Annual Report 2015

KEEP MOVING TO BUILD A BETTER FUTURE Annual Report 2015 '6& 6 '4 N6 Đ £

GENERAL INFORMATION Äš1%=) 5+I E 1 'ĂŠ- 5

'è-5 E1A1#A1. B Ä? 1) • '4A ,E &– N6 5 •%/6 – IFS Capital (Thailand) Public Company Limited.

'4 1 <' 8 6'D/Ä&#x2122;.8 A ;I1 6''5 C1 .8 A'ĂŠ& 'Ä&#x2122;1 /'ĂŤ1.8 A ;I1 B# A 1'èø Â&#x2022;y²´Ă&#x2026;Ă&#x20AC;Ă&#x192;º¿¸Â&#x2013; .8 A ;I1)9. 8ø '4A$ .5gg6A Ä&#x2DC;6 6 6'A è Â&#x2022;yº¿²¿´º²½ œ²Ă&#x201E;ÂśÂ&#x2013; .8 A ;1I A Ä&#x2DC;6 ;1J Â&#x2022;{ÂşĂ&#x192;Âś Â&#x192;Ă&#x2020;Ă&#x192;´š²Ă&#x201E;ÂśÂ&#x2013; B)4.8 A ;I1 '4A$ 1;I G C &A Ä&#x2122; )<Ä&#x2DC;%)= Ä&#x2122;6 9IA Ä&#x; =Ä&#x2122; '4 1 6' 6 )6 B)4 6 &Ä&#x2DC;1%$6&D '4A , Providing factoring services, Financial Lease, Hire Purchase, and other services by focusing on local SMEs.

Â&#x20AC;Â&#x17E;~­ pÂŽÂ&#x161; Â&#x201C;²Â&#x203A;Â&#x201A;Â&#x161;jpÂ&#x203A;Â&#x201A;¨Â&#x201D;vĂ&#x201C; (Address) sÂ&#x161;Â&#x201A;ÂŽ Â&#x2013;Â&#x203A;mÂ&#x203A;Â&#x152;Â&#x17D;ÂĄÂ&#x160;Â&#x2021;Â?Â&#x201A;Â&#x20AC;Â&#x17E; Â&#x203A;Â?ÂĽÂ?Â&#x2013;Â&#x152;Ă&#x2014; Â&#x201A;Â&#x201A;Â&#x2021;Â&#x152;Â&#x2122;Â&#x152;Â&#x203A;Â&#x160; ÂŚkÂ?pÂ&#x20AC;ÂĄpĂ&#x201C; Â&#x160;Â&#x201D;Â&#x203A;ÂĽÂ&#x160;o ÂĽk~Â&#x201C;Â&#x203A;Â&#x20AC;Â&#x152; jÂ&#x152;ÂĄpÂĽÂ&#x20AC;Â&#x2021;Â&#x160;Â&#x201D;Â&#x203A;Â&#x201A;mÂ&#x152; 1168/55, Fl. 20, Lumpini Tower, Rama 4 Road, Tungmahamek, Sathorn, Bangkok 10120 ÂĽÂ&#x17D;kÂ&#x20AC;Â&#x2122;ÂĽÂ&#x192;Â&#x17E;Â&#x2039;Â&#x201A;Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x20AC;Â&#x161; (Company Registration No.)

§Â&#x20AC;Â&#x152;Â&#x2018;Â&#x161;Â&#x2021;Â&#x20AC;Ă&#x2014; (Tel.)

ÂŚÂ&#x17D;Â&#x2122;

§Â&#x20AC;Â&#x152;Â&#x201C;Â&#x203A;Â&#x152; (Fax.)

ÂŚÂ&#x17D;Â&#x2122;

ÂĽÂ?ÂŹÂ&#x192;Št~Ă&#x2014; (Website) www.ifscapthai.com

q²Â&#x203A;Â&#x201A;Â?Â&#x201A;ÂŚÂ&#x17D;Â&#x2122;sÂ&#x201A;Â?}kÂ&#x2013;pÂ&#x201D;ÂĄÂ&#x201A;Ă&#x201D; Â&#x20AC;Â&#x17E;q­ Â&#x203A;² Â&#x201D;Â&#x201A;ĂľÂ&#x203A;Â&#x2039;Š}Ă&#x201D;ÂŚÂ&#x17D;Ă&#x201D;Â?Â&#x20AC;Â&#x161;pÂŽ Â&#x201D;Â&#x160;}kÂ&#x2013;pÂ&#x192;Â&#x152;Â?Â&#x2019;Â&#x20AC;Â&#x161; Â&#x2DC; | Â?Â&#x161;Â&#x201A;Â&#x20AC;Â&#x17E; ­  Â&#x161;Â&#x201A;Â?Â&#x203A;mÂ&#x160; Capital Details as of December 31, 2015 q²Â&#x203A;Â&#x201A;Â?Â&#x201A;Â&#x201D;ÂĄÂ&#x201A;Ă&#x201D; Â&#x20AC;Â&#x17E;q­ Â&#x203A;² Â&#x201D;Â&#x201A;ĂľÂ&#x203A;Â&#x2039;Š}Ă&#x201D;ÂŚÂ&#x17D;Ă&#x201D;Â?Â&#x20AC;Â&#x161;pÂŽ Â&#x201D;Â&#x160;} (Paid up capital) Â&#x201D;ÂĄÂ&#x201A;Ă&#x201D; (Shares) Â&#x160;¢Â&#x17D;mĂ&#x201C;Â&#x203A;Â&#x20AC;Â&#x17E;~­ Â&#x152;Â&#x203A;ŠÂ?Ă&#x201D;Â&#x201D;Â&#x201A;Ă&#x201D;ÂĄ Â&#x17D;Â&#x2122; (Par Value) Â&#x192;Â&#x203A;Â&#x20AC; (Baht) sÂ&#x201A;Â?}kÂ&#x2013;pÂ&#x201D;ÂĄÂ&#x201A;Ă&#x201D; (Type of share) Â&#x201D;ÂĄÂ&#x201A;Ă&#x201D; Â&#x201C;Â&#x203A;Â&#x160;Â&#x161;v (Common)

Annual Report 2015

001

CONTENTS .6' 5g

004 .6. Ę 6 '4 6 ''% 6' ´Â°¶´ µÁ¾¼ ÷´ ·°¸Á¼°½ 006 4 ''% 6' ¾°Á³ ¾µ ¸Á´²Ã¾Á 007 4 =ĕ 'è/6' °½°¶´¼´½Ã £´°¼ 008 C ' .'ĕ6 1 Ę ' Á¶°½¸É°Ã¸¾½ ·°Áà 009 )5 - 4 6' '4 1 <' 8 °ÃÄÁ´ ¾µ ĸ½´Â 012 '4+5 8B)4 +6%A ě %6 1 'è-5 ¸»´Âþ½´Â 016 C ' .'ĕ6 '6&E ĕ ¡´Å´½Ä´ ¢ÃÁIJÃÄÁ´ 017 C& 6& 6') < B)4C ' .'ĕ6 A è < ½Å´Âü´½Ã ¾»¸²È °½³ °¿¸Ã°» ¢ÃÁIJÃÄÁ´ 018 $6+41< .6/ ''%B)4 6'B Ĕ 5 ½³ÄÂÃÁÈ °½³ ¾¼¿´Ã¸Ã¸¾½ 020 ę 5& +6%A.9I& ¡¸Âº °²Ã¾Á 023 C ' .'ĕ6 6' ;1/<ĕ ¢·°Á´·¾»³¸½¶ ¢ÃÁIJÃÄÁ´ 024 C ' .'ĕ6 6' 5 6' °½°¶´¼´½Ã ¢ÃÁIJÃÄÁ´ 032 '4+5 8 ''% 6' £·´ ¾°Á³ ¾µ ¸Á´²Ã¾Á ¸¾¶Á°¿·È 039 6' N6 5 =B) 8 6' ¾Á¿¾Á°Ã´ ¾Å´Á½°½²´ 051 C& 6& 6' Ĕ6&A è ę ) ¸Å¸³´½³ ¾»¸²È 052 '6& 6''4/+Ĕ6 5 ¡´»°Ã´³ °ÁÃÈ £Á°½Â°²Ã¸¾½Â 058 N61 8 6& ) 6' N6A 8 6'B)4 6 4 6 6'A è °½°¶´¼´½Ã ¸Â²Ä¸¾½ °½³ ½°»È¸ 066 +6%'5 8 1 Ĕ1.5 % 1 'è-5 ¾Á¿¾Á°Ã´ ¢¾²¸°» ¡´Â¿¾½Â¸±¸»¸ÃÈ | ¢¡} 072 '6& 6 +6%'5 8 1 1 4 ''% 6' Ĕ1'6& 6 6 6'A è ¡´¿¾Áà ¾µ ÷´ ¾°Á³ ¾µ ¸Á´²Ã¾ÁÂß ¡´Â¿¾½Â¸±¸»¸Ã¸´Â µ¾Á ÷´ ¸½°½²¸°» ¢Ã°Ã´¼´½Ã 074 '6& 6 4 ''% 6' '+ .1 ¡´¿¾Áà ¾µ ÷´ ij¸Ã ¾¼¼¸Ãô´ 076 '6& 6 1 =ĕ.1 5g 9'5 1 <g6 ¡´¿¾Áà ¾µ £·´ ½³´¿´½³´½Ã ´Áøµ¸´³ ı»¸² ²²¾Ä½Ã°½Ã 078 6'A è ¸½°½²¸°» ¢Ã°Ã´¼´½Ã 152 Ĕ6 1 B 6'.1 5g 9 ¡´¼Ä½´Á°Ã¸¾½ ¾µ ÷´ ij¸Ã¾Á 153 < )1ĕ6 18 ÷´Á ¡´µ´Á´½²´Â

002

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL HIGHLIGHTS ĕ1%=).N6 5g 6 6'A è .8 '5"&Ĝ'+% t t x

3,658.82

.Ę+ 1 =ę ;1/<ę t {t x{ wx Ú x |

'6&E ę'+% t x x x

403.14

N6E'.< 8 x y|

118.12 138.12

125.08

¥p ¥ q­ ¨ ~ ¡® ~ pm±~­ ¡® ­qÓ ¥p Ù m j² } s¡ ¢Ô ¡Ô q² Ë ¡j × ­ ¥ ¥ ­ Ô p s¡ Ê ~ ® s ® § p¦ } ¥ ¡ ¦k p ¡Óp ¥ o ¥k~ j ¡p¥ /QNONRHMF CHUHCDMC ODQ RG@QD @S SGD Q@SD NE !@GS ODQ RG@QD NQ 13.83 Satang per share. /QNONRDC C@SD NE CHUHCDMC O@XLDMS th May 2016 #@SD NE SGD MMT@K &DMDQ@K ,DDSHMF NE 2G@QDGNKCDQR nd April 2016 at 2.00 p.m.

5DMTD @S SGD (MEHMHSX 1NNL th Floor The AETAS Lumpini Hotel, 1030/4 1@L@ (5 1N@C 3TMFL@G@LDJ 2@SGNQM !@MFJNJ

©}Ô 3NS@K 1DUDMTD!@GS × Total Assets

3,658.82

® Total Liabilities

2,216.52

Ó k p ¢Ô ¡Ô 3NS@K 2G@QDGNKCDQRÄ $PTHSX Ó k p ¢Ô ¡Ô Total Shareholders’ Equity

403.14

118.23

112.33

©}Ô 3NS@K 1DUDMTD ©}Ô Total Revenve mÓ ¨sÔqÓ ¨ j k ¦ Selling and Administrative Expenses ~Ô ¡ pj ¥p Finance Cost j² © k ® ~Ô Gross Profit

281.62

j² © jÓ ¥p ©}Ô Profit before income tax

138.12

125.08

j² © ~Ó ¡Ô ~Ó ¡Ô Earning per share (Baht/Share)

¢ mÓ ~Ó ¡Ô ~Ó ¡Ô Par Value (Baht/Share) ~ Ó pj ¥p %HM@MBH@K 1@SHN RRDSR ~ j² © k ® ~Ô Ô Gross Profit Margin (%)

1.00

1.00

~ j² © ¡ Ô Net Profit Margin (%)

31.03

~ ~ ¦ ~Ó Ó k p ¢Ô ¡Ô Ô Return on Equity (%)

~ ~ ¦ ~Ó × Ô Return on Assets (%)

3.46

~ Ó ¥p ¡ ¡ ¥ ¥ Ó Current Ratio (Times)

1.35

~ Ó ® ~Ó Ó k p ¢Ô ¡Ô ¥ Ó Debt to Equity (Times)

2.13

j² © ¡ -DS /QNEHS j² © ¡ Net Profit

/ Ĕ+& )ĕ6 6 ¸»»¸¾½ °·Ã

~ j qÓ ¥p Ù Ô Dividend Payout (%)

Annual Report 2015

003

VISION +é.&5 5, ĝ

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MISSION

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A'6 ę1 6'A ğ 1 Ĝ ' 9I Ę+&'5 ċ 1 =B) .5 % B)4%9 ''%6$8 6).= D 6' 'è/6' ¦´ ´´º þ ±´ ° Á´Â¿¾½Â¸±»´ ²¾Á¿¾Á°Ã´ ²¸Ã¸É´½ °½³ °Á´ ²¾¼¼¸Ãô³ þ ·¸¶· Âð½³°Á³ ¾µ ²¾Á¿¾Á°Ã´ ¶¾Å´Á½°½²´

004

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

MESSAGE FROM THE CHAIRMAN .6. Ę 6 '4 6 ''% 6'

A'ê& ę6 =Ě ;1/<Ě

: B%ę+Ę6A,'- 8 E &D Đ £ 4 &6& 5+%6 +Ę6 Đ ¢ :I &6& 5+A"õ& 'ę1&)4 ã ¤ A,'- 8 E & )5 E%Ę E ę &6& 5+A ğ E 6% 9I 6 6' Ĝ E+ę :I &6& 5+ E ęA"õ& '4%6 'ę1&)4 £ A ;I1 6 +6% ę1 6'D ę Ę6&D '4A ,B)4 6') < 4)1 5+ $6 6'.Ę 11 6 +Ę6/ 5+ +Ę6'ę1&)4 / 9J.8 D '4 '5+A'ë1 1&=ĘD '4 5 .= B)4'6 6.8 ę6A - '1&=ĘD '4 5 IN6

Dear Shareholders,

t½Å¹ÀƸ¹ Ź¶ ¹²º ¶´À¿À¾Ê È²Ä ³¶ÅŶà º¿ ãä Ź²¿ ãä ȹ¶¿ ºÅ ¸Ã¶È ³Ê À¿½Ê ã ¤ ºÅ µºµ ¿ÀÅ Á¶Ã·Àþ ²Ä ·Àö´²ÄŶµ ȺŹ ² ¸ÃÀÈŹ À· ²ÃÀÆ¿µ £ µÆ¶ ÅÀ Ź¶ ĽÀȵÀÈ¿ º¿ µÀ¾¶Äź´ µ¶¾²¿µ ²¿µ º¿Ç¶Äž¶¿ÅÄ ÁÀÀà Á¶Ã·Àþ²¿´¶ À· Ź¶ ¶ÉÁÀÊĶ´ÅÀà ȹº´¹ ´À¿Åò´Å¶µ ³Ê ¾Àö Ź²¿ ¹º¸¹ ½¶Ç¶½ À· ¹ÀÆĶ¹À½µ µ¶³ÅÄ ²¿µ ½ÀÈ ²¸Ãº´Æ½ÅÆò½ ÁÃÀµÆ´Å Áú´¶Ä

©}Ôk p §} } p¥ ¬j Ô Ô ¨ Ë q j Ô ¨ Ë ¥ Û Ô ¨ Ë ¥ ~¡ j¥j }q j j } pk p |j ¨ Ô ¥sñ ¦ m¥~ ­p Ô q j Ô ¨ Ë ¥ Û Ô ¨ Ë ¦ j }~ k p ×~ ¥sñ ñ Ô §} ¥r Ó p ­p ¥sñ t ­p¦ ¥sñ ¥sÓ t ® q j Ô ¨ Ë ¥ Û Ô ¨ Ë p j ~ ®p ² pmÓ ¥ ñ ® p q ¢v¥ ­ k ® q² Ô ¨ Ë ¥ j Ô ¨ Ë p¦ Ô Ó j Ó ~Ó p} j¥ ® ² ©}Ô}k ® Ô ¥ ñ ¥ j Ë ­ Ó ¥ Û ¨ Ô j² © ¡ p j ¥p ©}Ô ¨ Ôj ¢Ô ¡Ô q² Ô ¨ Ë } p Ô ¥ ñ ¥ j Ë j² © ~Ó ¡Ô k p } pq j ¨ Ë ¥ Û ¨ Ë pj ® j¬~ m| j j m } ¥ qÓ ¥p Ù ¨ ~ ¡Ô ~ pm×~Ó ¡Ô ¥ Û ¥p ®p ®

The Company’s total revenue declined slightly by 4% in 2015 EQNL !@GS LHKKHNM HM SN !@GS LHKKHNM HM CTD mainly to the decline of total factoring volume by 3% from Baht LHKKHNM HM SN !@GS LHKKHNM HM @MC @ contraction in the Company’s loan portfolio especially leasing GHQD OTQBG@RD EQNL !@GS LHKKHNM HM SN !@GS LHKKHNM in 2015. The Company also set aside a higher provision for doubtful debts of Baht 25.80 million in 2015 compared to Baht 2.01 million in 2014, although there was an improvement in net HMSDQDRS L@QFHM -(, AX BNLO@QDC SN SGD OQDUHNTR XD@Q As a result, the Company achieved a net profit attributable to shareholders of Baht 118.12 million in 2015, a decline of 14% compared to 2014. Earnings per share of the Company was BNQQDRONMCHMFKX KNVDQ EQNL !@GS HM SN !@GS HM 2015.

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005

Despite the above, the Board is pleased to propose a dividend payment of Baht 0.1383 per share or 13.83 Satang per share totaling Baht 65.001 million, representing a payout ratio of around 56% of the net profit of 2015 after the provision for legal reserve.

This is in accordance with the dividend policy of the Company of not less than 50% of the net profit after provision for legal reserve and is subject to the approval of the 2016 Annual General Meeting of Shareholders to be held on 22th April 2016.

(M SGD 3G@H DBNMNLX HR DWODBSDC SN AD RKHFGSKX ADSSDQ SG@M the year 2015 and is projected to grow by around 3.0% - 3.5% due to an expected improvement in exports, an increase in the Governmentâ&#x20AC;&#x2122;s expenditure and investments especially on infrastructure, the continued expansion of the tourism sector @MC SGD FQ@CT@K QDBNUDQX NE @FQHBTKSTQ@K OQNCTBS OQHBDR (%2 plans to continue growing its core business of factoring and equipment finance with prudence in 2016 by approximately 15%, and will continue to explore new business opportunities through acquisition and/or private equity investment as well as NOONQSTMHSHDR ENQ DWO@MRHNM SN SGD (MCN "GHM@ 1DFHNM NQ "+,5 countries. (%2 VHKK BNMSHMTD SN DMG@MBD @MC DMRTQD SG@S SGD "NLO@MXĂ&#x201E;R success must come with Corporate Social Responsibility (CSR) under Good Corporate Governance (CG) for the long-term benefits of the shareholders and all stakeholders. +@RSKX NM ADG@KE NE SGD !N@QC NE #HQDBSNQR NE (%2 ( VHRG SN express my sincere appreciation and gratitude to the shareholders, clients, business partners, bankers and all other stakeholders for your continuous support, as well as the dedication and hard work of the management and staff who have performed their duties to ensure continued success of the Company in the past year and years to come.

Â&#x201A;Â&#x203A;Â&#x2039;~Â&#x161;Â&#x201A; ŠÂ&#x201D;Ă&#x201C; ÂĽÂ&#x201D;Â&#x17D;ÂŹp Â&#x2039;¢qÂ&#x17E;Â&#x201A; Tan Hai Leng, Eugene Â&#x201E;Â&#x152;Â&#x2122; Â&#x203A;Â&#x201A;jÂ&#x152;Â&#x152;Â&#x160;jÂ&#x203A;Â&#x152;Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC; "G@HQL@M jÂĄÂ&#x160;Â&#x2030;Â&#x203A;Â&#x2021;Â&#x161;Â&#x201A; Ă&#x2014; 22nd February 2016

006

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Annual Report 2015

009

NATURE OF BUSINESS )5 - 4 6' '4 1 <' 8

Factoring Service

Leasing Service

One Stop Service Hire Purchase Service

Other Services

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010

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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Annual Report 2015

}z w³Â»Æ³¾ º³»¾³À¶ Ç´¾»µ wÁ¿Â³ÀË »¿»Æ·¶ Ø}z Ù ÂÄÁÈ»¶·Å ¿³»À ¾»À·Å Á¸ ´ÇÅ»À·ÅÅ ¦ ä y²´ÅÀú¿¸ ¶ÃǺ´¶¥

A short-term loan providing working capital to entrepreneurs.

The Company will purchase accounts receiveable, including the rights to claim, from the local and/ or export sales of clients without the need of security. The Company focuses on providing services to the SMEs who are in need of working capital to improve their liquidity or to expand their business.

¶²Äº¿¸ ¶ÃǺ´¶ ¥

A service to businesses who require capital investment on industrial vehicles and machines, tools used for relocation of goods, vessels and vehicles used in agricultural activities. The Company will procure the assets from distributors as per the clients’ requirements. The legal rights of the asset belongs to SGD "NLO@MX ATS SGD BKHDMS G@R SGD QHFGS SN ONRRDRR @MC TSHKHYD the leased assets, be responsible for the repair and maintenance of the leased assets and pay the leasing rental as agreed.

Normally, the lease contract is from 3-5 years and the leasing rental is paid on a monthly basis based on a floating rate. The client cannot solely cancel the lease contract by him/herself prior to the completion of the contract. Upon the completion of the contract, the client has the right to purchase the assets at the agreed price which has been stated since the contract date.

{ºÃ¶ Æô¹²Ä¶ ¶ÃǺ´¶¥

A service similar to that of leasing except that interest is on a fixed rate basis, the contract period is from 2-5 years, and the legal rights of the asset will be transferred to the client at the end of the contract.

Ź¶Ã ĶÃǺ´¶Ä¥

are additional services provided to the Company’s clients RTBG @R

vÀ¿·ºÃ¾º¿¸ v ¥ An additional service for existing factoring clients who import raw material or goods, usually without requiring additional collateral. When the Company’s clients request for the service of LC/TR (Letter of Credit / Trust Receipt), the Company will liaise with the banks to issue LC or TR on behalf of the BKHDMSR TSHKHYHMF SGD "NLO@MXÄR BQDCHS E@BHKHSHDR VHSG SGD A@MJR |¿Ç¶¿ÅÀÃÊ yº¿²¿´º¿¸¥ Another form of credit service which enables clients to advance cash from their inventory on the condition that the inventory must have a clear market price and definite purchasers and the products have not yet been delivered. Once the products are delivered, the Company will collect payment directly from the purchaser.

y½ÀÀà ½²¿¥ A service provided to auto dealers to provide

funding for purchasing of cars for distribution. The clients must ONRRDRR @TSGNQHYDC CD@KDQRGHO @MC RTALHS CNBTLDMSR NM SGD right of ownership to the Company. Monies are repayable after sales of the cars.

011

vÀ¿Åò´Å yº¿²¿´º¿¸¥ A service to provide facility when

clients have purchase order, firm contracts (sales/ service) but lack of funds to execute order. Cash advances could be made for clients to purchase raw materials to manufacturing to shipment of goods. Clients can submit contracts for this facility and the Company will provide advance payment to pay their suppliers.

Upon completion of the contract, clients will submit invoices and delivery notes on their customers to the Company for factoring.

u½À´¼ wºÄ´Àƿź¿¸¥ A convenient method of financing a

trader’s hire purchase, credit sale or rental agreements with monthly repayment basis and with a contract period of 1-3 years. The Company acquires the trader’s rights under the agreements at a discounted valuation for a lump sum of cash advancement and the gross value will be repayable by equal mothly installments. The valuation of discounted agreements will be subject to negotiation.

³»¶´ÅºÇ¶ À· uÆĺ¿¶ÄÄ Á¶Ã²ÅºÀ¿Ä

The Company’s objective is to be a leader in the commercial finance business by focusing on the SMEs. As a Foreign Company, the Company will continue to explore new Foreign Business Licence (FBL) such as mortgage loans and/or other types of commercial finance to widen the range of our services and to fulfil our long term goal of becoming @ ETKK EKDCFDC "NLLDQBH@K %HM@MBD "NLO@MX (M @CCHSHNM VD VHKK keep an open mind to opportunity for new business acquisitions and private equity investments.

012

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

MILESTONES

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|y v²ÁºÅ²½ ¹²º½²¿µ Ƴ½º´ vÀ¾Á²¿Ê º¾ºÅ¶µ È²Ä º¿´ÀÃÁÀòŶµ À¿ äÄÅ ²Ã´¹ ä¤¤ä º¿ Ź¶ ¿²¾¶ À· tÊƵ¹²Ê² |¿Å¶Ã¿²ÅºÀ¿²½ y²´ÅÀÃÄ vÀ ŵ ² »Àº¿Å Ƕ¿ÅÆö ³¶Åȶ¶¿ u²¿¼ À· tÊƵ¹²Ê² Ƴ½º´ vÀ¾Á²¿Ê º¾ºÅ¶µ ×ut Ø ÈºÅ¹ À· Ĺ²Ã¶Ä ²¿µ |y v²ÁºÅ²½ º¾ºÅ¶µ ×|y º¿¸²ÁÀö Ø ÈºÅ¹ ã À· Ĺ²Ã¶Ä ú¿´ºÁ²½ ²´ÅºÇºÅÊ È²Ä Å¹¶ ÁÃÀǺĺÀ¿ À· ·²´ÅÀú¿¸ ĶÃǺ´¶Ä

Ë j ¥ ­ ¦ p§m p Ô p ¢Ô ¡Ô §} j ¡Ó (%2 2HMF@ONQD ©}Ô¥kÔ t ® ¡ Ô k p q j j ¡p ¡ ¦ ©}Ô¥ ­ sñ ¥ Û © ¥ ¥ ¦m Ê~ ¥ © q² j } ~Ó ­ ¥ ©}Ôq} ¥ ¦ ¥ Û s ¦ ©}Ô¥ ­ ¡ q} ¥ ¦ ¥ js² ¦ Ô ¥ Û Ô Ë ©}Ô¥ ­ q j vs ~ © ¥ Û ~Ó p}Ô §} ©}Ô ¨ ¡v ~ j ¡ j q ¥sñ ¦ m¥~ ­p ¦ ¥sñ ¦ t ­p¦ ¥sñ ¥sÓ t ® mÔ ¥ ¦ ¥m ñ pq j ­¨sÔ ¨ ¡~ j ¥m ñ p ­¨sÔ ¨ j ¥m ñ Ô mÔ ¥ k Óp ¦ ¨sÔp ¥j ~ j ² ¢Ô j ¨ Ó ©}Ô¥kÔ q} ¥ j ~ } j צ Óp ¥ © ¨ ­ p m Ô j j ¥ k ¡ Ô v¥ ­ ¡ ~Ó s s Ô ¡Ô ² ¨ Ô ¡ q} ¥ ­¥ js² ¦ Ô ¥ ­ q j Ô ¥ Û Ô §} ¢Ô ¡ Ô ¨ vÓm j ¡ Ó (%2 2HMF@ONQD ¡Ô j Ô

(M SGD "NLO@MXÄR RG@QDGNKCDQHMF V@R BG@MFDC 3GD (%2 &QNTO NE 2HMF@ONQD ANTFGS NUDQ SGD "NLO@MXÄR RG@QDR EQNL ! 8 @MC EQNL LHMNQHSX RG@QDGNKCDQR SNS@KKHMF @MC BG@MFDC SGD "NLO@MXÄR M@LD SN (%2 "@OHS@K 3G@HK@MC +SC (M OQHK SGD "NLO@MX V@R BNMUDQSDC SN ADBNLD @ OTAKHB company limited and increased its registered and paid-up capital to Baht 350 million.

(M SGD "NLO@MXÄR RS@STR V@R BG@MFDC EQNL SG@S NE @ 3G@H BNLO@MX SN @ ENQDHFM BNLO@MX (S NAS@HMDC KHBDMRDR SN provide (1) factoring services and (2) the leasing and the hire purchase services for industrial vehicles and machines, tools used for the relocation of goods, vessels and vehicles used in agricultural activities. The Company was listed on the Stock Exchange of Thailand on 10th August 2010 and issued an additional 120 million common stocks for its public offering which resulted in the increase of paid-up capital from Baht 350 million SN !@GS LHKKHNM 3GD L@INQ RG@QDGNKCDQ HR SGD (%2 &QNTO NE 2HMF@ONQD VHSG SNS@K RG@QDGNKCHMF NE

1 © ¥ ¥ ¦m Ê~ q² j } pm§ × ¥} sñ ¥~ ×¥ s ­ ¦ ¦ m¥~ × pm§ × q² j } t ­pq} ¥ ¨ ¥ pm§ ×~ ®p¦~Ó Ë ¦ ¥kÔ ¥ Û q} ¥ ¨ ~ } j × pm§ × ¨ Ë j ¡Ó (%2 2HMF@ONQD ¥ Û j ¡Ó ­¥s ­ s v¨ ¡ j q p}Ô j ¥p ©}Ô¦jÓ j ¥sñ ¥ ~Ó p« ¥sÓ ¦ m¥~ ­p t ­p ¥sÓ t ® j j ¥sñ "QDCHS (MRTQ@MBD j j ¡Ô j¢Ô !NMCR @MC &T@Q@MSDDR 2SQTBSTQDC %HM@MBD ¦ ¡ j q¥p Ó p ¡ 5DMSTQD "@OHS@K §} j ¡Ó (%2 2HMF@ONQD j © }Ô ¦ j }² ¥ ¡ j q¨ ¥ ©}Ô¦jÓ pm§ × © ¥ ¥t §} ¥t ¦ Ó pjp | ­ m ¡ s² ¦ Ô ¥ Ó j } Ó × pm§ × m }¥ Û Ô ~ ¦ j¥ ­ ~Ó } × pm§ × kÔ ¢ | ­ m ¥ } k pj ¡Ó (%2 2HMF@ONQD }¢©}Ô ­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nd ,@QBG (%2 2HMF@ONQD ÄR O@HC TO B@OHS@K V@R 2&# NQ Baht 2,114.55 million (the exchange rate as of 2nd ,@QBG V@R !@GS ODQ 2&# #DS@HKR NE (%2 2HMF@ONQD B@M AD ENTMC @S VVV HERB@OHS@K BNL RF

Annual Report 2015

013

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The Company increased its paid-up capital from Baht 1 million to Baht 50 million through a joint-investment between Bank NE XTCGX@ @MC (%2 2HMF@ONQD with 45% and 40% shareholding respectively.

The Company started its leasing and hire purchase business.

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The Company increased its paid-up capital by Baht 200 million to Baht 250 million with shares issued to Bank of XTCGX@ @MC (%2 2HMF@ONQD

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The Company increased its paid-up capital to Baht 100 million.

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Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Â&#x201D;Â&#x2039;ÂĄ}jÂ&#x203A;Â&#x152;¨Â&#x201D;Ă&#x201D;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;Â&#x201C;Â?Â&#x201A;ÂĽsĂąÂ&#x2013;Â&#x17D;Â&#x17E;Â&#x201C;tÂ?­p Â&#x201E;Â&#x152;Â&#x2122;ÂĽÂ&#x2030;Â&#x20AC;Â&#x201C;Â&#x161;vvÂ&#x203A;ÂĽsĂ&#x201C;Â&#x203A;Â&#x20AC;Â&#x203A;pjÂ&#x203A;Â&#x152;ÂĽpÂ?Â&#x201A; ÂŚÂ&#x17D;Â&#x2122;Â&#x201C;Â?Â&#x201A; ÂĽsĂąÂ&#x2013;ÂĽsĂ&#x201C;Â&#x203A;t ŽÂ&#x2013;ÂĽÂ&#x201A;ĂąÂ&#x2013;pqÂ&#x203A;j  jÂ&#x152;ÂĄpÂ&#x2018;Â&#x152;Â&#x17E;Â&#x2013;Â&#x2039;ÂĄÂ Â&#x2039;Â&#x203A; tÂ&#x;p­ ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;Â&#x2026;¢ Ă&#x201D; Â&#x2013; Â&#x201D;ÂĄÂ&#x201A;Ă&#x201D; Â&#x152;Â&#x203A;Â&#x2039;¨Â&#x201D;vĂ&#x201C;Â&#x160; Â&#x17E; Â&#x201A;§Â&#x2039;Â&#x192;Â&#x203A;Â&#x2039;ŠÂ&#x160;Ă&#x201C;¨Â&#x201D;Ă&#x201D; Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;¨Â&#x201A;ÂĽmÂ&#x152; Â&#x2013;Â&#x201E;Â&#x152;Â&#x2122;jÂ&#x2013;Â&#x192; ¥Â&#x152;jÂ?qtŽ²Â&#x203A;tĂ&#x201D;Â&#x2013;Â&#x201A;jÂ&#x161;Â&#x201A;

}Ă&#x2020;¿œ

tĂ Ă&#x192;º½

%8 < 6&

The Company decreased its capital from Baht 100 million to Baht 50 million by decreasing its par value from Baht 10 to Baht 5 to eliminate the accumulated loss caused by SGD DBNMNLHB BQHRHR NE

A%-6&

The Company ceased to provide its leasing and hire purchase services due to the duplication of business with a subsidiary of its major shareholder, Bank of Ayudhya.

014

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

% '6 %

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<%$6"5 Ä&#x153;

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A%-6&

Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x20AC;Â&#x161; Š}Ă&#x201D;ÂŚÂ&#x201E;Â&#x152;Â&#x201C;Â&#x2030;Â&#x203A;Â&#x2021;qÂ&#x203A;jÂ&#x192;Â&#x152;Â?Â&#x2019;Â&#x20AC;Â&#x161; q²Â&#x203A;jÂ&#x161;}ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x20AC;Â&#x161; Â&#x160;Â&#x201D;Â&#x203A;sÂ&#x201A; ÂŚÂ&#x17D;Â&#x2122;ÂĽÂ&#x2021;Â?Â&#x160;­ Â&#x20AC;ÂĄÂ&#x201A;s²Â&#x203A;Â&#x152;Â&#x2122;ÂŚÂ&#x17D;Ă&#x201D;Â?Â&#x2013;Â&#x17E;j Â&#x17D;Ă&#x201D;Â&#x203A;Â&#x201A;Â&#x192;Â&#x203A;Â&#x20AC;ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A; Â&#x17D;Ă&#x201D;Â&#x203A;Â&#x201A;Â&#x192;Â&#x203A;Â&#x20AC;

}²¿Ă&#x2020;²Ă&#x192;Ă&#x160;

(%2 "@OHS@K 'NKCHMFR 3G@HK@MC +SC Ă&#x2026;(%2 'NKCHMFRĂ&#x2020; 2 purchased shares of the Company from the Bank of Ayudhya and the other minority shareholders SNS@KKHMF 3GD "NLO@MX SGDM QDBNLLDMBDC HSR leasing and hire purchase business when the Bank of Ayudhya ceased to be its shareholder.

yœ³Ă&#x192;Ă&#x2020;²Ă&#x192;Ă&#x160;

5 +6 %

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wœ´œž³œĂ&#x192;

tĂ Ă&#x192;º½

The Company received an in-principle approval from the Foreign Business Committee to operate the business of (1) factoring and (2) leasing and hire purchase services for machinery and industrial equipment to existing clients only. The certificate was officially received on 3rd )TKX

Â?  ãÂ&#x153;Â?ãã¢

Â?  äÂ&#x153;Â?ĂŁĂŁÂŁ

3GD "NLO@MX BG@MFDC HSR M@LD SN (%2 "@OHS@K (Thailand) Co., Ltd. The Company changed its status from â&#x20AC;&#x153;limited BNLO@MXĂ&#x2020; SN Ă&#x2026;OTAKHB BNLO@MX KHLHSDCĂ&#x2020; @MC HBQD@RDC HSR paid-up capital by Baht 100 million to Baht 350 million.

Â?  Â?Â&#x153;Â?ã㤠}²¿Ă&#x2020;²Ă&#x192;Ă&#x160;

% '6 %

tĂ Ă&#x192;º½

A%-6&

The Company ceased to provide its leasing and hire Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Â&#x201D;Â&#x2039;ÂĄ}jÂ&#x203A;Â&#x152;¨Â&#x201D;Ă&#x201D;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;Â&#x201C;Â?Â&#x201A;ÂĽsĂąÂ&#x2013;Â&#x17D;Â&#x17E;Â&#x201C;tÂ?­p ÂŚÂ&#x17D;Â&#x2122;Â&#x201C;Â?Â&#x201A;ÂĽsĂąÂ&#x2013;ÂĽsĂ&#x201C;Â&#x203A;t ŽÂ&#x2013;ÂŚjĂ&#x201C;Â&#x2026;¢Ă&#x201D;Â&#x152;Â&#x161;Â&#x192;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152; purchase services to new clients. Â&#x152;Â&#x203A;Â&#x2039;¨Â&#x201D;Â&#x160;Ă&#x201C; (%2 2HMF@ONQD &QNTO ANTFGS NUDQ @KK SGD RG@QDR NE (%2 'NKCHMFR QDRTKSHMF HM (%2 'NKCHMFR ADBNLHMF @ VGNKKX NVMDC RTARHCH@QX NE (%2 2HMF@ONQD @MC (%2 2HMF@ONQD &QNTO GNKCHMF of shares in the Company.

jÂ&#x17D;ÂĄĂ&#x201C; Â&#x160; (%2 2HMF@ONQD Š}Ă&#x201D; ÂĽ kĂ&#x201D; Â&#x203A; t Ž Â&#x2013; Â&#x201D;ÂĄĂ&#x201D; Â&#x201A; ŠÂ&#x2013;ÂĽÂ&#x2013;Â&#x2C6;ÂĽÂ&#x2013;Â&#x201C; §Â&#x2014;Â&#x17D;}Â?ÂŽ p Â&#x201C;Ă&#x2014; qÂ&#x203A;j Â&#x2026;¢Ă&#x201D;  Â&#x2013;Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;mÂ&#x201A;ŠÂ&#x20AC;Â&#x2039; Â&#x20AC;²Â&#x203A;¨Â&#x201D;Ă&#x201D;jÂ&#x17D;ÂĄĂ&#x201C;Â&#x160; (%2 2HMF@ONQD  Â&#x2013;Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122; ¨Â&#x201A; ŠÂ&#x2013;ÂĽÂ&#x2013;Â&#x2C6;ÂĽÂ&#x2013;Â&#x201C; §Â&#x2014;Â&#x17D;}Â?ÂŽpÂ&#x201C;Ă&#x2014; Â&#x20AC;²Â&#x203A;¨Â&#x201D;Ă&#x201D; jÂ&#x17D;ÂĄĂ&#x201C;Â&#x160; (%2 2HMF@ONQD ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;Â&#x2026;¢Ă&#x201D;  Â&#x2013;Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x152;Â?Â&#x160;¨Â&#x201A; Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122;

 Ă&#x20AC;Ă&#x2021;œž³œĂ&#x192;

"(, è 6&

wœ´œž³œĂ&#x192;

5 +6 %

Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;ÂĽÂ&#x201E;Â&#x17D;Â&#x17E;­Â&#x2039;Â&#x201A;Â&#x160;¢Â&#x17D;mĂ&#x201C;Â&#x203A;Â&#x20AC;Â&#x17E;­~Â&#x152;Â&#x203A;ŠÂ?Ă&#x201D;kÂ&#x2013;pÂ&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x201C;Â&#x203A;Â&#x160;Â&#x161;vqÂ&#x203A;jÂ&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x17D;Â&#x2122; Â&#x192;Â&#x203A;Â&#x20AC;ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x17D;Â&#x2122; The Company changed its par value of common shares from Â&#x192;Â&#x203A;Â&#x20AC; Baht 5 per share to Baht 1 per share.

The Company applied to the Foreign Business Committee to provide leasing and hire purchase services for industrial vehicles and machineries, tools used for the relocation of goods, vessels and vehicles used in agricultural activities to new clients, and approval was received on 6th August 2010.

Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Š}ÂŽÂ&#x2039; ­Â&#x201A;kÂ&#x2013;mÂ?Â&#x203A;Â&#x160;ÂĽÂ&#x201D;ÂŹÂ&#x201A;sÂ&#x2013;Â&#x192;Â&#x2013;Â&#x17E;jmÂ&#x152;Â&#x161;ÂŽpqÂ&#x203A;jm|Â&#x2122;jÂ&#x152;Â&#x152;Â&#x160;jÂ&#x203A;Â&#x152;jÂ&#x203A;Â&#x152;Â&#x201E;Â&#x152;Â&#x2122;jÂ&#x2013;Â&#x192;  ¥Â&#x152;jÂ?qkÂ&#x2013;pmÂ&#x201A;~Ă&#x201C;Â&#x203A;p}Ă&#x201D;Â&#x203A;Â? ÂĽÂ&#x2021;ĂąÂ&#x2013;kÂ&#x2013;Â&#x2013;Â&#x201A;ÂĄvÂ&#x203A;~Â&#x201E;Â&#x152;Â&#x2122;jÂ&#x2013;Â&#x192; ¥Â&#x152;jÂ?qÂ&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;¨Â&#x201D;Ă&#x201D;ÂĽsĂ&#x201C;Â&#x203A;ÂŚÂ&#x192;Â&#x192; Â&#x17D;Â&#x17E;Â&#x201C;tÂ?­p ÂŚÂ&#x17D;Â&#x2122;¨Â&#x201D;Ă&#x201D;ÂĽsĂ&#x201C;Â&#x203A;t ŽÂ&#x2013;Â&#x201C;Â?Â&#x201A;mĂ&#x201D;Â&#x203A;Â&#x201E;Â&#x152;Â&#x2122;ÂĽÂ&#x2030;Â&#x20AC;Â&#x2039;Â&#x203A;Â&#x201A;Â&#x2021;Â&#x203A;Â&#x201D;Â&#x201A;Â&#x2122;ÂŚÂ&#x17D;Â&#x2122;ÂĽmÂ&#x152;ĂąÂ&#x2013;pqÂ&#x161;jÂ&#x152;Â&#x20AC;Â&#x17E;­¨sĂ&#x201D; ¨Â&#x201A; Â&#x2013;ÂĄ~Â&#x201C;Â&#x203A;Â&#x201D;jÂ&#x152;Â&#x152;Â&#x160; ÂĽmÂ&#x152;ĂąÂ&#x2013;pÂ&#x160; Â&#x2013;Â&#x20AC;Â&#x17E;­¨sĂ&#x201D; ¨Â&#x201A;jÂ&#x203A;Â&#x152;ÂĽmÂ&#x17D;ĂąÂ&#x2013;Â&#x201A;Â&#x2039;Ă&#x201D;Â&#x203A;Â&#x2039;Â&#x201C;Â?Â&#x201A;mĂ&#x201D;Â&#x203A; ÂĽÂ&#x152; Â&#x2013;kÂ&#x201A;Â&#x201C;Ă&#x201C;p ÂŚÂ&#x17D;Â&#x2122;Â&#x152; ¨sĂ&#x201D; pÂ&#x203A;Â&#x201A;ÂĽjÂ&#x2019;~Â&#x152;jÂ&#x152;Â&#x152;Â&#x160; Â&#x201C;²Â&#x203A;Â&#x201D;Â&#x152;Â&#x161;Â&#x192;Â&#x2026;¢Ă&#x201D;Â&#x152;Â&#x161;Â&#x192;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;Â&#x152;Â&#x203A;Â&#x2039;¨Â&#x201D;Â&#x160;Ă&#x201C; ÂŚÂ&#x17D;Â&#x2122;Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Š}Ă&#x201D;Â&#x152;Â&#x161;Â&#x192;¨Â&#x192;Â&#x2013;Â&#x201A;ÂĄvÂ&#x203A;~ ¨Â&#x201A;Â?Â&#x161;Â&#x201A;Â&#x20AC;Â&#x17E;­ Â&#x201C;Â?pÂ&#x201D;Â&#x203A;mÂ&#x160;

Annual Report 2015

015

.8 /6 %

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tƸÆÄÅ

The Company was listed on the Stock Exchange of Thailand and issued 120 million common stocks at its initial public offering leading to an increase of O@HC TO B@OHS@K SN !@GS LHKKHNM 3GD L@INQ RG@QDGNKCDQ HR (%2 2HMF@ONQD &QNTO VGHBG GNKCR @KSNFDSGDQ NE RG@QDR 3GD Company also started to provide leasing and hire purchase services of industrial vehicles and machineries, tools used for the relocation of goods, vessels and vehicles used in agricultural activities to new clients.

©}® ® p ~ ¨ ­ ¨ j ­ ¥s ­ ¦ m¥~ ­p q² Ô The Company achieved a new factoring volume record of Baht 26,645 million.

ãäã

¡ ãä

ãä ©}Ô Ô p ~ ¨ j Ó ¥sñ ¦ m ¥~ ­p ¢p p Ô The Company achieved a factoring volume record of Baht 22,148 million

¢ ãä ©}Ô Ô p ~ j² © q² Ô The Company achieved a record net profit of Baht 138.12 million.

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016

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

REVENUE STRUCTURE C ' .'Ä&#x2022;6 '6&E Ä&#x2022;

C ' .'Ä&#x2122;6 '6&E Ä&#x2122; 1 'è-5 D Ä? Â?  ¥ Â&#x161; Â?  £ Â&#x2026;ÂśĂ&#x2021;œ¿Ă&#x2020;Âś Â&#x2020;Ă&#x2026;Ă&#x192;Ă&#x2020;´Ă&#x2026;Ă&#x2020;Ă&#x192;Âś Ă&#x20AC;¡ Ă&#x2026;šœ vĂ&#x20AC;žà ²¿Ă&#x160; º¿ Â?ãäÂ&#x17E; Â&#x161; Â?ãä Ä&#x152; äççÂ&#x2026; äÂ&#x201E;ĂŁĂĽ

Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;qÂ&#x203A;jjÂ&#x203A;Â&#x152;t ŽÂ&#x2013;Â&#x201C;Â?Â&#x20AC; Â?ÂĽÂ&#x152;Â&#x17E;Â&#x2039;jÂ&#x152;Ă&#x201D;Â&#x2013;p %@BSNQHMF (MBNLD Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;qÂ&#x203A;jjÂ&#x203A;Â&#x152;¨Â&#x201D;Ă&#x201D;ÂĽsĂ&#x201C;Â&#x203A;t ŽÂ&#x2013; 'HQD /TQBG@RD (MBNLD Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;qÂ&#x203A;jÂ&#x201C;Â&#x161;vvÂ&#x203A;ÂĽsĂ&#x201C;Â&#x203A;Â&#x20AC;Â&#x203A;pjÂ&#x203A;Â&#x152;ÂĽpÂ?Â&#x201A; %HM@MBD +D@RD (MBNLD Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;mĂ&#x201C;Â&#x203A; Â&#x152;Â&#x152;Â&#x160;ÂĽÂ&#x201A;Â&#x17E;Â&#x2039;Â&#x160;ÂŚÂ&#x17D;Â&#x2122;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;qÂ&#x203A;jjÂ&#x203A;Â&#x152;t ŽÂ&#x2013;Â&#x201C;Â?Â&#x20AC; Â?ÂĽÂ&#x152;Â&#x17E;Â&#x2039;jÂ&#x152;Ă&#x201D;Â&#x2013;p /1 Factoring Commission and Service Fees /1 Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;Â&#x2013;ĂąÂ&#x201A; /2 .SGDQ (MBNLD /2 Â&#x152;Â?Â&#x160;Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D; Total Revenues

Ä&#x152; äççÂ&#x2020; äÂ&#x201E;ĂŁĂŚ

Ä&#x152; äççÂ&#x2021; äÂ&#x201E;ãç

Â&#x17D;Ă&#x201D;Â&#x203A;Â&#x201A;Â&#x192;Â&#x203A;Â&#x20AC;

Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122;

Â&#x17D;Ă&#x201D;Â&#x203A;Â&#x201A;Â&#x192;Â&#x203A;Â&#x20AC;

Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122;

Â&#x17D;Ă&#x201D;Â&#x203A;Â&#x201A;Â&#x192;Â&#x203A;Â&#x20AC;

Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122;

Mil. Baht

%

Mil. Baht

%

Mil. Baht

%

234.68

235.41

1.60

0.40

1.08

48.81

12.11

10.40

24.81

80.28

81.00

22.15

6.88

403.14

100.00

100.00

100.00

Â&#x201D;Â&#x160;Â&#x203A;Â&#x2039;ÂĽÂ&#x201D;~ÂĄ /1

/2

Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;mĂ&#x201C;Â&#x203A; Â&#x152;Â&#x152;Â&#x160;ÂĽÂ&#x201A;Â&#x17E;Â&#x2039;Â&#x160;ÂŚÂ&#x17D;Â&#x2122;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;mĂ&#x201C;Â&#x203A; Â&#x152;Â&#x152;Â&#x160;ÂĽÂ&#x201A;Â&#x17E;Â&#x2039;Â&#x160;qÂ&#x203A;jjÂ&#x203A;Â&#x152;Â&#x152;Â&#x161;Â&#x192;§Â&#x2013;Â&#x201A;Â&#x201C;Â?Â&#x20AC; Â?ÂĽÂ&#x152;Â&#x17E;Â&#x2039;jÂ&#x152;Ă&#x201D;Â&#x2013;p mĂ&#x201C;Â&#x203A; Â&#x152;Â&#x152;Â&#x160;ÂĽÂ&#x201A;Â&#x17E;Â&#x2039;Â&#x160;Š}Ă&#x201D;Â&#x152;Â?Â&#x160; Â&#x;pÂ&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152;qÂ&#x161;}Â&#x20AC;²Â&#x203A;¨Â&#x192;ÂŚqĂ&#x201D;pÂ&#x192;Â&#x161;vsÂ&#x17E;Â&#x17D;¢jÂ&#x201D;Â&#x201A;Â&#x17E;ÂŽjÂ&#x203A;Â&#x152;mĂ&#x201D;Â&#x203A;Â&#x192;Â&#x152;Â?jÂ&#x203A;Â&#x152; ÂĽÂ&#x152;Â&#x17E;Â&#x2039;jÂĽjÂŹÂ&#x192;ÂĽpÂ?Â&#x201A; ÂŚÂ&#x17D;Â&#x2122;jÂ&#x203A;Â&#x152;Â&#x192;Â&#x152;Â?Â&#x201D;Â&#x203A;Â&#x152;Â&#x201D;Â&#x201A;Â&#x17E;ÂŽÂ&#x20AC;Â&#x203A;pjÂ&#x203A;Â&#x152;mĂ&#x201D;Â&#x203A; Â&#x152;Â&#x203A;Â&#x2039;Š}Ă&#x201D;Â&#x2013;ĂąÂ&#x201A;Â&#x201E;Â&#x152;Â&#x2122;jÂ&#x2013;Â&#x192;}Ă&#x201D;Â?Â&#x2039; mĂ&#x201C;Â&#x203A; Â&#x152;Â&#x152;Â&#x160;ÂĽÂ&#x201A;Â&#x17E;Â&#x2039;Â&#x160;jÂ&#x203A;Â&#x152;ÂĽÂ&#x201E;Ă&#x160;}Â?pÂĽpÂ?Â&#x201A;ÂŚÂ&#x17D;Â&#x2122;kÂ&#x2039;Â&#x203A;Â&#x2039;Â?pÂĽpÂ?Â&#x201A; ÂĽÂ&#x192;Â&#x17E;ÂŽÂ&#x2039;Â&#x201E;Â&#x152;Â&#x161;Â&#x192;ÂŚÂ&#x17D;Â&#x2122;}Â&#x2013;jÂĽÂ&#x192;Â&#x17E;ÂŽÂ&#x2039;Â&#x201C;²Â&#x203A;Â&#x201D;Â&#x152;Â&#x161;Â&#x192;Â&#x17D;¢jmĂ&#x201D;Â&#x203A;mĂ&#x201D;Â&#x203A;ps²Â&#x203A;Â&#x152;Â&#x2122;ÂĽpÂ?Â&#x201A;ÂĽjÂ?Â&#x201A;j²Â&#x203A;Â&#x201D;Â&#x201A;} ÂŚÂ&#x17D;Â&#x2122;Â&#x201D;Â&#x201A;Â&#x17E;ÂŽÂ&#x201C;¢vÂ&#x20AC;Â&#x17E;­~Â&#x203A;Â&#x160;ÂĽjÂŹÂ&#x192;ÂĽpÂ?Â&#x201A; Š}Ă&#x201D; ¨Â&#x201A;Â&#x2030;Â&#x203A;Â&#x2039;Â&#x201D;Â&#x17D;Â&#x161;p ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;~Ă&#x201D;Â&#x201A;

Remarks

The revenue from fees and services are from the transfer of the rights to claim. The fees include the provision of credit checking, collection, and accounts receivable management services.

Other income include commitment fee paid on acceptance of credit facilities, income from contractual penalty & interest on overduepayment of clients and recovery of non-performing loan, etc.

/1

/2

Annual Report 2015

017

INVESTMENT POLICY AND CAPITAL STRUCTURE C& 6& 6') < B)4C ' .'Ä&#x2022;6 A è <

'è -5 4 N 6 : : 15 '6 ) 1 B 9I E Ä&#x2122; '5 6 6') < A"áI1 '4C& Ä&#x153; Ä&#x2DC;1 =Ä&#x2122; ;1/<Ä&#x2122; 1

'è-5 A Ä&#x; .N6 5g Â&#x2021;šœ vĂ&#x20AC;žà ²¿Ă&#x160; ¡Ă&#x20AC;´Ă&#x2020;Ă&#x201E;ÂśĂ&#x201E; Ă&#x20AC;Âż Ă&#x2026;šœ Ă&#x192;ÂśĂ&#x2026;Ă&#x2020;Ă&#x192;Âż Ă&#x20AC;Âż º¿Ă&#x2021;ÂśĂ&#x201E;Ă&#x2026;žœ¿Ă&#x2026; ²¿¾ ³œ¿œ¡ºĂ&#x2026;Ă&#x201E; Ă&#x2026;Ă&#x20AC; Ă&#x2026;šœ vĂ&#x20AC;žà ²¿Ă&#x160;Ă&#x161;Ă&#x201E; Ă&#x201E;š²Ă&#x192;œšĂ&#x20AC;½¾œĂ&#x192;Ă&#x201E;Â&#x203A;

C& 6& 6') <

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C ' .'Ä&#x2122;6 A è <

v²à ºĂ&#x2026;²½ Â&#x2020;Ă&#x2026;Ă&#x192;Ă&#x2020;´Ă&#x2026;Ă&#x2020;Ă&#x192;Âś

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Â&#x20AC;ÂĄÂ&#x201A;q}Â&#x20AC;Â&#x2122;ÂĽÂ&#x192;Â&#x17E;Â&#x2039;Â&#x201A; ÂŚÂ&#x17D;Â&#x2122;Â&#x20AC;ÂĄÂ&#x201A;s²Â&#x203A;Â&#x152;Â&#x2122;ÂŚÂ&#x17D;Ă&#x201D;Â?kÂ&#x2013;pÂ&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC; | Â?Â&#x161;Â&#x201A;Â&#x20AC;Â&#x17E;­  Â&#x161;Â&#x201A;Â?Â&#x203A;mÂ&#x160; Â&#x160;Â&#x17E;}Â&#x161;pÂ&#x201A;Â&#x17E;ÂŽ Â&#x20AC;ÂĄÂ&#x201A;q}Â&#x20AC;Â&#x2122;ÂĽÂ&#x192;Â&#x17E;Â&#x2039;Â&#x201A;

Â&#x20AC;ÂĄÂ&#x201A;s²Â&#x203A;Â&#x152;Â&#x2122;ÂŚÂ&#x17D;Ă&#x201D;Â?

Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x201C;Â&#x203A;Â&#x160;Â&#x161;v

Â&#x160;¢Â&#x17D;mĂ&#x201C;Â&#x203A;Â&#x20AC;Â&#x17E;­~Â&#x152;Â&#x203A;ŠÂ?Ă&#x201D;Â&#x201D;ÂĄĂ&#x201D;Â&#x201A;Â&#x17D;Â&#x2122;

Â&#x192;Â&#x203A;Â&#x20AC; Â&#x192;Â&#x203A;Â&#x20AC; Â&#x201D;ÂĄĂ&#x201D;Â&#x201A; Â&#x192;Â&#x203A;Â&#x20AC;

At present, the Company has no investment in any subsidiary and/or affiliated company. However, the Company may consider investing in subsidiary and/ or affiliated company in SGD ETSTQD (S HR SGD "NLO@MXĂ&#x201E;R ONKHBX SN HMUDRS HM ATRHMDRRDR NQ industries which provide support or benefits to the Companyâ&#x20AC;&#x2122;s existing business or has growth potential. The Company focuses on the return on investment and benefits to the Companyâ&#x20AC;&#x2122;s shareholders. The Companyâ&#x20AC;&#x2122;s representatives will be assigned as Directors to supervise or co-manage the subsidiary and/ or affiliated company. The investment, if any, shall be approved by the Board of Directors and/ or shareholders and/ or, in case of the related party transaction, the Audit Committee. The related party regulations shall be adhered to accordingly.

Registered and Paid-Up Capital of the Company as at 31st December 2015 is as follows 1DFHRSDQDC "@OHS@K

!@GS /@HC 4O "@OHS@K

!@GS .QCHM@QX 2G@QDR

2G@QDR /@Q 5@KTD

!@GS ODQ RG@QD

018

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

INDUSTRY AND COMPETITION $6+41< .6/ ''%B)4 6'B Ĕ 5

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Annual Report 2015

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The factoring industry in Thailand has grown steadily for more than 3 decades and it is expected to continue growing in 2016 in line with the improvement of the Thai economy. Small and LDCHTL RHYDC DMSDQOQHYDR 2,$R VGHBG @QD SGD A@BJANMD NE the economy, are still struggling to obtain financing from commercial banks as most banks are strict in their lending criteria and usually require collateral when they lend. Therefore, there will always be opportunity for the factoring business as prospective clients who lack collateral but with invoices or purchase orders will turn their interest to factoring. For export factoring, it is expected to grow in line with the improving global economy.

As the factoring business increases in popularity, competition will continue to be intense in terms of pricing especially from the banks who also provide factoring services. However, the Company will continue to grow its existing portfolio as well as expand new clientsâ&#x20AC;&#x2122; base by focusing on industries with good prospects for growth and on the SMEs who are in need of working capital to improve their cashflow or to expand their business but have restricted access to the credit facilities of banks due to the collateral requirement of banks. With its experienced staff, speed of services and technological advantage through e-factoring services and prudent risk management system, the Company is confident of maintaining its leadership role and position in the industry.

BBNQCHMF SN SGD OTAKHB@SHNM NE %@BSNQR "G@HM (MSDQM@SHNM@K GSSOR EBH MK SGD UNKTLD NE E@BSNQHMF ATRHMDRR HM 3G@HK@MC ENQ the year 2012, 2013 and 2014 was Baht 163,160 million, Baht

019

LHKKHNM @MC !@GS LHKKHNM QDRODBSHUDKX (M SDQLR NE GDP penetration rate, it was only 1.53 % in 2014 while that of the $TQN 9NMD RTBG @R SGD 4* (QDK@MC (S@KX %Q@MBD @MC &DQL@MX was 16.33%, 11.32%, 10.58% and 6.54% respectively. Other BNTMSQHDR RTBG @R 3@HV@M 'NMF *NMF 2NTSG EQHB@ "GHM@ Australia and Singapore was 14.22%, 16.06%, 5.50%, 5.20%, @MC QDRODBSHUDKX @MC SGD 6NQKCĂ&#x201E;R @UDQ@FD V@R 4.36%. Thus, there is still ample room for the factoring business to grow in Thailand.

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Leasing / Hire Purchase Business (Equipment Finance) is expected to continue growing in 2016 in line with the recovery of the Thai economy and the kick-off of AEC in 2016 which will encourage the Government to spend more on infrastructure projects and this will benefit the Equipment Finance business especially for vehicles and equipment used by the transportation and construction sectors.

There will also be requests from entrepreneurs who want to HMUDRS HM L@BGHMDQHDR ENQ RDUDQ@K QD@RNMR SN QDOK@BD SGDHQ NKC NQ NARNKDSD L@BGHMDQHDR SN HMBQD@RD OQNCTBSHNM B@O@BHSX SN substitute for their high cost of labour and to improve the quality of their products. The Company plans to continue growing this business by focusing on the small to medium ticket items and with liquidity for resale in the secondary market. The Company will continue to develop its network of equipment dealers to continually refer business to the Company. Since the target group of both factoring and equipment finance is the SMEs, the ability to cross-sell these 2 services is one of the strengths of the Company.

020

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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The Company’s factoring business is to provide short term unsecured loans through the purchase of accounts receiveable.

Credit risk is therefore dependent on the quality of the accounts receiveable and clients, including the quality of products and services delivered to buyers by clients. Low quality products and services might be rejected and remained unpaid. The buyers with financial problem might also default on payments and the clients could not repay as agreed. Therefore, the Company credit risk management established policies and procedures to carefully examine both clients and buyers prior to loan approval.

The following are the Company’s policy guidelines which are being constantly reviewed and improved upon to manage its ATRHMDRR NODQ@SHNMR "QDCHS RBNQHMF @HLR SN @M@KXYD MDV BKHDMSR @MC SGD ATXDQR on their business operations, profiles of shareholders and management, debt payment records, financial statements, industry trend, etc. ,@WHLTL DWONRTQD NM D@BG HMCTRSQX (MCTRSQX +HLHSR RG@KK not exceed 20% of total outstanding portfolio.

1.3 Maximum exposure on a single client shall not exceed 10% of the total portfolio.

1.4 Maximum credit limit granted to each debtor (buyer) shall not exceed 30% of the Company’s shareholders’ funds.

1.5 Credit review of existing clients shall be done regularly and at least once annually.

1.6 CRM review is prepared and reported to the Board DUDQX PT@QSDQKX SN @M@KXYD SGD PT@KHSX NE SGD "NLO@MXÄR portfolio, and to monitor the trend of the overdue.

022

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

3GD "NLO@MX LTRS BGDBJ VHSG SGD "HUHK "NTQS @MC Central Bankruptcy Court for possible lawsuit against both clients and debtors. World Check is conducted on Political Exposed Persons, and the National Credit Bureau is conducted to check on clientsâ&#x20AC;&#x2122; repayment record with other financial institutions.

Any deviation to the above shall be reported to the Board of Directors for information and/or approval.

3.5 The Companyâ&#x20AC;&#x2122;s debt to equity ratio (D/E ratio) was 2.16 times in 2015. The Company has the commited credit E@BHKHSHDR VHSG EHM@MBH@K HMRSHSTSHNMR NE !@GS LHKKHNM which are sufficient for its operations.

3.6 The Company will explore other options available in raising funds from the capital market to offset the above mentioned financial liquidity risk.

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Borrowing interest rate, the main cost of the Company, fluctuates with market conditions and has an affect on the Companyâ&#x20AC;&#x2122;s lending interest rate to its Clients. Changes in interest rate will also affect the Companyâ&#x20AC;&#x2122;s operating results. Therefore, the Company has established policies and guidelines to manage interest rate risk. Factoring is a short-term loan and offered floating rate basis to the clients. When interest rate in the money market changes, the Company will adjust its lending rate to the clients accordingly. For leasing, the Company also offers on the floating interest rate basis. Only hire purchase is offered on a fixed rate basis. However, the hire purchase business accounts for only a small portion of the Companyâ&#x20AC;&#x2122;s total portfolio. Thus, the Company is confident that interest rate risk poses only a small effect on the interest rate spread of the Company and the Companyâ&#x20AC;&#x2122;s operations.

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Most borrowings of the Company are in the form of promissory note (P/N) with a tenor of 1 to 6 months. The risk occurs if the lender calls for repayment prior to the maturity of the loan, or if the lender decided not to extend the P/N facility on the maturity of the contracts, resulting in the Company having to repay the loan which will affect the Companyâ&#x20AC;&#x2122;s cash flow.

3GD @ANUD LDMSHNMDC QHRJ B@M AD LHSHF@SDC SGQNTFG SGD ENKKNVHMF 3.1 The bulk of the Companyâ&#x20AC;&#x2122;s business is factoring, which is short term in nature and with average collection period NE Ă C@XR 3GHR L@SBGDR MHBDKX VHSG SGD ANQQNVHMFR of the Company.

3.2 Although leasing and hire purchase are medium term loans with repayment period of 3-5 years, the Companyâ&#x20AC;&#x2122;s policy is to match proportionately with the long term borrowings of the Company, and avoid the risk of using short term borrowing to support its leasing and hire purchase business.

3.3 The Company has been in business for 25 years and has been able to maintain good relationships with its A@MJDQR @MC G@R FNNC QDBNQC NE CDAS O@XLDMS (S will continue to give importance to managing good relationships with its bankers.

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New players may enter the market and pose a challenge to the market leadership of the Company since there is no licensing requirement to operate factoring and/or leasing/ hire purchase ATRHMDRR @MC SGDRD ATRHMDRRDR @QD MNS QDFTK@SDC AX SGD !@MJ NE Thailand. However, the lending business requires high capital and competitive cost of capital to survive the competition. Therefore, other than banks or subsidiaries of banks, it is not easy to enter the market of the Companyâ&#x20AC;&#x2122;s core business of factoring and leasing/ hire purchase. Although more and more banks have entered the factoring business, they do not have the experience that the Company has, and are not as flexible and responsive to the needs of clients. The Company is also ahead in technological development and is the first company in Thailand to offer an e-Factoring flatform to serve the needs of its clients.

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As of 31st #DBDLADQ (%2 2HMF@ONQD &QNTO HR SGD L@INQ RG@QDGNKCDQ NE SGD "NLO@MX VHSG NE RG@QDR VGHBG HR more than 50% of total shares. With such a high shareholding, HS HR NMKX HMDUHS@AKD SG@S (%2 2HMF@ONQD B@M HMEKTDMBD SGD management through its directors on the Board or through voting rights at shareholdersâ&#x20AC;&#x2122; meeting except for approval of significant agendas which by laws or regulation require three-fourths of the voting rights at the shareholdersâ&#x20AC;&#x2122; meeting.

(S HR @KRN A@K@MBDC AX SGD "NLO@MXĂ&#x201E;R NQF@MHY@SHNM RSQTBSTQD which comprises of the Audit Committee, the Compensation and Normination Committee and the Risk Managemnet Committee. These positions are held by independent directors JMNVKDCF@AKD HM ATRHMDRR NODQ@SHNMR (E SGD "NLO@MX DMSDQR into a connected transaction with directors, major shareholders, SGD "NLO@MXĂ&#x201E;R @TSGNQHYDC ODQRNMR @MC ODQRNMR VHSG @ ONRRHAKD conflict of interest on connected transation, such persons are not entitled to vote on the entry into that transaction.

Annual Report 2015

023

SHAREHOLDING STRUCTURE C ' .'ĕ6 6' ;1/<ĕ

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026

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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028

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Mr. Tan Hai Leng, Eugene Mr. Tan Ley Yen ,Q 'DMF 'NBJ *HNMF Mr. Niphat Chamroonrat

5.

Dr. Thamnoon Ananthothai

Chairman of the Board Director Director Director #DOTSX "G@HQL@M (MCDODMCDMS Director, Chairman of the Audit Committee

6.

Mr. Suvait Theeravachirakul

(MCDODMCDMS #HQDBSNQ ,DLADQ of the Audit Committee

Mr. Singha Nikornpun

(MCDODMCDMS #HQDBSNQ ,DLADQ of the Audit Committee

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,Q 3@M +DX 8DM NQ ,Q 3@M '@H +DMF $TFDMD HR @TSGNQHYDC SN sign with the Company’s seal affixed. ´ÀÁ¶ wÆź¶Ä ²¿µ ¶ÄÁÀ¿Äº³º½ºÅº¶Ä À· Ź¶ uÀ²Ãµ À· wºÃ¶´ÅÀÃÄ The Board of Directors has the power, duties and responsibilities to manage the Company to be in compliance with laws, objectives and regulations of the Company, as well as the resolution of the shareholders’ meeting with lawful approval, honesty and carefulness of the Company’s benefits. The summary of important ONVDQ CTSHDR @MC QDRONMRHAHKHSHDR HR @R ENKKNVR 1. To hold the Annual General Meeting of Shareholders within LNMSGR EQNL SGD DMC NE EHRB@K XD@Q 2. To call the meeting of the Board of Directors at least once DUDQX SGQDD LNMSGR 3. To arrange for the preparation and submission of the audited balance sheet and profit and loss statement at the end of each fiscal year to the shareholders’ meeting ENQ HSR BNMRHCDQ@SHNM @MC @OOQNU@K 3N @TSGNQHYD @MX NMD NQ RDUDQ@K CHQDBSNQR NQ @MX ODQRNM to perform any action on behalf of the Board of Directors under the supervision of the Board of Directors or granting the power-of-attorney to such designated person(s) to perform any action within the specified time as the Board NE #HQDBSNQR L@X SGHMJ EHS OQNUHCDC GNVDUDQ SG@S SGD Board of Directors has the sole discretion to revoke or modify such designated director or power-of-attorney as SGD !N@QC NE #HQDBSNQR L@X SGHMJ EHS (M @CCHSHNM SGD !N@QC NE #HQDBSNQR L@X @TSGNQHYD SGD Executive Committee to conduct any activities within the specified scope of work, duties and responsibilities of SGD $WDBTSHUD "NLLHSSDD -N @TSGNQHY@SHNM VHKK DMSHSKD SGD $WDBTSHUD "NLLHSSDD NQ HSR @TSGNQHYDC QDOQDRDMS@SHUD SN consider and approve the transaction which may cause a conflict of interest between the Executive Committee, HSR @TSGNQHYDC QDOQDRDMS@SHUD NQ @MX QDK@SDC ODQRNM NQ

interested person as the one party and the Company or its subsidiary companies as the other party. However, an exception is granted where the transaction conforms to SGD @OOQNUDC ONKHBHDR @MC QTKDR NE SGD !N@QC NE #HQDBSNQR 5. To determine the goals, prospects, policies, business plans and budgets of the Company, and to ensure that the work performed by the Executive Committee complies with the set policies. However, the Board of Directors needs to obtain the resolution of the shareholders’ meeting before entering into these transactions that required approval of the shareholders’ meeting, for instance, increase or reduction of capital, issue of bonds, sale or transfer of all or any substantial parts of the Company’s business to any third party, purchase or acceptance of transfer of other businesses, amendment to any third party, purchase or acceptance of transfer of other businesses, amendment SN SGD ,DLNQ@MCTL NE RRNBH@SHNM @MC RN NM The Board of Directors is also responsible for ensuring the Company’s compliance with the securities and exchange law and rules of the SET, for instance, rules concerning the entry into connected transactions and concerning purchase or sale of substantial assets, including any law FNUDQMHMF SGD "NLO@MXÄR ATRHMDRR 6. To review the management structure and appoint the Executive Committee, Chief Executive Officer and any RTA BNLLHSSDDR @R HS CDDLR @OOQNOQH@SD 3N DMRTQD SG@S SGD "NLO@MXÄR ODQENQL@MBD ENKKNVR SGD ATRHMDRR OK@MR @MC ATCFDSR @S @KK SHLDR 8. To refrain from conducting any similar or competitive business, participating as partner in an ordinary partnership or partner with unlimited liability in a limited partnership or director in a private company or in any other firms, companies or corporations operating the business similar to or in competition with the Company, regardless of whether for his/her own benefit or for others’ benefit. However, an exception is granted where the director provides notice to the shareholders’ meeting in advance of his/her effective @OONHMSLDMS @R CHQDBSNQ NE SGD "NLO@MX 3N MNSHEX SGD "NLO@MX VHSGNTS CDK@X HM SGD DUDMS NE likelihood that the director may have direct or indirect interests as a result of (i) the Company’s entry into any agreement, and (ii) his/her increased or decreased holding of shares or bonds in the Company or its subsidiary companies.

Apart from the Board of Directors, the Company has appointed 3 sub-committees to help with management, consideration or screening, decision making and transparency, following the OQHMBHOKDR NE SGD &NNC "NQONQ@SD &NUDQM@MBD M@LDKX • The Audit Committee • The Compensation and Nomination Committee • The Risk Management Committee

Annual Report 2015

tƵºÅ vÀ¾¾ºÅŶ¶

As of February 16, 2016, the Audit Committee consisted of 3 members with knowledge and experience to review the financial statements of the Company. ²¾¶ 1. Dr. Thamnoon Ananthothai 2. Mr. Suvait Theeravachirakul 3. Mr. Singha Nikornpun

ÀĺźÀ¿ Chairman of the Audit Committee Member Member

´ÀÁ¶ À· Àȶà wÆź¶Ä ²¿µ ¶ÄÁÀ¿Äº³º½ºÅº¶Ä À· Ź¶ tƵºÅ vÀ¾¾ºÅŶ¶ 1. To review the Company’s financial report to ensure that it is accurate and adequate.

2. To review the Company’s internal control system and internal audit system to ensure that they are suitable and efficient, to determine the internal audit’s independence, as well as to approve the appointment, transfer and dismissal of the chief of internal audit or any other person in charge of internal audit.

3. To review the Company’s compliance with the law on securities and exchange, the SET’s regulations and other laws relating to the Company’s business.

4. To consider, select and nominate an independent person to be the Company’s auditor, and to propose such person’s remuneration, as well as to attend a non-management meeting with an auditor at least once a year.

5. To review the connected transactions or the transactions that may lead to conflicts of interests to ensure that they are in compliance with the laws and the Exchange’s regulations, and are reasonable and for the highest benefit of the Company.

6. To perform any other act as assigned by the Company’s Board of Directors.

3N OQDO@QD @MC SN CHRBKNRD HM SGD "NLO@MXÄR MMT@K 1DONQS and Audit Committee’s Report which must be signed by the Audit Committee’s Chairman and consist of at least SGD ENKKNVHMF HMENQL@SHNM • an opinion on the accuracy, completeness and creditability of the Company’s financial report, • an opinion on the adequacy of the Company’s internal control system, • an opinion on the compliance with the law on securities and exchange, the Exchange’s regulation, or the laws relating to the Company’s business, • an opinion on the suitability of an auditor, • an opinion on the transactions that may lead to conflicts of interests, the number of the Audit Committee meetings and the attendance of such meetings by each committee member, • an opinion or overview comment received by the Audit Committee from its performance of duties in accordance

029

with the charter and other transactions which, according to the Audit Committee’s opinion, should be known to the shareholders and general investors subject to the scope of duties and responsibilities assigned by the Company’s Board of Directors.

8. To report to the Board when the Audit Committee finds or suspects any of the following transactions or acts, which may materially affect the Company’s financial condition and operating results, in order to proceed with a remedy VHSGHM SGD SHLDKHMD SG@S SGD TCHS "NLLHSSDD SGHMJR EHS • @ SQ@MR@BSHNM VGHBG B@TRD @ BNMEKHBS NE HMSDQDRS • any fraud, unusual practice or material defects in relation SN SGD HMSDQM@K BNMSQNK RXRSDL @MC • a violation of the law on securities and exchange, the SET’s regulations or other laws relating to the Company’s business.

vÀ¾Á¶¿Ä²ÅºÀ¿ ²¿µ À¾º¿²ÅºÀ¿ vÀ¾¾ºÅŶ¶

As of February 16, 2016, the Compensation and Nomination "NLLHSSDD NE SGD "NLO@MX BNMRHRSDC NE LDLADQR M@LDKX ²¾¶

ÀĺźÀ¿

1.

Mr.Niphat Chamroonrat

2.

3.

Dr.Thamnoon Ananthothai Mr. Tan Hai Leng, Eugene

Chairman of the Compensation and Nomination Committee Member Member

´ÀÁ¶ À· Àȶà wÆź¶Ä ²¿µ ¶ÄÁÀ¿Äº³º½ºÅº¶Ä À· Ź¶ vÀ¾Á¶¿Ä²ÅºÀ¿ ²¿µ À¾º¿²ÅºÀ¿ vÀ¾¾ºÅŶ¶ 1. To recommend the remuneration structure of the Board of Directors’ and Committees’ members including meeting allowances, bonus, welfare and other benefits both in LNMDS@QX @MC MNM LNMDS@QX SDQLR 2. To evaluate the corporate performance of the Company to determine bonus and annual salary increase across the Company, taking into account appropriate industry ADMBGL@QJR 3. To recommend the Company’s salary structure and other ADMDEHSR 4. To consider, comment and evaluate on the Employee Stock .OSHNM /QNFQ@L $2./ ENQ CHQDBSNQR @MC DLOKNXDDR 5. To recommend the structure and composition of the Board and Committees together with the qualifications of HSR LDLADQR 6. To recommend the list of nominees for the Board of Directors to be proposed to the Shareholders’ General Meeting in case of vacancies by rotation and to the Board NE #HQDBSNQR HM B@RD NE B@RT@K U@B@MBHDR @MC 3N ODQENQL SGD RBNOD NE CTSHDR @MC QDRONMRHAHKHSHDR @R assigned by the Board of Directors.

030

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â&#x2026;ÂşĂ&#x201E;Âź Â&#x20AC;²¿¸œžœ¿Ă&#x2026; vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœ

As of February 16, 2016, the Risk Mangement Committee BNMRHRSDC NE LDLADQR M@LDKX  ²žœ

Â&#x192;Ă&#x20AC;Ă&#x201E;ÂşĂ&#x2026;ÂşĂ&#x20AC;Âż

1.

Mr. Suvait Theeravachirakul

Chairman of the Risk Management Committee

2.

3.

4.

Dr. Thamnoon Ananthothai

Member

Mr. Singha Nikornpun

Member

Mr. Tan Ley Yen

Member

Â&#x2020;´Ă&#x20AC;Ă Âś Ă&#x20AC;¡ Â&#x192;Ă&#x20AC;Ă&#x2C6;ÂśĂ&#x192;Â&#x2122; wĂ&#x2020;Ă&#x2026;ºœĂ&#x201E; ²¿¾ Â&#x2026;ÂśĂ&#x201E;Ă Ă&#x20AC;ÂżĂ&#x201E;º³º½ºĂ&#x2026;ºœĂ&#x201E; Ă&#x20AC;¡ Ă&#x2026;šœ Â&#x2026;ÂşĂ&#x201E;Âź Â&#x20AC;²¿²¸œžœ¿Ă&#x2026; vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœ 1. To recommend to the Board in formulating the risk management policies, strategies, standards etc. and CDEHMHMF @BBDOS@AKD QHRJ KDUDKR 2. To review with the management of the Company the risk management reports, policies, strategies, frameworks, models and procedures, etc., to ensure that the Company has adequate and suitable risk management to acceptable levels, and ensure continued implementation NE QHRJ L@M@FDLDMS @MC 3. To periodically review enterprise risk management (ERM) systems that cover all activities of the Company including the assignment of any person or sub-committee to oversee the integration of departmental risk management and control systems and report to the Board.

Â&#x20AC;²¿¸œžœ¿Ă&#x2026; Â&#x2021;œ²ž

As of February 16, 2016, the Companyâ&#x20AC;&#x2122;s Management Team BNMRHRSDC NE  ²žœ

Â&#x192;Ă&#x20AC;Ă&#x201E;ÂşĂ&#x2026;ÂşĂ&#x20AC;Âż

1.

2.

3.

4.

5.

6.

8.

Mr. Tan Ley Yen ,Q &TMS@ONM *HSSHRHQHOQ@RDQS Mr. Paknam Sarakul ,R *V@MI@H 2@D +@H ,R -@Q@Q@J *NMFRHQHQT@MFK@H Mrs. Pensri Pettong Mr. Suvichan Charoenponpoj Mr. Yutthachai Siriphanpong

Mr. Perapong Srivipapattana

Chief Executive Officer Chief Financial Officer GM, Business Development GM, Operations Head of Business Development Head of Finance and Accounts Head of Business Development Head of Credit Review, Human Resources and Administration Head of Client Relations

Â&#x2020;´Ă&#x20AC;Ă Âś Ă&#x20AC;¡ Â&#x192;Ă&#x20AC;Ă&#x2C6;ÂśĂ&#x192;Â&#x2122; wĂ&#x2020;Ă&#x2026;ºœĂ&#x201E; ²¿¾ Â&#x2026;ÂśĂ&#x201E;Ă Ă&#x20AC;ÂżĂ&#x201E;º³º½ºĂ&#x2026;ºœĂ&#x201E; Ă&#x20AC;¡ Ă&#x2026;šœ vxÂ&#x201A; 1. To manage the Companyâ&#x20AC;&#x2122;s day-to-day business operations @MC NQ RTODQUHRD SGD "NLO@MXĂ&#x201E;R FDMDQ@K @CLHMHRSQ@SHNM 2. To ensure that the Companyâ&#x20AC;&#x2122;s operations follow and satisfy its business objectives, articles of association, rules, regulations, orders, policies, goals, operating plan and budget, which are approved by the Board or the resolution NE SGD &DMDQ@K ,DDSHMF NE 2G@QDGNKCDQR NQ ANSG

3. To follow the tasks assigned by the Companyâ&#x20AC;&#x2122;s Board of #HQDBSNQR 3N RDS SGD NQF@MHY@SHNM RSQTBSTQD GHQD @OONHMS SQ@MREDQ remove and misemploy, determine wages of, grant rewards to, raise salary and remuneration of, and give bonuses to all employees who hold positions at a lower level than SGD "$.

3N @OOQNUD @MC @TSGNQHYD CHRATQRDLDMS ENQ SGD procurement of assets and services for the Company, and to approve financial transactions for the Companyâ&#x20AC;&#x2122;s operations within the limits determined by the Board of #HQDBSNQR 6. To issue orders, regulations, announcements and records to have all operations follow the Companyâ&#x20AC;&#x2122;s policies, L@WHLHYD HSR ADMDEHSR @MC BNOD VHSG HSR QTKDR @MC OQHMBHOKDR 3N OQDRDMS @R SGD "NLO@MXĂ&#x201E;R QDOQDRDMS@SHUD SN NTSRHCD O@QSHDR HM QDK@SDC BHQBTLRS@MBDR SN ADMDEHS SGD "NLO@MX 8. To appoint working teams to be responsible for operating or managing the Companyâ&#x20AC;&#x2122;s business and to subrogate or designate any person to perform a specific task on behalf of the CEO. Each appointment, subrogation or designation is subject to the CEOâ&#x20AC;&#x2122;s control. Alternatively, the CEO may appoint any person to have the power to do any acts as he thinks fit and within the time specified by him. The CEO has the discretion to cancel, withdraw or change that appointment, subrogation or designation @S @MX SHLD 3N ODQENQL NSGDQ CTSHDR @R @RRHFMDC AX SGD "NLO@MXĂ&#x201E;R !N@QC NE #HQDBSNQR @MC 10. To work with integrity and regards to the Companyâ&#x20AC;&#x2122;s benefits.

The duties and powers of the Chief Executive Officer do not include the duty and authority to approve transactions which are related to the CEO or persons with possible conflict of interest or causes any conflict of interest with the Company or its subsidiaries (if any), unless it is to approve transactions in the normal course of business of the Company following the policy and principles stipulated by the Borad of Directors.

vĂ&#x20AC;Ă&#x192;Ă Ă&#x20AC;Ă&#x192;²Ă&#x2026;Âś Â&#x2020;ϫĂ&#x192;ÂśĂ&#x2026;²Ă&#x192;Ă&#x160;

3GD "NLO@MX G@R @OONHMSDC ,Q &TMS@ONM *HSSHRHQHOQ@RDQS SN be the Corporate Secretary with the authority as indicated by the Board of Directors following the Securities and Exchange Act, as well as to act in order to comply with the Board of Directorsâ&#x20AC;&#x2122; resolution following the Companyâ&#x20AC;&#x2122;s Good Corporate Governance principles.

Â&#x2021;šœ  Ă&#x20AC;žº¿²Ă&#x2026;ÂşĂ&#x20AC;Âż Ă&#x20AC;¡ wÂşĂ&#x192;ϫĂ&#x2026;Ă&#x20AC;Ă&#x192;Ă&#x201E; ²¿¾ |¿¾œà œ¿¾œ¿Ă&#x2026; wÂşĂ&#x192;ϫĂ&#x2026;Ă&#x20AC;Ă&#x192;Ă&#x201E;

The Companyâ&#x20AC;&#x2122;s Compensation & Nomination Committee is to select candidates for the positions of the Director by considering various criteria such as knowledge, capability, experience, determination and work ethics, etc.which are beneficial to the Companyâ&#x20AC;&#x2122;s business operations.

Annual Report 2015

À¾º¿²ÅºÀ¿ À· Ź¶ vÀ¾Á²¿ÊÚÄ wºÃ¶´ÅÀÃÄ

The procedures of the nomination of candidates to be appointed @R #HQDBSNQR @QD @R ENKKNVR 1. The Board of Directors consists of at least 5 members who are appointed by the meeting’s election with the majority UNSDR ENKKNVHMF SGD OQHMBHOKDR @MC LDSGNCR @R ENKKNVR • $@BG RG@QDGNKCDQ G@R UNSD ENQ D@BG RG@QD GDKC • Each shareholder may exercise the vote in electing one or more persons to be the directors but the votes are HMUHRHAKD @MC • The person who obtains the highest votes will be elected as a director in respective order according to the required number of directors, but if two or more persons obtain equal votes, the Chairman must cast a final vote.

2. At every Annual General Meeting of Shareholders, one-third (1/3) of the directors or if it is not a multiple of three, then the number nearest to one-third (1/3) must retire from office.

There must be a drawing by lots to determine the directors retiring on the first and second years following SGD QDFHRSDQ@SHNM NE SGD "NLO@MX (M D@BG RTARDPTDMS year, the directors who occupy the position for the longest period must retire.

A retiring director is eligible for re-election.

3GD "NLO@MXÄR !N@QC NE #HQDBSNQR BNMRHRSR NE LDLADQR with two Directors as representatives of the major shareholders, namely Mr. Tan Hai Leng, Eugene and ,Q 'DMF 'NBJ *HNMF

¹¶ À¾º¿²ÅºÀ¿ À· Ź¶ |¿µ¶Á¶¿µ¶¿Å wºÃ¶´ÅÀÃÄ ²¿µ tƵºÅ vÀ¾¾ºÅŶ¶

The Company’s procedures for the nomination of the (MCDODMCDMS #HQDBSNQR @MC TCHS "NLLHSSDD @QD @R ENKKNVR 3GD (MCDODMCDMS #HQDBSNQR RG@KK BNMRHRS NE MN KDRR SG@M one-third of the Directors and no less than 3 members.

2. The Audit Committee shall consist of no less than 3 members.

3GD PT@KHEHB@SHNMR @QD HMCHB@SDC @R ENKKNVR Ʋ½º·º´²ÅºÀ¿Ä À· Ź¶ |¿µ¶Á¶¿µ¶¿Å wºÃ¶´ÅÀÃÄ (M BNLOKH@MBD VHSG SGD QDK@SDC MNSHEHB@SHNM NE SGD 2SNBJ $WBG@MFD NE 3G@HK@MC @R ENKKNVR 1. Hold not more than 1% of the total shares with voting rights of the Company, parent company, affiliated companies or juristic persons, which may have conflicts of interest HMBKTCHMF SGD RG@QDR GDKC AX QDK@SDC ODQRNMR 2. Not be or used to be an Executive Director, an employee, staff, advisor who earns salary or controlling person of the Company, parent company, subsidiary company, associated company, a subsidiary of the same level or juristic person who may have conflicts of interest (at OQDRDMS @MC SVN XD@QR OQHNQ SN SGD @OONHMSLDMS 3. Not having blood relations or legitimate relations with the Executives, major shareholders, controlling persons

031

or candidate persons to be nominated as Executives or controlling persons of the Company or a subsidiary.

4. Not having management relationship or business with the Company, parent company, affiliated company, subsidiary at the same level or juristic persons which may have conflicts of interest at present and 2 years before the RTALHRRHNM C@SD NE SGD ENKKNVHMF L@SSDQR VHSG SGD 2$" • Not be or used to be an Executive Director, an employee, staff, advisor who earns salary, • Not having business relationship such as sale/ purchase significant assets or services as stipulated by the SEC (following the guidelines of the notification of the BNMMDBSDC SQ@MR@BSHNM NE SGD 2$3 • -NS AD NQ TRDC SN AD SGD TCHSNQ NQ • Not be or used to be any provider of professional services, including the legal advisor, financial advisor whom receives a service fee of more than Baht 2 LHKKHNM ODQ XD@Q 5. Not be an appointed Director or representative of the Director of the Company, major shareholder, or persons who are related to the major shareholders of the Company.

6. Not having any characteristics which will impair making independent opinions on the Company’s operations. Ʋ½º·º´²ÅºÀ¿Ä À· Ź¶ tƵºÅ vÀ¾¾ºÅŶ¶ 1. Recevied an appointment from the Board of Directors or through a resolution from a shareholders’ meeting. $UDQX TCHS "NLLHSSDD LDLADQ RG@KK AD @M (MCDODMCDMS #HQDBSNQ @MC • Not being a Director who is assigned by the Board of Directors to make decision in the operations of the Company, parent company, affiliated companies, subsidiary company of the same level or juristic persons VGHBG L@X G@UD BNMEKHBSR NE HMSDQDRS @MC • Not being a Director of the parent company, subsidiary company, subsidiary company of the same level only apply to the listed company.

3. Have a duty as stipulated by the notification of The Stock $WBG@MF NE 3G@HK@MC 1$ 0T@KHEHB@SHNM @MC 2BNOD NE SGD Audit Committee’s operations.

4. Have sufficient academic qualifications and work experience to work as the Audit Committee and at least 1 member of the Audit Committee shall have sufficient academic qualifications and work experience to examine the credibility of the financial statements.

032

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

THE BOARD OF DIRECTORS BIOGRAPHY '4+5 8 ''% 6'

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Annual Report 2015

033

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Ùqq¡ /QDRDMS p j j j j m| j j ~ q j j j² }mÓ ~ ¦ ¦ ¦ j j m ¥ ­ p #DOTSX "G@HQL@M (MCDODMCDMS #HQDBSNQ Chairman of the Audit Committee, Member of the Compensation and Nomination Committee and Member of the Risk Management Committee

Ùqq¡ /QDRDMS p ¦ j j ~ q Vice Chairman and Chairman of Audit Committee

j j ~ q Member Board of Trustees & Audit Committee

Ùqq¡ /QDRDMS j j $WDBTSHUD #HQDBSNQ

Ùqq¡ /QDRDMS j j $WDBTSHUD #HQDBSNQ

Ùqq¡ /QDRDMS j j $WDBTSHUD #HQDBSNQ

Ùqq¡ /QDRDMS j j $WDBTSHUD #HQDBSNQ

'è-5 ¾¼¿°½È ¢ ¦ × ¥}¬q m ss The Princess Mother’s Medical Volunteer Foundation © ¢¥ ­ j ¡Õ q² j } s 3G@H 4MHNM &QNTO /"+ © ¥ ¥ ¦m Ê~ ¥ © q² j } s (%2 "@OHS@K 3G@HK@MC /"+

¥ ~¥~ × ¥ }× j q² j } s !DSSDQ 6NQKC &QDDM /"+ j ¡p¥ !@MFJNJ 4MHUDQRHSX j × ¥ ×s ­ × ¥ × q² j } s Merchant Partners Securities PCL j ×q }j j p ¡ ¥ ×s ­ × ¥ × q² j } Merchant Partners Assets Management Ltd. ¥ ×s ­ × ¥ × q² j } ,DQBG@MS /@QSMDQR +SC m| j j ~ } mÔ ¥j ~ Ó p Ô ¦ Óp ¥ © The Agricultural Futures Exchange of Thailand

034

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

6&.<A+ &Ĝ 9'+ 8' <) à ÆDzºÅ ¹¶¶Ã²Ç²´¹ºÃ²¼Æ½ +5 A ;1 ĐA 8 w²Å¶ À· ³ºÃŹ 16&< tzx .5g 6 8 ²ÅºÀ¿²½ºÅÊ

j m )@MT@QX Ë 56 years © Thai

6',: -6 6'1 '% xµÆ´²ÅºÀ¿ òº¿º¿¸ • vv § ¡ j q 6@FMDQ "NKKDFD -DV 8NQJ 42 • #HQDBSNQ "DQSHEHB@SHNM /QNFQ@L ¡Ó ­ m Óp¥ j j © • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L ¡Ó ­ m Óp¥ j j © • "@OHS@K ,@QJDS B@CDLX ", j ~ } ¡ • Successful Formulation & Execution the Strategy ¡Ó ­ m Óp¥ j j ©

• Master of Business Administration of Wagner College, New York, USA • #HQDBSNQ "DQSHEHB@SHNM /QNFQ@L #"/ 3G@H (MRSHSTSD of Directors • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L "/ 3G@H (MRSHSTSD of Directors • Capital Market Academy (CMA 10/2010) • Successful Formulation & Execution the Strategy 2%$ 3G@H (MRSHSTSD NE #HQDBSNQR

N6B/ Ę ĝ Ā 5 öĶ¿Å ÀĺźÀ¿ • j j j j ~ q ¦ j j m ¥ ­ p

• (MCDODMCDMS #HQDBSNQ ,DLADQ NE SGD TCHS "NLLHSSDD @MC Chairman of the Risk Management Committee

+6%.5%"5 Ĝ 5 'è-5 ¶½²ÅºÀ¿ ȺŹ Ź¶ vÀ¾Á²¿Ê

• q² j ¡Ô ¨ Ô NE 2SNBJ GNKCHMF HM SGD "NLO@MX • s } 3XOD ¡Ô v .QCHM@QX • ¢ mÓ 5@KTD • ¥ k ­¨ ¡Ô -N • q² LNTMS

'4. 6' Ĝ 6' N6 6 D '4&4 Đ&ę1 /)5 Àü xÉÁ¶Ãº¶¿´¶ ·Àà Ź¶ Á²ÄŠʶ²ÃÄ Ĕ+ A+)6 ´Á¸¾³

N6B/ Ĕ ¾Â¸Ã¸¾½

'è-5 ¾¼¿°½È

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¥ ¬ ¥m q² j } s ,!* /"+

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j j j j ~ q ¦ j j © ¥ ¥ ¦m Ê~ ¥ © q² j } s m ¥ ­ p (MCDODMCDMS #HQDBSNQ ,DLADQ NE SGD TCHS (%2 "@OHS@K 3G@HK@MC /"+ Committeeand Chairman of the Risk Management Committee

Ùqq¡ /QDRDMS

p j j ¦ j j ~ q (MCDODMCDMS #HQDBSNQ @MC ,DLADQ NE TCHS "NLLHSSDD

¡ © t ¦ }× ¦j q² j } s 3G@H 1TMF Union Car PCL

Ùqq¡ /QDRDMS

p j j $WDBTSHUD #HQDBSNQ

× q² j } /@STL 1HBD ,HKK @MC &Q@M@QX /"+

Ùqq¡ /QDRDMS

j j #HQDBSNQ

§ p¦ m } ¥ © q² j } s 1NX@K Orchid Hotel(Thailand) PCL

Ùqq¡ /QDRDMS

j j #HQDBSNQ

s r ~ m t ¦~ × q² j } 5@BGHQ@UG@S "NMRTKS@MS Company Limited

j j ¦ j j ¢Ô ² j #HQDBSNQ @MC "$.

¥ ¬ ¥m q² j } s ,!* /"+

Annual Report 2015

035

6& 8"5 Ĝ N6'=g'5 Ĝ à ºÁ¹²Å v¹²¾ÃÀÀ¿Ã²Å +5 A ;1 ĐA 8 w²Å¶ À· ³ºÃŹ 16&< tzx .5g 6 8 ²ÅºÀ¿²½ºÅÊ

j 2DOSDLADQ Ë years © Thai

6',: -6 6'1 '% xµÆ´²ÅºÀ¿ òº¿º¿¸ • vv ~ ¡ j q /HSL@M "NKKDFD 4* • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L ¡Ó ­ m Óp¥ j j ©

• !@BGDKNQ NE !TRHMDRR CLHMHRSQ@SHNM /HSL@M "NKKDFD 4* • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L # / 3G@H (MRSHSTSD of Directors

N6B/ Ę ĝ Ā 5 öĶ¿Å ÀĺźÀ¿ • j j ¦ j j j² }mÓ ~ ¦ ¦

• Director and Chairman of the Compensation and Nomination Committee

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• q² j ¡Ô ¨ Ô NE 2SNBJ GNKCHMF HM SGD "NLO@MX = 0.03 • s } 3XOD ¡Ô v .QCHM@QX • ¢ mÓ 5@KTD • ¥ k ­¨ ¡Ô -N • q² LNTMS 150,000

'4. 6' Ĝ 6' N6 6 D '4&4 Đ&ę1 /)5 Àü xÉÁ¶Ãº¶¿´¶ ·Àà Ź¶ Á²ÄŠʶ²ÃÄ Ĕ+ A+)6 ´Á¸¾³

N6B/ Ĕ ¾Â¸Ã¸¾½

'è-5 ¾¼¿°½È

Ùqq¡ /QDRDMS

j j ¢Ôq }j ,@M@FHMF #HQDBSNQ

~Õ m¥ × © ¦ }× q² j } 2SNBJVDKK 3G@HK@MC Co., Ltd.

Ùqq¡ /QDRDMS

j j ¦ j j j² }mÓ ~ ¦ ¦ © ¥ ¥ ¦m Ê~ ¥ © q² j } s #HQDBSNQ @MC "G@HQL@M NE SGD "NLODMR@SHNM (%2 "@OHS@K 3G@HK@MC /"+ and Nomination Committee

Ùqq¡ /QDRDMS

j j #HQDBSNQ

¥~ ×m × q² j } (MSDQ "NQM "N +SC

036

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

6& 5 A) A& à ²¿ ¶Ê ¶¿ +5 A ;1 ĐA 8 w²Å¶ À· ³ºÃŹ 16&< tzx .5g 6 8 ²ÅºÀ¿²½ºÅÊ

m ,@X Ë 58 years pm§ × Singapore

6',: -6 6'1 '% xµÆ´²ÅºÀ¿ òº¿º¿¸ • vv § ¡ j q k j q }j Ó p ¥ 1NX@K 'NKKNV@X "NKKDFD 4MHUDQRHSX NE +NMCNM 4* • vv ~ ~ × ¥j ~ k j q }j 4MHUDQRHSXNE ,@MBGDRSDQ (MRSHSTSD NE 2BHDMBD @MC 3DBGMNKNFX 4* • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L ¡Ó ­ m Óp¥ j j ©

• Master of Business Administration on the field of international management of Royal Holloway College, 4MHUDQRHSX NE +NMCNM 4* • Bachelor of Science (Honours) in Management Sciences, 4MHUDQRHSX NE ,@MBGDRSDQ (MRSHSTSD NE 2BHDMBD @MC 3DBGMNKNFX 4* • #HQDBSNQ BBQDCHS@SHNM /QNFQ@L # / 3G@H HMRSHSTSD of Directors

N6B/ Ę ĝ Ā 5 öĶ¿Å ÀĺźÀ¿ • j j ¥qÔ Ô ­ ¦ j j m ¥ ­ p

• Director, CEO and Member of the Risk Management Committee

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j j ¥qÔ Ô ­ ¦ j j © ¥ ¥ ¦m Ê~ ¥ © q² j } s (%2 "@OHS@K m ¥ ­ p #HQDBSNQ "$. @MC ,DLADQ NE SGD 1HRJ (Thailand) PCL Management Committee

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j j #HQDBSNQ

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Annual Report 2015

037

6&.8 /4 8 '"5 <Ĝ à º¿¸¹² º¼ÀÿÁÆ¿ +5 A ;1 ĐA 8 w²Å¶ À· ³ºÃŹ 16&< tzx .5g 6 8 ²ÅºÀ¿²½ºÅÊ

p m TFTRS Ë 61 years © Thai

6',: -6 6'1 '% xµÆ´²ÅºÀ¿ òº¿º¿¸ • vv § ¡ j q AHKDMD "GQHRSH@M 4MHUDQRHSX #@KK@R Texas, USA. • vv ~ ¥ y ~ × k j ¥p j m ¥j ~ ~ × • %HM@MBH@K (MRSHSTSHNMR &NUDQM@MBD /QNFQ@L ¡Ó ­

m Óp¥ j j © • Capital Market Academy Leadership Program • Politics and Governance in Democratic Systems for $WDBTSHUDR j¥j Ô • #HQDBSNQ "DQSHEHB@SHNM /QNFQ@L #"/ ¡Ó ­

m Óp¥ j j © • 1NKD NE 3GD "NLODMR@SHNM "NLLHSSDD /QNFQ@L 1"" ¡Ó ­

m Óp¥ j j © • Advanced Management of Bankers, Wharton School, University of Pennsylvania, USA.

• MS (Business Administration) Abilene Christian University Dallas, Texas, USA • Bachelor’s degree in Economics (Money and Banking) of *@RDSR@QS 4MHUDQRHSX 3G@HK@MC • %HM@MBH@K (MRSHSTSHNMR &NUDQM@MBD /QNFQ@L %&/ 3G@H (MRSHSTSD NE #HQDBSNQR • Capital Market Academy Leadership Program • Politics and Governance in Democratic Systems for Executives, *HMF /Q@I@CGHONJÄR (MRSHSTSD • #HQDBSNQ "DQSHEHB@SHNM /QNFQ@L #"/ 3G@H (MRSHSTSD of Directors • Role of The Compensation Committee Program (RCC 3G@H (MRSHSTSD NE #HQDBSNQR • Advanced Management of Bankers, Wharton School, University of Pennsylvania, USA

N6B/ Ę ĝ Ā 5 öĶ¿Å ÀĺźÀ¿

• j j j j ~ q ¦ j j m ¥ ­ p • (MCDODMCDMS #HQDBSNQ ,DLADQ NE SGD TCHS "NLLHSSDD @MC Member of the Risk Management

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j ~ |z× ®² s q² j } 3G@M@JNQM 5DFDS@AKD Oil Products Co., Ltd. j j j j ~ q (MCDODMCDMS }× q² j } %KNXC "NLO@MX +HLHSDC Director, Chairman of the Audit Committee j j p j j j j ~ q m ~ }~ ® © 3G@H !NMC ,@QJDS RRNBH@SHNM (MCDODMCDMS #HQDBSNQ #DOTSX "G@HQL@M NE SGD !N@QC Chairman of the Audit Committee j j ~ q "G@HQL@M NE SGD TCHS m © q² j } s 3,! !@MJ /TAKHB Committee Company Limited j j j j ~ q ¦ j j m ¥ ­ p © ¥ ¥ ¦m Ê~ ¥ © q² j } s (MCDODMCDMS #HQDBSNQ ,DLADQ NE SGD TCHS "NLLHSSDD (%2 "@OHS@K 3G@HK@MC /"+ and Member of the Risk Management ­ j ¡ § "GHDE CUHRNQ m j p ¡ ² p¥ ® ps RRNBH@SHNM NE /QNUHCDMS %TMC j j (MCDODMCDMS #HQDBSNQ © q² j } s 3HQ@SG@H /TAKHB "NLO@MX +HLHSDC ­ j CUHRNQ m¡| ¡{ s s pm×j s 3G@H /QNEDRRHNM@K 0T@KHEHB@SHNM (MRSHSTSHNM ¢ Ô ² j ¦ j j ¦ ¥ k ¡j /QDRHCDMS #HQDBSNQ m¡Ô m p¥p j #DONRHS /QNSDBSHNM FDMBX and Secretary to the Board p¥ k ¡j ­ © #DOTSX 2DBQDS@QX &DMDQ@K (MUDRSLDMS j p ¡ ² ¥ ¬q ² vkÔ sj &NUDQMLDMS /DMRHNM %TMC

038

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

6&A2 21 A 9& à {¶¿¸ {À´¼ ~ºÀ¿¸ +5 A ;1 ĐA 8 w²Å¶ À· ³ºÃŹ 16&< tzx .5g 6 8 ²ÅºÀ¿²½ºÅÊ

m ,@QBG Ë 50 years pm§ × Singapore

6',: -6 6'1 '% xµÆ´²ÅºÀ¿ òº¿º¿¸ • vv § }Ô j ¥p ¦ j q }j j p ¡ /@BD 4MHUDQRHSX • ,@RSDQ NE 2BHDMBD %HM@MBD @MC (MUDRSLDMS ,@M@FDLDMS New York, USA Pace University, New York, USA • vv ~ }Ô ¡ j q j vs ¦ j q }j ¥ • !@BGDKNQ NE !TRHMDRR CLHMHRSQ@SHNM BBNTMSHMF @MC (MENQL@SHNM City University of New York, Baruch College, New York, USA Management) City University of New York, Baruch College, New York, USA

N6B/ Ę ĝ Ā 5 öĶ¿Å ÀĺźÀ¿ • j j

• Director

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N6B/ Ĕ ¾Â¸Ã¸¾½

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j j #HQDBSNQ

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¥qÔ Ô ­ Î j ¥p j ¡Ó &QNTO "GHDE %HM@MBH@K © ¥ ¥ ¦m Ê~ q² j } pm§ × (%2 "@OHS@K Officer Limited (Singapore)

2555 - 2556 / 2012 - 2013

j j Î j ¥p %HM@MBD #HQDBSNQ

M1 Limited (Singapore)

2551 - 2555 / 2008 - 2012

¥qÔ Ô ­ Î j ¥p "GHDE %HM@MBH@K .EEHBDQ

$T 8@M 2@MF (MSDQM@SHNM@K +HLHSDC

2548 - 2551 / 2005 - 2008

¥qÔ Ô ­ Î j ¥p "GHDE %HM@MBH@K .EEHBDQ

'RT %T "GH (MSDQM@SHNM@K +HLHSDC

2546 - 2548 / 2003 - 2005

¥qÔ Ô ­ m m¡ Î j ¥p j ¡Ó &QNTO %HM@MBH@K Brightoil Group Limited Controller

j j Î j ¥p %HM@MBD #HQDBSNQ

Nextec Applications Corporation

Annual Report 2015

039

CORPORATE GOVERNANCE 6' N6 5 =B) 8 6'

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p ©}Ôq} Óp p ¥s v s¡ ¦ ¥ j j p p r ®p ¦ m ¦ ­ © t ­p¥ Û ¦ ­pÓ ¦ © Ót tÔ ¦ j ¦ ­j² } j ~Ó p« ­q r ­ ¥ }s }¥q ~ ~ ¦ k ¦ ¦ ­¨sÔ¥r j | ¢Ô ¡ Ô ¥ Û ¢ Ô p ¡ ~Ó p ¥ ¦ ¦~Óp~ p® ¨ Ôm §~¥} "TRSNCH@M ¨ ¥ © ¥ Û ¢Ô j¦ }¢¦ ¡Ô ¦ m ®p¥ j ­~Ô p¨sÔ ¨ j r ¦ j ¨sÔ ¨ Ô §} m² p p m ¢j~Ô p ¥ p ¦ s }¥q k pkÔ ¢ ¦jÓ ¢Ô ¡Ô Ó p Ô jj Ó ®p p ©}Ô j j ¨ ¥ ¬ ©t~×k p Ó p Ô jÓ s¡ ¦ ~ } j p j j Ó ¥ j s¡ ­ ² jp ¨ vÓ p§o | m² jj Ó ¥s v s¡ ¨ p ×~} ~Ó j ¥ Û ¥ ~Ó ¥ ñ p jÓ s¡ Ó p Ô

040

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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Annual Report 2015

043

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Annual Report 2015

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3GD !N@QC NE #HQDBSNQR QDBNFMHYDR SGD A@RHB QHFGSR NE RG@QDGNKCDQR and encourages each shareholder to exercise their rights such as i) the right to receive a share certificate and to purchase or repurchase by the Company’s sale or transfer of shares ii) the right to share in the profit / dividend of the Company iii) the right to consider and approve the remuneration for directors every year iv) the right to participate and vote in the shareholders’ meeting to elect or remove members of the Board and v) the right to appoint the company’s auditor and determine auditor’s compensation and vi) other rights to make decisions on any transactions that create major affect to the Company, such as dividend payment, amendments to the Company’s Articles of Association or the Company’s by laws, capital increases or decreases, and the approval of extraordinary transactions etc.

â u¶·Àö Ź¶ t¿¿Æ²½ z¶¿¶Ã²½ ¶¶Åº¿¸ The Company distributes the invitation letters to the Annual General Meeting and other supporting documents, including SGD SGQDD OQNWX ENQLR %NQL FDMDQ@K @MC RHLOKD %NQL (B) containing specific details, and Form (C) for foreign shareholders who have custodians in Thailand. We also distributes the document needed including details in a clear, correct, and sufficient manner at least 21 days prior the meeting date. Additionally, the Company also publishes information pertaining on this matter on the website 30 days prior to the meeting date and publishes the invitation letter to the Annual General Meeting in the newspapers for three consecutive days before the meeting takes place at least seven days.

The Company allowed shareholders to propose agenda of the Annual General Meeting and nominate candidates for directorship during October 15th Á #DBDLADQ th, 2015.

The criteria for proposing and nominating are disclosed on the company’s website www.ifscapthai.com under the RTAIDBS Å(MUDRSNQ 1DK@SHNMÆ @MC Å-DVR 1NNLÆ @R VDKK @R through the SET’s channel which allowed before the end of SGD @BBNTMSHMF ODQHNC (M @CCHSHNM SGD !N@QC NE #HQDBSNQR adheres to the policy not to add new agendas that have not been proposed in advance.

â ¿ Ź¶ µ²Å¶ À· Ź¶ t¿¿Æ²½ z¶¿¶Ã²½ ¶¶Åº¿¸ The 2015 Annual General Meeting is held on April 20th, 2015 at AETAS Lumpini Hotel, which is close to MRT Lumpini station, in order to facilitate the shareholders when attending the meeting. The Company selects the meeting room that accommodate the attendees appropriately. The registration would open one hour prior to the meeting, as well as arranges staff adequately to take care and facilitate the attendees, and also provides stamps for proxies. The Company does not engage in any activity that would restrict the rights of the shareholders.

All shareholders have the same basic rights to attend the meeting for the entire period of the meeting.

Before commencing the meeting, the Chairman of the Meeting introduces the Board of Directors, Management

045

Teams, auditors, and legal advisors to the Meeting and then explains all rules and regulations applicable to the Meeting, including the counting methods for voting in each agenda.

The Chairman allows attendees to give opinions or suggestions, and ask queries in each agenda. After that, the Chairman and the management team answers/explains on that matters, then, the Chairman proceeds the voting of each agenda in consecutive order without adding new agenda that has not been notified to the shareholders in advance, except the Meeting resolve that the order of the meeting agenda should be changed with the votes of at least 2 out of 3 shareholders who attended the meeting.

Details of every Annual General Meeting are recorded in the minutes and concluded the resolutions with the votes. The Company has been using the voting system for Annual General Meeting in accordance with Thailand Securities Depositories’ Standards to ensure correctness and transparency in the counting process. Shareholders are able to see the voting result on each agenda immediately after the counting process finished.

xÂƲ½ ö²Å¾¶¿Å ÅÀÈ²ÃµÄ ¹²Ã¶¹À½µ¶ÃÄ

3GD !N@QC NE #HQDBSNQR QDBNFMHYDR A@RHB RG@QDGNKCDQRÄ QHFGSR including institutional investors and ensures that all shareholders’ rights are protected as well as fairly treated. Each shareholder would receive adequate information on the date and time of the AGM. The company distributes the invitation letters to Annual General Meeting, relevant documents, and the agendas prior to the meeting within the timeframe required by laws, and also provides supporting documents for the meeting prior to the meeting date on the website (www.ifscapthai.com) under Å(MUDRSNQ 1DK@SHNMRÆ VGHBG HR @MNSGDQ BG@MMDK ENQ SGD "NLO@MX to deliver information to shareholders before the notice and agenda for the AGM will be distributed. This enables shareholders to gain quick access concerning the meeting invitation letter, annual report, as well as other important information disseminated to the shareholders. Shareholder also has equal rights in examining the Company’s operations and provide opinions and suggestions. Minutes of meeting will be accordingly recorded for shareholders’ examination.

The Board of Directors encourages the use of voting cards for transparency purpose as well as future reference on each agenda. The election of individual director is conducted to ensure transparency.

The Board of Directors treats all shareholders with equal importance by providing them an opportunity to express their NOHMHNMR @MC RTFFDRSHNMR SGQNTFG (MUDRSNQ 1DK@SHNMR (M @CCHSHNM RG@QDGNKCDQR VGN B@MMNS @SSDMC SGD LDDSHMF HR @AKD SN @TSGNQHYD a proxy to an independent director or a representative to be the nominee to attend the meeting and cast a vote when necessary. The Board of Directors places strict adherence to the Company’s regulations, Securities and Exchange laws, notifications, orders, and the regulations of The Stock Exchange NE 3G@HK@MC @MC NSGDQ QDKDU@MS NQF@MHY@SHNMR ,NQDNUDQ SGD !N@QC of Directors places importance on compliance with regulations

046

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

regarding related transactions, acquisition and disposal of significant assets, disclosure of related transaction information, and accessing of information for the benefit of oneself or others.

The Board has also stipulated rules to prevent any transaction with conflicts of interest.

There are written procedures concerning the use and protection of insider information. The Board sets procedures to prevent the use of insider information that has not been published for abuse and self dealing.

Â&#x17E;Â&#x203A; Â&#x2026;Ă&#x20AC;½œĂ&#x201E; Ă&#x20AC;¡ Â&#x2020;Ă&#x2026;²ŸœšĂ&#x20AC;½¾œĂ&#x192;Ă&#x201E;

The Company places importance on the rights of all stakeholders of the Company following the deserved rights of receiving equal and fair treatment, as well as not taking actions which might violate the rights of stakeholders. To promote good Corporate Governance (CG) principles, the Company had developed the "NLO@MXĂ&#x201E;R MSH Ă "NQQTOSHNM /NKHBX @R @ FTHCKHMD ENQ @KK #HQDBSNQR Management and Staff to oppose all forms of corruption (further CDS@HKR @QD CHRBKNRDC HM SGD "NLO@MXĂ&#x201E;R MSH Ă "NQQTOSHNM /NKHBX on the Companyâ&#x20AC;&#x2122;s website). The roles of stakeholders can be RTLL@QHRDC @R ENKKNVR Ă&#x2021; 2G@QDGNKCDQR The Company treats all shareholders with equitability and transparency by accurately reporting actual status and future trend of the Company to each shareholder BNQQDBSKX @MC BNLOKDSDKX NM SHLD Ă&#x2021; "KHDMSR The Company provides effective and quick services to serve the needs of its clients on fair conditions to both parties as well as to maintain clientsâ&#x20AC;&#x2122; confidentially, which has been established and disclosed in the Companyâ&#x20AC;&#x2122;s "NCD NE !TRHMDRR "NMCTBS SNV@QCR HSR "KHDMSR Ă&#x2021; !TRHMDRR /@QSMDQR @MC NQ "QDCHSNQR The Company treats its business partners and creditors with equality and fairness on the agreed terms and conditions, which has been established and disclosed in the Companyâ&#x20AC;&#x2122;s Code of Business Conduct towards its Business Partners @MC NQ "QDCHSNQR Ă&#x2021; $LOKNXDDR The company treats every employee equitably, putting in place compensation and promotion policies that are fair, suitable for the economic condition @MC NQF@MHY@SHNM ODQENQL@MBD HM SGD BNQQDRONMCHMF XD@Q and comparable to those of other companies in the same sector. The company also takes care of its employees by ensuring a safe work environment, enhancing employeesâ&#x20AC;&#x2122; skills through regular trainings and seminars that improve their knowledge and professional skills, as well as establishing a provident fund for employees.

The Company fairly treats its employees with equitable and suitable remuneration and succession plan relating to the DBNMNLHB BNMCHSHNM @MC SGD NQF@MHY@SHNMĂ&#x201E;R ODQENQL@MBD @R well as comparable to those of other leading corporations.

Ensuring that the employees work in a safe environment and be able to further develop their knowledge for their work. The Company also provides provident funds for its DLOKNXDDR

Ă&#x2021; "NLODSHSNQR The Company strictly follows the rules of competition, avoids any inappropriate or corrupted methods or destroy competitorsâ&#x20AC;&#x2122; reputation, which has been established and disclosed in the Companyâ&#x20AC;&#x2122;s Code of !TRHMDRR "NMCTBS SNV@QCR HSR "NLODSHSNQR Ă&#x2021; 2NBHDSX "NLLTMHSX @MC $MUHQNMLDMS The Company continuously encourages our employees to engages in activities that enhance quality of life of the society, community and environment through its own activities or co-operation with the government, private sectors and communities.

(M @CCHSHNM SGD "NLO@MX G@R DRS@AKHRGDC SGD "NCD NE Business Conduct to all directors, executives and employees which serve as guidelines for performing their duties with honesty, trustworthiness and fairness. The Company strictly supervises and ensures compliance to the code of business conduct, including enforcing disciplinary and punishment actions. The Company has established a Whistleblower channel for all employees to submit their complaints or concerns relating to any potential unethical or unlawful behaviour, financial improprieties or to report perceived violations of law or the Companyâ&#x20AC;&#x2122;s policy SN DHSGDQ NE SGD ENKKNVHMFR SGD "GHDE $WDBTSHUD .EEHBDQ "NLO@MX 2DBQDS@QX 'D@C NE (1 2DBQDS@QH@S "NLOKH@MBD 'D@C NE 'TL@M Resources & Administration or a higher level (Chairman of the Audit Committee) and these shall be treated as confidential.

Â&#x;Â&#x203A;|¿¡Ă&#x20AC;Ă&#x192;ž²Ă&#x2026;ÂşĂ&#x20AC;Âż wÂşĂ&#x201E;´½Ă&#x20AC;Ă&#x201E;Ă&#x2020;Ă&#x192;Âś ²¿¾ Â&#x2021;Ă&#x192;²¿Ă&#x201E;à ²Ă&#x192;œ¿´Ă&#x160;

The Board of Directors is responsible to ensure the accuracy, timeliness and transparency in the Companyâ&#x20AC;&#x2122;s disclosure of important information to the public both in Thai and English, in accordance with the notifications of The Stock Exchange of Thailand (SET) and the Securities and Exchange Commission (SEC).

For the financial reports quality, the Company has appointed the auditors from Deloitte Touche Tohmatsu Jaiyos Audit Co., Ltd. (Deloitte), who are approved auditors by the Office of the SEC, as the Companyâ&#x20AC;&#x2122;s external auditors. With Deloitte as an independent party, the Company is confident that the financial reports are accurate and prepared in accordance with the general accepted accounting standards. The Board has also appointed the Audit Committee who will review the quality and disclosure of the EHM@MBH@K QDONQSR NE SGD "NLO@MX (M @CCHSHNM SGD "NLO@MX has enclosed the report of the Auditors, the management discussion and analysis report, the report on the responsibilities of the Board of Directors toward financial reports, the report of the Audit Committee, the disclosure of the roles and duties of the Board of Directors and the Sub-Committees, Directorsâ&#x20AC;&#x2122; meeting attendance, the disclosure of the remuneration of the Directors and Executives in the Annual Report.

The Board of Directors of the Company places importance on the information disclosure with accuracy, completeness, timeliness and transparency by assigning Mr. Guntapon *HSSHRHQHOQ@RDQS SN AD QDRONMRHAKD ENQ SGD EHM@MBH@K RS@SDLDMSR and general information disclosure of the Company and to be a representative of the Company to communicate with

Annual Report 2015 institutional investors, shareholders and analysts. The investors can contact the Company to receive the Company’s information at telephone number 02-285-6326-32 or the Company’s website at www.ifscapthai.com.

¶ÄÁÀ¿Äº³º½ºÅÊ À· Ź¶ uÀ²Ãµ À· wºÃ¶´ÅÀÃÄ

The Board of Directors plays an important role to oversee the "NLO@MX @MC HR QDRONMRHAKD ENQ L@WHLHYHMF ADMDEHSR SN SGD shareholders of the Company.

ÅÃÆ´ÅÆö À· Ź¶ uÀ²Ãµ À· wºÃ¶´ÅÀÃÄ

!@K@MBD NE SGD -NM $WDBTSHUD #HQDBSNQR The Board of Directors comprises of Executive and Non-Executive Directors appropriately appointed and balanced VHSG CHQDBSNQR BNLOQHRHMF NE $WDBTSHUD #HQDBSNQ @MC -NM $WDBTSHUD #HQDBSNQR NE VGHBG @QD (MCDODMCDMS #HQDBSNQR and 2 are the representatives of the major shareholder.

3DQL NE #HQDBSNQRGHO The term of each director is in accordance with the Company’s regulations i.e. one-third of directors shall leave their positions and may be re-appointed.

2DFQDF@SHNM NE /NRHSHNMR The Chairman of the Board has no relationship whatsoever with the management team and is a different person from the Chief Executive Officer. Their duties are clearly separated between directing the Company’s policies and day-to-day management.

"NLO@MX 2DBQDS@QX The Board of Directors has appointed Mr. Guntapon *HSSHRHQHOQ@RDQS "GHDE %HM@MBH@K .EEHBDQ SN AD SGD "NLO@MX Secretary to oversee the activities of the Board, including ensuring compliance with the Board’s resolutions.

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The Board of Directors has established 3 Sub-Committeees to assist the Board in overseeing matters in details, namely (1) Audit Committee to help with corporate governance, financial QDONQSHMF @MC BNLOKH@MBD VHSG ONKHBHDR "NLODMR@SHNM @MC Nomination Committee to help structure appropriate remuneration based on industry norm and (3) Risk Management Committee to formulate and supervise the risk management policies covering all business units of the Company to contain and mititgate risks to a minimum.

À½¶Ä wÆź¶Ä ²¿µ ¶ÄÁÀ¿Äº³º½ºÅº¶Ä À· Ź¶ uÀ²Ãµ À· wºÃ¶´ÅÀÃÄ +D@CDQRGHO @MC 5HRHNM The Board of Directors consists of personnel with knowledge, capability and experience which are beneficial to the business operations. The Board participates in formulating the vision and mission, strategies, financial goals, risks, plans, and budget of the Company, including ensuring management’s compliance with the plans and policies with efficiency and effectiveness.

047

"NMEKHBSR NE (MSDQDRS The Board of Directors manages and monitors connected transactions carefully to avoid any possible conflicts of interest by setting measures and procedures as guidelines for approving the entry into connected transactions of the Company, directors and executives, including the future policies and direction regarding connected transactions. Each approval of the connected transaction must comply with the law of Securities and Exchange and the regulations, notifications, order or the announcements of 3GD 2SNBJ $WBG@MFD NE 3G@HK@MC @MC NSGDQ QDK@SDC NQF@MHY@SHNMR including the disclosure of the connected transactions in the financial statements, the annual report form (Form 56-1) for shareholders to examine. !TRHMDRR $SGHBR The Company has implemented the code of business conduct which serves as guidelines for directors, executives and staff to follow. The Company’s code of business conduct covers E@HQMDRR SNV@QC SGD RG@QDGNKCDQR QD@KHY@SHNM NE SGD QHFGSR NE @KK stakeholders, abstinence from any actions that result in conflicts of interest, responsibility towards the Company’s assets, abstinence of usage of internal information for one’s benefit, accurate and timelineness disclosure of information and responsibility toward society and the public.

(MSDQM@K "NMSQNK 2XRSDL @MC (MSDQM@K TCHSHMF 2XRSDL The Board of Directors understands the importance of having a good internal control system and has thus established an Audit Committee which comprises of three independent directors. The Audit Committee oversees the efficiency and effectiveness of the internal control of the Company, ensures the financial reports are accurate, complete and creditable, ensures the working system is accurate, transparent, examinable, particularly the conflicts of interest, including ensures compliance to the Securities and Exchange law or other related laws concerning the Company’s business operations. During the year, the Audit Committtee had 4 meetings of which were attended by the external auditors, management, head of accounting department and other related persons as necessary. The Meetings serve to consider and suggest improvement to the Company’s internal control RXRSDL (M @CCHSHNM SGD "NLO@MX G@R @OONHMSDC ," (MSDQM@K Consulting Co., Ltd. as internal auditors of the Company. The "NLO@MX @KRN DMF@FDR HMSDQM@K @TCHSNQR EQNL (%2 2HMF@ONQD to access and suggest improvement on existing operational systems. Both groups of internal auditors report directly to the Audit Committee.

SSDMC@MBD NE SGD "NLO@MXÄR !N@QC NE #HQDBSNQR The Directors have attended the Board of Directors’ Meeting regularly to acknowledge and make a decision on business matters of the Company. The Board of Directors’ meetings are held at least 5 times annually and the schedule of the meetings is circulated to the Directors in advance every year. A letter of invitation with clear meeting agendas and documents for meeting will be sent to directors at least 10 days prior to the meeting date except for an urgent case, to let the Board to have enough time to study the information before attending the meeting. The Board provides an opportunity for senior executives to participate in the meetings. Minutes of meeting are accurately documented and filed for further reference.

048

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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1. Mr. Tan Hai Leng, Eugene* 2. Mr. Tan Ley Yen ,Q 'DMF 'NBJ *HNMF 4. Mr. Niphat Chamroonrat 5. Dr. Thamnoon Ananthothai**

5/5 5/5 5/5

5/5 5/5 5/5

1/5 5/5 4/5 5/5 5/5

6. Mr. Suvait Theeravachirakul**

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4/5

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5/5

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5/5

4/5

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2/5

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Â&#x201C;¸à ´²Ă&#x192;žà Ă&#x201A;

1DL@QJR

* Mr. Tan Hai Leng, Eugene was appointed to be the Director, Chairman of the board of Directors and Compensation and Nomination Committee Member on 2nd -NUDLADQ 3N QDOK@BD ,Q +DD 2NNM *HD ,Q 'DMF 'NBJ *HNMF V@R @OONHMSDC SN AD SGD #HQDBSNQ NM th February 2015. (To replace Mr. Lua Too Swee) ,Q +DD 2NNM *HD QDRHFMDC EQNL SGD #HQDBSNQ "G@HQL@M NE SGD AN@QC NE #HQDBSNQR @MC "NLODMR@SHNM @MC -NLHM@SHNM "NLLHSSDD ,DLADQ NM th October, 2015. ,Q +@T 3NN 2VDD V@R @OONHMSDC SN AD SGD #HQDBSNQ 3N QDOK@BD ,R +HL ,TH +HMF NM th January 2014 and resigned from the Director on 16th February 2015. ,R +HL ,TH +HMF QDRHFMDC EQNL SGD #HQDBSNQ NM th January 2014. ,Q 2HMFG@ -HJNQMOTM V@R @OONHMSDC SN AD SGD #HQDBSNQ (MCDODMCDMS #HQDBSNQ TCHS "NLLHSSDD ,DLADQ @MC 1HRJ ,@M@FDLDMS "NLLHSSDD ,DLADQ 3N QDOK@BD ,Q -HV@S *@MI@M@OGNNLHM NM st March 2013. ,Q -HV@S *@MI@M@OGNNLHM QDRHFMDC EQNM SGD #HQDBSNQ (MCDODMCDMS #HQDBSNQ TCHS "NLLHSSDD ,DLADQ @MC 1HRJ ,@M@FDLDMS "NLLHSSDD ,DLADQ NM 1st March 2013.

(MCDODMCDMS #HQDBSNQR

tĂ&#x2026;Ă&#x2026;œ¿¾²¿´œ Ă&#x20AC;¡ Ă&#x2026;šœ tĂ&#x2020;¾ºĂ&#x2026; vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœ žœž³œĂ&#x192;Ă&#x201E; ²¿¾ Ă&#x2026;šœ ¡Ă&#x192;ÂśĂ&#x201A;Ă&#x2020;œ¿´Ă&#x160; Ă&#x20AC;¡ tĂ&#x2020;¾ºĂ&#x2026; vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœ žœœĂ&#x2026;º¿¸Ă&#x201E; ¡Ă&#x20AC;Ă&#x192; Â?ãäÂ&#x17E; Ă&#x203A; Â?ãä ²Ă&#x192;Âś Ă&#x2026;²³½œ¾ ²Ă&#x201E; ¡Ă&#x20AC;½½Ă&#x20AC;Ă&#x2C6;Ă&#x201E;ÂĽ Â?Ă&#x201E;³¸Ă&#x192; Â&#x2019;žŸŸ¸Ă&#x192;Ă&#x192;´´ Â&#x153;´Ÿ¹´à 1. Dr. Thamnoon Ananthothai 2. Mr. Suvait Theeravachirakul 3. Mr. Singha Nikornpun* ,Q -HV@S *@MI@M@OGNNLHM

1DL@QJR

2013

2014

2015

Â?Ă&#x192;Ă&#x192;´½³°½²´ Â&#x192; Â?žÂ&#x201A; ž¾ Â&#x153;´´Ă&#x192;¸½œĂ&#x201A;

Â?Ă&#x192;Ă&#x192;´½³°½²´ Â&#x192; Â?žÂ&#x201A; ž¾ Â&#x153;´´Ă&#x192;¸½œĂ&#x201A;

Â?Ă&#x192;Ă&#x192;´½³°½²´ Â&#x192; Â?žÂ&#x201A; ž¾ Â&#x153;´´Ă&#x192;¸½œĂ&#x201A;

4/4 4/4 3/4 1/4

4/4 3/4 4/4 -

4/4 4/4 4/4 -

,Q 2HMFG@ -HJNQMOTM V@R @OONHMSDC SN AD SGD #HQDBSNQ (MCDODMCDMS #HQDBSNQ TCHS "NLLHSSDD ,DLADQ @MC 1HRJ ,@M@FDLDMS "NLLHSSDD ,DLADQ 3N QDOK@BD ,Q -HV@S *@MI@M@OGNNLHM NM st March 2013. ,Q -HV@S *@MI@M@OGNNLHM QDRHFMDC EQNM SGD #HQDBSNQ (MCDODMCDMS #HQDBSNQ TCHS "NLLHSSDD ,DLADQ @MC 1HRJ ,@M@FDLDMS "NLLHSSDD ,DLADQ NM st March 2013.

Â&#x2026;œžĂ&#x2020;¿œĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;Âż

The Company determines a clear and transparent director remuneration policy by comparing remuneration packages with those provided by leading listed companies in the SET and comparable companies in the same industry, taking into account the companyâ&#x20AC;&#x2122;s ATRHMDRR ODQENQL@MBD @MC DWODQHDMBD CTSHDR QNKDR @MC QDRONMRHAHKHSHDR NE SGD CHQDBSNQR HM NQCDQ SN HMBDMSHUHYD @MC OQDRDQUD PT@KHEHDC directors. Directorsâ&#x20AC;&#x2122; remuneration packages are approved by the Meeting of Shareholders. Executive remuneration packages are reviewd by the Compensation and Nomination Committee before approved by the Board of Directors by considering roles, duties and responsibilities, performance, and dedication of each executive.

Aside from monetary compensation, the company has not had granted other privilege to the directors.

3GD B@RG QDLTMDQ@SHNMR O@HC SN CHQDBSNQR @MC SGD DWDBTSHUDR @QD @R ENKKNVR

Annual Report 2015

049

Â&#x2021;Ă&#x20AC;Ă&#x2026;²½ Â&#x2026;œžĂ&#x2020;¿œĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;Âż Ă&#x20AC;¡ Ă&#x2026;šœ uĂ&#x20AC;²Ă&#x192;Âľ ²¿¾ vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœĂ&#x201E; ¡Ă&#x192;Ă&#x20AC;ž Â?ãäÂ&#x17E; Â&#x161; Â?ãä äÂ&#x201E;ĂŁĂĽ Â&#x201C;¸à ´²Ă&#x192;žà Ă&#x201A;

äÂ&#x201E;ĂŁĂŚ

äÂ&#x201E;ãç

Â?Ă&#x192;Ă&#x192;´½³°½²´ Â?½½Ă&#x201E;° Â&#x2018;ž½Ă&#x201E;Ă&#x201A; Â?Ă&#x192;Ă&#x192;´½³°½²´ Â?½½Ă&#x201E;° Â&#x2018;ž½Ă&#x201E;Ă&#x201A; Â?Ă&#x192;Ă&#x192;´½³°½²´ Â?½½Ă&#x201E;° Â&#x2018;ž½Ă&#x201E;Ă&#x201A; Â&#x2022;´´Ă&#x201A; Â&#x2018;°Ă&#x201A;¸² |Â&#x2018;°¡Ă&#x192;} Â&#x2022;´´Ă&#x201A; Â&#x2018;°Ă&#x201A;¸² |Â&#x2018;°¡Ă&#x192;} Â&#x2022;´´Ă&#x201A; Â&#x2018;°Ă&#x201A;¸² |Â&#x2018;°¡Ă&#x192;} Â&#x2022;´´Ă&#x201A; Â&#x2022;´´Ă&#x201A; Â&#x2022;´´Ă&#x201A; |Â&#x2018;°¡Ă&#x192;} |Â&#x2018;°¡Ă&#x192;} |Â&#x2018;°¡Ă&#x192;} |Â&#x2018;°¡Ă&#x192;} |Â&#x2018;°¡Ă&#x192;} |Â&#x2018;°¡Ă&#x192;}

1. Mr. Tan Hai Leng, Eugene 2. Mr. Tan Ley Yen ,Q 'DMF 'NBJ *HNMF 4. Mr. Niphat Chamroonrat 5. Dr. Thamnoon Ananthothai 6. Mr. Suvait Theeravachirakul ,Q 2HMFG@ -HJNQMOTM

125,000 220,000 160,000 120,000

,Q +DD 2NNM *HD ,Q +T@ 3NN 2VDD 10. Ms. Lim Mui Ling ,Q -HO@S *@MI@M@OGNNLHM Total

100,000 220,000 150,000 130,000

312,500 312,500 312,500 -

145,000 130,000 625,000 80,000 50,000 312,000 80,000 - 312,000

125,000 220,000 140,000 180,000

100,000 220,000 150,000 130,000

312,500 312,500 312,500 312,000

145,000 130,000 625,000 80,000 50,000 - 312,000

25,000 60,000 125,000 220,000 180,000 180,000

50,000 100,000 220,000 150,000 130,000

312,500 312,500 312,500 312,500

120,000 20,000

- 625,000 - 312,500

1DL@QJ

* No other benefits apart from remuneration above.

Â&#x2026;œžĂ&#x2020;¿œĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;Âż ¡Ă&#x20AC;Ă&#x192; ÂśĂ&#x2030;ϫĂ&#x2020;Ă&#x2026;ÂşĂ&#x2021;ÂśĂ&#x201E; ¡Ă&#x192;Ă&#x20AC;ž Â?ãäÂ&#x17E; Â&#x161; Â?ãä ²Ă&#x192;Âś ²Ă&#x201E; ¡Ă&#x20AC;½½Ă&#x20AC;Ă&#x2C6;Ă&#x201E;ÂĽ äÂ&#x201E;ĂŁĂĽ

äÂ&#x201E;ĂŁĂŚ

äÂ&#x201E;ãç~

¥´ŸĂ&#x201E;½´à °Ă&#x192;¸ž½

Â?žÂ&#x201A; ž¾ Â&#x201D;Ă&#x2021;´²Ă&#x201E;Ă&#x192;¸Ă&#x2026;´Ă&#x201A;

£žĂ&#x192;° Â?ŸžĂ&#x201E;½Ă&#x192;Ă&#x201A; Â&#x;°¸³ |Â&#x2018;°¡Ă&#x192;}

Â?žÂ&#x201A; ž¾ Â&#x201D;Ă&#x2021;´²Ă&#x201E;Ă&#x192;¸Ă&#x2026;´Ă&#x201A;

£žĂ&#x192;° Â?ŸžĂ&#x201E;½Ă&#x192;Ă&#x201A; Â&#x;°¸³ |Â&#x2018;°¡Ă&#x192;}

Â?žÂ&#x201A; ž¾ Â&#x201D;Ă&#x2021;´²Ă&#x201E;Ă&#x192;¸Ă&#x2026;´Ă&#x201A;

£žĂ&#x192;° Â?ŸžĂ&#x201E;½Ă&#x192;Ă&#x201A; Â&#x;°¸³ |Â&#x2018;°¡Ă&#x192;}

Monthly Salary and Bonus

8

8

8

Total

8

8

8

%NQ 8D@Q B@KBTK@SDC EQNL $WDBTSHUDR CTD SN SGD SG $WDBTSHUD ADHMF @OONHMSDC MNS HM ETKK XD@Q

Â&#x201A;Ă&#x2026;šœĂ&#x192; v²Ă&#x201E;š Â&#x2026;œžĂ&#x2020;¿œĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;Âż

The Company is registered under the Provident Fund Act which requires provident fund contribution by both employee and employer.

The employees have to pay 5% of their salary to the contribution and the Company has to pay another portion as stipulated by the funds regulation.

vĂ&#x20AC;ÂżĂ&#x2026;Ă&#x192;Ă&#x20AC;½ Ă&#x20AC;¡ |ÂżĂ&#x201E;º¾œĂ&#x192; |¿¡Ă&#x20AC;Ă&#x192;ž²Ă&#x2026;ÂşĂ&#x20AC;Âż

The Company enforces strict rules on the possession and usage of confidential information, particularly financial information before CHRRDLHM@SHMF SN SGD OTAKHB 3GD "NLO@MXĂ&#x201E;R ONKHBHDR NM HMRHCDQ HMENQL@SHNM @QD @R ENKKNVR 1. Directors, executives, including their spouses and child(ren) below the legal age are not allowed to buy, sell, transfer or received SGD SQ@MREDQQDC RDBTQHSHDR NE SGD "NLO@MX ADENQD C@XR NE SGD OTAKHB CHRRDLHM@SHNM NE SGD EHM@MBH@K RS@SDLDMSR (M @CCHSHNM ATXHMF RDKKHMF NQ SQ@MREDQQHMF RDBTQHSHDR BNTKC AD QDRTLDC @S KD@RS C@XR @ESDQ OTAKHB CHRRDLHM@SHNM C@XR RS@QSHMF EQNL SGD date of dissemination).

2. Directors and Executives are required to provide reports of acquiring and exchanging of shares of the Company of themselves, their spouse and child(ren) under the legal age to conform to the notification of the Office of SEC no. Sor Chor. 14/2540 relating to the Preparation and Disclosure of Reports on Securities Holding and disciplinary measures prescribed on the Securities and Exchange Act B.E. 2535.

Any violation against the aforementioned regulations shall have to face disciplinary actions in the form of warning, salary reduction, suspension of duties, termination of employment, etc.

050

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

|Ă&#x2021;¿³Ă&#x20AC; Â&#x2020;¡Ă&#x2026;Ă Ă&#x2021;Ă&#x201E;¾¡Ă&#x2026; Â&#x2020;Ă&#x2026;²¡¡ Â&#x2020;Ă&#x2026;Ă&#x192;œ¿¸Ă&#x2026;š

3GDQD VDQD @ SNS@K NE DWDBTSHUDR @MC RS@EE HM AQNJDM CNVM AX CDO@QSLDMSR @R ENKKNVR ÂŁĂ&#x2C6;¿´Ă&#x201A;

Â?žÂ&#x201A; ž¾ Ă&#x201A;Ă&#x192;°¾¾

Executives Business Development Client Relations and Credit Risk Management

14 14

Operations

25

Finance and Accounts

3

Legal & Recovery (1 2DBQDS@QH@S @MC "NLOKH@MBD

1 1

Credit Review/ Human Resources and Administration

Executive Secretary

1

Total

During the past 3 years, there were no significant change in staff strength and there had been no labour dispute.

Â&#x2021;šœ Ă&#x192;œžĂ&#x2020;¿œĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;Âż à ²º¾ Ă&#x2026;Ă&#x20AC; Ă&#x2026;šœ Ă&#x201E;Ă&#x2026;²¡¡ Â&#x2022;ÂśĂ&#x2030;´½Ă&#x2020;¾º¿¸ ¾ºĂ&#x192;ϫĂ&#x2026;Ă&#x20AC;Ă&#x192;Ă&#x201E; ²¿¾ ÂśĂ&#x2030;ϫĂ&#x2020;Ă&#x2026;ÂşĂ&#x2021;ÂśĂ&#x201E;Â&#x2013; Ă&#x2C6;ÂśĂ&#x192;œ¼ ÂŁĂ&#x2C6;¿´Ă&#x201A; ž¾ ¥´ŸĂ&#x201E;½´à °Ă&#x192;¸ž½ Monthly salary/ Bonus Welfare Expediture for staff Total

Â&#x192;Ă&#x20AC;½º´ºœĂ&#x201E; º¿ wÂśĂ&#x2021;œ½Ă&#x20AC;à º¿¸ {Ă&#x2020;ž²¿ Â&#x2026;ÂśĂ&#x201E;Ă&#x20AC;Ă&#x2020;Ă&#x192;´œĂ&#x201E;

äÂ&#x201E;ĂŁĂĽ |Â&#x2018;°¡Ă&#x192;}

äÂ&#x201E;ĂŁĂŚ |Â&#x2018;°¡Ă&#x192;}

äÂ&#x201E;ãç |Â&#x2018;°¡Ă&#x192;}

8,884,456

3GD "NLO@MX QDBNFMHYDR SGD HLONQS@MBD NE JMNVKDCFD @MC BNLODSDMBX CDUDKNOLDMS ENQ HSR DLOKNXDDR @R HS VHKK AQHMF @ANTS @M increase of their competency and quality of services. Therefore, the Company consistenly provides in-house and external trainings and seminars to all staff or individual to increase skills and knowledge on their jobs. The Company also rewards its employees @OOQNOQH@SDKX SN LNSHU@SD @MC QDS@HM SGDHQ RDQUHBDR HM SGD KNMF QTM (M @CCHSHNM SGD "NLO@MX @KRN RTOONQSR @BSHUHSHDR SN LNSHU@SD @MC encourage bonding among staff.

Annual Report 2015

051

DIVIDEND POLICY C& 6& 6' Ä&#x201D;6&A è Ä&#x2122; )

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Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Â&#x160;Â&#x17E;Â&#x201A;§Â&#x2039;Â&#x192;Â&#x203A;Â&#x2039;jÂ&#x203A;Â&#x152;qĂ&#x201C;Â&#x203A;Â&#x2039;ÂĽpÂ?Â&#x201A;Â&#x201E;Ă&#x2122;Â&#x201A;Â&#x2026;Â&#x17D;¨Â&#x201A;Â&#x2013;Â&#x161;~Â&#x152;Â&#x203A;ŠÂ&#x160;Ă&#x201C;Â&#x201A;Ă&#x201D;Â&#x2013;Â&#x2039;jÂ?Ă&#x201C;Â&#x203A;Â&#x152;Ă&#x201D;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2122; kÂ&#x2013;p j²Â&#x203A;ŠÂ&#x152;Â&#x201C;ÂĄÂ&#x20AC; Â?Â&#x2030;Â&#x203A;Â&#x2039;Â&#x201D;Â&#x17D;Â&#x161;pjÂ&#x203A;Â&#x152;Â&#x201D;Â&#x161;jÂ&#x2030;Â&#x203A;Â&#x2019;Â&#x17E;ÂĽpÂ?Â&#x201A;Š}Ă&#x201D;Â&#x201A;Â?~Â?Â&#x192;ÂĄmmÂ&#x17D;ÂŚÂ&#x17D;Â&#x2122;jÂ&#x203A;Â&#x152;qÂ&#x161;}Â&#x201C;Â&#x152;Â&#x152;Â&#x20AC;ÂĄÂ&#x201A;Â&#x201C;²Â&#x203A;Â&#x152;Â&#x2013;p ~Â&#x203A;Â&#x160;jwÂ&#x201D;Â&#x160;Â&#x203A;Â&#x2039; Â&#x2013;Â&#x2039;Ă&#x201C;Â&#x203A;pŠÂ&#x152;jÂŹ~Â&#x203A;Â&#x160; Â&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;Â&#x2013;Â&#x203A;qj²Â&#x203A;Â&#x201D;Â&#x201A;}¨Â&#x201D;Ă&#x201D;jÂ&#x203A;Â&#x152;qĂ&#x201C;Â&#x203A;Â&#x2039;ÂĽpÂ?Â&#x201A;Â&#x201E;Ă&#x2122;Â&#x201A;Â&#x2026;Â&#x17D;Â&#x160;Â&#x17E; Â&#x2013;Â&#x161;~Â&#x152;Â&#x203A;Â&#x201A;Ă&#x201D;Â&#x2013;Â&#x2039;jÂ?Ă&#x201C;Â&#x203A;Â&#x2013;Â&#x161;~Â&#x152;Â&#x203A;Â&#x20AC;Â&#x17E;­j²Â&#x203A;Â&#x201D;Â&#x201A;}kĂ&#x201D;Â&#x203A;p~Ă&#x201D;Â&#x201A;Š}Ă&#x201D; §}Â&#x2039;kÂ&#x;ÂŽÂ&#x201A;Â&#x2013;Â&#x2039;¢Ă&#x201C;jÂ&#x161;Â&#x192;Â&#x2026;Â&#x17D;jÂ&#x203A;Â&#x152;}²Â&#x203A;ÂĽÂ&#x201A;Â?Â&#x201A;pÂ&#x203A;Â&#x201A; yÂ&#x203A;Â&#x201A;Â&#x2122;jÂ&#x203A;Â&#x152;ÂĽpÂ?Â&#x201A; Â&#x201C;Â&#x2030;Â&#x203A;Â&#x2021;mÂ&#x17D;Ă&#x201C;Â&#x2013;pkÂ&#x2013;pÂ&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC; ÂŚÂ&#x17D;Â&#x2122;mÂ?Â&#x203A;Â&#x160;q²Â&#x203A;ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;¨Â&#x201A;jÂ&#x203A;Â&#x152;kÂ&#x2039;Â&#x203A;Â&#x2039;jÂ&#x203A;Â&#x152; }²Â&#x203A;ÂĽÂ&#x201A;Â?Â&#x201A;pÂ&#x203A;Â&#x201A;kÂ&#x2013;pÂ&#x192;Â&#x152;Â?Â&#x2019;Â&#x161;Â&#x20AC;ÂŚÂ&#x17D;Â&#x2122;¨sĂ&#x201D;ÂĽÂ&#x201E;Ă&#x203A;Â&#x201A;ÂĽpÂ?Â&#x201A;Â&#x20AC;ÂĄÂ&#x201A;Â&#x201D;Â&#x160;ÂĄÂ&#x201A;ÂĽÂ?Â&#x17E;Â&#x2039;Â&#x201A;¨Â&#x201A;jÂ&#x203A;Â&#x152;Â&#x192;Â&#x152;Â?Â&#x201D;Â&#x203A;Â&#x152;jÂ?qjÂ&#x203A;Â&#x152;

The Company has a dividend policy of paying dividends at a rate of not less than 50 percent of the net profit available after payment of the Companyâ&#x20AC;&#x2122;s corporate income tax and allocation of legal reserve. However, subject to the operating results, financial conditions and the Companyâ&#x20AC;&#x2122;s working capital requirements, the dividend rate could be less than such rate.

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RELATED PARTY TRANSACTIONS

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~ } j¥ ® j² }© Ô s } ¥q ¦ ¨j Ô¥m pj ~ } j¥ ® ¨ ~ }t ­p ¥ Û ­ ©}Ô

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052 IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

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(%2 2HMF@ONQD ~j p ¥ Û ¥t ×mÓ k pk v ˨ Ó¨ Ô¦jÓ jp k p (%2 §} ¨ Ô (%2 qÓ s² ¥p Ó p Ô © jÓ

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Annual Report 2015 053

054

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

+6% N6A ğ B)4 +6%.%A/ <.% )

j ² j Ó pj ¥ Û m q² ¥ Û ¦ m ¥ ~¡ k pj ² j ¥ ñ jÓ ¨ Ô¥j } § s × ¢p ¡}k p ¦ Ó ¥ Û © ~ j | j j ¡ j q ­ © ¦ ©}ÔqÓ mÓ ~ ¦ ¨ m ­ ¡~ t ­p¥ Û m ­¥ ² j ¡mm j ² j ² j Ó p j ­ m ~ } m ­ ² j ¡mm j Ô p p

%6 '6 6'/'ë1 5J 1 6'1 <%5 8 6' N6'6& 6''4/+Ę6 5

¨ j | ­ j ¥kÔ ² j Ó pj ­¥ Û j pj mÔ j~ j j j ¢Ô ¡mm ­ m ¥j ­ kÔ p §} kÔ ~j p pj mÔ ¨ j | ¥} j ­ v Ø¢ s p j ² j m¢Ó v v ­ © ¨ j |× ¥ } j }Ô ² q~Ó p pj mÔ ­ q j ¨ j ~­ q ¥ Û j j ¢ Ô ¡mm ­ m ¥j ­ kÔ p q }² ¥ j ¥ ~Ó m| j j ¨ Ô q | ¡ ~ ¨ jj ¥ ñ ¨ Ô Î ¡ ~ j ² ¡ j } pj Ó ©}Ô ¨ j | ­ q ~Ô p¥kÔ ² j Ó pj j ¡mm ­ q m k }¦ Ôp ­© Ó¥ Û j pj mÔ j~ q ~Ô p ² ¥ ~Ó m| j j ~ q q | m ¥ jÓ j ¥kÔ ² j ¦ q ² ¥ m ¥ ¬ k pm| j j ~ q ~Ó ­ s¡ m| j j ­ s¡ ¢Ô ¡Ô ¥ ñ j j ~ } ¨qk pm| j j ¢Ô ¡Ô ~ ¦~Ój | ¨ j ¡ ~ j ¥kÔ ² j } pj Ó p® j® q | ¡ ~ j ² j Ó pj } pj Ó ~Ô p x ~ ¨ Ô¥ Û © ~ jw Ó }Ô j צ ~ } j × ¦ kÔ pm j m² ­p kÔ j² }k p~ } j צ Óp ¥ © t ­p ¢Ô ­ q m k }¦ Ôp Ó ©}Ô¥ ¨ j ² j Ó pj q © Ó j¥ p p ~ ¨ j ² j Ó pj ® «

C& 6&/'ë1B +C ę% 6' N6'6& 6''4/+Ę6 5 D 1 6

¨ j | ­ j ² j Ó pj ¨ m~ § ­q }² ¥ j ¨ Ô¥ Û © ~ j | ¡ j qj mÔ j~ k p ¦ q x ~ ~ jw Ó }Ô j צ ~ } j × ¦ kÔ pm j m² ­p kÔ j² }k p~ } j צ Óp ¥ © ¦ õ p ñ ­ ¥j ­ kÔ pj² } ¦ q ¥ Ê}¥ j Ó pj © Ô ¨ ¥ ~¡ j p j ¥p ¦ ¦ }p j kÔ ¢ q² Ë ¦ ¦ p q² Ëk p ¦

(%2 "@OHS@K +HLHSDC Ă&#x2026;(%2 2HMF@ONQD Ă&#x2020;

Â&#x2019;ž½½´²Ă&#x192;´³ Â&#x;°à Ă&#x192;¸´Ă&#x201A;

,Q 'DMF 'NBJ *HDMF HR SGD &QNTO "%.

NE (%2 2HMF@ONQD &QNTO @MC SGD Companyâ&#x20AC;&#x2122;s Director.

3. Mr. Tan Hai Leng, Eugene is the Executive #HQDBSNQ @MC SGD &QNTO "$. NE (%2 (Singapore) Group, and the Companyâ&#x20AC;&#x2122;s #HQDBSNQ

(%2 "@OHS@K 'NKCHMFR 3G@HK@MC +SC SGD RTARHCH@QX NE (%2 2HMF@ONQD NVMDC NE RG@QDR NM SG ,@QBG

(%2 2HMF@ONQD NVMDC NE RG@QDR @R @S SG ,@QBG

¥´°Ă&#x192;¸ž½Ă&#x201A;¡¸¿

â&#x20AC;˘ Although the loan facility was not drawn down, the Company had renewed the contract yearly. The contract is due to DWOHQD NM SG ,@X

â&#x20AC;˘ The term of the loan was 1 year starting from the signed date in the contract.

â&#x20AC;˘ The loan will be due within a year or VGDM B@KKDC TONM VGHBGDUDQ HR D@QKHDQ

â&#x20AC;˘ The interest rate will be changed upon each withdrawal based on cost of the fund plus 1% which will be paid on monthly or quarterly basis, and the interest payment will be implemented VHSGHM @ LNMSG NQ LNMSGR

â&#x20AC;˘ On 8th May 2006, the Company signed SGD +DSSDQ NE .EEDQ VHSG (%2 2HMF@ONQD for a short-term loan facility of SGD 10 million or equivalent in Thai Baht or the 42 #NKK@Q

ĂŁÂ&#x201A; Â&#x203A;ž°½

Â&#x201C;´Ă&#x201A;²à ¸¿Ă&#x192;¸ž½

The Company has not executed the facility.

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äÂ&#x201E;ĂŁĂĽ

The Company has not executed the facility.

-

äÂ&#x201E;ĂŁĂŚ

Â?ŸžĂ&#x201E;½Ă&#x192; |Â&#x2018;°¡Ă&#x192;}

Â&#x2020;Ă&#x2020;žž²Ă&#x192;Ă&#x160; Ă&#x20AC;¡ Ă&#x192;œ½²Ă&#x2026;œ¾ à ²Ă&#x192;Ă&#x2026;ºœĂ&#x201E; ²¿¾ ´Ă&#x20AC;¿¿œ´Ă&#x2026;œ¾ Ă&#x2026;Ă&#x192;²¿Ă&#x201E;²´Ă&#x2026;ÂşĂ&#x20AC;ÂżĂ&#x201E; ¡Ă&#x20AC;Ă&#x192; Ă&#x2026;šœ Ă&#x160;œ²Ă&#x192; œ¿¾œ¾ Â&#x17E;äĂ&#x201E;Ă&#x2026; wœ´œž³œĂ&#x192; Â?ãäÂ&#x17E;Â&#x2122; Â?ãäÂ&#x; ²¿¾ Â?ãä ²Ă&#x201E; ¡Ă&#x20AC;½½Ă&#x20AC;Ă&#x2C6;Ă&#x201E;ÂĽÂ&#x161; Â&#x17E;¿¸½¸ž½Ă&#x201A; ž¾ Ă&#x192;¡´ Â?Ă&#x201E;³¸Ă&#x192; Â&#x2019;žŸŸ¸Ă&#x192;Ă&#x192;´´

The transaction was an additional working capital in case of emergency.

The The transaction was benefitical to the Company has Companyâ&#x20AC;&#x2122;s liquidity. not executed (S V@R @M TMRDBTQDC KN@M the facility.

The interest rate was clearly stipulated to be almost equivalent to the marketâ&#x20AC;&#x2122;s interest rate, which was acceptable.

-

äÂ&#x201E;ãç

Annual Report 2015 055

Â&#x2019;ž½½´²Ă&#x192;´³ Â&#x;°à Ă&#x192;¸´Ă&#x201A;

¥´°Ă&#x192;¸ž½Ă&#x201A;¡¸¿

£¡´ Â&#x2019;žŸ¿°½Ă&#x2C6;Ă&#x;Ă&#x201A; à ´°Ă&#x192;´³ ²à ´³¸Ă&#x192;žà Ă&#x201A;

2. Reimbursement of expenses for travelling expenditure to attend the meeting of Director NE SGD "NLO@MX EQNL (%2 2HMF@ONQD

50,041 The transaction was reasonable, considered as a normal business and was based on actual reimbursement.

çÂ&#x201E;Â&#x20AC;Â&#x201E;ĂŚĂŁ

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ĂŁÂ&#x2C6;Â&#x20AC;üäÂ&#x2026;

ĂŚĂĽÂ&#x20AC;Â&#x2020;Â&#x2C6;ĂŁ

The transaction was ressonable, considered as a normal business and was based on actual reimbursement.

The trasaction was reasonable which was beneficial to the Company.

äÂ&#x201E;ãç

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ĂŁÂ&#x2C6;Â&#x20AC;çÂ&#x201E;Â&#x201E;

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äÂ&#x201E;ĂŁĂŚ

Â&#x17E;¿¸½¸ž½Ă&#x201A; ž¾ Ă&#x192;¡´ Â?Ă&#x201E;³¸Ă&#x192; Â&#x2019;žŸŸ¸Ă&#x192;Ă&#x192;´´

ĂŁÂ&#x2C6;Â&#x20AC;Â&#x201E;Â&#x201E;Â&#x201E;

-

2. Reimbursement of expenses for travelling expenditure to attend the meeting of Director of the Company.

£¡´ Â&#x2019;žŸ¿°½Ă&#x2C6;Ă&#x;Ă&#x201A; à ´°Ă&#x192;´³ ³´¹Ă&#x192;žà Ă&#x201A; Â?ŸžĂ&#x201E;½Ă&#x192; ÂłĂ&#x201E;´ Ă&#x192;ž

äÂ&#x201E;ĂŁĂĽ

(%2 2HMF@ONQD G@C RONMRNQDC -DV 8D@Q OQDRDMSR SN SGD DLOKNXDD NE (%2 VHSG (%2Ă&#x201E;R advanced payment.

äÂ&#x201A; Â&#x17E;Ă&#x192;¡´à Ă&#x201A; Â?ŸžĂ&#x201E;½Ă&#x192; ÂłĂ&#x201E;´ ¾à žŸ

Â&#x201C;´Ă&#x201A;²à ¸¿Ă&#x192;¸ž½

Â?ŸžĂ&#x201E;½Ă&#x192; |Â&#x2018;°¡Ă&#x192;}

056 IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Annual Report 2015

057

|¿ ¿¶´¶ÄĺÅÊ ²¿µ Ź¶ òźÀ¿²½¶ À· Ź¶ Åò¿Ä²´ÅºÀ¿Ä

The connected transactions were necessary and reasonale, which arose to the utmost benefit for the Company in the normal business operation and were transacted at an arm’s length basis as if performed with external parties for the connected transactions with the market prices or the external parties’ reference prices.

¶²ÄÆÃ¶Ä Àà ÁÃÀ´¶µÆÃ¶Ä ·Àà ²ÁÁÃÀǺ¿¸ Ź¶ ¶¿ÅÃÊ º¿ÅÀ ´À¿¿¶´Å¶µ Åò¿Ä²´ÅºÀ¿Ä

(E SGD "NLO@MX OK@MMDC SN DMSDQ HMSN @ BNMMDBSDC SQ@MR@BSHNM VGHBG V@R HM SGD NQCHM@QX BNTQRD NE HSR ATRHMDRR VHSG HSR CHQDBSNQ executive officer or related person on a commercial agreement which a prudent person might enter into with another party under the similar circumstances and the Company maintained the power of negotiation independently from the other party’s influence in his/her capacity as the Company’s director, exec tive officer or related person, then the Company must propose the connected transaction for the Board’s consideration and approval in principle in order that the Management would be able to approve the entry into that connected transaction.

(E SGD "NLO@MX OK@MMDC SN DMSDQ HMSN @ BNMMDBSDC SQ@MR@BSHNM VGHBG V@R MNS HM SGD NQCHM@QX BNTQRD NE HSR ATRHMDRR VHSG @ ODQRNM with a possible conflict of interest, the connected transaction must be proposed for the Audit Committee’s examination of the reasonableness first. Consequently, the Audit Committee’s opinion on the connected transaction must be presented at the Board of Directors’ Meeting or the General Meeting of Shareholders to support the Board or the Shareholders in making a decision to approve the connected transaction. Each approval of the connected transaction must comply with the law on securities and exchange and any applicable regulations, notifications, orders and requirements of the SET. A person with a possible conflict of interest or the relevant interested person would not be entitled to vote on the entry into that transaction.

yÆÅÆö ÁÀ½º´Ê Àà µºÃ¶´ÅºÀ¿ ö¸²Ãµº¿¸ Ź¶ ¶¿ÅÃÊ º¿ÅÀ ´À¿¿¶´Å¶µ Åò¿Ä²´ÅºÀ¿Ä

To enter into a connected transaction in the future, the Company had a policy to follow its common business practice and to comply with the law on securities and exchange and any applicable regulations, notifications, orders and requirements of the SET and other relevant agencies. The Company would disclose its connected transactions in the notes to the financial statements, the annual report form (Form 56-1) and the annual report (Form 56-2).

058

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

N61 8 6& ) 6' N6A 8 6 B)4 6 4 6 6'A è $6"'+% ) 6' N6A 8 6

¥ yj q© ¨ Ë © Ó©}Ô¥ Û © ~ ­m }j |× © Ô t ­pk ~ ©}Ô¥ p Ô ¥ Û q jm ~Ô pj ¨sÔqÓ ¨ ¥ ¦ j p ¡ s ~ mj Óp j }~ p Ô ¥ Û q jj s ~ k p¥ yj q§ j ® ¨ m ¥ ¢Ó¨ } ¢p ¦ m mÔ ¥j ~ ¢Ó¨ } ~Ó ² ¥ ñ Óp¥ j Í Ý ~ k p¥ yj q m ¦ Óp ¥ © ©}Ô } ~ } j¥ ® § q j Ô ¨ Ë ¥ Û Ô ¨ Ë ² ¥sñ §} k p m | s × ®p }¨ Ë pmpk ~ ¨ ~ ­© Ó j j¥ p Ô ¥ ¥ j Ë ¦ t ­p ~ j k ~ Ô ¦ Ô ~ ² } p j |j ¨ Ô ¥sñ ¦ m¥~ ­p¦ Ó ¦ Óp pj ~ }}Ô q² Ô ¨ Ë } p¥ ¬j Ô Ô ¥ ­ ¥ j ­ ­ ­ p© j¬~ ¥s ­ ­ §} ¥r ­ p ­p ¥s ­ ¥s­ t ® ¦ ¥s ­ t ­p ¥m ­ pq j ¡~ j ¦ ¡ j |± }~ Ô q j Ô ¨ Ë ¥ Û Ô ¨ Ë j ~ ®p ² p ® p q ¢vq² Ô ¥ ñ k ® q j Ô ¨ Ë p¦ Ô Ó j Ó ~Ó p} j¥ ® ² ©}Ô} k ® Ô ¥ ñ ¥ j Ë ­ Ó } p ® ² j² © ¡ p ¥p ©}Ô ¨ Ôj ¢ Ô ¡ Ô ©}Ô¥ Û q² Ô } p Ô q j Ô ¨ Ë ~ ~ ¦ ¢ Ô ¡ Ô p ¥p ©}Ô Ô ¨ Ë ¥ ¥ j Ô ¨ Ë ¦ j² © ~Ó ¡Ô } pq j ¨ Ë ¥ Û ¨ Ë

.'< ) 6' N6A 8 6 6 6'A è ©}Ô ©}Ô q² Ô ¨ Ë } pq² Ô Ô q j Ë ­ Ó t ­p ©}Ô} pj Ó Ó ¨ vÓ q j ¡ j q ¥sñ ¦ m¥~ ­p §} ©}Ôq jj t ® ¥ j Ô p ¦ ©}ÔmÓ ¥ ¦ j q jj t ® ¥ j Ô pm }¥ Û } Ó Ô k p ©}Ô §} ¨ Ë ©}Ôq jj t ® ¥ j Ô pq² Ô ¥ ­ k ® ¥ ¬j Ô }Ô q² Ô Ô q j Ë ¦ ©}Ôq jmÓ ¥ ¦ j q jj t ® ¥ j Ô pq² Ô } pq² Ô q j Ë ©}Ôq jj ¨ Ô¥sÓ t ® ¦ ©}Ôq j vv ¥sÓ pj ¥p ¨ Ë m }¥ Û q² Ô } pq² Ô Ô q j ËjÓ ¦ m }¥ Û } Ó Ô k p ©}Ô j ~ } pk p ×~ ¥sñ ¥sÓ t ® ¦ ¥sñ t ­p ¥ ñ pq j ¢jmÔ Ó ¨ vÓk }m ¥sñ ­ ¨ ¥ yj q¦ ¨sÔj ¡ × }¢ j |× 6@HS @MC 2DD OOQN@BG ¨ j p¦ j p ¡ ¦ j k ¡ j q ©}Ô ñ « t ­p Ó ¨ vÓ j }Ô mÓ ¥ ¨ j ¥ Ê} p¥p q jj t ® ¥ j Ô p ¥ ® ¦ } j¥ ® ² ¢j ® ­mÔ ps² ¥j j² } mÓ j q }¥j¬ ¥p ® ¢v ­ ¥ j¨ Ôs² m ¨ p ¦ mÓ ¥sÓ ® ­ ² jp Ë q² Ô ¨ Ë ¥ ­ k ® q² Ô Ô ¥ ñ ¥ j Ë §} ¥ ~¡ j q jj ©}ÔmÓ ¥sÓ ® ­ ² jp ¨ Ë mÓ ¨sÔqÓ mÓ ¨sÔqÓ k p j }Ô ~Ô ¡ pj ¥p } j¥ ® qÓ mÓ ¨sÔqÓ ¨ j k mÓ ¨sÔqÓ ¨ j ~ ¦ ¢Ô mÓ ¥ ñ ® p q ¢v ¦ ¥p ©}Ô ~ ¡mm §} mÓ ¨sÔqÓ q² Ô ¨ Ë ¥ ­ k ® ¥ ¬j Ô Ô q jq² Ô ¨ Ë } p ® ~Ô ¡ pj ¥p ~Ô ¡ pj ¥p ¥ Û ~Ô ¡ j¨ j }² ¥ ¡ j qk p t p­ ¥ Û j | k p ¡ j qj ¨ Ô j ¥sñ ¨ Ë ~ Ô ¡ pj ¥p ¥ Ó j Ô t ­pm }¥ Û } Ó Ô k p ©}Ô §} } pq² Ô Ô q jq² Ô ¨ Ë ¥ ñ pq j |j j¢Ô ¥p q j m Ô p¦ ~Ô ¡ j j¢Ô ¥p ­ ¢j p mÓ ¨sÔqÓ ¨ j k ¦ mÓ ~ ¦ ¢Ô ¨ Ë mÓ ¨sÔqÓ ¨ j k ¦ mÓ ~ ¦ ¢Ô q² ¥ Ó j Ô m }¥ Û Ô k p ©}Ô ¦ ¥ ­ k ® Ô q jq² Ô ¨ Ë mÓ ¨sÔqÓ ¨ j k ¦ mÓ ~ ¦ ¢Ô Ó ¨ vÓ j }Ô ¥p ¥} § ¦ mÓ ¨sÔq Ó ¥­ j ­ j } j k p jp ¦ mÓ ¨sÔq Ó § s ×k p jp ² s}¥s j ¥ jqÔ p¦ ~ ¦ j ² p j ¥ Û ¥ t ­pm }¥ Û Ô k pmÓ ¨sÔqÓ mÓ ¥ ñ ® p q ¢v § j ~ ®pmÓ ¥ ñ ® p q ¢vk p ® q ~ ®p ² p~ ® ­ p¥j¬ ¥p © Ó©}Ô~ ¥ RODBHEHB OQNUHRHNM j Ó m ¢j ®j mÔ mÔ ps² ¥sÓ ¥j ¥} ¥j ¥} ¥j ¥} ¦ ~ ®pmÓ ¥ ñ ® p q ¢v¥ ­ ¥~ §} ¨sÔ j j ² p¥ Û j ¡Ó ¢j ® BNKKDBSHUD OQNUHRHNM ² ¢j ® ­q }s ® j~ ¦ ¢j ® ­mÔ ps² © Ó¥j ¥} ¨ Ë mÓ ¥ ñ ® p q ¢vq² Ô ¥ ¥ j q² Ô ¨ Ë §} ¨ Ë ~j pj ¢j ® ­© ÓjÓ ¨ Ô¥j } ©}Ô ² m v ­p ¦ ©}Ô s² ®¦ Ô ¦ ¥ qÓ q² ­pq j ¢j ®} pj Ó ~ Ó mÓ ¥ ñ ® p q ¢v~Ó ® ­© ÓjÓ ¨ Ô¥j } ©}Ô¥ Ó j Ô ¥ j Ô ¨ Ë ­ Ó ~ ¥j|z×¥} j Ë

Annual Report 2015

059

¥p ©}Ô ~ ¡mm ¥p ©}Ô ~ ¡mm q² Ô ¨ Ë } p Ô q jq² Ô ¨ Ë ­ Ó ¥ ñ pq jj } pk pj² © ¦ j ¥ ­ k ® k p ©}Ô ¥p ©}Ô ~ } vs

N6E'.< 8 j² © ¡ q² Ô ¨ Ë } pq² Ô Ô ¥ ¥ j Ë ­ Ó j² © ~Ó ¡Ô } p q j ~Ó ¡Ô ¨ Ë ¥ Û ~Ó ¡Ô ¨ Ë } p Ô ~ j² © ¡ ¦ ~ ~ ¦ ~Ó ¢Ô ¡Ô p ¥p ©}Ô ² Ë Ô ¦ Ô ¥ ¥ j Ë ­ Ô ¦ Ô ~ ² }

'6&E ĕB)4 Ĕ6D ĕ Ĕ6& ©}Ô ©}Ôq jj t ® ¥ j Ô p ©}Ôq jj ¨ Ô¥sÓ t ® ¦ q j vv ¥sÓ pj ¥p ©}Ôq jmÓ ¥ ¦ j q jj t ® ¥ j Ô p ©}Ô ñ mÓ ¨sÔqÓ mÓ ¨sÔqÓ ¨ j k mÓ ¨sÔqÓ ¨ j mÓ ~ ¦ ¢Ô mÓ ¥ ñ ® p q ¢v } j¥ ® qÓ ~ ¡mm j² © ¡

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235,411 25,504

31,008 25,802 64,862

õ A )9I& B )

N6 +

'ĕ1&)4

81,002

32,016 2,011

(14,335)

3,500 (1,008)

(11,000)

0.31

(2.16) 3.15

(6.15)

(3.15)

(14.50)

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060

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

m Ó p | ­ m m }j |×¥p ­ j ¥ j¥j¬ q j ¢j ®¦ ¥p pj² }s² m ¥p j¢Ô } p ® A è 9I'1 6'A'é& A H '4&4A+)6 A è : N6/ N6'4 ; 6 )= / 9J A è =ĕ&;% |)ĕ6 6 } |)ĕ6 6 } ¨ Ë ¥j j Ó Ë

2,182.10 103.50

© Ó ¢j ® ­ ¡} ¢Ô ©}Ô

¥ ñ pq j ×~ ¥sñ k p Ó ¨ vÓ¥ Û ¥sñ ¦ m¥~ ­p ­ ¥ ¨ j ¥ j¥j¬ ¥p mÓ kÔ p ® §} ¥r ­ | ¦ Óp¥p ¡ k p q p q j¥p j¢ Ô ® ­ ¥ ¨ Ë Ó ~Ó p Ó p¥p ­ j ¥ j¥j¬ q j ¢j ® ¨ ¥ Ë j ¥p pj² } s² m ¥p j¢Ô ¨ ¥ Ëm }¥ Û q² Ô jq j ® p p¥p ¥sñ ­ p© Ó©}Ô¥ j¨sÔj j ¥p ¦ Óp q² Ô

B/)Ę 9I%6 1 A è < | m ® pj ¥p Ó k p ¢Ô ¡Ô ¦ ~ Ó ® pj ¥p ~Ó Ó k p ¢Ô ¡Ô k p } p ® '6& 6' ® pj ¥p ¥p j¢Ô ® q j j ¥p ¥p j¢Ô ® pj ¥p Ó k p ¢Ô ¡Ô ¦ Óp¥p ¡ ~ Ó ® pj ¥p ~Ó Ó k p ¢Ô ¡Ô ¥ Ó

Č äçç

õ Ô Č äçç

2,010.00

2,285.60

2.10

560.84 2,130.84

2.05

¦ Ópk p¥p ¡ j q j¥p j¢Ô ® q j j ¥p ¥ ñ pq j¥ Û j | k p ¡ j q ¥sñ ¦ m¥~ ­p m k p ~ } j¥ ® ¥ Û Ùqq ¥ ­ p ­p ­q ~Ô p p Ï pj §} q }m ¥ ­ p§} ¥ ¥sñ ¦ m¥~ ­p¥ Û ~ } j¥ ® ~ %KN@SHMF 1@SD ¥sñ ­ Ó m ¥ ­ p} pj Ó q Óp j © Ó j j~Ó j j Ó ~Ó pk p ~ } j¥ ® 2OQD@C ~ Ó ® pj ¥p ~Ó Ó k p ¢Ô ¡Ô ¨ Ë ¢pj Ó Ë ¥ ¬j Ô ¥ ñ pq jj ¥ ­ k ® k p ® pj ¥p ¥ ñ p q jj ¥ ­ k ® k p × q j ¢j ® j mÔ × ¦ p ×¥ ñ j p ¡

.Ę+ 1 =ę ;1/<ę | ­ m Ó k p ¢Ô ¡Ô q² Ô ¥ ­ k ® q² Ô Ô q j | ­ m ¥ ~¡¥j }q jj ¥ ­ k ® k pj² © ¥ ñ pq jj² © ¡ Ë ¡ }Ô ¥p Ù qÓ

.8 '5"&ĘB)4/ 9J.8 × ¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®q jj t ® ¥ j Ô p Á ¡ ¢j ®q j vv ¥sÓ t ® ¦ ¢j ®~ vv ¥sÓ Á ¡ ¥p ¨ Ôj¢Ô mÓ t ® mÔ Á ¡ ¢j ® ñ Á ­¥j ­ kÔ pj × ¡ ¥ ñ ¥p j m ­¨sÔ¥ Û j j m ¦ ¡ j |× p ×¥ ñ j p ¡

Č äçç

Č äçç

33,213

õ A )9I& B )

N6 +

'ĕ1&)4

54,663

41,164

31.68 4.14 (23.54)

44

20

24

1,605 154 56,438 32,105

3,253 152

-

(1,648) 2

32,105

(50.66) 1.64

n.m.

Annual Report 2015

.8 '5"&ĘB)4/ 9J.8

Č äçç

Č äçç

ש Ó ~ ~ × ¥p ©}Ô j ~ } vs ש Ó ¡ ¥ ñ ® ¥p j¢Ô ® q j j ¥p ¥p j¢Ô ­m j² }s² ¨ ­p Ë ¥qÔ ® ñ Á ­¥j ­ kÔ pj ® ¡ ¥ ñ ¥p j¢Ô |j ® § s ×k p jp Ó k p ¢Ô ¡Ô ¡Ô v ­ j¦ ¥ js² ¦ Ô Ó ¥j ¢ mÓ ¡Ô v j² © ² p~ jw j² © Á p© Ó©}Ôq }

55,315

2,010,000

50

103,500

® ¦ Ó k p ¢Ô ¡Ô

061

A )9I& B )

N6 +

'ĕ1&)4

55,280 333

285,240 62,505

44,362

1,668 36 134

440,000 (113,140) 50

4,144

2,638

0.06 40.08

28.03

n.m.

(62.45)

ĝ 5&B)418 8")/)5 9I16 %9 ) '4 Ę1 ) 6' N6A 8 6 1 'è-5 D 1 6 ¥ Û ­m }j |× Ó ¥ yj q© ¨ Ë q k ~ ¢Ó¨ j Ô §} Ùqq ¡ q j j ÍÝ ~ k p¥ yj q§ j ­q j ~¡Ô mj Óp j¨ Ô} k ® j p ¡ k p y ¨ §m p Ô p ® y k p ¥ ¦ j j ~¡Ô ¨ mj ¥j ~ ¥ ñ q ¥ ­ m mÔ ¥j ~ ¨ ~ } m ¥ pj ¥ p¨ j Óp¥ ¨ Ô¥j }j p ¡ k p m¥ js ¦ j ~¡Ô ¨ Ô¥j }j § m ¨ ¥ t ­p Ùqq ¥ Ó ® q Óp ~Ó j ¥~ §~k p Ó p© j¬~ ~ ®p¥ Ï ­q ¥~ §~ Ó p~Ó ¥ ñ p¨ ¡ j q j ®pj ¨ Ô j ¥sñ ¦ m¥~ ­p¦ j ¨ Ô j ¥sñ ¥m ñ pq j ¦ ¡ j |× §} ¨ Ôm ² m v~Ó § j p }Ô m } p ¦ ~ j ¥m Ópm }¨ j m ¥ ­ p

062

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â&#x201A;Ă&#x2021;ÂśĂ&#x192;²½½ Â&#x192;ÂśĂ&#x192;¡Ă&#x20AC;Ă&#x192;ž²¿´œ The Thai economy in 2015 did not perform as forecasted with a growth of 2.8% due to the slowdown in domestic demand and investments, poor performance of the export sector which contracted by 5.6% (as a result of the global economic slowdown), high level of household debts and low agricultural product prices. To stimulate the economy, the Bank of Thailand reduced the policy rate from 2.00% in 2014 to 1.50% in 2015. Total Commercial Banksâ&#x20AC;&#x2122; Loan continued to slow down as well with a marginal growth of HM BNLO@QDC SN @MC HM @MC QDRODBSHUDKX 3GD "NLO@MX V@R @AKD SN L@HMS@HM HSR SNS@K E@BSNQHMF UNKTLD @MC L@QJDS RG@QD @S !@GS LHKKHNM HM L@QFHM@KKX KNVDQ AX 3% compared to the previous year). However, its loan portfolio especially leasing/hire purchase contracted around 10% from Baht 414 LHKKHNM HM SN !@GS LHKKHNM HM 3GD "NLO@MX @KRN RDS @RHCD @ GHFGDQ OQNUHRHNM ENQ CNTASETK CDASR NE !@GS LHKKHNM HM BNLO@QDC SN !@GS LHKKHNM HM @KSGNTFG SGDQD V@R @M HLOQNUDLDMS HM MDS HMSDQDRS L@QFHM -(, AX BNLO@QDC to the previous year. As a result, the Company was able to report a net profit after tax of Baht 118.12 million in 2015 or a decrease NE EQNL !@GS HM 3GD QDSTQM NM DPTHSX @ESDQ S@W 1.$ V@R HM BNLO@QDC SN HM @MC SGD D@QMHMFR ODQ RG@QD NE SGD "NLO@MX V@R BNQQDRONMCHMFKX KNVDQ EQNL !@GS HM SN !@GS HM

Â&#x201A;Ă ÂśĂ&#x192;²Ă&#x2026;º¿¸ Â&#x2026;ÂśĂ&#x201E;Ă&#x2020;½Ă&#x2026;Ă&#x201E; 1DUDMTD 3GD SNS@K QDUDMTD NE SGD "NLO@MX V@R !@GS LHKKHNM HM @ CDBQD@RD NE !@GS LHKKHNM NQ EQNL SGD OQDUHNTR XD@Q 3GHR V@R LNRSKX EQNL SGD E@BSNQHMF ATRHMDRR VGHBG @BBNTMSDC ENQ NE SGD SNS@K QDUDMTD (M E@BSNQHMF HMBNLD V@R !@GS LHKKHNM @ RKHFGS HMBQD@RD NE !@GS LHKKHNM NQ EQNL @MC SGD QDUDMTD EQNL E@BSNQHMF BNLLHRRHNM @MC RDQUHBD EDDR V@R !@GS LHKKHNM @ CDBQD@RD NE !@GS LHKKHNM NQ EQNL 1DUDMTD EQNL KD@RHMF GHQD OTQBG@RD VGHBG @BBNTMSDC ENQ NE SGD SNS@K QDUDMTD CDBQD@RDC SN !@GS LHKKHNM HM @ CDBQD@RD NE !@GS LHKKHNM NQ EQNL SGD OQDUHNTR XD@Q 3GHR V@R L@HMKX CTD SN SGD BNMSQ@BSHNM NE SGD KD@RHMF GHQD OTQBG@RD ONQSENKHN @R L@MX BKHDMSR VDQD MNS BNMEHCDMS NE SGD DBNMNLX @MC G@C @CNOSDC @ Ă&#x2026;V@HS @MC RDDĂ&#x2020; @OOQN@BG SN SGDHQ ATRHMDRR RSQ@SDFHDR of investment and expansion in 2015.

Other income, which mainly comprised of commitment fee, penalty charge, collection fee, bad debt recovery and rental charges (in @LNTMSDC SN !@GS LHKKHNM HM @M HMBQD@RD NE !@GS LHKKHNM NQ BNLO@QDC SN 3GD HMBQD@RD NE NSGDQ income was mainly due to the increase of rental office income in 2015. $WODMRDR Total expenses, which comprised of finance cost, selling expenses, administrative expenses, management benefit expenses, allowance ENQ CNTASETK @BBNTMSR @MC BNQONQ@SD HMBNLD S@W VDQD LHKKHNM HM @ RKHFGS HMBQD@RD NE EQNL !@GS LHKKHNM HM @R ENKKNVR

%HM@MBD "NRS %HM@MBD BNRS V@R @ L@INQ DWODMRD NE SGD "NLO@MX CTD SN SGD M@STQD NE SGD KDMCHMF ATRHMDRR (M EHM@MBD BNRS NE SGD Company was Baht 64.86 million, which accounted for 18.13% of the total revenue, a decrease by Baht 11.00 million or 14.50% EQNL !@GS LHKKHNM HM CTD L@HMKX SN KNVDQ ANQQNVHMF @R VDKK @R KNVDQ @UDQ@FD ANQQNVHMF Q@SD 2DKKHMF CLHMHRSQ@SHUD $WODMRDR @MC ,@M@FDLDMS !DMDEHS $WODMRDR (M SNS@K RDKKHMF @CLHMHRSQ@SHUD DWODMRDR @MC L@M@FDLDMS ADMDEHS DWODMRDR VGHBG @BBNTMSDC ENQ NE SGD SNS@K QDUDMTD VDQD !@GS LHKKHNM NQ @ L@QFHM@K HMBQD@RD NE EQNL !@GS LHKKHNM HM 3GDRD DWODMRDR VDQD LNRSKX for salary, bonus, employee welfare and employee benefits, which accounted for 31.25% of the total expenses.

KKNV@MBD ENQ #NTASETK BBNTMSR The policy for allowance for doubtful accounts of the Company was based on aging of uncollectible accounts receivable (specific OQNUHRHNM RTBG @R NUDQCTD NE LNQD SG@M LNMSGR NUDQCTD NE LNQD SG@M LNMSGR @MC NUDQCTD NE LNQD SG@M LNMSGR (M addition, the Company also set aside the allowance for doubtful accounts on a collective basis (collective provision) which was BK@RRHEHDC @R MNQL@K @MC NUDQCTD NE KDRR SG@M LNMSGR (M SGD "NLO@MX L@CD SGD MDS @KKNV@MBD ENQ CNTASETK @BBNTMSR NE Baht 25.80 million compared to Baht 2.01 million in 2014 as in 2014 the Company was able to settle the debt with one major NPL client and received a lump sum payment from this client. The ratio of allowance for doubtful accounts to non-performing loans (NPLs) was 122.14% in 2015 compared to 102.88%* in the previous year. * based on the same criteria of 2015.

Annual Report 2015

063

"NQONQ@SD (MBNLD 3@W "NQONQ@SD HMBNLD S@W NE SGD "NLO@MX V@R !@GS LHKKHNM HM @ CDBQD@RD NE EQNL !@GS LHKKHNM HM SGD previous year due mainly to lower profit before allowances and higher deferred tax credit.

 œĂ&#x2026; Â&#x192;Ă&#x192;Ă&#x20AC;¡ºĂ&#x2026; As a result, the Company made a net profit of Baht 118.12 million in 2015, a decrease of Baht 20.00 million or 14.48% from the OQDUHNTR XD@Q 3GD $@QMHMF /DQ 2G@QD $/2 CDBQD@RDC EQNL !@GS ODQ RG@QD HM SN !@GS ODQ RG@QD HM NQ @ CDBQD@RD NE -DS OQNEHS L@QFHM @MC QDSTQM NM DPTHSX @ESDQ S@W HM XD@Q VDQD @MC BNLO@QDC SN @MC HM QDRODBSHUDKX

(M SGNTR@MC !@GS Â&#x2019;¡°½œ´ ¥´Ă&#x2026;´½Ă&#x201E;´Ă&#x201A; °½³ Â&#x201D;Ă&#x2021;¿´½Ă&#x201A;´Ă&#x201A; äÂ&#x201E;ãç äÂ&#x201E;ĂŁĂŚ Â?ŸžĂ&#x201E;½Ă&#x192; 1DUDMTDR Factoring income Finance Lease and Hire Purchase income Factoring commission and service fees Other income $WODMRDR Selling expenses Administrative expenses Management benefit expenses Allowance for doubtful accounts Finance cost (MBNLD S@W DWODMRDR -DS /QNEHS

235,411 25,504

31,008 25,802 64,862

81,002

32,016 2,011

(14,335)

3,500 (1,008)

(11,000)

0.31

(2.16) 3.15

(6.15)

(3.15)

(14.50)

yº¿²¿´º²½ Â&#x2020;Ă&#x2026;²Ă&#x2026;Ă&#x2020;Ă&#x201E; 3NS@K RRDSR As at 31st #DBDLADQ SGD "NLO@MX G@C SNS@K @RRDSR NE !@GS LHKKHNM @M HMBQD@RD NE !@GS LHKKHNM NQ compared to the previous year. The factoring, lease contract and hire purchase receivables were the main assets accounting for 86.88% of the total assets of the Company in 2015.

The main reasons for the increased in total assets were (i) the increase in cash and cash equivalents by Baht 54.66 million or 31.68% as a result of higher collection at month-end of December 2015 as compared to December 2014, (ii) the increase in factoring QDBDHU@AKDR AX !@GS LHKKHNM NQ HHH SGD HMBQD@RD HM HMUDMSNQX EHM@MBD QDBDHU@AKDR AX !@GS LHKKHNM NQ HU SGD HMBQD@RD HM OK@MS @MC DPTHOLDMS AX !@GS LHKKHNM NQ @MC U SGD HMBQD@RD HM HMUDRSLDMS OQNODQSX AX !@GS LHKKHNM O@QSKX NEERDS AX SGD CDBQD@RD HM KD@RD BNMSQ@BS @MC GHQD OTQBG@RD QDBDHU@AKDR AX !@GS LHKKHNM NQ CTD L@HMKX SN the weak private investment and the absence of growth in exports.

(M SGD "NLO@MXĂ&#x201E;R E@BSNQHMF -/+R @BBNTMSDC ENQ NE SGD SNS@K E@BSNQHMF ONQSENKHN @MC SGD Q@SHN NE SGD SNS@K OQNUHRHNM ENQ doubtful debts to the total factoring portfolio was 3.35%. The Companyâ&#x20AC;&#x2122;s leasing / hire purchase NPLs accounted for 2.32% of the total leasing / hire purchase portfolio and the ratio of the total provision for doubtful debts to the total leasing / hire purchase ONQSENKHN V@R 3NS@K +H@AHKHSHDR Total liabilities of the Company as at 31st #DBDLADQ VDQD !@GS LHKKHNM @M HMBQD@RD NE !@GS LHKKHNM NQ EQNL SGD R@LD ODQHNC K@RS XD@Q 3GHR V@R CTD L@HMKX SN @M HMBQD@RD HM MDS ANQQNVHMFR EQNL EHM@MBH@K HMRSHSTSHNMR NE !@GS LHKKHNM @M increase in short-term borrowings from financial institutions of Baht 440 million, partly offset by a decrease in long-term borrowings from financial institutions of Baht 285.24 million), which was in line with the increase in the total assets.

064

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ÂşĂ&#x201A;Ă&#x2020;º¾ºĂ&#x2026;Ă&#x160;

As of 31 December 2015, the loan repayment of the Company and the payments to be collected from the debtors can be summ QHYDC @R ADKNV Â&#x203A;ž°½ ¥´¿°Ă&#x2C6;Ÿ´½Ă&#x192; Â&#x201C;Ă&#x201E;´ Â&#x;°Ă&#x2C6;Ÿ´½Ă&#x192;Ă&#x201A; Ă&#x192;ž ¹´ Â&#x2019;ž´²Ă&#x192;´³ ¾à žŸ Â&#x201C;´¹Ă&#x192;žà Ă&#x201A; Â&#x;´à ¸ž³ |Â&#x153;¸¸ž½ Â&#x2018;°¡Ă&#x192;} |Â&#x153;¸¸ž½ Â&#x2018;°¡Ă&#x192;} Within 1 year More than 1 year Total

2,182.10 103.50

* excluding NPLs accounts

The Companyâ&#x20AC;&#x2122;s portfolio comprised mostly of factoring receivables which had average turnover period for collection of about 45 - 60 days. Therefore, the loan of the Company was mostly due within 1 year. The gap between the payments to be collected from debtors VHSGHM XD@Q @MC KN@M QDO@XLDMS CTD VHSGHM XD@Q V@R !@GS LHKKHNM (M @CCHSHNM SGD "NLO@MX @KRN G@C !@GS LHKKHNM NE TMTSHKHYDC BQDCHS E@BHKHSHDR EQNL EHM@MBH@K HMRSHSTSHNMR

Â&#x2020;Ă&#x20AC;Ă&#x2020;Ă&#x192;´œĂ&#x201E; Ă&#x20AC;¡ ¡Ă&#x2020;¿¾

R NE #DBDLADQ SGD KH@AHKHSHDR EQNL ANQQNVHMFR DPTHSX @MC FD@QHMF Q@SHN NE SGD "NLO@MX VDQD @R ENKKNVR

¢žĂ&#x201E;à ²´Ă&#x201A; ž¾ Â&#x2022;Ă&#x201E;½³ !NQQNVHMFR Short-term loan from financial institutions Long-term loan from financial institutions 3NS@K !NQQNVHMFR 3NS@K $PTHSX 3NS@K 2NTQBDR NE %TMC Gearing Ratio (times)

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

2,010.00

2.10

560.84

2.05

(M LHKKHNM !@GS

The Companyâ&#x20AC;&#x2122;s main sources of fund were short-term loan from financial institutions due to the nature of factoring business. Any fluctuation in interest rate is mitigated as the Company offers factoring on floating rate basis. Therefore, the Company is confident that interest rate risk poses only a small effect on the interest rate spread of the Company. The Companyâ&#x20AC;&#x2122;s gearing ratio in 2015 was slightly higher than 2014 due to an increase in total borrowings as a result of an increase in total assets from net of accounts receivable, fixed assets and property investment.

Â&#x2020;š²Ă&#x192;œšĂ&#x20AC;½¾œĂ&#x192;Ă&#x201E;Ă&#x161; xĂ&#x201A;Ă&#x2020;ÂşĂ&#x2026;Ă&#x160;

The Companyâ&#x20AC;&#x2122;s total shareholdersâ&#x20AC;&#x2122; equity as at 31st #DBDLADQ V@R !@GS LHKKHNM @M HMBQD@RD NE !@GS LHKKHNM NQ 4.81% from as at 31st December 2014. The reason for the increase was an increase in retained earnings due to the net profit of 2015 and offset by dividend payment.

(M SGNTR@MC !@GS Â&#x2019;¡°½œ´ Â?Ă&#x201A;Ă&#x201A;´Ă&#x192;Ă&#x201A;Â&#x20AC; Â&#x203A;¸°¹¸¸Ă&#x192;¸´Ă&#x201A; °½³ ¢¡°à ´¡ž³´à Ă&#x201A;Ă&#x; Â&#x201D;Ă&#x20AC;Ă&#x201E;¸Ă&#x192;Ă&#x2C6; äÂ&#x201E;ãç äÂ&#x201E;ĂŁĂŚ Â?ŸžĂ&#x201E;½Ă&#x192; RRDSR Cash and cash equivalents Factoring receivable, net Hire purchase and Lease contract receivable, net (MUDMSNQX EHM@MBD QDBDHU@AKD MDS Amounts due from a related company Other current assets Bank deposits held as collateral Property, plant and equipment, net

44 1,605 154 56,438

33,213 20 3,253 152

54,663

41,164 24 (1,648) 2

31.68 4.14 (23.54)

(50.66) 1.64

Annual Report 2015

Â?Ă&#x201A;Ă&#x201A;´Ă&#x192;Ă&#x201A;Â&#x20AC; Â&#x203A;¸°¹¸¸Ă&#x192;¸´Ă&#x201A; °½³ ¢¡°à ´¡ž³´à Ă&#x201A;Ă&#x; Â&#x201D;Ă&#x20AC;Ă&#x201E;¸Ă&#x192;Ă&#x2C6;

065

Â&#x2019;¡°½œ´

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

(MUDRSLDMS OQNODQSX (MS@MFHAKD @RRDSR MDS Deferred tax assets Other non-current assets +H@AHKHSHDR Short-term loans from financial institutions Current portion of long-term loan Amount due to a related company Other current liabilities Long-term loan Provision for employee benefits 2G@QDGNKCDQRĂ&#x201E; $PTHSX (RRTDC @MC O@HC TO RG@QD B@OHS@K Premium on ordinary shares 1DS@HMDC D@QMHMFR Ă +DF@K QDRDQUD 1DS@HMDC D@QMHMFR Ă 4M@OOQNOQH@SDC

32,105

55,315

2,010,000

50

103,500

55,280 333

285,240 62,505

44,362

32,105 1,668 36 134

440,000 (113,140) 50

4,144

2,638

n.m.

0.06 40.08

28.03

n.m.

(62.45)

3NS@K +H@AHKHSHDR @MC 2G@QDGNKCDQRĂ&#x201E; $PTHSX

Â?ŸžĂ&#x201E;½Ă&#x192;

y²´Ă&#x2026;Ă&#x20AC;Ă&#x192;Ă&#x201E; Ă&#x2026;š²Ă&#x2026; ž²Ă&#x160; ²¡¡œ´Ă&#x2026; Ă&#x2026;šœ ¡Ă&#x2020;Ă&#x2026;Ă&#x2020;Ă&#x192;Âś Ă&#x20AC;Ă ÂśĂ&#x192;²Ă&#x2026;ÂşĂ&#x20AC;ÂżĂ&#x201E; Ă&#x20AC;¡ Ă&#x2026;šœ vĂ&#x20AC;žà ²¿Ă&#x160; Although the Thai economy is projected to grow in the range of 3.0% - 3.5% in 2016, it is based on the assumptions that (i) the global economy should improve to support the export sector (ii) the Governmentâ&#x20AC;&#x2122;s spending on infrastructural projects and other stimulus programs to boost agricultural prices will be as projected and (iii) there is political stability to encourage private investments and domestic consumption. These risk factors might affect the Company in terms of growth. However, the Company plans to continue growing both its core business of factoring and equipment finance in 2016 but with prudence and strong discipline in risk management.

066

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

CORPORATE SOCIAL RESPONSIBILITY (CSR)

+6%'5 8 1 Ĕ1.5 % 1 'è-5

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6 × 'è-5 Ø /'ë1 ×E1A1#A1.Ø D/ę +6%.N6 5gD 6' N6A 8 <' 8 "÷J 6 1 +6%'5 ċ 1 Ę1.5 %B)4.8ø B+ )ę1% À´º²½ ¶ÄÁÀ¿Äº³º½ºÅÊ $6&D ę/)5 ''%6$8 6) vÀÃÁÀòŶ zÀǶÿ²¿´¶ B)4 N6 : :

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067

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068

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Annual Report 2015

069

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They shall not put their personal interest before the Companyâ&#x20AC;&#x2122;s, nor shall they accept returns, such as gifts or entertainment, that may result in conflict of interests with the Company or the Companyâ&#x20AC;&#x2122;s clients. Ă&#x2021; %HM@MBH@K 1DONQSHMF (%2Ă&#x201E; @BBNTMSR QDBNQCHMF @MC financial reporting shall be accurate, complete and in a timely manner in accordance with the generally accepted accounting standards. Ă&#x2021; "NMEHCDMSH@K @MC (MRHCDQ (MENQL@SHNM (%2Ă&#x201E; CHQDBSNQR executivesand employees shall avoid using insider information for personal benefits and/or giving such information to others to be used in the trading of the Companyâ&#x20AC;&#x2122;s securities or for other purposes. Ă&#x2021; "NLOKH@MBD VHSG 1DKDU@MS 1TKDR +@VR @MC 1DFTK@SHNMR (%2Ă&#x201E; CHQDBSNQR DWDBTSHUDR @MC DLOKNXDDR RG@KK @QQ@MFD SN have an efficient internal control system to ensure that the Company fully complies with the relevant rules, laws and regulations.

Ă&#x2021; 3QD@SLDMS NE 2TOOKHDQR @MC NQ "QDCHSNQR (%2Ă&#x201E; CHQDBSNQR executives and employees shall treat the Companyâ&#x20AC;&#x2122;s suppliers and/or creditors with fairness and equality.

They shall refrain from demanding, accepting or paying of dishonest benefits in dealing and negotiating with suppliers and/or creditors. Ă&#x2021; 3QD@SLDMS NE "NLODSHSNQR (%2Ă&#x201E; CHQDBSNQR DWDBTSHUDR and employees shall behave under the framework of fair competition. (%2 G@C @QQ@MFDC SQ@HMHMF OQNFQ@LR NM ATRHMDRR DSGHBR ENQ the employees. Moreover, the Company has established a Compliance Manual to review and report the findings to the Board of Directors.

1DRODBS NM 'TL@M 1HFGSR @MC +@ANQ )TRSHBDR The Company places great importance to the respect of human rights and labor justices as it is the foundation of human resource development and we believe that the success of the Company is led by each individualâ&#x20AC;&#x2122;s creativity and good teamwork. Every employee is treated equally, fairly and without discrimination and offered the opportunity to develop himself/herself for OQNEDRRHNM@K @CU@MBDLDMS (M NQCDQ SN RDQUD SGD ATRHMDRR @HLR of the Company, the selection criteria for employees are based on the required level of competency, such as leadership and functional competencies. To motivate employees and build up NQF@MHY@SHNM@K RSQDMFSG DUDQX DLOKNXDD G@R NOONQSTMHSHDR ENQ B@QDDQ O@SG @CU@MBDLDMS ANSG UDQSHB@KKX @MC GNQHYNMS@KKX AX exercising no prejudice against any person from a personal QDK@SHNMRGHO 3GD "NLO@MX DLOG@RHYDR Ă&#x2026;OQNLNSHNM EQNL VHSGHMĂ&#x2020; for available job positions. Only if there is none well suited within

070

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

SGD NQF@MHY@SHNM VHKK GHQD EQNL NTSRHCD BNLD HMSN BNMRHCDQ@SHNM The company supports and respects the protection of human rights by monitoring businesses that will violate human rights as well as promoting the surveillance of human rights compliance.

Moreover, the Company offers a proper remuneration policy and a fair and motivating remuneration structure.

1DRONMRHAHKHSX SN "KHDMSR The Company places absolute importance on responding appropriately to the needs of our clients which is the important key to earning trust and establishes the Code of Business "NMCTBS SNV@QCR "KHDMSR @R ENKKNVR • (%2Ä DWDBTSHUDR @MC DLOKNXDDR RG@KK CDKHUDQ OQNCTBSR NQ services with quality or exceed clients’ expectations at fair conditions.

• (%2Ä DWDBTSHUDR @MC DLOKNXDDR RG@KK FHUD BNQQDBS @CDPT@SD and timely product and service information to clients to facilitate their decision making without overstating actual facts whether in advertisements or communications through other channels, which may cause clients to misunderstand the quality, value or any conditions attached to such products or services.

• (%2Ä DWDBTSHUDR @MC DLOKNXDDR RG@KK JDDO BKHDMSRÄ RDBQDSR confidential and shall not improperly use the confidential information for personal interests or for the interest of other related parties.

• (%2Ä DWDBTSHUDR @MC DLOKNXDDR RG@KK OQNLOSKX QDRONMC SN clients’ needs and shall implement an efficient system and procedures for submitting clients’ complaints regarding the quality of products and services.

"NLLTMHSX @MC 2NBH@K #DUDKNOLDMS The Company highly values the development of society and community for a better quality of life together with high-level of ethical and moral operation standards. Each year the Company set aside a budget relating to community and social development in the Corporate Plan. &NNC "NQONQ@SD &NUDQM@MBD The Company has upheld the principles of maximum accountability, transparency and equitable treatment to create sustainable value to all stakeholders. The details of the CG has been presented separately in the topic of Good Corporate Governance in this annual report and the policy of CG has also been published in the website www.ifscapthai.com under Å(MUDRSNQ 1DK@SHNMRÆ @MC Å"NQONQ@SD &NUDQM@MBD @MC SGD ONKHBX NE "&Æ G@R @KRN ADDM OTAKHRGDC HM SGD VDARHSD MSH "NQQTOSHNM As the Company’s business is in Finance, it is highly committed to conducting its business with integrity and transparency as well as compliance with good practices in corporate governance.

The Company is opposed to all forms of corruption as unethical behavior erodes free and fair competition, and impedes economic and social development. The Company encourages its directors, executives, employees and all other relevant parties to comply with the Anti-Corruption Policy of the Company, as well as to cooperate with and participate in the Corruption Prevention

Network to ensure that the Company conducts its business based on the principles of Good Corporate Governance, transparency and fairness to all stakeholders. $MUHQNMLDMS "NMRDQU@SHNM (%2 @HLR ENQ FQNVSG SG@S HR HM G@QLNMX VHSG SGD DMUHQNMLDMS and places great importance on creating a mindset for energy and environmental conservation awareness among employees.

To do so, the Company has held several awareness activities that are practical and concrete, such as energy-conserving, recycling and reducing electricity usage campaigns.

"21 (MMNU@SHNM The Company encourages the development and distribution of innovations that respond to the economic, social and environmental objectives of all stakeholders, and increase the value of various processes to create good opportunities in the returns of stakeholders which will lead to achieving success and sustainability throughout the business.

¶ÁÀÃÅÄ À¿ Ź¶ t´ÅºÇºÅº¶Ä À· v (%2 G@C ADDM DRS@AKHRGDC ENQ XD@QR 3GD "NLO@MXÄR LHRRHNM HR SN BNLLHS SN AD @ QDRONMRHAKD BNQONQ@SD BHSHYDM @KNMF VHSG being the leading specialist in providing factoring and financial RNKTSHNMR SN KNB@K ATRHMDRRDR @MC DMSQDOQDMDTQR (%2 G@R @CNOSDC @ EQ@LDVNQJ NE Å#DCHB@SHNM SN ,TST@K 2TBBDRRÆ SN OQNLNSD SGD "NLO@MXÄR "21 BSHUHSHDR SGQNTFGNTS SGD NQF@MHY@SHNM HM NQCDQ to be a driving force across functional systems. Our strategies @QD @R ENKKNVR

ä w¶µº´²Å¶µ ÅÀ ¶ÃǺ´¶ ŹÃÀƸ¹ ÃÀµÆ´ÅÄ Àà ¶ÃǺ´¶Ä w¶Ç¶½ÀÁ¾¶¿Å • The Company continues to grow its core business of factoring and equipment finance and will explore new financial products and services to expand its revenue base as well as exploring the opportunity for expansion to the (MCN "GHM@ 1DFHNM NQ "+,5 BNTMSQHDR • As the objective of our business is to support the growth of SMEs, we plan to open provincial branches to help develop SMEs at the regional level in the medium term.

• The Company has acquired a new factoring software, which is web-based system to help improve the efficiency of QDRNTQBD TSHKHY@SHNM @MC FHUDR SGD BKHDMSR LNQD BNMUDMHDMBD reduces the clients’ travelling time, and reduces the use of paper by allowing the clients to see their account status through the internet.

w¶µº´²Å¶µ ÅÀ x··º´º¶¿´Ê ŹÃÀƸ¹ x··¶´ÅºÇ¶ ÃÀ´¶ÄÄ w¶Ç¶½ÀÁ¾¶¿Å • The Company has revised and updated its procedures and approving authority limits for credit facilities to be more efficient. These procedures have been implemented since January 2016.

• The Company has declared its intent to join the Private Sector Collective Section Coalition against Corruption "NTMBHK " " @MC ADB@LD @ LDLADQ MN (%2

Annual Report 2015 opposes all forms of corruption by encouraging its directors, executives, employees and all other relevant parties to comply with the policy and distributing brochures to all our clients in order to build understanding of such intention ADSVDDM TR (%2 VHKK @KRN BNNODQ@SD VHSG @MC O@QSHBHO@SD HM Corruption Prevention Network to ensure that the Company conducts its business based on the principles of Good Corporate Governance, transparency and fairness to all stakeholders. For the next step, the Company will apply as a certified company from the CAC in 2016. â&#x20AC;˘ The Company is in the process of preparing its Succession Planning to the Risk Management Committee for deliberation in mid-2016. â&#x20AC;˘ The Company has initiated the clean desk policy to reduce SGD QHRJ NE TM@TSGNQHYDC @BBDRR KNRR NE @MC C@L@FD SN information during and outside normal working hours.

071

â&#x20AC;˘ The Company supported Plookchit School (a public RBGNNK MD@QAX SGD "NLO@MX VGN NQF@MHYDC SGD RBGNNKĂ&#x201E;R activities on National Childrenâ&#x20AC;&#x2122;s Day by giving scholarships as well as gifts to their students on Childrenâ&#x20AC;&#x2122;s Day.

Â&#x17E;Â&#x2013;Â&#x203A; wœ¾º´²Ă&#x2026;œ¾ Ă&#x2026;Ă&#x20AC; t½½ Â&#x2020;Ă&#x2026;²ŸœšĂ&#x20AC;½¾œĂ&#x192;Ă&#x201E; Ă&#x2026;šĂ&#x192;Ă&#x20AC;Ă&#x2020;¸š Â&#x192;ÂśĂ&#x20AC;à ½œ wÂśĂ&#x2021;œ½Ă&#x20AC;à žœ¿Ă&#x2026; â&#x20AC;˘ The Company offers a proper remuneration policy and a fair and motivating remuneration structure. The Company TSHKHYDR @ LHWDC BNLODMR@SHNM RSQTBSTQD SN L@SBG VHSG SGD SXOD NE INA NQ RODBH@KHY@SHNM QDPTHQDC HM SGD INA 2TBG remuneration packages include salary, variable incentives, bonuses, provident fund, social welfare, medical allowance, GD@KSG HMRTQ@MBD @MC NSGDQ ADMDEHSR (M SGD "NLO@MX G@R @ STQMNUDQ Q@SD NE @OOQNWHL@SDKX RS@EE NTS NE VGHBG HR BNMRHCDQDC KNV â&#x20AC;˘ The Company provides ongoing staff development as employee is the key resource of the Company. To enhance personnel competency, the Company regularly holds training programs conducted by trainers from both HMRHCD @MC NTSRHCD SGD NQF@MHY@SHNM (M @CCHSHNM (%2 @KRN invited specialists in some particular topics to share their knowledge at the Companyâ&#x20AC;&#x2122;s annual seminar regularly.

â&#x20AC;˘ The Company supported the Coral Reef Restoration Project by encouraging staff to plant coral reef at Nang-Rum Beach in Chonburi Province.

â&#x20AC;˘ 3GD "NLO@MX CNM@SDC SN SGD 1NX@K *@SGHM NM ADG@KE NE 'HR ,@IDRSX SGD *HMF @S 6@S !TDMF /Q@ +@M "G@H 1NHDS /QNUHMBD NQF@MHYDC AX !@MFJNJ !@MJ @MC CNM@SDC SN support earthquake victims in Nepal. â&#x20AC;˘ The Company provides an appropriate workplace health promotion and safety protection system which helps foster clean workplace environment, prevent the incidence of work related injuries and disease, increase the green area within the office and promote wearing disposable masks when necessary to protect public health in the workplace. â&#x20AC;˘ The Company highly values the development of society @MC BNLLTMHSHDR SNFDSGDQ VHSG "& A@RDC NODQ@SHNMR (M (%2Ă&#x201E; "21 @BSHUHSHDR HMBKTCD â&#x20AC;˘ The Company went to Ban Muang Mai School in Nan Province to present scholarship for poor students as well as to donate teaching equipment and supplies to the school.

072

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

REPORT OF THE BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

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Annual Report 2015

073

REPORT OF THE BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Company’s Board of Directors is responsible for the financial statements of the Company as well as financial information presented in the annual report. The Company’s financial statements for the year ended 31st December 2015 have been prepared in accordance VHSG 3G@HK@MCÄR &DMDQ@KKX BBDOSDC BBNTMSHMF /QHMBHOKDR & / (M OQDO@QHMF SGD EHM@MBH@K RS@SDLDMSR @OOQNOQH@SD @BBNTMSHMF ONKHBHDR have been adopted and regularly adhered to, using careful discretion and reasonable estimates. As well, key information has been adequately disclosed in the notes to the financial statements.

The Board also notes that all internal control systems contain its inherent limitations and no system of internal controls can provide absolute assurance against the occurrence of material errors, poor judgement in decision-making, human error, losses, fraud or other irregularities. However, the Board has put in place and maintained internal control systems, internal audit systems, risk management systems as well as appropriate and efficient corporate governance. The purpose is to ensure that the accounting information is accurate, complete and adequate, and that not only the Company’s assets and risk protection are properly maintained but also fraud @MC HQQDFTK@Q @BSHNMR @QD QD@RNM@AKX OQDUDMSDC (M SGHR BNMMDBSHNM SGD !N@QC NE #HQDBSNQR G@R @OONHMSDC SGD TCHS "NLLHSSDD VHSG all of its members being independent directors. The Committee is responsible for ensuring the quality of financial reports, reviewing accounting policies, reviewing internal control systems, the internal audit systems and the risk management systems. As well, it is responsible for ensuring that the disclosure of information about related party transactions is complete, adequate and appropriate.

The opinion of the Audit Committee is given in its report which is already included in this Annual Report.

The Board is of the opinion that the overall internal control systems of the Company are adequate and appropriate and give rise to the reasonable confidence that the Company’s financial statements of the year ended 31st December 2015 reflect rightly the Company’s financial status, performance and cash flows in an adequate and essence manner and have been audited by the certified auditors from Deliotte Touche Tohmatsu Jaiyos Co., Ltd. who have provided opinion as stated in the Auditors’ Report and already included in this Annual Report.

,Q 3@M '@H +DMF $TFDMD Chairman of the Board

,Q 3@M +DX 8DM Chief Executive Officer

074

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

REPORT OF THE AUDIT COMMITTEE

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m| j j ~ q ©}Ô x ~ p ¨~Ôk ¥k~ Ô ­ ¦ m }s ­©}Ô q jm| j j t ­p }m Ô pj kÔ j² } k p~ } j צ Óp ¥ © §} ¨ Ë m| j j ~ q ©}Ôq }¨ Ô j s¡ m ®p §} ¥ Û j s¡ Ó j ¢Ô k p ¢Ô vs ¦ ¢Ô~ q ¨ ¨ ¥ ñ p ­¥j ­ kÔ p jq j ® m| j j ~ q p©}Ô j s¡ Ó j ¢Ô vs §} © Ó ¢Ô k p ¥kÔ Ó s¡ }Ô ² m v¨ j w ~ Ô ­ ¡ ©}Ô} p ® • p j ¥p ©~ ¦ p j ¥p q² Ë Ó j ¢Ô vs ¦ ¢Ô ¥ ñ ¨ Ô ­ ¨q Ó p j ¥p m ¢j~Ô p~ ­m ¨ ² m v~ ~ y j vs ­ p ­ © ¦ j ¥ Ê}¥ kÔ ¢ Ó p¥ p m Ô ¦ ¥ Û ­¥sñ ©}Ô • kÔ ¢ j }² ¥ p ¦ j m m¡ ¨ ¥ ñ ¨ Ô ­ ¨q Ó j m m¡ ¨ ­¥ ¦ ¥ p §} q | q j p j ~ q ¨ k p ¢Ô~ q ¨ q j ¥ ¥ ¬ t ¥~ ×¥ s ­ ¦ m t ~ ®p q² j } ¦ q j © ¥ ¥ ¦m Ê~ q² j } pm§ × ®p ® © Ó ¥}¬ Ùv kÔ j Ó p ­¥ Û ² m v • Ó j ¢ Ô ¥ ñ ¨ Ô ­ ¨q Ó ©}Ô x ~ ~ jw Ó }Ô j צ ~ } j × jw ¥ k p ² jp m| j j j² j j צ ~ } j × kÔ j² }k p~ } j צ Óp ¥ © ¦ jw ­¥j ­ kÔ pj j j ¡ j qk p • q | m }¥ j ¥ ¦~Óp~ ®p ¦ ¥ mÓ ~ ¦ ¢Ô vs ~Ó m| j j ¥ ñ ² ¥ ~Ó ­ s¡ ¢Ô ¡Ô • j ² j Ó pj ®p j ­¥j ­ § pj j ­ q¥j }m k }¦ Ôp p § s × ¨ Ô¥ Û © ~ jw ¦ kÔ j² }k p~ } j × ®p ® ¥ ñ ¨ Ô ­ ¨q Ó j } pj Ó ¥ ~¡ ¦ ¥ Û § s × ¢p ¡}~Ó • ¥ j x ~ Ô k­ p~ ¥ p ¥ ñ ~ q ¦ ¥ j ² p §} ¥ ¥ j ¦ p x ~ } ­ k pm| j j ~ q k pj ¥ j x ~ Ô k­ pm| j j ~ q ¢Ó¨ ¥j|z× } ­ ¦ ¥ Û © ~ k ¥k~ Ô ­ j ­ ² }© Ô ¨ jw ~ m| j j ~ q }m Ô pj jj j² j }¢¦ j qj ­} ©}Ô Ó p • ¨ Ôm ¥ ¬ ~Ó m| j j ¨ ¥}¬ ² m v ­m| j j ~Ô pj ¨ Ôm| j j ~ q ¦ }pm ¥ m| j j ~ q ©}Ô x ~ Ô }­ Ô m m Ó p¥ Û ¦ ¦ }pm ¥ ¬ Ó p~ p© ~ p m| j j ~ q ¥ ¬ Ó p pj ¥p k p j q } ² ~ ~ y j vs ­ p ­ © j j² j }¢¦ j qj ­} j m ¥ ­ p¦ j m m¡ ¨ ­ ¦ ¥ ¥ p ®p j j² j }¢¦ j x ~ p ¨ Ô ¢j~Ô p~ jx jx¥j|zש}Ô Ó p¥ }m Ô pj ¦ } Ô j }² ¥ ¡ j q Ùqq¡

} ¢v § © m| j j ~ q

Annual Report 2015

075

REPORT OF THE AUDIT COMMITTEE Â&#x2021;šœ tĂ&#x2020;¾ºĂ&#x2026; vĂ&#x20AC;žžºĂ&#x2026;Ă&#x2026;œœ Ă&#x20AC;¡ |yÂ&#x2020; v²à ºĂ&#x2026;²½ Â&#x2022;Â&#x2021;š²º½²¿¾Â&#x2013; Â&#x192;v ´Ă&#x20AC;ÂżĂ&#x201E;ÂşĂ&#x201E;Ă&#x2026;Ă&#x201E; Ă&#x20AC;¡ Â&#x17E; Ă&#x201A;Ă&#x2020;²½º¡ºœ¾ |¿¾œà œ¿¾œ¿Ă&#x2026; wÂşĂ&#x192;ϫĂ&#x2026;Ă&#x20AC;Ă&#x192;Ă&#x201E;Â&#x2122; ¿²žœ½Ă&#x160;ÂĽ 1. Dr. Thamnoon Ananthothai 2. Mr. Suvait Theeravachirakul 3. Mr. Singha Nikornpun

Chairman of the Audit Committee Member Member

The Audit Committee performs their duties under the scope, duties, and responsibilities assigned by the Board of Directors which @QD HM @BBNQC@MBD VHSG SGD -NSHEHB@SHNM NE 3GD 2SNBJ $WBG@MFD NE 3G@HK@MC (M SGD TCHS "NLLHSSDD BNMCTBSDC LDDSHMFR 3GD TCHS "NLLHSSDD LDDSHMFR VDQD GDKC VHSG SGD "NLO@MXĂ&#x201E;R ,@M@FDLDMS SGD $WSDQM@K TCHSNQR @MC SGD (MSDQM@K TCHSNQR VGDM appropriate. Besides, the Audit Committee also held the meeting separately with the external auditors without the presence of the "NLO@MXĂ&#x201E;R ,@M@FDLDMS 3GD HLONQS@MS CDS@HKR B@M AD RTLL@QHYDC @R ENKKNVR â&#x20AC;˘ Review of the quarterly financial statements and the 2015 annual financial statements that were mutually agreed between the Auditors and the Management to ensure the accuracy and compliance of the generally accepted accounting standards, and to provide sufficient, complete and credible disclosure. â&#x20AC;˘ Examination of the internal control system was performed to ensure that the Company has appropriate and effective internal BNMSQNKR HM @BBNQC@MBD VHSG SGD QDONQS NE SGD (MSDQM@K TCHSNQR EQNL ," (MSDQM@SHNM@K "NMRTKSHMF "N +SC @MC (%2 "@OHS@K Limited (Singapore). There were no significant weaknesses or flaws found. â&#x20AC;˘ Mutual examination with the Management to ensure the Companyâ&#x20AC;&#x2122;s compliance with the requirements and rules of the Office of the Securities and Exchange Commission, The Stock Exchange of Thailand and the relevant laws governing the Companyâ&#x20AC;&#x2122;s business operations. â&#x20AC;˘ Consideration, nomination and proposal of remuneration of the external auditors to the Board of Directors were reviewed and proposed to the shareholdersâ&#x20AC;&#x2122; meeting for approval. â&#x20AC;˘ Review of related party transactions or conflict of interests transactions were performed in accordance with the laws and the notification of The Stock Exchange of Thailand and other related departments to ensure that the transactions were reasonable and provided the utmost benefits to the Company. â&#x20AC;˘ Conducting the Audit Committee self-assessment annually to review and evaluate the performance by benchmarking against best practice guidelines for audit committee. The evaluation result revealved that the Audit Committee had carried out their duties well and complied with the Audit Committeeâ&#x20AC;&#x2122;s Charter and Good Corporate Governance effectively. â&#x20AC;˘ Providing opinion on important matters to the Board of Directors.

The Audit Committee had performed their duties with independence and provided their opinions with truthfulness. The Committee opined that the Companyâ&#x20AC;&#x2122;s financial statements complied with the generally accepted accounting standards, had good corporate FNUDQM@MBD @MC DEEDBSHUD @MC @CDPT@SD QHRJ @MC HMSDQM@K BNMSQNK RXRSDLR (SR NODQ@SHNMR VDQD @BBTQ@SD @MC @OOQNOQH@SD OTQRT@MS SN laws and regulations, and in accordance with the present business environment.

#Q 3G@LMNNM M@MSGNSG@H Chairman of the Audit Committee

076

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

'6& 6 1 =ĕ.1 5g 9'5 1 <g6

A. 1 =ę ;1/<ę B)4 4 ''% 6' 'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

kÔ ¥qÔ ©}Ô~ q p j ¥p k p © ¥ ¥ ¦m Ê~ ¥ © q² j } s t ­p j }Ô p ¦ }py j ¥p | ­ m ¦ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ñ p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô ¦ p j ¦ ¥p } ² Ë ® ¡} ¥} j p ¥ ~¡ ¡ § j vs ­ ² m v¦ ¥ ~¡¥ ñ p ñ «

+6%'5 ċ 1 1 =ę 'è/6' Ę1 6'A è

¢ Ô ¥ Û ¢ Ô }s ¨ j q } ² ¦ j ² ¥ p j ¥p ¥ Ó §® } ¢j~Ô p~ m­ ~ ~ y j p pj ¥p ¦ }s ¥j ­ j j m m¡ ¨ ­ ¢Ô q | Ó q² ¥ Û ¥ ñ ¨ Ô q } ² p j ¥p ­ q jj ¦ }pkÔ ¢ k­ } ~Ó kÔ ¥ ¬qq p ¥ Û ² m v© Ó Ó q ¥j }q jj ¡q ~ kÔ } }

+6%'5 ċ 1 1 =ę.1 5g 9

kÔ ¥qÔ ¥ Û ¢Ô }s ¨ j ¦ }pm ¥ ¬ ~Ó p j ¥p } pj Ó q j j ~ q k pkÔ ¥qÔ kÔ ¥qÔ ©}Ô x ~ p ~ q ~ ~ y j vs t ­pj² }¨ ÔkÔ ¥qÔ x ~ ~ kÔ j² }}Ô q | p p¦ ¦ x ~ p ~ q ¥ ñ ¨ Ô©}Ôm ¥sñ ­ Ó p ¥ ~¡ Ó p j ¥p q jj ¦ }pkÔ ¢ ­k }~Ó kÔ ¥ ¬qq p ¥ Û ² m v © Ó j ~ q pj ¨sÔ j ~ q ¥ ñ ¨ Ô©}Ô t ­p jy j vs ¥j ­ j q² ¥p ¦ j ¥ Ê}¥ kÔ ¢ ¨ p j ¥p j ~ q ­¥ j¨sÔk ® ¢Ój }¡ qk p ¢Ô vs t ­p pj ¥ m ¥ ­ pq jj ¦ }pkÔ ¢ ­k }~Ó kÔ ¥ ¬qq p ¥ Û ² m vk pp j ¥p © Ó Ó q ¥j }q jj ¡q ~ kÔ } } ¨ j ¥ m ¥ ­ p} pj Ó ¢Ô vs q | j m m¡ ¨ ­¥j ­ kÔ pj j q } ² ¦ j ² ¥ p j ¥p §} ¢j~Ô p~ ­m k pj qj ¥ ñ j¦ j ~ q ­¥ j j |× ¦~Ó© Ó¨sÓ¥ ñ ~ ¡ pm× ¨ j ¦ }p m ¥ ¬ ~Ó k pj m m¡ ¨ k pj qj j ~ q pj ¥ m ¥ k p § j vs ­¨sÔ¦ m ¥ ~¡ k p |j p vs ­q } ² k ® §} ¢Ô ®pj ¥ j ² ¥ p j ¥p §} kÔ ¥qÔ ¥sñ Ó jy j vs ­kÔ ¥qÔ ©}Ô ¥ p ¦ ¥ ¥ ñ ¥ Û ¥j|z× ¨ j ¦ }pm ¥ ¬ k pkÔ ¥qÔ

+6%A/H

kÔ ¥qÔ ¥ ¬ Ó p j ¥p kÔ p~Ô ®¦ }py j ¥p k p © ¥ ¥ ¦m Ê~ ¥ © q² j } s | ­ m ¦ j }² ¥ p ¦ j ¦ ¥p } ² Ë ® ¡} ¥} j §} ¢j~Ô p~ ­m ¨ ² m v~ ~ y j p pj ¥p

'< A "%/6 '

­ j¡ ×

j p | ¢Ô vs ¡v ~¥ k ¥

'è-5 9)1& Ĝ =ę C %5 .< E &&, .1 5g 9 N6 5

Annual Report 2015

077

REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS {x {t x{ wx t w u t w y w| xv |y vt | t {t| t w u |v v t | | xw

6D G@UD @TCHSDC SGD EHM@MBH@K RS@SDLDMSR NE (%2 "@OHS@K 3G@HK@MC "NLO@MX +HLHSDC VGHBG BNLOQHRD SGD RS@SDLDMS NE EHM@MBH@K position as at December 31, 2015, and the statement of profit or loss and other comprehensive income, statement of changes in shareholders’ equity and statement of cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

²¿²¸¶¾¶¿ÅÚÄ ¶ÄÁÀ¿Äº³º½ºÅÊ ·Àà Ź¶ yº¿²¿´º²½ ŲŶ¾¶¿ÅÄ

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

tƵºÅÀÃÚÄ ¶ÄÁÀ¿Äº³º½ºÅÊ

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Thai Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the EHM@MBH@K RS@SDLDMSR VGDSGDQ CTD SN EQ@TC NQ DQQNQ (M L@JHMF SGNRD QHRJ @RRDRRLDMSR SGD @TCHSNQ BNMRHCDQR HMSDQM@K BNMSQNK QDKDU@MS to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Áº¿ºÀ¿

(M NTQ NOHMHNM SGD @ENQDLDMSHNMDC EHM@MBH@K RS@SDLDMSR OQDRDMS E@HQKX HM @KK L@SDQH@K QDRODBSR SGD EHM@MBH@K ONRHSHNM NE (%2 "@OHS@K (Thailand) Company Limited as at December 31, 2015, and its financial performance and its cash flows for the year then ended in accordance with Thai Financial Reporting Standards..

ut z~ ~

February 16, 2016

Nisakorn Songmanee Certified Public Accountant (Thailand) Registration No. 5035

wx | x v{x { t }t| t w| v w

078

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

B. 6 4 6'A é +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

.8 '5"&Ę × ¡ ¥ ¥p }¦ j ¥ ¥ Ó ¥p }

4.3

¢j ®q jj t ® ¥ j Ô p

5

¢j ®q j vv ¥sÓ t ® ­m j² }s² ¨ ­p Ë

6

¢j ®~ vv ¥sÓ ­m j² }s² ¨ ­p Ë

¥p ¨ Ôj¢Ô mÓ t ® mÔ

8

33,212,643

¢j ® ­ ­¥j ­ kÔ pj

23

3,253,168

× ¡ ¥ ­ × ¡ ¥ ש Ó ¡ ¥ ¥p j m ­¨sÔ¥ Û j j

154,168

¢j ®q j vv ¥sÓ t ®

6

¢j ®~ vv ¥sÓ

m ¦ ¡ j |×

10

p ×¥ ­ j p ¡

11

-

ש Ó ~ ~

12

× ¥p ©}Ô j ~ } vs

13

333,150

ש Ó ¡ ¥ ­ ש Ó ¡ ¥ ×

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

Annual Report 2015

079

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

B. 6 4 6'A é ę1 +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

/ 9J.8 B)4.Ĕ+ 1 =ĕ ;1/<ĕ ® ¡ ¥ ¥p j¢Ô ® q j j ¥p

14

2,010,000,000

¥p j¢Ô ­m j² }s² ¨ ­p Ë

15

285,240,000

¥qÔ ® ­ ­¥j ­ kÔ pj

23

50,041

-

62,504,528

2,225,546,311

® ¡ ¥ ­ ® ¡ ¥ ® © Ó ¡ ¥ ¥p j¢Ô

15

103,500,000

¢j § s × jp

® © Ó ¡ ¥ ®

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

080

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

B. 6 4 6'A é ę1 +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

18

20

/ 9J.8 B)4.Ĕ+ 1 =ĕ ;1/<ĕ | Ĕ1} Ó k p¥qÔ k p ¡ ¥ ¡Ô ¡ q} ¥ ¡Ô v ¡Ô ¢ mÓ ¡Ô ¡ ­ j¦ s² ¦ Ô ¡Ô v ¡Ô ¢ mÓ ¡Ô s² ¥~¬ ¢ mÓ Ó ¥j ¡ Ó ¥j ¢ mÓ ¡Ô j² © q } ¦ Ô ¡ ² p~ jw p© Ó©}Ôq } Ó k p ¢Ô ¡Ô ® ¦ Ó k p ¢Ô ¡Ô

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

Annual Report 2015

081

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

N6E' 6 < B)4 N6E' 6 < A H A.'H 1;I .N6/'5 Đ.8ù .< +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

235,411,223

1,083,410

©}Ôq j vv ¥sÓ j ¥p

©}ÔmÓ ¥ ¦ j q jj t ® ¥ j Ô p

81,002,250

©}Ô ­

mÓ ¨sÔqÓ ¨ j k

mÓ ¨sÔqÓ ¨ j

31,008,336

mÓ ¥ ­ ® p q ¢v

25,801,566

mÓ ¨sÔqÓ

145,562,438

120,244,418

212,263,224

~Ô ¡ pj ¥p

64,861,654

j² © jÓ ¥p ©}Ô

118,115,468

©}Ô ©}Ôq jj t ® ¥ j Ô p ©}Ôq jj ¨ Ô¥sÓ t ®

©}Ô mÓ ¨sÔqÓ

mÓ ~ ¦ ¢Ô

23

j² © jÓ ~Ô ¡ pj ¥p ¦ ¥p ©}Ô

¥p ©}Ô

22

j² © ¡ ² Ë j² © ~Ó ¡Ô k ® ® y

0.25

q² ¡Ô v ¥r ­ Ó p ²® j

¡Ô

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

082

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

B. 6'A )9I& B ) .ę+ 1 =Ě ;1/<Ě .N6/'5 Đ.8ù .< +5 9I ä 5 +6 % £ Ó

/%6&A/ < < 9I11 B)4 .Ĕ+ A 8 N6'4B)ĕ+ %=) Ĕ6/<ĕ

}mp¥ ~Ô Ë | ­ j m

N6E'.4.% '+% 5 .''B)ĕ+ &5 E%Ĕ E ĕ 5 .'' .Ĕ+ 1 =ĕ ;1/<ĕ < .N6'1

6% /%6&

-

(63,450,000)

(63,450,000)

-

j ¥ ­ ¦ p Ó p Ë -

j² © ¥ ¬}¥ ¬q ¥p Ù qÓ

¡ ² p~ jx

20

-

-

}mp¥ p } | ­ m

}mp¥ ~Ô p } | ­ j m

j ¥ ­ ¦ p Ó p Ë j² © ¥ ¬}¥ ¬q

-

-

-

118,115,468

118,115,468

¥p Ù qÓ

-

-

-

(68,150,000)

(68,150,000)

¡ ² p~ jx

20

-

-

-

}mp¥ p } | ­ m

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

Annual Report 2015

083

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

'4B.A é . .N6/'5 Đ.8ù .< +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

25,801,566

-

16,841,463

(154,203)

64,006,624

mÓ ¨sÔqÓ § s × jp

4,143,625

3,386,150

mÓ ¥ ­ m ¦ mÓ ~ }q² Ó

(135,621,108)

¢j ®~ vv ¥sÓ

¥p ¨ Ôj¢Ô mÓ t ® mÔ

(500)

(2,481)

(3,308)

(133,520)

40,000

50,041

qÓ } j¥ ®

qÓ ¥p ©}Ô

(33,214,128)

40,801,213

j ¦ ¥p }q jj qj }² ¥ p j² © jÓ ¥p ©}Ô ¡p}Ô mÓ ¥ ­ ® p q ¢v § j ~ }q² Ó ® p q ¢v j² © q jj k × mÓ ¨sÔqÓ } j¥ ® qÓ

×}² ¥ p ¥ ­ k ® } p ¢j ®q jj t ® ¥ j Ô p ¢j ®q j vv ¥sÓ t ®

¢j ® ­ ­¥j ­ kÔ pj × ¡ ¥ ­ ¥p j m ­¨sÔ¥ Û j j ש Ó ¡ ¥ ­ ® }² ¥ p ¥ ­ k ® } p ¥qÔ ® ­ ­¥j ­ kÔ pj ® ¡ ¥ ­ ¥p }qÓ q jj }² ¥ p

¥p } ¡ ©}Ô q jj qj }² ¥ p

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

084

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS

6'A è

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

'4B.A é . ę1 .N6/'5 Đ.8ù .< +5 9I ä 5 +6 % £ Ó

/%6&A/ <

äçç

äçç

j ¦ ¥p }q jj qj p ¡ ¥p }qÓ ¥ ­ t ® ×

4.1

(68,281,121)

¥p }qÓ ¥ ­ t ® ש Ó ~ ~

4.2

¥p } q jj k ×

413,084

154,206

¥p } ¡ ¨sÔ© ¨ j qj p ¡

(3,831,461)

¥p }qÓ m ¥p j¢Ô ® ¦jÓ j ¥p

¥p } q j¥p j¢Ô ® q j j ¥p

13,145,000,000

2,164,000,000

¥p }qÓ m ¥p j¢Ô ¦jÓ j ¥p

(285,240,000)

¥p } q j¥p j¢Ô q j j ¥p

-

400,000,000

(68,150,000)

(63,450,000)

¥p } ¡ ©}Ô q j ¨sÔ© ¨ j qj q } ¥p

86,610,000

(538,030,000)

¥p }¦ j ¥ ¥ Ó ¥p }¥ ­ k ® } p ¡

j ¦ ¥p }q jj qj q } ¥p

¥p }qÓ ¥p Ù

¥p }¦ j ¥ ¥ Ó ¥p }~Ô Ë ¥p }¦ j ¥ ¥ Ó ¥p } Ë

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

4.3

Annual Report 2015

085

'è-5 E1A1#A1. B ď 1) '4A ,E & N6 5 %/6

/%6&A/ < '4 1 6'A é .N6/'5 Đ.8ù .< +5 9I ä 5 +6 % ¢

ä ę1%=) 5I+E B)4 6' N6A 8 6 1 '8-5 ©}Ôq} ¥ ¥ Û q² j }¨ ¥} m ¨~Ôjw k p ¥ © ¦ ©}Ô} ² ¥ j q} ¥ ¦ ¥ Û s q² j } j j p | s × ¥ ­ ­ ¥ §} ² jp ~ ®p ¢Ó ­s ® m ¡ ¥ × ¥ k ­ ¦k p ¡Óp ¥ o ¥k~ j ¡p¥ ¡ j q jk p ©}Ô¦jÓj t ® ¥ j Ô p ² ¡ j q vv ¥sÓ t ® ¦ vv ¥sÓ ¢Ô ¡Ô ¨ vÓ ©}Ô¦jÓ © ¥ ¥ ¦m Ê~ § } ®p × ¥ © q² j } ¡Ô Ô ¦ (%2 "@OHS@K +HLHSDC t ­p q} ¥ ¨ ¥ pm§ × ¡Ô Ô ®p ® ¢Ô ¡Ô ¨ vÓk p (%2 "@OHS@K +HLHSDC m /GHKKHO RRDS /SD +SC t ­pq} ¥ ¨ ¥ pm§ × ¡Ô Ô ¥ Û m ~Ó p}Ô ¦ ©}Ô ­ k ¨ ¡v ~ j ¡ j q~ ~ ¦ Óp s vv ~ j j ¡ j qk pm ~Ó p}Ô ¦ ©}Ô ¨ ¡v ~ j ¡ j qk pm ~Ó p}Ô p ­ j jw m q jj { ¡ j qj mÔ j ¡ j q vs j ² ¡ j q j } p ® ¦ Ûj¥~ ­p ¨ Ô¥sÓ ¦ t ­p¦ ¨ Ô¥sÓ t ® ¥r ¦jÓ ¢Ô j ¥} ­ ¢j ~ vv ¨ Ô¥sÓ ¦ t ­p¦ ¨ Ô¥sÓ t ® ®p ® q ~Ô p x ~ ~ ¥p ­ ©k ­j² }© Ô¨ ¨ ¡v ~ j ¡ j qk pm ~Ó p}Ô ¥ ­ ­ q j ©}Ô ­ k ¨ ¡v ~ j ¡ j q vs j ² ¡ j q j ¨ Ô¥sÓ ¦ t ­p ¦ ¨ Ô¥sÓ t ® mÔ ¥ ¦ ¥m ­ pq j ­¨sÔ¨ ¡~ j ¥m ­ p ­¨sÔ¨ j ¥m ­ Ô mÔ ¥ k Óp ¦ ¨sÔp ¥j ~ j ¦jÓ ¢Ô j ¨ Ó ¦ ©}Ô ¡ ~ q jj { ¡ j qj mÔ ¨ Ô j ¡ j q~ ­k kÔ p~Ô ¥ ­ ­ ¥ ~Ó ¥ ­ ­ ¡ ©}Ô ­ k ¨ ¡v ~ j ¡ j q vs j ² ¡ j q j ¨ Ô¥sÓ ® ­ m ² jp Ô ®p |¢ § m¦ ­p ² m } jj ¦ Óp ­p ¦ ©}Ô ¡ ~ q jj { ¡ j qj mÔ ¥ ­ ­ j

086

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

A Ĝ 6' 5 N6B)4 N6A. 1 6'A 8 q } ² vs ¥ Û ¥p ¦ q } ² p j ¥p ~ jw ¥ Û © ~ ~ y j p pj ¥p ¦ x ~ pj vs ­ p ­ © ¨ ¥ © p j ¥p k p ©}Ôq } ² k ® ~ ~ y j vs r ­ ¡p ¥ ­ p Åj ² ¥ p j ¥p Æ ¦ ~ kÔ pm k p ~ } j צ Óp ¥ © p ­ j m ¥ ­ p Åj q } ² ¦ Ópp j ¥p ¦ j ¥j ­ j y j ¥p ¦ j }² ¥ p k p q} ¥ Æ ¦ ~ j j { ¡ j qj mÔ p ­ j ¥ ­ p Åj² } j Ó ­~Ô p ¨ p j ¥p Æ ~ y j p pj ¥p ­ ~Ó j p ¦ j ¥ Ê}¥ kÔ ¢ ¨ p j ¥p ² vs Ùqq¡ s s vs ©}Ô j j ­¥j ­ j ~ y j p pj ¥p ­ pm ¨sÔ ² p j ¥p ­ ¥ vs ­¥ ­ ¨ p ­ j m ¥ Û ~Ô © } p~Ó © ® ~ y j vs r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p

j ² ¥ p j ¥p mÔ mp¥ p j ¦ ¥p } § j vs j ¥ ­ ¦ p |j p vs ¦ kÔ } } ¥ ~¡j |× p ¥ p vv jÓ Ô p ¥p ©}Ô ­} m ¦ ¡ j |× vv ¥sÓ ©}Ô § s ×k p jp j vs ² ¥p ¡} ¡ q j y ¦ j ¥ Ê}¥ kÔ ¢ ¥j ­ j m sÓ ¥ q j y j q jj ¥ ­ ¦ pk p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ ~Ô ¡ j j¢Ô j ¥ Ê}¥ kÔ ¢ ¥j ­ j ¡mm j qj ­¥j ­ kÔ pj j vs ¦ j p §m pj § s ×¥ ­ jq jp p j ¥p ¥r j qj ¥p p ¡ ¨ Ó j p pj ¥p ¨ ¥ yj q ­¥p ¥ Ï ¡ ¦ p j² © ~Ó ¡Ô p j ¥p Ó pj j }Ô mÓ k p × |j ® ® ­ q¥j }k ® ¦ × ­ q¥j }k ® ש Ó ~ ~ p ×¥ ­ j p ¡

Annual Report 2015

087

~ y j p pj ¥p r ­ ¡p j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× r ­ ¡p j ¡ j q r ­ ¡p ש Ó ¡ ¥ ­ © Ô¥ ­ k ¦ j }² ¥ p ­ j¥ j r ­ ¡p j ² q¦ ¥ mÓ ¦ Óp j ¦ Ó r ­ ¡p Ó p }² ¥ p r ­ p j ¥p r ­ j Ó j p r ­ j ¥ Ê}¥ kÔ ¢ ¥j ­ j Ó ©}Ô¥ ¨ j qj ­ r ­ j } ¢ mÓ ¡~ j ~ m ~ y j vs r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p

m sÓ ¥ q j y j | ­© Ó m ¥j ­ kÔ p Ó p¥r ¥q qpj j qj }² ¥ p vv ¥sÓ }² ¥ p ­pq¢p¨q ­¨ Ô¦jÓ ¢Ô¥sÓ ¥p ©}Ô j ¥ ­ ¦ p p k pj qj k p ¢Ô ¡Ô j ¥ ¥ ® vv ¥sÓ ­ ² k ® ~ ¢ ¦ jw j ¥ Ê}¥ kÔ ¢ k pkÔ ~j p j ©}Ô j ¦ j¥ ­ ¥j ­ j j §o | ש Ó ~ ~ ~Ô ¡ ¥ ¬ ©t~×

j ~ m ~ y j p pj ¥p r ­ ¡p j ¥ ­ ¦ p¨ ® ­¥j }k ® q jj ® j ¢ | ¦ ® ­ j | m Ô m pj r ­ ¡p j ¥ Ó kÔ ~j p j }Ô vv ¥sÓ © Ó r ­ ¡p ¨ Ó ©}Ô¥ q jj p ¡ j ® j ¢ | ¦ j ¡p ¦ } Ô r ­ ¡p j ¡p Ô p ¨~Ô ~ y j vs r ­ ¥ ­ p j p pj ¥p ¨ ¥ yj q ­ ¥p ¥ Ï ¡ ¦ p r ­ ¡p p j ¥p Ó pj ¦ j }Ô mÓ r ­ ¡p kÔ ~j p j r ­ ¡p § ¦j ¥ ¦jÓ ¢jmÔ r ­ kÔ q² j } ×~ §m pj § s × kÔ j² }¥p ¡ k ® ~²­ ¦ x ×k p j ¥ Ó ® ² ~ y j vs r ­ ¥ ­ p § s ×k p jp r ­ ¡p vv ² j jÓ Ô p p × r ­ ¡p j qÓ × ­© Ó¨sÓ¥p }¨ Ô¥qÔ k p r ­ ¡p j § ×q j ¢jmÔ r ­ ~Ô ¡ j ¥ Ê} Ô } ¨ sÓ pj ~ ² ¥ p } j ¦ m } ² j p pj ¥p ¡p ~ y j p pj ¥p kÔ p~Ô © Ó j Ó p¥ Û ² m v~Ó p j ¥p ® j¥ Ô ~ y j p pj ¥p r ­ t ­p ² ¨ Ôj qj ~Ô p¥ Ê}¥ kÔ ¢ ¥ ­ ¥~ }¢ ¥ ~¡kÔ

088

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED ~ y j p pj ¥p t ­p©}Ô j ¨ sj qq ¡¥ j ¦ Ô ¦~Ó p© Ó pm ¨sÔ s s vs ©}Ô j j ­¥j ­ j ~ y j p pj ¥p ­ pm ¨sÔ ² p j ¥p ­ ¥ vs ­¥ ­ ¨ p ­ j m ¥ Û ~Ô © } p~Ó © ® ~ y j vs r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p

j ² ¥ p j ¥p mÔ mp¥ p j ¦ ¥p } § j vs j ¥ ­ ¦ p |j p vs ¦ kÔ } } ¥ ~¡j |× p ¥ p vv jÓ Ô p ¥p ©}Ô ­} m ¦ ¡ j |× vv ¥sÓ ©}Ô § s ×k p jp j vs ² ¥p ¡} ¡ q j y ¦ j ¥ Ê}¥ kÔ ¢ ¥j ­ j m sÓ ¥ q j y j q jj ¥ ­ ¦ pk p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ ~Ô ¡ j j¢Ô j ¥ Ê}¥ kÔ ¢ ¥j ­ j ¡mm j qj ­¥j ­ kÔ pj j vs ¦ j p §m pj § s ×¥ ­ jq jp p j ¥p ¥r j qj ¥p p ¡ ¨ Ó ¦ j Ó mÔ j p pj ¥p ¨ ¥ yj q ¥­ p ¥ Ï ¡ ¦ p j² © ~Ó ¡ Ô p j ¥p Ó pj j }Ô mÓ k p × |j ® ® ­ q¥j }k ® ¦ × ­ q¥j }k ® ש Ó ~ ~ p ×¥ ­ j p ¡ ¥j ~ j

~ y j p pj ¥p r ­ ¡p j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× r ­ ¡p j ¡ j q r ­ ¡p vv j ש Ó ¡ ¥ ­ © Ô¥ ­ k ¦ j }² ¥ p ­ j¥ j r ­ ¡p r ­ ¡p j ² q¦ ¥ mÓ ¦ Óp j ¦ Ó r ­ ¡p Ó p }² ¥ p r ­ ¡p p j ¥p r ­ ¡p j Ó j p r ­ ¡p j ¥ Ê}¥ kÔ ¢ ¥j ­ j Ó ©}Ô¥ ¨ j qj ­ r ­ ¡p j } ¢ mÓ ¡~

Annual Report 2015 j ~ m ~ y j vs r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p r ­ ¡p

089

m sÓ ¥ q j y j | ­© Ó m ¥j ­ kÔ p Ó p¥r ¥q qpj j qj }² ¥ p vv ¥sÓ }² ¥ p ­pq¢p¨q ­¨ Ô¦jÓ ¢Ô¥sÓ ¥p ©}Ô j ¥ ­ ¦ p p k pj qj k p ¢Ô ¡Ô j ¥ ¥ ® vv ¥sÓ ­ ² k ® ~ ¢ ¦ jw j ¥ Ê}¥ kÔ ¢ k pkÔ ~j p j ©}Ô j ¦ j¥ ­ ¥j ­ j j §o | ש Ó ~ ~ ~Ô ¡ ¥ ¬ ©t~×

j ~ m ~ y j p pj ¥p r ­ ¡p j ¥ ­ ¦ p¨ ® ­¥j }k ® q jj ® j ¢ | ¦ ® ­ j | m Ô m pj r ­ ¡p j ¥ Ó kÔ ~j p j }Ô vv ¥sÓ © Ó r ­ ¡p ¨ Ó ©}Ô¥ q jj p ¡ j ® j ¢ | ¦ j ¡p ¦ } Ô r ­ ¡p j ¡p Ô p ¨~Ô ~ y j vs r ­ ¥ ­ p j p pj ¥p ¨ ¥ yj q ­ ¥p ¥ Ï ¡ ¦ p r ­ ¡p p j ¥p Ó pj ¦ j }Ô mÓ kÔ ~j p j r ­ ¡p r ­ ¡p § ¦j ¥ ¦jÓ ¢jmÔ r ­ ¡p kÔ q² j } ×~ §m pj § s × kÔ j² }¥p ¡ k ® ~²­ ¦ x ×k p j ¥ Ó ® ² ~ y j vs r ­ ¡p ¥ ­ p § s ×k p jp r ­ ¡p vv ² j jÓ Ô p p × r ­ ¡p j qÓ × ­© Ó¨sÓ¥p }¨ Ô¥qÔ k p r ­ ¡p j § ×q j ¢jmÔ r ­ ¡p ~Ô ¡ j ¥ Ê} Ô } ¨ sÓ pj ~ ² ¥ p } r ­ ¡p ¥p ­ ² Óp y j ¦ m } ² j p pj ¥p ¡p ¦ j x ~ j } ¢ mÓ ¦ ¢Ô j k p s¥ ­ j ¨ Ô ~ ¢Ô k p q ² ~ y j p pj ¥p r ­¥j ­ kÔ pj ¥ ­ x ~ j p j ¥p k p ¥ ­ ~ y j p pj ¥p } pj Ó pm ¨sÔ ¢ Ô k p ©}Ô ¥ j k p ~ y j p pj ¥p } pj Ó kÔ p~Ô ¦ ¥ ¬ Ó © Ó j Ó p¥ Û ² m v ~Ó p j ¥p ² p } ­¥ ­ ¨sÔ ~ y j p pj ¥p } pj Ó

090

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

C& 6& 6' 5g 9 9I.N6 5g p j ¥p ®©}Ôq } ² k ® §} ¨sÔ¥j|z× m ¡ ¥} ¨ j } ¢ mÓ k p pm× j k pp j ¥p j¥ Ô ~ ­©}Ô¥ Ê}¥ ¨ § j vs § j vs ­ ² m vk p §} ¡ } p~Ó © ® ¥p }¦ j ¥ ¥ Ó ¥p } ¥p }¦ j ¥ ¥ Ó ¥p } j }Ô ¥p }¨ ¥p j m ¦ ¥p j q² ­m j² }s² m ¨ ¥} Ô j Ó ¦ © Ó ¥p j m ­ ² © p¥ Û j j j ¢Ô ©}Ô ©}Ôq jj t ® ¥ j Ô p ¢Ô~ ¥j|z×mpmÔ p ©}Ôq jj ¨ Ô¥sÓ t ® ¢Ô§} ¨sÔ ~ } j¥ ® ­¦ Ôq p DEEDBSHUD HMSDQDRS Q@SD ©}Ôq j vv ¥sÓ pj ¥p ¢Ô§} ~ } j¥ ® ­¦ Ôq p DEEDBSHUD HMSDQDRS Q@SD ©}Ô} j¥ ® q jj ¨ Ô¥sÓ t ® ¦ q j vv ¥sÓ pj ¥p ¢Ô~ ¥j|z×mpmÔ p j¥ Ô } j¥ ® ­ } }s² ~ }~Ó j ¥j ¥} ¢Ô~ ¥j|z×¥p } ©}ÔmÓ ¥ ¦ j q jj t ® ¥ j Ô p ¢Ô¥ Û ©}Ô¥ ­ § ©}ÔmÓ ¥sÓ ¢Ô~ ¥j|z×mpmÔ p ¢j ® ¢j ®q jj t ® ¥ j Ô p¦ }p } ¡ q jmÓ ¥ ­ ® p q ¢v ¢j ®q j vv ¥sÓ t ® ¦ ¢j ®~ vv ¥sÓ ¦ }p§} ¨sÔ }mpmÔ p~ vv ¥sÓ t ® ¦ vv ¥sÓ pq j j ©}Ô pj ¥p ~ ®p j¦ mÓ ¥ ­ ® p q ¢v¦ Ô mÓ ¥ ­ ® p q ¢v mÓ ¥ ­ ® p q ¢v~ ®p~ q² ® ­m } Ó q ¥ j¥j¬ © Ó©}Ô§} j ¥m ×y k p ¢j ®¦~Ó ¥j|zר j ~ ®pmÓ ¥ ­ ® p q ¢v} p ®

¢j ®mÔ ps² ~ ®p¦~Ó ¥} ¦~Ó© Ó¥j ¥} ¢j ®mÔ ps² ~ ®p¦~Ó ¥} ¦~Ó© Ó¥j ¥} ¢j ®mÔ ps² ~ ®p¦~Ó ¥} k ® ©

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jq j ® ©}Ô q | j ~ ®pmÓ ¥ ­ ® p q ¢v§} ¨sÔ j j ² p¥ Û j ¡Ó ¢j ® "NKKDBSHUD A@RHR ² ¢j ®q jj t ® ¥ j Ô p ¢j ® vv ¥sÓ t ® ¢j ®~ vv ¥sÓ ¦ ¥p ¨ Ôj¢Ô mÓ t ® mÔ ­q }s ® j~ ¦ ¢j ® ­m Ô ps² © Ó¥j ¥} ­ j | m ¥ ­ p}Ô ¥m } ~m Ô m pj §} ¨sÔk Ô ¢ ® v ¢ ¨ } ~¥ ­ |j mÓ ¥ ­ ® p q ¢vk p ¥s ­ ¨ ¦~Ó j ¡Ó }¢ ¥ ~¡kÔ ¦

Annual Report 2015

091

m ¦ ¡ j |× m ¦ ¡ j |× ¦ }p~ m ¡ jmÓ ¥ ­ m ¦ mÓ ¥ ­ j }Ô mÓ Ô mÓ ¥ ­ m m² |§} ¨sÔ ¥ Ô ~ p~ ¡j ¨sÔp §} |k p × t ­p } p~Ó © ® m s¡} ¥m ­ p~j¦~Óp¦ ¥m ­ p¨sÔ ² jp

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m ¦ ¡ j |× ­¥j }j }Ô mÓ q ¢j jmÓ ¥ ­ j }Ô mÓ ¥ ­ ¢Ô k } ¡ ­ p© Ó¥j }k ® q jj }Ô mÓ ¥ Û mÓ ¨sÔqÓ ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ p ×¥ ­ j p ¡ p ×¥ ­ j p ¡ ©}Ô¦jÓ p × ­ m p¥ ­ § s ×q j ©}ÔmÓ ¥sÓ q j ¢ mÓ ­¥ ­ k ® ®p p Ó p ®p ®© Ó©}Ô © Ô¥ ­ k ~ j~ ¡ j q ¨sÔ¨ j ~ q } mÔ ¨ Ô j ¨sÔ¨ j p j ¢ mÓ p ×¥ ­ j p ¡ ¨ m ¡ p~Ô ¡ ­¥j ­ kÔ p¦ jmÓ ¥ ­ j } ¢ mÓ k } ¡ q jj } ¢ mÓ Ô mÓ ¥ ­ m m² |§} ¥ Ô ~ p~ ¡j ¨ Ô § s ק} |k p × ®p ® ¡j ¨ Ô § s ×k p p ×¥ ­ j p ¡ §} | Ë p ×¥ ­ j p ¡ ­¥j }j }Ô mÓ q ¢j jmÓ ¥ ­ j }Ô mÓ ¥ ­ ¢Ô k } ¡ ­ p© Ó¥j }k ® q jj }Ô mÓ ¥ Û mÓ ¨sÔqÓ ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ~Ô ¡ k p p ×¥ ­ j p ¡ ©­ }Ô §} j t ® j }Ô m t ® ¦ qÓ p~ p¨}« ¥­ j ­ j j q } × ©}Ô¦jÓ mÓ ¥ s s ² j pjw mÓ ¨ j § × ¦ ~Ô ¡ ¨ j ² j ­ « ­¥j ­ kÔ p ש Ó ~ ~ ¦ mÓ ~ }q² Ó ×© Ó ~ ~ ¦ }p~ m ¡ jmÓ ~ }q² Ó mÓ ~ }q² Ó ¦ mÓ ¥ ­ j }Ô mÓ Ô mÓ ~ }q² Ó m² |§} ¨sÔ ¥ Ô ~ p~ ¡j ¨ Ô § s ק} |k p × ®p ® ¡j ¨ Ô § s ×k p§ ¦j m ¥~ ק} | Ë ×© Ó ~ ~ ­¥j }j }Ô mÓ q ¢j jmÓ ¥ ­ j }Ô mÓ ¥ ­ ¢Ô k } ¡ ­ p© Ó¥j }k ® q jj }Ô mÓ ¥ Û mÓ ¨sÔqÓ ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ¢j § s × jp ¢Ô ¢j § s × jp ² ¥p s}¥s j ¥ jqÔ p¨ Ô¦jÓ jp ~ jw ¦ pp k p ¥ © ¦ ¢j § s ×k p jp ² j ² p ¨ Ôj ¥ Û ¥ ¢j § s × jp } pj Ó m² |§} ¨sÔ¥ m m j |j ~ jm| ~ ~ × j BST@QH@K 3DBGMHPTD ¥ Û |j q j ¢ mÓ Ùqq¡ k pj ¦ ¥p } ­m } Ó q ~Ô pqÓ ¨ m~¦ m² |m } }§} ¨sÔ ~ } j¥ ® k p ~ y ­ j² }¥ ¨j Ô¥m pj ¥ k p ® } pj Ó §} |j j ¦ ¥p } ­m } Ó q ~Ô pqÓ ¨ m~ ® |j q j¥p ¥} jp ~ j j ¡p ¦ Ùqq ­ j² © k } ¡ q jj ¥ ­ ¦ p ¢j § s × jp q ¢¥Ô Û mÓ ¨sÔq Ó ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ¥ ¬}¥ ¬q ² ¥ vs ­¥j } j ® ®p ® mÓ ¨sÔqÓ ­¥j ­ kÔ pj § s ×k p jp q j¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ¥ ­ j q ~Ô ¡ } pj Ó ~ } ¥ k pj qÔ pp }¢ ¥ ~¡kÔ

092

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

mÓ ¨sÔqÓ ¥p ©}Ô mÓ ¨sÔqÓ ¥p ©}Ôm² |q jj² © p ¥p ©}Ôm¢|}Ô ~ ¥p ©}Ô~ jw ~ ­ j ¨sÔ | ­¨ p ¦ }py j ¥p ¦ ¡p}Ô j ­¥j }q jj j vs ~ j vs ¥p ©}Ô j ~ } vs צ ® ¥p ©}Ô j ~ } vs ¥j }q j ¦~j~Ó ps ­ m Ó p m ~ vs k p × ® ¨ p ¦ }py j ¥p j ~ y ® ¥p ©}Ô j ~ } vs q ¢ Ô ² ¦~j~Ó ps ­ m ¡j j ² × ¥p ©}Ô j ~ } vs q ¢Ô¥ ­ m ¥ Û © ©}Ô Ó q j² © p ¨ m~ ­¥ p ­q ¨sÔ § s ×q j ¦~j~Ó ps ­ m ­¥j }k ® ® ¥p ©}Ô j ~ } vs ¢Ô¥ Û ©}Ô mÓ ¨sÔqÓ ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ j¥ Ô j | ­ ¦~j~Ó ps ­ m ® ¥ Û j ­ j§} ~ p¨ Ó k p ¢Ô ¡Ô mÓ ¥p ©}Ô j ~ } vs ­¥j ­ kÔ pj j } pj Ó q ¢j j jq j j } pj Ó ¨ Ó k p ¢Ô ¡Ô × ¥p ©}Ô j ~ } vs ¦ ® ¥p ©}Ô j ~ } vs q jj j ¥ ­ ~ jw ¦ m ~ ®p¨q ­ q ¥ ¥p ©}Ô}Ô } ¡ j² © ~Ó ¡Ô k ® ® y j² © ~Ó ¡Ô k ® ® y m² |§} j j² © ¡ }Ô q² ¥r ­ Ó p ²® jk p ¡Ô v ­ ¨ Ó p Ë ¨ j | ­ j ¥ ­ ¡ m² | ¡Ô v ¥r ­ Ó p ²® j~ ¥ ­©}Ô s² mÓ ¡Ô © Ó ¡Ô v¥ ¥ Ó ­ mp¥ ­ j ~Ó j m² |j² © ~Ó ¡Ô } j ­¥ Û ¥p ~ ~Ó p ¥ ¦ pmÓ j vs ¨ j¡ ¥p ~ ~Ó p ¥ ¥­ j }k ® Ó p Ë¥ Û ¥p ~ ~ ¦ j¥ ­ | ¥­ j } j ¦ ¦ pmÓ ×¦ ® ¥­ Û ~ ¥p ¨ j¡ ¥p ~ ~Ó p ¥ t p­ mp¥ | ~­ p ¦ }py j ¥p ¥ Û ¥p ~ ~ ¦ j¥ ­ Ô p p j k p m ¦ Óp ¥ © | ® ¢jÔ ² © ¦ k } ¡ q jj ~¥p ~ ~Ó p ¥ ¥ ­ j s² ¥p ¦ ­¥j }q jj ¦ pmÓ ¥ Û ©}Ô mÓ ¨sÔqÓ ¥ ­ j² © ¦ k } ¡ ® ¥j }k ® j } ¢ mÓ ¡~ ¢ mÓ ¡~ ¥ Û m q­ ©}Ô q jj k × q qÓ ¥ ­ § ® ¨ j ¥­ j }k ® ¨ j~ Ó p ¢ Ô Ó ~ } | ­ } ¢ mÓ © Ó Ó m ® q p¥j~©}Ô§} ~ p | q j¥ m mj ¥ ¢ mÓ ¨ j | ¢ mÓ ¡~ k p j × ® j ¨} j ­p j ¡Ó q | p j | k p × ® ® t ­p ¢Ô Ó ~ }q ² q | ¨ j j² } m k p × ® | ­ } ¢ mÓ §} j } ¢ mÓ ¡~ ¦ j ¥ Ê}¥ kÔ ¢ ¨ p j ¥p ®¨sÔ~ ¥j|z× ~ ­j Ó j¥ Ô j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¨~Ôk ¥k~k p ~ y j p pj ¥p r ­ ¡p j ¥sÓ ¨~Ôk ¥k~k p ~ y j vs r ­ ¡p ¦ j } ¢ mÓ ­ j | m Ô m pj ¢ mÓ ¡~ ¦~Ó© Ó¨sÓ ¢ mÓ ¡~ ¥sÓ ¢ mÓ ¡ ­q ©}Ô ¨ ~ y j vs r ­ ¡p ¢ mÓ q jj ¨sÔ¨ ~ y j vs r ­ ¡p jq j ® j } ¢ mÓ ¡~ ©}Ôq } ² } s ® ¥ Û } ­ } ­ ¦ } ­ §} ¦ Óp~ ² } k ® k pkÔ ¢ ­ p¥j~©}Ô ¦ ~ ² } m ² m vk pkÔ ¢ ­¨sÔ } ¢ mÓ ¡~ t ­p } p~Ó © ® } m ¥ t ® k © Ó ¡p ¨ ~ } ­ m Ó p ² × ® Ó p¥} j ¦ ¥kÔ p~ } ® | ­ } ¢ mÓ } m ¥ t ® k k p × ® ­m Ô m pj ¨ ~ } ­ m Ó p × ® Ó p¥} j m Ô m pj ¨ ~ } ­ j t ® k m Ó p ¦ ¢ mÓ ­©}Ôq j¥ m mj ¥ ¢ mÓ §} ¨sÔkÔ ¢ ­ ­ p¥j~©}Ô¨ ~ }¥ Û pm× j ² m v¨ j ¥ ¢ mÓ } ¢ mÓ ­©}Ôq j¥ m mj ¥ ¢ mÓ §} ¨sÔkÔ ¢ ­© Ó ¨ ~ }¥ Û pm× j ² m v¨ j ¥ ¢ mÓ

Annual Report 2015

093

|j p vs ¨ j q } ² p j ¥p ¨ Ô¥ Û © ~ ~ y j p pj ¥p ¦ j x ~ pj vs ­ p ­ © ¨ ¥ © ¢Ô k p ~Ô p }¡ q¨ j j² } § j vs j |j ¦ ~ ®pkÔ ~ y j t ­p j ~Ó j ¦ }pq² × ® ¦ j ¥ Ê}¥ kÔ ¢ ¥j ­ j צ ® ­ q¥j }k ® | ® p } ®pj ¦ }p ©}Ô ¦ mÓ ¨sÔqÓ k pp } vs p¦ Ô Ó j |j k p ¢Ô ©}Ô q | Ó p ¥ ~¡ ¨~Ô¥ ~¡j |× | k| ® ­¥j }k ® q p q m ¦~j~Ó p© q j |j ®

6'A ď A & ę1%=)A"8I%A 8%A 9I&+ 5 '4B.A 8 . m ¦ ¡ j |× ² Ë ® ¡} ­ m ¦ } p~Ó © ®

äçç

äçç

-

30,603

j t ® m ¦ ¡ j |×

68,281,121

3,866,265

j

(68,281,121)

-

-

äçç

äçç

¥qÔ ®t ® ש Ó ~ ~ j ¦ }p ¢Ó¨ ® ¡ ¥ ­

-

j t ® ש Ó ~ ~

j ¥p }qÓ ¥ ­ t ® ש Ó ~ ~

44,566

äçç

äçç

30,000

30,000

22,524,816

¥qÔ ®t ® m ¦ ¡ j |× j ¦ }p ¢Ó¨ ® ¡ ¥ ­ ¥p }qÓ ¥ ­ t ® m ¦ ¡ j |×

¥qÔ ®t ® m ¦ ¡ j |× j© ¦ }p ¢Ó¨ ® ¡ ¥ ­ ש Ó ~ ~ ² Ë ® ¡} ­ m ¦ } p~Ó © ®

¥qÔ ® ­ ¥ ­ t ® ש Ó ~ ~ j© ¦ }p ¢Ó¨ ® ¡ ¥ ­ ¥p }¦ j ¥ ¥ Ó ¥p } | ­ m ¦ j }Ô

¥p }¨ ¥p j m j ¦ ¥p j m ×

¨ ¥} m ©}Ô§ m s¡} p Ó q² Ô ¥ Û p ×¥ ­ j p ¡ ~ ~ ¡ pm× j }² ¥ p k p }¢ ¥ ~¡kÔ

094

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

)= / 9J 6 6' ;J1.8 8A'9& 'ę1

| ­ m ¦ ¢j ®q jj t ® ¥ j Ô p j }Ô

äçç

äçç

3,545,848,422

¥qÔ ®q jj t ® ¥ j Ô p

¢j ®q jj t ® ¥ j Ô p ¡

¢j ®q jj t ® ¥ j Ô p j j

mÓ ¥ ­ ® p q ¢v (*)

| ­ m ¦ ©}Ô j q | j j ² pmÓ ¥ ­ ® p q ¢v¦ j ¡Ó ¢j ® "NKKDBSHUD A@RHR ² ¢j ®q jj t ® ¥ j Ô p ­q }s ® j~ ¦ ¢j ® ­mÔ ps² © Ó¥j ¥} ¥ Û q² ¥p ¦ ~ ² }

| ­ m ¦ ¢j ®q jj t ® ¥ j Ô p¦ j~ ¡ ® ­mÔ ps² } p~Ó © ®

äçç

äçç

jj Ó ¥} ¦~Ó© Ó¥j ¥}

jj Ó ¥} ¦~Ó© Ó¥j ¥}

-

-

6,616,133

81,406,830

3,545,848,422

¨ ­m j² }s² ¥j m j² }s² © Ó¥j ¥}

jj Ó ¥} §m p Ô p ® ¢j ® ­ ¢Ó Ó p}² ¥ m} ~ jw

Annual Report 2015

095

¡ )= / 9J 6 .5gg6A Ę6 ;J1 | ­ m ¦ ¢j ®q j vv ¥sÓ t ® j }Ô

äçç

äçç

¢j ®~ q² ¨ vv mp¥

4,158,664

8,606,130

j

8,031,504

(31,566)

¢j ® ­m j² }s² ¨ ­p Ë

6,362,641

j ©}Ô pj ¥p ~ ®p j

¢j ® ­m j² }s² ¨ ­p Ë ¡

j

©}Ô pj ¥p ~ ®p j mÓ ¥ ­ ® p q ¢v (*)

¢j ®q j vv ¥sÓ t ® ¡

| ­ m ¦ ©}Ô j q | j j ² pmÓ ¥ ­ ® p q ¢v¦ j ¡Ó ¢j ® "NKKDBSHUD A@RHR ² ¢j ®q j vv ¥sÓ t ® ­q } s ® j~ ¦ ¢j ® ­mÔ ps² © Ó¥j ¥} ¥ Û q² ¥p ¦ ~ ² }

| ­ m ¦ ¢j ®q j vv ¥sÓ t ® ¦ j~ ¡ ® ­mÔ ps² } p~Ó © ®

¨ ­m j² }s²

äçç

äçç

8,031,504

8,031,504

096

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

¢ )= / 9J 6%.5gg6A Ę6'4&4&6+ | ­ m ¦ ¢j ®~ vv ¥sÓ j }Ô

äçç

äçç

¢j ®~ q² ¨ vv mp¥

565,536,642

j

¥p }q² q j vv ¥sÓ

(205,285,040)

j

©}Ô pj ¥p ~ ®p j

324,380,634

244,246,552

316,608,233

¢j ® ­m j² }s² ¨ ­p Ë

j ¥p }q² q j vv ¥sÓ

j ©}Ô pj ¥p ~ ®p j

(22,451,653)

¢j ® ­m j² }s² ¨ ­p Ë ¡

¢j ®~ vv ¥sÓ ¡

j mÓ ¥ ­ ® p q ¢v (*)

| ­ m ¦ ©}Ô j q | j j ² pmÓ ¥ ­ ® p q ¢v¦ j ¡Ó ¢j ® "NKKDBSHUD A@RHR ² ¢j ®~ vv ¥sÓ ­q }s ® j~ ¦ ¢j ® ­mÔ ps² © Ó¥j ¥} ¥ Û q² ¥p ¦ ~ ² }

| ­ m ¦ ¢j ®q j vv ¥sÓ ¦ j~ ¡ ® ­mÔ ps² } p~Ó © ®

äçç

äçç

224,800,532

4,206,030

jj Ó ¥} ¦~Ó© Ó¥j ¥}

jj Ó ¥} ¦~Ó© Ó¥j ¥}

540,304

¢j ® ­ ¢Ó Ó p}² ¥ m} ~ jw

324,380,634

¨ ­m j² }s² ¥j m j² }s² © Ó¥j ¥}

Annual Report 2015

097

£ A 8 D/ę =ę&;% Ę6.8 ę6 | ­ m ¦ ¥p ¨ Ôj¢Ô mÓ mÔ j }Ô

¥p ¨ Ôj¢Ô mÓ mÔ j

mÓ ¥ ­ ® p q ¢v (*)

¥p ¨ Ôj¢Ô mÓ mÔ ¡

äçç

äçç

(12,822,336)

33,212,643

| ­ m ¦ ©}Ô j q | j j ² pmÓ ¥ ­ ® p q ¢v¦ j ¡Ó ¢j ® "NKKDBSHUD A@RHR ² ¥p ¨ Ôj¢Ô mÓ mÔ ­q }s ® j~ ¦ ¢j ® ­mÔ ps² © Ó¥j ¥} ¥ Û q² ¥p ¦ ~ ² }

| ­ m ¦ ¥p ¨ Ôj¢Ô mÓ mÔ ¦ j~ ¡ ® ­mÔ ps² } p~Ó © ®

äçç

äçç

¨ ­m j² }s²

¢j ® ­ ¢Ó Ó p}² ¥ m} ~ jw

¤ A 8 !6 6 6' 9ID ęA ğ /)5 '4 5 | ­ m ¦ ¥p j q² m q² ¦ ~ ² } ©}Ô ² © ¥ Û j j j j p m²® j k p m ¨ Ôj

098

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

äã 16 6'B)41< ' Ĝ m ¦ ¡ j |× | ­ m ¦ j }Ô

&1 & %6 +5 9I ã % '6 % äçç

A"8I% :J

) )

'6& 6'C1 '4/+Ĕ6 5g 9

&1 A/);1 +5 9I åã 5 +6 % äçç

m s¡}

62,884,461

-

¥m ­ p~j¦~Óp¦ ¥m ­ p¨sÔ ² jp

-

-

68,281,121

m s¡}

-

¥m ­ p~j¦~Óp¦ ¥m ­ p¨sÔ ² jp

-

-

(4,011,152)

m ¡

m ¡ mÓ ¥ ­ m

mÓ ¥ ­ m m ¦ ¡ j |×

Annual Report 2015

099

&1 & %6 +5 9I ã % '6 % äçç

A"8I% :J

) )

&1 A/);1 +5 9I åã 5 +6 % äçç

m s¡}

-

-

¥m ­ p~j¦~Óp¦ ¥m ­ p¨sÔ ² jp

(43,256)

(514,000)

3,866,265

m s¡}

-

¥m ­ p~j¦~Óp¦ ¥m ­ p¨sÔ ² jp

(2,201,856)

43,253

514,000

m ¡

m ¡ mÓ ¥ ­ m

mÓ ¥ ­ m m ¦ ¡ j |×

mÓ ¥ ­ m ² Ë ® ¡} ­ m 2558

¥ ­ ­ j m ©}Ô ² vv t ® m s¡} q² ¥p Ô ¥ ­ ¨sÔ¥ Û ® ­ ² jp ² p j k ~ k p ¡ j q¨ m~ §} m s¡}} pj Ó ©}Ô§ j ±¦ Ô ¨ ¥} j m ~Ó ¨ Ó p Ë ©}Ô ² vv ¨ Ô¥sÓ m s¡}j ¦ Óp ­p ² ® ­ p Ó ­ p© Ó©}Ô¨sÔ}² ¥ p q² Ô ¦ ©}Ô§ m s¡}¨ Ô¥sÓ } pj Ó q j m ¦ ¡ j |×¥ Û p ×¥ ­ j p ¡ }¢ ¥ ~¡kÔ ¦ kÔ

100

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ää 1.5 /6'8% '5"&ĜA";I1 6') < p ×¥ ­ j p ¡ | ­ m j }Ô

äçç

m s¡} | ­ j m

-

j § Ó p Ë

j

mÓ ¥ ­ m

m s¡} | ­ m mÓ ¥ ­ m ² Ë ® ¡} ­ m 2558

¨ Ó p Ë ©}Ô ² vv ¨ Ô¥sÓ m s¡}j ¦ Óp ­p ² ® ­ p Ó ­ p© Ó©}Ô¨sÔ}² ¥ p q² Ô ¦ ©}Ô§ m s¡}¨ Ô¥sÓ } pj Ó q j m ¦ ¡ j |×¥ Û p ×¥ ­ j p ¡ §} vv ¥sÓ } pj Ó ¥ Ë }¢ ¥ ~¡k Ô | ­ m ¢ mÓ ¡~ k p p ×¥ ­ j p ¡ k p q² Ô

Annual Report 2015

101

ä .8 '5"&Ĝ E%Ę%9 5+ ש Ó ~ ~ | ­ m ¦ j }Ô

&1 & %6 +5 9I ã % '6 % äçç

A"8I% :J

) )

'6& 6'C1 '4/+Ĕ6 5g 9

&1 A/);1 +5 9I åã 5 +6 % äçç

150,000

-

-

-

150,000

§ ¦j m ¥~ ×

-

§ ¦j m ¥~ × Ó p~ }~ ®p

-

-

-

6,352,663

-

-

(816,511)

-

-

(4,430,568)

(816,511)

-

-

(4,430,568)

m ¡ mÓ ¥ s j j ×

m ¡ mÓ ~ }q² Ó § ¦j m ¥~ × mÓ ~ }q² Ó ×© Ó ~ ~

&1 & %6 +5 9I ã % '6 % äçç

A"8I% :J

) )

&1 A/);1 +5 9I åã 5 +6 % äçç

150,000

-

-

150,000

-

-

-

3,824,264

-

6,352,663

(115,213)

-

(115,213)

-

m ¡ mÓ ¥ s j j × § ¦j m ¥~ × § ¦j m ¥~ × Ó p~ }~ ®p m ¡ mÓ ~ }q² Ó § ¦j m ¥~ × mÓ ~ }q² Ó ×© Ó ~ ~

325,420

mÓ ~ }q² Ó ² Ë ® ¡} ­ m 2558

816,511

115,213

102

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ä .8 '5"&Ĝ$6-9A 8 E ę'1 5 5g 9 × ¥p ©}Ô ~ } vs | ­ m ¦ ¥ }} p ®

× ¥p ©}Ô ~ } vs

äçç

äçç

× ¥p ©}Ô j ~ } vs | ­ m ¦ j }Ô j p k p j } p~Ó © ®

+5 9I åã 5 +6 % äçç

'6& 6' 9I'5 '=ĕD N6E' 6 <

'6& 6' 9I'5 '=ĕD N6E' 6 < A H A.'H 1;I

+5 9I åã 5 +6 % äçç

22,542,410

5,160,313

-

-

-

×q j vv ¥sÓ pj ¥p

23,402,456

-

¢j § s × jp

-

5,463,813

-

+5 9I åã 5 +6 % äçç

'6& 6' 9I'5 '=ĕD N6E' 6 <

'6& 6' 9I'5 '=ĕD N6E' 6 < A H A.'H 1;I

+5 9I åã 5 +6 % äçç

25,508,485

-

22,542,410

4,432,658

-

×q j vv ¥sÓ pj ¥p

-

23,402,456

¢j § s × jp

-

-

mÓ ¥ ­ ® p q ¢v ® ¢v ­ ¢Ó Ó pj }² ¥ m}

mÓ ¥ ­ ® p q ¢v ® ¢v ­ ¢Ó Ó pj }² ¥ m}

Annual Report 2015

103

ä A 8 =ę&;%'4&4.5J 6 . 6 5 6'A 8 ¥p j¢Ô ® q j j ¥p | ­ m ¦ j }Ô

~ ° vv ¨sÔ¥p

äçç

äçç

2,010,000,000

| ­ m ¦ ¥p j¢Ô ® q j j ¥p §} ~ } j¥ ® Ô ~Ó Ë ¦ Ô

~Ó Ë ~ ² }

ä A 8 =ę&;%'4&4&6+ ¥p j¢Ô q j j ¥p | ­ m ¦ j }Ô

äçç

äçç

¥p j¢Ô

560,840,000

¥p j¢Ô ­m j² }s² ¨ ­p Ë

(285,240,000)

103,500,000

| ­ m ¦ ©}Ô ² vv ¥p j¢Ô q j j ¥p ¦ Óp§} ~ } j¥ ® ~ Ô

~Ó Ë ¦ Ô ~Ó Ë ~ ² } ¦ j² }s² ¥p ~Ô ¡j ¥} §} j² }s² ¥p p } ¡} Ô ² ¥p j¢Ô } pj Ó ¨ ¥} m

ä¡ A 8 1 < .N6'1 A)9J& 9"" 5 6 ©}Ôq }~ ®p¥p j p ¡ ² p¥ ® ps ² jp ­ m ¥kÔ §m pj pq j ² p m Ë ¦ ©}Ôq} ¥ ¥ Û j p ¡ ² p¥ ® ps ~ s vv ~ j p ¡ ² p¥ ® ps ² Ë ® ¡} ­ m ¦ ¥p k p t ­p©}Ô j¥ Û mÓ ¨sÔqÓ ¨ j k ¦ ¨ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ q² Ô ¦ Ô ~ ² }

104

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ä¢ $6'4 = "5 ) '4C& Ĝ" 5 6 m² | ¢j § s × jp §} ¨sÔj |j ~ jm| ~ ~ × j t ­p ~ y | ­ p j }Ô ~ m } } Ô

4.18

~ j j Ô k ® ¢Ój ¡ jp

~ j k ® ¥p ¥} Ô

10

¡¥j | Ë

60

¢j § s × jp ² Ë ® ¡} ­ m ¦ j }Ô

¢j § s × jp ² ¥p s}¥s j ¥ jqÔ p }¢ ¥ ~¡kÔ ¢j § s × jp ² j ² p j ¥ Û ¥ }¢ ¥ ~¡kÔ

äçç

äçç

¢j § s × jp ² ¥p s}¥s q jj ¥ jqÔ p j ¥ ­ ¦ pk p ¢ mÓ Ùqq¡ k p ¢j § s × jp ² ¥p s}¥s q jj ¥ jqÔ p | ­ m ¦ ¦ }p} p ®

¢ mÓ Ùqq¡ k p ¢j § s × jp ² ¥p s}¥s q jj ¥ jqÔ p~Ô p } ~Ô ¡ j p } Ùqq¡ ~Ô ¡ } j¥ ® ¢ mÓ Ùqq¡ k p ¢j § s × jp ² ¥p s}¥s q jj ¥ jqÔ p p }

äçç

äçç

18,128,863

Annual Report 2015

105

mÓ ¨sÔq Ó ¥j ­ j ¢j § s × jp ² ¥p s}¥s q jj ¥ jqÔ p ­ ¢¨Ô p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ² Ë ® ¡} ­ m ¦ j }Ô

~Ô ¡ j p } Ùqq¡ ~Ô ¡ } j¥ ®

äçç

äçç

3,463,842

¢j § s × jp ² j ² p j ¥ Û ¥ j ¥ ­ ¦ pk p ¢ mÓ Ùqq¡ k p ¢j § s × jp ² j ² p j ¥ Û ¥ | ­ m ¦ ¦ }p} p ®

äçç

äçç

§ s × ­qÓ Ó pp }

(120,000)

¢ mÓ Ùqq¡ k p ¢j § s × jp ² j ² p j ¥ Û ¥ p }

¢ mÓ Ùqq¡ k p ¢j § s × jp ² j ² p j ¥ Û ¥ ~Ô p } ~Ô ¡ j p } Ùqq¡ ~Ô ¡ } j¥ ®

106

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED mÓ ¨sÔq Ó ¥j ­ j ¢j § s × jp ² j ² p j ¥ Û ¥ ­ ¢¨Ô p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ² Ë ® ¡} ­ m ¦ j }Ô

~Ô ¡ j p } Ùqq¡ ~Ô ¡ } j¥ ®

äçç

äçç

j ¥m ×kÔ ~ y pj ¥p ­ j ¥ ­ k ® } p ~Ó ¢ mÓ Ùqq¡ k p ¢j ~ §m pj § s × | ­ m ¦ } p ®

äçç

äçç

~ m } } ¥ ­ k ® Ô

(2,655,268)

~ m } } } p Ô

~ ¥p ¥} ¥ ­ k ® Ô

~ ¥p ¥} } p Ô

(2,452,460)

¡m }¥r ­ ¥ ­ k ® Ô

180,415

¡m }¥r ­ } p Ô

ä£ .Ę+ A 8 %=) Ę6/<ę Ó ¥j ¢ mÓ ¡Ô ~ vv ~ ¦ Óp s vv ~ s q² j } ~ ¥j }q jj ­ ¥ k ¡Ô ¢pj Ó ¢ mÓ ¡Ô ­ q} ¥ © Ô j}Ô mÓ ¨sÔqÓ ­¥j ­ kÔ pj j ¥ ­ ¡ t ­p ¥ Û ¡ ² p¦ q ² © qÓ ¥ Û ¥p Ù © Ó©}Ô

Annual Report 2015

107

ä¤ A 8 ĝ ) Ę6& ¥ ­ ­ ¥ ­ s¡ v ¢Ô ¡Ô ~ ¡ ~ ¨ ÔqÓ ¥p Ù ¨ Ô¦jÓ ¢Ô ¡Ô v q² ¡Ô ¨ ~ ¡Ô ¥ Û q² ¥p Ô §} ©}ÔqÓ ¥p Ù } pj Ó ¨ Ô¦jÓ ¢Ô ¡Ô ¦ Ô ¥ ­ ­ m ¥ ­ ­ ¥ ­ s¡ v ¢Ô ¡Ô ~ ¡ ~ ¨ ÔqÓ ¥p Ù ¨ Ô¦jÓ ¢Ô ¡Ô v q² ¡Ô ¨ ~ ¡Ô ¥ Û q² ¥p Ô §} ©}ÔqÓ ¥p Ù } pj Ó ¨ Ô¦jÓ ¢Ô ¡Ô ¦ Ô ¥ ­ ­ m

ã < .N6'1 6% /%6& ~ s vv ~ s q² j } q ~Ô pq } ¥p ² p Ó p Ô Ô Ô k pj² © ¡ q² Ë pq j jk } ¡ j Ô q j Ó ² p} pj Ó q ² © Ó Ô j Ó Ô k p ¡ q} ¥ ² p~ jw } pj Ó © Ó ² © qÓ ¥ Û ¥p Ù ©}Ô | ­ m ©}Ô ¥p ² p~ jw q² Ô k p ¡ q} ¥ ¦ Ô

ä 6' 5 6'.Ę+ < ~ ¡ pmר j ¡ k p ¥ Û © ¥ ­ j }² p© Ôtp ­ m ¨ j }² ¥ p Ó p~Ó ¥ ­ p¥ ­ Ô p ~ ¦ ~Ó ¢ Ô ¡ Ô ¦ ¥ Û § s ×~Ó ¢Ô ­ Ó ©}Ô¥ ­ §} ¥ ­ ­ ¥ j { ¡ j qj mÔ ¡v ~¨ Ô j ¡ j q vs §} q ¥ ­ j ¡ j q©}Ô~Ô p ¡ k ® ~²­ ®p ® © Ó Ô j Ó }¢ ¥ ~¡kÔ p® ® q ~Ô p x ~ ~ ¥p ­ ©k j­ ² }© Ô¨ ¨ ¡v ~ j ¡ j qk pm ~Ó p}Ô j² }¨ Ô ~Ô p ¥p j¢ Ô p ® ® ¨­ sÔ¨ j j ¡ j q ~Ô p© Ó¥j ¥q¬}¥ Ó k p¥p ¡ §} | ­ m ¦ ©}Ô x ~ ~ kÔ j² }} pj Ó kÔ p~Ô jq j ® ~Ô p x ~ ~ ¥p ­ ©k¨ vv ¥p j¢Ô j j ¥p ¦ Óp ­p ­j² }¨ Ô ~Ô pmp } Ó ® ~Ó Ó k p ¢Ô ¡Ô ¨ } Ó © Ó¥j ¥ Ó ¦ j j ¥p j¦ Óp ­p ­j² }¨ Ô ~Ô pmp } Ó ~ Ó ¥p j¢Ô ~Ó ¢ mÓ ¡ ­ ~ ~ k p Ó k p ¢Ô ¡Ô &D@QHMF 1@SHN ¨ } Ó © Ó¥j ¥ Ó ¦ ~Ô p}² p ¢ mÓ ¡ ­ ~ ~ k p Ó k p ¢Ô ¡Ô 3@MFHAKD -DS 6NQSG © Ó Ô j Ó Ô §} | ­ m ¦ ©}Ô x ~ ~ kÔ j² }} pj Ó kÔ p~Ô

108

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Ę6D ę Ę6&$6-9A 8 E ę mÓ ¨sÔqÓ ¥p ©}Ô ² Ë ® ¡} ­ m ¦ j }Ô

mÓ ¨sÔqÓ ¥p ©}Ô~ ¦ ¦ }p j j ¡p ¥p ©}Ô j ~ } vs ­¥j ­ kÔ pj ¦~j~Ó ps ­ m ­¥j }k ® ¦ ­j j mÓ ¨sÔqÓ ¥p ©}Ô~ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­

äçç

äçç

j j } Ó p ¥p ©}Ô¦ j² © p vs ² Ë ® ¡} ­ m ¦ } p ®

j² © p vs jÓ ¥p ©}Ô¨ ~ Ô j p k p ©}Ô¦ mÓ ¨sÔqÓ p vs ¦~Ó ©}Ô¥ Û ©}Ô¦ mÓ ¨sÔqÓ p mÓ ¨sÔqÓ ¥p ©}Ô~ p j² © k } ¡ ¦ p j² © k } ¡ ¥ ¬}¥ ¬q ­ ©}Ô mÓ ¨sÔqÓ ¥p ©}Ô j ~ } vs ­¥j ­ kÔ pj ¦~j~Ó ps ­ m ­¥j }k ® ¦ ­j j mÓ ¨sÔqÓ ¥p ©}Ô~ ¦ ¦ }p j

äçç

äçç

3,110,234

¨sÔ ~ Ô ¨ j m² |mÓ ¨sÔqÓ ¥p ©}Ô ² Ë ® ¡} ­ m ¦ ¦ ¥p ©}Ô j ~ } vs | ­ m ¦

'6& 6''4/+Ę6 < )/';1 '8-5 9IA 9I&+ ę1 5 p j ¥p ®©}Ô j ­¥j }k ® j ­¥j ­ kÔ pj t ­p¥j ­ kÔ pj §} j ¡Ô j ¢Ô ¡Ô j j Ó j } p ® p j ¥p ® q p¦ }p k p j } pj Ó t ­pj j² } m t ® k Ó pj j j² } ~ } j¥ ® Ó pj ¦ ¥p ­ ©k~Ó p« ¥ Û © ~ j~ p ¡ j q¦ ¥ Û ¥p ­ ©kj mÔ ­ © ² ¡mm ­¥j ­ kÔ pj ¥ Û © ~ ­©}Ô ¡ ~ §} j j ¢Ô ¡Ô

Annual Report 2015

109

}mp¥ ­ ² m vj ­¥j ­ kÔ pj | ­ m ¦ j }Ô

+6%.5%"5 Ę

äçç

äçç

¢j ® ­ ­¥j ­ kÔ pj © ¥ ¥ ¦m Ê~ ¥~¬}

¢Ô ¡Ô ¨ vÓ

© ¥ ¥ ¦m Ê~ § } ®p × ¥ © q² j }

­¥j ­ kÔ pj

200

-

50,041

-

äçç

äçç

30,526,460

1,540,201

31,008,336

¥qÔ ® ­ ­¥j ­ kÔ pj © ¥ ¥ ¦m Ê~ ¥~¬}

¢Ô ¡Ô ¨ vÓ

j ­ ² m vj ¡mm ­¥j ­ kÔ pj ² Ë ® ¡} ­ m ¦ } p ®

mÓ ~ ¦ ¢Ô § s × ® § s × p jq jp § s × ­ «

$6'4 = "5 | ­ m ¦ vv p¥p ¥s ­ j j ¥p ¥ ­ ¨sÔ¥ Û ¥p ¡ ­ © ¨ j qj } p ®

p¥p ¥s ­

+5 9I åã 5 +6 % äçç

+5 9I åã 5 +6 % äçç

4,556,000,000

| ­ m ¦ ¢j ¥ ~¥~ × ¥m } ~j j ¥p ¥ Û q² Ô ¦ Ô ~ ² } ¥ ­ ¨ Ô ¢jmÔ q jj t ® ¥ j Ô p vv ¥sÓ t ® ¦ vv ¥sÓ ¨sÔ ®p ® | ­ m ¦ p¥p ¥s ­ } pj Ó ­ p© Ó©}Ô¨sÔj j ¥p ¦ Ópq² Ô ¦ Ô ~ ² }

110

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Ę6D ę Ę6& 6%)5 - 4 j² © ¡ ² Ë ® ¡} ­ m ¦ ¥j }k ® pq j jmÓ ¨sÔqÓ ­ ² m v } p~Ó © ®

äçç

äçç

mÓ ~ ¦ k pj j ¦ ¢Ô

31,008,336

mÓ ¨sÔqÓ jp

® ¢v¦ ® p q ¢v

25,801,566

¡ j q¥r

64,861,654

mÓ ¥ ­ m ¦ mÓ ~ }q² Ó

mÓ ¥ s s ~Ô ¡ pj ¥p

¡ 6'A ď A & ę1%=)A 9I&+ 5 A ';I1 %;1 6 6'A 8 m ¥ ­ p}Ô m Ó p m ¥ ­ p}Ô m Ó p¥j }q jm t tÔ ¨ j } ¡ ¨ Ô¥ p ¦ ¥ ~Ó j x ~ ~ ¢j j­ ² }© Ô¨ ¥m ­ p pj ¥p ®p ® ¢Ô ©}Ô ¥ y j ¥p ¦ j }² ¥ p ¨ Ùqq¡ ¦ ¥s ­ Ó m ¥ ­ p}Ô m Ó p Ô m ¥ ­ pq jj © Ó x ~ ~ vv m ¥ ­ pq jj © Ó x ~ ~ vv q¥j }q jj m­ Ó¢ v v © Ó x ~ ~ kÔ j² }¨ vv ­ ² © Ôj ¦ ² ¨ Ô¥j }m ¥ ¦jÓ ©}Ô ©}Ô § ¨ j Ï pj m ¥ ­ p ®§} j ¥m × ¥s ­ q jkÔ ¢ ~Ó p« k p ¢jmÔ ¦ j ~ }~ ¢jmÔ Ó p ²­ ¥ ~ ¦ p ­©}Ôj² }© Ô¨ ¥ x ~ ¥s ­ m ¥ ­ pq jj © Ó x ~ ~ vv ® ¢ mÓ ¢p ¡}~ ­¦ }p© Ô¨ }Ô ×¨ p ¦ }py j ¥p pq j j ² pmÓ ¥ ­ ® p q ¢v¦ Ô m ¥ ­ p¥j ­ j ~ } j¥ ® m ¥ ­ p¥j ­ j ~ } j¥ ® k p¥m ­ p pj ¥p ¨ p ¦ }py j ¥p ® ¥j }k ® q jj ¥ ­ ¦ pk p ~ } j¥ ® qq ¨ p ~Ó ©}Ô} j¥ ® ¡ ¨ Ë Ùqq¡ ¦ ¨ m~ m ¥ ­ pk p ~ } j¥ ® ®¥j }k ® q jj q }§m p Ô p ¦ j | k p j ¨ × ® q¥j }q j ¥ ­¦~j~Ó pj ¨ j ¥ ­ ¦ p ~ } j¥ ® Ó p j p}Ô ×¦ ®

Annual Report 2015

111

| ­ m ¦ צ ® pj ¥p ­ m ¥ ­ p ­¥j }q jj ¥ ­ ¦ p ~ } j¥ ® ¡ ©}Ô} p ®

äçç &1 A/);1 1 A ';I1 %;1 6 6'A 8 .< 8 '4&4A+)6 A/);1 Ĕ1 ' N6/ 1 .5gg6/';1 Ĕ1 N6/ 15 '6D/%Ĕ 15 '6 1 A 9J& 5+A )9I& 15 '6 1 A 9J& E%ĔA 8 ã ç Č E%Ĕ%9 '+% 15 '6 15 '6 '5 :J )

ã Č 1 A 9J& 1 A 9J& 1 A 9J& 6%15 '6 )6 )1& 5+

9I

-

Ô

Ô

0.35

-

154

-

1.32

-

-

-

-

-

× pj ¥p ¥p }¦ j ¥ ¥ Ó ¥p } ¥p j m ­¨sÔ¥ Û j j ¢j ®q jj t ® ¥ j Ô p ¢j ®q j vv ¥sÓ t ® ¢j ®~ vv ¥sÓ ¥p ¨ Ôj¢Ô mÓ mÔ

154

-

154

-

-

-

-

-

2,010,000 2,010,000

-

- 2,010,000

-

103,500

-

3.86

-

® pj ¥p ¥p j¢Ô ® ¥p j¢Ô

äçç &1 A/);1 1 A ';I1 %;1 6 6'A 8 .< 8 '4&4A+)6 A/);1 Ĕ1 ' N6/ 1 .5gg6/';1 Ĕ1 N6/ 15 '6D/%Ĕ 15 '6 1 A 9J& 5+A )9I& 15 '6 1 A 9J& E%ĔA 8 ã ç Č E%Ĕ%9 '+% 15 '6 15 '6 '5 :J )

ã Č 1 A 9J& 1 A 9J& 1 A 9J& 6%15 '6 )6 )1& 5+

9I

-

Ô

Ô

15,405

-

152

-

1.50

-

-

-

10.43

- 316,608

-

× pj ¥p ¥p }¦ j ¥ ¥ Ó ¥p } ¥p j m ­¨sÔ¥ Û j j ¢j ®q jj t ® ¥ j Ô p ¢j ®q j vv ¥sÓ t ® ¢j ®~ vv ¥sÓ ¥p ¨ Ôj¢Ô mÓ mÔ

152

-

152

-

2,101

316,608 168,158 148,450 33,213

-

33,213

-

-

33,213

-

-

-

-

560,840 285,240

- 560,840

4.24

-

® pj ¥p ¥p j¢Ô ® ¥p j¢Ô

112

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED ¢ mÓ ¡~ ¨ j ¥ Ê}¥ ¢ mÓ ¡~ k p¥m ­ p pj ¥p ~Ô p¨sÔ}¡ q¨ j | ¢ mÓ ¡~ } p ® ¢ mÓ ¡~ ­ |k ® ­¥ Ê}¥ ¨ ¥ ~¡ j p j ¥p ®q p© Óq² ¥ Û ~Ô p Óps ® pq² ¥p t ­p¥j }k ® q p¨ ~ }¦ j¥ ­ ¨ Ùqq¡ j ¨sÔkÔ ~ y pj ~ } ¦ j | ­¦~j~Ó pj q j ­ ² m v~Ó ¢ mÓ ¡~ ­ |k ® ¨sÔ j ¦ kÔ ~ y } p~Ó © ® ¨ j | ¢ mÓ ¡~ k p¥m ­ p pj ¥p × pj ¥p ® pj ¥p ­© Ó©}Ô } ¢ mÓ }Ô ¢ mÓ ¡~ ¥m ­ p pj ¥p ­© Ó©}Ô ¢ mÓ }Ô ¢ mÓ ¡~ ¦ ² } s ® ¢ mÓ ¡~ k p¥m ­ p pj ¥p ¡ ©}Ô} p ®

+5 9I åã 5 +6 % äçç %=) Ĕ6 %=) Ĕ6 6% 5g 9 &< 8 ''%

)N6 5 5J %=) Ĕ6 &< 8 ''%

A 8 6' '4A%8 %=) Ĕ6 B)4 ĕ1%=) 9ID ĕD 6'+5 %=) Ĕ6&< 8 ''%

¥p }¦ j ¥ ¥ Ó ¥p }

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

¥p j m ­¨sÔ¥ Û j j

154

154

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

¥p j¢Ô ®

2,010,000

2,010,000

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ~Ô p qÓ s²

¥p j¢Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ; ­m } Ó q ~Ô p qÓ s²

× pj ¥p

¢j ®q jj t ® ¥ j Ô p ¢j ®q j vv ¥sÓ t ® ¢j ®~ vv ¥sÓ ¥p ¨ Ôj¢Ô mÓ mÔ ® pj ¥p

Annual Report 2015

+5 9I åã 5 +6 % äçç %=) Ĕ6 %=) Ĕ6 6% 5g 9 &< 8 ''%

)N6 5 5J %=) Ĕ6 &< 8 ''%

A 8 6' '4A%8 %=) Ĕ6 B)4 ĕ1%=) 9ID ĕD 6'+5 %=) Ĕ6&< 8 ''%

113

¥p }¦ j ¥ ¥ Ó ¥p }

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

¥p j m ­¨sÔ¥ Û j j

152

152

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

316,608

316,608

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

33,213

33,213

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ©}Ô

¥p j¢Ô ®

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ­m } Ó q ~Ô p qÓ s²

¥p j¢Ô

560,840

560,840

3

¢ mÓ Ùqq¡ k pj ¦ ¥p } ¡ ; ­m } Ó q ~Ô p qÓ s²

× pj ¥p

¢j ®q jj t ® ¥ j Ô p ¢j ®q j vv ¥sÓ t ® ¢j ®~ vv ¥sÓ ¥p ¨ Ôj¢Ô mÓ mÔ ® pj ¥p

¢ 6'A. 1 ę1%=) 6 6'A 8 N6B 6%.Ę+ 6 j q² ¦ j Ó p p ¡ j q©}Ôq } ² k ® ~ ¥j|z× ­¨sÔ¨ j q } ² p ¨ ­¥ ~Ó ¢Ô k p j }² ¥ p q² ¦ j~ Ó p p ¡ j q ­ ² ¥ ~Ó ¢Ô ² q~ } ¨q ¢p ¡} }Ô j }² ¥ p ¥ ­ ¨sÔ¨ j ~ } ¨q¥j ­ j j q } j ¦ j ¥ j x ~ p k p Ó p }² ¥ p j }mÓ ­¥ Û © ~ ~ y j p pj ¥p © Ó p p ¡ j q~Ó p« j q² ¦ j© Ô} p ® ¡ j q t ® ¥ j Ô p ¥ Û ¥s ­ ® ¥ ­ ¨sÔ¥ Û ¥p ¡ ¡ ¥ ¨ ¡ j q ² ¢ Ô j j ¨ ¢ ¦ k pj t ® ¢j j® mÔ ² ®pj mÔ ¨ ¥ ¦ Óp j© p~Ó p ¥ ¡ j q¥sÓ t ® ¦ vv ¥sÓ ¥ Û ¥s ­ ¥ ­ j p ¡ ¨ ¡~ j ¡ j q}Ô ­ j © }Ô j qj ~Ó p« ®p ©}Ô¦ mÓ ¨sÔqÓ ­ ©}Ô ¢Ó¨ Ó p p ¡ j q} pj Ó kÔ p~Ô ² Ë ® ¡} ­ m ¦ © Ó ©}Ôq j ¡mm j ¨} p­ ­ q ² ~ p® ¦~Ó Ô k ® © k p ©}Ô

114

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED kÔ ¢ pj ¥p q² ¦ j~ Ó p p ¡ j qk p ² Ë ® ¡} ­ m ¦ ¦ }p} p ®

.N6/'5 Č.8J .< +5 9I åã 5 +6 % äçç .N6/'5 Č.8J .< +5 9I åã 5 +6 % äçç <' 8 '5 <' 8 A Ĕ6 ;J1 1;I G '+% <' 8 '5 <' 8 A Ĕ6 ;J1 1;I G '+% ;J1.8 8 B)4.5gg6A Ĕ6 ;1J .8 8 B)4.5gg6A Ĕ6 A'9& 'ĕ1

'4&4&6+ A'9& 'ĕ1

'4&4&6+

314,661

25,504

©}Ô ­

©}Ô

-

mÓ ¨sÔqÓ ¨ j k ¦ 110,638

-

12,843

- 118,233

mÓ ¨sÔqÓ ¨ j }² ¥ p

8,286

- 145,563 108,342

- 120,244

- 212,263 223,820

-

~Ô ¡ pj ¥p

-

64,862

8,240

-

mÓ ¨sÔqÓ ¥p ©}Ô

3,528

-

33,623

-

10,501

- 118,115

15,541

©}Ôq jj }² ¥ p

mÓ ¥ ­ ® p q ¢v § j j

j² © jÓ ~Ô ¡ pj ¥p ¦ mÓ ¨sÔqÓ ¥p ©}Ô

j² © ¡ ² Ë čėüúĆĔāąŋĆĊ

- 340,165

-

16,483

- 332,162

25,802

- -

- -

2,011

-

£ 6'1 <%5 8D/ę11 6'A 8 p j ¥p ®©}Ô j ¡ ~ ¨ Ô jp j ¥p q jj j ¢Ô ² q p k p ¥ ­ ­ j¡ ×

Annual Report 2015

115

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

STATEMENT OF FINANCIAL POSITION tÂ&#x2020; tÂ&#x2021; wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Â?¢¢Â&#x201D;£¢ CURRENT ASSETS Cash and cash equivalents

4.3

Factoring receivables

5

Current portion of hire purchase receivables

6

Current portion of lease contract receivables

(MUDMSNQX EHM@MBD QDBDHU@AKDR

8

33,212,643

Amounts due from related companies

23

3,253,168

Other current assets Total Current Assets NON-CURRENT ASSETS Bank deposits held as collateral

154,168

Hire purchase receivables

6

Lease contract receivables

Plant and equipment

10

(MUDRSLDMS OQNODQSX

11

-

(MS@MFHAKD @RRDSR

12

Deferred tax assets

13

333,150

Other non-current assets Total Non-current Assets 3.3 + 22$32

Notes to the financial statements form an integral part of these statements

116

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

Â&#x2021;Â&#x2C6;uÂ&#x2C6;y yÂ&#x201A;Â&#x2C6; Â&#x192;z z}Â&#x201A;uÂ&#x201A;w}uÂ&#x20AC; Â&#x201E;Â&#x192;Â&#x2021;}Â&#x2C6;}Â&#x192;Â&#x201A; Â&#x2013;wÂ&#x192;Â&#x201A;Â&#x2C6;}Â&#x201A;Â&#x2030;yxÂ&#x2014; tÂ&#x2020; tÂ&#x2021; wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Â&#x203A;Â&#x2DC;Â?Â&#x2018;Â&#x2DC;Â&#x203A;Â&#x2DC;ÂŁÂ&#x2DC;Â&#x201D;¢ Â?Â?Â&#x201C; ¢Â&#x2014;Â?ÂĄÂ&#x201D;Â&#x2014;Â&#x17E;Â&#x203A;Â&#x201C;Â&#x201D;¥¢Ă&#x; Â&#x201D; ¤Â&#x2DC;£¨ "411$-3 +( !(+(3($2 Short-term loans from financial institutions

14

2,010,000,000

Current portion of long-term loans

15

285,240,000

Amounts due to a related company

23

50,041

-

62,504,528

2,225,546,311

Other current liabilities Total Current Liabilities -.- "411$-3 +( !(+(3($2 Long-term loans

15

103,500,000

Employee benefits obligation

Total Non-current Liabilities 3.3 + +( !(+(3($2

Notes to the financial statements form an integral part of these statements

Annual Report 2015

117

FINANCIAL STATEMENTS 'è-5 E1A1#A1. B Ä? 1) Â&#x2022; '4A ,E &Â&#x2013; N6 5 Â&#x2022;%/6 Â&#x2013;

B. 6 4 6'A ĂŠ Â&#x2013; Ä&#x2122;1Â&#x2014; +5 9I Â&#x17E;ä 5 +6 % Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

18

20

Â&#x203A;Â&#x2DC;Â?Â&#x2018;Â&#x2DC;Â&#x203A;Â&#x2DC;ÂŁÂ&#x2DC;Â&#x201D;¢ Â?Â?Â&#x201C; ¢Â&#x2014;Â?ÂĄÂ&#x201D;Â&#x2014;Â&#x17E;Â&#x203A;Â&#x201C;Â&#x201D;¥¢Ă&#x; Â&#x201D; ¤Â&#x2DC;£¨ 2' 1$'.+#$12Ă&#x201E; $04(38 2' 1$ " /(3 + TSGNQHYDC RG@QD B@OHS@K NQCHM@QX RG@QDR NE !@GS D@BG (RRTDC @MC O@HC TO RG@QD B@OHS@K NQCHM@QX RG@QDR NE !@GS D@BG fully paid-up ##(3(.- + / (# 4/ " /(3 + Premium on ordinary shares 1$3 (-$# $ 1-(-&2 Appropriated Legal reserve Unappropriated 3.3 + 2' 1$'.+#$12Ă&#x201E; $04(38 3.3 + +( !(+(3($2 -# 2' 1$'.+#$12Ă&#x201E; $04(38

Notes to the financial statements form an integral part of these statements

118

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME yÂ&#x201A;Â&#x2026; Â&#x2021;{x Â&#x152;xtÂ&#x2026; x wxw wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

235,411,223

Hire purchase income

1,083,410

Finance lease income

Factoring commission and service fees

81,002,250

Other income

Selling expenses

Administrative expenses

31,008,336

25,801,566

145,562,438

120,244,418

212,263,224

64,861,654

118,115,468

0.25

REVENUE Factoring income

Total Revenue $7/$-2$2

Management benefit expenses

23

Allowance for doubtful accounts Total Expenses (-".,$ !$%.1$ %(- -"$ ".23 -# (-".,$ 3 7 $7/$-2$ %(- -"$ ".23 (-".,$ !$%.1$ (-".,$ 3 7 $7/$-2$ (-".,$ 3 7 $7/$-2$

22

/1.%(3 %.1 3'$ 8$ 12 ! 2(" $ 1-(-&2 /$1 2' 1$ 6$(&'3$# 5$1 &$ -4,!$1 .% .1#(- 18 2' 1$2

Notes to the financial statements form an integral part of these statements

!@GS 2' 1$2

Annual Report 2015

119

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

STATEMENT OF CHANGES IN SHAREHOLDERSâ&#x20AC;&#x2122; EQUITY yÂ&#x201A;Â&#x2026; Â&#x2021;{x Â&#x152;xtÂ&#x2026; x wxw wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

!DFHMMHMF A@K@MBD @R @S )@MT@QX

Â&#x2DC;Ă&#x201A;Ă&#x201A;Ă&#x201E;´³ °½³ Â&#x;à ´Ÿ¸Ă&#x201E;Âź ž½ ¥´Ă&#x192;°¸½´³ ´°à ½¸½œĂ&#x201A; £žĂ&#x192;° ¿°¸³ Ă&#x201E;Âż Â&#x17E;à ³¸½°à Ă&#x2C6; Â?¿¿à ž¿à ¸°Ă&#x192;´³ ¤½°¿¿à ž¿à ¸°Ă&#x192;´³ ¢¡°à ´¡ž³´à Ă&#x201A;Ă&#x; Ă&#x201A;¡°à ´ ²°¿¸Ă&#x192;° ¢¡°à ´Ă&#x201A; Â&#x203A;´œ° à ´Ă&#x201A;´à Ă&#x2026;´ ´Ă&#x20AC;Ă&#x201E;¸Ă&#x192;Ă&#x2C6;

-

-

-

(63,450,000)

(63,450,000)

-

Changes during the year Total comprehensive income Dividend paid

Legal reserve

20

-

-

$MCHMF A@K@MBD @R @S #DBDLADQ

!DFHMMHMF A@K@MBD @R @S )@MT@QX

-

-

-

118,115,468

118,115,468

Changes during the year Total comprehensive income Dividend paid

-

-

-

(68,150,000)

(68,150,000)

Legal reserve

20

-

-

-

$MCHMF A@K@MBD @R @S #DBDLADQ

Notes to the financial statements form an integral part of these statements

120

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

STATEMENT OF CASH FLOWS yÂ&#x201A;Â&#x2026; Â&#x2021;{x Â&#x152;xtÂ&#x2026; x wxw wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

25,801,566

-

16,841,463

(154,203)

64,006,624

Employee benefits expense

4,143,625

3,386,150

#DOQDBH@SHNM @MC @LNQSHY@SHNM

(135,621,108)

Hire purchase receivables

Lease contract receivables

(MUDMSNQX EHM@MBD QDBDHU@AKDR

(500)

(2,481)

(3,308)

(133,520)

40,000

50,041

(MSDQDRS DWODMRDR O@HC

(MBNLD S@W O@HC

(33,214,128)

40,801,213

" 2' %+.62 %1., ./$1 3(-& "3(5(3($2 (MBNLD ADENQD HMBNLD S@W DWODMRDR CITRSLDMSR ENQ Allowance for doubtful accounts (reversal) Bad debts written off Gain from sales of fixed assets (MSDQDRS DWODMRDR

Operating assets (increase) decrease Factoring receivables

Amounts due from a related company Other current assets Fixed deposits pledged as collateral Non-other current assets Operating liabilities increase (decrease) Amounts due to a related company Other current liabilities Cash paid for operations

Net cash provided by operating activities

Notes to the financial statements form an integral part of these statements

Annual Report 2015

121

FINANCIAL STATEMENTS |yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

Â&#x2021;Â&#x2C6;uÂ&#x2C6;y yÂ&#x201A;Â&#x2C6; Â&#x192;z wuÂ&#x2021;| zÂ&#x20AC;Â&#x192;Â&#x2039;Â&#x2021; Â&#x2013;wÂ&#x192;Â&#x201A;Â&#x2C6;}Â&#x201A;Â&#x2030;yxÂ&#x2014; yÂ&#x201A;Â&#x2026; Â&#x2021;{x Â&#x152;xtÂ&#x2026; x wxw wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãä 4MHS !@GS

Â?žĂ&#x192;´Ă&#x201A;

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

" 2' %+.62 %1., (-5$23(-& "3(5(3($2 Cash paid for purchases of fixed assets

4.1

(68,281,121)

Cash paid for purchases of intangible assets

4.2

Cash received from sale of fixed assets

413,084

154,206

Net cash used in investing activities

(3,831,461)

Cash paid for short-term loans to financial institutions

Cash received from short-term loans from financial institutions

13,145,000,000

2,164,000,000

(285,240,000)

-

400,000,000

(68,150,000)

(63,450,000)

86,610,000

(538,030,000)

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the years

" 2' %+.62 %1., %(- -"(-& "3(5(3($2

Cash paid for long-term loans to financial institutions Cash received for long-term loans to financial institutions Cash paid for dividend Net cash received from (used in) financing activities

"@RG @MC B@RG DPTHU@KDMSR @S DMC NE SGD XD@QR

Notes to the financial statements form an integral part of these statements

4.3

122

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

|yÂ&#x2020; vtÂ&#x192;|Â&#x2021;t Â&#x2022;Â&#x2021;{t| t wÂ&#x2013; Â&#x192;Â&#x2C6;u |v vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152; |Â&#x20AC;|Â&#x2021;xw

NOTES TO THE FINANCIAL STATEMENTS yÂ&#x201A;Â&#x2026; Â&#x2021;{x Â&#x152;xtÂ&#x2026; x wxw wxvxÂ&#x20AC;uxÂ&#x2026; Â&#x17E;äÂ&#x2122; Â?ãäÂ

äÂ&#x203A; zx xÂ&#x2026;t | yÂ&#x201A;Â&#x2026;Â&#x20AC;tÂ&#x2021;|Â&#x201A; t w Â&#x2021;{x vÂ&#x201A;Â&#x20AC;Â&#x192;t Â&#x152;Ă&#x161;Â&#x2020; Â&#x201A;Â&#x192;xÂ&#x2026;tÂ&#x2021;|Â&#x201A; 3GD "NLO@MX V@R HMBNQONQ@SDC HM ,@QBG TMCDQ SGD K@VR NE 3G@HK@MC @MC QDFHRSDQDC @R @ /TAKHB "NLO@MX +HLHSDC VHSG SGD ,HMHRSQX NE "NLLDQBD NM OQHK 3GD "NLO@MXĂ&#x201E;R NEEHBD HR KNB@SDC @S th EKNNQ +TLOHMH 3NVDQ 1@L@ (5 1N@C Tungmahamek, Sathorn, Bangkok. The principal business activities of the Company are factoring, hire purchase and leasing businesses.

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actoring 2. Leasing and hire purchase businesses only to the existing customers committed under the leasing and hire purchase agreements Thus, the Company has to comply with the conditions specified in the certificate of foreign business operations. .M -NUDLADQ SGD "NLO@MX G@C QD@OOKHDC ENQ @ ODQLHRRHNM SN NODQ@SD @ ATRHMDRR TMCDQ @MMDW RDQUHBD ATRHMDRRDR of leasing and hire purchase of vehicles and machineries used in industry, tools used in transport of goods, vessels and carriages used in agriculture to new clients and on April 8, 2010, the Company had obtained the approval from the Department of Business Development.

2TARDPTDMSKX NM )TMD SGD "NLO@MX G@C @OOKHDC ENQ @ ODQLHRRHNM SN NODQ@SD @ ATRHMDRR TMCDQ @MMDW RDQUHBD businesses of office rental including utility and facility with other company and on September 23, 2015, the Company had obtained the approval from the Department of Business Development.

Annual Report 2015

123

Â?Â&#x203A; utÂ&#x2020;|Â&#x2020; Â&#x201A;y Â&#x192;Â&#x2026;xÂ&#x192;tÂ&#x2026;tÂ&#x2021;|Â&#x201A; t w Â&#x192;Â&#x2026;xÂ&#x2020;x Â&#x2021;tÂ&#x2021;|Â&#x201A; Â&#x201A;y Â&#x2021;{x y| t v|t Â&#x2020;Â&#x2021;tÂ&#x2021;xÂ&#x20AC;x Â&#x2021;Â&#x2020; 2.1

The Company maintains its accounting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with Thai Financial Reporting Standards and accounting practices generally accepted in Thailand.

2.2

The Companyâ&#x20AC;&#x2122;s financial statements have been prepared in accordance with the Thai Accounting Standard (TAS) No. 1 1DUHRDC Ă&#x2026;/QDRDMS@SHNM NE %HM@MBH@K 2S@SDLDMSRĂ&#x2020; @MC SGD 1DFTK@SHNM NE 3GD 2SNBJ $WBG@MFD NE 3G@HK@MC 2$3 C@SDC January 22, 2001, regarding the preparation and submission of financial statements and reports for the financial position and results of operations of the listed companies B.E. 2544 and the Notification of the Department of Business Development C@SDC 2DOSDLADQ QDF@QCHMF Ă&#x2026;3GD !QHDE /@QSHBTK@QR HM SGD %HM@MBH@K 2S@SDLDMS ! $ Ă&#x2020;

2.3

Thai Financial Reporting Standards affecting the presentation and/or disclosure in the current year financial statements The Federation of Accounting Professions has issued the Notifications regarding Thai Financial Reporting Standards (TFRSs) VGHBG @QD DEEDBSHUD ENQ SGD EHM@MBH@K RS@SDLDMSR ENQ SGD ODQHNC ADFHMMHMF NM NQ @ESDQ )@MT@QX NMV@QCR @R ENKKNV 3G@H BBNTMSHMF 2S@MC@QCR Ă&#x2026;3 2Ă&#x2020; TAS 1 (Revised 2014) Presentation of Financial Statements TAS 2 (Revised 2014) (MUDMSNQHDR 3 2 1DUHRDC Statement of Cash Flows TAS 8 (Revised 2014) Accounting Policies, Changes in Accounting Estimates and Errors TAS 10 (Revised 2014) Events after the Reporting Period TAS 11 (Revised 2014) Construction Contracts TAS 12 (Revised 2014) (MBNLD 3@WDR TAS 16 (Revised 2014) Property, Plant and Equipment 3 2 1DUHRDC Leases TAS 18 (Revised 2014) Revenue 3 2 1DUHRDC Employee Benefits TAS 20 (Revised 2014) Accounting for Government Grants and Disclosure of Government Assistance TAS 21 (Revised 2014) The Effects of Changes in Foreign Exchange Rates TAS 23 (Revised 2014) Borrowing Costs TAS 24 (Revised 2014) Related Party Disclosures TAS 26 (Revised 2014) Accounting and Reporting by Retirement Benefit Plans 3 2 1DUHRDC Separate Financial Statements TAS 28 (Revised 2014) (MUDRSLDMSR HM RRNBH@SDR 3 2 1DUHRDC Financial Reporting in Hyperinflationary Economies TAS 33 (Revised 2014) Earnings per Share TAS 34 (Revised 2014) (MSDQHL %HM@MBH@K 1DONQSHMF TAS 36 (Revised 2014) (LO@HQLDMS NE RRDSR 3 2 1DUHRDC Provisions, Contingent Liabilities and Contingent Assets TAS 38 (Revised 2014) (MS@MFHAKD @RRDSR TAS 40 (Revised 2014) (MUDRSLDMS /QNODQSX

124

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED 3G@H %HM@MBH@K 1DONQSHMF 2S@MC@QCR Ã&#x2026;3%12Ã&#x2020; TFRS 2 (Revised 2014) Share - Based Payments TFRS 3 (Revised 2014) Business Combinations TFRS 5 (Revised 2014) Non-current Assets Held for Sale and Discontinued Operations TFRS 6 (Revised 2014) Exploration for and Evaluation of Mineral Assets TFRS 8 (Revised 2014) Operating Segments TFRS 10 Consolidated Financial Statements TFRS 11 Joint Arrangements TFRS 12 #HRBKNRTQD NE (MSDQDRSR HM .SGDQ $MSHSHDR TFRS 13 Fair Value Measurement 3G@H BBNTMSHMF 2S@MC@QCR (MSDQOQDS@SHNMR Ã&#x2026;32(Ã&#x2020; 32( 1DUHRDC Government Assistance - No Specific Relation to Operating Activities 32( 1DUHRDC .ODQ@SHMF +D@RDR (MBDMSHUDR 32( 1DUHRDC (MBNLD 3@WDR "G@MFD HM SGD 3@W 2S@STR NE @M $MSDQOQHRD NQ HSR 2G@QDGNKCDQR 32( 1DUHRDC Evaluating the Substance of Transactions in the Legal Form of a Lease 32( 1DUHRDC Disclosure - Service Concession Arrangements 32( 1DUHRDC 1DUDMTD !@QSDQ 3Q@MR@BSHNMR (MUNKUHMF CUDQSHRHMF 2DQUHBDR 32( 1DUHRDC (MS@MFHAKD RRDSR 6DA 2HSD "NRSR 3G@H %HM@MBH@K 1DONQSHMF 2S@MC@QC (MSDQOQDS@SHNMR Ã&#x2026;3%1(Ã&#x2020; 3%1( 1DUHRDC Changes in Existing Decommissioning, Restoration and Similar Liabilities 3%1( 1DUHRDC Determining whether an Arrangement contains a Lease 3%1( 1DUHRDC 1HFGSR SN (MSDQDRSR @QHRHMF EQNL #DBNLLHRRHNMHMF 1DRSNQ@SHNM @MC $MUHQNMLDMS@K 1DG@AHKHS@SHNM Funds 3%1( 1DUHRDC OOKXHMF SGD 1DRS@SDLDMS OOQN@BG TMCDQ ( 2 %HM@MBH@K 1DONQSHMF HM 'XODQHMEK@SHNM@QX Economies 3%1( 1DUHRDC (MSDQHL %HM@MBH@K 1DONQSHMF @MC (LO@HQLDMS 3%1( 1DUHRDC Service Concession Arrangements 3%1( 1DUHRDC Customer Loyalty Programmes 3%1( 3 2 1DUHRDC 3GD +HLHS NM @ #DEHMDC !DMDEHS RRDS ,HMHLTL %TMCHMF 1DPTHQDLDMSR @MC SGDHQ (MSDQ@BSHNM 3%1( 1DUHRDC Agreements for the Construction of Real Estate 3%1( 1DUHRDC Distributions of Non-cash Assets to Owners 3%1( 1DUHRDC Transfers of Assets from Customers 3%1( Stripping Costs in the Production Phase of a Surface Mine "NMBDOST@K %Q@LDVNQJ ENQ %HM@MBH@K 1DONQSHMF 1DUHRDC Above TFRSs have no material impact on these financial statements, except TFRS 13 which has resulted in more extensive disclosures (see Note 26).

Annual Report 2015

125

3G@H %HM@MBH@K 1DONQSHMF 2S@MC@QCR @MMNTMBDC HM SGD 1NX@K &@YDSSD ATS MNS XDS DEEDBSHUD The Federation of Accounting Professions has issued the Notifications regarding Thai Financial Reporting Standards (TFRSs), VGHBG @QD DEEDBSHUD ENQ SGD @BBNTMSHMF ODQHNC ADFHMMHMF NM NQ @ESDQ )@MT@QX NMV@QCR @R ENKKNVR 3G@H BBNTMSHMF 2S@MC@QCR Ă&#x2026;3 2Ă&#x2020; TAS 1 (Revised 2015) Presentation of Financial Statements TAS 2 (Revised 2015) (MUDMSNQHDR 3 2 1DUHRDC Statement of Cash Flows TAS 8 (Revised 2015) Accounting Policies, Changes in Accounting Estimates and Errors TAS 10 (Revised 2015) Events after the Reporting Period TAS 11 (Revised 2015) Construction Contracts TAS 12 (Revised 2015) (MBNLD 3@WDR TAS 16 (Revised 2015) Property, Plant and Equipment 3 2 1DUHRDC Leases TAS 18 (Revised 2015) Revenue 3 2 1DUHRDC Employee Benefits TAS 20 (Revised 2015) Accounting for Government Grants and Disclosure of Government Assistance TAS 21 (Revised 2015) The Effects of Changes in Foreign Exchange Rate TAS 23 (Revised 2015) Borrowing Costs TAS 24 (Revised 2015) Related Party Disclosures TAS 26 (Revised 2015) Accounting and Reporting by Retirement Benefit Plans 3 2 1DUHRDC Separate Financial Statements TAS 28 (Revised 2015) (MUDRSLDMSR HM RRNBH@SDR @MC )NHMS 5DMSTQDR 3 2 1DUHRDC Financial Reporting in Hyperinflationary Economies TAS 33 (Revised 2015) Earnings per Share TAS 34 (Revised 2015) (MSDQHL %HM@MBH@K 1DONQSHMF TAS 36 (Revised 2015) (LO@HQLDMS NE RRDSR 3 2 1DUHRDC Provisions, Contingent Liabilities and Contingent Assets TAS 38 (Revised 2015) (MS@MFHAKD @RRDSR TAS 40 (Revised 2015) (MUDRSLDMS /QNODQSX TAS 41 (Revised 2015) Agriculture 3G@H %HM@MBH@K 1DONQSHMF 2S@MC@QCR Ă&#x2026;3%12Ă&#x2020; TFRS 2 (Revised 2015) Share - Based Payment TFRS 3 (Revised 2015) Business Combinations TFRS 4 (Revised 2015) (MRTQ@MBD "NMSQ@BSR TFRS 5 (Revised 2015) Non-current Assets Held for Sale and Discontinued Operations TFRS 6 (Revised 2015) Exploration for and Evaluation of Mineral Assets TFRS 8 (Revised 2015) Operating Segments TFRS 10 (Revised 2015) Consolidated Financial Statements TFRS 11 (Revised 2015) Joint Arrangements TFRS 12 (Revised 2015) #HRBKNRTQD NE (MSDQDRSR HM .SGDQ $MSHSHDR TFRS 13 (Revised 2015) Fair Value Measurement

126

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED 3G@H BBNTMSHMF 2S@MC@QCR (MSDQOQDS@SHNMR Ă&#x2026;32(Ă&#x2020; 32( 1DUHRDC Government Assistance No Specific Relation to Operating Activities 32( 1DUHRDC Operating Leases (MBDMSHUDR 32( 1DUHRDC (MBNLD 3@WDR Change in the Tax Status of an Enterprise or its Shareholders 32( 1DUHRDC Evaluating the Substance of Transactions in the Legal Form of a Lease 32( 1DUHRDC Disclosure Service Concession Arrangements 32( 1DUHRDC Revenue !@QSDQ 3Q@MR@BSHNMR (MUNKUHMF CUDQSHRHMF 2DQUHBDR 32( 1DUHRDC (MS@MFHAKD RRDSR Web Site Costs 3G@H %HM@MBH@K 1DONQSHMF 2S@MC@QC (MSDQOQDS@SHNMR Ă&#x2026;3%1(Ă&#x2020; 3%1( 1DUHRDC Changes in Existing Decommissioning, Restoration and Similar Liabilities 3%1( 1DUHRDC Determining whether an Arrangement contains a Lease 3%1( 1DUHRDC 1HFGSR SN (MSDQDRSR @QHRHMF EQNL #DBNLLHRRHNMHMF 1DRSNQ@SHNM @MC $MUHQNMLDMS@K 1DG@AHKHS@SHNM Funds 3%1( 1DUHRDC OOKXHMF SGD 1DRS@SDLDMS OOQN@BG TMCDQ ( 2 %HM@MBH@K 1DONQSHMF HM 'XODQHMEK@SHNM@QX Economies 3%1( 1DUHRDC (MSDQHL %HM@MBH@K 1DONQSHMF @MC (LO@HQLDMS 3%1( 1DUHRDC Service Concession Arrangements 3%1( 1DUHRDC Customer Loyalty Programmes 3%1( 1DUHRDC 3 2 1DUHRDC The Limit on a Defined Benefit Asset, Minimum Funding Requirements @MC SGDHQ (MSDQ@BSHNM 3%1( 1DUHRDC Agreements for the Construction of Real Estate 3%1( 1DUHRDC Distributions of Non-cash Assets to Owners 3%1( 1DUHRDC Transfers of Assets from Customers 3%1( 1DUHRDC Stripping Costs in the Production Phase of a Surface Mine 3%1( 1DUHRDC Levies "NMBDOST@K %Q@LDVNQJ ENQ %HM@MBH@K 1DONQSHMF 1DUHRDC &THCDKHMD NM BBNTMSHMF QDF@QCHMF 1DBNFMHSHNM @MC ,D@RTQDLDMS NE !D@QDQ /K@MSR The Companyâ&#x20AC;&#x2122;s management will adopt the above TFRSs relevant to the Company in the preparation of the Companyâ&#x20AC;&#x2122;s financial statements when they become effective.

The Companyâ&#x20AC;&#x2122;s management has assessed the effects of these TFRSs and believes that they will not have any significant impact on the financial statements for the period in which they are initially applied.

Annual Report 2015

127

|z |y|vt tvv | z |v|x The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies.

2HFMHEHB@MS @BBNTMSHMF ONKHBHDR @CNOSDC AX SGD "NLO@MX @QD RTLL@QHYDC ADKNV 3.1

Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits at bank and fixed deposits with original maturities of 3 months or less and excluding cash at banks used as collateral.

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

Accounts receivable Factoring receivable is shown net of allowance for doubtful accounts.

Hire purchase receivable and lease contract receivable are stated at the outstanding hire purchase contract price and lease contract price after deducting unearned financing income and allowance for doubtful accounts.

3.4

Allowance for doubtful accounts Allowance for doubtful accounts is an estimate of the debts which may prove to be uncollectible. Based on review of the BTQQDMS RS@STR NE D@BG QDBDHU@AKD SGD "NLO@MX RDSR TO SGD @KKNV@MBD ENQ CNTASETK @BBNTMSR @R ENKKNVR

Overdue up to 3 months not over 6 months Overdue up to 6 months not over 12 months Overdue up to 12 months

Percentage of receivable 20 50 100

(M @CCHSHNM SGD "NLO@MX G@C CDSDQLHMDC SN RDS TO SGD @KKNV@MBD ENQ CNTASETK @BBNTMSR NM @ BNKKDBSHUD A@RHR ENQ E@BSNQHMF hire purchase, lease contract receivables and inventory finance receivable which are classified as normal and overdue less than 3 months which have similar credit risk characteristics assessed based on the historical loss experience of each loan B@SDFNQX RDD -NSDR @MC

128

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED 3.5

Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and allowance for impairment (if any). #DOQDBH@SHNM HR B@KBTK@SDC AX TRHMF SGD RSQ@HFGS KHMD LDSGNC A@RDC NM SGD DRSHL@SDC TRDETK KHUDR NE SGD @RRDSR @R ENKKNVR Condominium Furniture and fixtures Vehicles

40 years 5 years 5 years

6GDM OQDLHRDR @MC DPTHOLDMS ADBNLD HLO@HQDC SGD @KKNV@MBD ENQ HLO@HQLDMS HR QDBNQCDC SN QDBNFMHYD KNRR NM HLO@HQLDMS in the statements of profit or loss and other comprehensive income.

(MUDRSLDMS OQNODQSX (MUDRSLDMS OQNODQSX SG@S HR GDKC SN D@QM ENQ QDMS@K NQ ENQ B@OHS@K @OOQDBH@SHNM NQ ANSG Q@SGDQ SG@M ENQ R@KD HM SGD NQCHM@QX course of business or use in the production or supply of goods or services or for administrative purposes.

The Company measured investment property initially at its cost, including related transaction costs and less impairment (if any).

Depreciation is calculated by the straight-line method, based on the estimated useful life of assets. For investment property, the estimate useful live is 40 years.

6GDM HMUDRSLDMS OQNODQSX ADBNLD HLO@HQDC SGD @KKNV@MBD ENQ HLO@HQLDMS HR QDBNQCDC SN QDBNFMHYD KNRR NM HLO@HQLDMS HM the statements of profit or loss and other comprehensive income.

The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure. Directly attributable expenditure includes professional fees for legal services, property transfer taxes and other transaction costs.

(MS@MFHAKD @RRDSR @MC @LNQSHY@SHNM (MS@MFHAKD @RRDSR @QD RS@SDC @S BNRS KDRR @BBTLTK@SDC @LNQSHY@SHNM @MC @KKNV@MBD ENQ HLO@HQLDMS HE @MX LNQSHY@SHNM HR B@KBTK@SDC AX SGD RSQ@HFGS KHMD LDSGNC A@RDC NM SGD DRSHL@SDC TRDETK KHUDR NE SGD @RRDSR %NQ BNLOTSDQ software, the estimated useful lives are 3 years.

6GDM HMS@MFHAKD @RRDSR ADBNLD HLO@HQDC SGD @KKNV@MBD ENQ HLO@HQLDMS HR QDBNQCDC SN QDBNFMHYD KNRR NM HLO@HQLDMS HM SGD statements of profit or loss and other comprehensive income.

3.8

Employee benefits obligation The Company provides provision regarding the severance pay under the Thai Labor Protection Act and long service awards payable to employees. The liability in respect of employee benefits is calculated by using the actuarial technique. The present value of the defined benefits obligation is determined by discounting estimated future cash flows using yields on the government bonds which have terms to maturity approximating the terms of the related liability. The estimated future cash EKNVR RG@KK QDEKDBS DLOKNXDD R@K@QHDR STQMNUDQ Q@SD KDMFSG NE RDQUHBD @MC NSGDQR BST@QH@K F@HMR NQ KNRRDR VHKK AD QDBNFMHYDC in the statements of profit or loss and other comprehensive income in the period to which they are related. The costs associated with providing these benefits are charged to the statements of profit or loss and other comprehensive income RN @R SN ROQD@C SGD BNRS NUDQ SGD DLOKNXLDMS ODQHNC CTQHMF VGHBG SGD DMSHSKDLDMS SN ADMDEHSR HR D@QMDC RDD -NSD

Annual Report 2015

129

(MBNLD S@W DWODMRDR (MBNLD S@W DWODMRD HR B@KBTK@SDC A@RDC NM SGD S@W@AKD OQNEHS LTKSHOKHDC AX SGD S@W Q@SD SG@S G@R ADDM DM@BSDC @S SGD statements of financial position date and adjusted by the effect of deferred income tax accounting.

Deferred tax assets and liabilities result from temporary differences between the carrying amounts of assets or liabilities HM SGD RS@SDLDMSR NE EHM@MBH@K ONRHSHNM @MC SGDHQ S@W A@RDR #DEDQQDC S@W KH@AHKHSHDR @QD QDBNFMHYDC ENQ @KK S@W@AKD SDLONQ@QX CHEEDQDMBDR @MC CDEDQQDC S@W @RRDSR @QD QDBNFMHYDC SN SGD DWSDMS SG@S HS HR OQNA@AKD SG@S ETSTQD S@W@AKD OQNEHS VHKK AD @U@HK@AKD @F@HMRS VGHBG CDCTBSHAKD SDLONQ@QX CHEEDQDMBDR B@M AD TSHKHYDC Deferred tax expenses are charged or credited in the statements of profit or loss and other comprehensive income, except when the temporary differences relate to items credited or charged directly to equity, in which case the deferred tax is also recorded in equity.

Deferred tax assets and liabilities are offset when they relate to income tax levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

3.10 Basic earnings per share Basic earnings per share are calculated by dividing net income by the number of weighted average ordinary shares NTSRS@MCHMF CTQHMF SGD XD@Q (M B@RD NE @ B@OHS@K HMBQD@RD SGD MTLADQ NE NQCHM@QX RG@QDR HR VDHFGSDC @BBNQCHMF SN SGD SHLD of subscription was received. The Company did not have any common share equivalents outstanding which would have a dilutive effect on basic earnings per share.

3.11 Foreign currency transactions Transactions occurred during the year denominated in foreign currencies are translated into Baht at the rates of exchange on the transaction dates. Monetary assets and liabilities denominated in foreign currencies at the statements of financial position date are translated into Baht at the exchange rates prevailing at that date. Gains and losses on foreign exchange @QHRHMF EQNL RDSSKDLDMSR @MC SQ@MRK@SHNM @QD QDBNFMHYDC @R HMBNLD NQ DWODMRD VGDM HMBTQQDC 3.12 Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using @MNSGDQ U@KT@SHNM SDBGMHPTD (M DRSHL@SHMF SGD E@HQ U@KTD NE @M @RRDS NQ @ KH@AHKHSX SGD "NLO@MX S@JDR HMSN @BBNTMS SGD characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of TFRS 1DUHRDC KD@RHMF SQ@MR@BSHNMR SG@S @QD VHSGHM SGD RBNOD NE 3 2 1DUHRDC @MC LD@RTQDLDMSR SG@S G@UD RNLD RHLHK@QHSHDR SN E@HQ U@KTD ATS @QD MNS E@HQ U@KTD RTBG @R MDS QD@KHY@AKD U@KTD HM 3 2 1DUHRDC NQ U@KTD HM TRD in TAS 36 (Revised 2014).

(M @CCHSHNM E@HQ U@KTD LD@RTQDLDMSR @QD B@SDFNQHYDC HMSN +DUDK NQ A@RDC NM SGD CDFQDD SN VGHBG SGD HMOTSR SN SGD fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirely, VGHBG @QD CDRBQHADC @R ENKKNVR - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

- Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.

- Level 3 inputs are unobservable inputs for the asset or liability.

130

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED 3.13 Accounting estimates The preparation of financial statements in conformity with Thai Financial Reporting Standards and Practices generally accepted accounting in Thailand also requires the Companyâ&#x20AC;&#x2122;s management to exercise judgments in order to determine the accounting policies, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on managementâ&#x20AC;&#x2122;s reasonable consideration of current events, actual results may differ from these estimates.

Â&#x;Â&#x203A; Â&#x2020;Â&#x2C6;Â&#x192;Â&#x192; xÂ&#x20AC;x Â&#x2021;tÂ&#x2026;Â&#x152; w|Â&#x2020;v Â&#x201A;Â&#x2020;Â&#x2C6;Â&#x2026;x Â&#x201A;y vtÂ&#x2020;{ y Â&#x201A;Â&#x160;Â&#x2020; | yÂ&#x201A;Â&#x2026;Â&#x20AC;tÂ&#x2021;|Â&#x201A; /K@MS @MC DPTHOLDMS ENQ SGD XD@QR DMCDC #DBDLADQ @MC @QD @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

-

30,603

Add Purchases of plant and equipment

68,281,121

3,866,265

Less Cash paid for purchases of plant and equipment

(68,281,121)

-

-

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Other payable - intangible assets, beginning balance (included in other current liabilities)

-

Add Purchases of intangible assets

Less Cash paid for purchases of intangible assets

44,566

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

30,000

30,000

Cash at banks - current accounts

22,524,816

Cash at banks - savings accounts

Other payable - plant and equipment, beginning balance (included in other current liabilities)

Other payable - plant and equipment, ending balance (included in other current liabilities) (MS@MFHAKD @RRDSR ENQ SGD XD@QR DMCDC #DBDLADQ @MC VDQD @R ENKKNVR

Other payable - intangible asset, ending balance (included in other current liabilities) "@RG @MC B@RG DPTHU@KDMSR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

Cash on hand

(M ,@X SGD "NLO@MX SQ@MREDQQDC BDQS@HM NE BNMCNLHMHTL @LNTMSHMF SN !@GS LHKKHNM SN HMUDRSLDMS OQNODQSX according to the Companyâ&#x20AC;&#x2122;s operations objective (see Note 10).

Annual Report 2015

131

 Â&#x203A; ytvÂ&#x2021;Â&#x201A;Â&#x2026;| z Â&#x2026;xvx|Â&#x2030;tu xÂ&#x2020; %@BSNQHMF QDBDHU@AKDR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Factoring receivables

3,545,848,422

Less Allowance for doubtful accounts (*)

Less Factoring payables

Factoring receivables, net

(*) As at December 31, 2015 and 2014, the Company has provided for the allowance for doubtful accounts on a collective basis for factoring receivables VGHBG VDQD BK@RRHEHDC @R MNQL@K @MC NUDQCTD ENQ KDRR SG@M LNMSGR VGHBG @LNTMSDC SN !@GS @MC !@GS QDRODBSHUDKX

%@BSNQHMF QDBDHU@AKDR @R @S #DBDLADQ @MC VDQD BK@RRHEHDC AX @FHMF @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Over 3 months but not more than 6 months

Over 6 months but not more than 12 months

-

-

6,616,133

81,406,830

3,545,848,422

Current .UDQCTD Not more than 3 months

More than 12 months Restructuring Debtors subject to legal proceedings

132

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ÂĄÂ&#x203A; {|Â&#x2026;x Â&#x192;Â&#x2C6;Â&#x2026;v{tÂ&#x2020;x Â&#x2026;xvx|Â&#x2030;tu xÂ&#x2020; 'HQD OTQBG@RD QDBDHU@AKDR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Outstanding contract price

4,158,664

8,606,130

Less Unearned financing income

8,031,504

(31,566)

Due within one year

6,362,641

Less Unearned financing income

Current portion of hire purchase receivables, net

Less Allowance for doubtful accounts (*)

Hire purchase receivables, net

(*) As at December 31, 2015 and 2014, the Company has provided for the allowance for doubtful accounts on a collective basis for hire purchase receivables VGHBG VDQD BK@RRHEHDC @R MNQL@K @MC NUDQCTD ENQ KDRR SG@M LNMSGR VGHBG @LNTMSDC SN !@GS @MC !@GS QDRODBSHUDKX

'HQD OTQBG@RD QDBDHU@AKDR @R @S #DBDLADQ @MC VDQD BK@RRHEHDC AX @FHMF @R ENKKNVR

Current

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

8,031,504

8,031,504

Annual Report 2015

133

¢Â&#x203A; xtÂ&#x2020;x vÂ&#x201A; Â&#x2021;Â&#x2026;tvÂ&#x2021; Â&#x2026;xvx|Â&#x2030;tu xÂ&#x2020; +D@RD BNMSQ@BS QDBDHU@AKDR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Outstanding contract price

565,536,642

Less Deposits on long-term lease contracts

(205,285,040)

324,380,634

`

244,246,552

316,608,233

Due within one year

Less Deposits on long-term lease contracts

Less Unearned financing income

(22,451,653)

Current portion of lease contract receivables, net

Lease contract receivables, net

Less Unearned financing income Less Allowance for doubtful accounts (*)

(*) As at December 31, 2015 and 2014, the Company has provided for the allowance for doubtful accounts on a collective basis for lease contract receivables VGHBG VDQD BK@RRHEHDC @R MNQL@K @MC NUDQCTD ENQ KDRR SG@M LNMSGR VGHBG @LNTMSDC SN !@GS @MC !@GS QDRODBSHUDKX

+D@RD BNMSQ@BS QDBDHU@AKDR @R @S #DBDLADQ @MC VDQD BK@RRHEHDC AX @FHMF @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

224,800,532

4,206,030

Over 3 months but not more than 6 months

Over 6 months but not more than 12 months

540,304

324,380,634

Current .UDQCTD Not more than 3 months

Debtors subject to legal proceedings

134

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

ÂŁÂ&#x203A; | Â&#x2030;x Â&#x2021;Â&#x201A;Â&#x2026;Â&#x152; y| t vx Â&#x2026;xvx|Â&#x2030;tu xÂ&#x2020; (MUDMSNQX EHM@MBD QDBDHU@AKDR @R @S #DBDLADQ @MC VDQD @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

(MUDMSNQX EHM@MBD QDBDHU@AKDR

Less Allowance for doubtful accounts (*)

(12,822,336)

(MUDMSNQX EHM@MBD QDBDHU@AKDR MDS

33,212,643

(*) As at December 31, 2015 and 2014, the Company has provided for the allowance for doubtful accounts on a collective basis, for inventory finance QDBDHU@AKDR VGHBG VDQD BK@RRHEHDC @R MNQL@K @MC NUDQCTD ENQ KDRR SG@M LNMSGR VGHBG @LNTMSDC SN !@GS @MC !@GS QDRODBSHUDKX

(MUDMSNQX EHM@MBD QDBDHU@AKDR @R @S #DBDLADQ @MC VDQD BK@RRHEHDC AX @FHMF @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Current

Debtors subject to legal proceedings

¤Â&#x203A; ut ~ wxÂ&#x192;Â&#x201A;Â&#x2020;|Â&#x2021; {x w tÂ&#x2020; vÂ&#x201A; tÂ&#x2021;xÂ&#x2026;t R @S #DBDLADQ @MC EHWDC CDONRHS @S A@MJ NE !@GS @MC !@GS QDRODBSHUDKX G@UD ADDM OKDCFDC with a bank as security for issuing bank guarantees on behalf of the Company.

Annual Report 2015

135

äãÂ&#x203A; Â&#x192; t Â&#x2021; t w xÂ&#x201E;Â&#x2C6;|Â&#x192;Â&#x20AC;x Â&#x2021; /K@MS @MC DPTHOLDMS @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192;

Â?³³¸Ă&#x192;¸ž½Ă&#x201A;

Â&#x201C;¸Ă&#x201A;¿žĂ&#x201A;°Ă&#x201A;

Â&#x2122;°½Ă&#x201E;°à Ă&#x2C6; ĂŁÂ&#x20AC;

£à °½Ă&#x201A;¾´à Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192; Â&#x2018;´Ă&#x192;Ă&#x2020;´´½ Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC;

äÂ&#x201E;ãç

°²²žĂ&#x201E;½Ă&#x192;

äÂ&#x201E;ãç

Baht

Baht

Baht

Baht

Baht

Condominium

62,884,461

-

Furniture and fixtures

-

-

68,281,121

Condominium

-

Furniture and fixtures

-

-

(4,011,152)

Cost

Vehicles Total cost BBTLTK@SDC CDOQDBH@SHNM

Vehicles Total accumulated depreciation Plant and equipment

136

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192;

Â?³³¸Ă&#x192;¸ž½Ă&#x201A;

Â&#x201C;¸Ă&#x201A;¿žĂ&#x201A;°Ă&#x201A; Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192;

Â&#x2122;°½Ă&#x201E;°à Ă&#x2C6; ĂŁÂ&#x20AC;

Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC;

äÂ&#x201E;ĂŁĂŚ

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Baht

Baht

Condominium

-

-

Furniture and fixtures

(43,256)

(514,000)

3,866,265

Condominium

-

Furniture and fixtures

(2,201,856)

43,253

514,000

Cost

Vehicles Total cost BBTLTK@SDC CDOQDBH@SHNM

Vehicles Total accumulated depreciation Plant and equipment

#DOQDBH@SHNM ENQ SGD XD@QR DMCDC #DBDLADQ 2015

!@GS

2014

!@GS

On January 16, 2015, the Company entered into purchase agreement of condominium amounting to Baht 62.88 million as a part of office space to support business expansion in the future. The condominium has been transferred rights of ownership in January 2015. Subsequently, during in 2015, the Company has entered into a lease agreement with other company for unused space of condominium amounting Baht 33.28 million and transferred such rental condominium from plant and equipment to investment property (see Notes 4.4 and 11).

Annual Report 2015

137

ääÂ&#x203A; | Â&#x2030;xÂ&#x2020;Â&#x2021;Â&#x20AC;x Â&#x2021; Â&#x192;Â&#x2026;Â&#x201A;Â&#x192;xÂ&#x2026;Â&#x2021;Â&#x152; (MUDRSLDMS OQNODQSX @R @S #DBDLADQ BNMRHRSDC NE SGD ENKKNVHMF

äÂ&#x201E;ãç Baht Condominium as at January 1,

-

Add Transfer during the year

Less Accumulated depreciation

Condominium as at December 31,

#DOQDBH@SHNM ENQ SGD XD@QR DMCDC #DBDLADQ 2015

!@GS

During in 2015, the Company has entered into a lease agreement with other company for unused space of condominium amounting to Baht 33.28 million and transferred such rental condominium from plant and equipment to investment property. Lease period for such agreement is 3 years (see Note 10).

As at December 31, 2015, fair value of investment property of the Company amounted of Baht 45.20 million.

138

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

äÂ?Â&#x203A; | Â&#x2021;t z|u x tÂ&#x2020;Â&#x2020;xÂ&#x2021;Â&#x2020; (MS@MFHAKD @RRDSR @R @S #DBDLADQ @MC VDQD @R ENKKNVHMF

Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192; Â&#x2122;°½Ă&#x201E;°à Ă&#x2C6; ĂŁ äÂ&#x201E;ãçÂ&#x20AC;

Â?³³¸Ă&#x192;¸ž½Ă&#x201A;

Â&#x201C;¸Ă&#x201A;¿žĂ&#x201A;°Ă&#x201A;

£à °½Ă&#x201A;¾´à Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192; ¹´Ă&#x192;Ă&#x2020;´´½ Â&#x201C;´²´Ÿ¹´à üã °²²žĂ&#x201E;½Ă&#x192; äÂ&#x201E;ãçÂ&#x20AC;

Baht

Baht

Baht

Baht

Baht

Golf membership fee

150,000

-

-

-

150,000

Computer software

-

Computer software installation

-

-

-

6,352,663

-

-

(816,511)

-

-

(4,430,568)

(816,511)

-

-

(4,430,568)

Cost

Total cost BBTLTK@SDC @LNQSHY@SHNM Computer software 3NS@K @BBTLTK@SDC @LNQSHY@SHNM (MS@MFHAKD @RRDSR

Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192; Â&#x2122;°½Ă&#x201E;°à Ă&#x2C6; ĂŁÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

Â?³³¸Ă&#x192;¸ž½Ă&#x201A;

Â&#x201C;¸Ă&#x201A;¿žĂ&#x201A;°Ă&#x201A; Â&#x2018;°°½²´ °Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Baht

Baht

Golf membership fee

150,000

-

-

150,000

Computer software

-

-

-

3,824,264

-

6,352,663

(115,213)

-

(115,213)

-

Cost

Computer software installation Total cost BBTLTK@SDC @LNQSHY@SHNM Computer software 3NS@K @BBTLTK@SDC @LNQSHY@SHNM (MS@MFHAKD @RRDSR

325,420

LNQSHY@SHNM ENQ SGD XD@QR DMCDC #DBDLADQ 2015

!@GS

816,511

2014

!@GS

115,213

Annual Report 2015

139

äÂ&#x17E;Â&#x203A; wxyxÂ&#x2026;Â&#x2026;xw Â&#x2021;tÂ&#x2039; tÂ&#x2020;Â&#x2020;xÂ&#x2021;Â&#x2020; #DEDQQDC S@W @RRDSR @R @S #DBDLADQ @MC VDQD @R ENKKNVR

Deferred tax assets

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

#DEDQQDC S@W @RRDSR @R @S #DBDLADQ @MC BNMRHRS NE S@W DEEDBSR EQNL SGD ENKKNVHMF HSDLR

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

£à °½Ă&#x201A;°²Ă&#x192;¸ž½Ă&#x201A; à ´²žœ½¸Ă&#x2030;´³ ¸½ ¿à ž¾¸Ă&#x192; žà žĂ&#x201A;Ă&#x201A;

£à °½Ă&#x201A;°²Ă&#x192;¸ž½ à ´²žœ½¸Ă&#x2030;´³ ¸½ žĂ&#x192;¡´à ²žŸ¿à ´¡´½Ă&#x201A;¸Ă&#x2026;´ ¸½²žŸ´

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ãç

Baht

Baht

Baht

Baht

Allowance for doubtful accounts

22,542,410

5,160,313

-

Bad debt in process of litigation

-

-

23,402,456

-

-

5,463,813

-

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂĽ

£à °½Ă&#x201A;°²Ă&#x192;¸ž½Ă&#x201A; à ´²žœ½¸Ă&#x2030;´³ ¸½ ¿à ž¾¸Ă&#x192; žà žĂ&#x201A;Ă&#x201A;

£à °½Ă&#x201A;°²Ă&#x192;¸ž½ à ´²žœ½¸Ă&#x2030;´³ ¸½ žĂ&#x192;¡´à ²žŸ¿à ´¡´½Ă&#x201A;¸Ă&#x2026;´ ¸½²žŸ´

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Baht

Baht

Allowance for doubtful accounts

25,508,485

-

22,542,410

Bad debt in process of litigation

4,432,658

-

-

23,402,456

-

-

Assets from lease contract Employment benefits obligation

Assets from lease contract Employment benefits obligation

140

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

äÂ&#x;Â&#x203A; Â&#x2020;{Â&#x201A;Â&#x2026;Â&#x2021;Â&#x161;Â&#x2021;xÂ&#x2026;Â&#x20AC; Â&#x201A;t Â&#x2020; yÂ&#x2026;Â&#x201A;Â&#x20AC; y| t v|t | Â&#x2020;Â&#x2021;|Â&#x2021;Â&#x2C6;Â&#x2021;|Â&#x201A; Â&#x2020; 2GNQS SDQL KN@MR EQNL EHM@MBH@K HMRSHSTSHNMR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

Promissory notes

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

2,010,000,000

As at December 31, 2015 and 2014, the Company has short-term loans from financial institutions which bear interest rate at

ODQ @MMTL @MC ODQ @MMTL QDRODBSHUDKX

ä Â&#x203A; Â&#x201A; zÂ&#x161;Â&#x2021;xÂ&#x2026;Â&#x20AC; Â&#x201A;t Â&#x2020; +NMF SDQL KN@MR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Long-term loans

560,840,000

Current portion of long-term loans

(285,240,000)

103,500,000

As at December 31, 2015 and 2014, the Company entered into long-term loans with financial institutions at the floating interest rates 3.48% to 4.63% p.a. and 4.03% to 4.88% p.a. respectively, and are repayable quarterly installments, the last installment of RTBG KN@MR E@KK CTD HM #DBDLADQ

ä¥Â&#x203A; Â&#x192;Â&#x2026;Â&#x201A;Â&#x2030;|wx Â&#x2021; yÂ&#x2C6; w The Company has a contributory staff provident fund for its employees who apply to join after one yearâ&#x20AC;&#x2122;s service which was QDFHRSDQDC @R SGD OQNUHCDMS ETMC HM @BBNQC@MBD VHSG SGD /QNUHCDMS %TMC BS ! $ For the years ended December 31, 2015 and 2014, the Companyâ&#x20AC;&#x2122;s contributions included in selling and administrative expenses in the statement of profit or loss and other comprehensive income amounting to Baht 3.5 million and Baht 3.2 million, respectively.

Annual Report 2015

141

ä¢Â&#x203A; xÂ&#x20AC;Â&#x192; Â&#x201A;Â&#x152;xx ux xy|Â&#x2021;Â&#x2020; Â&#x201A;u |ztÂ&#x2021;|Â&#x201A; The Company calculated employee benefits obligation by using actuarial technique. The assumptions at the reporting date consist NE SGD ENKKNVHMF Discount rate (%)

4.18

Resignation rate (%) depending on age group of employees

Salary increase (%)

10

Retirement age (years)

60

$LOKNXDD ADMDEHSR NAKHF@SHNM ENQ SGD XD@QR DMCDC #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

/QNUHRHNM ENQ RDUDQ@MBD O@X RDD -NSD /QNUHRHNM ENQ KNMF RDQUHBD @V@QCR RDD -NSD

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

/QNUHRHNM ENQ RDUDQ@MBD O@X "G@MFD HM SGD OQDRDMS U@KTD NE OQNUHRHNM ENQ RDUDQ@MBD O@X @R @S #DBDLADQ @MC HR @R ENKKNVR

Present value of obligation, beginning balance Cost of service - current period Finance cost Present value of obligation, ending balance

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

18,128,863

/QNUHRHNM ENQ RDUDQ@MBD O@X DWODMRDR QDBNFMHYDC HM SGD RS@SDLDMS NE OQNEHS NQ KNRR @MC NSGDQ BNLOQDGDMRHUD HMBNLD ENQ SGD XD@QR DMCDC #DBDLADQ @MC VDQD @R ENKKNVR

Cost of service - current period Finance cost

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

3,463,842

142

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED /QNUHRHNM ENQ KNMF RDQUHBD @V@QCR Change in the present value of provision for long service awards for the years ended December 31, 2015 and 2014 were @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Benefits paid during the period

(120,000)

Present value of obligation, ending balance

Present value of obligation, beginning balance Cost of service - current period Finance cost

/QNUHRHNM ENQ KNMF RDQUHBD @V@QCR DWODMRD QDBNFMHYDC HM SGD RS@SDLDMS NE OQNEHS NQ KNRR @MC NSGDQ BNLOQDGDMRHUD HMBNLD ENQ SGD XD@QR DMCDC #DBDLADQ @MC HR @R ENKKNVR

Cost of service - current period Finance Cost

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Significant actuarial assumption - impact on increase (decrease) in defined benefit obligation as at December 31, 2015 @MC @QD @R ENKKNVR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Discount rate - 1% increase

(2,655,268)

Discount rate - 1% decrease

Salary increase rate - 1% increase

Salary increase rate - 1% decrease

(2,452,460)

Life expectancy - 1% increase

180,415

Life expectancy - 1% decrease

ä£Â&#x203A; Â&#x192;Â&#x2026;xÂ&#x20AC;|Â&#x2C6;Â&#x20AC; Â&#x201A; Â&#x201A;Â&#x2026;w| tÂ&#x2026;Â&#x152; Â&#x2020;{tÂ&#x2026;xÂ&#x2020; The share premium account is set up under the provisions of Section 51 of the Public Companies Act. B.E. 2535, which requires companies to set aside share subscription monies received in excess of the par value of the shares issued less expenses relating to the increase in share capital which is a reserve account and cannot be distributed as dividend.

Annual Report 2015

143

ä¤Â&#x203A; w|Â&#x2030;|wx wÂ&#x2020; Â&#x192;t|w .M OQHK SGD NQCHM@QX 2G@QDGNKCDQĂ&#x201E;R LDDSHMF O@RRDC @ QDRNKTSHNM SN O@X CHUHCDMC NE !@GS ODQ RG@QD NM shares, totaling Baht 68.15 million. Such dividend was paid on May 18, 2015. .M OQHK SGD .QCHM@QX 2G@QDGNKCDQĂ&#x201E;R ,DDSHMF O@RRDC @ QDRNKTSHNM SN O@X CHUHCDMC NE !@GS ODQ RG@QD NM shares, totaling Baht 63.45 million. Such dividend was paid on May 6, 2014.

Â?ĂŁÂ&#x203A; xzt Â&#x2026;xÂ&#x2020;xÂ&#x2026;Â&#x2030;x /TQRT@MS SN SGD /TAKHB "NLO@MHDR BS ! $ SGD "NLO@MX LTRS @KKNB@SD SN @ QDRDQUD ETMC EQNL SGD @MMT@K MDS OQNEHS of not less than five percent of the annual net profit deducted by the total accumulated loss brought forward (if any) until the reserve fund reaches an amount of not less than ten percent of the registered capital. The legal reserve could not be used for dividend payment.

R @S #DBDLADQ SGD "NLO@MX G@R KDF@K QDRDQUD AX SDM ODQBDMS NE SGD @TSGNQHYDC B@OHS@K

Â?äÂ&#x203A; vtÂ&#x192;|Â&#x2021;t Â&#x20AC;t tzxÂ&#x20AC;x Â&#x2021; The Companyâ&#x20AC;&#x2122;s objectives in managing capital are to safeguard the Company ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders.

Moreover, on April 8, 2010, the Company had obtained the approval from the Department of Business Development to operate a business under annex 3 (21). However, the Company is required to have a minimum capital of the Company of not less than !@GS RDD -NSD The Company has to comply with the conditions specified in the certificate of foreign business operations in that the total amount of loans used in the operation of the business permitted must not exceed seven times of the principal. On December 31, 2015 and 2014, the Companyâ&#x20AC;&#x2122;s financial statements show of compliance to the conditions as mentioned.

(M @CCHSHNM SGD "NLO@MX @KRN G@R SN BNLOKX VHSG EHM@MBH@K BNUDM@MSR VHSG @ EHM@MBH@K HMRSHSTSHNM HM SG@S SGD "NLO@MX RGNTKC maintain its debt to equity ratio to not exceed eight times and with another financial institution in that the Company shall maintain its gearing ratio to not exceed 6.5 times and a minimum tangible net worth of not less than Baht 650 million. On December, 31, 2015 and 2014, the Companyâ&#x20AC;&#x2122;s financial statements showed compliance to the conditions as mentioned.

144

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â?Â?Â&#x203A; | vÂ&#x201A;Â&#x20AC;x Â&#x2021;tÂ&#x2039; xÂ&#x2039;Â&#x192;x Â&#x2020;x (MBNLD S@W DWODMRD ENQ SGD XD@QR DMCDC #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

(MBNLD S@W DWODMRD EQNL S@W@AKD HMBNLD ODQ HMBNLD S@W QDSTQM Deferred tax expenses relating to the origination and reversal of temporary differences (MBNLD S@W ODQ SGD RS@SDLDMSR NE OQNEHS NQ KNRR @MC NSGDQ BNLOQDGDMRHUD HMBNLD

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

The reconciliation between income tax - income (expense) and accounting income for the years ended December 31, 2015 and VDQD ENKKNVR

Accounting income before tax (MBNLD S@W @S Tax effect of non-deductible expenses (MBNLD S@W ODQ SGD RS@SDLDMSR NE OQNEHS NQ KNRR @MC NSGDQ BNLOQDGDMRHUD HMBNLD Deferred tax income (expense) relating to the origination and reversal of temporary differences (MBNLD S@W DWODMRD EQNL S@W@AKD HMBNLD ODQ HMBNLD S@W QDSTQM

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

3,110,234

The Company used tax rates of 20% for the corporate income tax calculation for the years ended December 31, 2015 and 2014 and deferred tax as at December 31, 2015 and 2014.

Annual Report 2015

145

Â?Â&#x17E;Â&#x203A; Â&#x2026;x tÂ&#x2021;xw Â&#x192;tÂ&#x2026;Â&#x2021;Â&#x152; Â&#x2021;Â&#x2026;t Â&#x2020;tvÂ&#x2021;|Â&#x201A; Â&#x2020; The accompanying financial statements include certain transactions with related companies. The relationship may be that of shareholding or the companies may have the same group of shareholders or directors. The financial statements reflect the effects of these transactions in the normal business practice, and the price rates, interest rates, terms and conditions are considered to be at arms length, for related party as at the date received by the Board or the shareholders approved. !@K@MBD VHSG QDK@SDC BNLO@MHDR @R @S #DBDLADQ @MC BNMRHRS NE SGD ENKKNVHMF

¥´°Ă&#x192;¸ž½Ă&#x201A;¡¸¿

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

200

-

50,041

-

Amount due from related companies (%2 "@OHS@K +HLHSDC (%2 "@OHS@K 'NKCHMFR 3G@HK@MC +HLHSDC

Major Shareholder company Related company

Amount due to a related company (%2 "@OHS@K +HLHSDC

Major Shareholder company

2HFMHEHB@MS SQ@MR@BSHNMR VHSG QDK@SDC O@QSHDR ENQ SGD XD@QR DMCDC #DBDLADQ @MC VDQD @R ENKKNV

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

30,526,460

1,540,201

31,008,336

Management benefit expenses Short-term benefits Post-employment benefits Other long-term benefits

Â?Â&#x;Â&#x203A; vÂ&#x201A;Â&#x20AC;Â&#x20AC;|Â&#x2021;Â&#x20AC;x Â&#x2021;Â&#x2020; As at December 31, 2015 and 2014, the Company has the committed credit facility agreements with financial institutions for FDMDQ@K BNQONQ@SD ETMCHMF QDPTHQDLDMSR @R ENKKNVR

Total credit facilities

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ãç

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

Baht

Baht

4,556,000,000

R @S #DBDLADQ @MC SGD "NLO@MX G@C TSHKHYDC SGD KDSSDQR NE BQDCHS @LNTMSHMF SN !@GS LHKKHNM @MC !@GS million, respectively, for factoring, hire purchase and leasing contracts. However, as at December 31, 2015 and 2014, the Company G@C TMTRDC RTBG BQDCHS E@BHKHSHDR VHSG A@MJR SNS@KHMF !@GS LHKKHNM @MC !@GS LHKKHNM QDRODBSHUDKX

146

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â? Â&#x203A; xÂ&#x2039;Â&#x192;x Â&#x2020;xÂ&#x2020; uÂ&#x152;  tÂ&#x2021;Â&#x2C6;Â&#x2026;x -DS OQNEHS ENQ SGD XD@QR DMCDC #DBDLADQ @MC VDQD @QQHUDC @S @ESDQ BG@QFHMF SGD ENKKNVHMF HSDLR

äÂ&#x201E;ãç

äÂ&#x201E;ĂŁĂŚ

Baht

Baht

Directors and management benefit expenses

31,008,336

Employee benefit expenses

Bad debts and doubtful accounts

25,801,566

Business tax

64,861,654

#DOQDBH@SHNM @MC @LNQSHY@SHNM

Professional fee Finance cost

Â?ÂĄÂ&#x203A; w|Â&#x2020;v Â&#x201A;Â&#x2020;Â&#x2C6;Â&#x2026;x Â&#x201A;y y| t v|t | Â&#x2020;Â&#x2021;Â&#x2026;Â&#x2C6;Â&#x20AC;x Â&#x2021;Â&#x2020; +HPTHCHSX 1HRJ Liquidity risk arises from the problem in adequately raising fund and in time to meet commitment as indicated in the financial instruments. The management, based on the Companyâ&#x20AC;&#x2122;s current financial position and result of operations, believes that the Companyâ&#x20AC;&#x2122;s liquidity risk is minimal.

"QDCHS 1HRJ Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company has adopted the policy to prevent such risk by performing credit analysis on customersâ&#x20AC;&#x2122; information and follow-up on customer status consistently according to the Companyâ&#x20AC;&#x2122;s regulations. The maximum exposure to credit risk in the event the counter parties fail to perform their obligations is the carrying amount of the assets as recorded in the statements of financial position, net of a portion of allowance for impairment.

(MSDQDRS 1@SD 1HRJ (MSDQDRS Q@SD QHRJ NE EHM@MBH@K HMRSQTLDMSR HM SGD RS@SDLDMSR NE EHM@MBH@K ONRHSHNM @QHRDR EQNL SGD ONSDMSH@K NE @ BG@MFD HM HMSDQDRS rates having an adverse effect on the net interest earnings of the Company in the current reporting period, and in future years.

(MSDQDRS Q@SD QHRJ @QHRDR EQNL SGD RSQTBSTQD @MC BG@Q@BSDQHRSHBR NE SGD "NLO@MXĂ&#x201E;R @RRDSR KH@AHKHSHDR @MC DPTHSX NQ HM SGD LHRL@SBG in repricing dates of its assets and liabilities.

Annual Report 2015

147

R @S #DBDLADQ @MC EHM@MBH@K @RRDSR @MC KH@AHKHSHDR DWONRDC SN HMSDQDRS Q@SD QHRJ @QD @R ENKKNVR

äÂ&#x201E;ãç Â&#x17E;Ă&#x201E;Ă&#x192;Ă&#x201A;Ă&#x192;°½³¸½œ ¹°°½²´Ă&#x201A; ž¾ ½´Ă&#x192; ¾¸½°½²¸° ¸½Ă&#x201A;Ă&#x192;Ă Ă&#x201E;Ÿ´½Ă&#x192;Ă&#x201A; ¥´¿à ¸Ă&#x201A;¸½œ žà Ÿ°Ă&#x192;Ă&#x201E;à ¸Ă&#x192;Ă&#x2C6; ³°Ă&#x192;´Ă&#x201A; Â?Ă&#x2026;´à °œ´ ¸½Ă&#x192;´à ´Ă&#x201A;Ă&#x192; à °Ă&#x192;´ Â&#x201C;´¿´½³ ž½ Â&#x153;°à º´Ă&#x192; ¥°Ă&#x192;´

Œ¸Ă&#x192;¡ ¸½ ĂŁ Ă&#x2C6;´°Ă

ã ç Ă&#x2C6;´°à Ă&#x201A;

Â?ž Â&#x2DC;½Ă&#x192;´à ´Ă&#x201A;Ă&#x192;

£žĂ&#x192;°

Â&#x2022;ž°Ă&#x192;¸½œ

Â&#x2022;¸Ă&#x2021;´³

Thousand Thousand Thousand Thousand Thousand Baht Baht Baht Baht Baht

%

%

%HM@MBH@K @RRDSR Cash and cash equivalents Bank deposits held as collateral Factoring receivable

-

0.35

-

154

-

154

-

154

-

1.32

-

-

-

Hire purchase receivable

-

-

Lease contract receivable

-

-

-

-

-

2,010,000 2,010,000

-

- 2,010,000

-

-

3.86

-

(MUDMSNQX EHM@MBD QDBDHU@AKD %HM@MBH@K KH@AHKHSHDR Short-term loans Long-term loans

103,500

148

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

äÂ&#x201E;ĂŁĂŚ Â&#x17E;Ă&#x201E;Ă&#x192;Ă&#x201A;Ă&#x192;°½³¸½œ ¹°°½²´Ă&#x201A; ž¾ ½´Ă&#x192; ¾¸½°½²¸° ¸½Ă&#x201A;Ă&#x192;Ă Ă&#x201E;Ÿ´½Ă&#x192;Ă&#x201A; ¥´¿à ¸Ă&#x201A;¸½œ žà Ÿ°Ă&#x192;Ă&#x201E;à ¸Ă&#x192;Ă&#x2C6; ³°Ă&#x192;´Ă&#x201A; Â?Ă&#x2026;´à °œ´ ¸½Ă&#x192;´à ´Ă&#x201A;Ă&#x192; à °Ă&#x192;´ Â&#x201C;´¿´½³ ž½ Â&#x153;°à º´Ă&#x192; ¥°Ă&#x192;´

Œ¸Ă&#x192;¡ ¸½ ĂŁ Ă&#x2C6;´°Ă

ã ç Ă&#x2C6;´°à Ă&#x201A;

Â?ž Â&#x2DC;½Ă&#x192;´à ´Ă&#x201A;Ă&#x192;

£žĂ&#x192;°

Â&#x2022;ž°Ă&#x192;¸½œ

Â&#x2022;¸Ă&#x2021;´³

Thousand Thousand Thousand Thousand Thousand Baht Baht Baht Baht Baht

%

%

%HM@MBH@K @RRDSR Cash and cash equivalents Bank deposits held as collateral Factoring receivable

-

15,405

-

152

-

152

-

152

-

1.50

-

-

-

Hire purchase receivable

2,101

-

-

10.43

Lease contract receivable

316,608

168,158

148,450

-

316,608

-

33,213

33,213

-

-

33,213

-

-

-

-

-

4.24

-

(MUDMSNQX EHM@MBD QDBDHU@AKD %HM@MBH@K KH@AHKHSHDR Short-term loans Long-term loans

560,840

285,240

560,840

Annual Report 2015

149

%@HQ U@KTD Considerable judgment is necessarily required in estimation of fair value of financial instruments. Accordingly, the estimated fair U@KTD OQDRDMSDC GDQDHM HR MNS MDBDRR@QHKX HMCHB@SHUD NE SGD @LNTMS SG@S BNTKC AD QD@KHYDC HM @ BTQQDMS L@QJDS DWBG@MFD 3GD TRD of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. The following methods and assumptions were used by the Company in estimating fair values of financial instruments.

Financial instruments not measured at fair value Fair value of financial instruments which are not measured at fair value and their fair value hierarchy level classification is RTLL@QHYDC @R ENKKNVR

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ãç Â&#x2022;°¸à Ă&#x2026;°Ă&#x201E;´ Â&#x2019;°à à Ă&#x2C6;¸½œ Â&#x2022;°¸à ¼°Ă&#x201E;´ ¡¸´à °à ²¡Ă&#x2C6; Â?ŸžĂ&#x201E;½Ă&#x192;

¼°Ă&#x201E;°Ă&#x192;¸ž½ Ă&#x192;´²¡½¸Ă&#x20AC;Ă&#x201E;´Ă&#x201A; °½³ º´Ă&#x2C6; ¸½¿Ă&#x201E;Ă&#x192;Ă&#x201A;

Thousand Baht

Thousand Baht

3

Net present value of expected cash inflow

154

154

3

Net present value of expected cash inflow

3

Net present value of expected cash inflow

Hire purchase receivable

3

Net present value of expected cash inflow

Lease contract receivable

3

Net present value of expected cash inflow

3

Net present value of expected cash inflow

Short-term loans

2,010,000

2,010,000

3

Net present value of expected cash outflow

Long-term loans

3

Net present value of expected cash outflow

Financial assets Cash and cash equivalents Bank deposits held as collateral Factoring receivable

(MUDMSNQX EHM@MBD QDBDHU@AKD Financial liabilities

150

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Â?Ă&#x201A; °Ă&#x192; Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ Â&#x2022;°¸à Ă&#x2026;°Ă&#x201E;´ Â&#x2019;°à à Ă&#x2C6;¸½œ Â&#x2022;°¸à ¼°Ă&#x201E;´ ¡¸´à °à ²¡Ă&#x2C6; Â?ŸžĂ&#x201E;½Ă&#x192;

¼°Ă&#x201E;°Ă&#x192;¸ž½ Ă&#x192;´²¡½¸Ă&#x20AC;Ă&#x201E;´Ă&#x201A; °½³ º´Ă&#x2C6; ¸½¿Ă&#x201E;Ă&#x192;Ă&#x201A;

Thousand Baht

Thousand Baht

3

Net present value of expected cash inflow

152

152

3

Net present value of expected cash inflow

3

Net present value of expected cash inflow

Hire purchase receivable

3

Net present value of expected cash inflow

Lease contract receivable

316,608

316,608

3

Net present value of expected cash inflow

33,213

33,213

3

Net present value of expected cash inflow

Short-term loans

3

Net present value of expected cash outflow

Long-term loans

560,840

560,840

3

Net present value of expected cash outflow

Financial assets Cash and cash equivalents Bank deposits held as collateral Factoring receivable

(MUDMSNQX EHM@MBD QDBDHU@AKD Financial liabilities

Â?¢Â&#x203A; y| t v|t | yÂ&#x201A;Â&#x2026;Â&#x20AC;tÂ&#x2021;|Â&#x201A; uÂ&#x152; Â&#x2020;xzÂ&#x20AC;x Â&#x2021; The business segment results are prepared based on the Management of the Company. The operating results by business segment provided to Chief Operating Decision Maker to make decisions about allocating resources to, and assessing the performance of, operating segments is measured in accordance with Thai Financial Reporting Standard.

3GD ATRHMDRR RDFLDMSR @QD CDRBQHADC ADKNV %@BSNQHMF ATRHMDRR HR @ RGNQS SDQL KN@M SG@S OQNUHCDR KHPTHCHSX SN SGD ATRHMDRR HLLDCH@SDKX @MC DM@AKDR SGD ATRHMDRR SN HMBQD@RD its turnover in the form of buying accounts receivable. The factoring facility is applicable to both domestic and international sales.

'HQD OTQBG@RD @MC +D@RHMF ATRHMDRR @QD KNMF SDQL KN@MR ENQ HMUDRSDC HM ATRHMDRR HMCTRSQX .SGDQR DMBNLO@RRDR @ Q@MFD NE @BSHUHSHDR EQNL BNQONQ@SD CDBHRHNMR HMBNLD @MC DWODMRDR MNS @SSQHATSDC SN SGD ATRHMDRR RDFLDMSR described.

For the years ended December 31, 2015 and 2014, there is no revenue from a single external customer contributed 10% or more to the Companyâ&#x20AC;&#x2122;s total revenue.

Annual Report 2015

151

3GD EHM@MBH@K RS@SDLDMSR AX ATRHMDRR RDFLDMS ENQ SGD XD@QR DMCDC #DBDLADQ @MC VDQD @R ENKKNV 4MHS !@GSĂ&#x201E;

Â&#x2022;žà Ă&#x192;¡´ Ă&#x2C6;´°à ´½³´³ Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ãç Â&#x2022;°²Ă&#x192;žà ¸½œ ÂąĂ&#x201E;Ă&#x201A;¸½´Ă&#x201A;Ă&#x201A;

(MBNLD EQNL NODQ@SHNMR

Â&#x2014;¸à ´ Â&#x17E;Ă&#x192;¡´à Ă&#x201A; ÂżĂ&#x201E;à ²¡°Ă&#x201A;´ °½³ Â&#x203A;´°Ă&#x201A;¸½œ ÂąĂ&#x201E;Ă&#x201A;¸½´Ă&#x201A;Ă&#x201A;

Â&#x2022;žà Ă&#x192;¡´ Ă&#x2C6;´°à ´½³´³ Â&#x201C;´²´Ÿ¹´à üãÂ&#x20AC; äÂ&#x201E;ĂŁĂŚ

£žĂ&#x192;° Â&#x2022;°²Ă&#x192;žà ¸½œ ÂąĂ&#x201E;Ă&#x201A;¸½´Ă&#x201A;Ă&#x201A;

Â&#x2014;¸à ´ Â&#x17E;Ă&#x192;¡´à Ă&#x201A; ÂżĂ&#x201E;à ²¡°Ă&#x201A;´ °½³ Â&#x203A;´°Ă&#x201A;¸½œ ÂąĂ&#x201E;Ă&#x201A;¸½´Ă&#x201A;Ă&#x201A;

£žĂ&#x192;°

314,661

25,504

-

340,165

-

Other income

-

16,483

-

Total income

-

332,162

-

-

25,802

-

2,011

Selling and Administrative expenses

110,638

-

12,843

-

118,233

Total operation expenses

8,286

-

145,563

108,342

-

120,244

Net income before finance cost and income tax

-

212,263

223,820

-

Finance cost

-

64,862

8,240

-

(MBNLD S@W DWODMRDR

3,528

-

33,623

-

10,501

-

118,115

15,541

-

Allowance for doubtful accounts (reversal)

Net income for the years Total assets

Â?ÂŁÂ&#x203A; tÂ&#x192;Â&#x192;Â&#x2026;Â&#x201A;Â&#x2030;t yÂ&#x201A;Â&#x2026; |Â&#x2020;Â&#x2020;Â&#x2C6;t vx Â&#x201A;y Â&#x2021;{x y| t v|t Â&#x2020;Â&#x2021;tÂ&#x2021;xÂ&#x20AC;x Â&#x2021;Â&#x2020; 3GDRD EHM@MBH@K RS@SDLDMSR G@UD ADDM @OOQNUDC ENQ HRRTD AX SGD @TSGNQHYDC CHQDBSNQ NE SGD "NLO@MX NM %DAQT@QX

152

IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

REMUERATION OF THE AUDITOR

Ĕ6 1 B 6'.1 5g 9

'è-5 Ę6& Ę6 1 B D/ęB Ę =ę.1 5g 9 1 'è-5 ;1 'è-5 9)1& Ĝ =ę C %5 .< E &&, .1 5g 9 N6 5 1 6 9J 'è-5 %9 Ę6D ę Ę6&1;I G 16 8 A Ę Ę6 'ê -6$6-916 ' Ę6D ę Ę6&D 6'A. 1'6& 6 Ę1 'è-5 D )<Ę% B)4 Ę6D ę Ę6&1;I 9IA 8 êJ 'è 5 9J ¹¶ vÀ¾Á²¿Ê Á²ºµ ö¾Æ¿¶Ã²ÅºÀ¿ ÅÀ Ź¶ tƵºÅÀÃÄ À· w¶½ÀºÅŶ ÀÆ´¹¶ À¹¾²ÅÄÆ }²ºÊÀÄ tƵºÅ vÀ ŵ º¿ Ź¶ ·Àþ À· ³ÀŹ tƵºÅ y¶¶ ²¿µ À¿ tƵºÅ y¶¶ ÄÆ´¹ ²Ä ²É tµÇºÄÀÃÊ y¶¶ zÃÀÆÁ ¶ÁÀÃź¿¸ y¶¶ ²¿µ ÆÅ À· À´¼¶Å xÉÁ¶¿Ä¶Ä ²Ä ·À½½ÀÈÄ¥

ĎüŇĊą ýĕú Č äçç ä ãå

Č äçç ä ãæ

Č äçç ä ãç

mÓ ~ ¦ j vs Audit Fee

1,880,000

1,880,000

mÓ j ñ « Non-Audit Fee

206,415

¨sÔqÓ Total

2,086,415

2,153,400

Annual Report 2015

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ĎĆĚĐ 65& %#.. %'06'4

üĕèčĕĊüėčĕâĆ úĆèĄöĘ üĕąğāėħĄċĔâ÷ėī ĊèċŋāĔëĆþâĆöŋ ÷Ć ċěăĄėøĆ ğøëēĄüøĆĘâěĈ

ýĆėČĔú ÷ĘĈĐąúŋ úĜňë ġûĄĔúčě ģëąąċ čĐýýĔîëĘ éĬĕâĔ÷ ĐĕåĕĆĆĔéüĕâĕĆ ëĔĨü ğĈãúĘħ ùüüčĕúĆĢøň ĠãĊèąĕüüĕĊĕ ğãøčĕúĆ âĆěèğúāĄĎĕüåĆ ġúĆċĔāúŋ ġúĆčĕĆ

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ÿĜňčĐýýĔîëĘĆĔýĐüěîĕøğĈãúĘħ ÿĜňčĐýýĔîëĘĆĔýĐüěîĕøğĈãúĘħ ÿĜňčĐýýĔîëĘĆĔýĐüěîĕøğĈãúĘħ

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Deloitte Touche Tohmatsu Jaiyos Advisory Co.,Ltd. Rajanakarn Building, 25th Floor,183 South Sathorn Road, Yannawa, Sathorn Bangkok 10120 3DK

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IFS CAPITAL (THAILAND) PUBLIC COMPANY LIMITED

Annual Report 2015

155