30 ≈” ¡’√–«“ß∫√√∑ÿ°√«¡ 691,823 ‡¥¥‡«∑µ—π „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡„π°Õß‡√◊Õ 2 ≈” ´÷Ëß

‡ªìπ°“√‡æ‘Ë¡°”≈—ß°Õß‡√◊Õ¢Õß∫√‘…—∑œ ·≈–‡ªìπ°“√∑”„ÀâÕ“¬ÿ‡©≈’Ë¬¢Õß°Õß‡√◊Õ„ÀâÕ¬Ÿà∑’Ëª√–¡“≥ 16 ªï µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’Ë¬

¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 °“√‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ„π™à«ß§√÷ËßªïÀ≈—ß¢Õßªï 2546 ∑”„Àâ

∫√‘…—∑œ ‰¥â§à“√–«“ß‡√◊ÕµàÕ«—πµàÕ≈”‡©≈’Ë¬∑’Ë 7,870 ‡À√’¬≠ À√—∞ ´÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 34 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ∫√‘…—∑œ

§“¥°“√≥å«à“Õ—µ√“§à“√–«“ß∑’Ë Ÿß¬—ß∑√ßµ—«µàÕ‰ªµ≈Õ¥ªï 2547 ·≈–®–‡æ‘Ë¡¢÷Èπ‰ªÕ’° 1-2 ªï¢â“ßÀπâ“ ¢âÕ ¡¡ÿµ‘∞“π¢Õß∫√‘…—∑œ ∑’Ë

°“√§“¥°“√≥å«à“§à“√–«“ß‡√◊Õ®–ª√—∫µ—« Ÿß¢÷Èπ·≈–¬—ß§ßÕ¬Ÿà„π√–¥—∫ Ÿß¡’¥—ßπ’È

‡»√…∞°‘®¢Õßª√–‡∑»®’π°”≈—ßÕ¬Ÿà„π ¿“«–¡—Ëπ§ß·≈–µ—«‡≈¢°“√π”‡¢â“·≈– àßÕÕ°∑’Ë¡’Õ¬Ÿà„π¢≥–π’Èπà“®–¬—ß§ß√—°…“

√–¥—∫‡¥’¬«°—ππ’ÈµàÕ‰ª

‡»√…∞°‘®¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“°”≈—ß‡µ‘∫‚µ·≈–µ—«‡≈¢‡»√…∞°‘®®–‰¡àµ°‡°‘π°«à“∑’Ë‡§¬‡ªìπÀ√◊Õ®–‰¡à‡¢â“ Ÿà¿“«–

‡»√…∞°‘®µ°µË”

√“§“πÈ”¡—π®–‰¡à¢÷Èπ Ÿß‰ª°«à“ 30 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“µàÕ∫“√å‡√≈ À√◊ÕÀ“°√“§“πÈ”¡—πª√—∫µ—«¢÷Èπ Ÿß∂÷ß√–¥—∫

¥—ß°≈à“«°Á®–‡ªìπ‡æ’¬ß√–¬–‡«≈“ —ÈπÊ ‡∑à“π—Èπ

®–‰¡à¡’‡Àµÿ°“√≥å°àÕ°“√√â“¬√ÿπ·√ß∑’Ë®– àßº≈°√–∑∫µàÕ°“√§â“¢Õß‚≈°Õ’°


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As observed from the above charts, with over 59% of the world fleet in PSL’s sector being greater than 20

years of age, it is expected that the scrapping rate in the next few years will reflect that of the immediate past. This

consistent net reduction in fleet size is expected to be beneficial to freight rates.

3. SHIP EARNINGS AND OPERATING EXPENSES

Opex - Average operating expenses (excluding depreciation) per day per ship computed over a 365 days

operating cycle and includes amounts amortised per accounting policy (note 3.7 of audited financial statements) for

Dry-docking and Special Survey expenses and shown as “depreciation and amortisation” in the financial statements.

Income - Average time-charter equivalent earnings per day per ship computed over a 350 days cycle

The average earnings per day per ship during 2003 reached US$ 7,870 while average daily operating

expenses per ship for 2003 were US$ 2,670 per day per ship. The fleet size as at 31st December 2003 stands at

30 ships with an aggregate capacity of 691,823 dwt. During the year 2003, the company has bought 2 vessels

which have enabled the company to increase the aggregate capacity and maintain the average age of the

Company’s fleet at around 16 years. The average daily Vessel operating cost has marginally increased as compared

to the year 2002. The significant improvement in the freight rates in the second half of 2003 has enabled the

Company to achieve average daily earnings per ship of US$ 7,870 which is a 34% increase as compared to Year

2002. The Company expects that this is likely to continue during the rest of 2004 and next 1-2 years. The main

underlying assumptions that would support the continued improvement and firming up of these freight rates in our

view are :

The Chinese economy will remain stable and existing imports/exports continue to remain at about

same level.

The US economy will grow and will not go into a double dip or any other form of recession.

Oil prices will not spike above USD 30 per barrel, and if so, will not remain at such levels for any

appreciable length of time.

There will be no significant terrorist incident thereby hampering global trade.

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4. º≈°“√¥”‡π‘πß“π∑“ß°“√‡ß‘π

ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑‰¥â Õ∫∑“π‚¥¬∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ·≈–∂Ÿ°ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å

À√—∞Õ‡¡√‘°“·≈–¡’°“√ Õ∫∑“π‚¥¬π—°∫—≠™’Õ‘ √–-∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ®“°‡Àµÿº≈∑’Ë‰¥â

Õ∏‘∫“¬„πÀπâ“√“¬ß“π°àÕπß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ (®—¥‡√’¬ß„À¡à‡æ◊ËÕ· ¥ß„π√“¬ß“πª√–®”ªïπ’È) ∫√‘…—∑œ

‡ÀÁπ«à“ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“®–· ¥ß∂÷ßº≈°“√¥”‡π‘πß“π∑’Ë·∑â®√‘ß¢Õß∫√‘…—∑œ „π√–À«à“ßªï√«¡∂÷ß

‘π∑√—æ¬å Àπ’È ‘π à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈

µ“¡µ“√“ß∑’Ë®–· ¥ßµàÕ‰ªπ’È‰¥â √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ”À√—∫ 2 ªï∑’Ëºà“π¡“ ´÷Ëßµ—«‡≈¢∑’Ë· ¥ßπ—Èπ‰¥âπ”¡“

®“°ß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π·≈–√“¬ß“π‚¥¬ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥

( ”À√—∫ªï 2545 Õ∫∑“π‚¥¬∫√‘…—∑ ‡øÕ√å‡√’¬√å ŒÕ¥®å —π ®”°—¥)

31 ∏.§. 2545 31 ∏.§. 2546

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë ≈â“π¥Õ≈≈“√å À√—∞ ≈â“π¥Õ≈≈“√å À√—∞

ß∫°”‰√¢“¥∑ÿπ

√“¬‰¥â√«¡ 76.82 91.39

°”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA)* 28.28 46.63

§à“‡ ◊ËÕ¡√“§“* 18.30 17.23

°”‰√°àÕπÀ—°¥Õ°‡∫’È¬·≈–¿“…’ 9.98 29.40

¥Õ°‡∫’È¬®à“¬ 4.68 6.07

°”‰√®“°°“√¥”‡π‘πß“π 5.30 23.33

°”‰√ ÿ∑∏‘ (0.47) 24.78

ß∫¥ÿ≈

‡ß‘π≈ß∑ÿπ 0.82 2.04

‡√◊Õ‡¥‘π∑–‡≈ 290.04 305.01

‡ß‘π ¥·≈–‡∑’¬∫‡∑à“‡ß‘π ¥ 7.65 22.69

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 14.60 27.15

‘π∑√—æ¬å√«¡ 179.41 193.93

‡ß‘π°Ÿâ¡’À≈—°ª√–°—π 72.46 86.12

Àÿâπ°Ÿâ‡ß‘π∫“∑·≈–Àÿâπ°Ÿâ¬Ÿ‚√ 20.48 0.00

Àπ’È ‘πÀ¡ÿπ‡«’¬π 9.30 12.27

√«¡Àπ’È ‘π 102.24 98.39

∑ÿπ‡√◊ÕπÀÿâπ 20.39 20.39

à«π¢ÕßºŸâ∂◊ÕÀÿâπÀ√◊Õ ‘π∑√—æ¬å ÿ∑∏‘ 77.18 95.53

¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (¥Õ≈≈à“√å À√—∞)** 0.15 0.18

Õ—µ√“ à«π (‡∑à“)

‡ß‘π°Ÿâ/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1.20 0.90

Àπ’È ‘π√«¡/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1.32 1.03

‡ß‘π°Ÿâ/EBITDA 3.29 1.85

Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–Àπ’È 1.37 4.46

EBITDA/¥Õ°‡∫’È¬ 6.04 7.68


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4. FINANCIAL PERFORMANCE

The Thai Baht Financial Statements are audited by Ernst & Young and restated in US Dollars, which, is

then certified by Baker Tilly FAS (Thailand) Company Limited, Independent Accountants. Due to the reasons explained

in the cover note to the restated US Dollar Financial Statements (reproduced separately in this Annual Report), the

Company is of the opinion that these restated US Dollar statements provide a more realistic, true and fair view of

the financial performance of the Company during the year and also of its Assets and Liabilities on the Balance

Sheet date.

The following table summarises the performance of the company for the last 2 years. All figures

quoted are from the restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Company Limited

(For Year 2002, certified by Ferrier Hodgson.)

* EBITDA and Depreciation are considered after depreciation of dry docking and special survey expenses consistently withprevious years wherein these expenses were included in vessel running expenses.

** Number of shares in both years considered after split of par value to Baht 1 per share.

31st Dec-02 31st Dec-03

For the year ended/as at Million US$ Million US$

Income Statement

Total Revenues 76.82 91.39

EBITDA* 28.28 46.63

Depreciation* 18.30 17.23

EBIT 9.98 29.40

Interest and finance costs 4.68 6.07

Operating profit (loss) 5.30 23.33

Net Profit (Loss) (0.47) 24.78

Balance Sheet

Investments 0.82 2.04

Vessels at Cost 290.04 305.01

Cash & Cash Equivalents 7.65 22.69

Current Assets 14.60 27.15

Total Assets 179.41 193.93

Secured Debt 72.46 86.12

Thai Baht and Euro Bonds (RCD) 20.48 0.00

Current Liabilities 9.30 12.27

Total Liabilities 102.24 98.39

Equity Share Capital 20.39 20.39

Total Shareholders Equity or Tangible Net Worth 77.18 95.53

Net Book Value per share (US$)** 0.15 0.18

Ratios (times)

Funded Debt/Equity 1.20 0.90

Total Liabilities/Equity 1.32 1.03

Funded Debt/EBITDA 3.29 1.85

Debt Service Cover 1.37 4.46

EBITDA/Interest 6.04 7.68

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4.1 √“¬‰¥â·≈–º≈°”‰√

√“¬‰¥â√«¡‡æ‘Ë¡¢÷Èπ®“° 76.82 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 91.39 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡π◊ËÕß®“°

ª√—∫µ—«‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢Õß√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ Õ—π‡ªìπº≈¡“®“°°“√‡ª≈’Ë¬π·ª≈ß

Õ¬à“ß°â“«°√–‚¥¥¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ ¥—ßπ—Èπ àßº≈„Àâ°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πÀ√◊Õ°”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’

‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ®“° 28.28 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 46.63 ≈â“π

‡À√’¬≠ À√—∞„πªï 2546 ”À√—∫Õ—µ√“§à“√–«“ß‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ®“° 5,854 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 7,870

‡À√’¬≠ À√—∞ ”À√—∫ªï 2546 „π¢≥–‡¥’¬«°—π∫√‘…—∑œ “¡“√∂§«∫§ÿ¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬µàÕ«—π

µàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ‡æ’¬ß‡≈Á°πâÕ¬®“° 2,604 ‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 2,670 ‡À√’¬≠ À√—∞ „πªï 2546 ∑—ÈßÀ¡¥π’È®÷ß‡ªìπµ—«

™’È«—¥«à“°”‰√¢—Èπµâπ„πªï 2545 ‰¥âª√—∫µ—«¥’¢÷Èπ„πªï 2546

„π√–À«à“ßªï§à“‡ ◊ËÕ¡√“§“≈¥≈ßµ“¡ —¥ à«π¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’Õ¬Ÿà ”À√—∫¥Õ°‡∫’È¬®à“¬‰¥â‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°®“° 4.68

≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 6.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπº≈®“°°“√®à“¬§à“∏√√¡‡π’¬¡«ß‡ß‘π°Ÿâ„À¡à 100 ≈â“π

‡À√’¬≠ À√—∞ ·≈–¥Õ°‡∫’È¬®“°Àÿâπ°Ÿâ∑’ËµâÕß®à“¬®π°√–∑—ËßÀÿâπ°Ÿâ∂Ÿ°‰∂à∂Õπ ‡π◊ËÕß®“°‡ß‘π∫“∑¡’§à“·¢Áß¢÷ÈπµàÕ‡ß‘π‡À√’¬≠ À√—∞ Õ—µ√“

·≈°‡ª≈’Ë¬π„π√–À«à“ßªï 2546 ¡’§à“µË”≈ß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡ªìπº≈„Àâ°“√·ª≈Àπ’È ‘π®“°‡ß‘π∫“∑‡ªìπ‡ß‘π‡À√’¬≠ À√—∞

∑”„Àâ‡°‘¥°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 163 ≈â“π‡À√’¬≠ À√—∞ ´÷Ëß®”π«ππ’È∂Ÿ°√—∫√Ÿâ·≈â«„π√–À«à“ßªï 2546 ‡π◊ËÕß®“°º≈¢Õß

°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π™à«ßªï 2546 °”‰√®“°°“√¥”‡π‘πß“π∑’Ë‡æ‘Ë¡¢÷Èπ®“° 5.30 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 23.33

≈â“π‡À√’¬≠ À√—∞„πªï 2546 °”‰√ ÿ∑∏‘‡æ‘Ë¡®“° 0.47 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 24.78 ≈â“π‡À√’¬≠ À√—∞„πªï 2546

‡ªìπº≈®“°°“√‡æ‘Ë¡ Ÿß¢÷Èπ¢Õß°”‰√®“°°“√¥”‡π‘πß“π„πªï 2546 ∑’Ë¡“°°«à“ªï 2545

4.2 ‘π∑√—æ¬å Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

‡ß‘π≈ß∑ÿπ

µ“√“ß¢â“ß≈à“ßπ’È‡ªìπ°“√ √ÿª ∂“π¿“æ°“√≈ß∑ÿπ∑—ÈßÀ¡¥„π‚§√ß°“√√à«¡∑ÿπ„πß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡

2546 (µ—«‡≈¢‡ªìπ¥Õ≈≈“√å À√—∞)

* Equity adjustment À¡“¬∂÷ß°“√ª√—∫ª√ÿß (+ / -) µ“¡«‘∏’ à«π‰¥â‡ ’¬

** Advance À¡“¬∂÷ß ‡ß‘π≈ß∑ÿπ∑’Ë®à“¬‰ª‡æ◊ËÕ‡ªìπ çÀÿâπ∑ÿπé ∑’ËÕ“®®–Õ¬Ÿà„π√–À«à“ß°“√ÕÕ°„∫ÀÿâπÀ√◊Õ‰¥â√—∫À≈—ß®“°«—π∑’Ë 31 ∏—π«“§¡ 2546

·≈–· ¥ß‰«â¿“¬„µâ ç ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπÊé

*** §à“‡º◊ËÕ ”À√—∫‡ß‘π≈ß∑ÿπ· ¥ß√“¬°“√„π√Ÿª¢Õß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ (Provision for possible loss on other investments) à«π§à“‡º◊ËÕ

„π‡√◊ËÕßÕ◊ËπÊ · ¥ß√“¬°“√„π√Ÿª¢ÕßÀπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (Bad debts and allowance for doubtful accounts)

**** ‡ß‘π≈ß∑ÿπ„π Geepee Bulk Handlers Private Limited ª√–‡∑»Õ‘π‡¥’¬ (GPBH) ‰¡à√«¡Õ¬Ÿà„π à«π¢Õß‡ß‘π≈ß∑ÿπ„πß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ

‡π◊ËÕß®“°‰¥â∂Ÿ°µ—¥ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡

Jt Venture ProjectInvestment

**Advance Total***Provisions made for Balance as on 31st December 2003

Cost *Equity Adjt Sub Total Investment **Advance Total Investment **Advance Total

ISPL

Singapore 570,000 136,200 706,200 52,500 758,700 706,200 52,500 758,700 0 0 0

Dhamra 2,562,091 (80) 2,562,011 46,909 2,608,920 2,562,011 46,909 2,608,920 0 0 0

Kakinada 563,549 0 563,549 40,951 604,500 563,549 0 563,549 0 40,951 40,951

Haldia 2,037,650 0 2,037,650 0 2,037,650 0 0 0 2,037,650 0 2,037,650

Sub Total 5,733,290 136,120 5,869,410 140,360 6,009,770 3,831,760 99,409 3,931,168 2,037,650 40,951 2,078,601

SLPG 872,727 (323,596) 549,131 565,934 1,115,065 549,131 565,934 1,115,065 0 0 0

GPBH**** 786,193 0 786,193 0 786,193 0 0 0 786,193 0 786,193

TOTAL 7,392,210 (187,476) 7,204,733 706,294 7,911,027 4,380,890 665,343 5,046,233 2,823,843 40,951 2,864,794


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4.1 Revenues and Profitability

Total revenues have increased from US$ 76.82 Million in Year 2002 to US$ 91.39 Million in Year

2003. This is mainly due to significant improvement in average earnings per day per vessel in 2003 as compared

to the previous year due to a sharp upturn in the freight markets. Consequently, operating cashflows or Earnings

before Interest, Tax, Depreciation and Amortisation (EBITDA) have increased from US$ 28.28 Million in Year 2002

to US$ 46.63 Million in Year 2003. The earnings per day per ship have increased from US$ 5,854 in Year 2002

to US$ 7,870 in Year 2003 while daily operating expenses have been successfully controlled and have increased

marginally from US$ 2,604 in Year 2002 to US$ 2,670 in Year 2003. This indicates that gross margins have

improved significantly from Year 2002 to Year 2003.

Depreciation has reduced proportionately to the average number of Vessels operated during the Year

whereas interest and finance costs have increased substantially from US$ 4.68 Million in Year 2002 to US$ 6.07

Million in Year 2003 as a result of the fees paid for the new US$ 100 million debt facility and interest on Bonds

paid until the Bonds were redeemed. Due to the appreciation of the Thai Baht against the US Dollar, the exchange

rate during year 2003 was lower as compared to the previous year. As a result of the translation of the Thai Baht

Liabilities into U.S. Dollars, there was an exchange loss of US$ 1.63 million which was fully realized during the year

2003. Due to higher gross margin during 2003, operating profits have increased from US$ 5.30 Million in Year

2002 to US$ 23.33 Million in Year 2003.

The company’s Net Profit (loss) increased from US$ (0.47) Million in Year 2002 to US$ 24.78 Million in

Year 2003. This is mainly due to higher operating profits earned during year 2003 as compared to the year 2002.

4.2 Assets, Liabilities and Shareholders Equity

Investments

The following table summarises the position of all Investments in Joint Ventures in the Financial

Statements as of 31st December 2003 (figures in US Dollars) :

* Equity adjustment means adjustments (+/-) made to value at equity method.** Advance mean contribution made towards “Equity” for which share certificates are awaited or received after 31st December 2003

and are presented under “other current assets”*** Provisions made for “Equity” have been presented as “Provision for possible loss on other investments” and Provisions made for

“Others” have been presented as “Bad debts and allowance for doubtful accounts” and both were made in the Year 2002.**** Investment in Geepee Bulk Handlers Private Limited, India (GPBH) is not reflected in the audited consolidated financial statements

as “Investments” but is eliminated in the process of consolidation

Jt Venture ProjectInvestment

**Advance Total***Provisions made for Balance as on 31st December 2003

Cost *Equity Adjt Sub Total Investment **Advance Total Investment **Advance Total

ISPL

Singapore 570,000 136,200 706,200 52,500 758,700 706,200 52,500 758,700 0 0 0

Dhamra 2,562,091 (80) 2,562,011 46,909 2,608,920 2,562,011 46,909 2,608,920 0 0 0

Kakinada 563,549 0 563,549 40,951 604,500 563,549 0 563,549 0 40,951 40,951

Haldia 2,037,650 0 2,037,650 0 2,037,650 0 0 0 2,037,650 0 2,037,650

Sub Total 5,733,290 136,120 5,869,410 140,360 6,009,770 3,831,760 99,409 3,931,168 2,037,650 40,951 2,078,601

SLPG 872,727 (323,596) 549,131 565,934 1,115,065 549,131 565,934 1,115,065 0 0 0

GPBH**** 786,193 0 786,193 0 786,193 0 0 0 786,193 0 786,193

TOTAL 7,392,210 (187,476) 7,204,733 706,294 7,911,027 4,380,890 665,343 5,046,233 2,823,843 40,951 2,864,794

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„π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â≈ß∑ÿπ 1.22 ≈â“π‡À√’¬≠ À√—∞ „π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√åµ (Œ—≈‡¥’¬) ÷Ëß‡ªìπ

‚§√ß°“√√à«¡∑ÿπ∑’Ë¡’§«“¡√ÿ¥Àπâ“‰ª‡ªìπÕ¬à“ß¥’ °“√°àÕ √â“ß∑à“‡√◊Õπ’È‡ √Á® ¡∫Ÿ√≥å‡¡◊ËÕ«—π∑’Ë 7 ∏—π«“§¡ 2546 ·≈–°Á‰¥â‡√‘Ë¡‡ªî¥

°“√¥”‡π‘π°“√∑“ß∏ÿ√°‘®·≈â«‡¡◊ËÕ«—π∑’Ë 15 ¡°√“§¡ 2547 ‚¥¬¡’æ‘∏’‡ªî¥Õ¬à“ß‡ªìπ∑“ß°“√‡¡◊ËÕ«—π∑’Ë 23 °ÿ¡¿“æ—π∏å 2547 ‚¥¬

√—∞¡πµ√’«à“°“√°√–∑√«ß°“√¢π àß∑“ß‡√◊Õ¢Õßª√–‡∑»Õ‘π‡¥’¬ „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¡à‰¥âµ—Èß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ

‡π◊ËÕß®“°‚§√ß°“√≈ß∑ÿπ∑—ÈßÀ¡¥∑’Ë¡’Õ¬Ÿà¬—ß¡’¡Ÿ≈§à“∑’Ë¥’Õ¬Ÿà

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ

¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥Õ—π‡ªìπº≈¡“®“°∏ÿ√°‘®∑’Ë¥’¢÷Èπ·≈–°“√‰¥â√—∫™”√–§◊π¢ÕßÀπ’È Ÿ≠ ≈Ÿ°Àπ’È ÿ∑∏‘≈¥≈ß 1.52

≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ≈Ÿ°Àπ’Èª√–°Õ∫¥â«¬‡ß‘π∑’ËµâÕß‰¥â√—∫®“°µ—«·∑π ºŸâ‡™à“‡√◊Õ∑—ÈßÀ≈“¬·≈–√“¬‰¥â§â“ß√—∫

®“°°“√‡¥‘π‡√◊Õ·∫∫‡ªìπ√“¬‡∑’Ë¬«∑’Ë®∫ ‘Èπ·≈â« ‚¥¬∏√√¡‡π’¬¡ªØ‘∫—µ‘∑—Ë«‰ª„π∏ÿ√°‘®°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∫√‘…—∑œ ®–‡√’¬°‡°Á∫

§à“¢π àß®“°≈Ÿ°§â“≈à«ßÀπâ“‡ªìπ®”π«π√âÕ¬≈– 95 ¢Õß§à“√–«“ß„π°√≥’∑’Ë‡ªìπ°“√„Àâ∫√‘°“√‡™à“‡ªìπ√“¬‡∑’Ë¬« (Voyage Charter)

·≈–®–‡√’¬°‡°Á∫§à“‡™à“®“°≈Ÿ°§â“≈à«ßÀπâ“∑ÿ° 15 «—π „π°√≥’∑’Ë‡ªìπ°“√„Àâ‡™à“‡ªìπ√–¬–‡«≈“ (Time Charter) ¥—ßπ—Èπ®–‰¡à¡’ªí≠À“

„¥Ê ®“°°“√µ‘¥µ“¡Àπ’È

‘π∑√—æ¬å∂“«√

‘π∑√—æ¬å∂“«√‡æ‘Ë¡¢÷Èπ®“°ªï∑’Ëºà“π¡“ ÷Ëß¡’º≈¡“®“°°“√ ◊ÈÕ‡√◊Õ 2 ≈” ªï 2546 ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπµ“¡°“√

‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ªí®®ÿ∫—π∫√‘…—∑œ ¡’°Õß‡√◊Õ∑—Èß ‘Èπ®”π«π 30 ≈” ÷Ëß√“¬≈–‡Õ’¬¥‰¥â· ¥ß‰«â

¿“¬„µâÀ—«¢âÕ°”≈—ß°Õß‡√◊Õ„π√“¬ß“πª√–®”ªïπ’È ‡√◊Õ¢Õß∫√‘…—∑œ Õ¬Ÿà„π ¿“æ¥’‡π◊ËÕß®“°¡’°“√∫”√ÿß√—°…“Õ¬à“ßµàÕ‡π◊ËÕß‡æ◊ËÕ„Àâ‡√◊Õ

¡’¡“µ√∞“π Ÿß ÿ¥‡∑à“∑’Ë®–∑”‰¥â

Àπ’È ‘π√«¡

‡ß‘π°Ÿâ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“° 72.46 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 86.12 ≈â“π‡À√’¬≠

À√—∞„πªï 2546 „π¢≥–∑’ËÀπ’È‰¡à¡’À≈—°ª√–°—π∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ∂Ÿ°‰∂à∂Õπ·≈â«∑—ÈßÀ¡¥ „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â√—∫«ß‡ß‘π

‘π‡™◊ËÕ„À¡à®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ °—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ´÷Ëß®”π«π 63.60 ≈â“π‡À√’¬≠ À√—∞

®“°«ß‡ß‘π ‘π‡™◊ËÕπ’È„™â‰ª‡æ◊ËÕ°“√®à“¬§◊πÀπ’È¡’À≈—°ª√–°—π‡¥‘¡ ·≈–Õ’° 15.55 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ËÕ´◊ÈÕ‡√◊Õ 2 ≈” ·≈–®”π«π

6.10 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ËÕ´◊ÈÕ§◊πÀÿâπ°Ÿâ‡ß‘π∫“∑ ∑—ÈßÀ¡¥π’È àßº≈„ÀâÀπ’È ‘π√«¡≈¥≈ß®“° 102.24 ≈â“π‡À√’¬≠ À√—∞ „πªï 2545

‡À≈◊Õ 98.39 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 24.78 ≈â“π‡À√’¬≠ À√—∞ ∫√‘…—∑œ ‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π

6.52 ≈â“π‡À√’¬≠ À√—∞ (0.50 ∫“∑µàÕÀÿâπ) „π√–À«à“ßªï 2546 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ

à«ππâÕ¬‡æ‘Ë¡¢÷Èπ®”π«π 0.09 ≈â“π‡À√’¬≠ À√—∞ ∑”„Àâ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¡“Õ¬Ÿà∑’Ë 95.53 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546 ÷Ëß‡æ‘Ë¡

¢÷Èπ 18.35 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ

º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπµ“¡∑’Ë°≈à“«¢â“ßµâπ∑”„Àâ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µàÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“° 0.15

‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2545 ‡ªìπ 0.18 ‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2546


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During year 2003, The Company invested US$ 1.22 Million in International Seaports (Haldia) Pvt. Limited.

This joint Venture Project is progressing well. This project has completed construction on 7th December 2003, and

commercial operations started on 15th January 2004 with the formal opening on 23rd February, 2004 by the Union

Minister of Shipping, India. During year 2003, the company did not make any provision for possible loss on Invest-

ments as all the remaining investments are considered of good value.

Current Assets

As compared to the end of the year 2002, there is an increase in the current assets as at 31st

December 2003, due to higher cash and cash equivalents. Due to better recoveries, Receivables net of all provisions

which are part of current assets are decreased by USD 1.52 million as compared to the previous year. The amount

presented as receivables is only on account of miscellaneous dues from Agents, Charterers and accrual of income on

the basis of percentage of voyage completed. On a practical level, as is customary in the shipping business, the

Company actually collects almost all its income in advance (95% of Freight in case of a Voyage Charter and 15 days’

Hire in case of Time Charter) and as such, there is no concern on collection of receivables.

Fixed Assets

The fixed assets of the company have increased from previous year’s levels mainly on account of

purchase of 2 ships during year 2003. Total assets have consequently increased on account of increase in fixed

assets. As at 31st December 2003, the Company owned 30 ships, details of which have been provided in the Fleet

List separately in this Report. The ships are of good quality and continue to be maintained to the highest possible

standards.

Total Liabilities

The company’s secured debt has increased from US$ 72.46 Million in Year 2002 to US$ 86.12

Million in Year 2003 whereas all the unsecured loans (RCD) have been redeemed in full. During the year 2003,

company availed new US$ 100 Million facilities from KTB, out of which US$ 63.60 Million was used for repaying

the then existing secured loans, US$ 15.55 Million was used for purchase of 2 vessels and US$ 6.10 Million was

used for buyback of all outstanding THB RCD. This has resulted in reduction of total liabilities from US$ 102.24 in

year 2002 to US$ 98.39 Million at the end of year 2003.

Shareholders Equity

Due to the net profits of US$ 24.78 million earned, interim dividend of US$ 6.52 million (Baht 0.50

per share) paid during the year and net positive increase of US$ 0.09 Million on account of translation adjustment

and minority interest, Shareholders’ Equity is now at US$ 95.53 million, which is an increase of US$ 18.35 million

over the Shareholders’ Equity as compared at the end of the previous year.

As a result of the above increase in Shareholders Equity, the net book value per share has increased

from US$ 0.15 per share as at the end of Year 2002 to US$ 0.18 per share as at the end of Year 2003.

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4.3 §«“¡ “¡“√∂„π°“√°àÕÀπ’È (Leverage) ¿“æ§≈àÕß (Liquidity) ·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È

(Coverage)

§«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ ‡ªìπ‰ª„π∑“ß∑’Ë¥’¢÷Èπµ—Èß·µà¡’°“√ª√—∫‚§√ß √â“ßÀπ’È„πªï 2543 ·≈–®“°

∂“π°“√≥å∑’Ë¥’¢÷Èπ®“°°“√‰¥â«ß‡ß‘π ‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞ ®“°∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∫√‘…—∑œ ‰¥â®à“¬

§◊π‡ß‘π°Ÿâ ‰∂à∂ÕπÀÿâπ°Ÿâ ∑”„Àâ°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°Õ—µ√“

°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï 2546 ¥—ßπ—ÈπÕ—µ√“ à«π°“√°àÕÀπ’È Leverage Ratio ¥’¢÷Èπ ‡ÀÁπ‰¥â®“°°“√≈¥≈ß¢ÕßÕ—µ√“ à«π

Total Liabilities/Tangible Networth ·≈– Funded Debt/EBITDA ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 √–¥—∫Àπ’È ‘π¢Õß∫√‘…—∑œ ¡’‡æ’¬ß

1.85 ‡∑à“ ¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ¿“æ√«¡Àπ’È¢Õß∫√‘…—∑œ (Õ—µ√“ à«π

Àπ’È ‘π√«¡µàÕ ‘π∑√—æ¬å ÿ∑∏‘) π—ÈπÕ¬Ÿà„π‡°≥±å¥’¡“°∑’Ë 1.03 ‡∑à“ ´÷Ëßª√—∫µ—«¥’¢÷Èπ®“°∑’Ë¡“°°«à“ 1.32 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡

2545 ·≈–‰¥âÕ¬ŸàµË”°«à“√–¥—∫ 2 ‡∑à“ ÷Ëß‡ªìπ√–¥—∫ Ÿß ÿ¥∑’Ë°”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π

§«“¡ “¡“√∂„π°“√™”√–Àπ’È¢Õß∫√‘…—∑œ „π√–À«à“ßªï 2546 Õ¬Ÿà∑’Ë 4.46 ´÷Ëß°ÁÕ¬Ÿà„π√–¥—∫∑’Ë¥’°«à“ 1 ‡∑à“ ´÷Ëß

°”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’

(EBITDA) µàÕ¥Õ°‡∫’È¬ ª√—∫µ—«¥’¢÷Èπµ—Èß·µàªï 2543 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 Õ¬Ÿà∑’Ë 7.68 ‡∑à“ Õ—µ√“ à«π∑—Èß Õß¥—ß°≈à“«· ¥ß„Àâ

‡ÀÁπ∂÷ß§«“¡ “¡“√∂Õ—π·¢Áß·°√àßµàÕ°“√™”√–Àπ’È ‘π∑’Ë¡’Õ¬Ÿàªí®®ÿ∫—πÀ√◊Õ„π∑“ßµ√ß¢â“¡§◊Õ§«“¡ “¡“√∂„π°“√®—¥À“‡ß‘π°Ÿâ∑’Ë¡“°

¢÷Èπ‡æ◊ËÕπ”¡“ª√—∫‡ª≈’Ë¬π°”≈—ß°Õß‡√◊Õ

5. «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®“°∏π“§“√ °√ÿß‰∑¬ ®”°—¥ (¡À“™π)

5.1 «ß‡ß‘π ‘π‡™◊ËÕ 100 ≈â“π‡À√’¬≠ À√—∞

‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ ‰¥â≈ßπ“¡‡ Áπµå —≠≠“°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ‡æ◊ËÕ√—∫«ß‡ß‘π

‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ ¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢À≈—°Ê ¢Õß ‘π‡™◊ËÕ¥—ß°≈à“« ¡’¥—ßπ’È

«ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ æ√âÕ¡ ”À√—∫°“√‡∫‘°∂Õπ∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2547 „π√Ÿª·∫∫ Tranche A

‡æ◊ËÕ®ÿ¥ª√– ß§å°“√®à“¬§◊π‡ß‘π°Ÿâ¡’À≈—°ª√–°—π‡¥‘¡ ´÷Ëß∫√‘…—∑œ ‰¥â‡∫‘°∂Õπ¡“®”π«π 63.60 ≈â“π‡À√’¬≠ À√—∞ ·≈–„π√Ÿª·∫∫

Tranche B “¡“√∂‡∫‘°∂Õπ‰¥â∂÷ßª≈“¬ªï 2548 «ß‡ß‘π 35 ≈â“π‡À√’¬≠ À√—∞ ‡æ◊ËÕ°“√ ◊ÈÕ‡√◊Õ∑—Èß‡√◊Õ„À¡à·≈–‡√◊Õ¡◊Õ ÕßÀ√◊Õ

‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ§◊π ÷Ëß ≥ 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ‰¥â‡∫‘°∂Õπ‰ª ®”π«π 21.65 ≈â“π‡À√’¬≠ À√—∞

‡ß‘π°Ÿâ®–µâÕß™”√–§◊π„π‡«≈“ 7.5 ªï ‚¥¬°“√™”√–‡ªìπß«¥∑ÿ°‰µ√¡“ ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–‡ß‘π„πªï·√°

¥—ßπ—Èπ°“√™”√–§◊π‡ß‘π°Ÿâ®–‡√‘Ë¡„π«—π∑’Ë 30 °—π¬“¬π 2546

Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°ŸâÕ¬Ÿà∑’Ë USD LIBOR (√“¬ 3 ‡¥◊Õπ) ∫«°¥â«¬ à«π‡æ‘Ë¡§ß∑’Ë

À≈—°ª√–°—π¢Õß‡ß‘π°Ÿâ§◊Õ„Àâ°“√®”πÕß‡√◊Õ (‡ªìπ‡√◊Õ∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥·≈–‡√◊Õ·µà≈–≈”∑’Ë®–´◊ÈÕ) ·≈–§Õπ‚¥¡’‡π’¬¡ 28

ÀâÕß™ÿ¥∑’Ë∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß ·≈–°“√®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬∑’Ë‡ªìπ‡®â“¢Õß‡√◊Õ·≈–§Õπ‚¥¡’‡π’¬¡ —≠≠“‚Õπ ‘∑∏‘„πºŸâ√—∫

º≈ª√–‚¬™πå°“√ª√–°—π¿—¬„π‡√◊Õ·≈–ÀâÕß™ÿ¥

¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π„Àâ§”π«≥®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ µ“¡∑’Ë‰¥â·¬°√“¬°“√µà“ßÀ“°

(Õâ“ß∂÷ß√“¬°“√ 5.2 ¢â“ß∑â“¬π’È)

5.2 ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π·≈–¢âÕ∫—ß§—∫Õ◊ËπÊ

¢âÕ∫—ß§—∫¥â“π≈à“ßπ’È‡ªìπ¢âÕ∫—ß§—∫∑’Ë°”Àπ¥‚¥¬∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∑’Ë∫√‘…—∑œ ®–µâÕßªØ‘∫—µ‘µ≈Õ¥∂â“

¬—ß¡’«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√·≈–æ‘®“√≥“®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞‡æ◊ËÕ§ß ∂“π–∑“ß°“√‡ß‘π¢Õß

∫√‘…—∑œ ‰«â„π√–¥—∫∑’Ë¬Õ¡√—∫‰¥â„π√–À«à“ß°“√‡ªìπ≈Ÿ°Àπ’È


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4.3 Leverage, Liquidity and Coverage

The company’s credit risk profile has consistently improved since the debt restructure of year

2000. It has further improved by new facility of US$ 100 Million facility from KTB. As the company repaid its debt,

redeemed the RCD, and EBITDA increased due to high margin earned during the year 2003, the leverage ratios have

improved considerably, as evident from lower Total Liabilities/Tangible Networth and Funded Debt/EBITDA. As at

31st December 2003, the company’s debt level is only 1.85 times its EBITDA. The Company’s overall gearing

(Total Liabilities/Tangible Networth) is quite strong at 1.03 times, which is an improvement from over 1.32 times as

at 31st December 2002 and well below the maximum of 2.00 times in compliance with the Financial Covenants.

The company’s debt service cover for year 2003 was 4.46 which is well above 1.00 times in

compliance with the Financial Covenants. The ratio of EBITDA/Interest has improved considerably since Year

2000 and it is now 7.68 times as of 31st December 2003. Both these ratios show company’s strong ability to

service the existing debt or conversely its capacity to raise more debt required for fleet replenishment.

5. NEW FACILITIES AVAILED FROM KRUNG THAI BANK (KTB)

5.1 US Dollars 100 Million credit facility :

On 16th June 2003, the company signed the agreement with KTB for availing the US Dollars 100

Million credit facility. The major terms and conditions of the facility are as under:

US Dollars 65 million was available up to June 2004, as Tranche A for the purpose of refinancing

the existing secured loans. US Dollars 63.60 million was drawn and remains outstanding as at the end of the year

2003. US Dollars 35 million available up to the end of year 2005 for the purpose of acquiring new or second hand

ships. US Dollars 21.65 million has been totally drawn down up to 31st December 2003 to acquire 2 ships and

redeem the THB RCD and remains outstanding as at the end of the year 2003.

The loans are to be repaid in 7.5 years in quarterly installments with a waiver on repayments during

the first year. Accordingly, repayments will commence on 30th September 2004.

The loans are subject to interest at the rate of 3 months’ LIBOR plus margin.

The loans are secured by a mortgage over the ships (existing as well as those acquired) and 28

condominium units owned by the respective subsidiaries of the Company, the pledge of 100% of the shares of the

respective subsidiaries owning the ships and the condominium units, assignment of ship proceeds and insurances of

the ships and condominium units mortgaged.

Adherence to Financial Covenants by the Company (and subsidiaries) based on the consolidated US

Dollars Restated Financial Statements as listed separately. (Refer to item 5.2 hereunder)

5.2 Financial and Non-Financial Covenants :

The following are the key covenants imposed by the KTB and are to be complied by PSL in respect of

the facilities availed from KTB, and are derived from the restated US Dollar Financial Statements to maintain financial

profile of the company at acceptable level during the tenor of the debt.

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6 M

8

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2 M

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¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π

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Àπ’È ‘πµàÕ∑ÿπ (Debt / Equity) 2.00 ‡∑à“ √“¬‰µ√¡“ „™à


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10 M

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6 M

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5 M

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2 M

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Financial Covenants

The Company is required to test the above financial covenants and send a compliance certificate on a

quarterly basis.

Non-Financial Covenants

As a result of the refinancing of the restructured secured debt and the redemption of the RCD, the

company is no longer subject to any significant restrictive non-financial covenants. Therefore, the company has now

commenced the expansion of its fleet of ships and has also paid an interim dividend of Baht 0.50 per share in year

2003.

6. REVIEW AND ANALYSIS OF AUDITED CONSOLIDATED THAI BAHT FINANCIAL STATEMENTS

6.1 Analysis of Profit and Loss Account (Statement of Earnings)

During the year 2003 the vessel operating revenues increased by about 15% in absolute terms,

over the operating revenues of the previous year. This is in spite of lower average US Dollar/Thai Baht exchange rate

during the year and lower vessel operating days in 2003 as compared to the previous year. It is to be noted that

there was significant improvement in average earnings per day per vessel in 2003 as compared to that of the

previous year due to a sharp upturn in the freight markets.

During the year 2003, the vessel running expenses decreased by about 7% in absolute terms, over

the operating costs of the previous year. This is due to a lower average US Dollar/Thai Baht exchange rate during the

year, and lower vessel operating days in 2003 as compared to the previous year. On an average basis, the Company

has succeeded in maintaining the operating cost per vessel, which was only about 2% higher as compared to that of

the previous year.

During the year 2003, the total vessel operating costs decreased by about 13% in absolute terms,

over the total vessel operating costs of the previous year. While a slight decrease is due to decrease in lower average

US Dollar/Thai Baht exchange rate during the year, and lower vessel operating days in 2003 as compared to the

previous year, the majority of decrease is due to decrease in vessel disbursements and bunker consumption, which

was due to 29% decrease in voyage charters during the year as compared to the previous year.

Gross Profit has increased by about 48% as compared to the previous year. This was in spite of a

lower average US Dollar/Thai Baht exchange rate during the year and lower vessel operating days in 2003 as

compared to the previous year. It may be noted that the Gross Profit Margin has increased to 60% from 47% as

compared to the previous year, due to a sharp upturn in the freight markets and higher earnings per day per ship.

Covenant Ratio Test Period Compliance

Debt Service (DSCR) 1.00 times Rolling 4 qtrs Yes

Liquidity Reserve US$ 100,000 per vsl Quarterly Yes

Debt/Equity 2.00 times Quarterly Yes

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‡ß‘π°Ÿâ√«¡≈¥≈ß 602.17 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡π◊ËÕß®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ∑’Ë‡À≈◊ÕÕ¬Ÿà∑—ÈßÀ¡¥ ®“°

°“√‡∫‘°∂Õπ«ß‡ß‘π°Ÿâ„À¡à‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ 2 ≈” ®÷ß∑”„ÀâÀπ’È¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∑—Èßπ’È‡ªìπº≈„Àâ —¥ à«π¢Õß‡ß‘π°Ÿâ√–¬–¬“«‡æ‘Ë¡¢÷Èπ„π∞“π–‡ß‘π°Ÿâ¡’À≈—°ª√–°—π∑’Ë¡“·∑π∑’ËÀÿâπ°Ÿâ∑’Ë¬—ß‰¡à

§√∫°”Àπ¥°“√™”√–§◊π„πªïÀπâ“ ≥ ‘Èπªï 2546

∫√‘…—∑œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 1,536.56 ≈â“π∫“∑ ·≈–‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 260 ≈â“π∫“∑

·≈–°“√‡æ‘Ë¡¢÷Èπ®”π«π 4.72 ≈â“π∫“∑„πº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π√–À«à“ßªï

∑”„Àâ à«π¢ÕßºŸâ∂◊ÕÀÿâπÕ¬Ÿà∑’Ë 1,957.87 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ 1,281.28 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ


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As a result of the higher vessel operating revenues, the total revenues during the year, in absolute

terms, are also higher than that of the previous year.

The total costs (excluding depreciation) in 2003, as compared to the previous year, are lower mainly

on account of reduction of total vessel operating costs, and absence of the provisions made for possible loss on

Investments and the charge on account of the Guarantee Obligation during the previous year.

During year 2003, the company bought 2 vessels making the fleet size at the year end to 30 from

28. Average fleet size for year 2003 was 29 whereas as a consequence of the disposal of 3 vessels during the year

2002, fleet size at the year end was 28 from 31, and thus average fleet size was 29.5 for the year 2002. Due to

reduction in average fleet size, the annual charge of Depreciation is lower than that of the previous year.

Due to the appreciation of the Thai Baht against the US Dollar, the exchange rate as on 31st

December 2003 was lower than the rate at the end of the previous year. As a result of the translation of the

US Dollar liabilities into Thai Baht, there was an exchange gain of Baht 184.19 million. However, only Baht 23.15

million was realized and the balance of Baht 161.04 million remains unrealized.

Certain Redeemable Convertible Debentures (RCD) were bought-back during the year at discounts

to par value, which, resulted in an aggregate gain of Baht 147.61 million. This has been classified as an Extraordinary

Gain in the Financial Statements.

The Company has reported Net Profit after Extraordinary Items of Baht 1,536.56 million for the

year 2003 as compared to Net Profit after Extraordinary Items of Baht 502.43 million in the previous year. The

main reason for the higher Net Profit is increase in gross profit due to an increase in average earnings per day per

vessel as compared to the previous year. The other reasons are higher gain on redemption of RCD (Baht 56.85

million more than the previous year), higher gain on exchange (Baht 110.07 million more than the previous year)

and absence of the provisions made for possible loss on Investments and the charge on account of the Guarantee

Obligation (Baht 192.94 million) during the previous year.

6.2 Analysis of Balance Sheet

As compared to the end of the previous year (2002), there is an increase of Baht 444.24 million in

the current assets as at 31st December, 2003, mainly due to higher Cash and cash equivalents. Due to better

recoveries, Receivables, net of all provisions which are part of current assets decreased by Baht 71.83 million as

compared to the previous year. The company continues to be in a comfortable position in terms of liquidity with

adequate cash balances at all times. This has been the position throughout the year and is expected to continue.

Fixed assets of the company have increased from previous year’s levels on account of the purchase

of 2 vessels. Total assets also increased on account of increase in fixed assets and current assets.

Total current liabilities have increased by Baht 630.17 million as compared to the previous year.

This is mainly due to the increase in the current portion of long term loan by Baht 545.19 million as compared to

the previous year.

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6.3 °“√«‘‡§√“–Àå°√–· ‡ß‘π ¥

„π√–À«à“ßªï 2546 ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π ®”π«π 1,998.60 ≈â“π∫“∑ ÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈–

57 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õßªï∑’Ëºà“π¡“ ‡π◊ËÕß®“°°”‰√¢—Èπµâπ‡æ‘Ë¡¢÷Èπµ“¡∑’Ë‰¥âÕ∏‘∫“¬¢â“ßµâπ

À≈—ß®“°√“¬°“√ª√—∫ª√ÿß°“√‡ª≈’Ë¬π·ª≈ß¢Õß‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π ∫√‘…—∑œ §ß‡À≈◊Õ‡ß‘π ¥®”π«π 2,196 ≈â“π∫“∑

‰«â ”À√—∫„™â„π°‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡∑“ß°“√‡ß‘π

„π√–À«à“ßªï ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®à“¬ÕÕ°‡æ◊ËÕ°“√ ◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 2 ≈” ·≈–§à“„™â®à“¬‡æ◊ËÕ°“√´àÕ¡ÕŸà·Àâß

·≈–°“√µ√«®‡√◊Õ ®”π«π 792.90 ≈â“π∫“∑ ·≈–À≈—ß®“°°“√ª√—∫ª√ÿß√“¬°“√Õ◊ËπÊ ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥ ÿ∑∏‘ ”À√—∫°‘®°√√¡

≈ß∑ÿπ®”π«π 922.45 ≈â“π∫“∑

„π√–À«à“ßªï ¡’°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ√–¬–¬“«∑’Ë¡’À≈—°ª√–°—π®”π«π 3,103 ≈â“π∫“∑ ·≈–¡’°“√‡∫‘°‡ß‘π

°Ÿâ«ß‡ß‘π„À¡à ®”π«π 3,553 ≈â“π∫“∑‡¢â“¡“·∑π πÕ°®“°π—Èπ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ∑—ÈßÀ¡¥®”π«π 739 ≈â“π∫“∑

µ“¡∑’Ë‰¥â°≈à“«¢â“ßµâπ ¢≥–∑’Ë°“√¢¬“¬µ—«¢Õßµ≈“¥‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ‰¥â àßº≈µàÕ°“√‡æ‘Ë¡¢÷Èπ

¢Õß°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ °“√∫√‘À“√‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ∑”„Àâ∫√‘…—∑œ “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ‰¥â·≈–¡’‡ß‘π ¥

‡æ’¬ßæÕ‚¥¬‰¡à¡’ªí≠À“ ¿“æ§≈àÕß·µàÕ¬à“ß„¥


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Total borrowings have decreased by Baht 602.17 million as compared to the previous year because

of the redemption of all the outstanding redeemable convertible debentures (RCD). Due to the drawdown of the

new credit facility for the purchase of 2 vessels, there is an increase in the secured debt as on 31st December

2003 as compared to 31st December 2002. This has also resulted in an increase in current portion of long term

loan at the end of year 2003 as secured loan has replaced the RCD, which were not due for repayment in the next

year.

Due to the profits of Baht 1,536.56 million earned, dividend of Baht 260.00 million paid and net

positive increase of Baht 4.72 million on account of translation adjustment and minority interests during the year,

the Shareholders’ Equity is now at Baht 1,957.87 million, which is an increase of Baht 1,281.28 million over the

Shareholders’ Equity as compared to the end of the previous year.

6.3 Analysis of Statements of Cashflows

During the year under review, Baht 1,998.60 million was generated from operations. This is about

57% more than the cash generated from operations in the previous year. The increase is due to the higher Gross

Profit earned for the reasons explained hereinabove.

After adjusting for the Working Capital Changes, the Company was left with Baht 2,196 million

available for use in investing and financing activities.

During the year Baht 792.90 million was paid mainly for purchase of 2 vessels and dry dock &

special survey incurred. After adjustments, the net cash inflow used in investing activities was Baht 922.45 million.

During the year, Baht 3,103 million of long term secured loans were repaid and a new long term

loan of Baht 3,553 million was availed. Further, Baht 739 million was utilized for the redemption of the RCD.

As explained above, while the increase in freight market had positive impact on the absolute Gross

Profit, efficient working capital management allowed the Company to redeem the RCD and maintain sufficient cash

balances at all times without any kind of liquidity problems.

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ºŸâ∂◊ÕÀÿâπ√“¬„À≠àMAJOR SHAREHOLDERS

ºŸâ∂◊ÕÀÿâπ√“¬„À≠àµ“¡ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 15 ¡’π“§¡ 2547

Major Shareholders per share register as on 15th March 2004

Note : 1 Miss Nishita Shah who is the Diector of the Company,is also the Director and major shareholder of GlobexCorporation Limited and Graintrade Limited

2 Mr. Khalid Moinuddin Hashim is the brother ofMr. Munir Moinuddin Hashim

24.23 %∫√‘…—∑ ‚°≈‡∫Á°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥Globex Corporation Limited125,990,000 shares

23.13 %Õ◊ËπÊOther120,254,250 shares

7.06 %∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥Graintrade Limited

36,734,000 shares

6.06 %∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥

Thai NVDR Co., Ltd.31,534,800 shares

3.44 %∫¡® ‘µ’È·∫ß§å Õ‘π‡µÕ√å‡π™—Ëπ·π≈

( “¢“ ≈—°·´¡‡∫Õ√å°)Citibank International PLC

(Luxembourg Branch)17,893,400 shares

2.43 %æ‘§∑‘§ ·Õπ¥å ’Pictet & Cie12,617,500 shares

12.08 %π“ß “« π‘™‘µâ“ ™“ÀåMiss Nishita Shah62,793,000 shares

1.92 %π“¬ ™“Àå ´“≈‘≈ ’·«π∑‘≈‘≈Mr.Shah Salil Sevantilal10,007,900 shares

2.26 %∫√‘…—∑ ‡Õ™‡Õ ∫’´’ ( ‘ß§‚ª√å) πÕ¡‘π’ æ’∑’Õ’ ®”°—¥HSBC (Singapore) Nominees Pte Ltd.11,760,300 shares

7.83 %π“¬ ¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr. Munir Moinuddin Hashim40,695,050 shares

9.56 %π“¬ §“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Khalid Moinuddin Hashim49,719,800 shares

À¡“¬‡Àµÿ : 1 π“ß “« π‘™‘µâ“ ™“Àå ºŸâ´÷Ëß‡ªìπ°√√¡°“√¢Õß∫√‘…—∑œ ·≈–‡ªìπ°√√¡°“√ ·≈–ºŸâ∂◊ÕÀÿâπ„À≠à„π∫√‘…—∑ ‚°≈‡∫Á° å§Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥

2 π“¬ §“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‡ªìππâÕß™“¬¢Õßπ“¬ ¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡


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‚§√ß √â“ß°“√®—¥°“√MANAGEMENT STRUCTURE

The Company has 3 Boards / Committees

The Board of Directors

The Executive Board of Directors

The Audit Committee

Election of the Board of Directors

The election of Directors is conducted by the meeting of shareholders. Each shareholder has one vote

per share and each shareholder exercises all votes applicable in appointing one or more person to be a Director.

The candidates are ranked in descending order from the highest number of votes to the lowest, and are

appointed as directors in that order until the director positions are filled. Where the votes for candidates are

tied, which would otherwise cause the number of directors to be exceeded, the Chairman has the casting vote.

The Board of Directors

Powers, duties and responsibilities of the Board of Directors are as follows :

1. The Board of Directors perform their duties in conformity with applicable laws, and carry on the

business of the Company in accordance with the laws, the Company’s objectives and the articles of association

as well as the resolutions of the shareholders’ meetings. They are authorized to carry on any activities as

prescribed in the memorandum or those related thereto under the Public Limited Companies Act B.E. 2535

2. The Directors, in their business conduct, are expected to generally act with care to preserve the

interest of the Company

∫√‘…—∑œ ¡’ §≥–°√√¡°“√ 3 ™ÿ¥ §◊Õ

§≥–°√√¡°“√∫√‘…—∑

§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√µ√«® Õ∫

°“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑

∫√‘…—∑œ °”Àπ¥„Àâ°“√·µàßµ—Èß°√√¡°“√°√–∑”‚¥¬∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ºŸâ∂◊ÕÀÿâπÀπ÷ËßÀÿâπ¡’Àπ÷Ëß§–·ππ‡ ’¬ß ‚¥¬∑’ËºŸâ∂◊ÕÀÿâπ

·µà≈–§πµâÕß„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥ ‡≈◊Õ°∫ÿ§§≈§π‡¥’¬« À√◊ÕÀ≈“¬§π ‡ªìπ°√√¡°“√ ∫ÿ§§≈ ÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥

µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß„Àâ‡ªìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ ·≈–„π°√≥’∑’Ë

∫ÿ§§≈ ÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π∑”„Àâ‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ

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§≥–°√√¡°“√¡’Õ”π“®„π°“√·µàßµ—Èß°√√¡°“√∫√‘À“√®“°°√√¡°“√¢Õß∫√‘…—∑œ ‚¥¬¡’®”π«π‰¡àπâÕ¬°«à“ “¡§π‡æ◊ËÕ

∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œ

§≥–°√√¡°“√∫√‘…—∑

Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑ √ÿª‰«â¥—ßπ’È

1. §≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫®—¥°“√°‘®°“√∑—ÈßÀ≈“¬¢Õß∫√‘…—∑œ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë¥”‡π‘π°“√¿“¬„π¢Õ∫‡¢µ¢Õß

°ÆÀ¡“¬ «—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ·≈–µ“¡¡µ‘¢Õß∑’Ëª√–™ÿ¡„À≠àºŸâ∂◊ÕÀÿâπ √«¡∑—Èß¡’Õ”π“®°√–∑”°“√„¥Ê µ“¡∑’Ë√–∫ÿ

‰«â„πÀπ—ß ◊Õ∫√‘§≥Àå π∏‘ À√◊Õ∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¥—ß°≈à“«

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2. §≥–°√√¡°“√¡’Àπâ“∑’Ë°√–∑”°“√„¥Ê ‡æ◊ËÕ√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ

3. §≥–°√√¡°“√ À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÕ“®¡’¡µ‘ ¡Õ∫Õ”π“®„Àâ§≥–°√√¡°“√∫√‘À“√ À√◊Õ∫ÿ§§≈Õ◊Ëπ∑”Àπâ“∑’Ë·∑π„π

‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈– “¡“√∂°”Àπ¥√“¬™◊ËÕ°√√¡°“√∫√‘…—∑ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π∫√‘…—∑œ ‰¥â

´÷Ëß°√√¡°“√ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π∫√‘…—∑ œ ‰¥â·°à

1) π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

2) π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

3) π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

‚¥¬°√√¡°“√∫√‘…—∑ Õß„π “¡∑à“π≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ

4. ¿“¬„µâ¢âÕ∫—ß§—∫°ÆÀ¡“¬∫√‘…—∑¡À“™π®”°—¥ °√√¡°“√¡’Õ”π“®∑’Ë®–¢“¬ À√◊Õ®”πÕßÕ —ßÀ“√‘¡∑√—æ¬å„¥Ê ¢Õß∫√‘…—∑œ

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3. The Board of Directors or the Shareholders at their meeting are entitled to designate the authorized

directors to bind the Company and any two of the following with the Company’s Seal are authorized signatories :

1) Mr. Khalid Moinuddin Hashim

2) Mr. Munir Moinuddin Hashim

3) Mr. Khushroo Kali Wadia

4. The Board of Directors are authorized to sell or mortgage any of the Company’s immovable proper-

ties, to let any of the Company’s immovable properties for the period more than three years, to make a gift, to

compromise, to file complaints to the Court and to submit the dispute to the Arbitration.

The Executive Board of Directors

The following 3 directors are appointed by the Board of Directors as the Executive Directors on

the Executive Board of Directors.

1) Mr. Khalid Moinuddin Hashim

2) Mr. Munir Moinuddin Hashim

3) Mr. Khushroo Kali Wadia

Powers, duties and responsibilities of the Executive Board of Directors are summarized hereunder :

1. To manage the Company’s business under the resolutions / regulations of the Board of Directors.

2. To execute any agreements / contracts binding the Company of which the terms and conditions

must be in the scope of authority vested by the Board of Directors. Such agreements / contracts must be

affixed with signatures of any two Executive Directors together with the Company’s seal.

3. To generally act on behalf and in the interest of the Company and its subsidiaries as may be required

to carry on the business.

The Audit Committee

Board of Directors have appointed the Audit Committee since 24 August 1998 with the term of

2 years for each member. The current Audit Committee Members are following

1) Police LT. Gen . Kiattisak Prabhavat Chairman

2) Admiral Dr. Amnad Chandanamattha Member

3) Mr. Suphat Sivasriaumphai Member

The Audit Committee is responsible to review and report the following matters to the Board of Directors.

1. To review the Company’s financial reporting process to ensure accuracy and adequate disclosure.

2. To ensure that the Company has suitable and efficient internal control system and internal audit.

3. To review the performance of the Company to ensure compliance with the securities and exchange

law, regulations of the Exchange and other laws relating to business of the Company.

4. To select and nominate an external auditor of the Company, including recommendation of remunera-

tion of the external auditor.

5. To review the disclosure of information of the Company in case that there is a connected transaction

or transaction that may lead to conflict of interest so as to ensure the accuracy and completeness.

6. To prepare a report on activities of the Audit Committee and disclose it in an annual report. Such

report must be signed by the Chairman of the Audit Committee.

7. To perform any other act as delegated by the Board of Directors and approved by the Audit Committee.

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æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–Admiral Dr. Amnad Chandanamattha

µ”·Àπàß

ª√–∏“π°√√¡°“√∫√‘…—∑, °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘°“√»÷°…“

B.Sc. First-Class Hons. Ph.D. «‘»«°√√¡‡§√◊ËÕß°≈ ¡À“«‘∑¬“≈—¬ Leeds ª√–‡∑»Õ—ß°ƒ… ·≈–

«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 28

ª√– ∫°“√≥å

2534 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ Hospital Network ®”°—¥

ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚√ßæ¬“∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥

2542 - ªí®®ÿ∫—π °√√¡“∏‘°“√ √—∞ ¿“

2534 æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ‡ π“∏‘°“√°Õß∫—≠™“°“√∑—Ë«‰ª

2532 - 2534 ‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ

2531 - 2532 √Õß‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ

ª√–«—µ‘°“√Õ∫√¡

3 ∏§. 2544 ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

16 æ¬. 2544 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé

®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

31 µ§. 2543 ‡¢â“√à«¡°“√Õ∫√¡„πÀ—«¢âÕ çThe State of Corporate Governance in Europeé

®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 25,000 Àÿâπ

POSITION Chairman of the Board of Directors, Audit Committee Member and Independent Director

EDUCATION B.Sc. First-Class Hons. Ph.D in Mechanical Engineering, University of Leeds, England

National Defense College Group No. 28.

EXPERIENCE

1991 - present Chairman, Precious Shipping Public Company Limited.

Present Chairman, Hospital Network Company Limited.

Chairman, Bangkok 9 International Hospital Company Limited.

1999 - present Commissioner of Parliament

1991 Admiral, General Headquarters, Royal Thai Navy.

1989 - 1991 Director General, Naval Dockyard.

1988 - 1989 Deputy Director General, Naval Dockyard.

TRAINING

3 Dec 2001 Attended the training course on the topic “Chairman 2000”

held by Thai Institute of Directors Association.

16 Nov 2001 Attended the training course on the topic “Effective Audit Committees & Best Practices”


31 Oct 2000 Attended the training course on the topic “The State of Corporate Governance in Europe”


INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 25,000 shares

ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑


11 M

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2 M

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1 M

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Khalid Moinuddin Hashim

µ”·Àπàß

°√√¡°“√ºŸâ®—¥°“√ ·≈– °√√¡°“√∫√‘À“√

§ÿ≥«ÿ≤‘°“√»÷°…“

ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√‡ß‘π ®“° ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

ª√– ∫°“√≥å

2534 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2527 - 2534 À—«Àπâ“·ºπ°™‘æªîôß ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥

2522 - 2526 ºŸâ∫√‘À“√Õ“«ÿ‚ ∫√‘…—∑ ·æπ‚Õ‡™’Ë¬π π“«‘‡°™—Ëπ ·Õπ ‡∑√¥¥‘Èß®”°—¥

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 (14,669,000) Àÿâπ

POSITION Managing Director and Executive Director

EDUCATION Master Degree in Management Studies Specializing in Finance from the University of Bombay

EXPERIENCE

1991 - present Managing Director, Precious Shipping Public Company Limited

1984 - 1991 Head of Shipping Department, Geepee Corporation Limited

1979 - 1983 Senior Executive, Pan Ocean Navigation & Trading Pte. Ltd.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (14,669,000) shares

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡Mr. Munir Moinuddin Hashim

µ”·Àπàß °√√¡°“√ (°“√æ“≥‘™¬å) ·≈–°√√¡°“√∫√‘À“√

§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√µ≈“¥ ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

ª√– ∫°“√≥å

2534 - ªí®®ÿ∫—π °√√¡°“√ (°“√æ“≥‘™¬å) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2529 - 2534 À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√ ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥

2524-2528 À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√æ“≥‘™¬å ∫√‘…—∑ ¡—≈¥’ø å ™‘æªîôß ®”°—¥


POSITION Director (Commercial) and Executive Director

EDUCATION Master Degree in Management Studies Specializing in Marketing from the University of Bombay

EXPERIENCE

1991 - present Director (Commercial), Precious Shipping Public Company Limited

1986 - 1991 Head of Operations, Geepee Corporation Limited

1981 - 1985 Head of Commercial Operations, Maldives Shipping Limited


BOARD OF DIRECTORS-PROFILE

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π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬Mr. Khushroo Kali Wadia

µ”·Àπàß °√√¡°“√∫√‘À“√

§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’ - ∂‘µ‘, §≥‘µ»“ µ√å·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

ºŸâµ√«® Õ∫∫—≠™’√—∫Õπÿ≠“µ®“° ∂“∫—πºŸâµ√«® Õ∫∫—≠™’√—∫Õπÿ≠“µ·Ààßª√–‡∑»Õ‘π‡¥’¬

ª√– ∫°“√≥å

2542 - ªí®®ÿ∫—π °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2537 - 2542 °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥

2540 - 2541 ºŸâÕ”π«¬°“√ (°“√‡ß‘π·≈–°“√®—¥°“√) ∫√‘…—∑ ™—« å‡∑°´å ®”°—¥

2533 - 2537 ºŸâ®—¥°“√·ºπ°∫—≠™’·≈–°“√‡ß‘π °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥

2531 - 2533 ºŸâ™à«¬ºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ.‡Õø.‡øÕ√å°Ÿ —π ·Õπ¥å ‚§.

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 (195,000) Àÿâπ

POSITION Director (Finance) and Executive Director

EDUCATION Bachelor Degree in Science from University of Bombay

Chartered Accountant from Institute of Chartered Accountants of India.

EXPERIENCE

1999 - present Director (Finance), Precious Shipping Public Company Limited.

1994 - 1999 Director (Finance & Accounts), Maxwin Group of Companies

1997 - 1998 Vice President (Finance & Administration), Suretex Ltd.

1990 - 1994 Financial Controller, Maxwin Group of Companies

1988 - 1990 Assistant Manager, A.F. Ferguson & Co.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (195,000) shares

π“ß “« π‘™‘µâ“ ™“ÀåMiss Nishita Shah

µ”·Àπàß °√√¡°“√

§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’ “¢“°“√®—¥°“√∏ÿ√°‘® (°“√‡ß‘π ·≈– °ØÀ¡“¬∏ÿ√°‘®), ¡À“«‘∑¬“≈—¬∫Õ µ—π, ‚√ß‡√’¬π°“√®—¥°“√

ª√– ∫°“√≥å

.§. 2545 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 45,725,000 Àÿâπ

POSITION Director

EDUCATION Bachelor of Science in Business Administration; concentration in Finance and Business Law,

Boston University, School of Management

EXPERIENCE

Aug 2002 - Present Director, Precious Shipping Public Company Limited

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 45,725,000 shares


11 M

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æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µPolice LT. Gen. Kiattisak Prabhavat

µ”·Àπàß ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘°“√»÷°…“

2498 - 2502 ‚√ß‡√’¬ππ“¬√âÕ¬∑À“√∫° ª√–‡∑»Õ—ß°ƒ…

‚√ß‡√’¬π µ”√«® ª√–‡∑»Õ—ß°ƒ…

‚√ß‡√’¬π ◊∫ «π Õ∫ «π ‡Œπ¥Õπ ª√–‡∑»Õ—ß°ƒ…

2509 - 2510 ‚√ß‡√’¬π ◊∫ «π Õ∫ «π·Ààß™“µ‘ ‡Õø∫’‰Õ ª√–‡∑» À√—∞Õ‡¡√‘°“

2536 - 2537 ‚√ß‡√’¬ππ—°∫√‘À“√™—Èπ Ÿß¢Õß ”π—°ß“π‡≈¢“∏‘°“√ ¢â“√“™°“√æ≈‡√◊Õπ

ª√– ∫°“√≥å

2539 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ªí®®ÿ∫—π ∑’Ëª√÷°…“ ∫√‘…—∑ All Seasons Property Co.,Ltd.

°√√¡°“√ ∫√‘…—∑ ÕŸ™à“ ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π)

ª√–∏“π°√√¡°“√ ∫√‘…—∑ Perfect Place Property ®”°—¥

∑’Ëª√÷°…“ ∫√‘…—∑ V. Group Building

2545 ∑’Ëª√÷°…“ √—∞¡πµ√’«à“°“√°√–∑√«ß§¡π“§¡

2539 - 2541 ∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ À«‘√‘¬“ ´‘µ’È ®”°—¥ (¡À“™π)

∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ °«ß¥Õß ‡ÕÁπ‡µÕ√å‰æ√´å ®”°—¥ (¡À“™π)

2538 - 2539 °√√¡°“√ °“√∑à“Õ“°“»¬“π·Ààßª√–‡∑»‰∑¬

2537 - 2539 ºŸâ∫—≠™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß

2537 ®‡√µ”√«®

2535 - 2537 √Õß®‡√µ”√«®

2534 - 2535 √ÕßºŸâ∫—≠™“°“√»÷°…“

2533 - 2534 ºŸâ™à«¬ºŸâ∫—≠™“°“√µ”√«®π§√∫“≈

2532 - 2533 ºŸâ∫—ß§—∫°“√Õ”π«¬°“√°Õß∫—≠™“°“√µ”√«®π§√∫“≈

2531 - 2532 ºŸâ∫—ß§—∫°“√µ”√«®®√“®√

2526 - 2531 √ÕßºŸâ∫—ß§—∫°“√µ”√«®π§√∫“≈æ√–π§√„µâ

ª√–«—µ‘°“√Õ∫√¡

30 °.§. 2545 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

16 æ.¬. 2544 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé

®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

30 µ.§. 2543 ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß ç°√√¡°“√∫√‘…—∑°—∫§«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡µ“¡ æ.√.∫.°“√∫—≠™’ æ.». 2543é

®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-

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POSITION Chairman of Audit Committee and Independent Director

EDUCATION

1955-1959 Graduated from Royal Military Academy, England

Police Academy, England.

Hendon Detective Training School, England.

1966 - 1967 Federal Bureau of Investigation, USA

1993 - 1994 High Executive Training School of Civil Service Commission.

EXPERIENCE

1996 - present Director, Precious Shipping Public Company Limited.

Present Advisor of All Seasons Property Co.,Ltd.

Director, Usha Siam Steel Industries Public Company Limited

Chairman, Perfect Place Condominium Company Limited

Advisor, Company Affair of V. Group Building

2002 Advisor of the Minister of Communications

1996 - 1998 Advisor of Sahaviriya City Public Company Limited

Advisor of Guang Dong Enterprise Co., Ltd.

1995 - 1996 Director of Aviation Authority of Thailand

1994 - 1996 Commissioner of the Immigration Bureau

1994 Inspector General of Police

1992 - 1994 Deputy Inspector General of Police

1991 - 1992 Deputy Commissioner of the Police Education Bureau

1990 - 1991 Assistant Commissioner of the Metropolitan Police

1989 - 1990 Commander Chief of General Staff

1988 - 1989 Commander Traffic Police Division

1983 - 1988 Deputy Commander, Southern Bangkok Police Division

TRAINING

30 - Jul - 2002 Attended training course on the topic “Chairman 2000”

held by Thai Institute of Directors Association

16 - Nov - 2001 Attended training course on the topic “Effective Audit Committees & Best Practices”

held by Thai Institute of Directors Association

30 - Oct - 2000 Attended training course on the the topic “The Increased Liabilities of Company

Directors according to Accounting ACT 2000” held by Thai Institute of Directors

Association

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 -None-

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æMr. Suphat Sivasriaumphai

µ”·Àπàß °√√¡°“√ ·≈– °√√¡°“√µ√«® Õ∫

§ÿ≥«ÿ≤‘°“√»÷°…“ Õ— —¡™—≠æ“≥‘™¬å

ª√– ∫°“√≥å

2532 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2543 - ªí®®ÿ∫—π °√√¡°“√µ√«® Õ∫ ∫√‘…—∑ øîπ‘§´ æ—≈æ ·Õπ¥å ‡æ‡æÕ√å ®”°—¥ (¡À“™π)

2512 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥

°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬Õ—¡∫‘°â“ ‡§¡‘§—≈ å ®”°—¥

°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥



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POSITION Director and Audit Committee Member

EDUCATION Assumption Commercial College

EXPERIENCE

1989 - present Director, Precious Shipping Public Company Limited.

2000 - present Audit Committee Member, Phoenix Pulp & Paper Public Company Limited.

1989 - present Managing Director, Thai Filament Textiles Co., Ltd.

Managing Director, Thai Ambica Chemicals Co., Ltd.

Managing Director, Rembrandt Hotel Corporation Ltd.


π“¬‰®ª“≈ ¡—π ÿ¢“π’Mr.Jaipal Mansukhani

µ”·Àπàß °√√¡°“√

§ÿ≥«ÿ≤‘°“√»÷°…“ Cadet, Directorate of Marine Engineering Training.

ª√– ∫°“√≥å

2536 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2544 - ªí®®ÿ∫—π °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

2531 - 2536 ºŸâ®—¥°“√ΩÉ“¬‡∑§π‘§ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

2528 - 2530 √ÕßºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥

2524 - 2527 ºŸâ™à«¬ºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥

2520 - 2524 À—«Àπâ“«‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥

2514 - 2519 «‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 (170,000) Àÿâπ

POSITION Director

EDUCATION Cadet, Directorate of Marine Engineering Training

EXPERIENCE

1993 - present Director, Precious Shipping Public Company Limited

2001 - present Director, (Technical), Great Circle Shipping Agency Limited

1988 - 2001 Technical Manager, Great Circle Shipping Agency Limited

1985 - 1987 Deputy Engineer Superintendent, Scindia Steam Navigation Limited

1981 - 1984 Assistant Engineer Superintendent, Scindia Steam Navigation Limited

1977 - 1981 Chief Engineer, Scindia Steam Navigation Limited

1971 - 1976 Marine Engineer, Scindia Steam Navigation Limited.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 (170,000) shares

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π“¬™’√– ¿“≥ÿæß»åMr. Chira Panupong

µ”·Àπàß °√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘°“√»÷°…“ ∏√√¡»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

B. Com. (Accountancy) Hons., University of Leeds, England.

M.Sc. (Econ.), School of Economics and Political Science, University of London

À≈—° Ÿµ√ Industrial Project Evaluation Course, Economic Development Institute, IBRD,

«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 20

ª√– ∫°“√≥å

2543 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π)

√Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π)

2543 - 2546 ª√–∏“π°√√¡°“√ ∫√‘…—∑‰µ√ ‡Õπ‡πÕ®’È ®”°—¥

°àÕπªï 2535 ‡≈¢“∏‘°“√§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ

”π—°ß“π‡≈¢“πÿ°“√°√¡ °√–∑√«ß°“√µà“ßª√–‡∑»

°√¡∑–‡∫’¬π°“√§â“ °√–∑√«ßæ“≥‘™¬å

”π—°«‘™“°“√·≈–«“ß·ºπ °√–∑√«ßæ—≤π“°“√·Ààß™“µ‘

®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-

POSITION Independent Director

EDUCATION LL.B., Thammasat University

B. Com. (Accountancy) Hons., University of Leeds, England

M.Sc. (Econ.), School of Economics and Political Science, University of London

Industrial Project Evaluation Course, Economic Development Institute, IBRD,

National Defense College Group No. 20.

EXPERIENCE

2000 - Present Director, Precious Shipping Public Company Limited.

Present Chairman of the Board of Directors, Banpu Public Co., Ltd.

Vice Chairman of Tuntex (Thailand) Public Co., Ltd.

2000-2003 Chairman of the Board of Directors, Tri Energy Co.,Ltd.

Before year 1992 Secretary General, Board of Investment

Office of the Under Secretary of State, Ministry of Foreign Affairs

Dept. of Commercial Registration, Ministry of Commerce

Technical Planning Office, Ministry of National Development

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 -None-

π“¬∏’√– «‘¿Ÿ™π‘πMr. Thira Wipuchanin

µ”·Àπàß °√√¡°“√Õ‘ √–§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’∑“ß∫√‘À“√∏ÿ√°‘®·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬«‘ §Õπ´‘π À√—∞Õ‡¡√‘°“ª√– ∫°“√≥å2543 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π)

°√√¡°“√ §≥–°√√¡°“√∏ÿ√°‘®¢π“¥°≈“ß·≈–¢π“¥¬àÕ¡ ÀÕ°“√§â“‰∑¬ ∑’Ëª√÷°…“ §≥–°√√¡°“√∏ÿ√°‘®°“√‡ß‘π·≈–°“√≈ß∑ÿπ ÀÕ°“√§â“‰∑¬


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°√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß °.ª.π °√√¡°“√ ∫√‘…—∑ ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ °√√¡°“√ ∫√‘…—∑ ·¡Á§‚§√ ®”°—¥

2543 - 2546 √Õß°√√¡°“√ºŸâ®—¥°“√ ∏π“§“√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààßª√–‡∑»‰∑¬ °√√¡°“√ ∫√‘…—∑ ´—π‚¬ ¬Ÿπ‘‡«Õ√å·´≈ Õ’‡≈Á§∑√‘§ ®”°—¥ (¡À“™π) °√√¡°“√·≈–‡À√—≠≠‘° ¡Ÿ≈π‘∏‘‡Õ°™πæ—≤π“¿Ÿ¡‘¿“§ °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ∑.».∑ ·≈– °. .∑ °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ª.µ.∑ Õπÿ°√√¡°“√ §≥–Õπÿ°√√¡°“√∫√‘À“√»Ÿπ¬å√–¥¡∑ÿπ

2537 - 2540 √Õß°√√¡°“√ºŸâ®—¥°“√„À≠àÕ“«ÿ‚ °≈ÿà¡∫√‘…—∑æ√’‡¡’¬√å2533 - 2537 ºŸâ·∑πª√–®”ª√–‡∑»‰∑¬∫√‘…—∑æ√Ÿ‡¥Áπ‡™’¬≈ ·Õ ‡´Áµ ·¡π‡π®‡¡âπ∑å ‡Õ™’¬ ®”°—¥2518 - 2533 √Õßª√–∏“π (°“√≈ß∑ÿπ), ∫√‘…—∑ Õ‡¡√‘°—πÕ‘π‡µÕ√å·π™™—Ëπ·π≈ ·Õ ™—«√—π å ®”°—¥2517 - 2518 ∫√‘…—∑ ‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥2516 - 2517 ª√–®”°Õßæ≈∑À“√¡â“®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 -‰¡à¡’-

POSITION Independent DirectorEDUCATION B.Sc. in Economics and Business Administration, University of

Wisconsin - Stevents Point, U.S.A.EXPERIENCE2000 - present Director, Precious Shipping Public Company Limited.Present Director, United Palm Oil Industry Public Company Limited.

Member, Small and Medium Business Development Committee, Thai Chamber of Commerce. Advisor, Financial Services Committee, Thai Chamber of Commerce Board of Director Company Establish Preparatory Committee M.W.A Director of Dhamniti and Truth Company Limited. Director of Macro Company Limited.

2000 - 2003 Senior Executive Vice President, Export - Import Bank of Thailand. Director, Sanyo Universal Electric Public Company Limited. Treasurer, The Community Support Foundation, Thailand Board of Director Company Establish Preparatory Committee/T.O.T.and C.A.T Board of Director Company Establish Preparatory Committee / P.T.T. Board member, Capital Market Opportunity Center.

1994 -1997 Senior Vice President, Premier Group of Companies.1990 - 1994 Thailand Representative, Prudential Asset Management Asia Ltd.1975 - 1990 Vice President (Investment), American International Assurance Co., Ltd.1974 - 1975 Business Loan Manager, Commercial Credit Corp. (Thailand) Ltd.1973 - 1974 Served the Royal Thai ArmyINCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003 - None-

π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘πMiss Somprathana Thepnapaplern

µ”·Àπàß ‡≈¢“πÿ°“√∫√‘…—∑·≈–‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫

POSITION Company Secretary and Executive Secretary of Audit Committee

À¡“¬‡Àµÿ : ‡π◊ËÕß®“°¡’°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ√–À«à“ßªï®“°Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ ¥—ßπ—Èπ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ®–§‘¥®“°¡Ÿ≈§à“∑’Ëµ√“‰«â„À¡àÀÿâπ≈– 1 ∫“∑Note : Increase (decrease) in shareholding is after considering the split in par value per share to Baht 1 per share.

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π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√ (°“√æ“≥‘™¬å)

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ °√√¡°“√ (°“√‡ß‘π)

π“¬‰®ª“≈ ¡—π ÿ¢“π’ °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π ’Ë ®”°—¥

π“¬™’≈“≈ ‚°ªîπ“∏“π

µ”·Àπàß ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å)

§ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’∫√‘À“√∏ÿ√°‘® ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

ª√–°“»π’¬∫—µ√°“√‡¥‘π‡√◊Õ ®“° Norottam Morarjee Institute of Shipping,∫Õ¡‡∫¬å

ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2532 - 2541 ºŸâ®—¥°“√ΩÉ“¬∫√‘°“√‡™à“‡√◊Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å

µ”·Àπàß ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ)

§ÿ≥«ÿ≤‘°“√»÷°…“ Cadet, Directorate of Marine Engineering Training

ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2532 - 2541 ºŸâ®—¥°“√°Õß‡√◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π ’Ë ®”°—¥

°—ªµ—π√“øî§ π“π“ §“ª“¥‘

µ”·Àπàß ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM)

§ÿ≥«ÿ≤‘°“√»÷°…“ Bachelor of Science and Master Mariner

ª√– ∫°“√≥å 2542- ªí®®ÿ∫—π ºŸâÕ”π«¬°“√ (ISM)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

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§ÿ≥«ÿ≤‘°“√»÷°…“ Post Graduate Diploma in International Trade from Indian Institute of

Foreign Trade Master degree in Management in Studies (M.M.S)

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2528 - 2538 Deputy manager, Shipping Corporation of India Ltd.

§≥–ºŸâ∫√‘À“√


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MR. KHALID MOINUDDIN HASHIM

MR. MUNIR MOINUDDIN HASHIM

MR. KHUSHROO KALI WADIA

MR. JAIPAL MANSUKHANI

MR. SHRILAL GOPINATHAN

Position Vice President (Commercial)

Education Bachelor of Commerce from the University of Bombay

Diploma in Shipping from the Norattam Morarjee Institute of Shipping, Bambay

Experience 1999 - present Vice President (Commercial), Precious Shipping Public Company Limited.

1989 - 1998 Chartering Manager, Precious Shipping Public Company Limited.

MR. KOKA VENKATARAMANA SUDHAKAR

Position Vice President (Fleet Management)

Education Cadet, Directorate of Marine Engineering Training

Experience 1999 - present Vice President (Fleet Management), Precious Shipping Public Company Limited.

1989 - 1998 Fleet Manager, Great Circle Shipping Agency Limited.

CAPT. RAFIK NANA KAPADI

Position Vice President (International Safety Management) (ISM)

Education Bachelor of Science and Master Mariner

Experience 1999 - present Vice President (ISM), Precious Shipping Public Company Limited.

1995 - 1998 ISM - In charge

1986 - 1995 Port Captain, G.P. Ltd.

1979 - 1986 Marine Superintendent, Singapore

1975 - 1979 Captain onboard the ship

MR. NEELAKANTAN VASUDEVAN

Position Vice President (Risk Management)

Education Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade.

Master Degree in Management Studies (M.M.S)

Experience 1999 - present Assistant Vice President (Risk Management),

Precious Shipping Public Company Limited.

1995 - 1998 Insurance & Claims Manager, Precious Shipping Public Company Limited.

1985 - 1995 Deputy Manager, Shipping Corporation of India Limited.

MANAGEMENT TEAM

Managing Director

Director (Commercial)

Director (Finance)

Director (Technical) of Great Circle Shipping Agency Ltd.

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AUDIT COMMITTEE REPORT

TO THE SHAREHOLDERS,

The Audit Committee of Precious Shipping Public Company Limited consists of 3 independent directors viz., Police

LT. Gen. Kiattisak Prabhavat as Chairman of Audit Committee, Admiral Dr. Amnad Chandanamattha and Mr. Suphat

Sivasriaumphai, both, as Audit Committee members. The Audit Committee has performed with total responsibility in

compliance with the Audit Committee Charter approved by the Board of Directors and the requirements of the Stock

Exchange Commission and the Stock Exchange of Thailand, which is summarized as follows :

In the year 2003, meetings of the Audit Committee have been held through the year to review financial

statements of the Company and its subsidiaries and meetings with external auditor were also held every quarter for the

discussions of the Auditor’s report, financial statements and the recommendations of the relevant accounting standards.

The Audit Committee is of the opinion that the Company has a proper financial reporting process to disclose its financial

information, in which the financial statements are correct, sufficient and credible.

The Audit Committee has also discussed with internal auditors the scope of internal auditing, their responsi-

bilities and functions and approved the internal audit plan for the Internal Audit Department. In the year 2003, Internal Audit

Department reviewed the risk assessment and internal control activities of all departments, audited the operations of some

departments, reviewed the conflict of interest transactions and reviewed the compliance with regulations and laws relating

to the business of the Company such as Thai Vessels Act and areas of potential tax exposure. Internal auditors also followed

up on the results of the aforesaid review. The results of the review and the recommendations were discussed with the

related staff and management and reported to the Audit Committee.

Internal Audit has reviewed the connected transactions according to the new Notification of the Stock Exchange

of Thailand Re: The Disclosure and Procedures of Listed Company for Connected Transactions B.E.2546. The Company has

2 connected transactions which are classified as type 2 transactions under the notification towards office rental and air ticket

expenses. The details of the transactions have been explained under the topic “Connected Transactions” in this annual report.

The result of the review has been discussed in the Board of Directors Meeting No. 2/2004 held on 26 March 2004. Audit

Committee and Board of Directors are of the opinion that such transactions are fair and for the full benefit of the Company.

The Audit Committee is of the opinion that the Company has proper and adequate internal control system and

no significant deficiency.

The Audit Committee is of the opinion that the Company has been in compliance with the laws and regulations

to which the operations of the company are subjected. Principally, these laws are the Public Companies Act, Revenue

Code, Thai vessels Act, SEC Act and regulations of the SET.

The Audit Committee has reported the minutes of the meeting of the Audit Committee with external auditors

and internal auditors to the Board of Directors every quarter as a matter of record and for receiving suggestions from

the Board.

For the audit of the year 2004 financial statements of the Company and subsidiaries, the Audit Committee has

proposed to the Board of Directors to consider and seek shareholders’ in the Annual General Meeting of 2004, approval for

the appointment as auditors, of Ernst & Young Office Limited with a remuneration of Baht 4 million plus out of pocket

expenses. These fees are based on the number of ships as of 31 December 2003 of 29 ships (does not include 1 ship owned

by an overseas subsidiary). If there is any acquisition of any ship (s) in the year 2004, the fees would be increased at the rate

of Baht 80,000 for 1 ship owning subsidiary and Baht 100,000 for 2 ships owning subsidiary.

For and on behalf of the Audit Committee of

Precious Shipping Public Company Limited

Police LT. Gen. Kiattisak Prabhavat

Chairman of the Audit Committee

26th March 2004

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„ππ“¡¢Õß§≥–°√√¡°“√

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

(§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) (§Ÿ™√Ÿ §“≈’ «“‡¥’¬)°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√


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REPORT ON THE BOARD OF DIRECTORSû RESPONSIBILITIESFOR FINANCIAL STATEMENTS

The Board of Directors is responsible for the Company and its subsidiaries’ financial statements

and financial information presented in this annual report. The aforementioned financial statements have been

prepared in accordance with Thai Generally Accepted Accounting Principles, using appropriate accounting

policies consistently employed by the Company after applying prudent judgment and best estimation. Important

information is adequately disclosed in the notes to the financial statements.

The Board of Directors has provided for and maintained an efficient internal control system to ensure

that accounting records are accurate, complete and adequate to protect the Company’s assets and uncover

weaknesses in order to prevent fraud or materially irregular operations.

To accomplish this task, the Board of Directors has appointed an audit committee, which consists of

Non-Executive Directors and the committee is responsible for the quality of financial statements and internal

control systems, whose comments on these issues are readily included in the Audit Committee Report in this

annual report.

The Board of Directors is of the opinion that the Company’s overall internal control system has func-

tioned upto a satisfactory level and rendered credibility and reliability to the Company’s and its subsidiaries’

financial statements for the year ended December 31, 2003.

For and on behalf of the Board of Directors of

Precious Shipping Public Company Limited

(Khalid Moinuddin Hashim) (Khushroo Kali Wadia)Managing Director Executive Director

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∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥

°√ÿß‡∑æœ : 11 °ÿ¡¿“æ—π∏å 2547


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TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

I have audited the accompanying consolidated balance sheet of Precious Shipping Public Company Limited

and subsidiaries as at 31 December 2003, the related consolidated statements of earnings, changes in shareholders’

equity and cash flows for the year then ended, and the separate financial statements of Precious Shipping Public

Company Limited for the same period. These financial statements are the responsibility of the management of the

Company and subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to

express an opinion on these financial statements based on my audit. I did not audit the financial statements of seven

subsidiaries incorporated overseas which are included in these consolidated financial statements. The assets and

revenues of these subsidiaries as included in the consolidated financial statements constitute 7.4% of the consolidated

total assets as at 31 December 2003, and 3.4% of the consolidated total revenues for the year then ended. In

addition, the Company’s financial statements included investments in these subsidiaries as at 31 December 2003 of

Baht 638.1 million, stated under the equity method, and share of gain from these subsidiaries for the year then ended

of Baht 25.4 million. The financial statements of these subsidiaries were audited by other auditors, whose reports

have been furnished to me, and my opinion, in sofar as it relates to the amounts included for those subsidiaries in the

consolidated financial statements and the Company’s financial statements, is based solely on the reports of these

other auditors. The consolidated financial statements and the separate financial statements of the Company for

the year ended 31 December 2002, were audited by another auditor of our firm whose report dated 10 February

2003, expressed an unqualified opinion on those statements.

I conducted my audit in accordance with generally accepted auditing standards. Those standards require that

I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures

in the financial statements. An audit also includes assessing the accounting principles used and significant estimates

made by management, as well as evaluating the overall financial statement presentation. I believe that my audit and

the reports of other auditors as referred to in the first paragraph, provide a reasonable basis for my opinion.

In my opinion, based on my audit and the reports of other auditors, the financial statements referred to

above present fairly, in all material respects, the financial position of Precious Shipping Public Company Limited and

subsidiaries and of Precious Shipping Public Company Limited as at 31 December 2003, and the results of their

operations and their cash flows for the year then ended, in accordance with generally accepted accounting principles.

Sumalee Reewarabandith

Certified Public Accountant (Thailand) No. 3970

Ernst & Young Office Limited

Bangkok : 11 February 2004

REPORT OF INDEPENDENT AUDITOR

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ß∫¥ÿ≈∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

À¡“¬‡Àµÿ 2546 2545 2546 2545

‘π∑√—æ¬å


‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 897,269,959 329,715,200 282,671,551 6,538,138

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 4 70,185,983 142,019,006 - -

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¬àÕ¬ 5 - - 598,349,626 950,160,075

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ 5 2,299,440 25,983,399 439,741 439,741

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 20,612,060 47,066,795 - -

‡ß‘π∑¥√Õß®à“¬·°à°—ªµ—π‡√◊Õ 41,952,688 39,524,421 - -

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 41,215,594 44,986,219 7,298,984 8,951,837

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 1,073,535,724 629,295,040 888,759,902 966,089,791

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 6 - - 4,567,338,616 5,297,114,582

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ 6 87,700,531 35,555,856 - -

‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å - ÿ∑∏‘ 7 4,617,999,254 4,427,064,530 2,720,955 4,197,008

‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 77,585,550 - - -

§à“§«“¡π‘¬¡ - ÿ∑∏‘ 8,136,920 8,815,000 - -

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,962,436 3,106,073 423,248 471,166

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 4,794,384,691 4,474,541,459 4,570,482,819 5,301,782,756

√«¡ ‘π∑√—æ¬å 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547


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BALANCE SHEETSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES

As At 31 December 2003 and 2002

The accompanying notes are an integral part of the financial statements.

CONSOLIDATED THE COMPANY ONLY

Note 2003 2002 2003 2002

ASSETS

Current assets

Cash and cash equivalents 897,269,959 329,715,200 282,671,551 6,538,138

Trade accounts receivable - net 4 70,185,983 142,019,006 - -

Receivable from and advances to related parties

Subsidiaries 5 - - 598,349,626 950,160,075

Other related companies 5 2,299,440 25,983,399 439,741 439,741

Bunker oil 20,612,060 47,066,795 - -

Advances to vessel masters 41,952,688 39,524,421 - -

Other current assets 41,215,594 44,986,219 7,298,984 8,951,837

Total current assets 1,073,535,724 629,295,040 888,759,902 966,089,791

Non-current assets

Investments accounted for under 6 - - 4,567,338,616 5,297,114,582

equity method

Other long-term investments - net 6 87,700,531 35,555,856 - -

Vessels, condominium and 7 4,617,999,254 4,427,064,530 2,720,955 4,197,008

equipment - net

Prepayment for vessel purchases 77,585,550 - - -

Goodwill - net 8,136,920 8,815,000 - -

Other non-current assets 2,962,436 3,106,073 423,248 471,166

Total non-current assets 4,794,384,691 4,474,541,459 4,570,482,819 5,301,782,756

Total assets 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547

(Unit : Baht)

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2


ß∫¥ÿ≈ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

À¡“¬‡Àµÿ 2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡®â“Àπ’È°“√§â“ 52,290,655 100,232,355 3,596,851 10,024,159

‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ 5 - - 2,532,517,944 2,430,759,380

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßªï 8 938,579,124 393,385,757 242,582,284 -

√“¬‰¥â√—∫≈à«ßÀπâ“ 108,893,669 74,038,616 1,311,834 1,429,559

§à“„™â®à“¬‡°’Ë¬«°—∫≈Ÿ°‡√◊Õ§â“ß®à“¬ 69,601,789 79,681,091 - -

¿“√–§È”ª√–°—π§â“ß®à“¬ 5 - 21,060,600 - 21,060,600

¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ 34,577,673 2,092,737 33,763,593 1,253,664

‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 9 70,161,560 - 70,161,560 -

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 152,178,339 125,626,789 11,539,947 1,848,784

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 1,426,282,809 796,117,945 2,895,474,013 2,466,376,146

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â 10 - 886,736,531 - 886,736,531

‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬ 5 - - 662,818,000 662,818,000

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 8 2,483,771,798 2,744,396,287 - 1,618,368,101

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,483,771,798 3,631,132,818 662,818,000 3,167,922,632

√«¡Àπ’È ‘π 3,910,054,607 4,427,250,763 3,558,292,013 5,634,298,778



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

BALANCE SHEETS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES



Note 2003 2002 2003 2002

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Trade accounts payable 52,290,655 100,232,355 3,596,851 10,024,159

Payable to and advances from subsidiaries 5 - - 2,532,517,944 2,430,759,380

Current portion of long-term loans 8 938,579,124 393,385,757 242,582,284 -

Advances received from charterers 108,893,669 74,038,616 1,311,834 1,429,559

Accrued crew accounts 69,601,789 79,681,091 - -

Accrued guarantee obligation 5 - 21,060,600 - 21,060,600

Withholding tax payable 34,577,673 2,092,737 33,763,593 1,253,664

Advance receipt for sale of investments 9 70,161,560 - 70,161,560 -

Other current liabilities 152,178,339 125,626,789 11,539,947 1,848,784

Total current liabilities 1,426,282,809 796,117,945 2,895,474,013 2,466,376,146

Non-current liabilities

Redeemable convertible debentures 10 - 886,736,531 - 886,736,531

Subordinated loans from subsidiaries 5 - - 662,818,000 662,818,000

Long-term loans 8 2,483,771,798 2,744,396,287 - 1,618,368,101

Total non-current liabilities 2,483,771,798 3,631,132,818 662,818,000 3,167,922,632

Total liabilities 3,910,054,607 4,427,250,763 3,558,292,013 5,634,298,778

(Unit : Baht)


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


ß∫¥ÿ≈ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

À¡“¬‡Àµÿ 2546 2545 2546 2545

(Àπà«¬ : ∫“∑)


∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π

Àÿâπ “¡—≠ 520,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(2545 : Àÿâπ “¡—≠ 197,300,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 11 520,000,000 1,973,000,000 520,000,000 1,973,000,000

∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â«

Àÿâπ “¡—≠ 520,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(2545 : Àÿâπ “¡—≠ 52,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 520,000,000 520,000,000 520,000,000 520,000,000

à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 11 411,429,745 926,054,829 411,429,745 926,054,829

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 159,706,393 168,888,751 159,706,393 168,888,751

°”‰√ – ¡

®—¥ √√·≈â«

”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑œ 11, 12 52,000,000 60,500,000 52,000,000 60,500,000

- ∫√‘…—∑¬àÕ¬ 12 169,995,000 77,466,000 - -

”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 24,181,905 24,181,905 - -

¬—ß‰¡à‰¥â®—¥ √√ (¢“¥∑ÿπ) 563,637,665 (1,143,517,716) 757,814,570 (1,041,869,811)

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 1,900,950,708 633,573,769 1,900,950,708 633,573,769

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 56,915,100 43,011,967 - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,957,865,808 676,585,736 1,900,950,708 633,573,769

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M



Note 2003 2002 2003 2002

Shareholders’ equity

Share capital

Authorised share capital

520,000,000 ordinary shares of

Baht 1 each (2002 : 197,300,000

ordinary shares of Baht 10 each) 11 520,000,000 1,973,000,000 520,000,000 1,973,000,000

Issued and paid-up share capital

520,000,000 ordinary shares of

Baht 1 each (2002 : 52,000,000

ordinary shares of Baht 10 each) 520,000,000 520,000,000 520,000,000 520,000,000

Premium on ordinary shares 11 411,429,745 926,054,829 411,429,745 926,054,829

Translation adjustment 159,706,393 168,888,751 159,706,393 168,888,751

Retained earnings

Appropriated

Statutory reserve - the Company 11, 12 52,000,000 60,500,000 52,000,000 60,500,000

- subsidiaries 12 169,995,000 77,466,000 - -

General reserve in subsidiaries 24,181,905 24,181,905 - -

Unappropriated (Deficit) 563,637,665 (1,143,517,716) 757,814,570 (1,041,869,811)

Total equity attributable to Company’s shareholders 1,900,950,708 633,573,769 1,900,950,708 633,573,769

Minority interest - Equity attributable to

minority shareholders of subsidiaries 56,915,100 43,011,967 - -

Total shareholders’ equity 1,957,865,808 676,585,736 1,900,950,708 633,573,769

Total liabilities and shareholders’ equity 5,867,920,415 5,103,836,499 5,459,242,721 6,267,872,547

(Unit : Baht)

BALANCE SHEETS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


ß∫°”‰√¢“¥∑ÿπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

À¡“¬‡Àµÿ 2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

√“¬‰¥â

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ 3,796,875,589 3,290,904,183 - -

√“¬‰¥â®“°°“√„Àâ∫√‘°“√ 6,259,661 7,580,380 - -

¥Õ°‡∫’È¬√—∫ 1,261,148 3,255,056 286,996 770,405

°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ 7 177,035 23,662,343 - 237,296

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 13 184,190,660 73,120,913 22,259,875 17,099,206

√“¬‰¥âÕ◊Ëπ 1,760,637 3,865,964 61,187 1,611,425

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - - 1,688,819,220 706,643,900

√«¡√“¬‰¥â 3,990,524,730 3,402,388,839 1,711,427,278 726,362,232

§à“„™â®à“¬

µâπ∑ÿπ°“√‡¥‘π‡√◊Õ

§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ 957,395,362 1,030,909,341 - -

√“¬®à“¬∑à“‡√◊Õ 306,807,237 382,177,575 - -

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 266,620,343 345,037,438 - -

√«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ 1,530,822,942 1,758,124,354 - -

µâπ∑ÿπ°“√„Àâ∫√‘°“√ 13,243,470 11,422,526 - -

§à“„™â®à“¬„π°“√∫√‘À“√ 177,572,647 156,940,127 164,814,134 136,836,743

Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 33,552,025 32,970,383 4,044,813

§à“‡ ◊ËÕ¡√“§“ 7 601,964,978 634,970,791 1,614,542 2,181,882

¿“√–§È”ª√–°—π®à“¬ 5 - 31,589,725 - 31,589,725

§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ 6 - 161,353,402 - 22,955,307

§à“µÕ∫·∑π°√√¡°“√ 14 2,442,500 1,252,500 2,442,500 1,252,500

à«π·∫àß¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - 433,572 - -

¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - 379,725 - -

√«¡§à“„™â®à“¬ 2,332,751,799 2,790,018,747 201,841,559 198,860,970



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M



Note 2003 2002 2003 2002

Revenues

Vessel operating income 3,796,875,589 3,290,904,183 - -

Service income 6,259,661 7,580,380 - -

Interest income 1,261,148 3,255,056 286,996 770,405

Gains on disposals of fixed assets 7 177,035 23,662,343 - 237,296

Exchange gains 13 184,190,660 73,120,913 22,259,875 17,099,206

Other income 1,760,637 3,865,964 61,187 1,611,425

Share of profit from investments accounted

for under equity method - - 1,688,819,220 706,643,900

Total revenues 3,990,524,730 3,402,388,839 1,711,427,278 726,362,232

Expenses

Vessel operating costs

Vessel running expenses 957,395,362 1,030,909,341 - -

Voyage disbursements 306,807,237 382,177,575 - -

Bunker consumption 266,620,343 345,037,438 - -

Total vessel operating costs 1,530,822,942 1,758,124,354 - -

Cost of services 13,243,470 11,422,526 - -

Administrative expenses 177,572,647 156,940,127 164,814,134 136,836,743

Bad debt and allowance for doubtful accounts 6,705,262 33,552,025 32,970,383 4,044,813

Depreciation 7 601,964,978 634,970,791 1,614,542 2,181,882

Guarantee obligation 5 - 31,589,725 - 31,589,725

Allowance for possible loss on 6 - 161,353,402 - 22,955,307

other investments

Directors’ remuneration 14 2,442,500 1,252,500 2,442,500 1,252,500

Share of loss from investments accounted

for under equity method - 433,572 - -

Loss on sales of investments - 379,725 - -

Total expenses 2,332,751,799 2,790,018,747 201,841,559 198,860,970

(Unit : Baht)

STATEMENTS OF EARNINGSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


ß∫°”‰√¢“¥∑ÿπ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

À¡“¬‡Àµÿ 2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π

·≈–¿“…’‡ß‘π‰¥â 1,657,772,931 612,370,092 1,509,585,719 527,501,262

¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π (254,923,424) (201,132,020) (120,639,345) (115,829,843)

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 15 - - - -

°”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–√“¬°“√æ‘‡»… 1,402,849,507 411,238,072 1,388,946,374 411,671,419

¢“¥∑ÿπ (°”‰√) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (13,903,133) 433,347 - -

°”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 1,388,946,374 411,671,419 1,388,946,374 411,671,419

√“¬°“√æ‘‡»…

°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â 10 147,612,923 90,762,259 147,612,923 90,762,259

°”‰√ ÿ∑∏‘ ”À√—∫ªï 1,536,559,297 502,433,678 1,536,559,297 502,433,678

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 2.67 0.79 2.67 0.79

√“¬°“√æ‘‡»… 0.28 0.18 0.28 0.18

°”‰√ ÿ∑∏‘ 2.95 0.97 2.95 0.97

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ) 520,000,000 520,000,000 520,000,000 520,000,000



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M



Note 2003 2002 2003 2002

Earnings before interest and financial

costs and income tax 1,657,772,931 612,370,092 1,509,585,719 527,501,262

Interest and financial costs (254,923,424) (201,132,020) (120,639,345) (115,829,843)

Corporate income tax 15 - - - -

Earnings before minority interest

and extraordinary item 1,402,849,507 411,238,072 1,388,946,374 411,671,419

Net loss (earnings) of minority interest (13,903,133) 433,347 - -

Earnings from normal items 1,388,946,374 411,671,419 1,388,946,374 411,671,419

Extraordinary items

Gain on redemption of bonds and redeemable

convertible debentures 10 147,612,923 90,762,259 147,612,923 90,762,259

Net earnings for the year 1,536,559,297 502,433,678 1,536,559,297 502,433,678

Basic earnings per share

Earnings from normal items 2.67 0.79 2.67 0.79

Extraordinary item 0.28 0.18 0.28 0.18

Net earnings 2.95 0.97 2.95 0.97

Weighted average number of

ordinary shares (shares) 520,000,000 520,000,000 520,000,000 520,000,000

(Unit : Baht)

STATEMENTS OF EARNINGS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


¬Õ¥§ß‡À≈◊Õµâπªï 2545 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 77,466,000 24,181,905 (1,645,951,394) 39,507,244 474,038,340

‚Õπ°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥

‰∂à∂Õπ‰¥â‰ª

Õß§åª√–°Õ∫¢ÕßÀπ’È ‘π - - (329,203,639) - - - - - - (329,203,639)

º≈µà“ß®“°°“√·ª≈ß§à“

ß∫°“√‡ß‘π - - - 25,812,634 - - - - - 25,812,634

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ - - - - - - - - 3,504,723 3,504,723

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π

ß∫°”‰√¢“¥∑ÿπ - - (329,203,639) 25,812,634 - - - - 3,504,723 (299,886,282)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2545 - - - - - - - 502,433,678 - 502,433,678

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545 520,000,000 926,054,829 - 168,888,751 60,500,000 77,466,000 24,181,905 (1,143,517,716) 43,011,967 676,585,736

‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß

∫√‘…—∑œ ‰ªÀ—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11) - - - - (60,500,000) - - 60,500,000 - -

‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ª

À—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11) - (514,625,084) - - - - - 514,625,084 - -

”√Õßµ“¡°ÆÀ¡“¬

(À¡“¬‡Àµÿ 12) - - - - 52,000,000 92,529,000 - (144,529,000) - -

‡ß‘πªíπº≈®à“¬

(À¡“¬‡Àµÿ 16) - - - - - - - (260,000,000) - (260,000,000)

º≈µà“ß®“°°“√·ª≈ß§à“

ß∫°“√‡ß‘π - - - - - - - - (9,182,358) (9,182,358)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ - - - - - - - - 13,903,133 13,903,133

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π

ß∫°”‰√¢“¥∑ÿπ - (514,625,084) - (9,182,358) (8,500,000) 92,529,000 - 170,596,084 13,903,133 (255,279,225)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 - - - - - - - 1,536,559,297 - 1,536,559,297

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 520,000,000 411,429,745 - 159,706,393 52,000,000 169,995,000 24,181,905 563,637,665 56,915,100 1,957,865,808

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

(Àπà«¬ : ∫“∑)

”√Õßµ“¡°ÆÀ¡“¬

®—¥ √√·≈â«

°”‰√ (¢“¥∑ÿπ) – ¡

√«¡

à«π¢Õß

ºŸâ∂◊ÕÀÿâπ

à«ππâÕ¬

¬—ß‰¡à‰¥â

®—¥ √√

º≈µà“ß®“°

°“√·ª≈ß§à“

ß∫°“√‡ß‘π

°”‰√∑’Ë¬—ß‰¡à

‡°‘¥¢÷Èπ®√‘ß

®“°Àÿâπ°Ÿâ

·ª≈ß ¿“æ

™π‘¥‰∂à∂Õπ‰¥â

à«π‡°‘π

¡Ÿ≈§à“

Àÿâπ “¡—≠

∑ÿπ‡√◊ÕπÀÿâπ

∑’ËÕÕ°·≈–

™”√–·≈â« ”√Õß∑—Ë«‰ª

∫√‘…—∑¬àÕ¬∫√‘…—∑¬àÕ¬∫√‘…—∑œ

ß∫°“√‡ß‘π√«¡



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

Balance - beginning of the

year 2002 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 77,466,000 24,181,905 (1,645,951,394) 39,507,244 474,038,340

Transfer unrealised gain on

redeemable convertible

debentures to liabilities

element - - (329,203,639) - - - - - - (329,203,639)

Translation adjustment - - - 25,812,634 - - - - - 25,812,634

Minority interest - - - - - - - - 3,504,723 3,504,723

Items not yet recognised in

earnings statements - - (329,203,639) 25,812,634 - - - - 3,504,723 (299,886,282)

Net earnings for the year 2002 - - - - - - - 502,433,678 - 502,433,678

Balance - end of the year 2002 520,000,000 926,054,829 - 168,888,751 60,500,000 77,466,000 24,181,905 (1,143,517,716) 43,011,967 676,585,736

Transfer statutory reserve of the

Company to offset deficit

(Note 11) - - - - (60,500,000) - - 60,500,000 - -

Transfer premium on ordinary

shares to offset deficit

(Note 11) - (514,625,084) - - - - - 514,625,084 - -

Statutory reserve (Note 12) - - - - 52,000,000 92,529,000 - (144,529,000) - -

Dividend paid (Note 16) - - - - - - - (260,000,000) - (260,000,000)

Translation adjustment - - - (9,182,358) - - - - - (9,182,358)

Minority interest - - - - - - - - 13,903,133 13,903,133


earnings statements - (514,625,084) - (9,182,358) (8,500,000) 92,529,000 - 170,596,084 13,903,133 (255,279,225)

Net earnings for the year 2003 - - - - - - - 1,536,559,297 - 1,536,559,297

Balance - end of the year 2003 520,000,000 411,429,745 - 159,706,393 52,000,000 169,995,000 24,181,905 563,637,665 56,915,100 1,957,865,808


(Unit : Baht)

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


Statutory reserve

Appropriated

Retained earnings (deficit)

TotalMinorityinterest

Unappro-priated

Translationadjustment

Unrealisedgain on

redeemableconvertibledebentures

Premiumon ordinary

shares

Issued andpaid-upsharecapital

Generalreserve in

subsidiariesSubsidiariesThe Company

CONSOLIDATED

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

°”‰√∑’Ë¬—ß °”‰√ (¢“¥∑ÿπ) – ¡

∑ÿπ‡√◊ÕπÀÿâπ à«π‡°‘π¡Ÿ≈§à“

‰¡à‡°‘¥¢÷Èπ®√‘ßº≈µà“ß®“° ®—¥ √√·≈â«

¬—ß‰¡à‰¥â∑’ËÕÕ°·≈– ®“°Àÿâπ°Ÿâ°“√·ª≈ß§à“ ”√Õßµ“¡

√«¡

™”√–·≈â« Àÿâπ “¡—≠

·ª≈ß ¿“æß∫°“√‡ß‘π °ÆÀ¡“¬ ®—¥ √√

™π‘¥‰∂à∂Õπ‰¥â

¬Õ¥§ß‡À≈◊Õµâπªï 2545 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 (1,544,303,489) 434,531,096

‚Õπ°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ

·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‰ª

Õß§åª√–°Õ∫¢ÕßÀπ’È ‘π - - (329,203,639) - - - (329,203,639)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - - - 25,812,634 - - 25,812,634

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπ - - (329,203,639) 25,812,634 - - (303,391,005)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2545 - - - - - 502,433,678 502,433,678

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545 520,000,000 926,054,829 - 168,888,751 60,500,000 (1,041,869,811) 633,573,769

‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑œ

‰ªÀ—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11) - - - - (60,500,000) 60,500,000 -

‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠

‰ªÀ—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11) - (514,625,084) - - - 514,625,084 -

”√Õßµ“¡°ÆÀ¡“¬

(À¡“¬‡Àµÿ 12) - - - - 52,000,000 (52,000,000) -

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 16) - - - - - (260,000,000) (260,000,000)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - - - (9,182,358) - - (9,182,358)

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π

ß∫°”‰√¢“¥∑ÿπ - (514,625,084) - (9,182,358) (8,500,000) 263,125,084 (269,182,358)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 - - - - - 1,536,559,297 1,536,559,297

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 520,000,000 411,429,745 - 159,706,393 52,000,000 757,814,570 1,900,950,708

(Àπà«¬ : ∫“∑)



11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

THE COMPANY ONLY

Unrealised Retained earnings (deficit)

Issued and Premium on gain on

Appropriatedpaid-up ordinary redeemable Translationstatutory

Unappro- Total

share capital shares convertible adjustmentreserve

priated

debentures

Balance - beginning of the year 2002 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 (1,544,303,489) 434,531,096

Transfer unrealised gain on

redeemable convertible debentures

to liabilities element - - (329,203,639) - - - (329,203,639)

Translation adjustment - - - 25,812,634 - - 25,812,634


earnings statements - - (329,203,639) 25,812,634 - - (303,391,005)

Net earnings for the year 2002 - - - - - 502,433,678 502,433,678

Balance - end of the year 2002 520,000,000 926,054,829 - 168,888,751 60,500,000 (1,041,869,811) 633,573,769

Transfer statutory reserve of the

Company to offset deficit

(Note 11) - - - - (60,500,000) 60,500,000 -

Transfer premium on ordinary

shares to offset deficit

(Note 11) - (514,625,084) - - - 514,625,084 -

Statutory reserve (Note 12) - - - - 52,000,000 (52,000,000) -

Dividend paid (Note 16) - - - - - (260,000,000) (260,000,000)

Translation adjustment - - - (9,182,358) - - (9,182,358)


earnings statements - (514,625,084) - (9,182,358) (8,500,000) 263,125,084 (269,182,358)

Net earnings for the year 2003 - - - - - 1,536,559,297 1,536,559,297

Balance - end of the year 2003 520,000,000 411,429,745 - 159,706,393 52,000,000 757,814,570 1,900,950,708


(Unit : Baht)

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2



ß∫°√–· ‡ß‘π ¥∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π

°”‰√ ÿ∑∏‘ 1,536,559,297 502,433,678 1,536,559,297 502,433,678

ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬)

®“°°‘®°√√¡¥”‡π‘πß“π

§à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ 602,643,058 635,648,871 1,614,542 2,181,882

Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 33,552,025 32,970,383 4,044,813

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß (161,037,212) (40,396,838) (7,495,859) (14,030,386)

à«π·∫àß (°”‰√) ¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ

µ“¡«‘∏’ à«π‰¥â‡ ’¬ - 433,572 (1,688,819,220) (706,643,900)

°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ (177,035) (23,662,343) - (237,296)

¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - 379,725 - -

§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ - 161,353,402 - 22,955,307

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ 13,903,133 3,504,723 - -

1,998,596,503 1,273,246,815 (125,170,857) (189,295,902)

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß

≈Ÿ°Àπ’È°“√§â“ 60,590,103 (34,093,958) - -

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 23,683,960 (16,636,010) 2,953,252,895 60,097,620

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 26,454,735 14,561,952 - -

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 1,342,358 77,601,017 1,652,853 1,182,346

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 143,637 1,770,387 47,918 (140,808)

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)

‡®â“Àπ’È°“√§â“ (48,103,858) (20,552,747) (6,167,716) 6,431,926

‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ - - 101,758,564 470,472,342

√“¬‰¥â√—∫≈à«ßÀπâ“ 35,585,195 (878,789) - -

¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ 32,484,936 (4,793,871) 32,509,929 (3,900,239)

‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 70,161,560 - 70,161,560 -

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (4,588,352) (4,825,102) (11,369,438) 17,458,315

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π 2,196,350,777 1,285,399,694 3,016,675,708 362,305,600


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M



2003 2002 2003 2002

Cash flows from (used in) operating activities

Net earnings 1,536,559,297 502,433,678 1,536,559,297 502,433,678

Adjustments to reconcile net earnings to net

cash provided by (used in) operating activities :

Depreciation and amortisation 602,643,058 635,648,871 1,614,542 2,181,882

Bad debt and allowance for doubtful accounts 6,705,262 33,552,025 32,970,383 4,044,813

Unrealised exchange gains (161,037,212) (40,396,838) (7,495,859) (14,030,386)

Share of (profit) loss from investments

accounted for under equity method - 433,572 (1,688,819,220) (706,643,900)

Gain on disposals of fixed assets (177,035) (23,662,343) - (237,296)

Loss on sales of investments - 379,725 - -

Allowance for possible loss on other

investments - 161,353,402 - 22,955,307

Increase in minority interest 13,903,133 3,504,723 - -

1,998,596,503 1,273,246,815 (125,170,857) (189,295,902)

Operating assets (increase) decrease

Trade accounts receivable 60,590,103 (34,093,958) - -

Receivable from and advances to related parties 23,683,960 (16,636,010) 2,953,252,895 60,097,620

Bunker oil 26,454,735 14,561,952 - -


Other non-current assets 143,637 1,770,387 47,918 (140,808)

Operating liabilities increase (decrease)

Trade accounts payable (48,103,858) (20,552,747) (6,167,716) 6,431,926

Payable to and advances from subsidiaries - - 101,758,564 470,472,342

Advances received from charterers 35,585,195 (878,789) - -

Withholding tax payable 32,484,936 (4,793,871) 32,509,929 (3,900,239)

Advance receipt for sale of investments 70,161,560 - 70,161,560 -

Other current liabilities (4,588,352) (4,825,102) (11,369,438) 17,458,315

Net cash from operating activities 2,196,350,777 1,285,399,694 3,016,675,708 362,305,600

(Unit : Baht)

STATEMENTS OF CASH FLOWSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2



ß∫°√–· ‡ß‘π ¥ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ

‡ß‘πΩ“°∏π“§“√∑’Ë∂÷ß°”Àπ¥®à“¬§◊π‡°‘π°«à“ 3 ‡¥◊Õπ

·≈–‡ß‘πΩ“°∑’Ë¡’¿“√–§È”ª√–°—π≈¥≈ß - 14,964,636 - 13,744,636

¢“¬‡ß‘π≈ß∑ÿπÕ◊Ëπ - 708,312 - -

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬‡æ‘Ë¡¢÷Èπ - - (225,000,000) -

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ‡æ‘Ë¡¢÷Èπ (52,144,675) (49,071,977) - -

´◊ÈÕ ‘π∑√—æ¬å∂“«√ (792,898,845) (183,265,650) (138,489) (1,602,565)

¢“¬ ‘π∑√—æ¬å∂“«√ 176,177 131,164,634 - 237,300

‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ (77,585,550) - - -

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ (922,452,893) (85,500,045) (225,138,489) 12,379,371

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π

‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡„À¡à 3,552,990,822 - 249,700,826 -

‡ß‘π ¥®à“¬™”√–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (3,103,415,058) (929,657,885) (1,618,368,101) (144,039,140)

‡ß‘π ¥®à“¬™”√– ”À√—∫°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–

Àÿâπ°Ÿâ·ª≈ß ¿“æ (739,123,608) (137,167,460) (739,123,608) (137,167,460)

‡ß‘πªíπº≈®à“¬ (260,000,000) - (260,000,000) -

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π

°àÕπ√“¬°“√æ‘‡»… (549,547,844) (1,066,825,345) (2,367,790,883) (281,206,600)

√“¬°“√æ‘‡»… - °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â (147,612,923) (90,762,259) (147,612,923) (90,762,259)

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (697,160,767) (1,157,587,604) (2,515,403,806) (371,968,859)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) (9,182,358) 25,812,634 - -

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 567,554,759 68,124,679 276,133,413 2,716,112

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 329,715,200 261,590,521 6,538,138 3,822,026

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 897,269,959 329,715,200 282,671,551 6,538,138


11 M

8

6

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8

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9 M

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8 M

8

6

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7 M

8

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6 M

8

6

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2

5 M

8

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2

4 M

8

6

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3 M

8

6

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2 M

8

6

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1 M



2003 2002 2003 2002

Cash flows from (used in) investing activities

Decrease in deposits at banks with maturity of

more than 3 months and amount pledged - 14,964,636 - 13,744,636

Sales of other investments - 708,312 - -

Increase in investments accounted

for under equity method - - (225,000,000) -

Increase in long-term investments (52,144,675) (49,071,977) - -

Acquisitions of fixed assets (792,898,845) (183,265,650) (138,489) (1,602,565)

Disposals of fixed assets 176,177 131,164,634 - 237,300

Prepayment for vessel purchases (77,585,550) - - -

Net cash from (used in) investing activities (922,452,893) (85,500,045) (225,138,489) 12,379,371

Cash flows from (used in) financing activities

Cash received from new loans 3,552,990,822 - 249,700,826 -

Cash paid for long-term loans (3,103,415,058) (929,657,885) (1,618,368,101) (144,039,140)

Cash paid on redemption of bonds and

redeemable convertible debentures (739,123,608) (137,167,460) (739,123,608) (137,167,460)

Dividend paid (260,000,000) - (260,000,000) -

Net cash used in financing activities

before extraordinary items (549,547,844) (1,066,825,345) (2,367,790,883) (281,206,600)

Extraordinary item - gains on redemption of bonds

and redeemable convertible debentures (147,612,923) (90,762,259) (147,612,923) (90,762,259)

Net cash used in financing activities (697,160,767) (1,157,587,604) (2,515,403,806) (371,968,859)

Increase (decrease) in translation adjustment (9,182,358) 25,812,634 - -

Net increase in cash and cash equivalents 567,554,759 68,124,679 276,133,413 2,716,112

Cash and cash equivalents at beginning of year 329,715,200 261,590,521 6,538,138 3,822,026

Cash and cash equivalents at end of year 897,269,959 329,715,200 282,671,551 6,538,138

(Unit : Baht)

STATEMENTS OF CASH FLOWS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

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8

6

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9 M

8

6

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8

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7 M

8

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4

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6 M

8

6

4

2

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6

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2 M

8

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2



ß∫°√–· ‡ß‘π ¥ (µàÕ)∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

(Àπà«¬ : ∫“∑)

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ª√–°Õ∫ß∫°√–· ‡ß‘π ¥

‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫

¥Õ°‡∫’È¬®à“¬ 164,740,081 200,909,307 96,778,203 116,123,964

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ - 369,951 - -

√“¬°“√∑’Ë¡‘„™à‡ß‘π ¥

à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â

≈¥≈ß®“°°“√‰∂à∂Õπ„πÕ—µ√“§‘¥≈¥ - (227,929,718) - (227,929,718)

à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â

‡æ‘Ë¡¢÷Èπ®“°Õ—µ√“ à«πÕß§åª√–°Õ∫¢Õß

Àπ’È ‘π ≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’Ë¬π·ª≈ß - 329,203,639 - 329,203,639

°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ·ª≈ß ¿“æ

™π‘¥‰∂à∂Õπ‰¥â≈¥≈ß ®“°Õ—µ√“ à«π

Õß§åª√–°Õ∫¢Õß∑ÿπ

≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’Ë¬π·ª≈ß - (329,203,639) - (329,203,639)

‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬

‚¥¬À—°°≈∫≈∫Àπ’È°—∫‡®â“Àπ’È

·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ - - 2,637,762,695 -


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

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2

4 M

8

6

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3 M

8

6

4

2

2 M

8

6

4

2

1 M



2003 2002 2003 2002

Supplemental cash flow information

Cash paid during the year for

Interest expenses 164,740,081 200,909,307 96,778,203 116,123,964

Corporate income tax - 369,951 - -

Non-cash transactions

Decrease in redeemable convertible

debentures due to redemption at discount - (227,929,718) - (227,929,718)

Increase in redeemable convertible debentures

from the change in proportion of liabilities

element as at the balance sheet date - 329,203,639 - 329,203,639

Decrease in unrealised gain on redeemable

convertible debentures from the change in

proportion of equity element as at

the balance sheet date - (329,203,639) - (329,203,639)

Dividend income from subsidiaries offset

against payable to and advances

from subsidiaries - - 2,637,762,695 -

(Unit : Baht)

STATEMENTS OF CASH FLOWS (CONTINUED)PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES


11 M

8

6

4

2

10 M

8

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9 M

8

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8 M

8

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8

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6 M

8

6

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2


À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥¿“¬„µâ°ÆÀ¡“¬‰∑¬·≈–®¥∑–‡∫’¬π

„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ∫√‘…—∑‚Œ≈¥‘Èß§Õ¡æ“π’

‡æ◊ËÕ≈ß∑ÿπ„π∏ÿ√°‘®¥â“π°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑œ µ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 8 Õ“§“√§“‡∏à¬å‡Œâ“ å ™—Èπ 7

∂ππ “∑√‡Àπ◊Õ ’≈¡ ∫“ß√—° °√ÿß‡∑æ¡À“π§√

2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

2.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ¢Õß∫√‘…—∑

æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ( ÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑œ é) ·≈–∫√‘…—∑¬àÕ¬ Õ—µ√“ à«π°“√ ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬

µ≈Õ¥®π ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡¡’¥—ßπ’È

Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß

®—¥µ—Èß °“√∂◊ÕÀÿâπ ‚¥¬ ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà∫√‘…—∑¬àÕ¬

¢÷Èπ„π ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „π¬Õ¥√“¬‰¥â√«¡

ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡

2546 2545 2546 2545 2546 2545

1. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ‘ß§‚ª√å 100 100 ¢π àß∑“ß∑–‡≈ 1.54 1.80 0.01 0.95

( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥

2. ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å 100 100 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -

3. ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å 100 100 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -

4. ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.96 2.34 3.06 2.65

5. ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.38 2.14 3.12 4.47

6. ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.63 7.08 7.42 6.50

7. ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 3.74 4.47 3.09 3.03

8. ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.53 - 1.77 -

9. ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.35 - - -

10. ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.86 7.65 3.42 3.83

11. ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.75 7.11 3.37 3.66

12. ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 6.86 8.39 3.75 3.68

13. ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.79 5.81 3.95 3.38

14. ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.73 - - -

15. ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.00 6.22 3.93 3.77

16. ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 4.56 6.20 3.54 3.46

17. ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 5.07 6.19 3.43 4.05


11 M

8

6

4

2

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8

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9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

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2

5 M

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3 M

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2 M

8

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2

1 M

NOTES TO FINANCIAL STATEMENTSPRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES

For the Years ended 31 December 2003 and 2002

1. GENERAL INFORMATION

Precious Shipping Public Company Limited was incorporated as a public limited company under Thai laws

and then listed on the Stock Exchange of Thailand. The Company engages the business in Thailand as a holding

company for investment in the business of marine transportation. Its registered office is located at No. 8 Cathay

House, 7th Floor, North Sathorn Road, Silom, Bangrak, Bangkok.

2. BASIS OF CONSOLIDATION

2.1 The consolidated financial statements included the financial statements of Precious Shipping Public

Company Limited (hereinafter referred to as “the Company”), and the financial statements of its subsidiary companies

(“the subsidiaries”) for the years ended 31 December 2003 and 2002. The percentage of subsidiaries owned by the

Company, assets and revenues of the subsidiaries included in the consolidated financial statements are as follows :

Percentage Percentage of total Percentage of total

Subsidiaries

Countrydirectly and Nature of assets included revenues included

ofindirectly owned business in the consolidated in the consolidatedincorporationby the Company total assets total revenues

2003 2002 2003 2002 2003 2002

1. Precious Shipping (Singapore) Singapore 100 100 Marine transportation 1.54 1.80 0.01 0.95

Pte. Limited

2. Thebes Pte. Limited Singapore 100 100 Holding company* - - - -

3. Regidor Pte. Limited Singapore 100 100 Holding company* - - - -

4. Precious Metals Limited Thailand 99.99 99.99 Marine transportation 1.96 2.34 3.06 2.65

5. Precious Wishes Limited Thailand 99.99 99.99 Marine transportation 1.38 2.14 3.12 4.47

6. Precious Capitals Limited Thailand 99.99 99.99 Marine transportation 5.63 7.08 7.42 6.50

7. Precious Oceans Limited Thailand 99.99 99.99 Marine transportation 3.74 4.47 3.09 3.03

8. Precious Minerals Limited Thailand 99.99 99.99 Marine transportation 4.53 - 1.77 -

9. Precious Stones Shipping Limited Thailand 99.99 99.99 Marine transportation 1.35 - - -

10. Precious Mountains Limited Thailand 99.99 99.99 Marine transportation 5.86 7.65 3.42 3.83

11. Precious Hills Limited Thailand 99.99 99.99 Marine transportation 5.75 7.11 3.37 3.66

12. Precious Resorts Limited Thailand 99.99 99.99 Marine transportation 6.86 8.39 3.75 3.68

13. Precious Lagoons Limited Thailand 99.99 99.99 Marine transportation 4.79 5.81 3.95 3.38

14. Precious Cities Limited Thailand 99.99 99.99 Marine transportation 2.73 - - -

15. Precious Cliffs Limited Thailand 99.99 99.99 Marine transportation 5.00 6.22 3.93 3.77

16. Precious Stars Limited Thailand 99.99 99.99 Marine transportation 4.56 6.20 3.54 3.46

17. Precious Seas Limited Thailand 99.99 99.99 Marine transportation 5.07 6.19 3.43 4.05

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6 M

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ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡

2546 2545 2546 2545 2546 2545

18. ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.71 3.39 3.94

19. ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 3.28 4.60 6.57 8.03

20. ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.14 3.33 7.41 6.00

21. ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.76 2.62 3.64 3.44

22. ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.00 2.63 3.81 4.48

23. ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.46 2.42 3.49

24. ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.74 0.95 2.73 4.66

25. ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.10 1.75 3.25 3.53

26. ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.92 1.43 3.42 3.38

27. ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.78 1.53 4.84 2.97

28. ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.14 1.33 3.26 2.21

29. ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.87 1.51 3.63 2.44

30. ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.79 1.22 3.34 2.22

31. ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - 0.01 -

32. ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - - -

33. ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈* - - - -

34. ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.47 - - -

35. ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰∑¬ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 7.54 0.07 0.43 0.57

36. ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‰∑¬ 99.99 99.99 ºŸâ∫√‘À“√‡√◊Õ 1.96 2.51 0.15 0.23

‡Õ‡¬π´’Ë ®”°—¥ ∑“ß¥â“π‡∑§π‘§

37. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ Õ—ß°ƒ… 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.81 0.05 0.01 0.03

38. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ª“π“¡“ 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.50 0.08 - 0.02

(ª“π“¡“) ‡Õ ‡Õ

39. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ‡¡Õ√‘‡™’¬ 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - 0.01 0.01

(‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥

40. ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß ‘ß§‚ª√å 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -

æ’∑’Õ’ ≈‘¡‘‡µ¥

41. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∫—≈§å ‡¡Õ√‘‡™’¬ 99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 0.03 0.04 - -

‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥


11 M

8

6

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10 M

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9 M

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8 M

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7 M

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Subsidiaries



2003 2002 2003 2002 2003 2002

18. Precious Planets Limited Thailand 99.99 99.99 Marine transportation 1.12 1.71 3.39 3.94

19. Precious Jasmines Limited Thailand 99.99 99.99 Marine transportation 3.28 4.60 6.57 8.03

20. Precious Ventures Limited Thailand 99.99 99.99 Marine transportation 2.14 3.33 7.41 6.00

21. Precious Diamonds Limited Thailand 99.99 99.99 Marine transportation 1.76 2.62 3.64 3.44

22. Precious Orchids Limited Thailand 99.99 99.99 Marine transportation 2.00 2.63 3.81 4.48

23. Precious Rivers Limited Thailand 99.99 99.99 Marine transportation 1.12 1.46 2.42 3.49

24. Precious Forests Limited Thailand 99.99 99.99 Marine transportation 0.74 0.95 2.73 4.66

25. Precious Trees Limited Thailand 99.99 99.99 Marine transportation 1.10 1.75 3.25 3.53

26. Precious Flowers Limited Thailand 99.99 99.99 Marine transportation 0.92 1.43 3.42 3.38

27. Precious Pearls Limited Thailand 99.99 99.99 Marine transportation 0.78 1.53 4.84 2.97

28. Precious Emeralds Limited Thailand 99.99 99.99 Marine transportation 1.14 1.33 3.26 2.21

29. Precious Ponds Limited Thailand 99.99 99.99 Marine transportation 0.87 1.51 3.63 2.44

30. Precious Garnets Limited Thailand 99.99 99.99 Marine transportation 0.79 1.22 3.34 2.22

31. Precious Rubies Limited Thailand 99.99 99.99 Marine transportation* - - 0.01 -

32. Precious Lands Limited Thailand 99.99 99.99 Marine transportation* - - - -

33. Precious Opals Limited Thailand 99.99 99.99 Marine transportation* - - - -

34. Precious Lakes Limited Thailand 99.99 99.99 Marine transportation 0.47 - - -

35. Precious Sapphires Limited Thailand 99.99 99.99 Marine transportation 7.54 0.07 0.43 0.57

36. Great Circle Shipping Thailand 99.99 99.99 Ship technical 1.96 2.51 0.15 0.23

Agency Limited management

37. Precious Shipping (UK) Limited England 99.99 99.99 Chartering 0.81 0.05 0.01 0.03

38.Precious Shipping Panama 99.99 99.99 Chartering 0.50 0.08 - 0.02

(Panama) S.A.

39. Precious Shipping Mauritius 99.99 99.99 Holding company* - - 0.01 0.01

(Mauritius) Limited

40.Rapid Port Leasing Singapore 99.99 99.99 Holding company* - - - -

Pte. Limited

41.PSL Bulk Terminal Mauritius 99.99 99.99 Holding company* 0.03 0.04 - -

Company Limited

11 M

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ª√–‡∑» ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡

2546 2545 2546 2545 2546 2545

42. ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ‰∑¬ 99.88 99.88 ‚Œ≈¥‘Èß §Õ¡æ“π’* - 0.04 - -

43. ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ‰∑¬ 99.40 99.40 ¢π àß∑“ß∑–‡≈* - - - -

44. ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ‰∑¬ 99.40 99.40 ¢π àß∑“ß∑–‡≈* - - - -

45. ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‡¡Õ√‘‡™’¬ 79.99 79.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 1.50 1.16 - -

‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥

46. ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‰∑¬ 69.99 69.99 §≈—ß‡°Á∫ ‘π§â“ - - - 0.01

‡∑Õ¡‘π—≈ å ®”°—¥ ≈Õ¬πÈ”*

47. ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ‰∑¬ 69.99 69.99 §≈—ß‡°Á∫ ‘π§â“ - 0.01 0.01 0.01

≈Õ¬πÈ”*

48. ∫√‘…—∑ æ’‡Õ ·Õ≈ ‡¡Õ√‘‡™’¬ 68.96 68.96 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -

Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥

49. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß ‘ß§‚ª√å 64.06 64.06 ¢π àß∑“ß∑–‡≈ 2.98 3.13 3.34 4.29

æ’∑’Õ’ ≈‘¡‘‡µ¥

50. ∫√‘…—∑ §“√å‚°â ‘ ‡µÁ¡ ‡¡Õ√‘‡™’¬ 59.93 59.93 ‚Œ≈¥‘Èß §Õ¡æ“π’* - - - -

Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥

51. ∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å Õ‘π‡¥’¬ 59.93 59.93 „Àâ∫√‘°“√®—¥°“√ - - - -

(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ¥â“π°“√¢π àß*

52. ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œ π¥å‡¥≈Õ å Õ‘π‡¥’¬ 50.94 50.94 ∫√‘À“√∑à“®Õ¥‡√◊Õ* 0.55 0.86 0.01 0.01

‰æ√‡«∑ ≈‘¡‘‡µ¥

* ªí®®ÿ∫—π‰¥âÀ¬ÿ¥¥”‡π‘π∏ÿ√°‘®·≈â«

2.2 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πµà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ∂—«‡©≈’Ë¬

≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ√◊ÕÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬„π√–À«à“ßªï ”À√—∫ √“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß

®“°°“√·ª≈ß§à“¥—ß°≈à“«‰¥â· ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ß§à“ ß∫°“√‡ß‘πé „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

2.3 ¬Õ¥§ß§â“ß·≈–√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’

¢Õß∫√‘…—∑œ ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«

2.4 ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ ‰¥âÀ—°°≈∫≈∫°—π°—∫¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬

≥ «—π∑’Ë´◊ÈÕÀÿâπ º≈µà“ß‰¥â· ¥ß‡ªìπ ‘π∑√—æ¬å‰¡à¡’µ—«µπ¿“¬„µâ√“¬°“√ ç§à“§«“¡π‘¬¡é „π ß∫¥ÿ≈·≈–µ—¥®”Àπà“¬¿“¬„π√–¬–‡«≈“

20 ªï


11 M

8

6

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10 M

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9 M

8

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8 M

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7 M

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6 M

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Subsidiaries



2003 2002 2003 2002 2003 2002

42.Geepee Corporation Limited Thailand 99.88 99.88 Holding company * - 0.04 - -

43. Precious Comets Limited Thailand 99.40 99.40 Marine transportation* - - - -

44. Precious Ornaments Limited Thailand 99.40 99.40 Marine transportation* - - - -

45. International Lighterage Limited Mauritius 79.99 79.99 Holding company* 1.50 1.16 - -

46. Precious Storage Thailand 69.99 69.99 Bulk storage barges* - - - 0.01

Terminals Limited

47. Nedtex Limited Thailand 69.99 69.99 Bulk storage barges* - 0.01 0.01 0.01

48. PSL Investments Limited Mauritius 68.96 68.96 Holding company* - - - -

49.PSL Thun Shipping Pte. Limited Singapore 64.06 64.06 Marine transportation 2.98 3.13 3.34 4.29

50.Cargo Systems International Mauritius 59.93 59.93 Holding company* - - - -

Limited

51.Multi Cargo Systems India 59.93 59.93 Handling services* - - - -

(India) Private Limited

52.Geepee Bulk Handlers

Private Limited India 50.94 50.94 Port management* 0.55 0.86 0.01 0.01

*Currently suspended their businesses

2.2 The financial statements of the subsidiaries and associated incorporated overseas are translated into

Thai Baht at the average closing exchange rate at the balance sheet date as to assets and liabilities, and at the

average exchange rate during the year as to revenues and expenses. The resultant difference has been shown under

the caption of “Translation adjustment” in the shareholders’ equity.

2.3 Material balances and transactions between the Company and its subsidiaries, investments in the

subsidiaries in the Company’s accounts and shareholders’ equity of the subsidiaries have been eliminated from the

consolidated financial statements.

2.4 The acquisition cost of investments in the subsidiaries and the net book value of the subsidiaries at the

time of acquisition have been offset and the difference thereof have been shown as intangible asset under the heading

of “Goodwill” in balance sheet and has been amortised over a period of 20 years.

11 M

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6 M

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3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥‚¥¬ ¡“§¡π—°∫—≠™’·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ·Ààßª√–‡∑»‰∑¬

·≈–‡ªìπ‰ªµ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘ππ’È‰¥â®—¥∑”¢÷Èπµ“¡À≈—°√“§“∑ÿπ‡¥‘¡ ´÷ËßÕ“®ª√—∫ª√ÿß¥â«¬°“√

µ’√“§“„À¡à¢Õß√“¬°“√∫“ß√“¬°“√∑’Ë‡ªìπÕ“§“√™ÿ¥

π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È

3.1 °“√√—∫√Ÿâ√“¬‰¥â·≈–§à“„™â®à“¬

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õª√–°Õ∫¥â«¬

√“¬‰¥â§à“‡™à“‡√◊Õ - √“¬‰¥â·≈–§à“„™â®à“¬®“°°“√„Àâ‡™à“‡√◊Õ∫—π∑÷°∫—≠™’µ“¡‡°≥±å§ß§â“ß

√“¬‰¥â§à“√–«“ß‡√◊Õ - √“¬‰¥â§à“√–«“ß‡√◊Õ·≈–§à“„™â®à“¬∫—π∑÷°∫—≠™’µ“¡√–¬–‡«≈“∑’Ë∂◊Õ«à“‡∑’Ë¬«‡√◊Õ‰¥â ‘Èπ ÿ¥≈ß·≈â«

√“¬‰¥â®“°°“√„Àâ∫√‘°“√Õ◊Ëπ√—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕ‰¥â„Àâ∫√‘°“√·≈â«

√“¬‰¥â¥Õ°‡∫’È¬√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å —¥ à«π¢Õß‡«≈“‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß¢Õß ‘π∑√—æ¬å

‡«âπ·µà®–¡’§«“¡‰¡à·πàπÕπ„π°“√√—∫™”√–

3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬∂÷ß‡ß‘π ¥·≈–‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬–

‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ π—∫·µà«—π∑’ËΩ“°·≈–ª√“»®“°¿“√–ºŸ°æ—π

3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠

≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬ ®– Ÿ≠‚¥¬ª√–¡“≥

¢÷Èπ®“°®”π«πÀπ’È∑’ËÕ“®‡√’¬°‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’È‰¡à‰¥â ‚¥¬æ‘®“√≥“®“°ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π·≈–µ“¡ ∂“π–ªí®®ÿ∫—π¢Õß

≈Ÿ°Àπ’È§ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ Àπ’È Ÿ≠®–∂Ÿ°µ—¥®”Àπà“¬‡¡◊ËÕ ‰¡à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â

3.4 πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’‡¢â“°àÕπ-ÕÕ°°àÕπ)

3.5 ‡ß‘π≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πß∫°“√‡ß‘π√«¡ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

· ¥ß¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ ´÷Ëß°“√∫—π∑÷°µ“¡«‘∏’ à«π‰¥â‡ ’¬π’È ‡ß‘π≈ß∑ÿπ®–∂Ÿ°∫—π∑÷°§√—Èß·√°„π√“§“∑ÿπ∑’Ë´◊ÈÕ¡“·≈–ª√—∫¥â«¬

à«π‰¥â‡ ’¬∑’Ë‡°‘¥¢÷Èπ®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡Õ—µ√“ à«π°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ

‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπÕ◊Ëπ´÷Ëß· ¥ß„π√“§“∑ÿπ ∫√‘…—∑œ ®–

∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπ ‡¡◊ËÕ√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π

3.6 ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡

Õ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“°àÕπªï 2539 · ¥ß¡Ÿ≈§à“„π√“§“ª√–‡¡‘πÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«πÕ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“

¿“¬À≈—ß«—π∑’Ë∑”°“√ª√–‡¡‘π∫—π∑÷°„π√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ¢Õß∫√‘…—∑

¬àÕ¬ ¥—ßπ—Èπ®÷ß‰¥â· ¥ß¬Õ¥ ÿ∑∏‘®“°∫—≠™’‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬

3.7 §à“‡ ◊ËÕ¡√“§“

§à“‡ ◊ËÕ¡√“§“¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ (À≈—ß®“°À—°¡Ÿ≈§à“´“°) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√

™ÿ¥ ·≈–Õÿª°√≥åÕ◊Ëπ§”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“ª√–‡¡‘π·≈â«·µà°√≥’ ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È


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4 M

8

6

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3 M

8

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2 M

8

6

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1 M

3. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting standards pronounced by

the Institute of Certified Accountants and Auditors of Thailand and with the Accounting Act B.E. 2543. The financial

statements have been prepared on the basis of historical cost, with certain items, such as condominium units,

adjusted to reflect their appraised values.

Significant accounting policies adopted by the Company and subsidiaries are summarised below:

3.1 Revenue and expense recognition

Vessel operating income consist of

Time charters - Income and expenses are recognised on an accrual basis.

Voyage charters - Income and expenses are recognised on the percentage of completion basis

(completed voyage).

Service income is recognised when service has been rendered.

Interest is recognised as income on a time proportion basis taking into accounts the effective yield rate

of assets, except for the uncertainty in the collection.

3.2 Cash and cash equivalents

Cash and cash equivalents consist of cash and deposits at financial institutions with an original maturity

of three months or less and not subject to restriction.

3.3 Trade accounts receivable and allowance for doubtful accounts

Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is

provided to cover the estimated losses that may be incurred in the collection. The allowance is based on collection

experience and current status of receivables outstanding at the balance sheet date. Bad debts will be written off for

the accounts considered uncollectible.

3.4 Bunker Oil

Bunker oil is valued at cost (first-in, first-out method).

3.5 Investments

Investments in associated companies in the consolidated financial statements, investments in subsi-

diaries and associated companies in the Company’s financial statements are valued under equity method. Under this

method, the investment is recorded at cost and for each subsequent year the investment is adjusted to incorporate

the Company’s proportionate share of the operating results in the subsidiaries and associated companies.

Investments in non-marketable equity securities, which the Company holds as other investments, are

valued at cost. Allowance for possible loss on other investments is included in determining earnings when the carrying

amount exceeds its recoverable amount.

3.6 Vessels, condominium and equipment

Vessels and equipment are valued at cost less accumulated depreciation.

Condominium, acquired before 1996, are valued at appraisal value less accumulated depreciation. The

condominium acquired subsequent to the appraisal dates are valued at cost less accumulated depreciation. The

surplus resulted from the revaluation is belongs to a subsidiary, which has been presented by netting off investments

accounted for under equity method.

3.7 Depreciation

Depreciation of vessels and equipment is calculated by reference to their costs (after deducting residual

value), depreciation of condominium and other equipment is calculated by reference to their costs or appraised value,

using the straight-line method over the estimated useful lives as follows :

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2


‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å 5 - 20 ªï

§à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 2 ªï ·≈– 4 ªï

Õ“§“√™ÿ¥ 20 ªï

Õÿª°√≥å∑à“‡√◊Õ 10 ªï

‘Ëßª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“ µ“¡Õ“¬ÿ —≠≠“‡™à“ (3 ªï ·≈– 20 ªï)

Õ◊ËπÊ 5 ªï

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬ 1 ·Ààß (2545 : 4 ·Ààß) ¡’‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å´÷Ëß¡’√“§“∑ÿπ

ª√–¡“≥ 228.9 ≈â“π∫“∑ (9.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 701.9 ≈â“π∫“∑ (27.7 ≈â“π‡À√’¬≠ À√—∞œ )) ‚¥¬¡’¡Ÿ≈§à“´“°

56.2 ≈â“π∫“∑ (2.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 223.6 ≈â“π∫“∑ (8.8 ≈â“π‡À√’¬≠ À√—∞œ ))∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“

‡√◊Õ‡¥‘π∑–‡≈¥—ß°≈à“«µ—Èß·µà«—π∑’Ë‰¥â¡“µ“¡«‘∏’‡ âπµ√ß‡ªìπ‡«≈“ 8 ªï (2545 : 5 ·≈– 7 ªï) ‚¥¬§”π«≥®“°√“§“∑ÿπ ÿ∑∏‘À≈—ß®“°

À—°¡Ÿ≈§à“´“° „π√–À«à“ßªï 2546 ·≈– 2545 ∫√‘…—∑¬àÕ¬µ—¥ §à“‡ ◊ËÕ¡√“§“§√∫°”Àπ¥·≈â« Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬‰¥â ”√«®

Õ“¬ÿ°“√„™âß“π¢Õß‡√◊Õ‡¥‘π∑–‡≈ª√–°Õ∫°—∫°“√æ‘®“√≥“¡Ÿ≈§à“´“°„À¡à ·≈–§“¥«à“‡√◊Õ®–„™âß“π‰¥âÕ’° 5 ªï ‚¥¬¡’¡Ÿ≈§à“´“°„À¡à

≈”≈– 0.7 ≈â“π‡À√’¬≠ À√—∞œ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ßµ—¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µ“¡«‘∏’‡ âπµ√ß‡ªìπ‡«≈“ 5 ªï

π—∫·µà«—π∑’Ë§√∫°”Àπ¥°“√µ—¥§à“‡ ◊ËÕ¡§√—Èß·√° §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ëµ—¥‡æ‘Ë¡„πªï 2546 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 73.5

≈â“π∫“∑ (2545 : 77.6 ≈â“π∫“∑)

3.8 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–æ‘®“√≥“§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ‡¡◊ËÕ¡’‡§√◊ËÕß∫àß™’È«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’¢Õß

‘π∑√—æ¬å¡’®”π«π Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÀ√◊Õ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬®–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ

À√◊Õ∫—π∑÷°≈¥ à«π‡°‘π∑ÿπ„π°√≥’∑’Ë ‘π∑√—æ¬åπ—Èπ‡§¬µ’√“§“‡æ‘Ë¡·≈–®–°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√

¥âÕ¬§à“¥—ß°≈à“«‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß ‚¥¬∫—π∑÷°‡ªìπ√“¬‰¥âÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπÀ√◊Õπ”‰ª‡æ‘Ë¡ à«π‡°‘π∑ÿπ

®“°°“√µ’√“§“ ‘π∑√—æ¬å·≈â«·µà°√≥’

3.9 ‡ß‘πµ√“µà“ßª√–‡∑»

√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬¢Õß‡¥◊Õπ°àÕπ‡¥◊Õπ∑’Ë

‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“

·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—µ√“·≈°‡ª≈’Ë¬π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

3.10 º≈ª√–‚¬™πåæπ—°ß“π

∫√‘…—∑œ ∫√‘…—∑¬àÕ¬ ·≈–æπ—°ß“π‰¥â√à«¡°—π®¥∑–‡∫’¬π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ

”√Õß‡≈’È¬ß™’æ æ.». 2530 ÷Ëßª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡·≈–‡ß‘π∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫„Àâ‡ªìπ√“¬‡¥◊Õπ

„πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π

„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬ °Õß∑ÿπœ „πªï 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ

‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.9 ≈â“π∫“∑ ·≈– 0.8 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…—∑œ : 0.6 ≈â“π∫“∑ ·≈– 0.6 ≈â“π∫“∑

µ“¡≈”¥—∫)

3.11 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’

„π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√

√“¬°“√∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë

‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß®÷ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â


11 M

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8 M

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7 M

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6 M

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5 M

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Vessels and equipment 5 - 20 years

Dry-dock and special survey expenses 2 years and 4 years

Condominium 20 years

Berth equipment 10 years

Leasehold improvement lease periods (3 years and 20 years)

Others 5 years

As at 31 December 2003, a subsidiary (2002 : 4 subsidiaries) has a vessel and equipment at cost of

approximately Baht 228.9 million (USD 9.2 million) (2002 : Baht 701.9 million (USD 27.7 million)), with residual value

of approximately Baht 56.2 million (USD 2.2 million) (2002 : Baht 223.6 million (USD 8.8 million)). The subsidiary

depreciated its vessel and equipment since its acquisition by the straight-line method for a period of 8 years (2002 :

5 years and 7 years) on cost net of residual value. During the year 2003 and 2002 the subsidiaries have fully

depreciated their vessels ; however, the subsidiaries made a survey of the estimated useful life and residual value of

their vessels and expected that the useful life should be extended for another five years with the residual value of

USD 0.7 million per vessel. Those subsidiaries, therefore, depreciate their vessels and equipment by the straight-line

method for another period of five years on their net book value since the date first fully depreciated. Additional

depreciation expenses for the year 2003 are approximately Baht 73.5 million (2002 : Baht 77.6 million).

3.8 Allowance for assets impairment

Allowance for assets impairment has been set up when there are indications that the carrying value of

the assets may be higher than their net realisable value or fair value. The impairment losses will be recognised in the

earnings statement, or reduce the revaluation increment in assets in case that those assets are previously revalued.

The reversal of impairment losses will be recognised as part of other income or as a revaluation increment in assets

when there is an indication that the impairment losses are no longer exist or decreased.

3.9 Foreign currencies

Foreign currency transactions during the year are translated into Baht at the average rates ruling on the

previous transaction month. Monetary assets and liabilities in foreign currency outstanding on the balance sheet date

are translated into Thai Baht at the rates ruling on the balance sheet date. Exchange gains and losses are included in

determining earnings.

3.10 Employees’ benefits

The Company and subsidiaries and their employees have jointly registered provident fund scheme under

Provident Fund Act B.E. 2530. The funds are contributed at the rate of 5 percent of their basic salaries by both the

Company/the subsidiaries and the employees and managed by Bangkok Bank Public Company Limited. The funds will

be paid to the employees upon retirement, resignation and termination in accordance with the rules of staff provident

fund. During the years 2003 and 2002, approximately Baht 0.9 million and Baht 0.8 million, respectively, have been

contributed to the fund by the Company and subsidiaries (The Company only : Baht 0.6 million and Baht 0.6 million,

respectively).

3.11 Use of accounting estimates

Preparation of financial statements in conformity with generally accepted accounting principles

requires management to make estimates for certain accounting transactions, affecting the amounts reported in the

financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

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3.12 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ

‡æ◊ËÕ°“√§â“

‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È °“√§â“ ‡®â“Àπ’È

°“√§â“·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ´÷Ëßπ‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ

∑’Ë‡°’Ë¬«¢âÕß·≈â«

3.13 °”‰√µàÕÀÿâπ

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà

„π√–À«à“ßªï ‚¥¬‰¥â¡’°“√ª√—∫®”π«πÀÿâπ “¡—≠µ“¡ —¥ à«π∑’Ë‡ª≈’Ë¬π‰ª¢Õß®”π«πÀÿâπ “¡—≠∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ

∑’Ëµ√“‰«âµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 11 ·≈–‰¥âª√—∫ª√ÿß®”π«πÀÿâπ “¡—≠∑’Ë„™â„π°“√§”π«≥°”‰√µàÕÀÿâπ¢Õßß«¥°àÕπ∑’Ëπ”¡“

‡ª√’¬∫‡∑’¬∫‡ ¡◊Õπ«à“°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â‰¥â‡°‘¥¢÷Èπµ—Èß·µà«—π‡√‘Ë¡µâπ¢Õßß«¥·√°∑’Ë‡ πÕ√“¬ß“π

‰¡à¡’°“√· ¥ß°”‰√µàÕÀÿâπª√—∫≈¥ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡ß◊ËÕπ‰¢‡°’Ë¬«°—∫°“√·ª≈ßÀÿâπ°Ÿâ·ª≈ß ¿“æ‡ªìπÀÿâπ

“¡—≠¢Õß∫√‘…—∑œ ‰¥âÀ¡¥‰ªµ“¡º≈°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâµ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 10

4. ≈Ÿ°Àπ’È°“√§â“

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ “¡“√∂·¬°µ“¡Õ“¬ÿ≈Ÿ°Àπ’È‰¥â¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

πâÕ¬°«à“ 3 ‡¥◊Õπ 62,016 131,366 - -

3 - 6 ‡¥◊Õπ 1,111 4,907 - -

6 - 12 ‡¥◊Õπ 6,292 5,518 - -

¡“°°«à“ 12 ‡¥◊Õπ 89,759 93,170 1,849 2,016

√«¡ 159,178 234,961 1,849 2,016

À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (88,992) (92,942) (1,849) (2,016)

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 70,186 142,019 - -

5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

„π√–À«à“ßªï ∫√‘…—∑œ ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (‡°’Ë¬«¢âÕß°—π‚¥¬°“√

¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–Õ—µ√“∑’Ë√–∫ÿ„π —≠≠“√–À«à“ß∫√‘…—∑œ ·≈–

∫√‘…—∑‡À≈à“π—Èπ´÷Ëß‡ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘® ‡ß‘π∑¥√Õß®à“¬„Àâ·°à∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ·≈– ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å

®”°—¥ §‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 8 µàÕªï ”À√—∫‡ß‘π∑¥√Õß®à“¬„Àâ·°à/®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡Õ◊Ëπ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬

´÷Ëß “¡“√∂ √ÿª√“¬°“√¥—ß°≈à“«‰¥â¥—ßπ’È


11 M

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6

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3.12 Financial instruments

The Company and subsidiaries have no policy to hold or issue derivative instruments for speculative

or trading purposes.

Financial instruments carried in the balance sheet include cash and cash equivalents, trade accounts

receivable, trade accounts payable and loans from financial institutions. The particular recognition methods adopted

are disclosed in the individual policy statements associated with each item.

3.13 Earnings per share

Basic earnings per share is determined by dividing net earnings for the year by the weighted average

number of ordinary shares in issue during the year, after adjusting the number of ordinary shares in proportion to the

change in the number of shares as a result of the change in par value as discussed in Note 11. The number of ordinary

shares has been adjusted as if it had changed in par value since the beginning of the reported period.

No diluted earnings per share for 2002 has been presented since the conditions for converting

debentures to the Company’s ordinary shares were cancelled in accordance with the result of the bondholders’

meeting as discussed in Note 10.

4. TRADE ACCOUNTS RECEIVABLE

The balances of trade accounts receivable are classified by aging as follows :

(Unit : Thousand Baht)

CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED THE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLYTHE COMPANY ONLY

20032003200320032003 20022002200220022002 20032003200320032003 20022002200220022002

Less than 3 months 62,016 131,366 - -

3 - 6 months 1,111 4,907 - -

6 - 12 months 6,292 5,518 - -

More than 12 months 89,759 93,170 1,849 2,016

Total 159,178 234,961 1,849 2,016

Less : Allowance for doubtful accounts (88,992) (92,942) (1,849) (2,016)

Trade accounts receivable - net 70,186 142,019 - -

5. RELATED PARTY TRANSACTIONS

During the years, the Company had significant business transactions with its subsidiaries, associated and

related companies (related by way of common shareholders and/or directors). Such transactions, have been

concluded on the terms and basis as stipulated in the agreements between the Company and those companies,

were in the normal course of business. The transactions included advances to Nedtex Limited and Precious Storage

Terminals Limited charging interest at a rate of 8% per annum and advances to/from subsidiary and other associated

companies on which no interest is charged. The transactions are summarised below :

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬

(‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«)

¥Õ°‡∫’È¬√—∫ - - 642 2,615

§à“„™â®à“¬„π°“√∫√‘À“√ - - 6,612 6,612

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

§à“‡™à“·≈–§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß 1,365 1,569 672 786

§à“µ—Î«‡§√◊ËÕß∫‘π 11,731 13,382 3,300 3,673

¬Õ¥§ß‡À≈◊Õ¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß‡ªìπ√“¬°“√·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷Ëßª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 90,691 - 90,691 -

∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 134,201 99,539 116,632 117,108

∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 180,514 - 180,514 -

∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 61,796 - 61,796 -

∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 9,020 - 9,020 -

∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 39,738 495,638 445,518 89,858

∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 113,639 432,927 487,899 58,667

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 48,350 104,818 61,650 91,518

∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 2,058 - 2,058 -

∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 137,948 358,978 434,422 62,504

∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 208 - 208 -

∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 48,167 817,711 743,170 122,708

∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 22,148 - 22,148 -

∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ 6,350 - 6,350 -

∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 3,993 - 3,993 -

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ - 449,246 421,367 27,879

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ®”°—¥ - 337,639 309,532 28,107

∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 51,339 - 51,339 -

√«¡ 950,160 3,096,496 3,448,307 598,349


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M



2003 2002 2003 2002

Transactions with subsidiaries

(Eliminated from consolidated financial statements)

Interest income - - 642 2,615

Administrative expenses - - 6,612 6,612

Transactions with related companies

Rental and related expenses 1,365 1,569 672 786

Air ticket expenses 11,731 13,382 3,300 3,673

The outstanding balances of the above transactions have been separately shown in the balance sheets.

Details of balances are as follows :


THE COMPANY ONLY

2002 Increase Decrease 2003

Receivable from and advances to subsidiaries

Precious Hills Limited 90,691 - 90,691 -

Great Circle Shipping Agency Limited 134,201 99,539 116,632 117,108

Precious Capitals Limited 180,514 - 180,514 -

Precious Jasmines Limited 61,796 - 61,796 -

Precious Orchids Limited 9,020 - 9,020 -

Precious Seas Limited 39,738 495,638 445,518 89,858

Precious Resorts Limited 113,639 432,927 487,899 58,667

Precious Shipping (Mauritius) Limited 48,350 104,818 61,650 91,518

Precious Trees Limited 2,058 - 2,058 -

Precious Stars Limited 137,948 358,978 434,422 62,504

Precious Ponds Limited 208 - 208 -

Precious Cliffs Limited 48,167 817,711 743,170 122,708

Geepee Corporation Limited 22,148 - 22,148 -

Nedtex Limited 6,350 - 6,350 -

Precious Lakes Limited 3,993 - 3,993 -

Precious Shipping (Panama) S.A. - 449,246 421,367 27,879

Precious Shipping (UK) Limited - 337,639 309,532 28,107

Precious Mountains Limited 51,339 - 51,339 -

Total 950,160 3,096,496 3,448,307 598,349

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546

‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å)

æ’∑’Õ’ ≈‘¡‘‡µ¥ 479,206 442,145 425,876 495,475

∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 272,285 300,853 302,689 270,449

∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 252,014 261,943 264,793 249,164

∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 139,924 85,512 141,673 83,763

∫√‘…—∑ æ√’‡™’¬ ‘µ’È å ®”°—¥ 139,447 30,000 161,143 8,304

∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 137,667 - 79,728 57,939

∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 136,394 753,154 811,675 77,873

∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 123,036 256,334 309,406 69,964

∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 167,820 536,977 570,036 134,761

∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 59,274 301,862 268,620 92,516

∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 61,076 555,872 566,193 50,755

∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 23,876 - 31 23,845

∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 21,322 - 31 21,291

∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 65,933 1,016 40,730 26,219

∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 1,902 186,774 55,261 133,415

∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 54,143 605,753 583,930 75,966

∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 57,195 221,947 220,504 58,638

∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ - 8 - 8

∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 111,517 284,759 265,522 130,754

∫√‘…—∑ æ√’‡™’¬ √’‡«Õ√å ®”°—¥ 11,189 182,259 144,673 48,775

∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 36,390 351,105 329,504 57,991

∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ - 476,207 470,457 5,750

∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ 1,166 19,272 20,438 -

∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 65,969 516,581 453,491 129,059

∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 17 137 138 16

∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 17 129 130 16

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 3,623 - 3,623 -

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ 8,357 - 8,357 -


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M


THE COMPANY ONLY


Payable to and advances from subsidiaries

Precious Shipping (Singapore)

Pte. Limited 479,206 442,145 425,876 495,475

Precious Wishes Limited 272,285 300,853 302,689 270,449

Precious Metals Limited 252,014 261,943 264,793 249,164

Precious Minerals Limited 139,924 85,512 141,673 83,763

Precious Cities Limited 139,447 30,000 161,143 8,304

Precious Stones Shipping Limited 137,667 - 79,728 57,939

Precious Flowers Limited 136,394 753,154 811,675 77,873

Precious Forests Limited 123,036 256,334 309,406 69,964

Precious Planets Limited 167,820 536,977 570,036 134,761

Precious Diamonds Limited 59,274 301,862 268,620 92,516

Precious Lagoons Limited 61,076 555,872 566,193 50,755

Precious Opals Limited 23,876 - 31 23,845

Precious Lands Limited 21,322 - 31 21,291

Precious Rubies Limited 65,933 1,016 40,730 26,219

Precious Sapphires Limited 1,902 186,774 55,261 133,415

Precious Pearls Limited 54,143 605,753 583,930 75,966

Precious Garnets Limited 57,195 221,947 220,504 58,638

Precious Ornaments Limited - 8 - 8

Precious Oceans Limited 111,517 284,759 265,522 130,754

Precious Rivers Limited 11,189 182,259 144,673 48,775

Precious Emeralds Limited 36,390 351,105 329,504 57,991

Precious Mountains Limited - 476,207 470,457 5,750

Precious Storage Terminals Limited 1,166 19,272 20,438 -

Precious Ventures Limited 65,969 516,581 453,491 129,059

Regidor Pte. Limited 17 137 138 16

Thebes Pte. Limited 17 129 130 16

Precious Shipping (Panama) S.A. 3,623 - 3,623 -

Precious Shipping (UK) Limited 8,357 - 8,357 -

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546

∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ - 28,416 23,649 4,767

∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ - 347,865 336,007 11,858

∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ - 383,501 377,829 5,672

∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ - 8 - 8

∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ - 26,708 17,505 9,203

∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ - 75,000 35,878 39,122

∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ - 274,518 206,676 67,842

∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ - 277,624 247,741 29,883

∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ - 562,689 560,975 1,714

∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ - 521,410 461,667 59,743

√«¡ 2,430,759 8,868,338 8,766,579 2,532,518

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡

2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’

≈‘¡‘‡µ¥ 440 - - 440

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å

(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µÁ¥ 23,683 - 23,683 -

∫√‘…—∑ §“§‘π“¥“ ’æÕ√å∑ å ≈‘¡‘‡µ¥ 1,860 - - 1,860

√«¡ 25,983 - 23,683 2,300

„π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â¬°Àπ’È∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥„Àâ·°à∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å

®”°—¥ ‡ªìπ®”π«π 14.2 ≈â“π∫“∑ ·≈– 18.8 ≈â“π∫“∑ µ“¡≈”¥—∫¬Õ¥‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑ ‡π¥‡∑Á° å ®”°—¥∑’Ë

· ¥ß‰«â¢â“ßµâπ‡°‘¥®“°∫√‘…—∑œ √—∫√Ÿâ à«π·∫àßº≈¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬µ“¡«‘∏’ à«π‰¥â‡ ’¬‡°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“«

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑¬àÕ¬/∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ‡ªìπ√“¬°“√∑’Ë‡°‘¥®“°∫—≠™’‡¥‘π –æ—¥√–À«à“ß∫√‘…—∑œ

·≈–∫√‘…—∑‡À≈à“π—Èπ ´÷ËßΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“‰¡à¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß∫—π∑÷°§à“‡º◊ËÕ Àπ’È ß —¬®– Ÿ≠ ”À√—∫Àπ’È¥—ß°≈à“«


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M


THE COMPANY ONLY


Nedtex Limited - 28,416 23,649 4,767

Precious Orchids Limited - 347,865 336,007 11,858

Precious Hills Limited - 383,501 377,829 5,672

Precious Comets Limited - 8 - 8

Geepee Corporation Limited - 26,708 17,505 9,203

Precious Lakes Limited - 75,000 35,878 39,122

Precious Trees Limited - 274,518 206,676 67,842

Precious Ponds Limited - 277,624 247,741 29,883

Precious Capitals Limited - 562,689 560,975 1,714

Precious Jasmines Limited - 521,410 461,667 59,743

Total 2,430,759 8,868,338 8,766,579 2,532,518


CONSOLIDATED


advances to

other related companies

International Seaports Pte. Ltd. 440 - - 440

International Seaports (Haldia)

Private Limited 23,683 - 23,683 -

Kakinada Seaports Limited 1,860 - - 1,860

Total 25,983 - 23,683 2,300

During the year 2003, the Company has waived debts of Baht 14.2 million and Baht 18.8 million,

respectively, due from Nedtex Limited and Precious Storage Terminals Limited. Payable to and advances from Nedtex

Limited as presented above was derived from the Company recognised share of loss from investment accounted for

under equity method of that company over its investment.

The outstanding balances of the amounts due from/to subsidiaries/other related companies represents

current accounts between the Company and those companies. The Company’s management believes that no

allowance for doubtful accounts is necessary.

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬‰¡à¡’¥Õ°‡∫’È¬ ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„πªï 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545

∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 143,000 143,000

∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 143,000 143,000

∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 100,750 100,750

∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 96,525 96,525

∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 95,693 95,693

∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 57,850 57,850

∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 21,450 21,450

∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 4,550 4,550

√«¡ 662,818 662,818

πÕ°®“°π’È „π√–À«à“ßªï 2545 ∫√‘…—∑œ ‰¥â∫—π∑÷°¿“√–§È”ª√–°—π®”π«π 31.6 ≈â“π∫“∑ ‡ªìπ§à“„™â®à“¬„π ß∫°”‰√

¢“¥∑ÿπ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡®â“Àπ’È¢Õß∫√‘…—∑·ÀàßÀπ÷Ëß∑’Ë∫√‘…—∑œ ‰¥â‡§¬ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π„Àâ‰¥â‡√’¬°‡ß‘π™¥‡™¬¡“¬—ß

∫√‘…—∑œ ∫√‘…—∑œ ‰¥â®à“¬™”√–„Àâ·°à‡®â“Àπ’È√“¬¥—ß°≈à“«®”π«π 10.5 ≈â“π∫“∑„πªï 2545 à«π∑’Ë‡À≈◊Õ®”π«π 21.1 ≈â“π∫“∑

‰¥â®à“¬™”√–„πªï 2546

6. ‡ß‘π≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑Õ◊Ëπª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

2546/2545 2546 2545 2546 2545

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬

∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 363,338 363,338 631,413 607,050

∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 99.99 250,000 250,000 282,056 354,449

∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 99.99 229,999 229,999 257,356 309,575

∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 99.99 199,999 199,999 269,727 226,207

∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 99.99 175,000 175,000 204,418 333,884

∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 99.99 140,000 140,000 161,156 139,890

∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 99.99 140,000 140,000 137,026 137,688

∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 99.99 139,999 139,999 166,608 191,467


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

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2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

Details of subordinated interest-free loans from subsidiaries, which are repayable within 2006, are as

follows :


THE COMPANY ONLY

2003 2002

Precious Cliffs Limited 143,000 143,000

Precious Capitals Limited 143,000 143,000

Precious Jasmines Limited 100,750 100,750

Precious Stars Limited 96,525 96,525

Precious Seas Limited 95,693 95,693

Precious Orchids Limited 57,850 57,850

Precious Ponds Limited 21,450 21,450

Precious Lakes Limited 4,550 4,550

Total 662,818 662,818

In addition, during the year 2002, the Company recorded guarantee obligation of Baht 31.6 million as an

expense in the 2002 earnings statement. This obligation is payable to claimant on account of guarantee issued. The

Company paid Baht 10.5 million to that creditor in 2002, and the remaining Baht 21.1 million was repaid in 2003.

6. INVESTMENTS

These represent investments in the following subsidiaries, associated and other companies :


THE COMPANY ONLY

Percentage of Ownership Cost Method Equity Method

2003/2002 2003 2002 2003 2002

Investments accounted for under

equity method

Subsidiaries

Precious Shipping (Singapore) Pte. Limited 100.00 363,338 363,338 631,413 607,050

Precious Metals Limited 99.99 250,000 250,000 282,056 354,449

Precious Wishes Limited 99.99 229,999 229,999 257,356 309,575

Precious Capitals Limited 99.99 199,999 199,999 269,727 226,207

Precious Oceans Limited 99.99 175,000 175,000 204,418 333,884

Precious Minerals Limited 99.99 140,000 140,000 161,156 139,890

Precious Stones Shipping Limited 99.99 140,000 140,000 137,026 137,688

Precious Mountains Limited 99.99 139,999 139,999 166,608 191,467

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

2546/2545 2546 2545 2546 2545

∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 99.99 139,999 139,999 166,685 260,418

∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 99.99 139,999 139,999 165,275 171,900

∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 99.99 139,999 139,999 168,277 189,775

∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ 99.99 169,999 139,999 168,342 139,442

∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 99.99 139,999 139,999 138,638 79,498

∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 99.99 121,995 121,995 (64,617) (44,821)

∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 99.99 105,000 105,000 135,996 115,965

∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 99.99 100,000 100,000 131,312 216,810

∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 99.99 100,000 100,000 129,611 190,220

∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 99.99 97,999 97,999 174,434 254,729

∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 99.99 79,999 79,999 140,697 164,906

∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 99.99 55,000 55,000 94,285 155,623

∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 99.99 51,999 51,999 89,708 152,174

∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 99.99 44,000 44,000 58,634 54,340

∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 99.99 39,999 39,999 57,088 119,656

∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 99.99 39,999 39,999 61,803 47,337

∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 99.99 38,999 38,999 65,949 146,839

∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 99.99 38,999 38,999 66,227 125,836

∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 99.99 32,000 32,000 52,028 98,913

∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 99.99 31,999 31,999 61,206 79,548

∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 99.99 30,999 30,999 54,520 113,569

∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 99.99 24,000 24,000 26,390 65,847

∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 99.99 24,000 24,000 21,250 21,253

∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 99.99 24,000 24,000 23,872 23,904

∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 99.99 99,000 24,000 70,977 (3,725)

∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 99.99 143,999 23,999 127,659 672

∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 99.88 5,874 5,874 (9,204) (3,878)

∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ 69.99 4,199 4,199 26 (12,669)

∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ 69.99 648 648 (4,783) (14,290)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ 99.99 250 250 6,690 7,729

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 99.99 250 250 (2,338) (97)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 99.99 250 250 (173,236) (171,692)


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M


THE COMPANY ONLY


2003/2002 2003 2002 2003 2002

Precious Hills Limited 99.99 139,999 139,999 166,685 260,418

Precious Resorts Limited 99.99 139,999 139,999 165,275 171,900

Precious Lagoons Limited 99.99 139,999 139,999 168,277 189,775

Precious Cities Limited 99.99 169,999 139,999 168,342 139,442

Precious Cliffs Limited 99.99 139,999 139,999 138,638 79,498

Great Circle Shipping Agency Limited 99.99 121,995 121,995 (64,617) (44,821)

Precious Stars Limited 99.99 105,000 105,000 135,996 115,965

Precious Seas Limited 99.99 100,000 100,000 131,312 216,810

Precious Planets Limited 99.99 100,000 100,000 129,611 190,220

Precious Jasmines Limited 99.99 97,999 97,999 174,434 254,729

Precious Ventures Limited 99.99 79,999 79,999 140,697 164,906

Precious Diamonds Limited 99.99 55,000 55,000 94,285 155,623

Precious Orchids Limited 99.99 51,999 51,999 89,708 152,174

Precious Rivers Limited 99.99 44,000 44,000 58,634 54,340

Precious Forests Limited 99.99 39,999 39,999 57,088 119,656

Precious Trees Limited 99.99 39,999 39,999 61,803 47,337

Precious Flowers Limited 99.99 38,999 38,999 65,949 146,839

Precious Pearls Limited 99.99 38,999 38,999 66,227 125,836

Precious Emeralds Limited 99.99 32,000 32,000 52,028 98,913

Precious Ponds Limited 99.99 31,999 31,999 61,206 79,548

Precious Garnets Limited 99.99 30,999 30,999 54,520 113,569

Precious Rubies Limited 99.99 24,000 24,000 26,390 65,847

Precious Lands Limited 99.99 24,000 24,000 21,250 21,253

Precious Opals Limited 99.99 24,000 24,000 23,872 23,904

Precious Lakes Limited 99.99 99,000 24,000 70,977 (3,725)

Precious Sapphires Limited 99.99 143,999 23,999 127,659 672

Geepee Corporation Limited 99.88 5,874 5,874 (9,204) (3,878)

Precious Storage Terminals Limited 69.99 4,199 4,199 26 (12,669)

Nedtex Limited 69.99 648 648 (4,783) (14,290)

Precious Shipping (UK) Limited 99.99 250 250 6,690 7,729

Precious Shipping (Panama) S.A. 99.99 250 250 (2,338) (97)

Precious Shipping (Mauritius) Limited 99.99 250 250 (173,236) (171,692)

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

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8

6

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4 M

8

6

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2 M

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2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

2546/2545 2546 2545 2546 2545

∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ 99.40 99 99 (95) (64)

∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ 99.40 99 99 (96) (64)

∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 0.0365 0.0365 (615) (479)

∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 100.00 0.0503 0.0503 (678) (532)

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ 3,703,984 3,478,984 4,311,677 5,044,802

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 4,567,339 5,297,114

à«π·∫àßº≈¢“¥∑ÿπ‡°‘π°«à“‡ß‘π≈ß∑ÿπ (255,662) (252,312)

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ 4,311,677 5,044,802

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ «‘∏’ à«π‰¥â‡ ’¬

2546 2545 2546 2545 2546 2545 2546 2545

‡ß‘π≈ß∑ÿπÕ◊Ëπ

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å

æ’∑’Õ’ ≈‘¡‘‡µÁ¥ 33.33 33.33 17,225 17,225 22,955 22,955 22,955 22,955

∫√‘…—∑ ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‘‡µ¥ 26.37 26.37 96,889 96,889 96,889 96,889 - -

∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ 39.96 39.96 31,716 31,716 19,365 19,365 - -

∫√‘…—∑ §“§‘π“¥“ ’æÕ√å∑ å ≈‘¡‘‡µ¥ 16.65 16.65 22,144 22,144 22,144 22,144 - -

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å

(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ 17.92 17.83 87,701 35,556 87,701 35,556 - -

√«¡ 255,675 203,530 249,054 196,909 22,955 22,955

À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ (161,353) (161,353) (22,955) (22,955)

‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘ 87,701 35,556 - -

‡ß‘π≈ß∑ÿπ™—Ë«§√“« - ÿ∑∏‘ - - - -

‡ß‘π≈ß∑ÿπ√–¬–¬“« - ÿ∑∏‘ 87,701 35,556 - -

√«¡‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘ 87,701 35,556 - -

∫√‘…—∑œ ‰¥â· ¥ß à«π·∫àßº≈¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬∑’Ë‡°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ‚¥¬· ¥ß ÿ∑∏‘°—∫ ≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑¬àÕ¬

„πß∫¥ÿ≈


11 M

8

6

4

2

10 M

8

6

4

2

9 M

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6

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8 M

8

6

4

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7 M

8

6

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2

6 M

8

6

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5 M

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4

2

4 M

8

6

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2

3 M

8

6

4

2

2 M

8

6

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2

1 M


THE COMPANY ONLY


2003/2002 2003 2002 2003 2002

Precious Comets Limited 99.40 99 99 (95) (64)

Precious Ornaments Limited 99.40 99 99 (96) (64)

Thebes Pte. Limited 100.00 0.0365 0.0365 (615) (479)

Regidor Pte. Limited 100.00 0.0503 0.0503 (678) (532)

Total net investments in subsidiaries 3,703,984 3,478,984 4,311,677 5,044,802

Investments accounted for under equity method 4,567,339 5,297,114

Share of losses over investments (255,662) (252,312)

Total net investments in subsidiaries 4,311,677 5,044,802



Percentage of Ownership Cost method Equity Method Equity Method

2003 2002 2003 2002 2003 2002 2003 2002

Other investments

International Seaports

Pte. Limited 33.33 33.33 17,225 17,225 22,955 22,955 22,955 22,955

Dhamra Port Company

Private Limited 26.37 26.37 96,889 96,889 96,889 96,889 - -

Southern LPG Limited 39.96 39.96 31,716 31,716 19,365 19,365 - -

Kakinada Seaports Limited 16.65 16.65 22,144 22,144 22,144 22,144 - -

International Seaports (Haldia)

Private Limited 17.92 17.83 87,701 35,556 87,701 35,556 - -

Total 255,675 203,530 249,054 196,909 22,955 22,955

Less : Allowance for possible

loss on investments (161,353) (161,353) (22,955) (22,955)

Net other investments 87,701 35,556 - -

Net current investments - - - -

Net long - term investments 87,701 35,556 - -

Total net other investments 87,701 35,556 - -

The Company has presented share of losses from subsidiaries over investments by net off the amounts

due from/to subsidiaries in the balance sheets.

11 M

8

6

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2

10 M

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9 M

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6

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6 M

8

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2

5 M

8

6

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4 M

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2 M

8

6

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2


≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ‰¥â®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬®”π«π 27 ∫√‘…—∑ ÷Ëß¡’¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬√«¡

3,416.7 ≈â“π∫“∑ (2545 : ∫√‘…—∑¬àÕ¬ 23 ∫√‘…—∑ ¡Ÿ≈§à“√«¡ 3,840.4 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡

√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8

„π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»‰¥â ◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ‘π‡µÕ√å ‡π™—Ëπ·π≈ ’æÕ√å∑ å (Œ“≈‡¥’¬)

‰æ√‡«∑ ≈‘¡‘‡µ¥ ‡æ‘Ë¡Õ’°®”π«π 5,855,207 Àÿâπ „π√“§“¡Ÿ≈§à“∑’Ëµ√“‰«â‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 52.2 ≈â“π∫“∑ ∑”„Àâ∫√‘…—∑¬àÕ¬

·Ààßπ—Èπ∂◊ÕÀÿâπ„π∫√‘…—∑¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 22.4 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿâπ

∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ ·≈â«®–‡∑à“°—∫√âÕ¬≈– 17.9 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« ∫√‘…—∑¥—ß°≈à“«¥”‡π‘π∏ÿ√°‘®‡°’Ë¬«°—∫°“√

ÕÕ°·∫∫ °àÕ √â“ßæ—≤π“·≈–∫√‘À“√∑à“‡∑’¬∫‡√◊Õ„πª√–‡∑»Õ‘π‡¥’¬ ªí®®ÿ∫—π∫√‘…—∑¥—ß°≈à“«¬—ßÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß∑à“‡∑’¬∫‡√◊Õ

‡¡◊ËÕ«—π∑’Ë 18 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑¬àÕ¬‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈

„Àâ·°àºŸâ∂◊ÕÀÿâπ¥—ßπ’È

®”π«πÀÿâπ Õ—µ√“Àÿâπ≈– ®”π«π‡ß‘π

(Àÿâπ) (∫“∑) (≈â“π∫“∑)

∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 440,000 80.40 35.38

∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑π å ®”°—¥ 1,400,000 70.20 98.28

∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 2,300,000 44.35 102.01

∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 2,500,000 48.20 120.50

∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 1,400,000 3.35 4.69

∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 390,000 385.35 150.29

∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 400,000 262.85 105.14

∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 1,000,000 129.25 129.25

∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 550,000 253.40 139.37

∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 1,400,000 62.75 87.85

∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 240,000 165.10 39.62

∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 390,000 339.75 132.50

∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 310,000 369.00 114.39

∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 1,750,000 107.20 187.60

∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 320,000 304.10 97.31

∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 800,000 203.10 162.48

∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 1,400,000 104.00 145.60

∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 2,000,000 38.85 77.70

∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 980,000 192.80 188.94

∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 520,000 235.25 122.33

∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 1,000,000 143.35 143.35

∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 1,400,000 48.35 67.69

∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 400,000 138.80 55.52

∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 1,050,000 37.30 39.17

∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 320,000 283.85 90.83

2,637.79


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

As at 31 December 2003, the Company has pledged the shares of 27 subsidiaries amounting to Baht

3,416.7 million (2002 : 23 subsidiaries amounting to Baht 3,840.4 million), stated under the equity method, with

banks to secure the long-term loans referred to in Note 8.

During the year 2003, an overseas subsidiary has additionally acquired 5,855,207 of ordinary shares of

International Seaports (Haldia) Private Limited at par value, a total of Baht 52.2 million. This represents 22.4% of

registered share capital of that company. Based on indirect holding, the Company holds 17.9% of the registered

capital of that company, which is engaged in the design, construction, development and operation of a berth in India.

The berth is currently still under construction.

On 18 November 2003, the Board of Directors Meeting of subsidiaries approved the following interim

dividend payments to the shareholders :

Number of shares Dividend per share Amount

(Shares) (Baht) (Million Baht)

Precious Rivers Limited 440,000 80.40 35.38

Precious Mountains Limited 1,400,000 70.20 98.28

Precious Wishes Limited 2,300,000 44.35 102.01

Precious Metals Limited 2,500,000 48.20 120.50

Precious Minerals Limited 1,400,000 3.35 4.69

Precious Flowers Limited 390,000 385.35 150.29

Precious Forests Limited 400,000 262.85 105.14

Precious Planets Limited 1,000,000 129.25 129.25

Precious Diamonds Limited 550,000 253.40 139.37

Precious Lagoons Limited 1,400,000 62.75 87.85

Precious Rubies Limited 240,000 165.10 39.62

Precious Pearls Limited 390,000 339.75 132.50

Precious Garnets Limited 310,000 369.00 114.39

Precious Oceans Limited 1,750,000 107.20 187.60

Precious Emeralds Limited 320,000 304.10 97.31

Precious Ventures Limited 800,000 203.10 162.48

Precious Hills Limited 1,400,000 104.00 145.60

Precious Capitals Limited 2,000,000 38.85 77.70

Precious Jasmines Limited 980,000 192.80 188.94

Precious Orchids Limited 520,000 235.25 122.33

Precious Seas Limited 1,000,000 143.35 143.35

Precious Resorts Limited 1,400,000 48.35 67.69

Precious Trees Limited 400,000 138.80 55.52

Precious Stars Limited 1,050,000 37.30 39.17

Precious Ponds Limited 320,000 283.85 90.83

2,637.79

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


∫√‘…—∑œ ‰¥âπ”‡ß‘πªíπº≈√—∫®”π«π¢â“ßµâπ‰ªÀ—°°≈∫≈∫Àπ’È°—∫¬Õ¥§ß§â“ß∫—≠™’‡®â“Àπ’È·≈– ‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬

πÕ°®“°π’È „π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬ 3 ·Ààß„πª√–‡∑»‰¥â·°à∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å

®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π°“√

∂◊ÕÀÿâπ ≥ «—ππ—Èπ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 225 ≈â“π∫“∑

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ßª√–‡∑» 3 ∫√‘…—∑∑’Ë¡’Õ¬Ÿà‡¥‘¡ µ“¡«‘∏’ à«π‰¥â‡ ’¬®π∂÷ß«—π∑’Ë

31 ∏—π«“§¡ 2543 ‡∑à“π—Èπ ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡µ—Èß„®∑’Ë®–‡ πÕ¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈–‡ß‘π

≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ¥—ßπ—Èπ®÷ß‰¥â®—¥ª√–‡¿∑‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‡ß‘π≈ß∑ÿπ™—Ë«§√“«„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π Õ¬à“ß‰√°Áµ“¡

„π√–À«à“ßªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ‡ªìπ®”π«π 161.4 ≈â“π∫“∑ (‡©æ“–

∫√‘…—∑œ : 22.9 ≈â“π∫“∑)

7. ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡

‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ ‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ√“§“ª√–‡¡‘π

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å

§à“„™â®à“¬„π ‘Ëßµ‘¥µ—Èß ‘Ëßª√—∫ª√ÿßÕ“§“√™ÿ¥ Õ“§“√™ÿ¥

‡√◊Õ·≈–°“√´àÕ¡·´¡ √«¡

Õÿª°√≥å·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å √«¡

Õÿª°√≥å ·≈– ”√«®‡√◊Õ ∑à“‡√◊Õ ”π—°ß“π ‡™à“

√“§“∑ÿπ / √“§“ª√–‡¡‘π

31 ∏—π«“§¡ 2545 175,063 8,654 7,566,468 558,325 8,124,793 114,582 34,671 13,113 750 8,471,626

´◊ÈÕ‡æ‘Ë¡ - - 601,837 189,528 791,365 - 358 1,176 - 792,899

®”Àπà“¬ - - - (279,693) (279,693) - (83) (583) - (280,359)

31 ∏—π«“§¡ 2546 175,063 8,654 8,168,305 468,160 8,636,465 114,582 34,946 13,706 750 8,984,166

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2545 65,773 3,995 3,520,096 338,959 3,859,055 72,160 32,585 10,461 532 4,044,561

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 4,708 433 430,840 148,861 579,701 10,342 1,004 1,022 67 597,277

§à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë

µ’√“§“‡æ‘Ë¡ 4,688 - - - - - - - - 4,688

§à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë

®”Àπà“¬ - - - (279,693) (279,693) - (585) (81) - (280,359)

31 ∏—π«“§¡ 2546 75,169 4,428 3,950,936 208,127 4,159,063 82,502 33,004 11,402 599 4,366,167


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M

The Company offset the above dividend income against amount payable to and advances from subsidiaries.

In addition, during the year 2003, 3 local subsidiaries - Precious Cities Limited, Precious Lakes Limited and

Precious Sapphires Limited - issued new ordinary shares, which the Company purchased in proportion to its shareholding

at the acquisition date, at par value, or a total of Baht 225 million.

The Company and subsidiaries have recorded investments in 3 overseas associated companies under

the equity method upto 31 December 2000 since the management of the Company and subsidiaries are making

efforts to sell these investments and the investment in other company. Therefore, the above investments have

been reclassified to current investments in current assets. During the year 2002, the Company and subsidiaries

set up the provision for possible loss on other investments of Baht 161.4 million (The Company Only : Baht 22.9

million).

7. VESSELS, CONDOMINIUM AND EQUIPMENT


CONSOLIDATED

Assets atappraisal Assets at cost

Vessels and equipment

VesselsDry-dock Furniture,

LeaseholdCondo- Condo-

andand special

TotalBerth fixtures Motor

improve- Totalminium minium

equipmentsurvey equipment and office vehicles

mentexpenses equipment

Cost/Appraised value

31 December 2002 175,063 8,654 7,566,468 558,325 8,124,793 114,582 34,671 13,113 750 8,471,626

Acquisitions - - 601,837 189,528 791,365 - 358 1,176 - 792,899

Disposals - - - (279,693) (279,693) - (83) (583) - (280,359)

31 December 2003 175,063 8,654 8,168,305 468,160 8,636,465 114,582 34,946 13,706 750 8,984,166

Accumulated

depreciation

31 December 2002 65,773 3,995 3,520,096 338,959 3,859,055 72,160 32,585 10,461 532 4,044,561

Depreciation

for the year 4,708 433 430,840 148,861 579,701 10,342 1,004 1,022 67 597,277

Depreciation on

revaluation surplus 4,688 - - - - - - - - 4,688

Depreciation on disposals - - - (279,693) (279,693) - (585) (81) - (280,359)

31 December 2003 75,169 4,428 3,950,936 208,127 4,159,063 82,502 33,004 11,402 599 4,366,167

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡

‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ ‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ√“§“ª√–‡¡‘π

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å

§à“„™â®à“¬„π ‘Ëßµ‘¥µ—Èß ‘Ëßª√—∫ª√ÿßÕ“§“√™ÿ¥ Õ“§“√™ÿ¥

‡√◊Õ·≈–°“√´àÕ¡·´¡ √«¡

Õÿª°√≥å·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å √«¡

Õÿª°√≥å ·≈– ”√«®‡√◊Õ ∑à“‡√◊Õ ”π—°ß“π ‡™à“

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

31 ∏—π«“§¡ 2545 109,290 4,659 4,046,372 219,366 4,265,738 42,422 2,086 2,652 218 4,427,065

31 ∏—π«“§¡ 2546 99,894 4,226 4,217,369 260,033 4,477,402 32,080 1,942 2,304 151 4,617,999

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

ªï 2545 634,971

ªï 2546 601,965

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’°√≥’

· ¥ß¥â«¬√“§“∑ÿπ

31 ∏—π«“§¡ 2545 70,795

31 ∏—π«“§¡ 2546 65,143

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

‘Ëßµ°·µàß µ‘¥µ—Èß ‘Ëßª√—∫ª√ÿß

·≈–Õÿª°√≥å ¬“πæ“Àπ– √«¡

”π—°ß“π ‘π∑√—æ¬å‡™à“

√“§“∑ÿπ

31 ∏—π«“§¡ 2545 11,524 10,593 750 22,867

´◊ÈÕ‡æ‘Ë¡ 138 - - 138

31 ∏—π«“§¡ 2546 11,662 10,593 750 23,005

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2545 10,183 7,955 532 18,670

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 760 787 67 1,614

31 ∏—π«“§¡ 2546 10,943 8,742 599 20,284

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

31 ∏—π«“§¡ 2545 1,341 2,638 218 4,197

31 ∏—π«“§¡ 2546 719 1,851 151 2,721

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

ªï 2545 2,182

ªï 2546 1,614


11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2

1 M


CONSOLIDATED

Assets atappraisal Assets at cost

Vessels and equipment

VesselsDry-dock Furniture,

LeaseholdCondo- Condo-

andand special

TotalBerth fixtures Motor

improve- Totalminium minium

equipmentsurvey equipment and office vehicles

mentexpenses equipment

Net book value

31 December 2002 109,290 4,659 4,046,372 219,366 4,265,738 42,422 2,086 2,652 218 4,427,065

31 December 2003 99,894 4,226 4,217,369 260,033 4,477,402 32,080 1,942 2,304 151 4,617,999

Depreciation for the year

2002 634,971

2003 601,965

Net book value as

presented at

historical cost

31 December 2002 70,795

31 December 2003 65,143


THE COMPANY ONLY

Furniture,fixtures Motor Leasehold

and office vehicles improvementTotal

equipment

Cost

31 December 2002 11,524 10,593 750 22,867

Acquisitions 138 - - 138

31 December 2003 11,662 10,593 750 23,005

Accumulated depreciation

31 December 2002 10,183 7,955 532 18,670

Depreciation for the year 760 787 67 1,614

31 December 2003 10,943 8,742 599 20,284

Net book value

31 December 2002 1,341 2,638 218 4,197

31 December 2003 719 1,851 151 2,721

Depreciation for the year

2002 2,182

2003 1,614

11 M

8

6

4

2

10 M

8

6

4

2

9 M

8

6

4

2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


„π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈¡◊Õ Õß®”π«π 2 ≈” „π√“§“ 15.6 ≈â“π‡À√’¬≠ À√—∞œ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß‡√◊Õ‡¥‘π∑–‡≈®”π«π 30 ≈” ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π

4,217.4 ≈â“π∫“∑ (2545 : 28 ≈” ¡Ÿ≈§à“ 4,046.4 ≈â“π∫“∑) ·≈–Õ“§“√™ÿ¥´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘®”π«π 104.1 ≈â“π∫“∑ (2545 :

113.9 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8

„π√–À«à“ßªï 2545 ∫√‘…—∑¬àÕ¬‰¥â¢“¬‡√◊Õ‡¥‘π∑–‡≈®”π«π 3 ≈” ·≈– Õ“§“√™ÿ¥ 2 ÀâÕß ‚¥¬¡’°”‰√®“°°“√¢“¬®”π«π

23.7 ≈â“π∫“∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õÿª°√≥å´÷Ëß‰¥â§‘¥§à“‡ ◊ËÕ¡√“§“ – ¡‰«â·≈â«‡µÁ¡

®”π«π·µà¬—ß„™âß“πÕ¬Ÿà ‚¥¬ ‘π∑√—æ¬å¥—ß°≈à“«¡’√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 40.6 ≈â“π∫“∑ ·≈– 37.4 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–

∫√‘…—∑œ : 15.9 ≈â“π∫“∑ ·≈– 12.4 ≈â“π∫“∑ µ“¡≈”¥—∫)

8. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«π’È‡ªìπ‡ß‘π°Ÿâ¬◊¡∑’Ë‡°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’Èµ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 6 °√°Æ“§¡

2543 ·≈–«—π∑’Ë 10 °√°Æ“§¡ 2543 ·≈– —≠≠“„Àâ ‘π‡™◊ËÕ°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ≈ß«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ¡’¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

‡ß‘π°Ÿâ¬◊¡‡¥‘¡ - 1,463,931 - -

‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å (Commercial Loan) - 1,618,368 - 1,618,368

‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ 34,367 55,483 - -

‡ß‘π°Ÿâ¬◊¡„À¡à 3,387,984 - 242,582 -

√«¡ 3,422,351 3,137,782 242,582 1,618,368

À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (938,579) (393,386) (242,582) -

à«π∑’Ë∂÷ß°”Àπ¥™”√–‡°‘π°«à“Àπ÷Ëßªï 2,483,772 2,744,396 - 1,618,368

‡ß‘π°Ÿâ¬◊¡‡¥‘¡

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬‰¡à¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡‡¥‘¡ (2545 : 241.4 ≈â“π∫“∑ ·≈– 28.2

≈â“π‡À√’¬≠ À√—∞œ) ‡ß‘π°Ÿâ¬◊¡‡¥‘¡¡’Õ—µ√“¥Õ°‡∫’È¬∑—Èß§ß∑’Ë·≈–≈Õ¬µ—«µ“¡Õ—µ√“∑’Ë°”Àπ¥‰«â„π —≠≠“µ“¡µ“√“ß°“√®à“¬™”√–Àπ’È

‡ß‘π°Ÿâ¬◊¡ π’È®–®à“¬™”√–§◊π‡ªìπ√“¬‰µ√¡“ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2543 ·≈–®–µâÕß™”√– „ÀâÀ¡¥¿“¬„πªï 2548 „π√–À«à“ß

ªï 2546 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡‡¥‘¡∑—ÈßÀ¡¥·≈â« ‡ªìπ®”π«π 241.4 ≈â“π∫“∑ ·≈– 28.2 ≈â“π‡À√’¬≠ À√—∞œ (2545

: 48.2 ≈â“π∫“∑ 17.2 ≈â“π‡À√’¬≠ À√—∞œ ·≈– 15 ≈â“πÕ‘π‡¥’¬√Ÿªï)

‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å

‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å‡ªìπ‡ß‘π°Ÿâ¬◊¡ °ÿ≈‡ß‘π∫“∑§‘¥¥Õ°‡∫’È¬„πÕ—µ√“§ß∑’ËµàÕªï „π°√≥’∑’Ë∫√‘…—∑œ ‰¡à “¡“√∂®à“¬™”√–§◊πµ“¡

°”Àπ¥‡«≈“Õ—µ√“¥Õ°‡∫’È¬®–∂Ÿ°ª√—∫‡æ‘Ë¡¢÷ÈπÕ’°√âÕ¬≈– 1 µàÕªïπ—∫®“°«—π∑’Ë∂÷ß°”Àπ¥™”√– Õ¬à“ß‰√°Áµ“¡ ‡ß‘π°Ÿâ¬◊¡π’È®–µâÕß™”√–§◊π

‰¡à‡°‘π«—π∑’Ë 17 °√°Æ“§¡ 2548 „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å∑—ÈßÀ¡¥·≈â«‡ªìπ®”π«π 1,618.4

≈â“π∫“∑ (2545 : 83.4 ≈â“π∫“∑)


11 M

8

6

4

2

10 M

8

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9 M

8

6

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2

8 M

8

6

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7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

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2

4 M

8

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3 M

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2 M

8

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2

1 M

During the year 2003, certain subsidiaries have purchased 2 second-hand vessels of USD 15.6 million.

As at 31 December 2003, the subsidiaries have mortgaged 30 vessels with net book value of Baht 4,217.4

million (2002 : 28 vessels amounting to Baht 4,046.4 million) and condominium units with net book value of Baht

104.1 million (2002 : Baht 113.9 million) with banks to secure long-term loans as referred to in Note 8.

During the year 2002, certain subsidiaries disposed of their 3 vessels and 2 condominium units with gain of

Baht 23.7 million.

As at 31 December 2003 and 2002, the Company and subsidiaries has fully depreciated equipment which

are still in use, the costs of such assets amounted to Baht 40.6 million and Baht 37.4 million, respectively (The

Company Only : Baht 15.9 million and Baht 12.4 million, respectively).

8. LONG-TERM LOANS

The long-term loans were the loans resulting from the restructuring of debts under the debt restructuring

agreement dated 6 July 2000 and 10 July 2000, and credit facilities agreement dated 16 June 2003 with Krung

Thai Bank Public Company Limited.

The outstanding balances of long-term loans as at 31 December 2003 and 2002 were as follows :



2003 2002 2003 2002

Original loans - 1,463,931 - -

Commercial loans - 1,618,368 - 1,618,368

Other loan 34,367 55,483 - -

New loans 3,387,984 - 242,582 -

Total 3,422,351 3,137,782 242,582 1,618,368

Less : Current portion (938,579) (393,386) (242,582) -

Long-term portion 2,483,772 2,744,396 - 1,618,368

Original loans

As at 31 December 2003, the subsidiaries had no outstanding balance of original loans (2002 : Baht 241.4

million and USD 28.2 million) on which interest were charged at fixed and floating rates specified in the agreements.

According to the repayment schedule, the loans were to be repaid in quarterly installments commencing 31 March

2000 until the end of 2005. During the year 2003, the subsidiaries paid all outstanding original loans by Baht

241.4 million and USD 28.2 million (2002 : Baht 48.2 million, USD 17.2 million and INR 15 million).

Commercial loans

These were Thai Baht loans which carried interest at fixed rates per annum. If the Company failed to repay

at the applicable repayment dates, interest rate was to be increased by 1% per annum from those dates. However,

the loans were finally due for repayment on 17 July 2005. During the year 2003, the Company paid all outstanding

commercial loans by Baht 1,618.4 million (2002 : Baht 83.4 million).

11 M

8

6

4

2

10 M

8

6

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2

9 M

8

6

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2

8 M

8

6

4

2

7 M

8

6

4

2

6 M

8

6

4

2

5 M

8

6

4

2

4 M

8

6

4

2

3 M

8

6

4

2

2 M

8

6

4

2


‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ

‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ‡ªìπ‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’Ë

µàÕªï ¡’°”Àπ¥®à“¬™”√–§◊π∑ÿ°À°‡¥◊Õπ∂÷ßªï 2548

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ§ß‡À≈◊Õ®”π«π 0.9 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 1.3 ≈â“π‡À√’¬≠

À√—∞œ) „π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ®”π«π 0.4 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 0.4 ≈â“π‡À√’¬≠

À√—∞œ) ‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ§È”ª√–°—π‚¥¬°“√®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ 1 ≈” (À¡“¬‡Àµÿ 7) ·≈–‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡å

ª√–°—π¿—¬¢Õß‡√◊Õ¥—ß°≈à“«„Àâ·°à‡®â“Àπ’È

‡ß‘π°Ÿâ¬◊¡„À¡à

‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“„Àâ ‘π‡™◊ËÕ°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π)

®”π«π 100 ≈â“π‡À√’¬≠ À√—∞œ ‚¥¬¡’«—µ∂ÿª√– ß§å¥—ßπ’È

°) ‘π‡™◊ËÕ®”π«π 65 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª™”√–§◊π‡ß‘π°Ÿâ¬◊¡°àÕπ°”Àπ¥ ”À√—∫‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ ·≈–

∫√‘…—∑¬àÕ¬∑’Ë¡’Õ¬Ÿà„πªí®®ÿ∫—π ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ¿“¬„π 12 ‡¥◊Õππ—∫·µà«—π∑’Ë≈ßπ“¡„π —≠≠“„Àâ ‘π‡™◊ËÕ

¢) ‘π‡™◊ËÕ®”π«π 35 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ·≈–/À√◊Õ ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ ‚¥¬¡’√–¬–

‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ®π∂÷ß ‘Èπªï 2548

‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’ËµàÕªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’Ë

√–∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 7.5 ªï ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–Àπ’È 1 ªï

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ 26 ∫√‘…—∑‰¥â‡∫‘°∂Õπ‡ß‘π°Ÿâ¬◊¡„À¡àµ“¡ °) ·≈– ¢) ·≈â«

®”π«π 63.6 ≈â“π‡À√’¬≠ À√—∞œ ·≈– 21.7 ≈â“π‡À√’¬≠ À√—∞œ µ“¡≈”¥—∫

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡ß‘π°Ÿâ¬◊¡„À¡àπ’È§È”ª√–°—π‚¥¬

°) ®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ 29 ≈” ·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 7)

¢) ®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬ 27 ∫√‘…—∑ (À¡“¬‡Àµÿ 6)

§) ‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥∫“ßª√–°“√∑’Ë°”Àπ¥‰«â„π —≠≠“„Àâ ‘π‡™◊ËÕ Õ“∑‘ ‡™àπ

°) ¥”√ß√—°…“Õ—µ√“ à«π debt service coverage ‰¡àπâÕ¬°«à“ 1 µàÕ 1

¢) ¥”√ß√—°…“Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ (debt to equity) ‰¡à‡°‘π°«à“ 2 µàÕ 1

§) ¥”√ß‡ß‘π∑ÿπ ”√ÕßÀ¡ÿπ‡«’¬π‰¡àπâÕ¬‰ª°«à“ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈”

9. ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ

‡¡◊ËÕ«—π∑’Ë 24 æƒ»®‘°“¬π 2546 ∫√‘…—∑œ ‰¥â√—∫‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß®“°°“√‡ πÕ¢“¬

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ßª√–‡∑»

10.Àÿâπ°Ÿâ / Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‡°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’Èµ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 17 °√°Æ“§¡

2543


11 M

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9 M

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8 M

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7 M

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6 M

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2

5 M

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2

4 M

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3 M

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2

2 M

8

6

4

2

1 M

Other loan

Other loan represents loan of an overseas subsidiary which charges interest at the rate of LIBOR plus margin

per annum and is payable in semi-annual installments until 2005.

As at 31 December 2003, the subsidiary had outstanding other loan of USD 0.9 million (2002 : USD 1.3

million). During the year 2003, the subsidiary repaid other loan of USD 0.4 million (2002 : USD 0.4 million). The loan

is secured by the mortgage and the assignment of the insurance policy of its vessel to a creditor (Note 7).

New loans

On 16 June 2003, the Company and subsidiaries have entered into an agreement with Krung Thai Bank

Public Company Limited to obtain credit facilities of USD 100 million for the following purposes :

a) USD 65 million is to be used to refinance all outstanding loans of the Company and subsidiaries. Such

facility is to be drawn down within 12 months from the date of the agreement.

b) USD 35 million is to be used to pay for purchases of vessels and/or to fund the redemption of the Bonds.

Such facility can be drawn down until the end of 2005.

These loans carry interest at the rate of LIBOR plus margin per annum and are payable in quarterly install-

ments over a period of 7.5 years, in accordance with the proportionate amounts stipulated in the agreement, with a

waiver of debt repayment for one year.

As at 31 December 2003, USD 63.6 million and USD 21.7 million were drawn down from the loans against

a) and b), respectively, by the Company and 26 subsidiaries.

As at 31 December 2003, these loans are secured by the following:

a) The mortgage of 29 vessels and condominium units belonging to subsidiaries (Note 7).

b) The pledge of the shares of 27 subsidiaries (Note 6).

c) The assignment of the insurance policies of the subsidiaries’ vessels and condominium units.

The Company and subsidiaries have to comply with certain conditions and restrictions provided in the credit

facilities agreement such as :

a) Maintenance of debt service coverage ratio of at least 1 : 1.

b) Maintenance of debt to equity ratio of not exceeding 2 : 1.

c) Maintenance of available liquidity reserve of no less than USD 100,000 per vessel.

9. ADVANCE RECEIPT FOR SALE OF INVESTMENTS

On 24 November 2003 the Company received an advance from an overseas company in relation to its offer

to sell its investments in overseas associated companies.

10.BONDS/REDEEMABLE CONVERTIBLE DEBENTURES

These redeemable convertible debentures (RCDs) were issued under the terms of the debt restructuring

agreement dated 17 July 2000.

11 M

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7 M

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6 M

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5 M

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2 M

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2


‡¡◊ËÕ«—π∑’Ë 17 °√°Æ“§¡ 2543 ∫√‘…—∑œ ‰¥âÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥âª≈Õ¥¥Õ°‡∫’È¬ °ÿ≈‡ß‘π∫“∑®”π«π

589,503,000 ∫“∑ ·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 20,936,297 ‡À√’¬≠ À√—∞œ µ“¡¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„π°“√ÕÕ°

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â °ÿ≈‡ß‘π∫“∑·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ Àÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°‰∂à∂Õπµ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑œ

°”Àπ¥‰«â¿“¬„π√–¬–‡«≈“ 30 ‡¥◊Õππ—∫·µà«—π∑’ËÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¥—ß°≈à“« ÷Ëß§√∫°”Àπ¥„π«—π∑’Ë 16 ¡°√“§¡ 2546

Õ¬à“ß‰√°Áµ“¡ ‡¡◊ËÕ«—π∑’Ë 10 ¡°√“§¡ 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ§◊π‰¥â °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â

¡’¡µ‘Õπÿ¡—µ‘¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„À¡à¢ÕßÀÿâπ°Ÿâ ‚¥¬„Àâ¡’º≈∫—ß§—∫µ—Èß·µà«—π∑’Ë 16 ¡°√“§¡ 2546 ‡ªìπµâπ‰ª ‚¥¬¡’‡π◊ÈÕÀ“ √ÿª¥—ßπ’È

°) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“æ‡ªìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª

¢) ¡’¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 4.25 µàÕªï ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2546

§) Àÿâπ°Ÿâ®–∂Ÿ°‰∂à∂Õπ§◊π‚¥¬∫√‘…—∑œ „π«—π∑’Ë 16 ¡°√“§¡ 2552 À√◊ÕÕ“®∂Ÿ°‰∂à∂Õπ§◊π∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥ ”À√—∫

®”π«π‡ß‘πµâπ„π‡«≈“„¥Ê °àÕπ∑’Ë®–§√∫°”Àπ¥‰∂à∂Õπ°Á‰¥â

µàÕ¡“‡¡◊ËÕ«—π∑’Ë 17 ¡°√“§¡ 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ§◊π‰¥â °ÿ≈‡ß‘π∫“∑‰¥â¡’¡µ‘Õπÿ¡—µ‘

¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„À¡à¢ÕßÀÿâπ°Ÿâ ‚¥¬„Àâ¡’º≈∫—ß§—∫µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2546 ‡ªìπµâπ‰ª ‚¥¬¡’‡π◊ÈÕÀ“ √ÿª¥—ßπ’È

°) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“æ‡ªìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª

¢) ¡’¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 5 µàÕªï ®π∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2549 ·≈–Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 6 µàÕªï µ—Èß·µà«—π∑’Ë 17

¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2552 ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 17 ‡¡…“¬π 2546

§) Àÿâπ°Ÿâ®–∂Ÿ°‰∂à∂Õπ§◊π‚¥¬∫√‘…—∑œ ‡ªìπ√“¬‰µ√¡“ µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 17 ¡°√“§¡ 2552

„π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ§ß‡À≈◊Õ∑—ÈßÀ¡¥§◊π ‚¥¬∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ °ÿ≈‡ß‘π‡À√’¬≠

À√—∞œ ®”π«π 13.2 ≈â“π‡À√’¬≠ À√—∞œ „π√“§“ 9.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑®”π«π 316.5 ≈â“π∫“∑

„π√“§“ 306.0 ≈â“π∫“∑ ∫√‘…—∑œ ¡’°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 147.6 ≈â“π∫“∑ ÷Ëß∫—π∑÷°‡ªìπ√“¬°“√æ‘‡»…„π

ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2546

„π√–À«à“ßªï 2545 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 1.5 ≈â“π‡À√’¬≠ À√—∞œ

„π√“§“ 0.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π∫“∑®”π«π 163 ≈â“π∫“∑ „π√“§“ 98 ≈â“π∫“∑ ∫√‘…—∑œ ¡’

°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 90.8 ≈â“π∫“∑ ÷Ëß∫—π∑÷°‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2545

11.∑ÿπ‡√◊ÕπÀÿâπ

‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï‰¥â¡’¡µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π®“° 1,973 ≈â“π∫“∑

(Àÿâπ “¡—≠ 197.3 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 52 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ∫√‘…—∑œ

‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ®¥∑–‡∫’¬π¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 20 æƒ…¿“§¡ 2546

‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2546 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È

°) „Àâ‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â¢Õß∫√‘…—∑œ ®“°Àÿâπ≈– 10 ∫“∑‡ªìπÀÿâπ≈– 1 ∫“∑ ‚¥¬¡’∑ÿπ ®¥∑–‡∫’¬π·≈–∑ÿπ

™”√–·≈â« 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 520 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)

¢) „Àâ‚Õπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬®”π«π 60.5 ≈â“π∫“∑ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠®”π«π 514.6 ≈â“π∫“∑

‰ª™¥‡™¬∫—≠™’¢“¥∑ÿπ – ¡¢Õß∫√‘…—∑œ ÷Ëß “¡“√∂ªØ‘∫—µ‘‰¥âµ“¡æ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥

∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 15 °—π¬“¬π 2546


11 M

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9 M

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4 M

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2 M

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1 M

On 17 July 2000, the Company issued Thai Baht 589,503,000 and USD 20,936,297 of zero coupon

RCDs. Under the terms and conditions of the Thai Baht’s and US dollar’s RCDs, the Company had an option to redeem

the bonds within a period of thirty months from the issue date dued on 16 January 2003.

However, on 10 January 2003, the meeting of the holders of the USD redeemable convertible debentures

passed a resolution approving new terms and conditions for the bonds, effective from 16 January 2003, which can

be summarised as follows :

a) The bonds are no longer convertible to shares of the Company.

b) The coupon rate is to be 4.25% per annum, with interest paid quarterly commencing on 31 March 2003.

c) The bonds will be redeemed by the Company on 16 January 2009 or may be redeemed in part or in full

at any time prior to maturity.

Subsequently, on 17 January 2003, the meeting of the holders of the Baht redeemable convertible

debentures passed a resolution approving new terms and conditions for the bonds, effective from 17 January 2003,

which can be summarised as follows :

a) The bonds are no longer convertible to shares of the Company.

b) The coupon rate is to be 5% per annum until 16 January 2006 and then 6% per annum from 17

January 2006 to 16 January 2009. Interest is to be paid quarterly, commencing on 17 April 2003.

c) The bonds will be redeemed by the Company in quarterly installments, from 17 January 2006 to 17

January 2009.

During the year 2003, the Company had redeemed all outstanding Bonds by buy-back of the USD Bonds

of USD 13.2 million nominal value at the amount of USD 9.9 million and the Baht Bonds of Baht 316.5 million nominal

value at the amount of Baht 306.0 million. The redemption resulted in a gain of Baht 147.6 million which was

recorded as an extraordinary item in the 2003 earnings statement.

During the year 2002, the Company had redeemed USD RCDs of USD 1.5 million nominal value at the

amount of USD 0.9 million and the THB RCDs of Baht 163 million nominal value at the amount of Baht 98 million.

The redemption resulted in a total gain of Baht 90.8 million which was recorded as an extraordinary item in the

2002 earnings statement.

11. SHARE CAPITAL

On 30 April 2003, the Annual General Meeting of shareholders of the Company passed a resolution

approving a decrease of its authorised share capital from Baht 1,973 million (197.3 million ordinary shares of Baht

10 each) to be Baht 520 million (52 million ordinary shares of Baht 10 each). The Company registered the reduction

of its authorised share capital with the Ministry of Commerce on 20 May 2003.

On 10 September 2003, the Extraordinary General Meeting of shareholders of the Company approved

the following resolutions :

a) The changing of the Company’s par value of share from Baht 10 per share to Baht 1 per share with

the authorised and paid-up share capital of Baht 520 million (520 million ordinary shares of Baht 1 each).

b) The transfer of amounts of Baht 60.5 million from its statutory reserve and Baht 514.6 million from its

premium on ordinary shares to reduce its accumulated losses in compliance with the Public Limited Companies Act.

The Company registered the changing of its par value of share with the Ministry of Commerce on 15

September 2003.

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6 M

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3 M

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2 M

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2


12. ”√Õßµ“¡°ÆÀ¡“¬

µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œ ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õß

‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“

√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

µ“¡¡“µ√“ 1202 ·Ààßª√–¡«≈°ÆÀ¡“¬·æàß·≈–æ“≥‘™¬å ∫√‘…—∑¬àÕ¬∑’Ë®—¥µ—Èß¢÷Èπµ“¡°ÆÀ¡“¬‰∑¬µâÕß®—¥ √√∑ÿπ

”√Õßµ“¡°ÆÀ¡“¬‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß®”π«πº≈°”‰√´÷Ëß∫√‘…—∑∑”¡“À“‰¥â∑ÿ°§√“«∑’Ë®à“¬ ‡ß‘πªíπº≈®π°«à“∑ÿπ ”√Õßπ—Èπ

®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

13.°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß 23,154 32,725 14,764 3,069

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë

¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß 161,037 40,396 7,496 14,030

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π - ÿ∑∏‘ 184,191 73,121 22,260 17,099

14.§à“µÕ∫·∑π°√√¡°“√

§à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ µ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑

¡À“™π®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

15.¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈¢Õß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 ·≈– 2545 ‡π◊ËÕß®“°º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“

®“°ªï°àÕπÊ ¡’¡“°°«à“°”‰√ ÿ∑∏‘¢Õßªï¥—ß°≈à“«

∫√‘…—∑¬àÕ¬‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ”À√—∫‡ß‘π‰¥â®“°°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑» µ“¡ª√–°“»Õ∏‘∫¥’

°√¡ √√æ“°√‡°’Ë¬«°—∫¿“…’‡ß‘π‰¥â©∫—∫∑’Ë 72 ≈ß«—π∑’Ë 1 ¡°√“§¡ 2541

16. ‡ß‘πªíπº≈®à“¬

‡¡◊ËÕ«—π∑’Ë 18 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„Àâ·°à

ºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ªìπ‡ß‘πªíπº≈∑—Èß ‘Èπ 260 ≈â“π∫“∑


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12. STATUTORY RESERVE

Under the Public Limited Companies Act B.E. 2535, the Company is required to set aside a reserve at least

5 percent of its net profit after deducting accumulated deficit brought forward (if any) until the reserve reaches 10

percent of the registered share capital. This reserve is not available for dividend distribution.

In accordance with Section 1202 of the Civil and Commercial Code, each time the subsidiaries (incorporated

under Thai laws) declares a dividend payment, it must allocate not less than 5 percent of its earnings to its statutory

reserve, until this statutory reserve reaches not less than 10 percent of registered share capital. This reserve is not

available for dividend distribution.

13. EXCHANGE GAINS

Exchange gains for the years ended 31 December 2003 and 2002 were summarised below :



2003 2002 2003 2002

Realised exchange gains 23,154 32,725 14,764 3,069

Unrealised exchange gains 161,037 40,396 7,496 14,030

Exchange gains - net 184,191 73,121 22,260 17,099

14. DIRECTORS’ REMUNERATION

Directors’ remuneration represents the benefits paid to the Company’s directors in accordance with Section

90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.

15. CORPORATE INCOME TAX

The Company does not have corporate income tax liabilities on its net earnings for the years 2003 and

2002 because tax losses brought forward exceed the net earnings of these years.

In accordance with the Director - General’s Notification on Income Tax No. 72 dated 1 January 1998, the

subsidiaries have received an exemption from the payment of income tax for their marine transportation income.

16. DIVIDEND PAID

On 18 November 2003, the Board of Directors Meeting of the Company approved the payment of an interim

dividend of 520 million shares of Baht 0.50 per share, to the Company’s shareholders, a total of Baht 260 million.

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17. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2546 2545 2546 2545

®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) 886 833 66 66

§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑) 766,545 773,621 141,231 113,116

18. ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ

∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’∫“ßª√–°“√µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√

¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈ Õ“∑‘‡™àπ ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈‡ªìπ‡«≈“ 5 - 8 ªï π—∫·µà «—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°

°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡ ‡ªìπµâπ ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∫√‘…—∑¬àÕ¬®–µâÕß®¥∑–‡∫’¬π‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬‡ªìπ

‡√◊Õ‰∑¬ ÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬ 26 ∫√‘…—∑‰¥â ®¥∑–‡∫’¬π‡√◊Õ®”π«π 29 ≈”‡ªìπ‡√◊Õ‰∑¬·≈â« (2545 : ∫√‘…—∑¬àÕ¬

24 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 27 ≈”‡ªìπ‡√◊Õ‰∑¬)

√“¬‰¥â√«¡·≈–§à“„™â®à“¬√«¡ ”À√—∫ªï 2546 ·≈– 2545 (°àÕπ°“√µ—¥√“¬°“√√–À«à“ß°—π) ®”·π°µ“¡°‘®°“√∑’Ë‰¥â√—∫

°“√ àß‡ √‘¡·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ “¡“√∂· ¥ß √ÿª‰¥â¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡ °‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ √«¡

2546 2545 2546 2545 2546 2545

√“¬‰¥â 2,485,892 2,873,452 2,113,674 1,311,021 4,599,566 4,184,473

µâπ∑ÿπ·≈–§à“„™â®à“¬ 1,404,889 2,088,472 1,458,933 1,358,117 2,863,822 3,446,589

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 1,081,003 784,980 654,741 (47,096) 1,735,744 737,884

19. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“

19.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π®“°°“√ ◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 3 ≈” ‡ªìπ®”π«π‡ß‘πª√–¡“≥

1,450.4 ≈â“π∫“∑ (36.5 ≈â“π‡À√’¬≠ À√—∞œ)

19.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√∂Ÿ°øÑÕß‡√’¬°§à“‡ ’¬À“¬∑’Ë

‡°‘¥¢÷Èπ®“°°“√‡¥‘π‡√◊Õ∑–‡≈®”π«π‡ß‘πª√–¡“≥ 0.8 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 0.6 ≈â“π‡À√’¬≠ À√—∞œ) º≈¢Õß§à“‡ ’¬À“¬

¬—ß‰¡à∑√“∫„π¢≥–π’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“º≈‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ„π∑’Ë ÿ¥®–‰¡à‡ªìπ “√– ”§—≠ ¥—ßπ—Èπ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à‰¥â

∫—π∑÷°§à“‡º◊ËÕ§«“¡‡ ’¬À“¬‰«â„π∫—≠™’


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17. EMPLOYEES AND RELATED COSTS


2003 2002 2003 2002

Number of employees at end of year 886 833 66 66

Employee costs for the year

(Thousand Baht) 766,545 773,621 141,231 113,116

18. PROMOTIONAL PRIVILEGES

Under the provisions of the Investment Promotion Act B.E. 2520, the subsidiaries were granted certain

promotional privileges for their marine transportation. The promotional privileges include, among other things,

exemption from the payment of income tax for a period of 5 - 8 years commencing as from the date of first earning

operating income on the condition that the vessels owned by the subsidiaries are registered in Thailand. As at 31

December 2003, the 26 subsidiaries have registered their 29 vessels under the Thai flag (2002 : 24 subsidiaries

have registered their 27 vessels under the Thai flag).

Revenues and expenses for 2003 and 2002 (before eliminating related transactions), classified between

promoted and non-promoted business can be summarised below :


Promoted Business Non-Promoted Business Total

2003 2002 2003 2002 2003 2002

Revenues 2,485,892 2,873,452 2,113,674 1,311,021 4,599,566 4,184,473

Costs and expenses 1,404,889 2,088,472 1,458,933 1,358,117 2,863,822 3,446,589

Net earnings (loss) 1,081,003 784,980 654,741 (47,096) 1,735,744 737,884

19. COMMITMENTS AND CONTINGENT LIABILITIES

19.1 As at 31 December 2003, the subsidiaries have commitments of Baht 1,450.4 million (USD 36.5

million) as a result of the acquisition of 3 vessels.

19.2 As at 31 December 2003, the Company and subsidiaries have contingent liabilities as a result of being

sued for damages in maritime claims totalling USD 0.8 million (2002 : USD 0.6 million). The ultimate outcome of

these claims cannot be determined at this time, but management anticipates that no material liability will arise.

Accordingly, no provision has been provided in the accounts.

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20.°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

20.1 §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π

√“¬‰¥â·≈–§à“„™â®à“¬‡°◊Õ∫∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑œ ¬àÕ¬‡°‘¥®“° °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®÷ß‡ªìπ°“√ªÑÕß°—π

§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥®“°√“¬°“√∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â„πµ—«‡Õß Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß

§ß¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“ °ÿ≈Õ◊Ëπ Õ¬à“ß‰√°Áµ“¡ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â

æ‘®“√≥“·≈â«·≈–‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’Ë¬ß∑’Ë¬—ß§ß¡’Õ¬Ÿà¥—ß°≈à“«

Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â„π°“√·ª≈ß§à“Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 §◊Õ 1 ‡À√’¬≠ À√—∞œ

‡∑à“°—∫ 39.7378 ∫“∑ (2545 : 43.3039 ∫“∑)

20.2 §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’§«“¡‡ ’Ë¬ß

®“°Õ—µ√“¥Õ°‡∫’È¬¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

®”π«π‡ß‘π¢Õß ‘π∑√—æ¬å/Àπ’È ‘π

Õ—µ√“¥Õ°‡∫’È¬‰¡à¡’¿“√–

Õ—µ√“¥Õ°‡∫’È¬

ª√—∫¢÷Èπ≈ßµ“¡ √«¡ ∂—«‡©≈’Ë¬

Õ—µ√“µ≈“¥¥Õ°‡∫’È¬

(√âÕ¬≈–µàÕªï)

°ÿ≈‡À√’¬≠ À√—∞œ

‘π∑√—æ¬å∑“ß°“√‡ß‘π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 896,967 303 897,270 0.25

≈Ÿ°Àπ’È°“√§â“ - 70,186 70,186 -

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë

‡°’Ë¬«¢âÕß°—π - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ - 2,299 2,299 -

√«¡ 896,967 72,788 969,755

Àπ’È ‘π∑“ß°“√‡ß‘π

‡®â“Àπ’È°“√§â“ - 52,291 52,291 -

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 3,422,351 - 3,422,351 3.55

√«¡ 3,422,351 52,291 3,474,642

20.3 §«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ

∫√‘…—∑œ °”Àπ¥π‚¬∫“¬„π°“√„Àâ ‘π‡™◊ËÕ·°àºŸâ‡™à“‡√◊Õ·≈–∫ÿ§§≈¿“¬πÕ°‚¥¬®”°—¥°“√„Àâ ‘π‡™◊ËÕ‡©æ“–°—∫

≈Ÿ°§â“™—Èπ¥’ ·≈–„Àâ§«“¡‡¢â¡ß«¥„π°“√®—¥∑”‡Õ° “√ª√–°Õ∫√“¬°“√µà“ßÊ „Àâ§√∫∂â«π‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß®“°º≈¢“¥∑ÿπ∑’Ë®–

‡°‘¥¢÷Èπ®“°°“√º‘¥π—¥™”√–Àπ’È¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“§«“¡‡ ’Ë¬ß Ÿß ÿ¥¢Õß∫√‘…—∑œ ®–‡∑à“°—∫¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È°“√§â“

À—°¥â«¬§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ë· ¥ß„πß∫¥ÿ≈


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20. FINANCIAL INSTRUMENTS

20.1 Foreign Currency Risk

Almost all revenues and expenditures of the Company and subsidiaries are denominated in U.S. dollars,

which provides a natural hedge against the currency risk associated with transactions in U.S. dollars. Consequently,

the Company and subsidiaries are exposed to a currency risk in respect of its financial instruments denominated in

other currencies. However, the Company’s management has decided to maintain an open position of this exposure.

Exchange rate applied for translation of foreign currency liabilities as at 31 December 2003 was

USD 1 : Baht 39.7378 (2002 : Baht 43.3039).

20.2 Interest Rate Risk

As at 31 December 2003, the Company and subsidiaries had the following financial assets and

financial liabilities exposed to interest rate risk :


Amounts of assets/liabilities

Floating Non-interest Average interestinterest rate bearing

Total rate (% p.a.)

USD

Financial assets :

Cash and cash equivalents 896,967 303 897,270 0.25

Trade accounts receivable - 70,186 70,186 -

Receivable from and

advances to related parties

- other related companies - 2,299 2,299 -

Total 896,967 72,788 969,755

Financial liabilities :

Trade accounts payable - 52,291 52,291 -

Long - term loans 3,422,351 - 3,422,351 3.55

Total 3,422,351 52,291 3,474,642 -

20.3 Credit Risk

The Company has established a credit policy of evaluating the creditworthiness of its charterers and

other parties and restricts its dealings to only sound parties along with tight and adequate documentation to minimize

the risk of financial loss from default. The Company’s management believes that the maximum exposure to credit risk

is limited to the carrying amount of receivables less allowance for doubtful debts as stated in the balance sheets.

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20.4 ¡Ÿ≈§à“¬ÿµ‘∏√√¡

‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–‡ß‘π°Ÿâ¬◊¡¡’Õ—µ√“¥Õ°‡∫’È¬ „°≈â‡§’¬ß°—∫Õ—µ√“

¥Õ°‡∫’È¬„πµ≈“¥ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®–‰¡à

·µ°µà“ßÕ¬à“ß‡ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’

21. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«π„À≠à‡°’Ë¬«°—∫°“√¢π àß∑“ß∑–‡≈„π¿Ÿ¡‘¿“§µà“ßÊ ∑—Ë«‚≈° ¥—ßπ—Èπ√“¬‰¥â °”‰√

·≈– ‘π∑√—æ¬å∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷ß‡°’Ë¬«¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡‘»“ µ√åµ“¡∑’Ë°≈à“«‰«â

22. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π

°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’È‰¥â∑”¢÷Èπ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14

°—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543

∫√‘…—∑œ ‰¥â®—¥ª√–‡¿∑√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 „À¡à ‡æ◊ËÕ„Àâ

Õ¥§≈âÕß°—∫°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õßªïªí®®ÿ∫—π ÷Ëß‰¡à¡’º≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢Õß ºŸâ∂◊ÕÀÿâπµ“¡∑’Ë‰¥â√“¬ß“π‰ª·≈â«

23. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π

ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ ·≈â«


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20.4 Fair Value

Since the majority of financial assets are short-term and loans carry interest at rates close to current

market rates, the management believes that the fair value of the Company’s and subsidiaries’ financial assets and

liabilities do not materially differ from their carrying value.

21. FINANCIAL INFORMATION BY SEGMENT

The Company and its subsidiaries’ activities predominantly involve the shipping businesses and carries

cargo operations to various locations worldwide. As a result, all of the revenues, operating profits and assets as

reflected in these financial statements pertain mainly to the aforementioned industry segment and geographic area.

22. PRESENTATION

The presentation of the financial statements has been made in compliance with the Notification of the

Business Development Department dated 14 September 2001, issued under the Accounting Act B.E. 2543.

Certain amounts in the financial statements for the year ended 31 December 2002 have been reclassified

to conform to the current year’s classifications, with no effect on net earnings or shareholders’ equity previously

reported.

23. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved by the Company’s directors.

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ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞

ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È‰¥â Õ∫∑“πæ√âÕ¡√“¬ß“π‚¥¬ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ

(ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π‰¥â®—¥∑”¢÷Èπ®“°¢âÕ¡Ÿ≈°“√‡ß‘π °ÿ≈∫“∑´÷Ëß‰¥âµ√«® Õ∫·≈â«‚¥¬ºŸâ Õ∫∫—≠™’¢Õß

∫√‘…—∑œ ·≈–ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È‰¥â Õ∫∑“π·≈â«‚¥¬ π—°∫—≠™’Õ‘ √– - ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ

(ª√–‡∑»‰∑¬) ®”°—¥ ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È§«√Õà“π§Ÿà°—∫√“¬ß“π¢Õß‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ

(ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß· ¥ß„Àâ‡ÀÁππ‚¬∫“¬„π°“√·ª≈ß§à“ß∫°“√‡ß‘π °ÿ≈∫“∑‡ªìπß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“

∫√‘…—∑œ ‡ÀÁπ«à“¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“„Àâ·°àºŸâ∂◊ÕÀÿâπ ‡π◊ËÕß®“°

ß∫°“√‡ß‘π¥—ß°≈à“«®–· ¥ß„Àâ‡ÀÁπ∞“π–∑“ß°“√‡ß‘π∑’Ë∂Ÿ°µâÕß¢Õß∫√‘…—∑œ ‡π◊ËÕß®“°‚¥¬æ◊Èπ∞“π·≈â« ‘π∑√—æ¬å„π°“√‡¥‘π‡√◊Õ ÷Ëß

‡ªìπ ‘π∑√—æ¬å à«π„À≠à¢Õß∫√‘…—∑œ ®–´◊ÈÕ·≈–¢“¬¥â«¬‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ¬‘Ëß‰ª°«à“π—Èπ√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑—ÈßÀ¡¥

¢Õß∫√‘…—∑œ °Á‰¥â√—∫‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“¥â«¬ „π∑“ß‡¥’¬«°—π§à“„™â®à“¬ à«π„À≠à¢Õß∫√‘…—∑œ °Á‡°‘¥¢÷Èπ„π√Ÿª °ÿ≈‡ß‘π

¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ „π à«π∑’Ë‡°’Ë¬«°—∫Àπ’È ‘π§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß∫√‘…—∑œ ¡’‡æ’¬ß§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°°“√¡’Àπ’È

‘π∑’Ë‡ªìπ‡ß‘π °ÿ≈∫“∑‡∑à“π—Èπ ¥—ßπ—Èπ®÷ß‡°‘¥§«“¡‰¡à ¡¥ÿ≈„πß∫¥ÿ≈ °ÿ≈‡ß‘π∫“∑¢Õß∫√‘…—∑œ ´÷Ëß ‘π∑√—æ¬å à«π„À≠à∑’Ë‡ªìπ‡√◊Õ‡¥‘π

∑–‡≈¢Õß∫√‘…—∑œ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ (∑’ËÕ—µ√“·≈°‡ª≈’Ë¬πª√–¡“≥ 25-26 ∫“∑

µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) „π¢≥–∑’ËÀπ’È ‘π∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬πªí®®ÿ∫—π (∑’ËÕ—µ√“·≈°‡ª≈’Ë¬πª√–¡“≥

40 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) °“√∫—π∑÷°¥â«¬«‘∏’¥—ß°≈à“«∑”„Àâ¡Ÿ≈§à“¢Õß ‘π∑√—æ¬åµË”°«à“¡Ÿ≈§à“®√‘ß‡¡◊ËÕÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π∫“∑

‡æ◊ËÕ‡ªìπ°“√°”®—¥§«“¡‰¡à ¡¥ÿ≈„πß∫°“√‡ß‘π ∫√‘…—∑œ ®÷ß‰¥â®—¥∑”ß∫°“√‡ß‘π„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π‚¥¬

‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ πÕ°®“°π’È à«πÀπ÷Ëß„π —≠≠“°“√ª√—∫‚§√ß √â“ßπ’È ∫√‘…—∑œ ¡’Àπâ“∑’ËµâÕß®—¥„Àâ¡’

°“√®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“·°à‡®â“π’È¢Õß∫√‘…—∑œ ·≈–§”π«≥Õ—µ√“ à«π∑“ß°“√‡ß‘πµà“ßÊ µ“¡¢âÕµ°≈ß

°—∫‡®â“Àπ’È ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ëª√—∫ª√ÿß„À¡àπ’È ¥—ßπ—Èπ ∫√‘…—∑œ ®÷ß‰¥â®—¥∑”ß∫°“√‡ß‘π¥—ß°≈à“«„Àâ·°à‡®â“π’È¢Õß∫√‘…—∑œ ·≈–

π” àßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡√◊ËÕ¬¡“

¢Õ∫‡¢µÀπâ“∑’Ë°“√∑”ß“π

‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ‰¡à‰¥â∑”°“√µ√«® Õ∫∫—≠™’À√◊Õ¢âÕ¡Ÿ≈‡æ◊ËÕ°“√∫√‘À“√

¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) √«¡∑—Èß‰¡à‰¥â∑”°“√æ‘ Ÿ®πå√“¬°“√§â“¢“¬∑’Ë∫—π∑÷°‰«â·µà

Õ¬à“ß„¥ ¥—ßπ—Èπ∫’∑’‡Õø®÷ß‰¡à “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ„πµ—«ß∫°“√‡ß‘πµà“ßÊ ‰¥â §«“¡√—∫º‘¥™Õ∫„π‡Õ° “√π’È®÷ß‡ªìπ‡æ’¬ß°“√

·ª≈ß§à“®“°ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√µ√«® Õ∫·≈â«„ÀâÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“

‰¡à«à“„π°√≥’„¥Ê °Áµ“¡ ∫’∑’‡Õø®–‰¡à¢Õ√—∫º‘¥„π¿“√–¢“¥∑ÿπ µâπ∑ÿπ §à“§«“¡‡ ’¬À“¬ À√◊Õ§à“„™â®à“¬„¥Ê °Áµ“¡∑’Ë

‡°‘¥¢÷Èπ®“°°“√°√–∑”©âÕ©≈ °“√‡ πÕ¢âÕ¡Ÿ≈∑’Ë‰¡à∂Ÿ°µâÕß À√◊Õ°“√µ—Èß„®º‘¥π—¥™”√–‚¥¬∫√‘…—∑œ °√√¡°“√∫√‘…—∑œ æπ—°ß“π

∫√‘…—∑œ À√◊Õµ—«·∑π∫√‘…—∑œ

√“¬ß“π©∫—∫π’È‰¥â√—∫°“√®—¥∑”¢÷Èπ‡æ◊ËÕ‡ªìπ¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ‡®â“Àπ’È¢Õß∫√‘…—∑œ √«¡∂÷ß∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬·≈–

∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ∫’∑’‡Õø‰¡à¢Õ√—∫º‘¥™Õ∫„πæ—π∏°√√¡„¥Ê ∑’ËÕ“®¡’µàÕ∫ÿ§§≈Õ◊Ëπ∑’Ë‰¡à„™à∫ÿ§§≈∑’Ë√–∫ÿ‰«â¢â“ßµâπ

∫’∑’‡Õø¢Õ®”°—¥§«“¡√—∫º‘¥™Õ∫„¥Ê∑’Ë‡°‘¥®“°§«“¡º‘¥æ≈“¥ À√◊Õ§«“¡‰¡à∂Ÿ°µâÕß„π°“√·ª≈π’È „π°√≥’∑’Ë¡’§«“¡¢—¥

·¬âß‡°‘¥¢÷Èπ√–À«à“ß√“¬ß“π¿“§¿“…“Õ—ß°ƒ…·≈–¿“…“‰∑¬ ¢Õ„Àâ∑à“π¬÷¥‡Õ“µ“¡√“¬ß“π¿“§¿“…“Õ—ß°ƒ…‡ªìπÀ≈—°


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The Restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Limited along

with their report, are reproduced hereunder. The restatement has been done on the basis of the audited

Thai Baht Financial Statements and the subsequent restatement into US Dollar has been certified by the

Independent Accountants - Baker Tilly FAS (Thailand) Limited. The Restated US Dollar Financial Statements

should be read together with the Report of Baker Tilly FAS (Thailand) Limited, which contains, inter alia, the

Policy of Restatement from Thai Baht to US Dollar.

It is necessary to provide the Restated US Dollar Financial Statements to the shareholders, since,

these statements give a more accurate financial position of the Company since the shipping assets, which,

from the major bulk of the total assets of the Company are valued, bought and sold in US Dollars. Moreover,

all shipping revenues are derived in US Dollars and practically all expenses are incurred in US Dollars. In respect

of liabilities, the Company’s Foreign Exchange exposure is only on the uncovered Baht denominated liabilities.

This leads to a mismatch in the Baht Denominated Balance Sheet where the fixed assets are expressed in

Thai Baht at the original exchange rates prevailing at the time of purchase of the asset (about Baht 25-26

per US Dollar), but the liabilities are expressed in Thai Baht at the closing exchange rate as at 31st December

2003 (about Baht 40 per US Dollar) resulting in an understatement of the value of the fixed assets, in Baht

terms.

To remove the above mismatch, the Company has prepared the Restated US Dollar Financial

Statements which are then certified by Baker Tilly FAS (Thailand) Limited. In recognition of the above, as a part

of the Debt Restructure documentation, it is the Company’s obligation to additionally provide the Restated

US Dollar Financial Statements to all the Financial Creditors and also to compute the Financial Covenants

based on these Restated Financial Statements only. Accordingly, there are regularly being provided to all

financial creditors and are also released to the Stock Exchange of Thailand (SET).

SCOPE OF WORK

Baker Tilly FAS (Thailand) Limited (“BTF”) has not performed an audit examination of Precious

Shipping Public Company Limited’s (“PSL” or “the Company”) accounts or of the management information,

nor has BTF verified the underlying transactions. Therefore, BTF give no opinion on the financial statements.

This is only a restatement of the THB audited financial statements into USD.

In no event shall BTF be liable for any loss liability, cost, damage or expense arising in any way from

fraudulent acts, misrepresentation or wilful default on the part of the Company, its directors, employees, or

agents.

The Report has been prepared for the use of the Company, its creditors, legal and financial advisors.

BTF does not accept any responsibility or liability to other parties.

RESTATED US DOLLAR FINANCIAL STATEMENTS

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∫∑ √ÿª®“°ºŸâ∫√‘À“√

‡¡◊ËÕ«—π∑’Ë 3 °ÿ¡¿“æ—π∏å 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) ‰¥â«à“®â“ß„Àâ ∫√‘…—∑

‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ®—¥∑”√“¬ß“πª√–®”‰µ√¡“ ‡°’Ë¬«°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à

‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ¢Õß∫√‘…—∑œ ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘π√«¡ °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√µ√«® Õ∫ /

Õ∫∑“π¢÷Èπ °“√«à“®â“ß¥—ß°≈à“«®–‡ªìπ°“√µ√«®∑“π°“√§”π«≥µ—«‡≈¢·≈–À≈—°‡°≥±å∑’Ë„™â„π°“√ª√—∫ª√ÿß§à“ß∫¥ÿ≈·≈–ß∫°”‰√

¢“¥∑ÿπ„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ.

¥—ßπ—Èπ ¢âÕ √ÿª∑’Ë‡°’Ë¬«°—∫°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑„À¡à„Àâ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°·π∫‰«â„ππ‚¬∫“¬∑’Ë

„™â „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)

∫’∑’‡Õø‰¥â∑”°“√√“¬ß“πº≈®“°°“√µ√«®∑“π°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π√«¡„À¡à„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ”À√—∫

√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√µ√«®∑“π¥—ß°≈à“« ∫’∑’‡Õø‰¥â√—∫°“√™à«¬‡À≈◊Õ·≈–§«“¡√à«¡¡◊Õ®“°

æπ—°ß“π∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√‡ªìπÕ¬à“ß¥’

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∑’Ë‰¥â¡’°“√·ª≈ß§à“‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«π—Èπ· ¥ß„Àâ‡ÀÁπ«à“¡Ÿ≈§à“√«¡¢Õß

‘π∑√—æ¬å·≈–Àπ’È ‘π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π∑—Èß ‘Èπ 194 ≈â“π‡À√’¬≠ √Õ. ·≈– 98 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ ¥—ßπ—Èπ∑ÿπ

‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®÷ß¡’¡Ÿ≈§à“ 96 ≈â“π‡À√’¬≠ √Õ.

„π à«π¢Õßß∫°”‰√¢“¥∑ÿπ ¡Ÿ≈§à“√«¡¢Õß√“¬‰¥â·≈–§à“„™â®à“¬ (‰¡à√«¡¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π) ¢Õß

∫√‘…—∑œ „π™à«ß√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ‡ªìπ®”π«π∑—Èß ‘Èπ 91 ≈â“π‡À√’¬≠ √Õ. ·≈– 64 ≈â“π‡À√’¬≠

√Õ. µ“¡≈”¥—∫ °”‰√ ÿ∑∏‘À≈—ß®“°√«¡√“¬°“√Õ◊ËπÊ Õ“∑‘ ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ·≈–°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ

®”π«π 6 ≈â“π‡À√’¬≠ √Õ. ·≈– 3.5 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫·≈â«π—Èπ ‡ªìπ®”π«π∑—Èß ‘Èπ 24.8 ≈â“π‡À√’¬≠ √Õ. à«π¬Õ¥

°”‰√ – ¡ ‘Èπß«¥¡’¡Ÿ≈§à“‡ªìπ 45 ≈â“π‡À√’¬≠ √Õ.


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EXECUTIVE SUMMARY

Precious Shipping Public Company Limited (“PSL” or “the Company”) on 3 February 2004

engaged Baker Tilly FAS (Thailand) Limited (“BTF”) to prepare a quarterly report on the restatement of

the THB audited / reviewed consolidated financial statements into USD, prepared by the Company. The

engagement includes a review of the Company’s mathematical calculation and the basis of USD restatement

of both the balance sheet and income statement.

Accordingly, BTF attach a summary of the basis of the restatement of the THB financial statements

into USD as Policy of restatement from THB to USD Currency.

BTF has undertaken to report on its review of the restated USD consolidated financial statements

for the twelve-month period ended 31st December 2003. In undertaking the above, BTF were accorded the

full assistance and co-operation of the PSL staff and management.

The restated USD Balance Sheet as at 31st December 2003 indicates that the total assets and

liabilities of PSL were USD 194 million and USD 98 million, respectively. The equity of PSL as at 31st December

2003 was therefore USD 96 million.

In relation to the income statement, PSL’s total revenues and expenses, excluding interest and

finance cost, for the twelve months ended 31st December 2003 were USD 91 million and USD 64 million,

respectively. Net income, after including such items as interest and finance cost and gain on redemption of

debentures totalling USD 6 million and 3.5 million, respectively, equals USD 24.8 million. The retained earnings

at the end of the period stood at USD 45 million.

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ß∫°“√‡ß‘πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 - ‘π∑√—æ¬å

31/12/03 31/12/02

‘π∑√—æ¬å ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.


‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 897,269,959 22,693,576 329,715,200 7,650,945

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 70,185,983 1,775,130 142,019,006 3,295,510

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß 2,299,440 58,157 25,983,399 602,937

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 20,612,060 521,316 47,066,795 1,092,171

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 83,168,282 2,103,476 84,510,640 1,961,045

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 1,073,535,724 27,151,655 629,295,040 14,602,608

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ√–¬–¬“« 87,700,531 2,037,650 35,555,856 820,000

‘π∑√—æ¬å∂“«√∑’Ë√“§“∑ÿπ

‡√◊Õ‡¥‘π∑–‡≈ ·≈–Õÿª°√≥å‡√◊Õ‡¥‘π∑–‡≈ 8,168,304,742 305,010,737 7,566,467,585 290,040,858

§à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 468,160,083 11,150,635 558,324,360 13,267,209

Õÿª°√≥å ”π—°ß“π 16,576,118 423,335 16,481,783 388,495

à«πª√—∫ª√ÿß —≠≠“‡™à“ 2,773,880 70,156 2,773,880 64,367

¬“πæ“Àπ– 13,705,876 346,646 13,112,287 305,758

Õ“§“√™ÿ¥·≈– à«πª√—∫ª√ÿß 181,693,446 7,125,233 181,693,446 7,125,233

à«πµ°·µàß·≈–Õÿª°√≥å ”π—°ß“π 18,370,004 464,611 18,189,970 422,093

Õÿª°√≥å∑à“‡√◊Õ 114,582,149 4,493,418 114,582,149 4,493,418

√«¡ 8,984,166,298 329,084,771 8,471,625,460 316,107,431

À—° : §à“‡ ◊ËÕ¡√“§“ – ¡ (4,366,167,044) (166,692,092) (4,044,560,930) (152,533,827)

√«¡ ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘ 4,617,999,254 162,392,679 4,427,064,530 163,573,604

‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 77,585,550 1,950,000 - -

§à“§«“¡π‘¬¡ - ÿ∑∏‘ 8,136,920 319,095 8,815,000 345,686

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,962,436 74,925 3,106,073 72,076

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 4,794,384,691 166,774,349 4,474,541,459 164,811,366

√«¡ ‘π∑√—æ¬å 5,867,920,415 193,926,004 5,103,836,499 179,413,974


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FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - ASSETS

31/12/03 31/12/02

ASSETS THB USD THB USD

CURRENT ASSETS

Cash and cash equivalents 897,269,959 22,693,576 329,715,200 7,650,945

Accounts receivable - trade - net 70,185,983 1,775,130 142,019,006 3,295,510

Receivable from and advances to 2,299,440 58,157 25,983,399 602,937

related companies

Bunker oil 20,612,060 521,316 47,066,795 1,092,171


Total current assets 1,073,535,724 27,151,655 629,295,040 14,602,608

NON-CURRENT ASSETS

Long-term investments 87,700,531 2,037,650 35,555,856 820,000

Fixed assets at cost:

Vessels & Vessels Equipment 8,168,304,742 305,010,737 7,566,467,585 290,040,858

Drydock & special survey 468,160,083 11,150,635 558,324,360 13,267,209

Office equipment 16,576,118 423,335 16,481,783 388,495

Leasehold improvement 2,773,880 70,156 2,773,880 64,367

Vehicles 13,705,876 346,646 13,112,287 305,758

Buildings & improvement 181,693,446 7,125,233 181,693,446 7,125,233

Furniture & fixtures 18,370,004 464,611 18,189,970 422,093

Berth equipment 114,582,149 4,493,418 114,582,149 4,493,418

Total 8,984,166,298 329,084,771 8,471,625,460 316,107,431

Less : Accumulated depreciation (4,366,167,044) (166,692,092) (4,044,560,930) (152,533,827)

Total fixed assets - net 4,617,999,254 162,392,679 4,427,064,530 163,573,604

Prepayment for vessel purchases 77,585,550 1,950,000 - -

Goodwill - net 8,136,920 319,095 8,815,000 345,686

Other non-current assets 2,962,436 74,925 3,106,073 72,076

Total non-current assets 4,794,384,691 166,774,349 4,474,541,459 164,811,366

Total Assets 5,867,920,415 193,926,004 5,103,836,499 179,413,974

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ß∫°“√‡ß‘πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 - Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

31/12/03 31/12/02

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.

Àπ’È ‘π

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡®â“Àπ’È°“√§â“ 52,290,655 1,315,892 100,232,355 2,314,627

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï 938,579,124 23,619,303 393,385,757 9,084,303

√“¬‰¥â√—∫≈à«ßÀπâ“ 108,893,669 2,740,304 74,038,616 1,709,745

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 326,519,361 8,216,845 228,461,217 5,275,765

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 1,426,282,809 35,892,344 796,117,945 18,384,440

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â - - 886,736,531 20,477,060

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 2,483,771,798 62,504,008 2,744,396,287 63,375,269

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,483,771,798 62,504,008 3,631,132,818 83,852,329

√«¡Àπ’È ‘π 3,910,054,607 98,396,352 4,427,250,763 102,236,769


∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°·≈–™”√–·≈â« 520,000,000 20,392,157 520,000,000 20,392,157

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 159,706,393 4,996,371 168,888,751 5,345,546

à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 411,429,745 16,134,500 926,054,829 36,315,876

”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ 52,000,000 1,304,730 60,500,000 2,372,549

”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ 169,995,000 5,187,990 77,466,000 2,856,051

”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 24,181,905 800,153 24,181,905 800,153

°”‰√ (¢“¥∑ÿπ) – ¡ 563,637,665 45,281,485 (1,143,517,716) 8,101,614

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ 1,900,950,708 94,097,386 633,573,769 76,183,945

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 56,915,100 1,432,266 43,011,967 993,259

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,957,865,808 95,529,652 676,585,736 77,177,205

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 5,867,920,415 193,926,004 5,103,836,499 179,413,974


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FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - LIABILITIES & SHAREHOLDERS’ EQUITY

31/12/03 31/12/02

LIABILITIES SHAREHOLDERS’ EQUITY THB USD THB USD

LIABILITIES

Current liabilities

Trade accounts payable 52,290,655 1,315,892 100,232,355 2,314,627

Current portion of long - term loans 938,579,124 23,619,303 393,385,757 9,084,303

Advance received from charterers 108,893,669 2,740,304 74,038,616 1,709,745

Other current liabilities 326,519,361 8,216,845 228,461,217 5,275,765

Total current liabilities 1,426,282,809 35,892,344 796,117,945 18,384,440

Non-current liabilities

Redeemable convertible debentures - - 886,736,531 20,477,060

Long - term loans 2,483,771,798 62,504,008 2,744,396,287 63,375,269

Total non-current liabilities 2,483,771,798 62,504,008 3,631,132,818 83,852,329

Total liabilities 3,910,054,607 98,396,352 4,427,250,763 102,236,769

SHAREHOLDERS’ EQUITY

Share capital ñ issued and paid-up 520,000,000 20,392,157 520,000,000 20,392,157

Translation adjustment 159,706,393 4,996,371 168,888,751 5,345,546

Premium on ordinary shares 411,429,745 16,134,500 926,054,829 36,315,876

Statutory reserve - the Company 52,000,000 1,304,730 60,500,000 2,372,549

Statutory reserve - subsidiaries 169,995,000 5,187,990 77,466,000 2,856,051

General reserve in subsidiaries 24,181,905 800,153 24,181,905 800,153

Retained earnings (deficit) 563,637,665 45,281,485 (1,143,517,716) 8,101,614

Total equity attributable to shareholders 1,900,950,708 94,097,386 633,573,769 76,183,945

Minority interest - equity attributable to

minority shareholders of subsidiaries 56,915,100 1,432,266 43,011,967 993,259

Total Shareholders’ Equity 1,957,865,808 95,529,652 676,585,736 77,177,205

Total Liabilities & Shareholders’ Equity 5,867,920,415 193,926,004 5,103,836,499 179,413,974

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ß∫°“√‡ß‘πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546

12 ‡¥◊Õπ∂÷ß 31/12/03 12 ‡¥◊Õπ∂÷ß 31/12/02

ß∫°”‰√¢“¥∑ÿπ√«¡ ∫“∑ ‡À√’¬≠ √Õ. ∫“∑ ‡À√’¬≠ √Õ.

√“¬‰¥â

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ 3,796,875,589 91,163,739 3,290,904,183 76,479,387√“¬‰¥â®“°°“√„Àâ∫√‘°“√ 6,259,661 151,261 7,580,380 176,275°”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ 177,035 2,578 23,662,343 -°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 184,190,660 - 73,120,913 -¥Õ°‡∫’È¬√—∫ 1,261,148 30,028 3,255,056 75,615√“¬‰¥âÕ◊Ëπ 1,760,637 42,769 3,865,965 89,766

√«¡√“¬‰¥â 3,990,524,730 91,390,375 3,402,388,840 76,821,043

§à“„™â®à“¬

§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ 957,395,362 22,936,127 1,030,909,341 23,965,877√“¬®à“¬∑à“‡√◊Õ 306,807,237 7,330,573 382,177,575 8,866,846πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß 266,620,343 6,347,273 345,037,438 8,013,287√«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ 1,530,822,942 36,613,973 1,758,124,354 40,846,010µâπ∑ÿπ°“√„Àâ∫√‘°“√ 13,243,470 316,996 11,422,526 264,986§à“„™â®à“¬„π°“√∫√‘À“√ 180,015,147 4,303,901 158,192,627 3,672,961Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 6,705,262 160,583 33,552,025 970,911§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ - - 161,353,403 4,380,891¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ - - 379,725 8,788¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π - 1,625,991 - 1,283,120§à“‡ ◊ËÕ¡√“§“ 601,964,978 20,719,581 634,970,791 22,052,344¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ - - - 504,573 à«π·∫àß¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - - 433,572 10,034¿“√–§È”ª√–°—π®à“¬ - - 31,589,725 750,000

√«¡§à“„™â®à“¬ 2,332,751,799 63,741,025 2,790,018,748 74,744,618

°”‰√°àÕπÀ—°¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π·≈–¿“…’‡ß‘π‰¥â 1,657,772,931 27,649,350 612,370,092 2,076,425

À—° : ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π (254,923,424) (6,071,882) (201,132,019) (4,675,164)°”‰√ (¢“¥∑ÿπ) °àÕπÀ—°¿“…’‡ß‘π‰¥â 1,402,849,507 21,577,468 411,238,073 (2,598,739)À—° : ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ - - - -°”‰√ (¢“¥∑ÿπ) °àÕπÀ—° à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 1,402,849,507 21,577,468 411,238,073 (2,598,739)À—° : ¢“¥∑ÿπ / (°”‰√) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢Õß

ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (13,903,133) (329,634) 433,347 9,323°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘°àÕπ√“¬°“√æ‘‡»… 1,388,946,374 21,247,834 411,671,420 (2,589,416)°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ 147,612,923 3,538,429 90,762,259 2,112,782

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 1,536,559,297 24,786,263 502,433,679 (476,634)

‡ß‘πªíπº≈ (260,000,000) (6,523,648) - - ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ (52,000,000) (1,304,730) - - ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ (92,529,000) (2,331,939) - -‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑‰ªÀ—°¢“¥∑ÿπ – ¡ 60,500,000 2,372,549 - -‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡ 514,625,084 20,181,376 - -°”‰√ (¢“¥∑ÿπ) – ¡, µâπß«¥ (1,143,517,716) 8,101,614 (1,645,951,395) 8,578,248°”‰√ (¢“¥∑ÿπ) – ¡, ª≈“¬ß«¥ 563,637,665 45,281,485 (1,143,517,716) 8,101,614

°”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ 2.95 0.05 0.97 (0.00)


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FINANCIAL STATEMENTSCONSOLIDATED INCOME STATEMENT FOR TWELVE MONTHS ENDED 31ST DECEMBER 2003

12 MONTHS TO 31/12/03 12 MONTHS TO 31/12/02

CONSOLIDATED INCOME STATEMENT THB USD THB USD

REVENUESVessel operating income 3,796,875,589 91,163,739 3,290,904,183 76,479,387Service income 6,259,661 151,261 7,580,380 176,275Gain on disposal of fixed assets 177,035 2,578 23,662,343 -Exchange gains 184,190,660 - 73,120,913 -Interest income 1,261,148 30,028 3,255,056 75,615Other income 1,760,637 42,769 3,865,965 89,766

Total revenues 3,990,524,730 91,390,375 3,402,388,840 76,821,043

EXPENSESVessel running expenses 957,395,362 22,936,127 1,030,909,341 23,965,877Voyage disbursement 306,807,237 7,330,573 382,177,575 8,866,846Bunker consumption 266,620,343 6,347,273 345,037,438 8,013,287Total vessel operating costs 1,530,822,942 36,613,973 1,758,124,354 40,846,010Cost of services 13,243,470 316,996 11,422,526 264,986Administrative expenses 180,015,147 4,303,901 158,192,627 3,672,961Bad debt and allowance for doubtful accounts 6,705,262 160,583 33,552,025 970,911Provision for possible loss on other - - 161,353,403 4,380,891

investmentsLoss on sale of investment - - 379,725 8,788Exchange losses - 1,625,991 - 1,283,120Depreciation 601,964,978 20,719,581 634,970,791 22,052,344Loss on disposal of fixed assets - - - 504,573Share of loss from investments under - - 433,572 10,034

equity methodGuarantee obligation - - 31,589,725 750,000

Total expenses 2,332,751,799 63,741,025 2,790,018,748 74,744,618

Income before interest and finance costand income tax 1,657,772,931 27,649,350 612,370,092 2,076,425

Less : Interest and finance costs (254,923,424) (6,071,882) (201,132,019) (4,675,164)Income before income tax 1,402,849,507 21,577,468 411,238,073 (2,598,739)

Less : Corporate income tax - - - -Income before minority interest after tax 1,402,849,507 21,577,468 411,238,073 (2,598,739)

Less: Net loss / (earning) of minority interest (13,903,133) (329,634) 433,347 9,323Net income before extraordinary items 1,388,946,374 21,247,834 411,671,420 (2,589,416)Gain on redemption of bonds 147,612,923 3,538,429 90,762,259 2,112,782

Net income 1,536,559,297 24,786,263 502,433,679 (476,634)

Dividend paid (260,000,000) (6,523,648) - -Legal reserve - the Company (52,000,000) (1,304,730) - -Legal reserve - subsidiaries (92,529,000) (2,331,939) - -Transfer of statutory reserve - Company to

offset deficit 60,500,000 2,372,549 - -Transfer of premium on ordinary share to

offset deficit 514,625,084 20,181,376 - -Retained earnings, Beginning of the period (1,143,517,716) 8,101,614 (1,645,951,395) 8,578,248Retained earnings, Ending of the period 563,637,665 45,281,485 (1,143,517,716) 8,101,614

Earnings per share 2.95 0.05 0.97 (0.00)

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‡À√’¬≠ √Õ. ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘πª√–®”‰µ√¡“ / ”À√—∫ß«¥§√÷Ëßªï / ”À√—∫ß«¥ª√–®”ªï °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√ Õ∫∑“π /

µ√«® Õ∫®“°ºŸâµ√«® Õ∫∫—≠™’∑’Ë‰¥â√—∫°“√·µàßµ—Èßµ“¡°ÆÀ¡“¬‡∑à“π—Èπ ¥—ßπ—Èπ¢Õ∫‡¢µÀπâ“∑’Ë®÷ß®”°—¥Õ¬Ÿà‡æ’¬ß°“√µ√«®∑“π§«“¡

∂Ÿ°µâÕß¢Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡∑à“π—Èπ ‚¥¬Õ‘ß®“°¢âÕ¡Ÿ≈∑“ß∫—≠™’∑’Ë¡’Õ¬Ÿà·≈â«„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑

ß∫¥ÿ≈

°“√·ª≈ß§à“®“°‡ß‘π‰∑¬∫“∑‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π√“¬°“√ à«π„À≠à„πß∫¥ÿ≈∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â«

¢Õß∫√‘…—∑œ π—Èπ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ „π à«π¢Õß ‘π∑√—æ¬å®–„™âÕ—µ√“´◊ÈÕ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“

à«πÀπ’È ‘π®–„™âÕ—µ√“¢“¬‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ Õ¬à“ß‰√°Áµ“¡ π‚¬∫“¬π’È‰¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√∫“ß

√“¬°“√ ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°µâÕß¡“°°«à“

√“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È

‡ß‘π≈ß∑ÿπ∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. π—Èπ ∫√‘…—∑œ ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑”°“√≈ß∑ÿππ—Èπ„π°“√·ª≈ß§à“‡ªìπ

‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.

‡√◊Õ‡¥‘π∑–‡≈ (√«¡∂÷ß‡√◊Õ¢π∂à“¬ ‘π§â“·≈–Õÿª°√≥å) ·≈–§à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“ (Drydock

and Special Survey) π—Èπ ‰¥â¡’°“√´◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“

·≈°‡ª≈’Ë¬π ≥ «—π ◊ÈÕ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠

√Õ.

‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ π‚¬∫“¬

°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™â

Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ

¥â«¬‡™àπ°—π

π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)


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In restating the financial statements, consideration has been given to Thai GAAP. However, due to the

unique nature of this restatement the provisions of Thai GAAP may not necessarily have been complied

with. A significant unique feature is that many of the assets, liabilities and transactions of PSL were originally

denominated in USD and translated into THB as required by the SET. In these instances these assets, liabilities

and transactions have been restated into USD at the exchange rate, or estimated exchange rate, at which

they were converted into THB. This, however, was not always possible in relation to the transactions recorded

in the income statement, as this would require matching each transaction with the exchange rate at that

date, in which case the weighted average exchange rate was applied.

Based on the uniqueness of the restatement discussed above, BTF has sought to ensure the

application of the most appropriate methods of restatement to reflect the underlying valuation and

performance of the Company.

Please note that BTF’s responsibility is limited only to check and certify the restatement of the

financial statements in USD based on the quarterly / semi-annual / annual financial statements in Thai Baht

currency (THB) already reviewed / audited by statutory auditors. As such, the scope is limited only to a review

on the accuracy of the restatement of the financial statements based upon the existing set of accounts

maintained in THB.

Accordingly, the policies of the restatement of the items in the Company’s balance sheet and income

statement can be described as follows : -

BALANCE SHEET

Most items in PSL’s audited / reviewed balance sheet are converted from THB into USD using

the exchange rate as at the balance sheet date. THB / USD’s buying rate is applied on the asset side while

the selling rate is used on the liability side. This policy, however, is not applied to some items as BTF considers

an alternative policy, as described below, would provide more accurate restatement into USD.

Investments originally made in USD were translated by PSL into THB at the historical exchange

rate as at the date of the investment. Therefore, in restating in USD the historical exchange rate

has been used to reverse the translation.

Vessels (including the barge and its equipment), drydock and the special survey were originally

purchased in USD currency and translated into THB at the historical exchange rate as at

the acquisition date. Therefore in restating to USD the historical exchange rate has been used

to reverse the translation.

Where fixed assets were originally purchased in THB the assets are converted by PSL at the

exchange rate as at the balance sheet date. This, compared with the translation of USD fixed

assets, is not consistent and therefore BTF have applied the historical exchange rates to major

THB fixed assets, i.e. buildings and berth equipment.

POLICY OF RESTATEMENT FROM THB TO USD CURRENCY

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§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–¡’°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“

¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ §à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë¡’°“√ ◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√

·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ Õπ÷Ëß π‚¬∫“¬°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß

§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß

§à“‡ ◊ËÕ¡√“§“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ¥â«¬‡™àπ°—π

πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ≈Ÿ°Àπ’È·≈–‡®â“Àπ’È°“√§â“ ·≈–√“¬‰¥â√—∫≈à«ßÀπâ“®“°°“√¢π àß ‘π§â“ ‰¥â¡’°“√ ◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠

√Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™â

Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.

≈—°…≥–¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‚¥¬¡“°®–¡’°“√À¡ÿπ‡«’¬πÕ¬à“ß¡“° ¥—ßπ—Èπ°“√·ª≈ß§à“√“¬°“√

∫—≠™’¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈

‘π∑√—æ¬åÕ◊ËπÊ ∑’ËπÕ°‡Àπ◊Õ®“° §à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“∑’Ë¬—ß‰¡à‰¥âµ—¥®à“¬π—Èπ¡’°“√´◊ÈÕ¢“¬°—π

‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß

§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ.

§à“§«“¡π‘¬¡‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπÀπ÷Ëß„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ

à«π∑’Ë‡°‘π®“°¡Ÿ≈§à“µ“¡∫—≠™’ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«Õ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π∑”πÕß‡¥’¬«°—∫ ‘π∑√—æ¬å∑’Ë¡’°“√

´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑ °“√·ª≈ß§à“√“¬°“√¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√¢÷Èπ

‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√ æ—π∏∫—µ√·ª≈ß ¿“æ ·≈–¥Õ°‡∫’È¬§â“ß®à“¬ à«π„À≠àÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“

‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë

31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π∑”πÕß‡¥’¬«°—π ‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ∑’ËÕ¬Ÿà„π√Ÿª‡ß‘π

‰∑¬∫“∑°Á¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈

à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ – ¡¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬

„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»‚¥¬À≈—°Ê ·≈â«®–‡°’Ë¬«¢âÕß°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë

‡ªìπ °ÿ≈‡ß‘π‰∑¬∫“∑∑’Ë∂Ÿ°ª√—∫ª√ÿß§à“„À¡à„Àâ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∑’Ë·µ°µà“ß°—π °àÕ„Àâ

‡°‘¥§«“¡‰¡à ¡¥ÿ≈¢÷Èπ„πß∫¥ÿ≈ °√≥’‡™àππ’È®–‰¡à‡°‘¥¢÷Èπ®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡π◊ËÕß®“°

‡√“∑”°“√ª√—∫ª√ÿß§à“®“° °ÿ≈‡ß‘π‰∑¬∫“∑°≈—∫‰ª Ÿà¡Ÿ≈§à“¥—Èß‡¥‘¡„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ®÷ß‡ªìπ∑’Ë‡¢â“„®‰¥â«à“º≈ – ¡

„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ¢Õß°“√ª√—∫ª√ÿß∑’Ë‡°‘¥®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»π—Èπ ‰¡à‰¥âÀ¡“¬∂÷ß

°“√ª√—∫ª√ÿß∑’Ë‡°‘¥®“°°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑

∑ÿπ‡√◊ÕπÀÿâπ ·≈– ”√Õß ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥°“√‡ª≈’Ë¬π·ª≈ß„π√“¬°“√


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Depreciation of assets which were originally acquired in USD is restated using the historical

exchange rate at the date of acquisition. However, where the assets were originally purchased

in THB, the depreciation is converted by PSL at the exchange rate as at the balance sheet date.

Again, the policy on USD and THB asset depreciation is not consistent and therefore BTF has

applied the historical exchange rates to major THB fixed assets, i.e. buildings and berth equipment.

Bunker oil, accounts receivable and payable, and advance received from charterers were

originally denominated in USD and are translated into THB at the exchange rate at the balance

sheet date. The restatement into USD therefore is based on the 31st December 2003 exchange

rate to reverse the translation.

The nature of other current assets and liabilities is mostly very current and therefore the

exchange rate as at the balance sheet date is applied.

Other assets, excluding unamortised drydock and special survey, are denominated in USD and

are translated into THB at the exchange rate as at the balance sheet date. The restatement

into USD therefore has been done at the 31st December 2003 exchange rate to reverse the

translation.

Goodwill is the excess of the investment in Great Circle Shipping Agency Limited, one of PSL’s

subsidiaries, over its book value at the amount denominated in THB. Similar to fixed assets

originally made in THB the restatement into USD is applied at the historical rate.

Loans from banks, bonds and interest payable are mostly denominated in USD and are translated

into THB at the exchange rate as at the balance sheet date. The restatement into USD therefore

has been done at the 31st December 2003 exchange rate to reverse the translation. THB

loans and debentures are also converted at the exchange rate as at the balance sheet date.

Minority interest is derived from minority shareholders’ portion in the retained earnings of

subsidiaries of PSL calculated at the balance sheet date and therefore the exchange rate as at

the balance sheet date is applied.

Translation adjustment primarily relates to THB denominated assets and liabilities restated at

different exchange rates to USD resulting in an imbalance in the balance sheet. This should not

occur for assets and liabilities originally denominated in USD as we have sought to restate the

THB amounts to the original USD amounts. It should therefore be understood that the USD

cumulative translation adjustment is not the translation of the THB translation adjustment.

Share capital and reserves are restated at the historical exchange rates in which movements

occurred.

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ß∫°”‰√¢“¥∑ÿπ

√“¬°“√ à«π„À≠à„πß∫°”‰√¢“¥∑ÿπ∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â«¢Õß∫√‘…—∑œ π—Èπ ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«∂Ÿ°

·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ ¢≥–π—Èπ1 ‡æ◊ËÕ„Àâ°“√ª√—∫ª√ÿß§à“„À¡à„π°“√§â“¢“¬·µà≈–√“¬°“√π’È∂Ÿ°µâÕß

¡∫Ÿ√≥å®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß π‚¬∫“¬¥—ß°≈à“«Õ¬ŸàπÕ°‡Àπ◊Õ®“°¢Õ∫‡¢µ°“√

µ√«®∑“π¢Õß∫’∑’‡Õø √“¬°“√‡À≈à“π’È‰¥â¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ¿“¬„π™à«ß√–¬–‡«≈“

3 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ÷Ëß (À“°√“¬‰¥â §à“„™â®à“¬ ·≈–Õ—µ√“·≈°‡ª≈’Ë¬π§àÕπ¢â“ß§ß∑’Ë) Õ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«

πà“®–ª√–¡“≥Õ—µ√“·≈°‡ª≈’Ë¬π„πÕ¥’µ ”À√—∫°“√§â“·µà≈–√“¬°“√‰¥â Õ¬à“ß‰√°Áµ“¡ „π°√≥’∑’ËÕ—µ√“·≈°‡ª≈’Ë¬π ‡ß‘π °ÿ≈‰∑¬

∫“∑ / ‡À√’¬≠ √Õ. ‡°‘¥°“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß‡ªìππ—¬ ”§—≠¢÷Èπ„πÕπ“§µ π‚¬∫“¬¥—ß°≈à“«Õ“®¡’°“√‡ª≈’Ë¬π·ª≈ß‡æ◊ËÕ· ¥ß

„Àâ‡ÀÁπº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. „Àâ∂Ÿ°µâÕß¡“°¬‘Ëß¢÷Èπ Õπ÷Ëß π‚¬∫“¬π’È‰¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√

∫“ß√“¬°“√ ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°µâÕß

¬‘Ëß¢÷Èπ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È

„π∑”πÕß‡¥’¬«°—∫√“¬°“√§à“‡ ◊ËÕ¡√“§“ – ¡„πß∫¥ÿ≈ °“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠

√Õ. ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å¥—ß°≈à“« ¡‘„™àÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ

Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«¢â“ßµâπ„π à«π¢Õßß∫¥ÿ≈ π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë‡ªìπ

‡ß‘π‰∑¬∫“∑π—Èπ ‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬¢â“ßµâπ ¥—ßπ—ÈπÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å®÷ß∂Ÿ°π”¡“„™â

„π à«π¢Õß ‘π∑√—æ¬åÀ≈—°∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑ ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ

°”‰√ / ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß

≥ «—π∑’Ë¢“¬ ‘π∑√—æ¬å∑—Èß∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑·≈–‡ß‘π‡À√’¬≠ √Õ.

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π„πß∫°”‰√¢“¥∑ÿπ„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡°‘¥¢÷Èπ®“°√“¬°“√‡°’Ë¬«°—∫‡ß‘π ‘π∑√—æ¬å

∂“«√¬àÕ¬Ê √«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑ ‚¥¬¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“π’È„π

√Ÿª‡ß‘π‡À√’¬≠ √Õ. ‰¥â‡ª≈’Ë¬π·ª≈ß‰ª®“°¡Ÿ≈§à“ ≥ «—π∑’Ë 30 °—π¬“¬π 2546 ‡π◊ËÕß®“°§«“¡ —∫´âÕπ„π°“√‰¥â¡“

´÷Ëßµ—«‡≈¢‚¥¬≈–‡Õ’¬¥„π·µà≈–√“¬°“√ ®÷ß∂◊Õ«à“√“¬°“√‡À≈à“π’È‰¡à¡’°“√‡ª≈’Ë¬π·ª≈ßµ≈Õ¥™à«ß√–¬–‡«≈“ß∫°“√‡ß‘π

π—Ëπ§◊Õµ—Èß·µà‡¥◊Õπµÿ≈“§¡ 2546

°”‰√®“°°“√¬°‡≈‘° —≠≠“ Swap ‰¥â∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë

¬°‡≈‘° —≠≠“ Swap

‡ß‘πªíπº≈∑’Ë®à“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥°“√‡ª≈’Ë¬π·ª≈ß„π√“¬°“√

°”‰√ – ¡µâπªï‰¥â∂Ÿ°ª√—∫ª√ÿß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ ™à«ß‡«≈“∑’Ë¡’°“√∫—π∑÷°

°”‰√ – ¡ Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«„π¢â“ßµâπ Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë·∑â®√‘ß∑’Ë„™â„π°“√·ª≈ß§à“Õ“§“√

·≈–Õÿª°√≥å∑à“‡√◊Õπ—Èπ¡’º≈µàÕ¡Ÿ≈§à“ ÿ∑∏‘¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ—π àßº≈µàÕ°”‰√ – ¡„πÕ¥’µ∑’Ëºà“π¡“

‚ª√¥µ√–Àπ—°«à“√“¬°“√„¥Ê ∑’Ëª√“°Ø¢÷Èπ„π∫—≠™’°àÕπ‡¥◊Õπ¡‘∂ÿπ“¬π 2540 π—Èπ®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π

‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë 25.5 ‡π◊ËÕß®“°°“√≈¥§à“‡ß‘π∫“∑‰¥â‡√‘Ë¡‡°‘¥¢÷Èπ„π‡¥◊Õπ¡‘∂ÿπ“¬π 2540 „π™à«ß°àÕπ∑’Ë®–¡’°“√≈¥

§à“‡ß‘π∫“∑π—Èπ Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ®–§àÕπ¢â“ß§ß∑’ËÕ¬Ÿà∑’Ë¡Ÿ≈§à“ 25.5 ∫“∑ / 1 ‡À√’¬≠ √Õ.

1 Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë„™â‡ªìπÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬ª√–®”‡¥◊Õπ∑’Ë‰¥â®“°∏π“§“√·Ààßª√–‡∑»‰∑¬Àπ÷Ëß‡¥◊ÕπÀ≈—ß®“°π—Èπ‡™àπÕ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‚¥¬‡©≈’Ë¬¢Õß‡¥◊Õπ‡¡…“¬π®–∂Ÿ°π”‰ª„™â‡ªìπ‡°≥±å°“√§”π«≥µ—«‡≈¢„π‡¥◊Õπæƒ…¿“§¡


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INCOME STATEMENT

Most items in the Company’s audited / reviewed income statement were originally denominated in

USD and translated into THB at the prevailing exchange rate1 at that time. In order to perfectly restate

these transactions it would be necessary to match each transaction with its historical exchange rate. This is

outside the scope of our review. These items have been translated using the weighted average exchange rates

for three months ended 31st December 2003, which should approximate (where income, expenses and

exchange rates are relatively stable) the historical exchange rates of each transaction. However should the

THB / USD exchange rate change significantly in the future, the policy may be amended to better illustrate

PSL’s performance in USD terms. This policy, again, is not applied to some items as we consider an alternative

policy, as described below, would provide more accurate restatement in USD.

Depreciation of assets originally acquired in USD is similar to the depreciation item in the

balance sheet. This item is not directly translated using the weighted monthly average rate but

the historical acquisition exchange rates. As mentioned earlier in the balance sheet section, the

policy on USD and THB asset depreciation is not consistent and therefore the historical

exchange rates are applied to major THB fixed assets, i.e. buildings and berth equipment.

Gains / losses on disposal of fixed assets are converted at the actual THB / USD exchange rate

as at the date of asset disposal for both USD and THB sales.

The exchange gain in the USD Income Statement arises from THB denominated monetary

assets and liabilities, minor fixed assets and current assets and liabilities which in USD terms

have changed in value since 30 September 2003. Due to the complexity in obtaining detailed

figures for each item it is assumed that these items are fixed for the whole financial statement

period, i.e. since October 2003.

Gain on swap termination is restated at the actual THB / USD exchange rate as at the date of

swap termination.

Dividend paid is restated at the historical exchange rates in which movements occurred.

Retained earnings at the beginning of the year are restated into USD at the actual historical

exchange rate for the periods in which retained earnings were recorded. However, as mentioned

earlier, the historical rate applied to buildings and berth equipment affects their net value, which

subsequently affects the retained earnings in the past.

Please note that any items existing in the accounts before June 1997 are converted at THB / USD

rate of 25.5 since the devaluation of THB commenced in June 1997 as before the devaluation the THB / USD

exchange rate was relatively stable at THB 25.5 / USD 1.

1 The foreign exchange rate used is the monthly average rate obtained from the Bank of Thailand one monthafterwards, eg average THB / USD rate of April is applied as the basis for the month of May figure.

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¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535OTHER INFORMATION PURSUANT TO SEC.114 OF PUBLIC LIMITED COMPANIES ACT B.E 2535

√“¬≈–‡Õ’¬¥¢Õß∫√‘…—∑

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ª√–‡¿∑∏ÿ√°‘® : ‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈

∑–‡∫’¬π‡≈¢∑’Ë : ∫.¡.® 309

∑ÿπ®¥∑–‡∫’¬π : 520,000,000 ∫“∑

(520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)

Àÿâπ∑’ËÕÕ°·≈–

‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« : 520,000,000 ∫“∑

(520,000,000 ÀÿâπÊ ≈– 1 ∫“∑)

∑’Ëµ—Èß : ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500

‚∑√»—æ∑å : 66-2 237-8700-4

‚∑√ “√ : 66-2 236-7654, 633-8460

‡∑‡≈Á°´å : 20412 PSL TH

E-mail : [email protected]

Home page : http://www.preciousshipping.com

DETAILS OF THE COMPANY

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED.

Business : Shipowner

Registration No. : Bor Mor Jor 309

Authorized share capital : Baht 520,000,000.-

(520,000,000 shares of Baht 1 each)

Issued and fully paid-up

share capital : Baht 520,000,000

(520,000,000 shares of Baht 1 each)

Location : 7th Floor, Cathay House, 8 North Sathorn Road,

Silom, Bangrak, Bangkok 10500

Telephone : 66-2 237-8700-4

Fax : 66-2 236-7654, 633-8460

Telex : 20412 PSL TH

E-mail : [email protected]

Home page : http://www.preciousshipping.com


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™◊ËÕ∫√‘…—∑¬àÕ¬ °ÿ≈‡ß‘π ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ∑’ËÕÕ°·≈– —¥ à«π

ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ

NAME OF SUBSIDIARIES CURRENCY REGISTERED ISSUED AND FULLY PERCENTAGE OF

CATEGORY OF BUSINESS CAPITAL PAID-UP SHARE CAPITAL SHAREHOLDINGS

™◊ËÕ ·≈– ª√–‡¿∑∏ÿ√°‘® ¢Õß∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª ¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«∑—ÈßÀ¡¥

¢Õßπ‘µ‘∫ÿ§§≈π—Èπ

Names and category of subsidiary companies in which the Company holds more than 10% of shares sold

by them.

1 ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫“∑ 250,000,000 250,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Metals Limited Baht 250,000,000 250,000,000 99.99 Shipowner

2 ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫“∑ 230,000,000 230,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Wishes Limited Baht 230,000,000 230,000,000 99.99 Shipowner

3 ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Stones Shipping Limited Baht 140,000,000 140,000,000 99.99 Shipowner

4 ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Minerals Limited Baht 140,000,000 140,000,000 99.99 Shipowner

5 ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Lands Limited Baht 24,000,000 24,000,000 99.99 Shipowner

6 ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫“∑ 44,000,000 44,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Rivers Limited Baht 44,000,000 44,000,000 99.99 Shipowner

7 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫“∑ 99,000,000 99,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Lakes Limited Baht 99,000,000 99,000,000 99.99 Shipowner

8 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫“∑ 100,000,000 100,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Seas Limited Baht 100,000,000 100,000,000 99.99 Shipowner

9 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫“∑ 105,000,000 105,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Stars Limited Baht 105,000,000 105,000,000 99.99 Shipowner

10 ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’Ë¬π å ®”°—¥ ∫“∑ 175,000,000 175,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Oceans Limited Baht 175,000,000 175,000,000 99.99 Shipowner

11 ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫“∑ 100,000,000 100,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Planets Limited Baht 100,000,000 100,000,000 99.99 Shipowner

12 ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫“∑ 55,000,000 55,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Diamonds Limited Baht 55,000,000 55,000,000 99.99 Shipowner

13 ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫“∑ 144,000,000 144,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Sapphires Limited Baht 144,000,000 144,000,000 99.99 Shipowner

14 ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫“∑ 32,000,000 32,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Emeralds Limited Baht 32,000,000 32,000,000 99.99 Shipowner

15 ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Rubies Limited Baht 24,000,000 24,000,000 99.99 Shipowner

16 ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫“∑ 24,000,000 24,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Opals Limited Baht 24,000,000 24,000,000 99.99 Shipowner

17 ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫“∑ 31,000,000 31,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Garnets Limited Baht 31,000,000 31,000,000 99.99 Shipowner

18 ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫“∑ 39,000,000 39,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Pearls Limited Baht 39,000,000 39,000,000 99.99 Shipowner

19 ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫“∑ 39,000,000 39,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Flowers Limited Baht 39,000,000 39,000,000 99.99 Shipowner

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20 ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫“∑ 40,000,000 40,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Forests Limited Baht 40,000,000 40,000,000 99.99 Shipowner

21 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫“∑ 40,000,000 40,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Trees Limited Baht 40,000,000 40,000,000 99.99 Shipowner

22 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫“∑ 32,000,000 32,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Ponds Limited Baht 32,000,000 32,000,000 99.99 Shipowner

23 ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫“∑ 80,000,000 80,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Ventures Limited Baht 80,000,000 80,000,000 99.99 Shipowner

24 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫“∑ 200,000,000 200,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Capitals Limited Baht 200,000,000 200,000,000 99.99 Shipowner

25 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫“∑ 98,000,000 98,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Jasmines Limited Baht 98,000,000 98,000,000 99.99 Shipowner

26 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫“∑ 52,000,000 52,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Orchids Limited Baht 52,000,000 52,000,000 99.99 Shipowner

27 ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Lagoons Limited Baht 140,000,000 140,000,000 99.99 Shipowner

28 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Cliffs Limited Baht 140,000,000 140,000,000 99.99 Shipowner

29 ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Hills Limited Baht 140,000,000 140,000,000 99.99 Shipowner

30 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Mountains Limited Baht 140,000,000 140,000,000 99.99 Shipowner

31 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫“∑ 140,000,000 140,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Resorts Limited Baht 140,000,000 140,000,000 99.99 Shipowner

32 ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫“∑ 100,000 100,000 99.40 ‡®â“¢Õß‡√◊ÕPrecious Comets Limited Baht 100,000 100,000 99.40 Shipowner

33 ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫“∑ 100,000 100,000 99.40 ‡®â“¢Õß‡√◊ÕPrecious Ornaments Limited Baht 100,000 100,000 99.40 Shipowner

34 ∫√‘…—∑ æ√’‡™’¬ ‘µ’È å ®”°—¥ ∫“∑ 170,000,000 170,000,000 99.99 ‡®â“¢Õß‡√◊ÕPrecious Cities Limited Baht 170,000,000 170,000,000 99.99 Shipowner

35 ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ∫“∑ 6,000,000 6,000,000 69.99 §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”Precious Storage Terminals Limited Baht 6,000,000 6,000,000 69.99 Bulk Storage Barges

36 ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ∫“∑ 10,000,000 2,500,000 69.99 §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”Nedtex Limited Baht 10,000,000 2,500,000 69.99 Bulk Storage Barges

37 ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ∫“∑ 15,000,000 15,000,000 99.99 ºŸâ∫√‘À“√‡√◊Õ∑“ß¥â“π‡∑§π‘§

Great Circle Shipping Agency Limited Baht 15,000,000 15,000,000 99.99 Technical Managerof ships

38 ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫“∑ 5,000,000 5,000,000 99.88 ‚Œ≈¥‘Èß §—¡æ“π’Geepee Corporation Limited Baht 5,000,000 5,000,000 99.88 Holding company

39 ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 1,160 99.99* ‚Œ≈¥‘Èß §—¡æ“π’PSL Investments Limited USD 10,000 1,160 99.99* Holding company

40 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 79.99* ‚Œ≈¥‘Èß §—¡æ“π’International Lighterage Ltd. USD 10,000 10,000 79.99* Holding company

41 ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 1,000,000 2 99.99 ‚Œ≈¥‘Èß §—¡æ“π’Rapid Port Leasing Company Pte. Ltd. USD 1,000,000 2 99.99 Holding company


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ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ



42 ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ ‘ß§‚ª√å 100,000 2 100.00 ‚Œ≈¥‘Èß §—¡æ“π’Thebes Pte. Ltd. SGD 100,000 2 100.00 Holding company

43 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) ‡À√’¬≠ ‘ß§‚ª√å 20,000,000 15,000,000 100.00 „Àâ∫√‘°“√‡™à“‡√◊Õæ’ ∑’ Õ’ ≈‘¡‘‡µ¥Precious Shipping (Singapore) Pte. Limited SGD 20,000,000 15,000,000 100.00 Chartering

44 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (Panama) S.A. USD 10,000 10,000 99.99 Chartering

45 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (UK) Limited USD 10,000 10,000 99.99 Chartering

46 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 10,000 99.99 „Àâ∫√‘°“√‡™à“‡√◊ÕPrecious Shipping (Mauritius) Limited USD 10,000 10,000 99.99 Chartering

47 ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 500,000 12,864 64.06* ‡®â“¢Õß‡√◊ÕPSL Thun Shipping Pte. Ltd. USD 500,000 12,864 64.06* Shipowner

48 ∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 1,000,000 100,000 59.93* ‚Œ≈¥‘Èß §—¡æ“π’Cargo Systems International Ltd. USD 1,000,000 100,000 59.93* Holding company

49 ∫√‘…—∑ ¡—≈µ‘§“√å‚°â ´‘ ‡µÁ¡ å Õ‘π‡¥’¬π√Ÿªï 5,000,000 3,409,020 59.93* „Àâ∫√‘°“√®—¥°“√(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ¥â“π°“√¢π àßMulticargo Systems (India) Private Limited Indian Rs 5,000,000 3,409,020 59.93* Cargo handling services

50 ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥ Õ‘π‡¥’¬π√Ÿªï 50,000,000 50,000,000 50.94* ∫√‘À“√∑à“®Õ¥‡√◊ÕGeepee Bulk Handlers Private Limited Indian Rs 50,000,000 50,000,000 50.94* Port management

51 ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ Õ‘π‡¥’¬π√Ÿªï 100,000,000 64,592,200 47.99* »Ÿπ¬å°≈“ß°“√∫√√®ÿ·≈–®—¥®”Àπà“¬°ä“´Àÿßµâ¡

Southern LPG Limited Indian Rs 100,000,000 64,592,200 47.99* Terminal owning, bottlingand distribution of LPG

52 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‡À√’¬≠ À√—∞ 6,300,000 1,815,000 34.30 ≈ß∑ÿπ„π‚§√ß°“√´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ “∏“√≥Ÿª‚¿§International Seaports Pte. Limited USD 6,300,000 1,815,000 34.30 Investment in

infrastructure projects

53 æ’‡Õ ·Õ≈ ∫—§≈å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ 10,000 2 99.99* ‚Œ≈¥‘Èß §—¡æ“π’PSL Bulk Terminal Company Limited USD 10,000 2 99.99* Holding company

54 Dhamra Port Company Limited Õ‘π‡¥’¬π√Ÿªï 500,000,000 333,091,060 33.33* °àÕ √â“ß·≈–æ—≤π“∑à“‡√◊ÕDhamra Port Company Limited Indian Rs 500,000,000 333,091,060 33.33* Port construction &

Development

55 Kakinada Seaports Limited Õ‘π‡¥’¬π√Ÿªï 500,000,000 150,123,200 16.66* °“√®—¥°“√∑à“‡√◊ÕKakinada Seaports Limited Indian Rs 500,000,000 150,123,200 16.66* Port Management

56 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å Õ‘π‡¥’¬π√Ÿªï 30,000,000 25,005,800 34.30* „Àâ§”ª√÷°…“„π°“√(Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ æ—≤π“∑à“‡√◊ÕInternational Seaports (India) Indian Rs 30,000,000 25,005,800 34.30* Consultancy Service inPrivate Limited Port Development

57 Regidor Pte. Ltd. ‡À√’¬≠ ‘ß§‚ª√å 100,000 2 100.00 ‚Œ≈¥‘Èß §—¡æ“π’Regidor Pte. Ltd. SGD 100,000 2 100.00 Holding company

58 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ’æÕ√å∑ å Õ‘π‡¥’¬π√Ÿªï 445,000,000 440,580,200 17.92* °àÕ √â“ß·≈–æ—≤π“(Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ∑à“‡∑’¬∫‡√◊ÕInternational Seaports (Haldia) Pvt. Ltd. Indian Rs 445,000,000 440,580,200 17.92* Berth construction &

Development

* (represents indirect ownership of shares)

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∫√‘…—∑¬àÕ¬∑’Ë 1-11 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡

‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460

Subsidiary 1-11, Registered Address is at 8/27-28, 7th Floor, Cathay House, North Sathorn Road,

Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 633-8460

∫√‘…—∑¬àÕ¬∑’Ë 12-36 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√Õ‘π‚¥-‰∑¬ ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡

‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 66-2 633-8460

Subsidiary 12-36, Registered Address is at 8/27-28, 7th Floor, Indo-Thai Building, North Sathorn Road,

Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 66-2 633-8460

∫√‘…—∑¬àÕ¬∑’Ë 37 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/35 Õ“§“√¡‘¥·≈π¥å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°

°√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

Subsidiary 37, Registered Address is at 8/35 Midland Towers, North Sathorn Road, Silom, Bangrak,

Bangkok 10500 Thailand

∫√‘…—∑¬àÕ¬∑’Ë 38 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/23-26, ™—Èπ∑’Ë 6 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°

°√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

Subsidiary 38, Registered Address is at 8/23-26, 6th Floor North Sathorn Road, Silom, Bangrak,

Bangkok 10500, Thailand

∫√‘…—∑¬àÕ¬∑’Ë 39-40 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,

Pope Hennessy Street, Port Louis.

Subsidiary 39-40 Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,


∫√‘…—∑¬àÕ¬∑’Ë 41-42 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

Subsidiary 41-42 Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

∫√‘…—∑¬àÕ¬∑’Ë 43 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore.

Subsidiary 43 Registered Address is 79A Tras StreetSingapore 079106 Republic of Singapore.

∫√‘…—∑¬àÕ¬∑’Ë 44 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er,

Piso, Panama.

Subsidiary 44 Registered Address is at Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er,

Piso, Panama.

∫√‘…—∑¬àÕ¬∑’Ë 45 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë The Quadrangle, 180 Wardour Street, London W1V 3AA.

Subsidiary 45 Registered Address is at The Quadrangle, 180 Wardour Street, London W1V3AA.

∫√‘…—∑¬àÕ¬∑’Ë 46 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,


Subsidiary 46, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,


∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«

ADDRESS OF SUBSIDIARY COMPANIES ARE AS FOLLOWS :


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∫√‘…—∑¬àÕ¬∑’Ë 47 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore.

Subsidiary 47, Registered Address is at 79A Tras StreetSingapore 079106 Republic of Singapore.

∫√‘…—∑¬àÕ¬∑’Ë 48 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,


Subsidiary 48, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,


∫√‘…—∑¬àÕ¬∑’Ë 49 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.

Subsidiary 49, Registered Address is at 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.

∫√‘…—∑¬àÕ¬∑’Ë 50 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 11, Swaminarayan Building,Sector No. 9,Gandhidham - 370 201India.

Subsidiary 50, Registered Address is at 11, Swaminarayan Building,Sector No. 9,

Gandhidham - 370 201India.

∫√‘…—∑√à«¡∑’Ë 51 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ICM Business Centre, Ceebros Arcade 1st Floor, No.1

3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India.

Associate 51, Registered Address is at ICM Business Centre, Ceebros Arcade 1st Floor, No.1

3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India.

∫√‘…—∑√à«¡∑’Ë 52 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

Associate 52, Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

∫√‘…—∑√à«¡∑’Ë 53 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,

Pope Hennessy Street : Port Louis

Associate 53, Registered Address is at C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,

Pope Hennessy Street : Port Louis

∫√‘…—∑√à«¡∑’Ë 54 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 133 Surya Nagar Bhubaneswar 751 003, India.

Associate 54, Registered Address is at 133 Surya Nagar Bhubaneswar 751 003, India.

∫√‘…—∑√à«¡∑’Ë 55 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 5-10-173, Fateh Maidan Road, Hyderabad 500 004, India.

Associate 55, Registered Address is at 5-10-173, fateh maidan Road, Hyderabad 500 004, India.

∫√‘…—∑√à«¡∑’Ë 56 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë L&T Chennai House, 2nd Floor No. 10, Club House Road,

Anna Salai Chennai 600 002

Associate 56, Registered Address is at L&T Chennai House, 2nd Floor No. 10, Club House Road,

Anna Salai Chennai 600 002

∫√‘…—∑¬àÕ¬∑’Ë 57 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

Subsidiary 57, Registered Address is at Raffles Place #18-00 Clifford Centre, Singapore 048621.

∫√‘…—∑¬àÕ¬∑’Ë 58 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 22 Lee Road Kolkata 700 020, India.

Subsidiary 58, Registered Address is at 22 Lee Road Kolkata 700 020, India.

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∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â‡´Áπµå —≠≠“∫√‘°“√°—∫∫√‘…—∑∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π¥—ßµàÕ‰ªπ’È

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§«“¡‡°’Ë¬«‚¬ß°—π

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°—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ ÷Ëß¡’π“ß “« π‘™‘µâ“ ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ËÕß®“°π“ß “«

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§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√

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¡Ÿ≈§à“¢Õß√“¬°“√

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π“ß “« π‘™‘µâ“ ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ËÕß®“°π“ß “« π‘™‘µâ“ ™“Àå ‡ªìπ°√√¡°“√·≈–

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§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√

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√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π


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The following transactions entered into by the Company and Subsidiary constitute transactions with

related parties

1. OFFICE LEASE AGREEMENT BETWEEN THE COMPANY AND SUBSIDIARY WITH UNISTRETCH LIMITED

The Relation

The Office lease agreement is between the Company and Great Circle Shipping Agency Limited

(subsidiary of the Company) with Unistrech Limited. Miss Nishita Shah, director of the Company is directly

interested as director and shareholder of Unistretch Limited.

The Significance of the related transaction

The Office lease agreement is necessary for operating the Company and Great Circle Shipping

Agency Limited.

The Fairness of Terms and Conditions of the Transaction

As of 31st December 2003, the Company and Great Circle Shipping Agency Limited have rental

and related expense from such transaction amounting to Baht 1.36 million which is 0.035% of total vessel

operating income.

2. PURCHASE OF AIR TICKETS FROM AMBIKA TOUR LIMITED AND GEEPEE AIR SERVICE LIMITED

The Relation

The Company and subsidiaries purchased air tickets from Ambika Tours Limited and Geepee Air

Service Limited in which Miss Nishita Shah is directly interested as director and shareholder.

The Significance of the related transaction

Given the nature of business, air tickets are required for the crew on a regular basis to allow them

to sign on/off in different ports around the world on commencement and completion of their contracts,

respectively.

The Fairness of Terms and Condition of the Transaction

For the year 2003, the Company and subsidiaries purchased air tickets of Baht 11.73 million from

Ambika Tours Limited and Geepee Air Service Limited. They are 0.31% of total vessel operating income.

Ambika Tours Limited and Geepee Air Service Limited have been selected for this purpose in view of their

competitive rates and service including their proximity to the Company’s office.

Internal Auditors have reviewed the above connected transactions and reported the results of their

review to the Audit Committee Meeting No. 1/2004 and Board of Director Meeting No. 2/2004 held on

26th March 2004. Board of Directors is of the opinion that the Company has rules, regulations and policies

for prevention of the conflict of interest transactions. The above interested party transactions are entered

based on the market prices and for the full benefit of the Company. Adequate disclosures have been made in

the financial statements.

CONNECTED TRANSACTIONS

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¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2(µ“¡¡“µ√“ 56 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535)

≈”¥—∫∑’Ë À—«¢âÕ Àπâ“

1 ¢âÕ¡Ÿ≈∑—Ë«‰ª

1.1 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® 168

1.2 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® ¢Õßπ‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπ

µ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 169-173

1.3 ™◊ËÕ ∂“π∑’Ëµ—Èß ¢Õß∫ÿ§§≈Õâ“ßÕ‘ß 176

2. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π

2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π‚¥¬ √ÿª 1

2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë ”§—≠ 1

3. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

3.1 §«“¡‡ªìπ¡“·≈–≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®‚¥¬ —ß‡¢ª 2-10

3.2 ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 45

3.3 √ÿª°“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠¢Õß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 14-24

4. ªí®®—¬§«“¡‡ ’Ë¬ß 40

5. ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

5.1 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 66

5.2 °“√®—¥°“√

‚§√ß √â“ß°“√®—¥°“√ 67-78

°“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√ 67-78

§à“µÕ∫·∑πºŸâ∫√‘À“√ 30, 32

°“√°”°—∫¥Ÿ·≈°‘®°“√ 26-38, 80-82

°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π 30

°“√§«∫§ÿ¡¿“¬„π 34-38, 80-82

6. √“¬°“√√–À«à“ß°—π

6.1 °“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π 174

6.2 §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√ 174

6.3 ¡“µ√“°“√À√◊Õ¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π 174, 28

6.4 π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π 174, 28

7. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 46-64

8. ß∫°“√‡ß‘π 86-166


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INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2(PURSUANT TO SECTION 56 OF SECURITIES AND EXCHANGE ACT B.E. 2535)

No. Details Page No.

1 General information

1.1 Name, address and category of business 168

1.2 Name, address and category of juristic person in which the

Company holds shares exceeding 10% 169-173

1.3 Name, address of other references 176

2. Financial information

2.1 Summary of financial information 1

2.2 Significant financial ratios 1

3. Nature of Business

3.1 Nature of business 3-11

3.2 Revenue Structure 45

3.3 Summary of significant changes during the year 15-25

4. Risk factors 41-43

5. Shareholders structure and the Management

5.1 Major Shareholders 66

5.2 Management

Management structure 67-79

Selection of directors and management 67-79

Remuneration of management 31-32

Corporate Governance 26-39, 81-83

Using internal information 31

Comments from directors about internal control 35-39, 81-83

6. Related parties and connected transactions

6.1 Transactions between related parties 175

6.2 The necessity and reasonableness of transactions 175

6.3 Procedure to approve connected party transactions 175, 29-31

6.4 Policy in respect of future transactions with connected parties 175, 29-31

7. Explanation and Analysis of financial position and operating result 47-65

8. Financial Statements 87-167

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∫ÿ§§≈Õâ“ßÕ‘ßREFERENCES

1. π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥™—Èπ 4 6-7 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡≈¢∑’Ë 62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110‚∑√»—æ∑å : 66 2229 2800, 66 2229 2888‚∑√ “√ : 66 2359 1259

2. ‡®â“Àπ’È‡ß‘π°ŸâÀ≈—°

∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π)Õ“§“√‡æ≈‘π®‘µ‡ Áπ‡µÕ√å ™—Èπ 5∂ππ ÿ¢ÿ¡«‘∑ ´Õ¬ 2 ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬°√ÿß‡∑æ¡À“π§√ 10100‚∑√»—æ∑å : 66 2208 8020-21, 66 2256 8146‚∑√ “√ : 66 2256 8147Website : www.ktb.co.th

3. ºŸâ Õ∫∫—≠™’

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥™—Èπ 33 Õ“§“√‡≈§√—™¥“ 193/136-137∂ππ√—™¥“¿‘‡…°µ—¥„À¡à(‡¬◊ÈÕß»Ÿπ¬åª√–™ÿ¡·Ààß™“µ‘ ‘√‘°‘µ‘Ï)§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110µŸâ ª.≥. 1047 °√ÿß‡∑æœ 10501‚∑√»—æ∑å : 66 2264 0777, 66 2661 9190‚∑√ “√ : 66 2264 0789-90

4. ∑’Ëª√÷°…“°ÆÀ¡“¬

∫√‘…—∑ ≈‘Èß§å‡≈‡∑Õ√å (ª√–‡∑»‰∑¬) ®”°—¥™—Èπ 20 ·§ªªîµÕ≈ ∑“«‡«Õ√å ÕÕ≈´’´—Ëπ ‡æ≈ ‡≈¢∑’Ë 87/1 ∂ππ«‘∑¬ÿ °√ÿß‡∑æ¡À“π§√ 10330‚∑√»—æ∑å : 66 2305 8000‚∑√ “√ : 66 2305 8010

1. SHARE REGISTRAR

Thailand Securities Depository Co., Ltd.

4th, 6th - 7th Floor, Stock Exchange of

Thailand Building, 62 Ratchadapisek Road,

Kwang Klongtoey, Khet Klongtoey, Bangkok 10110

Telephone : 66 2229 2800, 66 2229 2888

Facsimile : 66 2359 1259

2. MAIN LENDERS

Krung Thai Bank PCL.

Ploenchit Center 5th floor

2 Sukhumvit Road, Soi 2, Kwang Klongtoey,

Klongtoey, Bangkok 10110

Telephone : 66 2208 8020-21, 66 2256 8146

Facsimile : 66 2256 8147

Website : www.ktb.co.th

3. AUDITOR

Ernst & Young Office Limited

33rd Floor, Lake Rajada Office Complex

193/136-137 New Rajadapisek Road,

(New Queen Sirikit’s National Convention Centre)

Klongtoey, Bangkok 10110

G.P.O. Box 1047, Bangkok 10501, Thailand

Telephone : 66 2264 0777, 66 2661 9190

Facsimile : 66 2264 0789-90

4. LAWYERS

Linklaters (Thailand) Ltd.

20th Floor, Capital Tower All Seasons Place

87/1 Wireless Road Bangkok 10330

Telephone : 66 2305 8000

Facsimile : 66 2305 8010

“√∫—≠CONTENTS


1 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π2 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡

12 §≥–°√√¡°“√∫√‘…—∑14 √“¬ß“π®“°§≥–°√√¡°“√26 √“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ40 ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠44 °Õß°”≈—ß‡√◊Õ45 ‚§√ß √â“ß√“¬‰¥â46 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√66 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à67 ‚§√ß √â“ß°“√®—¥°“√70 ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑78 §≥–ºŸâ∫√‘À“√80 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫82 √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π84 √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ88 ß∫°“√‡ß‘π

106 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π150 ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞160 π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑

‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)166 ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535172 √“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π174 ¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2176 ∫ÿ§§≈Õâ“ßÕ‘ß

1 Financial Highlights

3 Nature of Business ond Industry

12 The Board of Directors

15 Board of Directors’ Report

27 Report on Implementation of Fifteen Principles of Good Corporate Governance

41 Significant Risk Factors

44 Fleet List

45 Revenue Structure

47 Management Discussion and Analysis

66 Major Shareholders

67 Management Structure

71 Board of Directors - Profile

79 Management Team

81 Audit Committee Report

83 Report on The Board of Directors’ Responsibilities for Financial Statements

85 Report of Independent Auditor

89 Financial Statements

107 Notes to Financial Statements

151 Restated us Dollar Financial Statements

161 Policy of Restatement from THB to USD Currency

166 Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535

173 Connected Transactions

175 Index of report in accordance with Form 56-2

176 References


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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

7th Floor, Cathay House, 8 Noth Sathorn Road,Bangkok 10500, ThailandTel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309e-mail : [email protected] page : http://www.preciousshipping.com

√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003√“¬ß“πª√–®”ªï 2546ANNUAL REPORT 2003

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