SINGER: Annual Report 2014

Page 1

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ETDc6 +T$$TE%TD`GR6O$_<WhDES<Q « Total sales & Interest from installment sales ETDc6 EIC « Total Revenues $lTcE%Sh;7 ; « Gross Margin 7 ;9Z;%TD « Cost of Sales ' Tb- + TDb;$TE%TD`GR$TE<EVMTE « Selling and Administrative Expenses $lTcE ¤%T69Z;¥ LZ9:V « Êet Ìrofit ¤Èoss¥ LV;9ES@D EIC « Total Assets M;WhLV;EIC « Total ÈiaÞilities L I;%O*>[ 8YOMZ ; « Total Shareholder's Equity

2556/2013

2555/2012

3,427.39 3,440.11 1,808.87 1,618.52 1,470.83 241.43 3,355.65 1,777.67 1,577.98

3,626.82 3,639.46 1,850.10 1,776.73 1,423.42 320.57 3,256.35 1,824.05 1,432.30

2,950.66 2,964.05 1,610.08 1,340.58 1,279.20 226.22 2,710.08 1,517.35 1,192.73

7.02 16.04 7.30 59.27 1.13 0.89 0.53 5.84 4,467

8.81 24.42 10.70 37.90 1.27 1.19 0.45 5.30 4,288

7.63 20.81 9.16 35.81 1.27 0.84 0.30 4.42 4,146

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3,427

2556 2013

3,627

2555 2012 2554 2011 2553 2010 2552 2009

241.43

2556 2013

2553 2010

2,079 ¤9.94¥

2552 2009

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3%

9%

226.22 142.46 89.37

17%

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11%

320.57

2554 2011

2,383

1,818

2557 2014

2555 2012

2,951

22%

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2557 2014

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_ET_-YgOCSg;b;@GS*%O*<Z'GT$E .Xg*_= ;$Z‰`+%O*'ITCLlT_Ef+b;$TE 6lT_;V;:ZE$V+<EV$TE%O*_ET 6S*;Sh;<Z'GT$E%O*.V*_$OE =ER_9Jc9D+R 7 O*CW9Sh*'ITCLZ% `GRBT'B[CVb+b;<EVKS9 EIC9Sh*CWaO$TL9Wg+R$ TIM; T b;M; T9Wg$TE*T; Ă“e Ăželieve in our employees, Ăłho are çey suĂ&#x;Ă&#x;ess faĂ&#x;tor in our Ăžusiness. Thus, all employees of Singer Thailand must Ăže Ăžoth happy to Ăłorç for and feel proud of the Company Ăłith good opportunities for Ă&#x;areer advanĂ&#x;ement.

D- % – ÂŞĂ–Ă”Ă”ĂœĂ•Ă?Ă›Ă

_ET6lT_;V;:ZE$V+6 ID'Z5:EEC +EVD:EEC @E OC7ERM;S$8X*'ITCES<>V6 -O<7 O-ZC-; Ă“e Ă&#x;onduĂ&#x;t our Ăžusiness Ăžy Ă&#x;onforming to the ethiĂ&#x;s of our Country and share the soĂ&#x;ial responsiĂžility of the less fortunate. >/6CQ96>/ – ÂŞĂ–Ă”Ă”ĂœĂ•Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš

_ET_-YgOCSg;b;=ERLV9:VBT@%O*$TELYgOLTE`<< 2 9T*BTDb;O*' $E Ă“e Ăželieve that good and sustained internal Ă&#x;ommuniĂ&#x;ation is Ă&#x;ritiĂ&#x;al to all our Ăžusiness aĂ&#x;tivities. Ă„oĂłever, this Ă&#x;ommuniĂ&#x;ation must Ăže in tĂłoŠóay in order to Ăže effeĂ&#x;tive Š from Management 1E Ăş> – ÂŞĂœĂšĂ›Ă–Ă”ĂŒĂ™Ăš _ETCW_= TMCTD9Wg+RCWG[$' Tb- <EV$TE%O*_ET7GO6-WIV7 6 ID$TELE T*2T; to employees Ăžut also from employees to the Management. G[$' T9WgCW'ITC+*ES$BS$6W LV;' T'Z5BT@6W -lTER_*V; 7E*_IGT 7V67TC ,>3<(EĂş%V> – ÂłĂŒĂˆĂ‹ĂŒĂ™ĂšĂ?Ă?Ă— 6[`GOD T*b$G -V6 `GRLClgT_LCO It is our goal and also not unusual for Singer Thailand to have _ET_-YgOCSg;b;=ERLV9:V>G%O*BTIR>[ ;lT cC _@WD*`7 +R_= ;>[ +S6$TE9Wg6W life time Ă&#x;ustomers purĂ&#x;hase produĂ&#x;ts from the Company over _9 T;Sh; <Z'GT$E9Z$ER6S< +R7 O*CW'ITCCZ *CSg;L[ 'ITC_= ;>[ ;lT9Wg6W_GVJ the years. The Company has Ăžuilt this loyal Ă&#x;ustomer Ăžase Ăžy Ă“e Ăželieve in effeĂ&#x;tive leadership. žeing a good manager is not providing good quality produĂ&#x;ts, ensuring timely Ă&#x;olleĂ&#x;tions and enough, all ExeĂ&#x;utives, Managers and Supervisors should also Ă&#x;lose folloóŠup of aĂ&#x;Ă&#x;ounts. It is important that this Ă&#x;ontinues in aim at Ăžeing great leaders. All great leaders have the folloĂłing the future and that Ăłe maintain Ă&#x;onstant foĂ&#x;us on our Ă&#x;ustomers. qualitiesÂś They listen, they Ă&#x;ommuniĂ&#x;ate Ăłell, and they give Ă&#x;redit to others for their suĂ&#x;Ă&#x;esses and taçe full responsiĂžility for poor results. Great (EĂş"C97DĂş% – ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹ĂŒĂ™Ăš leaders also inspire others _ETbM >G7O<`9;9Wg'Z C' T `GR'Z C`$ $TEG*9Z; and they alĂłays learn from Ă“e provide a reasonaĂžle return to our shareholders Ăłhile their suĂ&#x;Ă&#x;esses as Ăłell as safeguarding their investment. their failures. EĂš Ăş> – ¡ĂˆĂ™Ă›Ă•ĂŒĂ™Ăš

_ET@S4;T'[ ' T_@YgO_= ;@S;:CV7EbM $ TIM; T `GR_7V<a7c=6 ID$S; Ă“e develop our suppliers to Ăže partners in progress and share our groĂłth Ăłith them. EĂšJ Ăš – ÂŞĂ–Ă”Ă—ĂŒĂ›Ă?ÛÖÙÚ

_ETDOCES< `GRbM _$WDE7V LlTMES<'ITCCZ *CSg;b;$TELE T*C[G' T7GT6 E IC$S; Ă“e Ă&#x;onduĂ&#x;t our Ăžusiness Ăžy Ă&#x;onforming to the ethiĂ&#x;s of our Country and share the soĂ&#x;ial responsiĂžility of the less fortunate.

4

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5

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$EEC$TE>[ +S6$TEbM‰ ‰ Ă€üÌâã Ă‚þâà òùÌóâ ĂŒããÌà âïï

2014 Ăłas another Ă&#x;hallenging year for Singer Thailand ĂŒCĂˆ., as the Company Ă&#x;eleĂžrated its 125th anniversary in operating its Ăžusinesses Ăłithin Thailand s eĂ&#x;onomiĂ&#x; and Ăžusiness environment, that Ăłas dominated Ăžy tĂło çey issuesÂś Ă&#x;ontinuing sloĂł gloĂžal eĂ&#x;onomiĂ&#x; reĂ&#x;overy and the ongoing politiĂ&#x;al turmoil in Thailand. Compared to the past 5 years of Ă&#x;onseĂ&#x;utively positive yearŠonŠyear Ă&#x;onsolidated revenues and net profit groĂłth, total full year 2014 revenues groĂłth Ăłas at a loĂłer rate than previously¡ Ăłhile overall ĂŠet ĂŒrofit deĂ&#x;reased Ăłhen Ă&#x;ompared to the previous year. Ă„oĂłever, it has also Ăžeen a year in ĂłhiĂ&#x;h the Company has further strengthened its Ă&#x;orporate struĂ&#x;ture, Ăłith the aim of Ăžeing aĂžle to more effeĂ&#x;tively support the expanding netĂłorç of Ăžoth its retail outlets and sales representatives or Ă&#x;anvassers throughout. At the same time, the Company refoĂ&#x;used its Ă&#x;ore Ăžusiness strategies to target small Ăžusinesses and loĂ&#x;al entrepreneurs loĂ&#x;ated in Ăžoth the urĂžan and provinĂ&#x;ial Ă&#x;enters, rather than primarily Ăžeing foĂ&#x;used only on rural household Ă&#x;onsumers. These strategiĂ&#x; initiatives Ăłere undertaçen so that Singer Thailand Ăłould Ăže more aligned to the Ă&#x;hanging eĂ&#x;onomiĂ&#x; situation and to Ăže Ăžetter positioned to positively Ăženefit from future Ăžusiness opportunities resulting from the formal estaĂžlishment of the unified AEC marçets at the end of 2015.

­ĂœĂ“Ă“ Ă€ĂŒĂˆĂ™ ™—˜› ´ĂˆĂŠĂ™Ă–ĂŒĂŠĂ–Ă•Ă–Ă”Ă?ĂŠ ÂŹĂ•Ă?Ă?Ă™Ă–Ă•Ă”ĂŒĂ•Ă› Apart from the Ă&#x;ontinuing sloĂł reĂ&#x;overy of the gloĂžal eĂ&#x;onomy, Thailand s overall eĂ&#x;onomy Ă&#x;ontinued to Ăže impaĂ&#x;ted Ăžy the ongoing politiĂ&#x;al turmoil that started sinĂ&#x;e late 2013. This situation resulted in a laĂ&#x;ç of a fully funĂ&#x;tioning Government to effeĂ&#x;tively manage the Ă&#x;ountry s deteriorating eĂ&#x;onomiĂ&#x; situation that resulted in negative GĂ€ĂŒ groĂłth for most of the year, as Ăłell as ¤more importantly for Singer ThailandÂĽ the stalled farm suĂžsidy payments and required ongoing support for the agriĂ&#x;ultural seĂ&#x;tor and rural Ă&#x;ommunities loĂ&#x;ated outside of žangçoç. Ă„oĂłever, toĂłards the end of 2014, after a fully funĂ&#x;tioning interim Government Ăłas appointed Ăžy the militaryŠ led ĂŠCĂŒĂ‹, Ăžoth the politiĂ&#x;al and eĂ&#x;onomiĂ&#x; situation staĂžiliĂśed, resulting in improved private and puĂžliĂ&#x; Ă&#x;onfidenĂ&#x;e together Ăłith various Government initiatives to revive the politiĂ&#x;al and eĂ&#x;onomiĂ&#x; environment going into 2015. ÂśĂ?ĂŒĂ™Ă?Ă?ĂŒĂž Ă–Ă? ™—˜› ¡ĂŒĂ™Ă?Ă–Ă™Ă”ĂˆĂ•ĂŠĂŒ šĂŒĂšĂœĂ“ÛÚ Ă€espite this negative eĂ&#x;onomiĂ&#x; ĂžaĂ&#x;çdrop and due to the Company s strategiĂ&#x; refoĂ&#x;us, after an early positive start during the first part of 2014, Singer Thailand s overall performanĂ&#x;e results Ăłere muĂ&#x;h impaĂ&#x;ted Ăžy the signifiĂ&#x;antly negative Ăžusiness environment, resulting in deĂ&#x;lining produĂ&#x;ts sales together Ăłith only a marginal inĂ&#x;rease in hire purĂ&#x;hase Ă&#x;ontraĂ&#x;ts and other revenues, and an overall deĂ&#x;rease in net profit.

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Äoóever, total aßtive hire purßhase aßßounts remained at approximately the same levels as in previous years, óith only some marginal deßrease during the year. Àeßlining agrißultural prißes, loó agrißultural exports, together óith stalled farm suÞsidy payments and ongoing support, as a result of the adverse politißal situation, signifißantly and adversely affeßted the agrißultural rural ßommunities ¤that aßßount for 10©20¡ of Singer Thailand s hire purßhase ßustomers Þase¥ and their aÞility to serviße their household deÞt.. Äoóever, during the seßond half of 2014, given the more staÞiliöed politißal and eßonomiß situation and improved ßonsumer ßonfidenße, these negative impaßts óere mußh redußed and total revenues inßreased marginally· although net profit ßontinued to deßline óhen ßompared to the previous year. Âor full year 2014 period, total ßonsolidated revenues óas ¾aht 3.4 Þillion, a marginal deßrease of 5.5¡ year on year ßompared to the sustained revenues groóth of over 20¡ year©on©year aßhieved ßonseßutively during the past 5 years· óhile total Êet Ìrofit óas ¾aht 241.4 million, a deßrease of 24.7¡ year©on©year. Óhile the overall quality of the hire purßhase ßontraßts ¤totaling 166,121, as at end 2014¥ remained satisfaßtory óith only a slight inßrease in non©aßtive aßßounts to 6.5¡ ßompared to the previous 6.0¡ of total aßßounts, despite the signifißant negative impaßt on the overall inßome of the agrißultural seßtor during most of 2014. Sußh satisfaßtory results, in the faße of the prevailing negative Þusiness environment, óere aßhieved through the Company implementing strategiß initiatives to proaßtively refoßus Singer Thailand s sales aßtivities more toóards produßts and applianßes for ßommerßial use Þy loßal SME Þusinesses and entrepreneurs, as opposed to primarily targeting on ßonsumer households Þuying home applianßes. This shift in strategiß foßus óas also ßomÞined óith various other proaßtive Þusiness strategies, sußh as¶ ßontinuing Þranßh management and sales training· implementing neó e©ßommerße apps for use Þy Þranßh management staff to more effeßtively manage their sales and ßolleßtions· ßontinued home and offiße on©site after sales serviße of all Þrands of produßts· ongoing trade© in ßampaigns of all Þrands of produßts in exßhange for neó SIÊGER produßts· more flexiÞle hire purßhase terms· and

7

ongoing expansion of Singer Thailand s Þranßh outlets ¤to over 200¥ and sales ßanvassers ¤to more than 3,000¥. Additionally, strategiß initiatives to partner óith maæor Þusinesses aßtive in the rural marçets ¤liçe Siam Maçro, etß.¥ óere undertaçen, in order to maximiöe aßßess Þy their rural small Þusiness operators to SIÊGER Get Rißh ßommerßial produßts aimed at enhanßing their overall Þusiness revenues. ­ÜÓÓ ÀÌÈÙ ¬ÊÖÕÖÔÐÊ ¶ÜÛÓÖÖÒ Óith the overall politißal situation staÞiliöing and undergoing various reforms for longer term Þenefits, the interim Government also initiated various eßonomiß stimulus programs to revive overall eßonomiß groóth © espeßially for the rural areas and agrißultural seßtor, that are çey target marçets for Singer Thailand. Through sußh proaßtive eßonomiß programs, Thailand s GÀÌ groóth, together óith assoßiated çey exports, agrißultural seßtor and tourism seßtors are proæeßted to Þe mußh improved for 2015· óhereÞy this óill Þe a more positive operating environment for Thailand s Þusinesses. ©ÜÚÐÕÌÚÚ ¶ÉÑÌÊÛÐÝÌÚ Given the mußh improved 2015 eßonomiß and Þusiness environment, the Company s Þusiness groóth strategies óill remain foßused on¶ offering neó produßts and servißes· selling more SIÊGER Get Rißh ßommerßial applianßes· inßreasing ßross©Þorder trade at Thailand s çey Þoarder loßations óith our neighÞoring ßountries· developing further enhanßements to existing top selling produßts to maçe them more attraßtive and easy to use· offering flexiÞle hire purßhase terms and ßonditions· and inßreasing neó staff intaçe. The Company óill also ßontinue its expansion of Þoth its Þranßh outlets and sales ßanvassers netóorç. These strategies are fully aligned óith Singer Thailand s ßorporate oÞæeßtive of Þeing the marçet leader in hire purßhase sales of produßts in the rural areas of Thailand . Âurther, Singer Thailand plans to indireßtly leverage its expertise to meet the expanded AEC trade opportunities, through supplying produßts and applianßes from Singer Thailand, in order to then Þeßome a çey regional suppliers for various Singer Asia sales operations estaÞlished óithin the AEC.

8

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ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ ªº¹ ·ÖÓÐÊÐÌÚ Àuring the year, Singer Thailand ÌCÈ., together óith its ¾oard of Àireßtors, Management and Staff, ßontinued to ßomply óith estaÞlished prinßiples of good ßorporate governanße and ethißal Þusiness praßtißes, in order to ensure full transparenßy in all aspeßts of its operations and to ßreate full ßonfidenße on the part of its Shareholders and all Staçeholders. Additionally, in late 2014, aßtions óere taçen to further strengthen this çey aspeßt of the Company s operations· óhereÞy an updated Corporate Governanße Ìolißies and Ìrinßiples Guideline & ÄandÞooç óas approved, Þy the ¾oard of Àireßtors, to Þe issued to all memÞers of the ¾oard of Àireßtors, the Management group and Staff, together óith an updated Code of Ethißs and ¾usiness Condußt Guidelines . A neó Risç Management Committee óas also estaÞlished in ÊovemÞer 2014 Þy the ¾oard of Àireßtors, to assist the Audit Committee in more effeßtively foßusing on the management of the various risçs for the Company. At the same time, Singer Thailand has Þeen a proaßtive and registered partißipant in the Ìrivate Seßtor s Colleßtive Aßtion for Anti©Corruption ¤CAC¥ initiatives, through deßlaring its position on anti©ßorruption. Currently, the Company is in the proßess of ßompleting its self© evaluation of its anti©ßorruption proßedures and proßesses, óith the aim of oÞtaining a formal ßertifißation from the CAC«Thai IËÀ, óhißh is expeßted to Þe ßompleted Þy end Íuarter 2«2015.

Admiral

M.È. Ñsni Ìramoæ Chairman of the ¾oard

9

The Company also Þelieves strongly in alóays maintaining effeßtive soßial and environmental responsiÞilities, in order to faßilitate the aßhievement of sustainaÞle eßonomiß and soßial development for its employees, loßal ßommunities, and the ßountry as a óhole. As sußh, every year various initiatives are ßontinuously undertaçen Þy Singer Thailand to help promote as óell as proteßt, on a sustainaÞle Þasis, the óell©Þeing of the environment of the loßal marçets and ßommunities in óhißh the Company operates. Âurther details of these Corporate Soßial ResponsiÞility ¤CSR¥ aßtivities, undertaçen æointly Þy the Company and its Staff, are ßontained in the separate CSR seßtion of this Annual Report. Èastly, in spite of the very ßhallenging eßonomiß and Þusiness situation during most of 2014, the full ßommitment Þy our ¾oard of Àireßtors and the Management Team to aßhieving the Company s oÞæeßtives, together óith the dedißated efforts Þy all our Staff, have, as alóays, ßontinued to ßontriÞute to and enaÞled Singer Thailand to aßhieve positive performanße results again this year. Óe, therefore, óish to thanç all our ßustomers, our Staff, and all other Staçeholders of Singer Thailand for their ßontinuing loyalty and invaluaÞle ßontriÞutions. Èastly, óe also óish to express our great appreßiation to all our Shareholders for their ongoing positive and mußh valued support.

Mr. ¾oonyong Tansaçul Chief Exeßutive Ëffißer

10

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2555 Š = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

=ER:T;$EEC$TE

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Chairman of the žoard

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš ĂŠÂŤA ĂŠot having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

13

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>.&Ds. !=%6 D1 ´Ă™Â• ŠĂ–Ă–Ă•Ă Ă–Ă•ĂŽ ÂťĂˆĂ•ĂšĂˆĂ’ĂœĂ“

$EEC$TE>[ +S6$TEbM‰ Ă€üÌâã Ă‚þâà òùÌóâ ĂŒããÌà âï 9>.D ¨ĂŽĂŒ ÂĄ 50 = ÂŤ years

6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 993 8;;_+EV‰;'E `%I*'GO*7 ;c9E _%7'GO*LT; $EZ*_9@Q 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 14 LV*MT'C 2550 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 7 = 8 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœž ÂĄ 5ÂŤ5

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 993 Charoennaçorn Road, Çlongtonsai, Çlongsan, žangçoç ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 14th August 2007 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 7 Years 8 Months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 5ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

V>%3%

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ÂťĂ–Ă›ĂˆĂ“

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

Š

Š

Š

Š

Š

Š

Š

Š

D 3D @ >/4B 5> ÂĄ 2540 =ER$TJ;WD<S7E6 T;$TE<EVMTE+S6$TE-Sh;L[* +T$ Çellogg Graduate SĂ&#x;hool CMTIV9DTGSD;OE 9_IL_9VE ; =ER_9JLMES2O_CEV$T 2531 =ER$TJ;WD<S7E6 T;$TE<EVMTE$TE>GV7-Sh;L[* CMTIV9DTGSD.S;a; =ER_9J‰Wg=Z ;

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 1997

2529 Š 2531

1986 Š 1988

=EV‰‰T7EW IVJI$EECcAA T$lTGS* L8T<S;_9'a;aGDW@ER+OC_$G T:;<ZEW

1988

'/<3=!@ >/9&/- ÂĄ 2557 MGS$L[7E Capital Marçet Ăˆeader Program L8T<S;<S53V7<EVMTE:ZE$V+JJV;9E

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 2014

2554 2552

2011 2009

2551 2550 2550

MGS$L[7E>[ <EVMTEER6S<L[* L8T<S;IV9DT$TE7GT69Z; MGS$L[7E ExeĂ&#x;utive Ă€evelopment Program LCT'C<EVKS9+69R_<WD;c9D MGS$L[7E Charter Ă€ireĂ&#x;tor Class LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D MGS$L[7E Ă€ireĂ&#x;tor CertifiĂ&#x;ation Program LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D MGS$L[7E FinanĂ&#x;e for ĂŠonŠFinanĂ&#x;e Ă€ireĂ&#x;tor Singer Sri Ăˆança Management, Sri Ăˆança &/@5=#

2007 2007

Capital Marçet Ăˆeader Program Sasin Graduate Institute of žusiness Administration of Chulalongçorn Ă‘niversity Capital Marçet AĂ&#x;ademy Ăˆeader Program ExeĂ&#x;utive Ă€evelopment Program Thai Ăˆisted Companies AssoĂ&#x;iation Charter Ă€ireĂ&#x;tor Class Thai Institute of Ă€ireĂ&#x;tors Ă€ireĂ&#x;tor CertifiĂ&#x;ation Program Thai Institute of Ă€ireĂ&#x;tors FinanĂ&#x;e for NonŠFinanĂ&#x;e Ă€ireĂ&#x;tor Singer Sri Ăˆança Management, Sri Ăˆança

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

2008

CertifiĂ&#x;ate in ExeĂ&#x;utive Ă€evelopment Program Çellogg Graduate SĂ&#x;hool of Management, NorthĂłestern Ă‘niversity, Ă‘SA CertifiĂ&#x;ate of IntroduĂ&#x;tory ManufaĂ&#x;turing Management ThaiŠĂ†apanese TeĂ&#x;hnologiĂ&#x;al Promotion AssoĂ&#x;iation, Sanno Institute of Management, Æapan žaĂ&#x;helor of SĂ&#x;ienĂ&#x;e in EleĂ&#x;triĂ&#x;al Engineering Ă€egree Çing Mongçut s Institute of TeĂ&#x;hnology

!V>J7%Ăš

2556 Š = ++Z<S; <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 $EEC$TE>[ +S6$TEbM‰ ¤CMT-;ÂĽ 2556 Š = ++Z<S; .V*_$OE _O_-WD EO*=ER:T;<EVMTE 2552 Š 2555 <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 $EEC$TE>[ +S6$TE ¤CMT-;ÂĽ

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2013 Š Present Singer Thailand PCĂˆ. 2013 Š Present Singer Asia Ăˆimited 2009 Š 2012 Singer Thailand PCĂˆ.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Chief ExeĂ&#x;utive Ă‹ffiĂ&#x;er Ă’iĂ&#x;e President Managing Ă€ireĂ&#x;tor

14

&/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš 2551 Š 2552 2550 Š 2551 2547 Š 2549 2546 Š 2547 2535 Š 2546

<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¼ <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¼ <EVKS9 OVC_C-Sg; ¤=ER_9Jc9D¼ +lT$S6 <EVKS9 c._<OE 6V$L _9'a;aGDW +lT$S6

EO*$EEC$TE>[ +S6$TE

2008 Š 2009

Singer Thailand PCĂˆ

>[ OlT;ID$TE? TD%TD`GR $TE7GT6 >[ +S6$TE=ER+lT =ER_9Jc9D >[+ 6S $TE9SIg c= Š $TE7GT6, %TD`GR<EV$TE

2007 Š 2008

Singer Thailand PCĂˆ.

2004 Š 2006

Imation ¤ThailandÂĽ Ăˆimited

2003 Š 2004

CyĂžerdiĂ&#x;t TeĂ&#x;hnology Ăˆimited General Manager, Marçeting, Sales and ServiĂ&#x;es Singer Thailand PCĂˆ. Sales and Marçeting Manager

<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 >[ +S6$TE? TD%TD`GR ¤CMT-;¼ $TE7GT6

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

>/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

1992 Š 2003

Deputy Managing DireĂ&#x;tor Sales and Marçeting DireĂ&#x;tor Country Manager

!V>J7%Ăš

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

2555 Š = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* $EEC$TE ¤=ER_9Jc9D¼ +lT$S6 2555 Š = ++Z<S; <EVKS9 .V*_$OE _.OE IVL@GSL +lT$S6 $EEC$TE>[+ S6$TE 2550 Š = ++Z<S; <EVKS9 .V*_$OE ¤a<E'_$OE ¼ +lT$S6 $EEC$TE>[ +6S $TE

2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd 2012 Š Present Singer ServiĂ&#x;e Plus Co., Ăˆtd. 2007 Š Present Singer ¤žroçerÂĽ Ăˆimited

DireĂ&#x;tor

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

Managing DireĂ&#x;tor Managing DireĂ&#x;tor

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

15

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>.1= 5 <%Ăş9. *BQ /=4-A ´Ă™Â• ÂłĂœĂŠĂ’ĂšĂˆĂ•ĂˆĂ•Ă–Ă? ¡ĂœĂ•Ă’Ă™ĂˆĂšĂˆĂ”ĂŒĂŒ

=ER:T;$EEC$TE7EI+LO< ÂŹ ÀüÞÌïêÞÍ ĂŹĂŁ žòåÌù Ă€ÏêêÌùùââ $EEC$TEOVLER ÂŹ ÆÍåâíâÍåâÍù à Ìïâà ùÏï 9>.D ¨ĂŽĂŒ ÂĄ 62 = ÂŤ years 6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 17 .OD ETC'lT`M* 118 `D$ 15 `%I*LR@T;L[* $EZ*_9@Q 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 8 @FJ+V$TD; @.J. 2556 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 1 = >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœž ÂĄ 5ÂŤ5

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 17 Soi Ramçhamhaeng 118 Yaç 15, Sapansoong, žangçoç ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 8th NovemĂžer 2013 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 1 years ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 5ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

@ >/9CQ%O >/ >V / !V>J7%Ú L% @ >/ �#AQM-ÚL Ú&/@5=# #AJQ Ú =%–I AQ.3I%CQ9 #<I&A.%� =&$D/ @ 9 &/@5=#

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ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

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ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

1

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2

Š

1

1. Advisor to Ă’iĂ&#x;e President Š FinanĂ&#x;e and Investment & CFO, Ă‘üâ Ă?ÌÞê Ă€âêâÍù PLC.

2

Š

D 3D @ >/4B 5> ¥ 2516 <S‰-W<S53V7 +ZNTG*$E5 CMTIV9DTGSD

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 1973

2529 Š

1986 Š

Š 2551

<EVMTE:ZE$V+CMT<S53V7 +ZNTG*$E5 CMTIV9DTGSD CertifiĂ&#x;ate in Management Development Program, The Ă“harton SĂ&#x;hool of the Ă‘niversity of Pennsylvania CertifiĂ&#x;ate in Inno Š Ăˆeadership program, INSEAD Ă‘niversity ¤FranĂ&#x;eÂĽ CertifiĂ&#x;ate ExeĂ&#x;utive development Program Graduate SĂ&#x;hool of Ăžusiness, ColumĂžia Ă‘niversity

Š 2008

žeĂ&#x;helor Degree in AĂ&#x;Ă&#x;ounting, Chulalongçron Ă‘niversity Master Degree ¤MžAÂĽ, Chulalongçron Ă‘niversity CertifiĂ&#x;ate in Management Development Program, The Ă“harton SĂ&#x;hool of the Ă‘niversity of Pennsylvania CertifiĂ&#x;ate in Inno. Š Ăˆeadership program, INSEAD Ă‘niversity ¤FranĂ&#x;eÂĽ CertifiĂ&#x;ate ExeĂ&#x;utive development Program Graduate SĂ&#x;hool of Ăžusiness, ColumĂžia Ă‘niversity

'/<3=!@ >/9&/- ÂĄ 2552 DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 2009

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žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ĂˆĂš ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ Ă?Ă• ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ

'Ăą#AQ V>/ !V>J7%Ăš

&- •

2556 Š = ++Z<S; <EVKS9 =[;.W_C;7 c9D +lT$S6 ¤CMT-;¼ 2547 Š 2548

<EVKS9 =[;.V_C;7 c9D +lT$S6 ¤CMT-;¼

!V>J7%Ăš

9Wg=EX$KTLlT;S$>[ - ID >[ +S6$TEbM‰ $TE_*V; `GR$TEG*9Z; >[ OlT;ID$TELlT;S$*T; <S‰-W$GT*

Ă€ĂŒĂˆĂ™Ăš

DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ Thai Institute of DireĂ&#x;tors ¤IODÂĽ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 Š Present The Siam Cement PuĂžliĂ&#x; Company Ăˆimited 2004 Š 2005

The Siam Cement PuĂžliĂ&#x; Company Ăˆimited

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Advisor to Ă’iĂ&#x;e President Š FinanĂ&#x;e and Investment & CFO Corporate AĂ&#x;Ă&#x;ounting DireĂ&#x;tor

16

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&/@5=#

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!V>J7%Ăš

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>/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

2556 Š = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2014 Š Present Origin Property PuĂžliĂ&#x; Company Ăˆimited 2015 Š Present NoçSĂ&#x;oot Airlines Co.,Ăˆtd 2005 Š 2012 SCG AĂ&#x;Ă&#x;ounting ServiĂ&#x;es Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Chairman of the žoard of DireĂ&#x;tors Independent DireĂ&#x;tor Managing DireĂ&#x;tor

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ !V>J7%Ăš

$EEC$TE

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Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2013 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

17

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>. /@6K!I+9/Ă˝ 97Ă˝% @ ´Ă™Â• ÂŞĂ?Ă™Ă?ÚÛÖ×Ă?ĂŒĂ™ ¹ÖĂ?Ă• ²Ă?Ă•ĂŽ

$EEC$TEOVLER ÂŹ ÆÍåâíâÍåâÍù à Ìïâà ùÏï =ER:T;'5R$EEC$TELEEMT `GR@V+TE5T' T7O<`9; ÂŹ CüÞÌïêÞÍ ĂŹĂŁ Ă‹ĂŹĂŞĂŚĂŤĂžùÌÏÍ ĂžĂŤĂĄ Ă?âêòÍâïĂžùÌÏÍ CÏêêÌùùââ $EEC$TE7EI+LO< ÂŹ ĂŠâêĂ&#x;âï ĂŹĂŁ žòåÌù CÏêêÌùùââ 9>.D ¨ĂŽĂŒ ÂĄ 70 = ÂŤ years 6=s >!@ ÂĄ OS*$FK #AQ9.EĂš ÂĄ 123ÂŤ68 'O;a6 _6OR_Cf9 LT9E 8.LT9Eb7 _%7LT9E $EZ*_9@Q 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 11 @FJ+V$TD; 2548 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 9 = 5 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœž ÂĄ 4ÂŤ5

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ žritish CitiĂśen ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 123ÂŤ68 The Met Condominium, South Sathorn Rd., žangçoç ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 11th NovemĂžer 2005 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 9 Years 5 months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 4ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

V>%3%

'/<I,# //- >/

V>%3%

V>%3%

ÂťĂ–Ă›ĂˆĂ“

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

1

Š $EEC$TE Š $EEC$TE7EI+LO< Š $EEC$TELEEMT $lTM;6' T7O<`9; `GR<EEKS9BV<TG Š $EEC$TEOVLER :;T'TE9MTDc9D +lT$S6 ¼CMT-;Œ

5

Š

1

Š DireĂ&#x;tor of the žoard, Š MemĂžer of the Audit Committee, Š MemĂžer of the Nomination Remuneration and Corporate GovernanĂ&#x;e Committee, Š Independent DireĂ&#x;tor Ă‘ĂŠÂż ¿ÞÍè PòĂ&#x;ĂŠĂŚĂ CÏêíÞÍÜ LÌêÌùâå

5

Š

D 3D @ >/4B 5> ÂĄ žaĂ&#x;helor of ĂˆaĂłs ¤ĂˆĂˆ.ž¼ ¤Ă„onorsÂĽ, Ă‘niversity of žristol, ÑÇ Postgraduate PraĂ&#x;tiĂ&#x;al CertifiĂ&#x;ate in ĂˆaĂł, Ă‘niversity of Singapore

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

'/<3=!@ >/9&/- ÂĄ

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&- •

žaĂ&#x;helor of ĂˆaĂłs ¤ĂˆĂˆ.ž¼ ¤Ă„onorsÂĽ, Ă‘niversity of žristol, ÑÇ Postgraduate PraĂ&#x;tiĂ&#x;al CertifiĂ&#x;ate in ĂˆaĂł, Ă‘niversity of Singapore DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ Thai Institute of DireĂ&#x;tors ¤IODÂĽ

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ĂˆĂš ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ Ă?Ă• ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ !V>J7%Ăš

Ă€ĂŒĂˆĂ™Ăš

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2547 Š = ++Z<S; :;T'TE9MTEc9D +lT$S6 ¤CMT-;¼ $EEC$TE:;T'TE $EEC$TE7EI+LO< $EEC$TELEEMT $lTM;6' T7O<`9;Š `GR<EEKS9BV<TG $EEC$TEOVLER

2004 Š Present TMž žanç PuĂžliĂ&#x; Company Ăˆimited

2556 Š 2557

2013 Š 2014

<EVKS9 <Vi$.W .Z=_=OE _.f;_7OE +lT$S6 ¤CMT-;¼

$EEC$TEOVLER

žig C SuperĂ&#x;enter PĂˆC.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor of the žoard, MemĂžer of the Audit Committee, MemĂžer of the Nomination Remuneration and Corporate GovernanĂ&#x;e Committee, Independent DireĂ&#x;tor DireĂ&#x;tor

18

&/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

2552 Š = ++Z<S; <EVKS9 'V*A -_-OE aPG6Vh*L +lT$S6 `GR <EVKS9D OD 3 `M *6S*;Wh 1. $EEC$TE <EVKS9 _. T9 OWL7 _O_-WgD; `@'_$++Vg*`O;6 `';;Vg* +lT$S6 2. $EEC$TE <EVKS9 aO_-WD;;V' `';_;OEWg +lT$S6 3. $EEC$TE <EVKS9 _'_OAA[ 6L +lT$S6 2548 Š = ++Z<S; <EVKS9 9VIT:TE +lT$S6 2540 Š 2547 Ăˆinçlaters 2540 Š 2546 Ăˆinçlaters

!V>J7%Ăš

$EEC$TE

$EEC$TE Partners Managing Partners

>/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

2555 Š = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2009 Š Present Çingfisher Ă„oldings Ăˆtd. and three suĂžsidiaries, namely, 1. DireĂ&#x;tor, Southeast Asian PaĂ&#x;çaging and Canning Ăˆtd. 2. DireĂ&#x;tor, OĂ&#x;eaniĂ&#x; Cannery Co., Ăˆtd. 3. DireĂ&#x;tor, ÇF Foods Ăˆtd. 1992 Š Present Thivatharn Ăˆtd. 1997 Š 2004 Ăˆinçlaters 1997 Š 2003 Ăˆinçlaters

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor

DireĂ&#x;tor Partners Managing Partners

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ !V>J7%Ăš

$EEC$TE

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

19

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>.*@*@$ *@ =.4/#=! ´Ă™Â• ŠĂ?ÉĂ?Ă› ŠĂ?Ă‘ĂˆĂ?ĂšĂ–Ă™ĂˆĂ‹ĂˆĂ›

$EEC$TEOVLER ÂŹ ÆÍåâíâÍåâÍù à Ìïâà ùÏï $EEC$TE7EI+LO< ÂŹ ĂŠâêĂ&#x;âï ĂŹĂŁ žòåÌù CÏêêÌùùââ $EEC$TELEEMT `GR@V+TE5T' T7O<`9; ÂŹ ĂŠâêĂ&#x;âï ĂŹĂŁ Ă‹ĂŹĂŞĂŚĂŤĂžùÌÏÍ ĂžĂŤĂĄ Ă?âêòÍâïĂžùÌÏÍ 9>.D ¨ĂŽĂŒ ÂĄ 54 = ÂŤ years 6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 1174 8.@ERETC9Wg 4 `%I*'GO*_7D _%7'GO*_7D $EZ*_9@Q 10110 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 13 @FKBT'C @.J. 2552 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 5 = 5 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœž ÂĄ 5ÂŤ5

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 1174 Rama IĂ’ Road, Çlong Toey, žangçoç 10110 ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 13th May 2009 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 5 Years 5 months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 5ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

V>%3%

'/<I,# //- >/

V>%3%

V>%3%

ÂťĂ–Ă›ĂˆĂ“

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

2

1.$EEC$TEOVLER $EEC$TE7EI+LO< $EEC$TELEEMT`GR @V+TE5T' T7O<`9; <C+. c9D=ER$S;BSD 2.$EEC$TE <C+. LSCCT$E

6

Š

2

1.Independent DireĂ&#x;tor, Audit Committee, Nominating & Remuneration, ÑüÞÌ ÆÍðòïĂžÍà â PCL. 2.DireĂ&#x;tor, Ă?ÞêêÞèÏïÍ PCL.

6

Š

D 3D @ >/4B 5> ÂĄ 2526 =EV‰‰T7EW ES2JTL7E <5S 3V7 LT%T'ITCLSC@S;: ERMI T*=ER_9J +ZNTG*$E5 CMTIV9DTGSD 2528 =EV‰‰Ta9 @S4;JTL7E CMT<S53V7 ¤<EVMTE:ZE$V+ÂĽ L8T<S;<S53V7@S4;<EVMTEJTL7E

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 1983

'/<3=!@ >/9&/- ÂĄ

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ Audit Committee Program ¤ACPÂĽ Improving the Ă?uality of FinanĂ&#x;ial Reporting ¤Ă?FRÂĽ Thai Institute of DireĂ&#x;tors ¤IODÂĽ SuĂ&#x;Ă&#x;ession & EffeĂ&#x;tive Ăˆead ship Development ¤CEOÂĽ

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&- •

2545 Š = ++Z<S; <C+. c9D=ER$S;BSD

2545 Š = ++Z<S; <C+. LSCCT$E 2546 Š <C+. OTE @W.W+W $ZCBT@S;: 2558

1985

žaĂ&#x;helor Degree, PolitiĂ&#x;al SĂ&#x;ienĂ&#x;e in International Relations, Chulalongçorn Ă‘niversity MžA žusiness Administration, NIDA

DireĂ&#x;tor CertifiĂ&#x;ation Program ¤DCPÂĽ Audit Committee Program ¤ACPÂĽ Improving the Ă?uality of FinanĂ&#x;ial Reporting ¤Ă?FRÂĽ Thai Institute of DireĂ&#x;tors ¤IODÂĽ SuĂ&#x;Ă&#x;ession & EffeĂ&#x;tive Ăˆead ship Development ¤CEOÂĽ

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ !V>J7%Ăš

$EEC$TEOVLER $EEC$TE7EI+LO< $EEC$TELEEMT`GR @V+TE5T' T7O<`9; $EEC$TE $EEC$TE

Ă€ĂŒĂˆĂ™Ăš

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2002 Š Present Thai InsuranĂ&#x;e PCĂˆ

2002 Š Present Sammaçorn PCĂˆ 2003 Š RPCG PCĂˆ. FeĂžruary 2015

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Š Independent DireĂ&#x;tor Š Audit Committee Š Nominating & Remuneration DireĂ&#x;tor DireĂ&#x;tor

20

&/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

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'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

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!V>J7%Ăš

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ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

2000 Š Present Mongçol Chaipattana Co. Ăˆtd. Managing DireĂ&#x;tor 2000 Š Present Ă„. M. Private Property OffiĂ&#x;e Assistant Manager

EO*>[ OlT;ID$TE $EEC$TE

2000 Š Present Ă„. M. Private Development ProĂŚeĂ&#x;ts 2001 Š Present SuvarnaĂ&#x;had Co., Ăˆtd. 2003 Š Present Ruam Thanu Thai Co., Ăˆtd. 2006 Š Present Pure Summaçorn Development Co.Ăˆtd.

$EEC$TE $EEC$TE

Ă’iĂ&#x;e DireĂ&#x;tor DireĂ&#x;tor DireĂ&#x;tor DireĂ&#x;tor

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

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Ă€ĂŒĂˆĂ™Ăš

$EEC$TE>[ +S6$TE >[ - ID>[ +S6$TE

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Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

21

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>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

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&/@5=# #<I&A.%

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ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

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ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

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MGS$L[7E DireĂ&#x;tor CertifiĂ&#x;ation Program LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D MGS$L[7E ExeĂ&#x;utive Development Program LCT'C<EVKS9+69R_<WD;c9D

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

ŠcC CWŠ

!V>J7%Ăš

ŠcC CWŠ &/@5=#

2551 Š = ++Z<S; <EVKS9 .V*_$OE =ER_9Jc9D+lT$S6 ¤CMT-;¼ 2550 Š 2551 <EVKS9 .V*_$OE =ER_9Jc9D+lT$S6 ¤CMT-;¼ 2548 Š 2550 <EVKS9 D[;Vc9D-V=DTE 6`GR _Of;+V_;WDEV*' +lT$S6 2538 Š 2548 <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¼ 2532 Š 2538 <EVKS9 D[;Vc9DcG; +lT$S6 ¤CMT-;¼

Ă€ĂŒĂˆĂ™Ăš

NÂŤA

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

DireĂ&#x;tor CertifiĂ&#x;ation Program Thai Institute of DireĂ&#x;tors ExeĂ&#x;utive Development Program Thai Ăˆisted Companies AssoĂ&#x;iation

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ

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ŠcC CWŠ

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

Master Degree in FinanĂ&#x;e, Chulalongçorn Ă‘niversity žaĂ&#x;helor Degree in Cost AĂ&#x;Ă&#x;ounting, Chulalongçorn Ă‘niversity žaĂ&#x;helor Degree in ĂˆaĂł, Ramçamhaeng Ă‘niversity žaĂ&#x;helor Degree in ĂˆaĂł, Suçhothaithammathirat Ă‘niversity

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

NÂŤA

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

NÂŤA

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ !V>J7%Ăš

>[ OlT;ID$TE? TD<S‰-W`GR $TE_*V; EO*>[ OlT;ID$TE? TD<S‰-W `GR$TE_*V; >[ +S6$TEOTIZaL? TD<S‰-W `GR$TE_*V; >[ +S6$TEOTIZaL? TD$TE_*V; >[ - ID>[ +S6$TE? TD<S‰-W

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2008 Š Present Singer Thailand PuĂžliĂ&#x; Company Ăˆimited 2007 Š 2008 Singer Thailand PuĂžliĂ&#x; Company Ăˆimited 2005 Š 2007 Ă‘nithai Shipyard & Engineering Ăˆtd. 1995 Š 2005 Singer Thailand PuĂžliĂ&#x; Company Ăˆimited 1989 Š 1995 Ă‘nithai Ăˆine PuĂžliĂ&#x; Company Ăˆimited

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Controller & FinanĂ&#x;e DireĂ&#x;tor Deputy Controller & FinanĂ&#x;e DireĂ&#x;tor Senior FinanĂ&#x;e and AĂ&#x;Ă&#x;ounting Manager Senior FinanĂ&#x;e Manager AssistanĂ&#x;e AĂ&#x;Ă&#x;ounting Manager

22

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš >/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

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Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

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2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd 2007 Š Present Singer ServiĂ&#x;e Plus Co., Ăˆtd. 2007 Š Present Singer ¤žroçerÂĽ Co., Ăˆtd.

DireĂ&#x;tor

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

DireĂ&#x;tor DireĂ&#x;tor

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

23

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ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ žritish CitiĂśen ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ Singer Asia Ăˆimited, 7th Floor, žasçerville Ă„ouse, 13 Duddell Street, Central, Ă„ong Çong ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ 1ÂĄ of Singer Asia Ăˆimited ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 26th April 2006 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 9 Years ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 1ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

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ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

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D 3D @ >/4B 5> ÂĄ Ă“its Ă‘niversity, South AfriĂ&#x;a, žaĂ&#x;helor of CommerĂ&#x;e Degree Ă“its Ă‘niversity, South AfriĂ&#x;a, žaĂ&#x;helor of AĂ&#x;Ă&#x;ounting Degree, Chartered AĂ&#x;Ă&#x;ountant ¤South AfriĂ&#x;aÂĽ Ă„arvard Ă‘niversity Graduate SĂ&#x;hool of žusiness, StrategiĂ&#x; Retail Management RAĂ‘ Ă‘niversity, South AfriĂ&#x;a, Diploma FinanĂ&#x;ial Marçets & Instruments

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

'/<3=!@ >/9&/- ÂĄ

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First National žanç Ăˆimited ÇPMG

Ă€ĂŒĂˆĂ™Ăš

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žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ

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ŠcC CWŠ

Ă“its Ă‘niversity, South AfriĂ&#x;a, žaĂ&#x;helor of CommerĂ&#x;e Degree Ă“its Ă‘niversity, South AfriĂ&#x;a, žaĂ&#x;helor of AĂ&#x;Ă&#x;ounting Degree, Chartered AĂ&#x;Ă&#x;ountant ¤South AfriĂ&#x;aÂĽ Ă„arvard Ă‘niversity Graduate SĂ&#x;hool of žusiness, StrategiĂ&#x; Retail Management RAĂ‘ Ă‘niversity, South AfriĂ&#x;a, Diploma FinanĂ&#x;ial Marçets & Instruments

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

NÂŤA

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

NÂŤA

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ !V>J7%Ăš

President & CEO Managing DireĂ&#x;tor Managing DireĂ&#x;tor Chief ExeĂ&#x;utive ¤Previously FinanĂ&#x;ial DireĂ&#x;torÂĽ Marçeting Manager Audit and Corporate FinanĂ&#x;e

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2005 Š Present Singer Asia Ăˆimited 2004 Š 2005 Ashton Chase Group Ăˆimited 2002 Š 2003 First PriĂśe Solutions ¤PTYÂĽ Ăˆimited 1995 Š 2002 Profurn Ăˆimited 1995 Š 1995 1991 Š 1995

First National žanç Ăˆimited ÇPMG

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

President & CEO Managing DireĂ&#x;tor Managing DireĂ&#x;tor Chief ExeĂ&#x;utive ¤Previously FinanĂ&#x;ial DireĂ&#x;torÂĽ Marçeting Manager Audit and Corporate FinanĂ&#x;e

24

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

>/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

2555 Š = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

!V>J7%Ăš

$EEC$TE

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 Š Present Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

DireĂ&#x;tor

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

25

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9>.D ¨ĂŽĂŒ ÂĄ 52 = ÂŤ years 6=s >!@ ÂĄ O_CEV$S; #AQ9.EĂš ÂĄ Ă‘CĂˆ Asia Partners ĂˆP 202 žasçerville Ă„ouse 13 Duddell Street 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 14 @FJ+V$TD; 2546 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 11 = 5 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœž ÂĄ 2ÂŤ5

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ AmeriĂ&#x;an ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ Ă‘CĂˆ Asia Partners ĂˆP 202 žasçerville Ă„ouse 13 Duddell Street ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 14th NovemĂžer 2003 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 11 Years, 5 mouths ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜› ÂĄ 2ÂŤ5

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

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ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

V>%3%

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ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

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ÂťĂ–Ă›ĂˆĂ“

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Š

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Š

Š

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D 3D @ >/4B 5> ÂĄ 2525 Š 2529 žrandeis Ă‘niversity, Ă“altham, MassaĂ&#x;husetts, Ă‘SA 2520 Š 2524 South Eugene Ă„igh SĂ&#x;hool

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 1982 Š 1986 1977 Š 1981

'/<3=!@ >/9&/- ÂĄ

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

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'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

ŠcC CWŠ

!V>J7%Ăš

ŠcC CWŠ

Currently 2534 2541 Š 2533

&/@5=#

!V>J7%Ăš

Ă‘CĂˆ Asia Ăˆimited Managing DireĂ&#x;tor General Oriental Investments žoard of DireĂ&#x;tors Asia SeĂ&#x;urities Senior Ă’iĂ&#x;e President

'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

ŠcC CWŠ

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

NÂŤA

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

NÂŤA

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

>/ V>/ !V>J7%Ú //- >/6V> =s#AQI AQ.3 ú9 ¥ ŠcC CWŠ

Ă€ĂŒĂˆĂ™Ăš

NÂŤA

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

None

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ

&- •

ŠcC CWŠ

žrandeis Ă‘niversity, Ă“altham, MassaĂ&#x;husetts, Ă‘SA South Eugene Ă„igh SĂ&#x;hool

Ă€ĂŒĂˆĂ™Ăš

Currently 1991 1998 Š 1990

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Ă‘CĂˆ Asia Ăˆimited Managing DireĂ&#x;tor General Oriental Investments žoard of DireĂ&#x;tors Asia SeĂ&#x;urities Senior Ă’iĂ&#x;e President

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ !V>J7%Ăš

ŠcC CWŠ

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ ŠcC CWŠ Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ LS‰‰T Âś cC CW

Ă€ĂŒĂˆĂ™Ăš

NÂŤA

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

NÂŤA

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

NÂŤA

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš NÂŤA Not having any, direĂ&#x;t or indireĂ&#x;t, staçeholder s Ăženefit as a Ă&#x;ontraĂ&#x;t partner in any Ăžusiness Ă&#x;onĂ&#x;erning the Company and its suĂžsidiaries.

26

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<(EĂş&/@7>/

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă›

™•

˜•

›•

š•

˜• %>.&Ds. !=%6 D1 ´Ă™Â• ŠĂ–Ă–Ă•Ă Ă–Ă•ĂŽ ÂťĂˆĂ•ĂšĂˆĂ’ĂœĂ“ //- >/(EĂş = >/L7sĂš Chief Executive Officer

™• %>.M* E/.Ă˝ 4D /Ă˝ >,/ Ă˝ ´Ă™Â• ¡ĂˆĂ?ÛÖÖÕ ÂşĂœĂ’Ă?ĂˆĂ•ĂˆĂ—Ă?ÖÙÕ

(Eú9V>%3. >/)ô>.&=s ÊJ1< >/I è% Controller & Finance Director

ϥ

š• %>. @4/ %D %> ´Ă™Â• ²ĂˆĂ•Ă?ÚÖÙÕ ÂľĂœĂ›ĂŠĂ?ĂˆĂ•ĂˆĂ™Ă› (EĂş9V>%3. >/)Ă´>. >. Sales Director

›• %>.6-*/ @ #3ĂŠ6@%*E% ´Ă™Â• ºÖÔ×ÖÙÕ ²Ă?ÛÛĂ?ĂˆĂ?ĂŒĂŒĂšĂ?Ă•Ă—Ă–Ă–Ă• (EĂş9V>%3. >/)Ă´>. >/!1> Marketing Director

ϥ %>.6.>- 9D8>/3 4Ă˝ ´Ă™Â• ÂşĂ?ĂˆĂ” ÂźĂ™ĂˆĂ“ĂžĂ–Ă•ĂŽ //- >/(EĂş = >/

&/è5=# è I 9/ý 1A6 èQ �'/<I#4M#.� V> =

Managing Director

Singer ³easing �hailanË� Co•“ ³t˕

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

27

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2554 Š = ++Z<S; 2552 Š 2554 $E$0T'C 2551 Š :S;IT'C 2551 2545 Š 2551 2544 Š 2545 2541 Š 2544

!V>J7%Ăš

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$.'. 2554 Š = ++Z<;S 2552 Š 2554 2548 Š 2552 2545 Š 2552

!V>J7%Ăš

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%>.6.>- 9D8>/3 4Ă˝

9>.D ÂĄ 47 = !V>J7%Ăš ÂĄ $EEC$TE>[ +S6$TE <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9DÂĽ +lT$S6 6= 6Ăš3% >/"C97DĂş% Â?ÂŒÂ? ”š˜–˜™–œž ÂĄ cC CW D 3D @ >/4B 5> ÂĄ Š =EV‰‰T7EW <EVMTE:ZE$V+ LT%T$TE7GT6 CMTIV9DTGSDOSLLSC-S‰ $EZ*_9@Q Š =EV‰‰Ta9 <EVMTE:ZE$V+ERMI T*=ER_9J LT%T:ZE$V+ERMI T*=ER_9J CMTIV9DTGSDa;IT _.T9 OVL_9VE ; CGES2 AGOEV6T LMES2Q >/9&/- ÂĄ Š DireĂ&#x;tor CertifiĂ&#x;ate Program ¤DCPÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D

´Ă™Â• ²ĂˆĂ•Ă?ÚÖÙÕ ÂľĂœĂ›ĂŠĂ?ĂˆĂ•ĂˆĂ™Ă›

¨ĂŽĂŒ ÂĄ 59 Years ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Sales DireĂ&#x;tor ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜› ÂĄ 5,000 shares 0.002ÂĄ ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ Š Master of ArtsÂś EĂ&#x;onomiĂ&#x; ĂˆaĂł, Chulalongçorn Ă‘niversity Š žaĂ&#x;helor of ĂˆaĂłs, Thammasat Ă‘niversity Š žaĂ&#x;helor of žusiness Administration ¤2nd Class Ă„ons.ÂĽ, Marçeting, Ă‘niversity of Thai ChamĂžer of CommerĂ&#x;e ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ NÂŤA žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

2011 Š Present 2008 Š 2011 Æuly 2008 Š DeĂ&#x;emĂžer 2008 2002 Š 2008 2001 Š 2002 1998 Š 2001

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Sales DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Sales and Marçeting DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. DireĂ&#x;tor of Operations, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Consultant, ÇĂ? Ă?ÜÍâïäÜ CĂŹ.Š Lùå. AssistanĂ&#x;e Managing DireĂ&#x;tor, Pâêà Ï Ă†ÍùâïÊÌäüù CĂŹ.Š Lùå. Marçeting Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL.

´Ă™Â• ºÖÔ×ÖÙÕ ²Ă?ÛÛĂ?ĂˆĂ?ĂŒĂŒĂšĂ?Ă•Ă—Ă–Ă–Ă•

¨ĂŽĂŒ ÂĄ 45 Years ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Marçeting DireĂ&#x;tor ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜› ÂĄ 4,000 shares 0.001ÂĄ ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ Š žaĂ&#x;helor of žusiness Administration ¤ž.ž.A.ÂĽ, MaĂŚor General Management, Assumption Ă‘niversity ¤AžACÂĽ Š Master of SĂ&#x;ienĂ&#x;e in International žusiness Management In CollaĂžoration Assumption Ă‘niversity, Ăˆondon, England ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ NÂŤA žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

Æuly 2011 Š Present 2009 Š 2011 2005 Š 2009 2002 Š 2005

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Marçeting DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Marçeting Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Senior ProduĂ&#x;t Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. ProduĂ&#x;t Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL.

´Ă™Â• ÂşĂ?ĂˆĂ” ÂźĂ™ĂˆĂ“ĂžĂ–Ă•ĂŽ

¨ĂŽĂŒ ÂĄ 47 Years ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Managing DireĂ&#x;tor, Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd. ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜› ÂĄ NÂŤA ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ Š žaĂ&#x;helor of žusiness Administration ¤ž.ž.AÂĽ, MaĂŚor Marçeting, Assumption Ă‘niversity ¤AžACÂĽ Š Master of International žusiness Administration, International žusiness, Nova Southeastern Ă‘niversity, Florida, Ă‘.S.A ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ Š DireĂ&#x;tor CertifiĂ&#x;ate Program ¤DCPÂĽ Thai Institute of DireĂ&#x;tors ¤IODÂĽ

28

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žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

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Ă€ĂŒĂˆĂ™Ăš

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

@.D. 2555 Š = ++Z<;S 7.'. 2551 Š @.D. 2555 $.D. 2549 Š $.D. 2551 _C.D. 2546 Š L.'. 2549 :.'. 2542 Š CW.'. 2546

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Nov 2012 Š Present OĂ&#x;t 2008 Š Nov 2012 Sep 2006 Š Sep 2008 Apr 2003 Š Aug 2006 DeĂ&#x; 1999 Š Mar 2003

Managing DireĂ&#x;tor, Ă?ÌÍäâï LâĂžðÌÍä ¼ÑüÞÌÊÞÍåŒ CĂŹ.Š Lùå. Credit DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. žusiness Development DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Marçeting DireĂ&#x;tor, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Marçeting Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL.

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´ĂšÂ• ÂŞĂ?ĂˆĂ•Ă›Ă?ÖÙÕÑĂ?Ă™Ăˆ ²Ă–Ă•ĂŽĂ›Ă–Ă•ĂŽĂšĂ”ĂœĂ›

¨ĂŽĂŒ ÂĄ 48 Years ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Company SeĂ&#x;retary and IR & PuĂžliĂ&#x; CommuniĂ&#x;ation Manager ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜› ÂĄ 1,840 Shares 0.0007ÂĄ ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ Š žaĂ&#x;helor of žusiness EĂ&#x;onomiĂ&#x;s, The Thai ChamĂžer of CommerĂ&#x;e Ă‘niversity Š SpeĂ&#x;ial Courses, FaĂ&#x;ulty of laĂł, Chulalongçron Ă‘niversity ĂˆaĂł and Regulations for the SeĂ&#x;retary of Company ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ Ă„elp Ăžy the Thai Ăˆisted Companies AssoĂ&#x;iation as folloó¡ 1. Corporate SeĂ&#x;retary Development Program ¤Ă&#x;lass2ÂĽ 2. Fundamental PraĂ&#x;tiĂ&#x;e for Corporate SeĂ&#x;retary ¤Ă&#x;lass22ÂĽ 3. Fundamental of ĂˆaĂł for Corporate SeĂ&#x;retary žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

2008 Š Present 2007 Š 2008 2004 Š 2007 1993 Š 2004 1992 Š 1993

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Company SeĂ&#x;retary & IR & PuĂžliĂ&#x; CommuniĂ&#x;ation Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. IR & PuĂžliĂ&#x; CommuniĂ&#x;ation Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Investor Relation DireĂ&#x;tor and Ă„R & Admin Manager, Ă Ă‚ CÞíÌùÞÊ PòĂ&#x;ĂŠĂŚĂ CÏêíÞÍÜ LÌêÌùâå Investor Relation Manager & SeĂ&#x;retary of Audit Committee, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Invertor Relation offiĂ&#x;er, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL.

´Ă™Â• ÂľĂˆĂ™Ă–Ă•ĂŽĂ‹ĂŒĂ‘ ²ĂŒĂ›ĂšĂ–Ă•ĂŽĂ’Ă™ĂˆĂ”

¨ĂŽĂŒ ÂĄ 42 Years ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Internal Audit Manager ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜› ÂĄ NÂŤA ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ Š žaĂ&#x;helor s Degree, General Management ¤AĂ&#x;Ă&#x;ountingÂĽ, RaĂŚaĂžhat Ă‘ttaradit Ă‘niversity ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ NÂŤA žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

Present 2012 Š Present 2012 Š 2013 2010 Š 2011 2009 1995 Š 2008 1995

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Internal Audit Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Chairman of the Audit Cooperative, Ă‚êíÊÏÜââð Ă?ÌÍäâï LÌêÌùâå. Internal Audit Assistant Manager, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. SeĂ&#x;tion Ă„ead, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Ă‘nit Ă„ead of Internal Audit, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. OffiĂ&#x;er of Internal Audit, Ă?ÌÍäâï ÑüÞÌÊÞÍå PCL. Night Audit., PòïÌêÞð ¿âÞà ü Ă…ÏùâÊ ÂŁ Ă?Ă­ĂžŠ Rayong, Thailand

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

< //- >/J1< <(EĂş&/@7>/ ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă›

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ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

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¨ĂœĂ‹Ă?Ă› ªÖÔÔĂ?Ă›Ă›ĂŒĂŒ

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Admiral Mom Ăˆuang Ă‘sni PramoĂŚ Chairman of the žoard and Independent DireĂ&#x;tor Mr. žoonyong Tansaçul Chief ExeĂ&#x;utive OffiĂ&#x;er Mr. ĂˆuĂ&#x;çsananoi Punçrasamee Independent DireĂ&#x;tor Mr. Christopher Æohn Çing Independent DireĂ&#x;tor Mr. žiĂžit žiĂŚaisoradat Independent DireĂ&#x;tor Mr. ToĂžias Æosef žroĂłn DireĂ&#x;tor Mr. Gavin Æohn Ă“alçer DireĂ&#x;tor Mr. Paitoon Suçhanaphorn DireĂ&#x;tor Mr. ĂˆuĂ&#x;çsananoi Punçrasamee Mr. Christopher Æohn Çing Mr. žiĂžit žiĂŚaisoradat

¾ÖÔĂ?Ă•ĂˆĂ›Ă?Ă–Ă• ĂˆĂ•Ă‹ šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• ªÖÔÔĂ?Ă›Ă›ĂŒĂŒ

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Chairman of Audit Committee MemĂžer MemĂžer

šĂ?ÚÒ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ªÖÔÔĂ?Ă›Ă›ĂŒĂŒ

Mr. žoonyong Tansaçul

Mr. Paitoon Suçhanaphorn Mr. Çanisorn NutĂ&#x;hanart Mr. Somporn Çitthaveesinpoon Chalerm CharoĂŚana Mr. Siam Ă‘ralĂłong

Chairman of Nomination and Remuneration Committee MemĂžer MemĂžer

Chairman of Risç Management Committee SeĂ&#x;retary ¤AĂ&#x;tingÂĽ Committee Committee Committee Committee

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă›

Mr. žoonyong Tansaçul Mr. Paitoon Suçhanaphorn

Chief ExeĂ&#x;utive OffiĂ&#x;er Controller & FinanĂ&#x;e DireĂ&#x;tor Mr. Çanisorn NutĂ&#x;hanart Sales DireĂ&#x;tor Mr. Somporn Çitthaveesinpoon Marçeting DireĂ&#x;tor

&/@5=# @ I 9/Ă˝ 1A6 @Q Â?'/<I#4M#.Â? V> = – ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ•“ ³Û˕ ;TDLDTC OZNTEI*J $EEC$TE>[ +S6$TE Mr. Siam Ă‘ralĂłong

Managing DireĂ&#x;tor

30

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Nomination & Remuneration Committee

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Risk Management Committee

Chief Executive Officer

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Controller & Finance

Sales

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HR & Administration DEPT. Manager

Company Secretary IR & Public Communication DEPT. Manager

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31

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ÂŻĂŒĂˆĂ‹ ÂśĂ?Ă?Ă?ĂŠĂŒ

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Singer Thailand PuĂžliĂ&#x; Company Ăˆimited šĂŒĂŽĂ?ĂšĂ›Ă™ĂˆĂ›Ă?Ă–Ă• No. 0107537000050

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72 , CAT TeleĂ&#x;om ToĂłer, 17th Floor, Charoen Çrung Road, žangraç, žangçoç 10500 ÂťĂŒĂ“ĂŒĂ—Ă?Ă–Ă•ĂŒ Âś 66Š2352Š4777 ­ĂˆĂ&#x; Âś 66Š2352Š4799 ÂŞĂˆĂ“Ă“ ÂŞĂŒĂ•Ă›ĂŒĂ™ ÂĄ 66Š2Š234Š7171 ÂşĂŒĂ™Ă?Ă?ĂŠĂŒ ÂŻĂ–Ă› ÂłĂ?Ă•ĂŒ Âś 668Š1840Š4555 ÂŻĂ–Ă”ĂŒ Ă—ĂˆĂŽĂŒ Âś óóó.singerthai.Ă&#x;o.th

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1 C$ET'C Š 31 :S;IT'C

• • •

DistriĂžution and Sales of home applianĂ&#x;es. SeĂłing MaĂ&#x;hines, and CommerĂ&#x;ial applianĂ&#x;es and other produĂ&#x;ts Ă„ire PurĂ&#x;hase Š Installment Payments serviĂ&#x;es After sales serviĂ&#x;es, MaintenanĂ&#x;e or repairs of applianĂ&#x;es

Æanuary 1 to DeĂ&#x;emĂžer 31

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Chandler and Thong Š Eç ĂˆaĂł OffiĂ&#x;es Ăˆtd. 20 žuĂžhaĂŚit žuilding, 7th Fl., North Sathorn Rd., žangçoç 10500, Thailand

(EĂş!/3 69&&=s ĂŠ

ÂŹĂ&#x;Ă›ĂŒĂ™Ă•ĂˆĂ“ ¨ĂœĂ‹Ă?ÛÖÙ

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šĂŒĂŽĂ?ĂšĂ›ĂŒĂ™ĂŒĂ‹ ÂŞĂˆĂ—Ă?Ă›ĂˆĂ“

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ÇPMG PhoomĂ&#x;hai Audit Ăˆtd. 1 Empire ToĂłer, 48th Fl., South Sathorn Rd., žangçoç 10120, Thailand Thailand SeĂ&#x;urities Depository Company Ăˆtd. 62 RatĂ&#x;hadapiseç Road, Çlongtoey, žangçoç 10110, Thailand Registrar and Paying Agent CIMž Thai žanç PuĂžliĂ&#x; Company Ăˆimited

270,000,000 <T9 ¤MZ ;LTCS‰ 270,000,000 MZ ; C[G' T9Wg7ETcI MZ ;GR 1 <T9ÂĽ 9Z;-lTER`G I Âś 270,000,000 <T9

žaht 270,000,000 ¤at 270,000,000 Ordinary Shares Ăłith a Par Ă’alue of žaht 1.00ÂĽ PaidŠup Capital Âś Fully paid up at žaht 270,000,000

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Æune 28, 1984 Investors Ă&#x;an aĂ&#x;Ă&#x;ess, for the purpose of revieĂłing and analysis, detailed information regarding the issue of neĂł shares or seĂ&#x;urities Ăžy the Company in the Annual Statement of the Company ¤Form 56Š1ÂĽ posted on óóó.seĂ&#x;.or.th OR on the Ă&#x;ompany s ĂłeĂžsite at óóó.singerthai.Ă&#x;o.th.

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33

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29 2ĉ/! :+- @! Percentage of Investment

@! Capital

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9Z;+69R_<WD; 1,450,000,000 <T9 Registered Capital 1,450,000,000 žaht MZ ;LTCS‰ 1,450,000 MZ ; Ordinary Shares 1,450,000 Shares 9Z;-lTER`G I 1,450,000,000 <T9 PaidŠup Capital 1,450,000,000 žaht

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9Z;+69R_<WD; Registered Capital MZ ;LTCS‰ Ordinary Shares 9Z;-lTER`G I PaidŠup Capital

5,000,000 <T9 5,000,000 žaht 5,000 MZ ; 5,000 Shares 5,000,000 <T9 5,000,000 žaht

<EVKS9 .V*_$OE ÂĽa<E'_$OE ÂŚ +lT$S6 _G%9Wg 72 OT'TE $L9 a9E'C;T'C -Sh; 17 8;;_+EV‰$EZ* `%I*<T*ES$ _%7<T*ES$ $EZ*_9@Q 10500 a9EJS@9 0Š2352Š4777 a9ELTE 0Š2352Š4799 Ă?ÌÍäâï ¼¿ïÏèâïŒ CĂŹ.Š Lùå. No. 72 CAT TeleĂ&#x;om ToĂłer, 17th Floor, Charoen Çrung Road, žangraç, žangçoç 10500 Tel. 66Š2352 Š4777 Fax. 66Š2352Š4799

9Z;+69R_<WD; Registered Capital MZ ;LTCS‰ Ordinary Shares 9Z;-lTER`G I PaidŠup Capital

200,000 <T9 200,000 žaht 2,000 MZ ; 2,000 Shares 200,000 <T9 200,000 žaht

99.99ÂĄ

99.88ÂĄ

99.70ÂĄ

#+8D( < :+ Business

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34

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b;= 2552 <EVKS9c6 bM CW$TECZ *_; ;b;;lTER<<%OO;ZCS7V _'E6V7$ O;%TD ¤Pre©approval Credit¥ a6D> T;J[;D O;ZCS7V_'E6V7 ¤Center Credit Offißers¥ +;9lTbM DO6 %TDLV;' T%O*<EVKS9G6G*c==ERCT5 20 $I T_=OE _.f;7 _CYgO_9WD<$S<= $ O; `7 <EVKS9$fDS*'*CZ *_; ;9Wg+R9lT7 Oc= _@YgObM c6 <S -W_- T.YhO9WgCW'Z5BT@

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

Singer Thailand PCÈ., is the distriÞutor of various eleßtrißal produßts and applianßes under the SINGER Þrand and trademarç © sußh as seóing maßhines, various home applianßes. Additionally, the Company also distriÞutes various applianßes for ßommerßial use © sußh as, Freeöers«¾everage ßoolers, Agrißultural produßts and tools, Airtime vending maßhines, Petrol vending maßhines and Slush maßhines. These produßts and applianßes are aimed at meeting the needs of all household ßonsumers as óell as small Þusiness ßustomers, óhißh are sold through Singer Þranßh outlets of the Company Þy our numerous sales agents«representatives of the Company. More than 80¡ of these sales are made on a hire purßhase installment Þasis· óhereÞy the Company provides hire purßhase sales through its suÞsidiary ßompany, Singer Èeasing ¤Thailand¥ Co., Ètd., in óhißh the Singer Thailand PCÈ., has a 99.99¡ equity shareholding. ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ºÛÙÈÛÌÎÐÌÚ

The Company has revieóed its strategy and updated its ßore Þusiness model, together óith the assoßiated operational strategies, from foßusing only on household ßustomers to also Þeing foßused on ßommerßial and small Þusiness ßustomers as óell as emphasiöing sales of ßommerßial produßts and applianßes, aimed at generating revenues for these ßommerßial ßustomers. This is in order to reduße the overall Þusiness risçs in Þeing dependent only on the household ßonsumers group. The Company is noó targeting the small retail shops ¤or shoóhuay ¥, operating in numerous loßal ßommunities and villages throughout the ßountry, of óhißh it is estimated there are several hundred thousands, óith, on average, as mußh

35

as 10 © 20 sußh small shops operating in eaßh village. The Company is foßusing on this target ßustomer, óith the aim of helping to raise their operating standards and improving their ßompetitive ßapaÞilities. ºÐÎÕÐÍÐÊÈÕÛ ÊÏÈÕÎÌÚ ÈÕË ÐÔ×ÙÖÝÌÔÌÕÛÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

In 1889, the Singer Seóing Company, from the ÑSA, appointed Çiam Äua Äeng Co., Ètd., as its loßal distriÞutor for Singer seóing maßhines in Thailand. Èater, in 1905, the Singer Seóing Company itself estaÞlished a Þranßh in Thailand, under the name of the Singer Seóing Maßhine Co., Ètd., óith the oÞæeßtive of selling and distriÞuting its seóing maßhines, together óith other related produßts, imported from overseas. The Company initiated and offered its installment high purßhase serviße for the first time in 1925, óith this installment payments Þeßoming the reßogniöed Þusiness model for Singer in Thailand as óell as other ßountries in Asia. From that time onóard and for the next 50 years or so, the Company sold and distriÞuted only its seóing maßhines and assoßiated produßts. Then in 1957, the Company also added other household eleßtrißal applianßes to its produßt range, starting óith refrigerators. Thereafter, on NovemÞer 24, 1969, Singer Thailand Co., Ètd., óas registered under the Thai laó, taçing over the Þusiness operations of the Singer Seóing Maßhine Co., Ètd., that later ßeased operating, óith an initial registered ßapital of ¾aht 60 million. Singer Thailand Co., Ètd., ßurrently has a total registered and fully paid up ßapital of ¾aht 270 million. In 1984, the Company óas approved to Þe a listed ßompany on the Stoßç Exßhange of Thailand ¤SET¥· and on Æanuary 4, 1994, the Company transformed and registered itself as a puÞliß listed

36

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37

·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

ßompany under the name of Singer Thailand PCÈ. Sinße its initial estaÞlishment and up to the present day, the Company has alóays operated its Þusiness óith honesty and in a legal manner, as óell as óith integrity and soßial responsiÞility. The Company has alóays ßontriÞuted, in a positive manner, to the eßonomiß development of the ßountry. On May 24, 2004, a very auspißious oßßasion oßßurred for the Company· óhereÞy Äis Maæesty the Çing graßiously Þestoóed the Garuda Insignia to the Company. The Company and all its staff felt they óere truly and greatly honored Þy Þeing given this royal aóard and reßognition, óhißh event is also ßonsidered to Þe an auspißious moment of good fortune in the history of the Company.

•

•

°Ô×ÖÙÛÈÕÛ ÊÏÈÕÎÌÚ ÈÕË ËÌÝÌÓÖ×ÔÌÕÛ ÔÐÓÌÚÛÖÕÌÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà ËÜÙÐÕÎ ÛÏÌ ×ÈÚÛ àÌÈÙÚ

•

•

• •

In 2009, the Company foßused on implementing a pre©approval ßredit system, through the proßess of its Credit Center offißers, óhißh resulted in a deßrease in total sales of approximately more than 20¡ ßompared to the previous year. ¾ut the Company is ßommitted to ßontinue using this system in order to aßhieve improved quality for its hire purßhase installment aßßounts In 2011, the Company started to signifißantly expand its Þusiness into the ßommerßial ßustomer segment © espeßially the small Þusiness ßustomers around the ßountry. This resulted in a ßlearly apparent inßrease in total sales from this neóly targeted ßustomer segment, espeßially for sales of Refrigerators« ¾everage ßoolers, Freeöers, and Airtime vending maßhines. In 2011, the Company reßeived ¾est Investor Relations Aóards and Outstanding Investor Relations Aóards óhißh óill aóard to the listed ßompany Þy SET, in SET Aóards 2011. In 2012, the Company aßhieved a total sales revenue mix of 60¡ for household ßonsumer ßustomers and 40¡ for ßommerßial«small Þusinesses ßustomers, espeßially óith sales of Refrigerators«¾everage ßoolers Þeing the leading produßts folloóed Þy

• • •

Óashing maßhines and Air ßonditioners. The Company is still ßommitted to further developing and groóing the ßommerßial«small Þusiness segments. In 2012, the Company estaÞlished ¤on Æune 27, 2102¥ the Singer Èeasing ¤Thailand¥ Co., Ètd., óith a registered and fully paid up ßapital of ¾aht 850 million, óith the oÞæeßtive of taçing over the ßonsumer finanße Þusiness and hire purßhase servißes, óhereÞy all the existing portfolio of hire purßhase ßustomer aßßounts óere transferred from Singer Thailand PCÈ. In 2012, the Company ßhanged and registered ¤on SeptemÞer 7, 2012¥ the name of the Singer Industry Co., Ètd., to Þe Singer Serviße Plus Co., Ètd., óith a registered ßapital of ¾aht 5.0 million, óhose ßore Þusiness is to provide quality after sales servißes, together óith installation on site repairs and maintenanße servißes of all Þrands of eleßtrißal applianßes and various other produßts at the ßonsumer s homes. In 2012, the Company reßeived again ¾est Investor Relations Aóards and Outstanding Investor Relations Aóards from the SET and for the seßond ßonseßutive year, in SET Aóards 2012. In 2013, at the annual SET Aóards event, the Company reßeived, from the SET, the Outstanding Investor Relations Aóards again for the 3rd ßonseßutive year. On DeßemÞer 19, 2013, Singer Èeasing ¤Thailand¥ Co., Ètd., inßreased its registered and paid up ßapital to ¾aht 1,450 million, óith the Singer Thailand PCÈ., having a 99.9¡ equity holding.

ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ

ºÐÕÎÌÙ ³ÌÈÚÐÕÎ »ÏÈÐÓÈÕË ªÖ ³ÛË º³³

¾ased on the longstanding and extensive Þusiness history of Singer, óhereÞy one of the ßore experienßes and Þusiness strengths of the Company is its expertise in hire purßhase aßtivities. Therefore, the Management reßogniöed this Þusiness strength and ßompetitive advantage· and, on Æune 27, 2012, the Company deßided to estaÞlish the Singer Èeasing ¤Thailand¥ Co., Ètd., in óhißh Singer Thailand PCÈ., is a maæority shareholder. Currently, SÈÈ has a registered and

38

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39

·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

fully paid up ßapital of ¾aht 1,450 million, óith its registered offißes Þeing loßated at 72, CAT Teleßom Toóer, 17 Fl., Charoençrung road, ¾angraç, ¾angçoç 10500. To date, SÈÈ has reßeived the transfer of all hire purßhase installments aßßounts and has taçen over the overall ßonsumer finanßing and hire purßhase servißes from Singer Thailand PCÈ., upon reßeiving formal approval from the EGM of Singer Thailand PCÈ., held on NovemÞer 26, 2012. SÈÈ is authoriöed to offer ßonsumer finanßing servißes for all eleßtrißal applianßes and produßts sold under the SINGER Þrand name, to expand its finanßing servißes Þusiness to inßlude any other Þrands of eleßtrißal applianße and produßts sold to Þoth ßustomers of Singer Thailand together óith outside ßustomers, and to provide other ßredit and finanßing servißes that óill faßilitate its groóth on a sustainaÞle Þasis. As sußh, to faßilitate the Company in sßreen and seleßting only quality ßredit ßustomers and in implementing effeßtive ßredit quality ßontrols measures, Singer Èeasing ¤Thailand¥ Co., Ètd., Þeßame a memÞer of the National Credit ¾ureau Co., Ètd., ¤NC¾¥ data netóorç on Æanuary 23, 2013, so that SÈÈ is noó aÞle to aßßess and ßheßç the ßredit Þaßçground of Þoth ßonsumers and æuristiß persons. ©ÜÚÐÕÌÚÚ ÔÖËÌÓ ÖÍ ºÐÕÎÌÙ ³ÌÈÚÐÕÎ »ÏÈÐÓÈÕË ªÖ ³ÛË

Providing ßredit and finanßing servißes, on a hire purßhase installment payment Þasis, through the sales netóorç of Singer Thailand PCÈ., for the purßhase of home applianßes Þy general ßonsumers and ßommerßial applianßes Þy small Þusiness operators. µÌÞ ·ÙÖÑÌÊÛ

Singer Èeasing ¤Thailand¥ Co., Ètd., has a polißy to expand its ßonsumer finanße servißes, through foßusing on and targeting purßhases of ßommerßial applianßes, under the SINGER Þrand name, Þy small Þusiness operators. The Company also aims to offer ßredit and finanßing servißes for the purßhase of applianßes and produßts under other Þrand names, in order to meet the needs of Þoth Singer s oón ßustomer Þase and general ßustomers óishing to purßhase Þoth Singer Þranded and non©Singer Þranded produßts for ßommerßial use in their small Þusinesses © sußh as, Refrigerators«Freeöers, ¾everage ßoolers, Airtime vending maßhines, and Petrol vending maßhines.

ªÖÔ×ÌÛÐÛÐÝÌ ºÛÙÈÛÌÎà

The oÞæeßtive of estaÞlishing Singer Èeasing ¤Thailand¥ Co., Ètd., is to foßus on the Group s ßore Þusiness in providing ßredit and finanßing servißes as óell as to enhanße the Group s ßapaÞility and ßompetitiveness, through redußing the restrißtions on Singer Thailand PCÈ., in offering hire purßhase finanßing servißes. The ßore Þusiness strategies of the Singer Èeasing ¤Thailand¥ Co., Ètd., are as folloós¶ 1. Supporting the ßredit and finanßing servißes for the purßhase of SINGER Þrand produßts. 2. At later point, expand the provision of ßredit and finanßing servißes to other Þrands of produßts. 3. Manage and maintain ßustomers installments loans aßßounts óithin the estaÞlished quality standards, in order to aßhieve minimal aßßount reßeivaÞles losses. 4. Implement ßredit approval proßedures that are Þoth ßonvenient and speedy. The Company has estaÞlished a Credit Approval Center , responsiÞle for ßheßçing, revieóing and assessing the ßredit óorthiness of loan applißants prior to approving the hire purßhase sale, through use of the National Credit ¾ureau Co., Ètd., data netóorç as óell as using the field Aßßount Cheßçer to direßtly ßheßç the finanßial standing and Þaßçground of the ßustomer. Additionally, a filed deÞt ßolleßtions team has Þeen estaÞlished to speedily solve any proÞlems relating to loans delinquenßies or defaults. 5. Manage the quality of its internal operations in regards to the çnoóledge and aÞilities of its Staff in ßarrying out their duties· and develop the potential sçills and ßapaÞilities of its Staff at all levels, in order to improve Þoth their effeßtiveness and effißienßy as óell as to faßilitate the Company to save ßosts and aßhieve inßreased profits. ºÐÕÎÌÙ ºÌÙÝÐÊÌ ·ÓÜÚ ªÖ ³ÛË ºº·³

This Company ¤formerly named Singer Industry Co., Ètd.¥, óith a registered and paid up ßapital of ¾aht 5.0 million, its registered offißes at 8 Moo 4 Samçoç©Sena road, ¾ang Nom Çho, Sena, Pranaçorn Sri Ayudhaya, 13110, foßuses on providing after©sales servißes © ranging from the installation, maintenanße, and repairs of all types and all Þrands. SSPÈ, as

40

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41

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the authoriöed sales distriÞutor of Singer Thailand PCÈ., also sells and distriÞutes spare parts and related ßomponent parts. The ßore oÞæeßtive of SSPÈ is to Þe a leading after©sales servißes provider and aßting liçe its ßustomer s home repair teßhnißian , through having a team of professionally trained and experienßed serviße teßhnißians providing quality after©sales servißes at standardiöed fees together óith after© serviße«repair óarranty. Additionally, SSPÈ is proaßtively expanding its servißes through training and sçills development of a neó generation of teßhnißians, to inßlude ßheßçing and maintenanße of ßommerßial applianßes that are used Þy its oóners for earning added inßome © namely, SINGER Get Rißh applianßes ¤i.e.¶ Petrol vending maßhines, Airtime vending maßhines, Drinçing óater vending maßhines, Tire air pumps, and Produßt Þox vending maßhines¥. The Company operates its Þusiness under Seßtion 17 of the Óeights and Measures Aßt ¾.E. repairs servißes ßategory· óhereÞy the Company has reßeived the offißial PÈ designation for all its measuring instruments«gauges used in its maintenanße«repairs servißes as an offißial quality assuranße guarantee under the Óeights and Measures Aßt ¾.E. 2542. SSPÈ has estaÞlished a Äotline ¤0©818©404©555¥ for its nationóide servißes ßoordination ßentre ßovering all provinßes in Thailand, óith total of 205 qualified serviße teßhnißians availaÞle through the Singer Thailand PCÈ., ¤STÈ¥ netóorç of more than 200 Þranßh outlets loßated in all provinßes of Thailand. ºÐÕÎÌÙ ©ÙÖÒÌÙ ªÖ ³ÛË º©³

This ßompany operates a Þroçerage serviße, aßting as life insuranße produßts sales agents for Thai Èife Insuranße PCÈ., óhereÞy only the Singer Thailand PCÈ s sales agents« representatives, óho are only those trained and ßertified, are aÞle to sell these life insuranße produßts to their ßustomers. ¹ÌÓÈÛÐÖÕÚÏÐ×Ú ÉÌÛÞÌÌÕ ÛÏÌ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ÎÙÖÜ× ÈÕË ÛÏÌ ÔÈÑÖÙÐÛà ºÏÈÙÌÏÖÓËÐÕÎ ÎÙÖÜ×

Singer Thailand PCÈ., ¤STÈ¥ reßeives teßhnißal and marçeting adviße together óith any required support and ßonsulting servißes relating to the ßore Þusinesses of the Company, through ßollaÞorating óith Singer Asia Äoldings ¾.Ò ¤SAľҥ. This is a ßompany estaÞlished under the laós of the

Netherlands and a related party óith the maæority Shareholder group of the STÈ, as óell as Þeing a suÞsidiary of Singer Asia Èimited and Seóço Äoldings Èimited that are, indireßtly, maæority Shareholders of Singer Thailand PCÈ. SAÄ¾Ò provides ßonsulting servißes to STÈ as required, neßessary and speßified in the frameóorç determined Þy the STÈ s ¾oard of Direßtors © sußh as, produßt planning, produßtion ßontrol, and produßt quality ßontrol of the outsourßed OEM manufaßturers, together óith solving of any manufaßturing proÞlems to ensure that produßts ßomply exaßtly óith The ßompany s requirements. SAÄ¾Ò also provides adviße regarding the marçeting of STÈ s eleßtrißal applianßes«produßts and marçet information useful for STÈ, together óith adviße in regards to selling and improving any assoßiated servißes to STÈ s ßustomers. This is to faßilitate STÈ to enhanße, on a sustained Þasis, its trustóorthiness and to aßhieve international standards of operations, óhißh óill enaÞle STÈ to effeßtively aßßess its target ßustomers, inßrease its sales revenues, as óell as enhanße the aßßeptanße of its produßts and its reputation in the marçet. Sußh marçeting and teßhnißal adviße together óith operational support servißes are provided under the ßurrent annual Consultanßy Agreement óith Singer Asia Äolding ¾.Ò. that is effeßtive for the period 1 Æanuary to 31 DeßemÞer, 2015. The total value of this related transaßtion paid in 2014 óas not more than 3¡ of Net TangiÞle Asset Òalue of STÈ. As sußh, this enaÞles STÈ to reßeive, from SAľÒ, teßhnißal support and marçeting adviße relating to marçet and produßts information together óith marçeting management teßhniques and transfer of relevant experienßes that óill faßilitate STÈ and the ßompanies óithin the STÈ group to aßhieve international standards of operations. The SINGER and SINGER AT ÄOME ÓORÈDÓIDE trade and servißes març and the SINGER Þrand made use of Þy the Company is authoriöed under the Trade Març Èißense Agreement· óhereÞy the trade març lißense fees payaÞle Þy the Company, to Singer Asia Èimited overseas, is equal to 0.1¡ of the total net sales of Singer produßts only, as agreed to in the æointly exeßuted Èißense Agreement.

42

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Singer Thailand PCÈ., is the distriÞutor of eleßtrißal produßts and applianßes under the SINGER Þrand, sußh as¶ seóing maßhines and various home applianßes. Additionally, the Company distriÞutes various applianßes for ßommerßial use, sußh as¶ ¾everage ßoolers, Agrißultural equipment and tools, Airtime vending maßhines, Petrol vending maßhines and Slush maßhines. These produßts and applianßes are aimed at meeting the needs of all household ßonsumers as óell as small Þusiness ßustomers on hire purßhase installment Þasis through direßt sales netóorç of over 3,500 Singer sales representatives spread out over more than 200 Þranßh outlets loßated throughout Thailand. This means that the Company has a sales netóorç ßovering all provinßes in Thailand to distriÞute its seóing maßhines, home applianßes together óith various applianßes for ßommerßial use. SINGER produßts and applianßes ßan Þe divided into 2 maæor ßategories as folloós¶ ¯ÖÔÌ È××ÓÐÈÕÊÌÚ

• • •

Seóing maßhines and aßßessories¶ seóing maßhines, seóing needles, and general luÞrißating oil ¤in drip and spray applißations¥, and sßissors· Äome applianßes¶ refrigerators, óashing maßhines, gas stoves, and air ßonditioners· Audio and Òideo produßts¶ Flat sßreen, ÈCD and ÈED TÒs, satellite dishes, digital set©top Þoxes, and home theatre systems.

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• •

Coolers¶ Freeöers, ¾everage ßoolers, Óine ßoolers, Iße ßream freeöers, and Slush maßhines· Òending Maßhines¶ Airtime vending maßhines, Petrol vending maßhines, Óater vending maßhines, Tire air pump vending maßhines, and Produßt Þox

•

43

vending maßhines· Agrißultural equipment¶ Óater pumps, Engines for general use, and PortaÞle fertiliöer spraying maßhines.

During the past 2 © 3 years, the Company has expanded the marçet of Airtime vending maßhines to ßover the óhole of Thailand totaling more than 50,000 maßhines, maçing the Company, ßurrently, to Þe the leader in sales of Airtime vending maßhines. Additionally, this has resulted in the Company having to set up a server system dedißated to managing airtime top up serviße through its netóorç of SINGER airtime vending maßhines and Þeßoming a maæor sales agent of the 3 maæor moÞile phone serviße provider, AIS, DTAC and True, óhißh has generated additional revenues together óith ßreating a neó sourße of inßome for the Company. The Company sells all produßts under the SINGER Þrand name, Þoth through ßash sales and hire purßhase installment sales, óhißh ßan Þe ßategoriöed into 2 main groups, Äome applianßes and Commerßial applianßes. Äoóever, reßently the Company has distriÞuted and sold more applianßes for ßommerßial use for more than 50¡ of the total sales revenues, resulting in the Company deßiding to ßreate a SuÞ Þrand SINGER GET RICÄ for the ßommerßial applianßes in order to aßhieve a more distinßt produßt differentiation and to more effeßtively ßreate a unique marçet for ßommerßial uses. The Company has ßreated the folloóing Þrands positioning as folloó· 1. SINGER Þrand of Äome applianßes 2. SINGER GET RICÄ Þrand of Commerßial applianßes.

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45

ŠĂœĂšĂ?Ă•ĂŒĂšĂš ÂśĂ—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•Ăš Ă–Ă? Ă›Ă?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

The Company offers Ă&#x;redit installment sales through Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd., SuĂžsidiary Company, in ĂłhiĂ&#x;h Singer Thailand PCĂˆ., has 99.9ÂĄ equity holding, and sells direĂ&#x;tly through Singer ĂžranĂ&#x;h outlets, sales representatives and authoriĂśed dealers loĂ&#x;ated throughout Thailand. The

maĂŚority of produĂ&#x;ts as Ăłell as applianĂ&#x;es distriĂžuted and sold Ăžy Singer Thailand are outsourĂ&#x;es for produĂ&#x;tion, on an Original Equipment ManufaĂ&#x;turer ¤OEMÂĽ Ăžasis, Ăłhom all are the quality loĂ&#x;al manufaĂ&#x;turers.

šĂŒĂ?ĂŒĂ•ĂœĂŒĂš ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ Â?Ă?Ă•ĂŠĂ“ĂœĂ‹Ă?Ă•ĂŽ Ă?Ă•Ă›ĂŒĂ™ĂŒĂšĂ› Ă?Ă•ĂŠĂ–Ă”ĂŒÂ?ÂĄ

7KH RYHUDOO VRXUFHV RI UHYHQXHV VKRZQ EHORZ DUH VHSDUDWHG E\ W\SHV RI SURGXFWV DSSOLDQFHV DQG JHRJUDSKLFDO VDOHV Â?Ă?Ă• ŠĂˆĂ?Ă› ” ÂťĂ?Ă–ĂœĂšĂˆĂ•Ă‹ĂšÂ?

ÂşĂˆĂ“ĂŒĂš šĂŒĂ?ĂŒĂ•ĂœĂŒĂš Â?Ă‰Ă Ă—Ă™Ă–Ă‹ĂœĂŠĂ›ĂšÂ–ĂˆĂ—Ă—Ă“Ă?ĂˆĂ•ĂŠĂŒĂšÂ?

Ă“ashing MaĂ&#x;hines Refrigerators FreeĂśersÂŤĂ&#x;oolers Television sets SeĂłing MaĂ&#x;hines Air Conditioners Airtime vending maĂ&#x;hines ¤ATĂ’MÂĽ Petrol Ă’ending MaĂ&#x;hines Total sales revenues Š in Thailand Other ProduĂ&#x;ts & ApplianĂ&#x;es sold ÂŤother inĂ&#x;ome in Thailand 3URGXFWV $SSOLDQFHV VROG RYHUVHDV ÑÏùÞÊ Ă?ĂžÊâð Ă?âóâÍòâð ÞÍå ÆÍùâïâðù ÆÍà Ïêâ

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11 9 22 10 3 9 17 15 96 4

441,932 322,808 844,032 374,050 109,583 484,009 459,167 347,627 3,383,208 241,310

12 9 23 10 3 13 13 10 93 7

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The Company operates only one Ă&#x;ore Ăžusiness unit, that sells produĂ&#x;ts and applianĂ&#x;es only in Thailand¡ therefore no ĂžusinessÂŤ finanĂ&#x;ial information is given that is separated into various Ăžusiness units.

šĂŒĂ?ĂŒĂ•ĂœĂŒĂš ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ Ă–Ă? ÂşĂœĂ‰ĂšĂ?Ă‹Ă?ĂˆĂ™Ă ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš Â?Ă?Ă• ŠĂˆĂ?Ă› ”Ă?Ă–ĂœĂšĂˆĂ•Ă‹ĂšÂ?

ŠĂœĂšĂ?Ă•ĂŒĂšĂš ¨ĂŠĂ›Ă?Ă?Ă?Ă›Ă Â–ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÆÍà Ïêâ ĂŁĂŻĂŹĂŞ Ă°ĂžÊâð ¡ Singer Thailand PCĂˆ. ¤STĂˆÂĽ ÆÍà Ïêâ ĂŁĂŻĂŹĂŞ ÌÍùâïâðù ĂŁĂŹĂŻ üÌïâ íòïà üĂžðâ Ă°ĂžÊâð Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd. ¤SĂˆĂˆÂĽ Singer Thailand PCĂˆ. ¤STĂˆÂĽ

ÂśĂ—ĂŒĂ™ĂˆĂ›Ă?Ă•ĂŽ ÂŒ ÂŹĂ˜ĂœĂ?Ûà ¯ÖÓËĂ?Ă•ĂŽ ĂœĂ•Ă‹ĂŒĂ™ Ă‰à º³

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46

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47

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©ÜÚÐÕÌÚÚ ¨ÊÛÐÝÐÛà ªÖÔ×ÈÕà

Æëàìêâ ãïìê ðâïóæàâð Singer Thailand PCÈ. ¤STÈ¥ Singer Serviße Plus Co., Ètd. ¤SSPÈ¥ Æëàìêâ ãïìê æëðòïÞëàâ ßïìèâïÞäâ Þäâëàö Singer ¤¾roçer¥ Co., Ètd. ¤S¾È¥ Ìñåâï æëàìêâ Singer Thailand PCÈ. ¤STÈ¥ Singer Èeasing ¤Thailand¥ Co., Ètd. ¤SÈÈ¥ Singer Serviße Plus Co., Ètd. ¤SSPÈ¥ Singer ¤¾roçer¥ Co., Ètd. ¤S¾È¥ ÑÌѾL

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304

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´ÈÙÒÌÛ ÈÕË ªÖÔ×ÌÛÐÛÐÝÌ ¬ÕÝÐÙÖÕÔÌÕÛ È ´ÈÙÒÌÛÐÕÎ ·ÖÓÐÊÐÌÚ ÈÕË ¨ÊÛÐÝÐÛÐÌÚ ªÖÔ×ÌÛÐÛÐÝÌ ºÛÙÈÛÌÎà

The Company uses a direßt sales strategy in selling on a hire purßhase installment Þasis together óith a ßash sales Þasis. As sußh, all hire purßhase installment sales are undertaçen through ßontinuing strißt regulations, to minimiöe any possiÞle losses as mußh as possiÞle. All produßts and applianßes sold Þy the Company are of good quality that is on par óith or even Þetter than those sold Þy other Þrands, óith selling prißes, on a ßash purßhase Þasis, are the same or similar as other Þrands. The Company s ßustomer Þase is mostly made up of households and residents loßated in the provinßes· óhereÞy the Company has 2 main sales ßategories as folloós¶ 1. Singer Direßt retail sales to ßonsumers through the netóorç of Singer sales representatives, 2. Óholesales through its authoriöed dealers netóorç that ßover some overseas sales ßhannels © espeßially in neighÞoring ßountries, sußh as ¶ Èaos, CamÞodia, and Myanmar· together óith group sales © partißularly for seóing maßhines and related aßßessories, ßoolers«freeöers and óine ßoolers, as óell as other small home eleßtrißal applianßes. Óith regard to its ßore produßts, home eleßtrißal applianßes, sußh as refrigerators and Televisions already have a high oónership rate and a loó marçet groóth potential, the Company has implemented a used©produßt trade©in strategy applißaÞle for all Þrands. This is in order to inßrease its marçet Þase and sales revenues· óhereÞy this strategy is also

0 2,307

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applißaÞle for all types of home eleßtrißal applianße sußh as¶ óashing maßhines and Coolers«Freeöers. The Company has also developed neó produßts and applianßes to meet the need of its various ßustomer groups, together óith ßontinuously improving the quality of all its produßts. Additionally, the Company has ßontinually introdußed and launßhed neó produßts, aimed at targeting and inßreasing its ßoverage of other ßustomer groups to also inßlude small Þusiness and small retail outlets ¤ie¶ shoóhuay shops¥, food outlets, ßoffee shops, and apartments«student residenßes Þy offering various produßts and applianßes sußh as Airtime vending maßhines, Petrol vending maßhines, and Slush maßhines that óill inßrease Þoth the ßompetitive aÞility and potential revenues for the small Þusiness operators. «ÐÚÛÙÐÉÜÛÐÖÕ ºÈÓÌÚ ªÏÈÕÕÌÓÚ ºÛÙÈÛÌÎà

The Company sells its produßts and applianßes through its oón Þranßh outlets netóorç ¤totaling 217 Þranßhes¥ loßated throughout the ßountry and through its oón sales representatives netóorç ¤totaling more than 3,500¥. The Company trains its sales forße, so that they have a solid understanding of all produßts and features· óhereÞy this sales forße netóorç is a vital driving forße in expanding Þoth the Company s marçet Þase. The Company primarily maçes use of its direßt sales ßhannel, óhißh aßßounts for over 95¡ of its total sales· and approximately 80¡ of its sales are made on a hire purßhase installment payment Þasis through the Singer Èeasing ¤Thailand¥ Co., Ètd., a SuÞsidiary in óhißh the Company has a 99.9¡ equity holding. Óith regard to the quality of the ßustomer s hire purßhase installments aßßounts, Singer Èeasing ¤Thailand¥

48

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Co., Ètd. ßarries out a thorough ßheßç of these ßustomers and their aßßounts at Þoth the pre©selling and post©sales stages. The Credit Control Offiße«Center has to verify and approve all hire purßhase ßustomers Þefore the sale is made· óhereÞy the ßredit approval proßess inßludes maçing use of the internal ßustomer dataÞase of the Company and ßheßçing the dataÞase of the National Credit ¾ureau. Óhile post©sale ßheßçs involve the Aßßount Cheßçer monitoring and revieóing the aßßuraßy of the ßustomer s hire purßhase aßßount details, to ensure óhether or not the aßßount ßorresponds exaßtly to the approve ßredit limits and ßonditions, together óith maçing aßtual visits to all ßustomers at home. Currently, there are more than 100 Aßßount Cheßçers responsiÞle for revieóing all hire purßhase ßustomer aßßounts, as óell as óorçing direßtly under and Þeing revieóed Þy the Credit Control Department. É °ÕËÜÚÛÙà »ÙÌÕËÚ ÈÕË ªÖÔ×ÌÛÐÛÐÝÌ ¬ÕÝÐÙÖÕÔÌÕÛ

Thailand s overall eßonomiß groóth ¤GDP¥ rate for full year 2014 óas approximately 0.8¡YoY, sinße the negative eßonomiß trends only started to staÞiliöe and improve in late Íuarter 3. The eßonomiß groóth in Íuarter 4 óas mainly driven Þy inßreased private investment and aßßeleration of Þudget disÞursements Þy the neó Government, together óith positive support from an improved tourism trend due to the yearend high season and tourists feeling more ßonfident aÞout ßoming to Thailand. Further, more positive improvements óere also apparent for Þoth the exports and ßonsumer ßonsumption trends. These positive faßtors óill also help drive Thailand s overall 2015 GDP groóth to reaßh 2.5 © 3.0¡ YoY óhereÞy ßlose monitoring still needs to Þe maintained on the various çey Government polißies and initiatives, aimed at proaßtively driving the eßonomy in a more positive direßtion © sußh as, tax strußture reforms, laÞor óages, and support for the agrißultural seßtor, together óith inßreased puÞliß investments for maæor infrastrußture proæeßts. ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÉÜÚÐÕÌÚÚ ÍÖÙ ÌÓÌÊÛÙÐÊÈÓ ×ÙÖËÜÊÛÚ ÈÕË È××ÓÐÈÕÊÌÚ

This hire purßhase servißes Þusiness in Thailand is divided into 2 maæor groups, óith eaßh having different ßustomer Þase and ßharaßteristißs. • The first group ßonsists of these maæor players¶ Ayudhaya Capital Servißes Co., Ètd., ¤Çrungsri First Choiße¥ and AEON Thana Sinsap ¤Thailand¥ PCÈ., óith eaßh offering ßonsumer finanßing for various other produßts apart form for eleßtrißal applianßes, sußh as¶ teleßoms produßts, offiße equipment, home furniture, motorßyßles, and automoÞiles. • The seßond group foßuses mainly on duraÞle produßts óith a long life together óith home applianßes· óhereÞy ßurrently only Singer Thailand PCÈ., uses a direßt sales and marçeting approaßh for hire purßhase

installment sales through its netóorç of the Company s Þranßh outlets and sales representatives«ßolleßtors. Although home eleßtrißal applianßes ¤sußh as TÒs and Refrigerators¥ already have high rate of oónership and, thus, a loó potential marçet groóth rate· hoóever, the Company s Management vieó is that marçet groóth ßan Þe aßhieved through implementing Þoth replaßement marçet and assoßiated trade©in marçeting strategies. As sußh, the Company offered that all types as óell as Þrands of used produßts and home applianßes ßan Þe traded©in for neó SINGER Þrand produßts or applianßes, Þy disßount of ¾aht 1,000 © 1,500 per applianße, together óith Þeing aÞle to purßhase the neó applianße on an affordaÞle hire purßhase installment plan and Þenefit from the Singer Thailand quality after©sales servißes through its nationóide netóorç of Þranßh outlets. These strategies are aimed at the Company Þeing aÞle to aßhieve inßreased sales of all the produßts and applianßes sold and distriÞuted Þy the Company. ºÌÞÐÕÎ ´ÈÊÏÐÕÌÚ

Many manufaßtured ßonsumer produßts used in everyday life ¤sußh as¶ shirts, Þlouses, trousers, sçirts, dresses, Þags, shoes, Þed sheets, pilloó ßases etß.¥ all need seóing maßhines in their produßtion proßess. Therefore, various types of seóing maßhines are óidely used for large sßale manufaßturing as óell as for medium and small sßale produßtion, together óith general seóing maßhines used at home. The seóing maßhines marçet ßonsists of 2 segments¶ First is an industrial seóing maßhines that are used to manufaßturer everyday ßonsumer produßts on an industrial sßale, other is seóing maßhine that used in home. Óell©çnoón Þrands of seóing maßhines in Thai marçet are inßlude SINGER, Æanome, Elvira, ¾rother, and Æuçi· together óith various loó© end Þrands and inexpensive maßhines imported from China to ßompete in this marçet. Seóing maßhines are very duraÞle applianßes, óith a ßonsideraÞly long life depending on the proper usage and upçeep. Currently, there is a groóing demand for seóing maßhines © espeßially those using neó teßhnology and modern applißations that maçes them ßomputeriöed seóing maßhines, óhißh are more effißient and produßtive, as óell as modern and ßompaßt. These modern produßts ßan Þe used to maçe uniquely designed handßrafted produßts at home and are popular in the age of Do It Yourself ¤DIY¥ trends. °Ô×ÖÙÛÈÕÛ ªÏÈÕÎÌÚ ÐÕ ÛÏÌ ªÖÔ×ÌÛÐÛÐÝÌ ¬ÕÝÐÙÖÕÔÌÕÛ

At present, there are many large non©Þanç ßompanies in Thailand offering ßonsumer finanße produßts and servißes,

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together óith ßredit ßard ßompanies sußh as¶ Amerißan Express ¤Thai¥ ßo., Ètd. ¤AMEÔ¥, Çrungsriayudhya Card Co.,Ètd. ¤ÇCC¥, Çrungthai Card PCÈ. ¤ÇTC¥, General Card Servißes Èimited, Diners CluÞ ¤Thailand¥ Ètd. Óhile the non©Þanç ßompanies inßlude AEON Thana Sinsap ¤Thailand¥ ¤AEONTS¥, Ayudhaya Capital Servißes Co., Ètd., ¤Çrungsri First Choiße¥, and Easy ¾uy PCÈ., ¤EASY ¾ÑY¥. These ßompanies all foßus on offering hire purßhase installment servißes and personal loans. There is also Singer Thailand PCÈ., ¤SINGER¥ that has Þeen providing only hire purßhase installment servißes of produßts and applianße for more than 125 years. The non©Þanç ßompanies ßan Þe divided into 2 groups, eaßh óith respeßtively different Þusiness and marçeting foßus, sußh as AEON, EASY ¾ÑY and Çrungsri First Choiße, foßus on hire purßhase installment servißes and personal loans for ßustomers óith good ßredit reßord and a monthly inßome of not less than ¾aht 4,000. Óhile ßompany liçe SINGER, target to grass root ßustomers óho living in upßountry and mostly óorçing in the agrißultural seßtor. These ßompanies sell direßt sales to the end ßonsumer and also ßomÞine the pre©sales and after sales servißes ßosts into the overall priße ßharged to their ßustomers. This is a different Þusiness model used Þy the first group ¤ie¶ AEONT, ÇFC `GR EASY ¾ÑY¥, óhißh ßompete on offering speedy ßredit approval and rate of interest ßharged. Óhile ßompanies in the seßond group, that target ßonsumers living in the loßal provinßes óith an agrißultural©Þased livelihood, ßompete on estaÞlishing and Þuilding long term relationships óith their ßustomers living in loßal provinßial ßommunities through offering good pre©sales and after sales servißes. Moreover, sußh direßt sales strategies must also çeep in mind the ongoing needs of their ßustomers through ßontinually offering neó servißes and produßts. ¶ÜÛÚÖÜÙÊÐÕÎ ºÜ××Óà ÖÍ ·ÙÖËÜÊÛÚ ÈÕË ¨××ÓÐÈÕÊÌÚ

After 2002, the Company ßhanged from ordering its seóing maßhines from Singer Industries ¤Thailand¥ Co., Ètd., to outsourßing the supply of ßomplete seóing maßhines from overseas manufaßturers and suppliers, sinße importing ßomplete seóing maßhines is less expensive than the total ßost of loßal assemÞly and manufaßture from imported seóing maßhine çits. These ßomplete produßts purßhased from overseas manufaßturers aßßount for approximately 3¡ of the total value of the produßt range and revenues of the Company. As for other eleßtrißal home applianßes, the Company outsourßes from quality loßal manufaßturers on an Original Equipment Manufaßturer ¤OEM¥ Þasis, namely from the folloóing loßal home applianßes manufaßturers and suppliers of SINGER Þranded home applianßes produßts¶

1. Äaier Eleßtroniß PCÈ. ¶ Refrigerators, Óashing maßhines and Air ßonditioners 2. Sanyo Commerßial Solution ¤Thailand¥ Co., Ètd.¶ Freeöers, ¾everage ßoolers and Óine ßooler 3. Thai Samsung Eleßtronißs Co., Ètd. ¶ Refrigerators, Air ßonditioners, and Óashing maßhines 4. Sharp Thai Co., Ètd. ¶ Refrigerators 5. Changhong Eleßtriß Co., Ètd. ¶ ÈCD TÒs 6. Èußçy Flame Co., Ètd.¶ Gas stoves 7. ADT Online ¤Thailand¥ Co., Ètd.¶ Airtime vending maßhines 8. S. Safe Oil Èimited Partnership Company¶ Petrol vending maßhines 9. Èußçy Star Ñniversal Co., Ètd.¶ Þeverage ßooler ßaÞinets 10. Anthurium Teßh©design Co., Ètd.¶ online moÞile phone airtime vending maßhines Additionally, apart from offering SINGER Þranded eleßtrißal produßts and applianßes, the Company also ßollaÞorates óith Muang Thai Èife Assuranße PuÞliß Company Èimited and Muang Thai Insuranße PuÞliß Company Èimited in order to expand Þoth the life as óell as general insuranße marçets and produßts into the Company s existing ßustomer and marçet Þases. ¬ÕÝÐÙÖÕÔÌÕÛÈÓ °Ô×ÈÊÛÚ

The Company is fully reßogniöes the importanße for the need to ßonserve energy usage and to proteßt the environment. Therefore, the Company has aßtively promoted the use of energy©effißient eleßtrißal produßts and applianßes as one of its many ßorporate soßial responsiÞility related aßtivities, together óith ßontinually developing neó energy©effißient eleßtrißal produßts and applianßes. As sußh, all eleßtrißal produßts or applianßes distriÞuted and sold Þy the Company are quality ßertified and ßarry the No 5 eleßtrißity energy©effißient emÞlem. Furthermore, all SINGER refrigerators have Þeen developed to use ßooling refrigerants that do not harm the environment or the óorld s oöone layer, namely, NON CFC and C©Pentane that have 0©level ßertifißation in regards to destroying the oöone . The Company is fully ßommitted to operating its Þusiness Þased on good quality standards, as óell as for the maximum Þenefit and interest of soßiety and the ßonsumers on a sustainaÞle Þasis. ·ÌÕËÐÕÎ ¾ÖÙÒ ÛÖ ÉÌ ËÌÓÐÝÌÙÌË¡

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¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ªÖÔ×ÈÕà Ú ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ¨ÊÛÐÝÐÛÐÌÚ

In reßognition of the various potential risçs that ßould adversely affeßt its Þusiness operations, the Company has determined prinßiples and guidelines to manage these possiÞle risçs together óith a proßess to ßontinually revieó and improve its existing operating proßedures aimed at enhanßing Þoth estaÞlished risçs management measures and Þeing óell© prepared to meet any future risçs. As sußh, the prinßiples and proßedures for risç management together óith various perßeived risçs that may impaßt the Company s operations are summariöed as folloós¶

·ÙÐÕÊÐ×ÓÌÚ ÖÍ ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ

The Company manages risçs on a multiple dimension, sußh as¶ risçs relating to hire purßhase ßustomer aßßounts, Þusiness and marçet environment related risçs, finanßial liquidity risçs, operational risçs, and risçs relating to human resourßes, together óith various other possiÞle risçs © e.g.¶ natural disasters, floods and tsunami. In this regard, the Company has the folloóing çey prinßiples and proßedures for managing risçs.

ª

ª

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53

of the Þusiness unit to enaÞle the aßhievement of estaÞlished and assoßiated æoint goals and targets. ÊÞëÞäâêâëñ Þëá àìëñïìé ìã ïæðèð ßö Þë Þòñìëìêìòð ïæðè êÞëÞäâêâëñ òëæñ. This reßently estaÞlished risç management unit, the Risç Management Committee, independently oversees and undertaçes various measures, through Þeing responsiÞle for as óell as foßused on assessing and ßontrolling risçs, together óith maçing independent reßommendations, to the operational ¾usiness Ñnits, in regards to various proßedures in managing and minimiöing risçs to aßßeptaÞle levels. ÅÞóæëä àéâÞïéö áâãæëâá íìéæàæâð ïâéÞñæëä ñì ïæðè êÞëÞäâêâëñ. The Risç Management Committee is also responsiÞle for determining effeßtive risç management polißies and measures óithin the estaÞlished guidelines speßified Þy the Company s ¾oard of Direßtors. Âããâàñæóâ êÞëÞäâêâëñ ìã Þéé íâïàâæóâá ïæðèð. This is aßhieved through ßlearly indentifying every possiÞle type of risçs that ßould oßßur © as óell as inßluding various internal risçs óithin the organiöation. ÂóÞéòÞñæìë ìã ìíâïÞñæìëÞé ¿òðæëâðð Òëæñð ïâáòàñæìë ìã ïæðèð This is done through the assessment the ¾usiness Ñnit s effeßtiveness after faßtoring in the possiÞle risçs together óith the effeßtive management of those risçs

ª ª Çìæëñ íÞïñæàæíÞñæìë æë ñåâ êÞëÞäæëä ïæðèð ßö ßìñå ñåâ ïâðíâàñæóâ ¿òðæëâðð Òëæñ Þëá ñåâ æëóìéóâá ìíâïÞñæëä äïìòí· The operating Þusiness unit, in óhißh the various risçs oßßur, is direßtly responsiÞle for management of those risçs on an ongoing Þasis, so that the risçs are effeßtively minimiöed to aßßeptaÞle

·ÙÖÊÌËÜÙÌÚ ÍÖÙ ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ levels appropriate for and ßorresponding to the To aßhieve effeßtive and effißient risç management, expeßted returns from its operations. At the same time, the supporting Þusiness units óill give support, the Company has estaÞlished the folloóing proßedures and as required, in regards to the operational aspeßts respeßtive proßesses relating to the management of risçs.

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ª ÆáâëñæãæàÞñæìë ìã íìñâëñæÞé ïæðèð· Identify all possiÞle future risçs in regards to various ßategories and possiÞle ßauses together óith assoßiated internal and external faßtors· as óell as assess Þoth ßurrent and neó risçs that may oßßur in the future. ª ¾ððâððêâëñ ìã ïæðèð· Evaluate various risçs through maçing use of the appropriate tools, methodology and measures in assessing risçs· óhereÞy this proßess needs to Þe revieóed and approved óithin a suitaÞle timeframe as appropriate. ª Êìëæñìïæëä Þëá àìëñïìééæëä ïæðèð· Regularly and ßontinuously monitor as óell as ßontrol the required sßope of risç management polißies and proßedures, in order to ensure that these are in aßßordanße óith estaÞlished overall prinßiples, polißies, guidelines, and regulations, and that all risçs are óithin the agreed aßßeptaÞle levels as determined Þy the Company s ¾oard of Direßtors. ª Ïâíìïñæëä ïæðèð· Report the various ßategories or type of risçs in a ßomprehensive manner, to ensure that the overall management of risçs is at the maximum level of effeßtiveness.

ßompetitive and rely on a high degree of ongoing teßhnologißal development and innovation during the produßt life ßyßle. Äoóever, sinße the Company is only the distriÞutor and not the manufaßturer of these produßts, there is no direßt risç relating to teßhnologißal development and innovation to the distriÞution Þusiness model of the Company. Moreover, the Company is alóays searßhing for manufaßturers, óho have the produßtion and servißing ßapaÞilities Þut do not have the distriÞution ßhannels, so the Company is in a position to assist them in this regards through inviting sußh manufaßturers to Þeßome a Þusiness partner. This enaÞles the various produßts sold Þy the Company to Þe ßontinuously developed and improved. Furthermore, the Company has a polißy to maçe provisions for those produßts that are out©of©date or of poor ßondition, in order to mitigate or reduße the possiÞle finanßial risçs to the Company s finanßial statements.

2. Interest inßome from hire purßhase installment sales at a fixed rate on the day of exeßuting the hire purßhase agreement. At the same time, the interest rates paid on Þorroóings Þy the Company is a finanße ßost for the hire purßhase Þusiness and is alóays ßhanging aßßording to the prevailing loßal and As sußh, in order to avoid possiÞle finanßial losses and gloÞal eßonomiß, soßial and politißal situations. Thus, this to support the various ¾usiness Ñnits to effeßtively operate on element is ßonsidered to Þe a finanßial ßost related risç for the a ßontinuing Þasis, determining these risç management polißies Company «Group of Companies, sinße the Company Þorroós and proßedures must also ßonsider possiÞle future ßhanges in Þoth short and long term funds from Þançs and various finanßial the overall Þusiness environment in terms of Þoth normal and institutions together óith issuing deÞentures· óhereÞy sußh Þorroóed funds have Þoth fixed and variaÞle interest rates as possiÞle ßrisis situations. appropriate to the needs © in terms of value and timing © to ½ÈÙÐÖÜÚ ×ÖÚÚÐÉÓÌ ÙÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÛÏÌ Ö×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ finanße the Company s hire purßhase sales ßustomers. ¼ÕÐÛÚ ®ÙÖÜ× ÖÍ ªÖÔ×ÈÕÐÌÚ ÉÜÚÐÕÌÚÚÌÚ ÈÚ ÚÜÔÔÈÙÐáÌË ÉÌÓÖÞ¡ ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÔÈÙÒÌÛÐÕÎ ÈÕË ÚÈÓÌÚ ÈÊÛÐÝÐÛÐÌÚ

Risçs relating to marçeting and sales aßtivities refers to possiÞle risçs to the Company s revenues and Þusiness operations· óhereÞy the overall revenues of the Company« Group of Companies are derived from these 3 çey sourßes¶ 1. Revenues from the distriÞution and sales of eleßtrißal applianßes and produßts for use in households and for small Þusinesses· sußh as, Seóing Maßhines, Coolers«Refrigerators, Airtime Òending Maßhines, and Petrol Òending Maßhines· óhereÞy the respeßtive marçets for these produßts are very

3. Revenues from the after sales serviße aßtivities of the Company, óhißh is a longstanding ßomponent of the Company s overall operations until it has Þeßome a ßore strength of the Company attraßting ßustomers to deßide to Þuy from the Company. Äoóever, in offering sußh after sales serviße aßtivities also entails a risç that the Company may not Þe aÞle to meet all the ßustomers timing needs and deadlines, due to having insuffißient numÞer of serviße teßhnißians on hand or a shortage of spare parts used for repairs. This situation may lead to ßustomers Þeing dissatisfied, or and laßç ßonfidenße in the Company s ßapaÞilities, or even deßide to Þuy other Þrands instead. Therefore, to minimiöe this risç, the Company deßides

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to estaÞlish a SuÞsidiary Company that is direßtly responsiÞle for and fully foßused on after sales servißes aßtivities. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÛÏÌ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÜÚÛÖÔÌÙÚ ÈÊÊÖÜÕÛÚ

Customers hire purßhase aßßounts are the heart of the Company s operations, sinße over 80¡ of the Company s sales are made on a hire purßhase installment Þasis. Therefore, the Company plaßes great importanße to minimiöing any risçs relating to sußh ßustomers deÞts, sußh as¶ inaÞility to ßolleßt, órite offs, and any assoßiated fraudulent aßtivities. Therefore, Company has defined various measures to oversee and ßontrol these hire purßhase deÞtor aßßounts in a stringent manner, from assessing the ßreditaÞility of hire purßhase applißants through using a ßredit sßoring system as part of the ßredit approval proßess, ßlose monitoring and regular assessment of ßustomer aßßounts, to proseßuting or taçing legal aßtion in the event of ßustomers defaulting. All sußh aßtivities are part of an independent operation that is aimed at more effeßtively managing hire purßhase sales aßtivities· óhereÞy, in 2012, the Company estaÞlished Singer Èeasing ¤Thailand¥ Co., Ètd., primarily Þased on the former Credit & Risçs Department and fully separate from the previous sales and ßolleßtions aßtivities in order to aßhieve full flexiÞility and speedier operations. All hire purßhase ßustomers are also required to provide a guarantor or ßollateral, after the Company s ßredit ßontrol offißers have assessed and approved the ßredit óorthiness of the applißant and Þefore ßonßluding the sale, although this proßess and requirement may reduße some sales. The Company óill ßontinue to undertaçe sußh pre©selling ßredit ßheßçing as óell as óill expand the sßope of this pre©selling proßess, so that the Company óill aßquire only hire purßhase ßustomers of good ßredit quality. Additionally, further improvements to the ßustomers dataÞase óill Þe implemented together óith other operational aspeßts of the ßredit sales proßesses, so that they are more effeßtive and aßßurate, óhißh óill reduße the potential losses assoßiated óith hire purßhase aßßounts. Also provisions, Þased on ßonservative proæeßtions, óill ßontinue to Þe made for possiÞle losses· óhereÞy provisions are made immediately after a hire purßhase sale has Þeen ßonßluded to minimiöe risçs of any negative impaßts to the finanßial statements and status of the Company.

Furthermore, in regards to oversight and ßontrols, the Company still adheres to the ßore polißy of öero toleranße initiated in 2010, in regards to any possiÞle irregular or fraudulent internal aßtivities. Every year the Company arranges to have an Employee Fidelity Insuranße ßoverage taçen óith an insuranße ßompany, in order to minimiöe possiÞle losses resulting from any fraudulent aßtions óithin the Company· óhereÞy in 2015 the Company adæusted the total insuranße ßoverage of this Employee Fidelity Insuranße polißy, to Þe more appropriate to neó Staff positions and inßreased value of fraudulent aßtions oßßurring in 2014 resulting from the overall adverse eßonomiß environment and deßlining proßess for agrißultural produßts. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÔÈÕÜÍÈÊÛÜÙÐÕÎ

Most of the produßts and applianßes distriÞuted and sold Þy the Company are produßed under an OEM ¤Original Equipment Manufaßturer¥ arrangement, and rely upon availaÞle loßal manufaßturing ßapaÞilities and expertise. As sußh, the Company has many suppliers, and does not depend solely one or a feó manufaßturers, so that there is no monopoly held Þy only one supplier in regards to manufaßturing aspeßts of the Company s operations. This also enhanßes the Company s Þargaining poóer in regards to plaßing orders for produßts and applianße at the most ßompetitive purßhase prißes that are appropriate for the overall ßosts of goods sold of the Company s Þusinesses. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÍÐÕÈÕÊÐÈÓ ÈÚ×ÌÊÛÚ

The Company s operations neßessitates it to have various sourßes of funds and Þorroóings from Þançs and finanßial institutions as óell as institutional investors, óhißh, at any given time, involves some degree of unßertainty depending upon the prevailing finanßial and ßapital marçet ßonditions © Þoth loßally and internationally. Therefore, the Company is alóays suÞæeßted to Þeing affeßted Þy any ßhanges in the overall liquidity of these marçets and the prevailing interest rates. The Company has a polißy to Þorroó funds from various Þançs, finanßial institutions and institutional investors óithout seleßting any speßifiß Þançs or finanßial institutions in partißular, in order to spread its risçs relating to Þoth the sourßes as óell as the ßosts of Þorroóings.

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In order to aßhieve maximum liquidity and Þe óell© prepared for any ongoing flußtuations in interest rates for its Þorroóings that may affeßt the finanßial aspeßts of the Company s operations and its overall ßosts of funds, the Company deßided to issue long term deÞentures, at a fixed interest rate, that is equal to 72.8¡ of the total Þorroóings of the Company, óith those deÞentures ßoming due óithin 1 year equal to 32.5¡. Óith regards to liquidity of the Company, after taçing into ßonsideration its ßurrent ratio, as at the end of DeßemÞer 2014 of 2.8 times ¤ßomprising of short term and long term loans as óell as the deÞentures ßoming due óith 1 year totaling ¾aht 379.2 million¥, the Èeverage Ratio is equal to1.13 times, óhißh is still ßonsidered to Þe quite loó. There are also risçs relating to flußtuations in the foreign exßhange rates that ßould impaßt the operations of the Company, resulting from importing produßts for distriÞution and sales from overseas suppliers. Äoóever, sinße the imported of the Company produßts is equal to only 3¡ of total sales, sußh risçs relating to the ßost of sales of its imported goods ¤ie¶ seóing maßhines¥ are minimal· óhereÞy the Company is aÞle to minimiöe risçs relating to the ßosts of imported produßts through inßreasing the selling priße· as óell as through importing sußh produßts from China óith óhom Thailand has a FTA ¤Free Trade Agreement¥ in plaße. There are also risçs relating to the Þeing aÞle to maintain deÞt©related ßovenants, defaulting on loans repayments, and future investment requirements Þy the Company· óhereÞy, in Þorroóing funds from Þançs, finanßial institutions and institutional investors, speßifiß loan ßonditions are imposed upon the Company, sußh as¶ maintaining a DeÞt«Equity Ratio of not more than 3¶1· maintaining an Interest ¾earing Ratio to Total Shareholders Equity of not more than 2¶1. From the Þusiness operations in 2014, the Company has maintained these 2 çey Ratios at the required loó levels· namely¶ a DeÞt«Equity Ratio of 1.13 and an Interest ¾earing Ratio to Total Shareholders Equity of 0.67. Äoóever, the perßentage of total Non©Performing Èoans ¤or NPÈ¥ overdue Þy more than 3 months, that a ßertain Þanç speßified to Þe not more than 5.0¡, is at 6.49¡· óhereÞy the Company has informed the Þanç in question of this situation. The Þanç in

question has aßçnoóledge this matter as óell as has agreed to maçe alloóanßes and to set a neó NPÈ target, to Þe more appropriate to the future Þusiness operations of the Company. Óith regard to deÞt©related ßovenants relating to the Þorroóings from Þançs, if any sußh ßommitments ßannot Þe maintained Þy the Company then disßussions óith lenders, Þased on valid reasons, are required to ensure that lenders fully understand the aßtual nature of the Company s operating environment and assoßiated limitations on the Company. This is Þeßause eaßh ßompany has different operating faßtors and issues· óhereÞy it is not possiÞle to use one uniform set of loan ßonditions to Þe applißaÞle for all ßompanies. Otheróise, it ßan result in a ßompany not Þeing aÞle to meet the imposed loan oÞligations, and even to default on its loan repayments. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ®ÖÝÌÙÕÔÌÕÛ ÙÌÎÜÓÈÛÐÖÕÚ ÈÕË ÈÊÛÐÖÕÚ

The hire purßhase Þusiness is very ßompetitive. Therefore, the Government Þelieves it is important that it should Þe regulated and Þe overseen Þy the Offiße of Consumer Proteßtion ¾oard ¤OCP¾¥, in order to ensure that hire purßhase ßompanies do not taçe unfair advantage of ßonsumers. The Department of ¾usiness Development, the Ministry of Commerße announßed, in 2001, that the hire purßhase sales of eleßtrißal applianßes Þusiness Þeßome a ßontrolled Þusiness óith guidelines Þeing issued for the hire purßhase agreement, interest rate ßharged, fees for defaulting on payments, and penalties for late payments· óhereÞy all of these çey faßtors may Þe areas óhere ßompanies taçe unfair advantage of ßonsumers. Other legal regulations have also Þeen issued to ensure that Þusiness operators are also responsiÞle to ßonsumers for any produßt liaÞilities. Therefore, the Company has determined guidelines relating to its hire purßhase Þusiness aßtivities, together óith providing produßt guarantees for those produßts sold Þy the Company in ßomplianße to the various Government laós and regulations. Furthermore, the Company also ßontinuously and ßlosely monitors neós of any neó Government polißies regarding sußh regulations, so that it ßan alóays amend and improve its oón guidelines relating to its hire purßhase Þusiness aßtivities, as óell as çeep up óith and maintain full ßomplianße óith any applißaÞle regulatory requirements. As sußh, the

60

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Company has reßeived various Certifißates of Reßognition and Aóards from the Offiße of Consumer Proteßtion ¾oard ¤OCP¾¥ regarding its produßts laÞeling and advertising, as óell as for its hire purßhase agreements, that are ßonsidered to Þe fair and equitaÞle for ßonsumers © on 21 Æanuary 2003, on 21 SeptemÞer 2007, and again in 2008 © for Þeing a Company that strißtly proteßts ßonsumer rights. As for the Þusiness relating to Petrol Òending Maßhines, the Company has adhered to all applißaÞle Government regulations for all Þusinesses that involve óeighing and measuring· óhereÞy the Company has its measuring instruments« maßhinery for selling petrol Þe inspeßted and ßertified to ensure that they ßonform to the manufaßturer s speßified standards Þefore Þeing sold, as óell as to have them regularly inspeßted every 2 years thereafter. Furthermore, the Company also ensures that these Petrol Òending Maßhines meet the required safety standards as speßified and ßontrolled Þy the Energy ¾usiness Department· óhereÞy the Company ßoordinates óith the manufaßturers and the involved ßontrolling Government agenßy, to ensure that the Company fully ßomplies óith all the speßified standards and requirements. If there are any speßifiß areas to Þe improved, then the Company óill taçe aßtion to reßtify the proÞlem in order to prevent any risç of damages or non©ßomplianße from oßßurring. ¹ÐÚÒ ÙÌÓÈÛÐÕÎ ÛÖ ÕÈÛÜÙÈÓ ËÐÚÈÚÛÌÙÚ

Reßent oßßurrenßes of floods, earthquaçes, landslides, and tsunami have shoón that various natural disasters are real risç faßtors to óhißh the Company needs to give importanße Þeßause these risçs may signifißant impaßt on the Company s Þusiness operations as óell as ßause damages to the Company s assets. Óhile the Company ßannot avoid sußh risçs, Þut it ßan reduße the risçs and possiÞle damages as óell as find óays to proteßt the Company s interests through Þeing óell©prepared and ßlose ßooperation from all Staff in proteßting the Company s assets. This is Þeßause the Company has assigned all Þranßh outlet managers to operate and proteßt their respeßtive outlets together óith the Company s Þusiness similar to an entrepreneur óould proteßt his«her oón Þusiness and assoßiated assets in the outlet. Furthermore, sinße the Company s outlets are sßattered throughout the ßountry, this ßan Þe ßonsidered as a óay of

spreading out possiÞle risçs from natural disasters, namely¶ in the event of floods in one area of the ßountry, then sales representatives in other unaffeßted areas ßan ßontinue the sales operations óithout any interruption. Moreover, the Þusiness model of the Company also involves ßanvassing potential ßustomers óithin the area of the outlet and not æust selling from the Þranßh outlets. As sußh, if a natural disaster oßßurs, sußh as in the event of the floods, it does not neßessary mean that sales at the affeßted Þranßh outlets are interrupted. In faßt, this óas the evident during the reßent extensive floods in the ßentral region and ßertain areas of ¾angçoç· óhereÞy sales and ßolleßtions aßtivities still ßontinued, and Þranßh operations óere very quißçly restored to their normal status in only a very short period after the floods reßeded. Äoóever, as a further measure to proteßt its assets from Þeing affeßted Þy possiÞle natural disasters, the Company has transferred sußh risçs Þy also taçing out an All Risçs insuranße polißy óith the Muang Thai Insuranße PCÈ. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ×ÖÓÐÛÐÊÈÓ ÊÖÕÍÓÐÊÛÚ ÐÕ »ÏÈÐÓÈÕË

The Company reßogniöes that possiÞle risçs and threats ßould oßßur as a result the unßertain politißal situation in Thailand, that óill have direßt impaßts on lives and assets, together óith a direßt affeßt on the safety of the Company s staff and its Þusiness operations· óhereÞy sußh risçs ßannot Þe avoided. As sußh, the Company has prepared various measures, as óell as ßlosely monitors and assesses, on a ßontinuous Þasis, the politißal situation, together óith updating any affeßted parties on the prevailing situation and reßommending various safety measures to Þe undertaçen. In sußh situations, the Company also inßreases its seßurity measures in all its Þusiness faßilities, and also has prepared a ¾usiness Continuity Plan¶ ¾CP that inßludes preparedness of its IT systems and plans for staff to óorç from home or from a Þaßç©up offiße site. ¹ÐÚÒÚ ÙÌÓÈÛÐÕÎ ÛÖ ÏÜÔÈÕ ÙÌÚÖÜÙÊÌÚ

Äuman resourßes is another çey sußßess faßtor for the Company· Þut it is also a sourße of potential risçs ¤sußh as, retirement or resignations¥ to the overall operations of the Company óith regard to possiÞle interruptions to normal Þusiness aßtivities.

62

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šĂ?ÚÒ ­ĂˆĂŠĂ›Ă–ÙÚ

Therefore, the Company plaĂ&#x;es great importanĂ&#x;e on every employee, through taçing Ă&#x;are of their proĂžlems and happiness, as Ăłell as looçing after them as if Ăžeing a memĂžer of the same family. The Company also supports and faĂ&#x;ilitates them to Ăłorç in positions appropriate to their aĂžilities, as Ăłell as giving staff, at all levels, opportunities for regular and Ă&#x;ontinuous training. Furthermore, the Company has estaĂžlished an Employee Retirement Fund, so that they Ăłill not Ăže affeĂ&#x;ted finanĂ&#x;ially upon reaĂ&#x;hing retirement age. šĂ?ÚÒÚ Ă™ĂŒĂ“ĂˆĂ›Ă?Ă•ĂŽ ÛÖ Ă™ĂŒĂ—Ă–ĂšĂšĂŒĂšĂšĂ?Ă•ĂŽ ĂŽĂ–Ă–Ă‹Ăš Ă–Ă™ Ă—Ă™Ă–Ă‹ĂœĂŠĂ›Ăš

It is normal that a hire purĂ&#x;hase sales Ăžusiness have unavoidaĂžle risçs relating to the required repossession of good or produĂ&#x;ts sold, despite the faĂ&#x;t that suĂ&#x;h repossessions Ăłill result in reduĂ&#x;ed revenues as Ăłell as inĂ&#x;reased inventory for the Company. On the other hand, suĂ&#x;h aĂ&#x;tions are part of measures aimed at preventing any possiĂžle large losses from delays or defaults Ăžy Ă&#x;ustomers in regards to meeting their agreed hire purĂ&#x;hase installments Ăłhen due. The Company then resells the repossessed goods in the used produĂ&#x;ts marçet as a Ăłay of Ă&#x;ompensating for possiĂžle damages, even though losses on the repossessed goods, after taçing into aĂ&#x;Ă&#x;ount of the remaining prinĂ&#x;ipal ĂžalanĂ&#x;e still payaĂžle together Ăłith any additional Ă&#x;osts to repair and reĂ&#x;ondition the repossessed goods as may Ăže required in some instanĂ&#x;es. Ă„oĂłever, repossessing applianĂ&#x;es and reselling them on the used applianĂ&#x;es marçets Ă&#x;an also Ăže Ă&#x;onsidered as another marçeting and sales strategy in the hire purĂ&#x;hase sales Ăžusiness ´ĂˆĂ•ĂˆĂŽĂ?Ă•ĂŽ Ă™Ă?ÚÒÚ Ă™ĂŒĂ“ĂˆĂ›Ă?Ă•ĂŽ ÛÖ Ă–Ă—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•Ăš

SuĂ&#x;h risçs refer to possiĂžle mistaçes and errors in undertaçing ĂžusinessŠrelated aĂ&#x;tivities or to possiĂžle inadequateness or defiĂ&#x;ienĂ&#x;ies in the estaĂžlished operating proĂ&#x;edures, staff aĂžilities, Ăłorçing systems and IT systems, together Ăłith other external risçs faĂ&#x;tors ¡ all of ĂłhiĂ&#x;h may, direĂ&#x;tly or indireĂ&#x;tly, have an adverse affeĂ&#x;t on or Ă&#x;ause damages to the overall revenues and hire purĂ&#x;hase Ă&#x;ustomer aĂ&#x;Ă&#x;ounts of the Company.

ÂŽĂœĂ?Ă‹ĂŒĂ“Ă?Ă•ĂŒĂš Ă?Ă–Ă™ Ă”ĂˆĂ•ĂˆĂŽĂ?Ă•ĂŽ Ă–Ă—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•ĂˆĂ“ Ă™Ă?ÚÒÚ

All Ăžusiness units operational systems and proĂ&#x;edures have inherent operational risçs inĂ&#x;luding assoĂ&#x;iated IT systems

that may adversely affeĂ&#x;t the Company, its Ă&#x;ustomers, as Ăłell as Shareholders. The Company has alĂłays plaĂ&#x;ed great importanĂ&#x;e on managing operational risçs together Ăłith Ă&#x;ontinuously determining poliĂ&#x;ies in regards to managing these risçs inĂ&#x;luding ongoing development of operational risçs management measures¡ ĂłhereĂžy the intent is that all Ăžusiness units should have in plaĂ&#x;e appropriate proĂ&#x;edures to manage their respeĂ&#x;tive operational risçs that are systematiĂ&#x; and of uniform standards, as Ăłell as they should Ăže required to undertaçe regular reŠ assessments of their risç management measures in order to aĂ&#x;hieve ongoing effeĂ&#x;tive management of all potential risçs Ăžefore they oĂ&#x;Ă&#x;ur. Additionally, Senior Management is aĂžle to have a Ăžroad overvieĂł of all the possiĂžle risç faĂ&#x;tors to enaĂžle more Ă&#x;omprehensive and effeĂ&#x;tive risç management measures to Ăže determined, and use of relevant information in maçing Ăžusiness deĂ&#x;isions as Ăłell as in Ăžeing full Ă&#x;ompliant Ăłith all the relevant appliĂ&#x;aĂžle regulations. Additionally, the Company has undertaçen a full assessment of the risçs and potential effeĂ&#x;tiveness of the risç management poliĂ&#x;ies for any planned neĂł Ăžusiness aĂ&#x;tivity and the assoĂ&#x;iated Ăžusiness operating proĂ&#x;edures Š namelyÂś estaĂžlishment of the Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd. Š that foĂ&#x;uses on operating the hire purĂ&#x;hase installments Ăžusiness aĂ&#x;tivities¼¡ and the name Ă&#x;hange from Singer Industry ¤ThailandÂĽ Co., Ăˆtd., to Singer ServiĂ&#x;e Plus Co., Ăˆtd. Š that foĂ&#x;uses on after sales serviĂ&#x;es, repairs and maintenanĂ&#x;e aĂ&#x;tivities together Ăłith onsite at home repairs serviĂ&#x;es. This enaĂžles the Company to Ăže Ă&#x;onfident that the planned neĂł Ăžusiness operations, together Ăłith the respeĂ&#x;tive operational systems and proĂ&#x;esses, have assoĂ&#x;iated risçs that are at aĂ&#x;Ă&#x;eptaĂžle levels and also the appropriate assoĂ&#x;iated effeĂ&#x;tive Ă&#x;ontrols proĂ&#x;edures Ăžefore initiating their serviĂ&#x;es to Ă&#x;ustomers. As suĂ&#x;h, the Company is fully Ă&#x;ommitted to further developing, on a Ă&#x;ontinuous Ăžasis, the existing systems and proĂ&#x;edures relating to its risç management proĂ&#x;edures and inĂ&#x;luding any assoĂ&#x;iated neĂł tools or modern methodologies.

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63

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64

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Singer Thailand PCÈ., s polißy relating to dividend payments is to pay not more that 60¡ of the annual ßonsolidated Net Profit after tax and after alloßating for required legal and other reserves in any year. Äoóever, sußh dividend payments

óill also depend upon the ßurrent eßonomiß and Þusiness environment, the aßtual amount of Net Profits, after tax as óell as future investment plans.

»ÏÌ ÏÐÚÛÖÙà ÖÍ ËÐÝÐËÌÕË ×ÈàÔÌÕÛÚ ÖÍ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ª³ ÍÖÙ ÛÏÌ ×ÈÚÛ àÌÈÙÚ ÐÚ ÈÚ ÍÖÓÓÖÞÚ

Interim Dividend Payment Final Dividend Payment * Total Dividend Paid Par Òalue«Share

65

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¦ In aßßordanße óith the resolution of ¾oard of Direßtors Meeting No. 204, held on 27 FeÞruary 2015, to Þe proposed to the sßheduled of AGM No. 48 to Þe held on April 24, 2015.

Ëìñâ ·

1. The Company registered the ßhange on the par value per ordinary share from ¾aht 10.00 per share to Þe ¾aht 1.00 per share on 10 May 2004 2. Singer Thailand PCÈ., has paid dividend from 1984 onóards

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* In aßßordanße óith the resolution of ¾oard of Direßtors Meeting No.11, held on 27 FeÞruary 2015, to Þe proposed to the sßheduled of AGM No.4 to Þe held on April 24, 2015.

·ÖÓÐÊà ÍÖÙ «ÐÝÐËÌÕË ·ÈàÔÌÕÛÚ ÖÍ ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ

Sinße Singer Thailand PCÈ., holds more than 99¡ in the SuÞsidiary Companies, therefore dividend payments óill

depend upon the requirements of the maæority Shareholder as ßonsidered appropriate and óithin the legal requirements

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ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš Ă–Ă? Ă›Ă?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

Oversight of ManagementÂś The struĂ&#x;ture and Ă&#x;omposition of the Company s žoard of DireĂ&#x;tors Ă&#x;onsist of the žoard of DireĂ&#x;tors, together Ăłith the Audit Committee, the Nomination and Remuneration Committee, Risç Management Committee and the ExeĂ&#x;utiveÂŤManagement Group¡ ĂłhereĂžy the qualifiĂ&#x;ations of Independent DireĂ&#x;tors and MemĂžers of the Audit Committee are in full aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith those speĂ&#x;ified Ăžy the SeĂ&#x;urities and ExĂ&#x;hange Commission ¤SECÂĽ and the StoĂ&#x;ç ExĂ&#x;hange of Thailand ¤SETÂĽ Ăłithout any exĂ&#x;eptions or Ă&#x;onditions Ăłhatsoever. ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ´ĂŒĂŒĂ›Ă?Ă•ĂŽĂš

The Company s žoard of DireĂ&#x;tors has determined that, normally, žoard Meetings Ăłill taçe plaĂ&#x;e onĂ&#x;e every quarter together Ăłith any required speĂ&#x;ial žoard Meetings as deemed neĂ&#x;essary, Ăłith the Company SeĂ&#x;retary Ăžeing responsiĂžle for

67

advising the agenda items required for Ă&#x;onsideration, and for informing the žoard through the NotifiĂ&#x;ation of žoard Meetings ĂłhiĂ&#x;h are sent out in advanĂ&#x;e to all žoard MemĂžers together Ăłith any relevant supporting doĂ&#x;uments. All žoard DireĂ&#x;tors have the opportunity to independently express their opinions or Ă&#x;omments, Ăłithout Ăžeing under the influenĂ&#x;e of anyone person or any group of persons. During 2014, a total of 4 žoard Meetings Ăłere held, ĂłhiĂ&#x;h are the 4 ordinary žoard Meetings sĂ&#x;hedule in advanĂ&#x;e for the year. Prior to every meeting, details of the agenda items for Ă&#x;onsideration, together Ăłith all relevant doĂ&#x;uments and information for eaĂ&#x;h agenda item, Ăłere sent out to alloĂł eaĂ&#x;h DireĂ&#x;tor suffiĂ&#x;ient time to study and revieĂł them in advanĂ&#x;e. The Company also held its Annual General Shareholders Meeting during 2014. The attendanĂ&#x;e reĂ&#x;ord of all DireĂ&#x;tors at the žoard Meetings and the Annual General Shareholders Meeting, during 2014, is as folloĂłsÂś

¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă™ĂŒĂŠĂ–Ă™Ă‹ Ă–Ă? ĂˆĂ“Ă“ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ› ŠĂ–ĂˆĂ™Ă‹ ´ĂŒĂŒĂ›Ă?Ă•ĂŽĂš ĂˆĂ•Ă‹ Ă›Ă?ĂŒ ¨Ă•Ă•ĂœĂˆĂ“ ÂŽĂŒĂ•ĂŒĂ™ĂˆĂ“ ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹ĂŒĂ™Ăš ´ĂŒĂŒĂ›Ă?Ă•ĂŽ Ă‹ĂœĂ™Ă?Ă•ĂŽ ™—˜›

¾Ö Ă–Ă? Ă”ĂŒĂŒĂ›Ă?Ă•ĂŽĂš ĂˆĂ›Ă›ĂŒĂ•Ă‹ĂŒĂ‹Â–ÂťĂ–Ă›ĂˆĂ“ ÂľĂœĂ”Ă‰ĂŒĂ™ Ă–Ă? Ă”ĂŒĂŒĂ›Ă?Ă•ĂŽĂš

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

1. Admiral M.Ăˆ. Ă‘sni PramoĂŚ 2. Mr. Christopher Æohn Çing 3. Mr. ToĂžias Æosef žroĂłn * 4. Mr. žiĂžit žiĂŚaisoradat 5. Mr. Gavin Æohn Ă“alçer * 6. Mr. žoonyong Tansaçul 7. Mr. Paitoon Suçhanaphorn 8. Mr. ĂˆuĂ&#x;çsananoi Punçrasamee **

ÂťĂŒĂ™Ă” Ă–Ă? ÂśĂ?Ă?Ă?ĂŠĂŒ

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69

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ

SeĂ&#x;retaries, held Ăžy the Thai Ăˆisted Companies AssoĂ&#x;iation and is supported Ăžy the StoĂ&#x;ç ExĂ&#x;hange of Thailand ¤SETÂĽ

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ— ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ª³Â•

Mr. žoonyong Tansaçul

Chief ExeĂ&#x;utive OffiĂ&#x;er Mr. Paitoon Suçhanaphorn Controller & FinanĂ&#x;e DireĂ&#x;tor Mr. Çanisorn NutĂ&#x;hanart Sales DireĂ&#x;tor Mr. Somporn Çitthaveesinpoon Marçeting DireĂ&#x;tor

ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ•“ ³Û˕

Mr. Siam Ă‘ralĂłong

Managing DireĂ&#x;tor

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂŒĂŠĂ™ĂŒĂ›ĂˆĂ™Ă

The žoard of DireĂ&#x;tors appointed Ms. ChanthornĂŚira Çongtongsmut, Ăłho has the relevant qualifiĂ&#x;ations and appropriate experienĂ&#x;es, as the Company SeĂ&#x;retary, Ăłith responsiĂžility for ensuring that the Company fully Ă&#x;omplies to all relevant laĂłs and regulations appliĂ&#x;aĂžle for the Company and in aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith the estaĂžlished poliĂ&#x;ies and operational guidelines relating to good Ă&#x;orporate governanĂ&#x;e in order to aĂ&#x;hieve more effiĂ&#x;ient and effeĂ&#x;tive management of the Company. The Company fully reĂ&#x;ogniĂśes the importanĂ&#x;e of good Ă&#x;orporate governanĂ&#x;e prinĂ&#x;iples¡ ĂłhereĂžy the Company SeĂ&#x;retary has attended the Corporate SeĂ&#x;retary Development Program Š Class 2, Fundamental PraĂ&#x;tiĂ&#x;e for Corporate SeĂ&#x;retary ¤FPCSÂĽ Š Class 22 and Fundamentals of ĂˆaĂł for Corporate

šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ Ă›Ă?ĂŒ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ— Ă?Ă–Ă™ ™—˜› ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• ÂĄ The Nomination and

Remuneration Committee has determined the proposed remuneration for žoard DireĂ&#x;tors in a Ă&#x;lear and transparent manner, ĂłhiĂ&#x;h are similar to those Ăłithin the same industry seĂ&#x;tor. The Ă&#x;onsideration proĂ&#x;ess inĂ&#x;luded Ă&#x;omparisons Ăžeing made Ăłith aĂ&#x;tual remuneration given Ăžy other SETŠlisted Ă&#x;ompanies to their žoard DireĂ&#x;tors, Ăžased on the information given in the Annual Survey of DireĂ&#x;tor s remuneration and Management Ă&#x;ompensation for listed Ă&#x;ompanies in 2013 undertaçen Ăžy the Department of Corporate GovernanĂ&#x;e Development for Capital Marçets of the StoĂ&#x;ç ExĂ&#x;hange of Thailand ¤SETÂĽ. The proposed remuneration Ăłas then suĂžmitted to the žoard of DireĂ&#x;tors for proposing to the Annual Shareholders Meeting for eventual approval. DireĂ&#x;tors Ăłho are MemĂžers of the Audit Committee are given additional remuneration Ă&#x;ommensurate to their additional duties and responsiĂžilities. ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ— ÂŞĂ–Ă”Ă—ĂŒĂ•ĂšĂˆĂ›Ă?Ă–Ă• ÂĄ Compensation of memĂžers of the Management Group are in line Ăłith the Ă&#x;riteria and poliĂ&#x;ies approved Ăžy the maĂŚority Shareholders of the Company, as Ăłell as related to the respeĂ&#x;tive performanĂ&#x;e outputs of eaĂ&#x;h memĂžer of the Management Group.

'HWDLOV RI UHPXQHUDWLRQ DQG FRPSHQVDWLRQ JLYHQ E\ WKH &RPSDQ\ WR %RDUG 'LUHFWRUV DQG PHPEHUV RI WKH 0DQDJHPHQW *URXS LQ ˜• ´Ă–Ă•ĂŒĂ›ĂˆĂ™à šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

Admiral M.Ăˆ. Ă‘sni PramoĂŚ

ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂŠĂ“• ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ• ³Û˕ ÂťĂ–Ă›ĂˆĂ“ šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă™ĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• Â?ŠĂˆĂ?Ă›Â? Â?ŠĂˆĂ?Ă›Â?

Š Chairman of the žoard Š Independent DireĂ&#x;tor Mr. ĂˆuĂ&#x;çsananoi Punçrasamee Š Chairman of Audit Committee Š Independent DireĂ&#x;tor Mr. Christopher Æohn Çing Š Chairman of Nomination & Remuneration Committee Š MemĂžer of the Audit Committee Š Independent DireĂ&#x;tor Mr. žiĂžit žiĂŚaisoradat MemĂžer of the Audit Committee Š Independent DireĂ&#x;tor Š MemĂžer of the Nomination & Remuneration Committee ÑÏùÞÊ

453,000 Chairman of the žoard 170,000 DireĂ&#x;tor 283,000 Š DireĂ&#x;tor 136,000 283,000 136,000 DireĂ&#x;tor 283,000 Š

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In 2014, the Company had a total of 4,467 employees, of óhißh 371 are staff of SuÞsidiary Companies. The total amount of staff ßompensation paid Þy the Company to the employees totaled ¾aht 852.9 million, of óhißh ¾aht 76.9 million óas paid to employees óorçing in the SuÞsidiary Companies.

This total ßompensation inßluded monthly salaries, overtime payments, ßost of living alloóanßes, and Þonus and sales and ßolleßtions inßentive payments, together óith other reóards, soßial seßurity and unemployment funds ßontriÞutions, and employee provident fund ßontriÞutions.

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1¥ ÆoÞ Designing & ÆoÞ Desßriptions for all Þusiness units, together óith revieóing and redesigning the ÆoÞ Desßription Forms as appropriate 2¥ Personnel Planning through revieó and assessing the total numÞer of staff in eaßh Þusiness unit, to ensure that they are aßßurate and ßorrespond to the employees register and reßords of the ÄRM Systems, so that these numÞers ßan Þe reported and used for future personnel planning. 3¥ Reßruiting and Seleßtion of neó sales representative are undertaçen through using existing sales staff and ¾usiness Ñnit or ¾ranßh Managers. The Company has also estaÞlished additional ßommunißations ßhannels for staff reßruitment namely¶ the internet, and ßentraliöed æoÞs reßruitment media in ¾angçoç and in loßal ßommunities, together óith sßreening and seleßting qualified applißants through undertaçing æoint reßruitment aßtivities óith the Department of Employment or as aßquired from reßruitment Þooths at various æoÞ fairs or reßruitment events. Also undertaçe aßtivities relating to the appointment of neó staff and updating the Company s hiring and employee history dataÞase. The Company has estaÞlished various ßriteria for use in the hiring of neó staff, together óith guidelines for evaluating æoÞ applißations and for revieóing of the employment history of eaßh applißant, óhereÞy the hiring of neó staff must ßonform to the Company s regulations as óell as the Thai ÈaÞor Proteßtion Aßt ¤¾E 2541 or 1998¥. 4¥ Performanße appraisal¶ The Company has estaÞlished proßedures for staff performanße appraisals óithin all Þusiness units, óhißh is Þased on the prinßiples of the Performanße Management ¤PM¥ system that enaÞles Þoth the manager and the staff to æointly partißipate in performanße evaluation proßess ßomÞined óith regular monitoring and aóarding sßores in advanße during the aßtual æoÞ performanße, so that it is in line óith the respeßtive performanße goals and targets, as agreed, for eaßh individual.

5¥ Compensation management¶ The Company gives ßompensation in many forms © sußh as monthly salaries, payment for overtime, Þonus and inßentives payments, extra payment for seleßted positions, sales ßommissions and inßentives, inßluding staff óelfare and Þenefits, and various assistanße sßhemes. As sußh, eaßh employee óill reßeive differing types and levels of ßompensation depending upon the assigned duties and responsiÞilities óithin the various Þusiness units of the organiöation. A regular revieó is also made relating to the óelfare Þenefits given to sales representatives, óith aßhieved aßtual sales and ßolleßtions Þeing the çey faßtors in deßiding the grouping of these sales staff together óith the assoßiated total Þenefits paßçage to Þe given to eaßh respeßtive group. 6¥ Resignations and terminations of employment¶ The Company fully ßomplies óith the speßified laÞor laós, and manages all sußh situations in a fully equitaÞle manner together óith moral ethißs. 7¥ Óelfare and other Þenefits¶ The Company has a polißy to reßogniöe and honor the total numÞer of years of serviße to the Company given Þy its employees, óith speßial reßognition and aóards given to those ßompleting 5 years serviße or more. This is in order to motivate and Þuild staff morale, as óell as to thanç and reóard sußh employees for their years of loyalty, devotion, and exßellent and ßapaÞle servißes to the Company. The Company provides finanßial assistanße relating to the medißal or hospital ßosts for the employees immediate family memÞers, and in the event of the death of a parent. The Company also provides for Þasiß soßial óelfare Þenefits payments of its employees © sußh as, soßial seßurity ßontriÞutions, employment ßompensation fund, aßßident insuranße ßoverage, staff uniforms, and transportation for those living far aóay from the Company s óarehouses or distriÞution ßenters, together óith sales of the Company s produßts at speßial staff prißes and speßial staff installment purßhase plans. Further, a speßial Singer staff

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provident fund has Þeen estaÞlished for æoint ßontriÞution, together óith a staff savings union to aßt as a sourße for the staff to regularly save part of their inßome or to Þorroó funds, at speßial loó rates of interest, in order to help meet any urgent immediate need for ßash. 8¥ Singer Perfeßtionist Aóard Program ¶ The estaÞlishment of this program is aimed at motivating and reóarding speßial aßhievement for óorç exßellenße, and to Þuilding staff morale in regards to their óorç aßtivities. Every year outstanding employees are seleßted, from those nominated as representatives from all Þusiness units, for reßognition of speßial aßhievement of exßellenße in their performanße at óorç. ¯ÜÔÈÕ ¹ÌÚÖÜÙÊÌÚ «ÌÝÌÓÖ×ÔÌÕÛ ¯¹« «Ì×ÈÙÛÔÌÕÛ

This ßan Þe divided into 3 areas, ie¶ 1. Training 2. Edußation 3. Development

»ÙÈÐÕÐÕÎ ¡ 2 ßore ßomponents have Þeen estaÞlish in regard to the staff training aßtivities¶ Internal Training and PuÞliß Training. The Company primarily foßuses on training of the field staff at all levels in order to prepare them to Þe aÞle to óorç effeßtively in the field, sinße all field staff ¤espeßially sales representatives¥ are ßritißal for the aßhievement of the Company s sales revenues. As sußh, ßontinuous training of the field staff at all levels is neßessary. A speßifiß anti©fraud program has also Þeen estaÞlished, through edußating and informing all staff, at all levels, on this çey issue, in order to maçe them fully aóare of the potential legal penalties imposed for any fraudulent aßts on their part in the ßourse of their duties. Additional speßial emphasis is also given on training ßourses aimed at Þuilding up and motivating good moral ethißs and integrity in all aspeßts of their óorç. Further, various training ßourse have Þeen developed and are held for the support staff group, óith a foßus on the development of sçills, çnoóledge and ßapaÞilities, so that they ßan maçe use of these learning points in their óorç aßtivities, óhißh óill enaÞle them to óorç more effeßtively and effißiently.

¬ËÜÊÈÛÐÖÕ ¡ The Company also enßourages and supports

self©learning sçills development aßtivities. ÄandÞooçs and guidelines on óorçing operations and proßedures for various çey æoÞs and positions have Þeen ßreated © sußh as for Area Manager, ¾ranßh Outlet Manager· Department Manager· Auditing Staff, and Aßßounting Staff, together óith guidelines on hoó to ßreate simple inßome and expenses reßords, óhißh aßtivities óill enßourage Staff memÞers, at all levels, to save money on a regular Þasis. Additionally, other self learning tools © sußh as ÒCDs ©are made availaÞle on several Þusiness related aßtivities © namely, selling sçills, guidelines on managing and taçing ßare of Þranßh outlets· together óith various learning materials on sales presentation sçills and produßt information for those produßts distriÞuted and sold Þy the Company.

«ÌÝÌÓÖ×ÔÌÕÛ ¡ A

mini training ßenter has Þeen estaÞlished, óith availaÞle ßourses on Þranßh outlet management and improved use of IT systems in Þranßh management aßtivities. These ßourses are effeßtive and ßomprehensive guidelines for the management of Þranßh outlets, and are attended Þy those persons designated to Þe appointed as Þranßh managers in order to prepare them Þefore taçing up their neó responsiÞilities. Attendees are seleßted from those having a history of good Þehavior and good óorç performanße, together óith possessing the appropriate qualifißations and readiness to Þeßome future Þranßh outlet managers, in order to prepare them for their neó roles. The training ßenter is Þoth adequately staffed and óell equipped óith modern training tools. There is also a train the trainer program, in order to Þuild up the numÞer of qualified trainers to effeßtively support the Company s planned future Þusiness expansion of and assoßiated requirement for more sales representatives. Additionally, the internal organiöation strußture for the staff training unit has Þeen revamped to refleßt the aßtual aßtivities and Þusiness operations, as óell as to ßonform to the Depart of ÈaÞor s Sçills Development Aßt. Experienßed outside advisors and experts have also Þeen ßontraßted to assist in further developing the training ßourses and syllaÞus, so that they are more effeßtive and adequate for the future requirements of the Company.

76

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Singer Thailand PCÈ., reßogniöes the importanße of good ßorporate governanße as an effeßtive tool in linçing the relationships Þetóeen the interests and Þenefits of all Staçeholders groups on a sustainaÞle Þasis, as óell as one of the çey faßtors in enaÞling the Company to aßhieve its estaÞlished Þusiness oÞæeßtives and to aßhieve groó on a sustainaÞle Þasis for the longer term. The ¾oard of Direßtors has estaÞlished the prinßiples and polißies on good ßorporate governanße of the Company for use Þy Direßtors, Management and all employees as an operating guideline in ßondußting the Þusiness of the Company. Further, the Direßtors, Management and employees of the Company have also all Þeen made aóare of the required Þusiness ethißs together óith these prinßiples and polißies on good ßorporate governanße to demonstrate the æoint intent to strißtly adhere to these prinßiples and polißies. Additionally, the Company had informed and ßommunißated these çey polißies and prinßiples to everyone óithin the organiöation via various ßhannels of ßommunißations, sußh as the staff orientation program, internal ßompany neósletters, monthly staff©Management meetings and internal PR notißes, as óell as via the Company s óeÞsite and through various Company aßtivities. This is to reinforße the aóareness of and faßilitate full partißipation Þy everyone óithin the organiöation on a ßontinuing Þasis. During 2014, at the ¾oard of Direßtors Meeting No.203 held on 14 NovemÞer 2014, a resolution óas approved relating to the anti©ßorruption position and polißies of the Company as óell as the Revised © 2014 Polißies and Prinßiples on Good Corporate Governanße , that has Þeen updated to Þe more appropriate to the ßhanges in the overall Þusiness environment and situation or in the applißaÞle legal and regulatory requirements· óhereÞy this revised doßument has ßommunißated to everyone óithin the organiöation through Þeing posted on the Company s óeÞsite. Furthermore, the Company has a polißy to regularly revieó and update sußh polißies and guidelines, so that they are alóays ßurrent and appropriate to the ever©ßhanging relevant applißaÞle laós and regulations. ©ÖÈÙË ªÖÔÔÐÛÛÌÌÚ

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77

The strußture and ßomposition of the Company s ¾oard ßonsists of¶ the ¾oard of Direßtors, the Audit Committee, the Nomination and Remuneration Committee, the Risç Management Committee, and the Exeßutive«Management Group· óhereÞy the sßope of duties and responsiÞilities of these various Committees are as folloós¶ ºÊÖ×Ì ÖÍ «ÜÛÐÌÚ ÈÕË ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ

• The ¾oard of Direßtors of the Company is required to ßarry out its duties and responsiÞilities in full aßßordanße óith all the relevant applißaÞle laós and regulations, as óell as óith the oÞæeßtives and the Artißles of Assoßiation of the Company, and the resolutions of the Shareholders Meetings in honest and laóful manner as óell as all due ßare, to proteßt and ensure that full Þenefits are aßhieved for the Company. • The ¾oard of Direßtors must alóays aßt óith full aßßountaÞility to the Shareholders of the Company, undertaçing aßtivities that óill proteßt the Þenefits of the Shareholders óith full and transparent disßlosures of information to its investors. • The ßompany reßeives various suggestions and guidelines on the ßondußt of the Þusiness operations of the Company on a regular Þasis from SINGER ¤TÄAIÈAND¥ ¾.Ò., the maæority Shareholder group. Further, the ¾oard of Direßtors oversees and ensures that Management fully ßonforms to estaÞlished polißies. The Company s Ministry of Commerße Affidavit indißates that any tóo of the three authoriöed Direßtors of the Company, namely¶ Mr. Gavin Æohn Óalçer, Mr. ¾oonyong Tansaçul, and Mr. Paitoon Suçhanaphorn, signing together and affixing the Company seal, ßan legally Þind the Company, in regards to the various operational aßtivities of the Company, any legal aßtions or disputes· as óell as in the exeßution of any legal agreements and finanßial instruments or other types of doßuments. Äoóever, the ¾oard of Direßtors ßan also revieó and ßonsider maçing any ßhanges to the names of the authoriöed Direßtors of the Company as appropriate, in order to aßhieve maximum management and operational effißienßy. The ¾oard of Direßtors óill also assign management authority to the next level of the Exeßutive« Management group doón the line as appropriate.

78

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79

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©ÖÈÙË ªÖÔÔÐÛÛÌÌÚ

The ¾oard of Direßtors has estaÞlished various ¾oard Committees to assist it in overseeing the operations of the Company, as folloós¶

4.

»ÏÌ ¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ

The resolution of the ¾oard of Direßtors Meeting No.199 held on 8 NovemÞer 2013, assigned the Audit Committee, ßonsisting 3 Independent Direßtors, óith Mr. Èußçsananoi Punçrasamee as the neó Chairman of the Audit Committee. The MemÞers of the Audit Committee all possess the çnoóledge, experienßes and expertise in regards to finanße and aßßounting, as required Þy the Stoßç Exßhange of Thailand ¤SET¥ and other regulatory authorities, in order to effeßtively revieó the aßßuraßy and ßreditaÞility of the Company s Finanßial Statements, to support the development of finanßial and aßßounting reporting systems to universally aßßepted standards· as óell as to assess the effeßtiveness and adequaßy of the internal ßontrols systems, the internal audit proßesses and the risçs management proßedures, so that they are more ßonßise, ßomprehensive, appropriate, up to date and effeßtive. The Audit Committee aßts and maçes ßomments óith fully independenße, óith the Internal Audit Department Þeing under its responsiÞility reporting direßtly to the Audit Committee, and ßonsults ßlosely óith the external Auditors. The Audit Committee also meets óith the external Auditors óithout any memÞers of Management Þeing present at least onße a year, and ßlosely ßonsults óith the external Auditors to oÞtain their opinions on various matters. Additionally, the Audit Committee ßonsults the independent legal advisors, óith the Company Þeing responsiÞle for paying all assoßiated expenses. The Audit Committee hold regular meetings and met 4 times during 2014· óhereÞy eaßh time its çey disßussions points and deßisions are reported to the ¾oard of Direßtors aßßording to the sßope of duties and authority, as stated in the Charter for the Audit Committee, as folloós¶ ºÊÖ×Ì ÖÍ ËÜÛÐÌÚ ÈÕË ÈÜÛÏÖÙÐÛà ÖÍ ÛÏÌ ¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ

In the ¾oard of Direßtors Meeting No. 172, óith the Audit Committee attending, a resolution óas approved relating to the folloóing overall sßope of duty and authority of the Audit Committee¶ 1. Revieó and ensure that the Company has all the required finanßial reports, that they are aßßurate and adequate. 2. Revieó and ensure that the Company has a system of internal ßontrols that they are appropriate, effeßtive and adequate, together óith assess the independenße of the Internal Audit Department· as óell as Þeing responsiÞle for approving the appointment and transfer or dismissal and evaluating the performanße of the Äead of the Internal Audit Department or any other unit responsiÞle for internal audit aßtivities. 3. Revieó and assess that the Company fully ßomplies óith all applißaÞle seßurities and exßhange laós, together óith

5.

6.

7.

the relevant applißaÞle regulatory requirements of the SET relating to the Þusiness operations of the Company. Consider, seleßt and nominate those ßonsidered fully qualified and independent for appointment as the external Auditors of the Company, together óith proposing their ßompensation as appropriate. The Audit Committee should also meet óith the external Auditors óithout any memÞers of Management Þeing present at least onße a year. Consider and revieó any proposed related party transaßtions or any transaßtions óith a possiÞle ßonflißt of interests, in order to ensure that they ßomply óith all the relevant applißaÞle laós and regulations of the SET, as óell as that sußh transaßtions are reasonaÞle and in the Þest interests of or to the maximum Þenefit for the Company. Prepare the Audit Committee Report relating to its oversight responsiÞilities for inßlusion in the Annual Report of the Company, óith this Report to Þe signed Þy the Chairman of the Audit Committee and to ßontain all the çey points of information as speßified and required Þy the SET. Ñndertaçe any other aßtivities as assigned Þy the ¾oard of Direßtors, óith the ßonßurrenße of the Audit Committee.

µÖÔÐÕÈÛÐÖÕ ÈÕË ¹ÌÔÜÕÌÙÈÛÐÖÕ ªÖÔÔÐÛÛÌÌ

In the ¾oard of Direßtors Meeting No. 182, a resolution óas approved to merge Þoth the Nomination Committee and the Committee for Considering Remuneration into one ßommittee, óith the name of The Nomination and remuneration Committee . This óas Þeßause Þoth the 2 Committees had ßlosely related responsiÞilities and to reduße any overlapping responsiÞilities or aßtivities, in order to aßhieve improved effeßtiveness and effißienßy in aßßordanße óith the prinßiples of good ßorporate governanße for listed ßompanies. The Chairman of the Nominations and Remuneration Committee should Þe fully independent, óhereÞy this neó Committee óill ßomprise of 2 Independent Direßtors and 1 non©Exeßutive Direßtor. During 2014, the Nomination and Remuneration Committee held 1 meetings, and reported its çey disßussions and deßisions to the ¾oard of Direßtors. The Nomination and Remuneration Committee has the folloóing sßope of duty and authority, as defined Þy the ¾oard of Direßtors ºÊÖ×Ì ÖÍ ËÜÛÐÌÚ ÈÕË ÈÜÛÏÖÙÐÛà ÖÍ ÛÏÌ µÖÔÐÕÈÛÐÖÕ ÈÕË ÙÌÔÜÕÌÙÈÛÐÖÕ ªÖÔÔÐÛÛÌÌ

In the ¾oard of Direßtors Meeting No.183 that óas also attended Þy the Nomination and Compensation Committee attending, it óas resolved that the Nomination and remuneration Committee has the folloóing sßope of duty and authority¶

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1. Consider and propose, to the ¾oard, polißies and ßriteria relating to the strußture, ßomposition and qualifißations for seleßting ¾oard MemÞers as óell as MemÞers of the various ¾oard Committees, together óith memÞers of the Senior Management of the Company and SuÞsidiary Companies and the assoßiated sußßession plans as appropriate. 2. ¾ased on the various polißies determined Þy the ¾oard of Direßtors, seleßt and propose, for ßonsideration and approval Þy the ¾oard of Direßtors and«or the Shareholders Meeting ¤as applißaÞle¥, those persons ßonsidered fully qualified to Þe nominated for appointment as ¤a¥¾oard MemÞers, ¤Þ¥ MemÞers and« or Chairman of the various ¾oard Committees, and ¤ß¥ the Chief Exeßutive Offißer«Managing Direßtor together óith direßt reports of the Chief Exeßutive Offißer« Managing Direßtor of the Company and SuÞsidiary Companies. 3. Consider and propose, for ßonsideration and approval Þy the ¾oard of Direßtors and«or the Shareholders Meeting ¤as applißaÞle¥, the polißies, strußture and ßomponents for the remuneration, Þenefits and any inßentive plans for ¾oard MemÞers, MemÞers of the various ¾oard Committees, and memÞers of the Senior Management of the Company and SuÞsidiary Companies· óhereÞy the ßore oÞæeßtive is that the proposed remuneration plans are appropriate and ßonform to the ßorporate ßulture as óell as estaÞlished goals, strategies, and governanße or oversight systems of the Company. 4. Consider and propose, for ßonsideration and approval Þy the ¾oard of Direßtors, the ßriteria, proßedures and assoßiated proßess for the annual evaluation or assessment of the aßtivities of ¾oard MemÞers, memÞers of the various ¾oard Committees, and memÞers of the Senior Management of the Company and SuÞsidiary Companies. Also, to revieó that these aspeßts are implemented in aßßordanße óith the approved polißies and ßriteria, and to report the outßome of these performanße evaluations to the ¾oard of Direßtors in aßßordanße óith estaÞlished polißies. 5. Ñndertaçe any other aßtivities relating to the aÞove sßope of duty as assigned Þy the ¾oard of Direßtors

¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ªÖÔÔÐÛÛÌÌ

At the ¾oard of Direßtors Meeting No. 203 held on NovemÞer 14, 2014, a resolution óas made to approved the estaÞlishment of the Risç Management Committee ¤RMC¥ responsiÞle for determining polißies and ßriteria for managing risçs in aßßordanße óith international prinßiples and praßtißes as óell as regulations speßified Þy the SET. The RMC is also responsiÞle for determining applißaÞle risçs assessment and risç management measures together óith effeßtive óarning systems that óill

enaÞle effeßtive management of risçs in an appropriate manner, as óell as overseeing and monitoring, on a regular Þasis, that all operational Divisions«Departments manage their respeßtive risçs in aßßordanße óith estaÞlished laós, regulations, and speßified proßedures and proßesses together óith suÞmitting reports on risç management aßtivities. The RMC óill also revieó, on a regular Þasis, the estaÞlished çey risç management measures to assess the effeßtiveness of sußh measures, and óill suÞmit a report of the results of the assessment exerßise together óith proposing improvement polißies, at least tóiße a year, to the Audit Committee, as óell as reßeive any suggestions from the Audit Committee for further improvements and implementation. ºÊÖ×Ì ÖÍ ËÜÛÐÌÚ ÈÕË ÈÜÛÏÖÙÐÛà ÖÍ ÛÏÌ ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ªÖÔÔÐÛÛÌÌ ÈÚ ÚÜÔÔÈÙÐáÌË ÉÌÓÖÞ¡

1. Determine relevant polißies and assoßiated ßriteria relating to the overall management of risçs, in aßßordanße óith international prinßiples and praßtißes as óell as regulations speßified Þy the SET. and propose sußh polißies for approval Þy the Audit Committee. 2. Define sßope and polißies relating to Þusiness development that are appropriate and suitaÞle for Þoth the Company and to the prevailing Þusiness environment 3. Determine applißaÞle and appropriate risç management measures together óith assoßiated preventive measures and proßedures. 4. Determine risçs assessment proßedures, and assoßiated effeßtive óarning systems . 5. Oversee and monitor, on a regular Þasis, that all operational Divisions«Departments effeßtively manage their respeßtive risçs, in aßßordanße óith estaÞlished proßedures and speßified proßesses. 6. Oversee and ensure that the Company s operations fully ßomply óith all relevant and applißaÞle laós and regulations. 7. Prepare and suÞmit reports to the Audit Committee, on a regular Þasis, in regards to any required improvements and ßorreßtive aßtions, in aßßordanße óith estaÞlished polißies and strategies of the Company relating to the identified risç faßtors and their potential oßßurrenße and the applißaÞle risç management guidelines and expeßted impaßts. 8. Ñndertaçe any other aßtivities as assigned Þy the Audit Committee

ªÏÐÌÍ ¬ßÌÊÜÛÐÝÌ ¶ÍÍÐÊÌÙ ´ÈÕÈÎÐÕÎ «ÐÙÌÊÛÖÙ

In aßßordanße óith the resolution of the ¾oard of Direßtors Meeting, óith the Audit Committee attending, the sßope of duty and authority of the Chief Exeßutive Offißer«Managing Direßtor ¤CEO« MD¥ óas determined, as shoón Þeloó, to give the CEO«MD the duty and authority to operate the Þusiness, as assigned Þy the ¾oard of Direßtors, that is in aßßordanße óith the estaÞlished regulations and

82

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the Artißles of Assoßiation of the Company. Äoóever, the assigned authority must not Þe in a manner that óill enaÞle the CEO«MD to approve any transaßtions, in óhißh the CEO«MD or another party having a ßonflißt of interests or any other form of vested interests relating to the Company and SuÞsidiary Companies.

any transaßtions in óhißh the CEO«MD or his«her authoriöed representative or any other person¤s¥ óith possiÞle ßonflißting interests ¤as defined Þy the regulations of the Company and in aßßordanße óith the regulations of the SEC¥ have a vested interest or other Þenefits that ßonflißt óith those of the Company or its SuÞsidiary Company· óhereÞy approval of sußh transaßtions »ÏÌ ªÏÐÌÍ ¬ßÌÊÜÛÐÝÌ ¶ÍÍÐÊÌÙ ´ÈÕÈÎÐÕÎ «ÐÙÌÊÛÖÙ ª¬¶ ´« ÏÈÚ are required to Þe proposed to the ¾oard of Direßtors and«or the ÛÏÌ ÍÖÓÓÖÞÐÕÎ ËÜÛà ÈÕË ÈÜÛÏÖÙÐÛà¡ Shareholders Meeting ¤as applißaÞle¥ for ßonsideration and approval The Company has ßlearly divided the role and responsiÞilities in full aßßordanße óith the estaÞlished regulations of the Company of the Management Group, óith the Chief Exeßutive Offißer« together óith other applißaÞle legal and regulatory requirements. Managing Direßtor Þeing the leader and in overall ßharge of aßtivities undertaçen Þy the Management Group that relate to the ºÌÓÌÊÛÐÖÕ ÈÕË µÖÔÐÕÈÛÐÖÕ ÖÍ ©ÖÈÙË «ÐÙÌÊÛÖÙÚ ÈÕË ºÌÕÐÖÙ ¬ßÌÊÜÛÐÝÌÚ folloóing speßifiß areas¶ 1. Authority to ßonsider and approve the Company to ºÌÓÌÊÛÐÖÕ ÈÕË µÖÔÐÕÈÛÐÖÕ ÖÍ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙÚ The ¾oard of Direßtors óill Þe responsiÞle for initially Þorroó and«or apply for any other types of ßredit faßilities óithin an amount of ¾aht 300 ¤three hundred¥ revieóing the nomination of Independent Direßtors from proposed nominees possessing the required and appropriate qualifißations as million, or equivalent, for eaßh transaßtion. 2. Ñndertaçe and manage the normal Þusiness operations speßified Þy the SEC and SET· and then the ¾oard óill propose aßtivities of the Company, óith authority to approve to the Nomination and Remuneration Committee to ßonsider the normal Þusiness transaßtions óith a value of not appropriate remuneration for proposing to the ¾oard of Direßtors exßeeding ¾aht 30 ¤thirty¥ million per transaßtion, sußh for final ßonsideration and ßonßurrenße. as ¶ produßts proßurement and sourßing· purßhases of The 4 Independent Direßtors of the Company, that is equal vehißles, raó materials and ßomponents, equipments and tools· approval of expenses and sales· approval to 50¡ of the total numÞer of ¾oard Direßtors, do not possess any of installment ßredit sales and Þad deÞts órite offs qualifißations that ßonflißts óith those required and speßified Þy ¤in aßßordanße óith the estaÞlished polißies and the SEC and SET in any óay óhatsoever. Also during the last proßedures of the Company¥· and engagement of finanßial period, these Independent Direßtors do not have any related Þusiness aßtivities or provided any professional servißes external ßonsultants for various assignments. 3. Ñndertaçe and manage the normal Þusiness operations óith the Company. aßtivities of the Company in aßßordanße óith estaÞlished Þusiness polißies and strategies as óell as assoßiated ¸ÜÈÓÐÍÐÊÈÛÐÖÕÚ ÍÖÙ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙÚ The Company has used the definition of an Independent aßtion plans, as determined and approved Þy the ¾oard Direßtor exaßtly as speßified Þy the SEC and SET in regards to of Direßtors. 4. Assign or give the poóer of attorney other person¤s¥, Þeing a person óho has shareholdings of not more than 1¡ of the deemed to Þe appropriate to the CEO«MD, to aßt on his« total numÞer of voting shares of the Company, óho is not involved her Þehalf as neßessary and appropriate· óhereÞy this in any óay óith the management of the Company or SuÞsidiary assignment is made at the disßretion of the CEO«MD, Companies, óho is fully independent of the maæority Shareholder as óell is óithin the estaÞlished rules and regulations of the Company· and óho does not have any Þusiness relationships óith the Company that óill in any óay diminish the full interest of the Company. 5. Prepare and suÞmit, to the ¾oard of Direßtors, a and Þenefits of the Company and«or its Shareholders. The Company has determined the required qualifißations summary report on the operating performanße results and aßhievements of the Company on a regular Þasis. for Independent Direßtors to Þe as folloós¶ 1. A person oóning not more than 1¡ of the total voting 6. Determine the appropriate overall organiöation and management strußture, inßluding assoßiated detailed shares of the Company, inßluding those shares oóned Þy any related proßedures to Þe implemented in regards to the parties and those shares issued Þy any SuÞsidiary or ÆÒ Company reßruitment, seleßtion, employment and termination as of and any related ßompanies of the Company. Äoóever, in the ßase of Direßtors óho are memÞers of the Audit Committee sußh óell as training of the employees of the Company. 7. Ñndertaçe other responsiÞilities as may Þe assigned Þy shareholding is limited to only 0.5¡. 2. A person óho is not involved in any day©to©day the ¾oard of Direßtors from time to time. As sußh, the assigned authority and responsiÞilities of the management of the Company· or óho is not a staff «employee or CEO«MD, as stated aÞove, does not inßlude the aÞility to direßtly a ßonsultant reßeiving a permanent salary· as óell as óho is not approve, and«or give a poóer of attorney to others to approve, a person óith a ßontrolling poóer over the Company, the parent

84

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'5R$EEC$TE<EVKS9c6 $lTM;6CT7E$TE$TE= O*$S;$TEb- % OC[GBTDb;a6DCV-O< ¤Insider Trading¥ %O*<Z''G9Wg_$WgDI% O* .Xg* MCTD8X* '5R$EEC$TE<EVKS9 ? TD+S6$TE `GR@;S$*T;b;M; ID*T; 9Wg_$WgDI% O*$S<% OC[G EIC9Sh*'[ LCEL `GR<Z7E9WgDS*cC <EEGZ;V7VBTIR%O* <Z''G6S*$G TI6S*;Wh © $lTM;6bM >[ <EVMTEETD*T;$TE_=GWgD;`=G*$TE8YOMGS$ 9ES@D 7O LlT;S$*T;$lT$S<MGS$9ES@D `GR 7GT6MGS$9ES@D 7TCCT7ET 59 `M * @ERET-<S S 7V M GS $ 9ES @ D `GR 7GT6MGS$9ES@D @.J. 2535 © M TCcC bM >[ <EVMTEMEYOM; ID*T;9Wgc6 ES<9ET<% OC[GBTDb; _= 6_>D% OC[GBTDb;`$ <Z''GBTD;O$ MEYO<Z''G9WgcC CW M; T9W_g $WDg I% O* `GRcC .OYh %TDMGS$9ES@D %O*<EVK9S b;- I* 1 _6YO; $ O;9W*g <$TE_*V;_>D`@E 7O LT:TE5-; `GR<EVK9S a6D? TD;S$G*9Z;LSC@S;: c6 C$W TE_>D`@E `GR$lTM;6_= ; 7TET*_IGT - I*ERDR_IGT Silent Period $TE*6bM % OC[G 9WCg ;W DS LlT'S `GR- I*_IGT$TE.YOh %TDMGS$9ES@D %O*<EVK9S `+ *bM $S<'5R$EEC$TE >[ <EVMTE`GR<Z''G9WgCWM; T9Wg _$WgDI% O*$S<% OC[GLlT'S > T;9T*LYgOOV_Gf$9EO;V$L _@YgO bM ;aD<TDI T6 ID$TE.YhO%TDa6Db- % OC[GBTDb; `GR$TE .YOh %TDMGS$9ES@D %O*<EVK9S Q 9Z$9 T;9W_g $WDg I% O*=1V<7S Vc6 OD T*8[$7 O*`GR'E<8 I; b;ERMI T*= 9gW> T;CT$EEC$TE `GR>[< EVMTEc6 =1V<7S 7V TC;aD<TDOD T*_'E *'ES6 cC =ET$1 I TCW$TE.YhO%TDMZ ;b;- I*9WgM TC_GD © <EVKS9c6 $lTM;6CT7E2T;$TE= O*$S;$TE;lT_% T% OC[G BTDb;c=b- _@YgO=ERaD-; L I;7SI a6D$TE+lT$S6+lT;I; <Z''G9Wg+R9ET<% OC[G _@YgO= O*$S;$TE_% T8X*% OC[G+T$ <Z''GBTD;O$ @E OC9Sh*CW$TE$lTM;6LV9:Vb;$TEES<9ET< % OC[GLlTMES<@;S$*T;b;`7 GRER6S< bM _MCTRLC$S<'ITC ES<>V6-O< ;O$+T$;Wh<EVKS9c6 $lTM;6bM @;S$*T;9Z$'; ES<9ET<`GRG*;TCb;<S;9X$% O7$G*$TEcC _= 6_>D% OC[G 9Wg_= ;'ITCGS< $TEcC $ER9lT>V6_$WgDI$S<@ERET-<S S7V 'OC@VI_7OE `GR$TEcC GR_CV69ES@D LV;9T*= T a6D @;S$*T;bMC +RG*;TC@E OC$TEG*;TCb;LS TI T+ T* <EVKS9c6 $lTM;6`;I9T*_@YgO= O*$S;= MT'ITC%S6`D *9T* >G=ERaD-; cI b;'[ CYO+EVD:EEC:ZE$V+%O*<EVKS9Qa6D<EVKS9c6 `+ * `;I=0V<S7V6S*$G TIbM 9Z$';b;O*' $EDX68YO=1V<S7V '5R? TD+S6$TE 9lTM; T9Wg7V67TC 6[`G$TE=1V<S7V bM _= ;c=7TCER_<WD< % O<S*'S< 7GO6+;;aD<TD$TE$lT$S<6[`G$V+$TE `GR+EVD:EEC:ZE$V+%O*<EVKS9 OD T*LClgT_LCO `GR_'E *'ES6

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

85

¹Ì×ÖÙÛ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ

Company, a suÞsidiary ßompany, a ÆÒ Company, a suÞsidiary ßompany of parallel status or over a legal entity óith possiÞle legal ßonflißts © óithin a 2 year period prior to Þeing appointed as an Independent Direßtor of the Company. 3. A person óho is not related Þy Þlood, or through a legal registration proßess, and thereÞy having a status of Þeing a parent, spouse, siÞling, or ßhildren © inßluding spouses of the ßhildren © of the a memÞer of Management, of a maæority shareholder or a person óith a ßontrolling interest, of a person aÞout to Þe nominated as a memÞer of Management, or of someone óith a poóer over the Company and«or its suÞsidiary ßompanies. 4. A person óho does not have any Þusiness relationships óith the Company and«or óith a legal entity or a person ßonsidered as not Þeing fully independent, aßßording to the qualifißations of Þeing an Independent Direßtor and memÞer of the Audit Committee as speßified Þy the rules and regulations of the SEC. This inßludes any Þusiness relationships in providing professional servißes, or any other types of trade«Þusiness relationships that are ßonsidered to Þe related parties transaßtions as defined Þy the SET. Äoóever, exßeptions ßan Þe made for speßial situations, as appropriate, óhereÞy sußh Þusiness relationships do not oßßur repeatedly or on an ongoing Þasis, and prior ¾oard approval, óith a unanimous vote, is required. 5. A person«Direßtor, óho has not Þeen appointed to aßt on Þehalf of a Direßtor of the Company óho is a maæority shareholder, or of a shareholder ßonneßted to and assoßiated óith the maæority shareholder of the Company, exßept in the event of Þeing assigned Þy the ¾oard of Direßtors to maçe deßisions, on a ßolleßtive Þasis only, on the operations of the Company, the parent Company, its suÞsidiary ßompany, ÆÒ Company, a suÞsidiary ßompany of parallel status, as óell as a legal entity óith a possiÞle ßonflißt of interest. 6. A person«Direßtor, óho has not Þeen empoóered Þy the ¾oard of Direßtors of the Company to maçe deßisions on the operations of the Company, the parent Company, its suÞsidiary ßompany, ÆÒ Company, a suÞsidiary ßompany of parallel status, as óell as a legal entity óith a possiÞle ßonflißt of interest. 7. A person, óho is not a Direßtor of the parent Company, its suÞsidiary ßompany, ÆÒ Company, as óell as a suÞsidiary ßompany of parallel status that is a puÞliß listed ßompany only. 8. A person aÞle to undertaçe duties, have opinions and ideas, and report on the results of any sußh responsiÞilities, as assigned Þy the ¾oard of Direßtors, óith full independenße and free from any influenße from Management or the maæority Shareholder of the Company or any related parties and inßluding any relatives of sußh parties

experienßes that óill Þe of positive Þenefits to the Company s Þusiness operations, together óith a good understanding of the Company s Þusiness, óho óould Þe appropriate to Þe seleßted for nomination as the Chairman of the ¾oard, ¾oard memÞers and Senior Exeßutives of the Company. This responsiÞility is in aßßordanße óith the respeßtive sßope of duty and authority of the Nomination and Remuneration Committee, as determined Þy the ¾oard of Direßtors of the Company and SINGER ¤TÄAIÈAND¥ ¾Ò ¤óho is the maæority shareholder, óith a 40¡ equity shareholding¥, in regards to proposing suitaÞly qualified persons for sußh positions to the Annual General Shareholders Meeting ¤AGM¥ for ßonsideration and approval. The Chairman of the ¾oard óill propose the appointment of a ¾oard Direßtor to the shareholders at the AGM, óhereÞy every year a ratio of one©third of all existing ¾oard Direßtors óill retire Þy rotation, and the Shareholders óill ßonsider and approve nominations using the folloóing ßriteria and proßedures¶ 1. One shareholder has the right to one vote for every voting share oóned. 2. Eaßh shareholder must ßast all his«her votes, as per ßlause 1 aÞove, for any one nominee or for the nominees to Þe appointed as a ¾oard Direßtor, Þut ßannot divide up his«her total entitled votes Þy giving one nominee more than another. 3. Nominees reßeiving the highest numÞer of votes óill Þe appointed as a ¾oard Direßtor, in order to aßhieve the total numÞer of ¾oard Direßtors as required or to Þe appointed at that time. Äoóever in the event that tóo nominees for the same direßtorship appointment reßeive an equal numÞer of votes and appointment of these 2 nominees óill exßeed the total numÞer of ¾oard Direßtors required and speßified, then the Chairman óill have the deßiding vote. At the present time, the ¾oard of Direßtors of the Company is ßomposed of 8 ¤eight¥ direßtors, óith 2 direßtors from the maæority Shareholder group ¤ie¶ Singer ¤Thailand¥ ¾Ò, óho has a 40¡ shareholding¥ namely, Mr. Gavin Æohn Óalçer and Mr. ToÞias Æosef ¾roón. Further, óhile the Company has alloóed minority shareholders the opportunity to propose, in advanße, those qualified to Þe ßonsidered for appointment as a ¾oard Direßtor during the period Þetóeen 26 SeptemÞer 2014 to 31 DeßemÞer 2014, hoóever no nominations for ßonsideration to Þe appointed a direßtor have Þeen reßeived from any minority shareholders.

ºÌÓÌÊÛÐÖÕ ÈÕË µÖÔÐÕÈÛÐÖÕ ÖÍ ©ÖÈÙË ´ÌÔÉÌÙÚ ÈÕË ºÌÕÐÖÙ ¬ßÌÊÜÛÐÝÌÚ

• Currently, Singer Thailand PCÈ. has only 3 suÞsidiary ßompanies, in óhißh the Company has approximately a 99.9¡ equity shareholding, namely¶ Singer Èeasing ¤Thailand¥ Co., Ètd., Singer Serviße Plus Co., Ètd., and Singer ¤¾roçer¥ Co., Ètd.· and has no ÆÒ Companies.

The Company has estaÞlished the Nomination and Remuneration Committee, responsiÞle for seleßting persons, possessing the çnoóledge, aÞilities and sçills, and relevant

¶ÝÌÙÚÐÎÏÛ ÖÍ ÛÏÌ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ ÖÙ ±½ ªÖÔ×ÈÕÐÌÚ

86

&/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

šĂŒĂ—ÖÙÛ Ă–Ă• ÂŽĂ–Ă–Ă‹ ÂŞĂ–Ă™Ă—Ă–Ă™ĂˆĂ›ĂŒ ÂŽĂ–Ă?ĂŒĂ™Ă•ĂˆĂ•ĂŠĂŒ

In order to Ă&#x;omply to the governanĂ&#x;e and oversight proĂ&#x;edures that are aimed at aĂ&#x;hieving effeĂ&#x;tive Ă&#x;ontrol of and responsiĂžility for the management of these SuĂžsidiary Companies as Ăłell as at proteĂ&#x;ting the Company s investments, the žoard of DireĂ&#x;tors has assigned representatives to Ăže DireĂ&#x;tors of these 3 Ă&#x;ompanies aĂ&#x;Ă&#x;ording to the requirements of the Company as approved Ăžy the resolution of the Company s žoard of DireĂ&#x;tors. Evaluations of the operating performanĂ&#x;e results of these 3 suĂžsidiary Ă&#x;ompanies have Ăžeen undertaçen and revieĂłed Ăžy the external auditors, Ăłho have suĂžmitted their report to the Audit Committee and the žoard of DireĂ&#x;tors for Ă&#x;onsideration regularly every quarter. Ă“ith regards to other important transaĂ&#x;tions, suĂ&#x;h asÂś related party transaĂ&#x;tions or the aĂ&#x;quisition or disposal ¤if anyÂĽ of assets, these are suÞÌeĂ&#x;t to the estaĂžlished oversight and Ă&#x;ontrol proĂ&#x;edures through the systematiĂ&#x; proĂ&#x;edure of Ă&#x;onsideration and revieĂł Ăžy the žoard of the SuĂžsidiary Company for proposing to the Company s Audit Committee for revieĂł and eventual proposal for approval Ăžy the Company s žoard of DireĂ&#x;tors¡ ĂłhereĂžy details of suĂ&#x;h transaĂ&#x;tions are then disĂ&#x;losed via the SET s information Ă&#x;ommuniĂ&#x;ations netĂłorç system. • The representative of the Company, Ăłho is the DireĂ&#x;tor of the SuĂžsidiary Company, also partiĂ&#x;ipates in the determination of important operating poliĂ&#x;ies of the suĂžsidiary Ă&#x;ompany¡ suĂ&#x;h as, planned investments in any neĂł proĂŚeĂ&#x;ts. ªÖÕÛÙÖÓÚ Ă?Ă• Ă›Ă?ĂŒ ÂźĂšĂŒ Ă–Ă? °Ă•ĂšĂ?Ă‹ĂŒ °Ă•Ă?Ă–Ă™Ă”ĂˆĂ›Ă?Ă–Ă•

The žoard of DireĂ&#x;tors has determined various measures to prevent insider trading, through illegal or misuse of Ă&#x;onfidential information Ăžy any involved parties¡ namelyÂś the žoard of DireĂ&#x;tors, Senior ExeĂ&#x;utivesÂŤManagement memĂžers and any staff involved and having aĂ&#x;Ă&#x;ess to suĂ&#x;h information, inĂ&#x;luding spouses and Ă&#x;hildren not yet of legal age of these involved persons, as folloĂłsÂś • Senior ExeĂ&#x;utivesÂŤManagement memĂžers are required to report any Ă&#x;hanges in their oĂłnership of shares of the Company to the SEC and SET, as speĂ&#x;ified Ăžy Clause 59 of the SeĂ&#x;urities and StoĂ&#x;ç ExĂ&#x;hange AĂ&#x;t ¤1992ÂĽ. • Senior ExeĂ&#x;utives and any involved Ăžusiness units, Ăłith aĂ&#x;Ă&#x;ess to any internal Ă&#x;onfidential information, are prohiĂžited ¤aÂĽ from disĂ&#x;losing suĂ&#x;h information to those outside the Company or those inside the Company not authoriĂśed to have aĂ&#x;Ă&#x;ess to suĂ&#x;h information, and ¤ĂžÂĽ from purĂ&#x;hasing any shares of the Company Ăłithin a 1 month period prior to the offiĂ&#x;ial release, to the general puĂžliĂ&#x;, of the Company s FinanĂ&#x;ial Statement.

The Company, via the Investor Relations Ă‘nit, has also determined a silent period relating to the use of any sensitive and signifiĂ&#x;ant information in relation to the trading of any Company shares, ĂłhereĂžy this poliĂ&#x;y has Ăžeen Ă&#x;ommuniĂ&#x;ated, via email, to all DireĂ&#x;tors, Senior exeĂ&#x;utivesÂŤManagement memĂžers and any parties involved, so that all parties Ăłill Ăže aĂłare of and adhere striĂ&#x;tly to this poliĂ&#x;y Ăłith regards to the use of inside information in maçing any transaĂ&#x;tions to ĂžuyÂŤsell any Company shares. As suĂ&#x;h, during the past year, all DireĂ&#x;tors and Senior ExeĂ&#x;utivesÂŤManagement memĂžers of the Company have striĂ&#x;tly Ă&#x;omplied Ăłith this requirement¡ and, apparently, ĂłhereĂžy these parties have not made any transaĂ&#x;tions in ĂžuyingÂŤselling of the any shares of the Company during this prohiĂžited period. • The Company has implemented various measures to prevent the illegal misuse of any inside Ă&#x;onfidential information for personal gains, through restriĂ&#x;ting aĂ&#x;Ă&#x;ess to suĂ&#x;h information internally and also preventing possiĂžle aĂ&#x;Ă&#x;ess to suĂ&#x;h information Ăžy those outside the Company. The Company has also implemented various authoriĂśed aĂ&#x;Ă&#x;ess levels to suĂ&#x;h information for different staff levels that are appropriate to their assigned duty and responsiĂžilities. Additionally, the Company requires every employee to aĂ&#x;çnoĂłledge and Ă&#x;onfirm, in a Memorandum of Confidentiality and NonŠDisĂ&#x;losure Agreement, their understanding of the aĂžovementioned requirements, together Ăłith Ă&#x;onfirming their agreement not to disĂ&#x;lose any internal Ă&#x;onfidential information, not to violate the Computer ĂˆaĂłs, and not to infringe or violate any intelleĂ&#x;tual property rights of others¡ ĂłhereĂžy all employees Ăłill sign this Memorandum of Confidentiality and NonŠDisĂ&#x;losure Agreement at the same time as their ContraĂ&#x;t of Employment. Further, the Company has estaĂžlished guidelines, Ăłithin the Company s Code of Good žusiness ConduĂ&#x;t and EthiĂ&#x;s, for the prevention of any situations involving possiĂžle Ă&#x;onfliĂ&#x;t of interests¡ ĂłhereĂžy suĂ&#x;h guidelines are Ă&#x;ommuniĂ&#x;ated to all employees, so that they Ă&#x;an striĂ&#x;tly adhere to these estaĂžlished guidelines. The ExeĂ&#x;utiveÂŤManagement Group is responsiĂžle for monitoring and ensuring that all employees alĂłays oĂžserve and striĂ&#x;tly Ă&#x;omply to all the relevant appliĂ&#x;aĂžle laĂłs, rules and regulations as Ăłell as the estaĂžlished poliĂ&#x;ies and Code of Good žusiness Ă&#x;onduĂ&#x;t and EthiĂ&#x;s of the Company.

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

87

Ăš>!9&J#% 9 (EĂş69&&=s ĂŠ

šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ Ă›Ă?ĂŒ ÂŹĂ&#x;Ă›ĂŒĂ™Ă•ĂˆĂ“ ¨ĂœĂ‹Ă?ÛÖÙÚ

˜• Ăš>!9&J#% > >/69&&=s A Â?¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒÂ?

<EVKS9 `GR<EVKS9D OD+ TD' T7O<`9;$TELO<<S‰-W bM `$ Š >[ LO<<S‰-W%O*<EVKS9 b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V; EIC Š <T9 Š LlT;S$*T;LO<<S‰-W9Wg>[ LO<<S‰-WLS*$S6 <Z''GMEYO$V+$TE 9Wg _ $Wg D I% O *$S < >[ L O<<S ‰ -W ` GRLl T ;S $ *T;LO<<S ‰ -W 9Wg >[ LO<<S‰-WLS*$S6 b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V;EIC 2,580,000.Š <T9 `GR+R7 O*+ TDb;O;T'7OS;_$V6+T$ $TE7$G*9WDg *S bM <EV$TE cC `G I_LEf+b;EO<= <‰S -W9>Wg T ;CT CW+lT;I;_*V;EIC Š <T9 ™• Ăš>&/@ >/9CQ% Â?¾ÖՔ¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒÂ?

<EVKS9 `GR<EVKS9D OD+ TD' T7O<`9;%O**T;<EV$TEOYg; Š >[ LO<<S‰-W%O*<EVKS9 b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V; EIC Š <T9 `GR+R7 O*+ TDb;O;T'7OS;_$V6+T$ $TE7$G*9WgDS*bM <EV$TEcC `G I_LEf+b;EO<= <S‰-W9Wg> T;CT CW+lT;I;_*V;EIC Š <T9 Š LlT;S$*T;LO<<S‰-W9Wg>[ LO<<S‰-WLS*$S6 <Z''GMEYO$V+$TE 9Wg_$WgDI% O*$S<>[ LO<<S‰-W `GRLlT;S$*T;LO<<S‰-W6S* $G TI b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V;EIC Š <T9 `GR+R7 O*+ TDb;O;T'7OS;_$V6+T$$TE7$G*9WgDS*bM <EV$TEcC `G I_LEf+b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V;EIC Š <T9 Š <EVKS9OYg;b69WgCW'ITC_$WgDI% O*$S<LlT;S$*T;LO<<S‰-W _'@W _OfC+W B[CVc-D 6S*$G TIb;EO<= <‰S -W9>Wg T ;CTCW +lT;I;_*V; EIC 17,186.Š <T9 `GR+R7 O*+ TDb;O;T'7OS;_$V6+T$ $TE7$G*9WDg *S bM <EV$TEcC `G I_LEf+b;EO<<S‰-W9>Wg T ;CT CW +lT;I;_*V;EIC Š <T9

˜• ¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒĂš

The Company and SuĂžsidiary Companies paid the folloĂłing fees for audit serviĂ&#x;esÂś Š To the Company s external Auditor for audit serviĂ&#x;es during the past finanĂ&#x;ial year totaling žaht ŠĂ›Ă›Ă› Š The Audit OffiĂ&#x;e of the external Auditor ¤for personsÂŤaĂ&#x;tivities relating to the external Auditor and the audit offiĂ&#x;eÂĽ during the past finanĂ&#x;ial year totaling žaht 2,580,000.Š and to pay future fees for ongoing serviĂ&#x;es yet to Ăže Ă&#x;ompleted during the past finanĂ&#x;ial year totaling žaht ŠĂ›Ă›Ă› ™• ¾ÖՔ¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒĂš

The Company and SuĂžsidiary Companies paid for other serviĂ&#x;es nonŠaudit serviĂ&#x;es Š The Company s external Auditor during the past finanĂ&#x;ial year totaling žaht ŠĂ›Ă›Ă›, and also to pay for future fees for ongoing serviĂ&#x;es yet to Ăže Ă&#x;ompleted during the past finanĂ&#x;ial totaling žaht ŠĂ›Ă›Ă›. Š Audit OffiĂ&#x;e of the external Auditor ¤for involved personsÂŤaĂ&#x;tivities relating to the external Auditor and the audit offiĂ&#x;eÂĽ during the past finanĂ&#x;ial year totaling žaht ŠĂ›Ă›Ă›, and to pay for future fees for ongoing serviĂ&#x;es yet to Ăže Ă&#x;ompleted during the past finanĂ&#x;ial year totaling žaht ŠĂ›Ă›Ă›. Š Other Ă&#x;ompanies Ă&#x;onneĂ&#x;ted Ăłith the ÇPMG PoomĂ&#x;hai Audit OffiĂ&#x;e during the past finanĂ&#x;ial year totaling žaht 17,186.Š and also pay for future fees for ongoing serviĂ&#x;es yet to Ăže Ă&#x;ompleted during the past finanĂ&#x;ial totaling žaht ŠĂ›Ă›Ă›.

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The ¾oard of Direßtors plaßes great importanße to looç after and proteßt the rights of every shareholder as folloós¶ 1. Disßlose important information to all shareholders on an equal Þasis as neßessary and required in regards to the Company s operations, in a ßlear and ßonßise as óell as aßßurate and timely manner, so that sußh information is adequate enough for them to maçe any deßisions during the Shareholders Meeting. 2. Every shareholder reßeive all supporting information and doßuments relating to the shareholders Meeting that is ßomplete and suffißient, inßluding the opinions of the ¾oard of Direßtors regarding the various agenda items to Þe ßonsidered, in advanße and not less than 14 days Þefore the shareholders Meeting, óhißh is more than required Þy laó. The Company also posts on the Company s óeÞsite, in advanße of the sßheduled shareholders meeting and prior to sending out the aÞove mentioned doßuments, inviting all shareholders to suÞmit and propose any agenda item for ßonsideration at the Annual General Shareholders Meeting ¤AGM¥ together óith the assoßiated applißaÞle proßedures and information relating to the agenda items to Þe ßonsidered at the AGM. This is to alloó shareholders the opportunity to revieó and study sußh information in detail. 3. In the event that any Shareholder is not aÞle to attend the AGM in person, the Company alloós shareholders to give a poóer of attorney to an Independent Direßtor, or any other person, to attend and vote on their Þehalf through using the poóer of attorney form the Company has supplied, together óith the required duty stamp, in a format ¤as speßified Þy the Ministry of Commerße¥ that enaÞles Shareholders to ßlearly

89

designate hoó they óish to vote. Further, Shareholders ßan also doónload this poóer of attorney form from the Company s óeÞsite. The Company also alloós shareholders to æoin the AGM after it has offißially started, in order to exerßise their voting rights relating to any agenda items Þeing ßonsidered and voting has not taçen plaße at that time, through Þeing ßounted as part of the quorum from the moment they æoin the Meeting © unless the AGM ßonsidered otheróise. 4. Prior to a shareholders meeting, the Company alloós shareholders, singly or as a group óith not less than 4¡ of the total voting shares of the Company, the right to propose, in advanße, any agenda item and«or a person óith all the required qualifißations suitaÞle for appointment as a Direßtor of the Company for ßonsideration at the AGM NO. 48 For 2015, óhereÞy the Company alloóed shareholders to suÞmit any agenda items for ßonsideration Þetóeen the period 26 SeptemÞer 2014 to 31 DeßemÞer 2014. 5. In 2014, the Company held its Annual General Shareholders Meeting ¤AGM¥ No.47 for 2014 on 25 April 2014, that óas attended Þy all ¾oard Direßtors· óhereÞy the Company ßonsidered it appropriate to hold the AGM No. 47 for 2014 at the Conferenße Room, Flr 30, CAT Teleßom Toóer, Charoençrung Road, ¾angraç, ¾angçoç as for 2013, sinße the faßilities are ßonvenient and adequate to aßßommodate the numÞer of Shareholders óho expressed their óish to attend the meeting, sinße it is easily aßßessiÞle Þy puÞliß transport and offers enough availaÞle parçing plaßes for all attending shareholders. Furthermore, this faßilitated and enaÞled all shareholders to attend the meeting all together and to asç questions or express various opinions and ßomments in one and the same meeting

90

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room, resulting in the meeting Þeing ßondußted in an effißient manner. Additionally, it óas an opportunity to shoó ßase many produßts sold Þy the Company to attending Shareholders and it also to alloó interested shareholders to Þuy these produßts at speßial prißes. 6. On the day of the AGM, one hour Þefore the starting time, the Company arranged to have suffißient numÞers of staff, together óith appropriate IT system availaÞle on site to greet attendees, to faßilitate and assist in the registration proßess of attending shareholders, as óell as to inspeßt the relevant doßuments. To aßhieve an effißient and speedy registration proßess and to assist shareholders attending the meeting, a Þar ßode reader óas used to read the pre©printed Shareholder identifißation No. Þar ßode on eaßh shareholder s registration«attendanße form or poóer of attorney form. Further, in exerßising their votes for eaßh agenda item ßonsidered, the shareholders voting slips for dissenting votes or aÞstentions only are ßolleßted from shareholders. These voting slips are then ßounted and then dedußted from the total numÞer of entitled votes present at the Meeting at that time, so as to oÞtain the final vote ßount· óhereÞy a speßial shareholders meeting ßomputer program for shareholders meetings is used to faßilitate the aßßuraßy and speediness of this vote ßounting proßess óith the final Þeing announßed almost immediately after the ßonsideration of eaßh agenda item. shareholders ßan also vieó and inspeßt this vote ßounting proßess at the end of the meeting. 7. At the AGM, one©third ¤1«3¥ of the total numÞer of Direßtors are required to retire Þy rotation· óhereÞy during the ßonsideration to appoint neó Direßtors, shareholders are informed of this requirement together óith the faßt that the total numÞer of nominated persons approved to Þe appointed as neó Direßtors at any one time ßannot exßeed the total numÞer of ¾oard Direßtors alloóed and speßified in the Artißles of Assoßiation of the Company. As stated aÞove, the Company alloóed shareholders, during 26 SeptemÞer 2014 and 31 DeßemÞer 2014, to propose, in advanße, any qualified person¤s¥ to Þe ßonsidered for nomination and appointment as neó Direßtors of the Company. The Company also alloóed the voting for the approval of neó Direßtors to Þe to Þe appointed to Þe done on an individual nominee Þasis. 8. During the AGM, appropriate and suffißient time is

alloßated to alloó shareholders the opportunity to freely express their opinions or maçe ßomments and suggestions relating to eaßh agenda item Þeing ßonsidered Þefore the voting proßess staçes plaße, so that shareholders ßan Þe adequately and fully informed of the relevant issues Þeing disßussed. As sußh, the memÞers of the Exeßutive«Management Group are present to ansóer any questions, under the direßtion of the ¾oard of Direßtors of the Company, as óell as involved persons to note doón the questions or opinions and ansóers of any importanße. 9. For any agenda item Þeing ßonsidered Þy the AGM, shareholders ßan request that a seßret Þallot Þe made, óhereÞy not less than 5 shareholders are required to propose sußh a voting proßess together óith the approval of the meeting óith a maæority vote. 10. An agenda item is inßluded relating to the ßonsideration and approval of the proposed remuneration plan for ¾oard Direßtors, óhereÞy the Nomination and Remuneration Committee has revieóed and determined, in a ßonßise and fully transparent manner, the proposed remuneration plan © in terms of the total amount together óith the individual amount for eaßh Direßtor © to Þe explained to the shareholders. Further, details regarding the remuneration given to Direßtors and the Senior Management group are also ßontained in the Company s Annual Report for 2014. 11. In the AGM for 2014, the Company ßonsidered all the proposed agenda items to Þe ßonsidered in the same order as they appear in the Èetter of Invitations to the AGM, that óas sent in advanße to all shareholders óithout any ßhanges, and the AGM óas not requested to ßonsider any other agenda items in addition to those already indißated in the Èetter of Invitation for the AGM. 12. After every Annual Ordinary or Extraordinary Shareholders Meetings, the Company Seßretary together óith the Company s independent legal advisors ¤Chandler & Thong©Eç Èaó Offißes Ètd.¥, óho also attend these meetings, are responsiÞle for doßumenting in detail the Minutes of the Meeting, as óell as for distriÞuting these Minutes óithin14 days after the date of the meeting and for sending a ßopy to the SET óithin this speßified deadline· óhereÞy these Minutes are also alóays proposed, as the first agenda item, to the next shareholders meeting for ßonsideration and adoption. As sußh, at the AGM the Company is alóays open to alloóing

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shareholders to express their opinions and ßomments or to propose any amendments to the Minutes of the previous shareholders meeting for the saçe of maximum ßlarity and fuller aßßuraßy. All approved and adopted Minutes of the Shareholders Meetings are çept, in hard ßopy format, óithin the ßorporate doßumentation system of the Company under the ßare of the Offiße of Company Seßretary, as óell as in an eleßtroniß soft file format together óith all the relevant supporting doßuments for the agenda items ßonsidered at the respeßtive shareholders meetings so as to faßilitate any suÞsequent searßh and referenße as required Meeting. ¬ØÜÈÓ »ÙÌÈÛÔÌÕÛ ÖÍ ºÏÈÙÌÏÖÓËÌÙÚ

The Company undertaçes aßtivities to ensure that eaßh and every shareholder or shareholder group © regardless óhether it is a maæority shareholder, a minority shareholder, or an institutional investor © reßeives information aÞout the Company that is aßßurate, adequate, timely and on an equal Þasis as folloós¶

governanße of the Company and seleßtion of those appropriately qualified persons, as óell as Þe effeßtive in ßarrying out the duties of Þeing a shareholder for the maximum Þenefit of all shareholders and staçeholder groups. Those shareholders © singly or as a group © having a total of not less than 4¡ of the total voting shares of the Company are entitled to suÞmit sußh proposed agenda items or nominate sußh qualified persons for ßonsideration Þy the assigned Independent Direßtor during the period 26 SeptemÞer 2014 and 31 DeßemÞer 2014 Also for the AGM for 2014, the Company has used these ßriteria and ßonditions and has posted them on the Company s óeÞsite, together óith the notifißation for the sßheduled AGM and the respeßtive period to suÞmit any proposed agenda items etß. Äoóever, no suggestions or proposals have Þeen reßeived from any Shareholders during the period in question. ·ÙÌÝÌÕÛÐÖÕ ÖÍ ºÐÛÜÈÛÐÖÕÚ ÖÍ ªÖÕÍÓÐÊÛÚ ÖÍ °ÕÛÌÙÌÚÛÚ

The ¾oard of Direßtors has estaÞlished various polißies and guidelines as folloós¶ • The Company has a ßlearly defined and transparent ¨ÚÚÐÎÕÔÌÕÛ ÖÍ ÈÕ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙ ÛÖ ÓÖÖÒ ÈÍÛÌÙ ÔÐÕÖÙÐÛà shareholding strußture, óith no ßross shareholdings ºÏÈÙÌÏÖÓËÌÙÚ óith the maæority shareholder group, thus resulting Minority shareholders ßan suÞmit their suggestions, in no situations of possiÞle ßonflißt of interests in opinions or ßomplaints to the assigned Independent Direßtor via favor of one party or the other. The shareholding e©mail to àåÞëè½ðæëäâïñåÞæ.àì.ñå© óhißh the direßt email of the strußture of the Company and SuÞsidiary Companies Company Seßretary reporting to the Independent Direßtor, óho have Þeen ßlearly disßlosed in detail, together óith óill revieó and ßonsider these input in an appropriate manner the required full disßlosure of shareholdings in the and as required, namely¶ if it is a ßomplaint, the Independent Company Þy memÞers of the ¾oard of Direßtors. óill assess all the faßts involved, and óill reßtify the matter as • There is a ßlear separation of duties Þetóeen the appropriate· or if it is a suggestion that the Independent Direßtor ¾oard of Direßtors, the Exeßutive«Management feels is a matter of signifißant importanße, that ßould affeßt the Group, and Shareholders· thus there is a laßç of any staçeholders or the overall Þusiness of the Company, then the overlap of duties or any interferenße of authority Þy Independent Direßtor óill propose the matter to the ¾oard of one group among these groups. In the event that a Direßtors for ßonsideration to Þe inßluded as an agenda item Company Direßtor or memÞer of Management has for the next shareholders meeting. a vested interest in any proposed transaßtion Þeing As sußh, the Company has estaÞlished the prinßiple ßonsidered, that party ßannot partißipate in the that minority shareholders ßan also propose, in advanße via an meeting during the ßonsideration of the transaßtion Independent Direßtor, any agenda items and«or qualified persons in question, as óell as ßannot vote on the matter. This to Þe ßonsidered for nomination as a Direßtors for inßlusion as is to alloó the ¾oard of Direßtors and Management an agenda item at the next shareholders meeting. This is so that to ßome to an equitaÞle deßision that is of genuine minority shareholders ßan partißipate in and ßontriÞute to the Þenefit for the shareholders.

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• Polißies relating to good governanße and to the use of inside information in the operating aßtivities have Þeen determined and have Þeen inßluded in the employees rules and regulations in óriting· óith all employees having Þeen ßlearly informed of assoßiated penalties for any violations or any unauthoriöed disßlosures of or any unlaóful use of sußh inside information for personal gains. ¹ÖÓÌ ÖÍ ºÛÈÒÌÏÖÓËÌÙ ®ÙÖÜ×Ú

The Company has in plaße a polißy to operate its Þusiness through fulfilling its full responsiÞility toóards all Staçeholder Groups for the æoint Þenefit of all on a sustained Þasis· óhereÞy the ¾oard of Direßtors has determined an effeßtive operations system to ensure that the Company reßogniöes the rights of all Staçeholders as speßified Þy Þoth the relevant applißaÞle laós or regulations as óell as those doßumented óithin the Company s prinßiples of good ßorporate governanße and Code of Good ¾usiness Condußt and Ethißs. These prinßiples also ensure that the Company aßt óith full responsiÞility in looçing after the rights of all Staçeholders as óell as soßiety and the environment in a ßlear and strißt manner. Due to the ßhanging Þusiness operations, there are many overlapping Staçeholders groups and higher expeßtations from these various various groups óith regards to the Company aßting in an equitaÞle manner and Þeing aÞle to partißipate aßtively in ßontriÞuting suggestions, in maçing deßisions and in undertaçing aßtivities relating to çey issues © espeßially those that may have an impaßt on them. Thus, the overall treatment of Staçeholders is a matter óith inßreasing importanße, and as sußh the the Company has defined 12 çey Staçeholders groups together óith the respeßtive guidelines in treating these various groups, óhißh ßan Þe summariöed as folloós¶ ºÏÈÙÌÏÖÓËÌÙÚ Apart from the Þasiß rights of Shareholders as óell as those speßified Þy the relevant applißaÞle laós and the Artißles of Assoßiation of the Company· sußh as, the right to ßheßç the numÞer of shares oóned, the right to have share ßertifißates, the right to attend Shareholders Meetings and exerßise their entitled votes, the right to freely express opinions at the Shareholders Meeting, and the right to reßeive equitaÞle returns on investments, Shareholders also have the right to

propose any suggestions, via the assigned Independent Direßtor, regarding the operations of the Company in their ßapaßity as ßo©oóners of the Company, óith all suggestions to Þe proposed to the ¾oard of Direßtors for ßonsideration. ºÛÈÍÍ The Company plaßes great importanße on its Staff, óho are ßonsidered to Þe valuaÞle resourßes of the Company· and it is ßommitted to maçing every staff memÞer feel proud of and ßonfident in the Company. During the past year, the Company has undertaçen various proæeßts and aßtivities to promote a good óorçing environment in order to support the ßreation of neó ideas and aßtions and to enhanße the ßapaÞilities of the staff, so that they óill Þe aÞle to perform their duties effeßtively. Additionally, the Company has given importanße to maintaining the good health of its Staff through arranging that Staff at every level alóays undergo a health ßheßç©up every year. In regards to óorç plaße safety, fire prevention and fire extinguishing systems are plaßed throughout the Company s faßilities to ensure a safe óorçing environment· and fire drills are also undertaçen, Þoth at the ÄO and the óarehouse faßilities, at least onße a year. Furthermore, the Company promotes and supports a öero aßßident polißy, through plaßing PR posters throughout the Company s faßilities, so that no aßßidents óill oßßur óithin the Company· óhereÞy during the last year there óere no óorç©related aßßidents. The Company also ßontinues to maçe improvements to the appearanße of the offiße«faßilities environment, so that is more appropriate to óorç in. The Company also promotes and support its Staff to Þe learn more aÞout the environment and assoßiated issues, through arranging Staff training programs in order to ßreate greater aóareness and for the Staff to maçe use of the çnoóledge gained in their everyday life. The Company has also undertaçen various proæeßts relating to preserving and proteßting the environment together óith other various assoßiated aßtivities for the Staff to æoin and partißipate in preserving Þoth natural resourßes and proteßting the environment. ªÜÚÛÖÔÌÙÚ The Company is ßommitted in giving ßustomers of its produßts and servißes maximum Þenefit in terms of Þoth quality and priße, together óith maintaining and sustaining the estaÞlished good relations óith its ßustomers through ßhoosing only quality produßts that have reßeived the quality industrial standard or TISI ßertifißation The Company has also estaÞlished a ßentral ßustomer serviße ßenter or Call

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Center ¤Tel¶ 66©2234©7171¥, responsiÞle for giving assistanße to ßustomers and adviße on the use of its produßts, or hoó to solve any produßt proÞlems, or for reßeiving any ßustomer ßomplaints, as óell as a Singer serviße hotline ¤Tel¶ 668©18 40 ©4555¥ to give direßt quißç responses to ßustomers relating to after©sales servißes and repairs of eleßtrißal applianßes. ©ÜÚÐÕÌÚÚ ·ÈÙÛÕÌÙÚ The ßompany operates its Þusiness óithin the frameóorç of open and fair ßompetition and trade praßtißes, strißtly meeting all agreed terms and ßonditions as óell as standards of good Þusiness ethißs, all of óhißh prinßiples have Þeen inßluded in the Company s Polißies and Guidelines on Good Corporate Governanße and Code of Good ¾usiness Condußt and Ethißs. ºÜ××ÓÐÌÙÚ ÈÕË ¶ÛÏÌÙ ·ÈÙÛÐÌÚ ¹ÌÓÈÛÌË ÛÖ ÐÛÚ ©ÜÚÐÕÌÚÚ The Company has in plaße polißies to taçe good ßare of its Þusiness partners«suppliers and other involved parties, in regards to the environment, óorç safety, and payments to Þe reßeived· together óith fully supporting the development of their ßapaÞilities as óell as Þusiness©related and non©Þusiness çnoóledge in order to enaÞle them to óorç óith more effißienßy and produßtivity. ±ÖÐÕÛ °ÕÝÌÚÛÖÙÚ The Company respeßts the rights of æoint investors and treats them in an equitaÞle manner, as óell as fully ßooperates óith them at all times, so that the æoint Þusiness aßtivities ßan aßhieve full sußßess in line óith the agreed oÞæeßtives of the æoint venture. ªÙÌËÐÛÖÙÚ The Company fully meets all its agreed oÞligations and ßommitments as óell as all terms and ßonditions of the loans agreements aßßording to the expeßtations of its ßreditors, namely¶ trade ßreditors and lenders· óhereÞy these prinßiples have Þeen doßumented in the Company s ßurrent Polißies and Guidelines on Good Corporate Governanße and Code of Good ¾usiness Condußt and Ethißs. The Company treats all ßreditors in an equal manner, and does not give any guarantees to any one ßreditor in partißular, exßept in regards to guaranteeing the loans of Singer Èeasing ¤Thailand¥ Co., Ètd., a SuÞsidiary Company in óhißh Singer Thailand PCÈ., has a 99.99¡ equity holding. ºÖÊÐÌÛà ÈÕË ªÖÔÔÜÕÐÛÐÌÚ The Company operates its Þusiness in an equitaÞle manner toóards all Staçeholders, as óell as adheres to the prinßiples of soßial responsiÞility in developing soßiety and loßal ßommunities. This is aßhieved through foßusing on supporting the development of the livelihoods of its memÞers,

enhanßing the happiness of these ßommunities, and giving full support to various ßommunity aßtivities © espeßially those aßtivities relating to improving the potential of young people and houseóives © in ßreating neó livelihoods, sçills and improved edußation. The Company also enaÞles its employees to partißipate and ßontriÞute toóards these ßorporate soßial responsiÞility related aßtivities to help soßiety and loßal ßommunities, through the estaÞlished Singer CSR CluÞ ®ÖÝÌÙÕÔÌÕÛ ¶ÙÎÈÕÐáÈÛÐÖÕÚ ÖÙ ¨ÎÌÕÊÐÌÚ The Company plaßes great importanße to Government organiöations and agenßies in their ßapaßity as a Staçeholder group, through estaÞlishing guidelines that are to Þe strißtly oÞserved Þy its Staff, so they ßan aßt in a ßorreßt and appropriate manner. The Company also alóays ßooperates óith all Government agenßies and supports their various related aßtivities. »ÏÌ ·ÙÌÚÚ ÈÕË ´ÌËÐÈ The Company plaßes great importanße to disßlosing information and neós to the press and media, so that the Company ßan alóays ßommunißate óith the general puÞliß in an aßßurate, speedy and timely manner. ªÖÔ×ÌÛÐÛÖÙÚ The Company treats all ßompetitors óithin the aßßept frameóorç of free and open trade ßompetition, through operating its Þusiness in an equitaÞle manner as óell as in aßßordanße óith the relevant laós and the estaÞlish Company s ßode of good Þusiness ßondußts. During the past year, the Company has not had any disputes relating to its Þusiness ßompetitors. »ÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ The Company operates it Þusiness Þy alóays taçing into ßonsideration its responsiÞility toóards soßiety and the environment. The Company fully reßogniöes the need to ßonserve energy and proteßt the environment, through promoting the use of those applianße and produßts that are energy©effißient. Further, the Company ßontinually develops applianßes and produßts that have the No. 5 energy effißient ßertifißation. Furthermore, Singer refrigerators use only Non©CFC refrigerants ¤or C©Pentanߥ, that do not harm the environment or the oöone layer and óhißh has a O©level oöone layer damage ßertifißation. Additionally, the Company ßonstantly promotes the çnoóledge and aóareness, on the part of its Staff, of the need to alóays taçe ßare and proteßt the environment, as óell as the need to restore and enhanße vital natural resourßes through implementing various assoßiated proæeßts and aßtivities.

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The Company operates its Þusiness aßtivities ¤and enßourages its staff to aßt¥ in full aßßordanße óith all relevant applißaÞle laós and regulations óith regards to intelleßtual property rights ¤regardless of óhether it is trademarçs, serviße marçs, ßopyrights, patents, or ßonfidential trade seßrets¥ and other legal proprietary rights © sußh as, legal ßopyright ßomputer softóare programs, óhereÞy all softóare programs used must Þe inspeßted and installed Þy the IT Department only. As sußh, ßopies of the Computer Crimes Aßt ¤2007¥ are posted, as reminders of the prohiÞited assoßiated aßtions, on eaßh employee desçtop ßomputer óithin the Company. Additionally, the Company requires that all employees aßçnoóledge and sign an agreement not to disßlose any ßonfidential Company information and not to violate any ßomputer laós or intelleßtual property rights of others· óhereÞy neó employees must sign this agreement together óith their Contraßts of Employment.

ßommunißated these guidelines throughout the organiöation together óith proßedures for informants to suÞmit details on any suspißious involvement Þy anyone in any possiÞle fraudulent aßtivities. An Internal Committee on proteßting and preventing fraudulent aßtivities has Þeen estaÞlished· as óell as all assoßiated anti©ßorruption polißies have Þeen doßumented to fully inform all employees, óho are required to sign their aßçnoóledgement of and agreement to of sußh polißies. ·ÖÓÐÊà ®ÜÐËÌÓÐÕÌ ¹ÌÓÈÛÐÕÎ ÛÖ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ÈÕË ªÖÙÙÜ×Û ·ÙÈÊÛÐÊÌÚ

The Company has estaÞlished ßhannels of ßommunißations for any Staçeholder to suÞmit information or ßomplaints relating to possiÞle fraudulent situations. Guidelines have also Þeen estaÞlished relating to the giving«aßßeptanße of gifts, ÞriÞes or other Þenefits, entertaining or any inappropriate expenses Þeyond reasonaÞle or authoriöed amounts that are not in aßßordanße óith the Company s regulations. Also ßlear guidelines for proßurement proßess and for maçing donations, ·ÖÓÐÊà ®ÜÐËÌÓÐÕÌ ¹ÌÓÈÛÐÕÎ ÛÖ ¹ÌÚ×ÌÊÛÐÕÎ ¨ÓÓ ³ÈÞÚ ÈÕË ·ÙÐÕÊÐ×ÓÌÚ Þoth of óhißh aßtivities are required to Þe undertaçen in a ÖÍ ¯ÜÔÈÕ ¹ÐÎÏÛÚ transparent and equitaÞle manner as óell as in full aßßordanße The Company supports and respeßts the prinßiples óith all the relevant applißaÞle laós and regulations, and of proteßting human rights, and ensures that the Company s estaÞlished Company proßedures.As sußh, the Company has Þusinesses is in no óay involved óith any aßtivities that violate ßommunißated these estaÞlished rules and regulations relating to any Þasiß human rights © sußh as, not supporting forßed laÞor, the aßtivities of the Company to all memÞers of the Exeßutiuve« or use of ßhild laÞor, treating all Staçeholders in an equitaÞle Management group, so that these ßan also Þe informed to every manner, and respeßting Þasiß human dignity óithout any employee © espeßially sales representative and field staff © for preæudiße or disßrimination óith regards to plaße of Þirth, raße, their óritten aßçnoóledgement as óell as ßonfirmation of their sex, age, religious Þeliefs, nationality and family name, physißal agreement to strißtly oÞserve sußh estaÞlished praßtißes in a aÞilities«disaÞilities, sçin ßolor, or soßial status. ßorreßt manner. ·ÖÚÐÛÐÖÕ ÖÕ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ÈÕË ªÖÙÙÜ×Û ·ÙÈÊÛÐÊÌÚ

At the Company s ¾oard of Direßtors meeting No. 203 held on 14 NovemÞer, 2014, a resolution óas made to approve the Company s position on anti©ßorruption, together óith the polißy to inßorporate óithin the Management ÄandÞooç the Company s Code on Good ¾usiness Condußt and Ethißs and the Guideline for a Öero Toleranße Polißy . Further, the Company has æoined the Private Seßtor Colleßtive Aßtion Coalition Against Corruption Initiative ¤CAC¥ as organiöed Þy the Thai IOD. The Company has assessed the risçs relating to fraudulent aßtions as óell as has determined polißies on Þusiness ethißs relating to anti©ßorruption praßtißes· and has

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The Company has assigned a memÞer of the Management to Þe responsiÞle for direßtly reßeiving any information and ßomplaints, together óith a Æoint Investigation Committee to asses and investigate the aßßuraßy of any ßomplaints in an equitaÞle manner. Polißies have also Þeen estaÞlished in regards to effeßtive internal ßontrols, together óith a reporting proßess óith full transparenßy and aßßountaÞility, so that everyone ßan feel ßonfident that sußh investigations óill Þe undertaçen in an equitaÞle manner. Additionally, various measures have Þeen estaÞlished to proteßt informants of any suspißious fraudulent

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aßts © espeßially those informants or ßomplainants, óho are memÞers of the Company s Staff, ßustomers or persons assigned Þy the Company to investigate sußh possiÞle inßidents. This is so that these informants óill reßeive the right to Þe proteßted in aßßordanße óith applißaÞle laós. Further, these measures have Þeen inßluded in the Company s Polißies and Guidelines on Good Corporate Governanße. In the event that any of the various Staçeholder groups have any suspißions or is aóare of any possiÞle irregular or illegal aßts of misßondußts, ßonsidered not to Þe in aßßordanße óith applißaÞle laós, regulations or estaÞlished Code of Good ¾usiness Condußts and Ethißs of the Company, then they ßan suÞmit sußh information or ßomplaints, together óith full supporting details or evidenße, to the Company s Æoint Investigation Committee to investigate and estaÞlish the truth in a fair manner. This Æoint Investigation Committee óill then investigate and assess the truth, and summariöe its findings that óill Þe suÞmitted to the Company s Management for ßonsideration and further aßtion. Sußh information and ßomplaints should Þe sent to these ßontaßt details¶ Æoin Committee for Investigation of the Company ¤to estaÞlish the truth in a fair manner¥ Singer Thailand PCÈ., Post ffiße ¾ox 17, ¾angraç Post Offiße ¾angraç, ¾angçoç 10500 Or ¶ Tel¶ 66©2266©8324· Fax¶ 66©2234©7107 Or ¶ e©mail : Þêëâðñö½ðæëäâïñåÞæ.àì.ñå

non©finanßial information, in full ßomplianße óith the relevant applißaÞle laós and regulations. Sußh disßlosures should Þe made in ßomprehensive detail that are ßrediÞle, timely and in a adequate manner © Þoth in Thai and English © through the SET Community Portal as óell as the Company s óeÞsite, and in full ßomplianße óith the relevant applißaÞle laós and regulations as speßified Þy the SEC and SET or other involved Government agenßies. Further, these applißaÞle rules and regulations need to Þe ßonstantly monitored for any ßurrent amendments, to ensure that the Company is alóays in ßomplianße sußh applißaÞle regulations and to Þe a guarantee to Shareholders that the Company operates its Þusiness in a fully transparent and straight foróard manner, namely: 1. Disßlose finanßial and non©finanßial information in an aßßurate, ßomprehensive, and timely manner. 2. Prepare the Report of the ¾oard of Direßtors ResponsiÞilities for the Finanßial Statements for inßlusion, together óith the Audit Report of the Certified PuÞliß Aßßountant, in the Company s Annual Report. 3. Determine polißies relating to the required reporting Þy Direßtors and memÞers of Management regarding their vested interests as óell as those of any related parties ßonneßted óith the interests of the Company and SuÞsidiary Companies, Þased on the folloóing ¨Ú ÚÜÊÏ ËÜÙÐÕÎ ÛÏÌ ×ÙÌÝÐÖÜÚ àÌÈÙ ÛÏÌ ªÖÔ×ÈÕà ÏÈÚ guidelines and proßedures: ÙÌÊÌÐÝÌË ÕÖ ËÐÚ×ÜÛÌÚ ÐÚÚÜÌÚ ÖÙ ÐÕÍÖÙÔÈÛÐÖÕ ÖÍ ÈÕà ÚÐÎÕÐÍÐÊÈÕÊÌ • Report upon initially assuming the duties of a ÍÙÖÔ ÈÕà ºÛÈÒÌÏÖÓËÌÙ ÎÙÖÜ×Ú Company Direßtor or a memÞer of Management • Report óhenever there is any ßhange in the °ÕÍÖÙÔÈÛÐÖÕ «ÐÚÊÓÖÚÜÙÌÚ ÈÕË »ÙÈÕÚ×ÈÙÌÕÊà information or status relating to their vested The Company has determined that the disßlosure interests of any information and any ßommunißations Þe a ßore • Report at the end of every year polißy of the Company, óhereÞy an Investor Relations and • Report upon the termination of the term of offiße Corporate Communißations Ñnit óas estaÞlished to represent as a Direßtor and upon Þeing reappointed for the Company and ßentral ßommunißations linç Þetóeen the another ßonseßutive term· óhereÞy Direßtors Exeßutive«Management group in regards to disseminating and need not suÞmit a report if there are no ßhange disßlosing information The Company also plaßes importanße in their status relating to any vested interests. on the disßlosure of information, sinße it is an operational • Direßtors and memÞers of Management are aspeßt óith potential impaßt on the deßision Þy investors required to suÞmit sußh reports ¤on the status and Staçeholders· thus it needs to Þe óell©ßontrolled through of their vested interests¥ to the Company speßifiß measures relating to disßlosing Þoth finanßial and Seßretary, óho óill then suÞmit a ßopy to the

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Chairman of the ¾oard and the Chairman of the Audit Committee óithin 7 óorçing days from reßeiving sußh reports· óhereÞy the agenda item relating to these reports on vested interests must Þe inßluded for ßonsideration Þy the ¾oard of Direßtors Meeting every quarter. 4. Disßlose the proßedures for seleßting and proposed nomination for neó Direßtors Appointments. 5. Disßlose the duties and aßtivities of the various ¾oard Committees, together óith hoó many times eaßh Committee met as óell as the attendanße reßord of eaßh memÞer of eaßh Committee during the year. 6. Disßlose the strußture and nature of the Þusiness operations, as óell as the shareholding in eaßh SuÞsidiary and ÆÒ Company. 7. Disßlose information relating to the remuneration for eaßh Direßtor © in their ßapaßity as a Company Direßtor and memÞer of the various ¾oard Committees. 8. Disßlose the polißy relating to the remuneration for Direßtors and memÞers of Management, óith details regarding the various types of remuneration and Þenefits together óith the remuneration for Direßtors as memÞers of the various ¾oard Committees. 9. Disßlose polißies relating to proteßting or taçing ßare of the environment and soßiety, together óith the outputs and aßhievements resulting from the aßtions undertaçen in ßomplianße óith these polißies. 10. Report on the polißies and praßtißes relating to good ßorporate governanße, together óith the outputs and aßhievements resulting from the aßtions undertaçen in ßomplianße óith these polißies. 11. Disßlose investments in any important proæeßts together óith the results of sußh investments· óhereÞy sußh disßlosures are made via the SET Community Portal and posted on the Company óeÞsite © so that all Shareholders, investors, the press and media, and any involved parties are fully informed in an aßßurate, ßomprehensive and transparent manner in aßßordanße óith the Company s polißy of giving great importanße to full disßlosures of information and transparenßy,

óhißh is a çey faßtor in the overall operations of the Company. As a in result if the Company plaße great importanße to information disßlosures and transparenßy that is a çey faßtor in the ßondußt of its Þusinesses, Singer Thailand PCÈ., reßeived the SET Aóards for SET ¾est Investor Relations Aóards for 2011 and 2012 for tóo ßonseßutive years· óhile in 2013 the Company also reßeived the SET Outstanding Investor Relations Aóard 2013 at the SET Aóards ßeremony in 2013. The Investor Relations and Corporate Communißations Department of the Company has undertaçe aßtivities relating to ßontaßting, informing and ßommunißating óith institutional investors, general investors, and Shareholders, together óith seßurities analysts and involved Government agenßies on an equal and equitaÞle Þasis. Shareholders óho óish to ßontaßt the Investor Relations Ñnit for further information ßan do so direßtly via email at àåÞëè½ðæëäâïñåÞæ.àì.ñå or Þy telephone at 66©2352©4777 ext. 4727. During 2014, various aßtivities óere undertaçen óhereÞy the CEO, Direßtor«Controller & Finanße Direßtor regularly met óith various individual or institutional investors and seßurities analysts, in order to maçe presentations regarding the finanßial status of the Company and the Management Disßussion & Analysis ¤MD&A¥· as óell as partißipated in the SET Opportunity Day for investors to present the Company s operating performanße results of and overvieó for the future operating trends of the Company· óith details as folloós: • Investors related aßtivities and meetings involving the CEO and individual investors, in order to maçe a presentation and ßreate a Þetter understanding of the Þusiness trends and overall operating aßtivities of the Company. • Òarious ßompany visits Þy and regular meetings or ßonferenße ßalls óith seßurities analysts and investors, in order to ansóer questions aÞout the Company s operations. • Partißipation in the Thailand Foßus 2014 event, in order to meet overseas institutional investors. ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ

The ¾oard of Direßtors ßomprises of qualified persons óith the çnoóledge and aÞilities that are reßogniöed at the

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ªÖÔ×Óà Ă?Ă•ĂŽ ÛÖ Ă›Ă?ĂŒ º Ăš ÂŞĂ–Ă‹ĂŒ Ă–Ă? ŠĂŒĂšĂ› ¡Ă™ĂˆĂŠĂ›Ă?ĂŠĂŒĂš Ă?Ă–Ă™ ÂŞĂ–Ă™Ă—Ă–Ă™ĂˆĂ›ĂŒ ÂŽĂ–Ă?ĂŒĂ™Ă•ĂˆĂ•ĂŠĂŒ

national level, Ăłho have a vital role in defining the poliĂ&#x;ies of the Company, together Ăłith the Senior Management group, and also in determining the overall long term and short term Ăžusiness plans, finanĂ&#x;ial poliĂ&#x;ies, risçs management poliĂ&#x;ies, and proĂ&#x;edures together Ăłith the overall image and reputation of the Company. The žoard of the DireĂ&#x;tors also plays an important role in the overall governanĂ&#x;e of the Company, in evaluating the performanĂ&#x;e of the Company, and in independently monitoring the aĂ&#x;tivities of the Management group so as to ensure that they alĂłays aĂ&#x;t in full aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith estaĂžlished poliĂ&#x;ies and plans. At present, despite the faĂ&#x;t that the Company Ăžusiness is Ăžased upon the operational guidanĂ&#x;e from and suggestions of SINGER ¤TĂ„AIĂˆANDÂĽ žĂ’., Ăłho is the maĂŚority Shareholder, hoĂłever the žoard of DireĂ&#x;tors oversees and Ă&#x;ontrols the ExeĂ&#x;utiveÂŤManagement group to ensure that they manage the Ăžusiness operations in aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith estaĂžlished and agreed poliĂ&#x;ies and strategies of the Company. The žoard also advises and monitors the ExeĂ&#x;utiveÂŤ Management group in regards to the overall Ăžusiness aĂ&#x;tivities, Ăłhile the dayŠtoŠday operations are the direĂ&#x;t responsiĂžility of the Management team. The žoard of DireĂ&#x;tors has estaĂžlished a system of internal Ă&#x;ontrols together Ăłith an Internal Audit funĂ&#x;tion, and also Ă&#x;losely monitors the aĂ&#x;tivities of these çey internal units on a regular Ăžasis at the žoard Meetings. The Company s žoard of DireĂ&#x;tors Ă&#x;omprises of 8 persons, Ăłho possess extensive experienĂ&#x;e in various area and Ăžusiness disĂ&#x;iplines¡ ĂłhereĂžy there are 2 representatives from the maĂŚority Shareholder group, 2 ExeĂ&#x;utives DireĂ&#x;tors, and 4 Independent DireĂ&#x;tors ¤that is equal to 50ÂĄ of the total numĂžer of DireĂ&#x;torsÂĽ. There is an effeĂ&#x;tive ĂžalanĂ&#x;e of poĂłer Ăłithin the žoard of DireĂ&#x;tors, Ăłith the Ă&#x;urrent authoriĂśed DireĂ&#x;tors of the Company Ăžeing: Mr. Gavin Æohn Ă“alçer, Mr.žoonyong Tansaçul, and Mr. Paitoon Suçhanaphorn Š ĂłhereĂžy any 2 of these 3 authoriĂśed DireĂ&#x;tors signing together and affixing the Company seal. Ă“ith regards to the management independenĂ&#x;e, the Chairman of the žoard is not the same person as the Chief ExeĂ&#x;utive OffiĂ&#x;erÂŤManaging DireĂ&#x;tor, in order to aĂ&#x;hieve a Ă&#x;lear separation of duties in regards to the determination of poliĂ&#x;ies and the dayŠtoŠday management of the Company. Further, the

Chairman of the žoard is also an Independent DireĂ&#x;tor in full aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith the required qualifiĂ&#x;ations as speĂ&#x;ified Ăžy the SET, and has no relationship Ăłith memĂžers of the ExeĂ&#x;utiveÂŤ Management group. In order to aĂ&#x;hieve maximum effeĂ&#x;tiveness in performing the duties of a DireĂ&#x;tor of the Company, eaĂ&#x;h DireĂ&#x;tor is not alloĂłed to Ăže a DireĂ&#x;tor in more than 5 other listed Ă&#x;ompanies Ă&#x;onĂ&#x;urrently. The CEOÂŤMD as Ăłell as other Senior Management are not DireĂ&#x;tors in any other listed or nonŠlisted Ă&#x;ompanies, exĂ&#x;ept for Ăžeing DireĂ&#x;tors in the SuĂžsidiary Companies in ĂłhiĂ&#x;h Singer Thailand PCĂˆ., has approximately a 99.99ÂĄ equity holding The Company has estaĂžlished a Ă&#x;lear sĂ&#x;ope duty and of authority for the žoard of DireĂ&#x;tors together Ăłith a Charter for the various žoard Committees that Ă&#x;learly defines their respeĂ&#x;tive sĂ&#x;ope of duty and authority, ĂłhiĂ&#x;h details are disĂ&#x;losed on the Company s ĂłeĂžsite. Additionally, the žoard of DireĂ&#x;tors has estaĂžlished proĂ&#x;edures for their oĂłn performanĂ&#x;e evaluation on a group as Ăłell as on an individual Ăžasis, though using performanĂ&#x;e evaluation forms in aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith those designed and speĂ&#x;ified Ăžy the SET¡ ĂłhereĂžy these performanĂ&#x;e evaluations results are then summariĂśed for disĂ&#x;ussions at the žoard of DireĂ&#x;tors Meeting, so that every žoard memĂžer is made aĂłare of these evaluation results and Ă&#x;an use them to maçe further improvements to their performanĂ&#x;es An orientation program is undertaçen in the event that the Company has appointed a neĂł DireĂ&#x;tor. This program inĂ&#x;orporates a set of doĂ&#x;uments and Ă&#x;omprehensive useful information to introduĂ&#x;e a neĂł DireĂ&#x;tor to the Ăžusiness model and overall operations of the Company. At the same time introduĂ&#x;tory meetings and disĂ&#x;ussions are arranged Ăłith the ExeĂ&#x;utive DireĂ&#x;tors, the ExeĂ&#x;utiveÂŤManagement Committee and memĂžers of the Management group, in order to familiariĂśe the neĂł DireĂ&#x;tor Ăłith the overall aĂ&#x;tivities of the žoard and the Management group. Additionally, arranged visits to the Ăłarehouse faĂ&#x;ility and ĂžranĂ&#x;h outlets are made Ăžefore attending a meeting Ăłith the other DireĂ&#x;tors. The Company also enĂ&#x;ourages that neĂł DireĂ&#x;tors attend various assoĂ&#x;iated Ă&#x;ourses arranged Ăžy the Thai IOD, in order to Ăženefit the effeĂ&#x;tive disĂ&#x;harge of their duty and responsiĂžilities as a Ă&#x;ompany DireĂ&#x;tor.

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105

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The Company also supports and enßourages Direßtors, memÞers of Management and the Company Seßretary to æoin in other seminars or ßourses arranged Þy various outside organiöations· sußh as, the Thai©IOD, Thai Èisted Companies Assoßiation and others. This is in order to ßreate maximum ßonfidenße in ßarrying out their duty more effeßtively. The Company Seßretary and the Training Department is responsiÞle for preparing and updating the training reßords of eaßh ¾oard Direßtor and memÞers of the Management group, as óell as to ßonsider and reßommend various relevant seminars and ßourse that may Þe suitaÞle for eaßh Direßtor to ßonsider attending. © sußh as: Impaßts on the Thai Eßonomy from the politißal ßrisis· IOD Seminar : Improving Corporate Governanße © Çey to Advanßing Thailand· Óorld ¾anç group óorçshop © Thailand Capital Marçets Óorçshop © Èoßal Currenßy, ¾onds, & Strußtured Produßts· TIA: Round taÞle Disßussions © Case Study on Risç Management and Internal Controls· Provident Fund Assoßiation : Management of Initial Investment Portfolio, Class 4. Normally, the ¾oard of Direßtors holds a ¾oard Meeting every quarter and any speßial ¾oard Meetings as neßessary. The Company ßlearly determines the proposed agenda items for ßonsideration in advanße· óhereÞy the Company Seßretary óill ßoordinate and arrange to send out, to all Direßtors in advanße, Notifißations of the sßheduled meetings together óith any supporting information and doßuments. During the ¾oard Meeting, Direßtors ßan freely express their opinions óithout Þeing oÞliged or influenße Þy others. In 2014, the ¾oard of Direßtors held a total of 4 meetings, ßomprising of 4 normal sßheduled ¾oard Meetings. For eaßh ¾oard Meeting, all supporting doßuments relating to eaßh agenda item to Þe ßonsidered are sent out in advanße to all Direßtors, so that they may adequately revieó and study them in detail prior to the Meeting· and there óas 1 Annual General Shareholders Meeting. The attendanße reßord of eaßh ¾oard Direßtor for ¾oard Meetings is indißated in the Management Strußture segment.

In the ßonsideration of various agenda items and matters, the Chairman of the ¾oard also aßts as the Chairman of the Meeting and alloós all Direßtors to opportunity to freely express their opinions. Òoting on any matters is on a maæority vote Þasis· óhereÞy eaßh Direßtor has one vote, and any Direßtors having a vested interest in a matter Þeing voted upon is not alloóed to attend that part of the Meeting and«or also not alloóed to vote on the matter in question. Further, in the event of a tie, the Chairman has one additional and deßiding vote. Additionally, the ¾oard of Direßtors plaßes great importanße on any related party transaßtions as óell as in the ßareful, equitaÞle and transparent ßonsideration of any situations óith possiÞle ßonflißts of interests Þetóeen involved parties, together óith fully disßlosing information related to all sußh transaßtions in a ßomprehensive manner. In the event that a Direßtor has any vested interests in any matter Þeing ßonsidered, that Direßtor is not alloóed to æoin the disßussions, deßide or vote on the matter. After eaßh meeting, the Company Seßretary together óith the legal advisors ¤Chandler and Thong©Eç Èaó Offiße Ètd, the independent legal advisory firm to the Company and óho also attends every meeting¥ is responsiÞle for reßording in detail the Minutes of the meetings, inßluding all çey disßussion points and opinions expressed Þy eaßh Direßtor. These Minutes are then ßonsidered for adoption as the first agenda item of the next ¾oard Meeting· óhereÞy Direßtors ßan ßomment and reßommend any amendments, as required, for the saçe of improved ßlarity and aßßuraßy. The Chairman óill then approve the Minutes as Þeing ßorreßt and formally adopted, and the approved Minutes are then maintained for safe çeeping, as top seßret«ßonfidential information, in the Company s doßumentation system at the offiße of the Company Seßretary, together óith a soft ßopy on file óith the list of proposed agenda items for ßonsideration for easy searßh and referenße in the future.

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To aßhieve æust and equitaÞle Þusiness operations, Singer Thailand PCÈ., and all its SuÞsidiary Companies have defined a ßore strategy of giving great importanße to the rights of all Staçeholders, regardless of óhether they are internal ¤ie: staff and memÞers of management¥ or external ¤ie: ßustomers, ßreditors, and Government agenßies or other involved organiöations, inßluding loßal ßommunities, soßiety as a óhole, and the environment. This æust and equitaÞle óay of ßondußting its Þusinesses is not limited to óhat is required Þy laó Þut also inßludes those aßtions that óill not infringe upon or violate the Þasiß rights of all these Staçeholder groups· óhereÞy the folloóing standard Code of Good ¾usiness Condußt and Ethißs have Þeen defined as Þeloó.

·ÖÓÐÊÐÌÚ ÈÕË ÙÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÛÖÞÈÙËÚ ºÏÈÙÌÏÖÓËÌÙÚ

1. EstaÞlishing a polißy frameóorç for good ßorporate governanße prinßiples and praßtißes, in order to enhanße full transparenßy toóards as óell as trust among Shareholders, investors, and all other Staçeholders, through having in plaße polißies and direßtions relating to the Company s Þusiness operations and aßtivities as óell as giving great importanße on having in plaße speßifiß internal ßontrols and audit systems. This is to effeßtively monitor and ensure that the management group fully ßomplies to agreed internal polißies and strategies· óhereÞy all sußh polißies, proßedures and aßtivities are for the full Þenefit of the Shareholders. 2. Respeßting the Þasiß rights of all its Shareholders to reßeive, on a equal Þasis, all neßessary and relevant information to faßilitate an assessment of the Company operations· and maçing full disßlosures regarding the Company s performanße results and finanßial status together óith detailed supporting doßuments as required Þy the SEC and SET s rules and regulations. 3. Äaving in plaße effeßtive systems and proßedures, to ensure that every single Shareholder óill reßeive the same and equal treatment during Shareholders Meetings.

®ÜÐËÌÓÐÕÌÚ ÙÌÓÈÛÐÕÎ ÛÖ ªÖÕÍÓÐÊÛ ÖÍ °ÕÛÌÙÌÚÛÚ ÚÐÛÜÈÛÐÖÕÚ

1. In their dealing óith ßustomers or other outside parties, all staff and employees are required to avoid any possiÞle situations of possiÞle ßonflißts óith regard to their oón personal interests and those of the Company.

107

2. All staff and employees are required to Þe fully ßommitted, in terms of their efforts and time, toóards the aßtivities of the Company. In the event that they óish or have to undertaçe on any additional óorç outside the normal óorçing hours ¤in order to inßrease their personal inßome or for óhatever reason¥, the folloóing guidelines must Þe oÞserved : • it must not affeßt their assigned role or responsiÞilities óithin the Company, • it must not Þe illegal or ßause any ßonflißt or unrest· and it must Þe óithin the normal ßulture and good Þehavior of a Thai ßitiöen, • it must not have any negative impaßt on the good name or reputation of the Company, • it must not Þe in ßonflißt óith the Þusiness aßtivities and Þenefits of the Company, and • it must not involve óith the misuse use of any ßonfidential information of the Company.

¨ÕÛÐ ÊÖÙÙÜ×ÛÐÖÕ ×ÖÓÐÊÐÌÚ ÈÕË ÔÌÈÚÜÙÌÚ

The Company has inßluded in Þoth the Company s Management Polißies ÄandÞooç as óell as the Code of Good ¾usiness Condußt and Ethißs that the Company has an aÞsolute Öero Toleranße Polißy óith regards to ßorruption or ßorrupt Þusiness praßtißes. As sußh, the Company is a signatory endorsing the Private Seßtor Colleßtive Aßtion Coalition Against Corruption ¤CAC¥ organiöed Þy the Thai© IOD· óhereÞy this polißy also refleßts the CEO«Managing Direßtor s çey message that ßorruption has never aßhieved any sußßess for anyone ¹ÌÚ×ÌÊÛ ÍÖÙ ¯ÜÔÈÕ ¹ÐÎÏÛÚ

The Þasiß human rights entitled Þy everyone inßludes: the right to Þe happy as a human Þeing and a part of soßiety, together óith the right to Þe treated óith dignity and respeßt. The respeßt for these Þasiß rights is the Þasis for a staÞle and peaßeful soßiety. Singer Thailand PCÈ., and its suÞsidiary ßompanies, therefore, gives great importanße to the respeßt for these Þasiß human rights and the great value of its human resourßes, as óell as óishes to enaÞle all its Staff and employees to feel proud of the Company. As sußh, all Staff memÞers óill Þe aÞle to develop and Þe supported in improving their çnoóledge and aÞilities on an equal and ßontinuous Þasis, in order to partißipate in adding value

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109

ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ªº¹

to the Þusiness that óill enaÞle the Company to remain a leading organiöation, óithin the folloóing frameóorç for the development of its human resourßes:

¬ØÜÈÓ ÛÙÌÈÛÔÌÕÛ ÈÕË Ö××ÖÙÛÜÕÐÛÐÌÚ ÍÖÙ ÈËÝÈÕÊÌÔÌÕÛ

1. Treating all employees aliçe and equally óith respeßt for their dignity and value as a human Þeing. 2. Reßruiting and seleßting ßapaÞle people to operate our Þusiness, Þased on the required Þenefits and aßhievements of the Company in a æust and equal manner· as óell as Þased on the needs of the Company s operations. This óill faßilitate aßquiring good and ßapaÞle people óho share the same mindset that ßorresponds to Þusiness and ßultural orientation of the Company. The required qualifißations, edußation, experienßes and other ßriteria for eaßh position óill Þe taçen into ßonsideration óithout imposing any restrißtions óith regard to gender, age, raße, nationality, religious Þeliefs, or personal relationships. 3. Determine and implement employees ßompensation plans as appropriate to the individual ßapaÞilities, together óith a óelfare and Þenefits paßçage for the staff and their family Þased on the ßurrent eßonomiß situation. Also determine annual inßreases for the overall ßompensation plans, Þased on the Company s overall performanße results and the individual employee s efforts and ßontriÞution during the past year. 4.Enßourage and promote ßontinuous development of the staff s çnoóledge and ßapaÞilities, inßluding their Þasiß Þusiness sçills, management sçills, and aÞility to effeßtively ßarry out their assigned responsiÞilities· óhereÞy support is given Þy the Company in terms of training Þudgets and time©off alloóed to Þe aÞle partißipate in sußh development programs on a ßontinuing Þasis. This is so that all staff and employees have the same opportunities for self©development and improvement of their sçills and ßapaÞilities and to faßilitate their ßareer advanßement, as óell as to develop the Company s human resourßes to Þe good people óith the right attitude and çnoóledgeaÞle in their óorç. 5. Continuously promote and enhanße good internal ßommunißations to faßilitate good relations and effeßtive ßooperation among the employees in the óorç plaße. 6. Promote an open environment in óhißh every employee has the opportunity to ßommunißate freely and suÞmit any suggestions ßonßerning óorç as óell as any ßomplaints or issues regarding their óorçing ßonditions and óelfare via a Company Employees s Óelfare Committee. All suggestions and ßomplaints óill then reßeive full and serious ßonsideration and reßeive an appropriate response, in order Þenefit all parties and enhanße good internal ßooperation and óorçing relationships. 7. Promote and offer opportunities for the staff, at every level, to Þe aÞle to partißipate in overseas óorç©related training or field trips, in order to open up their minds to neó ideas and expose them to neó experienßes, óhißh they ßan then apply in their oón óorç upon returning home.

°ÕÍÙÐÕÎÌÔÌÕÛÚ ÈÕË ½ÐÖÓÈÛÐÖÕ

1. All Managers and Supervisors should shoó the proper respeßt toóards their suÞordinates· and all suÞordinates should aßt in the same manner toóards their superiors.

2. Every employee must not express anything or aßt in any óay that óill infringe or violate upon the Þasiß individual rights of others in terms of raße, nationality, or religious Þeliefs, as óell as any physißal or mental disaÞilities. ¬ØÜÐÛÈÉÓÌ »ÙÌÈÛÔÌÕÛ ÍÖÙ ÈÓÓ ¾ÖÙÒÌÙÚ

The Company values and Þelieves in the poóer or aÞility of its human resourßes, óhißh are vitally important in effeßtively driving the organiöation toóards the realiöation of its vision and aßhievement of its mission in aßßordanße óith the agreed Þusiness strategies. Thus, the Company strives to reßruit and seleßt neó hires possessing the çnoóledge, ßapaÞility, attitude and mindset, and full óillingness to æoin and óorç for the Company. At the same time, the Company also strives to retain its existing employees through ßontinuous development of their çnoóledge, sçills and ßapaÞilities, so that they ßan to aßhieve good team and óorç assist eaßh other as needed. Additionally, the Company strives to Þuild up mutually solid óorçing relationships and Þonds that óill enaÞle the Company to more effeßtively and effißiently aßhieve its Þusiness goals and oÞæeßtives. Most important of all, the Company alóays strives to ßreate a positive and happy óorçing environment, óith all employees liçing eaßh other and feeling proud to Þe a part of the organiöation.

´ÈÕÈÎÌÔÌÕÛ ÖÍ ÊÖÔ×ÌÕÚÈÛÐÖÕ ÙÌÔÜÕÌÙÈÛÐÖÕ ÚÊÏÌÔÌÚ ÈÕË ÌÔ×ÓÖàÌÌ ÞÌÓÍÈÙÌ

The Company Þelieves in having an equitaÞle ßompensation polißy to faßilitate a good and happy living standard that are appropriate to the ßurrent ßosts of living, as óell as in providing finanßial assistanße or support and various other employee óelfare Þenefits ¤sußh as providing staff uniforms, annual health ßheßç© ups, and annual staff trips etß.¥. The Company also Þelieves in enßouraging all employees to Þe happy at óorç and have a good Þalanße Þetóeen their óorç life and personal life, Þased on the prinßiples of eßonomiß self©suffißienßy.

°ÕËÐÝÐËÜÈÓ ÙÐÎÏÛÚ ÈÕË ÍÙÌÌËÖÔ ÖÍ ÊÏÖÐÊÌ ÖÍ ÌÔ×ÓÖàÌÌÚ

The Company gives great importanße to the proteßtion and preservation of human self©dignity and of individual rights and freedom of ßhoiße, through addressing and inßorporating measures to prevent any sußh potential infringements of individual rights as an integral part of the Company s ßore operating proßedures, as óell as ensuring equal treatment for all employees. All Singer staff have the opportunity to suÞmit any ßomplaints or personnel management issues to their supervisors«managers, óith suggestion Þoxes Þeing availaÞle and loßated throughout the Company faßilities for any employee to suÞmit any sußh suggestions or oÞservations and ßomments as óell as any ßomplaints and issues, or requests. The Company Óelfare Committee óill then seriously ßonsider sußh all inputs and then, at every monthly management© staff meetings, óill maçe their reßommendations to the Management as to the appropriate responses and feedÞaßç to Þe made and«or aßtions to Þe taçen.

«ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÚÛÈÍÍ ×ÖÛÌÕÛÐÈÓ

The Company has estaÞlished various proßedures and systems relating to the ßontinuous development of the potential of

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111

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its employees at every level © inßluding formal training programs, staff ßoaßhing, on the æoÞ training, and mentoring, so that every employee is aÞle to Þeßome more effeßtive in their óorç and Þe a positive part of the organiöation.

¨ÊÛÐÝÌ ×ÈÙÛÐÊÐ×ÈÛÐÖÕ ÐÕ ÊÙÌÈÛÐÝÌ ÈÊÛÐÝÐÛÐÌÚ ÛÖ ÉÌÕÌÍÐÛ ÚÖÊÐÌÛà ÈÕË ÓÖÊÈÓ ÊÖÔÔÜÕÐÛÐÌÚ

The Company enßourages all employees to Þe aßtively involved in various CSR©related programs and aßtivities that óill Þenefit soßiety, the ßommunity and the environment .Through its CSR polißies, eaßh and every Þusiness unit and Þranßh of the Company should aßtively partißipate in good deeds to give Þaßç to and help soßiety as óell as various ßommunities © Þoth at the national and loßal levels © in óhißh the Company operates. As sußh, the CSR CluÞ SINGER has Þeen estaÞlished óith ßlose ßooperation among all employees, through óhißh organiöation various good deeds and CSR ßampaigns are undertaçen that óill positively Þenefit soßiety, ßommunities and the environment.

«ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ºÖÊÐÌÛà ÈÕË ³ÖÊÈÓ ªÖÔÔÜÕÐÛÐÌÚ

The Company is alóays aóare and mindful of the great importanße of operating its Þusiness Þased on the highest ethißal and moral Þusiness standards· as óell as Þelieves in looçing after and helping to ßreate a good Thai soßiety in a positive manner and on a sustainaÞle Þasis. As sußh, the Company Þelieves that effeßtive voßational development and training of Thai soßiety are the vital as óell as Þasiß grass root requirements of soßiety as a óhole. Thus the Company ßontinuously develops and promotes voßational training programs for students, young people and houseóives together óith female prison inmates, óhereÞy these aßtivities form the Þasis for the various Training and ¾uilding Ñp Òoßation Proæeßt proæeßts undertaçen Þy the Company in ßlose ßooperation óith various Government agenßies and other private organiöations, ·ÙÖÛÌÊÛÐÕÎ ÈÕË ´ÈÕÈÎÐÕÎ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ

The Company realiöes the great importanße of effißient use of energy and energy ßonservation, together óith assoßiated ©ÌÐÕÎ ¹ÌÚ×ÖÕÚÐÉÓÌ ÛÖÞÈÙËÚ ªÖÕÚÜÔÌÙÚ ÈÕË ©ÜÚÐÕÌÚÚ proteßtion of the environment· and thus promotes the use of energy© ·ÈÙÛÕÌÙÚ effißient eleßtrißal applianßes, óhißh is a one of the Company s Apart from ßomplying óith all legal requirements relating to CSR praßtißes. the treatment of ßonsumers, Singer Thailand PCÈ., and its suÞsidiary The Company has ßontinuously developed applianßes ßompanies also have polißies in plaße requiring all staff memÞers ßonsidered as Þeing energy©effißient that Þear the offißial No 5 to apply ethißal Þusiness ßondußts in their aßtions toóards Þoth Energy©Effißient laÞel. Further, Singer produßes refrigerators that ßonsumers and its Þusiness partners, as folloós: use non©CFC ßoolants that do not destroy or damage the environment and the oöone layer © namely, C© Pentane that has a oöone layer

ªÖÕÚÜÔÌÙÚ destrußtion rating of öero . 1. Alóays strive to strißtly adhere to any Þusiness terms and The Company also emphasiöes and foßuses on only ßonditions as agreed óith ßustomers in a æust and ßrediÞle manner. operating its Þusiness óith high standards of quality for the overall 2. Alóays strive to disßlose all relevant information aßßurately and ongoing Þenefits of soßiety and the ßonsumers. Further, the and ßompletely as óell as in a timely manner· and endeavor to promote Company enßourages its employees to reßyßle and reuse used a positive ßustomer relationship on a ßontinuous Þasis. printing paper, as óell as separates out its garÞage and reuses its paßçaging materials.

©ÜÚÐÕÌÚÚ ·ÈÙÛÕÌÙÚ ªÖÕÛÙÈÊÛÜÈÓ ·ÈÙÛÐÌÚ

1. Alóays strive to sourße Þoth produßts and servißes óith high standards of quality, óithin a frameóorç of equal information disßlosure and in a ßompetitive manner· as óell as use ßlear and transparent proßedures in ßhoosing to deal óith any Þusiness partners and«or ßontraßtual parties. Maçe use of appropriate ßontraßtual agreement formats· as óell as manage and monitor the estaÞlished agreement to ensure full ßomplianße to all agreed terms and ßondition. Prevent and avoid maçing use of any ßorrupt Þusiness praßtißes or misßondußts in all stages of the sourßing and proßurement proßess· as óell as undertaçe timely payments strißtly in aßßordanße óith the agreed terms and ßonditions. 2. Alóays strive to ßontinuously develop and maintain positive and sustainaÞle relationships óith all Þusiness partners and ßontraßtual parties, Þased on ßlearly estaÞlished mutual trust and agreed requirements in terms of supplying produßts«servißes of the highest standard of quality as appropriate to the agreed prißing and«or teßhnißal speßifißations. 3. All employees are strißtly prohiÞited from reßeiving any Þenefits in any form óhatsoever from any Þusiness partner and« or ßontraßtual parties.

©ÌÐÕÎ °ÕÕÖÝÈÛÐÝÌ ÈÕË º×ÙÌÈËÐÕÎ °ÕÕÖÝÈÛÐÝÌ °ËÌÈÚ ÐÕ ÜÕËÌÙÛÈÒÐÕÎ ÛÏÌ ªÖÔ×ÈÕà Ú ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÞÐÛÏ ¹ÌÚ×ÌÊÛ ÍÖÙ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ ÈÕË ¨ÓÓ ºÛÈÒÌÏÖÓËÌÙÚ

Singer is the leading seóing maßhine manufaßturer and supplier óith a long©standing and óell©estaÞlished reputation regarding neó produßts development, innovation, and designs that are easy to use, together óith Þeing of the highest quality and various outstanding features and speßifißations that meet all the expeßtations of those interested in seóing to produße óell©made ßlothing items and aßßessories. Additionally, the Company also has óell©experienßed and ßapaÞle seóing instrußtors to teaßh the art of seóing Þy using Singer seóing maßhines, óho are readily availaÞle to aßtively partißipate, on a ßontinuing Þasis, in sçills training proæeßts that óill ßreate neó voßations for young people and houseóives in loßal ßommunities as óell as for female prisons inmates.

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Ever sinße the start of our Þusiness and up till today, Singer has alóays sought to share Þoth happiness and a sense of óell©Þeing to Thai soßiety, together óith ßontinually developing the quality of Þoth our produßts and servißes in order to aßhieve the highest level of exßellenße. Part of our ßore mission is to raise the quality of life and standards of living of Thais, in order to aßhieve a happy soßiety. Thus, various proæeßts and aßtivities have Þeen initiated for the overall Þenefit of Þoth soßiety and the environment under the theme of Creative Sharing, Þased on estaÞlished strong relationships óith the ßommunities and foßused on developing and groóing as óell as going foróard together . This is aßhieved through æoÞs and voßational ßreation for Thais, together óith sçills development for those living in loßal ßommunities that óill enaÞle them to Þeßome our sales representatives, so that óe ßan all fit in óell together óith the loßal óay of life, loßal ßulture and ßustoms, and to promote Þetter livelihoods for memÞers of loßal ßommunities. Currently, the Company has estaÞlished a CSR CluÞ Singer to enaÞle every employee to have the opportunity to partißipate in and ßontriÞute to the various aßtivities aimed at promoting and supporting soßiety and the environment. The CSR CluÞ logo that ßonsists of a large tree ¤representing the ßurrent large ßommunities¥ that, through the ßolleßtive ßare, support and aßtions Þy Singer staff in planting and nurturing ¤óith good soil, fertiliöers, together óith ßonstant óatering and ßare¥ has groón to Þe Þig and strong from a small seedling ¤or ßommunity¥ that noó Þears fruit and aÞle to Þe self sustaining. This is similar to the many loßal ßommunities that, through the ßare and sustained support from Singer employees to its people, development and the environment, have noó Þeßome strong, self©suffißient and self©reliant.

ªº¹ ÐÕ ×ÙÖÊÌÚÚ

113

This aspeßt of CSR involves the Company undertaçing aßtivities relating to its ßore Þusiness aßtivities Þased on estaÞlished polißies of shoóing responsiÞility toóards soßiety as a óhole. This inßludes not only looçing after the interests of the çey Staçeholders groups, ¤namely: Shareholders, Customers, Consumers, ¾usiness Partners and Employees as óell as loßal ßommunities and the environment in an appropriate and equitaÞle manner, Þut also disßlosing all relevant information óith full transparenßy together óith reßogniöing the importanße of good governanße polißies and praßtißes. As for its Employees, the Company taçes good ßare of all its staff, through offering equitaÞle and ßompetitive ßompensation and óelfare Þenefits plans that óill afford them an appropriate and happy livelihood, together óith other various supporting finanßial assistanße and loans sßhemes. Additionally, the Company also offers other Þenefits © sußh as, uniforms, annual heath ßheßç©up program, annual staff trips, etß. © together óith enßouraging all staff to aßhieve a positive personal óorç©life Þalanße, Þased on the prinßiples of suffißient eßonomy . Furthermore, in order to promote its staff to develop a haÞit of saving money, the Company has æoined the SET s Äappy Money program, óhißh is aimed at developing good finanßial disßipline on the part of the staff and guiding them on hoó to more effeßtively save and manage their oón money as óell as their family s finanßes, together óith offering finanßial assistanße and solutions to any finanßial proÞlems. The Company enßourages the staff to ßontriÞute toóards Þetter energy saving together óith more effeßtive use of paper and paper materials, óith the overall oÞæeßtive of Þeing more energy and resourßes effißient, as óell as that all staff should partißipate in various aßtivities that óill Þenefit soßiety and the environment.

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115

¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

ªº¹ ÈÍÛÌÙ ×ÙÖÊÌÚÚ

CSR©outside of the Þusiness operations involves undertaçing various aßtivities not direßtly related to the Company s ßore Þusiness aßtivities, Þut relates to supporting and enßouraging all staff and employees to partißipate in various aßtivities undertaçen for the direßt Þenefit of soßiety and the environment. As sußh, estaÞlished polißies require that every Þusiness unit in the Company and the Company s nation©óide Þranßh netóorç æoin and partißipate together in proæeßts that óill Þenefit, help and repay to ßommunities © Þoth at the loßal and national level © in óhißh they are situated, through undertaçing various types of proæeßts speßifißally related to these soßial aspeßts: 1. Support and promote the development of loßal ßhildren and young people. 2. Promote religion, ßulture, ßustoms, and family life. 3. Offer assistanße and relief to ßommunities affeßted or damaged Þy any natural disasters. 4. Promote the improvement of the quality of life of the people living in loßal ßommunities. 5. Develop ßommunities and soßiety as a óhole.

4. Ñndertaçing merit maçing ßeremonies for edußation proæeßts. ·ÙÖÔÖÛÌ ÙÌÓÐÎÐÖÕ ÊÜÓÛÜÙÌ ÊÜÚÛÖÔÚ ÈÕË ÍÈÔÐÓà ÓÐÍÌ

The Company partißipated in promoting religious aßtivities, so that the staff óill Þe the ßentre for unity óithin the organiöation. This inßludes various aßtivities aimed at preserving longstanding and óell©aßßepted Thai ßustoms and ßulture © sußh as, Songçran ßeremonies and festivals, or various ¾huddist ßeremonies that have Þeen handed doón from generation to generation ¤ie: loy çrathong, ßeremony to offer Þhuddist lent ßandles¥, as óell as aimed at strengthening ºÜ××ÖÙÛ ÈÕË ×ÙÖÔÖÛÌ ÛÏÌ ËÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÓÖÊÈÓ ÊÏÐÓËÙÌÕ of the institution of family life ¤ie: national mother s day or father s day¥. ÈÕË àÖÜÕÎ ×ÌÖ×ÓÌ The Company foßuses on aßtivities to develop and support further edußation of underprivileged ßhildren and young people, together óith offering them training to develop positive aóareness and attitude toóards soßiety in general. This also inßludes other aßtivities to enßourage ßhildren and young people, through their loßal ßommunities, to Þe aóare of the need for ßontriÞuting to Þoth the preservation and produßtive use of loßal resourßes in a manner appropriate to their loßal óay of life and loßal çnoóhoó or sçills· as óell as to support the spread of loßal edußational programs and the ßlosing of the inequality gap Þetóeen urÞan lifestyle and that of loßal ßommunities. ¶ÍÍÌÙÐÕÎ ÈÚÚÐÚÛÈÕÊÌ ÈÕË ÙÌÓÐÌÍ ÛÖ ÊÖÔÔÜÕÐÛÐÌÚ ÈÍÍÌÊÛÌË During 2014, the Company and its staff ßarried out the ÖÙ ËÈÔÈÎÌË Éà ÈÕà ÕÈÛÜÙÈÓ ËÐÚÈÚÛÌÙÚ folloóing aßtivities aimed at developing loßal ßhildren and To demonstrate its ßare and ßonßern for loßal young people: 1. Ñndertaçing various aßtivities © sußh as, donating ßommunities, the Company ßontinuously partißipates in various Þooçs to loßal sßhool liÞraries and sports©related programs and proæeßts aimed at providing relief and assistanße to those suffering from any extensive natural disasters © sußh materials. 2. Donating produßts and money to soßial óelfare as: fire, typhoon, floods, etß.,¥ that ßauses óidespread damage to the peoples lives and properties, regardless of óhether sußh agenßies and foundations. 3. Ñndertaçing the Returning sßhools to the ßhildren puÞliß relief aßtivities involves donating money or essential goods and neßessities. and Þuilding ßommunity relationships

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117

¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

·ÙÖÔÖÛÐÕÎ ÛÏÌ ÐÔ×ÙÖÝÌÔÌÕÛ ÖÍ ÛÏÌ ØÜÈÓÐÛà ÖÍ ÓÐÍÌ ÖÍ ÛÏÌ ×ÌÖ×ÓÌ ÓÐÝÐÕÎ ÐÕ ÓÖÊÈÓ ÊÖÔÔÜÕÐÛÐÌÚ

The Company has ßontinuously partißipated in proæeßts aimed at promoting the development and improvement of the quality of life of people living in loßal ßommunities on a long term Þasis, through ßreating voßations and æoÞs so that people in these ßommunities óill have óorç together óith a ßomfortaÞle and improved livelihood óithout having to migrate to óorç in urÞan ßenters, as óell as through reßruiting loßal people to Þe hired as employees at its loßal Þranßh outlets. Additionally, through developing and offering various neó Þusiness generating produßts, that are affordaÞle and óill enaÞle oóners to generate inßome and operate a small Þusiness © sußh as: Coolers and Freeöers, various types of Òending Maßhines ¤ie· Airtime Òending Maßhines, Petrol Òending Maßhines, Óater Òending Maßhines, Tires Air Pump vending maßhine and various payments maßhines for ßonsumers servißes¥, the Company has helped to ßreate loßal æoÞs and small Þusinesses opportunities óithin the loßal ßommunities. ±ÖÐÕÛ «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÛÏÌ ªÖÔÔÜÕÐÛÐÌÚ ÈÕË ºÖÊÐÌÛà

The Company is fully aóare of and reßogniöes the vital importanße of operating its Þusiness Þased on good moral ethißs as óell as óithin the frameóorç of good ßorporate governanße prinßiples, of assisting others, and of ßontriÞuting to the development of Thai soßiety as a óhole on a sustainaÞle Þasis. The Company Þelieves that voßational training is a ßore faßtor in the ongoing development of Thai soßiety· thus, it has alóays ßontinuously promoted, æoined in and ßontriÞuted to various voßational training programs or proæeßts for students, young people and houseóives as óell as female prisoners. Therefore, this has Þeen the çey reason for the Company ßooperating and partißipating together óith Þoth Government and private organiöations in numerous proæeßts to ßreate neó voßations and æoÞs as folloós: ¨ÊÛÐÝÐÛÐÌÚ ÙÌÓÈÛÐÕÎ ÛÖ ×ÙÐÚÖÕÚ

»ÙÈÕÎ ·ÙÖÝÐÕÊÐÈÓ ·ÙÐÚÖÕ ¨Ô×ÏÜÙ ´ÜÈÕÎ »ÙÈÕÎ

Ñndertaçing various proæeßts to ßreate æoÞs and voßations for female prisoners, the Company æoined the Royal initiated Çamlangæai Proæeßt graßiously undertaçen Þy ÄRÄ Prinßess ¾aæaraçitiyaÞha aimed at to helping those in Thai soßiety seeçing neó opportunities and voßation.

Starting óith pregnant female prisoners, ÄRÄ Prinßess ¾aæaraçitiyaÞha graßiously offered help and donated her personal funds, in ßooperation óith the Nursing Òoßational Sßhool of the Thai Red Cross and the Department of Correßtions, for various proæeßts and aßtivities to Þe undertaçen to improve the lives of these female inmates as óell as to teaßh them aÞout health and improved hygiene· óhereÞy these proæeßts have fully aßhieved their intended oÞæeßtives. ¾ased on this sußßess, ÄRÄ Prinßess ¾aæaraçitiyaÞha saó the opportunity to óiden the sßope of these assistanße proæeßts to inßlude other needy groups· óhereÞy ÄRÄ Prinßess ¾aæaraçitiyaÞha graßiously requested the support of the Ministry of Æustiße to promote these proæeßts together óith its goals and sußßessful outßomes on a óider sßale to others. Óhile still foßusing on female prisoners, the oÞæeßtive of these Royal initiated proæeßts óere óidened to inßlude voßational training in various fields, so that they ßan have a Þetter ßhanße of sußßessfully rehaÞilitating into soßiety after their release from prison and of avoiding repeating their ßrimes. The Company saó the importanße of sußh proæeßts aimed at ßreating voßations and æoÞs as óell as at offering neó opportunities for the reßipients to teaßh themselves aÞout seóing and produßing artißles of ßlothing or other produßts. As sußh, the Company sent in experienßed trainers and sçilled staff to train female inmates on the seóing teßhniques and hoó to maçe artißles of ßlothing, and, thereÞy, ßreating neó voßations and sçills that they ßan use in order to have independent æoÞs as useful ßitiöens after Þeing release and rehaÞilitated into soßiety outside. Serviße teßhnißians óere also sent into the prisons to ßheßç, serviße and repair old seóing maßhines, so that they ßan Þeßome fully produßtive and usaÞle again. These aßtivities Þy the Company have resulted in mußh happiness and appreßiation from all those involved.

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¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

developing and maçing artißles of ßlothing or other produßts. This resulted in sußßessful outputs of ßlothes and other items for sales as OTOP produßts, and thus ßreating neó sourßes of inßome for the handißapped and the needy. The Company also æoined óith Òoßational Development Center for DisaÞled Persons, Paç Çret Distrißt, NonthaÞuri, in ¨ÊÛÐÝÐÛÐÌÚ ÍÖÙ ÛÏÌ ¯ÈÕËÐÊÈ××ÌË

ªÖÔÔÜÕÐÛà ¬ËÜÊÈÛÐÖÕ ÈÕË ¹ÌÏÈÉÐÓÐÛÈÛÐÖÕ ªÌÕÛÌÙ ©ÈÕ ßreating neó voßational opportunities and sçills for the DisaÞled persons, through aßßepting these people as employees of the ´Ð «ÐÚÛÙÐÊÛ ³Ö×ÉÜÙÐ

½ÖÊÈÛÐÖÕÈÓ ¹ÌÏÈÉÐÓÐÛÈÛÐÖÕ ªÌÕÛÌÙ »ÏÈ ºÈÓÈ «ÐÚÛÙÐÊÛ Company, responsiÞle for seóing small produßts or gift items to Þe used Þy the Company as souvenirs or gifts for various µÈÒÏÖÕÚÐÛÏÈÔÔÈÙÈÛ festive oßßasions, and possiÞly to Þe sold in the future. This has also ßreated neó sourßes of inßome for them and improved Þoth the staÞility and the quality of their lives. Moreover, Singer Thailand, is a óell©çnoón leading seóing maßhine ßompany, óith a long estaÞlished reputation for produßt innovation and design as óell as for offering ßonsumers produßts that are easy to use, of the highest quality together óith several unique produßt features to meet the requirements of those having a passion for seóing and deßorating artißles of ßlothing. The Company has also availaÞle experienßed and sçilled trainers to train others on the seóing teßhniques and hoó to maçe various items óith Singer seóing maßhines. The Company is alóays óilling and ready to undertaçe various voßations ßreating proæeßts, aimed at training and giving neó voßational sçills to young people, houseóives, and female inmates on a ßontinuing Þasis. Therefore, should any sßhool, Government organiöations and agenßies, or private organiöations interested in undertaçing, æointly óith the Company, any proæeßts to ßreate æoÞs and neó sçills, to develop Þoth the potential aÞility and voßational sçills for young people, houseóives together óith those laßçing the opportunity for employment and in need of æoÞs and inßome, to give them the opportunity to have an inßome and Þe self© suffißient in raising their families ¤and, thus, to Þe a Þurden on soßiety¥, as óell as to develop and strengthen loßal ßommunities

½ÖÊÈÛÐÖÕÈÓ «ÌÝÌÓÖ×ÔÌÕÛ ªÌÕÛÌÙ ÍÖÙ «ÐÚÈÉÓÌË ·ÌÙÚÖÕÚ and improve the overall quality of life for families and the ßommunity as a óhole, should ßontaßt the Company. Then, ·ÈÒ ²ÙÌÛ «ÐÚÛÙÐÊÛ µÖÕÛÏÈÉÜÙÐ In order to ßreate opportunities for those in need as Company óould Þe happy and ready to ßooperate in sußh óell as to taçe ßare of, rehaÞilitate and develop voßations for æoint assistanße proæeßts for the Þenefit of soßiety· óhereÞy the handißapped persons and the poor, so that they ßan reßeive Company s soßial aßtivities group ßan Þe ßontaßted at Singer voßational training and self©development and then Þe aÞle to Thailand Pßl at : Tel. 02 © 352 © 4777, Extn 4202 or via email Þe a part of soßiety óith a livelihood they ßan Þe proud of, the at : nitiphatç¼singerthai.ßo.th Company sent trainers and sçilled staff to provide training for these groups of people on seóing teßhniques, designing, and ¨ÊÛÐÝÐÛÐÌÚ ÍÖÙ ÓÖÊÈÓ ÏÖÜÚÌÞÐÝÌÚ ÈÕË ÊÖÔÔÜÕÐÛÐÌÚ

¯ÖÜÚÌÞÐÝÌÚ ÐÕ ¯ÜÈàÒÞÈÕÎ ªÖÔÔÜÕÐÛà ­ÓÈÛÚ ¯ÜÈàÒÞÈÕÎ ©ÈÕÎÒÖÒ ÛÖÎÌÛÏÌÙ ÞÐÛÏ ÛÏÌ °ÕÛÌÙÕÈÛÐÖÕÈÓ Á¶µ»¨ ¨ÚÚÖÊÐÈÛÐÖÕ

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The ¾oard of Direßtors of the Company has estaÞlished the Audit Committee, ßomprising of 3 Independent Direßtors, óho possess the required qualifißations as speßified Þy the Stoßç Exßhange of Thailand ¤SET¥.

and SuÞsidiary Companies from Þeing inappropriately misused Þy Direßtors and MemÞers of Management Þeyond sßope of their sßope authority and also in undertaçing any transaßtions óith a related party óho may a ßonflißt of interests.

The Audit Committee is responsiÞle for revieóing all finanßial reports of the Company, to ensure that they are aßßurate, ßorreßt and ßrediÞle and that they disßlose the required information in an adequate manner, as óell as in full ßomplianße óith all the applißaÞle laós and regulations. The Audit Committee is also responsiÞle for revieóing that the Company has in plaße effeßtive and adequate internal ßontrols proßedures and ensuring that the Internal Audit Department reports direßtly to the Audit Committee and the Chief Exeßutive Offißer.

Óith regard to other çey aspeßts of the system of internal ßontrols, the Audit Committee ßonßluded that the Company has also undertaçen adequate oversight aßtivities· Þut it has requested that the Company ßontinue its efforts to further develop the Enterprise Risç Management ¤ERM¥ system. The Committee also reßommended that the Company estaÞlish a separate Risç Management Committee ¤RMC¥ responsiÞle for assessing the internal ßontrols system and overseeing the overall management of perßeived risçs óithin the organiöation, and that the RMC appoint risçs oóners from the various Äead of Departments to Þe responsiÞle for identifying various possiÞle risçs óithin their respeßtive Departments. Sußh perßeived risçs óould then Þe suÞmitted to the RMC for further ßonsideration to determine appropriate risç management measures and then to propose to the Audit Committee for aßçnoóledgement and approval.

The Audit Committee has appointed Mr. Narongdeæ Çetsongçram as the Internal Audit Manager, óhereÞy he possesses all the required qualifißations and professional experienßes ¤as stated in detail in Management Profile: Details regarding the qualifißations of the Internal Audit Manager¥ and, thus, the Committee is of the opinion that Mr. Narongdeæ Çetsongçram is appropriately qualified to Þe appointed to this position and ßan effeßtively ßarry out the required duties and responsiÞilities. Further, in the event of any future appointment, dismissal or transfer of the Internal Audit Manager, approval from the Audit Committee is required. At the Audit Committee Meeting No.1«2015 on 23 FeÞruary, 2015, that óas attended Þy all the 3 Independent Direßtors óho are also MemÞers of the Committee, a revieó and assessment óas made of the existing internal ßontrols system of the Company, through asçing speßifiß questions from the partißipating memÞers of the Management and the external Auditors. From this thorough assessment of the 5 ßore ßomponents of the internal ßontrols systems, namely: internal ßontrol proßedures óithin the organiöation, risçs assessment and operational oversight and ßontrols, as óell as audit, information teßhnology and ßommunißations systems, and monitoring proßedures, the Audit Committee ßonßluded that the existing system of internal ßontrols is Þoth appropriate and adequate, and that the Company has assigned a suffißient numÞer of people to effeßtively undertaçe these responsiÞilities. It óas also ßonßluded that the monitoring proßedures óithin the overall internal ßontrols system, relating to the operations oversight of the Company and SuÞsidiary Companies, are already adequate in Þeing aÞle to prevent the assets of the Company

Additionally, the external Auditors of the Company © namely: ÇPMG Poomßhai Audit Co., Ètd., óho audited the Íuarterly and yearend finanßial statements for 2014 © expressed the opinion, in Þoth the ßonsolidated Finanßial Statements and the respeßtive Finanßial Statements of the Company, that they aßßurately refleßt the signifißant aspeßts of the ßonsolidated and respeßtive finanßial status of the Group of Companies and individual Companies as at 31 DeßemÞer 2014, as óell as the ßonsolidated operating performanße results of the Group and those of the individual Companies together óith the respeßtive net ßash floó of the Group and of the individual Companies, óhißh are all ßorreßtly prepared Þased on universally aßßepted standards of finanßial reporting. The external Auditors also made ßommented on the signifißant ßhanges in the reßording of finanßial transaßtions for 2014 relating to the reßognition of the net profit«¤loss¥, Þased on the estimation using mathematißal and aßtuarial ßalßulations of the insuranße industry, for the employees Þenefits sßheme that is noó reported and inßluded in the other net profit«net loss items. They also ßommented on the disßlosure relating to the valuation of the property and Þuildings together óith details of the inßreased long term loans of Singer Èeasing ¤Thailand¥ Co., Ètd., and the notifißation of signifißant events suÞsequent to the disßlosure of the full year 2014 finanßial statements regarding the

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123

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proposed dividend payment Þased on the full year 2014 operating performanße results. At the ¾oard Meeting No. 204th on 27 FeÞruary 2015, óhißh óas also attended Þy the Audit Committee, the ¾oard of Direßtors ßonsidered the Audit Committee Report, questioned memÞers of the Management group regarding speßifiß matters as óell as revieóed and assessed the adequaßy of the internal ßontrols system ¤as summariöed in the Audit Committee Report, Þased on the Committee s thorough assessment and disßussions at the Audit Committee Meeting No.1«2015 on 23 FeÞruary 2015. As sußh, it óas ßonßluded that ¾oard of Direßtors did not have any differenßes of opinion from those expressed and proposed Þy the Audit Committee in its report to the ¾oard. Additionally, the Audit Committee also foßused on the issue of ßorporate governanße, in order to faßilitate the ongoing revieó of and ßontinuing improvements to Þe made to the internal ßontrols system, óith details as folloós: »ÏÌ ¶ÙÎÈÕÐáÈÛÐÖÕ ÈÕË ÛÏÌ ¾ÖÙÒÐÕÎ ¬ÕÝÐÙÖÕÔÌÕÛ

The Company has ßreated an organiöation strußture that faßilitates the effeßtiveness of Þoth the Management group and of the operational aßtivities of the staff, through having ßlearly defined óorçing oÞæeßtives and measuraÞle targets Þased on realistißally aßhievaÞle assumptions. The Company has also defined a ßode of Þusiness ßondußt and ethißs together óith ßomprehensive and appropriate regulations for the Management group relating to possiÞle ßonflißt of interests óith the Company s Þusiness, as óell as operating polißies and proßedures relating to finanßial transaßtions, proßurement and sourßing, and general management and administration that are ßomprehensive and ßonßise. Additionally, polißies and Þusiness aßtivities plans have Þeen determined relating to the equitaÞle treatment of ßustomers that óill Þenefit the Company in the longer term. ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ

The Company has assessed the various external and internal risçs that may have an adverse impaßt on the Company s Þusiness operations, taçing into ßonsideration Þoth the opportunities and the potential gains to Þe aßhieve. It has also as ßlosely monitored various situations on a regular Þasis, to enaÞle various appropriate ßounter measures or strategies to Þe determined, óhißh have Þeen ßommunißated to the Management group and all staff for implementation and adherenße so as to reduße the perßeived risçs to an appropriate and aßßeptaÞle level. Further, the Company has also estaÞlished speßifiß measures to effeßtively manage risçs of losses relating to the Company s finanßing and hire purßhase servißes, through estaÞlishing a ßredit approval ßenter to approve ßredit to Þe given prior to a sale Þeing made so as to prevent potential finanßial risçs resulting from having poor ßredit quality ßustomers. Also, though ßlose monitoring of hire©purßhase ßustomers aßßounts, on a regular Þasis, has resulted in the Company having a hire purßhase ßustomers Þase that is of a good quality. ªÖÕÛÙÖÓ ÈÕË ¶ÝÌÙÚÐÎÏÛ ÖÍ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ÖÍ ÛÏÌ ´ÈÕÈÎÌÔÌÕÛ ®ÙÖÜ×

The Company has estaÞlished the sßope of authority and

responsiÞility for the Management group, together óith ßlearly defined levels of approval authority óith speßifiß finanßial limits as appropriate. There is also a ßlearly defined separation of duties and responsiÞility relating to approving transaßtions, reßording aßßounting and other çey information, together óith the safeçeeping and maintenanße of Company assets. Other measures have also Þeen estaÞlished to effeßtively ßontrol the implementation of various transaßtions óith the maæority Shareholder, Direßtors, memÞers of the Management group or other parties involved óith these group of people, to prevent any ßonflißt of interest situations from oßßurring. This is for the saçe of aßhieving full transparenßy in the Company s Þusiness operations and taçing into ßonsideration aßhievement of the Þest interests and Þenefit for the Company. °ÕÍÖÙÔÈÛÐÖÕ »ÌÊÏÕÖÓÖÎà ÈÕË °ÕÍÖÙÔÈÛÐÖÕ ªÖÔÔÜÕÐÊÈÛÐÖÕÚ

The Company gives great importanße to its information teßhnology systems and information ßommunißations aßtivities, so that the information ßommunißated is of a good quality and adequate to enaÞle deßisions to Þe made Þy the ¾oard of Direßtors, the Exeßutive« Management group, Shareholders and investors, and is also suffißient enough for other parties in their ßonsideration and deßision maçing proßess. Additionally, the Company maçes use of aßßounting praßtißes that ßonform to generally aßßepted aßßounting standards and appropriate to the Company s Þusiness operations, óith all prior aßßounting and finanßial reßords are ßarefully maintained and seßurely çept as appropriate, as óell as ßan Þe easily audited. Èetters of Invitation for ¾oard and Shareholders Meetings, together óith all relevant supporting doßuments, information and the respeßtive Minutes of the ¾oard or Shareholders Meetings ¤as applißaÞle¥ are sent out suffißiently in advanße, as required, Þefore the next sßheduled meeting, so that they ßan Þe revieóed Þy the ¾oard Direßtors or Shareholders prior to the Meeting. Further, the Company regularly releases important neós or information © Þoth externally and internally to all staff © through various multiple ßhannels of ßommunißations, sußh as neóspapers, in order to properly and ßlearly informs everyone aÞout the Company s Þusiness aßtivities. ´ÖÕÐÛÖÙÐÕÎ ºàÚÛÌÔ ÈÕË ·ÙÖÊÌËÜÙÌÚ

The ¾oard of Direßtors ßlosely monitors the aßtivities of the Management group to assess óhether or not they are in full aßßordanße óith estaÞlished Þusiness oÞæeßtives. The ¾oard also arranges regular revieós and assessments are made in regards to operational proßedures and the internal ßontrols system, in order to ensure óhether, or not, they are adequate and appropriate as óell as are Þeing fully adhere to. This is done through the Internal Audit Department, óho óill then report its findings direßtly to the Audit Committee, so that timely ßonsideration and deßisions ßan then Þe made in regards to the need to reßtify any defißienßies, óhereÞy those involved óill then report on the outßome of sußh ßorreßtive aßtions óithin an appropriate timeframe. Further, the Management group is also the required to report, to the ¾oard of Direßtors, any inßidents of misßondußt, fraudulent, illegal or suspißious aßtivities that may have a negative impaßt on the image, reputation as óell as finanßial status of the Company.

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¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ Ú ¹Ì×ÖÙÛ ¡ ­À The Audit Committee of Singer Thailand Plß. is ßomposed of three ¤3¥ Independent Direßtors, possessing all the qualifißations aßßording to the speßified requirements of the Stoßç Exßhange of Thailand ¤SET¥, together óith the Seßretary to the Audit Committee, as folloós: 1. Mr. Èußçsananoi Punçrasamee Chairman 2. Mr. Christopher Æohn Çing MemÞer 3. Mr. ¾iÞit ¾iæaisoradat MemÞer And, Mr. Narongdeæ Çetsongçram Seßretary to the Committee The Audit Committee has performed its duties and responsiÞilities fully aßßording to the Charter of the Audit Committee, together óith those others as assigned Þy the ¾oard of Direßtors, in overseeing the Company s finanßial transaßtions, ensuring that the Consolidated Finanßial Statements ßomply to all aßßounting praßtißes standards that are appropriate for the Þusiness operations, and revieóing that the finanßial reports of the Company are adequate and aßßurate as óell as in aßßordanße óith the generally aßßepted aßßounting standards. The Audit Committee has also estaÞlished and revieóed the appropriateness and effeßtiveness of the Company s internal ßontrol proßedures and internal audit funßtions, as óell as ensured that there has Þeen full ßomplianße óith all applißaÞle seßurities laós and regulations of the Stoßç Exßhange of Thailand and that suffißient, adequate information disßlosures or ßlarifißations have Þeen made aßßordingly. The Audit Committee has suÞmitted its opinion in regards to the proposed seleßtion and appointment of the Company s auditors, as óell as have revieóed and ensured that the Company has ßorreßtly prepared reports of any proposed related parties transaßtions for suÞmitting to the ¾oard of Direßtors meetings every quarter. The Committee has also undertaçen other responsiÞilities as assigned Þy the ¾oard of Direßtors, and has Þeen aÞle to óorç full independently and óithout any restrißted aßßess to any information. Additionally, the Audit Committee has foßused on overseeing that the Company has Þeen ßondußting its Þusiness in aßßordanße óith good ßorporate governanße prinßiples and praßtißes· namely: responsiÞly undertaçing any assigned aßtivities óith aßßountaÞility, full transparenßy and fairness as óell as trustóorthiness and integrity· and having in plaße an effeßtive internal Þalanße of poóer system for the maximum Þenefit of not only the Shareholders Þut also of Employees and all other Staçeholders. During 2014, the Audit Committee met óith the Internal Audit group, and had 4 meetings óith the external auditors from ÇPMG Phoomßhai Audit Èimited together óith the Management Group as required. A separate meeting óas also held óith the external auditors óithout the Management Group Þeing present. These meetings óere held to revieó and disßuss the finanßial reports, to exßhange ideas, and to provide useful ßomments regarding the analysis and sourßes of the finanßial information for the quarterly as óell as annual FY«2014 Finanßial Statements on an independent Þasis. This is in order to ensure that they have Þeen prepared fully aßßording to universally aßßepted standards of aßßounting prinßiples and praßtißes, that adequate disßlosures of all relevant information have Þeen made, and that there have not Þeen any aßtivities óhißh go against or are not in ßomplianße óith the applißaÞle laós and regulatory requirements. The Audit Committee has also reßorded the minutes of its meetings and reported all its aßtivities to the ¾oard of Direßtors, óhißh details are summariöed Þeloó: • Revieóed the quarterly and annual Finanßial Statements, Þefore suÞmitting them to the ¾oard of Direßtors for ßonsideration,

On Þehalf of the Audit Committee ¤Mr. Èußçsananoi Punçrasamee¥ Chairman of Audit Committee FeÞruary 23, 2015

• • • • •

• • • • • •

Revieóed reports relating to internal audit aßtivities, and assessed the adequaßy and effeßtiveness of the estaÞlished internal ßontrols system relative to the ßurrent Þusiness environment and aßtivities, Monitored the aßßounting standards used and the neó international finanßial reporting standards implemented Þy the Company, together óith any possiÞle assoßiated impaßts on the Company s Finanßial Statements and reports. Monitored the operational aßtivities undertaçen Þy the Management Group, Þased on their Management Èetter Reports, suÞmitted Þy the external auditors ÇPMG relating to the results of their annual audit of the Company s aßtivities and operations. Monitored the progress of and provided reßommendations on the updated finanßial information reporting system ¤SIS proæeßt¥, Monitored the performanße of the Internal Audit group, as óell as provided reßommendations for further development and improvements to the internal audit proßedures and assoßiated reporting proßess, so that they óill Þe more effißient and effeßtive for the ßurrent Þusiness operations of the Company. Provided reßommendations regarding the ßredit ßontrol system and ßredit approval proßedures, the proßess of revieóing ßustomer s aßßount reßords, and the ßustomer aßßounts monitoring programs, Monitored and provided reßommendations relating to the operations and performanßes results of Singer Èeasing ¤Thailand¥ Co., Ètd., and Singer Serviße Plus Co., Ètd., as óell as provided assoßiated ßomments and reßommendations. Revieóed the Internal Audit Group s planned aßtivities for 2015, and provided further suggestions, Considered and revieóed the proposed estaÞlishment of the Company s neó Risç Management Committee together óith the Charter of the Risç management Committee, as óell as provided assoßiated ßomments and reßommendations, Reßommended that the Company assign the Management Group to estaÞlish proßedures, proßess and assoßiated forms for as óell as to undertaçe an annual assessment of the adequaßy of the Company s Internal ßontrols system, Revieóed the proposed external auditors fees and ßompensation for 2015, together óith suÞmitting the Committee s reßommendations to the ¾oard of Direßtors for ßonsideration and proposal for eventual approval Þy the Shareholders.

The Audit Committee ßonßurs óith the external auditors that the Company s Finanßial Statements and all disßlosures of relevant information are suffißient and adequately presented, in full aßßordanße óith universally aßßepted standards of aßßounting prinßiples and praßtißes. The Audit Committee also Þelieves that the ßurrent internal ßontrol systems of the Company are Þoth appropriate and adequate· and has not found any defißienßies, of any signifißant nature, óithin these internal ßontrols systems. Additionally, the Committee Þelieves that that there has Þeen appropriate ßomplianße to all applißaÞle laós, rules and regulations, as speßified and required Þy the relevant regulatory organiöations. For the 2015 finanßial year, the Audit Committee has reßommended that the ¾oard of Direßtors propose, to the Shareholders Meeting for their ßonsideration and approval, Mrs. Siripen Suçßharoenyingyong and«or other qualified auditors from ÇPMG Phoomßhai Audit Ètd. Þe appointed as the Company s external auditor.

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The various related party transaßtions , as reported in the aßßompanying Notes No. 5 to the Company s finanßial statements, undertaçen to enaÞle the Company to assess the operations outputs of the various Þusinesses of the Company· óhereÞy, in summary, the transaßtions óith related ßompanies during 2014 as ßompared to 2013, it appears that: 1. Singer Thailand PCÈ., has ongoing oÞligations and ßommitments relating to the lißense to use speßifiß trademarçs under the terms of the Trademarç Èißense Agreement óith Singer Asia Äoldings ¾Ò· óhereÞy the Company is required to pay a royalty fee equal to 0.1¡ of the net sales revenues of only those produßts using the SINGER Þrand. Ñnder the terms of the Consultanßy Agreement the Company, is also required to pay a ßonsulting servißes fee equal to 1.0¡ of the Company s total ßonsolidated net revenues inßluding the interest inßome reßeived from hire purßhase sales ßontraßts, as reported in the ßonsolidated finanßial statements of the Company· óhereÞy the sßope of servißes speßifies that this ßonsulting servißes fee is payaÞle for Þusiness adviße relating to the use of marçeting information, Þusiness planning, produßts and servißes planning, and support servißes for various aßtivities and Þusiness systems of the Company. As sußh, this support is in order to enhanße the overall potential sales and produßts development ßapaÞilities of the Company. On 23 Æuly 2003, Singer Asia Äoldings ¾Ò informed the Company that, effeßtive from 29 Æuly 2003, the Company is required to transfer Þoth royalty and ßonsulting servißes fees to Singer Asia Äoldings ¾Ò, a registered Company óithin the ßorporate netóorç of the ßurrent overseas maæority Shareholder, óith all existing oÞligations and ßommitments, under the Trademarç Èißense Agreement and the Consultanßy Agreement, still remaining valid and effeßtive.

127

The aÞovementioned fees óill Þe ßharged Þy Singer Asia Äoldings ¾Ò to all ßompanies óithin the Singer netóorç· óhereÞy the fees to Þe ßharged óill Þe the approximately same at 1.75¡ to 3.0¡ for external parties outside, óhile the fees ßharged to internal ßompanies óithin the Singer netóorç óill Þe at only 1.0¡. 2. The Company has ßharged Þaßç to SINGER ASIA ÈIMITED those various loßal expenses paid out on its Þehalf that direßtly relate to SINGER ASIA ÈIMITED· sußh as: sending doßuments, Þusiness ßonsulting servißes fees, and travelling expenses of senior Exeßutives«Managers of SINGER ASIA ÈIMITED ßoming for meetings in Thailand. Äoóever, the Company has also ßharged SINGER ASIA ÈIMITED interest on the unpaid Þalanße for these expenses reimÞursements due and still outstanding as at the end of eaßh month, Þased on the prevailing applißaÞle general interest rates as at the date these expenses are inßurred. Normally, these reimÞursaÞle expenses are Þe paid and ßleared onße every quarter. 3. Singer ¤¾roçer¥ Co., Ètd., operates a direßt life insuranße Þroçerage and agenßy Þusiness, óith total revenues and net profit for full year 2014 Þeing 28.0¡ and 29.4¡ loóer than those for 2013 respeßtively. This is due to development of and improvements to the internal systems and operations to ßonform to the regulatory requirements of the Department of Insuranße, so that the óorç Þeßomes more effißient and is of maximum Þenefit for its ßustomers. The Company, therefore, transferred its staff óishing to sell life insuranße produßts to report, as direßt sales representatives, direßtly to the Muang Thai Èife Insuranße PCÈ. 4. After its organiöations re strußture, Singer Serviße Plus Co., Ètd., is foßused on its neó after sales servißes Þusiness aßtivities relating to installation and maintenanße of air ßonditioners, together óith

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129

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on site ¤or At Äome Serviße ¥ repairs, óith servißes teßhnißians Þeing transferred to Þe permanent staff of this ßompany that óill enaÞle a more effeßtive aßßurate evaluation of the ßompany s performanße. As at 31 DeßemÞer, 2014, the Company has started to Þe profitaÞle, óith aßhieved a full year 2014 Net Profit of ¾aht 10.95 million ¤ßompared to a Net Èoss of Þaht 6.89 million for 2013¥ as óell as Total Assets and Total ÈiaÞilities of ¾aht 24.49 million and ¾aht 15.49 million respeßtively. 5. Singer Èeasing ¤Thailand¥ Co., Ètd., óas registered in Æune 2012, to operate the hire purßhase installment finanßing servißes Þusiness, that óere separated out from Singer Thailand PCÈ., óhißh has a 99.99¡ equity shareholding óith an initial registered and paid up ßapital of ¾aht 1.0 million. Thereafter, the Company inßreased its registered ßapital to ¾aht 1,450 million that has Þeen fully paid up after registering the ßapital inßrease, so that the funds óould Þe used to pay for the existing finanßing Þusiness transferred from Singer Thailand PCÈ., óith a total hire purßhase aßßounts portfolio that óas appraised, Þy independent finanßial experts, at a total value of ¾aht 2,548.3 million. As at 31 DeßemÞer 2014, the Company aßhieved fully year 2014 Net Profit of ¾aht 104.21 million ¤ßompared to ¾aht 161.21 million for 2013¥, as óell as total assets and total liaÞilities ªÖÔ×ÈÕÐÌÚ ¹ÌÓÈÛÌË ·ÈÙÛÐÌÚ ÞÐÛÏ ×ÖÚÚÐÉÓÌ ÊÖÕÍÓÐÊÛ ÖÍ ÐÕÛÌÙÌÚÛÚ ªÖÔ×ÈÕà ¹ÌÓÈÛÌË ·ÈÙÛà ÞÐÛÏ ×ÖÚÚÐÉÓÌ ÊÖÕÍÓÐÊÛ ÖÍ ÐÕÛÌÙÌÚÛÚ

Ðæëäâï LâÞðæëä ¥ÑåÞæéÞëᦠCì.© Lñá. ¥ÐLL¦© in óhißh Singer Thailand PCÈ., has a 99.99¡ equity shareholding.

Ðæëäâï Ðâïóæàâ Péòð Cì.© Lñá. ¥ÐÐPL¦© in óhißh Singer Thailand PCÈ., has a 99.88¡ equity share holding. Ðæëäâï ¥¿ïìèâï¦ Cì.© Lñá. ¥Ð¿L¦© in óhißh Singer Thailand PCÈ., has a 99.70¡ equity shareholding. ÐÆËÄÂÏ ¾Ðƾ ÅÌLÁÆËÄÐ ¿Ó. óith 100¡ equity shareholding in and via ÐÆËÄÂÏ ¥ÑžÆL¾ËÁ¦ ¿Ó. that has a 40¡ equity shareholding in Singer Thailand PCÈ.

of ¾aht 2,373.8 million and ¾aht 1,669.0 million respeßtively. ¾ased on the opinion of the Management in regards to all these related party transaßtions Þetóeen the Company and its SuÞsidiary and other related Companies, as reported in the Finanßial Statements for the year end as at 31 DeßemÞer 2014 together óith the aßßompanying Notes to the Finanßial Statements, óere fair and reasonaÞle, as óell as that the Company as a óhole has positively Þenefited from undertaçing sußh related party transaßtions . In order to aßhieve and ßomply óith the prinßiples of good governanße, the Company does not have a polißy to undertaçe any transaßtions that may involve any ßonflißts of Þusiness interests, óith the exßeption that any sußh transaßtions are Þased on speßial ßirßumstanßes and intended to afford the Company maximum Þenefits in a fair and equitaÞle manner. As sußh, the Audit Committee óill ßonsider the appropriateness of the proposed transaßtions, and óill then suÞmit its reßommendations, as applißaÞle, to the ¾oard of Direßtors and«or the Shareholders Meeting for their ßonsideration and approval aßßordingly, as required Þy the regulations of the Stoßç Exßhange of Thailand ¤SET¥. For the future, the Company still has a polißy to undertaçe intra Group loans and Þorroóings , if neßessary, to speßifißally support the Group s Þusiness operations, óhereÞy sußh loans óill Þe ßharged an interest rate equal to the then applißaÞle and prevailing marçet rates. »à×ÌÚ ÖÍ ÛÙÈÕÚÈÊÛÐÖÕÚ ¹ÌÓÈÛÐÖÕÚÏÐ×

Operates ßonsumer finanße servißes for produßts«applianßes purßhased from Singer Thailand PCÈ.· and offers hire purßhase installment sales to its ßustomers, óith the support of the sale representatives of Singer Thailand PCÈ., in regards to selling on installments purßhase, ßolleßtions, and produßt use adviße and óith Singer Thailand PCÈ., ßharging a servißes fee for sußh aßtivities under the terms of a Servißes Agreement. Singer Thailand PCÈ., also provides loans, óith interest, for SÈÈ to operate its finanßing aßtivities. Provides after sales servißes ¤ie: installation, maintenanße and repairs of air ßonditioners and other applianßes«produßts¥ to ßustomers of Singer Thailand PCÈ., óith inßome derived from repairs and monthly maintenanße servißes provided. Provides Þroçerage and sales agenßy servißes for the life insuranße produßts of Muang Thai Èife Insuranße PCÈ.,óith sales Þeing made Þy the staff of Singer Thailand PCÈ., Äoóever, sinße 2011, these sales representatives noó report direßtly to the Muang Thai Èife Insuranße PCÈ., in ßomplianße óith the regulations of the Department of Insuranße. Ministry of Commerße. Provides Þusiness operations ßonsulting servißes and adviße regarding marçeting and management issues, as óell as grants trademarç lißenses rights, to use the SINGER Þrand name, to Singer Thailand PCÈ.

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1. Sale of produßts 2. Revenue from Management fees 3. Interest inßome 4. Purßhase of produßts 5. Servißes ßost 6. Interest ßosts paid 7. Trademarç Èißense fees 8. Overseas management servißes fees 9. Dividend payments reßeived

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2,163,671 2,163,887 312,537 375,139 42,820 64,217 144,744 124,595 64,982 66,886 © 81 3,110 3,279 31,236 33,584 36,250 ©

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Sale of produßts Purßhase of produßts Servißes ßost Revenue from Management fees

Trademarç Èißense fees Servißes fees Interest inßome Interest ßost paid

·ÖÓÐÊÐÌÚ ÜÚÌË ÛÖ ËÌÛÌÙÔÐÕÌ ×ÙÐÊÐÕÎ ÛÌÙÔÚ ÊÖÕËÐÛÐÖÕÚ

Prevailing Marçet prißes © Cash priße Prevailing Marçet prißes Prißes designated for eaßh produßt«serviße ¼ 15¡ of Þroçerage fees reßeived Þy Singer ¤¾roçer¥ Co., Ètd. for selling life insuranße produßts ¾ased on aßtual alloßated ßosts § added margin as applißaÞle for Singer Èeasing ¤Thailand¥ Co., Ètd. and Singer serviße plus Co., Ètd. ¼ 0.1¡ of net sales revenues ¤for SINGER Þranded produßts only¥ ¼ 1.0¡ of total net sales revenues WACC WACC

²Ìà ¨ÎÙÌÌÔÌÕÛÚ ¬ßÌÊÜÛÌË ÞÐÛÏ ¹ÌÓÈÛÌË ·ÈÙÛÐÌÚ ÖÙ ©ÜÚÐÕÌÚÚÌÚ »ÙÈËÌÔÈÙÒ ³ÐÊÌÕÚÌ ­ÌÌÚ ¨ÎÙÌÌÔÌÕÛ ÈÕË ªÖÕÚÜÓÛÈÕÊà ­ÌÌÚ ¨ÎÙÌÌÔÌÕÛ

The Company has exeßuted a Trade Març Èißense Agreement óith Singer Asia Äoldings ¾.Ò., for the right to the SNGER trademarç and Þrand name, óith a Royalty Fee payaÞle equal to 0.1¡ of the total net sales of SINGER Þranded

produßts«applianße only· together óith ßonsulting fees ¤relating to provision of marçeting information, Þusiness planning, produßts design and development, produßts planning¥ equal to 1.0¡ of total the Company s ßonsolidated net revenues inßluding the interest inßome from hire purßhase installments.

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On 14 DeßemÞer 2012, the Company exeßuted an Agreement of Transfer of ¾usiness óith Singer Èeasing ¤Thailand¥ Co., Ètd.· óhereÞy the Company agreed to transfer the entire portfolio of its ßustomers hire purßhase loans aßßounts of ßustomers to Singer Èeasing ¤Thailand¥ Co., Ètd., on 31 DeßemÞer 2012, óith Singer Èeasing ¤Thailand¥ Co., Ètd., to then operate the ßonsumer finanße and hire purßhase installments Þusiness aßtivities thereafter in aßßordanße óith the terms and ßonditions of the Agreement. ³ÖÈÕ ¨ÎÙÌÌÔÌÕÛ

On 27 Marßh 2013, the Company exeßuted a Èoan Agreement óith Singer Èeasing ¤Thailand¥ Co., Ètd., for the total amount of ¾aht 1,877.681 million, óith an interest rate payaÞle on a quarterly Þasis and Þased on the óeighted average ßosts of ßapital ¤WACC¥ of the Company s Þorroóings on a quarterly Þasis. Ñnder the terms and ßonditions of this Èoan Agreement, Singer Èeasing ¤Thailand¥ Co., Ètd., is aÞle to Þorroó and also prematurely repay the outstanding Þalanße, or to Þorroó additional loans from the the Company óithin the valid terms and total amount of ßredit faßility as agreed, so long as the total amount outstanding at any time and«or or at the time of requesting additional loans does not exßeed the agreed total ßredit faßility approved

Agreed redußtions in the outstanding prinßipal amount oóed Þy Singer Èeasing ¤Thailand¥ Co., Ètd., in regards to the loan faßility ¤unless as may Þe otheróise agreed to¥ 1¥ ¾aht 500 million Þy 1 April 2014 2¥ ¾aht 500 million Þy 1 April 2015 3¥ ¾aht 500 million Þy 1 April 2016 4¥ ¾aht 377.681 million Þy 1 April 2017 On 1 April 2013, the Company loaned a total of ¾aht 1,877.681 million to Singer leasing ¤Thailand¥ Co., Ètd., as per the aÞovementioned Èoan Agreement, óhereÞy, on the same day, Singer Èeasing ¤Thailand¥ Co., Ètd., used the funds to pay the outstanding Þalanße oóed to Company as a result of the transfer of the existing hire purßhase loans portfolio. ºÌÙÝÐÊÌÚ ¨ÎÙÌÌÔÌÕÛ

On 10 FeÞruary 2014, the Company exeßuted a Servißes Agreement óith Singer Èeasing ¤Thailand¥ Co., Ètd., óhereÞy under this agreement the Company óill provide assistanße to Singer leasing ¤Thailand¥ Co., Ètd., in regards to operations, finanße and aßßounting, human resourßes management, teßhnology and in other areas and Singer Èeasing ¤Thailand¥ Co., Ètd., óill pay to Singer ¤Thailand¥ PCÈ., a serviße fees, Þased on aßtual ßosts of servißes provided plus a nominal profit.

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1. Trade aßßounts reßeivaÞle 2. Other reßeivaÞles 3. Aßßrued inßomes 4. Inter © Group loans 5. Trade aßßounts payaÞle 6. Other payaÞles

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Thailand s eßonomiß and Þusiness environment in 2014 óas dominated Þy tóo çey issues: the ßontinued sloó gloÞal eßonomiß reßovery, and the ongoing politißal turmoil and deadloßç sinße late 2013 together óithin a ßomplete laßç of a fully funßtioning Government to effeßtively manage the ßountry and its eßonomy for most of 2014. This resulted in Thailand s GDP ßontraßting in Í1. Furthermore, and more importantly, the stalled agrißultural suÞsidy sßhemes and payments adversely affeßted the çey agrißultural eßonomy and rural ßommunities that aßßount for approximately 10 © 20¡ of the Company s target ßustomer Þase. The ongoing politißal turmoil affeßted Þoth international and domestiß tourism seßtors, óhißh is a çey driver of rural ßommunity s eßonomiß groóth, also deßlined Þy 7 © 8¡ deßline for the year. After a military poóer taçeover and installation of a funßtioning Government, in late May, the eßonomy started to improve marginally from Í3 onóards onße overall ßonsumer and investor ßonfidenße returned and driven Þy various urgent proaßtive eßonomiß stimulus initiatives implemented Þy the interim Government, óhißh also inßluded a revival of the agrißultural suÞsidy payments to the agrißultural and rural ßommunities. Thailand s GDP greó Þy only 0.8¡YoY in 2014, ßompared to aßtual a groóth of 2.9¡ in 2103, óhile exports ßontraßted for the seßond ßonseßutive year Þy 0.4¡YoY and imports fell Þy 9¡. This negative maßroeßonomiß environment, during most of 2014, resulted from loó private seßtor sentiments, minimal private investments in neó proæeßts, deßrease in domestiß ßonsumption, sloó Government Þudget

135

disÞursements, and minimal puÞliß seßtor investments. Äoóever, full year 2014 CPI óas 1.8¡ ßompared to the targeted 2.2¡. ¨Ú ÍÖÙ »ÏÈÐÓÈÕË Ú ÌÊÖÕÖÔà ÐÕ ¡ the latest proæeßtion

is that 2015 GDP óill groó Þy 2.5 © 3.0¡YoY, resulting from a still sloó gloÞal eßonomiß reßovery and ongoing unßertainties © partißularly for the EÑ, ÑS, Æapan and China. This more positive groóth is also driven Þy further Government eßonomiß stimulus initiatives, puÞliß infrastrußture investments proæeßts, inßreased domestiß ßonfidenße and ßonsumption, sloóer rate of annual inflation of approximately 1.3 © 1.5¡ YoY, and an improved tourism seßtor. Full year exports is expeßted to improve to 1.5 © 2.5 ¡YoY, due to revived demands from çey export marçets for Thailand, signifißant inßreases in Þoarder trade óith its AEC neighÞors, as óell as revived agrißultural seßtor resulting from further Government support sßhemes and further assoßiated payments to rural ßommunities © óhißh are positive Þusiness faßtors for the Company in 2015. ­ÜÓÓ àÌÈÙ ÐÕËÜÚÛÙà ÚÌÊÛÖÙÚ ÙÌÓÌÝÈÕÛ ÛÖ ÛÏÌ ªÖÔ×ÈÕà

The eleßtrißal household and ßommerßial applianßes industry seßtor óas affeßted Þy the negative Þusiness environment and signifißant deßline in ßonsumer spending. Similarly, the leasing and hire purßhase Þusiness also saó a similar deßrease ßompare to the previous year. As sußh, Singer Thailand saó a year©on©year deßline for its applianßes produßts sales· óhereas, hire purßhase Þusiness sales ßontraßts shoóed slightly inßreased ßompared to the signifißant and ßonseßutive groóth aßhieved during the past five years.

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Çey Þusiness strategies: Through the very ßhallenging year of deßreased ßonsumer spending, the Group has maintained its multi Þrands and multi produßts trade©in strategy to support and sustain its neó produßts sales. While the loóer trade©in values are deßlining, the Group expeßts the momentum to ßontinue and gain strength, providing the opportunity for a huge produßts replaßement Þusiness in the future. Further, through refoßusing its Þusinesses more toóards the small rural Þusinesses and selling more ßommerßial applianßes ßontinuing groóth in sales of Petrol Òending Maßhines as óell as Airtime Òending Maßhines and hire purßhase ßontraßts óas maintained throughout 2014. In regards to the sales of Airtime Vending Maßhines ¤ATVM¥ as a hardóare produßt sales, the Group has assisted the Þuyers of sußh ATVM applianßes to Þuy the air time from the three moÞile phone servißes providers through its server management· óhereÞy the Group is aÞle to get on© going reÞate and disßount from the airtime providers from this assistanße program together óith as óell as to have a ßhanße to develop other possiÞle neó Þusinesses via the servißes providers GPRS systems. The Group also maintained its after© sales©serviße at home Þy introdußing the ßleaning serviße of air ßonditioners for the household ßustomers living in ¾angçoç as óell as for the ßompanies under a ¾2¾ program, óith a vieó of Þuilding the Singer name in the after sales servißes Þusiness undertaçen Þy the neóly estaÞlished Singer Serviße Plus Co., Ètd. ºÛÈÛÌÔÌÕÛ ÖÍ °ÕÊÖÔÌ

Folloóing ßonseßutive reßord©Þreaçing performanße results for the previous 5 years óith douÞle digit inßreases year©on©year and due to the negative eßonomiß environment resulting from the ongoing turÞulent politißal situation throughout the year, for the finanßial year ending DeßemÞer 31, 2014 the Group aßhieved total ßonsolidated revenues of ¾aht 3,440 million, representing a marginal 5.5¡ deßrease year©on©year. This óas survived through a strategiß refoßus toóards the Singer Get Rißh ßommerßial produßts for the small rural ßommunity s SME Þusinesses, as óell as total expanded Singer Þranßh outlet netóorç totaling 216 and total of 3,332 sales ßanvassers. The year started óith a positive YoY total revenues inßrease ¤of 2©3¡¥, Þut due to the negative Þusiness environment, sales revenues ßontraßted signifißantly in Í3 and Í4.

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During 2014, Singer Thailand aßhieved total produßts sales of ¾aht 2,531 million, a deßrease of ¾aht 320 million or ©11.2¡ year©on©year ¤YoY¥· ßompared to 2013, óith sale deßrease of eleßtrißal home applianße produßts ßaused Þy the eßonomiß impaßt of sloó reßovery in domestiß demand, loóer puÞliß spending, óeaç exports and loóer priße of agrißulture produßts netting óith an inßrease of ßommerßial produßts sales liçe Petrol Vending Maßhines and Airtime Vending Maßhines Apart from a more diversified produßts sales mix, a Þetter Þalanße Þetóeen sales to households and sales to small SME Þusinesses or vendors óas also aßhieved through a ßonsßious strategiß refoßus to diversify the overall Þusiness risçs for the Group. Total produßts sales óere ßomposed of freeöers ¤21¡¥, air time vending maßhines ¤17¡¥, petrol vending maßhines ¤15¡¥, óashing maßhines ¤11¡¥, television ¤10¡¥, air ßonditioners ¤9¡¥, refrigerators ¤9¡¥, seóing maßhines ¤ 3¡¥ and others ¤5¡¥. °ÕÛÌÙÌÚÛ ¹ÌÝÌÕÜÌÚ ÍÙÖÔ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÍÐÕÈÕÊÐÕÎ ÚÌÙÝÐÊÌÚ

Interest revenues inßreased Þy ¾aht 48.4 million, ßompared to the previous year, resulting from high value of more hire©purßhase aßßounts of ßommerßial produßts óith the total value of hire©purßhase aßßounts aßßounting for 23.9¡ of the Group s total ßonsolidated revenues to the full year 2014 period· óhereÞy the total numÞer of these hire purßhase aßßounts and related value deßreased from 176,900 aßßounts ¤as at end DeßemÞer 2013¥ to 166,121 aßßounts as at the end of DeßemÞer 2014. ¹ÌÝÌÕÜÌ ÍÙÖÔ ÈÐÙ ÛÐÔÌ ÉÜÚÐÕÌÚÚ

In year 2014, from the program to assist the Þuyers of sußh ATVM applianßes to Þuy the airtime from the three moÞile phone servißes providers through its server management, Company is aÞle to get on © going reÞate and ßommission from air time providers as óell as to have a ßhanße to develop other possiÞle neó Þusinesses via the servißes providers GPRS systems. ¨ÍÛÌÙ ºÈÓÌÚ ºÌÙÝÐÊÌÚ ¹ÌÝÌÕÜÌÚ

After FY«2014 sales servißes revenues, aßhieved Þy the suÞsidiary named Singer Serviße Plus Co., Ètd., for full year 2014 óas an inßrease of ¾aht 14 million or 619¡ from the

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previous year, mainly due to additional daily serviße óarranty from the ATVM oóners and expand servißes of air ßonditioner installation to ¾2¾. ¶ÛÏÌÙ ¹ÌÝÌÕÜÌÚ

Other revenues óere ¾aht 12 million mainly from trade©in produßts Þeing sold. ªÖÚÛÚ ÖÍ ºÈÓÌÚ

Due to loóer sales of produßts, ßosts of sales totaled loóer Þy ¾aht 158 million, a 8.9¡ deßrease from the previous year· thus resulting in loóer overall produßt gross margin Þy ¾aht 162 million than the previous year or 15.1¡ due to loóer produßt gross margin amount derived from eleßtrißal home applianße produßts Þy ¾aht 189 million netting óith higher produßt gross margin derived from ßommerßial produßts Þy ¾aht 27 million ºÌÓÓÐÕÎ ÈÕË ¨ËÔÐÕÐÚÛÙÈÛÐÝÌ ¬ß×ÌÕÚÌÚ

The perßentage of total selling and administrative expenses relative to total revenues inßreased Þy 3.3¡, ßompared to the previous year, resulting from higher Þad and douÞtful deÞts ßaused Þy higher arrear and higher loss on reproßess

ßaused Þy higher reverts from long overdue hire©purßhase aßßounts. Additionally, due to the Company s öero toleranße polißy against ßorrupt or fraudulent aßts on the part of its staff as óell as aÞility to reßlaim more fraudulent©related deÞts ¤ßompared to neó fraudulent©related deÞts inßurred during the year¥ ßontinues to result in an overall deßrease in fraudulent© related losses during the year. The perßentage of total fixed and overhead ßosts not inßluded Þad and douÞtful deÞts relative to total revenues also deßreased Þy 0.7¡ ßompared to the previous year, as a result of the ßontinuing ßosts savings measures implemented Þy the Company. ­ÐÕÈÕÊÌ ªÖÚÛÚ

Total finanße ßosts inßreased Þy ¾aht 3.5 million, as a result of higher finanße ßosts from Þanç loans and overdrafts. µÌÛ ·ÙÖÍÐÛ ³ÖÚÚ

For full year 2014, the Group aßhieved a Net Profit ¤from normal operations¥ of ¾aht 241 million, a deßrease of 24.7¡ year on year, óhereÞy an analysis of this differenße or inßrease is as folloós:

1.¥ A deßrease of produßts sale 2.¥ An inßrease of interest from installment 3.¥ An inßrease of rendering serviße 4.¥ An inßrease of revenue from airtime Þusiness 5.¥ A deßrease of ßost of goods sold 6.¥ An inßrease of ßost of airtime Þusiness 7.¥ An inßrease of selling expenses 8.¥ An inßrease of administrative expenses 9.¥ An inßrease of finanßial expenses 10.¥ A deßrease of inßome tax expenses

¬ßÛÙÈÖÙËÐÕÈÙà ÕÖÕÙÌÊÜÙÙÐÕÎ ÐÛÌÔÚ

During Year 2014, the Group had the other ßomprehensive inßome from the revaluation of property, plant and equipment

´ÐÓÓÐÖÕ ©ÈÏÛ

©320.2 48.5 14.4 58.0 207.8 ©49.6 ©7.8 ©39.6 ©3.7 13.0 ª´¶.¯

amounting ¾aht 33 million, defined Þenefit plan aßtuarial losses amounting ¾aht 2 million and inßome tax on other ßomprehensive inßome amounting ¾aht 5 million.

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141

´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÚ ÈÛ «ÌÊÌÔÉÌÙ

Total assets of the Company inßreased year on year Þy ¾aht 99.3 million, resulting from these detailed faßtors as explained Þeloó: • Inßreased hire©purßhase and other deÞtors ¤net¥ ¾aht 2.8 million • Deßreased inventories on hand ¤net¥ ¾aht ©30.6 million • Inßreased ßash on hand ¾aht 88.1 million • Inßreased property, plant & equipment ¤net¥ ¾aht 25.8 million • Inßreased deferred tax assets ¾aht 4.0 million • Inßreased other assets ¾aht 8.5 million • Inßreased intangiÞle assets ¾aht 0.5 million ¯ÐÙÌ ·ÜÙÊÏÈÚÌ ÈÊÊÖÜÕÛÚ ÈÕË ÖÛÏÌÙ ËÌÉÛÖÙÚ ÕÌÛ

Inßreased Þy ¾aht 2.8 million, as a result of overall inßreased hire©purßhase sales óith higher value of ßommerßial produßts· óhereas, the total numÞer of installments aßßounts óas 166,121 aßßounts as at the end of 2014, or equal to a net deßrease of 10.779 aßßounts from the total of 176,900 aßßounts as at the end of 2013 mainly due to more numÞer of aßßounts ßlosed Þy revert from long overdue hire©purßhase aßßounts than numÞer of neó hire©purßhase aßßounts opened, Despite the negative environment in the rural ßommunities, that form as mußh as 20¡ of the Company s ßore ßustomer Þase, together óith the resultant deßrease in average household disßretionary purßhasing poóer, only a marginal inßrease in non©aßtive hire purßhase aßßounts óas seen during the year· óhereÞy as at the end of DeßemÞer 2014, the ßolleßtion perßentage at 90.2¡ of the total hire purßhase aßßounts remained ßurrent and aßtive ßustomer aßßounts. This positive aßhievement óas faßilitated Þy the estaÞlishment of the neó suÞsidiary Singer Èeasing Co., Ètd., in 2013 that enaÞled the ßompany to Þetter foßus on managing the installment loans servißes Þusiness and its inherent operational risçs © espeßially in sußh a negative eßonomiß environment as in 2014. Furthermore, the Company s ßontinuing ßommitment to maintaining strißt ßredit ßontrols and regular monitoring of red delinquents aßßounts , in eaßh produßt ßategory, in order to prevent, deteßt and hasten the reßovery of hire purßhase defaults or possiÞle defalßations· óhereÞy the Group has maintained the folloóing measures: • WhistleÞloóer Polißy, óhißh provides all personnel © espeßially those in the field © speßifiß ßontaßt

• • • • •

information for reporting defalßations together óith proteßtion from harassment. Early Warning Report, óhißh summariöes relevant indißators of defaults and defalßations and rançs the shops aßßording to the level of exposure. The enforßement of the Öero Toleranße Polißies Closer ßoordination and involvement of the Èegal Department and field supervision in the reßovery proßess. Enter in the Fidelity Insuranße polißy to reßover any loss ßaused Þy employee fraud. Set up the SuÞ Anti©Corruption Committee to investigate the oßßurred defalßation and propose the Anti©Corruption Committee to æudge it óith the penalties.

°ÕÝÌÕÛÖÙà ÖÕ ÏÈÕË ÕÌÛ

Deßreased Þy ¾aht 30.6 million, óith a deßreased provision for inventory of hand Þeing made as at the end of 2014 totaling ¾aht 18.0 million ¤ßompared to ¾aht 23.6 million as at the end of 2013¥ óith the result of the plan to ßontrol neó inventory purßhasing fit óith ßurrent eßonomiß situation and to release the reverted or seßond hand produßts. ·ÙÖ×ÌÙÛà ·ÓÈÕÛ ÈÕË ¬ØÜÐ×ÔÌÕÛ

Inßreased Þy ¾aht 25.8 million, resulting from a reappraisal of the value of the property and Þuildings that inßreased Þy ¾aht 28.3 million. Revaluations are performed Þy independent professional valuers using fair values at the reporting date. Any inßrease in value, on revaluation, is reßogniöed in other ßomprehensive inßome and presented in

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143

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the revaluation reserve in equity unless it offsets a previous deßrease in value reßogniöed in profit or loss in respeßt of the same asset. «ÌÍÌÙÙÌË »Èß ¨ÚÚÌÛÚ

Inßreased Þy ¾aht 4.0 million mainly due to higher reserve of alloóanße for douÞtful aßßounts, interest inßome from hire©purßhase ßontraßt, employee Þenefit oÞligations, provision for inventory revert netting óith reappraisal of the value of property, plant and equipment. »ÖÛÈÓ ³ÐÈÉÐÓÐÛÐÌÚ

Deßreased Þy ¾aht 46.4 million to a total of ¾aht 1,777.7 million as at the end of DeßemÞer 2014, primarily due to the netting folloóings • Trade aßßount payaÞle, as at the end of DeßemÞer 2014, inßreased to ¾aht 211.8 million ¤from ¾aht 186.6 million at the end of DeßemÞer 2013¥ due to the ßredit term extension of air time vending maßhine from 30 days to 60 days. • Interest Þearing deÞt, as at the end of DeßemÞer 2014, has deßreased from ¾aht 1,145.0 Million to ¾aht 1,057.4 million, or a deßrease of ¾aht 87.6 million due to deÞenture redeem amounting ¾aht 250 million netting óith additional long term loans of Singer Èeasing from the Þançs and ßurrent portion of long term loans. ºÖÜÙÊÌÚ ÖÍ ­ÜÕËÚ ´ÈÐÕÛÈÐÕÐÕÎ «ÌÉÛ ÖÉÓÐÎÈÛÐÖÕÚ

At the end of Year 2014, DeÞt to Equity ratio ¤D«E ratio¥ and interest Þearing deÞt per equity are 1.13 and 0.67 time respeßtively, óhißh means that the Group ßan raise the funds from the Þançs or issue the deÞentures óith the ßurrent ßompany rating as ¾¾¾ staÞle if the Group need any additional funding for liquidity and Þusiness expansion. ·ÓÈÕÕÌË ·· ÖÍÍÌÙÐÕÎ ÛÖ ÐÕÊÙÌÈÚÌ ÊÈ×ÐÛÈÓ ÉÈÚÌ ÍÖÙ ÍÜÛÜÙÌ Ìß×ÈÕÚÐÖÕ ×ÓÈÕÚ

The Group doesn t have any plan to have Þig investment exßept the investment to develop the IT system in order to improve the operations for serving any neó Þusiness expansion liçe air time Þusiness and petrol distriÞution.

µÌÛ ÊÈÚÏ ÍÓÖÞÚ ËÜÙÐÕÎ ¡

Due to a deßrease in the groóth of neó hire©purßhasing aßßounts, and loóer inventory purßhasing ßaused Þy the eßonomiß impaßt of sloó reßovery in domestiß demand, loóer puÞliß spending, óeaç exports and loóer priße of agrißulture produßts, the net ßash floó óas ¾aht 88.1 million that ßame from the net operation ßash floó equaling to ¾aht 363.0 million netting óith the repayment of dividend, loans and deÞentures equaling to ¾aht 268.4 million. ºÏÈÙÌÏÖÓËÌÙÚ ¬ØÜÐÛà

Inßreased Þy ¾aht 145.7 million, due to aßhieved full year normal operating Net Profit of ¾aht 241.4 million plus óith the other ßomprehensive inßome of ¾aht 25.8 million. Further, at the same time, a dividend payment ¤relating to full year 2013 operating performanße results¥ totaling ¾aht 121.5 million óas approved Þy the AGM and paid out in May 2014.

­ÜÓÓ ÀÌÈÙ ¶ÜÛÓÖÖÒ ÈÕË ©ÜÚÐÕÌÚÚ ¶ÉÑÌÊÛÐÝÌÚ

The 2015 eßonomiß environment is expeßted to Þe more positive than for last year © espeßially for the rural ßommunities that remain the çey target marçet for the Company produßts and hire purßhase servißes sales· although it óill remain another very ßhallenging Þusiness environment for the Company to aßhieve sustained overall sales and Net Profit groóth, as óell as to Þe aÞle to ßontinue to manage its Þusiness and finanßial risçs in an effeßtive manner. The Group plans to maintain its vision to remain a marçet leader through ßontinued proaßtive expansion of its sales and servißes of home applianßes to the household marçet and ßommerßial equipments to small Þusiness operators, together óith offering hire©purßhase servißes óithin the provinßial marçets of Thailand . This óill Þe aßhieved through remaining foßused on: selling more Singer Get Rißh ßommerßial produßts for rural ßommunities, enhanßing produßts features and applißations together óith other add©on servißes for its small Þusiness ßustomers· leveraging inßreasing ßross Þorder sales opportunities to neighÞoring AEC ßountries· offering more flexiÞle hire purßhase terms óhile still retaining stringent ßredit management approval and ßolleßtions proßedures· and ßontinuing to expand marçet ßoverage óith additional and more modern Þranßh outlets ¤Þy 5 outlets¥, hiring up to 80 neó

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staff, and adding up to 500 people to its independent ßanvassers netóorç. This should enaÞle the Group to expand its overall revenues over 10¡ year on year as óell as to improve its Net Profits aßßordingly. Further, the Group plans to prepare itself to leverage the tax©related Þusiness opportunities and Þenefits of the AEC

ßommunity in Þeing a produßts supply sourße for its sister Singer sales Þusiness entities Þeing estaÞlished in various AEC marçets Þy the Singer Regional Offiße, through looçing to aßquire or to enter into ÆV aßtivities óith loßal quality produßts manufaßturers in Thailand, and also çeeps developing the air time Þusiness and implementing petrol distriÞution proæeßt.

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©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÍÖÙ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÌÔÌÕÛÚ The ¾oard of Direßtors of Singer Thailand PCÈ., is responsiÞle for and has provided the ßonsolidated finanßial statements and those for its suÞsidiaries together óith the assoßiated information relating to their respeßtive finanßial status as presented in this Annual Report. These finanßial statements and reports on the performanße results for the finanßial year 2014 are prepared in aßßordanße óith generally aßßepted aßßounting prinßiples and through the use of appropriate aßßounting polißies that are ßonsistently applied Þy the Company together óith the use of ßareful ßonsideration and Þest estimates. Further, all important and relevant information are adequately disßlosed óithin the notes to the finanßial statements.

Admiral

M.È. Ñsni Parmoæ Chairman of the ¾oard

Toóards this end, the ¾oard of Direßtors has appointed an Audit Committee ßonsisting of Independent Direßtors, óhißh is responsiÞle revieóing the quality of these finanßial statements, the internal ßontrols. The opinions and ßomments of the Audit Committee relating to these matters appear in the Audit Committee s report that is inßluded this Annual Report. The ¾oard of Direßtors is of the opinion that the overall internal ßontrols system of the Company has funßtioned satisfaßtorily and, thus, has provided reliaÞle, aßßurate and adequate information for the ßonsolidated and finanßial statements and those for its suÞsidiaries for the finanßial year ending DeßemÞer 31, 2014.

Mr. ¾oonyong Tansaçul Chief Exeßutive Offißer

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149

°ÕËÌ×ÌÕËÌÕÛ ¨ÜËÐÛÖÙ Ú ¹Ì×ÖÙÛ »Ö ÛÏÌ ºÏÈÙÌÏÖÓËÌÙÚ ÖÍ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË

I have audited the aßßompanying ßonsolidated and separate finanßial statements of Singer Thailand PuÞliß Company Èimited and its suÞsidiaries ¤the Group ¥, and of Singer Thailand PuÞliß Company Èimited ¤ the Company ¥, respeßtively, óhißh ßomprise the ßonsolidated and separate statements of finanßial position as at 31 DeßemÞer 2014, the ßonsolidated and separate statements of ßomprehensive inßome, ßhanges in equity and ßash floós for the year then ended, and notes, ßomprising a summary of signifißant aßßounting polißies and other explanatory information.

assuranße aÞout óhether the ßonsolidated and separate finanßial statements are free from material misstatement.

An audit involves performing proßedures to oÞtain audit evidenße aÞout the amounts and disßlosures in the finanßial statements. The proßedures seleßted depend on the auditor s æudgment, inßluding the assessment of the risçs of material misstatement of the finanßial statements, óhether due to fraud or error. In maçing those risç assessments, the auditor ßonsiders internal ßontrol relevant to the entity s preparation and fair presentation of the finanßial statements in order to design audit proßedures that are appropriate in the ßirßumstanßes, Þut not for the purpose of expressing an opinion on the ´ÈÕÈÎÌÔÌÕÛ Ú ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ÍÖÙ ÛÏÌ ªÖÕÚÖÓÐËÈÛÌË ÈÕË effeßtiveness of the entity s internal ßontrol. An audit also ºÌ×ÈÙÈÛÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÌÔÌÕÛÚ inßludes evaluating the appropriateness of aßßounting polißies Management is responsiÞle for the preparation and fair used and the reasonaÞleness of aßßounting estimates made Þy presentation of these ßonsolidated and separate finanßial management, as óell as evaluating the overall presentation of statements in aßßordanße óith Thai Finanßial Reporting the finanßial statements. Standards, and for sußh internal ßontrol as management determines is neßessary to enaÞle the preparation of ßonsolidated I Þelieve that the audit evidenße I have oÞtained is suffißient and separate finanßial statements that are free from material and appropriate to provide a Þasis for my audit opinion. misstatement, óhether due to fraud or error. ¨ÜËÐÛÖÙ Ú ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

My responsiÞility is to express an opinion on these ßonsolidated and separate finanßial statements Þased on my audit. I ßondußted my audit in aßßordanße óith Thai Standards on Auditing. Those standards require that I ßomply óith ethißal requirements and plan and perform the audit to oÞtain reasonaÞle

¥Ðæïæíâë ÐòèàåÞïìâëöæëäöìëä¦ Certified PuÞliß Aßßountant Registration No. 3636 ÇPMG Phoomßhai Audit Ètd. ¾angçoç 27 FeÞruary 2015

¶×ÐÕÐÖÕ

In my opinion, the ßonsolidated and separate finanßial statements present fairly, in all material respeßts, the finanßial position of the Group and the Company, respeßtively, as at 31 DeßemÞer 2014 and their finanßial performanße and ßash floós for the year then ended in aßßordanße óith Thai Finanßial Reporting Standards.

150 &/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

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ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• 3=%#AQ š˜ $=%3> - ™œœž J1< ™œœÂ? ¨Ăš ĂˆĂ› š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜› ĂˆĂ•Ă‹ ™—˜š

6@%#/=*.Ă˝ ¨ĂšĂšĂŒĂ›Ăš LV;9ES@D MCZ;_IĂżD; Current assets

_*V;L6`GRETD$TE_9WD<_9 T_*V;L6 Cash and Ă&#x;ash equivalents G[$M;Wh$TE' T Trade aĂ&#x;Ă&#x;ounts reĂ&#x;eivaĂžle G[$M;Wh7TCLS‰‰T_- T.YhO9Wg'E<$lTM;6-lTERBTDb;M;Xg*= Current portion of hireŠpurĂ&#x;hase Ă&#x;ontraĂ&#x;t reĂ&#x;eivaĂžles G[$M;WhOYg; Other reĂ&#x;eivaĂžles ETDc6 ' T*ES< AĂ&#x;Ă&#x;rued inĂ&#x;ome _*V;bM $[ DYCERDRLSh; ShortŠterm loans LV;' T'*_MGYO Inventories LV;9ES@D MCZ;_IWD;OYg; Other Ă&#x;urrent assets EICLV;9ES@D MCZ;_IWD; ÑÏùÞÊ à òïïâÍù Ăžððâùð LV;9ES@D cC MCZ;_IĂżD; Non-current assets

G[$M;Wh7TCLS‰‰T_- T.YhO Ă„ireŠpurĂ&#x;hase Ă&#x;ontraĂ&#x;t reĂ&#x;eivaĂžles _*V;G*9Z;b;<EVKS9D OD Investments in suĂžsidiaries _*V;G*9Z;ERDRDTIOYg; Other longŠterm investment _*V;bM $[ DYCERDRDTI`$ $V+$TE9Wg_$WgDI% O*$S; ĂˆongŠterm loan to related party 9Wg6V; OT'TE `GROZ=$E5 Property, plant and equipment ' T_- TE T;' T+ TDG I*M; T Prepayment for outlet leases LV;9ES@D cC CW7SI7; IntangiĂžle assets LV;9ES@D BTKW_*V;c6 EO$TE7S6<S‰-W Deferred tax assets LV;9ES@D cC MCZ;_IWD;OYg; Other nonŠĂ&#x;urrent assets EICLV;9ES@D cC MCZ;_IWD; ÑÏùÞÊ ÍÏͪà òïïâÍù Ăžððâùð EICLV;9ES@D ÑÏùÞÊ Ăžððâùð

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6

289,771,898

201,629,260

275,294,356

183,446,605

55,474,774

17,425,231

352,511,843

362,410,534

1,375,470,875

1,391,844,206

239,849,178

289,655,745

105,181,082

127,137,372

14,599,957

1,004,308

33,384,176

28,990,434

Š

3,000,000

Š

Š

Š

28,000,000

296,419,439

326,988,898

294,620,421

326,380,913

607,160

606,553

607,160

606,553

¯Š¯´¯Š1œ°Š¯¾1 ¯Š¯°¯Š1²¹Š¯01 1Š0³1Š²œœŠ0°¾ 1Š0²³Šœ´¯Š¹11

619,693,245 Š 1,000,000 Š

588,720,003 Š 1,000,000 Š

Š

Š

1,455,190,400

1,455,190,400

Š

Š

724,181,000

1,005,681,000

386,566,415

360,722,307

385,497,162

359,767,040

6,914,722

8,440,210

6,914,722

8,440,210

10,752,813

10,268,835

10,712,624

10,215,048

6

44,729,347

40,696,720

29,943,214

33,385,119

13,799,597

14,348,838

13,598,238

14,249,338

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

1Š0¾°Š¹²³Š1°œ 1Š0¯¹Š1œ³Šœ1° ¯Š³¯³Š0°´Š°³0 ¯Š¾¾³Šœ¯¾Š1²² °Š°²²Š³¹œŠ¹¯0 °Š¯²³Š°²1Š11¹ °Š³¾´Š³°³Š°œ¾ °Šœ¹°Šœ00Š²³³

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

151

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¤<T9:žaht¼

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7->.I7!D ÂľĂ–Ă›ĂŒ

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœž ™—˜›

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M;WhLV;MCZ;_IĂżD; Current liabilities

_*V;_<V$_$V;<S‰-W:;T'TE`GR_*V;$[ DYCERDRLSh; žanç overdrafts and shortŠterm loan from +T$L8T<S;$TE_*V; finanĂ&#x;ial institutions _+ TM;Wh$TE' T Trade aĂ&#x;Ă&#x;ounts payaĂžle _+ TM;WhOYg; Other payaĂžles MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= Current portion of deĂžentures L I;%O*_*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; Current portion of longŠterm loans from 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= finanĂ&#x;ial institutions BTKW_*V;c6 ' T*+ TD InĂ&#x;ome tax payaĂžle M;WhLV;MCZ;_IWD;OYg; Other Ă&#x;urrent liaĂžilities

29,099,489

224,975,975

29,099,489

224,975,975

211,791,674

186,632,290

234,417,736

205,425,870

212,223,166

204,524,040

405,274,448

416,384,117

250,000,000

150,000,000

250,000,000

150,000,000

100,080,000

Š

Š

Š

8,695,038

15,446,878

3,658,069

7,200,000

5,000,000

7,200,000

¾1œŠ0¾œŠ°³´

´¾³Š²´œŠ1¾°

œ¯œŠ³¹œŠ´¹¯ 1Š001Š´¾²Šœ³¯

520,000,000

770,000,000

200,000,000

158,220,000

176,430,007

161,858,811

156,180,260

146,996,273

1,128,210

2,554,059

335,664

2,389,546

102,797,697

103,062,275

102,260,973

102,641,866

œ²¾Š²´²Šœ1¹ 1Š0°´Š¹´²Š1¹²

¹²¾Š´´³Š¾œ´

´0¯Š0¯´Š³¾²

EICM;WhLV;MCZ;_IWD; ÑÏùÞÊ à òïïâÍù ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð

Š 5,000,000

M;WhLV;cC MCZ;_IĂżD; Non-current liabilities

MZ ;$[ DeĂžentures _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; ĂˆongŠterm loans from finanĂ&#x;ial institutions BTER>[$@S;>G=ERaD-; @;S$*T; Employee Ăženefit oĂžligations _*V;=ER$S;@;S$*T; Employee seĂ&#x;urity deposits $O*9Z;_*V;LRLC@;S$*T; Provident funds EICM;WhLV;cC MCZ;_IWD; Total nonŠĂ&#x;urrent liaĂžilities

EICM;WhLV; ÑÏùÞÊ ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

Š

Š

450,000,000 Š

1Š´´´Š³³²Š¯¾1 1Š¾¯¹Š0²¹Š°¯¾ 1Š°¾¾Š¹¯³Š³°œ 1Š´0°Š¾1°Š³¹´

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7%AR6@%J1<6Ăš3% 9 (EĂş"C97DĂş% ÂłĂ?ĂˆĂ‰Ă?Ă“Ă?Ă›Ă?ĂŒĂš ĂˆĂ•Ă‹ ĂŒĂ˜ĂœĂ?Ûà L I;%O*>[ 8YOMZ ; Equity

9Z;_EYO;MZ ; Share Ă&#x;apital: 9Z;+69R_<WD; Authorised share Ă&#x;apital 9Z;9WgOO$`GR-lTER`G I Issued and paidŠup share Ă&#x;apital L I;_$V;C[G' TMZ ; Additional paidŠin Ă&#x;apital: L I;_$V;C[G' TMZ ;LTCS‰ Premium on ordinary shares LlTEO*+T$$TEEIC:ZE$V+ Reserve arising from Ăžusiness Ă&#x;omĂžination BTDb7 $TE'I<'ZC_6WDI$S; under Ă&#x;ommon Ă&#x;ontrol $lTcELRLC Retained earnings: +S6LEE`G I Appropriated: 9Z;LlTEO*7TC$0MCTD Ăˆegal reserve DS*cC c6 +S6LEE Ă‘nappropriated O*' =ER$O<OYg;%O*L I;%O*>[ 8YOMZ ; Other Ă&#x;omponents of equity

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270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

225,000,000

225,000,000

225,000,000

225,000,000

974,117,594

974,117,594

Š

Š

27,000,000

27,000,000

27,000,000

27,000,000

853,071,962

731,818,848

600,179,988

565,491,387

202,912,177

178,477,938

202,912,177

178,477,938

EICL I;%O*>[ 8YOMZ ; ÑÏùÞÊ âÎòÌùÜ

1Š²´´Šœ¾¹Š1°œ 1Š¹°¯Š¯œ³Š´¾³ ¯Š¯œœŠ¯0œŠ´²œ ¯Š¯¹0Š0¾³Šœ1œ

EICM;WhLV;`GRL I;%O*>[ 8YOMZ ; ÑÏùÞÊ ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð ÞÍå âÎòÌùÜ

°Š°²²Š³¹œŠ¹¯0 °Š¯²³Š°²1Š11¹ °Š³¾´Š³°³Š°œ¾ °Šœ¹°Šœ00Š²³³

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

153

& V>M/ > #D%I&P I6/P

ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? ĂŠĂ–Ă”Ă—Ă™ĂŒĂ?ĂŒĂ•ĂšĂ?Ă?ĂŒ Ă?Ă•ĂŠĂ–Ă”ĂŒ

3=%#AQ š˜ $=%3> - ™œœž J1< ™œœÂ? ¨Ăš ĂˆĂ› š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜› ĂˆĂ•Ă‹ ™—˜š

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ETDc6 Income

ETDc6 +T$$TE%TD Revenue from sale of goods 6O$_<WhDES<+T$LS‰‰T_- T.YhO Interest inĂ&#x;ome from hireŠpurĂ&#x;hase Ă&#x;ontraĂ&#x;t ETDc6 +T$$TEbM <EV$TE Revenue from rendering of serviĂ&#x;es ETDc6 ' T<EVMTE+S6$TE Revenue from management fees ETDc6 +T$$TEG*9Z; Investment inĂ&#x;ome ETDc6 OYg; Other inĂ&#x;ome EICETDc6 ÑÏùÞÊ ÌÍà Ïêâ

' Tb- + TD Expenses

5

7 ;9Z;%TD`GR$TEbM <EV$TE Cost of sale of goods and rendering of serviĂ&#x;es ' Tb- + TDb;$TE%TD Selling expenses ' Tb- + TDb;$TE<EVMTE Administrative expenses 7 ;9Z;9T*$TE_*V; FinanĂ&#x;e Ă&#x;osts EIC' Tb- + TD ÑÏùÞÊ âþíâÍðâð $lTcE$ O;BTKW_*V;c6 PĂŻĂŹĂŁĂŚĂą Ă&#x;âãÏïâ ÌÍà Ïêâ ùÞþ âþíâÍðâ ' Tb- + TDBTKW_*V;c6 InĂ&#x;ome tax expense $lTcELlTMES<= PĂŻĂŹĂŁĂŚĂą ĂŁĂŹĂŻ ùüâ ÜâÞï $lTcE%T69Z;_<f6_LEf+OYg; ĂŒùüâï à ÏêíïâüâÍðÌóâ ÌÍà Ïêâ $lTcE+T$$TE7WC[G' T9Wg6V; OT'TE`GROZ=$E5 bMC Revaluation of property, plant and equipment $lTcE ¤%T69Z;ÂĽ +T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSDLlTMES<a'E*$TE>G=ERaD-; @;S$*T; Defined Ăženefit plan aĂ&#x;tuarial gains ¤lossesÂĽ BTKW_*V;c6 _$WDg I$S<O*' =ER$O<%O*$lTcE%T69Z;_<f6_LEf+OY;g InĂ&#x;ome tax on other Ă&#x;omprehensive inĂ&#x;ome $lTcE%T69Z;_<f6_LEf+OYg;LlTMES<= ÂŞ LZ9:V+T$BTKW ĂŒùüâï à ÏêíïâüâÍðÌóâ ÌÍà Ïêâ ĂŁĂŹĂŻ ùüâ ÜâĂžïŠ Íâù ĂŹĂŁ ÌÍà Ïêâ ùÞþ $lTcE%T69Z;_<f6_LEf+EICLlTMES<= ÑÏùÞÊ à ÏêíïâüâÍðÌóâ ÌÍà Ïêâ ĂŁĂŹĂŻ ùüâ ÜâÞï $lTcE7 OMZ ;%Sh;@Yh;2T; ¿ÞðÌà âĂžïÍÌÍäð íâï Ă°ĂĽĂžïâ MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

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G[$M;Wh$TE' T Trade aĂ&#x;Ă&#x;ounts reĂ&#x;eivaĂžle G[$M;Wh7TCLS‰‰T_- T.YhO Ă„ireŠpurĂ&#x;hase Ă&#x;ontraĂ&#x;t reĂ&#x;eivaĂžles G[$M;WhOYg; Other reĂ&#x;eivaĂžles ETDc6 ' T*ES< AĂ&#x;Ă&#x;rued inĂ&#x;ome LV;' T'*_MGYO Inventories LV;9ES@D MCZ;_IWD;OYg; Other Ă&#x;urrent assets ' T_- TE T;' T+ TDG I*M; T Prepayment for outlet leases LV;9ES@D cC MCZ;_IWD;OYg; Other nonŠĂ&#x;urrent assets _+ TM;Wh$TE' T Trade aĂ&#x;Ă&#x;ounts payaĂžle _+ TM;WhOYg; Other payaĂžles M;WhLV;MCZ;_IWD;OYg; Other Ă&#x;urrent liaĂžilities + TD_*V;-6_-D>G=ERaD-; @;S$*T; Employee Ăženefit paid _*V;=ER$S;@;S$*T; Employee seĂ&#x;urity deposits + TD$O*9Z;_*V;LRLC@;S$*T; Provident funds paid + TDBTKW_*V;c6 InĂ&#x;ome tax paid ES<'Y;BTKW_*V;c6 InĂ&#x;ome tax refunded _*V;L6LZ9:Vc6 CT+T$ ÂĽb- c=b;ÂŚ $V+$EEC6lT_;V;*T; Ă‹âù à Þðü ĂŁĂŻĂŹĂŞ ¼òðâå ĂŚĂŤÂŚ ÏíâïĂžùÌÍä Ăžà ùÌóÌùÌâð

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœž ™—˜›

¤38,282,954¼

™œœ� ™—˜š

¤6,939,633¼

¤197,135,062¼ ¤518,626,963¼ 8,884,913

¤54,357,073¼

¤13,595,649¼

¤1,004,308¼

36,147,186 ¤136,036,111¼

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœž ™—˜›

™œœ� ™—˜š

9,665,281 ¤332,895,472¼ Š

Š

¤19,778,535¼ 2,439,720,912 ¤4,393,742¼

¤28,990,434¼

37,360,492 ¤135,442,675¼

¤607¼

550,596

¤607¼

550,596

¤5,562,139¼

¤4,951,615¼

¤5,562,139¼

¤4,951,615¼

549,241

3,630

651,100

103,130

25,159,384

40,251,897

28,991,866

40,068,862

8,703,174 ¤136,451,260¼

¤10,223,365¼

73,279,788

2,200,000

¤6,000,000¼

2,200,000

¤6,000,000¼

¤9,830,813¼

¤11,243,191¼

¤9,830,813¼

¤11,130,691¼

¤1,425,849¼

1,545,468

¤2,053,882¼

1,380,955

¤8,371,274¼

¤9,996,565¼

¤8,366,159¼

¤9,992,062¼

¤64,887,381¼

¤14,999,150¼

¤29,905,333¼

Š

1,033,924

Š

1,033,924

Š

°³¯Šœœ0Š°¯¾ ¼¯¯°Šœ¾œŠ1²¯Œ

¯1¹Š¹¹³Š¯³¹ ¯Š¯¾1Š°²´Š0¯0

158 &/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

& /<J6I è%6 �!Ú9�

ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? ĂŠĂˆĂšĂ? Ă?ÓÖÞÚ Â?ContinueĂ‹Â? 6V>7/=&'Ăą6R%@ 6D 3=%#AQ š˜ $=%3> - ™œœž J1< ™œœÂ? ­Ă–Ă™ Ă›Ă?ĂŒ Ă ĂŒĂˆĂ™Ăš ĂŒĂ•Ă‹ĂŒĂ‹ š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜› ĂˆĂ•Ă‹ ™—˜š

¤<T9 : žahtÂĽ 7->.I7!D ÂľĂ–Ă›ĂŒ

$ER`L_*Ăž;L6+T$$V+$EECG*9Z; Cash flows from investing activities

6O$_<WhDES< Interest reĂ&#x;eived _*V;= ;>GES< Dividend reĂ&#x;eived .YhOOZ=$E5 PurĂ&#x;hase of equipment %TD9Wg6V; OT'TE`GROZ=$E5 Sale of property, plant and equipment _*V;bM $[ DYCERDRLSh; ¤_@VgC%Xh;ÂĽ G6G* DeĂ&#x;rease ¤inĂ&#x;reaseÂĽ in shortŠterm loans _*V;bM $[ DYCERDRDTI`$ $V+$TE9Wg_$WgDI% O*$S; ĂˆongŠterm loan to related parties _*V;ES<+T$_*V;bM $[ DYCERDRDTI`$ $V+$TE9Wg_$WgDI% O*$S; ProĂ&#x;eeds from repayment of longŠterm loan to related parties .YhOLV;9ES@D cC CW7SI7; PurĂ&#x;hase of intangiĂžle assets _@VgC_*V;G*9Z;b;<EVKS9D OD InĂ&#x;rease in investment in suĂžsidiary _*V;L6LZ9:Vc6 CT+T$ ÂĽb- c=b;ÂŚ b;$V+$EECG*9Z; Ă‹âù à Þðü ĂŁĂŻĂŹĂŞ ¼òðâå ĂŚĂŤÂŚ ÌÍóâðùÌÍä Ăžà ùÌóÌùÌâð

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The aĂ&#x;Ă&#x;ompanying notes are an integral part of these finanĂ&#x;ial statements

™œœž ™—˜›

™œœ� ™—˜š

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœž ™—˜›

456,027

813,042

43,177,777

Š

Š

36,249,925

™œœ� ™—˜š

64,956,524 Š

¤11,253,655¼

¤37,387,467¼

¤10,741,773¼

¤36,825,153¼

6,470,897

27,370,676

6,470,897

27,370,676

3,000,000

¤3,000,000¼

3,000,000

¤28,000,000¼

Š

Š

Š

Š

¤5,102,703¼

$ER`L_*Ăž;L6+T$$V+$EEC+S6MT_*Ăž; Cash flows from financing activities

+ TD7 ;9Z;9T*$TE_*V; FinanĂ&#x;e Ă&#x;ost paid + TD_*V;= ;>GbM >[ 8YOMZ ;%O*<EVKS9 Dividends paid to oĂłners of the Company _*V;_<V$_$V;<S‰-W:;T'TE`GR_*V;$[ DYCERDRLSh; InĂ&#x;rease from Ăžanç overdrafts and +T$L8T<S;$TE_*V;_@VgC%Xh; ¤G6G*ÂĽ shortŠterm loan from finanĂ&#x;ial institution _*V;ES<+T$_*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; ProĂ&#x;eeds from longŠterm loans from finanĂ&#x;ial institutions -lTER'Y;_*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; Repayment of longŠterm loan from finanĂ&#x;ial institutions _*V;L6ES<+T$$TEOO$MZ ;$[ ProĂ&#x;eeds from issue of deĂžentures -lTER'Y;MZ ;$[ Repayment of deĂžentures _*V;L6LZ9:Vc6 CT+T$ ÂĽb- c=b;ÂŚ $V+$EEC+S6MT_*V; Ă‹âù à Þðü ĂŁĂŻĂŹĂŞ ¼òðâåŒ ĂŚĂŤ ĂŁĂŚĂŤĂžÍà ÌÍä Ăžà ùÌóÌùÌâð _*V;L6`GRETD$TE_9WD<_9 T_*V;L6_@VgC%Xh;LZ9:V Ă‹âù ÌÍà ïâĂžðâ ĂŚĂŤ à Þðü ÞÍå à Þðü âÎòÌóĂžÊâÍùð _*V;L6`GRETD$TE_9WD<_9 T_*V;L6 5 IS;9Wg 1 C$ET'C Cash and Ă&#x;ash equivalents at 1 Æanuary _*V;L6`GRETD$TE_9WD<_9 T_*V;L6 5 IS;9W g °1 :S;IT'C CÞðü ÞÍå à Þðü âÎòÌóĂžÊâÍùð Þù °1 à âà âêĂ&#x;âï

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

Š

¤3,065,568¼ Š

25,000,000 ¤1,877,681,000¼ 281,500,000

872,000,000

¤5,102,703¼

¤3,031,568¼

Š

¤1,236,750,000¼

¼³Š¹¯œŠ¹°¹Œ

¼1²Š¯³œŠ°1´Œ

°´œŠ²²¹Š1¯° ¼¯Š¯1´Šœ³0Š²¯1Œ

¤59,341,770¼

¤51,730,547¼

¤34,776,150¼

¤44,114,778¼

¤81,000,000¼ ¤121,500,000¼

¤81,000,000¼

¤121,500,000¼ ¤195,876,486¼

209,978,706

¤195,876,486¼

209,978,706

300,000,000

Š

Š

Š

¤41,700,000¼

Š

Š

Š

Š

Š

Š

¤150,000,000¼ ¤150,000,000¼ ¤150,000,000¼ ¤150,000,000¼ ¼¯³¾Š¹1¾Š¯²³Œ

6

320,000,000

¯¹´Š¯¹¾Š1²œ ¼²0¯Š1²¯Š³°³Œ

¼³²Š1°³Š0´¯Œ

¾¾Š1¹¯Š³°¾

´Šœ¾œŠ³œ0

œ1Š¾¹´Š´²1

¼1Š´°œŠ²´°Œ

201,629,260

193,639,570

183,446,605

185,186,178

¯¾œŠ´´1Š¾œ¾ ¯01Š³¯œŠ¯³0 ¯´²Š¯œ¹Š°²³ 1¾°Š¹¹³Š³0²

/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

7->.I7!D'/< 9& & >/I è% ÂľĂ–Ă›ĂŒĂš ÛÖ Ă›Ă?ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš 6V>7/=&J!Ăš1<'Ăą6R%@ 6D 3=%#AQ š˜ $=%3> - ™œœž J1< ™œœÂ? ­Ă–Ă™ Ă›Ă?ĂŒ Ă ĂŒĂˆĂ™ ĂŒĂ•Ă‹ĂŒĂ‹ š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜› ĂˆĂ•Ă‹ ™—˜š

MCTD_M7Z  Note LTE<S‰  Contents 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

% OC[G9SgIc= ÂŤ General information _$53 $TE+S69lT*<$TE_*V; ÂŤ žasis of preparation of the finanĂ&#x;ial statements $TE_=GWgD;`=G*;aD<TD$TE<S‰-W ÂŤ Changes in aĂ&#x;Ă&#x;ounting poliĂ&#x;y ;aD<TD$TE<S‰-W9WgLlT'S‰ ÂŤ SignifiĂ&#x;ant aĂ&#x;Ă&#x;ounting poliĂ&#x;ies <Z''GMEYO$V+$TE9Wg_$WgDI% O*$S; ÂŤ Related parties _*V;L6`GRETD$TE_9WD<_9 T_*V;L6 ÂŤ Cash and Ă&#x;ash equivalents G[$M;Wh$TE' T ÂŤ Trade aĂ&#x;Ă&#x;ounts reĂ&#x;eivaĂžle G[$M;Wh7TCLS‰‰T_- T.YhO ÂŤ Ă„ireŠpurĂ&#x;hase Ă&#x;ontraĂ&#x;t reĂ&#x;eivaĂžles G[$M;WhOYg; ÂŤ Other reĂ&#x;eivaĂžles _*V;bM $[ DYCERDRLSh; ÂŤ ShortŠterm loans LV;' T'*_MGYO ÂŤ Inventories _*V;G*9Z;b;<EVKS9D OD ÂŤ Investments in suĂžsidiaries _*V;G*9Z;ERDRDTIOYg; ÂŤ Other longŠterm investment 9Wg6V; OT'TE`GROZ=$E5 ÂŤ Property, plant and equipment LV;9ES@D cC CW7SI7; ÂŤ IntangiĂžle assets BTKW_*V;c6 EO$TE7S6<S‰-W ÂŤ Deferred tax M;WhLV;9WgCWBTER6O$_<WhD ÂŤ InterestŠĂžearing liaĂžilities _+ TM;Wh$TE' T ÂŤ Trade aĂ&#x;Ă&#x;ount payaĂžle _+ TM;WhOYg; ÂŤ Other payaĂžles BTER>[$@S;>G=ERaD-; @;S$*T; ÂŤ Employee Ăženefit oĂžligations $O*9Z;_*V;LRLC@;S$*T; ÂŤ Provident funds 9Z;_EYO;MZ ; ÂŤ Share Ă&#x;apital LlTEO* ÂŤ Reserves L I;*T;6lT_;V;*T; ÂŤ Segment information ' Tb- + TDb;$TE%TD ÂŤ Selling expenses ' Tb- + TDb;$TE<EVMTE ÂŤ Administrative expenses ' Tb- + TD>G=ERaD-; 7O<`9;@;S$*T; ÂŤ Employee Ăženefit expenses 7 ;9Z;9T*$TE_*V; ÂŤ FinanĂ&#x;e Ă&#x;osts BTKW_*V;c6 ÂŤ InĂ&#x;ome tax expense $lTcE7 OMZ ; ÂŤ Earnings per share _*V;= ;>G ÂŤ Dividends _'EYgO*CYO9T*$TE_*V; ÂŤ FinanĂ&#x;ial instruments BTER>[$@S;$S<<Z''GMEYO$V+$TE9WgcC _$WgDI% O*$S; ÂŤ Commitments Ăłith nonŠrelated parties M;WhLV;9WgOT+_$V6%Xh; ÂŤ Contingent liaĂžilities _M7Z$TE5 BTDMGS*EO<ERDR_IGTETD*T; ÂŤ Events after the reporting period CT7E2T;$TEETD*T;9T*$TE_*V;9WgDS*cC c6 b- ÂŤ Thai FinanĂ&#x;ial Reporting Standards ¤TFRSÂĽ not yet adopted $TE+S6=ER_B9ETD$TEbMC ÂŤ ReĂ&#x;lassifiĂ&#x;ation of aĂ&#x;Ă&#x;ounts

159

160 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh

*<$TE_*V;;Wh c6 ES<O;ZCS7V bM OO$*<$TE_*V;+T$'5R$EEC$TE _CYgOIS;9Wg 27 $ZCBT@S;: 2558

ú9-E1#=Q3M'

<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¥ <EVKS9 _= ; ;V7V<Z''G9Wg+S67Sh*%Xh;b;=ER_9Jc9D `GRCW9WgOD[ +69R_<WD;7Sh*OD[ _G%9Wg 72 OT'TE $L9 a9E'C;T'C -Sh; 17 8;;_+EV $EZ* `%I* <T*ES$ _%7<T*ES$ $EZ*_9@CMT;'E <EVKS9+69R_<WD;$S<7GT6MGS$9ES@D `M *=ER_9Jc9D_CYgO_6YO; CV8Z;TD; 2527

>[8 OY MZ; ETDbM b;ERMI T*= c6 `$ Singer ¤Thailand¥ ¾.V. ¤8YOMZ; E ODGR 40.0¥ _= ;;V7V<Z''G+S67Sh*%Xh;b;=ER_9J_;_:OE `G;6 <EVKS9bM b;GlT6S<L[*LZ6%O* Singer ¤Thailand¥ ¾.V. c6 `$ Retail Äoldings N.V. _= ;;V7V<Z''G+S67Sh*%Xh;b;=ER_9J'[ETa. <EVKS96lT_;V;:ZE$V+MGS$_$WgDI$S<$TE%TD.Xg*LV;' TL I;bM _= ; _'EYgO*b- cAA T LV;' T_-V*@T5V-D `GROYg;e ETDGR_OWD6%O* <EVKS9D OD 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 c6 _= 6_>DcI b;MCTD_M7Z=ER$O<*<$TE_*V;% O 5 `GR 12

I ý >/ = #V> & >/I @%

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->!/ >% >//>. >%#> >/I è%

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$TE;lT_L;O*<$TE_*V; *<$ER`L_*V;L6 BTKW_*V;c6 LS T_- T ETDc6 >G=ERaD-; %O*@;S$*T; >G$ER9<+T$$TE_=GWgD;`=G*%O*OS7ET`G$_=GWgD;_*V;7ET7 T*=ER_9J $TE_= 6_>D% OC[G_$WgDI$S<<Z''GMEYO$V+$TE9Wg_$WgDI% O*$S; *<$TE_*V;ERMI T*$TG $TE6 OD' T%O*LV;9ES@D LV;9ES@D cC CW7SI7; $TEEIC:ZE$V+ L I;*T;6lT_;V;*T; $TE=ER_CV;I T% O7$G*=ER$O<6 IDLS T_- TMEYOcC *<$TE_*V;ERMI T*$TG`GR$TE6 OD' T a=E`$ECLV9:V@V_JK`$ G[$' T $TEaO;LV;9ES@D +T$GZ$' T LVg*+[*b+LS T_- T6lT_;V;*T; $TE=ER_CV;_;YOh MT%O*ETD$TE9W_g $WDg I$S<E[=`<<%O*$0MCTD7TCLS T_- T LV;9ES@D cC CW7SI7; 7 ;9Z;_If<c.7

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

161

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

These notes form an integral part of the finanßial statements. The finanßial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai

language. These English language finanßial statements have Þeen prepared from the Thai language statutory finanßial statements, and óere approved and authorised for issue Þy the ¾oard of Direßtors on 27 FeÞruary 2015.

®ÌÕÌÙÈÓ ÐÕÍÖÙÔÈÛÐÖÕ

Singer Thailand PuÞliß Company Èimited, the Company , is inßorporated in Thailand and has its registered offiße at 72 CAT ¾uilding 17 Floor, Charoençrung Road, ¾angraç, ¾angçoç.

year óas Singer ¤Thailand¥ ¾.V. ¤40.0¡ shareholding¥ inßorporated in the Netherlands. The ultimate parent ßompany of Singer ¤Thailand¥ ¾.V. is Retail Äoldings N.V., inßorporated in Curaßao.

The Company óas listed on the Stoßç Exßhange of Thailand in Æune 1984.

The prinßipal Þusiness of the Company relates to the sales of eleßtrißal applianßes, ßommerßial produßt and others. Details of the Company s suÞsidiaries as at 31 DeßemÞer 2014 and 2013 are given in notes 5 and 12.

The Company s maæor shareholder during the finanßial ©ÈÚÐÚ ÖÍ ×ÙÌ×ÈÙÈÛÐÖÕ ÖÍ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

D 6WDWHPHQW RI FRPSOLDQFH The finanßial statements are prepared in aßßordanße óith Thai Finanßial Reporting Standards ¤TFRS¥· guidelines promulgated Þy the Federation of Aßßounting Professions ¤ FAP ¥· and applißaÞle rules and regulations of the Thai Seßurities and Exßhange Commission. »­¹º

TAS 1 ¤revised 2012¥ TAS 7 ¤revised 2012¥ TAS 12 ¤revised 2012¥ TAS 17 ¤revised 2012¥ TAS 18 ¤revised 2012¥ TAS 19 ¤revised 2012¥ TAS 21 ¤revised 2012¥ TAS 24 ¤revised 2012¥ TAS 34 ¤revised 2012¥ TAS 36 ¤revised 2012¥ TAS 38 ¤revised 2012¥ TFRS 3 ¤revised 2012¥ TFRS 8 ¤revised 2012¥ TFRIC 4 TFRIC 10 TFRIC 13 TFRIC 18 TIC 15 TIC 27 TIC 32

The FAP has issued the folloóing neó and revised TFRS relevant to the Group s operations and effeßtive for aßßounting periods Þeginning on or after 1 Æanuary 2014· »Ö×ÐÊ

Presentation of finanßial statements Statement of Cash Floós Inßome Taxes Èeases Revenue Employee ¾enefits The Effeßts of Changes in Foreign Exßhange Rates Related Party Disßlosures Interim Finanßial Reporting Impairment of Assets IntangiÞle Assets ¾usiness ComÞinations Operating Segments Determining óhether an Arrangement ßontains a Èease Interim Finanßial Reporting and Impairment Customer Èoyalty Programmes Transfers of Assets from Customers Operating Èeases©Inßentives Evaluating the SuÞstanße of Transaßtions Involving the Èegal Form of a Èease IntangiÞle Assets©WeÞ Site Costs

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163

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For the year ended 31 December 2014 and 2013

The initial applißation of these neó and revised TFRS has resulted in ßhanges in ßertain of the Group s aßßounting polißies. These ßhanges have no material effeßt on the finanßial statements. In addition to the aÞove neó and revised TFRS, the FAP has issued a numÞer of other neó and revised TFRS óhißh are effeßtive for annual finanßial periods Þeginning on or after 1 Æanuary 2015 and have not Þeen adopted in the preparation of these finanßial statements. Those neó and revised TFRS that are relevant to the Group s operations are disßlosed in note 36. E %DVLV RI PHDVXUHPHQW The finanßial statements have Þeen prepared on the historißal ßost Þasis unless otheróise stated. F )XQFWLRQDO DQG SUHVHQWDWLRQ FXUUHQF\ The finanßial statements are presented in Thai ¾aht, óhißh is the Company s funßtional ßurrenßy. All finanßial information presented in Thai ¾aht has Þeen rounded in the notes to the finanßial statements to the nearest thousand unless otheróise stated. Note 4 ¤t¥ Note 7 Note 8 Note 9 Note 11 Note 20 Note 32

G 8VH RI HVWLPDWHV DQG MXGJHPHQWV The preparation of finanßial statements in ßonformity óith TFRS requires management to maçe æudgements, estimates and assumptions that affeßt the applißation of polißies and reported amounts of assets, liaÞilities, inßome and expenses. Aßtual results may differ from estimates. Estimates and underlying assumptions are revieóed on an ongoing Þasis. Revisions to aßßounting estimates are reßognised in the period in óhißh estimates are revised and in any future periods affeßted. Information aÞout signifißant areas of estimation unßertainty and ßritißal æudgements in applying aßßounting polißies that have the most signifißant effeßt on the amounts reßognised in the finanßial statements is inßluded in the folloóing notes:

Current and deferred taxation Trade aßßounts reßeivaÞles © alloóanße for douÞtful aßßounts Äire©purßhase ßontraßt reßeivaÞles © alloóanße for douÞtful aßßounts Other reßeivaÞles © alloóanße for douÞtful aßßounts Inventories © alloóanße for oÞsolete and damaged inventory Measurement of defined Þenefit oÞligation Valuation of finanßial instruments

ªÏÈÕÎÌ ÐÕ ÈÊÊÖÜÕÛÐÕÎ ×ÖÓÐÊà

In 2014, the Group ßhanged its aßßounting polißy of employee Þenefit. The Group ßhanged the reßognition of aßtuarial gains or losses arising from defined Þenefit plans from the statement of inßome to other ßomprehensive inßome.

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For the year ended 31 December 2014 and 2013

The effeßts of the ßhange in aßßounting polißy for the year ended 31 DeßemÞer 2014 are as folloóing· ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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6WDWHPHQW RI FRPSUHKHQVLYH LQFRPH IRU WKH \HDU HQGHG 3 'HFHPEHU 20 Aßtuarial gains ¤losses¥ arising from defined Þenefit plans Inßome tax on other ßomprehensive inßome ÆëàïâÞðâ ¥áâàïâÞð⦠æë ìñåâï àìêíïâåâëðæóâ æëàìêâ ÆëàïâÞðâ ¥áâàïâÞð⦠æë âÞïëæëäð íâï ðåÞïâ ¥¿Þåñ¦

¤2,067¥ 413 ¥1©³²±¦ 0.00³

The ßhange in this aßßounting polißy has no impaßt to the ßomparative finanßial statements for the year ended 31 DeßemÞer 2013 Þeßause the Group has no aßtuarial

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1,082 ¤216¥ µ³³ ¥0.00°¦

gain or loss arising from defined Þenefit plan in 2013. In addition, there is no impaßt to the finanßial position as at 31 DeßemÞer 2014 and 2013.

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The aßßounting polißies set out Þeloó have Þeen applied ßonsistently to all periods presented in these finanßial statements exßept as explained in note 3, óhißh addresses ßhanges in aßßounting polißies. D %DVLV RI FRQVROLGDWLRQ The ßonsolidated finanßial statements relate to the Company and its suÞsidiaries ¤together referred to as the Group ¥. Signifißant intra©group transaßtions Þetóeen the Company and its suÞsidiaries are eliminated on ßonsolidation.

6XEVLGLDULHV SuÞsidiaries are entities ßontrolled Þy the Group. Control exists óhen the Group has the poóer, direßtly or indireßtly, to govern the finanßial and operating polißies of an entity so as to oÞtain Þenefits from its aßtivities. The finanßial statements of suÞsidiaries are inßluded in the ßonsolidated finanßial statements from the date that ßontrol ßommenßes until the date that ßontrol ßeases. The aßßounting polißies of suÞsidiaries have Þeen ßhanged óhere neßessary to align them óith the polißies adopted Þy the Group.

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For the year ended 31 December 2014 and 2013

E )RUHLJQ FXUUHQFLHV Transaßtions in foreign ßurrenßies are translated to the respeßtive funßtional ßurrenßies of Group entities at exßhange rates at the dates of the transaßtions.

Current 1 Overdue: Èess than 3 months 5 3©6 months 25 6©9 months 35 9©12 months 50 Over 12 months 100 The Group s method for ßalßulating the alloóanße for douÞtful aßßounts is different from the method presßriÞed in the aßßounting guideline issued Þy the Federation of Aßßounting Professions Re: Providing alloóanße for douÞtful aßßounts for ßonsumer finanße Þusiness ¤ FAP Guideline ¥. The FAP Guideline presßriÞes that alloóanße for douÞtful aßßounts should Þe made in the full amount of all outstanding reßeivaÞles that are overdue for over 3 installment periods óithout the dedußtion of ßollateral values from the remaining deÞt and that ßonsideration should also Þe given to maçing a general alloóanße for reßeivaÞles óhißh are overdue for less than 3 installment periods. Äoóever, the management ßonsiders, and has ßonßluded, that the Group s method for ßalßulating the alloóanße for douÞtful aßßounts Þetter refleßts the Group s exposure to ßredit risç.

Monetary assets and liaÞilities denominated in foreign ßurrenßies are translated to the funßtional ßurrenßy at the exßhange rate at the reporting date. Non©monetary assets and liaÞilities measured at ßost in foreign ßurrenßies are translated to the funßtional ßurrenßy at the exßhange rates at the dates of the transaßtions Foreign ßurrenßy differenßes are generally reßogniöed in profit or loss. F &DVK DQG FDVK HTXLYDOHQWV Cash and ßash equivalents in the statements of ßash floós ßomprise ßash Þalanßes, ßall deposits and highly liquid short©term investments. ¾anç overdrafts that are repayaÞle on demand are a ßomponent of finanßing aßtivities for the purpose of the statement of ßash floós. G 7UDGH DQG RWKHU DFFRXQWV UHFHLYDEOH Trade and other aßßounts reßeivaÞle are stated at their invoiße value less alloóanße for douÞtful aßßounts. The alloóanße for douÞtful aßßounts is assessed primarily on analysis of payment histories and future expeßtations of ßustomer payments. ¾ad deÞts are óritten off óhen inßurred.

I ,QYHQWRULHV Inventories are measured at the loóer of ßost and net realisaÞle value. Cost is ßalßulated using the óeighted average ßost prinßiple, and ßomprises all ßosts of purßhase, and other ßosts inßurred in Þringing the inventories to their present loßation and ßondition.

H +LUH SXUFKDVH FRQWUDFW UHFHLYDEOHV Äire©purßhase ßontraßt reßeivaÞles are stated at the original amount of the hire©purßhase installments less installments reßeived, unearned interest inßome and alloóanßes for douÞtful aßßounts. The alloóanße for douÞtful aßßounts is assumed primarily on analysis of payment histories and future expeßtations of ßustomer payments. ¾ad deÞts are óritten off óhen inßurred. The alloóanße for douÞtful aßßounts has Þeen estimated from the arrears of hire©purßhase ßontraßt reßeivaÞle ¤net of unearned interest inßome¥. The perßentage of alloóanße for douÞtful aßßounts is as folloós:

Net realisaÞle value is the estimated selling priße in the ordinary ßourse of Þusiness less the estimated ßosts neßessary to maçe the sale. An alloóanße is made for deteriorated, damaged, oÞsolete and sloó©moving inventories. J ,QYHVWPHQWV

,QYHVWPHQWV LQ VXEVLGLDULHV Investments in suÞsidiaries in the separate finanßial statements of the Company are aßßounted for using the ßost method.

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169

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For the year ended 31 December 2014 and 2013

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2ZQHG DVVHWV Property, plant and equipment are stated at Ă&#x;ost less aĂ&#x;Ă&#x;umulated depreĂ&#x;iation and impairment losses exĂ&#x;ept for land and Ăžuildings ĂłhiĂ&#x;h are stated at their revalued amounts. The revalued amount is the fair value determined on the Ăžasis of the property s existing use at the date of revaluation less any suĂžsequent aĂ&#x;Ă&#x;umulated depreĂ&#x;iation and impairment losses. Cost inĂ&#x;ludes expenditure that is direĂ&#x;tly attriĂžutaĂžle to the aĂ&#x;quisition of the asset. The Ă&#x;ost of selfŠĂ&#x;onstruĂ&#x;ted assets inĂ&#x;ludes the Ă&#x;ost of materials and direĂ&#x;t laĂžour, any other Ă&#x;osts direĂ&#x;tly attriĂžutaĂžle to Ăžringing the assets to a Ăłorçing Ă&#x;ondition for their intended use, the Ă&#x;osts of dismantling and removing the items and restoring the site on ĂłhiĂ&#x;h they are loĂ&#x;ated and Ă&#x;apitalised ĂžorroĂłing Ă&#x;osts. PurĂ&#x;hased softĂłare that is integral to the funĂ&#x;tionality of the related equipment is Ă&#x;apitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are aĂ&#x;Ă&#x;ounted for as separate items ¤maĂŚor Ă&#x;omponentsÂĽ of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined Ăžy Ă&#x;omparing the proĂ&#x;eeds from disposal Ăłith the Ă&#x;arrying amount of property, plant and equipment, and are reĂ&#x;ognised net Ăłithin other inĂ&#x;ome in profit or loss. When revalued assets are sold, the amounts inĂ&#x;luded in the revaluation reserve are transferred to retained earnings.

/HDVHG DVVHWV Ăˆeases in terms of ĂłhiĂ&#x;h the Group suĂžstantially assumes all the risç and reĂłards of oĂłnership are Ă&#x;lassified as finanĂ&#x;e leases. Property, plant and equipment aĂ&#x;quired Ăžy Ăłay of finanĂ&#x;e leases is Ă&#x;apitalised at the loĂłer of its fair value and the present value of the minimum lease payments at the inĂ&#x;eption of the lease, less aĂ&#x;Ă&#x;umulated depreĂ&#x;iation and impairment losses. Ăˆease payments are apportioned ĂžetĂłeen the finanĂ&#x;e Ă&#x;harges and reduĂ&#x;tion of the lease liaĂžility so as to aĂ&#x;hieve a Ă&#x;onstant rate of interest on the remaining ĂžalanĂ&#x;e of the liaĂžility. FinanĂ&#x;e Ă&#x;harges are Ă&#x;harged direĂ&#x;tly to the profit and loss.

5HYDOXHG DVVHWV Revaluations are performed Ăžy independent professional valuers Ăłith suffiĂ&#x;ient regularity to ensure that the Ă&#x;arrying amount of these assets does not differ materially from that ĂłhiĂ&#x;h Ăłould Ăže determined using fair values at the reporting date. Any inĂ&#x;rease in value, on revaluation, is reĂ&#x;ognised in other Ă&#x;omprehensive inĂ&#x;ome and presented in the revaluation reserve in equity unless it offsets a previous deĂ&#x;rease in value reĂ&#x;ognised in profit or loss in respeĂ&#x;t of the same asset. A deĂ&#x;rease in value is reĂ&#x;ognised in profit or loss to the extent it exĂ&#x;eeds an inĂ&#x;rease previously reĂ&#x;ognised in other Ă&#x;omprehensive inĂ&#x;ome in respeĂ&#x;t of the same asset. The revaluation surplus is utilised Ăžy referenĂ&#x;e to the differenĂ&#x;e ĂžetĂłeen depreĂ&#x;iation Ăžased on the revalued Ă&#x;arrying amount of the asset and depreĂ&#x;iation Ăžased on the asset s original Ă&#x;ost and transferred direĂ&#x;tly to retained earnings. Ă‘pon disposal of a revalued asset, any remaining related revaluation surplus is transferred direĂ&#x;tly to retained earnings and is not taçen into aĂ&#x;Ă&#x;ount in Ă&#x;alĂ&#x;ulating the gain or loss on disposal.

6XEVHTXHQW FRVWV The Ă&#x;ost of replaĂ&#x;ing a part of an item of property, plant and equipment is reĂ&#x;ognised in the Ă&#x;arrying amount of the item if it is proĂžaĂžle that the future eĂ&#x;onomiĂ&#x; Ăženefits emĂžodied Ăłithin the part Ăłill floĂł to the Group, and its Ă&#x;ost Ă&#x;an Ăže measured reliaĂžly. The Ă&#x;arrying amount of the replaĂ&#x;ed part is dereĂ&#x;ognised. The Ă&#x;osts of the dayŠtoŠday serviĂ&#x;ing of property, plant and equipment are reĂ&#x;ognised in profit or loss as inĂ&#x;urred.

'HSUHFLDWLRQ DepreĂ&#x;iation is Ă&#x;alĂ&#x;ulated Ăžased on the depreĂ&#x;iaĂžle amount, ĂłhiĂ&#x;h is the Ă&#x;ost of an asset, or other amount suĂžstituted for Ă&#x;ost, less its residual value. DepreĂ&#x;iation is Ă&#x;harged to profit or loss on a straightŠline Ăžasis over the estimated useful lives of eaĂ&#x;h Ă&#x;omponent of an item of property, plant and equipment. The estimated useful lives are as folloĂłs: žuildings 50 years Ăˆeasehold improvement 5 years OffiĂ&#x;e furniture and equipment 5 years

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For the year ended 31 December 2014 and 2013

No depreßiation is provided on freehold lands or assets under ßonstrußtion.

&DOFXODWLRQ RI UHFRYHUDEOH DPRXQW The reßoveraÞle amount of a non©finanßial asset is the greater of the asset s value in use and fair value less ßosts to sell. In assessing value in use, the estimated future ßash floós are disßounted to their present value using a pre©tax disßount rate that refleßts ßurrent marçet assessments of the time value of money and the risçs speßifiß to the asset. For an asset that does not generate ßash infloós largely independent of those from other assets, the reßoveraÞle amount is determined for the ßash©generating unit to óhißh the asset Þelongs.

5HYHUVDOV RI LPSDLUPHQW An impairment loss in respeßt of a finanßial asset is reversed if the suÞsequent inßrease in reßoveraÞle amount ßan Þe related oÞæeßtively to an event oßßurring after the impairment loss óas reßognised in profit or loss. For finanßial assets ßarried at amortised ßost and availaÞle©for© sale finanßial assets that are deÞt seßurities, the reversal is reßognised in profit or loss.

Depreßiation methods, useful lives and residual values are revieóed at eaßh finanßial year©end and adæusted if appropriate. L 3UHSD\PHQW IRU RXWOHW OHDVHV Prepayment for outlet leases is amortised over the lease periods on the straight©line method. M ,QWDQJLEOH DVVHWV Softóare lißenses that are aßquired Þy the Group óhißh have finite useful lives, are stated at ßost less aßßumulated amortisation and aßßumulated impairment losses.

$PRUWLVDWLRQ Amortisation is Þased on the ßost of the asset, or other amount suÞstituted for ßost, less its residual value. Amortisation is reßognised in profit or loss on a straight© line Þasis over the estimated useful lives of softóare lißenses from the date that they are availaÞle for use, sinße this most ßlosely refleßts the expeßted pattern of ßonsumption of the future eßonomiß Þenefits emÞodied in the asset. The estimated useful lives for the ßurrent and ßomparative periods are five years. Amortisation methods, useful lives and residual values are revieóed at eaßh finanßial year©end and adæusted if appropriate.

N ,PSDLUPHQW The ßarrying amounts of the Group s assets are revieóed at eaßh reporting date to determine óhether there is any indißation of impairment. If any sußh indißation exists, the assets reßoveraÞle amounts are estimated. An impairment loss is reßognised if the ßarrying amount of an asset or its ßash©generating unit exßeeds its reßoveraÞle amount. The impairment loss is reßognised in profit or loss unless it reverses a previous revaluation ßredited to equity, in óhißh ßase it is ßharged to equity.

O ,QWHUHVW EHDULQJ OLDELOLWLHV Interest©Þearing liaÞilities are reßognised initially at fair value less attriÞutaÞle transaßtion ßharges. SuÞsequent to initial reßognition, interest©Þearing liaÞilities are stated at amortised ßost óith any differenße Þetóeen ßost and redemption value Þeing reßognised in profit or loss over the period of the Þorroóings on an effeßtive interest Þasis. P 7UDGH DQG RWKHU DFFRXQWV SD\DEOH Trade and other aßßounts payaÞle are stated at ßost. Q (PSOR\HH EHQHILWV

'HILQHG FRQWULEXWLRQ SODQV A defined ßontriÞution plan is a post©employment Þenefit plan under óhißh an entity pays fixed ßontriÞutions into a separate entity and óill have no legal or ßonstrußtive oÞligation to pay further amounts. OÞligations for ßontriÞutions to defined ßontriÞution pension plans are reßognised as an employee Þenefit expense in profit or loss in the periods during óhißh servißes are rendered Þy employees.

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For the year ended 31 December 2014 and 2013

'HILQHG EHQHILW SODQV A defined Þenefit plan is a post©employment Þenefit plan other than a defined ßontriÞution plan. The Group s net oÞligation in respeßt of defined Þenefit pension plans is ßalßulated Þy disßounted to determine its present value. The disßount rate used is Þased on the yields on Thai Government ¾onds.

expeßted future ßash floós at a pre©tax rate that refleßts ßurrent marçet assessments of the time value of money and the risçs speßifiß to the liaÞility. The unóinding of the disßount is reßognised as finanße ßost.

The ßalßulation is performed Þy a qualified aßtuary using the proæeßted unit ßredit method. When the Þenefits of a plan are improved, the portion of the inßreased Þenefit relating to past serviße Þy employees is reßognised as an expense in the statement of inßome on a straight©line Þasis over the average period until the Þenefits Þeßome vested. To the extent that the Þenefits vest immediately, the expense is reßognised immediately in profit or loss.

S 5HVHUYH DULVLQJ IURP EXVLQHVV FRPELQDWLRQ XQGHU FRPPRQ FRQWURO The reserve arising from Þusiness ßomÞination under ßommon ßontrol arises from the merger of Þusinesses under the ßommon ßontrol of the Company. The reserve represents the differenße Þetóeen the ßost of the ßomÞination and the ßarrying amounts of net identifiaÞle assets at the date of ßomÞination. The Company reßognises the differenße arising from ßommon ßontrol transaßtions under shareholders equity. It is non©distriÞutaÞle and óill Þe retained until the respeßtive Þusiness or assets are sold or otheróise disposed of.

The Group reßognises all aßtuarial gains and losses arising from defined Þenefit plans in other ßomprehensive inßome and all expenses related to defined Þenefit plans in profit or loss.

6KRUW WHUP HPSOR\HH EHQHILWV Short©term employee Þenefit oÞligations are measured on an undisßounted Þasis and are expensed as the related serviße is provided. A liaÞility is reßognised for the amount expeßted to Þe paid under short©term ßash Þonus if the Group has a present legal or ßonstrußtive oÞligation to pay this amount as a result of past serviße provided Þy the employee, and the oÞligation ßan Þe estimated reliaÞly.

3URYLGHQW IXQGV IRU VWDII The provident funds ßontriÞutions for the staff are ßalßulated at the rates fixed Þy the fund ßriteria and Þy the Group at the same amount dedußted from staff. The ßontriÞutions to provident fund are reßognised as an expense in profit or loss aßßording to the ßriteria of the funds ¤see note 21¥.

R 3URYLVLRQV A provision is reßognised if, as a result of a past event, the Group has a present legal or ßonstrußtive oÞligation that ßan Þe estimated reliaÞly, and it is proÞaÞle that an outfloó of eßonomiß Þenefits óill Þe required to settle the oÞligation. Provisions are determined Þy disßounting the

:DUUDQWLHV A provision for óarranties is reßognised óhen the underlying produßts are sold. The provision is Þased on historißal óarranty data and a óeighting of all possiÞle outßomes against their assoßiated proÞaÞilities.

T 5HYHQXH Revenue exßludes value added taxes and is arrived at after dedußtion of trade disßounts.

6DOH RI JRRGV DQG VHUYLFHV UHQGHUHG Revenue from the sale of goods ßonsists of ßash sales, ßredit sales and hire©purßhase ßontraßt sales. Revenue is reßognised in profit or loss óhen the signifißant risçs and reóards of oónership have Þeen transferred to the Þuyer. No revenue is reßognised if there is ßontinuing management involvement óith the goods or there are signifißant unßertainties regarding reßovery of the ßonsideration due, assoßiated ßosts or the proÞaÞle return of goods. Äire©purßhase ßontraßt sales are Þased on hire©purßhase ßontraßts in óhißh the hire©purßhase ßontraßt reßeivaÞle the related deÞts are effeßtively seßured Þy the produßts sold. Revenue from hire©purßhase sales ßomprises revenue from the sales of produßts and interest. Revenue from the sales of produßt is reßognised óhen a ßontraßt is signed and the first payment is reßeived. Interest is reßorded as unearned interest inßome and is reßognised in inßome using the effeßtive rate method.

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175

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For the year ended 31 December 2014 and 2013

After a ßustomer has defaulted on three ßonseßutive payments, the Group ßeases to reßognise the related earned interest inßome. Serviße inßome is reßognised as servißes are provided.

it is impraßtißaÞle to separate the payments reliaÞly, an asset and a liaÞility are reßognised at an amount equal to the fair value of the underlying asset. SuÞsequently the liaÞility is redußed as payments are made and an imputed finanße ßharge on the liaÞility is reßognised using the Group s inßremental Þorroóing rate.

'LYLGHQG LQFRPH Dividend inßome is reßognised in profit or loss on the date the Group s right to reßeive payments is estaÞlished.

,QWHUHVW LQFRPH Interest inßome is reßognised in profit or loss of inßome as it aßßrues.

W ,QFRPH WD[ Inßome tax expense for the year ßomprises ßurrent and deferred tax. Current and deferred tax are reßognised in profit or loss exßept to the extent that they relate to a Þusiness ßomÞination, or items reßognised direßtly in equity or in other ßomprehensive inßome.

U )LQDQFH FRVWV Finanße ßosts ßomprise interest expense on Þorroóings, unóinding of the disßount on provisions and ßontingent ßonsideration that are reßognised in profit or loss.

Current tax is the expeßted tax payaÞle or reßeivaÞle on the taxaÞle inßome or loss for the year, using tax rates enaßted or suÞstantively enaßted at the reporting date, and any adæustment to tax payaÞle in respeßt of previous years.

¾orroóing ßosts that are not direßtly attriÞutaÞle to the aßquisition, ßonstrußtion or produßtion of a qualifying asset are reßognised in profit or loss using the effeßtive interest method.

Deferred tax is reßognised in respeßt of temporary differenßes Þetóeen the ßarrying amounts of assets and liaÞilities for finanßial reporting purposes and the amounts used for taxation purposes. Deferred tax is not reßognised for the folloóing temporary differenßes: the initial reßognition of goodóill· the initial reßognition of assets or liaÞilities in a transaßtion that is not a Þusiness ßomÞination and that affeßts neither aßßounting nor taxaÞle profit or loss· and differenßes relating to investments in suÞsidiaries and æointly©ßontrolled entities to the extent that it is proÞaÞle that they óill not reverse in the foreseeaÞle future.

V /HDVH SD\PHQWV Payments made under operating leases are reßognised in profit or loss on a straight line Þasis over the term of the lease. Èease inßentives reßeived are reßognised in profit or loss as an integral part of the total lease expense, over the term of the lease. Contingent lease payments are aßßounted for Þy revising the minimum lease payments over the remaining term of the lease óhen the lease adæustment is ßonfirmed.

'HWHUPLQLQJ ZKHWKHU DQ DUUDQJHPHQW FRQWDLQV D OHDVH At inßeption of an arrangement, the Group determines óhether sußh an arrangement is or ßontains a lease. A speßifiß asset is the suÞæeßt of a lease if fulfilment of the arrangement is dependent on the use of that speßified asset. An arrangement ßonveys the right to use the asset if the arrangement ßonveys to the Group the right to ßontrol the use of the underlying asset. At inßeption or upon reassessment of the arrangement, the Group separates payments and other ßonsideration required Þy sußh an arrangement into those for the lease and those for other elements on the Þasis of their relative fair values. If the Group ßonßludes for a finanße lease that

The measurement of deferred tax refleßts the tax ßonsequenßes that óould folloó the manner in óhißh the Group expeßts, at the end of the reporting period, to reßover or settle the ßarrying amount of its assets and liaÞilities Deferred tax is measured at the tax rates that are expeßted to Þe applied to the temporary differenßes óhen they reverse, using tax rates enaßted or suÞstantively enaßted at the reporting date. In determining the amount of ßurrent and deferred tax, the Group taçes into aßßount the impaßt of unßertain tax positions and óhether additional taxes and interest may Þe due. The Group Þelieves that its aßßruals for tax liaÞilities are adequate for all open tax years Þased on its assessment of many faßtors, inßluding interpretations of tax laó and

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177

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For the year ended 31 December 2014 and 2013

prior experienße. This assessment relies on estimates and assumptions and may involve a series of æudgements aÞout future events. Neó information may Þeßome availaÞle that ßauses the Group to ßhange its æudgement regarding the adequaßy of existing tax liaÞilities· sußh ßhanges to tax liaÞilities óill impaßt tax expense in the period that sußh a determination is made. Deferred tax assets and liaÞilities are offset if there is a legally enforßeaÞle right to offset ßurrent tax liaÞilities and assets, and they relate to inßome taxes levied Þy the same tax authority on the same taxaÞle entity, or on different tax entities, Þut they intend to settle ßurrent tax liaÞilities and assets on a net Þasis or their tax assets and liaÞilities óill Þe realised simultaneously. A deferred tax asset is reßognised to the extent that it is proÞaÞle that future taxaÞle profits óill Þe availaÞle against

óhißh the temporary differenßes ßan Þe utilised. Deferred tax assets are revieóed at eaßh reporting date and redußed to the extent that it is no longer proÞaÞle that the related tax Þenefit óill Þe realised. X (DUQLQJV SHU VKDUH The Group presents Þasiß earnings per share ¤EPS¥ data for its ordinary shares. ¾asiß EPS is ßalßulated Þy dividing the profit attriÞutaÞle to ordinary shareholders of the Company Þy the óeighted average numÞer of ordinary shares outstanding during the period. Y 6HJPHQW UHSRUWLQJ Segment results that are reported to the Group s CEO ¤the ßhief operating deßision maçer¥ inßlude items direßtly attriÞutaÞle to a segment as óell as those that ßan Þe alloßated on a reasonaÞle Þasis.

¹ÌÓÈÛÌË ×ÈÙÛÐÌÚ

For the purposes of these finanßial statements, parties are ßonsidered to Þe related to the Group if the Group has the aÞility, direßtly or indireßtly, to ßontrol or æoint ßontrol the party or exerßise signifißant influenße over the party in maçing finanßial and operating deßisions, or viße versa, or óhere the Group and the party are suÞæeßt to ßommon

ßontrol or ßommon signifißant influenße. Related parties may Þe individuals or other entities. Relationships óith suÞsidiaries are desßriÞed in note 12. Relationship óith çey management and other related parties óere as folloós:

µÈÔÌ ÖÍ ÌÕÛÐÛÐÌÚ

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µÈÛÜÙÌ ÖÍ ÙÌÓÈÛÐÖÕÚÏÐ×Ú

Retail Äolding N.V. Singer ¤Thailand¥ ¾.V. Singer Asia Sourßing Èimited Singer Asia Èimited Çey management personnel

Curaßao The Netherlands ¾ritish Virgin Islands Cayman Islands

Ñltimate parent of Singer ¤Thailand¥ ¾.V. Maæor shareholder, 40.0¡ shareholding Common shareholder Common shareholder Persons having authority and responsiÞility for planning, direßting and ßontrolling the aßtivities of the entity, direßtly or indireßtly, inßluding any direßtor ¤óhether exeßutive or otheróise¥ of the Group.

The prißing polißies for partißular types of transaßtions are explained further Þeloó: »ÙÈÕÚÈÊÛÐÖÕÚ

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2,163,887 375,139 64,217 © 124,595 66,886 81

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33,845 1,674 °²©²1¶

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29,768 1,346 °1©11±

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3,279 33,584

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223 ¯¯°

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For the year ended 31 December 2014 and 2013

Signifißant transaßtions for the years ended 31 DeßemÞer óith related parties óere as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ÀÌÈÙ ÌÕËÌË «ÌÊÌÔÉÌÙ

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© © © © © © ©

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2,163,671 312,537 42,820 36,250 144,744 64,982 ©

2,163,887 375,139 64,217 © 124,595 66,886 81

34,999 1,763 °³©´³¯

33,845 1,674 °²©²1¶

31,250 1,418 °¯©³³µ

29,768 1,346 °1©11±

3,110 31,236

3,279 33,584

3,110 31,236

3,279 33,584

ÐòßðæáæÞïæâð Sale of goods Management fee inßome Interest inßome Dividend inßome Purßhase of goods Cost of serviße Interest expense .H\ PDQDJHPHQW SHUVRQQHO Çey management personnel ßompensation Short©term employee Þenefits Post©employment Þenefits Total çey management personnel ßompensation Ìñåâï ïâéÞñâá íÞïñæâð ([SHQVHV Trademarç lißense fee Offshore serviße fee ¾alanßes as at 31 DeßemÞer óith related parties óere as folloós: »ÙÈËÌ ÈÊÊÖÜÕÛÚ ÙÌÊÌÐÝÈÉÓÌ ÍÙÖÔ ÙÌÓÈÛÌË ×ÈÙÛÐÌÚ

ÐòßðæáæÞïö Singer Èeasing ¤Thailand¥ Co., Ètd. Singer Serviße Plus Company Èimited ÑìñÞé

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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26 2,672 13,042

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11 1²©´²1

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ÐòßðæáæÞïæâð Singer ¤¾roçer¥ Èimited Singer Èeasing ¤Thailand¥ Co., Ètd. Singer Serviße Plus Company Èimited Ìñåâï ïâéÞñâá íÞïñö Singer Asia Sourßing Èimited ÑìñÞé

223 ¯¯°

11 11

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_*V;L6b;CYO _*V;?T$:;T'TE=ER_B9$ER`LETDIS; _*V;?T$:;T'TE=ER_B9OOC9ES@D _*V;L6ERMI T*9T* © $ER`LETDIS;« OOC9ES@D EIC

165 62,493 79,722 147,392 ¯µ¶©´´¯

79 17,154 22,533 161,863 ¯01©³¯¶

& >/I è%I *>< @ >/

80 58,667 69,155 147,392 ¯´²©¯¶±

_*V;L6`GRETD$TE_9WD<_9 T_*V;L69Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

80 13,069 8,435 161,863 1µ°©±±´

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

185

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

6LJQLILFDQW DJUHHPHQWV ZLWK UHODWHG SDUWLHV

7UDGHPDUN OLFHQVH DQG RIIVKRUH VHUYLFH IHHV The Company has agreements óith Singer Asia Èimited for the payment of trademarç lißense fees in the amount of 0.1¡ of net sales of Singer ¾rand produßts and of offshore serviße fees for marçeting, produßt planning, design development and other servißes in the amount of 1.0¡ of net sales.

%XVLQHVV WUDQVIHU DJUHHPHQW On 14 DeßemÞer 2012, the Company entered into Þusiness transfer agreement óith Singer Èeasing ¤Thailand¥ Co., Ètd., under óhißh the Company agreed to transfer the Þusiness operation for hire©purßhase of produßts to Singer Èeasing ¤Thailand¥ Co., Ètd. on 31 DeßemÞer 2012. And Singer Èeasing ¤Thailand¥ Co., Ètd. agreed to aßquire the ßertain Þusiness operation on the terms and ßonditions as desßriÞed in the agreement. /RDQ DJUHHPHQW On 27 Marßh 2013, the Company entered into a loan agreement óith Singer Èeasing ¤Thailand¥ Co., Ètd., in the amount of ¾aht 1,877.681 million. The rate of interest shall Þe the rate ßalßulated from average of funding ßost per annum of the Company during the quarter preßeding that interest period. Interest shall Þe due on eaßh quarter. SuÞæeßt to the terms and ßonditions of this agreement, Singer Èeasing ¤Thailand¥ Co., Ètd., may draódoón, repay, prepay and re©Þorroó under the faßility during the availaÞility period so long as the Èoan does not at any time exßeed the amount of the faßility at sußh time.

The prinßipal amount availaÞle under the faßility is sßheduled to reduße as folloós unless otheróise agreed:© 1¥ 2¥ 3¥ 4¥

¾aht 500 million Þy 1 April 2014· ¾aht 500 million Þy 1 April 2015· ¾aht 500 million Þy 1 April 2016· ¾aht 377.681 million Þy 1 April 2017

On 1 April 2013, the Company provided the loan of ¾aht 1,877.681 million aßßording to the aÞove loan agreement to Singer Èeasing ¤Thailand¥ Co., Ètd., The proßeeds from this loan have Þeen used Þy Singer Èeasing ¤Thailand¥ Co., Ètd., to settle the amount due from Singer Èeasing ¤Thailand¥ Co., Ètd., to the Company for the Þusiness transfer.

6HUYLFH DJUHHPHQW On 10 FeÞruary 2014, the Company entered into serviße agreement óith Singer Èeasing ¤Thailand¥ Co., Ètd., óhereÞy the Company agrees to grant the serviße support regarding to operation support, finanße and aßßounting, personnel serviße, information teßhnology and others to Singer Èeasing ¤Thailand¥ Co., Ètd., In ßonsideration thereof, Singer Èeasing ¤Thailand¥ Co., Ètd., is ßommitted to pay serviße fee Þased on a serviße ßost plus margin. The term of this agreement is effeßtive on the date of the agreement and shall Þe automatißally reneóed and ßontinued 1 year unless either party gives to the other party a óritten notiße of non©reneóal of this agreement at least 1 month prior to the date of expiration.

ªÈÚÏ ÈÕË ÊÈÚÏ ÌØÜÐÝÈÓÌÕÛÚ

Cash on hand Cash at Þançs © ßurrent aßßounts Cash at Þançs © saving aßßounts Cash in transit © ßurrent « saving aßßounts ÑìñÞé

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

165 62,493 79,722 147,392 ¯µ¶©´´¯

79 17,154 22,533 161,863 ¯01©³¯¶

80 58,667 69,155 147,392 ¯´²©¯¶±

80 13,069 8,435 161,863 1µ°©±±´

Cash and ßash equivalents of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

186 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

1E 7%AR >/ ú> *=%&># 7->.I7!D

$V+$TE9Wg_$WgDI% O*$S; $V+$TEOYg;e EIC ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

& >/I è%/3

& >/I è%I *>< @ >/

© 56,771 56,771 ¤1,296¥ ²²©±´²

© 18,652 18,652 ¤1,227¥ 1´©±¯²

297,826 55,982 353,808 ¤1,296¥ °²¯©²1¯

345,235 18,403 363,638 ¤1,227¥ °³¯©±11

¯°°

1µ±

¯°°

1µ±

M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<= $TEIV_'ETRM OTDZ%O*G[$M;Wh$TE' T CW6S*;Wh

*=%&>#

& >/I è%/3

DS*cC 'E<$lTM;6-lTER _$V;$lTM;6-lTER : ; OD$I T 3 _6YO; 3 © 6 _6YO; 6 © 9 _6YO; 9 © 12 _6YO; CT$$I T 12 _6YO; ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

& >/I è%I *>< @ >/

48,713

13,098

345,750

358,084

6,562 317 75 51 1,053 56,771 ¤1,296¥ ²²©±´²

4,339 510 69 59 577 18,652 ¤1,227¥ 1´©±¯²

6,562 317 75 51 1,053 353,808 ¤1,296¥ °²¯©²1¯

4,339 510 69 59 577 363,638 ¤1,227¥ °³¯©±11

a6D=$7VERDR_IGT$TEbM LV;_-YgO`$ G[$' T%O*$GZ C<EVKS9CWERDR_IGT7Sh*`7 30 IS;8X* 60 IS; G[$M;Wh$TE' T9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

187

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

»ÙÈËÌ ÈÊÊÖÜÕÛÚ ÙÌÊÌÐÝÈÉÓÌ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Related parties Other parties Total /HVV alloóanße for douÞtful aßßounts Ëâñ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

© 56,771 56,771 ¤1,296¥ ²²©±´²

© 18,652 18,652 ¤1,227¥ 1´©±¯²

297,826 55,982 353,808 ¤1,296¥ °²¯©²1¯

345,235 18,403 363,638 ¤1,227¥ °³¯©±11

¯°°

1µ±

¯°°

1µ±

¾ad and douÞtful deÞts expenses for the year Aging analyses for trade aßßounts reßeivaÞle óere as folloós:

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Within ßredit terms Overdue: Èess than 3 months 3©6 months 6©9 months 9©12 months Over 12 months /HVV alloóanße for douÞtful aßßounts Ëâñ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

48,713

13,098

345,750

358,084

6,562 317 75 51 1,053 56,771 ¤1,296¥ ²²©±´²

4,339 510 69 59 577 18,652 ¤1,227¥ 1´©±¯²

6,562 317 75 51 1,053 353,808 ¤1,296¥ °²¯©²1¯

4,339 510 69 59 577 363,638 ¤1,227¥ °³¯©±11

The normal ßredit term granted Þy the Group and the Company ranges from 30 days to 60 days. Trade aßßounts reßeivaÞle of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

188 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

1E 7%AR!>-6=ss>I ù> CR9 *=%&>#

& >/I è%/3-

G[$M;Wh7TCLS T_- T.YhO ¬² ETDc6 6O$_<WhDES<EO$TEES<E[ ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

6ù3%#AQ /& V>7% V>/< ,>.L%7%BQ 'ñ

6ù3%#AQ /& V>7% V>/< I @% 3ù>7%BQ 'ñ

1,994,535 2,007,261 ¤549,528¥ ¤552,463¥ 1,445,007 1,454,798 ¤69,536¥ ¤62,954¥ 1©°´²©±´1 1©°¶1©µ±±

746,748 ¤112,887¥ 633,861 ¤14,168¥ ³1¶©³¶°

/3-

706,520 2,741,283 2,713,781 ¤104,413¥ ¤662,415¥ ¤656,876¥ 602,107 2,078,868 2,056,905 ¤13,387¥ ¤83,704¥ ¤76,341¥ ²µµ©´¯0 1©¶¶²©1³± 1©¶µ0©²³± *=%&>#

& >/I è%/3

M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<=

¶¯©³³´

$TEIV_'ETRM OTDZ%O*G[$M;Wh7TCLS T_- T.YhO CW6S*;Wh

³¶©³11

*=%&>#

& >/I è%/3

DS*cC 'E<$lTM;6-lTER _$V;$lTM;6-lTER : ; OD$I T 3 _6YO; 3 © 6 _6YO; 6 © 9 _6YO; 9 © 12 _6YO; CT$$I T 12 _6YO; ¬² ETDc6 6O$_<WhDES<EO$TEES<E[ ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

2,222,963

2,260,200

341,499 96,958 44,185 29,048 6,630 2,741,283 ¤662,415¥ 2,078,868 ¤83,704¥ 1©¶¶²©1³±

291,794 90,575 36,256 20,638 14,318 2,713,781 ¤656,876¥ 2,056,905 ¤76,341¥ 1©¶µ0©²³±

G[$M;Wh7TCLS T_- T.YhO 9Sh*MC6%O*$GZ C<EVKS9 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

189

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ·ÖÙÛÐÖÕ ËÜÌ ÞÐÛÏÐÕ ÖÕÌ àÌÈÙ

Äire©purßhase ßontraßt reßeivaÞles /HVV unearned interest inßome /HVV alloóanße for douÞtful aßßounts Ëâñ

·ÖÙÛÐÖÕ ËÜÌ ÈÍÛÌÙ ÖÕÌ àÌÈÙ

1,994,535 2,007,261 ¤549,528¥ ¤552,463¥ 1,445,007 1,454,798 ¤69,536¥ ¤62,954¥ 1©°´²©±´1 1©°¶1©µ±±

746,748 ¤112,887¥ 633,861 ¤14,168¥ ³1¶©³¶°

»ÖÛÈÓ

706,520 2,741,283 2,713,781 ¤104,413¥ ¤662,415¥ ¤656,876¥ 602,107 2,078,868 2,056,905 ¤13,387¥ ¤83,704¥ ¤76,341¥ ²µµ©´¯0 1©¶¶²©1³± 1©¶µ0©²³± ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

¾ad and douÞtful deÞts expenses for the year

¶¯©³³´

Aging analyses for hire©purßhase ßontraßt reßeivaÞles óere as folloós:

³¶©³11

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Within ßredit terms Overdue: Èess than 3 months 3©6 months 6©9 months 9©12 months Over 12 months Total /HVV unearned interest inßome /HVV alloóanße for douÞtful aßßounts Ëâñ

2,222,963

2,260,200

341,499 96,958 44,185 29,048 6,630 2,741,283 ¤662,415¥ 2,078,868 ¤83,704¥ 1©¶¶²©1³±

291,794 90,575 36,256 20,638 14,318 2,713,781 ¤656,876¥ 2,056,905 ¤76,341¥ 1©¶µ0©²³±

Äire©purßhase ßontraßt reßeivaÞles of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

190 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

5 IS;9Wg 31 :S;IT'C >GEIC%O*_*V;G*9Z;%Sh;7 ;7TCLS T_- T.YhO`GRC[G' T= ++Z<S;%O*+lT;I;_*V;%Sh;7lgT9WgG[$M;Wh7 O*+ TD7TC$TE> O;-lTER `L6*c6 6S*;Wh *=%&>#

& >/I è%/3 (1/3- 9 I è% 1 #D% =R%!ú%!>6=ss>I ù> ëR9

BTDb;M;Xg*= _$V;M;Xg*= `7 cC _$V;M T=

-E1 ù>'þ ì&=% 9 V>%3%I è% =R%!QV>#AQ1E 7%AR !ú9 ù>.!> >/(ù9% V>/<

1,994,535 746,748 2,741,283 ¤662,415¥ ¯©0´µ©µ³µ

¬² ETDc6 6O$_<WhDES<EO$TEES<E[ >GEIC%O*_*V;G*9Z;%Sh;7 ;7TCLS T_- T.YhOLZ9:V

(1/3- 9 I è% 1 #D% =R%!ú%!>6=ss>I ù> ëR9

1,445,007 633,861 ¯©0´µ©µ³µ

2,007,261 706,520 2,713,781 ¤656,876¥ ¯©0²³©¶0²

-E1 ù>'þ ì&=% 9 V>%3%I è% =R%!QV>#AQ1E 7%AR !ú9 ù>.!> >/(ù9% V>/<

1,454,798 602,107 ¯©0²³©¶0²

1E 7%AR9CQ% *=%&># 7->.I7!D

$V+$TE9Wg_$WgDI% O*$S; @;S$*T;%TD `GROYg;e $V+$TEOYg;e © _*V;+ TDG I*M; T' TLV;' T © _*V;96EO*+ TD@;S$*T; © BTKWC[G' T_@VgC © OYg;e EIC ¬² ' T_>YOg M;WLh *LSD+RL[ © @;S$*T;%TD`GROY;g e LZ9:V M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<=

& >/I è%/3

& >/I è%I *>< @ >/

223 201,180

11 190,339

3,674 201,161

15,751 190,313

19,931 18,078 133,575 34,071 ±0´©0²µ ¤167,209¥ ¯°¶©µ±¶

26,424 12,875 175,426 40,093 ±±²©1³µ ¤155,512¥ ¯µ¶©³²³

19,931 16,827 109 30,688 ¯´¯©°¶0 ¤167,209¥ 10²©1µ1

26,424 11,609 903 37,649 ¯µ¯©³±¶ ¤155,512¥ 1¯´©1°´

°´©³1³

¯1©0¶²

°´©³1³

¯1©0¶²

G[$M;WhOYg;9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

191

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

As at 31 DeßemÞer, the gross investment under hire purßhase ßontraßts and the present value of minimum payments of hire©purßhase ßontraßt reßeivaÞles óere as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ®ÙÖÚÚ ÐÕÝÌÚÛÔÌÕÛ ÜÕËÌÙ ÛÏÌ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛÚ

Portion due óithin one year Portion due over one year Þut óithin five years

·ÙÌÚÌÕÛ ÝÈÓÜÌ ÖÍ ÔÐÕÐÔÜÔ ×ÈàÔÌÕÛÚ ÖÍ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ

1,994,535 746,748 2,741,283 ¤662,415¥ ¯©0´µ©µ³µ

/HVV unearned interest inßome Ëâñ æëóâðñêâëñ òëáâï åæïâ íòïàåÞðâ àìëñïÞàñð

1,445,007 633,861 ¯©0´µ©µ³µ

·ÙÌÚÌÕÛ ÝÈÓÜÌ ÖÍ ÔÐÕÐÔÜÔ ×ÈàÔÌÕÛÚ ÖÍ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ

®ÙÖÚÚ ÐÕÝÌÚÛÔÌÕÛ ÜÕËÌÙ ÛÏÌ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛÚ

2,007,261 706,520 2,713,781 ¤656,876¥ ¯©0²³©¶0²

1,454,798 602,107 ¯©0²³©¶0²

¶ÛÏÌÙ ÙÌÊÌÐÝÈÉÓÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Related parties Salesman and others Other parties Advanße payment for goods Advanße payment for employee Value added tax Others ÑìñÞé /HVV alloóanße for douÞtful aßßounts © Salesman and others Ëâñ ¾ad and douÞtful deÞts expenses for the year

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

223 201,180

11 190,339

3,674 201,161

15,751 190,313

19,931 18,078 133,575 34,071 ±0´©0²µ ¤167,209¥

26,424 12,875 175,426 40,093 ±±²©1³µ ¤155,512¥

19,931 16,827 109 30,688 ¯´¯©°¶0 ¤167,209¥

26,424 11,609 903 37,649 ¯µ¯©³±¶ ¤155,512¥

¯°¶©µ±¶

¯µ¶©³²³

10²©1µ1

1¯´©1°´

°´©³1³

¯1©0¶²

°´©³1³

¯1©0¶²

Other reßeivaÞles of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

192 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

I @%L7ú Eú.C-/<.<6=R% 9=!/> 9 I&AR. 7->.I7!D

& >/I è%/3

/ú9.1<!ù9'ñ

<Z''GMEYO$V+$TE9Wg_$WgDI% O* <Z''GMEYO$V+$TEOYg;e EIC

© ©

& >/I è%I *>< @ >/

*=%&>#

4.95 2.00

© © -

© 3,000 °©000

© © -

25,000 3,000 ¯µ©000

_*V;bM $[ DYCERDRLSh;9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2556 _= ;L$ZG_*V;<T9 6@% ú> I71C9

*=%&>#

& >/I è%/3

LV;' TLlT_Ef+E[= L I;=ER$O< ¬² ' T_>YgOLV;' T_LYgOC'Z5BT@`GR_LWDMTD LZ9:V 7 ;9Z;%O*LV;' T'*_MGYO9Wg<S;9X$_= ;' Tb- + TD`GRc6 EIC b;<S -W7 ;9Z;%TD © 7 ;9Z;%TD © $TE=ES<G6C[G' T_= ;C[G' TLZ9:V9Wg'T6I T+Rc6 ES< © $GS<ETD$TE%T69Z;$TE=ES<G6C[G' T LZ9:V

& >/I è%I *>< @ >/

294,668 19,773 314,441 ¤18,022¥ ¯¶³©±1¶

332,221 18,368 350,589 ¤23,600¥ °¯³©¶µ¶

294,066 18,554 312,620 ¤18,000¥ ¯¶±©³¯0

332,221 17,760 349,981 ¤23,600¥ °¯³©°µ1

1,524,184 © ¤5,578¥ 1©²1µ©³0³

1,711,918 5,700 © 1©´1´©³1µ

1,564,965 © ¤5,600¥ 1©²²¶©°³²

1,617,350 5,700 © 1©³¯°©0²0

I @%1 #D%L%&/@5=#.ù9.

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193

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

ºÏÖÙÛ ÛÌÙÔ ÓÖÈÕÚ °ÕÛÌÙÌÚÛ ¹ÈÛÌ µÖÛÌ

ªÖÕÚÖÓÐËÈÛÌË ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

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© ©

4.95 2.00

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

© © -

© 3,000 °©000

© © -

25,000 3,000 ¯µ©000

The Group s and the Company s short©term loans as at 31 DeßemÞer 2013 óere denominated entirely in Thai ¾aht. °ÕÝÌÕÛÖÙÐÌÚ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

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/HVV alloóanße for oÞsolete and damaged inventories Ëâñ

294,668 19,773 314,441 ¤18,022¥ ¯¶³©±1¶

332,221 18,368 350,589 ¤23,600¥ °¯³©¶µ¶

294,066 18,554 312,620 ¤18,000¥ ¯¶±©³¯0

332,221 17,760 349,981 ¤23,600¥ °¯³©°µ1

Inventories reßognised as an expense in ßost of sales of goods : © Cost © Write©doón to net realisaÞle value © Reversal of órite©doón Ëâñ

1,524,184 © ¤5,578¥ 1©²1µ©³0³

1,711,918 5,700 © 1©´1´©³1µ

1,564,965 © ¤5,600¥ 1©²²¶©°³²

1,617,350 5,700 © 1©³¯°©0²0

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1,455,190 © 1©±²²©1¶0

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195

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

Investments in suÞsidiaries as at 31 DeßemÞer óere as folloós: ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ »à×Ì ÖÍ ÉÜÚÐÕÌÚÚ

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Singer ¤¾roçer¥ Èimited Singer Èeasing ¤Thailand¥ Co., Ètd.

Èife insuranße Thailand Þroçer Äire purßhase of Thailand home applianße, ßommerßial produßts and others Thailand Singer Serviße Repair and Plus Company maintenanße serviße of eleßtrißal Èimited applianßes ÑìñÞé

In 2014, the Company had dividend inßome from Singer Èeasing ¤Thailand¥ Co., Ètd. amount of ¾aht 36.2 million ¤2013: None¥. In Æanuary 2013, the inßrease in authorised share ßapital of Singer Èeasing ¤Thailand¥ Co., Ètd. of ¾aht 849.0 million has Þeen additional paid©up 75¡ in the amount of ¾aht 636.8 million.

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99.70

99.70

200

99.99

99.99 1,450,000 1,450,000 1,449,997 1,449,997

99.88

99.88

5,000

200

5,000

199

199

4,994 4,994 1©±²²©1¶0 1©±²²©1¶0

At the extraordinary shareholders meeting of Singer Èeasing ¤Thailand¥ Company Èimited held on 6 DeßemÞer 2013, the shareholders approved the inßrease in the authorised share ßapital from ¾aht 850 million ¤850,000 shares at ¾aht 1,000 par value¥ to ¾aht 1,450 million ¤1,450,000 shares at ¾aht 1,000 par value¥ Þy issuing neó 600,000 shares at ¾aht 1,000 par value. The inßrease in share ßapital óas registered óith the Ministry of Commerße on 19 DeßemÞer 2013.

¶ÛÏÌÙ ÓÖÕÎ ÛÌÙÔ ÐÕÝÌÚÛÔÌÕÛ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Fixed deposit © TISCO ¾anç PuÞliß Company Èimited ÑìñÞé

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1,000 1©000

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Fixed deposit is maintained as the minimum seßurity required Þy the Department of Insuranße Commission.

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&RVW UHYDOXDWLRQ At 1 Æanuary 2013 Additions Transfers Disposals ¾ñ °1 Áâàâêßâï ¯01° Þëá 1 ÇÞëòÞïö ¯01± Additions Surplus on revaluation Transfers Disposals ¾ñ °1 Áâàâêßâï ¯01± 'HSUHFLDWLRQ DQG LPSDLUPHQW ORVV At 1 Æanuary 2013 Depreßiation ßharge for the year Disposals ¾ñ °1 Áâàâêßâï ¯01° Þëá 1 ÇÞëòÞïö ¯01± Depreßiation ßharge for the year Reversal of aßßumulated depreßiation on revaluation Reversal of impairment losses Disposals ¾ñ °1 Áâàâêßâï ¯01± 1HW ERRN YDOXH ¾ñ 1 ÇÞëòÞïö ¯01° ¾ñ °1 Áâàâêßâï ¯01° Þëá 1 ÇÞëòÞïö ¯01± ¾ñ °1 Áâàâêßâï ¯01±

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201

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For the year ended 31 December 2014 and 2013

The gross amount of the Group and the Company s fully depreßiated property, plant and equipment that óas still in use as at 31 DeßemÞer 2014 amounted to ¾aht 178.47 million ¤2013: ¾aht 168.80 million¥. During 2014, the Company s lands and Þuildings óere reappraised Þy an independent valuer using the marçet ßomparison approaßh. The value of the Þuildings óas estimated using the ßost of replaßement, neó less

depreßiation ¤CRNÈD¥ of the Þuilding, then the differenße Þetóeen the open marçet value and the Þuilding valuation óas taçen as the value of land, resulting in an inßrease in the ßarrying value of lands and Þuildings in the amount of ¾aht 31.10 million and ¾aht 4.80 million, respeßtively. Movement of unrealised surpluses on revaluation of assets for the years 2014 and 2013 óere as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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203

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31,348 4,720 29,399 13,225 1,000 921 µ0©³1°

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224,976

29,099

224,976

100,080

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150,000 °´±©¶´³

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158,220 320,000 200,000 678,220

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209

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

Deferred tax assets arising from temporary differenßes that have not Þeen reßognised in the finanßial statements óere as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Reserve arising from Þusiness ßomÞination under ßommon ßontrol Alloóanße for douÞtful aßßounts © other reßeivaÞles ÑìñÞé

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155,859

175,341

5,934 1³1©´¶°

5,934 1µ1©¯´²

5,934 ²©¶°±

5,934 ²©¶°±

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&XUUHQW ¾anç overdrafts and short © term loans from finanßial institution © unseßured Current portion of long©term loans from finanßial institution © seßured Current portion of deÞentures © unseßured 1RQ FXUUHQW Èong©term loans from finanßial institution © seßured DeÞentures © seßured DeÞentures © unseßured ÑìñÞé

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

29,099

29,099

224,976

100,080 250,000 °´¶©1´¶

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158,220 320,000 200,000 678,220

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© © 200,000 200,000

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±´¶©0¶¶

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© 250,000 ¯´¶©0¶¶

224,976 © 150,000 °´±©¶´³

As at 31 DeßemÞer 2014 the Company had Þanç overdrafts Þearing interest at MOR rates óhißh are 7.38¡ to 7.78¡ per annum ¤2013: 7.38¡ to 8.00¡ per annum¥. As at 31 DeßemÞer 2014 the Group and the Company had unutilised ßredit faßilities totalling ¾aht 943 million ¤2013: ¾aht 567 million¥.

210 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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770,000 ¤250,000¥

920,000 ¤150,000¥

450,000 ¤250,000¥

600,000 ¤150,000¥

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1 2

1 2

13 @FKBT'C 2556 12 @FKBT'C 2557

150 150

3

3

11 @FKBT'C 2558

250

4

4

11 @FKBT'C 2559

200

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1 1 2 1 2 3 1 2 3 4

4.65 4.90 5.00 5.00 5.30 5.50 5.20 5.40 5.50 5.90

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/>. >%'/< V>'Ăą ™œœž ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜›

211

ÂľĂ–Ă›ĂŒĂš ÛÖ Ă›Ă?ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

For the year ended 31 December 2014 and 2013

'HEHQWXUHV As at 31 DeĂ&#x;emĂžer the Group and the Company had deĂžentures as detailed Ăželoó¡ Â?Ă?Ă• Ă›Ă?Ă–ĂœĂšĂˆĂ•Ă‹ ŠĂˆĂ?Ă›Â?

ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

™—˜›

™—˜š

™—˜›

™—˜š

žalanĂ&#x;e at the end of year /HVV Current portion of deĂžentures

770,000 ¤250,000¼

920,000 ¤150,000¼

450,000 ¤250,000¼

600,000 ¤150,000¼

à âĂ&#x;âÍùòïâð - Íâù ĂŹĂŁ à òïïâÍù íÏïùÌÏÍ

²¯0Š000

´´0Š000

¯00Š000

¹²0Š000

'HEHQWXUH LVVXHG E\ 6LQJHU 7KDLODQG 3XEOLF &RPSDQ\ /LPLWHG On 11 May 2012, the Company issued deĂžentures in the amount of žaht 750 million at par value of žaht 1,000, the registered, senior and unseĂ&#x;ured deĂžentures Ăłith monthly interest payment as detailed Ăželoó¡

ÑÏùÞÊ

ÂşĂŒĂ™Ă?ĂŒĂš

¡ĂŒĂ™Ă?Ă–Ă‹ Â?Ă ĂŒĂˆĂ™Â?

ÂŤĂœĂŒ Ă‹ĂˆĂ›ĂŒ

¨Ă”Ă–ĂœĂ•Ă› Â?Ă?Ă• Ă”Ă?Ă“Ă“Ă?Ă–Ă• ŠĂˆĂ?Ă›Â?

1 2

1 2

13 May 2013 12 May 2014

150 150

3

3

11 May 2015

250

4

4

11 May 2016

200

°Ă•Ă›ĂŒĂ™ĂŒĂšĂ› Ă™ĂˆĂ›ĂŒ Ă€ĂŒĂˆĂ™

ÂŒ Ă—ĂŒĂ™ ĂˆĂ•Ă•ĂœĂ”

1 1 2 1 2 3 1 2 3 4

4.65 4.90 5.00 5.00 5.30 5.50 5.20 5.40 5.50 5.90

´²0

ProĂ&#x;eeds from the issue of deĂžentures have Ăžeen used to repay loans under deĂžt resĂ&#x;heduling agreement and for the Company s Ăłorçing Ă&#x;apital and for expansion of its Ăžusiness.

'HEHQWXUH LVVXHG E\ 6LQJHU /HDVLQJ 7KDLODQG &R /WG The žoard of DireĂ&#x;tors meeting of Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd. held on 26 April 2013 passed a resolution approving the issuanĂ&#x;e of deĂžentures Ăłith the Ă&#x;onditions and struĂ&#x;ture of deĂžentures as proposed Ăžy the žoard of DireĂ&#x;tors. This has Ăžeen approved Ăžy the extraordinary meeting of the shareholders of Singer Ăˆeasing ¤ThailandÂĽ Co., Ăˆtd. held on 6 May 2013.

212 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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¾ µ ºn£¸¢¤±£±£³¨ ³ « ³ ² ³¤¾ µ _CYgOIS;9Wg 30 C$ET'C 2557 <EVKS9`GR<EVKS9D OD`M *M;Xg*c6 9lTLS T$[ DYC_*V;ERDRDTI$S<:;T'TE`M *M;Xg*_= ;+lT;I;_*V; 200 G T;<T9 <EVKS9`GR<EVKS9D OD`M *M;Xg*7$G*-lTER_*V;$[ DYC _= ;*I6 12 *I69Z$ 3 _6YO;`GR-lTER6O$_<WhDETD_6YO; <EVKS9 D OD6S*$G TIc6 _<V$_*V;$[ DYC*I6`E$b;_6YO;CW;T'C 2557 _= ; +lT;I;_*V; 100 G T;<T9 OS7ET6O$_<WhDE ODGR 4.59 7 O= -lTER 'Y;_*V;$[ *I6GR 8.34 G T;<T9 D$_I ;*I6LZ69 TD 8.26 G T;<T9 a6D_EVgC-lTER*I6`E$b;_6YO;CV8Z;TD; 2557 `GR<EVKS9D ODc6 _<V$_*V;$[ DYC*I69WgLO*b;_6YO;@FKBT'C 2557 _= ;+lT;I;_*V; 100 G T;<T9 OS7ET6O$_<WhDE ODGR 4.45 7 O= -lTER'Y;_*V;$[ *I6 GR 8.34 G T;<T9 D$_I ;*I6LZ69 TD 8.26 G T;<T9 a6D_EVCg -lTER *I6`E$b;_6YO;LV*MT'C 2557 _CYgOIS;9Wg 18 $S;DTD; 2557 <EVKS9D OD`M *M;Xg*c6 9lTLS T$[

DYC_*V;ERDRDTI$S<:;T'TE`M *M;X*g _= ;+lT;I;_*V; 100 G T;<T9 <EVK9S D OD6S*$G TI7$G*-lTER_*V;$[D CY 9W_g <V$CT_= ;*I6 12 *I69Z$ 3 _6YO;`GR-lTER6O$_<WhDETD_6YO; OS7ET6O$_<WhDE ODGR 4.60 7 O= -lTER'Y;_*V;$[* I6GR 8.34 G T;<T9 D$_I ;*I6LZ69 TD 8.26 G T;<T9 a6D_EVgC-lTER*I6`E$b;_6YO;C$ET'C 2558 _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V;%O*<EVKS9D OD6S*$G TI 'lhT=ER$S;a6D<EVKS9 LS T_*V;$[ +T$L8T<S;$TE_*V;`GRMZ ;$[ c6 ER<Z% O=1V<S7V`GR % O+lT$S6<T*=ER$TE _- ; $TE6lTE*OS7ETL I;9T*$TE_*V;`GROY;g e M;WLh ;V 9WCg BW TER6O$_<WDh 9S*h MC6%O*$GZC <EVK9S `GR<EVK9S 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

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$V+$TE9Wg_$WgDI% O*$S; $V+$TEOYg;e EIC

& >/I è%/3

© 211,792 ¯11©´¶¯

© 186,632 1µ³©³°¯

_+ TM;Wh$TE' T9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2557 `GR 2556 _= ;L$ZG_*V;<T9

& >/I è%I *>< @ >/

23,195 211,223 ¯°±©±1µ

19,030 186,396 ¯0²©±¯³

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

213

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

The ßonditions and strußture of the deÞentures are detailed Þeloó· OÞæeßtive Instrument Amount Redemption Value Maturity Issue Date Coupon Rate Prinßipal payment term Interest payment term

Repayment of loan from Singer Thailand PuÞliß Company Èimited Senior, Seßured deÞentures Þy Singer Thailand PuÞliß Company Èimited ¾aht 320 million ¾aht 1,000 per unit 3 years 10 May 2013 Fixed rate at 5.20¡ per annum Pay all prinßipal in the maturity date Íuarterly Þasis· 10 FeÞruary, 10 May, 10 August and 10 NovemÞer of eaßh year throughout the term of the DeÞentures.

/RQJ WHUP ORDQV IURP ILQDQFLDO LQVWLWXWLRQV On 30 Æanuary 2014, the Company and a suÞsidiary entered into a long©term loan agreement óith a Þanç amounting to ¾aht 200 million. The prinßipal is repayaÞle in a total of 12 installments every quarter and the interest is repayaÞle every month. The suÞsidiary aßquired the first loan amount of ¾aht 100 million in Marßh 2014 óhißh Þears interest rate 4.59¡ per annum, installments of ¾aht 8.34 million eaßh starting from Æune 2014 exßept the last installment of ¾aht 8.26 million. The suÞsidiary aßquired the seßond loan amount of ¾aht 100 million in May 2014 óhißh Þears interest rate 4.45¡ per annum, installments of ¾aht 8.34 million eaßh starting from August 2014 exßept the last instalment of ¾aht 8.26 million. On 18 SeptemÞer 2014, a suÞsidiary entered into a long© term loan agreement óith a Þanç amounting to ¾aht 100 million. The prinßipal is repayaÞle in a total of 12

installments every quarter and the interest is repayaÞle every month. The loan Þears interest rate 4.60¡ per annum, installments of ¾aht 8.34 million eaßh starting from Æanuary 2015 exßept the last installment of ¾aht 8.26 million. Èong©term loans from finanßial institutions for the suÞsidiary are guaranteed Þy the Company. Èoan agreements from finanßial institutions and deÞentures ßontain ßertain deÞt ßovenants and restrißtions imposed Þy the Þorroóers regarding maintenanße of ßertain finanßial ratios and others. Interest©Þearing liaÞilities of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

»ÙÈËÌ ÈÊÊÖÜÕÛÚ ×ÈàÈÉÓÌ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Related parties Other parties ÑìñÞé

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

© 211,792 ¯11©´¶¯

© 186,632 1µ³©³°¯

23,195 211,223 ¯°±©±1µ

19,030 186,396 ¯0²©±¯³

Trade aßßounts payaÞle of the Group and the Company as at 31 DeßemÞer 2014 and 2013 óere denominated entirely in Thai ¾aht.

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32,104 48,193 50,860 3,382 77,684 ¯1¯©¯¯°

34,563 68,944 19,203 7,527 74,287 ¯0±©²¯±

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254,601 38,829 50,859 3,060 57,925 ±0²©¯´±

272,940 52,808 19,202 4,832 66,602 ±1³©°µ±

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156,180 1²³©1µ0

146,996 1±³©¶¶³

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215

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2014 and 2013

¶ÛÏÌÙ ×ÈàÈÉÓÌÚ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Related parties Aßßrued advertising and sales promotion Aßßrued ßommission Value added tax payaÞle Others ÑìñÞé

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

32,104 48,193 50,860 3,382 77,684 ¯1¯©¯¯°

34,563 68,944 19,203 7,527 74,287 ¯0±©²¯±

254,601 38,829 50,859 3,060 57,925 ±0²©¯´±

272,940 52,808 19,202 4,832 66,602 ±1³©°µ±

¬Ô×ÓÖàÌÌ ÉÌÕÌÍÐÛ ÖÉÓÐÎÈÛÐÖÕÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ìßéæäÞñæìëð ãìï· Defined Þenefit oÞligations

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

1´³©±°0

1³1©µ²¶

1²³©1µ0

1±³©¶¶³

The Group and the Company operate a defined Þenefit pension plan Þased on the requirement of Thai ÈaÞour Proteßtion Aßt ¾.E 2541 ¤1998¥ to provide retirement Þenefits to employees Þased on pensionaÞle remuneration and length of serviße. The statement of finanßial position oÞligation óas determined as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Present value of unfunded oÞligations ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ÌßéæäÞñæìë

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

176,430 1´³©±°0

161,859 1³1©µ²¶

156,180 1²³©1µ0

146,996 1±³©¶¶³

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161,859 ¤9,831¥ 22,335

151,838 ¤11,243¥ 21,264

146,996 ¤9,831¥ 20,097

138,927 ¤11,131¥ 19,200

2,067 1´³©±°0

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16,020 5,244 ¯1©¯³±

14,962 5,135 ¯0©0¶´

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14,400 4,800 1¶©¯00

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13,440 7,824 ¯1©¯³±

14,068 6,029 ¯0©0¶´

13,440 5,760 1¶©¯00

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2,067 ¯©0³´

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217

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For the year ended 31 December 2014 and 2013

Movement in the present value of the defined Þenefit oÞligations: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Defined Þenefit oÞligations at 1 Æanuary ¾enefits paid Þy the plan Current serviße ßosts and interest Aßtuarial ¤gains¥ losses in other ßomprehensive inßome Áâãæëâá ßâëâãæñ ìßéæäÞñæìëð Þñ °1 Áâàâêßâï

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

161,859 ¤9,831¥ 22,335 2,067 1´³©±°0

151,838 ¤11,243¥ 21,264 © 1³1©µ²¶

146,996 ¤9,831¥ 20,097 ¤1,082¥ 1²³©1µ0

Expense reßognised in profit or loss:

Current serviße ßosts Interest on oÞligation ÑìñÞé

138,927 ¤11,131¥ 19,200 © 1±³©¶¶³

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

16,473 5,862 ¯¯©°°²

16,020 5,244 ¯1©¯³±

14,962 5,135 ¯0©0¶´

The expense is reßognised in the folloóing line items in the statements of inßome:

Selling expenses Administrative expenses ÑìñÞé

14,400 4,800 1¶©¯00

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

14,068 8,267 ¯¯©°°²

13,440 7,824 ¯1©¯³±

14,068 6,029 ¯0©0¶´

13,440 5,760 1¶©¯00

Aßtuarial ¤gains¥ losses reßognised in other ßomprehensive inßome: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Inßluded in retained earnings: At 1 Æanuary Reßognised during the year ¾ñ °1 Áâàâêßâï

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

©

© © -

2,067 ¯©0³´

© ¤1,082¥ ¥1©0µ¯¦

© © -

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103,062

104,222

102,642

104,222

¤5,943¥ ¤2,428¥

¤7,357¥ ¤2,640¥

¤5,941¥ ¤2,425¥

¤7,355¥ ¤2,637¥

5,694 2,413 10¯©´¶µ

6,310 2,527 10°©0³¯

5,615 2,370 10¯©¯³1

5,923 2,489 10¯©³±¯

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219

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For the year ended 31 December 2014 and 2013

Prinßipal aßtuarial assumptions at the reporting date ¤expressed as óeighted averages¥: ªÖÕÚÖÓÐËÈÛÌË ÈÕË ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Disßount rate at 31 DeßemÞer Future salary inßreases - ðÞéÞïæâá ðñÞãã - àìêêæððæìëâá Þäâëñ

2.7¡

3.7¡

5.0¡ Notional ßommission model, inflated Þy priße inflation of 3.5¡

5.0¡ Notional ßommission model, inflated Þy priße inflation of 3.5¡

Assumptions regarding future mortality are Þased on puÞlished statistißs and mortality taÞles. ·ÙÖÝÐËÌÕÛ ÍÜÕËÚ

At 1 Æanuary Provision used © Company and interest © Employee Provision setup © Company and interest © Employee ¾ñ °1 Áâàâêßâï The provident funds for staff are estaÞlished and managed Þy the Group. MemÞership of the funds is on a voluntary Þasis. ContriÞutions are made monthly Þy the staff at the rates fixed Þy the fund ßriteria and Þy the Group at the same amount dedußted from salesmen and shop managers óhose remuneration, Þeing ßommission Þased, is variaÞle and not fixed as óith Þasiß salaries. Consequently, the funds do not qualify to Þe registered óith the Ministry of

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

103,062

104,222

102,642

104,222

¤5,943¥ ¤2,428¥

¤7,357¥ ¤2,640¥

¤5,941¥ ¤2,425¥

¤7,355¥ ¤2,637¥

5,694 2,413 10¯©´¶µ

6,310 2,527 10°©0³¯

5,615 2,370 10¯©¯³1

5,923 2,489 10¯©³±¯

Finanße as æuristiß entities nor ßan the funds Þe managed Þy a lißensed Fund Manager. Therefore the funds have Þeen estaÞlished on a voluntary Þasis and managed Þy the Group Þased on the relevant ßriteria set©doón Þy the Group governing the fund ßontriÞutions and Þenefits. The ßontriÞutions are Þased on the numÞer of years of memÞership and at rates fixed Þy the fund ßriteria.

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270,000

270,000

270,000

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270,000

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270,000

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221

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For the year ended 31 December 2014 and 2013

ºÏÈÙÌ ÊÈ×ÐÛÈÓ

ÛÏÖÜÚÈÕË ÚÏÈÙÌ ÛÏÖÜÚÈÕË ©ÈÏÛ ·ÈÙ ÝÈÓÜÌ ×ÌÙ ÚÏÈÙÌ ÐÕ ©ÈÏÛ

$XWKRULVHG At 1 Æanuary © ordinary shares At 31 DeßemÞer © ordinary shares ,VVXHG DQG SDLG At 1 Æanuary © ordinary shares ¾ñ °1 Áâàâêßâï © ordinary shares

µÜÔÉÌÙ

©ÈÏÛ

µÜÔÉÌÙ

©ÈÏÛ

270,000

270,000

270,000

270,000

270,000

270,000

270,000

270,000

270,000

270,000

270,000

270,000

¯´0©000

¯´0©000

¯´0©000

¯´0©000

6KDUH SUHPLXP Seßtion 51 of the PuÞliß Companies Aßt ¾.E. 2535 requires ßompanies to set aside share suÞsßription monies

reßeived in exßess of the par value of the shares issued to a reserve aßßount ¤ share premium ¥. Share premium is not availaÞle for dividend distriÞution.

¹ÌÚÌÙÝÌÚ

Reserves ßomprise:

not availaÞle for dividend distriÞution.

$SSURSULDWLRQV RI SURILW DQG RU UHWDLQHG HDUQLQJV

2WKHU FRPSRQHQWV RI HTXLW\

/HJDO UHVHUYH Seßtion 116 of the PuÞliß Companies Aßt ¾.E. 2535 requires that a puÞliß ßompany shall alloßate not less than 5¡ of its annual net profit, less any aßßumulated losses Þrought foróard, to a reserve aßßount ¤ legal reserve ¥, until this aßßount reaßhes an amount not less than 10¡ of the registered authorised ßapital. The legal reserve is

9DOXDWLRQ FKDQJHV The valuation ßhanges aßßount óithin equity ßomprises the ßumulative net ßhange in the valuation of property, plant and equipment inßluded in the finanßial statements at valuation until sußh property, plant and equipment is sold or otheróise disposed of.

ºÌÎÔÌÕÛ ÐÕÍÖÙÔÈÛÐÖÕ

The Group has three reportaÞle segments, as desßriÞed Þeloó, óhißh are the Group s strategiß divisions. The strategiß divisions offer different produßts and servißes, and are managed separately Þeßause they require different teßhnology and marçeting strategies. For eaßh of the strategiß divisions, the ßhief operating deßision maçer

¤CODM¥ revieós internal management reports on at least a quarterly Þasis. The folloóing summary desßriÞes the operations in eaßh of the Group s reportaÞle segments. • Segment 1 Trade sales • Segment 2 Äire purßhase • Segment 3 Serviße and others

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223

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For the year ended 31 December 2014 and 2013

Information regarding the results of eaßh reportaÞle segment is inßluded Þeloó. Performanße is measured Þased on segment profit Þefore tax, as inßluded in the internal management reports that are revieóed Þy the Group s CODM. Segment profit Þefore tax is used to

measure performanße as management Þelieves that sußh information is the most relevant in evaluating the results of ßertain segments relative to other entities that operate óithin these industries. ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

»ÙÈËÌ ÚÈÓÌÚ

)RU WKH \HDU HQGHG 3 'HFHPEHU 20 Revenue from sale of goods © External revenue © Inter©segment revenue Other inßome © External revenue © Inter©segment revenue ÑìñÞé ðâäêâëñ ïâóâëòâ Finanße ßosts Ðâäêâëñ íïìãæñ ßâãìïâ æëàìêâ ñÞõ

Ðâäêâëñ Þððâñð Þð Þñ °1 Áâàâêßâï ¯01± )RU WKH \HDU HQGHG 3 'HFHPEHU 20 3 Revenue from sale of goods © External revenue © Inter©segment revenue Other inßome © External revenue © Inter©segment revenue ÑìñÞé ðâäêâëñ ïâóâëòâ Finanße ßosts Ðâäêâëñ íïìãæñ ¥éìðð¦ ßâãìïâ æëàìêâ ñÞõ

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439,191 2,087,725 2,163,671 144,744

3,977 © 2,530,893 © ¤2,308,415¥ ©

68,458 823,576 391,607 © °©0³¯©¶¯´ °©0²³©0±²

17,179 © 909,213 65,071 ¤456,678¥ © µ³©¯¯´ ¥¯©´³²©0¶°¦ °©±±0©10³

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744,159 89,868 47,413 41,026 35,356 34,345 28,714 28,474 7,142 1©0²³©±¶´

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225

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For the year ended 31 December 2014 and 2013

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Employee Þenefit expenses Èoss on repossession Rental expense Travel expenses Produßt óarranty Management serviße fee Èoßal freight Advertising Others ÑìñÞé

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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724,177 © 45,596 42,012 39,944 36,863 39,320 30,127 30,248 ¶µµ©¯µ´

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159,147 131,610 65,539 19,398 16,042 14,288 13,606 ¤23,258¥ 17,963 ±1±©°°²

160,171 90,890 63,877 19,274 18,802 14,160 15,508 ¤24,416¥ 16,440 °´±©´0³

122,519 38,943 50,312 19,116 11,585 14,160 9,931 ¤21,070¥ 13,841 ¯²¶©°°´

126,950 21,279 50,792 18,981 13,482 14,148 11,090 ¤23,956¥ 13,341 ¯±³©10´

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33,238

30,841

29,318

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146,785 541,614

101,594 535,766

114,592 541,389

49,939 133,003 12,208 890,992 ¶¯´©´²±

45,304 116,766 10,030 860,499 µ¶³©01µ

43,836 121,182 11,106 813,484 µ±³©1²¯

40,606 114,231 9,195 820,013 µ²1©1¯´

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227

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For the year ended 31 December 2014 and 2013

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ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

0DQDJHPHQW Wages and salaries ContriÞution to defined ßontriÞution plans, employee Þenefit and soßial seßurity Others 2WKHU HPSOR\HHV Wages and salaries Commission ContriÞution to defined ßontriÞution plans, employee Þenefit and soßial seßurity Sales inßentive Others ÑìñÞé 'HILQHG EHQHILW SODQV Details of the defined Þenefit plans are given in note 20. 'HILQHG FRQWULEXWLRQ SODQV The defined ßontriÞution plans ßomprise provident funds estaÞlished Þy the ßompanies in the Group for their employees. MemÞership to the funds is on a voluntary

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

34,436

33,238

30,841

29,318

1,763 563 36,762

1,674 607 35,519

1,418 409 32,668

1,346 450 31,114

159,986 535,856

146,785 541,614

101,594 535,766

114,592 541,389

49,939 133,003 12,208 890,992 ¶¯´©´²±

45,304 116,766 10,030 860,499 µ¶³©01µ

43,836 121,182 11,106 813,484 µ±³©1²¯

40,606 114,231 9,195 820,013 µ²1©1¯´

Þasis. ContriÞutions are made monthly Þy the employees at rates ranging from 5¡ to 10¡ of their Þasiß salaries and Þy the Group at rates ranging from 5¡ to 10¡ of the employees Þasiß salaries. The provident funds are registered óith the Ministry of Finanße as æuristiß entities and are managed Þy a lißensed Fund Manager.

­ÐÕÈÕÊÌ ÊÖÚÛÚ

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Finanße ßosts: Related parties DeÞentures ¾anç loans and overdrafts Others ÑìñÞé

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Còïïâëñ ñÞõ âõíâëðâ Current year Áâãâïïâá ñÞõ âõíâëðâ Movements in temporary Differenßes ÑìñÞé æëàìêâ ñÞõ âõíâëðâ

6

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56,952

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26,504

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6,988 ³°©¶±0

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CìëðìéæáÞñâá ãæëÞëàæÞé ðñÞñâêâëñð Revaluation of property, plant and equipment Aßtuarial losses in other ßomprehensive inßome ÑìñÞé ÐâíÞïÞñâ ãæëÞëàæÞé ðñÞñâêâëñð Revaluation of property, plant and equipment Aßtuarial gains in other ßomprehensive inßome ÑìñÞé

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For the year ended 31 December 2014 and 2013

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Profit Þefore inßome tax expense Inßome tax using the Thai ßorporation tax rate Inßome not suÞæeßt to tax Expenses not dedußtiÞle for tax purposes Ñnder provided inßome tax expense in prior year ÑìñÞé ,QFRPH WD[ UHGXFWLRQ Royal Deßree No. 530 ¾.E. 2554 dated 21 DeßemÞer 2011 grants a redußtion in the ßorporate inßome tax rate for the three aßßounting periods 2012, 2013 and 2014· from 30¡ to 23¡ for the aßßounting period 2012 óhißh Þegins on or after 1 Æanuary 2012 and to 20¡ for the folloóing tóo aßßounting periods 2013 and 2014 óhißh Þegin on or after 1 Æanuary 2013 and 2014, respeßtively. Royal Deßree No. 577 ¾.E. 2557 dated 10 NovemÞer 2014 extends the

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redußtion to 20¡ for the aßßounting period 2015 óhißh Þegins on or after 1 Æanuary 2015. The Group has applied the redußed tax rate of 20¡ in measuring deferred tax assets and liaÞilities as at 31 DeßemÞer 2014 and 2013 in aßßordanße óith the ßlarifißation issued Þy the FAP in 2012.

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%DVLF HDUQLQJV SHU VKDUH The ßalßulations of Þasiß earnings per share for the years ended 31 DeßemÞer 2014 and 2013 óere Þased on the profit for the years attriÞutaÞle to equity holders of the

Company and the numÞer of ordinary shares outstanding during the years as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ÛÏÖÜÚÈÕË ÚÏÈÙÌÚ

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For the year ended 31 December 2014 and 2013

«ÐÝÐËÌÕËÚ

At the annual general meeting of the shareholders of the Company held on 25 April 2014, the shareholders approved the appropriation of dividend of ¾aht 0.45 per share, amounting to ¾aht 121.5 million. The dividend óas paid to shareholders during 2014.

At the annual general meeting of the shareholders of the Company held on 26 April 2013, the shareholders approved the appropriation of dividend of ¾aht 0.3 per share, amounting to ¾aht 81 million. The dividend óas paid to shareholders during 2013.

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)LQDQFLDO ULVN PDQDJHPHQW SROLFLHV The Group is exposed to normal Þusiness risçs from ßhanges in marçet interest rates and ßurrenßy exßhange rates and from non©performanße of ßontraßtual oÞligations Þy ßounterparties. The Group does not hold or issue derivative finanßial instruments for speßulative or trading purposes. &DSLWDO PDQDJHPHQW The ¾oard s of Direßtors polißy is to maintain a strong ßapital Þase so as to maintain investor, ßreditor and marçet ßonfidenße and to sustain future development of the Þusiness. The ¾oard of Direßtors monitors the return on

ßapital, óhißh the Group defines as result from operating aßtivities divided Þy total shareholders equity. ,QWHUHVW UDWH ULVN Interest rate risç is the risç that future movements in marçet interest rates óill affeßt the results of the Group s operations and its ßash floó. Èoan interest rates are mainly fix from deÞentures ¤Note 17¥. The effeßtive interest rates of interest©Þearing finanßial liaÞilities as at 31 DeßemÞer and the periods in óhißh those liaÞilities mature or re©priße óere as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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)RUHLJQ FXUUHQF\ ULVN The Group is exposed to foreign ßurrenßy risç relating to purßhases óhißh are denominated in foreign ßurrenßies. At 31 DeßemÞer 2014 and 2013, the Group and the Company óas not exposed to foreign ßurrenßy risç in respeßt of finanßial liaÞilities denominated in foreign ßurrenßies. &UHGLW ULVN Credit risç is the potential finanßial loss resulting from the failure of a ßustomer or ßounterparty to settle its finanßial and ßontraßtual oÞligations to the Group as and óhen they fall due. Management has a ßredit polißy in plaße and the exposure to ßredit risç is monitored on an ongoing Þasis. Credit evaluations are performed on all ßustomers requiring ßredit over a ßertain amount. The produßts are sold under hire purßhase agreements and the hire©purßhase ßontraßt reßeivaÞles are seßured Þy the produßts sold. The maximum exposure to ßredit risç is represented Þy the ßarrying amount of eaßh finanßial asset in the Statement of finanßial position.

/LTXLGLW\ ULVN The Group monitors its liquidity risç and maintains a level of ßash and ßash equivalents deemed adequate Þy management to finanße the Group s operations and to mitigate the effeßts of flußtuations in ßash floós. 'HWHUPLQDWLRQ RI IDLU YDOXHV A numÞer of the Group s aßßounting polißies and disßlosures require the determination of fair value, for Þoth finanßial and non©finanßial assets and liaÞilities. The fair value is the amount for óhißh an asset ßould Þe exßhanged, or a liaÞility settled, Þetóeen çnoóledgeaÞle, óilling parties in an arm s length transaßtion. Fair values have Þeen determined for measurement and«or disßlosure purposes Þased on the folloóing methods. When applißaÞle, further information aÞout the assumptions made in determining fair values is disßlosed in the notes speßifiß to that asset or liaÞility. The fair value of all finanßial assets and liaÞilities is taçen to approximate the ßarrying value.

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For the year ended 31 December 2014 and 2013

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2WKHU FRPPLWPHQWV ¾anç guarantees ÑìñÞé

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The Group has ßommitted óith the loßal Þançs for letters of guarantee issued in favor of a loßal ßompany and a state enterprise for guarantee the payment of goods and postage

1,020 1©0¯0

serviße that are their requirement for every ßustomers to deal óith them.

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As at 31 DeßemÞer 2014, the Company has ßontingent liaÞilities óith the finanßial institutions and the Þond holders to guarantee a suÞsidiary in respeßt of line of

ßredit use and deÞenture totalling ¾aht 420 million ¤2013: ¾aht 320 million¥.

¬ÝÌÕÛÚ ÈÍÛÌÙ ÛÏÌ ÙÌ×ÖÙÛÐÕÎ ×ÌÙÐÖË

'LYLGHQG SD\PHQW The ¾oard of Direßtors of the Company meeting held on 27 FeÞruary 2015 proposed a resolution approving a dividend payment in respeßt of the results of the operations

in 2014 of ¾aht 0.53 per share, amounting to ¾aht 143.1 million. Äoóever, this resolution must Þe approved at the annual general meeting of shareholders.

»ÏÈÐ ­ÐÕÈÕÊÐÈÓ ¹Ì×ÖÙÛÐÕÎ ºÛÈÕËÈÙËÚ »­¹º ÕÖÛ àÌÛ ÈËÖ×ÛÌË

A numÞer of neó and revised TFRS have Þeen issued Þut are not yet effeßtive and have not Þeen applied in preparing these finanßial statements. Those neó and revised TFRS that may Þe relevant to the Group s operations, óhißh »­¹º

TAS 1 ¤revised 2014¥ TAS 2 ¤revised 2014¥ TAS 7 ¤revised 2014¥ TAS 8 ¤revised 2014¥ TAS 10 ¤revised 2014¥ TAS 12 ¤revised 2014¥ TAS 16 ¤revised 2014¥ TAS 17 ¤revised 2014¥

Þeßome effeßtive for annual finanßial periods Þeginning on or after 1 Æanuary in the year indißated, are set out Þeloó. The Group does not plan to adopt these TFRS early.

»Ö×ÐÊ

Presentation of Finanßial Statements Inventories Statement of Cash Floós Aßßounting Polißies, Changes in Aßßounting Estimates and Errors Events after the Reporting Period Inßome Taxes Property, Plant and Equipment Èeases

ÀÌÈÙ ÌÍÍÌÊÛÐÝÌ

2015 2015 2015 2015 2015 2015 2015 2015

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»Ö×ÐÊ

ÀÌÈÙ ÌÍÍÌÊÛÐÝÌ

Revenue Employee ¾enefits The Effeßts of Changes in Foreign Exßhange Rates ¾orroóing Costs Related Party Disßlosures Separate Finanßial Statements Earnings per Share Interim Finanßial Reporting Impairment of Assets Provisions, Contingent ÈiaÞilities and Contingent Assets IntangiÞle Assets ¾usiness ComÞinations Operating Segments Consolidated Finanßial Statements Fair Value Measurement Operating Èeases © Inßentives Evaluating the SuÞstanße of Transaßtions Involving the Èegal Form of a Èease IntangiÞle Assets © WeÞ Site Costs Changes in Existing Deßommissioning, Restoration and Similar ÈiaÞilities Determining óhether an Arrangement ßontains a Èease Interim Finanßial Reporting and Impairment

2015 2015 2015 2015 2015 2015 2015 2015 2015 2015

»­¹º

TAS 18 ¤revised 2014¥ TAS 19 ¤revised 2014¥ TAS 21 ¤revised 2014¥ TAS 23 ¤revised 2014¥ TAS 24 ¤revised 2014¥ TAS 27 ¤revised 2014¥ TAS 33 ¤revised 2014¥ TAS 34 ¤revised 2014¥ TAS 36 ¤revised 2014¥ TAS 37 ¤revised 2014¥ TAS 38 ¤revised 2014¥ TFRS 3 ¤revised 2014¥ TFRS 8 ¤revised 2014¥ TFRS 10 TFRS 13 TSIC 15 ¤revised 2014¥ TSIC 27 ¤revised 2014¥ TSIC 32 ¤revised 2014¥ TFRIC 1 ¤revised 2014¥ TFRIC 4 ¤revised 2014¥ TFRIC 10 ¤revised 2014¥

The Group has made a preliminary assessment of the potential initial impaßt on the ßonsolidated and separate finanßial statements of these neó and revised TFRS

2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015

and expeßts that there óill Þe no material impaßt on the finanßial statements in the period of initial applißation.

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Certain aßßounts in the 2013 finanßial statements have Þeen reßlassified to ßonform to the presentation in the 2014 finanßial statements as folloós: ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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© © © 343,381 19,030 362,411 © © © ¤186,396¥ ¤19,030¥ ¤205,426¥ ¤219,971¥ 15,447 ¤204,524¥ © © © © ¤15,447¥ ¤15,447¥ © © © © ©

6WDWHPHQW RI FRPSUHKHQVLYH LQFRPH Investment inßome © 813 813 Other inßome 12,636 ¤813¥ 11,823 Cost of sale of goods and rendering of servißes 1,763,596 13,133 1,776,729 Selling expenses 1,061,851 ¤13,133¥ 1,048,718 ©

© 64,957 76,298 ¤64,957¥ © © © © ©

64,957 11,341 © ©

The reßlassifißations have Þeen made Þeßause, in the opinion of management, the neó ßlassifißation is more appropriate to the Group s Þusiness.

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The 47th Annual General Meeting of Shareholders of Singer Thailand PCĂˆ., Ăłas held on April 25, 2014 at the ConferenĂ&#x;e Room, CAT TeleĂ&#x;om ToĂłer, 30th Fl., Charoençrung road, žangraç, žangçoç. The meeting Ăłas presided over Ăžy Admiral M.Ăˆ. Ă‘sni PramoĂŚ, Chairman of the žoard and an Independent DireĂ&#x;tor Ăłith attendees from all Singer s žoard of DireĂ&#x;tors, Management team, 168 shareholders and proxies to Ă&#x;onsider and approve various agenda items Ăžy the Shareholders.

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Singer Thailand PCĂˆ., had ĂŚoined the event Opportunity Day ĂłhiĂ&#x;h has organiĂśed Ăžy the StoĂ&#x;ç ExĂ&#x;hange of Thailand as alĂłays. The event aims to faĂ&#x;ilitate investor relations aĂ&#x;tivities of the listed Ă&#x;ompanies. In year 2014, the Company ĂŚoined to announĂ&#x;e Ă&#x;ompany performanĂ&#x;e result 2 times for year 2013 and Ă?2ÂŤ2014. An Opportunity Day Ăłas made to Ă&#x;onvenient for analysts, investors, the media and other interested parties to find out aĂžout the Ăžusiness and operations of listed Ă&#x;ompanies Š and for listed firms to Ă&#x;ommuniĂ&#x;ate Ăłith these çey audienĂ&#x;es. The session Ăłas ĂžroadĂ&#x;asted via ĂłeĂžĂ&#x;ast faĂ&#x;ilities of SET Ăłith live and Ă&#x;an also Ăže revieĂłed retroaĂ&#x;tively on the Company s ĂłeĂžsite at óóó.singerthailand.Ă&#x;o.th.

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In aĂ&#x;Ă&#x;ordanĂ&#x;e Ăłith the Royal s Inspiration, Ă„is MaĂŚesty the Çing žhumiĂžol AdulyadeĂŚ is fully aĂłare of the forest proĂžlem aĂžout ĂłhiĂ&#x;h he is very muĂ&#x;h Ă&#x;onĂ&#x;ern. The survival of the Ăłoodland is the most important aspeĂ&#x;t to Ăłater sourĂ&#x;e as the tĂło go together Š no Ăłoodland no Ăłater. Ă„is MaĂŚesty has given adviĂ&#x;e on hoĂł to Ă&#x;onserve and restore Ăłoodlands to the full Ăžy Ăžuilding Ă&#x;heĂ&#x;ç dams to sloĂł doĂłn the Ăłater floĂł and as a result the earth surfaĂ&#x;e Ăłould Ăže çept moist Singer Thailand PCĂˆ., has reĂ&#x;ogniĂśed as Ăłell as realiĂśed in this importanĂ&#x;e faĂ&#x;tor, Ăłater resourĂ&#x;e, ĂłhiĂ&#x;h is the main faĂ&#x;tor to çeep human alive and nature in ĂžalanĂ&#x;e so the Company deĂ&#x;ided to Ă&#x;reate the aĂ&#x;tivity ¿òÌÊåÌÍä Cüâà è à Þê ùÏ CâÊâĂ&#x;ĂŻĂžùâ Ă…ĂŚĂ° ĂŠĂžçâðùÜ ùüâ ĂˆÌÍä Ă° ¿ÌïùüåÞÜ aiming to rehaĂžilitate sustainaĂžle environment and Ă&#x;ommunities and Ă&#x;eleĂžrate Ă„is MaĂŚesty the Çing s Ăžirthday. The management of Ă&#x;ompany led all staffs to Ăžuild Ă&#x;heĂ&#x;ç dam at Pang Ă„ua ChangŠĂ‡hlong Sai Forest Parç, Muaç Ăˆeç, SaraĂžuri. This is to preserve Ăžoth the soil and Ăłater folloĂł to Ă„is MaĂŚesty s Initiative. In additional, this Ăłill Ăže the proteĂ&#x;tive Ăžoundary to reduĂ&#x;e the possiĂžle oĂ&#x;Ă&#x;urrenĂ&#x;e of forest Ăłild fires spreading during the dry season. Apart from Ăženefiting the loĂ&#x;al forest Parç and loĂ&#x;al Ă&#x;ommunities, this soĂ&#x;ial aĂ&#x;tivity is also aimed at Ă&#x;reating a positive aĂłareness of the need to proteĂ&#x;t and preserve our natural resourĂ&#x;es and the environment on the part of loĂ&#x;al Ă&#x;ommunities as Ăłell as all the Singer Staffs.

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