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Contents ˹ Ò 2 4 6 8 12 14 16 20 28 42 46
Page 3 Company Profile 5 Financial Highlights 7 Message from the Chairman 8 Board of Directors 13 Nature of Business 15 Industrial Situation and Competition 17 Risk Factors 21 Shareholders and Management Structure 29 Corporate Governance 43 Management Explanation and Analysis 75 Financial Statement
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àÅ¢·ÐàºÕ¹ºÃÔÉ·Ñ
:
0107574700411
Website
:
www.thainox.com
â·ÃÈѾ·
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0-2250-7621-31
â·ÃÊÒÃ
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0-2250-7633
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2
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Company Profile Name
:
Thainox Stainless Public Company Limited
Business
:
Production and distribution of cold rolled stainless steel products
Headquarter Location
:
31st Floor Unit 3101-3 CRC Tower, All Seasons Place, 87/2 Wireless Road, Lumpini, Pathumwan, Bangkok 10330
Factory Location
:
324 Moo 8, Highway 3191, Mabkha District, Nikhompattana Subdistrict, Rayong 21180
Registered Number
:
0107574700411
Website
:
www.thainox.com
Telephone
:
0-2250-7621-31
Facsimile
:
0-2250-7633
Share Registrar
:
Thailand Securities Depository Company Limited 62 The Stock Exchange of Thailand Building Rachadapisek Road, Klongtoey, Bangkok 10110 Tel: (02) 229 2800
Auditor Year 2004
:
Fax: (02) 359 1259
Mrs. Sudchit Boonprakob Certified public accountant, registration no 2991 KPMG Phoomchai Audit Limited Empire Tower, 22nd Floor 195 South Sathorn Road, Bangkok 10120 Tel: (02) 677 2000
Fax: (02) 677 2222
Authorized Share Capital :
Baht 8,000,000,000
Common Shares
:
8,000,000,000 shares
Par value
:
1 Baht per share
Paid-up share capital
:
Baht 8,000,000,000 as at December 31, 2004
THAINOX STAINLESS PUBLIC COMPANY LIMITED
3
¢ ÍÁÙÅÊӤѷҧ¡ÒÃà§Ô¹ Å Ò¹ºÒ·
2547
2546
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ÃÒÂä´ ¨Ò¡¡ÒâÒ ÃÒÂä´ ÃÇÁ ¡ÓäÃ¢Ñ¹é µ ¹ ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹»¡µÔ ÃÒ¡ÒþÔàÈÉ (ÃÒÂä´ ¨Ò¡¡Òá˹Õ)é ¡ÓäÃÊØ·¸Ô ÊÔ¹·ÃѾ ÃÇÁ ˹ÕÊé ¹Ô ÃÇÁ Ê Ç¹¢Í§¼ ¶Ù Í× Ë ¹Ø ÍѵÃÒÊ Ç¹·Ò§¡ÒÃà§Ô¹ ¡Óäõ ÍË ¹Ø ¢Ñ¹é ¾×¹é °Ò¹ - ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹»¡µÔ (ºÒ·) - ÃÒ¡ÒþÔàÈÉ (ºÒ·) - ¡ÓäÃÊØ·¸Ô (ºÒ·) ÍѵÃÒ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹»¡µÔµÍ ÃÒÂä´ ¨Ò¡¡ÒâÒ (%) ÍѵÃÒ¡ÓäÃÊØ·¸ÔµÍ ÃÒÂä´ ÃÇÁ (%) ÍѵÃҼŵͺ᷹µ ÍÊ Ç¹¢Í§¼ ¶Ù Í× Ë ¹Ø (%) ÍѵÃҼŵͺ᷹¨Ò¡ÊÔ¹·ÃѾ ÃÇÁ (%) à§Ô¹» ¹¼Åµ ÍË ¹Ø (ºÒ·) ÁÙŤ ÒµÒÁºÑªÕµÍ Ë ¹Ø (ºÒ·)
14,653 14,675 2,775 1,785 1,785 19,415 6,423 12,992 0.23 0.23 12.18 12.16 16.09 10.48 0.10 1.62
12,253 12,663 1,888 1,395 1,285 2,680 14,659 5,468 9,191 0.27 0.25 0.52 11.39 21.16 22.25 9.54 1.20
9,896 10,113 1,353 563 563 14,587 11,239 3,348 0.12 0.12 5.69 5.56 17.82 3.88 0.70
àÁ×Íè Çѹ·Õè 1 ÁÕ¹Ò¤Á 2548 ºÃÔÉ·Ñ Ï ÁÕÁµÔãË ¨Ò Âà§Ô¹» ¹¼Å»ÃШӻ 2547 ¨Ó¹Ç¹ 800 Å Ò¹ºÒ· ËÃ×Í Ë ¹Ø ÅÐ 0.10 ºÒ· â´Â¡Ó˹´¨ ÒÂà§Ô¹» ¹¼ÅÇѹ·Õè 12 ¾ÄÉÀÒ¤Á 2548 à¾×Íè àʹ͵ Í·Õ»è ÃЪØÁÊÒÁÑ»ÃШӻ ¤ÃÑ§é ·Õè 1/2548 ã¹Çѹ·Õè 25 àÁÉÒ¹ 2548 à¹×Íè §¨Ò¡ ºÃÔÉ·Ñ Ï ÁռšÓäûÃШӻ ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2547 ¨Ó¹Ç¹à§Ô¹ 1,785 Å Ò¹ºÒ·
4
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Financial Highlights Million Baht
Sales Total Revenues Gross Profit Profit from Ordinary Activities Extraordinary Item (Gain on Debt Forgiveness) Net Profit Total Assets Total Liabilities Total Shareholders s Equity Financial Ratio Basic Earning per Share - Profit from Ordinary Activities (Baht) - Extraordinary Item (Baht) - Net Profit (Baht) Profit Margin from Ordinary Activities (%) Net Profit Margin (%) Return on Equity (%) Return on Asset (%) Dividend per share (Baht) Book Value per share (Baht)
2004
2003
2002
14,653 14,675 2,775 1,785 1,785 19,415 6,423 12,992 0.23 0.23 12.18 12.16 16.09 10.48 0.10 1.62
12,253 12,663 1,888 1,395 1,285 2,680 14,659 5,468 9,191 0.27 0.25 0.52 11.39 21.16 22.25 9.54 1.20
9,896 10,113 1,353 563 563 14,587 11,239 3,348 0.12 0.12 5.69 5.56 17.82 3.88 0.70
On March 1, 2005, the Company has a resolution to pay dividend for the year 2004 for the total amount of Baht 800 million or Baht 0.10 per share. The dividend will be paid on May 12, 2005. The payment of dividend will be proposed to the Annual Shareholders Meeting No. 1/2005 on April 25, 2005 since the Company has net profit as of December 31, 2004 for the total amount of Baht 1,785 million.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
5
Message from th ÊÒèҡ»Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü Í٠ӹǡÒÃãË ÀÒÇÐàÈÃÉ°¡Ô¨¢Í§»ÃÐà·Èä·Âä´ ÃºÑ áÃ§Ê §¨Ò¡» 2546 ·ÓãË ÊÀÒ¾àÈÃÉ°¡Ô¨â´ÂÃÇÁàµÔºâµÍ ҧµ Íà¹×Íè § â´Â੾ÒР㹪 ǧ¤ÃÖ§è » áá µÅÍ´» 2547 ·Õ¼è Ò ¹ÁÒºÃÔÉ·Ñ Ï ÊÒÁÒöºÃÃÅØÀÒáԨ·ÕÊè Ó¤ÑËÅÒ»ÃСÒÃ ä´ á¡ ¡ÒüÅÔµ¤ÍÂÅ Ê൹àÅÊ ÊÐÊÁ¤Ãº 1 Å Ò¹µÑ¹ µÍºÊ¹Í§¤ÇÒÁµ ͧ¡ÒâͧµÅÒ´ã¹»ÃÐà·ÈáÅе Ò§»ÃÐà·È¡Ç Ò 30 »ÃÐà·È·ÑÇè âÅ¡ ´ ÇÂÈÑ¡ÂÀÒ¾¢Í§ ºÃÔÉÑ·Ï áÅСÒÃàµÔºâµ¢Í§¸ØáԨÊ൹àÅÊ ¤³Ð¼ ÙºÃÔËÒÃä´ ¹ÓºÃÔÉÑ·Ï à¢ Ò¨´·ÐàºÕ¹໠¹ºÃÃÉÑ·ÀÔºÒÅ ã¹µÅÒ´ËÅÑ¡·ÃѾ áË §»ÃÐà·Èä·Â à» ´âÍ¡ÒÊãË ÁËÒª¹Ã ÇÁà» ¹à¨ Ңͧ¸ØáԨ¢Í§ºÃÔÉÑ·Ï ã¹¡Å ØÁÇÑÊ´Ø¡ ÍÊà ҧ ÀÒÂãµ ª×èÍ TNX àÁ×èÍÇѹ·Õè 14 ¸Ñ¹ÇÒ¤Á 2547 ¨Ò¡¡ÒúÃÔËÒçҹáÅÐÃкº¡ÒôÙášӡѺ¡Ô¨¡Ò÷Õè´ÕÀÒÂãµ ¡ÒÃà» ¹ºÃÃÉÑ·ÀÔºÒÅ ·ÓãË ³ ÊÔé¹» 2547 ºÃÔÉÑ·Ï ÁռšÒôÓà¹Ô¹§Ò¹à» ¹·Õ¹è Ò ¾Ö§¾Íã¨â´ÂÁÕÂÍ´¢Ò 14,653 Å Ò¹ºÒ· ÁÕ¡ÓäÃÊÙ§ÊØ´¶Ö§ 1,785 Å Ò¹ºÒ· ¶×ͤÃͧà§Ô¹Ê´ÊÙ§¶Ö§ 3,185 Å Ò¹ºÒ· áÅÐÂѧ໠¹ºÃÔÉÑ·Ï ·ÕèäÁ ÁÕà§Ô¹¡ ÙÂ×Á·ÕèÁÕ´Í¡àºÕé¼١¾Ñ¹ã´æ ÍÕ¡´ Ç ¹Í¡¨Ò¡¹Õé ºÃÔÉÑ·Ï ÊÒÁÒöÊà ҧ¼Å »ÃСͺ¡ÒÃãË àµÔºâµ¶Ö§ 20% «Ö§è ¡ ÍãË à¡Ô´¼Å»ÃÐ⪹ µÍ »ÃÐà·ÈªÒµÔÍ ҧÁÒ¡ ¨Ò¡¼Å»ÃСͺ¡Òà ºÃÔÉ·Ñ Ï ÁÕÁµÔãË ¨Ò Âà§Ô¹ » ¹¼Å»ÃШӻ 2547 ¨Ó¹Ç¹ 800 Å Ò¹ºÒ· ËÃ×Í Ë ¹Ø ÅÐ 0.10 ºÒ· » ¨¨ØºÑ¹ ÍѵÃÒ¡ÒúÃÔâÀ¤Ê൹àÅÊÀÒÂã¹»ÃÐà·Èä·Âµ ͤ¹µ Í» à¾Õ§ 2.14 ¡ÔâÅ¡ÃÑÁ ¢³Ð·Õè»ÃÐà·È¾Ñ²¹ÒáÅ Ç ã¹àÍàªÕ´ Ç¡ѹ ઠ¹ Õ»è ¹ Ø à¡ÒËÅÕãµ äµ ËÇѹ ÁÕ굄 ÃÒà©ÅÕÂè ¡ÒúÃÔâÀ¤Ê൹àÅÊÀÒÂã¹»ÃÐà·È¢Í§»ÃЪҡõ ͤ¹µ Í» ÁÒ¡¡Ç Ò 10, 15, 20 ¡ÔâÅ¡ÃÑÁ «Öè§ËÁÒ¤ÇÒÁÇ ÒâÍ¡ÒÊ·Õ褹ä·Â¨ÐÁÕ¡ÒúÃÔâÀ¤Ê൹àÅÊà¾ÔèÁ¢Öé¹ä´ ÍÕ¡ÁÒ¡ ¡ÒâÂÒµÅÒ´ã¹»ÃÐà·È ¨Ö§ÁÕâÍ¡ÒÊà¾ÔÁè ¢Ö¹é ä´ ÁÒ¡´ Ç ¢³Ðà´ÕÂǡѹ ÍѵÃÒ¡ÒÃàµÔºâµ¢Í§¡ÒúÃÔâÀ¤Ê൹àÅʢͧâÅ¡à¾ÔÁè ¢Ö¹é â´Âà©ÅÕÂè » ÅÐ 6-7% â´Â੾ÒÐã¹àÍàªÕÂáÅÐ ¡Å ØÁÍÒà«Õ¹«Öè§ÃÇÁ¶Ö§»ÃÐà·Èä·Â¹Ñé¹ ÁÕÍѵÃÒàµÔºâµà©ÅÕèÂÊÙ§ÁÒ¡¡Ç Ò» ÅÐ 10% áÅд ÇÂà˵طÕèÊ൹àÅÊà» ¹ÍصÊÒË¡ÃÃÁ ÇÑÊ´ØãËÁ ¢Í§âÅ¡ ÁÕ¡ÒúÃÔâÀ¤·ÕÊè Í´¤Å ͧ¡Ñº¡ÒþѲ¹ÒàÈÃÉ°¡Ô¨ Êѧ¤Á áÅФسÀÒ¾ªÕÇµÔ ¢Í§»ÃЪҡà ºÃÔÉ·Ñ Ï ¨Ö§ÁÕà» ÒËÁÒ ·Õè¨Ðà¾ÔèÁ¡ÒúÃÔâÀ¤ÀÒÂã¹»ÃÐà·ÈãË àµÔºâµÍ ҧÁÕ¹ÑÂÊÓ¤Ñà¾×èÍãË ÇÑÊ´ØáÅмÅÔµÀѳ± Ê൹àÅÊà» ¹·Õèá¾Ã ËÅÒÂÁÒ¡ÂÔ觢Öé¹ áÅÐà» ¹Ê ǹ˹֧è 㹡ÒÃà ÇÁÊ §àÊÃÔÁ¤Ø³ÀÒ¾ªÕÇµÔ ¢Í§¤¹ä·Â «Ö§è ¨Ð¹ÓÁÒ«Ö§è ¡ÒÃà¾ÔÁè ÂÍ´¢Ò ¡ÒûÃѺ»Ãا¡ÒôÓà¹Ô¹§Ò¹¢Í§ ºÃÔÉ·Ñ Ï â´Â੾Òд Ò¹âŨÔÊµÔ¡Ê áÅСÒâÂÒ¡ÓÅѧ¡ÒüÅÔµµÒÁá¼¹§Ò¹¢Í§ºÃÔÉ·Ñ Ïµ Íä» ã¹¹ÒÁ¢Í§¤³Ð¡ÃÃÁ¡ÒúÃÔËÒúÃÔÉ·Ñ ä·Â¹ ͤ« Ê൹àÅÊ ¨Ó¡Ñ´ (ÁËÒª¹) ¢Í¢Íº¤Ø³¼ ºÙ ÃÔËÒà ¾¹Ñ¡§Ò¹ ÅÙ¡¤ Ò ¾Ñ¹¸ÁԵ÷ҧ¸ØáԨ·Ø¡æ½ Ò µÅÍ´¨¹¼ ¶Ù Í× Ë ¹Ø áÅйѡŧ·Ø¹·Ñ§é ã¹»ÃÐà·ÈáÅе Ò§»ÃÐà·È·ÕÁè ÊÕ Ç ¹Ê¹ÑºÊ¹Ø¹ãË ¸ÃØ ¡Ô¨¢Í§ºÃÔÉ·Ñ Ï »ÃÐʺ¤ÇÒÁÊÓàÃç¨à» ¹Í ҧ´Õã¹Ãͺ» ·¼Õè Ò ¹ÁÒ «Ö§è ¨Ðà» ¹ÃÒ¡°Ò¹áË §¤ÇÒÁÁÑ¹è ¤§ÀÒÂãµ ¡ÒúÃÔËÒçҹ¢Í§¤¹ä·ÂÊ׺ä»
(¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃ)Ô »Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü Í٠ӹǡÒÃãË
6
THAINOX STAINLESS PUBLIC COMPANY LIMITED
he Chairman Message from the Chairman and Chief Executive Officer
The continuous high economic growth rate in 2004 has been driven by economic momentum from 2003. Throughout the year 2004, Thainox Stainless Public Company Limited succeeded in several missions such as the celebration of the 1st million tons of production of cold rolled stainless steel, and satisfying customers requirements both in Thailand and over 30 countries around the world. With the Company s performance and the development of stainless steel industry, the Company became a listed company in the Stock Exchange of Thailand in the construction material sector under the abbreviation TNX , on December 14th, 2004. According to the Company s good corporate governance policy and management efficiency, the Company reached sales revenue of Baht 14.653 billion, net profit of Baht 1.785 billion and cash outstanding of Baht 3.185 billion at the end of 2004. The Company has also zero interest bearing debt. In addition, the Company s operating result had increased approximately 20 percent. Such excellent performance, the Company will has a resolution to pay dividend for the year 2004 for the total amount of Baht 800 million or Baht 0.10 per share. Stainless steel consumption per capita in Thailand is relatively low at 2.14 kilograms compare to Japan, South Korea and Taiwan at 10, 15 and 20 kilograms respectively. These figures indicate a high potential of stainless steel consumption as well as the progressive development of stainless steel industry in Thailand, which will finally make the benefit for the whole country. Meanwhile, the average growth rate of world stainless steel consumption has annually increased by 6-7 percent. Especially, the average consumption of cold rolled stainless steel in ASEAN and Asian countries, including Thailand has increased over 10 percent. As an innovative and new material, stainless steel industry growth goes in line with the economic and social development, and the quality of life. The Company s objective focuses on considerable growth of consumption and usage of stainless steel, which will improve the quality of life of Thai people. Besides, the Company consciously improves the logistic in accordance with the production expansion plan to be competitive in the world market. On behalf of the management of Thainox Stainless Public Company Limited, I would like to thank the shareholders, customers, business alliances, management team, employees, as well as both domestic and international investors for their supports and their dedication to the 2004 success year of the Company. This success is the strong foundation under Thai management, and will bring the prosperity to stainless steel industry.
(Prayudh Mahagitsiri) Chairman & Chief Executive Officer THAINOX STAINLESS PUBLIC COMPANY LIMITED
7
Board of D 1
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2
Board of Directors
1 ¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃÔ
1 Mr. Prayudh Mahagitsiri Chairman Age : 60 years Education : BBA University of San Diego,USA PhD Management, Ramkhamhaeng University Shareholding : 24.2 % Family relations with other executives : Married to Vice Chairman and father of 3 directors Experiences from 1999 to present : Chairman and Chief Executive Officer 1990-present: Thainox Stainless PCL 1983- present: Thai Film Industries PCL 1989-present: Quality Coffee Products Co., Ltd. 1992 - present: P.M. Group Co., Ltd Present: Thai Copper Industries PCL. Director Up to present: Lakewood Land Co., Ltd. 2002-present: Lakewood Country Club Co., Ltd. 2002-present: Lakewood Kitchen Co., Ltd. .
2 ¹Ò§ÊØÇÁÔ Å ÁËÒ¡Ô¨ÈÔÃÔ
2 Mrs. Suvimol Mahagitsiri Vice Chairman Age : 59 years Education : BBA Grossmont Junior College, USA BA, Political Science, Ramkhamhaeng University Shareholding : 24.2 %1 Family relations with other executives : Married to Chairman and father of 3 directors Experiences from 1999 to present : Vice Chairman 2004-present: Thainox Stainless PCL 1983- present: Thai Film Industries PCL 1989-present: Quality Coffee Products Co., Ltd. 1992 - present: P.M. Group Co., Ltd Present: Thai Copper Industries PCL Chairman Up to present: Lakewood Land Co., Ltd. 2002-present: Lakewood Country Club Co., Ltd. 2002-present : Lakewood Kitchen Co., Ltd.
»Ãиҹ¡ÃÃÁ¡Òà ÍÒÂØ - 60 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒµÃÕ ºÃÔËÒøØáԨ ÁËÒÇÔ·ÂÒÅÑ«ҹ´ÔàÍâ¡ »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÔÒ´Øɮպ³ Ñ ±Ôµ¡ÔµµÔÁÈÑ¡´Ôì ÊÒ¢ÒºÃÔËÒ÷ÑÇè ä» ÁËÒÇÔ·ÂÒÅÑÂÃÒÁ¤Óá˧ ÊÑ´Ê Ç¹¡Òö×ÍË ¹Ø 㹺ÃÔÉ·Ñ - 24.2% ¤ÇÒÁÊÑÁ¾Ñ¹¸ ·Ò§¤Ãͺ¤ÃÑÇÃÐËÇ Ò§¼ ºÙ ÃÔËÒà ÊÁÃʡѺÃͧ»Ãиҹ¡ÃÃÁ¡ÒÃáÅÐà» ¹ºÔ´Ò¢Í§¡ÃÃÁ¡Òà 3 · Ò¹ »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ »Ãиҹ¡ÃÃÁ¡ÒÃáÅм ÙÍӹǡÒÃãË 2533-» ¨¨ØºÑ¹ ºÁ¨.ä·Â¹ ͤ« Ê൹àÅÊ 2526-» ¨¨ØºÑ¹ ºÁ¨.ä·Â¿ Å ÁÍÔ¹´ÑʵÃÕè 2532-» ¨¨ØºÑ¹ º¨¡. ¤ÇÍÅÔµÕé ¤Í¿¿ â »Ã´Ñ¡Ê 2535-» ¨¨ØºÑ¹ º¨¡. ¾Õ àÍçÁ ¡Ã »Ø » ¨¨ØºÑ¹ ºÁ¨. ä·Â¤Í»à»Íà ÍÔ¹´ÑʵÃÕè ¡ÃÃÁ¡Òà » ¨¨ØºÑ¹ º¨¡. àŤÇÙ´ Ᏼ 2545-» ¨¨ØºÑ¹ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ 2545-» ¨¨ØºÑ¹ º¨¡. ¤ÃÑÇàŤÇÙ´
Ãͧ»Ãиҹ¡ÃÃÁ¡Òà ÍÒÂØ - 59 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒµÃÕ ºÃÔËÒøØáԨ ¡ÃÍÊÁ͹µ ¨Ùà¹ÕÂà ¤ÍÅàŨ »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÔÒµÃÕ ÊÒ¢ÒÃÑ°ÈÒʵà ÁËÒÇÔ·ÂÒÅÑÂÃÒÁ¤Óá˧ ÊÑ´Ê Ç¹¡Òö×ÍË ¹Ø 㹺ÃÔÉ·Ñ - 24.2%1 ¤ÇÒÁÊÑÁ¾Ñ¹¸ ·Ò§¤Ãͺ¤ÃÑÇÃÐËÇ Ò§¼ ºÙ ÃÔËÒà ÊÁÃʡѺ»Ãиҹ¡ÃÃÁ¡ÒÃáÅÐà» ¹ÁÒôҢͧ¡ÃÃÁ¡Òà 3 · Ò¹ »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ Ãͧ»Ãиҹ¡ÃÃÁ¡Òà 2547-» ¨¨ØºÑ¹ ºÁ¨.ä·Â¹ ͤ« Ê൹àÅÊ 2526-» ¨¨ØºÑ¹ ºÁ¨.ä·Â¿ Å ÁÍÔ¹´ÑʵÃÕè 2532-» ¨¨ØºÑ¹ º¨¡. ¤ÇÍÅÔµÕé ¤Í¿¿ â »Ã´Ñ¡Ê 2535-» ¨¨ØºÑ¹ º¨¡. ¾Õ àÍçÁ ¡Ã »Ø » ¨¨ØºÑ¹ ºÁ¨. ä·Â¤Í»à»Íà ÍÔ¹´ÑʵÃÕè »Ãиҹ¡ÃÃÁ¡Òà » ¨¨ØºÑ¹ º¨¡. àŤÇÙ´ Ᏼ 2545-» ¨¨ØºÑ¹ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ 2545-» ¨¨ØºÑ¹ º¨¡. ¤ÃÑÇàŤÇÙ´ 1- ¹ÑºÃÇÁ¤ ÊÙ ÁÃÊ
8
1- including spouse
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Directors 3
4
3 ¹Ò¨ÃÔ¹·Ã ÊǹᡠÇ
3 Mr. Charin Suankaew
4 ËÁ ÍÁÃÒªÇ§È »ÃÕÂÒ§¤ ÈÃÕ ÇѲ¹¤Ø³
4 M.R. Priyangsri Watanakun
¡ÃÃÁ¡ÒÃÍÔÊÃÐáÅСÃÃÁ¡ÒõÃǨÊͺ ÍÒÂØ - 67 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒµÃÕ Associate in arts Stephens College, Columbia Missouri »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡ÒÃÍÔÊÃÐáÅСÃÃÁ¡ÒõÃǨÊͺ » ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ Í×è¹æ 2545-» ¨¨Øº¹Ñ ¼ ªÙ Ç ÂàÅ¢Ò¸Ô¡ÒÃÊÀÒ¡ÒªÒ´ä·Â ½ Ò¡ÒèѴËÒÃÒÂä´ áÅм Í٠ӹǡÒà Êӹѡ§Ò¹¨Ñ´ËÒÃÒÂä´ ÊÀÒ¡ÒªÒ´ä·Â 2540¼ Í٠ӹǡÒÃÊӹѡ§Ò¹¨Ñ´ËÒÃÒÂä´ ÊÀÒ¡ÒªÒ´ä·Â
Independent Director and Member of Audit Committee Age : 67 years Education : Bachelor of Associate in Arts, Stephens College, Columbia Missouri, USA Experiences from 1999 to present: Independent Director and Member of Audit Committee Up to present: Thainox Stainless PCL Other functions 2002 -present: Assistant Secretary General (Fund Raising) and Director of the Fund Raising Bureau, Thai Red Cross Society 1997: Director of the Fund Raising Bureau, Thai Red Cross Society
5 ¹Ò§ÊÒÇÍØÉ³Ò ÁËÒ¡Ô¨ÈÔÃÔ
5 Ms. Ausana Mahagitsiri
¡ÃÃÁ¡ÒÃÍÔÊÃÐáÅÐÃÑ¡ÉÒ¡ÒûÃиҹ¡ÃÃÁ¡ÒõÃǨÊͺ ÍÒÂØ - 65 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒâ· ÈÔÅ»ÈÒʵà ÁËҺѳ±Ôµ ÊÒ¢ÒÃÑ°ÈÒʵà ÁËÒÇÔ·ÂÒÅÑÂÃÒÁ¤Óá˧ M.S. Public Administration, Clayton University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò B.S. Business Administration, Woodbury University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡ÒÃÍÔÊÃÐáÅÐÃÑ¡ÉÒ¡ÒûÃиҹ¡ÃÃÁ¡ÒõÃǨÊͺ » ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ Í×è¹æ 2541-2542 ¼ µÙ ÃǨÃÒª¡ÒáÃзÃǧÁËÒ´ä·Â 2538-2541 ¼ ÇÙ Ò ÃÒª¡ÒèѧËÇÑ´ÍØ·ÂÑ ¸Ò¹Õ 2534-2538 Ãͧ¼ ÇÙ Ò ÃÒª¡ÒèѧËÇÑ´ÊؾÃóºØÃÕ
¡ÃÃÁ¡Òà ÍÒÂØ - 25 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒµÃÕ ÊÒ¢ÒºÃÔËÒøØáԨ School of Management, Boston University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò ¤ÇÒÁÊÑÁ¾Ñ¹¸ ·Ò§¤Ãͺ¤ÃÑÇÃÐËÇ Ò§¼ ºÙ ÃÔËÒà ºØµÃ¢Í§»Ãиҹ¡ÃÃÁ¡ÒÃáÅÐÃͧ»Ãиҹ¡ÃÃÁ¡Òà »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¹ ͤ« ൹àÅÊ 2545-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¿ Å ÁÍÔ¹´ÑʵÃÕè 2546- » ¨¨Øº¹Ñ º¨¡. àŤÇÙ´ Ᏼ 2545-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ Í×è¹æ 2545-» ¨¨Øº¹Ñ ¹Ñ¡ÇÔªÒ¡ÒþҳԪ ¡ÃзÃǧ¾Ò³ÔªÂ 2545 ¹Ñ¡ÇÔà¤ÃÒÐË , ÊӹѡÇÔ¨ÂÑ º¨¡. ËÅÑ¡·ÃѾ ·ÔÊâ¡
5
Independent Director and Acting Chairman of Audit Committee Age : 65 years Education : MA, Political Science, Ramkamhaeng University USA MS, Public Administration, Clayton University USA BS, Business Administration, Woodbury University USA Experiences from 1999 to present: Independent Director and Acting Chairman of Audit Committee Up to present: Thainox Stainless PCL Other functions 1998- 1999: Public Inspector, Ministry of Interior 1995-1998: Governor of Uthai-thani Province, Ministry of Interior 1991-1995: Deputy Governor of Supanburi Province, Ministry of Interior
Director Age : 25 years Education : BBA School of Management, Boston University, USA Family relations with other executives : Daughter of Chairman and Vice Chairman Experiences from 1999 to present : Director 2004-present: Thainox Stainless PCL 2004-present: Thai Film Industries PCL 2003-present: Lakewood Land Co.,Ltd. 2002-present: Lakewood Country Co.,Ltd. Other functions 2002 - Present: Analyst, Ministry of Commerce 2002- 2002: Analyst, Research Department, TISCO Securities Co., Ltd.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
9
Board of D 6
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7
Board of Directors
6 ¹Ò§ÊÒÇÍØɳÕ ÁËÒ¡Ô¨ÈÔÃÔ
6 Ms. Ausanee Mahagitsiri
7 ¹ÒÂà©ÅÔÁªÑ ÁËÒ¡Ô¨ÈÔÃÔ
7 Mr. Chalermchai Mahagitsiri
8 ¹Ò¬çͧ »ÍÅ à·àÇÍá¹ç§
8 Mr. Jean-Paul Thevenin
¡ÃÃÁ¡Òà ÍÒÂØ - 32 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒâ· ÊÒ¢ÒºÃÔËÒøØáԨ Entrepreneurship and Finance F.W. Olin Graduate School of Business, Babson College »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò Master of Science, International Business, Boston University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÔÒµÃÕ ÊÒ¢ÒàÈÃÉ°ÈÒʵà ÁËÒÇÔ·ÂÒÅѸÃÃÁÈÒʵà ¤ÇÒÁÊÑÁ¾Ñ¹¸ ·Ò§¤Ãͺ¤ÃÑÇÃÐËÇ Ò§¼ ºÙ ÃÔËÒà ºØµÃ¢Í§»Ãиҹ¡ÃÃÁ¡ÒÃáÅÐÃͧ»Ãиҹ¡ÃÃÁ¡Òà »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¹ ͤ« ൹àÅÊ 2547-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¿ Å ÁÍÔ¹´ÑʵÃÕè 2545- » ¨¨Øº¹Ñ º¨¡. àŤÇÙ´ Ᏼ 2545-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ Í×è¹æ 2544-» ¨¨Øº¹Ñ ÍÒ¨Òà¾àÔ ÈÉÇÔªÒàÈÃÉ°ÈÒʵà ÁËÒÇÔ·ÂÒÅѸÃÃÁÈÒʵà 2543-» ¨¨Øº¹Ñ ¹Ñ¡ÇÔªÒ¡ÒáÃзÃǧ¡ÒäÅѧ 2542-2543 Teacher Assistance, Babson College, USA
¡ÃÃÁ¡Òà ÍÒÂØ - 27 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒâ· Finance, Boston University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÔÒµÃÕ Finance, Suffolk University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò ÊÑ´Ê Ç¹¡Òö×ÍË ¹Ø 㹺ÃÔÉ·Ñ - 0.41 % ¤ÇÒÁÊÑÁ¾Ñ¹¸ ·Ò§¤Ãͺ¤ÃÑÇÃÐËÇ Ò§¼ ºÙ ÃÔËÒà ºØµÃ¢Í§»Ãиҹ¡ÃÃÁ¡ÒÃáÅÐÃͧ»Ãиҹ¡ÃÃÁ¡Òà »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ 2546-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¤Í»à»Íà ÍÔ¹´ÑʵÃÕè 2545-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´áŹ´ 2545-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ
¡ÃÃÁ¡Òà ÍÒÂØ - 64 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ Ph.D. in Science, Metallurgy, Orsay University, »ÒÃÕÊ »ÃÐà·È½Ãѧè àÈÊ »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü ¨Ù ´Ñ ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ »ÃиҹËÍ¡Òä Ò 2544-» ¨¨Øº¹Ñ ËÍ¡Òä Ò½ÃÑè§àÈÊ-ä·Â ¡ÃÃÁ¡Òü Í٠ӹǡÒÃãË 2541-2546 º¨¡. ä·Â¹ ͤ« ʵÕÅ ¡ÃÃÁ¡Òü ¨Ù ´Ñ ¡Òà 2534-2541 º¨¡. ä·Â¹ ͤ« ʵÕÅ
10
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Director Age: 32 years Education: MBA Entrepreneurship and Finance F.W. Olin Graduate School of Business, Babson College, USA Master of Science, International Business, Boston University, USA BA, Economics, Thammasat University Family relations with other executives : Daughter of Chairman and Deputy Chairman Experiences from 1999 to present: Director 2004-present: Thainox Stainless PCL 2004-present: Thai Film Industries PCL 2002-present: Lakewood Land Co., Ltd. 2002-present: Lakewood Country Co., Ltd. Other functions 2001-present: Special lecturer in Economics, Thammasat University 2000-present: Analyst, Ministry of Finance 1999- 2000: Teacher Assistance, Babson College
Director Age : 27 years Education : Master of Finance, Boston University, USA BComm (Finance), Suffolk University, USA Shareholding : 0.41 % Family relations with other executives : Son of Chairman and Deputy Chairman Experiences from 1999 to present : Director 2004- Present: Thainox Stainless PCL 2003- Present: Thai Copper Industries PCL 2002- Present: Lakewood Land Co., Ltd. 2002- Present: Lakewood Country Club Co., Ltd.
Director Age : 64 years Education : PhD in Science, Metallurgy, Orsay University, Paris, France Experiences from 1999 to present: Director and Managing Director 2004-present: Thainox Stainless PCL President 2001-present: Franco-Thai Chamber of Commerce Chief Executive Officer 1998-2003: Thainox Steel Co., Ltd. Managing Director 1991-1998: Thainox Steel Co., Ltd.
8
Directors 9
10
9 ¹ÒÂÊÁºÑµÔ àÁ¦ä¾ºÙÅ Dz Ñ ¹Ò
9 Mr. Sombat Makpaiboonvatana
10 ¹ÒÂà·ÍЫÙâÍÐ ÍÔâµÐ
10 Mr. Tetsuo Etoh
11 ¹ÒÂÇÑÅÅÀ ¤Ø³Ò¹Ø¡Ã¡ØÅ
11 Mr. Wanlop Kunanukornkul
¡ÃÃÁ¡Òà ÍÒÂØ - 50 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒâ· ÊÒ¢ÒºÃÔËÒøØáԨ Pacific State University »ÃÐà·ÈÊËÃÑ°ÍàÁÃÔ¡Ò »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ ¡ÃÃÁ¡ÒúÃÔËÒà 2537-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¤Í»à»Íà ÍÔ¹´ÑʵÃÕè » ¨¨Øº¹Ñ º¨¡. àŤÇÙ´áŹ´ » ¨¨Øº¹Ñ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ ¡ÃÃÁ¡ÒÃáÅÐÃͧ¡ÃÃÁ¡Òü ¨Ù ´Ñ ¡Òà 2534-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¿ ÅÁ ÍÔ¹´ÑʵÃÕè
¡ÃÃÁ¡Òà ÍÒÂØ - 56 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ Master of Engineering, Electronics Kyushu University »ÃÐà·ÈÕ»è ¹ Ø »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ Director 2545-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ 2544-2546 Nippon Steel Corporation Managing Director 2546-» ¨¨Øº¹Ñ Nippon Steel & Sumikin Stainless Steel Corporation Executive Counselor 2546-2546 Nippon Steel Corporation 2544-2544 Nippon Steel Corporation Deputy General Superintendent 2542-2544 Hikari Works Stainless Steel Division, Nippon Steel Corporation General Manager 2540-2542 Production Control Division, Hikari Works Stainless Steel Division, Nippon Steel Corp.
¡ÃÃÁ¡Òà ÍÒÂØ - 53 » ¤Ø³Çز·Ô Ò§¡ÒÃÈÖ¡ÉÒ »ÃÔÒµÃÕ ÇÔÈÇ¡ÃÃÁÈÒʵà º³ Ñ ±Ôµ ÊÒ¢ÒÍصÊÒË¡ÃÃÁ ÁËÒÇÔ·ÂÒÅÑ¢͹ᡠ¹ »ÃÐʺ¡Òó ·Ó§Ò¹µÑ§é áµ » 2542 ¨¹¶Ö§» ¨¨Øº¹Ñ ¡ÃÃÁ¡Òà 2547-» ¨¨Øº¹Ñ ºÁ¨. ä·Â¹ ͤ« Ê൹àÅÊ ¡ÃÃÁ¡ÒúÃÔËÒà 2541-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´áŹ´ 2541-» ¨¨Øº¹Ñ º¨¡. àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ 2537-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¤Í»à»Íà ÍÔ¹´ÑʵÃÕè ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü ¨Ù ´Ñ ¡Òà 2533-» ¨¨Øº¹Ñ ºÁ¨.ä·Â¿ Å ÁÍÔ¹´ÑʵÃÕè
11
Director Age : 50 years Education : MBA, Pacific State University, USA Experiences from 1999 to present : Director 2004-present: Thainox Stainless PCL Executive Director 1994-present: Thai Copper Industries PCL Up to present: Lakewood Land Co., Ltd. Up to present: Lakewood Country Club Co., Ltd. Director and Managing Director 1991-present: Thai Film Industries PCL
Director Age : 56 years Education : Master of Engineering, Electronics, Kyushu University, Japan Experiences from 1999 to present : Director 2002-present: Thainox Stainless PCL Managing Director 2003-present: Nippon Steel & Sumikin Stainless Steel Corporation Executive Counselor 2003 - 2003: Nippon Steel Corporation Director 2001-2003: Nippon Steel Corporation Executive Counselor 2001-2001: Nippon Steel Corporation Deputy General Superintendent 1991 2001: Hikari Works Stainless Steel Division, Nippon Steel Corporation General Manager 1997-1999: Production Control Division, Hikari Works Stainless Steel Division, Nippon Steel Corporation
Director Age : 53 years Education : BEng, Industrial Engineering, Kon Kaen University Experiences from 1999 to present : Director 2004-present: Thainox Stainless PCL Executive Director 1998-present: Lakewood Land Co., Ltd. 1998-present: Lakewood Country Club Co., Ltd. 1994-present: Thai Copper Industries PCL Director and Managing Director 1990- present: Thai Film Industries PCL
THAINOX STAINLESS PUBLIC COMPANY LIMITED
11
ÅѡɳСÒûÃСͺ¸ØáԨ ºÃÔÉ·Ñ Ïà» ¹¼ ¼Ù ÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ÃÒÂà´ÕÂÇã¹»ÃÐà·ÈáÅÐà» ¹¼ ¹Ù Óã¹µÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ÀÙÁÀÔ Ò¤ÍÒà«Õ¹ â´Âä´ àÃÔèÁ´Óà¹Ô¹¡ÒüÅÔµµÑé§áµ » 2536 «Ö觺ÃÔÉÑ·ÏÊÒÁÒöà¾ÔèÁÂÍ´¡ÒèÓ˹ ÒÂàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ÁÒÍ ҧµ Íà¹×èͧ ¹Í¡¨Ò¡¹Ñ¹é ºÃÔÉ·Ñ ÏÂѧÊÒÁÒö¢ÂÒÂÊ Ç¹áº §¡ÒõÅÒ´¢Í§µÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È áÅТÂÒÂÂÍ´¡ÒÃÊ §ÍÍ¡ ¼ÅÔµÀѳ± ÁÒâ´ÂµÅÍ´ ã¹» ¨¨Øº¹Ñ ºÃÔÉ·Ñ ÏÁÕ¡ÓÅѧ¡ÒüÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繨ӹǹ»ÃÐÁÒ³ 200,000 µÑ¹µ Í» áÅÐ¤Ò´Ç ÒÊÒÁÒö¼ÅÔµ 185,000 µÑ¹ã¹» 2548 â´Ââç§Ò¹¢Í§ºÃÔÉѷϵÑé§Í ٷÕè¹Ô¤ÁÍصÊÒË¡ÃÃÁÃÐÂͧÍÔ¹´ÑÊàµÃÕÂÅ»Òà ¤ ·Ñ駹Õé âç§Ò¹¢Í§ºÃÔÉÑ·Ï à» ¹âç§Ò¹ ·ÕèÁÕ¤ÇÒÁ·Ñ¹ÊÁÑ«Öè§Ê §¼ÅãË ºÃÔÉÑ·ÏÊÒÁÒö¼ÅÔµÊÔ¹¤ Ò·ÕèÁÕ¤ÇÒÁËÅÒ¡ËÅÒ ÁդسÀÒ¾ÊÙ§ áÅÐÁÕ»ÃÐÊÔ·¸ÔÀÒ¾·Õè´Õ â´Âã¹» ¨¨Øº¹Ñ ºÃÔÉ·Ñ Ïä´ ´Óà¹Ô¹¡ÒüÅÔµáÅШÓ˹ ÒÂàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹à¾×Íè µÍºÊ¹Í§¤ÇÒÁµ ͧ¡ÒâͧÅÙ¡¤ Ò ¼ÅÔµÀѳ± ËÅÑ¡¢Í§ºÃÔÉ·Ñ ÏÁÕ 2 ª¹Ô´ ¤×Í àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繪¹Ô´ÍÍÊ൹Ե¡Ô (Cold-Rolled Austenitic Stainless Steel) áÅÐàËÅç¡¡Å Ò äà ʹÔÁÃÕ´àÂ繪¹Ô´à¿ÍÃ ÃµÔ ¡Ô (Cold-Rolled Ferritic Stainless Steel) ¹Í¡¨Ò¡¹Õé ºÃÔÉ·Ñ ÏàÃÔÁè ¼ÅÔµàËÅç¡¡Å Òäà ʹÔÁÃմà ͹ ¼ÔÇ No.1 ã¹» 2547 1) àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繪¹Ô´ÍÍÊ൹Ե¡Ô (304) àËÅç¡¡Å Òäà ʹÔÁ à¡Ã´ 304 «Öè§ÁÕ¹Ôà¡ÔÅÍ ÙÁÒ¡¡Ç Ò 8 % ¨Ö§ÁÕ¤ÇÒÁÊÒÁÒö·¹¡ÒáѴ¡Ã ͹ ÊÒÁÒö´Ö§¢Öé¹ÃÙ» àª×èÍÁ »ÃÐ¡Íºä´ ´ÁÕ Ò¡ ¡ÒÃ㪠§Ò¹àËÅç¡¡Å Òäà ʹÔÁ¢Í§¡Å ÁØ ¹Õé ä´ á¡ ãª ·ÓÍØ»¡Ã³ »ÃاÍÒËÒà áÅÐà¤Ã×Íè §¤ÃÑÇ ãª ã¹§Ò¹µ¡áµ § · Í áÅЧҹ¡ ÍÊà ҧ à» ¹µ ¹ ¼ÔÇ˹ ҢͧàËÅç¡¡Å Òäà ʹÔÁ 304 ÁÕ 2 ¼ÔÇËÅÑ¡ ä´ á¡ ¼ÔǪ¹Ô´ 2B (¼ÔÇ´ Ò¹) áÅмÔǪ¹Ô´ BA (¼ÔÇÁѹ) 2) àËÅç¡¡Å Òäà ʹÔÁà¿ÍÃ ÃµÔ ¡Ô (430) àËÅç¡¡Å Òäà ʹÔÁà¡Ã´ 430 äÁ ÁÊÕ Ç ¹»ÃСͺ¢Í§¹Ôà¡ÔÅ ¨Ö§·ÓãË ÃÒ¤Ò¶Ù¡¡Ç ÒÁÒ¡ áµ Á¤Õ ³ Ø ÊÁºÑµ·Ô Ò§´ Ò¹·¹¡ÒáѴ¡Ã ͹ áÅФÇÒÁÊÒÁÒö¢Öé¹ÃÙ»µèÓ¡Ç Òà¡Ã´ 304 ´Ñ§¹Ñ鹡ÒÃ㪠§Ò¹ËÅÑ¡¨Ö§Í Ù㹡ŠØÁÍصÊÒË¡ÃÃÁ·Õèµ Í§¡ÒäÇÒÁ¡Ñ´¡Ã ͹ ¹ ÍÂŧ à¡Ã´ 430 ÊÒÁÒö㪠·Ó· Í à¤Ã×Íè §¤ÃÑÇ §Ò¹µ¡áµ § áÅÐà¿Íà ¹àÔ ¨Íà ໠¹µ ¹ ·Ñ§é ¹Õé à¤Ã×Íè §¨Ñ¡Ã¢Í§ºÃÔÉ·Ñ ÏÊÒÁÒö¼ÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ä´ ËÅÒª¹Ô´¢Ö¹é Í ¡Ù ºÑ ª¹Ô´¢Í§Á ǹàËÅç¡äà ʹÔÁÃմà ͹ ·Õãè ª 㹡ÒüÅÔµ áÅФÇÒÁµ ͧ¡ÒâͧÅÙ¡¤ Ò ¡ÒôÓà¹Ô¹¸ØáԨ¢Í§ºÃÔÉ·Ñ ÏàÃÔÁè ¨Ò¡¡ÒùÓࢠÒÁ ǹàËÅç¡äà ʹÔÁÃմà ͹ (Hot-Rolled Stainless Steel Coils) ¨Ò¡µ Ò§ »ÃÐà·È (à¹×Íè §¨Ò¡»ÃÐà·Èä·ÂÂѧäÁ Á¼Õ ¼ Ù ÅÔµÁ ǹàËÅç¡äà ʹÔÁÃմà ͹·Õãè ª 㹡ÒüÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹) «Ö§è Á ǹàËÅç¡äà ʹÔÁ Ãմà ͹¹Õ¨é м Ò¹¡Ãкǹ¡Ò÷ҧ¤ÇÒÁà ͹ ¡ÒáѴ´ Ç¡ô ¡ÒÃÃÕ´Å´¢¹Ò´ áÅСÒÃÃÕ´¼ÔÇ à¾×Íè ãË ä´ àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹·ÕÁè Õ ÁҵðҹÊÒ¡Å â´ÂºÃÔÉ·Ñ Ï¨Ð¨Ó˹ Ò¼ÅÔµÀѳ± ´§Ñ ¡Å ÒǷѧé ã¹»ÃÐà·ÈáÅе Ò§»ÃÐà·È «Ö§è ¡ÒèÓ˹ Ò´ѧ¡Å ÒǨдÓà¹Ô¹¡Òà â´Â¡ÒèÓ˹ ÒÂãË ¡ºÑ ÅÙ¡¤ Òâ´ÂµÃ§áÅСÒèÓ˹ Ò¼ Ò¹µÑÇá·¹¨Ó˹ ÒÂã¹à¤Ã×Í¢ Ò¢ͧ Arcelor Stainless International
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THAINOX STAINLESS PUBLIC COMPANY LIMITED
Nature of Business Operation The Company is the sole producer of cold rolled stainless steel products in Thailand and the leading producer in ASEAN region. Since its first commercial operation in 1993, the Company has continuously increased its domestic market share and export sales. At present, the Company has an annual production capacity of 200,000 tons and the production of 2005 is planned to 185,000 tons. The plant, situated in Rayong Industrial Park, features the state-of-the-art production facilities that produce various ranges of cold rolled stainless steel products with high quality. The Company produces and sells cold rolled stainless steel in coils, strips and sheets to suit customersÂ’ requirements under two major categories of stainless steel: (1) Cold-Rolled Austenitic Stainless Steel and (2) Cold-Rolled Ferritic Stainless Steel. In 2004, the Company started to produce hot rolled stainless steel finished No. 1. 1) Austenitic Stainless Steel (grade 304) The 304 grade containing more than 8 percent of nickel is known for its excellent corrosion resistance, formability and welding. It is widely used for cooking utensils, food industry, decoration, building and construction. There are mainly two surfaces as finished 2B (mat) and bright annealed finished (BA). 2) Ferritic Stainless Steel (grade 430) The 430 grade does not contain nickel. Therefore, the price is cheaper than 304 grade. However, it has lower corrosion resistance and less formability. Main applications are tube and pipe, kitchenware, decoration and household appliances. The production begins with the import of hot-rolled stainless steel coils from overseas, as the raw materials are unavailable locally. Hot-rolled stainless steel coils then undergo the heating process, pickling, cutting, slitting and rolling to obtain cold-rolled stainless steel products of international standard. The Company can produce cold rolled stainless steel in various types depending on the types of hot rolled stainless steel and the requirements of customer. The products are distributed for both domestic and export markets through direct sales and sales agents through the network of Arcelor Stainless International.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
13
ÀÒÇÐÍصÊÒË¡ÃÃÁáÅСÒÃᢠ§¢Ñ¹ ÍصÊÒË¡ÃÃÁàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹µÅÒ´âÅ¡¡ÓÅѧÍ Ù㹪 ǧ¢ÂÒµÑÇÀÒÂËÅѧ¨Ò¡¡Òÿ ¹µÑÇ·Ò§àÈÃÉ°¡Ô¨¢Í§ »ÃÐà·Èµ Ò§æ ·ÓãË ¡ÒúÃÔâÀ¤àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹à¾ÔÁè ÊÙ§¢Ö¹é â´ÂµÑ§é áµ » 2543 àÈÃÉ°¡Ô¨âÅ¡ áÅÐã¹ÀÙÁÀÔ Ò¤àÍàªÕÂä´ àµÔºâµ ¢Öé¹ÁÒ¡ ´Ñ§¨ÐàËç¹ä´ ¨Ò¡¡ÒÃàµÔºâµ¢Í§»ÃÔÁÒ³¡ÒÃ㪠àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹·ÑèÇâÅ¡·ÕèÁÕÍѵÃÒàµÔºâµà©ÅÕèÂ෠ҡѺ à ÍÂÅÐ 7 ¡ÒúÃÔâÀ¤àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ÀÙÁÀÔ Ò¤àÍàªÕ¤Դ໠¹Ã ÍÂÅÐ 50 ¢Í§»ÃÔÁÒ³¡ÒÃ㪠àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹·ÑÇè âÅ¡ â´Â੾ÒÐ ¡ÒúÃÔâÀ¤àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È¨Õ¹¤Ô´à» ¹Ã ÍÂÅÐ 40 ¢Í§»ÃÔÁÒ³¡ÒÃ㪠àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ÀÙÁÀÔ Ò¤àÍàªÕ ºÃÔÉÑ·Ïà» ¹¼ ٹӢͧµÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È ·Ñ駹Õé Ê Ç¹áº §¡ÒõÅÒ´¢Í§àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ ã¹»ÃÐà·ÈÁÕ¡ÒÃà¾ÔÁè ÊÙ§¢Ö¹é â´ÂµÅÍ´ â´Âã¹» 2537 «Ö§è à» ¹» áá¢Í§¡ÒüÅÔµ¢Í§ºÃÔÉ·Ñ Ï Ê Ç¹áº §¡ÒõÅÒ´¢Í§ºÃÔÉ·Ñ Ï à· Ò¡Ñº à ÍÂÅÐ 34 ¢Í§µÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È ·Ñ駹ÕéÊ Ç¹áº §¡ÒõÅÒ´¢Í§ºÃÔÉÑ·Ïã¹» 2547 ෠ҡѺà ÍÂÅÐ 75 ¢Í§»ÃÔÁÒ³¡ÒúÃÔâÀ¤àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È·Ñ§é ËÁ´ â´Âã¹Ê ǹẠ§¡ÒõÅÒ´·Õàè ËÅ×Í ÁÒ¨Ò¡¡ÒùÓà¢ Ò â´Â¼ ãÙ ª àËÅç¡ ¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·ÈáÅÐâ´Â¼ ¤Ù Ò àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ (Trader) ¨Ò¡µ Ò§»ÃÐà·È «Ö§è ¼ ¼Ù ÅÔµàËÅç¡¡Å Òäà ʹÔÁ ·Õàè » ¹¤ áÙ ¢ § ·ÕÊè Ó¤Ñä´ á¡ Nippon Steel & Sumikin Stainless Steel Corporation, Nisshin Steel, JFE Steel Corporation, Nippon Yakin Kogyo, Nippon Metal Industry, POSCO, YUSCO áÅÐ Acerinox-Columbus à» ¹µ ¹ Í ҧäáçµÒÁ ºÃÔÉ·Ñ Ï ÂѧÁÕ¤ÇÒÁÊÒÁÒö 㹡ÒÃᢠ§¢Ñ¹¡Ñº¼ ¤Ù Ò àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ÃÒÂÍ×¹è áÅÐÁÕ¤ÇÒÁä´ à»ÃÕº¡Ç Ò¤ áÙ ¢ §·Õ¹è ÓࢠÒàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ËÅÒÂæ ´ Ò¹ ઠ¹ ÁҵáÒû ͧ¡Ñ¹¡Ò÷ ÁØ µÅÒ´ ¤ÇÒÁÂ×´Ë ¹Ø 㹡ÒáÓ˹´ÃÒ¤ÒÊÔ¹¤ Ò ¡ÒÃÊ §ÁͺÊÔ¹¤ Ò·Õàè ÃçÇ ¤ÇÒÁµÃ§µ ÍàÇÅÒáÅÐàª×Íè ¶×Íä´ áÅСÒúÃÔ¡ÒÃËÅѧ¡ÒâÒÂãË ¡ºÑ ÅÙ¡¤ Ò ·Ñ§é ¹Õé ºÃÔÉ·Ñ ÏÂѧ¤§Á §Ø ·Õ¨è Ðà¾ÔÁè Ê Ç¹áº §¡ÒõÅÒ´ã¹»ÃÐà·ÈãË à¾ÔÁè ¢Ö¹é à¾×Íè ʹͧ¤ÇÒÁ µ ͧ¡ÒÃàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·È·Õàè ¾ÔÁè ¢Ö¹é ´ Ç â´Âà ÇÁÁ×͡ѺÅÙ¡¤ Ò㹡ÒþѲ¹ÒÊÔ¹¤ Ò¼ Ò¹·Ò§ÈÙ¹Â Ç¨Ô ÂÑ ä·Â¹ ͤ«
14
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Industrial situation and Competition The global market for stainless steel is currently expanding due to the economic recovery in several countries, which contributed to an increase in demand for stainless steel products. Since 2000, the world economy and ASEAN economy have improved significantly, reflecting by the annual average growth in demand of stainless steel products 7 percent. The consumption of cold rolled stainless steel in Asia represents approximately 50 percent of the world consumption, in which the consumption in China covers around 40 percent of the consumption in ASEAN region. The Company is the market leader of cold-rolled stainless steel products in Thailand. Its domestic market share has been increased continuously from 34 percent in 1994 the first year of production to 75 percent of accessible market in 2004. The rest of the market share is from the import of domestic users and overseas traders. Main competitors include Nippon Steel & Sumikin Stainless Steel Corporation, Nisshin Steel, JFE Steel Corporation, Nippon Yakin Kogyo, Nippon Metal Industry, POSCO, YUSCO and Acerinox-Columbus. However, the Company continues to hold edges over its competitors in several areas including benefits from anti-dumping levies, pricing flexibility, shorter delivery time, delivery punctuality, reliability and quality of after sales service. The Company, moreover, plans to increase its domestic market share to respond to the increasing domestic market demand by cooperating with its customers to develop new products through Thainox Research Center.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
15
» ¨¨Ñ¤ÇÒÁàÊÕÂè § » ¨¨ÑÂáË §¤ÇÒÁÊÓàÃ稢ͧºÃÔÉ·Ñ Ï - ÊÃØ»ä´ ¾ÍÊѧࢻ´Ñ§¹Õé 1. ¼ ¹Ù ÓµÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·ÈáÅÐÀÙÁÀÔ Ò¤ÍÒà«Õ¹ ºÃÔÉÑ·Ïà» ¹¼ Ù¼ÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ÃÒÂà´ÕÂÇã¹»ÃÐà·Èä·Â â´ÂºÃÔÉÑ·ÏÁÕÊ Ç¹áº §¡ÒõÅÒ´ã¹»ÃÐà·Èà¾ÔèÁ¢Öé¹ ¨Ò¡Ã ÍÂÅÐ 42 ã¹» 2540 㹪 ǧÇԡĵ¡Òó àÈÃÉ°¡Ô¨ à¾ÔÁè à» ¹Ã ÍÂÅÐ 75 ¢Í§µÅÒ´ã¹Ê ǹ·Õºè ÃÔÉ·Ñ Ï ÊÒÁÒö¼ÅÔµä´ ã¹» 2547 ¹Í¡¨Ò¡¹Õé ºÃÔÉÑ·Ï ¨Ó˹ ÒÂàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ÀÙÁÔÀÒ¤ÍÒà«Õ¹ ¤Ô´à» ¹»ÃÐÁҳà ÍÂÅÐ 24 ¢Í§¡ÒúÃÔâÀ¤àËÅç¡¡Å Ò äà ʹÔÁÃÕ´àÂ繷ѧé ËÁ´ã¹ÀÙÁÀÔ Ò¤ÍÒà«Õ¹ ·Ñ§é ¹Õºé ÃÔÉ·Ñ ÏÁÕ¤ÇÒÁÊÒÁÒö㹡ÒÃᢠ§¢Ñ¹ à¹×Íè §¨Ò¡ºÃÔÉ·Ñ Ï µÑ§é Í ÈÙ ¹Ù  ¡ÅÒ§¢Í§ÀÙÁÀÔ Ò¤ ÍÒà«Õ¹ Ê §¼ÅãË ºÃÔÉ·Ñ ÏÊÒÁÒÃ¶Ê §ÁͺÊÔ¹¤ Òä´ Í ҧÃÇ´àÃçǵçµÒÁàÇÅÒ áÅÐÂѧ·ÓãË Å¡Ù ¤ ÒÊÒÁÒöŴµ ¹·Ø¹¡ÒèѴ¡ÒÃÊÔ¹¤ Ò ¤§¤ÅѧÍÕ¡´ Ç 2. µÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ÁÕ굄 ÃÒ¡ÒÃàµÔºâµÊÙ§ »ÃÐà·Èä·ÂáÅÐÀÙÁÔÀÒ¤ÍÒà«Õ¹໠¹Ë¹Öè§ã¹ÀÙÁÔÀÒ¤·ÕèÁÕÍѵÃÒ¡ÒÃàµÔºâµ¢Í§àÈÃÉ°¡Ô¨ÊÙ§·ÕèÊØ´ã¹âÅ¡ «Öè§ÍصÊÒË¡ÃÃÁ àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹à» ¹ÍصÊÒË¡ÃÃÁ·Õáè »Ã¼Ñ¹â´ÂµÃ§¡ÑºÀÒÇзҧàÈÃÉ°¡Ô¨ ·Ñ§é ¹Õé à¹×Íè §¨Ò¡àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ à» ¹Çѵ¶Ø´ºÔ ·ÕÊè Ó¤Ñà¾×Íè 㪠㹡ÒüÅÔµÍØ»¡Ã³ ͹×è æ ÍÕ¡ÁÒ¡ÁÒ ઠ¹ à¤Ã×Íè §Á×ÍÊÓËÃѺÍصÊÒË¡ÃÃÁ¤ÃÑÇàÃ×͹ ÍصÊÒË¡ÃÃÁÍÒËÒà ÍصÊÒË¡ÃÃÁ ¡ ÍÊà ҧ áÅÐ ÍصÊÒË¡ÃÃÁö¹µ à» ¹µ ¹ «Ö§è µÅÒ´àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹»ÃÐà·Èä·ÂÁÕÈ¡Ñ ÂÀҾ㹡ÒÃàµÔºâµä´ Í¡Õ ÁÒ¡ 3. âç§Ò¹áÅСÃкǹ¡ÒüÅÔµ·Õ·è ¹Ñ ÊÁÑ âç§Ò¹¢Í§ºÃÔÉ·Ñ Ï»ÃСͺ仴 ÇÂà¤Ã×Íè §¨Ñ¡ÃáÅÐÍØ»¡Ã³ ¡ÒüÅÔµ·ÕÁè ¤Õ ÇÒÁ·Ñ¹ÊÁÑ·ҧ෤â¹âÅÂÕ ¹Í¡¨Ò¡¹Õé ºÃÔÉ·Ñ Ï ÂÑ§ä´ ´Óà¹Ô¹¡ÒõԴµÑé§Ãкº¡Ò÷´Êͺ¤Ø³ÀÒ¾·Ø¡¢Ñ鹵͹¡ÒüÅԵ͠ҧÅÐàÍÕ´â´ÂÇÔÈÇ¡Ã ª ҧ෤¹Ô¤ ¼ ÙªÓ¹Ò¡Òà »ÃСͺ¡ÑºË ͧ»¯ÔºµÑ ¡Ô Ò÷Õàè ¾Õº¾Ã ÍÁ´ ÇÂÍØ»¡Ã³ µÃǨÊͺ¤Ø³ÀÒ¾·Ñ§é ¡ÒõÃǨÊͺàªÔ§¡ÅáÅ Ð㪠¡Å ͧÇÔà¤ÃÒÐË â¤Ã§Êà ҧ ã¹Ãкº¤Çº¤ØÁ¤Ø³ÀÒ¾ÁÒµÃÒ°Ò¹ÊÒ¡ÅÊÙ§ÊØ´ ¤ÇÒÁ·Ñ¹ÊÁÑ·ҧ෤â¹âÅÂÕ·ÓãË ºÃÔÉÑ·ÏÊÒÁÒöᢠ§¢Ñ¹¡Ñº¤ Ùᢠ§ã¹ÃдѺ ¹Ò¹ÒªÒµÔ 4. ʶҹСÒÃà§Ô¹·Õáè ¢ç§á¡Ã § ºÃÔÉ·Ñ ÏÁÕʶҹзҧ¡ÒÃà§Ô¹·Õáè ¢ç§á¡Ã § â´Â ³ ÊÔ¹é » 2547 ºÃÔÉ·Ñ Ï äÁ ÁàÕ §Ô¹¡ ÂÙ Á× ·ÕÁè ¢Õ Í ¼Ù¡¾Ñ¹·Ò§´ Ò¹´Í¡àºÕÂé áÅÐÁÕ ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹à· ҡѺ 1,785 Å Ò¹ºÒ· ¹Í¡¨Ò¡¹Õé ºÃÔÉ·Ñ Ï ÂѧÁÕ¤ÇÒÁÊÒÁÒö㹡ÒÃÊà ҧ¡ÃÐáÊà§Ô¹Ê´·ÕÊè §Ù â´Â¨ÐàËç¹ ä´ ÇÒ ºÃÔÉ·Ñ Ï ÁÕ¡ÃÐáÊà§Ô¹Ê´¨Ò¡¡ÒôÓà¹Ô¹§Ò¹·Õè 3,087 Å Ò¹ºÒ·ã¹» 2547
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THAI NOX STAINLESS PUBLIC COMPANY LIMITED
Risk Factors Success Factors 1. Leading producer of cold rolled stainless steel in Thailand and in ASEAN The Company is the sole manufacturer of cold rolled stainless steel products in Thailand. Its domestic market share has been increased from 42 percent in 1997 during the economic crisis to 75 percent of accessible market in 2004. The Company also maintains a leading position in other ASEAN markets with a market share of approximately 24 percent of ASEAN total cold rolled stainless steel demand in 2004. In comparison to international suppliers, the Company holds competitive edges due to its relative proximity to customersÂ’ facilities in the region, which results in shorter delivery time and allows customers to reduce their inventory cost. 2. High growth stainless steel market Thailand and ASEAN region are among the world fastest growing economies. The growth of stainless steel industry directly reflects this economic growth. Stainless steel is an important raw material for several industries such as kitchenware, agriculture, construction and automotive industries. Therefore, the stainless steel market in Thailand still has a high potential growth. 3. State-of-the-art facilities The Company operates the production facilities by using advanced technology. Additionally, the quality control system has been implemented at each step of production for close monitoring by engineers, technicians and experts to ensure high quality of finished products. Its laboratory facilities are fully equipped with the internationally standard quality control equipment, including physical and microscopic testing equipment. Due to the modern and high technology, the Company still maintains its competitiveness with other international competitors. 4. Financial strength The Company maintains a strong financial position. The Company has zero interest bearing debt. Its profit from operations in 2004 was Baht 1,785 million. Its cash flow from operations amounted to Baht 3,087 million in 2004.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
17
» ¨¨Ñ¤ÇÒÁàÊÕè§ 1. ¤ÇÒÁàÊÕÂè §¨Ò¡¡ÒÃà¾ÔÁè ¡ÓÅѧ¡ÒüÅÔµàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹µÅÒ´âÅ¡ à¹×èͧ¨Ò¡ÊÀÒ¾¤ÇÒÁµ ͧ¡ÒÃàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹µÅÒ´âÅ¡·ÕèÁÕÊÙ§ÁÒ¡ã¹» ¨¨ØºÑ¹ ·ÓãË ¼ Ù¼ÅÔµàËÅç¡¡Å Òäà ʹÔÁ ËÅÒÂÃÒÂâ´Â੾ÒÐã¹»ÃÐà·È¨Õ¹ ÁÕ¡ÒÃà¾ÔÁè ¡ÓÅѧ¡ÒüÅÔµà¾×Íè ·Õ¨è еͺʹͧ¤ÇÒÁµ ͧ¡ÒÃã¹Ê ǹ¹Õáé ÅФÇÒÁµ ͧ¡Ò÷դè Ò´Ç Ò ¨Ðà¾ÔÁè ¢Ö¹é ã¹Í¹Ò¤µ «Ö§è ÍÒ¨¡ ÍãË à¡Ô´ÊÀÒÇлÃÔÁÒ³¼ÅÔµÀѳ± Ź µÅÒ´ ·ÓãË à¡Ô´ÊÀÒÇСÒÃᢠ§¢Ñ¹·ÕÃè ¹Ø áçâ´Â੾ÒСÒÃᢠ§¢Ñ¹ ·Ò§´ Ò¹ÃÒ¤Ò 2. ¤ÇÒÁàÊÕÂè §¨Ò¡¡ÒáÓ˹´à¾´Ò¹ÃÒ¤ÒàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ ÃҤҢͧ¡ÒèÓ˹ Ò¼ÅÔµÀѳ± ã¹»ÃÐà·È¢Í§ºÃÔÉѷϨж١¤Çº¤ØÁâ´Â¡ÃÁ¡Òä ÒÀÒÂã¹ ¡ÃзÃǧ¾Ò³ÔªÂ ·Ñ駹Õé ¡ÃзÃǧ¾Ò³ÔªÂ ¨Ð¡Ó˹´ÃÒ¤ÒÊÙ§ÊØ´¢Í§àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ (ྴҹÃÒ¤Ò) ¨Ò¡¡ÒûÃСÒÈ㪠Íҡõͺⵠ¡Ò÷ ÁØ µÅÒ´ (Anti-Dumping) «Ö§è ã¹» ¨¨Øº¹Ñ ÁÕÃÒ¤Ò෠ҡѺ 123.85 ºÒ·µ Í¡ÔâÅ¡ÃÑÁ â´Â¡ÃзÃǧ¾Ò³ÔªÂ ÊÒÁÒöà»ÅÕÂè ¹á»Å§à¾´Ò¹ÃÒ¤Ò ËÒ¡àËç¹Ç ÒÃÒ¤ÒàËÅç¡¡Å Òäà ʹÔÁã¹µÅÒ´âÅ¡ÁÕÃÒ¤ÒÊÙ§¢Ö¹é ËÃ×͵ ¹·Ø¹¡ÒüÅÔµ¢Í§ºÃÔÉ·Ñ ÏÊÙ§¢Ö¹é «Ö§è ·Õ¼è Ò ¹ÁÒ ¡ÃзÃǧ¾Ò³ÔªÂ ä´ Á¡Õ ÒûÃѺྴҹÃÒ¤ÒÁÒÍ ҧµ Íà¹×Íè § â´ÂÁÕ¡ÒûÃѺÃÒ¤Ò¨Ò¡ 63.00 ºÒ·µ Í¡ÔâÅ¡ÃÑÁ ã¹» 2545 à» ¹ 123.85 ºÒ·µ Í¡ÔâÅ¡ÃÑÁ ã¹» 2547 Í ҧäáçµÒÁ ¼Å¡ÒôÓà¹Ô¹§Ò¹¢Í§ºÃÔÉÑ·ÏÍÒ¨¶Ù¡¡ÃзºËÒ¡Ç ÒÁҵáÒôѧ¡Å ÒÇÁÕ¡ÒÃà»ÅÕè¹á»Å§ËÃ×ÍÁÕ¡Òà äÁ ¾¨Ô ÒÃ³Ò »ÃѺà»ÅÕÂè ¹à¾´Ò¹ÃÒ¤ÒãË ÊÍ´¤Å ͧ¡ÑºÃÒ¤ÒµÅÒ´âÅ¡ËÃ×ÍÃÒ¤Òµ ¹·Ø¹¢Í§ºÃÔÉ·Ñ Ï 3. ¤ÇÒÁàÊÕÂè §¨Ò¡¡ÒÃà»ÅÕÂè ¹á»Å§¢Í§Íҡõͺⵠ¡Ò÷ ÁØ µÅÒ´áÅÐÁҵáÒ÷ҧÀÒÉÕ à¾×èÍà» ¹¡Òû¡» ͧÍصÊÒË¡ÃÃÁàËÅç¡ÀÒÂã¹»ÃÐà·È¨Ò¡¡Ò÷ ØÁµÅÒ´¢Í§¼ Ù¼ÅԵ㹵 Ò§»ÃÐà·È ·Ò§ÃÑ°ºÒÅä´ ÁÕ¡Òà »ÃСÒÈ㪠Íҡõͺⵠ¡Ò÷ ÁØ µÅÒ´ (Anti-Dumping) ã¹» 2546 ÊÓËÃѺàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繪¹Ô´Á ǹ ª¹Ô´á¼ ¹ áÅЪ¹Ô´á¶º «Öè§ÃÒ¤ÒÊÔ¹¤ Ò¹ÓࢠҷÕèÊÙ§¢Öé¹¹ÕéÁÕÊ Ç¹ª ÇÂ㹡ÒÃÅ´¼Å¡Ãзº¨Ò¡¡Ò÷ ØÁµÅÒ´¢Í§ºÃÔÉÑ·Ï µ Ò§ªÒµÔáÅЪ ÇÂà¾ÔèÁ¤ÇÒÁÊÒÁÒö 㹡ÒÃᢠ§¢Ñ¹¢Í§¼ÅÔµÀѳ± àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繢ͧºÃÔÉ·Ñ Ï ·Ñ§é ¹Õé ¡ÒÃà»ÅÕÂè ¹á»Å§ÁҵáÒõ Ò§æ ઠ¹ ¡ÒáàÅÔ¡Íҡõͺⵠ¡Ò÷ ØÁµÅÒ´ ÍÒ¨Ê §¼ÅãË ÃÒ¤ÒàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹·Õè¹ÓࢠÒã¹µ Ò§»ÃÐ à·ÈÁÕÃÒ¤Ò·ÕèµèÓŧ«Ö觷ÓãË ºÃÔÉÑ·Ï ÍÒ¨¨Óà» ¹µ ͧ Å´ÃÒ¤Ò¨Ó˹ Ò¼ÅÔµÀѳ± «§Öè ÍÒ¨Ê §¼Å¡Ãзºµ ͼšÒôÓà¹Ô¹§Ò¹¢Í§ºÃÔÉ·Ñ Ï 4. ¤ÇÒÁàÊÕÂè §¨Ò¡¡ÒÃà» ´à¢µ¡Òä ÒàÊÃÕ » ¨¨Øº¹Ñ ÀÒÉÕ¹ÓࢠÒàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂ繡Ó˹´äÇ ·Õè 5 à»Íà ૹµ ËÒ¡ÁÕ¡ÒÃà» ´à¢µ¡Òä ÒàÊÃÕã¹Í¹Ò¤µ ÍÒ¨Ê §¼Å ãË ÁÕ¡ÒùÓࢠÒàËÅç¡á¼ ¹¡Å Òäà ʹÔÁÃÕ´àÂç¹ã¹ÃÒ¤Ò·ÕèŴŧáÅСÒÃᢠ§¢Ñ¹¨ÐÊÙ§¢Öé¹ â´Â੾ÒСѺ»ÃÐà·È¨Õ¹áÅÐÍÔ¹à´Õ » ¨¨Ñ´ѧ¡Å ÒÇÍÒ¨Ê §¼Å¡Ãзºµ Í¡ÒôÓà¹Ô¹§Ò¹¢Í§ºÃÔÉ·Ñ Ï ¹Í¡¨Ò¡¹ÕÍé Ò¨ÁÕÁҵáÒÃÍ×¹è æã¹Í¹Ò¤µ ËÃ×Í¡ÒÃŴŧ¢Í§ÍѵÃÒ ÀÒÉÕ¢ÒࢠҢͧàËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ Í ҧäáçµÒÁ ã¹¢³Ðà´ÕÂǡѹ¹Ñºà» ¹âÍ¡ÒÊ´ÕÊÓËÃѺºÃÔÉÑ·Ï «Öè§ÁÕà·¤â¹âÅÂÕ·Õè·Ñ¹ÊÁÑ ¡ÒèѴ¡Òõ ¹·Ø¹Í ҧÁÕ»ÃÐÊÔ·¸Ô¼Å áÅо¹Ñ¡§Ò¹·ÕÁè ·Õ ¡Ñ ÉÐáÅФÇÒÁªÓ¹Ò§Ò¹ ·ÓãË ÊÒÁÒöᢠ§¢Ñ¹·ÓµÅҴ㹡ÒÃÊ §ÍÍ¡ àËÅç¡¡Å Òäà ʹÔÁÃÕ´àÂç¹ä»Âѧ»ÃÐà·È¨Õ¹áÅÐÍÔ¹à´Õ«֧è Áըӹǹ»ÃЪҡÃÊÙ§ÁÒ¡ ÃÇÁ·Ñ§é ÀÒÂã¹ÀÙÁÀÔ Ò¤ÍÒà«Õ¹
18
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Risks Factors 1. Risk relating to increase in production capacity of cold rolled stainless steel in the world market There are huge global demands for cold rolled stainless steel products and manufacturers have increased or planned to increase their capacity in response to these surging demands, especially the capacity in China. But this increase in capacity may not be in line with the actual future demands. A possible over-capacity situation could result in price competitions. 2. Risk relating to price ceiling of stainless steel The Department of Internal Trade, Ministry of Commerce, controls prices of domestic products. The current ceiling price of cold rolled stainless steel is set at Baht 123.85 per kilogram. This ceiling price could be adjusted by the Ministry of Commerce in accordance with the world market price of stainless steel and cost of production. Historically, the Ministry of Commerce has gradually raised the ceiling price from Baht 63.00 per kilogram in 2002 to Baht 123.85 per kilogram in 2004. However, if the ceiling price policy is changed or the ceiling price is not adjusted to reflect the world market price or the CompanyÂ’s cost of production, this could have a material adverse effect on the CompanyÂ’s results of operation. 3. Risk relating to the change of anti-dumping and duty measures To maintain competitiveness of the domestic steel industry, which has been affected by price dumping of manufacturers from other countries, the Government has launched anti-dumping measures for cold rolled stainless steel coils, sheets, and strips from some countries in 2003. This measure results in a higher price of imported cold rolled stainless steels. The measure helps to alleviate the market dumping impact from foreign players and increase the competitiveness of the Company. Any change in policy such as a cancellation of the anti-dumping measure, which may result in decrease in the price of imported cold rolled stainless steel may cause the Company to reduce its product prices. This could have a material adverse effect on the results of operation of the Company 4. Risk relating to the free trade area Currently, the import duty for cold-rolled stainless steel products is set at 5 percent. Future implementation of free trade area in Thailand could result in decrease in prices of imported stainless steel and increase in competition particularly from China and India. This could affect the CompanyÂ’s results of operation. More measures could be implemented to reduce the import duty of cold-rolled stainless steel products. However, it would be a good opportunity for the Company to export to highly populated countries as China and India.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
19
â¤Ã§Êà ҧ¡Òö×ÍË ¹Ø áÅСÒèѴ¡Òà ÃÒª×Íè ¡Å ÁØ ¼ ¶Ù Í× Ë ¹Ø ¢Í§ºÃÔÉ·Ñ ä·Â¹ ͤ« Ê൹àÅÊ ¨Ó¡Ñ´ (ÁËÒª¹) ³ Çѹ» ´ÊÁØ´·ÐàºÕ¹ 8 ¡ØÁÀҾѹ¸ 2548 ÃÒª×Íè ¼ ¶Ù Í× Ë ¹Ø
¨Ó¹Ç¹·Õ¶è Í× (Ë ¹Ø )
à ÍÂÅÐ
1. ºÃÔÉ·Ñ àŤÇÙ´àÃÕÂÅàÍÊ൷ ¨Ó¡Ñ´
3,133,045,137
39.16
2. ¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃÔ
1,936,197,707
24.20
3. UBS AG, London Branch-Asia Equity
176,867,900
2.21
4. ºÃÔÉ·Ñ àŤÇÙ´¤Ñ¹·ÃÕ¤è ÅѺ ¨Ó¡Ñ´
155,441,806
1.94
5. Morgan Stanley & Co International Limited
121,856,100
1.52
6. ºÃÔÉ·Ñ ÈÙ¹Â ÃºÑ ½Ò¡ËÅÑ¡·ÃѾ (»ÃÐà·Èä·Â) ¨Ó¡Ñ´à¾×Íè ¼ ½Ù Ò¡
107,589,600
1.34
7. ¸¹Ò¤Òà ¡ÃاÈÃÕÍÂظÂÒ ¨Ó¡Ñ´ (ÁËÒª¹)
100,000,000
1.25
8. Nippon Steel & Sumikin Stainless Steel Corporation
89,834,402
1.12
9. ¹Ò§ÊÒÇÍØÉÒ á« ÅÍ×
72,188,250
0.90
10. ºÃÔÉ·Ñ ä·ÂàÍç¹ÇÕ´ÍÕ Òà ¨Ó¡Ñ´
70,509,100
0.88
â¤Ã§Êà ҧͧ¤ ¡Ã ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ »Ãиҹ¡ÃÃÁ¡ÒÃáÅÐ ¡ÃÃÁ¡Òü Í٠ӹǡÒÃãË
¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ
¡ÃÃÁ¡Òü ¨Ù ´Ñ ¡ÒÃ
¼ Í٠ӹǡÒà ½ Ò¡ÒÃà§Ô¹
¼ Í٠ӹǡÒà ½ Ò¡ÒâÒÂ
¼ Í٠ӹǡÒà ½ ÒÂâç§Ò¹
Financial Controller
20
THAINOX STAINLESS PUBLIC COMPANY LIMITED
¼ Í٠ӹǡÒà ½ ÒÂâÅËÐÇÔ·ÂÒ
¼ Í٠ӹǡÒà ¼ Í٠ӹǡÒà Ãͧ¼ Í٠ӹǡÒà ½ Ò¨Ѵ«×Íé ½ Ò·ÃѾÂҡúؤ¤Å ½ ÒÂÊÒÃʹà·È
Shareholders and Management Structure Name List of shareholders of Thainox Stainless Steel Public Company Limited on closing registration date, February 8, 2005. Name of Shareholders
No. of shares
%
1. 2. 3. 4. 5. 6.
3,133,045,137 1,936,197,707 176,867,900 155,441,806 121,856,100
39.16 24.20 2.21 1.94 1.52
107,589,600 100,000,000 89,834,402 72,188,250 70,509,100
1.34 1.25 1.12 0.90 0.88
7. 8. 9. 10.
Lakewood Real Estate Co., Ltd Mr. Prayudh Mahagitsiri UBS AG, London Branch-Asia Equity Lakewood Country Club Co. Ltd. Morgan Stanley & Co International Limited Thailand Securities Depository Company Limited for Depositors Bank of Ayudhya Public Company Limited Nippon Steel & Sumikin Stainless Steel Corporation Mrs. Usa Saelue Thai NVDR Co., Ltd.
Organization chart Board of Directors Audit Committee Chairman and Chief Executive Officer Managing Director
Finance Director
Commercial Director
Plant Director
Metallurgy Director
Purchase Director
HR Director
MIS Deputy Director
Financial Controller
THAINOX STAINLESS PUBLIC COMPANY LIMITED
21
â¤Ã§Êà ҧ¡ÒèѴ¡Òà â¤Ã§Êà ҧ¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï»ÃСͺ´ Ç 1. ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï » ¨¨Øº¹Ñ ÁÕ 11 · Ò¹ ´Ñ§ÃÒª×Íè µ Í仹Õé 1.1 1.2 1.3
¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃÔ ¹Ò§ÊØÇÁÔ Å ÁËÒ¡Ô¨ÈÔÃÔ ¹Ò¨ÃÔ¹·Ã ÊǹᡠÇ
1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11
ËÁ ÍÁÃÒªÇ§È »ÃÕÂÒ§¤ ÈÃÕ ÇѲ¹¤Ø³ ¹Ò§ÊÒÇÍØÉ³Ò ÁËÒ¡Ô¨ÈÔÃÔ ¹Ò§ÊÒÇÍØɳÕ ÁËÒ¡Ô¨ÈÔÃÔ ¹ÒÂà©ÅÔÁªÑ ÁËÒ¡Ô¨ÈÔÃÔ ¹Ò¬çͧ »ÍÅ à·àÇÍá¹ç§ ¹ÒÂÊÁºÑµÔ àÁ¦ä¾ºÙÅ Dz Ñ ¹Ò ¹ÒÂà·ÍЫÙâÍÐ ÍÔâµÐ ¹ÒÂÇÑÅÅÀ ¤Ø³Ò¹Ø¡Ã¡ØÅ
»Ãиҹ¡ÃÃÁ¡Òà Ãͧ»Ãиҹ¡ÃÃÁ¡Òà ¡ÃÃÁ¡ÒÃÍÔÊÃÐáÅÐÃÑ¡ÉÒ¡Òà »Ãиҹ¡ÃÃÁ¡ÒõÃǨÊͺÊͺÊͺ ¡ÃÃÁ¡ÒÃÍÔÊÃÐ áÅСÃÃÁ¡ÒõÃǨÊͺ ¡ÃÃÁ¡Òà ¡ÃÃÁ¡Òà ¡ÃÃÁ¡Òà ¡ÃÃÁ¡Òà ¡ÃÃÁ¡Òà ¡ÃÃÁ¡Òà ¡ÃÃÁ¡ÒÃ
¡ÃÃÁ¡Òü ÁÙ ÍÕ Ó¹Ò¨Å§¹ÒÁá·¹ºÃÔÉ·Ñ Ï ¡ÃÃÁ¡Òü ÁÙ ÍÕ Ó¹Ò¨Å§¹ÒÁ¼Ù¡¾Ñ¹ºÃÔÉ·Ñ Ï¤×Í (1) ¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃÔ »Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü Í٠ӹǡÒÃãË ËÃ×͹ҧÊØÇÁÔ Å ÁËÒ¡Ô¨ÈÔÃÔ Ãͧ»Ãиҹ¡ÃÃÁ¡Òà ¤¹ã´¤¹Ë¹Ö§è ŧÅÒÂÁ×ͪ×Íè áÅлÃзѺµÃÒÊӤѢͧºÃÔÉ·Ñ ËÃ×Í (2) ¹ÒÂà©ÅÔÁªÑ ÁËÒ¡Ô¨ÈÔÃÔ ¹Ò§ÊÒÇÍØɳÕ ÁËÒ¡Ô¨ÈÔÃÔ ¹ÒÂÇÑÅÅÀ ¤Ø³Ò¹Ø¡Ã¡ØÅ ¹ÒÂÊÁºÑµÔ àÁ¦ä¾ºÙÅ ÇѲ¹Ò ¹Ò¬çͧ »ÍÅ à·àÇÍá¹ç§ ¡ÃÃÁ¡ÒÃÊͧã¹Ë Ò¤¹¹ÕÅé §ÅÒÂÁ×ͪ×Íè à ÇÁ¡Ñ¹¾Ã ÍÁ·Ñ§é »ÃзѺµÃÒÊӤѢͧºÃÔÉ·Ñ Ï 2. ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒû ¨¨Øº¹Ñ ÁÕ 7 · Ò¹»ÃСͺ´ Ç 2.1 »Ãиҹ¡ÃÃÁ¡ÒúÃÔËÒà 2.2 Ãͧ»Ãиҹ¡ÃÃÁ¡ÒúÃÔËÒà 2.3 ¡ÃÃÁ¡ÒúÃÔËÒà 2.4 ¡ÃÃÁ¡ÒÃáÅÐàŢҹءÒÃ
1 · Ò¹ 1 · Ò¹ 4 · Ò¹ 1 · Ò¹
3. ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺÁÒ¨Ò¡¡ÃÃÁ¡ÒÃÍÔÊÃÐ 3 · Ò¹»ÃСͺ´ Ç 3.1 »Ãиҹ¡ÃÃÁ¡ÒõÃǨÊͺ 1 · Ò¹ 3.2 ¡ÃÃÁ¡ÒõÃǨÊͺ 2 · Ò¹ ËÁÒÂà赯 ¡ÃÃÁ¡ÒÃÍÔÊÃз ҹ˹֧è 㹤³Ð¡ÃÃÁ¡ÒõÃǨÊÍºä´ ÅÒÍÍ¡àÁ×Íè Çѹ·Õè 17 ¡ØÁÀҾѹ¸ 2548
22
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Management structure The structure of the Company s management comprises the followings: 1. The Board of Directors of the Company consists of 11 persons as follows: 1.1 1.2 1.3
Mr. Prayudh Mahagitsiri Mrs. Suvimol Mahagitsiri Mr. Charin Suankaew
1.4
M.R. Priyangsri Watanakun
1.5 1.6 1.7 1.8 1.9 1.10 1.11
Ms. Ausana Mahagitsiri Ms. Ausanee Mahagitsiri Mr. Chalermchai Mahagitsiri Mr. Jean-Paul Thevenin Mr. Sombat Makpaiboonvatana Mr. Tetsuo Etoh.15115 Mr. Wanlop Kunanukornkul
Chairman of the Board of Directors Vice Chairman of the Board of Directors Independent director and Acting Chairman of the Audit Committee Independent director and member of the Audit Committee Director Director Director Director Director Director Director
Authorized Directors of the Company to sign to bind the Company Authorized Directors of the Company to sign to bind the Company are (1) any one of Mr. Prayudh Mahagitsiri, Chairman and Chief Executive Officer or Mrs. Suvimol Mahagitsiri, Vice Chairman singly signs with the Company s seal affixed; or (2) any two of Mr. Chalermchai Mahagitsiri, Ms. Ausanee Mahagitsiri, Mr. Wanlop Kunanukornkul, Mr. Sombat Makpaiboonvatana, and Mr. Jean-Paul Thevenin sign jointly with the Company s seal affixed. 2. The Executive Committee of the Company consists of 7 members: 2.1 Chairman and CEO 1 person 2.2 Vice Chairman 1 person 2.3 Director 4 person 2.4 Director and Secretarial 1 person 3. The Audit Committee consists of 3 members as follows: 3.1 Chairman of the Audit Committee 1 person 3.2 Member 2 persons Remark: One Independent Director did resign from the Audit Committee on February 17, 2005.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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˹ Ò·Õ¢è ͧ¤³Ð¡ÃÃÁ¡Òõ Ò§æ 1. ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï à» ¹¼ ¡Ù Ó˹´¹âºÒºÃÔÉ·Ñ Ï áÅÐ͹ØÁµÑ âÔ ¤Ã§¡ÒÃŧ·Ø¹¢Í§ºÃÔÉ·Ñ Ï ÃÇÁ·Ñ§é ¡Ó˹´¢ ͺѧ¤Ñº¢Í§ ºÃÔÉÑ·Ï 2. ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒà ໠¹¼ Ù¾Ô¨ÒóÒá¼¹§Ò¹»ÃШӻ «Öè§àʹÍâ´Â¤³Ð¼ ÙºÃÔËÒâͧºÃÔÉÑ·Ï ¼ Ò¹¡ÃÃÁ¡Òü ٨Ѵ¡Òà µÔ´µÒÁ¼Å»ÃСͺ¡ÒâͧºÃÔÉ·Ñ Ï à»ÃÕºà·ÕºἹ§Ò¹»ÃШӻ à» ¹ÃÒÂà´×͹ ¾Ã ÍÁ·Ñ§é ãË ¤ÇÒÁ¤Ô´àËç¹ã¹¡ÒûÃѺ»Ãا á¡ ä¢à¾×èÍãË ¼Å»ÃСͺ¡ÒôբÖé¹ ÃÇÁ·Ñ駡ÒÃ͹ØÁѵԸØáÃÃÁ·Õè¡Ó˹´ã¹¢ ͺѧ¤Ñº¢Í§ºÃÔÉÑ·Ï µ ͧ¼ Ò¹¡ÒÃàË繪ͺ ËÃ×͹ØÁµÑ ¨Ô Ò¡¤³Ð¡ÃÃÁ¡ÒúÃÔËÒè֧¨Ð´Óà¹Ô¹¡ÒÃä´ 3. ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ à» ¹¤³Ð¡ÃÃÁ¡ÒÃÍÔÊÃзÓ˹ Ò·Õãè ¹¡ÒõÃǨÊͺ¡Ò÷ӧҹ¢Í§ºÃÔÉ·Ñ Ï à¾×Íè ãË â»Ã §ãÊ áÅÐ ÂÖ´ËÅÑ¡¡ÒáӡѺ´ÙáÅ¡Ô¨¡Ò÷մè Õ (Good Governance) ¢Í§¼ ºÙ ÃÔËÒÃáÅТͧ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒà ÃÇÁ·Ñ§é µÃǨÊͺ ¡Òû¯ÔºµÑ §Ô Ò¹¨Ã車 Òà» ¹ä»µÒÁ¡®ÃÐàºÕºÇÔ¸»Õ ¯ÔºµÑ ¢Ô ͧºÃÔÉ·Ñ Ï áÅÐäÁ ½Ò ½ ¹¢ ͺѧ¤ÑººÃÔÉ·Ñ Ï 4. ¤³Ð¼ ºÙ ÃÔËÒûÃСͺ´ Ç ¼ ºÙ ÃÔËÒë֧è à» ¹ÅÙ¡¨ Ò§¢Í§ºÃÔÉ·Ñ Ï â´ÂÁÕ˹ Ò·Õãè ¹¡ÒÃÇҧἹ§Ò¹»ÃШӻ ÍÍ¡¡®ÃÐàºÕº ÇÔ¸Õ»¯ÔºÑµÔ¢Í§ºÃÔÉÑ·Ï â´Â¼ Ò¹¡ÒÃàË繪ͺ¨Ò¡¡ÃÃÁ¡Òü ٨Ѵ¡Òá Í¹Ê §¤³Ð¡ÃÃÁ¡ÒúÃÔËÒÃà¾×èÍ͹ØÁÑµÔ ÃÇÁ·Ñé§ ¡ÒúÃÔËÒáԨ¡Ò÷ÑÇè 仢ͧºÃÔÉ·Ñ Ï ã¹ÅѡɳФ³Ð¡ÃÃÁ¡ÒÃâ´ÂÁÕâ¤Ã§Êà ҧ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒôѧ¹Õ¤é Í×
¡ÃÃÁ¡Òü ¨Ù ´Ñ ¡Òà ¼ Í٠ӹǡÒý Ò¢Ò ¼ ÙÍӹǡÒÃâç§Ò¹ ¼ Í٠ӹǡÒý ÒÂâÅËÐÇÔ·ÂÒ ¼ Í٠ӹǡÒý Ò¨Ѵ«×Íé ¼ Í٠ӹǡÒý Ò·ÃѾÂҡúؤ¤Å Ãͧ¼ Í٠ӹǡÒý ÒÂÊÒÃʹà·È ¼ Í٠ӹǡÒý ÒºѪÕáÅСÒÃà§Ô¹ Financial Controller
ÍӹҨ˹ Ò·Õ¢è ͧ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ ÏÁÕÍÓ¹Ò¨áÅÐ˹ Ò·Õ¨è ´Ñ ¡ÒúÃÔÉ·Ñ ÏãË à» ¹ä»µÒÁ¡®ËÁÒ Çѵ¶Ø»ÃÐʧ¤ áÅТ ͺѧ¤Ñº¢Í§ ºÃÔÉ·Ñ Ï µÅÍ´¨¹ÁµÔ·»Õè ÃЪØÁ¼ ¶Ù Í× Ë ¹Ø ·Õªè ͺ´ Ç¡®ËÁÒ ´ ǤÇÒÁÊبÃÔµ áÅÐÃÐÁÑ´ÃÐÇѧÃÑ¡ÉҼŻÃÐ⪹ ¢Í§ºÃÔÉ·Ñ Ï ÃÇÁ·Ñ§é ¡Ó˹´ à» ÒËÁÒ á¹Ç·Ò§ ¹âºÒ Ἱ§Ò¹áÅЧº»ÃÐÁÒ³¢Í§ºÃÔÉ·Ñ Ï ¤Çº¤ØÁ¡Ó¡Ñº´ÙáÅ¡ÒúÃÔËÒà áÅСÒèѴ¡Òâͧ¤³Ð¡ÃÃÁ¡Òà ºÃÔËÒÃãË à» ¹ä»µÒÁ¹âºÒ·Õèä´ ÃѺÁͺËÁÒ àÇ ¹áµ ã¹àÃ×èͧ·Õèµ Í§ä´ ÃѺ͹ØÁѵԨҡ·Õè»ÃЪØÁ¼ Ù¶×ÍË Ø¹¡ ͹´Óà¹Ô¹¡Òà ઠ¹ ¡ÒÃà¾ÔÁè ·Ø¹¡ÒÃÅ´·Ø¹ ¡ÒÃÍÍ¡Ë ¹Ø ¡ Ù ¡ÒâÒÂËÃ×Íâ͹¡Ô¨¡ÒâͧºÃÔÉ·Ñ Ï·Ñ§é ËÁ´ËÃ×ÍºÒ§Ê Ç¹·ÕÊè Ó¤ÑãË á¡ º¤Ø ¤ÅÍ×¹è ËÃ×Í¡Òë×Íé ËÃ×ÍÃѺâ͹¡Ô¨¡ÒâͧºÃÔÉ·Ñ ÏÍ×¹è ÁÒà» ¹¢Í§ºÃÔÉ·Ñ Ï ¡ÒÃá¡ ä¢Ë¹Ñ§Ê×ͺÃÔ¤³Ë ʹ¸ÔËÃ×Í¢ ͺѧ¤Ñº ÃÇÁ¶Ö§¡Ò÷ÓÃÒ¡ÒÃà¡ÕÂè Ç⧡ѹ áÅСÒë×éÍËÃ×Í¢ÒÂÊÔ¹·ÃѾ ·ÕèÊӤѵÒÁ¡®à¡³± ¢Í§µÅÒ´ËÅÑ¡·ÃѾ áË §»ÃÐà·Èä·Â ËÃ×͵ÒÁ·Õè˹ ǧҹÃÒª¡ÒÃÍ×è¹æ ¡Ó˹´ à» ¹µ ¹ ·Ñ§é ¹Õ¤é ³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ ÏÍÒ¨ÁͺËÁÒÂãË ¡ÃÃÁ¡Òä¹Ë¹Ö§è ËÃ×ÍËÅÒ¤¹ ËÃ×ͺؤ¤ÅÍ×¹è ã´»®ÔºµÑ ¡Ô ÒÃÍ ҧ˹֧è Í ҧã´á·¹¤³Ð¡ÃÃÁ¡ÒÃä´ 24
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Duties of Committees 1. The Board of Directors controls the Company s policy and authorizes the Company s investment project, including the Articles of the Association. 2. The Executive Committee shall consider the annual plans proposed by the Management through the Managing Director, follow the Company s operations, compare the annual plan in monthly basis, together suggest improving the better operating results, and authorize the transactions written in the Company s Articles of the Association in accordance with the approval or agreement from the Executive Committee. 3. The Audit Committee is an independent director performing its duties to audit the Company s activities to be transparent in accordance with the good governance of the Management and the Executive Committee including the auditing of Company s operations to be conformed to the Company s Articles of the Association, however, it should not against the mentioned Articles. 4. The Management consists of the Management team who is the employees of the Company. Its duties are to plan the annual operation, determine the Articles of the Association, which is required the agreement of the Managing Director prior to hand over to the Executive Committee for obtaining the approval, including the general management of Company s activities as a Committee concept. The Management structure is as follows:
Managing Director Commercial Director Plant Director Metallurgy Director Purchasing Director Human Resource Director Deputy MIS Director Finance Director Financial Controller
Roles and Duties of the Board of Directors The Directors shall perform their duties in good faith in accordance with the laws; objectives, Articles of Association and lawful resolution of the shareholders meeting of the Company and with care to preserve the interests of the Company. The Board of Directors shall set out goals, strategic directions, policies, plans and budgets of the Company; control and monitor the administration and management of the management to ensure that policies are followed. In particular matters, the resolution of shareholders meeting is required, for instance, increase or reduction of registered capital, issuing of bonds, sale or disposition of business to third parties, in whole or in part, acquisition or acceptance of transfer of business, amendment to the Memorandum of Association or Articles of Association, entering into a connected transaction, acquisition or sale of major assets under the SET regulations or regulations of other government agencies. The Board of Directors may delegate one or more directors or other persons to perform any particular duty on behalf of the Board of Directors. THAINOX STAINLESS PUBLIC COMPANY LIMITED
25
ͧ¤ »ÃСͺáÅСÒÃáµ §µÑ§é ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ãË ºÃÔÉ·Ñ ÏÁÕ¤³Ð¡ÃÃÁ¡ÒâͧºÃÔÉ·Ñ ÏäÁ ¹Í Â¡Ç Ò 5 ¤¹ áÅСÃÃÁ¡ÒÃäÁ ¹Í Â¡Ç Ò¡Ö§è Ë¹Ö§è ¢Í§¨Ó¹Ç¹¡ÃÃÁ¡Ò÷ѧé ËÁ´ µ ͧÁÕ¶¹Ôè ã¹ÃÒªÍҳҨѡà ¡ÒÃàÅ×Í¡µÑ§é ¡ÃÃÁ¡ÒÃâ´Â·Õ»è ÃЪØÁ¼ ¶Ù Í× Ë ¹Ø µÒÁËÅѡࡳ± ´§Ñ ¹Õé 1. ¼ ¶Ù Í× Ë ¹Ø ¤¹Ë¹Ö§è ÁÕ¤Ðá¹¹àÊÕ§෠ҡѺ˹֧è Ë ¹Ø µ Í˹֧è àÊÕ§ 2. ¼ Ù¶×ÍË Ø¹áµ ÅФ¹¨Ðµ ͧ㪠¤Ðá¹¹àÊÕ§·ÕèÁÕÍ ٷÑé§ËÁ´µÒÁ 1 àÅ×Í¡µÑ駺ؤ¤Å¤¹à´ÕÂÇËÃ×ÍËÅÒ¤¹à» ¹¡ÃÃÁ¡Òáçä´ áµ ¨ÐẠ§¤Ðá¹¹àÊÕ§ãË á¡ ¼ Ùã´ÁÒ¡¹ ÍÂà¾Õ§ã´äÁ ä´ 3. ºØ¤¤Å«Öè§ä´ ÃѺ¤Ðá¹¹àÊÕ§ÊÙ§ÊØ´µÒÁÅӴѺŧÁÒ à» ¹¼ Ùä´ ÃѺ¡ÒÃàÅ×Í¡µÑé§à» ¹¡ÃÃÁ¡ÒÃ෠Ҩӹǹ¡ÃÃÁ¡Ò÷Õè¨Ð¾Ö§ÁÕ ËÃ×ͨо֧àÅ×Í¡µÑé§ã¹¤ÃÑ駹Ñé¹ ã¹¡Ã³Õ·ÕèºØ¤¤Å«Öè§ä´ ÃѺ¡ÒÃàÅ×Í¡µÑé§ã¹ÅӴѺ¶Ñ´Å§ÁÒÁÕ¤Ðá¹¹àÊÕ§෠ҡѹ à¡Ô¹¨Ó¹Ç¹ ¡ÃÃÁ¡Ò÷ըè о֧ÁÕËÃ×ͨо֧àÅ×Í¡µÑ§é 㹤ÃÑ§é ¹Ñ¹é ãË ¼à Ù » ¹»Ãиҹ໠¹¼ ÍÙ Í¡àÊÕ§ªÕ¢é Ò´ ÍӹҨ˹ Ò·Õè¢Í§¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ¢Í§ºÃÔÉ·Ñ ÏÁբͺࢵ ˹ Ò·Õè áÅФÇÒÁÃѺ¼Ô´ªÍºµ ͤ³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï´Ñ§¹Õé 1. Êͺ·Ò¹ãË ºÃÔÉ·Ñ ÏÁÕÃÒ§ҹ·Ò§¡ÒÃà§Ô¹Í ҧ¶Ù¡µ ͧáÅÐ à» ´à¼ÂÍ ҧà¾Õ§¾Í 2. Êͺ·Ò¹ãË ºÃÔÉ·Ñ ÏÁÕÃкº¡ÒäǺ¤ØÁÀÒÂã¹ (Internal Control) áÅÐ ¡ÒõÃǨÊͺÀÒÂã¹ (Internal Audit) ·Õàè ËÁÒÐÊÁ áÅÐÁÕ»ÃÐÊÔ·¸ÔÀÒ¾ 3. Êͺ·Ò¹¡Òû¯ÔºÑµÔ¢Í§ºÃÔÉÑ·ÏãË à» ¹ä»µÒÁ¡®ËÁÒÂÇ Ò´ ÇÂËÅÑ¡·ÃѾ áÅеÅÒ´ËÅÑ¡·ÃѾ ¢ Í¡Ó˹´¢Í§µÅÒ´ ËÅÑ¡·ÃѾ áË §»ÃÐà·Èä·Â ËÃ×Í¡®ËÁÒ·Õàè ¡ÕÂè Ç¢ ͧ¡Ñº¸ØáԨ¢Í§ºÃÔÉ·Ñ Ï 4. ¾Ô¨ÒóҤѴàÅ×Í¡áÅÐàʹÍáµ §µÑ§é ¼ Ê٠ͺºÑªÕ¢Í§ºÃÔÉ·Ñ Ï áÅСÓ˹´¤ ҵͺ᷹ 5. ¾Ô¨ÒóҡÒÃà» ´à¼Â¢ ÍÁÙŢͧºÃÔÉ·Ñ Ï㹡óշàÕè ¡Ô´ÃÒ¡ÒÃà¡ÕÂè Ç⧠ËÃ×ÍÃÒ¡Ò÷ÕÍè Ò¨ÁÕ¤ÇÒÁ¢Ñ´á §·Ò§¼Å»ÃÐ⪹ ãË Á¤Õ ÇÒÁ¶Ù¡µ ͧáÅФú¶ ǹ 6. ¨Ñ´·ÓÃÒ§ҹ¡ÒáӡѺ´ÙáÅ¡Ô¨¡Òâͧ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺâ´Âà» ´à¼ÂäÇ ã¹ÃÒ§ҹ»ÃШӻ ¢Í§ºÃÔÉ·Ñ «Ö§è ÃÒ§ҹ ´Ñ§¡Å Òǵ ͧŧ¹ÒÁâ´Â»Ãиҹ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ 7. »¯ÔºµÑ ¡Ô ÒÃÍ×¹è ã´µÒÁ·Õ¤è ³Ð¡ÃÃÁ¡ÒâͧºÃÔÉ·Ñ ÁͺËÁÒ´ ǤÇÒÁàË繪ͺ¢Í§¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ
26
THAINOX STAINLESS PUBLIC COMPANY LIMITED
The Criteria for the Appointment of Directors The Board of Directors comprises at least 5 directors. Not less than one-half of the total number of directors shall reside in the Kingdom of Thailand. Appointment of Directors The Board of Directors shall be appointed by a Shareholders Meeting according to the following procedures: 1. Each shareholder shall have one (1) vote per one (1) share. 2. Each shareholder shall cast all of his/her vote in 1 for one or more candidate but shall not divide his/her voting rights amongst the candidates. 3. The candidates elected to fill up the vacant positions of the Board of Directors are selected in order of the number of votes received. In a case where there is a tie amongst candidates, the Chairman of the meeting shall cast the deciding vote. Role and Responsibility of the Audit Committee 1. To review the Company s financial reporting process to ensure accuracy and adequacy; 2. To ensure that the Company has suitable and efficient internal control system and internal audit; 3. To review the performance of the Company to ensure compliance with the securities and exchange law, regulations of the Stock Exchange or laws relating to business of the Company; 4. To consider, select, nominate and recommend remuneration of the Company s independent auditor; 5. To ensure the full and correct disclosure of information of the Company in case that there is a connected transaction or transaction that may lead to conflict of interest; 6. To prepare a report of the audit committee, disclose it in an annual report of the Company, and have such report signed by the chairman of the audit committee; 7. To perform any other act as assigned by the Board of Directors with approval of the audit committee.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
27
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ºÃÔÉ·Ñ Ïä´ ´áÙ ÅáÅл¯ÔºµÑ µÔ Í ¾¹Ñ¡§Ò¹Í ҧ໠¹¸ÃÃÁà· Òà·ÕÂÁ¡Ñ¹ ÁÕÊÇÑÊ´Ô¡Òà áÅмŵͺ᷹·Õàè ËÁÒÐÊÁ ãË ¤ÇÒÁÊӤѵ ÍÍÒªÕÇ͹ÒÁÑÂáÅФÇÒÁ»ÅÍ´ÀÑÂ㹡Ò÷ӧҹ¢Í§¾¹Ñ¡§Ò¹à» ¹ÅӴѺáá ºÃÔÉ·Ñ Ï ä´ ÃºÑ ¡ÒÃÃѺÃͧÁҵðҹ OHSAS 18001 ¨Ò¡Ê¶ÒºÑ¹ BVQI ·ÕÁè ªÕ Í×è àÊÕ§¨Ò¡¡Å ÁØ »ÃÐà·ÈÂØâûáÅÐÍàÁÃÔ¡Ò ºÃÔÉ·Ñ Ï àÍÒã¨ãÊ áÅдÙáÅÃѺ¼Ô´ªÍºµ ÍÅÙ¡¤ Òà» ¹Í ҧ´Õ ºÃÔÉ·Ñ Ï ä´ ÃºÑ ¡ÒÃÃѺÃͧÁҵðҹ¤Ø³ÀÒ¾ ISO 9001 Version 2000 ¨Ò¡Ê¶ÒºÑ¹ BVQI â´ÂÃÑ¡ÉҤسÀÒ¾áÅÐÁҵðҹ¢Í§ÊÔ¹¤ Ò ÁÕ¡ÒÃ¨Ñ´Ê §·Õµè çµ ÍàÇÅÒ áÅТÒÂÊÔ¹¤ Òã¹ÃÒ¤Ò·ÕÂè µØ ¸Ô ÃÃÁ áÁ 㹪 ǧ¢Ò´á¤Å¹ÊÔ¹¤ Ò ÃÑ¡ÉÒ¤ÇÒÁÅѺ¢Í§ÅÙ¡¤ Ò ÁÕ˹ ǧҹ·Õ¤è Í´ÙáÅ áÅÐÃѺàÃ×Íè §àÃÕ¹áÅÐᡠ䢻 ËÒãË ¡ºÑ ÅÙ¡¤ ÒÍ ҧàà §´ ǹ ºÃÔÉ·Ñ Ï äÁ ÁàÕ ¨ Ò˹Õàé §Ô¹¡ Ù áÅл¯ÔºµÑ µÔ ÒÁà§×Íè ¹ä¢¢ ͵¡Å§ã¹¡Òë×Íé Çѵ¶Ø´ºÔ áÅÐÍØ»¡Ã³ àÊÁÍÁÒ ºÃÔÉ·Ñ Ï»¯ÔºµÑ µÔ ÒÁà§×Íè ¹ä¢·Ò§¡Òä Ò ¢ ͵¡Å§µÒÁÊÑÒµ ͤ ¤Ù Ò ·ÕÁè ¡Õ Òë×Íé ¢ÒÂÊÔ¹¤ ÒáÅкÃÔ¡Òà ºÃÔÉÑ·Ï »ÃоĵԵÒÁ¡Ãͺ¡µÔ¡Ò¡ÒÃᢠ§¢Ñ¹ â´ÂäÁ 㪠ÇÔ¸Õ¡ÒÃäÁ ÊبÃÔµà¾×èÍ·ÓÅÒ¤ Ùᢠ§¢Ñ¹ â´ÂºÃÔÉÑ·Ï ÁÕ ¡ Òô٠á ÅáÅСÒÃãË º ÃÔ ¡ Ò÷Õè ´Õ µ Í ÅÙ ¡ ¤ Ò ¼ÅÔ µ ÊÔ ¹ ¤ Ò ·Õè ÁÕ ¤Ø ³ ÀÒ¾ä´ Á ҵðҹµÒÁ·Õè ÅÙ ¡ ¤ Ò ¡Ó˹´ áÅÐÁÕá¼¹§Ò¹¤Çº¤ØÁ¤ Ò㪠¨Ò  áÅе ¹·Ø¹¡ÒüÅÔµ·Õµè èÓ ·ÓãË ÊÒÁÒöᢠ§¢Ñ¹ã¹µÅÒ´âÅ¡ä´ ºÃÔÉ·Ñ Ï ÃѺ¼Ô´ªÍºµ ÍÊÀÒ¾áÇ´Å ÍÁ¢Í§ªØÁª¹ áÅÐÊѧ¤Á ºÃÔÉ·Ñ Ïä´ ÃºÑ ¡ÒÃÃѺÃͧÁҵðҹ¡ÒèѴ¡Òà ´ Ò¹ÊÔ§è áÇ´Å ÍÁ ISO 14001 ¨Ò¡Ê¶ÒºÑ¹ BVQI ¹Í¡¨Ò¡¹Õºé ÃÔÉ·Ñ Ï ä´ Ê§ àÊÃÔÁ¡ÒÃ͹ØÃ¡Ñ É ·ÃѾÂҡøÃÃÁªÒµÔ ઠ¹Ê¹ÑºÊ¹Ø¹â¤Ã§¡ÒÃÇÔ¨ÂÑ ¿Í§¹éÓãµ ·ÐàÅ â¤Ã§¡Òà Thainox Metallurgy Award à» ¹µ ¹
THAI NOX STAINLESS PUBLIC COMPANY LIMITED
Corporate Governance The Company realizes the importance of good corporate governance in maintaining the transparency of operations and maximum benefit of the Company. Good corporate governance is ensured under the following principles: 1. Shareholders: Rights and Equality and Shareholder s Meeting The Company recognizes the rights of shareholders and treats each shareholder equally. The Company regularly informs the shareholders of the progress of the operation of the company, either directly or through the Stock Exchange of Thailand. All shareholders are received as the owners of the Company. Shareholders will receive a notice of shareholders meeting and its agenda at least 7 days prior to the meeting date, pursuant to the Articles of the Association of the Company and such notice of the shareholders meeting shall be published in a daily newspaper for at least 3 days prior to the meeting date. The Company has a policy to allow the shareholder to delegate an independent director as his/her proxy to attend and vote at the shareholders meeting on his/her behalf. At the meeting, the Company provides equal rights and opportunity to shareholders to inspect, enquire and make comments or suggestions with respect to the operation of the Company. The minutes of the shareholders meeting will be prepared within 7 days after the meeting, and will be filed and kept for inspection by shareholders. 2. Rights of stakeholders The Company recognizes the rights of all stakeholders as follows: Staff: Customer:
Creditors: Partners: Competitors:
Communities:
The Company treats each staff equally and fairly, and provides reasonable welfares and remuneration. Health and safety of all employees are our first priority. Moreover, the Company received the OHSAS 18001 certification from BVQI, a leader in Europe and America in system certification services. The Company protects customers interest. According to ISO 9001 version 2000 certification from BVQI, we keeps providing high quality products and on time delivery. Moreover, the Company sells the products at the reasonable price even during the shortage period in the market. The Company keeps customers secret, and provides customer service to take an immediate action following their requirements. The Company does not have creditors. Additionally, the Company strictly follows the condition and agreement of raw materials and equipments purchasing. The Company follows the trading contract of products and services. The Company follows the best practices of competition and avoids dishonest methods to compete with Competitors by providing high quality products and good services. The Company has the action plan to control the manufacturing expenses; therefore, our production cost is low and has the competitive price in the worldwide market. The Company is responsible to the environment of Communities. The Company got ISO 14000 certification of the environment management system from BVQI. Moreover, the Company regularly supports the natural resource conservation activities such as sponges project, and Thainox Metallurgy award.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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ºÃÔÉÑ·Ï ÁÕÁҵáÒ÷Õè¨Ð¤Í´ÙáÅÊÔ·¸Ô¢Í§¼ ÙÁÕÊ Ç¹ä´ àÊÕ´ѧ¡Å ÒÇ¢ Ò§µ ¹à» ¹Í ҧ´Õ â´Â»¯ÔºÑµÔµÒÁ¢ Í¡Ó˹´¢Í§ ¡®ËÁÒÂáÅС®ÃÐàºÕºµ Ò§æ·Õàè ¡ÕÂè Ç¢ ͧ ઠ¹ ¡ÃÁâç§Ò¹ ¡ÃзÃǧÍصÊÒË¡ÃÃÁ ¡Í§¤Çº¤ØÁÁžÔÉ ÏÅÏ Í ҧà¤Ã §¤Ñ´ 3. ÀÒÇм ¹Ù Ó áÅÐÇÔÊÂÑ ·Ñȹ ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ¡Ó¡Ñº´ÙáÅãË ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒôÓà¹Ô¹µÒÁà» ÒËÁÒÂá¼¹¸ØáԨ áÅЧº»ÃÐÁÒ³·Õ¡è Ó˹´äÇ Í ҧÁÕ»ÃÐÊÔ·¸ÔÀÒ¾ â´Â¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï à» ¹¼ ¾Ù ¨Ô ÒóҡÓ˹´º·ºÒ· ˹ Ò·Õè áÅФÇÒÁÃѺ¼Ô´ªÍº Í ҧªÑ´à¨¹ÃÐËÇ Ò§ ¤³Ð¡ÃÃÁ¡ÒúÃÔËÒà ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ½ Ò¨Ѵ¡ÒÃáÅо¹Ñ¡§Ò¹¢Í§ºÃÔÉ·Ñ Ï 4. ¨ÃÔ¸ÃÃÁ¸ØáԨ µÒÁá¹Ç·Ò§¢Í§µÅÒ´ËÅÑ¡·ÃѾ áË §»ÃÐà·Èä·Â ¤³Ð¼ ÙºÃÔËÒõÃÐ˹ѡ¶Ö§º·ºÒ·Ë¹ Ò·ÕèáÅФÇÒÁÃѺ¼Ô´ªÍºÇ Ò ¨Ðµ ͧ㪠¤ÇÒÁà ٠¤ÇÒÁÊÒÁÒö áÅлÃÐʺ¡Òó ·Õè¨Ðà» ¹»ÃÐ⪹ µ Í¡ÒôÓà¹Ô¹¸ØáԨáÅÐÁÕ¨ÃÔ¸ÃÃÁ㹡ÒôÓà¹Ô¹¸ØáԨ µ ͧ»¯ÔºµÑ ËÔ ¹ Ò·Õãè Ë à» ¹ä»µÒÁ¡®ËÁÒ Çѵ¶Ø»ÃÐʧ¤ áÅТ ͺѧ¤Ñº¢Í§ºÃÔÉ·Ñ µÅÍ´¨¹ÁµÔ·»Õè ÃЪØÁ¼ ¶Ù Í× Ë ¹Ø ´ ǤÇÒÁ«×Íè Êѵ ÊبÃÔµ áÅФӹ֧¶Ö§¼Å»ÃÐ⪹ ¢Í§ºÃÔÉ·Ñ áÅм ¶Ù Í× Ë ¹Ø à» ¹ÊÓ¤Ñ 5. ¤ÇÒÁ¢Ñ´á §¢Í§¼Å»ÃÐ⪹ ºÃÔÉ·Ñ Ïä´ Á¡Õ ÒáÓ˹´ËÅѡࡳ± à¡ÕÂè ǡѺ¡ÒÃࢠҷӸØáÃÃÁ·ÕÁè ¤Õ ÇÒÁ¢Ñ´á §·Ò§¼Å»ÃÐ⪹ ´Ñ§¹Õé ¸ØáÃÃÁ·Õàè ¡Ô´¢Ö¹é à» ¹»¡µÔáÅе Íà¹×Íè § (Regular and Continuous Transactions) ºÃÔÉÑ·Ïä´ ¡Ó˹´ËÅѡࡳ± Ç Ò㹡ÒÃࢠҷӸØáÃÃÁ·Õèà¡Ô´¢Öé¹à» ¹»¡µÔáÅе Íà¹×èͧ¹Ñé¹ ºÃÔÉÑ·Ï ¨Ðµ ͧࢠҷӸØáÃÃÁ ·ÕèÁÕ¢ Í¡Ó˹´ÃÒÂÅÐàÍÕ´໠¹ä»µÒÁà§×è͹䢡Òä Ò·ÑèÇä»áÅÐà» ¹ä»µÒÁÃÒ¤Ò·ÕèÂصԸÃÃÁ â´Â¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ (Audit Committee) ä´ ÃѺÁͺËÁÒÂ˹ Ò·ÕèãË µÃǨÊͺ áÅÐ/ËÃ×Í Í¹ØÁѵÔËÅѡࡳ± ËÃ×ͤÇÒÁÊÁà˵ØÊÁ¼Å 㹡ÒÃࢠҷÓÃÒ¡Òà ÃÐËÇ Ò§¡Ñ¹ µÒÁáµ ·¤Õè ³Ð¡ÃÃÁ¡ÒõÃǨÊͺàËç¹ÊÁ¤Çà ¸ØáÃÃÁ¾ÔàÈÉ (Irregular Transactions) ºÃÔÉÑ·ÏÁͺËÁÒÂãË ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ãË ¤ÇÒÁàËç¹à¡ÕèÂǡѺ¤ÇÒÁÊÁà˵ØÊÁ¼Å㹡ÒÃࢠҷӸØáÃÃÁµ Ò§ æ 㹡óշ¤Õè ³Ð¡ÃÃÁ¡ÒõÃǨÊͺäÁ Á¤Õ ÇÒÁàªÕÂè ǪÒà¡ÕÂè ǡѺÃÒ¡ÒÃÃÐËÇ Ò§¡Ñ¹´Ñ§¡Å ÒÇ ºÃÔÉ·Ñ Ï¨Ð·Ó¡ÒÃÇ Ò¨ Ò§¼ àÙ ªÕÂè ÇªÒ ÍÒ·Ôઠ¹ ¹Ñ¡ºÑªÕ ËÃ×ͼ Ù»ÃÐàÁÔ¹ÃÒ¤Ò«Öè§à» ¹ÍÔÊÃÐáÅÐäÁ ÁÕ¤ÇÒÁ¢Ñ´á §·Ò§¼Å»ÃÐ⪹ 㹸ØáÃÃÁ¹Ñé¹æ à¾×èÍãË ¤ÇÒÁàËç¹ ·Õàè » ¹¡ÅÒ§ ·Ñ§é ¹Õé ¤³Ð¡ÃÃÁ¡ÒÃËÃ×Í·Õ»è ÃЪØÁ¼ ¶Ù Í× Ë ¹Ø ¨Ð¾Ô¨Òóҷº·Ç¹¤ÇÒÁàË繢ͧ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ËÃ×ͼ àÙ ªÕÂè ÇªÒ ÍÕ¡¤Ãѧé Ë¹Ö§è ¡ ͹·Õ¨è еѴÊÔ¹ã¨à¢ Ò·Ó¸ØáÃÃÁ¹Ñ¹é æ
30
THAINOX STAINLESS PUBLIC COMPANY LIMITED
The Company complies with related laws and regulations to protect rights of stakeholders as mentioned above. 3. Leadership and vision The Board of Directors supervises the Management Members to achieve Company s business plan and guidelines in accordance with the budget. The Board of Directors obviously determines roles and delegates duties to the Management Members, Audit Committee, and Company s staff. 4. Business Ethics According to the lines of the Stock Exchange of Thailand, the Board of Directors realizes that it has duty and responsibility to use the best of its knowledge caliber and experience as well as business ethic of the business of the Company. The Board of Directors performs its duties in lines with the law, Company objectives, Articles of Association and resolutions of shareholders meeting with honestly and to protect the interests of the Company and shareholders. 5. Conflict of Interest The Company has set up criteria in entering into transactions, which involve conflict of interest as follows: Regular and Continuous Transactions The Company sets up criteria that related transaction, which is regular and continuous, must be entered into by the Company under normal commercial terms and at a fair price. The Audit Committee is authorised to audit and/or approve such criteria and reasonableness of the related transaction, as they deem appropriate. Irregular Transactions The Company has authorized the Audit Committee to give opinion on the reasonableness of the transaction. In case the Audit Committee do not have any expertise in the related transaction which may occur, an expert, such as an accountant or appraiser which is independent and do not have any conflict of interest in the transaction will be engaged to give independent opinions. The Audit Committee s opinion or the expert will be considered by the Board of Directors or the shareholders before making decision to the appropriate transaction.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
31
6. ¡ÒôÙáÅàÃ×Íè §¡ÒÃ㪠¢Í ÁÙÅÀÒÂã¹ ºÃÔÉ·Ñ ÏÁÕÃÐàºÕº㹡ÒùӢ ÍÁÙÅÀÒÂ㹢ͧºÃÔÉ·Ñ ·ÕÂè §Ñ äÁ ä´ à» ´à¼Âä»ãª à¾×Íè »ÃÐ⪹ ¢Í§µ¹àͧËÃ×ͼ ÍÙ ¹×è ´Ñ§¹Õé 1. ¡ÃÃÁ¡Òà ¼ ºÙ ÃÔËÒà ¾¹Ñ¡§Ò¹ áÅÐÅÙ¡¨ Ò§¢Í§ºÃÔÉ·Ñ Ï¨Ðµ ͧÃÑ¡ÉÒ¤ÇÒÁÅѺ áÅÐ/ËÃ×Í ¢ ÍÁÙÅÀÒÂ㹢ͧºÃÔÉ·Ñ Ï 2. ¡ÃÃÁ¡Òà ¼ ºÙ ÃÔËÒà ¾¹Ñ¡§Ò¹ áÅÐÅÙ¡¨ Ò§¢Í§ºÃÔÉ·Ñ Ï¨Ðµ ͧäÁ ¹Ó¤ÇÒÁÅѺ áÅÐ/ËÃ×Í ¢ ÍÁÙÅÀÒÂ㹢ͧºÃÔÉ·Ñ Ïä»à» ´à¼Â ËÃ×ÍáÊǧËҼŻÃÐ⪹ á¡ µ¹àͧËÃ×Íà¾×Íè »ÃÐ⪹ á¡ º¤Ø ¤ÅÍ×¹è ã´äÁ ÇÒ â´Â·Ò§µÃ§ËÃ×Í·Ò§Í ÍÁ áÅÐäÁ ÇÒ ¨Ðä´ ÃºÑ ¼ÅµÍºá·¹ËÃ×ÍäÁ ¡µç ÒÁ 3 ¡ÃÃÁ¡Òà ¼ ºÙ ÃÔËÒà ¾¹Ñ¡§Ò¹ áÅÐÅÙ¡¨ Ò§¢Í§ºÃÔÉ·Ñ Ï¨Ðµ ͧäÁ ·Ó¡Òë×Íé ¢Ò â͹ËÃ×ÍÃѺâ͹ ËÅÑ¡·ÃѾ ¢Í§ºÃÔÉ·Ñ Ï â´Â㪠¤ÇÒÁÅѺáÅÐ/ËÃ×Í¢ ÍÁÙÅÀÒÂ㹺ÃÔÉ·Ñ Ï áÅÐ/ËÃ×Í à¢ Ò·Ó¹Ôµ¡Ô ÃÃÁÍ×¹è ã´â´Â㪠¤ÇÒÁÅѺ áÅÐ/ËÃ×Í ¢ ÍÁÙÅÀÒÂã¹ ¢Í§ºÃÔÉ·Ñ Ï ÍѹÍÒ¨¡ ÍãË à¡Ô´¤ÇÒÁàÊÕÂËÒµ ͺÃÔÉ·Ñ ÏäÁ ÇÒ â´Â·Ò§µÃ§ËÃ×Í·Ò§Í ÍÁ ¢ Í¡Ó˹´¹Õãé Ë ÃÇÁ¤ÇÒÁ¶Ö§¤ ÊÙ ÁÃÊáÅкص÷ÕÂè §Ñ äÁ ºÃÃÅعµÔ ÀÔ ÒÇТͧ¡ÃÃÁ¡Òà ¼ ºÙ ÃÔËÒà ¾¹Ñ¡§Ò¹ áÅÐÅÙ¡¨ Ò§¢Í§ºÃÔÉ·Ñ Ï ´ Ç ¼ ãÙ ´·Õ½è Ò ½ ¹ÃÐàºÕº¢ ͺѧ¤Ñº´Ñ§¡Å ÒǨж×ÍÇ Òä´ ¡ÃзӼԴÍ ҧà ÒÂáç 7. ¤ÇÒÁÊÑÁ¾Ñ¹¸ ¡ºÑ ¼ ÅÙ §·Ø¹ ºÃÔÉ·Ñ ÏÁÕ¹âºÒÂà» ´à¼ÂáÅлÃѺ»Ãا¢ ÍÁÙŢͧºÃÔÉ·Ñ Ïµ ͼ ¶Ù Í× Ë ¹Ø áÅм ÅÙ §·Ø¹·ÑÇè 仵ÒÁÁҵðҹáÅÐࡳ± ·¡Õè Ó˹´ â´ÂÊӹѡ§Ò¹¤³Ð¡ÃÃÁ¡ÒáӡѺËÅÑ¡·ÃѾ áÅеÅÒ´ËÅÑ¡·ÃѾ (¡.Å.µ.) ÃÇÁ·Ñ§é µÅÒ´ËÅÑ¡·ÃѾ áË §»ÃÐà·Èä·Â áÅкÃÔÉ·Ñ Ï ä´ ÁͺËÁÒÂãË ½Ò ¡ÒÃà§Ô¹à» ¹¼ ÃÙ ºÑ ¼Ô´ªÍºã¹¡ÒÃÊ×Íè ÊÒáѺ¼ ¶Ù Í× Ë ¹Ø ¹Ñ¡ÇÔà¤ÃÒÐË ¼ ÅÙ §·Ø¹ áÅм ·Ù ÊÕè ¹ã¨·ÑÇè ä» 8. ¡Òö ǧ´ØŢͧ¡ÃÃÁ¡Ò÷Õäè Á à» ¹¼ ºÙ ÃÔËÒà ¤³Ð¡ÃÃÁ¡ÒâͧºÃÔÉ·Ñ Ï Áըӹǹ 7 · Ò¹ »ÃСͺ´ Ç - ¡ÃÃÁ¡Ò÷Õàè » ¹¼ ºÙ ÃÔËÒà - ¡ÃÃÁ¡Òà - ¡ÃÃÁ¡ÒÃÍÔÊÃÐ - ¡ÃÃÁ¡Ò÷Õàè » ¹ÍÔÊÃÐ «Ö§è à» ¹¡ÃÃÁ¡ÒõÃǨÊͺ 9. ¡ÒÃÃÇÁËÃ×ÍᡵÓá˹ § »Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü ÙÍӹǡÒÃãË à» ¹µÑÇá·¹¼ Ù¶×ÍË Ø¹ÃÒÂãË «Ö觶×ÍË Ø¹»ÃÐÁҳà ÍÂÅÐ 65.71 ¢Í§Ë ¹Ø ·Ñ§é ËÁ´ »Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü ÙÍӹǡÒÃãË ¨Ñ¡µ ͧäÁ à» ¹ºØ¤¤Åà´ÕÂǡѹ¡Ñº¡ÃÃÁ¡Òü ٨Ѵ¡Òà «Öè§à» ¹¼ ÙºÃÔËÒà Á×ÍÍÒªÕ¾ áÅÐäÁ ä´ à» ¹¼ Ù¶×ÍË Ø¹ã¹ºÃÔÉÑ·Ï ÁÕ¡ÒÃá¡˹ Ò·ÕèÍ ҧªÑ´à¨¹ â´Â¡Ó˹´Ë¹ Ò·Õè¢Í§»Ãиҹ¡ÃÃÁ¡Òà áÅСÃÃÁ¡Òü Í٠ӹǡÒÃãË ´§Ñ µ Í仹Õé - ¡ÒáÓ˹´¹âºÒ¢ͧºÃÔÉÑ·Ï - ¡ÒáӡѺ´ÙáÅ - áÅеÃǨÊͺ¡Ò÷ӧҹ¢Í§¡ÃÃÁ¡Òü ¨Ù ´Ñ ¡ÒÃ
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THAINOX STAINLESS PUBLIC COMPANY LIMITED
6. Monitoring of Internal Information The Company employs the following rules and regulations upon the usage of non-disclosed information 1. Directors, management, staff and employees of the Company must keep all secret and/or inside information of the Company confidential. 2. Directors, management, staff and employees of the Company must not disclose confidential information and/or inside information of the Company, or use that information for their own interest or third party s interest (either directly or indirectly and with or without remuneration). 3. Directors, management, staff and employees of the Company must not sell, purchase, transfer or accept the transfer of the Company s securities by using the Company s confidential information and/or inside information which may cause either direct or indirect damages to the Company. The above rules and regulations shall apply to spouse and non-sui juris child of the directors, management, staff, and employees of the Company 7. Related with Investor The Company discloses and updates the information to shareholders and investors in accordance with the standards and criteria set by the Office of the SEC and the SET. The Company has assigned the finance department to communicate with its stakeholders, research analysts and other interested persons. 8. Counterbalance by Non- Executive Directors The Board of Directors consists of 7 directors as follows:
Directors who are the Management Directors Independent Directors Independent Directors who are members of the Audit Committee
9. Integration or Separation of Positions The Chairman and Chief Executive Officer shall be the representative of the major shareholder in holding shares at approximately 65.71 percent of the Company s shares. The Chairman and Chief Executive Officer shall not be the same person of the Managing Director who is a professional executive and shall not be the Company s shareholder, their roles shall be clearly separated. Chairman and Chief Executive Officer s roles are assigned as follows: - Company s policy identifying - Corporate governance - and auditing of the Managing Director s activities.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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·Ñ§é ¹ÕËé ¹ Ò·Õ´è §Ñ ¡Å ÒÇ¢ Ò§µ ¹ãË à» ¹ä»µÒÁà» ÒËÁÒÂ·Õ¤è ³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ¡Ó˹´ ¡ÃÃÁ¡Òü ٨Ѵ¡ÒèÐÃÒ§ҹµÃ§µ Í»Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü ÙÍӹǡÒÃãË ÃÇÁ·Ñ駡ÒúÃÔËÒçҹ»ÃÐ¨Ó ãË à» ¹ä»µÒÁà» ÒËÁÒÂ·Õ¤è ³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï¡Ó˹´ Í ҧäáçµÒÁâ¤Ã§Êà ҧ¢Í§¤³Ð¡ÃÃÁ¡ÒâͧºÃÔÉ·Ñ Ï »ÃСͺ仴 Ç ¡ÃÃÁ¡Ò÷Õàè » ¹ÍÔÊÃÐÁÒ¡¡Ç Ò 1 ã¹ 3 ¢Í§¡ÃÃÁ¡ÒÃ·Ñ§é ¤³Ð ·Ñ§é ¹Õàé ¾×Íè ãË à¡Ô´¡Òö ǧ´ØÅáÅСÒõÃǨÊͺ¡ÒúÃÔËÒçҹ 10. ¤ ҵͺ᷹¡ÃÃÁ¡ÒÃáÅм ºÙ ÃÔËÒà ¤ ҵͺ᷹·Õàè » ¹µÑÇà§Ô¹ã¹ª ǧÇѹ·Õè 1 ÁÔ¶¹Ø Ò¹ 2547 - 31 ¸Ñ¹ÇÒ¤Á 2547 ´Ñ§¹Õé 1. ¤ ҵͺ᷹ÃÇÁ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï 1.1 ¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ä´ ÃºÑ àºÕÂé »ÃЪØÁà´×͹ÅÐ 20,000 ºÒ· µ Í· Ò¹ µÑ§é áµ à´×͹ÁÔ¶¹Ø Ò¹ 2547 à» ¹µ ¹ÁÒ 1.2 ¨Ò¡¡ÒûÃЪØÁ¤³Ð¡ÃÃÁ¡ÒúÃÔÉÑ·Ï ¤ÃÑ駷Õè 2/2548 ¤³Ð¡ÃÃÁ¡ÒÃÁÕÁµÔ¾Ô¨ÒóÒàË繪ͺãË ¨ ÒÂ⺹ÑÊ »ÃШӻ 2547 ãË á¡ ¡ÃÃÁ¡ÒúÃÔÉÑ·Ï·Ø¡· Ò¹ à¹×èͧ¨Ò¡ä´ ·Ó§Ò¹ãË ºÃÔÉÑ·Ï Í ҧàµçÁ¤ÇÒÁÊÒÁÒö ¨¹¡ÃÐ·Ñ§è ¼Å»ÃСͺ¡ÒâͧºÃÔÉ·Ñ Ï ÁռšÓäûÃÐÁÒ³ 1,785 Å Ò¹ºÒ· áÅÐàËç¹ÊÁ¤ÇÃàʹ͵ Í·Õ»è ÃЪØÁ ¼ ¶Ù Í× Ë ¹Ø »ÃШӻ 2548 à¾×Íè ͹ØÁµÑ âÔ º¹ÑÊãË á¡ ¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï · Ò¹ÅÐ 1 Å Ò¹ºÒ· áµ ãË ¨Ò Â੾ÒСÃÃÁ¡Òà ºÃÔÉ·Ñ Ï·ÕÍè  ãÙ ¹µÓá˹ §ã¹» 2547 ¨¹¶Ö§Çѹ·Õäè ´ ÃºÑ Í¹ØÁµÑ ¨Ô Ò¡¼ ¶Ù Í× Ë ¹Ø ෠ҹѹé 2. ¤ ҵͺ᷹¼ ºÙ ÃÔËÒÃ
˹ Ç : ºÒ· ¤ ҵͺ᷹
à§Ô¹à´×͹ÃÇÁ ⺹ÑÊÃÇÁ ¡Í§·Ø¹ÊÓÃͧàÅÕ駪վ Í×è¹æ ÃÇÁ
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THAINOX STAINLESS PUBLIC COMPANY LIMITED
ÊÓËÃѺ» ʹÔé ÊØ´ 31 ¸Ñ¹ÇÒ¤Á 2547 ¨Ó¹Ç¹ÃÒÂ
¤ ҵͺ᷹ÃÇÁ
11 10 8 10
53,321,037 8,794,444 1,396,989 15,625,976 79,138,446
All above transactions must be conformed to Company s goals, of which set by Board of Directors. The Managing Director will directly report to the Chairman and Chief Executive Officer including his routines operations must follow the goals set by the Board of Directors. However, the structure of the Board of Directors shall consist of Independent Directors more than 1/3 of all members of the Board in order to balance and review the management activities. 10. Remuneration of the Directors and Management For the period of 1 June 2004 - 31 December 2004, the remuneration was paid as follows: 1. Remuneration for the Board of Directors 1.1 Since June 2004, each Director has received the monthly meeting per diem of Baht 20,000. 1.2 According to the Board of Directors meeting No. 2/2005, The Board of Directors had a resolution to consider the annual bonus of 2004 to be paid to the members of the Board of Directors for their performance making the operation s profit of Baht 1,785 million, and agree to propose to the Shareholders meeting 2005 in order to approve the annual bonus of Baht 1 million to Directors who are in the position from 2004 until the date of the shareholders approval. 2. Remuneration for the Management Unit: Baht Remuneration
Salary Bonus Provident Fund Others Total
Period ended 31 December 2004 No.
Total
11 10 8 10
53,321,037 8,794,444 1,396,989 15,625,976 79,138,446
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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11. ¡ÒûÃЪØÁ¤³Ð¡ÃÃÁ¡Òà 㹻 2547 ºÃÔÉÑ·Ï ÁÕ¡ÒûÃЪØÁ¤³Ð¡ÃÃÁ¡ÒÃÃÇÁ·Ñé§ÊÔé¹ 9 ¤ÃÑé§ â´Â¡ÒÃࢠÒà ÇÁ»ÃЪØÁ¢Í§¤³Ð¡ÃÃÁ¡ÒúÃÔÉÑ·Ï áµ Åз Ò¹ÊÃØ»ä´ ´§Ñ ¹Õé ÃÒª×Íè ¡ÃÃÁ¡Òà 1. ¹Ò»ÃÐÂØ·¸ ÁËÒ¡Ô¨ÈÔÃÔ 2. ¹Ò§ÊØÇÁÔ Å ÁËÒ¡Ô¨ÈÔÃÔ 3. ¹Ò¨ÃÔ¹·Ã ÊÇ¹á¡ Ç 4. ËÁ ÍÁÃÒªÇ§È »ÃÕÂÒ§¤ ÈÃÕ ÇѲ¹¤Ø³ 5. ¹Ò§ÊÒÇÍØÉ³Ò ÁËÒ¡Ô¨ÈÔÃÔ 6. ¹Ò§ÊÒÇÍØɳÕ ÁËÒ¡Ô¨ÈÔÃÔ 7. ¹ÒÂà©ÅÔÁªÑ ÁËÒ¡Ô¨ÈÔÃÔ 8. ¹Ò¬çͧ »ÍÅ à·àÇÍá¹ç§ 9. ¹ÒÂÊÁºÑµÔ àÁ¦ä¾ºÙÅ Dz Ñ ¹Ò 10. ¹ÒÂà·ÍЫÙâÍÐ ÍÔâµÐ 11. ¹ÒÂÇÑÅÅÀ ¤Ø³Ò¹Ø¡Ã¡ØÅ
¡ÒÃࢠÒà ÇÁ»ÃЪØÁ / ¡ÒûÃЪØÁ·Ñ§é ËÁ´ (¤Ãѧé ) 9/9 5/9 3/9 1/9 0/9 4/9 1/9 6/9 6/9 4/9 7/9
·Ñ駹ÕéÁÕ¡ÒèѴ·ÓÃÒ§ҹ¡ÒûÃЪØÁäÇ à» ¹ÅÒÂÅѡɳ ÍÑ¡ÉÃáÅШѴà¡çºÃÒ§ҹ¡ÒûÃЪØÁ·Õè¼ Ò¹¡ÒÃÃѺÃͧ¨Ò¡ ¤³Ð¡ÃÃÁ¡Òþà ÍÁãË ¤³Ð¡ÃÃÁ¡ÒÃáÅм àÙ ¡ÕÂè Ç¢ ͧµÃǨÊÍºä´ 12. ¤³Ð¡ÃÃÁ¡Òêش Í ¹Í¡¨Ò¡¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ ÏáÅ Ç ºÃÔÉ·Ñ ÏÂѧÁÕ¤³Ð¡ÃÃÁ¡Òêش Í 1 ªØ´ ä´ á¡ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ «Ö§è »ÃСͺ ´ Ç¡ÃÃÁ¡ÒÃÍÔÊÃШӹǹ 3 ¤¹ áÅÐä´ Á¡Õ ÒáÓ˹´ÍӹҨ˹ Ò·Õ¢è ͧ¤³Ð¡ÃÃÁ¡Òêشµ Ò§æ äÇ Í ҧªÑ´à¨¹ 13. Ãкº¡ÒäǺ¤ØÁáÅСÒõÃǨÊͺÀÒÂã¹ ºÃÔÉÑ·Ïä´ ¨Ñ´ãË ÁÕÃкº¡ÒäǺ¤ØÁÀÒÂã¹·ÕèÁÕ»ÃÐÊÔ·¸ÔÀÒ¾ áÅСӡѺ´ÙáÅ¡Òû¯ÔºÑµÔ§Ò¹ãË à» ¹ä»µÒÁ¡®ÃÐàºÕº ¢ ͺѧ¤Ñº¢Í§·Ò§¡Ò÷Õàè ¡ÕÂè Ç¢ ͧ â´Â¨Ñ´µÑ§é ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ à¾×Íè ãË ÁÃÕ Ðºº¡ÒáӡѺ´ÙáÅ¡Ô¨¡Ò÷մè Õ ·Ñ駹Õé ¡ÃÃÁ¡Òü ٨Ѵ¡ÒèÐà» ¹¼ ١ӡѺ´Ùáŧҹ»ÃШÓÇѹ¢Í§½ ÒµÃǨÊͺÀÒÂã¹ áÅм ÙÍӹǡÒý ÒµÃǨÊͺ ÀÒÂ㹨ÐÃÒ§ҹµ Í»Ãиҹ¡ÃÃÁ¡ÒÃáÅлÃиҹ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ
36
THAINOX STAINLESS PUBLIC COMPANY LIMITED
11. Meeting of the Board of Directors The Company had organized 9 times of the Board of Directors meeting in 2004, details as following: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Name Mr. Prayudh Mahagitsiri Mrs. Suvimol Mahagitsiri Mr. Charin Suankaew MR. Priyangsri Watanakun Ms. Ausana Mahagitsiri Ms. Ausanee Mahagitsiri Mr. Chalermchai Mahagitsiri Mr. Jean-Paul Thevenin Mr. Sombat Makpaiboonvatana Mr. Tetsuo Etoh Mr. Wanlop Kunanukornkul
Participation to the Meetings/total times 9/9 5/9 3/9 1/9 0/9 4/9 1/9 6/9 6/9 4/9 7/9
After the meeting, the Company will prepare and file the minutes of the meeting approved by the Board of Directors in order that the Board of Directors and related persons can inspect. 12. Subcommittees In addition to the Board of Directors, the Company has one subcommittee namely the Audit Committee, which comprises 3 independent directors. The scope and responsibilities of the Audit Committee are clearly defined. 13. Internal Control and Internal Audit The Company has set up an efficient internal control system and monitoring process through the establishment of the Audit Committee in order to ensure good corporate governance and compliance with applicable rules and regulations. The Managing Director will manage the Internal AuditÂ’s routine and the Director of the Internal Audit will report to the Chairman of Directors and the Chairman of Audit Committee.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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14. ÃÒ§ҹ¢Í§¤³Ð¡ÃÃÁ¡Òà ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ïà» ¹¼ ÃÙ ºÑ ¼Ô´ªÍºµ ͧº¡ÒÃà§Ô¹áÅЧº¡ÒÃà§Ô¹ÃÇÁ¢Í§ºÃÔÉ·Ñ Ï â´Â§º¡ÒÃà§Ô¹´Ñ§¡Å ÒǨѴ·Ó¢Ö¹é µÒÁ Áҵðҹ¡ÒúѪշÃÕè ºÑ Ãͧ·ÑÇè ä»ã¹»ÃÐà·Èä·Â â´ÂàÅ×͡㪠¹âºÒºѪշÁÕè ¤Õ ÇÒÁàËÁÒÐÊÁáÅж×Í»¯ÔºµÑ ÍÔ Â Ò§ÊÁèÓàÊÁÍ áÅÐ㪠´ØžԹԨÍ ҧÃÐÁÑ´ÃÐÇѧáÅлÃÐÁÒ³¡Ò÷Õè´Õ·ÕèÊش㹡ÒèѴ·Ó ÃÇÁ·Ñé§ÁÕ¡ÒÃà» ´à¼Â¢ ÍÁÙÅÊÓ¤ÑÍ ҧà¾Õ§¾Íã¹ËÁÒÂà赯 »ÃСͺ§º¡ÒÃà§Ô¹ ÊÓËÃѺ» º Ñ ªÕ 2547 à» ¹µ ¹ä» ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ¨Ðà» ¹¼ ÃÙ ºÑ ¼Ô´ªÍºã¹ÊÒÃʹà·È·Ò§¡ÒÃà§Ô¹·Õ»è ÃÒ¡¯ã¹ÃÒ§ҹ »ÃШӻ áÅФ³Ð¡ÃÃÁ¡ÒõÃǨÊͺ«Ö§è »ÃСͺ´ Ç¡ÃÃÁ¡Ò÷ÕÁè ¤Õ ÇÒÁà» ¹ÍÔÊÃШÐà» ¹¼ ´Ù áÙ ÅÃѺ¼Ô´ªÍºà¡ÕÂè ǡѺ¤³ÀÒ¾¢Í§ ÃÒ§ҹ·Ò§¡ÒÃà§Ô ¹ áÅÐÃкº¤Çº¤Ø Á ÀÒÂã¹ áÅФÇÒÁàËç ¹ ¢Í§¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ«Öè § ¨Ð»ÃÒ¡®ã¹ÃÒ§ҹ¢Í§ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺã¹ÃÒ§ҹ»ÃШӻ 15. ¹âºÒ¡Òè ÒÂà§Ô¹» ¹¼Å ºÃÔÉ·Ñ ÏÁÕ¹âºÒ¨ ÒÂà§Ô¹» ¹¼Å㹨ӹǹäÁ µèÓ¡Ç Òà ÍÂÅÐ 50 ¢Í§¡ÓäÃÊØ·¸ÔËÅѧËÑ¡ÀÒÉÕáÅÐà§Ô¹ÊÐÊÁµÒÁ¡®ËÁÒ áÅÐà§Ô¹ÊÐÊÁÍ×è¹ æ µÒÁ·ÕèºÃÔÉÑ·Ï¡Ó˹´ Í ҧäáç´Õ ¡Òè ÒÂà§Ô¹» ¹¼Å¢Í§ºÃÔÉÑ·¢Öé¹Í ١ѺἹ¡ÒÃŧ·Ø¹¤ÇÒÁ¨Óà» ¹ áÅФÇÒÁàËÁÒÐÊÁÍ×¹è æ ã¹Í¹Ò¤µ
38
THAINOX STAINLESS PUBLIC COMPANY LIMITED
14. Reporting The Board of Directors is responsible for preparing the financial statements and the consolidated financial statements in accordance with the generally accepted accounting principle of Thailand. The appropriate accounting policy has been consistently adopted and accurate assumptions have been employed in preparation of financial statements under which sufficient disclosure of material information has been made in the notes to the financial statements. Starting from the financial year of 2004, the Board of Directors is responsible for the financial information contained in the annual report and the Audit Committee is responsible for the quality of the financial statement and internal control system and the opinion of the Audit Committee provided in the report of the Audit Committee included in the annual report. 15. Dividend Policy The CompanyÂ’s dividend policy is a dividend payment of at least 50 percent of the net profit after taxes, the legal reserve and other reserves as stipulated by the Company, and subject to the CompanyÂ’s future investment plan, necessity and suitability.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
39
ÃÒ§ҹ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ àÃÕ¹ · Ò¹¼ ¶Ù Í× Ë ¹Ø ã¹» 2547 ·Õè¼ Ò¹ÁÒ¤³Ð¡ÃÃÁ¡ÒõÃǨÊÍºä´ µÃǨ·Ò¹§º¡ÒÃà§Ô¹áÅÐÃѺ¿ §¤ÓªÕéᨧáÅÐ͸ԺÒ¨ҡ½ ÒºÃÔËÒà µÅÍ´¨¹¾Ô¨ÒóÒá¹Ç·Ò§ã¹¡Òû¯ÔºµÑ §Ô Ò¹µÃǨÊͺÀÒÂã¹·Õ¼è µ Ù ÃǨÊͺÀÒÂ㹢ͧºÃÔÉ·Ñ Ï ¹ÓàÊ¹Í â´Âã¹» ·¼Õè Ò ¹ÁÒäÁ ¾º »ÃÐà´ç¹·Õàè » ¹ÊÒÃÐÊÓ¤Ñã¹àÃ×Íè §äÁ »¯ÔºµÑ µÔ ÒÁ¢ Í¡Ó˹´ÊÑÒ¢ ͼ١¾Ñ¹·Ò§¡ÒÃà§Ô¹áÅС®ËÁÒµ Ò§æ·Õàè ¡ÕÂè Ç¢ ͧ ÍÕ¡·Ñ§é ºÃÔÉ·Ñ Ï ÁÕÁµÔáµ §µÑ§é ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ¨Ó¹Ç¹ 3 · Ò¹ » ¨¨Øº¹Ñ ÁÕ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ 2 · Ò¹¤×Í - ¹Ò¨ÃÔ¹·Ã ÊÇ¹á¡ Ç ÃÑ¡ÉÒ¡ÒûÃиҹ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ - Á.Ã.Ç. »ÃÕÂÒ§¤ ÈÃÕ ÇѲ¹¤Ø³ ¡ÃÃÁ¡ÒõÃǨÊͺ à¹×èͧ¨Ò¡ÁÕ¡ÃÃÁ¡ÒõÃǨÊͺ· ҹ˹Öè§ä´ ÅÒÍÍ¡¨Ò¡¡ÒÃà» ¹¡ÃÃÁ¡ÒÃÍÔÊÃеÑé§áµ Çѹ·Õè 17 ¡ØÁÀҾѹ¸ 2548 ´Ñ§¹Ñé¹ ºÃÔÉ·Ñ Ï ¨Ðàʹͼ ¶Ù Í× Ë ¹Ø ãË áµ §µÑ§é ¡ÃÃÁ¡ÒÃÍÔÊÃÐà¾ÔÁè àµÔÁà¾×Íè à» ¹¡ÃÃÁ¡ÒõÃǨÊͺ㹷ջè ÃЪØÁ¼ ¶Ù Í× Ë ¹Ø ¢Í§ºÃÔÉ·Ñ Ï ã¹Çѹ·Õè 25 àÁÉÒ¹ 2548 ¹Õé ¤³Ð¡ÃÃÁ¡ÒõÃǨÊÍºä´ ãË ¤ÇÒÁÊӤѡѺ¡ÒáӡѺ´ÙáÅ¡Ô¨¡Ò÷Õè´Õ à¹×èͧ¨Ò¡à» ¹ÊÔ觨Óà» ¹áÅÐÊÓ¤ÑÂÔ觵 Í¡Òà ¾Ñ²¹ÒºÃÔÉÑ·Ï áÅФÇÒÁÊÒÁÒö㹡ÒÃᢠ§¢Ñ¹ÃÐÂÐÂÒÇ ·Ñ駹Õ餳СÃÃÁ¡ÒõÃǨÊͺ㹰ҹзÕèà» ¹¡ÃÃÁ¡ÒÃÍÔÊÃШЪ Ç Ạ§àºÒÀÒÃТͧ¤³Ð¡ÃÃÁ¡ÒúÃÔÉÑ·Ï à¾×èÍãË à¡Ô´¤ÇÒÁ¤Å ͧµÑǵ Í¡ÒèѴ¡Òà ¡ÒÃãË ÇÔÊÑ·Ñȹ áÅСÒÃãË ¤ÇÒÁàËç¹·ÕèµÃ§ä» µÃ§ÁÒµ ÍÃÒ§ҹ·Ò§¡ÒÃà§Ô¹ áÅÐÃкº¤Çº¤ØÁÀÒÂã¹ à¾×Íè ãË ÃÒ§ҹ·Ò§¡ÒÃà§Ô¹ÁÕ¤ÇÒÁ¹ Òàª×Íè ¶×Í ÁÕ¤³ Ø ÀÒ¾·Õ´è Õ áÅÐÁÕÁÅÙ ¤ Òà¾ÔÁè µ Íͧ¤ ¡Ãã¹·ÕÊè ´Ø ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ÁÕ¤ÇÒÁàËç¹ã¹Ãͺ» ·¼Õè Ò ¹ÁÒÇ Ò ºÃÔÉ·Ñ Ï ä´ ´Óà¹Ô¹§Ò¹ÀÒÂãµ ¡ÒáӡѺ´ÙáÅ¡Ô¨¡Ò÷մè Õ (Good Governance) ÁÕÃкº¡ÒõÃǨÊͺÀÒÂã¹·Õ´è Õ ÍÕ¡·Ñ§é ÁÕËÅÑ¡»¯ÔºµÑ Ô ÃÐàºÕº¤ÓÊѧè áÅТ ͤÇû¯ÔºµÑ ·Ô ªÕè ´Ñ à¨¹à» ¹ÅÒÂÅѡɳ Í¡Ñ Éà 㹡Ԩ¡Ò÷Õàè ¡ÕÂè Çà¹×Íè §¡ÑººÃÔÉ·Ñ àª ¹¡ÒúÃÔËÒ÷ÃѾÂÒ¡ÃÁ¹ØÉ ¡ÒÃÇ Ò¨ Ò§ ¡ÒÃÊ §ÍÍ¡ ¡ÒâÒÂÀÒÂã¹»ÃÐà·È ¨Ñ´«×Íé ¡ÒäǺ¤ØÁ ¢ºÇ¹¡ÒüÅÔµ ¡Òë ÍÁºÓÃا¢Í§âç§Ò¹ ¡ÒäǺ¤ØÁÊÔ¹¤ Ò¤§¤ÅѧáÅÐÊÔ¹¤ ÒÃÐËÇ Ò§¼ÅÔµ ¡ÒäǺ¤ØÁà¡ÕÂè ǡѺÃкº¡ÒÃà§Ô¹â´Â ä´ ¨´Ñ ·ÓÃÒ§ҹ·Ò§¡ÒÃà§Ô¹áÅÐÃÒ§ҹ¼Å¡ÒôÓà¹Ô¹§Ò¹µ Í¡ÃÃÁ¡ÒÃáÅм ºÙ ÃÔËÒ÷Õàè ¡ÕÂè Ç¢ ͧÍ ҧÊÁèÓàÊÁÍ·Ø¡ÊÔ¹é à´×͹ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺÂÑ§ä´ ¾Ô¨Òóҧº¡ÒÃà§Ô¹¢Í§ºÃÔÉÑ·Ï »ÃШӻ 2547 «Ö觨ҡ¡ÒþԨÒóҴѧ¡Å ÒÇ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺàË繤ÇÃãË ¤³Ð¡ÃÃÁ¡ÒúÃÔÉ·Ñ Ï ¹Ó§º¡ÒÃà§Ô¹ÊÓËÃѺ» ʹÔé ÊØ´Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2547 àʹ͵ Í·Õ»è ÃЪØÁ ¼ ¶Ù Í× Ë ¹Ø à¾×Íè ¡ÒÃÃѺÃͧáÅÐ͹ØÁµÑ µÔ Í ä» ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ä´ àʹÍãË »Ãиҹ¡ÃÃÁ¡ÒÃáÅСÃÃÁ¡Òü Í٠ӹǡÒÃãË à» ¹¼ ¾Ù ¨Ô ÒóÒáµ §µÑ§é ¼ Ê٠ͺºÑªÕ áÅе¡Å§¤ ҵͺ᷹㹡ÒõÃǨÊͺºÑªÕ â´ÂãË ¹Óàʹͼ ¶Ù Í× Ë ¹Ø à¾×Íè ¾Ô¨ÒóÒ͹ØÁµÑ µÔ Í ä»
¹Ò¨ÃÔ¹·Ã ÊÇ¹á¡ Ç ÃÑ¡ÉÒ¡ÒûÃиҹ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ºÃÔÉ·Ñ ä·Â¹ ͤ« Ê൹àÅÊ ¨Ó¡Ñ´ (ÁËÒª¹)
40
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Report from Audit Committee To the Shareholders of Thainox Stainless Public Company Limited In 2004, the Audit Committee had the meetings with Company s management to review and consider financial statement as well as the procedure of internal control system presented by internal auditors. There is no any evidence proved that the Company did not follow the contract, financial obligation or related laws. Moreover, The Company had a resolution to nominate the Audit Committee comprising of 3 members. At the present, there are 2 members as follows: - Mr. Charin Suankaew Acting Chairman of the Audit Committee - M.R. Priyangsri Watanakun Member of the Audit Committee Due to the resignation of another Independent Director effective February 17, 2005, the Company will propose the shareholders to nominate the new Independent Directors during the Shareholders Meeting on April 25, 2005. The Audit Committee realizes the importance of good corporate governance due to its necessity for the development and competitiveness of the Company in the long run. As the Audit Committee in the role of Independent Director, we help the Board of Directors to have the management flexibility. In addition, the Audit Committee provides the vision and ensures the correctness of financial report and internal control system in order that the Company s financial report is reliable, qualitative and lastly value added to the organization. In the Audit Committee s opinion, Thainox Stainless Public Company Limited had operated the business during the year 2004 under the Good Corporate Governance conditions. Moreover, the Company has an efficient internal control system and a practical rules and regulations in writing such as human resources management, hiring, domestic and export selling, purchasing, manufacturing control, maintenance, inventory & work in process control and financial control by regularly providing the Company s financial report and operation results to the Board of Directors at the end of each month. The Audit Committee did review the Company s financial statement of 2004. After the Audit Committee s consideration, we do agree that the Board of Directors should submit the Financial Statement dated December 31, 2004 to the Shareholders Meetings for the further approval. The Audit Committee recommends the Chairman and Chief Executive Officer to consider the nomination and remuneration of the Auditor, and inform the shareholders for the further approval.
Charin Suankaew Acting Chairman of the Audit Committee Thainox Stainless Public Company Limited
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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¤Ó͸ԺÒÂáÅÐÇÔà¤ÃÒÐË ¢Í§½ Ò¨Ѵ¡Òà ¼Å¡ÒôÓà¹Ô¹§Ò¹¢Í§ºÃÔÉ·Ñ Ïâ´ÂÃÇÁÁÕ¤ÇÒÁᵡµ Ò§¨Ò¡§Ç´à´ÕÂǡѹ¢Í§» ¡Í ¹ «Ö§è ÁÕÊÒà˵ØÊÓ¤Ñæ´Ñ§¹Õé §º¡ÓäâҴ·Ø¹ ÃÒÂä´ ÃÇÁ¨Ò¡¡ÒâÒÂÃÇÁ·Ñ§é ÊÔ¹é 14,653 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 20% ËÃ×ͤԴ໠¹ÁÙŤ Ò 2,400 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 «Õè§ÁÕ» ¨¨Ñ¨ҡÃÒ¤ÒâÅËÐÊ൹àÅÊ·ÕèÁÕÃÒ¤ÒÊÙ§¢Öé¹Í ҧµ Íà¹×èͧ»ÃСͺ¡Ñº¡ÒúÃÔâÀ¤Ê൹àÅÊâ´ÂÃÇÁà¾ÔèÁÁÒ¡¢Öé¹ â´Â੾ÒÐã¹·ÇÕ»àÍàªÕ ¡ÓäèҡÍѵÃÒáÅ¡à»ÅÕè¹à§Ô¹µÃÒ ¤Ô´à» ¹ÊØ·¸Ô෠ҡѺ 0 ºÒ· Ŵŧ 100% ËÃ×ͤԴ໠¹¨Ó¹Ç¹à§Ô¹ 393 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 Ê׺à¹×Íè §¨Ò¡¤ Òà§Ô¹ºÒ··Õáè ¢ç§¢Ö¹é «Ö§è ÁռšÃзº¨Ò¡à§Ô¹·Õäè ´ ÃºÑ ¨Ò¡ÅÙ¡¤ Òµ Ò§»ÃÐà·È¢Í§ºÃÔÉ·Ñ Ï ÃÒÂä´ Í×è¹æ ÃÇÁ 22 Å Ò¹ºÒ· à¾ÔèÁ¢Öé¹ 28% ËÃ×Í෠ҡѺ 5 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 à¹×èͧ¨Ò¡´Í¡àºÕé·Õèä´ ÃѺ ¨Ò¡Ê ǹà¡Ô¹¢Í§à§Ô¹Ê´·Õ½è ҡʶҺѹ¡ÒÃà§Ô¹ ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹¡ ͹´Í¡àºÕÂé ¨ ÒÂÃÇÁà» ¹à§Ô¹ 1,817 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 20% ËÃ×ͤԴ໠¹ÁÙŤ Ò 305 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 Ê׺à¹×èͧ¨Ò¡¡ÒÃà¾ÔèÁ¢Ö鹢ͧÂÍ´¢ÒÂÊØ·¸ÔÃÇÁ¡Ñº¤ÇÒÁÊÒÁÒö¢Í§ºÃÔÉÑ·Ï ·ÕèÂѧ¤§ÃÑ¡ÉÒÊ Ç¹µ Ò§ ÃÒ¤Ò¢Ò áÅе ¹·Ø¹âÅËÐÊ൹àÅÊÍ ãÙ ¹ÃдѺ·Õ¹è Ò ¾Íã¨áÁ ÇÒ ÃÒ¤Òµ ¹·Ø¹âÅËÐÊ൹àÅʨÐÊÙ§¢Ö¹é ¼Å¢Í§´Í¡àºÕÂé ¨ ÒÂÃÇÁà» ¹¨Ó¹Ç¹à§Ô¹ 32 Å Ò¹ºÒ· Ŵŧ 72% ËÃ×ͤԴ໠¹¨Ó¹Ç¹à§Ô¹ 85 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ¹Ñºáµ ´Í¡àºÕÂé ¨ ÒÂŴŧ à¹×Íè §¨Ò¡¡ÒÃŴŧ¢Í§à§Ô¹¡ ÂÙ Á× áÅд͡àºÕÂé ¤ Ò§¨ Ò·ÕÁè µÕ Í ºÃÔÉ·Ñ ÂÙ«¹Ô Íà ¡ÓäÃÊØ·¸Ô¨Ò¡¡Ô¨¡ÃÃÁ»¡µÔ 1,785 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 28% ËÃ×ͤԴ໠¹ÁÙŤ Ò 390 Å Ò¹ºÒ·à·Õº¨Ò¡» 2546 Íѹ໠¹¼Å ÁÒ¨Ò¡¡ÒÃà¾ÔÁè ¢Ö¹é ¢Í§ÂÍ´¢ÒÂáÅÐÊ Ç¹µ Ò§ÃÒ¤Ò¢ÒÂáÅе ¹·Ø¹¢Í§âÅËÐÊ൹àÅÊ ÃÒ¡ÒþÔàÈɨӹǹ 0 ºÒ· Ŵŧ 100% ËÃ×ͤԴ໠¹ÁÙŤ Ò 1,285 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ºÃÔÉ·Ñ Ï ÁÕÃÒÂä´ ¨Ò¡ ¡Òá˹մé Í¡àºÕÂé ¤ Ò§¨ Ò¨ҡºÃÔÉ·Ñ ÂÙ«¹Ô Íà ໠¹¨Ó¹Ç¹à§Ô¹ 1,285 Å Ò¹ºÒ· ¨Ò¡¡ÒÃà»ÅÕÂè ¹á»Å§â¤Ã§Êà ҧ·Ø¹ ºÃÔÉ·Ñ Ï ä´ ¡ÅѺÃÒ¡Òô͡àºÕÂé ¤ Ò§¨ ÒÂâ´Â¡ÒÃŴ˹ÕÊé ¹Ô ã¹§º´ØÅáÅкѹ·Ö¡¡ÒÃä´ ÁҢͧÃÒÂä´ ¨Ò¡¡Òá˹Õãé Ë ã¹§º¡ÓäâҴ·Ø¹ ¼Å¡ÓäÃÊØ·¸Ô¨Ó¹Ç¹ 1,785 Å Ò¹ºÒ· Ŵŧ 33% ËÃ×ͤԴ໠¹ÁÙŤ Ò 895 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 à» ¹¼ÅÁÒ¨Ò¡ ¡ÒÃäÁ ÁÃÕ Ò¡ÒþÔàÈÉã¹» 2547 §º´ØÅ ÊÔ¹·ÃѾ ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2547 ºÃÔÉ·Ñ Ï ÁÕÊ¹Ô ·ÃѾ ÃÇÁ 19,415 Å Ò¹ºÒ·à¾ÔÁè ¢Ö¹é 32% ËÃ×ͤԴ໠¹ÁÙŤ Ò 4,756 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ¡ÒÃà¾ÔÁè ¢Ö¹é ¢Í§ÊÔ¹·ÃѾ ÃÇÁÊ Ç¹ãË Á¼Õ ÅÁÒ¨Ò¡¡ÒÃà¾ÔÁè ¢Ö¹é ¢Í§ÊÔ¹·ÃѾ ËÁعàÇÕ¹â´ÂÁÕÃÒÂÅÐàÍÕ´´Ñ§¹Õé à§Ô¹Ê´áÅÐà§Ô¹½Ò¡¸¹Ò¤ÒÃÁըӹǹà§Ô¹ 3,185 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 279% ËÃ×ͤԴ໠¹ÁÙŤ Ò 2,346 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ÍѵÃÒÊ Ç¹·Õàè ¾ÔÁè ÊÙ§¢Ö¹é ¹ÕÁé ÊÕ Òà˵ØÁÒ¨Ò¡ 1. ¼Å¨Ò¡¡ÒÃàʹ͢ÒÂË Ø¹ÊÒÁѤÃÑé§ááµ Í»ÃЪҪ¹·ÑèÇ仢ͧºÃÔÉÑ·Ï ºÃÔÉÑ·Ïä´ ÃѺà§Ô¹à» ¹¨Ó¹Ç¹ 692.1 Å Ò¹ºÒ· «Öè§ä´ á¡¡ÒÃŧÃÒ¡ÒÃà» ¹Ë عÊÒÁÑÁÙŤ Ò 329.6 Å Ò¹ºÒ· (ÁÙŤ ÒË Ø¹ÅÐ 1 ºÒ·) áÅÐÊ Ç¹à¡Ô¹¨Ò¡Ë عÊÒÁÑ ¨Ò¡Ê ǹ·Õ褧àËÅ×Í (ÊØ·¸Ô¨Ò¡¤ Ò㪠¨ Ò·Õèà¡ÕèÂÇà¹×èͧ¨Ò¡¡ÒÃàʹ͢ÒÂË Ø¹ÊÒÁÑ) à» ¹¨Ó¹Ç¹à§Ô¹ 332.1 Å Ò¹ºÒ· ã¹Ê ǹ¢Í§¼ ¶Ù Í× Ë ¹Ø ·Õáè Ê´§Í ãÙ ¹§º´ØÅ 2. ¡Ó˹´Çѹ·Õµè Í §ªÓÃÐà§Ô¹¢Í§ÅÙ¡¤ ÒŴŧ¨Ò¡ 61.17 Çѹ㹻 2546 àËÅ×Í 50.08 Çѹ㹻 2547 à¹×Íè §¨Ò¡¡ÒÃà»ÅÕÂè ¹á»Å§ ¹âºÒ¡ÒÃàÃÕ¡à¡çºà§Ô¹¢Í§ºÃÔÉ·Ñ Ï «Ö§è ·Ò§ºÃÔÉ·Ñ Ïä´ ¢ÍãË Å¡Ù ¤ Òã¹»ÃÐà·ÈªÓÃÐà» ¹à§Ô¹Ê´ ËÃ×ÍàŵàµÍà ÍÍ¿à¤Ã´Ôµ àÁ×Íè ÁÕ¡ÒÃÊ §ÁͺÊÔ¹¤ Ò
42
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Management Explanation and Analysis The operational performances were significantly different from the same period of last year due to the following items: Statement of Income Total Sale Revenue totaling to Baht 14,653 million increased 20 percent or Baht 2,400 million from 2003 due to the stainless steel price continued to rise in line with the increase in the global stainless steel consumption, especially the consumption in Asia. Gain on exchange rate net totalling to Baht 0 decreased 100 percent or Baht 393 million from 2003 due to Baht appreciation, which was effected to company overseas receivables. Other income totaling to Baht 22 million increased 28 percent or Baht 5 million from 2003 due to interest received from excess cash deposit. Operating Profit before interest expense totaling to Baht 1,817 million increased 20 percent or Baht 305 million from 2003 due to a result of the increase in net sales coupled with the ability of the Company to maintain metal margin at a satisfactory level despite the large increase in metal cost. Interest expense totaling to Baht 32 million decreased 72 percent or Baht 85 million from 2003 since interest expense has declined in consistent with the reduction of loans and accrued interest expense from the Usinor. Profit from Ordinary Activities totalling to Baht 1,785 million increased 28 percent or Baht 390 million from 2003 due to sale amount and metal margin improvement. Extraordinary Item totaling to Baht 0 decreased 100 percent or Baht 1,285 million from 2003. The Company recognized the revenue from receiving the forgiveness of accrued interest expense from the Usinor in the amount of Baht 1,285 million in order to change the Company s capital structure. The Company, therefore, reversed the accrued interest expense by reducing the liability in the balance sheet and recognized the income on debt forgiveness as extraordinary revenue in the statement of income. Net profit totaling to Baht 1,785 million decreased 33 percent or Baht 895 million from 2003 due to no extraordinary item in 2004. Balance Sheet Assets As of December 31, 2004, the Company s total asset amounting to Baht 19,415 million increased 32 percent or Baht 4,756 million from 2003. The increase in total asset was mainly from the increase in the current assets and details will be stated as follows : Cash and cash equivalents amounting Baht 3,185 million increased 279 percent or Baht 2,346 million from 2003. This high percentage increasing was come from 1. At a result of the initial public offering of the Company s common shares, the Company received proceeds of Baht 692.1 million which was separately recorded as its share capital of Baht 329.6 million (at Baht 1 par value) and premium on share capital for the remaining amount (net of the related expenses incurred from the offering of such common shares), of Baht 332.1 million under Shareholders equity in the balance sheet. THAINOX STAINLESS PUBLIC COMPANY LIMITED
43
Å١˹աé Òä Ò ºÃÔÉ·Ñ Ï·Õàè ¡ÕÂè Ç¢ ͧ¡Ñ¹ ÁÕÂÍ´ÃÇÁ 0 ºÒ· Ŵŧ¨Ò¡à´ÔÁ 100% ËÃ×Í 75 Å Ò¹ºÒ· àÁ×Íè à·Õº¨Ò¡» 2546 ¹Ñºáµ » 2547 ¼ Ù¶×ÍË Ø¹ÃÒÂãË ¢Í§ºÃÔÉÑ·Ï (¡Å ØÁÂÙ«Ô¹Íà ) ¢ÒÂË Ø¹·Ñé§ËÁ´¢Í§ºÃÔÉÑ·ÏãË ¡Ñº¼ Ù¶×ÍË Ø¹ÃÒÂ˹Ö觢ͧºÃÔÉÑ·Ï ·ÓãË ºÃÔÉ·Ñ Ï äÁ ä´ áÊ´§ÃÒ¡Ò÷ÕÁè ¡Õ ºÑ ¼ ¶Ù Í× Ë ¹Ø à´ÔÁ ËÅѧ¨Ò¡¹Ñ¹é à» ¹ÃÒ¡ÒáѺ¡Ô¨¡Ò÷Õàè ¡ÕÂè Ç¢ ͧ¡Ñ¹ ÊÔ¹¤ Ò¤§àËÅ×Í ÁÕÂÍ´ÊØ·¸Ô¨Ó¹Ç¹ 4,293 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 84% ËÃ×ͤԴ໠¹ÁÙŤ Ò 1,956 Å Ò¹ºÒ·à·Õº¨Ò¡» 2546 à¹×Íè §¨Ò¡ ¡ÒÃà¾ÔèÁ¢Öé¹ã¹ÃÒ¤ÒÊÔ¹¤ ÒÇѵ¶Ø´Ôº ÍÕ¡·Ñ駡ÒÃà¾ÔèÁ¢Öé¹ã¹»ÃÔÁÒ³¢Í§Çѵ¶Ø´Ôº¹Õé¨Óµ ͧÊÍ´¤Å ͧ¡Ñº¡ÒÃÇҧἹ¡ÒüÅÔµ ¢Í§ºÃÔÉÑ·Ï ÊÔ¹·ÃѾ ËÁعàÇÕ¹Í×è¹æ¨Ó¹Ç¹ 110 Å Ò¹ºÒ· à¾ÔèÁ¢Öé¹ 63% ËÃ×ͤԴ໠¹ÁÙŤ Ò 43 Å Ò¹ºÒ· à» ¹¼Å¨Ò¡¡Òâͤ׹ÀÒÉÕ ÁÙŤ Òà¾ÔÁè ¨Ò¡¡ÃÁÊÃþҡà ˹ÕÊé ¹Ô ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2547 ºÃÔÉ·Ñ Ï Áըӹǹ˹ÕÊé ¹Ô ·Ñ§é ËÁ´à» ¹à§Ô¹ 6,423 Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 17% ËÃ×ͤԴ໠¹ÁÙŤ Ò Ë¹ÕÊé ¹Ô ·Õàè ¾ÔÁè ¢Ö¹é 955 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ¨Ó¹Ç¹Ë¹ÕÊé ¹Ô ÃÇÁ·Õàè ¾ÔÁè ¢Ö¹é Ê Ç¹ãË Á¼Õ ÅÁÒ¨Ò¡ ¡ÒÃà¾ÔÁè ¢Ö¹é ¢Í§Ë¹ÕÊé ¹Ô ËÁعàÇÕ¹ ´Ñ§ÁÕÃÒÂÅÐàÍÕ´´Ñ§µ Í仹Õé ਠÒ˹Õé¡Òä Ò ºÃÔÉÑ··Õèà¡ÕèÂÇ¢ ͧ¡Ñ¹ Áըӹǹ˹ÕéÊÔ¹¡Òä Ò 0 ºÒ· «Öè§Å´Å§ 100% ËÃ×ͤԴ໠¹ÁÙŤ Ò 2,837 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ·Ñ§é ¹ÕÁé ¼Õ ÅÁҨҡ㹪 ǧà´×͹ ÁÕ¹Ò¤Á 2547 ¼ ¶Ù Í× Ë ¹Ø ÃÒÂãË ¢Í§ºÃÔÉ·Ñ Ï ¡Å ÒǤ×Í ºÃÔÉ·Ñ ÂÙ«¹Ô ÍÃ ä´ ¢ÒÂË ¹Ø ·Õèà¤Â¶×ÍÍ ٷÑé§ËÁ´ã¹ºÃÔÉÑ·Ï ÁÒÂѧ¼ Ù¶×ÍË Ø¹ÍÕ¡ÃÒÂ˹Ö觢ͧºÃÔÉÑ·Ï ·ÓãË ºÃÔÉÑ·ÏäÁ ä´ áÊ´§ÃÒ¡Ò÷ÕèÁաѺ¼ Ù¶×ÍË Ø¹à´ÔÁ ËÅѧ¨Ò¡¹Ñ¹é à» ¹ÃÒ¡ÒáѺºÃÔÉ·Ñ ·Õàè ¡ÕÂè Ç¢ ͧ¡Ñ¹ ਠÒ˹Õé¡Òä Ò ÃÒ¡ÒÃÍ×è¹æ Áըӹǹ˹ÕéÊÔ¹¡Òä Ò 5,958 Å Ò¹ºÒ· à¾ÔèÁ¢Öé¹ 904% ËÃ×ͤԴ໠¹ÁÙŤ Ò·Õèà¾ÔèÁ¢Öé¹ 5,365 Å Ò¹ºÒ·¨Ò¡» 2546 ·Ñ駹ÕéÁÕ¼ÅÁҨҡ㹪 ǧà´×͹ ÁÕ¹Ò¤Á 2547 ¼ Ù¶×ÍË Ø¹ÃÒÂãË ¢Í§ºÃÔÉÑ·Ï ¡Å ÒǤ×Í ºÃÔÉÑ·ÂÙ«Ô¹ÍÃ ä´ ¢ÒÂË Ø¹·Õèà¤Â¶×ÍÍ ٷÑé§ËÁ´ã¹ºÃÔÉÑ·Ï ÁÒÂѧ¼ Ù¶×ÍË Ø¹ÍÕ¡ÃÒÂ˹Öè§ ·ÓãË ºÃÔÉÑ·ÏäÁ ä´ áÊ´§ÃÒ¡Ò÷ÕèÁաѺ¼ Ù¶×ÍË Ø¹à´ÔÁ ËÅѧ¨Ò¡¹Ñ¹é à» ¹ÃÒ¡ÒáѺºÃÔÉ·Ñ ·Õàè ¡ÕÂè Ç¢ ͧ¡Ñ¹ ਠÒ˹ÕÍé ¹×è ºÃÔÉ·Ñ ·Õàè ¡ÕÂè Ç¢ ͧ¡Ñ¹ Áըӹǹ 20 Å Ò¹ºÒ· Ŵŧ 91% ËÃ×ͤԴ໠¹ÁÙŤ Ò 214 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 ·Ñ§é ¹Õé ÁÕ¼ÅÁҨҡ㹪 ǧà´×͹ ÁÕ¹Ò¤Á 2547 ¼ ¶Ù Í× Ë ¹Ø ÃÒÂãË ¢Í§ºÃÔÉ·Ñ Ï ¡Å ÒǤ×Í ºÃÔÉ·Ñ ÂÙ«¹Ô ÍÃ ä´ ¢ÒÂË ¹Ø ·Õàè ¤Â¶×ÍÍ ·Ù §Ñé ËÁ´ 㹺ÃÔÉÑ·Ï ÁÒÂѧ¼ Ù¶×ÍË Ø¹ÍÕ¡ÃÒÂ˹Öè§ ·ÓãË ºÃÔÉÑ·ÏäÁ ä´ áÊ´§ÃÒ¡Ò÷ÕèÁաѺ¼ Ù¶×ÍË Ø¹à´ÔÁËÅѧ¨Ò¡¹Ñé¹à» ¹ÃÒ¡ÒáѺ ºÃÔÉÑ··Õèà¡ÕèÂÇ¢ ͧ¡Ñ¹ à§Ô¹¡ ÂÙ Á× áÅд͡àºÕÂé ¤ Ò§¨ Ò¨ҡºÃÔÉ·Ñ ãË Áըӹǹ 0 ºÒ· Ŵŧ 100% ËÃ×ͤԴ໠¹ÁÙŤ Ò 1,495 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 «Ö§è à» ¹¼ÅÁÒ¨Ò¡¡Òè Ò¤׹à§Ô¹¡ ÂÙ Á× á¡ ºÃÔÉ·Ñ ÂÙ«¹Ô Íà ã¹à´×͹ÁÕ¹Ò¤Á 2547 Ê Ç¹¢Í§¼ Ù¶×ÍË Ø¹ Ê Ç¹¢Í§¼ ¶Ù Í× Ë ¹Ø Áըӹǹ 12,992 Å Ò¹ºÒ· «Ö§è à¾ÔÁè ¢Ö¹é 41% ËÃ×ͤԴ໠¹ÁÙŤ Ò 3,801 Å Ò¹ºÒ· àÁ×Íè à·Õº¡Ñº» 2546 â´ÂÁÕÊÒà˵ØÁÒ¨Ò¡
44
¼Å¢Í§¡ÓäÃÊØ·¸ÔÁ¨Õ ӹǹ 1,785 Å Ò¹ºÒ· ¡ÒÃà¾ÔÁè ¢Ö¹é ¨Ò¡¡ÒâÒÂË ¹Ø ÊÒÁѢͧºÃÔÉ·Ñ Ï ¨Ó¹Ç¹ 330 Å Ò¹ºÒ· ¡ÒÃà¾ÔÁè ¢Ö¹é ¢Í§Ê Ç¹à¡Ô¹ÁÙŤ ÒË ¹Ø ÊÒÁѨӹǹ 332 Å Ò¹ºÒ· Ê Ç¹à¡Ô¹·Ø¹¨Ò¡¡ÒõÕÃÒ¤Ò·ÃÑ¾Â Ê¹Ô - ÊØ·¸Ô ¨Ó¹Ç¹ 3,281Å Ò¹ºÒ· à¾ÔÁè ¢Ö¹é 70% ËÃ×ͤԴ໠¹ÁÙŤ Ò 1,354 Å Ò¹ºÒ· à·Õº¨Ò¡» 2546 Íѹ໠¹¼ÅÁÒ¨Ò¡¡ÒûÃÐàÁÔ¹ÃÒ¤ÒÊÔ¹·ÃѾ ¶ÒÇâͧºÃÔÉ·Ñ Ï ã¹Çѹ·Õè 1 ¡Ã¡®Ò¤Á 2547
THAINOX STAINLESS PUBLIC COMPANY LIMITED
2. Days receivable down from 61.17 days in 2003 to 50.08 days in 2004 due to Company s policy on receivables collection, which requires customers to make payment by cash or letter of credit upon delivery of products. Trade accounts receivable related companies (net) amounting Baht 0 decreased 100 percent or Baht 75 million from 2003 since in March 2004 the Company s majority shareholder (Group Usinor) sold all of its shares in the Company to a shareholder of the Company. The Company therefore, does not present transactions with the former shareholder, which caused the change in the transactions with related party. Inventories net amounting Baht 4,293 million increases 84 percent or Baht 1,956 million from 2003 due to the increase in raw material prices and the increase in raw materials required to match the production plan. Other current assets amounting Baht 110 million increased 63 percent or Baht 43 million was come from VAT Receivable claimed against Revenue Department. Liabilities As of December 31, 2004, the Company had total liabilities of Baht 6,423 million increased 17 percent or Baht 955 million from 2003. The increase in total liability was mainly from the increase in the current liabilities and details will be stated as follows Trade accounts payable related companies amounting Baht 0 decreased 100 percent or Baht 2,837 million from 2003 since in March 2004 the Company s majority shareholder (Group Usinor) sold all of its shares in the Company to a shareholder of the Company. The Company therefore, does not present transactions with the former shareholder, which caused the change in the transactions with related party. Trade accounts payable Others amounting Baht 5,958 million increase 904 percent or Baht 5,365 million from 2003 since in March 2004 the Company s majority shareholder (Group Usinor) sold all of its shares in the Company to a shareholder of the Company. The Company therefore, does not present transactions with the former shareholder, which caused the change in the transactions with related party. Other payables to related companies amounting Baht 20 million decreased 91 percent or Baht 214 million from 2003 since in March 2004 the Company s majority shareholder (Group Usinor) sold all of its shares in the Company to a shareholder of the Company. The Company therefore, does not present transactions with the former shareholder, which caused the change in the transactions with related party. Loans and accrued interest expense from the parent company amounting Baht 0 decreased 100percent or Baht 1,495 million from 2003 due to loan payment to Usinor being done in March, 2004. Shareholders equity Shareholder s equity amounting to Baht 12,992 million increased 41 percent or Baht 3,801 million from 2003 due to:
Net profit for the year totaling to Baht 1,785 million. Increase in its share capital of Baht 330 million. Increase in Premium on share capital totaling to Baht 332 million. Revaluation increment in property, plant and equipment net amounting to Baht 3,281 million increased 70 percent or Baht 1,354 million from 2003 since the Company made a reappraisal on the Company fixed assets on dated 1 July, 2004. THAINOX STAINLESS PUBLIC COMPANY LIMITED
45
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4,210,000 10,015,336,182 62,502,487 10,082,048,669
4,210,000 9,153,620,396 71,650,607 9,229,481,003
19,415,027,997
14,658,713,738
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5,958,184,413 20,155,011 407,645,339 6,385,984,763
2,836,632,639 593,412,569 234,364,690 1,495,150,571 271,483,959 5,431,044,428
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37,243,180
36,703,000
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5,467,747,428
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8,000,000,000 332,131,264 3,280,780,109
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400,000,000 978,888,681 12,991,800,054
(405,980,379) 9,190,966,310
19,415,027,997
14,658,713,738
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10,364,765,152 786,183,275 11,150,948,427
1,817,152,696
1,512,359,826
32,283,636
117,297,209
1,784,869,060
1,395,062,617
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1,284,547,888 2,679,610,505
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55,367 7,767 7,168 3,584 3,584 3,584 2,236 234,365
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ËÁÒÂà˵ػÃСͺ§º¡ÒÃà§Ô¹ (µ Í) ºÃÔÉ·Ñ ä·Â¹ ͤ« Ê൹àÅÊ ¨Ó¡Ñ´ (ÁËÒª¹) (à´ÔÁª×Íè ºÃÔÉ·Ñ ä·Â¹ ͤ« ʵÕÅ ¨Ó¡Ñ´) Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2547 áÅÐ 2546 㹰ҹзÕèà» ¹¡Ô¨¡Ò÷Õèä´ ÃѺ¡ÒÃÊ §àÊÃÔÁ¡ÒÃŧ·Ø¹ ºÃÔÉÑ·µ ͧ»¯ÔºÑµÔµÒÁà§×è͹ä¢áÅТ Í¡Ó˹´µ Ò§ æ à¡ÕèÂǡѺ¡ÒÃ Ê §àÊÃÔÁ¡ÒÃŧ·Ø¹Í ҧà¤Ã §¤ÃÑ´ ÂÍ´¢Ò¢ͧºÃÔÉ·Ñ ã¹ÃÐËÇ Ò§» 2547 áÅÐ 2546 ¨ÓṡµÒÁ¡Ô¨¡Ò÷Õäè ´ ÃºÑ ¡ÒÃÊ §àÊÃÔÁáÅзÕäè Á ä´ ÃºÑ ¡ÒÃÊ §àÊÃÔÁÁÕ´§Ñ ¹ ¾Ñ¹ºÒ· 2547 ¡Ô¨¡Ò÷Õäè ´ ¡Ô¨¡Ò÷Õäè Á ä´ ÃѺ¡ÒÃÊ §àÊÃÔÁ ÃѺ¡ÒÃÊ §àÊÃÔÁ ¢ÒÂÊØ·¸Ô - µ Ò§»ÃÐà·È - ã¹»ÃÐà·È ÃÇÁ 15.
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18.1
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THAINOX STAINLESS PUBLIC COMPANY LIMITED
Report of Certified Public Accountant To the Shareholders of Thainox Stainless Public Company Limited (Formerly Thainox Steel Limited) I have audited the balance sheets of Thainox Stainless Public Company Limited as at December 31, 2004 and 2003, and the related statements of income, changes in shareholdersÂ’ equity and cash flows for the years then ended. The management of Thainox Stainless Public Company Limited is responsible for the correctness and completeness of information presented in these financial statements. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Thainox Stainless Public Company Limited as at December 31, 2004 and 2003, the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
(Sudchit Boonprakob) Certified Public Accountant Registration No. 2991 February 25, 2005
THAINOX STAINLESS PUBLIC COMPANY LIMITED
75
Balance Sheets THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) AS AT DECEMBER 31, 2004 AND 2003 ASSETS In Baht Notes CURRENT ASSETS Cash and cash equivalents Trade accounts receivable - related companies - others - net Inventories - net Other current assets Total Current Assets NON-CURRENT ASSETS Investment in shares Property, plant and equipment - net Other non-current assets - net Total Non-Current Assets
5 4 6
7, 8
TOTAL ASSETS
The accompanying notes are an integral part of these financial statements.
76
THAINOX STAINLESS PUBLIC COMPANY LIMITED
2004
2003
3,185,641,924
839,861,028
1,743,909,724 4,292,703,733 110,723,947 9,332,979,328
74,927,112 2,109,286,559 2,337,127,703 68,030,333 5,429,232,735
4,210,000 10,015,336,182 62,502,487 10,082,048,669
4,210,000 9,153,620,396 71,650,607 9,229,481,003
19,415,027,997
14,658,713,738
Balance Sheets THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) AS AT DECEMBER 31, 2004 AND 2003 LIABILITIES AND SHAREHOLDERS EQUITY In Baht
CURRENT LIABILITIES Trade accounts payable - related companies - others Other payables to related companies Loans and accrued interest expense from the parent company Other current liabilities Total Current Liabilities NON - CURRENT LIABILITIES Employees retirement indemnity
Notes
2004
2003
4
5,958,184,413 20,155,011
2,836,632,639 593,412,569 234,364,690
4
407,645,339 6,385,984,763
1,495,150,571 271,483,959 5,431,044,428
9
37,243,180
36,703,000
6,423,227,943
5,467,747,428
4
Total Liabilities
The accompanying notes are an integral part of these financial statements.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
77
Balance Sheets THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) AS AT DECEMBER 31, 2004 AND 2003 LIABILITIES AND SHAREHOLDERS EQUITY (Continued) In Baht
SHAREHOLDERS EQUITY Authorized share capital: 8,000,000,000 common shares, Baht 1 par value in 2004 and 264,496,954 common shares, Baht 29 par value in 2003 Issued and paid-up share capital: 8,000,000,000 common shares, Baht 1 per share in 2004 and 264,496,954 common shares, Baht 29 per share in 2003 Premium on share capital - net Revaluation increment in property, plant and equipment - net Retained earnings (Deficit) - Appropriated for legal reserve - Unappropriated Total Shareholders Equity
Notes
2004
2003
10 10
8,000,000,000 332,131,264
7,670,411,666 -
7
3,280,780,109
1,926,535,023
11
400,000,000 978,888,681 12,991,800,054
(405,980,379) 9,190,966,310
19,415,027,997
14,658,713,738
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
The accompanying notes are an integral part of these financial statements.
78
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Statements of Income THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
In Baht REVENUES Net sales Gain on exchange rate - net Other income Total Revenues EXPENSES Cost of sales Selling and administrative expenses Technology licence fee Loss on exchange rate - net Total Expenses
Notes
2004
2003
4
14,652,617,764 22,421,940 14,675,039,704
12,252,684,445 393,154,273 17,469,535 12,663,308,253
4 4, 15 4
11,877,477,600 716,090,627 239,983,529 24,335,252 12,857,887,008
10,364,765,152 786,183,275 11,150,948,427
1,817,152,696
1,512,359,826
32,283,636
117,297,209
1,784,869,060
1,395,062,617
Profit Before Interest Expense Interest Expense
4
Profit from Ordinary Activities Extraordinary Item Gain on Debt Forgiveness
4
-
1,284,547,888
Net Profit
12
1,784,869,060
2,679,610,505
Basic Earnings per Share Profit from Ordinary Activities Extraordinary item Net Profit
13
0.23
0.27 0.25 0.52
-
0.23
The accompanying notes are an integral part of these financial statements.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
79
Statements of Changes in ShareholdersÂ’ Equity THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
Notes Balance as at January 1, 2003 Net profit Decrease in share capital Increase in share capital Depreciation Balance as at December 31, 2003 Net profit Increase in share capital Premium on share capital Revaluation increment in property, plant and equipment Depreciation Legal reserve Balance as at December 31, 2004
10 10
10 10
7 11
In Baht Revaluation Retained Earnings (Deficit) Increment in Issued and Premium on Property, Appropriated Paid-Up Share Capital Plant and for Legal Share Capital - net Equipment - net Reserve Unappropriated 4,768,913,280 (447,085,620) 3,348,584,006 -
-
7,670,411,666 329,588,334 332,131,264
-
-
8,000,000,000 332,131,264
2,111,478,974 (184,943,951)
-
(3,532,676,504) 2,679,610,505 447,085,620 -
1,926,535,023 -
-
(405,980,379) 9,190,966,310 1,784,869,060 1,784,869,060 329,588,334 332,131,264
1,594,960,419 (240,715,333) -
400,000,000
1,594,960,419 (240,715,333) (400,000,000) -
3,280,780,109
400,000,000
978,888,681 12,991,800,054
The accompanying notes are an integral part of these financial statements.
80
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Total 3,347,715,750 2,679,610,505 3,348,584,006 (184,943,951)
Statements of Cash Flows THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 In Baht
CASH FLOWS FROM OPERATING ACTIVITIES: Net profit Reconciliations of net profit to net cash provided by (used in) operating activities Depreciation and amortization Unrealized gain on exchange rate Reversal of allowance for doubtful accounts Allowance for (reversal of) loss on decline in value of inventories Provision for employee retirement indemnity Loss (gain) on sales of fixed assets Income on debt forgiveness Profit from operating activities before changes in operating assets and liabilities Decrease (increase) in operating assets Trade accounts receivable Inventories Other current assets Increase (decrease) in operating liabilities Trade accounts payable Accrued interest expense from the parent company Other current liabilities Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment Proceeds from sales of property, plant and equipment Decrease in other non-current assets Net Cash Used in Investing Activities
2004
2003
1,784,869,060
2,679,610,505
526,261,328 (90,839,009) (1,750,000)
540,465,478 (365,360,458) (2,249,999)
1,483,672 6,049,000 48,062 -
(25,293,035) 5,713,000 (49,894) (1,284,547,888)
2,226,122,113
1,548,287,709
418,053,349 (1,957,059,702) (42,693,613)
(465,369,750) (6,653,364) (22,587,435)
2,638,522,437 (117,128,344) (79,100,746) 3,086,715,494
359,737,890 117,286,426 120,108,945 1,650,810,421
(33,884,594) 104,505 9,148,120 (24,631,969)
(82,762,118) 892,649 7,541,752 (74,327,717)
The accompanying notes are an integral part of these financial statements. THAINOX STAINLESS PUBLIC COMPANY LIMITED
81
Statements of Cash Flows (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 In Baht 2004
2003
CASH FLOWS FROM FINANCING ACTIVITIES: Payment of loans from the parent company Proceeds from long-term loan Payment of long-term loan Proceeds from increase in share capital Net Cash Used in Financing Activities
(1,378,022,227) 1,459,280,000 (1,459,280,000) 661,719,598 (716,302,629)
(4,722,652,710) 3,348,584,006 (1,374,068,704)
NET INCREASE IN CASH AND CASH EQUIVALENTS
2,345,780,896
202,414,000
839,861,028
637,447,028
3,185,641,924
839,861,028
148,484,866 63,465
35,728
2,060,141,924
839,861,028
1,125,500,000 3,185,641,924
839,861,028
Cash and Cash Equivalents at Beginning of Year CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 1. Cash paid during the years for Interest expenses Income tax 2. Cash and cash equivalents consist of: Cash on hand and in banks Short-term investments with maturity date within 3 months
The accompanying notes are an integral part of these financial statements.
82
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 1. GENERAL Thainox Stainless Public Company Limited ( the Company ) is a company registered in Thailand and listed on the Stock Exchange of Thailand. The principle activities of the Company are manufacturing and sales of stainless steel for use in the manufacture of sinks, kitchen appliances, washing machines and a variety of other consumer and industrial products. The Company s majority shareholder as at December 31, 2003 was Group Usinor, a French multinational. In March 2004, this shareholder sold all of its shares in the Company (96.11% of the Company s authorized share capital at that time) to a shareholder of the Company. As at December 31, 2004 and 2003, the Company employed 497 and 518 employees, respectively. The employee expenses for the years 2004 and 2003 amounted to Baht 331 million and Baht 353 million, respectively. Presently, the Company has offices located at the following addresses: a) Head Office
: 31st floor Unit 3101-3, CRC Tower, All Seasons Place, 87/2 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand
b) Factory
: 324 Moo 8, Mabkha - Pluakdaeng Road, Tambol Mabkha, Nikom Pattana, Rayong 21180, Thailand
2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements are presented in the Thai Baht, in Thai language, and in conformity with generally accepted accounting standard in Thailand. Accordingly, the financial statements are intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in Thailand (except for accounting policy for Employees Retirement Indemnity for which the Company adopted the accounting policy following the International Financial Reporting Standard No. 19 Employee Benefits ). The financial statements are prepared under the historical cost convention except as disclosed in the accounting policies. For the convenience of the readers, an English language translation of the financial statements has been prepared from the Thai language financial statements which are issued for domestic reporting purposes. 3. SIGNIFICANT ACCOUNTING POLICIES 3.1 Cash and Cash Equivalents Cash and cash equivalents comprise cash balances, call deposits and highly liquid short-term investments. THAINOX STAINLESS PUBLIC COMPANY LIMITED
83
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 3.2 Trade and Other Receivables Trade and other receivables (including balances with related parties) are stated at their invoice value less allowance for doubtful accounts. Allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Allowances made are based on historical write-off patterns and the aging of accounts receivables. Bad debts are written off when incurred. 3.3 Inventories The Company values its inventories as follows: Finished goods, work-in-process and raw materials
-
at the lower of cost (specific identification method) and net realizable value
Supplies
-
at the lower of cost (first-in, first-out method) and net realizable value
Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. An allowance is made for all deteriorated, damaged, obsolete and slow-moving inventories. 3.4 Investment in Shares Investment in shares which are not marketable are stated at cost less impairment losses. 3.5 Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, except for buildings and improvements, machinery and equipment existing as at June 30, 2004 which were revalued at the appraised value as of that date. The property, plant and equipment acquired subsequent to the appraisal date are recorded at cost.
84
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 Revalued Assets Revaluations are performed by independent professional values with sufficient regularity to ensure that the carrying amount of these assets does not differ materially from that which would be determined using fair values at the balance sheet date. Any increase in value, on revaluation, is credited to the revaluation reserve unless it offsets a previous decrease in value recognized in the statement of income. A decrease in value is recognized in the statement of income to the extent it exceeds an increase previously recognized in the revaluation reserve. The revaluation surplus is utilized by reference to the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the assetÂ’s original cost and credited to the statement of income. Upon disposal, any remaining related revaluation surplus is transferred from the revaluation reserve to the statement of income and is taken into account in calculating the gain or loss on disposal. Subsequent expenditure Subsequent expenditure relating to an item of property, plant and equipment is added to the carrying amount of the asset when it is probable that the future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Company. All other subsequent expenditure is recognized as an expense in the period in which it is incurred. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows: No. of Years 20 20 20, 25 5, 10 5
Land improvements Buildings and improvements Machinery and equipment Furniture, fixtures and office equipment Transportation equipment
The Company expenses spare parts for machinery when installed. Spare parts held for standby use are depreciated over their useful lives. No depreciation is provided on freehold land or assets under construction. THAINOX STAINLESS PUBLIC COMPANY LIMITED
85
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 3.6 Impairment The carrying amounts of the Company s assets, other than inventories are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of income. Calculation of recoverable amount The recoverable amount is the greater of the asset s net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cashgenerating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. All reversals of impairment losses are recognized in the statement of income. 3.7 Trade and Other Payables Trade and other payable (including balances and related parties) are stated of cost. 3.8 Provisions A provision is recognized in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
86
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 3.9 Employees Retirement Indemnity Employees retirement indemnity is accrued as described in Note 9. 3.10 Derivative financial instruments Derivative financial instruments are used to manage exposure to foreign exchange risks arising from operational activities. Derivative financial instruments are not used for trading purposes. Derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognized initially at cost. Subsequently, they are stated at fair value. The gain or loss on remeasurement to fair value is recognized in the statement of income. The fair value of forward exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price. 3.11 Revenue Revenue excludes value added taxes or other sales taxes and is arrived at after deduction of trade discounts. Revenue from the sale of goods is recognized in the statement of income when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognized if there are significant uncertainties regarding recovery of the consideration due, associated costs, the probable return of goods or the continuing management involvement with the goods. 3.12 Expenses Other income and expenses Interest expenses and similar costs are charged to the statement of income in the period in which they are incurred. Interest income is recognized in the statement of income as it accrues. 3.13 Income tax Income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. THAINOX STAINLESS PUBLIC COMPANY LIMITED
87
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 3.14 Foreign Currency Transactions Transactions in foreign currencies are translated at the foreign exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Thai baht at the foreign exchange rates ruling at that date. Foreign exchange differences arising on translation are recognized in the statement of income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Thai baht at the foreign exchange rates ruling at the date that fair value was determined. 3.15 Use of estimates In order to prepare financial statements in conformity with generally accepted accounting standards in Thailand, management needs to make estimates and set assumptions that affect income, expenditure, assets and liabilities in order to disclose information on the valuation of assets, liabilities and contingent liabilities. Actual outcomes may, therefore, differ from the estimates used. The estimates and underlying assumptions used in the preparation of these financial statements are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 4. RELATED PARTY TRANSACTIONS The Company has certain transactions with its related parties. Significant portion of liabilities and costs and expenses and a portion of the CompanyÂ’s assets and revenues are represented by transactions with its related parties. These parties are related through common shareholders and/or directorships. Selling prices of products that the Company deals with its related parties approximate those the Company deals with other parties. The Company purchases raw material from its related parties at similar price to those purchased from other parties. In March 2004, the CompanyÂ’s majority shareholder (Group Usinor) sold all of its shares in the Company (96.11% of the CompanyÂ’s authorized share capital at that time) to a shareholder of the Company. The Company, therefore, does not present transactions with the former shareholder which occurred subsequent to this date as related party transactions, except for the technology license fee (including the related tax) of U.S. Dollars 5.9 million paid by the Company to a company in the Usinor Group in December 2004 as described below. 88
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 Significant transactions with related parties during the years 2004 and 2003 are as follows: In Thousand Baht
Net sales Purchase of raw materials Interest expense Commission expense Management service fee Gain on debt forgiveness
Pricing Policy
2004
2003
Market Price Market Price Contracted Price Contracted Price Contracted Price -
130,959 1,452,723 7,066 32,185 24,872 -
509,844 7,431,268 117,286 131,890 72,281 1,284,548
Significant outstanding balances with related parties as at December 31, 2004 and 2003 are as follows: In Thousand Baht
Trade accounts receivable - Arcelor Stainless USA - Arcelor Stainless Australia - Usinor Stainless China - Ugine & Alz France - Maison Mathieu Trade accounts payable - Ugine & Alz SA - Arcelor Stainless International - Arcelor - Usinor
2004
2003
-
52,573 ( 24) 22,784 ( 312) ( 94) 74,927
-
1,777,315 1,004,102 8,033 47,183 2,836,633
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89
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 In Thousand Baht Payables to related companies - Ugine & Alz SA - Arcelor Stainless International - Usinor - Nippon Steel & Sumikin Stainless Corporation - Nisshin Steel Co., Ltd. - Nippon Metal Industry Co., Ltd. - J F E Steel Corporation - Nippon Yakin Kogyo Co., Ltd. Loans and accrued interest expense from the parent company - Usinor
2004
2003
7,167 3,584 3,584 3,584 2,236 20,155
151,075 55,367 7,767 7,168 3,584 3,584 3,584 2,236 234,365
-
1,495,151
During the first quarter of 2003, the Company received the forgiveness of accrued interest expense outstanding as at December 31, 2002 on loans from the parent company, amounting to approximately Baht 1,285 million. The Company, therefore, reversed accrued interest expense, recorded a gain on debt forgiveness and presented this gain as an extraordinary item in the statement of income for the year ended December 31, 2003. During the first quarter of 2004, the Company repaid loans from the parent company and accrued interest expense thereon in full. Technology License Fee The Company entered into a technology license agreement dated December 18, 2004 with Usinor, (a societe anonyme registered in France and formerly the CompanyÂ’s major shareholder) to supersede the technology license agreement dated May 19, 2004 for the permanent right to use the existing technology of the Company, previously transferred to the Company by Usinor under a Technical Assistance Agreement entered into on July 26, 1996 and effective for a period of 10 years as from September 16, 1997. In this connection, the Company paid a lump sum fee of U.S. Dollars 5.9 million (US Dollars 5 million net of withholding tax) on December 28, 2004 to Ugine & ALZ France, a related company of Usinor.
90
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 5. TRADE ACCOUNTS RECEIVABLE As at December 31, 2004 and 2003, the Company had outstanding balance of trade accounts receivable (including trade receivable from related companies) aged by number of months as follows: In Thousand Baht
Within credit term Period over credit term - Less than and up to 3 months - Over 3 months up to 6 months - Over 6 months up to 12 months - Over 12 months Total Less allowance for doubtful accounts Net
2004
2003
1,764,911
2,167,786
32,615 75,027 1,872,553 ( 128,643) 1,743,910
70,044 76,777 2,314,607 ( 130,393) 2,184,214
6. INVENTORIES - Net Inventories as of December 31, 2004 and 2003 were comprised of: In Thousand Baht
Finished goods Work in process Raw materials Supplies Raw materials in transit Total Less allowance for decline in value Net
2004
2003
1,194,364 722,811 63,010 122,855 2,194,163 4,297,203 ( 4,499) 4,292,704
310,070 628,913 19,052 113,948 1,267,835 2,339,818 ( 2,690) 2,337,128
THAINOX STAINLESS PUBLIC COMPANY LIMITED
91
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 7. PROPERTY, PLANT AND EQUIPMENT - Net Property, plant and equipment as of December 31, 2004 and 2003 was comprised of: In Thousand Baht Balance as at January 1, 2004
Movements Additions
Cost Land and improvements 420,078 Buildings and improvements 1,984,488 Machinery and equipment (incl. spare parts) 8,421,593 Furniture, fixtures and office equipment 215,591 Transportation equipment 47,888 Construction in progress and machinery under installation 2,317 Total Cost 11,091,955 Revaluation Increment Buildings and improvements Machinery and equipment Total Increment Total Cost and Increment Accumulated Depreciation Cost
Land improvements Buildings and improvements Machinery and equipment (incl. spare parts) Furniture, fixtures and office equipment Transportation equipment Total Accum. Depre-Cost
92
THAINOX STAINLESS PUBLIC COMPANY LIMITED
7,478 11,939 9,887 6,500 35,804
6,801 3,029,398 3,036,199 14,128,154
1,283,439 1,382,909 2,666,348 2,702,152
( 30,709) ( 831,071)
( (
7,181) 99,550)
( 2,829,592) ( 148,859) ( 24,639) ( 3,864,870)
( 401,031) ( 12,921) ( 5,730) ( 526,413)
Deductions
(
3,013) -
420,078 1,991,794 8,433,532 222,465 54,388
( (
861) 4,046)
1,456 11,123,713
4,046)
1,290,240 4,412,307 5,702,547 16,826,260
(
(
-
Balance as at December 31, 2004
172)
-
( (
37,890) 930,621)
2,127 2,127
( 3,230,623) ( 159,653) ( 30,369) ( 4,389,156)
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 In Thousand Baht Balance as at January 1, 2004 Revaluation Increment
Buildings and improvements Machinery and equipment Total Accum. Depre.- increment Total Accum. Depre. Net
( 2,564) ( 1,107,100) ( 1,109,664) ( 4,974,534) 9,153,620
Movements
( ( ( (
Additions
Deductions
597,977) 714,127) 1,312,104) 1,838,517)
2,127
Balance as at December 31, 2004 ( 600,541) ( 1,821,227) ( 2,421,768) ( 6,810,924) 10,015,336
Depreciation and amortization expenses for the years 2004 and 2003 amounted to Baht 526.4 million and 540.4 million, respectively.
Baht
In January 1998, the Company engaged a consulting company (Chesterton Thai Property Consultants Limited), as independent appraiser, to appraise buildings and improvements, machinery and equipment, used for its operation as at December 31, 1997 with a net book value of Baht 3,800.6 million. The appraisal value, as shown in the appraisal reports dated January 26, 1998, amounted to Baht 6,836.8 million. The Company recorded the revaluation increment (net of accumulated depreciation and the portion of assets disposed of) amounting to Baht 3,036.2 million as a component of Shareholders Equity in the balance sheet. In July 2004, the Company engaged a consulting company (The Valuation & Consultants Co., Ltd.), as independent appraiser, to reappraise building and improvements, machinery and equipment outstanding as at June 30, 2004. According to the appraisal report dated July 1, 2004, those assets, which had a net book value as at June 30, 2004 of Baht 7,802.8 million, had a value, based on the cost approach method net of accumulated depreciation, totalling Baht 9,397.8 million. The Company recorded the revaluation increment amounting to Baht 1,595 million as a component of Shareholders Equity in the balance sheet. As at December 31, 2004, the Company recorded the related revaluation increment (net of accumulated depreciation and the portion relating to assets disposed of) amounting to approximately Baht 3,280.8 million as a component of Shareholders Equity in the balance sheet. The revaluation increment of property, plant and equipment is not available for dividend distribution. 8. LONG-TERM LOAN - Net
THAINOX STAINLESS PUBLIC COMPANY LIMITED
93
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 On March 19, 2004, the Company entered into a long-term loan agreement with a local bank for a facility amount of Baht 2,113 million, and withdrew the loan of Baht 1,459 million. The loan bears interest at Minimum Loan Rate (MLR) per annum and is repayable in semi-annual installments starting from June 2004 up to December 2010. In addition, on March 19, 2004, the Company also entered into a short-term credit facilities (notes payables, letters of credit, trust receipts and letter of guarantee) agreement with such bank for a total facility amount of Baht 4,500 million, giving total credit facilities to the Company of Baht 6,613 million. The Company mortgaged land, together with the existing and future buildings thereon, and pledged machinery as specified in the agreement (the Company is required to register the mortgage of machinery to the bank within 6 months commencing from the withdrawal date of the loan, which the Company has not registered the mortgage) as collateral for the Company s long-term loan and short-term credit facilities with a value of Baht 6,613 million, and as collateral for loans from two shareholders of the Company with a value of Baht 3,136 million. According to conditions of the long-term loan agreement, the bank will allow the amendment of the mortgage agreement and decrease the mortgage amount of land, buildings and machinery to the mortgage amount of Baht 6,613 million for the collateral of the Company s liabilities with the local bank, when the Company completes its Initial Public Offering of shares. In addition, the loans of the Company are also guaranteed by a shareholder of the Company, whereby the bank agrees to release such guarantee as soon as the Company completes the assignment of collaterals as stipulated in the loan agreement. Under the terms of the loan agreements, the Company has to comply with certain conditions as stipulated in the agreements. On June 23, 2004, the Company repaid in full this loan amount. In addition, the Company has not paid prepayment fee as stipulated in the agreement, because the Company received an exemption of prepayment fee from the bank. The mortgage of land together with the existing and future buildings thereon, the pledge of machinery and the guarantee by a shareholder as mentioned above were released by the bank on December 8, 2004. 9. EMPLOYEES RETIREMENT INDEMNITY The Company adopted the accounting for retirement indemnity following the International Financial Reporting Standard (IFRS) No. 19 Employee Benefits . The retirement indemnity will be paid to employees upon retirement from the Company. The retirement indemnity is calculated annually by a qualified actuary using the projected unit credit method in order to determine the present value of the obligation and the current service cost. Based on the actuarial valuation report issued by the independent actuaries dated January 14, 2005, the retirement indemnity for the Company s employees for the year ended December 31, 2004 computed according to the IFRS No. 19 amounted to Baht 6.0 million.
94
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 EmployeesÂ’ retirement indemnity is analyzed as follows: In Million Baht Balance sheet provisions as at January 1 Present value of the obligation Fair value of financial assets Sub-total Unrecognised actuarial gain (loss) Unrecognised past service cost Unrecognised net transition assets (liabilities) Liabilities recognised in balance sheet Benefit expense for the year Current service cost Interest cost Net actuarial (gain) loss recognised in the year Past service cost Transitional (asset) liabilities Expense (Income) recognized in the income statement Movements in the net liabilities recognised in the balance sheet Opening net liabilities as at January 1 Expenses Benefit paid Closing net liabilities as at December 31 Main actuarial assumptions (%) Discount rate Average rate of salary increase Inflation rate
2004
2003
36.70 36.70 36.70
31.00 31.00 31.00
4.50 1.50 -
4.30 1.40 -
6.00
5.70
36.70 6.05 ( 5.51) 37.24
31.00 5.70 36.70
6.00 3.00 6.00
4.00 4.28 1.00
THAINOX STAINLESS PUBLIC COMPANY LIMITED
95
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 10. SHARE CAPITAL At the extraordinary shareholders meetings held on July 4, 2003 and July 19, 2003, the shareholders unanimously approved the resolution to decrease the par value from Baht 32 per share to Baht 29 per share of the authorized share capital of 149,028,540 shares to reduce the deficit, and to increase the Company s authorized share capital from Baht 4,321,827,660 (149,028,540 shares at Baht 29 par value) to Baht 7,670,411,666 (264,496,954 shares at the same par value). The Company registered the decrease in par value and the increase in share capital with the Ministry of Commerce on November 12, 2003. At the extraordinary shareholders meeting held on April 19, 2004, the shareholders approved the resolution to change the Company s par value from Baht 29 per share to Baht 1 per share, resulting in the increase in number of shares from 264,496,954 shares to 7,670,411,666 shares. The Company registered the change of par value and number of shares with the Ministry of Commerce on April 26, 2004. At the extraordinary shareholders meeting held on May 6, 2004, the meeting unanimously resolved to approve the increase of the Company s authorized share capital from Baht 7,670,411,666 (7,670,411,666 shares at Baht 1 par value) to Baht 8,000,000,000 (8,000,000,000 shares at the same par value) by issuing 329,588,334 new common shares at Baht 1 par value. In addition, the meeting unanimously resolved to approve the allocation and offer for sale of not more than 329,588,334 newly-issued shares of the Company to the public, and authorized the Company to prepare all necessary documentation to be submitted to the Office of Securities Exchange Commission of Thailand. The Company registered the increase in share capital with the Ministry of Commerce on May 14, 2004, and submitted the registration statement for its initial public offering to the Office of Securities Exchange Commission of Thailand on August 9, 2004. Subsequently, the Stock Exchange of Thailand issued an order accepting the common shares of the Company as registered securities on December 9, 2004. As a result of the initial public offering of the Company s common shares, the Company received proceeds of Baht 692.1 Million which was separately recorded as its share capital of Baht 329.6 million (at Baht 1 par value) and premium on share capital for the remaining amount (net of the related expenses incurred from the offering of such common shares), of Baht 332.1 million under Shareholders equity in the balance sheet. 11. LEGAL RESERVE Under the provisions of the Limited Public Company act B.E. 2535, the Company is required to appropriate at least 5% of its annual net profit after deduction of the deficit brought forward (if any) as legal reserve until the reserve reaches not less than 10% of the authorized share capital. In 2004, the Company appropriated for the legal reserve amounting to Baht 400 million.
96
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 12. NET PROFIT No income tax for the years ended December 31, 2004 and 2003 was payable because of promotional privileges and the utilization of tax loss carryforward from previous years. 13. BASIC EARNINGS PER SHARE Basic earnings per share is determined by dividing the net profit by the weighted average number of shares outstanding during the years. Basic earnings per share for the years ended December 31, 2004 and 2003 are calculated as follows:
Net Profit (In Thousand Baht) Profit from Ordinary Activities Extraordinary Item Net Profit Number of Shares (Shares) Basic Earnings Per Share (In Baht) Profit from Ordinary Activities Extraordinary Item Net Profit
2004
2003
1,784,869 1,784,869
1,395,063 1,284,548 2,679,611
7,671,180,246
5,166,378,812
0.23
0.27 0.25 0.52
-
0.23
Basic earnings per share for the year ended December 31, 2003 were computed from the number of common shares, after changing the par value as mentioned in Note 10 to the financial statements. 14. PROMOTIONAL PRIVILEGES By virtue of the provisions of the Industrial Investment Promotion Act B.E. 2520, the Company was granted promotional certain privileges in the business relating to the manufacturing of cold rolled stainless steel which included, among other, the following:
THAINOX STAINLESS PUBLIC COMPANY LIMITED
97
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 1. 2. 3.
Exemption from payment of import duty on imported machinery and equipment. Exemption from income tax for a period of six years and eight years from the first derived income expiring on November 30, 1999, and November 11, 2005, respectively. Exemption of income tax for a period of 5 years at the rate of 50% after the promotion periods expiring on November 30, 2004, and November 11, 2010, respectively.
As a promoted industry, the Company must comply with the conditions provided for in the promotional certificate. The CompanyÂ’s sales during the years 2004 and 2003 are divided into promoted and non-promoted businesses as follows: In Thousand Baht
Net sales - Export - Domestic Total
Promoted Business
2004 NonPromoted Business
Total
Promoted Business
6,240,975 7,740,676 13,981,651
627,382 43,585 670,967
6,868,357 7,784,261 14,652,618
4,936,388 7,211,896 12,148,284
2003 NonPromoted Business 104,400 104,400
Total 4,936,388 7,316,296 12,252,684
15. SELLING AND ADMINISTRATIVE EXPENSES Selling and administrative expenses comprise of the following expenses:
Transportation Personnel expense Commission Professional fee Promotion expense Others Total
98
THAINOX STAINLESS PUBLIC COMPANY LIMITED
In Thousand Baht 2004 2003 255,682 197,666 138,163 144,302 177,766 131,890 3,884 45,435 2,069 77,851 138,527 189,039 716,091 786,183
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 16. EMPLOYEESÂ’ PROVIDENT FUND The Company established a contributory registered provident fund in accordance with the Provident Fund Act, B.E. 2530. The registered provident fund plan was approved by the Ministry of Finance in accordance with the Ministerial Regulation No. 183 (B.E. 2533) on October 11, 1993. Under the plan, the employees are required to contribute to the fund an amount equivalent to certain percentages of their basic salaries. The Company also makes monthly contributions to the fund at the percentage of the employeesÂ’ basic salaries. The Company appointed a fund manager to manage the fund in accordance with the terms and conditions prescribed in the Ministerial Regulation No. 2 (B.E. 2532) issued under the Provident Fund Act, B.E. 2530. The Company contributed to the fund amounting to Baht 10.1 million and Baht 9.7 million for 2004 and 2003, respectively. 17. SEGMENT FINANCIAL INFORMATION Segment financial information of the financial statements for the years 2004 and 2003 are as follows: 2004 In Thousand Baht Export Asia Net sales 4,650,081 Cost of sales 4,069,794 Gross profit 580,287 Other operating income Other operation expense Net profit Property, plant and equipment -net Total assets
Domestic
America Other region 527,303 461,501 65,802
1,690,973 1,479,956 211,017
Total
Total 6,868,357 7,784,261 14,652,618 6,011,251 5,866,227 11,877,478 857,106 1,918,034 2,775,140 22,422 1,012,693 1,784,869 10,015,336 19,415,028
THAINOX STAINLESS PUBLIC COMPANY LIMITED
99
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 2003 In Thousand Baht Export Asia Net sales 3,350,906 Cost of sales 3,106,252 Gross profit 244,654 Other operating income Other operation expense Extraordinary item Gain on debt forgiveness Net profit Property, plant and equipment -net Total assets
America Other region 328,463 304,482 23,981
1,257,019 1,165,243 91,776
Domestic
Total
Total 4,936,388 7,316,296 12,252,684 4,575,977 5,788,788 10,364,765 360,411 1,527,508 1,887,919 410,624 903,480 1,284,548 2,679,611 9,153,620 14,658,714
18. AGREEMENTS As at December 31, 2004, the Company has agreements as follows: 18.1 Supply Agreement of Hot-Rolled Stainless Steel Coils The Company entered into an agreement with Arcelor, a company incorporated under the laws of Luxembourg, whereby the latter agreed to supply and deliver the quantity of hot-rolled stainless steel coils (raw materials) required by the Company and accepted by the party in accordance with terms and conditions of the agreement at the purchase price as stipulated in the agreement. This agreement is for a period of five (5) years commencing on March 19, 2004 and automatically extended for one or more additional three (3) years, unless either party gives a one hundred and eighty (180) days written advance notice to the other party. 18.2 Reinstated Exclusive Agency Agreement The Company entered into an agreement with Arcelor Stainless International, a company incorporated under the laws of France, whereby the latter will provide exclusive representation to promote the sales of the CompanyÂ’s products all over the world, excluding Japan and Thailand. In consideration thereof, the Company commits to
100
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 pay commission at the rates specified in the agreement based on the free on board (FOB) value of the products. The agreement is effective on March 19, 2004 for an indefinite period of time. Either party may terminate the agreement at any time by giving a six (6) month written advance notice to the other party. 18.3 Reinstated Usinor Recruitment and Advisory Service Agreement The Company entered into an agreement with Usinor, a company incorporated under the laws of France, whereby the latter agreed to provide advisory services to the Company on business organization, marketing, etc. and recruitment service of personnel at the level of director and management of the plant and finance departments. Under the agreement, the Company committed to pay service fee at the rates specified in the agreement. This agreement is effective on March 19, 2004 and will terminate in December 2005. 19. DISCLOSURES OF FINANCIAL INSTRUMENTS Financial assets and financial liabilities carried on the balance sheets include cash and cash equivalents, marketable securities, trade and other accounts receivable and payable, investments in share and loans. Foreign Exchange Rate Risk The Company operates internationally and is exposed from changes in foreign exchange rates. The Company uses forward exchange contracts to mitigate those risks. As at December 31, 2004, the Company has outstanding forward contracts, due within one year of US Dollars 47.8 million and EURO 1.0 million. In addition, as at December 31, 2004, the Company has significant unhedged foreign currency assets of US Dollars 51.5 million and unhedged foreign currency liabilities of US Dollars 101.7 million. Liquidity risk The Company monitors liquidity risk and maintain a level of cash and cash equivalents deemed adequate by management to finance operations and to mitigate the effects of fluctuations in cash flows.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
101
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to meet a commitment that they have entered into with the Company. This risk is controlled by the application of credit approvals, limits and monitoring procedures. The maximum credit risk exposure is the book value of assets after deduction of allowance for doubtful accounts as presented in the balance sheet. Fair Value of Financial Instruments The Company estimates fair value of financial instruments; cash and cash equivalents, trade accounts receivable and payable, other receivables and payables, and short-term loans from the parent company, equal to their amounts carried in the balance sheets because of the short-term maturity of those financial instruments. It is not practicable to estimate the fair value of the following financial assets without incurring excessive costs: (a) unquoted equity securities, due to the absence of quoted market prices. However, management does not anticipate that the carrying amounts recorded at the balance sheet date would be significantly different from the values that would eventually be received. 20. COMMITMENT AND CONTINGENT LIABILITIES As at December 31, 2004, the Company was contingently liable for letters of guarantee issued by certain banks to certain State Enterprises totalling approximately Baht 5 million. 21. CHANGE OF THE COMPANY S STATUS AND NAME At the annual general meeting of shareholders held on April 1, 2004 and the extraordinary shareholders meeting held on April 19, 2004, the shareholders approved the resolution to change the Company s status to be a public company, and change the Company s name to Thainox Steel Public Company Limited . The Company registered the change of the Company s status and name with the Ministry of Commerce on April 26, 2004. At the extraordinary shareholders meeting held on June 17, 2004, the shareholders approved the resolution to change the Company s name to Thainox Stainless Public Company Limited . The Company registered the change of the Company s name with the Ministry of Commerce on June 25, 2004.
102
THAINOX STAINLESS PUBLIC COMPANY LIMITED
Notes to Financial Statements (Continued) THAINOX STAINLESS PUBLIC COMPANY LIMITED (Formerly Thainox Steel Limited) December 31, 2004 and 2003 22. SUBSEQUENT EVENT At the board of directors meeting held on February 17, 2005, the board of directors passed the resolutions as follows: 1. Commission a detailed study for their consideration into the proposed Hot Melting Shop Project which would involve the investment of Baht 14,000 million in a project to produce hot rolled coil, which is the Company s main production material. 2. Commission a study by the Company s financial adviser to determine whether or not it would be appropriate to increase the Company s authorized share capital not more than 2,000 million shares and issue warrants not more than 2,000 million warrants to fund the Hot Melting Shop Project. 3. Approve to enter into an agreement with Acme Camp Company Ltd. (a related party) to purchase land for Baht 349.2 million. On February 21, 2005, the Company used its right to rescind this agreement and on February 22, 2005 received back the deposit it had already paid under the agreement. 23. RECLASSIFICATION OF ACCOUNTS Certain accounts in the 2003 financial statements were reclassified to conform with the 2004 financial statement presentation.
THAINOX STAINLESS PUBLIC COMPANY LIMITED
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