Ifs 10

Page 1

=L<"L35=J#M5 öùù÷

ANNUAL REPORT 2010 ¡ ® ª ª «z Ì Ýª ® } w Ù

*'4 $"1*5"- 5)"*-"/% 16#-*$ $0.1"/: -*.*5&%

General Information G;S?1KĈA[5 G"4=NCK1

?L5"+<19 Company Name

"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ ; 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) Public Company Limited (“Companyâ€?)

=L 9M 2;!9 :!G3 ĉ Address

D- =L aafhĹľee 9M! b` 5: :+-@)&<!= :/D/5+Ä? !!&+8+:) d E / @ĉ )3:D) D 2: + +@ D &)3:! + a`ab` 1168/55, Fl. 20, Lumpini Tower, Rama 4 Road, Tungmahamek, šĂŒĂ€Ă‡ĂŠĂ†ÂŽ ššĂ†ÂżĂƒĂ‡Ăƒ þôþÜô

#+8D( @+ < Type of Business

:+G3Ċ2<!D ?L5 :++9"F5!2< <D+=* +Ċ5 3+?52<!D ?L5E' D 5+<L (Factoring) 2<!D ?L5-=2 <L #+8D( 29 :D ĉ: : :+D <! (Financial Lease) 2<!D ?L5D ĉ: ?M5 (Hire Purchase) E-82<!D ?L5#+8D( 5?L!J F *D!Ċ! -@ĉ)-A Ċ: =L D#đ!$AĊ#+8 5" :+ !: -: E-8 !: *ĉ5)(:*G!#+8D 0 Providing Factoring services, Financial Lease, Hire Purchase, and other services with focus on local SMEs.

D- 8D"=*!"+<19 Company Registration No.

107550000033

F +09& Ä? Telephone

02-285-6326 - 32 E-8 02-679-9140 - 4

F +2:+ Fax.

02-285-6335 E-8 02-679-9159

D/K"H Ä? Website

www.ifscapthai.com

Contents DL=4Kt

02 03 04 08 10 12 13 17

21 22 23 25 29 30 48 59 60 68

#R.W. 31L" L=W"N3 / Financial Highlights ANDK<1KB3 X?J8K32 N# / Vision and Mission DLD 3#L 5=J2L3 ==; L= / Message from the Chairman -J ==; L= / Board of Directors -J6S 4=NEL= / Management Team Y ="D= L"G" = / Organization Chart ?K C-J L=5=J G42R= N# / Nature of Business 5=JAK/NX?J AL;W5 3;L G"4=NCK1 / Milestones Y ="D= L"=L<[. / Revenue Structure 3Y<4L< L=?"1R3X?JY ="D= L"W"N31R3 / Investment Policy and Capital Structure :LAJGR/DLE ==;X?J L=X " K3 / Industry and Competition 5 ##K< AL;WDO_<" / Risk Factors Y ="D= L" L=0QGER 3 / Shareholding Structure Y ="D= L" L=#K. L= / Management Structure L= dL K4.SX? N# L= / Good Corporate Governance 3Y<4L< L=# L<W"N35 36? / Dividend Policy =L< L==JEA L" K3 / Related Party Transactions dLG2N4L<X?J L=ANW =LJE *L3J1L" L=W"N3X?J6? L=.dLW3N3 L= / Management Discussion and Analysis

74 76

AL;=K46N.%G4/ GDK" ; / Corporate Social Responsibility =L<"L3 AL;=K46N.%G4 G" -J ==; L=/ G=L<"L31L" L=W"N3 / Report of the Board of Directors’ Responsibilities for the Financial Statements

78 80 82 138 139

=L<"L3 -J ==; L=/=A#DG4 / Report of the Audit Committee =L<"L3 G"6S DG44Kt%O=K4G3RtL/ / Audit Report of Certified Public Accountant "4 L=W"N3 / Financial Statements L/G4X13 L=DG44Kt%O / Remuneration of the Auditor 4R ?G L"GN" / Other References

Financial Highlights G;S?DdL Kt1L" L=W"N3

2008

Üôôý

Üôþô

Ă&#x;#+9"#+@ G3)ĉà Ă&#x;ÄşĹ?Ĺ›ĹœĹ‰ĹœĹ?ĹŒĂ

2,396

3!ĉ/* Ģ -ÄŠ:!": Ĺľ ľőŔŔőŗŖ ĪʼnĹ?Ĺœ 2,123 2,099

2<! +9&*Ä?+/) 3!=M2<!+/)

2<! +9&*Ä?+/)

Total Liabilities

Total Assets

2ĉ/! 5 $AĊ ?53@Ċ!

Üôôß Üôôý Üôþô 799 529

2,123

2,099

1,868

1,519

1,299

529

604

799

286.45

231.37

247.87

78.37

76.92

87.61

77.97

47.57

40.21

129.66

124.83

140.58

130.11

106.87

120.05

71.13

76.87

84.80

1.02

0.22

0.21

5.00

1.00

1.00

62.45

72.41

77.76

24.83

33.22

34.21

14.05

13.58

12.09

3.06

3.40

4.02

1.17

1.29

1.67

3.53

2.52

1.63

42.31

40.98

*47.11

Total Shareholders’ Equity

+:*H ÄŠ+/) Total Revenue

ĉ:G Ċ ĉ:*G! :+ :*E-8"+<3:+

604

2,396

Total Assets

Selling and Administrative Expenses

ÄŠ! @! : :+D <! Finance Cost

Q:H+ 9M! ÄŠ!

2ĉ/! 5 $AĊ ?53@Ċ!

Gross Profit

Total Shareholders’ Equity

Q:H+ ĉ5!39 ĉ:D$?L53!=M2 29* 82A E-8(:1=D <!H Ċ

Üôôß Üôôý Üôþô

Profit before Allowance for Doubtful Debts and Income Tax

Q:H+2@ < Net Profit

286.45 231.37

247.87

Q:H+ ĉ53@Ċ! Ŏ": ĉ53@Ċ!ů Earnings per Share (Baht)

)A- ĉ: ĉ53@Ċ! Ŏ": ĉ53@Ċ!ů Par Value (Baht/Share)

59 +:2ĉ/! : :+D <! Financial Ratio Analysis 59 +: Q:H+ 9M! Ċ! Ŏ+Ċ5*-8ů

+:*H ÄŠ+/)

Gross Profit Margin (%)

Total Revenue

59 +: Q:H+2@ < ĹŽ+ÄŠ5*-8ĹŻ

Üôôß Üôôý Üôþô

Net Profit Margin (%)

84.80

Return on Equity (%)

76.87 71.13

59 +:$- 5"E ! ĉ52ĉ/! 5 $AÄŠ ?53@ÄŠ! ĹŽ+ÄŠ5*-8ĹŻ 59 +:$- 5"E ! ĉ52<! +9&*Ä?+/) ĹŽ+ÄŠ5*-8ĹŻ Return on Assets (%)

59 +:2ĉ/!D <! @!3)@!D/=*! ŎD ĉ:ů Current Ratio (Times)

59 +:2ĉ/!3!=M2<! ĉ52ĉ/! 5 $AĊ ?53@Ċ! ŎD ĉ:ů

Q:H+2@ <

Debt to Equity (Times)

Net Profit

59 +: :+ ĉ:*D <!#Ä?!$- ĹŽ+ÄŠ5*-8ĹŻ

Üôôß Üôôý Üôþô

Dividend Payout (%)

Ĺ° D <!#Ä?!$-D2!5 ĉ:* Ģ G!59 +:3@ÄŠ!-8 `Ĺ´`he ": ĉ53@ÄŠ! Proposed dividend per share : at the rate of Baht 0.085 per share.

/9! =L ĉ:*D <!#Ä?!$- Ģ a` &,1(: ) beed Proposed date of dividend payment : 10th May 2011

Q:3! #+8 @)$AÄŠ ?53@ÄŠ!#+8 Q:#Ä beed Ģ /9! 9! +Ä? =L be D)1:*! beed D/-: adĹ´`` !Ĺ´ Date of the 2011 Annual General Meeting of Shareholders : 25th April 2011 at 2.00 p.m.

2 :! = L Ģ 3ÄŠ5 29))!: 9!M aa 5: :+-@)&<! = :/D/5+Ä? aafhĹľee !!&+8+:) d E / @ ĉ )3:D) D 2: + +@ D &7 a`ab` Venue : Seminar Room, 11th Floor Lumpini Tower, 1168/55 Rama IV Road, Tungmahamek, Sathorn, Bangkok 10120.

W5 3 6S 3d L 1O_ ;O AL;%d L 3Lt8Ę W BC1L" L=W"N 3 Z3 L=3dLWD3GDN3W%QG_ X9 W/G=N"Ĉ X?J6?N/:K-+ 1L" L= W"N 3 GQ_ 3 1O_ E ?L E?L<. A <4=N L=1O_ .O W <O_ < ;Dd L E=K 4 6S5 =J G4 L=Z35=JW1B X?J D= L" R- LZE G" =GK3#J 3d L ;L&P_ " 6?/G4X13DS " DR . X 6S 0QGER 3 AL;8Ě"8GZ# X 6S 4=NEL= 1O;"L3 X?J6S 0QG 6?5=JY<%3 = A;GQ_3 ]

Vision ANDK<1KB3

To be the leading specialist in providing factoring and financial solutions for local businesses and entrepreneurs, committed to service excellence and creating value for shareholders, management, staff and other stakeholders.

W=LZE 4=N L=1L" L=W"N3 . A <=S 5 X446?N / :K - + 1O_5=K4W5?O_<3/L; AL; / G" L= G"?S LW8ě_G ZE ?S L [. =K 4 AL; 8GZ#DS"DR.

¼à ËËà ÇÆ 8K32 N#

We offer timely and innovative financial solutions to satisfy the financial needs of our clients. W=LZE AL;Dd L K t Z3 L=D= L ";N / =:L8GK 3 X ^ " X = " K4?S L X?J8K32;N/=1L"2R= N# We emphasize strong relationships with all our clients and business partners. W=L/ G " L=W5 3 G" =1O_ % A <=K 4 6N . %G4.S X ? DK" ;X?J;O2==;L:N4L?DS"Z3 L=4=NEL= We seek to be a responsible corporate citizen and are committed to high standard of corporate governance.

Annual Report 2010 : IFS Capital (Thailand) PCL

3

Message from the Chairman DLD 3#L 5=J2L3 ==; L=

W=O<3 1 L36S 0QGER 3ÂŽ $)+AÄŠ2> *<! =D#Ä‘!5*ĉ: *<L =L"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ 3+?5 ĹĎĝ 8H ÄŠ!Q:D2!5$- :+ Q:D!<! :! =L$ĉ:!):$ĉ:!+:* :! #+8 Q:#Ä "9"!=M >L ?5D#Ä‘! "9"E+ 3-9 : =L ĹĎĝ H ÄŠD ÄŠ: 8D"=*!G! -: 3-9 +9&*Ä?E3ĉ #+8D 0H * D)?L5/9! =L a` 2< 3: ) beec

ĂŁ W = L G <S Z 3 2R = N # Z 3 5=JW1B[1< Üô 5 X?J W#=N t W/N 4 Y/ A4 S [ 5 K 4 L = 8K , 3 L L = G"5=JW1B[1< #P"1dLZE W=L;O AL;W L Z# AL; / G" L= G"/?L. X?J W L 0P " ?S L ?R ; W5 L E;L<[. W5 3G< L".O â€?

$AÄŠ ?53@ÄŠ! +83!9 =/ĉ: ĹĎĝ D#Ä‘!"+<19 =L)= /:) D =L*/ : G! @+ < 2<!D ?L5E' D 5+<L 2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M52Q:3+9"D +?L5 9 +E-85@# + Ä? +/) > 2<!D ?L5 : :+D <!5?L! =LD =L*/D!?L5 9! D+:5*Aĉ G! @+ < G!#+8D 0H * b` #Ä E-8D +< D <"F /" Aĉ H# 9" :+&9 !: :+ 5 #+8D 0H * > Q:G3ÄŠ D+:)= /:)D ÄŠ:G /:) ÄŠ5 :+ 5 -: E-8D ÄŠ: > -A ÄŠ: -@ĉ)D#Ä…:3):*H ÄŠD#Ä‘!5*ĉ: = > E)ÄŠ/ĉ:+8"" D0+1 < )3(:

5 #+8D 0H)ĉ ĉ5*)=D2 =*+(:& G!+5"+8*8D/-: b` #Ä =L$ĉ:!): K :) D+:)= :+ "+<3:+ 9 :+5*ĉ: +8)9 +8/9 E-8+5" 5" )= :+ !Q:D F!F-*=E-8!/9 ++)G3)ĉJ D ÄŠ:):G ÄŠG! :+"+<3:+ :!5*ĉ: ĉ5D!?5L M9 : ÄŠ:!H5 = ) = :+ !Q:D2!5$-< (9 Ä? : :+D <!G3)ĉJ +/) > :+!Q: /< = :+ 9 :+ 9" /:)D2=L* 5*ĉ: )=E""E$!

"+< 19 ? 5 /ĉ : D#Ä‘ ! "+< 19 E' D 5+<L E3ĉ E+ G!#+8D 0H * =L G3ÄŠ " +< :+G! :+ Q: @+ ++)$ĉ:!+8"" ŗŖųŔőŖĹ? E"" ĹšĹ?ʼnŔ ĹœĹ‘Ĺ•Ĺ? G!+A#E"" 5 Ĺ?ųĎĹ‰Ĺ‹ĹœĹ—ĹšĹ‘Ĺ–Ĺ? G3ÄŠ 9"-A ÄŠ: !5 : !=ME$! :+"+<3:+ /:)D2=L* 5 D+:H ÄŠ+9" :+ " /! 5*ĉ: 2)LQ:D2)5 : 8 ++) :+"+<19 #Ä beec !9"/ĉ:D#Ä‘!#Ä =LD0+1 < H * *:* 9/ = /ĉ: =L : G!59 +:+ÄŠ5*-8 gĹ´h > E)ÄŠ/ĉ:G! ĉ/ +>L #Ä E+ )=D3 @ :+ Ä? @)!@) : :+D)?5 G! ĉ/ D ?5!D)1:*! > &,1(: ) #Ä? 3:):" :&@ Q:G3ÄŠ @ /:)D ?L5)9L! :+- @! E-8G! ĉ/ +>L #Ä 3-9 D0+1 < H * KH ÄŠ+9"$- +8 " : D3 @ :+ Ä?!MQ: ĉ/)5*ĉ: +@!E+ +/) > :+E K ĉ: 5 D <!": 5*ĉ: )=!9*2Q: 9 2ĉ/!$- :! 5 ĹĎĝ G!#Ä beec ?5/ĉ:)= :+D +< D <"F = -ĉ:/ ?5#+<): :+G3ÄŠ2<!D ?L5 *:* 9/ H ÄŠ+ÄŠ5*-8 bd ?5 : acŲfig -ÄŠ:!": G!#Ä beeb D#Ä‘! afŲigi -ÄŠ:!": G!#Ä beec 2ĉ/!$- Q:H+ KD <"F H ÄŠ =D ĉ! 9!D)?L5D#+=*"D =*" 9"#Ä Ä‰5! ?5

4

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Message from the Chairman‘DLD3 #L 5=J2L3 ==; L=

: gfĹ´ah -ÄŠ:!": G!#Ä beeb ĹŽĂ&#x;#+9"#+@ G3)ĉà ů D#Ä‘! hdĹ´h` -ÄŠ:!": G!#Ä beec ÄŠ/*D3 @!=M 8 ++) :+"+<19 > H ÄŠD2!5 ĉ:*D <!#Ä?!$-G!59 +: 3@ÄŠ!-8 `Ĺ´`he ": 3+?5 hĹ´e 2 : Ä? ĉ53@ÄŠ! < D#Ä‘!D <! 9M 2<M! ciĹ´ie -ÄŠ:!": 2Q:3+9"#Ä beec D <!#Ä?!$-D2!5 ĉ:* 9 -ĉ:/ < D#Ä‘!+ÄŠ5*-8 e` F *#+8): 5 Q:H+2@ < 5 "+<19 3-9 39 D <! 2Q:+5 :) 3):* E-8 ÄŠ5 H ÄŠ+9" /:)D3K! 5" : =L#+8 @)2:)9 $AÄŠ ?53@ÄŠ!#+8 Q:#Ä beed

#Ä beed !=M D#Ä‘!#Ä =L"+<19 Q:D!<! :! +"+5" b` #Ä !9" 9M E ĉ ĉ5 9M "+<19 G!#+8D 0H *G!#Ä becd D+:D ?L 5 /ĉ : #+82" :+ Ä? E -8 /:)D =L * / : =L 29L 2)):G! @+ < !=M 5+# 9" /:)2Q:D+K G! :+ D#Ä‘!2): < G! -: 3-9 +9&*Ä? 8 ĉ/*G3ÄŠD+:D#Ä‘! 5 Ä? + =L )= @ (:&G! :+G3ÄŠ " +< :+E ĉ -A ÄŠ : +9 1:H/ÄŠ >L #+8F* !Ä?2A 2@ ĉ5$AÄŠ)=2ĉ/!H ÄŠD2=* 5 "+<19 -5 ! /:) ?L529 *Ä?G! :+ Q:D!<! @+ < :)3-9 :+ Q : 9 " A E - < :+ =L = 5 "+< 19 Q:G3ÄŠ"+<19 +83!> = > :+)= /:)+9"$< 5"G! #Ä beed D#Ä‘!#Ä =L : /ĉ:D0+1 < H * 8*9 :!82): < =L = 5 29 )E-82<L E/ -ÄŠ5) D +< D <"F 5*ĉ: ĉ5D!?L5 G!59 +:+ÄŠ5*-8 dĹłe >L !ÄŠ5* /ĉ:#Ä =L$ĉ:!): 59!D#Ä‘!$-): : (:/8 ÄŠ:*2@ != M G!!:) 5 8 ++) :+"+<1 9 5 -ĉ:/ D0+1 < 5 F- =L : /ĉ: 8*9 8-5 9/ @+ < 5" @ $AÄŠ ?53@ÄŠ! -A ÄŠ: !: :+ -5 !

5 ĹĎĝ KD ĉ!D =*/ 9!D+: : 3):*/ĉ: 8*9 $AÄŠ )= 2ĉ / !H ÄŠ D 2= * @ %Ä„ : * =L G 3ÄŠ :+2!9 " 2!@ ! :+

D <"F :) :+ *:* 9/ 5 D0+1 < (:*G! Q:D!<! :! 5 "+<1 9 ÄŠ/* =D2)5): E-8 5 5" @ #+8D 0 $AÄŠ#+8 5" :+ =L"+<19 G3ÄŠ2<!D ?L52ĉ/!G3 ĉ 8$AÄŠ " +< 3 :+E-8&!9 :! @ ĉ : ! =L H ÄŠ # < "9 < D#Ä‘ ! $AÄŠ # +8 5" :+ !: -: E-8 !: *ĉ 5 ) 3!ÄŠ: =LD K) Q:-9 /:)2:):+ E-82+ÄŠ: /:) Ŏĝľĭśů > L *9 )= /:) ÄŠ5 :+2<!D ?5L 5*ADĉ #Ä‘! Q:!/! ÄŠ:/3!ÄŠ:G3ÄŠ 9""+<19 -5 +8*8D/-: =L$ĉ:!): ): E ĉ)= ÄŠ5 Q: 9 G! :+ 52<!D ?L5 : !: :+ =L ÄŠ5 G ÄŠ3-9 #+8 9! 5+# 9" ĹĎĝ H ÄŠD+<L)G3ÄŠ "+< :+2< ! D ?L 5 -= 2 <L E-8D ĉ : ?M 5 5= +9M 3!>L !9 " 9M E ĉ )= :+ :*3@ÄŠ ! 2:)9 D&<L ) @ ! ĉ 5 #+8 : ! G!D ?5!2< 3: ) beec Q:G3ÄŠ"+<19 2:):+ 5"2!5 /:) ÄŠ 5 :+ 5 -A ÄŠ : H ÄŠ 3 -: 3-:*): >M! 5= 9M D#Ä‘! :+2+ÄŠ: E3-ĉ +:*H ÄŠ D&<L)D <)5= : 3!>L G!5!: D+:*9 < ÄŠ!3: !:*-= A! = $-< (9 Ä?E-8"+< :+ : :+D <!5?L!D&?L5!Q:D2!5 #+8 :! ++) :+ G3ÄŠ 9"-A ÄŠ: 5 D+:5*ĉ: ĉ5D!?L5 "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ

Annual Report 2010 : IFS Capital (Thailand) PCL

Ăš

Message from the Chairman DLD3 #L 5=J2L3 ==; L=

½¹Ê «À¹Ê½ÀÇļ½ÊË On behalf of IFS Capital (Thailand) Public Company Limited (IFS), I am pleased to present our results in our maiden Annual Report since our successful listing on the Stock Exchange of Thailand on 10th August 2010.

As shareholders are aware, IFS specializes in factoring, equipment finance (leasing and hire purchase) and other related financial services. We have been in Thailand for 20 years and have grown together with Thailand’s development. We have built up a good understanding of the market and understand the needs of our clients. While there have been short term instability in the last 20 years, we have managed our business prudentially and consistently adopted new technologies, both in IT, new financial products and risk management methodologies. We are the first factoring company in Thailand to provide real-time online factoring services in the form of e-Factoring to our clients, and our risk management practices are regularly reviewed by the Board.

“ ¯½ À¹Î½ º½½Æ ÁÆ ¬À¹ÁĹƼ

¾ÇÊ öô ѽ¹ÊË ¹Æ¼ À¹Î½ ¿ÊÇÏÆ ÌÇ¿½ÌÀ½Ê ÏÁÌÀ ¬À¹ÁĹƼâË ¼½Î½ÄÇÈŽÆÌ ¯½ À¹Î½ ºÍÁÄÌ ÍÈ ¹ ¿ÇǼ ÍƼ½ÊË̹ƼÁÆ¿ Ǿ ÌÀ½ ŹÊÃ½Ì ¹Æ¼ ÍƼ½ÊË̹Ƽ ÌÀ½ ƽ½¼Ë Ǿ ÇÍÊ »ÄÁ½ÆÌË ”

The overall Thai economy in the year 2010 performed better than expected with a growth rate of 7.8%, despite the political unrests of April/May and the Map Ta Phut problem which affected investors’ confidence in the first half of the year. Severe flooding and the strong appreciation of the Thai Baht also affected the overall growth of the Thai ecomomy in the second half of the year. IFS’ performance in 2010 was good with factoring volume growing about 24% from Baht 13,697 million in 2009 to Baht 16,979 million in 2010. The Company’s net profit also grew from Baht 76.18 million in 2009 (“Restated”) to Baht 84.80 million in 2010. With this, the Board is proposing a dividend of Baht 0.085 or 8.5 Satang per share, totalling Baht 39.95 million for the year 2010. The proposed dividend, if approved by shareholders at the 2011 Annual General Meeting, is about 50% of the Company’s net profit after legal reserve and is in line with the Company’s dividend policy.

6

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Message from the Chairman DLD3 #L 5=J2L3 ==; L=

In 2011, the Thai economy is expected to continue growing but at slower pace of 4-5% due to the slowdown of the global economy. IFS is expected to continue growing in line with the country’s economy. The business of the Company is closely associated with the small and medium sized enterprises (SMEs), many of which are still in need of credit facilities but have restricted access to the banks’ credit facilities due to the collateral requirements of banks. IFS has recommenced its leasing and hire purchase businesses after its IPO in August 2010, and this will help to better support the needs of our clients, as well as creating an additional source of income. We continue to explore new avenues and products with a view to introducing them to our clients. The Company approaches its 20th anniversary since its incorporation in Thailand in 1991 this year. We believe that our cumulative experience in this area as well as our successful listing will help us provide quality services to our clients and in maximizing value to all stakeholders of the Company. Our strong corporate governance standards will enable us to discharge our responsibility as a member of society and towards the environment. Finally, on behalf of the Board, I would like to express my appreciation to the shareholders, clients, bankers and all other stakeholders for your good support over the past years. I would also like to thank the management and staff for their good work and dedication to the Company over the years.

Lee Soon Kie Chairman IFS Capital (Thailand) Public Company Limited

Annual Report 2010 : IFS Capital (Thailand) PCL

7

Board of Directors -J ==; L=

.=Â?2==;3St GL3K3Y1[1< +5 #+8 :! ++) :+ "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ

3L<?O &S3 O #+8 :! ++) :+ "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ

8

ÂœĂŠÂ? ÂŹĂ€šĂ…ÆÇÇÆ ™ÆšĂ†ĂŒĂ€Ă‡ĂŒĂ€šà Deputy Chairman of IFS Capital (Thailand) PCL

3L<DRWA1< 2O=A%N= R? ++) :+ "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ

ÂĽĂŠÂ? ¤½½ ÇÇÆ £à ½

ÂĽĂŠÂ? ÂŤĂ?ĂŽšà ĂŒ ÂŹĂ€½½ĂŠšĂŽšĂ€Ă ĂŠšĂƒĂ?Ă„

Chairman of IFS Capital (Thailand) PCL

Director of IFS Capital (Thailand) PCL

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Board of Directors -J ==; L=

3L</K3 W? W<3 ++) :+"+<3:+ E-8#+8 :!D Ċ:3!Ċ: =L"+<3:+ "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů

¥Ê ¬¹Æ ¤½Ñ ±½Æ Executive Director & CEO of IFS Capital (Thailand) PCL

R-?N; ;R< E?N" ++) :+ "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů

¥Ë ¤ÁÅ ¥ÍÁ ¤ÁÆ¿ Director of IFS Capital (Thailand) PCL

3L<3N8K12 #dL=St=K/3 ++) :+ "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů

¥Ê ¦ÁÈÀ¹Ì À¹ÅÊÇÇÆÊ¹Ì Director of IFS Capital (Thailand) PCL

R-3NAK,3 Lt#3:S;N31= ++) :+ "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů

¥Ê ¦ÁÏ¹Ì £¹Æ¹ƹÈÀÇÇÅÁÆ Director of IFS Capital (Thailand) PCL

Annual Report 2010 : IFS Capital (Thailand) PCL

9

Management Team -J6S 4=NEL=

3L< K3/:- N//NBN=N5=JWD=N* #+8 :!D ÄŠ:3!ÄŠ: =L%Ä„:* :+D <!

ÂĽĂŠÂ? Â&#x;Ă?Ă†ĂŒšĂˆĂ‡Ă† ÂŁĂ ĂŒĂŒĂ Ă‹Ă ĂŠĂ ĂˆĂŠšĂ‹½ĂŠĂŒ Chief Financial Officer

3L</K3 W? W<3 #+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+

ÂĽĂŠÂ? šĂ† ¤½Ă‘ ¹½Ă† Chief Executive Officer

10

3L"DLA AKtZ# X& [E?

3L<5L 3`dL DL=J R?

$AÄŠ 9 :+ 9L/H# %Ä„:*# <"9 < :+

$A ÄŠ 9 :+ 9/L H# %Ä„:*&9 !: +@ < E-8-A ÄŠ:29)&9! Ä?

ÂĽĂ‹Â? ÂŁĂ?šĂ†Ă‚šà š½Â?¤šĂ

ÂĽĂŠÂ? ¨šĂƒĂ†šĂ… šĂŠšĂƒĂ?Ă„

General Manager Operations

General Manager Business Development & Client Relations

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Team ‘ -J6S 4=NEL=

3L"W8^tB=O W8%=1G" $AĊ ĉ/*$AĊ 9 :+ 9L/H# %Ą:* :+D <!E-8"9 =

ÂĽĂŠĂ‹Â? ¨½Ă†Ă‹ĂŠà ¨½ĂŒĂŒĂ‡Ă†Âż Assistant General Manager Finance & Accounts

3L"DLA3=L=K C "BN=NW=QG"[? $AĊ ĉ/*$AĊ 9 :+ 9L/H# %Ą:*&9 !: @+ < b

ÂĽĂ‹Â? ŒšĂŠšĂŠšĂƒ £ÇÆ¿Ëà Êà ÊĂ?šĂ†ÂżĂ„šà Assistant General Manager Business Development 2

3L<<R12%K< BN=N8==-8" $AÄŠ ĉ/*$AÄŠ 9 :+ 9L/H# %Ä„:*&9 !:2<!D ?L5Ų "@

-E-8 @+ :+

ÂĽĂŠÂ? ÂąĂ?ĂŒĂŒĂ€šĂ€šà à ĂŠĂ ĂˆĂ€šĂ†ĂˆĂ‡Ă†Âż

3L<DRAN%Lt W#=Nt8=8#3 $AĊ ĉ/*$AĊ 9 :+ 9L/H# %Ą:*&9 !: @+ < a

ÂĽĂŠÂ? ÂŤĂ?Îà ÀšĂ† ›ÀšĂŠĂ‡½Ă†ĂˆĂ‡Ă†ĂˆĂ‡Ă‚ Assistant General Manager Business Development 1

Assistant General Manager Client Review, HR & Admin.

Annual Report 2010 : IFS Capital (Thailand) PCL

11

Organization Chart Y ="D= L"G" =

Board of Directors -J ==; L=4=NCK1 Audit Committee

Compensation & Nomination Committee -J ==; L= ME3. L/G4X13X?JD==EL

-J ==; L=/=A#DG4

Risk Management Committee -J ==; L= 4=NEL= AL;WDO_<"

Internal Audit * 6S /=A#DG4:L<Z3 CEO Mr. Tan Ley Yan 5=J2L3W# LE3 L1O_4=NEL= R-/K3 W? W<3

Business Development & Client Relations Mr. Paknam Sarakul, GM

Finance & Accounts Mr. Guntapon Kittisiriprasert, CFO

Operations Ms. Kwanjai Sae-Lai, GM

7 L<8K,3L2R= N#X?J ?S LDK;8K32 R-5L 3đM DL=J R? 6S #K. L=1KĈA[5

7 L< L=W"N3 R- K3/:- N//NBN=N5=JWD=N* 5=J2L3W# LE3 L1O_

7 L<5)N4K/N L= R- AKtZ# X& [E? 6S #K. L=1KĈA[5

Mr. Suvichan Charoenponpoj AGM, Business Development

Mrs. Pensri Pettong AGM, Finance & Accounts

R-DRAN%Lt W#=Nt8=8#3 6S % A<6S #K. L=1KĈA[5 7 L<8K,3L2R= N# Ms. Nararak Kongsiriruanglai AGM, Business Development R-3=L=K C "BN=NW=QG"[? 6S % A<6S #K. L=1KĈA[5 7 L<8K,3L2R= N#

R-W8^tB=O W8%=1G" 6S % A<6S #K. L=1KĈA[5 7 L< L=W"N3X?J4Kt%O

Mr. Yutthachai Siriphanpong AGM, Client Review, HR & Admin. R-<R12%K< BN=N8==-8"B 6S % A<6S #K. L=1KĈA[5 7 L<8K,3LDN3W%Q_G 4R ?X?J2R= L=

3):*D3 @Ģ Ĺ° #Ä? @"9!"+<19 )=$AÄŠ +/ 25"(:*G! b =) aĹŻ "+<19 D5D5K) = 5<!D 5+Ä?D! 9L!E!- 5! 9- <M Q: 9 F * :+/ĉ: ÄŠ: 3!ĉ/* :!(:*!5 E-8 bĹŻ $AÄŠ +/ 25" (:*G! : "+<19 H5D5'D52 E ##Ä€ 5- -<)<D K ĹŽ2< F#+Ä?ĹŻ ÄşĹ?ŕʼnŚœśĢ Ĺ° ÄźĹ?Ĺ? ÄŤĹ—Ĺ•Ĺ˜Ĺ‰Ĺ–ĹĄ Ĺ?ʼnś b ĹœĹ?ʼnŕś Ĺ—ĹŽ Ĺ‘Ĺ–ĹœĹ?ŚŖʼnŔ ʼnĹ?ĹŒĹ‘ĹœĹ—ĹšĹ›Ģ aĹŻ Ċľč ÄąĹ–ĹœĹ?ĹšĹ–Ĺ‰ĹœĹ‘Ĺ—Ĺ–Ĺ‰Ĺ” ÄŤĹ—Ĺ–Ĺ›Ĺ?Ĺ”ĹœĹ‘Ĺ–Ĺ? ÄŤĹ—ŴŲ Ä´ĹœĹŒĹ´ ŎġĹ?ĹœĹ›Ĺ—Ĺ?ŚŋĹ?ĹŒ ÄŤĹ—Ĺ•Ĺ˜Ĺ‰Ĺ–ĹĄĹŻ Ĺ‰Ĺ–ĹŒ bĹŻ ĹĎĝ ÄŤĹ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ” Ä´Ĺ‘Ĺ•Ĺ‘ĹœĹ?ĹŒ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻĹ´

12

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Nature of Business ?K C-J L=5=J G42R= N#

"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ ĹŽĂ&#x;ĹĎĝà ů #+8 5" @+ < 3-9 d #+8D( 9 !=M

D +?L5 )?5 =LG ÄŠG! :+D -?L5!*ÄŠ:*2<! ÄŠ: D+?5 !2ĉ E-8+ G ÄŠ :!D 1 + ++) F *"+<19 D#Ä‘!$AÄŠ 9 3: +9&*Ä?2<! : $AÄŠ Q:3!ĉ:* :) =L$AÄŠD ĉ: ?M5 ÄŠ5 :+ 2ĉ/! ++)2< <PG! +9&*Ä?2<!D#Ä‘! 5 "+<19 $AÄŠD ĉ: ?M5)=2< < +5" +5 E-8G ÄŠ ĂľÂ? 4=N L=DN3W%Q_G L==K4YG3DN12NW=O< = G"E=QGDN3W%Q_GX9 W/G=NĈ"Â’ #+8F* !Ä? : +9&*Ä?2<! E-8)=3!ÄŠ: =L ĉ5)E )"Q:+@ +9 1: +9&*Ä?2<! =LD ĉ: ?M5 D#Ä‘! :+G3ÄŠ"+< :+2<!D ?L5+8*829M!D&?L5D#Ä‘!D <! @!3)@!D/=*!G! @+ < 2Q:3+9" Q:+8 ĉ:D ĉ: ?M5 :)D ?L5!H F * 9L/H# Q:3! +8*8D/-: :+D ĉ: bĹłe #Ä Q:+8 $AÄŠ#+8 5" :+ "+<19 8+9" ?M5-A 3!=M :+ ÄŠ: =LD < : :+ ÄŠ: :*(:*G! ĉ:D ĉ:D#Ä‘!+:*D ?5! < 59 +: 5 D"=M* =L 9M !=M $AÄŠD ĉ: ?M5 8"5 D-< 29 : #+8D 0 E-8Ĺľ3+?52ĉ 55 ĉ: #+8D 0 : -A ÄŠ: >L D#Ä‘!$AÄŠ :*2<! ÄŠ:3+?5"+< :+ ĉ5! +" Q:3! D&=* %Ä„:*D =*/H)ĉH ÄŠ D)?L5 +" Q:3! E-8H)ĉ$< D ?L5!H :) F *H)ĉ ÄŠ5 G ÄŠ3-9 +9&*Ä? MQ:#+8 9!E ĉ 8F5!2< <D+=* +ÄŠ5 G!3!=M :+ ÄŠ: 5 29 : $AÄŠG3ÄŠD ĉ: ?M5 8F5! ++)2< <PH#*9 $AÄŠD ĉ: ?M5 -A ÄŠ:G3ÄŠ 9""+<19 D#Ä‘!3-9 #+8 9! "+<19 D!ÄŠ!G3ÄŠ"+< :+ 9"$AÄŠ#+8 5" :+

!: -: E-8 !: *ĉ5) =L ÄŠ5 :+D <!2 H#3)@!D/=*!G! @+ < E-8 Q:G3ÄŠ øÂ? 4=N L=WD=N;GQ_3]Â’ D#Ä‘! :+G3ÄŠ"+< :+D2+<) ĉ: J =L"+<19 9 G3ÄŠ 9"-A ÄŠ:D&<L)D <)D&?L5G3ÄŠ-A ÄŠ: D < 2(:& -ĉ5 G! :+"+<3:+ :!): >M! 2:):+ G ÄŠ"+< :+ : :+D <! 9""+<19 H ÄŠ5*ĉ: +"/ + 5: < D ĉ! ĂśÂ? 4=N L=DN3W%Q_G?OD&NĈ"5=JW:1DKttLW% L1L" L=W"N3Â’ ĂŚ ›ÇÆžà ÊÅà Æ¿ ¤Â›Â‘ÂŹÂŞÂ’ D#Ä‘!"+< :+ =LD2+<)G3ÄŠ 9"-A ÄŠ:E' D 5+<L #Ä? @"9! D#Ä‘ ! :+G3ÄŠ " +< :+2< ! D ?L 5 E ĉ $AÄŠ # +8 5" :+ =L ÄŠ 5 :+D < ! - @ ! G! :+ ?M 5 =L D #Ä‘ ! $AÄŠ !Q : D ÄŠ : =L )= :+ - 29L ?M 5 2< ! ÄŠ : : ĉ : #+8D 0D&?L 5 +9&*Ä?2<!#+8D( *:!&:3!8E-8D +?L5 9 + =LG ÄŠG!5@ 2:3 ++) -5 ! !Q:D ÄŠ:): Q:3!ĉ:*3+?5D&?L5D#Ä‘!/9 @ <"G! :+$-< 2<! ÄŠ:F * =L-A ÄŠ: D +?L5 )?5 =LG ÄŠG! :+D -?L5!*ÄŠ:*2<! ÄŠ: D+?5 !2ĉ E-8+ G ÄŠ :!D 1 + ++) =L): 5G ÄŠ"+< :+ Ĵčžğĺ ĹŽÄ´Ĺ?ĹœĹœĹ?Ĺš Ĺ—ĹŽ ÄŤĹšĹ?ĹŒĹ‘Ĺœ Ĺľ ğŚĹ?Ĺ›Ĺœ ÄşĹ?Ĺ‹Ĺ?Ĺ‘Ĺ˜ĹœĹŻ 9""+<19 F *"+< 19 D#Ä‘ ! $AÄŠ 9 3: +9 & *Ä? 2< ! : $AÄŠ Q : 3!ĉ : * :) =L $AÄŠ D ĉ : ÄŠ 5 :+ F * 2ĉ / ! G3 ĉ H)ĉ ÄŠ 5 G ÄŠ 3 -9 # + 8 9 ! D)?L 5 -A ÄŠ : E ÄŠ / : ) 2ĉ/! ++)2< <PG! +9&*Ä?2<!D#Ä‘! 5 "+<19 $AÄŠD ĉ:)=2< < +5" +5 E-8G ÄŠ #+82 Ä? =L 8 5G ÄŠ"+< :+ 9""+<19 "+<19 8D#Ä‘!$AÄŠ < ĉ5 9" !: :+ #+8F* !Ä? : +9&*Ä?2!< E-8)=3!ÄŠ: = L 5ĉ )E )"Q:+@ +9 1: +9&*Ä?2<! =LD ĉ: Q:+8 G3ÄŠ55 3!9 2?5 Ä´ÄŤ 3+?5 Q: ğĺ G3ÄŠ 9"-A ÄŠ:F *G ÄŠ/ D <! =L"+<19 )=5*Aĉ

ĉ:D ĉ: :)D ?L5!H F * 9L/H# Q:3! +8*8D/-: :+D ĉ: cĹłe #Ä Q:+8 ĉ:D ĉ: 9" !: :+G! :+55 Ĵčžğĺ D#Ä‘!+:*D ?5! E-82ĉ/!G3 ĉ < 59 +: 5 D"=M*-5* 9/ 9M !=M $AÄŠD ĉ: 8"5 D-< ĂŚ ¥ÆÎ½Ă†ĂŒĂ‡ĂŠĂ‘ žà ÆšĂ†à Æ¿’ D#Ä‘!"+< :+2<!D ?5L +A#E""3!> L =-L A ÄŠ:2:):+ 29 : ĉ5! +" Q:3! D&=* %Ä„:*D =*/H)ĉH ÄŠ D)?L5 +" Q:3! 29 :D ĉ:E-8 H)ĉ$< D ?L5!H :)29 : $AÄŠD ĉ:)=2< < ?M5 : +9&*Ä?2<! =LD ĉ:G!+: : =L - 9! 2+ÄŠ: +8E2D <!2 : 2<! ÄŠ: -9 F *2<! ÄŠ: -9 ÄŠ5 )=+: : -: =L 9 D !E-8)=$AÄŠ ?M52<! ÄŠ: =LE!ĉ!5!E ĉ*9 H)ĉH ÄŠ Q: :+2ĉ )5" /9! Q:29 : 2<! ÄŠ: D)?L5-A ÄŠ:2ĉ )5"2<! ÄŠ:H#E-ÄŠ/ : "+<19 8+9" Q:+8 ĉ:2<! ÄŠ: áÂ? 4=N L=DN3W%Q_GW% L&Q`GÂ’ F * + 9"$AÄŠ ?M5D5 D#Ä‘ ! :+G3ÄŠ " +< :+2< ! D ?L 5 E ĉ $AÄŠ # +8 5" :+ =L ÄŠ 5 :+D < ! - @ ! G! :+ ?M 5 +9&*Ä?2<!#+8D( *:!&:3!8E-8D +?L5 9 + =LG ÄŠG!5@ 2:3 ++) -5 !

Annual Report 2010 : IFS Capital (Thailand) PCL

13

Nature of Business ?K C-J L=5=J G42R= N#

æ ÄÇÇÊ ¨Ä¹Æ D#đ!2<!D ?5L G3ĊE ĉ /9 E ! Q:3!ĉ:*+ *! č HL= Ċ+"9 E ĉ 9M 5*ĉ:

D#đ! : :+G3Ċ Q:3!ĉ:*+ *! č*=L3Ċ5 ĉ: J ŮĩŝŜŐŗŚőŢōŌ ĬōʼnŔōŚśŐőŘů D#đ!"+< :+2<!D ?L52Q : 3+9 " G Ċ D#đ ! E3-ĉ D < ! @ ! G! :+ 9 ?M 5 + *! č D&?L5!Q:): Q:3!ĉ:*D&?L5D2+<)2(:& -ĉ5 G3ĊE ĉ$AĊ 9 Q:3!ĉ:*+ *! č :+G3Ċ2<!D ?L5-A Ċ: 8 Ċ5 !Q:2ĉ D5 2:+2< <E2 /:)D#đ!D Ċ: 5 + ):G3Ċ"+<19 G! :+G Ċ"+< :+2<!D ?L5 E-8-A Ċ: 8 Q:+8D <! ?!"+<19 D)?L5 Ċ5 :+ Q:3!ĉ:*+ *! č!9M!

æ ÇÆÌʹ»Ì ÁƹƻÁÆ¿ D#đ!$-< (9 č2<!D ?L5 =L ĉ/*$AĊ#+8 5" :+ =L)=

G"29L ?M5 3+?529 : ?M5 :* 3+?529 : :+G3Ċ"+< :+ =LE!ĉ!5! : -A 3!=M :+ Ċ: 9M! = E ĉ*9 : D <! @!D&?L5G Ċ ?M5/9 @ <"G! :+$-< 2<! Ċ:3+?5D&?L5D +=*) :+"+< :+ -A Ċ:2:):+ !Q:29 : 9 -ĉ:/ ): 52<!D ?L5 9""+<19 H Ċ F *"+<19 8 Q:+8D <!-ĉ/ 3!Ċ:H# ĉ5! E-8 3-9 : -A Ċ:2ĉ )5"2<! Ċ:3+?5"+< :+E-Ċ/ -A Ċ: 8!Q:G"E Ċ 3!=M 3+?5G"2ĉ 5 ):G3ĊE ĉ"+<19 D&?L5G3Ċ"+<19 H#+9" Q:+8D <! : -A 3!=M :+ Ċ: :)D/-: =L +" Q:3! ĉ5H# E-8 8!Q:D <! =LH Ċ+9" Q:+8 : -A 3!=M :+ Ċ : !9M ! ):39 *5 D < ! +9 " Q : +8-ĉ / 3!Ċ : =L " +< 19 H Ċ G3Ċ 9 " -A Ċ:H# ĉ5!3!Ċ:!=ME-Ċ/ &+Ċ5) ĉ:G Ċ ĉ:* ĉ: J =LD < >M!

W5 LE;L< L=5=J G42R= N# "+< 19 9M D#ą : 3):* =L 8D#đ ! 3!>L G!"+< 19 $AĊ !Q : :+G3Ċ " +< :+2< ! D ?L 5 D&?L5 :+ Ċ:E-8 :+&: < *č F *D!Ċ! :+G3Ċ"+< :+ 9"-A Ċ: =LD#đ!$AĊ#+8 5" :+ !: -: E-8 !: *ĉ5) ŮĻĵĭśů "+<19 )=E$! =L 8D#Ā 2: :G!5!: G! (: -: (: 8/9!55 (: 8/9!55 D =* D3!?5 E-8(: D3!?5 E-8D&<)L 29 2ĉ/!+:*H Ċ : +@ < #+8D( 5?!L J D ĉ! 2<!D ?5L E' D 5+< L 2Q:3+9" :+2ĉ 55 2<!D ?5L -=2 < L E-82<!D ?5L D ĉ: ?5M E-8&*:*:) = L 8D&<)L 2<!D ?5L 5?!L =DL =*L / Ċ5 9" @+ < =L Q:5*AĉD&?L5 +5" -@) :+G3Ċ"+< :+E"" +"/ +G3Ċ): >M!G!5!:

ã4=N CK 1 /Kĉ " W5 L E;L< 1O_# JW5 3 E3P_" Z34=N CK1 6S3 Ld L=ZE 4=N L=DN3W%QG_ W8ě_ G L= L X?J L= 8L-N%< ä æ Äǻà ÁË»ÇÍÆÌÁÆ¿ D#đ!$-< (9 č2!< D ?5L =GL 3Ċ +8E2D <! @!3)@!D/=*!

14

E ĉ +@ < F *!Q:29 : :*2<! Ċ:E-8"+< :+E""D ĉ: ?5M E""$ĉ5! Q:+8 3+?529 :D ĉ: =)L = :+ Q:+8E""D#đ! / @ J D ?5!): :*G3ĊE ĉ"+<1 9 D&?L5 5+9"D <!+9" Q:+8-ĉ/ 3!Ċ: ĉ5!D#đ! Ċ5!G! +9M E+ D <!+9" Q:+8 -ĉ/ 3!Ċ: < D#đ!+Ċ5*-8D ĉ:H3+ĉ!9M!E-Ċ/E ĉ 8 - 9! F *-A Ċ: 8 Q:+8 ?!"+<1 9 E""D#đ! / J :)E ĉ - 9! F *5:*@ 5 29 : 8 5*Aĉ =L aųc #ā

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Nature of Business ?K C-J L=5=J G42R= N#

IFS Capital (Thailand) Public Company Limited (“IFS”) provides 4 main lines of business :

õ ¹»ÌÇÊÁÆ¿ «½ÊÎÁ»½ A short-term loan providing working capital to entrepreneurs. The Company will purchase accounts receiveable, including the rights to claim, from the local and/ or export sales of clients without the need of security. The Company focuses on providing services to the SMEs who are in need of working capital to improve their liquidity.

ö ¤½¹ËÁÆ¿ «½ÊÎÁ»½ A service to businesses who require capital investment on industrial vehicles and machines, tools used for relocation of goods, vessels and vehicles used in agricultural activities. The Company will procure the assets from distributors as per the clients’ requirements. The legal rights of the asset belongs to the Company but the client has the right to possess and utilize the leased assets, be responsible for the repair and maintenance of the leased assets and pay the leasing rental as agreed. Normally, the lease contract is from 3-5 years and the leasing rental is paid on a monthly basis based on a floating rate. The client cannot solely cancel the lease contract by himself prior to the completion of the contract. Upon the completion of the contract, the client has the right to purchase the assets at the agreed price which has been stated since the contract date.

ø §ÌÀ½Ê ˽ÊÎÁ»½Ë are additional services provided to the Company’s clients such as: æ ÇƾÁÊÅÁÆ¿ ¤ ¬ª An additional service for existing factoring clients who import raw material or goods, usually without requiring additional collateral. When the Company’s clients request for the service of LC/TR (Letter of Credit/Trust Receipt), the Company will liase with the banks to issue LC or TR on behalf of the clients, utilizing the Company’s credit facilities with the banks. æ ¡ÆνÆÌÇÊÑ ÁƹƻÁÆ¿ Another form of credit service which enables clients to advance cash from their inventory on the condition that the inventory must have a clear market price and definite purchasers and the products have not yet been delivered. Once the products are delivered, the Company will collect payment directly from the purchaser. æ ÄÇÇÊ ¨Ä¹Æ A service provided to auto dealers to provide funding for purchasing of cars for distribution. The clients must possess authorized dealership and submit documents on the right of ownership to the Company. Monies are repayable after sales of the cars.

¬À½ ÇÅȹÆÑâË ÇºÂ½»ÌÁν ÁË ÌÇ º½ ¹ Ľ¹¼½Ê ÁÆ ÌÀ½ »ÇÅŽʻÁ¹Ä ¾Áƹƻ½ ºÍËÁƽËË ºÑ ¾Ç»ÍËÁÆ¿ ÇÆ «¥ Ë

÷ Áʽ ¨ÍÊ»À¹Ë½ «½ÊÎÁ»½ A service similar to that of Leasing except that interest is on a fixed rate basis, the contract period is from 2-5 years, and the legal rights of the asset will be transferred to the client at the end of the contract.

æ ÇÆÌʹ»Ì ÁƹƻÁÆ¿ A service to provide facility when clients have purchase order, firm contracts (sales/service) but lack of funds to execute order. Cash advances could be made for clients to purchase raw materials to manufacturing to shipment of goods. Clients can submit contracts for this facility and the Company will provide advance payment to pay their suppliers. Upon completion of the contract, clients will submit invoices and delivery notes on their customers to the Company for factoring.

Annual Report 2010 : IFS Capital (Thailand) PCL

õù

Nature of Business ?K C-J L=5=J G42R= N#

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

§ºÂ½»ÌÁν Ǿ ÍËÁƽËË §È½Ê¹ÌÁÇÆË The Company’s objective is to be a leader in the commercial finance business by focusing on SMEs. The Company has plans to open branches in the Central, Eastern, North Eastern, and Northern parts of Thailand in the future. The Company plans to increase revenues from export factoring, leasing and hire purchase services. In addition, the Company is planning to widen its range of services so as to become a one-stop financial services centre for its clients.

16

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Milestones

5=JAK/NX?J AL;W5 3;L G"4=NCK1

"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ ĉ5 9M >M!D)?L5/9! =L ba )=!: ) becd ÄŠ/* @! 8D"=*! e` -ÄŠ:!": F *)= ?L5D <)D)?L5D+<L) ĉ5 9M /ĉ: "+<19 5*@ *:5<!D 5+Ä?D! 9L!E!-E' D 5+Ä?2 Q: 9 >L D#Ä‘! :++ĉ/) @!+83/ĉ: !: :+ +@ 0+=5*@ *: Q: 9 ĹŽ)3: !ĹŻ ĹŽĂ&#x; Ĺ´ +@ 0+=5*@ *:Ă ĹŻ ?53@ÄŠ!+ÄŠ5*-8 de E-8"+<19 H5D5'D52 E ##Ä€ 5- Q: 9 ĹŽ2< F#+Ä?ĹŻ1 ĹŽĂ&#x;ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻĂ ĹŻ ?53@ÄŠ!+ÄŠ5*-8 d` D&?L5#+8 5" @+ < 2<!D ?L5 :++9"F5!2< <D+=* +ÄŠ5 3+?52<!D ?L5 E' D 5+<L #Ä bee` "+<19 )= :+D#-=L*!E#- F + 2+ÄŠ: $AÄŠ ?53@ÄŠ! F * -@ĉ) ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ H ÄŠD ÄŠ: ?M53@ÄŠ! 5 "+<19 : Ĺ´ +@ 0+=5*@ *: E-8H ÄŠD#-=L*! ?L5D#Ä‘! "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĉ5):/9! =L ah D)1:*! bee` "+<19 H ÄŠ 8D"=*!E#+2(:&D#Ä‘!"+<19 )3: ! E-8H ÄŠD&<L) @! 8D"=*!E-8D+=* Q:+8E-ÄŠ/ D#Ä‘! ce` -ÄŠ:!": #Ä beebĹłbeec "+<19 H ÄŠD#-=L*!2(:&"+<19 : "+<19 29 : <H *D#Ä‘!"+<19 ĉ: ÄŠ:/ F *H ÄŠ+9"G"5!@ : #+8 5" @+ < ĹŽaĹŻ 2<!D ?L5E' D 5+<L E-8 ĹŽbĹŻ 2<!D ?L5 E""-=2 <L E-82<!D ?L5D ĉ: ?M52<! ÄŠ:#+8D( *:!&:3!8E-8D +?L5 9 + =LG ÄŠG!5@ 2:3 ++) D +?L5 )?5 =LG ÄŠG! :+D -?L5!*ÄŠ:*2<! ÄŠ: D+?5 !2ĉ E-8+ G ÄŠ :! D 1 + ++) 2Q:3+9"$AÄŠ+9""+< :++:*G3)ĉ "+<19 H ÄŠD ÄŠ: 8D"=*! 9" -: 3-9 +9&*Ä?E3ĉ #+8D 0H *G!/9! =L a` 2< 3: ) beec &+ÄŠ5) 9" :+D2!5 :* 3@ÄŠ!2:)9 D&<L) @! ĉ5#+8 : ! ab` -ÄŠ:!3@ÄŠ! Q:G3ÄŠ"+<19 )= @! 8D"=*! =LD+=* Q:+8E-ÄŠ/D&<L) : ce` -ÄŠ:!": D#Ä‘! dg` -ÄŠ:!": F *)=$AÄŠ ?53@ÄŠ!G3 ĉ

?5 -@ĉ) ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ ?53@ÄŠ!+/) 9!+ÄŠ5*-8 gcĹ´ac

L=W5?O_<3X5?"X?J8K,3L L=1O_DdL Kt G"4=NCK1 5 2534

WE/R L=- ;N03R L<3Â’ "+<1 9 D&<)L @! 8D"=*!E-8D+=* Q:+8E-ÄŠ/ : a -ÄŠ:!": D#Ä‘! e` -ÄŠ:!": F * :++ĉ/) @!+83/ĉ: Ĺ´ +@ 0+=5*@ *: ?53@!ÄŠ +ÄŠ5*-8 de E-8 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ ?53@!ÄŠ +ÄŠ5*-8 d`

2537 2538 2543

W;CL<3’ "+<1 9 D&<)L @! Q:+8E-Ċ/D#đ! a`` -Ċ:!": "+<1 9 D+<)L #+8 5" +@ < 2<!D ?5L -=2 < L #+8D( 29 :D ĉ: : :+D <! E-82<!D ?5L D ĉ: ?5M

;N03R L<3Â’ "+<1 9 H ÄŠ- @! : a`` -ÄŠ:!": D3-?5 e` -ÄŠ:!": F *- )A- ĉ: = L +:H/ÄŠ : a` ": D3-?5 e ": D&?5L -ÄŠ: : @!282) =DL < >!M D!?5L : /< , <D0+1 < G!#Ä bed`Ĺľbeda

1

"+<19 H5D5'D52 E ##Ä€ 5- Q: 9 ĹŽ2< F#+Ä?ĹŻ D <) ?L5"+<19 5<!D 5+Ä?D! 9L!E!- E' D 5+Ä?2 ĹŽ2< F#+Ä?ĹŻ Q: 9 >L 8D"=*!G!#+8D 02< F#+Ä? 9M E ĉ#Ä bec` E-8D ÄŠ:D#Ä‘!"+<19 8D"=*!G! -: 3-9 +9&*Ä?2< F#+Ä?G!#Ä becf -@ĉ)"+<19 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ D#Ä‘! -@ĉ) =LD =L*/ : G! @+ < : ÄŠ:! :+D <! H ÄŠE ĉ "+< :+2<!D ?L5#+8D( ĉ: J D ĉ! ĹŽE' D 5+<L -=2 <L D ĉ: ?M5ĹŻ :+#+8 9!2<!D ?L5 ĹŽÄŤĹšĹ?ĹŒĹ‘Ĺœ ĹŖśĹ?ŚʼnŖŋĹ?ĹŻ :+55 3@ÄŠ! AÄŠ ĹŽÄŞĹ—Ĺ–ĹŒĹ› Ĺ‰Ĺ–ĹŒ ÄŻĹ?Ĺ‰ĹšĹ‰Ĺ–ĹœĹ?Ĺ?śů ÄťĹœĹšĹ?Ĺ‹ĹœĹ?ĹšĹ?ĹŒ ĎőŖʼnŖŋĹ? E-8 @+ < D <!+ĉ/)- @! ĹŽÄžĹ?Ĺ–ĹœĹ?ĹšĹ? ÄŤĹ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ”ĹŻ F * -@ĉ)"+<19 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ #+8 5"H# ÄŠ/*3-:*"+<19 E-8)= :+ Q:D!<! @+ < G!3-:*#+8D 0 H ÄŠE ĉ 2< F#+Ä? H * ):D-D =* 5<!F !=D =* E-86ĉ5 /9! =L ca 9!/: ) beeb "+<19 )= @! Q:+8 E-ÄŠ/D ĉ: 9" hhĹ´`c -ÄŠ:! 5--ĉ:+Ä?2< F#+Ä? 3+?5 < D#Ä‘! bŲa`hĹ´ed -ÄŠ:!": ĹŽ59 +:E- D#-=L*! bcĹ´iebe ": ĉ5 a 5--:+Ä?2< F#+Ä? ÄŠ5)A- /9! =L c` 9!/: ) beebĹŻ +:*-8D5=* 5 -@ĉ) ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ 2:):+ AH ÄŠ =L Ĺ&#x;Ĺ&#x;Ĺ&#x;Ĺ´Ĺ‘ĹŽĹ›Ĺ‹Ĺ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ”Ĺ´Ĺ‹Ĺ—Ĺ•Ĺ´Ĺ›Ĺ?

Annual Report 2010 : IFS Capital (Thailand) PCL

17

Milestones 5=JAK/N AL;W5 3;L G"4=NCK1

L=W5?O_<3X5?"X?J8K,3L L=1O_DdL Kt G"4=NCK1 5 WE/R L=- 2544 R;:L8K32 "+<1 9 D&<)L @! Q:+8E-Ċ/5= b`` -Ċ:!": D#đ! be` -Ċ:!": D2!5 :*G3ĊE ĉ Ŵ +@ 0+=5*@ *:E-8 ıĮĻ ŮĻőŖŏʼnŘŗŚōů 2547 W;CL<3 "+<19 3*@ :+G3Ċ"+< :+2<!D ?L5-=2 <L #+8D( 29 :D ĉ: : :+D <! E-82<!D ?L5D ĉ: ?M5D!?L5 : Ŵ +@ 0+=5*@ *: >L D#đ!$AĊ ?53@Ċ!+:* G3 ĉ)=!F*":*H)ĉG3Ċ"+<19 G!D +?5#+8 5" @+ < MQ: Ċ5! 9!

2550 ; =L ; "+<19 H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9 2 ŮßH5D5'D52 F6- <M 2čàů ?M53@Ċ! 5 "+<19 : Ŵ +@ 0+=5*@ *: E-8 : $AĊ ?53@Ċ!2ĉ/!!Ċ5*+:*5?L!J < D#đ!+Ċ5*-8 diŴb` E-8"+<19 -9"):G3Ċ"+< :+2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M5(:*3-9 Ŵ +@ 0+=5*@ *:H)ĉH ĊD#đ! $AĊ ?53@Ċ! R;:L8K32 "+<19 H ĊD#-=L*! ?L5D#đ! "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 W;CL<3 "+<19 H ĊE#+2(:& : "+<19 Q: 9 D#đ!"+<19 )3: ! E-8D&<L) @! Q:+8E-Ċ/5= a`` -Ċ:!": D#đ! ce` -Ċ:!":

öùùõ 2K3AL ; "+<19 H Ċ+9" /:)D3K! 5"F *3-9 :+ : 8 ++) :+ :+#+8 5" @+ < 5 ! ĉ: Ċ:/G3Ċ"+<19 #+8 5" @+ < Ůaů 2<!D ?L5E'

D 5+<L E-8 Ůbů 2<!D ?L5E""-=2 <L E-82<!D ?L5D ĉ: ?M52<! Ċ:#+8D( D +?L5 9 +E-8D +?L5 G ĊG!5@ 2:3 ++) D &:8E ĉ$AĊ+9""+< :++:*D <) =L)=(:+8 $A &9! :)29 :G3ĊD ĉ:E""-=2 <L E-8G3ĊD ĉ: ?M5 E-8"+<19 H Ċ+9"G"5!@ : G!/9! =L c + : ) beeb

2552 ; =L ; "+<19 3*@ :+G3Ċ"+< :+2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M5E ĉ$AĊ+9""+< :++:*G3)ĉ W;CL<3 -@ĉ) ıĮĻ ŮĻőŖŏʼnŘŗŚōů H ĊD Ċ: ?M53@Ċ! H5D5'D52 F6- <M 2č : $AĊ ?53@Ċ! !H * Q:G3Ċ -@ĉ) ıĮĻ ŮĻőŖŏʼnŘŗŚōů ?53@Ċ!+Ċ5*-8 a`` G!H5D5' D52 F6- <M 2č Q:G3Ċ -@ĉ) ıĮĻ ŮĻőŖŏʼnŘŗŚōů D#đ!$AĊ ?53@Ċ!+/)G!"+<19 +Ċ5*-8 ihŴb

8>B#N L<3 "+<19 D#-=L*!)A- ĉ: =L +:H/Ċ 5 3@Ċ!2:)9 : 3@Ċ!-8 e ": D#đ!3@Ċ!-8 a ": 2K3AL ; "+<19 H Ċ*?L! 5 /:)D3K! 5"5= +9M : 8 ++) :+ :+#+8 5" @+ < 5 ! ĉ: Ċ:/ D&?L5 55!@ : #+8 5" @+ < "+< :+G3Ċ D ĉ:E""-=2 <L E-8G3ĊD ĉ: ?M52<! Ċ:#+8D( *:!&:3!8E-8D +?L5 9 + =LG ĊG!5@ 2:3 ++) D +?L5 )?5 =LG ĊG! :+D -?L5!*Ċ:*2<! Ċ: D+?5 !2ĉ E-8 + G Ċ :!D 1 + ++) 2Q:3+9"$AĊ+9""+< :++:*G3)ĉ E-8"+<19 H Ċ+9"G"5!@ : G!/9! =L f 2< 3: ) beec

2553 DN"EL ; "+<19 H ĊD Ċ: 8D"=*! 9" -: 3-9 +9&*čE3ĉ #+8D 0H * &+Ċ5) 9"D2!5 :*3@Ċ!D&<L) @! ĉ5#+8 : ! Q:!/! ab` -Ċ:!3@Ċ! Q:G3Ċ "+<19 )= @! 8D"=*!E-8 Q:+8E-Ċ/D#đ! dg` -Ċ:!": F *)=$AĊ ?53@Ċ!G3 ĉ ?5 -@ĉ) ıĮĻ ŮĻőŖŏʼnŘŗŚōů ?53@Ċ!+Ċ5*-8 gcŴac E-8"+<19 D+<L) #+8 5" @+ < 2<!D ?L5E""-=2 <L E-82<!D ?L5D ĉ: ?M52<! Ċ:#+8D( *:!&:3!8E-8D +?L5 9 + =LG ĊG!5@ 2:3 ++) D +?L5 )?5 =LG ĊG! :+D -?L5!*Ċ:* 2<! Ċ: D+?5 !2ĉ E-8+ G Ċ :!G!D 1 + ++) G3Ċ 9"$AĊ+9""+< :++:*G3)ĉ 2 "+<19 H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9 8D"=*!D#đ!"+<19 Q: 9 G!#ā bedi F *D#đ! :++ĉ/) @!+83/ĉ: "+<19 H5D5'D52 E ##Ā 5- Q: 9 Ů2< F#+čů ?53@Ċ!G!29 2ĉ/!+Ċ5*-8 de E-8 !:*!<&9 č Q:+A +9 !čE-8"@ + ?53@Ċ!G!29 2ĉ/!+Ċ5*-8 ee F *)=/9 @#+82 čD&?L5D#đ!"+<19 D&?L5 :+- @! #ď @"9! @ !<&9 č Q:+A +9 !čE-8"@ + H)ĉH ĊD#đ!$AĊ ?53@Ċ!G!"+<19 H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9 E-Ċ/ E-8 -@ĉ)"+<19 H5D5'D52 E ##Ā 5- Q: 9 Ů2< F#+čů ?53@Ċ!G!29 2ĉ/!+Ċ5*-8 a``

18

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Milestones 5=JAK/N AL;W5 3;L G"4=NCK1

IFS Capital (Thailand) Public Company Limited was incorporated on March 21, 1991 in the name of Ayudhya International Factors Co., Ltd., a jointventure between Bank of Ayudhaya Public Company Limited (“BAY”) with 45% of shares and IFS Capital Limited1 (“IFS (Singapore)”) with 40% of shares. Principal activity was the provision of factoring services. In 2007, the Company’s shareholdering was changed. The IFS Group of Singapore bought over the Company’s shares from BAY and from minority shareholders totalling 49.2%, and changed the Company’s name to IFS Capital (Thailand) Ltd. In April 2007, the Company was converted to become a public company limited and increased its registered and paid up capital to Baht 350 million. In 2009-2010, the Company’s status was changed from that of a Thai company to a foreign company. It obtained licenses to provide (1) factoring services and (2) the leasing and the hire purchase services for industrial vehicles and machines, tools used for the relocation of goods, vessels and vehicles used in agricultural activities. The Company was listed on the Stock Exchange of Thailand on 10th August 2010 and issued an additional 120 million common stocks for its public offering which resulted in the increase of paid-up capital from Baht 350 million to Baht 470 million. The major shareholder is the IFS Group of Singapore with total shareholding of 73.13%.

«ÍÅŹÊÑ Ç¾ ÌÀ½ ÁÅÈÇÊ̹ÆÌ ÅÁĽËÌÇÆ½Ë Ç¾ ÌÀ½ ÇÅȹÆÑ ±½¹Ê õýýõ

½Ì¹ÁÄË ¢Íƽ The Company increased its paid-up capital from Baht 1 million to Baht 50 million through a joint-investment between Bank of Ayudhya and IFS (Singapore) with 45% and 40% shareholding respectively.

õýýø õýýù 2000

ÈÊÁÄ The Company increased its paid-up capital to Baht 100 million. The Company started its leasing and hire purchase business.

¢Íƽ The Company decreased its capital from Baht 100 million to Baht 50 million by decreasing its par value from Baht 10 to Baht 5 to eliminate the accumulated loss caused by the economic crisis of 1997/1998.

öôôõ

½ºÊ͹ÊÑ The Company increased its paid-up capital by Baht 200 million to Baht 250 million with shares issued to Bank of Ayudhya and IFS (Singapore).

1 IFS Capital Limited was originally known as International Factors (Singapore) Limited which was registered in Singapore since 1987 and listed on the Singapore Stock Exchange since 1993. IFS (Singapore) Group specializes in various kind of financial services, such as factoring, leasing and hire purchase, credit insurance, bonds and guarantees, structured finance, and venture capital. The IFS (Singapore) Group consists of several subsidiaries and operates its business in several countries, namely, Singapore, Thailand, Malaysia, Indonesia, and Hong Kong. As of December 31, 2009, IFS (Singapore)’s paid-up capital was SGD 88.03 million or Baht 2,108.54 million (the exchange rate as of December 30, 2009 was Baht 23.9525 per SGD 1). Details of IFS (Singapore) can be found at www.ifscapital.com.sg.

Annual Report 2010 : IFS Capital (Thailand) PCL

19

Milestone 5=JAK Milestones 5=JAK /N4/=NN4C=NK1C AL;W5 K1 AL;W5 3;L G"4=N 3;L G"4=N CK1CK1

«ÍÅŹÊÑ Ç¾ ÌÀ½ ÁÅÈÇÊ̹ÆÌ ÅÁĽËÌÇÆ½Ë Ç¾ ÌÀ½ ÇÅȹÆÑ ±½¹Ê ½Ì¹ÁÄË 2004 ÈÊÁÄ The Company ceased to provide its leasing and hire purchase services due to the duplication of business with a subsidiary of its major shareholder, Bank of Ayudhya.

2007 ¢¹Æ͹ÊÑ IFS Capital Holdings (Thailand) Ltd. (“IFS Holdings”)2 purchased shares of the Company from the Bank of Ayudhya and the other minority shareholders totalling 49.20%. The Company then recommenced its leasing and hire purchase business when the Bank of Ayudhya ceased to be its shareholder. ½ºÊ͹ÊÑ The Company changed its name to IFS Capital (Thailand) Co., Ltd. ÈÊÁÄ The Company changed its status from “limited company” to “public company limited” and increased its paid-up capital by Baht 100 million to Baht 350 million.

2008 ½»½Åº½Ê The Company received an in-principle approval from the Foreign Business Committee to operate the business of (1) factoring and (2) leasing and hire purchase services for machinery and industrial equipment to existing clients only. The certificate was officially received on 3rd July 2009.

öôôý ¢¹Æ͹ÊÑ The Company ceased to provide its leasing and hire purchase services to new clients. ÈÊÁÄ IFS (Singapore) Group bought over all the shares of IFS Holdings, resulting in IFS Holdings becoming a wholly owned subsidiary of IFS (Singapore), and IFS (Singapore) Group holding 98.2% of shares in the Company. ¦Çνź½Ê The Company changed its par value of common shares from Baht 5 per share to Baht 1 per share. ½»½Åº½Ê The Company applied to the Foreign Business Committee to provide leasing and hire purchase services for industrial vehicles and machineries, tools used for the relocation of goods, vessels and vehicles used in agricultural activities to new clients, and approval was received on 6th August 2010.

öôõô Í¿ÍËÌ The Company was listed on the Stock Exchange of Thailand and issued 120 million common stocks at its initial public offering leading to an increase of paid-up capital to Baht 470 million. The major shareholder is IFS (Singapore) Group which holds altogether 73.13% of shares. The Company also started to provide leasing and hire purchase services of industrial vehicles and machineries, tools used for the relocation of goods, vessels and vehicles used in agricultural activities to new clients. 2 IFS Capital Holdings (Thailand) Ltd., was registered as a limited company in 2006, as a joint-venture investment company between IFS (Singapore) and Mr. Niphat Chamroonrat and his sons with 45% and 55% of shares respectively. Mr. Niphat and his sons had since sold their shares, and IFS (Singapore) Group now owns 100% of IFS Capital Holdings (Thailand) Ltd.

20

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

ª½ĂŽ½Ă†Ă?½ ÂŤĂŒĂŠĂ?ÂťĂŒĂ?ĂŠ½ Y ="D= L"=L<[.

F + 2+ÄŠ: +:*H ÄŠ 5 "+<19 G!#Ä beea Ăš beec Revenue Structure of the Company in 2008 – 2010

+:*H ÄŠ : :+ ?M52< <D+=* +ÄŠ5 Factoring income

+:*H Ċ : :+G3ĊD ĉ: ?M5 Hire purchase income

+:*H Ċ : 29 :D ĉ: : :+D <! Finance lease income

+:*H Ċ ĉ: ++)D!=*)E-8"+< :+ : :+ ?M52< <D+=* +Ċ5 ža Factoring commission and service fees /1

+:*H ÄŠ5?L!Ĺľb

#Ä beea

#Ä beeb

#Ä beec

2008

2009

2010

-ÄŠ:!":

+ÄŠ5*-8

-ÄŠ:!":

+ÄŠ5*-8

-ÄŠ:!":

+ÄŠ5*-8

Million (Baht)

%

Million (Baht)

%

Million (Baht)

%

ahfĹ´bg

feĹ´`c

adhĹ´ge

fdĹ´bi

affĹ´bg

fgĹ´`h

dĹ´ci

aĹ´ec

dĹ´ih

bĹ´ae

bĹ´ei

aĹ´`e

afĹ´ig

eĹ´ib

ahĹ´fg

hĹ´`g

aaĹ´ib

dĹ´ha

eiĹ´hd

b`Ĺ´hi

dhĹ´`d

b`Ĺ´gf

ehĹ´bb

bcĹ´di

ahĹ´ih

fĹ´fc

a`Ĺ´ic

dĹ´gc

hĹ´hf

cĹ´eg

bhfĹ´de

a``Ĺ´``

bcaĹ´cg

a``Ĺ´``

bdgĹ´hg

a``Ĺ´``

Other income/2

+/)+:*H ÄŠ Total Revenues

E;L<WE/R

Ĺľa

ª½Ă…šĂŠĂƒĂ‹

Ĺľa

+:*H ÄŠ ĉ: ++)D!=*)E-8"+< :+D#Ä‘!+:*H ÄŠ ĉ: ++)D!=*) : :++9"F5!2< <D+=* +ÄŠ5 ĉ: ++)D!=*)!=MH ÄŠ+/) > "+< :+ 9 Q:G"E ÄŠ "9 =-A 3!=M :+ ÄŠ: "+< :+D+=* D K"D <! E-8 :+"+<3:+3!=M : :+ ÄŠ: Ĺľb +:*H ÄŠ5?L!#+8 5" ÄŠ/* ĉ: ++)D!=*) :+D#Ä€ / D <!E-8 *:*/ D <! +:*H ÄŠ ĉ:D ĉ:5: :+2Q:!9 :! ĹŽD &:8#Ä beeaĹłbeebĹŻ D"=M*#+9"E-8 5 D"=M*2Q:3+9"-A ÄŠ: ÄŠ: Q:+8D <!D <! Q:3! E-83!=M2A =L :)D K"D <!H ÄŠG!(:*3-9 D#Ä‘! ÄŠ!

Ĺľb

The revenue from fees and services are from the transfer of the rights to claim. The fees include the provision of credit checking, collection, and accounts receivable management services. Other income include committment fee paid on acceptance of credit facilities, Income from office rental (2008 & 2009 only), contractual penalty and interest on overdue payment of clients and recovery of non-perfoming loan, etc.

Annual Report 2010 : IFS Capital (Thailand) PCL

21

¥ÆÎ½Ă‹ĂŒĂ…½Ă†ĂŒ ¨Ă‡Ă„à Ñ šĂ†Âź ›šĂˆĂ ĂŒšĂ„ ÂŤĂŒĂŠĂ?ÂťĂŒĂ?ĂŠ½ 3Y<4L< L=?"1R3X?JY ="D= L"W"N31R3

22

#Ä? @"9!"+<19 H)ĉ)= :+- @!G!"+<19 *ĉ5* E-8Ĺľ3+?5"+<19 +ĉ/) 5*ĉ: H+ K :) "+<19 5: &< :+ :- @!G!"+<19 *ĉ5* E-8Ĺľ3+?5"+<19 +ĉ/)G3ÄŠD3):82) 9" (:/8 :+ Q:D!<! @+ < F *"+<19 )=!F*":*- @!G!"+<19 *ĉ5* E-8Ĺľ3+?5 "+<19 +ĉ/)G! @+ < =LD ?M53!@!E-8D5?M5#+8F* !Ä? ĉ5 :+ Q: @+ < 5 "+<19 3+?5 D#Ä‘! +@ < =5L *AGĉ !5@ 2:3 ++) =)L E= !/F!ÄŠ)D +< D <"F G!5!: 9 M != M "+<1 9 8 Q:!> > 59 +:$- 5"E ! =LH ÄŠ+9" : :+- @! D&?L5#+8F* !Ä? ĉ5$AÄŠ ?53@ÄŠ!

5 "+<19 D#đ!2Q: 9 F *"+<19 8 /" @) AE- Ċ/* :+2ĉ 9/E ! 5 "+<19 D&?L5+ĉ/)D#đ! ++) :+3+?5+ĉ/)"+<3:+G!"+<19 *ĉ5* E-8ž3+?5"+<19 +ĉ/)!9M!J F * :+- @ ! G!"+< 19 9 -ĉ : / 8 Ċ 5 $ĉ : ! :+&< :+ :5!@ )9 < :

8 ++) :+"+<19 E-8Ĺľ3+?5 $AÄŠ ?53@ÄŠ! E-8Ĺľ3+?5 G! + = =LD#Ä‘! :+D ÄŠ: Q: +:* :+ =LD =L*/F* 9! 8 ÄŠ5 $ĉ:! :+&< : :5!@)9 < : 8 ++) :+ +/ 25"5= ÄŠ/* +/) 9M ÄŠ5 !Q: D Ä? =LD =L*/ ÄŠ5 ):"9 9"G ÄŠ

At present, the Company has no investment in any subsidiary and/or affiliated company. However, the Company may consider investing in subsidiary and/or affiliated company in the future. It is the Company’s policy to invest in businesses or industries which provide support or benefits to the Company’s existing business or has growth potential. The Company focuses on the return on investment and benefits to the Company’s shareholders. The Company’s representatives will be assigned as Directors to supervise or co-manage the subsidiary and/or affiliated company. The investment, if any, shall be approved by the Board of Directors and/or the shareholders and/or, in case of the related party transaction, the Audit Committee. The related party regulations shall be adhered to accordingly.

Y ="D= L"W"N31R3

›šĂˆĂ ĂŒšĂ„ ÂŤĂŒĂŠĂ?ÂťĂŒĂ?ĂŠ½

@! 8D"=*! E-8 @! Q:+8E-ÄŠ/ 5 "+<19 /9! =L ca 9!/: ) beec )= 9 !=M @! 8D"=*! Ģ dg`Ų```Ų``` ": @! Q:+8E-ÄŠ/ Ģ dg`Ų```Ų``` ": 3@ÄŠ!2:)9 Ģ dg`Ų```Ų``` 3@ÄŠ! )A- ĉ: =L +:H/ÄŠ3@ÄŠ!-8 Ģ a ":

Registered and Paid-Up Capital of the Company as at 31st December 2010 are as follow: Registered Capital : Baht 470,000,000 Paid-Up Capital : Baht 470,000,000 Ordinary Shares : 470,000,000 Shares Par Value : Baht 1 per share

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

¥ÆŸĂ?Ă‹ĂŒĂŠĂ‘ šĂ†Âź Â›Ă‡Ă…Ăˆ½ĂŒĂ ĂŒĂ Ă‡Ă† :LAJGR/DLE ==;X?J L=X " K3

2R= N#DN3W%Q_GX9 W/G=NĈ"

2R= N#DN3W%Q_G?OD&NĈ"X?JDN3W%Q_GW% L&Q`G

: (:/8D0+1 < 8-5 9/G!#Ä beeb D!?L5 : /< , D0+1 < F- #Ä beec @+ < 2<!D ?L5E' D 5+<L 5 "+<19 )= :+'ăē! 9/5*ĉ: D3K!H ÄŠ 9 : :+ *:* 9/ 5 D0+1 < H * +/) > H ÄŠ+"9 E+ 2!9"2!@! : :+'ă!Ä“ 9/ 5 D0+1 < F- Q:G3ÄŠ"+<1 9 2:):+ /:)D#Ä‘!3!> L G!"+<1 9 $A!ÄŠ :Q G!5@ 2:3 ++) G!#Ä beed "+<19 : /ĉ: 82:):+ D <"F H ÄŠ5*ĉ: ĉ5D!?L5 G!59 +: =LD3):82) > E)ÄŠ/ĉ: 8)=#Ä? 9* =L5: 2ĉ $- +8 " ĉ5 :+D +< D <"F 5: < D ĉ! :+#+9" 9/2A >M!

5 +: :!MQ:)9! :+E K ĉ: 5 D <!": :+D)?5 (:*G!#+8D 0 D <!D'ą5 E-8E!/F!Ċ) :+ >M!59 +: 5 D"=M*!F*":* 5 !: :+E3ĉ #+8D 0H *

: (:/8D0+1 < H *G!#Ä beec )= :+ *:* 9/5*ĉ: D3K!H ÄŠ 9 2ĉ $G3ÄŠ$AÄŠ#+8 5" :+D&<L) Q:-9 :+$-< F * :+- @!G!2<! +9&*Ä? :/+ D ĉ! 5@# + Ä? D +?L5 )?5 E-8D +?L5 9 +G!5@ 2:3 ++) > Q:G3ÄŠ)= /:) ÄŠ5 :+ G ÄŠ/ D <!2<!D ?L5#+8D( -=2 <L E-8D ĉ: ?M5

"+<19 D+<L)G3ÄŠ"+< :+2<!D ?L52Q:3+9"D +?L5 9 +E-85@# + Ä?5= +9M 3!>L !9" 9M E ĉ)= :+ :*3@ÄŠ!2:)9 D&<L) @! ĉ5#+8 : !G!D ?5!2< 3: ) beec E-8 8*9 )@ĉ D!ÄŠ! :+G3ÄŠ"+< :+ 9"$AÄŠ#+8 5" :+ !: -: E-8 !: *ĉ5) Ŏĝľĭśů >L )= /:) ÄŠ5 :+2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M5 59!D#Ä‘!$-): : +@ < E' D 5+< L G!#Ä $L= :ĉ !):)= :+E ĉ 9! ĉ5! ÄŠ: 2A 2?"D!?5L ): : !: :+ :+ =L !: :+)= 5ÄŠ Q: 9 G! :+G3ÄŠ/ D <!2<!D ?5L #+8D( 9 -ĉ:/ E-8D!?5L : 3-:*E3ĉ H ÄŠG3ÄŠ /:)2!G =L 8#-ĉ5*2<!D ?L5 9 -ĉ:/ E ĉ5*ĉ: H+ K :) $AÄŠ#+8 5" :+-=2 <L E-8D ĉ: ?M5#+8D( D +?L5 9 +E-85@# + Ä?*9 )= Q:!/! "+<19 *9 )@ĉ D!ÄŠ! :+G3ÄŠ"+< :+ 9"$AÄŠ#+8 5" :+ !: -: E-8 !: *ĉ5) !ÄŠ5*+:* "+<19 : /ĉ:#+<): 2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M5*9 )=E!/F!ÄŠ) Ŏĝľĭśů =L)= /:) ÄŠ5 :+D <! @!3)@!D/=*! E ĉ)= ÄŠ5 Q: 9 G! :+ 52<!D ?L5 : *:* 9/D&<L) >M!G!#Ä beed !: :+ = L 5ÄŠ G ÄŠ3-9 #+8 9! E-8 ÄŠ/* =) :! =)L #= +82" :+ Ä? /:)H ÄŠD#+=*" : ÄŠ:!D F!F-*= L=2:):+ G3ÄŠ"+< :+$ĉ:!+8""55!H-!Ä?G!+A#E"" 5 Ĺ?ųĎĹ‰Ĺ‹ĹœĹ—ĹšĹ‘Ĺ–Ĺ? E-8 ÄŠ/* /:)D5:G G2ĉE-8+8)9 +8/9 +5" 5"G! :+"+<3:+

/:)D2=L* 5*ĉ: D#Ä‘!+8"" "+<19 > )= /:)D ?L5)9L! =L 8 /:)D#Ä‘!3!>L G! "+<19 $AÄŠ!Q:G!5@ 2:3 ++) 2Q:3+9"E!/F!ÄŠ)+8*8*:/ 5 @+ < E' D 5+<L G!H * : ÄŠ5)A-D/K"H Ä? 5 ÄąĹ–ĹœĹ?ĹšĹ–Ĺ‰ĹœĹ‘Ĺ—Ĺ–Ĺ‰Ĺ” ÄŽĹ‰Ĺ‹ĹœĹ—ĹšĹ› įŚŗĹ?Ĺ˜ ĹŽĹ&#x;Ĺ&#x;Ĺ&#x;Ĺ´Ĺ‘ĹŽĹ?ŚŗĹ?Ĺ˜Ĺ´Ĺ‹Ĺ—Ĺ•ĹŻ +:* :!)A- ĉ:#+<): :+

ÄŠ: 5 @+ < E' D 5+<L F *#+8): ĹŽÄŽĹ‰Ĺ‹ĹœĹ—ĹšĹ‘Ĺ–Ĺ? ĞŗŔĹ?Ĺ•Ĺ?ĹŻ G!#+8D 0H * G!#Ä bee` beea E-8 beeb D ĉ: 9" ffŲdff -ÄŠ:!": aagŲgeh -ÄŠ:!": E-8 fdŲigc -ÄŠ:!": ĹŽ#Ä beeb - - D!?L5 : /< , :+D <!F- E-8(:/8 5* 5 D0+1 < H *ĹŻ :)-Q: 9" E-8)=59 +:2ĉ/!)A- ĉ:+:*H ÄŠ+/) ĉ5 įďĸ Ŏįďĸ ĸĹ?Ĺ–Ĺ?ĹœĹšĹ‰ĹœĹ‘Ĺ—Ĺ–ĹŻ #Ä beeb +ÄŠ5*-8 `Ĺ´gb ÄŠ5)A-!=MD)?L5D =*" 9"#+8D 0 G!E "*@F+#D ĉ! 59 ,1 E-8D*5+)9! >L )=#+<): :+ ÄŠ: @+ < E' D 5+<L ĉ5 įďĸ 5*Aĉ =L+ÄŠ5*-8 a`Ĺ´ee E-8 cĹ´gh :)-Q: 9" 2ĉ/!#+8D 06ĉ5 E-8 2< F#+Ä?)=59 +: įďĸ ĸĹ?Ĺ–Ĺ?ĹœĹšĹ‰ĹœĹ‘Ĺ—Ĺ– 5*Aĉ =L+ÄŠ5*-8 eĹ´ch E-8 cĹ´ca :)-Q: 9" F * ĉ:D -=L* 5 įďĸ ĸĹ?Ĺ–Ĺ?ĹœĹšĹ‰ĹœĹ‘Ĺ—Ĺ– 5 F- 5*Aĉ =L+ÄŠ5*-8 cĹ´be > !9"H ÄŠ/ĉ: :+ D <"F 5 -: 2<!D ?L5E' D 5+<L G!#+8D 0H **9 )=E!/F!ÄŠ) =L2 G2E-8 ĉ5D!?L5 H ÄŠ5= ):

Annual Report 2010 : IFS Capital (Thailand) PCL

23

Industry and Competition :LAJGR/DLE ==;X?J L=X " K3

¹»ÌÇÊÁÆ¿ ÍËÁƽËË

ÉÍÁÈŽÆÌ Áƹƻ½ ÍËÁƽËË

Following a slowdown in 2009 due to the global economic crisis, the factoring business of the Company recovered strongly in 2010 in line with the growth of the Thai economy and global economic recovery. The Company was able to maintain its position as a leader of the industry. In 2011, the Company is expected to continue growing at a reasonable pace, although there are factors that might affect its growth, such as the rising oil prices, appreciation of the Thai Baht, local politics, inflation and the increase in the policy interest rate by Bank of Thailand.

In line with the growth of the Thai economy in 2010, manufacturers in Thailand had started to expand its production capacity through investments in fixed assets, such as industrial equipment, tools and machineries. This resulted in an increase in a demand for credit facilities, such as leasing and hire purchase.

Competition in the factoring business has become more intense in recent year as more banks enter the business. The Company will continue to focus on the SMEs who are in need of working capital to support their business but have restricted access to the credit facilities of banks due to the collateral requirement of banks. However, with its experienced staff, technological advantage through e-Factoring services and prudent risk management system, the Company is confident of maintaining its leadership position in the industry.

The Company recommenced its equipment finance business following its IPO in August 2010, and will continue to focus on the SMEs who are most in need of leasing and hire purchase services due to the general reluctance of banks to finance the purchase of machineries for industrial use. Although the Company is considered a new player in the industry, due to the limited number of service providers in the equipment finance business, the Company expects to be successful in growing its leasing and hire purchase business in 2011.

With reference to the International Factors Group website (www.ifgroup. com), the volume of factoring business in Thailand for the years 2007, 2008, and 2009 were Baht 66,466 million, Baht 117,758 million and Baht 64,973 million respectively (the decrease in 2009 was due to the global economic crisis and its effects on the Thai economy). The GDP penetration rate in 2009 was 0.72%, while that of the Euro Zone such as England and Germany, were 10.55% and 3.78% respectively; Hong Kong and Singapore were 5.38% and 3.31% respectively; and the world’s average was 3.25%. Thus, there is still ample room for growth of the factoring business in Thailand.

24

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

ªÁËà ¹»ÌÇÊË 5 ##K< AL;WDO_<"

5 # #K < AL;WDO_ < "1O_ G L##JW N . P` 3 X?JD " 6? =J14/ G L=.dLW3N3"L3 G"4=NCK1Z3G3L / &P_"4=NCK1[. /=JE3K 0P" AL;DdL Kt G" L= 4=NEL=X?J A4 R; AL;WDO_<".K" ? LAZE W N. 5=JDN12N:L8 5=J G4. A< õ AL;WDO_<". L3DN3W%Q_G D!?L5 : -9 1 8 5 @+ < E' D 5+<L D#đ! :+G3Ċ2<!D ?L5+8*829M!H)ĉ)=3-9 +9&*č MQ:#+8 9! D#đ! :++9"F5!2< <D+=* +Ċ5 G!3!=M : :+ Ċ: /:)D2=L* Ċ:!2<!D ?L5 > D < : @ (:& 5 -A 3!=M :+ Ċ:E-8-A Ċ:+/) > @ (:&

5 2<! Ċ:E-8"+< :+ =-L A Ċ:2ĉ )5"G3Ċ "9 -A 3!= M :+ Ċ: 3: 2<! Ċ:3+?5"+< :+ )=#ď 3: -A 3!=M :+ Ċ:5: # <D2 :++9"2<! Ċ:3+?5"+< :+ E-8H)ĉ Q:+83!=M :)D5 2:+ :+ Ċ:!9!M J 3+?55: D#đ! + = -=L A 3!= M :+ Ċ:)=# ď 3: : :+D <! H)ĉ2:):+ Q:+83!=M : :+ Ċ:!9M!H Ċ E-8-A Ċ:D5 K5: H)ĉ)= /:)2:):+ Q:+83!=ME !-A 3!=M :+ Ċ:H Ċ :)29 : "+<19 )= :+"+<3:+ 9 :+ Ċ:!2<! D ?L5 Ċ/* :+ 9M D čE-8 Q:3! 9!M 5!G! :+ +/ 25" 9 M -A Ċ:E-8-A 3!=M :+ Ċ:5*ĉ: +9 @) ĉ5! :+5!@)9 <2<!D ?L5 D#đ!): + :+ =L"+<19 &9 !:5*ĉ: ĉ5D!?L5 : #+82" :+ čG! :+ Q:D!<! @+ < ):*:/!:! D č =L -ĉ:/):)= 9 !=M aŴaŴ aŴbŴ aŴcŴ aŴdŴ aŴeŴ

aŴfŴ

+/ 25" Ċ5)A- : 0:-E&ĉ ": E3ĉ /ĉ:)= ='ą5 +Ċ5 9" Aĉ + =5L?! G 3+?5H)ĉ +/) 9 M :+D K

Ċ5)A- : 0:--Ċ)-8-:* -: !5 : !=*M 9 )= :+ +/ 25" Ċ 5 )A - : D + < "A F+D =L * / 9 " #+8/9 < :+ ĉ : *D < ! F *-A Ċ:D#đ!$A!Ċ :Q Ċ5)A- : D + < "AF+):#+8 5" :+&< :+ :

3: )= :+!Q:D2!5/ D <! 5 -A Ċ:+:*G =L$< H# : D č 9 -ĉ:/ 8 Ċ5 G3ĊE Ċ G3Ċ 8 ++) :+"+<19 D&?L5 +:"3+?55!@)9 < Ċ/*): + :+ ĉ: J 9 -ĉ:/ Ċ: Ċ! "+<19 > D ?L5)9L!G! @ (:& 5 -A Ċ:E-8-A 3!=M :+ Ċ:

ö AL;WDO_<". L3 AL;6K36A3 G"GK/=L.G W4O`< 5 D"=M*D <! AĊD#đ! Ċ! @!3-9 5 "+<19 E#+$9! :)(:/859 +: 5 D"=M*G! -: E-8)=$- ĉ5 :+ Q:3! 59 +: 5 D"=M* =L < 9"-A Ċ: :+D#-=L*!E#-

5 59 +: 5 D"=M*5: 2ĉ $- +8 " ĉ5$- :+ Q:D!<! :! 5 "+<19 Ċ/*D3 @ !=M "+<19 > )=!F*":*E-8E!/ : :+"+<3:+ /:)D2=L* : /:)$9!$/!

5 59 +: 5 D"=M* -ĉ:/ ?5 2<!D ?L5 =L"+<19 G3ĊE ĉ-A Ċ:D#đ!2<!D ?L5E' D 5+<L >L D#đ!2<!D ?L5+8*829M! E-8 < ĉ: ++)D!=*)D <! Q:+8D"?M5 Ċ!E""-5* 9/ >L 25 -Ċ5 9" Ċ! @! 5 "+<19 =LD < : :+ AĊ*?)+8*829M! =L)=59 +: 5 D"=M* -5* 9/ D)?L559 +: 5 D"=M*G! -: D <!#+9" 9/2A >M! "+<19 2:):+ #+9" ĉ: ++)D!=*)D <! Q:+8D"?M5 Ċ! =LD+=* D K" : -A Ċ:G!59 +: =L2A >M! :)59 +: 5 D"=*M 5 -: H Ċ 2Q:3+9"2<!D ?5L -=2 < L "+<1 9 < 59 +: 5 D"=*M E""-5* 9/ D ĉ!D =*/ 9! 2ĉ/!2<!D ?L5D ĉ: ?M5 "+<19 < 59 +: 5 D"=M* 9"-A Ċ:2<!D ?L5D ĉ: ?M5 D#đ!59 +: 5 D"=M* =L E ĉ"+<19 )=2<!D ?L5D ĉ: ?M5D#đ! Q:!/!!Ċ5*): 9 !9M! "+<19 D ?L5)9L!/ĉ: /:)D2=L* 9 -ĉ:/ 82ĉ $- +8 " ĉ5$- :+ Q:D!<! :!H)ĉ ): !9

Q: īŚōŌőŜ ĻŋŗŚőŖŏ D&?L5G Ċ/<D +:83č-A Ċ:+:*G3)ĉ =L 5/ D <!2<!D ?L5 E-8/< D +:83č -A 3!=M :+ Ċ : =L -A Ċ : Ċ 5 :+!Q : ): :*F5!2< < D+=* +Ċ5 Ċ5)A- =LG Ċ/<D +:83čG! īŚōŌőŜ ĻŋŗŚőŖŏ D ĉ! +8*8D/-: :+ Q:D!<! < :+ #+8/9 <$AĊ ?53@Ċ!ŵ$AĊ"+<3:+ #+8/9 < :+ Q:+83!=M " :+D <!

/:)2:):+ G! :+ Q:+83!=M E!/F!Ċ) 5 5@ 2:3 ++) D#đ! Ċ! Q:3! 29 2ĉ/! :+#-ĉ5*2<!D ?L5G3Ċ 9"E ĉ-8(: @+ < ŮıŖŌŝśŜŚš ĴőŕőŜů F * 8 Ċ5 H)ĉD <!+Ċ5*-8 b` 5 *5 3!=M Ċ: 9M 3) 5 -A Ċ: Q : 3! D č :+G Ċ / D < ! 2< ! D ?L 5 =L H Ċ +9 " 5!@ )9 < 5 -A Ċ : E ĉ-8+:* F * :+G Ċ/ D <! 5 -A Ċ:+:*G +:*3!>L 8H)ĉD <!+Ċ5*-8 a` 5 / D <!+/) =L-A Ċ: 9M 3) H ĊG Ċ/ D <! Q:3! D čG! :+G3Ċ/ D <! 9"-A 3!=M :+ Ċ:E ĉ-8+:* F */ D <! =L -A 3!=+M :*G +:*3!> L Ċ5 H)ĉD <!+Ċ5*-8 c` 5 2ĉ/! 5 $A Ċ 5? 3@!Ċ 5 "+<1 9 + = DL= #đ!-A Ċ:D <) "+<1 9 )= :+ " /! Ċ5)A--A Ċ:E-8-A 3!= M :+ Ċ: ÷ AL;WDO_<". L3D:L8 ? G"1L" L=W"N3 ŮīŚōŌőŜ ĺōŞőōşů D#đ!#+8 Q:#ā-8 +9M ": + =5: Q:#ā-8 b +9M 3+?5 /:)D2=L* Ċ:!2(:& -ĉ5 : :+D <!D < : "+<19 AĊD <!+8*829M!D#đ!2ĉ/! Q: @ H +):2E-Ċ/E ĉ"+<19 8&< :+ : > /:) Q:D#đ! G3 ĉ 5: < D <! AĊ*?)3)@!D/=*!#+8D( 9O/29 :G ĊD <! ŮĸŵĶů >L )=+8*8D/-:

Annual Report 2010 : IFS Capital (Thailand) PCL

öù

Risk Factors 5 ##K< AL;WDO_<"

:+ AĊ*?) 9M E ĉ a D ?5! > f D ?5! "+<19 )= /:)D2=L* + =D Ċ:3!=M2 :"9! :+D <!5: D+=* G3Ċ Q:+8 ?!D <! AĊ*?) ĉ5! Q:3! +8*8D/-: 3+?5 + =D Ċ:3!=M 2 :"9! :+D <!H)ĉ 5ĉ 5:*@ /O9 29 :G ĊD <!D)?5L 29 : +" Q:3! Q:G3Ċ"+<1 9 8 Ċ5 Q:+8 ?!D <! AĊ*?) >L 82ĉ $- +8 " ĉ5 +8E2D <!2 5 "+<19

> E)Ċ/ĉ: 8)=$AĊ#+8 5" :++:*G3)ĉ =LD#đ! !: :+): >M! E ĉ K)= Ċ5 Q: 9 G! D+?L5 5 #+82" :+ č /:)*? 3*@ĉ!G! :+G3Ċ"+< :+ E-8 :+ 5"2!5

/:) Ċ5 :+ 5 -A Ċ:H Ċ 9! ĉ/ = !5 : !=M"+<19 *9 D#đ!"+<19 E3ĉ E+ G!#+8D 0H * =LH Ċ!Q:D F!F-*= =L2:):+ G3Ċ"+< :+ 9"-A Ċ:$ĉ:!+8"" 55!H-!čG!+A#E"" 5 ōųĮʼnŋŜŗŚőŖŏ

5 ##K< AL;WDO_<".K" ? LA0S ?.1G3. A< GW1^##=N".K"/ G[53O`

cŴaŴ @+ ++) 5 "+<19 2ĉ/!G3 ĉD#đ!2<!D ?L5E' D 5+<L >L )=5:*@G! :+D K" ù AL;WDO_<"#L GN12N8?Z3 L=4=NEL="L3 G"6S 0QG 3!=MF *D -=L*#+8): deųf` /9! >L 25 -Ċ5 9" :+G ĊD <! AĊ#+8D( ER 3=L<ZEt /9! =L c` 9!/: ) beec -@ĉ)"+<19 ıĮĻ ŮĻőŖŏʼnŘŗŚōů D#đ!$AĊ ?53@Ċ!G3 ĉ +8*829M!H ĊD#đ!5*ĉ: = G!"+<19 < D#đ!29 2ĉ/!+Ċ5*-8 gcŴac >L ): /ĉ:+Ċ5*-8 e` 5 Q:!/!3@Ċ! cŴbŴ > E)Ċ 2< ! D ?L 5 -= 2 <L E-82<! D ?L5 D ĉ: ?M5 8D#đ! :+G3Ċ2<! D ?L5#+8D( =L Q:3!ĉ:*H ĊE-Ċ/ 9M 3) 5 "+<19 Q:G3Ċ2:):+ @)D2=* 5 "+<19 H Ċ H)ĉ +8*8#:! -: 5:*@ :+ Q:+8 ?! cųe #ā "+<19 )=!F*":* :+"+<3:+3!=M /ĉ: 8D#đ!D+?L5 ++) :+3+?5 :+ 5) <G!D+?L5 5?L! =L Ċ5 G ĊD2=* 2ĉ/!G3 ĉ 5 G3ĊD < /:)2) @- Ċ/* :+G ĊD <! AĊ+8*8*:/ E-83-= D-=L* :+G Ċ =L#+8 @)$AĊ ?53@Ċ! * D/Ċ!G!D+?L5 =L 3):*3+?5 Ċ5"9 9" 5 "+<19 Q:3! G3Ċ Ċ5 H Ċ+9"D2=* c G! d 5 =L#+8 @)$AĊ ?53@Ċ! 9 !9M! $AĊ ?53@Ċ!+:*5?L!H)ĉ D <! AĊ+8*829M!2Q:3+9" @+ < 2<!D ?L5-=2 <L E-82<!D ?L5D ĉ: ?M5 2:):+ +/"+/) 8E!!D2=* D&?L5 +/ 25"E-8 ĉ/ @- :+"+<3:+ :!H Ċ cŴcŴ "+<19 #+8 5" @+ < :+G3Ċ2<!D ?L5E' D 5+<L ):*:/!:! b` #ā 9M !=M D)?L5&< :+ : : F + 2+Ċ: :+ 9 :+ 5 "+<19 #+8 5" Ċ/* 8 )= /:)29)&9! č59! =*<L 9"D Ċ:3!=M2 :"9! :+D <!5*ĉ: ĉ5D!?L5 E-8)= ++) :+"+<19 8 ++) :+ +/ 25" 8 ++) :+ Q:3! ĉ: 5"E ! E-82++3: E-8 8 ++) :+"+<3:+ /:)D2=L* 8D3K!H Ċ/ĉ:"+<19 )= :+ #+8/9 < :+ Q:+83!=MD <! AĊ*?) :)29 : Ċ/* =):F * -5 /: F + 2+Ċ : :+"+< 3 :+ :!F *"@ - =L )= /:)+AĊ /:)2:):+ G! :+ cŴdŴ + =D Ċ:3!=M2 :"9! :+D <!D+=* Q:+8 ?!D <! AĊ*?) ĉ5! Q:3! "+<19 Q:D!<! @+ < E-8)= :+ Q:3! 5"D 5Q:!: 3!Ċ: =L 5 8 ++) :+ @ 2:):+ G Ċ/ D <!2<!D ?L5 a` -Ċ:!D3+=* 2< F#+č >L D#đ!D <!2Q:+5 G! ĉ: J 5*ĉ: 9 D !E-8F#+ĉ G2 E-8G! + = :+ Q:+:* :+ =LD =L*/F* 9" *:) @ D <! : "+<19 H5D5'D52 E ##Ā 5- Q: 9 Ů2< F#+čů ŮßıĮĻ ++) :+ $AĊ ?53@Ċ!+:*G3 ĉ E-8$AĊ)=5Q:!: /" @)G! < :+ +/) > "@

- =L 5: )= /:) 9 E*Ċ : $-#+8F* !č "@

- 9 -ĉ:/ 8H)ĉ)=2< <55 D2=* G! ŮĻőŖŏʼnŘŗŚōůàů H Ċ 9! = :+5!@)9 <+:* :+!9M!J cŴeŴ !5 : !=M "+<19 2:):+ =L 8+8 ) @! Ċ/*/< = :+5?L!J : -: @! D&?L5- /:)D2=L* Ċ:!2(:& -ĉ5 : :+D <! 9M !=M >M!5*Aĉ 9" /:) D3):82) 9"2 :! :+ č 5 2(:/8 : :+D <!

ø AL;WDO_<". L3 L=/?L.X?J L=X " K3 "+<1 9 5: )= /:)D2=*L : :+D Ċ:): 5 AEĉ ĉ 9!+:*G3)ĉ > E)Ċ :+#+8 5" @ + < 2< ! D ?L 5 E' D 5+<L E-82< ! D ?L 5 -= 2 <L E-8D ĉ : ?M 5 H)ĉ Q : D#đ ! Ċ 5 )= G " 5!@ : G! :+#+8 5" @+ < E-8H)ĉ5*Aĉ(:*G Ċ :+ Q: 9" AE- 5 !: :+ E3ĉ #+8D 0H * > AD2)?5!/ĉ: 8)= /:)D2=L* =L$AĊE ĉ 9!+:*G3)ĉ 8D Ċ:): #+8 5" @+ < H ĊF * ĉ:* E ĉ Ċ/* :+ Q: @+ < #+8D( !=M Q:D#đ! Ċ5 )=D <! @! 2A E-8)= Ċ! @! : :+D <! =L2:):+ E ĉ 9!G! -: H Ċ 9 !9M! !5 : !: :+&: < *č 3+?5"+<19 *ĉ5* 5 !: :+&: < *čE-Ċ/ :+D Ċ:): 5 $AĊ #+8 5" :++:*G3)ĉ > Q:H ĊH)ĉ ĉ:*!9

26

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Risk Factors 5 ##K< AL;WDO_<"

¬À½ ÇÅȹÆÑ ÈĹ»½Ë ÁÅÈÇÊ̹ÆÌ ½ÅÈÀ¹ËÁË ö ¡Æ̽ʽËÌ ª¹Ì½ ªÁËà Borrowing interest rate, the main cost of the Company, fluctuates with ÇÆ ÊÁËà ¾¹»ÌÇÊË ÏÀÁ»À »ÇÍļ ¹¾¾½»Ì market conditions and has an effect on the Company’s lending interest to its clients. Changes in interest rate will also affect the Company’s ÌÀ½ ÇÅȹÆÑâË ¾ÍÌÍʽ ÇȽʹÌÁÇÆË ºÑ rate operating results. Therefore, the Company has established policies and to manage interest rate risk. Factoring is a short-term loan ½Ë̹ºÄÁËÀÁÆ¿ ½¾¾½»ÌÁν ÊÁËà Źƹ¿½Å½ÆÌ guidelines and offered on floating rate basis to the clients. When interest rate in the money market changes, the Company will adjust its lending rate to the ¹Æ¼ »ÇÆÌÊÇÄ ¹Ë ¾ÇÄÄÇÏË clients accordingly. For leasing, the Company also offers on the floating interest rate basis. Only hire purchase is offered on a fixed rate basis. õ ʽ¼ÁÌ ªÁËÃ

The Company’s factoring business is to provide short term unsecured loans through the purchase of accounts receivable. Credit risk is therefore dependent on the quality of the accounts receivable and clients, including the quality of products and services delivered to buyers by the clients. Low quality products and services might be rejected and remained unpaid. The buyers with financial problem might also default on payments and the clients could not repay as agreed. Therefore, the Company’s credit risk management established policies and procedures to carefully examine both clients and buyers prior to loan approval. The following are the Company’s policy guidelines which are being constantly reviewed and improved upon to manage its business operations:

However, the hire purchase business accounts for only a small portion of the Company’s total portfolio. Thus, the Company is confident that interest rate risk poses a small effect on the Company’s operations.

÷ ÁƹƻÁ¹Ä ¤ÁÉÍÁ¼ÁÌÑ ªÁËà Most borrowings of the Company are in the form of promissory note (P/N) with a tenor of 1 to 6 months. The risk occurs if the lender calls for repayment prior to the maturity of the loan, or if the lender decided not to extend the P/N facility on the maturity of the contracts, resulting in the Company having to repay the loan which will affect the Company’s cash flow.

The above mentioned risk can be mitigated through the following: 1.1. Credit scoring aims to analyze new clients and the buyers on their business operations, profiles of shareholders and management, debt payment records, financial statements, industry trend, etc. 1.2. Maximum exposure on each industry (Industry Limits) shall not exceed 20% of total outstanding portfolio. 1.3. Maximum exposure on a single client shall not exceed 10% of the total portfolio. 1.4. Maximum credit limit granted to each debtor (buyer) shall not exceed 30% of the Company’s shareholders’ funds. 1.5. Credit review of exisiting clients shall be done regularly and at least once annually.

3.1. The bulk of the Company’s business is factoring, which is short term in nature and with average collection period of 45 – 60 days. This matches nicely with the borrowings of the Company. 3.2. Although leasing and hire purchase are medium term loans with repayment period of 3-5 years, the Company’s policy is to match proportionately with the long term borrowings of the Company, and avoid the risk of using short term borrowing to support its leasing and hire purchase business. 3.3. The Company has been in business for 20 years and has been able to maintain good relationships with its bankers, and has good record of debt payment. It will continue to give importance to managing good relationships with its bankers.

1.6. The Company must check with the Civil Court for possible lawsuit against both clients and buyer, including checking with the Central Bankruptcy Court; and the National Credit Bureau relating to the clients’ repayment record with other financial institutions.

3.4. In the event of emergency, when bankers call for the loans prior to maturity, the Company is able to utilize the SGD 10 million standby credit facility granted by IFS (Singapore).

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

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

Annual Report 2010 : IFS Capital (Thailand) PCL

27

Risk Factors 5 ##K< AL;WDO_<"

ø ¥¹ÊýÌÁÆ¿ ¹Æ¼ ÇÅȽÌÁÌÁÇÆ ªÁËà New players may enter the market and pose a challenge to the market leadership of the Company since there is no licensing requirement to operate factoring and/or leasing/hire purchase business; and these businesses are not regulated by the Bank of Thailand. However, the lending business requires high capital and competitive cost of capital to survive the competition. Therefore, other than banks or subsidiaries of banks, it is not easy to enter the market of the Company’s core business of factoring and leasing/hire purchase. Although more and more banks have entered the factoring business, they do not have the experience that the Company has, and are not as flexible and responsive to the needs of the clients. The Company is also ahead in technological development and is the first company in Thailand to offer an e-Factoring platform to serve the needs of its clients.

ù ªÁËà ¾ÊÇŠŹÂÇÊ ËÀ¹Ê½ÀÇļ½ÊËâ ÁƾÄͽƻÁ¹Ä management As of 30th December 2010, IFS (Singapore) Group is the major shareholder of the Company with 73.13% of shares, which is more than 50% of total shares. With such a high shareholding, it it only inevitable that IFS (Singapore) can influence the management through its directors on the Board or through voting rights at shareholders’ meeting except for approval of significant agendas which by laws or regulation require three-fourths of the voting rights at the shareholders’ meeting. It is also balanced by the Company’s organization structure, which comprises of the Audit Committee, the Compensation and Nomination Committee and the Risk Management Committee. These positions are held by independent directors knowledgable in business operations. If the Company enters into a connected transaction with directors, major shareholders, the Company’s authorized persons and persons with a possible conflict of interest on connected transaction, such persons are not entitled to vote on the entry into that transaction.

28

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

ÂŤĂ€šĂŠ½Ă€Ă‡Ă„Ÿà Æ¿ ÂŤĂŒĂŠĂ?ÂťĂŒĂ?ĂŠ½ Y ="D= L" L=0QGER 3

=L<%Q_G6S 0QGER 3 þô GK3.K4X= 4=NCK1 [GWG9WGD Š5=JW1B[1<‹ #dL K. Š;EL%3‹ ÂŹĂ‡Ăˆ þô ÂŤĂ€šĂŠ½Ă€Ă‡Ă„Ÿ½ĂŠĂ‹ Çž ¥ž ›šĂˆĂ ĂŒšĂ„ ŠÀšà Ă„šĂ†ÂźÂ‹ ¨Â›¤Â? - AK31O_ áô 2K3AL ; ÜÚÚáÂŒ ™Ë Çž Âœ½½Ă…º½ĂŠ áôÂŽ ÜôþôÂŒ

?dL.K41O_

%Q_G‘%Q_G4=NCK1

#dL3A3ER 3

= G<?J

No.

Name/Company

No. of Shares

Percentage

343,700,000

73.13%

1

¥ž Šà Æ¿šĂˆĂ‡ĂŠ½Â‹ Â&#x;ÊÇĂ?ĂˆÂŒ

2

!:*5(< 9* D5 )9L!

Mr. Apichai Ekman

8,400,000

1.79%

3

!Ĺ´2Ĺ´D& ++9 !Ä? /-=, 1Ä? +9&*Ä?

Miss Petcharat Waleelerksap

5,000,000

1.06%

4

"+<19 F+ 2=D5 H+ Ä? Q: 9

Ake Rice Mill Company Limited

4,000,000

0.85%

5

!:* 9 &- D5?M5/9 !2 @-

Mr. Nathapol Uahwatanasakul

3,500,000

0.74%

6

"+<19 2 Ä‹5 D/--Ä? ĹŽH *E-! Ä?ĹŻ Q: 9

Stockwell (Thailand) Co.,Ltd.

2,799,945

0.60%

7

!:*2) :* </ 9*09 <P

Mr. Somchai Jiewchaisak

2,221,300

0.47%

8

!:*09 +(&!Ä? =/+: +

Mr. Sakrapob Teewarakorn

2,050,000

0.44%

9

!Ĺ´2Ĺ´ D 1)0+= ++)D#Ä‘! < Ä?

Mr. Kaseamsri Dhampenjit

1,580,000

0.34%

10

"+<19 H *D5K!/= =5:+Ä? Q: 9

Thai NVDR Company Limited

1,563,000

0.33%

+:**ĉ5*5?L!J

Minority Shareholders

95,185,755

20.25%

=A;

Total

470,000,000

100.00%

ÂŒ ÂŤĂ€šĂŠ½Ă€Ă‡Ă„Ÿà Æ¿ Çž ¥ž Šà Æ¿šĂˆĂ‡ĂŠ½Â‹ Â&#x;ÊÇĂ?Ăˆ Ă?šĂ‹ ÂźĂ?½ ĂŒĂ‡ Â’ aĹŻ "+<19 H5D5'D52 E ##Ä€ 5- F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ$AÄŠ ?53@ÄŠ!+:*G3 ĉ ?5 -@ĉ) 1) IFS Capital Holdings (Thailand) Ltd. (a wholly owned subsidiary of IFS (Singapore)) with 172,200,000 shares (36.64%). ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ ?53@ÄŠ!+ÄŠ5*-8 a``ĹŻ ?53@ÄŠ! agbŲb``Ų``` 3@ÄŠ! ĹŽ < D#Ä‘!+ÄŠ5*-8 cfĹ´fdĹŻ

ÂŒ 6S 0QGER 3 ?R ; ¥ž Šà Æ¿šĂˆĂ‡ĂŠ½Â‹ 5=J G4. A<

bĹŻ "+<19 H5D5'D52 E ##Ä€ 5- Q: 9 8D"=*!G!#+8D 02< F#+Ä? ĹŽ$AÄŠ ?53@ÄŠ!+:*G3 ĉ ?5 ĸĹ?Ĺ‘Ĺ”Ĺ”Ĺ‘Ĺ˜ ĊśśĹ?ĹœĹ› ĸĹœĹ?ŴŲ Ä´ĹœĹŒĹ´ ?53@ÄŠ!+ÄŠ5*-8 d`Ĺ´d`ĹŻ ?53@ÄŠ! agaŲe``Ų``` 3@ÄŠ! ĹŽ < D#Ä‘!+ÄŠ5*-8 cfĹ´diĹŻ

2) IFS Capital Limited (“IFS (Singapore)�) (which is 40.40% owned by Phillip Assets Pte., Ltd.) with 171,500,000 shares (36.49%).

$AÄŠ ?53@ÄŠ!+:*G3 ĉ 5 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ ?5 "+<19 ĸĹ?Ĺ‘Ĺ”Ĺ”Ĺ‘Ĺ˜ ĊśśĹ?ĹœĹ› ĸĹœĹ?Ĺ´ Ä´ĹœĹŒĹ´ F *$AÄŠ+9"$- The ultimate shareholder of Phillip Assets Pte., Ltd. is Mr. Lim Hua Min, #+8F* !Ä?2@ ÄŠ:* ĹŽÄ˝Ĺ”ĹœĹ‘Ĺ•Ĺ‰ĹœĹ? ÄťĹ?ʼnŚĹ?Ĺ?Ĺ—Ĺ”ĹŒĹ?Śů ?5 !:* Ä´Ĺ‘Ĺ• Ä°Ĺ?ʼn ľőŖ >L D#Ä‘!!9 @+ < :/2< F#+Ä? a Singaporean businessman who is presently the Chairman of IFS (Singapore). #Ä? @"9!D#Ä‘!#+8 :! ++) :+ 5 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ +:*-8D5=* 2:):+ AH ÄŠG!D/K"H Ä? For more details see www.ifscapital.com.sg. Ĺ&#x;Ĺ&#x;Ĺ&#x;Ĺ´Ĺ‘ĹŽĹ›Ĺ‹Ĺ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ”Ĺ´Ĺ‹Ĺ—Ĺ•Ĺ´Ĺ›Ĺ? D!?L5 : "+<19 H5D5'D52 E ##Ä€ 5- Q: 9 ĹŽĂ&#x;ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻĂ ĹŻ D#Ä‘!"+<19 8D"=*!G! -: 3-9 +9&*Ä?2< F#+Ä? Q:G3ÄŠ ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ +/) > "+<19 *ĉ5* ÄŠ5 # <"9 < :) D Ä?

ÄŠ5"9 9" 5 -: 3-9 +9&*Ä?2< F#+Ä? D ĉ! :+H ÄŠ):3+?5 Q:3!ĉ:*2<! +9&*Ä? =L)= !: 2:+8 2Q: 9 8 ÄŠ5 H ÄŠ+9") < : =L#+8 @)$AÄŠ ?53@ÄŠ! 5 ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ ÄŠ/* 9M !=M ÄŠ5"9 9"D =L*/ 9" "+<19 8D"=*!G! -: 2< F#+Ä?2:):+ 5ĉ:!+:*-8D5=* D&<L)G!D/K"H Ä? Ĺ&#x;Ĺ&#x;Ĺ&#x;Ĺ´Ĺ›Ĺ?Ĺ Ĺ´Ĺ‹Ĺ—Ĺ•

IFS (Singapore) is a company listed on the Singapore Exchange (SGX). Its group of companies have to comply with the regulations of the SGX. The regulations of the SGX can be found at www.sgx.com.

Annual Report 2010 : IFS Capital (Thailand) PCL

29

¥¹Æ¹¿½Å½ÆÌ «ÌÊÍ»ÌÍʽ Y ="D= L" L=#K. L=

8 ++) :+"+<19 /9! =L ca 9!/: ) beec )= Q:!/! g ĉ:! #+8 5" Ċ/* =L<%Q_G /dLXE3 " aŴ !:*-= A! = #+8 :! ++) :+ bŴ !:* 9! D- D*! ++) :+ cŴ !: 2:/-<) )@* 3-< ++) :+ ++) :+ dŴ !:*!<&9 č Q:+A +9 !č eŴ +Ŵ ++)!A 5:!9!F H * ++) :+ ++) :+5<2+8 E-8#+8 :! ++) :+ +/ 25" =+/ <+ @fŴ !:*2@D/ *č ++) :+ ++) :+5<2+8 E-8 ++) :+ +/ 25" gŴ !:*!</9 !č : !(A)<! +č ++) :+ ++) :+5<2+8 E-8 ++) :+ +/ 25"

-J ==; L=4=NCK1

F *)= !:* 9! ( < <0<+<#+8D2+< D#đ!D- :!@ :+ 8 ++) :+"+<19

==; L=6S ;OGdL3L#?"3L;X134=NCK1 !:* 9! D- D*! 3+?5!:*-= A! = - -:*)?5 ?L5E-8#+8 9" +:2Q: 9 5 "+<19

G4W / E3 L1O_ X?J AL;=K46N.%G4 G" -J ==; L=4=NCK1

8 ++) :+"+<19 )=5Q:!: 3!Ċ: =L E-8 /:)+9"$< 5"G! :+ 9 :+ "+<19 G3ĊD#đ!H# :) 3):* /9 @#+82 č E-8 Ċ5"9 9" 5 "+<19 -5 !) < 5 =L#+8 @)$AĊ ?53@Ċ! =L 5" Ċ/* 3):* Ċ/* /:) ?L529 *č2@ +< E-8 +8)9 +8/9 +9 1:$-#+8F* !č 5 "+<19 F *2+@#5Q:!: 3!Ċ: =L E-8 /:)+9" $< 5" =L2Q: 9 H Ċ 9 !=M aŴ 9 G3Ċ)= :+#+8 @)$AĊ ?53@Ċ!D#đ! :+#+8 @)2:)9 #+8 Q:#ā (:*G! d D ?5! !9"E ĉ/9!2<M!2@ +5"+8*8D/-:"9 = 5 "+<19 bŴ 9 G3Ċ)= :+#+8 @) 8 ++) :+5*ĉ: !Ċ5* c D ?5! ĉ5 +9M cŴ 9 G3Ċ)= :+ Q: " @-E-8 " Q:H+ : @! 5 "+<19 /9!2<M!2@ +5"+8*8 D/-:"9 = 5 "+<1 9 > L $A2Ċ 5""9 = +/ 25"E-Ċ/ E-8!Q:D2!5 ĉ5 =#L +8 @) $AĊ ?53@Ċ!D&?L5&< :+ :E-85!@)9 < dŴ 8 ++) :+)5"5Q:!: G3Ċ ++) :+ !3!>L 3+?53-:* !3+?5"@

30

5?L!G # <"9 < :+5*ĉ: 3!>L 5*ĉ: G E ! 8 ++) :+H ĊF *5*Aĉ(:*G Ċ :+ /" @) 5 8 ++) :+ 3+?55: )5"5Q:!: D&?L5G3Ċ"@

- 9 -ĉ:/ )= 5Q : !: :) =L 8 ++) :+D3K ! 2) /+E-8(:*G!+8*8D/-: =L

8 ++) :+D3K ! 2) /+ >L 8 ++) :+5: * D-< D&< 5! D#-=L*!E#- 3+?5E ĊH "@

- =LH Ċ+9")5"5Q:!: 3+?55Q:!: !9M!J H ĊD)?L5 D3K!2) /+ !5 : !=M 8 ++) :+5: )5"5Q:!: G3Ċ 8 ++) :+"+<3:+)= 5Q:!: 3!Ċ: =LG! :+# <"9 < :! ĉ: J F *)=+:*-8D5=* :+)5"5Q:!: :) 5"D 5Q:!: 3!Ċ: =L 5 8 ++) :+"+<3:+ 9M !=M :+)5"5Q:!: !9M! Ċ5 H)ĉ)=-9 1 8D#đ! :+)5"5Q:!: =L Q:G3Ċ

8 ++) :+"+<3:+ 3+?5$AĊ+9")5"5Q:!: 2:):+ &< :+ : E-85!@)9 < +:* :+ = L 8 ++) :+"+<3:+ 3+?5$A+Ċ "9 )5"5Q:!: 3+?5"@

- =DL =*L / Ċ5 3+?5 )=2ĉ/!H ĊD2=* 3+?5)= /:) 9 E*Ċ : $-#+8F* !č5?L!G 9""+<19 3+?5 "+<1 9 *ĉ5* * D/Ċ!D#đ! :+5!@) 9 +< :* :+ =DL #đ!H# :)!F*":*E-83-9 D č =L 8 ++) :+&< :+ :E-85!@)9 <H/ĊE-Ċ/

eŴ Q:3! D#ą:3):* E!/ : !F*":* E$! :!E-8 "#+8): 5 "+<19 /" @ ) Q : 9 " A E - :+"+< 3 :+E-8 :+ 9 :+ 5 #+8 :!D Ċ : 3!Ċ : =L "+<3:+G3ĊD#đ!H# :)!F*":* =LH Ċ+9")5"3):* D/Ċ!E ĉG!D+?L5 9 ĉ5H#!=M 8 ++) :+ Ċ5 H Ċ+9") <5!@)9 < : =L#+8 @)$AĊ ?53@Ċ! ĉ5! :+ Q:D!<! :+ 59!H ĊE ĉ D+?L5 =L 3):* Q:3! G3Ċ Ċ5 H Ċ+9") <5!@)9 < : =L#+8 @) $AĊ ?53@Ċ! D ĉ! :+D&<L) @! :+- @! :+55 3@Ċ! AĊ :+ :*3+?5F5! < :+ 5 "+<19 9M 3) 3+?5": 2ĉ/! =L2Q: 9 G3ĊE ĉ"@

-5?L! 3+?5 :+ ?M5 3+?5+9"F5! < :+ 5 "+<19 5?L!):D#đ! 5 "+<19 :+E ĊH 3!9 2?5 "+< 3č2! <3+?5 Ċ5"9 9" D#đ! Ċ!

!5 : !=M 8 ++) :+*9 )= 5"D 3!Ċ: =LG! :+ Q: 9" AE-G3Ċ"+<19 # <"9 < :) 3):*/ĉ: Ċ/*3-9 +9&*čE-8 -: 3-9 +9&*č Ċ5 Q:3!

5 -: 3-9 +9&*čE3ĉ #+8D 0H * 5: <D ĉ! :+ Q:+:* :+ =DL =*L /F* 9! E-8 :+ ?M53+?5 :* +9&*č2<! =L2Q: 9 :) D č 5 -: 3-9 +9&*č E3ĉ #+8D 0H * 3+?5 3):* =LD =L*/ Ċ5 9" @+ < 5 "+<19

fŴ &< :+ :F + 2+Ċ: :+"+<3:+ :! E ĉ 9M 8 ++) :+"+<3:+ #+8 :! D Ċ:3!Ċ: =L"+<3:+ E-8 8 ++) :+5?L! :) /:)D3):82) gŴ < :)$- :+ Q:D!<! :!G3ĊD#đ!H# :)E$! :! E-8 "#+8): 5*ĉ: ĉ5D!?L5

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Management Structure ‘ Y ="D= L" L=#K. L=

hĹ´ ++) :+ 8 ÄŠ5 H)ĉ#+8 5" < :+59!)=2(:&5*ĉ: D =*/ 9!E-8D#Ä‘! :+ E ĉ 9! 9" < :+ 5 "+<19 3+?5D ÄŠ:D#Ä‘!3@ÄŠ!2ĉ/!G!3ÄŠ: 3@ÄŠ!2ĉ/!2:)9 3+?5D#Ä‘!3@ÄŠ!2ĉ/!H)ĉ Q: 9 /:)+9"$< G!3ÄŠ: 3@ÄŠ!2ĉ/! Q: 9 3+?5D#Ä‘! ++) :+ 5 "+<19 D5 ! 3+?5"+<1 9 5?!L =#L +8 5" < :+59!)=2(:&5*ĉ: D =*/ 9!E-8D#Ä‘! :+E ĉ 9! 9" < :+ 5 "+<19 H)ĉ/ĉ: 8 Q:D&?L5#+8F* !Ä? !3+?5D&?L5#+8F* !Ä?$AÄŠ5?L! D/ÄŠ!E ĉ 8H ÄŠE ÄŠ G3ÄŠ =L#+8 @)$AÄŠ ?53@ÄŠ! +:" ĉ5! =L 8)=) <E ĉ 9M iĹ´ ++) :+ ÄŠ 5 E ÄŠ G3ÄŠ " +< 19 +:"F *H)ĉ 9 ÄŠ : 3: )= 2ĉ / !H ÄŠ D 2= * H)ĉ /ĉ : F * + 3+?5F *5ÄŠ5)G!29 : =L"+<19 Q: >M! 3+?5 ?53@ÄŠ! 3+?53-9 +9&*Ä? 5?L!D&<L) >M! 3+?5- - G!"+<19 3+?5"+<19 G!D +?5 !5 : 8 ++) :+"+<19 E-ÄŠ/ "+<19 *9 )= :+E ĉ 9M 8 ++) :+ @ *ĉ5*5= c @ D&?L5 ĉ/*G! :+"+<3:+ &< :+ : -9L! +5 9 2<!G E-8D&?L5

/:)F#+ĉ G2 :)3-9 :+ Q: 9" < :+ =L = 9 !=M ä 8 ++) :+ +/ 25" ä 8 ++) :+ :+ Q:3! ĉ: 5"E !E-82++3: ä 8 ++) :+"+<3:+ /:)D2=L*

-J ==; L=/=A#DG4

8 ++) :+ +/ 25" 5 "+<1 9 /9! = L ca !9 /: ) beec #+8 5" Ċ/* ++) :+5<2+8 Q:!/! c ĉ:! > L 9 M c ĉ:! D#đ! ++) :+ :+ +/ 25" =)L =

/:)+AEÄŠ -8#+82" :+ Ä?G! :+25" :! /:)!ĉ:D ?5L ?5 5 " :+D <!

=L<%Q_G aĹ´ +Ĺ´ ++)!A bĹ´ !:*2@D/ *Ä? cĹ´ !:*!</9 !Ä?

/dLXE3 " 5:!9!F H * =+/ <+ @ : !(A)<! +Ä?

#+8 :! ++) :+ +/ 25" ++) :+ +/ 25" ++) :+ +/ 25"

dŴ &< :+ : 9 D-?5 D2!5E ĉ 9M "@

- >L )= /:)D#đ!5<2+8 D&?L5 Q:3!Ċ: =L D#đ!$AĊ25""9 = 5 "+<19 E-8D2!5 ĉ: 5"E ! 5 "@

- 9 -ĉ:/ +/) 9M D ÄŠ:+ĉ/)#+8 @) 9"$AÄŠ25""9 = F *H)ĉ)=%Ä„:* 9 :+D ÄŠ:+ĉ/)#+8 @) ÄŠ/* 5*ĉ: !ÄŠ5*#Ä -8 a +9M eĹ´ &< :+ :+:* :+ =LD =L*/F* 9!3+?5+:* :+ =L5: )= /:) 9 E*ÄŠ : $ #+8F* !Ä? G3ÄŠD#Ä‘!H# :) 3):*E-8 ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä? 9M !=M D&?L5G3ÄŠ)9L!G /ĉ:+:* :+ 9 -ĉ:/2)D3 @2)$- E-8D#Ä‘!#+8F* !Ä? 2A 2@ ĉ5"+<19 fĹ´ # <"9 < :+5?L!G :) =L 8 ++) :+ 5 "+<19 )5"3):* ÄŠ/* /:)D3K! 5" : 8 ++) :+ +/ 25" gĹ´ 9 Q:+:* :! 5 8 ++) :+ +/ 25"F *D#Ä€ D$*H/ÄŠG!+:* :! #+8 Q:#Ä 5 "+<1 9 L> +:* :! 9 -ĉ:/ ÄŠ5 - !:)F *#+8 :! 8 ++) +/ 25" E-8 ÄŠ5 #+8 5" ÄŠ/* ÄŠ5)A-5*ĉ: !ÄŠ5* 9 ĉ5H#!=M ä /:)D3K!D =L*/ 9" /:) A ÄŠ5 +" ÄŠ/! D#Ä‘! =LD ?L5 ?5H ÄŠ 5 +:* :! : :+D <! 5 "+<19 ä /:)D3K!D =L*/ 9" /:)D&=* &5 5 +8"" /" @)(:*G! 5 "+<19 ä /:)D3K!D =L*/ 9" :+# <"9 < :) 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä? 3+?5 3):* =L D =L*/ ÄŠ5 9" @+ < 5 "+<19 ä /:)D3K!D =L*/ 9" /:)D3):82) 5 $AÄŠ25""9 = ä /:)D3K!D =L*/ 9"+:* :+ =L5: )= /:) 9 E*ÄŠ : $-#+8F* !Ä? ä Q:!/! :+#+8 @) 8 ++) :+ +/ 25" E-8 :+D ÄŠ:+ĉ/)#+8 @) 5 ++) :+ +/ 25"E ĉ-8 ĉ:! ä /:)D3K!3+?5 ÄŠ529 D F *+/) =L 8 ++) :+ +/ 25"H ÄŠ+9" : :+# <"9 <3!ÄŠ: =LE-8 /:)+9"$< 5" =LH ÄŠ+9")5"3):* : 8 ++) :+"+<19

G4W / E3 L1O_ X?J AL;=K46N.%G4 G" -J ==; L=/=A#DG4 hŴ G! + = =L&"3+?5)= Ċ52 29*/ĉ:)=+:* :+3+?5 :+ +8 Q: 9 ĉ5H#!=M >L 5: aŴ 25" :!G3Ċ"+<19 )= :++:* :! : :+D <!5*ĉ: A Ċ5 E-8D&=* &5

bĹ´ 25" :!G3ÄŠ"+<19 )=+8"" :+ /" @)(:*G! ĹŽÄąĹ–ĹœĹ?ŚŖʼnŔ Ĺ‹Ĺ—Ĺ–ĹœĹšĹ—Ĺ”ĹŻ E-8+8"" :+ +/ 25"(:*G! ĹŽÄąĹ–ĹœĹ?ŚŖʼnŔ ʼnĹ?ĹŒĹ‘ĹœĹŻ =LD3):82)E-8)=#+82< <$- E-8 &< :+ : /:)D#Ä‘!5<2+8 5 3!ĉ/* :! +/ 25"(:*G! -5 !G3ÄŠ /:)D3K! 5"G! :+&< :+ :E ĉ 9M F* *ÄŠ:* D-< ÄŠ: 39/3!ÄŠ:3!ĉ/* :! +/ 25"(:*G! 3+?53!ĉ/* :!5?!L G =+L "9 $< 5"D =*L / 9" :+ +/ 25" (:*G! cĹ´ 25" :!G3ÄŠ " +< 19 # < "9 < :) 3):*/ĉ : ÄŠ / *3-9 +9 & *Ä? E -8 -: 3-9 +9&*Ä? 5ÄŠ Q:3! 5 -: 3-9 +9&*Ä? E-8 3):* =DL =*L / ÄŠ5 9" @+ < 5 "+<19

)= $- +8 "5*ĉ : )= !9 *2Q : 9 ĉ 5 :!8 :+D < !E-8$- :+ Q:D!<! :!

5 "+<19 G3ÄŠ 8 ++) :+ +/ 25"+:* :! ĉ5 8 ++) :+"+<19 D&?L5 Q:D!<! :+#+9"#+@ E ÄŠH (:*G!D/-: =L 8 ++) :+ +/ 25"D3K! 2) /+ ä +:* :+ =LD < /:) 9 E*ÄŠ : $-#+8F* !Ä? ä :+ @ +< 3+?5)=2<L $< # <3+?5)= /:)" &+ĉ5 =L2Q: 9 G!+8"" /" @)(:*G! ä :+%Ä„:%ă! 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä? 3+?5 3):* =LD =L*/ ÄŠ5 9" @+ < 5 "+<19

Annual Report 2010 : IFS Capital (Thailand) PCL

31

Management Structure Y ="D= L" L=#K. L=

-J ==; L= dLE3. L/G4X13X?JD==EL

8 ++) :+ Q:3! ĉ: 5"E !E-82++3: 5 "+<1 9 /9! = L ca !9 /: ) beec )= Q:!/! c ĉ:! #+8 5" Ċ/*

=L<%Q_G aŴ !:*!<&9 č bŴ +Ŵ ++)!A cŴ !:*-= A! =

/dLXE3 " Q:+A +9 !č 5:!9!F H *

#+8 :! 2): < 2): <

=L<%Q_G aŴ !:*2@D/ *č bŴ +Ŵ ++)!A cŴ !:*!</9 !č dŴ !:* 9! D- D*!

/dLXE3 " =+/ <+ @5:!9!F H * : !(A)<! +č

#+8 :! 2): < 2): < 2): <

G4W / E3 L1O_ X?J AL;=K46N.%G4 G" -J ==; L=4=NEL= AL;WDO_<"

G4W / E3 L1O_ X?J AL;=K46N.%G4 G" -J ==; L= dLE3. L aŴ G3Ċ Q:E!8!Q:E ĉ 8 ++) :+"+<19 G! :+ Q:3! !F*":*"+<3:+ /:) D2=L* -*@ č ): +: :! E-85?L!J +/) > :+ Q:3! +8 9" /:)D2=L* /G4X13X?JD==EL

aŴ D2!5E!8F + 2+Ċ: ĉ: 5"E ! ++) :+G! 8 ++) :+"+<19 E-8 =L2:):+ *5)+9"H Ċ 2): < G! 8 ++) :+ ĉ: J +/) > ĉ:D"=M*#+8 @) F"!92 2/92 < :+ bŴ +ĉ/) 9"%Ą:* 9 :+ 5 "+<1 9 G! :+ " /!!F*":* -*@ č 5" ĉ:* :! E-8$-#+8F* !č 5"E !5?L!J 9M =LD#đ! 9/D <!E-8)<G ĉ 9/D <! +A#E"" E-8 9!M 5!G! :+# <" 9 < :! D&?5L G3Ċ)!L9 G /ĉ: :+ 9 :+ /:)D2=*L bŴ #+8D)<!$-#+8 5" :+ 5 "+<19 D&?L5 Q:3! :+G3ĊF"!92 E-8 :+ >M! )= /:)D&=* &5E-8D3):82) G!+8 9" /:)D2=L* =L2:):+ *5)+9"H Ċ D <!D ?5!#+8 Q:#ā 5 9M "+<19 F *G ĊD č): + :!G!5@ 2:3 ++) E-8 :+"+<3:+ /:)D2=L* H Ċ A !Q:H## <"9 <5*ĉ: ĉ5D!?L5 =LD3):82)G! :+&< :+ :#+8 5" cŴ " /!+8"" 5 :+"+< 3 :+ /:)D2=L * 5 5 č +D#đ ! +9M +:/ cŴ D2!5E!8F + 2+Ċ: D <!D ?5! 5 "+<19 +/) > $-#+8F* !č 5"E !5?L!J > L +5" -@) +@ ++) 9 M 3) 5 "+<1 9 +/) > :+)5"3):*G3Ċ" @ -G "@

-3!>L 3+?5 8 ++) :+ @ *ĉ5*D#đ!$AĊ Q: 9" AE-E-8"+<3:+ 9 :+ dŴ &< :+ :D ?L5!H ĉ: J G3Ċ /:)D3K! E-8 Ċ5D2!5E!8 D =L*/ 9"F + :+ /:)D2=L* F *+/) 5 9M "+<19 E-8+:* :!G3Ċ 8 ++) :+"+<19 H Ċ +9" +:" D2!5 :*3-9 +9&*čG3)ĉE ĉ ++) :+E-8&!9 :! ŮĭĻķĸů eŴ D2!5E!8F + 2+Ċ: !: E-85 č#+8 5" 5 8 ++) :+"+<19 -J6S 4=NEL= E-8 8 ++) :+ ĉ: J &+Ċ5) 9M Q:3! @ 2)"9 <G3Ċ 9" ++) :+ 3+?5 8$AĊ"+<3:+ 5 "+<19 /9! =L ca 9!/: ) beec #+8 5" Ċ/* 2): < =L Ċ5 :+2++3:

=L<%Q_G fŴ D2!5+:* ?L5"@

-D&?L5D Ċ:+9" :+ 9 D-?5 D#đ! ++) :+"+<19 D&?L5!Q: D2!5 ĉ5 =L#+8 @)$AĊ ?53@Ċ!G! + = =L)= Q:E3!ĉ /ĉ: - D!?L5 : +"/:+8 E-8G3Ċ =L#+8 @) 8 ++) :+"+<19 D#đ!$AĊ&< :+ :G! + = =L)= Q:E3!ĉ /ĉ: - D!?L5 : + =5?L!J gŴ # <"9 <3!Ċ: =L E-8 /:)+9"$< 5"5?L!J :) =LH Ċ+9")5"3):* : 8 ++) :+"+<19

-J ==; L=4=NEL= AL;WDO_<"

8 ++) :+"+<3:+ /:)D2=L* 5 "+<19 /9! =L ca 9!/: ) beec )= Q:!/! d ĉ:! #+8 5" Ċ/*

32

/dLXE3 "

#+8 :!D Ċ:3!Ċ: =L"+<3:+ < <0<+<#+8D2+< #+8 :!D Ċ:3!Ċ: =L%Ą:* :+D <! 2:+8 @$AĊ 9 :+ 9L/H# Ú %Ą:*&9 !: @+ < E-8-A Ċ:29)&9! č dŴ !: 2:/ /9 G E ĉH3$AĊ 9 :+ 9L/H# Ú %Ą:*# <"9 < :+ D +< &+& !č eŴ !:*2@/< : $AĊ ĉ/*$AĊ 9 :+ 9L/H#Ú %Ą:*&9 !: @+ < fŴ !: 2:/!+:+9 1č 0<+<D+?5 H$AĊ ĉ/*$AĊ 9 :+ 9L/H#Ú %Ą:*&9 !: @+ < D& + 5 gŴ !: D&K 0+= $AĊ ĉ/*$AĊ 9 :+ 9L/H#Ú %Ą:* :+D <!E-8 :+"9 = 0<+<&++ & 0č hŴ !:**@ 9* $AĊ ĉ/*$AĊ 9 :+ 9L/H#Ú %Ą:*&9 !:2<!D ?L5Ų"@

-E-8 @+ :+ aŴ !:* 9! D- D*! bŴ !:* 9! ( cŴ !:*#: !MQ:

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Management Structure ‘ Y ="D= L" L=#K. L=

G4W /GdL3L# E3 L1O_ X?J AL;=K46N.%G4 G"5=J2L3W# LE3 L1O_ ĉ/ =L Q:G3Ċ#+8 :!D Ċ:3!Ċ: =L"+<3:+ 3+?5$AĊ+9")5"5Q:!: : #+8 :! D Ċ:3!Ċ: =L"+<3:+2:):+ 5!@)9 <+:* :+ =L !3+?5"@

- =L5: )= /:) 4=NEL= 9 E*ÄŠ ĹŽ :)!<*:) 5 3!ĉ/* :! =LD =L*/ ÄŠ5 Q:3! ĹŻ )=2ĉ/!H ÄŠD2=*3+?5 5: )= /:) 9 E*ÄŠ : $-#+8F* !Ä?5!?L G 9""+<1 9 3+?5"+<1 9 *ĉ5* D/ÄŠ!E ĉ bĹ´ Q:D!<! :+3+?5"+<3:+ :!G3ÄŠD#Ä‘!H# :)/9 @#+82 Ä? ÄŠ5"9 9" +8D"=*" D#Ä‘! :+5!@)9 <+:* :+ =LD#Ä‘!H# :)# < @+ < =L)= :+ Q:3! 5"D ÄŠ5 Q:3! Q:29L !F*":* D#Ä…:3):* E$! :+ Q:D!<! :! E-8 "#+8): 9 D ! =LH ÄŠ+9"5!@)9 < : 8 ++) :+E-8Ĺľ3+?5) < =L#+8 @)$AÄŠ ?53@ÄŠ! 5 "+<19 5!>L 5Q:!: 3!ÄŠ: =L 5 #+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+ 8H)ĉ+/) > 5Q:!: =L Q:G3ÄŠ #+8 :!D ÄŠ : 3!ÄŠ : =L " +< 3 :+2:):+ 5!@ )9 < + :* :+ =L !3+? 5 "@ - =L 5 : )= cĹ´ Q:D!<! :+ :) =L 8 ++) :+"+<19 )5"3):*

/:) 9 E*ÄŠ )=2ĉ/!H ÄŠD2=* 3+?55: )= /:) 9 E*ÄŠ : $-#+8F* !Ä?5?L!G Q: dĹ´ Q:3! F + 2+ÄŠ: 5 Ä? + +/) > :+)=5Q:!: &< :+ :/ĉ: ÄŠ: &!9 :! 9""+<19 3+?5"+<19 *ĉ5* ĹŽ ÄŠ:)=ĹŻ * D/ÄŠ!D#Ä‘! :+5!@)9 <+:* :+ =LD#Ä‘!-9 1 8 "++ @E ĉ 9M :+F5! F* *ÄŠ:* ÄŠ:)2:* :!Ĺľ%Ä„:*ĹľE$! 3+?5 :+&ÄŠ! : :+ Q:D!<! @+ ++) :+ ÄŠ:# < 9L/H# 5 "+<19 =L)=D ?L5!H :+ ÄŠ: 9L/H# =LD#Ä‘! :+D#Ä‘!&!9 :! Q:3! 59 +: ĉ: ÄŠ: G3ÄŠ"Q:D3!K +: /9- #+9" >M!D <! H# :)!F*":*E-83-9 D Ä? =L 8 ++) :+"+<19 &< :+ :E-85!@)9 <H/ÄŠ D ?5!E-8 ĉ: 5"E ! D <!F"!92 5 &!9 :! 9 M 3) G! Q:E3!ĉ = L :QL /ĉ: E-ÄŠ/ #+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+ aĹ´ "+<3:+ :!#+8 Q:/9!E-8Ĺľ3+?5 /" @) AE- :+ Q:D!<! < :+ 5 "+<19

W? L3R L=4=NCK1

eĹ´ )=5Q:!: &< :+ :5!@)9 < ĉ:G ÄŠ ĉ:*D&?L5 :+ 9 ?M52<! +9&*Ä? E-8"+< :+ 2Q:3+9""+<19 -5 ! > 5Q:!: G! :+5!@)9 < :+G ÄŠ ĉ:* : :+D <!D&?L5 G ÄŠG! :+# <"9 < :! 5 "+<19 (:*G!/ D <! =L Q:3! F * 8 ++) :+ "+<19 fĹ´ )=5Q:!: 55 Q:29L +8D"=*" #+8 :0 E-8"9! > D&?L5G3ÄŠ :+# <"9 < :! D#Ä‘!H# :)!F*":* E-8$-#+8F* !Ä?2A 2@ 5 "+<19 E-8D&?L5+9 1: +8D"=*" /<!9* :+ Q: :!(:*G!5 Ä? + gĹ´ )= 5Q : !: +8 Q : :+E-8E2 !D#Ä‘ ! 9 / E ! 5 "+< 19 ĉ 5 "@ (:*!5 G! < :+ =LD =L*/ ÄŠ5 E-8D#Ä‘!#+8F* !Ä? ĉ5"+<19 hĹ´ )=5:Q !: E ĉ 9 M 8 Q: :! @ ĉ: J D&?5L :+ Q:D!<! < :+3+?5 :+"+<3:+ :! 5 "+<1 9 E-8G3ÄŠ)5= :Q !: G! :+)5"5Q:!: ĉ/ E-8Ĺľ3+?5)5"3):* G3ÄŠ "@ -5?L ! # < "9 < :!D &:85*ĉ : E !H ÄŠ F * :+)5"5Q : !: ĉ / E-8Ĺľ3+? 5 :+)5"3):* 9 -ĉ : /G3ÄŠ 5 *Aĉ ( :*G ÄŠ :+ /" @ ) 5 #+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+ 3+?55: )5"5Q:!: D&?L5G3ÄŠ"@

- 9 -ĉ:/ )=5:Q !: :) =#L +8 :!D Ċ:3!Ċ: ="L +<3:+D3K!2) /+ E-8(:*G!+8*8D/-: =#L +8 :!D Ċ:3!Ċ: ="L +<3:+D3K!2) /+ > L 5: * D-< D&< 5! D#-=L*!E#- "@

- =LH ÄŠ+9")5"5Q:!: 3+?5 :+)5"5Q:!: !9M!J H ÄŠ :)2) /+ iĹ´ # <"9 <3!ÄŠ: =L5?L!J :) =L 8 ++) :+"+<19 )5"3):* a`Ĺ´ # <"9 < :! ÄŠ/* /:)2@ +< E-8+8)9 +8/9 $-#+8F* !Ä? 5 "+<19 9M !=M :+)5"3):*5Q:!: 3!ÄŠ: =LE-8 /:)+9"$< 5" 5 #+8 :! D ÄŠ: 3!ÄŠ: ="L +<3:+!9!M 8H)ĉ)-= 9 1 8D#Ä‘! :+)5"5Q:!: 3+?5)5"5Q:!:

"+<19 H ÄŠE ĉ 9M !:* 9! ( < <0<+<#+8D2+< Q:3!ÄŠ: =LD- :!@ :+"+<19 F *)= 5Q : !: 3!ÄŠ : =L :) =L Q : 3! H/ÄŠ G!3)/ /:)+9 " $< 5" 5 8 ++) :+ :) ÄŠ5 Q:3! 5 &+8+: "9 9 <3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? +/) 9M #+82:! :!G3ÄŠ)= :+# <"9 < :)) < 5 8 ++) :+ D&?L5G3ÄŠD#Ä‘!H# :)3-9 :+ Q: 9" AE- < :+ =L = 5 "+<19

L=D==EL ==; L=X?J ==; L=GND=J "+<19 )= 8 ++) :+2++3: G! :+ 9 D-?5 "@

- =L 8E ĉ 9M D#Ä‘! ++) :+ F *&< :+ : : #Ä? 9*3-:*#+8 :+ D ĉ! /:)+AÄŠ /:)2:):+ E-8 #+82" :+ Ä? DL= #Ä‘!#+8F* !Ä? 5ĉ :+ Q:D!<! +@ < ) = /:) 9 M G E-8)= +<* ++) G! :+ Q: :! D#Ä‘! ÄŠ!

L=D==EL ==; L=4=NCK1 G! :+ 9 D-?5 "@

- =LH ÄŠ+9" :+E ĉ 9M D#Ä‘! ++) :+"+<19 )= 9M! 5! 9 !=M aĹ´ 8 ++) :+"+<19 #+8 5" ÄŠ/* ++) :+5*ĉ: !ÄŠ5* e ! E ĉ 9M F *G3ÄŠ =L#+8 @)$AÄŠ ?53@ÄŠ!D#Ä‘!$AÄŠD-?5 9M ++) :+F *G ÄŠD2=* ÄŠ: ): :) 3-9 D Ä?E-8/< = :+ 9 ĉ5H#!=M ä $AÄŠ ?53@ÄŠ! !3!>L )= 8E!!D2=* D ĉ: 9" Q:!/!3@ÄŠ! =L ! ?5 ä $AÄŠ ?53@ÄŠ!E ĉ-8 ! 8G ÄŠ 8E!!D2=* =L)=5*AĉD-?5 9M "@

- !D =*/3+?5 3-:* !D#Ä‘! ++) :+ KH ÄŠ G! + = =LD-?5 9M "@

-3-:* !D#Ä‘! ++) :+ 8E"ĉ 8E!!D2=* G3ÄŠE ĉ$AÄŠG ): !ÄŠ5*D&=* G H)ĉH ÄŠ ä "@

- >L H Ċ+9" 8E!!D2=* 2A 2@ :)-Q: 9"- ):D#đ!$AĊH Ċ+9" :+D-?5 9M D#đ! ++) :+ D ĉ: Q:!/! ++) :+ =L 8&> )=3+?5 8&> D-?5 9M G! +9M !9M!G! + = L"= @

- >L H Ċ+9" :+D-?5 9M G!-Q: 9" 9 - ):)= 8E!! D2=* D ĉ: 9!D <! Q:!/! ++) :+ = L 8&> )= 3+?5 8&> D-?5 9 M G! +9 M !9!M G3Ċ $AĊD#đ!#+8 :!D#đ!$AĊ55 D2=* =M :

Annual Report 2010 : IFS Capital (Thailand) PCL

33

Management Structure Y ="D= L" L=#K. L=

bŴ G! :+#+8 @)2:)9 #+8 Q:#ā @ +9M ++) :+ 8 Ċ5 55 : Q:E3!ĉ ä H)ĉD#đ!3+?5D *D#đ! ++) :+ =L)=2ĉ/!+ĉ/)G! :+"+<3:+-A Ċ: 5*ĉ: !Ċ5*3!>L G!2:)F *59 +: Ċ: Q:!/! ++) :+ 8E"ĉ 55 G3ĊD#đ! &!9 :! =L#+> 1: =L+9"D <!D ?5!#+8 Q: 2:)2ĉ/!H)ĉH Ċ KG3Ċ55 F * Q:!/!G -Ċ =L2@ 9"2ĉ/!3!>L G!2:) ä H)ĉ)= /:)29)&9! č : @+ < D ĉ! ?M5ŵ :* +9&*č2<!E-8"+< :+ =L)=!9* 2Q: 9 :) =L Ŵ-Ŵ Ŵ Q:3! ŮG ĊE!/ : G! Q:!5 D =*/ 9" Ċ5 Q:3! ++) :+ =L 8 Ċ5 55 : Q:E3!ĉ G!#āE+ E-8#ā =L25 (:*3-9 /ĉ: Ċ/* :+ Q:+:* :+ =LD =L*/F* 9! 5 -: 3-9 +9&*čů 8D"=*!"+<19 !9M! G3Ċ 9"2-: /ĉ:$AĊG 855 2ĉ/!#ā3-9 J ĉ5H# G3Ċ ä H)ĉD#đ!3+?5D *D#đ!$AĊ25""9 = ++) :+ =L5*AĉG! Q:E3!ĉ !:! =L2@ D#đ!$AĊ55 : Q:E3!ĉ ä H)ĉD#đ!3+?5D *D#đ!$AĊG3Ċ"+< :+ : /< : =&G J +/) > :+G3Ċ"+< :+ D#đ! =L#+> 1: 3):* =L#+> 1: : :+D <! >L H Ċ+9" ĉ:"+< :+D <! ++) :+$AĊ55 : Q:E3!ĉ H#!9M!5: 8D-?5 D Ċ:+9" Q:E3!ĉ 5= KH Ċ /ĉ: b -Ċ:!": ĉ5#ā "+<19 )= 8 ++)"+<19 9M 2<M! g ĉ:! F *)= ++) :+ =LD#đ! 9/E ! 5 $AĊ ?5 eŴ H)ĉD#đ! ++) :+ =LH Ċ+9" :+E ĉ 9M >M!D&?L5D#đ! 9/E ! 5 ++) :+ 5 3@Ċ!G3 ĉ Q:!/! b ĉ:! #+8 5" Ċ/*!:*-= A! = E-8!: 2:/-<) )@* 3-< "+<19 $AĊ ?53@Ċ!+:*G3 ĉ 3+?5$AĊ ?53@Ċ! >L D#đ!$AĊD =L*/ Ċ5 9"$AĊ ?53@Ċ!+:*G3 ĉ 5 "+<19

L=D==EL ==; L=GND=JX?J ==; L=/=A#DG4

"+<1 9 )=3-9 D čG! :+2++3: ++) :+5<2+8E-8 ++) :+ +/ 25" 9 != M aŴ )= ++) :+5<2+8H)ĉ!Ċ5* /ĉ: a G! c 5 ++) :+ 9M 8 E-8)= Q:!/! H)ĉ ĉQ: /ĉ: c ! bŴ )= ++) :+ +/ 25"H)ĉ!Ċ5* /ĉ: c ! cŴ )= @ 2)"9 < :) =L+8"@H/Ċ 9 ĉ5H#!=M

R-D;4K/N ==; L=GND=J D#đ!H# :)#+8 :0 =LD =L*/ Ċ5 Q:3! 5 -: 3-9 +9&*čE3ĉ #+8D 0H * 9 !=M aŴ Ċ5 ?53@Ċ!H)ĉD <!+Ċ5*-8 a 5 Q:!/!3@Ċ! =L)=2< <55 D2=* 9M 3) 5 "+<19 "+<19 G3 ĉ "+<19 *ĉ5* "+<19 +ĉ/) 3+?5!< <"@

- =L5: )= /:) 9 E*Ċ F *G3Ċ!9"+/)3@Ċ! =L ?5F *$AĊ =LD =L*/ Ċ5 Ċ/*

fŴ H)ĉ)=-9 1 85?L!G =L Q:G3ĊH)ĉ2:):+ G3Ċ /:)D3K!5*ĉ: 5<2+8D =L*/ 9" :+ Q:D!<! :! 5 "+<19

R-D;4K/N ==; L=/=A#DG4 aŴ H Ċ+9" :+E ĉ 9M : 8 ++) :+ 3+?5 =L#+8 @)$AĊ ?53@Ċ! 5 "+<19 bŴ ++) :+ +/ 25" @ ! Ċ5 D#đ! ++) :+5<2+8 +/) 9M Ċ5 ä H)ĉD#đ! ++) :+ =LH Ċ+9")5"3):* : 8 ++) :+"+<19 G3Ċ 9 2<! G G! :+ Q:D!<! < :+ 5 "+<19 "+<19 G3 ĉ "+<19 *ĉ5* "+<19 +ĉ/) "+<19 *ĉ5*-Q: 9"D =*/ 9! 3+?5!< <"@

- =L5: )= /:) 9 E*Ċ E-8 ä H)ĉD#đ! ++) :+ 5 "+<19 G3 ĉ "+<19 *ĉ5* E-8"+<19 *ĉ5*-Q: 9" D =*/ 9! D &:8 =LD#đ!"+<19 8D"=*!

bŴ H)ĉD#đ!3+?5D *D#đ! ++) :+ =)L 2= /ĉ !+ĉ/)G! :+"+<3:+ :! -A Ċ: &!9 :! cŴ )=3!Ċ: =L :)#+8 :0 -: 3-9 +9&*čE3ĉ #+8D 0H */ĉ: Ċ/* @ 2)"9 < =#L +> 1: =HL ĊD <!D ?5!#+8 Q: 3+?5$A)Ċ 5= :Q !: /" @) 5 "+<1 9 "+<1 9 G3 ĉ E-8 5"D :+ Q:D!<! :+ 5 8 ++) :+ +/ 25" "+<19 *ĉ5* "+<19 +ĉ/) "+<19 *ĉ5*-Q: 9"D =*/ 9! 3+?5!< <"@

- =L5: )= dŴ )= /:)+AĊ E -8#+82" :+ č D&= * &5 =L 82:):+ Q : 3!Ċ : =L G ! :!8 /:) 9 E*Ċ Ů#ď @"9! E-8 ĉ/ b #ā ĉ5!H Ċ+9" :+E ĉ 9M ů ++) :+ +/ 25" E-8 Ċ5 )= ++) :+ +/ 25"5*ĉ: !Ċ5* a ! =L)= cŴ H)ĉ)= /:)29)&9! č : 2:*F-3< 3+?5F * :+ 8D"=*! :) 3):* /:)+AĊE-8#+82" :+ č =L 82:):+ Q:3!Ċ: =LG! :+25" :! /:)!ĉ: 5 $AĊ"+<3:+ $AĊ ?53@Ċ!+:*G3 ĉ $AĊ)=5Q:!: /" @) 3+?5"@

- =L 8H Ċ+9" D ?L5 ?5 5 " :+D <!H Ċ :+D2!5 ?L5D#đ!$AĊ"+<3:+3+?5$AĊ)=5Q:!: /" @) 5 "+<19 3+?5"+<19 *ĉ5* dŴ H)ĉ)= /:)29)&9! č Ċ:!"+<3:+3+?5 Q: @+ < +ĉ/) 9""+<19 "+<19 G3 ĉ "+<19 *ĉ5* "+<19 +ĉ/) "+<19 *ĉ5*-Q: 9"D =*/ 9! 3+?5!< <"@

- =L5: )= /:) 9 E*Ċ 9M #ď @"9!E-8 b #ā ĉ5!/9! =L*?L! Q: 55!@ : 9"2Q:!9 :! Ŵ-Ŵ Ŵ G!#+8D K! 9 ĉ5H#!=M

34

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Management Structure ‘ Y ="D= L" L=#K. L=

Board of Directors The Board of Directors as of December 31, 2010, consisted of 7 members, namely:

ŒšĂ…½

¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă†

1. Mr. Lee Soon Kie 2. Mr. Tan Ley Yen 3. Ms. Lim Mui Ling 4. Mr. Niphat Chamroonrat 5. Dr. Thamnoon Ananthothai 6. Mr. Suvait 7. Mr. Niwat

Chairman of the Board Director Director Director Director, Independent Director, Chairman of the Audit Committee Theeravachirakul Director,Independent Director, Member of the Audit Committee Kanjanaphoomin Director,Independent Director, Member of the Audit Committee

Mr. Guntapon Kittisiriprasert as Secretary to the Board of Directors

™Ă?ĂŒĂ€Ă‡ĂŠĂ Ă’½Ÿ ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ Çž ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘ Mr. Tan Ley Yen or Mr. Lee Soon Kie is authorized to sign with the Company’s seal affixed.

ÂŤÂťĂ‡Ăˆ½ÂŽ ÂœĂ?ĂŒà ½Ă‹ šĂ†Âź ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒà ½Ă‹ Çž ĂŒĂ€½ šÇšĂŠÂź Çž ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ The Board of Directors has the power, duties and responsibilities to manage the Company to be in compliance with laws, objectives, and regulations of the Company, as well as the resolution of the shareholders’ meeting with lawful approval, honesty, and carefulness of the Company’s benefits. The summary of important power, duties and responsibilities is as follows: 1. To hold the annual general meeting of shareholders within 4 months from the end of the fiscal year; 2. To call the meeting of the Board of Directors at least once every three months; 3. To arrange for the preparation and submission of the audited balance sheet and profit and loss statement at the end of each fiscal year to the shareholders’ meeting for its consideration and approval; 4. To authorize any one or several directors or any person to perform any action on behalf of the Board of Directors under the supervision of the Board of Directors, or granting the power-of-attorney to such designed person(s) to perform any action within the specified time as the Board of Directors may think fit; provided, however, that the Board of Directors has the sole discretion to revoke or modify such designated director or power-of-attorney as the Board of Directors may think fit; In addition, the Board of Directors may authorize the Executive

Committee to conduct any activities within the specified scope of work, duties and responsibilities of the Executive Committee. No authorization will entitle the Executive Committee or its authorized representative to consider and approve the transaction, which may cause a conflict of interest between the Executive Committee, its authorized representative or any related person or interested person as the one party and the Company or its subsidiary companies as the other party. However, an exception is granted where the transaction conforms to the approved policies and rules of the Board of Directors; 5. To determine the goals, prospects, policies, business plans and budgets of the Company, and to ensure that the work performed by the Executive Committee complies with the set policies. However, the Board of Directors needs to obtain the resolution of the shareholders’ meeting before entering into these transactions that required approval of the shareholders’ meeting, for instance, increase or reduction of capital, issue of bonds, sale or transfer of all or any substantial parts of the Company’s businesses to any third party, purchase or acceptance of transfer of other businesses, amendment to any third party, purchase or acceptance of transfer of other businesses, amendment to the Memorandum of Association, and so on; The Board of Directors is also responsible for ensuring the Company’s compliance with the securities and exchange law and rules of the SET, for instance, rules concerning the entry into connected transactions and concerning purchase or sale of substantial assets, including any law governing the Company’s business; 6. To review the management structure and appoint the Executive Committee, Chief Executive Officer and any sub-committees, as it deems appropriate; 7. To ensure that the Company’s performance follows the business plans and budgets at all times; 8. To refrain from conducting any similar or competitive business, participating as partner in an ordinary partnership or partner with unlimited liability in a limited partnership or director in a private company or in any other firms, companies or corporations operating businesses similar to or in competition with the Company, regardless of whether for his/her own benefit or for others’ benefit. However, an exception is granted where the director provides notice to the shareholders’ meeting in advance of his/her effective appointment as director of the Company; 9. To notify the Company without delay in the event of likelihood that the director may have direct or indirect interests as a result of

Annual Report 2010 : IFS Capital (Thailand) PCL

áÚ

Management Structure ‘ Y ="D= L" L=#K. L=

(i) the Company’s entry into any agreement, and (ii) his/her increased or decreased holding of shares or bonds in the Company or its subsidiary companies. Apart from the Board of Directors, the Company has appointed 3 subcommittees to help with management, consideration or screening, decision making, and transparency, following the principles of the Good Corporate Governance, namely: - The Audit Committee - The Compensation and Nomination Committee - The Risk Management Committee

Audit Committee As of December 31, 2010, the Audit Committee consisted of 3 members with knowledge and experience to review the financial statements of the company.

ŒšĂ…½

¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă†

Chairman of the Audit Committee 1. Dr. Thamnoon Ananthothai Theeravachirakul Member 2. Mr. Suvait Kanjanaphoomin Member 3. Mr. Niwat

ÂŤÂťĂ‡Ăˆ½ Çž ¨Ă‡Ă?½ĂŠÂŽ ÂœĂ?ĂŒà ½Ă‹ šĂ†Âź ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒà ½Ă‹ Çž ĂŒĂ€½ ™Ă?Ÿà ĂŒ Â›Ă‡Ă…Ă…Ă ĂŒĂŒ½½ 1. To review the Company’s financial report to ensure that it is accurate and adequate. 2. To review the Company’s internal control system and internal audit system to ensure that they are suitable and efficient, to determine the internal audit’s independence, as well as to approve the appointment, transfer and dismissal of the chief of internal audit or any other person in charge of internal audit. 3. To review the Company’s compliance with the law on securities and exchange, the SET’s regulations and other laws relating to the Company’s business. 4. To consider, select and nominate an independent person to be the Company’s auditor, and to propose such person’s remuneration, as well as to attend a non-management meeting with an auditor at least once a year. 5. To review the connected transactions, or the transactions that may lead to conflicts of interests, to ensure that they are in compliance with the laws and the Exchange’s regulations, and are reasonable and for the highest benefit of the Company. 6. To perform any other act as assigned by the Company’s Board of Directors.

36

7. To prepare, and to disclose in the Company’s Annual Report, an Audit Committee’s report which must be signed by the Audit Committee’s Chairman and consist of at least the following information: ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÆ ĂŒĂ€½ šĂ?ĂŠšĂ‘ÂŽ ÂťĂ‡Ă…ĂˆĂ„½ĂŒ½Ă†½Ă‹Ă‹ šĂ†Âź Ê½Ÿà ĂŒšºà Ă„Ă ĂŒĂ‘ of the Company’s financial report, ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÆ ĂŒĂ€½ šŸ½Ă‰Ă?šĂ‘ Çž ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘âĂ‹ Ă Ă†ĂŒ½ĂŠĂ†šĂ„ ÂťĂ‡Ă†ĂŒĂŠĂ‡Ă„ system, ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÆ ĂŒĂ€½ ÂťĂ‡Ă…ĂˆĂ„à šĂ†½ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Ă„šĂ? ÇÆ Ă‹½Ă?ĂŠĂ ĂŒà ½Ă‹ šĂ†Âź exchange, the Exchange’s regulations, or the laws relating to the Company’s business, ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÆ ĂŒĂ€½ Ă‹Ă?Ă ĂŒšºà Ă„Ă ĂŒĂ‘ Çž šĂ† šĂ?Ÿà ĂŒĂ‡ĂŠÂŽ ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÆ ĂŒĂ€½ ĂŒĂŠšĂ†Ă‹šĂŒĂ ÇÆË ĂŒĂ€šĂŒ Ă…šĂ‘ Ă„½šŸ ĂŒĂ‡ ÇÆžĂ„Ă ÂťĂŒĂ‹ Çž interests, the number of the Audit Committee meetings, and the attendance of such meetings by each committee member, ĂŚ šĂ† Ă‡ĂˆĂ Ă†Ă Ă‡Ă† ÇÊ ÇÎ½ĂŠĂŽà ½Ă? ÇÅÅ½Ă†ĂŒ ĂŠ½½à ĂŽ½Ÿ ºÑ ĂŒĂ€½ ™Ă?Ÿà ĂŒ Committee from its performance of duties in accordance with the charter, and other transactions which, according to the Audit Committee’s opinion, should be known to the shareholders and general investors, subject to the scope of duties and responsibilities assigned by the Company’s Board of Directors. 8. To report to the Board when the Audit Committee finds or suspects any of the following transactions or acts, which may materially affect the Company’s financial condition and operating results, in order to proceed with a remedy within the timeline that the Audit Committee thinks fit: ĂŚ š ĂŒĂŠšĂ†Ă‹šĂŒĂ ÇÆ Ă?Àà À šĂ?Ă‹½ š ÇÆžĂ„Ă ÂťĂŒ Çž Ă Ă†ĂŒ½ĂŠ½Ă‹ĂŒÂ“ ĂŚ šĂ†Ă‘ žĂŠšĂ?ŸŽ Ă?ÆĂ?Ă‹Ă?šĂ„ ĂˆĂŠšĂŒà ½ ÇÊ Ă…šĂŒ½ĂŠà šĂ„ Ÿ½ž½ĂŒĂ‹ à Æ ĂŠ½Ă„šĂŒĂ ÇÆ ĂŒĂ‡ the internal control system; and ĂŚ š Îà ÇÄšĂŒĂ ÇÆ Çž ĂŒĂ€½ Ă„šĂ? ÇÆ Ă‹½Ă?ĂŠĂ ĂŒà ½Ă‹ šĂ†Âź ½Ă?ÀšĂ†¿½ÂŽ ĂŒĂ€½ ÂŤÂ?âĂ‹ regulations or other laws relating to the Company’s business.

Â›Ă‡Ă…Ăˆ½Ă†Ă‹šĂŒĂ ÇÆ šĂ†Âź ŒÇÅà ÆšĂŒĂ ÇÆ Â›Ă‡Ă…Ă…Ă ĂŒĂŒ½½ As of 31st December 2010, the Compensation and Nomination Committee of the Company consisted of 3 members, namely:

ŒšĂ…½ 1. Mr. Niphat 2. Dr. Thamnoon 3. Mr. Lee Soon Kie

¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† Chamroonrat Chairman of the Compensation and Nomination Committee Ananthothai Member Member

ÂŤÂťĂ‡Ăˆ½ Çž ¨Ă‡Ă?½ĂŠÂŽ ÂœĂ?ĂŒà ½Ă‹ šĂ†Âź ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒà ½Ă‹ Çž ĂŒĂ€½ Â›Ă‡Ă…Ăˆ½Ă†Ă‹šĂŒĂ ÇÆ šĂ†Âź ŒÇÅà ÆšĂŒĂ ÇÆ Â›Ă‡Ă…Ă…Ă ĂŒĂŒ½½ 1. To recommend the remuneration structure of the Board of Directors’ and Committees’ members including meeting allowances, bonus, welfare and other benefits both in monetary and non-monetary terms;

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

2. To evaluate the corporate performance of the Company to determine bonus and annual salary increase across the Company, taking into account appropriate industry benchmarks;

Management Team As of December 31, 2010, the Company’s Management Team consisted of:

3. To recommend the Company’s salary structure and other benefits;

ŒšĂ…½

¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă†

4. To consider, comment, and evaluate on the Employee Stock Option Program (ESOP) Schemes for directors and employees;

1. Mr. Ley Yen Tan 2. Mr. Guntapon Kittisiripraert 3. Mr. Paknam Sarakul

Chief Executive Officer Chief Financial Officer GM, Business Development and Client Relations GM, Operations Assistant GM, Business Development Assistant GM, Business Development Assistant GM, Finance and Acccounts Assistant GM, Credit Review, Human Resources and Adminsitration

5. To recommend the structure and composition of the Board and Committees together with the qualification of its members;

4. Ms. Kwanjai 6. Mr. Suvichan

Sae-Lai Charoenponpoj

6. To recommend the list of nominees for the Board of Directors to be proposed to the Shareholders’ General Meeting in case of vacancies by rotation and to the Board of Directors in case of casual vacancies; and

7. Ms. Nararak

Kongsiriruanglai

8. Mrs. Pensri

Pettong

7. To perform the scope of duties and responsibilities as assigned by the Board of Directors.

9. Mr. Yutthachai Siriphanpong

ÂŞĂ Ă‹Ăƒ ¼šĂ†š¿½Ă…½Ă†ĂŒ As of December 31, 2010, the Risk Mangement Committee consisted of 4 members, namely:

ŒšĂ…½ 1. Mr. Suvait

¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† Theeravachirakul

2. Dr. Thamnoon Ananthothai 3. Mr. Niwat Kanjanaphoomin 4. Mr. Tan Ley Yen

Chairman of the Risk Management Committee Member Member Member

ÂŤÂťĂ‡Ăˆ½ Çž ¨Ă‡Ă?½ĂŠÂŽ ÂœĂ?ĂŒà ½Ă‹ šĂ†Âź ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒà ½Ă‹ Çž ĂŒĂ€½ ÂŞĂ Ă‹Ăƒ ¼šĂ†š¿½Ă…½Ă†ĂŒ Â›Ă‡Ă…Ă…Ă ĂŒĂŒ½½ 1. Recommend to the Board in formulating the risk management policies, strategies, standards etc. and defining acceptable risk levels; 2. Review with management of the Company the risk management reports, policies, strategies, frameworks, models and procedures, etc., to ensure that the Company has adequate and suitable risk management to acceptable levels, and ensure continued implementation of risk management; and 3. Periodically review enterprise risk management (ERM) systems that cover all activities of the Company including the assignment of any person or sub-committee to oversee the integration of departmental risk management and control systems and report to the Board.

ÂŤÂťĂ‡Ăˆ½ Çž ¨Ă‡Ă?½ĂŠÂŽ ÂœĂ?ĂŒà ½Ă‹ šĂ†Âź ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒà ½Ă‹ Çž ĂŒĂ€½ ›Â?§ 1. To manage the Company’s day-to-day business operations and/or supervise the Company’s general administration; 2. To ensure or manage that the Company’s operations follow and satisfy its business objectives, articles of association, rules, regulations, orders, policies, goals, operating plan and budget, which are approved by the Board or the resolution of the general meeting of shareholders or both; 3. To follow the tasks assigned by the Company’s Board of Directors; 4. To set the organization structure, hire, appoint, transfer, remove and misemploy, determine wages of, grant rewards to, raise salary and remuneration of, and give bonuses to all employees who hold positions at a lower level than the CEO; 5. To approve and authorize disbursement for the procurement of assets and services for the Company. Approves financial transactions for the Company’s operations within the limit determined by the Board of Directors; 6. To issue orders, regulations, announcements and records to have all operations follow the Company’s policies, maximize its benefits and cope with its rules and principles;

Annual Report 2010 : IFS Capital (Thailand) PCL

37

Management Structure ‘ Y ="D= L" L=#K. L=

7. To present as the Company’s representative to outside parties in related circumstances to benefit the Company; 8. To appoint working teams to be responsible for operating or managing the Company’s business and to subrogate or designate any person to perform a specific task on behalf of the CEO. Each appointment, subrogation or designation is subject to the CEO’s control. Alternatively, the CEO may appoint any person to have the power to do any acts as he thinks fit and within the time specified by him. The CEO has the discretion to cancel, withdraw or change that appointment, subrogation or designation at any time; 9. To perform other duties as assigned by the Company’s Board of Directors; and

ĂŚ ÂŹĂ€½ Ăˆ½ĂŠĂ‹Ă‡Ă† Ă?ÀÇ Ă‡ÂşĂŒšà ÆË ĂŒĂ€½ Àà ¿À½Ă‹ĂŒ ĂŽĂ‡ĂŒ½Ă‹ Ă?Ă Ă„Ă„ º½ ½Ă„½ĂŒ½Ÿ šĂ‹ š director in respective order according to the required number of directors, but if two or more persons obtain equal votes, the Chairman must cast a final vote. 2. At every Annual General Meeting of Shareholders, one-third (1/3) of the directors, or if it is not a multiple of three, then the number nearest to one-third (1/3) must retire from office. There must be a drawing by lots to determine the directors retiring on the first and second years following the registration of the Company. In each subsequent year, the directors who occupy the position for the longest period must retire. A retiring director is eligible for re-election.

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

Â›Ă‡ĂŠĂˆĂ‡ĂŠšĂŒ½ ½ĂŠ½ĂŒšĂŠĂ‘ The Company has appointed Mr. Guntapon Kittisiripraert to be the Corporate Secretary with the authority as indicated by the Board of Directors following the Securities and Exchange Act, as well as to act in order to comply with the Board of Directors’ resolution following the Company’s Good Corporate Governance principles.

ÂŹĂ€½ ŒÇÅà ÆšĂŒĂ ÇÆ Çž ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ šĂ†Âź ¥ÆŸ½Ăˆ½Ă†Ÿ½Ă†ĂŒ Directors The Company’s Nomination Committee is to select candidates for the positions of Director by considering various criteria such as knowledge, capability, experience, determination and work ethics, etc. which are beneficial to the Company’s business operations.

ŒÇÅà ÆšĂŒĂ ÇÆ Çž ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘âĂ‹ ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ The procedures of the nomination of candidates to be appointed as Directors are as follows: 1. The Board of Directors consists of at least 5 members who are appointed by the meeting’s election with the majority votes, following the principles and methods as follows: ĂŚ Each shareholder has 1 vote for each share held; ĂŚ Each shareholder may exercise the vote in electing one or more persons to be the directors but the votes are indivisible; and

38

The Company’s Board of Directors consists of 7 members with two Directors as representatives of the major shareholders, namely, Mr. Lee Soon Kie and Ms. Lim Mui Ling.

ÂŹĂ€½ ŒÇÅà ÆšĂŒĂ ÇÆ Çž ĂŒĂ€½ ¥ÆŸ½Ăˆ½Ă†Ÿ½Ă†ĂŒ ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ and Audit Committee The Company’s procedures for the nomination of the Independent Directors and Audit Committee are as follows: 1. The Independent Directors shall consist of no less than one-thirds of the Directors and no less that 3 members. 2. The Audit Committee shall consist of no less than 3 members. 3. The qualifications are indicated as follow:

ŠĂ?šĂ„à žà šĂŒĂ ÇÆË Çž ĂŒĂ€½ ¥ÆŸ½Ăˆ½Ă†Ÿ½Ă†ĂŒ ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ In compliance with the related notification of the Stock Exchange of Thailand as follows: 1. Hold not more than 1% of the total shares with voting rights of the Company, parent company, affiliated companies, or juristic persons which may have conflicts of interest, including the shares held by related persons; 2. Not be or used to be an Executive Director, an employee, staff, advisor who earns salary, or controlling person of the Company, parent company, subsidiary company, associate company, a subsidiary of the same level, or juristic person who may have conflicts of interest (at present and two years prior to the appointment); 3. Not having blood relations or legitimate relations with the Executives, major shareholders, controlling persons, or candidate persons to be nominated as Executives or controlling persons of the Company or a subsidiary.

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

4. Not having management relationship or business with the Company, parent company, affiliated company, subsidiary at the same level, or juristic persons which may have conflicts of interest at present and 2 years before the submission date of the following matters with SEC: Ì Not be or used to be an Executive Director, an employee, staff, advisor who earns salary; Ì Not having business relationship such as sale/purchase significant assets or services as stipulated by the SEC (following the guidelines of the notification of the connected transaction of the SET); Ì Not be or used to be the Auditor; or Ì Not be or used to be any provider of professional services, including the legal advisor, financial advisor whom receives a service fee of more than Baht 2 million per year. 5. Not be an appointed Director, or representative of the Director of the Company, major shareholder, or persons, who are related to the major shareholders of the Company. 6. Not having any characteristics which will impair making independent opinions on the Company’s operations.

ŠĂ?šĂ„à žà šĂŒĂ ÇÆË Çž ĂŒĂ€½ ™Ă?Ÿà ĂŒ Â›Ă‡Ă…Ă…Ă ĂŒĂŒ½½ 1. Received an appointment from the Board of Directors or through a resolution from a shareholders’ meeting. 2. Every Audit Committee member shall be an Independent Director and: ĂŚ Not being a Director who is assigned by the Board of Directors to make decision in the operations of the Company, parent company, affiliated companies, subsidiary company of the same level, or juristic persons which may have conflict of interest; and ĂŚ Not being a Director of the parent company, subsidiary company, subsidiary company of the same level, only apply to the listed company. 3. Have a duty as stipulated by the notification of the Stock Exchange of Thailand RE: Qualification and Scope of the Audit Committee’s operations. 4. Have sufficient academic qualification and work experience to work as the Audit Committee and at least 1 member of the Audit Committee shall have sufficient academic qualification and work experience to examine the credibility of the financial statements.

Annual Report 2010 : IFS Capital (Thailand) PCL

39

Management Structure ‘ Y ="D= L" L=#K. L=

5=JAK/N ==; L= ‘ ÂŹĂ€½ šÇšĂŠÂź Çž ÂœĂ ĂŠ½ĂŒĂ‡ĂŠĂ‹ šà Ç¿ÊšĂˆĂ€Ă‘ 3L< ?O &S3 O ‘¼ÊÂ? ¤½½ ÇÇÆ £à ½ 5:*@ eb #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< :F 2: :/< *:0:2 +Ä? 5)&</D 5+Ä? ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ Ĺ—ĹŽ ĿʼnŔĹ?Ĺ›Ų ÄŠĹŠĹ?ĹšĹĄĹ›ĹœĹ&#x;ĹĄĹœĹ? Master’s degree in Computer Science of University of Wales, Aberystwyth

ä #+< : +=D0+1 0:2 +Ä? ÄźĹ?Ĺ? ÄśĹ‰ĹœĹ‘Ĺ—Ĺ–Ĺ‰Ĺ” ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ Ĺ—ĹŽ ĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ? Bachelor’s degree in Economics of The National University of Singapore

ä Ä˝Ĺ–ĹŒĹ?ĹšĹ›ĹœĹ‰Ĺ–ĹŒĹ‘Ĺ–Ĺ? ĹœĹ?Ĺ? ÄşĹ?Ĺ?Ĺ?Ĺ”Ĺ‰ĹœĹ—ĹšĹĄ ĭŖŞőŚŗŖŕĹ?Ĺ–Ĺœ Ĺ‘Ĺ– ĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ? Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 2< F#+Ä? Understanding the Regulatory Environment Program in Singapore 2008-Singapore Institute of Directors

/dLXE3 "5 ##R4K3 ‘ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä #+8 :! ++) :+ Ĺľ Chairman of the Board

AL;DK;8K32 K44=NCK1 ‘ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘ ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 % of Stock holding in the Company ÄĽ `Ĺ´`he ä !< / Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 400,000

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

"+<19 / Company

beecĹł#Ä? @"9! Ĺľ 2010-Present beebĹł#Ä? @"9! Ĺľ 2009-Present bee`Ĺł#Ä? @"9! Ĺľ 2007-Present bediĹł#Ä? @"9! Ĺľ 2006-Present

++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+ Ĺľ Director

IFS Capital Intellectual Property Private Ltd. (Singapore) IFS Factors (Malaysia) Scln. Bhd, (Malaysia) IFS Capital (Hong Kong) Ltd. (Hong Kong) IFS Capital (Malaysia) Sdn. Bhd. (Malaysia)

"+<19 H5D5'D52 E ##Ä€ 5- F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 IFS Capital Holdings (Thailand) Ltd.

bedhĹł#Ä? @"9! Ĺľ 2005-Present ++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ Ĺľ Director bedgĹł#Ä? @"9! Ĺľ 2004-Present #+8 :! ++) :+ Ĺľ Chairman of the Board

IFS Ventures Private Ltd. (Singapore) IFS Ventures 2 Ltd. (Singapore) Advance Finance PCL.

"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

#+8 :! 8 ++): < :+

PT. IFS Capital Indonesia (Indonesia)

Chairman of the Board of Commissioners

bedfĹł#Ä? @"9! Ĺľ 2003-Present

40

#+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+ E-8 ++) :+"+<3:+

"+<19 H5D5'D52 E ##Ä€ 5- Q: 9 ĹŽ2< F#+Ä?ĹŻ

CEO & Executive Director

IFS Capital Ltd.

++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ Ĺľ Director

Phillip Ventures Enterprise Fund Ltd. (Singapore) IFS Capital Assets Private Ltd (Singapore) Phillip Private Equity Pte Ltd (Singapore) ECICS Ltd. (Singapore)

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

.=Â?2==;3St GL3K3Y1[1< ‘ ÂœĂŠÂ?ÂŹĂ€šĂ…ÆÇÇÆ ™ÆšĂ†ĂŒĂ€Ă‡ĂŒĂ€šà 5:*@ ed #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< :D5 ÄąĹ–ĹœĹ?ĹšĹ–Ĺ‰ĹœĹ‘Ĺ—Ĺ–Ĺ‰Ĺ” ľʼnŖʼnĹ?Ĺ?Ĺ•Ĺ?Ĺ–Ĺœ ÄżĹ‰Ĺ”ĹŒĹ?Ĺ– ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœťŲ ÄśĹ‰Ĺ˜Ĺ”Ĺ?Ų ÄŽĹ”Ĺ—ĹšĹ‘ĹŒĹ‰Ų ĽĝĊŴ Doctor’s degree of International Management Walden University, Naple, Florida, USA.

ä Ä˝Ĺ–ĹŒĹ?ĹšĹ›ĹœĹ‰Ĺ–ĹŒĹ‘Ĺ–Ĺ? ĹœĹ?Ĺ? ÄŽĹ?Ĺ–ĹŒĹ‰Ĺ•Ĺ?Ĺ–ĹœĹ‰Ĺ” Ĺ—ĹŽ ĎőŖʼnŖŋőʼnŔ ÄťĹœĹ‰ĹœĹ?Ĺ•Ĺ?Ĺ–ĹœĹ› ĸŚŗĹ?Śʼnŕ +@ĉ! =L gĹľb``g Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Understanding the Fundamental of Financial Statements (UFS-7/2007) -

Thai Institute of Directors

ä ÄźĹ?Ĺ? ĺŗŔĹ? Ĺ—ĹŽ ĹœĹ?Ĺ? ÄŤĹ?ʼnőŚŕʼnŖ ĸŚŗĹ?Śʼnŕ +@ĉ! =L adĹľb``f Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * The Role of the Chairman Program (RCP -14/2006) - Thai Institute of Directors

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŤĹ?ĹšĹœĹ‘Ä Ĺ‹Ĺ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L g`Ĺľb``f Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Certification Program (DCP -70/2006) - Thai Institute of Directors

ä ÄŠĹ?ĹŒĹ‘Ĺœ ÄŤĹ—Ĺ•Ĺ•Ĺ‘ĹœĹœĹ?Ĺ? ĸŚŗĹ?Śʼnŕ +@ĉ! =L a`Ĺľb``e Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Audit Committee Program (ACP - 10/2005) - Thai Institute of Directors

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŠĹ‹Ĺ‹ĹšĹ?ĹŒĹ‘ĹœĹ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L dhĹľb``e Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Accreditation Program (DAP 48/2005) - Thai Institute of Directors

/dLXE3 "5 ##R4K3 ‘ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä +5 #+8 :! ++) :+ ++) :+5<2+8 #+8 :! ++) :+ +/ 25" 2): < 8 ++) :+ Q:3! ĉ: 5"E !E-82++3: E-82): < 8 ++) :+"+<3:+ /:)D2=L* Deputy Chairman, Independent Director, the Chairman of the Audit Committee, Member of Compensation and Nomination Committee and Member of Risk Management Committee

AL;DK;8K32 K44=NCK1 ‘ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 Ĺľ % of Stock holding in the Company = `Ĺ´`f ä !< Ĺľ Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 300,000

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

beecĹł#Ä? @"9! Ĺľ 2010-Present ++) :+5<2+8 Ĺľ Independent Director

"+<19 / Company "+<19 H **AD!=L*!F'+D ĉ!F#+ 9 2Ä? Q: 9 ĹŽ)3: !ĹŻ Thai Union Frozen Products PCL.

bee`Ĺł#Ä? @"9! Ĺľ 2007-Present +5 #+8 :! ++) :+ ++) :+5<2+8 #+8 :!

8 ++) :+ +/ 25" 2): < 8 ++) :+ Q:3! ĉ: 5"E !E-82++3: E-82): < 8 ++) :+"+<3:+ /:)D2=*L ž

"+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

Deputy Chairman, Independent Director, the Chairman of the Audit Committee, Member of Compensation and Nomination Committee and Member of Risk Management Committee

+5 #+8 :!E-8#+8 :! ++) :+ +/ 25" Ĺľ

"+<19 D" D 5+Ä? D/<- Ä? +=! Q: 9 ĹŽ)3: !ĹŻ

Vice Chairman and Director of Audit Committee

Better World Green PCL.

++) :+ +/ 25" Ĺľ Audit Committee #+8 :! ++) :+ Ĺľ Chairman of the Board

)3:/< *:-9* +@ D & Ĺľ Bangkok University "+<19 /<!D /<0/ ++) Q: 9 ĹŽ)3: !ĹŻ Vintage Engineering PCL.

Annual Report 2010 : IFS Capital (Thailand) PCL

41

Management Structure ‘ Y ="D= L" L=#K. L=

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" Š/ G‹ ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ÂŠÂ›Ă‡Ă†ĂŒĂ Ă†Ă?½ŸÂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

bediĹł#Ä? @"9! Ĺľ 2006-Present ++) :+E-8#+8 :! ++) :+ +/ 25" Director and the Chairman of Audit Committee

bedhĹł#Ä? @"9! Ĺľ 2005-Present ++) :+E-8 ++) :+ +/ 25" Director and Member of Audit Committee

bedgĹł#Ä? @"9! Ĺľ 2004-Present ++) :+"+<3:+ / Executive Director

"+<19 / Company "+<19 F+ &<)&Ä? 8/9!55 Q: 9 ĹŽ)3: !ĹŻ Eastern Printing PCL.

"+<19 &+K5&D&5+Ä? =M D&5+Ä?D' Q: 9 ĹŽ)3: !ĹŻ Property Perfect PCL.

"+<19 3-9 +9&*Ä? D)5+Ä? 9L! &:+Ä? D!5+Ä? Q: 9 ĹŽ)3: !ĹŻ Merchant Partners Securities PCL.

beddĹł#Ä? @"9! Ĺľ 2001-Present ++) :+"+<3:+ Ĺľ Executive Director

8 ++) :+ -: 2<! Ċ:D 1 +-ĉ/ 3!Ċ:E3ĉ #+8D 0H * The Agricultural Futures Exchange of Thailand

3Â?DÂ? ?N; ;R< E?N" ‘ ÂĽĂ‹Â? ¤à Ă… ÂĽĂ?à ¤à Æ¿ 5:*@ ea #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< : +="9 = ÄźĹ?Ĺ? ÄśĹ‰ĹœĹ‘Ĺ—Ĺ–Ĺ‰Ĺ” ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ Ĺ—ĹŽ ĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ? Bachelor of Accountancy of The National University of Singapore

ä Ä˝Ĺ–ĹŒĹ?ĹšĹ›ĹœĹ‰Ĺ–ĹŒĹ‘Ĺ–Ĺ? ĹœĹ?Ĺ? ÄşĹ?Ĺ?Ĺ?Ĺ”Ĺ‰ĹœĹ—ĹšĹĄ ĭŖŞőŚŗŖŕĹ?Ĺ–Ĺœ Ĺ‘Ĺ– ĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ? Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 2< F#+Ä? Understanding the Regulatory Environment Program in Singapore 2008 - Singapore Institute of Directors

/dLXE3 "5 ##R4K3 ‘ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä ++) :+ Ĺľ Director

AL;DK;8K32 K44=NCK1 ‘ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 Ĺľ % of Stock holding in the Company = `Ĺ´`e ä !< / Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 250,000

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

beebĹł#Ä? @"9! Ĺľ 2009-Present ++) :+ Ĺľ Director

"+<19 / Company "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

beeaĹł#Ä? @"9! Ĺľ 2008-Present ++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ Ĺľ Director

42

IFS Capital Assets Private Ltd. (Singapore) IFS Ventures Private Ltd. (Singapore) IFS Ventures 2 Ltd. (Singapore)

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

3L<DRWA1< 2O=JA%N= R? Ĺľ ÂĽĂŠÂ? ÂŤĂ?ĂŽšà ĂŒ ÂŹĂ€½½ĂŠšĂŽšĂ€Ă ĂŠšĂƒĂ?Ă„ 5:*@ eb #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< :F "+<3:+ @+ < ĿʼnĹ?Ĺ–Ĺ?Ĺš čŗŔŔĹ?Ĺ?Ĺ?Ų ÄśĹ?Ĺ&#x; ŠŗŚœŲ ĽĝĊ Master of Business Administration of Wagner College, New York, USA

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŤĹ?ĹšĹœĹ‘Ä Ĺ‹Ĺ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L iĹľb``a Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Certification Program (DCP 9/2001) - Thai Institute of Directors

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŠĹ‹Ĺ‹ĹšĹ?ĹŒĹ‘ĹœĹ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L aeĹľb``f Ĺł 2): )2ĉ D2+<) ++) :+"+<19 H * Director Accreditation Program (ACP 15/2006) - Thai Institute of Directors

ä ÄťĹ?Ĺ‹Ĺ‹Ĺ?śśŎĹ?Ĺ” ĎŗŚŕĹ?Ĺ”Ĺ‰ĹœĹ‘Ĺ—Ĺ– ĹŹ Ä­Ĺ Ĺ?Ĺ‹Ĺ?ĹœĹ‘Ĺ—Ĺ– ĹœĹ?Ĺ? ÄťĹœĹšĹ‰ĹœĹ?Ĺ?ĹĄ +@ĉ! =L fĹľb`a` Ĺł 2): )2ĉ D2+<) ++) :+"+<19 H * Successful Formulation & Execution the Strategy (SFE 6/2010) - Thai Institute of Directors

/dLXE3 "5 ##R4K3 Ĺľ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä ++) :+5<2+8 ++) :+ +/ 25" E-8 #+8 :! 8 ++) :+"+<3:+ /:)D2=L* Independent Director, Audit Committee Member and the Chairman of Risk Management Committee

AL;DK;8K32 K44=NCK1 Ĺľ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 / % of Stock holding in the Company = `Ĺ´`b ä !< Ĺľ Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 100,000

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

beecĹł#Ä? @"9! Ĺľ 2010-Present #+8 :! ++) :+ Ĺľ Chairman of the Board beebĹł#Ä? @"9! Ĺľ 2009-Present #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 / Company "+<19 = -=2 <L Q: 9 Ĺľ T Leasing Co., Ltd. "+<19 &:+:H Ä? +=D - Q: 9 Ĺľ Paradise Retail Co., Ltd. "+<19 ):"@ +5 0<+< 9* D5K!D 5+Ä?H&+ÄŠ2 Q: 9 Ma Boonkhrong Sirichai Enterprise Co., Ltd.

++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 2=):E& Q: 9 Ĺľ Sima Pac Co., Ltd. "+<19 D5K) "= D 652&< :-< =M E)!D! D)ÄŠ! Ä? Q: 9 MBK Hospitality Management Co., Ltd.

beeaĹł#Ä? @"9! Ĺľ 2008-Present #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board bee`Ĺł#Ä? @"9! Ĺľ 2007-Present ++) :+5<2+8 ++) :+ +/ 25" E-8#+8 :! 8 ++) :+"+<3:+ /:)D2=L*

"+<19 &:+:H Ä? &:+Ä? Q: 9 Ĺľ Paradise Park Co., Ltd. "+<19 D5K) "= D D+ 2<D ÄŠ! Ä? Q: 9 Ĺľ MBK Resident Co., Ltd. "+<19 D5K) "= D 2E /+Ä? Q: 9 Ĺľ MBK Square Co., Ltd. "+<19 D5K) "= D 5:D Q: 9 Ĺľ MBK Arcade Co., Ltd. "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

Independent Director, Audit Committee Member and the Chairman of Risk Management Committee

#+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 -:2D6ÄŠ:2Ä? "<- <M Q: 9 Ĺľ Glas Haus Building Co., Ltd. "+<19 E5&D&<- 55F ÄŠ 55 9L! ĹŽH *E-! Ä?ĹŻ Q: 9 Apple Auto Auction (Thailand) Co., Ltd.

bediĹł#Ä? @"9! Ĺľ 2006-Present #+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 D5K) "= D 'AÄ… H5E-! Ä? Q: 9 Ĺľ MBK Food Island Co., Ltd.

Annual Report 2010 : IFS Capital (Thailand) PCL

43

Management Structure ‘ Y ="D= L" L=#K. L=

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" Š/ G‹ ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ÂŠÂ›Ă‡Ă†ĂŒĂ Ă†Ă?½ŸÂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

bedhĹł#Ä? @"9! Ĺľ 2005-Present #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+5<2+8 E-8 ++) :+ +/ 25"

bedgĹł#Ä? @"9! Ĺľ 2004-Present bedfĹł#Ä? @"9! Ĺľ 2003-Present

"+<19 / Company "+<19 -:2D6ÄŠ:2Ä? +9 : Q: 9 Ĺľ Glas Haus Ratchada Co., Ltd. "+<19 +8 AÄŠ E-! Ä? Q: 9 Ĺľ Kathu Land Co., Ltd. "+<19 H *+@ĉ *AD!=L*! :+Ä? Q: 9 ĹŽ)3: !ĹŻ

Independent Director, Audit Committee Member

Thai Rung Union Car Public Company (Limited)

++) :+ Ĺľ Director ++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+"+<3:+ Ĺľ Executive Director

"+<19 &= 5:+Ä? = &? $- Q: 9 Ĺľ PRG Granary Co., Ltd. "+<19 +: 2=): H+ Ä? Q: 9 Ĺľ Ratchasrima Rice Co., Ltd. "+<19 D5K) "= D D K!D 5+Ä? Q: 9 Ĺľ MBK Center Co., Ltd. "+<19 D5K) "= D D-D 5+Ä? Q: 9 Ĺľ MBK Laser Co., Ltd. "+<19 D5K) "= D &+=D)=*) Q: 9 Ĺľ MBK Premium Co., Ltd. "+<19 E5Ä‹"F -A E +D/<- Q: 9 "+<19 # @)H+ )<- E5! Ä? E +!:+= Q: 9 ĹŽ)3: !ĹŻ Patum Rice Mill and Granary PCL.

bedeĹł#Ä? @"9! Ĺľ 2002-Present

bedd Ĺł #Ä? @"9! Ĺľ 2001-Present

++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+ Ĺľ Director #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+ Ĺľ Director ++) :+ Ĺľ Director ++) :+ E-8 ++) :+$AÄŠ5Q:!/* :+

"+<19 2*:)&</++ !Ä? Q: 9 Ĺľ Siam Piwat Co., Ltd. "+<19 = E5- &= E)!D! D)ÄŠ! Ä? Q: 9 Ĺľ C L P Management Co., Ltd. "+<19 E#-! D52D Q: 9 Ĺľ Plan Estate Co., Ltd. "+<19 E#-! E5&H&+ 9- Q: 9 Ĺľ Plan Appraisal Co., Ltd. "+<19 -:!": !: Q: 9 Ĺľ Lan Bangna Co., Ltd. "+<19 2*:)&</++ !Ä? F6- <M Q: 9 Ĺľ Siam Piwat Holding Co., Ltd. "+<19 D5K) "= D +=25+Ä? Q: 9 ĹŽ)3: !ĹŻ Ĺľ MBK Resort PCL. "+<19 D5K)"=D Q: 9 ĹŽ)3: !ĹŻ

Director and President

MBK PCL.

#+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board ++) :+ Ĺľ Director

"+<1 9 +<2 9- D- &+K5&D&5+Ä? 2M= Ä? Q: 9 Ĺľ Crystal Lake Properties Co., Ltd. "+<19 D5K) "= D E52D K Q: 9 Ĺľ MBK Asset Co., Ltd. "+<19 +9&*Ä?2<! :!= Q: 9 Ĺľ Supsinnthanee Co., Ltd. 5 @!+/) ! : <&+K5&D&5+Ä? =M'Ä?! Ä? a Ĺľ Nasset Property Fund 1 "+<19 F+ E+)+5*9- 55 < ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ Royal Orchid Hotel (Thailand) PCL.

++) :+ Ĺľ Director ++) :+ Ĺľ Director

"+<19 D 5+: 9! +5*9- 55 < Q: 9 Ĺľ Royal Orchid Sheraton Co., Ltd. "+<19 H * +5*9- 55 < D+=*- D5 D Q: 9 Thai Royal Orchid Real Estate Co., Ltd.

bedb Ĺł #Ä? @"9! Ĺľ 1999-Present ++) :+ Ĺľ Director

"+<19 H&+): = 5<-<E ! Ä? 5<!D/2D)! Ä? Q: 9 Primacy Elegance Investments Ltd.

bed` Ĺł #Ä? @"9! Ĺľ 1997-Present #+8 :! ++) :+ Ĺľ Chairman of the Board

#+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 < F5-<)#Ä€ -9" Q: 9 Ĺľ The Olympic Club Co., Ltd. "+<19 (AD K -K5 #:-Ä?) 5-Ä?' -9" Q: 9 Phuket Loch Palm Golf Club Co., Ltd.

#+8 #+8 #+8 #+8

:! ++) :+ Ĺľ Chairman of the Board :! ++) :+ Ĺľ Chairman of the Board :! ++) :+ Ĺľ Chairman of the Board :! ++) :+ Ĺľ Chairman of the Board

"+<19 D5K) "= D :+9! = Q: 9 Ĺľ MBK Guarantee Co., LtdĹ´ "+<19 D5K) "= D E ##Ä€ 5- Q: 9 Ĺľ MBK Capital Co., Ltd. "+<1 9 D5K) "= D D5K!D 5+Ä?D !D)! Ä? Q: 9 Ĺľ MBK Entertainment Co., Ltd. "+<19 D5K) "= D F6D K- E5! Ä? +=25+Ä? Q: 9 MBK Hotels and Resorts Co., Ltd.

becg Ĺł #Ä? @"9! Ĺľ 1994-Present ++) :+ Ĺľ Director bece Ĺł #Ä? @"9! Ĺľ 1992-Present #+8 :! ++) :+ Ĺľ Chairman of the Board

44

"+<19 / <+ 9 + 5! 9-E ! Ä? Q: 9 Ĺľ Wachirachat Consultant Co., Ltd. "+<19 D 58H!!Ä? D K!D 5+Ä? Q: 9 Ĺľ The Nine Center Co., Ltd.

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" Š/ G‹ ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ÂŠÂ›Ă‡Ă†ĂŒĂ Ă†Ă?½ŸÂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

becdĹł#Ä? @"9! Ĺľ 1991-Present #+8 :! ++) :+ Ĺľ Chairman of the Board #+8 :! ++) :+ Ĺľ Chairman of the Board beccĹł#Ä? @"9! Ĺľ 1990-Present ++) :+ Ĺľ Director

"+<19 / Company "+<19 D5K) "= D :+ @+ < Q: 9 Ĺľ MBK Business Co., Ltd. "+<19 D5K) "= D 2):+Ä? '5+Ä? Q: 9 Ĺľ MBK Smart Force Co., Ltd. "+<19 +<D/5+Ä?D - 5-Ä?' E5! Ä? 9! +=L -9" Q: 9 Riverdale Golf and Country Club Co., Ltd.

bec`Ĺł#Ä? @"9! Ĺľ 1987-Present #+8 :! ++) :+ Ĺľ Chairman of the Board

"+<19 D5K) "= D E5K /:! Ä? Q: 9 Ĺľ MBK Advance Co., Ltd.

3L<3N8K12 #dL=St=K/3 ‘ ÂĽĂŠÂ? ÂŚĂ ĂˆĂ€šĂŒ ›ÀšĂ…ÊÇÇÆÊšĂŒ 5:*@ fg #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< : +="+<3:+ @+ < ĸĹ‘ĹœĹ•Ĺ‰Ĺ– čŗŔŔĹ?Ĺ?Ĺ?Ų Ľij Bachelor of Business Administration, Pitman College, UK

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŠĹ‹Ĺ‹ĹšĹ?ĹŒĹ‘ĹœĹ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L fbĹľb``g Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Accreditation Program (DAP 62/2007) - Thai Institute of Directors

/dLXE3 "5 ##R4K3 ‘ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä ++) :+ E-8#+8 :! 8 ++) :+ Q:3! ĉ: 5"E !E-82++3: Director and the Chairman of Compensation and Nomination Committee

AL;DK;8K32 K44=NCK1 Ĺľ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 Ĺľ % of Stock holding in the Company = `Ĺ´`e ä !< / Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 250,000

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

bee`Ĺł#Ä? @"9! Ĺľ 2007-Present ++) :+ E-8 #+8 :! 8 ++) :+ Q:3!

ĉ: 5"E !E-82++3:

"+<19 / Company "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

Director and the Chairman of Compensation and Nomination Committee

beabĹł#Ä? @"9! Ĺľ 1969-Present ++) :+ Ĺľ Director

"+<19 5<!D 5+Ä? 5+Ä?! ĹŽ2*:)ĹŻ Q: 9 Ĺľ Inter Corn (1983) Co., Ltd.

Annual Report 2010 : IFS Capital (Thailand) PCL

øÚ

Management Structure ‘ Y ="D= L" L=#K. L=

3L</K3 W? W<3 ‘ ÂĽĂŠÂ? šĂ† ¤½Ă‘ ¹½Ă† 5:*@ ed #= / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< :F "+<3:+ @+ < 2: : :+ 9 :++83/ĉ: #+8D 0 ĺŗťʼnŔ İŗŔŔŗĹ&#x;ʼnť čŗŔŔĹ?Ĺ?Ĺ?Ų ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ Ĺ—ĹŽ Ä´Ĺ—Ĺ–ĹŒĹ—Ĺ– ŎĽijů Master of Business Administration in International Management of Royal Holloway College, University of London (UK)

ä #+< : +=/< *:0:2 +Ä? ĹŽD =*+ <!<*)ĹŻ 2: :/< *: :+ 9 :+ ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ Ĺ—ĹŽ ľʼnŖŋĹ?Ĺ?Ĺ›ĹœĹ?Ĺš ÄąĹ–Ĺ›ĹœĹ‘ĹœĹ?ĹœĹ? Ĺ—ĹŽ ĝŋőĹ?Ĺ–Ĺ‹Ĺ? Ĺ‰Ĺ–ĹŒ ÄźĹ?Ĺ‹Ĺ?ŖŗŔŗĹ?ĹĄ ŎĽijů Bachelor of Science (Honours) in Management Sciences, University of Manchester Institute of Science and Technology (UK)

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŠĹ‹Ĺ‹ĹšĹ?ĹŒĹ‘ĹœĹ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L feĹľb``g Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Accreditation Program (DAP 65/2007)

/dLXE3 "5 ##R4K3 Ĺľ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä ++) :+E-8#+8 :!D ÄŠ:3!ÄŠ: =L"+<3:+ E-82): < 8 ++) :+"+<3:+ /:)D2=L* Executive Director & CEO, Member of Risk Management Committee

AL;DK;8K32 K44=NCK1 Ĺľ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 Ĺľ % of Stock holding in the Company = 0 ä !< / Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 0

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

bee`Ĺł#Ä? @"9! Ĺľ 2007-Present ++) :+"+<3:+E-8#+8 :!D ÄŠ:3!ÄŠ: ="L +<3:+ E-82): < 8 ++) :+"+<3:+ /:)D2=*L

"+<19 / Company "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

Executive Director & CEO and Member of Risk Management Committee

bediĹł#Ä? @"9! Ĺľ 2006-Present ++) :+ Ĺľ Director

"+<19 H5D5'D52 F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 IFS Capital Holdings (Thailand) Ltd.

bedcĹłbedi Ĺľ 2000-2006

++) :+"+<3:+ Ĺľ Executive Director

"+<19 5*@ *:5<!D 5+Ä?D! 9L!E!- E' D 5+Ä?2 Q: 9 Ayudhya International Factors Co., Ltd.

46

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Structure ‘ Y ="D= L" L=#K. L=

3L<3NAK,3 Lt#3:S;N31= ‘ ÂĽĂŠÂ? ÂŚĂ Ă?šĂŒ £šĂ†Ă‚šĂ†šĂˆĂ€Ă‡Ă‡Ă…à Æ 5:*@ di #Ä / years

L=BP CL ‘ L=G4=; Â?ÂźĂ?šĂŒĂ ÇÆ ‘ ÂŹĂŠšà Æà Æ¿ ä #+< :F "+<3:+ @+ < ľʼnśśĹ?ĹĄ ĽŖőŞĹ?ĹšĹ›Ĺ‘ĹœĹĄ ĹŽÄśĹ?Ĺ&#x; Ĺ‚Ĺ?Ĺ‰Ĺ”Ĺ‰Ĺ–ĹŒĹŻ Master of Business Administration of Massey University (New Zealand)

ä #+< : +=/<0/ ++)0:2 +Ä? 5)&</D 5+Ä?2 :"9!D F!F-*=&+8 5)D -ÄŠ:D ÄŠ: @ 3:+-: +8"9 Bachelor of Computer Engineering of King Mongkut Institute of Technology Ladkrabang

ä ÄŹĹ‘ĹšĹ?Ĺ‹ĹœĹ—Ĺš ÄŠĹ‹Ĺ‹ĹšĹ?ĹŒĹ‘ĹœĹ‰ĹœĹ‘Ĺ—Ĺ– ĸŚŗĹ?Śʼnŕ +@ĉ! =L hbĹľb`a` Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Director Accreditation Program course (DAP 82/2010) - Thai Institute of Directors

ä ÄŠĹ?ĹŒĹ‘Ĺœ ÄŤĹ—Ĺ•Ĺ•Ĺ‘ĹœĹœĹ?Ĺ? ĸŚŗĹ?Śʼnŕ +@ĉ! =L c`Ĺľb`a` Ĺł 2): )2ĉ D2+<)2 :"9! ++) :+"+<19 H * Audit Committee Program (ACP 30/2010) - Thai Institute of Directors

/dLXE3 "5 ##R4K3 ‘ ¨ĂŠ½Ă‹½Ă†ĂŒ ¨Ă‡Ă‹Ă ĂŒĂ Ă‡Ă† ä ++) :+5<2+8 ++) :+ +/ 25" E-82): < 8 ++) :+"+<3:+ /:)D2=L* Independent Director, Audit Committee Member and Member of Risk Management Committee

AL;DK;8K32 K44=NCK1 Ĺľ ª½Ă„šĂŒĂ ÇÆ Ă?Ă ĂŒĂ€ ĂŒĂ€½ Â›Ă‡Ă…ĂˆšĂ†Ă‘

ä Q:!/! :+ ?53@ÄŠ!G!"+<19 +ÄŠ5*-8 / % of Stock holding in the Company = 0 ä !< / Type 3@ÄŠ!2:)9 Ĺľ Ordinary ä Q:!/! Ĺľ Amount 0

5=JD4 L=- L=1dL"L3Z3=J<J Ăš 5 < G3E?K" ‘ ÂŻĂ‡ĂŠĂƒ Â?Ă?Ăˆ½ĂŠà ½Ă†½ žĂ‡ĂŠ ĂŒĂ€½ ĂˆšĂ‹ĂŒ Ăš Ă‘½šĂŠĂ‹ ĉ/ D/-: / Period

Q:E3!ĉ / Position

beebĹł#Ä? @"9! Ĺľ 2007-Present ++) :+5<2+8 ++) :+ +/ 25" E-82): < 8 ++) :+"+<3:+ /:)D2=*L

"+<19 / Company "+<19 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ IFS Capital (Thailand) PCL.

Independent Director, Audit Committee Member and Member of Risk Management Committee

beecĹł#Ä? @"9! / 2010-Present ++) :+$AÄŠ 9 :+ Ĺľ President bedhĹłbeec Ĺľ 2005-2010 $AÄŠ 9 :+G3 ĉ Ĺľ CEO

2): ) -: +:2:+3!=MH * ž Thai Bond Market Association "+<19 Ċ5)A-D + < E3ĉ : < Q: 9 ž National Credit Bureau Co., Ltd.

Annual Report 2010 : IFS Capital (Thailand) PCL

47

ÇǼ ÇÊÈÇʹ̽ ÇνÊƹƻ½ L= dL K4.SX? N# L=

8 ++) :+"+<19 H Ċ 9 G3Ċ)=!F*":* :+ Q: 9" AE- < :+ =L = 5 "+<19 D)?L5/9! =L g &,0 < :*! beea F *!Q:3-9 :+ Q: 9" AE- < :+ =L = e 3)/ 2Q:3+9""+<19 8D"=*!#ā bedi 5 -: 3-9 +9&*čE3ĉ #+8D 0H *): D#đ!E!/ : G! :+# <"9 < D&?L5D2+<)2+Ċ: /:)F#+ĉ G2 E-8D2+<)2+Ċ: 5 č + G3Ċ)=+8"""+<3:+ 9 :+ =L)=#+82< <(:& D&?L5D5?M5#+8F* !č ĉ5 :+ Q:D!<! @+ < 59! 82+Ċ: /:)D ?5L )9!L G3ĊE ĉ$ ĊA 5? 3@!Ċ !9 - @! $A)Ċ 2= /ĉ !H ĊD2=* E-8$A Ċ L= D =*L / Ċ5 F *2+@#H Ċ 9 !=M

õ DN12N G"6S 0QGER 3

8 ++) :+"+<19 G3Ċ /:)2Q: 9 D =L*/ 9"2< < 5 $AĊ ?53@Ċ! @ J ! G! :+ #+8 @)$AĊ ?53@Ċ! 5 "+<19 G!E ĉ-8 +9M "+<19 8 9 2ĉ 3!9 2?5D < #+8 @) &+Ċ5)+:*-8D5=* 5 /:+8 ĉ: J Ċ5)A-#+8 5" :+#+8 @) =L2Q: 9 E-8 Q:D#đ! /:)D3K! 5 8 ++) :+ +:* :! :+#+8 @) +9M ĉ5! +:* :! #+8 Q:#ā E-8D5 2:+D&<L)D <)5?L!JD&?L5G ĊG! :+#+8 5" :+ 9 2<!G +/) > 3!9 2?5)5" 9! 8 9M c E"" ?5 E"" Ŵ E"" Ŵ E-8E"" Ŵ D5 2:+ =L Ċ5 G ĊG! :+)5" 9! 8 E-8/< = :+G ĊG3Ċ +:" D&?L5G3Ċ$AĊ ?53@Ċ!2:):+ D-?5 G ĊE""G KH Ċ F * 8 9 2ĉ G3Ċ$AĊ ?53@Ċ! +:"-ĉ/ 3!Ċ:H)ĉ!Ċ5* /ĉ: g /9! E-8 F 1 : Q:"5 -ĉ:/D < #+8 @)G!3!9 2?5&<)&č < ĉ5 9!D#đ!+8*8D/-:H)ĉ !Ċ5* /ĉ: c /9! ĉ5! :+#+8 @) E-8G! :+#+8 @) 8D#Ā F5 :2G3Ċ$AĊ ?53@Ċ!)= 2< <5*ĉ: D ĉ:D =*) 9!G! :+ +/ 25" :+ Q:D!<! :! 5 "+<19 E-8E2

/:) < D3K!E-8 Ċ5D2!5E!8 ĉ: J )= :+"9! > :+#+8 @) A Ċ5 +" Ċ/! D&?L5G3Ċ$AĊ ?53@Ċ!2:):+ +/ 25"H Ċ !5 : !=M (:*3-9 "+<19 H ĊD Ċ: 8D"=*!G! -: 3-9 +9&*čE3ĉ #+8D 0H * "+<1 9 H ĊD&<)L ĉ5 : :+2?5L 2:+ 9"!9 - @!5= ĉ5 : 3!>L 3+?5 !9 - @!29)&9! č$ĉ:!D/K#H č 5 "+<19 şşşŴőŎśŋʼnŘŜŐʼnőŴŋŗŕ !5 D3!?5 : ĉ5 : G!+8"" ĭĴīıĬ 5 -: 3-9 +9&*č > Q:G3Ċ$AĊ ?53@Ċ!2:):+ D Ċ: > Ċ5)A-D =L*/ 9"3!9 2?5D < #+8 @) +:* :!#+8 Q:#ā -5 ! Ċ5)A-2Q: 9 5?L!J =L 8D$*E&+ĉG3Ċ!9 - @!H Ċ+9" +:"+/ D+K/*<L >M!

ö L=5)N4K/N/ G6S 0QGER 3G< L"W1 LW1O<; K3

8 ++) :+"+< 19 G3Ċ /:)2Q : 9 G! :+# < "9 < ĉ 5 $AĊ ? 5 3@Ċ ! 5*ĉ : D ĉ : D =*) 9! F *$AĊ ?53@Ċ!2:):+ E2 /:) < D3K! Ċ5D2!5E!8 ĉ: J G3Ċ 9" "+<19 $ĉ:! ĉ5 : :+2?L52:+ 9"!9 - @!29)&9! č +/) > :+D#Ā F5 :2 G3Ċ $AĊ ? 5 3@Ċ ! =L H)ĉ 2 :):+ D Ċ : +ĉ / )#+8 @ ) 2:):+ )5"5Q : !: G3Ċ ++) :+ 5<2+85*ĉ: !Ċ5* a ĉ:! 3+?5$AĊ+9")5"5Q:!: D#đ! 9/E !G! :+D Ċ:+ĉ/) #+8 @)E-855 D2=* - 8E!!G! =L#+8 @)$AĊ ?53@Ċ!H Ċ 8 ++) :+"+<19 )=!F*":*# <"9 < :) Ċ5"9 9" 5 "+<19 3):*/ĉ: Ċ/*3-9 +9&*čE-8 -: 3-9 +9&*č E-8 Ċ5"9 9" #+8 :0 Q:29L 3+?5 Ċ5 Q:3! 5 -: 3-9 +9&*čE3ĉ #+8D 0H * E-83!ĉ/* :!5?L! =LD =L*/ Ċ5 Q:3!

48

9M !=M 8 ++) :+G3Ċ /:)2Q: 9 :+# <"9 < :) Ċ5 Q:3! D =L*/ 9" :+ Q:+:* :+ =LD =L*/F* 9! :+H Ċ):E-8 Q:3!ĉ:*H# >L 2<! +9&*č =L2Q: 9 5 "+<1 9 :+D#Ā D$* Ċ5)A- :+ Q:+:* :+ =DL =*L /F* 9!E-8 :+G Ċ 5Ċ )A-(:*G! D&?5L 3:$-#+8F* !čG3ĊE ĉ !D5 3+?5$A5Ċ !L? -5 ! Q:3! G3Ċ) = :+ Q:D!<! :+ ĉ: J D&?5L #ą5 9! :+ Q:+:* :+ =5L : ĉ5G3ĊD < /:) 9 E*Ċ : $-#+8F* !č

÷ 414L1 G"6S ;OD A3[. WDO< "+<19 G3Ċ /:)2Q: 9 ĉ52< < 5 $AĊ)=2ĉ/!H ĊD2=* @ -@ĉ) =LD =L*/ Ċ5 9""+<19 :)2< < =L /+H Ċ+9" :+# <"9 <5*ĉ: D ĉ:D =*) 9!E-8D#đ! ++) 9 !=M aŴ $AĊ ?53@Ċ!Ģ "+<19 # <"9 < ĉ5$AĊ ?53@Ċ! @ +:*5*ĉ: D#đ! ++) +:* :! 2 :!(:&E-8E!/F!Ċ)G!5!: 5 5 č +G3Ċ+"9 +:" :) /:)D#đ! +< bŴ -A Ċ:Ģ "+< 19 G3Ċ " +< :+ =L )= @ (:&+/ D+K / D&?L 5 5"2!5 /:) Ċ5 :+ 5 -A Ċ: (:*G ĊD ?L5!H =LD#đ! ++) 9M 25 %Ą:* +/) > :+D K" +9 1: /:)-9" 5 -A Ċ: cŴ Aĉ Ċ:E-8ŵ3+?5D Ċ:3!=MĢ "+<19 # <"9 < ĉ5 Aĉ Ċ:E-8D Ċ:3!=M5*ĉ: D2)5(:& E-8D#đ! ++) D#đ!H# :)29 :3+?5 D ?L5!H =L - 9! dŴ &!9 :!Ģ "+<1 9 G3Ċ$- 5"E !E-8 :+E ĉ 9 M =DL #đ! ++)E-8D3):82) AE-+9 1:2(:&E/ -Ċ5)G! :+ Q: :!G3Ċ) = /:)#-5 (9* &9 !: /:)+AĊ /:)2:):+ E-8 9 18 5 &!9 :!5*ĉ: 2)LQ:D2)5 eŴ AĉE ĉ Ģ "+<19 #+8&, < :) < : :+E ĉ 9! =L = 3-= D-=L* /< = :+H)ĉ2@ +< 3+?5H)ĉD3):82) E-8H)ĉ Q:-:* ?L5D2=* 5 AĉE ĉ fŴ 29 ) @) !E-82< L E/ -Ċ5)Ģ "+<1 9 G3Ċ :+2!9"2!@! < ++)D&?5L +ĉ/) 2+Ċ: 2++ č2 9 ) @) ! E-82< L E/ -Ċ5)5*ĉ: 2)ĉ:Q D2)5D&?5L G3Ċ )@ !)= @ (:& =L = >M! 9M =L Q:D!<! :+D5 E-8+ĉ/))?5 9"(: +9 (: D5 ! E-8 @) ! !5 : !=M "+<19 H Ċ 9 Q: Ċ5&> # <"9 <D =L*/ 9" ++*:"++ @+ < D&?L5 G3Ċ ++) :+ $AĊ"+<3:+ E-8&!9 :! @ !G!5 č +*> ?5D#đ!E!/ : :+ # <"9 <3!Ċ: =L :)(:+ < 5 ! Ċ/* /:) ?L529 *č 2@ +< E-8D =L* ++) F * "+<19 8 Q: 9"E-8 < :)D&?L5G3Ċ)= :+# <"9 < :)E!/ : 5 ++*:"++ @+ < 9 -ĉ:/5*ĉ: +< 9 +/) > :+ Q:3! " - F 1 : /<!9*H/Ċ Ċ/* 2ĉ/! Ċ5)A- =LH Ċ+9"E Ċ : $AĊ+Ċ5 D+=*!3+?5$AĊE Ċ D":8E2$ĉ:! ĉ5 : ĉ: J D ĉ! D/K"H č 5 "+<19 şşşŴőŎśŋʼnŘŜŐʼnőŴŋŗŕ $ĉ:!%Ą:*!9 - @!29)&9! č : F +09& č 3+?5 : H#+1 =*č K :) 82ĉ ĉ5G3Ċ3!ĉ/* :! =LD =L*/ Ċ5 D#đ!$AĊ Q:D!<! :+#+9"#+@ E ĊH

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Good Corporate Governance L= dL K4.SX? N# L=

ø L=W5 .W6< G;S?X?J AL;Y5= "ZD

AL=J L=.dL="/dLXE3 "

8 ++) :+"+<19 AE-G3Ċ"+<19 D#Ā D$* Ċ5)A-2Q: 9 =LD =L*/ Ċ5 9""+<19 ĉ52: :+ 8 9M Ċ5)A- : :+D <! +:* :! : :+D <! E-8 Ċ5)A- =L)<G ĉ : :+D <!5*ĉ: A Ċ5 9!D/-: E-8F#+ĉ G2 9M (:1:H *E-8(:1:59 ,1 D#đ!H# :) Ċ5 Q:3! 5 -: 3-9 +9&*čE3ĉ #+8D 0H * E-82Q:!9 :!

8 ++) :+ Q: 9"3-9 +9&*čE-8 -: 3-9 +9&*č Ůß2Q:!9 :! Ŵ-Ŵ Ŵàů

L==A;E=QGX< /dLXE3 "

/:+8 :+ Q:+ Q:E3!ĉ 5 ++) :+E ĉ-8 ĉ:!D#đ!H# :) Ċ5"9 9" 5 "+<19 ++) :+ Ċ5 55 : Q:E3!ĉ 5*ĉ: !Ċ5* a G! c F * ++) :+$AĊ55 : Q:E3!ĉ H#!9M! 5: H Ċ+9"D-?5 D Ċ:+9" Q:E3!ĉ H Ċ5=

#+8 :! ++) :+"+<19 H)ĉ)= /:)29)&9! čG J 9"%Ą:*"+<3:+ E-8)<H ĊD#đ! G!2ĉ/! 5 @ (:& 5 +:* :! : :+D <! "+<19 H ĊE ĉ 9M "+<19 =-5* č "@

-D =*/ 9! 9"#+8 :!D Ċ:3!Ċ: =L"+<3:+ 9M !=M )= :+E"ĉ 3!Ċ: =L55 : AĊ F )9 2@ H **0 25""9 = Q: 9 Ůß2Q:!9 :!àů G! :+D#đ!$AĊ25""9 = 9! 9 D !+83/ĉ: :+ Q:3! !F*":*E-8 :+ Q: 9" AE- 9" :+"+<3:+ :!

5 "+<19 >L 2Q:!9 :!D#đ!$AĊ25""9 = =LH Ċ+9" /:)D3K! 5" : 2Q:!9 :! #+8 Q: Ŵ-Ŵ Ŵ )= /:)D#đ!5<2+8 E-8H)ĉ)= /:)29)&9! čG J 9""+<19 Q:G3Ċ 2:):+ )9L!G H Ċ/ĉ: Ċ5)A- =LE2 G!+:* :! : :+D <!)= /:) A Ċ5 D#đ! W? L3R L=4=NCK1 H# :)): + :! :+"9 = =L+9"+5 9L/H# 5= 9M *9 Q:3! G3Ċ 8 ++) :+ 8 ++) :+"+<1 9 H ĊE ĉ 9 M !:* 9! ( < <0+< #< +8D2+< #+8 :!D Ċ:3!Ċ: =L +/ 25" D#đ!$AĊ AE-&< :+ : -9L! +5 +:* :! : :+D <! +/) > :+D#Ā :+D <! D#đ!D- :!@ :+"+<1 9 D&?5L AE- < ++) 5 8 ++) :+"+<1 9 +/) 9 M D$* Ċ5)A-G! " :+D <! 5 "+<19 !5 : !=M "+<19 H Ċ)= :+D#Ā D$*+:* :! #+82:! :!G3Ċ)= :+# <"9 < :)) < 8 ++) :+ $AĊ25""9 = Q:5 <":*E-8/<D +:83č " :+D <! &+Ċ5) 9M +:* :! /:)+9" $< 5" 5 8 ++) :+"+<19 ĉ5+:* :! : :+D <! +:* :! 5 8 -J ==; L=%R.< G< ++) :+ +/ 25" D#Ā D$*" ": 3!Ċ: =L 5 8 ++) :+"+<19 E-8 8 ++) :+"+<19 H Ċ 9 9M 8 ++) :+ @ *ĉ5*5= c @ D&?L5E"ĉ D":

8 ++) :+ @ *ĉ5* Q:!/! +9M =L ++) :+E ĉ-8 ĉ:!D Ċ:+ĉ/)#+8 @) D#Ā (:+83!Ċ: =LG! :+ Q: :! 5 8 ++) :+"+<19 0> 1:G!+:*-8D5=* E-8 -9L! +5 :! :) /:) Q:D#đ! >L H ĊE ĉ Ůaů 8 ++) :+ +/ 25" D$* Ċ5)A- ĉ: 5"E ! ++) :+E-8$AĊ"+<3:+G!+:* :!#+8 Q:#ā D&?L5 ĉ/*G! :+ Q: 9" AE- < :+ 5 "+<19 Ċ:!+:* :! : :+D <! E-8

8 ++) :+"+<19 G3Ċ /:)2Q: 9 ĉ5 :+D#Ā D$* Ċ5)A- =L)= /:) A Ċ5 Ċ:! :+# <"9 < :) +8D"=*" E-8!F*":* Ůbů 8 ++) :+ Q:3!

+" Ċ/! 9!D/-: E-8F#+ĉ G2 E-8 9L/ > 9M +:* :! Ċ5)A- : :+D <!E-8 ĉ : 5"E !E-82++3:D&?L 5 ĉ / *G! +8"/! :+&< :+ : ĉ : 5"E ! =L

Ċ5)A- 9L/H# "+<19 > H Ċ 9 9M %Ą:*!9 - @!29)&9! č F *)5"3):*G3Ċ !:* D3):82) F *G Ċ Ċ5)A- ĉ: 5"E ! 5 "+<19 G!5@ 2:3 ++)D =*/ 9! E-8 #: !MQ: 2:+8 @- D#đ!$AĊ+9"$< 5"G!D+?L5 :+D#Ā D$* Ċ5)A-2:+2!D 0 =L Ůců 8 ++) :+"+<3:+ /:)D2=L* D&?L5 ĉ/*&< :+ :!F*":* Ċ:!"+<3:+ 2Q: 9 5 "+<19 D&?L5D#đ! 9/E !G! :+2?L52:+ 9"!9 - @! =LD#đ!2 :"9! /:)D2=L * =L +5" -@ ) 9L / 9M 5 č + 5 "+< 19 G3Ċ )= /:)D&= * &5E-8 $AĊ ?53@Ċ! E-8!9 /<D +:83č 9L/H# 9M !=M !9 - @! 9L/H#2:):+ < ĉ5 5 +:" D3):82) G!+8 9" /:)D2=*L =*L 5)+9"H ĊE-8)= :+!Q:H## <" 9 5< *ĉ: ĉ5D!?5L

Ċ5)A- 5 "+<19 H Ċ =L3):*D- F +09& č `bųbheųfcbfųcb 3+?5 =LD/K"H č şşşŴőŎśŋʼnŘŜŐʼnőŴŋŗŕ

ù AL;=K46N.%G4 G" -J ==; L=

8 ++) :+"+<19 )=" ": 2Q: 9 G! :+ Q: 9" AE- < :+ E-8)= /:) +9"$< 5" ĉ5 :+# <"9 <3!Ċ: =L$AĊ ?53@Ċ! D&?L5#+8F* !č2A 2@ 5 "+<19 E-8 $AĊ ?53@Ċ!F *+/)

Y ="D= L" -J ==; L=

L=0 A".R? G" ==; L=1O_[; W5 36S 4=NEL=

8 ++) :+"+<19 )= Q:!/! =LD3):82) E-82) @-+83/ĉ: ++) :+ =LD#đ! $AĊ"+<3:+ 9" ++) :+ =LH)ĉH ĊD#đ!$AĊ"+<3:+ ++) :+"+<19 9M 3) )= Q:!/! g ĉ:! #+8 5" Ċ/* ++) :+ =LD#đ!$AĊ"+<3:+ Q:!/! a ĉ:! ++) :+ =LH)ĉD#đ! $AĊ"+<3:+ Q:!/! f ĉ:! 9M !=M G! Q:!/! ++) :+ 9M 3) D#đ! ++) :+5<2+8 Q:!/! c ĉ:! E-8D#đ! ++) :+ =L): : 9/E !$AĊ ?53@Ċ! Q:!/! b ĉ:!

414L1 E3 L1O_ X?J AL;=K46N.%G4 G" -J ==; L= :LAJ6S 3dLX?JANDK<1KB3

8 ++) :+"+<19 #+8 5" Ċ/* ++) :+ =L)= /:)+AĊ /:)2:):+ E-8 #+82" :+ č =LD#đ!#+8F* !č ĉ5 :+ Q:D!<! @+ < 8 ++) :+"+<19 )=2ĉ/! +ĉ/)G! :+G3Ċ /:)D3K!G! :+ Q:3! /<29* 90!čE-8(:+ < -*@ č D#ą:3):* : :+D <! /:)D2=L* E$! :! E-8 "#+8): 5 "+<19 -5 ! Q: 9" AE-%Ą:* 9 :+G3Ċ Q:D!<! :+D#đ!H# :)E$! :!E-8!F*":* =L Q:3! H/Ċ 5*ĉ: )=#+82< <(:&E-8#+82< <$-

AL; K.X< "1L"6?5=JY<%3

8 ++) :+"+< 19 H Ċ + 8)9 +8/9 G! :+#ą 5 9 ! /:) 9 E*Ċ : $#+8F* !č =L5: 8D < >M! > H Ċ Q:3! E!/ : # <"9 <2Q:3+9""+<19 ++) :+ E-8$AĊ"+<3:+G! :+D Ċ: Q:+:* :++83/ĉ: 9! Q:3! ): + :+E-8 9M! 5! G! :+5!@)9 <G3ĊD Ċ: Q:+:* :++83/ĉ: 9! E-8!F*":*3+?5E!/F!Ċ) :+

Annual Report 2010 : IFS Capital (Thailand) PCL

49

Good Corporate Governance ‘ L= dL K4.SX? N# L=

Q:+:* :++83/ĉ: 9!G!5!: G3ÄŠ25 -ÄŠ5 E-8D#Ä‘!H# :) 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? E-8 ÄŠ5"9 9" #+8 :0 Q:29L 3+?5 ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä?E3ĉ #+8D 0H * E-83!ĉ/* :!5?L! =LD =L*/ ÄŠ5 Q:3! +/) 9M D#Ä€ D$* ÄŠ5)A-+:* :+ =LD =L*/F* 9!H/ÄŠG! " :+D <! +:* :! #+8 Q:#Ä E-8E""E2 +:* :! ÄŠ5)A-#+8 Q:#Ä ĹŽE"" efĹłaĹŻ D&?L5G3ÄŠ$AÄŠ ?53@ÄŠ! 2:):+ +/ 25"H ÄŠ

ÄŠ5 9 :)G!#+8D K! =L)= ÄŠ52 29* +:* :! :+#+8 @) 8)= :+ "9! > D#Ä‘! -:*-9 1 Ä?59 1+ E-8 8 9 D K"+:* :! :+#+8 @) =L$ĉ:! :++9"+5 : =L #+8 @)E-ÄŠ/ D&?L5G3ÄŠ ++) :+3+?5$AÄŠ)=2ĉ/!D =L*/ ÄŠ5 2:):+ +/ 25"H ÄŠ F * :+D ÄŠ:+ĉ/)#+8 @) 8 ++) :+"+<19 G!#Ä beeaĹłbeec )= 9 !=M ++) :+

#Ä beea

#=N<2==;1L"2R= N# "+<19 H Ċ 9 Q: ++*:"++ @+ < D&?L5D#đ!E!/ : G3Ċ ++) :+ $AĊ"+<3:+ &!9 :!*> ?5# <"9 < >L +5" -@) > D+?L5 /:)D#đ! ++) ĉ5$AĊ ?53@Ċ! :+

Q:!> > 2< < 5 $AÄŠ)=2ĉ/!H ÄŠ2ĉ/!D2=* -@ĉ) ĉ: J :+3-= D-=L* :+ +8 Q:G J =L 9 E*ÄŠ : $-#+8F* !Ä? 5 "+<19 /:)+9"$< 5" ĉ5 +9&*Ä?2!< 5 "+<1 9 :+3-= D-=*L :+G ÄŠ 5ÄŠ )A-(:*G!D&?5L D5?5M #+8F* !Ä?2/ĉ ! ! :+D#Ä€ D$* ÄŠ5)A5*ĉ: A ÄŠ5 E-8 9!D/-: /:)+9"$< 5" ĉ529 )E-82ĉ/!+/)

=J44 L= A4 R;:L<Z3X?J L=/=A#DG4:L<Z3

8 ++) :+"+< 19 +83!9 > /:)2Q : 9 G! :+ 9 G3ÄŠ )= + 8"" :+

/" @)(:*G!D&?L5G3ÄŠD#Ä‘! =L*5)+9" E-8D ?L5 ?5 ĉ5$AÄŠ ?53@ÄŠ! -5 !$AÄŠ)=2ĉ/! H ÄŠD2=* F *"+<19 H ÄŠ 9 9M 8 ++) :+ +/ 25" >L )=2): < D#Ä‘! ++) :+ 5<2+8 9M 3) D&?L5 AE-+8"" :+ /" @)(:*G! 5 "+<19 G3ÄŠ)=#+82< <(:& E-8#+82< <$- AE-+:* :! : :+D <!G3ÄŠ)= /:) A ÄŠ5 +" ÄŠ/! E-8 D ?L5 ?5H ÄŠ AE-+8"" :+ Q: :! =L A ÄŠ5 F#+ĉ G2 +/ 25"H ÄŠF *D &:8 D+?L5 5 /:) 9 E*ÄŠ : $-#+8F* !Ä? -5 ! AE-G3ÄŠ"+<19 # <"9 < :) 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? 3+?5 3):*5?L! =LD =L*/ ÄŠ5 9" :+#+8 5" @+ < 5 "+<19 G!#Ä beec 8 ++) :+ +/ 25"H ÄŠ)= :+#+8 @)+ĉ/) 9! d +9M E-8 @ +9M H ÄŠ#+8 @)+ĉ/) 9"$AÄŠ25""9 = %Ä„:* 9 :+ 5 "+<19 39/3!ÄŠ:%Ä„:*"9 = 5 "+<19 +/) > $AÄŠ =LD =L*/ ÄŠ5 5?L! :)

/:) Q:D#Ä‘! D&?L5&< :+ :E-8G3ÄŠ ÄŠ5D2!5E!8G! :+#+9"#+@ +8"" :+

/" @)(:*G! 5 "+<19 !5 : !=M"+<19 H ÄŠ/ĉ: ÄŠ: "+<19 D5D5K) = 5<!D 5+Ä? D! 9L!E!- 5! 9- <M Q: 9 D#Ä‘!$AÄŠ +/ 25"(:*G! 5 "+<19 +/) > :+)=$AÄŠ +/ 25"(:*G! : "+<19 H5D5'D52 E ##Ä€ 5- Q: 9 ĹŽ2< F#+Ä?ĹŻ Q:3!ÄŠ: =L +/ 25" :+# <"9 < :! 5 +8"" :! ĉ: J G3ÄŠD#Ä‘!H#5*ĉ: D3):82) E-8 +:* :!$- :+ +/ 25"(:*G! :)E$! =LH ÄŠ Q :3! H/ÄŠ-ĉ/ 3!ÄŠ:#+8 Q:#Ä Ä‰5 8 ++) :+ +/ 25"H ÄŠ+9" +:"

#Ä beec

Q:!/! +9M =LD Ċ:+ĉ/)#+8 @) ž Q:!/! +9M :+#+8 @) aŴ !:*-= A! =

dĹľf

cĹľf

dĹľe

bĹ´ !:* 9! D- D*!

fĹľf

fĹľf

eĹľe

Ĺł

aĹľf

dĹľe

dĹľf

fĹľf

eĹľe

eĹ´ +Ĺ´ ++)!A 5:!9!F H *

fĹľf

fĹľf

eĹľe

fĹ´ !:*2@D/ *Ä?

fĹľf

fĹľf

eĹľe

Ĺł

aĹľf

eĹľe

hŴ !:*3/ĉ5 <! D =* Ű

dĹľf

bĹľf

Ĺł

iĹ´ !:*2< 38

dĹľf

dĹľf

Ĺł

cĹ´ !: 2:/-<) )@* 3-< Ĺ° dĹ´ !:*!<&9 Ä?

Q:+A +9 !Ä?

=+/ <+ @-

gĹ´ !:*!</9 !Ä? : !(A)<! +Ä?Ĺ°

!< +&9! @Ä?Ĺ°

E;L<WE/R Ű !:*3/ĉ5 <! D =* -:55 : :+D#đ! ++) :+D)?L5/9! =L g 2< 3: ) beeb

Ĺ° Ĺ° Ĺ°

!:*2< 38 !< +&9! @Ä? -:55 : :+D#Ä‘! ++) :+ ++) :+5<2+8 E-8 ++) :+ +/ 25" D)?L5/9! =L bg &,1(: ) beeb !: 2:/-<) )@* 3-< D ÄŠ:): Q:+ Q:E3!ĉ ++) :+ D)?L5/9! =L g 2< 3: ) beeb !:*!</9 !Ä? : !(A)<! +Ä? D ÄŠ:): Q:+ Q:E3!ĉ ++) :+ ++) :+ 5<2+8 E-8 ++) :+ +/ 25" D)?L5 g 2< 3: ) beeb

L=5=J%R; -J ==; L=

8 ++) :+"+<19 )= :+#+8 @)F *# <5*ĉ: !ÄŠ5*H +):2-8 a +9M E-8 )= :+#+8 @)D&<L)D <) :) /:) Q:D#Ä‘! )= :+2ĉ 3!9 2?5D < #+8 @)&+ÄŠ5) +8D"= * "/:+8 :+#+8 @ ) =L 9 D !E-8D5 2:+#+8 5" :+#+8 @ ) D&= * &5 9 2ĉ G3ÄŠ ++) :+-ĉ/ 3!ÄŠ:H)ĉ!ÄŠ5* /ĉ: g /9! D/ÄŠ!E ĉG! + = Q:D#Ä‘!D+ĉ ĉ/! D&?L5+9 1:2< <3+?5#+8F* !Ä? 5 "+<19 D&?L5G3ÄŠ 8 ++) :+H ÄŠ)=D/-: 0> 1: ÄŠ5)A-5*ĉ: D&=* &5 ĉ5!D ÄŠ:+ĉ/)#+8 @) G! :+#+8 @) 8 ++) :+ D#Ä€ F5 :2G3ÄŠ$AÄŠ"+<3:++8 9"2A H ÄŠ)=2ĉ/!+ĉ/)G! :+D ÄŠ:+ĉ/)#+8 @) D&?L5 5"

Úô

#Ä beeb

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Good Corporate Governance ‘ L= dL K4.SX? N# L=

L/G4X13 "+<19 H ÄŠ Q:3! !F*":* ĉ: 5"E ! ++) :+H/ÄŠ5*ĉ: 9 D !E-8F#+ĉ G2 F * ĉ: 5"E !5*AĉG!+8 9"D =*/ 9"5@ 2:3 ++) +/) 9M Q:!> > #+82" :+ Ä? (:+83!ÄŠ: =L 5"D 5 " ": E-8 /:)+9"$< 5" D&?L5 =L 8 AE-E-8+9 1: ++) :+ =L)= @ 2)"9 < =L ÄŠ5 :+ E-8H ÄŠ 55!@)9 < : =L#+8 @)$AÄŠ ?53@ÄŠ! 2ĉ/!

ĉ: 5"E !$AĊ"+<3:+D#đ!H# :)3-9 :+E-8!F*":* =L 8 ++) :+"+<19 Q:3! F *&< :+ : :)" ": 3!Ċ: =LE-8 /:)+9"$< 5" E-8$- :+ # <"9 < :!E-8 /:) @ĉ)D 5 $AĊ"+<3:+E ĉ-8 ĉ:!

L/G4X13=A; G" -J ==; L=4=NCK1 Z35 ÜÚÚþ X?J ÜÚÚá .K"3O` ++) :+

#Ä beea D"=M* D"=M* "Q:D3!K #+8 @) ++) :+ ++) :+ ĹŽ": ĹŻ +:*#Ä ĹŽF"!92ĹŻĹ°Ĺ° ĹŽ": ĹŻ ĹŽ": ĹŻ 100,000 130,000 Ĺł

aĹ´ !:*-= A! = bĹ´ !:* 9! D- D*!

D"=M* #+8 @) ĹŽ": ĹŻ 95,000

#Ä beeb

#Ä beec

D"=M* "Q:D3!K ++) :+ ++) :+ ĹŽF"!92ĹŻ +:*#Ä ĹŽ": ĹŻ ĹŽ": ĹŻ 130,000 444,000

D"=M* D"=M* "Q:D3!K #+8 @) ++) :+ ++) :+ ĹŽ": +:*#Ä ĹŽF"!92ĹŻ ĹŽ": ĹŻ ĹŽ": ĹŻ 120,000 130,000 444,000

Ĺł

Ĺł

Ĺł

Ĺł

Ĺł

Ĺł

Ĺł

Ĺł

Ĺł

cĹ´ !: 2:/-<) )@* 3-< Ĺ° dĹ´ !:*!<&9 Ä? Q:+A +9 !Ä? eĹ´ +Ĺ´ ++)!A 5:!9!F H * fĹ´ !:*2@D/ *Ä? =+/ <+ @gĹ´ !:*!</9 !Ä? : !(A)<! +Ä?Ĺ° hĹ´ !:*3/ĉ5 <! D =* Ĺ°

ų 100,000 220,000 200,000 ų h`Ų```

Ĺł 50,000 160,000 100,000 Ĺł 50,000

Ĺł Ĺł Ĺł Ĺł Ĺł Ĺł

20,000 120,000 265,000 220,000 40,000 40,000

Ĺł 100,000 160,000 100,000 53,000 Ĺł

Ĺł 222,000 222,000 222,000 Ĺł 222,000

h`Ų``` 125,000 260,000 230,000 220,000 ų

50,000 100,000 250,000 150,000 adhŲccc ų

Ĺł 222,000 222,000 222,000 Ĺł Ĺł

iĹ´ !:*2< 38 +/)

120,000 hb`Ų```

150,000 640,000

Ĺł Ĺł

145,000 945,000

Ĺł 222,000 543,000 1,554,000

Ĺł 1,035,000

!< +&9! @Ä? Ĺ°

ų ų hbhŲccc 1,110,000

E;L<WE/R Ű !:*3/ĉ5 <! D =* -:55 : :+D#đ! ++) :+D)?L5/9! =L g 2< 3: ) beeb

Ĺ° !:*2< 38 !< +&9! @Ä? -:55 : :+D#Ä‘! ++) :+ ++) :+5<2+8 E-8 ++) :+ +/ 25" D)?L5/9! =L bg &,1(: ) beeb Ĺ° !: 2:/-<) )@* 3-< D ÄŠ:): Q:+ Q:E3!ĉ ++) :+ D)?L5/9! =L g 2< 3: ) beeb Ĺ° !:*!</9 !Ä? : !(A)<! +Ä? D ÄŠ:): Q:+ Q:E3!ĉ ++) :+ ++) :+5<2+8 E-8 ++) :+ +/ 25" D)?L5 g 2< 3: ) beeb Ĺ°Ĺ° #Ä beea H)ĉ)= :+ ĉ:*"Q:D3!K ++) :+ ĹŽF"!92ĹŻ

Annual Report 2010 : IFS Capital (Thailand) PCL

Úþ

Good Corporate Governance ‘ L= dL K4.SX? N# L=

L/G4X136S 4=NEL= Š L/G4X136S 4=NEL=1O_;O=L<%Q_GG<S Z3 -J6S 4=NEL=‹ Z35 ÜÚÚþ X?J ÜÚÚá .K"3O` L/G4X13

5 ÜÚÚþ Q:!/! +:*

Q:!/! +:*

D <!D ?5!E-8F"!92

h

Q:!/!D <! +/) ĹŽ": ĹŻ 16,516,677

+/)

8 16,516,677

L/G4X13GQ_3] 1O_W5 3/KAW"N3 "+<19 H ĊD Ċ:+ĉ/) 5 @!2Q:+5 D-=M* =& 9" 5 @! >L 8D"=*!E-Ċ/ :) &+8+: "9 9 < 5 @!2Q:+5 D-=M* =& F *&!9 :! ĉ:*D <!2) "D Ċ: 5 @!G!59 +:+Ċ5*-8 e 5 ĉ: Ċ: E-8"+<19 ĉ:*2) "5= 2ĉ/!3!>L :) 59 +: =L Q:3! H/ĊG! Ċ5"9 9" 5 @!

L=.SX?W=Q_G" L=Z% G;S?:L<Z3 "+<19 )= ÄŠ5 Q:3! E-83-9 D Ä?G! :+ /" @)E-8 :+G ÄŠ ÄŠ5)A-(:*G! 5*ĉ: +9 @) F *D &:8 ÄŠ5)A-E2 :!8 : :+D <! 5 "+<19 ĉ5! =L 8D$* E&+ĉ ĉ52: :+ ! "+<19 )=!F*":*E-8/< = :+ AE-$AÄŠ"+<3:+E-8&!9 :! G! :+!Q: ÄŠ5)A-(:*G! 5 "+<19 H#G ÄŠ D&?L5#+8F* !Ä?2ĉ/! ! 9 !=M aĹ´ 3ÄŠ:))<G3ÄŠ ++) :+ $AÄŠ"+<3:+ +/) > Aĉ2)+2E-8"@ + =L*9 H)ĉ"++-@!< <(:/8 5 "@

- 9 -ĉ:/ G ÄŠ ÄŠ5)A-(:*G!D&?L5 Q: :+ ?M5 :* F5! 3+?5+9"F5! 3-9 +9&*Ä? 5 "+<19 ĉ5! =L ÄŠ5)A-!9M! 8 A D$*E&+ĉG3ÄŠ#+8 : ! 9L/H# +:"F * 9L/ > 9! F *D &:8G! ĉ/ c` /9! ĉ5! =L " :+D <! 5 "+<19 8 A D$*E&+ĉ ĉ52: :+ ! !5 : !=M (:*3-9 : =L ÄŠ5)A-H ÄŠ A D$* E&+ĉE-ÄŠ/ "@

- ÄŠ: ÄŠ!3ÄŠ:)H)ĉG3ÄŠ)= :+ ?M53+?5 :*3-9 +9&*Ä? 5 "+<19 ! +8 9L #+8 : ! =LH ÄŠ+9" +:" ÄŠ5)A- 9 -ĉ:/H ÄŠ)=D/-:#+8D)<! ÄŠ5)A- =L H ÄŠ+9"G!+8*8D/-:&52) /+E-ÄŠ/ ĹŽg /9! !9"E ĉ/9! =LD$*E&+ĉů bĹ´ G3ÄŠ /:)+AÄŠE ĉ ++) :+ E-8$AÄŠ"+<3:+ =L)=3!ÄŠ: =L =L 8 ÄŠ5 +:* :! :+ ?5 +5 3-9 +9&*Ä? 5 ! Aĉ2)+2 E-8"@ + =L*9 H)ĉ"++-@!< <(:/8 D =L*/ 9" :++:* :! :+ ?53-9 +9&*Ä? 5 "+<19 F *3: ++) :+ $AÄŠ"+<3:+ +/) > Aĉ2)+2E-8"@ + =L*9 H)ĉ"++-@!< <(:/8 5 "@

- 9 -ĉ:/ =LD ÄŠ: ĉ:* )= :+ ?M5 :* F5! 3+?5+9"F5!3-9 +9&*Ä? 5 "+<19 :) =L Q:3! H/ÄŠ G!#+8 :02Q:!9 :! 8 ++) :+ Ĺ´-Ĺ´ Ĺ´ =L 2 Ĺ´ adĹľbed` D+?L5 :+ 9 Q:E-8D#Ä€ D$*+:* :! :+ ?53-9 +9&*Ä?E-8" Q:3! F 1 :)&+8 +: "9 9 <3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? &Ĺ´0Ĺ´ bece

5 ÜÚÚá Q:!/! +:*

Q:!/!D <!+/) ĹŽ": ĹŻ

h

Q:!/!D <! +/) Ŏ": ů ahŲaaaŲd``

9

b`Ųdh`Ųic`

8

18,111,400

9

20,480,930

1=K8<L =4R ? 4R ?L =

Q:!/!$AÄŠ"+<3:+E-8&!9 :! G!#Ä beec "+<19 )="@ -: + 9M 2<M! g` ! E"ĉ :)2:* :! ĉ: J 9 !=M #+8D(

Q:!/!&!9 :!

$AÄŠ"+<3:+

9

%Ä„:*&9 !: @+ <

17

%Ä„:*-A ÄŠ:29)&9! Ä?E-8"+<3:+ /:)D2=L* ÄŠ:!2<!D ?L5

12

%Ä„:*# <"9 < :+

ah

%Ä„:* :+D <!"9 =

3

%Ä„:* 3):*

1

%Ä„:*!9 - @!29)&9! Ä? D- :!@ :+ E-8 Q: 9" :+ # <"9 < :) D Ä? %Ä„:*&9 !:2<!D ?L5 Ĺľ "@

-E-8 @+ :+

1

+/)

9 70

9M !=M G!+8*8D/-: c #Ä =L$ĉ:!): "+<19 H)ĉ)= :+D#-=L*!E#- Q:!/!&!9 :! 5*ĉ: )=!9*2Q: 9 E-8H)ĉ)= ÄŠ5&<&: : ÄŠ:!E+ :!G J

3: )= :+ +8 Q: :+%Ą:%ă!+8D"=*"# <"9 < 9 -ĉ:/ Ċ: Ċ! "+<19 8 Q:D!<! :+ : /<!*9 D&?5L &< :+ :- F 1 :)2) /+E ĉ + = D ĉ! 9 D ?5!D#đ!3!9 2?5 - ĉ: Ċ: &9 :! D-< Ċ: D#đ! Ċ!

ÚÜ

5 ÜÚÚÜ

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Good Corporate Governance ‘ L= dL K4.SX? N# L=

6?/G4X13=A;X?J?K C-J6?/G4X131O_ ZE K 4 83K "L3 Š[; =A; ==; L= X?J6S 4=NEL=‹ -9 1 8$- 5"E ! D <!D ?5! ž ĉ: Ċ: F"!92

ĉ:G Ċ ĉ:*D =L*/ 9"2/92 < :+&!9 :! +/)

#Ä beea ĹŽ": ĹŻ 22,917,194

#Ä beeb ĹŽ": ĹŻ 22,567,047

#Ä beec ĹŽ": ĹŻ bdŲehhŲfei

fŲahgŲcei

dŲhfgŲdc`

9,011,504

29,104,553

27,437,477

33,600,163

3Y<4L<Z3 L=8K,3L4R ?L = "+<19 G3Ċ /:)2Q: 9 D#đ!5*ĉ: *<L G!D+?L5 5 :+&9 !: /:)+AĊ E-8 /:)2:):+ 5 &!9 :! D&?L5D&<L)#+82< <(:&G! :+ Q: :! @ (:& 5 :+G3Ċ "+< :+ F *H Ċ 9 G3Ċ)= :+%Ă 5"+) :+29))!:F *"@

- 9M : (:*G!E-8(:*!5 =L Q:D#đ! ĉ5&!9 :!F *+/)E-8+:*"@

-5*ĉ: 2)LQ:D2)5 D&?L5D&<L) 09 *(:&G! :+ Q: :!E-82:):+ !Q: /:)+AÄŠ =LH ÄŠ+9"H##+9"G ÄŠG! :+ Q: :! +/) 9M )=!F*":*G! :+G3ÄŠ$- 5"E ! 9"&!9 :!G!59 +: =LD3):82)D&?L5 A G E-8+9 1:G3ÄŠ&!9 :! Q: :! 9""+<19 G!+8*8*:/ E-8!5 : !=M "+<19 H ÄŠ 9 < ++)D&?L52:!29)&9! Ä?&!9 :!D&?L5D#Ä‘! :+2+ÄŠ: /:)2:)9

=(:*G!5 Ä? + 5*ĉ: 2)LQ:D2)5

Annual Report 2010 : IFS Capital (Thailand) PCL

Úá

Good Corporate Governance L= dL K4.SX? N# L=

ÇÊÈÇʹ̽ ÇνÊƹƻ½ The Board of Directors of the Company approved the Principles of Good Corporate Governance on 7th November 2008 by adopting the 5 principles of good corporate governance for listed companies of SET 2006 as practice guidelines of the Company to strengthen and enhance transparency and corporate management system. These are beneficial to the business operations which will lead to confidence of shareholders, investors, stakeholders and related persons. The Corporate Governance Principles can be summarized as follow:

õ ¬À½ ªÁ¿ÀÌË Ç¾ «À¹Ê½ÀÇļ½ÊË The Board of Directors places great emphasis on the rights of shareholders. Prior to shareholders’ meeting, invitation letters attached with details of the agenda, important and necessary information, opinions of the Board, minutes of the previous meeting, annual report, and other additional documents concerned for decision making, including proxies form A, B, and C, documents used in the assignment of proxy and explanation documents of how to use the granting of proxy, of which the shareholders will receive no less than 7 days. Also, there will be announcement of meeting published in the local newspapers for at least 3 consecutive days prior to the meeting. Shareholder has equal rights in examining the Company’s operations and provide opinions and suggestions. Minutes of meeting will be accordingly recorded for shareholders’ examination. In addition, after the Company’s listing on the Stock Exchange of Thailand, the Company has increased its channel of communication with its shareholders on its website (www.ifscapthai.com) under “Investor Relations” apart from ELCID system of SET. This enables shareholders to gain quick access concerning the meeting invitation letter, annual report, as well as other important information disseminated to the shareholders.

ö ÉÍ¹Ä ¬Ê½¹ÌŽÆÌ ÌÇϹʼ «À¹Ê½ÀÇļ½ÊË The Board of Directors treat all shareholders with equal importance by providing them an opportunity to express their opinions and suggestions through Investor Relations. In addition, shareholders who cannot attend the meeting could authorize a proxy to an independent director or a representative to be the nominee to attend the meeting and cast a vote when necessary. The Board of Directors places strict adherence to the Company’s regulations, Securities and Exchange laws, notifications, orders, and the regulations of the Stock Exchange of Thailand and other relevant organizations. Moreover, the Board of Directors places importance on compliance with regulations regarding related transaction, acquisition and disposal of significant assets, disclosure of related transaction information, and accessing of information for the benefit of oneself or others. The Board has also stipulated rules to prevent any transaction with conflicts of interest.

ùø

÷ ªÇÄ½Ë Ç¾ «Ì¹Ã½ÀÇļ½ÊË The Company places importance on the rights of all stakeholders of the Company following the deserved rights of receiving equal and fair treatment as follows: õ «À¹Ê½ÀÇļ½ÊË The Company treats all shareholders with equal fairness by accurately reporting actual status and future trend of the Company; ö ÄÁ½ÆÌË The Company provides effective and quick services to serve the needs of its clients on fair conditions to both parties as well as to maintain clients’ confidentiality; ÷ ÍËÁƽËË ¨¹ÊÌƽÊË ¹Æ¼ ÇÊ Ê½¼ÁÌÇÊË The Company treats its business partners and creditors with equality and fairness on the agreed terms and conditions; ø ÅÈÄÇѽ½Ë The Company provides fair and equitable returns and appointments, safe working environment and continuous development of knowledge, ability and skills of employees; ù ÇÅȽÌÁÌÇÊË The Company strictly follows the rules of competition, avoids any inappropriate or corrupted methods or destroy competitors’ reputation; ú «Ç»Á½ÌÑ ÇÅÅÍÆÁÌÑ ¹Æ¼ ÆÎÁÊÇÆŽÆÌ The Company continuously engages in activities that enhance quality of life of the society, community and environment through its own activities or cooperation with the government, private sectors and community. In addition, the Company has established the code of business conduct to all directors, executives and employees which serve as guidelines for performing their duties with honesty, trustworthiness, and fairness. The Company shall strictly supervise and ensure compliance to the the code of business conduct, including enforcing disciplinery and punishment actions. Complaints can be sent to the Company’s website at www.ifscapthai.com, Investor Relations via telephone or postal mail, they will be sent to the related units for further proceed.

ø ¡Æ¾ÇÊŹÌÁÇÆ ÁË»ÄÇËÍʽ ¹Æ¼ ¬Ê¹ÆËÈ¹Ê½Æ»Ñ The Board of Directors has to ensure the accuracy, timeliness and transparency in the Company’s disclosure of important information to the public both in Thai and English, in accordance with the notifications of the Stock Exchange of Thailand (SET) and the Securities and Exchange Commissions (SEC).

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Good Corporate Governance L= dL K4.SX? N# L=

For the financial reports quality, the Company has appointed the auditors from Deloitte Touche Tohmatsu Jaiyos Audit Co., Ltd. (Deloitte), who are approved auditors by the Office of the SEC, as the Company’s external auditors. With Deloitte as an independent party, the Company is confident that the financial reports are accurate and prepared in accordance with the general accepted accounting standards. The Board has also appointed the Audit Committee who will review the quality of the financial reports and the disclosure of the financial reports of the Company. In addition, the Company has enclosed the report of the Auditors, the management discussion and analysis report, the reports on the responsibilities of the Board of Directors toward financial report, the report of the Audit Committee, the disclosure of the roles and duties of the Board of Directors and the Sub-Committees, Directors’ meeting attendance, the disclosure of the remuneration of the Directors and Executives in the Annual Report.

ÇÊÈÇʹ̽ «½»Ê½Ì¹ÊÑ

The Board of Directors of the Company places importance on the information disclosure with accuracy, completeness, timeliness and transparency by assigning Mr. Paknam Sarakul, to be responsible for the financial statements and general information disclosure of the Company and to be a representative of the Company to communicate with institutional investors, shareholders and analysts. The investors can contact the Company to receive the Company’s information at telephone number 02-285-6326-32 or the Company’s website at www.ifscapthai.com.

ªÇÄ½Ë ÍÌÁ½Ë ¹Æ¼ ª½ËÈÇÆËÁºÁÄÁÌÁ½Ë Ǿ ÌÀ½ ǹʼ of Directors

ù ª½ËÈÇÆËÁºÁÄÁÌÑ Ç¾ ÌÀ½ ǹʼ Ǿ Áʽ»ÌÇÊË The Board of Directors plays an important role to oversee the Company and is responsible for maximizing benefits to the shareholders of the Company.

«ÌÊÍ»ÌÍʽ Ǿ ÌÀ½ ǹʼ Ǿ Áʽ»ÌÇÊË ¹Ä¹Æ»½ Ǿ ÌÀ½ ¦ÇÆ Ð½»ÍÌÁν Áʽ»ÌÇÊË

The Board of Directors comprises of Executive and Non-Executive Directors appropriately appointed and balanced with 7 directors, comprising of 1 Executive Director and 6 Non-Executive Directors, 3 of which are Independent Directors, and 2 are the representatives of the major shareholder.

¬½ÊŠǾ Áʽ»ÌÇÊËÀÁÈ The term of each director is in accordance with the Company’s regulations i.e. one-thirds of directors shall leave their positions and may be re-appointed.

«½¿Ê½¿¹ÌÁÇÆ Ç¾ ¨ÇËÁÌÁÇÆË The Chairman of the Board has no relationship whatsoever with the mangement team and is a different person from the Chief Executive Officer. Their duties are clearly separated between directing the Company’s policies and day-to-day management.

The Board of Directors has appointed Mr. Guntapon Kittisiriprasert, Chief Financial Officer, to be the Corporate Secretary to oversee the activities of the Board, including ensuring compliance with the Board’s resolutions.

«Íº ÇÅÅÁÌ̽½Ë The Board of Directors has established 3 Sub-committees to assist the Board in overseeing matters in details namely (1) Audit Committee to help with corporate governance, financial reporting and compliance with policies; (2) Compensation and Nomination Committee to help structure appropriate remuneration based on industry norm and (3) Risk Management Committee to formulate and supervise the risk management policies covering all business units of the Company to contain and mititgate risks to a minimum.

¤½¹¼½ÊËÀÁÈ ¹Æ¼ ®ÁËÁÇÆ The Board of Directors consists of personnel with knowledge, capability and experience which are beneficial to the business operations. The Board participates in formulating the vision and mission, strategies, financial goals, risks, plans and budget of the Company, including ensuring management’s compliance with the plans and policies with efficiency and effectiveness.

ÇƾÄÁ»ÌË Ç¾ ¡Æ̽ʽËÌ The Board of Directors manages and monitors connected transactions carefully to avoid any possible conflicts of interest by setting measures and procedures as guidelines for approving the entry into connected transactions of the Company, directors, and executives, including the future policies and direction regarding connected transactions. Each approval of the connected transaction must comply with the law of Securities and Exchange and the regulations, notifications, order or the announcements of The Stock Exchange of Thailand and other related organizations, including the disclosure of the connected transactions in the financial statements, the annual report form (Fom 56-1) for shareholders to examine.

ÍËÁƽËË ÌÀÁ»Ë The Company has implemented the code of business conduct which serves as guidelines for directors, executives and staff to follow. The Company’s code of business conduct covers fairness toward the shareholders, realization of the rights of all stakeholders, abstinence from any actions that result in conflicts of interest, responsibility towards the Company’s assets, abstinence of usage of internal information for one’s benefit, accurate and timeliness disclosure of information and responsibility toward society and the public.

Annual Report 2010 : IFS Capital (Thailand) PCL

ùù

Good Corporate Governance L= dL K4.SX? N# L=

¡Æ̽ÊÆ¹Ä ÇÆÌÊÇÄ «ÑË̽Š¹Æ¼ ¡Æ̽ÊÆ¹Ä Í¼ÁÌÁÆ¿ «ÑË̽ŠThe Board of Directors understands the importance of having a good internal control system and has thus established an Audit Committee which comprises of three independent directors. The Audit Committee oversees the efficiency and effectiveness of the internal control of the Company, ensures the financial reports are accurate, complete and creditable, ensures the working system is accurate, transparent, examinable, particularly the conflicts of interest, including ensures compliance to the Securities and Exchange law or other related laws concerning the Company’s business operations. During the year, the Audit Committee had 4 meetings of which were attended by the external auditors, management, head of accounting department and other related persons as necessary. The Meetings serve to consider and suggest improvement to the Company’s internal control system. In addition, the Company has appointed AMC International Consulting Co., Ltd. as internal auditors of the Company. The Company also engages internal auditors from IFS (Singapore) to access and suggest improvement on existing operational systems. Both groups of internal auditors report directly to the Audit Committee.

Ì̽Ƽ¹Æ»½ Ǿ ÌÀ½ ÇÅȹÆÑâË Ç¹Ê¼ Ǿ Áʽ»ÌÇÊË The Board of Directors’ meetings are held at least 4 times annually on a quarterly basis. A letter of invitation with clear meeting agendas and documents for meeting will be sent to directors at least 7 days prior to the meeting date except for an urgent case, to let the Board to have enough time to study the information before attending the meeting. The Board provides an opportunity for senior executives to participate in the meetings. Minutes of meeting are accurately documented and filed for further reference. Attendance of the Board members and the frequency of Board meetings for 2008-2010 are tabled as follows:

ùú

Directors

2008

2009

2010

Attendance / No. of Meetings 1. Mr. Lee Soon Kie

4/6

3/6

4/5

2. Mr. Tan Ley Yen

6/6

6/6

5/5

-

1/6

4/5

4. Mr. Niphat Chamroonrat

4/6

6/6

5/5

5. Dr. Thamnoon Ananthothai

6/6

6/6

5/5

6. Mr. Suvait Theeravachirakul

6/6

6/6

5/5

û ¥Ê ¦ÁÏ¹Ì £¹Æ¹ƹÈÀÇÇÅÁÆ

-

1/6

5/5

ü ¥Ê ¯ÇÆ¿ ÀÁÆ £Á½Æ¿

4/6

2/6

-

ý ¥Ê «ÁÆ¿À¹ ¦ÁÃÇÊÆÈÍÆ

4/6

4/6

-

÷ ¥Ë ¤ÁÅ ¥ÍÁ ¤ÁÆ¿

ª½Å¹ÊÃË

¥Ê ¯ÇÆ¿ ÀÁÆ £Á½Æ¿ ʽËÁ¿Æ½¼ ¾ÊÇÅ ÌÀ½ ÈÇËÁÌÁÇÆ Ç¾ Áʽ»ÌÇÊ ÇÆ August 7, 2009. ¥Ê «ÁÆ¿À¹ ¦ÁÃÇÊÆÈÍÆ Ê½ËÁ¿Æ½¼ ¾ÊÇÅ ÌÀ½ ÈÇËÁÌÁÇÆË Ç¾ Áʽ»ÌÇÊ Independent Director, and member of the Audit Committee on May 27, 2009. ¥Ë ¤ÁÅ ¥ÍÁ ¤ÁÆ¿ Ï¹Ë ¹ÈÈÇÁÆ̽¼ ÌÇ ÌÀ½ ÈÇËÁÌÁÇÆ Ç¾ Áʽ»ÌÇÊ ÇÆ August 7, 2009. ¥Ê ¦ÁÏ¹Ì £¹Æ¹ƹÈÀÇÇÅÁÆ Ï¹Ë ¹ÈÈÇÁÆ̽¼ ÌÇ ÌÀ½ ÈÇËÁÌÁÇÆË Ç¾ Director Independent Director, and member of the Audit Committee on August 7, 2009.

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Good Corporate Governance L= dL K4.SX? N# L=

ª½ÅÍƽʹÌÁÇÆ The Company has stipulated a clear and transparent remuneration policy for directors at par with the industry, based on experience, duties, roles and responsibilities, in order to keep and maintain the directors with the Company. The policy was approved at the Annual General Meeting of Shareholders. The Board has drawn up a remuneration policy for the executives based on similar principles. The cash remunerations paid to directors and executives are as follows:

¬ÇÌ¹Ä ª½ÅÍƽʹÌÁÇÆ Ç¾ ÌÀ½ ǹʼ ¹Æ¼ ÇÅÅÁÌ̽½Ë ¾ÊÇÅ öôôü öôõô Directors

2008 Meeting Allowance

2009

Directors’ ÇÆÍË

Meeting Allowance

(Baht)

Directors’ Annual Allowance (Baht)

(Baht)

100,000

130,000

2. Mr. Tan Ley Yen

-

÷ ¥Ë ¤ÁÅ ¥ÍÁ ¤ÁÆ¿

2010

Directors’ Bonus

Meeting Allowance

(Baht)

Directors’ Annual Allowance (Baht)

Directors’ Bonus

(Baht)

Directors’ Annual Allowance (Baht)

(Baht)

-

95,000

130,000

444,000

120,000

130,000

444,000

-

-

-

-

-

-

-

-

-

-

-

20,000

-

-

80,000

50,000

-

4. Mr. Niphat Chamroonrat

100,000

50,000

-

120,000

100,000

222,000

125,000

100,000

222,000

5. Dr. Thamnoon Ananthothai

220,000

160,000

-

265,000

160,000

222,000

260,000

250,000

222,000

6. Mr. Suvait Theeravachirakul

200,000

100,000

-

220,000

100,000

222,000

230,000

150,000

222,000

û ¥Ê ¦ÁÏ¹Ì £¹Æ¹ƹÈÀÇÇÅÁÆ

-

-

-

40,000

53,000

-

220,000

148,333

-

ü ¥Ê ¯ÇÆ¿ ÀÁÆ £½Æ¿

80,000

50,000

-

40,000

-

222,000

-

-

-

ý ¥Ê «ÁÆ¿À¹ ¦ÁÃÇÊÆÈÍÆ

120,000

150,000

-

145,000

-

222,000

-

-

-

Total

820,000

640,000

-

945,000

1. Mr. Lee Soon Kie

543,000 1,554,000 1,035,000

(Baht)

828,333 1,110,000

ª½Å¹ÊÃË ¥Ê ¯ÇÆ¿ ÀÁÆ £½Æ¿ ʽËÁ¿Æ½¼ ¾ÊÇÅ ÌÀ½ ÈÇËÁÌÁÇÆ Ç¾ Áʽ»ÌÇÊ ÇÆ Í¿ÍËÌ û öôôý ¥Ê «ÁÆ¿À¹ ¦ÁÃÇÊÆÈÍÆ Ê½ËÁ¿Æ½¼ ¾ÊÇÅ ÌÀ½ ÈÇËÁÌÁÇÆË Ç¾ Áʽ»ÌÇÊ ¡Æ¼½È½Æ¼½ÆÌ Áʽ»ÌÇÊ ¹Æ¼ Žź½Ê Ǿ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½ ÇÆ ¥¹Ñ öû öôôý ¥Ë ¤ÁÅ ¥ÍÁ ¤ÁÆ¿ Ï¹Ë ¹ÈÈÇÁÆ̽¼ ÌÇ ÌÀ½ ÈÇËÁÌÁÇÆ Ç¾ Áʽ»ÌÇÊ ÇÆ Í¿ÍËÌ û öôôý ¥Ê ¦ÁÏ¹Ì £¹Æ¹ƹÈÀÇÇÅÁÆ Ï¹Ë ¹ÈÈÇÁÆ̽¼ ÌÇ ÌÀ½ ÈÇËÁÌÁÇÆË Ç¾ Áʽ»ÌÇÊ ¡Æ¼½È½Æ¼½ÆÌ Áʽ»ÌÇÊ ¹Æ¼ Žź½Ê Ǿ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½ ÇÆ Í¿ÍËÌ û öôôý ¬À½Ê½ Ï¹Ë ÆÇ È¹ÑŽÆÌ Ç¾ ºÇÆÍË ÁÆ öôôü

ª½ÅÍƽʹÌÁÇÆ ¾ÇÊ ½Ð½»ÍÌÁÎ½Ë from 2008-2010 are as follows: Remuneration

2008

2009

2010

No. of Executives

Total Amounts Paid (Baht)

No. of Executives

Total Amounts Paid (Baht)

No. of Executives

Total Amounts Paid (Baht)

Monthly Salary and Bonus

8

16,516,677

8

18,111,400

9

20,480,930

Total

8

16,516,677

8

18,111,400

9

20,480,930

Annual Report 2010 : IFS Capital (Thailand) PCL

ùû

Good Corporate Governance L= dL K4.SX? N# L=

§ÌÀ½Ê ¹ËÀ ª½ÅÍƽʹÌÁÇÆ The Company is registered under the Provident Fund Act which requires provident fund contribution by both employee and employer. The employees have to pay 5% of the salary to the contribution and the Company has to pay another portion as stipulated by the fund regulation.

During the past 3 years, there were no significant change in staff strength and there had been no labour dispute. The remuneration paid to the staff (excluding directors and executives) were: Types of Remuneration

ÇÆÌÊÇÄ Ç¾ ¡ÆËÁ¼½Ê ¡Æ¾ÇÊŹÌÁÇÆ The Company enforces strict rules on the possession and usage of confidential information, particularly financial information before disseminating to the public. The Company’s policies on insider information are as follow:

Monthly salary/ Bonus

1. Directors, executives, including their spouses and child(ren) below the legal age are not allowed to buy, sell, transfer or received the transferred securities of the Company before 30 days before public dissemination of the financial statements. In addition, buying, selling or transferring securities could be resumed at least 7 days after public dissemination (7 days starting from the date of dissemination).

Total

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

Welfare Expediture for staff

«Ì¹¾¾ «ÌʽƿÌÀ

There were a total of 70 executives and staff in 2010 broken down by departments as follow:

ùü

No. of staff 9

Business Development

17

Client Relations and Credit Risk Management

12

Operations

18

Finance and Accounts

3

Legal

1

IR, Secretariat and Compliance

1

Credit Review/Human Resources and Administration

9

Total

70

2010 (Baht)

22,917,194

22,567,047

24,588,659

6,187,359

4,867,430

9,011,504

29,104,553

27,437,477

33,600,163

The Company recognizes the importance of knowledge and competency development for its employee as it will bring about an increase of their competency and quality of service. Therefore, the Company consistently provides in-house and external trainings and seminars to all staff or individual to increase skills and knowledge on their jobs. The Company also rewards its employee appropriately to motivate and retain their services in the long run. In addition, the Company also supports activities to motivate and encourage bonding among staff.

ÍÅ¹Æ ª½ËÇÍÊ»½Ë

Executives

2009 (Baht)

¨ÇÄÁ»Á½Ë ÁÆ ½Î½ÄÇÈÁÆ¿ ÍÅ¹Æ ª½ËÇÍ»½Ë

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

Types

2008 (Baht)

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

ÂœĂ ĂŽà Ÿ½Ă†Âź ¨Ă‡Ă„à Ñ

3Y<4L< L=# L<W"N35 36?

4=NCK1 ;O3Y<4L< L=# L<W"N35 36?Z3GK/=L[; 3 G< A L= G<?J Úô G" dL[=DR12N:L<E?K" L=EK :LCO W "N 3 [. 3N /N 4R ?X?J L=#K . D== 1R3DdL=G"/L; (E;L< G< L"[= ^/L; 4=NCK1 GL# dLE3.ZE L=# L<W"N35 36?;OGK/=L3 G< A LGK/=L1O_ dLE3. L"/ 3[. Y.< P`3G<S K46? L=.dLW3N3"L3 *L3J L=W"N3 D:L8 ? G" G" 4=NCK1 X?J AL;#dLW5 3Z3 L= <L< L=.dLW3N3 "L3 G"4=NCK1X?JZ% W5 3W"N31R3E;R3WAO<3Z3 L=4=NEL= N# L=

The Company has a dividend policy of paying dividends at a rate of not less than Úô Ăˆ½ĂŠ½Ă†ĂŒ Çž ĂŒĂ€½ Æ½ĂŒ ĂˆĂŠĂ‡žà ĂŒ šĂŽšà Ă„šºĂ„½ after payment of the Company’s corporate income tax and allocation of legal reserve. However, subject to the operating results, financial conditions and the Company’s working capital requirements, the dividend rate could be less than such rate.

Annual Report 2010 : IFS Capital (Thailand) PCL

Úý

ª½Ä¹Ì½¼ ¨¹ÊÌÑ ¬Ê¹Æ˹»ÌÁÇÆË =L< L==JEA L" K3

2+@#+:* :++83/ĉ: 9! 5 "+<19 E-8"+<19 =LD =L*/ Ċ5 3+?5 9""@

- =L5: )= /:) 9 E*Ċ : $-#+8F* !č =LD < >M!G!#ā beea beeb E-8 beec "+<19 )=+:* :++83/ĉ: 9! 9""@

- =L5: )= /:) 9 E*Ċ G!#ā"9 = 2<M!2@ /9! =L ca 9!/: ) beea beeb E-8 beec 9 !=M

4R ?1O_GL#;O AL; K.X< "

?K C-J AL; DK;8K32

?K C-J=L< L=

#dL3A3W"N3 4L1 5 öùùõ 5 öùùö 5 öùù÷

AL;WE^3 ==; L= /=A#DG4

"+<19 H5D5'D52 E ##Ā 5- Q: 9 Ů2< F#+čů ŮıĮĻ ŮĻőŖŏʼnŘŗŚōůů

aŴ ıĮĻ ŮĻőŖŏʼnŘŗŚōů ?5 3@Ċ!G!"+<19 +Ċ5*-8 di /9! = L b @)(:&9! č beeb E-8+Ċ5*-8 cfŴdi /9! =L c` 9!/: ) 2553

õ W"N3 S <Q;

=L$ĉ:!): "+<19 *9 H)ĉ D *G ĊD <! AĊG! 2ĉ/!!=M

+:* :+ 9 -ĉ:/ ?5D#đ! +:* :+ =LD#đ!#+8F* !č ĉ5"+<19 F *D#đ! :+D2+<) 2(:& -ĉ5 G! :+ Q:D!<! :! 5 "+<19

ä D)?L5/9! =L h &,1(: ) bedi "+<19 H Ċ 5"+9" ĴōŜŜōŚ ŗŎ ķŎŎōŚ AĊ*?)D <! +8*829M!D&?L5G ĊD#đ!D <! @!3)@!D/=*! : ıĮĻ ŮĻőŖŏʼnŘŗŚōů D#đ! Q:!/! bŴ "+<19 H5D5'D52 a` -Ċ:! 5--:+č2< F#+č3+?5 E ##Ā 5- F6- <M 2č D =*"D ĉ:G!D <!2 @-": 3+?5 Ů#+8D 0H *ů Q: 9 >L 5--ĉ:+č23+9 59 +: 5 D"=M* D#đ!"+<19 *ĉ5* 5 ıĮĻ 8 A Q:3! >M! ŮĻőŖŏʼnŘŗŚōů ?53@Ċ!G! "+<19 +Ċ5*-8 diŴb ä 59 +: 5 D"=M* 8 A /9! =L g D)1:*! beeb Q:3! >M!G!E ĉ-8 +9M D)?L5 E-8+Ċ5*-8 cfŴfd )= :+D"< 5! F * Q:3! /9! =L c` 9!/: ) beec =L59 +: Ċ! @! 5 $AĊG3Ċ AĊ*?) "/ +Ċ5*-8 a Q:3! Q:+8 cŴ !:*-= A! = 5 D"=M*D#đ!+:*D ?5!3+?5 D#đ! ++) :+"+<3:+ +:*H +):2 ŮĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚů E-8#+8 :!D Ċ:3!Ċ: =L ä :+ Q:+8 ?!D <! Ċ!D)?L5 "+<3:+ -@ĉ) ıĮĻ / :)3+?5(:*G! a #ā(:* ŮĻőŖŏʼnŘŗŚōů ŮįŚŗŝŘ īĭķů 3-9 : /9! =L55 D5 2:+ E-8D#đ! ++) :+ 5 ĴōŜŜōŚ ŗŎ ķŎŎōŚ E-Ċ/E ĉ/9!G "+<19 8 > ĉ5! dŴ !: 2:/-<) )@* 3-< D#đ!#+8 :!D Ċ: 3!Ċ: =L%Ą:* :+D <! -@ĉ) ıĮĻ ŮĻőŖŏʼnŘŗŚōů ŮįŚŗŝŘ īĮķů E-8D#đ! ++) :+

5 "+<19

60

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

=L$ĉ:!): "+<19 *9 H)ĉ D *G ĊD <! AĊ G!2ĉ/!!=M

=L$ĉ:!): "+<19 *9 H)ĉ D *G ĊD <! AĊ G!2ĉ/!!=M

!5 : !=M D <!G3Ċ AĊ*?) 9 -ĉ:/D#đ!D <! AĊ*?) =LH)ĉ)= 3-9 #+8 9! 59 +: 5 D"=M* Q:3! H/Ċ 9 D !E-8G -ĊD =* 9" 59 +: 5 D"=M*G! -: >L D#đ! =L*5)+9"H Ċ D3 @$-E-8 /:) Q:D#đ! =L Q:+:* :+ 9 -ĉ:/ D&?L5G ĊD#đ!E3-ĉ D <! @!3)@!D/=*!D&?L5G ĊG! *:) @ D <! 5 "+<19

Related Party Transactions ‘ =L< L==JEA L" K3

4R ?1O_GL#;O AL; K.X< "

?K C-J AL; DK;8K32

?K C-J=L< L=

#dL3A3W"N3 Š4L1‹ AL;WE^3 ==; L= /=A#DG4 5 ÜÚÚþ 5 ÜÚÚÜ 5 ÜÚÚá

ä 29 : 9 -ĉ:/)= Q:3! +8*8D/-: a #Ä !9" : /9! =L - !:)G!29 : "9"!=M 29 :D <! AÄŠ*?) 9 -ĉ:/)= :+ ĉ55:*@29 :D+?L5*): ! > /9! =L bf @-: ) beed 5*ĉ: H+ K :)"+<19 *9 H)ĉ)= :+D"< G ÄŠ/ D <!!=MD-* D#Ä‘!+:* :+ =L2)D3 @2) $- E-8D#Ä‘!$- =E ĉ"+<19

ĂśÂ? GQ_3] aĹ´ ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ - +9" D#Ä‘!2#5!D 5+Ä? ĉ: 5 /9 #Ä G3)ĉG3ÄŠE ĉ&!9 :! 5 ĹĎĝ F *G3ÄŠ ĹĎĝ ĉ:* Q:+8D <!-ĉ/ 3!ÄŠ:H# ĉ5! -A 3!=M"+<19 =LD =L*/ ÄŠ5 9! bĹ´ ĉ:G ÄŠ ĉ:*G! :+D+=* D K" +83/ĉ: 9! ĉ:G ÄŠ ĉ:*G! :+ D <! : 5 ++) :+

16,390

-A 3!=M"+<19 =LD =L*/ Ċ5 9! cŴ ĉ:G Ċ ĉ:*G! :+D+=* D K" +83/ĉ: 9! ĉ:/= ĉ: E-8 :+ ĉ5/= ĉ: 5 &!9 :!"+<19 =L D#đ! :/ ĉ: : <

Ĺł

-A 3!=M"+<19 =LD =L*/ Ċ5 9! dŴ ĉ:G Ċ ĉ:*G! :+D+=* D K" +83/ĉ: 9! ĉ:G Ċ ĉ:*G! :+ D <! : 5 ++) :+E-8 $AĊ +/ 25"(:*G!

Ĺł

D ÄŠ:3!=M"+<19 =LD =L*/ ÄŠ5 9!

Ĺł Ĺł

áÂ? LZ% # L<W O_<A K4 L= W8ĘĈ;1R3

ĉ:G ÄŠ ĉ:*D =L*/ 9" :+D&<L) @! >L Q:D!<! :+F * ĹĎĝ ŎĝőŖĹ?Ĺ‰Ĺ˜Ĺ—ĹšĹ?ĹŻ Q:!/! `Ĺ´i -ÄŠ:! ":

16,709

20,602

16,056 D#đ!+:* :+ =L2)D3 @2) $- D#đ!# < 5 @+ < E-8D#đ! ĉ:G Ċ ĉ:* =LD <

>M! +< ų D#đ!+:* :+ =L2)D3 @2) $- D#đ!# < 5 @+ < E-8D#đ! ĉ:G Ċ ĉ:* =LD <

>M! +<

Ĺł

59,570 D#đ!+:* :+ =L2)D3 @2) $- D#đ!# < 5 @+ < E-8D#đ! ĉ:G Ċ ĉ:* =LD <

>M! +<

10,026 Ĺł

ų ų +:* :+ 9 -ĉ:/ ?5D#đ! +:* :+# < =LD =L*/ 9" :+D&<L) @! D#đ! ĉ:G Ċ ĉ:* =LD < >M! +< E-8E2 *5 2@ < : 2ĉ/!D <! )A- ĉ:3@Ċ!

Annual Report 2010 : IFS Capital (Thailand) PCL

61

Related Party Transactions =L< L==JEA L" K3

4R ?1O_GL#;O AL; K.X< "

?K C-J AL; DK;8K32

?K C-J=L< L=

bŴ"+<19 H5D5' D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9

aŴ ıĮĻ ŮĻőŖŏʼnŘŗŚōů >L D#đ!$AĊ ?53@Ċ!+:*G3 ĉ 5 "+<19 ?53@Ċ!G!"+<19 H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9 +Ċ5*-8 iiŴih /9! =L bg &,1(: ) 2552

õ W"N3ZE S <Q;

#dL3A3W"N3 4L1 AL;WE^3 ==; L= /=A#DG4 5 öùùõ 5 öùùö 5 öùù÷

bŴ !:*-= A! = D#đ! ++) :+ 5 "+<19 H5D5'D52 E ##Ā 5- ä 59 +: 5 D"=M* Q:3! =L F6- <M 2č Ů#+8D 0H *ů 59 +: Ċ! @! 5 $AĊG3Ċ AĊ*?)"/ Q: 9 E-8D#đ! ++) :+ +Ċ5*-8 a

5 "+<19 ä Q:3! Q:+8 ?!D <! Ċ! cŴ !:* 9! D- D*! D#đ! E-8 5 D"=M* G!/9! =L c` ++) :+ 5 "+<19 )=!: ) beeb H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů ä 29 : 9 -ĉ:/)= Q:3! Q: 9 E-8D#đ! ++) :+ +8*8D/-: b D ?5!!9" : /9! E-8#+8 :!D Ċ:3!Ċ: =L =L- !:)G!29 : "9"!=M "+<3:+ 5 "+<19 ų *5 Ċ! / ų G3Ċ AĊ*?) Ů ĉ:* ?!ů ų *5 #-:* / ų 5 D"=M*+9"

62

aŴ ıĮĻ ŮĻőŖŏʼnŘŗŚōů /+ 55 3!9 2?5 ĊQ:#+8 9! 3+?53!9 2?5*<!*5) G Ċ

ĉ:D2=*3:*G3Ċ 9""+<19 D ĉ: 9"/ D <! =LG3Ċ AĊ*?) >L D#đ!D ?L5!H =L 9 D =*) 9" !: :+

ä D)?L5/9! =L bh ) +: ) beeb "+<19 H Ċ Q: ĴōŜŜōŚ ŗŎ ķŎŎōŚ G3Ċ AĊ*?)D <!+8*829M! E ĉ "+<19 H5D5'D52 E ##Ā 5- F6- <M 2č Ů#+8D 0H *ů Q: 9 D#đ! Q:!/! bh` -Ċ:! ": F * ıĮĻ ŮĻőŖŏʼnŘŗŚōů 55 3!9 2?5 ĊQ:#+8 9!G3Ċ 9" "+<19 D ĉ: 9"/ D <! =L AĊ*?)

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

bŴ (:*3-9 D <!G3Ċ AĊ*?) 9 -ĉ:/ "+<19 *9 )=/ D <! 2<!D ?L5 9"2 :"9! :+D <! D&=* &5G! :+ Q:D!<! @+ < cŴ 59 +: 5 D"=M* Q:3! H/Ċ 9 D !E-8D#đ! ++)D!=*)# <"9 < 5 -: G!#+8D 0H * 2Q:3+9"D <!G3Ċ AĊ*?)+83/ĉ: "+<19 ų bh`Ų```Ų``` ų Ůbh`Ų```Ų```ů ų ų

ų ų ų

bŲdffŲfeh

ų

ų

Related Party Transactions ‘ =L< L==JEA L" K3

AL;#dLW5 3X?J AL;D;WE/RD;6? :+ Q:+:* :++83/ĉ: 9! D#Ä‘! /:) Q:D#Ä‘!E-8)= /:)2)D3 @2)$- 5 :+ Q:+:* :+ D&?L5 ĉ5G3ÄŠD < #+8F* !Ä?2A 2@ 5 "+<19 E-8 ?5/ĉ:D#Ä‘!H# :)-9 1 8 :+#+8 5" @+ < 9L/H# E-8"+<19 H ÄŠ ĉ:* ĉ: 5"E !G!+: : =L*@ < ++) >L D#Ä‘!+: : =LD2)?5! Q: 9""@

-(:*!5 2Q:3+9" :+ Q:+:* :++83/ĉ: 9! =L)= +: : -: 3+?5+: : =L Q: 9""@

-(:*!5 5ÄŠ: 5<

;L/= L=X?J Kĉ3/G3 L=1dL=L< L==JEA L" K3 G! + = =L"+<19 )= :+D Ċ: Q:+:* :++83/ĉ: 9! =LD#đ!+:* :+ : :+ Ċ:# < 9" ++) :+ $AĊ"+<3:+ 3+?5"@

- =L)= /:)D =L*/ ÄŠ5 F *)= ÄŠ5 - : :+ ÄŠ: G!-9 1 8D =*/ 9" =L/< ÄŽA !&> +8 Q: 9" Aĉ29 : 9L/H#G!2 :! :+ Ä?D =*/ 9! ÄŠ/*5Q:!: ĉ5+5 : :+ ÄŠ: =L#+:0 : 5< <&-G! :+ =L ! 8)=2 :!8 D#Ä‘! ++) :+ $AÄŠ"+<3:+ 3+?5"@

- =L)= /:)D =L*/ Ċ5 "+<19 8 Q:D!<! :+D2!5 ĉ5 8 ++) :+G3Ċ&< :+ :5!@)9 <G!3-9 :+D&?L5G3Ċ%Ą:*"+<3:+2:):+ 5!@)9 < :+ Q: @+ ++) 9 -ĉ:/H Ċ G! + = =L"+<19 8 Ċ5 D Ċ: Q:+:* :++83/ĉ: 9! 9""@

- =L5: )= /:) 9 E*ÄŠ =LH)ĉD#Ä‘!+:* :+ : :+ ÄŠ:# < "+<19 8 ÄŠ5 !Q:D2!5 ĉ5 8 ++) :+ +/ 25"&< :+ : /:)D3):82) ĉ5! :+D ÄŠ: Q:+:* :+ E-8 8!Q:D2!5 /:)D3K! 5 8 ++) :+ +/ 25" ĉ5 =L#+8 @) 8 ++) :+ 3+?5 =L#+8 @)$AÄŠ ?5 3@ÄŠ!D&?L5#+8 5" :+ 9 2<!G 5 8 ++) :+ 3+?5$AÄŠ ?53@ÄŠ! :)E ĉ + =G! :+5!@)9 < :+D ÄŠ: Q:+:* :+ 9 -ĉ:/ 9M !=M :+&< :+ :5!@)9 < :+ Q:+:* :+ +83/ĉ: 9! 9 -ĉ:/ ÄŠ5 # <"9 <G3ÄŠD#Ä‘!H# :) 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? E-8 ÄŠ5"9 9" #+8 :0 Q:29L 3+?5 ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä?E3ĉ #+8D 0H * >L $AÄŠ =L5: )= /:) 9 E*ÄŠ 3+?5)=2ĉ/!H ÄŠD2=*G! :+ Q:+:* :++83/ĉ: 9! 8H)ĉ)=2< <55 D2=* - ) <G! :+ Q:+:* :+ +83/ĉ: 9!!9M! J

3Y<4L<E=QGX3AY3 ; L=1dL=L< L==JEA L" K3Z3G3L / G! + = =L)= :+ Q:+:* :++83/ĉ: 9!G!5!: "+<19 )=!F*":* =L 8 Q:D!<! :+G3ÄŠD#Ä‘!H# :)-9 1 8 @+ < :+ ÄŠ:# < 5 "+<19 E-8"+<19 8# <"9 < :) 3):*/ĉ: ÄŠ/*3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? E-8 ÄŠ5"9 9" #+8 :0 Q:29L 3+?5 ÄŠ5 Q:3! 5 -: 3-9 +9&*Ä?E3ĉ #+8D 0H * E-83!ĉ/* :!5?L! =L D =L*/ ÄŠ5 Q:3! E-8"+<19 8D#Ä€ D$*+:* :++83/ĉ: 9!H/ÄŠG!3):*D3 @#+8 5" " :+D <! E""E2 +:* :+ ÄŠ5)A-#+8 Q:#Ä ĹŽE"" efĹłaĹŻ E-8+:* :! #+8 Q:#Ä 5 "+<19 ĹŽE"" efĹłbĹŻ

Annual Report 2010 : IFS Capital (Thailand) PCL

63

Related Party Transactions =L< L==JEA L" K3

ª½Ä¹Ì½¼ ¨¹ÊÌÑ ¹Æ¼ ÇÆƽ»Ì½¼ ¬Ê¹Æ˹»ÌÁÇÆË Summary of related party and connected transactions for the year ended 31st December 2008, 2009 and 2010 were as follow:-

¨½ÊËÇÆË ÏÁÌÀ ª½Ä¹ÌÁÇÆËÀÁÈ ÈÇËËÁºÄ½ »ÇƾÄÁ»Ì Ǿ ¡Æ̽ʽËÌ

¬Ê¹Æ˹»ÌÁÇÆË

ÅÇÍÆÌ ¹ÀÌ 2008 öôôý öôõô

IFS Capital Limited (“IFS (Singapore)”)

õ ¤Ç¹ÆË

The Company did not drawdown the loan

1. IFS (Singapore) owned 49% of the shares as at 2nd February 2008 and 36.49% of shares as at 30th December 2010;

æ §Æ üth May 2006, the Company signed the Letter of Offer with IFS (Singapore), for a short-term loan facility of SGD 10 million or equivalent in Thai Baht or 2. IFS Capital Holdings US Dollar; (Thailand) Ltd., the subsidiary of IFS æ The interest rate will (Singapore), owned be charged upon each 49.2% of the shares as withdrawal based on cost at 7th April 2008 and of the fund plus 1% which 36.64% of shares as at will be paid on monthly or 30th December 2010; quarterly basis. 3. Mr. Lee Soon Kie is the Executive Director and the Group CEO of IFS (Singapore) Group, and the Company’s Director; 4. Ms. Lim Mui Ling is the Group CFO of IFS (Singapore) Group and the Company’s Director;

64

æ ¬À½ ÄÇ¹Æ ÏÁÄÄ º½ ¼Í½ within a year or when called upon, whichever is earlier. æ The term of the loan was 1 year starting from the acceptance date in the contract; Although the loan was not drawn down, the Company had renewed the contract yearly. The contract is due to expire on 26th October 2011.

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

The Company did not drawdown the loan

The Company did not drawdown the loan

§ÈÁÆÁÇÆË Ç¾ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½

The transaction was beneficial to the Company’s liquidity. It was an unsecured loan. The interest rate was clearly stipulated to be almost equivalent to the market’s interest rate, which was acceptable. The transaction was an additional working capital in case of emergency.

Related Party Transactions =L< L==JEA L" K3

¨½ÊËÇÆË ÏÁÌÀ ª½Ä¹ÌÁÇÆËÀÁÈ ÈÇËËÁºÄ½ »ÇƾÄÁ»Ì Ǿ ¡Æ̽ʽËÌ

¬Ê¹Æ˹»ÌÁÇÆË

1. (Continued)

ö §ÌÀ½ÊË

ÅÇÍÆÌ ¹ÀÌ 2008 öôôý öôõô

§ÈÁÆÁÇÆË Ç¾ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½

The trasaction was reasonable and beneficial to the employees of the Company.

1. IFS (Singapore) had sponsored a gift for the Company’s New Year Party with advance payment by the Company The Company’s related debtors

16,390

16,709

16,056

2. Reimbursement of travelling expenditure to attend the meeting of the Board of Directors in Singapore. The Company’s related debtors

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

20,602

3. Reimbursement of expenses for VISA and VISA renewal and work permit of the Company’s foreign employee. The Company’s related debtors

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

-

-

59,570

4. Reimbursement of expenses for travelling expenditure of Directors and Internal Auditors. The Company’s related creditors

÷ ¹ÈÁÌ¹Ä ¡Æ»Ê½¹Ë½ ÐȽƼÁÌÍʽ The Company’s capital increase expenditure of Baht 0.9 million performed by IFS (Singpapore).

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

10,026

The transaction was a normal practice for capital increase as the actual expenditure was net of the premium of the ordinary shares.

Annual Report 2010 : IFS Capital (Thailand) PCL

úù

Related Party Transactions =L< L==JEA L" K3

¨½ÊËÇÆË ÏÁÌÀ ª½Ä¹ÌÁÇÆËÀÁÈ ÈÇËËÁºÄ½ »ÇƾÄÁ»Ì Ǿ ¡Æ̽ʽËÌ

¬Ê¹Æ˹»ÌÁÇÆË

2. IFS Capital Holdings (Thailand) Ltd.

õ ¤Ç¹Æ

1. IFS (Singapore), the major shareholder of the Company owned 99.98% of shares in IFS Capital Holdings (Thailand) Ltd. on 27th May 2009. 2. Mr. Lee Soon Kie was the Director of IFS Capital Holdings (Thailand) Ltd., and the Director of the Company. 3. Mr. Tan Ley Yen was the Director of IFS Capital Holdings (Thailand) Ltd., and the Director and CEO of the Company.

ÅÇÍÆÌ ¹ÀÌ 2008 öôôý

§ÈÁÆÁÇÆË Ç¾ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½ öôõô 1. IFS (Singapore) should issue the letter of guarantee to the Company equivalent to the loan amount. The condition was the same as the bank;

æ §Æ öü January 2009, the Company granted a short term loan to IFS Capital Holdings (Thailand) Ltd. totalling Baht 280 million. IFS (Singapore) issued the letter of guarantee for the same amount of the loan to the Company; th

2. After the loan, the Company still had credit facilities with financial institutions and enough for its business operations.

æ ¬À½ ÁÆ̽ʽËÌ Ê¹Ì½ Ï¹Ë equivalent to the cost of fund plus 1%;

The transaction was considered a connected transaction, accounting for 9.82% of the Company’s total assets, and needed the approval of the Board of Directors.

æ ¬À½ ¼Í½ ¼¹Ì½ Ǿ ÌÀ½ principal repayment and interest payment was on 30th March 2009; æ ¬À½ »ÇÆÌʹ»Ì À¹¼ ¹ ȽÊÁǼ of 2 months effective from the acceptance date of the contract.

66

280,000,000 (280,000,000)

- Beginning Balance - Loan (Repaid) - Ending Balance

-

ų

- Received Interest

-

2,466,658

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

-

3. The interest rate was at the Company’s cost of fund plus 100 basis points which was the market practice in Thailand for related party’s loan transaction.

Related Party Transactions =L< L==JEA L" K3

¡Æ ƽ»½ËËÁÌÑ ¹Æ¼ ÌÀ½ ʹÌÁÇƹĽ Ǿ ÌÀ½ ÌʹÆ˹»ÌÁÇÆË The connected transactions were necessary and reasonable, and of benefits to the Company’s normal business operations, and were transacted at an arm’s length basis as if performed with external parties for the connected transactions of the market prices or the external parties’ reference prices.

¥½¹ËÍÊ½Ë ÇÊ ÈÊÇ»½¼ÍÊ½Ë ¾ÇÊ ¹ÈÈÊÇÎÁÆ¿ ÌÀ½ ½ÆÌÊÑ ÁÆÌÇ »ÇÆƽ»Ì½¼ ÌʹÆ˹»ÌÁÇÆË If the Company planned to enter into a connected transaction, which was in the ordinary course of its business, with its director, executive officer or related person on a commercial agreement which a prudent person might enter into with another party under the similar circumstances and the Company maintained the power of negotiation independently from the other party’s influence in his/her capacity as the Company’s director, executive officer or related person, then the Company must propose the connected transaction for the Board’s consideration and approval in principle in order that the Management would be able to approve the entry into that connected transaction. If the Company planned to enter into a connected transaction, which was not in the ordinary course of its business, with a person with a possible conflict of interest, the connected transaction must be proposed for the Audit Committee’s examination of the reasonableness first. Consequently, the Audit Committee’s opinion on the connected transaction must be presented at the Board of Directors’ Meeting or the General Meeting of Shareholders to support the Board or the Shareholders in making a decision to approve the connected transaction. Each approval of the connected transaction must comply with the law on securities and exchange and any applicable regulations, notifications, orders and requirements of the SET. A person with a possible conflict of interest or the relevant interested person would not be entitled to vote on the entry into that transaction.

ÍÌÍʽ ÈÇÄÁ»Ñ ÇÊ ¼Áʽ»ÌÁÇÆ Ê½¿¹Ê¼ÁÆ¿ ÌÀ½ ½ÆÌÊÑ ÁÆÌÇ »ÇÆƽ»Ì½¼ ÌʹÆ˹»ÌÁÇÆË To enter into a connected transaction in the future, the Company had a policy to follow its common business practice and to comply with the law on securities and exchange and any applicable regulations, notifications, orders and requirements of the SET and other relevant agencies. The Company would disclose its connected transactions in the notes to the financial statements, the annual report form (Form 56-1) and the annual report (Form 56-2).

Annual Report 2010 : IFS Capital (Thailand) PCL

67

¼šĂ†š¿½Ă…½Ă†ĂŒ ÂœĂ Ă‹ÂťĂ?ËËà ÇÆ šĂ†Âź ™ÆšĂ„Ă‘Ă‹Ă Ă‹

dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

:L8=A;6? L=.dLW3N3"L3 $- :! 5 "+<19 G!#Ä beec ?5/ĉ:)= :+D +< D <"F = E-8D#Ä‘!H# :) :+

*:* 9/ 5 (:/8D0+1 < "+<19 )=*5 2<!D ?L5E' D 5+<L *:* 9/+ÄŠ5*-8 bdĹ´` : acŲfig -ÄŠ:!": G!#Ä beeb D#Ä‘! afŲigi -ÄŠ:!": G!#Ä beec G!

8 =L2<!D ?L5D ĉ: ?M5E-82<!D ?L5-<2 <L )= :+ *:* 9/ Q:!/! ebŴc -Ċ:!": >L *9 H)ĉ ) : !9 59 ! D!?L 5 ): : "+< 19 H Ċ D+<L ) G3Ċ " +< :+2< ! D ?L 5 D ĉ : ?M 5 E-8 2<!D ?L5-<2 <L 9M E ĉD ?5!2< 3: ) beec D#đ! Ċ!):

D=R56? L=.dLW3N3"L31L" L=W"N3 =L<[.

#Ä beec "+<19 )=+:*H ÄŠ+/) Q:!/! bdgĹ´i -ÄŠ:!": D&<L) >M! afĹ´e -ÄŠ:!": 3+?5+ÄŠ5*-8 gĹ´a : #Ä Ä‰5! 2:D3 @3-9 D < : +:*H ÄŠ2ĉ/!G3 ĉ): : :+ ?M5 2< <D+=* +ÄŠ5 >L #+8 5" ÄŠ/* +:*H ÄŠ : :+ ?M52< <D+=* +ÄŠ5 Q:!/! affĹ´c -ÄŠ:!": D&<L) >M! agĹ´e -ÄŠ:!": 3+?5+ÄŠ5*-8 aaĹ´h E-8+:*H ÄŠ ĉ: ++)D!=*) E-8"+< :+ : :+ ?M52< <D+=* +ÄŠ5 Q:!/! ehĹ´b -ÄŠ:!": D&<L) >M! a`Ĺ´b -ÄŠ:! ": 3+?5+ÄŠ5*-8 baĹ´b +:*H ÄŠ 9M 25 2ĉ/!+/) 9! < D#Ä‘!29 2ĉ/!D -=L*+ÄŠ5*-8 i`Ĺ´f 5 +:*H ÄŠ+/) 5*ĉ: H+ K :) +:*H ÄŠ : :+G3ÄŠD ĉ: ?M5E-8+:*H ÄŠ : 29 :D ĉ: : :+D <! Q:!/! adĹ´e -ÄŠ:!": - - iĹ´a -ÄŠ:!": 3+?5+ÄŠ5*-8 chĹ´f : #Ä Ä‰5! 59 ! D!?L 5 ): : :+3*@ G3ÄŠ " +< :+2< ! D ?L 5 D ĉ : ?M 5 E-82< ! D ?L 5 -< 2 <L 9M E ĉ ) +: ) beeb > 2< 3: ) beec Q:G3ÄŠ+:*H ÄŠD < : :+G3ÄŠ"+< :+G! @+ ++) 5 -A ÄŠ: =L*9 ÄŠ: +:*H ÄŠ5?L! Q:!/! hĹ´i -ÄŠ:!": - - bĹ´a -ÄŠ:!": 3+?5+ÄŠ5*-8 ahĹ´i : #Ä Ä‰5! 59!D!?L5 ): : G!#Ä beeb "+<19 )=+:*H ÄŠ 5 D"=M*D <!G3ÄŠ AÄŠ*?)+83/ĉ: "+<19 E-8+:*H ÄŠ ĉ:D ĉ:5: :+2Q:!9 :! 2Q:3+9"+:*H ÄŠ5?L!#+8 5" ÄŠ/* ĉ: ++)D!=*)G! :+D#Ä€ ĹľD&<L)/ D <!2<!D ?L5E' D 5+<L ĉ:"+< :+ :+ 9 D K"D <! D"=M*#+9"E-8 5 D"=M*2Q:3+9"-A 3!=M =L ÄŠ: Q:+8D <! Q:3! 5 D"=M*+9" : Ĵčžğĺ E-8 ĉ:!:*3!ÄŠ:#+8 9!(9* D#Ä‘! ÄŠ!

LZ% # L<

aĹ´ ĉ : G ÄŠ ĉ : *&!9 :! =L D &<L ) >M ! ): : :+#+9 " D < ! D ? 5 !#+8 Q : #Ä 2/92 < :+5?L!J E-8 ĉ:G ÄŠ ĉ:*$-#+8F* !Ä? 5 &!9 :!2Q:3+9"D <! D * :+D-< ÄŠ: E-8$- 5"E ! :+ Q: :! 9""+<19 D#Ä‘!D/-:!:! > L D#Ä‘!$- +8 " : :+!Q:): + :! :+"9 = "9" = L ai Ă&#x;$-#+8F* !Ä? 5 &!9 :!Ă =L"+<19 ?5# <"9 < ĉ5!/9!"9 9"G ÄŠ bĹ´ ĉ : D2?L 5 )+: :E-8 ĉ : 9 Q : 3!ĉ : * =L D&<L ) >M ! D < : :+#+9 " #+@ E ĉ 5: :+2Q:!9 :! cĹ´ ĉ:(:1= @+ < D &:8 =LD&<L) >M!25 -ÄŠ5 9"+:*H ÄŠ =L#+9" 9/2A >M!

ä ĉ: 5"E !$AÄŠ"+<3:+ Q:!/!D <! bcĹ´e -ÄŠ:!": D&<L) >M! bĹ´c -ÄŠ:!": 3+?5+ÄŠ5*-8 a`Ĺ´i 59!D!?L5 ): : :+D&<L) >M! 5 $AÄŠ"+<3:+E-8 :+#+9"D <! D ?5!#+8 Q:#Ä Ă¤ ĉ:D$?L53!=M2 29* 82A Q:!/!D <! gĹ´` -ÄŠ:!": D&<L) >M! gĹ´a -ÄŠ:!": 59! D!?L5 ): : :+ 9M 2Q:+5 D&<L) >M! F *59 +:2ĉ/!2Q:+5 ĉ53!=M =LH)ĉ ĉ5G3ÄŠ D < +:*H ÄŠD ĉ: 9"+ÄŠ5*-8 a`h 2<M!#Ä beec

/ 31R31L" L=W"N3 ÄŠ! @! : :+D <! ?5D#Ä‘! ÄŠ! @!3-9 5 "+<19 >L D#Ä‘!-9 1 8 5 @+ < :+ G3ÄŠ2<!D ?L5 G!#Ä beec "+<19 )= ÄŠ! @! : :+D <! Q:!/! d`Ĺ´b -ÄŠ:!": - - gĹ´d -ÄŠ:!": 3+?5+ÄŠ5*-8 aeĹ´e : #Ä Ä‰5! 59!D!?L5 ): : :+)= ÄŠ! @! : :+D <!- - E-8)= Q:+8 ?!D <! AÄŠ*?)+8*829M! : D <! =LH ÄŠ+9" : :+

:*3@ÄŠ!2:)9 D&<L) @!G3ÄŠ 9"#+8 : !D)?L5D ?5!2< 3: ) beec

dL[=DR12N 2Q:3+9"#Ä beec "+<19 )= Q:H+2@ < ĉ5! :+D#-=L*!E#- !F*":* :+"9 = Q:!/! h`Ĺ´e -ÄŠ:!": D&<L) >M! iĹ´b -ÄŠ:!": 3+?5+ÄŠ5*-8 abĹ´i : #Ä Ä‰5! E-8 : :+D#-=L*!E#- !F*":* :+"9 =G!#Ä beec D =L*/ 9"(:1=D <!H ÄŠE-8 $-#+8F* !Ä? 5 &!9 :! Q:G3ÄŠ)= :+D&<L) >M! 5 ĉ:G ÄŠ ĉ:*$-#+8F* !Ä? 5 &!9 :! Q:!/! bĹ´h -ÄŠ:!": E-8 :+- - 5 (:1=D <!H ÄŠ Q:!/! gĹ´a -ÄŠ:! ": Q:G3ÄŠ"+<19 )= Q:H+2@ <3-9 :+D#-=L*!E#- !F*":* :+"9 = Q:!/! hdĹ´h -ÄŠ:!":

2Q:3+9"#Ä beec "+<19 )= ĉ:G ÄŠ ĉ:*+/) Q:!/! idĹ´f -ÄŠ:!": D&<L) >M! agĹ´h -ÄŠ:!": 3+?5+ÄŠ5*-8 bcĹ´a : #Ä =L$ĉ:!): +:*-8D5=* 9 !=M 9M !=M : :+D#-=L*!E#- !F*":*"9 = 9 -ĉ:/"+<19 H ÄŠ#+9"#+@ " Q:H+ ä ĉ:G ÄŠ ĉ:*G! :+ :*E-8"+<3:+ Q:!/! fdĹ´b -ÄŠ:!": D&<L) >M! hĹ´d -ÄŠ:! : @!*ÄŠ5!3-9 2Q:3+9"#Ä beeb : Q:H+2@ < gaĹ´c -ÄŠ:!": D#Ä‘! Q:H+2@ < ": 3+?5+ÄŠ5*-8 aeĹ´` : #Ä =L$ĉ:!):59!D!?L5 ): : gfĹ´b -ÄŠ:!": D&<L) >M!D!?L5 : :+- - 5 (:1=D <!H ÄŠ

68

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Management Discussion and Analysis ‘ dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

3!ĉ/*Ģ &9!":

=L<[. X?J LZ% # L<

5 ÜÚÚá

5 ÜÚÚÜ ã5=K45=R" ZE; ä

=L<[. =A;

247,868 affŲbfh 14,519 ehŲbbb hŲhei

231,365 adhŲgeb 23,651 dhŲ`ch 10,924

16,503 17,516 ŎiŲacbů a`Ųahd ŎbŲ`feů

7.13 aaĹ´gh ĹŽchĹ´faĹŻ baĹ´b` ĹŽahĹ´i`ĹŻ

94,615 64,154 23,454 7,007

76,867 55,769 21,153 ĹŽeeĹŻ

17,748 hŲche 2,301 7,062

23.09 aeŴ`d a`Ŵhh abŲhd`Ŵ``

153,253 40,211 bhŲbci

154,498 47,569 30,750

(1,245) ŎgŲcehů ŎbŲeaaů

(0.81) ĹŽaeĹ´dgĹŻ ĹŽhĹ´agĹŻ

84,803

76,179

8,624

11.32

+:*H Ċ : :+ ?M52< <D+=* +Ċ5 +:*H Ċ : :+G3ĊD ĉ: ?M5E-8 : 29 :D ĉ: : :+D <! +:*H Ċ : ĉ: ++)D!=*)E-8"+< :+ : :+ ?M52< <D+=* +Ċ5 +:*H Ċ5?L!

LZ% # L<=A; ĉ:G Ċ ĉ:*G! :+ :*E-8"+<3:+ ĉ: 5"E !$AĊ"+<3:+ ĉ:D$?L53!=M2 29* 82A Ŏ -9"+:* :+ů

dL[= G3/ 31R31L" L=W"N3X?J:LCOW"N3[. 5 D"=M* ĉ:* (:1=!< <"@

-

dL[=DR12N

W5?O_<3X5?" #dL3A3 = G<?J

*L3J1L" L=W"N3 DN31=K8< =A;

/9! =L ca 9!/: ) beec "+<19 )=2<! +9&*Ä?+/) Q:!/! bŲ`ihĹ´h -ÄŠ:!": D#+=*"D =*" 9"/9!D =*/ 9! 5 #Ä beeb 2<! +9&*Ä?+/)- - bdĹ´a -ÄŠ:!": 3+?5 +ÄŠ5*-8 aĹ´a 2:D3 @3-9 D < : :+- - 5 -A 3!=M : 29 :D ĉ: ?M5E-8-A 3!=M :)29 :D ĉ:+8*8*:/ Q:!/! dhĹ´g -ÄŠ:!": 3+?5+ÄŠ5*-8 beĹ´c :+- - 5 -A 3!=M : :+ ?M52< <D+=* +ÄŠ5 Q:!/! chĹ´h -ÄŠ:!": 3+?5+ÄŠ5*-8 bĹ´b G! 8 =L)= :+D&<L) >M! 5 D <!2 E-8+:* :+D =*"D ĉ:D <!2 Q:!/! dcĹ´a -ÄŠ:! ": 3+?5+ÄŠ5*-8 ehĹ´c :+D&<L) >M! 5 D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ: Q:!/! aaĹ´a -ÄŠ:!": 3+?5+ÄŠ5*-8 fbfĹ´` E-8 : :+D&<L) >M! 5 2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 = Q:!/! aaĹ´` -ÄŠ:!": 3+?5+ÄŠ5*-8 cbĹ´h

E3O`DN3=A; /9! =L ca 9!/: ) beec "+<19 )=3!=M2<!+/) Q:!/! aŲbiiĹ´c -ÄŠ:!": - - bb`Ĺ´` -ÄŠ:!": 3+?5+ÄŠ5*-8 adĹ´e : /9! =L ca 9!/: ) beeb 2:D3 @3-9 D < : :+- - 5 D <! AÄŠ*?) : 2 :"9! :+D <! Q:!/! bceĹ´` -ÄŠ:!": 3+?5+ÄŠ5*-8 aeĹ´i E-8 :+D&<L) >M! 5 #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! Q:!/! aeĹ´ -ÄŠ:!": 3+?5+ÄŠ5*-8a``

D A3 G"6S 0QGER 3 /9! =L ca 9!/: ) beec 2ĉ/! 5 $AÄŠ ?53@ÄŠ!)= Q:!/! giiĹ´d -ÄŠ:!": D&<L) >M! aieĹ´i -ÄŠ:!": 3+?5+ÄŠ5*-8 cbĹ´e : /9! =L ca 9!/: ) beeb 2:D3 @3-9 D < : :+ :*3@ÄŠ!2:)9 D&<L) @!G3ÄŠ 9"#+8 : !G!D ?5!2< 3: ) beec Q:!/! ab` -ÄŠ:!3@ÄŠ! G!+: :3@ÄŠ!-8 aĹ´ce ": Q:G3ÄŠ)=D <! @!D&<L) >M! Q:!/! ab` -ÄŠ:! ": E-82ĉ/!D <!)A- ĉ:3@ÄŠ!2:)9 =LD&<L) >M!2@ < ÄŠ/* ĉ:G ÄŠ ĉ:* =LD =L*/ ÄŠ5 9" :+D&<L) @! Q:!/! caĹ´g -ÄŠ:!": E-8 : Q:H+2@ <#Ä beec =LD&<L) >M!2@ < ÄŠ/* D <!#Ä?!$- ĉ:* Q:!/! ecĹ´c -ÄŠ:!": !5 : !=M : :+ =L"+<19 H ÄŠ!Q:): +: :! :+"9 = "9" =L ai D+?L5 Ă&#x;$-#+8F* !Ä? 5 &!9 :!Ă ): ?5# <"9 < ĉ5! /9!"9 9"G ÄŠ F *"+<19 D-?5 /< = :+E-8H ÄŠ#+9"#+@ $- +8 " =LD < >M! : :+D#-=L*!E#- !F*":* :+"9 = 9 -ĉ:/ 9" Q:H+282) ÄŠ! / 5 #Ä beec - - Q:!/! iĹ´` -ÄŠ:!": E-8 : :+ =L"+<19 H ÄŠ!Q:): +: :! :+"9 = "9" =L ab D+?L5 Ă&#x;(:1=D <!H ÄŠĂ ): ?5# <"9 < ĉ5!/9!"9 9"G ÄŠG!#Ä beec F *"+<19 H ÄŠ #+9"#+@ $- +8 " 5 (:1=D <!H ÄŠ*ÄŠ5!3-9 G! " :+D <!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beeb D&<L) >M! Q:!/! ccĹ´g -ÄŠ:!": =L!Q:):E2 D#+=*"D =*"D&?L5 G3ÄŠ25 -ÄŠ5 9"!F*":* :+"9 =D =L*/ 9"(:1=D <!H ÄŠG! / #Ä? @"9!

Annual Report 2010 : IFS Capital (Thailand) PCL

69

Management Discussion and Analysis ‘ dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

3!ĉ/*Ģ &9!":

DN31=K8< X?JE3O`DN3

5 ÜÚÚá

5 ÜÚÚÜ ã5=K45=R" ZE; ä

DN31=K8< =A;

2,098,765 116,979 hc 1,736,252 adcŲdha 12,909 76 3,345 140 chŲhfg 963 ddŲgch 932

2,122,869 gcŲhif 1047 aŲggeŲ`bh 192,151 aŲggh 37 hŲegh ach ccŲfhe 1771 33,697 1063

(24,104) dcŲ`hc Ŏifdů ŎchŲggfů ŎdhŲfg`ů 11,131 39 ŎeŲbcců 2 eŲahb ŎdeŴfbů 11,041 Ŏacaů

(1.14) ehĹ´c` ĹŽibĹ´`gĹŻ ĹŽbĹ´ahĹŻ ĹŽbeĹ´ccĹŻ fbfĹ´`d a`eĹ´da 61 aĹ´de aeĹ´ch ĹŽbĹ´ehĹŻ cbĹ´gg ĹŽabĹ´cbĹŻ

1,299,333 1,020,000 100,000 ų chŲgfd ų 125,000 15,569

1,519,360 aŲdh`Ų``` ų 10 chŲiih 352 ų ų

(220,027) Ŏdf`Ų```ů 100,000 Ŏa`ů Ŏbcdů Ŏcebů 125,000 15,569

(14.48) ĹŽcaĹ´`hĹŻ Ĺł ĹŽa``ĹŻ ĹŽ`Ĺ´f`ĹŻ ĹŽa``ĹŻ Ĺł Ĺł

799,432 470,000 31,746 Ŏchů agŲihd 279,740

603,509 350,000 ų 97 adŲchd bciŲ`bh

195,923 120,000 31,746 ĹŽaceĹŻ 3,600 40,712

32.46 cdĹ´bi Ĺł ĹŽad`Ĺ´aaĹŻ beĹ´`c agĹ´`c

2,098,765

2,122,869

(24,104)

(1.14)

D <!2 E-8+:* :+D =*"D ĉ:D <!2 D <!- @! 9L/ +:/ -A 3!=M : :+ ?M52< <D+=* +ÄŠ5 Ăš 2@ < -A 3!=M : 29 :D ĉ: ?M5E-8-A 3!=M :)29 :D ĉ:+8*8*:/ Ăš 2@ < D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ: Ăš 2@ < -A 3!?M5?L! Ăš "+<19 =LD =L*/ ÄŠ5 9! 2<! +9&*Ä?3)@!D/=*!5?L! D <!%: !: :+ =LG ÄŠD#Ä‘!3-9 #+8 9! =L <! 5: :+ E-85@# + Ä? Ăš 2@ < 2<! +9&*Ä?H)ĉ)= 9/ ! Ăš 2@ < 2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 = 2<! +9&*Ä?H)ĉ3)@!D/=*!5?L!

E3O`DN3=A; D <! AÄŠ*?)+8*829M! : 2 :"9! :+D <! D <! AÄŠ*?)+8*8*:/ =L +" Q:3! Q:+8G!3!>L #Ä D ÄŠ:3!=M5?L! Ăš "+<19 =LD =L*/ ÄŠ5 9! 3!=M2<!3)@!D/=*!5?L! D <!)9 Q: ĉ:D ĉ: D <! AÄŠ*?)+8*8*:/ #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :!

D A3 G"6S 0QGER 3=A; 3@Ċ!2:)9 =L55 E-8D+=* Q:+8E-Ċ/ 2ĉ/!D <!)A- ĉ:3@Ċ!2:)9 Q:H+ Ŏ : @!ů =L*9 H)ĉD < >M! : :+D#-=L*!E#- )A- ĉ:D <!- @! Q:H+282) ų 2Q:+5 :) 3):* Q:H+282) ų *9 H)ĉH Ċ 9 2++

=A;E3O`DN3X?JD A3 G"6S 0QGER 3

70

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

W5?O_<3X5?" #dL3A3 = G<?J

Management Discussion and Analysis dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

§Î½Ê¹ÄÄ ¨½Ê¾ÇÊŹƻ½ The factoring business of the Company expanded strongly in 2010 with a growth of 24% from Baht 13,697 million in 2009 to Baht 16,979 million in 2010. This is in line with the strong recovery of the Thai economy. However, the Company’s leasing and hire purchase business expanded by only Baht 52.3 million as the Company had just recommenced this business following its IPO in August 2010. Overall, the performance of the Company was good.

§È½Ê¹ÌÁÆ¿ ª½ËÍÄÌË ª½Î½Æͽ

In 2010, the Company’s total revenue was Baht 247.9 million, an increase of Baht 16.5 million or 7.1% from the previous year. This was due mainly to the increase in factoring volume, which led to the increase in factoring income to Baht 166.3 million, an increase of Baht 17.5 million or 11.8%; and an increase in factoring commission and service fees to Baht 58.2 million, an increase of Baht 10.2 million or 21.2%. These made up 90.6% of the total revenue. However, income from leasing and hire purchase decreased to Baht 14.5 million, a decrease of Baht 9.1 million or 38.6% since the Company recommenced this business only in August 2010. Other income amounted to Baht 8.9 million, a decrease of 2.1 million or 18.9% from 2009. This was due to the absence of interest income from the loan to its major shareholder, and office rental income. Other income included commitment fees paid on acceptance of credit facilities, collection fees, contractual penalties and interest on overdue settlements, interest received from LC/TR and insurance commission, etc.

æ ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË Ï¹Ë ¹ÀÌ û ô ÅÁÄÄÁÇÆ ¹Æ Áƻʽ¹Ë½ of Baht 7.1 million, due to specific and collective allowance for doubtful accounts. The ratio of the allowance for doubtful accounts against non-performing loan was 108% as of 31st December 2010.

Áƹƻ½ ÇËÌ Finance cost was a major expense of the Company due to the nature of the lending business. In 2010, finance cost was Baht 40.2 million, a decrease of Baht 7.4 million or 15.5% from 2009, due mainly to the lower cost of borrowing as compared to 2009, and the funds raised from the Company’s initial public offering in August 2010.

¦½Ì ¨ÊǾÁÌ For the year 2010, the Company’s net profit before the changes in accounting policies was Baht 80.5 million, an increase of Baht 9.2 million or 12.9%. Following the changes in accounting policies on “Income Tax” and “Employee Benefits”, (employee benefit expense increased by Baht 2.8 million while tax expense reduced by Baht 7.1 million due to deferred tax credit) the net profit in 2010 increased to Baht 84.8 million. The effect of changes of accounting policies was retrospectively adjusted to the net profit of financial year 2009. The offset resulted in an increase in net profit from Baht 71.3 million to Baht 76.2 million, with deferred tax credit a major contributing factor.

ÐȽÆË½Ë In 2010, the Company’s total expenses were Baht 94.6 million, an increase of Baht 17.8 million or 23.1% from 2009. Details of the increase can be summarized as follow:æ «½ÄÄÁÆ¿ ¹Æ¼ ¹¼ÅÁÆÁËÌʹÌÁν ½ÐȽÆË½Ë Ï½Ê½ ¹ÀÌ úø ö ÅÁÄÄÁÇÆ ¹Æ increase of Baht 8.4 million or 15.0% as a result of: 1. Increase in staff expenses due to annual salary adjustment, other welfare and benefits, and provision for employee benefits relating to severance pay & long service awards as a result of the early adoption of Thai Accounting Standards No. 19 “Employee Benefits”. 2. Increase in depreciation and amortization expenses due to office renovation. 3. Increase in specific business tax in line with higher revenue. æ ¥¹Æ¹¿½Å½ÆÌ º½Æ½¾ÁÌ ½ÐȽÆË½Ë Ï½Ê½ ¹ÀÌ ö÷ ù ÅÁÄÄÁÇÆ ¹Æ Áƻʽ¹Ë½ Ǿ Baht 2.3 million or 10.9%. This was mainly due to annual salary adjustment of executives.

Annual Report 2010 : IFS Capital (Thailand) PCL

71

Management Discussion and Analysis dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

ıŖ ŜŐŗŝśʼnŖŌ ĪʼnŐŜ

ª½Î½ÆÍ½Ë ¹Æ¼ ÐȽÆË½Ë ª½Î½ÆÍ½Ë Factoring income Hire purchase and finance lease income Factoring commission and service fees Other income

ÐȽÆË½Ë Selling and administrative expenses Management benefit expenses Allowance (Reversal) for doubtful accounts

¨ÊǾÁÌ º½¾Çʽ Áƹƻ½ ÇËÌ ¹Æ¼ ¡Æ»ÇŽ ¬¹Ð ÐȽÆË½Ë Finance cost Income tax expenses

¦½Ì ¨ÊǾÁÌ

öôõô

öôôý 㪽Ë̹̽¼ä

À¹Æ¿½ ÅÇÍÆÌ

%

247,868 166,268 14,519 58,222 8,859

231,365 148,752 23,651 48,038 10,924

16,503 17,516 (9,132) 10,184 (2,065)

7.13 11.78 (38.61) 21.20 (18.90)

94,615 64,154 23,454 7,007

76,867 55,769 21,153 (55)

17,748 8,385 2,301 7,062

23.09 15.04 10.88 12,840.00

153,253 40,211 28,239

154,498 47,569 30,750

(1,245) (7,358) (2,511)

(0.81) (15.47) (8.17)

84,803

76,179

8,624

11.32

ÁƹƻÁ¹Ä «Ì¹ÌÍË ¬ÇÌ¹Ä Ë˽ÌË

As at 31st December 2010, the Company’s total assets were Baht 2,098.8 million, a decrease of Baht 24.1 million or 1.1% from prior year. The main reasons for the decrease were a decrease in hire purchase and lease contract receivables of Baht 48.7 million or 25.3%, and a decrease in factoring receivables of Baht 38.8 million or 2.2%. The decrease in accounts receivable was partially offset by (1) an increase in cash and cash equivalents of Baht 43.1 million or 58.3%; (2) an increase in inventory finance receivables of Baht 11.1 million or 626%; and (3) an increase in deferred tax assets of Baht 11 million or 32.8%.

¬ÇÌ¹Ä ¤Á¹ºÁÄÁÌÁ½Ë The Company’s total liabilities as at 31st December 2010 was Baht 1,299.3 million, a decrease of Baht 220 million or 14.5% from prior year. This was due mainly to the decrease in borrowings from financial institutions of Baht 235 million or 15.9%, partially offset by the increase in provision for employee benefits of Baht 15 million or 100%.

«À¹Ê½ÀÇļ½ÊËâ ÉÍÁÌÑ Shareholders’ equity as at 31st December 2010 was Baht 799.4 million, an increase of Baht 195.9 million or 32.5%. The main reason for the increase was the initial public offering of 120 million shares at Baht 1.35 per share. This resulted in an increase of paid-up capital by Baht 120 million and net share premium by Baht 31.7 million. Net profit after dividend payment was Baht 53.3 million. Also, the Company had adopted in advance Thai Accounting Standard No. 19 “Employee Benefits”, resulting in a decrease of retained earnings by Baht 9 million. As the Company had adopted in advance Thai Accounting Standard No. 12 “Income Tax” in 2010, resulting in an increase of retained earnings by Baht 33.7 million for the year ended 31st December 2009. The adjustments were necessary for comparison purposes to reflect the effects of deferred tax as if the accounting policy has always been in place.

72

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Management Discussion and Analysis dLG2N4L<X?J L=ANW =LJE 6? L=.dLW3N3"L3X?J*L3J1L" L=W"N3

ıŖ ŜŐŗŝśʼnŖŌ ĪʼnŐŜ

Ë˽ÌË ¤Á¹ºÁÄÁÌÁ½Ë ¹Æ¼ «À¹Ê½ÀÇļ½ÊËâ ÉÍÁÌÑ Ë˽ÌË

öôõô

öôôý 㪽Ë̹̽¼ä

À¹Æ¿½ ÅÇÍÆÌ

%

2,098,765 116,979 83 1,736,252 143,481 12,909 76 3,345 140 38,867 963 44,738 932

2,122,869 73,896 1047 1,775,028 192,151 1,778 37 8,578 138 33,685 1771 33,697 1063

(24,104) 43,083 (964) (38,776) (48,670) 11,131 39 (5,233) 2 5,182 (45.62) 11,041 (131)

(1.14) 58.30 (92.07) (2.18) (25.33) 626.04 105.41 61 1.45 15.38 (2.58) 32.77 (12.32)

1,299,333 1,020,000 100,000 38,764 125,000 15,569

1,519,360 1,480,000 10 38,998 352 -

(220,027) (460,000) 100,000 (10) (234) (352) 125,000 15,569

(14.48) (31.08) (100) (0.60) (100) -

Issued and paid-up share capital Premium on ordinary shares Unrealized gain (loss) on investments revaluation Retained earnings – Legal reserve Retained earnings – Unappropriated

799,432 470,000 31,746 (38) 17,984 279,740

603,509 350,000 97 14,384 239,028

195,923 120,000 31,746 (135) 3,600 40,712

32.46 34.29 (140.11) 25.03 17.03

¬ÇÌ¹Ä ¤Á¹ºÁÄÁÌÁ½Ë ¹Æ¼ «À¹Ê½ÀÇļ½ÊËâ ÉÍÁÌÑ

2,098,765

2,122,869

(24,104)

(1.14)

Cash and cash equivalents Current investments Factoring receivable, net Hire purchase and lease contract receivable, net Inventory finance receivable, net Amounts due from a related company Other current assets Bank deposits held as collateral Property, plant and equipment, net Intangible assets, net Deferred tax assets Other non-current assets

¤Á¹ºÁÄÁÌÁ½Ë Short-term loans from financial institutions Current portion of long-term loan Amount due to a related company Other current liabilities Rental deposit Long-term loan Provision for employee benefits

«À¹Ê½ÀÇļ½ÊËâ ÉÍÁÌÑ

Annual Report 2010 : IFS Capital (Thailand) PCL

73

Çà šĂ„ ª½Ă‹ĂˆĂ‡Ă†Ă‹à ºà Ă„Ă ĂŒĂ‘ AL;=K46N.%G4/ GDK" ;

"+<19 H5D5'D52 E ##Ā 5- Ŏ#+8D 0H *ů Q: 9 Ŏ)3: !ů H Ċ +83!9 > :+ Q:D!<! @+ < =L Ċ5 )= /:)+9"$< 5" ĉ529 ) @) ! E-82<L E/ -Ċ5) D&?L5!Q:H#2Aĉ :+)=29 ) =L =E-85*Aĉ+ĉ/) 9!5*ĉ: )= /:)2@ "+<19 > G3Ċ /:) 2Q: 9 G! :++ĉ/)D#đ!2ĉ/!3!>L G! :+2!9"2!@! D ?M5 A- ĉ529 ) 9M G! Ċ:! :+ Q:"@ Q: @0- :+"+< : 3+?5 :+&9 !:29 )G!+A#E"" ĉ: J D&?L5 Q:G3Ċ$AĊ Ċ5*F5 :2E-829 )2ĉ/!+/)5*Aĉ+ĉ/) 9!5*ĉ: )= /:)2@ D Ċ)E K E-8*9L *?! IFS Capital (Thailand) Public Company Limited is aware of the importance of its responsibility to society, community, and its business environment. The Company engages in various activities to help enhance the lives of the underpriviledged and society as a whole.

74

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Social Responsibility / AL;=K46N.%G4/ GDK" ;

"+<19 H ÄŠ)= :+ 9 < ++)D&?L529 ) >M! @ #Ä E-8G!#Ä beec 8 Q: :! 5 "+<19 D ?L5/ĉ:D*:/ ! =L =D#Ä‘!+: :!2Q: 9 G! :+&9 !:29 )G!5!: F *"+<19 H ÄŠ 9 < ++)D-=M* 5:3:+ -: /9! "+< : 3!9 2?5 D +?L5 5@#F(

E-8"+<F( G3ÄŠ 9"2 :!2 D +:83Ä?D K :*"ÄŠ:!#: D +K G!D ?5!&,0 < :*! !5 : !=M"+<19 *9 H ÄŠ+ĉ/)"+< : D <! ĉ/*D3-?5G3ÄŠ 9"D3 @ :+ Ä?E$ĉ! <!H3/ =L #+8D 0D6 < +ĉ/)2) " @!D&?L5 9 3:D +?L5 5@#F( E-8"+<F( G3ÄŠ 9"$AÄŠH ÄŠ+9"

/:)D2=*3:*G!"+<D/ *ĉ:! @) !"ĉ5!H ĉ : D3 @ :+ Ä? @)!@) : :+D)?5 D)?L5D ?5!D)1:*!Ĺł&,1(: ) beec E-8"+< : D <! ĉ/*D3-?5$AÄŠ#+82"(9* !MQ: ĉ/)5*ĉ: +@!E+ D)?L5D ?5! @-: ) beec D#Ä‘! ÄŠ!

In the year 2010, for example, the Company organized a visit to the Pakkred Home for Boys in November, and treated the boys to a sumptuous lunch in addition to the donations of books, foodstuffs and a variety of consumer goods. The Company also donated to the victims of the Haiti’s earthquake, the Bonkai Community, which was affected by the political crisis in April/May 2010, and the flood victims in October 2010.

Annual Report 2010 : IFS Capital (Thailand) PCL

ÝÚ

ª½ÈÇÊÌ Ç¾ ÌÀ½ ǹʼ Ǿ Áʽ»ÌÇÊËâ ª½ËÈÇÆËÁºÁÄÁÌÁ½Ë ¾ÇÊ ÌÀ½ ÁƹƻÁ¹Ä «Ì¹Ì½Å½ÆÌË =L<"L3 AL;=K46N.%G4 G" -J ==; L=/ G=L<"L31L" L=W"N3

8 ++) :+"+<19 D#đ!$AĊ+9"$< 5" ĉ5 " :+D <!D 5 "+<19 +/) > Ċ5)A-2:+2!D 0 : :+D <! =L#+: G!+:* :!#+8 Q:#ā >L " :+D <!2Q:3+9"#ā2<M! 2@ /9! =L ca 9!/: ) beec 9 Q: >M! :)): + :! :+"9 = =L+9"+5 9L/H#G!#+8D 0H * F *D-?5 G Ċ!F*":* :+"9 = =LD3):82)E-8 ?5# <"9 <5*ĉ: 2)LQ:D2)5 G Ċ @-*&<!< 5*ĉ: +8)9 +8/9 E-8#+8): :+ =L2)D3 @2)$-G! :+ 9 Q: +/) 9M )= :+D#Ā D$* Ċ5)A-2Q: 9 5*ĉ: D&=* &5G!3):*D3 @#+8 5" " :+D <!

8 ++) :+"+<19 H Ċ 9 G3Ċ)=E-8 Q:+ H/Ċ >L +8"" :+ /" @)(:*G! :+ +/ 25"(:*G! :+"+<3:+ /:)D2=L* E-8 :+ Q: 9" AE- =LD3):82)E-8)= #+82< <$- D&?L5G3Ċ)9L!G /ĉ: Ċ5)A- : "9 =)= /:) A Ċ5 +" Ċ/! E-8D&=* &5 =L 8 Q:+ +9 1:H/Ċ >L +9&*č2<! 5 "+<19 E-8#ą5 9! /:)D2=L* -5 ! D&?L5H)ĉG3ĊD < :+ @ +< 3+?5 :+ Q:D!<! :+ =L$< # <5*ĉ: )=!9*2Q: 9 9M !=M H Ċ)5"3):*G3Ċ 8 ++) :+ +/ 25" >L #+8 5" Ċ/* ++) :+ =LD#đ!5<2+8 9M 3) D#đ!$AĊ Q: 9" AE-D =L*/ 9" @ (:& 5 +:* :! : :+D <! :+25" :!!F*":* :+"9 = :+25" :!+8"" :+ /" @)(:*G! :+ +/ 25" (:*G! E-8 :+"+<3:+ /:)D2=L* -5 !&< :+ : :+D#Ā D$* Ċ5)A-+:* :+D =L*/F* +83/ĉ: 9!5*ĉ: +" Ċ/! D&=* &5 E-8D3):82) F * /:)D3K! 5

8 ++) :+ +/ 25"#+: 5*AĉG!+:* :! : 8 ++) :+ +/ 25" >L E2 H/ĊG!+:* :!#+8 Q:#āE-Ċ/

8 ++) :+"+<19 )= /:)D3K!/ĉ: +8"" :+ /" @)(:*G!F *+/) 5 "+<19 )= /:)D&=* &5E-8D3):82) E-82:):+ 2+Ċ: /:)D ?L5)9L!5*ĉ: )=D3 @$H Ċ/ĉ: " :+D <! 5 "+<19 2Q:3+9"#ā2<M!2@ /9! =L ca 9!/: ) beec E2 :!8 :+D <! $- :+ Q:D!<! :! E-8 +8E2D <!2 A Ċ5 G!2:+82Q: 9 E-Ċ/ E-8H Ċ$ĉ:! :+ +/ 25" : $AĊ25""9 =+9"5!@ : : "+<19 =-5* č AĊ F )9 2@ H **0 25""9 = Q: 9 >L G3Ċ /:)D3K!5*ĉ: H)ĉ)=D ?L5!H G!+:* :!$AĊ 25""9 = >L H ĊE2 H/ĊG!+:* :!#+8 Q:#āE-Ċ/D ĉ! 9!

!:*-= A! = !:* 9! D- D*! #+8 :! ++) :+"+<19 #+8 :!D Ċ:3!Ċ: =L"+<3:+

76

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Report of the Board of Director’s Responsibilities for the Financial Statements / =L<"L3 AL;=K46N.%G4 G" -J ==; L=/ G=L<"L31L" L=W"N3

The Company’s Board of Directors is responsible for the financial statements of the Company as well as financial information presented in the annual report. The Company’s financial statements for the year ended 31st December 2010 have been prepared in accordance with Thailand’s Generally Accepted Accounting Principles (GAAP). In preparing the financial statements, appropriate accounting policies have been adopted and regularly adhered to, using careful discretion and reasonable estimates. As well, key information has been adequately disclosed in the notes to the financial statements. The Board of Directors has also put in place and maintained internal control systems, internal audit systems, risk management systems as well as appropriate and efficient corporate governance. The purpose is to ensure that the accounting information is accurate, complete and adequate, and that not only the Company’s assets and risk protection are properly maintained but also fraud and significant irregular actions are prevented. In this connection, the Board of Directors has appointed the Audit Committee with all of its members being independent directors. The Committee is responsible for ensuring the quality of financial reports, reviewing accounting policies, reviewing internal control systems, the internal audit systems and the risk management systems. As well, it is responsible for ensuring that the disclosure of information about related party transactions is complete, adequate and appropriate. The opinion of the Audit Committee is given in its report which is already included in this Annual Report. The Board of Directors is of the opinion that the overall internal control systems of the Company are adequate and appropriate and gives rise to the reasonable confidence that the Company’s financial statements of the year ended 31st December 2010 reflect rightly the Company’s financial status, performance and cash flows in an adequate and essential manner and have been audited by the certified auditors from Deloitte Touche Tohmatsu Jaiyos Co., Ltd. who provided unqualified opinon as stated in the Auditors’ Report which has been included in this Annual Report.

Mr. Lee Soon Kie Chairman of the Board

Mr. Tan Ley Yen Chief Executive Officer

Annual Report 2010 : IFS Capital (Thailand) PCL

77

ª½ÈÇÊÌ Ç¾ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½ =L<"L3 -J ==; L=/=A#DG4

8 ++) :+ +/ 25""+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů #+8 5" Ċ/* ++) :+5<2+8 Q:!/! c ĉ:! F *)=/:+8 :+ Q:+ Q:E3!ĉ b #ā #+8 5" Ċ/* aŴ +Ŵ ++)!A 5:!9!F H * #+8 :! ++) :+ +/ 25" bŴ !:*2@D/ *č =+/ <+ @- ++) :+ +/ 25" cŴ !:*!</9 !č : !(A)<! +č ++) :+ +/ 25"

8 ++) :+ +/ 25"H Ċ# <"9 < :!(:*G Ċ 5"D 3!Ċ: =L E-8 /:)+9"$< 5" =LH Ċ+9")5"3):* : 8 ++) :+"+<19 >L 25 -Ċ5 9" Ċ5 Q:3!

5 -: 3-9 +9&*čE3ĉ #+8D 0H * F *G!+5"#ā beec 8 ++) :+ +/ 25"H Ċ)= :+#+8 @)+ĉ/) 9! Q:!/! d +9M F * ++) :+ +/ 25" @ ĉ:!D Ċ: +ĉ/)#+8 @) +" Ċ/! @ +9M >L 2+@#2:+82Q: 9 H Ċ 9 !=M ä 25" :! " :+D <!+:*H +):2 E-8 " :+D <!#+8 Q:#ā beec +ĉ/) 9"$AĊ25""9 = E-8$AĊ"+<3:+ D&?L5G3Ċ)9L!G /ĉ: " :+D <!)= /:) A Ċ5 :) =L /+G! 2:+82Q: 9 :)): + :! :+"9 = =L+9"+5 9L/H# E-8)= :+D#Ā D$* Ċ5)A-5*ĉ: D&=* &5 +" Ċ/! E-8D#đ! =LD ?L5 ?5H Ċ ä 25" :! Ċ5)A- :+ Q:D!<! :!E-8+8"" :+ /" @)(:*G!D&?L5G3Ċ)9L!G /ĉ:"+<19 )=+8"" :+ /" @)(:*G! =LD3):82)E-8D&=* &5F *&< :+ : : +:* :! :+ +/ 25"(:*G! 5 $AĊ +/ 25"(:*G! : "+<19 D5 D5K) = 5<!D 5+čD! 9L!E!- 5! 9- <M Q: 9 E-8 : "+<19 H5D5'D52 E ##Ā 5- Q: 9 Ů2< F#+čů 9M !=MH)ĉ&" @ 5ĉ5!3+?5 Ċ5" &+ĉ5 =LD#đ!2:+82Q: 9 ä 25" :!+ĉ/) 9"$AĊ"+<3:+D&?L5G3Ċ)9L!G /ĉ:"+<19 H Ċ# <"9 < :) 3):*/ĉ: Ċ/*3-9 +9&*čE-8 -: 3-9 +9&*č Ċ5 Q:3! 5 -: 3-9 +9&*čE3ĉ #+8D 0H * 3+?5 3):* =LD =L*/ Ċ5 9" :+#+8 5" @+ < 5 "+<19 ä &< :+ : 9 D-?5 D2!5E ĉ 9M E-8D2!5 ĉ: 5"E !$AĊ25""9 = ĉ5 8 ++) :+"+<19 D&?L5!Q:D2!5 ĉ5 =L#+8 @)$AĊ ?53@Ċ! ä 25" :! :+ Q:+:* :++83/ĉ: 9! +/) 9M +:* :+ =LD =L*/F* 9! 3+?5+:* :+ =L5: D < /:) 9 E*Ċ : $-#+8F* !čG3ĊD#đ!H# :) 3):*E-8 Ċ5 Q:3! 5 -: 3-9 +9&*č 9M !=M D&?L5G3Ċ)9L!G /ĉ:+:* :+ 9 -ĉ:/2)D3 @2)$-E-8D#đ!#+8F* !č2A 2@ ĉ5"+<19 ä G3Ċ /:)D3K! ĉ5 8 ++) :+"+<19 G!#+8D K!2Q: 9 =L 8 ++) :+"+<19 Ċ5 :+G3Ċ 8 ++) :+ +/ 25"E2 /:)D3K!

8 ++) :+ +/ 25"H Ċ# <"9 <3!Ċ: =L Ċ/* /:)+5" 5"5*ĉ: D#đ!5<2+8E-8E2 /:)D3K!5*ĉ: + H# + ): 8 ++) :+ +/ 25"D3K!/ĉ:+:* :! : :+D <! 5 "+<1 9 )= :+ 9 Q: :)): + :! :+"9 = +=L "9 +5 9/L H# ) = :+ Q: 9" AE- < :+ = L =) = :+"+<3:+ /:)D2=*L E-8+8"" :+ /" @)(:*G! =)L #= +82< $< E-8D3):82)D&=* &5 +/) 9M )= :+ Q: 9" AE- :+# <"9 < :!G3Ċ A Ċ5 :) 3):*3+?5 D čH Ċ5*ĉ: D3):82) 25 -Ċ5 9"2(:&E/ -Ċ5) :+ Q:D!<! @+ < #ď @"9!

+Ŵ ++)!A 5:!9!F H * #+8 :! ++) :+ +/ 25"

78

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Report of the Audit Committee =L<"L3 -J ==; L=/=A#DG4

The Audit Committee of IFS Capital (Thailand) PCL. consists of 3 Independent Directors who are servicing on a two-year term, namely: 1. Dr. Thamnoon Ananthothai 2. Mr. Suvait Theeravachirakul 3. Mr. Niwat Kanjanaphoomin

Chairman of the Audit Committee Member Member

The Audit Committee performs their duties under the scope, duties, and responsibility assigned by the Board of Directors which are in accordance with the Notification of the Stock Excange of Thailand. In 2010, the Audit Committee had conducted 4 meetings which were attended by every Director. The important details can be summarized as follow: æ ª½ÎÁ½Ï Ǿ ÌÀ½ É͹Ê̽ÊÄÑ ¾ÁƹƻÁ¹Ä Ë̹̽ŽÆÌË ¹Æ¼ ÌÀ½ öôõô ¹ÆÆÍ¹Ä ¾ÁƹƻÁ¹Ä Ë̹̽ŽÆÌË ÌÀ¹Ì Ͻʽ ÅÍÌ͹ÄÄÑ ¹¿Ê½½¼ º½ÌϽ½Æ ÌÀ½ ͼÁÌÇÊË ¹Æ¼ ÌÀ½ Management to ensure the accuracy and compliance of the general accepted accounting standards, and to provide sufficient, complete and credible disclosure. æ йÅÁƹÌÁÇÆ Ç¾ ÌÀ½ ÁÆ̽ÊÆ¹Ä »ÇÆÌÊÇÄ ËÑËÌ½Å Ï¹Ë È½Ê¾ÇÊŽ¼ ÌÇ ½ÆËÍʽ ÌÀ¹Ì ÌÀ½ ÇÅȹÆÑ À¹Ë ¹ÈÈÊÇÈÊÁ¹Ì½ ¹Æ¼ ½¾¾½»ÌÁν ÁÆ̽ÊÆ¹Ä »ÇÆÌÊÇÄË ÁÆ accordance with the report of the Internal Auditors from AMC International Consulting Co., Ltd. and IFS Capital Limited (Singapore). There were no significant weaknesses or flaws found. æ ¥ÍÌÍ¹Ä ½Ð¹ÅÁƹÌÁÇÆ ÏÁÌÀ ÌÀ½ ¥¹Æ¹¿½Å½ÆÌ ÌÇ ½ÆËÍʽ ÌÀ½ ÇÅȹÆÑâË »ÇÅÈÄÁ¹Æ»½ ÏÁÌÀ ÌÀ½ ʽÉÍÁʽŽÆÌË ¹Æ¼ ÊÍÄ½Ë Ç¾ ÌÀ½ §¾¾Á»½ Ǿ ÌÀ½ «½»ÍÊÁÌÁ½Ë ¹Æ¼ Exchange Commission, The Stock Exchange of Thailand and the relevant laws governing the Company’s business operations. æ ÇÆËÁ¼½Ê¹ÌÁÇÆ ÆÇÅÁƹÌÁÇÆ ¹Æ¼ ÈÊÇÈÇË¹Ä Ç¾ ʽÅÍƽʹÌÁÇÆ Ç¾ ÌÀ½ ½Ð̽ÊÆ¹Ä ¹Í¼ÁÌÇÊË ÌÇ ÌÀ½ ǹʼ Ǿ Áʽ»ÌÇÊË Ï½Ê½ ʽÎÁ½Ï½¼ ¹Æ¼ ÈÊÇÈÇ˽¼ ÌÇ ÌÀ½ shareholders’ meeting for approval. æ ª½ÎÁ½ÏË Ç¾ ʽĹ̽¼ ȹÊÌÑ ÌʹÆ˹»ÌÁÇÆË ÇÊ »ÇƾÄÁ»Ì Ǿ ÁÆ̽ʽËÌË ÌʹÆ˹»ÌÁÇÆË Ï½Ê½ ȽʾÇÊŽ¼ ÁÆ ¹»»Çʼ¹Æ»½ ÏÁÌÀ ÌÀ½ ĹÏË ¹Æ¼ ÌÀ½ ÆÇÌÁ¾Á»¹ÌÁÇÆ Ç¾ ¬À½ Stock Exchange of Thailand to ensure that the transactions were reasonable and provided the utmost benefits to the Company. æ ¨ÊÇÎÁ¼ÁÆ¿ ÇÈÁÆÁÇÆË ÇÆ ÁÅÈÇÊ̹ÆÌ Å¹Ì̽ÊË ÌÇ ÌÀ½ ǹʼ Ǿ Áʽ»ÌÇÊË ÏÀÁ»À ʽÉÍÁʽ¼ ¾ÍÊÌÀ½Ê ÇÈÁÆÁÇÆË ¾ÊÇÅ ÌÀ½ ͼÁÌ ÇÅÅÁÌ̽½ The Audit Committee had performed their duties with independence and provided their opinions truthfully. The Committee opined that the Company’s financial statements complied with the general accepted accounting standards, had good corporate governance and effective and adequate risk and internal control system. Its operations was accurate and appropriate, pursuant to laws and regulations, which was in accordance with the present business environment.

Dr. Thamnoon Ananthothai Chairman of the Audit Committee

Annual Report 2010 : IFS Capital (Thailand) PCL

79

ͼÁÌ ª½ÈÇÊÌ Ç¾ ½ÊÌÁ¾Á½¼ ¨ÍºÄÁ» »»ÇÍÆ̹ÆÌ =L<"L3 G"6S DG44Kt%O=K4G3RtL/

WD3G6S 0QGER 3X?J -J ==; L= 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Ċ:&D Ċ:H Ċ +/ 25" " @- /9! =L ca 9!/: ) beec " Q:H+ : @! "E2 :+D#-=L*!E#- 2ĉ/! 5 $AĊ ?53@Ċ! E-8 " +8E2D <!2 2Q:3+9"#ā2<M!2@ /9!D =*/ 9! 5 "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů >L $AĊ"+<3:+ 5 < :+D#đ!$AĊ+9"$< 5" ĉ5 /:) A Ċ5 E-8 +" Ċ/! 5 Ċ5)AG! " :+D <!D3-ĉ:!=M 2ĉ/! Ċ:&D Ċ:D#đ!$AĊ+9"$< 5"G! :+E2 /:)D3K! ĉ5 " :+D <! 9 -ĉ:/ : $- :+ +/ 25" 5 Ċ:&D Ċ: " :+D <! 5 "+<19 2Q:3+9" #ā2<M!2@ /9! =L ca 9!/: ) beeb +/ 25"F *$AĊ25""9 =5?L!G!2Q:!9 :!D =*/ 9! >L E2 /:)D3K!5*ĉ: H)ĉ)=D ?L5!H :)+:* :! :+ +/ 25"- /9! =L bi ) +: ) beec F *)=/++ 5 <":* >L 2+@#H Ċ/ĉ:D#đ!D+?L5 D =L*/ 9" :+ =L"+<19 H Ċ3*@ :+ *:* @+ < 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ E-8 :+#+9" F + 2+Ċ: :+ ?53@!Ċ D#đ! ! ĉ: Ċ:/ Q:G3Ċ"+<1 9 )=2(:&D#đ! ! ĉ: Ċ:/ F *"+<1 9 H Ċ+"9 G"5!@ : #+8 5" +@ < 5 ! ĉ: Ċ:/G3Ċ#+8 5" +@ < "9 =2:) Ůbaů

Ċ:&D Ċ:H Ċ# <"9 < :! +/ 25" :)): + :! :+25""9 = =L+9"+5 9L/H# >L Q:3! G3Ċ Ċ:&D Ċ: Ċ5 /: E$!E-8# <"9 < :!D&?L5G3ĊH Ċ /:)D ?L5)9L!5*ĉ: )= D3 @$-/ĉ: " :+D <!E2 Ċ5)A- =L 9 ĉ5 Ċ5D K +< 59!D#đ!2:+82Q: 9 3+?5H)ĉ :+ +/ 25"+/) > :+G Ċ/< = :+ 25"3-9 :!#+8 5"+:* :+ 9M =LD#đ! Q:!/!D <!E-8 :+D#Ā D$* Ċ5)A-G! " :+D <! :+#+8D)<! /:)D3):82) 5 3-9 :+"9 = =L < :+G ĊE-8#+8): :+D =L*/ 9"+:* :+ : :+D <! =LD#đ! 2:+82Q: 9 >L $AĊ"+<3:+D#đ!$AĊ 9 Q: >M! -5 ! :+#+8D)<! > /:)D3):82) 5 :+E2 +:* :+ =L!Q:D2!5G! " :+D <!F *+/) Ċ:&D Ċ:D ?L5/ĉ: :+ +/ 25" 9 -ĉ:/G3Ċ Ċ52+@# =LD#đ!D č5*ĉ: D3):82)G! :+E2 /:)D3K! 5 Ċ:&D Ċ:

Ċ:&D Ċ:D3K!/ĉ: " :+D <! Ċ: Ċ!!=ME2 :!8 :+D <! /9! =L ca 9!/: ) beec $- :+ Q:D!<! :! E-8 +8E2D <!2 2Q:3+9"#ā2<M!2@ /9!D =*/ 9! 5 "+<19 H5D5'D52 E ##Ā 5- Ů#+8D 0H *ů Q: 9 Ů)3: !ů F * A Ċ5 :) =L /+G!2:+82Q: 9 :)3-9 :+"9 = =L+9"+5 9L/H# F * =)L G< ĉD#đ! :+E2 /:)D3K!5*ĉ: )=D ?5L !H :) = L -ĉ:/G!3):*D3 @#+8 5" " :+D <! Ċ5 c "+<1 9 H Ċ!:Q ): + :! :+"9 = "9" = L ai D+?5L ß$-#+8F* !č

5 &!9 :!à E-8 "9" =L ab D+?L5 ß(:1=D <!H Ċà ): ?5# <"9 < ĉ5!/9!"9 9"G ĊF *H Ċ"+<19 #+9"#+@ $- +8 " =LD < : :+D#-=L*!E#- !F*":* :+"9 = 2Q:3+9"$-#+8F* !č&!9 :!G! Q:H+282) Ċ! / 5 #ā beec E-8#+9"#+@ $- +8 " 5 (:1=D <!H ĊG! " :+D <!2Q:3+9"#ā2<M!2@ /9! =L ca 9!/: ) beeb =L !Q:):E2 D#+=*"D =*"D&?L5G3Ċ25 -Ċ5 9"!F*":* :+"9 =D =L*/ 9"(:1=D <!H Ċ 5 / #ď @"9!

/:-: D =*!#+8D2+< < +@ D &)3:! + $AĊ25""9 =+9"5!@ : D- 8D"=*! dc`a /9! =L ad @)(:&9! č beed "+<19 =-5* č AĊ F )9 2@ H **0 25""9 = Q: 9

80

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Audit Report of Certified Public Accountant ‘ =L<"L3 G"6S DG44Kt%O=K4G3RtL/

§ ÂŹÂ Â?  ™ªÂ? §¤ÂœÂ?ÂŞÂŤ Â™ÂŚÂœ ÂŹÂ Â? š§Â™ÂŞÂœ §Âž ÂœÂĄÂŞÂ?›§ª ¥ž ›™¨¥Â™¤ Š ™¥¤Â™ÂŚÂœÂ‹ ¨­Âš¤¥Â› ›§¼¨Â™ÂŚÂą ¤¥¼¥Â?Âœ We have audited the accompanying balance sheets of IFS Capital (Thailand) Public Company Limited as at December 31, 2010, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management as to their correctness and completeness of the presentation. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements for the year ended December 31, 2009 were audited by another auditor of the same firm, whose report thereon dated January 29, 2010, expressed an unqualified opinion on those statements with emphasis paragraphs which can be summarized as the Company ceased the expansion of the hire purchase and leasing business and changed its shareholding structure to be a foreign company leading to change the Company’s status to be foreign company and the Company has obtained the foreign business license to do the business in category 3 (21) service business. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion. In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of IFS Capital (Thailand) Public Company Limited as at December 31, 2010, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. Without qualifying our opinion, as described in Note 3 to the financial statements, the Company has early adopted Thai Accounting Standards (TASs) No. 19 “Employee Benefitsâ€? and No. 12 “Income Taxesâ€?. The effect in change of accounting policy for “Employee Benefitsâ€? has been retrospectively adjusted the beginning balance of retained earnings for the year 2010. In addition, the Company has retrospectively restated the comparative financial statements for the year ended December 31, 2009 to be in accordance with the new accounting policy for “Income Taxesâ€?.

BANGKOK February 14, 2011

Chavala Tienpasertkij Certified Public Accountant (Thailand) Registration No. 4301 ÂœÂ?¤§¥Â? §­Â› Â? § ¼Â™­ ¢Â™¥¹§ ™­ÂœÂĄÂŹ ›§Â?ÂŽ ¤ÂœÂ?

Annual Report 2010 : IFS Capital (Thailand) PCL

81

žà ÆšĂ†à šĂ„ ÂŤĂŒšĂŒ½Ă…½Ă†ĂŒĂ‹ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4.R? - AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ DN31=K8<

E3 A< Â’ 4L1 E;L<WE/R

2553

2552 ã5=K45=R"ZE; ä

aafŲighŲhg`

gcŲhifŲadg

2<! +9&*Ä?3)@!D/=*! D <!2 E-8+:* :+D =*"D ĉ:D <!2 D <!- @! 9L/ +:/

7

hbŲedd

1,046,956

-A 3!=M : :+ ?M52< <D+=* +ÄŠ5 Ĺł 2@ <

h

1,736,252,367

aŲggeŲ`bhŲacg

-A 3!=M : 29 :D ĉ: ?M5 =L +" Q:3! Q:+8G!3!>L #Ä Ĺł 2@ <

9

a`Ų``hŲaaa

ahŲhidŲcce

-A 3!=M :)29 :D ĉ:+8*8*:/ =L +" Q:3! Q:+8G!3!>L #Ä Ĺł 2@ <

10

efŲcibŲghg

gcŲfbbŲhfi

D <!G3Ċ AĊ*?) ĉ: ?M52<! Ċ: ų 2@ <

11

12,909,319

aŲgggŲhee

-A 3!=M5?L! Ĺł "+<19 =LD =L*/ ÄŠ5 9!

26

75,626

37,311

cŲcddŲfeh

hŲeghŲbee

aŲicfŲ`ddŲbhb

aŲiebŲhhaŲhfe

2<! +9&*Ä?3)@!D/=*!5?L! +/)2<! +9&*Ä?3)@!D/=*!

2<! +9&*Ä?H)ĉ3)@!D/=*! D <!%: !: :+ =LG ÄŠD#Ä‘!3-9 #+8 9!

12

140,001

achŲcgf

-A 3!=M : 29 :D ĉ: ?M5 ų 2@ <

9

6,025,074

aeŲidfŲhda

-A 3!=M :)29 :D ĉ:+8*8*:/ ų 2@ <

10

gaŲ`eeŲdah

hcŲfhgŲbca

=L <! 5: :+E-85@# + Ä? Ĺł 2@ <

13

chŲhfgŲa`c

ccŲfhdŲdgc

2<! +9&*Ä?H)ĉ)= 9/ ! Ĺł 2@ <

14

962,916

1,770,907

2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 =

15

44,737,597

33,696,996

932,250

1,062,650

+/)2<! +9&*Ä?H)ĉ3)@!D/=*!

162,720,359

afiŲihgŲdgd

+/)2<! +9&*Ä?

bŲ`ihŲgfdŲfda

bŲabbŲhfiŲcci

2<! +9&*Ä?H)ĉ3)@!D/=*!5?L!

3):*D3 @#+8 5" " :+D <!D#đ!2ĉ/!3!>L 5 " :+D <!!=M

82

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4.R? Š/ G‹ - AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ E3O`DN3X?JD A3 G"6S 0QGER 3

E3 A< Â’ 4L1 E;L<WE/R

2553

2552 ã5=K45=R"ZE; ä

3!=M2<!3)@!D/=*! D <! AÄŠ*?)+8*829M! : 2 :"9! :+D <!

16

1,020,000,000

aŲdh`Ų```Ų```

D <! AÄŠ*?)+8*8*:/ =L +" Q:3! Q:+8G!3!>L #Ä

17

100,000,000

Ĺł

D ÄŠ:3!=M5?L! Ĺł "+<19 =LD =L*/ ÄŠ5 9!

26

Ĺł

10,026

chŲgfcŲed`

chŲiihŲb`a

aŲaehŲgfcŲed`

aŲeaiŲ``hŲbbg

Ĺł

352,000

3!=M2<!3)@!D/=*!5?L! +/)3!=M2<!3)@!D/=*! 3!=M2<!H)ĉ3)@!D/=*! D <!)9 Q: ĉ:D ĉ: D <! AĊ*?)+8*8*:/

17

125,000,000

Ĺł

#+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :!

19

15,569,469

Ĺł

140,569,469

352,000

1,299,333,009

1,519,360,227

+/)3!=M2<!H)ĉ3)@!D/=*! +/)3!=M2<!

Annual Report 2010 : IFS Capital (Thailand) PCL

83

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4.R? Š/ G‹ - AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ

E3 A< Â’ 4L1 2553

2552 ã5=K45=R"ZE; ä

3@ÄŠ!2:)9 dg`Ų```Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ!-8 a ":

470,000,000

470,000,000

@! =L55 E-8 Q:+8E-ÄŠ/ 3@ÄŠ!2:)9 dg`Ų```Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ!-8 a ": Q:+8D K))A- ĉ: 3@ÄŠ!2:)9 ce`Ų```Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ!-8 a ": Q:+8D K))A- ĉ:

470,000,000

E3O`DN3X?JD A3 G"6S 0QGER 3 Š/ G‹

E;L<WE/R

2ĉ/! 5 $AĊ ?53@Ċ! @!D+?5!3@Ċ!

20

@! 8D"=*!

350,000,000

2ĉ/!D <! @! 31,746,399

Ĺł

ŎchŲggdů

ifŲffh

agŲihdŲdeb

adŲchdŲdeb

*9 H)ĉH Ċ 9 2++

279,739,555

239,027,992

+/)2ĉ/! 5 $AĊ ?53@Ċ!

799,431,632

603,509,112

bŲ`ihŲgfdŲfda

bŲabbŲhfiŲcci

2ĉ/!D <!)A- ĉ:3@Ċ!2:)9

21

Q:H+ Ŏ : @!ů =L*9 H)ĉD < >M! : :+D#-=L*!E#- )A- ĉ:D <!- @! Q:H+282) 9 2++E-Ċ/ @!2Q:+5 :) 3):*

+/)3!=M2<!E-82ĉ/! 5 $AĊ ?53@Ċ!

3):*D3 @#+8 5" " :+D <!D#đ!2ĉ/!3!>L 5 " :+D <!!=M

84

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

22

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4 dL[= L.1R3 DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ 2553

E3 A< Â’ 4L1 2552 ĂŁ5=K45=R"ZE; ä

affŲbfhŲeba

adhŲgebŲcdc

2,594,454

dŲihcŲcea

+:*H Ċ : 29 :D ĉ: :+D <!

11,924,524

ahŲffgŲgde

+:*H Ċ ĉ: ++)D!=*)E-8"+< :+ : :+ ?M52< <D+=* +Ċ5

ehŲbbaŲfdc

dhŲ`cgŲhga

hŲheiŲa`f

10,924,310

bdgŲhfhŲbdh

231,365,620

ĉ:G Ċ ĉ:*G! :+ :*

abŲhaaŲfih

10,769,635

ĉ:G Ċ ĉ:*G! :+"+<3:+

eaŲcdaŲhae

44,999,567

ĉ: 5"E !$AĊ"+<3:+

23,454,263

21,153,400

7,007,505

ŎeeŲi`fů

idŲfaeŲbha

gfŲhffŲfif

153,252,967

aedŲdihŲibd

d`ŲbaaŲdah

47,569,359

113,041,549

106,929,565

bhŲbchŲghe

30,750,323

hdŲh`bŲgfd

76,179,242

`Ĺ´ba

`Ĺ´bb

cihŲihfŲc`a

350,000,000

E;L<WE/R +:*H Ċ +:*H Ċ : :+ ?M52< <D+=* +Ċ5 +:*H Ċ : :+G3ĊD ĉ: ?M5

+:*H ÄŠ5?L!

26

+/)+:*H ÄŠ

ĉ:G Ċ ĉ:*

ĉ:D$?L53!=M2 29* 82A Ŏ -9"+:* :+ů +/) ĉ:G Ċ ĉ:* Q:H+ ĉ5! Ċ! @! : :+D <!E-8(:1=D <!H Ċ Ċ! @! : :+D <! Q:H+ ĉ5!(:1=D <!H Ċ (:1=D <!H Ċ

15, 25

Q:H+2@ < Q:H+ ĉ53@Ċ! 9M!&?M! :!

20

":

Q:!/!3@Ċ!2:)9 9/D -=L* ĉ/ !MQ:3!9

20

3@ÄŠ!

3):*D3 @#+8 5" " :+D <!D#đ!2ĉ/!3!>L 5 " :+D <!!=M

Annual Report 2010 : IFS Capital (Thailand) PCL

ßÚ

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4XD." L=W5?O_<3X5?"D A3 G"6S 0QGER 3 DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ 3):*D3 @

E3 A< ’ 4L1 Q:H+Ŏ : @!ů Q:H+282) =L*9 H)ĉD < *9 H)ĉH Ċ

>M! : :+ 9 2++E-Ċ/ @!2Q:+5 9 2++ D#-=L*!E#- )A- ĉ:D <! :) 3):*

@! =L55 E-8 Q:+8 E-ÄŠ/

2ĉ/!D <! @! : :+ D#-=L*!E#- )A- ĉ:D <! - @!

350,000,000

Ĺł

196,399

Ĺł

Ĺł

ŎehŲib`ů

350,000,000

Ĺł

137,479

Ĺł

Ĺł

Ĺł

Ĺł

+/) 2ĉ/! 5 $AĊ ?53@Ċ!

Ă&#x;#+9"#+@ G3)ĉà *5 D3-?5 ÄŠ!#Ä /9! = L a ) +: ) beeb :) =LD *+:* :!H/ÄŠ $- +8 " : :+D#-=L*!E#- !F*":* :+"9 = D =L*/ 9" (:1= D <!H ÄŠ

3

a`ŲhbgŲg`d afgŲfehŲici

Ĺł

ebhŲfhcŲ`db

bhŲhdfŲeei

bhŲghgŲfci

a`ŲhbgŲg`d aifŲe`eŲdih

eegŲdg`Ųfha

76,179,242

76,179,242

ų Ŏc`Ųa``Ų```ů

Ŏc`Ųa``Ų```ů

*5 D3-?5 ÄŠ!#Ä /9! = L a ) +: ) beeb #+9"#+@ G3)ĉ Q:H+2@ < D <!#Ä?!$- ĉ:*

24

Ĺł

Ĺł

Ĺł

2Q:+5 :) 3):*

22

Ĺł

Ĺł

Ĺł

cŲeefŲgdh

ŎcŲeefŲgdhů

Ĺł

Ĺł

Ĺł

Ŏd`Ųhaaů

Ĺł

Ĺł

Ŏd`Ųhaaů

350,000,000

Ĺł

ifŲffh

adŲchdŲdeb 239,027,992

603,509,112

2ĉ/!D#-=L*!E#- )A- ĉ:D <!- @! *5 D3-?5#-:*#Ä /9! =L ca 9!/: ) 2552

86

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4XD." L=W5?O_<3X5?"D A3 G"6S 0QGER 3 Š/ G‹ DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ 3):*D3 @

E3 A< ’ 4L1 Q:H+Ŏ : @!ů Q:H+282) =L*9 H)ĉD <

>M! : :+ *9 H)ĉH Ċ 9 2++E-Ċ/ D#-=L*!E#- @!2Q:+5 :) 9 2++ )A- ĉ:D <! 3):*

@! =L55 E-8 Q:+8 E-ÄŠ/

2ĉ/!D <! @! : :+ D#-=L*!E#- )A- ĉ:D <! - @!

350,000,000

Ĺł

achŲ`ig

+/) 2ĉ/! 5 $AĊ ?53@Ċ!

*5 D3-?5 ÄŠ!#Ä /9! = L a ) +: ) beec :) =DL *+:* :!H/ÄŠ

adŲchdŲdeb b`eŲbhiŲefg

efiŲhabŲaaf

$- +8 " : :+D#-=L*!E#- !F*":* :+"9 =D =L*/ 9"(:1=D <!H ÄŠ

3

Ĺł

Ĺł

ŎdaŲdbiů

Ĺł

ccŲgchŲdbe

33,696,996

$- +8 " : :+D#-=L*!E#- !F*":* :+"9 =D =L*/ 9"$-#+8F* !Ä? 5 &!9 :!

3

Ĺł

Ĺł

Ĺł

Ĺł

ŎhŲiiaŲb`aů

ŎhŲiiaŲb`aů

350,000,000

Ĺł

ifŲffh

adŲchdŲdeb 230,036,791

594,517,911

*5 D3-?5 ÄŠ!#Ä /9! = L a ) +: ) beec #+9"#+@ G3)ĉ D&<L) @!3@ÄŠ!2:)9

20

120,000,000

Ĺł

Ĺł

Ĺł

Ĺł

120,000,000

2ĉ/!D <!)A- ĉ:3@Ċ!2:)9

21

Ĺł

31,746,399

Ĺł

Ĺł

Ĺł

31,746,399

Ĺł

Ĺł

Ĺł

Ĺł

hdŲh`bŲgfd

hdŲh`bŲgfd

ų ŎcaŲe``Ų```ů

ŎcaŲe``Ų```ů

Q:H+2@ < D <!#Ä?!$- ĉ:*

24

Ĺł

Ĺł

Ĺł

2Q:+5 :) 3):*

22

Ĺł

Ĺł

Ĺł

3,600,000

ŎcŲf``Ų```ů

Ĺł

Ĺł

Ĺł

ŎaceŲddbů

Ĺł

Ĺł

ŎaceŲddbů

470,000,000

31,746,399

ŎchŲggdů

agŲihdŲdeb 279,739,555

799,431,632

2ĉ/!D#-=L*!E#- )A- ĉ:D <!- @! *5 D3-?5#-:*#Ä /9! = L ca !9 /: ) beec

3):*D3 @#+8 5" " :+D <!D#đ!2ĉ/!3!>L 5 " :+D <!!=M

Annual Report 2010 : IFS Capital (Thailand) PCL

87

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4 =JXDW"N3D. DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ

E3 A< Â’ 4L1 E;L<WE/R

2553

2552

113,041,549

106,929,565

7,007,505 ŎfhgŲaifů ų cfŲbha ciŲcfiŲech bŲgbdŲhig 6,402,592 afgŲhieŲaff

ŎeeŲi`fů ŎbbgŲe``ů ŎaaeŲhbhů chi 47,074,326 ų 4,931,419 aehŲecfŲdfe

33,340,752 19,044,327 c`ŲhcfŲege ŎacŲiadŲifeů ŎchŲcaeů 5,233,597 130,400 ŎaŲfbeů

edŲdfcŲhbd 26,353,044 h`ŲfifŲhcg aŲcdhŲahi Ŏb`Ųibaů 6,707,253 ų ŎcŲddaů

Ŏa`Ų`bfů bŲifhŲabh ŎcebŲ```ů 245,132,014

10,026 906,940 ŎcŲdhdŲffdů 325,513,552

ŎchŲbefŲ`bfů ŎciŲgacŲ`dgů 167,162,941

ŎdiŲd`gŲ`fdů ŎcdŲdfhŲda`ů bdaŲfchŲ`gh

+8E2D <!2 : < ++) Q:D!<! :!

Q:H+ ĉ5!(:1=D <!H ÄŠ #+9"#+@ ÄŠ/* ĉ:D$?L53!=M2 29* 82A ĹŽ -9"+:* :+ĹŻ Q:H+ : :+ Q:3!ĉ:*D <!- @! Q:H+ : 59 +:E- D#-=L*! : @! : :+ :*Ĺľ 9 Q:3!ĉ:*2<! +9&*Ä? :/+ ĉ:G ÄŠ ĉ:* 5 D"=M* ĉ:* ĉ:G ÄŠ ĉ:*$-#+8F* !Ä?&!9 :! ĉ:D2?L5)+: :E-8 ĉ: 9 Q:3!ĉ:* 2<! +9&*Ä? Q:D!<! :! ĹŽD&<L) >M!ĹŻ - - -A 3!=M : :+ ?M52< <D+=* +ÄŠ5 -A 3!=M : 29 :D ĉ: ?M5 -A 3!=M :)29 :D ĉ:+8*8*:/ D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ: -A 3!=M"+<19 =LD =L*/ ÄŠ5 9! 2<! +9&*Ä?3)@!D/=*!5?L! 2<! +9&*Ä?H)ĉ3)@!D/=*!5?L! D <!%: !: :+ =LG ÄŠD#Ä‘!3-9 #+8 9! 3!=M2<! Q:D!<! :!D&<L) >M! ĹŽ- - ĹŻ D ÄŠ:3!=M"+<19 =LD =L*/ ÄŠ5 9! 3!=M2<!3)@!D/=*!5?L! 3!=M2<!H)ĉ3)@!D/=*!5?L! D <!2 +9" : :+ Q:D!<! :! ĉ:* 5 D"=M* ĉ:*(:1=D <!H ÄŠ D <!2 2@ <H ÄŠ): : < ++) Q:D!<! :!

88

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ "4 =JXDW"N3D. Š/ G‹ DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ

E3 A< Â’ 4L1 E;L<WE/R

2553

2552

Ŏa`ŲfegŲgaaů ŎadiŲh``ů ŎbiŲcbeů aŲdhgŲddb 22,777 ŎiŲcbfŲfagů

Ŏde`Ųdbgů ŎdfdŲghdů ų 591,500 ų ŎcbcŲgaaů

Ŏdf`Ų```Ų```ů 300,000,000 ŎgeŲ```Ų```ů ŎcaŲe``Ų```ů 120,000,000 31,746,399 ŎaadŲgecŲf`aů

Ŏai`Ų```Ų```ů ų ŎfdŲ```Ų```ů Ŏc`Ųa``Ų```ů ų ų ŎbhdŲa``Ų```ů

dcŲ`hbŲgbc gcŲhifŲadg aafŲighŲhg`

ŎdbŲgheŲfcců aafŲfhaŲgh` gcŲhifŲadg

+8E2D <!2 : < ++)- @!

D <!2 ĉ:*D&?L5 ?M52<! +9&*Ä? :/+ D <!2 ĉ:*D&?L5 ?M52<! +9&*Ä?H)ĉ)= 9/ ! D <!2 ĉ:*D&?L5 ?M5D <!- @! +9" Q:+8 : -A 3!=M29 :D ĉ: ?M5D#Ä‘!D <!- @! D <!2 +9" : :+ :*2<! +9&*Ä? :/+ D <!2 2@ <G ÄŠH#G! < ++)- @! +8E2D <!2 : < ++) 9 3:D <!

D <!2 ĉ:* ?!D <! AÄŠ+8*829M! D <!2 +9" : D <! AÄŠ+8*8*:/ D <!2 ĉ:* ?!D <! AÄŠ+8*8*:/ D <!2 ĉ:*D <!#Ä?!$ D <!2 +9" : :+D&<L) @!3@ÄŠ!2:)9 2ĉ/!D <! @! : )A- ĉ:3@ÄŠ!2:)9 D <!2 2@ <G ÄŠH#G! < ++) 9 3:D <! D <!2 E-8+:* :+D =*"D ĉ:D <!2 - - 2@ < D <!2 E-8+:* :+D =*"D ĉ:D <!2 /9! ÄŠ!#Ä D <!2 E-8+:* :+D =*"D ĉ:D <!2 /9!2<M!#Ä

3):*D3 @#+8 5" " :+D <!D#đ!2ĉ/!3!>L 5 " :+D <!!=M

Annual Report 2010 : IFS Capital (Thailand) PCL

89

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ ¤ ¦ « ¬« « ¬ ¥ ª ÷õ öôõô ¦ öôôý «« ¬«

¬ ¦Ç̽Ë

öôõô

öôôý 㪽Ë̹̽¼ä

116,978,870

73,896,147

CURRENT ASSETS Cash and cash equivalents Current investments

7

82,544

1,046,956

Factoring receivable, net

8

1,736,252,367

1,775,028,137

Current portion of hire purchase receivable, net

9

10,008,111

18,894,335

Current portion of lease contract receivable, net

10

56,392,787

73,622,869

Inventory finance receivable, net

11

12,909,319

1,777,855

Amounts due from a related company

26

75,626

37,311

3,344,658

8,578,255

1,936,044,282

1,952,881,865

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

12

140,001

138,376

Hire purchase receivable, net

9

6,025,074

15,946,841

Lease contract receivable, net

10

71,055,418

83,687,231

Property, plant and equipment, net

13

38,867,103

33,684,473

Intangible assets , net

14

962,916

1,770,907

Deferred tax assets

15

44,737,597

33,696,996

932,250

1,062,650

162,720,359

169,987,474

2,098,764,641

2,122,869,339

Other non-current assets Total Non-current Assets

¬§¬ ¤ «« ¬« Notes to the financial statements form an integral part of these statements

90

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ ¤ ¦ « ¬« §¦¬¡¦­ « ¬ ¥ ª ÷õ öôõô ¦ öôôý

¬ ¦Ç̽Ë

öôõô

öôôý 㪽Ë̹̽¼ä

¤¡ ¡¤¡¬¡ « ¦ « ª §¤ ª« ©­¡¬± CURRENT LIABILITIES Short-term loans from financial institutions

16

1,020,000,000

1,480,000,000

Current portion of long-term loan

17

100,000,000

-

Amount due to a related company

26

-

10,026

38,763,540

38,998,201

1,158,763,540

1,519,008,227

-

352,000

Other current liabilities Total Current Liabilities NON-CURRENT LIABILITIES Rental deposit Long-term loan

17

125,000,000

-

Provision for employee benefits

19

15,569,469

-

140,569,469

352,000

1,299,333,009

1,519,360,227

Total Non-current Liabilities

¬§¬ ¤ ¤¡ ¡¤¡¬¡ « Notes to the financial statements form an integral part of these statements

Annual Report 2010 : IFS Capital (Thailand) PCL

91

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ ¤ ¦ « ¬« §¦¬¡¦­ « ¬ ¥ ª ÷õ öôõô ¦ öôôý

¬ ¦Ç̽Ë

öôõô

öôôý 㪽Ë̹̽¼ä

470,000,000

470,000,000

« ª §¤ ª« ©­¡¬± SHARE CAPITAL

20

Authorized share capital 470,000,000 ordinary shares of Baht 1 each Issued and paid-up share capital 470,000,000

470,000,000 ordinary shares of Baht 1 each, fully paid-up

350,000,000

350,000,000 ordinary shares of Baht 1 each, fully paid-up ADDITIONAL PAID-IN CAPITAL 31,746,399

-

(38,774)

96,668

17,984,452

14,384,452

Unappropriated

279,739,555

239,027,992

TOTAL SHAREHOLDERS' EQUITY

799,431,632

603,509,112

2,098,764,641

2,122,869,339

Premium on ordinary shares

21

UNREALIZED GAIN (LOSS) ON INVESTMENTS REVALUATION RETAINED EARNINGS Appropriated Legal reserve

¬§¬ ¤ ¤¡ ¡¤¡¬¡ « ¦ « ª §¤ ª« ©­¡¬± Notes to the financial statements form an integral part of these statements

92

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

22

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ «¬ ¬ ¥ ¦¬« § ¡¦ §¥ §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý

¬ ¦Ç̽Ë

öôõô

öôôý 㪽Ë̹̽¼ä

166,268,521

148,752,343

Hire purchase income

2,594,454

4,983,351

Finance lease income

11,924,524

18,667,745

Factoring commission and service fees

58,221,643

48,037,871

8,859,106

10,924,310

247,868,248

231,365,620

Selling expenses

12,811,698

10,769,635

Administrative expenses

51,341,815

44,999,567

Management benefit expenses

23,454,263

21,153,400

7,007,505

(55,906)

94,615,281

76,866,696

153,252,967

154,498,924

40,211,418

47,569,359

113,041,549

106,929,565

28,238,785

30,750,323

84,802,764

76,179,242

REVENUES Factoring income

Other income

26

Total Revenues EXPENSES

Allowance for doubtful accounts (Reversal) Total Expenses PROFIT BEFORE FINANCE COST AND INCOME TAX EXPENSES FINANCE COST PROFIT BEFORE INCOME TAX EXPENSES INCOME TAX EXPENSE

15, 25

¦ ¬ ¨ª§ ¡¬ «¡ ª¦¡¦ « ¨ ª « ª

20

¬

0.21

0.22

¯ ¡ ¬ ® ª ¦­¥ ª § §ª ¡¦ ª± « ª «

20

« ª «

398,986,301

350,000,000

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

Annual Report 2010 : IFS Capital (Thailand) PCL

93

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ «¬ ¬ ¥ ¦¬« § ¦ « ¡¦ « ª §¤ ª«â ©­¡¬± §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý ¦Ç̽Ë

¬

¡ËËͽ¼ ¹Æ¼ ¨Ê½ÅÁÍÅ ­Æʽ¹ÄÁÒ½¼ ȹÁ¼ ÍÈ ÇÆ §Ê¼ÁƹÊÑ ¹ÁÆ ¤ÇËË ÇÆ ËÀ¹Ê½ »¹ÈÁÌ¹Ä «À¹Ê½ ÁÆνËÌŽÆÌË

ª½Ì¹Áƽ¼ ½¹ÊÆÁÆ¿Ë ¬ÇÌ¹Ä ÈÈÊÇÈÊÁ¹Ì½¼ ­Æ¹ÈÈÊÇÈÊÁ¹Ì½¼ «À¹Ê½ÀÇļ½ÊËâ ¤½¿¹Ä ʽ˽Êν ½ÉÍÁÌÑ

“As restated” ½¿ÁÆÆÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôôý ¹Ë ÈʽÎÁÇÍËÄÑ Ê½ÈÇÊ̽¼ Effect of the change in accounting policy for deferred tax asset

3

½¿ÁÆÆÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôôý ¹Ë ʽË̹̽¼ Net income

-

196,399

10,827,704

167,658,939

528,683,042

-

-

(58,920)

-

28,846,559

28,787,639

350,000,000

-

137,479

10,827,704

196,505,498

557,470,681

-

-

-

-

76,179,242

76,179,242

Dividend paid

24

-

-

-

-

Legal reserve

22

-

-

-

3,556,748

(3,556,748)

-

-

-

(40,811)

-

-

(40,811)

350,000,000

-

96,668

14,384,452

239,027,992

603,509,112

Changes in investment value ƼÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôôý

94

350,000,000

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

(30,100,000) (30,100,000)

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ «¬ ¬ ¥ ¦¬« § ¦ « ¡¦ « ª §¤ ª«â ©­¡¬± §¦¬¡¦­ §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý Notes

½¿ÁÆÆÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôõô ¹Ë ÈʽÎÁÇÍËÄÑ Ê½ÈÇÊ̽¼

¡ËËͽ¼ ¹Æ¼ ȹÁ¼ ÍÈ ËÀ¹Ê½ »¹ÈÁ̹Ä

¬

­Æʽ¹ÄÁÒ½¼ ¨Ê½ÅÁÍÅ ÇÆ §Ê¼ÁƹÊÑ ¹ÁÆ ¤ÇËË ÇÆ «À¹Ê½ ÁÆνËÌŽÆÌË

ª½Ì¹Áƽ¼ ½¹ÊÆÁÆ¿Ë Total ÈÈÊÇÈÊÁ¹Ì½¼ ­Æ¹ÈÈÊÇÈÊÁ¹Ì½¼ «À¹Ê½ÀÇļ½ÊËâ ½ÉÍÁÌÑ ¤½¿¹Ä ʽ˽Êν

350,000,000

-

138,097

14,384,452

205,289,567

569,812,116

Effect of the change in accounting policy for deferred tax asset

3

-

-

(41,429)

-

33,738,425

33,696,996

Effect of the change in accounting policy for employee benefits

3

-

-

-

-

(8,991,201)

(8,991,201)

350,000,000

-

96,668

14,384,452

230,036,791

594,517,911

½¿ÁÆÆÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôõô ¹Ë ʽË̹̽¼ Capital increase ordinary shares

20

120,000,000

-

-

-

-

120,000,000

Premium on ordinary share

21

-

31,746,399

-

-

-

31,746,399

-

-

-

-

84,802,764

84,802,764

Net income Dividend paid

24

-

-

-

-

(31,500,000)

(31,500,000)

Legal reserve

22

-

-

-

3,600,000

(3,600,000)

-

-

-

(135,442)

-

-

(135,442)

470,000,000

31,746,399

(38,774)

17,984,452

279,739,555

799,431,632

Changes in investment value ƼÁÆ¿ º¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôõô

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

Annual Report 2010 : IFS Capital (Thailand) PCL

ýù

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ «¬ ¬ ¥ ¦¬« § « ¤§¯« §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý

¬ ¦Ç̽Ë

öôõô

öôôý

113,041,549

106,929,565

Allowance for doubtful accounts (Reversal)

7,007,505

(55,906)

Gain from sales of investment

(687,196)

(227,500)

-

(115,828)

36,281

389

39,369,538

47,074,326

Employee benefits expense

2,724,897

-

Depreciation and amortization

6,402,592

4,931,419

167,895,166

158,536,465

Factoring receivable

33,340,752

54,463,824

Hire purchase receivable

19,044,327

26,353,044

Lease contract receivable

30,836,575

80,696,837

(13,914,965)

1,348,189

(38,315)

(20,921)

5,233,597

6,707,253

130,400

-

(1,625)

(3,441)

(10,026)

10,026

Other current liabilities

2,968,128

906,940

Non-other current liabilities

(352,000)

(3,484,664)

245,132,014

325,513,552

Interest expenses paid

(38,256,026)

(49,407,064)

Income tax paid

(39,713,047)

(34,468,410)

167,162,941

241,638,078

« ¤§¯« ª§¥ §¨ ª ¬¡¦ ¬¡®¡¬¡ « Income before income tax expenses Adjustments for :

Gain from exchange rate Loss from sales/write-off fixed assets Interest expenses

Operating assets (increase) decrease

Inventory finance receivable Amounts due from a related company Other current assets Non-other current assets Fixed deposits pledged as collateral Operating liabilities increase (decrease) Amounts due to a related company

Cash generated from operating activities

Net cash provided by operating activities

96

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ «¬ ¬ ¥ ¦¬« § « ¤§¯« §¦¬¡¦­ §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý

¬ ¦Ç̽Ë

öôõô

öôôý

(10,657,711)

(450,427)

(149,800)

(464,784)

(29,325)

-

1,487,442

591,500

22,777

-

(9,326,617)

(323,711)

(460,000,000)

(190,000,000)

Cash received from long-term loans

300,000,000

-

Cash paid for long-term loan

(75,000,000)

(64,000,000)

Cash paid for dividend

(31,500,000)

(30,100,000)

Proceeds from capital increase ordinary shares

120,000,000

-

31,746,399

-

(114,753,601)

(284,100,000)

Net increase (decrease) in cash and cash equivalents

43,082,723

(42,785,633)

Cash and cash equivalents at beginning of the year

73,896,147

116,681,780

116,978,870

73,896,147

« ¤§¯« ª§¥ ¡¦® «¬¡¦ ¬¡®¡¬¡ « Cash paid for purchases of fixed assets Cash paid for purchases of intangible assets Cash paid for purchases of investment Proceeds from sales of investment Cash received from sale of fixed assets Net cash used in investing activities

« ¤§¯« ª§¥ ¡¦ ¦ ¡¦ ¬¡®¡¬¡ « Cash paid for short-term loan

Proceeds from premium in ordinary shares Net cash used in financing activities

¹ËÀ ¹Æ¼ »¹ËÀ ½ÉÍÁιĽÆÌË ¹Ì ½Æ¼ Ǿ ÌÀ½ ѽ¹Ê Notes to the financial statements form an integral part of these statements

Annual Report 2010 : IFS Capital (Thailand) PCL

97

Financial Statements ‘ "4 L=W"N3

4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹ E;L<WE/R5=J G4"4 L=W"N3 DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; ÜÚÚá X?J ÜÚÚÜ ĂľÂ? G;S?1KĈA[5X?J L=.dLW3N3"L3 G"4=NCK1 "+<19 H ÄŠ 8D"=*!D#Ä‘!"+<19 Q: 9 G!D ?5!)=!: ) becd (:*G ÄŠ 3):* 5 #+8D 0H * E-8H ÄŠ Q:D!<! :+ 8D"=*!E#+2(:&D#Ä‘!"+<19 )3: ! Q: 9 9" +8 +/ &: < *Ä? D)?L5/9! =L ah D)1:*! bee` F *)=2Q:!9 :! 9M 5*Aĉ =L 9M! b` 5: :+-@)&<!= :/D/5+Ä? D- =L aafhĹľee !!&+8+:) d E / @ĉ )3:D) D 2: + +@ D &7 @+ < 3-9 5 "+<19 H ÄŠE ĉ :++9" ?M52< <D+=* +ÄŠ5 Q: @+ < 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ /9! =L ca 9!/: ) beec E-8 beeb "+<19 )=$AÄŠ ?53@ÄŠ!G3 ĉ H ÄŠE ĉ "+<19 H5D5'D52 E ##Ä€ 5- F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 ?53@ÄŠ!+ÄŠ5*-8 cfĹ´fd E-8 +ÄŠ5*-8 diĹ´b` :)-Q: 9" E-8 ĹĎĝ ÄŤĹ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ” Ä´Ĺ‘Ĺ•Ĺ‘ĹœĹ?ĹŒ >L 8D"=*!G!#+8D 02< F#+Ä? ?53@ÄŠ!+ÄŠ5*-8 cfĹ´di E-8+ÄŠ5*-8 diĹ´`` :)-Q: 9" 9M !=M $AÄŠ ?53@ÄŠ! +:*G3 ĉ 5 ĹĎĝ ÄŤĹ‰Ĺ˜Ĺ‘ĹœĹ‰Ĺ” Ä´Ĺ‘Ĺ•Ĺ‘ĹœĹ?ĹŒ ?5 ĸĹ?Ĺ‘Ĺ”Ĺ”Ĺ‘Ĺ˜ ĊśśĹ?Ĺœ ĸĹœĹ?Ĺ´ Ä´ĹœĹŒĹ´ >L 8D"=*!G!#+8D 02< F#+Ä? ?53@ÄŠ!+ÄŠ5*-8 d`Ĺ´d` 9 M E ĉ/!9 = L a ) +: ) beeb "+<1 9 H ÄŠ3*@ :+ *:* +@ < 29 :D ĉ: ?5M E-829 :D ĉ:+8*8*:/E ĉ* 9 G3ÄŠ"+< :+G! +@ ++) =*L 9 ÄŠ: 5*A ĉ "9 -A ÄŠ: ĉ5H#

D)?L5/9! =L a D)1:*! beeb "+<19 H5D5'D52 E ##Ä€ 5- F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 >L D#Ä‘!$AÄŠ ?53@ÄŠ!+:*G3 ĉ 5 "+<19 H ÄŠ#+9"F + 2+ÄŠ: :+ ?53@ÄŠ!D#Ä‘!

! ĉ: Ċ:/ > Q:G3Ċ"+<1 9 )=2(:&D#đ! ! ĉ: Ċ:/ Ċ/* 9 !9!M "+<1 9 H Ċ*!L? 5+9"G"5!@ : #+8 5" +@ < :)): +: ag E3ĉ &+8+: "9 9 < :+#+8 5" @+ < 5 ! ĉ: Ċ:/ &Ŵ0Ŵ bedb E-8H Ċ+9"G"5!@ : #+8 5" @+ < 5 ! ĉ: Ċ:/ - /9! =L c + : ) beeb : +)&9 !: @+ < :+ Ċ: #+8 5" @+ < "9 =2:) Ŏbaů :+ Q: @+ < "+< :+ 9 !=M aŴ E'đ D 5+<L bŴ G3ĊD ĉ:E""-=2 <L E-8G3ĊD ĉ: ?M5 D &:8E ĉ$AĊ+9""+< :++:*D <) =L)=(:+8$A &9! :)29 :G3ĊD ĉ:E""-=2 <L E-8G3ĊD ĉ: ?M5

9M !=M "+<19 8 ÄŠ5 # <"9 < :)D ?L5!H =L Q:3! H/ÄŠG!G"5!@ : #+8 5" @+ < 5 ! ĉ: ÄŠ:/ D)?5L /9! = L bg &,0 < :*! beeb "+<1 9 H ÄŠ*!L? 5+9"G"5!@ : #+8 5" +@ < "9 =2:) ĹŽbaĹŻ :+ Q: +@ < "+< :+G3ÄŠD ĉ:E""-=2 < L E-8G3ÄŠD ĉ: ?5M 2<! ÄŠ:#+8D( *:!&:3!8E-8D +?L5 9 + =LG ÄŠG!5@ 2:3 ++) D +?L5 )?5 =LG ÄŠG! :+D -?L5!*ÄŠ:*2<! ÄŠ: D+?5 !2ĉ E-8+ G ÄŠ :!D 1 + ++)E ĉ$AÄŠ+9""+< :++:*G3)ĉ E-8H ÄŠ +9"5!@)9 < : +)&9 !: @+ < :+ ÄŠ:G3ÄŠ#+8 5" @+ < :) =L 5 ÄŠ: ÄŠ!D)?L5/9! =L h D)1:*! beec D)?5L /9! = L bg D)1:*! beec "+<1 9 H ÄŠ+"9 5!@ : : "+<1 9 H5D5'D52 E ##Ä€ 5- -<)D< K #+8D 02< F#+Ä? > L D#Ä‘!$A ÄŠ 5? 3@!ÄŠ +:*G3 ĉ 5 "+<1 9 G3ÄŠD2!5 :* 3@ÄŠ! =L55 G3)ĉ ĉ5#+8 : ! E-8!Q:3@ÄŠ!2:)9 D ÄŠ: 8D"=*!G! -: 3-9 +9&*Ä?E3ĉ #+8D 0H * D)?L5/9! =L c 2< 3: ) beec "+<19 H ÄŠ Q: :+D2!5 :*3@ÄŠ! 5 "+<19 G3ÄŠ 9"#+8 : ! Q:!/! ab` -ÄŠ:!3@ÄŠ! +: :3@ÄŠ!-8 aĹ´ce ": ĉ53@ÄŠ! +/)D#Ä‘!D <! 9M 2<M! afb -ÄŠ:!": E-8D)?L5/9! =L e 2< 3: ) beec "+<19 H ÄŠ 8D"=*!3@ÄŠ!2:)9 D&<L) @! =LH ÄŠD+=* Q:+8E-ÄŠ/ Q:!/! ab` -ÄŠ:!3@ÄŠ!3+?5 ab` -ÄŠ:!": 9 -ĉ:/ 9" +8 +/ &: < *Ä?E-ÄŠ/

98

D)?L5/9! =L f 2< 3: ) beec "+<19 H ÄŠ Q:+8 ĉ: ++)D!=*)E-8H ÄŠ+9"G"5!@ : G! :+#+8 5" @+ < "9 =2:) ĹŽbaĹŻ :+ Q: @+ < "+< :+G3ÄŠD ĉ:E""-=2 <L E-8 G3ÄŠD ĉ: ?M52<! ÄŠ:#+8D( *:!&:3!8E-8D +?L5 9 + =LG ÄŠG!5@ 2:3 ++) D +?L5 )?5 =LG ÄŠG! :+D -?L5!*ÄŠ:*2<! ÄŠ: D+?5 !2ĉ E-8+ G ÄŠ :!D 1 + ++) E-8 G!/9!D =*/ 9! -: 3-9 +9&*Ä?E3ĉ #+8D 0H *H ÄŠ)3= !9 2?5E ÄŠ /ĉ: 8 ++) :+ -: 3-9 +9&*Ä?E3ĉ #+8D 0H * H ÄŠ2 L9 G3ÄŠ+"9 3@!ÄŠ 2:)9 5 "+<1 9 H5D5'D52 E ##Ä€ 5- ĹŽ#+8D 0H *ĹŻ Q: 9 ĹŽ)3: !ĹŻ D#Ä‘!3-9 +9&*Ä? 8D"=*!G! -: 3-9 +9&*Ä?E3ĉ #+8D 0H * Q:!/! dg` -ÄŠ:!3@ÄŠ! )A- ĉ: =L +:H/ÄŠ3@ÄŠ!-8 a ": +/) dg` -ÄŠ:!": G3ÄŠ Q: :+ ?M5 :*G! -: 3-9 +9&*Ä?E3ĉ #+8D 0H *H ÄŠ F *G ÄŠ ?L5*ĉ5G! :+ ?M5 :*3-9 +9&*Ä?/ĉ: Ă&#x;ĹĎĝà E-8 Q:3! G3ÄŠD+<L) ?M5 :*H ÄŠ 9M E ĉ/9! =L a` 2< 3: ) beec D#Ä‘! ÄŠ!H#

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

ĂśÂ? W -+ L=#K.1dLX?J3dLWD3G"4 L=W"N3 " :+D <!!=MH ÄŠ 9 Q:D#Ä‘!D <!": E-8D#Ä‘!(:1:H * :)): + :! :+"9 =E-8/< =# <"9 < : :+"9 = =L+9"+5 9L/H#G!#+8D 0H * 9M !=M " :+D <!!=M)= /9 @#+82 Ä? L= 9 Q: >!M D&?5L E2 :!8 :+D <! $- :+ Q:D!<! :!E-8 +8E2D <!2 :)3-9 :+E-8/< #= <" 9 < : :+"9 = +L= "9 +5 9/L H#G! #+8D 0H * " :+D <! 5 "+<1 9 H ÄŠ 9 Q: >!M :)#+8 :0 +)&9 !: +@ < :+ ÄŠ: - /9! = L c` ) +: ) beeb D+?5L Q:3! +:* :+*ĉ5 = L 5ÄŠ )=G! " :+D <! &Ĺ´0Ĺ´ beeb 2(:/< : =&"9 =H ÄŠ55 #+8 :02(:/< : =&"9 =D =*L / 9"): + :! :+"9 = ): + :! :++:* :! : :+D <!E-8 :+ = /:)): + :! :++:* :! : :+D <!G3)ĉ E-8): + :! :+"9 =E-8): + :! :++:* :! : :+D <! >L H ÄŠ)= :+#+9"#+@ G3)ĉ 9 ĉ5H#!=M Ĺł #+8 :02(:/< : =&"9 = "9" =L agĹľbeec - /9! =L i D)1:*! beec >L H ÄŠ#+8 :0G!+: < :!@D" 1: D)?L5/9! =L bf &,1(: ) beec

;L/=*L3 L=4Kt%O‘;L/=*L3 L==L<"L31L" L=W"N3

AK31O_;O6?4K" K4Z%

E)ĉ" :+"9 = Ŏ#+9"#+@ beebů

)=$-"9 9"G ÄŠ 9! =

;L/=*L3 L=4Kt%O "9" =L a ĹŽ#+9"#+@ beebĹŻ "9" =L b ĹŽ#+9"#+@ beebĹŻ "9" =L g ĹŽ#+9"#+@ beebĹŻ "9" =L h ĹŽ#+9"#+@ beebĹŻ "9" =L a` ĹŽ#+9"#+@ beebĹŻ "9" =L aa ĹŽ#+9"#+@ beebĹŻ "9" =L ab "9" =L ag ĹŽ#+9"#+@ beebĹŻ "9" =L b` ĹŽ#+9"#+@ beebĹŻ "9" =L bc ĹŽ#+9"#+@ beebĹŻ "9" =L bd ĹŽ#+9"#+@ beebĹŻ "9" =L bg ĹŽ#+9"#+@ beebĹŻ "9" =L bh ĹŽ#+9"#+@ beebĹŻ "9" =L bi "9" =L ca ĹŽ#+9"#+@ beebĹŻ "9" =L cc ĹŽ#+9"#+@ beebĹŻ "9" =L cd ĹŽ#+9"#+@ beebĹŻ "9" =L cf ĹŽ#+9"#+@ beebĹŻ "9" =L cg ĹŽ#+9"#+@ beebĹŻ "9" =L ch ĹŽ#+9"#+@ beebĹŻ "9" =L d` ĹŽ#+9"#+@ beebĹŻ

:+!Q:D2!5 " :+D <! 2<! ÄŠ: D3-?5 " +8E2D <!2 !F*":* :+"9 = :+D#-=L*!E#- #+8): :+E-8 ÄŠ5$< &-: D3 @ :+ Ä?(:*3-9 +5"+8*8D/-:+:* :! 29 : ĉ52+ÄŠ: (:1=D <!H ÄŠ 29 :D ĉ: :+"9 =2Q:3+9"D <!5@ 3!@! : +9 ":-E-8 :+D#Ä€ D$* ÄŠ5)A-D =L*/ 9" /:) ĉ/* D3-?5 : +9 ": ÄŠ! @! :+ AÄŠ*?) :+D#Ä€ D$* ÄŠ5)A-D =L*/ 9""@

-3+?5 < :+ =LD =L*/ ÄŠ5 9! " :+D <!+/)E-8 " :+D <!D &:8 < :+ D <!- @!G!"+<19 +ĉ/) :++:* :! : :+D <!G!2(:&D0+1 < =LD <!D'Ä…5+@!E+ 2ĉ/!H ÄŠD2=*G! < :++ĉ/) ÄŠ: Q:H+ ĉ53@ÄŠ! " :+D <!+83/ĉ: : :+ ÄŠ5* ĉ: 5 2<! +9&*Ä? #+8): :+3!=M2<! 3!=M2<! =L5: D < >M! E-82<! +9&*Ä? =L5: D < >M! 2<! +9&*Ä?H)ĉ)= 9/ ! 529 3:+<) +9&*Ä?D&?L5 :+- @!

a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beef a ) +: ) beed a ) +: ) beef a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beed

Annual Report 2010 : IFS Capital (Thailand) PCL

99

Financial Statements ‘ "4 L=W"N3

;L/=*L3 L=4Kt%O‘;L/=*L3 L==L<"L31L" L=W"N3 ;L/=*L3 L==L<"L31L" L=W"N3 "9" =L e Ŏ#+9"#+@ beebů "9" =L f

2<! +9&*Ä?H)ĉ3)@!D/=*! =L ?5H/ÄŠD&?L5 :*E-8 :+ Q:D!<! :! =L* D-< :+2Q:+/ E-8#+8D)<! ĉ:E3-ĉ +9&*: +E+ĉ

AK31O_;O6?4K" K4Z% a ) +: ) beed a ) +: ) beed

Ĺł #+8 :02(:/< : =&"9 = "9" =L e`Ĺľbeec "9" =L eaĹľbeec "9" =L ebĹľbeec "9" =L ecĹľbeec "9" =L edĹľbeec E-8 "9" =L eeĹľbeec - /9! =L bd &,0 < :*! beec >L H ÄŠ#+8 :0G!+: < :!@D" 1: D)?L5/9! =L ae 9!/: ) beec

;L/=*L3 L=4Kt%O‘;L/=*L3 L==L<"L31L" L=W"N3 ‘ L=/O AL;;L/=*L3 L==L<"L31L" L=W"N3 ;L/=*L3 L=4Kt%O "9" =L af Ŏ#+9"#+@ beebů "9" =L ah Ŏ#+9"#+@ beebů "9" =L ai "9" =L ba Ŏ#+9"#+@ beebů "9" =L bf

AK31O_;O6?4K" K4Z%

=L <! 5: :+E-85@# + Ä? +:*H ÄŠ $-#+8F* !Ä? 5 &!9 :! $- +8 " : :+D#-=L*!E#- 5 59 +:E- D#-=L*!D <! +: ĉ: #+8D 0 :+"9 =E-8 :++:* :!F + :+$-#+8F* !Ä? D)?L555 : :!

a ) +: ) beed a ) +: ) beed a ) +: ) beed a ) +: ) beef a ) +: ) beed

:+ ĉ:*F *G ÄŠ3@ÄŠ!D#Ä‘!D Ä? :++/) @+ <

a ) +: ) beed a ) +: ) beed

;L/=*L3 L==L<"L31L" L=W"N3 "9" =L b "9" =L c ĹŽ#+9"#+@ beebĹŻ

L=/O AL;;L/=*L3 L==L<"L31L" L=W"N3 "9" =L ae

29 : :+ ĉ52+ÄŠ: 529 3:+<) +9&*Ä?

a ) +: ) beed

$AÄŠ"+<3:+ 5 "+<19 : /ĉ: 8!Q:): + :! :+"9 =E-8): + :! :++:* :! : :+D <! =LD =L*/ ÄŠ5 9""+<19 ):D+<L) ?5# <"9 < 9" " :+D <! 5 "+<19 D)?L5): + :! 9 -ĉ:/)=$-"9 9"G ÄŠ * D/ÄŠ!): + :! :+"9 = "9" =L ab D+?L5 Ă&#x;(:1=D <!H ÄŠĂ E-8): + :! :+"9 = "9" =L ai Ă&#x;$-#+8F* !Ä? 5 &!9 :!Ă >L "+<19 H ÄŠ!Q:):G ÄŠ ĉ5!/9! =L)=$-"9 9"G ÄŠ ): + :! :+"9 = "9" =L a ĹŽ#+9"#+@ beebĹŻ D+?L5 Ă&#x; :+!Q:D2!5 " :+D <!Ă )= :+D#-=L*!E#- ÄŠ5 Q:3! D =L*/ 9" :+E2 +:* :+G! " :+D <! E-8 :+D#Ä€ D$* ÄŠ5)A-G!3):*D3 @#+8 5" " :+D <! 9 !9M!"+<19 ÄŠ5 9 Q: " :+D <! ÄŠ/*/< =#+9"*ÄŠ5!3-9 D&?L5G3ÄŠD#Ä‘!H# :)): + :! :+"9 = 9 -ĉ:/D)?L5)=$-"9 9"G ÄŠ ): + :! :+"9 =E-8): + :! :++:* :! : :+D <!!5 D3!?5 : =L -ĉ:/): ÄŠ: ÄŠ! $AÄŠ"+<3:+ 5 "+<19 : /ĉ: :+!Q:): + :! :+"9 =D3-ĉ:!=M ): ?5# <"9 < 8H)ĉ)=$- +8 "5*ĉ: D#Ä‘!2:+82Q: 9 ĉ5 " :+D <! 5 "+<19 G! / =LD+<L) ?5# <"9 <

áÂ? L=W5?O_<3X5?"3Y<4L< L=4Kt%O "+<1 9 H ÄŠG ÄŠ!F*":* :+"9 =E-8/< = :+ Q:!/ G! " :+D <!D ĉ!D =*/ 9! 9" =GL ÄŠG! " :+D <!2Q:3+9"#Ä 2!M< 2@ /9! = L ca !9 /: ) beeb * D/ÄŠ!D+?5L 9 ĉ5H#!=M

cĹ´a :+D#-=L*!E#- !F*":* :+"9 =D =L*/ 9"$-#+8F* !Ä? 5 &!9 :! "+<1 9 H ÄŠ!:Q ): + :! :+"9 = "9" = L ai D+?5L Ă&#x;$-#+8F* !Ä? 5 &!9 :!Ă ): ?5# <" 9 < 5ĉ !/9!"9 9"G ÄŠ ĹŽ A3):*D3 @ 5ÄŠ dĹ´iĹŻ F *"+<1 9 D-?5 /< = :+#+9"#+@ $- +8 " =LD < : :+D#-=L*!E#- !F*":* :+"9 = 9 -ĉ:/ 9" Q:H+282) ÄŠ! / 5 +5"+8*8D/-:"9 =2Q:3+9"#Ä beec

100

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

cĹ´b :+D#-=L*!E#- !F*":* :+"9 =D =L*/ 9"(:1=D <!H ÄŠ "+<1 9 H ÄŠ!:Q ): + :! :+"9 = "9" = L ab D+?5L Ă&#x;(:1=D <!H ÄŠĂ ): ?5# <" 9 < 5ĉ !/9!"9 9"G ÄŠ ĹŽ A3):*D3 @ 5ÄŠ dĹ´a`ĹŻF *"+<1 9 H ÄŠ#+9"*ÄŠ5!3-9 " Q:H+ : @! "E2 :+D#-=*L !E#- G!2ĉ/! 5 $A ÄŠ 5? 3@!ÄŠ 2Q:3+9"#Ä 2!M< 2@ /9! = L ca !9 /: ) beeb E-8 " @- /9! = L ca !9 /: ) beeb =!L :Q ):D#+=*" D =*"D2)?5!/ĉ:"+<19 H ÄŠ ?5# <"9 < :)!F*":* :+"9 =G3)ĉD =L*/ 9"(:1=D <!H ÄŠ):F * -5 "+<19 D ?L5/ĉ: :+D#-=L*!E#- !F*":* :+"9 = 9 -ĉ:/!9M!D3):82) D!?L5 : E2 $- :+ Q:D!<! :! 5 "+<19 G3ÄŠ25 -ÄŠ5 9" /:)D#Ä‘! +< G!D < @+ < E-82:):+ +9"+AÄŠ(:+8(:1=D <!H ÄŠ =L ÄŠ5 ĉ:*3+?5H ÄŠ+9" ?!G!5!: : :+ Q:D!<! < :+ =LD < >M!G! " :+D <! 5 "+<19 " :+D <!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beeb =L!Q:):D#+=*"D =*"H ÄŠ)= :+#+9"*ÄŠ5!3-9 E-ÄŠ/F *E2 $- +8 "H ÄŠ 9 !=M

2553 4L1

2552 4L1

Ĺł 44,737,597 44,737,597

Ĺł 33,696,996 33,696,996

Ĺł 15,569,469 15,569,469

Ĺł Ĺł Ĺł

*5 D3-?5 /9! =L a ) +: ) ĉ5! :+D#-=L*!E#- !F*":* :+"9 = :+- - : (:1=D <!H Ċ+5 9 "9 =

achŲ`ig ŎdaŲdbiů

196,399 ŎehŲib`ů

*5 D3-?5 /9! =L a ) +: ) 3-9 :+D#-=L*!E#- !F*":* :+"9 =

ifŲffh

137,479

b`eŲbhiŲefg ccŲgchŲdbe ŎhŲiiaŲb`aů 230,036,791

afgŲfehŲici bhŲhdfŲeei ų aifŲe`eŲdih

Q:H+2@ <2Q:3+9"#Ä Ä‰5! :+D#-=L*!E#- !F*":* :+"9 =

h`ŲdeiŲeaa

gaŲbhgŲcgf

:+D&<L) >M! 5 ĉ:G ÄŠ ĉ:*$-#+8F* !Ä? 5 &!9 :! :+- - 5 (:1=D <!H ÄŠ Q:H+2@ <2Q:3+9"#Ä 3-9 :+D#-=L*!E#- !F*":* :+"9 =

ŎbŲgheŲic`ů gŲabiŲahc hdŲh`bŲgfd

ų dŲhiaŲhff 76,179,242

DN31=K8< :LCOW"N3[. =G L=/K.4Kt%O *5 D3-?5 /9! =L a ) +: ) ĉ5! :+D#-=L*!E#- !F*":* :+"9 = :+D&<L) >M! 5 2<! +9&*Ä?(:1=D <!H ÄŠ+5 9 "9 = *5 D3-?5 /9! =L a ) +: ) 3-9 :+D#-=L*!E#- !F*":* :+"9 =

5=J;L- L=E3O`DN36?5=JY<%3 G"83K "L3 *5 D3-?5 /9! =L a ) +: ) ĉ5! :+D#-=L*!E#- !F*":* :+"9 = :+D&<L) >M! 5 #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! *5 D3-?5 /9! =L a ) +: ) 3-9 :+D#-=L*!E#- !F*":* :+"9 =

dL[=1O_<K"[; W N. P`3#L L=W5?O_<3X5?";S? LW"N3?"1R3

dL[=DJD; Â? <K"[; [. #K.D== *5 D3-?5 /9! =L a ) +: ) ĉ5! :+D#-=L*!E#- !F*":* :+"9 = :+D&<L) >M! 5 2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 = :+D&<L) >M! 5 #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! *5 D3-?5 /9! =L a ) +: ) 3-9 :+D#-=L*!E#- !F*":* :+"9 =

dL[=DR12N

Annual Report 2010 : IFS Capital (Thailand) PCL

101

Financial Statements ‘ "4 L=W"N3

2553 4L1

2552 4L1

cihŲihf `Ŵb` Ŏ`Ŵ`aů `Ŵ`b `Ŵba

350,000 `Ĺ´b` Ĺł `Ĺ´`b `Ĺ´bb

L=W8ĘĈ; P`3 G" dL[=DR12N/ GER 3 dL[=DR12N/ GER 3 Kĉ38Ä›`3*L3 Q:!/!3@ÄŠ!2:)9 9/D -=L* ĉ/ !ÄŠQ:3!9 ĹŽ&9!3@ÄŠ!ĹŻ Q:H+2@ < ĉ53@ÄŠ! ĉ5! :+D#-=L*!E#- !F*":* :+"9 = :+D&<L) >M! 5 ĉ:G ÄŠ ĉ:*$-#+8F* !Ä? 5 &!9 :! :+- - 5 (:1=D <!H ÄŠ Q:H+2@ < ĉ53@ÄŠ! 3-9 :+D#-=L*!E#- !F*":* :+"9 =

øÂ? D=R53Y<4L< L=4Kt%O1O_DdL Kt " :+D <!!=MH ÄŠ 9 Q: >M!F *G ÄŠD Ä?+: : @!D <)G! :+/9 )A- ĉ: 5 5 Ä?#+8 5" 5 " :+D <! * D/ÄŠ! :) =LH ÄŠD#Ä€ D$*G!!F*":* :+"9 = !F*":* :+"9 = =L2Q: 9 5 "+<19 F *2+@#)= 9 ĉ5H#!=M

dĹ´a D <!2 E-8+:* :+D =*"D ĉ:D <!2 D <!2 E-8+:* :+D =*"D ĉ:D <!2 #+8 5" ÄŠ/*D <!2 G!)?5D <!%: !: :+E-8D <!%: #+8 Q: = L +" Q:3! Q:+8 ?!(:*G! c D ?5!3+?5!ÄŠ5* /ĉ: E-8H)ĉ+/)D <!%: !: :+ =L!Q:H#/: D#Ä‘!3-9 #+8 9! dĹ´b :++9"+AÄŠ+:*H ÄŠ +:*H ÄŠ : :+ ?M52< <D+=* +ÄŠ5 +9"+AÄŠ :)D Ä? ÄŠ: +:*H ÄŠ : :+G3ÄŠD ĉ: ?M5 +9"+AÄŠF *G ÄŠ/< =59 +: 5 D"=M* =LE ÄŠ +< ĹŽĹ?ĹŽĹŽĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‘Ĺ–ĹœĹ?ĹšĹ?Ĺ›Ĺœ ĹšĹ‰ĹœĹ?ĹŻ +:*H ÄŠ : 29 :D ĉ: : :+D <! +9"+AÄŠF */< =59 +: 5 D"=M* =LE ÄŠ +< ĹŽĹ?ĹŽĹŽĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‘Ĺ–ĹœĹ?ĹšĹ?Ĺ›Ĺœ ĹšĹ‰ĹœĹ?ĹŻ +:*H ÄŠ 5 D"=*M : :+G3ÄŠD ĉ: ?5M E-8 : 29 :D ĉ: : :+D <!+9"+A ÄŠ :)D Ä? ÄŠ: * D/ÄŠ! 5 D"=*M =$L < !9 Q:+8 < ĉ5 9!D <! c D ?5! +9"+A ÄŠ :) D Ä?D <!2 +:*H ÄŠ ĉ: ++)D!=*)E-8"+< :+ : :+ ?M52< <D+=* +ÄŠ5 +9"+AÄŠD#Ä‘!+:*H ÄŠD)?L5+9"F5!2< <

dŴc -A 3!=M -A 3!=M : :+ ?M52< <D+=* +Ċ5 E2 *5 2@ < : ĉ:D$?L53!=M2 29* 82A -A 3!=M : 29 :D ĉ: ?M5E-8-A 3!=M :)29 :D ĉ:+8*8*:/E2 F *G Ċ*5 Ċ: :)29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/(:*3-9 : 39 +:*H Ċ : :+D <! 9M &9 E-8 ĉ:D$?L53!=M2 29* 82A E-Ċ/

dŴd ĉ:D$?L53!=M2 29* 82A

ĉ:D$?5L 3!=2M 29* 82A 9 M :) Q:!/!3!= M =L : /ĉ: 8D+=* D K"H)ĉH ÄŠF * :+/<D +:83Ä? :!8 5 -A 3!=EM ĉ-8+:* "+<1 9 )=D Ä?G! :+ 9 M ĉ:D$?5L 3!=2M 29* 82A 9 !=M 59 +:+ÄŠ5*-8 5 -A 3!=M ÄŠ: Q:+8 9M E ĉ c D ?5!E ĉH)ĉD <! f D ?5! -A 3!=M ÄŠ: Q:+8 9M E ĉ f D ?5!E ĉH)ĉD <! ab D ?5! -A 3!=M ÄŠ: Q:+8 9M E ĉ ab D ?5! >M!H#

102

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

*5 -A 3!=M 20 50 100

Financial Statements ‘ "4 L=W"N3

!5 : !9!M "+<1 9 H ÄŠ& < :+ : :+ 9 M ĉ:D$?5L 3!=2M 29* 82A F *G ÄŠ/< = :+ 9!2Q:+5 D#Ä‘! -@)ĉ -A 3!= M ŎčŗŔŔĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‰Ĺ˜Ĺ˜ĹšĹ—Ĺ‰Ĺ‹Ĺ?ĹŻ 2Q:3+9"-A 3!= M : :+ ?M52< <D+=* +ÄŠ5 Ų -A 3!=M29 :D ĉ: ?M5Ų -A 3!=M :)29 :D ĉ:+8*8*:/ E-8D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ: =L 9 9M!# <E-8-A 3!=M =L ÄŠ: Q:+8H)ĉ D <! c D ?5! =)L -= 9 1 8 /:)D2=*L ÄŠ:!D + < -ÄŠ:* -> 9! F *G ÄŠ 5ÄŠ )A-3!=2M A G!5 = D&?5L #+8): :+ ĉ:D$?5L 3!=2M 29* 82A 5 2<!D ?5L G!E ĉ-8 -@ĉ) ĹŽ A3):*D3 @ ÄŠ5 hŲ iŲ a` E-8 aaĹŻ

dĹ´e D <!- @! 9L/ +:/ D <!- @! 9L/ +:/D#Ä‘!D <!- @!G! +:2:+ @! F * 9 #+8D( D#Ä‘!3-9 +9&*Ä?D$?L5 :*E-8E2 :))A- ĉ:*@ < ++) Q:H+3+?5 : @! : :+ D#-=*L !E#- G!)A- ĉ:*@ < ++)+9"+AGÄŠ !2ĉ/! 5 D ÄŠ: 5 G! + =D < :+ ÄŠ5* ĉ: 5 )A- ĉ:D <!- @! @ #+8D( "+<1 9 8+9"+A$ÄŠ - : @! 9 -ĉ:/G! " Q:H+ : @! dĹ´f =L <! 5: :+ E-85@# + Ä? =L <! 5: :+ E-85@# + Ä? E2 :)+: : @!39 ĉ:D2?L5)+: :282) +: : @! 5 5: :+ @ Ĺł = L !< Q:!/ : +: : = L !< 9 M 3) 5 5: :+ @ /9! ?5M :)+: :#+8D)<! 5 3!ĉ/* :!+: :+ F *D -=*L :)59 +:2ĉ/! ++)2< <PG! +9&*Ä?2ĉ/! -: 5 5: :+ @ =L"+<19 )= ++)2< <P5*Aĉ+/) > 2ĉ/!D -=L* ĉ:G ÄŠ ĉ:* ĉ: J G! :+ ?M55: :+ @ F * + 2ĉ/!+: : @! 5 5: :+ @ Ĺł 2Q:!9 :!H ÄŠ): : ÄŠ! @! 5 5: :+ @ 9M 3) 39 +: : @! 5 5: :+ @ Ĺł =L <!

ĉ:D2?L5)+: : Q:!/ F *G ÄŠ/< =D2ÄŠ! + :)5:*@ :+G ÄŠ :!F *#+8): 5 2<! +9&*Ä? >L )= 9 ĉ5H#!=M 5: :+ @ Ĺł 2Q:!9 :! d` #Ä D +?L5 E ĉ E-8D +?L5 G ÄŠ2Q:!9 :! e #Ä *:!&:3!8 e #Ä

dĹ´g 2<! +9&*Ä?H)ĉ)= 9/ !E-8 ĉ: 9 Q:3!ĉ:* 2<! +9&*Ä?H)ĉ)= 9/ !H ÄŠE ĉ 5)&</D 5+Ä? 5'E/+Ä? 2<! +9&*Ä?H)ĉ)= 9/ !E2 :)+: : @!39 ĉ: 9 Q:3!ĉ:*282) ĉ: 9 Q:3!ĉ:*282)E2 5*AĉG! " Q:H+ : @! ĉ: 9 Q:3!ĉ:* 5 2<! +9&*Ä?H)ĉ) = /9 ! Q:!/! : +: : @! 5 2<! +9&*Ä?F *G ÄŠ/< D= 2ÄŠ! + :)5:*@ :+G ÄŠ#+8F* !Ä?F *#+8): c #Ä

dĹ´h +:* :+ =LD#Ä‘!D <! +: ĉ: #+8D 0 "+<1 9 E#- ĉ:+:* :+"9 =G!2 @-D <! +: ĉ: #+8D 0 =DL < >!M +83/ĉ: #Ä D#Ä‘!D <!": :)59 +:E- D#-=*L ! /9! =DL < +:* :+ E-8E#- ĉ:2<! +9&*Ä? E-83!=2M !< =LD#Ä‘! 9/D <!G!2 @-D <! +: ĉ: #+8D 0 >L D3-?5 /9! =L :) " @- D#Ä‘!D <!": :)59 +:E- D#-=L*!5ÄŠ: 5< #+8 :0 5 !: :+ E3ĉ #+8D 0H * /9!!9M! "+<19 +9"+AÄŠ Q:H+E-8 : @! : :+#+</++ D <! +: ĉ: #+8D 0D)?L5)= :+ Q:+8D <! E-8 =LD < : :+E#- ĉ:D#Ä‘! +:*H ÄŠ3+?5 ĉ:G ÄŠ ĉ:* D)?L5 Q:H+E-8 : @!!9M!D < >M!

dĹ´i #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! "+<19 H ÄŠ!Q:): + :! :+"9 = "9" =L ai Ă&#x;$-#+8F* !Ä? 5 &!9 :!Ă ): ?5# <"9 < ĉ5!/9!"9 9"G ÄŠ F *)=!F*":* 9 !=M

"+<19 +9"+AÄŠ#+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :!2Q:3+9"D <! D * :+D-< ÄŠ: G3ÄŠE ĉ&!9 :! :) 3):*E+ :! 5 #+8D 0H * E-8#+8): :+3!=2M !< $-#+8F* !Ä? 5 &!9 :!2Q:3+9" :+ Q: :!G3ÄŠ "9 "+<1 9 D#Ä‘!D/-:!:! #+8): :+3!=2M !< $-#+8F* !Ä? 5 &!9 :! 9 -ĉ:/

Q:!/ F *G ÄŠD !< :+#+8): :+ :)3-9 < 0:2 +Ä?#+8 9!(9* ĹŽÄŠĹ‹ĹœĹ?ʼnŚőʼnŔ ÄźĹ?Ĺ‹Ĺ?Ĺ–Ĺ‘Ĺ™Ĺ?Ĺ?ĹŻ 59!D#Ä‘!#+8): :+ : )A- ĉ:#Ä? @"9! 5 +8E2 D <!2 =L : /ĉ: 8 ÄŠ5 ĉ:*G!5!: E-8 Q:!/ < - F *G ÄŠ59 +: 5 D"=M* 5 &9! "9 ++9 ":- =L)= Q:3! D/-:G -ÄŠD =* 9"+8*8D/-:

5 3!=2M !< 9 -ĉ:/F *#+8): :+ +8E2D <!2 = L : /ĉ: 8 ÄŠ5 ĉ:*G!5!: !9!M #+8): :+ : D <!D ?5!&!9 :! 59 +: :+-:55 5:*@ :! E-8#Ä? 9*5?!L Q:H+3+?5 : @! : :+D#-=*L !E#- #+8): :+ 8+9"+ADÄŠ #Ä‘! ĉ:G ÄŠ :ĉ *G! " Q:H+ : @!2Q:3+9"+5"+8*8D/-:"9 = DL= < +:* :+!9!M

Annual Report 2010 : IFS Capital (Thailand) PCL

103

Financial Statements ‘ "4 L=W"N3

9M !=M ĉ:G ÄŠ ĉ:* =LD =L*/ ÄŠ5 9"$-#+8F* !Ä? 5 &!9 :! 8"9! > G! " Q:H+ : @!D&?L5 +8 :* ÄŠ! @! 9 -ĉ:/ -5 +8*8D/-: 5 :+ ÄŠ: :! ĹŽ A3):*D3 @ ÄŠ5 aiĹŻ dĹ´a` (:1=D <!H ÄŠ "+<19 H ÄŠ!Q:): + :! :+"9 = "9" =L ab Ă&#x;(:1=D <!H ÄŠĂ ): ?5# <"9 < ĉ5!/9!"9 9"G ÄŠ F *)=!F*":* 9 !=M ĉ:G ÄŠ ĉ:*(:1=D <!H ÄŠ Q:!/ : Q:H+ : (:1=D <!H ÄŠ A ÄŠ/*59 +:(:1=D <!H ÄŠ :) 3):* :) =L#+8 :0G ÄŠ /9! =LG! " @- E-8#+9"#+@ ÄŠ/* $- +8 " =LD < : :+"9! > "9 = :)/< = :+"9 =(:1=D <!H ÄŠ+5 :+ 9 "9 = 2<! +9&*Ä?E-83!=M2<!(:1=D <!H ÄŠ+5 :+ 9 "9 =D < : $-E ĉ: 9L/ +:/+83/ĉ: +: : :)"9 = 5 2<! +9&*Ä?3+?53!=M2<!G! " @- 9" :) :!(:1= 3!=2M !< (:1=D <!H ÄŠ+5 :+ 9 "9 = 8+9"+A ÄŠ 2Q:3+9"$-E ĉ: 9/L +:/ @ +:* :+ 2Q:3+9"2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 = 8+9"+ADÄŠ )?5L )= /:)D#Ä‘!H#H ÄŠ/ĉ: "+<19 8)= Q:H+ : (:1=G!5!: =LD&=* &5 =L 8G ÄŠ#+8F* !Ä? : $-E ĉ: 9L/ +:/ =LD < >M!!9M! (:1=D <!H ÄŠ+5 :+ 9 "9 =+9"+AÄŠD#Ä‘!+:*H ÄŠ3+?5 ĉ:G ÄŠ ĉ:*G! " Q:H+ : @! * D/ÄŠ! + = =L$-E ĉ: 9L/ +:/!9M!D#Ä‘!+:* :+ =L"9! > F * + G! 2ĉ/! 5 $AÄŠ ?53@ÄŠ! ĉ:(:1=D <!H ÄŠ+5 :+ 9 "9 = =LD =L*/ ÄŠ5 9"+:* :+ 9 -ĉ:/ 8 A "9! > 39 : +:* :+ 9 -ĉ:/G!2ĉ/! 5 $AÄŠ ?53@ÄŠ! 2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 =E-83!=M2<!(:1=D <!H ÄŠ+5 :+ 9 "9 = 839 -" 9!D)?L5"+<19 )=2< < :) 3):*E-8"+<19 )= /:) 9M G =L 8D2=*(:1=D <!H ÄŠ ÄŠ/**5 2@ <

dĹ´aa Q:H+ ĉ53@ÄŠ! 9M!&?M! :! Q:H+ ĉ53@!ÄŠ 9!M &?!M :! Q:!/ F * :+3:+ Q:H+2@ < /ÄŠ * Q:!/! 9/D -=*L ĉ/ !M:Q 3!9 5 3@!ÄŠ 2:)9 = L 5? G!+83/ĉ: #Ä G! + = )=L = :+D&<)L @!"+<1 9 Q:!/ 3@!ÄŠ 2:)9 9/D -=*L ĉ/ !ÄŠ:Q 3!9 :)+8*8D/-: =HL ÄŠ+"9 Q:+8 ĉ:3@!ÄŠ "+<1 9 H)ĉ)3= !ÄŠ@ 2:)9 D =*"D ĉ:5?!L D3-?5 =)L $= - +8 " ĉ5 :+ Q:!/ Q:H+ ĉ53@!ÄŠ #+9"-

dĹ´ab #+8): :+ : "9 =

G! :+ 9 Q: " :+D <!G3ÄŠD#Ä‘!H# :)3-9 :+"9 = =L+9"+5 9L/H# $AÄŠ"+<3:+ 5 "+<19 ÄŠ5 5:09* @-*&<!< G! :+ Q:3! !F*":* :+"9 = :+ #+8): :+E-8 9M ÄŠ52)) < :!3-:*#+8 :+ >L )=$- +8 " ĉ5 :+E2 Q:!/!2<! +9&*Ä? 3!=M2<! E-8 :+D#Ä€ D$* ÄŠ5)A-D =L*/ 9"2<! +9&*Ä? E-83!=M2<! =L5: D < >M! /9!2<M! / +/) 9M :+E2 +:*H ÄŠ E-8 ĉ:G ÄŠ ĉ:* 5 / "9 = > E)ÄŠ/ĉ: :+#+8): :+ 5 $AÄŠ"+<3:+ H ÄŠ&< :+ : 5*ĉ: 2)D3 @2)$-(:*G ÄŠD3 @ :+ Ä? 8!9M! $- =LD < >M! +< 5: )= /:)E ĉ: H# : #+8): :+!9M!

ĂšÂ? L=#K.5=JW:1=L< L=ZE; +:* :+G! " @- /9! =L ca 9!/: ) beeb H ÄŠ)= :+ 9 #+8D( +:* :+G3)ĉD&?L5G3ÄŠ25 -ÄŠ5 9" :+ 9 #+8D( +:* :+G! " :+D <!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec F *D <!)9 Q:+9" : 29 :D ĉ:+8*8*:/ /9! =L ca 9!/: ) beeb Q:!/! i`Ĺ´de -ÄŠ:!": >L D <)D *E2 E* ĉ: 3: (:*G ÄŠ 3!=M2<!H)ĉ3)@!D/=*! H ÄŠ!Q:):E2 2@ < 9"-A 3!=M :)29 :D ĉ:+8*8*:/

ĂşÂ? G;S?W8ĘĈ;W/N;W O_<A K4 =JXDW"N3D. +:* :+ =LH)ĉG ĉD <!2 2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb )= 9 ĉ5H#!=M

104

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

D ÄŠ:3!=M ?M52<! +9&*Ä? :/+* ): "/ ?M55@# + Ä? 39 D <!2 ĉ:*D&?L5 ?M55@# + Ä? D ÄŠ:3!=M ?M52<! +9&*Ä? :/* H# ĹŽE2 +/)5*AĉG!3!=M2<!3)@!D/=*!5?L!ĹŻ

2553 4L1

2552 4L1

hdŲhca

3,959

a`ŲeidŲhae Ŏa`ŲfegŲgaaů

531,299 Ŏde`Ųdbgů

21,935

hdŲhca

ĂťÂ? W"N3?"1R3%KĈA =LA D <!- @! 9L/ +:/ /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

2553 ;S? L<R/N2==;

4L1

dL[= Kĉ3/ 3 1O_<K"[; W N. P`3 4L1

137,936 137,936

ŎeeŲcibů ŎeeŲcibů

hbŲedd hbŲedd

=L L1R3

D <!- @! 9L/ +:/ Ĺł D <!- @!D$?L5 :* +:2:+ @!G! /:) ÄŠ5 :+ 5 -: G!#+8D 0

=A;W"N3?"1R3%KĈA =LA

4L1

2552 ;S? L<R/N2==;

4L1

dL[= Kĉ3/ 3 1O_<K"[; W N. P`3 4L1

i`hŲhei i`hŲhei

achŲ`ig achŲ`ig

1,046,956 1,046,956

2553 4L1

2552 4L1

-A 3!=M : :+ ?M52< <D+=* +ÄŠ5

bŲafiŲiddŲhca

2,273,133,663

39 ĉ:D$?L53!=M2 29* 82A ŎŰů

ŎgeŲecdŲhdgů bŲ`idŲd`iŲihd ŎcehŲaegŲfagů 1,736,252,367

ŎgfŲgceŲbbhů bŲaifŲcihŲdce ŎdbaŲcg`Ųbihů aŲggeŲ`bhŲacg

=L L1R3

D <!- @! 9L/ +:/ Ĺł D <!- @!D$?L5 :* +:2:+ @!G! /:) ÄŠ5 :+ 5 -: G!#+8D 0

=A;W"N3?"1R3%KĈA =LA

4L1

ß� ?S E3O`#L L=&Q`GDN12NW=O< = G" � DR12N /9! =L ca 9!/: ) beec E-8 beeb -A 3!=M : :+ ?M52< <D+=* +Ċ5 ų 2@ < #+8 5" Ċ/*

39 D ÄŠ:3!=M : :+ ?M52< <D+=* +ÄŠ5 -A 3!=M : :+ ?M52< <D+=* +ÄŠ5 Ĺł 2@ <

Annual Report 2010 : IFS Capital (Thailand) PCL

þôÚ

Financial Statements ‘ "4 L=W"N3

/9! =L ca 9!/: ) beec E-8 beeb -A 3!=M : :+ ?M52< <D+=* +Ċ5 ų 2@ < E* :)5:*@3!=M =L Ċ: Q:+8 )= 9 ĉ5H#!=M

(:*G!/9! =L +" Q:3! D <!/9! +" Q:3! Q:+8 !Ċ5* /ĉ: c D ?5! c D ?5! ų f D ?5! f D ?5! ų ab D ?5! #+9"F + 2+Ċ: 3!=M -A 3!=M =L5*Aĉ+83/ĉ: Q:D!<! = :) 3):*

2553 4L1

2552 4L1

aŲchiŲccgŲhfb

aŲciiŲhbdŲ`hg

ficŲhahŲfcd 14,595,612 ihaŲgeb 1,475,350 69,735,621 bŲafiŲiddŲhca

791,105,605 abŲ`igŲihb 4,510,073 1,975,350 63,620,566 2,273,133,663

ĹŽĹ°ĹŻ /9! =L ca 9!/: ) beec E-8 beeb "+<19 H ÄŠ)= :+&< :+ : :+ 9!2Q:+5 ĉ:D$?L53!=M2 29* 82A E"" -@ĉ)-A 3!=M ŎčŗŔŔĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‰Ĺ˜Ĺ˜ĹšĹ—Ĺ‰Ĺ‹Ĺ?ĹŻ 2Q:3+9"-A 3!=M : :+ ?M52< <D+=* +ÄŠ5 =L 9 9M!# <E-8-A 3!=M =L ÄŠ: Q:+8H)ĉD <! c D ?5! D#Ä‘! Q:!/!D <! aŲhicŲhgg ": E-8 bŲdhhŲebc ": :)-Q: 9" ĹŽ A3):*D3 @ ÄŠ5 dĹ´dĹŻ

ý� ?S E3O`#L DKttLW% L&Q`G � DR12N /9! =L ca 9!/: ) beec E-8 beeb -A 3!=M : 29 :D ĉ: ?M5 ų 2@ < #+8 5" Ċ/*

2553 4L1

2552 4L1

-A 3!=M :) Q:!/!G!29 : D3-?5

aiŲhehŲdbb

daŲdhgŲcia

39 +:*H ÄŠ : :+D <! 9M &9

ŎaŲfheŲgheů ahŲagbŲfcg ŎbŲaciŲdebů afŲ`ccŲahe 11,146,049 ŎaŲacgŲichů a`Ų``hŲaaa 6,025,074

ŎdŲbh`Ųbd`ů 37,207,151 ŎbŲcfeŲigeů cdŲhdaŲagf baŲdhhŲghb ŎbŲeidŲddgů ahŲhidŲcce aeŲidfŲhda

39 ĉ:D$?L53!=M2 29* 82A ĹŽĹ°ĹŻ -A 3!=M =L +" Q:3! Q:+8G!3!>L #Ä 39 +:*H ÄŠ : :+D <! 9M &9 -A 3!=M =L +" Q:3! Q:+8G!3!>L #Ä Ĺł 2@ < -A 3!=M : 29 :D ĉ: ?M5 Ĺł 2@ <

106

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

-A 3!=M : 29 :D ĉ: ?M5ų2@ <E* :)5:*@3!=M =L Ċ: Q:+8 )= 9 ĉ5H#!=M

2553 4L1

2552 4L1

(:*G!/9! =L +" Q:3! Q:+8

agŲeebŲieh

39,041,740

-A 3!=M =L5*Aĉ+83/ĉ: Q:D!<! = :) 3):*

2,305,464 aiŲhehŲdbb

2,445,651 daŲdhgŲcia

ĹŽĹ°ĹŻ /9! =L ca 9!/: ) beec E-8 beeb "+<19 H ÄŠ)= :+&< :+ : :+ 9!2Q:+5 ĉ:D$?L53!=M2 29* 82A E"" -@ĉ)-A 3!=M ŎčŗŔŔĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‰Ĺ˜Ĺ˜ĹšĹ—Ĺ‰Ĺ‹Ĺ?ĹŻ 2Q:3+9"-A 3!=M : 29 :D ĉ: ?5M = L 9 9!M # <E-8-A 3!= M L= :ÄŠ Q:+8H)ĉD <! c D ?5! D#Ä‘! Q:!/!D <! ddŲif` ": E-8 acaŲbie ": :)-Q: 9" ĹŽ A3):*D3 @ 5ÄŠ dĹ´dĹŻ

þôÂ? ?S E3O`/L;DKttLW% L=J<J<LA Â? DR12N /9! =L ca 9!/: ) beec E-8 beeb -A 3!=M :)29 :D ĉ:+8*8*:/ Ĺł 2@ < #+8 5" ÄŠ/*

2553 4L1

2552 4L1

-A 3!=M :) Q:!/!G!29 : D3-?5

aigŲ`hfŲefc

bh`ŲdhcŲ`cb

39 D <!)9 Q: : 29 :D ĉ:+8*8*:/ Ŏ3):*D3 @ Ċ5 eů 39 +:*H Ċ : :+D <! 9M &9 39 ĉ:D$?L53!=M2 29* 82A ŎŰů

ŎecŲbabŲhadů ŎafŲ`fhŲaehů abgŲh`eŲeia ŎcegŲchfů

Ŏi`ŲddfŲdhgů ŎbaŲh`bŲfhbů afhŲbccŲhfc Ŏa`ŲibcŲgfců

-A 3!=M =L +" Q:3! Q:+8G!3!>L #Ä 39 D <!)9 Q: : 29 :D ĉ:+8*8*:/ 39 +:*H ÄŠ : :+D <! 9M &9 -A 3!=M =L +" Q:3! Q:+8G!3!>L #Ä Ĺł 2@ < -A 3!=M :)29 :D ĉ:+8*8*:/ Ĺł 2@ <

abgŲddhŲb`e hfŲiefŲgef ŎbaŲea`Ųhdhů ŎiŲ`ecŲabaů efŲcibŲghg gaŲ`eeŲdah

157,310,100 96,236,605 ŎaaŲdbdŲ`baů ŎaaŲahiŲgaeů gcŲfbbŲhfi hcŲfhgŲbca

/9! =L ca 9!/: ) beec E-8 beeb -A 3!=M : 29 :D ĉ:+8*8*:/ ų 2@ <E* :)5:*@3!=M =L Ċ: Q:+8)= 9 ĉ5H#!=M

(:*G!/9! =L +" Q:3! Q:+8 D <!/9! +" Q:3! Q:+8Ģ !ÄŠ5* /ĉ: c D ?5! -A 3!=M =L5*Aĉ+83/ĉ: Q:D!<! = :) 3):*

2553 4L1

2552 4L1

aigŲ`hfŲecg

bfaŲcihŲeaa

26 ų aigŲ`hfŲefc

115,446 ahŲifiŲ`ge bh`ŲdhcŲ`cb

ĹŽĹ°ĹŻ /9! =L ca 9!/: ) beec E-8 beeb "+<19 H ÄŠ)= :+&< :+ : :+ 9!2Q:+5 ĉ:D$?L53!=M2 29* 82A E"" -@ĉ)-A 3!=M ŎčŗŔŔĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‰Ĺ˜Ĺ˜ĹšĹ—Ĺ‰Ĺ‹Ĺ?ĹŻ 2Q:3+9"-A 3!=M :)29 :D ĉ:+8*8*:/ = L 9 9!M # <E-8-A 3!= M L= :ÄŠ Q:+8H)ĉD <! c D ?5! D#Ä‘! Q:!/!D <! cegŲchf ": E-8 eibŲh`g ": :)-Q: 9" ĹŽ A3):*D3 @ 5ÄŠ dĹ´dĹŻ

Annual Report 2010 : IFS Capital (Thailand) PCL

107

Financial Statements ‘ "4 L=W"N3

þþÂ? W"N3ZE S <Q; LDN3 L /9! =L ca 9!/: ) beec E-8 beeb D <!G3ÄŠ AÄŠ*?) ĉ:2<! ÄŠ: Ĺł 2@ < #+8 5" ÄŠ/*

2553 4L1

2552 4L1

D <!G3Ċ AĊ*?) ĉ:2<! Ċ:

15,695,309

1,963,241

39 ĉ:D$?L53!=M2 29* 82A ŎŰů D <!G3Ċ AĊ*?) ĉ:2<! Ċ: ų 2@ <

ŎbŲgheŲii`ů 12,909,319

ŎaheŲchfů aŲgggŲhee

ĹŽĹ°ĹŻ /9! =L ca 9!/: ) beec "+<19 H ÄŠ)= :+&< :+ : :+ 9!2Q:+5 ĉ:D$?L53!=M2 29* 82A E"" -@ĉ)-A 3!=M ŎčŗŔŔĹ?Ĺ‹ĹœĹ‘ĹžĹ? Ĺ‰Ĺ˜Ĺ˜ĹšĹ—Ĺ‰Ĺ‹Ĺ?ĹŻ 2Q:3+9"D <!G3ÄŠ AÄŠ*?) ĉ:2<! ÄŠ: =L 9 9M!# <E-8-A 3!=M =L ÄŠ: Q:+8H)ĉD <! c D ?5! D#Ä‘! Q:!/!D <! adŲ`hg ": ĹŽ A3):*D3 @ ÄŠ5 dĹ´dĹŻ

þÜÂ? W"N37L 23L L=1O_ Z% W5 3E?K 5=J K3 /9! =L ca 9!/: ) beec E-8 beeb D <!%: #+8 Q: !: :+ Q:!/! ad`Ų``a ": E-8 achŲcgf ": :)-Q: 9" H ÄŠ!Q:H#D#Ä‘!3-9 #+8 9! :+55 3!9 2?5 MQ:#+8 9! 5 !: :+G3ÄŠ 9""+<19

þáÂ? 1O_.N3 GL L=X?JGR5 =- Â? DR12N =L <! 5: :+ E-85@# + Ä? Ĺł 2@ < /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

<G. " WE?QG - AK3 1O_ þ ; =L ; ÜÚÚá 4L1

W8ĘĈ; P`3

#dLE3 L<

<G. "WE?QG - AK31O_ áþ 2K3AL ; ÜÚÚá

4L1

4L1

4L1

3,417,277 cgŲdegŲihg bhŲchiŲi`` eŲchaŲiid gdŲfdgŲaeh

ų ų iŲcdbŲhgf 1,251,939 a`ŲeidŲhae

ų ų ŎaŲadeŲca`ů ų ŎaŲadeŲca`ů

3,417,277 cgŲdegŲihg cfŲehgŲdff 6,633,933 hdŲ`ifŲffc

ŎadŲhfaŲ``dů ŎbbŲfccŲ`gců ŎcŲdfhŲf`hů Ŏd`ŲifbŲfheů ccŲfhdŲdgc

ŎicfŲde`ů ŎcŲc`cŲacfů ŎaŲaacŲedaů ŎeŲcecŲabgů

ų aŲ`hfŲbeb ų aŲ`hfŲbeb

ŎaeŲgigŲdedů ŎbdŲhdiŲiegů ŎdŲehbŲadiů ŎdeŲbbiŲef`ů chŲhfgŲa`c

=L L1R3 5: :+ @ ų =L <! 5: :+ @ ų5: :+ D +?L5 E ĉ E-8D +?L5 G Ċ2Q:!9 :! *:!&:3!8 +/)+: : @!

LWDQ_G;=L LDJD; 5: :+ @ Ĺł5: :+ D +?L5 E ĉ E-8D +?L5 G ÄŠ2Q:!9 :! *:!&:3!8 +/) ĉ:D2?L5)+: :282) =L <! 5: :+E-85@# + Ä? Ĺł 2@ <

108

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

<G. " WE?QG - AK3 1O_ þ ; =L ; ÜÚÚÜ 4L1

W8ĘĈ; P`3

#dLE3 L<

<G. "WE?QG - AK31O_ áþ 2K3AL ; 2552

4L1

4L1

4L1

3,417,277 cgŲdegŲihg cbŲehaŲbac eŲchaŲiid ghŲhchŲdga

Ĺł Ĺł 531,299 Ĺł 531,299

ų ų ŎdŲgbbŲfabů ų ŎdŲgbbŲfabů

3,417,277 cgŲdegŲihg bhŲchiŲi`` eŲchaŲiid gdŲfdgŲaeh

ŎacŲibdŲeeeů ŎbeŲdbiŲcdbů ŎbŲdbdŲiafů ŎdaŲgghŲhaců cgŲ`eiŲfeh

ŎicfŲddiů ŎaŲibeŲiedů ŎaŲ`dcŲfibů ŎcŲi`fŲ`ieů

Ĺł 4,722,223 Ĺł 4,722,223

ŎadŲhfaŲ``dů ŎbbŲfccŲ`gců ŎcŲdfhŲf`hů Ŏd`ŲifbŲfheů ccŲfhdŲdgc

4L1 4L1

5,353,127

=L L1R3 5: :+ @ ų =L <! 5: :+ @ ų5: :+ D +?L5 E ĉ E-8D +?L5 G Ċ2Q:!9 :! *:!&:3!8 +/)+: : @!

LWDQ_G;=L LDJD; 5: :+ @ Ĺł5: :+ D +?L5 E ĉ E-8D +?L5 G ÄŠ2Q:!9 :! *:!&:3!8 +/) ĉ:D2?L5)+: :282) =L <! 5: :+E-85@# + Ä? Ĺł 2@ <

LWDQ_G;=L LDdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; 2553 2552

3,906,095

/9! =L ca 9!/: ) beec E-8 beeb +: : :) @! 5 5: :+E-85@# + Ä? =L39 ĉ:D2?L5)+: : 9M Q:!/!E-ÄŠ/E ĉ*9 G ÄŠ :!5*Aĉ)= Q:!/! aiŲhcdŲede ": E-8 aiŲfccŲice ": :)-Q: 9"

þøÂ? DN31=K8< [; ;O/KA/3 Â? DR12N 2<! +9&*Ä?H)ĉ)= 9/ ! Ĺł 2@ < /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

<G.< ;L - AK31O_ Ăľ ; =L ; 2553

W8ĘĈ; P`3

?.?"

<G. "WE?QG - AK31O_ áþ 2K3AL ; 2553

cŲachŲge` cŲachŲge`

241,474 241,474

Ĺł Ĺł

cŲch`Ųbbd cŲch`Ųbbd

ŎaŲcfgŲhdců ŎaŲcfgŲhdců 1,770,907

ŎaŲ`diŲdfeů ŎaŲ`diŲdfeů

Ĺł Ĺł

ŎbŲdagŲc`hů ŎbŲdagŲc`hů 962,916

=L L1R3 F#+E +) 5)&</D 5+Ä? +/)+: : @!

L/K.#dLE3 L<DJD; F#+E +) 5)&</D 5+Ä? +/) ĉ: 9 Q:3!ĉ:*282) 2<! +9&*Ä?H)ĉ)= 9/ ! Ĺł 2@ <

Annual Report 2010 : IFS Capital (Thailand) PCL

109

Financial Statements ‘ "4 L=W"N3

<G.< ;L - AK31O_ Ăľ ; =L ; 2552

W8ĘĈ; P`3

?.?"

<G. "WE?QG - AK31O_ áþ 2K3AL ; 2552

bŲhdbŲ`a` bŲhdbŲ`a`

296,740 296,740

Ĺł Ĺł

cŲachŲge` cŲachŲge`

ŎcdbŲeaiů ŎcdbŲeaiů 2,499,491

ŎaŲ`beŲcbdů ŎaŲ`beŲcbdů

Ĺł Ĺł

ŎaŲcfgŲhdců ŎaŲcfgŲhdců 1,770,907

4L1 4L1

1,049,465

=L L1R3 F#+E +) 5)&</D 5+Ä? +/)+: : @!

L/K.#dLE3 L<DJD; F#+E +) 5)&</D 5+Ä? +/) ĉ: 9 Q:3!ĉ:*282) 2<! +9&*Ä?H)ĉ)= 9/ ! Ĺł 2@ <

L/K.#dLE3 L<DdLE=K45 DNĉ3DR.AK31O_ áþ 2K3AL ; 2553 2552

1,025,324

þÚÂ? DN31=K8< :LCOW"N3[. =G/K.4Kt%O 2<! +9&*Ä?(:1=D <!H ÄŠ+5 9 "9 = /9! =L ca 9!/: ) beec E-8 beeb )=+:*-8D5=* 9 !=M

2553 4L1

2552 4L1

2<! +9&*Ä?(:1=D <!H ÄŠ+5 9 "9 =

44,737,597

ccŲgchŲdbe

39 3!=M2<!(:1=D <!H ÄŠ+5 9 "9 = 2<! +9&*Ä?(:1=D <!H ÄŠ+5 9 "9 =2@ <

Ĺł 44,737,597

ŎdaŲdbiů 33,696,996

2<! +9&*Ä?(:1=D <!H ÄŠ+5 :+ 9 "9 = /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*$- +8 " : (:1= 5 +:* :+ 9 ĉ5H#!=M

ÜÚÚÜ

=L< L=1O=_ 4K =S =L< L=1O=_ 4K =S Z3"4 dL[= L.1R3 Z3D A3 G"6S 0QGER 3 4L1 4L1 4L1

ĉ:D$?L53!=M2 29* 82A 3!=M2A =L5*Aĉ+83/ĉ: :+ Q:D!<! = 2<! +9&*Ä? : 29 :D ĉ: : :+D <! Q:H+ ĹŽ : @!ĹŻ =L*9 H)ĉD < >M! : :+D#-=L*!E#- )A- ĉ: 5 D <!- @! Ĺł 3-9 +9&*Ä?D$?L5 :* #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! 5?L!J

110

ÜÚÚá 4L1

27,063,106

ŎbŲhagŲh`ců

Ĺł

24,245,303

aŲgheŲbii dŲhi`Ų`b`

5,490,650 cŲeehŲeg`

Ĺł Ĺł

7,275,949 hŲddhŲei`

ŎdaŲdbiů ų ų 33,696,996

ų hagŲdfi h`Ųbig gŲabiŲahc

ehŲ`df cŲhecŲcgb ų cŲiaaŲdah

16,617 dŲfg`Ųhda h`Ųbig 44,737,597

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

ÜÚÚþ 4L1

ĉ:D$?L53!=M2 29* 82A 3!=M2A =L5*Aĉ+83/ĉ: :+ Q:D!<! = 2<! +9&*Ä? : 29 :D ĉ: : :+D <! Q:H+ ĹŽ : @!ĹŻ =L*9 H)ĉD < >M! : :+D#-=L*!E#- )A- ĉ: 5 D <!- @! Ĺł 3-9 +9&*Ä?D$?L5 :*

=L< L=1O=_ 4K =S =L< L=1O=_ 4K =S Z3"4 dL[= L.1R3 Z3D A3 G"6S 0QGER 3 4L1 4L1

ÜÚÚÜ 4L1

27,134,457

ŎgaŲceaů

Ĺł

27,063,106

aŲgheŲbii ŎgcŲaigů

Ĺł 4,963,217

Ĺł Ĺł

aŲgheŲbii dŲhi`Ų`b`

ŎehŲiaiů bhŲghgŲfd`

ų dŲhiaŲhff

17,490 17,490

ŎdaŲdbiů 33,696,996

þúÂ? W"N3 S <Q;=J<JDKĉ3#L D0L4K3 L=W"N3 D <! AÄŠ*?)+8*829M! : 2 :"9! :+D <! /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

9O/29 :G ÄŠD <!

2553 4L1

2552 4L1

1,020,000,000

aŲdh`Ų```Ų```

/9! =L ca 9!/: ) beec E-8 beeb "+<19 )=D <! AÄŠ*?)+8*829M! : 2 :"9! :+D <!F *)=59 +: 5 D"=M*+ÄŠ5*-8 bĹ´ae Ĺł bĹ´ie ĉ5#Ä E-8+ÄŠ5*-8 bĹ´fe Ĺł eĹ´be ĉ5#Ä :)-Q: 9"

þÝÂ? W"N3 S <Q;=J<J<LA D <! AÄŠ*?)+8*8*:/ /9! =L ca 9!/: ) beec #+8 5" ÄŠ/*

2553 4L1 D <! AÄŠ+8*8*:/

125,000,000

39 D <! AÄŠ*?)+8*8*:/ =L +" Q:3! Q:+8G!3!>L #Ä

100,000,000 225,000000

/9! =L ca 9!/: ) beec "+<19 )=D <! AÄŠ*?)+8*8*:/ : 2 :"9! :+D <!E3ĉ 3!>L F *)=59 +: 5 D"=M*+ÄŠ5*-8 ğİĪĎĹĹ€ ĹŽc D ?5!ĹŻ Ĺą bĹ´ge ĉ5#Ä E-8)= Q:3! Q:+8D <! ÄŠ! @ c D ?5! D+<L) 9M E ĉD ?5!)=!: ) beec > D ?5!)=!: ) beef

þßÂ? W"N3 G"1R3DdL=G"W?O`<"%O883K "L3 "+<19 H ÄŠ 9 9M D <! 5 @!2Q:+5 D-=M* =&2Q:3+9"&!9 :! =L2)9 +D ÄŠ:F + :+3-9 : Q: :! +" a #Ä E-8H ÄŠ 8D"=*!D#Ä‘! 5 @!2Q:+5 D-=M* =& :)&+8+: "9 9 < 5 @!2Q:+5 D-=M* =& &Ĺ´0Ĺ´ bec` 2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb D <!2) " 5 "+<19 >L H ÄŠ"9! > D#Ä‘! ĉ:G ÄŠ ĉ:*G! :+ :*E-8"+<3:+G! " :+D <!)= Q:!/! bĹ´a -ÄŠ:!": E-8 aĹ´h -ÄŠ:!": :)-Q: 9"

Annual Report 2010 : IFS Capital (Thailand) PCL

111

Financial Statements ‘ "4 L=W"N3

þýÂ? 5=J;L- L=E3O`DN36?5=JY<%3 G"83K "L3 "+<19 Q:!/ #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :! F *#+8): :+ :)3-9 < 0:2 +Ä?#+8 9!(9* F *2)) < :!#+8 5" ÄŠ/*59 +: < - +ÄŠ5*-8 d 59 +: :+-:55 +ÄŠ5*-8 b +ÄŠ5*-8 f E-8+ÄŠ5*-8 aa >M!5*Aĉ 9" -@ĉ) 5 5:*@ 5 &!9 :! 59 +: :+ >M!D <!D ?5!+ÄŠ5*-8 i E-85:*@ D 1=* f` #Ä #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec #+8 5" ÄŠ/*

2553 4L1 #+8): :+3!=M2<!$- 5"E ! 5 &!9 :! 2Q:3+9"D <! D * :+D-< ÄŠ: ĹŽ A3):*D3 @ ÄŠ5 aiĹ´aĹŻ #+8): :+3!=M2<!$- 5"E ! 5 &!9 :! 2Q:3+9" :+ Q: :! 9""+<19 D#Ä‘!D/-:!:! ĹŽ A3):*D3 @ ÄŠ5 aiĹ´bĹŻ #+8): :+3!=M2<!$-#+8F* !Ä? 5 &!9 :!

13,536,314 2,033,155 15,569,469

aiĹ´a #+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9"D <! D * : :+D-< ÄŠ: :+D#-=L*!E#- 5 )A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9"D <! D * : :+D-< ÄŠ: /9! =L ca 9!/: ) beec E2 9 !=M

2553 4L1 )A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<! ÄŠ! / ÄŠ! @!"+< :+ / #Ä? @"9! ÄŠ! @! 5 D"=M* $-#+8F* !Ä? =L ĉ:*+83/ĉ: / )A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<!#-:* /

11,240,453 aŲhdfŲbdc ddiŲfah ų 13,536,314

#+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9"D <! D * : :+D-< ÄŠ: 2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec #+8 5" ÄŠ/*

2553 4L1

112

ÄŠ! @!"+< :+ / #Ä? @"9! ÄŠ! @! 5 D"=M*

aŲhdfŲbdc ddiŲfah

+/) ĉ:G Ċ ĉ:*D =L*/ 9"#+8): :+3!=M2<!$- 5"E ! 5 &!9 :! 2Q:3+9"D <! D * : :+D-< Ċ: =L+9"+AĊG! " Q:H+ : @!2@ <

bŲbieŲhfa

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

aiĹ´b #+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9" :+ Q: :! 9""+<19 D#Ä‘!D/-:!:! :+D#-=L*!E#- 5 )A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9" :+ Q: :! 9""+<19 D#Ä‘!D/-:!:! /9! =L ca 9!/: ) beec E2 9 !=M

2553 4L1 1,604,120 425,904

)A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<! ÄŠ! / ÄŠ! @!"+< :+ / #Ä? @"9!

64,164

ÄŠ! @! 5 D"=M* $-#+8F* !Ä? =L ĉ:*+83/ĉ: /

ŎfaŲ`cců 2,033,155

)A- ĉ:#Ä? @"9! 5 #+8): :+3!=M2<!#-:* /

#+8): :+3!=M2<!$- 5"E ! 5 &!9 :!2Q:3+9" :+ Q: :! 9""+<19 D#Ä‘!D/-:!:!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec #+8 5" ÄŠ/*

2553 4L1 ÄŠ! @!"+< :+ / #Ä? @"9! ÄŠ! @! 5 D"=M*

425,904 64,164

+/) ĉ:G Ċ ĉ:*D =L*/ 9"#+8): :+3!=M2<!$- 5"E ! 5 &!9 :! 2Q:3+9" :+ Q: :! 9""+<19 D#đ!D/-:!:! =L+9"+AĊ G! " Q:H+ : @!2@ <

di`Ų`fh

Üô� 1R3W=QG3ER 3

D)?L5/9! =L bg &,0 < :*! beeb =L#+8 @)/<2:)9 $AÄŠ ?53@ÄŠ!)=) <5!@)9 < :+D#-=L*!E#- )A- ĉ:3@ÄŠ! =L +:H/ÄŠ 5 "+<19 : D <))A- ĉ:3@ÄŠ!-8 e ": D#Ä‘! )A- ĉ:3@ÄŠ!-8 a ": E-85!@)9 <D&<L) @! 8D"=*! 5 "+<19 5= Q:!/! ab`Ų```Ų``` ": F *E"ĉ 55 D#Ä‘!3@ÄŠ!2:)9 Q:!/! ab`Ų```Ų``` 3@ÄŠ! )A- ĉ: =L +:H/ÄŠ3@ÄŠ!-8 a ": : D <)"+<19 )= @! 8D"=*! Q:!/! ce`Ų```Ų``` ": D#Ä‘! @! 8D"=*! dg`Ų```Ų``` ": E"ĉ 55 D#Ä‘!3@ÄŠ!2:)9 Q:!/! dg`Ų```Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ!-8 a ": E-8H ÄŠ)= :+5!@)9 < :+ 9 2++3@ÄŠ!2:)9 G3)ĉ Q:!/! ab`Ų```Ų``` 3@ÄŠ! )A- ĉ: =L +:H/ÄŠ3@ÄŠ!-8 a ": 9 !=M Ĺł 3@ÄŠ!2:)9 G3)ĉ Q:!/! aagŲe``Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ! =L +:H/ÄŠ3@ÄŠ!-8 a ": D&?L5D2!5 :*G3ÄŠE ĉ#+8 : ! 9L/H# Ĺł 3@ÄŠ!2:)9 G3)ĉ Q:!/! bŲe``Ų``` 3@ÄŠ! )A- ĉ:3@ÄŠ! =L +:H/ÄŠ3@ÄŠ!-8 a ": D&?L5D2!5 :*G3ÄŠE ĉ ++) :+E-8Ĺľ3+?5$AÄŠ"+<3:+

9M !=M )5"3):*G3ÄŠ 8 ++) :+"+<19 D#Ä‘!$AÄŠ)=5Q:!: G! :+ Q:3! +: :D2!5 :*3@ÄŠ! +8*8D/-: :+D2!5 :* ÄŠ5 Q:3! E-8D ?L5!H D =L*/ 9" :+ 9 2++3@ÄŠ! 9 -ĉ:/ ÄŠ: ÄŠ! D)?L5/9! =L e )=!: ) beec "+<19 H ÄŠ+9"5!@)9 < : 2Q:!9 :! 8 ++) :+ Q: 9"3-9 +9&*Ä?E-8 -: 3-9 +9&*Ä? G3ÄŠD2!5 :*3@ÄŠ! ĉ5#+8 : ! D)?L5/9! =L a` &,1(: ) beec =L#+8 @) 8 ++) :+"+<19 +9M =L cĹľbeec )=) <)5"3):*G3ÄŠ#+8 :! ++) :+"+<19 3+?5#+8 :!D ÄŠ:3!ÄŠ: =L%Ä„:*"+<3:+ D#Ä‘!$AÄŠ)=5Q:!: G! :+&< :+ : Q:3! +: :D2!5 :* +8*8D/-:D2!5 :*E-8 ÄŠ5 Q:3! E-8D ?L5!H 5?L!J =LD =L*/ 9" :+D2!5 :*3@ÄŠ!D&<L) @!G3ÄŠ 9" #+8 : ! 9L/H#

D)?L5/9! =L bh + : ) beec "+<19 H ÄŠ- !:)E ĉ 9M $AÄŠ 9 :++ĉ/) :+ 9 Q:3!ĉ:*E-8+9"#+8 9! :+ 9 Q:3!ĉ:*E-8$AÄŠ+ĉ/) 9 Q:3!ĉ:*E-8+9"#+8 9! :+ 9 Q:3!ĉ:* Q:!/! ab`Ų```Ų``` 3@ÄŠ! G!+: :D2!5 :*3@ÄŠ!-8 aĹ´ce ": >L "+<19 H ÄŠ :*3@ÄŠ! 9 -ĉ:/ 9M 3) E-ÄŠ/D)?L5/9! =L c 2< 3: ) beec +/) D#Ä‘!D <! =LH ÄŠ+9" : :+ :*3@ÄŠ! 9M 2<M! afbŲ```Ų``` -ÄŠ:!": E-8D)?L5/9! =L e 2< 3: ) beec "+<19 H ÄŠ 8D"=*!3@ÄŠ!2:)9 D&<L) @! =LH ÄŠD+=* Q:+8E-ÄŠ/ Q:!/! ab`Ų```Ų``` 3@ÄŠ! 3+?5 ab`Ų```Ų``` ": 9 -ĉ:/ 9" +8 +/ &: < *Ä?E-ÄŠ/

Annual Report 2010 : IFS Capital (Thailand) PCL

113

Financial Statements ‘ "4 L=W"N3

Q:!/!3@ÄŠ!2:)9 9/D -=L* ĉ/ !ÄŠQ:3!9 2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec Q:!/ H ÄŠ 9 !=M

2553 4L1 350,000,000 dhŲihfŲc`a cihŲihfŲc`a

Q:!/!3@ÄŠ!2:)9 D3-?5 /9! =L ca 9!/: ) beeb Q:!/!3@ÄŠ!2:)9 9/D -=L* ĉ/ !ÄŠQ:3!9 =L55 ĹŽab`Ų```Ų``` Ĺ adiĹľcfeĹŻ Q:!/!3@ÄŠ!2:)9 9/D -=L* ĉ/ !ÄŠQ:3!9 /9! =L ca 9!/: ) beec

ÜþÂ? D A3W N3;S? LER 3DL;Kt 2ĉ/!D <!)A- ĉ:3@ÄŠ!2:)9 :)" "9 9 <E3ĉ &+8+: "9 9 <"+<19 )3: ! Q: 9 &Ĺ´0Ĺ´ bece ): +: ea D < : :+ =L"+<19 D2!5 :*3@ÄŠ!2A /ĉ:)A- ĉ: 3@ÄŠ! =L 8D"=*!H/ÄŠ39 ÄŠ/* ĉ:G ÄŠ ĉ:* =LD =L*/ ÄŠ5 9" :+D&<L) @! >L ?5D#Ä‘! @!2Q:+5 E-8 8!Q:H# ĉ:*D#Ä‘!D <!#Ä?!$-H)ĉH ÄŠ

ÜÜÂ? 1R3DdL=G"/L; (E;L< :)&+8+: "9 9 <"+<19 )3: ! Q: 9 &Ĺ´0Ĺ´ bece "+<19 8 ÄŠ5 9 2++D <!2Q:+5 5*ĉ: !ÄŠ5*+ÄŠ5*-83ÄŠ: 5 Q:H+2@ <#+8 Q:#Ä 3-9 : 39 : @! 282)* ): ĹŽ ÄŠ:)=ĹŻ ! /ĉ:2Q:+5 9 -ĉ:/)= Q:!/!H)ĉ!ÄŠ5* /ĉ:+ÄŠ5*-82<" 5 @! 8D"=*!

ÜáÂ? L=#K. L=D A31R3 /9 @#+82 Ä?G! :+"+<3:+ @! 5 "+<19 D#Ä‘!H#D&?L5 :+ Q:+ H/ÄŠ >L /:)2:):+ G! :+ Q:D!<! :!5*ĉ: ĉ5D!?L5 D&?L52+ÄŠ: $- 5"E ! ĉ5$AÄŠ ?53@ÄŠ!E-8 D#Ä‘!#+8F* !Ä? ĉ5$AÄŠ =L)=2ĉ/!H ÄŠD2=*5?L!

9M !=M"+<19 8 ÄŠ5 # <"9 < :)D ?L5!H =L Q:3! H/ÄŠG!G"5!@ : #+8 5" @+ < 5 ! ĉ: ÄŠ:/ Q:3! G3ÄŠ"+<19 ÄŠ5 )=D <! AÄŠ 9M 2<M! =LG ÄŠG! :+#+8 5" @+ < ÄŠ5 H)ĉD <!D K D ĉ: 5 D <! @! F * /9! =L ca 9!/: ) beec E-8 beeb "+<19 H ÄŠ# <"9 < :) ÄŠ5 Q:3! 9 -ĉ:/ ÄŠ: ÄŠ! !5 : !=MD)?L5/9! =L h D)1:*! beec +)&9 !: @+ < :+ ÄŠ:5!@ : G3ÄŠ"+<19 #+8 5" @+ < "9 =2:) ĹŽbaĹŻ F *"+<19 8D+<L)#+8 5" @+ < H ÄŠ ÄŠ5 )= @! 9M! ĉQ:+/) 9M 2<M!H)ĉ !ÄŠ5* /ĉ: dbgŲiedŲaea ": ĹŽ3):*D3 @ ÄŠ5 aĹŻ

ÜøÂ? W"N35 36?# L< D)?L5/9! =L bc D)1:*! beec =L#+8 @)2:)9 $AÄŠ ?53@ÄŠ!)=) <5!@)9 <G3ÄŠ ĉ:*D <!#Ä?!$-G3ÄŠE ĉ$AÄŠ ?53@ÄŠ!2:)9 Q:!/! ce`Ų```Ų``` 3@ÄŠ! G!59 +:3@ÄŠ!-8 `Ĺ´`i ": D#Ä‘! Q:!/!D <! caĹ´e` -ÄŠ:!": E-8"+<19 H ÄŠ ĉ:*D <!#Ä?!$- 9 -ĉ:/G3ÄŠE ĉ$AÄŠ ?53@ÄŠ!E-ÄŠ/ D)?L5/9! =L bi D)1:*! beec D)?L5/9! =L bd D)1:*! beeb =L#+8 @)2:)9 $AÄŠ ?53@ÄŠ!)=) <5!@)9 <G3ÄŠ ĉ:*D <!#Ä?!$-G3ÄŠE ĉ$AÄŠ ?53@ÄŠ!2:)9 Q:!/! g`Ų```Ų``` 3@ÄŠ! G!59 +:3@ÄŠ!-8 `Ĺ´dc ": D#Ä‘! Q:!/!D <! c`Ĺ´a` -ÄŠ:!": E-8"+<19 H ÄŠ ĉ:*D <!#Ä?!$- 9 -ĉ:/ G3ÄŠE ĉ$AÄŠ ?53@ÄŠ!E-ÄŠ/ D)?L5/9! =L c` D)1:*! beeb

ÜÚÂ? :LCOW"N3[. (:1=D <!H ÄŠ2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

114

2553 4L1

2552 4L1

ĉ:G Ċ ĉ:*(:1=D <!H Ċ :)E""E2 +:* :+

35,367,967

ceŲfdbŲahi

+:* :+#+9"#+@ (:1=D <!H Ċ+5 :+ 9 "9 = =LD =L*/ Ċ5 9" $-E ĉ: 9L/ +:/ =LD < >M!E-8 =L -9"+:* :+

ĉ:G Ċ ĉ:*(:1=D <!H Ċ :) " Q:H+ : @!

ŎgŲabiŲahbů bhŲbchŲghe

ŎdŲhiaŲhffů 30,750,323

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

+:* :+ +8 "*5 +83/ĉ: (:1=D <!H ÄŠE-8 Q:H+ : "9 = 2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb )= 9 !=M

Q:H+ : "9 = ĉ5!(:1= (:1=D <!H ĊG!59 +:+Ċ5*-8 c` $- +8 " : (:1= 5 +:*H ĊE-8 ĉ:G Ċ ĉ:* : "9 E ĉ)<H ĊD#đ!+:*H ĊE-8 ĉ:G Ċ ĉ:* : (:1=

ĉ:G Ċ ĉ:*(:1=D <!H Ċ

ĉ:G Ċ ĉ:*(:1=D <!H Ċ+5 :+ 9 "9 = =LD =L*/ Ċ5 9"$-E ĉ: 9L/ +:/ =LD < >M!E-8 =L -9"+:* :+

ĉ:G Ċ ĉ:*(:1=D <!H Ċ :)E""E2 +:* :+

2553 4L1

2552 4L1

113,041,549

106,929,565

33,912,465 ŎeŲfgcŲfh`ů bhŲbchŲghe gŲabiŲahb 35,367,967

cbŲ`ghŲhg` ŎaŲcbhŲedgů 30,750,323 dŲhiaŲhff ceŲfdbŲahi

ÜúÂ? =L< L==JEA L"4R ?E=QG4=NCK11O_W O_<A G" K3 " :+D <!!=MH ÄŠ+/)+:* :+ =LD < >M! 9""+<19 =LD =L*/ ÄŠ5 9! >L D =L*/ ÄŠ5 9!F * :+ ?53@ÄŠ!3+?5 :+)=$AÄŠ ?53@ÄŠ!3+?5 ++) :++ĉ/) 9! 9 !9M! " :+D <!!=M > E2 $- 5 +:* :+ 9 -ĉ:/ >L :+ Q:3! +: : ?M5 :*+83/ĉ: 9! :+ Q:3! 59 +: 5 D"=M*+83/ĉ: 9!E-8D ?L5!H ĉ: J D#Ä‘!H# :)# < : @+ < E-8D#Ä‘!D ?L5!H :+ ÄŠ: 9L/H# 2Q:3+9""@

- =LD =L*/ ÄŠ5 9!D#Ä‘!H# :) =LH ÄŠ+9"5!@)9 <F * ++) :+3+?5$AÄŠ ?53@ÄŠ! *5 D3-?5 =L2Q: 9 9""+<19 =LD =L*/ ÄŠ5 9! /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

AL;DK;8K32

2553 4L1

2552 4L1

-A 3!?M5?L! Ĺł "+<19 =LD =L*/ ÄŠ5 9! H5D5'D52 E ##Ä€ 5- -<)<D K

"+<19 $AĊ ?53@Ċ!G3 ĉ

75,626

37,311

D ÄŠ:3!=M5?L! Ĺł "+<19 =LD =L*/ ÄŠ5 9! H5D5'D52 E ##Ä€ 5- -<)<D K

"+<19 $AĊ ?53@Ċ!G3 ĉ

Ĺł

10,026

2553 4L1

2552 4L1

Ĺł

bŲdffŲfeh

+:* :+ ÄŠ: =L2Q: 9 9""+<19 =LD =L*/ ÄŠ5 9!2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb #+8 5" ÄŠ/*

AL;DK;8K32 5 D"=M*+9""+<19 H5D5'D52 E ##Ä€ 5- F6- <M 2Ä? ĹŽ#+8D 0H *ĹŻ Q: 9

"+<19 $AĊ ?53@Ċ!G3 ĉ

D)?L5/9! =L c` ) +: ) beeb "+<19 G3ĊD <! AĊ*?)E ĉ"+<19 $AĊ ?53@Ċ!G3 ĉD#đ! Q:!/! bh` -Ċ:!": >L D <!G3Ċ AĊ*?) Ċ: Ċ! +" Q:3! Q:+8(:*G! c` )=!: ) beeb F *"+<19 H Ċ+9" Q:+8 ?! 9M Q:!/!E-Ċ/D)?L5/9! =L c` )=!: ) beeb "+<19 )= :+ < 5 D"=M*D <!G3Ċ AĊ*?)E ĉ"+<19 $AĊ ?53@Ċ!G3 ĉ F * < 5 D"=M*G!59 +: Ċ! @! : :+D <! 5 "+<19 "/ +Ċ5*-8 a

ÜÝÂ? :L=J6S 8K3 /9! =L ca 9!/: ) beec E-8/9! =L ca 9!/: ) beeb "+<19 )=29 :/ D <!2<!D ?L5 9"2 :"9! :+D <!D&?L5G ÄŠD#Ä‘!D <! @! 9L/H#G! < :+ 9 !=M

/ D <!2<!D ?L5+/)

- AK31O_ áþ 2K3AL ; ÜÚÚá 4L1

- AK31O_ áþ 2K3AL ; ÜÚÚÜ 4L1

bŲh`fŲ```Ų```

2,727,000,000

/9! =L ca 9!/: ) beec "+<19 )=(:+8$A &9!D- D 5+Ä?55'D + < 9"2 :"9! :+D <!D#Ä‘! Q:!/! iĹ´ag -ÄŠ:!": D&?L5G3ÄŠ-A ÄŠ: : :+ ?M52< < D+=* +ÄŠ5 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/G ÄŠ 9M !=M /9! =L ca 9!/: ) beec E-8 beeb "+<19 )=/ D <!2<!D ?L5 9 -ĉ:/ =L*9 H)ĉH ÄŠG ÄŠ 9"2 :"9! :+D <! Q:!/!+/) aŲd`g -ÄŠ:!": E-8 aŲagg -ÄŠ:!": :)-Q: 9"

Annual Report 2010 : IFS Capital (Thailand) PCL

þþÚ

Financial Statements ‘ "4 L=W"N3

ÜßÂ? LZ% # L</L;?K C-J Q:H+2@ <2Q:3+9"#Ä 2<M!2@ /9! =L ca 9!/: ) beec E-8 beeb D < >M!(:*3-9 : 39 ĉ:G ÄŠ ĉ:* =L2Q: 9 9 ĉ5H#!=M

2553 4L1

2552 4L1

ĉ: 5"E ! 5 ++) :+E-8$AĊ"+<3:+

23,454,263

21,153,400

ĉ:G Ċ ĉ:*&!9 :!

ĉ:D2?L5)+: :E-8 ĉ: 9 Q:3!ĉ:* 3!=M2A E-83!=M2 29* 82A Ŏ -9"+:* :+ů (:1= @+ < D &:8

ĉ: ++)D!=*)/< : =& Ċ! @! : :+D <!

33,600,163 6,402,597 7,007,505 gŲfhcŲddc 3,054,544 d`ŲbaaŲdah

27,437,477 4,931,419 ŎeeŲi`fů fŲhdcŲg`b cŲbehŲbf` 47,569,359

ÜýÂ? L=WD3G G;S?1L" L=W"N3#dLX3 /L;D A3"L3 :+ Q:D!<! :! 5 "+<19 #+8 5" ÄŠ/* :++9" ?M52< <D+=* +ÄŠ5 Q: @+ < 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ E-8"+<19 /9 $- :+ Q:D!<! :! : < ++)D3-ĉ:!=MF * ?5D#Ä‘!2ĉ/! :! : @+ < D&=* 2ĉ/!D =*/ !5 : !9M! "+<19 Q:D!<! @+ < G!D (A)<0:2 +Ä?D =*/ ?5 #+8D 0H * 9 !9!M +:*H ÄŠ Q:H+ : :+ Q:D!<! :!E-82<! +9&*Ä? M9 3) =EL 2 G! " :+D <!!= M > D =*L / ÄŠ5 9! 9"2ĉ/! :! +@ < E-8D (A)0< :2 +Ä? :) = L -ĉ:/H/ÄŠ :ÄŠ ÄŠ!

áô� L=W5 .W6< G;S?W O_<A K4W =Q_G";QG1L" L=W"N3 AL;WDO_<". L3D:L8 ? G"

/:)D2=L* ÄŠ:!2(:& -ĉ5 D < : /:) 9" ÄŠ5!G! :++8 ) @!G3ÄŠD&=* &5E-8 9!D/-: ĉ5 :+# <"9 < :)(:+8$A &9! =L Q:3! H/ÄŠG!D +?L5 )?5 : :+D <! 9M !=M$AÄŠ"+<3:+H ÄŠ#+8D)<! :!8 :+D <!E-8$- :+ Q:D!<! :!G!#Ä? @"9!E-8D ?L5/ĉ:"+<19 )= /:)D2=L* ÄŠ:!2(:& -ĉ5 !ÄŠ5*

AL;WDO_<"#L L=[; 5)N4K/N/L;DKttL

/:)D2=L* : :+H)ĉ# <"9 < :)29 :5: D < : :+ =L Aĉ29 :H)ĉ2:):+ # <"9 < :) ÄŠ5 Q:3! G!29 : =L Q:H/ÄŠ 9""+<19 E-8 Q:G3ÄŠD < /:) D2=*3:*E ĉ"+<19 H ÄŠ "+<19 H ÄŠ)=!F*":*G! :+#Ä…5 9! /:)D2=L* !=MF *)= :+/<D +:83Ä?2<!D ?L5 : ÄŠ5)A- ĉ: J 5 -A ÄŠ: E-8 :+ < :)-A ÄŠ:5*ĉ: 2)LQ:D2)5 :)E!/ : =LH ÄŠ Q:3! H/ÄŠG!+8D"=*" &< =# <"9 <2<!D ?L5 /:)D2=L* : :+H)ĉ# <"9 < :)29 :!=M)=)A- ĉ:2A 2@ :) =LE2 H/ÄŠG! ÄŠ:! 2<! +9&*Ä?G! " @-3-9 : 39 2Q:+5 ĉ:D$?L53!=M2 29* 82A E-ÄŠ/

AL;WDO_<"W O_<A K4GK/=L.G W4O`< /:)D2=L* D =L*/ 9"59 +: 5 D"=M* 5 D +?L5 )?5 : :+D <!G! " @-!9M! D < >M! : :+D#-=L*!E#- 5 59 +: 5 D"=M* 59!5: 8)=$-G! : -" ĉ5 +:*H ÄŠ 5 D"=M*2@ <G!#Ä #Ä? @"9!E-8G!5!: /:)D2=L* 5 59 +: 5 D"=M*!=MD < >M! : :+ 9 F + 2+ÄŠ: E-8-9 1 8 5 +:* :+G!2<! +9&*Ä?3!=M 2<! 3+?55: D < : +8*8D/-: =LE ĉ: 9!G! :+D#-=L*!E#- 59 +: 5 D"=M*+83/ĉ: +:* :+ : ÄŠ:!2<! +9&*Ä?E-83!=M2<! ÄŠ5)A-D =L*/ 9"59 +: 5 D"=M* 5 D <! AÄŠ*?) : 2 :"9! :+D <!H ÄŠD#Ä€ D$*E-ÄŠ/G!3):*D3 @ ÄŠ5 af E-8 ag

AN2O L=X?J GD;;/N*L3Z3 L=5=J;L-;S? L<R/N2==; G"W =Q_G";QG1L" L=W"N3

116

ÄŠ52)) < :! 5 )A- ĉ:*@ < ++) ÄŠ5 G ÄŠ @-*&<!< G! :+#+8): :+ 9 !9M!)A- ĉ:*@ < ++) =L#+8): >M! =LD#Ä€ D$*G!3):*D3 @#+8 5" " :+D <!!=M > H)ĉ Q:D#Ä‘! ÄŠ5 "ĉ =M > Q:!/!D <! >L D < >M! +< G! -: E- D#-=L*!G!#Ä? @"9! :+G ÄŠ ÄŠ52)) < :! : :+ -: E-83+?5/< = :+#+8): =LE ĉ: 9!5: )=$- +8 " =L)=2:+82Q: 9 G!)A- ĉ:*@ < ++) =L#+8): >M! "+<19 G ÄŠ/< = :+E-8 ÄŠ52)) < :! 9 ĉ5H#!=MG! :+#+8): )A- ĉ:*@ < ++) 5 D +?L5 )?5 : :+D <!

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

Financial Statements ‘ "4 L=W"N3

W"N3D.X?J=L< L=W1O<4W1 LW"N3D. )A- ĉ:*@ < ++) ?5 :) Q:!/!D <! =LE2 G! " @-

?S E3O`#L L=&Q`GDN12NW=O< = G" -A 3!=M : :+ ?M52< <D+=* +Ċ5 E2 *5 3-9 39 ĉ:D$?L53!=M2 29* 82A 5 D"=M*E""-5* 9/ ?5 :) Q:!/!D <! =LE2 G! " @-

)A- ĉ:*@ < ++)F *#+8): 5 -A 3!=M : :+ ?M52< <D+=* +Ċ5 =LG Ċ59 +:

?S E3O`#L DKttLW% L&Q`GX?JDKttLW% L=J<J<LA )A- ĉ:*@ < ++)F *#+8): 5 -A 3!=M : 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ Q:!/ F *G ÄŠ/< = :+3:2ĉ/!- +8E2D <!2 F *&< :+ :59 +: < - : 59 +: 5 D"=M*G!#Ä? @"9! :)5:*@29 : D3-?5D -=L*

- AK31O_ áþ 2K3AL ; ÜÚÚá ;S? L/L;4Kt%O ;S? L<R/N2==; 4L1 4L1 -A 3!=M : 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ +/)2ĉ/! =L > Q:3! Q:+8(:*G!3!>L #Ä D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ:

adcŲdhaŲci`

adcŲdhaŲci`

12,909,319

12,909,319

- AK31O_ áþ 2K3AL ; ÜÚÚÜ ;S? L/L;4Kt%O ;S? L<R/N2==; 4L1 4L1 -A 3!=M : 29 :D ĉ: ?M5E-829 :D ĉ:+8*8*:/ +/)2ĉ/! =L > Q:3! Q:+8(:*G!3!>L #Ä D <!G3ÄŠ AÄŠ*?) ĉ: ?M52<! ÄŠ:

192,151,276

192,151,276

aŲgggŲhee

aŲgggŲhee

W"N3?"1R3%KĈA =LA D <!- @!G!3-9 +9&*Ä? 8D"=*! )A- ĉ:*@ < ++) ?5 :)+: : =L ?M5 :* 9!G! -:

W"N3 S <Q;=J<JDKĉ3#L D0L4K3 L=W"N3 )A- ĉ:*@ < ++)F *#+8): 5 D <! AĊ*?)+8*829M! : 2 :"9! :+D <! =L)=59 +: 5 D"=M*-5* 9/ ?5 :) Q:!/!D <! =LE2 G! " @-

áþÂ? L=G3R;K/N ZE GG "4 L=W"N3 " :+D <!!=MH ÄŠ+9" :+5!@)9 <G3ÄŠ55 " :+D <! : ++) :+$AÄŠ)=5Q:!: - !:) 5 "+<19 D)?L5/9! =L ad @)(:&9! Ä? beed

Annual Report 2010 : IFS Capital (Thailand) PCL

117

Financial Statements "4 L=W"N3

¡ « ¨¡¬ ¤ ¬ ¡¤ ¦ ¨­ ¤¡ §¥¨ ¦± ¤¡¥¡¬ ¦§¬ « ¬§ ¬ ¡¦ ¦ ¡ ¤ «¬ ¬ ¥ ¦¬« §ª ¬ ± ª« ¦ ¥ ª ÷õ öôõô ¦ öôôý õ ¦ ª ¤ ¡¦ §ª¥ ¬¡§¦ ¦ ¬ §¥¨ ¦±â« §¨ ª ¬¡§¦ The Company was incorporated in March 1991, under the laws of Thailand and registered as a Public Company Limited with the Ministry of Commerce on April 18, 2007. The Company’s office is located at 20th floor Lumpini Tower, 1168/55 Rama IV Road, Tungmahamek, Sathorn, Bangkok. The principal business activities of the Company are factoring, hire purchase and leasing businesses. The major shareholders as at December 31, 2010 and 2009 were IFS Capital Holdings (Thailand) Limited with 36.64% and 49.2%, respectively and IFS Capital Limited (registered in Singapore) with 36.49% and 49.0% shareholding, respectively. The major shareholder of IFS Capital Limited was Phillip Asset Pte. Ltd. (registered in Singapore) with 40.4% shareholding. Commencing from January 1, 2009, the Company ceased the expansion of the hire purchase and leasing businesses but still continued to provide services to existing customers. On April 1, 2009, IFS Capital Holdings (Thailand) Limited, a major shareholder of the Company has changed its shareholding structure to that of a foreign company. Accordingly, the status of the Company has been changed to that of foreign company. Therefore, the Company has submitted the request to do business under Section 17 of the Foreign Business Act B.E. 2542 and obtained the license of foreign business operations dated July 3, 2009 from the Department of Business Development to do the business in category 3 (21) service business as follows: 1. Factoring 2. Leasing and hire purchase businesses only to the existing customers committed under the leasing and hire purchase agreements

118

On April 27, 2010, the Company obtained approval from IFS Capital Limited in Singapore, who is the Company’s major shareholder, for its public offering and its listing on the Stock Exchange of Thailand. On August 3, 2010, the Company had made its public offering and sold 120 million shares at Baht 1.35 per share totaling of Baht 162 million and on August 5, 2010, the Company had registered such additional paid-up capital of 120 million shares equivalent to Baht 120 million with the Ministry of Commerce. On August 6, 2010, the Company has paid the fee and received a license to operate a business under annex 3 (21) : service businesses of Leasing and Hire purchase of vehicles and machineries used in industry, tools used in transport of goods, vessels and carriages used in agriculture and on the same day the Stock Exchange of Thailand (SET) informed that the SET’s board has approved a listing of common shares of IFS Capital (Thailand) Public Company Limited amounting to 470 million shares with a par value of Baht 1 per share, total amounting to Baht 470 million, to be traded on the SET using the trading name of “IFS” commencing from August 10, 2010.

ö «¡« § ¨ª ¨ ª ¬¡§¦ ¦ ¨ª « ¦¬ ¬¡§¦ § ¡¦ ¦ ¡ ¤ «¬ ¬ ¥ ¦¬« The statutory financial statements are prepared in Thai Baht and in the Thai language in conformity with accounting standards and practices generally accepted in Thailand. Accordingly, the financial statements are intended solely to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in Thailand.

Thus, the Company has to comply with the conditions specified in the certificate of foreign business operations.

Financial statements are shown in accordance with the Notification of the Department of Business Development dated January 30, 2009 regarding “The Brief Particulars in the Financial Statements B.E. 2552”.

On November 27, 2009, the Company had reapplied for a permission to operate a business under annex 3 (21): service businesses of leasing and hire purchase of vehicles and machineries used in industry, tools used in transport of goods, vessels and carriages used in agriculture to new clients and on April 8, 2010, the Company had obtained the approval from the Department of Business Development.

The Federation of Accounting Professions issued the Notifications of Federation of Accounting Professions regarding the new and revised Thai Accounting Standards (TASs), Thai Financial Reporting Standards (TFRSs) and Thai Financial Reporting Interpretation (TFRI) as follows:

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

- Notification of Federation of Accounting Professions No. 17/2553 dated April 9, 2010 that have been announced in the Royal Gazette on May 26, 2010:

¬ «Ë ¬ ª«Ë

¾¾½»ÌÁν ¼¹Ì½

Accounting Framework (Revised 2009)

Immediately

¬À¹Á »»ÇÍÆÌÁÆ¿ «Ì¹Æ¼¹Ê¼Ë ¬ «Ë ļĩĻ a ŮĺōŞőśōŌ b``iů ļĩĻ b ŮĺōŞőśōŌ b``iů ļĩĻ g ŮĺōŞőśōŌ b``iů ļĩĻ h ŮĺōŞőśōŌ b``iů ļĩĻ a` ŮĺōŞőśōŌ b``iů ļĩĻ aa ŮĺōŞőśōŌ b``iů ļĩĻ ab ļĩĻ ag ŮĺōŞőśōŌ b``iů ļĩĻ b` ŮĺōŞőśōŌ b``iů ļĩĻ bc ŮĺōŞőśōŌ b``iů ļĩĻ bd ŮĺōŞőśōŌ b``iů ļĩĻ bg ŮĺōŞőśōŌ b``iů ļĩĻ bh ŮĺōŞőśōŌ b``iů ļĩĻ bi ļĩĻ ca ŮĺōŞőśōŌ b``iů ļĩĻ cc ŮĺōŞőśōŌ b``iů ļĩĻ cd ŮĺōŞőśōŌ b``iů ļĩĻ cf ŮĺōŞőśōŌ b``iů ļĩĻ cg ŮĺōŞőśōŌ b``iů ļĩĻ ch ŮĺōŞőśōŌ b``iů ļĩĻ d` ŮĺōŞőśōŌ b``iů

ĸŚōśōŖŜʼnŜőŗŖ ŗŎ ĮőŖʼnŖŋőʼnŔ ĻŜʼnŜōŕōŖŜś ıŖŞōŖŜŗŚőōś ĻŜʼnŜōŕōŖŜ ŗŎ īʼnśŐ ĮŔŗşś ĩŋŋŗŝŖŜőŖŏ ĸŗŔőŋőōśŲ īŐʼnŖŏōś őŖ ĩŋŋŗŝŖŜőŖŏ ĭśŜőŕʼnŜōś ʼnŖŌ ĭŚŚŗŚś ĭŞōŖŜś ʼnŎŜōŚ ŜŐō ĺōŘŗŚŜőŖŏ ĸōŚőŗŌ īŗŖśŜŚŝŋŜőŗŖ īŗŖŜŚʼnŋŜś ıŖŋŗŕō ļʼnŠōś Ĵōʼnśōś ĩŋŋŗŝŖŜőŖŏ ŎŗŚ įŗŞōŚŖŕōŖŜ įŚʼnŖŜś ʼnŖŌ ĬőśŋŔŗśŝŚō ŗŎ įŗŞōŚŖŕōŖŜ ĩśśőśŜʼnŖŋō ĪŗŚŚŗşőŖŏ īŗśŜś ĺōŔʼnŜōŌ ĸʼnŚŜš ĬőśŋŔŗśŝŚōś īŗŖśŗŔőŌʼnŜōŌ ʼnŖŌ ĻōŘʼnŚʼnŜō ĮőŖʼnŖŋőʼnŔ ĻŜʼnŜōŕōŖŜś ıŖŞōśŜŕōŖŜś őŖ ĩśśŗŋőʼnŜōś ĮőŖʼnŖŋőʼnŔ ĺōŘŗŚŜőŖŏ őŖ İšŘōŚőŖġʼnŜőŗŖʼnŚš ĭŋŗŖŗŕőōś ıŖŜōŚōśŜś őŖ IJŗőŖŜ ľōŖŜŝŚōś ĭʼnŚŖőŖŏś ĸōŚ ĻŐʼnŚō ıŖŜōŚőŕ ĮőŖʼnŖŋőʼnŔ ĺōŘŗŚŜőŖŏ ıŕŘʼnőŚŕōŖŜ ŗŎ ĩśśōŜś ĸŚŗŞőśőŗŖśŲ īŗŖŜőŖŏōŖŜ ĴőʼnŊőŔőŜőōś ʼnŖŌ īŗŖŜőŖŏōŖŜ ĩśśōŜś ıŖŜʼnŖŏőŊŔō ĩśśōŜś ıŖŞōśŜŕōŖŜ ĸŚŗŘōŚŜš

IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`ac IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`ac IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa

¬À¹Á ÁƹƻÁ¹Ä ª½ÈÇÊÌÁÆ¿ «Ì¹Æ¼¹Ê¼Ë ¬ ª«Ë ļĮĺĻ e ŮĺōŞőśōŌ b``iů ļĮĺĻ f

ĶŗŖųŋŝŚŚōŖŜ ĩśśōŜś İōŔŌ ŎŗŚ ĻʼnŔō ʼnŖŌ ĬőśŋŗŖŜőŖŝōŌ ķŘōŚʼnŜőŗŖś ĭŠŘŔŗŚʼnŜőŗŖ ŎŗŚ ʼnŖŌ ĭŞʼnŔŝʼnŜőŗŖ ŗŎ ĵőŖōŚʼnŔ ĺōśŗŝŚŋōś

IJʼnŖŝʼnŚš aŲ b`aa IJʼnŖŝʼnŚš aŲ b`aa

Annual Report 2010 : IFS Capital (Thailand) PCL

119

Financial Statements "4 L=W"N3

- Notification of Federation of Accounting Professions No. 50/2553, No. 51/2553, No. 52/2553, No. 53/2553, No. 54/2553 and No. 55/2553 dated November 24, 2010 that have been announced in the Royal Gazette on December 15, 2010:

¬ « ¬ ª« ¬ ª¡ ¬ «

¾¾½»ÌÁν ¼¹Ì½

TAS 16 (Revised 2009)

Property, Plant and Equipment

January 1, 2011

TAS 18 (Revised 2009)

Revenue

January 1, 2011

TAS 19

Employee Benefits

January 1, 2011

TAS 21 (Revised 2009)

The Effects of Changes in Foreign Exchange Rate

January 1, 2013

TAS 26

Accounting and Reporting by Retirement Benefit Plans

January 1, 2011

TFRS 2

Share-based Payment

January 1, 2011

TFRS 3 (Revised 2009)

Business Combinations

January 1, 2011

Agreements for the Construction of Real Estate

January 1, 2011

¬ ª«

¬ ª¡ TFRI 15

The Company’s management anticipates that all of the above accounting standards and financial reporting standards will be adopted in the Company’s financial statements when they become effective except for TAS 12 “Income taxes” and TAS 19 “Employee benefits” which the Company has early adopted before the effective date. TAS 1 (Revised 2009) “Presentation of Financial Statements” changes the requirements regarding the presentation of financial statements and disclosures in the notes to financial statements. Therefore, the Company has been required to apply these standard retrospectively when they become effective. Except the above TASs and TFRSs, the Company’s management anticipates that the adoption of those accounting standards will have no material impact on the financial statements of the Company in the period of initial application.

÷ ¦ ¡¦ §­¦¬¡¦ ¨§¤¡ ¡ « The financial statements are prepared using the same accounting policies and method of computation as those used for the year ended December 31, 2009, except for the following:

3.1

Change in accounting policy of employee benefits The Company has early adopted Thai Accounting Standard No.19 “Employee Benefits” (see Note 4.9). As a result, the Company has retrospectively adjusted the beginning balance of retained earning for the year ended December 31, 2010.

3.2

Change in accounting policy of income tax The Company has early adopted Thai Accounting Standard No.12 “Income Taxes” (see Note 4.10). As a result, the Company has retrospectively restated the statements of income and statements of changes in shareholders’ equity for the year ended December 31, 2009 and the balance sheet as at December 31, 2009, presented for comparison, as the Company carrying the new policy on income tax had always been in use.

120

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

The Company believes that this change in the accounting policy is appropriate as the Company’s result of operations presented is consistent with business aspects and the obligation of income tax payable or refundable in the future can be recognized in the financial statements. The financial statement for the year ended December 31, 2009, presented herein for comparison, have been restated accordingly and the effects are as follows:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

-

-

Increase in deferred tax assets

44,737,597

33,696,996

Balance at January 1, after change in accounting policy

44,737,597

33,696,996

-

-

Increase in provision for employee benefits

15,569,469

-

Balance at January 1, after change in accounting policy

15,569,469

-

Balance at January 1, before change in accounting policy

138,097

196,399

Decrease in deferred tax

(41,429)

(58,920)

96,668

137,479

205,289,567

167,658,939

Increase in deferred tax assets

33,738,425

28,846,559

Increase in provision for employee benefits

(8,991,201)

-

230,036,791

196,505,498

Net profit for the year before change in accounting policies

80,459,511

71,287,376

Increase in provision for employee benefits

(2,785,930)

-

7,129,183

4,891,866

84,802,764

76,179,242

398,986

350,000

EPS before change in accounting policies

0.20

0.20

Increase in provision for employee benefits

(0.01)

-

Decrease in income tax

0.02

0.02

EPS after change in accounting policies

0.21

0.22

½¾½Êʽ¼ ̹Р¹Ë˽ÌË Balance at January 1, before change in accounting policy

¨ÊÇÎÁËÁÇÆ ¾ÇÊ ½ÅÈÄÇѽ½ º½Æ½¾ÁÌË Balance at January 1, before change in accounting policy

­Æʽ¹ÄÁÒ½¼ ¿¹ÁÆ ÇÆ ÁÆνËÌŽÆÌË

Balance at January 1, after change in accounting policy

ª½Ì¹Áƽ¼ ½¹ÊÆÁÆ¿Ë ­Æ¹ÈÈÊÇÈÊÁ¹Ì½¼ Balance at January 1, before change in accounting policies

Balance at January 1, after change in accounting policies

¦½Ì ÈÊǾÁÌ

Decrease in income tax Net profit for the year after change in accounting policies

¡Æ»Ê½¹Ë½ ÁÆ ¹ÊÆÁÆ¿Ë ¨½Ê «À¹Ê½ ã ¨«ä Basic earnings per share Weighted-average number of ordinary shares (Thousand shares)

Annual Report 2010 : IFS Capital (Thailand) PCL

121

Financial Statements "4 L=W"N3

ø «¡ ¦¡ ¡ ¦¬ §­¦¬¡¦ ¨§¤¡ ¡ « The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies. Significant accounting policies adopted by the Company are summarized below:

4.1

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

4.2

Income recognition Factoring income is recognized on an accrual basis. The hire purchase income is recognized using the effective interest method. The finance lease income is recognized using the direct financing method of accounting, based on effective interest rate. Interest on hire purchase and finance lease contract is recognized on an accrual basis, except when interest is in arrears for more than three months which is then recognized on a cash basis. Factoring commission and service fees are recognized upon the transfer of rights.

4.3

Accounts receivable Factoring receivable is shown net of allowance for doubtful accounts. Hire purchase receivable and lease contract receivable are stated at the outstanding hire purchase contract price and lease contract price after deducting unearned financing income and allowance for doubtful accounts.

4.4

Allowance for doubtful accounts Allowance for doubtful accounts is an estimate of the debts which may prove to be uncollectible . Based on review of the current status of each receivable, the Company sets up the allowance for doubtful accounts as follows: Percentage of receivable Overdue up to 3 months not over 6 months Overdue up to 6 months not over 12 months Overdue up to 12 months

20 50 100

In addition, the Company had determined to set up the allowance for doubtful accounts on a collective approach for factoring, hire puchase, lease contract receivables and inventory finance receivable which are classified as normal and overdue less than 3 months which have similar credit risk characteristics assessed based on the historical loss experience of each loan category (see Notes 8, 9, 10 and 11). 4.5

122

Current investments Current investments represent investments in equity securities which are classified as security available for sale and are stated at fair value. Gain or loss on the change in fair value is presented as an item in equity. In case of an impairment in value of investment has occurred, the resultant loss for all classification of investment is recognized in the statements of income.

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

4.6

Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Cost of condominium-land consists of the allocation of direct costs on acquisition, and an apportionment of the total cost of condominium, as assessed officially at the acquisition date, calculated using the rate of the Company’s ownership rights. Cost of condominium - building is derived from total cost of condominiumdeducted by cost of condominium - land. Depreciation is calculated using the straight-line method, based on the estimated useful lives of the assets as follows: Condominium - building 40 years Furniture and fixtures 5 years Vehicles 5 years

4.7

Intangible assets and amortization Intangible assets, which are computer software, are stated at cost less accumulated amortization. The amortized amount is included in statements of income. Amortization of intangible assets is calculated by reference to their costs on a straight-line basis over their estimated useful lives of 3 years.

4.8

Foreign currency transactions Transactions during the year denominated in foreign currencies are translated into Baht at the rates of exchange on the transaction dates. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Baht at the exchange rates prevailing at that date. Gains and losses on foreign exchange arising from settlements and translation are recognized as income or expense when incurred.

4.9

Provision for employee benefits The Company has early adopted Thai Accounting Standard No. 19 “Employee Benefits” to comply before effective. The policy is as follows: The Company provides provision regarding the severance pay under the Thai Labor Protection Act and long service awards payable to employees. The liability in respect of employee benefits is calculated by using the actuarial technique. The present value of the defined benefits obligation is determined by discounting estimated future cash flows using yields on the government bonds which have terms to maturity approximating the terms of related liability. The estimated future cash flows shall reflect employee salaries, turnover rate, length of service and other. Actuarial gains or losses will be recognized in the statements of income in the period to which they are related. The costs associated with providing these benefits are charged to the statements of income so as to spread the costover the employment period during which the entitlement to benefits is earned (see Note 19).

4.10 Income tax expenses The Company has early adopted Thai Accounting Standard No.12 “Income Taxes” to comply before effective. The policy is as follows: Income tax expense is based on the taxable profit multiplied by the tax rate that has been enacted at the balance sheet date and adjusted by the effect of deferred income tax accounting. Deferred tax assets and liabilities result from temporary differences between the carrying amounts of assets or liabilities in the balance sheet and their tax bases. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilized.

Annual Report 2010 : IFS Capital (Thailand) PCL

123

Financial Statements "4 L=W"N3

Deferred tax expenses are charged or credited in the statement of income, except when the temporary differences relate to items credited or charged directly to equity, in which case the deferred tax is also recorded in equity. Deferred tax assets and liabilities are offset when they relate to income tax levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. 4.11 Basic earnings per share Basic earnings per share are calculated by dividing net income by the number of weighted average ordinary shares outstanding during the year. In case of a capital increase, the number of ordinary shares is weighted according to the time of subscription was received. The Company did not have any common share equivalents outstanding which would have a dilutive effect on basic earnings per share.

4.12 Accounting estimates The preparation of financial statements in conformity with generally accepted accounting principles also requires the Company’s management to exercise judgments in order to determine the accounting policies, estimates and assumptions that affect the could reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s reasonable consideration of current events, actual results may differ from these estimates.

ù ª ¤ ««¡ ¡ ¬¡§¦ Balance sheets as at December 31, 2009 have been reclassified to conform to the classification on the financial statement as at December 31, 2010 which deposits on long-term lease contracts as at December 31, 2009 amount to Baht 90.45 millions, previously separately presented as non-current liabilities was reclassified to be against net lease contract receivable.

ú «­¨¨¤ ¥ ¦¬ ª± § « ¤§¯« ¡¦ §ª¥ ¬¡§¦ Non cash transactions for the years ended December 31, 2010 and 2009 are as follows:

Other payable - equipments, beginning balance Add Purchases of equipment Less Cash paid for purchases of equipment Other payable - equipment, ending balance (included in other current liabilities)

öôõô ¹ÀÌ

öôôý ¹ÀÌ

84,831

3,959

10,594,815

531,299

(10,657,711)

(450,427)

21,935

84,831

û ­ªª ¦¬ ¡¦® «¬¥ ¦¬« Current investments as at December 31, 2010 and 2009 consist of the following:

öôõô ÇËÌ ÊÇËË ÍÆʽ¹ÄÁÒ½¼ ¹ÁÆË ¹ÀÌ ¹ÀÌ

¹ÁÊ ®¹Äͽ ¹ÀÌ

ÍÊʽÆÌ ÁÆνËÌŽÆÌ ¹Î¹ÁĹºÄ½ ¾ÇÊ Ë¹Ä½ ˽»ÍÊÁÌÁ½Ë

124

Marketable equity securities

137,936

(55,392)

82,544

¬ÇÌ¹Ä »ÍÊʽÆÌ ÁÆνËÌŽÆÌË

137,936

(55,392)

82,544

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

öôôý ÇËÌ

¹ÁÊ ®¹Äͽ

¹ÀÌ

ÊÇËË ÍÆʽ¹ÄÁÒ½¼ ¹ÁÆË ¹ÀÌ

Marketable equity securities

908,859

138,097

1,046,956

¬ÇÌ¹Ä »ÍÊʽÆÌ ÁÆνËÌŽÆÌË

908,859

138,097

1,046,956

öôõô ¹ÀÌ

öôôý ¹ÀÌ

2,169,944,831

2,273,133,663

(75,534,847)

(76,735,228)

2,094,409,984

2,196,398,435

Less Factoring payable

(358,157,617)

(421,370,298)

Factoring receivable, net

1,736,252,367

1,775,028,137

öôõô ¹ÀÌ

öôôý ¹ÀÌ

1,389,337,862

1,399,824,087

693,818,634

791,105,605

14,595,612

12,097,982

981,752

4,510,073

1,475,350

1,975,350

69,735,621

63,620,566

2,169,944,831

2,273,133,663

¹ÀÌ

ÍÊʽÆÌ ÁÆνËÌŽÆÌ ¹Î¹ÁĹºÄ½ ¾ÇÊ Ë¹Ä½ ˽»ÍÊÁÌÁ½Ë

ü ¬§ª¡¦ ª ¡® ¤ ¦ ¬ Factoring receivable, net as at December 31, 2010 and 2009 consist of the following:

Factoring receivable Less ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË

Factoring receivable, net as at December 31, 2010 and 2009 were classified by aging as follows:

Current Over due : Less than 3 months 3 - 6 months 6 - 12 months Restructuring Debtors subject to legal proceedings

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹Æ¼ öôôý ÌÀ½ ÇÅȹÆÑ À¹Ë ÈÊÇÎÁ¼½¼ ¾ÇÊ ÌÀ½ ¹ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË ÇÆ ¹ »ÇÄĽ»ÌÁν ¹ÈÈÊǹ»À ¾ÇÊ factoring receivable which were classified as normal and overdue for less than 3 months which amounted to Baht 1,893,877 and Baht 2,488,523, respectively (see Note 4.4).

Annual Report 2010 : IFS Capital (Thailand) PCL

õöù

Financial Statements "4 L=W"N3

ý ¡ª ¨­ª « ª ¡® ¤ ¦ ¬ Hire purchase receivable, net as at December 31, 2010 and 2009 consist of the following:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Outstanding contract price

19,858,422

41,487,391

Less

(1,685,785)

(4,280,240)

18,172,637

37,207,151

(2,139,452)

(2,365,975)

16,033,185

34,841,176

Due within one year

11,146,049

21,488,782

Less

Unearned financing income

(1,137,938)

(2,594,447)

Current portion of hire purchase receivable, net

10,008,111

18,894,335

6,025,074

15,946,841

Less

Unearned financing income ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË

Hire purchase receivable, net Aging of hire purchase receivable, net as at December 31, 2010 were classified by aging as follows:

Current Debtors subject to legal proceedings

öôõô ¹ÀÌ

öôôý ¹ÀÌ

17,552,958

39,041,740

2,305,464

2,445,651

19,858,422

41,487,391

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹Æ¼ öôôý ÌÀ½ ÇÅȹÆÑ À¹Ë ÈÊÇÎÁ¼½¼ ¾ÇÊ ÌÀ½ ¹ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË ÇÆ ¹ »ÇÄĽ»ÌÁν ¹ÈÈÊǹ»À ¾ÇÊ ÀÁʽ purchase receivable which were classified as normal and overdue for less than 3 months which amounted to Baht 44,960 and Baht 131,295, respectively (see Note 4.4).

126

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

õô ¤ « §¦¬ª ¬ ª ¡® ¤ ¦ ¬ Lease contract receivable, net as at December 31, 2010 and 2009 consist of the following:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Outstanding contract price

197,086,563

280,483,032

Less

Deposits on long-term lease contracts (Note 5)

(53,212,814)

(90,446,487)

Less

Unearned financing income

(16,068,158)

(21,802,682)

127,805,591

168,233,863

(357,386)

(10,923,763)

127,448,205

157,310,100

86,956,756

96,236,605

(21,510,848)

(11,424,021)

Less

ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË

Due within one year Less

Deposits on long-term lease contracts

Less

Unearned financing income

(9,053,121)

(11,189,715)

Current portion of lease contract receivable, net

56,392,787

73,622,869

Lease contract receivable, net

71,055,418

83,687,231

öôõô ¹ÀÌ

öôôý ¹ÀÌ

197,086,537

261,398,511

26

115,446

-

18,969,075

197,086,563

280,483,032

Lease contract receivable, net as at December 31, 2010 and 2009 were classified by aging as follows:

Current Over due : Less than 3 months Debtors subject to legal proceedings

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹Æ¼ öôôý ÌÀ½ ÇÅȹÆÑ À¹Ë ÈÊÇÎÁ¼½¼ ¾ÇÊ ÌÀ½ ¹ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË ÇÆ ¹ »ÇÄĽ»ÌÁν ¹ÈÈÊǹ»À ¾ÇÊ Ä½¹Ë½ contract receivable which were classified as normal and overdue for less than 3 months which amounted to Baht 357,386 and Baht 592,807, respectively (see Note 4.4).

õõ ¡¦® ¦¬§ª± ¡¦ ¦ ª ¡® ¤ ¦ ¬ Inventory finance receivable, net as at December 31, 2010 and 2009 consist of the follows:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Inventory finance receivable

15,695,309

1,963,241

Less ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË

(2,785,990)

(185,386)

Inventory finance receivable, net

12,909,319

1,777,855

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ÌÀ½ ÇÅȹÆÑ À¹Ë ÈÊÇÎÁ¼½¼ ¾ÇÊ ÌÀ½ ¹ÄÄÇϹƻ½ ¾ÇÊ ¼Çͺ̾ÍÄ ¹»»ÇÍÆÌË ÇÆ ¹ »ÇÄĽ»ÌÁν ¹ÈÈÊǹ»À ¾ÇÊ ÁÆνÆÌÇÊÑ finance receivable which were classified as normal and overdue for less than 3 months amounted to which Baht 14,087, respectively (see Note 4.4).

Annual Report 2010 : IFS Capital (Thailand) PCL

127

Financial Statements "4 L=W"N3

õö ¦£ ¨§«¡¬ ¤ « §¤¤ ¬ ª ¤ As at December 31, 2010 and 2009, fixed deposit at bank of Baht 140,001 and Baht 138,376, respectively, have been pledged with a bank as security for issuing bank guarantees by a bank on behalf of the Company.

õ÷ ¨ª§¨ ª¬± ¨¤ ¦¬ ¦ ©­¡¨¥ ¦¬ ¦ ¬ Property, plant and equipment, net as at December 31, 2010 and 2009 consist of the following:

¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôõô ¹ÀÌ

¼¼ÁÌÁÇÆË

ÁËÈÇ˹ÄË

¹ÀÌ

¹ÀÌ

¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹ÀÌ

3,417,277

-

-

3,417,277

Condominium - Building

37,457,987

-

-

37,457,987

Furniture and fixtures

28,389,900

9,342,876

(1,145,310)

36,587,466

5,381,994

1,251,939

-

6,633,933

74,647,158

10,594,815

(1,145,310)

84,096,663

Condominium-Building

(14,861,004)

(936,450)

-

(15,797,454)

Furniture and fixtures

(22,633,073)

(3,303,136)

1,086,252

(24,849,957)

(3,468,608)

(1,113,541)

-

(4,582,149)

Total accumulated depreciation

(40,962,685)

(5,353,127)

1,086,252

(45,229,560)

Property, plant and equipment, net

33,684,473

ÇËÌ Condominium - Land

Vehicles Total cost

»»ÍÅÍĹ̽¼ ¼½Èʽ»Á¹ÌÁÇÆ

Vehicles

128

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

38,867,103

Financial Statements "4 L=W"N3

¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôôý ¹ÀÌ

¼¼ÁÌÁÇÆË

3,417,277

-

-

3,417,277

Condominium - Building

37,457,987

-

-

37,457,987

Furniture and fixtures

32,581,213

531,299

(4,722,612)

28,389,900

5,381,994

-

-

5,381,994

78,838,471

531,299

(4,722,612)

74,647,158

Condominium-Building

(13,924,555)

(936,449)

-

(14,861,004)

Furniture and fixtures

(25,429,342)

(1,925,954)

4,722,223

(22,633,073)

(2,424,916)

(1,043,692)

-

(3,468,608)

Total accumulated depreciation

(41,778,813)

(3,906,095)

4,722,223

(40,962,685)

Property, plant and equipment, net

37,059,658

¹ÀÌ

ÁËÈÇ˹ÄË ¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôôý ¹ÀÌ ¹ÀÌ

ÇËÌ Condominium - Land

Vehicles Total cost

»»ÍÅÍĹ̽¼ ¼½Èʽ»Á¹ÌÁÇÆ

Vehicles

33,684,473

½Èʽ»Á¹ÌÁÇÆ ¾ÇÊ ÌÀ½ ѽ¹ÊË ½Æ¼½¼ ½»½Åº½Ê ÷õ ¹ÀÌ ¹ÀÌ

2010 2009

5,353,127 3,906,095

As at December 31, 2010 and 2009, the gross carrying amounts of fully depreciated assets still in use are Baht 19,834,545 and Baht 19,633,935, respecitively.

õø ¡¦¬ ¦ ¡ ¤ «« ¬« ¦ ¬ Intangible assets, net as at December 31, 2010 and 2009 consist of the following:

¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôõô ¹ÀÌ

¼¼ÁÌÁÇÆË

3,138,750

241,474

-

3,380,224

3,138,750

241,474

-

3,380,224

(1,367,843)

(1,049,465)

-

(2,417,308)

(1,367,843)

(1,049,465)

-

(2,417,308)

¹ÀÌ

ÁËÈÇ˹ÄË

¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹ÀÌ ¹ÀÌ

ÇËÌ Computer software Total cost

»»ÍÅÍĹ̽¼ ¹ÅÇÊÌÁÒ¹ÌÁÇÆ Computer software Total accumulated amortization Intangible assets, net

1,770,907

962,916

Annual Report 2010 : IFS Capital (Thailand) PCL

129

Financial Statements "4 L=W"N3

¹Ä¹Æ»½ ¹Ë ¹Ì ¢¹Æ͹ÊÑ õ öôôý ¹ÀÌ

¼¼ÁÌÁÇÆË

ÁËÈÇ˹ÄË

¹ÀÌ

¹ÀÌ

¹Ä¹Æ»½ ¹Ë ¹Ì ½»½Åº½Ê ÷õ öôôý ¹ÀÌ

2,842,010

296,740

-

3,138,750

2,842,010

296,740

-

3,138,750

(342,519)

(1,025,324)

-

(1,367,843)

(342,519)

(1,025,324)

-

(1,367,843)

ÇËÌ Computer software Total cost

»»ÍÅÍĹ̽¼ ¹ÅÇÊÌÁÒ¹ÌÁÇÆ Computer software Total accumulated amortization Intangible assets, net

2,499,491

1,770,907

ÅÇÊÌÁÒ¹ÌÁÇÆ ¾ÇÊ ÌÀ½ ѽ¹ÊË ½Æ¼½¼ ½»½Åº½Ê ÷õ 2010

Baht

1,049,465

2009

Baht

1,025,324

õù ªª ¬ ° «« ¬« Deferred tax assets as at December 31, 2010 and 2009 are as follows:

Deferred tax assets Less Deferred tax obligation Deferred tax assets - net

130

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

öôõô ¹ÀÌ

öôôý ¹ÀÌ

44,737,597

33,738,425

-

(41,429)

44,737,597

33,696,996

Financial Statements "4 L=W"N3

Deferred tax assets as at December 31, 2010 and 2009 consist of tax effects from the following items:

öôôý

¬Ê¹Æ˹»ÌÁÇÆ ¬Ê¹Æ˹»ÌÁÇÆ Ê½»Ç¿ÆÁÒ½¼ ÁÆ Ê½»Ç¿ÆÁÒ½¼ ÁÆ ÌÀ½ Ë̹̽ŽÆÌ ÌÀ½ ÉÍÁÌÑ Ç¾ Áƻǎ ¹ÀÌ ¹ÀÌ ¹ÀÌ

öôõô

¹ÀÌ

Allowance for doubtful accounts

27,063,106

(2,817,803)

-

24,245,303

Bad debt on process of litigation

1,785,299

5,490,650

-

7,275,949

Assets from lease contract

4,890,020

3,558,570

-

8,448,590

(41,429)

-

58,046

16,617

Post-employment benefits obligation

-

817,469

3,853,372

4,670,841

Other

-

80,297

-

80,297

33,696,996

7,129,183

3,911,418

44,737,597

¬Ê¹Æ˹»ÌÁÇÆ ¬Ê¹Æ˹»ÌÁÇÆ Ê½»Ç¿ÆÁÒ½¼ ÁÆ Ê½»Ç¿ÆÁÒ½¼ ÁÆ ÌÀ½ Ë̹̽ŽÆÌ ÌÀ½ ÉÍÁÌÑ Ç¾ Áƻǎ ¹ÀÌ ¹ÀÌ ¹ÀÌ

öôôý

Unrealized gain (loss) on the change in value of investments - available-for-sale securities

2008

¹ÀÌ

Allowance for doubtful accounts

27,134,457

(71,351)

-

27,063,106

Bad debt on process of litigation

1,785,299

-

-

1,785,299

Assets from Financial Lease

(73,197ů

4,963,217

-

4,890,020

Unrealized gain (loss) on the change in value of investments - available-for-sale securities

(58,919)

-

17,490

(41,429)

28,787,640

4,891,866

17,490

33,696,996

õú « §ª¬ ¬ ª¥ ¤§ ¦« ª§¥ ¡¦ ¦ ¡ ¤ ¡¦«¬¡¬­¬¡§¦« Short-term loans from financial institutions as at December 31, 2010 and 2009 consist of the following:

Promissory notes

öôõô ¹ÀÌ

öôôý ¹ÀÌ

1,020,000,000

1,480,000,000

As at December 31, 2010 and 2009, the company have short-term loans from financial institutions bear interest rate at 2.15% - 2.95% per annum and 2.65% - 5.25% per annum, respectively.

Annual Report 2010 : IFS Capital (Thailand) PCL

131

Financial Statements "4 L=W"N3

õû ¤§¦ ¬ ª¥ ¤§ ¦« Long-term loans as at December 31, 2010 consist of the following:

öôõô ¹ÀÌ Long-term loan

125,000,000

Less Current portion of long-term loan

100,000,000 225,000000

As at December 31, 2010, the company has long-term loans with a financial institution at the interest rate THBFIX(3 months) + 2.75% p.a. and is repayable by quarterly from March 2010 to March 2013.

õü ¨ª§®¡ ¦¬ ­¦ The Company has a contributory staff provident fund for its employees who apply to join after one year’s service which was registered as the provident fund in accordance with the Provident Fund Act B.E. 2530 (1987). For the years ended December 31, 2010 and 2009, the Company’s contributions included in selling and administrative expenses in the financial statements amounting to Baht 2.1 million and Baht 1.8 million, respectively.

õý ¨ª§®¡«¡§¦ §ª ¥¨¤§± ¦ ¡¬« The Company calculated provision for employee benefits by using actuarial technique. The assumptions are included discount rate at 4%, resignation rate at 2%, 6% and 11% depending on age group of employees, salary increase rate at 9% and retirement age at 60 years. Provision for employee benefits for the year ended December 31, 2010 consist of the following:

öôõô ¹ÀÌ Provision for severance pay (See Note 19.1) Provision for long service awards (See Note 19.2) Provision for employee benefits

13,536,314 2,033,155 15,569,469

19.1 Provision for severance pay Change in the present value of provision for severance pay as at December 31, 2010, is as follows:

öôõô ¹ÀÌ Present value of obligation, beginning balance Cost of service - current period Finance cost Benefits paid during the period Present value of obligation, ending balance

132

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

11,240,453 1,846,243 449,618 13,536,314

Financial Statements "4 L=W"N3

Provision for severance pay for the year ended December 31, 2010 is as follows:

öôõô ¹ÀÌ Cost of service - current period

1,846,243

Finance cost

449,618

Total provision for severance pay expenses recognized in statement of income - net

2,295,861

19.2 Provision for long service awards Change in the present value of provision for long service awards for the year ended December 31, 2010 is as follows:

Present value of obligation, beginning balance

öôõô ¹ÀÌ 1,604,120

Cost of service - current period

425,904

Finance cost

64,164

Benefits paid during the period

(61,033)

Present value of obligation, ending balance

2,033,155

Provision for long service awards as at December 31, 2010 is as follows:

öôõô ¹ÀÌ Cost of service - current period

425,904

Finance Cost

64,164

Total provision for long service awards expenses recognized in statement of income

490,068

öô « ª ¨¡¬ ¤ On November 27, 2009, the extraordinary shareholder’s meeting passed a resolution to approve the change of par value of the Company’s shares from Baht 5 per share to Baht 1 per share. It also approved an increase of the registered capital by Baht 120,000,000 through the issuance of 120,000,000 new ordinary shares at the par value of Baht 1 per share from the existing registered capital of Baht 350,000,000. The new registered capital of Baht 470,000,000 was divided into 470,000,000 ordinary shares at the par value of Baht 1 per share and the allotment of 120,000,000 new ordinary shares at the par value of Baht 1 per share was approved as follows: - 117,500,000 new ordinary shares at the par value of Baht 1 per share would be offered to the general public by way of a public offering. - 2,500,000 new ordinary shares at the par value of Baht 1 per share would be offered to the Company’s directors and/or management staff. Thus the Board of Directors was authorized to determine the offer price, the offer period and the terms and conditions relating to the allocation of the new shares. On March 5, 2010, the Company obtained the approval of the public offering from the Office of the Securities and Exchange Commission. On May 10, 2010, the Board of Directors’ Meeting no. 3/2010 passed a resolution stating that the Chairman or Chief Executive Officer were authorized to determine the offer price, the offer period, the terms and conditions relating to the Initial Public Offering (IPO).

Annual Report 2010 : IFS Capital (Thailand) PCL

133

Financial Statements "4 L=W"N3

On July 28, 2010, the Company signed the Underwriting Agreements with the Co-Lead Underwriters and the Co-Underwriters were to underwrite 120,000,000 shares with offering price at Baht 1.35 per share. The Company sold the shares on August 3, 2010 for Baht 162,000,000 and on August 5, 2010, the Company had registered an additional paid-up new ordinary shares of 120,000,000 shares equivalent to Baht 120,000,000 with the Ministry of Commerce. The weighted average number of ordinary shares for the year ended December 31, 2010, was calculated as follows:

öôõô ¹ÀÌ Number of ordinary shares outstanding as at December 31, 2009 Weighted average number of new shares issued during the period (120,000,000 x 149/365) Weighted average number of ordinary shares outstanding as at December 31, 2010

350,000,000 48,986,301 398,986,301

öõ ¨ª ¥¡­¥ §¦ §ª ¡¦ ª± « ª The share premium account is set up under the provisions of Section 51 of the Public Companies Act. B.E. 2535, which requires companies to set aside share subscription monies received in excess of the par value of the shares issued less expenses relating to the increase in share capital as is a reserve account and cannot be distributed as dividend.

öö ¤ ¤ ª « ª® Pursuant to the Public Companies Act. B.E. 2535 (1992), the Company must allocate to a reserve fund from the annual net profit, not less than five percent of the annual net profit deducted by the total accumulated loss brought forward (if any) until the reserve fund reaches an amount of not less than ten percent of the registered capital.

ö÷ ¨¡¬ ¤ ¥ ¦ ¥ ¦¬ The Company’s objectives in managing capital are to safeguard the Company ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The Company has to comply with the conditions specified in the certificate of foreign business operations in that the total amount of loans used in the operation of the business permitted must not exceed seven times the principal. On December 31, 2010 and 2009, the Company’s financial statements showed compliance to the conditions as mentioned. Moreover, on April 8, 2010, the Company had obtained the approval from the Department of Business Development to operate a business under annex 3 (21). However, the Company is required to have a minimum capital of the Company of not less than Baht 427,954,151, which will be fulfilled when the Company lists on the Stock Exchange of Thailand (Note 1).

öø ¡®¡ ¦ « ¨ ¡ On April 23, 2010, the ordinary shareholders’ meeting passed a resolution to pay dividend of Baht 0.09 per share on 350,000,000 shares, totaling Baht 31.50 million. Such dividend was paid on April 29, 2010. On April 24, 2009, the ordinary shareholders’ meeting passed a resolution to pay dividend of Baht 0.43 per share on 70,000,000 shares, totaling Baht 30.10 million. The Company paid such dividend on April 30, 2009.

öù ¡¦ §¥ ¬ ° Income tax for the years ended December 31, 2010 and 2009 consist of the following:

134

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Income tax expense from taxable income per income tax return

35,367,967

35,642,189

Deferred tax expense relating to the origination and reversal of temporary differences

(7,129,182)

(4,891,866)

Income tax per the statements of income

28,238,785

30,750,323

The reconciliation between income tax - income (expense) and accounting income for the years ended December 31, 2010 and 2009 are follows:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

113,041,549

106,929,565

Income tax at 30%

33,912,465

32,078,870

Tax effect of non-deductible expenses (benefits)

(5,673,680)

(1,328,547)

Income tax per the statements of income

28,238,785

30,750,323

7,129,182

4,891,866

35,367,967

35,642,189

Accounting income before tax

Deferred tax expense relating to the origination and reversal of temporary differences Income tax expenses from taxable income

öú ª ¤ ¬ ¨ ª¬± ¬ª ¦« ¬¡§¦« The accompanying financial statements include certain transactions with related companies. The relationship may be that of shareholding or the companies may have the same group of shareholders or directors. The financial statements reflect the effects of these transactions in the normal business practice, and the price rates, interest rates, terms and conditions are considered to be at arms length, for related party as at the date received by the Board or the shareholders approved. Balance with related companies as at December 31, 2010 and 2009 consist of the following:

ª½Ä¹ÌÁÇÆËÀÁÈ

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Amount due from a related company IFS Capital Limited

Major Shareholder company

75,626

37,311

Amount due to a related company IFS Capital Limited

Major Shareholder company

-

10,026

öôõô ¹ÀÌ

öôôý ¹ÀÌ

-

2,466,658

Significant transactions with related company as at December 31, 2010 and 2009 consist of the following:

ª½Ä¹ÌÁÇÆËÀÁÈ Interest income IFS Capital Holdings (Thailand) Co., Ltd

Major Shareholder company

On January 30, 2009, the Company loaned an amount of Baht 280 million to a major shareholder company. Such loan was due by March 30, 2009. The Company received the full settlement of the loan on March 30, 2009. Interest on loan to its major shareholder was determined using the interest rate at the Company’s cost of funding plus 1% p.a.

Annual Report 2010 : IFS Capital (Thailand) PCL

õ÷ù

Financial Statements "4 L=W"N3

öû §¥¥¡¬¥ ¦¬« As at December 31, 2010 and 2009, the Company has the committed credit facility agreements with financial institutions for general corporate funding requirements as follows:

Total credit facilities

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹ÀÌ

Ë ¹Ì ½»½Åº½Ê ÷õ öôôý ¹ÀÌ

2,806,000,000

2,727,000,000

As at December 31, 2010, the Company has utilised the letter of credit amounting to Baht 9.17 million for factoring, hire purchase and leasing contract. However, as at December 31, 2010 and 2009, the Company has unused such credit facilities with banks totaling Baht 1,407 million and Baht 1,177 million, respectively.

öü °¨ ¦« « ± ¦ ¬­ª Net profit for the years ended December 31, 2010 and 2009 were arrived at after charging the following items:

öôõô ¹ÀÌ

öôôý ¹ÀÌ

Directors and management benefit expenses

23,454,263

21,153,400

Employee benefit expenses

33,600,163

27,437,477

Depreciation and amortization

6,402,597

4,931,419

Bad debts and doubtful accounts (Reversal)

7,007,505

(55,906)

Business tax

7,683,443

6,843,702

Professional fee

3,054,544

3,258,260

40,211,418

47,569,359

Finance cost

öý ¡¦ ¦ ¡ ¤ ¡¦ §ª¥ ¬¡§¦ ± « ¥ ¦¬ The operation of the Company consists of factoring, hire purchase and leasing business. The results of operation of these activities are measured as a single segment. In addition, these activities are carried on in Thailand. As a result, revenues, operating profits and identifiable assets as reflected in these financial statements pertain to the aforementioned industry segment and geographical area.

÷ô ¡« ¤§«­ª § ¡¦ ¦ ¡ ¤ ¡¦«¬ª­¥ ¦¬« ¤ÁÉÍÁ¼ÁÌÑ ÊÁËÃ

Liquidity risk arises from the problem in adequately raising fund and in time to meet commitment as indicated in the financial instruments. The management, based on the Company’s current financial position and result of operations, believes that the Company’s liquidity risk is minimal.

ʽ¼ÁÌ ªÁËà Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company has adopted the policy to prevent such risk by performing credit analysis on customers’ information and follow-up on customer status consistently according to the Company’s regulations. The maximum exposure to credit risk in the event the counter parties fail to perform their obligations is the carrying amount of the assets as recorded in the balance sheet, net of a portion of allowance for impairment.

136

=L<"L35=J#dL5 öùù÷ 4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #dL K. ;EL%3

Financial Statements "4 L=W"N3

¡Æ̽ʽËÌ ª¹Ì½ ªÁËà Interest rate risk of financial instruments in the balance sheet arises from the potential of a change in interest rates having an adverse effect on the net interest earnings of the Company in the current reporting period, and in future years. Interest rate risk arises from the structure and characteristics of the Company’s assets, liabilities and equity or in the mismatch in repricing dates of its assets and liabilities. Information regarding interest rates of loans from financial institutions is disclosed in Notes 16 and 17.

¥½ÌÀÇ¼Ë ¹Æ¼ ¹ËËÍÅÈÌÁÇÆË ÁÆ ½ËÌÁŹÌÁÆ¿ ¾¹ÁÊ Î¹Äͽ Ǿ ¾ÁƹƻÁ¹Ä ÁÆËÌÊÍŽÆÌË Considerable judgment is necessarily in the estimation of fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amount that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. The following methods and assumptions were used by the Company in estimating fair value of financial instruments.

¹ËÀ ¹Æ¼ »¹ËÀ ½ÉÍÁιĽÆÌË The estimated fair values are based on the amounts recognized in the balance sheet.

¹»ÌÇÊÁÆ¿ ʽ»½ÁιºÄ½ Factoring receivable is presented after net allowance for doubtful accounts. The fair value of factoring receivables bearing floating rates of interest are based on the amounts recognized in the balance sheet.

Áʽ ÈÍÊ»À¹Ë½ ¹Æ¼ Ľ¹Ë½ »ÇÆÌʹ»Ì ʽ»½ÁιºÄ½Ë Fair values of hire purchase and lease contract receivables are estimated by using discounted cash flow analysis using interest rates currently being offered and average remaining years to maturity.

Ë ¹Ì ½»½Åº½Ê ÷õ öôõô ¹ÊÊÑÁÆ¿ ®¹Äͽ ¹ÁÊ ®¹Äͽ ¹ÀÌ ¹ÀÌ Hire purchase and lease contract receivables including current portion Inventory finance receivable

143,481,390

143,481,390

12,909,319

12,909,319

Ë ¹Ì ½»½Åº½Ê ÷õ öôôý ¹ÊÊÑÁÆ¿ ®¹Äͽ ¹ÁÊ ®¹Äͽ ¹ÀÌ ¹ÀÌ Hire purchase and lease contract receivables including current portion Inventory finance receivable

192,151,276

192,151,276

1,777,855

1,777,855

ÍÊʽÆÌ ÁÆνËÌŽÆÌË Fair value for listed securities are based on quoted market prices.

«ÀÇÊÌ Ì½ÊÅ ÄǹÆË ¾ÊÇÅ ¾ÁƹƻÁ¹Ä ÁÆËÌÁÌÍÌÁÇÆË The fair values of short-term loans from financial institutions bearing floating interest rates of interest are based on the amounts recognized in the balance sheet.

÷õ ¨¨ª§® ¤ §ª ¡««­ ¦ § ¬ ¡¦ ¦ ¡ ¤ «¬ ¬ ¥ ¦¬« These financial statements have been approved for issue by the authorized director of the Company on February 14, 2011.

Annual Report 2010 : IFS Capital (Thailand) PCL

137

ª½Ă…Ă?Æ½ĂŠšĂŒĂ ÇÆ Çž ĂŒĂ€½ ™Ă?Ÿà ĂŒĂ‡ĂŠ L/G4X13 L=DG44Kt%O

L/G4X13 L=DG44Kt%O "+<19 ĉ:* ĉ: 5"E !G3ÄŠE ĉ$AÄŠ25""9 = 5 "+<19 ?5 "+<19 =-5* Ä? AÄŠ F )9 2@ H **0 25""9 = Q: 9 !5 : !=M"+<19 )= ĉ:G ÄŠ ĉ:*5?L!J 5: < D ĉ!

ĉ:#+> 1:(:1=5: + ĉ: 9 Q: įŚŗĹ?Ĺ˜ ÄşĹ?Ĺ˜Ĺ—ĹšĹœĹ‘Ĺ–Ĺ? E-8 ĉ:G ÄŠ ĉ:*5?L! =LD < >M! +< 9 !=M ĹŽ3!ĉ/*Ģ ": ĹŻ L/G4X13 L=DG44Kt%O L4=N L=GQ_3] =A;Z% # L<

5 ÜÚÚþ

5 ÜÚÚÜ

5 ÜÚÚá

1,685,000

1,605,000

1,790,000

80,000

313,330

332,880

1,765,000

1,918,330

2,122,880

ª½Ă…Ă?Æ½ĂŠšĂŒĂ ÇÆ Çž ĂŒĂ€½ ™Ă?Ÿà ĂŒĂ‡ĂŠĂ‹ The Company paid remuneration to the Auditors of Deloitte Touche Tohmatsu Jaijo Audit Co., Ltd. in the form of both Audit Fee and Non-Audit Fee, such as Tax Advisory Fee, Group Reporting Fee and Out-of-Pocket Expenses as follow: (BAHT)

Audit Fee Non-Audit Fee Total

138

¹½šĂŠ Üôôß

¹½šĂŠ Üôôý

¹½šĂŠ Üôþô

1,685,000

1,605,000

1,790,000

80,000

313,330

332,880

1,765,000

1,918,330

2,122,880

=L<"L35=J#dL5 ÜÚÚá Â’ 4=NCK1 [GWG9WGD X 55 /G? Š5=JW1B[1<‹ #dL K. Š;EL%3‹

§ĂŒĂ€½ĂŠ ª½ž½ĂŠ½Ă†½Ă‹ 4R ?G L"GN"

3L<1JW4O<3E?K 1=K8< ÂŤĂ€šĂŠ½ ª½¿à Ă‹ĂŒĂŠšĂŠ

6S DG44Kt%O ™Ă?Ÿà ĂŒĂ‡ĂŠĂ‹Â’

1O_5=P CL (E;L< ¤½¿šĂ„ ™ŸÎà ËÇÊ˒

"+<19 0A!*Ä?+9"%: 3-9 +9&*Ä? ĹŽ#+8D 0H *ĹŻ Q: 9 D- =L bĹľg 3)Aĉ =L d ĹŽF + :+!5+Ä? #:+Ä? ĹŻ 5: :+ 2 :"9!/< *: :+ -: @! !!/<(:/ =+9 2< E / @ĉ 25 3ÄŠ5 D 3-9 2=L +@ D &)3:! + a`ba` F +09& Ä? ffĹŽ`ĹŻĹłbeifĹłi``` 3+?5 ffĹŽ`ĹŻĹłbeifĹłic`bĹłaa F +2:+ ffĹŽ`ĹŻĹłbhcbĹłdiidĹłf 3+?5 D- =L fb 5: :+ -: 3-9 +9&*Ä?E3ĉ #+8D 0H * 9M! bŲ fĹłg !!+9 :(<D1 E / -5 D * D -5 D * +@ D &)3:! + a`aa` F +09& Ä? ffĹŽ`ĹŻĹłbbbiĹłbh`` F +2:+ ffĹŽ`ĹŻĹłbceiĹłabfbĹłc

Thailand Securities Depository Co., Ltd. 2/7 Moo 4 (Northpark Project) Capital Market Academy Building, Vibhavadee Rangsit Rd., Toong Song Hong, Lak Si, BKK 10210 Tel. 66(0)-2596-9000 or 66(0)-2596-9302-11 Fax. 66(0)-2832-4994-6

!:* /:-: D =*!#+8D2+< < $AÄŠ25""9 =+9"5!@ : D- =L dc`a +Ĺ´ 0@()< + D 8)! += @- $AÄŠ25""9 =+9"5!@ : D- =L ccef !:*)! += &: < @- $AÄŠ25""9 =+9"5!@ : D- =L cdfa

Mr.Chavala Tienpasertkit CPA No.4301 Dr. Suphamit Techamontrikul CPA No. 3356 Mr. Montree Panichkul CPA No. 3461

"+<19 =-5* Ä? AÄŠ F )9 2@ H **0 25""9 = Q: 9 5: :++9 !: :+ 9M! be D- =L ahc !!2: +G ÄŠ E / *:!!:/: D 2: + +@ D &)3:! + a`ab` F +09& Ä? ffĹŽ`ĹŻĹłbfgfĹłeg`` F +2:+ ffĹŽ`ĹŻĹłbfggĹłegeg

Deloitte Touche Tohmatsu Jaiyos Advisory Co.,Ltd. Rajanakarn Building, 25th Floor, 183 South Sathorn Road, Yannawa, Sathorn Bangkok 10120 Tel. 66(0)-2676-5700 Fax. 66(0)-2677-5757

"+<19 E52 D52 65H+ 9! Q: 9 9M! ad > = &= D5' :/D/5+Ä? D5 icĹľa !!/< *@ -@)&<!= # @)/9! +@ D & a`cc` F +09& Ä? ffĹŽ`ĹŻĹłbfbgĹłcddc F +2:+ ffĹŽ`ĹŻĹłbfbgĹłcbe`

LS Horizon Ltd. 14th Floor, GPF Witthayu Tower A 93/1 Wireless Road, Lumpini, Phatumwan, Bangkok 10330 Tel. 66(0)-2627-3443 Fax. 66(0)-2627-3250

!:*F2( < < Q:+ Ä?D +< g ĹŽ 5* a D2+= hĹŻ !!&+8+:)D ÄŠ: eh E / ĹľD 2/!3-/ +@ D &)3:! + a`be` F +09& Ä? ffĹŽ`ĹŻĹłbc``Ĺłefbi F +2:+ ffĹŽ`ĹŻĹłbc``Ĺłefa`

Mr. Sophon Kitidamrongcharoen 7 (Soi 1 Seri 8), Rama 9 Road 58, Suanluang, Bangkok 10250 Tel. 66(0)-2300-5629 Fax. 66(0)-2300-5610

Or 62 The Stock Exchange of Thailand Building, Fl. 2, 6-7, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Tel: 66(0)-2229-2800 Fax: 66(0)-2359-1262-3 TSD CALL CENTER: (66 2) 229 2888

Annual Report 2010 : IFS Capital (Thailand) PCL

139

4=NCK1 [GWG9WGD X 55 /G? 5=JW1B[1< #M K. ;EL%3 %Kĉ3 öô GL L=?R;8Ę3O1LAWAG= õõúü ùù 0338=J=L; ø X A"1R ";ELW;! W /DL1= =R"W18I õôõöô Y1= ô ööüù ú÷öú ÷ö X?J ô öúûý ýõøô ø Y1=DL= ô ööüù ú÷÷ù X?J ôö úûý ýõùý IFS Capital (Thailand) Public Company Limited 20 Floor Lumpini Tower, 1168/55 Rama 4 Road, Tungmahamek, Sathorn, Bangkok 10120 Tel: 0-2285-6326-32 and 0-2679-9140-4 Fax: 0-2285-6335 and 02-679-9159

www.ifscapthai.com

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.