SNC: Annual Report 2004 by Piyanat Kimhamanon

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Aluminium pipe Discharge pipe Suction pipe Hose Ass没y Auto Outlet pipe Inlet pipe Half union, Flare nut, Valve Beading Header jointing Flange

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Solenoid Valve Strainer Ass没y

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Distributor Ass没y

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Pipe Ass没y

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Pipe Comp.

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Oil cooler Dis, pipe Pro. pipe Suc. IP. Muff. pipe Outer pipe Dis pipe Oil pipe Process tube Discharge tube Tube suction Tube oil supplier

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Contents Message from the Chairman 1. General Information 2. Details of the Directors and Management 3. Highlights of Financial Performance 4. Type of Business 5. Risk Factors 6. The Shareholding Structure and the Management 7. Good Corporate Governance 8. Inter-Company Transactions 9. Explanation and Analysis of Financial statements 10. Financial Statement

7 9 13 17 19 45 51 63 69 73

6 8 12 16 18 44 50 62 68 72

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(π“¬ ¡»—°¥‘Ï ‰∑¬ ß«π«√°ÿ≈) ª√–∏“π°√√¡°“√∫√‘…—∑

Message from the Chairman

Message from the Chairman Year 2004 was the year of pride for SNC Former Public Company Limited since we have moved on to another step in attaining our goals in both quality and service of our products---copper, brass and aluminum parts among our three main targeted customers: automotive, air-conditioning and compressor industry. In 2004 we continually encountered economical fluctuation caused by external factors such as the increase in oil price, Middle east war, plagues (SARS and the Bird Flu), and competitive market both from foreign investment in Thailand and from low labour cost in china. However, as resulted from our alliance strategy and cost reduction offer for customers by developing our operation management, we still remain successful in our business and be able to turn a profit to our dearest shareholders. We concentrate on international-quality service, best benefit to our shareholders and good management as well as integrated business planning to gain our competitive advantage in the world of globalization. One another mission is to evaluate our operation by following SET没s evaluation system. It establishes credibility and optimal benefit to all stakeholders, and it contributes to the company没s increasing share value and continual growth. As stated above, as Executive committees and the Board of Directors, we promise that we will do their best to follow the company没s policy and lead SNC Former to Asia没s leading air-conditioning parts manufacturer. Also, we would like to be thankful for all managing directors, managers, operators, shareholders and any relevant persons who always support us.

(Mr.Somsak Thaisa-nguanvorakul) Chairman

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1. ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1. ¢âÕ¡Ÿ≈∫√‘…∑— ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»ª√–‡¿∑™ÿ¥∑àÕÕ≈Ÿ¡‘‡π’¬¡,∑àÕ∑Õß·¥ß ”À√—∫ “√ ∑”§«“¡‡¬Áπ∑’Ë„™â „π√∂¬πµå, ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π∫â“π·≈–§Õ¡‡æ√ ‡´Õ√å(Metal Parts and Pipe Assembly for Automobiles, Air Conditioners and Compressors) ªí®®ÿ∫—π¡’∑ÿπ®¥∑–‡∫’¬π ™”√–·≈â« 200 ≈â“π∫“∑ ∑’Ëµ—Èß 103/25-34 À¡Ÿà 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ∑–‡∫’¬π‡≈¢∑’Ë 0107574700376 ‚Œ¡‡æ® www.sncformer.com ‚∑√»—æ∑å 0-2705-0820-25, 0-2330-3483 ‚∑√ “√ 0-2330-3481-82, 0-2705-6890

1.2. ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√·≈–®”Àπà“¬„Àâ·°à≈°Ÿ §â“√“¬„À≠à 2 √“¬ §◊Õ York ·≈– Fujitsu ªí®®ÿ∫—π∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà√âÕ¬≈– 100 ¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â« 30 ≈â“π∫“∑ ∑’Ëµ—Èß 211/6 À¡Ÿà 3 ∂ππ ÿ¢ÿ¡«‘∑ µ”∫≈∑ÿàß ÿ¢“ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ 20230 ‚∑√»—æ∑å 0-3876-8970-74 ‚∑√ “√ 0-3876-8975 ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Õ¡æåæ“√å∑ ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘Èπ à«π‚≈À– ”À√—∫§Õ¡‡æ√ ‡´Õ√å ªí®®ÿ∫—π∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà√âÕ¬≈– 100 ¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â« 5 ≈â“π∫“∑ ∑’Ëµ—Èß 103/9 À¡Ÿà 1 7 ∂ππ‡∑æ“√— ° …å µ”∫≈∫“ß‡ “∏ß °‘Ë ß Õ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ‚∑√»—æ∑å 0-2705-0820-25, 0-2330-3483 ‚∑√ “√ 0-2330-3481-82, 0-2705-6890 ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Ÿ≈≈‘Ëß ´—ææ≈“¬ ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“»·∫∫‡ªìπ™ÿ¥„Àâ·°à Mitsubishi Consumer Product Co.,Ltd. ªí®®ÿ∫—π∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà√âÕ¬≈–100 ¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â« 10 ≈â“π∫“∑ ∑’Ëµ—Èß 103/8 À¡Ÿà 1 7 ∂ππ‡∑æ“√— ° …å µ”∫≈∫“ß‡ “∏ß °‘Ë ß Õ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ‚∑√»—æ∑å 0-2705-0820-25, 0-2330-3483 ‚∑√ “√ 0-2330-3481-82, 0-2705-6890

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1. General Information 1.1 The Company The SNC Former Public Company Limited Manufactures metal parts, pipe assembly for automobiles, air conditioners, and compressors Paid-up capital 200 million baht Location 103/25-34 Moo 17, Taparuk Road, Bangsaotong District, Sub Amphur Bangsaotong, Samutprakarn 10540 Registration No. 0107574700376 Homepage www.sncformer.com Telephone No. 0-2705-0820-5, 0-2330-3483 Fax No. 0-2330-3481-82, 0-2705-6890

1.2 Subsidiary and affiliated company The SNC Air-cond Company Limited Manufactures parts for house air conditioners for 2 main customers : York and Fujitsu 100% held by the Company Paid-up capital 30 million baht Location 211/6 Moo 3, Sukhumvit Road, Sriracha District, Chonburi 20230 Telephone No. 0-3876-8970-4 Fax No. 0-3876-8975 The SNC Comp Parts Company Limited Manufacturers metal parts for compressor 100% held by the Company Paid-up capital 5 million baht Location 103/9 Moo 17, Taparuk Road, Bangsaotong District, Sub Amphur Bangsaotong, Samutprakarn 10540 Telephone No. 0-2705-0820-25, 0-2330-3483 Fax No. 0-2330-3481, 0-2705-6890 The SNC Cooling Supply Company Limited Manufacturers sets of air conditioner parts for Mitsubishi Consumer Product Company Limited 100% held by the Company Paid up capital 5 million baht Location 103/8 Moo 17, Taparuk Road, Bangsaotong District, Sub Amphur Bangsaotong, Samutprakarn 10540 Telephone No. 0-2705-0820-25, 0-2330-3483 Fax No. 0-2330-3481, 0-2705-6890

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The SNC Pyongsan Evolution Company Limited Manufacturers sets of automobile air conditioner parts and room air conditioner parts for Korean product having assembly plant in Thailand 51% held by the Company Registered capital 32 million baht Paid up capital 8 million baht Location 103/7 Moo 17, Taparuk Road, Bangsaotong District, Sub Amphur Bangsaotong, Samutprakarn 10540 Telephone No. 0-2705-0820-25, 0-2330-3483 Fax No. 0-2330-3481, 0-2705-6890 The SAS Innovation Company Limited No business operation at present 100% held by the Company Registered capital 14 million baht

1.3 Other references Registrar

Auditor Legal consultant Investor relations

The Thailand Securities Depository Company Limited 62 The Stock Exchange of Thailand Building 4th, 6th, 7th Floor Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel: 0-2359-1200-01 Mr. Anothai Leekitwattana CPA No. 3442 Mr. Anek Suarod Mr. Surapol Yamkasem

36 ª√‘≠≠“‚∑ ‡»√…∞»“ µ√å ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å (NIDA)

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0.55

0.2

36 Master of Economics The National Institute of Develop Administration

6. Mr. Samitt Palitagram Director

7. Mr. Anavat Nawintham 47 Bachelor of Laws Chairman of the Audit Committee Ramkamhaeng University DAP Training (12th) 8. Mr. Sukit Panvisavas 40 M.S. Private and Public Audit Committee Management The National Institute of Develop Administration DAP Training (12th)

5. Mr. Somboon Gurdlin Director

47 Bachelor of Arts Ramkamhaeng University 46 Bachelor of Laws Ramkamhaeng University DAP Training (20th) 45 Master of Business Administration Burapha University

Director Director Director Director Director Director

1994 - present 2002 - present 2003 - present 2003 - present 2003 - present 2004 - present

Director General Manager Director Director Director Managing Director Director

0.2

Plant Manager

Director Director

1984 - 1995 1999 - present 2003 - present 2004 - present 1999 - 2001 2002 - present 2004 - present 2004 - present 2000 - present 2001 - present

1994 - present 1999 - present

Managing Director Managing Director Managing Director Director

Managing Director

Chairman of the Board Chairman of the Board

Union Consultant Accounting Office Company Limited Streptom test Company Limited S.R.A. Construction Company Limited Winner Online Company Limited Srikari Cholartea Company Limited Quest Media Company Limited

SNRD Engineering Company Limited SAS Innovation Company Limited SNC Former Public Company Limited SNC Air-Cond Company Limited SNC Former Public Company Limited SNC Air-Cond Company Limited SNC Cooling Supply Company Limited SNC Comp Parts Company Limited Sarin Property Company Limited Sarin Planner Company Limited

SNC Former Public Company Limited SAS Innovation Company Limited

The SNC Former Public Company Limited The SNC Air-Cond Company Limited The SNC Holding Company Limited The SNC Comp Parts Company Limited The SNC Cooling Supply Company Limited The SNC Former Public Company Limited.

The SNC Former Public Company Limited The CSS Plastic Company Limited

5 Years Experiences Background Position Company

0.80

0.30

2.85

1994 - present 2003 - present 2003 - present 2004 - present 2004 - present 1994 - present

5.57

3. Ms. Anongnart Pongsaroj Director 4. Mr. Surapol Yamkasem Director

1994 - present 2000 - present

Year

56 MBA University of the Thai Chamber of Commerce 47 M.S. Private and Public Management The National Institute of Develop Administration

Percentage Age Education Background of Shares (%)

1. Mr. Somsak Thaisanguanvorakul Chairman of the Board of Director 2. Mr. Somchai Thaisanguanvorakul Managing Director

Name - Lastname

Details of the Directors, Management and Authoriged Person

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2535 - 2545 2545 - 2545

2542 - 2546 2546 - ªí®®ÿ∫—π

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61 ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√å Osaka Institute Technology

61 Mechanical of Nakatsu Technical Senior High School

54 ª√‘≠≠“‚∑√ √—∞ª»“ π»“ µ√å ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å (NIDA) 57 Osaka Technical College

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1. Mr. Somchai Thaisanguanvorakul Managing Director 2. Mr. Kenji Kodama Director 3. Mr. Fumiaki Tahahashi Director 4. Mr. Yoshimasa Hatanaka Deputy Managing Director Quality Control Department 5. Mr. Sukhum Phothisawasdee Assistant Managing Director Accounting and Finance Department

The Management

10. Mr. Kenji Kodama Director 11. Mr. Fumiaki Takahashi

9. Mr. Somchai Thaenghongsakul Audit Committee

Name - Lastname

Director

2000 - present

Manager of Accounting Finance Department

2004 - present

2002 - 2004

2002 - 2002

Assistant to the Vice President Manager of Accounting and Finance Director

1992 - 2002

42 Master of Science in Business Administation (Accounting) University of Colorado, Boulder, USA

Plant Manager Executive

Plant Manager

Director

1998 - 2000

1990 - present

District Manager, Prakanong

1999 - 2003 2003 - present

0.86

1976 - present

Year

URACA Fareast Engineering Company Limited Thepbunjong Accounting and Consultant Company Limited SNC Former Public Company Limited

Dhurakij Pundit University

Siam Zexel Company Limited SNC Former Public Company Limited

Mitsubishi Electric Company Limited (Japan) SNC Former Public Company Limited

SNC Former Public Company Limited

The Telephone Organization of Thailand

5 Years Experiences Background Position Company

61 Bachelor of Engineering Osaka Institute of Technology

61 Mechanical of Nakatsu Technical Senior High School

54 MBA The National Institute of Develop Administration 57 Osaka Technical College

Percentage Age Education Background of Shares (%)

Details of the Directors, Management and Authoriged Person

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1.05 0.9 0.34 5.28 68 15.38 23 5.95 61 31

2.13 1.68 0.11 5.66 65 12.66 29 6.25 58 36

23% 7% 4% 15% 0.37

27% 10% 6% 22% 0.57

28% 14% 10% 52% 1.42

26% 14% 9% 32% 0.51

7% 24% 4.18

10% 41% 3.51

17% 61% 4.35

16% 69% 5.96

1.17 0.6 0 0

1.29 0.45 8.06 0.66

2.86 0.94 22.37 0.47

0.64 0.16 30.76 0.16

À¡“¬‡Àµÿ : * ß∫√«¡ªï 2545 ®—¥∑”‚¥¬‡ ¡◊Õπ‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…∑— ‡Õ ‡Õ ‡Õ Õ‘π‚π‡«™—πË ®”°—¥ ‡¢â“¡“¥â«¬´÷ßË „πªí®®ÿ∫π— ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¡à¡’º≈°“√¥”‡π‘πß“π ** „πªï 2546 ∫√‘…—∑œ ‰¥â¡’°“√≈ß∑ÿπ„π∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‡¡◊ËÕ«—π∑’Ë 23 ∏—π«“§¡ 2546 ‚¥¬„πªï 2546 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«¬—ß‰¡à¡’º≈°“√¥”‡π‘πß“π *** °”‰√ ÿ∑∏‘µàÕÀÿâπ§‘¥®“°¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

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3. Highlights of Financial Performance 3.1 Financial ratios (See more details in Financial Statement) The SNC Former Public Company Limited Financial ratios 2001 2002

2003

2004

Company

Consolidated

1.01 0.75 0 5.7 63 12.51 29 7 51 41

0.99 0.76 0.31 5.06 71 11.86 30 6.21 58 43

1.05 0.9 0.34 5.28 68 15.38 23 5.95 61 31

2.13 1.68 0.11 5.66 65 12.66 29 6.25 58 36

23% 7% 4% 15% 0.37

27% 10% 6% 22% 0.57

28% 14% 10% 52% 1.42

26% 14% 9% 32% 0.51

7% 24% 4.18

10% 41% 3.51

17% 61% 4.35

16% 69% 5.96

1.17 0.6 0 0

1.29 0.45 8.06 0.66

2.86 0.94 22.37 0.47

0.64 0.16 30.76 0.16

Liquidity ratio Liquidity ratio Current liquidity ratio Cash flow liquidity ratio Account receivables turnover ratio Days collectible outstanding (days) Inventory turnover ratio Days sale outstanding Liability turnover ratio Days payable outstanding (days) Cash cycle Profitability ratio Gross profit margin ratio Operating profit margin ratio Net profit margin ratio Return on equity ratio Net profit per share (baht) Efficiency ratio Return on assets Return on fixed assets Asset turnover Financial policy ratio Debt to equity ratio Debt with interest to equity ratio Interest coverage ratio Overall cashflow coverage ratio (cash basis)

Consolidated Consolidated

Remarks : * The consolidated financial statements for 2002 is as if included the financial statements of the SAS Innovation Company Limited. However, at present, this company is currently unoperated. ** In 2003, the Company has invested in the SNC Air-cond Company Limited, the Companyûs subsidiary, on December 23rd, 2003. In 2003, this subsidiary company was not operated. *** Net profit per share at 1 baht per share.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

4. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 4.1. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–π‚¬∫“¬°“√·∫àß°“√ ¥”‡π‘πß“π¢Õß∫√‘…—∑„π°≈ÿà¡ ∫√‘…—∑‡ªìπºŸâ‡™’Ë¬«™“≠„π°“√∫√‘À“√ß“π°“√º≈‘µ∑’ËµâÕß„™â·√ßß“π®”π«π¡“° ‚¥¬°“√√—∫™à«ß °√–∫«π°“√º≈‘µ™‘Èπ à«π ®“°ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»√–¥—∫‚≈°„πµâπ∑ÿπ∑’Ë∂Ÿ°°«à“·≈–¡’ª√– ‘∑∏‘¿“æ∑’Ë Ÿß°«à“ ª√–°Õ∫°—∫°“√∫√‘À“√ß“π√Ÿª·∫∫¢ÕßÀπà«¬∏ÿ√°‘®¬àÕ¬ Cost and Profit Center ‡æ◊ËÕ„Àâ°“√ ∫√‘À“√·≈–∫√‘°“√≈Ÿ°§â“µÕ∫ πÕß‰¥â√«¥‡√Á«π”‰ª Ÿà°“√∑”ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈ Ÿß ÿ¥ ‚¥¬¡’°“√®—¥µ—ÈßÀπà«¬∏ÿ√°‘®¬àÕ¬‡ªìπ®”π«π 23 Àπà«¬ πÕ°®“°π—Èπ·≈â«∫√‘…—∑¬—ß‰¥â „Àâ§«“¡ ”§—≠°—∫ ∑√—æ¬“°√∫ÿ§§≈ ‚¥¬°“√ àß‡ √‘¡·≈–æ—≤π“°“√‡√’¬π√Ÿâ¢Õßæπ—°ß“π∑ÿ°√–¥—∫ ‚¥¬‡©æ“–√–¥—∫∫√‘À“√ Õ’°∑—ßÈ ¬—ß¡’º‡Ÿâ ™’¬Ë «™“≠™“«≠’ªË πÿÉ ®”π«π 5 §π §Õ¬„Àâ§”ª√÷°…“·≈–·π–π” ‡æ◊ÕË „Àâ ‰¥â∫§ÿ ≈“°√∑’‡Ë À¡“– ¡∑’ Ë ¥ÿ ”À√—∫ß“π∑’Ë¡Õ∫À¡“¬ ∑—Èßπ’È „π∑ÿ°√–¥—∫™—Èπ¢Õßæπ—°ß“π®–‰¥â√—∫º≈µÕ∫·∑π®“°°“√‡√’¬π√Ÿâ∑’Ë«—¥º≈‰¥â ∑—Èßπ’È°“√¥”‡π‘π°“√∏ÿ√°‘®¢Õß∫√‘…—∑¡’‡ªÑ“À¡“¬À≈—°„π°“√‡ªìπºŸâº≈‘µ™—Èππ”„π°“√√—∫™à«ßº≈‘µ™ÿ¥ ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»ª√–‡¿∑™ÿ¥∑àÕÕ≈Ÿ¡‘‡π’¬¡·≈–∑àÕ∑Õß·¥ß ”À√—∫ “√∑”§«“¡‡¬Áπ (Original Equipment Manufacturers-OEM) ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ·≈–§Õ¡‡æ√ ‡´Õ√å ‡æ◊ËÕ®”Àπà“¬„Àâ°—∫ºŸâº≈‘µ ‘π§â“√–¥—∫‚≈°π”‰ªº≈‘µµàÕ‡ªìπº≈‘µ¿—≥±å ”‡√Á®√Ÿª ·≈– ¿“¬À≈—ß®“°∑’Ë¢âÕµ°≈ß∑“ß°“√§â“Õ“øµâ“¡’º≈∫—ß§—∫„™â ∫√‘…—∑¡’‡ªÑ“À¡“¬∑’Ë®–¢¬“¬∞“π≈Ÿ°§â“‰ª¬—ß°≈ÿà¡ ≈Ÿ°§â“µà“ßª√–‡∑» ‚¥¬°“√√à«¡≈ß∑ÿπ°—∫æ—π∏¡‘µ√∑“ß∏ÿ√°‘® À√◊Õ´◊ÈÕ°‘®°“√Õ◊Ëπ Ê ∑—Èß„π·≈–µà“ßª√–‡∑» ‚¥¬∫√‘…∑— ∑’®Ë –®—¥µ—ßÈ ¢÷πÈ „À¡à®–¡’°“√·∫àß·¬°§«“¡√—∫º‘¥™Õ∫Õ¬à“ß™—¥‡®π ”À√—∫µ—«º≈‘µ¿—≥±å·≈–°≈ÿ¡à ≈Ÿ°§â“ ‡À¡◊Õπ¥—Ëß‡™àπ∑’Ëºà“π¡“ ‡æ◊ËÕ°“√§«∫§ÿ¡§à“„™â®à“¬„π°“√º≈‘µ·≈–µâπ∑ÿπ°“√º≈‘µ∑’Ë¥’ √«¡∂÷ß°“√∫√‘°“√ Õ¬à“ß„°≈â™‘¥ ∑—Èß‡√◊ËÕß§ÿ≥¿“æ¢Õß ‘π§â“·≈–°“√®—¥ àß ∑”„Àâº≈‘µ¿—≥±å∑’Ë ‰¥â¡’¡“µ√∞“π‡ªìπ∑’Ë¬Õ¡√—∫®“° ºŸâº≈‘µ√“¬„À≠à„πÕÿµ “À°√√¡µà“ß Ê ´÷Ëß‡ªìπ®ÿ¥ ”§—≠¢Õß°“√¢¬“¬°‘®°“√„Àâ‡®√‘≠‡µ‘∫‚µ„πÕπ“§µ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ∫√‘…—∑ ‡Õ ‡ÕÁπ´’ ·Õ√å-§Õπ¥å ‡ªìπ∫√‘…—∑·√°„π°≈ÿà¡‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ∑’Ë‡√‘Ë¡‡ªìπºŸâº≈‘µ·≈– ®”Àπà“¬™‘Èπ à«π·∫∫‡ªìπ™ÿ¥ ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ‚¥¬≈Ÿ°§â“®–¬° “¬°“√º≈‘µ ™‘Èπ à«π∫“ß à«πÀ√◊Õ∑—ßÈ À¡¥¡“„Àâ∫√‘…∑— ‡ªìπºŸºâ ≈‘µ·∑π (Outsourcing) ·≈–≈Ÿ°§â“π”‰ªª√–°Õ∫°—∫ à«πÕ◊πË Ê ‰¥â∑—π∑’ ´÷Ëß®–™à«¬≈¥√–¬–‡«≈“„π°“√º≈‘µ·≈–≈¥µâπ∑ÿπ°“√º≈‘µ¢Õß≈Ÿ°§â“¢Õß∫√‘…—∑ ¢≥–‡¥’¬«°—π ∫√‘…∑— ¬—ß‰¥â√∫— ª√–‚¬™πå®“°°“√ª√–À¬—¥∑’‡Ë °‘¥¢÷πÈ ®“°°“√„™â°”≈—ß°“√º≈‘µ¥â«¬‡æ√“–¡’ª√‘¡“≥°“√º≈‘µ¡“° ∫√‘…—∑ ‡Õ ‡ÕÁπ´’ ·Õ√å-§Õπ¥å ‡√‘Ë¡‡ªî¥¥”‡π‘π°“√‡™‘ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 25 ¡°√“§¡ 2547 ∑’Ëºà“π¡“ ªí®®ÿ∫—π ∫√‘…—∑ ‡Õ ‡ÕÁπ´’ ·Õ√å-§Õπ¥å µ—ÈßÕ¬Ÿà∑’Ë‡¢µÕÿµ “À°√√¡°“√ àßÕÕ° (Export Processing Zone : EPZ) ·À≈¡©∫—ß ·≈–®”Àπà“¬„Àâ‡©æ“–≈Ÿ°§â“∑’Ëµ—ÈßÕ¬Ÿà„π‡¢µ¥—ß°≈à“« ‚¥¬¡’≈Ÿ°§â“ 2 √“¬§◊Õ York ·≈– Fujitsu ·≈–¡’≈Ÿ°§â“√“¬„À¡à‡æ‘Ë¡‡µ‘¡§◊Õ ∫√‘…—∑ ¡‘µ´Ÿ∫‘™‘ ‡Œø«’Ë Õ‘‡≈§∑√‘§ ®”°—¥ (MACO) ¡’∑ÿπ ™”√–·≈â« 30 ≈â“π∫“∑

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

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4. Type of Business 4.1 Type of business of the Company and its subsidiary and operation management of the holding Company The Company is highly experienced in the manufacturing process involving larger number of workers. The Company subcontracts the parts manufacturing from the world class air conditioning manufacturer at a lower cost and higher quality. The Company applies the cost and profit center management policy to the subordinated unit with the objective of achieving the most effective management and providing an efficient service to the customer. At present, the Company has organized 23 subordinated units. The Company also places emphasis on the personnel by providing consistent training to every level of employee particularly the management level. Aside from that, the Company has 5 Japanese professionals whose job is mainly to provide consultant and recommendation to ascertain that each job is delegated to the right person. The main objective of the Company is to become the leading subcontracting manufacturer of metal parts and pipe assembly for (Original Equipment Manufacturers -OEM) substance of automobiles, air conditioners, and compressors for sale to the world-class manufacturers of finished products. Furthermore, as soon as the AFTA Agreement is effective, the Company intends to expand its customer base to include international customers by investing with the strategic partners or acquisition of other business both locally and abroad. The new established company will be assigned absolute and clear responsibility regarding the products and customer group as the Company has been practicing in order to achieve an effective control of manufacturing cost and expenses including satisfying customer service both in term of quality and delivery. Such excellent manufacturing process will result in quality products generally accepted by most large manufacturers in various industries in which the Company believes are the most critical factors for the success in the future. The SNC Air-Cond Company Limited The SNC Air-Cond Company Limited is the first company under the management of the SNC Former to manufacture sets of parts for air-conditioners for interior use. The customers will outsource some or all of the parts manufacturing to be manufactured by the Company. After the Company has manufactured the assigned parts, the customers will attach these parts with the others automatically, which in turn, reduces the manufacturing time and cost of the customers. Meanwhile, the Company also benefits from utilizing up to the maximum capacity of the manufacturing factory. The SNC Air-Cond Company Limited started operating commercially on January 25, 2004. At present, the SNC Air-Cond Company Limited is located at the Lam Chabang Export Processing Zone and is currently manufacturing for customers in the same zone namely York and Fujitsu. The newly added customer is the Mitsubishi Heavy Electric Company Limited (MACO) with the paid up capital of 30 million baht.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

‘∑∏‘ª√–‚¬™πå·≈–‡ß◊ÕË π‰¢ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ´÷Ëß¡’ ‚√ßß“πµ—ÈßÕ¬Ÿà„πæ◊Èπ∑’Ë‡¢µÕÿµ “À°√√¡ àßÕÕ° (Export Processing Zone - EPZ) ∑’Ëπ‘§¡Õÿµ “À°√√¡·À≈¡©∫—ß (‡¢µ 2 µ“¡§”π‘¬“¡¢Õß§≥–°√√¡°“√ àß ‡ √‘¡°“√≈ß∑ÿπ) ‚¥¬¡’ ‘∑∏‘ª√–‚¬™πå ¥—ßπ’È ‘∑∏‘ª√–‚¬™πå 1. ‰¥â√—∫°“√¬°‡«âπ§à“∏√√¡‡π’¬¡æ‘‡»…µ“¡°ÆÀ¡“¬«à“¥â«¬°“√ àß‡ √‘¡°“√≈ß∑ÿπ ¬°‡«âπ Õ“°√¢“‡¢â“ ¿“…’¡Ÿ≈§à“‡æ‘Ë¡ ·≈–¿“…’ √√æ “¡‘µ ”À√—∫¢Õß∑’Ë‡ªìπ‡§√◊ËÕß®—°√ Õÿª°√≥å ‡§√◊ÕË ß¡◊Õ ·≈–‡§√◊ÕË ß„™â √«¡∑—ßÈ à«πª√–°Õ∫¢Õß ‘ßË ¥—ß°≈à“«∑’®Ë ”‡ªìπµâÕß„™â„π°“√º≈‘µ ‘π§â“ À√◊Õ°“√§â“‡æ◊ËÕ àßÕÕ° ·≈â«·µà°√≥’ ·≈–¢Õß∑’Ë„™â „π°“√ √â“ß ª√–°Õ∫ À√◊Õµ‘¥µ—Èß‡ªìπ ‚√ßß“πÀ√◊ÕÕ“§“√ 2.

‰¥â√—∫¬°‡«âπ∏√√¡‡π’¬¡æ‘‡»…µ“¡°ÆÀ¡“¬«à“¥â«¬°“√ àß‡ √‘¡°“√≈ß∑ÿπÕ“°√¢“‡¢â“ ¿“…’¡Ÿ≈§à“‡æ‘Ë¡ ·≈–¿“…’ √√æ “¡‘µ ”À√—∫¢Õß∑’Ëπ”‡¢â“¡“‡æ◊ËÕ„™â „π°“√º≈‘µ ‘π§â“

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‰¥â√∫— ¬°‡«âπ À√◊Õ§◊π¿“…’Õ“°√ ”À√—∫¢Õß∑’¡Ë ∫’ ≠ — ≠—µ·‘ Ààß°ÆÀ¡“¬„Àâ ‰¥â√∫— ¬°‡«âπÀ√◊Õ§◊π §à“¿“…’Õ“°√‡¡◊ËÕ‰¥â àßÕÕ°‰ªπÕ°√“™Õ“≥“®—°√ ´÷Ëß∂÷ß·¡â®–¡‘‰¥â¡’°“√ àßÕÕ°‰ªπÕ°√“™ Õ“≥“®—°√ ·µà ‰¥â‡ªìπ°“√π”‡¢â“‰ª„π‡¢µÕÿµ “À°√√¡ àßÕÕ° ‡æ◊ËÕ„™âµ“¡¡“µ√“ 48 À√◊Õ ¡“µ√“ 49 (∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ®–‰¥â√—∫ ‘∑∏‘ª√–‚¬™πå¥—ß°≈à“« µ√“∫ ‡∑à“∑’Ëµ—Èß‚√ßß“πÕ¬Ÿà„π‡¢µÕÿµ “À°√√¡°“√ àßÕÕ°)

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’§Õ¡æåæ“√å∑ ®”°—¥ ·µà‡¥‘¡°“√º≈‘µ·≈–®”Àπà“¬™‘Èπ à«π„πÕÿµ “À°√√¡§Õ¡‡æ√ ‡´Õ√å ¥”‡π‘π°“√‚¥¬∫√‘…—∑∑—ÈßÀ¡¥ µàÕ¡“„π‡¥◊Õπ°—π¬“¬π 2547 ∫√‘…—∑‰¥â ‚Õπ “¬°“√º≈‘µ™‘Èπ à«π¥—ß°≈à“«∑—ÈßÀ¡¥„Àâ·°à∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Õ¡æåæ“√å∑ ∑—Èßπ’È °“√·¬° “¬°“√º≈‘µ®–™à«¬„Àâ “¡“√∂«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π„π·µà≈–°≈ÿà¡ º≈‘µ¿—≥±å ‰¥âÕ¬à“ß™—¥‡®π ‚¥¬æπ—°ß“π®–‰¥â√—∫º≈µÕ∫·∑π∑’Ë‡À¡“– ¡·≈–¬ÿµ‘∏√√¡ °àÕ„Àâ‡°‘¥¢«—≠·≈– °”≈—ß„®„π°“√∑”ß“π ”À√—∫º≈º≈‘µ∑’Ë Ÿß¢÷Èπ·≈–µâÕß¡’§ÿ≥¿“æ∑—Èß ‘π§â“·≈–∫√‘°“√µ“¡∑’Ë≈Ÿ°§â“µâÕß°“√ ·≈–¬—ß‡ªìπ°“√√Õß√—∫µàÕ°“√¢¬“¬µ—«„πÕπ“§µ¥â«¬ º≈¢Õß°“√ª√—∫‚§√ß √â“ß¥—ß°≈à“« ∑”„Àâ∫√‘…—∑‰¡à¡’ √“¬‰¥â®“°°“√®”Àπà“¬™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√åµ—Èß·µà‡¥◊Õπ°—π¬“¬π 2547 ‡ªìπµâπ‰ª ‚¥¬√“¬‰¥â„π à«π ™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å¢Õß∫√‘…—∑π—Èπ®–°≈“¬‡ªìπ√“¬‰¥â¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Õ¡æåæ“√å∑·∑π ‚¥¬¡’ ∑ÿπ™”√–·≈â« 5 ≈â“π∫“∑ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’§Ÿ≈≈‘Ëß ´—ææ≈“¬ ®”°—¥ ‡ªìπ∫√‘…∑— ®—¥µ—ßÈ „À¡à‡æ◊ÕË º≈‘µ™‘πÈ à«π·∫∫‡ªìπ™ÿ¥ ”À√—∫‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√‡æ◊ÕË ®”Àπà“¬ „Àâ·°à ºŸºâ ≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»√“¬„À≠à¢Õß‚≈°‡æ’¬ß√“¬‡¥’¬«§◊Õ Mitsubishi Consumer Product Co.,Ltd. ∫√‘…∑— ‡Õ ‡ÕÁπ ´’ §Ÿ≈≈‘ßË ´—ææ≈“¬ ‡√‘¡Ë ‡ªî¥¥”‡π‘π°“√‡™‘ßæ“≥‘™¬å„π‡¥◊Õπ°—π¬“¬π 2547 ªí®®ÿ∫π— ¡’∑ÿπ™”√–·≈â« 10 ≈â“π∫“∑ ·≈–®–‡æ‘Ë¡∑ÿπ‡ªìπ 30 ≈â“π∫“∑„πªï 2548

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Benefits and conditions The benefits of the Air-Cond Company Limited as it is located at the Lam Chabang Export Processing Zone (Zone 2 according as defined by the Board of Investment) are as follow: Benefits 1. Exempted from the special fees as stated by the law of the Board of Investment except import tax, value added tax, and excise tax of machines, equipments, tools, and utensils including parts of these items necessary for the manufacturing of products or for export trade, whichever is the case. 2.

Exempted from the special fees as stated by the law of the Board of Investment for import tax, value added tax, and excise tax of items used for manufacturing the products.

Exempted from import tax, value added tax, and excise tax of items imported according to article 49 including the by-products or any other things remained after the manufacturing process.

Exempted or refund of tax for items legally assigned by law to be exempted or refund of tax when exporting abroad or even taken into the Export Processing Zone to be utilized according to article 48 and 49. (These benefits can only be applied as long as the Air-Cond Company Limited remains in the Export Processing Zone).

The SNC Comp Parts Company Limited Prior to September 2004, the Company has been responsible for both manufacturing and distributing parts of the compressor industry. The Company has transferred the line of manufacturing of all parts of the compressor to the Compart Company Limited. The absolute manufacturing separation of each line of product will enable the Company to clearly analyze the manufacturing capability and performance of each group of products. The employees will also be fairly and appropriately rewarded to encourage the will power among employees, which will in turn results in higher quality, manufacturing capacity, and impressive service to customer to support future expansion. As a result of this organizational restructuring, the Company no longer produces income from sales of parts of compressors from September 2004 and onward. The Companyûs revenue from parts of compressors will become the revenue of the SNC Compart Company Limited instead. The SNC Compart has paid up capital of 5 million baht. The SNC Cooling Supply Company Limited This is a newly established company to manufacture parts of air-conditioner for interior use to be distributed solely to the world largest air-conditioner manufacturer, the Mitsubishi Consumer Product Company Limited. The SNC Cooling Supply Company Limited started operating commercially in September 2004 with the current paid-up capital of 10 million baht and will be increased to 30 million baht in 2005.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’‚«≈Ÿ™—Ëπ ®”°—¥ ‡ªìπ∫√‘…—∑´÷Ëß®—¥µ—Èß‚¥¬‡ªìπ°“√√à«¡≈ß∑ÿπ√–À«à“ß∫√‘…—∑°—∫æ—π∏¡‘µ√®“°ª√–‡∑»‡°“À≈’ „µâ§◊Õ Pyongsan Corporation (çPyongsané) ´÷Ëß‡ªìπ∫√‘…—∑ºŸâº≈‘µ™‘Èπ à«π∑àÕ‚≈À–∑’Ë„™â „π√∂¬πµåÕ—π¥—∫∑’Ë Õß ¢Õßª√–‡∑»‡°“À≈’„µâ „π —¥ à«π ‰∑¬ : ‡°“À≈’„µâ ‡∑à“°—∫ 51 : 49 ‚¥¬∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®–‡ªìπºŸâº≈‘µ™‘Èπ à«π·∫∫‡ªìπ™ÿ¥ ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå „Àâ·°à≈Ÿ°§â“∑’Ë¡’ ∞“π°“√º≈‘µ„πª√–‡∑»‰∑¬ ·≈–®–‡ªìπºŸºâ ≈‘µ™‘πÈ à«π·∫∫ ‡ªìπ™ÿ¥ ”À√—∫‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√ ”À√—∫ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√‚¥¬‡©æ“–ºŸâº≈‘µ —≠™“µ‘‡°“À≈’ „µâ∑’Ë¡’∞“π°“√º≈‘µ„π ª√–‡∑»‰∑¬ πÕ°®“°π’∫È √‘…∑— ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™π—Ë ¬—ß®–‡ªìπºŸºâ ≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“» ¿“¬„π√∂¬πµå·≈–¿“¬„πÕ“§“√‡æ◊ËÕ àßÕÕ°‰ª¬—ßª√–‡∑»„π‡¢µ AFTA ASIAN Free Trade Area ·≈– ª√–‡∑»ÕÕ ‡µ√‡≈’¬Õ’°¥â«¬ ∑—ßÈ π’§È “¥«à“∫√‘…∑— ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™π—Ë ®–‡ªî¥¥”‡π‘πß“π‡™‘ßæ“≥‘™¬å„π‡¥◊Õπ¡°√“§¡ 2548 ‚¥¬®–¡’∑ÿπ„π™à«ß·√°¢Õß°“√°àÕµ—Èß®”π«π 8 ≈â“π∫“∑ ·≈–®–‡æ‘Ë¡∑ÿπ‡ªìπ 32 ≈â“π∫“∑¿“¬„π ‰µ√¡“ ·√°¢Õßªï æ.». 2548 ∫√‘…—∑ ‡Õ ‡Õ ‡Õ Õ‘π‚π‡«™—Ëπ ®”°—¥ ‡ªìπ‡®â“¢Õß∑’Ë¥‘πª√–¡“≥ 73 ‰√à µ—ÈßÕ¬Ÿà∑’ËÕ”‡¿Õ‡¡◊Õß≈”ª“ß ®—ßÀ«—¥≈”ª“ß ®—¥µ—Èß¢÷Èπ‡æ◊ËÕ√Õß√—∫ µàÕ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å À√◊Õ‚§√ß°“√ ’Ë‡À≈’Ë¬¡‡»√…∞°‘®√–À«à“ßª√–‡∑»‰∑¬ ®’π ≈“« ·≈–æ¡à“ ‚¥¬Õ“®®–‡ªìπ»Ÿπ¬å°≈“ß „π°“√¢¬“¬∏ÿ√°‘®¥â“πµà“ßÊ‰ª Ÿàª√–‡∑»®’πµÕπ„µâ ∑—Èßπ’È ∫√‘…—∑ ‡Õ ‡Õ ‡Õ ¬—ß ‰¡à¡’√“¬‰¥â®“°°“√ª√–°Õ∫∏ÿ√°‘®·≈–¬—ß‰¡à¡’·ºπß“π°“√¥”‡π‘π∏ÿ√°‘®·µàÕ¬à“ß„¥ º≈‘µ¿—≥±å∑’Ë„™â™‘Èπ à«π∑’Ëº≈‘µ®“°°≈ÿà¡∫√‘…—∑·¬°µ“¡°≈ÿà¡Õÿµ “À°√√¡ ¡’¥—ßπ’È

≈Ÿ°§â“

Siam Zexel Denso (Thailand) Sanden Theco Showa Siam Calsonic Calsonic Kansei Toyota Tsusho Halla Climate Conrol Delhpi Thailand Siam NSK Steering System Toyo Radiator

°≈ÿà¡Õÿµ “À°√√¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå §à“¬√∂ ™◊ËÕ√ÿàπ Nissan Frontier, TEANA Sunny Volvo Mitsubishi Lancer, Stada Pickup Suzuki Vitara Ford Ranger Mazda Isuzu

Fighter D-Max

Honda Toyota

Civic, Accord, City IMV Project

™‘Èπ à«πª√–°Õ∫ ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂·≈– ™‘Èπ à«πÀ¡âÕπÈ” ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂, √–∫∫æ«ß¡“≈—¬, µ—«ªíö¡πÈ”¡—π¥’‡´≈·≈– ™‘Èπ à«πÀ¡âÕπÈ” ™‘Èπ à«π·Õ√å√∂ ™‘Èπ à«π·Õ√å√∂·≈– ™‘Èπ à«πÀ¡âÕπÈ”

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The SNC Pyongsan Evolution Company Limited The company is a joint venture between the Company and the South Korean strategic partner named the Pyongsan Corporation (çPyongsané), whom is the second largest manufacturer of metal parts and pipe assembly for automobiles in South Korea. The joint venture is 51:49 in the proportion of Thai : South Korea. The SNC Pyongsan Evolution Company Limited manufactures both parts for automobiles air conditioning system for customers with assembly plant located in Thailand and parts for air-conditioner for building uses for South Korean manufacturers with manufacturing plant in Thailand. Aside from that, the SNC Pyongsan Evolution Company Limited will also manufacture parts of automobiles and building air conditioners to be exported to the countries under the AFTA Agreement (Malaysia and Indonesia) and Australia. The SNC Pyongsan Evolution Company Limited will start operating commercially in January 2005 with the initial capital of 8 million baht and will increase to 32 million baht after the joint ventureûs signing agreement. The SAS Innovation Company Limited The company owns approximately 73 rais piece of land located at Lumpang District, Lumpang Province to support the Rectangular Economics Project Area between Thailand, China, Laos, and Myanmar, which may become the center of business expansion to southern China. The SAS Innovation Company Limited has not started operating yet and therefore, earns no income. Products that manufacture by using parts manufactured by the Company classified by industry

Customer

Siam Zexel Nippon Denso Sanden Theco Showa Siam Calsonic Calsonic Kansei Toyota Tsusho Halla Climate Conrol Delhpi Thailand Siam NSK Steering System Toyo Radiator

Automobile air-conditioner industry Automobile maker Car model Nissan Frontier, TEANA Sunny Volvo Mitsubishi Lancer, Stada Pickup Suzuki Vitara Ford Ranger Mazda Isuzu

Fighter D-Max

Honda Toyota

Civic, Accord, City IMV project

Parts Air conditioner parts Air conditioner parts Air conditioner parts Air conditioner parts Air conditioner parts Radiator parts Air conditioner parts Air conditioner parts Steering system parts Diesel pump and Radiator parts Air conditioner parts Air conditioner parts Radiator pats

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

°≈ÿà¡Õÿµ “À°√√¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ™◊ËÕ‡§√◊ËÕßÀ¡“¬°“√§â“ Fujitsu,York, Mitsubishi Electric, Mitsubishi Heavy, Sharp, Hitachi, Lucky Gold star, Toshiba Carrier, Panasonic, Sanyo °≈ÿà¡Õÿµ “À°√√¡§Õ¡‡æ√ ‡´Õ√å ™◊ËÕºŸâº≈‘µ 1. Siam Compressor Industry 2. Hitachi Compressor (Thailand) 3. Kulthorn Kirby 4. Emerson Electric (Copeland ) 5. Daikin Compressor Industries —¥ à«π°“√®”Àπà“¬„Àâ·°à≈Ÿ°§â“√“¬„À≠à„πªï 2544-2547 2544 56.8 3

—¥ à«π√“¬‰¥â¢Õß≈Ÿ°§â“√“¬„À≠à ®”π«π≈Ÿ°§â“√“¬„À≠à (√“¬)

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2546 55.1 3

2547 38.9 3

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Air-conditioners for interior building use industry Trade Name Fujitsu,York, Mitsubishi Electric, Mitsubishi Heavy, Sharp, Hitachi, Lucky Gold star, Toshiba Carrier, Panasonic, Sanyo Compressor Industry Manufacturer name 1. Siam Compressor Industry 2. Hitachi Compressor (Thailand) 3. Kulthorn Kirby 4. Emerson Electric (Copeland) 5. Daikin Compressor Industries The proportion of sales of large-scale customers during 2001-2004 2001 2002 2003 2004 Proportion of revenues from large-scale customers 56.8 76.4 55.1 38.9 No. of large-scale customers (customer) 3 4 3 3 Remarks : Large-scale customers mean customer that purchases products manufactured by the Company or its subsidiaries in the proportion of more than 10% of the total sale revenues of the group of companies. Distribution and distribution channel The Company and its subsidiaries directly sells products to the customers with their own marketing team to consistently visit the customers without any distributor or agent involved as the Company and the customers must simultaneously develop the product for utmost benefits of both parties. The Company emphasizes on manufacturing plan for delivering punctuality and standardized quality. Therefore, good coordination between the customer and the Company is particularly essential to maintain relationship among each other, which may result in stronger business opportunity of the Company and its subsidiaries in the future. The Company and its subsidiaries intends to expand the market in the 3 industries in which the Company is highly experienced particularly the automobile air conditioner industry and air conditioner industry. The Company directly plans and offers new innovations to customers to support the manufacturing strategy and reduce manufacturing cost. However, the Company emphasizes on the customers with manufacturing plant located in Thailand.

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4.2. ‚§√ß √â“ß√“¬‰¥â

™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å √«¡√“¬‰¥â®“°°“√¢“¬

2545 æ—π∫“∑ 132,445 127,861 55,491 315,797

% 42 40 18 100

2546 æ—π∫“∑ 162,044 240,807 67,540 470,391

% 34 51 14 100

2547 æ—π∫“∑ 216,795 482,658 134,810 834,263

% 26 58 16 100

* √“¬‰¥â‡°◊Õ∫∑—ÈßÀ¡¥‡ªìπ√“¬‰¥â®“°°“√¢“¬ ‘π§â“¿“¬„πª√–‡∑»

4.3. ·π«‚πâ¡¿“«–Õÿµ “À°√√¡·≈– ¿“æ°“√·¢àß¢—π„πÕπ“§µ ‡π◊ÕË ß®“°∏ÿ√°‘®¢Õß°≈ÿ¡à ∫√‘…∑— ‡ªìπ°“√º≈‘µ™ÿ¥™‘πÈ à«π‚≈À–·≈–∑àÕ‚≈À–ª√–‡¿∑∑Õß·¥ß ∑Õß‡À≈◊Õß ·≈–Õ≈Ÿ¡‡‘ π’¬¡ ‡æ◊ÕË π”‰ªº≈‘µµàÕ (Original Equipment Manufacturers - OEM) „πÕÿµ “À°√√¡√∂¬πµå ‡§√◊ËÕßª√—∫Õ“°“» ·≈–§Õ¡‡æ√ ‡´Õ√å ¥—ßπ—Èπ¿“«–Õÿµ “À°√√¡¢Õß∏ÿ√°‘®∑—Èß 3 ª√–‡¿∑¥—ß°≈à“«®÷ß¡’º≈ °√–∑∫‚¥¬µ√ßµàÕ∏ÿ√°‘®·≈–º≈°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ 1.

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4.2 Income Structure 2002

(thousands baht)

Automobile air conditioner parts House air conditioner parts Compressor parts Total revenue from sale

132,445 127,861 55,491 315,797

2003

(thousands baht)

42 40 18 100

162,044 240,807 67,540 470,391

2004

(thousands baht)

34 51 14 100

216,795 482,658 134,810 834,263

26 58 16 100

4.3 Over of the Industry and Competition The major business of the Company and its subsidiaries manufactures metal parts and pipe assembly of copper, brass and aluminum to be further manufactured as original equipment in automobile industry, air conditioner industry and compressor industry. Therefore, the industry overview and trend of these 3 industries directly affect the business operation and performance of the Company and its subsidiaries. 1.

Automobile industry Competition of automobile maker Local market The local market competition is considered aggressive. Each operator applies various types of marketing strategies to stimulate the consumerûs decision. This results in tremendous growth in the automobile market. At present, there are 17 automobile assembly plants in Thailand with the assembling capacity of 900,000 cars per year. The major operators are the Isuzu Motor (Thailand) Company Limited, the Siam Nissan Automobile Company Limited, the Toyota Motor (Thailand) Company Limited, and the MMC Sithiphol Company Limited. International market Since Thailand is the center of automobile assembly business in Asia, the important automobile export markets can be classified as follow: 1. Car export - Belgium, Japan, Australia, Indonesia, and China. 2. Van and pick-up export - England, Australia, Germany, Italy, and Spain. 3. Bus and truck export - Australia, Saudi Arabia, New Zealand, Singapore, and Jordan. The sales volume of automobiles locally and export during 1995-2004 and the forecast for year 2005 and year 2010 are as follow:

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¿“æ°“√·¢àß¢—π¢ÕßºŸªâ √–°Õ∫°“√º≈‘µ™‘πÈ à«π·≈–Õÿª°√≥å√∂¬πµå ‡π◊ËÕß®“°°“√∑’ËÕÿµ “À°√√¡™‘Èπ à«π·≈–Õÿª°√≥å√∂¬πµå‡ªìπÕÿµ “À°√√¡µàÕ‡π◊ËÕß¢Õß Õÿµ “À°√√¡ °“√º≈‘µ√∂¬πµå ¥—ßπ—πÈ °“√∑’ÕË µÿ “À°√√¡º≈‘µ√∂¬πµå¡°’ “√‡µ‘∫‚µÕ¬à“ßµàÕ‡π◊ÕË ßµ—ßÈ ·µà ªï 2542 ∑”„ÀâÕÿµ “À°√√¡™‘Èπ à«π·≈–Õÿª°√≥å√∂¬πµå¡’§«“¡‡µ‘∫‚µ§«∫§ŸàÕ¬à“ßµàÕ‡π◊ËÕß‡™àπ°—π ªí®®ÿ∫π— ‚¥¬ à«π„À≠à·≈â«ºŸºâ ≈‘µ√∂¬πµå√“¬„À≠à®–¡’ “¬°“√º≈‘µ™‘πÈ à«π·≈–Õÿª°√≥å‡Õß (Supply Chain) ‚¥¬∑’Ë®–¡’°“√ —Ëß´◊ÈÕ‡æ‘Ë¡‡µ‘¡∫“ß à«π®“°ºŸâº≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å®“°∫√‘…—∑¿“¬πÕ° „π°√≥’∑’Ë “¬°“√º≈‘µ¢Õßµπ‡Õß‰¡à “¡“√∂√Õß√—∫ª√‘¡“≥·ºπ°“√º≈‘µ¢Õßµπ‰¥â‡æ’¬ßæÕÀ√◊Õ ∫√‘…∑— √∂¬πµå¡µ’ πâ ∑ÿπ°“√º≈‘µ∑’ Ë ßŸ °«à“°“√®â“ß∫√‘…∑— Õ◊πË º≈‘µ™‘πÈ à«π·∑π „πªí®®ÿ∫π— ºŸºâ ≈‘µ√∂¬πµå ‡√‘¡Ë ‡πâπ°“√º≈‘µ∑’‡Ë πâπ°“√‡Õ“„®ºŸ∫â √‘‚¿§¡“°¢÷πÈ √«¡∂÷ß°“√µâÕß°“√≈¥µâπ∑ÿπ°“√º≈‘µ„Àâ ‰¥â¡“°∑’ Ë ¥ÿ (Cost Efficiency) ‚¥¬‡√‘¡Ë ¡’°“√ÕÕ°·∫∫º≈‘µ¿—≥±å„Àâ¡≈’ °— …≥–·∫∫‡¥’¬«°—π∑—«Ë ‚≈° ‡æ◊ÕË µâÕß°“√ „Àâ¡°’ “√„™â™π‘È à«π√à«¡°—π “¡“√∂‡°‘¥°“√ª√–À¬—¥®“°¢π“¥°“√º≈‘µ ‚¥¬¡ÿßà ‡πâπ°“√®—¥À“™‘πÈ à«π ®“° Suppliers ∑’Ë “¡“√∂º≈‘µ™‘Èπ à«π∑’Ë¡’§ÿ≥¿“æ·≈–√“§“∑’Ë¥’∑’Ë ÿ¥ Õ“∑‘‡™àπ „πªí®®ÿ∫—π Toyota ‰¥âæ—≤π“·≈–ÕÕ°·∫∫√∂¬πµå∑’Ë¡’≈—°…≥–°“√„™â™‘Èπ à«π√à«¡°—π ‚¥¬®–‡√‘Ë¡º≈‘µ√∂¬πµåª√–‡¿∑ ¥—ß°≈à“«„πªï 2548 ¥—ßπ—Èπ °“√∑’ËºŸâº≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å∑’Ë‡ªìπºŸâº≈‘µ·∫∫ OEM √“¬„¥∑’Ë “¡“√∂ √â“ß°“√ª√–À¬—¥®“°°“√º≈‘µ‰¥â¡“°∑’ Ë ¥ÿ ®–‡ªìπºŸ‰â ¥â‡ª√’¬∫„π°“√·¢àß¢—π∑’√Ë πÿ ·√ß„πÕπ“§µ πÕ°®“°π’ÈºŸâº≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å∑’Ë‡ªìπºŸâº≈‘µ·∫∫ OEM ®–µâÕßæ—≤π“«‘»«°√‡∑§‚π‚≈¬’‡æ◊ËÕ °àÕ„Àâ‡°‘¥§«“¡ “¡“√∂¢Õß°“√æ—≤π“º≈‘µ¿—≥±å·≈–π”‡ πÕ™‘πÈ à«π∑’ÕË Õ°·∫∫‡ÕßµàÕºŸªâ √–°Õ∫°“√ √∂¬πµå (Local Value Added) ‰¥âÕ¬à“ß√«¥‡√Á« ‡æ◊ÕË ‡æ‘¡Ë ¡Ÿ≈§à“‡æ‘¡Ë „Àâ·°àºªŸâ √–°Õ∫°“√‡Õß πÕ°‡Àπ◊Õ ®“°‡¥‘¡∑’Ë‡ªìπ‡æ’¬ßº≈‘µ¿—≥±å„π≈—°…≥–∑’Ë∂Ÿ°°”Àπ¥‚¥¬ºŸâª√–°Õ∫°“√√∂¬πµå (Local Content) ‡∑à“π—Èπ ‚¥¬ª°µ‘ ºŸºâ ≈‘µ OEM µâÕß¥”‡π‘π°“√æ—≤π“º≈‘µ¿—≥±å™π‘È à«πµà“ßÕÿª°√≥åµ“à ßÊ ¢Õß√∂¬πµå √à«¡°—∫∫√‘…—∑ºŸâº≈‘µ√∂¬πµåÕ’°¥â«¬ ‡π◊ËÕß®“°°“√æ—≤π“™‘Èπ à«πµà“ßÊ „π·µà≈–√ÿàπ®–„™â√–¬–‡«≈“ ª√–¡“≥ 2-3 ªï ´÷Ëß°“√æ—≤π“√à«¡°—π¥—ß°≈à“«®–∑”„ÀâºŸâº≈‘µ™‘Èπ à«π OEM ¥—ß°≈à“«‰¥â√—∫°“√ ®â“ß°“√º≈‘µ®“°∫√‘…—∑ºŸâº≈‘µ√∂¬πµå πÕ°®“°π’È¬—ßµâÕß¡’√–∫∫°“√∫√‘À“√„π°“√®—¥°“√«—µ∂ÿ¥‘∫ ·≈–°“√º≈‘µ„À¡à „Àâ¡’§ÿ≥¿“æ„π√–¥—∫¡“µ√∞“π “°≈‡æ◊ËÕ√—∫°—∫µ≈“¥∑’ËµâÕß°“√º≈‘µ¿—≥±å∑’Ë Õ¥§≈âÕß„π‡√◊ÕË ß°“√∫√‘À“√°“√®—¥°“√«à“¥â«¬§≈—ß ‘π§â“°“√∫√‘À“√æ◊πÈ ∑’§Ë ≈—ß ‘π§â“„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥ ·≈–°“√‰À≈‡«’¬π‡¢â“¢Õß ‘π§â“Õ¬à“ß√«¥‡√Á« (Logistic and Supply Chain) ‚¥¬µâÕß Õ“»—¬§«“¡‡™◊ËÕ¡‚¬ß¢Õß¢âÕ¡Ÿ≈ ¢à“« “√ ·≈–§«“¡µâÕß°“√¢ÕßºŸâª√–°Õ∫°“√√∂¬πµå ∑—Èßπ’È‡æ◊ËÕ ™à«¬≈¥µâπ∑ÿπ°“√º≈‘µ¢Õß∑—ÈßºŸâª√–°Õ∫°“√√∂¬πµå·≈–ºŸâº≈‘µ™‘Èπ à«π√∂¬πµåµàÕ‰ª

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Sales volume of automobiles locally and export during 1995-2004 Thailand, Vehicle, Total Sales, Domestic Sales, Exports in 1995-2004

Source: Thailand Automobile Industry Association

Overview of competition of automobile parts and equipment manufacturer The automobile parts and equipment industry are a continuing section of the automobile assembly industry. The result of the continuous growth in the automobile assembly industry from the year 1999 onward is the continued growth in the automobile parts and equipment industry. At present, most major automobile makers have their own supply chain. In some instances such as overloaded of certain production line, that automobile maker may outsource the production to other parts manufacturers. Other instances may include a higher cost of production compared to outsourcing to other manufacturers. At present, the automobile maker has begun to emphasize on consumersû needs and at the same time applying cost efficiency management. Therefore, similarity in automobile parts design seem to become a critical factor to encourage sharing of parts around the world, which will result in cost effective manufacturing volume. The emphasis is to search for suppliers that manufacture quality parts at the most reasonable price. An example will include Toyota, whom has developed and designed automobiles in such a way that parts can be shared. Toyota will start assembling this type of cars in 2005. Any original equipment and parts manufacturer, who produces the most cost effective part will become most competitive in such aggressive competition in the future. However, in adding value to the products, the original equipment manufacturers (OEM) must continually develop the engineering technology for creative design product development to be proposed to the automobile maker aside from previously manufactured according to the specification from the automobile maker. Generally, the original equipment manufacturer will simultaneously developed various parts with the automobile maker as the parts development of each car model normally takes about 2-3 years. The advantage of sharing this part of development with the automobile maker is the increasing tendency of manufacturing these parts at your assembly plant. Aside from that, standardized inventory management is highly emphasized as the market highly requires utmost utilization of ground space for inventory management and convenient logistic and supply chain. In order to achieve the manufacturing cost reduction standard, the flow of information and news network and the needs from the automobile maker are necessary.

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Therefore, to become highly competitive in the future, the Companyûs policy is the simultaneously research and development of the metal and aluminum pipe for automobile air conditioner system, cost effective management from high volume manufacturing, and the continuous improvement in the productûs quality and service. At present, there are 3 original equipment manufacturers of aluminum pipe for the cooling system of automobile air conditioner in the tier-2 level (parts manufacturers for air conditioner manufacturer). The 3 manufacturers consist of the Company and the other 2 Japanese companies who have moved their manufacturing base to Thailand. Summary of automobile industry and automobile parts industry The automobile industry and automobile parts industry continually grows as a result of the expected future competition and the Governmentûs policy that support the idea of Thailand as the regional center for automobile manufacturing base for export. However, the automobile maker will face with even stronger competition. The tendency of automotive design will emphasize on utilizing similar parts and on meeting the customersû need both in term of pricing and quality. The objective of every automobile maker is to reduce manufacturing cost. As a result, the automobile maker will outsource the manufacturing of parts to other subcontractors if the cost is to become lower. The original equipment manufacturer, who is able to manufacture at a lower cost will become the supply chain of the automobile maker. This situation creates a strong business opportunity for market expansion of the extremely high market value business. The Company has foreseen the opportunity and future competition and has, therefore, reorganizes its business structure, management structure, and manufacturing capacity. The Company has started to separate each line of production into small subordinated units, the research and development with the automobile maker such as the product value adding feature by attaching parts of metal pipe into sets, which requires testing period of more than 3 years by the manufacturer of automobile air conditioner. Aside from that, the Company has emphasized on personnel development particularly those in the manufacturing line to support the strong competition in the future. At present, the Company is one of the two automobile air conditioner part original equipment manufacturer (tier 2) in Thailand, who is able to manufacture set of original parts for the automobile air conditioner manufacturer. 2.

Air conditioner, parts, and compressor industry The air conditioner, parts and cooling system industry still maintain moderate growth level, which results from the overall economic recovery particularly the real estate sector. The table below shows the manufacturing and sale volume of air conditioner, parts and cooling system.

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381,960 1,855,003 2,372,108 47%

481,991 1,819,384 2,509,319 50%

313,505 1,713,522 2,414,641 56%

231,816 1,275,661 1,812,301 79%

392,334 1,892,962 2,439,676 6 : 94 32,910 44%

525,482 1,791,394 2,535,538 10 : 90 31,730 -4%

325,542 1,690,091 2,391,751 10 : 90 33,471 5%

225,170 1,277,482 1,764,118 11 : 89 23,503 69%

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20,306,359 57% 21,075,099 98 : 2 1,137 59%

21,092,400 44% 22,419,434 99 : 1 1,398 23%

19,627,846 47% 20,115,868 93 : 7 1,797 29%

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6,387,484 58% 5,638,636 34 : 66 10,786 -5%

6,530,971 59% 5,718,111 39 : 61 10,329 -4%

5,538,447 60% 4,791,768 44 : 56 8,363 -20%

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Air conditioner Manufacturing (machine) - window type - split type (condensing unit) - split type (fancoil unit) Manufacturing capacity utilization Sales (machine) - window type - split type (condensing unit) - split type (fancoil unit) local : export Sales volume Growth rate Air conditioner parts Manufacturing (parts) Manufacturing capacity utilization Sales (parts) Local : export Sales volume (million baht) Growth rate Compressor Manufacturing (parts) Manufacturing capacity utilization Sales (parts) Local : export Sales volume (million baht) Growth rate

2001

2002

2003

Jan-May 2004

381,960 1,855,003 2,372,108 47%

481,991 1,819,384 2,509,319 50%

313,505 1,713,522 2,414,641 56%

231,816 1,275,661 1,812,301 79%

392,334 1,892,962 2,439,676 6 : 94 32,910 44%

525,482 1,791,394 2,535,538 10 : 90 31,730 -4%

325,542 1,690,091 2,391,751 10 : 90 33,471 5%

225,170 1,277,482 1,764,118 11 : 89 23,503 69%

2001

2002

2003

20,306,359 57% 21,075,099 98 : 2 1,137 59%

21,092,400 44% 22,419,434 99 : 1 1,398 23%

19,627,846 47% 20,115,868 93 : 7 1,797 29%

Jan-May 2004 13,746,215 68% 13,897,395 98 : 2 1,308 75%

2001

2002

2003

6,387,484 58% 5,638,636 34 : 66 10,786 -5%

6,530,971 59% 5,718,111 39 : 61 10,329 -4%

5,538,447 60% 4,791,768 44 : 56 8,363 -20%

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Jan-May 2004 3,239,384 40% 2,963,279 45 : 55 5,094 46%

Source : Thailand Industrial Institute

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The graph below shows the air conditioner and parts manufacturing volume during 2001-2004 Air conditioner volume

Thousand Units

Air conditioner parts volume

* Annualize with actual data between Jan-May 04

Competition The competition among air conditioner manufacturer is quite strong as a result of the impact from high volume of import of air conditioner from China, Korea, and Japan. Most air conditioner manufacturers start applying various kinds of marketing and promotion strategy to stimulate market demand and market share. Such strategies include reduction of selling price, installment payment with no interest, or differentiation of product design from competitors such as health related characteristic, air cleaner system, prevention or elimination of dust, germs killer (mould or some kind of bacteria), or even product with self cleaning system / easy clean product. The similar degree of competition also applies to the automobile part and equipment manufacturing industry. Generally, the air conditioner and cooling equipment manufacturers have their own production line of parts and equipments. There may be some manufacturers who may outsource parts and equipment manufacturing to subcontractor in case of over capacity utilization or higher production cost. Therefore, the actual competitor of the automobile air conditioner original part and equipment manufacturer and cooling system manufacturer is the air conditioner and cooling system manufacturer themselves. The original equipment manufacturer has to create additional value to the product and to enforce economy of scale to reduce manufacturing cost of the air conditioner and cooling system manufacturer in order to initiate them to outsource their production line. Export market of air conditioner The export volume of the air conditioner and parts has continually increased each year except in the year 2002 when the export volume decreased. However, the Japanese air conditioner manufacturer has encountered manufacturing problem with the assembly plant in China as a result of the cultural and social differences. Therefore, the Japanese air conditioner manufacturer begins to move their production base to Thailand as there are more similarities between Thai and Japanese cultures and

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

Õ—µ√“°“√¢¬“¬µ—«ªï 46 Õ¬Ÿà∑’Ë√âÕ¬≈– 29.05 ·≈–ªï 47 (¡§.-µ§.) Õ¬Ÿà∑’Ë√âÕ¬≈– 37.97 ‚¥¬µ≈“¥ À≈—°Õ¬Ÿà∑’Ë Õ‘µ“≈’ ‡ªπ ÕÕ ‡µ√‡≈’¬ ≠’ËªÿÉπ ·≈–‡∫≈‡¬’Ë¬¡ ‚¥¬ª√–‡∑»µà“ßÊ ‡À≈à“π’È¡’Õ—µ√“°“√ ¢¬“¬µ—«√–À«à“ß√âÕ¬≈– 12.72 - 69.86 (Õâ“ßÕ‘ß®“° ”π—° àß‡ √‘¡°“√ àßÕÕ° °√¡ àß‡ √‘¡°“√ àßÕÕ°) ªí®®ÿ∫π— ª√–‡∑»‰∑¬¡’ººŸâ ≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“»ª√–‡¿∑∑àÕ∑Õß·¥ß·≈–∑Õß‡À≈◊Õß ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π∫â“πÕ¬à“ßπâÕ¬ 8 √“¬ ´÷Ëß‡ªìπºŸâª√–°Õ∫°“√∑’ËºŸâº≈‘µ‡§√◊ËÕß ª√—∫Õ“°“»∑’Ë¡’™◊ËÕ‡ ’¬ß√–¥—∫‚≈°∑—Èß ‘Èπ „π¢≥–∑’Ë¡’ºŸâª√–°Õ∫°“√·∫∫ OEM ´÷Ëßπ”™‘Èπ à«π∑àÕ ‚≈À–∑Õß·¥ßµà“ßÊ ª√–°Õ∫‡ªìπ™ÿ¥ª√–¡“≥ 3 √“¬ ‰¥â·°à°≈ÿà¡∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·≈–ºŸâº≈‘µ ™‘Èπ à«π —≠™“µ‘≠’ËªÿÉπ´÷Ëß¬â“¬∞“π °“√º≈‘µ¡“ª√–‡∑»‰∑¬®”π«π 2 √“¬ ‚¥¬ºŸâº≈‘µ Õß√“¬π’È®– º≈‘ µ ™‘È π à « π‡æ’ ¬ ß‡æ◊Ë Õ à ß µà Õ „Àâ · °à ºŸâ º ≈‘ µ ‡§√◊Ë Õ ßª√— ∫ Õ“°“»∑’Ë ‡ §¬‡ªì π §Ÿà §â “ °— π ¡“µ—È ß ·µà °à Õ π ¬â“¬∞“π°“√º≈‘µ¡“∑’Ëª√–‡∑»‰∑¬ ∑—Èßπ’È °≈ÿà¡∫√‘…—∑‡πâπ°≈¬ÿ∑∏å„π°“√‡ªìπºŸâ‡™’Ë¬«™“≠„π°“√ ∫√‘À“√ß“π°“√º≈‘µ „π°“√√—∫™à«ß°“√º≈‘µ™‘Èπ à«π™ÿ¥∑àÕ‚≈À–∑’Ë∑”®“°∑Õß·¥ß ”À√—∫ºŸâº≈‘µ º≈‘µ¿—≥±å‡§√◊ËÕßª√—∫Õ“°“»√–¥—∫‚≈°∑ÿ°¬’ËÀâÕ „πµâπ∑ÿπ∑’Ë∂Ÿ°°«à“·≈–¡’ª√– ‘∑∏‘¿“æ Ÿß°«à“°“√ ∑’ËºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»®–¥”‡π‘π°“√º≈‘µ‡Õß ´÷Ëß®–∑”„ÀâºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»º≈‘µ¿—≥±å √–¥—∫‚≈°¬°‡≈‘° “¬°“√º≈‘µ¢Õßµπ·≈â«„Àâ°≈ÿà¡∫√‘…—∑º≈‘µ·∑π ”À√— ∫ °“√·¢à ß ¢— π „πÕÿ µ “À°√√¡§Õ¡‡æ√ ‡´Õ√å π—È π ‡π◊Ë Õ ß®“°°“√Õÿ µ “À°√√¡ §Õ¡‡æ√ ‡´Õ√åπ—Èπ ‡µ‘∫‚µµ“¡Õÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“» ‚¥¬„πªí®®ÿ∫—π°≈ÿà¡∫√‘…—∑‡ªìπ ºŸâº≈‘µ™‘Èπ à«π∑àÕ∑Õß·¥ß„π§Õ¡‡æ√ ‡´Õ√å√“¬„À≠à¢Õßª√–‡∑»‰∑¬ ∑—Èßπ’È ºŸâº≈‘µ‡§√◊ËÕß §Õ¡‡æ√ ‡´Õ√å∑’Ë¡’™◊ËÕ‡ ’¬ß„πª√–‡∑»‰∑¬®”π«π 5 √“¬π—Èπ‡ªìπ≈Ÿ°§â“¢Õß°≈ÿà¡∫√‘…—∑∑—ÈßÀ¡¥ ∫∑ √ÿªÕÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√·≈–§Õ¡‡æ√ ‡´Õ√å ®“°°“√¢¬“¬µ—«¢Õß‡»√…∞°‘®‰∑¬·≈–°“√øóπô µ—«¢Õß¿“§Õ —ßÀ“√‘¡∑√—æ¬å¢Õßª√–‡∑»‰∑¬ √«¡∂÷ß°“√∫√‘‚ ¿§∑’Ë‡æ‘Ë¡¢÷Èπ √«¡∂÷ß°“√¬â“¬∞“π°“√º≈‘µ¡“ª√–‡∑»‰∑¬¢ÕßºŸâº≈‘µ‡§√◊ËÕßª√—∫ Õ“°“»√“¬„À≠à¢Õß‚≈°°≈—∫¡“∑’Ëª√–‡∑»‰∑¬ √«¡∂÷ß‚Õ°“ „π°“√·¢àß¢—π·≈–¢¬“¬∞“π≈Ÿ°§â“ ¢Õß∫√‘…∑— ∑’ Ë “¡“√∂º≈‘µ ‘π§â“‰¥â¡§’ ≥ ÿ ¿“æ·≈–¡’µπâ ∑ÿπ°“√º≈‘µ∑’µË Ë”°«à“ºŸºâ ≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»®– ¥”‡π‘π°“√º≈‘µ™‘πÈ à«π∑àÕ‚≈À–∑’∑Ë ”®“°∑Õß·¥ß‡Õß ‡π◊ÕË ß®“°°“√Õ¬Ÿ√à Õ¥¢Õß∫√‘…∑— ºŸºâ ≈‘µ¢â“¡™“µ‘ ∑’¡Ë ™’ Õ◊Ë ‡ ’¬ß√–¥—∫‚≈°∂◊Õ‡Õ“§«“¡ “¡“√∂„π°“√µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“„πµâπ∑ÿπ°“√º≈‘µ ∑’Ë∂Ÿ°∑’Ë ÿ¥ ®÷ß‡°‘¥°“√ Outsourcing ¡“°¢÷Èπ ‡π◊ËÕß®“°∫√‘…—∑ OEM Õ“®¡’§«“¡™”π“≠„π°“√ º≈‘µ∑’¡Ë “°°«à“ ·≈–¡’§«“¡ª√–À¬—¥®“°¢π“¥‡æ√“–º≈‘µ¡“°°«à“ ®÷ß‡ªìπ‚Õ°“ ¢Õß∫√‘…∑— ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) „π°“√¢¬“¬∏ÿ√°‘® „π¢≥–∑’Ë∫√‘…—∑‰¥â¡’°“√‡µ√’¬¡æ√âÕ¡„π°“√ ·¢àß¢—π Õ“∑‘‡™àπ °“√‡µ√’¬¡æ√âÕ¡∑“ß¥â“π∫ÿ§≈“°√„π “¬°“√º≈‘µ °“√ª√—∫‚§√ß √â“ß∏ÿ√°‘®‚¥¬°“√ ·¬° “¬∏ÿ√°‘®‡ªìπÀπà«¬∏ÿ√°‘®¬àÕ¬Ê ‡æ◊ËÕ„Àâ‡°‘¥°“√§≈àÕßµ—«„π°“√¥”‡π‘πß“π ·≈–√Õß√—∫ §«“¡µâÕß°“√¢Õß≈Ÿ°§â“ºŸºâ ≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√®“°µà“ßª√–‡∑»√«¡∂÷ß°“√‡πâπ°≈¬ÿ∑∏å °“√‡æ‘¡Ë ¡Ÿ≈§à“‡æ‘¡Ë „Àâ·°à π‘ §â“¢Õß∫√‘…∑— ‚¥¬°“√ª√–°Õ∫™‘πÈ à«πµà“ßÊ „Àâ‡ªìπ™ÿ¥ „π¢≥–∑’∫Ë √‘…∑— ¡’µπâ ∑ÿπ°“√º≈‘µ∑’µË Ë”°«à“ºŸºâ ≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»®–¥”‡π‘π°“√º≈‘µ¥â«¬µπ‡Õß ‚¥¬∫√‘…∑— ¡’∏√ÿ °‘®„π ≈—°…≥–‡ªìπ°“√¬° “¬°“√º≈‘µ¢Õß≈Ÿ°§â“¡“º≈‘µ‡Õß ¥—ßπ—Èπ∫√‘…—∑®–‡ªìπ»Ÿπ¬å°≈“ß°“√º≈‘µ «—µ∂ÿ¥‘∫¢Õß≈Ÿ°§â“ ´÷Ëß®–‡ÀÁπ‰¥â«à“¡’·π«‚πâ¡„π°“√¢¬“¬°”≈—ß°“√º≈‘µ ®“°°≈¬ÿ∑∏å¥—ß°≈à“« ‡ªìπº≈„Àâ∫√‘…—∑ª√– ∫§«“¡ ”‡√Á®„π°“√¢¬“¬∞“π≈Ÿ°§â“‡æ‘Ë¡¢÷Èπ ‚¥¬„πªï 2546 ≈Ÿ°§â“¢Õß ∫√‘…—∑§◊Õ York ·≈– Fujitsu ‰¥â¬°‡≈‘° “¬°“√º≈‘µ™‘Èπ à«π∑àÕ‚≈À–∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥„π‡§√◊ËÕß

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

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society. Aside from that, the Thai political situation also encourages oversea investment in Thailand. The growth rate of the year 2003 was at 29.05%. The growth rate of the year 2004 (Jan.-Oct.) is at 37.97%. The major export markets are Italy, Spain, Australia, Japan, and Belgium. The growth rate of these countries stay between 12.72% 69.86%. (reference from the Office of Export Promotion, Department of Export Promotion). At present, there are at least 8 house air conditioner parts manufacturers of copper and brass pipe. However, there are only 3 original equipment manufacturers of copper pipe attached into sets namely the SNC Group and another 2 Japanese manufacturers who have moved their assembly base to Thailand. These 2 Japanese manufacturers only manufacture parts for the air conditioner manufacturers who have been their business partners prior to their movement to Thailand. The Company applies the strategy of being highly experienced in subcontracting the manufacturing of set of copper pipe for world-class air conditioner manufacturers at a cheaper cost and higher quality than if the product is to be manufactured by the air conditioner manufacturer themselves. Therefore, the air conditioner manufacturer will finally dismiss the production line and outsource the production to the Company. The competition in the compressor industry is equally strong as the growth of the compressor industry varies with the growth of the air conditioner industry. At present, the Company is the only manufacturer of copper pipe in Thailand. All the 5 compressor manufacturers in Thailand are the customers of the Company. Summary of the house air conditioner and compressor industry The economic recovery and the recovery of the real estate sector in Thailand together with the higher consumption volume and the movement of assembly base of world-class manufacturer of air conditioner to Thailand have partly shared the competition and the expansion of the Companyûs customer base as the Company is able to manufacture quality product at a lower cost compared to the cost of the copper pipe manufactured by the air conditioner manufacturer themselves. The worldclass manufacturers emphasize on the ability to meet the customer ùs need at the lowest cost. Therefore, the outsourcing business has gained popularity as the original equipment manufacturers are highly experienced and can efficiently apply the concept economy of scale. The SNC Former Public Company Limited is therefore potentially accessible to business expansion. However, the Company is alert with the competition such as the preparation of the manufacturing personnel, the organizational restructuring into individual subordinated units to enhance operating efficiency and to support the market expansion to include house air conditioner manufacturer from abroad. The Company emphasize on adding value to the products by attaching different parts into sets. The Companyûs strength is the lower manufacturing cost. The Companyûs business is handled by moving the whole production line from the customers to the Company. This strategy has proven successful as the Companyûs customer base has

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ª√—∫Õ“°“»¢Õßµπ¡“„Àâ∫√‘…∑— º≈‘µ·∑π Õ¬à“ß‰√°Áµ“¡ À“°æ‘®“√≥“∂÷ß ¿“æ°“√·¢àß¢—π∑’√Ë πÿ ·√ß ∑’‡Ë °‘¥¢÷πÈ ®“° ‘π§â“®“°ª√–‡∑»®’π∑’¡Ë √’ “§“∂Ÿ°°«à“π—πÈ ‡ªìπªí®®—¬∑’Ë ‰¡à°Õà „Àâ‡°‘¥º≈°√–∑∫µàÕ∫√‘…∑— ¡“°π—° ‡π◊ÕË ß®“° ‘π§â“®“°ª√–‡∑»‰∑¬·≈–¢Õß°≈ÿ¡à ∫√‘…∑— ‡ªìπ ‘π§â“∑’¡Ë §’ ≥ ÿ ¿“æ·≈–¡’¡“µ√∞“π ¡“°°«à“ ‘π§â“®“°ª√–‡∑»®’π ·≈–À“°‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ºŸâº≈‘µÕ◊ËπÊ„π¿Ÿ¡‘¿“§Õ“‡´’¬π¥â«¬°—π ºŸâº≈‘µ®“°ª√–‡∑»‰∑¬∂◊Õ«à“¡’»—°¬¿“æ„π°“√º≈‘µ∑’Ë Ÿß°«à“ ‚¥¬„πªí®®ÿ∫—π„πª√–‡∑»‰∑¬¡’ºŸâº≈‘µ ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ OEM (Tier 1) ª√–¡“≥ 3 √“¬∑’Ë “¡“√∂º≈‘µ™‘Èπ à«π ·∫∫‡ªìπ™ÿ¥‡æ◊ËÕ àß„Àâ·°àºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ‚¥¬§Ÿà·¢àßÕ’° Õß√“¬‡ªìπºŸâº≈‘µ ™‘È π à « π∑à Õ ‚≈À– — ≠ ™“µ‘ ≠’Ë ªÿÉ π ∑’Ë ¬â “ ¬∞“π°“√º≈‘ µ ¡“æ√â Õ ¡ºŸâ º ≈‘ µ ‡§√◊Ë Õ ßª√— ∫ Õ“°“»µà “ ßÊ ∑—Èßπ’È ∫√‘…—∑¡’§«“¡‰¥â‡ª√’¬∫§Ÿà·¢àß‡À≈à“π’È ‚¥¬‡©æ“–∑“ß¥â“π∑√—æ¬“°√∫ÿ§§≈„π “¬°“√º≈‘µ ‡π◊ËÕß®“°∫√‘…—∑„Àâ§«“¡ ”§—≠µàÕ°“√æ—≤π“∫ÿ§§≈°√Õ¬à“ß¡“° °“√„Àâº≈µÕ∫·∑π∑’Ë‡À¡“– ¡ µàÕ§«“¡ “¡“√∂ °“√„Àâæπ—°ß“π∑ÿ°√–¥—∫¡’ à«π√à«¡„π°“√∫√‘À“√·ºπß“π„πÀπà«¬∏ÿ√°‘®¬àÕ¬Ê ¢Õßµπ ·≈–°“√¡’«—≤π∏√√¡Õß§å¢Õß∑’Ë¥’ ‡ªìπº≈„Àâ∫√‘…—∑¡’§«“¡ “¡“√∂„π°“√º≈‘µ∑’Ë¡’ ª√– ‘∑∏‘¿“æ∑’Ë Ÿß „π¢≥–∑’Ë¡’µâπ∑ÿπ°“√º≈‘µ∑’ËµË” °“√®—¥À“º≈‘µ¿—≥±å·≈–∫√‘°“√ √“¬≈–‡Õ’¬¥‚√ßß“π·≈–∑’Ëµ—Èß ∫√‘…—∑ ªí ® ®ÿ ∫— π ∫√‘ …— ∑ ¡’ ‚√ßß“π∑—ÈßÀ¡¥ 1 ·Ààß µ—ÈßÕ¬Ÿà∑’Ë‡≈¢∑’Ë 103/7-10, 25-34 À¡Ÿà 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ¡’¢π“¥æ◊Èπ∑’Ë 12,521 µ“√“ß‡¡µ√ ∫√‘…—∑¬àÕ¬ ¡’ ‚√ßß“π 4 ·Ààß ‚¥¬¡’∑’ËÕ¬Ÿà¥—ßπ’È 1. ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ µ—ÈßÕ¬Ÿà∑’Ë ‡≈¢∑’Ë 211/6 À¡Ÿà∑’Ë 3 ∂ππ ÿ¢ÿ¡«‘∑ µ”∫≈∑ÿàß ÿ¢≈“ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ¢π“¥æ◊Èπ∑’Ë 2,275 µ“√“ß‡¡µ√∫πæ◊Èπ∑’Ë 2.8 ‰√à 2.

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Õ¡æåæ“√å∑ ®”°—¥ µ—ÈßÕ¬Ÿà∑’Ë 103/9, 25-34 À¡Ÿà 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ¡’¢π“¥æ◊Èπ∑’Ë 1,386 µ“√“ß‡¡µ√

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Ÿ≈≈‘Ëß ´—ææ≈“¬ ®”°—¥ µ—ÈßÕ¬Ÿà∑’Ë 103/8, 25-34 À¡Ÿà 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ¡’¢π“¥æ◊Èπ∑’Ë 2,664 µ“√“ß‡¡µ√

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ µ—ÈßÕ¬Ÿà∑’Ë 103/9, 25-34 À¡Ÿà 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ¡’¢π“¥æ◊Èπ∑’Ëª√–¡“≥ 300 µ“√“ß‡¡µ√

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expanded. In 2003, York and Fujitsu have partially or wholly dismissed the metal pipe manufacturing and transferred to the Company. However, there is still strong competition as a result of the inflow of product from China at a lower price. This factor mildly affects the Companyûs business as the product manufactured in Thailand under the Companyûs group has higher quality and standard compared to those from China. The Thai manufacturers potentially produce higher quality products compared to other manufacturers in Asia. At present, there are 3 original house air conditioner part manufacturers (OEM) (tier 1) in Thailand with the ability to manufacture sets of parts for house air conditioner manufacturers. The other 2 competitors are Japanese metal pipe manufacturers that move their assembly base to Thailand along with the manufacturer. The Companyûs competitive advantages over the other manufacturers are the qualified manufacturing personnel as the Company has continually emphasized on personnel training, providing them with appropriate remuneration, the involvement of every level of employee in the management of subordinated units, and the good organizational culture, all of which have contributed to the high manufacturing efficiency at a lower cost. Products and services Details of the factory and location The Company At present, the Company has 1 factory located a 103/7-10, 25-34 Moo 17, Taparuk Road, Bangsaothong District, Sub Amphur Bangsaothong, Samutprakarn 10540 with the utilization space of 12,521 square meters. The subsidiary company has 4 factories located as follow: 1. The SNC Air-cond Company Limited 211/6 Moo 3, Sukumvit Road, Sriracha District, Chonburi. Utilization space : 2,275 square meters Land area : 2.8 rais 2.

The SNC Comp Parts Company Limited 103/9, 25-34 Moo 17, Taparuk Road, Bangsaothong District, Sub Amphur Bangsaothong, Samutprakarn 10540 Utilization space : 1,386 square meters

The SNC Cooling Supply Company Limited 103/8, 25-34 Moo 17, Taparuk Road, Bangsaothong District, Sub Amphur Bangsaothong, Samutprakarn 10540 Utilization space : 2,664 square meters

The SNC Pyongsan Evolution Company Limited 103/9, 25-34 Moo 17, Taparuk Road, Bangsaothong District, Sub Amphur Bangsaothong, Samutprakarn 10540 Utilization space : 300 square meters

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

°”≈—ß°“√º≈‘µ·≈–ª√‘¡“≥°“√º≈‘µ¢Õß∫√‘…—∑ ™‘Èπ à«πÕÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå 2544 6.00 5.13 85.50

°”≈—ß°“√º≈‘µ Ÿß ÿ¥ ª√‘¡“≥°“√º≈‘µ®√‘ß Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ (%)

2546 11.97 7.54 63.00

Àπà«¬ : ≈â“π™‘Èπ 2547 12.19 10.45 85.70

2545 12.66 8.99 71.00

2546 21.95 16.02 73.00

Àπà«¬ : ≈â“π™‘Èπ 2547 37.30 31.51 84.50

2545 15.30 7.50 49.00

Àπà«¬ : ≈â“π™‘Èπ 2546 2547 15.30 24.00 9.33 20.30 61.00 84.63

2545 8.65 5.88 68.00

™‘Èπ à«πÕÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“» ¿“¬„πÕ“§“√ 2544 7.50 6.52 86.93

°”≈—ß°“√º≈‘µ Ÿß ÿ¥ ª√‘¡“≥°“√º≈‘µ®√‘ß Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ (%) ™‘Èπ à«πÕÿµ “À°√√¡§Õ¡‡æ√ ‡´Õ√å

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°”≈—ß°“√º≈‘µ·≈–ª√‘¡“≥°“√º≈‘µ¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ‡√‘Ë¡¥”‡π‘π°“√º≈‘µ‡™‘ßæ“≥‘™¬åµ—Èß·µà‡¥◊Õπ¡°√“§¡ 2547 ∑’Ëºà“π¡“ ™‘Èπ à«πÕÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ Àπà«¬ : ≈â“π™ÿ¥ 2547 °”≈—ß°“√º≈‘µ Ÿß ÿ¥ 4.65 ª√‘¡“≥°“√º≈‘µ®√‘ß 3.84 Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ (%) 82.75 «—µ∂ÿ¥‘∫·≈–ºŸâ®”Àπà“¬«—µ∂ÿ¥‘∫ µ“¡‚§√ß √â“ßµâπ∑ÿπ°“√º≈‘µ °≈ÿà¡∫√‘…—∑¡’«—µ∂ÿ¥‘∫∑’Ë ”§—≠§◊Õ ∑Õß·¥ß ∑Õß‡À≈◊Õß ·≈– Õ≈Ÿ¡‘‡π’¬¡§‘¥‡ªìπ —¥ à«π¢Õßµâπ∑ÿπ°“√º≈‘µª√–¡“≥√âÕ¬≈– 47 „πªï 2546 ·≈–¡’ —¥ à«π ‡æ‘Ë¡¢÷Èπ‡ªìπ√âÕ¬≈– 60 „π™à«ß§√÷Ëßªï·√°¢Õßªï 2547 ‡π◊ËÕß®“°√“§“«—µ∂ÿ¥‘∫‚¥¬‡©æ“–∑Õß·¥ß∑’Ë ª√—∫µ—«‡æ‘Ë¡¢÷Èπ Ÿß ÿ¥„π√Õ∫ 10 ªï ∑’Ëºà“π¡“ ‚¥¬¡’«—µ∂ÿ¥‘∫ª√–‡¿∑∑Õß·¥ß§‘¥‡ªìπ —¥ à«π ª√–¡“≥√âÕ¬≈– 60 ¢Õß¡Ÿ≈§à“°“√ —ßË ´◊ÕÈ «—µ∂ÿ¥∫‘ ∑—ßÈ À¡¥ √Õß≈ß¡“‰¥â·°à Õ≈Ÿ¡‡‘ π’¬¡ ·≈– ∑Õß‡À≈◊Õß ·≈–Õ◊ËπÊ§‘¥‡ªìπ —¥ à«πª√–¡“≥√âÕ¬≈– 30 ·≈– 10 µ“¡≈”¥—∫ „π™à«ß 3 ªï∑’Ëºà“π¡“ ´÷Ëß∑—ÈßÀ¡¥ ‡ªìπ°“√ —Ëß´◊ÈÕ®“°§Ÿà§â“„πª√–‡∑»∑—ÈßÀ¡¥ °≈ÿà¡∫√‘…—∑¡’°“√ —Ëß´◊ÈÕ∑àÕ∑Õß·¥ß®“°ºŸâ®—¥®”Àπà“¬ √“¬„À≠à√“¬Àπ÷Ëß„πª√–‡∑»‰∑¬§‘¥‡ªìπ —¥ à«π‡©≈’Ë¬ª√–¡“≥√âÕ¬≈– 30 ¢Õß¡Ÿ≈§à“°“√ —Ëß´◊ÈÕ °≈ÿ¡à ∫√‘…∑— ºŸ®â ¥— ®”Àπà“¬¥—ß°≈à“«‡ªìπ°≈ÿ¡à ∫√‘…∑— ∑’¡Ë ∏’ √ÿ °‘®°—∫°≈ÿ¡à ∫√‘…∑— ¡“π“π°«à“ 5 ªï ·≈–¡’§«“¡ —¡æ—π∏åÕ—π¥’ ‚¥¬¡’°“√„Àâ¢âÕ¡Ÿ≈‡°’Ë¬«°—∫¿“«–µ≈“¥ ·π«‚πâ¡√“§“ ´÷Ëß™à«¬„Àâ°≈ÿà¡∫√‘…—∑ “¡“√∂ «“ß·ºπ°“√º≈‘µ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ´÷Ëß§Ÿà§â“√“¬π’È¡‘‰¥â àß«—µ∂ÿ¥‘∫Õ◊ËπÊ„Àâ°—∫∫√‘…—∑ πÕ°®“°π’È °≈ÿ¡à ∫√‘…∑— ¡’°“√ —ßË ´◊ÕÈ ∑àÕ∑Õß·¥ß®“°ºŸºâ ≈‘µ√“¬¬àÕ¬Õ◊πË Ê„πª√–‡∑»‰∑¬ / µà“ßª√–‡∑»Õ’°ª√–¡“≥ 4-5 √“¬ ‡æ◊ËÕ‡ªìπ°“√°√–®“¬§«“¡‡ ’Ë¬ß„π°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫

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Manufacturing capacity and manufacturing volume of the Company Automobile air conditioner parts industry 2001 2002 Maximum capacity 6.00 8.65 Actual capacity utilization 5.13 5.88 Ratio of utilizing manufacturing capacity (%) 85.50 68.00 House air conditioner parts industry 2001 7.50 6.52 86.93

Maximum capacity Actual capacity utilization Ratio of utilizing manufacturing capacity (%)

2001 11.50 10.10 87.83

Maximum capacity Actual capacity utilization Ratio of utilizing manufacturing capacity (%)

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Unit:million parts 2003 2004 11.97 12.19 7.54 10.45 63.00 85.70

2002 12.66 8.99 71.00

Unit:million parts 2003 2004 21.95 37.30 16.02 31.51 73.00 84.50

2002 15.30 7.50 49.00

Unit:million parts 2003 2004 15.30 24.00 9.33 20.30 61.00 84.63

Compressor parts industry

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Manufacturing capacity and manufacturing volume of the SNC Air-cond Company Limited. The SNC Air-cond Company Limited started manufacturing commercially since January 2004 Room air conditioner parts industry Unit : million parts 2004 Maximum capacity 4.65 Actual capacity utilization 3.84 Ratio of utilizing manufacturing capacity (%) 82.75 Raw material and raw material distributor The Companyûs major types of raw materials include copper, brass, and aluminum. The proportion of the cost of these raw materials to the total manufacturing cost is 47% in 2003 and increases to 60% for the first half of 2004 as a result of highest increase in the price of copper for the past 10 years. Copper accounts for about 60% of the total raw material purchasing order. The brass and aluminum accounts for about 30% and 10% of the total raw material purchasing order for the past 3 years. All purchasing orders are made from the local business partners. The Company purchases copper pipe from the one of the top distributor in Thailand at about 30% of the total purchasing volume. This distributor has been the Companyûs partner for more than 5 years and has maintained good relationship by informing market situation and pricing tendency so that the Company could efficiently manage the manufacturing plan. This distributor does not distribute any other product to the Company. Beside, the Company also makes purchase order of copper pipe from other 4-5 manufacturers, who are small manufacturers in Thailand and other countries to alleviate risk of raw material purchasing.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

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∑’Ë¡“: London Metal Exchange

®“°√Ÿª¢â“ßµâπ®–‡ÀÁπ‰¥â«“à √“§“«—µ∂ÿ¥∫‘ ‚¥¬‡©æ“–∑Õß·¥ß¡’°“√ª√—∫µ—«‡æ‘¡Ë Ÿß¢÷πÈ Õ¬à“ß¡“° „πªï 2547 ´÷ßË àßº≈„Àâº≈ª√–°Õ∫°“√¢Õß∫√‘…∑— ‰¥â√∫— º≈°√–∑∫®“°√“§“«—µ∂ÿ¥∫‘ ∑’‡Ë æ‘¡Ë ¢÷πÈ ¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ „πªí®®ÿ∫—π∫√‘…—∑‰¥â¡’π‚¬∫“¬„π°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫≈à«ßÀπâ“®“°ºŸâº≈‘µª√–¡“≥ 3-6 ‡¥◊Õπ‚¥¬°”Àπ¥√“§“≈à«ßÀπâ“ ‡æ◊ËÕ„Àâ∫√‘…—∑∫√‘À“√®—¥°“√«—µ∂ÿ¥‘∫‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ¡“°¢÷Èπ

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2544 2545 2546 2547

§«“¡‡§≈◊ËÕπ‰À«¢Õß√“§“«—µ∂ÿ¥‘∫„π™à«ß 3 ªï∑’Ëºà“π¡“ ∑Õß·¥ß ∑Õß‡À≈◊Õß √“§“ Õ—µ√“°“√ √“§“ Õ—µ√“°“√ (∫“∑µàÕ°°.) ‡æ‘Ë¡/(≈¥) (∫“∑µàÕ°°.) ‡æ‘Ë¡/(≈¥) (%) (%) 128.7 - 135.3 71.0 - 79.7 139.1 - 147.8 9.2% 69.6 - 72.2 -9.4% 136.7 - 142.3 -3.7% 65.7 - 70.5 -2.3% 120.0 - 199.6 40.3% 79.0 - 139.0 97.1%

Õ≈Ÿ¡‘‡π’¬¡ √“§“ Õ—µ√“°“√ (∫“∑µàÕ°°.) ‡æ‘Ë¡/(≈¥) (%) 110.0 - 112.0 112.0 - 116.2 3.8% 112.0 - 116.2 0.0% 110.0 - 125.0 7.6%

À¡“¬‡Àµÿ : Õ—µ√“°“√‡æ‘Ë¡/≈¥§”π«≥®“°√“§“ Ÿß ÿ¥„π·µà≈–ªï

”À√—∫«—µ∂ÿ¥∫‘ Õ◊πË ‡™àπ ·µπ‡≈ ∑àÕ¬“ß °≈ÿ¡à ∫√‘…∑— ∑”°“√ —ßË ´◊ÕÈ ®“°ºŸ®â ¥— ®”Àπà“¬ª√–¡“≥ 10 √“¬∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑»

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Dollars/Ton

Copper

Dollars/Ton

Aluminium

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

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Source: London Metal Exchange

It is evident from the graphs above that the copper price has tremendously increased in the year 2004, which affects the Companyûs performance. However, the Company has tried to minimize the risk by purchasing raw materials 3-6 months in advance with forward pricing to assist the Company in the raw materials acquisition.

Year

2001 2002 2003 2004

The movement of raw materialûs price in the past 3 years Copper Brass Aluminum Price % of Price % of Price % of (baht/kg) increase/ (baht/kg) increase/ (baht/kg) increase/ (decrease) (decrease) (decrease) 128.7 - 135.3 71.0 - 79.7 110.0 - 112.0 139.1 - 147.8 9.2% 69.6 - 72.2 -9.4% 112.0 - 116.2 3.8% 136.7 - 142.3 -3.7% 65.7 - 70.5 -2.3% 112.0 - 116.2 0.0% 120.0 - 199.6 40.3% 79.0 - 139.0 97.1% 110.0 - 125.0 7.6%

Remarks : % of increase / decrease is calculated from the highest price in each year

Other raw materials such as stainless and rubber pipe are purchased from 10 local distributors both locally and abroad.

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ªí®®—¬§«“¡‡ ’Ë¬ß 5.1. §«“¡¡—πË §ß¢Õß≈Ÿ°§â“ ∫√‘…—∑ª√–°Õ∫∏ÿ√°‘®„π≈—°…≥–º≈‘µµ“¡§” —Ëß´◊ÈÕ¢Õß≈Ÿ°§â“ ´÷Ëß à«π„À≠à‡ªìπºŸâº≈‘µ∑’Ë¡’™◊ËÕ‡ ’¬ß √–¥—∫‚≈°·≈–¡’∞“π°“√º≈‘µÕ¬Ÿà „πª√–‡∑»‰∑¬·∫àßÕÕ°‡ªìπ°≈ÿà¡„À≠àÊ ÕÕ°‡ªìπ 3 °≈ÿà¡§◊Õ °≈ÿà¡ Õÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå ‡™àπ Siam Zexel , Nippon Denso, Calsonic °≈ÿà¡‡§√◊ËÕß ª√—∫Õ“°“»„πÕ“§“√ ‡™àπ Mitsubishi, Fujitsu, York, Daikin ·≈–°≈ÿà¡§Õ¡‡æ√ ‡´Õ√å ‡™àπ Siam Compressor, Emerson ‚¥¬„π™à«ß 2544 - 2547 ªï∑’Ëºà“π¡“∫√‘…—∑®—¥®”Àπà“¬ ‘π§â“·°à≈Ÿ°§â“√“¬„À≠à ∑’Ë ÿ¥„π·µà≈–°≈ÿà¡§‘¥‡ªìπ —¥ à«π√–À«à“ß 10 - 20% µàÕ√“¬ √«¡‡ªìπ —¥ à«πª√–¡“≥ 55 - 75% ¢Õß √“¬‰¥â®“°°“√¢“¬ ∫√‘…—∑®÷ßÕ“®¡’§«“¡‡ ’Ë¬ß®“°°“√ Ÿ≠‡ ’¬≈Ÿ°§â“¥—ß°≈à“« ´÷ËßÕ“®¡’º≈°√–∑∫µàÕ√“¬‰¥â ·≈–°”‰√¢Õß∫√‘…—∑ Õ¬à“ß‰√°Á¥’ ∫√‘…—∑¡’·π«∑“ß≈¥º≈°√–∑∫®“°§«“¡‡ ’Ë¬ß∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√ Ÿ≠‡ ’¬≈Ÿ°§â“√“¬ „À≠à¥—ß°≈à“« ¥â«¬°“√‡ πÕ·ºπæ—≤π“º≈‘µ¿—≥±å (R&D) √à«¡°—∫≈Ÿ°§â“µ—Èß·µà‡√‘Ë¡µâπ ´÷Ëß àßº≈„Àâ∫√‘…—∑ ·≈–≈Ÿ°§â“¡’°“√¢¬“¬ß“π·≈–‡µ‘∫‚µ∑“ß∏ÿ√°‘®√à«¡°—π·≈–¡’§«“¡ —¡æ—π∏å∑“ß∏ÿ√°‘®„°≈â™¥‘ °—π¡“°¢÷πÈ ‚¥¬ µ≈Õ¥√–¬–‡«≈“¡“π“π°«à“ 8 ªï∑’Ëºà“π¡“ ∫√‘…—∑‰¥â√—∫§” —Ëß´◊ÈÕÕ¬à“ß ¡Ë”‡ ¡Õµ≈Õ¥∑—Èßªï ‚¥¬‰¥â√—∫§«“¡ ‰«â«“ß„®®“°≈Ÿ°§â“∑—Èß„π¥â“π§ÿ≥¿“æ √“§“ °“√ àß¡Õ∫µ√ßµ“¡°”Àπ¥‡«≈“ µ≈Õ¥®π°“√∫√‘°“√∑—Èß°àÕπ ·≈–À≈—ß°“√¢“¬∑’Ë¡’ª√– ‘∑∏‘¿“æ´÷Ëß∑”„Àâ≈Ÿ°§â“¡’§«“¡‡™◊ËÕ¡—ËπµàÕ∫√‘…—∑ ‚¥¬∫√‘…—∑‰¥â√—∫°“√§—¥‡≈◊Õ°®“° ≈Ÿ°§â“√“¬„À≠à„ÀâÕ¬Ÿà „π°≈ÿà¡ºŸâ®—¥®”Àπà“¬‡°√¥‡Õ ´÷Ëß®–‡ªìπ∫√‘…—∑∑’Ë≈Ÿ°§â“¡’§«“¡æ÷ßæÕ„®·≈–¡’·π«‚πâ¡ ¢Õß°“√∑”∏ÿ√°‘®√à«¡°—π¡“°¢÷Èπ„πÕπ“§µ ‡ªìπº≈„Àâ „πªï 2547 ∫√‘…—∑®—¥®”Àπà“¬ ‘π§â“·°à≈Ÿ°§â“√“¬„À≠à ¡’ ¥— à«π≈¥≈ß‡À≈◊Õ√âÕ¬≈– 38.9 ¢Õß√“¬‰¥â®“°°“√¢“¬‚¥¬√«¡ πÕ°®“°π’È ∫√‘…∑— ‰¥â°√–®“¬°“√®—¥®”Àπà“¬ ºà“π≈Ÿ°§â“√“¬Õ◊ËπÊ√«¡°—πª√–¡“≥ 20-30 √“¬®“°∑—Èß 3 °≈ÿà¡Õÿµ “À°√√¡§‘¥‡ªìπ —¥ à«πª√–¡“≥ 40-50% ¢Õß√“¬‰¥â®“°°“√¢“¬ °“√‡ªî¥‡ √’∑“ß°“√§â“µ“¡¢âÕµ°≈ß AFTA ¿“§√—∞∫“≈‰¥â¡°’ “√ª√—∫ª√ÿß°Æ√–‡∫’¬∫·≈–¡“µ√°“√ àß‡ √‘¡√–∫∫°“√®—¥‡°Á∫¿“…’ π‘ §â“ ”‡√Á®√Ÿª ·≈–«—µ∂ÿ¥‘∫ ‡æ◊ËÕ°àÕ„Àâ‡°‘¥§«“¡‡ªìπ∏√√¡·≈–‡Õ◊ÈÕµàÕ°“√º≈‘µ °“√¢¬“¬µ≈“¥°“√§â“‡ √’√–À«à“ßª√–‡∑» √«¡∂÷ß°“√‡®√®“≈¥¢âÕ°’¥°—π∑“ß°“√§â“∑’Ë¡‘„™à¿“…’ ‡æ◊ËÕªÑÕß°—π¡‘„Àâ¡’°“√¬â“¬∞“π°“√º≈‘µ‰ª¬—ßµ≈“¥Õ◊Ëπ „π‡Õ‡™’¬´÷Ëßæ√âÕ¡‡ªî¥√—∫°“√≈ß∑ÿπ®“°µà“ßª√–‡∑»Õ¬Ÿà‡ ¡Õ Õ—π‡ªìπº≈‡π◊ËÕß¡“®“° AFTA ·≈–°“√ ¬°‡≈‘°¢âÕ∫—ß§—∫„π°“√„™â™‘Èπ à«π¿“¬„πª√–‡∑»¢ÕßÕÿµ “À°√√¡√∂¬πµå ‡§√◊ËÕßª√—∫Õ“°“» ·≈– §Õ¡‡æ√ ‡´Õ√å¿“¬„µâ¢âÕµ°≈ß ‘∑∏‘æ‘‡»…∑“ß¿“…’ª°µ‘ (CEPT) ´÷ËßÕ—µ√“¿“…’»ÿ≈°“°√„π√–À«à“ßª√–‡∑» ASEAN ‡∑à“°—∫√âÕ¬≈– 0 ∂÷ß 5 „πªï 2546 ·≈–¬°‡≈‘°¢âÕ∫—ß§—∫°“√„™â™‘Èπ à«π¿“¬„πª√–‡∑» ASEAN µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2543 ´÷Ëßº≈¥—ß°≈à“«∑”„Àâ°“√π”‡¢â“™‘Èπ à«π®“°µà“ßª√–‡∑»¡“¬—ßª√–‡∑»‰∑¬ ∑”‰¥âßà“¬¢÷Èπ·≈–¡’µâπ∑ÿπ∑’Ë∂Ÿ°≈ß ¥—ßπ—Èπ ºŸâº≈‘µ√∂¬πµå ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“» ·≈–ºŸâº≈‘µ§Õ¡‡æ√ ‡´Õ√å Õ“®®– —Ëß´◊ÈÕ®“°ºŸâº≈‘µ™‘Èπ à«π„πµà“ßª√–‡∑»·∑π‰¥â ¢≥–‡¥’¬«°—πºŸâº≈‘µ™‘Èπ à«π„πª√–‡∑»¢Õß∑—Èß 3 Õÿµ “À°√√¡ “¡“√∂∑’Ë®– àßÕÕ°‰ª®”Àπà“¬µà“ßª√–‡∑»‡æ◊ËÕ·¢àß¢—π°—∫ºŸâº≈‘µÕ◊Ëπ‰¥â‡™àπ‡¥’¬«°—π

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5. Risk Factors 5.1 Stability of the customer The Company manufactures products according to the specification stated by the customers whom are mostly world-class manufacturers with assembly base in Thailand. The customers of the Company can be classified into 3 main groups: the automobile air conditioner industry such as Siam Zexel, Nippon denso, Calsonic, the house air conditioner industry such as Mitsubishi, Fujitsu, York, and Daikin, and the compressor industry such as Siam Compressor and Emerson. During 2001-2004, the Company has manufactured and supplied products to the largest customer of each industry in the proportion between 10-20% per one customer or a total of 55-75% of the total sales revenue. Therefore, the Company is running at risk of losing this customer, which may financially affect the Company. However, the Company has minimized the risk of depending on the major customer by preparing the research and development step at the inception stage with the customer, which in turn, results in business expansion and growth and provide closer business relationship. During the past 8 years of operation, the Company has consistently received purchasing orders from the customers as the Company has been accredited for its product quality, pricing, delivery punctuality, and efficiency of before and after sale service. The Company has been assigned the top grade among the suppliers for large-scale customers, which will further leads to satisfaction and tendency of increasing business agreement in the future. As a result, in 2004, the proportion of supplying products to major customer reduces to 39% of the total revenues. The Company has also expanded its distribution channels to include another 20-30 customers from the 3 industries, which results in the proportion of approximately 40-50% of the total revenues. AFTA Free Trade Agreement In order to create fair treatment and support local manufacturing capacity, the Government has improved the rules and criteria regarding tax collection of prefabricated products and raw materials. The Government has also supported the extension of international free trade area, the negotiation to reduce the trade obstruction, which is tax exclusive to prevent the movement of assembly base to other countries in Asia as a result of AFTA, the cancellation of the charter regarding the utilization of local parts in the automobile industry, air conditioner industry, and compressor industry under the agreement of normal tax benefit (CEPT) in which the custom tax rate among Asian countries equals to 0-5% in 2003, and the cancellation of the charter of utilizing only local parts from Asian countries since January 1st, 2000. The result of these improvements supports the import of parts from other countries to Thailand at a cheaper cost. Therefore, the automobile maker, the air conditioner manufacturer, and the compressor manufacturer are eligible to order the required parts from abroad. Meanwhile, the local parts manufacturers may also export their products to other countries for sale.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑‰¥âª√–‡¡‘π ∂“π°“√≥å¥—ß°≈à“«·≈–‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ°“√º≈‘µ¢Õß∫√‘…—∑ °—∫§Ÿ·à ¢àß¢—π‚¥¬‡©æ“–®“°µà“ßª√–‡∑»·≈â« °≈ÿ¡à ∫√‘…∑— ¬—ß¡’¢Õâ ‰¥â‡ª√’¬∫„π°“√·¢àß¢—π∑—ßÈ ¥â“π§ÿ≥¿“æ ∫√‘°“√ ·≈–√“§“∑’Ë¥’°«à“ √«¡∂÷ß§«“¡ —¡æ—π∏å∑’Ë¥’√–À«à“ß∫√‘…—∑°—∫≈Ÿ°§â“ πÕ°®“°π’È ∫√‘…—∑‰¥â≈¥§«“¡‡ ’Ë¬ß∑’Ë Õ“®®–‡°‘¥¢÷Èπ®“°ªí®®—¬¥—ß°≈à“«‚¥¬‡¢â“√à«¡≈ß∑ÿπ°—∫æ—π∏¡‘µ√µà“ßª√–‡∑»·≈â« 1 ∫√‘…—∑§◊Õ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ ‡ªìπ∫√‘…—∑√à«¡∑ÿπ°—∫æ—π∏¡‘µ√ª√–‡∑»‡°“À≈’ ‡æ◊ËÕ√à«¡°—πº≈‘µ™‘Èπ à«π ·≈–®”Àπà“¬„Àâ°—∫≈Ÿ°§â“∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑» ‡æ◊ËÕ‡ √‘¡®ÿ¥·¢Áß¢Õß°≈ÿà¡∫√‘…—∑·≈–≈¥‚Õ°“ ∑“ß∏ÿ√°‘®¢Õß§Ÿà·¢àß¢—π

5.2. «—µ∂ÿ¥‘∫ °“√æ÷Ëßæ“ —Ëß´◊ÈÕ®“°ºŸâº≈‘µ√“¬„À≠à ∫√‘…—∑¡’°“√„™â«—µ∂ÿ¥‘∫∑’Ë ”§—≠ 3 ª√–‡¿∑§◊Õ ∑Õß·¥ß ∑Õß‡À≈◊Õß ·≈–Õ≈Ÿ¡‘‡π’¬¡ ·µà«—µ∂ÿ¥‘∫À≈—° ∑’¡Ë ¡’ ≈Ÿ §à“°“√ —ßË ´◊ÕÈ Ÿß∑’ Ë ¥ÿ §◊Õ ∑Õß·¥ß§‘¥‡ªìπ —¥ à«π‡©≈’¬Ë ª√–¡“≥√âÕ¬≈–50 ¢Õß¡Ÿ≈§à“°“√ —ßË ´◊ÕÈ ∑—ßÈ À¡¥ „π™à«ß 3 ªï∑’Ëºà“π¡“∫√‘…—∑¡’°“√ —Ëß´◊ÈÕ∑Õß·¥ß®“°ºŸâº≈‘µ√“¬„À≠à√“¬Àπ÷Ëß§‘¥‡ªìπ —¥ à«π‡©≈’Ë¬ª√–¡“≥ √âÕ¬≈– 30 ¢Õß¡Ÿ≈§à“°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫ ”À√—∫«—µ∂ÿ¥‘∫ª√–‡¿∑Õ≈Ÿ¡‘‡π’¬¡ ·≈–∑Õß‡À≈◊Õß ∫√‘…—∑ —Ëß´◊ÈÕ ·¬°°—π®“°ºŸâº≈‘µ√“¬Õ◊Ëπ´÷Ëß¡’ª√–¡“≥ 10-15 √“¬ ∑—Èßπ’È °“√ —Ëß´◊ÈÕ∑Õß·¥ß®“°ºŸâº≈‘µ√“¬„À≠à¥—ß°≈à“« ‡π◊ËÕß®“°‡ªìπºŸâº≈‘µ∑’Ë “¡“√∂º≈‘µ«—µ∂ÿ¥‘∫„πª√‘¡“≥·≈–§ÿ≥¿“æµ√ßµ“¡∑’Ë∫√‘…—∑µâÕß°“√ ¡’√–¥—∫√“§“ ∑’Ë¬Õ¡√—∫‰¥â ·≈– “¡“√∂ àß¡Õ∫‰¥âµ√ßµ“¡°”Àπ¥‡«≈“¡“‚¥¬µ≈Õ¥ ‚¥¬∫√‘…—∑¡’§«“¡ —¡æ—π∏å∑“ß°“√ §â“°—∫ºŸâº≈‘µ«—µ∂ÿ¥‘∫√“¬„À≠à¡“π“π°«à“ 8 ªï ∫√‘…—∑‰¡à ‰¥â¡’°“√∑” —≠≠“√–¬–¬“«°—∫ºŸâº≈‘µ ·µà®–¥”‡π‘π °“√ —ßË ´◊ÕÈ «—µ∂ÿ¥∫‘ ≈à«ßÀπâ“ª√–¡“≥ 3-6 ‡¥◊Õπ‚¥¬§”π÷ß∂÷ßµâπ∑ÿπ¢Õß«—µ∂ÿ¥∫‘ ´÷ßË Õâ“ßÕ‘ß®“°√“§“µ≈“¥‚≈° „π≈Õπ¥Õπ‡ªìπ ”§—≠ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑‰¥â°√–®“¬§«“¡‡ ’Ë¬ß¥â«¬°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫∑Õß·¥ß®“°ºŸâº≈‘µ√“¬Õ◊ËπÕ’° 4-5 √“¬„πª√–‡∑»∑’Ë¡’§ÿ≥¿“æ ∫√‘°“√ √“§“ ·≈–‡ß◊ËÕπ‰¢∑“ß°“√§â“Õ◊ËπÊ∑’Ë„°≈â‡§’¬ß°—π À√◊Õ∫√‘…—∑Õ“® π”‡¢â“®“°ª√–‡∑» ‘ß§‚ª√å, ¡“‡≈‡™’¬, ≠’ËªÿÉπ, ®’π‚¥¬µ√ß‰¥â ”À√—∫°“√ —Ëß´◊ÈÕÕ≈Ÿ¡‘‡π’¬¡·≈–∑Õß‡À≈◊Õß √“§“ ‡π◊ËÕß®“°«—µ∂ÿ¥‘∫À≈—°¢Õß∫√‘…—∑§◊Õ ∑Õß·¥ß Õ≈Ÿ¡‘‡π’¬¡ ·≈–∑Õß‡À≈◊Õß ‚¥¬‡©æ“–∑Õß·¥ß´÷Ëß ‡ªìπ«—µ∂ÿ¥‘∫À≈—°„π°“√º≈‘µ¢Õß∫√‘…—∑·≈–‡ªìπ ‘π§â“ª√–‡¿∑ Commodity ∑’Ëª√–‡∑»‰∑¬µâÕßπ”‡¢â“®“° µà“ßª√–‡∑» ·≈–¡’°“√‡ª≈’Ë¬π·ª≈ß¢Õß√“§“´◊ÈÕ¢“¬µ“¡√“§“µ≈“¥‚≈°´÷Ëß„π 10 ªï∑’Ëºà“π¡“ √“§“¢Õß ∑Õß·¥ß‰¡à¡’°“√‡ª≈’Ë¬π·ª≈ß¡“°π—° ¬°‡«âπ„π§√÷Ëßªï·√°¢Õßªï 2547 π’È ‚¥¬„π‰µ√¡“ ∑’Ë 1 ¢Õßªï 2547 π—πÈ ‡°‘¥‡Àµÿ°“√≥å‡À¡◊Õß∑Õß·¥ß 2 „π 3 ·Ààß¢Õß‚≈°‡°‘¥°“√∂≈à¡§◊Õ ‡À¡◊Õß„πª√–‡∑»™‘≈’ ·≈– ª√–‡∑» Õ‘π‚¥π’‡´’¬ ∑”„ÀâÕÿª∑“π®”π«π¡“°À“¬‰ª®“°µ≈“¥ πÕ°®“°π’È¬—ß‡ªìπº≈®“°°“√¡’Õÿª ß§å∑’Ë‡æ‘Ë¡¡“°¢÷Èπ ®“°°“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®¢Õßª√–‡∑»®’πÕ¬à“ß°â“«°√–‚¥¥ ‡ªìπº≈„Àâ√“§“∑Õß·¥ßª√—∫µ—« Ÿß¢÷πÈ ‡°◊Õ∫‡∑à“µ—«„π™à«ß∑’Ëºà“π¡“ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑‰¥â¥”‡π‘π°“√ªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«‚¥¬¥”‡π‘π°“√ ¥—ßµàÕ‰ªπ’È

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The Company has evaluated the situation and compared the manufacturing cost of the Company and that of the competitors particularly from other abroad, the Company still maintains its competitive advantage in term of quality, service, pricing and relationship with the customers. However, the Company has minimized any risk that may arise from this factor by joint venture with South Korean partner and therefore, established a company named the SNC Pyongsan Evolution Company Limited to manufacture and supply parts locally and internationally to strengthen the competitiveness and minimize the business opportunity of the competitors.

5.2 Raw materials Purchasing dependence on the major manufacturers The Company mainly uses 3 types of raw materials namely copper, brass, and aluminum. The top volume purchasing order is the copper, which is approximately 50% of the total purchasing volume. During the past 3 years, the Company has purchased copper from one of the major manufacturers at about 30% of the total raw material purchasing volume. For the aluminum and brass, the Company separately orders among 10-15 manufacturers. However, the reason behind the dependence on one copper manufacturer is because this manufacturer is able to manufacture copper in the quantity and quality that the Company needs at a reasonable price and consistently emphasizes on delivery punctuality. The Company has good relationship with this manufacturer for more than 8 years with no long-term contract. Normally, the Company will place purchasing order about 3-6 months in advance by referring to the world market price in London. In minimizing the risk of dependence on one major manufacturer, the Company has placed purchasing order of copper with 4-5 other quality copper manufacturers whom provide the similar quality, service, pricing, and other trade procedures. For the brass and aluminum, the Company may import directly from Singapore, Malaysia, Japan, and China. Pricing The Company uses 3 major raw materials for production namely copper, brass and aluminum. Copper is particularly essential in the manufacturing process of the Company and it is one of the commodities that need to be imported and subject to fluctuation in prices in the world market. For the past 10 years, the copper prices has slightly changed except in the first half of the year 2004, which results from the collapse of 2 out of 3 worldûs copper mines in Chili and Indonesia. The worldûs supply of copper has largely diminished and at the same time, the demand has tremendously increased from the growth in the economy of China. The price of copper has, therefore, almost doubled. The Company has applied the following criteria in minimizing this risk.

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Consistently overview the world and local raw material market. The management of the Company has more than 20 years experiences in this business.

Appropriately planned for purchasing order at specified price. The Company normally received 3-6 months advance order from the manufacturers. If the raw material prices particularly copper tends to increase, the Company will order in advance at an appropriate volume sufficient for the manufacturing process.

Good cost management with the customer. The Company will inform the customers about the situation in the raw material market and the necessity in price adjustment. The Company and the customers may together share the increase in price.

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5.3 Financial risk The important financial risks are credit risk, currency exchange risk, and interest rate risk. The Company never applies any financial derivatives in risk management. (See more details in the notes to consolidated financial statements, the Companyûs financial statements and topic of financial tools).

5.4 The holding of more than 50% shares by one shareholder The Companyûs major shareholder is the SNC Holding Company Limited, (the group of Mr. Somchai Thaisaguanvorakul is the major shareholder holding 60.78%) whose shareholding in the Company equals to 72.14%. The group of Mr. Somchai Thaisaguanvorakul also directly holds shares in the Company for another 13.48%, which results in the total number of shareholding of 85.62% of outstanding shares prior to the offering of the common shares. After the offering of the common shares, the group of Mr. Somchai Thaisaguanvorakul reduces the shareholding proportion to 59.93%. As at December 31st, 2004, the group of Mr. Somchai Thaisaguanvorakul holds shares of 61.24%. As a result, the major shareholder is eligible to control the voting of the shareholdersû meeting regardless of the agendas of appointment of the directors and the resolution approval that requires the majority vote of the shareholdersû meeting except the law related matter or the Companyûs Code of Conduct matter that require 3 out of 4 number of voting rights of the shareholdersû meeting. Other shareholders may be unable to investigate and balance the power of any matter proposed by the major shareholders.

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6. ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 6.1. ºŸ∂â Õ◊ Àÿπâ ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√°∑’Ëª√“°Ø„π ¡ÿ¥∑–‡∫’¬πÀÿâπ ¡’¥—ßπ’È ≈”¥—∫∑’Ë 1 2 3 4 5 6 7 8 9 10

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π“¬‡§Õ‘™‘π π“§“‚¡‚µ– π“ß “«æ‘‰≈≈—°…≥å ¢ÿπ√—°…åæ√À¡ MR.BANG SOO LEE π“¬∑»æ√ ‰∑¬ ß«π«√°ÿ≈ π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ √«¡

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101,000,100 63,404,300 7,750,000 5,698,300 2,784,000 2,400,000 2,400,000 2,000,000 1,800,000 1,725,000 190,961,700

50.50 31.70 3.88 2.85 1.39 1.20 1.20 1.00 0.90 0.86 95.48

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3,235,157 2,146,250 757,500 757,500 757,500 505,000 505,000 252,500 1,183,593 10,100,000

32.03 21.25 7.50 7.50 7.50 5.00 5.00 2.49 11.73 100.00

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6. The Shareholding Structure and the Management 6.1 The shareholders As of December 31st, 2004, the top ten shareholders are as follow: Name 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

The SNC Holding Company Limited Thailand Securities Depository Company Limited Mr. Somchai Thaisanguanvorakul Ms. Anongnart Pongsaroj Thailand Securities Company Limited for depositors (F) Mr. Keiichin Nakamoto Ms. Pilailuck Koonrukpoma Mr. Bang Soo Lee Mr. Tosaporn Thaisanguanvorakul Mr. Fumiaki Takahachi Total

No.of shares

101,000,100 63,404,300 7,750,000 5,698,300 2,784,000 2,400,000 2,400,000 2,000,000 1,800,000 1,725,000 190,961,700

50.50 31.70 3.38 2.85 1.39 1.20 1.20 1.00 0.90 0.86 95.48

No.of shares

3,235,157 2,146,250 757,500 757,500 757,500 505,000 505,000 252,500 1,183,593 10,100,000

32.03 21.25 7.50 7.50 7.50 5.00 5.00 2.49 11.73 100.00

The shareholders of the SNC Holding Company Limited Name 1. 2. 3. 4. 5. 6. 7. 8. 9.

Mr. Somchai Thaisanguanvorakul Ms. Anongnart Pongsaroj Ms. Pilailuck Koonrukpoma Mr. Tosaporn Thaisanguanvorakul Mr. Keiichin Nakamoto Mr. Kenji Kodama Mr. Fumiaki Takahachi Mr. Somboon Gurdlin Others Total

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Quality Control Department Mr. Yoshimasa Hatanaka

Air conditioner parts business Mr. Fumiaki Takahachi

Automobile parts business Mr. Kenji Kodama

Internal Audit

Audit Committee

Marketing Department Mr. Fumiaki Takahachi

Accounting and Finance Department Mr. Sukhum Phothisawasdee

Supply Chain Management Mr. Kenju Kodama

Deputy Managing Director

Remneration Committee

Deputy Managing Director

Assistant Managing Director

Deputy Managing Director

Mr. Somchai Thaisanguanvorakul

Managing Director

Executive Committee

Board of Directors

Deputy Managing Director

Nomination Committee

Chairman of the Advisory Board Professor Dr. Boonton Dockthaisong

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6.2. Management Structure

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6.3. °“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√ 1

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„π°√≥’∑’Ëµ”·Àπàß°√√¡°“√«à“ß≈ß ‡æ√“–‡ÀµÿÕ◊ËππÕ°®“°∂÷ß§√“«ÕÕ°µ“¡«“√–„Àâ§≥–°√√¡°“√ ‡≈◊Õ°∫ÿ§§≈„¥∫ÿ§§≈Àπ÷ßË ´÷ßË ¡’§≥ ÿ ¡∫—µµ‘ “¡¡“µ√“ 68 ·Ààßæ√–√“™∫—≠≠—µ°‘ ≈ÿ¡à ∫√‘…∑— ¡À“™π®”°—¥ æ.». 2535 ·≈–µ“¡ª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å∑’Ë‡°’Ë¬«¢âÕß ‡¢â“ ‡ªìπ°√√¡°“√·∑π„π°“√ª√–™ÿ¡§≥–°√√¡°“√§√“«∂—¥‰ª ‡«âπ·µà«“√–¢Õß°√√¡°“√®–‡À≈◊Õ πâÕ¬°«à“ Õß‡¥◊Õπ ∫ÿ§§≈´÷Ëß‡¢â“‡ªìπ°√√¡°“√·∑π¥—ß°≈à“«®–Õ¬Ÿà „πµ”·Àπàß°√√¡°“√‰¥â‡æ’¬ß «“√–∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà¢Õß°√√¡°“√∑’Ëµπ·∑π Õ¬à“ß‰√°Á¥’ ∫√‘…—∑¡’°“√®—¥µ—Èß§≥–°√√¡°“√ √√À“ ∑”Àπâ“∑’Ëæ‘®“√≥“°”Àπ¥À≈—°‡°≥±å ·≈–π‚¬∫“¬„π°“√ √√À“∫ÿ§§≈∑’Ë¡’§«“¡‡À¡“– ¡∑’Ë®–¡“¥”√ßµ”·Àπàß°√√¡°“√ ∑—Èßπ’È§≥– °√√¡°“√ √√À“®–π”‡ πÕ√“¬™◊ËÕ∫ÿ§§≈∑’Ë‡À¡“– ¡¥—ß°≈à“«„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ (·≈â«·µà°√≥’) ‡æ◊ËÕæ‘®“√≥“·µàßµ—Èßµ“¡À≈—°‡°≥±å·≈–«‘∏’°“√¥—ßµàÕ‰ªπ’È (°) ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ßÀπ÷ËßÀÿâπ‡∑à“°—∫Àπ÷Ëß‡ ’¬ß (¢) „ÀâºŸâ∂◊ÕÀÿâπÕÕ°‡ ’¬ß≈ß§–·ππ‡≈◊Õ°µ—Èß°√√¡°“√‡ªìπ√“¬∫ÿ§§≈ (§) ∫ÿ § §≈æ÷ ß ‰¥â √— ∫ §–·ππ‡ ’ ¬ ß Ÿ ß ÿ ¥ µ“¡≈”¥— ∫ ≈ß¡“‡ªì π ºŸâ ‰ ¥â √— ∫ ‡≈◊ Õ °µ—È ß ‡ªì π °√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õæ÷ß‡≈◊Õ°µ—Èß‰¥â „π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ëß‰¥â√—∫°“√ ‡≈◊Õ°µ—ßÈ „π≈”¥—∫∂—¥¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π∑’®Ë –æ÷ß¡’À√◊Õæ÷ß®–‡≈◊Õ°µ—ßÈ „π§√—ßÈ π—πÈ „ÀâºŸâ‡ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥ °“√ √√À“°√√¡°“√ºŸâ®—¥°“√·≈–ºŸâ∫√‘À“√ §≥–°√√¡°“√ √√À“ ®–‡ªìπºŸâæ‘®“√≥“§—¥‡≈◊Õ°∫ÿ§§≈∑’Ë®–·µàßµ—Èß‡ªìπ°√√¡°“√ºŸâ®—¥°“√ À√◊ÕºŸâ∫√‘À“√¢Õß ∫√‘…—∑·≈–π”‡ πÕ√“¬™◊ËÕ∫ÿ§§≈¥—ß°≈à“«„Àâ§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ·µàßµ—Èß

6.4. ºŸâ∫√‘À“√ 6.4.1 ª√–∏“π°√√¡°“√∑’Ëª√÷°…“ ∫√‘…—∑‰¥â‡√’¬π‡™‘≠ ».¥√. ∫ÿ≠∑—π ¥Õ°‰∏ ß ´÷Ëß‡ªìπºŸâ∑√ß§ÿ≥«ÿ≤‘„π¥â“πµà“ßÊ ‚¥¬„π ªí®®ÿ∫—π∑à“π‰¥â¥”√ßµ”·Àπàß‡ªìπ ¡“™‘°«ÿ≤‘ ¿“ ®—ßÀ«—¥π§√√“™ ’¡“ ·≈–ª√–∏“π°√√¡°“√ «‘®—¬«ÿ≤‘ ¿“ πÕ°®“°π’È „πÕ¥’µ∑à“π¬—ß‡§¬¥”√ßµ”·Àπàß‡ªìπ√Õßª√–∏“π«ÿ≤‘ ¿“ §π∑’Ë Õß ‚¥¬ª√–∏“π°√√¡°“√∑’Ëª√÷°…“¡’¢Õ∫‡¢µÀπâ“∑’Ë „π°“√„Àâ§”ª√÷°…“·≈–·π–π”§≥– °√√¡°“√¢Õß∫√‘…—∑‡°’Ë¬«°—∫π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‚¥¬√«¡ √«¡∂÷ß°“√ ∫√‘À“√§«“¡‡ ’Ë¬ß¢Õß°‘®°“√

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6.3 The selection of directors and management 1.

At every annual ordinary meeting, one third of the directors shall retire from office. If the number of directors cannot be divided into exactly 3 parts, they shall retire by the number closest to one third. The directors that must retire from office within the first and second year after the listed of the Company shall be selected by casting lots. For the years after the second year, the director who has remained in position for the longest period shall retire from the office. The directors who retire from the position may choose to take the position again.

In case of vacancy in the Board of Directors for reason other than the retirement by rotation, the Board of Directors may elect a person who has the qualifications as stated in the article 68 of the Public Company Act 2535 and in the related notification of the Securities and Exchange Commission as a substitute director at the next board meeting, unless the remaining term of the said director is less than two months. The substitute director shall hold office only for the remaining term of office of the director he replaces. The Company has appointed the nomination committee to review and appoint the policy and criteria in selecting the person to be appointed as director. The nomination committee will propose the name of the nominees at the shareholdersû meeting (on a case by case basis) for approval by the following criteria: (A) Each shareholder shall have a number of votes equaling the number of shares he holds. One share equals one vote. (B) Each shareholder shall vote for one candidate at a time. (C) After the vote, the candidates shall be ranked in order descending from the highest number of votes received to the lowest, and shall be appointed as directors in that order until all of the directors positions are filled. Where the votes cast for candidates in descending order are tied, which would otherwise cause the number of directors to be exceed, the chairman of the meeting shall make the final decision. The selection of the Managing Director and the management The nominating committee will review and select the person to be appointed as the Managing Director or the management of the Company and propose the list of nominees to the Board of Directors for approval.

6.4 The management 6.4.1 Chairman of the Advisory Board The Company has invited Professor Dr.Boonton Docktahisong, a highly recognized scholar. At present, he is a member of the Senate of Nakorn Ratchasrima Province and the President of the Research Director of the Senate. In the past, he was the Deputy Chairman of the Senate, ranked the second. The duties and responsibilities of the Chairman of the Advisory Board is to provide consultant and recommendation to the Companyûs Board of Directors regarding the overview of the policy and operating procedures including the risk management of the business.

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6.4.2 §≥–°√√¡°“√¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑ ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 ª√–°Õ∫¥â«¬§≥–°√√¡°“√®”π«π 11 ∑à“π ¥—ßπ’È ™◊ÕË 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

π“¬ ¡»—°¥‘Ï π“¬ ¡™—¬ π. . Õπß§åπ“√∂ π“¬ ÿ√æ≈ π“¬ ¡∫ÿ≠ π“¬ “¡‘µµå π“¬Õ“π–«—≤πå π“¬ ÿ°®‘ π“¬ ¡™“¬ π“¬‡§π®‘ π“¬øŸ¡‡‘ Õ°‘

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[‚¥¬¡’ π“¬Õ‡π° ‡ ◊Õ√Õ¥ ∑”Àπâ“∑’Ë‡ªìπ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑]

°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°º—π ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π¢Õß∫√‘…—∑ª√–°Õ∫¥â«¬ π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ ≈ß≈“¬¡◊Õ™◊ËÕ √à«¡°—∫π“¬ ÿ√æ≈ ·¬â¡‡°…¡, À√◊Õπ“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π À√◊Õ π“¬ “¡‘µµå º≈‘µ°√√¡ °√√¡°“√ §π„¥§πÀπ÷Ëß√«¡‡ªìπ Õß§π ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑ 6.4.3 §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫ ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 ª√–°Õ∫¥â«¬°√√¡°“√µ√«® Õ∫ ®”π«π√«¡ 3 ∑à“π ¥—ßπ’È 1. π“¬Õ“π–«—≤πå π“«‘π∏√√¡ ª√–∏“π°√√¡°“√µ√«® Õ∫ 2. π“¬ ÿ°‘® æ—π∏å«‘»«“ °√√¡°“√µ√«® Õ∫ 3. π“¬ ¡™“¬ ‡µ’¬ßÀß…“°ÿ≈ °√√¡°“√µ√«® Õ∫ 6.4.4 §≥–°√√¡°“√∫√‘À“√ ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 §≥–°√√¡°“√∫√‘À“√¢Õß∫√‘…—∑ª√–°Õ∫¥â«¬°√√¡°“√ ∫√‘À“√®”π«π 5 ∑à“π ¥—ßπ’È 1. π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ ª√–∏“π°√√¡°“√∫√‘À“√ 2. π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π °√√¡°“√∫√‘À“√ 3. π“¬ “¡‘µµå º≈‘µ°√√¡ °√√¡°“√∫√‘À“√ 4. π“¬‡§π®‘ ‚§¥“¡– °√√¡°“√∫√‘À“√ 5. π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ °√√¡°“√∫√‘À“√ 6. π“¬‚¬™‘¡“ – Œ“∑“π“°– °√√¡°“√∫√‘À“√

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6.4.2 The Companyûs Board of Directors The Board of Directors as of December 30th, 2004 composes of 11 directors as follows: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Mr. Somsak Mr. Somchai Ms. Anongnart Mr. Surapol Mr. Somboon Mr. Samitt Mr. Anavat Mr. Sukit Mr. Somchai Mr. Kenji Mr. Fumiaki

Thaisanguanvorakul Thaisanguanvorakul Pongsaroj Yamkasem Gurdlin Palitagram Nawintham Panvisavas Thaenghongsakul Kodama Takahachi

Chairman of the Board Director Director Director Director Director Director Director Director Director Director

(Mr. Anek Suarod is the secretary to the Board of Director)

The authorized director Mr. Somchai Thaisanguanvorakul jointly with Mr. Surapol Yamkasem or Mr. Somboon Gurdlin or Mr. Samitt Palitagram, one of the directors totaling 2 persons are authorized to sign on behalf of the Company with the Companyûs seal affixed. 6.4.3 The Audit Committee The Audit Committee as of December 30th, 2004 composes of 3 members as follows: 1. Mr. Anavat Nawintham Chairman of the Audit Committee 2. Mr. Sukit Panvisavas Audit Committee 3. Mr. Somchai Thaenghongsakul Audit Committee 6.4.4 The Executive Committee The Executive Committee as of December 30th, 2004 composes of 5 members as follows: 1. Mr. Somchai Thaisanguanvorakul Chairman of the Executive Committee 2. Mr. Somboon Gurdlin Executive Committee 3. Mr. Samitt Palitagram Executive Committee 4. Mr. Kenji Kodama Executive Committee 5. Mr. Fumiaki Takahachi Executive Committee 6. Mr. Yoshimasa Hatanaka Executive Committee

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The Management As of December 30th, 2004, the Management composes of 5 members as follows: 1. 2.

4. 5.

Mr. Somchai Thaisanguanvorakul Managing Director Mr. Kenji Kodama Deputy Managing Director Automobile parts and supply chain management Mr. Fumiaki Takahachi Deputy Managing Director Air conditioner parts and marketing strategy Mr. Yoshimasa Hatanaka Deputy Managing Director Quality control Mr. Sukhum Potisawasdee Accounting and Finance Department

6.4.5 Nomination Committee As of December 30th, 2004, the Companyûs nomination committee composes of 3 persons as follow: 1. Mr. Somchai Thaisanguanvorakul Chairman of the Nomination Committee 2. Mr. Samitt Palitagram Director of the Nomination Committee 3. Mr. Somboon Gurdlin Director of the Nomination Committee Legal dispute In the past 10 years, none of the Companyûs directors and executive has been dismissed, discharged, resigned, or accused of any corruption or prosecution of bankruptcy or conviction of criminal case or dispute or undergoing lawsuit judgement.

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6.5. §à“µÕ∫·∑πºŸâ∫√‘À“√ 1.

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À¡“¬‡Àµÿ : ∫√‘…∑— ¡’π‚¬∫“¬∑’®Ë –®à“¬§à“µÕ∫·∑π„Àâ°∫— °√√¡°“√§√—ßÈ ≈– 10,000 ∫“∑µàÕ∑à“π ‚¥¬ ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 ∫√‘…—∑¡’°√√¡°“√®”π«π 4 ∑à“π ´÷Ëß¥”√ßµ”·Àπàß‡ªìπºŸâ∫√‘À“√

§à“µÕ∫·∑πÕ◊Ëπ ‡™àπ ‚§√ß°“√„Àâ ‘∑∏‘´◊ÈÕ§◊πÀÿâπ À≈—°∑√—æ¬å·ª≈ß ¿“æ Àÿâπ°Ÿâ À√◊Õ ‘∑∏‘ ª√–‚¬™πåÕ¬à“ßÕ◊Ëπ∑’ËºŸâ∫√‘À“√‰¥â√—∫®“°°≈ÿà¡∫√‘…—∑ - ‰¡à¡’ -

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6.5 Managementûs Remuneration 1.

Monetary remuneration Year 2003

Item

No. of persons Amount (million baht)

Directors Executives Total

4 4 4

7.03 7.03

Meeting allowance Salary, other welfares, bonus Meeting allowance, salary, welfares, bonus Year 2004

Item

No. of persons Amount (million baht)

Directors Executives Total

Type of remuneration

11 4 11

9.26 9.26

Type of remuneration

Meeting allowance Salary, welfares, bonus Meeting allowance, salary, welfares, bonus

Remarks : The policy of the Company is to pay remuneration to the directors at 10,000 baht per one director per one time. As of December 30th, 2004, the Company has 4 directors who are the executives. 2.

Other remunerations such as rights to call back securities, convertible securities, debentures, or other benefits granted to the executives by the Company. -None-

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

7. °“√°”°—∫¥Ÿ·≈°‘®°“√ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) √“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·π«∑“ß°“√ªØ‘∫—µ‘¢Õß∫√‘…—∑ 1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå

∫√‘…—∑ ‰¥â°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ ‚¥¬„Àâ §«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ·≈–¡ÿßà ‡πâπ °“√°”°— ∫ ¥Ÿ · ≈ΩÉ “ ¬∫√‘ À “√„Àâ ¥”‡π‘ π °“√µ“¡π‚¬∫“¬Õ¬à “ ß ¡’ª√– ‘∑∏‘¿“æ‡æ◊ËÕª√–‚¬™πå„π√–¬–¬“«¢ÕßºŸâ∂◊ÕÀÿâπ√«¡∑—Èß¡ÿàß‡πâπ „π‡√◊Ë Õ ß§«“¡‚ª√à ß „ „π°“√¥”‡π‘ π °‘ ® °“√ °“√‡ªî ¥ ‡º¬¢â Õ ¡Ÿ ≈ ·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡ „πªï 2546 ∫√‘…—∑ ¡’ ∂“π–‡ªìπ∫√‘…—∑‡Õ°™π ‚¥¬„π°“√®—¥°“√ ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·µà≈–§√—Èß∫√‘…—∑œ ‰¥â®—¥ àßÀπ—ß ◊Õπ—¥ª√–™ÿ¡æ√âÕ¡∑—Èß ¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“ °àÕπ«—πª√–™ÿ¡Õ¬à“ßπâÕ¬ 7 «—π ·≈–‰¥â¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß ∂Ÿ°µâÕß §√∫∂â«π ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â ∑—Èßπ’È ¿“¬À≈—ß ®“°∑’Ë∫√‘…—∑‰¥â‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑» ‰∑¬·≈â« ∫√‘…—∑œ ‰¥â¡’π‚¬∫“¬∑’Ë®–‡æ‘Ë¡∑“ß‡≈◊Õ°„Àâ°—∫ºŸâ∂◊ÕÀÿâπ ‚¥¬„Àâ °√√¡°“√Õ‘ √–‡ªìπºŸâ√—∫¡Õ∫Õ”π“®®“°ºŸâ∂◊ÕÀÿâπ „π°√≥’∑’ËºŸâ∂◊ÕÀÿâπ‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥â ∫√‘…—∑ ‰¥â „Àâ§«“¡ ”§—≠µàÕ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡‰¡à«à“®– ‡ªìπºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬„π ‰¥â·°à æπ—°ß“π·≈–ºŸ∫â √‘À“√¢Õß∫√‘…∑— œ À√◊Õ ºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿ·à ¢àß ‡®â“Àπ’¿È “§√—∞·≈–Àπà«¬ß“πÕ◊πË Ê ∑’‡Ë °’¬Ë «¢âÕ ‡π◊ÕË ß®“°∫√‘…∑— µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸ¡â ’ «à π‰¥â‡ ’¬ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß™ÿ¡™π·≈– —ß§¡ µ—«Õ¬à“ß ‡™àπ ∫√‘…—∑‰¥â‡¢â“√à«¡ ‡ªìπ ¡“™‘°„π°≈ÿ¡à Õÿµ “À°√√¡¢Õß ¿“Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‡æ◊ËÕ∑”°‘®°√√¡µà“ßÊ ‡ªìπµâπ ¿“¬À≈—ß®“°°“√·ª√ ¿“æ‡ªìπ∫√‘…∑— ¡À“™π ∫√‘…∑— ¡’π‚¬∫“¬∑’®Ë –‡ªî¥ ‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘π ß“π¢Õß∫√‘…∑— Õ∫∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈–¢âÕ‡ πÕ·π–µà“ßÊ ‚¥¬ª√–‡¥Áπ´—°∂“¡·≈–¢âÕ§‘¥‡ÀÁπ∑’Ë ”§—≠®–∂Ÿ°∫—π∑÷°‰«â „π√“¬ß“π °“√ª√–™ÿ¡ §≥–°√√¡°“√‰¥â¡’ à«π√à«¡„π°“√°”Àπ¥«‘ —¬∑—»πå ¿“√°‘® °≈¬ÿ∑∏å ‡ªÑ“À¡“¬ ·ºπ∏ÿ√°‘® µ≈Õ¥®π°”°—∫¥Ÿ·≈„ÀâΩÉ“¬®—¥°“√¥”‡π‘π°“√„Àâ ‡ªìπ‰ªµ“¡·ºπ∏ÿ√°‘®Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ √«¡∂÷ß °“√®—¥„Àâ∫√‘…∑— ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈– ¡“µ√°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡ √«¡∑—Èß¡’°“√µ‘¥µ“¡°“√ ¥”‡π‘ π °“√„π‡√◊Ë Õ ß¥— ß °≈à “ «Õ¬à “ ß ¡Ë” ‡ ¡Õ„π°“√ª√–™ÿ ¡ §≥– °√√¡°“√∫√‘…—∑ πÕ°®“°π’È§≥–°√√¡°“√®–‡ªìπºŸâæ‘®“√≥“°“√ °”Àπ¥·≈–·¬°∫∑∫“∑Àπâ “ ∑’Ë ·≈–§«“¡√— ∫ º‘ ¥ ™Õ∫√–À«à “ ß §≥–°√√¡°“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ ·≈–°√√¡°“√ ºŸâ®—¥°“√Õ¬à“ß™—¥‡®π

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7. Good Corporate Governance The SNC Former Public Company Limited The report of the good corporate governance Good Corporate Governance The Companyûs Policy on Corporate Governance 1. Policy on good corporate governance The Company has appointed the policy on good corporate governance particularly emphasized on the internal audit control system and to consistently monitor that the management strictly and efficiently follows the policy for the utmost benefit of the shareholder. The Company also emphasizes on the transparency of operation, the disclosure of information and the appropriate management of risk. 2. Rights and equitable treatment of In 2003, the Company was still a private company. In each shareholdersû meeting, the Company delivers the invitation shareholders letter together with the agendas to the shareholders 7 days prior to the meeting. Each agenda is composed of the directorsû opinion together with accurate and complete minutes of the previous meeting for the shareholdersû review. However, after the Company has been listed in the Stock Exchange of Thailand, the Company will offer an alternative to the shareholders who are unable to attend the meeting to appoint the independent committee as their proxy. 3. Rights of stakeholders The Company emphasizes the importance of rights of every group of stakeholders both internal stakeholders such as employees and management and external stakeholders such as competitors, public debtors as well as other related parties as the Company realizes their dedication towards the Company particularly the community and the society. An example would include the Companyûs application to become member of the industrial group under the Thailand Industrial Council to be involved in various activities. 4. Shareholdersû meeting After being listed in the Stock Exchange of Thailand, the Company will provide equal opportunity to the shareholders to investigate, review, express opinion, and provide recommendations towards the operation. All questions and opinions raised at the meeting will be recorded in the minutes of the meeting. 5. Leadership and Vision The Board of Directors is involved in the appointment of the Companyûs vision, mission, strategy, objective, business plan and in monitoring that the management strictly and efficiently follow the business plan. The Board of Directors also emphasizes on the sufficiency of the internal control system, internal audit system as well as risk management system

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6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

‡æ◊ËÕªÑÕß°—π§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√‰¥â¥Ÿ·≈ Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå √«¡∑—È ß °”Àπ¥π‚¬∫“¬·≈–«‘ ∏’ ° “√¥Ÿ · ≈‰¡à „Àâ ºŸâ ∫ √‘ À “√·≈–ºŸâ ∑’Ë ‡°’Ë¬«¢âÕßπ”¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑ ‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ °√ÿ ≥ “¥Ÿ · ∫∫· ¥ß√“¬°“√¢â Õ ¡Ÿ ≈ °“√‡ πÕ¢“¬À≈— ° ∑√— æ ¬å à«π∑’Ë 2 ¢âÕ 11 7. ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑ ‰¥â®—¥„Àâ¡’√–‡∫’¬∫·≈–·π«ªØ‘∫—µ‘‡ªìπ≈“¬≈—°…≥åÕ—°…√√«¡∂÷ß °”Àπ¥∫∑≈ß‚∑…∑“ß«‘π—¬‰«â¥â«¬ ‡æ◊ËÕ„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß¬÷¥∂◊Õ‡ªìπ ·π«∑“ß„π°“√ªØ‘∫—µ‘Àπâ“∑’Ëµ“¡¿“√°‘®¢Õß∫√‘…—∑¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ 8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑ ¡’®”π«π 11 ∑à“π ª√–°Õ∫¥â«¬ - °√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√ ®”π«π 3 ∑à“π - °√√¡°“√Õ‘ √– ®”π«π 3 ∑à“π §‘¥‡ªìπ√âÕ¬≈– 54.5 ¢Õß§≥–°√√¡°“√∑—Èß§≥– 9. °“√√«¡À√◊Õ·¬°µ”·Àπàß ª√–∏“π°√√¡°“√‰¡à ‡ ªì π ∫ÿ § §≈‡¥’ ¬ «°— π °— ∫ °√√¡°“√ºŸâ ®— ¥ °“√ ·µà∑—Èß Õß∑à“π‡ªìπµ—«·∑π®“°°≈ÿà¡ºŸâ∂◊ÕÀÿâπ„À≠à Õ¬à“ß‰√°Áµ“¡ ‚§√ß √â“ß§≥–°√√¡°“√¢Õß∫√‘…—∑ ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √– ®”π«π 3 ∑à“π ´÷Ëß®–°àÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–°“√ Õ∫∑“π°“√ ∫√‘À“√ß“π 10. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√‰«â Õ¬à“ß™—¥‡®π·≈–‚ª√àß„ ‚¥¬„π°“√ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 10/2547 ‰¥âæ‘®“√≥“Õπÿ¡—µ‘§à“µÕ∫·∑π°√√¡°“√„ÀâÕ¬Ÿà „π √–¥— ∫ ‡¥’ ¬ «°— ∫ Õÿ µ “À°√√¡´÷Ë ß Ÿ ß ‡æ’ ¬ ßæÕ∑’Ë ® –¥÷ ß ¥Ÿ ¥ ·≈–√— ° …“ °√√¡°“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’ËµâÕß°“√ √“¬≈–‡Õ’¬¥§à“µÕ∫·∑π°√√¡°“√ ·≈–ºŸ∫â √‘À“√°√ÿ≥“¥Ÿ·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9 11. °“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√¡’°”Àπ¥ª√–™ÿ¡‚¥¬ª°µ‘Õ¬à“ßπâÕ¬ªï≈– 4 §√—Èß ·≈–¡’ °“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√°”Àπ¥«“√–™—¥‡®π ≈à«ßÀπâ“·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ∑—Èßπ’È ∫√‘…—∑ ‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ ª√–™ÿ¡·≈–‡Õ° “√°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ËÕ„Àâ §≥–°√√¡°“√‰¥â¡‡’ «≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡ 12. §≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑ ‰¥â·µàßµ—Èß§≥–°√√¡°“√‡æ◊ËÕ™à«¬„π°“√°”°—∫ ¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑ ¥—ßπ’È - °√√¡°“√µ√«® Õ∫ ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ª√–°Õ∫ ¥â « ¬°√√¡°“√ 3 ∑à “ π ∑ÿ ° ∑à “ π‡ªì π °√√¡°“√Õ‘ √– √“¬π“¡ §≥–°√√¡°“√µ√«® Õ∫ ¢âÕ 9 ·≈–Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬ À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9 - °√√¡°“√°”Àπ¥§à“µÕ∫·∑π ‚¥¬¡’Àπâ“∑’°Ë ”Àπ¥§à“µÕ∫·∑π∑’®Ë ”‡ªìπ ‡æ◊ËÕ®Ÿß„®√—°…“§≥–°√√¡°“√ §≥–°√√¡°“√™ÿ¥¬àÕ¬ ·≈–ºŸâ∫√‘À“√ √–¥—∫ Ÿß¢Õß∫√‘…—∑°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ ‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9

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The Companyûs Policy on Corporate Governance

and consistently monitoring these systemûs operation in the Board of Directorsû meeting. The Board of Directors will also clearly and separately appoint the duties and responsibilities of the Board of Directors, the Audit Committee, and the Managing Director. 6. Conflict of interest The Board of Directors strictly monitors the transactions with possible conflict of interest. The Board of Directors also appoints policy to prevent the management from using the internal information for personal benefits. Please see details in the form stating the information of the securities offering, part 2 No. 11. 7. Business ethics The Company has appointed the written rules and practical criteria of the business ethics including the disciplinary punishment to be imposed for the related parties to be aware of and perform duties according to the Companyûs vision with trust and honesty. 8. Balance of power of non-executive The Board of Directors composes of 11 members as follow: Director - Non-executive directors 3 persons - Independent directors 3 persons or total of 54.5% of the Board of Directors 9. Aggregation or segregation of position The Chairman of the Board of Directors is not the same person as the Managing Director. However, both of them are the major shareholders. The structure of the Board of Directors composes of 3 independent directors, which should balance the power and review the management. 10. Remuneration for directors and The Company has clearly stated the policy on remuneration management to the Board of Directors and management and approved by the ordinary shareholdersû meeting No. 10/2004, which approved that the remuneration to the directors should be competitive with the industry and attractive enough to maintain the qualified directors. The details of the remuneration to the Board of Directors and management is stated in the form stating the information of the securities offering, part 2 No. 9. 11. The Directorûs meeting The Board of Directors meets at least 4 times per year. A special meeting may be arranged upon request. The agendas are clearly specified in advance with an agenda of reviewing the business operation as fixed agenda. The Company will send an invitation letter with agendas and attaching documents to the directors 7 days prior to the meeting for the directorsû review. 12. The Directors The Board of Directors has appointed the supporting committee to monitor the good corporate governance of the Company as follow: - The Audit Committee will hold office for the 3-year term, composing of 3 independent directors. The list and duties of

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The Companyûs Policy on Corporate Governance

the Audit Committee is explained in the form stating the information of the securities offering, part 2 No. 9. - The remuneration committee is responsible for assigning the necessary remuneration to attract the Board of Directors, the supporting committee, and the executive management. See more details in the form stating the information of the securities offering, part 2 No. 9. - The Nomination Committee is responsible for the appointment of the rules and policies in selecting the directors and the supporting committee including the executive directors. See more details in the form stating the information of the securities offering, part 2 No. 9. 13. Controlling system and internal audit The Company emphasizes on the importance of internal control system both at the management and operating level. The Company has clearly stated the operating duties and responsibilities of the employees and management including the use of the Companyûs assets. The duties of the operator and the appraisal are clearly separated to create balance of power and auditing. The financial internal control is also being practiced through the financial reports to be reported directly to the supervisor. The Company has appointed the internal audit to be the secretary in coordinating and monitoring operations for the Audit Committee while the Audit Committee will be fully responsible for auditing the Companyûs operation. The Audit Committee will report directly to the Board of Directors to assure that the main operations and the financial activities strictly and efficiently follow the appointed policy. The Company will induce compliance control to assure that the operations follow the laws and related code of conduct. 14. Directorsû report The Board of Directors is responsible to the financial statements of the Company, which is prepared according to the accounting standards generally accepted by using the appropriate accounting policy and practice regularly. The financial statements must also be based on prudent discretion and most reliable projection with sufficient disclosure of key information in the notes to financial statements. The Board of Directorsû meeting No. 1/2004 held on April 29th, 2004 has the resolution to appoint the Audit Committee, which composes of the non-executive directors to be responsible for the accuracy of the financial statements and the internal control system. 15. Relation with investors After being listed in the Stock Exchange of Thailand, the Company has the policy to appoint the investor relations officer to monitor the accuracy, sufficiency, and timeliness in disclosing investment information.

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

8. √“¬°“√√–À«à“ß°—π 8.1 √“¬°“√°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π √“¬°“√µàÕ‰ªπ’È‡ªìπ√“¬°“√∑’Ë¡’ “√– ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ √“¬°“√´◊ÈÕ¢“¬√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠

°“√¢“¬ ‘π§â“„Àâ∫√‘…—∑¬àÕ¬ °“√„Àâ∫√‘°“√·°à∫√‘…—∑¬àÕ¬ °“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬

ß∫°“√‡ß‘π√«¡ æ.». 2547 æ.». 2546 ∫“∑ ∫“∑ -

°“√¢“¬ ‘π§â“„Àâ∫√‘…∑— ¬àÕ¬‡ªìπ‰ªµ“¡√“§“∑’µË °≈ß°—π, °“√„Àâ∫√‘°“√·°à∫√‘…∑— ¬àÕ¬‡ªìπ‰ªµ“¡√“§“∑’µË °≈ß°—π ·≈– °“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬„™â√“§“µ“¡∫—≠™’ ÿ∑∏‘¢Õß ‘π∑√—æ¬å ¬Õ¥§â“ß™”√–®“°°“√´◊ÈÕ¢“¬√–À«à“ß°—π ß∫°“√‡ß‘π√«¡ æ.». 2547 æ.». 2546 ∫“∑ ∫“∑ -

ß∫°“√‡ß‘π√«¡ æ.». 2547 æ.». 2546 ∫“∑ ∫“∑ 161,930 151,000 50,930 (161,930) (40,000) 161,930

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ∫√‘…—∑¬àÕ¬ ß∫°“√‡ß‘π√«¡ æ.». 2547 æ.». 2546 ∫“∑ ∫“∑ ¬Õ¥µâπªï ‡ß‘π„Àâ°Ÿâ√–À«à“ßªï ‡ß‘π√—∫™”√–§◊π√–À«à“ßªï ¬Õ¥ª≈“¬ªï -

≈Ÿ°Àπ’È∫√‘…—∑¬àÕ¬ ‡®â“Àπ’È∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√

¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ ‡ß‘π°Ÿâ√–À«à“ßªï ®à“¬™”√–§◊π√–À«à“ßªï ¬Õ¥ª≈“¬ªï ≥ «—π∑’Ë 31 ∏—π«“§¡

‡ß‘π„Àâ°¬Ÿâ ¡◊ √–¬–¬“«·°à∫√‘…∑— ¬àÕ¬¡’°”Àπ¥™”√–§◊π‡¡◊ÕË ∑«ß∂“¡‚¥¬¡’Õµ— √“¥Õ°‡∫’¬È √âÕ¬≈– 6 µàÕªï √“¬‰¥â¥Õ°‡∫’¬È ®“°∫√‘…—∑¬àÕ¬ ”À√—∫ªï æ.». 2547 ¡’®”π«π‡ß‘π 66,936 ∫“∑ (æ.». 2546 : ‰¡à¡’)

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8. Inter-Company Transactions 8.1 Explanation of the Board of Directors The following transactions are related materially to the person or business as of December 31st, 2004. Important inter-company transactions Consolidate financial statement Companyûs financial statement Year 2004 Year 2003 Year 2004 Year 2003 Baht Baht Baht Baht Sale of product to subsidiary company - 60,766,913 Sale of service to subsidiary company 4,618,551 760,000 Sale of fixed assets to subsidiary company - 24,635,000 The sale of products to subsidiary company is based on the agreed upon price. The service provided to the subsidiary company is based on the agreed upon price. The sale of fixed assets to the subsidiary company is based on the net assets value. Overdue amount from inter-company transactions Consolidate financial statement Companyûs financial statement Year 2004 Year 2003 Year 2004 Year 2003 Baht Baht Baht Baht Account receivable, subsidiary company - 48,444,945 Account payable, subsidiary company 4,359,596 813,200 Loan from the director

Beginning balance as of Jan 1st Additional loan Loan repayment Ending balance as of Dec 31st

Consolidate financial statement Companyûs financial statement Year 2004 Year 2003 Year 2004 Year 2003 Baht Baht Baht Baht 161,930 151,000 40,000 50,930 (161,930) (40,000) (40,000) 161,930 -

Long-term loan to subsidiary company Consolidate financial statement Companyûs financial statement Year 2004 Year 2003 Year 2004 Year 2003 Baht Baht Baht Baht Beginning balance 1,085,600 Additional loan 130,000 1,085,600 Loan payment received - (1,215,600) Ending balance 1,085,600 The long-term loan to the subsidiary company is due upon call with interest rate at 6% per year. The interest revenue from the subsidiary in 2004 equals to 66,936 baht (year 2003 : none).

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8.2 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ ‡√◊ËÕß √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ µ“¡∑’Ë∫√‘…—∑œ ‰¥â®—¥µ—Èß§≥–°√√¡°“√µ√«® Õ∫ ª√–°Õ∫¥â«¬ ª√–∏“π ·≈–°√√¡°“√ √«¡ 3 ∑à“π °”Àπ¥«“√– °“√¥”√ßµ”·Àπàß ∑à“π≈–‰¡à‡°‘π 3 ªï ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 29 ‡¡…“¬π æ.». 2547 ‚¥¬π“¬Õ“π–«—≤πå π“«‘π∏√√¡ ‡ªìπ ª√–∏“π°√√¡°“√µ√«® Õ∫ π“¬ ÿ°‘® æ—π∏å«‘»«“ ·≈–π“¬ ¡™“¬ ‡µ’¬ßÀß…“°ÿ≈ ‡ªìπ°√√¡°“√µ√«® Õ∫ „πªï æ.». 2547 §≥–°√√¡°“√µ√«® Õ∫‰¥âªØ‘∫µ— À‘ πâ“∑’µË “¡§«“¡√—∫º‘¥™Õ∫∑’Ë ‰¥â√∫— ¡Õ∫À¡“¬®“°§≥–°√√¡°“√ ∫√‘…—∑‚¥¬‰¥â¥”‡π‘π°“√ª√–™ÿ¡ ·≈–¥”‡π‘πß“π„π‡√◊ËÕßµàÕ‰ª¥—ßπ’È ®—¥„Àâ¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 5 §√—Èß ‡ªìπ°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ ‚¥¬‰¥â‡™‘≠ΩÉ“¬∫√‘À“√∑’Ë‡°’Ë¬«¢âÕß‡¢â“√à«¡ª√–™ÿ¡ µ“¡«“√–Õ—π ¡§«√ -

æ‘®“√≥“ ·≈–„Àâ§«“¡‡ÀÁπ™Õ∫„π‡√◊ËÕß°“√®—¥∑”ß∫°“√‡ß‘π√“¬‰µ√¡“ ·≈–ß∫°“√‡ß‘πª√–®”ªï ‚¥¬‰¥â Õ∫∂“¡ ·≈–√—∫øíß§”™’È·®ß®“°ºŸâ Õ∫∫—≠™’ π—°∫—≠™’¢Õß∫√‘…—∑œ √«¡∑—Èß‰¥â‡™‘≠ºŸâ∫√‘À“√∑’Ë‡°’Ë¬«¢âÕß¢Õß∫√‘…—∑œ √à«¡ ™’È·®ßªí≠À“·≈–ª√–‡¥Áπ ”§—≠®“°°“√ Õ∫∑“π ·≈–°“√µ√«® Õ∫ ß∫°“√‡ß‘π¢ÕßºŸâ Õ∫∫—≠™’ ‡æ◊ËÕ„Àâß∫°“√ ‡ß‘π‰¡à¢—¥µàÕ¢âÕ‡∑Á®®√‘ß ·≈– Õ¥§≈âÕß°—∫¡“µ√∞“π°“√∫—≠™’ ·≈–°Æ√–‡∫’¬∫∑’Ë∫√‘…—∑œ µâÕßªØ‘∫—µ‘µ“¡

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8.2 Message from the Audit Commitee The Audit Committeeûs Report To shareholders Subject Audit Committeeûs report The Companyûs Audit Committee composes of 3 members : the chairman and the directors. The office term of each member of the Audit Committee is 3 years with an effective date on April 29th, 2004. Mr. Anavat Nawintham is the Chairman of the Audit Committee. Mr. Sukit Panvisavas and Mr. Somchai Thaenghongsakul are the directors of the Audit Committee . In 2004, the Audit Committee has performed duties as being assigned by the Board of Directors with the following agendas: 1. Arrange 5 ordinary meetings and invite the management to attend the meetings on call basis. 2.

Review and approve the quarterly and annual financial statements with inquiries and explanations from the Auditor, accountant including the related management to clarify the problems and explain the important matters arise from the review and investigation of the financial statements to assure the accuracy and the conformity to the generally accepted accounting standards.

Review and approve the annual business plan, annual budget and quarterly monitor the operation of the internal compliance unit to appraise the sufficiency of the internal control system and the corporate governance to prevent any conflict of interest or dispute against the laws and regulation of the governing body.

Arrange the appraisal standard for the operating efficiency of the Audit Committee. The Audit Committee, the Senior Vice President of Finance and Accounting, and the Vice President of the Internal Audit has appraised the efficiency of the Audit Committee in term of training, personnel, meeting of the Audit Committee, reports of the Audit Committee, activities of the Audit Committee, relationship with the internal auditor / Auditor. The result of the appraisal is satisfactory.

Mr. Anavat Nawintham Chairman of the Audit Committee

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

9. √“¬≈–‡Õ’¬¥º≈°“√¥”‡π‘πß“π·≈–§”Õ∏‘∫“¬ ·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π º≈°“√¥”‡π‘πß“π ”À√—∫ªï 2547 „πªï 2547 ∫√‘…—∑¬—ß§ß‡πâπ°≈¬ÿ∑∏å„π°“√ √â“ß¡Ÿ≈§à“‡æ‘Ë¡„πµ—« ‘π§â“ ®“°‡¥‘¡∑’Ë ∫√‘…—∑¡’°“√º≈‘µ™‘Èπ à«πµà“ßÊ ‡ªìπ™‘Èπ‡æ◊ËÕ¢“¬„Àâ·°à≈Ÿ°§â“ ‡ª≈’Ë¬π¡“‡ªìπ°“√π”™‘Èπ à«πµà“ßÊ ‡À≈à“π—Èπ¡“ª√–°Õ∫°—π‡ªìπ™ÿ¥‡æ◊ËÕ®”Àπà“¬„Àâ·°à≈Ÿ°§â“·∑π ´÷Ëß∫√‘…—∑¡’‡ªÑ“ À¡“¬„π°“√‡ªìπºŸâπ” çOutsourcing Experté „π°“√√—∫™à«ß°“√º≈‘µ™‘Èπ à«πÕ–‰À≈à ‡§√◊ÕË ß∑”§«“¡‡¬Áπ„Àâ°∫— ºŸºâ ≈‘µ ‘π§â“√–¥—∫‚≈° ‚¥¬∫√‘…∑— ¡’√“¬‰¥â®“°°“√¢“¬®”π«π 834 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“√âÕ¬≈– 77 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2546 ‡ªìπº≈¡“®“°°“√∑’Ë∫√‘…—∑ ‰¥â√—∫‚Õπ “¬°“√º≈‘µ¡“®“°≈Ÿ°§â“√“¬„À≠àÀ≈“¬√“¬ ´÷Ëß∫√‘…—∑§“¥«à“„πÕπ“§µ®–¡’∫√‘…—∑≈Ÿ°§â“ºŸâº≈‘µ‡§√◊ËÕßª√—∫ Õ“°“»∑’Ëµ—¥ ‘π„®‚Õπ “¬°“√º≈‘µ¡“„Àâ·°à∫√‘…—∑‡æ‘Ë¡¡“°¢÷Èπ ·≈–√“¬‰¥â∑’Ë‡æ‘Ë¡¢÷ÈπÕ’° à«πÀπ÷Ëß‡ªìπº≈¡“®“°°“√‡Õ“„®„ à „π§ÿ≥¿“æ¢Õß ‘π§â“∫√‘°“√·≈–°“√ àß ‘π§â“∑’Ëµ√ß‡«≈“ ‡ªìπº≈„Àâ‡°‘¥°“√‡æ‘Ë¡¬Õ¥¢“¬·≈–‡°‘¥°“√¢¬“¬∞“π≈Ÿ°§â“„π °≈ÿà¡Õÿµ “À°√√¡Õ¬à“ßµàÕ‡π◊ËÕß ‰¡à«à“®–‡ªìπ√“¬‰¥â®“°°≈ÿà¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå À√◊Õ®“°°≈ÿà¡™‘Èπ à«π §Õ¡‡æ√ ‡´Õ√å √“¬‰¥â®“°°“√¢“¬

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9. Explanation and Analysis of Financial Statements Performance of the year 2004 In 2004, the Company continues to emphasize on adding values to its products from previously manufactured small parts of one product to manufacturing various different small parts and attach them into one set of parts to the customer. The objective of the Company is to become the outsourcing expert by subcontracting the manufacturing air conditioner parts for world-class manufacturer. The Companyûs sales revenue in 2004 results at 834 million baht, an increase of 77% compared to the sales revenue in 2003. Such tremendous increase is primarily due to the fact that the Company has been selected to manufacture parts for many large-scale manufacturers. The Company expects that a number of air conditioner manufacturers will transfer their production line to the Company. Another reason for the increase in sales revenue is resulted from the good quality of product and punctuality of delivery, which further results in the continuous expansion of customer base in automobile industry, air conditioner industry and compressor industry. Total Sales Revenue

Million Baht 900 800 700 600 49% 500 400 316 300 200 100 0 2002

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2003

Oct-Dre Oct-Dre 03 04

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2004

Revenue from automobile air conditioner parts In 2004, the sales revenue from automobile air conditioner parts result at 217 million baht, an increase of 34% compared to that of 2003, which partly results from tremendous growth in the local manufacturing of the automobile industry and the expansion of the Companyûs customer base. The Company still maintains its strategy in simultaneously making research and development with automobile maker for newly developed parts. The products of the Company are also highly standardized and well accepted by the automobile air conditioner manufacturer for a lower manufacturing cost. Therefore, the Companyûs customer base has expanded to include more world-class manufacturer of automobile air conditioner parts for large automobile maker. The Company growth is also partly due to the growth in the automobile industry, which in turn results from the governmentûs policy in supporting Thailand to become the center for automobile assembly for export particularly a 1-ton truck. Revenue from automobile air condittoner parts

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2004

Revenue from house air conditioner parts In 2004, the sales revenue from house air conditioner parts results at 482 million baht, an increase of 100% compared to that of 2003, which partly results from the higher proportion of sales in set of parts rather than just small part. The Company, under the SNC Aircond Company Limited, has also been selected to manufacturer a line of products for York and Fujitsu. Beside, the Company, under the SNC Former Public Company Limited, has been selected to Revenue From house air comditioner parts

Million Baht

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µâπ∑ÿπ¢“¬·≈–Õ—µ√“°”‰√¢—Èπµâπ µâπ∑ÿπ¢“¬„π™à«ßªï 2544 - 2546 ‰¡à¡’°“√‡ª≈’Ë¬π·ª≈ß¡“°π—° ¬°‡«âπ„π ªï 2547 ∑’Ë√“§“«—µ∂ÿ¥‘∫‚¥¬‡©æ“–√“§“∑Õß·¥ß∑’Ë‡ªìπ«—µ∂ÿ¥‘∫À≈—°∑’Ë„™â „π°≈ÿà¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»„πÕ“§“√ ·≈–§Õ¡‡æ√ ‡´Õ√å ´÷Ëß√“§“∑Õß·¥ßª√—∫µ—«¢÷Èπ Ÿß ÿ¥„π√Õ∫ ‘∫ªï∑’Ëºà“π¡“‚¥¬ª√—∫µ—«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 40 „π™à«ß‡¥◊Õπ°ÿ¡¿“æ—π∏å‡¡…“¬π 2547 ‡π◊ËÕß®“°‡À¡◊Õß∑Õß·¥ß¢Õß‚≈° 1 „π 3 ·Ààß‡°‘¥°“√∂≈à¡ „π ¢≥–∑’Ë§«“¡µâÕß°“√„™â∑Õß·¥ß®“°ª√–‡∑»®’π§àÕπ¢â“ß Ÿß®“°°“√¢¬“¬µ—«∑“ß ‡»√…∞°‘®¢Õß®’πÕ¬à“ß¡“°„π™à«ß 3-4 ªï∑’Ëºà“π¡“ Õ¬à“ß‰√°Áµ“¡Õ—µ√“°”‰√¢—Èπµâπ µàÕ√“¬‰¥â®“°°“√¢“¬¢Õß∫√‘…∑— „πªï 2547 Õ¬Ÿ∑à Õ’Ë µ— √“√âÕ¬≈– 25.81 ≈¥≈ß„πÕ—µ√“√âÕ¬≈– 6.6 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ´÷Ëß‡ªìπ°“√≈¥≈ß„πÕ—µ√“ à«π∑’ËπâÕ¬°«à“°“√‡æ‘Ë¡¢÷Èπ¢Õß√“§“∑Õß·¥ß ‡π◊ËÕß®“°∫√‘…—∑ “¡“√∂ª√—∫√“§“®”Àπà“¬ ‘π§â“ ‰¥â∫“ß à«π „π¢≥–∑’Ë∫√‘…—∑¬—ß§ßº≈—°¥—π·≈–æ—≤π“‚§√ß √â“ß°“√∫√‘À“√ß“π¢Õß∫√‘…—∑ ‚¥¬°“√·∫àß “¬°“√º≈‘µÕ¬à“ß ™—¥‡®π·≈–°“√ √â“ßÀπà«¬∏ÿ√°‘®¬àÕ¬Ê ¢÷Èπ„π·µà≈–·ºπ° ‡æ◊ËÕ àß‡ √‘¡„Àâæπ—°ß“π„π “¬°“√º≈‘µ‰¥â¡’ à«π√à«¡∑’Ë ”§—≠ „π°“√«“ß·ºπ·≈–·°âªí≠À“µà“ßÊ ‡ªìπº≈„Àâ∫√‘…—∑¡’§«“¡§≈àÕßµ—«„π°“√∑”ß“π¡“°¬‘Ëß¢÷Èπ √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— ªï 2546-2547

≈â“π∫“∑ 900 800 700 600 470 500 400 300 27.61% 200 130 14.09% 9.67% 66 46 100 0 °”‰√ ÿ∑∏‘

°”‰√®“°°“√¥”‡π‘πß“π

834

25.81% 215 14.04%

117 9.42% 79

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manufacture a line of products for Mitsubishi Consumer Products. Aside from that, many world-class Japanese air conditioner manufacturers have moved their assembly base to Thailand, which definitely will increase purchase order to the Company. The Company believes that in the future, the sales revenue will continue to increase.

Revenue from compressor parts Revenue From Compressor parts

In 2004, the sales revenue from manufacturing compressor parts result in 135 million baht, an increase of 100% compared to that of 2003 as a result of tremendous growth in the air conditioner industry and electrical appliances industry together with the continuous improvement in the quality of the product and punctuality of delivery. The customer is, therefore, confident in the capability of the Company, which results in continuous increase in manufacturing order by the customer. The pricing factor also affects as the selling price of air conditioner has increased as a result from an increase in the cost of copper, which is the major metal used in manufacturing. At present, the Company is the largest manufacturer of metal pipe assembly in Thailand. Million Baht

134.8

% 100

117.8

100

22%

67.5

55.5

% 145

67.5

2002

2003

9 month 9 month 2003 2003 2004

2004

Performance of the Compamy during 2003-2004 Million Baht 900 800 700 600 470 500 400 300 27.61% 200 130 14.09% 9.67% 66 46 100 0 2003

Cost of sales and profit margin ratio

The cost of sales during the year 2001-2003 has slightly changed except in 2004 where the cost of copper, the major material used in manufacturing house air conditioner parts and compressor, reaches its highest in the past 10 years by increasing 40% during February-April 2004 as a result from the collapse of one of the top three largest copper mine at time when copper is highly needed in China from the tremendous expansion of the Chinese economy during the past 3-4 years. However, the gross profit margin of the Company in 2004 is 25.81%, a decrease of 6.6% compared to that of 2003. The reduction in the gross profit margin is lesser in proportion to the increase in the copper price as the Company is able to simultaneously adjust some portion of the selling price. The Company still maintains its cost-effective management strategy by clearly separated each line of production and by creating small subordinated units within each department to encourage thorough interaction in operation planning and problem solving among employees in each product line. As a result, the Company operates more efficiently. Sale Revenues

Profit Margin

834

25.81% 215 14.04%

117 9.42% 79

2004

Gperating Profit

Net Profit

Operating profit margin ratio for automobile air conditioner parts The operating profit margin ratio for automobile air conditioner parts in 2004 is 18.20% of sales revenue, an increase of 6.30% compared to that of 2003.

Operating profit margin ratio for building air conditioner parts The operating profit margin ratio for house air conditioner parts in 204 is 8.1% of the sales revenue, a decrease from that of 2003 where the operating profit margin ratio was 9.8% of sales revenue. The primary factor is due to the increase in copper price during the year in which copper is the major material used in the manufacturing of the air conditioner parts. As a result, the Companyûs manufacturing

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∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) / SNC FORMER PUBLIC COMPANY LIMITED

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§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ Õ—µ√“§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ ”À√—∫ªï 2547 µàÕ√“¬‰¥â®“°°“√¢“¬Õ¬Ÿà∑’ËÕ—µ√“√âÕ¬≈– 14.1 ≈¥≈ß„π Õ—µ√“√âÕ¬≈– 5.87 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â®“°°“√¢“¬∑’Ë Ÿß¢÷ÈπÕ¬à“ß¡“° ª√–°Õ∫ °—∫∫√‘…—∑º≈—°¥—ππ‚¬∫“¬„Àâæπ—°ß“π¢ÕßÀπà«¬ß“π¬àÕ¬§«∫§ÿ¡°”‰√ ÿ∑∏‘¢Õß·µà≈–Àπà«¬ß“π‡Õß ‚¥¬∑’Ë∫√‘…—∑°”Àπ¥„Àâ ¡’°“√ª√–‡¡‘π§«“¡ “¡“√∂„π°“√∑”°”‰√¢ÕßÀπà«¬ß“π¬àÕ¬‡ªìπª√–®”∑ÿ° —ª¥“Àå ∑”„Àâ‡°‘¥°≈‰°°“√§«∫§ÿ¡°“√„™â ®à“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–‰¥âº≈ Õ¬à“ß‰√°Áµ“¡§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√∑’Ë≈¥≈ß‡æ’¬ß√âÕ¬≈– 5.87 à«πÀπ÷Ëß ‡ªìπº≈®“°°“√«“ß·ºπ‡æ‘Ë¡®”π«π∫ÿ§§≈“°√∑—Èß„π à«π¢Õß°“√ªØ‘∫—µ‘ß“π ·≈–„π à«π¢Õß°“√∫√‘À“√√«¡∂÷ß§à“„™â®à“¬∑’Ë ‡°’Ë¬«¢âÕß°—∫°“√Ωñ°Õ∫√¡·≈–æ—≤π“∫ÿ§§≈“°√ ‡æ◊ËÕ√Õß√—∫°“√¢¬“¬ß“π ”À√—∫ªï æ.». 2548

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ROA% 30% 74% 17%

20%

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16%

64% 49% 51%

10% 26%

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cost has also increased. However, the Company is able to partially adjust the pricing of some products. Beside, during the third and fourth quarter of the year, the Company has started manufacturing and selling of house air conditioner parts to the Mitsubishi Consumer Products, which results in improvement of gross profit margin at 8.1% in 2004 compared to that of the first and second quarter.

Operating profit margin of the compressor parts The operating profit margin of the compressor parts in 2004 is 14.8% of the sales revenue, an increase of 24% compared to the operating profit margin in 2003, which results from the growth of sales volume of the air conditioner industry and electrical appliances and also results from the pricing adjustment in some products following the increase of copper price in the first and second quarter while the manufacturing cost of some parts of products is still constant.

Selling and administrative expenses The selling and administrative expenses ratio to the sales revenue in 2004 is 14.1%, a decrease of 5.87% compared to that of 2003 as a result from a tremendous increase in sales revenue and from the Companyûs policy in emphasizing the management of net profit control in each subordinated unit, which will be evaluated weekly. Therefore, the cost and expense management is highly efficient. However, the reduction in selling and administrative expenses is still minimal at 5.87% due to the increase in the number of personnel both at operating and management level and the increase in the expense of personnel training and development to support the business expansion in 2005.

Net profit In 2004, the Companyûs net profit is 78.5 million baht or 9.4% of the sales revenue, a decrease of 2.58% from that of 2003 as a result from an increase in the cost of materials during the year as stated above. However, the Company has minimized the risk in the fluctuation of material price by making advance purchase. The Company has induced many policies in maintaining the maximum amount of profits such as the policy of controlling expense and net profit in each subordinated unit, the partial repayment of loan to reduce the account payable outstanding, and the ability to acquire the new long-term source of capital with lower interest rate from the new financial institution, which reduces the interest expense of the Company.

Financial status As at December 31st, 2004, the Company and its subsidiaries have total assets of 680 million baht, total liabilities of 265 million baht and shareholdersû equity of 414 million baht. The current asset to non-current assets ratio of the Company is 74% to 26%. Summary of the Company's assets during 2003-2004 ROA% Million Baht The cash and deposit at financial institutions at at 800 30% 700 74% 600 December 31st, 2004 originates from the cash received from the 17% 20% 500 400 16% offering of the newly issued common shares after the Company 9% 300 64% 10% 200 49% was listed in the Stock Exchange of Thailand. 100 26% 51% 36% 0%

2002 Non-Current Assets

2003 Current Assets

2004 Return from Compressor parts

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The trade account receivables as at December 31st, 2004 equals to 194 million baht, an increase of 95% compared to that of 2003. The increase in trade account receivables results from increase in sales revenue in November and December of 2004, which are higher than the sales revenue in November and December of 2003. The Companyûs average credit period is 60-90 days. The days collectible outstanding in 2002, 2003, and 204 are 71 days, 68 days, and 65 days respectively, which is moderately relative to the credit period approved by the Company. The trade account receivables with due date less than 6 months has decreased as they become collectibles during the year. The inventory as at December 31st, 2004 is net at 75 million baht, an increase of 95% compared to that of last year as a result from the increase in manufacturing and selling volume. Normally, the Company maintains the minimum amount of inventory as the Company manufactures product upon the customerûs purchase order. The days sale outstanding period in 2002, 2003, and 2004 are 30 days, 23 days, and 29 days respectively. The increase in the number of days sale outstanding in 2004 results from the increase in the manufacturing volume and copper price. The property, plant, and equipment - net at December 31st, 2004 increases by 59 million baht consisting mainly of investment in machines and equipments to support the expansion of manufacturing capacity, which simultaneously increased with the customerûs orders. In the future, the Company expects to increase investment in an even more updated machine and equipment to increase operating and production efficiency. The return on assets in 2002, 2003, and 2004 are 41%, 61% and 69% respectively. The trade account payable and notes payable as at December 31st, 2004 equals to 130 million baht, an increase of 92% compared to that of 2003, which varies according to the increase in the purchasing and manufacturing volume. The liability turnover ratio in 2004 equals to 6.25 times, an increase of 5% compared to last year. Therefore, the days payable outstanding reduces to 58 days in 2004 compared to 61 days in 2003. The credit period granted to the Company by the supplier is generally 30-60 days. Liabilities and Shareholder's Equity

Return on Equity Ratio

Million Baht

800 700 600 500 400 300 200 100 0

Million Baht

Ratio

22%

52%

32%

100%

-100%

414

-300% -500%

2002

2003

-570%

2004

800 700 600 500 400 300 200 100 0

0.9

0.5

-1.0

414

-3.0

2003

2004

Return on Equity Ratio

Liabilities wiht interest

Return on Equity Ratio

-5.0

-7.0

2002

Shareholder's Equity

1.0

0.2

2002 22%

2003 52%

Shareholder's Equity

Return on Equity Ratio

2004 32%

The long-term loan as at December 31st, 2004 equals to 26 million baht, a reduction from last year as the Company partially repaid upon due date. The interest rate is MLR-1. The collateral to the long-term loan is the land of the subsidiary company and the director of the Company. The debt with interest to equity ratio equals to 0.16 time, which is 83% lower than last year. The interest coverage ratio equals to 31 times, which increases by 39% compared to last year. The shareholdersû equity as at December 31st, 2004 equals to 414 million baht, an increase of 411% compared to that of last year, which mainly results from the increase in the common shares of the registered capital of 219 million baht, annual profit of 78 million baht and legal reserve of 4 million baht and interim dividend payment of 30 million baht. The debt to equity ratio equals to 0.64 to 1. The return to equity ratio equals to 32%.

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) 31 ∏—π«“§¡ 2547 ·≈– 2546

SNC F0RMER PUBLIC COMPANY LIMITED Head office & Factory 103/25-34 Moo 17 Taparuk Road, Bangsaotong Distric, Sub Amphur Bangsaotong Samutprakarn 10540 Thailand Tel : 0-2330-3483, 0-2705-0820 Fax : 0-2705-6890 E-mail : snc@sncformer.com Website : www.sncformer.com