SNC: Annual Report 2005 by Piyanat Kimhamanon

2 SNC FORMER PUBLIC COMPANY LIMITED

CUSTOMERS

1 2 3 4 5 6 7 8 9 10

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

ANNUAL REPORT 2005

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

1 2 3 4 5 6 7 8 9 10 11 12 13

√“¬ß“πª√–®”ªï 2548

Solenoid Valve Strainer Assûy Distributor Assûy Pipe Assûy Pipe Comp. Plate Jointing Tripod Half union Flare nut Flange Outdoor Unit Air Distributor

2 3

SNC FORMER PUBLIC COMPANY LIMITED

8 4

7 9

11 12

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

ANNUAL REPORT 2005

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

1 2 3 4

√“¬ß“πª√–®”ªï 2548

Turret Punch & Bending Machine Press Machine Freezer Panel Power Coating Machine

SNC FORMER PUBLIC COMPANY LIMITED

“√∫—≠ CONTENTS

“ åπ®“°ª√–∏“π°√√¡°“√∫√‘À“√

Message from the Chairman

¢âÕ¡Ÿ≈∑—Ë«‰ª

General Information

ª√–«—µ‘°√√¡°“√·≈–§≥–ºŸâ∫√‘À“√

Details of the Directors and Management

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑

Financial Highlights

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

Type of Business

ªí®®—¬§«“¡‡ ’Ë¬ß

Risk Factors

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√

Shareholding Structure and Management

°“√°”°—∫¥Ÿ·≈°‘®°“√

Corporate Governance

√“¬°“√√–À«à“ß°—π

Inter-Company Transactions

√“¬≈–‡Õ’¬¥º≈°“√¥”‡π‘πß“π·≈– §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π

Explanation and Analysis of Financial Statements

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π

Auditorûs Report and Financial Statements

ANNUAL REPORT 2005

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

“ åπ®“°ª√–∏“π°√√¡°“√∫√‘À“√ ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ „πªï æ.». 2549 ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ‰¥â°”Àπ¥ °≈ÿà¡‡ªÑ“À¡“¬¢Õß∏ÿ√°‘®‡ªìπ 5 °≈ÿà¡ §◊Õ ™‘Èπ à«π·Õ√å ”À√—∫√∂¬πµå ™‘Èπ à«π·Õ√å ”À√—∫ ∑’ËÕ¬ŸàÕ“»—¬ ™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å ”À√—∫µŸâ‡¬Áπ·≈–·Õ√å∫â“π ™‘Èπ à«πµŸâ‡¬Áπ ·≈–™‘Èπ à«π ‡§√◊ËÕß´—°ºâ“ ‚¥¬¡ÿàß‡πâπ°≈ÿà¡≈Ÿ°§â“ 3 °≈ÿà¡„À≠àÊ §◊Õ ≠’ËªÿÉπ ‡°“À≈’ ·≈–¬ÿ‚√ª ‚¥¬„πªïπ’È ∫√‘…—∑œ ‰¥â¡ÿàß‡πâπº≈‘µ¿—≥±å„À¡à πÕ°‡Àπ◊Õ®“°º≈‘µ¿—≥±å∑’Ë∑”®“° ∑àÕ∑Õß·¥ß ∑àÕÕ≈Ÿ¡‘‡π’¬¡ ∑àÕ∑Õß‡À≈◊Õß ·≈–∑àÕ‡À≈Á°·≈â« ¬—ß¡ÿàß‡πâπº≈‘µ¿—≥±å °“√ªíö¡¢÷Èπ√Ÿª‚≈À–∑’Ë∑”®“°·ºàπ‡À≈Á° Õ≈Ÿ¡‘‡π’¬¡ ·≈– ·µπ‡≈ æ√âÕ¡°—∫°”≈—ß »÷°…“§«“¡‡ªìπ‰ª‰¥â„π°“√∑’®Ë –≈ß∑ÿπ„π‡√◊ÕË ßÕÿµ “À°√√¡µâππÈ”¢Õß∏ÿ√°‘®∑’ºË ≈‘µÕ¬Ÿ„à πªí®®ÿ∫π— ‡æ◊ÕË ∑’®Ë – “¡“√∂§«∫§ÿ¡µâπ∑ÿπ „Àâ “¡“√∂·¢àß¢—π‰¥âæ√âÕ¡°—∫°“√∑’®Ë –°â“«‰ª Ÿ°à “√‡ªìπºŸ√â ∫— ®â“ßº≈‘µ„πÕπ“§µ´÷ßË ®– “¡“√∂≈¥µâπ∑ÿπ„Àâ°∫— ≈Ÿ°§â“‡ªìπÕ¬à“ß¡“° Õ—π‡π◊ËÕß¡“®“°®”π«π·≈–§«“¡™”π“≠ ª√–°Õ∫°—∫§à“„™â®à“¬¥â“π°“√¢“¬·≈–∫√‘À“√∑’ËµË”≈ß∑ÿ°ªï ”À√—∫°“√·¢àß¢—π„πª√–‡∑»·≈–πÕ°ª√–‡∑» ≈Ÿ°§â“∑ÿ°√“¬¡’®ÿ¥¡ÿàßÀ¡“¬∑’Ë‡À¡◊Õπ°—π§◊Õ §ÿ≥¿“æ Ÿß ÿ¥√“§“ ∑’Ë‡À¡“– ¡°—∫ ∂“π°“√≥å·≈–∫√‘°“√∑’ËµÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“µ≈Õ¥‡«≈“ §Ÿà·¢àß∑’Ë ”§—≠ ”À√—∫„π§«“¡§‘¥¢Õß ºŸâ∫√‘À“√§◊Õ ≈Ÿ°§â“¢Õß‡√“‡Õß µ√“∫„¥∑’Ë‡√“ “¡“√∂µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“∑ÿ°Ê¥â“π‰¥â‡√“°Á®– “¡“√∂¥”√ß ∏ÿ√°‘®Õ¬Ÿà‰¥â ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß¡ÿàß‡πâπ°“√æ—≤π“∫ÿ§≈“°√‡ªìπ‡ªÑ“À¡“¬ ”§—≠¢ÕßÕß§å°√ ´÷Ëß‡√“‰¥â‡ªî¥À≈—° Ÿµ√ MINI MD ¢÷Èπ ‡ªìπªï∑’Ë 3 ·≈â« ·≈–º≈≈—æ∑å∑’ËÕÕ°¡“∑”„Àâ∫√‘…—∑¡’Õ—µ√“°“√‡®√‘≠‡µ‘∫‚µ„π™à«ß 3 ªïÀ≈—ßπ’È‡ªìπ∑’Ëπà“æÕ„®¢Õß∑ÿ°Ê ΩÉ“¬ „π¥â“π°“√ √â“ß§«“¡æ÷ßæÕ„® ºŸâ∫√‘À“√§”π÷ß∂÷ßºŸâ∑’Ë¡’ à«π‰¥â à«π‡ ’¬∑ÿ°ΩÉ“¬ §◊Õ ≈Ÿ°§â“ §Ÿà§â“ π—°≈ß∑ÿπ ·≈–æπ—°ß“π ∑ÿ°§π ‚¥¬¡ÿàß‡πâπ°“√¡’ à«π√à«¡∑—Ë«∑—ÈßÕß§å°√ ¥—ß·π«§‘¥¢Õß°“√∫√‘À“√§◊Õ çPARTNERé ´÷Ëß¡’§«“¡À¡“¬¥—ßπ’È P = Participation A = Accountability R = Responsibility T = Transparency

N = Needs (Stakeholder) E = Equality R = Revenues

¥—ßπ—Èπ‡æ◊ËÕ„Àâ·π«§‘¥¥—ß°≈à“«∫√√≈ÿ‡ªÑ“À¡“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ºŸâ∫√‘À“√®÷ß‡ªî¥‚Õ°“ „Àâæπ—°ß“π∑ÿ°√–¥—∫ ‰¥â¡’ à«π√à«¡„π°“√‡ πÕ·π«§‘¥„π°“√·°â ‰¢ªí≠À“∑’Ë‡°‘¥¢÷Èπ„πÕß§å°√ ‚¥¬®—¥‡ªìπ°‘®°√√¡∑’Ë‡√’¬°«à“ Action Plan ´÷Ëß‰¥â ªØ‘∫—µ‘°—π¡“Õ¬à“ßµàÕ‡π◊ËÕß‡ªìπ√–¬–‡«≈“À≈“¬ªïµ‘¥µàÕ°—π ·≈–„π à«π¢ÕßºŸâ∂◊ÕÀÿâπÀ√◊Õπ—°≈ß∑ÿπ º¡·≈–ºŸâ∫√‘À“√æ√âÕ¡∑’Ë®– πâÕ¡√—∫·≈–√—∫øíß∑ÿ°¢âÕ‡ πÕ·π–®“°∑à“πµ≈Õ¥‡«≈“ ‚¥¬ “¡“√∂µ‘¥µàÕ‰¥â∑’Ë www.sncformer.com À√◊Õ email somchai@sncformer.com ‰¥âµ≈Õ¥‡«≈“ ∑â“¬∑’ Ë ¥ÿ π’ºÈ ¡·≈–æπ—°ß“π∑ÿ°§π¡’§«“¡µ—ßÈ „®Õ¬à“ß·πà«·πà∑®’Ë –ªØ‘∫µ— À‘ πâ“∑’ÕË ¬à“ß‡µÁ¡§«“¡ “¡“√∂ ´◊ÕË —µ¬å ®ÿ √‘µ ‡æ◊ËÕ„Àâ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ¡’§«“¡‡®√‘≠‡µ‘∫‚µÕ¬à“ß¡—Ëπ§ß·≈–¬—Ëß¬◊π ‡æ◊ËÕºŸâ∑’Ë¡’ à«π‰¥â à«π ‡ ’¬∑ÿ°§π·≈–µàÕª√–‡∑»™“µ‘´÷Ëß®– àßº≈„Àâ§π‰∑¬∑ÿ°§π¡’§ÿ≥¿“æ™’«‘µ∑’Ë¥’¢÷Èπ°«à“„πªí®®ÿ∫—π

(π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈) ª√–∏“π°√√¡°“√∫√‘À“√ 6

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Message from the Chairman Dear Shareholders, In 2006 SNC Former Public Company Limited has divided its target business into 5 groups, namely automobile air conditioner parts, housewhole air conditioner parts, compressor parts for refrigerator and housewhole air conditioner, refrigerator parts and washing machine parts by focusing on main 3 group of customers which are Japan, Korea and Europe. This year, the Company also emphasizes on manufacture new products, apart from the existing products made from copper tube, brass pipe and metal pipe, the Company has focused on manufacturing press parts of metal, aluminum and stainless steel. The Company is currently undertaking a feasibility study of the investing in the upstream industry in order to be able to control cost and be more competitive in the market and prepare and position itself as the outsourcing expert in the future. This will tremendously reduce cost for our customers because of the advantage of the economies of scales, increasing expertise and the decrease in selling and administration expenses yearly. Regarding the competition in both domestic and international markets, all customers aim for the highest quality with appropriate price and best services. The major competitor in the managementûs view is our own customers. As long as we can satisfy our customersû needs in all aspects, we will stay in business and grow. Therefore, the Companyûs important goal is to focus on human resource development, which we have launched MINI MD course for 3 years and the success of that course has been reflected in the growth of the Company for the past 3 years and been satisfied by all parties. In order to create the satisfaction, the management concerns for all the stakeholders which are customers, partners, investors and all staff by focusing on the mutual co-operation of the whole organization according to the management concept of çPARTNERé which have the following meanings: P = Participation A = Accountability R = Responsibility T = Transparency

N = Needs (Stakeholder) E = Equality R = Revenues

Therefore, to effectively achieve that concept, the management has let the staff at all level participate in solving problem arise in the organization by setting an activity called çAction Plané which has been carried out for a couple of consecutive years. For our shareholders and investors, the management and I, are always willing to accept and hear all of your opinion through our website www.sncformer.com or e-mail address somchai@sncformer.com. Finally, all staff and myself are determined to fulfill our duties with full effort and integrity in order to drive SNC Former Public Company Limited toward strong and sustainable growth that will benefits all stakeholders and our country, which will eventually lead to a better quality of life of all Thai people.

(Mr.Somchai Thaisanguanvorakul) Chairman of Executive Committee ANNUAL REPORT 2005

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

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 ·≈–º≈‘µ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»·∫∫ ‡ªìπ™ÿ¥ ≈Ÿ°§â“∑’Ë ”§—≠¢Õß∫√‘…—∑§◊ÕºŸâº≈‘µ ‘π§â“∑’Ë¡’™◊ËÕ‡ ’¬ß™—Èππ”¢Õß‚≈° ªí®®ÿ∫—π∫√‘…—∑¡’∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–·≈â« 200 ≈â“π∫“∑ ∑’Ëµ—Èß 103/25-34 À¡Ÿà∑’Ë 17 ∂ππ‡∑æ“√—°…å µ”∫≈∫“ß‡ “∏ß °‘ËßÕ”‡¿Õ∫“ß‡ “∏ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 10540 ∑–‡∫’¬π‡≈¢∑’Ë 0107547000371 ‚Œ¡‡æ® www.sncformer.com ‚∑√»—æ∑å 0-2705-0820-25, 0-2330-3483-90 ‚∑√ “√ 0-2330-3481-2, 0-2705-6890

1.2 ¢âÕ¡Ÿ≈∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√ ·≈–™‘πÈ à«π‚≈À– ”À√—∫§Õ¡‡æ√ ‡´Õ√å ‚¥¬®”Àπà“¬„Àâ°—∫≈Ÿ°§â“√“¬„À≠à 3 √“¬§◊Õ York, LG ·≈– Fujitsu ªí®®ÿ∫—π∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà√âÕ¬≈– 100 ¡’ ∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–·≈â« 30 ≈â“π∫“∑ ∑’Ëµ—Èß 88/9 À¡Ÿà∑’Ë 2 µ”∫≈¡–¢“¡§Ÿà °‘ËßÕ”‡¿Õπ‘§¡æ—≤π“ ®—ßÀ«—¥√–¬Õß 21180 ‚∑√»—æ∑å 0-3891-7212-5 ‚∑√ “√ 0-3891-7216 ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ‚≈À–·ºàπ¢÷Èπ√Ÿª ”À√—∫‡§√◊ËÕß´—°ºâ“ µŸâ‡¬Áπ ‡µ“Õ∫‰¡‚§√‡«ø º≈‘µ¿—≥±åÕ‘‡≈Á§ ∑√Õπ‘§ å ·≈–‡§√◊ÕË ßª√—∫Õ“°“»¿“¬„πÕ“§“√ √«¡∂÷ß°“√º≈‘µ‡§√◊ÕË ß®—°√·≈–Õÿª°√≥åª√–‡¿∑‡§√◊ÕË ß·™à·¢ÁßFREEZER ªí®®ÿ∫—π∫√‘…—∑∂◊ÕÀÿâπ√âÕ¬≈– 80.40 ¡’∑ÿπ®¥∑–‡∫’¬πÕÕ°®”Àπà“¬·≈–™”√–·≈â« 80 ≈â“π∫“∑ ∑’Ëµ—Èß 88/18 À¡Ÿà∑’Ë 2 µ”∫≈¡–¢“¡§Ÿà °‘ËßÕ”‡¿Õπ‘§¡æ—≤π“ ®—ßÀ«—¥√–¬Õß 21180 ‚∑√»—æ∑å 0-3889-3619-27, 0-3889-3620-25 ‚∑√ “√ 0-3889-3618 ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Õ¡æåæ“√å∑ ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘Èπ à«π‚≈À– ”À√—∫§Õ¡‡æ√ ‡´Õ√å ∫√‘…—∑∂◊ÕÀÿâπ√âÕ¬≈– 100 ¡’∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–·≈â« 5 ≈â“π∫“∑ ªí®®ÿ∫—π‰¥â√«¡°“√º≈‘µ‰ª¥”‡π‘πß“πÕ¬Ÿà¿“¬„µâ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ‡æ◊ËÕª√– ‘∑∏‘¿“æ„π°“√∫√‘À“√®—¥°“√

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

1. General Information 1.1 The Company SNC Former Public Company Limited SNC Former Public Company Limited manufactures air conditioning parts including aluminum pipe and copper tube for automotive and home refrigerant systems. Its major customers are world-class manufacturers. At present, the Company没s registerred and paid up capital equals to 200 million Baht. Location 103/25-34 Moo 17, Taparuk Road, Bangsaotong District, Sub Amphur Bangsaotong, Samutprakarn10540 Registration No. 0107547000371 Homepage www.sncformer.com Telephone No. 0-2705-0820-25, 0-2330-3483-90 Fax No, 0-2330-3481-2, 0-2705-6890

1.2 Subsidiaries SNC Air-Cond Company Limited SNC Air-Cond Company Limited manufactures housewhole air conditioner parts and compressor parts for 3 major customers, York, LG and Fujitsu. Its registerred and paid up capital is 30 million Baht and the Company holds 100% of its capital. Location 88/9 Moo 2 Ma-Kham-Koo District, Sub Amphur Nikhom Pattana, Rayong 21180 Telephone No. 0-3891-7212-5 Fax No. 0-3891-7216 SNC Pyongsan Evolution Company Limited SNC Pyongsan Evolution Company Limited manufactures metal sheet press parts for washing machine, refrigerator, microwave, electronic products and housewhole air conditioner as well as manufactures freezer machinery and equipment. Its registerred and paid-up capital is 80 million Baht and the Company holds 80.40%of its capital. Location 88/18 Moo 2 Makhamku District, Sub Amphur Nikom Pattana, Rayong 21180 Telephone No. 0-3889-3619-27, 0-3889-3620-25 Fax No. 0-3889-3618 SNC Comp Parts Company Limited SNC Comp Parts Company Limited manufactures metal parts for compressor. It没s registerred and Paid-up capital is 5 million Baht and the Company holds 100% of its capital. In order to increase the efficiency of the group没s operation, its production has been transferred to be operated by SNC Air-Cond Company Limited. ANNUAL REPORT 2005

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

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ §Ÿ≈≈‘Ëß ´—ææ≈“¬ ®”°—¥ ª√–°Õ∫∏ÿ√°‘®º≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»·∫∫‡ªìπ™ÿ¥„Àâ·°à≈°Ÿ §â“√“¬„À≠à√“¬Àπ÷ßË ∫√‘…∑— ∂◊ÕÀÿπâ Õ¬Ÿ√à Õâ ¬≈– 100 ¡’∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–·≈â« 10 ≈â“π∫“∑ ªí®®ÿ∫—π‰¥â√«¡°“√º≈‘µ‰ª¥”‡π‘πß“πÕ¬Ÿà ¿“¬„µâ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ‡æ◊ËÕª√– ‘∑∏‘¿“æ„π°“√∫√‘À“√®—¥°“√ ∫√‘…—∑ ‡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√—∫ ‚§√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 Õ‘π ‚π‡«™—πË ®”°—¥ ¬—ß‰¡à¡√’ “¬‰¥â®“°°“√ª√–°Õ∫∏ÿ√°‘® ·≈–¬—ß‰¡à¡·’ ºπß“π°“√¥”‡π‘π∏ÿ√°‘®·µàÕ¬à“ß„¥ ∫√‘…∑— ∂◊ÕÀÿâπÕ¬Ÿà√âÕ¬≈– 100 ¡’∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–·≈â« 14 ≈â“π∫“∑

1.3 ∫ÿ§§≈Õâ“ßÕ‘ß π“¬∑–‡∫’¬π

ºŸ â Õ∫∫—≠™’ ∑’Ëª√÷°…“°ÆÀ¡“¬ π—°≈ß∑ÿπ —¡æ—π∏å

√“¬ß“πª√–®”ªï 2548

∫√‘…—∑»Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡≈¢∑’Ë 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4,6,7 ∂ππ√—™¥“¿‘‡…° §≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 02-359-1200-01 §ÿ≥Õ‚π∑—¬ ≈’°‘®«—≤π– ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3442 ∫√‘…—∑ ‰æ√â´«Õ‡µÕ√å‡Œ“ å§Ÿ‡ªÕ√å ‡Õ∫’‡Õ‡Õ ®”°—¥ §ÿ≥‡Õπ° ‡ ◊Õ√Õ¥ §ÿ≥ ÿ√æ≈ ·¬â¡‡°…¡

SNC FORMER PUBLIC COMPANY LIMITED

SNC Cooling Supply Company Limited SNC Cooling Supply Company Limited manufactures air conditioner parts solely to one major customer. It没s registerred and Paid-up capital equals to 10 million Baht and 100% of its capital held by the Company. At present, its operation has been shifted to operate under SNC Former Public Company Limited in order to increase the efficiency of the group没s operation as well. SAS Innovation Company Limited SAS Innovation Company Limited owns a plot of land for 73 rais located at Lampang District, Lampang. It is established to support real estate development project or support the Rectangular Economic Project Area among Thailand, China, Laos and Myanmar, which may become the center for business expansion to the south of China in the future. At present, SAS Innovation Company Limited still has no revenue as well as no business plan. It没s registerred and paid-up capital is 14 million Baht and the Company holds 100% of it没s capital.

1.3 References Registrar

Auditor Legal Advisor Investor Relation

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

ANNUAL REPORT 2005

√“¬ß“πª√–®”ªï 2548

4 π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π °√√¡°“√

3 π“¬ ÿ√æ≈ ·¬â¡‡°…¡ °√√¡°“√

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1 π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ ª√–∏“π°√√¡°“√∫√‘À“√

™◊ËÕ - °ÿ≈ µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

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Õ“¬ÿ (ªï)

0.60

0.33

2.85

5.59

—¥ à«π°“√ ∂◊ÕÀÿâπ (%)

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2 Ms. Anongnart Pongsaroj Director

3 Mr. Surapol Yamkasem Director

1 Mr.Somchai Thaisanguanvorakul Chairman of Executive Committee

4 Mr.Somboon Gurdlin Director

Age (years)

Name - Surname Position

- Master of Science Private and Public Management National Institute of Development Administration - Certificate in Management , University of California, Berkeley, CA, USA - Senior Executive Program (SEP) Sasin Graduate Institute of Business Administration of Chulalongkorn University - DAP Training (31st) - DCP Training (55th) - Bachelor of Arts Ramkamhaeng University - DAP Training (31st) - DCP Training (55th) - Bachelor of Law Ramkamhaeng University - DAP Traning (20th) - DCP Training (55th) - Master of Business Administration Burapha University - DAP Training (32nd)

Education

0.60

0.33

2.85

5.59

5 Years Experiences Background Position Company

Director Director

1984-1995 Plant Manager 1999 - Present Director 2003 - Present Director 2005 - Present Managing Director 2004 - 31 Dec 04 Director

1994 - Present 1999 - Present

Director (on April 2004)

SURD Engineering Company Limited SAS Innovation Company Limited SNC Former Public Company Limited SNC Air-Cond Company Limited SNC Air-Cond Company Limited

SNC Former Public Company Limited SAS Innovation Company Limited

SNC Former Public Company Limited

Chairman of Executive Committee SNC Former Public Company Limited Chairman of Executive Committee SNC Pyongsan Evolution Company Limited Chairman of Executive Committee SNC Air-Cond Company Limited Chairman of Executive Committee SNC Com Parts Company Limited 2003 - 2004 Chairman of Executive Committee SNC Cooling Supply Company Limited 2004 - 31 Dec 04 Managing Director SNC Holding Company Limited Managing Director SNC Air-Cond Company Limited Managing Director SNC Com Parts Company Limited Managing Director SNC Cooling Supply Company Limited 1994 - 2004 SNC Former Public Company Limited

2005 - Present

Year

Spouse of No.1 1994 - Present

Percentage Relationship of shares holding (%)

Details of the Directors, Management and Authorized person

2. Details of the Directors and Management

SNC FORMER PUBLIC COMPANY LIMITED

ANNUAL REPORT 2005

√“¬ß“πª√–®”ªï 2548

0.76

Mechanical of Nakatsu Technical Senior High School

0.86

9 π“¬‡§π®‘ ‚§¥“¡– °√√¡°“√ 10 π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ °√√¡°“√

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0.10

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0.55

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2519-2547 2533-ªí®®ÿ∫π—

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6 Mr. Anavat Nawintham Chairman of the Audit Committee (on April 2004) 7 Mr. Sukit Panvisavas Audit Committee (on April 2004)

- Master Degree : Political Science National Institute of Development Administration - DAP Training (20th) - Osaka Technical College

- Mechanical of Nakatsu Technical Senior High School

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

- Bachelor of Law Ramkhamhaeng University - DAP Training (12th) - Master of Science Private and Public Management National Institute of Development Administration - DAP Training (12th)

- Master of Economics National Institute of Development Administration - DAP Training (33rd)

Education

8 Mr. Somchai Thaenghongsakul Audit Committee (on April 2004)

Age (years)

5 Mr. Samitt Palitagram Director

Name - Surname Position

0.76

0.86

0.10

0.15

0.55

Percentage Relationship of shares holding (%)

Details of the Directors, Management and Authorized person

2. Details of the Directors and Management

1998 - 2000 2000 - Present

Director (on April 2004) Plant Manager Director (on April 2004)

Director Director Director Director Director Section Manager, Area 3 District Manager, Prakanong

2002 - Present 2003 - Present 2003 - Present 2003 - Present 2004 - Present 2005 - Present 1976 - 2004

1990 - Present

Director

Managing Director Director General Manager Director Director Director Managing Director Director

1994 - Present

2005 - Present 2002 - 2004 1999 - 2001 2001 - Present 2004 - Present 2004 - Present 2000 - Present 2001 - Present

Year

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

SNC Former Public Company Limited

Union Consultant Accounting office Company Limited Stretom Test Company Limited S.R.A. Construction Company Limited Winner Online Company Limited Srikari Cholartea Company Limited Quest Media Company Limited Telephone Organization of Thailand Telephone Organization of Thailand

SNC Former Public Company Limited SNC Former Public Company Limited SNC Former Public Company Limited SNC Air-Cond Company Limited SNC Comp Parts Company Limited SNC Cooling Supply Company Limited Sarin Property Company Limited Sarin Planner Company Limited

5 Years Experiences Background Position Company

SNC FORMER PUBLIC COMPANY LIMITED

ANNUAL REPORT 2005

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

3. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) Õ—µ√“ à«π∑“ß°“√‡ß‘π Õ—µ√“ à«π ¿“æ§≈àÕß Õ—µ√“ à«π ¿“æ§≈àÕß (‡∑à“) Õ—µ√“ à«π ¿“æ§≈àÕßÀ¡ÿπ‡√Á« (‡∑à“) Õ—µ√“ à«π ¿“æ§≈àÕß°√–· ‡ß‘π ¥ (‡∑à“) Õ—µ√“ à«πÀ¡ÿπ‡«’¬π≈Ÿ°Àπ’È°“√§â“ (§√—Èß) √–¬–‡«≈“‡°Á∫Àπ’È‡©≈’Ë¬ («—π) Õ—µ√“ à«πÀ¡ÿπ‡«’¬π ‘π§â“§ß‡À≈◊Õ (§√—Èß) √–¬–‡«≈“¢“¬ ‘π§â“‡©≈’Ë¬ («—π) Õ—µ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È (§√—Èß) √–¬–‡«≈“™”√–Àπ’È («—π) «ß®√‡ß‘π ¥ («—π) Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√À“°”‰√ Õ—µ√“°”‰√¢—Èπµâπ Õ—µ√“°”‰√®“°°“√¥”‡π‘πß“π Õ—µ√“°”‰√ ÿ∑∏‘ Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Õ—µ√“ à«π· ¥ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√ Õ—µ√“°“√À¡ÿπ¢Õß ‘π∑√—æ¬å (§√—Èß) Õ—µ√“ à«π«‘‡§√“–Àåπ‚¬∫“¬∑“ß°“√‡ß‘π Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Õ—µ√“ à«π§«“¡ “¡“√∂™”√–¥Õ°‡∫’È¬ (‡∑à“) Õ—µ√“ à«π§«“¡ “¡“√∂™”√–¿“√–ºŸ°æ—π (‡∑à“)

√“¬ß“πª√–®”ªï 2548

2546 ß∫√«¡

2547 ß∫√«¡

2548 ß∫√«¡

1.05 0.9 0.34 5.28 68 15.38 23 5.95 61 31

2.13 1.74 1.68 5.66 65 12.66 29 6.25 58 36

1.28 1.01 0.96 5.95 62 11.26 33 6.30 58 37

28% 14% 10% 52% 1.42

26% 14% 9.42% 32% 0.51

23% 13% 9.56% 27% 0.61

17% 61% 4.35

24% 84% 1.67

20% 56% 1.49

2.86 0.94 22.37 0.47

0.64 0.16 30.76 0.95

1.16 0.44 28.96 0.62

SNC FORMER PUBLIC COMPANY LIMITED

3. Financial Highlights SNC Former Public Company Limited Financial Ratios Liquidity Ratio Current Ratio (Times) Quick Ratio (Times) Cash Ratio (Times) Accounts Receivables Turnover (Times) Collection Period (Days) Inventory Turnover (Times) Inventory Turnover Period (Days) Account Payable Turnover (Times) Payment Period (Days) Cash Cycle (Days) Profitability Ratio Gross Profit Margin (%) Operating Profit Margin (%) Net Profit Margin (%) Return on Equity (%) Net Profit Per Share (Baht) Efficiency Ratio Return on Assets (%) Return on Fixed Assets (%) Assets Turnover (Times) Financial Policy Ratio Debt to Equity Ratio (Times) Debt with Interest to Equity Ratio (Times) Interest Coverage Ratio (Times) Debt Service Coverage Ratio (Times)

2003 2004 2005 Consolidated ConsolidatedConsolidated 1.05 0.9 0.34 5.28 68 15.38 23 5.95 61 31

2.13 1.74 1.68 5.66 65 12.66 29 6.25 58 36

1.28 1.01 0.96 5.95 62 11.26 33 6.30 58 37

28% 14% 10% 52% 1.42

26% 14% 9.42% 32% 0.51

23% 13% 9.56% 27% 0.61

17% 61% 4.35

24% 84% 1.67

20% 56% 1.49

2.86 0.94 22.37 0.47

0.64 0.16 30.76 0.95

1.16 0.44 28.96 0.62

ANNUAL REPORT 2005

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

4. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 4.1 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈–π‚¬∫“¬°“√·∫àß°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑„π°≈ÿà¡ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ª√–°Õ∫∏ÿ√°‘®‡√‘Ë¡·√°®“°°“√º≈‘µ™‘Èπ à«π‡§√◊ËÕß ª√—∫Õ“°“» ”À√—∫√∂¬πµå µàÕ¡“‰¥â¢¬“¬∏ÿ√°‘®‡ªìπºŸºâ ≈‘µ™ÿ¥∑àÕÕ≈Ÿ¡‡‘ π’¬¡ ”À√—∫‡§√◊ÕË ßª√—∫Õ“°“»√∂¬πµå º≈‘µ™ÿ¥∑àÕ∑Õß·¥ß·≈–™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å ·≈–·ºàπ‚≈À– ¢÷Èπ√Ÿª ”À√—∫µŸâ‡¬Áπ ‡µ“Õ∫‰¡‚§√‡«ø ‡§√◊ËÕß´—°ºâ“ ‚¥¬√—∫™à«ß°√–∫«π°“√º≈‘µ®“°°≈ÿà¡≈Ÿ°§â“∑’Ë¡’™◊ËÕ ‡ ’¬ß√–¥—∫‚≈°À≈“¬∫√‘…—∑ ¥â«¬µâπ∑ÿπ∑’Ë∂Ÿ°°«à“·≈–¡’ª√– ‘∑∏‘¿“æ∑’Ë Ÿß ∫√‘…—∑®—¥‚§√ß √â“ß°“√®—¥°“√·≈–‚§√ß √â“ß‡ß‘π∑ÿπ¢Õß°≈ÿà¡∫√‘…—∑ „Àâ‡ªìπ‰ªµ“¡°≈¬ÿ∑∏å°“√ ‡µ‘∫‚µ·≈–‡æ‘Ë¡¢’¥§«“¡ “¡“√∂„π°“√·¢àß¢—π¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ·≈– ∫√‘…—∑„π‡§√◊Õ‚¥¬·∫àß·¬°‚§√ß √â“ß°“√®—¥°“√µ“¡ “¬º≈‘µ¿—≥±å ¥—ßπ’È ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ª√–°Õ∫∏ÿ√°‘®º≈‘µ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå ™ÿ¥™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π Õ“§“√ º≈‘µ¿—≥±å¢Õß∫√‘…—∑ ¡’¥—ßπ’È °≈ÿà¡º≈‘µ¿—≥±å™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå ‰¥â·°à 1. ™ÿ¥∑àÕÕ≈Ÿ¡‘‡π’¬¡ ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå 2. ™ÿ¥∑àÕ‡À≈Á°·≈–∑àÕ∑Õß‡À≈◊Õß ”À√—∫‡§√◊ËÕß¬πµå °≈ÿà¡º≈‘µ¿—≥±å™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ‰¥â·°à 1. ™ÿ¥∑àÕ∑Õß·¥ß ”À√—∫ “√∑”§«“¡‡¬Áπ∑’Ë„™â „π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π∫â“π·≈–Õ“§“√ 2. ™‘Èπ à«π·∫∫‡ªìπ™ÿ¥ ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ‚¥¬º≈‘µµ“¡§” —Ëß´◊ÈÕ¢Õß≈Ÿ°§â“´÷Ëß®–π” ‘π§â“‰ªª√–°Õ∫√à«¡°—∫™‘Èπ à«πÕ◊ËπÊ ·≈–º≈‘µ‡ªìπ ‘π§â“ ”‡√Á®√Ÿª‡æ◊ËÕ®”Àπà“¬∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑» πÕ°®“°π’È∫√‘…—∑¬—ß¡’°“√¢¬“¬ “¬º≈‘µ¿—≥±å ‚¥¬º≈‘µ™‘Èπ à«π∑àÕ∑Õß·¥ß∑’Ë„™â „π‡§√◊ËÕß∑”§«“¡‡¬Áπª√–‡¿∑µŸâ‡¬Áπ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ‡ªìπ∫√‘…—∑„π°≈ÿà¡∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) ´÷Ë ß ∑”∏ÿ √ °‘ ® √— ∫ ®â “ ßº≈‘ µ ™‘È π à « π ·≈–™‘È π à « π·∫∫‡ªì π ™ÿ ¥ ‡æ◊Ë Õ πÕßµÕ∫„Àâ µ √ß°— ∫ §«“¡µâÕß°“√¢Õß≈Ÿ°§â“„π°≈ÿà¡∏ÿ√°‘®‡§√◊ËÕßª√—∫Õ“°“»∑—Èß™ÿ¥∑’ËÕ¬Ÿà„πÕ“§“√ (INDOOR) ·≈–™ÿ¥∑’ËÕ¬ŸàπÕ° Õ“§“√ (OUTDOOR) ´÷Ëß≈Ÿ°§â“®–‡ªìπºŸâ¬° “¬°“√º≈‘µ„Àâ¡“∫“ß à«π·≈–∫“ß≈Ÿ°§â“°Á„Àâ¡“∑—ÈßÀ¡¥ ‡æ◊ËÕ „Àâ∫√‘…—∑‡ªìπºŸâº≈‘µ·∑π (Outsourcing) ‚¥¬≈Ÿ°§â“®–π”™‘Èπ à«π∑’Ë∫√‘…—∑º≈‘µ‰ªª√–°Õ∫°—∫™‘Èπ à«πÕ◊Ëπ‰¥â ∑—π∑’ ‡æ◊ËÕ„Àâ ‰¥âº≈‘µ¿—≥±å ”‡√Á®√ŸªÕÕ°¡“®”Àπà“¬ ´÷Ëß®“°°“√∑’Ë∑“ß≈Ÿ°§â“‰¥â „Àâ∑“ß∫√‘…—∑º≈‘µ·∑ππ—Èπ ∑“ß≈Ÿ°§â“ “¡“√∂≈¥µâπ∑ÿπ„π°“√º≈‘µ∑—ßÈ ∑“ß¥â“π‡«≈“ ·√ßß“π·≈–§à“„™â®“à ¬µà“ßÊ „π‚√ßß“π‰¥â¥«â ¬ „π ¢≥–‡¥’¬«°—π∑“ß≈Ÿ°§â“°Á¬—ßπ”æ◊Èπ∑’Ë∑’Ë‡°‘¥®“°°“√¬° “¬°“√º≈‘µ·≈–Õÿª°√≥åÕ◊ËπÊ π”¡“¢¬“¬∏ÿ√°‘®‡æ‘Ë¡ ¢÷Èπ‰¥âÕ’°¥â«¬ ´÷Ëß∂◊Õ«à“∑—Èß∏ÿ√°‘®¢Õß≈Ÿ°§â“·≈–∫√‘…—∑®–‰¥â√—∫º≈ª√–‚¬™πå√à«¡°—π·≈–‡µ‘∫‚µ§Ÿà°—πµàÕ‰ª 18

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

4. Type of Business 4.1 Type of business of the Company and its subsidiaries and the groupûs management policy SNC Former Public Company Limited started its business by manufacturing parts of automobile air conditioner and has subsequently expanded its business to manufacture air conditioning parts including aluminum pipe and copper tube for automotive and home refrigerant systems, compressor parts as well as metal sheet press parts for refrigerator, microwave and washing machine. Due to its lower cost of production with high quality, the Company has been selected by a number of world-class manufacturers to subcontract their production lines. The Company sets its management and capital structure based on the groupûs growth strategy and competitiveness enhancement, therefore, the management structure is classified by each production line as follows: SNC Former Public Company Limited (çthe Companyé) The Company manufactures automobile air conditioner parts and housewhole air conditioner parts. The Companyûs products are as follows: Automobile air conditioner parts: 1. Aluminum pipe for automobile air conditioner 2. Steel pipe and brass pipe for automobile Housewhole air conditioner parts: 1. Copper tube for domestic air conditioner 2. Components set for housewhole air conditioner The Company makes products based on customersû orders who use its products to assemble with other parts and then make the finished goods to distribute for both domestic and export. At present, the Company has expanded its business to manufacture copper tube for cooling system of refrigerator. SNC Air-Cond Company Limited SNC Air-Cond Company Limited produces parts and components set for customers in air conditioning business both indoor unit and outdoor unit which the customers outsource some or all of their production lines to the Company. Subsequently, the customers take parts and components manufactured by the Company to assemble with other parts to make the finished product for distribution. Outsourcing part of the production lines enable the customers to reduce its cost of production for timing, labor cost as well as other factory overhead, while ANNUAL REPORT 2005

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

„πÕπ“§µ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ‡√‘Ë¡‡ªî¥¥”‡π‘π°“√‡¡◊ËÕ«—π∑’Ë 25 ¡°√“§¡ 2547 ‚¥¬µ—Èß Õ¬Ÿ∑à ‡’Ë ¢µÕÿµ “À°√√¡°“√ àßÕÕ° (Export Processing -Zone EPZ 2) π‘§¡Õÿµ “À°√√¡·À≈¡©∫—ß ®—ßÀ«—¥ ™≈∫ÿ√’ ·≈–„π‡¥◊Õπ°—π¬“¬π 2548 ∫√‘…∑— ‰¥â¬“â ¬ ∂“πª√–°Õ∫°“√¡“Õ¬Ÿ∑à ’Ë 88/9 À¡Ÿ∑à ’Ë 2 µ.¡–¢“¡§Ÿà °‘ßË Õ.π‘§¡ æ— ≤ π“ ®— ß À«— ¥ √–¬Õß ‡æ◊Ë Õ √Õß√— ∫ °“√‡µ‘ ∫ ‚µ¢Õß∏ÿ √ °‘ ® „πªï 2549 ‡æ√“– ∂“π∑’Ë ‡ ¥‘ ¡ ‰¡à “¡“√∂¢¬“¬ “¬°“√º≈‘µ‡æ◊ËÕ√Õß√—∫°“√‡®√‘≠‡µ‘∫‚µ‰¥â ·≈–„π°“√¬â“¬§√—Èßπ’È∫√‘…—∑¬—ßÕ¬Ÿà„π√–À«à“ß °“√¢Õ√—∫ ‘∑∏‘ (BOI) ‡æ◊ËÕª√–À¬—¥¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ·≈– ∂“π∑’Ëµ—Èß„À¡à¬—ßÕ¬Ÿà„°≈â≈Ÿ°§â“ LG ´÷Ëß‡ªìπ ≈Ÿ°§â“√“¬„À≠à¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ πÕ°‡Àπ◊Õ®“° FUJITSU ·≈– YORK ∫√‘…—∑§“¥«à“∫√‘…—∑®–‰¥â√—∫°“√ àß‡ √‘¡ BOI ·≈–‰¥â√—∫ ‘∑∏‘¥—ßπ’È (¢≥–π’ÈÕ¬Ÿà „π™à«ß°“√√Õ æ‘®“√≥“Õπÿ¡—µ‘‚§√ß°“√) 1. “¡“√∂π”§πµà“ß¥â“«´÷Ëß‡ªìπ™à“ßΩï¡◊ÕÀ√◊ÕºŸâ™”π“≠°“√‡¢â“¡“„π√“™Õ“≥“®—°√‰¥âµ“¡ ®”π«π·≈–°”Àπ¥√–¬–‡«≈“„ÀâÕ¬Ÿà „π√“™Õ“≥“®—°√‡∑à“∑’Ë§≥–°√√¡°“√æ‘®“√≥“Õπÿ¡—µ‘ 2.

‰¥â √— ∫ °“√≈¥À¬à Õ π¿“…’ Õ “°√¢“‡¢â “ ”À√— ∫ ‡§√◊Ë Õ ß®— ° √§√÷Ë ß Àπ÷Ë ß µ“¡∑’Ë § ≥–°√√¡°“√ æ‘®“√≥“Õπÿ¡—µ‘‡«âπ·µà√“¬°“√‡§√◊ËÕß®—°√∑’Ë¿“…’Õ“°√¢“‡¢â“µË”°«à“√âÕ¬≈– ‘∫ ®–‰¡à ‰¥â√—∫ ≈¥À¬àÕπ

‰¥â√—∫°“√¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘ ∑’Ë ‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë ‰¥â√—∫ °“√ àß‡ √‘¡√«¡°—π‰¡à‡°‘π√âÕ¬≈– 100 ¢Õß‡ß‘π≈ß∑ÿπ ‚¥¬‰¡à√«¡§à“∑’¥Ë π‘ ·≈–∑ÿπÀ¡ÿπ‡«’¬π ¡’°”Àπ¥‡«≈“ 3 ªï

‰¥â√—∫°“√¬°‡«âπ‰¡àµâÕßπ”‡ß‘πªíπº≈®“°°‘®°“√∑’Ë ‰¥â√—∫°“√ àß‡ √‘¡´÷Ëß‰¥â√—∫°“√¬°‡«âπ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈µ“¡¡“µ√“ 31 ‰ª√«¡§”π«≥‡æ◊ËÕ‡ ’¬¿“…’‡ß‘π‰¥âµ≈Õ¥√–¬–‡«≈“∑’Ë ‰¥â√—∫°“√ àß‡ √‘¡

‰¥â√∫— °“√¬°‡«âπ¿“…’Õ“°√¢“‡¢â“ ”À√—∫«—µ∂ÿ¥∫‘ ·≈–«— ¥ÿ®”‡ªìπ∑’πË ”‡¢â“¡“®“°µà“ßª√–‡∑» ∑’Ë„™â „π°“√º≈‘µ‡æ◊ËÕ àßÕÕ°‡ªìπ√–¬–‡«≈“ 1 ªï

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ (ç‡Õ æ’ Õ’é) ª√–°Õ∫∏ÿ√°‘®º≈‘µ‚≈À–·≈–™‘Èπ à«π‚≈À– ”À√—∫¬“π¬πµå º≈‘µ¿—≥±åÕ‘‡≈Á°∑√Õπ‘§ å ‡§√◊ËÕß®—°√ ·≈–Õÿª°√≥åª√–‡¿∑‡§√◊ÕË ß·™à·¢Áß-FREEZER ‚≈À–·ºàπ¢÷πÈ √Ÿª ”À√—∫‡§√◊ÕË ß´—°ºâ“ µŸ‡â ¬Áπ ‰¡‚§√‡«ø ·≈– ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ‡æ◊ËÕ®”Àπà“¬„Àâ·°àºŸâº≈‘µ ‘π§â“µâπ·∫∫ (OEM) ∑’Ë¡’∞“π°“√º≈‘µ„π ª√–‡∑»‰∑¬‡ªìπ à«π„À≠à (≈Ÿ°§â“„πª√–‡∑»√âÕ¬≈– 70 ·≈–µà“ßª√–‡∑»√âÕ¬≈– 30) „π™à«ß‡√‘Ë¡µâπ ¢Õß°“√ª√–°Õ∫∏ÿ√°‘®∫√‘…∑— ‡πâπ°“√º≈‘µ‡ªìπ™‘πÈ à«π‚≈À–¬àÕ¬Ê ®”Àπà“¬„Àâ·°à≈°Ÿ §â“‡æ◊ÕË π”‰ªº≈‘µµàÕ‡ªìπ ‘π§â“ ”‡√Á®√Ÿª ·≈–„πÕπ“§µ∫√‘…∑— °”≈—ß®–¢¬“¬°”≈—ß°“√º≈‘µ‚¥¬≈ß∑ÿπ‡æ‘¡Ë „π‡§√◊ÕË ß®—°√ Õ’°ª√–¡“≥ 75 ≈â“π∫“∑

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

the customers can utilize the plant area from the relocation production lines for other business expansion. This kind of arrangement mutually benefits the Company and its customers and enables both businesses to grow together. SNC Air-Cond Company Limited commenced its business on 25 January 2004 at Lam Chabang Export Processing-Zone EPZ2, Cholburi and subsequently moved to 88/9 Moo 2, MakhamKoo District, Sub Amphur Nikompattana, Rayong in September 2005 in order to support the business expansion in 2006 as the existing location could not add additional production lines for its capacity expansion. Moreover, the new location is close to its major customers, LG, Fujitsu and York. At present, SNC Air-Cond Company Limited is applying for BOI certificate for tax incentives. SNC Air-Cond Company Limited expects to be granted BOI certificate and obtains the privileges as follows: (under consideration for an approval) 1. Right to employ foreign experts or specialists to work in the Kingdom as many foreign experts and within the time period that have been approved by the Board. 2. Exemption half of import duties on imported machinery as approved by the Board except for the imported machinery which imported duties less than 10% 3. Exemption from corporate income taxes on net profit derived from promoted business for 3 years but accumulated not more than 100% of the investment cost excluding cost of land and working capital. 4. Exclusion of dividends, derived from promoted business, from taxable income during the corporate tax holiday. 5. Exemption from imported duties on imported raw or essential materials, which are used for export business for 1 year. SNC Pyongsan Evolution Company Limited (Ă§SPEĂŠ) SPE manufactures metal parts for automobile, electronic product, freezer machinery and equipment as well as metal sheet press parts for washing machine, refrigerator, microwave and domestic air conditioner and sells to Original Equipment Manufacturers who mostly have their production base in Thailand (Domestic 70 and export 30). In the early stage, SPE emphasizes on metal parts manufacturing for customers to assemble for finished product. SPE is planning to expand its capacity by investing in machinery with investment costs of approximately 75 million baht.

ANNUAL REPORT 2005

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

4.2 ‚§√ß √â“ß√“¬‰¥â “¬º≈‘µ¿—≥±å / °≈ÿà¡∏ÿ√°‘®

2546

2547

™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å ‚≈À–·ºàπ¢÷Èπ√Ÿª √«¡√“¬‰¥â

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

34 51 15 100

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

26 58 16 100

√“¬‰¥â : (æ—π∫“∑) 2548 % 335,191 26 759,094 60 151,320 12 31,609 2 1,277,214 100

4.3 ·π«‚πâ¡¿“«–Õÿµ “À°√√¡·≈– ¿“æ°“√·¢àß¢—π„πÕπ“§µ 4.3.1 Õÿµ “À°√√¡√∂¬πµå µ≈“¥„πª√–‡∑» ¿“æ°“√·¢àß¢—π„πª√–‡∑»®—¥«à“Õ¬Ÿà „π√–¥—∫§àÕπ¢â“ß√ÿπ·√ß ºŸâª√–°Õ∫°“√∑ÿ°√“¬µà“ß„™â °≈¬ÿ∑∏å∑“ß°“√µ≈“¥∑ÿ°√Ÿª·∫∫‡æ◊ËÕ°√–µÿâπ°“√µ—¥ ‘π„®¢ÕßºŸâ∫√‘‚¿§ àßº≈„Àâµ≈“¥¢Õß√∂¬πµå‡µ‘∫‚µ ¢÷ÈπÕ¬à“ß¡“° „πªí®®ÿ∫—π°”≈—ß°“√º≈‘µ√∂¬πµå√«¡∑—Èßª√–‡∑»‡∑à“°—∫ 1.1 ≈â“π§—πµàÕªï ·≈–¿“§√—∞∫“≈ ¬—ß§“¥°“√≥å„π√–¬–‡«≈“ 5 ªï¢“â ßÀπâ“ §◊Õ„πªï æ.».2553 ¡’·π«‚πâ¡«à“°”≈—ß°“√º≈‘µ®–‡µ‘∫‚µ‡ªìπª√–¡“≥ 2.0 ≈â“π§—πµàÕªï ´÷ËßºŸâª√–°Õ∫°“√∑’Ë ”§—≠ ‰¥â·°à °≈ÿà¡∫√‘…—∑Õ’´Ÿ´ÿ¡Õ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ °≈ÿà¡ ∫√‘…∑— ¬“¡π‘ —πÕÕ‚µ‚¡∫‘≈ ®”°—¥ °≈ÿ¡à ∫√‘…∑— ‚µ‚¬µâ“¡Õ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ °≈ÿ¡à ∫√‘…∑— ‡ÕÁ¡‡ÕÁ¡´’ ‘∑∏‘º≈ ®”°—¥ ·≈–°≈ÿà¡∫√‘…—∑ŒÕπ¥â“ ®”°—¥ º≈‘µ¿—≥±å∑’Ë„™â™‘Èπ à«π∑’Ëº≈‘µ®“°°≈ÿà¡∫√‘…—∑·¬°µ“¡≈Ÿ°§â“ ¡’¥—ßπ’È Õÿµ “À°√√¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå ≈Ÿ°§â“ §à“¬√∂ ™◊ËÕ√ÿàπ Valeo Siam Nippon Denso Sanden Theco Showa Siam Calsonic

√“¬ß“πª√–®”ªï 2548

Nissan Volvo Mitsubishi Suzuki Ford

Big M, Cefiro, Sunny

Mazda Isuzu

Fighter D-Max

Honda Toyota

Civic, Accord, City IMV Project

Lancer, Triton Vitara Ranger

™‘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”

SNC FORMER PUBLIC COMPANY LIMITED

4.2 Revenues Structure Product Line / Business Unit Automobile Air Conditioner Parts Housewhole Air Conditioner Parts Compressor Parts Press Parts Total Revenues

2003 162,044 240,807 67,540 470,391

% 34 51 15 100

Revenues : (Thousand Baht) 2004 % 2005 % 216,795 26 335,191 26 482,658 58 759,094 60 134,810 16 151,320 12 31,609 2 834,263 100 1,277,214 100

4.3 Overview of Industry and Competition 4.3.1 Automobile Industry Local Market The competition in the local market is quite fierce. All automobile makers employ various marketing strategies in order to stimulate the consumers没 decisions, which results in strong growth in the automobile industry. At present, the car assembly capacity is 1.1 million cars per year and the government expects that in the next 5 years, in 2011, the car assembly capacity will increase to 2.0 million cars per year. The major automobile makers are Isuzu Motor (Thailand) Company Limited, Siam Nissan Automobile Company Limited, Toyota Motor (Thailand) Company Limited, MMC Sithiphol Company Limited and Honda Automobile (Thailand) Company Limited. The group没s products classified by customer: Automobile Air Conditioner Parts Customer Automobile Maker Model Valeo Siam Nissan Big M, Cefiro, Sunny Nippon Denso Volvo Sanden Theco Mitsubishi Lancer, Triton Showa Suzuki Vitara Siam Calsonic 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 and Radiator Parts Air conditioner parts Air conditioner parts Steering System Parts, Diesel Pump and Radiator Parts Air conditioner parts Air conditioner parts and Radiator Parts

ANNUAL REPORT 2005

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

µ≈“¥µà“ßª√–‡∑» ‡π◊ËÕß®“°ª√–‡∑»‰∑¬‡ªìπ»Ÿπ¬å°≈“ß°“√º≈‘µ√∂¬πµå„π¿Ÿ¡‘¿“§‡Õ‡™’¬ µ≈“¥°“√ àßÕÕ°√∂¬πµå∑’Ë ”§—≠·∫àßÕÕ°‡ªìπ (1) µ≈“¥ àßÕÕ°√∂¬πµå ‰¥â·°à ‡∫≈‡¬’Ë¬¡ ≠’ËªÿÉπ ÕÕ ‡µ√‡≈’¬ Õ‘π‚¥π’‡´’¬ ·≈–®’π (2) µ≈“¥ àßÕÕ°√∂·«π·≈–√∂ Pick-up ‰¥â·°à À√“™Õ“≥“®—°√ ÕÕ ‡µ√‡≈’¬ ‡¬Õ√¡—π Õ‘µ“≈’ ·≈– ‡ªπ (3) µ≈“¥ àßÕÕ°√∂∫— ·≈–√∂∫√√∑ÿ° ‰¥â·°à ÕÕ ‡µ√‡≈’¬ ´“Õÿ¥‘Õ“√–‡∫’¬ π‘«´’·≈π¥å ‘ß§å‚ª√å ·≈–®Õ√å·¥π ∑—Èßπ’Èª√‘¡“≥°“√®”Àπà“¬√∂¬πµå„πª√–‡∑» ·≈– ¡Ÿ≈§à“°“√ àßÕÕ°√∂¬πµå·≈–™‘Èπ à«π√∂¬πµå „π ™à«ßªï∑’Ëºà“π¡“¡’¥—ßπ’È ¬Õ¥¢“¬√∂¬πµå¿“¬„πª√–‡∑»

∑’Ë¡“ : ∂“∫—π¬“π¬πµå ¡Ÿ≈§à“°“√ àßÕÕ°√∂¬πµå·≈–™‘Èπ à«π√∂¬πµå

√“¬ß“πª√–®”ªï 2548

∑’Ë¡“ : ∂“∫—π¬“π¬πµå

SNC FORMER PUBLIC COMPANY LIMITED

International Market Thailand is the center of automobile assembly business in Asia and the major export markets can be classified as follows: (1) Car - Belgium, Japan, Australia, Indonesia and China (2) Van and Pick-up - England, Australia, German, Italy and Spain. (3) Bus and Truck - Australia, Saudi Arabia, New Zealand, Singapore and Jordan The domestic automobile sales volumes and export automobile including auto parts sales values during 1996-2005 are as follows: Domestic Automobile Sales Volumes

Source : Thailand Automobile Industry Association

Export Automobile and Auto Parts Sales Values

Source : Thailand Automobile Industry Association ANNUAL REPORT 2005

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

°“√·¢àß¢—π¢ÕßºŸâª√–°Õ∫°“√º≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å√∂¬πµå ‡π◊Ë Õ ß®“°°“√∑’Ë Õÿ µ “À°√√¡™‘È π à « π·≈–Õÿ ª °√≥å √ ∂¬πµå ‡ ªì π Õÿ µ “À°√√¡µà Õ ‡π◊Ë Õ ß¢Õß Õÿµ “À°√√¡°“√º≈‘µ√∂¬πµå ¥—ßπ—Èπ°“√∑’ËÕÿµ “À°√√¡°“√º≈‘µ√∂¬πµå¡’°“√‡µ‘∫‚µÕ¬à“ßµàÕ‡π◊ËÕß∑”„Àâ Õÿµ “À°√√¡™‘Èπ à«π·≈–Õÿª°√≥å√∂¬πµå¡’§«“¡‡µ‘∫‚µ§«∫§ŸàÕ¬à“ßµàÕ‡π◊ËÕß‡™àπ°—π ªí®®ÿ∫—π‚¥¬ à«π„À≠à ·≈â«ºŸâº≈‘µ√∂¬πµå√“¬„À≠à®–¡’ “¬°“√º≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å‡Õß (Supply Chain) ‚¥¬®–¡’°“√ —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’¬ßæÕ À√◊Õ∫√‘…—∑√∂¬πµå¡’µâπ∑ÿπ°“√º≈‘µ∑’Ë Ÿß°«à“°“√®â“ß∫√‘…—∑ Õ◊Ëπº≈‘µ™‘Èπ à«π·∑π „πªí®®ÿ∫—πºŸâº≈‘µ√∂¬πµå‡√‘Ë¡‡πâπ°“√º≈‘µ∑’Ë‡Õ“„®ºŸâ∫√‘‚¿§¡“°¢÷Èπ√«¡∂÷ßµâÕß°“√≈¥ µâπ∑ÿπ°“√º≈‘µ„Àâ ‰¥â¡“°∑’Ë ÿ¥ (Cost Efficiency) ‚¥¬‡√‘Ë¡¡’°“√ÕÕ°·∫∫º≈‘µ¿—≥±å„Àâ¡’≈—°…≥–·∫∫ ‡¥’¬«°—π∑—Ë«‚≈°‡æ◊ËÕµâÕß°“√„Àâ¡’°“√„™â™‘Èπ à«π√à«¡°—π “¡“√∂‡°‘¥°“√ª√–À¬—¥®“°¢π“¥°“√º≈‘µ‚¥¬ ¡ÿàß‡πâπ°“√®—¥À“™‘Èπ 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 ¥—ßπ—Èπ °“√∑’ËºŸâº≈‘µ ™‘Èπ à«π·≈–Õÿª°√≥å∑’Ë‡ªìπºŸâº≈‘µ·∫∫ OEM √“¬„¥ “¡“√∂ √â“ß°“√ª√–À¬—¥®“°°“√º≈‘µ‰¥â¡“°∑’Ë ÿ¥®– ‡ªìπºŸâ ‰¥â‡ª√’¬∫„π°“√·¢àß¢—π∑’Ë√ÿπ·√ß„πÕπ“§µ πÕ°®“°π’ÈºŸâº≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å∑’Ë‡ªìπºŸâº≈‘µ·∫∫ OEM ®–µâÕßæ—≤π“«‘»«°√√¡‡∑§‚π‚≈¬’ ‡æ◊ËÕ°àÕ„Àâ‡°‘¥§«“¡ “¡“√∂„π°“√æ—≤π“º≈‘µ¿—≥±å·≈– π”‡ πÕ™‘Èπ à«π∑’ËÕÕ°·∫∫‡ÕßµàÕºŸâª√–°Õ∫°“√√∂¬πµå (Local Value Added) ‰¥âÕ¬à“ß√«¥‡√Á« ‡æ◊Ë Õ ‡æ‘Ë ¡ ¡Ÿ ≈ §à “ ‡æ‘Ë ¡ „Àâ · °à ºŸâ ª √–°Õ∫°“√‡ÕßπÕ°‡Àπ◊ Õ ®“°‡¥‘ ¡ ∑’Ë ‡ ªì π ‡æ’ ¬ ßº≈‘ µ ¿— ≥ ±å ∑’Ë ∂Ÿ ° °”Àπ¥‚¥¬ºŸâ ª√–°Õ∫°“√√∂¬πµå (Local Content) ‡∑à“π—Èπ ‚¥¬ª°µ‘ºŸâº≈‘µ OEM µâÕß¥”‡π‘π°“√æ—≤π“º≈‘µ¿—≥±å™‘Èπ à«πÕÿª°√≥åµà“ßÊ ¢Õß√∂¬πµå√à«¡°—∫ ∫√‘…—∑ºŸâº≈‘µ√∂¬πµå ‡π◊ËÕß®“°°“√æ—≤π“™‘Èπ à«πµà“ßÊ „π·µà≈–√ÿàπ®–„™â√–¬–‡«≈“ª√–¡“≥ 2-3 ªï ´÷Ëß °“√æ—≤π“√à«¡°—π®–∑”„ÀâºŸâº≈‘µ™‘Èπ à«π OEM ¥—ß°≈à“«‰¥â√—∫°“√®â“ß°“√º≈‘µ®“°∫√‘…—∑ºŸâº≈‘µ√∂¬πµå πÕ°®“°π’È¬—ßµâÕß¡’√–∫∫°“√∫√‘À“√®—¥°“√«—µ∂ÿ¥‘∫·≈–°“√º≈‘µ„À¡à„Àâ¡’§ÿ≥¿“æ„π√–¥—∫¡“µ√∞“π “°≈ ‡æ◊ÕË √—∫°—∫µ≈“¥∑’µË Õâ ß°“√º≈‘µ¿—≥±å∑ ’Ë Õ¥§≈âÕß„π‡√◊ÕË ß°“√∫√‘À“√°“√®—¥°“√ «à“¥â«¬§≈—ß ‘π§â“ °“√∫√‘À“√ æ◊Èπ∑’Ë§≈—ß ‘π§â“„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥ ·≈–°“√‰À≈‡«’¬π‡¢â“¢Õß ‘π§â“Õ¬à“ß√«¥‡√Á« (Logistic and Supply Chain) ‚¥¬µâÕßÕ“»—¬§«“¡‡™◊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®“° ‡Àµÿº≈¥—ß°≈à“«¢â“ßµâπ°≈ÿà¡∫√‘…—∑®÷ß¡’π‚¬∫“¬√à«¡«‘®—¬ ·≈–æ—≤π“™‘Èπ à«π™ÿ¥∑àÕ‚≈À–·≈–Õ≈Ÿ¡‘‡π’¬¡∑’Ë„™â „π‡§√◊ÕË ßª√—∫Õ“°“»√∂¬πµå ·≈–°“√‡πâπ°“√ª√–À¬—¥®“°¢π“¥°“√º≈‘µ √«¡∂÷ß°“√æ—≤π“ª√—∫ª√ÿß§ÿ≥¿“æ ‘π§â“·≈–∫√‘°“√Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ √â“ß§«“¡‰¥â‡ª√’¬∫„π°“√·¢àß¢—π„πÕπ“§µ ªí®®ÿ∫—πºŸâº≈‘µ™‘Èπ à«π ‡§√◊ÕË ßª√—∫Õ“°“»ª√–‡¿∑™ÿ¥∑àÕÕ≈Ÿ¡‡‘ π’¬¡ ”À√—∫∑”§«“¡‡¬Áπ„π√∂¬πµå ¡’ººŸâ ≈‘µª√–‡¿∑ OEM „π√–¥—∫ Tier 2 (ºŸâº≈‘µ™‘Èπ à«π‡æ◊ËÕ àßµàÕ„Àâ∫√‘…—∑ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“») 3 √“¬„π‰∑¬ §◊Õ∫√‘…—∑·≈–§Ÿà·¢àß¢—π ´÷Ëß‡ªìπºŸâº≈‘µ —≠™“µ‘≠’ËªÿÉπ∑’Ë¬â“¬∞“π°“√º≈‘µ¡“ª√–‡∑»‰∑¬ ∫∑ √ÿªÕÿµ “À°√√¡√∂¬πµå·≈–™‘Èπ à«π√∂¬πµå ®“° ¿“æ°“√·¢àß¢—π·≈–·π«‚πâ¡∏ÿ√°‘®„πÕπ“§µ √«¡∂÷ß¡“µ√°“√¢Õß√—∞∫“≈∑’ Ë π—∫ πÿπ„Àâ ‰∑¬ ‡ªìπ»Ÿπ¬å°≈“ß°“√º≈‘µ√∂¬πµå‡æ◊ËÕ°“√ àßÕÕ°¢Õß¿Ÿ¡‘¿“§ ∑”„ÀâÕÿµ “À°√√¡¥—ß°≈à“«·≈–Õÿµ “À°√√¡ ™‘Èπ à«π√∂¬πµå´÷Ëß‡ªìπÕÿµ “À°√√¡∑’Ë‡°’Ë¬«‡π◊ËÕß®–¡’°“√¢¬“¬µ—«Õ¬à“ßµàÕ‡π◊ËÕß Õ¬à“ß‰√°Áµ“¡ ¿“æ°“√ ·¢àß¢—π¢ÕßºŸâº≈‘µ√∂¬πµåµà“ßÊ °Á®–¡’°“√·¢àß¢—π∑’Ë√ÿπ·√ß¢÷Èπ‡™àπ°—π ‡π◊ËÕß®“°·π«‚πâ¡°“√ÕÕ°·∫∫ √∂¬πµå®–‡ªìπ·∫∫°“√„™â™‘Èπ à«πµà“ßÊ √à«¡°—π ·≈–‡πâπ°“√ÕÕ°·∫∫‡æ◊ËÕ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ 26

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Competition among automobile parts and components manufacturers As the automobile parts and components industry is the continuing industry from automobile assembly industry, the result of the continuous growth in the automobile industry enables the auto parts and components industry to grow together. At present, most major automobile makers have their own supply chain. However, the automobile makers may outsource their production lines to parts manufacturers when their production lines are overloaded or when the production cost of the parts manufactures is lower than the automobile makersรป. At present, the automobile makers have begun to emphasize on consumersรป needs as well as cost efficiency management. Therefore, they are starting to design the identical automobile parts, which can be shared around the world in order to get the economies of scale manufacturing advantage. Therefore, they are searching for suppliers who can manufacture quality parts at the most reasonable price. An example includes Toyota, who has developed and designed automobiles in such a way that parts can be shared. Any Original Equipment Manufacturer (OEM) who produces the most cost-effective part will be the competitive player in such a fierce competition in the future. Besides, the OEMs must continually add value to the products by initiating creative product design through engineering technology and then propose to the automobile makers apart from only manufactured according to the automobile makerรปs specification. Generally, the Original Equipment Manufacturers have to jointly develop various auto parts with the automobile makers and the parts development of each car model normally takes about 2-3 years. The advantage of jointly developing auto parts with the automobile maker is a high possibility to be selected as the manufacturer for such parts. Moreover, under the international standard of production, the efficient inventory management as well as the efficiency of logistic and supply chain have to be emphasized by the parts manufacturers. In order to achieve such standard and efficiency, the jointly development with the automobile maker will be the advantage to the parts manufacturer to obtain useful information, trend of the automobile industry as well as needs of automobile makers. Therefore, to become the competitive player in the future, the Companyรปs policy is to jointly conduct the research and development of the metal and aluminum pipe for automobile air conditioner system with the automobile maker. Besides, the Company will focus more on economies of scale of production as well as the continuous improvement for quality of product 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) which are the Company and 2 Japanese companies who moved their production base to Thailand. Summary of automobile and automobile parts industry The automobile and automobile parts industry continually grows as a result of the Governmentรปs policy to support Thailand to be the regional center for automobile manufacturing base for export. However, the industry competition is becoming more ANNUAL REPORT 2005

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

∑—Èß∑“ß¥â“π§ÿ≥¿“æ·≈–√“§“‡ªìπÀ≈—° ‚¥¬ºŸâº≈‘µ√∂¬πµå·µà≈–√“¬µà“ß¡’®ÿ¥¡ÿàßÀ¡“¬À≈—°§◊Õ°“√≈¥ µâπ∑ÿπ°“√º≈‘µ ‡ªìπº≈„Àâ∫√‘…—∑ºŸâº≈‘µ√∂¬πµå ¡’°“√®â“ßºŸâº≈‘µ™‘Èπ à«π√“¬Õ◊ËπÊ ‡ªìπºŸâº≈‘µ„Àâ·∑π À“°ºŸâ º≈‘µ√“¬Õ◊ËπÊ “¡“√∂¡’µâπ∑ÿπ°“√º≈‘µ∑’ËµË”°«à“ outsourcing ‡ªìπº≈„ÀâºŸâº≈‘µ OEM ∑’Ë¡’µâπ∑ÿπ„π√–¥—∫ µË” ∑”„Àâ∫√‘…—∑ “¡“√∂‡¢â“‰ª‡ªìπºŸâº≈‘µ·∑π (Supply Chain) ¢ÕßºŸâº≈‘µ√∂¬πµå Õ—π‡ªìπ‚Õ°“ ∑“ß ∏ÿ√°‘®∑’Ë ”§—≠„π°“√¢¬“¬µ≈“¥„Àâ¡’¡Ÿ≈§à“ Ÿß¢÷Èπ ®“°‡Àµÿº≈∑’Ë°≈à“«¡“¢â“ßµâπ ‚¥¬∫√‘…—∑‰¥â‡≈Áß‡ÀÁπ∂÷ß °“√‡ª≈’Ë¬π·ª≈ß·≈–·π«‚πâ¡°“√·¢àß¢—π„πÕπ“§µ ®÷ß‰¥â¡’°“√ª√—∫‚§√ß √â“ß∏ÿ√°‘® ‚§√ß √â“ß°“√ ∫√‘À“√ß“π ‡æ◊ËÕ‡µ√’¬¡æ√âÕ¡∑“ß¥â“π°”≈—ß°“√º≈‘µ Õ“∑‘‡™àπ °“√·¬° “¬°“√º≈‘µµà“ßÊ ÕÕ°‡ªìπÀπà«¬ ∏ÿ√°‘®¬àÕ¬Ê °“√æ—≤π“«‘®—¬º≈‘µ¿—≥±å√à«¡°—∫ºŸâº≈‘µ√∂¬πµå °“√‡æ‘Ë¡¡Ÿ≈§à“‡æ‘Ë¡„Àâ·°à ‘π§â“¢Õß∫√‘…—∑ ‚¥¬ °“√ª√–°Õ∫™‘Èπ à«π∑àÕ‚≈À–„Àâ‡ªìπ≈—°…≥–‡ªìπ™ÿ¥´÷ËßµâÕß„™â‡«≈“°«à“ 3 ªï „π°“√∑¥ Õ∫§ÿ≥¿“æ ‘π§â“ ¢Õß∫√‘…—∑°«à“≈Ÿ°§â“ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå®–¬Õ¡√—∫„π§ÿ≥¿“æ ·≈–∫√‘°“√¢Õß™ÿ¥™‘Èπ à«π ¢Õß∫√‘…—∑ ‡ªìπµâπ πÕ°®“°π’È∫√‘…—∑¬—ß‰¥â‡µ√’¬¡°“√æ—≤π“∑√—æ¬“°√∫ÿ§§≈¢Õßµπ‚¥¬‡©æ“–∫ÿ§≈“°√„π “¬ß“π°“√º≈‘µ‡æ◊ËÕ‡µ√’¬¡æ√âÕ¡ ·≈–√Õß√—∫µàÕ°“√·¢àß¢—π„πÕπ“§µ ‚¥¬„πªí®®ÿ∫—π∫√‘…—∑‡ªìπºŸâº≈‘µ ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå„πª√–‡∑»‰∑¬ OEM (Tier 2) ∑’Ë “¡“√∂º≈‘µ™‘Èπ à«π·∫∫‡ªìπ ™ÿ¥‡æ◊ËÕ àß„Àâ·°àºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå 4.3.2 Õÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»·≈–§Õ¡‡æ√ ‡´Õ√å ‡§√◊ÕË ßª√—∫Õ“°“»‡ªìπÕÿµ “À°√√¡∑’¬Ë ß— §ß¡’ ‚Õ°“ ·≈–≈Ÿ∑à “ß∑’®Ë –¢¬“¬µ—«µàÕ‰ª„πÕπ“§µ ‡π◊ÕË ß®“° ‡ªìπ ‘π§â“∑’Ë “¡“√∂µÕ∫ πÕßµàÕºŸâ∫√‘‚¿§∑’ËµâÕß°“√Õ¬Ÿà„π ¿“æ·«¥≈âÕ¡ ·≈–Õÿ≥À¿Ÿ¡‘∑’Ë ∫“¬‡À¡“– ¡ „πÕ“§“√∑’ÕË ¬ŸÕà “»—¬ ”π—°ß“π·≈–‚√ßß“πµà“ßÊ ‰¡à«“à ®–‡ªìπ„πª√–‡∑»‡¢µ√âÕπ´÷ßË „™â‡ªìπ√–∫∫∑”§«“¡‡¬Áπ (Cooling Mode) À√◊Õ„π·∂∫ª√–‡∑»‡¢µÀπ“«‚¥¬„™â‡ªìπ∑—Èß√–∫∫∑”§«“¡√âÕπ·≈–‡¬Áπ (Heating & Cooling mode) Õ¬à“ß‰√°Áµ“¡°“√¢¬“¬µ≈“¥·≈–‡æ‘Ë¡°“√ àßÕÕ°‰ª¬—ßµà“ßª√–‡∑»µâÕß§”π÷ß∂÷ßªí®®—¬ §«“¡ “¡“√∂„π°“√·¢àß¢—π¥â“πµà“ßÊ ‡™àπ §ÿ≥¿“æ ‘π§â“ °“√æ—≤π“º≈‘µ¿—≥±å ·≈–‡∑§‚π‚≈¬’ ‘π§â“ „Àâ Õ¥§≈âÕß°—∫§«“¡µâÕß°“√∑’Ë‡ª≈’Ë¬π·ª≈ß¢ÕßºŸâ∫√‘‚¿§ ·≈–µâπ∑ÿπ¢Õßº≈‘µ¿—≥±å∑’Ë “¡“√∂·¢àß¢—π‰¥â ª√–‡∑»∑’Ë¡’»—°¬¿“æ‡ªìπºŸâπ”‡¢â“‰¥â·°à µ≈“¥„À¡à„π°≈ÿà¡ª√–‡∑»°”≈—ßæ—≤π“ ·¡â«à“§«“¡µâÕß°“√¬—ß‰¡à Ÿßπ—°·µà°“√·¢àß¢—π„πµ≈“¥¬—ß¡’‰¡à¡“° ´÷ßË ‡ªìπ‚Õ°“ ∑’¥Ë ·’ °àº Ÿâ ßà ÕÕ°„π°“√‡®“–µ≈“¥ ´÷ßË ·µ°µà“ß‰ª®“° µ≈“¥ª√–‡∑»æ—≤π“·≈â«‡™àπ À√—∞Õ‡¡√‘°“·≈–≠’ËªÿÉπ∂÷ß·¡â«à“¡’¢π“¥µ≈“¥„À≠à·µà°“√‡®“–µ≈“¥ ‡ªìπ‰ª‰¥â¬“° ‡π◊ÕË ß®“°¡’Õªÿ √√§µà“ßÊ ‡™àπ ¡“µ√∞“π ‘π§â“∑’‡Ë ¢â¡ß«¥ §Ÿ·à ¢àß∑’§Ë √Õßµ≈“¥Õ¬Ÿ·à ≈â« ‡ªìπµâπ ª√–‡∑»∑’Ë¡’·π«‚πâ¡‡ªìπºŸâ àßÕÕ°∑’Ë ”§—≠„πÕπ“§µÕ—π„°≈â§◊Õ®’π ‡π◊ËÕß®“°¡’°“√≈ß∑ÿπ„π‚√ßß“π ·≈–°”≈—ßº≈‘µ Ÿß·≈–§“¥«à“¡’°”≈—ßº≈‘µ‡°‘π°«à“§«“¡µâÕß°“√¿“¬„πª√–‡∑»‡ªìπ®”π«π¡“° ®÷ß‡ªìπ·√ß º≈—°¥—π„ÀâºŸâº≈‘µ®’π‡πâπ°“√ àßÕÕ°‡§√◊ËÕßª√—∫Õ“°“»Õ¬à“ß®√‘ß®—ß °“√·¢àß¢—π¢ÕßºŸâª√–°Õ∫°“√º≈‘µ‡§√◊ËÕßª√—∫Õ“°“»·≈–§Õ¡‡æ√ ‡´Õ√å ¿“æ°“√·¢àß¢—π√–À«à“ßºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»„πª√–‡∑»§àÕπ¢â“ß Ÿß ‡π◊ËÕß®“°‰¥â√—∫ º≈°√–∑∫®“°‡§√◊ËÕßª√—∫Õ“°“»∑’Ëπ”‡¢â“®“°ª√–‡∑»®’π ‡°“À≈’ ·≈–≠’ËªÿÉπ „π —¥ à«π∑’Ë§àÕπ¢â“ß Ÿß ‡ªìπ º≈„Àâ ¿“æ°“√·¢àß¢—π®÷ß¬‘Ëß∑«’§«“¡√ÿπ·√ß¡“°¢÷Èπ ¥—ß®–‡ÀÁπ‰¥â®“°°“√∑’ËºŸâª√–°Õ∫°“√º≈‘µ‡√‘Ë¡„™â °≈¬ÿ∑∏å àß‡ √‘¡°“√¢“¬Õ¬à“ßµàÕ‡π◊ËÕß ¥â«¬°“√ª√—∫≈¥√“§“®”Àπà“¬ °“√¢“¬√–∫∫‡ß‘πºàÕπ‚¥¬‰¡à§‘¥ Õ—µ√“¥Õ°‡∫’È¬ À√◊ÕÕÕ°·∫∫º≈‘µ¿—≥±å„Àâ¡’≈—°…≥–∑’Ë·µ°µà“ß®“°§Ÿà·¢àß¢—π ‡™àπ º≈‘µ¿—≥±å∑’Ë‡πâπ¥â“π °“√√—°…“ ÿ¢¿“æ ¡’√–∫∫°“√øÕ°Õ“°“» °“√ªÑÕß°—π/°”®—¥ΩÿÉπ≈–ÕÕß °“√¶à“‡™◊ÈÕ‚√§ (‡™◊ÈÕ√“À√◊Õ ·∫§∑’‡√’¬∫“ß™π‘¥) À√◊Õº≈‘µ¿—≥±å∑¡’Ë √’ –∫∫∑”§«“¡ –Õ“¥µ—«‡§√◊ÕË ß/ÕÕ°·∫∫„Àâ “¡“√∂∑”§«“¡ –Õ“¥ ‰¥â‡ÕßÕ¬à“ßßà“¬¥“¬ ‡ªìπµâπ ‡æ◊ËÕÀ«—ß°√–µÿâπµ≈“¥·≈–™‘ß à«π·∫àß°—πÕ¬à“ß‡µÁ¡∑’Ë ‡™àπ‡¥’¬«°—∫ 28

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

aggressive as the automobile makers emphasize more on the auto design that can be shared parts as well as on the competing to satisfy customers没 need both in term of pricing and quality. The objective of every automobile maker is to reduce its manufacturing cost. As a result, the automobile maker will outsource the manufacturing parts to other subcontractors if the production cost is lower. The Original Equipment Manufacturer, who is able to manufacturer at the 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 this opportunity as well as the future competition and has, therefore, reorganized its business and management structure to be ready for the expansion such as separation each production line into small business units, jointly conducting research and development with the automobile maker, adding value to its product by assembling parts of metal pipe and sells it as a set, which requires testing period of more than 3 years to be approved by the manufacturer of automobile air conditioner. Besides, the Company has emphasized on human resource development particularly those in manufacturing line in order to support the strong competition in the future. At present, the Company as the automobile air conditioner parts OEM (tier 2) in Thailand is able to manufactures set of original parts for the automobile air conditioner manufacturer. 4.3.2 Air conditioner and compressor industry Air conditioning industry remains a promising industry and will be able to grow more in the future as the products are able to satisfy the consumers没 need for the proper environment and temperature in residence, office building as will as factory. Products are not only used in the warm country for cooling mode, but also in cold country for heating and cooling mode. However, in order to expand business by exporting more, competitiveness factors such as quality, product development and technology have to be considered in order to constantly meet the change of consumers没 need as well as the cost effectiveness. The potential exporting markets are new markets in developing countries. Although, the demand is not too high, the competition is quite low. It is quite different from entering into developed countries such as USA, and Japan where the opportunity is abundant, but to penetrate into those markets is quite difficult as there are a lot of obstacles such as strict standard, existing market leaders, etc. The potential exporter in the near future is China as there have been huge investments for factory and capacity expansions. It is expected that China will have an oversupply in the future and exporting to other countries has to be seriously considered. Competition The competition among air conditioner manufacturers is quite strong as a result of the impact from high volume of imported air conditioners from China, Korea and Japan. Most air conditioner manufacturers are start applying various kinds of marketing and promotion strategies to stimulate market demand and gain more market shares. Such ANNUAL REPORT 2005

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

Õÿµ “À°√√¡™‘Èπ à«π·≈–Õÿª°√≥å√∂¬πµå ‚¥¬ à«π„À≠à·≈â«ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»·≈–‡§√◊ËÕß∑”§«“¡‡¬Áπ ®–¡’ “¬°“√º≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å‡Õß ‚¥¬∑’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‰¥â ‡æ’¬ßæÕÀ√◊Õ¡’µâπ∑ÿπ„π°“√º≈‘µ∑’Ë Ÿß°«à“°“√®â“ßºŸâÕ◊Ëπº≈‘µ„Àâ·∑π ¥—ßπ—Èπ§Ÿà·¢àß∑’Ë·∑â®√‘ß¢ÕßºŸâº≈‘µ™‘Èπ à«π ·≈–Õÿª°√≥å ”À√—∫‡§√◊ËÕßª√—∫Õ“°“» ·≈–‡§√◊ËÕß∑”§«“¡‡¬Áπ·∫∫ OEM °Á§◊ÕºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»·≈– ‡§√◊ËÕß∑”§«“¡‡¬Áππ—Ëπ‡Õß ¥—ßπ—ÈπºŸâº≈‘µ™‘Èπ à«π·≈–Õÿª°√≥å·∫∫ OEM ®÷ßµâÕßÀ—π¡“ √â“ß¡Ÿ≈§à“‡æ‘Ë¡„Àâ°—∫ º≈‘µ¿—≥±å¢Õßµπ‡Õß ·≈–°“√„™â°”≈—ß°“√º≈‘µ ‡æ◊ËÕ°àÕ„Àâ‡°‘¥°“√ª√–À¬—¥®“°¢π“¥¢Õß°“√º≈‘µ„Àâ Ÿß∑’Ë ÿ¥ (Economy of Scale) ‡æ◊ËÕ‡ªìπ°“√™à«¬≈¥µâπ∑ÿπ¢ÕßºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»·≈–‡§√◊ËÕß∑”§«“¡‡¬Áπ ·≈– ∑”„Àâ ‰¥â√—∫°“√®â“ßß“π®“°ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ º≈‘µ¿—≥±å∑’Ë„™â™‘Èπ à«π∑’Ëº≈‘µ®“°°≈ÿà¡∫√‘…—∑ ¡’¥—ßπ’È Õÿµ “À°√√¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ ™◊ËÕ‡§√◊ËÕßÀ¡“¬°“√§â“ : Fujitsu, York, Mitsubishi Electric, Mitsubishi heavy, Sharp, Hitachi, Lucky Gold star, Panasonic, Daikin, ·≈– Toshiba Carrier µ≈“¥ àßÕÕ°‡§√◊ËÕßª√—∫Õ“°“» ¡Ÿ≈§à“°“√ àßÕÕ°¢Õß‡§√◊ËÕßª√—∫Õ“°“» ·≈– à«πª√–°Õ∫¡’®”π«π‡æ‘Ë¡¢÷Èπ∑ÿ°Ê ªï ªí®®ÿ∫—π ª√–‡∑»‰∑¬¡’ ºŸâ º ≈‘ µ ™‘È π à « π‡§√◊Ë Õ ßª√— ∫ Õ“°“»ª√–‡¿∑∑à Õ ∑Õß·¥ß·≈–∑Õß‡À≈◊ Õ ß ”À√— ∫ ‡§√◊Ë Õ ß ª√—∫Õ“°“»¿“¬„π∫â“πÕ¬à“ßπâÕ¬ 8 √“¬ ´÷Ëß‡ªìπºŸâª√–°Õ∫°“√∑’Ëº≈‘µ‡§√◊ËÕßª√—∫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™‘Èπ à«π‡æ’¬ß‡æ◊ËÕ àßµàÕ„Àâ·°àºŸâº≈‘µ‡§√◊ËÕß ª√—∫Õ“°“»∑’Ë‡§¬‡ªìπ§Ÿà§â“°—π¡“ µ—Èß·µà°àÕπ¬â“¬∞“π°“√º≈‘µ¡“∑’Ëª√–‡∑»‰∑¬ ∑—Èßπ’È °≈ÿà¡∫√‘…—∑‡πâπ°≈¬ÿ∑∏å „π°“√‡ªìπºŸ‡â ™’¬Ë «™“≠„π°“√∫√‘À“√ß“π°“√º≈‘µ „π°“√√—∫™à«ß°“√º≈‘µ™‘πÈ à«π™ÿ¥∑àÕ‚≈À–∑’∑Ë ”®“°∑Õß·¥ß ”À√—∫°≈ÿà¡ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»√–¥—∫‚≈°∑ÿ°¬’ËÀâÕ„πµâπ∑ÿπ∑’Ë∂Ÿ°°«à“·≈–¡’ª√– ‘∑∏‘¿“æ Ÿß°«à“°“√∑’Ë ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»®–¥”‡π‘π°“√º≈‘µ‡Õß ´÷Ëß®–∑”„Àâ°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬π’È¬°‡≈‘° “¬°“√º≈‘µ¢Õß µπ·≈â«„Àâ°≈ÿà¡∫√‘…—∑‡ªìπºŸâº≈‘µ·∑π µ≈“¥ àßÕÕ° ”§—≠ (‡§√◊ËÕßª√—∫Õ“°“»·≈– à«πª√–°Õ∫) ª√–‡∑» 1 ≠’ËªÿÉπ 2 Õ‘µ“≈’ 3 ‡ªπ 4 ÕÕ ‡µ√‡≈’¬ 5 ‡∫≈‡¬’¬¡ 6 À√—∞Õ‡¡√‘°“ 7 À√—∞Õ“À√—∫œ 8 ‘ß§‚ª√å 30

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¡Ÿ≈§à“ : ≈â“π¥Õ≈≈à“√å À√—∞ 2546 2547 2548 139.53 176.02 110.51 152.12 107.69 61.80 92.82 85.29

Õ—µ√“¢¬“¬µ—« : √âÕ¬≈– 2546 2547 2548

160.88 235.47 -5.07 15.3 110.39 252.21 170.39 236.97 43.28 -5.36 225.22 155.42 35.77 103.80 13.43 230.69 91.76 41.76 51.65 -5.69 154.15 78.95 27.35 43.15 -16.60 79.81 72.24 -10.05 29.14 6.21 69.59 68.52 15.22 -25.03 34.94 89.66 65.83 8.63 5.23 24.97

—¥ à«π : √âÕ¬≈– 2546 2547 2548 9.76 12.31 7.73 10.64 7.53 4.32 6.49 5.96

8.05 12.62 11.27 11.55 7.72 3.99 3.48 4.49

15.32 11.08 10.11 5.97 5.14 4.70 4.46 4.28

SNC FORMER PUBLIC COMPANY LIMITED

strategies include reduction of selling prices, installment payments with no interest, product design differentiation to focus on health related feature such as providing air cleaner system, prevention/ elimination of dust, germs killer (mould or some kind of bacteria) or product with self cleaning system / easy clean product. Similar to the automobile and auto part industry, the air conditioner manufacturers have their own production lines for parts and components. There may be some manufacturers who may outsource parts and components manufacturing to subcontractor in case of over-capacity utilization or higher production costs. Therefore, the real competitors of the air conditioner parts manufacturers are the air conditioner manufacturers themselves. The Original Equipment Manufacturers have to create additional value to the product and to enforce economies of scales to reduce the manufacturing cost in order to be selected for their production line outsourcing. Products using parts manufactured by the group Housewhole Air Conditioner Trade Name : Fujitsu, York, Mitsubishi Electric, Mitsubishi heavy, Sharp, Hitachi, Lucky Gold star, Panasonic, Daikin, and Toshiba Carrier Export market of air conditioner The export value of the air conditioners and parts has continually increased every year. At present, there are at least 8 air conditioner parts manufacturers, which are well-known air conditioner manufacturers. However, there are only 3 Original Equipment Manufacturers of copper pipe assembled as a set, which are the SNC group and 2 Japanese manufacturers who moved their production base to Thailand. These 2 Japanese manufacturers only produce parts for their air conditioner manufacturers who have been their business partners prior to their move to Thailand. The Company focuses on becoming the expert in subcontracting the manufacturing set of copper pipe for world-class air conditioner manufacturers by providing the high quality product at the lower cost comparing to manufacture by the air conditioner manufacturers themselves. Therefore, these target customers will finally discontinue their production line and outsource the production to the group. Country

Main Export Market (Air Conditioner and Parts) Value : Million USD Growth : % 2003 2004 2005 2003 2004 2005

1 Japan 2 Italy 3 Spain 4 Australia 5 Belguim 6 USA 7 United Arab Emirates 8 Singapore

139.53 176.02 110.51 152.12 107.69 61.80 92.82 85.29

160.88 252.21 225.22 230.69 154.15 79.81 69.59 89.66

235.47 -5.07 170.39 236.97 155.42 35.77 91.76 41.76 78.95 27.35 72.24 -10.05 68.52 15.22 65.83 8.63

15.3 43.28 103.80 51.65 43.15 29.14 -25.03 5.23

110.39 -5.36 13.43 -5.69 -16.60 6.21 34.94 24.97

Proportion : % 2003 2004 2005 9.76 12.31 7.73 10.64 7.53 4.32 6.49 5.96

8.05 12.62 11.27 11.55 7.72 3.99 3.48 4.49

15.32 11.08 10.11 5.97 5.14 4.70 4.46 4.28

ANNUAL REPORT 2005

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

ª√–‡∑»

¡Ÿ≈§à“ : ≈â“π¥Õ≈≈à“√å À√—∞ 2546 2547 2548

9 Õ‘π‚¥π’‡´’¬ 27.30 49.94 49.79 10 ´“Õÿ¥‘Õ“√–‡∫’¬ 42.72 51.15 45.74 11 Ω√—Ëß‡» 20.93 78.09 43.47 12 ¡“‡≈‡´’¬ 40.53 56.51 43.33 13 ‡¬Õ√¡π’ 32.30 44.69 36.47 14 ‰µâÀ«—π 24.21 33.13 36.18 15 Õ‘À√à“π 6.42 23.34 26.00 16 ª“°’ ∂“π 7.07 15.88 23.86 17 ŒàÕß°ß 47.38 43.02 23.47 18 ‡«’¬¥π“¡ 12.16 20.64 23.28 19 °√’´ 23.24 34.77 18.12 20 À√“™Õ“≥“®—°√ 17.89 22.99 17.03 √«¡ 20 ª√–‡∑» 1,227.92 1,796.43 1,325.32 Õ◊ËπÊ 202.37 261.32 212.15 ¡Ÿ≈§à“√«¡ 1,430.29 1,997.75 1,537.47

Õ—µ√“¢¬“¬µ—« : √âÕ¬≈– 2546 2547 2548

—¥ à«π : √âÕ¬≈– 2546 2547 2548

99.06 82.95 84.18 1.91 2.50 3.24 13.89 19.72 17.39 2.99 2.50 2.97 28.57 273.12 -13.03 1.46 3.91 2.83 85.03 93.44 15.84 2.83 2.83 2.82 29.36 38.36 28.58 2.26 2.24 2.37 107.51 36.83 65.56 1.69 1.66 2.35 71.73 263.42 44.68 0.45 1.17 1.69 21.68 124.70 202.12 0.49 0.79 1.55 -5.61 -9.19 -24.86 3.31 2.15 1.53 91.57 69.72 57.02 0.85 1.03 1.51 0.55 49.60 -39.83 1.63 1.74 1.18 10.89 28.54 31.45 1.25 1.15 1.11 31.80 41.41 19.32 85.85 86.92 86.20 14.52 29.13 22.60 14.15 13.08 13.80 29.05 39.67 19.76 100.00 100.00 100.00

∑’Ë¡“ : °√¡ àß‡ √‘¡°“√ àßÕÕ° ¢âÕ¡Ÿ≈ªï 2548 µ—Èß·µà‡¥◊Õπ ¡.§. - °.§.

”À√—∫°“√·¢àß¢—π„πÕÿµ “À°√√¡§Õ¡‡æ√ ‡´Õ√åππ—È ¡’°“√‡®√‘≠‡µ‘∫‚µ„π∑‘»∑“ß‡¥’¬«°—∫Õÿµ “À°√√¡ ‡§√◊ËÕßª√—∫Õ“°“» ªí®®ÿ∫—π°≈ÿà¡∫√‘…—∑‡ªìπºŸâº≈‘µ™‘Èπ à«π∑àÕ∑Õß·¥ß„π§Õ¡‡æ√ ‡´Õ√å√“¬„À≠à¢Õß ª√–‡∑»‰∑¬ ∑—Èßπ’È ºŸâº≈‘µ‡§√◊ËÕß§Õ¡‡æ√ ‡´Õ√å∑’Ë¡’™◊ËÕ‡ ’¬ß„πª√–‡∑»‰∑¬ à«π„À≠à‡ªìπ≈Ÿ°§â“¢Õß°≈ÿà¡ ∫√‘…—∑∑—ÈßÀ¡¥ Õ“∑‘ Siam Compressor, Daikin, Hitachi, Kulthorn, Fic International ≈Ÿ°§â“∑’Ë„™âº≈‘µ¿—≥±å¢Õß°≈ÿà¡∫√‘…—∑ ¡’¥—ßπ’È Õÿµ “À°√√¡§Õ¡‡æ√ ‡´Õ√å ™◊ËÕºŸâº≈‘µ 1. Siam Compressor Industry 3. Kulthorn Kirby 5. Daikin Compressor Industries 2. Hitachi Compressor (Thailand) 4. Emerson Electric (Copeland) ∫∑ √ÿªÕÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√·≈–§Õ¡‡æ√ ‡´Õ√å ®“°°“√¢¬“¬µ—«¢Õß‡»√…∞°‘®‰∑¬ ·≈–°“√øóôπµ—«¢Õß¿“§Õ —ßÀ“√‘¡∑√—æ¬å¢Õßª√–‡∑»‰∑¬ °“√∫√‘‚ ¿§∑’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) ·≈–∫√‘…∑— ¬àÕ¬„π°“√¢¬“¬∏ÿ√°‘® 32

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Country 9 Indonesia 10 Saudi Arabia 11 France 12 Malaysia 13 Germany 14 Taiwan 15 Iran 16 Pakistan 17 HongKong 18 Vietnam 19 Greece 20 UK Total 20 countries Others Total Value

Value : Million USD 2003 2004 2005

Growth : % 2003 2004 2005

27.30 49.94 49.79 99.06 82.95 42.72 51.15 45.74 13.89 19.72 20.93 78.09 43.47 28.57 273.12 40.53 56.51 43.33 85.03 93.44 32.30 44.69 36.47 29.36 38.36 24.21 33.13 36.18 107.51 36.83 6.42 23.34 26.00 71.73 263.42 7.07 15.88 23.86 21.68 124.70 47.38 43.02 23.47 -5.61 -9.19 12.16 20.64 23.28 91.57 69.72 23.24 34.77 18.12 0.55 49.60 17.89 22.99 17.03 10.89 28.54 1,227.92 1,796.43 1,325.32 31.80 41.41 202.37 261.32 212.15 14.52 29.13 1,430.29 1,997.75 1,537.47 29.05 39.67

Proportion : % 2003 2004 2005

84.18 1.91 2.50 3.24 17.39 2.99 2.50 2.97 -13.03 1.46 3.91 2.83 15.84 2.83 2.83 2.82 28.58 2.26 2.24 2.37 65.56 1.69 1.66 2.35 44.68 0.45 1.17 1.69 202.12 0.49 0.79 1.55 -24.86 3.31 2.15 1.53 57.02 0.85 1.03 1.51 -39.83 1.63 1.74 1.18 31.45 1.25 1.15 1.11 19.32 85.85 86.92 86.20 22.60 14.15 13.08 13.80 19.76 100.00 100.00 100.00

Source: Department of Export Promotion (Information for year 2005 during Jan - July)

The compressor industry is growing along with the air conditioner industry. At present, the Company is the only manufacturer of copper pipe for compressor parts in Thailand and all the 5 compressor manufacturers in Thailand are the Company没s customers. These 5 compressor manufacturers are Siam Compressor, Daikin, Hitachi, Kulthorn and Fic International. Customers used compressor parts manufactured by the Group Compressor Industry Manufactures 1. Siam Compressor Industry 3. Kulthorn Kirby 5. Daikin Compressor Industries 2. Hitachi Compressor (Thailand) 4. Emerson Electric (Copeland) Summary of Housewhole air conditioner and compressor industry The economic growth, the recovery of real estate sector, higher consumption and the relocation of the assembly base of world-class air conditioner manufacturer to Thailand have increased the Company没s business opportunities and customer base expansion as the Company is able to manufacture quality product at the lower cost compared to the cost manufactured by the air conditioner manufactured themselves. To stay competitive, the world-class manufacturers are required to emphasize on offering the products which satisfy customers没 need at the lowest cost possible. Consequently, outsourcing part or all of their productions to lower cost manufacturers in other countries, including the Company, has gained popularity as ANNUAL REPORT 2005

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

„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∫™‘Èπ à«πµà“ßÊ „Àâ‡ªìπ™ÿ¥ „π¢≥–∑’Ë∫√‘…—∑¡’µâπ∑ÿπ°“√º≈‘µµË”°«à“∑’ËºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»®–¥”‡π‘π°“√º≈‘µ¥â«¬µπ‡Õß ‚¥¬∫√‘…—∑ ¡’∏√ÿ °‘®„π≈—°…≥–‡ªìπ°“√¬° “¬°“√º≈‘µ¢Õß≈Ÿ°§â“¡“º≈‘µ‡Õß¥—ßπ—πÈ ∫√‘…∑— ®–‡ªìπ»Ÿπ¬å°≈“ß°“√º≈‘µ«—µ∂ÿ¥∫‘ ¢Õß≈Ÿ°§â“ ´÷ßË ®–‡ÀÁπ‰¥â«“à ¡’·π«‚πâ¡„π°“√¢¬“¬°”≈—ß°“√º≈‘µ ®“°°≈¬ÿ∑∏å¥ß— °≈à“«‡ªìπº≈„Àâ∫√‘…∑— ª√– ∫ §«“¡ ”‡√Á®„π°“√¢¬“¬∞“π≈Ÿ°§â“‡æ‘¡Ë ¢÷πÈ ‚¥¬µ—ßÈ ·µàªï 2546 ‡ªìπµâπ¡“≈Ÿ°§â“¢Õß∫√‘…∑— §◊Õ York Fujitsu ·≈– MCP ‰¥â¬°‡≈‘° “¬°“√º≈‘µ™‘Èπ à«π∑àÕ‚≈À–∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥„π‡§√◊ËÕßª√—∫Õ“°“»¢Õßµπ¡“„Àâ ∫√‘…—∑º≈‘µ·∑π Õ¬à“ß‰√°Áµ“¡ À“°æ‘®“√≥“∂÷ß ¿“æ°“√·¢àß¢—π∑’Ë√ÿπ·√ß∑’Ë‡°‘¥¢÷Èπ®“° ‘π§â“®“°ª√–‡∑» ®’π∑’Ë¡’√“§“∂Ÿ°°«à“π—Èπ ‡ªìπªí®®—¬∑’Ë ‰¡à°àÕ„Àâ‡°‘¥º≈°√–∑∫µàÕ∫√‘…—∑¡“°π—° ‡π◊ËÕß®“° ‘π§â“®“°ª√–‡∑» ‰∑¬·≈–¢Õß°≈ÿà¡∫√‘…—∑‡ªìπ ‘π§â“∑’Ë¡’§ÿ≥¿“æ·≈–¡’¡“µ√∞“π¡“°°«à“ ‘π§â“®“°ª√–‡∑»®’π ·≈–À“° ‡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√–‡∑»‰∑¬¡’ººŸâ ≈‘µ™‘πÈ à«π‡§√◊ÕË ßª√—∫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√“¬‡ªìπºŸºâ ≈‘µ™‘πÈ à«π∑àÕ‚≈À– —≠™“µ‘≠ª’Ë πÿÉ ∑’¬Ë “â ¬∞“π°“√º≈‘µ¡“æ√âÕ¡ºŸºâ ≈‘µ‡§√◊ÕË ßª√—∫Õ“°“»µà“ßÊ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑¬—ß§ß¡’§«“¡‰¥â‡ª√’¬∫§Ÿà·¢àß‡À≈à“π’ÈÕ¬Ÿà¡“°‡π◊ËÕß®“°§Ÿà·¢àß®–¡’°≈ÿà¡º≈‘µ¿—≥±å‡æ’¬ß Õ¬à“ß„¥Õ¬à“ßÀπ÷Ëß ·µà°≈ÿà¡∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ¡’°≈ÿà¡º≈‘µ¿—≥±åÀ≈“°À≈“¬∑’Ë‡ªìπµ—«‡≈◊Õ°‰¥â¡“°°«à“ Õ—π‰¥â·°à°≈ÿ¡à √∂¬πµå ‡§√◊ÕË ßª√—∫Õ“°“» ™‘πÈ à«π§Õ¡‡æ√ ‡´Õ√å ·≈–‚≈À–·ºàπ¢÷πÈ √Ÿª ”À√—∫‡§√◊ÕË ß„™â ‰øøÑ“ 4.3.3 Õÿµ “À°√√¡°“√º≈‘µ‚≈À–·ºàπ¢÷Èπ√Ÿª ¿“æ°“√·¢àß¢—π ”À√—∫∏ÿ√°‘®º≈‘µ¿—≥±å·ºàπ‚≈À–¢÷Èπ√Ÿª„πªí®®ÿ∫—π§àÕπ¢â“ß√ÿπ·√ß ‡π◊ËÕß®“°¡’ ®”π«π¢ÕßºŸâª√–°Õ∫°“√º≈‘µ‰¡àµË”°«à“ 200 √“¬ ´÷ËßπÕ°‡Àπ◊Õ®“°ºŸâª√–°Õ∫°“√‰∑¬∑’Ë‡¥‘¡¡ÿàßº≈‘µ‡æ◊ËÕ „™â „πª√–‡∑»‡∑à“π—Èπ ¬—ß¡’ºŸâª√–°Õ∫°“√∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√¬â“¬∞“π°“√º≈‘µ®“°µà“ßª√–‡∑»¡“¬—ßª√–‡∑» ‰∑¬ àßº≈„Àâ«µ— ∂ÿª√– ß§å°“√º≈‘µ„πªí®®ÿ∫π— ‡ª≈’¬Ë π‰ª‡ªìπ‡æ◊ÕË °“√ àßÕÕ°„Àâ ‰¥â¡≈Ÿ §à“‡æ‘¡Ë ¢÷πÈ Õ’°¥â«¬ Õ¬à“ß‰√ °Áµ“¡°≈ÿ¡à ∫√‘…∑— ‡πâπ°≈¬ÿ∑∏å°“√¥Ÿ·≈·≈–§«∫§ÿ¡§ÿ≥¿“æ∑ÿ°¢—πÈ µÕπ¢Õß™‘πÈ ß“π∑ÿ°™‘πÈ ∑’ºË ≈‘µ·≈–‡∑§‚π‚≈¬’ ®“°‡§√◊ËÕß®—°√∑’Ë∑—π ¡—¬ √«¡∑—Èßπ‚¬∫“¬„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß¢Õß°“√¥”‡π‘π∏ÿ√°‘® §◊Õ °“√‰¡à¥”‡π‘π ∏ÿ√°‘®æ÷Ëßæ‘ß°—∫º≈‘µ¿—≥±å„¥º≈‘µ¿—≥±åÀπ÷Ëß‡æ’¬ßÕ¬à“ß‡¥’¬« ·µà®–¡ÿàßµÕ∫ πÕßµàÕ≈Ÿ°§â“„π 2 °≈ÿà¡À≈—° §◊Õ °≈ÿà¡™‘Èπ à«π‚≈À–¢÷Èπ√Ÿª ·≈–°≈ÿà¡‡§√◊ËÕß·™à·¢Áß (Freezer) ‚¥¬„πªí®®ÿ∫—π ∫√‘…—∑‡ªìπÀπ÷Ëß„π°≈ÿà¡∫√‘…—∑ ºŸâπ” „π°“√º≈‘µ™‘Èπ à«π‚≈À– ‡®“– µ—¥ ªíö¡ æ—∫·≈–¢÷Èπ√Ÿª ”À√—∫°≈ÿà¡™‘Èπ à«π‚≈À– ™‘Èπ à«π‡§√◊ËÕß„™â ‰øøÑ“¿“¬„π∫â“π ·≈–º≈‘µ¿—≥±å‡§√◊ËÕß·™à·¢Áß (Freezer) ‚¥¬¡’≈Ÿ°§â“√“¬„À≠à„π·µà≈–°≈ÿà¡ ‡ªìπ≈Ÿ°§â“∑’Ë ¡’™◊ËÕ‡ ’¬ß ·≈–¡’‡§√◊Õ¢à“¬°“√®”Àπà“¬ ‘π§â“∑—Èß„πª√–‡∑»·≈–ª√–‡∑»µà“ßÊ ∑—Ë«‚≈° ≈Ÿ°§â“∑’Ë„™âº≈‘µ¿—≥±å¢Õß°≈ÿà¡∫√‘…—∑ ¡’¥—ßπ’È °≈ÿà¡Õÿµ “À°√√¡·ºàπ‚≈À–¢÷Èπ√Ÿª °≈ÿà¡™‘Èπ à«π‚≈À– 1. Daikin Industrial (Thailand) Co.,Ltd. 3. York Industrial (Thailand) 5. Celestica (Thailand) Co.,Ltd. 2. Electrolux (Thailand) 4. LG °≈ÿà¡º≈‘µ‡§√◊ËÕß·™à·¢Áß 1. Air Products Pte.,Ltd. 34

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

the Original Equipment Manufacturers practically are more experienced and able to efficiently apply the concept of economy of scale. SNC Former Public Company Limitedรปs business strategy is to position itself to capture these outsourcing opportunities. This includes the preparation of the manufacturing staff and the organizational restructuring by separating into individual business units to enhance operation efficiency. Moreover, the company focuses on adding value to the products by assembling parts and sells them as a set. Therefore, the Company targets to outsource its customersรป production lines, and be their raw material centers. This strategy has been proved a success since the Companyรปs customer base has been expanding. In 2003, York, Fujitsu and MCP partially or wholly discontinued their metal pipe manufacturing and subcontracted to the Company. However, there is still a strong competition as a result of the imported product from China at the lower price. This factor slightly affects the Companyรปs business as the product manufactured in Thailand under the Companyรปs group has higher quality and standard compared to those from China. Thai manufacturers potentially produce higher quality products compared to other manufacturers in Asia. At present, there are 3 original air conditioner parts manufacturers (OEM) (tier 1) in Thailand with the ability to manufacture sets of parts for domestic air conditioner manufacturers. Apart from the Company, the other two manufacturers are Japanese metal pipe manufacturers who moved their assembly base to Thailand along with their air conditioner manufacturers. The Company has competitive advantages over its competitors as other player has only sole product while SNC group has various products, provide variety of products to customers which are automobile air conditioner parts, domestic air conditioner parts, compressor parts and metal sheet press parts for electric appliances. 4.3.3 Metal Sheet Press Parts Industry The competition in metal sheet press parts industry is quite intensified with more than 200 manufacturers. Except for Thai manufacturers who focus more on domestic use, there are other manufacturers who move their production base to Thailand. This has caused most of manufacturers to export more. The Company focuses on strict quality control, high technology machinery and risk management by not depending on a specific product but on 2 main products which are metal sheet press parts and freezer. The Company is currently one of the leaders in the metal sheet press parts industry for electric appliances and freezer products. Major customers for both groups are well-known manufacturers with strong network distribution channel for both domestic and international. Customers used metal sheet press parts manufactured by the group Metal Sheet Press Parts Industry Metal Sheet 1. Daikin Industrial (Thailand) Co., Ltd. 2. Electrolux (Thailand) Freezer 1. Air Products Pte.,Ltd.

3. York Industrial (Thailand) 4. LG

5. Celestica (Thailand) Co.,Ltd.

ANNUAL REPORT 2005

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

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°“√∫√‘À“√ß“π¢Õß°≈ÿ¡à ∫√‘…∑— „™âπ‚¬∫“¬°“√·µ°‡ªìπ°≈ÿ¡à ∏ÿ√°‘®¬àÕ¬ (Cost Profit Center) ®”π«π 25 Àπà«¬ ‚¥¬®—¥µ—Èß°≈ÿà¡ Mini MD „π·µà≈–Àπà«¬ ‡æ◊ËÕ¥Ÿ·≈º≈°“√¥”‡π‘πß“π„π§«“¡√—∫º‘¥™Õ∫ ·≈– ∫√‘°“√‡æ◊ËÕµÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“‰¥âÕ¬à“ß√«¥‡√Á« ∑—Ë«∂÷ß ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ Ÿß ÿ¥∑—ßÈ ¢Õß°≈ÿ¡à ∫√‘…∑— ‡Õß·≈–≈Ÿ°§â“ ∫√‘…∑— ¡’π‚¬∫“¬¢¬“¬∏ÿ√°‘®‡æ◊ÕË µÕ∫ πÕß≈Ÿ°§â“„π·µà≈–°≈ÿ¡à ·µà≈– æ◊Èπ∑’Ë „Àâ§√Õ∫§≈ÿ¡Õ¬à“ß∑—Ë«∂÷ß ‡æ◊ËÕ√—°…“∞“π≈Ÿ°§â“·≈–√“¬‰¥â¢Õß°≈ÿà¡ ‚¥¬°“√°√–®“¬ “¬°“√º≈‘µ‰ª

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Distribution and Distribution Channel The Company sells its products directly to customers by setting MINI MD team to coordinate with customers closely. The Company also emphasizes on product quality, fast service, on-time delivery as well as constant visit to its customers. The Company needs customersû involvement in product development and setting up of the production plan in order to be able to make on-time delivery and meet the specific requirements of the products. Therefore, good relationship between the customers and the Company is very important and may help increase business opportunity for the group in the future. Marketing Strategies All the Companyûs customers have high standard production system; therefore, the Companyûs principal business strategy is the commitment to world-class product quality with appropriate price and on-time delivery. In addition, the Company adopts TQM system to adjust its operation in order to be granted Thailand Quality Award within 2008. Such award should be the warranty for the Companyûs quality production process and demonstrates the Company superiority above its competitors. The Companyûs management policies are as follows: 1. Focus on product development and maximize customer satisfaction. 2.

Focus on building strong relationship with major customers with high volume purchase which enabling the group to grow together and strengthen relationship with customer to create the base for future growth.

Set policy to involve the customers in the production planning in order to improve the production efficiency, reduction of production time and cost. The co-planning would benefit both customers and the Company.

Focus on manufacturing high quality products according to ISO9001, TS16949 standards and TQM by monitoring and quality controlling every step of production process.

Emphasize on fast service and satisfying customersû need by planning the production plan in advance by inquiring from customers, paying constant visit as well as asking customers to fill in the after sales service questionnaire in order to improve the services and solve the problems such as production process, control process, waste reduction, delay delivery, etc.

The group has divided its business into 25 Cost Profit Centers and assigning Mini MD for each unit in order to be responsible for its own unit so the Company can serve customer faster and increase both efficiency and effectiveness. The Company has policy to expand it business to serve each group of customer in each area in order to maintain customer base and the groupûs revenues. At present, the Company has added another production line in Sub-Amphur Nikompattana, Rayong, in addition to the first plant in ANNUAL REPORT 2005

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

¬—ß à«π¿Ÿ¡‘¿“§Õ’° 1 ·Ààß §◊Õ ∑’Ë°‘ËßÕ”‡¿Õπ‘§¡æ—≤π“ ®—ßÀ«—¥√–¬Õß πÕ°‡Àπ◊Õ®“°‚√ßß“πº≈‘µ∑’Ë ¡ÿ∑√ª√“°“√·≈–·∫àß°“√¥”‡π‘πß“πµ“¡ “¬∏ÿ√°‘®º≈‘µ¿—≥±åÕ¬à“ß™—¥‡®π‡æ◊ËÕª√–‚¬™πå„π°“√«—¥ ª√– ‘∑∏‘¿“æ°“√¥”‡π‘πß“π ·µà≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬¢Õß∫√‘…—∑¬—ß§ß‡ªìπºŸâº≈‘µ™—Èππ”∑’Ë¡’™◊ËÕ‡ ’¬ß¢Õß ‚≈°‡À¡◊Õπ‡¥‘¡ ∫√‘…—∑µ√–Àπ—°¥’«à“ °“√æ—≤π“»—°¬¿“æ‚¥¬√«¡¢Õß°≈ÿà¡∫√‘…—∑¢÷ÈπÕ¬Ÿà°—∫ªí®®—¬§«“¡ æ√âÕ¡„πÀ≈“¬¥â“π Õ“∑‘ ‡∑§‚π‚≈¬’‡§√◊ËÕß®—°√ ∑√—æ¬“°√∫ÿ§§≈∑’Ë¡’§ÿ≥¿“æ ·≈–π‚¬∫“¬∫√‘À“√µà“ßÊ ®÷ß ¡’·ºπ°“√≈ß∑ÿπ‡æ‘Ë¡„π‡§√◊ËÕß®—°√„À¡à ”À√—∫°≈ÿà¡º≈‘µ¿—≥±å‚≈À–·ºàπ¢÷Èπ√Ÿª πÕ°®“°π—Èπ·≈â«∫√‘…—∑¬—ß ‰¥â „Àâ§«“¡ ”§—≠°—∫∑√—æ¬“°√∫ÿ§§≈ ‚¥¬°“√ àß‡ √‘¡·≈–æ—≤π“°“√‡√’¬π√Ÿâ¢Õßæπ—°ß“π∑ÿ°√–¥—∫ ‚¥¬ ‡©æ“–√–¥—∫∫√‘À“√ Õ’°∑—Èß¬—ß¡’ºŸâ‡™’Ë¬«™“≠™“«≠’ËªÿÉπ®”π«π 6 §π ·≈–™“«®’π 1 §π §Õ¬„Àâ§”ª√÷°…“ ·≈–·π–π” ‡æ◊ËÕ„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 °“√ √√À“«—µ∂ÿ¥‘∫·≈–º≈‘µ¿—≥±å‡æ◊ËÕ®”Àπà“¬ °≈ÿà¡∫√‘…—∑¡’«—µ∂ÿ¥‘∫∑’Ë ”§—≠ ”À√—∫·µà≈–°≈ÿà¡º≈‘µ¿—≥±å ¥—ßπ’È °≈ÿ¡à º≈‘µ¿—≥±å

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√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Samuthaprakarn. These two plants will have separate production lines in order to be able to measure the operation efficiency. The target customers are still world-class manufacturers. The Company realizes that potential for development of the group depends on lots of factors such as high technology machinery, high quality of staff and its management policies. Therefore, the Company plans to invest more in machinery for metal sheet press parts machine as well as provide training and support knowledge learning to all level of staffs especially the management level. Besides, the Company has 7 specialists, consisting 6 Japanese and 1 Chinese, acting as consultants and assign the right staff to the right job. All level of staff will be rewarded from their measurable learning. Raw Material Procurement and Products The group没s major raw materials of each product are as follows: Product

Major Raw Material

Automobile Air Conditioner Parts Housewhole Air Conditioner Parts and Compressor Parts Metal Sheet Press Parts

Aluminum Copper Brass Metal Stainless Aluminum

% of total raw Purchase Period material purchase 30% - 3-6 months in advance 60% (as need to import from other countries) -5-10 days for local 10% purchase -20-90 days in advance for import

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The Company requires raw materials for specific volume and quality with the appropriate price as well as on-time delivery; therefore, the Company opts to purchase its raw materials from major suppliers who have been conducting business together for a long time. The major suppliers of each raw material of each product are different. From the strong relationship, the Company always gets information about the raw material market, especially price trend, which enable the group to plan for its production plan more efficiency. As the raw material cost is increasing significantly especially the copper price which has direct impact to the Company没s performance, the Company mitigates its risk through forward buying by ordering and fixing prices with its suppliers 3-6 months in advance in order to increase the efficiency for raw material management.

ANNUAL REPORT 2005

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

√“§“∑Õß·¥ßµ“¡√“§“µ≈“¥‚≈°

Àπà«¬ : ¥Õ≈≈à“√å/µ—π

5,000

4,000

3,000

2,000

1,000 01/01/1998 01/01/1999 01/01/2000 31/12/2000 31/12/2001 31/12/2002 31/12/2003 31/12/2004 31/12/2005

Date

√“§“Õ≈Ÿ¡‘‡π’¬¡µ“¡√“§“µ≈“¥‚≈°

Àπà«¬ : ¥Õ≈≈à“√å/µ—π

3,000

2,000

1,000 01/01/1998 01/01/1999 01/01/2000 31/12/2000 31/12/2001 31/12/2002 31/12/2003 31/12/2004 31/12/2005

Date

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Global Copper Price

Unit : USD/Ton

5,000

4,000

3,000

2,000

1,000 01/01/1998 01/01/1999 01/01/2000 31/12/2000 31/12/2001 31/12/2002 31/12/2003 31/12/2004 31/12/2005

Date

Global Aluminum Price

Unit : USD /Ton

3,000

2,000

1,000 01/01/1998 01/01/1999 01/01/2000 31/12/2000 31/12/2001 31/12/2002 31/12/2003 31/12/2004 31/12/2005

Date

ANNUAL REPORT 2005

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

5. ªí®®—¬§«“¡‡ ’Ë¬ß 5.1 §«“¡¡—Ëπ§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 4 °≈ÿà¡„À≠àÊ §◊Õ °≈ÿà¡Õÿµ “À°√√¡ ‡§√◊ÕË ßª√—∫Õ“°“»„π√∂¬πµå °≈ÿ¡à ‡§√◊ÕË ßª√—∫Õ“°“»„πÕ“§“√ °≈ÿ¡à §Õ¡‡æ√ ‡´Õ√å ·≈–°≈ÿ¡à ‚≈À–·ºàπ¢÷πÈ √Ÿª ”À√—∫‡§√◊ËÕß„™â ‰øøÑ“ „πªï 2548 ∑’Ëºà“π¡“∫√‘…—∑®—¥®”Àπà“¬ ‘π§â“·°à≈Ÿ°§â“√“¬„À≠à∑’Ë ÿ¥„π·µà≈–°≈ÿà¡ §‘¥‡ªìπ —¥ à«π‰¡à‡°‘π 15% µàÕ√“¬ √«¡‡ªìπ —¥ à«πª√–¡“≥ 60 - 70% ¢Õß√“¬‰¥â®“°°“√¢“¬ ∫√‘…—∑ ®÷ßÕ“®¡’§«“¡‡ ’¬Ë ßÀ“°¡’°“√ Ÿ≠‡ ’¬≈Ÿ°§â“√“¬„À≠à¥ß— °≈à“«´÷ßË Õ“®¡’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“ 11 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°“√∫√‘°“√ ∑—ßÈ °àÕπ·≈–À≈—ß°“√¢“¬∑’¡Ë ª’ √– ‘∑∏‘¿“æ´÷ßË ∑”„Àâ≈°Ÿ §â“¡’§«“¡‡™◊ÕË ¡—πË µàÕ∫√‘…∑— ‚¥¬∫√‘…∑— ‰¥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 °“√‡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‡ ¡ÕÕ—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) ´÷Ëß°”Àπ¥„ÀâÕ—µ√“¿“…’»ÿ≈°“°√„π √–À«à“ßª√–‡∑» ASEAN ‡∑à“°—∫√âÕ¬≈– 0 ∂÷ß 5 „πªï 2546 ·≈–¬°‡≈‘°¢âÕ∫—ß§—∫°“√„™â™‘Èπ à«π¿“¬„π ª√–‡∑» ASEAN ´÷Ëßº≈¥—ß°≈à“«∑”„Àâ°“√π”‡¢â“™‘Èπ à«π®“°µà“ßª√–‡∑» ¡“¬—ßª√–‡∑»‰∑¬∑”‰¥âßà“¬¢÷Èπ ·≈–¡’µâπ∑ÿπ∑’Ë∂Ÿ°≈ß (¢âÕµ°≈ß°”Àπ¥„Àâ≈¥Õ—µ√“¿“…’„Àâ‡ªìπ√âÕ¬≈– 0 ∑ÿ°√“¬°“√¿“¬„πªï 2553 ”À√—∫ ¡“™‘°‡¥‘¡ ·≈–¿“¬„πªï 2558 ”À√—∫ ¡“™‘°„À¡à∑—Èßπ’È „Àâ¬◊¥À¬ÿàπ‰¥â¿“¬„π‰¡à‡°‘πªï 2560) ¥—ßπ—Èπ ºŸâº≈‘µ √∂¬πµå ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“» ·≈–ºŸâº≈‘µ§Õ¡‡æ√ ‡´Õ√åÕ“®®– —Ëß´◊ÈÕ®“°ºŸâº≈‘µ™‘Èπ à«π„πµà“ß ª√–‡∑»·∑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 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∑’ËÕ“® ®–‡°‘¥¢÷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 42

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

5. Risk Factors 5.1 Existence of the customer The Company manufactures products according to orders stated by the customers whom are mostly world - class manufacturers with their assembly bases in Thailand. The Company没s customers can be classified into 4 main groups; automobile air conditioner industry, domestic air conditioner industry, compressor industry and metal sheet press parts for electric appliance industry. In 2005, the Company manufactured and supplied products to the largest customer of each industry in the proportion not more than 15% per one customer or a total of 60-70% of the total sales revenue. Therefore, the Company is running at risk of losing those customers, which may affect the Company没s revenues and profit. However, the Company has mitigated the risk of depending on the major customer by jointly conducting research and development with the customer since the inception stage, which results in business expansion and growth for both the Company and customers as well as strengthen the relationship. During the past 11 years, the Company consistently received purchase orders from the customers as the Company has been recognized for its product quality, pricing, on-time delivery and efficiency for both before and after sales services, which enhance the customers没 confidence. The Company has been selected by major customers to be Grade A Supplier which will further leads to satisfaction and tendency of increasing business with them in the future. 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. The result of these improvements supports the import of parts from other countries to Thailand at a cheaper cost (the agreement has set to reduce tax rate to 0% for all items within 2010 for the old members, within 2015 for new members and extension period within 2017). Therefore, the automobile maker, the air conditioner manufacturer, and the compressor manufacturer might order the required parts from abroad. Meanwhile, the local parts manufacturers may also export their products to other countries as well.

ANNUAL REPORT 2005

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

™‘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 ”§—≠ 4 ª√–‡¿∑ §◊Õ ∑Õß·¥ß ∑Õß‡À≈◊Õß Õ≈Ÿ¡‘‡π’¬¡ ·≈–‡À≈Á°·ºàπ ·µà«—µ∂ÿ¥‘∫À≈—°∑’Ë¡’¡Ÿ≈§à“°“√ —Ëß´◊ÈÕ Ÿß∑’Ë ÿ¥§◊Õ ∑Õß·¥ß §‘¥‡ªìπ —¥ à«π‡©≈’Ë¬ª√–¡“≥√âÕ¬≈– 39 (ªï 2547 √âÕ¬≈– 50) ¢Õß¡Ÿ≈§à“°“√ —ßË ´◊ÕÈ ∑—ßÈ À¡¥ „πªï 2548 ∑’ºË “à π¡“∫√‘…∑— ¡’°“√ —ßË ´◊ÕÈ ∑Õß·¥ß®“°ºŸºâ ≈‘µ√“¬„À≠à √“¬Àπ÷ßË §‘¥‡ªìπ —¥ à«π‡©≈’¬Ë ª√–¡“≥√âÕ¬≈– 26 (ªï 2547 √âÕ¬≈– 30) ¢Õß¡Ÿ≈§à“°“√ —ßË ´◊ÕÈ «—µ∂ÿ¥∫‘ ”À√—∫ «—µ∂ÿ¥‘∫ª√–‡¿∑Õ≈Ÿ¡‘‡π’¬¡ ∑Õß‡À≈◊Õß ·≈–‡À≈Á°·ºàπ ∫√‘…—∑°√–®“¬°“√ —Ëß´◊ÈÕ®“°ºŸâº≈‘µ√“¬Õ◊ËπÊ Õ’°À≈“¬√“¬ ∑—ßÈ π’°È “√ —ßË ´◊ÕÈ ∑Õß·¥ß®“°ºŸºâ ≈‘µ√“¬„À≠à¥ß— °≈à“«‡π◊ÕË ß®“°‡ªìπºŸºâ ≈‘µ∑’ Ë “¡“√∂º≈‘µ«—µ∂ÿ¥∫‘ „πª√‘¡“≥·≈–§ÿ≥¿“æµ√ßµ“¡∑’Ë∫√‘…—∑µâÕß°“√ ¡’√–¥—∫√“§“∑’Ë¬Õ¡√—∫‰¥â ·≈– “¡“√∂ àß¡Õ∫‰¥âµ√ß µ“¡°”Àπ¥‡«≈“¡“‚¥¬µ≈Õ¥ ‚¥¬∫√‘…—∑¡’§«“¡ —¡æ—π∏å∑“ß°“√§â“°—∫ºŸâº≈‘µ«—µ∂ÿ¥‘∫√“¬„À≠à¡“π“π°«à“ 11 ªï ∫√‘…—∑‰¡à ‰¥â¡’°“√∑” —≠≠“√–¬–¬“«°—∫ºŸâº≈‘µ ·µà®–¥”‡π‘π°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫≈à«ßÀπâ“ª√–¡“≥ 3-6 ‡¥◊Õπ‚¥¬§”π÷ß∂÷ßµâπ∑ÿπ¢Õß«—µ∂ÿ¥‘∫´÷ËßÕâ“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, ¡“‡≈‡™’¬, ≠’ªË πÿÉ , ®’π ‚¥¬µ√ß‰¥â ”À√—∫°“√ —ßË ´◊ÕÈ Õ≈Ÿ¡‡‘ π’¬¡·≈–∑Õß‡À≈◊Õß √“§“ ‡π◊ËÕß®“°«—µ∂ÿ¥‘∫À≈—°¢Õß∫√‘…—∑ §◊Õ ∑Õß·¥ß Õ≈Ÿ¡‘‡π’¬¡ ∑Õß‡À≈◊Õß ·≈–‡À≈Á°·ºàπ ‚¥¬‡©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≈“¥‚≈° „πªï 2548 ∑’Ë ºà “ π¡“√“§“¢Õß∑Õß·¥ß Ÿ ß Õ¬à “ ßµà Õ ‡π◊Ë Õ ßµ≈Õ¥¡“ ‚¥¬√“§“∑Õß·¥ß„π‡¥◊ Õ π¡°√“§¡‡∑à “ °— ∫ 3,170 US$/µ—π ·≈–„π‡¥◊Õπ∏—π«“§¡‡∑à“°—∫ 4,576 US$/µ—π ‡ªìπº≈®“°°“√¡’Õÿª ß§å∑’Ë‡æ‘Ë¡¡“°¢÷Èπ ®“°°“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®¢Õßª√–‡∑»®’πÕ¬à“ß°â“«°√–‚¥¥ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑‰¥â¥”‡π‘π°“√ ªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«‚¥¬¥”‡π‘π°“√ ¥—ßµàÕ‰ªπ’È 1. °“√»÷°…“∂÷ß¿“«–µ≈“¥¢Õß«—µ∂ÿ¥∫‘ „πµ≈“¥‚≈° ·≈–µ≈“¥„πª√–‡∑»Õ¬à“ß ¡Ë”‡ ¡Õ ‚¥¬ºŸ∫â √‘À“√ ¢Õß∫√‘…—∑¡’ª√– ∫°“√≥å„π«ß°“√¡“π“π°«à“ 20 ªï

∫√‘…—∑¡’°“√«“ß·ºπ°“√ —Ëß´◊ÈÕ∑’Ë‡À¡“– ¡ ‚¥¬ª°µ‘®–‡ªìπ§” —Ëß´◊ÈÕ≈à«ßÀπâ“®“°ºŸâº≈‘µª√–¡“≥ 3-6 ‡¥◊Õπ ‚¥¬°”Àπ¥√“§“≈à«ßÀπâ“ ·≈–À“°√“§“«—µ∂ÿ¥‘∫‚¥¬‡©æ“–∑Õß·¥ß¡’·π«‚πâ¡°“√ ª√—∫µ—« Ÿß¢÷Èπ ∫√‘…—∑®– —Ëß´◊ÈÕ„πª√‘¡“≥∑’Ë‡æ’¬ßæÕµàÕ°“√π”‰ª„™âº≈‘µ

°“√∫√‘À“√µâπ∑ÿπ√à«¡°—∫≈Ÿ°§â“‚¥¬∫√‘…∑— ®–™’·È ®ß„Àâ≈°Ÿ §â“‡¢â“„®∂÷ß ∂“π°“√≥å¢Õß«—µ∂ÿ¥∫‘ „Àâ∑√“∫ ·≈–§«“¡®”‡ªìπ„π°“√ª√—∫√“§“‚¥¬®–‡ªìπ°“√√à«¡°—π√—∫¿“√–∑’Ë‡æ‘Ë¡¢÷Èπ

∫√‘…—∑∑”°“√‡ πÕ√“§“„Àâ°—∫≈Ÿ°§â“√“¬„À≠à∫“ß√“¬ ¥â«¬√“§“∑’Ë ‰¡à√«¡«—µ∂ÿ¥‘∫ ‡æ◊ËÕ≈¥¿“√– §«“¡‡ ’Ë¬ß®“°µâπ∑ÿπ√“§“∑Õß·¥ß∑’Ë Ÿß¢÷Èπ

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Nevertheless, the Company has evaluated the situation and compared the manufacturing cost of the Company and the competitors particularly from other countries, the Company still maintains its competitive advantage in term of quality, service, pricing, and relationship with the customers. Besides, the Company has minimizes the risk that may arise from this factor by joint venture with South Korean partner by establishing SNC Pyongsan Evolution Company Limited to manufacture and distribute products locally and internationally in order to strengthen the group没s competitiveness and minimize the business opportunity of the competitors.

5.2 Raw Materials Dependence on a major supplier The Company mainly uses 4 types of raw materials namely copper, brass, aluminum and metal sheet. The highest purchase volume is copper, which is approximately 39% of the total purchase volume (50% in 2004). In 2005, the Company purchased copper from one of the major suppliers at about 26 % of the total raw material purchasing volume (30% in 2004). For aluminum, brass, and metal sheet, the Company separately orders from various suppliers. The Company purchases copper from that major supplier because it is able to manufacture copper in the quantity and quality that the Company needs at a reasonable price and consistently delivery punctuality. The Company has good relationship with the suppler for more than 11 years with no long-term contract. Normally, the Company will place the purchase order 3-6 months in advance by considering the world market price in London as a main reference. In minimizing the risk of dependence on the major supplier, the Company purchases copper with other 4-5 local copper suppliers whom able to provide the similar quality, service, pricing, and other trade procedures. For aluminum and brass, the Company may import directly from Singapore, Malaysia, Japan, and China. Pricing The Company没s major raw materials for production are copper, brass, aluminum and metal sheet. Copper is particularly important 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. In 2005, the copper price increased consistently from US$ 3,170/ ton in January increased to US$ 4,576/ton in December. The demand has tremendously increased from the growth in the economy of China. However, in order to mitigate this risk, the Company has taken the following actions: 1. The management of the Company has more than 20 years experiences in this business and they consistently study the global and local raw material market. 2.

The Company always plans for appropriate purchase order. Normally, the Company received 3-6 months in advance purchase order from the manufacturers at the ANNUAL REPORT 2005

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

5.3 ¥â“π°“√‡ß‘π §«“¡‡ ’¬Ë ß∑“ß°“√‡ß‘π∑’ Ë ”§—≠‰¥â·°à §«“¡‡ ’¬Ë ß¥â“π°“√„Àâ π‘ ‡™◊ÕË §«“¡‡ ’¬Ë ß®“°Õ—µ√“·≈°‡ª≈’¬Ë π ·≈–§«“¡‡ ’¬Ë ß®“°Õ—µ√“¥Õ°‡∫’¬È Õ¬à“ß‰√°Áµ“¡∫√‘…∑— ‰¡à‰¥â „™âµ√“ “√Õπÿæπ— ∏å∑“ß°“√‡ß‘π„¥ „π°“√∫√‘À“√ §«“¡‡ ’Ë¬ß¢â“ßµâπ ‚¥¬¡’‡Àµÿº≈¥—ßπ’È 5.3.1 §«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ √“¬‰¥â à«π„À≠à¢Õß∫√‘…—∑´÷Ëß‰¥â·°à °“√¢“¬º≈‘µ¿—≥±å™‘Èπ à«π ”À√—∫‡§√◊ËÕßª√—∫Õ“°“»√∂¬πµå ·≈–∫â“π °“√∫√‘À“√ ‘π‡™◊ËÕ∫√‘…—∑‰¥â°”Àπ¥‡°≥±å°“√®—¥√–¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ¢Õß≈Ÿ°§â“ ·≈–ºŸâ∫√‘À“√ ¡’§«“¡‡ÀÁπ«à“§«“¡‡ ’Ë¬ß®“°°“√¢“¬‡ªìπ‡ß‘π‡™◊ËÕ‰¡à‡ªìπ “√– ”§—≠ ·µà°“√°√–®ÿ°µ—«¢Õß§«“¡‡ ’Ë¬ß ¥â“π°“√„Àâ ‘π‡™◊ËÕ∑’Ë‡°’Ë¬«°—∫≈Ÿ°Àπ’È°“√§â“Õ¬Ÿà„π√–¥—∫ Ÿß ‡π◊ËÕß®“°∫√‘…—∑¡’≈Ÿ°§â“®”π«ππâÕ¬√“¬ Õ¬à“ß‰√ °Áµ“¡®“°ª√– ∫°“√≥å°“√‡°Á∫Àπ’È„πÕ¥’µ ∑”„ÀâΩ“É ¬∫√‘À“√‡™◊ÕË «à“®–‰¡à¡§’ «“¡‡ ’¬Ë ß∑“ß¥â“π°“√„Àâ π‘ ‡™◊ÕË ·≈–∫√‘…—∑‰¥âΩ“°‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√‰«â°—∫ ∂“∫—π°“√‡ß‘π∑’Ë¡’§ÿ≥¿“æ¥â“π§«“¡πà“‡™◊ËÕ∂◊Õ Ÿß 5.3.2 §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ‡ß‘π°Ÿ¢â Õß∫√‘…∑— ·≈–√“¬°“√§â“ à«π„À≠à‡ªìπ‡ß‘π °ÿ≈∫“∑ ºŸ∫â √‘À“√æ‘®“√≥“«à“ ∫√‘…∑— ‰¡à¡§’ «“¡‡ ’¬Ë ß ∑’Ë¡’π—¬ ”§—≠®“°Õ—µ√“·≈°‡ª≈’Ë¬π 5.3.3 §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.».2548 ‡ß‘π°Ÿâ¬◊¡ à«π„À≠à∂Ÿ°°”Àπ¥‚¥¬‡ß◊ËÕπ‰¢„π —≠≠“‡ß‘π°Ÿâ ºŸâ∫√‘À“√ æ‘®“√≥“«à“∫√‘…—∑‰¡à¡’§«“¡‡ ’Ë¬ßÕ¬à“ß¡’π—¬ ”§—≠®“°Õ—µ√“¥Õ°‡∫’È¬

5.4 °“√¡’°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à‡°‘π°«à“√âÕ¬≈– 50 ∫√‘…—∑¡’ºŸâ∂◊ÕÀÿâπ√“¬„À≠à §◊Õ ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‚Œ≈¥‘Èß ®”°—¥ ®÷ß∑”„Àâ°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ¥—ß°≈à“« “¡“√∂§ÿ¡‡ ’¬ß¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‰¥â‡°◊Õ∫∑—ÈßÀ¡¥‰¡à«à“®–‡ªìπ‡√◊ËÕß°“√·µàßµ—Èß°√√¡°“√ À√◊Õ °“√¢Õ¡µ‘„π‡√◊ÕË ßÕ◊πË ∑’µË Õâ ß„™â‡ ’¬ß à«π„À≠à¢Õß∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ¬°‡«âπ‡√◊ÕË ß∑’°Ë ÆÀ¡“¬À√◊Õ¢âÕ∫—ß§—∫∫√‘…∑— °”Àπ¥„ÀâµâÕß‰¥â√—∫‡ ’¬ß 3 „π 4 ¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¥—ßπ—ÈπºŸâ∂◊ÕÀÿâπ√“¬Õ◊Ëπ®÷ßÕ“®‰¡à “¡“√∂√«∫√«¡ §–·ππ‡ ’¬ß‡æ◊ËÕµ√«® Õ∫·≈–∂à«ß¥ÿ≈‡√◊ËÕß∑’ËºŸâ∂◊ÕÀÿâπ√“¬„À≠à‡ πÕ‰¥â

5.5 §«“¡‡ ’Ë¬ß„π°“√æ÷Ëßæ‘ßºŸâ‡™’Ë¬«™“≠ „π°“√º≈‘µ ‘π§â“¢Õß∫√‘…∑— ®”‡ªìπµâÕß¡’∫§ÿ §≈“°√·≈–ºŸ‡â ™’¬Ë «™“≠ ∑’¡Ë ∑’ °— …–§«“¡√Ÿ§â «“¡™”π“≠ „π°“√º≈‘µ ´÷Ëß®–¡’º≈µàÕª√– ‘∑∏‘¿“æ°“√º≈‘µ·≈–§ÿ≥¿“æ¢Õß ‘π§â“∑’Ëµ√ßµ“¡§«“¡µâÕß°“√≈Ÿ°§â“ ®“°‡Àµÿº≈¥—ß°≈à“« ∑√—æ¬“°√∫ÿ§§≈∑’Ë¡’»—°¬¿“æ ·≈–ºŸâ‡™’Ë¬«™“≠™“«µà“ß™“µ‘ ∑’Ë „Àâ§”·π–π”·≈– ª√÷°…“∑“ß∏ÿ√°‘®¢Õß∫√‘…∑— ∑’¡Ë Õ’ ¬ŸÕà “®‡ªìπ∑’µË Õâ ß°“√¢Õßµ≈“¥ ¿“¬„µâ¿“«–°“√·¢àß¢—π∑’√Ë πÿ ·√ß∫√‘…∑— ®÷ß¡’ §«“¡‡ ’¬Ë ß∑’®Ë – Ÿ≠‡ ’¬∫ÿ§§≈“°√°≈ÿ¡à π’È ‰ª‚¥¬‡©æ“–™“«µà“ß™“µ‘ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— ¡’·ºπ≈¥§«“¡‡ ’¬Ë ß ‡À≈à“π’È ‰¥â ‚¥¬°“√ √â“ß —¡æ—π∏¿“æ∑’¥Ë √’ –À«à“ß°—π¿“¬„πÕß§å°√ ª≈Ÿ°Ωíß«—≤π∏√√¡¢Õß°“√∑”ß“π√à«¡°—π ‡ªìπ∑’¡ °“√„Àâ «— ¥‘°“√·≈–§à“µÕ∫·∑π∑’Ë‡À¡“– ¡·≈–·µ°µà“ß ‡¡◊ËÕ‡∑’¬∫°—∫°≈ÿà¡∏ÿ√°‘®‡¥’¬«°—π ®÷ß∑”„Àâ∫√‘…—∑ “¡“√∂√—°…“∫ÿ§§≈“°√∑’Ë¡’§ÿ≥¿“æ Õ¬Ÿà°—∫∫√‘…—∑‰¥âÕ¬à“ß‡Àπ’¬«·πàπ‰¡à‡ª≈’Ë¬π·ª≈ß µ≈Õ¥¡“

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

specific price. If the raw material price particularly copper tends to increase, the Company will order in advance at an appropriate volume sufficient for the manufacturing process. 3.

The Company will manage the cost with its customer. The Company will inform the customers about the situation of the raw material price and the necessity for price adjustment and sharing the price increase.

The Company offers the product price by excluding the material cost to some major customers in order to reduce risk from the copper price increase.

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 due to the followings: 5.3.1 Credit Risk The majority of the Companyûs revenues are derived from sales of component parts of air conditioners for cars and houses. The Company has set guidelines for customer credit evaluation. Management believes that credit risk arising from sales is significant. Concentrations of credit risk with respect to trade receivables are high due to the Companyûs few number of customers. However, from the Companyûs experience in collection of accounts receivables, management believes that there are no additional credit risk over that already provided for. Cash and deposits are placed with financial institutions with high credit ratings. 5.3.2 Exchange Rate Risk The Companyûs loans and operations are mainly transacted in Baht. The Companyûs management is of the opinion that there is no significant risk from exchange rates. 5.3.3 Interest Rate Risk As at 31 December 2005, the majority of loans are regulated by loan agreements. The Companyûs management is of the opinion that there is no significant risk from interest rate.

5.4 The holding of more than 50 % shares by major shareholder The Companyûs major shareholder is SNC Holding Company Limited. 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 on the agendas which stated by law or the Companyûs Article of Association that require 3 out of 4 number of voting rights of the shareholdersû meeting. Therefore, other shareholders will not be able to collect enough votes to investigate and balance the power of any matter proposed by the major of shareholders.

ANNUAL REPORT 2005

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

6. ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 6.1 ºŸ∂â Õ◊ Àÿπâ √“¬™◊ËÕºŸâ∂◊ÕÀÿâπ 10 √“¬·√°¢Õß∫√‘…—∑ ∑’Ëª√“°Æ„π ¡ÿ¥∑–‡∫’¬πÀÿâπ ≥ «—π∑’Ë 26 ‘ßÀ“§¡ 2548 ´÷Ëß‡ªìπ«—πªî¥ ¡ÿ¥∑–‡∫’¬π§√—Èß ÿ¥∑â“¬¢Õßªï 2548 ¥—ßπ’È ≈”¥—∫∑’Ë 1 2 3 4 5 6 7 8 9 10

™◊ÕË ∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‚Œ≈¥‘Èß ®”°—¥ π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ ∫√‘…—∑ ‰∑¬‡ÕÁπ«‘¥‘Õ“√å ®”°—¥ π“ß “«Õπß§åπ“√∂ æß…å»“‚√®πå π“ß®√— »√’ æß åæ‘‚√¥¡ π“¬«‘∑‘µ æß åæ‘‚√¥¡ π“¬ ÿ‡∑æ ªí≠≠“°√ °Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√ π“¬æ‘∑—°…å æ‘‡»… ‘∑∏‘Ï π“ß “«æ‘‰≈≈—°…≥å ¢ÿπ√—°…åæ√À¡ √«¡

®”π«πÀÿâπ “¡—≠ √âÕ¬≈–¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥ 101,000,100 11,187,800 8,336,800 5,698,300 5,510,000 4,055,100 3,625,000 2,956,300 3,500,000 2,400, 000 148,269,400

50.50 5.59 4.17 2.85 2.76 2.03 1.81 1.48 1.75 1.20 74.14

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‚Œ≈¥‘Èß ®”°—¥ ≈”¥—∫∑’Ë 1 2 3 4 5 6 7 8 9

√“¬ß“πª√–®”ªï 2548

™◊ÕË π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ π“ß “«Õπß§åπ“√∂ æß…å»“‚√®πå π“ß “«æ‘‰≈≈—°…≥å ¢ÿπ√—°…åæ√À¡ π“¬∑»æ√ ‰∑¬ ß«π«√°ÿ≈ π“¬‡§Õ‘™‘π π“§“‚¡‚µ– π“¬‡§π®‘ ‚§¥“¡– π“¬øŸ¡‘Õ“°‘ ∑“§“Œ“™‘ π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π Õ◊Ëπ Ê √«¡

®”π«πÀÿâπ “¡—≠ √âÕ¬≈–¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥ 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 2.50 11.72 100.00

SNC FORMER PUBLIC COMPANY LIMITED

5.5 Risk from dependence on the expert To manufacture the Company没s product is required staff and expert who has specialist in production which affect the production efficiency as well as the product quality as required by customers. Therefore, the capable staff and foreign experts who provide consultation and recommendation to the Company may be in demand in the market. Under the fierce competition, the Company has the risk to lose this group of people especially the foreigner. However, the Company mitigates this risk by building good relationship and teamwork culture in the organization, providing better welfare and appropriate remuneration than others in the same business. Therefore, the Company can maintain the qualified staff to be with the Company constantly.

6. Shareholding Structure and Management 6.1 Shareholders List of top ten shareholders as at August 26, 2005, the last book closing date of year 2005. Name No. of shares SNC Holding Company Limited 101,000,100 Mr. Somchai Thaisanguanvorakul 11,187,800 Thai NVDR Company Limited 8,336,800 Ms. Anongnart Pongsaroj 5,698,300 Ms. Jarassri Pongpirodome 5,510,000 Mr. Vitid Pongpirodome 4,055,100 Mr. Suthep Panyakorn 3,625,000 Government Pension Fund 2,956,300 Mr. Pitak Pisetsit 3,500,000 Ms. Pilailuck Koonrukpoma 2,400, 000 Total 148,269,400

% 50.50 5.59 4.17 2.85 2.76 2.03 1.81 1.48 1.75 1.20 74.14

Shareholders of SNC Holding Company Limited Name No. of shares 1 Mr. Somchai Thaisanguanvorakul 3,235,157 2 Ms. Anongnart Pongsaroj 2,146,250 3 Ms. Pilailuck Koonrukpoma 757,500 4 Mr. Tosaporn Thaisanguanvorakul 757,500 5 Mr. Keiichin Nakamoto 757,500 6 Mr. Kenji Kodama 505,000 7 Mr. Fumiaki Takahachi 505,000 8 Mr. Somboon Gurdlin 252,500 9 Others 1,183,593 Total 10,100,000

% 32.03 21.25 7.50 7.50 7.50 5.00 5.00 2.50 11.72 100.00

1 2 3 4 5 6 7 8 9 10

ANNUAL REPORT 2005

√“¬ß“πª√–®”ªï 2548

√Õß°√√¡°“√ºŸâ®—¥°“√ “¬∏ÿ√°‘®™‘Èπ à«π¬“π¬πµå §ÿ≥‡§π®‘ ‚§¥“¡–

√Õß°√√¡°“√ºŸâ®—¥°“√ “¬∏ÿ√°‘®™‘Èπ à«πª√—∫Õ“°“» §ÿ≥øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘

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Supply Chain Management

√Õß°√√¡°“√ºŸâ®—¥°“√

§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π

√Õß°√√¡°“√ºŸâ®—¥°“√ ·ºπ°°“√µ≈“¥ §ÿ≥øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ ΩÉ“¬∫—≠™’·≈–°“√‡ß‘π §ÿ≥ ÿ¢ÿ¡ ‚æ∏‘ «— ¥‘Ï

√Õß°√√¡°“√ºŸâ®—¥°“√ ·ºπ°µ√«® Õ∫§ÿ≥¿“æ §ÿ≥‚¬™‘¡“ – Œ“∑“π“°–

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

Deputy Managing Director Automobile Parts Business Mr. Kenji Kodama

Deputy Managing Director Air Conditioner Parts Business Mr. Fumiaki Takahachi

Nomination Commitee

Chairman of the Advisory Board Professor Dr. Boonton Dockthaisong

6.2 Management Structure

Internal Audit

Audit Commitee

Deputy Managing Director Supply Chain Management Mr. Fumiaki Takahachi

Remuneration Commitee

Deputy Managing Director Marketing Department Mr. Fumiaki Takahachi

Assistant Managing Director Accounting Finance Department Mr. Sukhum Phothisawasdee

Deputy Managing Director Quality Control Department Mr. Yoshimasa Hatanaka

Mananing Director Mr. Samitt Palitagram

Chairman of Executive Commitee Mr. Somchai Thaisanguanvorakul

Board of Directors

SNC FORMER PUBLIC COMPANY LIMITED

ANNUAL REPORT 2005

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

6.3 °“√ √√À“°√√¡°“√∫√‘…—∑ 1.

„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï∑°ÿ §√—ßÈ °√√¡°“√µâÕß≈“ÕÕ°®“°µ”·Àπàß 1 „π 3 ∂â“®”π«π°√√¡°“√ ∑’Ë®–·∫àßÕÕ°„Àâµ√ß‡ªìπ 3 à«π‰¡à ‰¥â °Á „ÀâÕÕ°‚¥¬®”π«π∑’Ë„°≈â∑’Ë ÿ¥°—∫ à«π 1 „π 3 °√√¡°“√ ∑’Ë®–µâÕß≈“ÕÕ°®“°µ”·Àπàß„πªï·√°·≈–ªï∑’Ë 2 ¿“¬À≈—ß®¥∑–‡∫’¬π°≈ÿà¡∫√‘…—∑π—Èπ „Àâ „™â«‘∏’ ®—∫©≈“°°—π«à“ºŸâ „¥®–ÕÕ° à«πªïÀ≈—ßÊ µàÕ‰ª„Àâ°√√¡°“√§π∑’ËÕ¬Ÿà„πµ”·Àπàßπ“π∑’Ë ÿ¥π—Èπ ‡ªìπ ºŸâÕÕ°®“°µ”·Àπàß °√√¡°“√∑’Ë®–ÕÕ°µ“¡«“√–π’È Õ“®‡≈◊Õ°‡¢â“¡“¥”√ßµ”·Àπàß„À¡à°Á ‰¥â

„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

§≥–°√√¡°“√ √√À“®–π”‡ πÕ√“¬™◊ÕË ∫ÿ§§≈∑’‡Ë À¡“– ¡¥—ß°≈à“«µàÕ∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË æ‘®“√≥“ ·µàßµ—ßÈ ‚¥¬ºŸ∂â Õ◊ Àÿπâ §πÀπ÷ßË ¡’§–·ππ‡ ’¬ßÀπ÷ßË Àÿπâ ‡∑à“°—∫Àπ÷ßË ‡ ’¬ß ·≈–„Àâº∂Ÿâ Õ◊ Àÿπâ ÕÕ°‡ ’¬ß≈ß§–·ππ ‡≈◊Õ°µ—ßÈ °√√¡°“√‡ªìπ√“¬∫ÿ§§≈∫ÿ§§≈æ÷ß‰¥â√∫— §–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ ‰¥â√∫— ‡≈◊Õ°µ—ßÈ ‡ªìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õæ÷ß‡≈◊Õ°µ—Èß‰¥â „π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ëß‰¥â√—∫ °“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π∑’Ë®–æ÷ß¡’À√◊Õæ÷ß®–‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „ÀâºŸâ‡ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥ °“√ √√À“°√√¡°“√ºŸâ®—¥°“√·≈–ºŸâ∫√‘À“√ §≥–°√√¡°“√ √√À“ ®–‡ªìπºŸâæ‘®“√≥“§—¥‡≈◊Õ°∫ÿ§§≈∑’Ë®–·µàßµ—Èß‡ªìπ°√√¡°“√ºŸâ®—¥°“√ ·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ ·≈–π”‡ πÕ√“¬™◊ËÕ∫ÿ§§≈¥—ß°≈à“«„Àâ§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ·µàßµ—Èß ”À√—∫„πªï 2548 ∑’Ëºà“π¡“∫√‘…—∑¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∑—Èß ‘Èπ 15 §√—Èß „π·µà≈–§√—Èß ¡’§≥–°√√¡°“√‡¢â“√à«¡ª√–™ÿ¡§√∫Õß§åª√–™ÿ¡∑ÿ°∑à“π ¬°‡«âπ°“√ª√–™ÿ¡§√—Èß∑’Ë 2 ·≈–§√—Èß∑’Ë 3 ´÷Ëßπ“¬ ¡»—°¥‘Ï ‰∑¬ ß«π«√°ÿ≈ (ª√–∏“π„π∑’Ëª√–™ÿ¡) ‰¡à ‰¥â‡¢â“√à«¡‡π◊ËÕß®“°µ‘¥¿“√°‘®Õ◊Ëπ ·µà ‰¥â ¡Õ∫À¡“¬„Àâ°√√¡°“√∑à“πÕ◊Ëπ¥”‡π‘π°“√ª√–™ÿ¡·∑π

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 ‚¥¬„πªí®®ÿ∫—π∑à“π‰¥â ¥”√ßµ”·Àπàß‡ªìπ ¡“™‘°«ÿ≤‘ ¿“®—ßÀ«—¥π§√√“™ ’¡“·≈–ª√–∏“π°√√¡°“√«‘®—¬«ÿ≤‘ ¿“ πÕ°®“°π’È „πÕ¥’ µ ∑à “ π¬— ß ‡§¬¥”√ßµ”·Àπà ß ‡ªì π √Õßª√–∏“π«ÿ ≤‘ ¿“§π∑’Ë Õß‚¥¬ª√–∏“π°√√¡°“√∑’Ë ª √÷ ° …“ ¡’¢Õ∫‡¢µÀπâ“∑’Ë „π°“√„Àâ§”ª√÷°…“·≈–·π–π”§≥–°√√¡°“√¢Õß∫√‘…—∑‡°’Ë¬«°—∫π‚¬∫“¬·≈–∑‘»∑“ß °“√¥”‡π‘πß“π¢Õß∫√‘…—∑‚¥¬√«¡ √«¡∂÷ß°“√∫√‘À“√§«“¡‡ ’Ë¬ß¢Õß°‘®°“√

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

6.3 The selection of directors 1.

At every annual general meeting, one third of the directors shall retire from office. If the number of directors is not a multiple of three, the number of directors closest to one-third shall retire. 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. In subsequent years, the director who has held office longest shall retire. The directors who retire from the position may be re-elected.

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 whom he or she replaces.

The nomination committee will propose the name of the appropriate persons at the shareholders没 meeting for approval. Each shareholder shall have a number of votes equaling the number of shares he holds. One share equals one vote. Each shareholder shall vote for one candidate at a time. 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.

Selection of Managing Director and Management The nominating committee will review and select the person to be appointed as Managing Director and management of the Company and propose the list of nominees to the Board of Directors for approval. In 2005, the Company had 15 times of the board of directors没 meetings. All directors attended all the meetings that were held, except for the meeting No.2/2005 and No. 3/2005 which Mr. Somsak Thaisanguanvorakul (Chairman of the meeting) could not attend as occupied by other business but he assigned other director to proceed the meeting.

6.4 Management 6.4.1 Chairman of the Advisory Board The Company has invited Professor Dr. Boonton Dockthaisong, 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 ANNUAL REPORT 2005

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6.4.2 §≥–°√√¡°“√¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §≥–°√√¡°“√∫√‘…—∑ ª√–°Õ∫¥â«¬ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

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°ÿ≈ ‰∑¬ ß«π«√°ÿ≈ æß…å»“‚√®πå ·¬â¡‡°…¡ ‡°‘¥À≈‘π º≈‘µ°√√¡ π“«‘π∏√√¡ æ—π∏å«‘»«“ ‡µ’¬ßÀß…“°ÿ≈ ‚§¥“¡– ∑“§“Œ“™‘

µ”·Àπàß ª√–∏“π°√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√ °√√¡°“√

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√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Advisory Board is to provide consultant and recommendation to the Company没s Board of Directors regarding the overview of the policy and operating procedure including the risk management of the business. 6.4.2 Board of Directors As at December 31, 2005, the Company没s Board of Directors were as follows: Name Surname 1. Mr.Somchai Thaisanguanvorakul 2. Ms.Anongnart Pongsaroj 3. Mr.Surapol Yamkasem 4. Mr.Somboon Gurdlin 5. Mr.Samitt Palitagram 6. Mr.Anavat Nawintham 7. Mr.Sukit Panvisavas 8. Mr.Somchai Thaenghongsakul 9. Mr.Kenji Kodama 10. Mr.Fumiaki Takahachi ( Mr. Anek Suarod is the secretary of the Board of Directors)

Position Chairman of the Board Director Director Director Director Independence Director Independence Director Independence Director Director Director

Authorized Directors Mr. Somchai Thaisanguanvorakul jointly with Mr.Surapol Yankasem 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 Company没s seal affixed. The Board members understand its roles, duties and responsibilities to the Company and the shareholders. They perform according to the Code of Best Practice for Directors of Listed Company, the guideline set by the Stock Exchange of Thailand, including information disclosure to investor or getting approval from the Board of Directors before entering into any transactions. The Board of Directors has appointed 3 sub-committees as follows: 6.4.3 Audit Committee Audit Committee as of December 31, 2005 comprised 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 Scope of duties and responsibilities of the Board of Audit Committee 1. To ensure that the Company has accurately and adequately disclosed its financial statements to public by cooperating with external auditor and directors in charge to prepare financial report quarterly and annually. The Audit Committee may suggest the auditor to examine or investigate any matters considered to be necessary and important during the auditing period. ANNUAL REPORT 2005

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æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√‡°’Ë¬«‚¬ßÀ√◊Õ√“¬°“√∑’ËÕ“®¡’ §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π √«¡∑—Èß°“√æ‘®“√≥“Õπÿ¡—µ‘ √“¬°“√¥—ß°≈à“«‡æ◊ËÕπ”‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√ ·≈–/À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµàÕ‰ª

ªØ‘∫µ— °‘ “√Õ◊πË „¥µ“¡∑’§Ë ≥–°√√¡°“√∫√‘…∑— ¡Õ∫À¡“¬·≈–§≥–°√√¡°“√µ√«® Õ∫‡ÀÁπ™Õ∫ ¥â«¬ ‡™àπ ∑∫∑«ππ‚¬∫“¬°“√∫√‘À“√∑“ß°“√‡ß‘π·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑∫∑«π°“√ ªØ‘∫—µ‘µ“¡®√√¬“∫√√≥∏ÿ√°‘®¢ÕßºŸâ∫√‘À“√ ∑∫∑«π√à«¡°—∫ºŸâ∫√‘À“√¢Õß∫√‘…—∑„π√“¬ß“π ”§—≠Ê ∑’ËµâÕß‡ πÕµàÕ “∏“√≥™πµ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥ ‰¥â·°à ∫∑√“¬ß“π·≈–°“√ «‘‡§√“–Àå¢ÕßΩÉ“¬∫√‘À“√‡ªìπµâπ

®—¥∑”√“¬ß“π°‘®°√√¡¢Õß§≥–°√√¡°“√°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â „π√“¬ß“πª√–®”ªï ¢Õß∫√‘…—∑ ´÷Ëß√“¬ß“π¥—ß°≈à“«≈ßπ“¡‚¥¬ª√–∏“π°√√¡°“√µ√«® Õ∫ √“¬°“√¥—ß°≈à“« §«√ª√–°Õ∫¥â«¬¢âÕ¡Ÿ≈¥—ßµàÕ‰ªπ’È §«“¡‡ÀÁπ‡°’¬Ë «°—∫°√–∫«π°“√®—¥∑”·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π√“¬ß“π∑“ß°“√‡ß‘π ¢Õß∫√‘…—∑∂÷ß§«“¡∂Ÿ°µâÕß §√∫∂â«π ‡ªìπ∑’Ë‡™◊ËÕ∂◊Õ‰¥â §«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ‡Àµÿ º ≈∑’Ë ‡ ™◊Ë Õ «à “ ºŸâ Õ∫∫— ≠ ™’ ¢ Õß∫√‘ …— ∑ ‡À¡“– ¡∑’Ë ® –‰¥â √— ∫ °“√·µà ß µ—È ß µà Õ ‰ªÕ’ ° «“√–Àπ÷Ëß §«“¡‡ÀÁπ‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑

√“¬ß“πÕ◊πË „¥∑’‡Ë ÀÁπ«à“ºŸ∂â Õ◊ Àÿπâ ·≈–ºŸ≈â ß∑ÿπ∑—«Ë ‰ª§«√∑√“∫ ¿“¬„µâ¢Õ∫‡¢µÀπâ“∑’·Ë ≈–§«“¡ √—∫º‘¥™Õ∫∑’Ë ‰¥â√—∫¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑

6.4.4 §≥–°√√¡°“√∫√‘À“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §≥–°√√¡°“√∫√‘À“√ª√–°Õ∫¥â«¬ 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“√ 56

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

To ensure that there are suitable and effective internal control and auditing system in the company by co–auditing with auditor

To ensure that the Company is operated in accordance with laws governing Securities and Exchange, the regulations of the Stock Exchange of Thailand and the laws pertaining to the business of the Company.

To select and make suggestions regarding the appointment of the Companyûs auditor together with the audit fee by taking into consideration the credibility, personnel sufficiency, work load of auditing firm as well as experience of the personnel to be appointed as the Companyûs auditor.

To consider the disclosure of the Company information should there be any connected transaction or contradictory transaction to be accurate and complete.

To conduct other tasks as instructed by the Board of Directors approved by the Audit Committee such as review financial policies and risk management, review compliance with business ethics, review with the management on important issues which need to be disclosed to public stated by laws, for instance, report and analysis of management team.

To prepare the Audit Committee reports by disclosing on the Companyûs annual report. The report shall be signed by the Chairman of Audit Committee and should contain following information: Comments on the preparation process and disclosure of information in the Companyûs financial statement to be accurate and reliable. Comments on the sufficiency of the Companyûs internal control system. Reasons to believe that the Companyûs auditor is appropriate to be re - appointed for another term. Comments on the compliance with laws governing Securities and Exchange, the regulations of the Stock Exchange of Thailand and the laws pertaining to the business of the Company. Report on other matters that shareholders and investors should be concerned within a scope of duties and responsibilities appointed by the Board of Directors.

6.4.4 Executive Committee Executive Committee as of December 31, 2005 were 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 Takahashi Executive Committee ANNUAL REPORT 2005

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

§≥–ºŸâ∫√‘À“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¡’§≥–ºŸâ∫√‘À“√µ“¡√“¬≈–‡Õ’¬¥¢âÕ 6.5.2 6.4.5 §≥–°√√¡°“√ √√À“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §≥–°√√¡°“√ √√À“ ª√–°Õ∫¥â«¬ 1. π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ ª√–∏“π°√√¡°“√ √√À“ 2. π“¬ “¡‘µµå º≈‘µ°√√¡ °√√¡°“√ √√À“ 3. π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π °√√¡°“√ √√À“ ¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√ √√À“ 1. °”Àπ¥À≈—°‡°≥±å·≈–π‚¬∫“¬„π°“√ √√À“°√√¡°“√·≈–°√√¡°“√™ÿ¥¬àÕ¬¢Õß∫√‘…—∑ 2. æ‘®“√≥“ √√À“°√√¡°“√‚¥¬æ‘®“√≥“∫ÿ§§≈∑’Ë‡À¡“– ¡∑’Ë®–¡“¥”√ßµ”·Àπàß°√√¡°“√ ‡æ◊ËÕ‡ πÕ§≥–°√√¡°“√∫√‘…—∑Õπÿ¡—µ‘ ·≈–‡ πÕ¢ÕÕπÿ¡—µ‘µàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â«·µà°√≥’ 3. æ‘ ® “√≥“ √√À“ºŸâ ∑’Ë ‡ À¡“– ¡∑’Ë ® –¥”√ßµ”·Àπà ß ª√–∏“π°√√¡°“√∫√‘ À “√„π°√≥’ ∑’Ë µ”·Àπàß«à“ß≈ß√«¡∑—ÈßÀ≈—°‡°≥±å„π°“√ ◊∫∑Õ¥µ”·ÀπàßºŸâ∫√‘À“√√–¥—∫ Ÿß 6.4.6 §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ª√–°Õ∫¥â«¬ 1. π“¬ ÿ√æ≈ ·¬â¡‡°…¡ 2. π“¬ “¡‘µµå º≈‘µ°√√¡ 3. π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π ¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë 1. ‡ πÕ·π«∑“ß·≈–«‘ ∏’ ° “√°“√®à “ ¬§à “ µÕ∫·∑π„Àâ · °à § ≥–°√√¡°“√∫√‘ …— ∑ ·≈–§≥– °√√¡°“√™ÿ¥µà“ßÊ ∑’Ë§≥–°√√¡°“√∫√‘…—∑·µàßµ—Èß 2. ‡ πÕπ‚¬∫“¬°“√æ‘®“√≥“§à“µÕ∫·∑π„Àâ·°àΩÉ“¬®—¥°“√ (Management Incentive) ‚¥¬ „Àâ Õ¥§≈â Õ ß°— ∫ º≈°“√¥”‡π‘ π ß“π¢Õß∫√‘ …— ∑ ·≈–º≈°“√ªØ‘ ∫— µ‘ ß “π¢ÕßΩÉ “ ¬®— ¥ °“√ ‡ªìπ√“¬∫ÿ§§≈ 3. æ‘®“√≥“°”Àπ¥§à“µÕ∫·∑πª√–®”ªï·°àΩÉ“¬®—¥°“√‡ªìπ√“¬∫ÿ§§≈°àÕππ”‡ πÕ¢ÕÕπÿ¡—µ‘ µàÕ§≥–°√√¡°“√∫√‘…—∑ 4. æ‘®“√≥“ß∫ª√–¡“≥°“√¢÷Èπ§à“®â“ß °“√‡ª≈’Ë¬π·ª≈ß§à“®â“ß·≈–º≈µÕ∫·∑π ‡ß‘π√“ß«—≈ ª√–®”ªï¢Õßæπ—°ß“π®—¥°“√√–¥—∫ Ÿß °àÕπ‡ πÕ§≥–°√√¡°“√∫√‘…—∑ ª√–«—µ‘°“√∑”º‘¥°ÆÀ¡“¬ „π√–¬–‡«≈“ 10 ªï∑’Ëºà“π¡“ §≥–°√√¡°“√·≈–‡®â“Àπâ“∑’Ë∫√‘À“√¢Õß∫√‘…—∑∑ÿ°∑à“π¡’ª√–«—µ‘ °“√∑”ß“π‚ª√àß„ ‰¡à¥à“ßæ√âÕ¬ ·≈–‰¡à¡’ºŸâ „¥‡§¬∂Ÿ°‰≈àÕÕ° ª≈¥ÕÕ° „ÀâÕÕ° À√◊ÕµâÕß§¥’ ‡π◊ËÕß®“° °“√°√–∑”∑ÿ®√‘µ À√◊Õ‡§¬∂Ÿ°øÑÕß≈â¡≈–≈“¬À√◊Õ∂Ÿ°µâÕß‚∑…Õ“≠“ À√◊Õ¡’¢âÕæ‘æ“∑ À√◊Õ°“√∂Ÿ°øÑÕß√âÕß ´÷ËßÕ¬Ÿà√–À«à“ß°“√µ—¥ ‘π§¥’

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Management As of December 31, 2005, the Companyûs management comprised of 11 members as shown in section 6.5.2. 6.4.5 Nomination Committee Nomination Committee as of December 31, 2005 were as follows 1. Mr. Somchai Thaisanguanvorakul Chairman of the Nomination Committee 2. Mr. Samitt Palitagram Nomination Committee 3. Mr. Somboon Gurdlin Nomination Committee Scope of duties and responsibilities of the Nomination Committee 1. To set out the criteria and policies determining the nomination of the Board of Directors and the Companyûs sub-committee members. 2. To consider the nomination of directors from personnel qualified for directorship to propose to the Board of Director and /or the shareholdersû meeting for approval as the case may be. 3. To consider the nomination of appropriate personnel to assume the position of Chairman of the Executive Committee in the case of vacancy, including the criteria for the succession of top executives. 6.4.6 Remuneration Committee Remuneration Committee as of December 31, 2005 were as follows 1. Mr. Surapol Yamkasem 2. Mr. Samitt Palitagram 3. Mr. Somboon Gurdlin Scope of duties and responsibilites 1. To set up policy and scheme for remuneration payment for the Board of Directors and other committee as appointed by the Board of Directors. 2. To set up policy and scheme for management incentive according to the Companyûs operating results as well as management performance on an individual basis. 3. To consider the budget for the remuneration increase, the change in remuneration and reward as well as top executivesû bonus prior to propose to the Board of Directors. Legal Disputes All the Companyûs directors and executives have clean and transparency working background. In the past 10 years, no one has been dismissed, discharged, or accused of any corruption or prosecution of bankruptcy or conviction of criminal case or dispute or undergoing lawsuit judgement.

ANNUAL REPORT 2005

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

6.5 §à“µÕ∫·∑πºŸâ∫√‘À“√ 6.5.1 §à“µÕ∫·∑π°√√¡°“√∫√‘…—∑ „πªï 2548 ∫√‘…—∑®à“¬‡∫’È¬ª√–™ÿ¡„Àâ·°à°√√¡°“√∫√‘…—∑ ¥—ßπ’È 1. 2. 3.

µ”·Àπàß ª√–∏“π°√√¡°“√∑’Ëª√÷°…“ ª√–∏“π°√√¡°“√ °√√¡°“√

∑à“π 1 1 10 √«¡

∫“∑ 80,000 40,000 330,000 450,000

6.5.2 §à“µÕ∫·∑π°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√ „πªï 2548 ∫√‘ …— ∑ ®à “ ¬‡ß‘ π ‡¥◊ Õ π ‚∫π— INCENTIVE ‡ß‘ π ¡∑∫°Õß∑ÿ π ”√Õß‡≈’È ¬ ß™’ æ ·≈– «— ¥‘°“√Õ◊Ëπ „Àâ·°à°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ √«¡∑—ÈßºŸâ∫√‘À“√¢Õß∫√‘…—∑¬àÕ¬∑’Ë‡ªìπ ∏ÿ√°‘®À≈—° ¥—ßπ’È ™◊ÕË 1. π“¬ ¡™—¬ 2. π“¬ “¡‘µµå 3. π“¬‡§π®‘ 4. π“¬øŸ¡‡‘ Õ°‘ 5. π“¬‚¬™‘¡“ – 6. π“¬ ¡∫ÿ≠ 7. π“¬ ÿ√æ≈ 8. π“¬ ÿæ®πå 9. π“¬ÕŸ‡¡Õ‘ 10. π“¬«‘™¬— 11. π“¬‚¬™‘∑“‡°– √«¡

°ÿ≈ ‰∑¬ ß«π«√°ÿ≈ º≈‘µ°√√¡ ‚§¥“¡– ∑“§“Œ“™‘ Œ“∑“π“°– ‡°‘¥À≈‘π ·¬â¡‡°…¡ ∏’√æß…å ‚µ™‘‚Õ– ‡À≈◊Õß«‘√‘¬–· ß §Õπ‚π–

®”π«π‡ß‘π (∫“∑) 1,760,000 2,573,292 4,036,000 4,300,000 2,160,000 2,922,176 1,510,000 1,290,000 1,962,480 910,000 2,160,000 25,583,948

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

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

6.5 Management没s Remuneration 6.5.1 Remuneration for Board of Directors In 2005, the Company paid for the meeting allowances for the directors as follows: Position 1. 2. 3.

Chairman of the Advisory Board Chairman of the Board Director

No. of persons

Baht

1 1 10 Total

80,000 40,000 330,000 450,000

6.5.2 Remuneration for Executive Committee and Executive Salary, bonus, incentive, provident fund and other welfare paid to the executive committee and managment of the Company and its main subsidiaries in 2005 were as follows: Name 1. Mr. Somchai 2. Mr. Samitt 3. Mr. Kenji 4. Mr. Fumiaki 5. Mr. Yoshimasa 6. Mr. Somboon 7. Mr.Surapol 8. Mr.Supot 9. Mr. Umei 10. Mr.Vichai 11. Mr.Yoshitake Total

Surname Thaisanguanvorakul Palitagram Kodama Takahashi Hatanaka Gurdlin Yamkasem Teerapong Tochio Leungviriyasaeng Connoe

Amount (baht) 1,760,000 2,573,292 4,036,000 4,300,000 2,160,000 2,922,176 1,510,000 1,290,000 1,962,480 910,000 2,160,000 25,583,948

6.5.3 Other Remuneration Rights to buy back securities, convertible securities, debenture or other benefits granted to the executives by the group - none-

ANNUAL REPORT 2005

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7. °“√°”°—∫¥Ÿ·≈°‘®°“√ √“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 1.

π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ §≥–°√√¡°“√∫√‘…∑— „Àâ§«“¡ ”§—≠ ·≈–ªÆ‘∫µ— µ‘ “¡¢âÕæ÷ßªÆ‘∫µ— ∑‘ ¥’Ë ’ ”À√—∫∫√‘…∑— ®¥∑–‡∫’¬πµ“¡·π«∑“ß ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬Õ¬à“ß§√∫∂â«π πÕ°®“°π’È∫√‘…—∑¬—ß„Àâ§«“¡ ”§—≠°—∫√–∫∫°“√§«∫§ÿ¡·≈– µ√«® Õ∫¿“¬„π‚¥¬¡ÿàß‡πâπ°“√°”°—∫¥Ÿ·≈ΩÉ“¬∫√‘À“√ „Àâ¥”‡π‘π°“√µ“¡π‚¬∫“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ·≈–¡’ §«“¡‚ª√àß„ „π°“√¥”‡π‘πß“π‡æ◊ÕË ª√–‚¬™πå√–¬–¬“«µàÕºŸ∂â Õ◊ Àÿπâ °“√°”°—∫·≈–µ‘¥µ“¡°“√«—¥º≈°“√¥”‡π‘πß“π ¢Õß·µà≈–°‘®°“√∫√‘…∑— ‰¥â®¥— „Àâ¡§’ ≥–®—¥°“√‡ªìπºŸ°â ”°—∫¥Ÿ·≈°‘®°“√∑—ßÈ „π√–¥—∫∫√‘…∑— ·≈–√–¥—∫°≈ÿ¡à ‚¥¬¡’°”Àπ¥ °“√ª√–™ÿ¡·≈–√“¬ß“πµ“¡√Ÿª·∫∫∑’Ë°”Àπ¥‡ªìπ¡“µ√∞“π∑ÿ°Ê ‡¥◊Õπ ‡æ◊ËÕª√–‡¡‘π·≈–ª√—∫ª√ÿß·ºπ°“√ ¥”‡π‘πß“πÕ¬à“ß∂Ÿ°µâÕß‡À¡“– ¡ 2.

‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑‡§“√æ ‘∑∏‘æ◊Èπ∞“π¢ÕßºŸâ∂◊ÕÀÿâπ ·≈–°”Àπ¥·π«∑“ß‡æ◊ËÕ√—°…“ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π¢Õß ºŸâ∂◊ÕÀÿâπ ¥—ßπ’È 2.1 ¡’π‚¬∫“¬°“√®—¥ àßÀπ—ß ◊Õπ—¥ª√–™ÿ¡ æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ ∂◊ÕÀÿâπµà“ßÊ ∑√“∫°àÕπ«—πª√–™ÿ¡Õ¬à“ßπâÕ¬ 7 «—π 2.2

¡’π‚¬∫“¬°“√‡æ‘¡Ë ∑“ß‡≈◊Õ°„Àâ°∫— ºŸ∂â Õ◊ Àÿπâ ‚¥¬„Àâ°√√¡°“√Õ‘ √–‡ªìπºŸ√â ∫— ¡Õ∫Õ”π“®®“°ºŸ∂â Õ◊ Àÿπâ „π °√≥’∑’Ëº∂Ÿâ ◊ÕÀÿâπ‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥â

2.3

‡ªî¥‡º¬‚§√ß √â“ß°“√¥”‡π‘πß“π ·≈–°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡Õ¬à“ß™—¥‡®π ‡æ◊ËÕ„Àâ ºŸ∂â Õ◊ Àÿπâ ¡’§«“¡¡—πË „®«à“‚§√ß √â“ß°“√¥”‡π‘πß“π·≈–°“√≈ß∑ÿπ¡’§«“¡‚ª√àß„ “¡“√∂µ√«® Õ∫ ‰¥âµ≈Õ¥‡«≈“

2.4

¡’¡“µ√°“√ªÑÕß°—π°“√π”¢âÕ¡Ÿ≈¿“¬„π ‰ª„™â „π∑“ß∑’Ë ‰¡à∂°Ÿ µâÕß·≈–‰¡à‡ªìπ∏√√¡ ·≈–¡’°“√°”Àπ¥ ‚∑… ”À√—∫æπ—°ß“π∫√‘…—∑ ·≈–‡®â“Àπâ“∑’Ë∑’Ë‡°’Ë¬«¢âÕß°—∫¢âÕ¡Ÿ≈‡º¬·æ√à¢âÕ¡Ÿ≈À√◊Õ· «ßÀ“º≈ ª√–‚¬™πå®“°¢âÕ¡Ÿ≈∑’Ë√—∫√Ÿâ‡ªìπ‚∑…∑“ß«‘π—¬¢—Èπ√â“¬·√ß ·≈–¬—ß¡’°“√‡ΩÑ“ —ß‡°µÿ°“√≥å°“√´◊ÈÕ¢“¬ À≈—°∑√—æ¬åÕ¬à“ß ¡Ë”‡ ¡Õ‡æ◊ËÕª√–‡¡‘π§«“¡º‘¥ª°µ‘°“√´◊ÈÕ¢“¬Àÿâπ¢Õß∫√‘…—∑„πµ≈“¥

‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬„π°≈ÿà¡µà“ßÊ ∫√‘…—∑„Àâ§«“¡ ”§—≠µàÕ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ‰¡à«à“®–‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬¿“¬„π ‰¥â·°àæπ—°ß“π ·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à§Ÿà·¢àß ‡®â“Àπâ“∑’Ë¿“§√—∞·≈–Àπà«¬ß“πÕ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß ‡π◊ËÕß®“°∫√‘…—∑µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸâ¡’ à«π‰¥â‡ ’¬ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß™ÿ¡™π·≈– —ß§¡ Õ“∑‘ 3.1 ∫√‘…—∑‰¥â‡¢â“√à«¡‡ªìπ ¡“™‘°„π°≈ÿà¡Õÿµ “À°√√¡¢Õß ¿“Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬

3.2

·®°∑ÿπ°“√»÷°…“„Àâ°—∫‚√ß‡√’¬π„π™ÿ¡™π„°≈â‡§’¬ß‡ªìπª√–®”∑ÿ°ªï

3.3

àß‡ √‘¡·≈– π—∫ πÿπ «— ¥‘°“√∑’Ë¥’µàÕ∫ÿ§§≈“°√¢Õß∫√‘…—∑·≈– π—∫ πÿπ àß‡ √‘¡¥â“π°“√»÷°…“ „Àâ·°àæπ—°ß“π‡æ◊ËÕπ”§«“¡√Ÿâ∑’Ë ‰¥â°≈—∫¡“æ—≤π“µπ‡Õß·≈–Õß§å°√µàÕ‰ª

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

7. Good Corporate Governance The report of the good corporate governance 1.

Policy on Good Corporate Governance. The Board of Directors has recognized the importance of good corporate governance and fully conforms to the principle of good corporate governance outlined by the Stock Exchange of Thailand. Besides, the Board of Directors also recognizes the importance of internal audit control by focusing on the close supervision on management team for efficiency and transparency operation in order to maximize benefit of the shareholders. In order to monitor and evaluate each company没s performance, the Company has appointed an administrator team to supervise the organization at the corporation level as well as at the business unit level and has set the standard for meeting and report for monthly performance review to evaluate and adjust plan for the proper operation. 2.

Rights and Equitable Treatment of Shareholders. The Company respects shareholders没 rights and has set the following guidelines to ensure the equitable treatment. 2.1 Send the invitation letter along together with the relevant supporting information for each agenda to the shareholders 7 days prior to the meeting. 2.2

Offer an alternative to the shareholders who are unable to attend the meeting to appoint the independent committee as their proxy.

2.3

Clearly disclose business structure and the investment in subsidiaries and affiliates to ensure shareholders for the Company没s transparency operation and investment and available for the review constantly.

2.4

Provide measurement to prevent incorrect and unfair use of inside information and set up the disciplinary punishment for staff and related officers who reveal the inside information or exploit the inside information for own benefits as well as monitor its stock trading consistently in order to observe the irregular trading if occur.

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, government agencies and other related parties as the Company realizes their dedication towards the Company particularly the community and the society. The examples are: 3.1 Be a member of the industrial group under the Thailand Industrial Council. 3.2

Provide education scholarship for community school in the vicinity every year

3.3

Support good welfare for the Company没s staff including their education, which in return they can exploit the knowledge learning to develop themselves as well as the organization.

ANNUAL REPORT 2005

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

°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…∑— ¡’π‚¬∫“¬∑’®Ë –‡ªî¥‚Õ°“ „Àâº∂Ÿâ Õ◊ Àÿπâ ¡’ ∑‘ ∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…∑— ‚¥¬‰¥â®¥— √√‡«≈“≈à«ßÀπâ“Õ¬à“ß‡À¡“– ¡ ”À√—∫°“√‡¢â“ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ „π·µà≈–√Õ∫ ∑—ßÈ π’ªÈ √–∏“π°√√¡°“√·≈– Õπÿ°√√¡°“√∑ÿ°§π‰¥â¡’ à«π‡¢â“√à«¡ª√–™ÿ¡·≈–µÕ∫¢âÕ´—°∂“¡„Àâ°—∫ºŸâ∂◊ÕÀÿâπ √«¡∑—Èß√—∫øíß„π¢âÕ§‘¥‡ÀÁπ‡ πÕ·π– ∑’Ë ”§—≠„π°‘®°√√¡µà“ßÊ 5.

¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå §≥–°√√¡°“√∫√‘…∑— ¡’∫∑∫“∑ ”§—≠„π°“√√à«¡°”Àπ¥«‘ ¬— ∑—»πå√«à ¡°—∫ºŸ∫â √‘À“√√–¥—∫ Ÿß ‡æ◊ÕË «“ß·ºπ°“√ ¥”‡π‘πß“π„π√–¬– —Èπ ·≈–√–¬–¬“« π‚¬∫“¬°“√‡ß‘π °“√∫√‘À“√§«“¡‡ ’Ë¬ß ·≈–¿“æ√«¡¢ÕßÕß§å°√∑—ÈßÀ¡¥ ‚¥¬Õ‘ √– πÕ°®“°π’¬È ß— ¡’∫∑∫“∑„π°“√°”°—∫¥Ÿ·≈ΩÉ“¬®—¥°“√„Àâ¥”‡π‘πß“π‡ªìπ‰ªµ“¡·ºπ∏ÿ√°‘®Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈ ‡™àπ °“√®—¥„Àâ¡’√–∫∫§«∫§ÿ¡¿“¬„π °“√ª√–‡¡‘πº≈°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ ‚¥¬§”π÷ß∂÷ß º≈ª√–‚¬™πå Ÿß ÿ¥¢ÕßºŸâ∂◊ÕÀÿâπ¥â«¬°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë§«√√—∫º‘¥™Õ∫√–À«à“ß§≥–°√√¡°“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ ·≈–°√√¡°“√ºŸâ®—¥°“√Õ¬à“ß™—¥‡®π °√√¡°“√∫√‘…—∑¡’°“√ª√–™ÿ¡À“√◊Õ ∑‘»∑“ß°“√¥”‡π‘π∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕß ·≈–‡ªìπºŸâ√‘‡√‘Ë¡ π—∫ πÿπ°“√¥”‡π‘πß“π∑’Ë ”§—≠ Õ“∑‘ π‚¬∫“¬æ—≤π“ ∑√—æ¬“°√∫ÿ§§≈ π‚¬∫“¬æ—≤π“√–∫∫ TQM ‡æ◊ËÕ‡ªÑ“À¡“¬„π°“√√—∫√“ß«—≈ TQA (Thailand Quality Award) π‚¬∫“¬°“√æ—≤π“ ‘ßË ·«¥≈âÕ¡ ·≈–°“√ √â“ß«—≤π∏√√¡π«—µ°√√¡ ∑’ Ë ”§—≠Õ’°ª√–°“√Àπ÷ßË §◊Õ §≥–°√√¡°“√∫√‘…∑— „Àâ§«“¡ ”§—≠°—∫°“√‡¢â“ —¡¡π“À≈—° Ÿµ√∑’‡Ë ªìπª√–‚¬™πåµÕà °“√ªØ‘∫µ— À‘ πâ“∑’Ë √«¡∑—ßÈ °“√·≈°‡ª≈’¬Ë π§«“¡§‘¥‡ÀÁπ ®“°ºŸâ∫√‘À“√¢ÕßÕß§å°√Õ◊ËπÊ ‡æ◊ËÕπ”§«“¡√Ÿâ¡“æ—≤π“ª√—∫ª√ÿß°≈ÿà¡∫√‘…—∑µàÕ‰ª 6.

§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ∫√‘…∑— ªØ‘∫µ— µ‘ “¡°Æ‡°≥±å ¢Õß§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°≈µ.) ·≈–¢Õßµ≈“¥ À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ (µ≈∑.) Õ¬à“ß‡§√àß§√—¥ ‚¥¬§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠„π‡√◊ËÕß°“√®—¥°“√ ‡°’Ë¬«°—∫§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå¢ÕßºŸâ‡°’Ë¬«¢âÕßÕ¬à“ß√Õ∫§Õ∫ ‡ªìπ∏√√¡ ·≈–‚ª√àß„ À“°¡’√“¬°“√∑’Ë‡°’Ë¬« ‚¬ß°—π ®–µâÕßæ‘®“√≥“Õ¬à“ß√Õ∫§Õ∫ ‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«Õ¬à“ß™—¥‡®π ·≈–∑—π‡«≈“ ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß ∫√‘…∑— ‚¥¬√«¡‡ªìπ ”§—≠ ¡’°“√°”Àπ¥π‚¬∫“¬·≈–«‘∏°’ “√¥Ÿ·≈‰¡à„Àâº∫Ÿâ √‘À“√·≈–ºŸ∑â ‡’Ë °’¬Ë «¢âÕßπ”¢âÕ¡Ÿ≈¿“¬„π∫√‘…∑— ‰ª„™â‡æ◊ÕË ª√–‚¬™πå «à πµπ πÕ°®“°π’¬È ß— Àâ“¡´◊ÕÈ ¢“¬À≈—°∑√—æ¬å¢Õß∫√‘…∑— „π™à«ß‡«≈“∑’°Ë ”Àπ¥ (Blackout Period) ´÷ËßπÕ°®“°®–√—°…“ ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ·≈â« ¬—ß‡ªìπ°“√ªÑÕß°—π§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πåÕ’°∑“ßÀπ÷Ëß¥â«¬

∫√‘…—∑¡’ ‚§√ß √â“ß°“√∂◊ÕÀÿâπ™—¥‡®π ‚ª√àß„ ‰¡à¡’°“√∂◊ÕÀÿâπ‰¢«â°—π°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ®÷ß∑”„Àâ ‰¡à¡’§«“¡ ¢—¥·¬âß¢Õßº≈ª√–‚¬™πå πÕ°®“°π’È¬—ß·∫àß·¬°Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫Õ¬à“ß™—¥‡®π √–À«à“ß§≥–°√√¡°“√∫√‘…—∑ ΩÉ“¬∫√‘À“√ ·≈–ºŸâ∂◊ÕÀÿâπ ®÷ßª√“»®“°ªí≠À“°“√°â“«°à“¬Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫ 7.

®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑ª≈Ÿ°Ωíß«—≤π∏√√¡·≈–®√√¬“∫√√≥„π°“√ªÆ‘∫—µ‘ß“π „Àâæπ—°ß“πªÆ‘∫—µ‘ß“πµ“¡¿“√°‘®¢Õß∫√‘…—∑ ¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ¡’√–‡∫’¬∫·π«∑“ßªØ‘∫—µ‘‡ªìπ≈“¬≈—°…≥åÕ—°…√ π—∫ πÿπ„Àâæπ—°ß“πªÆ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ‚¥¬¡’ºŸâ∫√‘À“√√–¥—∫ Ÿß‡ªìπµ—«Õ¬à“ß∑’Ë¥’„ÀâªØ‘∫—µ‘µ“¡ ®√‘¬∏√√¡„π°“√ª√–°Õ∫∏ÿ√°‘®∑’Ë¥’®–™à«¬„Àâ∫√‘…—∑ ¡’§«“¡‡®√‘≠°â“«Àπâ“ ¡—Ëπ§ß ·≈–‡ªìπ∑’Ë¬Õ¡√—∫„π«ß°“√µà“ßÊ 8. 64

°“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ ∫√‘…—∑¡’°√√¡°“√∑—Èß ‘Èπ 10 ∑à“π ª√–°Õ∫¥â«¬§≥–°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π ´÷Ëß‡æ’¬ßæÕµàÕ

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Shareholdersû Meeting. The Company provides equal opportunity to the shareholders to investigate and review its operation. The Company will allocate sufficient time for each shareholdersû meeting and the Chairman of the Board of the Directors and all directors will attend the meeting for answering all questions and hearing opinion and recommendation on important activities raised by shareholders at the meeting. 5.

Leadership and Vision. The Board of Directors plays a major role to participate with the management in determining the Companyûs vision, short-term plan, long-term plan, financial policy, risk management and overall management of the organization. To maximize shareholdersû benefits, the Board of Directors supervises the management in order to ensure the business has been managed efficiently and effectively based on the set direction by setting up the internal control system and consistently evaluating the groupûs performance. The Company has fixed the clear segregation of duties among the Board of Directors, Audit Committee and Managing Director. The Board of Directorsû meeting will be held consistently for business direction discussion. The Board of Directors is the initiator for important policies such as human resource development, TQM development for granted the Thailand Quality Award, environment development as well as culture innovation building. The Board of Directors also places great importance on attending an appropriate training course in order to exchange knowledge with other organizationûs management and bring back knowledge learning to develop the groupûs operation further. 6.

Conflict of Interest. The Company strictly conducts based on rules and regulation of the Securities and Exchange Commission and the Stock Exchange of Thailand. The Board of Directors recognized the importance of handling any conflict of interest among related parties by ensuring integrity, fairness and transparency. In case of any connected transaction arise, the Company will act for its own benefit to carefully review the transaction and disclose clearly information promptly. The Company has set the policy and protection procedure to prevent any management and related staff to exploit inside information for their own benefits. Besides, the Company prohibits staff for trading the Companyûs stock during the Blackout Period. This prohibition not only preserves the shareholdersû rights but also prevents the conflict of interest. The Companyûs shareholder structure is clear and transparent, no cross holding between major shareholders which will not cause any conflict of interest. Besides, the Company has set the clear segregation of duties and responsibilities among the Board of Directors, the management and shareholders to avoid any conflict of duties and responsibilities as well. 7.

Business Ethics. The Company has established culture and code of business ethics which all staff has to abide by the code in order to achieve the Companyûs mission with integrity. The guideline for the code of conduct is written and the Company enforces all staff to carry out their duties accordingly leading by the Companyûs executives as the role model. This enables the Company to grow firmly and be well-accepted in various industries. ANNUAL REPORT 2005

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

°“√∑∫∑«ππ‚¬∫“¬∫√‘À“√ß“π·≈–°“√∂à«ß¥ÿ≈°“√µ—¥ ‘π„®¢Õß§≥–°√√¡°“√∫√‘…—∑ πÕ°®“°π’È∫√‘…—∑¬—ß¡’ §≥–°√√¡°“√∑’¡Ë ¿’ “«–ºŸπâ ” ¡’« ‘ ¬— ∑—»πå°«â“ß‰°≈ ¡’§≥ ÿ ∏√√¡·≈–«—≤π∏√√¡ ª√–«—µ°‘ “√∑”ß“π‚ª√àß„ ‰¡à¥“à ßæ√âÕ¬ “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ‰¥âÕ¬à“ßÕ‘ √– ·≈–¬—ß°”Àπ¥Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑‰¥âÕ¬à“ß ™—¥‡®π ‡æ◊ËÕ„Àâ “¡“√∂ªØ‘∫—µ‘Àπâ“∑’Ë‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ 9.

°“√√«¡À√◊Õ·¬°µ”·Àπàß ª√–∏“π°√√¡°“√¡’Àπâ“∑’Ë „π°“√‡ªìπºŸâπ”ΩÉ“¬π‚¬∫“¬ °”Àπ¥«‘ —¬∑—»πå·≈–°”°—∫¥Ÿ·≈°“√∑”ß“π¢Õß ºŸâ∫√‘À“√√–¥—∫ Ÿß à«π°√√¡°“√ºŸâ®—¥°“√¡’∫∑∫“∑À≈—°‡ªìπºŸâπ”ΩÉ“¬∫√‘À“√ „π°“√¥”‡π‘πß“πµ“¡π‚¬∫“¬∑’Ë§≥– °√√¡°“√∫√‘…—∑°”Àπ¥ ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√¢Õß∫√‘…—∑®÷ß‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π ‡æ◊ËÕ·∫àß ·¬°∫∑∫“∑„Àâ™—¥‡®π·≈–¡’§«“¡ ¡¥ÿ≈„πÕ”π“®°“√¥”‡π‘πß“π ·¡â«à“ºŸâ¥”√ßµ”·Àπàß∑—Èß Õß∑à“π‡ªìπµ—«·∑π ®“°°≈ÿ¡à ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à ·µàµ“¡‚§√ß √â“ß§≥–°√√¡°“√¢Õß∫√‘…∑— ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π ´÷ßË ®–°àÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–°“√ Õ∫∑“π°“√∫√‘À“√ß“π ®÷ß‰¡à‡ªìπªí≠À“„¥Ê ‡°’¬Ë «°—∫°“√°”Àπ¥π‚¬∫“¬∑’ Ë ”§—≠ 10.

§à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√‰«âÕ¬à“ß‚ª√àß„ æ‘®“√≥“„Àâ§à“µÕ∫·∑π∑’Ë ‡À¡“– ¡·°à§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√‚¥¬¢ÕÕπÿ¡—µ‘§à“µÕ∫·∑π¢Õß§≥–°√√¡°“√∫√‘…—∑µàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ æ‘®“√≥“‡ª√’¬∫‡∑’¬∫°—∫§à“µÕ∫·∑π§≥–°√√¡°“√¢Õß∫√‘…—∑„πÕÿµ “À°√√¡‡¥’¬«°—π ´÷Ëß¡’§«“¡‡æ’¬ßæÕ∑’Ë®– √—°…“°√√¡°“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’ËµâÕß°“√‰«â à«π§à“µÕ∫·∑πºŸâ∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâæ‘®“√≥“®“° §«“¡√—∫º‘¥™Õ∫ º≈°“√ªØ‘∫—µ‘ß“π ·≈–º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‡ªìπ ”§—≠ 11.

°“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√¡’°”Àπ¥ª√–™ÿ¡‚¥¬ª°µ‘Õ¬à“ßπâÕ¬ªï≈– 4 §√—ßÈ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘¡Ë µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√°”Àπ¥«“√–™—¥‡®π≈à«ßÀπâ“ ·≈–¡’«“√–æ‘‡»…µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ∑—Èßπ’È∫√‘…—∑‰¥â®—¥ àß Àπ—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“ª√–™ÿ¡ „π°“√æ‘®“√≥“‡√◊ËÕßµà“ßÊ ¡’°“√‡ªî¥‚Õ°“ „Àâ °√√¡°“√· ¥ß§«“¡§‘¥‡ÀÁπÕ¬à“ßÕ‘ √– ‚¥¬¡’ª√–∏“π°√√¡°“√‡ªìπºŸâ§«∫§ÿ¡°“√„™â‡«≈“Õ¬à“ß‡À¡“– ¡ ‡æ◊ËÕ„Àâ ¡’‡«≈“‡À≈◊Õ¡“°æÕ ”À√—∫°“√«‘π‘®©—¬ª√–‡¥Áπ ”§—≠Õ¬à“ß√Õ∫§Õ∫ 12.

§≥–Õπÿ°√√¡°“√ ∫√‘…—∑¡’§≥–°√√¡°“√∑’Ë·µàßµ—Èß‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑ ¥—ßπ’È 12.1 °√√¡°“√µ√«® Õ∫ª√–°Õ∫¥â«¬°√√¡°“√®”π«π 3 ∑à“π ·≈–∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √– 12.2 °√√¡°“√°”Àπ¥§à “ µÕ∫·∑π‚¥¬∑”Àπâ “ ∑’Ë °”Àπ¥§à “ µÕ∫·∑π∑’Ë ®”‡ªì π ‡æ◊Ë Õ ®Ÿ ß „®√— ° …“§≥– °√√¡°“√§≥–°√√¡°“√™ÿ¥¬àÕ¬ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß∫√‘…—∑ 12.3 °√√¡°“√ √√À“‚¥¬∑”Àπâ“∑’Ë°”Àπ¥À≈—°‡°≥±å ·≈–π‚¬∫“¬„π°“√ √√À“°√√¡°“√ ·≈– °√√¡°“√™ÿ¥¬àÕ¬¢Õß∫√‘…—∑√«¡∂÷ßºŸâ∫√‘À“√√–¥—∫ Ÿß

13.

√–∫∫°“√§«∫§ÿ¡¿“¬„π ∫√‘…—∑„Àâ§«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘¿“æ ∑—Èß„π√–¥—∫∫√‘À“√·≈–√–¥—∫ªØ‘∫—µ‘°“√ ‚¥¬‰¥â¡°’ “√°”Àπ¥¿“√–Àπâ“∑’·Ë ≈–Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸ∫â √‘À“√·≈–ºŸªâ Ø‘∫µ— ß‘ “π‰«âÕ¬à“ß™—¥‡®π¡’°“√§«∫§ÿ¡ ¥Ÿ·≈°“√„™â∑√—æ¬å ‘π µ≈Õ¥®π¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“πµ‘¥µ“¡ §«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π 66

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Balance of Power of Non-Executive Directors. The Board of Directors has 11 members, comprised of 3 independent directors which sufficient to review management policy and balance the decision of the Board of Directors. Besides, the Board of Directors possesses leadership skill, vision, ethic and culture, transparency background and capacity to express opinion freely. The Company has clearly stated the Board of Directorsรป duties and responsibilities in order to perform the role effectively. 9.

Aggregation or Segregation of Position. The Chairman of the Board of Directors performs as the leader of the strategy department to determine vision and supervise top managementรปs performance while the Managing Director performs as the leader of administration department to operate the Company according to the direction set by the Board of Directors. The Chairman of the Board of Directors and Managing Director, therefore, is not the same person. Both of them are representatives from major shareholders. As the structure of the Board of Directors composes of 3 independent directors, there should be a balance to review the management which should cause no difficulty to set any important policies. 10.

Remuneration for Directors and Management. The Company has clearly stated the policy on appropriate remuneration to the Board of Directors and the management. The fixed remuneration of the Board of Directors has to be approved at the shareholdersรป meeting. Such remuneration has to be comparable to other firms in the same industry and attractive enough to maintain the qualified directors. The remuneration for the management, the Board of Directors will consider based on the responsibility, performance and the Companyรปs operation results. 11.

The Board of Directorsรป 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 sends the invitation letter with agendas and relevant supporting information to the directors 7 days prior to the meeting which provide sufficient time for directors to review the information. The Chairman of the Board of Directors has the responsibility to allocating appropriate time during the meeting, providing sufficient time for directors to consider important matters and encouraging directors to freely express opinion. 12.

Committee The Board of Directors has appointed the sub-committee to monitor the good corporate governance of the Company as follow: 12.1 Audit Committee composes of 3 members and all of them are independent directors. 12.2 Remuneration Committee is responsible for determing the remuneration to attract the Board of Directors, the sub-committee, and the executives. 12.3 Nomination Committee is responsible for setting the rules and policies in selecting the directors and the sub-committee including the executives. 13.

Internal Control System The Company emphasizes on the importance of internal control system both at the ANNUAL REPORT 2005

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

‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È¬—ß¡’°“√§«∫§ÿ¡¿“¬„π‡°’Ë¬«°—∫√–∫∫ °“√‡ß‘π ‚¥¬∫√‘…—∑‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑“ß°“√‡ß‘π‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ‚¥¬§≥–°√√¡°“√ µ√«® Õ∫®–‡ªìπºŸ¥â ·Ÿ ≈·≈–µ√«® Õ∫°‘®°“√¢Õß∫√‘…∑— Õ¬à“ß‡µÁ¡√Ÿª·∫∫ ∑—ßÈ π’§È ≥–°√√¡°“√µ√«® Õ∫®–√“¬ß“π °“√µ√«® Õ∫µ√ßµàÕ§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π¢Õß∫√‘…—∑ ‰¥â¥”‡π‘π°“√µ“¡·π«∑“ß∑’Ë°”Àπ¥·≈–¡’ª√– ‘∑∏‘¿“æ ‚¥¬∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡ °ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß (Compliance controls) 14.

√“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ ´÷Ëß®—¥∑”¢÷Èπµ“¡¡“µ√∞“π∫—≠™’ ∑’√Ë ∫— √Õß∑—«Ë ‰ª ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬°“√∫—≠™’∑‡’Ë À¡“– ¡·≈–∂◊ÕªØ‘∫µ— Õ‘ ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥≈ÿ ¬æ‘π®‘ Õ¬à“ß√–¡—¥√–«—ß ·≈–ª√–¡“≥°“√∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ∑—Èßπ’È∫√‘…—∑ ¬—ß‰¥â¡’°“√·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√ ‡ªìπºŸâ¥Ÿ·≈ √—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π ·≈– √–∫∫§«∫§ÿ¡¿“¬„π 15.

§«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ∫√‘…—∑„Àâ§«“¡ ”§—≠‡ªìπÕ¬à“ß Ÿß„π°“√∫√‘À“√§«“¡ —¡æ—π∏å°—∫π—°≈ß∑ÿπ ‚¥¬®—¥µ—ÈßÀπà«¬ß“π·≈– ∫ÿ§§≈“°√∑’Ë√—∫º‘¥™Õ∫¥â“π≈ß∑ÿπ —¡æ—π∏å‚¥¬µ√ß ‡æ◊ËÕ‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–¢à“« “√∑’Ë‡ªìπª√–‚¬™πåµàÕπ—°≈ß∑ÿπ Õ¬à“ß‡∑à“‡∑’¬¡ ∂Ÿ°µâÕß §√∫∂â«π ·≈–µ√ß‡«≈“ ºŸ∫â √‘À“√∑’√Ë ∫— º‘¥™Õ∫„πÀπà«¬ß“π≈ß∑ÿπ —¡æ—π∏å¢Õß∫√‘…∑— ¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–ª√– ∫°“√≥å ∑’Ë®–µÕ∫¢âÕ´—°∂“¡¢ÕßºŸâ≈ß∑ÿπ‰¥â∂Ÿ°µâÕßµ√ßª√–‡¥Áπ ‡æ◊ËÕÕ”π«¬ª√–‚¬™πå Ÿß ÿ¥„Àâ°—∫ºŸâ≈ß∑ÿπ‡ ¡Õ¡“ ∫√‘…—∑¡’°“√®—¥°‘®°√√¡‡æ◊ËÕæ∫ª–°—∫ºŸâ≈ß∑ÿπÕ¬à“ßµàÕ‡π◊ËÕß·≈– ¡Ë”‡ ¡Õµ≈Õ¥¡“ ¥—ß®–‡ÀÁπ‰¥â®“°„π·µà≈–ªï®–¡’π—°≈ß∑ÿπ‡¢â“‡¬’Ë¬¡™¡∫√‘…—∑∑—Èß„π‚√ßß“π à«π ¡ÿ∑√ª√“°“√ ·≈– ‚√ßß“π√–¬Õß ‡ªìπª√–®” ·≈–∫√‘…—∑ª≈Ÿ°®‘µ ”π÷°„Àâæπ—°ß“π∫√‘…—∑¡’«—≤π∏√√¡„π°“√µâÕπ√—∫·¢°ºŸâ¡“‡¬◊Õπ¥â«¬°“√¬‘È¡·≈– ‰À«â∑—°∑“¬ ´÷Ëß‡ªìπ∑’Ë™◊Ëπ™¡µàÕπ—°≈ß∑ÿπ∑’Ë‰¥â¡’ ‚Õ°“ ‡¢â“‡¬’Ë¬¡™¡‚√ßß“π‡ªìπÕ¬à“ß¡“° °“√§«∫§ÿ¡¿“¬„π §≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ 3 ∑à“π ‰¥âª√–‡¡‘π§«“¡‡æ’¬ßæÕ¢Õß√–∫∫§«∫§ÿ¡¿“¬„π‚¥¬°“√ ´—°∂“¡¢âÕ¡Ÿ≈®“°ΩÉ“¬∫√‘À“√ ª√–°Õ∫°“√µ√«® Õ∫‡Õ° “√∑’ËΩ“¬∫√‘À“√®—¥∑” ·≈–°“√µÕ∫·∫∫ª√–‡¡‘π √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑¥â«¬µπ‡Õß ´÷Ëß √ÿªº≈°“√ª√–‡¡‘π√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑¥â“πµà“ßÊ 5 à«π §◊Õ Õß§å°√·≈– ¿“æ·«¥≈âÕ¡ °“√∫√‘À“√§«“¡‡ ’Ë¬ß °“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√ √–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈ ·≈–√–∫∫°“√µ‘¥µ“¡§≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π∑’Ë¡’ª√– ‘∑∏‘¿“ææÕ ¡§«√ √«¡∑—Èß¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π„π‡√◊ËÕß°“√∑”∏ÿ√°√√¡°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à °√√¡°“√ ºŸâ∫√‘À“√ À√◊ÕºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫∫ÿ§§≈¥—ß°≈à“«Õ¬à“ß‡æ’¬ßæÕ·≈â« ”À√—∫°“√§«∫§ÿ¡¿“¬„π„πÀ—«¢âÕÕ◊Ëπ ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π §≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈â«‡™àπ°—π πÕ°®“°π’§È ≥–°√√¡°“√‰¥â ßà ‡ √‘¡ π—∫ πÿπ„ÀâΩ“É ¬∫√‘À“√¥”‡π‘π°“√æ—≤π“§ÿ≥¿“æ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π Õ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ‡ √‘¡ √â“ß„Àâ°≈ÿà¡∫√‘…—∑¡’°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ (corporate governance) ”À√—∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑¬àÕ¬ ∫√‘…—∑‰¥â°”Àπ¥„Àâ∫√‘…—∑¬àÕ¬¥”‡π‘π°“√®—¥„Àâ¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π∑’Ë Õ¥§≈âÕß°—∫·π«∑“ß°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‡™àπ°—π πÕ°®“°π—Èπ ∫√‘…—∑¬—ß¡’°“√‡¢â“‰ªµ√«® Õ∫ °“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬‡ªìπª√–®” ´÷Ëß∑’Ëºà“π¡“æ∫«à“∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ„π ¥â“πµà“ßÊ ∑—Èß 5 à«π ‡™àπ‡¥’¬«°—∫∫√‘…—∑ 68

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management and operation levels. The Company has clearly stated the duties and responsibilities of worker and the management. There is a control system upon utilization of the Companyûs assets. There is a clear segregation between the operation unites, monitor and control units and assessment units for the purpose of maintaining the appropriate check and balance. In addition, an internal control system for the financial functions of the Company is clearly set up which the Company has provided a financial report system to be submitted to the relevant line management for acknowledgement. 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 Companyûs direction. The Company will induce compliance control to assure that the operations follow the laws and related code of conduct. 14.

Report of the Board of Directors 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 Company has appointed 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.

Investor Relations The Company has recognized the importance of investor relations. Therefore, the Company established Investor Relations Department to directly responsible in disclosing useful information to investors with equitable treatment, accuracy and sufficiency information, as well as on-time disclosure. The management who is responsible for the department is knowledgeable, capable and experienced to answer questions from investor precisely. In order to maximize benefits to investors, the Company has consistently arranged lots of activities to meet with the investors. Each year, several investors constantly visit the Companyûs plants both at Samuthprakarn and Rayong. Moreover, the Company has created staff awareness and culture to welcome visitor with smile and a graceful gesture of greeting, Wai. Internal Control The Companyûs 3 Audit Committee members had considered and assessed the Companyûs internal control system by enquiring from the management, reviewing document from management, as well as filled out the Adequacy Assessment Form. From the assessment of Internal Control System on 5 components which are Organization and Environment, Risk Management, Control of Managementûs Operation, Information Technology and Data Communication, and Monitoring System, the Board believes that the Company has an adequate internal control system and has adequate internal control system for entering into any connected transaction with major shareholders, directors, executives or other related parties. For other components of the internal control system, the Board believes that the Company has adequate internal control as well. Besides, the Board encourages the management to consistently develop internal control system in order to strengthen good corporate governance of the group. ANNUAL REPORT 2005

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

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 31 ∏—π«“§¡

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë

√“¬°“√´◊ÈÕ¢“¬√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠ ß∫°“√‡ß‘π√«¡ æ.». 2548 æ.». 2547 ∫“∑ ∫“∑ √“¬‰¥â®“°°“√¢“¬ ‘π§â“„Àâ∫√‘…—∑¬àÕ¬ √“¬‰¥â®“°°“√„Àâ∫√‘°“√·°à∫√‘…—∑¬àÕ¬ °“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ æ.». 2548 æ.». 2547 ∫“∑ ∫“∑ 64,657,929 60,766,913 21,434,137 4,618,551 46,095,308 24,635,000

°“√¢“¬ ‘π§â“„Àâ∫√‘…—∑¬àÕ¬§‘¥µ“¡√“§“∑ÿπ °“√„Àâ∫√‘°“√·°à∫√‘…—∑¬àÕ¬§‘¥µ“¡µâπ∑ÿπ∑’Ë‡°‘¥®√‘ß °“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬„™â√“§“µ“¡¡Ÿ≈§à“∑“ß∫—≠™’ ÿ∑∏‘¢Õß ‘π∑√—æ¬å ¬Õ¥§â“ß™”√–®“°°“√´◊ÈÕ¢“¬√–À«à“ß°—π ß∫°“√‡ß‘π√«¡ æ.». 2548 æ.». 2547 ∫“∑ ∫“∑ ≈Ÿ°Àπ’È∫√‘…—∑¬àÕ¬ ‡®â“Àπ’È∫√‘…—∑¬àÕ¬

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ æ.». 2548 æ.». 2547 ∫“∑ ∫“∑ 65,049,725 62,023,030

48,444,945 4,359,596

√“¬°“√°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‚¥¬ª°µ‘‡ªìπ√“¬°“√´◊ÈÕ¢“¬ ‘π§â“·≈–«—µ∂ÿ¥‘∫√–À«à“ß°—π µ“¡ “¬°“√º≈‘µ¢Õß·µà≈–∫√‘…—∑ ´÷Ëß®”π«π‡ß‘π∑’Ë‡°‘¥¢÷Èπ∂◊Õ‡ªìπ —¥ à«π∑’Ë ‰¡à Ÿß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¬Õ¥¢“¬√«¡ ¢Õß∫√‘…—∑ √“¬°“√√–À«à“ß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ’°ª√–‡¿∑Àπ÷Ëß§◊Õ°“√‚Õπ¢“¬‡§√◊ËÕß®—°√·≈–Õÿª°√≥å„π√“§“ ∑ÿπ„Àâ·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‚¥¬‡©æ“–°“√‡ªî¥∫√‘…—∑¬àÕ¬·Ààß„À¡à ‚¥¬„™â‡§√◊ËÕß®—°√∑’Ë¡’Õ¬Ÿà ´÷Ëß°“√∑”√“¬°“√ √–À«à“ß∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π∑ÿ°√“¬°“√µâÕß¥”‡π‘π°“√µ“¡¢—πÈ µÕπ·≈–ºà“π°“√Õπÿ¡µ— ‚‘ ¥¬ºŸ¡â Õ’ ”π“®¢Õß∫√‘…∑— ∑ÿ°§√—ßÈ

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

For its subsidiariesรปs internal control system, the Company has ruled its subsidiaries to set up their internal control systems to comply with the Companyรปs system. The Company consistently monitors their operations and from the past assessments shown that the subsidiaries have adequate internal control system over 5 components, same as the Company.

8. Inter-Company Transactions 8.1 Related party transactions The following transactions are material related party transactions for the years ended 31 December Significant sales and purchase transactions Consolidated 2005 2004 Baht Baht

Company 2005 2004 Baht Baht

Sales of goods to subsidiaries 64,657,929 60,766,913 Services income to subsidiaries 21,434,137 4,618,551 Sales of fixed assets to subsidiaries 46,095,308 24,635,000 Sales of goods to subsidiaries were transacted at rate agreed by both parties. Service incomes to subsidiaries were transacted at a rate agreed by both parties. Sales of fixed assets to subsidiaries were transacted at net book value of fixed assets. Outstanding balances arising from sales and purchase Consolidated 2005 2004 Baht Baht Amounts due from subsidiaries Amounts due to subsidiaries

Company 2005 2004 Baht Baht 65,049,725 48,444,945 62,023,030 4,359,596

Related party transactions normally are sales and purchase of product and raw material between each production line of each company. The amount of these transactions is small proportion if compare to the Companyรปs total sales revenues. Another related party transaction is the transferring machinery and equipment at cost especially for the new subsidiary of the group which exploiting the existing machines. All related party transactions have to be done following the Companyรปs procedure and have to be approved from the Companyรปs authorized person.

ANNUAL REPORT 2005

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8.1 √“¬°“√°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ ‡√◊ÕË ß √“¬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—ßÈ ·µà«π— ∑’Ë 29 ‡¡…“¬π æ.».2547 ‚¥¬π“¬Õ“π–«—≤πå π“«‘π∏√√¡ ‡ªìπª√–∏“π°√√¡°“√µ√«® Õ∫ π“¬ ÿ°‘® æ—π∏å«‘»«“ ·≈–π“¬ ¡™“¬ ‡µ’¬ßÀß…“°ÿ≈ ‡ªìπ°√√¡°“√µ√«® Õ∫ „πªï æ.».2548 §≥–°√√¡°“√µ√«® Õ∫‰¥âªØ‘∫—µ‘Àπâà“∑’Ëµ“¡§«“¡√—∫º‘¥™Õ∫∑’Ë ‰¥â√—∫¡Õ∫À¡“¬ ®“°§≥–°√√¡°“√∫√…—∑‚¥¬‰¥â¥”‡π‘π°“√ª√–™ÿ¡ ·≈–¥”‡π‘πß“π„π‡√◊ËÕßµàÕ‰ªπ’È 1. ®—¥„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 ¡§«√ 2.

æ‘®“√≥“·≈–„Àâ§«“¡‡ÀÁπ™Õ∫„π‡√◊ÕË ß°“√®—¥∑”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“¡

æ‘®“√≥“„Àâ§«“¡‡ÀÁπ™Õ∫„π·ºπß“πª√–®”ªï ß∫ª√–¡“≥ª√–®”ªï √«¡∑—Èßµ‘¥µ“¡º≈°“√ ¥”‡π‘πß“π¢Õß ”π—°µ√«® Õ∫¿“¬„π∑ÿ°‰µ√¡“ ‡æ◊ËÕª√–‡¡‘π·≈–∑∫∑«π§«“¡‡æ’¬ßæÕ¢Õß √–∫∫§«∫§ÿ¡¿“¬„π ·≈–°“√°”°—∫¥Ÿ·≈ß“π¢Õß∫√‘…—∑œ ‰¡à „Àâ‡°‘¥§«“¡¢—¥·¬âß À√◊Õ≈–‡¡‘¥µàÕ ¢âÕ°ØÀ¡“¬ ·≈–¢âÕ°”Àπ¥¢Õß∑“ß°“√

®—¥„Àâ¡°’ “√ª√–‡¡‘π§«“¡¡’ª√– ‘∑∏‘º≈„π°“√ªØ‘∫µ— ß‘ “π§≥–°√√¡°“√µ√«® Õ∫ ‚¥¬§≥–°√√¡°“√ µ√«® Õ∫ºŸ™â «à ¬°√√¡°“√ºŸ®â ¥— °“√ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ ‰¥â¥”‡π‘π°“√ª√–‡¡‘π„π‡√◊ÕË ß§«“¡æ√âÕ¡ ·≈–Õß§åª√–°Õ∫¢Õß§≥–°√√¡°“√µ√«® Õ∫ °“√Ωñ°Õ∫√¡·≈–∑√—æ¬“°√ °“√ª√–™ÿ¡¢Õß §≥–°√√¡°“√µ√«® Õ∫ °“√√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ °‘®°√√¡¢Õß§≥–°√√¡°“√ µ√«® Õ∫ §«“¡ —¡æ—π∏å°—∫ºŸâ Õ∫∫—≠™’¿“¬πÕ° ·≈–°“√ª√–‡¡‘πº≈ ‚¥√°“√ª√–‡¡‘π √ÿª‰¥â«à“ ·µà≈–‡√◊ËÕß¡’ª√– ‘∑∏‘º≈ Õ¬Ÿà„π√–¥—∫∑’Ëπà“æ÷ßæÕ„®

(π“¬Õ“π–«—≤πå π“«‘π∏√√¡) ª√–∏“π°√√¡°“√µ√«® Õ∫ 72

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

8.2 Message from the Audit Committee To

Shareholders

Subject

Audit Committee没s report

The Company没s Audit Committee composes of 3 members: a chairman and two 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 member of the Audit Committee. In 2005, the Audit Committee has performed duties as being assigned by the Board of Directors with the following agendas: 1. Arranged 5 meetings and invite the management to attend the meetings on call basis. 2.

Reviewed and approved 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.

Reviewed and approved 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.

Arranged the appraisal standard for the operating efficiency of the Audit Committee. The Audit Committee and the Assistant Managing Director of Accounting and Finance Department, 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 auditor. The result of the appraisal is satisfactory.

(Mr. Anavat Nawintham) Chairman of the Audit Committee ANNUAL REPORT 2005

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

√“¬≈–‡Õ’¬¥º≈°“√¥”‡π‘πß“π·≈–§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π º≈°“√¥”‡π‘πß“π ”À√—∫ªï 2548 „πªï 2548 ∫√‘…∑— ¬—ß§ß‡πâπ°≈¬ÿ∑∏å„π°“√ √â“ß¡Ÿ≈§à“‡æ‘¡Ë „πµ—« ‘π§â“®“°‡¥‘¡∑’∫Ë √‘…∑— ¡’°“√º≈‘µ™‘πÈ 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 ‡§√◊ËÕß∑”§«“¡‡¬Áπ„Àâ°—∫ºŸâº≈‘µ ‘π§â“√–¥—∫‚≈° ‚¥¬∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬®”π«π 1,277 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ „πÕ—µ√“√âÕ¬≈– 53 ·≈– √âÕ¬≈– 172 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2547 ·≈–ªï 2546 µ“¡≈”¥—∫ ‡ªìπº≈¡“®“°°“√∑’Ë∫√‘…—∑ ‰¥â√—∫‚Õπ “¬°“√º≈‘µ¡“®“°≈Ÿ°§â“√“¬„À≠àÀ≈“¬√“¬ ´÷Ëß∫√‘…—∑§“¥«à“„πÕπ“§µ®–¡’∫√‘…—∑≈Ÿ°§â“ºŸâº≈‘µ‡§√◊ËÕß ª√—∫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°≈ÿ¡à Õÿµ “À°√√¡Õ¬à“ßµàÕ‡π◊ÕË ß ‰¡à«“à ®–‡ªìπ√“¬‰¥â®“°°≈ÿ¡à ™‘πÈ à«π‡§√◊ÕË ßª√—∫Õ“°“»„π√∂¬πµå À√◊Õ®“°°≈ÿà¡™‘Èπ à«π§Õ¡‡æ√´‡´Õ√å √“¬‰¥â®“°°“√¢“¬™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå „πªï 2548 ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå®”π«π 335 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“√âÕ¬≈– 54 ·≈–√âÕ¬≈– 107 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2547 ·≈– 2546 ‡ªìπº≈¡“®“°Õ—µ√“°“√‡µ‘∫‚µ Õ¬à“ß Ÿß„π∏ÿ√°‘®ª√–°Õ∫·≈–º≈‘µ√∂¬πµå„πª√–‡∑»‰∑¬·≈–°“√¢¬“¬∞“π≈Ÿ°§â“¢Õß∫√‘…—∑ ‚¥¬∫√‘…—∑¬—ß§ß‡πâπ °≈¬ÿ∑∏å„π°“√√à«¡«‘®—¬·≈–æ—≤π“™‘Èπ à«πµà“ßÊ √à«¡°—∫ºŸâª√–°Õ∫√∂¬πµå∫“ß√“¬ ∑”„Àâ‡°‘¥™‘Èπ à«π√ÿàπ„À¡àÊ ª√–°Õ∫°—∫º≈‘µ¿—≥±å¢Õß∫√‘…—∑¡’¡“µ√∞“π‡ªìπ∑’Ë¬Õ¡√—∫¢ÕßºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå ‚¥¬¡’ µâπ∑ÿπ°“√º≈‘µ∑’ËµË”°«à“∑’ËºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π√∂¬πµå®–º≈‘µ‡Õß ®÷ß∑”„Àâ¡’≈Ÿ°§â“√“¬„À≠à´÷Ëß‡ªìπºŸâº≈‘µ ™‘Èπ à«π„ÀâºŸâº≈‘µ√∂¬πµå√–¥—∫‚≈°‡æ‘Ë¡¢÷Èπ √«¡∂÷ß°“√‡µ‘∫‚µ¢Õß∫√‘…—∑µ“¡¿“«–Õÿµ “À°√√¡√∂¬πµå Õ—π‡ªìπº≈ ¡“®“°¡“µ√°“√¢Õß√—∞∫“≈∑’Ë π—∫ πÿπ„Àâª√–‡∑»‰∑¬‡ªìπ»Ÿπ¬å°“√º≈‘µ√∂¬πµå‡æ◊ËÕ°“√ àßÕÕ°‚¥¬‡©æ“–Õ¬à“ß ¬‘Ëß√∂∫√√∑ÿ°¢π“¥ 1 µ—π ´÷Ëß®– àßº≈¥’µàÕº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑Õ¬à“ß·πàπÕπ √“¬‰¥â®“°°≈ÿà¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√ „πªï 2548 ∫√‘…—∑¡’√“¬‰¥â®“°°≈ÿà¡™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„πÕ“§“√®”π«π 759 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ „πÕ—µ√“√âÕ¬≈– 57 ·≈–√âÕ¬≈– 215 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2547 ·≈– 2546 ‡ªìπº≈¡“®“°°“√¢“¬º≈‘µ¿—≥±å·∫∫ ª√–°Õ∫‡ªìπ™ÿ¥„π —¥ à«π∑’¡Ë “°¢÷πÈ °«à“°“√¢“¬ ‘π§â“‡ªìπ™‘πÈ ·≈–°“√√—∫‚Õπ “¬°“√º≈‘µ¡“®“°≈Ÿ°§â“ YORK ·≈– FUJITSU ºà“π∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ·Õ√å-§Õπ¥å ®”°—¥ ·≈–°“√√—∫‚Õπ “¬°“√º≈‘µ¡“®“°≈Ÿ°§â“ MITSUBISHI CONSUMER PRODUCTS ºà“π∫√‘…—∑ ‡ÕÁ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) √«¡∂÷ß‡ªìπº≈ ◊∫‡π◊ËÕß®“° °“√ —Ëß´◊ÈÕ ‘π§â“∑’Ë‡æ‘Ë¡¢÷Èπ®“°ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“» —≠™“µ‘≠’ËªÿÉπ√–¥—∫‚≈°À≈“¬√“¬∑’Ë¬â“¬∞“π°“√º≈‘µ¡“∑’Ë ª√–‡∑»‰∑¬ ‚¥¬∫√‘…—∑‡™◊ËÕ«à“„πÕπ“§µ∫√‘…—∑®–¡’√“¬‰¥â∑’Ë Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß √“¬‰¥â®“°°≈ÿà¡™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å „πªï 2548 ∫√‘…—∑¡’√“¬‰¥â®“°°≈ÿà¡™‘Èπ à«π§Õ¡‡æ√ ‡´Õ√å®”π«π 151 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“√âÕ¬≈– 11.8 ·≈– √âÕ¬≈– 123.7 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2547 ·≈– 2546 µ“¡≈”¥—∫ ‡ªìπº≈¡“®“°°“√¢¬“¬µ—«µ“¡ Õÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»·≈–Õÿµ “À°√√¡‡§√◊ËÕß„™â ‰øøÑ“∑’Ë¡’°“√º≈‘µ·≈–¢¬“¬µ—«∑’Ë‡æ‘Ë¡¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ª√–°Õ∫°—∫°“√‡Õ“„®„ à„π§ÿ≥¿“æ¢Õß ‘π§â“·≈–∫√‘°“√·≈–°“√ àß ‘π§â“∑’Ëµ√ß‡«≈“ ∑”„Àâ≈Ÿ°§â“‡°‘¥§«“¡‡™◊ËÕ

√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

Explanation and Analysis of Financial Statements Performance of the year 2005 In 2005, the Company continues to emphasize on adding value to its products from manufacturing parts of product to manufacturing various parts and then assembling these parts to sell as a whole set to its customers. The objective of the Company is to be the çOutsourcing Experté by subcontracting the manufacturing air conditioner parts from world-class air conditioning producers. The Companyûs total sales in 2005 were 1,277 million baht, increased at 53% and 172% compared to the sales in 2004 and 2003 respectively. Such growth was due to the increase in subcontracting the production lines for many large-scale manufacturers. The Company expects that there will be more air conditioner manufacturers outsourcing their production lines to the Company in the future. Another reason for the sales increase was the result of the quality of the product and services as well as on-time delivery which further results in the continuous expansion of the Companyûs customer base in automobile industry, air conditioner industry and compressor industry.

Revenues from Sales of Automobile Air Conditioner Parts In 2005, revenues from sales of automobile air conditioner parts were 335 million baht, increased at 54% and 107% compared to the sales of 2004 and 2003 respectively. The increased was the result from strong growth in the local automobile assembly industry and the Companyûs ability to expand its customer base. The Company continues to maintain its strategy in jointly conducting research and development with automobile maker for newly developed parts. The Companyûs products are highly standardized and well accepted by the automobile air conditioner manufacturers for a lower manufacturing cost. As a result, the company is able to capture more automobile air conditioner manufacturers of world-class automobile makers as its customers. The growth in the automobile industry, which results from the governmentûs policy in supporting Thailand to become the center for automobile assembly for export especially a 1-ton truck, will definitely boost the Companyûs performance.

Revenues from Sales of housewhole air conditioner parts In 2005, revenues from sales of domestic air conditioners parts were 759 million baht, increased at 57% and 215% compared to the sales in 2004 and 2003 respectively. Such increase was the results from the higher proportion of sales parts as a set rather than small parts as well as the subcontracting for YORK and FUJITSU for their production lines through SNC Air-Cond Company Limited and the subcontracting for MITSUBISHI CONSUMER PRODUCTS through SNC Former Public Company Limited. Moreover, many world-class Japanese air conditioner manufacturers who have moved their assembly base to Thailand has increased their purchase order with the Company. The Company believes that in the future, the sales revenues will consistently increase.

Revenues from Sales of Compressor Parts In 2005, revenues from sales of compressor parts were 151 million baht, increased at 11.8% and 123.7% compared to the sales in 2004 and 2003 respectively. Such increase was the result of the ANNUAL REPORT 2005

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

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√“¬ß“πª√–®”ªï 2548

SNC FORMER PUBLIC COMPANY LIMITED

continuous growth of the air conditioner industry and electrical appliances industry together with the continuous improvement of the Company for product quality and on-time delivery. As a result, the customers are confident in the Companyûs capability and continuously increase their manufacturing orders. The adjustment of the selling price, as the cost of copper has been increased significantly during the year, also plays the key factor of the impact. At present, the company is the largest manufacture of meal pipe for compressor in Thailand.

Cost of Sales and Gross Profit Margin The Companyûs cost of sales was 984 million baht in 2005. The cost of sales as a percentage of total revenues was 77%, increased at 4% and 7% compared to the figures in 2004 and 2003 respectively. The main reason for the increase was the price of copper, which is the major raw material for air conditioner parts and compressor parts manufacturing. Gross profit in 2005 was 293 million baht and the gross profit margin was 23%, decreased at 11% and 17% if compared to the figures in 2004 and 2003 respectively. The reduction in gross profit margin is still less than the increase in the copper price as the Company is able to adjust the selling price with its customers. Besides, the Company still maintains its cost-effective management strategy by clearly separate each line of production, create small subordinated units within each department and also encourage production staff to involve in planning and problem solving. As a result, the Companyûs operation is more flexible and efficient. Operating Profit Margin of Automobile Air Conditioner Parts The operating profit margin of automobile air conditioner parts in 2005 was 22% of sales revenues, an increase of 22% compared to the figure of 2004. Operating Profit Margin of housewhole Air Conditioner Parts The operating profit margin of domestic air conditioner parts in 2005 was 12% of sales revenues, an increase of 50% compared to the figure of 2004 which was resulted from the strong growth of air conditioning industry. Operating Profit Margin of Compressor parts The operating profit margin of compressor parts in 2005 was 10% of sales revenues, a decrease of 32% compared to the figure of 2004. Selling and Administrative Expenses In 2005, the Companyûs selling and administrative expenses were 135 million baht and the selling and administrative expenses as the percentage to the sales revenues was 10.6%, decreased at 13% compared to the figure of 2004. The increase was the result of the increase in sales revenues while the major selling and administration expenses were fixed cost, together with the Companyûs policy to assign subordinated unit staff to control its unitûs net profit and each unit will be evaluated weekly. With this strategy enables the Company to manage cost more efficiency. Net Profit The Companyûs net profit was 122 million baht in 2005 and its net profit margin was 9.56%, an increase of 1.6% compared to the figure of 2004. Such increase was the result of the increase ANNUAL REPORT 2005

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

°“√®—¥°“√·≈–§«∫§ÿ¡§à“„™â®à“¬∑’Ë¡’ª√– ‘∑∏‘¿“æª√–°Õ∫°—∫π‚¬∫“¬¢Õß∫√‘…—∑∑’„Ë Àâæπ—°ß“π¢Õß·µà≈–Àπà«¬ß“π ¬àÕ¬§«∫§ÿ¡§à“„™â®à“¬ ·≈–°”‰√ ÿ∑∏‘¢Õß·µà≈–Àπà«¬ß“π‡Õß ∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å√«¡®”π«π 1,037 ≈â“π∫“∑ Àπ’È ‘π √«¡®”π«π 558 ≈â“π∫“∑ ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡®”π«π 479 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«π 54% ·≈– 46% ‡ªìπ —¥ à«π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π·≈– ‘π∑√—æ¬å ‰¡àÀ¡ÿπ‡«’¬πµàÕ ‘π∑√—æ¬å√«¡‡∑à“°—∫ 58% ·≈– 46% ‡ß‘π ¥·≈–‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π 219 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„π Õ—µ√“√âÕ¬≈– 6 àßº≈„Àâ¡’Õ—µ√“ à«π§«“¡ “¡“√∂™”√–¿“√–ºŸ°æ—πÕ¬Ÿà∑’Ë 0.62 ‡∑à“ ≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π 234 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“√âÕ¬≈– 20 ‡¡◊ËÕ ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ´÷Ëß°“√‡æ‘Ë¡¢÷Èπ¢Õß≈Ÿ°Àπ’È°“√§â“‡π◊ËÕß¡“®“°√“¬‰¥â®“°°“√¢“¬„π‡¥◊Õπæƒ»®‘°“¬π·≈– ∏—π«“§¡¢Õßªï 2548 Ÿß°«à“√“¬‰¥â®“°°“√¢“¬„π‡¥◊Õπæƒ»®‘°“¬π·≈–∏—π«“§¡¢Õßªï 2547 ‚¥¬√–¬–‡«≈“ °“√„Àâ ‘π‡™◊ËÕ·°à≈Ÿ°§â“‚¥¬∑—Ë«‰ª¢Õß∫√‘…—∑§◊Õ 60-90 «—π ´÷Ëß®“°°“√§”π«≥√–¬–‡«≈“„π°“√‡°Á∫Àπ’È‡©≈’Ë¬¢Õßªï 2546, 2547 ·≈– 2548 §◊Õ 68 «—π 65 «—π ·≈– 62 «—π µ“¡≈”¥—∫ ´÷Ëß∂◊Õ‡ªìπ√–¬–‡«≈“°“√‡°Á∫Àπ’È‡©≈’Ë¬∑’Ë‡√Á«¢÷Èπ ·≈–„°≈â‡§’¬ß°—∫π‚¬∫“¬°“√„Àâ ‘π‡™◊ËÕ¢Õß∫√‘…—∑ ‘π§â“§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π ÿ∑∏‘ 99 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“√âÕ¬≈– 33 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ´÷Ëß°“√‡æ‘Ë¡¢÷Èπ¢Õß ‘π§â“§ß‡À≈◊Õ‡π◊ËÕß¡“®“°ª√‘¡“≥°“√º≈‘µ·≈–ª√‘¡“≥°“√¢“¬ ∑’Ë‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‚¥¬ª°µ‘∫√‘…—∑¡’π‚¬∫“¬„π°“√‡°Á∫ ‘π§â“§ß‡À≈◊Õ„ÀâπâÕ¬∑’Ë ÿ¥ ‚¥¬∫√‘…—∑®–º≈‘µ ‘π§â“µ“¡ §” —Ëß´◊ÈÕ¢Õß≈Ÿ°§â“‡ªìπÀ≈—° √–¬–‡«≈“„π°“√¢“¬ ‘π§â“‡©≈’Ë¬¢Õßªï 2546, 2547 ·≈– 2548 §◊Õ 23 «—π 29 «—π ·≈– 33 «—π µ“¡≈”¥—∫ ”À√—∫®”π«π«—π∑’Ë‡æ‘Ë¡¢÷Èπ¢Õßªï 2548 πÕ°®“°º≈¢Õß°“√‡æ‘Ë¡°“√º≈‘µ·≈â« ¬—ß¡’ “‡ÀµÿÕ’° à«πÀπ÷Ëß¡“®“°√“§“¢Õß∑Õß·¥ß´÷Ëß‡ªìπ«—µ∂ÿ¥‘∫À≈—°¡’√“§“™à«ß ‘Èπªï∑’Ë Ÿß°«à“ªï°àÕπ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π ÿ∑∏‘ 430 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ ÿ∑∏‘®”π«π 261 ≈â“π∫“∑ ´÷Ëß à«π„À≠à‡ªìπ°“√≈ß∑ÿπ∑’Ë∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ ‚¥¬ ∫√‘…∑— ¡’°“√≈ß∑ÿπ„π‡§√◊ÕË ß®—°√·≈–Õÿª°√≥å∑∑’Ë π— ¡—¬‡æ‘¡Ë ¢÷πÈ ‡æ◊ÕË ‡æ‘¡Ë ª√– ‘∑∏‘¿“æ„π°“√∑”ß“π·≈–‡æ‘¡Ë §ÿ≥¿“æ ¢Õßº≈º≈‘µÕ¬à“ßµàÕ‡π◊ÕË ß‡æ◊ÕË √Õß√—∫°“√¢¬“¬°”≈—ß°“√º≈‘µ∑’‡Ë æ‘¡Ë ¢÷πÈ µ“¡§«“¡µâÕß°“√¢Õß≈Ÿ°§â“Õ—µ√“º≈µÕ∫·∑π ®“° ‘π∑√—æ¬å∂“«√ ”À√—∫ªï 2546, 2547 ·≈– 2548 §‘¥‡ªìπÕ—µ√“√âÕ¬≈– 61, 84 ·≈– 56 µ“¡≈”¥—∫ ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π 190 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“ √âÕ¬≈– 46 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ´÷Ëßº—π·ª√‰ªµ“¡¬Õ¥´◊ÈÕ·≈–¬Õ¥º≈‘µ∑’Ë‡æ‘Ë¡¢÷Èπ ‚¥¬Õ—µ√“°“√À¡ÿπ¢Õß ‡®â“Àπ’°È “√§â“ ”À√—∫ªï 2548 ‡∑à“°—∫ 6.3 §√—ßÈ ´÷ßË „°≈â‡§’¬ß°—∫ªï°Õà π àßº≈„Àâ√–¬–‡«≈“„π°“√®à“¬™”√–Àπ’‡È ©≈’¬Ë „πªï 2548 ¬—ß§ßÕ¬Ÿà∑’Ë 58 «—π ‚¥¬√–¬–‡«≈“∑’Ë∫√‘…—∑‰¥â√—∫ ‘π‡™◊ËÕ®“°ºŸâ¢“¬‚¥¬∑—Ë«‰ª§◊Õ 30-60 «—π ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π 95 ≈â“π∫“∑ (ªï 2547 : 30 ≈â“π∫“∑) ∫√‘…—∑ °Ÿâ¬◊¡‡ß‘π®“° ∂“∫—π°“√‡ß‘π‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’ ‚«≈Ÿ™—Ëπ ®”°—¥ (À¡“¬‡Àµÿª√–°Õ∫ß∫ 12) 78

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in sales revenues more than the increase in fixed expenses. Though, the copper price increased significantly this year which affected directly to the cost of the product, its policy to effectively manage and control cost together with to assign staff of each unit to control its unit cost and profit enabled the Company to maintain its net profit margin close to the same level of last year. Financial Pasition As at December 31, 2005, the Company and its subsidiariesû total assets were 1,037 million baht, its proportion of current assets and non-current assets to total assets were 58% and 42% respectively. The total liabilities were 558 million baht and shareholdersû equities were 479 million baht, the proportion of liabilities and shareholderûs equities to total liabilites and shareholdersû equities were 54% and 46% respectively. Cash and deposit at financial institutions as at December 31, 2005, was 219 million baht, increased at 6% which resulted in increase the debt service coverage ratio to 0.62 times. The account receivables as at December 31, 2005 equaled to 234 million baht, increased at 20% compared to the same period last year. The increase in account receivables was the result form the increase in sales revenues in November and December 2005 which were higher than the sales revenues at the same period last year. The Companyûs average collection period is 60-90 days. The days collectible outstanding in 2003-2005 were 68 days, 65 days and 62 days respectively, which were shorten continuously and close to the Companyûs credit policy. The inventory as at December 31, 2005 was net at 99 million baht, an increase of 33% compared to that of last year as a result from the increase in manufacturing and sales. Normally, the Company maintains the least amount of inventory as possible as the Company manufactures product upon the customerûs purchase order. The payment periods in 2003-2005 were 23 days 29 days and 33 days respectively. The increase in the number of payment period in 2005 resulted from the increase in the manufacturing volume and the increase in copper price at the end of the year. Property, plant and equipment as at December 31, 2005 were 430 million baht, increased by 261 million baht. The increase was the investment of SNC Pyongsan Evolution Company limited for its machinery and equipment in order to continuously increase the production efficiency and quality of product to support the capacity expansion. The returns on fixed assets in 2003-2005 were 61%, 84% and 56% respectively. The account payable and notes payable as at December 31, 2005 were 190 million baht, increased at 46% compared to that of 2004 which varied according to the increase in purchase and manufacturing volume. The account payable turnover in 2005 equaled to 6.30 times which quite close to last yearûs figure. Therefore, the payment period still maintains at 58 days. The Companyûs credit period from the supplier is 30-60 days. Short-term loans as at December 31, 2005 were 95 million baht (2004 : 30 million baht). The Company borrowed from financial institutions for working capital of SNC Pyongsan Evolution Company Limited (note 12 in Notes to Financial Statements). ANNUAL REPORT 2005

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‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ¡’®”π«π 115 ≈â“π∫“∑ ∫√‘…—∑°Ÿâ¬◊¡‡ß‘π®“° ∂“∫—π °“√‡ß‘π‚¥¬¡’«µ— ∂ÿª√– ß§å‡æ◊ÕË °“√≈ß∑ÿπ·≈–‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…∑— ‡Õ ‡ÕÁπ ´’ ‰æ¬Õß´“π Õ’‚«≈Ÿ™π—Ë ®”°—¥ (À¡“¬‡Àµÿª√–°Õ∫ß∫ 13) Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‡∑à“°—∫ 0.44 ‡∑à“ (ªï 2547 : 0.16 ‡∑à“) ·≈–¡’Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–¥Õ°‡∫’È¬ ‡∑à“°—∫ 28.96 ´÷Ëß≈¥≈ß®“°ªï°àÕπ„πÕ—µ√“√âÕ¬≈– 5.85 à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ‡∑à“°—∫ 479 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ„πÕ—µ√“ √âÕ¬≈– 15.62 ‚¥¬‡ªìπ°”‰√ª√–®”ªï®”π«π 122 ≈â“π∫“∑ °“√®—¥ √√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬®”π«π 6 ≈â“π∫“∑ ·≈–°“√®—¥ √√‡ß‘πªíπº≈®”π«π 70 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‡∑à“°—∫ 1.16 µàÕ 1 ·≈–¡’Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ√âÕ¬≈– 27

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Long term loans as at December 31, 2005 were 115 million baht. The Company borrowed from financial institutions for investment and working capital of SNC Pyongsan Evolution Company Limited (note 13 in Notes to Financial Statements). The debt with interest to equity ratio equaled to 0.44 times (2004: 0.16 times) and the interest coverage ratio equaled to 28.96 times, which decreased by 5.85% compared to last year没s figure. The shareholders没 equity as at December 31, 2005 equaled to 479 million baht, increased at 15.62% which mainly resulted from annual net profit of 122 million baht, legal reserve of 6 million baht and dividend payment of 70 million baht. The debt to equity ratio was 1.16 and the return on equity was 27%.

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