Psl 04 by Brother Roger

√“¬ß“πª√–®”ªï 2547

7 Floor, Cathay House, 8 North Sathorn Road, Silom, Bangrak, Bangkok 10500, Thailand Tel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460 Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309 e-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

Precious Shipping Public Company Limited

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED th

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ë Annual Report 2004

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‡≈¢∑’Ë 8 Õ“§“√§“‡∏à¬å‡Œâ“ å ™—Èπ 7 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500 ‚∑√. 66-2237-8700-4 ·øì°´å 66-2236-7654, 2633-8460 ‡∑‡≈Á°´å 20412 PSL TH ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®.309 e-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

“√∫—≠ ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡ §≥–°√√¡°“√∫√‘…—∑ √“¬ß“π®“°§≥–°√√¡°“√∫√‘…—∑ √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ √“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫ ¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠ °Õß°”≈—ß‡√◊Õ ‚§√ß √â“ß√“¬‰¥â ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ‚§√ß √â“ß°“√®—¥°“√ ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑

1 2 14 16 32 36 72 76 77 78 79 82

§≥–ºŸâ∫√‘À“√ §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√ √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√ µàÕ√“¬ß“π∑“ß°“√‡ß‘π √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ß∫°“√‡ß‘π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ π‚¬∫“¬∑’Ë „™â „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ‚§√ß √â“ß°≈ÿà¡∫√‘…—∑ ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 √“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 ∫ÿ§§≈Õâ“ßÕ‘ß

92 94 118 120 122 140 182 196 202 204 210 214 216

FINANCIAL HIGHLIGHTS NATURE OF BUSINESS AND INDUSTRY THE BOARD OF DIRECTORS BOARD OF DIRECTORSû REPORT AUDIT COMMITTEE REPORT REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OF GOOD CORPORATE GOVERNANCE SIGNIFICANT RISK FACTORS FLEET LIST REVENUE STRUCTURE MAJOR SHAREHOLDERS MANAGEMENT STRUCTURE BOARD OF DIRECTORS - PROFILE

MANAGEMENT TEAM MANAGEMENT DISCUSSION AND ANALYSIS REPORT ON THE BOARD OF DIRECTORSû RESPONSIBILITIES FOR FINANCIAL STATEMENTS REPORT OF INDEPENDENT AUDITOR FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS RESTATED US DOLLAR FINANCIAL STATEMENTS POLICY OF RESTATEMENT FROM THB TO USD CURRENCY CORPORATE STRUCTURE OTHER INFORMATION PURSUANT TO SEC. 114 OF PUBLIC LIMITED COMPANIES ACT B.E. 2535 CONNECTED TRANSACTIONS INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2 REFERENCES

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π FINANCIAL HIGHLIGHTS Àπà«¬ : æ—π∫“∑ ë Unit : Baht Thousand

√“¬°“√ Details √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ Vessel Operating Revenues µâπ∑ÿπ°“√‡¥‘π‡√◊Õ Vessel Operating Costs ** °”‰√¢—πÈ µâπ Gross Profit √“¬‰¥â√«¡ (‰¡à√«¡°”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ) Total Revenues excl. unrealized exchange gain µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ÕË ¡√“§“·≈–¢“¥∑ÿπ®“° Õ—µ√“·≈°ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ) Total Costs (excl. depreciation & unrealized exchange loss) §à“‡ ◊ÕË ¡√“§“ Depreciation ** °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß Unrealized Exchange Gain (Loss) √“¬°“√æ‘‡»… Extra-ordinary items °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ Net Profit (Loss) °”‰√(¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß Adjusted Net Profit (Loss)* ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ Total Current Assets ‘π∑√—æ¬å∂“«√ ( ÿ∑∏‘) Fixed Assets (net) ‘π∑√—æ¬å√«¡ Total Assets Àπ’ È π‘ À¡ÿπ‡«’¬π√«¡ Total Current Liablities ‡ß‘π°Ÿ¬â ¡◊ √«¡ Total Borrowings à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Shareholdersû Equity ∑ÿπ∑’‰Ë ¥â™”√–·≈â« Paid-up Capital ¡Ÿ≈§à“µ“¡∫—≠™’µÕà Àÿπâ (∫“∑) Book Value per share (Baht) °”‰√ (¢“¥∑ÿπ) µàÕÀÿπâ (∫“∑) Earnings per share (Baht) ‡ß‘πªíπº≈∑’®Ë “à ¬·≈â«µàÕÀÿπâ (∫“∑) Dividend paid out per share (Baht) Õ—µ√“°”‰√¢—πÈ µâπ (√âÕ¬≈–) Gross Profit Margin (%) Õ—µ√“°”‰√ ÿ∑∏‘ (√âÕ¬≈–) Net Profit Margin (%) * Õ—µ√“º≈µÕ∫·∑πºŸ∂â Õ◊ Àÿπâ (√âÕ¬≈–) Return on Equity (%) Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) Return on Total Assets (%)

2547 2004

2546 2003

2545 2002

2544 2001

2543 2000

2542 1999

2541 1998

2540 1997

8,540,256 1,844,292 6,695,964 8,642,496

3,796,876 1,530,823 2,266,053 3,829,488

3,290,904 1,758,124 1,532,780 3,361,993

4,010,630 2,362,639 1,647,991 4,056,011

4,115,748 2,506,688 1,609,060 4,196,088

3,590,598 2,432,880 1,157,718 3,741,324

4,101,676 2,722,280 1,379,397 4,618,323

3,099,110 1,848,476 1,250,634 3,351,782

2,595,051

1,999,613

2,355,746

3,019,430

3,579,748

3,200,656

3,723,088

3,023,549

1,383,295 85,621

601,965 161,037

634,971 40,396

544,048 (52,283)

608,723 (436,662)

678,660 (161,546)

705,197 2,395,307

680,421 (5,462,852)

0 4,749,771 4,664,150 1,759,528 11,517,589 13,375,779 1,649,639 7,561,172 5,292,511 520,000 10.45 9.26 1.75 78.40 53.97 128.66 48.47

147,613 1,536,560 1,227,910 1,073,536 4,617,999 5,867,920 1,426,283 3,422,350 1,957,866 520,000 3.77 2.95 0.50 59.68 32.06 93.22 22.38

90,762 502,434 371,276 629,295 4,207,699 5,103,836 796,118 4,024,519 676,585 520,000 1.30 0.97 0.00 46.58 11.04 64.53 6.81

233,068 673,318 492,533 802,327 4,765,597 5,802,968 1,022,449 4,896,588 474,038 520,000 0.91 1.29 0.00 41.09 12.14 117.38 7.88

62,403 (366,642) 7,617 762,538 5,478,767 6,691,354 1,369,174 5,774,319 365,206 520,000 0.70 (0.71) 0.00 39.10 0.18 0.11

238,826 (60,712) (137,992) 811,426 6,425,955 7,605,455 7,705,131 6,976,929 (223,529) 520,000 (0.43) (0.12) 0.00 32.24 (3.69) (1.70)

689,581 13,445 3,274,925 (5,801,595) 190,037 (352,188) 502,601 678,354 7,737,443 8,616,006 8,621,060 9,659,334 2,079,645 2,215,057 8,052,560 12,233,115 (231,344) (3,510,049) 520,000 520,000 (0.44) (6.75) 6.30 (11.16) 0.00 0.00 33.63 40.35 4.11 (10.51) 2.08 (3.74)

* µ—«‡≈¢· ¥ßº≈°√–∑∫®“°°“√‰¡àπ∫— √«¡º≈°”‰√/¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß·≈–√“¬°“√æ‘‡»… * Figures derived by adjusting unrealized loss/gain on exchange difference and extra-ordinary items to calculate Adjusted Net Profit (loss) ** „π√–À«à“ßªï 2545, 2546 ·≈– 2547 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‰¡à‰¥â√«¡§à“„™â®“à ¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õµ—¥®”Àπà“¬®”π«π 155,171 æ—π∫“∑, 148,861 æ—π∫“∑ ·≈– 225,152 æ—π∫“∑µ“¡≈”¥—∫ ∑’‰Ë ª√«¡Õ¬Ÿ„à π§à“‡ ◊ÕË ¡√“§“ ** During year 2002 2003 and 2004 Vessel operating costs does not include amortized portion of drydock and special survey expenses Baht 155,171 Thousand, Baht 148,861 Thousand and Baht 225,152 Thousand respectively, which is included in Depreciation.

‘π∑√—æ¬å√«¡ Total Assets

à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Shareholderûs Equity (Deficit)

Àπà«¬ : æ—π∫“∑ Unit : Baht Thouand

14,000.000

Àπà«¬ : æ—π∫“∑ Unit : Baht Thouand

13,375,779

12,000.000 10,000.000 8,000.000 6,000,000

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß Adjusted Net Profit (Loss)

9,659,334 8,621,060 7,605,455 6,691,354 5,867,920 5,802,968 5,103,836

4,000.000 2,000,000 1997 1998 1999 2000 2001 2002 2003 2004

Àπà«¬ : æ—π∫“∑ Unit : Baht Thouand

6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 -1,000,000 -2,000,000 -3,000,000 -4,000,000

5,292,511

365,206

1,957,866 676,585 474,038

(231,344)(223,529)

5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 -500,000 -1,000,000

(3,510,049)

1997 1998 1999 2000 2001 2002 2003 2004

4,664,150

1,227,910 492,533 190,037

(352,188)

371,276 7,617

(137,992)

1997 1998 1999 2000 2001 2002 2003 2004

Annual Report 2004 Precious Shipping Public Company Limited

≈—°…≥–¢Õß∏ÿ√°‘® ·≈–Õÿµ “À°√√¡ 1. ≈—°…≥–¢Õß∏ÿ√°‘® 1.1 §«“¡‡ªìπ¡“ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ’‡Õ ·Õ≈é) °àÕµ—Èß„πªï 2532 ·≈–‡¢â“‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„π µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡¡◊ËÕªï 2536 ‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ‡®â“¢Õß‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á° ·≈–„Àâ∫√‘°“√‡™à“ ‡À¡“ ”À√—∫¢π àß ‘π§â“·Àâß‡∑°Õß‰¡àª√–®”‡ âπ∑“ß æ’‡Õ ·Õ≈‰¥â®—¥‚§√ß √â“ß¢Õß∫√‘…—∑œ ‚¥¬¡’∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß‡√◊Õ‡æ’¬ß 1 ≈” (∫“ß∫√‘…—∑¬àÕ¬Õ“®‡ªìπ‡®â“¢Õß‡√◊Õ 2 ≈”) ‡æ◊ËÕ®”°—¥§«“¡√—∫º‘¥„πÀπ’È ‘π ´÷Ëß‚§√ß √â“ß¥—ß°≈à“«¡’≈—°…≥–‡À¡◊Õπ°—∫ ‚§√ß √â“ß∫√‘…—∑‡¥‘π‡√◊Õ∑—Ë«‰ª ªí®®ÿ∫—π æ’‡Õ ·Õ≈ (≥ «—π∑’Ë 31 ¡°√“§¡ 2548) ¡’‡√◊Õ ”À√—∫¢π àß ‘π§â“‡∑°Õß®”π«π 51 ≈” ·≈–‡√◊Õ¢π àß´’‡¡πµå ®”π«π 1 ≈” (ç°Õß‡√◊Õé) ´÷Ëß°Õß‡√◊Õ¢Õßæ’‡Õ ·Õ≈¡’‡¥¥‡«∑µ—π√«¡∑—Èß ‘Èπ 1,311,065 ‡¥¥‡«∑µ—π ‚¥¬‡√◊Õ 51 ≈”‡ªìπ‡√◊Õ∏ß‰∑¬ ·≈– ®”π«π 1 ≈”‡ªìπ‡√◊Õ∏ß∫“Œ“¡“ æ’‡Õ ·Õ≈®—¥‡ªìπÀπ÷ßË „π∫√‘…∑— ‡¥‘π‡√◊Õ∑’„Ë À≠à∑ ’Ë ¥ÿ ∑’¥Ë ”‡π‘π∏ÿ√°‘®‡ªìπ‡®â“¢Õß‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á° (¢π“¥ 10,000 ∂÷ß 30,000 ‡¥∑‡«∑µ—π) ”À√—∫¢π àß ‘π§â“·Àâß‡∑°Õß„πµ≈“¥°“√‡¥‘π‡√◊Õ·∫∫‰¡àª√–®”‡ âπ∑“ß ºŸâª√–°Õ∫∏ÿ√°‘®„π°≈ÿà¡π’È ¡’§«“¡À≈“°À≈“¬ ·≈–¡’≈—°…≥–‡©æ“–°≈à“«§◊ÕºŸâª√–°Õ∫°“√Àπ÷ËßÊ à«π„À≠à®–‡ªìπ‡®â“¢Õß‡√◊Õ„π¢π“¥¥—ß°≈à“«‡æ’¬ß 2-3 ≈” ∑”„Àâæ’‡Õ ·Õ≈‡ªìπºŸâª√–°Õ∫°“√√“¬„À≠à∑’Ë ÿ¥„π°≈ÿà¡π’È ºŸâ§«∫§ÿ¡∫√‘À“√°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈¥â“π‡∑§π‘§§◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õßæ’‡Õ ·Õ≈ ·≈–‡ªìπ∫√‘…—∑∑’Ë‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π ISO 9002 æ’‡Õ ·Õ≈∫√‘À“√ß“π°Õß‡√◊Õ·∫∫‰¡àª√–®”‡ âπ∑“ß´÷Ëß¡’‡ âπ∑“ß‡¥‘π‡√◊Õ§√Õ∫§≈ÿ¡‰ª∑—Ë«‚≈° ‘π§â“æ◊Èπ∞“π∑’Ë °Õß‡√◊Õæ’‡Õ ·Õ≈¢π àß§◊Õ ‘π§â“∑“ß°“√‡°…µ√, ‡À≈Á°, ªÿÜ¬, ‘π·√à·≈–‡π◊ÈÕ·√à, ‰¡â´ÿß ·≈–Õ◊ËπÊ æ’‡Õ ·Õ≈‰¥âª√–¡“≥‡§√◊Õ¢à“¬ °“√¢π àß ‘π§â“¢Õß°Õß‡√◊Õ¢Õß∫√‘…∑— œ Õ¬à“ß§√à“«Ê ‡ªìπ 5 ¿Ÿ¡¿‘ “§ª√–°Õ∫¥â«¬ À√—∞Õ‡¡√‘°“, ·§ππ“¥“, ¬ÿ‚√ª, ≈–µ‘πÕ‡¡√‘°“Õ“ø√‘°“, Õ‘π‡¥’¬ Õπÿ∑«’ª-µ–«—πÕÕ°°≈“ß ·≈–‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ·≈–µ–«—πÕÕ°‰°≈ °Õß‡√◊Õæ’‡Õ ·Õ≈ “¡“√∂„Àâ∫√‘°“√ „π∑à“‡√◊Õ∑’¡Ë ¢’ ¥’ ®”°—¥„π‡√◊ÕË ß¢Õß√àÕßπÈ”·≈– ‘ßË Õ”π«¬§«“¡ –¥«°(‡√◊Õ¢Õßæ’‡Õ ·Õ≈¡’Õªÿ °√≥å¢π∂à“¬ ‘π§â“µ‘¥µ—ßÈ æ√âÕ¡Õ¬Ÿ)à ‡π◊ÕË ß®“° ¢π“¥‡√◊Õ¢Õßæ’‡Õ ·Õ≈ “¡“√∂‡¢â“‡∑’¬∫∑à“„π√àÕßπÈ”µ◊Èπ‰¥â ¢≥–∑’Ë‡√◊Õ¢π“¥„À≠à‰¡à “¡“√∂‡¢â“‡∑’¬∫∑à“‰¥â ≈—°…≥–¥—ß°≈à“«∂◊Õ ‡ªìπ¢âÕ‰¥â‡ª√’¬∫ ·≈– àßº≈„Àâæ’‡Õ ·Õ≈‰¥âÕ—µ√“§à“√–«“ß¡“°°«à“ºŸâª√–°Õ∫°“√‡¥‘π‡√◊Õ¢π“¥„À≠à √Ÿª·∫∫°“√∫√‘°“√„Àâ‡™à“‡√◊Õ¢π àß ‘π§â“¢Õß æ’‡Õ ·Õ≈ ·∫àß‡ªìπ 2 ≈—°…≥– °“√‡™à“‡ªìπ√–¬–‡«≈“ (Time Charter) °“√¢Õ‡™à“≈—°…≥–π’È ºŸâ‡™à“®–™”√–§à“‡™à“„Àâæ’‡Õ ·Õ≈‡ªìπ§à“ªØ‘∫—µ‘°“√ §«∫§ÿ¡‡√◊Õµ“¡√–¬–‡«≈“∑’µË °≈ß ºŸ‡â ™à“®–‡ªìπºŸ√â ∫— º‘¥™Õ∫§à“„™â®“à ¬ ”À√—∫‡∑’¬Ë «°“√‡¥‘π∑“ßπ—πÈ Ê (voyage costs) ´÷ßË √«¡∂÷ß§à“πÈ”¡—π °“√‡™à“‡ªìπ√“¬‡∑’Ë¬« (Voyage Charter) ºŸâ‡™à“®–™”√–§à“√–«“ß„Àâæ’‡Õ ·Õ≈ ”À√—∫°“√√—∫¢π àß ‘π§â“®“°∑à“‡√◊Õ µâπ∑“ß‰ª¬—ßÕ’°∑à“‡√◊Õª≈“¬∑“ß„¥Ê µ“¡∑’µË °≈ß ¥—ßπ—πÈ æ’‡Õ ·Õ≈‡ªìπºŸ√â ∫— º‘¥™Õ∫§à“„™â®“à ¬ ”À√—∫‡∑’¬Ë «°“√‡¥‘π‡√◊Õ (voyage costs) ´÷Ëß√«¡∂÷ß§à“πÈ”¡—π ‡ âπ∑“ß°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈‰¡à‰¥â°”Àπ¥µ“¬µ—« ·µà¢÷ÈπÕ¬Ÿà°—∫§«“¡µâÕß°“√¢ÕßºŸâ‡™à“‡√◊Õ ∑’Ëºà“π¡“æ∫«à“ ¡’°“√‡™à“∑—Èß 2 ≈—°…≥– Time Charter ·≈– Voyage Charter „πÕ—µ√“„°≈â‡§’¬ß°—π ‚¥¬√–¬–‡«≈“°“√‡™à“ª√–¡“≥ 1-3 ‡¥◊Õπ ·µà„π√–¬–À≈—ßπ’È —¥ à«π¢Õß°“√‡™à“‡ªìπ√–¬–‡«≈“‡æ‘Ë¡¢÷Èπ‚¥¬‡©æ“–„πªï 2547 ‡√◊Õ‡°◊Õ∫∑ÿ°≈”∂Ÿ°ª≈àÕ¬„Àâ‡™à“„π≈—°…≥–°“√‡™à“ ‡ªìπ√–¬–‡«≈“ °≈à“«§◊Õ°Õß‡√◊Õæ’‡Õ ·Õ≈∂Ÿ°∑” —≠≠“√–¬–¬“« ”À√—∫°“√‡™à“‡ªìπ√–¬–‡«≈“ ‚¥¬¡’°“√‡™à“µ—Èß·µà 3 ‡¥◊Õπ ∂÷ß 5 ªï ‡ªìπ®”π«π¡“°°«à“√âÕ¬≈– 80 ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ ≥ ‘Èπªï 2547 §«“¡ “¡“√∂„π°“√„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬ª√–‡¿∑ (‚¥¬‡©æ“– ‘π§â“æ◊Èπ∞“π∑’Ë®”‡ªìπ) ∑”„Àâæ’‡Õ ·Õ≈ “¡“√∂≈¥§«“¡‡ ’Ë¬ß®“°º≈°√–∑∫Õ—π‡°‘¥¢÷Èπ„π¿Ÿ¡‘¿“§„¥Ê ª√–‡¿∑ ‘π§â“ ·≈– ¿“æ‡»√…∞°‘®

1.2 Õ“¬ÿ¢Õß°Õß‡√◊Õ Õ“¬ÿ°Õß‡√◊Õæ’‡Õ ·Õ≈®—¥‰¥â«à“‰¡à·°à¡“°π—° ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’Ë¬Õ“¬ÿ¢Õß°Õß‡√◊Õ∑—Ë«‚≈° ªí®®ÿ∫—πÕ“¬ÿ‡©≈’Ë¬ ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ Õ¬Ÿà∑’Ëª√–¡“≥ 18 ªï

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NATURE OF BUSINESS AND INDUSTRY 1. NATURE OF BUSINESS 1.1 Background Precious Shipping P.C.L. (çPSLé), established in 1989 and listed on the Thailand Stock Exchange in 1993, owns and charters dry bulk ships, on a tramp shipping basis, in the small, handy size sector of the shipping markets. The corporate structure of PSL, similar to other shipping companies, has separate subsidiaries owning each vessel (sometimes 2 vessels) to limit liability. PSL presently (as on 31st January 2005) operates 51 bulkers and a cement carrier (the çFleeté), representing 1,311,065 dwt. Of the entire Fleet, 51 ships are registered under the Thai flag, and 1 under Bahamas flag. PSL is one of the largest pure dry cargo ship-owning companies operating in the small, handy size (10,000 to 30,000 dwt) sector of the tramp freight market. This segment is extremely fragmented and characterized by companies owning 2 or 3 ships. PSLûs Fleet makes it one of the largest, if not the single largest company in the world, operating in this segment. PSLûs Fleet is managed by Great Circle Shipping Agency Ltd, Bangkok, a wholly owned subsidiary of PSL that is ISO 9002 certified. PSL operates its Fleet on a tramp-shipping basis covering the entire world. Principal cargoes handled by PSL are agricultural products, steel, fertilizers, ores and concentrates, logs and other items. PSL estimates its business to be divided evenly across five regions: USA/Canada, Europe, Latin America-Africa, Indian sub-continent -Middle East, and South East & Far East Asia. PSL operates its ships in ports that have restricted draft and limited infrastructure (PSL ships have equipment for loading/unloading) where larger ships cannot operate. This distinction is a comparative advantage and allows PSL to enjoy more stable charter rates than other larger vessel operators. The Chartering of the ships is mainly undertaken by PSL vide the following two types of Charters: Time Charter: Under this Charter, the Charterer pays Charter Hire to PSL to operate the vessel for an agreed time period. The Charterer bears all voyage costs including the cost of bunker fuels. Voyage Charter: Under this Charter, the Charterer pays freight to PSL to transport a particular cargo between two or more designated ports. In this case, PSL bears all the voyage costs including the cost of bunker fuels. PSLûs Fleet does not follow set voyage routes, but each ship keeps moving across the globe depending on its charters. The Fleet is hired on both, time charters as well as voyage charters, with typical voyage duration of 1-3 months. The mix between the two types of business has historically been equal, although lately the proportion of time charters has increased considerably but more so in the year 2004 to an extent that almost all the ships were on time charters. In fact, PSL has entered into long term time charter (Period Charters) ranging from 3 months to 5 years for more than 80 percent of its fleet at the end of year 2004. The well spread diversification and nature of its operations (dry bulk shipping in the small handy size sector carrying ùessential basicû commodities) enables PSL to minimise the impact of concentration risks in terms of regions or commodities covered, and economic cycles.

1.2 Fleet Age PSLûs fleet, as compared to the world average is not too old, with present average age of about 18 years.

Annual Report 2004 Precious Shipping Public Company Limited

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∑’Ë¡“: ®“° Clarkson Research Studies / Aries Shipbroking Ltd (CRS/Aries)

1.3 °“√¥”‡π‘π∏ÿ√°‘® √“¬‰¥â¢Õßæ’‡Õ ·Õ≈¡’°“√°√–®“¬·À≈àß∑’Ë¡“¢Õß√“¬‰¥â‡ªìπÕ¬à“ß¥’¥—ßπ’È

i. ª√–‡¿∑¢Õß ‘π§â“∑’Ë¢π àß (®”π«π‡∑’Ë¬«¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡)

ª√–‡¿∑ ‘π§â“

2545 69 (30.26%) 41 (17.98%) 25 (10.96%) 29 (12.72%) 30 (13.16%) 19 (8.33%) 15 (6.59%) 228

‘π§â“°“√‡°…µ√ ‡À≈Á° ªÿÜ¬ ·√à∏“µÿ·≈– ‘π·√à º≈‘µ¿—≥±å®“°‰¡â·≈–´ÿß ∂à“πÀ‘π Õ◊ËπÊ √«¡

2546 66 (29.33%) 28 (12.45%) 32 (14.22%) 31 (13.78%) 23 (10.22%) 9 (4.00%) 36 (16.00%) 225

2547 Õâ“ß∂÷ßÀ¡“¬‡Àµÿ 1

ii. °“√‡™à“‡ªìπ√“¬‡∑’Ë¬«·≈–°“√‡™à“‡ªìπ√–¬–‡«≈“ (®”π«π‡∑’Ë¬«¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡)

≈—°…≥–°“√‡™à“ °“√‡™à“‡ªìπ√“¬‡∑’Ë¬« °“√‡™à“‡ªìπ√–¬–‡«≈“

2545 112 (49%) 116 (51%)

2546 80 (36%) 145 (64%)

2547 Õâ“ß∂÷ßÀ¡“¬‡Àµÿ 1

À¡“¬‡Àµÿ 1 „πªï 2547 ‡√◊Õ‡°◊Õ∫∑—ÈßÀ¡¥¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈∂Ÿ°ª≈àÕ¬„Àâ‡™à“·∫∫°“√‡™à“‡ªìπ√–¬–‡«≈“·≈–¥â«¬ —≠≠“√–¬–¬“« ´÷Ëß°“√‡™à“‡ªìπ√–¬–‡«≈“π—Èπ ª√–‡¿∑¢Õß ‘π§â“∑’Ë¢π àß®–¢÷ÈπÕ¬Ÿà°—∫ºŸâ‡™à“ (≈Ÿ°§â“) ·≈– “¡“√∂®–¡’‰¥â¡“°°«à“ 1 ª√–‡¿∑„πÀπ÷Ëß‡∑’Ë¬«°“√‡¥‘π‡√◊Õ Õ¬à“ß‰√°Á¥’ ‘π§â“∑’¢Ë π àß¢Õß°“√‡™à“‡ªìπ√–¬–‡«≈“·≈–¥â«¬ —≠≠“√–¬–¬“«„π™à«ß‡«≈“¥—ß°≈à“«®–¡’≈°— …≥–§≈â“¬°—∫¢âÕ¡Ÿ≈¢Õßªï 2545 ·≈– 2546 ¢â“ßµâπ

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An age wise analysis as on January 2005 is given in the following graph vis-a-vis the World Fleet:

1.3 Business Operations PSL没s revenues are well diversified in terms of it没s business mix as can be seen from the following tables:

i. Commodities/Cargoes Carried Commodity Agricultural Commodities Steel Fertilisers Specialised Ores Forest Products/Logs Coal Others Total

(Number of Voyages and % of Total Voyages) 2002 2003 2004 69 (30.26%) 66 (29.33%) Refer to Note 1 41 (17.98%) 28 (12.45%) 25 (10.96%) 32 (14.22%) 29 (12.72%) 31 (13.78%) 30 (13.16%) 23 (10.22%) 19 (8.33%) 9 (4.00%) 15 (6.59%) 36 (16.00%) 228 225

ii. Time Charter v/s Voyage Charter Charter Voyage Charters Time Charters

(Number of Voyages and % of Total Voyages) 2002 2003 2004 112 80 Refer to Note 1 (49%) (36%) 116 145 (51%) (64%)

Note 1: During year 2004, almost the entire PSL fleet was on Period Charters (Time Charters of long duration). In a period time charter, the commodities/cargo carried is up to the Charterer (customer) and could be more than 1 in many cases in one voyage. However the cargoes carried during Period charter would reflect a similar pattern as that of the previous years 2002/2003.

Annual Report 2004 Precious Shipping Public Company Limited

iii.æ◊Èπ∑’Ë„π°“√„Àâ∫√‘°“√¢π àß

iv.‡§√◊Õ¢à“¬°“√µ≈“¥ ·≈–∑’Ëµ—Èß¢Õßπ“¬Àπâ“√“¬„À≠à

®“°°√“ø¢â“ßµâπ “¡“√∂µ—Èß¢âÕ —ß‡°µ‰¥â«à“æ’‡Õ ·Õ≈¡’‡§√◊Õ¢à“¬°“√µ≈“¥™—ÈπÀπ÷Ëß§√Õ∫§≈ÿ¡∑—Ë«‚≈° ‚¥¬¡’°“√ µ‘¥µàÕ°—π‚¥¬∑“ßÕ‘π‡µÕ√å‡πÁµ∑”„Àâ°“√µ‘¥µàÕ§√Õ∫§≈ÿ¡‡§√◊Õ¢à“¬‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–≈¥µâπ∑ÿπ°“√¥”‡π‘πß“π

2. ‚§√ß √â“ßÕÿµ “À°√√¡ Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑“ß∑–‡≈ “¡“√∂®”·π°Õ¬à“ß°«â“ß Ê ‰¥â¥—ßπ’È

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iii. Vessel Trading Areas

iv. Marketing network and major broker locations:

From the above graphs it can be observed that PSL enjoys a wide coverage with its top class world-wide marketing net work. The extensive use of the internet has allowed this coverage to be obtained in an extremely cost effective manner.

2. INDUSTRY STRUCTURE Broadly the Shipping Industry is classified as under:

Annual Report 2004 Precious Shipping Public Company Limited

2.1 µ≈“¥‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á° (The Small Handy Size Market) µ≈“¥‡√◊Õ¢π àß¢π“¥‡≈Á°ª√–°Õ∫¥â«¬‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’¢π“¥ 10,000 › 30,000 ‡¥¥‡«∑µ—π ·¡â«à“„πªí®®ÿ∫—π Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ®–‰¥â‡√‘Ë¡√«¡‡Õ“‡√◊Õ¢π“¥ 30,000 › 40,000 ‡¥¥‡«∑µ—π¡“‰«â„πª√–‡¿∑π’È¥â«¬ §«“¡µâÕß°“√„™â ∫√‘°“√¢Õß‡√◊Õ‡¥‘π∑–‡≈„πµ≈“¥π’È§àÕπ¢â“ß°√–®—¥°√–®“¬ Õ—π‡π◊ËÕß¡“®“°§«“¡ “¡“√∂„π°“√¢π àß ‘π§â“‰¥âÀ≈“°À≈“¬™π‘¥ ·≈– ∑à“‡√◊Õ®”π«π¡“°∑’Ë “¡“√∂„Àâ∫√‘°“√·°à‡√◊Õ‡¥‘π∑–‡≈¢π“¥π’È‰¥â Õ¬à“ß‰√°Áµ“¡≈—°…≥–¥—ß°≈à“«∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢Õß ‡√◊Õ‡¥‘π∑–‡≈¢π“¥‡≈Á°¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§«“¡µâÕß°“√„™â‡√◊Õ∑’Ë¡’¢π“¥„À≠à°«à“ „π¥â“π¢ÕßºŸâ„Àâ∫√‘°“√∑—Ë«‚≈°∑’Ë¡’‡√◊Õ„π°≈ÿà¡π’È°Á°√–®—¥°√–®“¬ ‡√◊Õ„π°≈ÿà¡π’È¡’ª√–¡“≥ 3,000 ≈” (≥ ‘Èπªï 2547) ‚¥¬ºŸâª√–°Õ∫°“√√“¬„À≠à∑’Ë ÿ¥ ¡’‡√◊Õ‡æ’¬ß 60 ≈” À√◊Õ§‘¥‡ªìπ 2% ¢Õß à«π·∫àß„πµ≈“¥ à«π∑’Ë‡À≈◊Õ à«π„À≠à‡ªìπºŸâª√–°Õ∫ °“√∫√‘…—∑‡Õ°™π¡’‡√◊ÕÕ¬Ÿà‡æ’¬ß‰¡à°’Ë≈” ®“°Õ¥’µ∑’Ëºà“π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈‡ªìπÕÿµ “À°√√¡∑’Ë¡’«—Ø®—°√ ‚¥¬·µà≈–√Õ∫¢Õß«—Ø®—°√®–¡’™à«ß∑’ËÕ—µ√“ §à“‡™à“¢π àß ‘π§â“≈¥µË”≈ßª√–¡“≥ Õßªï À≈—ß®“°π—Èπ®–¡’°“√ª√—∫µ—«¢ÕßÕÿª∑“π·≈–Õÿª ß§å°àÕπ∑’ËÕ—µ√“§à“‡™à“¢π àß ‘π§â“®–‡√‘Ë¡ ª√—∫µ—« Ÿß¢÷Èπ ™à«ßµ°µË”§√—Èß≈à“ ÿ¥‡√‘Ë¡µâπ„π°≈“ßªï 2540 Õ—π‡π◊ËÕß¡“®“°«‘°ƒµ°“√≥å‡Õ‡™’¬∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢π àß ‘π§â“∑“ß∑–‡≈πâÕ¬≈ß Õ¬à“ß‰√°Á¥’ °“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®„π∑ÿ°¿Ÿ¡‘¿“§¢Õß‚≈°„πªï 2543 ∑”„Àâ¡’§«“¡µâÕß°“√ ‘π§â“ ·Àâß‡∑°Õß¡“°¢÷Èπ ·≈–¬—ß§ß¥’¢÷Èπ®π°√–∑—Ëß∂÷ß§√÷Ëß·√°¢Õßªï 2544 πÕ°®“°π’È√“§“√—∫´◊ÈÕ‡»…‡À≈Á°∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ™à«¬„Àâ‡°‘¥ °“√¢“¬‡√◊Õ‡°à“‡æ‘Ë¡¢÷Èπ∑”„ÀâÕÿª∑“π„π°Õß‡√◊Õ°≈ÿà¡π’È≈¥≈ß·≈– àßº≈∂÷ßÕ—µ√“§à“√–«“ß∑’Ë‡æ‘Ë¡¢÷Èπ À≈—ß®“°π—Èπµ—Èß·µà ‘Èπªï 2544 µ≈“¥‰¥âª√—∫µ—«≈¥≈ßÕ’°§√—ÈßÕ—π‡π◊ËÕß¡“®“°ªí®®—¬À≈“¬Õ¬à“ß ·≈–µ≈“¥°“√¢π àß∑“ß‡√◊Õ°Á‰¥â¡’°“√ª√—∫µ—«¥’¢÷ÈπÕ¬à“ß‰¡à‡§¬‡°‘¥ ¢÷Èπ¡“°àÕππ—∫®“°‰µ√¡“ ∑’Ë 4 ¢Õß ªï 2545 ´÷Ëß¬—ß§ß¡’µàÕ‡π◊ËÕß¡“®π∂÷ßªï 2546 ·≈– ªï 2547 ·≈–∂Ÿ°§“¥°“√≥å«à“®–§ß√–¥—∫ ‡™àππ’È‰ª®π∂÷ßªï 2548 ·≈–Õ“®®–∂÷ßªï 2549

2.2 ¿“æ√«¡¢ÕßÕÿª ß§å·≈–Õÿª∑“π ·¡â«à“Õß§åª√–°Õ∫·≈–Õ“¬ÿ¢Õß°Õß‡√◊Õ∫√‘…—∑œ ®–¡’º≈µàÕ√“¬‰¥â·≈–§à“„™â®à“¬°Áµ“¡ ·µà®“°µ“√“ß¥—ßµàÕ‰ªπ’È · ¥ß„Àâ ‡ÀÁπ∂÷ßªí®®—¬¿“¬πÕ°Õ—πÀ≈“°À≈“¬´÷ßË §√Õ∫ß”Õÿª ß§å·≈–Õÿª∑“π∑’‡Ë ªìπ à«πº≈—°¥—π„πÕÿµ “À°√√¡°“√¢π àß·≈–‡ªìπµ—« √â“ß«ß®√ ¢Õß∏ÿ√°‘®

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2.1 Small Handy Size Market The small handy size sector is classified as the ships in the range of 10,000-30,000 dwt, although lately the Industry has begun including ships of 30,000-40,000 dwt also in this sector. The demand in the small handy size market is fragmented because of the broad cargo base and multitude of ports serviced by the market segment. However, because this segment caters to such a wide variety of cargoes and calls on smaller ports, the demand is less volatile compared to the larger ships. On the supply side also the industry is highly fragmented. The fleet of about 3,000 ships (as at end 2004) has the largest operator having only about 60 ships or 2 percent market share. The majority of the operators are private companies with a small number of vessels. Historically, the shipping industry has been a very cyclical industry with approximately two years of declining charter rates needed to stabilise supply and demand before utilisation rates and therefore freight rates would begin to increase. The previous çdown cycleé started in mid 1997 because of the demand issues associated with the çAsian crisisé. With the gradual increase in economic growth in all regions of the world, the dry bulk demand improved in 2000 and the improvement continued till first half of 2001. Also helping the bullish freight rates was increased scrap prices that lead to demolition of older vessels. Thereafter, since the end of 2001, the market witnessed a downturn due to various factors. But the market has witnessed an unprecedented upward trend since fourth quarter 2002, which, remained firm throughout years 2003 and 2004 and that is expected to remain at these levels through year 2005 and possibly 2006.

2.2 Demand - Supply While the composition and the age of a Companyûs fleet does have an effect on itûs earnings and expenses, the following table illustrates the various external factors governing demand and supply which drive the shipping industry and create the business cycles.

Annual Report 2004 Precious Shipping Public Company Limited

2.3 ¥—™π’µ≈“¥°“√¢π àß∑“ß‡√◊Õ °√“ø¢â“ß≈à“ß√Ÿª·√°· ¥ß∂÷ß§«“¡‡ª≈’Ë¬π·ª≈ß¢Õß¥—™π’ Baltic Dry Index (BDI) ´÷Ëß‡ªìπµ—«™’Èπ”Õ—µ√“ªí®®ÿ∫—π¢Õß §à“¢π àß ‘π§â“·Àâß‡∑°Õß §”π«≥‚¥¬ Baltic Exchange µ—ÈßÕ¬Ÿà∑’Ë°√ÿß≈Õπ¥Õπ ‡ªìπ‡«≈“¡“°°«à“ 20 ªï∑’Ëºà“π¡“ °√“ø√Ÿª∑’Ë 2 · ¥ß∂÷ß°“√‡ª≈’Ë¬π·ª≈ß¢Õß¥—™π’ JE Hyde Shipping Index (JEHSI) ¡“‡ªìπ‡«≈“¡“°°«à“12 ªï ∑’Ëºà“π¡“ °≈à“«§◊Õ BDI ®–‡ªìπ ¥—™π’Õ—µ√“§à“√–«“ß¢Õß‡√◊Õ¢π“¥„À≠à°«à“ ·µà¥—™π’ JEHSI ®–‡ªìπ¥—™π’Õ—µ√“§à“√–«“ß¢Õß‡√◊Õ¢π“¥°≈ÿà¡‡√◊Õ¢Õßæ’‡Õ ·Õ≈ ¥—ßπ—Èπ ®÷ß∂◊Õ‡ªìπ¥—™π’∑’Ë‡ªìπµ—«·∑π· ¥ßº≈¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ °“√«‘‡§√“–Àå‡ª√’¬∫‡∑’¬∫¢Õß¥—™π’∑—Èß Õß‰¥âÕ∏‘∫“¬„Àâ‡ÀÁπ∂÷ß°“√ º—πº«π¢ÕßÕ—µ√“§à“√–«“ß∑’ËπâÕ¬°«à“„π‡√◊Õ¢π“¥‡≈Á° ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡√◊Õ¢π“¥„À≠à„πµ≈“¥‡√◊Õ®√

2.4 °ÆÀ¡“¬æ“≥‘™¬π“«’·≈–°Æ√–‡∫’¬∫‡°’Ë¬«°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë ”§—≠∑’Ë„™â§«∫§ÿ¡„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ “°≈¡’¥—ßµàÕ‰ªπ’È

1. ∏ßª√–®”™“µ‘ ‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬π¿“¬„µâ∏ßª√–®”™“µ‘´÷Ëß®–∂◊Õ‡ªìπ°“√®¥∑–‡∫’¬π¿“¬„µâ°ÆÀ¡“¬ª√–‡∑»π—ÈπÊ ‚¥¬°“√®¥∑–‡∫’¬π‡√◊Õ®–¡’°“√ÕÕ°„∫∑–‡∫’¬π‡√◊Õ´÷Ëß‡ªìπ‡Õ° “√ ”§—≠∑’Ë‡√◊Õ·µà≈–≈”®–µâÕß¡’ ‡æ◊ËÕ∑’Ë®–‡ªìπ‡Õ° “√„Àâµ√«® Õ∫ ‰¥â‡¡◊ËÕ¡’°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈√«¡∂÷ß°“√‡¢â“‡∑’¬∫∑à“‡√◊Õµà“ßÊ ∑—Ë«‚≈° ‚¥¬∑—Ë«‰ª∑–‡∫’¬π‡√◊Õ¥—ß°≈à“«π’È®–ª√–°Õ∫‰ª¥â«¬ √“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫≈”‡√◊Õ ∏ßª√–®”‡√◊Õ ‡®â“¢Õß‡√◊Õ ·≈–°—ªµ—π‡√◊Õ

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2.3 Shipping Market Index The first graph below shows the movement of Baltic Dry Index (BDI), which is the leading indicator of spot dry bulk cargo rates, calculated by the London-based Baltic Exchange over a period of last 20 years. The second graph shows the movement of the JE Hyde Shipping Index over the last 12 years. Whilst the BDI is mainly weighted towards the larger ships, the JEHSI is geared some what towards ships in PSL没s sector and is therefore more representative of PSL没s fleet. The analysis of these two indexes illustrates how the small handy size sector is less volatile as compared to the larger sectors of the tramp freight market.

2.4 Maritime Laws and Regulations The following major laws and regulations govern the International Shipping Industry:

1. Flag State Each ship is registered under a Flag State, which is the nation in which the ship is registered and which holds legal jurisdiction as regards operation of the ship. The Flag State issues a Certificate of Registry, which is one of the essential documents that every ship has to possess before she can operate and sail from or to any port. The certificate generally contains details of the ship, flag, owners and master.

Annual Report 2004 Precious Shipping Public Company Limited

2. °ÆÀ¡“¬æ“≥‘™¬π“«’√–À«à“ßª√–‡∑» °ÆÀ¡“¬æ“≥‘™¬π“«’√–À«à“ßª√–‡∑»‡ªìπ∑’Ë√Ÿâ®—°°—π„ππ“¡¢Õß°ÆÀ¡“¬√–À«à“ßª√–‡∑»·Ààß∑âÕß∑–‡≈´÷Ëß°ÆÀ¡“¬π’È ®–§√Õ∫§≈ÿ¡∂÷ß√–‡∫’¬∫¢âÕªØ‘∫—µ‘µà“ßÊ Õ—π‡ªìπ∑’Ë¬Õ¡√—∫·≈–¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“ß‡§√àß§√—¥‚¥¬π“π“ª√–‡∑» Õß§å°“√æ“≥‘™¬ π“«’ “°≈ (The International Maritime Organisation, IMO) ‡ªìπÕß§å°“√¢Õß Àª√–™“™“µ‘®–‡ªìπºŸâÕÕ°°Æ√–‡∫’¬∫‡æ◊ËÕ„™â∫—ß§—∫ „πÕÿµ “À°√√¡‡¥‘π‡√◊Õ√–À«à“ßª√–‡∑»„π‡√◊ËÕß¢Õß§«“¡ª≈Õ¥¿—¬„π™’«‘µ ∑√—æ¬å ‘π·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬·µà≈–ª√–‡∑»°Á®–¡’Àπà«¬ ß“πæ“≥‘™¬π“«’ ”À√—∫ª√–‡∑»∑’Ë‡√’¬°°—π«à“ Port State Control ®–‡ªìπÀπà«¬ß“π∑’Ë®–§«∫§ÿ¡·≈–∫—ß§—∫„Àâ‡√◊Õ∑’Ë‡¢â“¡“„ππà“ππÈ” ¢Õßª√–‡∑»µπ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬°“√¢π àß∑“ßπÈ” “°≈

3. °“√®—¥™—Èπ‡√◊Õ °√¡∏√√¡åª√–°—π¿—¬∑“ß∑–‡≈‰¥â¡’°“√°”Àπ¥„Àâ¡’°“√®—¥™—Èπ‡√◊Õ ‚¥¬‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬πÀ√◊Õ¡’°“√®—¥ ™—Èπ‡√◊Õ‚¥¬Àπà«¬ß“π∑’Ë¡’ª√– ∫°“√≥å ¡’™◊ËÕ‡ ’¬ß‡ªìπ∑’Ë¬Õ¡√—∫´÷Ëß‡√’¬°°—π«à“ ¡“§¡®—¥™—Èπ‡√◊Õ (Classification Societies) ‚¥¬ Àπà«¬ß“ππ’È‰¥â√‘‡√‘Ë¡¢÷Èπ®“°Õπÿ —≠≠“ Load Line „πªï §.».1930 ·≈–Õπÿ —≠≠“√–À«à“ßª√–‡∑» „πªï §.».1955 ·≈– §.».1959 ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ√–À«à“ßª√–‡∑» (The International of Classification Societies, IACS) ‰¥â°àÕµ—Èß¢÷Èπ‡¡◊ËÕ §.».1968 ´÷Ëß¡’ ¡“§¡®—¥™—Èπ‡√◊Õµà“ßÊ ‡¢â“√à«¡‡ªìπ ¡“™‘° ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ®–µ√«® Õ∫„π‡√◊ËÕß¡“µ√∞“π„π°“√°àÕ √â“ß‡√◊Õ·≈–°“√ ∫”√ÿß√—°…“≈”‡√◊Õ

4. °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ (The Carriage of Goods by Sea Act, COGSA) ‰¥â°”‡π‘¥¢÷Èπ¿“¬À≈—ß®“°∑’Ë¡’ °“√ª√–™ÿ¡∑’Ë‡°’Ë¬«°—∫°“√¢π àß∑“ß‡√◊ÕÀ≈“¬§√—Èß´÷Ëß®—¥¢÷Èπ„π°√ÿß∫√— ‡´≈ å√–À«à“ß°≈ÿà¡ª√–‡∑»¬ÿ‚√ª∑’Ë π„®°“√¢π àß∑“ß‡√◊Õ ·≈– µàÕ¡“°ÆÀ¡“¬„π≈—°…≥–‡¥’¬«°—ππ’È°Á‰¥â¡’¢÷Èπ„πª√–‡∑» À√—∞Õ‡¡√‘°“‡™àπ°—π ‚¥¬°ÆÀ¡“¬π’È‰¥â§√Õ∫§≈ÿ¡‰ª∂÷ß°“√¢π àß ‘π§â“ ∑“ß∑–‡≈√–À«à“ßª√–‡∑»

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2. International Maritime Law Also known as the International Law of the Sea, this law covers the uniform systems and rules, which are acknowledged and followed carefully by most nations. The International Maritime Organisation (IMO) is a UN body, which regulates the International Shipping Industry for safety of life, property and the environment. Each nation has its own local maritime authority generally termed as Port State Control, which ensures and enforces compliance within their respective territorial waters.

3. Classification The marine insurance policy is subject to a classification clause, which requires classification of the ship. Each ship is required to be registered or classed with world-wide experienced and reputable organisations called Classification Societies. With its origins in the Load Line Convention 1930 and international conventions in 1955 and 1959, the International Association of Classification Societies (IACS) was established in 1968 which has leading societies as members. The classification societies ensure that standards for construction and maintenance of the ships are complied.

4. Carriage of Goods by Sea Act The Carriage of Goods by Sea Act (COGSA) was introduced after many shipping conferences were held in Brussels among various European nations interested in shipping transportation and subsequently, similar legislation was also introduced in America. This law covers the international transportation of merchandise by sea.

Annual Report 2004 Precious Shipping Public Company Limited

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Ø∞– Admiral Dr. Amnad Chandanamattha ª√–∏“π°√√¡°“√, °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– Chairman, Audit Committee Member and Independent Director

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ Mr. Munir Moinuddin Hashim °√√¡°“√∫√‘À“√ Executive Director

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ Police LT. Gen. Kiattisak Prabhavat ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– Chairman of Audit Committee and Independent Director

π“¬™’√– ¿“≥ÿæß»å Mr. Chira Panupong °√√¡°“√Õ‘ √– Independent Director

π“¬‰®ª“≈ ¡—π ÿ¢“π’ Mr. Jaipal Mansukhani °√√¡°“√ Director

○

§≥–°√√¡°“√∫√‘…—∑

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π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ Mr. Khushroo Kali Wadia °√√¡°“√∫√‘À“√ Executive Director

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ Mr. Suphat Sivasriaumphai °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– Audit Committee Member and Independent Director

π“¬∏’√– «‘¿Ÿ™π‘π Mr. Thira Wipuchanin °√√¡°“√Õ‘ √– Independent Director

π“ß “«π‘™‘µâ“ ™“Àå Ms. Nishita Shah °√√¡°“√ Director

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π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ Mr. Khalid Moinuddin Hashim °√√¡°“√ºŸâ®—¥°“√ ·≈–°√√¡°“√∫√‘À“√ Managing Director and Executive Director

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THE BOARD OF DIRECTORS

Annual Report 2004 Precious Shipping Public Company Limited

√“¬ß“π®“°§≥–°√√¡°“√

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ Mr. Khalid Moinuddin Hashim

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

BOARD OF DIRECTORSû REPORT

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ Mr. Khushroo Kali Wadia

TO THE MEMBERS: The directors are pleased to present the Sixteenth Annual Report of the Company alongwith the Audited Financial Statements as on 31st December 2004. To call 2004 a momentous year would be the equivalent of the classic British ability for under statement at its best.

FINANCIAL HIGHLIGHTS AND REVIEW OF THE YEAR: In terms of operations, during the year under review, the Total Revenues of the Company was Baht 8,728.12 million [2003: Baht 3,990.52 million] and the Company incurred a Net Profit of Baht 4,749.77 million [2003: Net Profit Baht 1,536.56 million]. This included a Net Gain on Foreign Exchange of Baht 56.14 million [2003: Gain Baht 184.19 million]. The Shareholdersû Equity of the Company has increased significantly to Baht 5,292.51 million [2003: Baht 1,957.87 million]. The Total Assets of the Company have increased to Baht 13,375.78 million [2004: Baht 5,867.92 million]. During the year, the Company incurred an Operating Net Profit before Exchange Gain, Income Tax and Extraordinary items of Baht 4,693.63 million. In terms of the Earnings, the Companyûs vessels achieved about 68 percent increase in yields as compared to the previous year 2003. The total revenues in absolute terms were higher than that of the previous year, mainly on account of higher yields achieved and higher vessel operating days during the year 2004. The Company has continued to keep a tight control over vessel operating expenses although there is a marginal increase in vessel operating cost during the year 2004. The technical downtime has also been kept under control, at an average of about 12 days per vessel, which, has led to minimum loss of revenues. As a result of the improved profitability and robust cash flows, the Company has enjoyed extremely high level of liquidity during 2004 and has prepaid US Dollars 34.75 Million of secured loans. The First Quarter saw us achieving two mile stones; the first was the signing of a USD 170 million credit facility from Krung Thai Bank (KTB) for the purchase of additional ships from the second-hand market, and the second was the 15 ship purchase from Malaysian International Shipping Corporation (MISC) for USD 98 million en-bloc. The greatest challenge facing us in 2004 was how to grow the fleet rapidly in a market environment where every ship purchased could be paid back from cash flows in less than 18 months!

Annual Report 2004 Precious Shipping Public Company Limited

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æ’‡Õ ·Õ≈≈ßπ“¡ —≠≠“„™â ‘π‡™◊ËÕ«ß‡ß‘π 170 ≈â“π‡À√’¬≠ À√—∞°—∫∏π“§“√°√ÿß‰∑¬ ‡æ◊ËÕ√Õß√—∫°“√¢¬“¬µ—«¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ („π¿“æ) æ‘∏’≈ßπ“¡‡´Áπ —≠≠“·°â‰¢‡æ‘Ë¡‡µ‘¡ —≠≠“„Àâ ‘π‡™◊ËÕ ¡√.§Ÿ™√Ÿ «“‡¥’¬ (´â“¬ ÿ¥) °√√¡°“√ΩÉ“¬°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√¢Õßæ’‡Õ ·Õ≈ (∑’Ë Õß®“° ´â“¬) ·≈–§ÿ≥‡¬“«≈—°…≥å ≈‘¢µ‘ «—≤π“πÿ√°— …å (∑’ Ë “¡®“°¢«“) ºŸ™â «à ¬°√√¡°“√ºŸ®â ¥— °“√·≈–ºŸ∫â √‘À“√ §ÿ≥√–æ’ °ÿ≈∂“«√ (∑’Ë Õß®“°¢«“) ºŸâ™à«¬ºŸâ∫√‘À“√ß“π∏ÿ√°‘® —¡æ—π∏å ·≈–§ÿ≥ ÿ∑∏‘π’ «‘‡»… ¡‘µ (¢«“ ÿ¥) ºŸâÕ”π«¬°“√ΩÉ“¬·≈–ºŸâ∫√‘À“√∏π“§“√°√ÿß‰∑¬ PSL signs US Dollars 170 million Additional Credit Facility Agreement with KTB Seen in the picture on the occasion of signing the Agreement, Mr. Khushroo Wadia (far left), PSLûs Finance Director, Mr. Khalid Hashim (second from left), PSLûs Managing Director with Khun Yaovaluk Likitwattananurak (third from right), KTBûs Executive Vice President, Khun Rapee Sakunthavorn (second from right), KTBûs Assistant Corporate Relations Manager and Khun Suthini Visessmit (far right), KTBûs Vice President.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

The Second Quarter saw us commence The Share Buy Back Program in the month of April 2004. As of the 09 October 2004 we had bought back a total of 13,386,300 shares equal to 2.57% of paid-up capital at an average price of Baht 33.68 per share. This completed the repurchase program as the time limit allowed for such repurchases under the regulations expired on the 09th October 2004. The Company is now allowed to commence sales of the repurchased shares from 10th April 2005 until 8th October 2007. If all or some shares remain unsold within the aforesaid period, these will be cancelled and the Equity share capital of the Company would be reduced. The Third Quarter saw us attending the Crystal Night SET Awards 2004 where we were nominated for two awards; for the Best Performance award to three listed companies in each of the eight industry groups with the best financial status and performance in 2003 as well as their operation in compliance with information disclosure and liquidity of securities; and for Best Liquidity Improvement award to the listed company that had made the most amount of progress in prominently employing financial instruments in the capital market to enhance its security-trading liquidity in the year 2003 as compared to 2002. We won the award for Best Liquidity Improvement and our Chairman, Dr. Admiral Amnad Chandanamatta, was there to receive the trophy from H.E. Dr. Somkid Jatusripittak, the Minister of Finance. This event took place on the 26th July 2004. During this quarter we also paid out an interim dividend of Baht 1 per share, continuing the trend started in November 2003, when we paid out the first interim dividend after a break of almost 6 years. The Fourth Quarter saw us getting the prestigious AMVER award from the United States Coast Guard. A team from the US Embassy headed by their Naval Attache Commander Kevin Graffis visited our office and presented awards to 11 of our vessels who actively participated in their ùAutomated Mutual Assistance Vessel Rescue Systemû. The Baltic Dry Index (BDI) ended the year at 4,639 points not too much lower than from where we had started out the year at 4,765 points. But that would not even begin to describe the incredible year that we have just had. To bring this in to perspective you must remember that the last all time high was set on the 4th February 2004 at 5,681 points. From that point onwards the index plummeted like a stone till the 22nd June 2004 when it was at a low of 2,622 points. From there it was a steady upward movement till the 6th December 2004 when the index reached its newest peak of th

‡√◊Õæ’‡Õ ·Õ≈√—∫ª√–°“»π’¬∫—µ√ °“√√—°…“§«“¡ª≈Õ¥¿—¬‡√◊Õ ISPS Code ‡√◊ÕøŸ®‘´“π ¡“√Ÿ ∫√‘À“√·≈–‡¥‘π‡√◊Õ‚¥¬∫√‘…—∑æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) çæ’‡Õ ·Õ≈é ‰¥â√—∫°“√√—∫√Õß„Àâ‡ªìπ‡√◊Õ∑’Ë¡’°“√ªØ‘∫—µ‘µ“¡√–‡∫’¬∫§«“¡ª≈Õ¥¿—¬·≈–§«“¡¡—Ëπ§ß µ“¡√–‡∫’¬∫¢ÕßÕß§å°“√°“√‡¥‘π‡√◊Õ “°≈ (IMO) ‚¥¬°“√√—∫√Õßπ’ÕÈ Õ°„Àâ‚¥¬ ¡“§¡®—¥™—πÈ ‡√◊Õ≠’ªË πÿÉ À≈—ß®“°ºà“π°“√µ√«® Õ∫√–∫∫°“√®—¥°“√¥â“π§«“¡ª≈Õ¥¿—¬·≈–§«“¡¡—Ëπ§ß ≥ ∑à“‡√◊Õ JNPT „°≈â‡¡◊Õß¡ÿ¡‰∫ ª√–‡∑»Õ‘π‡¥’¬ ª√–°“»π’¬∫—µ√ ISPS π’È‡ªìπª√–°“»π’¬∫—µ√©∫—∫·√°∑’Ë∫√‘…—∑‡¥‘π ‡√◊Õ¢Õß‰∑¬‰¥â√—∫ „π¿“æ ®“°´â“¬‰ª¢«“ : ¡√. ‡Õ .À–√‘À–√“π ‡®â“Àπâ“∑’¥Ë “â π§«“¡ª≈Õ¥¿—¬¢Õßæ’‡Õ ·Õ≈ °—ªµ—π Õ“√å. ‰Õ. ™«“ °—ªµ—π‡√◊Õ øŸ®‘´“π ¡“√Ÿ °”≈—ß√—∫¡Õ∫ª√–°“»π’¬∫—µ√ ISPS ®“° ¡√. ‡ÕÁπ.‡ÕÁπ ∑ß ºŸâµ√«® Õ∫§«“¡ª≈Õ¥¿—¬∑“ßπÈ” ¢Õß ∂“∫—π®—¥™—Èπ‡√◊Õ Class NK ≥ ª√–‡∑» ‘ß§‚ª√å PSL Ship received Ship Security Certificate Fujisan Maru, operated by Precious Shipping (çPSLé), was certified to be in compliance of IMOûs ISPS code requirements. This certificate was issued by the Japanese Classification Society, Class NK, after completing a rigorous audit of the ship at JNPT port near Mumbai, India. This was the first ISPS certificate to be obtained by a Thai shipping company. Picture from Left to Right: Mr. S. Hariharan, Company Security Officer, PSL, Capt. R.I. Java, Master, Fujisan Maru received the ISPS certicifate from Mr. N.N. Tong, Maritime Security Auditor, Class NK, Singapore

Annual Report 2004 Precious Shipping Public Company Limited

∫√‘°“√‡ªìπ√“¬‡∑’Ë¬«‡ªìπ°“√∑” —≠≠“„Àâ‡™à“‡√◊Õ√–¬–¬“«‡æ◊ËÕÀ≈’°‡≈’Ë¬ß§«“¡º—πº«π∑’Ë√ÿπ·√ß¢ÕßÕ—µ√“§à“‡™à“‡√◊ÕµàÕ«—πµàÕ≈”∑’Ë ‡ª≈’Ë¬π‰ªµ“¡°“√¢÷Èπ≈ß¢Õß¥—™π’ BDI ≥ ‰µ√¡“ ·√°¢Õßªï 2547 µ—«‡≈¢√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿà∑’Ë 12,526 ‡À√’¬≠ À√—∞ „π‰µ√¡“ ∑’Ë Õß√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿà∑’Ë 12,553 ‡À√’¬≠ À√—∞ ´÷Ëß„π™à«ßπ’È¥—™π’ BDI ‰¥â≈¥≈ßÕ¬à“ß¡“° „π‰µ√¡“ ∑’Ë “¡√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘¡Ë ‡ªìπ 13,199 ‡À√’¬≠ À√—∞ ·≈–„π‰µ√¡“ ∑’ Ë ‰’Ë ¥â ßŸ ¢÷πÈ Õ’° ‚¥¬¢÷πÈ ¡“Õ¬Ÿ∑à ’Ë 14,282 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2547 √“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿà∑’Ë 13,248 ‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ∑’Ë 7,870 ‡À√’¬≠ À√—∞ ‡∑à“°—∫‡æ‘Ë¡¢÷Èπ¡“°°«à“√âÕ¬≈– 68 ªí®®—¬®“°ª√–‡∑»®’π √“¬ß“π∑’Ë‡°’Ë¬«°—∫µ≈“¥°“√¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß©∫—∫„¥Ê ®–‰¡à ¡∫Ÿ√≥å À“°‰¡à¡’§«“¡‡ÀÁπ‡°’Ë¬«°—∫°“√∑’Ë‡»√…∞°‘®ª√–‡∑»®’π¡’ à«πº≈—°¥—π„Àâµ≈“¥°“√¢π àß ‘π§â“∑“ß∑–‡≈¢¬“¬µ—«§«∫§Ÿà‰ª °—∫°“√‡µ‘∫‚µ¢Õß‡»√…∞°‘®„πªí®®ÿ∫—π¢Õßª√–‡∑»µπ ™à«ßµâπªï 2547 §”æ¬“°√≥å à«π„À≠à§“¥«à“ª√–‡∑»®’π®–º≈‘µ‡À≈Á° Ÿà µ≈“¥√–À«à“ß 240 ∂÷ß 250 ≈â“πµ—π µ—«‡≈¢∑’Ë·∑â®√‘ßπ—Èπ‡™◊ËÕ°—π«à“πà“®–„°≈â‡§’¬ß°—∫ 270 ≈â“πµ—π °“√§“¥°“√≥å„πªï 2548 ™’È«à“ µ—«‡≈¢π’È®–‡æ‘Ë¡¢÷Èπ‰ªÕ¬Ÿà√–À«à“ß 310 ∂÷ß 320 ≈â“πµ—π ´÷Ëßµ—«‡≈¢°”≈—ß°“√º≈‘µ∑’Ë·∑â®√‘ßπà“®–„°≈â‡§’¬ß 350 ≈â“πµ—π ™àÕß«à“ß √–À«à“ß ‘Ëß∑’Ëº≈‘µ‰¥â°—∫°“√§“¥°“√≥å∑’Ë®–º≈‘µπ—Èπ ¡“®“°§«“¡‰¡à‡æ’¬ßæÕ¢Õß√–∫∫ π—∫ πÿπ°“√¢π àß·≈–°”≈—ß°Õß‡√◊Õπ—Ëπ‡Õß §«“¡‡ ’Ë¬ß®“°ª√–‡∑»®’π∑’Ë®– √â“ß§«“¡ª√–À≈“¥„®„Àâ°—∫¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß∑“ß‡√◊Õπ—Èπ∂Ÿ°¡Õß«à“‰¡à„™àªí®®—¬ ”§—≠ ‡æ√“–ª√–‡∑»®’π‰¡àÕ¬Ÿà„π¿“«–‡ ’Ë¬ß‡™àπ«à“π—Èπ‡≈¬ °“√‡ πÕ¢“¬Àÿâπ§√—Èß·√°µàÕ “∏“√≥–„π∏ÿ√°‘®‡¥‘π‡√◊Õ §«“¡‡√àß√’∫¢Õß∫√‘…—∑‡¥‘π‡√◊ÕÀ≈“¬∫√‘…—∑∑’Ë®–‡¢â“‡ªìπ ∫√‘…—∑®¥∑–‡∫’¬π¡’¡“°„π√–À«à“ßªï 2547 ·≈–‰¥âµàÕ‡π◊ËÕß¡“®π∂÷ßªï 2548 §ÿ≥¿“æ¢Õß∫√‘…—∑‡À≈à“π—Èπ∑’Ë‡¢â“ Ÿà°‘®°√√¡‡ πÕ ¢“¬ÀÿâπµàÕ “∏“√≥–π—Èπ –∑âÕπ„Àâ‡ÀÁπ‰¥â®“°®”π«π¢Õßπ—°≈ß∑ÿπ∑’Ë¢“¥∑ÿπ®“°Àÿâπ‡¥‘π‡√◊Õ∑’Ë¡’Õ¬Ÿà®”π«πÀπ÷Ëß π’Ë¡‘„™à ‘Ëß∑’Ë®– –∑âÕπ ¢Õß∫√‘…—∑Õ◊Ëπ∑’Ëæ¬“¬“¡¥”‡π‘π°‘®°“√¥â«¬°“√∑”„π ‘Ëß∑’Ë∂Ÿ°µâÕß ‡√“∑”‰¥â‡æ’¬ß·§àÀ«—ß«à“π—°≈ß∑ÿπ®–æ‘®“√≥“ª√–«—µ‘°“√¥”‡π‘π ß“π¢Õß∫√‘…—∑·≈–ºŸâ∫√‘À“√∑’Ë‡°’Ë¬«¢âÕß„π∫√‘…—∑®¥∑–‡∫’¬π∑—ÈßÀ≈“¬°àÕπ∑’Ë®–µ—¥ ‘π„®≈ß∑ÿπ„π∫√‘…—∑„¥Ê ∑’Ë‡ πÕ¢“¬Àÿâπ ¡’‡æ’¬ß π—°≈ß∑ÿπ∑’Ë™“≠©≈“¥∑’Ë„™â‡«≈“‡¢â“æ∫·≈–æŸ¥§ÿ¬°—∫ºŸâ∫√‘À“√‡∑à“π—Èπ∑’Ë®–√Õ¥æâπÕ—πµ√“¬‰¥â √—∞¡πµ√’Õÿµ “À°√√¡ æ∫ æ’‡Õ ·Õ≈ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‡¢â“‡¬’Ë¬¡§“√«– œæ≥œ √—∞¡πµ√’æ‘π‘® ®“√ÿ ¡∫—µ‘ √—∞¡πµ√’«à“°“√°√–∑√«ßÕÿµ “À°√√¡‡¡◊ËÕ«—π∑’Ë 17 æƒ…¿“§¡ 2547 ‡æ◊ËÕ· ¥ß§«“¡ ¢Õ∫§ÿ≥∑’Ë œæ≥œ √—∞¡πµ√’∑’Ë‰¥â„Àâ°“√ π—∫ πÿπ ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√æ’‡Õ ·Õ≈ (∑’Ë 5 ®“°´â“¬) ¡Õ∫¿“æ‡√◊Õ„Àâ°—∫ œæ≥œ √—∞¡πµ√’æ‘π‘® ®“√ÿ ¡∫—µ‘ √—∞¡πµ√’«à“°“√°√–∑√«ß Õÿµ “À°√√¡ (∑’Ë 6 ®“°´â“¬) ‚¥¬¡’§≥–∑’Ëª√÷°…“√—∞¡πµ√’·≈–‡®â“Àπâ“∑’Ë®“° BOI √à«¡· ¥ß §«“¡¬‘π¥’ °Õß‡√◊Õ¢Õßæ’‡Õ ·Õ≈π—∫‡ªìπ°“√™à«¬‡ √‘¡¿“ææ®πåª√–‡∑»‰∑¬‚¥¬°“√‡¥‘π‡√◊Õ∏ß‰∑¬ ‰ª¬—ßπ“π“ª√–‡∑»∑—Ë«‚≈° Industry Minister meets PSL Precious Shipping made a courtesy visit to H.E. Mr. Phinij Jarusombat, Minister of Industry on 17th May, 2004 and thanked the Minister for his support. PSL Managing Director, Mr. Khalid Hashim (fifth from left) handed over PSLûs vesselûs photo frame to H.E. Phinij Jarusombat, Minister of Industry Ministry (sixth from left) seen here with the ministerûs advisory team and BOIûs officials. PSLûs ships assist in promoting the ùThai brand by carrying the Thai flag to various countries around the world. „π¿“æ : ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√ (§π°≈“ß) ·≈– ¡√. §Ÿ™√Ÿ «“‡¥’¬ °√√¡°“√°“√‡ß‘ π (´â “ ¬ ÿ ¥ ) ®“°∫√‘ …— ∑ æ√’ ‡ ™’ ¬ ™‘ æ ªîô ß ®”°— ¥ (¡À“™π) ¡Õ∫¿“æ‡√◊ Õ ¿«‘µ√“ π“√’ Àπ÷Ëß„π°Õß‡√◊Õ¢Õßæ’‡Õ ·Õ≈„Àâ°—∫ œæ≥œ √—∞¡πµ√’æ‘π‘® ®“√ÿ ¡∫—µ‘ √—∞¡πµ√’«à“°“√ °√–∑√«ßÕÿµ “À°√√¡ (¢«“ ÿ¥) As seen in the picture: PSL Managing Director, Mr. Khalid Hashim (stand in the center) and Mr. Khushroo Wadia, PSL Finance Director (far left) handing on PSLûs vessel photo frame to H.E. Phinij Jarusombat, Minister of Industry Ministry (far left).

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

6,208 points! So the dry bulk market has scaled two unimaginable peaks within this year with a low point in between. We can not remember when the BDI has ever hit two extraordinary peaks in a single calendar year! The earnings per day per ship during 2004 for our fleet however did not follow a similar pattern as the BDI. Quite unlike what happened during 2003, when our earnings per day per ship roughly followed the movements of the BDI, the year 2004 reflected our strategy to move from the spot market to longer term charters for our fleet and thereby avoid the dramatic changes in earnings per day per ship as would have been the case had earnings followed the BDI movements. In Q1 the figure was USD 12,526, Q2 saw it consolidate at USD 12,553 during the time when the BDI had virtually collapsed, Q3 bumped it up to USD 13,199 and Q4 was an amazing USD 14,282! For 2004 we averaged USD 13,248 per day per ship as compared to USD 7,870 for 2003 or an increase of over 68%! The China Factor: No report in the Dry Bulk Tramp Freight market would be complete without some comment on the one country that has helped drive rates to their current astronomical levels. At the beginning of 2004 most predictions were for China to produce between 240 and 250 million tons of steel. The actual numbers suggest that this figure was closer to 270 million tons! The forecast for 2005 is for this number to increase to some where between 310 and 320 million tons whilst the actual production capability would be closer to 350 million tons. The gap between what can be produced and what is expected to be produced is simply due to a lack of logistical support and adequate shipping capacity! The propensity for China to surprise on the upside is not quite being given the importance that it deserves. IPOs in Shipping: The rush by various Shipping Companies to get listed has gained real momentum during 2004 and continues to spill over into 2005. The quality of many of those engaged in this activity is such that we will see quite a few investors burning their fingers. This will not bode well for the rest who are struggling to do the right thing. We can but hope that investors will look to the track record of the managements involved in all such listed vehicles before investing their funds and time in their offerings. It is the savvy investor who spends time visiting with and or talking to management that will come out unscathed. Investor Relations is an area where we accord the greatest importance and have our Managing Director handle the Press/analysts briefings part of investor relations. This is not something new but, unfortunately, something that we have not emphasized in any of our past Annual Reports. In fact soon after we got listed on the SET in 1993 we were

æ’‡Õ ·Õ≈¡Õ∫¿“æ‡√◊Õ„Àâ°√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– (´â“¬) ª√–∏“π°√√¡°“√ æ’‡Õ ·Õ≈ ¡Õ∫ ¿“æ‡√◊Õ„Àâ·°à ‡√◊Õ‚∑æ‘∑¬“ √âÕ¬∑Õß (¢«“) ºŸâÕ”π«¬°“√°Õßµ√«®‡√◊Õ °√¡°“√¢π àß∑“ßπÈ” ·≈–æ“≥‘™¬π“«’ „πß“π‡≈’È¬ß√—∫ª√–∑“πÕ“À“√°≈“ß«—π√à«¡°—π√–À«à“ß§≥–ºŸâ∫√‘À“√∫√‘…—∑ °—∫ §≥–‡®â“Àπâ“∑’Ë√–¥—∫ Ÿß®“°°√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ ‡æ◊ËÕ·≈°‡ª≈’Ë¬π§«“¡§‘¥‡ÀÁπ „π°“√·°â‰¢ªí≠À“·≈–Õÿª √√§∑’Ë‡®â“¢Õß‡√◊Õ‰∑¬ª√– ∫Õ¬Ÿà·≈–æ’‡Õ ·Õ≈‰¥â¢Õ∫§ÿ≥°√¡°“√¢π àß ∑“ßπÈ”·≈–æ“≥‘™¬π“«’∑’Ë‰¥â„Àâ°“√ π—∫ πÿπ°“√æ—≤π“°Õß‡√◊Õ‰∑¬ PSL presented ship photo frame to Marine Department Admiral Dr. Amnad Chandanamattha, PSLûs Chairman (left) presented a ship photo frame to Lt. Jg. Pittaya Sroythong R.T.N. (right), Director of Ship Survey Division of Marine Department. PSL directors and management team had a luncheon with Marine Departmentûs officials to have a general discussion on problems and obstacles facing Thai shipowners and PSL aiso thanked the Marine Department for their support.

Annual Report 2004 Precious Shipping Public Company Limited

π—°≈ß∑ÿπ —¡æ—π∏å π—°≈ß∑ÿπ —¡æ—π∏å‡ªìπÕ’°ß“πÀπ÷Ëß∑’Ë∫√‘…—∑œ µ√–Àπ—°„π§«“¡ ”§—≠Õ¬à“ß¬‘Ëß·≈–‰¥â¡Õ∫À¡“¬„Àâ °√√¡°“√ºŸâ®—¥°“√‡ªìπºŸâ√—∫º‘¥™Õ∫°—∫ß“ππ’È‚¥¬µ√ß π’Ë¡‘„™à ‘Ëß„À¡à∑’Ë‡æ‘Ëß∑”·µà‡ªìπ ‘Ëß∑’Ë∫√‘…—∑œ ‰¡à‰¥â‡πâπ∑’Ë®–√“¬ß“π°‘®°√√¡ π—°≈ß∑ÿπ —¡æ—π∏å„π√“¬ß“πª√–®”ªï„π©∫—∫°àÕπÊ °≈à“«§◊Õ À≈—ß®“°∑’Ë∫√‘…—∑œ ‰¥â‡¢â“®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å„πªï 2536 ‰¡àπ“π ∫√‘…—∑œ °Á‰¥â√—∫°“√‡ πÕ™◊ËÕ„Àâ‡ªìπÀπ÷Ëß„π∫√‘…—∑¥’‡¥àπ„π¥â“ππ—°≈ß∑ÿπ —¡æ—π∏å‚¥¬π‘µ¬ “√∑’Ë¡’™◊ËÕ‡ ’¬ß§◊Õπ‘µ¬ “√ Asia Money º≈°“√ ”√«®¢Õßπ‘µ¬ “√ Asia Money ∫√‘…—∑œ ‡ªìπ 1 „π 5 ∫√‘…∑— ™—Èππ”∑’Ë‡¥àπ„π¥â“ππ—°≈ß∑ÿπ —¡æ—π∏å∂÷ß 2 ªï µ‘¥µàÕ°—π„π™à«ß°≈“ß∑»«√√… 1990 ‡æ◊ËÕ®–„Àâ∑à“π∑—ÈßÀ≈“¬‰¥â¢â“„®«à“∫√‘…—∑œ ¡’§«“¡®√‘ß®—ßÕ¬à“ß‰√„πß“π¥â“ππ’È ‡√“¢Õπ”‡ πÕ √“¬°“√∑’Ë∫√‘…—∑œ ‰¥â‡¢â“√à«¡ß“πæ∫π—°≈ß∑ÿπ (Road Shows) À≈“¬ß“ππ—∫·µà‡¥◊Õπ°—π¬“¬π 2546 ¥—ßπ’È ë °—π¬“¬π 2546 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ UOB Kay Hian ≥ ª√–‡∑» ‘ß§‚ª√å ë µÿ≈“§¡ 2546 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ CSFB ≥ ª√–‡∑»ŒàÕß°ß·≈– ‘ß§‚ª√å ë æƒ»®‘°“¬π 2546 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ Capital Nomura ≥ ª√–‡∑»ŒàÕß°ß ë ¡°√“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ BnP Paribas ≥ ª√–‡∑» ‘ß§‚ª√å ë ¡°√“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ JP Morgan ≥ °√ÿß≈Õπ¥Õπ ë ¡’π“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ BnP Paribas ≥ °√ÿß≈Õπ¥Õπ, ‡¡◊Õß‡Õ‡¥π‡∫Õ√å°, °√ÿß·Õ¡ ‡µÕ√å¥—¡, °√ÿßª“√’ ·≈–‡¡◊Õß¡‘≈“π ë ¡‘∂πÿ “¬π 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ BnP Paribas ≥ ‡¡◊Õß·ø√ß§å‡øî√∑å , °√ÿß‚§‡ªπ‡Œ‡°π ·≈– °√ÿß µÕ§‚Œ≈å¡ ë °√°Æ“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ SET/BnP Paribas „πß“π çJewels in the Crown ≥ ª√–‡∑» ‘ß§‚ª√å ë µÿ≈“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ Citigroup „πß“π çASEAN Corporate Dayé ≥ ª√–‡∑» ‘ß§‚ª√å ë æƒ»®‘°“¬π 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ Goldman Sachs „πß“π çInaugural Shipping Conferenceé ≥ ¡À“π§√π‘«¬Õ√å§ ë ∏—π«“§¡ 2547 √à«¡ß“πæ∫π—°≈ß∑ÿπ°—∫ CSFB ≥ ¡À“π§√π‘«¬Õ√å§, ∫Õ µ—π, «Õ™‘ßµ—π ¥’´’ ·≈– ´“πø√“π´‘ ‚° πÕ°®“°°“√æ∫π—°≈ß∑ÿπ„πß“π Road Shows ‡À≈à“π’È·≈â« ∫√‘…—∑œ ¬—ß‰¥â‡¢â“√à«¡„π°‘®°√√¡ ç∫√‘…—∑®¥∑–‡∫’¬πæ∫ π—°≈ß∑ÿπ - SET Opportunity Dayé ∑’Ë®—¥¢÷Èπª√–®”‰µ√¡“ ∑—Èß 4 ‰µ√¡“ „π√–À«à“ßªï 2547 Õ’°∑—Èß‰¥â√—∫‡™‘≠„Àâπ”‡ πÕ¢âÕ¡Ÿ≈ ¢Õß∫√‘…∑— œ „πß“π CLSA TIP Forum ∑’®Ë ¥— ¢÷πÈ ∑’°Ë √ÿß‡∑æ¡À“π§√„π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2547 ·≈–‰¥â√∫— ‡™‘≠‡¢â“√à«¡„πß“π çEmerging Asia Conferenceé ∑’®Ë ¥— ‚¥¬ JP Morgan ∑’°Ë √ÿß‡∑æ¡À“π§√‡¡◊ÕË ‡¥◊Õπ¡’π“§¡ 2547 ∫√‘…∑— œ ¬—ß‰¥â√«à ¡„πß“πª√–™ÿ¡ —¡¡π“ çThailand Focusé ∑’®Ë ¥— ¢÷πÈ ∑’°Ë √ÿß‡∑æ¡À“π§√„π‡¥◊Õπ°—π¬“¬π 2547 ‚¥¬ß“ππ’‡È ªìπ°“√®—¥√à«¡°—π√–À«à“ßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬, ABN Amro ·≈– CSFB ∫√‘…—∑œ ¬—ß§ß¡ÿàß¡—Ëπ∑’Ë®–¥”‡π‘π‚§√ß°“√π—°≈ß∑ÿπ —¡æ—π∏å ”À√—∫ªï 2548 ·≈–ªïµàÕÊ ‰ª

°Õß‡√◊Õ¢Õß∫√‘…—∑œ „πªï 2547 ∫√‘…—∑œ ‰¥â´◊ÈÕ‡√◊Õ∑—Èß ‘Èπ 22 ≈” ·≈–‰¥â∑¬Õ¬√—∫¡Õ∫‡√◊Õ∑’Ë´◊ÈÕ∑—ÈßÀ¡¥·≈â« ∑”„Àâ∫√‘…—∑œ ¡’°Õß‡√◊Õ®”π«π 52 ≈” ≥ ‘Èπªï 2547 ¡’√–«“ß∫√√∑ÿ°√«¡ 1.31 ≈â“π‡¥µ‡«∑µ—π √–«“ß∫√√∑ÿ°‡©≈’Ë¬µàÕ≈”‡√◊Õ 25,213 ‡¥µ‡«∑µ—π ·≈–¡’Õ“¬ÿ æ’‡Õ ·Õ≈¡Õ∫¿“æ‡√◊Õ„Àâ§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ (∫’‚Õ‰Õ) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π°√√¡°“√ æ’‡Õ ·Õ≈ (´â“¬) ¡Õ∫¿“æ‡√◊Õ„Àâ·°à π“¬ ¡æß…å «π“¿“ (¢«“) ‡≈¢“∏‘°“√ BOI „πß“π‡≈’È¬ß√—∫ª√–∑“πÕ“À“√°≈“ß«—π√à«¡°—π√–À«à“ß§≥– ºŸâ∫√‘À“√∫√‘…—∑°—∫§≥–‡®â“Àπâ“∑’Ë√–¥—∫ Ÿß®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ (∫’‚Õ‰Õ) ·≈–°√¡°“√¢π àß ∑“ßπÈ”·≈–æ“≥‘™¬π“«’ ‡æ◊ËÕ·≈°‡ª≈’Ë¬π§«“¡§‘¥‡ÀÁπ„π°“√·°â‰¢ªí≠À“·≈–Õÿª √√§∑’Ë‡®â“¢Õß‡√◊Õ‰∑¬ ª√– ∫Õ¬Ÿà·≈–æ’‡Õ ·Õ≈‰¥â¢Õ∫§ÿ≥°√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’∑’Ë‰¥â„Àâ°“√ π—∫ πÿπ°“√æ—≤π“ °Õß‡√◊Õ‰∑¬·≈–§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ (∫’‚Õ‰Õ) ∑’Ë‰¥â„Àâ°“√ π—∫ πÿπ°Õß‡√◊Õæ’‡Õ ·Õ≈„Àâ‰¥â√—∫ ‘∑∏‘ª√–‚¬™πå∫’‚Õ‰Õ PSL presented ship photo frame to BOI Admiral Dr. Amnad Chandanamattha, PSLûs Chairman (left) presented a ship photo frame to Mr. Somphong Wanapha, BOIûs Secretary-General (right). PSLû directors and management team had a luncheon with BOIûs officials and Marine Departmentûs officials in order to have a general discussion on problems and obstacles facing Thai shipowners and to thank the BOI for their support PSLûs fleet to obtain BOI privileges.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

nominated as one of the best companies in Thailand for Investor Relations by the prestigious magazine, Asia Money. We were in the top five companies for two years in the mid 1990ûs as per the surveys conducted by Asia Money. To give you an idea as to how actively we focus on this area, we have listed out hereunder, the various road shows that we have participated in since September 2003. ë September 2003, with UOB Kay Hian in Singapore. ë October 2003, with CSFB to Hong Kong and Singapore. ë November 2003, with Capital Nomura in Hong Kong. ë January 2004, with BnP Paribas in Singapore. ë January 2004, with JP Morgan in London. ë March 2004, with BnP Paribas in London, Edinburgh, Amsterdam, Paris and Milan. ë June 2004, with BnP Paribas in Frankfurt, Copenhagen and Stockholm. ë July 2004, with the SET/BnP Paribas ùJewels in the Crownû at Singapore. ë October 2004, with Citigroup for their ùASEAN Corporate Dayû at Singapore. ë November 2004, with Goldman Sachs, for their ùInaugural Shipping Conferenceû at New York. ë December 2004, with CSFB in New York, Boston, Washington DC and San Francisco. In addition to these Road Shows we also attended the 4 quarterly SET Opportunity Days during 2004. We were also asked to make a public presentation at the CLSA TIP Forum held at Bangkok in February 2004. We were invited to take part in the JP Morgan ùEmerging Asia Conferenceû held in Bangkok in March 2004. We also participated in the ùThailand Focusû Investor Conference in Bangkok in September 2004 jointly organised by the SET, ABN Amro and CSFB. We hope to continue actively with this important part of our Investor Relations Program in 2005 and beyond.

OUR FLEET: The Company bought 22 ships in 2004 and took physical delivery of all of them during the year and consequently, the fleet strength at the end of the year was 52 vessels with an aggregate capacity of 1.31 million dwt, an average 25,213 dwt per ship, and an average age of about 18 years. The vessels in the fleet are in good condition and there may not be any need for disposals during the year 2005. The Company shall, however, be on the lookout for the right opportunities for fleet renewal. ‡¬’Ë¬¡™¡‡√◊Õ ÿ∏“∑‘æ¬å π“√’ ‡√◊Õ ÿ∏“∑‘æ¬å π“√’ ‡ªìπÀπ÷Ëß„π‡√◊Õ®”π«π 52 ≈”¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ∑’Ë‡¥‘π∑“ß‡¢â“¡“√—∫¢π∂à“¬ ‘π§â“∑’Ë°√ÿß‡∑æœ ‡¡◊ËÕ«—π∑’Ë 22 æƒ…¿“§¡ 2547 √–À«à“ß∑’Ë ‡√◊Õ‡∑’¬∫∑à“‡æ◊ËÕ√Õ¢π∂à“¬ ‘π§â“ ∫√‘…—∑œ ‰¥â®—¥„ÀâºŸâ∂◊ÕÀÿâπ π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å ◊ËÕ¡«≈™π·≈– ª√–™“™πºŸ â π„®∑—«Ë ‰ª‰¥â‡¢â“‡¬’¬Ë ¡™¡‡√◊Õ∑’‡Ë ÀÁπ®“°¿“æ§≥–ºŸ‡â ¬’¬Ë ¡™¡‡√◊Õ·≈–°—ªµ—π∂à“¬¿“æ√à«¡°—π ≥ ∫√‘‡«≥¥â“ππÕ°¢Õß –æ“π‡√◊Õ Visiting M.V. Suthathip Naree M.V. Suthathip Naree, one of the 52 ships owned by PSL, was in Bangkok on 22nd May, 2004. During this occasion PSL organized a visit to the ship in which shareholders, journalists, analysts and others participated. This photograph, taken outside the bridge, shows the Captain of the ship with the visitors.

Annual Report 2004 Precious Shipping Public Company Limited

‡©≈’¬Ë ª√–¡“≥ 18 ªï ‡√◊Õ∑—ßÈ À¡¥„π°Õß‡√◊Õ¢Õß∫√‘…∑— œ ≥ ªí®®ÿ∫π— ¡’ ¿“æ∑’¥Ë ‡’ ¬’¬Ë ¡¥—ßπ—πÈ ‰¡à¡‡’ √◊Õ∑’®Ë ”‡ªìπµâÕßª≈¥√–«“ß„π√–À«à“ß ªï 2548 Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ®–¡ÿàß¡ÕßÀ“‚Õ°“ ∑’Ë¥’∑’Ë®–ª√—∫ª√ÿß°Õß‡√◊Õ

∑‘»∑“ßÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈ °“√ª≈¥√–«“ß‡√◊Õ„π°Õß‡√◊Õ‚≈°¡’Õ—µ√“≈¥≈ßÕ¬à“ß¡“° ‚¥¬‡¡◊ËÕ„°≈â ‘Èπªï¡’‡√◊Õ®”π«π 66 ≈”∂Ÿ°ª≈¥√–«“ßÕÕ°®“° °Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°¢Õß‚≈° ¢≥–∑’Ë¡’‡√◊Õ„À¡à®”π«π 67 ≈”∂Ÿ° àß¡Õ∫‡¢â“ Ÿàµ≈“¥ àßº≈„Àâ¡’°“√‡µ‘∫‚µ‡æ’¬ß 1 ≈” „π°Õß‡√◊Õ‚≈° §◊Õ‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°„π°Õß‡√◊Õ‚≈° ¡’∑—Èß ‘Èπ 3,029 ≈”„π ‘Èπªï 2547 ‡Àµÿº≈∑’ËÕ—µ√“°“√ª≈¥√–«“ß‡√◊Õ ≈¥≈ß‡π◊ËÕß®“°¿“«–µ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈∑’Ëª√—∫µ—«‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“° ”À√—∫ªïÀπâ“ Õÿª∑“π¢Õß‡√◊Õ √â“ß„À¡à¡’¡“°°«à“∑’Ë‡§¬¡’„πÕ¥’µ∑’Ëºà“π¡“ „π°≈ÿà¡‡√◊Õª√–‡¿∑‡§ª‰´√å¡’‡√◊ÕµàÕ„À¡à 54 ≈”À√◊Õ√âÕ¬≈– 8.1 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ∑’Ë¡’°”Àπ¥ àß¡Õ∫„πªï 2548 π’È ·≈–¡’Õ’° 77 ≈”À√◊Õ√âÕ¬≈– 11.5 ∑’Ë¡’°”Àπ¥ àß¡Õ∫ „πªï 2549 „π‡√◊Õª√–‡¿∑‡§ª‰´√åπ’È¡’®”π«π 72 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 10.8 ¢Õß°Õß‡√◊Õ„πªí®®ÿ∫—π∑’Ë¡’Õ“¬ÿ‡°‘π 22 ªï·≈–¡’ ‚Õ°“ ∂Ÿ°ª≈¥√–«“ß≈ß„π√–À«à“ßªï 2548 π’È ´÷ËßÕ“®∑”„ÀâÕ—µ√“§à“√–«“ß‡√◊Õ≈¥≈ß∂÷ß√–¥—∫∑’Ë‡À¡“– ¡ „π°≈ÿà¡‡√◊Õª√–‡¿∑ ª“π“‡¡°´å¡’‡√◊ÕµàÕ„À¡à®”π«π 74 ≈” À√◊Õ√âÕ¬≈– 6.4 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2548 π’È ·≈–Õ’° 56 ≈” À√◊Õ √âÕ¬≈– 4.9 ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 °Õß‡√◊Õ°≈ÿà¡ª“π“·¡°´å¡’ 64 ≈” À√◊Õ√âÕ¬≈– 5.5 ∑’Ë¡’Õ“¬ÿ‡°‘π 24 ªï·≈–Õ“®®–∂Ÿ°ª≈¥ √–«“ß„π√–À«à“ßªï 2548 ´÷Ëß®–∑”„ÀâÕ—µ√“§à“√–«“ß‡√◊Õ≈¥≈ßÕ¬à“ß¡“°®π°√–∑—Ëß ¡¥ÿ≈°—∫Õÿª∑“π‡√◊Õ∑’Ë®–‡¢â“¡“„À¡à„πµ≈“¥ À≈—ß®“°π—ÈπÕ—µ√“§à“√–«“ß‡√◊ÕÕ“®¥’¥µ—«°≈—∫¢÷Èπ¡“„À¡à ”À√—∫‡√◊Õª√–‡¿∑´Ÿ‡ªÕ√å·Œπ¥’È·¡°´å ¡’‡√◊Õ„À¡à®”π«π 106 ≈” À√◊Õª√–¡“≥√âÕ¬≈– 8.2 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2548 ·≈–Õ’° 83 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 6.4 ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 „π‡√◊Õª√–‡¿∑π’¡È ‡’ √◊Õ 74 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 5.7 ®–¡’Õ“¬ÿ‡°‘π 25 ªï·≈–πà“®–∂Ÿ°ª≈¥√–«“ß≈ß„π√–À«à“ßªï 2548 π’È ´÷Ëßπà“®– àßº≈„Àâ§à“√–«“ß‡√◊Õ≈¥≈ß „π‡√◊Õª√–‡¿∑‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ¡’‡√◊ÕµàÕ„À¡à®”π«π 73 ≈”À√◊Õ ª√–¡“≥√âÕ¬≈– 2.4 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2548 ·≈–Õ’° 51 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 1.7 ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 „π‡√◊Õª√–‡¿∑π’È¡‡’ √◊Õ 736 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 24.3 ®–¡’Õ“¬ÿ‡°‘π 27 ªï·≈–πà“®–∂Ÿ°ª≈¥√–«“ß≈ß„π√–À«à“ßªï 2548 π’È ´÷Ëßπà“®– àßº≈„Àâ§à“√–«“ß‡√◊Õ≈¥≈ß ·≈–¥â«¬‡√◊Õ∑’Ë¡’Õ“¬ÿ¡“°‡À≈à“π’È Õÿª∑“π·≈–Õÿª ß§å®–¡’°“√‡§≈◊ËÕπ‰À«∑’Ë√ÿπ·√ß„πµ≈“¥‡√◊Õ ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ´÷Ëß‡ªìπµ≈“¥‡¥’¬«°—∫∑’Ë∫√‘…—∑œ ¥”‡π‘π∏ÿ√°‘®Õ¬Ÿàπ—Ëπ§◊Õµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß ”À√—∫ ¿“æ°“√·¢àß¢—π„πÕÿµ “À°√√¡‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑œ ªí®®ÿ∫—π°Õß‡√◊Õ¢Õß∫√‘…—∑œ ¡’∑—Èß ‘Èπ®”π«π 52 ≈” À≈—ß®“°°“√´◊ÈÕ‡√◊Õ¡◊Õ Õß‡æ‘Ë¡√–À«à“ßªï 2547 ®”π«π 22 ≈” ∑”„Àâ ≥ ªí®®ÿ∫—π°Õß‡√◊Õ¢Õß∫√‘…—∑œ ¡’ à«π·∫àßµ≈“¥§‘¥‡ªìπ √âÕ¬≈– 2 ¢Õß°Õß‡√◊Õ„π°≈ÿà¡‡√◊Õπ’È ´÷Ëß∂◊Õ‰¥â«à“‡ªìπÀπ÷Ëß„π∫√√¥“‡®â“¢Õß‡√◊Õ∑’Ë¡’°Õß‡√◊Õ¡“°∑’Ë ÿ¥ ∂÷ß·¡â«à“∫√‘…—∑œ ®–‰¡à„™à‡®â“¢Õß ‡√◊Õ‡æ’¬ß√“¬‡¥’¬«∑’Ë¡’°Õß‡√◊Õ„À≠à∑’Ë ÿ¥„π°≈ÿà¡‡√◊Õπ’È°Áµ“¡ Õ¬à“ß‰√°Á¥’‡®â“¢Õß‡√◊Õ„π°≈ÿà¡π’È¡’≈—°…≥–°√–®—¥°√–®“¬Õ¬à“ß¡“° ¥—ßπ—Èπ ∫√‘…—∑œ ‡ª√’¬∫‡ ¡◊Õπª≈“„À≠à„π∫÷ßπâÕ¬ „π¥â“π≈Ÿ°§â“ ≈Ÿ°§â“∑’ËµâÕß°“√„™â∫√‘°“√¢Õß‡√◊Õ„π°≈ÿà¡‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á° ≈Ÿ°§â“ ®–π÷°∂÷ßæ’‡Õ ·Õ≈°àÕπ °àÕπ∑’Ë®–‰ª„™â∫√‘°“√°—∫‡®â“¢Õß‡√◊Õ√“¬¬àÕ¬Õ◊ËπÊ „π√“¬ß“πª√–®”ªï©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥â· ¥ß§«“¡‡ÀÁπµàÕ ∂“π°“√≥å°“√‡¡◊Õß√–À«à“ßª√–‡∑»¢Õßª√–‡∑»Õ‘√—° «à“®– àßº≈∑”„Àâ°√–· ‡»√…∞°‘®‚≈°™–≈Õµ—«≈ßæ√âÕ¡Ê ‰ª°—∫°“√º≈—°¥—π„Àâ√“§“πÈ”¡—π‚≈° Ÿß¢÷Èπ ∫√‘…—∑œ ‡™◊ËÕ«à“æ◊Èπ∞“π ‡»√…∞°‘®‚≈°„πªï 2547 ‡ªìπ‰ª„π∑‘»∑“ß∑’Ë∂Ÿ°µâÕß§√—Èß·√°π—∫·µàªï 2529 ¥—ßπ—Èπ∫√‘…—∑œ ¬—ß§ß§“¥°“√≥å«à“°“√‰À≈¢Õß°“√§â“ æ’‡Õ ·Õ≈ π—∫ πÿπß“π OTOP-SME-BOI : Made in Thailand æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π°√√¡°“√∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) æ’‡Õ ·Õ≈ √—∫¡Õ∫‚≈àÀå‡°’¬√µ‘§ÿ≥®“° œæ≥œ π“¬°√—∞¡πµ√’ æ—πµ”√«®‚∑ ¥√. ∑—°…‘≥ ™‘π«—µ√ „π∞“π–ºŸâ π—∫ πÿπ°“√®—¥ß“π OTOP-SME-BOI : Made in Thailand ∑’Ë®—¥‚¥¬°√–∑√«ß Õÿµ “À°√√¡√–À«à“ß«—π∑’Ë 11-20 ¡‘∂ÿπ“¬π 2547 ∑’Ë Hall 9-10 Õ‘¡·æ§ ‡¡◊Õß∑Õß∏“π’ PSL supports OTOP-SME-BOI : Made in Thailand Admiral Dr. Amnad Chandanamatta, PSL Chairman is seen receiving the plaque from His Excellency, The Prime Minister of Thailand, Dr. Thaksin Shinawatra as a supporter of OTOP-SME-BOI : Made in Thailand, a showcase of Thai Industry, organized by the Ministry of Industry during 11-20 June, 2004 at Hall 9-10, IMPACT Muang Thong Thani.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

THE INDUSTRY OUTLOOK: Ship scrapping slowed down quite dramatically as we neared the end of the year with a total of 66 ships being scrapped and 67 new ships being delivered into the fleet, resulting in a positive growth of just 1 ship in the world fleet to 3,029 ships in our sector during 2004. The reason for a slowing down in the scrapping rate has been the change in the freight market from a state of strength at the beginning of the year to astronomical levels, and uncharted territory, as the year progressed. For the year ahead, the supply of new ships is stronger than in the immediate past. In the Capesize sector 54 ships or 8.1% are scheduled for delivery in 2005 with another 77 ships or 11.5% to follow in 2006. In this sector 72 ships or 10.8% will be over 22 years of age and likely to be scrapped during 2005 should freight rates reach low enough levels. In the Panamax sector there are 74 ships or 6.4% to be delivered during 2005 with another 56 ships or 4.9% contracted for delivery in 2006. The saving grace in the Panamax sector is that 63 ships or 5.5% of the fleet is currently over 24 years of age and would likely be scrapped during 2005 should freight rates decline sharply enough thereby balancing out the fresh supply and restoring freight rates rather quickly. In the Super Handymax sector 106 ships or 8.2% are scheduled for delivery in 2005 with another 83 ships or 6.4% to follow in 2006. In this sector 74 ships or 5.7% will be over 25 years of age and likely to be scrapped during 2005 if freight rates drop by any appreciable margin. In the Small Handy Size sector, 73 ships or 2.4% are scheduled for delivery in 2005 with another 51 ships or 1.7% to follow in 2006. In our sector 736 ships or 24.3% will be over 27 years of age and likely to be scrapped during 2005 if freight rates drop sharply. With this extremely large overhang of very old ships, the supply demand dynamics appear to be the strongest in the small handy size sector, the sector in which your Company operates exclusively, of the Dry Bulk Tramp Freight market. Our Competitive Position within the industry with 52 ships has been strengthened with the purchase of the 22 ships during 2004. We currently have about 2% of the world fleet in this sector which makes us one of the largest, if not the single largest, player in this sector of the market. With the ownership structure in this sector being extremely fragmented we are presently enjoying the big-fish-in-a-small-pond syndrome. As a result we are an established brand æ’‡Õ ·Õ≈∫√‘®“§§Õ¡æ‘«‡µÕ√å„Àâπ—°‡√’¬π„π®—ßÀ«—¥√–¬Õß „π¿“æ: æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π°√√¡°“√∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (¬◊π°≈“ß) π“¬ ¡‡¥® «‘‰≈ ºŸâÕ”π«¬°“√‚√ß‡√’¬π«—¥ÀπÕß π¡ (¬◊π∑’Ë Õß®“°´â“¬) π“¬∫ÿ≠ ‰æ√∑Õß ºŸÕâ ”π«¬°“√‚√ß‡√’¬π™ÿ¡™π«—¥∫â“π·≈ß (¬◊π´â“¬ ÿ¥) π“¬æ’√»—°¥‘Ï √—°…“«ß»å ºŸâ™à«¬ºŸâÕ”π«¬°“√‚√ß‡√’¬π«—¥™â“ß™π (¬◊π∑’Ë Õß®“°¢«“) ·≈– π“¬¬» ™Ÿ»—°¥‘Ï«√‡«™ √—°…“°“√ºŸâÕ”π«¬°“√‚√ß‡√’¬π‡¢“«—ß¡—Ëπ (¬◊π¢«“ ÿ¥) ·≈–π—°‡√’¬π®“° 4 ‚√ß‡√’¬π æ’‡Õ ·Õ≈ ∫√‘®“§‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å∑—Èß 24 ‡§√◊ËÕß„Àâ°—∫‚√ß‡√’¬πª√–∂¡·≈–¡—∏¬¡ 4 ‚√ß‡√’¬π„π®—ßÀ«—¥ √–¬Õß ‡æ◊ËÕ„™â‡ªìπÕÿª°√≥åª√–°Õ∫°“√‡√’¬π°“√ Õππ—°‡√’¬π®”π«π 877 §π „π‚√ß‡√’¬π‡À≈à“π’È PSL donated computer set to schools in Rayong province As seen in the picture: Admiral Dr. Amnad Chandanamattha, PSL Chairman (standing in the centre), Schoolsû Head Master, Mr. Somdej Vilai, Director of Wat Nong Sanom school (second from left), Mr. Boon Praithong, Director of Chum Chon Wat Ban Lang school (far left), Mr. Peerasak Raksawong, Assistant Director of Wat Chang Chon school (second from right) and Mr. Yos Choosakworavej , Acting Director of Ban Kao Wang Man school (far right) and pupils from these 4 schools. PSL donated 24 computer sets to 4 selected primary and secondary schools in Rayong province that needed computer sets for their pupils. These 24 computer sets will be used for teaching 877 pupils in these schools.

Annual Report 2004 Precious Shipping Public Company Limited

´÷ËßÀ¡“¬∂÷ß°“√‡§≈◊ËÕπ‰À«¢Õß ‘π§â“‡∑°Õßπ—Èπ®–‡æ‘Ë¡¢÷Èπ„πªïπ’È ∫√‘…—∑œ ‰¡àÕ“®§“¥°“√≥å‰¥â¡“°°«à“π’È °≈à“«§◊Õ°“√À¡ÿπ‡«’¬π ¢Õß°“√§â“„πªï 2547 ∑”„Àâµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈º—πº«π·≈– √â“ß√âÕ¬¬‘È¡„Àâ·°à∫√√¥“∫√‘…—∑‡®â“¢Õß‡√◊Õµ≈“¥∑—Èßªï ∫√‘…—∑œ ß —¬«à“∂â“ ∂“π°“√≥å°“√‡¡◊Õß√–À«à“ßª√–‡∑»„πª√–‡∑»Õ‘√—°·≈– à«πµà“ßÊ ¢Õß‚≈°®–¥’¢÷Èπ„π™à«ßªï 2548 ®– àßº≈„Àâ°“√ À¡ÿπ‡«’¬π¢Õß°“√§â“¡’¡“°¢÷πÈ ·≈–√âÕπ·√ß¢÷πÈ °«à“∑’§Ë “¥°“√≥å‰«â ‡«≈“‡∑à“π—πÈ ∑’®Ë –∫Õ°‰¥â«“à ∂“π°“√≥å„πª√–‡∑»Õ‘√°— ®–¥’¢π÷È À√◊Õ‰¡à ¡’°“√§“¥°“√≥å®“°∫√√¥“ºŸâ√Ÿâ„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫∑’Ë·≈â««à“Õ—µ√“§à“√–«“ß ‡√◊Õ®–‡√‘Ë¡ª√—∫µ—«¥’¢÷Èπ„π™à«ßªï 2547 ªí®®ÿ∫—πºŸâ√Ÿâ°≈ÿà¡¥—ß°≈à“«‰¥âæ¬“°√≥åÕ’°«à“„πÕ’° 2-3 ªï¢â“ßÀπâ“°Áπà“®–¬—ß‡ªìπªï∑’Ë¥’ ¥—ßπ—Èπ ∫√‘…—∑œ °Á‰¥â√–¡—¥√–«—ß„π‡√◊ËÕßπ’È„π 2-3 ªï¢â“ßÀπâ“‡™àπ°—π

º≈°√–∑∫®“°°Æ¢âÕ∫—ß§—∫ ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ„π∑à“‡√◊Õ¢Õß·µà≈–√—∞ (Port State Control) ¬—ß§ß∑”Àπâ“∑’ËÕ¬à“ß‡¢Á¡·¢âß ‚¥¬°“√π”‡Õ“ ç√–‡∫’¬∫ªØ‘∫—µ‘¢Õß°≈ÿà¡Õÿµ “À°√√¡∑’Ë¥’é ¡“„™â°—∫∫√√¥“‡√◊Õµà“ßÊ Õ¬à“ß‡¢â¡ß«¥ ”À√—∫‡√◊ËÕß¢âÕ∫—ß§—∫„π‡√◊ËÕß§«“¡¡—Ëπ§ß¢Õß ‡√◊Õ “°≈·≈–Õÿª°√≥å∑à“‡√◊Õ (ISPS) ∑’Ë®–¡’º≈∫—ß§—∫„™â„π«—π∑’Ë 1 °√°Æ“§¡ 2547 ∫√‘…—∑œ À«—ß«à“ ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ „π∑à“‡√◊Õ¢Õß√—∞®–¬‘Ëß‡¢â¡ß«¥°«¥¢—π°—∫‡√◊Õ∑’ËµË”°«à“¡“µ√“∞“πÀ√◊Õ∫√√¥“‡√◊Õ∑’Ë∑”∏ÿ√°‘®°“√§â“°—∫∑à“‡√◊Õ∑’Ë¡’¡“µ√“∞“π°“√ ª√–°Õ∫°“√µË” ∫√‘…—∑œ À«—ß«à“§«“¡‡¢â¡ß«¥π’È®–‰¡à∑”≈“¬√–∫∫°≈‰°°“√‡¥‘π‡√◊Õ∑’ËÕ¬Ÿàµ—«·≈â«¢ÕßÕÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑–‡≈

ªí≠À“∑’ËÕÿµ “À°√√¡‡¥‘π‡√◊Õª√– ∫Õ¬Ÿà„πªí®®ÿ∫—π ë °“√∑’Ëµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈‰¥â‡µ‘∫‚µ Ÿß‡ªìπª√–«—µ‘°“√≥å„π√–À«à“ßªï 2547 ∑”„Àâ∫√‘…—∑‡√◊Õ à«π¡“° ¡’°√–· ‡ß‘π ¥‡À≈◊Õ ´÷ßË ®–∂Ÿ°π”‰ª„™â‡æ◊ÕË ‰≈à´Õ◊È ‡√◊Õ¡◊Õ Õß∑’¡Ë „’ π∑âÕßµ≈“¥ ªíπò √“§“‡√◊Õ¡◊Õ Õß∑’ Ë ßŸ Õ¬Ÿ·à ≈â«„Àâ ßŸ ¢÷πÈ ∂÷ß√–¥—∫∑’‰Ë ¡à‡§¬ ‡ªìπ¡“°àÕπ ≥ «—ππ’È‡√◊Õ¡◊Õ ÕßÕ“¬ÿ 5 ªï‡ πÕ√“§“¡“°°«à“√“§“‡√◊ÕµàÕ„À¡à ë ºŸâ„Àâ∫√‘°“√«“ß√–∫∫ IT π—Èπ‰¥âº≈‘µ™ÿ¥‚ª√¡·°√¡¡“µ√“∞“π‚¥¬„™â‡∑§‚π‚≈¬’ ¡—¬„À¡à ”À√—∫Õÿµ “À°√√¡ °“√‡¥‘π‡√◊Õ∑–‡≈‰¥â¥¢’ π÷È ·≈–¡’ª√– ‘∑∏‘¿“æ¡“°¢÷πÈ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å ”‡√Á®√Ÿª¥—ß°≈à“«‰¥â‡ªìπ∑’µË Õâ ß°“√¢ÕßÕÿµ “À°√√¡‡¥‘π‡√◊Õ ë „π√“¬ß“π©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥âµ—Èß§«“¡À«—ß‰«â«à“°√–· °“√§«∫√«¡°‘®°“√®–¢¬“¬¡“∂÷ß°≈ÿà¡‡√◊Õ¢π àß ‘π§â“ ·Àâß‡∑°Õß ´÷Ëß‡ªìπ°≈ÿà¡∏ÿ√°‘®‡√◊Õ∑’ËµâÕß°“√°“√§«∫√«¡°‘®°“√Õ¬à“ß¬‘Ëß ‘Ëßπ’È‰¥â‡°‘¥¢÷Èπ·≈â«·µà°Á‡ªìπ‰ªÕ¬à“ß™â“Ê ¥â«¬°“√‡¢â“¬÷¥ °‘®°“√°Õß‡√◊Õ¢π“¥‡≈Á°‚¥¬∫√‘…—∑‡√◊Õ∑’Ë„À≠à°«à“ °“√§«∫√«¡°‘®°“√Õ’°·∫∫Àπ÷Ëß°Á§◊Õ°“√√«¡°—π¢Õß°≈ÿà¡∫√‘…—∑„À¡à‚¥¬¬—ß§ß √—°…“°“√∫√‘À“√ß“π·≈–§«“¡‡ªìπ‡®â“¢Õß¢Õß·µà≈–§π‰«â‰¥â ¥—ßπ—Èπ®–¥â«¬√Ÿª·∫∫°“√√«¡°—π·∫∫„¥°Áµ“¡°Á‡ªìπ ‘Ëß∑’Ëπà“¬‘π¥’ ‡æ√“–®–™à«¬„Àâ°“√¥”‡π‘π∏ÿ√°‘®¥’¢÷Èπ ”À√—∫ºŸâ¡’ à«π√à«¡∑ÿ°§π„πÕÿµ “À°√√¡π’È æ’‡Õ ·Õ≈‰¥â√“ß«—≈ çBEST LIQUIDITY IMPROVEMENTé ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) ‰¥â√—∫√“ß«—≈ çBEST LIQUIDITY IMPROVEMENTé „π§◊π«—πª√–°“»º≈√“ß«—≈ ®—¥‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡¡◊ËÕ§◊π «—π∑’Ë 26 °√°Æ“§¡ 2547 ∑’ºË “à π¡“ ≥ ÀâÕß‡æ≈ππ“√’ »Ÿπ¬å°“√ª√–™ÿ¡·Ààß™“µ‘ √‘ °‘ µ‘ ‘Ï √“ß«—≈ çBEST LIQUIDITY IMPROVEMENTé ‡ªìπ√“ß«—≈ ”À√—∫∫√‘…—∑®¥∑–‡∫’¬π∑’Ë„™â‡§√◊ËÕß¡◊Õ„πµ≈“¥∑ÿπ ‡æ◊ÕË °“√∫√‘À“√ ¿“æ§≈àÕß„π°“√´◊ÕÈ ¢“¬À≈—°∑√—æ¬å„Àâ‡æ‘¡Ë ¢÷πÈ Õ¬à“ß‚¥¥‡¥àπ„πªï 2546 πÕ°®“°π—πÈ æ’‡Õ ·Õ≈ ¬—ß‡ªìπ 1 „π 3 ∫√‘…—∑„πÀ¡«¥∫√‘°“√∑’Ë∂Ÿ°‡ πÕ™◊ËÕ‡¢â“√Õ∫ ÿ¥∑â“¬‡æ◊ËÕ™‘ß√“ß«—≈ çBEST PERFORMANCE AWARDSé ´÷Ëß‡ªìπ√“ß«—≈„Àâ°—∫∫√‘…—∑®¥∑–‡∫’¬π∑’Ë¡’∞“π–∑“ß°“√‡ß‘π·≈– º≈°“√¥”‡π‘πß“π¥’‡¥àπ„πªï 2546 („π¿“æ) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π °√√¡°“√ æ’‡Õ ·Õ≈ √—∫¡Õ∫√“ß«—≈ çBEST LIQUIDITY IMPROVEMENTé ®“°√—∞¡πµ√’ «à“°“√°√–∑√«ß°“√§≈—ß ¥√. ¡§‘¥ ®“µÿ»√’æ‘∑—°…å PSL BAGGED çBEST LIQUIDITY IMPROVEMENTé AWARD Precious Shipping Public Company Limited (PSL) won the ùBest Liquidity Improvementû Award at the Crystal Night 2004 award ceremony held by the Stock Exchange of Thailand on 26th July 2004. This was awarded to the listed company that made the most amount of progress in prominently employing financial instrument(s) in the capital market to enhance its security-trading liquidity in the year 2003 as compared to 2002. PSL was also one of the three companies to be nominated for the ùBest Performanceû award in the Service Sector. PSLûs Chairman, Admiral Dr. Amnad Chandanamattha, is seen receiving the award from Finance Minister, Dr. Somkid Jatusripitak.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

name within this sector with every client wanting to do business with us first before they take their custom to any of the other smaller players within the sector. In our last Annual Report we had commented on the geo-political situation in Iraq acting as an economic drag whilst keeping oil prices at very high levels. We had then felt that the world economic fundamentals for 2004 appeared to be pulling in the right direction for the first time since 1986. We had therefore expected that trade flows, and consequently bulk cargo movements, would increase during the year. We could not have been more prescient. Trade flows in 2004 kept the freight market bubbling, and smiles on ownerûs faces, through out the year. We suspect that should the geopolitical situation in Iraq and the rest of the world improve during 2005 it would result in even greater trade flows and hotter than expected freight markets. Time will tell if the situation in Iraq will improve to such a point. The myriad of forecasts made by our industry pundits, as indicated in our last report, have been vindicated with rates improving strongly during 2004. The same pundits now forecast that the next 2 to 3 years should be good years! We are, therefore, cautiously optimistic about the prospects for the next few years.

REGULATORY INFLUENCES: Port State Control (PSC) has continued its iron-man role forcing ùbest industry practiceû levels in every sector. With the coming into force of the International Ship and Port facility Security (ISPS) code on 1st July 2004 PSC has got even greater latitude in taking action against those ships that are deemed to be sub-standard and or those that trade to undesirable ports. We just hope that over zealousness does not hamper the smooth functioning of our industry.

ISSUES FACING THE INDUSTRY: ë With the Freight Markets hitting all time highs during 2004 most Companies today have a lot of cash in their pockets which will be used to chase those second-hand ships that are available, driving prices that are already very high, to levels never seen before. Today a 5 year old second hand ship commands a premium over the new building replacement cost with 10 year olds being exchanged at new building prices! ë Many IT solution providers are making available standardized packages that would use modern technology to conduct our business in a more efficient manner. These solution providers are to be welcomed by the progressive elements within our industry. ë In our previous reports we had hoped that the consolidation bug would spread to the Dry Cargo Sector that was badly in need of the same. This is happening, though rather slowly, with the take over of smaller fleets by larger æ’‡Õ ·Õ≈‡¢â“√Õ∫ ÿ¥∑â“¬„π√“ß«—≈ çBEST PERFORMANCE AWARDSé („π¿“æ) ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) √—∫¡Õ∫„∫ª√–°“»‡°’¬√µ‘§ÿ≥ ®“° π“¬«‘®‘µ√ ÿæ‘π‘® ª√–∏“π§≥–°√√¡°“√µ≈“¥ À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „π∞“π–∑’Ë∫√‘…—∑‰¥â√—∫°“√‡ πÕ™◊ËÕ‡ªìπ 1 „π 3 ∫√‘…—∑„πÀ¡«¥∫√‘°“√ ‡¢â“√Õ∫ ÿ¥∑â“¬‡æ◊ËÕ™‘ß√“ß«—≈ çBEST PERFORMANCE AWARDSé ´÷Ëß‡ªìπ√“ß«—≈„Àâ°—∫∫√‘…—∑ ®¥∑–‡∫’¬π∑’Ë¡’∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¥’‡¥àπ„πªï 2546 çBEST PERFORMANCE AWARDSé PSL was also one of the three companies to be nominated for the ùBest Performanceû award in the Service Sector. PSLûs Managing Director, Mr. Khalid Hashim, is seen receiving the certificate from SETûs Chairman, Dr. Vijitr Suphinij.

Annual Report 2004 Precious Shipping Public Company Limited

‚§√ß°“√√à«¡∑ÿπ °√–∫«π°“√¬°‡≈‘°‚§√ß°“√√à«¡∑ÿπ∑’Ë¡’Õ¬Ÿà¢Õß∫√‘…—∑œ ¬—ß¥”‡π‘πµàÕ‰ª ë ‚§√ß°“√√à«¡∑ÿπ Geepee Bulk Handlers, Kandla (GPBH): µ—ÈßÕ¬Ÿà ≥ ‡¡◊Õß Kandla ª√–‡∑»Õ‘π‡¥’¬ º≈®“°°“√ À¡¥Õ“¬ÿ —¡ª∑“π°“√∫√‘À“√∑à“‡√◊Õ°—∫√—∞∫“≈ ∫√‘…—∑œ ®÷ß‰¥â¢“¬Àÿâπ∑’Ë∂◊Õ„π Geepee Corporation Limited ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë‡¢â“‰ª √à«¡∑ÿπ„π‚§√ß°“√√à«¡∑ÿππ’È ‚¥¬‰¥â°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿππ’È‡ªìπ‡ß‘π 33.53 ≈â“π∫“∑ ë Southern LPG (SLPG) : ‚§√ß°“√√à«¡∑ÿππ’È‰¥â¬ÿµ‘·≈â« ‡À≈◊Õ·µà¢∫«π°“√¢“¬ ‘π∑√—æ¬å´÷Ëß‰¥â§◊∫Àπâ“‰ªÕ¬à“ß¡“° ·≈–∫√‘…—∑œ §“¥«à“®–‡ √Á® ¡∫Ÿ√≥å„πÕπ“§µÕ—π„°≈âπ’È ë International Seaports (ISPL) : §«“¡¡ÿàßÀ«—ß¢Õß‚§√ß°“√≈ß∑ÿππ’È°Á‡æ◊ËÕ∫√‘…—∑œ ®–‰¥â¡’√“¬‰¥â„πÕπ“§µ‚¥¬ ‰¡à¡’™à«ß¢“¢÷Èπ·≈–¢“≈ß Õ¬à“ß‰√°Áµ“¡¥â«¬·ºπ°“√À“‡¡Á¥‡ß‘π¡“‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ RCD ¢Õß∫√‘…—∑œ ·≈–§«“¡≈à“™â“„π°“√Õπÿ¡—µ‘ ‚§√ß°“√¢Õß√—∞∫“≈Õ‘π‡¥’¬·≈–Àπà«¬ß“π∑’Ë‡°’Ë¬«¢âÕß ∑”„Àâ·ºπ°“√¢¬“¬°“√≈ß∑ÿπ„π‚§√ß°“√π’È„π∑à“‡√◊Õ∑’Ë‡¡◊Õß§“§‘π“¥“·≈– ‡¡◊Õß∏”√“µâÕßÀ¬ÿ¥™–ß—° ·¡â«à“®–¡’§«“¡§◊∫Àπâ“„π à«π¢ÕßÀÿâπ à«πÀ√◊Õ§«“¡§◊∫Àπâ“®“°ºŸâ√à«¡∑ÿπ√“¬„À¡à ‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ „π‚§√ß°“√π’°È ®Á –∂Ÿ°≈¥¡Ÿ≈§à“≈ß ¥—ßπ—πÈ °àÕπ∑’ Ë ¥— à«π°“√∂◊ÕÀÿπâ ∑’≈Ë ¥≈ß®–‡°‘¥¢÷πÈ ∫√‘…∑— œ ‰¥â¥”‡π‘π°“√¢“¬‚§√ß°“√≈ß∑ÿππ’ÕÈ Õ°‰ª ´÷Ëß¢≥–π’È°“√‡®√®“°Á°â“«Àπâ“‰ª¡“°·≈â«·≈–∫√‘…—∑œ À«—ß«à“®–‡°‘¥º≈¥’„πªïπ’È ¬—ß¡’°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ ºà“π∫√‘…—∑ ISPL Õ’° Àπ÷Ëß‚§√ß°“√§◊Õ‚§√ß°“√∑à“‡√◊Õ‡¡◊ÕßŒ“≈‡¥’¬ ¡’ —¥ à«π°“√≈ß∑ÿπª√–¡“≥√âÕ¬≈– 22.4 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß‚§√ß°“√π’È §«“¡§◊∫Àπâ“¢Õß‚§√ß°“√Œ“≈‡¥’¬π—Èπ√ÿ¥Àπâ“‰ªÕ¬à“ß¥’

∫∑ √ÿª „π√–À«à“ßªï 2547 æ«°‡√“§≥–ºŸâ∫√‘À“√‰¥â∫√‘À“√°‘®°“√‡æ◊ËÕ√“°∞“π·Ààß§«“¡‡µ‘∫‚µ∑’Ë·¢Áß·°√àß„Àâ°—∫∫√‘…—∑œ ºà“π°“√µ—¥ ‘π„®„π‡√◊ËÕß ”§—≠Ê ·≈–°“√™à«ß™‘ß‚Õ°“ æ«°‡√“‰¥â™à«ß™‘ß‚Õ°“ ¢Õßµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®” ‡ âπ∑“ß∑’ËÕ“®®–‡°‘¥¢÷Èπ§√—Èß‡¥’¬«„π™’«‘µ·≈–‰¥âæÿàß‡¢â“¡“ Ÿà‡ âπ∑“ß¢Õß‡√“ ¥â«¬æ√–æ√®“°æ√–ºŸâ‡ªìπ‡®â“æ«°‡√“À«—ß«à“®– “¡“√∂ ∑”µ“¡ —≠≠“´÷Ëß‰¥âª√“°Ø·≈â«„πªï 2546 ·°àºŸâ∂◊ÕÀÿâπ∑ÿ°§π·≈–ºŸâ¡’ à«π‰¥â‡ ’¬∑—ÈßÀ≈“¬ §«“¡µ√–Àπ—°„π ‘Ëßπ’È¢Õßæ«°‡√“¡“®“° §«“¡‡ ’¬ ≈– °“√∑”ß“πÀπ—°¢Õß¡◊ÕÕ“™’æ¢Õß∫ÿ§≈“°√√«¡∂÷ß∫√√¥“‡®â“Àπâ“∑’Ëª√–®”°“√∫π‡√◊Õ¢Õßæ’‡Õ ·Õ≈∑ÿ°§π ∫√‘…—∑æ’‡Õ ·Õ≈ §≥–ºŸâ∫√‘À“√·≈–æπ—°ß“π∫√‘®“§‡ß‘π°«à“ 1,000,000 ∫“∑ ‡æ◊ËÕ™à«¬‡À≈◊ÕºŸâª√– ∫¿—¬§≈◊Ëπ¬—°…å ÷π“¡‘„π®—ßÀ«—¥¿“§„µâ¢Õßª√–‡∑»‰∑¬ PSL and PSLûs Management and Staff donate over Baht 1,000,000 to Tsunami Victims in southern provinces of Thailand. ∫√‘…—∑æ’‡Õ ·Õ≈ §≥–ºŸâ∫√‘À“√·≈–æπ—°ß“π∫√‘®“§‡ß‘π 1,141,500 ∫“∑ „Àâ ¿“°“™“¥‰∑¬‡æ◊ËÕ™à«¬‡À≈◊ÕºŸâª√– ∫¿—¬§≈◊Ëπ¬—°…å ÷π“¡‘ 6 ®—ßÀ«—¥¿“§„µâ πÕ°®“°π’È §πª√–®”‡√◊Õ¢Õßæ’‡Õ ·Õ≈¬—ß‰¥â∫√‘®“§‡ß‘π 590,000 ∫“∑ „Àâ™“«ª√–¡ßÀ¡Ÿà∫â“π∑–‡≈πÕ° ®—ßÀ«—¥√–πÕß‡æ◊ËÕ‡ªìπ∑ÿπµàÕ‡√◊Õª√–¡ß„À¡à ‡æ◊ËÕ„™âª√–°Õ∫Õ“™’æª√–¡ßµàÕ‰ª çPSL and PSLûs management and staff donated Baht 1,141,500 to the Thai Red Cross Society to help the victims of Tsunami in Southern Thailand. In addition, PSLûs floating staff also donated Baht 590,000 to villagers of Talay Nok village in Ranong Province, to be used in repairs/renewal of fishing boats so that the village can get back onto its feet as soon as possible.

‡¡◊ËÕ«—π∑’Ë 29 ∏—π«“§¡ 2547 ∫√‘…—∑œ √à«¡°—∫§≥–ºâŸ∫√‘À“√·≈–æπ—°ß“π¢Õß∫√‘…—∑æ’‡Õ ·Õ≈ ‰¥â √à « ¡„®°— π ∫√‘ ® “§∑ÿ π ∑√— æ ¬å ‡ ªì π ‡ß‘ π √«¡∑—È ß ‘È π 1,141,500 ∫“∑ „Àâ · °à ¿“°“™“¥‰∑¬‡æ◊Ë Õ π”‰ª ™à « ¬‡À≈◊ Õ ºŸâ ª √– ∫¿— ¬ ®“°§≈◊Ë π ¬— ° …å ÷ π “¡‘ „ π®— ß À«— ¥ ¿“§„µâ¢Õßª√–‡∑»‰∑¬ On 29th December, PSL and PSLûs management and staff donated Baht 1,141,500 to the Thai Red Cross Society for Tsunamiû victims relief.

‡¡◊ËÕ«—π∑’Ë 4 ¡’π“§¡ 2548 ¡√. ‚§§“ «’. ÿ¥“°“√å (√Ÿª°≈“ß-¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬ ∫√‘À“√°Õß‡√◊Õ ‰¥â‡¥‘π∑“ß‰ª¡Õ∫‡ß‘π∫√‘®“§®”π«π 590,000 ∫“∑ (Àâ“· π‡°â“À¡◊Ëπ∫“∑) „Àâπ“¬‡√«ÿ≤‘ À“≠®‘µ (√Ÿª°≈“ß-´â“¬) ºŸâ„À≠à∫â“π∑–‡≈πÕ° ®—ßÀ«—¥√–πÕß ´÷Ëß‡ªìπµ—«·∑π¢Õß™“«∫â“πºŸâª√– ∫¿—¬ ®“°§≈◊Ëπ¬—°…å ÷π“¡‘ ‚¥¬‡ß‘π∫√‘®“§¥—ß°≈à“«®–π”‰ª‡æ◊ËÕ —ËßµàÕ‡√◊Õª√–¡ß„À¡à (√Ÿª¢«“) „Àâ°—∫ºŸâª√– ∫¿—¬ ‡æ◊ËÕπ”‰ª„™âª√–°Õ∫Õ“™’æª√–¡ßµàÕ‰ª On 4th March, 2005 Mr. Koka V. Sudhakar, VP-Fleet Management (middle picture-right), handed over the donated money of Baht 590,000 (Baht Five Hundred and Ninety Thousand) to Mr. Raewat Harnjitr (middle picture-left), Village Chief of Talay Nok village, Ranong province as a representative of the Talay Nokûs villagers. The donation will be used for buying new fishery ships (right picture) for the villagers which will help them to get back into their fishery linelihoods.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

companies. Another move is the formation of Pools that are another aspect of the desire for consolidation whilst retaining ownership of the individual assets. By whatever means consolidation takes place, it is to be welcomed, as it can only make life a bit better for the participants in this industry.

JOINT VENTURES: The process of winding up or the disposal of our joint-venture investments continues. ë Geepee Bulk Handlers, Kandla (GPBH): In view of the expiry of the concession agreement with the Government, for the Berth, we have sold Geepee Corporation Limited, the company holding the investment in the said joint venture which has yielded a profit of Baht 33.53 Million. ë Southern LPG (SLPG): The process of closing down this entity has been finalized. Negotiations for the sale of our assets in this company are in advance stage and we should be able to close the sale completely in the near future. ë International Seaports (ISPL): This investment was supposed to form the basis of some non-cyclical earning streams in the future. However, in view of the requirement to raise funds for the redemption of the RCDûs, and the delays in receiving permissions and approvals from Government and other statutory authorities, further investments in the Kakinada and Dhamra Port Projects were frozen, as a result of which, even if there is further progress in these projects through the efforts of our partners or new investors, our holdings in these projects shall be automatically diluted. Therefore, before a substantial dilution could take place, which could have had an adverse impact on the liquidity of the sale of these investments, we had commenced efforts to sell these investments, which are now at an advanced stage and are hopeful of a positive result during first half of this year 2005. Once investments in these two projects are disposed off, our investment in the Haldia port project (about 22.4% of the total capital) and the original investment in ISPL, Singapore shall be the only investments remaining alive under the ISPL umbrella. °Õß‡√◊Õæ’‡Õ ·Õ≈√—∫¡Õ∫√“ß«—≈ AMVER AWARDS 2003 ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ®”°—¥ (GCSHIP) §◊ÕºŸ®â ¥— °“√¥â“π‡∑§π‘§°“√‡¥‘π‡√◊Õ¢Õß°Õß ‡√◊Õæ’‡Õ ·Õ≈∑ÿ°≈” ·≈–‡ªìπ∫√‘…—∑„π‡§√◊Õ∑’Ëæ’‡Õ ·Õ≈ ∂◊ÕÀÿâπ 100% °Õß‡√◊Õæ’‡Õ ·Õ≈ ª√–°Õ∫ ¥â«¬‡√◊Õ ∫ÿ…√“ π“√’ π≈’π’ π“√’ ∏“√‘≥’ π“√’ ÿ¡π“ π“√’ Õ¿‘ √“ π“√’ ¡ÿ°¥“ π“√’ ÿ™“¥“ π“√’ ≈‘≈∑‘æ¬å π“√’ ª√‘≥¥“ π“√’ ·≈– √¡‘µ“ π“√’ ‚¥¬∑—ÈßÀ¡¥‡ªìπ‡√◊Õ∑’Ë∫√‘À“√‚¥¬ GCSHIP (·≈–∫√‘…—∑≈Ÿ°¢Õßæ’‡Õ ·Õ≈‡ªìπ‡®â“¢Õß) ‰¥â√—∫√“ß«—≈ AMVER 2003 ‚¥¬ ‡√◊Õæ—™√“ π“√’ ‡ªìπ ‡√◊Õ∑’‰Ë ¥â√∫— √“ß«—≈∏ß∑Õß‡°’¬√µ‘¬» (Gold Pennant) ‡π◊ÕË ß®“°‰¥â‡¢â“√à«¡„π‚§√ß°“√π’·È ≈–‰¥â√∫— √“ß«—≈ AMVER µ‘¥µàÕ°—π 5 ªïæ‘∏’¡Õ∫√“ß«—≈ AMVER 2003 ®—¥¢÷Èπ‡¡◊ËÕ«—π∑’Ë 27 µÿ≈“§¡ 2547 ≥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (®“°´â“¬) π“«“‚∑ ‡§π‡πÁ∏ ‡√ æÕµ‡∑Õ√å √ÕßºŸâ™à«¬∑ŸµΩÉ“¬∑À“√‡√◊Õ ∂“π ‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√ æ’‡Õ ·Õ≈ ¡√. ‡´Á∏ ‡Õ™. «ÕÀåπ ‡≈¢“πÿ°“√‚∑ ΩÉ“¬‡»√…∞°‘® ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ æ≈‡√◊ Õ ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– ª√–∏“π°√√¡°“√ æ’‡Õ ·Õ≈ π“«“‚∑ ‡§«‘π ·°√øøî ºŸâ™à«¬∑ŸµΩÉ“¬∑À“√‡√◊Õ ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ ¡√. ¡Ÿπ’√ Œ“™‘¡ ºâŸÕ”π«¬°“√ΩÉ“¬ æ“≥‘™¬å æ’‡Õ ·Õ≈ ·≈– ¡√.‰®ª“≈ ¡—π ÿ¢“π’ ºŸâÕ”π«¬°“√ΩÉ“¬‡∑§π‘§ æ’‡Õ ·Õ≈ „πß“πæ‘∏’¡Õ∫√“ß«—≈ AMVER 2003 ‡¡◊ËÕ«—π∑’Ë 27 µÿ≈“§¡ 2547 PSLûs Ships Get 2003 AMVER Awards Great Circle Shipping (GCSHIP) are Technical Managers for vessels owned by Precious Shipping Public Company Limited and is also a fully owned subsidiary of PSL. Certain vessels namely Bussara Naree, Nalinee Naree, Tharinee Naree, Sumana Naree, Apisara Naree, Mukda Naree, Suchada Naree, Salinthip Naree, Parinda Naree and Ramita Naree managed by GCSHIP (and owned by PSLûs subsidiaries) received the 2003 AMVER award. One of the vessels, Patchara Naree, was also awarded a Gold pennant. A GOLD pennant is awarded for a vessel completing five consecutive years of eligibility for an AMVER award. The awards presentation was arranged on the 27th October, 2004 at Precious Shipping PCL office in Bangkok. From left: CDR Kenneth Porter, U.S. Assistant Naval Attache, Mr. Khalid Hashim, PSL Managing Director, Mr. Seth H. Vaughn, U.S. Second Secretary-Economic Affairs, Admiral Dr. Amnad Chandanamattha PSL Chairman, CDR Kevin H. Graffis, U.S. Naval Attache, Mr. Munir Hashim, PSL Commercial Director and Mr. Jaipal Mansukhani, PSL Technical Director at the AMVER Awards presentation ceremony on October 27, 2004

Annual Report 2004 Precious Shipping Public Company Limited

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æ√’‡™’¬ ™‘æªîôß ‡¢â“‡¬’Ë¬¡§“√«–Õ∏‘∫¥’·≈–§≥–ºŸâ∫√‘À“√°√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ ºŸâ∫√‘À“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‡¢â“‡¬’Ë¬¡§“√«–Õ∏‘∫¥’·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß °√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ ‡π◊ËÕß„π‚Õ°“ ªï„À¡à·≈–‡¢â“√—∫µ”·Àπàß„À¡à¢ÕßÕ∏‘∫¥’ π“¬∂«—≈¬å√—∞ ÕàÕπ»‘√– „π¿“æ: π“¬∂«—≈¬å√—∞ ÕàÕπ»‘√– Õ∏‘∫¥’°√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ (∑’Ë “¡®“°´â“¬) æ≈‡√◊Õ‡Õ°¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (∑’Ë “¡®“°¢«“) π“« “« ÿ¡≥±“ ∑Õß·æ∑¬å √ÕßÕ∏‘∫¥’ΩÉ“¬∫√‘À“√°√¡°“√¢π àß∑“ßπÈ” ·≈–æ“≥‘™¬π“«’ (∑’Ë Õß®“°¢«“) ¡√. ‰®ª“≈ ¡—π ÿ¢“π’ °√√¡°“√·≈–ºâŸÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√‡¥‘π‡√◊Õ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (¢«“ ÿ¥) √.µ.Õ. ¢®√ ‡∑»¡“ “ √ÕßÕ∏‘∫¥’ΩÉ“¬ªØ‘∫—µ‘°“√ °√¡°“√¢π àß∑“ßπÈ” ·≈– æ“≥‘™¬π“«’ (∑’Ë Õß®“°´â“¬) ·≈– ‡√◊Õµ√’ ª√’™“ ‡æÁ™√«ß»å ºŸâÕ”π«¬°“√ ”π—°§«“¡ª≈Õ¥¿—¬·≈– ‘Ëß·«¥≈âÕ¡∑“ßπÈ” °√¡°“√¢π àß∑“ßπÈ”·≈–æ“≥‘™¬π“«’ Precious Shipping congratulated newly appointed Marine Department Director-General Precious Shipping (çPSLé) paid a courtesy visit to the Royal Thai Governmentûs Marine Department to greet Mr. Tawalrat Onsira, the newly appointed Director General, and other senior officials. PSL was represented by Chairman, Admiral Dr. Amnad Chandanamattha and Director, Mr. Jaipal Mansukhani. Picture taken on this occasion shows (from left): †Lt. Preecha Phetwong RTN (Director of Marine Safety & Environment Bureau), Pol. Capt. Kachorn Tesmasa (Marine Departmentûs Deputy Director General - Operation), Mr. Tawalyarat Onsira, Admiral Dr. Amnad Chandanamattha, Miss Sumontha Thaungpaat (Deputy Director General - Administration) and Mr. Jaipal Mansukhani.

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IN CONCLUSION: We have set up a very strong growth-platform for your Company, through some very bold decisions and grabbed-opportunities, during 2004. We feel that we are poised to take advantage of this, once-in-a-life-time opportunity, that the Dry Bulk Tramp Freight Markets have thrown our way. With Gods Grace, we hope to be able to deliver, to our shareholders and other stakeholders, the promise of the potential that was first shown in 2003. This realisation will, in no small measure, be due to the very dedicated and hardworking professionals that make up the office, as well as, floating staff at PSL. With the changed business strategy of going for longer time charter contracts as opposed to the spot business, that was conducted during and up to 2003, we have been able to achieve steady cash flows whilst giving greater visibility to forward earnings. The steady cash flows, coupled with the forward visibility, have also helped us put in place a strategy to get debt free by the end of 2005. This will allow us to not only consolidate the growth that we had achieved during 2004 but also get us ready for the next phase of expansion as and when a suitable opportunity would present itself. The prospects of future expansion once we are debt free should therefore not be ruled out. Besides, our enviable track record of rapid pre-payment of debt should allow our future expansion to be funded solely from debt that would be raised at extremely competitive levels. In our last report we had left with you with a quote from an article that appeared in the Fairplay Weekly magazine issue dated 9th October 2003 indicating that the Bulk Markets had not yet seen their best times. That quote proved absolutely spot on with the record year that we have just had in 2004. This time around we would like to leave you with a quote from the HSBC Shipping Services Weekly Commentary dated 28th January 2005. 첫Professor Justin Lin, Director of the China Centre for Economic Research at Peking University, forecasts that China will continue to achieve average 9% per annum growth for the next 20 to 30 years, as it has for the last 25 years. He believes that the incremental demand that China has bought to the shipping industry is not in danger of disappearing but will balloon further. More ships, anyone? For the 2005 year ahead, we could see even better results and growth in our numbers than we have experienced in 2004. The prospects for 2006 and beyond have never looked so good. For and on behalf of the Board of Directors of Precious Shipping Public Company Limited

Mr. Khalid Moinuddin Hashim Managing Director

Mr. Khushroo Kali Wadia Executive Director February 25, 2005

Annual Report 2004 Precious Shipping Public Company Limited

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π‰¥â·°à æ≈.µ.∑.‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– ·≈–π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ ‡ªìπ°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫‰¥âªØ‘∫—µ‘Àπâ“∑’Ëµ“¡°Æ∫—µ√§≥–°√√¡°“√µ√«® Õ∫∑’Ë‰¥â√—∫Õπÿ¡—µ‘®“° §≥–°√√¡°“√∫√‘ …— ∑ ·≈–µ“¡¢â Õ °”Àπ¥¢Õß ”π— ° ß“π§≥–°√√¡°“√°”°— ∫ À≈— ° ∑√— æ ¬å · ≈–µ≈“¥À≈— ° ∑√— æ ¬å √«¡∑—È ß µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ´÷Ëß √ÿª‰¥â¥—ßµàÕ‰ªπ’È ë „πªï 2547 ‰¥â®—¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕæ‘®“√≥“ Õ∫∑“πß∫°“√‡ß‘π¢Õß ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–§≥–°√√¡°“√µ√«® Õ∫‰¥âª√–™ÿ¡√à«¡°—∫ºŸâ Õ∫∫—≠™’¿“¬πÕ°∑ÿ°‰µ√¡“ ‡æ◊ËÕª√÷°…“·≈–√—∫øíß§” ™’È·®ß‡°’Ë¬«°—∫√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’ º≈°“√µ√«® Õ∫ß∫°“√‡ß‘π ·≈–¢âÕ‡ πÕ·π–‡°’Ë¬«°—∫¡“µ√∞“π°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß §≥– °√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ∫√‘…∑— ¡’°√–∫«π°“√®—¥∑”·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π∑’∂Ë °Ÿ µâÕß §√∫∂â«π ‡ªìπ∑’‡Ë ™◊ÕË ∂◊Õ‰¥â ë §≥–°√√¡°“√µ√«® Õ∫‰¥â√à«¡ª√÷°…“°—∫ºŸâµ√«® Õ∫¿“¬„π‡°’Ë¬«°—∫¢Õ∫‡¢µ§«“¡√—∫º‘¥™Õ∫·≈–Àπâ“∑’Ë¢Õß ·ºπ°µ√«® Õ∫¿“¬„π ·≈–‰¥âÕπÿ¡—µ‘·ºπß“π°“√µ√«® Õ∫¢Õß·ºπ°µ√«® Õ∫¿“¬„π „πªï 2547 ·ºπ°µ√«® Õ∫¿“¬„π ‰¥â∑”°“√ª√–‡¡‘π§«“¡‡ ’¬Ë ß·≈–°≈‰°°“√§«∫§ÿ¡¿“¬„π ”À√—∫∑ÿ°·ºπ°¢Õß∫√‘…∑— µ√«® Õ∫¥â“π°“√ªØ‘∫µ— ß‘ “π ”À√—∫∫“ß·ºπ° µ√«® Õ∫√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ·≈–µ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑ ´÷Ëß‰¥â·°à °“√§”π«≥¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ¿“…’¡Ÿ≈§à“‡æ‘Ë¡ ·≈–¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ √«¡∑—Èß‰¥â¥”‡π‘π°“√ µ‘¥µ“¡º≈°“√µ√«® Õ∫ ”À√—∫º≈°“√µ√«® Õ∫·≈–§”‡ πÕ·π–µà“ßÊ ‰¥â¡’°“√æŸ¥§ÿ¬°—∫‡®â“Àπâ“∑’Ë∑’Ë‡°’Ë¬«¢âÕß·≈–ºŸâ∫√‘À“√·≈â« ·≈–‰¥â√“¬ß“πº≈°“√µ√«® Õ∫µàÕ§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡À¡“– ¡ ‡æ’¬ßæÕ·≈–‰¡à¡’®ÿ¥∫°æ√àÕß∑’Ë¡’ “√– ”§—≠ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ∫√‘…—∑‰¥âªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß‚¥¬µ√ßµàÕ°“√¥”‡π‘π °“√¢Õß∫√‘…∑— ´÷ßË ‚¥¬À≈—°°“√·≈â« °ÆÀ¡“¬‡À≈à“π’°È §Á Õ◊ æ√–√“™∫—≠≠—µ∫‘ √‘…∑— ¡À“™π®”°—¥ ª√–¡«≈√—…Æ“°√ æ√–√“™∫—≠≠—µ‡‘ √◊Õ‰∑¬ æ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å·≈–ª√–°“»µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ë ΩÉ“¬µ√«® Õ∫¿“¬„π‰¥â Õ∫∑“π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πµ“¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫—µ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π (©∫—∫∑’Ë 2) æ.». 2547é º≈°“√ Õ∫ ∑“πæ∫«à“∫√‘…—∑¡’√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π®”π«π 3 √“¬°“√ ‚¥¬‡ªìπ√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πª√–‡¿∑∑’Ë 2 ®”π«π 2 √“¬°“√ ·≈– ‡ªìπ√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πª√–‡¿∑∑’Ë 3 ®”π«π 1 √“¬°“√ µ“¡§«“¡À¡“¬¢Õßª√–°“»©∫—∫¥—ß°≈à“« §à“µ—Î«‡§√◊ËÕß∫‘π·≈–§à“„™â ®à“¬„π°“√µ‘¥µ—ßÈ ·≈–´àÕ¡∫”√ÿß√—°…“‡§√◊ÕË ßª√—∫Õ“°“»∑’ Ë ”π—°ß“π∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬®—¥Õ¬Ÿ„à π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πª√–‡¿∑∑’Ë 2 ´÷Ëß‡ªìπ√“¬°“√ π—∫ πÿπ∏ÿ√°‘®ª°µ‘¢Õß∫√‘…—∑ „π¢≥–∑’Ë§à“‡™à“ ”π—°ß“π®—¥Õ¬Ÿà„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πª√–‡¿∑∑’Ë 3 §◊Õ√“¬°“√ ‡™à“À√◊Õ„Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å√–¬– —Èπ ´÷Ëß√“¬≈–‡Õ’¬¥¢Õß√“¬°“√¥—ß°≈à“«‰¥âÕ∏‘∫“¬‰«â·≈â«¿“¬„µâÀ—«¢âÕ‡√◊ËÕß ç√“¬°“√∑’Ë‡°’Ë¬«‚¬ß °—πé „π√“¬ß“πª√–®”ªï©∫—∫π’È º≈°“√ Õ∫∑“π‰¥â‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ∑√“∫„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 1/2548 ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2548 ´÷Ëß§≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√∫√‘…—∑¡’§«“¡‡ÀÁπ«à“√“¬°“√∑’Ë ‡°’Ë¬«‚¬ß°—π¥—ß°≈à“«¡’§«“¡¬ÿµ‘∏√√¡·≈–‡æ◊ËÕº≈ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ ë ª°µ‘°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫®–¡’¢÷Èπ°àÕπ°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ∑—Èßπ’È‡æ◊ËÕ„Àâ√“¬ß“π °“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√µ√«® Õ∫ “¡“√∂ àß„Àâ§≥–°√√¡°“√°àÕπ°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕ„Àâ§≥–°√√¡°“√ ∫√‘…—∑√—∫∑√“∫·≈–√—∫§”·π–π”µà“ßÊ ®“°§≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√µ√«® Õ∫¡’°“√æŸ¥§ÿ¬°—∫ºŸµâ √«® Õ∫¿“¬„πÕ¬à“ß ¡Ë”‡ ¡Õ∂÷ßª√–‡¥Áπµà“ßÊ ∑’ºË µŸâ √«® Õ∫¿“¬„πµ√«®æ∫ ®“°°“√µ√«® Õ∫ ·≈–¡’°“√®—¥ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ °“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

AUDIT COMMITTEE REPORT To the Shareholders, The Audit Committee of Precious Shipping Public Company Limited consists of 3 independent directors viz., Police LT. Gen. Kiattisak Prabhavat as Chairman of Audit Committee, Admiral Dr. Amnad Chandanamattha and Mr. Suphat Sivasriaumphai, both, as Audit Committee members. The Audit Committee has performed with total responsibility in compliance with the Audit Committee Charter approved by the Board of Directors and the requirements of the Securities and Exchange Commission and the Stock Exchange of Thailand, which is summarized as follows: ë In the year 2004, meetings of the Audit Committee have been held through the year to review financial statements of the Company and its subsidiaries and meetings with external auditor were also held every quarter for the discussions of the Auditorûs report, financial statements and the recommendations of the relevant accounting standards. The Audit Committee is of the opinion that the Company has a proper financial reporting process to disclose its financial information, in which the financial statements are correct, sufficient and credible. ë The Audit Committee has also discussed with internal auditors the scope of internal auditing, their responsibilities and functions and approved the internal audit plan for the Internal Audit Department. In the year 2004, Internal Audit Department reviewed the risk assessment and internal control activities of all departments, audited the operations of some departments, reviewed the conflict of interest transactions and reviewed the compliance with regulations and laws relating to the business of the Company such as Corporate Income Tax, VAT, and Withholding Tax. Internal auditors also followed up on the results of the aforesaid review. The results of the review and the recommendations were discussed with the related staff and management and reported to the Audit Committee. The Audit Committee is of the opinion that the Company has proper and adequate internal control system and no significant deficiency. The Audit Committee is of the opinion that the Company has been in compliance with the laws and regulations to which the operations of the company are subjected. Principally, these laws are the Public Companies Act, Revenue Code, Thai vessels Act, SEC Act and regulations of the SET. ë Internal Audit has reviewed the connected transactions according to the new Notification of the Stock Exchange of Thailand Re: The Disclosure and Procedures of Listed Company for Connected Transactions (volume 2) B.E.2547. The Company has 3 connected transactions of which 2 are classified as type 2 transaction and 1 is classified as type 3 transaction under this notification. Air ticket expenses and installation & maintenance expenses for air conditioning system at the main operational office of the Company and its subsidiaries are classified as Type 2 which are supporting transactions for core business. Office lease rental is classified as Type 3 which is short term office rental. The details of these transactions have been explained under the topic çConnected Transactionsé in this annual report. The result of the review has been discussed in the Board of Directors Meeting No. 1/2005 held on 25 February 2005. Audit Committee and Board of Directors are of the opinion that the aforesaid transactions are fair and for the full benefit of the Company. ë Normally the Audit Committee Meeting is held before the Board of Directors Meeting so that the minutes of the Audit Committee Meeting with internal auditors and external auditors could be sent to Board of Directors for acknowledgement and receiving suggestions from the Board. The members of Audit Committee regularly have informal

Annual Report 2004 Precious Shipping Public Company Limited

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

discussions with internal auditors in connection with the results of the various areas of review undertaken by internal auditors. The formal Audit Committee Meeting usually takes around 2 hours. In the year 2004, Audit Committee held 4 regular meetings (2003 : 4 regular meetings) and 1 special meeting (2003 : no special meeting). The record of attendance of the members of Audit Committee is summarized as follows:

Name

1. Police Lt.Gen Kiattisak Prabhavat 2. Admiral Dr. Amnad Chandanamattha 3. Mr. Suphat Sivasriaumphai

Number of Attendance / Total Meeting (Times) 2004 2003 Regular Meeting

Special Meeting

Regular Meeting

4/4 4/4 3/4

1/1 1/1 1/1

4/4 4/4 2/4

ĂŤ

Audit Committee Meeting No1/2005 held on 17th February 2005 considered the appointment of Auditors and resolved to propose Ernst & Young Office Limited as Auditors of the Company and Thai subsidiaries for the accounting year ended December 31, 2005 as Ernst & Young Office Limited is a reputable audit firm, independent and have a satisfactory performance according to past records. Ernst & Young Office Limited have been the Auditors of the Company and Thai subsidiaries since 2001. The meeting also approved the audit fees of an amount not exceeding Baht 4.73 million plus out-of-Pocket expenses for the year 2005. (2004 : Fees:Baht 4.38 million Out-of-Pocket expenses : Baht 0.06 million) subject to further approval by shareholders. Further, the meeting also approved the fees for other services (non-audit related) of an amount not exceeding Baht 480,000 (2004 : Baht 480,000)

For and on behalf of the Audit Committee of Precious Shipping Public Company Limited

Police LT. Gen. Kiattisak Prabhavat Chairman of the Audit Committee 17th February 2005

Annual Report 2004 Precious Shipping Public Company Limited

√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ §”®”°—¥§«“¡ °“√°”°—∫¥Ÿ·≈°‘®°“√ À√◊Õ Corporate Governance À¡“¬∂÷ß √–∫∫∑’Ë®—¥„Àâ¡’‚§√ß √â“ß·≈–°√–∫«π°“√¢Õß §«“¡ —¡æ—π∏å√–À«à“ß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√ ·≈–ºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕ √â“ß§«“¡ “¡“√∂„π°“√·¢àß¢—π π”‰ª Ÿà°“√‡µ‘∫‚µ·≈–‡æ‘Ë¡ §ÿ≥§à“„Àâ°—∫ºŸâ∂◊ÕÀÿâπ„π√–¬–¬“«‚¥¬§”π÷ß∂÷ßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊Ëπª√–°Õ∫ §”®”°— ¥ §«“¡¥— ß °≈à “ «„π¢â “ ßµâ π ‡ªì π ‰ªµ“¡¢â Õ ‡ πÕ·π–¢Õß ”π— ° ß“π§≥–°√√¡°“√°”°— ∫ À≈— ° ∑√— æ ¬å · ≈– µ≈“¥À≈—°∑√—æ¬å ·≈–∫√‘…∑— œ ¡’§«“¡æ¬“¬“¡Õ¬à“ß¬‘ßË ∑’®Ë –º≈—°¥—π„Àâ°“√°”°—∫¥Ÿ·≈°‘®°“√¥—ß°≈à“«‡°‘¥¢÷πÈ Õ¬à“ß ¡∫Ÿ√≥å¿“¬„πÕß§å°√

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ §≥–°√√¡°“√µ√–Àπ—°∂÷ß§«“¡ ”§—≠·≈–®”‡ªìπ¢Õß°“√°”°—∫¥Ÿ·≈°‘®°“√µàÕ°“√¥”‡π‘π∏ÿ√°‘®„Àâ¡’°“√‡®√‘≠‡µ‘∫‚µ ·≈–‡æ‘Ë¡¡Ÿ≈§à“„Àâ·°àºŸâ∂◊ÕÀÿâπ„π√–¬–¬“« ®÷ß‰¥âæ‘®“√≥“°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√¢÷Èπ ‚¥¬§≥–°√√¡°“√∫√‘…—∑ ¡’§«“¡¡ÿàß¡—Ëπ·≈–µ—Èß„®∑’Ë®–ªØ‘∫—µ‘µ“¡À≈—°°“√¥—ß°≈à“« ¥â«¬°“√°”Àπ¥π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ °“√„Àâ §«“¡ ”§—≠µàÕ§«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π °“√°”°—∫¥Ÿ·≈ΩÉ“¬∫√‘À“√„Àâ¥”‡π‘π°“√µ“¡π‚¬∫“¬ Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ‡æ◊ËÕª√–‚¬™πå„π√–¬–¬“«¢ÕßºŸâ∂◊ÕÀÿâπ ¿“¬„µâ°√Õ∫¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬¥â«¬§«“¡‚ª√àß„ ·≈–®√‘¬∏√√¡ ∑“ß∏ÿ√°‘®∑’Ë¥’ ·≈–‰¥â®—¥∑”§Ÿà¡◊Õπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢÷ÈπÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ·≈–ª√–°“»„Àâæπ—°ß“π„π∑ÿ° √–¥—∫™—Èπ‰¥â√—∫∑√“∫Õ¬à“ßæ√âÕ¡‡æ√’¬ß°—π ∑—Èßπ’È‡æ◊ËÕ„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬¢Õß∫√‘…—∑œ ‰¥â¡’§«“¡µ√–Àπ—°·≈–„Àâ§«“¡ ”§—≠ ¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ √«¡∑—Èß°“√‡µ√’¬¡°“√‡æ◊ËÕ®–‡ªî¥‡º¬π‚¬∫“¬¥—ß°≈à“«‰«â„π‡«Á∫‰´µå¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ∫ÿ§§≈ ¿“¬πÕ°‰¥â√—∫∑√“∫

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ∂◊ÕÀÿâπ„π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√‡ªî¥‡º¬ “√ π‡∑» «‘∏’°“√ªØ‘∫—µ‘∑“ß∫—≠™’ °“√„™â “√ π‡∑»¿“¬„π §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬ºŸâ∫√‘À“√®–µâÕß¡’§«“¡´◊ËÕ —µ¬å ÿ®√‘µ µ≈Õ¥®πµ—¥ ‘π„®¥”‡π‘π°“√„¥Ê ¥â«¬ §«“¡ ÿ®√‘µ„® ·≈–‡ªìπ∏√√¡µàÕºŸâ∂◊ÕÀÿâπ∑—Èß√“¬„À≠à·≈–√“¬¬àÕ¬ ·≈–‡æ◊ËÕº≈ª√–‚¬™πå‚¥¬√«¡ ´÷ËßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¡’ ‘∑∏‘∑’Ë®– ¥”‡π‘π°“√„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È 2.1 æ‘®“√≥“·µàßµ—Èß°√√¡°“√∫√‘…—∑‡ªìπ√“¬∫ÿ§§≈ ∫√‘…—∑œ ‰¥âª√—∫ª√ÿß‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“·µàßµ—Èß°√√¡°“√∫√‘…—∑‡ªìπ√“¬∫ÿ§§≈ √«¡∑—Èß‡æ‘Ë¡‡µ‘¡¢âÕ¡Ÿ≈¢Õß °√√¡°“√∫√‘…—∑·µà≈–∑à“π„π√“¬ß“πª√–®”ªï ·≈–‡ πÕµàÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡æ◊ËÕæ‘®“√≥“·µàßµ—Èß„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ ª√–®”ªï 2548 ´÷Ëß°“√‡æ‘Ë¡‡µ‘¡¢âÕ¡Ÿ≈¥—ß°≈à“«¢â“ßµâπ¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â√—∫¢âÕ¡Ÿ≈∑’Ë∂Ÿ°µâÕß §√∫∂â«π ·≈– ‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“·µàßµ—Èß°√√¡°“√∫√‘…—∑ ´÷Ëß¢âÕ¡Ÿ≈¥—ß°≈à“«¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È ë ª√–«—µ‘‡∫◊ÈÕßµâπ ‰¥â·°à ™◊ËÕ µ”·Àπàß Õ“¬ÿ ª√–«—µ‘°“√»÷°…“ °“√Ωñ°Õ∫√¡ Õ“™’æ °“√‡ªìπ°√√¡°“√„π∫√‘…—∑Õ◊Ëπ ª√– ∫°“√≥åÕ◊ËπÊ ·≈–¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ (∂â“¡’) ë °“√¥”√ßµ”·Àπàß„π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ ë «‘∏’ √√À“ (°√≥’æâπ®“°µ”·Àπàßµ“¡«“√–°“√¥”√ßµ”·Àπàß) ë º≈°“√ªØ‘∫—µ‘ß“π∑’Ëºà“π¡“ ‡™àπ °“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√ 2.2 æ‘®“√≥“π‚¬∫“¬·≈–§à“º≈µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑ ∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡π‚¬∫“¬«à“¥â«¬§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑´÷Ëßæ‘®“√≥“Õπÿ¡—µ‘‚¥¬ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï ‚¥¬À≈—°‡°≥±å/«‘∏’°“√°”Àπ¥§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑‰¥â°≈à“«‰«â·≈â«„πÀ—«¢âÕ‡√◊ËÕß§à“ µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OF GOOD CORPORATE GOVERNANCE DEFINITION Corporate Governance is a set of structure and process of relationships between Companyûs management, its board and its shareholders to enhance its competitiveness towards business prosperity and long-term shareholder value taking into consideration the interests of other stakeholders. The above definition is as recommended by the SEC and the Company has endeavored to follow the same completely in letter and spirit.

1. The Corporate Governance Policy In recognition of the fact that it is important and necessary for sustainable growth of operating business and long term shareholder value, Board of Directors has set up a Corporate Governance Policy for the Company. Board of Directors is reinforcing corporate governance by including policies and directions on operating the business, set up of adequate internal controls and internal auditing system and monitoring the management to perform effectively under the policy to ensure the long term interests of shareholders under the applicable laws with full transparency and correct business ethics. A Corporate Governance Policy Manual outlining the features of the Policy have also been drawn up by the Company and already circulated to the Companyûs employees for the recognition of the necessity of Good Corporate Governance and arrangements are being made to disclose the same on the Companyûs web site.

2. Shareholders: Right and Equitable Treatment The Company must be responsible to the shareholders in terms of information disclosure, accounting methods, internal information usage, and conflict of interests. The management must be honest and any decision must be based on honesty and fairness to both major and minor shareholders, and the collective benefits of all. Some of the policies and procedures followed to protect the Rights of the Companyûs shareholders are as follows: 2.1 Appointment of board members The Company has revised the requirement of documents required for the appointment of each board member individually to give additional information in the nomineesû/existing Directorsû profile in the Companyûs Annual report and also to present to the Companyûs shareholders in the forthcoming AGM. The aforesaid additional information is provided so that the Companyûs shareholders could get the correct and complete information, which is relevant and required for their appointment. The revised details are as follows: ë Nomineesûs profile: name, position, age, education, relevant knowledge, occupation, working experiences and illegal act (if any). ë Nomineesû positions in any materially connected business ë Nomination procedures (in case of the directors who retire by rotation) ë Directors previous performance as director in terms of meeting attendance 2.2 Consideration of the policy on directorsû remuneration The Company follows the policy of obtaining the approval of the policy on directorsû remuneration from the shareholders in the AGM and has also provided itûs principles/procedures as explained under the çDirectors and Management Remunerationé section in the Annual Report.

Annual Report 2004 Precious Shipping Public Company Limited

2.3 æ‘®“√≥“·µàßµ—ÈßºŸâ Õ∫∫—≠™’¿“¬πÕ° ∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡π‚¬∫“¬«à“¥â«¬§à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…—∑œ ´÷Ëßæ‘®“√≥“Õπÿ¡—µ‘‚¥¬ºŸâ∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ „π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï ·≈–‰¥âª√—∫ª√ÿß„Àâ¢âÕ¡Ÿ≈ª√–°Õ∫°“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…—∑œ ¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“Õπÿ¡µ— ¢‘ ÕßºŸ∂â Õ◊ Àÿπâ ®“°‡¥‘¡√–∫ÿ‡æ’¬ß·§à™Õ◊Ë ”π—°ß“π Õ∫∫—≠™’ ™◊ÕË ºŸ â Õ∫∫—≠™’ §à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’ ‡ß◊ËÕπ‰¢Õ◊ËπÊ ∑’Ë ”§—≠ ´÷Ëß¢âÕ¡Ÿ≈ª√–°Õ∫°“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’¿“¬πÕ°∑’Ëª√—∫ª√ÿß„À¡à¡’ “√– ”§—≠ ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È ë ™◊ËÕ ”π—°ß“π Õ∫∫—≠™’ ë ™◊ËÕºŸâ Õ∫∫—≠™’ ë §à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’ ”À√—∫ªï∑’Ë¢ÕÕπÿ¡—µ‘ ‚¥¬·¬°µà“ßÀ“°Õ¬à“ß™—¥‡®π√–À«à“ß§à“ Õ∫∫—≠™’°—∫§à“∫√‘°“√ Õ◊ËπÊ ∑’Ë‰¡à‡°’Ë¬«¢âÕß°—∫°“√ Õ∫∫—≠™’ ë §à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’ ”À√—∫ªï∑’Ëºà“π¡“ ë §«“¡ —¡æ—π∏åÕ◊ËπÊ °—∫∫√‘…—∑œ ë ®”π«πªï∑’Ë‡ªìπºŸâ Õ∫∫—≠™’ („π°√≥’∑’Ë·µàßµ—ÈßºŸâ Õ∫∫—≠™’§π‡¥‘¡) ë °“√ª√–‡¡‘πº≈ß“π„πªï∑’Ëºà“π¡“ ë ‡Àµÿº≈„π°“√‡ª≈’Ë¬π·ª≈ßºŸâ Õ∫∫—≠™’ („π°√≥’∑’Ë¡’°“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’§π„À¡à) 2.4 æ‘®“√≥“π‚¬∫“¬®à“¬‡ß‘πªíπº≈ π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑œ ‰¥âÕπÿ¡—µ‘‚¥¬ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡¡◊ËÕ§√—Èß°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï∑’Ë ºà“π¡“ 2547 ∫√‘…—∑œ ‰¥â®—¥∑”¢âÕ¡Ÿ≈ª√–°Õ∫°“√æ‘®“√≥“Õπÿ¡—µ‘π‚¬∫“¬®à“¬‡ß‘πªíπº≈∑’Ë∂Ÿ°µâÕß §√∫∂â«π·≈–‡æ’¬ßæÕµàÕ°“√ æ‘®“√≥“Õπÿ¡—µ‘¢ÕßºŸâ∂◊ÕÀÿâπ ´÷Ëß‰¥â√«¡¢âÕ¡Ÿ≈µà“ßÊ ‡™àπ ∞“π–∑“ß°“√‡ß‘π·≈–º≈ª√–°Õ∫°“√ √«¡∑—Èß·ºπ°“√¥”‡π‘π°“√·≈–·ºπ °≈¬ÿ∑∏å¢Õß∫√‘…—∑œ „πÕπ“§µ 2.5 æ‘®“√≥“·ºπ°“√´◊ÈÕÀÿâπ§◊π ∫√‘…—∑œ ¢ÕÕπÿ¡—µ‘®“°ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ§√—Èß°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï ”À√—∫°“√¥”‡π‘π°“√‡√◊ËÕß°“√´◊ÈÕÀÿâπ§◊π ‚¥¬ ºŸâ∂◊ÕÀÿâπÕπÿ¡—µ‘„Àâ§≥–°√√¡°“√ “¡“√∂´◊ÈÕÀÿâπ§◊π‰¥âµ“¡°Æ¢âÕ∫—ß§—∫¢Õß µ≈∑./°≈µ. 2.6 Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ®—¥∑”Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑’Ë¡’¢âÕ¡Ÿ≈∑’Ë∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“¢ÕßºŸâ∂◊ÕÀÿâπ´÷Ëß∂◊Õ ‡ªìππ‚¬∫“¬ª°µ‘¢Õß∫√‘…∑— œ ‚¥¬Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∑’®Ë – àß∂÷ßºŸ∂â Õ◊ Àÿπâ ”À√—∫°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ “¡—≠ª√–®”ªï 2548 ‰¥â √–∫ÿ∂÷ß®ÿ¥ª√– ß§å ‡Àµÿº≈ ·≈–§«“¡‡ÀÁπ¢Õß°√√¡°“√∫√‘…—∑ª√–°Õ∫„π·µà≈–«“√–°“√ª√–™ÿ¡ 2.7 ∫√‘…—∑œ ®—¥„ÀâºŸâ∂◊ÕÀÿâπ‰¥â¡’‚Õ°“ · ¥ß§«“¡‡ÀÁπÕ¬à“ß‡µÁ¡∑’Ë ‡∑à“‡∑’¬¡°—π·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“„π·µà≈– «“√–°“√ª√–™ÿ¡ ·≈– π—∫ πÿπ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â´—°∂“¡„πª√–‡¥Áπ ß —¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ºŸâ∫√‘À“√®–‡ªìπºŸâµÕ∫§”∂“¡ 2.8 ∫√‘…—∑œ ®—¥∑”√“¬ß“π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑’Ë∂Ÿ°µâÕß §√∫∂â«π·≈–™—¥‡®π ´÷Ëß‰¥â√«¡¢âÕ¡Ÿ≈µà“ßÊ ‡™àπ √“¬™◊ËÕ °√√¡°“√∑’Ë‡¢â“√à«¡ª√–™ÿ¡ °“√∫—π∑÷°§”∂“¡/§”µÕ∫®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ º≈°“√≈ß§–·ππ‡ ’¬ß ‡ªìπµâπ ·≈–∫√‘…—∑œ ®–‡æ‘Ë¡ ‡µ‘¡§”Õ∏‘∫“¬‡°’Ë¬«°—∫«‘∏’°“√≈ß§–·ππ‡ ’¬ß·≈–«‘∏’π—∫§–·ππ‡ ’¬ß≈ß„π√“¬ß“π°“√ª√–™ÿ¡ ”À√—∫°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ ª√–®”ªï 2548 ‡ªìπµâπ‰ª 2.9 ∫√‘…—∑œ ¡’π‚¬∫“¬®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘°√≥’∑’Ë¡’‡Àµÿ°“√≥å ”§—≠Ê ∑’Ë°√–∑∫µàÕ°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑œ ‚¥¬®—¥‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“∑’Ë∂Ÿ°µâÕß·≈–‡æ’¬ßæÕµàÕ°“√µ—¥ ‘π„®¢ÕßºŸâ∂◊ÕÀÿâπ ‡™àπ‡¡◊ËÕ‡√Á«Ê π’È °√≥’´◊ÈÕ ‡√◊Õ‡¥‘π∑–‡≈®”π«π 15 ≈” ‡ªìπµâπ ´÷Ëß∫√‘…—∑œ ‰¥â·µàßµ—Èß∑’Ëª√÷°…“Õ‘ √–‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπ∑’Ëª√÷°…“„Àâ·°àºŸâ∂◊ÕÀÿâπ‚¥¬‡©æ“–¥â«¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2.3 Appointment of auditors The Company follows the policy of obtaining the approval of appointment of auditors from the shareholders in the AGM and has also revised the informaion disclosure for the correctness and completeness of the information required for the decision on the appointment of auditors. The old version included details of auditorûs firm, auditorûs name, auditorûs remuneration, and other conditions and the revised one for the forthcoming AGM includes the details as follows: ë Auditorûs firm ë Auditorûs name ë Auditorûs remuneration for approval (including separate disclosure for audit and non-audit related remuneration) ë Auditorûs remuneration for the previous year ë Relationship with the Company such as being the Companyûs advisor ë Number of years as the Companyûs auditor (in case of reappointment of the present auditor) ë Auditorûs performance ë The reasons for changing (in case the Company appoints a new auditor) 2.4 Consideration of the dividend policy. The Company obtained the approval of the new dividend policy from the shareholders in the previous shareholdersû meeting and provided the correct and complete information required for their decision. This included the Financial Status and performance, future plan and strategy. 2.5 Consideration of the share repurchase plan. The Company obtained the approval for the share repurchase from the shareholders in the shareholdersû meeting, authorising the Board of Directors to repurchase the Companyûs shares in accordance with the procedures laid down by the SET/SEC and provided the correct and complete information required for their decision. 2.6 Providing a complete and correct notice with full information to call shareholdersû meeting is the normal policy. It is proposed that the forthcoming AGMûs notice would also include the objective and reasons for each agenda item apart from the board of directorûs comment/opinion, which, has always been included. 2.7 The Company provides full opportunity for shareholders to participate in the meetings and encourages the shareholders to ask relevant questions which are answered by Management 2.8 The Company prepares minutes of shareholdersû meetings and the aforesaid minutes are clear and complete and include the names of board memebersû attendance the recording of questions/answers from meeting, voting results, etc. The Company intends to include an explanation of voting method and vote counting procedure in the forthcoming AGM and other shareholders meetings. 2.9 The Company has always followed the policy of obtaining shareholdersû approval for any major events and in case of any serious situation that affected the Companyûs operations and provided the correct and complete information required for their decision. A recent example of this was the event of acquisition of 15 ships enbloc for which the Company also appointed an Independent Advisor to advise the shareholders.

Annual Report 2004 Precious Shipping Public Company Limited

2.10 ‡ªìππ‚¬∫“¬¢Õß∫√‘…—∑œ ”À√—∫°“√µ‘¥µ“¡·≈– Õ∫∑“π‡ß‘πªíπº≈∑’ËºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¬—ß‰¡à‰¥â√—∫ ·≈– æ¬“¬“¡µ‘¥µàÕ°—∫ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ∑ÿ°§π‰¥â√—∫‡ß‘πªíπº≈®“°∫√‘…—∑œ √«¡∑—Èß°“√„Àâ§”·π–π”·°àºŸâ∂◊ÕÀÿâπ¢Õß ∫√‘…—∑œ ∂÷ß«‘∏’°“√√—∫‡ß‘πªíπº≈„π°√≥’∑’Ë¡’ªí≠À“µà“ßÊ πÕ°®“°π’È∫√‘…—∑œ ¬—ß‰¥âµ√–Àπ—°·≈–„Àâ§«“¡ ”§—≠∂÷ß°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π ∑—Èß„π à«π¢Õß°“√ ‡√’¬°ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ √«¡∑—Èß°“√®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–‡æ◊ËÕ‡ªìπ°“√ª°ªÑÕß ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ®÷ß‰¥âªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ° √“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π¥—ßµàÕ‰ªπ’È ë °”Àπ¥«—π ‡«≈“ ·≈– ∂“π∑’Ë„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬§”π÷ß∂÷ß§«“¡ –¥«°„π°“√‡¢â“√à«¡ª√–™ÿ¡¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ë °”Àπ¥„ÀâºŸâ∂◊ÕÀÿâπ 1 Àÿâπ ¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ‰¥â 1 ‡ ’¬ß ë Õ”π«¬§«“¡ –¥«° ”À√—∫°“√≈ß§–·ππ‡ ’¬ß¥â«¬°“√®—¥„Àâ¡’°“√¡Õ∫©—π∑– ‚¥¬®—¥·∫∫øÕ√å¡°“√¡Õ∫©—π∑– æ√âÕ¡∑—ßÈ Õ∏‘∫“¬∂÷ß¢—πÈ µÕπ«‘∏°’ “√ªØ‘∫µ— ‡‘ °’¬Ë «°—∫°“√¡Õ∫©—π∑–„Àâº∂Ÿâ Õ◊ Àÿπâ ∑ÿ°√“¬√—∫∑√“∫Õ¬à“ß∑—«Ë ∂÷ß°—π ·≈–®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ ºŸâ∂◊ÕÀÿâπ¿“¬„π√–¬–‡«≈“∑’Ë¡“°æÕ·≈–‡∑à“∑’Ë∫√‘…—∑œ “¡“√∂°√–∑”‰¥â¿“¬„µâ¢âÕ∫—ß§—∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß§◊Õ°àÕπ«—πª√–™ÿ¡ ºŸâ∂◊ÕÀÿâπÕ¬à“ßπâÕ¬ 14 «—π ë °”Àπ¥„Àâ¡°’ “√≈ß∑–‡∫’¬πºŸ∂â Õ◊ Àÿπâ Õ¬à“ßπâÕ¬1™—«Ë ‚¡ß°àÕπ‡√‘¡Ë ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË „Àâ¡‡’ «≈“„π°“√≈ß∑–‡∫’¬π∑’‡Ë æ’¬ßæÕ ë „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π∑’ËÕ“®®–π”¡“´÷Ëß§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå √«¡∑—Èß°“√ Õ∏‘∫“¬∂÷ß≈—°…≥–¢Õß§«“¡‡°’Ë¬«‚¬ß°—π §«“¡ ”§—≠¢Õß°“√∑”√“¬°“√ ¡Ÿ≈§à“¢Õß√“¬°“√ ·≈–·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ ¥—ß√“¬≈–‡Õ’¬¥∑’Ë°≈à“«‰«â„πÀ—«¢âÕ ç√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πé ·≈–∫√‘…—∑œ ‰¡à‡§¬¡’°√≥’‰¡àªØ‘∫—µ‘µ“¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß °ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß°—∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ë ªØ‘∫—µ‘µ“¡Õ¬à“ß‡À¡“– ¡‡°’Ë¬«°—∫¡“µ√°“√¥Ÿ·≈°“√„™â¢âÕ¡Ÿ≈¿“¬„π ¥—ß√“¬≈–‡Õ’¬¥∑’Ë°≈à“«‰«â„πÀ—«¢âÕ ç°“√¥Ÿ·≈ ‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„πé ·≈–¬—ß‰¡à‡§¬¡’°√≥’°“√„™â¢âÕ¡Ÿ≈¿“¬„π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√∫√‘…—∑œ „πªï 2547 ∫√‘…—∑œ ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ 2 §√—Èß ‡ªìπ°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2547 ∑’Ë‚√ß·√¡ Õ¡“√’ ‡Õ‡∑√’¬¡ ·≈–°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 26 ¡’π“§¡ 2547 ´÷Ëß®—¥∑’Ë∫√‘…—∑œ ‚¥¬∫√‘…—∑œ ‰¥â®—¥ àß Àπ—ß ◊Õπ—¥ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬∑√“∫≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 14 «—π √«¡ ∑—Èßª√–°“»Àπ—ß ◊Õπ—¥ª√–™ÿ¡¥—ß°≈à“«„πÀπ—ß ◊Õæ‘¡æå ∑—Èßπ’È‡æ◊ËÕ‡ªìπ°“√√—°…“‰«â´÷Ëßº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ‡ªìπ ”§—≠ ”À√—∫„π ·µà≈–«“√–°“√ª√–™ÿ¡π—Èπ¡’§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√ª√–°Õ∫ ·≈–¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß §√∫∂â«π √«¡∑—Èß¡’°“√ ∫—π∑÷°ª√–‡¥Áπ§”∂“¡§”µÕ∫ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬ ∫√‘…—∑œ ‡≈Áß‡ÀÁπ·≈–„Àâ§«“¡ ”§—≠µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ‰¡à«à“®–‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬¿“¬„π ‰¥â·°à ºŸâ∂◊ÕÀÿâπ æπ—°ß“π·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à π“¬Àπâ“ ‡®â“Àπ’È ≈Ÿ°§â“ §Ÿà·¢àß ™ÿ¡™π/ —ß§¡ ¿“§√—∞·≈–Àπà«¬ß“πÕ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß ‡π◊ËÕß®“°∫√‘…—∑œ µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ „πÕ—π∑’Ë®–™à«¬ √â“ß §«“¡ “¡“√∂„π°“√·¢àß¢—π·≈– √â“ß°”‰√„Àâ°—∫∫√‘…—∑œ ·≈–‡ªìπ·√ß π—∫ πÿπÕ¬à“ß¥’¬‘Ëß„π°“√ √â“ß§«“¡ ”‡√Á®„π√–¬–¬“«¢Õß ∫√‘…—∑œ ¥â“πºŸâ∫√‘À“√ : ∫√‘…—∑œ µ√–Àπ—°∂÷ß§«“¡ ”§—≠¢ÕßºŸâ∫√‘À“√´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß°“√ ¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ‚¥¬‡ πÕ§à“µÕ∫·∑π∑’Ë‡À¡“– ¡·≈–‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’Ë¬Õÿµ “À°√√¡·≈–§à“‡©≈’Ë¬‚¥¬∑—Ë«‰ª¢Õß ∫√‘…—∑®¥∑–‡∫’¬π ∫√‘…—∑œ ‡ªî¥‚Õ°“ „ÀâºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â∑”ß“πÕ¬à“ßÕ‘ √–¿“¬„µâ∫∑∫“∑ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫∑’Ë ¡Õ∫À¡“¬‚¥¬§≥–°√√¡°“√∫√‘…—∑ ‚¥¬ª√“»®“°°“√·∑√°·´ß„¥Ê ∑—Èß ‘Èπ

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2.10 The Company follows the policy of regularly reviewing the outstanding unpaid dividends and tries to contact each shareholder who may have, for some reason, not received the dividends. Thereafter, the Company helps shareholders in terms of reminding, advising them on the required procedures to collect the dividends. Moreover, the Company recognizes the equitable treatment of shareholders in terms of calling and holding shareholders meetings and for protecting the Rights of Shareholders for other matters by taking the following steps: ë Date, time, venue of the meeting is convenient to attend. ë Offering one-share-one-vote. ë Facilitate proxy voting: clearly specifying the documents required to give proxy and by attempting to send out the Notice to the extent possible under the regulations, to the Companyûs shareholders at least 14 days prior to the meeting date. ë Registration period is commenced at least 1 hour in advance to keep adequate time for completion of registration. ë Providing detailed explanation of related-party transactions characterizing names, relationship, policy, and value of each transaction as explained under the çConflict of Interestsé section in this report and no non-compliance cases involving related-party transactions have been initiated. ë Following an appropriate policy and laying down procedures for monitoring the use of insider information as explained under the çMonitoring the use of insider informationé section in this report and no cases of insider trading involving the directors and the management have been initiated In the year 2004, two shareholdersû meetings were held. One meeting was the Annual General Meeting which was held on 30th April 2004 at Amari Atrium Hotel and the other was an Extraordinary General Meeting, which was held on 26th March 2004 at the Companyûs office. The Company had sent out the notice to all shareholders of the meeting including information and documents for each agenda item to be considered by the shareholders, 14 days prior to the date of the shareholdersû meeting. The notice was also circulated vide an advertisement in the newspapers as a reminder and follow-up action for the benefit of the shareholders. Under each agenda item, the opinion of the Board of Directors was included in the notice. The minutes of the meeting including a record of the questions and answers were also prepared and were made available for examination.

3. Various groups of stakeholders The Company foresees and recognizes the importance of all stakeholder groups whether it is the internal stakeholders such as shareholders, employees and management of the Company and subsidiaries or external stakeholders such as creditors, suppliers, customers, communities, government agencies and other related organizations. The Company is aware that the support from each stakeholder would help establish the Companyûs competitive advantages and profitability which would contribute greatly to the Companyûs long term success and prosperity. Management: The Company recognizes that the Management is one of the key success factors for the Companyûs operations and accordingly the Management remuneration is appropriately structured and comparable with the Industry and other listed companies in Thailand. The management also is allowed to work independently without interference as defined in their duties and responsibilities, which are approved by the Board of Directors.

Annual Report 2004 Precious Shipping Public Company Limited

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Employees: The Company recognizes that employees are the one more key success factor for the Company没s operatons. The Company provides equal opportunities in employment, job security, and career advancement, as well as adhering to other good principles related to employees and employment. The Company also ensures that employees are adequately knowledgeable and skillful to perform their jobs for the Company business, and do understand relevant code of conduct and practice and are encouraged to gain knowledge and ability and keep themselves updated following Industry trends. Specifically for the crew on the Company没s ships, the following practices are followed: The Company has provided Pocket Safety Guide and sent to all the Ships. All activities are always governed by and carried out with utmost care for the safekeeping and protection of: 1. The health and safety of the employees and of other persons; 2. Company没s property and that of others 3. The environment Upon arrival on board, crew members are expected to report to the Master and deliver their personal papers, visa discharge book, health certificate, vaccination certificate, passport, and hire contract as applicable and familiarize themselves with the ship. Familiarization training is to be undertaken as per familiarization check list and hand over check list where appropriate and posted in their cabin are details of life boats according to the boat muster list and their muster point in the event of emergency. Moreover, the crew is expected to carefully study the emergency and boat muster lists and the safety plans which are placed at strategic locations on board. Every one is trained to be responsible for their own safety, and is made aware of their designated role in an emergency. The Master, or his substitute, has overall responsibility in all emergency operations and coordinates all emergency operation. He will take whatever actions are necessary to save the crew, vessel and cargo. For the Health and Safety Policy Statement, it is the Company没s policy to conduct its activities in a manner that promotes the health and safety of its employees and so that the actions of the Company and its employees promote the health and safety of others. The Company considers health and safety to contribute equally with commercial and operation factors and to be a management responsibility. To this end, the health and safety responsibilities of all personnel have been defined and allocated. The Safety Management System is intended to affirm that the Company achieve its purpose in this area and is based on the philosophy that accidents can be prevented by the identification and management of risk. The objectives of Health and Safety Policy Statement are as follows: 1. To identify all potential hazards and design equipment, facilities and procedures with the aim of eliminating accidents; 2. To establish practices, procedures and standards which create a safe and healthy working environment for all crew members; 3. To provide employees with training and information to enable them to fulfill their responsibilities and duties in a safe and efficient manner; 4. To provide and maintain clear lines of communication; 5. To foster health and safety awareness at all levels thereby encouraging employees to participate in the enhancement of safety;

Annual Report 2004 Precious Shipping Public Company Limited

6. ªØ‘∫—µ‘µ“¡√–∫∫°“√µ√«® Õ∫‡æ◊ËÕ«—¥º≈°“√®—¥‡µ√’¬¡°“√‡æ◊ËÕ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬ 7. ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ·≈–°“√ªØ‘∫—µ‘µ“¡ ‘Ëß∑’Ë¥’∑’Ë„πÕÿµ “À°√√¡ªØ‘∫—µ‘ 8. ®—¥„Àâ≈Ÿ°‡√◊Õ∑” —≠≠“æ√âÕ¡°—∫„Àâ§”·π–π”∑’Ë®”‡ªìπ ‡æ◊ËÕ„Àâ≈Ÿ°‡√◊Õ∑ÿ°§π‰¥â‡¢â“„®„ππ‚¬∫“¬¢Õß∫√‘…—∑œ ·≈– µ√ß°—∫¡“µ√∞“π‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬ ≈Ÿ°‡√◊Õ∑ÿ°§π¡’Àπâ“∑’Ë∑’Ë®–µâÕß√—∫º‘¥™Õ∫µàÕ°“√°√–∑”·≈–√–¡—¥√–«—ß‡æ◊ËÕªÑÕß°—πµπ‡Õß ºŸâ√à«¡ß“π ·≈–∫ÿ§§≈Õ◊Ëπ®“° °“√∫“¥‡®Á∫À√◊ÕªÑÕß°—π°“√‡®Á∫ªÉ«¬´÷ËßÕ“®‡°‘¥¢÷Èπ®“°°“√°√–∑”¢Õß≈Ÿ°‡√◊Õ‡Õß ‚¥¬¢âÕ°”Àπ¥π‚¬∫“¬ «‘∏’ªØ‘∫—µ‘√à«¡°—π ·≈– °“√Ωñ°ªØ‘∫—µ‘®–‰¥â√—∫°“√∑∫∑«πÕ¬à“ß ¡Ë”‡ ¡Õ·≈–‡¡◊ËÕ¡’ªí®®—¬„À¡àÊ ∑’Ë‡ªìπº≈µàÕ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬ ∑—Èßπ’È‡æ◊ËÕ„Àâ·πà„® ‰¥â«à“π‚¬∫“¬‡æ◊ËÕ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬¢Õß∫√‘…—∑œ ‰¥â¡’°“√ª√—∫ª√ÿßÕ¬à“ßµàÕ‡π◊ËÕßµ≈Õ¥‡«≈“ πÕ°®“°π’È ∫√‘…—∑œ ¬—ß‰¥â°”Àπ¥π‚¬∫“¬∫√‘…—∑œ ‡°’Ë¬«°—∫¬“‡ æµ‘¥·≈–°“√¥◊Ë¡‡§√◊ËÕß¥◊Ë¡∑’Ë¡’·Õ≈°ÕŒÕ≈å´÷Ëß‡ªìπ‰ª µ“¡¢âÕ‡ πÕ·π–¢Õß OCIMF „π‡√◊ÕË ß ç§”·π–π” ”À√—∫°“√§«∫§ÿ¡¬“‡ æµ‘¥·≈–‡§√◊ÕË ß¥◊¡Ë ∑’¡Ë ·’ Õ≈°ÕŒÕ≈å∫π‡√◊Õé ´÷ßË √“¬≈–‡Õ’¬¥ ®–√–∫ÿÕ¬Ÿà„π§Ÿà¡◊Õ√–∫∫°“√®—¥°“√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬∫π‡√◊Õ∑ÿ°≈” √«¡∑—Èßª√–°“»„Àâæπ—°ß“π∑ÿ°§π√—∫∑√“∫ ¡’Õ’°À≈“¬ª√–°“√‡°’Ë¬«°—∫π‚¬∫“¬¥—ß°≈à“« ¬“‡ æµ‘¥·≈–‡§√◊ËÕß¥◊Ë¡∑’Ë¡’·Õ≈°ÕŒÕ≈åπ—Èπ∑”„Àâ‡°‘¥§«“¡√Ÿâ ÷°‡©◊ËÕ¬™“ „π¢≥–ªØ‘∫—µ‘ß“π ´÷ËßÕ“®®–∑”„Àâµπ‡Õß·≈–‡æ◊ËÕπ§πß“πª√–®”‡√◊Õµ°Õ¬Ÿà„π§«“¡‡ ’Ë¬ß‚¥¬‰¡à®”‡ªìπ ‚¥¬∫√‘…—∑œ ®–√à«¡¡◊Õ°—∫ ‡®â“Àπâ“∑’Ëµ”√«®À√◊ÕÀπà«¬ß“π´÷Ëß¡’Õ”π“®Àπâ“∑’Ë‡°’Ë¬«¢âÕß„π°“√¥”‡π‘π§¥’ øÑÕß√âÕß ºŸâ„™âÀ√◊Õ¡’‰«â§√Õ∫§√Õß¬“‡ æµ‘¥/ ‘Ëßº‘¥°ÆÀ¡“¬∫π‡√◊Õ ‡æ◊ÕË „Àâ·πà„®«à“≈Ÿ°‡√◊Õ·µà≈–§π‰¥â√∫— °“√æ—°ºàÕπ∑’‡Ë æ’¬ßæÕ´÷ßË ∂◊Õ«à“‡ªìπ ‘ßË ®”‡ªìπ ∑—ßÈ π’‡È æ◊ÕË À≈’°‡≈’¬Ë ß§«“¡‡Àπ◊ÕË ¬≈â“ ·≈– §«“¡µ÷ß‡§√’¬¥ ´÷ËßÕ“®¡’ à«π‡°’Ë¬«¢âÕß°—∫°“√‡°‘¥Õÿ∫—µ‘‡Àµÿ∫π‡√◊Õ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ßªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥‡°’Ë¬«°—∫‡«≈“°“√ æ—°ºàÕπÕ¬à“ßπâÕ¬∑’ Ë ¥ÿ µ“¡Õπÿ ≠ — ≠“√–À«à“ßª√–‡∑»«à“¥â«¬°“√Ωñ°Õ∫√¡ °“√ÕÕ°ª√–°“»π’¬∫—µ√ ·≈–°“√‡¢â“¬“¡ ”À√—∫§π∫π‡√◊Õ §.». 1995 (STCW 95) ·≈–Õπÿ —≠≠“Õß§å°“√·√ßß“π√–À«à“ßª√–‡∑» 180 ‡æ◊ËÕ‡ªìπ‰ªµ“¡«‘∏’°“√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬¢Õß∫√‘…—∑œ Õß§å°√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬®÷ß‰¥â∂Ÿ°‡≈◊Õ°·≈–®—¥µ—Èß¢÷Èπ ‡æ◊ËÕ„Àâ ·πà„®‰¥â«à“§”∂“¡‡°’Ë¬«°—∫§«“¡ª≈Õ¥¿—¬·≈– ‘Ëß·«¥≈âÕ¡‰¥âπ”‰ªªØ‘∫—µ‘µàÕ≈Ÿ°‡√◊Õ·≈–/À√◊Õ°“√®—¥°“√¢Õß‡√◊Õ ´÷Ëß ‘Ëß∑’ËÕ“®‡ªìπ Õ—πµ√“¬µâÕßª√–°“»·®âß„Àâ∑√“∫∑—π∑’ ‚¥¬®–‰¡à√Õ°√–∑—Ëß¡’°“√ª√–™ÿ¡‡°’Ë¬«°—∫§«“¡ª≈Õ¥¿—¬§√—ÈßµàÕ‰ª Õß§å°√‡æ◊ËÕ§«“¡ ª≈Õ¥¿—¬¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫¥—ßµàÕ‰ªπ’È ë «“ß·ºπ ®—¥°“√ ·≈–√à«¡¡◊Õ‡æ◊ËÕ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬‡°’Ë¬«°—∫ß“π∑’Ë∑” ë ∫—π∑÷°ªí≠À“°“√∑”ß“π∑’Ë‡°’Ë¬«°—∫ ‘Ëß·«¥≈âÕ¡ ë ®—¥∑”¢âÕ‡ πÕ √«¡∑—Èß°“√≈”¥—∫§«“¡‡√àß¥à«π·≈–µ“√“ß‡«≈“À√◊Õ∑“ßÕÕ°¢Õßªí≠À“∑’Ë‡ªìπ‰ª‰¥â ë §«∫§ÿ¡ ¿“«–‡°’Ë¬«°—∫§«“¡ª≈Õ¥¿—¬·≈– ÿ¢¿“æ ë ‡æ◊ËÕ·πà„®‰¥â«à“ “‡Àµÿ¢ÕßÕÿ∫—µ‘‡Àµÿ °“√‡®Á∫ªÉ«¬ ·≈–°“√æ≈“¥‰ªÕ¬à“ßÀ«ÿ¥À«‘¥ ¡’°“√ Õ∫ «π·≈–π”‰ª Ÿà ¡“µ√°“√‡æ◊ËÕªÑÕß°—π°“√‡°‘¥¢÷ÈπÕ’° ë ‡æ◊ËÕ√“¬ß“π„Àâ∑√“∫‡°’Ë¬«°—∫∫∑∫—≠≠—µ‘´÷Ëß¡’º≈∫—ß§—∫„™â °“√¬°‡≈‘°À≈—°°“√‡¡◊ËÕµâÕß°“√ °“√Ωñ°À—¥·≈–°“√™’È·π– ¢Õßπ“¬ª√–®”‡√◊Õ·≈–≈Ÿ°‡√◊Õ πÕ°®“°π’È ∫√‘…∑— œ ®—¥„Àâ¡π’ ‚¬∫“¬¥â“πº≈µÕ∫·∑π ”À√—∫æπ—°ß“π∑’ Ë ”π—°ß“π¢Õß∫√‘…∑— œ ∑—ßÈ „π√Ÿª¢Õß‡ß‘π‡¥◊Õπ ‚∫π— ·≈– «— ¥‘°“√µà“ßÊ ‡™àπ °“√‡ πÕ°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ µ“¡§«“¡ ¡—§√„® º≈µÕ∫·∑π¢Õßæπ—°ß“π¢÷ÈπÕ¬Ÿà°—∫º≈°“√ªØ‘∫—µ‘ß“π Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õßæπ—°ß“π ‘Ëß‡æ‘Ë¡‡µ‘¡Õ◊ËπÊ ¢÷ÈπÕ¬Ÿà°—∫∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π √«¡∑—Èß·ºπß“π„π Õπ“§µ¢Õß∫√‘…—∑œ ”À√—∫º≈µÕ∫·∑π√–¬–¬“«∑’Ë‡°’Ë¬«°—∫ ESOP ∂÷ß·¡â«à“∫√‘…—∑œ ®–‰¡à¡’º≈µÕ∫·∑π√–¬–¬“« ”À√—∫æπ—°ß“π „π√Ÿª¢Õß ESOP ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“√“§“Àÿâπ¢Õß∫√‘…—∑œ ¢÷ÈπÕ¬Ÿà°—∫ªí®®—¬µà“ßÊ ´÷Ëß‰¡à “¡“√∂§«∫§ÿ¡‰¥â‚¥¬µ√ß‡™àπ‡¥’¬«°—∫

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

6. To operate formal monitoring systems to measure the effectiveness of the arrangements for health and safety; 7. To comply with relevant legislation and best industry practices; and 8. To provide contractors with necessary information so that they understand the Companyûs policy and meet the Companyûs safety standards in all areas. All crew members have a duty to act responsibly and to take precautions to protect themselves, their colleagues and any other persons from injury or preventable illness which might arise from their actions and to ensure that the Companyûs health and safety performance is continuously improved, the policy statement and associated procedures and practices are reviewed regularly and when any new factors affecting health and safety arise adequate steps are taken. Moreover, the Company also has a Drug and Alcohol Abuse Policy. It is based on the recommendations contained in OCIMFûs çGuidelines for the Control of Drugs and Alcohol On Board Shipé. They are detailed in the Safety Management System available on all vessels and displayed for all crew members. There are many good reasons for such a policy not least, that drugs and alcohol dull their senses while they are at work, placing them and their fellow seafarers unnecessarily at risk and the Company will co-operate fully with the police or other public authorities in the prosecution of any person using or possession Drugs or Illegal substances on board. Ensuring that each crew member gets enough rest is a necessity. In order to avoid fatigue and stress related accidents on board, minimum rest periods have been recommended by STCW 95 convention and ILO Convention 180. In order to comply with the Companyûs safety procedures, a safety organization has been appointed / elected. The organization will ensure that safety and environment questions are brought to the attention of the crew and/or the shipûs management. Potential hazards are to be noted and attended to as soon as identified, not left until the next safety meeting. The safety organization has the following responsibilities: ë To plan, manage and coordinate occupational health and safety matters. ë To put environmental working problems on record. ë To make proposals, including giving priority and timetables or solution of possible problem. ë Control safety and health conditions. ë To ensure that causes of accident, cases of illness and çnear missesé are investigated and to introduce measures to prevent recurrence. ë To keep itself informed about the provisions in force and lay down principles for required training and instruction of the officers and ratings. The Company provides the remuneration for office employees as salary, bonus, and other benefits, like Provident Fund on a voluntary basis, although the same is not required by law. Remuneration is based on their performance, roles and duties and incentives/increments are also based on financial status/performance and future plans of the Company. As a long-term incentive, the Company does not have an ESOP plan in place since the Company feels that to a large extent, the share price of the Company depends on a number of factors beyond the employeesû direct control like the state of the International Freight markets and therefore, the Companyûs share price may not adequately reflect the better performance of the employees. Therefore, the Company has implemented a profit sharing scheme, which ensures that the employees are paid bonus annually based on the performance of the Company against specified quantitative targets, which are laid down annually in advance.

Annual Report 2004 Precious Shipping Public Company Limited

Õ—µ√“§à“√–«“ß‡√◊Õ„πµ≈“¥ “°≈ πÕ°®“°π’È√“§“Àÿâπ¢Õß∫√‘…—∑œ °Á‰¡à‰¥â –∑âÕπ∂÷ßº≈°“√ªØ‘∫—µ‘ß“π¢Õßæπ—°ß“π∑’Ë·∑â®√‘ß Õ¬à“ß‰√ °Á µ “¡∫√‘ …— ∑ œ ‰¥â · ∫à ß ªí π º≈°”‰√®“°°“√¥”‡π‘ π ß“π·°à æ π— ° ß“π¢Õß∫√‘ …— ∑ œ „π√Ÿª¢Õß‡ß‘π‚∫π— ª√–®”ªï‚¥¬æ‘®“√≥“®“° º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡ª√’¬∫‡∑’¬∫°—∫‡ªÑ“À¡“¬∑’Ë°”Àπ¥‰«â ·≈–„™â‡ªìπ‡°≥±å„π°“√®à“¬‚∫π— ª√–®”ªï·°àæπ—°ß“π ∫√‘…—∑œ ®—¥„Àâ¡’°“√Ωñ°Õ∫√¡ ”À√—∫æπ—°ß“π∑’ËÕ¬Ÿà∑’Ë ”π—°ß“π·≈–∫π‡√◊Õ∑—Èß„π·≈–πÕ° ∂“π∑’Ë ‚¥¬∫√‘…—∑œ ®–‡ªìπ ºŸâ√—∫º‘¥™Õ∫§à“„™â®à“¬∑—ÈßÀ¡¥∑’Ë‡°‘¥¢÷Èπ πÕ°®“°π’È∫√‘…—∑œ ¬—ßÕπÿ≠“µ„Àâ≈“ß“πÀ√◊Õ°”Àπ¥‡«≈“°“√∑”ß“πºàÕπª√π‡ªìπ°√≥’æ‘‡»… ”À√—∫æπ—°ß“π∑’ËµâÕß°“√»÷°…“„π√–¥—∫∑’Ë Ÿß¢÷Èπ √«¡∑—Èß°“√ àß‡ √‘¡°“√ √â“ß§«“¡ —¡æ—π∏åÕ—π¥’√–À«à“ßæπ—°ß“π¥â«¬°—π ·≈– √–À«à“ßæπ—°ß“π°—∫ºŸâ∫√‘À“√∫√‘…—∑œ ¥â“ππ“¬Àπâ“ : ∫√‘…—∑œµ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“π“¬Àπâ“‡ªìπ à«πÀπ÷Ëß¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß∫√‘…—∑œ ·≈–‡ªìπ ºŸâ∑’Ë¡’∫∑∫“∑ ”§—≠„π∞“π–ºŸâ π—∫ πÿπ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ∫√‘…—∑œ ®÷ßªØ‘∫—µ‘°—∫π“¬Àπâ“¥â«¬§«“¡‡ªìπ∏√√¡µ“¡‡ß◊ËÕπ‰¢ °“√§â“∑’Ëµ°≈ß√à«¡°—π‡æ◊ËÕ √â“ß§«“¡ —¡æ—π∏åÕ—π¥’√–À«à“ß°—π„π√–¬–¬“« ¥â“π‡®â“Àπ’È‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“‡®â“Àπ’È‡ß‘π°Ÿâ¬◊¡‡ªìπ à«πÀπ÷Ëß¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß ∫√‘…—∑œ „π∞“π–ºŸâ π—∫ πÿπ¥â“π°“√‡ß‘π·°à∫√‘…—∑œ ∫√‘…—∑œ ®÷ß‰¥âªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢°“√°Ÿâ¬◊¡‡ß‘πµà“ßÊ √«¡∑—ÈßªØ‘∫—µ‘µ“¡ «—µ∂ÿª√– ß§å°“√°Ÿâ‡ß‘π °“√™”√–§◊π À≈—°∑√—æ¬å§È”ª√–°—π ·≈–¢âÕµ°≈ßÕ◊ËπÊ ∑’Ëµ°≈ß√à«¡°—π√–À«à“ß ÕßΩÉ“¬ ¥â“π§Ÿà§â“ : ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’∂÷ß§«“¡ ”§—≠¢Õß§Ÿà§â“¢Õß∫√‘…—∑œ ·≈–¡—Ëπ„®«à“‡ß◊ËÕπ‰¢∑“ß°“√§â“µà“ßÊ ‡ªìπ‰ª¥â«¬§«“¡‡ªìπ∏√√¡µ“¡¡“µ√∞“π°“√§â“‚¥¬∑—Ë«‰ª √«¡∑—Èß°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“Õ¬à“ß‡§√àß§√—¥ ¥â“π≈Ÿ°§â“ : ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“≈Ÿ°§â“‡ªìπ à«πÀπ÷Ëß¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß°“√¥”‡π‘π∏ÿ√°‘®¢Õß ∫√‘…∑— œ ∫√‘…∑— œ ®÷ß∑”°“√ª°ªÑÕßº≈ª√–‚¬™πå¢Õß≈Ÿ°§â“ °“√µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ √«¡∑—ßÈ °“√„Àâ∫√‘°“√∑’‰Ë ¥â¡“µ√∞“π ·≈–°“√√—°…“ “√ π‡∑»∑’Ë‡ªìπ§«“¡≈—∫¢Õß≈Ÿ°§â“∑’ËÕ¬Ÿà„πß“π∑’Ëæ«°‡¢“‡°’Ë¬«¢âÕß ‚¥¬®–‰¡à‡ªî¥‡º¬ “√ π‡∑»¥—ß°≈à“«À“°‰¡à¡’ °“√°”Àπ¥®“°°ÆÀ¡“¬ ¢âÕ°”Àπ¥ À√◊Õ°“√¬‘π¬Õ¡®“°ºŸâ‡ªìπ‡®â“¢Õß “√ π‡∑» √«¡∂÷ßª√–‡¥Áπ∑“ß¥â“π°“√µ≈“¥ °“√°”Àπ¥ √“§“ √“¬≈–‡Õ’¬¥∫√‘°“√ §ÿ≥¿“æ·≈–§«“¡ª≈Õ¥¿—¬¢Õß°“√„Àâ∫√‘°“√ ¥â“π§Ÿà·¢àß : ∫√‘…—∑œ ªØ‘∫—µ‘¿“¬„µâ°√Õ∫°µ‘°“¢Õß°“√·¢àß¢—π∑’Ë¥’ ‰¡à∑”≈“¬™◊ËÕ‡ ’¬ß¢Õß§Ÿà·¢àß∑“ß°“√§â“¥â«¬°“√ °≈à“«À“∫√‘…—∑∑’Ë‡ªìπ§Ÿà·¢àß∑“ß°“√§â“¥â«¬§«“¡‰¡à ÿ®√‘µ·≈–ª√“»®“°¢âÕ¡Ÿ≈§«“¡®√‘ß √«¡∂÷ß‰¡à‡¢â“∂÷ß “√ π‡∑»∑’Ë‡ªìπ§«“¡≈—∫ ¢Õß§Ÿà·¢àß¥â«¬«‘∏’°“√∑’Ë‰¡à ÿ®√‘µÀ√◊Õ‰¡à‡À¡“– ¡ ¥â“π™ÿ¡™π·≈–/À√◊Õ —ß§¡ : ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’∂÷ß§«“¡√—∫º‘¥™Õ∫µàÕ™ÿ¡™π·≈– —ß§¡ √«¡∂÷ß°“√ π—∫ πÿπ°‘®°√√¡¢Õß™ÿ¡™π·≈–°“√‡Õ“„®„ àµàÕº≈°√–∑∫µàÕºŸâ∑’ËÕ¬Ÿà√Õ∫¢â“ß¡“°°«à“∑’Ë¡’°”Àπ¥‰«â„π°ÆÀ¡“¬ ·≈–æ¬“¬“¡∑’Ë®– §àÕ¬Ê „Àâ¡’°“√´÷¡´—∫‡°’Ë¬«°—∫§«“¡√—∫º‘¥™Õ∫∑“ß —ß§¡ ´÷Ëß∑’Ëºà“π¡“∫√‘…—∑œ ¡’°‘®°√√¡¥â“π —ß§¡·≈–/™ÿ¡™π ¥—ßµàÕ‰ªπ’È ë ∫√‘…—∑œ „Àâ°“√ π—∫ πÿπ °“√Ωñ°Õ∫√¡∫ÿ§≈“°√¢Õß»Ÿπ¬åΩñ°æ“≥‘™¬π“«’ (Merchant Marine Training Center) ‚¥¬°“√„Àâ∑ÿπ°“√»÷°…“·°àºŸâ¡’º≈°“√‡√’¬π¥’ ë ∫√‘…—∑œ‰¥â√—∫π—°‡√’¬π∑’Ë®∫°“√»÷°…“®“°»Ÿπ¬åΩñ°æ“≥‘™¬π“«’ ¡“‡ªìπæπ—°ß“π/≈Ÿ°‡√◊Õ¢Õß∫√‘…—∑œ ë ∫√‘ …— ∑ œ àß‡ √‘¡ π—∫ πÿπ„Àâ≈Ÿ°‡√◊Õ∑’Ë‡ªìπ§π‰∑¬‡ÀÁπ§«“¡ ”§—≠¢Õß°“√ÕÕ¡‡ß‘π¥â«¬°“√ π—∫ πÿπæ«°‡¢“ „ÀâΩ“°‡ß‘π√“¬‰¥â∫“ß à«π„π∫—≠™’‡ß‘πΩ“°ª√–®”°—∫∏π“§“√„πª√–‡∑» ë µ≈Õ¥À≈“¬ªï∑’Ëºà“π¡“∫√‘…—∑œ ‰¥âª√– “πß“π°—∫ ¿“°“™“¥‰∑¬„ÀâÀπà«¬‡§≈◊ËÕπ∑’Ë√—∫∫√‘®“§‚≈À‘µ¡“√—∫∫√‘®“§∑’Ë ”π—°ß“π∫√‘…—∑œ ”À√—∫ªï 2547 Àπà«¬‡§≈◊ËÕπ∑’Ë√—∫∫√‘®“§‚≈À‘µ¡“√—∫∫√‘®“§‚≈À‘µ∑’Ë∫√‘…—∑œ 2 §√—Èß ë ‚¥¬ª°µ‘·≈â«∫√‘…—∑œ ¡—°®–®—¥„Àâ¡’°“√∫√‘®“§‡ß‘π·≈– ‘Ëß¢Õß ”À√—∫ºŸâ∑’Ë¡’§«“¡®”‡ªìπ·≈–ºŸâ∑’Ë¬“°‰√â ·≈–‡¡◊ËÕ ‡√Á«Ê π’È ∫√‘…—∑œ √à«¡°—∫æπ—°ß“π‰¥â∫√‘®“§‡ß‘π°«à“ 1 ≈â“π∫“∑ ºà“π ¿“°“™“¥‰∑¬ ”À√—∫ºŸâª√– ∫¿—¬∏√≥’æ‘∫—µ‘®“°§≈◊Ëπ¬—°…å

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

The Company provides in-house and external training for officers of the Company both at Head Office as well as on the Ships. The costs of such training are borne by the Company. Moreover, the Company allows special leave and flexible working hours for employees who are undergoing longer term professional or degree courses. Moreover, the Company supports good relationship between all employees including the management. Brokers: The Company recognizes that the shipping brokers with whom the Company regularly deals with for obtaining business for Companyûs ships are one of the key success factors. Accordingly, terms are negotiated with a view to ensuring fairness and in keeping with industry norms so as to ensure a long term working relationship. Creditors: The Company recognizes the Financial Creditors as one more important success factor who provide funds which are particularly required for the Companyûs business which is highly capital intensive. The Company complies with all terms in borrowings including complionce with the objectives of using the borrowed funds, repayment, collateral, and other conditions as may be agreed. Suppliers: The Company recognizes the importance of satisfied Suppliers and the Company always ensures that terms and conditions for supplies are based on industry norms and practices and thereafter, agreed terms and conditions are strictly followed by the Company. Customers: The Company recognizes that the Customers are one of the key success factors for the Companyûs operations. The Company always protects customersû interests, is attentive and ultimately responsible to for the needs of the customers with regard to service, and in setting and maintaining steady standards of the service. The customersû confidential information is used exclusively for concerned business, without revealing it unless required by laws, regulations, or with consent from the information owners, including issues related to marketing, market power exercises, price setting, details of services, quality and safety. Competitors: The Company acts within the rules of fair trade, not destroying trade competitorsû reputations with false allegations against their companies without truth, nor does the Company access competitorsû confidential information or use dishonest or inappropriate means for any purpose. Social Responsibility to the Community: the Company recognizes its responsibility to the Community and is often involved in supporting community activities and being attentive to the consequences of the Companyûs conduct that affect the people around more than what the laws require, including making efforts to gradually absorb social accountability. Some of the Social and Community activities recently undertaken by the Company are as follows: ë Company takes an active interest in the Merchant Marine Training Center, Thailand and awards Gold medals for graduates finishing at the top of the class. ë Company employs most of the cadets passing out from the Merchant Marine Training Center, Thailand and thus contributes to the development of qualified Thai officers. This pool of officers is available to any/all Thai ship-owners and not just restricted to the Company. ë Company helps develop a habit of saving in the Thai seafarers by encouraging them to place a part of their earnings in time-deposit accounts with local banks for their and their familyûs long term security. ë Company organizes blood donation camps on a regular basis in collaboration with the Thai Red Cross. These blood donation camps have been organized since the past several years; and in 2004, two such camps have been held. ë The Company makes regular donations to the needy and poor and for various causes. For instance, the Company, in collaboration with itûs employees, recently donated over 1 million Baht to the Thai Red Cross for those

Annual Report 2004 Precious Shipping Public Company Limited

ç ÷π“¡‘é ·≈–‡¡◊ËÕµâπªï 2547 ∫√‘…—∑œ ‰¥â∫√‘®“§§Õ¡æ‘«‡µÕ√å·°à‚√ß‡√’¬π√–¥—∫ª√–∂¡·≈–¡—∏¬¡ ®”π«π 4 ·Ààß „π®—ßÀ«—¥√–¬Õß ∑’Ë¡’π—°‡√’¬π®”π«π 877 §π ë ∫√‘…—∑œ ‰¥â√—∫√“ß«—≈ AMVER (Automated Mutual Assistance Vessel Rescue System/√–∫∫°“√°Ÿâ¿—¬‡√◊Õ √à«¡°—π) ª√–®”ªï 2546 ´÷Ëß√“ß«—≈ AMVER π’È‰¥â√—∫°“√ π—∫ πÿπ‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬Ωíòß¢Õß À√—∞Õ‡¡√‘°“ ‡ªìπ‚§√ß°“√∑’Ë¡’‡Õ°≈—°…≥å‚¥¥‡¥àπ‡©æ“– §«∫§ÿ¡‚¥¬„™â√–∫∫§Õ¡æ‘«‡µÕ√å ‚¥¬¡’‡√◊Õæ“≥‘™¬å∑—Ë«‚≈°Õ“ “ ¡—§√‡¢â“√à«¡‚§√ß°“√ ‡ªìπ√–∫∫‡§√◊Õ¢à“¬°“√·®âß¢à“« “√ °“√§âπÀ“ ·≈–°“√°Ÿâ¿—¬‡√◊Õ∑’Ë§√Õ∫§≈ÿ¡∑—Ë«‚≈°‡æ◊ËÕ„Àâ°“√™à«¬‡À≈◊Õ‡√◊Õ∑’Ëª√– ∫¿—¬„π∑–‡≈ ë °Õß‡√◊Õ¢Õß∫√‘…∑— œ à«π„À≠à∂Õ◊ ∏ß —≠™“µ‘‰∑¬ ∫√‘…∑— œ ®÷ßæ¬“¬“¡Õ¬à“ß¬‘ßË ‰¡à„Àâ™Õ◊Ë ‡ ’¬ß¢Õßª√–‡∑»‰∑¬‡ ’¬À“¬ ‚¥¬∫√‘…—∑œ ¡’§«“¡¡—Ëπ„®«à“¡“µ√°“√¥â“π§«“¡ª≈Õ¥¿—¬¢Õß°Õß‡√◊Õ¢Õß∫√‘…—∑œ Ÿß°«à“¢âÕ∫—ß§—∫√–‡∫’¬∫ªØ‘∫—µ‘‚¥¬∑—Ë«‰ª ë ∫√‘…—∑œ „Àâ§«“¡™à«¬‡À≈◊Õ„π°“√ √â“ß‚√ß‡√’¬π ”À√—∫‡¥Á°∑’Ëª√– ∫¿—¬®“°·ºàπ¥‘π‰À«„π¿“§µ–«—πµ°¢Õß ª√–‡∑»Õ‘π‡¥’¬ ‡¡◊ËÕªï 2544 ·≈–„π∑’Ë ÿ¥‚√ß‡√’¬π¡‘µ√¿“æ Õ‘π‚¥-‰∑¬ °Á‡°‘¥¢÷Èπ ·≈–‡ªî¥¥”‡π‘π°“√‰¥â·≈â«´÷Ëß “¡“√∂√—∫π—°‡√’¬π ‰¥â®”π«π 700 §π∑—Èß„π√–¥—∫ª√–∂¡ ¡—∏¬¡µâπ √«¡∑—Èß¡—∏¬¡ª≈“¬ ´÷Ëß∑”„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕßµà“ßÊ √Ÿâ ÷°´“∫´÷Èß·≈–ª√–∑—∫„®„π §«“¡™à«¬‡À≈◊Õ¢Õßª√–‡∑»‰∑¬ ¥â“πºŸâ«“ß°Æ√–‡∫’¬∫: πÕ°‡Àπ◊Õ®“°∑’Ë‰¥â°≈à“«‰«â·≈â«„π à«π¢Õß°ÆÀ¡“¬·≈–√–‡∫’¬∫‡°’Ë¬«°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ ´÷Ëß‰¥âÕ∏‘∫“¬‰«â·≈â«„π√“¬ß“πª√–®”ªï©∫—∫π’È ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“ºŸâ«“ß°Æ√–‡∫’¬∫§◊ÕºŸâ∑’Ë∑”Àπâ“∑’Ë§«∫§ÿ¡‡æ◊ËÕ„Àâ°“√ ¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ‡ªìπ‰ª¥â«¬§«“¡¬ÿµ‘∏√√¡·≈–¡’§«“¡‚ª√àß„ ∫√‘…—∑œ ®÷ßµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß°“√ªØ‘∫—µ‘µ“¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–®—¥µ—ÈßΩÉ“¬µ√«® Õ∫¿“¬„π‡æ◊ËÕ¥”‡π‘π °“√„π‡√◊ËÕßπ’È‚¥¬‡©æ“–·≈–∫√√®ÿ‡√◊ËÕß¥—ß°≈à“«‰«â„π·ºπ°“√µ√«® Õ∫‡ªìπª√–®”∑ÿ°ªï ·≈–√“¬ß“πº≈‚¥¬µ√ßµàÕ§≥–°√√¡°“√ µ√«® Õ∫µ“¡√“¬≈–‡Õ’¬¥∑’Ë°≈à“«„πÀ—«¢âÕ ç√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫é ¥â“π ‘Ëß·«¥≈âÕ¡ : ∫√‘…—∑œ µ√–Àπ—°¥’«à“°“√¥”‡π‘πß“π¢Õß∏ÿ√°‘®‡¥‘π‡√◊Õ∂â“¢“¥§«“¡√—∫º‘¥™Õ∫·≈â«Õ“®¡’º≈°√–∑∫ µàÕ ¿“æ·«¥≈âÕ¡ ‚¥¬‡©æ“–Õ¬à“ß¬‘ßË ¡≈æ‘…∑“ßÕ“°“»·≈–¡≈æ‘…∑“ßπÈ” ”À√—∫π‚¬∫“¬°“√ªÑÕß°—π√—°…“ ‘ßË ·«¥≈âÕ¡ ∫√‘…∑— œ ‰¥â „Àâ§«“¡ ”§—≠‡æ◊ËÕ°“√ªÑÕß°—π·≈–Õπÿ√—°…å ‘Ëß·«¥≈âÕ¡ °“√¥”‡π‘πß“π¥â“π ‘Ëß·«¥≈âÕ¡ ¡’¥—ßπ’È ë π—∫ πÿπ«‘∏’°“√·≈–°“√ªØ‘∫—µ‘°“√ªÑÕß°—π ‘Ëß·«¥≈âÕ¡µ“¡°ÆÀ¡“¬¢ÕßÕÿµ “À°√√¡ ë ªØ‘∫—µ‘°“√‡ªìπ¢—ÈπµÕπ∑’Ë‡À¡“– ¡‡æ◊ËÕª√—∫ª√ÿß°“√¥”‡π‘π°“√‡°’Ë¬«°—∫ ‘Ëß·«¥≈âÕ¡ ë °“√Õ∏‘∫“¬∑‘»∑“ß°“√®—¥°“√¢Õß∫√‘…—∑œ ¥â“π ‘Ëß·«¥≈âÕ¡∑’Ë™—¥‡®π ‡æ◊ËÕ®Ÿß„®„Àâæπ—°ß“π‰¥âªØ‘∫—µ‘°“√‡°’Ë¬«°—∫ ‘Ëß·«¥≈âÕ¡¥â«¬§«“¡√Ÿâ ÷°√—∫º‘¥™Õ∫ ë ÕÕ°·∫∫·≈–ªØ‘∫—µ‘°“√‡°’Ë¬«°—∫‡√◊Õ„Àâ¡’ª√– ‘∑∏‘¿“æ¡“°∑’Ë ÿ¥ ‡æ◊ËÕ°√–∑∫µàÕ ‘Ëß·«¥≈âÕ¡„ÀâπâÕ¬∑’Ë ÿ¥‡∑à“∑’Ë®– ‡ªìπ‰ª‰¥â ë ®—¥∑”·ºπ©ÿ°‡©‘π„Àâ Õ¥§≈âÕß°—∫°ÆÀ¡“¬ ·≈–°“√ªØ‘∫—µ‘∑’Ë¥’ ë „Àâ§«“¡√Ÿâ·≈–Õ”π“®Àπâ“∑’Ë∑’Ë‡À¡“– ¡°—∫æπ—°ß“π ‡æ◊ËÕ®—¥°“√‡°’Ë¬«°—∫°“√¥”‡π‘π°“√µàÕ ‘Ëß·«¥≈âÕ¡ ë §«∫§ÿ¡·≈–¥Ÿ·≈°“√¥”‡π‘π°“√µàÕ ‘Ëß·«¥≈âÕ¡ ‡æ◊ËÕ·πà„®«à“‰¥â¡’°“√π”π‚¬∫“¬‰ª„™âªØ‘∫—µ‘·≈–‡ªìπ‰ªµ“¡§«“¡ µâÕß°“√¢Õß°ÆÀ¡“¬·≈–∫√‘…—∑‡®â“¢Õß‡√◊Õ ∫√‘…—∑œ ªØ‘∫—µ‘µ“¡¢âÕ∫—ß§—∫‡æ◊ËÕ°“√Õπÿ√—°…å ‘Ëß·«¥≈âÕ¡¢ÕßÕπÿ —≠≠“√–À«à“ßª√–‡∑»«à“¥â«¬°“√ªÑÕß°—π¡≈¿“«– ®“°‡√◊Õ (MARPOL) ¡“„™â ´÷ËßÕπÿ —≠≠“¥—ß°≈à“«‰¥â∂Ÿ°·∫àßÕÕ°‡ªìπ 5 ‡√◊ËÕß §◊Õ 1. °“√ªÑÕß°—π¡≈æ‘…®“°πÈ”¡—π 2. °“√§«∫§ÿ¡¡≈æ‘…®“° “√‡§¡’‡À≈« 3. °“√ªÑÕß°—π¡≈æ‘…®“° “√Õ—πµ√“¬∑’Ë∫√√®ÿÀ’∫ÀàÕÀ√◊ÕµŸâ§Õπ‡∑π‡πÕ√å

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

affected by the Tsunami and in the recent past in early 2004, donated computers to four primary/secondary schools in Rayong province for use by the 877 students studying in these schools. ë The Company has received the 2003 Automated Mutual assistance Vessel Rescue System (AMVER) Award. AMVER, sponsored by the United States Coast Guard, is unique, computer-based, and voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to persons in distress at sea. ë The Companyûs ships fly the Thai flag and thus act as brand ambassadors of the çThaié brand wherever the ships call. The Company makes every effort to preserve the sanctity of the çThaié brand by ensuring that all the ships are safely operated in accordance with the prevailing regulations and conventions. ë The Company helped build a school for children affected by the earthquake which hit western India in 2001. The çIndo-Thai Friendship Schoolé is now fully operational and can accommodate 700 students in Elementary, Middle and High School levels. This has been greatly appreciated by all concerned and projects a favourable impression of Thailand. Regulators: Apart from the various regulations, which the Companyûs ships are subjected to and explained hereunder in this Report, on a Corporate level, the Company recognizes that Government is a regulator who is in control of the Companyûs operations in respect of the fairness and transparency of trading. The Company recognizes the significance of the compliance with the related laws and regulations and has included its review of the compliance as one of the duties of the internal audit department headed by a qualified Internal Auditor. Internal auditor provides an annual compliance review report of related laws and regulation and directly reports to Audit Committee as explained under the çAudit Committee Reporté section of the Annual Report. Environment: The Company recognizes that shipping operations if conducted irresponsibly may affect the environment, particularly in terms of air and/ or water pollution. For the Environmental Protection Policy, the Company is committed to the protection and conservation the environment and ranks environmental considerations equally with commercial and operational factors in managing its operations and implements this policy. To implement this policy, management : ë Promotes procedures and practices that ensure environmental protection taking into account current legislation and industry codes and practice; ë Takes voluntary steps where appropriate to improve environmental performance; ë Communicates clear management directions to properly motivated employees so that they perform in an environmentally responsible manner; ë Design and operate ships as efficiently as possible minimizing environmental impact and ensuring discard of waste is in strict compliance with regulations. ë Establishes emergency plans, consistent with current legislation and good practice; ë Communicates with employees, appropriate authorities and the public enabling the Company to respond to their environmental performance concerns; and ë Monitors environmental performance to ensure compliance with this policy as well as the Companyûs legal requirements. The Company is committed to environmental protection through effective implementation of the international convention for the prevention of pollution from ships (MARPOL). The convention is divided into 5 areas as follows: 1. Regulations for the Prevention of Pollution by Oil. 2. Regulations for the Control of Pollution by Noxious liquid substances in bulk. 3. Regulations for the Prevention of Pollution by harmful substances carried by sea in packed forms, or in freight containers, portable tanks or road and rail tank wagons.

Annual Report 2004 Precious Shipping Public Company Limited

4. °“√ªÑÕß°—π¡≈æ‘…®“°πÈ”‡ ’¬¢Õß‡√◊Õ 5. °“√ªÑÕß°—π¡≈æ‘…®“°¢¬–¢Õß‡√◊Õ ªí®®ÿ∫—π¡’‡æ‘Ë¡¢÷Èπ‡ªìπ 7 ‡√◊ËÕß ‚¥¬ 2 ‡√◊ËÕß∑’Ë‡æ‘Ë¡‡¢â“¡“‰¥â·°à 6. °“√ªÑÕß°—π¡≈æ‘…∑“ßÕ“°“»®“°‡√◊Õ 7. °“√ªÑÕß°—π¡≈æ‘…®“°¢Õß‡ ’¬Àπ—°®“°‡√◊Õ ≈—°…≥–¢Õß°“√ªØ‘∫—µ‘ß“π∫π‡√◊Õ∑—ÈßÀ¡¥´÷Ëß¡’º≈‡ ’Ë¬ßµàÕ¡≈æ‘…‰¥â°”Àπ¥‰«â„π°Æ ¢âÕ∫—ß§—∫ ·≈–§”·π–π”‡æ‘Ë¡‡µ‘¡ „π§Ÿà¡◊Õ°“√ªØ‘∫—µ‘°“√∫π‡√◊Õ∑ÿ°≈”¢Õß∫√‘…—∑œ ·≈â«

ª√–¡«≈°Æ√–‡∫’¬∫‡°’Ë¬«°—∫°“√®—¥°“√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑» (International Safety Management Code (ISM Code)) ª√–«—µ‘ : °“√‡√’¬π√Ÿ®â “°ª√– ∫°“√≥å ‡Àµÿ°“√≥å∑“ß∑–‡≈µ≈Õ¥À≈“¬ªï∑º’Ë “à π¡“ π”‰ª Ÿ°à “√°”Àπ¥‡ªìπ International Safety Management Code À√◊Õ ISM Code ´÷Ëß‰¥âÕ∏‘∫“¬∂÷ß§«“¡ª≈Õ¥¿—¬®“°°“√¥”‡π‘πß“π¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–°“√ ªÑÕß°—π¡≈æ‘…µà“ßÊ „π‡¥◊Õπ°√°Æ“§¡ 2541 ISM Code °≈“¬‡ªìπ¢âÕ∫—ß§—∫ ”À√—∫‡√◊Õ¢π àßºŸâ‚¥¬ “√ ‡√◊Õ∫√√∑ÿ°πÈ”¡—π ·≈–‡√◊Õ∑’Ë¡’ §«“¡‡√Á« Ÿß ISM Code ∂Ÿ°®—¥µ—Èß¢÷Èπ‚¥¬¡’«—µ∂ÿª√– ß§å¥â“π°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬ ‡æ◊ËÕ„Àâ°“√∫√‘À“√¥â“π§«“¡ª≈Õ¥¿—¬‰¥â∂Ÿ° ®—¥µ—Èß¢÷Èπ¿“¬„πÕß§å°√µà“ßÊ ‡™àπ ∫√‘…—∑‡®â“¢Õß‡√◊Õ À√◊Õ∫ÿ§§≈µà“ßÊ ∑’Ë√—∫º‘¥™Õ∫¥â“π°“√‡¥‘π‡√◊Õ‰¥â¡’§«“¡µ√–Àπ—°∂÷ß§«“¡ ”§—≠¥â“π§«“¡ª≈Õ¥¿—¬ ∫√‘…—∑œ ®÷ß‰¥â¥”‡π‘π°“√·≈–¡’π‚¬∫“¬‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å¥—ß°≈à“«¢â“ßµâπ·≈â« ´÷Ëß√«¡∂÷ß°“√®—¥‡µ√’¬¡‡§√◊ËÕß¡◊Õ Õÿª°√≥åæ◊Èπ∞“πµà“ßÊ ∑’Ë®”‡ªìπ √«¡∑—Èß°“√·µàßµ—Èß∫ÿ§§≈À√◊Õ‡®â“Àπâ“∑’Ë ”π—°ß“π´÷Ëß√“¬ß“πµ√ß°—∫ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–‰¥â®—¥∑” §Ÿà¡◊Õ¥â“π°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬ ´÷Ëß√«¡«‘∏’°“√ªØ‘∫—µ‘µà“ßÊ ´÷Ëß∂Ÿ°°”Àπ¥„π ISM Code ·≈–√—°…“‰«â∫π‡√◊Õ ª√–¡«≈°Æ¢âÕ∫—ß§—∫π’È∂Ÿ°π”‰ª„™â∫π‡√◊Õ·≈–∑’Ë ”π—°ß“π «—µ∂ÿª√– ß§å∑—Ë«‰ª¢Õß ISM Code ¡’¥—ßπ’È 1. ‡æ◊ËÕ„Àâ‡°‘¥§«“¡ª≈Õ¥¿—¬„π∑–‡≈ 2. ‡æ◊ËÕªÑÕß°—π°“√∫“¥‡®Á∫·≈– Ÿ≠‡ ’¬™’«‘µ 3. ‡æ◊ËÕÀ≈’°‡≈’Ë¬ß°“√°√–∑”§«“¡‡ ’¬À“¬µàÕ ‘Ëß·«¥≈âÕ¡ «—µ∂ÿª√– ß§åÀ≈—°¢Õß√–∫∫π’È§◊Õ‡æ◊ËÕªÑÕß°—π 1. §«“¡ Ÿ≠‡ ’¬·≈–°“√∫“¥‡®Á∫µàÕ¡πÿ…¬å 2. °“√∑”≈“¬∑âÕß∑–‡≈·≈– ‘Ëß·«¥≈âÕ¡ 3. §«“¡ Ÿ≠‡ ’¬µàÕ‡√◊Õ‡¥‘π∑–‡≈¢Õßµπ·≈–¢ÕßºŸâÕ◊Ëπ

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

4. Regulations for the Prevention of Pollution by Sewage from ships. 5. Regulations for the Prevention of Pollution by Garbage from ships. Recently, it is increased to 7 areas. The additional 2 areas are as follows: 6. Regulations for the Prevention of Pollution by Air from ships. 7. Regulations for the Prevention of Pollution by Ballast. All aspects of shipsû operations, which involve risk of pollution, are addressed in the regulations and are further discussed in the operational manuals placed on board the vessel.

International Safety Management Code (ISM Code) Background information: Learning from various marine casualties over the years, çInternational Safety Management Codeé (ISM Code) was introduced by the International Maritime Organization, to enhance the safe operation of ships and pollution prevention. In July 1998 the ISM Code became mandatory for passenger ships, tankers and high-speed crafts. The Code establishes safety-management objectives and requires a safety management system (SMS) to be established by çthe Companyé, which is defined as the Ship-owner or any person, such as the Manager or Bareboat charterer, who has assumed responsibility for operating the ship. The Company is then required to establish and implement a policy for achieving these objectives. This includes providing the necessary resources and shore-based support. The Company is expected çto designate a person or persons ashore having direct access to the highest level of managementé. The procedures required by the Code should be documented and compiled in a Safety Management Manual, a copy of which is to be kept on board. The provisions of the ISM code and ISO 9001 Quality standards largely complement each other, with the latter giving more emphasis on çcustomer satisfactioné. The Code is implemented on board the vessels and offices ashore. The purpose of the Code is to provide an international standard for the safe management and operation of ships and for pollution prevention. The objectives of the ISM Code are: 1. Ensure safety at sea. 2. Prevent human injury or loss of life. 3. Avoid damage to the environment. The superior objectives of this system are to prevent: 1. Loss of life and personal injuries. 2. Damage to sea and air environment. 3. Damage to the vessel and other vessels or property.

Overview of Quality and Safety Practices on Board the Companyûs ships Human resources Over the years the Company has not only acquired expertise in the field of ship management, but in the process has developed a pool of highly qualified and competent staff both on-board and ashore. It is through this dedicated and loyal work force of floating staff, technical superintendents, and internal auditors that the Company has been able to achieve high standards of Safety and Quality in all aspects of ship operations. It is the Companyûs policy to encourage and support competent and efficient seafarers and give them the opportunity to grow within the Organization.

Annual Report 2004 Precious Shipping Public Company Limited

°“√Ωñ°Õ∫√¡ ≈Ÿ°‡√◊Õ¢Õß∫√‘…—∑œ ∂Ÿ°°”Àπ¥„Àâ¡“∑’Ë ”π—°ß“π„À≠à¢Õß∫√‘…—∑œ ∑’Ë°√ÿß‡∑æœ ‡æ◊ËÕ√—∫øíß∫√√¬“¬ √ÿª°àÕπ∑’Ë®–∂Ÿ°¡Õ∫ À¡“¬„ÀâªØ‘∫µ— À‘ πâ“∑’„Ë π°Õß‡√◊Õ¢Õß∫√‘…∑— œ ≈Ÿ°‡√◊Õ¢Õß∫√‘…∑— œ ®–‰¥â√∫— ¢âÕ¡Ÿ≈¢à“« “√∑’‡Ë ªìπª√–‚¬™πå∑‡’Ë ªìπªí®®ÿ∫π— Õ¬à“ß ¡Ë”‡ ¡Õ ‚¥¬‡©æ“–°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ·≈–∫àÕ¬§√—Èß∑’Ë≈Ÿ°‡√◊Õ®–∂Ÿ° àß‰ªÕ∫√¡‡æ◊ËÕ‡æ‘Ë¡‡µ‘¡§«“¡√Ÿâ·≈–ª√– ∫°“√≥å ‚¥¬∫√‘…—∑œ ®–‡ªìπºŸâ√—∫º‘¥™Õ∫¥â“π§à“„™â®à“¬∑—ÈßÀ¡¥∑’Ë‡°‘¥¢÷Èπ √«¡∑—Èß°“√®—¥‚ª√·°√¡°“√Ωñ°Õ∫√¡∫π‡√◊Õ ·≈–‡æ◊ËÕ„Àâ≈Ÿ°‡√◊ÕπâÕß„À¡à‰¥âºà“π°√–∫«π°“√‡√’¬π√Ÿâ∫π‡√◊Õ ºŸâ∫—ß§—∫∫—≠™“®–µâÕß®—¥„Àâ¡’°“√∑”°‘®°√√¡√à«¡°—π √«¡ ∑—Èß°“√®—¥„Àâ¡’°“√∑¥ Õ∫§«“¡ “¡“√∂¥â«¬√–∫∫§Õ¡æ‘«‡µÕ√å ‡æ◊ËÕ«—¥√–¥—∫§«“¡ “¡“√∂¢Õß≈Ÿ°‡√◊ÕπâÕß„À¡à ‚¥¬º≈∑’Ë‰¥â®“° °“√∑¥ Õ∫®–∂Ÿ°π”‰ªæ‘®“√≥“‡æ◊ËÕÀ“®ÿ¥ÕàÕπ·≈–π”‰ª Ÿà°“√°”Àπ¥·π«∑“ß·°â‰¢‡æ◊ËÕª√—∫ª√ÿß®ÿ¥ÕàÕπ¥—ß°≈à“«µàÕ‰ª ÿ¢Õπ“¡—¬ ∫√‘…—∑œ ®—¥√–∫∫‡«™°√√¡∑’Ë‡À¡“– ¡„π√–¥—∫∑’Ë Ÿß°«à“¡“µ√∞“π¢Õß International Labor Organization (ILO) √«¡∑—Èß¢âÕ∫—ß§—∫Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß ´÷Ëß∑”„Àâ∫√‘…—∑œ ª√– ∫ªí≠À“°√≥’≈Ÿ°‡√◊Õ≈â¡ªÉ«¬πâÕ¬¡“° °“√µ√«® Õ∫¿“¬„π∫π‡√◊Õ °“√∑”ß“π¢ÕßΩÉ“¬µ√«® Õ∫¿“¬„π∫π‡√◊Õ‰¡à‰¥â‡©æ“–‡®“–®ß‡©æ“–°“√ Õ∫∑“π°“√ªØ‘∫—µ‘µ“¡ ISM Code ‡∑à“π—Èπ ·µà¬—ß√«¡∂÷ß°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ¢Õß∫√‘…—∑œ Õ’°¥â«¬ °“√µ√«® Õ∫¿“¬„π∫π‡√◊Õ∂Ÿ°¥”‡π‘π°“√‚¥¬∑’¡ß“π∑’Ë¡’§ÿ≥ ¡∫—µ‘ ·≈–ª√– ∫°“√≥å∑’Ë‡À¡“– ¡ ·≈–√“¬ß“πº≈°“√ªØ‘∫—µ‘ß“πµàÕ°√√¡°“√ºŸâ®—¥°“√‚¥¬µ√ß °“√æ—≤π“Õ¬à“ßµàÕ‡π◊ËÕß „π°√≥’∑’Ë‡°‘¥°“√‰¡àªØ‘∫—µ‘µ“¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß À√◊ÕÕÿ∫—µ‘‡Àµÿµà“ßÊ ®–∂Ÿ°π”‰ª ◊∫ «π·≈– «‘‡§√“–Àå‡æ◊ÕË À“ “‡Àµÿ ·≈–π”‰ª Ÿ°à “√°”Àπ¥«‘∏°’ “√ªÑÕß°—π∑’‡Ë À¡“– ¡µàÕ‰ª πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥â°”Àπ¥„Àâ¡°’ “√ª√–‡¡‘π®ÿ¥·¢Áß ®ÿ¥ÕàÕπ¢Õß√–∫∫µà“ßÊ ∑’Ë®–¡’¢÷Èπ„πÕπ“§µ ·≈–°“√«‘‡§√“–Àåº≈°“√‰¡àªØ‘∫—µ‘µ“¡°Æ √–‡∫’¬∫ ·≈–¢âÕ∫—ß§—∫µà“ßÊ „πªï∑’Ëºà“π¡“ √«¡∑—ßÈ °“√®—¥ª√–‡¿∑¢Õß°“√‰¡àªØ‘∫µ— µ‘ “¡¥—ß°≈à“«ÕÕ°‡ªìπÀ¡«¥À¡ŸÕà ¬à“ß™—¥‡®π ‡™àπ ®”π«πºŸ‰â ¥â√∫— ∫“¥‡®Á∫ ‡§√◊ÕË ß¬πµå‡ ’¬À“¬ ‘π§â“‡ ’¬À“¬ °“√‡°¬µ◊Èπ ‡ªìπµâπ ‚¥¬∑’Ëª√–‡¥Áπ§«“¡º‘¥æ≈“¥∑’Ë‡°‘¥¢÷Èπ®–∂Ÿ°π”¡“«‘‡§√“–ÀåÕ¬à“ß≈–‡Õ’¬¥∂÷ß«‘∏’°“√ Õ∫∑“π ·≈– ¡“µ√°“√ªÑÕß°—π °“√¥”‡π‘π°“√¥—ß∑’Ë°≈à“«π’Èπ”‰ª Ÿà°“√æ—≤π“√–∫∫°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬ (Safety Management System) „Àâ¥’¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß °“√·∫àßªíπ°“√‡√’¬π√Ÿâ ∫∑‡√’¬πµà“ßÊ ∑’Ë ‰ ¥â ® “°°“√‡√’ ¬ π√Ÿâ ® “°Õÿ ∫— µ‘ ‡ Àµÿ µà “ ßÊ ·≈–§«“¡º‘¥æ≈“¥‡≈Á°Ê πâÕ¬Ê ∑’Ë ‡ °‘ ¥ ¢÷È π ®–∂Ÿ ° ∂à “ ¬∑Õ¥ ‚¥¬∫√‘…—∑‡¥‘π‡√◊Õµà“ßÊ ºà“π Marine Accident Reporting Scheme (MARS) ‡æ◊ËÕº≈ª√–‚¬™πå¢ÕßÕÿµ “À°√√¡‡√◊Õ ·≈–∑”„Àâ §«“¡ª≈Õ¥¿—¬¢Õß°“√‡¥‘π‡√◊Õ‚¥¬∑—Ë«‰ª Ÿß¢÷Èπ πÕ°®“°π’È∫√‘…—∑œ ¬—ß‰¥âæ—≤π“√–∫∫´Õø∑å·«√å ”À√—∫°“√¥”‡π‘πß“π„Àâ “¡“√∂ ‡™◊ËÕ¡‚¬ß¢âÕ¡Ÿ≈°—π‰¥â√–À«à“ß ”π—°ß“π„À≠à·≈–°Õß‡√◊Õ¢Õß∫√‘…—∑œ ´÷Ëß√–∫∫¥—ß°≈à“«®–∂Ÿ°æ—≤π“„Àâ¥’¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ∑—Èßπ’È‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√ ◊ËÕ “√§◊ÕÕß§åª√–°Õ∫∑’Ë ”§—≠ ”À√—∫°“√¥”‡π‘πß“π¢Õß‡√◊Õ ·≈–‡ªìπª√–‚¬™πåµàÕ∫√‘…—∑œ „π Õπ“§µ °“√∑”ß“π‡ªìπ∑’¡ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ·≈–√—∫º‘¥™Õ∫¥â“π°“√∫√‘À“√°“√‡¥‘π‡√◊Õ ”À√—∫°Õß‡√◊Õ∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠¢Õß°“√∑”ß“π‡ªìπ∑’¡ ·≈–®—¥„Àâ¡’°“√ª√– “πß“π∑’Ë¥’´÷Ëß™à«¬∑”„Àâ∫√‘…—∑œ ª√– ∫§«“¡ ”‡√Á®„π°“√∫√‘À“√°“√‡¥‘π‡√◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ¬—ß‰¥â√—∫ª√–°“»π’¬∫—µ√¢Õß ISM Code ·≈–°“√√—∫√Õß¡“µ√∞“π§ÿ≥¿“æ ISO 9001 : 2000 ¥â«¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Training All officers are required to visit the head office for briefing before being assigned to vessels. Here, they are briefed and updated about new developments and practices in the industry. Regular updates are also sent to the vessels. Officers are often sent to attend value addition courses in order to enhance their skills. The costs for these courses are borne by the Company. Company is also subscribing for the best on board video training program available in the market. In order to motivate the junior officers and also keep up with the process of learning while on board, senior officers are asked to actively interact with them. In order to measure their levels of competency, computer based competency test facility is provided on board. Based on the results of these tests, officers are able to determine their weaknesses and work to improve upon on weak areas. Health The Company没s medical fitness requirements are higher than the standards set by International Labour Organization (ILO) and other regulatory bodies. As a result, the Company finds very few cases of fitness or sickness related problems amongst its seafarers. Internal audits (for Ships) Annual internal audits are conducted on board not only as a requirement of the ISM code but as a means of self-regulation. These audits are carried out by a dedicated team of qualified and experienced auditors reporting directly to the Managing Director. Continual Improvement All incidents of non-compliances, accidents and near misses are thoroughly investigated and analyzed. Procedures are reviewed immediately; preventive measures are initiated and implemented across the fleet to eliminate the root cause. In order to identify the strengths, weaknesses and trend of the system, an annual analysis of all non-conformities is done, segregating the non-conformities under various categories. For example: total number of personnel injury, machinery damages, cargo damages, grounding, etc. Based on the analysis, recurrent issues are identified; procedures reviewed and preventive measures implemented; thus enabling improvement of the SMS. Sharing lessons learned All lessons learned from various accidents and near miss incidents are shared with organisations like Marine Accident Reporting Scheme (MARS) for the mutual benefit of the industry and to enhance maritime safety in general. Company has gone into implementation of a reputed Software covering all operations in the Head Office linking all vessels in the fleet. Communication, which is a key element of ship operation, is being further improved with obvious benefits to come. Teamwork Unlike a conventional ship owning Company, which, outsources the technical management of it没s ships, the Company没s Management Company, viz. Great Circle Shipping Agency (GCSHIP) is a subsidiary company of the Company. The staff of the management Company work as one team under the same roof. Good co-ordination is achieved in all areas of ship operation by this arrangement. Besides ISM code certification, GCSHIP is also a certified ISO 9001: 2000 company.

Annual Report 2004 Precious Shipping Public Company Limited

¢âÕ∫—ß§—∫¥â“π§«“¡¡—Ëπ§ß¢Õß‡√◊Õ “°≈·≈–Õÿª°√≥å∑à“‡√◊Õ (ISPS) ´÷Ëß¡’º≈∫—ß§—∫„™âµ—Èß·µà‡¥◊Õπ°√°Æ“§¡ 2547 ”À√—∫‡√◊Õ¢π àßºŸâ‚¥¬ “√ ·≈–‡√◊Õ¢π àß ‘π§â“ ·≈–‡ªìπ¢âÕ∫—ß§—∫ “°≈∑’Ë‡√◊Õ‡¥‘π∑–‡≈·≈–∑à“‡∑’¬∫‡√◊Õµà“ßÊ ®–µâÕßªØ‘∫—µ‘ µ“¡ ·≈–¡’·π«∑“ß “°≈„π‡√◊ËÕß°“√√à«¡¡◊Õ°—πµ√«® Õ∫°“√ªØ‘∫—µ‘∑’Ë§ÿ°§“¡µàÕ§«“¡ª≈Õ¥¿—¬ ”À√—∫°“√¢π àß∑“ß∑–‡≈ À≈—ß®“°‡Àµÿ°“√≥åÕ—ππà“ ≈¥„® 11 °—π¬“¬π 2544 Õß§å°√‡¥‘π‡√◊Õ “°≈ (International Maritime Organization) µà“ß‡ÀÁπæâÕß°—π«à“§«√‰¥âæ—≤π“¢âÕ∫—ß§—∫„À¡àπ’È´÷Ëß‡°’Ë¬«¢âÕß°—∫§«“¡ª≈Õ¥¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–∑à“‡√◊Õ ISPS ·µ°µà“ß°—∫ ISM Code ‡π◊ËÕß®“° ISM Code ¡’¡“¡“°°«à“ 10 ªï·≈â« „π¢≥–∑’Ë ISPS ‡æ‘Ëß®–æ—≤π“·≈–‡√‘Ë¡„™â ∫—ß§—∫ ´÷Ëß‡ªìπ‡Àµÿº≈„Àâ¢âÕ∫—ß§—∫¢Õß ISPS ¡’°“√‚µâ·¬âßÕ¬à“ß°«â“ß¢«“ß„π°≈ÿà¡Õÿµ “À°√√¡‡√◊Õ‡¥‘π∑–‡≈ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√ªØ‘∫—µ‘µ“¡¢âÕ∫—ß§—∫ ISPS ”À√—∫‡√◊Õ∑ÿ°≈”„π°Õß‡√◊Õ ¢Õß∫√‘…—∑œ ¥â«¬°“√®—¥„Àâ¡’°“√ª√–‡¡‘π§«“¡ª≈Õ¥¿—¬∫π‡√◊Õ·≈–°“√®—¥∑”·ºπ°“√æ—≤π“ ¥â«¬∑√—æ¬“°√µà“ßÊ ∑’Ë¡’Õ¬Ÿà¢Õß ∫√‘…—∑œ

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π·≈–‡ªìπ‰ªµ“¡À≈—°‡°≥±å·≈–¢âÕ‡ πÕ·π– ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ∑—Èß„π à«π¢ÕßÀπ—ß ◊Õ ‡™‘≠ª√–™ÿ¡ «—πªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ √«¡∑—Èß¢—ÈπµÕπµà“ßÊ „π°“√ª√–™ÿ¡ „π¢≥–∑’Ë°“√®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑ÿ°§√—Èß∫√‘…—∑œ ®– §”π÷ß∂÷ß§«“¡ –¥«°„π°“√‡¢â“√à«¡ª√–™ÿ¡¢ÕßºŸâ∂◊ÕÀÿâπ‡ªìπ ”§—≠ πÕ°®“°π’È°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√ ª√–∏“π§≥– °√√¡°“√∫√‘…—∑ ·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫‰¥â‡¢â“√à«¡°“√ª√–™ÿ¡ ·≈–‰¥â‡¢â“√à«¡°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π 2 §√—Èß∑’Ëºà“π¡“ ”À√—∫ªï 2547 ∫√‘…—∑œ ®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ®”π«π 2 §√—Èß ‡ªìπ°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï ·≈–°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ‚¥¬°√√¡°“√∑ÿ°∑à“π‰¥â‡¢â“√à«¡Õ¬à“ßæ√âÕ¡‡æ√’¬ß°—π ´÷Ëß√«¡∂÷ß°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √– ºŸâ Õ∫∫—≠™’¿“¬πÕ°‰¥â ‡¢â“√à«¡„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï‡æ◊ËÕµÕ∫§”∂“¡®“°ºŸâ∂◊ÕÀÿâπ„πª√–‡¥Áπ∑’Ë‡°’Ë¬«°—∫¢âÕ¡Ÿ≈∑“ß∫—≠™’À√◊Õ°“√ªØ‘∫—µ‘ß“πµ√«® Õ∫ ∫—≠™’ ‚¥¬ª√–∏“π„π∑’Ëª√–™ÿ¡‰¥â‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡ªî¥‚Õ°“ „Àâ´—°∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈–¢âÕ‡ πÕ·π–µà“ßÊ √«¡∑—Èß‰¥â∫—π∑÷°¡µ‘∑’Ëª√–™ÿ¡·≈–ª√–‡¥Áπµà“ßÊ ‰«â„π√“¬ß“π °“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß·≈–§√∫∂â«π·≈â«

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå §≥–°√√¡°“√‰¥â®—¥„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈–¡“µ√°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑’Ë¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ √«¡∑—Èß¡’°“√µ‘¥µ“¡°“√¥”‡π‘π°“√„π‡√◊ËÕß¥—ß°≈à“«Õ¬à“ß„°≈â™‘¥·≈–√“¬ß“πº≈Õ¬à“ß ¡Ë”‡ ¡Õ„π °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ¿“¬„µâ°“√°”°—∫¥Ÿ·≈Õ¬à“ß„°≈â™‘¥¢Õß§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√‡ªìπºŸâæ‘®“√≥“°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–Õπÿ°√√¡°“√µà“ßÊ Õ¬à“ß™—¥‡®π ¥—ß√“¬≈–‡Õ’¬¥„πÀ—«¢âÕ ç‚§√ß √â“ß°“√®—¥°“√é

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

International Ship and Port facility Security Code (ISPS) became mandatory for all passenger and cargo ships from July 2004. This code forms the international framework through which ships and port facilities can co-operate to detect and deter acts, which threaten security in the maritime transport sector. Within two months following the tragic events of 11th Sept. 2001, the International Maritime Organization unanimously agreed to the development of this new code relating to the security of ships and of port facilities in November 2001. Unlike the ISM code, which had a lead time of over 10 years, the ISPS code was adopted and implemented with very short notice. For this reason, the provisions of ISPS code are rapidly evolving and are also widely disputed in the maritime industry. GCSHIP has achieved ISPS code compliance on all vessels within the due date. On board Security assessment, development of plans and on board implementation was done with in-house resources and expertise.

4. Shareholdersû meetings The Company recognizes the rights of shareholders and accords equal treatment to all shareholders in every manner including compliance with SET/SEC regulations and recommendations for sending notices of meetings and book closure and general conduct and procedures in the meetings. Managing Director, Executive Directors, the Chairman of the board, and the Chairman of the Audit Committee attend all shareholdersû meeting and attended the last two yearsû shareholdersû meetings. In the year 2004, all board members attended the Annual General Meeting of shareholders, the Extraordinary General Meeting of shareholders, which also included Audit Committee Member and Independent Directors. The Auditors also attended the AGM of shareholders meeting to answer any questions raised by shareholders in respect of the accounts or the conduct of the Audit. The chairman of the meeting provided equal opportunity to all shareholders to examine the Companyûs operations, to ask questions and express their opinions and advice, and ensured that all the items and resolutions including the questions and answers were properly recorded in the minutes of the meeting.

5. Leadership and Vision Board of Directors have provided for an internal control system, internal auditing and the process of identification, assessment and measurement of risks as a part of the Risk Management system and closely monitor these matters through periodic reports through the close supervision of the Audit Committee. Board of Directors have clearly defined and demarcated powers, duties and responsibilities between each committee as mentioned under the çManagement Structureé section in this report.

Annual Report 2004 Precious Shipping Public Company Limited

6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‡æ◊ËÕ‡ªìπ°“√ªÑÕß°—π√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫®÷ß‰¥â ¥Ÿ·≈Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬°”Àπ¥π‚¬∫“¬·≈–¢—ÈπµÕπ°“√Õπÿ¡—µ‘√“¬°“√∑’ËÕ“® ®–°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‰«âÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¥—ßπ’È

6.1 √“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå : §≥–°√√¡°“√∑√“∫‡ªìπÕ¬à“ß¥’∂÷ß√“¬°“√∑’ËÕ“®π”¡“´÷Ëß§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈– ‰¥âæ®‘ “√≥“§«“¡‡À¡“– ¡Õ¬à“ß√–¡—¥√–«—ß√Õ∫§Õ∫∑ÿ°§√—ßÈ √«¡∑—ßÈ ¡’°“√ªØ‘∫µ— µ‘ “¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ’°∑—ßÈ °“√ªØ‘∫µ— µ‘ “¡π‚¬∫“¬/·π«∑“ß¢Õß∫√‘…∑— œ ‚¥¬√“§“·≈–‡ß◊ÕË π‰¢‡ ¡◊Õπ∑”√“¬°“√°—∫∫ÿ§§≈¿“¬πÕ° (Arms-Length Basis) ‡ªìπ‰ª‚¥¬ª°µ‘¡“µ√“∞“π∑“ß°“√§â“∑—Ë«‰ª ·≈–‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥ ¡Ÿ≈§à“√“¬°“√ §Ÿà —≠≠“ ‡Àµÿº≈/§«“¡®”‡ªìπ ‰«â„π √“¬ß“πª√–®”ªï·≈–·∫∫ 56-1 Õ¬à“ß§√∫∂â«π·≈â« Õ’°∑—Èß§≥–°√√¡°“√µ√«® Õ∫·≈–ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√«“ß·ºπß“πµ√«® Õ∫‡√◊ËÕß°“√∑”√“¬°“√∑’ËÕ“®¡’§«“¡ ¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬®—¥„Àâ¡’°“√∫√√®ÿ‡√◊ËÕß¥—ß°≈à“«‰«â„π·ºπ°“√µ√«® Õ∫¿“¬„π‡ªìπª√–®”∑ÿ°ªï ”À√—∫ªï 2547 ºŸâµ√«® Õ∫¿“¬„π‰¥âµ√«® Õ∫√“¬°“√¥—ß°≈à“«·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ËÕ°“√ª√–™ÿ¡§≥–°√√¡°“√ µ√«® Õ∫§√—Èß∑’Ë 1/2548 „π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2548 æ∫«à“∫√‘…—∑œ ¡’π‚¬∫“¬°“√Õπÿ¡—µ‘√“¬°“√‡æ◊ËÕªÑÕß°—π°“√∑”√“¬°“√∑’ËÕ“® ¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬√“¬°“√∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫—π ‡ªìπ√“¬°“√∑’Ë¡’§«“¡®”‡ªìπµàÕ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈–‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“°“√·¢àß¢—π‚¥¬∑—Ë«‰ª ‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªìπ ”§—≠·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ √«¡∑—Èß‰¥â¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«„π√“¬ß“πª√–®”ªïÕ¬à“ß‡æ’¬ßæÕ·≈â« πÕ°®“°π’È ΩÉ“¬µ√«® Õ∫¿“¬„π¬—ß‰¥âµ√«® Õ∫°“√ªØ‘∫µ— µ‘ “¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫—µ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π (©∫—∫∑’Ë 2) æ.». 2547é ·≈–√“¬ß“π º≈°“√µ√«® Õ∫µàÕ§≥–°√√¡°“√∫√‘…—∑·≈â« ´÷Ëß§≥–°√√¡°“√∫√‘…—∑‡ÀÁπ«à“√“¬°“√‡°’Ë¬«‚¬ß°—π¢Õß∫√‘…—∑œ ‡ªìπ√“¬°“√∑’Ë ‡À¡“– ¡·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ

6.2 °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π : µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 °”Àπ¥„ÀâºŸâ∫√‘À“√√“¬ß“π°“√ ‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å πÕ°®“°π’È‰¥â°”Àπ¥„Àâ °√√¡°“√∫√‘À“√·≈–°√√¡°“√´÷Ëß∑”Àπâ“∑’Ë¥â“π∫√‘À“√·≈–∑”ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“π„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¡à “¡“√∂ ´◊ÈÕ¢“¬Àÿâπ∑ÿπ¢Õß∫√‘…—∑œ „π™à«ß 3 —ª¥“Àå°àÕπ°“√‡ªî¥‡º¬ß∫°“√‡ß‘π ”À√—∫ªï∑’Ëµ√«® Õ∫·≈â«µàÕ “∏“√≥™π·≈– 2 —ª¥“Àå °àÕπ°“√‡ªî¥‡º¬ß∫°“√‡ß‘π∑’Ë Õ∫∑“π·≈â«µàÕ “∏“√≥™π·≈– 2 «—πÀ≈—ß‡ªî¥‡º¬ß∫¥—ß°≈à“«µàÕ “∏“√≥™π

7. ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑œ ‰¥âÕÕ°·≈–ª√–°“»¢âÕæ÷ßªØ‘∫—µ‘‡°’Ë¬«°—∫®√√¬“∫√√≥¢Õß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√·≈–æπ—°ß“π „Àâ∑ÿ°ΩÉ“¬ ∑’Ë‡°’Ë¬«¢âÕß∑√“∫ ‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë„Àâª√– ∫º≈ ”‡√Á®µ“¡¿“√°‘®¢Õß∫√‘…—∑œ ¥â«¬§«“¡‚ª√àß„ ´◊ËÕ —µ¬å ÿ®√‘µ ·≈–‡∑’Ë¬ß∏√√¡ ·≈–¡’°“√‡µ√’¬¡°“√∑’Ë®–‡ªî¥‡º¬‰«â„π‡«Á∫‰´µå¢Õß∫√‘…—∑œ

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

6. Conflict of Interests In order to prevent the conflict of interest transactions, Board of Directors, through the Audit Committee have supervised carefully such potential transactions by setting up a written policy and procedure of approval of the transactions involving any potential conflict of interests and have set up an appropriate policy as follows:

6.1 Potential conflict of interest transactions Board of Directors are well aware of any transaction which could lead to a potential conflict of interest and/or any related party transaction, which, if any, are considered very carefully with a view to full compliance with the relevant rules and regulations of the Stock Exchange of Thailand, apart from compliance with the internal policies and guidelines set up by the Company. Moreover, such transactions are entered into strictly on an çArms-Lengthé basis. The terms and conditions of such transactions are always in compliance with generally acceptable, standard commercial terms and conditions and appropriate disclosure regarding the details of the transactions viz. value, counter-party, reason and necessity of the transaction is made in the Annual report and Form 56-1. In addition to the above, Audit Committee and Internal Audit Department prepared the annual audit plan to review the transactions that may cause conflict of interests. For the year 2004, the internal auditors audited the aforesaid transactions and reported to the Audit Committee in the Audit Committeeûs Meeting No. 1/2005 in February 2005. The Audit Committee found that the Company has a proper policy for approval and prevention of abuse in such transactions. The existing conflict of interest transactions are made only on the basis of proper comparison of market prices and for the benefit of the Company. Adequate disclosures of all such material transactions have been made in the Annual Report. Moreover internal audit has reviewed the compliance of the Company in respect of new Notifications of the Stock Exchange of Thailand Re: Disclosure of Information and Act of Listed Companies Concerning the Connected Transactions, 2003. The details of the connected transactions have been explained under the topic çConnected Transactionsé in this Annual report. The results of the review have been reported to the Board of Directors of the Company. The Board of Directors of the Company is of the opinion that such transactions are fair and for the full benefit of the Company.

6.2 Monitoring the use of insider information Pursuant to section 59 of the Securities and Exchange Act B.E. 2535, management is required to report the changes of stock holding to the Office of the Securities and Exchange Commission. Moreover, the directors in an executive position, who are full-time employees of the Company (or its subsidiary), are not allowed to trade in the Companyûs shares during the period of 3 weeks (or 2 weeks) before and two days after the annual audited (or reviewed) results respectively are announced.

7. Business Ethics The Company has set up a code of ethics for directors, management and employees as a guideline to carry out their respective work for the Company in a transparent, honest, faithful and justifiable manner. It is proposed to be disclosed on the Companyûs web site.

Annual Report 2004 Precious Shipping Public Company Limited

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ §”®”°—¥§«“¡ °√√¡°“√Õ‘ √– (Independent Director) §◊Õ°√√¡°“√∑’Ë‰¡à¡’Àπâ“∑’Ë„π°“√®—¥°“√„π∫√‘…—∑œ À√◊Õ∫√‘…—∑¬àÕ¬ ·≈–‡ªìπ Õ‘ √–®“°ΩÉ“¬®—¥°“√√«¡∑—ÈßºŸâ∂◊ÕÀÿâπ∑’Ë¡’Õ”π“®§«∫§ÿ¡·≈–‰¡à¡’§«“¡ —¡æ—π∏å∑“ß∏ÿ√°‘®·≈–Õ◊ËπÊ °—∫∫√‘…—∑œ ´÷ËßÕ“®®–°√–∑∫µàÕº≈ ª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–/À√◊ÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ §ÿ≥ ¡∫—µ‘¢Õß°√√¡°“√Õ‘ √– ë ∂◊ÕÀÿâπ‰¡à‡°‘π√âÕ¬≈– 2 ¢Õß∑ÿπ™”√–·≈â«¢Õß∫√‘…—∑œ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∑—Èßπ’È„Àâπ—∫ √«¡Àÿâπ∑’Ë∂◊Õ‚¥¬ºŸâ∑’Ë‡°’Ë¬«¢âÕß¥â«¬ ë ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’ à«π√à«¡„π°“√∫√‘À“√ß“π∫√‘…—∑œ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß À√◊ÕºŸâ∂◊ÕÀÿâπ √“¬„À≠à¢Õß∫√‘…—∑œ ë ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â à«π‡ ’¬‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡∑—Èß„π°“√∫√‘À“√¥â“π°“√‡ß‘π·≈– °“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ ë ‡ªìπ°√√¡°“√∑’Ë‰¡à„™à‡ªìπºŸâ‡°’Ë¬«¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ ë ‡ªìπ°√√¡°“√∑’‰Ë ¡à‰¥â√∫— °“√·µàßµ—ßÈ ¢÷πÈ ‡ªìπµ—«·∑π‡æ◊ÕË √—°…“º≈ª√–‚¬™πå¢Õß°√√¡°“√∫√‘…∑— ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à À√◊Õ ºŸâ∂◊ÕÀÿâπ´÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ ë “¡“√∂ªØ‘∫µ— À‘ πâ“∑’Ë · ¥ß§«“¡‡ÀÁπÀ√◊Õ√“¬ß“πº≈°“√ªØ‘∫µ— ß‘ “πµ“¡Àπâ“∑’∑Ë ‰’Ë ¥â√∫— ¡Õ∫À¡“¬®“°§≥–°√√¡°“√ ∫√‘…—∑ ‚¥¬‰¡à‰¥âÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ √«¡∑—ÈßºŸâ∑’Ë‡°’Ë¬«¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢Õß∫ÿ§§≈ ¥—ß°≈à“« §”π‘¬“¡¢ÕßºŸ∑â ‡’Ë °’¬Ë «¢âÕß ºŸâ∑’Ë‡°’Ë¬«¢âÕß À¡“¬√«¡∂÷ßºŸâ∑’Ë¡’§«“¡ —¡æ—π∏åÀ√◊Õ‡°’Ë¬«¢âÕß°—∫∫√‘…—∑œ ®π∑”„Àâ‰¡à “¡“√∂∑”Àπâ“∑’Ë‰¥âÕ¬à“ßÕ‘ √– À√◊Õ§≈àÕßµ—« ‡™àπ §Ÿà§â“ ≈Ÿ°§â“ ‡®â“Àπ’È ≈Ÿ°Àπ’È À√◊ÕºŸâ∑’Ë¡’§«“¡‡°’Ë¬«¢âÕß∑“ß∏ÿ√°‘®Õ¬à“ß¡’π—¬ ”§—≠ ‡ªìπµâπ ∫∑∫“∑ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√Õ‘ √– ë “¡“√∂‡¢â“∂÷ß “√ π‡∑»∑“ß°“√‡ß‘π·≈–∑“ß∏ÿ√°‘®Õ◊πË Õ¬à“ß‡æ’¬ßæÕ∑’®Ë –ªØ‘∫µ— À‘ πâ“∑’¢Ë Õßµπ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘º≈ ë ‡¢â“√à«¡ª√–™ÿ¡§≥–°√√¡°“√·≈–§≥–Õπÿ°√√¡°“√‡ªìπª√–®”∑ÿ°§√—Èß √«¡∑—Èßµ—Èßª√–‡¥Áπ§”∂“¡„π∑’Ëª√–™ÿ¡‡æ◊ËÕ„Àâ ¡—πË „®«à“º≈ª√–‚¬™πå¢ÕßºŸ∂â Õ◊ Àÿπâ ·≈–ºŸ¡â ’ «à π‰¥â‡ ’¬Õ◊πË ¢Õß∫√‘…∑— œ ‰¥â√∫— §«“¡§ÿ¡â §√Õß·≈–∫√‘…∑— œ ¡’°“√ªØ‘∫µ— µ‘ “¡¢âÕæ÷ßªØ‘∫µ— ∑‘ ¥’Ë ’ ë ¡’§«“¡ “¡“√∂·≈–‡µÁ¡„®∑’Ë®–‡√’¬π√Ÿâ∏ÿ√°‘®¢Õß∫√‘…—∑œ æ√âÕ¡∑’Ë®–· ¥ß§«“¡‡ÀÁπÕ¬à“ß‡ªìπÕ‘ √– µ≈Õ¥®πÕÿ∑‘» ‡«≈“·≈–∑ÿà¡‡∑§«“¡ π„®∑’Ë®”‡ªìπ„Àâ°—∫∫√‘…—∑œ ë ¡’§«“¡æ¬“¬“¡∑’Ë®–À“‚Õ°“ ‡¢â“æ∫ºŸâ∫√‘À“√∫√‘…—∑‡æ◊ËÕæŸ¥§ÿ¬„πª√–‡¥Áπ∑’Ë‡°’Ë¬«¢âÕß°—∫°“√∫√‘À“√ß“π ë ®—¥∑”Àπ—ß ◊Õ¬◊π¬—π∂÷ß§«“¡‡ªìπÕ‘ √–„π«—π∑’Ë‰¥â√—∫°“√·µàßµ—Èß„Àâ¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √–À√◊Õ°√≥’∑’Ë∂Ÿ° √âÕß¢Õ ë °”Àπ¥«“√–°“√¥”√ßµ”·Àπàß∑’Ë™—¥‡®π·≈–‰¡à¡’°√√¡°“√Õ‘ √–∑à“π„¥∑’Ë¥”√ßµ”·Àπàß‡°‘π°«à“«“√–∑’Ë°”Àπ¥ Õ¬à“ß‰√°Áµ“¡ ‡ªìπ°“√¬“°∑’Ë®–§âπÀ“ºŸâ∑’Ë¡’§«“¡‡À¡“– ¡∑’Ë®–‡¢â“¡“√—∫µ”·Àπàß°√√¡°“√Õ‘ √–´÷Ëß‡ªìπºŸâ∑’Ë¡’§«“¡√Ÿâ§«“¡‡¢â“„® Õ¬à“ß¥’„π∏ÿ√°‘®¢Õß∫√‘…—∑œ Õ’°∑—Èß„πªí®®ÿ∫—π¬—ß§ß‰¡à¡’°Æ ¢âÕ∫—ß§—∫„¥Ê ∑’Ë°”Àπ¥‡°’Ë¬«°—∫®”π«π§√—Èß¢Õß°“√¥”√ßµ”·Àπàß¢Õß °√√¡°“√Õ‘ √–∫√‘…—∑œ ®÷ß‰¡à‰¥â°”Àπ¥®”π«π§√—Èß¢Õß°“√¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √–

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

8. Balance of power for non-executive directors Definition of Independent Directors The Independence of the Directors of the Board of Directors is established by the appointment of Independent directors who do not manage the Company or any of its subsidiaries, are independent from the management and significant shareholders, and have no business with the Company, which may compromise the Interests of the Company and/or the Shareholders. Qualifications of Independent Directors of the Company : ë They must not hold shares exceeding 2 percent, including shares held by a related person, of paid-up capital of the listed company or of an affiliated, an associated company or a related company. ë They must not be involved in the day-to-day management of the Company or an affiliated company, an associated company or a related company, or with the major shareholders of the Company. ë They must be free of any present, direct or indirect, financial or other interest in the management and business of the Company, its subsidiaries, associated companies, or its major shareholders. ë They must not be a relative of any executive director, executive officer or major shareholder of the Company. ë They must not be acting as a nominee or representative of any director, major shareholder or shareholders, who are a relative of any major shareholders of the Company. ë They must be able to carry out their duties, exercise their judgement, and report the committeeûs performances which are assigned by the board of directors without being influenced by executive directors or major shareholders of the Company, including related persons or relatives. Definition of Related Persons Related persons shall include the persons who are involved in any kind of benefits or are related to the Companyûs business to a significant amount, such as suppliers, customers, creditors, or creditors, etc. These kinds of events may affect the independent directors in carrying out their duties independently or conveniently. Independent Directorûs Rules and Duties ë Independent directors have access to financial and other business information adequately for them to perform their duties effectively. ë They regularly attend every board meeting, including committee meetings, and raise good questions to ensure the interests of Companyûs shareholdersû and the protection of rights of other stakeholdersû, and ensure that the Company complies with best practices. ë Independent directors possess abilities and display willingness to learn Companyûs businesses, and express their views independently, as well as dedicate time and attention to the Company as needed. ë Independent directors regularly hold meetings among themselves, and try in every way possible to look for opportunities in which they can discuss business management issues with the management. ë Independent directors submit a confirmation letter to the Company verifying their independence in accordance with the Companyûs definition, on the date they accept the appointment and every subsequent year if required. ë It is expected that there should be specific terms given to independent directors, and no director is expected to stay on beyond a certain time limit. Nonetheless, the difficulties of searching an appropriate replacement and the benefits of the working relationship built up over the years within the independent directors and their understanding of the business is also taken into account. Accordingly, at present no time limit has been set up for the Independent directors apart from the statutory limits placed under applicable law.

Annual Report 2004 Precious Shipping Public Company Limited

ªí®®ÿ∫—π§≥–°√√¡°“√∫√‘…—∑¡’®”π«π 10 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ 3 ∑à“π °√√¡°“√ 1 ∑à“π´÷Ëß∑” Àπâ“∑’¥Ë “â π∫√‘À“√·≈–‰¥âªØ‘∫µ— ß‘ “π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“πª√–®”¢Õß∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ °√√¡°“√∑’‰Ë ¡à‰¥â‡ªìπºŸ∫â √‘À“√ 1 ∑à“π ·≈–°√√¡°“√∑’Ë‡ªìπÕ‘ √– 5 ∑à“π (°÷ËßÀπ÷Ëß¢Õß°√√¡°“√∫√‘…—∑∑—Èß§≥–) ·≈–¡’§≥–°√√¡°“√µ√«® Õ∫´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë ‡ªìπÕ‘ √–∑—ÈßÀ¡¥

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß ª√–∏“π°√√¡°“√‡ªìπ°√√¡°“√Õ‘ √–µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å ·≈–‰¡à¡’§«“¡ —¡æ—π∏å„¥Ê °—∫ΩÉ“¬∫√‘À“√ Õ’°∑—Èßª√–∏“π°√√¡°“√‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√ ·≈–‰¡à¡’§«“¡ —¡æ—π∏å„¥Ê °—∫°√√¡°“√ºŸâ®—¥°“√ ∑—Èßπ’È‡æ◊ËÕ ‡ªìπ°“√·∫àß·¬°Àπâ“∑’Ë√–À«à“ß°“√°”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈·≈–°“√∫√‘À“√ß“πª√–®”

10. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«â Õ¬à“ß™—¥‡®π·≈–‚ª√àß„ π‚¬∫“¬¥—ß°≈à“«‰¥âºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« ”À√—∫°√√¡°“√∑’Ë‰¥â√—∫¡Õ∫À¡“¬„Àâ‡ªìπ °√√¡°“√µ√«® Õ∫®–¡’§à“µÕ∫·∑π‡æ‘Ë¡µ“¡¢Õ∫‡¢µ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡¢÷Èπ à«π§à“µÕ∫·∑πºŸâ∫√‘À“√∂Ÿ°°”Àπ¥ ¢÷Èπµ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑°”Àπ¥ ·≈–§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√®–∂Ÿ°æ‘®“√≥“Õπÿ¡µ‘‚¥¬§≥– °√√¡°“√∫√‘…∑— ‚¥¬æ‘®“√≥“®“°∞“π–∑“ß°“√‡ß‘π·≈–º≈ª√–°Õ∫°“√¢Õß∫√‘…∑— œ √«¡∑—ßÈ º≈°“√ªØ‘∫µ— ∑‘ º’Ë “à π¡“ πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥â°”Àπ¥À≈—°‡°≥±å·≈–«‘∏’°“√æ‘®“√≥“§à“µÕ∫·∑π ”À√—∫°√√¡°“√∫√‘…—∑·≈–ºŸâ∫√‘À“√‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫¡“µ√∞“π “°≈ ·≈– “¡“√∂‡∑’¬∫‡§’¬ß°—∫§à“‡©≈’Ë¬‚¥¬∑—Ë«‰ª·≈–§à“‡©≈’Ë¬Õÿµ “À°√√¡‰¥â „πªï 2547 ·≈–ªï 2546 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π‡ªìπ§à“‡∫’È¬ª√–™ÿ¡„Àâ°√√¡°“√®”π«π 10 ∑à“π ¥—ß√“¬≈–‡Õ’¬¥ µàÕ‰ªπ’È √“¬™◊ËÕ°√√¡°“√ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞–* π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ π“¬‰®ª“≈ ¡—π ÿ¢“π’** æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ*** π“¬™’√– ¿“≥ÿæß»å π“¬∏’√– «‘¿Ÿ™π‘π π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ* π“ß “«π‘™‘µâ“ ™“Àå

µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ °√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√ °√√¡°“√∫√‘À“√ °√√¡°“√ °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√ (‰¡à„™à°√√¡°“√∫√‘À“√)

* ‰¥â√«¡§à“µÕ∫·∑π®“°°“√‡ªìπ°√√¡°“√µ√«® Õ∫‰«â¥â«¬ ** ‰¥â®â“ß¡“∑”Àπâ“∑’Ë∫√‘À“√·≈–∑”ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“π„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ *** ‰¥â√«¡§à“µÕ∫·∑π®“°°“√‡ªìπª√–∏“π§≥–°√√¡°“√µ√«® Õ∫‰«â¥â«¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

®”π«π‡ß‘π (≈â“π∫“∑) 2547 2546 0.69 0.55 0.25 0.20 0.25 0.20 0.25 0.20 0.25 0.20 0.44 0.33 0.25 0.20 0.25 0.20 0.27 0.18 0.25 0.18

Currently, there are 10 directors on the Board of Directors of the Company which consists of 3 Executive Directors and 1 Director in an executive position in the Company没s subsidiary (as full-time employees of the Company/ Subsidiary), 1 Non- Executive Director and 5 Independent Directors (one half of Board of Directors). The Audit Committee comprises entirely of Independent Directors.

9. Aggregation or Segregation of Positions The Chairman of Board of Directors is an independent director and has no relationship with the management, as defined by the Stock Exchange of Thailand. The Chairman is not the same person as the managing director of the Company nor is he related in any way to the Managing Director of the Company in order to segregate the duties between the policy maker and the policy manager.

10. Directors and Management Remuneration Currently, the Company does not have a Remuneration Committee but the Company has a clear and transparent directors没 remuneration policy, which is approved by the shareholders in the shareholders没 meeting. The directors who are also appointed as Audit Committee members are entitled to additional remuneration to compensate for the increased scope of duties and responsibilities. The management remuneration is fixed in accordance with the principles and policies set by the Board of Directors and the Board of Directors directly and specifically approves the remuneration of the Executive Board, which, is based on the financial status/performance of the Company and their respective performance. The Company has procedures of the consideration of remuneration of the director and management to be in accordance with the international standard and comparable with other listed companies including transportation industry. During the year 2004 and 2003, the Company only paid the Directors meeting fees as follows: Name of Director 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Admiral Dr. Amnad Chandanamattha* Mr. Khalid Moinuddin Hashim Mr. Munir Moinuddin Hashim Mr. Khushroo Kali Wadia Mr. Jaipal Mansukhani** Police Lt.Gen Kiattisak Prabhavat*** Mr. Chira Panupong Mr. Thira Wipuchanin Mr. Suphat Sivasriaumphai* Miss Nishita Shah

Position Chairman of the Board of Director Managing Director Executive Director Executive Director Director Independent Director Independent Director Independent Director Independent Director Non-executive Director

Amount (In million Baht) 2004 2003 0.69 0.55 0.25 0.20 0.25 0.20 0.25 0.20 0.25 0.20 0.44 0.33 0.25 0.20 0.25 0.20 0.27 0.18 0.25 0.18

* Inclusive of fees as Audit Committee Member ** Employed in an executive position as a full-time employee in the Company没s subsidiary *** Inclusive of fees as Audit Committee Chairman

Annual Report 2004 Precious Shipping Public Company Limited

”À√—∫§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√·≈–ºŸ∫â √‘À“√ª√–°Õ∫¥â«¬‡ß‘π‡¥◊Õπ ‚∫π— ·≈–Õ◊πË Ê ‡™àπ §à“¿“…’‡ß‘π‰¥â §à“‡™à“∫â“π §à“‡≈à“‡√’¬π∫ÿµ√ ´÷Ëß„πªï 2547 ·≈–ªï 2546 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È √“¬™◊ËÕ°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√ 1. 2. 3. 4. 5. 6. 7.

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“´‘¡ π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ π“¬‰®ª“≈ ¡—π ÿ¢“π’ π“¬™’≈“≈ ‚°ªîπ“∏“π π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å °—ªµ—π√“øî§ π“π“ §“ª“¥‘*

8. π“¬π’≈“°—πµ—π «“ ÿ‡¥«—π 9. π“¬ µ’‡øπ ‚°≈“

µ”·Àπàß °√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ (°“√æ“≥‘™¬å) °√√¡°“√ (°“√‡ß‘π) °√√¡°“√ („π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ) ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å) ºŸâÕ”π«¬°“√ (∫√‘À“√°“√‡¥‘π‡√◊Õ) ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») ºŸâ™à«¬ºŸâÕ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’Ë¬ß¿—¬) ºŸâ™à«¬ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑»)

®”π«π‡ß‘π (≈â“π∫“∑) 2547 2546 7.85 8.94 8.36 8.85 7.13 6.44 7.60 7.59 4.97 3.65 4.80 4.06 4.21 3.04 4.61

3.35

3.45

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

The remuneration of the senior management included their salary, bonus, and other remuneration (income tax, house rental, and children没s school fees). During the year 2004 and 2003, the Company paid the remuneration to senior management (including the Executive Directors) as follows: Name of Director 1. 2. 3. 4.

Position

Mr. Khalid Moinuddin Hashim Mr. Munir Moinuddin Hashim Mr. Khushroo Kali Wadia Mr. Jaipal Mansukhani

5. Mr. Shrilal Gopinathan 6. Mr. Koka Venkataramana Sudhakar 7. Capt. Rafik Nana Kapadi* 8. Mr. Neelakantan Vasudevan 9. Mr. Stephen Korah

Managing Director Director (Commercial) Director (Finance) Director (of the Company没s subsidiary) Vice President (Commercial) Vice President (Fleet Management) Vice President (International Safety Management) Asst. Vice President (Risk Management) Asst. Vice President (International Safety Management)

Amount (In million Baht) 2004 2003 7.85 8.94 8.36 8.85 7.13 6.44 7.60 7.59 4.97 4.80 4.21

3.65 4.06 3.04

4.61

3.35

3.45

* Retired during the year 2004. The comparison of remuneration of directors and management between the Company with other listed companies and transportation sector is as follows: Unit: Thousand Baht/Person/Year **SET 2003 *PSL Description Director Management Total

2004 2003 315.62 244.25 5,886.54 5,738.97 6,202.16 5,983.22

Transportation Sector Min. Mean Max. 125.45 464.66 1,368.63 1,169.20 3,751.34 7,294.29 1,294.65 4,216.00 8,662.92

All Listed Companies Min. Mean Max. 1.27 442.65 6,749.07 200.00 3,120.31 29,698.57 201.27 3,562.96 36,447.64

* PSL没s figures are actuals of respective years. **From SET没s Remuneration report for the year 2003

Annual Report 2004 Precious Shipping Public Company Limited

11. °“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√¡’°“√ª√–™ÿ¡‚¥¬ª°µ‘‡ªìπª√–®”∑ÿ°‰µ√¡“ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√ °”Àπ¥«“√–°“√ª√–™ÿ¡Õ¬à“ß™—¥‡®π ≈à«ßÀπâ“ ·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ΩÉ“¬‡≈¢“πÿ°“√∫√‘…—∑‰¥â ®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“„π·µà≈–«“√– °àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“ Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ËÕ„Àâ§≥–°√√¡°“√‰¥â¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡ ‚¥¬ª°µ‘°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑®–¡’¢÷Èπ¿“¬À≈—ß®“°°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ 7 ∂÷ß 10 «—π ∑—Èßπ’È ‡æ◊ËÕ„Àâ√“¬ß“π°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√µ√«® Õ∫‰¥â∂Ÿ°‡ πÕ‡¢â“‰ª„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ„Àâ§≥–°√√¡°“√ ∫√‘…—∑æ‘®“√≥“·≈–√—∫∑√“∫ πÕ°®“°π’È‰¥â¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡·≈–®—¥∑”Õ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¡’°“√µ√«® Õ∫·≈–√—∫√Õß√“¬ß“π°“√ ª√–™ÿ¡¥—ß°≈à“«®“°§≥–°√√¡°“√∫√‘…—∑ ‚¥¬‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡ æ√âÕ¡„Àâ§≥– °√√¡°“√∫√‘…—∑·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßµ√«® Õ∫‰¥â ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™—Ë«‚¡ß ‚¥¬„πªï 2547 ∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑¡’°“√ ª√–™ÿ¡µ“¡«“√–ª°µ‘®”π«π 4 §√—Èß ·≈–ª√–™ÿ¡µ“¡«“√–æ‘‡»… 1 §√—Èß „π¢≥–∑’Ëªï 2546 §≥–°√√¡°“√¡’°“√ª√–™ÿ¡µ“¡«“√– ª°µ‘®”π«π 4 §√—Èß·≈–ª√–™ÿ¡µ“¡«“√–æ‘‡»… 1 §√—Èß‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√∫√‘…—∑·µà≈–∑à“π √ÿª‰¥â¥—ßπ’È

™◊ËÕ°√√¡°“√

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12. §≥–Õπÿ°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ´÷Ëß∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß ∫√‘…—∑œ ‚¥¬√“¬≈–‡Õ’¬¥¢Õß ¡“™‘°¢Õß§≥–°√√¡°“√µ√«® Õ∫ µ≈Õ¥®πÀπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π ª√–®”ªïπ’È¿“¬„µâÀ—«¢âÕ ‚§√ß √â“ß°“√®—¥°“√·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«â Õ¬à“ß™—¥‡®π·≈–‚ª√àß„ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫π’È¿“¬„µâÀ—«¢âÕ ç§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√é

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

11. Board of Directorsû Meetings The Board of Directorsû meetings are held quarterly on a regular basis, but extraordinary meetings if required may be called. The meeting has the specific agenda, which would include the review of the Companyûs operations. The Company Secretary sends the notice of the meeting and relevant documents to all directors, at least 7 days prior to the meeting date so as to allow sufficient time for them to review the information before joining the meeting. Board of Directors meetings are held about 7 to 10 days after Audit Committee meeting so that the minutes of Audit Committee can be sent to the Board of Directors for their consideration and discussion during the Board meeting. In every meeting, the minutes of the meeting are recorded, reviewed and adopted by the Board of Directors. The minutes of the meeting are kept with the Company Secretary for ready reference and review by other concerned parties. The Board of Directorsû meetings normally take around 2-3 hours. In the year 2004, the Board of Directors held 4 ordinary meetings (2003: 4 ordinary meetings) and 1 Extraordinary meeting (2003: 1 Extraordinary meeting). The record of attendance of the Directors is summarized as follows:

Name of Director

1. Admiral Dr. Amnad Chandanamattha 2. Mr. Khalid Moinuddin Hashim 3. Mr. Munir Moinuddin Hashim 4. Mr. Khushroo Kali Wadia 5. Mr. Jaipan Mansukhani 6. Police Lt.Gen Kiattisak Prabhavat 7. Mr. Chira Panupong 8. Mr. Thira Wipuchanin 9. Mr. Suphat Sivasriaumphai 10. Miss Nishita Shah

Attendance / Total Meetings (Times) Year 2004 Ordinary Extraordinary Meeting Meeting 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1

Attendance / Total Meetings (Times) Year 2003 Ordinary Extraordinary Meeting Meeting 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 3/4 1/1 3/4 1/1

12. Committee The Board of Directors appointed the Audit Committee as a part of the good corporate governance policy of the Company. The details of the members of the committee, their duties and responsibilities are presented under the sections on çManagement Structureé and çAudit Committee Reporté Currently, the Company does not have a Remuneration Committee but the Company has a clear and transparent directorsû remuneration policy as explained under the section on çDirectors and Management Remunerationé.

Annual Report 2004 Precious Shipping Public Company Limited

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…∑— œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π√–¥—∫ªØ‘∫µ— ß‘ “π‡æ◊ÕË „Àâ°“√¥”‡π‘πß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ®÷ß ‰¥â°”Àπ¥Õ”π“® Àπâ“∑’Ë „π°“√¥”‡π‘πß“π¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√ „™â∑√—æ¬å ‘π¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“π ºŸâµ‘¥µ“¡§«∫§ÿ¡·≈–ª√–‡¡‘π º≈ÕÕ°®“°°—π ‡æ◊ËÕ√—°…“‰«â´÷Ëß°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß °—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∫√‘…—∑œ ¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡°“√∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë°”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π ¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π·µà≈–·ºπ°·≈–√“¬ß“πº≈µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π ¡’§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√ ”À√—∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∑—Èßπ’È‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å¥—ßµàÕ‰ªπ’È 1. ‡æ◊ËÕ§«“¡¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√ªØ‘∫—µ‘ß“π √«¡∑—Èß°“√„™â∑√—æ¬“°√∑’Ë¡’Õ¬ŸàÕ¬à“ß®”°—¥‡æ◊ËÕ°àÕ„Àâ ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ 2. ‡æ◊ËÕ§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß√“¬ß“π∑“ß°“√‡ß‘π 3. ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑œ ‡ªìπ‰ªµ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ·≈–‡æ◊ÕË „Àâ∫√√≈ÿ«µ— ∂ÿª√– ß§å¥ß— °≈à“«¢â“ßµâπ ∫√‘…∑— œ ®÷ß¡’°“√®—¥°“√√–∫∫°“√§«∫§ÿ¡¿“¬„π„Àâ‡∑’¬∫‡§’¬ß°—∫¡“µ√∞“π “°≈ À√◊Õ COSO (The Committee of Sponsoring Organizations of the Treadway Commission) ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È

1. ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ (Control Environment) ∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π®÷ß°”Àπ¥„Àâ®—¥∑”§Ÿà¡◊Õπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®¢÷ÈπÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ √«¡∑—Èßª√–°“»„Àâæπ—°ß“π∑ÿ°§π∑√“∫‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘‡π◊ËÕß®“° ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“°“√∑”ß“π¿“¬„µâ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡∑’Ë¥’π—Èπ®– àßº≈„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªÕ¬à“ß¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈–°àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ √«¡∑—ÈßºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬

2. °“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß (Risk Assessment) ∫√‘…—∑œ µ√–Àπ—°·≈–‡≈Áß‡ÀÁπ∂÷ß§«“¡ ”§—≠¢Õß°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß«à“‡ªìπ‡§√◊ËÕß¡◊Õ∑’Ë∫àß∫Õ°≈à«ßÀπâ“∂÷ß —≠≠“≥ Õ—πµ√“¬∑’ËÕ“® √â“ß§«“¡‡ ’¬À“¬„Àâ·°à∫√‘…—∑œ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß°”Àπ¥„Àâ¡’°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ßÕÕ°‡ªìπ 2 √–¥—∫‡ªìπª√–®” ∑ÿ°ªï §◊Õ§«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√´÷Ëß°”°—∫¥Ÿ·≈‚¥¬ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–§«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡´÷Ëß‡ªìπ§«“¡√—∫º‘¥™Õ∫ √à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π·≈–ºŸâªØ‘∫—µ‘ß“π∑ÿ°ΩÉ“¬ §«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√®–∂Ÿ°‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï à«π§«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡π—Èπ®–‡ªìπ°“√ª√–‡¡‘π√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π´÷Ëß¡’§«“¡‡ªìπÕ‘ √–°—∫ºŸâªØ‘∫—µ‘ß“π„π ·µà≈–°‘®°√√¡´÷Ëß¡’§«“¡™”π“≠°“√·≈–‡¢â“„®‡ªìπÕ¬à“ß¥’∂÷ß°√–∫«π°“√∑”ß“π ·≈–π”‡ πÕºŸâ∫√‘À“√√–¥—∫ Ÿß‡æ◊ËÕæ‘®“√≥“ ∑—Èßπ’È ‡æ◊ËÕ„Àâº≈°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß‰¥â –∑âÕπ∂÷ß§«“¡‡ ’Ë¬ß∑’Ë·∑â®√‘ß∑’ËÕ“®°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–‡æ◊ËÕ„Àâ∫√‘…—∑œ “¡“√∂°”Àπ¥°≈‰°°“√§«∫§ÿ¡‰¥âÕ¬à“ß∂Ÿ°µâÕß ·≈–‡À¡“– ¡

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13. Controlling System and Internal Audit The Company recognizes the importance of internal control systems on an operational level to ensure that the operations are conducted efficiently. Powers and Duties of operations and management level personnel are laid down clearly. There is a proper level of control maintained on the utilization of Company没s property/assets for the highest benefit of the Company and there is clear segregation between the operations units, control units and assessment units for the purpose of maintaining appropriate checks and balances. Moreover, an internal control system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting to the relevant management. The Company has the Internal Audit Department in order to ensure that the key operations and the financial activities are conducted efficiently under the guidelines and relevant laws. Moreover, to ensure the Company has complied with laws and regulations relating to the business of the Company, the Internal Audit Department conducts regular checks. Internal auditors report directly to the Audit Committee on all matters, in order to make the internal audit department completely independent of management. Moreover, an internal control system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting to the relevant managers to achieve the following objectives: 1. Efficient and effective operations, including skillful use of resources for the best benefit of the Company. 2. Accurate, reliable and prompt financial reporting. 3. Full compliance with the Company没s policies, laws and regulations. For the achievement of such objectives, the Company has implemented the internal control system in accordance with the recommendations of The Committee of Sponsoring Organizations of the Treadway Commission (COSO) as follows:

1. Control Environment The Company has forged ahead with control environment and therefore set up the Corporate Governance Policy and Business Ethics in writing. They are published to all staff of the Company for the basis of working. The Company recognizes that the Control Environment will lead to efficiency and effectiveness of work and brings out the best benefits to the Company.

2. Risk Assessment The Company recognizes the importance of Risk assessment as the tool to indicate a dangerous signal that could result in loss and therefore, the Company has annually assessed prominent risks by dividing them into two categories as being on 1) Organization Level that are managed by Management and published in the Company没s Annual report, 2) Activities Level for which both, Internal Audit department as independent entity and each specific department (being in possession of sound knowledge and skills required for operations), are responsible. Such assessment bring out the risks that affect the Company没s operations which are then required to be managed through a set up of correct and appropriate control systems. The results of Risk Assessment are reported periodically to Management for consideration.

Annual Report 2004 Precious Shipping Public Company Limited

3. °‘®°√√¡°“√§«∫§ÿ¡ (Control Activities) °“√ª√–‡¡‘π§«“¡‡ ’¬Ë ß¥—ß°≈à“«¢â“ßµâπ®–¥”‡π‘π°“√§«∫§Ÿæà √âÕ¡°—∫°“√ª√–‡¡‘π°≈‰°°“√§«∫§ÿ¡‡æ◊ÕË „Àâ¡π—Ë „®«à“∫√‘…∑— œ ¡’°“√®—¥«“ß√–∫∫°“√§«∫§ÿ¡∑’Ë§√∫∂â«π ‡æ’¬ßæÕ·≈–‡À¡“– ¡ Õ¥§≈âÕß°—∫§«“¡‡ ’Ë¬ßµà“ßÊ ∑’ËÕ“®®–‡°‘¥¢÷Èπ ∑—Èßπ’È‡æ◊ËÕ‡ªìπ°“√ ≈¥·≈–°√–®“¬§«“¡‡ ’Ë¬ßµà“ßÊ „Àâ àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ πâÕ¬∑’Ë ÿ¥ √«¡∑—Èß‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈

4. “√ π‡∑»·≈–°“√ ◊ËÕ “√ (Information & Communication) ∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»µà“ßÊ ‚¥¬‡©æ“–∑’Ë¡’π—¬ ”§—≠√«¡∑—Èß§«“¡√«¥‡√Á«¢Õß°“√µ‘¥µàÕ ◊ËÕ “√ ∑—Èßπ’È‡æ◊ËÕ„Àâ°“√µ—¥ ‘π„®‡√◊ËÕßµà“ßÊ ‡ªìπ‰ªÕ¬à“ß∂Ÿ°µâÕß ·¡àπ¬” ·≈–©—∫‰«‚¥¬®—¥ „Àâ¡’™àÕß∑“ß°“√ ◊ËÕ “√∑—Èß¿“¬„π·≈–¿“¬πÕ°∫√‘…—∑œ Õ¬à“ß‡ªìπ√–∫∫·≈–¡’ª√– ‘∑∏‘¿“æ ”À√—∫°“√µ‘¥µàÕ ◊ËÕ “√¿“¬„π∫√‘…—∑œ ®–ºà“π√–∫∫ Intranet æπ—°ß“π„π∑ÿ°√–¥—∫™—Èπ√«¡∑—ÈßºŸâ∫√‘À“√√–¥—∫ Ÿß “¡“√∂‡¢â“∂÷ß°—π‰¥âÕ¬à“ß –¥«° √«¥‡√Á«‡æ◊ËÕ„Àâ°“√ ª√– “π°“√∑”ß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈·≈–∫√√≈ÿ‡ªÑ“À¡“¬∑’«Ë “ß‰«â ”À√—∫°“√µ‘¥µàÕ°—∫∫ÿ§§≈¿“¬πÕ° ‡™àπ π—°≈ß∑ÿπ ‡ªìπµâπ ∫√‘…—∑œ ¡’™àÕß∑“ß°“√µ‘¥µàÕ ◊ËÕ “√ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«Á∫‰´µå¢Õß ∫√‘…—∑œ √«¡∑—ÈßºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ‡Õß°Áæ√âÕ¡∑’Ë®–µÕ∫¢âÕ´—°∂“¡„πª√–‡¥Áπµà“ßÊ ®“°π—°≈ß∑ÿπ√«¡∑—ÈßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ

5. °“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈ (Monitoring & Evaluation) ∫√‘…—∑œ °”Àπ¥¡“µ√°“√„π°“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È √–¥—∫°“√ª√–‡¡‘π

ºŸªâ √–‡¡‘π

§«“¡∂’Ë¢Õß°“√µ‘¥µ“¡ ·≈–ª√–‡¡‘πº≈°“√∑”ß“π (µàÕªï)

æπ—°ß“π À—«Àπâ“·ºπ° ºŸâ∫√‘À“√√–¥—∫ Ÿß

À—«Àπâ“·ºπ° ºŸâ∫√‘À“√√–¥—∫ Ÿß §≥–°√√¡°“√∫√‘…∑—

Õ¬à“ßπâÕ¬ 1 §√—Èß Õ¬à“ßπâÕ¬ 1 §√—Èß Õ¬à“ßπâÕ¬ 4 §√—Èß

º≈®“°°“√µ‘¥µ“¡·≈–°“√ª√–‡¡‘π∑’Ë‰¥â®–∂Ÿ°π”‰ª°”Àπ¥‡ªìπ·ºπ‡™‘ß°≈¬ÿ∑∏å‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¡’ª√– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈¬‘Ëß¢÷Èπ πÕ°‡Àπ◊Õ®“°∑’°Ë ≈à“«¢â“ßµâπ·≈â«∫√‘…∑— œ¬—ß¡’Ω“É ¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’‡Ë ªìπÀπà«¬ß“πµ‘¥µ“¡·≈–ª√–‡¡‘πº≈Õ’°¥â«¬ ‚¥¬Õ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈‚¥¬µ√ß®“°§≥–°√√¡°“√µ√«® Õ∫ ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ ¡’Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë °”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π„π·µà≈–°‘®°√√¡·≈–√“¬ß“πº≈µ√ßµàÕ §≥–°√√¡°“√µ√«® Õ∫ ∑—Èßπ’È‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¥”√ß‰«â´÷Ëß§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√ „π‡√◊ËÕß°“√∫√‘À“√§«“¡‡ ’Ë¬ß ºŸâµ√«® Õ∫¿“¬„π‰¥â Õ∫∑“π·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß ·≈–æ∫«à“∫√‘…—∑œ ¡’°“√°”Àπ¥ §«“¡‡ ’Ë¬ß·≈–π”À≈“¬‡§√◊ËÕß¡◊Õ ”À√—∫¡“µ√°“√§«“¡‡ ’Ë¬ß¡“„™â ·≈–π”‰ª Ÿà°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑—Èßπ’Èªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠ ‰¥â°≈à“«‰«â„π√“¬ß“πª√–®”ªï ∑—Èßπ’È‡æ◊ËÕº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ

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3. Control Activities The Risk Assessment process also involves an assessment of control activities. The objective of assessment is to ensure that the Company has a good control system and conforms to the related risks to decrease/or distribute all risks of the Company with a view to ensuring efficiency and effectiveness of operations.

4. Information & Communication The Company recognizes the importance of accurate, reliable and prompt information & communication. It leads to accurate and timely data being made available for decision making. The Company has provided an effective communication system, including internal and external channels. For the internal channel, all staff and Management can easily communicate through the Intranet System for the efficiency and effectiveness of communication and achieve the Company没s objectives. For the external channel, the Company provides the information though the channel of SET, the Company没s web site and the Company没s top management is very prompt in answering any queries which may be raised by Investors or any stakeholder.

5. Monitoring & Evaluation The Company features a performance monitoring and evaluation system as follows:

Level

Monitored and Evaluated by

Staff Head of Department Management

Head of Department Management Board of Directors

The frequency of monitoring and evaluation (per year) At least 1 time At least 1 time At least 4 times

The results of monitoring and evaluation are considered while setting up the Company没s strategic plans. Moreover, Internal Audit department evaluates the monitoring systems and activities under the close supervision of the Audit Committee. Internal Audit department also reviews whether the key operations and the financial activities are conducted efficiently and whether the same complies with relevant laws. Further, to ensure that the Company has complied with laws and regulations relating to the business of the Company, the Internal Audit Department conducts regular checks. Internal auditors report directly to the Audit Committee on all matters in order to make the internal audit department completely independent of management. In relation to Risk Management, Internal Auditors have reviewed and assessed the risks of the Company and found that the Company has identified the risks and has applied the various tools of measurement of the risks and thereafter has taken steps to manage these risks. Significant risk factors are laid down in the Annual Report for the benefit of the shareholders and investors.

Annual Report 2004 Precious Shipping Public Company Limited

14. √“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø „π√“¬ß“πª√–®”ªï ‚¥¬¡’°“√π”‡ πÕ√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π§«∫§Ÿà°—∫ß∫°“√‡ß‘π∑’Ë µ√«® Õ∫·≈â«„π√“¬ß“πª√–®”ªïπ’È·≈â«

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ §≥–°√√¡°“√„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ∑—Èß√“¬ß“π¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π ·≈–¢âÕ¡Ÿ≈∑—Ë«‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’ËÕ“®¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ ‚¥¬‰¥â‡º¬·æ√à¢âÕ¡Ÿ≈¢à“« “√µà“ßÊ ¥—ß°≈à“«‡æ◊ËÕ„ÀâºŸâ≈ß∑ÿπ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß√—∫∑√“∫ ‚¥¬ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«Á∫‰´µå ¢Õß∫√‘…—∑œ ®¥À¡“¬·®âß¢à“«·≈–®“°°“√µ‘¥µàÕ°—∫°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕºŸâ≈ß∑ÿπ ¥—ßπ—ÈπºŸâ∫√‘À“√√–¥—∫ Ÿß ®–‡ªìπºŸâ√—∫º‘¥™Õ∫„π à«π∑’Ë‡°’Ë¬«°—∫°“√∫√‘°“√π—°≈ß∑ÿπ¥â«¬ ∫√‘…—∑œ ‰¥â°”Àπ¥∫ÿ§§≈‡æ◊ËÕ„Àâ∫√‘°“√¢âÕ¡Ÿ≈¢à“« “√ ”À√—∫ºŸâ≈ß∑ÿπ ºŸâ∂◊ÕÀÿâπ π—°«‘‡§√“–Àå·≈–ª√–™“™π∑—Ë«‰ª ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È §ÿ≥§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‚∑√»—æ∑å 66 2234 2920 Õ’‡¡≈å kh@preciousshipping.com §ÿ≥§Ÿ™√Ÿ §“≈’ «“‡¥’¬ ‚∑√»—æ∑å 66 2633 8459 Õ’‡¡≈å kw@preciousshipping.com §ÿ≥ ÿ∏“¥“ ‡¡¶√ÿàß‡√◊Õß°ÿ≈ ‚∑√»—æ∑å 66 2237 8700-4 µàÕ 954 Õ’‡¡≈å corp@preciousshipping.com §ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ‚∑√»—æ∑å 66 2237 8700-4 µàÕ 951 Õ’‡¡≈å som@preciousshipping.com ∫√‘…—∑œ ‰¥â‡¢â“√à«¡°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏åµà“ßÊ ¡“°¡“¬ ‚¥¬°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏å∑’Ë ”§—≠Ê ‰¥â√–∫ÿ‰«â·≈â« „π√“¬ß“π®“°§≥–°√√¡°“√ ”À√—∫√“¬≈–‡Õ’¬¥¢Õß°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏å„π™à«ß Õßªï∑’Ëºà“π ¡’¥—ßπ’È ªï/ ®”π«π§√—ßÈ 2547 2546

æ∫ª–°—∫ π—°«‘‡§√“–Àå 27 19

æ∫ª–°—∫ π—°≈ß∑ÿπ 18 16

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

°“√π”‡ πÕ °“√„Àâ —¡¿“…≥å·°à (Presentations) Àπ—ß ◊Õæ‘¡æå·≈–∑’«’ 10 7 7 4

√«¡ 62 46

14. Board of Directorsรป Report The Board of Directors is responsible for the Company and its subsidiariesรป financial statements and financial information presented in this Annual report. The Report of the Board of Directorsรป Responsibilities for Financial Statements is presented along with the audit report in this Annual report.

15. Relations with investors The Board of Directors recognize the importance of accurate, complete and transparent disclosure of financial information and general information, which may affect the Company share price. The Company provides the information through the channel of SET, the Companyรปs website and through regular newsletters and communications from the Managing Director. While the Company undertakes investor relations at the top management level, the Company has also designated the persons as the contact points in the Company to service investors, shareholders, analysts and public as under: Mr. Khalid Moinuddin Hashim Telephone 66 2234 2920 email at kh@preciousshipping.com Mr. Khushroo Kali Wadia Telephone 66 2633 8459 email at kw@preciousshipping.com Khun Sutada Mekrungruengkul Telephone 66 2237 8700-4 ext. 954 email at corp@preciousshipping.com Khun Somprathana Thepnapaplern Telephone 66 2237 8700-4 ext. 951 email at som@preciousshipping.com. The Company has joined many events for press/analysts briefings, which are attended personally by the Managing Director. Some of the major events in which the Company participated have been enumerated in the Board of Directorsรป Report. Details of number of press/analysts and other company presentations in which the Company participated during the last two years are summarised as under: Year / Times 2004 2003

Analyst Meetings 27 19

Investor Meetings 18 16

Presentations 10 7

Press & TV Interview 7 4

Total 62 46

Annual Report 2004 Precious Shipping Public Company Limited

ªíí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠ ∫√‘…—∑œ ‰¥â·∫àßª√–‡¿∑ªí®®—¬§«“¡‡ ’Ë¬ß ”§—≠Ê ∑’ËÕ“®‡°‘¥¢÷Èπ°—∫∫√‘…—∑œ ‡ªìπ 3 ª√–‡¿∑ ª√–°Õ∫¥â«¬§«“¡‡ ’Ë¬ß ®“°°“√¥”‡π‘π∏ÿ√°‘® §«“¡‡ ’¬Ë ß∑“ß°“√‡ß‘π·≈–§«“¡‡ ’¬Ë ß∑“ß°“√µ≈“¥ ´÷ßË ªí®®—¬§«“¡‡ ’¬Ë ß„π·µà≈–ª√–‡¿∑¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È

§«“¡‡ ’Ë¬ß®“°°“√¥”‡π‘πß“π „π∞“π–∑’∫Ë √‘…∑— œ ‡ªìπ‡®â“¢Õß·≈–ºŸªâ √–°Õ∫°“√‡¥‘π‡√◊Õ¢π àß ‘π§â“√–À«à“ßª√–‡∑»‚¥¬‰¡à¡¢’ Õâ ®”°—¥∑“ß¿Ÿ¡»‘ “ µ√å„¥Ê Õ“®µâÕß‡º™‘≠°—∫§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°À“¬π–∑“ßπÈ” §«“¡·ª√ª√«π¢Õß ¿“æ ‘Ëß·«¥≈âÕ¡ §«“¡ Ÿ≠À“¬À√◊Õ‡ ’¬À“¬¢Õß ‘π§â“ ·≈–∑√—æ¬å ‘πµà“ßÊ ·≈–°“√ –¥ÿ¥À¬ÿ¥≈ß¢Õß∏ÿ√°‘®Õ—π‡°‘¥¡“®“°‡§√◊ËÕß¬πµå°≈‰°¢—¥¢âÕß §«“¡º‘¥æ≈“¥¢Õß‡®â“Àπâ“∑’Ë °“√ ‡§≈◊ËÕπ‰À«∑“ß°“√‡¡◊Õß„πª√–‡∑»µà“ßÊ °“√À¬ÿ¥ß“πª√–∑â«ß¢Õß§πß“π °“√°àÕ°“√√â“¬ ‚®√ ≈—¥ §«“¡·ª√ª√«π¢Õß ¿“æ¥‘π øÑ“Õ“°“» ∂“π°“√≥å·≈–‡Àµÿ°“√≥åÕ◊Ëπ„¥∑’ËÕ“®®–‡°‘¥¢÷Èπ ´÷Ëß ‘Ëß‡À≈à“π’È®–π”‰ª Ÿàµâπ∑ÿπ°“√¥”‡π‘πß“π∑’Ë‡æ‘Ë¡¢÷ÈπÀ√◊Õ°“√ Ÿ≠‡ ’¬ √“¬‰¥â Õ¬à“ß‰√°Áµ“¡‡®â“¢Õß‡√◊ÕÀ√◊ÕºŸâª√–°Õ∫°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈®–¡’°“√ª√–°—π§«“¡‡ ’Ë¬ßµà“ßÊ ‚¥¬¡’°“√∑” ª√–°—π¿—¬‰«â°—∫∫√‘…—∑ª√–°—π¿—¬∑’Ë‡ªìπ “°≈·≈–®–§√Õ∫§≈ÿ¡§«“¡‡ ’Ë¬ß∑—ÈßÀ¡¥ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¥â∑”ª√–°—π¿—¬‡æ◊ËÕ§ÿâ¡§√Õß §«“¡‡ ’Ë¬ß¿—¬µà“ßÊ ∑’Ë°≈à“«¡“¢â“ßµâππ’È‡Õ“‰«â·≈â« °“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ¢÷ÈπÕ¬Ÿà°“√‡ª≈’Ë¬π·ª≈ß¢Õß°ÆÀ¡“¬ªÑÕß°—π ‘Ëß·«¥≈âÕ¡·≈–°Æ√–‡∫’¬∫æ“≥‘™¬π“«’ ¥â“πÕ◊ËπÊ °“√∑’ËµâÕß¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬‡À≈à“π’È¡’§«“¡‡ ’Ë¬ß„π¥â“π∑’ËÕ“®µâÕß‡ ’¬§à“„™â®à“¬¡“° √«¡∂÷ß§à“„™â®à“¬„π °“√ª√—∫ª√ÿß‡√◊ÕÀ√◊Õ‡ª≈’Ë¬π√–‡∫’¬∫ªØ‘∫—µ‘„π°“√‡¥‘π‡√◊Õ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ √–¡—¥√–«—ß„πª√–‡¥Áπ‡À≈à“π’È‡ ¡Õ¡“·≈–‰¥â√—°…“ ¡“µ√∞“π§«“¡ª≈Õ¥¿—¬·≈–¡“µ√∞“π∑“ß‡∑§π‘§„ÀâÕ¬Ÿà„π√–¥—∫ “°≈µ≈Õ¥¡“ °“√¥”‡π‘π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ·≈–°“√∫√‘À“√ß“π∫√‘…—∑œ „π∞“π–∫√‘…—∑¡À“™π·≈–®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààß ª√–‡∑»‰∑¬π—πÈ µâÕßÕ“»—¬∫ÿ§≈“°√∑’¡Ë §’ «“¡‡™’¬Ë «™“≠‰¡à«“à ®–‡ªìπ≈Ÿ°‡√◊Õ∑’µË Õâ ß§«∫§ÿ¡°“√‡¥‘π‡√◊Õ À√◊ÕºŸ®â ¥— °“√√–¥—∫µà“ßÊ „π∫√‘…∑— œ ∑’ËµâÕß°“√∫ÿ§§≈∑’Ë¡’§«“¡√Ÿâ·≈–ª√– ∫°“√≥å„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °“√∑’ËµâÕßÀ“·≈–√—°…“‰«â´÷Ëß∫ÿ§≈“°√‡À≈à“π—Èπ‡ªìπ ‘Ëß ”§—≠„π°“√ ¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‰¥â¡’π‚¬∫“¬∑’Ë¬ÿµ‘∏√√¡·≈–‡À¡“– ¡µàÕæπ—°ß“π ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¥â ª√– ∫ §«“¡ ”‡√Á®„π°“√À“·≈–√—°…“‰«â´÷Ëß∫ÿ§≈“°√∑’Ë¡’§«“¡‡™’Ë¬«™“≠ ·≈–§“¥«à“∫√‘…—∑œ ®–‰¡à¡’ªí≠≠“¥â“π∫ÿ§≈“°√„πÕπ“§µ „π∞“π–∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ∫√‘…—∑œ µâÕßªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫µà“ßÊ ¡“°¡“¬ °“√∑’Ë ∫√‘…—∑œ ‰¡àªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–/À√◊Õ°Æ√–‡∫’¬∫„¥Ê Õ“®∑”„Àâ∫√‘…—∑œ ∂Ÿ°‡√’¬°§à“‡ ’¬À“¬À√◊Õ∂Ÿ°≈ß‚∑…∑“ß°ÆÀ¡“¬„¥µàÕ ∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√ ¥—ßπ—Èπ∫√‘…—∑œ ‰¥â¥”‡π‘πß“πÕ¬à“ß√–¡—¥√–«—ß„πª√–‡¥Áππ’È‚¥¬¡’¡“µ√°“√„π°“√√—∫æπ—°ß“π∑’Ë¡’§ÿ≥ ¡∫—µ‘ ‡À¡“– ¡·≈–®—¥√–∫∫ß“π„Àâ¡’ª√– ‘∑∏‘¿“æ‡æ◊ËÕ„Àâ·πà„®«à“∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ∫√‘…—∑œ ‰¡à‰¥â‡º™‘≠°—∫§«“¡‡ ’Ë¬ß®“°√“§“πÈ”¡—π‚≈°∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ ‡π◊ËÕß®“°°√≥’°“√‡¥‘π‡√◊Õ·∫∫‡∑’Ë¬«°“√‡¥‘π‡√◊Õ∑’Ë ∫√‘…—∑œ µâÕß‡ªìπºŸâ®à“¬§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß·µà§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ≈Ÿ°§â“®–‡ªìπºŸâ√—∫º‘¥™Õ∫ ‡π◊ËÕß®“°Õ—µ√“§à“√–«“ß‡√◊Õ∑’Ë °”Àπ¥·≈–‡√’¬°‡°Á∫®“°≈Ÿ°§â“π—Èπ‰¥â√«¡§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ‰«â¥â«¬

§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π √“¬‰¥â·≈–§à“„™â®“à ¬ à«π„À≠à¢Õß∫√‘…∑— œ ®–‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞ √«¡∑—ßÈ ‘π∑√—æ¬å∂“«√ à«π„À≠à¢Õß∫√‘…∑— œ §◊Õ ‡√◊Õ‡¥‘π∑–‡≈°Á¡’æ◊Èπ∞“π‡ªìπ‡ß‘π¥Õ≈≈à“√å À√—∞ ‡π◊ËÕß®“°‡√◊Õ‡¥‘π∑–‡≈¡’µ≈“¥°“√´◊ÈÕ¢“¬ “°≈∑’Ë‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞ ¥—ßπ—Èπ ∫√‘…—∑œ ®÷ß¡’§«“¡‡ ’Ë¬ßµàÕ°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»®“°Àπ’È ‘π¢Õß∫√‘…—∑œ ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘πµ√“µà“ß ª√–‡∑»Õ◊Ëπ∑’Ë¡‘„™à‡ß‘π¥Õ≈≈à“√å À√—∞ °≈à“«§◊ÕÀπ’È ‘π∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑»Õ◊Ëπ∑’Ë¡‘„™à‡ß‘π¥Õ≈≈à“√å À√—∞‡¡◊ËÕ‡∑’¬∫‡∑à“‡ªìπ ‡ß‘π¥Õ≈≈à“√å À√—∞Õ“®‡æ‘Ë¡¢÷ÈπÀ√◊Õ≈¥≈ßµ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ∫√‘…—∑œ µ√–Àπ—°¥’∂÷ß§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬ππ’È ¥—ßπ—Èπ®÷ß‰¥â æ¬“¬“¡≈¥§«“¡‡ ’Ë¬ß®“° °ÿ≈‡ß‘πÕ◊ËπÊ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¡à¡’Àπ’È‡ß‘π°Ÿâ‡ªìπ‡ß‘π °ÿ≈Õ◊ËπÊ ‡À≈◊ÕÕ¬Ÿà ¬°‡«âπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞ Õ’°∑—Èß∫√‘…—∑œ ¡’°“√¥”√ß‡ß‘π ¥„π∫—≠™’∏π“§“√‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞‡°◊Õ∫∑—ÈßÀ¡¥ ‡æ◊ËÕ‰¡à„Àâ‡°‘¥ §«“¡‡ ’Ë¬ß®“°°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π°—∫∫—≠™’‡À≈à“π’È‡¡◊ËÕ‡∑’¬∫‡ªìπ‡ß‘π¥Õ≈≈à“√å À√—∞ Õ¬à“ß‰√°Á¥’°Á§«√µ√–Àπ—°«à“ ∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ªìπ °ÿ≈‡ß‘π∫“∑∑’Ë¡“®“°°“√·ª≈ß§à“ ‘π∑√—æ¬å Àπ’È ‘π √“¬‰¥â ·≈– §à“„™â®à“¬µà“ßÊ ¢Õß∫√‘…—∑œ ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑ ·µà‡°◊Õ∫∑—ÈßÀ¡¥¢Õß°“√¢“¥∑ÿππ’È‡ªìπ°“√¢“¥∑ÿπ∑’Ë¬—ß ‰¡à‡°‘¥¢÷πÈ ®√‘ß‡π◊ÕË ß®“°‡ªìπ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π„π°“√·ª≈ß§à“‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑„πß∫°“√‡ß‘π∫“∑‡∑à“π—πÈ ‡ß‘π°Ÿâ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑œ ®–¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«µ“¡Õ—µ√“ LIBOR (Õ—µ√“¥Õ°‡∫’È¬√–À«à“ß∏π“§“√„π °√ÿß≈Õπ¥Õπ) ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß¡’§«“¡‡ ’¬Ë ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’¬È Õ—π‡π◊ÕË ß¡“®“°°“√‡ª≈’¬Ë π·ª≈ß¢ÕßÕ—µ√“¥Õ°‡∫’¬È LIBOR ∫√‘…—∑œ ‰¥âµ‘¥µ“¡§«“¡‡§≈◊ËÕπ‰À«·≈–‡ΩÑ“√–«—ßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥‡ß‘πÕ¬à“ß ¡Ë”‡ ¡Õ

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

SIGNIFICANT RISK FACTORS The Company has classified the various risk factors the Company is exposed to into three categories viz. Operating Risk, Financial Risk and Market Risk. The significant risk factors under each of these categories are explained as under :

OPERATING RISK The Company, as an owner and operator of ocean-going vessels operating without any geographical limitations is exposed to risks of marine disaster, environmental mishaps resulting in substantial claims, cargo/ property loss or damage and business interruptions due to accidents or other events caused by mechanical failure, human error, political action in various countries, labor strikes, terrorist actions, piracy, adverse weather conditions and other such circumstances and events. This could result in increased costs or loss of revenues. However, to cover against most of these risks, which are standard for an International Ship owner/Operator, insurance covers are available in the international insurance industry. Accordingly, the Company is adequately covered against such aforesaid circumstances and events. The operations of the Company depend on extensive and changing environment protection laws and other maritime regulations, compliance with which may entail the risk of significant expenses, including expenses for ship modifications and changes in operating procedures. However, the Company is vigilant on these issues and maintains internationally prescribed safety and technical standards. The operations of the ships and the management of the Company as a public company listed on the Stock Exchange of Thailand require skilled personnel to be employed as crew to operate its ships and managers at the corporate level with appropriate knowledge and experience. Sourcing and retaining such personnel is crucial for the business operations of the Company. However, due to the adoption of fair and reasonable staffing policies, the Company has hitherto been quite successful in sourcing and retaining such highly skilled personnel, and does not expect any future cause for concern in this regard. As a publicly listed Company, the Company is required to comply with various laws and regulations and failure to comply with any one or more of such law and/or regulation could expose the Company to penalties or other legal action against the Company and its senior management. The Company remains vigilant on this issue and has taken adequate steps to employ qualified staff and also adopted adequate and effective systems to ensure full compliance with all laws and regulations. The Company is not exposed to any risk of increased costs due an increase in international oil prices, since, wherever the Company is required to incur fuel costs (in case of a Voyage Charter), increases in oil price is passed on to the Customers since the freight rates are quoted and charged after incorporating the increased fuel cost.

FINANCIAL RISK Almost the entire Revenues and Expenses of the Company are denominated in US Dollars. Further, almost all the Fixed Assets of the Company, viz., ships are US Dollar based assets, since they are readily salable in US Dollars in the International market. Therefore, the Company is exposed to the risk of realising a Foreign Exchange loss in respect of its liabilities in any currency other than US Dollars. The US Dollar equivalent figure of such Ă§Non-USDĂŠ denominated debt may increase or decrease with a fluctuation in the respective exchange rate. In recognition of this risk, the Company has attempted to maintain least possible exposure in other currencies and accordingly as on 31st December 2004 the Company did not have any funded debt denominated in any currency other than US Dollars. The Company also maintains almost all its Bank balances in US Dollars whereby there is no risk of realising any loss on these balances, in US Dollar terms. However, it must be noted that the Company is exposed to an exchange loss in Thai Baht terms on translation of its US Dollar denominated Assets, Liabilities, Income and Expenses, but, almost the whole of this loss remains unrealised as the same arises only out of the Currency translation from US Dollars to Thai Baht in the Thai Baht Financial Statements. The CompanyĂťs secured loans carry interest at floating rates based on LIBOR (London Inter-Bank offered rate) and as such, the Company is exposed to fluctuations in its interest rates due to a change in the LIBOR. The Company monitors market interest rates regularly and remains vigilant on this issue.

Annual Report 2004 Precious Shipping Public Company Limited

Õâ“ß∂÷ß°“√·°â‰¢‡ª≈’Ë¬π·ª≈ß¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢µà“ßÊ ¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë‰∂à∂Õπ§◊π‰¥â (Àÿâπ°Ÿâ) ´÷Ëß‡ß◊ËÕπ‰¢ °“√·ª≈ß ¿“æ‡ªìπÀÿâπ “¡—≠‰¥â∂Ÿ°¬°‡≈‘° „πªï æ.». 2546 ·≈–µàÕ¡“∫√‘…—∑œ ‰¥â¡’°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«∑—ÈßÀ¡¥ ¥—ßπ—Èπ ºŸâ∂◊ÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ®–‰¡à¡’§«“¡‡ ’Ë¬ß®“°°“√≈¥≈ß„π —¥ à«π°“√∂◊ÕÀÿâπÕ—π‡π◊ËÕß¡“®“°°“√·ª≈ß ¿“æ¢Õßµ√“ “√ ¥—ß°≈à“«

§«“¡‡ ’Ë¬ß∑“ß°“√µ≈“¥ Õÿµ “À°√√¡·≈–µ≈“¥°“√‡¥‘π‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈®–¢÷Èπ≈ß‡ªìπ«—Ø®—°√ ¡’§«“¡º—πº«π„π‡√◊ËÕß¢Õß°“√∑”°”‰√ ¡Ÿ≈§à“‡√◊Õ·≈–Õ—µ√“§à“√–«“ß ´÷Ëß‡ªìπº≈®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕÿª ß§å·≈–Õÿª∑“π¢Õß°Õß‡√◊Õ µ“¡∑’Ë‰¥âÕ∏‘∫“¬¿“¬„µâÀ—«¢âÕ ç≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡é ‚¥¬ª°µ‘∫√‘…—∑œ ‰¥â∑”°“√µ≈“¥„π≈—°…≥– —≠≠“√–¬– —Èπ (spot market) °—∫‡√◊Õ ¢Õß∫√‘…—∑œ ∑—ÈßÀ¡¥ ¥—ßπ—Èπ∫√‘…—∑œ ®–¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢Õßµ≈“¥·≈–«—Ø®—°√¢Õß∏ÿ√°‘® Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‡™◊ËÕ¡—Ëπ «à“°“√∑’∫Ë √‘…∑— œ¡’µ≈“¥‡©æ“–°≈ÿ¡à §◊ÕÕ¬Ÿ„à π°≈ÿ¡à ‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°´÷ßË ¡’ª®í ®—¬æ◊πÈ ∞“π∑’‡Ë ªìπ∫«°§◊Õ¡’Õªÿ ß§å¡“°°«à“Õÿª∑“π ®–‡ªìπµ—«™à«¬™–≈Õ„π™à«ß¿“«–µ°µË”¢Õß«—Ø®—°√¢Õß∏ÿ√°‘®·≈–∑”„Àâ∫√‘…—∑œ ‰¥â√—∫º≈°√–∑∫πâÕ¬≈ß Õÿª ß§å¢Õß∏ÿ√°‘®¢Õß∫√‘…—∑œ π—Èπ‡°‘¥®“°ª√‘¡“≥¢Õß ‘π§â“∑’ËµâÕß°“√¢π àß °“√°àÕ‡°‘¥¢ÕßÕÿª ß§åπ’È¢÷ÈπÕ¬Ÿà°—∫°“√§â“ ‚≈°·≈–°“√‡®√‘≠‡µ‘∫‚µ¢Õß‡»√…∞°‘® ¿“«–∂¥∂Õ¬¢Õß°“√‡®√‘≠‡µ‘∫‚µ¢Õß‡»√…∞°‘®·≈–°“√§â“®–∑”„Àâ‡°‘¥Õÿª ß§å‡√◊Õ∑’Ë≈¥≈ß ªí®®ÿ∫—π§«“¡µâÕß°“√¢π àß ‘π§â“∑“ß∑–‡≈‡æ‘Ë¡¡“°¢÷Èπ ‡π◊ËÕß®“°¡’§«“¡µâÕß°“√¡“®“°ª√–‡∑»®’π∑’ËµâÕß°“√π”‡¢â“ ‘π§â“‡æ◊ËÕ°“√ °àÕ √â“ß “∏“√≥Ÿª‚¿§æ◊Èπ∞“π®”π«π¡“° ¥—ßπ—Èπ∂â“§«“¡µâÕß°“√ ‘π§â“∑’Ë¡“®“°ª√–‡∑»®’π≈¥≈ß®–¡’º≈„Àâ§«“¡µâÕß°“√¢π àß ‘π§â“≈¥≈ß·≈–°√–∑∫µàÕÕ—µ√“§à“√–«“ßÕ¬à“ß¡’π—¬ ”§—≠‰¥â ·≈–√«¡∂÷ß°“√≈¥≈ß¢Õß¡Ÿ≈§à“‡√◊Õ ∫√‘…—∑œ ‰¥â‡æ‘Ë¡°”≈—ß°Õß‡√◊Õ‚¥¬ °“√´◊ÈÕ‡√◊Õ¡◊Õ Õß‡¢â“¡“‡æ‘Ë¡‡µ‘¡„π√“§“µ≈“¥ªí®®ÿ∫—π§◊Õµ≈“¥∑’ËÕ¬Ÿà„π™à«ß¢“¢÷Èπ¢Õß∑—Èß§à“‡√◊Õ·≈–Õ—µ√“§à“√–«“ß ¥—ßπ—Èπ∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°°“√≈¥≈ß„π°“√À“√“¬‰¥â·≈–/À√◊Õ¡Ÿ≈§à“‡√◊Õ∑’ËÕ“®≈¥≈ß∂â“µ≈“¥¡’°“√ª√—∫µ—«≈¥≈ßÕ¬à“ß¡’ “√– ”§—≠ Õ¬à“ß‰√°Á¥’ ∫√‘…—∑œ ‰¥âæ¬“¬“¡≈¥§«“¡‡ ’Ë¬ß¥—ß°≈à“«‚¥¬‡√◊Õ‡°◊Õ∫∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ‰¥â„Àâ‡™à“‡ªìπ —≠≠“√–¬–¬“«‡æ‘Ë¡¡“°¢÷Èπ ∑”„Àâ ∫√‘…—∑œ “¡“√∂¡’√“¬‰¥â§à“‡™à“„πÕπ“§µ„πÕ—µ√“§à“‡™à“ªí®®ÿ∫—π∑’Ë Ÿß °“√∑” —≠≠“„Àâ‡™à“‡ªìπ√–¬–¬“«∑’Ë‡æ‘Ë¡¢÷Èππ’È∂◊Õ«à“‡ªìπ°“√ ‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠¢Õß¬ÿ∑∏»“ µ√å„π°“√¥”‡π‘π∏ÿ√°‘® °≈à“«§◊Õ∫√‘…—∑œ ‰¥â‡ª≈’Ë¬π®“°°“√¥”‡π‘π∏ÿ√°‘®®“°„Àâ∫√‘°“√°“√‡™à“‡ªìπ √–¬–‡«≈“À√◊Õ°“√‡™à“‡ªìπ√“¬‡∑’Ë¬«∑’Ë —≠≠“√–¬– —Èπ (spot market) ‡ªìπ°“√∑” —≠≠“√–¬–¬“« ¥—ßπ—ÈπÀ“°µ≈“¥¡’°“√ª√—∫µ—« Ÿß ¢÷ÈπÕ’°Õ¬à“ß¡’π—¬ ”§—≠„πÕπ“§µ °ÁÀ¡“¬∂÷ß∫√‘…—∑œ Ÿ≠‡ ’¬‚Õ°“ ∑’Ë®–∑”°”‰√‡æ‘Ë¡¢÷ÈπÕ’° Õ¬à“ß‰√°Á¥’∫√‘…—∑œ ¡’§«“¡‡ÀÁπ«à“ ®–‡ªìπ°“√√Õ∫§Õ∫¡“°°«à“∑’Ë®–∑” —≠≠“ºŸ°¡—¥√“¬‰¥â„πÕπ“§µ‰«â ≥ Õ—µ√“§à“√–«“ß„πªí®®ÿ∫—π ´÷Ëß∂◊Õ‰¥â«à“‡ªìπÕ—µ√“§à“√–«“ß∑’Ë Ÿß¡“° ¡“°°«à“®–‡ ’Ë¬ßµàÕ°“√ª√—∫µ—«≈¥≈ß¢ÕßÕ—µ√“§à“√–«“ßÕ—π‡π◊ËÕß¡“®“°¿“«–«ß®√¢“≈ß¢Õßµ≈“¥√–«“ß‡√◊Õ‚≈° ®“°∑’Ë‰¥â°≈à“«¢â“ßµâπ ∫√‘…—∑œ ‰¥â∑” —≠≠“„Àâ‡™à“‡√◊Õ„π√–¬–¬“«„πÕ—µ√“§à“‡™à“ªí®®ÿ∫—π∑’Ë Ÿß ¥—ßπ—Èπ∂â“ ¿“«–µ≈“¥ ‡°‘¥µ°µË”‡ªìπº≈„ÀâÕ—µ√“§à“‡™à“≈¥≈ß ≈Ÿ°§â“¢Õß∫√‘…—∑œ ∑’Ë∑” —≠≠“‡™à“√–¬–¬“«‰«âÕ“®‰¡àªØ‘∫—µ‘µ“¡ —≠≠“‡™à“ ∑”„Àâ∫√‘…—∑œ ‰¡à “¡“√∂¡’Õ—µ√“§à“‡™à“∑’Ë Ÿßµ“¡∑’Ë∑” —≠≠“‰«â ·≈–Õ“®∂Ÿ°∫—ß§—∫„Àâ‡™à“‡√◊Õ„πÕ—µ√“ ≥ ¢≥–π—ÈπÊ ´÷Ëßµ≈“¥µ°µË”·≈–¡’Õ—µ√“§à“‡™à“ §à“√–«“ßµË”°«à“∑’Ë∑” —≠≠“‰«â Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’Ë¬ß®“°°“√∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡ —≠≠“„π√–¬–¬“« ¥—ßπ—Èπ∫√‘…—∑œ ‰¥â∑”°“√«‘‡§√“–Àå≈Ÿ°§â“ (ºŸâ‡™à“‡√◊Õ) ∑’Ë®–∑” —≠≠“‡™à“„π√–¬–¬“«‚¥¬®–‡≈◊Õ°≈Ÿ°§â“∑’Ë¥’·≈–¡’‡§√¥‘µ Ÿß∑’Ë ÿ¥ ‡√◊Õ¢Õß∫√‘…—∑œ ‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈∑—Ë«‚≈°·≈–°“√„Àâ∫√‘°“√°Á‡ªìπ‰ª„π —¥ à«π∑’Ë°√–®“¬‡∑à“Ê °—π∑—Ë«‚≈°‚¥¬‰¡à ‰¥â‡©æ“–‡®“–®ß∑’Ë à«π„¥ à«πÀπ÷Ëß‡∑à“π—Èπ ¥â«¬‡Àµÿπ’È∫√‘…—∑œ ®÷ß‰¡à¡’§«“¡‡ ’Ë¬ß¥â“π¿Ÿ¡‘»“ µ√å„π°“√µ≈“¥·≈–≈Ÿ°§â“¢Õß∫√‘…—∑œ ¥—ßπ—Èπ§«“¡‡ª≈’Ë¬π·ª≈ß„πæ◊Èπ∑’Ë„¥æ◊Èπ∑’ËÀπ÷Ëß¢Õß‚≈°Õ—π‡π◊ËÕß¡“®“° ß§√“¡À√◊Õ°“√°àÕ°“√∑“ß°“√‡¡◊Õß À√◊Õ¥â«¬‡Àµÿº≈„¥Ê °Áµ“¡®–‰¡à àßº≈°√–∑∫ ”§—≠∑’Ë∑”„Àâ√“¬‰¥â¢Õß∫√‘…—∑œ ≈¥≈ß‰¥â √“¬‰¥â¢Õß∫√‘…—∑œ ¡“®“°®”π«π¢Õß≈Ÿ°§â“À≈“°À≈“¬·≈–‰¡à¢÷ÈπµàÕ≈Ÿ°§â“√“¬„¥√“¬Àπ÷Ëß„π°“√¥”‡π‘π∏ÿ√°‘® ¥—ßπ—Èπ ∫√‘…—∑œ ®÷ß‰¡à¡’§«“¡‡ ’Ë¬ßµàÕ°“√∑’Ë®–µâÕß∑”∏ÿ√°‘®°—∫≈Ÿ°§â“‡æ’¬ß√“¬‡¥’¬«À√◊Õ‰¥â√—∫º≈°√–∑∫√ÿπ·√ßÀ√◊Õ Ÿ≠‡ ’¬√“¬‰¥âÀ“°≈Ÿ°§â“ √“¬π—ÈπÊ ª√– ∫¿“«–¢“¥∑ÿπ

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

With the amendment of the terms and conditions of the Redeemable Convertible Debentures (RCD), the convertibility option in the instrument was removed in year 2003, and all the RCD were subsequently redeemed and therefore, the shareholders of the Company are no longer exposed to any risk of potential dilution in their shareholdings due to any outstanding equity instruments.

MARKET RISK The shipping industry and market has been cyclical, experiencing volatility in profitability, vessel values and freight rates, resulting from changes in the supply of and demand for shipping capacity, as explained in the section on çNature of Business and Industryé of this Report. The Company had traditionally marketed all its ships in the spot market and had therefore been exposed to market fluctuations and the cyclical nature of the business. However, the Company believed that by being in the çnicheé small handy size sector of the industry, wherein there is a fundamental advantage of demand over supply, some downside protection against the cyclical nature of the business was provided. The demand side of the Companyûs business is generated by the quantity of cargo its vessels are required to transport. The generation of this demand is mainly dependent on World Trade and Economic Growth. Severe depression in Growth and Trade could reduce the demand for ships. The recent spurt in demand for shipping capacity has largely been driven by the demand from China which is importing commodities in huge quantities for major infrastructure projects. If there is a significant reduction in the Demand from China, it could have an impact on overall demand for Shipping Capacity, which could lead to a significant fall in freight rates and could also be coupled with a fall in ship values. The Company acquired a number of second hand ships at market values while the market has been in the midst of this upturn, and therefore, the Company is exposed to the risk of reduced earnings and/or fall in asset values if there is any significant downturn in the market. The Company has attempted to cover this risk by entering into period charters or contracts for a longer period for almost all its ships, whereby the Company is able to çlock-iné future earnings at current high freight rates. This is a significant change in the Companyûs strategy of doing business, whereby the Company has deviated from itûs traditional policy of trading on the spot market with Voyage Charters and/or Time Charters of very short durations. If the market moves significantly higher in future, it could mean a potential opportunity loss for the Company, but in the Companyûs opinion, it is prudent to çlock-iné the future earnings, at the current freight rates, which, are already very high, rather than take the risk of a major fall in freight rates due to a downturn in the International Freight Markets. As indicated above, the Company has entered into a number of contracts for longer periods at current high freight rates. In case of a fall in the market and consequent fall in freight rates, the Companyûs customers (Charterers) with whom the period charters have been signed could default in their obligations, pursuant to which, the Company will not be able to achieve the higher contracted freight rates and would then be forced to contract these ships in the spot market in a depressed market when market freight rates would be lower. However, the Company is conscious of the Counter-party risk associated with its period charters and accordingly takes steps in analysing the counter-party risk of its potential charterers, particularly those with whom the Company intends to sign longer period charters and such contracts (Charters) are signed only with first class charterers with the highest possible credit ratings. The Companyûs ships ply in international waters all over the world and the employment of its vessels is quite evenly distributed, without any concentration in any particular area. As such, the Company is not exposed to a risk of geographical concentration of the Companyûs market and its customers. Therefore, any major adverse change in the market conditions in any one particular area of the world due to war, political action, or any other reason shall not result in a significant drop in revenues. The Companyûs revenues are generated from a number of customers and the Company is not dependent on any single customer for the majority of its business. As such, the Company is not exposed to any risk of concentration of its business with any one customer and any loss of business from one such customer shall not have any significant impact on the Companyûs business and will not result in sudden loss of revenues.

Annual Report 2004 Precious Shipping Public Company Limited

°Õß°”≈—ß‡√◊Õ FLEET LIST ≈”∑’Ë No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 À¡“¬‡Àµÿ :

Remarks

™◊ÕË ‡√◊Õ

øŸ®‘´“π ¡“√Ÿ * ¡√°µ π“√’ ™Æ“ π“√’ ¡ÿ°¥“ π“√’ π≈‘π’ π“√’ «π– π“√’ ®“¡®ÿ√’ π“√’ Õ‚π¥“¥ π“√’ √®‡√¢ π“√’ ¡≥±‘√“ π“√’ ¡—≈≈‘°“ π“√’ ·«π¥“ π“√’ √¡‘µ“ π“√’ ÿ¡π“ π“√’ ¿«‘µ√“ π“√’ π—™™“ π“√’ Õ¿‘ √“ π“√’ »‘‚√√—µπå π“√’ ∫ÿ…√“ π“√’ ÿ™“¥“ π“√’ ª√‘≥¥“ π“√’ «√“≈’ π“√’ ∫ÿ≥±√‘°“ π“√’ ∏“√‘≥’ π“√’ ™≈≈¥“ π“√’ ≈‘≈∑‘æ¬å π“√’ ¥ÿ ‘µ“ π“√’ ‡Õ¡«‘°“ π“√’ æ—™√– π“√’ æ≈Õ¬‰æ≈‘π π“√’ π’√– π“√’ Ωπ∏‘¥“ π“√’ √—µπ– π“√’ ÿ∏“∑‘æ¬å π“√’ °π° π“√’ »ÿ°√«√√≥ π“√’ ∏“¡‘ “ π“√’ π‘¿“ π“√’ «√¥“ π“√’ ¥“√‘π∑√å π“√’ ‚°‡¡π π“√’ π—¬π“ π“√’ ‚ÕªÕ≈ π“√’ °ƒµ‘°“ π“√’ Õ√≥“ π“√’ ¡≥’ ¡ÿ∑√ π“√’ ΩπÕ√ÿ≥ π“√’ ¡‚π√“Àå π“√’ ™‚≈∏√ π“√’ »√—≥¬“ π“√’ ÿ®‘µ√“ π“√’ «‘®‘µ√“ π“√’

Vessel Name

Fujisan Maru * Morakot Naree Chada Naree Mukda Naree Nalinee Naree Wana Naree Jamjuree Naree Anodad Naree Rojarek Naree Monthira Naree Mallika Naree Vanda Naree Ramita Naree Sumana Naree Pawitra Naree Natcha Naree Apisara Naree Sirorat Naree Bussara Naree Suchada Naree Parinda Naree Waralee Naree Boontrika Naree Tharinee Naree Chollada Naree Salinthip Naree Dusita Naree Emwika Naree Patchara Naree Ploypailin Naree Neera Naree Fonthida Naree Rattana Naree Suthathip Naree Kanok Naree Sukarawan Naree Thamisa Naree Nipha Naree Worada Naree Darin Naree Gomain Naree Nayana Naree Opal Naree Kritika Naree Urana Naree Manisamut Naree Fonarun Naree Manora Naree Chalothorn Naree Saranya Naree Sujitra Naree Vijitra Naree

—≠™“µ‘

FLAG

∫“Œ“¡“ Bahamas ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai

ªï∑’Ë √â“ß æ.». 2519 2525 2524 2524 2524 2523 2525 2523 2523 2523 2527 2528 2526 2527 2528 2527 2539 2527 2540 2537 2538 2525 2533 2537 2540 2525 2540 2540 2527 2538 2529 2538 2545 2526 2528 2528 2525 2527 2526 2527 2526 2528 2525 2525 2526 2526 2527 2527 2539 2534 2538 2540

(≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 / As on 31 December 2004) ¢π“¥√–«“ß∫√√∑ÿ° **¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ***¡Ÿ≈§à“∑’‡Ë Õ“ª√–°—π¿—¬ (≈â“π‡À√’¬≠ À√—∞œ) (≈â“π‡À√’¬≠ À√—∞œ) Dead Weight Tonnes (DWT) **Net Book Value (Mil ion US$) ***Insured Value (Mil ion US$) 1976 16,922 1.20 3.50 1982 17,692 1.52 4.50 1981 18,668 1.40 4.25 1981 24,001 1.60 5.50 1981 24,912 1.34 5.75 1980 26,977 0.81 5.75 1982 25,073 1.72 6.25 1980 25,502 1.01 5.00 1980 23,991 1.00 5.00 1980 29,489 1.47 5.30 1984 23,386 2.47 9.00 1985 23,849 3.21 9.50 1983 23,360 2.50 7.75 1984 23,423 2.60 8.25 1985 21,654 2.43 8.50 1984 23,593 2.31 9.00 1996 18,596 10.50 12.00 1984 29,125 3.27 9.60 1997 18,573 10.95 12.50 1994 23,732 9.74 14.00 1995 23,720 10.29 14.75 1982 25,413 1.57 7.90 1990 27,881 7.21 15.00 1994 23,724 9.95 14.00 1997 18,485 11.06 12.50 1982 21,259 1.58 6.75 1997 18,486 11.06 12.50 1997 18,462 11.53 12.50 1984 25,403 3.41 9.25 1995 26,472 10.32 15.25 1986 25,309 6.00 10.75 1995 28,484 12.00 16.00 2002 28,442 18.33 22.00 1983 25,404 5.43 8.00 1985 33,024 8.11 11.50 1985 25,729 6.52 9.75 1982 34,072 5.16 9.75 1984 33,024 7.85 10.75 1983 25,424 5.19 8.15 1984 30,898 6.64 9.50 1983 23,796 5.03 7.75 1985 23,846 7.36 9.50 1982 28,780 4.81 8.00 1982 34,072 4.50 9.75 1983 33,005 5.29 10.00 1983 21,341 4.49 6.75 1984 22,835 5.31 8.25 1984 29,159 5.44 8.75 1996 27,079 16.51 19.00 1991 28,583 15.23 17.00 1995 28,290 13.50 15.50 1997 28,646 15.62 17.50 √«¡ Total 1,311,065 325.37 525.20 YEAR Built

* °≈ÿà¡∫√‘…—∑æ√’‡™’¬ ™‘æªîôß ∂◊ÕÀÿâπ√âÕ¬≈– 64 ** ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’À¡“¬∂÷ß¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®“°ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 *** ¡Ÿ≈§à“∑’Ë‡Õ“ª√–°—π¿—¬À¡“¬∂÷ß®”π«π‡ß‘π´÷Ëß®–‰¥â√—∫®“°ºŸâ√—∫ª√–°—π¿—¬„π°√≥’‡°‘¥§«“¡‡ ’¬À“¬‚¥¬ ‘Èπ‡™‘ßµàÕµ—«‡√◊Õ „πªï 2548 ¡’°“√‡æ‘Ë¡¡Ÿ≈§à“∑’Ë‡Õ“ª√–°—π¿—¬‡ªìπ®”π«π√«¡∑—Èß ‘Èπ 605.75 ≈â“π‡À√’¬≠ À√—∞ ‡π◊ËÕß¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß¡Ÿ≈§à“‡√◊Õ„πªí®®ÿ∫—π ‡√◊Õ∑’Ëπ”‰ª‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ §◊Õ ‡√◊Õ„π≈”¥—∫∑’Ë 1 ‰¥â∂Ÿ°®”πÕß‰«â°—∫∏π“§“√ Nordea Bank Finland PLC, ‡√◊Õ„π≈”¥—∫∑’Ë 2 ∂÷ß 51 ‰¥â∂Ÿ°®”πÕß‰«â°—∫ ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) à«π‡√◊Õ„π≈”¥—∫∑’Ë 52 ª≈Õ¥®“°°“√‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ * 64% shares held by PSL Group ** Net Book Value is as per restated US Dollars financial statements as on 31st December 2004 *** Insured Value means amount to be received from the insurer in case of total loss of the Vessel The Insured Value for 2005 has been †revised to an aggregate of USD 605.75 million in view of the recent increase in vessel values. As security against loans, Ship No. 1 is mortaged to Nordea Bank Finland PLC, Ship Nos.†2 to 51 are mortgaged to Krung Thai Bank PCL and Ship No. 52 is free of any security interests.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

‚§√ß √â“ß√“¬‰¥â REVENUE STRUCTURE ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„π√Õ∫ 2 ªï∑’Ëºà“π¡“ √“¬‰¥â

2547 ≈â“π∫“∑

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π √“¬‰¥âÕπ◊Ë √«¡√“¬‰¥â

2546 √âÕ¬≈–

8,540.26 56.14 131.72 8,728.12

97.85 0.64 1.51 100.00

≈â“π∫“∑

√âÕ¬≈–

3,796.88 184.19 9.46 3,990.53

95.15 4.61 0.24 100.00

Revenue Structure from the Operation of the Company and Subsidiaries for the last 2 years Revenue

2004 Baht Million

Vessel operating income Exchange gains Other income Total

8,540.26 56.14 131.72 8,728.12

2003 % 97.85 0.64 1.51 100.00

Baht Million

3,796.88 184.19 9.46 3,990.53

95.15 4.61 0.24 100.00

Annual Report 2004 Precious Shipping Public Company Limited

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à MAJOR SHAREHOLDERS ºŸâ∂◊ÕÀÿâπ√“¬„À≠àµ“¡ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ¡°√“§¡ 2548 Major Shareholders per share register as on 31st January 2005 ≈”¥—∫∑’Ë No.

™◊ËÕ Name

≥ «—π∑’Ë 31 ¡°√“§¡ 2548 As on 31st January 2005 ®”π«πÀÿπâ √âÕ¬≈– No. of shares Percentage 116,790,000 22.46%

*≥ «—π∑’Ë 15 ¡’π“§¡ 2547 *As on 15th March 2004 ®”π«πÀÿπâ √âÕ¬≈– No. of shares Percentage 125,990,000 24.23%

∫√‘…—∑ ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥ Globex Corporation Limited π“ß “« π‘™‘µâ“ ™“Àå 62,793,000 12.08% 62,793,000 12.08% Miss Nishita Shah ∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ 36,734,000 7.06% 36,734,000 7.06% Graintrade Limited ∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ 3,500,200 0.67% 502,500 0.10% Unistretch Limited 1 ** √«¡®”π«πÀÿâπ∑’ËÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡¢Õß π. . π‘™‘µâ“ ™“Àå 219,817,200 42.27% 226,019,500 43.47% **Total shares under control of Ms. Nishita Shah π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 49,819,800 9.58% 49,719,800 9.56% Mr. Khalid Moinuddin Hashim π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 37,432,050 7.20% 37,347,050 7.19% Mr. Munir Moinuddin Hashim π“ßÕ‘ √—∑ Œ“™‘¡ (¿√‘¬“ π“¬ ¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) 3,348,000 0.64% 3,348,000 0.64% Mrs. Ishrat Hashim (wife of Mr. Munir Moinuddin Hashim) 2 *** √«¡ ®”π«πÀÿâπ∑’Ë∂◊Õ§√Õß‚¥¬µ√–°Ÿ≈ Œ“™‘¡ 90,599,850 17.42% 90,414,850 17.39% ***Total shareholding of Hashim family 3 ∫√‘…—∑ ‰∑¬ ‡ÕÁπ«’¥’Õ“√å ®”°—¥ 22,807,100 4.39% 30,593,750 5.88% Thai NVDR Limited 4 øÕµ‘ ‚°≈∫Õ≈ §“ ‚µ¥’È ‡´Õ√å«‘ ‡ÕÁπ.«’. 15,000,000 2.89% Fortis Global Custody Services N.V. 5 **** ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 13,386,300 2.57% ****Precious Shipping Public Company Limited 6 π“¬ ™“Àå ´“≈‘≈ ´’·«π∑‘≈‘≈ 10,007,900 1.92% 10,007,900 1.92% Mr. Shah Salil Sevantial 7 ‚´‡¡Õ√å (¬Ÿ.‡§) ®”°—¥ 9,328,300 1.79% 2,000,000 0.38% Somers (U.K) Limited 8 ∫√‘…—∑ ¡ª√– ß§å ·≈π¥å ®”°—¥ (¡À“™π) 7,000,000 1.35% 7,000,000 1.35% Somprasong Land Public company Limited 9 æ‘§∑‘§ ·Õπ¥å ´’ 6,400,500 1.23% 12,617,500 2.43% Pictet & Cie 10 ·Õ´‰æ√å °√ÿäª ®”°—¥ 6,384,800 1.23% 6,384,800 1.23% Aspire Group Limited 11 Õ◊ËπÊ (ºŸâ∂◊ÕÀÿâπ√“¬Õ◊ËπÊ ∑’Ë∂◊ÕÀÿâππâÕ¬°«à“√âÕ¬≈–1 µàÕ√“¬) 119,268,050 22.94% 134,961,700 25.95% Others (shareholders holding less than 1 percent each) √«¡∑—ßÈ À¡¥ 31 ¡°√“§¡ 2548 : ºŸ∂â Õ◊ Àÿπâ 3,879 √“¬ / 15 ¡’π“§¡ 2547 : ºŸ∂â Õ◊ Àÿπâ 3,961 √“¬ 520,000,000 100.00% 520,000,000 100.00% Grand Total 31 January 2005 : 3,879 shareholders / 15 March 2004 : 3,961 shareholders †À¡“¬‡Àµÿ : * · ¥ß°“√∂◊Õ§√ÕßÀÿâπ∑’Ë‰¥â‡ªî¥‡º¬µ“¡√“¬ß“πª√–®”ªï 2546 ** π“ß “« π‘™‘µâ“ ™“Àå ºŸâ´÷Ëß‡ªìπ°√√¡°“√¢Õß∫√‘…—∑œ ·≈–‡ªìπ°√√¡°“√ ·≈–ºŸâ∂◊ÕÀÿâπ„À≠à„π ∫√‘…—∑ ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥, ∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ ·≈–∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ *** π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‡ªìπæ’Ë™“¬¢Õß π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ **** · ¥ß®”π«πÀÿâπ∑’Ë´◊ÈÕ§◊π‡æ◊ËÕ°“√∫√‘À“√∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ Note : * Per disclosure made in Annual Report 2003 ** Miss Nishita Shah who is the Director of the Company is also the Director and major shareholder of Globex Corporation Limited, Graintrade Limited and Unistretch Limited. *** Mr. Khalid Moinuddin Hashim is the brother of Mr. Munir Moinuddin Hashim. **** This represents the treasury stock of the Company.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

‚§√ß √â“ß°“√®—¥°“√ MANAGEMENT STRUCTURE ∫√‘…—∑œ ¡’ §≥–°√√¡°“√ 3 ™ÿ¥ §◊Õ ë §≥–°√√¡°“√∫√‘…∑— ë §≥–°√√¡°“√∫√‘À“√ ë §≥–°√√¡°“√µ√«® Õ∫ °“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑ ∫√‘…—∑œ °”Àπ¥„Àâ°“√·µàßµ—Èß°√√¡°“√°√–∑”‚¥¬∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ºŸâ∂◊ÕÀÿâπÀπ÷ËßÀÿâπ¡’Àπ÷Ëß§–·ππ‡ ’¬ß ‚¥¬∑’ËºŸâ∂◊ÕÀÿâπ ·µà≈–§πµâÕß„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥ ‡≈◊Õ°∫ÿ§§≈§π‡¥’¬« À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√ ∫ÿ§§≈´÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡ ≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß„Àâ‡ªìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ ·≈–„π°√≥’∑’Ë∫ÿ§§≈ ´÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π∑”„Àâ‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „ÀâºŸâ ‡ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥ §≥–°√√¡°“√¡’Õ”π“®„π°“√·µàßµ—Èß°√√¡°“√∫√‘À“√®“°°√√¡°“√¢Õß∫√‘…—∑œ ‚¥¬¡’®”π«π‰¡àπâÕ¬°«à“ “¡§π ‡æ◊ËÕ∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œ

§≥–°√√¡°“√∫√‘…—∑ ë Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑ √ÿª‰«â¥—ßπ’È 1. §≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫®—¥°“√°‘®°“√∑—ÈßÀ≈“¬¢Õß∫√‘…—∑œ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë¥”‡π‘π°“√¿“¬„π ¢Õ∫‡¢µ¢Õß°ÆÀ¡“¬ «—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…∑— œ ·≈–µ“¡¡µ‘¢Õß∑’ªË √–™ÿ¡„À≠àº∂Ÿâ Õ◊ Àÿπâ √«¡∑—ßÈ ¡’Õ”π“®°√–∑”°“√„¥Ê µ“¡∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ∫√‘§≥Àå π∏‘ À√◊Õ∑’Ë‡°’Ë¬«¢âÕß¿“¬„µâæ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π ®”°—¥ æ.».2535 2. §≥–°√√¡°“√ ¡’Àπâ“∑’Ë°√–∑”°“√„¥Ê ‡æ◊ËÕ√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ

The Company has 3 Boards / Committees ë The Board of Directors ë The Executive Board of Directors ë The Audit Committee Election of the Board of Directors The election of Directors is conducted by the meeting of shareholders. Each shareholder has one vote per share and each shareholder exercises all votes applicable in appointing one or more person to be a Director. The candidates are ranked in descending order from the highest number of votes to the lowest, and are appointed as directors in that order until the director positions are filled. Where the votes for candidates are tied, which would otherwise cause the number of directors to be exceeded, the Chairman has the casting vote.

The Board of Directors ë Powers, duties and responsibilities of the Board of Directors are as follows : 1. The Board of Directors perform their duties in conformity with applicable laws, and carry on the business of the Company in accordance with the laws, the Companyûs objectives and the articles of association as well as the resolutions of the shareholdersû meetings. They are authorized to carry on any activities as prescribed in the memorandum or those related thereto under the Public Limited Companies Act B.E. 2535 2. The Directors, in their business conduct, are expected to generally act with care to preserve the interest of the Company

Annual Report 2004 Precious Shipping Public Company Limited

3. §≥–°√√¡°“√ À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÕ“®¡’¡µ‘ ¡Õ∫Õ”π“®„Àâ§≥–°√√¡°“√∫√‘À“√ À√◊Õ∫ÿ§§≈Õ◊Ëπ∑”Àπâ“∑’Ë ·∑π„π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈– “¡“√∂°”Àπ¥√“¬™◊ËÕ°√√¡°“√∫√‘…—∑ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π ∫√‘…—∑œ ‰¥â ´÷Ëßªí®®ÿ∫—π°√√¡°“√ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π∫√‘…—∑œ ‰¥â·°à 1) π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 2) π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3) π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ ‚¥¬°√√¡°“√∫√‘…—∑ Õß„π “¡∑à“π≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ 4. ¿“¬„µâ¢âÕ∫—ß§—∫°ÆÀ¡“¬∫√‘…—∑¡À“™π®”°—¥ °√√¡°“√¡’Õ”π“®∑’Ë®–¢“¬ À√◊Õ®”πÕßÕ —ßÀ“√‘¡∑√—æ¬å„¥Ê ¢Õß∫√‘…—∑œ À√◊Õ„Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å„¥Ê ¢Õß∫√‘…—∑œ °«à“ “¡ªï¢÷Èπ‰ªÀ√◊Õ„ÀâÀ√◊Õª√–π’ª√–πÕ¡¬Õ¡§«“¡À√◊Õ¬◊ËπøÑÕßµàÕ»“≈ À√◊Õ¡Õ∫¢âÕæ‘æ“∑„¥Ê „ÀâÕπÿ≠“‚µµÿ≈“°“√æ‘®“√≥“

§≥–°√√¡°“√∫√‘À“√ ë §≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß°√√¡°“√∫√‘À“√ ¥—ß¡’√“¬™◊ËÕµàÕ‰ªπ’È

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∫√‘…∑— 2. §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®∑”§«“¡µ°≈ßÀ√◊Õ∑” —≠≠“ºŸ°æ—π∫√‘…—∑œ ‚¥¬¢âÕµ°≈ßÀ√◊Õ —≠≠“π—Èπ ®–µâÕßÕ¬Ÿà„π¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë∑’Ë§≥–°√√¡°“√∫√‘…—∑‰¥â„Àâ‰«â ·≈–®–µâÕß„Àâ¡’°√√¡°“√∫√‘À“√ Õß§π≈ßπ“¡·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ 3. §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®°√–∑”°“√„¥Ê ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

3. The Board of Directors or the Shareholders at their meeting are entitled to designate the authorized directors to bind the Company and accordingly, any two of the following with the Companyûs Seal are the present authorized signatories : 1) Mr. Khalid Moinuddin Hashim 2) Mr. Munir Moinuddin Hashim 3) Mr. Khushroo Kali Wadia 4. The Board of Directors are inter alia authorized to sell or mortgage any of the Companyûs immovable properties, to let any of the Companyûs immovable properties for the period more than three years, to make a gift, to compromise, to file complaints to the Court and to submit the dispute to the Arbitration.

The Executive Board of Directors ë The following 3 directors are appointed by the Board of Directors as the Executive Directors on the Executive Board of Directors. 1) Mr. Khalid Moinuddin Hashim 2) Mr. Munir Moinuddin Hashim 3) Mr. Khushroo Kali Wadia ë Powers, duties and responsibilities of the Executive Board of Directors are summarized hereunder : 1. To manage the Companyûs business under the resolutions / regulations of the Board of Directors. 2. To execute any agreements / contracts binding the Company of which the terms and conditions must be in the scope of authority vested by the Board of Directors. Such agreements / contracts must be affixed with signatures of any two Executive Directors together with the Companyûs seal. 3. To generally act on behalf and in the interest of the Company and its subsidiaries as may be required to carry on the business.

The Audit Committee ë Board of Directors have appointed the Audit Committee since 24 August 1998 with the term of 2 years for each member. The current Audit Committee Members are as follows: 1) Police LT. Gen . Kiattisak Prabhavat - Chairman 2) Admiral Dr. Amnad Chandanamattha - Member 3) Mr. Suphat Sivasriaumphai - Member ë The Audit Committee is responsible to review and report the following matters to the Board of Directors. 1. To review the Companyûs financial reporting process to ensure accuracy and adequate disclosure. 2. To ensure that the Company has suitable and efficient internal control system and internal audit. 3. To review the performance of the Company to ensure compliance with the securities and exchange law, regulations of the Exchange and other laws relating to business of the Company. 4. To select and nominate an external auditor of the Company, including recommendation of remuneration of the external auditor. 5. To review the disclosure of information of the Company in case that there is a connected transaction or transaction that may lead to conflict of interest so as to ensure the accuracy and completeness. 6. To prepare a report on activities of the Audit Committee and disclose it in the annual report. Such report must be signed by the Chairman of the Audit Committee. 7. To perform any other act as delegated by the Board of Directors and accepted by the Audit Committee.

Annual Report 2004 Precious Shipping Public Company Limited

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ë æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–

ë ª√–∏“π°√√¡°“√∫√‘…—∑ ë °√√¡°“√µ√«® Õ∫ ë °√√¡°“√Õ‘ √– Õ“¬ÿ 74 ªï ª√–«—µ‘°“√»÷°…“ ë B.Sc. First-Class Hons. Ph.D. «‘»«°√√¡‡§√◊ËÕß°≈ ¡À“«‘∑¬“≈—¬ Leeds ª√–‡∑»Õ—ß°ƒ… ë «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 28 ª√–«—µ‘°“√Õ∫√¡ 21 °.¬. 2547 ë ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Accreditation Programé (DAP) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 3 ∏.§. 2544 ë ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 16 æ.¬. 2544 ë ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 31 µ.§. 2543 ë ‡¢â“√à«¡°“√Õ∫√¡„πÀ—«¢âÕ çThe State of Corporate Governance in Europeé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 2534 - ªí®®ÿ∫—π ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫π— ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ Hospital Network ®”°—¥ ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚√ßæ¬“∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ª√– ∫°“√≥åÕ◊ËπÊ 2542 - ªí®®ÿ∫—π ë °√√¡“∏‘°“√ √—∞ ¿“ 2534 ë æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ‡ π“∏‘°“√°Õß∫—≠™“°“√∑—Ë«‰ª 2532-2534 ë ‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ 2531-2532 ë √Õß‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ Õ“™’æÀ≈—° ë ¢â“√“™°“√∫”π“≠ - æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ë π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ Hospital Network ®”°—¥ ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚√ßæ¬“∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ ‰¡à¡’ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 953,000 Àÿâπ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 268,000 Àÿâπ µ”·Àπàß

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

BOARD OF DIRECTORS-PROFILE NAME

ë Admiral Dr. Amnad Chandanamattha

ë Chairman of the Board of Directors ë Audit Committee Member ë Independent Director AGE 74 years EDUCATION ë B.Sc. First-Class Hons. Ph.D in Mechanical Engineering, University of Leeds, England. ë National Defense College Group No. 28. TRAINING 21-Sep-2004 ë Attended the training course on the topic çDirector Accreditation Programé (DAP) held by Thai Institute of Directors Association. 3-Dec-2001 ë Attended the training course on the topic çChairman 2000é held by Thai Institute of Directors Association. 16-Nov-2001 ë Attended the training course on the topic çEffective Audit Committees & Best Practicesé held by Thai Institute of Directors Association. 31-Oct-2000 ë Attended the training course on the topic çThe State of Corporate Governance in Europeé held by Thai Institute of Directors Association. EXPERIENCE 1991 - present ë Chairman, Precious Shipping Public Company Limited. Present ë Chairman, Hospital Network Company Limited. ë Chairman, Bangkok 9 International Hospital Company Limited. 1999 - present ë Commissioner of Parliament. 1991 ë Admiral, General Headquarters, Royal Thai Navy. 1989 - 1991 ë Director General, Naval Dockyard. 1988 - 1989 ë Deputy Director General, Naval Dockyard. OCCUPATION ë Retired Government officer - Admiral of General Headquarters, Royal Thai Navy. ë Business man. DIRECTOR IN OTHER COMPANIES ë Chairman, Hospital Network Company Limited. ë Chairman, Bangkok 9 International Hospital Company Limited. POSITION HELD IN RELATED COMPANIES Nil NO. OF SHARES HELD AS OF YEAR END 2004 953,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 268,000 shares POSITION

NAME

ë Mr. Khalid Moinuddin Hashim

ë Managing Director ë Executive Director AGE 52 years EDUCATION ë Master Degree in Management Studies Specializing in Finance from the University of Bombay. EXPERIENCE 1991 - present ë Managing Director, Precious Shipping Public Company Limited. 1984 - 1991 ë Head of Shipping Department, Geepee Corporation Limited. 1979 - 1983 ë Senior Executive, Pan Ocean Navigation & Trading Pte. Ltd. OCCUPATION ë Managing Director and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES 1996 - present ë Director, The Swedish Club. Present ë Regional Committee Member, American Bureau of Shipping. ë Austral-Asia Regional Committee Member, Bureau Veritas POSITION HELD IN RELATED COMPANIES Director of the Companyûs subsidiaries NO. OF SHARES HELD AS OF YEAR END 2004 49,819,800 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 115,800 shares POSITION

Annual Report 2004 Precious Shipping Public Company Limited

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µ”·Àπàß ë °√√¡°“√ Õ“¬ÿ 25 ªï §ÿ≥«ÿ≤‘°“√»÷°…“ ë ª√‘≠≠“µ√’ “¢“°“√®—¥°“√∏ÿ√°‘® (°“√‡ß‘π ·≈– °ÆÀ¡“¬∏ÿ√°‘®), ¡À“«‘∑¬“≈—¬∫Õ µ—π, ‚√ß‡√’¬π°“√®—¥°“√ °“√Ωï°Õ∫√¡ 2545-ªí®®ÿ∫π— ë Management Trainee, °≈ÿà¡∫√‘…—∑ ®’æ’ 2547 ë ”‡√Á®°“√Ωñ°Õ∫√¡ çAnatomy of Shippingé course, Seatrade Academy/Cambridge Academy of Transport ª√– ∫°“√≥åÕ◊ËπÊ ‘ßÀ“§¡ 2545 - ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫π— ë °√√¡°“√ ∫√‘…—∑ ¬Ÿπ‘ ‡µ√ ´å ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ Õ“™’æÀ≈—° ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

NAME

ë Mr. Munir Moinuddin Hashim

ë Director (Commercial) ë Executive Director AGE 50 years EDUCATION ë Master Degree in Management Studies Specializing in Marketing from the University of Bombay. EXPERIENCE 1991 - present ë Director (Commercial), Precious Shipping Public Company Limited. 1986 - 1991 ë Head of Operations, Geepee Corporation Limited. 1981 - 1985 ë Head of Commercial Operations, Maldives Shipping Limited. OCCUPATION ë Director (Commercial) and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES 1999 - present ë Director, UK Defence Club. POSITION HELD IN RELATED COMPANIES Director of the Companyûs subsidiaries. NO. OF SHARES HELD AS OF YEAR END 2004 37,432,050 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 118,050 shares POSITION

NAME

ë Mr. Khushroo Kali Wadia

ë Director (Finance) ë Executive Director AGE 42 years EDUCATION ë Bachelor Degree in Science from University of Bombay. ë Chartered Accountant from Institute of Chartered Accountants of India. EXPERIENCE 1999 - present ë Director (Finance), Precious Shipping Public Company Limited. 1994 - 1999 ë Director (Finance & Accounts), Maxwin Group of Companies 1997 - 1998 ë Vice President (Finance & Administration), Suretex Limited. 1990 - 1994 ë Financial Controller, Maxwin Group of Companies. 1988 - 1990 ë Assistant Manager, A.F. Ferguson & Co. OCCUPATION ë Director (Finance) and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES ë Director, Maxwin Builders Ltd. ë Director, Maxwin Apartments Ltd. ë Director, Maxwin Engineering Ltd. ë Director, Maxwin Equipments Ltd. ë Director, The Atrium Hotel Ltd. POSITION HELD IN RELATED COMPANIES Director of the Companyûs subsidiaries NO. OF SHARES HELD AS OF YEAR END 2004 514,200 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 48,200 shares POSITION

NAME

ë Miss Nishita Shah

ë Director 25 years ë Bachelor of Science in Business Administration; concentration in Finance and Business Law, Boston University, School of Management. TRAINING 2002-Present ë Management Trainee, GP Group of Companies 2004 ë Completed çAnatomy of Shippingé course, Seatrade Academy/Cambridge Academy of Transport EXPERIENCE Aug 2002 - Presentë Director, Precious Shipping Public Company Limited. Present ë Director, Unistretch Limited. ë Director, Ambika Tour Limited. ë Director, Geepee Air Service Limited. ë Director, Globex Corporation Limited ë Director, Graintrade Limited. OCCUPATION ë Director, Precious Shipping Public Company Limited.

POSITION AGE EDUCATION

Annual Report 2004 Precious Shipping Public Company Limited

ë °√√¡°“√ ∫√‘…—∑ ¬Ÿπ‘ ‡µ√ ´å ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ °√√¡°“√ ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 62,793,000 Àÿâπ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 3,000,000 Àÿâπ °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ

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ë π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ

ë °√√¡°“√ ë °√√¡°“√µ√«® Õ∫ Õ“¬ÿ 58 ªï §ÿ≥«ÿ≤‘°“√»÷°…“ ë Õ— —¡™—≠æ“≥‘™¬å ª√–«—µ‘°“√Ωñ°Õ∫√¡ ë ∑”ß“π·≈–‡√’¬π®“°ª√– ∫°“√≥å„π°“√√à«¡≈ß∑ÿπ°—∫∫√‘…—∑„À≠à∑’Ë¡’™◊ËÕ‡ ’¬ß´÷Ëß¡’∑—Èß™“«≠’ËªÿÉπ Õ‡¡√‘°—π ·≈–Õ‘π‡¥’¬π ª√– ∫°“√≥åÕ◊ËπÊ 2532 - ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2532 - ªí®®ÿ∫—π ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥ ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬Õ—¡∫‘°â“ ‡§¡‘§—≈ å ®”°—¥ ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥ Õ“™’æÀ≈—° ë ∫√‘À“√∫√‘…—∑µà“ßÊ ¢Õß§√Õ∫§√—« °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥ ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬Õ—¡∫‘°â“ ‡§¡‘§—≈ å ®”°—¥ ë °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ ‰¡à¡’ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 2,800,000 Àÿâπ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 ‰¡à¡’ µ”·Àπàß

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ë æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ

ë ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ë °√√¡°“√Õ‘ √– Õ“¬ÿ 69 ªï §ÿ≥«ÿ≤‘°“√»÷°…“ 2498-2502 ë ‚√ß‡√’¬ππ“¬√âÕ¬∑À“√∫° ª√–‡∑»Õ—ß°ƒ… ë ‚√ß‡√’¬π µ”√«® ª√–‡∑»Õ—ß°ƒ… ë ‚√ß‡√’¬π ◊∫ «π Õ∫ «π ‡Œπ¥Õπ ª√–‡∑»Õ—ß°ƒ… 2509-2510 ë ‚√ß‡√’¬π ◊∫ «π Õ∫ «π·Ààß™“µ‘ ‡Õø∫’‰Õ ª√–‡∑» À√—∞Õ‡¡√‘°“ 2536-2537 ë ‚√ß‡√’¬ππ—°∫√‘À“√™—Èπ Ÿß¢Õß ”π—°ß“π‡≈¢“∏‘°“√ ¢â“√“™°“√æ≈‡√◊Õπ ª√–«—µ‘°“√Õ∫√¡ 21 °.¬. 2547 ë ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Accreditation Programé (DAP) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π °√√¡°“√∫√‘…—∑‰∑¬ 30 °.§. 2545 ë ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 16 æ.¬. 2544 ë ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 30 µ.§. 2543 ë ‡¢â“√à«¡°“√Õ∫√¡‡√◊ÕË ß ç°√√¡°“√∫√‘…∑— °—∫§«“¡√—∫º‘¥™Õ∫∑’‡Ë æ‘¡Ë µ“¡ æ.√.∫. °“√∫—≠™’ æ.».2543é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ª√– ∫°“√≥å 2539 - ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫π— ë Advisor Chairman - Company Affair ∫√‘…—∑ ·Õπ‡´Õ√å ®”°—¥ ë ∑’Ëª√÷°…“ ∫√‘…—∑ All Seasons Property ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ÕŸ™à“ ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π) ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ Perfect Place Property ®”°—¥ ë ∑’Ëª√÷°…“ - Company Affair ∫√‘…—∑ V. Group Building µ”·Àπàß

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Director, Unistretch Limited. Director, Ambika Tour Limited. Director, Geepee Air Service Limited. Director, Globex Corporation Limited Director, Graintrade Limited. POSITION HELD IN RELATED COMPANIES Director of the Companyûs subsidiaries. NO. OF SHARES HELD AS OF YEAR END 2004 62,793,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 3,000,000 shares DIRECTOR IN OTHER COMPANIES

NAME

ë ë ë ë ë

ë Mr. Suphat Sivasriaumphai

ë Director ë Audit Committee Member AGE 58 years EDUCATION ë Assumption Commercial College TRAINING ë Working/training & Experience with many joint venture companies including large Japanese, American and Indian companies. EXPERIENCE 1989 - present ë Director, Precious Shipping Public Company Limited. 1989 - present ë Managing Director, Thai Filament Textiles Company Limited. ë Managing Director, Thai Ambica Chemicals Company Limited. ë Managing Director, Rembrandt Hotel Corporation Limited. OCCUPATION ë Managing family owned companies DIRECTOR IN OTHER COMPANIES ë Managing Director, Thai Filament Textiles Company Limited. ë Managing Director, Thai Ambica Chemicals Company Limited. ë Managing Director, Rembrandt Hotel Corporation Limited. POSITION HELD IN RELATED COMPANIES Nil NO. OF SHARES HELD AS OF YEAR END 2004 2,800,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 Nil POSITION

NAME

ë Police LT. Gen. Kiattisak Prabhavat

ë Chairman of Audit Committee ë Independent Director AGE 69 years EDUCATION 1955-1959 ë Graduated from Royal Military Academy, England. ë Police Academy, England. ë Hendon Detective Training School, England. 1966-1967 ë Federal Bureau of Investigation, USA 1993-1994 ë High Executive Training School of Civil Service Commission. TRAINING 21-Sep-2004 ë Attended training course on the topic çDirector Accreditation Programé (DAP) held by Thai Institute of Directors Association. 30 Jul-2002 ë Attended training course on the topic çChairman 2000é held by Thai Institute of Directors Association. 16-Nov-2001 ë Attended training course on the topic çEffective Audit Committees & Best Practicesé held by Thai Institute of Directors Association. 30-Oct-2000 ë Attended training course on the topic çThe Increased Liabilities of Company Directors according to Accounting ACT 2000é held by Thai Institute of Directors Association. EXPERIENCE 1996 - present ë Director, Precious Shipping Public Company Limited. Present ë Advisor Chairman - Company Affair of Anxir Company Limited. ë Advisor, All Seasons Property Company Limited. ë Director, Usha Siam Steel Industries Public Company Limited. ë Chairman, Perfect Place Condominium Company Limited. ë Advisor, Company Affair of V. Group Building. POSITION

Annual Report 2004 Precious Shipping Public Company Limited

ë ∑’Ëª√÷°…“ √—∞¡πµ√’«à“°“√°√–∑√«ß§¡π“§¡ ë ∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ À«‘√‘¬“ ´‘µ’È ®”°—¥ (¡À“™π) ë ∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ °«ß¥Õß ‡ÕÁπ‡µÕ√å‰æ√´å ®”°—¥ (¡À“™π) 2538-2539 ë °√√¡°“√ °“√∑à“Õ“°“»¬“π·Ààßª√–‡∑»‰∑¬ 2537-2539 ë ºŸâ∫—≠™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß 2537 ë ®‡√µ”√«® 2535-2537 ë √Õß®‡√µ”√«® 2534-2535 ë √ÕßºŸâ∫—≠™“°“√»÷°…“ 2533-2534 ë ºŸâ™à«¬ºŸâ∫—≠™“°“√µ”√«®π§√∫“≈ 2532-2533 ë ºŸâ∫—ß§—∫°“√Õ”π«¬°“√°Õß∫—≠™“°“√µ”√«®π§√∫“≈ 2531-2532 ë ºŸâ∫—ß§—∫°“√µ”√«®®√“®√ 2526-2531 ë √ÕßºŸâ∫—ß§—∫°“√µ”√«®π§√∫“≈æ√–π§√„µâ Õ“™’æÀ≈—° ë ¢â“√“™°“√∫”π“≠„πµ”·Àπàßæ≈µ”√«®‚∑ - ºŸâ∫—≠™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß ë π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë °√√¡°“√ ∫√‘…—∑ ÕŸ™à“ ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π) ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ Perfect Place Property ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ ‰¡à¡’ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 ‰¡à¡’ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 ‰¡à¡’ ª√– ∫°“√≥å

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2545 2539-2541

ë π“¬‰®ª“≈ ¡—π ÿ¢“π’

µ”·Àπàß ë °√√¡°“√ Õ“¬ÿ 55 ªï §ÿ≥«ÿ≤‘°“√»÷°…“ ª√– ∫°“√≥å 2536 - ªí®®ÿ∫—π 2544 - ªí®®ÿ∫—π 2531 - 2544 2528-2530 2524-2527 2520-2524 2514-2519 Õ“™’æÀ≈—°

ë Cadet, Directorate of Marine Engineering Training. ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ë °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ë ºŸâ®—¥°“√ΩÉ“¬‡∑§π‘§ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ë √ÕßºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ë ºŸâ™à«¬ºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ë À—«Àπâ“«‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ë «‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ë °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë Member Regional Technical Committee, Nippon Kaiji Kyokai. ë Member Regional Technical Committee, American Bureau of Shipping. ë Member Regional Technical Committee, Bureau Veritas. °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 45,200 Àÿâπ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 15,200 Àÿâπ

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ë π“¬™’√– ¿“≥ÿæß»å

µ”·Àπàß ë °√√¡°“√Õ‘ √– Õ“¬ÿ 72 ªï §ÿ≥«ÿ≤‘°“√»÷°…“

°“√Ωñ°Õ∫√¡

2546

ë ë ë ë ë ë

∏√√¡»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å B. Com. (Accountancy) Hons., University of Leeds, England. M.Sc. (Econ.), School of Economics and Political Science, University of London À≈—° Ÿµ√ Industrial Project Evaluation Course, Economic Development Institute, IBRD «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 20 ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Accreditation Program No. 2/2546é (DAP 2/2546) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

EXPERIENCE 2002 1996 - 1998

Advisor, the Minister of Communications. Advisor, Sahaviriya City Public Company Limited. Advisor, Guang Dong Enterprise Company Limited. 1995 - 1996 Director, Aviation Authority of Thailand. 1994 - 1996 Commissioner of the Immigration Bureau. 1994 Inspector General of Police. 1992 - 1994 Deputy Inspector General of Police. 1991 - 1992 Deputy Commissioner of the Police Education Bureau. 1990 - 1991 Assistant Commissioner of the Metropolitan Police. 1989 - 1990 Commander Chief of General Staff. 1988 - 1989 Commander Traffic Police Division. 1983 - 1988 Deputy Commander, Southern Bangkok Police Division. OCCUPATION Retired Government officer - General of Police. Business man. DIRECTOR IN OTHER COMPANIES ë Director, Usha Siam Steel Industries Public Company Limited. ë Chairman, Perfect Place Condominium Company Limited. POSITION HELD IN RELATED COMPANIES Nil NO. OF SHARES HELD AS OF YEAR END 2004 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 Nil

NAME

ë ë ë ë ë ë ë ë ë ë ë ë ë ë

ë Mr. Jaipal Mansukhani

ë Director 55 years ë Cadet, Directorate of Marine Engineering Training. 1993-present ë Director, Precious Shipping Public Company Limited. 2001 - present ë Director (Technical), Great Circle Shipping Agency Limited. 1988-2001 ë Technical Manager, Great Circle Shipping Agency Limited. 1985-1987 ë Deputy Engineer Superintendent, Scindia Steam Navigation Limited. 1981-1984 ë Assistant Engineer Superintendent, Scindia Steam Navigation Limited. 1977-1981 ë Chief Engineer, Scindia Steam Navigation Limited. 1971-1976 ë Marine Engineer, Scindia Steam Navigation Limited. OCCUPATION ë Director, Precious Shipping Public Company Limited. ë Director (Technical), Great Circle Shipping Agency Limited. DIRECTOR IN OTHER COMPANIES ë Member Regional Technical Committee, Nippon Kaiji Kyokai. ë Member Regional Technical Committee, American Bureau of Shipping. ë Member Regional Technical Committee, Bureau Veritas. POSITION HELD IN RELATED COMPANIES ë Director (Technical), Great Circle Shipping Agency Limited. NO. OF SHARES HELD AS OF YEAR END 2004 45,200 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 15,200 shares POSITION AGE EDUCATION EXPERIENCE

Name

ë Mr. Chira Panupong

POSITION AGE EDUCATION

ë Independent Director 72 years ë LL.B., Thammasat University. ë B. Com. (Accountancy) Hons., University of Leeds, England. ë M.Sc. (Econ.), School of Economics and Political Science, University of London. ë Industrial Project Evaluation Course, Economic Development Institute from IBRD. ë National Defense College Group No. 20. 2003 ë Attended training course on the topic çDirector Accreditation Program No. 2/2003é (DAP 2/2003) held by Thai Institute of Directors Association.

TRAINING

Annual Report 2004 Precious Shipping Public Company Limited

2543 - ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫π— ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π) ë √Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) 2543-2546 ë ª√–∏“π°√√¡°“√ ∫√‘…—∑‰µ√ ‡Õπ‡πÕ®’È ®”°—¥ °àÕπªï 2535 ë ‡≈¢“∏‘°“√§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ë ”π—°ß“π‡≈¢“πÿ°“√°√¡ °√–∑√«ß°“√µà“ßª√–‡∑» ë °√¡∑–‡∫’¬π°“√§â“ °√–∑√«ßæ“≥‘™¬å ë ”π—°«‘™“°“√·≈–«“ß·ºπ °√–∑√«ßæ—≤π“°“√·Ààß™“µ‘ Õ“™’æÀ≈—° ë ¢â“√“™°“√∫”π“≠ ë π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π) ë √Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ ‰¡à¡’ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 ‰¡à¡’ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 ‰¡à¡’ ª√– ∫°“√≥å

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µ”·Àπàß ë °√√¡°“√Õ‘ √– Õ“¬ÿ 55 ªï §ÿ≥«ÿ≤‘°“√»÷°…“ °“√Ωñ°Õ∫√¡ 2544

ë ª√‘≠≠“µ√’∑“ß∫√‘À“√∏ÿ√°‘®·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬«‘ §Õπ´‘π À√—∞Õ‡¡√‘°“ ë ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Certificate Programé (DCP) √ÿàπ 6 ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ª√– ∫°“√≥å 2543 - ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫π— ë °√√¡°“√ ∫√‘…—∑ ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π) ë °√√¡°“√ ∫√‘…—∑ ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ¬“¡ ·¡Á§‚§√ ®”°—¥ (¡À“™π) ë °√√¡°“√µ√«® Õ∫ ∫√‘…—∑‡ß‘π∑ÿπ °√ÿß‡∑æ∏π“∑√ ®”°—¥ (¡À“™π) 2543-2546 ë √Õß°√√¡°“√ºŸâ®—¥°“√ ∏π“§“√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààßª√–‡∑»‰∑¬ ë °√√¡°“√ ∫√‘…—∑ ´—π‚¬ ¬Ÿπ‘‡«Õ√å·´≈ Õ’‡≈Á§∑√‘§ ®”°—¥ (¡À“™π) ë °√√¡°“√·≈–‡À√—≠≠‘° ¡Ÿ≈π‘∏‘‡Õ°™πæ—≤π“¿Ÿ¡‘¿“§, ª√–‡∑»‰∑¬ ë °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ∑.».∑ ·≈– °. .∑ ë °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ª.µ.∑. ë Õπÿ°√√¡°“√ §≥–Õπÿ°√√¡°“√∫√‘À“√»Ÿπ¬å√–¥¡∑ÿπ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 2537-2540 ë √Õß°√√¡°“√ºŸâ®—¥°“√„À≠àÕ“«ÿ‚ °≈ÿà¡∫√‘…—∑æ√’‡¡’¬√å 2533-2537 ë ºŸâ·∑πª√–®”ª√–‡∑»‰∑¬∫√‘…—∑ æ√Ÿ‡¥Áπ‡™’¬≈ ·Õ ‡´Áµ ·¡π‡π®‡¡âπ∑å ‡Õ‡™’¬ ®”°—¥ 2518-2533 ë √Õßª√–∏“π (°“√≈ß∑ÿπ), ∫√‘…—∑ Õ‡¡√‘°—πÕ‘π‡µÕ√å·π™™—Ëπ·π≈ ·Õ ™—«√—π å ®”°—¥ 2517-2518 ë ºŸâ®—¥°“√ ‘π‡™◊ËÕ∏ÿ√°‘® ∫√‘…—∑ ‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥ 2516-2517 ë ª√–®”°Õßæ≈∑À“√¡â“ Õ“™’æÀ≈—° ë °√√¡°“√∫√‘…∑— °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊ËπÊ ë °√√¡°“√ ∫√‘…—∑ ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π) ë °√√¡°“√ ∫√‘…—∑ ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ ë °√√¡°“√ ∫√‘…—∑ ¬“¡ ·¡Á§‚§√ ®”°—¥ (¡À“™π) ë °√√¡°“√µ√«® Õ∫ ∫√‘…—∑‡ß‘π∑ÿπ °√ÿß‡∑æ∏π“∑√ ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ ‰¡à¡’ ®”π«πÀÿâπ∑’Ë∂◊Õ ≥ ‘Èπªï æ.». 2547 ‰¡à¡’ ®”π«πÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2547 ‰¡à¡’

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ë π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π

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ë ‡≈¢“πÿ°“√∫√‘…∑— ë ‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

EXPERIENCE 2000 - Present ë Director, Precious Shipping Public Company Limited. Present ë Chairman of the Board of Directors, Banpu Public Company Limited. ë Vice Chairman, Tuntex (Thailand) Public Company Limited. 2000-2003 ë Chairman of the Board of Directors, Tri Energy Company Limited. Before year 1992 ë Secretary General, Board of Investment. ë Office of the Under Secretary of State, Ministry of Foreign Affairs. ë Department of Commercial Registration, Ministry of Commerce. ë Technical Planning Office, Ministry of National Development. OCCUPATION ë Retired Government officer ë Business man DIRECTOR IN OTHER COMPANIES ë Chairman of the Board of Directors, Banpu Public Company Limited. ë Vice Chairman, Tuntex (Thailand) Public Company Limited. POSITION HELD IN RELATED COMPANIES Nil NO. OF SHARES HELD AS OF YEAR END 2004 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 Nil

Name

ë Mr. Thira Wipuchanin

ë Independent Director 55 years ë B.Sc. in Economics and Business Administration, University of Wisconsin - Stevents Point, U.S.A. 2001 ë Attended training course on the topic çDirector Certificate Programé (DCP), Class 6 held by Thai Institute of Directors Association. EXPERIENCE 2000 - present ë Director, Precious Shipping Public Company Limited Present ë Director, United Palm Oil Industry Public Company Limited. ë Director, Dhamniti and Truth Company Limited. ë Director, Siam Macro Public Company Limited ë Audit Committee member, Bangkok First Investment & Trust Public Company Limited. 2000-2003 ë Senior Executive Vice President , Export - Import Bank of Thailand ë Director, Sanyo Universal Electric Public Company Limited. ë Treasurer, The Community Support Foundation, Thailand ë Board of Director Company Establish Preparatory Committee / T.O.T. and C.A.T ë Board of Director Company Establish Preparatory Committee / P.T.T. ë Board member, Capital Market Opportunity Center / SET 1994-1997 ë Senior Vice President, Premier Group of Companies 1990-1994 ë Thailand Representative, Prudential Asset Management Asia Limited. 1975-1990 ë Vice President (Investment), American International Assurance Company Limited. 1974-1975 ë Business Loan Manager, Commercial Credit Corporation (Thailand) Limited. 1973-1974 ë Served the Royal Thai Army OCCUPATION ë Company Director DIRECTOR IN OTHER COMPANIES ë Director, United Palm Oil Industry Public Company Limited. ë Director, Dhamniti and Truth Company Limited. ë Director, Siam Macro Public Company Limited ë Audit Committee member, Bangkok First Investment & Trust Public Company Limited. POSITION HELD IN RELATED COMPANIES Nil NO. OF SHARES HELD AS OF YEAR END 2004 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2004 Nil POSITION AGE EDUCATION TRAINING

Name

ë Miss Somprathana Thepnapaplern

POSITION

ë Company Secretary ë Executive Secretary of Audit Committee

Annual Report 2004 Precious Shipping Public Company Limited

§≥–ºŸâ∫√‘À“√ ë ë ë ë ë

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡* π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡* π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬* π“¬‰®ª“≈ ¡—π ÿ¢“π’*

°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ (°“√æ“≥‘™¬å) °√√¡°“√ (°“√‡ß‘π) °√√¡°“√ (‡∑§π‘§) ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ (∫√‘…∑— ¬àÕ¬¢Õßæ’‡Õ ·Õ≈)

π“¬™’≈“≈ ‚°ªîπ“∏“π µ”·Àπàß ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å) §ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’∫√‘À“√∏ÿ√°‘® ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ª√–°“»π’¬∫—µ√°“√‡¥‘π‡√◊Õ ®“° Norottam Morarjee Institute of Shipping, ∫Õ¡‡∫¬å ª√– ∫°“√≥å 2542- ªí®®ÿ∫—π ë ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2532-2541 ë ºŸâ®—¥°“√ΩÉ“¬∫√‘°“√‡™à“‡√◊Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å µ”·Àπàß ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) §ÿ≥«ÿ≤‘°“√»÷°…“ Cadet, Directorate of Marine Engineering Training ª√– ∫°“√≥å 2542- ªí®®ÿ∫—π ë ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2532-2541 ë ºŸâ®—¥°“√°Õß‡√◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

π“¬π’≈“°—πµ—π «“ ÿ‡¥«—π µ”·Àπàß ºŸâ™à«¬ºŸâÕ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’Ë¬ß¿—¬) §ÿ≥«ÿ≤‘°“√»÷°…“ Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade Master degree in Management in Studies (M.M.S) ª√– ∫°“√≥å 2542-ªí®®ÿ∫π— ë ºŸâ™à«¬ºŸâÕ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’Ë¬ß¿—¬) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2538-2541 ë ºŸâ®—¥°“√ΩÉ“¬ª√–°—π¿—¬ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2528-2538 ë Deputy manager, Shipping Corporation of India Ltd.

π“¬ µ’‡øπ ‚°≈“ µ”·Àπàß ºŸâ™à«¬ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM) §ÿ≥«ÿ≤‘°“√»÷°…“ First Class Marine Engineer Graduate Directorate of Marine Engineering Training, Kolkatta, Õ‘π‡¥’¬ ª√– ∫°“√≥å ªí®®ÿ∫—π ë ºŸâ™à«¬ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2539-2547 ë Quality System Manager (ISM Team) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2537-2539 ë Technical Superintendent, ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 2531-2537 ë Technical Superintendent, ESSAR SISCO Ship Management Co; Chennai, Õ‘π‡¥’¬ 2529-2531 ë µâπ°≈ª√–®”‡√◊Õ 2521-2529 ë π“¬™à“ßª√–®”‡√◊Õ

* ”À√—∫ª√–«—µ‘ - °√ÿ≥“¥Ÿ¿“¬„µâÀ—«¢âÕ ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

MANAGEMENT TEAM ë ë ë ë ë

MR. KHALID MOINUDDIN HASHIM* MR. MUNIR MOINUDDIN HASHIM* MR. KHUSHROO KALI WADIA* MR. JAIPAL MANSUKHANI*

Experience

Director (Technical) of Great Circle Shipping Agency Ltd. (Companyûs Subsidiary)

Vice President (Commercial) Bachelor of Commerce from the University of Bombay Diploma in Shipping from the Norattam Morarjee Institute of Shipping, Bambay 1999 - present ë Vice President (Commercial), Precious Shipping Public Company Limited. 1989 - 1998 ë Chartering Manager, Precious Shipping Public Company Limited.

Vice President (Fleet Management) Cadet, Directorate of Marine Engineering Training 1999 - present ë Vice President (Fleet Management), Precious Shipping Public Company Limited. 1989 - 1998 ë Fleet Manager, Great Circle Shipping Agency Limited.

MR. NEELAKANTAN VASUDEVAN Position Education Experience

Director (Finance)

MR. KOKA VENKATARAMANA SUDHAKAR Position Education Experience

Director (Commercial)

MR. SHRILAL GOPINATHAN Position Education

Managing Director

Assistant Vice President (Risk Management) Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade. Master Degree in Management Studies (M.M.S) 1999 - present ë Assistant Vice President (Risk Management), Precious Shipping Public Company Limited. 1995 - 1998 ë Insurance & Claims Manager, Precious Shipping Public Company Limited. 1985 - 1995 ë Deputy Manager, Shipping Corporation of India Limited.

MR. STEPHEN KORAH Position Education Experience

Assistant Vice President (International Safety Management) (ISM) First Class Marine Engineer Graduate Directorate of Marine Engineering Training, Kolkatta, India Present ë Assistant Vice President (International Safety Management) (ISM), Precious Shipping Public Company Limited 1996-2004 ë Quality Systems Manager (ISM Team), Precious Shipping Public Company Limited 1994-1996 ë Technical Superintendent, Great Circle Shipping Agency Limited 1988-1994 ë Technical Superintendent, ESSAR SISCO Ship Management Co; Chennai, India. 1986-1988 ë Chief Engineer on Ships. 1978-1986 ë Marine Engineer on Ships.

* For profile, please refer to Board of Directors - Profile.

Annual Report 2004 Precious Shipping Public Company Limited

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√ 1. ≈—°…≥–¢Õßµ≈“¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ’‡Õ ·Õ≈À√◊Õ∫√‘…—∑é) ¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ‡®â“¢Õß‡√◊Õ·≈–‡¥‘π‡√◊Õ ·∫∫‰¡àª√–®”‡ âπ∑“ßÕ¬Ÿà„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ”À√—∫¢π àß ‘π§â“·Àâß‡∑°Õß√–À«à“ßª√–‡∑» ¡’§«“¡‡ª≈’Ë¬π·ª≈ß °≈¬ÿ∑∏å„π°“√∑”∏ÿ√°‘®∑’Ë ”§—≠„π√–À«à“ßªï 2547 §◊Õ¡’°“√∑” —≠≠“„Àâ‡™à“‡√◊Õ„π√–¬–¬“«µ—Èß·µà 3 ‡¥◊Õπ ∂÷ß 5 ªï ¥â«¬Õ—µ√“ §à“√–«“ß‡√◊Õªí®®ÿ∫—π∑’ËÕ¬Ÿà„π√–¥—∫ Ÿß ‚¥¬¡’ —¥ à«π¡“°°«à“√âÕ¬≈– 80 ¢Õß°”≈—ß°Õß‡√◊Õ ·≈–°≈¬ÿ∑∏åπ’È®–ªÆ‘∫—µ‘µàÕ‰ª„πªï 2548 ‡¡◊ËÕµâÕß¡’°“√µàÕ —≠≠“À√◊Õ∑” —≠≠“„À¡à ®“°Õ¥’µ∑’Ëºà“π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈π—∫‡ªìπÕÿµ “À°√√¡∑’Ë¡’«—Ø®—°√ ‚¥¬§«“¡º—π·ª√¢Õß«—Ø®—°√·µà≈–√Õ∫ ®–¡’°“√ª√—∫µ—«≈¥≈ß¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ‡æ◊ËÕ„Àâ‡°‘¥§«“¡ ¡¥ÿ≈¬å¢ÕßÕÿª ß§å·≈–Õÿª∑“πÕ¬Ÿàª√–¡“≥ 2-3 ªï °àÕπ∑’ËÕ—µ√“§à“‡™à“ ·≈–§à“√–«“ß‡√◊Õ®–‡√‘Ë¡ª√—∫µ—« Ÿß¢÷Èπ §«“¡µâÕß¢Õß°“√¢π àß ‘π§â“„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°π—Èπ§àÕπ¢â“ß°√–®—¥°√–®“¬ ‡æ√“–«à“ª√–‡¿∑¢Õß ‘π§â“¡’§«“¡À≈“°À≈“¬·≈–¡’∑à“‡√◊Õ„Àâ∫√‘°“√®”π«π¡“° Õ¬à“ß‰√°Áµ“¡ ‡æ√“–«à“„πµ≈“¥‡√◊ÕÕ‡π°ª√– ß§å ¢π“¥‡≈Á°„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬™π‘¥°«à“·≈– “¡“√∂¢π∂à“¬ ‘π§â“∑’Ë∑à“‡√◊Õ‡≈Á°°«à“‰¥â ∑”„Àâ§«“¡µâÕß°“√¢π àß ‘π§â“¡’ §«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡∑’¬∫°—∫§«“¡µâÕß°“√¢Õß‡√◊Õ¢π“¥„À≠à „π¥â“π¢ÕßÕÿª∑“π°Á‡™àπ°—π‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°®–¡’ ‡®â“¢Õß‡√◊ÕÀ≈“°À≈“¬ ®”π«π‡√◊Õ∑—ÈßÀ¡¥∑—Ë«‚≈°¢Õß°Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°π’È¡’ª√–¡“≥ 3,000 ≈” ·≈–‡®â“¢Õß°Õß‡√◊Õ √“¬„À≠à∑’Ë ÿ¥„π‚≈°„π°≈ÿà¡‡√◊Õ¢π“¥‡≈Á°¡’°Õß‡√◊Õª√–¡“≥ 60 ≈” À√◊Õ§‘¥‡ªìπª√–¡“≥√âÕ¬≈– 2 ¢Õß à«π·∫àßµ≈“¥ π—∫®“° ‘πÈ ªï 2546 ‡ªìπµâπ¡“ Õ—µ√“§à“√–«“ßµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß‰¥âª√—∫µ—« Ÿß¢÷πÈ Õ¬à“ß‰¡à‡§¬¡’¡“°àÕπÕ—π‡π◊ÕË ß ¡“®“°ªí®®—¬À≈“¬ª√–°“√ ·µàªí®®—¬æ◊Èπ∞“π∑’Ë ”§—≠π—Èπ¡“®“°ª√‘¡“≥§«“¡µâÕß°“√¢π àß ‘π§â“‡∑°Õß®“°ª√–‡∑»®’π·≈– ®”π«π®”°—¥¢Õß‡√◊Õ∑’„Ë Àâ∫√‘°“√‰¥â ´÷ßË π”¡“ Ÿ°à “√‡æ‘¡Ë Ÿß¢÷πÈ Õ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ µ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß„πªí®®ÿ∫π— π—Èπ¡’Õ—µ√“°“√‡µ‘∫‚µ Ÿß àßº≈„ÀâÕ—µ√“§à“√–«“ß‡√◊Õ‰¥â∑” ∂‘µ‘ Ÿß ÿ¥§√—Èß„À¡à„π∑ÿ°∫√‘…—∑‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈ ®“°¢âÕ‡∑Á®®√‘ß„π ¥â“π®”π«π‡√◊Õ∑’Ë„Àâ∫√‘°“√ æ∫«à“Õÿª∑“π§◊Õ®”π«π‡√◊Õ®–‰¡à‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡’ “√– ”§—≠„π™à«ß 2 ªï¢â“ßÀπâ“π’È®π∂÷ß ‘Èπªï 2549 ·µà¡§’ «“¡µâÕß°“√„π°“√¢π àß ‘π§â“·Àâß‡∑°Õß„πµ≈“¥‚≈°∑’‡Ë æ‘¡Ë Ÿß¢÷πÈ ‚¥¬‡©æ“–Õ¬à“ß¬‘ßË ®“°ª√–‡∑»®’π ®÷ß§“¥«à“Õ—µ√“§à“ √–«“ß ‡√◊Õªí®®ÿ∫π— ∑’Ë ŸßÕ¬Ÿàπ’È ®–‡ªìπ‡™àππ’ÈµàÕ‡π◊ËÕßÕ’° 2 À√◊Õ 3 ªï ¢â“ßÀπâ“π’È ¥—ßπ—Èπ®“° ∂“π°“√≥å‡™àππ’È∫√‘…—∑‰¥â´◊ÈÕ‡√◊Õ¡◊Õ Õß‡æ◊ËÕ‡æ‘Ë¡ °”≈—ß°Õß‡√◊Õ‡æ◊ËÕ∫√‘…—∑œ ®–‰¥âª√–‚¬™πå®“°µ≈“¥∑’Ë¥’·≈–∑”„Àâ∫√‘…—∑œ ¡’º≈°“√¥”‡π‘πß“π¥’¥â«¬ ·≈–¡’‚Õ°“ „π°“√∑”°”‰√‰¥â¥ ’

2. ∑‘»∑“ßÕÿª ß§å Õÿª∑“π¢Õß‚≈° ”À√—∫‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°

®“°°√“ø¢â“ßµâπ· ¥ß∂÷ß°“√≈¥≈ß¢Õß°Õß‡√◊Õ‚≈°¬—ß§ß¥”‡π‘πÕ¬à“ßµàÕ‡π◊ÕË ß®π°√–∑—ßË ªï 2546 Õ¬à“ß‰√°Á¥„’ π√–À«à“ßªï 2547 °Õß‡√◊Õ‚≈°‡æ‘Ë¡ ÿ∑∏‘®”π«π 1 ≈” ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ‡π◊ËÕß®“°Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ§àÕ¬Ê ≈¥≈ß ‡æ√“– √“¬‰¥âÕ—µ√“§à“√–«“ß‡√◊Õ„π√–À«à“ßªï 2547 ¡’·π«‚πâ¡‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2546 ·≈–§“¥«à“®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’Ë Ÿß‡™àππ’ÈµàÕ ‰ªÕ’°„πªï 2548 ·≈– 2549

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

MANAGEMENT DISCUSSION AND ANALYSIS 1. Market conditions Precious Shipping PCL (hereinafter referred to as PSL or the Company) continues to own and operate its ships on a tramp-shipping basis in the small handy size sector of the Dry Bulk International Shipping market. The significant difference in PSL没s business strategy during 2004 was that PSL has entered into long term time charter (Period Charters) at current high freight rates for periods ranging from 3 months to 5 years for more than 80 percent of its fleet at the end of year 2004 and it continues to do so in year 2005, through further renewals/extensions of charters. Historically, the shipping industry has been a cyclical industry characterized by volatility with approximately 2-3 years of declining charter rates needed to stabilize supply and demand before utilization rates and consequently freight rates begin to increase. The demand in the small handy size market is fragmented because of the broad cargo base and multitude of ports serviced by this market segment. However, because this segment caters to a wide variety of cargoes and calls on smaller ports, the demand is less volatile compared to the larger ships. On the supply side also the industry is highly fragmented. The world fleet of about 3,000 ships in this segment has the largest operator having slightly over 60 ships or 2% market share. Since the end of year 2003, the dry bulk sector of the industry has witnessed a remarkable upturn due to a number of factors but primarily due to a combination of increased demand from China for bulk commodities and limited supply of dry bulk capacity leading to very high freight rates. The dry bulk sector of the industry is currently in the midst of an unprecedented bull run of the freight market, which has resulted in record freight levels being achieved currently by most shipping companies of the world. In view of the fact that supply is not expected to increase substantially in the next two years through end of year 2006, coupled with continued high demand for dry bulk cargo movement in the world, generated particularly by China, it is expected that the present high freight levels should continue for the next 2 or even 3 years. Consequently, the Company with its larger fleet is well poised to take advantage of the better market conditions and achieve very good results.

2. World Demand-Supply Outlook (Small handy size sector only)

It will be observed from the above chart that there has been continuous reduction in annual fleet size until 2003. However, during the year 2004, a net increase of one vessel to the world fleet took place as compared to that at the end of year 2003. This is on account of a slowdown in the scrapping rate, the reason for which, was the further upward trend witnessed in the freight markets during year 2004 as compared to year 2003 and continued high expectations through the years 2005 & 2006.

Annual Report 2004 Precious Shipping Public Company Limited

®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ”À√—∫ªï 2548 Õÿª∑“π¢Õß‡√◊Õ„À¡à¡’¡“°¢÷Èπ®“°„πÕ¥’µ∑’Ëºà“π¡“ Õ¬à “ ß‰√°Á µ “¡ „πÕ’° 3 ªï¢“â ßÀπâ“‡√◊Õ„π°≈ÿ¡à ‡¥’¬«°—∫æ’‡Õ ·Õ≈¡’§” —ßË µàÕ„À¡à‡æ’¬ß√âÕ¬≈– 4.4 ‡¡◊ÕË ‡∑’¬∫°—∫°Õß‡√◊Õ„πªí®®ÿ∫π— ·µà¡∂’ ß÷ √âÕ¬≈– 36.90 ∑’Ë¡’Õ“¬ÿ¡“°°«à“ 25 ªï ¥—ßπ—Èπ¥Ÿ‡À¡◊Õπ«à“Õÿª∑“π‡√◊Õ®–¡’¿“æ‡ªìπ∑’Ëπà“æÕ„®Õ¬à“ß¬‘Ëß

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

It is evident from the above chart that, for the year 2005, the supply of new ships is marginally stronger than the immediate past. However, in the next three years just 4.4% of new ships have been contracted to be built as against the existing fleet, which has 36.90% of the fleet over 25 years of age. Therefore, the supply side appears to be most favorable.

Annual Report 2004 Precious Shipping Public Company Limited

®“°°√“ø¢â“ßµâπ·≈–§”Õ∏‘∫“¬∑’Ë‰¥â°≈à“«‰«â·≈â«„π¢âÕ 1.2 ‡√◊ËÕß ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® · ¥ß„Àâ‡ÀÁπ«à“ ¡“°°«à“ √âÕ¬≈– 59 ¢Õß‡√◊Õ„π°≈ÿà¡‡¥’¬«°—∫æ’‡Õ ·Õ≈®–¡’Õ“¬ÿ‡°‘π 20 ªï ®÷ß¡’°“√§“¥°“√≥å«à“Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ§«√®–‡æ‘Ë¡¢÷Èπ ‚¥¬‡©æ“–Õ¬à“ß¬‘ßË ∂â“µ≈“¥ª√—∫µ—«≈¥≈ß Õ—ππ’‡È ªìπ°“√Õ∏‘∫“¬∂÷ß°“√ª√—∫µ—«¢ÕßÕÿª ß§å·≈–Õÿª∑“π„Àâ ¡¥ÿ≈ º≈∑’®Ë –µ“¡¡“§◊Õ Õ—µ√“ §à“√–«“ß‡√◊Õ®–¬—ß§ßÕ¬Ÿà„π√–¥—∫ªí®®ÿ∫—π°àÕπ∑’Ë®–ª√—∫µ—«≈¥≈ß ·≈–‡ªìπÀπ÷Ëß‡Àµÿº≈∑’Ë· ¥ß„Àâ‡ÀÁπ«à“°≈ÿà¡‡√◊Õ‡Õπ°ª√– ß§å¢π“¥ ‡≈Á°¬—ß§ß¡’∑‘»∑“ß∑’Ë¥’„πÕ’° 2-3 ªï¢â“ßÀπâ“

3. √“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ

µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ (Opex) §◊Õ §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) µàÕ«—πµàÕ≈”‡√◊Õ §”π«≥ ‚¥¬∂◊Õ«à“¡’ 365 «—π∑”°“√„π√Õ∫ªï ·≈–√«¡§à“„™â®à“¬µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß°“√∫—≠™’ (°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡„π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 3.7) §◊Õ§à“„™â®à“¬´àÕ¡·´¡ ”À√—∫ÕŸà·Àâß (dry-docking) µ—¥∫—≠™’·≈–§à“„™â®à“¬ ”À√—∫°“√ µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß∫—≠™’ ´÷Ëß· ¥ßÕ¬Ÿà„π à«π¢Õß§à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’„πß∫ °“√‡ß‘π¢Õß∫√‘…—∑œ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ §”π«≥®“°§à“‡™à“§à“√–«“ß‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ ‚¥¬∂◊Õ«à“¡’ 350 «—π„π√Õ∫ªï ®–‡ÀÁπ«à“√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2547 Õ¬Ÿà∑’Ë 13,248 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ ¢≥–∑’Ë§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ ‚¥¬‡©≈’Ë¬ Õ¬Ÿà∑’Ë 2,810 ‡À√’¬≠ À√—∞Õ‡¡√‘°“µàÕ«—πµàÕ≈”‡√◊Õ ªí®®ÿ∫—π∫√‘…—∑¡’°”≈—ß°Õß‡√◊Õ ≥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ∑’Ë 52 ≈” ¡’√–«“ß∫√√∑ÿ°√«¡ 1,311,065 ‡¥µ‡«∑µ—π „π√–À«à“ßªï 2547 ∫√‘…—∑‰¥â´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡„π°Õß‡√◊Õ 22 ≈” (√«¡°Õß‡√◊Õ ‡¥‘π∑–≈®”π«π 15 ≈” ∑’Ë´◊ÈÕ®“° Malaysia International Shipping Corporation (MISC) ‡ªìπ°“√‡æ‘Ë¡°”≈—ß°Õß‡√◊Õ¢Õß∫√‘…—∑ Õ“¬ÿ‡©≈’Ë¬¢Õß°Õß‡√◊ÕÕ¬Ÿà∑’Ëª√–¡“≥ 18 ªï µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’Ë¬¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 µ“¡‡Àµÿº≈∑’Ë ®–°≈à“«„π¬àÕÀπâ“µàÕ‰ª °“√‡æ‘¡Ë ¢÷πÈ Õ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ„πªï 2547 ∑”„Àâ∫√‘…∑— ‰¥â§“à √–«“ß‡√◊ÕµàÕ«—πµàÕ≈”‡©≈’¬Ë ∑’Ë 13,248 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ ´÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 68 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ∫√‘…—∑§“¥°“√≥å«à“Õ—µ√“§à“√–«“ß∑’Ë Ÿßπ’È¬—ß§ß∑√ßµ—« Õ¬Ÿà„π√–¥—∫π’ÈÀ√◊ÕÕ“®®– Ÿß¢÷ÈπÕ’°„πªï 2548 ·≈–®–¬—ß§ßÕ¬Ÿà„π√–¥—∫π’ÈµàÕ‰ªÕ’° 2-3 ªï¢â“ßÀπâ“ ∫π¢âÕ ¡¡ÿµ‘∞“π¥—ßπ’È ë ‡»√…∞°‘®¢Õßª√–‡∑»®’π®–¡—Ëπ§ß·≈–µ—«‡≈¢°“√π”‡¢â“·≈– àßÕÕ°∑’Ë¡’Õ¬Ÿà„π¢≥–π’È®–¬—ß§ß√—°…“√–¥—∫‡¥’¬«°—ππ’È µàÕ‰ª À√◊Õ‡æ‘Ë¡ Ÿß¢÷Èπ ë ‡»√…∞°‘®¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“®–‡µ‘∫‚µ·≈–®–‰¡à‡¢â“ Ÿà¿“«–‡»√…∞°‘®µ°µË” ë √“§“πÈ”¡—π®–‰¡à¢÷Èπ Ÿß‰ª°«à“ 55 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“µàÕ∫“√å‡√≈ À√◊ÕÀ“°√“§“πÈ”¡—πª√—∫µ—«¢÷Èπ Ÿß∂÷ß√–¥—∫ ¥—ß°≈à“«°Á®–‰¡àÕ¬Ÿà‡ªìπ√–¬–‡«≈“π“π ë ®–‰¡à¡’‡Àµÿ°“√≥å°àÕ°“√√â“¬√ÿπ·√ß∑’Ë®– àßº≈°√–∑∫µàÕ°“√§â“¢Õß‚≈°

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

As observed from the above charts and chart for fleet age (please refer to No. 1.2 of Nature of Business), with over 59% of the world fleet in PSL sector being greater than 20 years of age, it is expected that the scrapping rate should pick up particularly if the freight markets fall, thereby, providing a natural self-correction factor to balance supply and demand, consequently ensuring a resistance level to falling freight rates. This is one of the reasons for the continued optimism over the next 2/3 years in the small handy-size sector.

3. Ship Earnings and Operating Expenses

Opex-Average operating expenses (excluding depreciation) per day per ship computed over a 365 days operating cycle and includes amounts amortised per accounting policy (note 3.7 of audited financial statements) for Dry-docking and Special Survey expenses and shown as çdepreciation and amortisationé in the financial statements. Income-Average time-charter equivalent earnings per day per ship computed over a 350 days cycle The average earnings per day per ship during 2004 reached US$ 13,248 while average daily operating expenses per ship for 2004 was US$ 2,810 per day per ship. The fleet size as at 31st December 2004 stands at 52 ships with an aggregate capacity of 1,311,065 dwt. During the year 2004, the company has bought 22 vessels (including 15 en-bloc vessels purchased from Malaysia International Shipping Corporation (MISC)) which have enabled the company to increase the aggregate capacity. The average age of the Companyûs fleet is about 18 years. The average daily Vessel operating cost has marginally increased as compared to the year 2003 on account of the reasons outlined in the next para. The significant improvement in the market freight rates throughout year 2004 has enabled the Company to achieve average daily earnings per ship of US$ 13,248 which is a 68% increase as compared to Year 2003. The Company expects that these levels or higher, are likely to continue during the year 2005 and could be sustained through the next 2-3 years. The main underlying assumptions that would support these high levels in our view are: ë The Chinese economy will remain stable and existing imports/exports continue to remain at about same or increased levels. ë The US economy will grow and will not go into a double dip or any other form of recession. ë Oil prices will not spike above US Dollars 55 per barrel, and if so, will not remain at such levels for any appreciable length of time. ë There will be no significant terrorist incident thereby hampering global trade.

Annual Report 2004 Precious Shipping Public Company Limited

§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“° 2,670 ¥Õ≈≈à“√å À√—∞„πªï 2546 ‡ªìπ 2,810 ¥Õ≈≈à“√å À√—∞„πªï 2547 Õ¬à“ß‰√°Áµ“¡§à“„™â®à“¬ à«ππ’È¢Õß∫√‘…—∑¬—ß§ßµË”°«à“§à“‡©≈’Ë¬Õÿµ “À°√√¡ ”À√—∫ªï 2546 Õ¬à“ß¡“° ¥—ß√“¬≈–‡Õ’¬¥∑’Ë· ¥ß„πµ“√“ß¢â“ß≈à“ßπ’È

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4. º≈°“√¥”‡π‘πß“π∑“ß°“√‡ß‘π ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑‰¥âµ√«® Õ∫‚¥¬∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ·≈–∂Ÿ°ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“·≈–¡’°“√ Õ∫∑“π‚¥¬π—°∫—≠™’Õ‘ √– - ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ®“°‡Àµÿº≈∑’Ë‰¥â Õ∏‘∫“¬„πÀπâ“√“¬ß“π°àÕπß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ (®—¥‡√’¬ß„À¡à‡æ◊ËÕ· ¥ß„π√“¬ß“πª√–®”ªïπ’È) ∫√‘…—∑œ ‡ÀÁπ«à“ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“®–· ¥ß∂÷ßº≈°“√¥”‡π‘πß“π∑’Ë·∑â®√‘ß·≈–∂Ÿ°µâÕß¢Õß∫√‘…—∑ ¡“°°«à“√«¡∂÷ß ‘π∑√—æ¬å Àπ’È ‘π ≥ «—π∑’Ë„πß∫¥ÿ≈

100

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

PSLûs daily operating expenses per ship have increased marginally from US$ 2,670 per day in year 2003 to US$ 2,810 per day in year 2004. However it remained far below the industryûs average (year 2003) as explained in the following slide.

Further, specifically for the Company, some major reasons for the increase in the daily operating expenses as compared to 2003 are summarised as under: ë The average cost of Lubricating Oil has increased by about 37% as compared to year 2003. This is due to the increase in the average time spent by ships at sea in 2004 by 30% as compared to year 2003, which has resulted in greater consumption of Lube oil. Due to the trading patterns adopted by our clients, ships were in high priced areas for most of the time, which reduced the opportunity considerably for buying Lube oil at economical ports which has resulted in higher price per unit of Lube oil consumed. ë The average cost of Spare Parts and Stores has increased by 31% as compared to year 2003. This is due to the increase in supplies of expensive items such as new radars, higher freight forwarding expenses for the vessels newly acquired and supply of improved communication equipment. All vessels were also supplied with AIS and SSA systems to comply with new regulations. ë The average cost of Management Expenses has increased by about 25% as all expenses for registering and commissioning new acquisitions were placed under this head. ë The higher running and start up costs on the 15 second-hand vessels purchased from MISC during year 2004 increased average daily cost marginally.

4. Financial Performance The Thai Baht Financial Statements are audited by Ernst & Young and restated in US Dollars, which, is then certified by Baker Tilly FAS (Thailand) Company Limited, Independent Accountants. Due to the reasons explained in the cover note to the restated US Dollar Financial Statements (reproduced separately in this Annual Report), the Company is of the opinion that these restated US Dollar statements provide a more realistic, true and fair view of the financial performance of the Company during the year and also of its Assets and Liabilities on the Balance Sheet date.

Annual Report 2004 Precious Shipping Public Company Limited

101

µ“¡µ“√“ß∑’Ë®–· ¥ßµàÕ‰ªπ’È‰¥â √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ”À√—∫ 2 ªï∑’Ëºà“π¡“ ´÷Ëßµ—«‡≈¢∑’Ë· ¥ßπ—Èπ‰¥âπ”¡“ ®“°ß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π·≈–√“¬ß“π‚¥¬ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ 31 ∏.§. 2546 31 ∏.§. 2547 ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë ß∫°”‰√¢“¥∑ÿπ √“¬‰¥â√«¡ °”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA)* §à“‡ ◊ÕË ¡√“§“* °”‰√°àÕπÀ—°¥Õ°‡∫’È¬·≈–¿“…’ ¥Õ°‡∫’È¬®à“¬ °”‰√®“°°“√¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ß∫¥ÿ≈ ‡ß‘π≈ß∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈ §à“„™â®à“¬´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) ·≈–§à“„™â®à“¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å√«¡ ‡ß‘π°Ÿâ¡’À≈—°ª√–°—π Àπ’È ‘πÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘ ∑ÿπ‡√◊ÕπÀÿâπ à«π¢ÕßºŸâ∂◊ÕÀÿâπÀ√◊Õ ‘π∑√—æ¬å∑’Ë¡’µ—«µπ ÿ∑∏‘ ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (¥Õ≈≈à“√å À√—∞) Õ—µ√“ à«π (‡∑à“) ‡ß‘π°Ÿâ/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘π√«¡/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‡ß‘π°Ÿ/â EBITDA Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–Àπ’È EBITDA/¥Õ°‡∫’È¬

≈â“π¥Õ≈≈“√å À√—∞ ≈â“π¥Õ≈≈“√å À√—∞

91.39 46.63 17.23 29.40 6.07 23.33 24.78

214.53 154.07 34.49 119.58 11.57 108.01 110.10

2.04 305.01 11.15 22.69 27.15 193.93 86.12 12.27 98.39 20.39 95.53 0.18

2.22 503.23 16.96 39.09 45.10 377.41 192.87 13.32 206.19 20.39 171.22 0.34

0.90 1.03 1.85 4.46 7.68

1.13 1.20 1.25 3.26 13.32

* EBITDA ·≈–§à“‡ ◊ËÕ¡√“§“ §‘¥À≈—ß®“°°“√À—°§à“„™â®à“¬µ—¥∫—≠™’¢Õß§à“„™â®à“¬´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) ·≈–§à“„™â®à“¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey) ‡™àπ‡¥’¬«°—∫ªï°àÕπÊ ´÷Ëß§à“„™â®à“¬‡À≈à“π’È∂Ÿ°√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√‡¥‘π‡√◊ÕÕ¬Ÿà·≈â«

4.1 √“¬‰¥â·≈–º≈°”‰√ √“¬‰¥â√«¡‡æ‘Ë¡¢÷Èπ®“° 91.39 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ 214.53 ≈â“π‡À√’¬≠ À√—∞ „πªï2547 ‡π◊ËÕß®“°°“√ ‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢Õß√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2547 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ Õ—π‡ªìπº≈¡“®“°°“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß °â“«°√–‚¥¥¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈·≈–°“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ¢Õß∫√‘…—∑®“° 10,362 «—π„πªï 2546

102

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

The following table summarises the performance of the company for the last 2 years. All figures quoted are from the restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Company Limited. For the year ended/as at Income Statement Total Revenues EBITDA* Depreciation* EBIT Interest and finance costs Operating profit (loss) Net Profit (Loss) Balance Sheet Investments Vessels at Cost Dry dock and Special Survey Cash & Cash Equivalents Current Assets Total Assets Secured Debt Current Liabilities Total Liabilities Equity Share Capital Total Shareholders Equity or Tangible Net Worth Net Book Value per share (US$) Ratios (times) Funded Debt/Equity Total Liabilities/Equity Funded Debt/EBITDA Debt Service Cover EBITDA/Interest

31st Dec-03 31st Dec-04 Million US$ Million US$ 91.39 46.63 17.23 29.40 6.07 23.33 24.78

214.53 154.07 34.49 119.58 11.57 108.01 110.10

2.04 305.01 11.15 22.69 27.15 193.93 86.12 12.27 98.39 20.39 95.53 0.18

2.22 503.23 16.96 39.09 45.10 377.41 192.87 13.32 206.19 20.39 171.22 0.34

0.90 1.03 1.85 4.46 7.68

1.13 1.20 1.25 3.26 13.32

* EBITDA and Depreciation are considered after depreciation of dry docking and special survey expenses consistently with previous years wherein these expenses were included in vessel running expenses.

4.1 Revenues and Profitability Total revenues have increased from US$ 91.39 Million in Year 2003 to US$ 214.53 Million in Year 2004. This is mainly due to significant improvement in average earnings per day per vessel in 2004 as compared to the previous year due to a sharp upturn in the freight markets and increase in number of Vessel operating days from 10,362 days in

Annual Report 2004 Precious Shipping Public Company Limited

103

‡ªìπ 16,336 «—π„πªï 2547 àßº≈„Àâ°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πÀ√◊Õ°”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈– §à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ®“° 46.63 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ 154.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ”À√—∫√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ®“° 7,870 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2546 ‡ªìπ 13,248 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2547 „π¢≥–‡¥’¬«°—πµâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬®“° 2,670 ‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ 2,810 ‡À√’¬≠ À√—∞ „πªï 2547 ∑—ÈßÀ¡¥π’È®÷ß‡ªìπµ—«™’È«—¥«à“°”‰√¢—Èπµâπ„πªï 2547 ‰¥âª√—∫µ—«¥’¢÷Èπ®“°ªï 2546 ∂÷ ß ·¡â «à “ µâ π ∑ÿ π °“√‡¥‘ π ‡√◊ Õ ‡©≈’Ë ¬ µà Õ «— π µà Õ ≈”‡√◊ Õ ®–‡æ‘Ë ¡ ¢÷È π ·µà °Á ¬— ß §ßµË” °«à “ §à “ ‡©≈’Ë ¬ Õÿ µ “À°√√¡ªï 2546 ¥—ß√“¬≈–‡Õ’¬¥∑’Ë°≈à“«‰«â„πÀ—«¢âÕ 3 ‡√◊ËÕß ç√“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õé „π√–À«à“ßªï§à“‡ ◊ËÕ¡√“§“‡æ‘Ë¡¢÷Èπµ“¡ —¥ à«π¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’Õ¬Ÿà ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π‡æ‘Ë¡¢÷Èπ Õ¬à“ß¡“°®“° 6.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ 11.57 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπº≈®“°°“√®à“¬§à“∏√√¡‡π’¬¡ «ß‡ß‘π°Ÿâ„À¡à®”π«π 170 ≈â“π‡À√’¬≠ À√—∞ ·≈–°“√‡æ‘Ë¡¢÷Èπ¢ÕßÕ—µ√“¥Õ°‡∫’È¬ LIBOR „π√–À«à“ßªï 2547 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 Õ’°∑—Èß§à“‡ß‘π∫“∑¡’§à“·¢Áß¢÷ÈπµàÕ‡ß‘π‡À√’¬≠ À√—∞ Õ—µ√“·≈°‡ª≈’Ë¬π ≥ ‘Èπªï 2547 ¡’§à“µË”≈ß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡ªìπº≈„Àâ°“√·ª≈ß ‘π∑√—æ¬å®“°‡ß‘π∫“∑‡ªìπ‡ß‘π‡À√’¬≠ À√—∞‡°‘¥º≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‰¡à‡°‘¥¢÷Èπ®√‘ß®”π«π 0.03 ≈â“π ‡À√’¬≠ À√—∞ ”À√—∫ªï 2547 ·≈– ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑‰¡à¡’Àπ’È‡ß‘π°Ÿâ∑’Ë‡ªìπ‡ß‘π∫“∑®÷ß‰¡à¡’º≈¢“¥∑ÿπ®“°Õ—µ√“ ·≈°‡ª≈’Ë¬π∑’Ë‰¡à‡°‘¥¢÷Èπ®√‘ß ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 1.63 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ·≈–‡π◊ËÕß®“° º≈¢Õß°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π™à«ßªï 2547 ∑”„Àâ°”‰√®“°°“√¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ®“° 23.33 ≈â“π‡À√’¬≠ À√—∞ „πªï 2546 ‡ªìπ 108.01 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 °”‰√ ÿ∑∏‘¢Õß∫√‘…—∑‡æ‘Ë¡®“° 24.78 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ 110.10 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπº≈®“°°“√‡æ‘Ë¡ Ÿß¢÷Èπ¢Õß°”‰√®“°°“√¥”‡π‘πß“π∑’Ë‰¥â„πªï 2547 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546

4.2 ‘π∑√—æ¬å Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

‡ß‘π≈ß∑ÿπ µ“√“ß¢â“ß≈à“ßπ’È‡ªìπ°“√ √ÿª ∂“π¿“æ°“√≈ß∑ÿπ∑—ÈßÀ¡¥„π‚§√ß°“√√à«¡∑ÿπ„πß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 (µ—«‡≈¢‡ªìπ ¥Õ≈≈“√å À√—∞) ‚§√ß°“√√à«¡∑ÿπ

‡ß‘π≈ß∑ÿπ √“§“∑ÿπ * à«πª√—∫ª√ÿß «‘∏ ’ «à π‰¥â‡ ’¬

√«¡

**‡ß‘π≈ß∑ÿπ ®à“¬≈à«ßÀπâ“

‡ß‘π≈ß∑ÿπ∑’Ë¡’ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å 622,500 136,200 758,700 0 æ’ ∑’ Õ’ ≈‘¡‘‡µÁ¥ (ISPL) - ‘ß§‚ª√å ISPL-∏”√“ 2,562,091 (80) 2,562,011 46,909 ISPL-§“§‘π“¥“ 604,500 0 604,500 0 SLPG 872,727 (323,596) 549,131 565,934 √«¡ 4,661,818 (187,476) 4,474,341 612,843 ‡ß‘π≈ß∑ÿπ√–¬–¬“« ISPL-Œ“≈‡¥’¬ 2,037,650 181,314 2,218,964 0 √«¡∑—ÈßÀ¡¥ 6,699,468 (6,162) 6,693,306 612,843

√«¡

758,700

***§à“‡º◊ËÕ ”À√—∫ ‡ß‘π≈ß∑ÿπ **‡ß‘π≈ß∑ÿπ √«¡ ®à“¬≈à«ßÀπâ“ 758,700

§ß‡À≈◊Õ ( ÿ∑∏‘) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ √«¡ ®à“¬≈à«ßÀπâ“

758,700

2,608,920 2,562,011 46,909 2,608,920 604,500 604,500 0 604,500 1,115,065 549,131 565,934 1,115,065 5,087,185 4,474,341 612,843 5,087,185

0 0 0 0

2,218,964 0 0 0 2,218,964 7,306,149 4,474,341 612,843 5,087,185 2,218,964

0 2,218,964 0 2,218,964

* à«πª√—∫ª√ÿßµ“¡«‘∏’ à«π‰¥â‡ ’¬ À¡“¬∂÷ß°“√°“√ª√—∫ª√ÿß (+ / -) µ“¡«‘∏’ à«π‰¥â‡ ’¬ ** ‡ß‘π≈ß∑ÿπ®à“¬≈à«ßÀπâ“ À¡“¬∂÷ß ‡ß‘π≈ß∑ÿπ∑’Ë®à“¬‰ª‡æ◊ËÕ‡ªìπ çÀÿâπ∑ÿπé ∑’ËÕ“®®–Õ¬Ÿà„π√–À«à“ß°“√ÕÕ°„∫ÀÿâπÀ√◊Õ‰¥â√—∫À≈—ß®“°«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈–· ¥ß‰«â ¿“¬„µâ ç ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπÊé *** §à“‡º◊ËÕ ”À√—∫ ç‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠é · ¥ß√“¬°“√„π√Ÿª¢Õß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ (Allowance for possible loss on other investments) à«π§à“‡º◊ËÕ „π‡√◊ËÕßÕ◊ËπÊ · ¥ß√“¬°“√„π√Ÿª¢ÕßÀπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (Bad debts and allowance for doubtful accounts) ´÷Ëß∫√‘…—∑ ∫—π∑÷°‰«â„πªï 2545 ¬°‡«âπ §à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ®”π«π 0.04 ≈â“π‡À√’¬≠ À√—∞®“°°“√≈ß∑ÿπ„π ∫√‘…—∑ §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‘‡µ¥ ´÷Ëß∫√‘…—∑ ∫—π∑÷°„πªï 2547

104

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

year 2003 to 16,336 days in year 2004. Consequently, operating cash flows or Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) have increased from US$ 46.63 Million in Year 2003 to US$ 154.07 Million in Year 2004. The earnings per day per ship have increased from US$ 7,870 in Year 2003 to US$ 13,248 in Year 2004 while daily operating expenses have increased marginally from US$ 2,670 in Year 2003 to US$ 2,810 in Year 2004. This indicates that gross margins have improved significantly from Year 2003 to Year 2004. Even though PSL daily operating expenses have increased marginally, it remained far below the industryûs average(year 2003) as explained above in No. 3. Depreciation has increased proportionately with the average number of Vessels operated during the Year. Interest and finance costs have increased substantially from US$ 6.07 Million in Year 2003 to US$ 11.57 Million in Year 2004 as a result of the fees paid for the new US$ 170 million debt facility and increase in average LIBOR during year 2004 as compared to year 2003. Due to the appreciation of the Thai Baht against the U.S. Dollar, the exchange rate as at the end of year 2004 was slightly lower as compared to the previous year. As a result of the translation of the Thai Baht denominated assets into U.S. Dollars, there was an unrealized exchange gain of US$ 0.03 million in year 2004. As on 31st December 2004, the company did not have any significant uncovered THB denominated liabilities, hence there was no unrealized exchange loss as compared to unrealized exchange loss of US$ 1.63 Million during year 2003. Due to higher gross margin during 2004, operating profits have increased from US$ 23.33 Million in Year 2003 to US$ 108.01 Million in Year 2004. The companyûs Net Profit (loss) increased from US$ 24.78 Million in Year 2003 to US$ 110.10 Million in Year 2004. This is mainly due to higher operating profits earned during year 2004 as compared to the year 2003.

4.2 Assets, Liabilities and Shareholders Equity

Investments The following table summarises the position of all Investments in Joint Ventures in the Financial Statements as of 31St December 2004(figures in US Dollars): Jt. Venture Projects Cost Current Investments ISPL-Singapore ISPL-Dhama ISPL-Kakinada SLPG Sub Total Long Term Investment ISPL-Haldia TOTAL

Investment *Equity Adjt

**Advance Total

Total

***Provision made for Investment **Advance Total

622,500 136,200 758,700 0 758,700 758,700 0 758,700 2,562,091 (80) 2,562,011 46,909 2,608,920 2,562,011 46,909 2,608,920 604,500 0 604,500 0 604,500 604,500 0 604,500 872,727 (323,596) 549,131 565,934 1,115,065 549,131 565,934 1,115,065 4,661,818 (187,476) 4,474,341 612,843 5,087,185 4,474,341 612,843 5,087,185

Balance as on 31st December 2004 Investment Advance Total 0 0 0 0 0

2,037,650 181,314 2,218,964 0 2,218,964 0 0 0 2,218,964 6,699,468 (6,162) 6,693,306 612,843 7,306,149 4,474,341 612,843 5,087,185 2,218,964

0 0 0 0 0

0 2,218,964 0 2,218,964

* Equity adjustment means adjustments (+/-) made to value at equity method. ** Advance means contribution made towards çEquityé for which share certificates are awaited or received after 31st December 2004 and are presented under çother current assetsé *** Provisions made for çInvestmentsé towards çEquityé component have been presented as çAllowance for possible loss on current investmentsé and Provisions made for çOthersé towards çAdvanceé have been presented as çBad debts and allowance for doubtful accountsé and all were made in the Year 2002 except USD 0.04 million made during year 2004 in respect of investments in ISPL-Kakinada.

Annual Report 2004 Precious Shipping Public Company Limited

105

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≈”∑’Ë ™◊ÕË ‡√◊Õ

1 2 3 4 5

106

‡√◊Õ∑’Ë´◊ÈÕ®“° MISC ¥“√‘π∑√å π“√’ ¡‚π√“Àå π“√’ Õ√≥“ π“√’ π‘¿“ π“√’ ∏“¡‘ “ π“√’

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ªï∑’Ë √â“ß §.».

¢π“¥√–«“ß ∫√√∑ÿ°

1984 1984 1983 1984 1982

30,898 29,159 33,005 33,024 34,072

√“§“∑’´Ë Õ◊È (≈â“π‡À√’¬≠ À√—∞)

7.20 6.20 6.20 8.35 6.50

During year 2004, The Company disposed of the whole of the companyûs investment in equity shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited and Geepee Bulk Handlers Private Limited) at a price of US Dollars 0.36 million. The Company offset the cash received from the sale of investments in these subsidiaries against çadvance receipt for sale of investmentsé received in 2003 and recorded a gain of US Dollars 0.84 million. During year 2004, one of the PSLûs Subsidiary Precious Shipping (Mauritius) Limited acquired 2,000 equity shares of International Lighterage Limited (which holds shares in International Seaports (Haldia) Private Limited), resulting in 100% ownership of the equity shares in the aforesaid Company. As result of this transaction, shareholding of PSL in International Seaports (Haldia) Private Limited has increased from 17.92 percent to 22.40 percent of its equity share capital. During year 2004, Kakinada Seaports Limited has issued further ordinary shares and since PSL is in the process of selling this Investment, PSL did not subscribe to any further shares, resulting in dilution of its shareholding from 16.65 percent to 8.95 percent. During the year 2004, the Company made provisions of US dollars 0.04 million towards çInvestmentsé made in ISPL-Kakinada, which has been presented as çallowance for doubtful accountsé ë Current Assets As compared to the end of the year 2003, there is an increase in the current assets as at 31st December 2004, due to higher cash and cash equivalents. Due to the fact that most of the Ships are on time charters, where the income is received every fifteen days in advance, çReceivablesé net of all provisions which are part of current assets have decreased by US Dollars 0.97 million as compared to the previous year. The amount presented as receivables is only on account of miscellaneous dues from Agents, Charterers and accrual of income on the basis of percentage of voyage completed. In any case, as is customary in the shipping business, the Company actually collects almost all its income in advance (95% of Freight in case of a Voyage Charter and 15 daysû Hire in case of Time Charter) and as such, there is no concern on collection of receivables. ë Fixed Assets The fixed assets of the company have increased from previous yearûs levels mainly on account of purchase of 22 ships during year 2004. Total assets have consequently increased on account of increase in fixed assets. As at 31st December 2004, the Company owned 52 ships, details of which have been provided in the Fleet List separately in this Report. The ships are of good quality and continue to be maintained to the highest possible standards. The details of the vessels acquired in year 2004 as under: Sr. 1 2 3 4 5

Name Vessels acquired from MISC Darin Naree Manora Naree Urana Naree Nipha Naree Thamisa Naree

Year Built 1984 1984 1983 1984 1982

DWT 30,898 29,159 33,005 33,024 34,072

Cost Mil.$ 7.20 6.20 6.20 8.35 6.50

Annual Report 2004 Precious Shipping Public Company Limited

107

≈”∑’Ë

™◊ÕË ‡√◊Õ

6 7 8 9 10 11 12 13 14 15

¡≥’ ¡ÿ∑√ π“√’ π—¬π“ π“√’ ÿ∏“∑‘æ¬å π“√’ ΩπÕ√ÿ≥ π“√’ ‚°‡¡π π“√’ «√¥“ π“√’ »ÿ°√«√√≥ π“√’ ‚ÕªÕ≈ π“√’ °π° π“√’ °ƒµ‘°“ π“√’ √«¡‡√◊Õ∑’Ë´◊ÈÕ®“° MISC ‡√◊Õ∑’´Ë Õ◊È Õ◊πË Ê π’√– π“√’ Ωπ∏‘¥“ π“√’ √—µπ– π“√’ ™‚≈∏√ π“√’ »√—≥¬“ π“√’ ÿ®‘µ√“ π“√’ «‘®‘µ√“ π“√’ √«¡∑—Èß ‘Èπ

16 17 18 19 20 21 22

ªï∑’Ë √â“ß §.».

¢π“¥√–«“ß ∫√√∑ÿ°

√“§“∑’´Ë Õ◊È (≈â“π‡À√’¬≠ À√—∞)

1983 1985 1983 1984 1983 1983 1985 1982 1985 1982

21,341 23,846 25,404 22,835 23,796 25,424 25,729 28,780 33,024 34,072 424,409

5.20 7.30 6.00 6.00 5.90 6.25 7.35 5.55 8.60 5.40 98.00

1986 1995 2002 1996 1991 1995 1997

25,309 28,484 28,442 27,079 28,583 28,290 28,646 1,043,651

7.00 12.50 18.95 17.20 15.80 13.90 15.90 297.25

Àπ’È ‘π√«¡ ‡ß‘π°Ÿâ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“° 86.12 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπ192.87 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2547 „π√–À«à“ßªï 2547 ∫√‘…—∑‰¥â√—∫«ß‡ß‘π ‘π‡™◊ËÕ„À¡à®”π«π 170 ≈â“π‡À√’¬≠ À√—∞ ®“°∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ´÷Ëß‰¥â„™â‡ß‘π®”π«π 163.85 ≈â“π‡À√’¬≠ À√—∞ ®“°«ß‡ß‘π ‘π‡™◊ËÕπ’È‰ª‡æ◊ËÕ´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈®”π«π 21 ≈” ‚¥¬‡√◊Õ≈” ÿ¥∑â“¬ («‘®‘µ√“ π“√’) ∫√‘…—∑´◊ÈÕ¥â«¬‡ß‘π ¥ à«π‡°‘π®“°°“√¥”‡π‘πß“π ∫√‘…—∑®à“¬™”√–Àπ’È‡ß‘π°Ÿâ 35.28 ≈â“π‡À√’¬≠ À√—∞·°à ∏π“§“√°√ÿß‰∑¬ µ“¡ —≠≠“‡ß‘π°Ÿâ¬◊¡„À¡à·≈– —≠≠“‡ß‘π°Ÿâ¬◊¡∑’Ë∑”„πªï 2546 («ß‡ß‘π°Ÿâ 100 ≈â“π‡À√’¬≠ À√—∞) Õ’°∑—Èß∫√‘…—∑‰¥â π” °√–· ‡ß‘π ¥ à«π‡°‘π®“°°“√¥”‡π‘πß“π„π√–À«à“ßªï ®à“¬™”√–§◊π‡ß‘π°Ÿâ°àÕπ°”Àπ¥®”π«π 34.75 ≈â“π‡À√’¬≠ À√—∞ ∑—ÈßÀ¡¥π’È àßº≈„ÀâÀπ’È ‘π√«¡‡æ‘Ë¡¢÷Èπ®“° 98.39 ≈â“π‡À√’¬≠ À√—∞ „πªï 2546 ‡ªìπ 206.19 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2547 ´÷Ëß√“¬≈–‡Õ’¬¥∑’Ë ”§—≠¢Õß‡ß‘π°Ÿâ¬◊¡„À¡à®“°∏π“§“√°√ÿß‰∑¬®–‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 5 ¥â“π≈à“ßπ’È ∫√‘…—∑¡’·ºπ∑’Ë®–π”°√–· ‡ß‘π ¥ à«π‡°‘π®“°°“√¥”‡π‘πß“π„πªï 2548 (À≈—ß®“°®à“¬‡ß‘πªíπº≈) ¡“®à“¬§◊π‡ß‘π°Ÿâ¬◊¡∑’Ë‡À≈◊Õ®“°∏π“§“√°√ÿß‰∑¬ ë à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑¡’º≈°”‰√ ÿ∑∏‘®”π«π 110.10 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2547 ∫√‘…—∑‰¥â®à“¬‡ß‘πªíπº≈ß«¥ ÿ¥∑â“¬ ”À√—∫ º≈°“√¥”‡π‘πß“πªï 2546 ∑—Èß ‘Èπ®”π«π 9.86 ≈â“π‡À√’¬≠ À√—∞ (0.75 ∫“∑µàÕÀÿâπ) ‚¥¬‡ß‘πªíπº≈¥—ß°≈à“«‰¥â®à“¬„π‡¥◊Õπ æƒ…¿“§¡ªï 2547 πÕ°®“°π’È∫√‘…—∑‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫ªï 2547 ®”π«π 12.22 ≈â“π‡À√’¬≠ À√—∞ (1 ∫“∑

108

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Sr. 6 7 8 9 10 11 12 13 14 15

16 17 18 19 20 21 22

Name Manisamut Naree Nayana Naree Suthathip Naree Fonarun Naree Gomain Naree Worada Naree Sukarawan Naree Opal Naree Kanok Naree Kritika Naree Sub Total -MISC Vessels Other Vessels Neera Naree Fonthida Naree Rattana Naree Chalothorn Naree Saranya Naree Suchitra Naree Vijitra Naree Total

Year Built 1983 1985 1983 1984 1983 1983 1985 1982 1985 1982

DWT 21,341 23,846 25,404 22,835 23,796 25,424 25,729 28,780 33,024 34,072 424,409

Cost Mil.$ 5.20 7.30 6.00 6.00 5.90 6.25 7.35 5.55 8.60 5.40 98.00

1986 1995 2002 1996 1991 1995 1997

25,309 28,484 28,442 27,079 28,583 28,290 28,646 1,043,651

7.00 12.50 18.95 17.20 15.80 13.90 15.90 297.25

Total Liabilities The companyûs secured debt has increased from US$ 86.12 Million as at the end of Year 2003 to US$ 192.87 Million as at the end of Year 2004. During the year 2004, company was granted new US$ 170 Million facilities from Krung Thai Bank PCL(KTB), out of which US$ 163.85 Million was used for purchase of 21 vessels. PSL acquired the last vessel (M.V. Vijitra Naree) out of the free cash flows available with the Company. The Company, thereafter repaid US$ 35.28 Million to KTB against its repayment obligation to KTB towards the new facility as well as the earlier facility of US$ 100 million availed in year 2003. In view of the substantial excess operating cashflows generated during the year, the Company also pre-paid an additional US$ 34.75 million during the year. This has resulted in an increase of total liabilities from US$ 98.39 in year 2003 to US$ 206.19 Million at the end of year 2004. The salient features of the new facility acquired from KTB have been explained in No. 5 hereunder. The Company intends to continue to utilise a substantial portion of the excess cash generated by the Company in 2005(after dividend payments) towards pre-paying the balance of debt from KTB. ë Shareholders Equity Due to the net profits of US$ 110.10 million earned during the year, final dividend for year 2003 of US$ 9.86 million (Baht 0.75 per share) paid in May 2004, & interim dividend for year 2004 of US$ 12.22 million (Baht 1 per share) paid in September 2004, Treasury Stock buybacks of US$ 11.22 million(as explained in the next para), transfer

Annual Report 2004 Precious Shipping Public Company Limited

109

µàÕÀÿπâ ) ´÷ßË ®à“¬·≈â«„π‡¥◊Õπ°—π¬“¬πªï 2547 ·≈–¡’°“√´◊ÕÈ Àÿπâ §◊π®”π«π 11.22 ≈â“π‡À√’¬≠ À√—∞ (¥—ß§”Õ∏‘∫“¬„π¬àÕÀπâ“∂—¥‰ª) √«¡∑—Èßµ—Èß ”√Õßœ ®”π«π 3 ≈â“π‡À√’¬≠ À√—∞ ·≈–º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ ®”π«π 1.89 ≈â“π‡À√’¬≠ À√—∞ ∑”„Àâ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¡“Õ¬Ÿà∑’Ë 171.22 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2547 ´÷Ëß‡æ‘Ë¡¢÷Èπ 75.69 ≈â“π ‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπµ“¡∑’Ë°≈à“«¢â“ßµâπ∑”„Àâ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µàÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“° 0.18 ‡À√’¬≠ À√—∞µàÕÀÿâπ ≥ ‘Èπªï 2546 ‡ªìπ 0.34 ‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2547 ë Àÿâπ∑ÿπ´◊ÈÕ§◊π ‡¡◊ËÕ«—π∑’Ë 24 ¡’π“§¡ 2547 ∫√‘…—∑‰¥â·®âßµàÕµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß°“√´◊ÈÕÀÿâπ§◊π ‚¥¬∫√‘…—∑ ´◊ÈÕÀÿâπ§◊π®”π«π 13,386,300 Àÿâπ À√◊Õª√–¡“≥√âÕ¬≈– 2.57 ¢Õß®”π«πÀÿâπ∑’ËÕÕ°·≈–™”√–·≈â« §‘¥‡ªìπ‡ß‘π∑—Èß ‘Èπ 450.88 ≈â“π∫“∑ À√◊Õ 11.22 ≈â“π‡À√’¬≠ À√—∞ ´÷Ëß‡©≈’Ë¬√“§“Àÿâπ≈– 33.68 ∫“∑ µ“¡¡“µ√“∞“π°“√∫—≠™’ °”Àπ¥„ÀâÀ—°µâπ∑ÿπ¢ÕßÀÿâπ ∑ÿπ´◊ÈÕ§◊πÕÕ°®“° à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡∑—Èßµ“¡§«“¡‡ÀÁπ¢Õß ”π—°ß“π§≥–°√√¡°“√°ƒ…Æ’°“‡√◊ËÕß°“√´◊ÈÕÀÿâπ§◊πµ“¡¡“µ√“ 66/1 (2) ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π (©∫—∫∑’Ë 2) æ.». 2544 ·≈–Àπ—ß ◊Õ¢Õß§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈– µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡¡◊ËÕ«—π∑’Ë 6 µÿ≈“§¡ 2547 „Àâ∫√‘…—∑µâÕß°—π°”‰√ – ¡‰«â‡ªìπ‡ß‘π ”√Õß‡∑à“°—∫®”π«π‡ß‘π∑’Ë‰¥â ®à“¬´◊ÈÕÀÿâπ§◊π ´÷Ëß‰¥â· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈â«

4.3 §«“¡ “¡“√∂„π°“√°àÕÀπ’È (Leverage) ¿“æ§≈àÕß (Liquidity) ·≈–§«“¡ “¡“√∂„π°“√ ™”√–Àπ’È (Coverage)

§«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ¢Õß∫√‘…—∑‡ªìπ‰ª„π∑“ß∑’Ë¥’¢÷Èπµ—Èß·µà¡’°“√ª√—∫‚§√ß √â“ßÀπ’È„πªï 2543 °”‰√°àÕπÀ—° §à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°Õ—µ√“°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï 2547 ¥—ßπ—ÈπÕ—µ√“ à«π°“√°àÕÀπ’È Leverage Ratio ¥’¢÷Èπ ‡ÀÁπ‰¥â®“°°“√≈¥≈ß¢ÕßÕ—µ√“ à«π Funded Debt/EBITDA ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 √–¥—∫Àπ’ È π‘ ¢Õß∫√‘…∑— ¡’‡æ’¬ß 1.25 ‡∑à“¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ÕË ¡√“§“ ¥Õ°‡∫’¬È ¿“…’·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA) ¿“æ √«¡Àπ’È¢Õß∫√‘…—∑ (Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ ‘π∑√—æ¬å ÿ∑∏‘) π—Èπ‡æ‘Ë¡¢÷Èπ‡ªìπ 1.20 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®“° 1.03 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡π◊ËÕß®“°‰¥â¡’°“√‡∫‘°‡ß‘π°Ÿâ®“°«ß‡ß‘π°Ÿâ„À¡à®”π«π 163.85 ≈â“π‡À√’¬≠ À√—∞„π√–À«à“ßªï 2547 Õ¬à“ß‰√°Á¥’Õ—µ√“ à«ππ’È‰¥âÕ¬ŸàµË”°«à“√–¥—∫ 2 ‡∑à“ ´÷Ëß‡ªìπ√–¥—∫ Ÿß ÿ¥∑’Ë¬Õ¡√—∫‰¥â ∑’Ë°”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π ¥—ß§”Õ∏‘∫“¬∑’Ë°≈à“«‰«â„π¢â“ßµâπ§“¥«à“Õ—µ√“ à«ππ’È®–¥’¢÷Èπ„πÕπ“§µ‡æ√“–°“√®à“¬™”√–Àπ’Èµ“¡ß«¥°“√™”√–‡ß‘π∑’Ë°”Àπ¥‰«â ·≈–®–¡’°“√®à“¬§◊π‡ß‘π°Ÿâ°àÕπ°”Àπ¥ ë §«“¡ “¡“√∂„π°“√™”√–Àπ’È¢Õß∫√‘…—∑„π√–À«à“ßªï 2547 Õ¬Ÿà∑’Ë 3.26 ´÷ËßÕ¬Ÿà„π√–¥—∫∑’Ë¥’¡“°°«à“ 1 ‡∑à“ ´÷Ëß °”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) µàÕ¥Õ°‡∫’È¬ ª√—∫µ—«¥’¢÷Èπµ—Èß·µàªï 2543 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Õ¬Ÿà∑Ë’ 13.32 ‡∑à“ Õ—µ√“ à«π∑—Èß Õß¥—ß°≈à“« · ¥ß„Àâ‡ÀÁπ∂÷ß§«“¡ “¡“√∂Õ—π·¢Áß·°√àßµàÕ°“√™”√–Àπ’È ‘π∑’Ë¡’Õ¬Ÿàªí®®ÿ∫—πÀ√◊Õ„π∑“ßµ√ß¢â“¡§◊Õ§«“¡ “¡“√∂„π°“√®—¥À“‡ß‘π°Ÿâ ∑’Ë¡“°¢÷ÈπÀ“°µâÕß°“√‡æ◊ËÕπ”¡“ª√—∫‡ª≈’Ë¬π°”≈—ß°Õß‡√◊Õ

5. «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®“°∏π“§“√ °√ÿß‰∑¬ ®”°—¥ (¡À“™π) 5.1 «ß‡ß‘π ‘π‡™◊ËÕ 170 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ«—π∑’Ë 18 ¡’π“§¡ 2547 ∫√‘…—∑‰¥â≈ßπ“¡„π —≠≠“·°â‰¢„Àâ ‘π‡™◊ËÕ‡æ‘Ë¡‡µ‘¡°—∫∏π“§“√°√ÿß‰∑¬ ‚¥¬‡æ‘Ë¡«ß‡ß‘π ‘π‡™◊ËÕÕ’°170 ≈â“π‡À√’¬≠ À√—∞ ´÷Ëß —≠≠“„Àâ ‘π‡™◊ËÕ‡¥‘¡∑’Ë∑”‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ¡’«ß‡ß‘π ‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞ ‚¥¬ «—π∑’Ë 18 ¡’π“§¡ 2547 ¡’¬Õ¥°“√‡∫‘°„™â·≈â«®”π«π 98.60 ≈â“π‡À√’¬≠ À√—∞

110

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

to reserves US$ 3.0 million and net positive increase of US$ 1.89 million on account of translation adjustment and minority interest, the Shareholdersû Equity is now at US$ 171.22 million, which is an increase of US$ 75.69 million over the Shareholdersû Equity as compared to the end of the previous year. As a result of the above increase in Shareholders Equity, the net book value per share has increased from US$ 0.18 per share as at the end of Year 2003 to US$ 0.34 per share as at the end of Year 2004. ë Treasury Stock On 24th March 2004, the Company notified the Stock Exchange of Thailand (SET) its çShare Repurchase Programé and accordingly repurchased 13,386,300 shares (Treasury Stock) in aggregate which is equal to 2.57% of the paid up capital for THB 450.88 million equivalent to US$ 11.22 million, which is an average price of Baht 33.68 per share. In accordance with Accounting Standards, the entire cost of the Treasury Stock has been deducted from the Shareholders Equity. Further, pursuant to opinion issued by office of the judicial council of state regarding treasury stock in accordance with the section 66/1 (2) of the Public Limited Companies Act (Volume 2) B.E. 2544, the Stock Exchange Commission (SEC) of Thailand issued circular dated 6th October 2004 thereto, according to which the Company has created a reserve out of retained earnings of an equivalent amount of the value of the Treasury Stock.

4.3 Leverage, Liquidity and Coverage

The companyûs credit risk profile has consistently improved since the debt restructure of year 2000. As the companyûs EBITDA increased due to very high margins during the year 2004, the leverage ratios have improved considerably, as evident from lower Funded Debt/EBITDA. As at 31st December 2004, the companyûs debt level is only 1.25 times its EBITDA. The Companyûs overall gearing (Total Liabilities/Tangible Networth) is at 1.20 times as at 31st December 2004, which has increased as compared to 1.03 times as at 31st December 2003, due to the new loan of US$ 163.85 Million drawdown during 2004 but it was well below the required maximum of 2.00 times to be in compliance with the Financial Covenants. As explained above, this ratio is expected to improve further during the year as the Company repays and pre-pays the debt from KTB. ë The companyûs debt service cover for year 2004 was 3.26 which is well above 1.00 times in compliance with the Financial Covenants. The ratio of EBITDA/Interest has improved considerably since Year 2000 and it is now 13.32 times as of 31st December 2004. Both these ratios show Companyûs strong ability to service the existing debt or conversely its capacity to raise more debt if required for fleet replenishment.

5. New facilities availed from Krung Thai Bank (KTB) 5.1 US Dollars 170 Million credit facility: On 18th March 2004, the company signed the Amendment and Restatement agreement with KTB for availing an additional US Dollars 170 Million credit facility by which original credit facilities agreement dated 16th June 2003 has been amended, which had provided US Dollars 100 Million facility to PSL, out of which US Dollars 98.60 million were outstanding as on 18th March 2004. The major terms and conditions of the additional facility are as under: ë US Dollars 170 million was available up to 31st December 2004, for the purpose of buying new vessels and fleet acquisition of new vessels. Out of this facility the company drewdown US Dollars 163.85 million for buying new vessels. The company has made US Dollars 18.68 million as obligatory repayments, US Dollars 1.71 million as pre-

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¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢À≈—°Ê „π —≠≠“«ß‡ß‘π ‘π‡™◊ËÕ‡æ‘Ë¡‡µ‘¡ ¡’¥—ßπ’È ë «ß‡ß‘π ‘π‡™◊ËÕ®”π«π 170 ≈â“π‡À√’¬≠ À√—∞ ¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2547 ‚¥¬¡’«—µ∂ÿ ª√– ß§å‡æ◊ËÕπ”‰ª´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ ‚¥¬∫√‘…—∑‰¥â‡∫‘°∂Õπ‡æ◊ËÕ´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈∑—Èß ‘Èπ®”π«π 163.85 ≈â“π‡À√’¬≠ À√—∞ ·≈–∫√‘…∑— ‰¥â®“à ¬™”√–Àπ’µÈ “¡ß«¥°“√™”√–‡ß‘π®”π«π 18.68 ≈â“π‡À√’¬≠ À√—∞ ·≈–®à“¬™”√–Àπ’≈È «à ßÀπâ“®”π«π 1.71 ≈â“π‡À√’¬≠ À√—∞ ∑’Ë‡À≈◊Õ®”π«π 143.46 ≈â“π‡À√’¬≠ À√—∞ ‡ªìπ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ”À√—∫«ß‡ß‘π ‘π‡™◊ËÕ‡æ‘Ë¡‡µ‘¡π’È ë ‡ß‘π°Ÿâ®–µâÕß™”√–§◊π„π‡«≈“ 9 ªï ‚¥¬°“√™”√–‡ªìπ√“¬‰µ√¡“ ·≈–‡√‘Ë¡™”√–Àπ’È„π«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2547 ë Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°ŸâÕ¬Ÿà∑’Ë USD LIBOR (√“¬ 3 ‡¥◊Õπ) ∫«°¥â«¬ à«π‡æ‘Ë¡§ß∑’Ë ë À≈—°ª√–°—π¢Õß‡ß‘π°Ÿâ§◊Õ„Àâ°“√®”πÕß‡√◊Õ (‡ªìπ‡√◊Õ∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥·≈–‡√◊Õ·µà≈–≈”∑’Ë®–´◊ÈÕ) ·≈–§Õπ‚¥¡’‡π’¬¡ 28 ÀâÕß™ÿ¥∑’Ë∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß ·≈–°“√®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬∑’Ë‡ªìπ‡®â“¢Õß‡√◊Õ·≈–§Õπ‚¥¡’‡π’¬¡ —≠≠“‚Õπ ‘∑∏‘„πºŸâ√—∫ º≈ª√–‚¬™πå°“√ª√–°—π¿—¬„π‡√◊Õ·≈–ÀâÕß™ÿ¥ ë ¢âÕ∫—ß§—∫Õ—µ√“ à«π∑“ß°“√‡ß‘π„Àâ§”π«≥®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ µ“¡∑’Ë‰¥â·¬° √“¬°“√µà“ßÀ“° (Õâ“ß∂÷ß√“¬°“√ 5.2 ¢â“ß∑â“¬π’È)

5.2 ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π·≈–¢âÕ∫—ß§—∫Õ◊ËπÊ ¢âÕ∫—ß§—∫¥â“π≈à“ßπ’È‡ªìπ¢âÕ∫—ß§—∫∑’Ë°”Àπ¥‚¥¬∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∑’Ë∫√‘…—∑®–µâÕßªÆ‘∫—µ‘µ≈Õ¥∂â“¬—ß¡’ «ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√ ‚¥¬„Àâ§”π«≥®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ ‡æ◊ËÕ„Àâ·πà„®«à“ ∂“π–∑“ß°“√‡ß‘π ¢Õß∫√‘…—∑®–§ß‰«â„π√–¥—∫∑’Ë¬Õ¡√—∫‰¥â„π√–À«à“ß°“√‡ªìπ≈Ÿ°Àπ’È

¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ à«π∑“ß°“√‡ß‘π §«“¡ “¡“√∂„π°“√™”√–Àπ’È ‘π (Debt Service) ¿“æ§≈àÕß (Liquidity Reserve) Àπ’È ‘πµàÕ∑ÿπ (Debt / Equity)

Õ—µ√“ —¥ à«π ∑’ËµâÕßªÆ‘∫—µ‘ Õ¬à“ßπâÕ¬ 1 ‡∑à“ Õ¬à“ßπâÕ¬ 100,000 ‡À√’¬≠ À√—∞µàÕ≈”‡√◊Õ Õ¬à“ß¡“° 2.00 ‡∑à“

™à«ß‡«≈“ Õ¬Ÿ¿à “¬„µâ °“√∑¥ Õ∫ ¢âÕ∫—ß§—∫À√◊Õ‰¡à √Õ∫ 4 ‰µ√¡“ „™à √“¬‰µ√¡“ „™à √“¬‰µ√¡“

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∫√‘…∑— µâÕß§”π«≥¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π¥—ß°≈à“«¢â“ßµâπ·≈–µâÕßπ” àß„∫√—∫√Õß°“√ªÆ‘∫µ— µ‘ “¡„Àâ∏π“§“√‡ªìπ√“¬‰µ√¡“

¢âÕ∫—ß§—∫Õ◊ËπÊ ∑’Ë‰¡à‡°’Ë¬«°—∫¥â“π°“√‡ß‘π

∫√‘…—∑‰¡à¡’¢âÕ®”°—¥„¥Ê ∑’Ë‰¡à‡°’Ë¬«°—∫¥â“π°“√‡ß‘π ∑’Ë¡’ “√– ”§—≠

6. °“√«‘‡§√“–Àåß∫°“√‡ß‘π√«¡‡ß‘π∫“∑∑’Ëµ√«® Õ∫·≈â« 6.1 °“√«‘‡§√“–Àåß∫°”‰√¢“¥∑ÿπ

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112

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

payment and the balance of US Dollars 143.46 million is outstanding as on 31st December 2004, against this additional facility. ë The loans are to be repaid in 9 years in quarterly installments commencing on 30th June 2004. ë The loans are subject to interest at the rate of 3 monthsû LIBOR plus margin. ë The loans are secured by a mortgage over the ships (existing as well as those acquired by utilizing the additional facility) and 28 condominium units owned by the respective subsidiaries of the Company, the pledge of 100% of the shares of the respective subsidiaries owning the ships and the condominium units, assignment of ship proceeds and insurances of the ships and condominium units mortgaged. ë Adherence to Financial Covenants by the Company (and subsidiaries) based on the consolidated US Dollars Restated Financial Statements as listed separately. (Refer to item 5.2 hereunder)

5.2 Financial and Non-Financial Covenants: The following are the key covenants imposed by the KTB and are to be complied by PSL in respect of the facilities availed from KTB, and are derived from the restated US Dollar Financial Statements to maintain financial profile of the company at acceptable level during the tenor of the debt.

Financial Covenants Covenant Debt Service (DSCR) Liquidity Reserve Debt/Equity

Ratio Test Period 1.00 times Rolling 4 qtrs US$ 100,000 per vsl Quarterly 2.00 times Quarterly

Compliance Yes Yes Yes

The Company is required to test the above financial covenants and send a compliance certificate on a quarterly basis.

Non-Financial Covenants

The company is not subject to any significant restrictive non-financial covenants.

6. Review and Analysis of Audited Consolidated Thai Baht Financial Statements 6.1 Analysis of Profit and Loss Account (Statement of Earnings)

During the year 2004 the vessel operating revenues increased by about 125% in absolute terms, over the operating revenues of the previous year. This is mainly due to significant improvement in average earnings per day per vessel in 2004 as compared to the previous year due to a sharp upturn in the freight markets and increase in number of Vessel operating days from 10,362 days in year 2003 to 16,336 days in year 2004. This is in spite of a lower average US Dollar/Thai Baht exchange rate during the year 2004 as compared to year 2003. ë During the year 2004, the vessel running expenses increased by about 68% in absolute terms, over the operating costs of the previous year despite slightly lower average US Dollar/Thai Baht exchange rate during the year. This is due to an increase in number of Vessel operating days and increase in average daily running expenses in year 2004 as compared to year 2003. On an average basis, the Company has succeeded in

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‡¥‘π‡√◊Õ·≈–°“√‡æ‘Ë¡¢÷Èπ¢Õß§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬µàÕ«—π„πªï 2547 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ‚¥¬¿“æ√«¡∫√‘…—∑ ª√– ∫§«“¡ ”‡√Á®„π°“√√—°…“√–¥—∫µâπ∑ÿπ°“√‡¥‘π‡√◊Õ ·≈–∑”„Àâµâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ¢Õß∫√‘…—∑Õ¬Ÿà„π√–¥—∫∑’ËµË”°«à“§à“‡©≈’Ë¬ Õÿµ “À°√√¡ ¥—ß∑’Ë‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 3 ë „π√–À«à“ßªï 2547 µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ√«¡‡æ‘Ë¡¢÷Èπª√–¡“≥√âÕ¬≈– 20 ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ∂÷ß·¡â«à“Õ—µ√“ ·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈¥Õ≈≈“√åµàÕ‡ß‘π∫“∑‚¥¬‡©≈’Ë¬µË”°«à“ªï∑’Ëºà“π¡“‡≈Á°πâÕ¬ ∑—Èßπ’È‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ µ“¡∑’Ë‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢â“ßµâπ ·≈–¡’°“√≈¥≈ß¢Õß§à“„™â®à“¬∑à“‡√◊Õ·≈–§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß¢Õß‡√◊Õ ´÷Ëß‡ªìπº≈¡“®“°°“√¡’∏ÿ√°‘® ª√–‡¿∑√“¬‡∑’Ë¬« (voyage charter) ≈¥≈ß ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ë °”‰√¢—Èπµâπ„πªï 2547 ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 195 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ·¡â«à“Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈¥Õ≈≈“√å µàÕ‡ß‘π∫“∑‚¥¬‡©≈’Ë¬µË”°«à“ªï∑’Ëºà“π¡“‡≈Á°πâÕ¬ ·µà°Á‡ªìπ∑’Ë —ß‡°µ‰¥â«à“°”‰√¢—Èπµâπ‰¥â‡æ‘Ë¡ Ÿß¢÷Èπ∂÷ß√âÕ¬≈– 78 ®“°√âÕ¬≈– 60 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ Õ—π‡ªìπº≈¡“®“°¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈·≈–°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â®“°°“√ ‡¥‘π‡√◊ÕµàÕ«—πµàÕ≈”‡√◊Õ ë ®“°º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑”„Àâ√“¬‰¥â√«¡√–À«à“ßªï 2547 ‡æ‘Ë¡ Ÿß¢÷Èπ‡¡◊ËÕ‡∑’¬∫°—∫ªï°àÕπ ë µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) „πªï 2547 ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ¡’ “‡ÀµÿÀ≈—°¡“®“° °“√‡æ‘Ë¡¢÷Èπ¢Õßµâπ∑ÿπ°“√‡¥‘π‡√◊Õ ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ ë „π√–À«à“ßªï 2547 µ“¡∑’ËÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 4.2 ∫√‘…—∑´◊ÈÕ‡√◊Õ 22 ≈” ∑”„Àâ¢π“¥°Õß‡√◊Õ¢Õß∫√‘…—∑ ≥ ‘Èπªï 2547 ‡æ‘Ë¡¢÷Èπ‡ªìπ 52 ≈” ®“° 30 ≈” ‡¡◊ËÕªï°àÕπ ¢π“¥°Õß‡√◊Õ‡©≈’Ë¬¢Õßªï 2547 §◊Õ 45 ≈” ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 29 ≈” „πªï 2546 ·≈–®“°°“√‡æ‘Ë¡°Õß‡√◊Õ §à“‡ ◊ËÕ¡√“§“°Á Ÿß°«à“ªï°àÕπ ë ‡π◊ÕË ß®“°§à“‡ß‘π∫“∑·¢Áß¢÷πÈ ‡¡◊ÕË ‡∑’¬∫°—∫‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ Õ—µ√“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®÷ßµË”°«à“Õ—µ√“·≈°‡ª≈’Ë¬π‡¡◊ËÕªï°àÕπ ‡ªìπº≈„Àâ°“√∫—π∑÷°Àπ’È ‘π °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑‡°‘¥º≈°”‰√®“°Õ—µ√“ ·≈°‡ª≈’Ë¬π®”π«π 56.14 ≈â“π∫“∑´÷Ëß‡ªìπº≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß 29.48 ≈â“π∫“∑ à«π∑’Ë‡À≈◊Õ®”π«π 85.62 ≈â“π∫“∑‡ªìπº≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß ë „π√–À«à“ßªï 2547 ∫√‘…—∑®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ (∫√‘…—∑§“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ ·≈–∫√‘…—∑®’æ’ ∫—≈§å ·Œπ‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥) „Àâ·°à∫ÿ§§≈¿“¬πÕ° ∑—Èß®”π«π„π√“§“¢“¬ 14.20 ≈â“π∫“∑ ‚¥¬∫√‘…—∑‰¥âπ”¡Ÿ≈§à“∑’Ë‰¥â√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰ªÀ—°°≈∫Àπ’È °—∫∫—≠™’ ç‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπé·≈–¡’°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬®”π«π 33.53 ≈â“π∫“∑ πÕ°®“°π’È ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπÕ’°®”π«π 55.96 ≈â“π∫“∑ ‰¥âπ”¡“À—°®“°≈Ÿ°Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π ∫√‘…—∑√à«¡µà“ßª√–‡∑»·ÀàßÀπ÷Ëß ´÷Ëß∫√‘…—∑µ—¥‡ªìπÀπ’È Ÿ≠‰ª·≈â«„πªï 2545 ¥—ßπ—Èπ ∫√‘…—∑®÷ß∫—π∑÷°®”π«π‡ß‘π¥—ß°≈à“«‡ªìπÀπ’È Ÿ≠ √—∫§◊π„πß∫°”‰√¢“¥∑ÿπß«¥ªí®®ÿ∫—π ë ”À√—∫ªï 2547 ∫√‘…—∑¡’°”‰√ ÿ∑∏‘À≈—ß®“°√“¬°“√æ‘‡»…∑—Èß ‘Èπ 4,749.77 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π ¡“®”π«π 1,536.56 ≈â“π∫“∑ “‡ÀµÿÀ≈—°¡“®“°º≈°”‰√ ÿ∑∏‘√–À«à“ßªï 2547 ∑’Ë Ÿß¢÷Èπ Õ—π¡“®“°°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ ´÷Ëß¡“®“°√“¬‰¥âµàÕ«—πµàÕ≈”‡√◊Õ‚¥¬‡©≈’Ë¬‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡Àµÿº≈Õ◊ËπÊ §◊Õ°”‰√∑’Ë‡æ‘Ë¡¢÷Èπ¡“®“°°”‰√®“°°“√ ¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬®”π«π 33.53 ≈â“π∫“∑ ·≈–°“√∫—π∑÷°Àπ’È Ÿ≠√—∫§◊π®”π«π 55.96 ≈â“π∫“∑

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maintaining the daily average running cost per vessel, at reasonable levels and lower than the Industry average (as explained in No. 3 hereinabove). ë During the year 2004, the total vessel operating costs increased by about 20% in absolute terms, over the total vessel operating costs of the previous year despite slightly lower average US Dollar/Thai Baht exchange rate during the year and decrease in vessel disbursements and bunker consumption, which was due to decrease in voyage charters during the year as compared to the previous year. This is due to higher vessel running costs during the year as explained hereinabove and higher vessel operating days. ë Gross Profit has increased by about 195% as compared to the previous year. This was in spite of a lower average US Dollar/Thai Baht exchange rate during the year. It may be noted that the Gross Profit Margin has increased to 78% from 60% as compared to the previous year, due to a sharp upturn in the freight markets and higher earnings per day per ship. ë As a result of the higher vessel operating revenues, the total revenues during the year, in absolute terms, are also higher than that of the previous year. ë The total costs (excluding depreciation) in 2004, as compared to the previous year, are higher mainly on account of increase in total vessel operating costs mainly because of the increased number of vessel operating days. ë During year 2004, as explained in 4.2 above, the company bought 22 vessels during the year bringing the fleet size at the end of the year to 52 vessels as compared to 30 vessels as at the end of the previous year (2003). Average fleet size for year 2004 was 45 as compared to 29 for the year 2003. Due to the increase in average fleet size, the annual Depreciation charge is higher than that of the previous year. ë Due to the appreciation of the Thai Baht against the US Dollar, the exchange rate as on 31st December 2004 was lower than the rate at the end of the previous year. As a result of the translation of the US Dollar liabilities into Thai Baht, there was a net exchange gain of Baht 56.14 million. However, Baht 29.48 million was realized loss due to higher US Dollar/Thai Baht exchange rate during the period and Baht 85.62 million remains as unrealized Gain. ë During year 2004, The Company disposed of the whole of the companyûs investment in equity shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited and Geepee Bulk Handlers Private Limited) at a price of THB 14.20 million. The Company offset the cash received from the sale of investments in these subsidiaries against çadvance receipt for sale of investmentsé and recorded a gain of THB 33.53 million. In addition, the remaining balance of advance receipt for sale of investments, amounting to Baht THB 55.96 million was paid to the Company in full settlement of an account receivable arising from the sale of an investment in an overseas associated company, which the company wrote off as bad debt in year 2002. The company recorded the amount as çbad debt recoveryé ë The Company has reported Net Profit after Extraordinary Items of Baht 4,749.77 million for the year 2004 as compared to Net Profit after Extraordinary Items of Baht 1,536.56 million in the previous year. The main reason for the higher Net Profit during the year 2004 is the increase in gross profit due to an increase in average earnings per day per vessel as compared to the previous year, the other reasons for the increased Net Profit being the gain of Baht 33.53 million on sale of investments in subsidiaries and Bad Debt recovery of Baht 55.96 million

Annual Report 2004 Precious Shipping Public Company Limited

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6.2 °“√«‘‡§√“–Àåß∫¥ÿ≈

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡æ‘Ë¡¢÷Èπ®”π«π 685.99 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ¡’ “‡ÀµÿÀ≈—°®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ¡’≈°Ÿ Àπ’ È ∑ÿ ∏‘∑‡’Ë ªìπ à«πÀπ÷ßË ¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π≈¥≈ß 38.72 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß —¥ à«π‡√◊Õ‡™à“·∫∫‡ªìπ√–¬–‡«≈“ ∫√‘…—∑¡’ ¿“æ§≈àÕß∑’Ë¥’µ≈Õ¥ ªï 2547 ë ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡√◊Õ®”π«π 22 ≈” µ“¡∑’ËÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 4.2 ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπ‡ªìπº≈®“° ‘π∑√—æ¬å∂“«√·≈– ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ ë Àπ’È ‘πÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ 223.36 ≈â“π∫“∑‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡ß‘π°Ÿâ√–¬–¬“« ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï®”π«π 188.96 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«π‡ß‘π°Ÿâ¬◊¡ ·≈– ¡Ÿ≈Àπ’È∑’ËµâÕß®à“¬™”√–µ“¡ß«¥°“√™”√–‡ß‘π„πÕ’° 12 ‡¥◊Õπ¢â“ßÀπâ“∑’Ë Ÿß¢÷Èπ ë ‡ß‘π°Ÿ√â «¡ ‡æ‘¡Ë ¢÷πÈ 4,138.82 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π‡π◊ÕË ß®“°°“√‡∫‘°∂Õπ«ß‡ß‘π°Ÿ„â À¡à‡æ◊ÕË °“√´◊ÕÈ ‡√◊Õ 21 ≈” ®÷ß∑”„ÀâÀπ’È¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∑—Èßπ’È ‡ªìπº≈„Àâ —¥ à«π¢Õß‡ß‘π°Ÿâ√–¬–¬“«‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ë ∫√‘…—∑¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 4,749.77 ≈â“π∫“∑ ·≈–‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 894.96 ≈â“π∫“∑ ·≈–°“√´◊ÈÕÀÿâπ§◊π®”π«π 450.88 ≈â“π∫“∑·≈–µ—Èß ”√Õßœ®”π«π 122.11 ≈â“π∫“∑ √«¡∑—Èß°“√‡æ‘Ë¡¢÷Èπ®”π«π 52.83 ≈â“π∫“∑ „πº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬„π√–À«à“ßªï ∑”„Àâ «à π¢ÕßºŸ∂â Õ◊ Àÿπâ Õ¬Ÿ∑à ’Ë 5,292.51 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ 3,334.65 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ

6.3 °“√«‘‡§√“–Àå°√–· ‡ß‘π ¥

„π√–À«à“ßªï2547 ∫√‘…—∑¡’°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π ®”π«π 5,974.34 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 199 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õßªï∑’Ëºà“π¡“ ‡π◊ËÕß®“°°”‰√¢—Èπµâπ‡æ‘Ë¡¢÷Èπµ“¡∑’Ë‰¥âÕ∏‘∫“¬¢â“ßµâπ ë À≈—ß®“°√“¬°“√ª√—∫ª√ÿß°“√‡ª≈’Ë¬π·ª≈ß¢Õß‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π ∫√‘…—∑§ß‡À≈◊Õ‡ß‘π ¥®”π«π 6,052.96 ≈â“π∫“∑‰«â ”À√—∫„™â„π°‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡∑“ß°“√‡ß‘π ë „π√–À«à“ßªï ∫√‘…—∑¡’°√–· ‡ß‘π ¥®à“¬ÕÕ°‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 22 ≈” ·≈–§à“„™â®à“¬‡æ◊ËÕ°“√´àÕ¡ÕŸà·Àâß·≈– °“√µ√«®‡√◊Õ ®”π«π 8,232.39 ≈â“π∫“∑ ·≈–À≈—ß®“°°“√ª√—∫ª√ÿß√“¬°“√Õ◊ËπÊ ∫√‘…—∑¡’°√–· ‡ß‘π ¥ ÿ∑∏‘ ”À√—∫°‘®°√√¡≈ß∑ÿπ ®”π«π 8,232.06 ≈â“π∫“∑ ë „π√–À«à“ßªï ¡’°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ√–¬–¬“«∑’Ë¡’À≈—°ª√–°—π®”π«π 3,033.84 ≈â“π∫“∑ ·≈–¡’°“√‡∫‘°‡ß‘π°Ÿâ «ß‡ß‘π„À¡à ®”π«π 7,252.85 ≈â“π∫“∑ ë „π√–À«à“ßªï ¡’°“√®à“¬‡ß‘πªíπº≈®”π«π 894.96 ≈â“π∫“∑ ·≈–´◊ÈÕÀÿâπ§◊π®”π«π 450.88 ≈â“π∫“∑ ë µ“¡∑’Ë‰¥â°≈à“«¢â“ßµâπ ¢≥–∑’Ë°“√¢¬“¬µ—«¢Õßµ≈“¥‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ‰¥â àßº≈µàÕ°“√‡æ‘Ë¡¢÷Èπ ¢Õß°”‰√¢—Èπµâπ·≈–°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ °“√∫√‘À“√‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ∑”„Àâ∫√‘…—∑ “¡“√∂ ®à“¬™”√–‡ß‘π°Ÿâ¬◊¡°àÕπ°”Àπ¥®”π«π 1,376.80 ≈â“π∫“∑·≈–¡’‡ß‘π ¥‡æ’¬ßæÕ‚¥¬‰¡à¡’ªí≠À“ ¿“æ§≈àÕß·µàÕ¬à“ß„¥

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

6.2 Analysis of Balance Sheet

As compared to the end of the previous year (2003), there is an increase of Baht 685.99 million in the current assets as at 31st December, 2004, mainly due to higher Cash and cash equivalents. Receivables, net of all provisions which are part of current assets decreased by Baht 38.72 million as compared to the previous year on account of higher proportion of time charters. The company continues to be in an extremely comfortable position in terms of liquidity with more than adequate cash balances at all times. ë Fixed assets of the company have increased from previous yearûs levels on account of the purchase of 22 vessels described in 4.2 above. Total assets consequently increased on account of increase in fixed assets and current assets. ë Total current liabilities have increased by Baht 223.36 million as compared to the previous year. This is mainly due to the increase in the current portion of long term loan by Baht 188.96 million as compared to the previous year on account of the increased debt during the year and the consequent higher debt repayments due during the next twelve months. ë Total borrowings have increased by Baht 4,138.82 million as compared to the previous year due to the drawdown of the new credit facility for the purchase of 21 vessels, resulting in an increase in the secured debt as on 31st December 2004 as compared to 31st December 2003. As mentioned above, this has also resulted in an increase in current portion of long term loan at the end of year 2004 as compared to the end of the previous year. ë Due to the profits of Baht 4,749.77 million earned, dividend of Baht 894.96 million paid, Treasury stock of Baht 450.88 million, transfer to reserves of Baht 122.11 million and net positive increase of Baht 52.83 million on account of translation adjustment and minority interests during the year, the Shareholdersû Equity is now at Baht 5,292.51 million, which is an increase of Baht 3,334.65 million over the Shareholdersû Equity as compared to the end of the previous year.

6.3 Analysis of Statements of Cash flows

During the year under review, Baht 5,974.34 million was generated from operations. This is about 199% more than the cash generated from operations in the previous year. The increase is due to the higher Gross Profit earned for the reasons explained hereinabove. ë After adjusting for the Working Capital Changes, the Company was left with Baht 6,052.96 million available for use in investing and financing activities. ë During the year Baht 8,232.39 million was paid mainly for purchase of 22 vessels and dry dock & special survey incurred. After adjustments, the net cash inflow used in investing activities was Baht 8,232.06 million. ë During the year, Baht 3,033.84 million of long term secured loans were repaid and a new long term loan of Baht 7,252.85 million was availed. ë During the year, Baht 894.96 million was paid out as Dividend and Baht 450.88 million was paid for Treasury Stock. ë As explained above, while the increase in freight market had positive impact on the absolute Gross Profit and the consequent operating cash flows, efficient working capital management also allowed the Company to prepay Secured loan of Baht 1,376.80 Million and maintain sufficient cash balances at all times without any kind of liquidity problems.

Annual Report 2004 Precious Shipping Public Company Limited

117

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„ππ“¡¢Õß§≥–°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

(§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) °√√¡°“√ºŸâ®—¥°“√

118

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(§Ÿ™√Ÿ §“≈’ «“‡¥’¬) °√√¡°“√∫√‘À“√

REPORT ON THE BOARD OF DIRECTORSû RESPONSIBILITIES FOR FINANCIAL STATEMENTS The Board of Directors is responsible for the Company and its subsidiariesû financial statements and financial information presented in this annual report. The aforementioned financial statements have been prepared in accordance with Thai Generally Accepted Accounting Principles, using appropriate accounting policies consistently employed by the Company after applying prudent judgment and best estimation. Important information is adequately disclosed in the notes to the financial statements. The Board of Directors has provided for and maintained an efficient internal control system to ensure that accounting records are accurate, complete and adequate to protect the Companyûs assets and uncover weaknesses in order to prevent fraud or materially irregular operations. To accomplish this task, the Board of Directors has appointed an audit committee, which consists of Non-Executive Directors and the committee is responsible for the quality of financial statements and internal control systems, whose comments on these issues are readily included in the Audit Committee Report in this annual report. The Board of Directors is of the opinion that the Companyûs overall internal control system has functioned upto a satisfactory level and rendered credibility and reliability to the Companyûs and its subsidiariesû financial statements for the year ended December 31, 2004.

For and on behalf of the Board of Directors of Precious Shipping Public Company Limited

Khalid Moinuddin Hashim Managing Director

Khushroo Kali Wadia Executive Director

Annual Report 2004 Precious Shipping Public Company Limited

119

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡ πÕµàÕºŸâ∂◊ÕÀÿâπ·≈–§≥–°√√¡°“√¢Õß ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’¬Ë π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‰¥âµ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËßºŸâ∫√‘À“√¢Õß °‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß §«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¡à‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ß ª√–‡∑»®”π«π 6 ∫√‘…—∑ (2546: 7 ∫√‘…—∑) ∑’Ë√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡π’È ´÷Ëß¡’¬Õ¥ ‘π∑√—æ¬å§‘¥‡ªìπ√âÕ¬≈– 5.9 ·≈–√âÕ¬≈– 7.4 ¢Õß¬Õ¥ ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 µ“¡≈”¥—∫ ·≈–¬Õ¥√“¬‰¥â§‘¥‡ªìπ√âÕ¬≈– 1.7 ·≈–√âÕ¬≈– 3.4 ¢Õß¬Õ¥√“¬‰¥â√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï µ“¡≈”¥—∫ πÕ°®“°π’Èß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ‰¥â√«¡‡ß‘π≈ß∑ÿπ„π ∫√‘…—∑¬àÕ¬¥—ß°≈à“«µ“¡«‘∏’ à«π‰¥â‡ ’¬®”π«π 655.2 ≈â“π∫“∑ ·≈– 638.1 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 µ“¡≈”¥—∫ ·≈– à«π·∫àß°”‰√¢Õß∫√‘…—∑¬àÕ¬®”π«π 37.6 ≈â“π∫“∑ ·≈– 25.4 ≈â“π∫“∑ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï µ“¡≈”¥—∫ ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ ‚¥¬¢â“æ‡®â“‰¥â√—∫√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’π—Èπ·≈– §«“¡‡ÀÁπ¢Õß¢â“æ‡®â“„π à«π∑’Ë‡°’Ë¬«¢âÕß°—∫®”π«π‡ß‘π¢Õß√“¬°“√µà“ßÊ ¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡·≈– ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ‰¥â∂◊Õµ“¡√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’Õ◊Ëππ—Èπ ¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈– ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬ ¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π §«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑°’Ë ®‘ °“√„™â·≈–ª√–¡“≥°“√‡°’¬Ë «°—∫√“¬°“√∑“ß°“√‡ß‘π∑’‡Ë ªìπ “√– ”§—≠´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑” ¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫ ¥—ß°≈à“«ª√–°Õ∫°—∫√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’Õ◊Ëπ ∑’Ë°≈à“«∂÷ß„π«√√§·√°„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß §«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“·≈–√“¬ß“π¢ÕßºŸ â Õ∫∫—≠™’Õπ◊Ë ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’·È ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√ „π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

ÿ¡“≈’ √’«√“∫—≥±‘µ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3970 ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿß‡∑æœ: 11 °ÿ¡¿“æ—π∏å 2548

120

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

REPORT OF INDEPENDENT AUDITOR REPORT OF INDEPENDENT AUDITOR To The Board of Directors and Shareholders of Precious Shipping Public Company Limited I have audited the accompanying consolidated balance sheets of Precious Shipping Public Company Limited and subsidiaries as at 31 December 2004 and 2003, the related consolidated statements of earnings, changes in shareholders没 equity and cash flows for the years then ended, and the separate financial statements of Precious Shipping Public Company Limited for the same periods. These financial statements are the responsibility of the management of the Company and subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audits. I did not audit the financial statements of 6 subsidiaries (2003: 7 subsidiaries) incorporated overseas which are included in these consolidated financial statements. The assets and revenues of these subsidiaries as included in the consolidated financial statements constitute 5.9% and 7.4% of the consolidated total assets as at 31 December 2004 and 2003, respectively, and 1.7% and 3.4% of the consolidated total revenues for the years then ended, respectively. In addition, the Company没s financial statements included investments in these subsidiaries as at 31 December 2004 and 2003 of Baht 655.2 million and Baht 638.1 million, respectively, stated under the equity method, and share of gain from these subsidiaries for the years then ended of Baht 37.6 million and Baht 25.4 million, respectively. The financial statements of these subsidiaries were audited by other auditors, whose reports have been furnished to me, and my opinion, in so far as it relates to the amounts included for those subsidiaries in the consolidated financial statements and the Company没s financial statements, is based solely on the reports of these other auditors. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits and the reports of other auditors as referred to in the first paragraph, provide a reasonable basis for my opinion. In my opinion, based on my audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Precious Shipping Public Company Limited and subsidiaries and of Precious Shipping Public Company Limited as at 31 December 2004 and 2003, and the results of their operations and their cash flows for the years then ended, in accordance with generally accepted accounting principles.

Sumalee Reewarabandith Certified Public Accountant (Thailand) No. 3970 Ernst & Young Office Limited Bangkok: 11 February 2005

Annual Report 2004 Precious Shipping Public Company Limited

121

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2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

1,525,115,985 31,469,215

897,269,959 70,185,983

13,669,084 282,671,551 -

5 5

6,520,222 83,812,962 75,790,474 36,818,846 1,759,527,704

2,299,440 20,612,060 41,952,688 7,631,278 33,584,316 1,073,535,724

1,090,713,797 598,349,626 439,741 10,326,665 7,298,984 1,114,709,546 888,759,902

6 7

95,045,100 11,517,589,494 3,617,040 11,616,251,634 13,375,779,338

87,700,531 4,617,999,254 77,585,550 8,136,920 2,962,436 4,794,384,691 5,867,920,415

7,144,160,451 4,567,338,616 35,133,349 2,720,955 658,211 423,248 7,179,952,011 4,570,482,819 8,294,661,557 5,459,242,721

ß∫°“√‡ß‘π√«¡ 2547

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6 4

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122

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BALANCE SHEETS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED NOTE ASSETS Current assets Cash and cash equivalents Current investments - net Trade accounts receivable - net Receivable from and advances to related parties Subsidiaries Other related companies Bunker oil Advances to vessel masters Claim recoverable Other current assets Total current assets Non-current assets Investments accounted for under equity method Vessels, condominium and equipment - net Prepayment for vessel purchases Goodwill - net Other non-current assets Total non-current assets Total assets

THE COMPANY ONLY

2004

2003

1,525,115,985 31,469,215

897,269,959 70,185,983

13,669,084 282,671,551 -

5 5

6,520,222 83,812,962 75,790,474 36,818,846 1,759,527,704

2,299,440 20,612,060 41,952,688 7,631,278 33,584,316 1,073,535,724

1,090,713,797 598,349,626 439,741 10,326,665 7,298,984 1,114,709,546 888,759,902

6 7

95,045,100 11,517,589,494 3,617,040 11,616,251,634 13,375,779,338

87,700,531 4,617,999,254 77,585,550 8,136,920 2,962,436 4,794,384,691 5,867,920,415

7,144,160,451 4,567,338,616 35,133,349 2,720,955 658,211 423,248 7,179,952,011 4,570,482,819 8,294,661,557 5,459,242,721

6 4

2004

2003

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

123

ß∫¥ÿ≈ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

5 8

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

124

94,408,016 1,127,542,415 206,666,758 105,582,018 8,773,757 106,665,606 1,649,638,570

52,290,655 938,579,124 108,893,669 69,601,789 34,577,673 70,161,560 152,178,339 1,426,282,809

2,810,845 3,596,851 2,329,913,508 2,532,517,944 242,582,284 1,294,162 1,311,834 8,445,695 33,763,593 70,161,560 13,387,723 11,539,947 2,355,851,933 2,895,474,013

6,433,629,623 6,433,629,623 8,083,268,193

2,483,771,798 2,483,771,798 3,910,054,607

662,818,000 662,818,000 662,818,000 662,818,000 3,018,669,933 3,558,292,013

ß∫°“√‡ß‘π√«¡ 2547

À¡“¬‡Àµÿ Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï √“¬‰¥â√∫— ≈à«ßÀπâ“ §à“„™â®à“¬‡°’Ë¬«°—∫≈Ÿ°‡√◊Õ§â“ß®à“¬ ¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’È ‘π

2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

BALANCE SHEETS (CONTINUED) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED NOTE LIABILITIES AND SHAREHOLDERS没 EQUITY Current liabilities Trade accounts payable Payable to and advances from subsidiaries 5 Current portion of long-term loans 8 Advances received from charterers Accrued crew accounts Withholding tax payable Advance receipt for sale of investments 6 Other current liabilities Total current liabilities Non-current liabilities Subordinated loans from subsidiaries 5 Long-term loans 8 Total non-current liabilities Total liabilities

THE COMPANY ONLY

2004

2003

2004

2003

94,408,016 1,127,542,415 206,666,758 105,582,018 8,773,757 106,665,606 1,649,638,570

52,290,655 938,579,124 108,893,669 69,601,789 34,577,673 70,161,560 152,178,339 1,426,282,809

2,810,845 3,596,851 2,329,913,508 2,532,517,944 242,582,284 1,294,162 1,311,834 8,445,695 33,763,593 70,161,560 13,387,723 11,539,947 2,355,851,933 2,895,474,013

6,433,629,623 6,433,629,623 8,083,268,193

2,483,771,798 2,483,771,798 3,910,054,607

662,818,000 662,818,000 662,818,000 662,818,000 3,018,669,933 3,558,292,013

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

125

À¡“¬‡Àµÿ

ß∫°“√‡ß‘π√«¡ 2547

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ 520,000,000 ∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« Àÿâπ “¡—≠ 520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ 520,000,000 à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 411,429,745 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 130,819,670 °”‰√ – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑œ 9 52,000,000 - ∫√‘…—∑¬àÕ¬ 9 292,100,000 ”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 6 ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π 10 450,880,716 ¬—ß‰¡à‰¥â®—¥ √√ 3,869,642,209 √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 5,726,872,340 À—°: Àÿâπ∑ÿπ´◊ÈÕ§◊π 11 (450,880,716) √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ - ÿ∑∏‘ 5,275,991,624 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 16,519,521 √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 5,292,511,145 √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 13,375,779,338

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

126

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

520,000,000

520,000,000 411,429,745 159,706,393

520,000,000 411,429,745 130,819,670

520,000,000 411,429,745 159,706,393

52,000,000 169,995,000 24,181,905 563,637,665 1,900,950,708 1,900,950,708 56,915,100 1,957,865,808 5,867,920,415

52,000,000 450,880,716 4,161,742,209 5,726,872,340 (450,880,716) 5,275,991,624 5,275,991,624 8,294,661,557

52,000,000 757,814,570 1,900,950,708 1,900,950,708 1,900,950,708 5,459,242,721

BALANCE SHEETS (CONTINUED) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED NOTE

2004

Shareholdersรป equity Share capital Authorised share capital 520,000,000 ordinary shares of Baht 1 each 520,000,000 Issued and paid-up share capital 520,000,000 ordinary shares of Baht 1 each 520,000,000 Premium on ordinary shares 411,429,745 Translation adjustment 130,819,670 Retained earnings Appropriated Statutory reserve - the Company 9 52,000,000 - subsidiaries 9 292,100,000 General reserve in subsidiaries 6 Treasury stock reserve 10 450,880,716 Unappropriated 3,869,642,209 Total equity attributable to Companyรปs shareholders 5,726,872,340 Less: Treasury stock 11 (450,880,716) Equity attributable to the Companyรปs shareholders - net 5,275,991,624 Minority interest - Equity attributable to minority shareholders of subsidiaries 16,519,521 Total shareholdersรป equity 5,292,511,145 Total liabilities and shareholdersรป equity 13,375,779,338

THE COMPANY ONLY 2003

2004

2003

520,000,000

520,000,000 411,429,745 159,706,393

520,000,000 411,429,745 130,819,670

520,000,000 411,429,745 159,706,393

52,000,000 52,000,000 52,000,000 169,995,000 24,181,905 450,880,716 563,637,665 4,161,742,209 757,814,570 1,900,950,708 5,726,872,340 1,900,950,708 (450,880,716) 1,900,950,708 5,275,991,624 1,900,950,708 56,915,100 1,957,865,808 5,275,991,624 1,900,950,708 5,867,920,415 8,294,661,557 5,459,242,721

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

127

ß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

À¡“¬‡Àµÿ √“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ ¥Õ°‡∫’¬È √—∫ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π Àπ’È Ÿ≠√—∫§◊π √“¬‰¥âÕπ◊Ë à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ √«¡√“¬‰¥â §à“„™â®à“¬ µâπ∑ÿπ°“√‡¥‘π‡√◊Õ §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ √“¬®à“¬∑à“‡√◊Õ πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®à“¬„π°“√∫√‘À“√ Àπ’È Ÿ≠·≈–Àπ’È ß —¬®– Ÿ≠ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“§à“§«“¡π‘¬¡ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—Ë«§√“« §à“‡ ◊ËÕ¡√“§“ §à“µÕ∫·∑π°√√¡°“√ √«¡§à“„™â®“à ¬ °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–√“¬°“√æ‘‡»… °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘

6 12 6

6 7 13

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

128

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ 2547

2546

8,540,256,075 3,796,875,589 18,934,195 6,259,661 13,598,921 1,261,148 33,526,580 56,139,449 184,190,660 55,963,180 2,354,406 1,937,672 7,344,569 8,728,117,375 3,990,524,730

1,612,521,328 128,413,341 103,357,219 1,844,291,888 15,082,144 243,902,484 5,522,540 8,136,920 1,859,699 1,383,295,082 3,131,250 3,505,222,007 5,222,895,368 (464,540,218) 4,758,355,150 (8,583,895) 4,749,771,255

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546 2,052,252 286,996 33,526,580 15,442,973 22,259,875 55,963,180 419,170 61,187 4,846,823,585 1,688,819,220 4,954,227,740 1,711,427,278

957,395,362 306,807,237 266,620,343 1,530,822,942 13,243,470 177,572,647 185,922,427 164,814,134 6,705,262 32,970,383 601,964,978 2,076,090 1,614,542 2,442,500 3,131,250 2,442,500 2,332,751,799 191,129,767 201,841,559 1,657,772,931 4,763,097,973 1,509,585,719 (254,923,424) (13,326,718) (120,639,345) 1,402,849,507 4,749,771,255 1,388,946,374 (13,903,133) 1,388,946,374 4,749,771,255 1,388,946,374

STATEMENTS OF EARNINGS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED NOTE Revenues Vessel operating income Service income Interest income Gains on sale of investment in subsidiaries 6 Exchange gains 12 Bad debt recovery 6 Other income Share of profit from investments accounted for under equity method Total revenues Expenses Vessel operating costs Vessel running expenses Voyage disbursements Bunker consumption Total vessel operating costs Cost of services Administrative expenses Bad debt and provision for doubtful accounts Loss on impairment of goodwill Allowance for possible loss on current investments 6 Depreciation 7 Directors没 remuneration 13 Total expenses Earnings before interest and financial costs Interest and financial costs Earnings before minority interest and extraordinary item Net earnings of minority interest Earnings from normal items

2004

THE COMPANY ONLY 2003

2004

2003

8,540,256,075 3,796,875,589 18,934,195 6,259,661 13,598,921 1,261,148 33,526,580 56,139,449 184,190,660 55,963,180 2,354,406 1,937,672

2,052,252 33,526,580 15,442,973 55,963,180 419,170

286,996 22,259,875 61,187

7,344,569 8,728,117,375

3,990,524,730

4,846,823,585 1,688,819,220 4,954,227,740 1,711,427,278

1,612,521,328 128,413,341 103,357,219 1,844,291,888 15,082,144 243,902,484 5,522,540 8,136,920 1,859,699 1,383,295,082 3,131,250 3,505,222,007 5,222,895,368 (464,540,218)

4,758,355,150 1,402,849,507 4,749,771,255 1,388,946,374 (8,583,895) (13,903,133) 4,749,771,255 1,388,946,374 4,749,771,255 1,388,946,374

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

129

ß∫°”‰√¢“¥∑ÿπ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

4,749,771,255

147,612,923 1,536,559,297

147,612,923 4,749,771,255 1,536,559,297

9.26

2.67 0.28 2.95 520,000,000

ß∫°“√‡ß‘π√«¡ 2547 √“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ ™π‘¥‰∂à∂Õπ‰¥â °”‰√ ÿ∑∏‘ ”À√—∫ªï °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ)

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

130

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

9.26 512,727,294

9.26

2.67 0.28 9.26 2.95 512,727,294 520,000,000

STATEMENTS OF EARNINGS (CONTINUED) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED 2004 Extraordinary item Gain on redemption of bonds and redeemable convertible debentures Net earnings for the year 14 4,749,771,255 Basic earnings per share Earnings from normal items 9.26 Extraordinary item Net earnings 9.26 Weighted average number of ordinary shares (shares) 512,727,294

THE COMPANY ONLY 2003

147,612,923 1,536,559,297 2.67 0.28 2.95 520,000,000

2004

2003

147,612,923 4,749,771,255 1,536,559,297 9.26

2.67 0.28 9.26 2.95 512,727,294 520,000,000

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

131

ß∫· ¥ß°“√‡ª≈ïò¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

(Àπà«¬: ∫“∑) ß∫°“√‡ß‘π√«¡ °”‰√ (¢“¥∑ÿπ) – ¡ ®—¥ √√·≈â« ∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° à«π‡°‘π¡Ÿ≈§à“ º≈µà“ß®“°°“√ À¡“¬‡Àµÿ

·≈–™”√–·≈â«

Àÿâπ “¡—≠ ·ª≈ß§à“ß∫°“√‡ß‘π

”√Õßµ“¡°ÆÀ¡“¬ ∫√‘…—∑œ

520,000,000 926,054,829 168,888,751 60,500,000

¬Õ¥§ß‡À≈◊Õµâπªï 2546

∫√‘…—∑¬àÕ¬

”√Õß∑—Ë«‰ª ∫√‘…—∑¬àÕ¬

77,466,000 24,181,905

”√Õß

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àÿâπ∑ÿπ´◊ÈÕ§◊π ¬—ß‰¡à‰¥â®—¥ √√ Àÿâπ∑ÿπ´◊ÈÕ§◊π

à«ππâÕ¬

(1,143,517,716)

43,011,967

√«¡ 676,585,736

‚Õπ ”√Õßµ“¡°ÆÀ¡“¬‰ªÀ—°¢“¥∑ÿπ – ¡

(60,500,000)

60,500,000

‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡

(514,625,084)

514,625,084

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π

(9,182,358)

”√Õßµ“¡°ÆÀ¡“¬

52,000,000

92,529.000

(144,529,000)

‡ß‘πªíπº≈®à“¬

(260,000,000)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546

1,536,559,297

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

13,903,133

563,637,665

56,915,100 1,957,865,808

520,000,000 411,429,745 159,706,393 52,000,000 169,995,000 24,181,905

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π

13,903,133

(28,886,723)

122,105,000

(122,105,000)

„π∫√‘…—∑¬àÕ¬

(24,181,905)

24,181,905

”√ÕßÀÿâπ´◊ÈÕ§◊π

450,880,716 (450,880,716)

‡ß‘πªíπº≈®à“¬

(894,962,900)

‡ß‘πªíπº≈®à“¬·°àºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2547

4,749,771,255

(450,880,716)

¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

(4,281,153)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

8,583,895

”√Õßµ“¡°ÆÀ¡“¬ ”√Õß∑—«Ë ‰ª≈¥≈ß®“°°“√¢“¬‡ß‘π≈ß∑ÿπ

Àÿâπ∑ÿπ´◊ÈÕ§◊π„π√–À«à“ßªï

(44,698,321) (44,698,321)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬≈¥≈ß®“°°“√

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547

520,000,000 411,429,745 130,819,670 52,000,000 292,100,000

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

132

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

450,880,716 3,869,642,209 (450,880,716) 16,519,521 5,292,511,145

STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit: Baht)

CONSOLIDATED Retained earnings (deficit) Issued and paid-up Note

Appropriated Premium on

share capital ordinary shares

Translation adjustment

Statutory reserve The Company

Transfer statutory reserve to offset deficit

Treasury

Subsidiaries in subsidiaries stock reserve Unappropriated

520,000,000 926,054,829 168,888,751 60,500,000

Balance - beginning of the year 2003

General reserve

77,466,000 24,181,905

Treasury

Minority

stock

interest

(1,143,517,716)

43,011,967

Total 676,585,736

(60,500,000)

60,500,000

(514,625,084)

514,625,084

Transfer premium on ordinary shares to offset deficit Translation adjustment

(9,182,358)

Statutory reserve

52,000,000

92,529.000

(144,529,000)

Dividend paid

(260,000,000)

Net earnings for the year 2003

1,536,559,297

Minority interest

13,903,133

563,637,665

56,915,100 1,957,865,808

520,000,000 411,429,745 159,706,393 52,000,000 169,995,000 24,181,905

Balance - end of the year 2003 Translation adjustment

13,903,133

(28,886,723)

122,105,000

(122,105,000)

investment in subsidiaries

(24,181,905)

24,181,905

Treasury stock reserve

450,880,716 (450,880,716)

Dividend paid

(894,962,900)

Dividend paid to minority interest

Net earnings for the year 2004

4,749,771,255

(450,880,716)

(4,281,153)

8,583,895

Statutory reserve Decrease in general reserve from sale of

(44,698,321) (44,698,321)

Increase in treasury stock during the year

Decrease in minority interest from sale of investment in subsidiaries Minority interest Balance - end of the year 2004

520,000,000 411,429,745 130,819,670 52,000,000 292,100,000

450,880,716 3,869,642,209 (450,880,716) 16,519,521 5,292,511,145

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

133

ß∫· ¥ß°“√‡ª≈ïò¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬: ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ °”‰√ (¢“¥∑ÿπ) – ¡

À¡“¬‡Àµÿ

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°

à«π‡°‘π¡Ÿ≈§à“

·≈–™”√–·≈â«

Àÿâπ “¡—≠

520,000,000

¬Õ¥§ß‡À≈◊Õµâπªï 2546

®—¥ √√·≈â«

·ª≈ß§à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ¬—ß‰¡à‰¥â®—¥ √√

926,054,829 168,888,751

Àÿπâ ∑ÿπ´◊ÕÈ §◊π

√«¡

60,500,000

(1,041,869,811)

633,573,769

‚Õπ ”√Õßµ“¡°ÆÀ¡“¬‰ªÀ—°¢“¥∑ÿπ – ¡

(60,500,000)

60,500,000

‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡

(514,625,084)

514,625,084

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π

(9,182,358)

”√Õßµ“¡°ÆÀ¡“¬

52,000,000

(52,000,000)

‡ß‘πªíπº≈®à“¬

(260,000,000)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546

1,536,559,297

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546

520,000,000

52,000,000

757,814,570

1,900,950,708

(28,886,723)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π

411,429,745 159,706,393

(28,886,723)

”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π

‡ß‘πªíπº≈®à“¬

(894,962,900)

4,749,771,255

°”‰√ ÿ∑∏‘ ”À√—∫ªï 2547 Àÿâπ∑ÿπ´◊ÈÕ§◊π„π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547

520,000,000

411,429,745 130,819,670

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

134

º≈µà“ß®“°°“√

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

52,000,000

450,880,716 (450,880,716)

(450,880,716) (450,880,716)

450,880,716 4,161,742,209 (450,880,716) 5,275,991,624

STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY (CONTINUED) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit: Baht)

THE COMPANY ONLY Issued and

Retained earnings (deficit)

paid-up

Premium on

Translation

share capital

ordinary shares

adjustment

Balance - beginning of the year 2003

520,000,000

926,054,829 168,888,751

Transfer statutory reserve to offset deficit

Transfer premium on ordinary shares to offset deficit

(514,625,084)

Translation adjustment

Note

Appropriated Statutory reserve

Treasury stock

Unappropriated

Treasury stock

Total

60,500,000

(1,041,869,811)

633,573,769

(60,500,000)

60,500,000

514,625,084

(9,182,358)

Statutory reserve

52,000,000

(52,000,000)

Dividend paid

(260,000,000)

Net earnings for the year 2003

1,536,559,297

Balance - end of the year 2003

520,000,000

52,000,000

757,814,570

1,900,950,708 (28,886,723)

Translation adjustment

411,429,745 159,706,393

(28,886,723)

Treasury stock reserve

450,880,716

(450,880,716)

Dividend paid

(894,962,900)

Net earnings for the year 2004

4,749,771,255

Increase in treasury stock during the year 11

Balance - end of the year 2004

520,000,000

411,429,745 130,819,670

52,000,000

(450,880,716) (450,880,716)

450,880,716 4,161,742,209 (450,880,716) 5,275,991,624

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

135

ß∫°√–· ‡ß‘π ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß∫°“√‡ß‘π√«¡ 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ”À√—∫ªï ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π: §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“§à“§«“¡π‘¬¡ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—Ë«§√“« Àπ’ È ≠Ÿ √—∫§◊π Àπ’È Ÿ≠·≈–Àπ’È ß —¬®– Ÿ≠ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ °”‰√ (¢“¥∑ÿπ) ®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß „π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π ‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ √“¬‰¥â√—∫≈à«ßÀπâ“ ¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

136

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

4,749,771,255

1,536,559,297

1,383,295,082 8,136,920 1,859,699 (55,963,180) 5,522,540 (33,526,580) (85,621,150) (7,344,569) (378,703) 8,583,895

602,643,058 2,076,090 1,614,542 (55,963,180) 6,705,262 32,970,383 (33,526,580) (161,037,212) (67,417) (7,495,859) (4,846,823,585) (1,688,819,220) (177,035) (378,703) 13,903,133 -

5,974,335,209

1,998,596,503

(184,912,120) (125,170,857)

31,328,583 439,741 14,091,838 (113,339,453) (681,100)

60,590,103 23,683,960 26,454,735 1,342,358 143,637

3,113,908,848 2,953,252,895 (3,027,681) 1,652,853 (234,963) 47,918

43,952,804 103,210,753 (25,803,916) 25,422,916 6,052,957,375

4,749,771,255 1,536,559,297

(48,103,858) (736,260) (6,167,716) (202,604,436) 101,758,564 35,585,195 32,484,936 (25,317,898) 32,509,929 70,161,560 70,161,560 (4,588,352) 1,457,724 (11,369,438) 2,196,350,777 2,698,533,214 3,016,675,708

STATEMENTS OF CASH FLOWS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED Cash flows from operating activities Net earnings for the year Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortisation Loss on impairment of goodwill Allowance for possible loss on current investments Bad debt recovery Bad debt and provision for doubtful accounts Gain on sales of investment in subsidiaries Unrealised exchange gains Share of profit from investments accounted or under equity method Gain on disposals of fixed assets Increase in minority interest Earnings (losses) from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease Trade accounts receivable Receivable from and advances to related parties Bunker oil Other current assets Other non-current assets Operating liabilities increase (decrease) Trade accounts payable Payable to and advances from subsidiaries Advances received from charterers Withholding tax payable Advance receipt for sale of investments Other current liabilities Net cash from operating activities

THE COMPANY ONLY

2004

2003

2004

2003

4,749,771,255

1,536,559,297

1,383,295,082 8,136,920 1,859,699 (55,963,180) 5,522,540 (33,526,580) (85,621,150) (7,344,569)

602,643,058 2,076,090 1,614,542 (55,963,180) 6,705,262 32,970,383 (33,526,580) (161,037,212) (67,417) (7,495,859) (4,846,823,585) (1,688,819,220)

4,749,771,255 1,536,559,297

(378,703) 8,583,895

(177,035) 13,903,133

5,974,335,209

1,998,596,503

(184,912,120) (125,170,857)

31,328,583 439,741 14,091,838 (113,339,453) (681,100)

60,590,103 23,683,960 26,454,735 1,342,358 143,637

3,113,908,848 2,953,252,895 (3,027,681) 1,652,853 (234,963) 47,918

43,952,804 103,210,753 (25,803,916) 25,422,916 6,052,957,375

(378,703) -

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

137

ß∫°√–· ‡ß‘π ¥ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß∫°“√‡ß‘π√«¡ 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥¢Õß∫√‘…—∑¬àÕ¬∑’Ë®”Àπà“¬‰ª ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬‡æ‘Ë¡¢÷Èπ ´◊ÕÈ ‘π∑√—æ¬å∂“«√ ‡ß‘π ¥√—∫®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ ‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡„À¡à ‡ß‘π ¥®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ‡ß‘π ¥®à“¬Àÿâπ∑ÿπ´◊ÈÕ§◊π ‡ß‘π ¥®à“¬ ”À√—∫‰∂à∂ÕπÀÿâπ°Ÿâ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬·°àºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π °àÕπ√“¬°“√æ‘‡»… √“¬°“√æ‘‡»… - °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈– Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π≈¥≈ß ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ÿ∑∏‘ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï

(182,001) (8,232,385,353) 511,600 (8,232,055,754)

138

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

(52,144,675) (1,345,000,000) (225,000,000) (792,898,845) (34,621,381) (138,489) 176,177 511,600 (77,585,550) (922,452,893) (1,379,109,781) (225,138,489)

7,252,848,008 3,552,990,822 (3,033,842,191) (3,103,415,058) (450,880,716) (739,123,608) (894,962,900) (260,000,000) (44,698,321) -

249,700,826 (242,582,284) (1,618,368,101) (450,880,716) (739,123,608) (894,962,900) (260,000,000) -

2,828,463,880

(549,547,844) (1,588,425,900) (2,367,790,883)

2,828,463,880 (21,519,475) 627,846,026 897,269,959 1,525,115,985

(147,612,923) (147,612,923) (697,160,767) (1,588,425,900) (2,515,403,806) (9,182,358) 567,554,759 (269,002,467) 276,133,413 329,715,200 282,671,551 6,538,138 897,269,959 13,669,084 282,671,551

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ª√–°Õ∫ß∫°√–· ‡ß‘π ¥ ‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫ ¥Õ°‡∫’¬È ®à“¬ 318,741,686 √“¬°“√∑’Ë¡‘„™à‡ß‘π ¥ ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬‚¥¬À—°°≈∫≈∫Àπ’È°—∫≈Ÿ°Àπ’È/‡®â“Àπ’È ∫√‘…—∑¬àÕ¬ √“¬°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–Àπ’È Ÿ≠√—∫§◊π ‚¥¬À—°°≈∫≈∫Àπ’È°—∫‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 70,161,560 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

2546

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

164,740,081

711,792

96,778,203

3,610,363,585 2,637,762,695 70,161,560

STATEMENTS OF CASH FLOWS (CONTINUED) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

(Unit : Baht)

CONSOLIDATED

THE COMPANY ONLY

2004 Cash flows from investing activities Cash and cash equivalents of divested subsidiaries Increase in investments accounted for under equity method Acquisitions of fixed assets Cash received from disposals of fixed assets Prepayment for vessel purchases Net cash used in investing activities Cash flows from financing activities Cash received from new loans Cash paid for long-term loans Cash paid for treasury stock Cash paid on redemption of bonds and redeemable convertible debentures Dividend paid Dividend paid to minority interest Net cash from (used in) financing activities before extraordinary items Extraordinary item - gains on redemption of bonds and redeemable convertible debentures Net cash from (used in) financing activities Decrease in translation adjustment Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental cash flow information Cash paid during the year for Interest expense Non-cash transactions Dividend income from subsidiaries offset against receivable from/payable to subsidiaries Sales of investment in subsidiaries and bad debt recovery being offset against advance receipt for sales of investment

(182,001) (8,232,385,353) 511,600 (8,232,055,754)

2003 -

2004 -

2003 -

(52,144,675) (1,345,000,000) (225,000,000) (792,898,845) (34,621,381) (138,489) 176,177 511,600 (77,585,550) (922,452,893) (1,379,109,781) (225,138,489)

7,252,848,008 3,552,990,822 (3,033,842,191) (3,103,415,058) (450,880,716) -

249,700,826 (242,582,284) (1,618,368,101) (450,880,716) -

(894,962,900) (44,698,321)

(739,123,608) (260,000,000) -

2,828,463,880

(549,547,844) (1,588,425,900) (2,367,790,883)

2,828,463,880 (21,519,475) 627,846,026 897,269,959 1,525,115,985

(147,612,923) (147,612,923) (697,160,767) (1,588,425,900) (2,515,403,806) (9,182,358) 567,554,759 (269,002,467) 276,133,413 329,715,200 282,671,551 6,538,138 897,269,959 13,669,084 282,671,551

318,741,686

164,740,081

70,161,560

(739,123,608) (894,962,900) (260,000,000) -

711,792

96,778,203

3,610,363,585 2,637,762,695

70,161,560

The accompanying notes are an integral part of the financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

139

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥¿“¬„µâ°ÆÀ¡“¬‰∑¬ ·≈–®¥∑–‡∫’¬π„π µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ∫√‘…—∑‚Œ≈¥‘Èß§Õ¡æ“π’‡æ◊ËÕ ≈ß∑ÿπ„π∏ÿ√°‘®¥â“π°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑œ µ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 8 Õ“§“√§“‡∏à¬å‡Œâ“ å ™—Èπ 7 ∂ππ “∑√‡Àπ◊Õ ’≈¡ ∫“ß√—° °√ÿß‡∑æ¡À“π§√

2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 2.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬ Õ—µ√“ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬ µ≈Õ¥®π ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡¡’¥—ßπ’È: Õ—µ√“√âÕ¬≈– ®—¥µ—Èß ¢Õß°“√∂◊ÕÀÿâπ ¢÷Èπ„π ‚¥¬∫√‘…∑— œ ∫√‘…—∑¬àÕ¬ ª√–‡∑» ∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡ 2547 2546 1. ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ‰∑¬ 99.99 99.99 2. ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ‰∑¬ 99.99 99.99 3. ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ‰∑¬ 99.99 99.99 4. ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 5. ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ‰∑¬ 99.99 99.99 6. ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 7. ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ‰∑¬ 99.99 99.99 8. ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ‰∑¬ 99.99 99.99 9. ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ‰∑¬ 99.99 99.99 10. ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ‰∑¬ 99.99 99.99 11. ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ‰∑¬ 99.99 99.99 12. ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ‰∑¬ 99.99 99.99 13. ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰∑¬ 99.99 99.99 14. ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ‰∑¬ 99.99 99.99 15. ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ‰∑¬ 99.99 99.99 16. ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ‰∑¬ 99.99 99.99 17. ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ‰∑¬ 99.99 99.99 18. ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ‰∑¬ 99.99 99.99 19. ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ‰∑¬ 99.99 99.99 20. ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ‰∑¬ 99.99 99.99 21. ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ‰∑¬ 99.99 99.99

140

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

≈—°…≥– ¢Õß∏ÿ√°‘® ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈

Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡ Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ Õ¬Ÿà„π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡ 2547 2546 2547 2546 3.77 1.96 3.11 3.06 3.64 1.38 5.07 3.12 6.43 1.35 2.35 5.75 4.53 3.61 1.77 1.78 1.82 6.04 1.12 4.57 2.42 1.79 0.47 2.25 1.98 5.07 2.58 3.43 1.89 4.56 1.20 3.54 1.39 3.74 1.30 3.09 2.28 1.12 4.65 3.39 6.04 1.76 3.74 3.64 3.08 7.54 1.73 0.43 1.92 1.14 3.77 3.26 1.58 1.82 0.01 1.53 0.85 2.05 0.79 3.26 3.34 2.00 0.78 4.40 4.84 2.08 0.92 3.26 3.42 2.53 0.74 3.69 2.73 2.04 1.10 3.86 3.25

NOTES TO FINANCIAL STATEMENTS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the years ended 31 December 2004 and 2003

1. GENERAL INFORMATION Precious Shipping Public Company Limited was incorporated as a public limited company under Thai laws and then listed on the Stock Exchange of Thailand. The Company engages the business in Thailand as a holding company for investment in the business of marine transportation. Its registered office is located at No. 8 Cathay House, 7th Floor, North Sathorn Road, Silom, Bangrak, Bangkok.

2. BASIS OF CONSOLIDATION 2.1 The consolidated financial statements included the financial statements of Precious Shipping Public Company Limited (hereinafter referred to as çthe Companyé), and the financial statements of its subsidiary companies (çthe subsidiariesé) for the years ended 31 December 2004 and 2003. The percentage of subsidiaries owned by the Company, assets and revenues of the subsidiaries included in the consolidated financial statements are as follows:

Subsidiaries

Country of incorporation

1. Precious Metals Limited 2. Precious Wishes Limited 3. Precious Stones Shipping Limited 4. Precious Minerals Limited 5. Precious Lands Limited 6. Precious Rivers Limited 7. Precious Lakes Limited 8. Precious Seas Limited 9. Precious Stars Limited 10. Precious Oceans Limited 11. Precious Planets Limited 12. Precious Diamonds Limited 13. Precious Sapphires Limited 14. Precious Emeralds Limited 15. Precious Rubies Limited 16. Precious Opals Limited 17. Precious Garnets Limited 18. Precious Pearls Limited 19. Precious Flowers Limited 20. Precious Forests Limited 21. Precious Trees Limited

Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand

Percentage directly and indirectly owned by the Company 2004 2003 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99

Nature of business Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation

Percentage of total Percentage of total assets included revenues included in the consolidated in the consolidated total assets total revenues 2004 2003 2004 2003 3.77 1.96 3.11 3.06 3.64 1.38 5.07 3.12 6.43 1.35 2.35 5.75 4.53 3.61 1.77 1.78 1.82 6.04 1.12 4.57 2.42 1.79 0.47 2.25 1.98 5.07 2.58 3.43 1.89 4.56 1.20 3.54 1.39 3.74 1.30 3.09 2.28 1.12 4.65 3.39 6.04 1.76 3.74 3.64 3.08 7.54 1.73 0.43 1.92 1.14 3.77 3.26 1.58 1.82 0.01 1.53 0.85 2.05 0.79 3.26 3.34 2.00 0.78 4.40 4.84 2.08 0.92 3.26 3.42 2.53 0.74 3.69 2.73 2.04 1.10 3.86 3.25

Annual Report 2004 Precious Shipping Public Company Limited

141

∫√‘…—∑¬àÕ¬

®—¥µ—Èß ¢÷Èπ„π ª√–‡∑»

22. ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ‰∑¬ 23. ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ‰∑¬ 24. ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ‰∑¬ 25. ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ‰∑¬ 26. ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ‰∑¬ 27. ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ‰∑¬ 28. ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ‰∑¬ 29. ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ‰∑¬ 30. ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ‰∑¬ 31. ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ‰∑¬ 32. ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ‰∑¬ 33. ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ‰∑¬ 34. ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ‰∑¬ 35. ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ‰∑¬ 36. ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ‰∑¬ 37. ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß ‘ß§‚ª√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 38. ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å 39. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ª“π“¡“ 40. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‡¡Õ√‘‡™’¬ 41. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å 42. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ Õ—ß°ƒ… 43. ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ‰∑¬ 44. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∫—≈§å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ ‡¡Õ√‘‡™’¬ 45. ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥ ‡¡Õ√‘‡™’¬ 46. ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ‡¡Õ√‘‡™’¬ 47. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å 48. ∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) Õ‘π‡¥’¬ ‰æ√‡«∑ ≈‘¡‘‡µ¥ 49. ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ‰∑¬ 50. ∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ ‡¡Õ√‘‡™’¬ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ 51. ∫√‘…—∑ ®’ æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å Õ‘π‡¥’¬ ‰æ√‡«∑ ≈‘¡‘‡µ¥ 52. ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‘ß§‚ª√å *ªí®®ÿ∫—π‰¥âÀ¬ÿ¥¥”‡π‘π∏ÿ√°‘®·≈â«

142

Õ—µ√“√âÕ¬≈– ¢Õß°“√∂◊ÕÀÿâπ ‚¥¬∫√‘…∑— œ ≈—°…≥– ∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡ ¢Õß∏ÿ√°‘® 2547 2546 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.99 ¢π àß∑“ß∑–‡≈ 99.99 99.40 ¢π àß∑“ß∑–‡≈ 99.99 99.40 ¢π àß∑“ß∑–‡≈ 69.99 69.99 §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”* 69.99 69.99 §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”* 100.00 99.99 ‚Œ≈¥‘ßÈ §Õ¡æ“π’*

Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¬Õ¥√“¬‰¥â∑’Ë√«¡ Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ Õ¬Ÿà„π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡ 2547 2546 2547 2546 2.51 0.87 3.55 3.63 1.22 2.14 4.18 7.41 2.43 5.63 4.46 7.42 1.09 3.28 4.38 6.57 5.66 2.00 3.28 3.81 2.03 4.79 1.99 3.95 2.19 5.00 1.93 3.93 2.32 5.75 1.41 3.37 2.41 5.86 1.91 3.42 2.83 6.86 2.02 3.75 3.58 2.73 1.99 1.38 0.86 1.34 1.48 0.01 -

100.00 99.99 100.00 100.00 99.99 99.99 100.00 100.00 100.00 64.06 -

0.24 4.41 0.10 0.87 0.71 0.65 -

0.50 1.54 0.81 1.96 0.03 1.50 2.98 -

0.52 0.04 0.22 0.08 1.57 -

0.01 0.01 0.01 0.15 3.34 -

100.00 ‚Œ≈¥‘Èß §Õ¡æ“π’* 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 100.00 ¢π àß∑“ß∑–‡≈ 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 99.99 ºŸ∫â √‘À“√‡√◊Õ∑“ß¥â“π‡∑§π‘§ 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 99.99 ‚Œ≈¥‘ßÈ §Õ¡æ“π’* 79.99 ‚Œ≈¥‘ßÈ §Õ¡æ“π’ 64.06 ¢π àß∑“ß∑–‡≈ 59.93 „Àâ∫√‘°“√®—¥°“√¥â“π °“√¢π àß* 99.88 ‚Œ≈¥‘Èß §Õ¡æ“π’* 59.93 ‚Œ≈¥‘Èß §Õ¡æ“π’*

50.94

∫√‘°“√∑à“®Õ¥‡√◊Õ*

0.55

0.01

100.00 100.00

‚Œ≈¥‘Èß §Õ¡æ“π’*

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Percentage Percentage of total Percentage of total Country directly and assets included revenues included of indirectly owned Nature of in the consolidated in the consolidated incorporation by the Company business total assets total revenues Subsidiaries 2004 2003 2004 2003 2004 2003 22. Precious Ponds Limited Thailand 99.99 99.99 Marine transportation 2.51 0.87 3.55 3.63 23. Precious Ventures Limited Thailand 99.99 99.99 Marine transportation 1.22 2.14 4.18 7.41 24. Precious Capitals Limited Thailand 99.99 99.99 Marine transportation 2.43 5.63 4.46 7.42 25. Precious Jasmines Limited Thailand 99.99 99.99 Marine transportation 1.09 3.28 4.38 6.57 26. Precious Orchids Limited Thailand 99.99 99.99 Marine transportation 5.66 2.00 3.28 3.81 27. Precious Lagoons Limited Thailand 99.99 99.99 Marine transportation 2.03 4.79 1.99 3.95 28. Precious Cliffs Limited Thailand 99.99 99.99 Marine transportation 2.19 5.00 1.93 3.93 29. Precious Hil s Limited Thailand 99.99 99.99 Marine transportation 2.32 5.75 1.41 3.37 30. Precious Mountains Limited Thailand 99.99 99.99 Marine transportation 2.41 5.86 1.91 3.42 31. Precious Resorts Limited Thailand 99.99 99.99 Marine transportation 2.83 6.86 2.02 3.75 32. Precious Cities Limited Thailand 99.99 99.99 Marine transportation 3.58 2.73 1.99 33. Precious Comets Limited Thailand 99.99 99.40 Marine transportation 1.38 0.86 34. Precious Ornaments Limited Thailand 99.99 99.40 Marine transportation 1.34 1.48 35. Nedtex Limited Thailand 69.99 69.99 Bulk storage barges* 0.01 36. Precious Storage Terminals Limited Thailand 69.99 69.99 Bulk storage barges* 37. Rapid Port Leasing Pte. Limited Singapore 100.00 99.99 Holding company* 38. Thebes Pte. Limited Singapore 100.00 100.00 Holding company* 39. Precious Shipping (Panama) S.A. Panama 99.99 99.99 Chartering 0.24 0.50 0.52 40. Precious Shipping (Mauritius) Limited Mauritius 100.00 99.99 Holding company* 0.01 41. Precious Shipping (Singapore) Pte. Singapore 100.00 100.00 Marine transportation 4.41 1.54 0.04 0.01 Limited 42. Precious Shipping (UK) Limited England 99.99 99.99 Chartering 0.10 0.81 0.01 43. Great Circle Shipping Agency Limited Thailand 99.99 99.99 Ship technical management 0.87 1.96 0.22 0.15 44. PSL Bulk Terminal Company Limited Mauritius 100.00 99.99 Holding company* 0.03 45. PSL Investments Limited Mauritius 100.00 99.99 Holding company* 46. International Lighterage Limited Mauritius 100.00 79.99 Holding company 0.71 1.50 0.08 47. PSL Thun Shipping Pte. Limited Singapore 64.06 64.06 Marine transportation 0.65 2.98 1.57 3.34 48. Multi Cargo Systems (India) India 59.93 Handling services* Private Limited 49. Geepee Corporation Limited Thailand 99.98 Holding company* 50. Cargo Systems International Limited Mauritius 59.93 Holding company* 51. Geepee Bulk Handlers Private Limited India 50.94 Port management* 0.55 0.01 52. Regidor Pte. Limited Singapore 100.00 100.00 Holding company* *Currently suspended their businesses

Annual Report 2004 Precious Shipping Public Company Limited

143

2.2 °“√‡ª≈’Ë¬π·ª≈ß‚§√ß √â“ß¢Õß°≈ÿà¡∫√‘…—∑„π√–À«à“ßªïªí®®ÿ∫—π¡’¥—ßπ’È: „π‡¥◊Õπ¡‘∂ÿπ“¬π 2547 ∫√‘…—∑œ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ (∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥ ·≈–∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥) ∑—Èß®”π«π„Àâ·°à∫ÿ§§≈¿“¬πÕ°µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 6 ¥—ßπ—Èπ ∫√‘…—∑œ®÷ßÀ¬ÿ¥√—∫√Ÿâ‡ß‘π≈ß∑ÿπ„π ∫√‘…—∑¬àÕ¬µ“¡«‘∏’ à«π‰¥â‡ ’¬·≈–‰¡àπ”ß∫¥ÿ≈¢Õß∫√‘…—∑¬àÕ¬¡“√«¡„π°“√®—¥∑”ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Õ¬à“ß‰√ °Áµ“¡ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ‰¥â√«¡√“¬‰¥â·≈–§à“„™â®à“¬¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“« ”À√—∫ √Õ∫√–¬–‡«≈“µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2547 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2547 («—π∑’Ë∫√‘…—∑œÀ¡¥Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬) ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡’¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ≥ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2547 ´÷Ëß‡ªìπ«—π∑’Ë ®”Àπà“¬‡ß‘π≈ß∑ÿπ¥—ßµàÕ‰ªπ’È: (Àπà«¬: æ—π∫“∑) ‘π∑√—æ¬å ‡ß‘π ¥·≈–‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬å Àπ’È ‘π ‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°°‘®°“√Õ◊Ëπ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘π à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å ÿ∑∏‘µ‘¥≈∫

182 86 26,953 26 27,247 18,032 17,285 35,317 4,301 (12,371)

2.3 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πµà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬ ≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ√◊ÕÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬„π√–À«à“ßªï ”À√—∫√“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß®“° °“√·ª≈ß§à“¥—ß°≈à“«‰¥â· ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πé „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 2.4 ¬Õ¥§ß§â“ß·≈–√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’ ¢Õß∫√‘…—∑œ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â« 2.5 ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬„π∫—≠™’¢Õß∫√‘…∑— œ‰¥âÀ°— °≈∫≈∫°—π°—∫¡Ÿ≈§à“ ‘π∑√—æ¬å ∑ÿ ∏‘µ“¡∫—≠™’¢Õß∫√‘…∑— ¬àÕ¬ ≥ «—π∑’Ë´◊ÈÕÀÿâπ º≈µà“ß‰¥â· ¥ß‡ªìπ ‘π∑√—æ¬å‰¡à¡’µ—«µπ¿“¬„µâ√“¬°“√ ç§à“§«“¡π‘¬¡é „πß∫¥ÿ≈·≈–µ—¥®”Àπà“¬¿“¬„π√–¬–‡«≈“ 20 ªï

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ ß∫°“√‡ß‘ππ’®È ¥— ∑”¢÷πÈ µ“¡¡“µ√∞“π°“√∫—≠™’∑°’Ë ”Àπ¥‚¥¬ ¡“§¡π—°∫—≠™’·≈–ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ·Ààßª√–‡∑»‰∑¬ ·≈–‡ªìπ‰ªµ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘ππ’È‰¥â®—¥∑”¢÷Èπµ“¡À≈—°√“§“∑ÿπ‡¥‘¡ ´÷ËßÕ“®ª√—∫ª√ÿß¥â«¬°“√µ’ √“§“„À¡à¢Õß√“¬°“√∫“ß√“¬°“√∑’Ë‡ªìπÕ“§“√™ÿ¥

144

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2.2 There has been the following change in the structure of the group company during the current year: In June 2004, the Company disposed the whole of its investment in the ordinary shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited, Geepee Bulk Handlers Private Limited and Multi Cargo Systems (India) Private Limited) to another party, as discussed in Note 6. The Company has therefore stopped using the equity method to account for its investment in these former subsidiaries and has not included their balance sheets in the consolidated balance sheet as at 31 December 2004. However, the consolidated earnings statement for the year ended 31 December 2004 includes the revenues and expenses of the former subsidiaries for the period as from 1 January 2004 to 30 June 2004 (the termination date of the Companyûs control over these former subsidiaries). The net asset value of Geepee Corporation Limited and its subsidiaries as at 30 June 2004, the date of the disposal of the investment, was as follows: (Unit: Thousand Baht) Assets Cash and deposits at financial institutions Other current assets Equipment - net Other non-current assets Total assets Liabilities Payable to and advances from other company Other current liabilities Total liabilities Minority interest - Equity attributable to minority shareholders of subsidiaries Negative net assets

182 86 26,953 26 27,247 18,032 17,285 35,317 4,301 (12,371)

2.3 The financial statements of the subsidiaries and associated incorporated overseas are translated into Thai Baht at the average closing exchange rate at the balance sheet date as to assets and liabilities, and at the average exchange rate during the year as to revenues and expenses. The resultant difference has been shown under the caption of çTranslation adjustmenté in the shareholdersû equity. 2.4 Material balances and transactions between the Company and its subsidiaries, investments in the subsidiaries in the Companyûs accounts and shareholdersû equity of the subsidiaries have been eliminated from the consolidated financial statements. 2.5 The acquisition cost of investments in the subsidiaries and the net book value of the subsidiaries at the time of acquisition have been offset and the difference thereof have been shown as intangible asset under the heading of çGoodwillé in balance sheet and has been amortised over a period of 20 years.

3. SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with accounting standards pronounced by the Institute of Certified Accountants and Auditors of Thailand and with the Accounting Act B.E. 2543. The financial statements have been prepared on the basis of historical cost, with certain items, such as condominium units, adjusted to reflect their appraised values.

Annual Report 2004 Precious Shipping Public Company Limited

145

π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È: -

3.1 °“√√—∫√Ÿâ√“¬‰¥â·≈–§à“„™â®à“¬ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ (ª√–°Õ∫¥â«¬ √“¬‰¥â§à“‡™à“‡√◊Õ ·≈–√“¬‰¥â§à“√–«“ß‡√◊Õ) ·≈–§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß∫—π∑÷°∫—≠™’ µ“¡‡°≥±å§ß§â“ß √“¬‰¥â®“°°“√„Àâ∫√‘°“√Õ◊Ëπ√—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕ‰¥â„Àâ∫√‘°“√·≈â« √“¬‰¥â¥Õ°‡∫’È¬√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å —¥ à«π¢Õß‡«≈“ ‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß¢Õß ‘π∑√—æ¬å ‡«âπ·µà®–¡’§«“¡‰¡à·πàπÕπ„π°“√√—∫™”√–

3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π´÷ßË ∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬–‡«≈“ ‰¡à‡°‘π 3 ‡¥◊Õπ π—∫·µà«—π∑’ËΩ“°·≈–ª√“»®“°¿“√–ºŸ°æ—π

3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‚¥¬ª√–¡“≥¢÷Èπ ®“°®”π«πÀπ’∑È Õ’Ë “®‡√’¬°‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’‰È ¡à‰¥â ‚¥¬æ‘®“√≥“®“°ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π ·≈–µ“¡ ∂“π–ªí®®ÿ∫π— ¢Õß≈Ÿ°Àπ’È §ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ Àπ’È Ÿ≠®–∂Ÿ°µ—¥®”Àπà“¬‡¡◊ËÕ‰¡à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â

3.4 πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’‡¢â“°àÕπ-ÕÕ°°àÕπ)

3.5 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πß∫°“√‡ß‘π√«¡ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ · ¥ß ¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ ´÷Ëß°“√∫—π∑÷°µ“¡«‘∏’ à«π‰¥â‡ ’¬π’È‡ß‘π≈ß∑ÿπ®–∂Ÿ°∫—π∑÷°§√—Èß·√°„π√“§“∑ÿπ∑’Ë´◊ÈÕ¡“ ·≈–ª√—∫¥â«¬ à«π ‰¥â‡ ’¬∑’Ë‡°‘¥¢÷Èπ®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡Õ—µ√“ à«π°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπÕ◊Ëπ´÷Ëß· ¥ß„π√“§“∑ÿπ ∫√‘…—∑œ ®–∫—π∑÷° §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπ ‡¡◊ËÕ√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π

3.6 ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å ‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ Õ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“°àÕπªï 2539 · ¥ß¡Ÿ≈§à“„π√“§“ª√–‡¡‘πÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«πÕ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“¿“¬À≈—ß«—π ∑’Ë∑”°“√ª√–‡¡‘π∫—π∑÷°„π√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ¢Õß∫√‘…—∑¬àÕ¬ ¥—ßπ—Èπ ®÷ß‰¥â· ¥ß¬Õ¥ ÿ∑∏‘®“°∫—≠™’‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬

146

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Significant accounting policies adopted by the Company and subsidiaries are summarised below: -

3.1 Revenue and expense recognition Vessel operating income (consist of time charters and voyage charters) and related expenses are recognised on an accrual basis. Service income is recognised when service has been rendered. Interest is recognised as income on a time proportion basis taking into accounts the effective yield rate of assets, except for the uncertainty in the collection.

3.2 Cash and cash equivalents Cash and cash equivalents consist of cash and deposits at financial institutions with an original maturity of three months or less and not subject to restriction.

3.3 Trade accounts receivable and allowance for doubtful accounts Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided to cover the estimated losses that may be incurred in the collection. The allowance is based on collection experience and current status of receivables outstanding at the balance sheet date. Bad debts will be written off for the accounts considered uncollectible.

3.4 Bunker Oil Bunker oil is valued at cost (first-in, first-out method).

3.5 Investments Investments in associated companies in the consolidated financial statements, investments in subsidiaries and associated companies in the Company没s financial statements are valued under equity method. Under this method, the investment is recorded at cost and for each subsequent year the investment is adjusted to incorporate the Company没s proportionate share of the operating results in the subsidiaries and associated companies. Investments in non-marketable equity securities, which the Company holds as other investments, are valued at cost. Allowance for possible loss on other investments is included in determining earnings when the carrying amount exceeds its recoverable amount.

3.6 Vessels, condominium and equipment Vessels and equipment are valued at cost less accumulated depreciation. Condominium, acquired before 1996, are valued at appraisal value less accumulated depreciation. The condominium acquired subsequent to the appraisal dates are valued at cost less accumulated depreciation. The surplus resulted from the revaluation is belong to a subsidiary, which has been presented by netting off investments accounted for under equity method.

Annual Report 2004 Precious Shipping Public Company Limited

147

3.7 §à“‡ ◊ËÕ¡√“§“ §à“‡ ◊ËÕ¡√“§“¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ (À≈—ß®“°À—°¡Ÿ≈§à“´“°) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√™ÿ¥ ·≈–Õÿª°√≥åÕ◊Ëπ§”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“ª√–‡¡‘π·≈â«·µà°√≥’ ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È: ‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å §à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ Õ“§“√™ÿ¥ Õÿª°√≥å∑“à ‡√◊Õ ‘Ëßª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“ Õ◊ËπÊ

3 - 20 ªï 2 ªï ·≈– 4 ªï 20 ªï 10 ªï µ“¡Õ“¬ÿ —≠≠“‡™à“ (3 ªï ·≈– 20 ªï) 5 ªï

‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫ß“π√–À«à“ß∑” ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬ 16 ·Ààß (2546: 12 ·Ààß) ¡’‡√◊Õ‡¥‘π∑–‡≈´÷Ëß¡’√“§“∑ÿπª√–¡“≥ 3,302.3 ≈â“π∫“∑ (128.5 ≈â“π‡À√’¬≠ À√—∞œ) (2546: 2,204.7 ≈â“π∫“∑ (87.9 ≈â“π‡À√’¬≠ À√—∞œ)) ‚¥¬¡’¡≈Ÿ §à“´“° 1,106.0 ≈â“π∫“∑ (41.2 ≈â“π‡À√’¬≠ À√—∞œ) (2546: 689.6 ≈â“π∫“∑ (27.2 ≈â“π‡À√’¬≠ À√—∞œ))∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“‡√◊Õ‡¥‘π∑–‡≈ ¥—ß°≈à“«µ—Èß·µà«—π∑’Ë‰¥â¡“µ“¡«‘∏’‡ âπµ√ß ‚¥¬§”π«≥®“°√“§“∑ÿπ ÿ∑∏‘À≈—ß®“°À—°¡Ÿ≈§à“´“° ´÷Ëß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ ‡À≈à“π—Èπ‰¥â∂Ÿ°µ—¥§à“‡ ◊ËÕ¡√“§“®π§√∫°”Àπ¥·≈â« Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬‰¥â∑”°“√ ”√«®Õ“¬ÿ°“√„™âß“π¢Õß‡√◊Õ‡¥‘π∑–‡≈ ª√–°Õ∫°—∫°“√æ‘®“√≥“¡Ÿ≈§à“´“°„À¡à ·≈–§“¥«à“‡√◊Õ®–„™âß“π‰¥âÕ°’ 5 ªï ‚¥¬¡’¡≈Ÿ §à“´“°„À¡à≈”≈– 0.7 ≈â“π‡À√’¬≠ À√—∞œ ∫√‘…∑— ¬àÕ¬®÷ßµ—¥§à“‡ ◊ËÕ¡√“§“®“°¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’À≈—ß®“°À—°¡Ÿ≈§à“´“°„À¡àµ“¡«‘∏’‡ âπµ√ß‡ªìπ‡«≈“ 5 ªï π—∫·µà«—π∑’Ë§√∫°”Àπ¥ °“√µ—¥§à“‡ ◊ÕË ¡√“§“§√—ßÈ ·√° §à“‡ ◊ÕË ¡√“§“ ”À√—∫ à«π∑’µË ¥— ‡æ‘¡Ë „πªï 2547 ‡ªìπ®”π«π‡ß‘π 136.1 ≈â“π∫“∑ (2546: 89.5 ≈â“π∫“∑)

3.8 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®–æ‘®“√≥“§à“‡º◊ÕË °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ÕË ¡’‡§√◊ÕË ß∫àß™’«È “à ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ¡’®”π«π Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÀ√◊Õ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬®–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπÀ√◊Õ∫—π∑÷° ≈¥ à«π‡°‘π∑ÿπ„π°√≥’∑ ’Ë π‘ ∑√—æ¬åππ—È ‡§¬µ’√“§“‡æ‘¡Ë ·≈–®–°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ÕË ¡’¢Õâ ∫àß™’«È “à °“√¥âÕ¬§à“¥—ß°≈à“« ‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß ‚¥¬∫—π∑÷°‡ªìπ√“¬‰¥âÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπÀ√◊Õπ”‰ª‡æ‘Ë¡ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å·≈â«·µà°√≥’

3.9 ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π∂—«‡©≈’¬Ë ¢Õß‡¥◊Õπ°àÕπ‡¥◊Õπ∑’‡Ë °‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—µ√“·≈°‡ª≈’Ë¬π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

3.10 º≈ª√–‚¬™πåæπ—°ß“π ∫√‘…∑— œ ∫√‘…∑— ¬àÕ¬ ·≈–æπ—°ß“π‰¥â√«à ¡°—π®¥∑–‡∫’¬π®—¥µ—ßÈ °Õß∑ÿπ ”√Õß‡≈’¬È ß™’æµ“¡æ√–√“™∫—≠≠—µ°‘ Õß∑ÿπ ”√Õß ‡≈’È¬ß™’æ æ.». 2530 ´÷Ëßª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπ ·≈–‡ß‘π∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫„Àâ„πÕ—µ√“‡¥’¬«°—π °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–®–®à“¬ „Àâ·°àæπ—°ß“π„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫¢Õß°Õß∑ÿπœ „πªï 2547 ·≈– 2546 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π ¡∑∫ ‡¢â“°Õß∑ÿπœ‡ªìπ®”π«π‡ß‘π 1.1 ≈â“π∫“∑ ·≈– 0.9 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…—∑œ: 0.7 ≈â“π∫“∑ ·≈– 0.6 ≈â“π∫“∑ µ“¡≈”¥—∫)

148

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

3.7 Depreciation Depreciation of vessels and equipment is calculated by reference to their costs (after deducting residual value), depreciation of condominium and other equipment is calculated by reference to their costs or appraised value, using the straight-line method over the estimated useful lives as follows: Vessels and equipment Dry-dock and special survey expenses Condominium Berth equipment Leasehold improvement Others

3 - 20 years 2 years and 4 years 20 years 10 years lease periods (3 years and 20 years) 5 years

No depreciation is provided for work in progress. As at 31 December 2004, 16 subsidiaries (2003: 12 subsidiaries) have vessels at cost of approximately Baht 3,302.3 million (USD 128.5 million) (2003: Baht 2,204.7 million (USD 87.9 million)), with residual value of approximately Baht 1,106.0 million (USD 41.2 million) (2003: Baht 689.6 million (USD 27.2 million)). The subsidiaries depreciated their vessels since their acquisition by the straight-line method on cost net of residual value. The vessels of the subsidiaries have been fully depreciated; however, the subsidiaries made a survey of the estimated useful life and residual value of their vessels and expected that the useful life should be extended for another five years with the residual value of USD 0.7 million per vessel. Those subsidiaries, therefore, depreciate their vessels by the straight-line method for another period of five years on their net book value (after deducting new residual value) since the date first fully depreciated. Additional depreciation expenses for the year 2004 are Baht 136.1 million (2003: Baht 89.5 million).

3.8 Allowance for assets impairment Allowance for assets impairment has been set up when there are indications that the carrying value of the assets may be higher than their net realisable value or fair value. The impairment losses will be recognised in the earnings statement, or reduce the revaluation increment in assets in case that those assets are previously revalued. The reversal of impairment losses will be recognised as part of other income or as a revaluation increment in assets when there is an indication that the impairment losses are no longer exist or decreased.

3.9 Foreign currencies Foreign currency transactions during the year are translated into Baht at the average rates ruling on the previous transaction month. Monetary assets and liabilities in foreign currency outstanding on the balance sheet date are translated into Thai Baht at the rates ruling on the balance sheet date. Exchange gains and losses are included in determining earnings.

3.10 Employees没 benefits The Company and subsidiaries and their employees have jointly registered provident fund scheme under Provident Fund Act B.E. 2530. The funds are contributed at the rate of 5 percent of their basic salaries by both the Company/the subsidiaries and the employees and managed by Bangkok Bank Public Company Limited. The funds will be paid to the employees upon retirement, resignation and termination in accordance with the rules of staff provident fund. During the years 2004 and 2003, Baht 1.1 million and Baht 0.9 million, respectively, have been contributed to the fund by the Company and subsidiaries (The Company only: Baht 0.7 million and Baht 0.6 million, respectively).

Annual Report 2004 Precious Shipping Public Company Limited

149

3.11 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¡à¡π’ ‚¬∫“¬∑’®Ë –ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæπ— ∏å∑“ß°“√‡ß‘π‡æ◊ÕË °“√‡°Áß°”‰√À√◊Õ‡æ◊ÕË °“√§â“ ‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π∑’·Ë ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’°È “√§â“ ‡®â“Àπ’°È “√§â“·≈– ‡ß‘π°Ÿ¬â ¡◊ ®“° ∂“∫—π°“√‡ß‘π´÷ßË π‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ∑’‡Ë °’¬Ë «¢âÕß·≈â«

3.12 Àÿâπ∑ÿπ´◊ÈÕ§◊π Àÿâπ∑ÿπ´◊ÈÕ§◊π· ¥ß¡Ÿ≈§à“„πß∫¥ÿ≈¥â«¬√“§“∑ÿπ‡ªìπ√“¬°“√À—°®“° à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ À“°√“§“¢“¬¢ÕßÀÿâπ∑ÿπ ´◊ÈÕ§◊π Ÿß°«à“√“§“´◊ÈÕ¢ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ∫√‘…—∑œ ®–√—∫√Ÿâº≈µà“ß‡¢â“∫—≠™’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ∑ÿπ´◊ÈÕ§◊π·≈–À“°√“§“¢“¬¢ÕßÀÿâπ∑ÿπ ´◊ÈÕ§◊πµË”°«à“√“§“´◊ÈÕ¢ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ∫√‘…—∑œ ®–π”º≈µà“ßÀ—°®“° à«π‡°‘π¡Ÿ≈§à“Àÿâπ∑ÿπ´◊ÈÕ§◊π„ÀâÀ¡¥‰ª°àÕπ ·≈â«®÷ßπ”º≈µà“ß ∑’Ë‡À≈◊ÕÕ¬Ÿà‰ªÀ—°®“°∫—≠™’°”‰√ – ¡

3.13 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬ ∫ÿ§§≈¿“¬πÕ°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï

3.14 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√√“¬°“√ ∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë‡°‘¥¢÷Èπ®√‘ß „π¿“¬À≈—ß®÷ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

4. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ “¡“√∂·¬°µ“¡Õ“¬ÿ≈Ÿ°Àπ’È‰¥â¥—ßπ’È: -

πâÕ¬°«à“ 3 ‡¥◊Õπ 3 - 6 ‡¥◊Õπ 6 - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ √«¡ À—°: §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ 2547 2546 15,224 62,016 12,182 1,111 3,303 6,292 69,498 89,759 100,207 159,178 (68,738) (88,992) 31,469 70,186

(Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546 1,825 1,849 1,825 1,849 (1,825) (1,849) -

5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…—∑œ ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (‡°’Ë¬«¢âÕß°—π‚¥¬ °“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–Õ—µ√“∑’Ë√–∫ÿ„π —≠≠“√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑‡À≈à“π—Èπ ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ ”À√—∫‡ß‘π∑¥√Õß®à“¬„Àâ·°à/®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π √“¬°“√∏ÿ√°‘® ¥—ß°≈à“« √ÿª‰¥â¥—ßπ’È: -

150

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

3.11 Financial instruments The Company and subsidiaries have no policy to hold or issue derivative instruments for speculative or trading purposes. Financial instruments carried in the balance sheet include cash and cash equivalents, trade accounts receivable, trade accounts payable and loans from financial institutions. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

3.12 Treasury stock Treasury stock is stated at cost and presented as a deduction from shareholders没 equity. Gains on disposal of treasury stock are determined by reference to the carrying amount and are presented as premium on treasury stock. Losses on disposal of treasury stock are determined by reference to the carrying amount and are presented in premium on treasury stock and retained earnings, consecutively.

3.13 Basic earnings per share Basic earnings per share is determined by dividing net earnings for the year by the weighted average number of ordinary shares held by outsiders outstanding during the year.

3.14 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates for certain accounting transactions, affecting the amounts reported in the financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

4. TRADE ACCOUNTS RECEIVABLE The balances of trade accounts receivable are classified by aging as follows:

Less than 3 months 3 - 6 months 6 - 12 months More than 12 months Total Less: Allowance for doubtful accounts Trade accounts receivable - net

CONSOLIDATED 2004 2003 15,224 62,016 12,182 1,111 3,303 6,292 69,498 89,759 100,207 159,178 (68,738) (88,992) 31,469 70,186

(Unit: Thousand Baht) THE COMPANY ONLY 2004 2003 1,825 1,849 1,825 1,849 (1,825) (1,849) -

5. RELATED PARTY TRANSACTIONS During the years, the Company had significant business transactions with its subsidiary, associated and related companies (related by way of common shareholders and/or directors). Such transactions, have been concluded on the terms and basis as stipulated in the agreements between the Company and those companies. No interest was charged on advances to/from subsidiary and related companies. The transactions are summarised below: -

Annual Report 2004 Precious Shipping Public Company Limited

151

ß∫°“√‡ß‘π√«¡ 2547 2546 √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ‡ß‘πªíπº≈√—∫ ¥Õ°‡∫’¬È √—∫ §à“„™â®à“¬„π°“√∫√‘À“√ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π §à“‡™à“·≈–§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß §à“µ—Î«‡§√◊ËÕß∫‘π

1,344 22,424

1,365 11,731

(Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546

3,610,364 9,918

2,637,763 642 6,612

672 3,968

672 3,300

¬Õ¥§ß‡À≈◊Õ¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß‡ªìπ√“¬°“√·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷Ëßª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È: (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2547 ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 89,858 213,867 234,511 69,214 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 62,504 149,300 87,724 124,080 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 428,168 416,663 11,505 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 391,449 383,116 8,333 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 816,908 440,093 376,815 ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 2,270,509 2,241,215 29,294 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 122,708 149,867 148,447 124,128 ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 151,594 117,729 33,865 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 191,668 168,109 23,559 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 58,667 177,676 160,497 75,846 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 27,879 27,879 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 91,518 166,256 162,823 94,951 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ 28,107 70,573 90,895 7,785 ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 117,108 14,354 20,123 111,339 √«¡ 598,349 5,192,189 4,699,824 1,090,714 ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 440 440 -

152

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

CONSOLIDATED 2004 2003 Transactions with subsidiaries (Eliminated from consolidated financial statements) Dividend received Interest income Administrative expenses Transactions with related companies Rental and related expenses Air ticket expenses

1,344 22,424

1,365 11,731

(Unit: Thousand Baht) THE COMPANY ONLY 2004 2003

3,610,364 9,918

2,637,763 642 6,612

672 3,968

672 3,300

The outstanding balances of the above transactions have been separately shown in the balance sheets. Details of balances are as follows: (Unit: Thousand Baht) THE COMPANY ONLY 2003 Increase Decrease 2004 Receivable from and advances to subsidiaries Precious Seas Limited 89,858 213,867 234,511 69,214 Precious Stars Limited 62,504 149,300 87,724 124,080 Precious Capitals Limited 428,168 416,663 11,505 Precious Jasmines Limited 391,449 383,116 8,333 Precious Orchids Limited 816,908 440,093 376,815 Precious Lagoons Limited 2,270,509 2,241,215 29,294 Precious Cliffs Limited 122,708 149,867 148,447 124,128 Precious Hills Limited 151,594 117,729 33,865 Precious Mountains Limited 191,668 168,109 23,559 Precious Resorts Limited 58,667 177,676 160,497 75,846 Precious Shipping (Panama) S.A. 27,879 27,879 Precious Shipping (Mauritius) Limited 91,518 166,256 162,823 94,951 Pecious Shipping (UK) Limited 28,107 70,573 90,895 7,785 Great Circle Shipping Agency Limited 117,108 14,354 20,123 111,339 Total 598,349 5,192,189 4,699,824 1,090,714 Receivable from and advances to other related companies International Seaports Pte. Limited 440 440 -

Annual Report 2004 Precious Shipping Public Company Limited

153

(Àπà«¬: æ—π∫“∑)

‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ √«¡

154

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

2546

2547

249,164 270,449 57,939 83,763 21,291 48,775 39,122 130,754 134,761 92,516 133,415 57,991 26,219 23,845 58,638 75,966 77,873 69,964 67,842 29,883 129,059 1,714 59,743 11,858 50,755 5,672 5,750 8,304 8 8 4,767 16 16 9,203 495,475 2,532,518

401,693 508,458 468,482 586,205 1,083,854 1,035,272 476,647 390,332 220,902 150,946 662,672 570,722 226,923 221,756 124,832 166,257 412,322 410,168 453,055 444,294 120,542 233,822 398,255 334,336 235,531 151,155 132,426 88,149 379,968 325,901 468,638 439,376 274,819 249,165 418,946 392,597 382,564 343,693 366,290 350,634 311,262 422,136 1,714 59,743 11,858 50,755 5,672 5,750 336,688 325,799 163,030 82,886 230,343 134,587 11 16 661 677 36 43 9,203 1,332,443 1,320,940 119,893 581,315 10,203,728 10,406,332

142,399 152,726 106,521 170,078 91,247 140,725 44,289 89,329 136,915 101,277 20,135 121,910 110,595 68,122 112,705 105,228 103,527 96,313 106,713 45,539 18,185 19,193 80,152 95,764 4,762 9 11,503 34,053 2,329,914

(Unit: Thousand Baht)

Payable to and advances from subsidiaries Precious Metals Limited Precious Wishes Limited Precious Stones Shipping Limited Precious Minerals Limited Precious Lands Limited Precious Rivers Limited Precious Lakes Limited Precious Oceans Limited Precious Planets Limited Precious Diamonds Limited Precious Sapphires Limited Precious Emeralds Limited Precious Rubies Limited Precious Opals Limited Precious Garnets Limited Precious Pearls Limited Precious Flowers Limited Precious Forests Limited Precious Trees Limited Precious Ponds Limited Precious Ventures Limited Precious Capitals Limited Precious Jasmines Limited Precious Orchids Limited Precious Lagoons Limited Precious Hills Limited Precious Mountains Limited Precious Cities Limited Precious Comets Limited Precious Ornaments Limited Nedtex Limited Regidor Pte. Limited Thebes Pte. Limited Geepee Corporation Limited Precious Shipping (Panama) S.A. Precious Shipping (Singapore) Pte. Limited Total

2003

THE COMPANY ONLY Increase Decrease

2004 142,399 152,726 106,521 170,078 91,247 140,725 44,289 89,329 136,915 101,277 20,135 121,910 110,595 68,122 112,705 105,228 103,527 96,313 106,713 45,539 18,185 19,193 80,152 95,764 4,762 9 11,503 34,053 2,329,914

Annual Report 2004 Precious Shipping Public Company Limited

155

(Àπà«¬: æ—π∫“∑) 2546 ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‘‡µ¥ √«¡

440 1,859 2,299

ß∫°“√‡ß‘π√«¡ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß -

2547

440 1,859 2,299

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬/∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—πÕ◊πË ‡ªìπ√“¬°“√∑’‡Ë °‘¥®“°∫—≠™’‡¥‘π –æ—¥√–À«à“ß∫√‘…∑— œ ·≈–∫√‘…—∑‡À≈à“π—Èπ ´÷ËßΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“‰¡à¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫Àπ’È¥—ß°≈à“« ‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬‰¡à¡’¥Õ°‡∫’È¬ ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„πªï 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È: (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546 143,000 143,000 143,000 143,000 100,750 100,750 96,525 96,525 95,693 95,693 57,850 57,850 21,450 21,450 4,550 4,550 662,818 662,818

∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ √«¡

6. ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑Õ◊Ëπª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È: (Àπà«¬: æ—π∫“∑) ∂◊ÕÀÿâπ√âÕ¬≈– 2547 2546 ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘æªîôß ®”°—¥

156

99.99 99.99 99.99

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

‡ß‘πªíπº≈√—∫ 2547 2546

99.99 250,000 250,000 296,296 282,056 105,000 120,500 99.99 229,999 229,999 301,279 257,356 183,999 102,005 99.99 260,000 140,000 320,294 137,026 36,400 -

2003 Receivable from and advances to other related companies International Seaports Pte. Limited Kakinada Seaports Limited Total

440 1,859 2,299

(Unit: Thousand Baht) CONSOLIDATED Increase Decrease 2004 -

440 1,859 2,299

The outstanding balances of the amounts due from/to subsidiaries/other related companies represent current accounts between the Company and those companies. The Company没s management believes that no allowance for doubtful accounts is necessary. Details of subordinated interest-free loans from subsidiaries, which are repayable within 2006, are as follows: (Unit: Thousand Baht) THE COMPANY ONLY 2004 2003 Precious Cliffs Limited 143,000 143,000 Precious Capitals Limited 143,000 143,000 Precious Jasmines Limited 100,750 100,750 Precious Stars Limited 96,525 96,525 Precious Seas Limited 95,693 95,693 Precious Orchids Limited 57,850 57,850 Precious Ponds Limited 21,450 21,450 Precious Lakes Limited 4,550 4,550 Total 662,818 662,818

6. INVESTMENTS These represent investments in the following subsidiaries, associated and other companies: (Unit: Thousand Baht) THE COMPANY ONLY Percentage of ownership Cost method Equity method Dividend received 2004 2003 2004 2003 2004 2003 2004 2003 Investments accounted for under equity method Subsidiaries Precious Metals Limited 99.99 99.99 250,000 250,000 296,296 282,056 105,000 120,500 Precious Wishes Limited 99.99 99.99 229,999 229,999 301,279 257,356 183,999 102,005 Precious Stones Shipping Limited 99.99 99.99 260,000 140,000 320,294 137,026 36,400 -

Annual Report 2004 Precious Shipping Public Company Limited

157

(Àπà«¬: æ—π∫“∑)

∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥

158

∂◊ÕÀÿâπ√âÕ¬≈– 2547 2546 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.40 99.99 99.40 69.99 69.99

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏’√“§“∑ÿπ «‘∏ ’ «à π‰¥â‡ ’¬ 2547 2546 2547 2546 230,000 140,000 323,854 161,156 84,000 24,000 115,806 21,250 234,000 44,000 315,537 58,634 99,000 99,000 128,052 70,977 100,000 100,000 209,690 131,312 105,000 105,000 147,901 135,996 175,000 175,000 203,039 204,418 100,000 100,000 155,343 129,611 205,000 55,000 280,970 94,285 143,999 143,999 177,493 127,659 86,000 32,000 138,149 52,028 84,000 24,000 115,029 26,390 74,000 24,000 63,527 23,872 78,999 30,999 128,335 54,520 72,999 38,999 122,529 66,227 75,999 38,999 122,258 65,949 95,999 39,999 154,002 57,088 79,999 39,999 130,717 61,803 83,999 31,999 118,998 61,206 79,999 79,999 120,130 140,697 199,999 199,999 345,234 269,727 97,999 97,999 152,699 174,434 216,999 51,999 372,261 89,708 139,999 139,999 164,348 168,277 139,999 139,999 222,747 138,638 139,999 139,999 191,787 166,685 139,999 139,999 214,226 166,608 139,999 139,999 219,614 165,275 169,999 169,999 210,161 168,342 71,099 99 73,545 (95) 68,099 99 90,492 (96) 648 648 (4,794) (4,783)

‡ß‘πªíπº≈√—∫ 2547 2546 108,800 4,690 29,400 180,939 35,376 52,470 77,999 143,349 29,400 39,165 49,000 187,599 231,999 129,249 148,349 139,368 24,480 161,249 97,310 42,840 39,623 101,909 114,388 202,938 132,500 138,699 150,284 149,279 105,138 184,799 55,519 165,479 90,830 283,998 162,479 181,999 77,700 283,218 188,943 76,459 122,329 111,999 87,850 28,000 32,200 145,599 58,800 98,280 58,800 67,690 59,500 29,964 -

(Unit: Thousand Baht)

Precious Minerals Limited Precious Lands Limited Precious Rivers Limited Precious Lakes Limited Precious Seas Limited Precious Stars Limited Precious Oceans Limited Precious Planets Limited Precious Diamonds Limited Precious Sapphires Limited Precious Emeralds Limited Precious Rubies Limited Precious Opals Limited Precious Garnets Limited Precious Pearls Limited Precious Flowers Limited Precious Forests Limited Precious Trees Limited Precious Ponds Limited Precious Ventures Limited Precious Capitals Limited Precious Jasmines Limited Precious Orchids Limited Precious Lagoons Limited Precious Cliffs Limited Precious Hills Limited Precious Mountains Limited Precious Resorts Limited Precious Cities Limited Precious Comets Limited Precious Ornaments Limited Nedtex Limited

Percentage of ownership 2004 2003 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.40 99.99 99.40 69.99 69.99

THE COMPANY ONLY Cost method Equity method Dividend received 2004 2003 2004 2003 2004 2003 230,000 140,000 323,854 161,156 108,800 4,690 84,000 24,000 115,806 21,250 29,400 234,000 44,000 315,537 58,634 180,939 35,376 99,000 99,000 128,052 70,977 52,470 100,000 100,000 209,690 131,312 77,999 143,349 105,000 105,000 147,901 135,996 29,400 39,165 175,000 175,000 203,039 204,418 49,000 187,599 100,000 100,000 155,343 129,611 231,999 129,249 205,000 55,000 280,970 94,285 148,349 139,368 143,999 143,999 177,493 127,659 24,480 86,000 32,000 138,149 52,028 161,249 97,310 84,000 24,000 115,029 26,390 42,840 39,623 74,000 24,000 63,527 23,872 78,999 30,999 128,335 54,520 101,909 114,388 72,999 38,999 122,529 66,227 202,938 132,500 75,999 38,999 122,258 65,949 138,699 150,284 95,999 39,999 154,002 57,088 149,279 105,138 79,999 39,999 130,717 61,803 184,799 55,519 83,999 31,999 118,998 61,206 165,479 90,830 79,999 79,999 120,130 140,697 283,998 162,479 199,999 199,999 345,234 269,727 181,999 77,700 97,999 97,999 152,699 174,434 283,218 188,943 216,999 51,999 372,261 89,708 76,459 122,329 139,999 139,999 164,348 168,277 111,999 87,850 139,999 139,999 222,747 138,638 28,000 139,999 139,999 191,787 166,685 32,200 145,599 139,999 139,999 214,226 166,608 58,800 98,280 139,999 139,999 219,614 165,275 58,800 67,690 169,999 169,999 210,161 168,342 59,500 71,099 99 73,545 (95) 68,099 99 90,492 (96) 29,964 648 648 (4,794) (4,783) -

Annual Report 2004 Precious Shipping Public Company Limited

159

(Àπà«¬: æ—π∫“∑)

∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ à«π·∫àßº≈¢“¥∑ÿπ‡°‘π°«à“‡ß‘π≈ß∑ÿπ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘

∂◊ÕÀÿâπ√âÕ¬≈– 2547 2546 69.99 69.99 100.00 100.00 100.00 99.88 99.99 99.99 100.00 99.99 100.00 100.00 99.99 99.99 99.99 99.99

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏’√“§“∑ÿπ «‘∏ ’ «à π‰¥â‡ ’¬ ‡ß‘πªíπº≈√—∫ 2547 2546 2547 2546 2547 2546 4,199 4,199 15 26 0.0503 (678) 0.0365 0.0365 (651) (615) 5,874 (9,204) 250 250 42,579 (2,338) 250 250 (171,765) (173,236) 363,338 363,338 650,232 631,413 250 250 4,992 6,690 121,995 121,995 (82,982) (64,617) 5,043,110 3,703,984 6,883,968 4,311,677 3,610,364 2,637,763 7,144,160 4,567,339 (260,192) (255,662) 6,883,968 4,311,677

∫√‘…—∑œ ‰¥â· ¥ß à«π·∫àßº≈¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬∑’Ë‡°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ‚¥¬· ¥ß ÿ∑∏‘°—∫ ≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑ ¬àÕ¬„πß∫¥ÿ≈ ∫√‘…—∑œ ‰¥âπ”‡ß‘πªíπº≈√—∫¢Õßªï 2547 ·≈– 2546 ‰ªÀ—°°≈∫≈∫Àπ’È°—∫¬Õ¥§ß§â“ß∫—≠™’≈Ÿ°Àπ’È/‡®â“Àπ’È∫√‘…—∑¬àÕ¬ „πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬®”π«π 35 ∫√‘…—∑ ´÷Ëß¡’¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬√«¡ 6,363.4 ≈â“π∫“∑ (2546: ∫√‘…—∑¬àÕ¬ 27 ∫√‘…—∑ ¡Ÿ≈§à“√«¡ 3,416.7 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 „π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬ 3 ·Ààß„πª√–‡∑» ‰¥â·°à ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ ≥ «—ππ—Èπ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 225 ≈â“π∫“∑ „π√–À«à“ß‰µ√¡“ ∑’Ë 1 ¢Õßªï 2547 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» (∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥) ‰¥â√—∫‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬ (∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥) ‡ªìπ®”π«π‡ß‘π 1.7 ≈â“π‡À√’¬≠ ‘ß§‚ª√å „π√–À«à“ß‰µ√¡“ ∑’Ë 2 ¢Õßªï 2547 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ¡’°“√‡ª≈’Ë¬π·ª≈ß¥—ßπ’È: ë ∫√‘…—∑œ ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ (∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥ ·≈–∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥) „Àâ·°à∫ÿ§§≈¿“¬πÕ°∑—Èß®”π«π„π√“§“¢“¬ 14.2 ≈â“π∫“∑ ‚¥¬∫√‘…—∑œ‰¥âπ”¡Ÿ≈§à“∑’Ë‰¥â√—∫®“°°“√¢“¬‡ß‘π ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰ªÀ—°°≈∫≈∫Àπ’È°—∫∫—≠™’ ç‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπé ·≈–¡’°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ „π∫√‘…—∑¬àÕ¬‡ªìπ®”π«π 33.5 ≈â“π∫“∑ ´÷Ëß‰¥â∫—π∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπªïªí®®ÿ∫—π·≈â« ”√Õß∑—Ë«‰ª¢Õß∫√‘…—∑¬àÕ¬„πß∫°“√ ‡ß‘π√«¡®”π«π 24.2 ≈â“π∫“∑ ‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«

160

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

(Unit: Thousand Baht)

Precious Storage Terminals Limited Regidor Pte. Limited Thebes Pte. Limited Geepee Corporation Limited Precious Shipping (Panama) S.A. Precious Shipping (Mauritius) Limited Precious Shipping (Singapore) Pte. Limited Precious Shipping (UK) Limited Great Circle Shipping Agency Limited Total net investments in subsidiaries Investments accounted for under equity method Share of losses over investments Total net investments in subsidiaries

Percentage of ownership 2004 2003 69.99 69.99 100.00 100.00 100.00 99.88 99.99 99.99 100.00 99.99 100.00 100.00 99.99 99.99 99.99 99.99

THE COMPANY ONLY Cost method Equity method Dividend received 2004 2003 2004 2003 2004 2003 4,199 4,199 15 26 0.0503 (678) 0.0365 0.0365 (651) (615) 5,874 (9,204) 250 250 42,579 (2,338) 250 250 (171,765)(173,236) 363,338 363,338 650,232 631,413 250 250 4,992 6,690 121,995 121,995 (82,982) (64,617) 5,043,110 3,703,984 6,883,968 4,311,677 3,610,364 2,637,763 7,144,160 4,567,339 (260,192) (255,662) 6,883,968 4,311,677

The Company has presented share of losses from subsidiaries over investments by net off the amounts receivable from/payable to subsidiaries in the balance sheets. The Company offset the above dividend income of years 2004 and 2003 against amount receivable from/ payable to subsidiaries in the balance sheets. As at 31 December 2004, the Company has pledged the shares of 35 subsidiaries amounting to Baht 6,363.4 million (2003: 27 subsidiaries amounting to Baht 3,416.7 million), stated under the equity method, with banks to secure the long-term loans referred to in Note 8. During the year 2003, the 3 local subsidiaries - Precious Cities Limited, Precious Lakes Limited and Precious Sapphires Limited - issued new ordinary shares, which the Company purchased in proportion to its shareholding at the acquisition date, at par value, or a total of Baht 225 million. During the first quarter of 2004, an overseas subsidiary (Precious Shipping (Singapore) Pte. Limited) received dividend amounting to SGD 1.7 million from an overseas subsidiary (PSL Thun Shipping Pte. Limited). During the second quarter of 2004, there have been the following changes in the investments in subsidiaries: ë The Company disposed of the whole of the Companyûs investment in the ordinary shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited, Geepee Bulk Handlers Private Limited and Multi Cargo Systems (India) Private Limited), to another party at a price of Baht 14.2 million. The Company offset the cash received from the sale of the investment in these subsidiaries against çadvance receipt for sale of investmentsé and recorded a gain of Baht 33.5 million in the earnings statement of the current year. General reserve of subsidiaries amounting to Baht 24.2 million has been written-off from the consolidated financial statements.

Annual Report 2004 Precious Shipping Public Company Limited

161

πÕ°®“°π’È ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ à«π∑’Ë‡À≈◊ÕÕ’°®”π«π 56.0 ≈â“π∫“∑ ‰¥â∂Ÿ°π”‰ª®à“¬™”√–·∑π ≈Ÿ°Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡µà“ßª√–‡∑»·ÀàßÀπ÷Ëß ´÷Ëß∫√‘…—∑œ ‰¥âµ—¥‡ªìπÀπ’È Ÿ≠‰ª·≈â«„πªï 2545 ¥—ßπ—Èπ ∫√‘…—∑œ ®÷ß ∫—π∑÷°®”π«π‡ß‘π¥—ß°≈à“«‡ªìπÀπ’È Ÿ≠√—∫§◊π„πß∫°”‰√¢“¥∑ÿπªïªí®®ÿ∫—π ë ∫√‘…—∑œ ‰¥â´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» (∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥) ‡æ‘Ë¡Õ’°®”π«π 1 Àÿâπ „π¡Ÿ≈§à“∑’Ëµ√“‰«â‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 1 ‡À√’¬≠ À√—∞œ ∑”„Àâ∫√‘…—∑œ∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 100.0 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¬àÕ¬ ë ∫√‘…—∑œ ‰¥â‚ÕπÀÿâπ “¡—≠∑—ÈßÀ¡¥¢Õß∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ „Àâ·°à∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ Õ¬à“ß‰√°Áµ“¡ À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ ·≈â«∫√‘…—∑œ ¬—ß§ß∂◊ÕÀÿâπ„π∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡∑à“°—∫√âÕ¬≈– 100.0 ‡™àπ‡¥‘¡ ë ∫√‘…—∑¬àÕ¬ 12 ·Ààß„πª√–‡∑»‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π °“√∂◊ÕÀÿâπ ≥ «—ππ—Èπ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 630 ≈â“π∫“∑ ¥—ßπ’È ®”π«π‡ß‘π (≈â“π∫“∑) ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 48 ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 60 ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 34 ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 56 ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 60 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 52 ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 50 ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ 71 ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 54 ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑ å ®”°—¥ 68 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 40 ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 37 √«¡ 630 „π√–À«à“ß‰µ√¡“ ∑’Ë 3 ¢Õßªï 2547 ∫√‘…—∑¬àÕ¬ 5 ·Ààß„πª√–‡∑»‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈÕ ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ ≥ «—ππ—Èπ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 600 ≈â“π∫“∑ ¥—ßπ’È ®”π«π‡ß‘π (≈â“π∫“∑) ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 190 ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 150 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 50 ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 120 ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 90 √«¡ 600

162

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

In addition, the remaining balance of advance receipt for sale of investments, amounting to Baht 56.0 million, was paid to the Company on behalf of an account receivable arising from the sale of an investment in an overseas associated company, which the Company wrote off as bad debt in the year 2002. The Company therefore recorded the amount as çbad debt recoveryé in the earnings statement of the current year. ë The Company has acquired 1 additional ordinary share in an overseas subsidiary (Precious Shipping (Mauritius) Limited) at par value, a total of USD 1. As a result, the Company holds 100.0 percent of the registered share capital of that subsidiary. ë The Company transferred all ordinary shares of Regidor Pte. Limited to Precious Shipping (Singapore) Pte. Limited. However, based on its indirect holding, the Company still holds 100.0 percent of the registered capital of that company. ë The 12 local subsidiaries issued new ordinary shares, which the Company purchased in proportion to its shareholding at the acquisition date, at par value, or a total of Baht 630 million, as follows: Amount (Million Baht) Precious Garnets Limited 48 Precious Lands Limited 60 Precious Pearls Limited 34 Precious Forests Limited 56 Precious Rubies Limited 60 Precious Ponds Limited 52 Precious Opals Limited 50 Precious Comets Limited 71 Precious Emeralds Limited 54 Precious Ornaments Limited 68 Precious Trees Limited 40 Precious Flowers Limited 37 Total 630 During the third quarter of 2004, the 5 local subsidiaries issued new ordinary shares, which the Company purchased in proportion to its shareholding at the acquisition date, at par value, or a total of Baht 600 million, as follows: Amount (Million Baht) Precious Rivers Limited 190 Precious Diamonds Limited 150 Precious Orchids Limited 50 Precious Stones Shipping Limited 120 Precious Minerals Limited 90 Total 600

Annual Report 2004 Precious Shipping Public Company Limited

163

„π√–À«à“ß‰µ√¡“ ∑’Ë 4 ¢Õßªï 2547 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ¡’°“√‡ª≈’Ë¬π·ª≈ß¥—ßπ’È: ë ∫√‘…—∑¬àÕ¬„πª√–‡∑»·ÀàßÀπ÷Ëß (∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥) ‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ‰¥â ´◊ÕÈ ‡ß‘π≈ß∑ÿπ‡æ‘¡Ë µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ≥ «—ππ—πÈ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿπâ “¡—≠¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 115.0 ≈â“π∫“∑ ë ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» (∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥) ‰¥â√—∫‡ß‘πªíπº≈®“° ∫√‘…—∑¬àÕ¬ (∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥) ‡ªìπ®”π«π‡ß‘π 1.6 ≈â“π‡À√’¬≠ ‘ß§‚ª√å (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ 2547 2546 2547 2546 2547 2546 ∫√‘…—∑√à«¡∑’Ë∂◊ÕÀÿâπ‚¥¬∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ 22.40 17.92 87,701 87,701 95,045 87,701 „π√–À«à“ßªï 2546 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ‰¥â´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ‘π‡µÕ√å ‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ‡æ‘Ë¡Õ’°®”π«π 5,855,207 Àÿâπ ∑”„Àâ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ∂◊ÕÀÿâπ „π∫√‘…—∑¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 22.40 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑π—Èπ À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ ·≈â«®–‡∑à“°—∫√âÕ¬≈– 17.92 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« ∫√‘…—∑¥—ß°≈à“«¥”‡π‘π∏ÿ√°‘®‡°’Ë¬«°—∫°“√ÕÕ°·∫∫°àÕ √â“ß æ—≤π“·≈–∫√‘À“√∑à“‡∑’¬∫‡√◊Õ„πª√–‡∑»Õ‘π‡¥’¬ „π√–À«à“ßªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‰¥â´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ ‡æ‘¡Ë Õ’°®”π«π 2,000 Àÿπâ ∑”„Àâ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ∂◊ÕÀÿπâ „π∫√‘…∑— ¥—ß°≈à“«„π —¥ à«π √âÕ¬≈– 100.0 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑π—Èπ º≈¢Õß√“¬°“√´◊ÈÕÀÿâππ’È∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ „π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 17.92 ‡ªìπ√âÕ¬≈– 22.40 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß ∫√‘…—∑¥—ß°≈à“« à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡∑’Ë∂◊ÕÀÿâπ‚¥¬∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 §”π«≥ ®“°ß∫°“√‡ß‘π´÷Ëß®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑√à«¡·≈–¬—ß‰¡à‰¥âµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑π—Èπ (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ∂◊ÕÀÿâπ√âÕ¬≈– «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ «‘∏’ à«π‰¥â‡ ’¬ 2547 2546 2547 2546 2547 2546 2547 2546 ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 34.30 34.30 19,501 19,501 25,231 25,231 25,231 25,231 ∫√‘…—∑ ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‘‡µ¥ 33.33 33.33 96,889 96,889 96,889 96,889 ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ 50.00 47.99 31,716 31,716 19,365 19,365 ∫√‘…—∑ §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‘‡µ¥ 8.95 16.65 24,004 22,144 24,004 22,144 √«¡ 172,110 170,250 165,489 163,629 25,231 25,231 À—°: §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ (165,489) (163,629) (25,231) (25,231) ‡ß‘π≈ß∑ÿπ™—Ë«§√“« - ÿ∑∏‘ -

164

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

During the fourth quarter of 2004, there have been the following changes in the investments in subsidiaries: ĂŤ A local subsidiary (Precious Orchids Limited) issued new ordinary shares, which the Company purchased in proportion to its shareholding at the acquisition date, at par value, or a total of Baht 115.0 million. ĂŤ An overseas subsidiary (Precious Shipping (Singapore) Pte. Limited) received dividend amounting to SGD 1.7 million from an overseas subsidiary (PSL Thun Shipping Pte. Limited). (Unit: Thousand Baht) CONSOLIDATED Percentage of ownership Cost method Equity method 2004 2003 2004 2003 2004 2003 Associate held by a subsidiary International Seaports (Haldia) Private Limited 22.40 17.92 87,701 87,701 95,045 87,701 During the year 2003, International Lighterage Limited has additionally acquired 5,855,207 of ordinary shares of International Seaports (Haldia) Private Limited. This represents 22.40 percent of registered share capital of that company. Based on indirect holding, the Company holds 17.92 percent of the registered capital of that company, which is engaged in the design, construction, development and operation of a berth in India. During the year 2004, Precious Shipping (Mauritius) Limited acquired an additional 2,000 ordinary shares of International Lighterage Limited, meaning that Precious Shipping (Mauritius) Limited now holds 100.0 percent of the registered share capital of that company. As a result of this transaction, the shareholding of the Company in International Seaports (Haldia) Private Limited has increased from 17.92 percent to 22.40 percent of registered share capital. Shares of profit from investment in associate held by a subsidiary for the year ended 31 December 2004 was recorded based on financial statements prepared by the management of that company and not reviewed by its auditor. (Unit: Thousand Baht) Percentage of CONSOLIDATED THE COMPANY ONLY ownership Cost method Equity method Equity method 2004 2003 2004 2003 2004 2003 2004 2003 Current investments International Seaports Pte. Limited 34.30 34.30 19,501 19,501 25,231 25,231 25,231 25,231 Dhamra Port Company Private Limited 33.33 33.33 96,889 96,889 96,889 96,889 Southern LPG Limited 50.00 47.99 31,716 31,716 19,365 19,365 Kakinada Seaports Limited 8.95 16.65 24,004 22,144 24,004 22,144 Total 172,110 170,250 165,489 163,629 25,231 25,231 Less: Allowance for possible loss on investments (165,489) (163,629) (25,231) (25,231) Net current investments -

Annual Report 2004 Precious Shipping Public Company Limited

165

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ßª√–‡∑» 3 ∫√‘…—∑∑’Ë¡’Õ¬Ÿà‡¥‘¡µ“¡«‘∏’ à«π‰¥â‡ ’¬®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2543 ‡∑à“π—Èπ ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡µ—Èß„®∑’Ë®–‡ πÕ¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈– ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ¥—ßπ—Èπ ®÷ß‰¥â®—¥ª√–‡¿∑‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‡ß‘π≈ß∑ÿπ™—Ë«§√“«„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π º≈®“°°“√∑’Ë∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡„π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ ‡æ‘Ë¡¢÷Èπ®“° √âÕ¬≈– 47.99 ‡ªìπ√âÕ¬≈– 50.00 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π 165.5 ≈â“π∫“∑·≈– 163.6 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…—∑œ: 25.2 ≈â“π∫“∑·≈– 25.2 ≈â“π∫“∑ µ“¡≈”¥—∫)

7. ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ‘π∑√—æ¬å∑’Ë · ¥ßµ“¡ √“§“ª√–‡¡‘π

‘π∑√—æ¬å∑’Ë· ¥ßµ“¡ √“§“∑ÿπ

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å §à“„™â®“à ¬„π ‡√◊Õ·≈– °“√´àÕ¡·´¡ Õ“§“√™ÿ¥ Õ“§“√™ÿ¥ Õÿª°√≥å ·≈– ”√«®‡√◊Õ √«¡ √“§“∑ÿπ / √“§“ª√–‡¡‘π 31 ∏—π«“§¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ 31 ∏—π«“§¡ 2547 §à“‡ ◊ÕË ¡√“§“ – ¡ 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“„π à«π∑’Ëµ’√“§“‡æ‘Ë¡ §à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë®”Àπà“¬ 31 ∏—π«“§¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2546 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2546 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’°√≥’· ¥ß¥â«¬√“§“∑ÿπ 31 ∏—π«“§¡ 2546 31 ∏—π«“§¡ 2547

166

175,063 175,063

‘ßË µ‘¥µ—ßÈ ·≈– Õÿª°√≥å Õÿª°√≥å ‘Ëßª√—∫ª√ÿß ß“π ∑à“‡√◊Õ ”π—°ß“π ¬“πæ“Àπ– ‘π∑√—æ¬å‡™à“ √–À«à“ß∑”

8,654 8,168,305 468,160 8,636,465 114,582 209 7,894,252 380,620 8,274,872 (152,868) (152,868) (114,582) 8,863 16,062,557 695,912 16,758,469 -

34,946 13,706 4,556 4,463 (7,203) (1,069) 32,299 17,100

750 750

75,169 4,708 4,688 84,565

4,428 3,950,936 208,127 4,159,063 82,502 33,492 10,914 434 1,140,436 225,152 1,365,588 5,341 1,306 1,160 (152,868) (152,868) (87,843) (6,856) (1,069) 4,862 5,091,372 280,411 5,371,783 27,942 11,005

599 70

99,894 90,498

4,226 4,217,369 260,033 4,477,402 4,001 10,971,185 415,501 11,386,686

32,080 -

1,454 4,357

2,792 6,095

669

√«¡

- 8,984,166 25,871 8,309,971 (275,722) 25,871 17,018,415 -

4,366,167 1,378,607 4,688 (248,636) 5,500,826

151 - 4,617,999 81 25,871 11,517,589 601,965 1,383,295

65,143 59,492

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

The Company and subsidiaries recorded investments in 3 overseas associated companies under the equity method only until 31 December 2000, since the management of the Company and the subsidiaries are making efforts to sell these investments and an investment in another company. The investments have therefore been reclassified as current investment, under current assets. As a result of Precious Shipping (Mauritius) Limited没s acquisition of the additional share capital of International Lighterage Limited, the proportion of shareholding of the Company in Southern LPG Limited increased from 47.99 percent to 50.00 percent. As at 31 December 2004 and 2003, the Company and subsidiaries have set up provision for possible loss on investments of Baht 165.5 million and Baht 163.6 million, respectively (The Company Only: Baht 25.2 million and Baht 25.2 million, respectively).

7. VESSELS, CONDOMINIUM AND EQUIPMENT (Unit: Thousand Baht) CONSOLIDATED Assets at appraisal

Assets at cost Vessels and equipment

Dry-dock and Vessels and special survey Condominium Condominium equipment expenses Total Cost / Appraised value 31 December 2003 Acquisitions Disposals 31 December 2004 Accumulated depreciation 31 December 2003 Depreciation for the year Depreciation on revaluation surplus Depreciation on disposals 31 December 2004 Net book value 31 December 2003 31 December 2004 Depreciation for the year 2003 2004 Net book value as presented at historical cost 31 December 2003 31 December 2004

Furniture, fixtures Berth and office Motor Leasehold Work in equipment equipment vehicles improvement progress

175,063 175,063

8,654 8,168,305 468,160 8,636,465 114,582 34,946 13,706 209 7,894,252 380,620 8,274,872 4,556 4,463 (152,868) (152,868) (114,582) (7,203) (1,069) 8,863 16,062,557 695,912 16,758,469 32,299 17,100

75,169 4,708 4,688 84,565

4,428 3,950,936 208,127 4,159,063 82,502 33,492 10,914 434 1,140,436 225,152 1,365,588 5,341 1,306 1,160 (152,868) (152,868) (87,843) (6,856) (1,069) 4,862 5,091,372 280,411 5,371,783 27,942 11,005

99,894 90,498

4,226 4,217,369 260,033 4,477,402 4,001 10,971,185 415,501 11,386,686

32,080 -

1,454 4,357

2,792 6,095

750 750 599 70 669

Total

25,871 25,871

8,984,166 8,309,971 (275,722) 17,018,415

4,366,167 1,378,607 4,688 (248,636) 5,500,826

151 - 4,617,999 81 25,871 11,517,589 601,965 1,383,295

65,143 59,492

Annual Report 2004 Precious Shipping Public Company Limited

167

(Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ‘Ëßµ°·µàß µ‘¥µ—Èß ·≈–Õÿª°√≥å ”π—°ß“π ¬“πæ“Àπ– √“§“∑ÿπ 31 ∏—π«“§¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2546 §à“‡ ◊ÕË ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“„π à«π∑’Ë®”Àπà“¬ 31 ∏—π«“§¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2546 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2546 2547

‘Ëßª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“

ß“π √–À«à“ß∑”

√«¡

11,662 4,437 (6,909) 9,190

10,593 4,463 (1,069) 13,987

750 750

25,721 25,721

23,005 34,621 (7,978) 49,648

10,943 1,082 (6,776) 5,249

8,742 924 (1,069) 8,597

599 70 669

20,284 2,076 (7,845) 14,515

719 3,941

1,851 5,390

151 81

25,721

2,721 35,133 1,614 2,076

„π√–À«à“ßªï 2547 ∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈¡◊Õ Õß®”π«π 22 ≈” „π√“§“ 199.2 ≈â“π‡À√’¬≠ À√—∞œ (2546: 2 ≈”„π√“§“ 15.6 ≈â“π‡À√’¬≠ À√—∞œ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß‡√◊Õ‡¥‘π∑–‡≈®”π«π 51 ≈” ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π 10,332.7 ≈â“π∫“∑ (2546: 30 ≈” ¡Ÿ≈§à“ 4,217.4 ≈â“π∫“∑) ·≈–Õ“§“√™ÿ¥´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘®”π«π 94.5 ≈â“π∫“∑ (2546: 104.1 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õÿª°√≥å´÷Ëß‰¥â§‘¥§à“‡ ◊ËÕ¡√“§“ – ¡‰«â·≈â«‡µÁ¡ ®”π«π·µà¬—ß„™âß“πÕ¬Ÿà ‚¥¬ ‘π∑√—æ¬å¥—ß°≈à“«¡’√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 37.0 ≈â“π∫“∑ ·≈– 40.6 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“– ∫√‘…—∑œ: 12.1 ≈â“π∫“∑ ·≈– 15.9 ≈â“π∫“∑ µ“¡≈”¥—∫)

168

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

(Unit: Thousand Baht) THE COMPANY ONLY

Cost 31 December 2003 Acquisitions Disposals 31 December 2004 Accumulated depreciation 31 December 2003 Depreciation for the year Depreciation on disposals 31 December 2004 Net book value 31 December 2003 31 December 2004 Depreciation for the year 2003 2004

Furniture, fixtures and office equipment

Motor vehicles

11,662 4,437 (6,909) 9,190

10,593 4,463 (1,069) 13,987

10,943 1,082 (6,776) 5,249 719 3,941

Leasehold improvement

Work in progress

Total

750 750

25,721 25,721

23,005 34,621 (7,978) 49,648

8,742 924 (1,069) 8,597

599 70 669

20,284 2,076 (7,845) 14,515

1,851 5,390

151 81

25,721

2,721 35,133 1,614 2,076

During the year 2004, the subsidiaries purchased 22 second-hand vessels for a total of USD 199.2 million (2003: 2 second-hand vessels for USD 15.6 million) As at 31 December 2004, the subsidiaries have mortgaged 51 vessels with net book value of Baht 10,332.7 million (2003: 30 vessels amounting to Baht 4,217.4 million) and condominium units with net book value of Baht 94.5 million (2003: Baht 104.1 million) with banks to secure long-term loans as referred to in Note 8. As at 31 December 2004 and 2003, the Company and subsidiaries have fully depreciated equipment which are still in use, the costs of such assets amounted to Baht 37.0 million and Baht 40.6 million, respectively (The Company Only: Baht 12.1 million and Baht 15.9 million, respectively).

Annual Report 2004 Precious Shipping Public Company Limited

169

8. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¡’¥—ßπ’È: -

‡ß‘π°Ÿâ¬◊¡„À¡à ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË √«¡ À—°: à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï à«π∑’Ë∂÷ß°”Àπ¥™”√–‡°‘π°«à“Àπ÷Ëßªï

ß∫°“√‡ß‘π√«¡ 2547 2546 7,543,592 3,387,984 17,580 34,367 7,561,172 3,422,351 (1,127,542) (938,579) 6,433,630 2,483,772

‡ß‘π°Ÿ¬â ¡◊ „À¡à ‡¡◊ÕË «—π∑’Ë 16 ¡‘∂πÿ “¬π 2546 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“„Àâ π‘ ‡™◊ÕË °—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞œ ‚¥¬¡’«—µ∂ÿª√– ß§å¥—ßπ’È: °) ‘π‡™◊ÕË ®”π«π 65 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ÕË π”‰ª™”√–§◊π‡ß‘π°Ÿ¬â ¡◊ °àÕπ°”Àπ¥ ”À√—∫‡ß‘π°Ÿ¬â ¡◊ ¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬∑’Ë¡’Õ¬Ÿà„πªí®®ÿ∫—π ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ¿“¬„π 12 ‡¥◊Õππ—∫·µà«—π∑’Ë≈ßπ“¡„π —≠≠“„Àâ ‘π‡™◊ËÕ ¢) ‘π‡™◊ËÕ®”π«π 35 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ·≈–/À√◊Õ ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ ‚¥¬¡’√–¬– ‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ®π∂÷ß ‘Èπªï 2548 πÕ°®“°π’È ‡¡◊ËÕ«—π∑’Ë 18 ¡’π“§¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“·°â‰¢„Àâ ‘π‡™◊ËÕ‡æ‘Ë¡‡µ‘¡°—∫∏π“§“√ °√ÿß‰∑¬ ®”°—¥ (¡À“™π) ‚¥¬¡’«ß‡ß‘π ‘π‡™◊ËÕ„À¡à‡æ‘Ë¡¢÷Èπ®“°‡¥‘¡¥—ßπ’È: §) «ß‡ß‘π ‘π‡™◊ËÕ®”π«π 170 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ ‡ß‘π°Ÿâ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2547 ß) «ß‡ß‘π ‘π‡™◊ËÕ‡æ◊ËÕ„™â‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π°“√¥”‡π‘πß“π´÷Ëßª√–°Õ∫¥â«¬ ë «ß‡ß‘π‡∫‘°‡°‘π∫—≠™’®”π«π‰¡à‡°‘π 10 ≈â“π∫“∑ ë «ß‡ß‘πÀπ—ß ◊Õ§È”ª√–°—π®”π«π‰¡à‡°‘π 105 ≈â“π∫“∑ ë «ß‡ß‘π‡æ◊ËÕ°“√·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»®”π«π‰¡à‡°‘π 20 ≈â“π‡À√’¬≠ À√—∞œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¬—ß‰¡à¡’°“√‡∫‘°„™â«ß‡ß‘π ‘π‡™◊ËÕ„π à«π ß) ‡ß‘π°Ÿâ¬◊¡ °) ·≈– ¢) §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’ËµàÕªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’Ë √–∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 7.5 ªï ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–Àπ’È 1 ªï ‡ß‘π°Ÿâ¬◊¡ §) §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’ËµàÕªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’Ë√–∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 9 ªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬ 34 ∫√‘…—∑¡’¬Õ¥‡ß‘π°Ÿâ¬◊¡§ß§â“ß®”π«π 192.4 ≈â“π‡À√’¬≠ À√—∞œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ß‘π°Ÿâ¬◊¡„À¡àπ’È§È”ª√–°—π‚¥¬ °) ®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ 50 ≈” (2546: 29 ≈”) ·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 7) ¢) ®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬ 35 ∫√‘…—∑ (2546: 27 ∫√‘…—∑) (À¡“¬‡Àµÿ 6) §) ‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È

170

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

8. LONG-TERM LOANS The outstanding balances of long-term loans as at 31 December 2004 and 2003 were as follows: (Unit: Thousand Baht) CONSOLIDATED THE COMPANY ONLY 2004 2003 2004 2003 New loans 7,543,592 3,387,984 242,582 Other loan 17,580 34,367 Total 7,561,172 3,422,351 242,582 Less: Current portion (1,127,542) (938,579) (242,582) Long-term portion 6,433,630 2,483,772 New loans On 16 June 2003, the Company and subsidiaries have entered into an agreement with Krung Thai Bank Public Company Limited to obtain credit facilities of USD 100 million for the following purposes: a) USD 65 million is to be used to refinance all outstanding loans of the Company and subsidiaries. Such facility is to be drawn down within 12 months from the date of the agreement. b) USD 35 million is to be used to pay for purchases of vessels and/or to fund the redemption of the Bonds. Such facility can be drawn down until the end of 2005. In addition, on 18 March 2004 the Company and subsidiaries entered into an amendment and restatement agreement with Krung Thai Bank Public Company Limited to obtain the following additional credit facilities: c) A facility of USD 170 million to be used to pay for purchases of vessels. Such facility is to be drawn down by 31 December 2004. d) Credit facilities for use as working capital consisting of: ë an overdraft facility up to an aggregate amount not exceeding Baht 10 million. ë a letter of guarantee facility up to an aggregate amount not exceeding Baht 105 million. ë a foreign currency exchange facility up to an aggregate amount not exceeding USD 20 million. As at 31 December 2004, no draw down has been made from facility d). Facilities a) and b) carry interest at the rate of LIBOR plus a margin per annum. They are payable in quarterly installments over a period of 7.5 years, in accordance with the proportionate amounts stipulated in the agreement, after a one year grace period. Facility c) carries interest at the rate of LIBOR plus a margin per annum and is payable in quarterly installments of the proportionate amounts stipulated in the agreement, over a period of 9 years. As at 31 December 2004, the 34 subsidiaries have outstanding loan balance by USD 192.4 million. As at 31 December 2004 and 2003, these loans are secured by the following: a) The mortgage of 50 vessels (2003: 29 vessels) and condominium units belonging to subsidiaries (Note 7). b) The pledge of the shares of 35 subsidiaries (2003: 27 subsidiaries) (Note 6). c) The assignment of the beneficiary rights under insurance policies for the subsidiariesû vessels and condominium units.

Annual Report 2004 Precious Shipping Public Company Limited

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ß) ‚Õπº≈ª√–‚¬™πå„π‡ß‘π√“¬‰¥â¢Õß‡√◊Õ·≈–∫—≠™’‡ß‘πΩ“°∏π“§“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È„π°√≥’ ∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬º‘¥‡ß◊ËÕπ‰¢„π —≠≠“‡ß‘π°Ÿâ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥∫“ßª√–°“√∑’Ë°”Àπ¥‰«â„π —≠≠“„Àâ ‘π‡™◊ËÕÕ“∑‘ ‡™àπ °) ¥”√ß√—°…“Õ—µ√“ à«π debt service coverage ‰¡àπâÕ¬°«à“ 1 µàÕ 1 ¢) ¥”√ß√—°…“Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ (debt to equity) ‰¡à‡°‘π°«à“ 2 µàÕ 1 §) ¥”√ß‡ß‘π∑ÿπ ”√Õß∑ÿπÀ¡ÿπ‡«’¬π‰¡àπâÕ¬‰ª°«à“ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈” ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË ‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ‡ªìπ‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’Ë µàÕªï ¡’°”Àπ¥®à“¬™”√–§◊π∑ÿ°À°‡¥◊Õπ∂÷ßªï 2548 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ§ß‡À≈◊Õ®”π«π 0.5 ≈â“π‡À√’¬≠ À√—∞œ (2546: 0.9 ≈â“π ‡À√’¬≠ À√—∞œ) „π√–À«à“ßªï 2547 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ®”π«π 0.4 ≈â“π‡À√’¬≠ À√—∞œ (2546: 0.4 ≈â“π ‡À√’¬≠ À√—∞œ) ‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ§È”ª√–°—π‚¥¬°“√®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ 1 ≈” (À¡“¬‡Àµÿ 7) ·≈–‚Õπº≈ª√–‚¬™πå„π °√¡∏√√¡åª√–°—π¿—¬¢Õß‡√◊Õ¥—ß°≈à“«„Àâ·°à‡®â“Àπ’È

9. ”√Õßµ“¡°ÆÀ¡“¬ µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œ ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ ∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡à πâÕ¬°«à“√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â µ“¡¡“µ√“ 1202 ·Ààßª√–¡«≈°ÆÀ¡“¬·æàß·≈–æ“≥‘™¬å ∫√‘…—∑¬àÕ¬∑’Ë®—¥µ—Èß¢÷Èπµ“¡°ÆÀ¡“¬‰∑¬µâÕß®—¥ √√ ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß®”π«πº≈°”‰√´÷Ëß∫√‘…—∑∑”¡“À“‰¥â∑ÿ°§√“«∑’Ë®à“¬‡ß‘πªíπº≈®π°«à“∑ÿπ ”√Õß π—Èπ®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

10. ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π µ“¡∑’Ë ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‰¥âÀ“√◊Õ‰ª¬—ß ”π—°ß“π§≥– °√√¡°“√°ƒ…Æ’°“‡æ◊ËÕ„Àâæ‘®“√≥“‡√◊ËÕß°“√´◊ÈÕÀÿâπ§◊πµ“¡¡“µ√“ 66/1 (2) ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ”π—°ß“π§≥–°√√¡°“√°ƒ…Æ’°“‰¥âæ‘®“√≥“·≈–¡’§«“¡‡ÀÁπ √ÿª«à“°“√´◊ÈÕÀÿâπ§◊π¢Õß∫√‘…—∑¡À“™π®”°—¥®–°√–∑”‰¥â‰¡à‡°‘π «ß‡ß‘π°”‰√ – ¡∑’Ë¡’Õ¬Ÿà·≈–„Àâ¢âÕ —ß‡°µ‡æ‘Ë¡‡µ‘¡«à“Àπà«¬√“™°“√∑’Ë‡°’Ë¬«¢âÕß§«√°”Àπ¥‡ªìπÀ≈—°‡°≥±å‡æ◊ËÕ„Àâ∫√‘…—∑¡À“™π ®”°—¥µâÕß°—π®“°∫—≠™’°”‰√ – ¡‡æ◊ËÕ‡ªìπ‡ß‘π ”√Õß‚¥¬¡’®”π«π‡ß‘π‡∑à“°—∫¡Ÿ≈§à“∑’Ë‰¥â®à“¬´◊ÈÕÀÿâπ§◊π ‡ß‘π ”√Õß®–§ßÕ¬Ÿà®π°«à“¡’ °“√®”Àπà“¬Àÿâπ∑’Ë´◊ÈÕ§◊π‰¥âÀ¡¥ À√◊Õ≈¥∑ÿπ∑’Ë™”√–·≈â«¥â«¬Àÿâπ´◊ÈÕ§◊π∑’Ë®”Àπà“¬‰¡àÀ¡¥ Õ¬à“ß‰√°Áµ“¡ ®π∂÷ßªí®®ÿ∫—π¬—ß‰¡à¡’°“√ °”Àπ¥À≈—°‡°≥±å¥—ß°≈à“«Õ¬à“ß‡ªìπ∑“ß°“√„Àâ¡’°“√ªØ‘∫—µ‘µ“¡À≈—°°“√¢â“ßµâπ ‡æ◊ËÕ§«“¡√–¡—¥√–«—ß ∫√‘…—∑œ ‰¥â°—π‡ß‘π ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π‡∑à“°—∫®”π«π‡ß‘π∑’Ë‰¥â®à“¬´◊ÈÕÀÿâπ§◊πµ“¡À≈—°°“√ ¢â“ßµâπ·≈â«

11. Àÿπâ ∑ÿπ´◊ÕÈ §◊π ‡¡◊ËÕ«—π∑’Ë 26 ¡’π“§¡ 2547 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ ¡’¡µ‘Õπÿ¡—µ‘‚§√ß°“√´◊ÈÕÀÿâπ§◊π‡æ◊ËÕ«—µ∂ÿª√– ß§å„π °“√∫√‘À“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ ¿“æ§≈àÕß à«π‡°‘π¢Õß∫√‘…—∑œ ·≈–∑”„Àâ°”‰√µàÕÀÿâπ√«¡∑—Èß¡Ÿ≈§à“∑“ß∫—≠™’µàÕÀÿâπ Ÿß¢÷Èπ‚¥¬¡’√“¬ ≈–‡Õ’¬¥¥—ßπ’È: -

172

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

d) The assignment of the revenues from vessels and deposit accounts of the Company and subsidiaries if they breach the conditions in the loan agreements. The Company and subsidiaries have to comply with certain conditions and restrictions provided in the loan agreement such as: a) Maintenance of a debt service coverage ratio of at least 1 : 1. b) Maintenance of a debt to equity ratio not exceeding 2 : 1. c) Maintenance of available liquid reserves of no less than USD 100,000 per vessel. Other loan Other loan represents loan of an overseas subsidiary which charges interest at the rate of LIBOR plus margin per annum and is payable in semi-annual installments until 2005. As at 31 December 2004, the subsidiary has outstanding other loan of USD 0.5 million (2003: USD 0.9 million). During the year 2004, the subsidiary repaid other loan of USD 0.4 million (2003: USD 0.4 million). The loan is secured by the mortgage and the assignment of the beneficiary rights under insurance policy of its vessel to a creditor (Note 7).

9. STATUTORY RESERVE Under the Public Limited Companies Act B.E. 2535, the Company is required to set aside a reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any) until the reserve reaches 10 percent of the registered share capital. This reserve is not available for dividend distribution. In accordance with Section 1202 of the Civil and Commercial Code, each time the subsidiaries (incorporated under Thai laws) declares a dividend payment, it must allocate not less than 5 percent of its earnings to its statutory reserve, until this statutory reserve reaches not less than 10 percent of registered share capital. This reserve is not available for dividend distribution.

10. TREASURY STOCK RESERVE At the request of the Securities and Exchange Commission of Thailand, the Judicial Council deliberated the issue of treasury share schemes under Section 66/1(2) of the Public Limited Companies Act B.E. 2535, and concluded that the cost of treasury shares as acquired by a public limited company should not exceed its retained earnings. The Council also suggested that the relevant authorities should require public limited companies to set aside from the retained earnings a separate reserve account in an amount equal to the cost of the treasury shares. The reserve shall remain outstanding until either the shares are sold or paid-up capital is reduced by the cancellation of any remaining unsold shares. To date the authorities have yet to officially impose such requirement. For reasons of conservatism, the Company has set aside a reserve for treasury stock in an amount equal to that paid to acquire such treasury stock, in line with above principle.

11. TREASURY STOCK On 26 March 2004, a meeting of the Board of Directors of the Company approved a share repurchase scheme for the purpose of the financial management of the Company没s surplus liquidity and to increase both earnings per share and book value per share. The details are as follows: -

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°) ¢) §) ß)

«ß‡ß‘π Ÿß ÿ¥∑’Ë®–„™â„π°“√´◊ÈÕÀÿâπ§◊π‰¡à‡°‘π 1,000 ≈â“π∫“∑ ®”π«πÀÿπâ ∑’®Ë –´◊ÕÈ §◊π‰¡à‡°‘π 26 ≈â“πÀÿπâ ¡Ÿ≈§à“∑’µË √“‰«âÀπÿâ ≈– 1 ∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 5 ¢ÕßÀÿπâ ∑’®Ë ”Àπà“¬·≈â« °”Àπ¥√–¬–‡«≈“∑’Ë®–´◊ÈÕÀÿâπ§◊πµ—Èß·µà«—π∑’Ë 10 ‡¡…“¬π 2547 ∂÷ß«—π∑’Ë 9 µÿ≈“§¡ 2547 √–¬–‡«≈“®”Àπà“¬Àÿâπ∑’Ë´◊ÈÕ§◊πµ—Èß·µà«—π∑’Ë 10 ‡¡…“¬π 2548 ∂÷ß«—π∑’Ë 8 µÿ≈“§¡ 2550 (¿“¬À≈—ß 6 ‡¥◊Õπ π—∫·µà°“√´◊ÕÈ Àÿπâ §◊π‡ √Á® ‘πÈ ·µàµÕâ ß‰¡à‡°‘π 3 ªï) À“°∫√‘…∑— œ ‰¡à “¡“√∂®”Àπà“¬Àÿπâ ∑’´Ë Õ◊È §◊π∑—ßÈ À¡¥¿“¬„π√–¬– ‡«≈“∑’Ë°”Àπ¥ ∫√‘…—∑œ ®–≈¥∑ÿπ™”√–·≈â«‚¥¬«‘∏’µ—¥Àÿâπ®¥∑–‡∫’¬π∑’Ë´◊ÈÕ§◊π·≈–¬—ß¡‘‰¥â®”Àπà“¬∑—ÈßÀ¡¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Àÿâπ∑ÿπ´◊ÈÕ§◊πª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È: -

¡Ÿ≈§à“Àÿâπ∑ÿπ´◊ÈÕ§◊π (∫“∑) ®”π«πÀÿâπ∑ÿπ´◊ÈÕ§◊π (Àÿâπ) √“§“‡©≈’Ë¬Àÿâπ≈– (∫“∑) Õ—µ√“√âÕ¬≈–¢Õß®”π«πÀÿâπ∑ÿπ´◊ÈÕ§◊πµàÕ®”π«π Àÿâπ∑’Ë∫√‘…—∑œ ÕÕ°

ß∫°“√‡ß‘π√«¡ 2547 2546 450,880,716 13,386,300 33.6823 2.57

12. °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È: (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2547 2546 2547 2546 °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß (29,482) 23,154 15,376 14,764 °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß 85,621 161,037 67 7,496 °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π - ÿ∑∏‘ 56,139 184,191 15,443 22,260

13. §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œµ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑ ¡À“™π ®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

14. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈¢Õß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2547 ·≈– 2546 ‡π◊ËÕß®“°º≈¢“¥∑ÿπ∑“ß¿“…’¬° ¡“®“°ªï°àÕπÊ ¡’¡“°°«à“°”‰√ ÿ∑∏‘¢Õßªï¥—ß°≈à“« ∫√‘…—∑¬àÕ¬‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ”À√—∫‡ß‘π‰¥â®“°°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑» µ“¡ª√–°“»Õ∏‘∫¥’ °√¡ √√æ“°√‡°’Ë¬«°—∫¿“…’‡ß‘π‰¥â©∫—∫∑’Ë 72 ≈ß«—π∑’Ë 1 ¡°√“§¡ 2541 πÕ°®“°π’È ∫√‘…—∑¬àÕ¬¬—ß‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘ ∫ÿ§§≈µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈

174

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

a) The maximum budget for the share repurchase plan is Baht 1,000 million. b) The number of shares to be repurchased is not to exceed 26 million shares at par value of Baht 1 per share, equal to 5 percent of the total issued shares. c) The period for the share repurchase is 10 April 2004 to 9 October 2004. d) The period for disposal of the repurchased shares is 10 April 2005 to 8 October 2007 (at least 6 months but not more than 3 years after the date the share repurchase scheme is completed). In the event, the Company does not or is unable to dispose of the repurchased shares within such period, the Company will reduce its capital by cancelling the remaining unsold shares. As at 31 December 2004, details of treasury stock are as follows: -

Value of treasury stock (Baht) Number of treasury shares (Shares) Average price per share (Baht) The percentage of number of treasury shares per the shares capital issued by the Company

CONSOLIDATED 2004 2003 450,880,716 13,386,300 33.6823 -

2.57

THE COMPANY ONLY 2004 2003 450,880,716 13,386,300 33.6823 -

2.57

12. EXCHANGE GAINS Exchange gains for the years ended 31 December 2004 and 2003 were summarised below: (Unit: Thousand Baht) CONSOLIDATED THE COMPANY ONLY 2004 2003 2004 2003 Realised exchange gains (losses) (29,482) 23,154 15,376 14,764 Unrealised exchange gains 85,621 161,037 67 7,496 Exchange gains - net 56,139 184,191 15,443 22,260

13. DIRECTORS没 REMUNERATION Directors没 remuneration represents the benefits paid to the Company没s directors in accordance with Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.

14. CORPORATE INCOME TAX The Company does not have corporate income tax liabilities on its net earnings for the years 2004 and 2003 because tax losses brought forward exceed the net earnings of these years. In accordance with the Director - General没s Notification on Income Tax No. 72 dated 1 January 1998, the subsidiaries are exempted from the payment of income tax on their marine transportation income. In addition, the subsidiaries are exempted from the payment of income tax on their marine transportation business under the provisions of the Investment Promotion Act B.E. 2520.

Annual Report 2004 Precious Shipping Public Company Limited

175

15. ‡ß‘πªíπº≈®à“¬ 15.1 ‡¡◊ËÕ«—π∑’Ë 18 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß °“≈„Àâ·°àºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ß‘πªíπº≈∑—Èß ‘Èπ 260 ≈â“π∫“∑ 15.2 ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2547 ∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈ ®“°°”‰√¢Õßªï 2546 „Àâ·°àºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 0.75 ∫“∑ √«¡‡ß‘πªíπº≈∑—Èß ‘Èπ 390 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ≥ «—π∑’Ëªî¥ ¡ÿ¥∑–‡∫’¬πÀÿâπ ®”π«πÀÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°¡’®”π«π 517,665,600 Àÿâπ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—Èß ‘Èπ 388.2 ≈â“π∫“∑ 15.3 ‡¡◊ËÕ«—π∑’Ë 20 ‘ßÀ“§¡ 2547 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß °“≈®“°º≈°“√¥”‡π‘πß“π ”À√—∫ß«¥À°‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2547 „Àâ·°àºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 1 ∫“∑ √«¡‡ß‘πªíπº≈∑—Èß ‘Èπ 520 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ≥ «—π∑’Ëªî¥ ¡ÿ¥∑–‡∫’¬πÀÿâπ ®”π«πÀÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°¡’®”π«π 506,713,700 Àÿâπ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—Èß ‘Èπ 506.7 ≈â“π∫“∑

16. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π

®”π«πæπ—°ß“π ≥ «—π ‘Èπªï §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 2546 1,435 886 1,095,038 766,545

17. ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ ∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’∫“ßª√–°“√µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√ ¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈ Õ“∑‘‡™àπ ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈‡ªìπ‡«≈“ 5 - 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“° °“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡ ‡ªìπµâπ ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∫√‘…—∑¬àÕ¬®–µâÕß®¥∑–‡∫’¬π‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬‡ªìπ‡√◊Õ ‰∑¬ ´÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬ 34 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 51 ≈”‡ªìπ‡√◊Õ‰∑¬·≈â« (2546: ∫√‘…—∑¬àÕ¬ 26 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 29 ≈”‡ªìπ‡√◊Õ‰∑¬) √“¬‰¥â√«¡·≈–§à“„™â®à“¬√«¡ ”À√—∫ªï 2547 ·≈– 2546 (°àÕπ°“√µ—¥√“¬°“√√–À«à“ß°—π) ®”·π°µ“¡°‘®°“√∑’Ë‰¥â √—∫°“√ àß‡ √‘¡·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ “¡“√∂· ¥ß √ÿª‰¥â¥—ßπ’È: (Àπà«¬: æ—π∫“∑) °‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡ °‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ √«¡ 2547 2546 2547 2546 2547 2546 √“¬‰¥â 5,445,471 2,485,892 3,599,227 2,113,674 9,044,698 4,599,566 µâπ∑ÿπ·≈–§à“„™â®à“¬ 2,604,364 1,404,889 1,542,418 1,458,933 4,146,782 2,863,822 °”‰√ ÿ∑∏‘ 2,841,107 1,081,003 2,056,809 654,741 4,897,916 1,735,744

176

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

15. DIVIDEND PAID 15.1 On 18 November 2003, the Board of Directors Meeting of the Company approved the payment of an interim dividend of 520 million shares of Baht 0.50 per share, to the Company没s shareholders, a total of Baht 260 million. 15.2 On 30 April 2004, the Annual General Meeting of the Company没s shareholders approved the payment of a dividend of Baht 0.75 per share from its earnings for the year 2003 to the holders of its 520 million shares, a total of Baht 390 million. However, as at the closing date of the share register 517,665,600 of the Company没s ordinary shares were held by parties other than the Company itself, and the total dividend paid was thus Baht 388.2 million. 15.3 On 20 August 2004, a meeting of the Board of Directors of the Company approved the payment of an interim dividend of Baht 1 per share from its earnings for the six-month period ended 30 June 2004 to the holders of its 520 million shares, a total of Baht 520 million. However, as at the closing date of the share register 506,713,700 of the Company没s ordinary shares were held by parties other than the Company itself, and the total dividend paid was thus Baht 506.7 million.

16. EMPLOYEES AND RELATED COSTS

Number of employees at end of year Employee costs for the year (Thousand Baht)

CONSOLIDATED 2004 2003 1,435 886 1,095,038 766,545

THE COMPANY ONLY 2004 2003 78 66 153,726 141,231

17. PROMOTIONAL PRIVILEGES Under the provisions of the Investment Promotion Act B.E. 2520, the subsidiaries were granted certain promotional privileges for their marine transportation. The promotional privileges include, among other things, exemption from the payment of income tax for a period of 5 - 8 years commencing as from the date of first earning operating income on the condition that the vessels owned by the subsidiaries are registered in Thailand. As at 31 December 2004, the 34 subsidiaries have registered their 51 vessels under the Thai flag (2003: 26 subsidiaries have registered their 29 vessels under the Thai flag). Revenues and expenses for 2004 and 2003 (before eliminating related transactions), classified between promoted and non-promoted business can be summarised below: (Unit: Thousand Baht) Promoted Business Non-Promoted Business Total 2004 2003 2004 2003 2004 2003 Revenues 5,445,471 2,485,892 3,599,227 2,113,674 9,044,698 4,599,566 Costs and expenses 2,604,364 1,404,889 1,542,418 1,458,933 4,146,782 2,863,822 Net earnings 2,841,107 1,081,003 2,056,809 654,741 4,897,916 1,735,744

Annual Report 2004 Precious Shipping Public Company Limited

177

18. Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√∂Ÿ°øÑÕß‡√’¬°§à“‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ ®“°°“√‡¥‘π‡√◊Õ∑–‡≈®”π«π‡ß‘πª√–¡“≥ 0.6 ≈â“π‡À√’¬≠ À√—∞œ (2546: 0.8 ≈â“π‡À√’¬≠ À√—∞œ) º≈¢Õß§à“‡ ’¬À“¬¬—ß‰¡à ∑√“∫„π¢≥–π’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“º≈‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ„π∑’Ë ÿ¥®–‰¡à‡ªìπ “√– ”§—≠ ¥—ßπ—Èπ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à‰¥â∫—π∑÷° §à“‡º◊ËÕ§«“¡‡ ’¬À“¬‰«â„π∫—≠™’

19. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π 19.1 §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π √“¬‰¥â·≈–§à“„™â®à“¬‡°◊Õ∫∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡°‘¥®“° °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®÷ß‡ªìπ°“√ªÑÕß°—π§«“¡ ‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥®“°√“¬°“√∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â„πµ—«‡Õß Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß§ß¡’ §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“ °ÿ≈Õ◊Ëπ Õ¬à“ß‰√°Áµ“¡ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â æ‘®“√≥“·≈â«·≈–‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’Ë¬ß∑’Ë¬—ß§ß¡’Õ¬Ÿà¥—ß°≈à“« Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â„π°“√·ª≈ß§à“Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 §◊Õ 1 ‡À√’¬≠ À√—∞œ ‡∑à“°—∫ 39.2025 ∫“∑ (2546: 39.7378 ∫“∑)

19.2 §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’§«“¡‡ ’Ë¬ß®“° Õ—µ√“¥Õ°‡∫’È¬¥—ßπ’È: (Àπà«¬: æ—π∫“∑) ®”π«π‡ß‘π¢Õß ‘π∑√—æ¬å/Àπ’È ‘π Õ—µ√“¥Õ°‡∫’¬È §ß∑’Ë∑’Ë∂÷ß Õ—µ√“¥Õ°‡∫’È¬∂—«‡©≈’Ë¬ Õ—µ√“¥Õ°‡∫’¬È °”Àπ¥™”√– (√âÕ¬≈–µàÕªï) ª√—∫¢÷Èπ≈ßµ“¡ ¿“¬„π 1 ªï ‰¡à¡¿’ “√– ª√—∫¢÷πÈ ≈ßµ“¡ Õ—µ√“µ≈“¥ À√◊ÕπâÕ¬°«à“ ¥Õ°‡∫’¬È √«¡ Õ—µ√“µ≈“¥ §ß∑’Ë °ÿ≈‡À√’¬≠ °ÿ≈‡À√’¬≠ À√—∞œ À√—∞œ ‘π∑√—æ¬å∑“ß°“√‡ß‘π: ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 1,016,125 491,670 17,321 1,525,116 0.25 2.05 Àπ’È ‘π∑“ß°“√‡ß‘π: ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 7,561,172 7,561,172 4.935 -

19.3 §«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ ∫√‘…—∑œ °”Àπ¥π‚¬∫“¬„π°“√„Àâ ‘π‡™◊ËÕ·°àºŸâ‡™à“‡√◊Õ·≈–∫ÿ§§≈¿“¬πÕ°‚¥¬®”°—¥°“√„Àâ ‘π‡™◊ËÕ‡©æ“–°—∫≈Ÿ°§â“™—Èπ¥’ ·≈–„Àâ§«“¡‡¢â¡ß«¥„π°“√®—¥∑”‡Õ° “√ª√–°Õ∫√“¬°“√µà“ßÊ „Àâ§√∫∂â«π‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß®“°º≈¢“¥∑ÿπ∑’Ë®–‡°‘¥¢÷Èπ®“°°“√ º‘¥π—¥™”√–Àπ’È¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“§«“¡‡ ’Ë¬ß Ÿß ÿ¥¢Õß∫√‘…—∑œ®–‡∑à“°—∫¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È°“√§â“À—°¥â«¬§à“ ‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ë· ¥ß„πß∫¥ÿ≈

178

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18. CONTINGENT LIABILITIES As at 31 December 2004, the Company and subsidiaries have contingent liabilities as a result of being sued for damages in maritime claims totalling USD 0.6 million (2003: USD 0.8 million). The ultimate outcome of these claims cannot be determined at this time, but management anticipates that no material liability will arise. Accordingly, no provision has been provided in the accounts.

19. FINANCIAL INSTRUMENTS 19.1 Foreign Currency Risk Almost all revenues and expenditures of the Company and subsidiaries are denominated in U.S. dollars, which provides a natural hedge against the currency risk associated with transactions in U.S. dollars. Consequently, the Company and subsidiaries are exposed to a currency risk in respect of its financial instruments denominated in other currencies. However, the Company没s management has decided to maintain an open position of this exposure. Exchange rate applied for translation of foreign currency liabilities as at 31 December 2004 was USD 1: Baht 39.2025 (2003: Baht 39.7378).

19.2 Interest Rate Risk As at 31 December 2004, the Company and subsidiaries have the following financial assets and financial liabilities exposed to interest rate risk: (Unit: Thousand Baht) Amounts of assets/liabilities Average interest Floating Fixed interest interest maturing in Non-interest rate (% p.a.) 1 year or less bearing Total Floating Fixed rate USD USD currency currency Financial assets: Cash and cash equivalents 1,016,125 491,670 17,321 1,525,116 0.25 2.05 Financial liabilities: Long-term loans 7,561,172 7,561,172 4.935 -

19.3 Credit Risk The Company has established a credit policy of evaluating the creditworthiness of its charterers and other parties and restricts its dealings to only sound parties along with tight and adequate documentation to minimize the risk of financial loss from default. The Company没s management believes that the maximum exposure to credit risk is limited to the carrying amount of receivables less allowance for doubtful debts as stated in the balance sheets.

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19.4 ¡Ÿ≈§à“¬ÿµ∏‘ √√¡ ‡π◊ÕË ß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®¥— Õ¬Ÿ„à πª√–‡¿∑√–¬– —πÈ ·≈–‡ß‘π°Ÿ¬â ¡◊ ¡’Õµ— √“¥Õ°‡∫’¬È „°≈â‡§’¬ß°—∫Õ—µ√“¥Õ°‡∫’¬È „πµ≈“¥ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®–‰¡à·µ°µà“ß Õ¬à“ß‡ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’

20. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«π„À≠à‡°’Ë¬«°—∫°“√¢π àß∑“ß∑–‡≈„π¿Ÿ¡‘¿“§µà“ßÊ ∑—Ë«‚≈° ¥—ßπ—Èπ √“¬‰¥â °”‰√ ·≈– ‘π∑√—æ¬å∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷ß‡°’Ë¬«¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡‘»“ µ√åµ“¡∑’Ë°≈à“«‰«â

21. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’È‰¥â∑”¢÷Èπ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543

22. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ ·≈â«

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19.4 Fair Value Since the majority of financial assets are short-term and loans carry interest at rates close to current market rates, the management believes that the fair value of the Company没s and subsidiaries没 financial assets and liabilities do not materially differ from their carrying value.

20. FINANCIAL INFORMATION BY SEGMENT The Company and its subsidiaries没 activities predominantly involve the shipping businesses and carries cargo operations to various locations worldwide. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain mainly to the aforementioned industry segment and geographic area.

21. PRESENTATION The presentation of the financial statements has been made in compliance with the Notification of the Business Development Department dated 14 September 2001, issued under the Accounting Act B.E. 2543.

22. APPROVAL OF FINANCIAL STATEMENTS These financial statements have been approved by the Company没s directors.

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ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ ‡Àµÿº≈¢Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ °“√ª√—∫ª√ÿßß∫°“√‡ß‘π‰¥â®—¥∑”¢÷Èπ®“°¢âÕ¡Ÿ≈ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑´÷Ëß‰¥âµ√«® Õ∫·≈â«‚¥¬ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ ·≈–ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞π’‰È ¥â Õ∫∑“π·≈â«‚¥¬ π—°∫—≠™’Õ ‘ √– ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ∫√‘…∑— œ ‡ÀÁπ«à“¡’§«“¡®”‡ªìπ∑’®Ë –µâÕß®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ „Àâ·°àπ°— ≈ß∑ÿπ ‡π◊ÕË ß®“°ß∫°“√‡ß‘π ¥—ß°≈à“«®–· ¥ß„Àâ‡ÀÁπ∞“π–∑“ß°“√‡ß‘π∑’Ë∂Ÿ°µâÕß¢Õß∫√‘…—∑œ ‡π◊ËÕß®“°‚¥¬æ◊Èπ∞“π·≈â« ∫√‘…—∑œ ®–´◊ÈÕ·≈–¢“¬ ‘π∑√—æ¬å„π°“√ ‡¥‘π‡√◊Õ¢Õß∫√‘…—∑œ ∑—ÈßÀ¡¥¥â«¬‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ·≈–√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ®–‰¥â√—∫‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“¥â«¬ ´÷Ëß∂◊Õ«à“¡“°°«à“√âÕ¬≈– 95 ¢Õß ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡µ“¡≈”¥—∫ „π∑“ß‡¥’¬«°—π §à“„™â®à“¬ à«π„À≠à¢Õß∫√‘…—∑œ ®–‡°‘¥¢÷Èπ„π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ‡™àπ‡¥’¬«°—∫Àπ’È ‘π‡°◊Õ∫∑—ÈßÀ¡¥°Á®–‡ªìπ‡ß‘π °ÿ≈ ‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ §«“¡‡ ’¬Ë ß®“°Õ—µ√“·≈°‡ª≈’¬Ë π¢Õß∫√‘…∑— œ ¡’‡æ’¬ß§«“¡‡ ’¬Ë ß∑’‡Ë °‘¥®“°°“√¡’Àπ’ È π‘ ∑’‡Ë ªìπ‡ß‘π °ÿ≈∫“∑ ‡∑à“π—πÈ ¥—ßπ—πÈ ®÷ß‰¡à‡°‘¥§«“¡ ¡¥ÿ≈„πß∫¥ÿ≈¢Õß∫√‘…∑— œ ´÷ßË ‘π∑√—æ¬å∫“ß à«π∑’‡Ë ªìπ‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— œ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑ µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ (∑’ËÕ—µ√“·≈°‡ª≈’Ë¬πª√–¡“≥ 25-26 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) „π¢≥–∑’Ë Àπ’ È π‘ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’¬Ë πªí®®ÿ∫π— (∑’ÕË µ— √“·≈°‡ª≈’¬Ë πª√–¡“≥ 39.20 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) °“√∫—π∑÷°¥â«¬«‘∏’¥—ß°≈à“«∑”„Àâ¡Ÿ≈§à“¢Õß ‘π∑√—æ¬åµË”°«à“¡Ÿ≈§à“®√‘ß‡¡◊ËÕÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π∫“∑ ‡π◊ËÕß®“° ‘π∑√—æ¬å∂“«√‡°◊Õ∫∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ´÷Ëß¡’¡Ÿ≈§à“‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ °“√ª√—∫ª√ÿß ‘π∑√—æ¬å∂“«√„ÀâÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß‡ªìπ√“§“ ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ®÷ß‡ªìπ°“√°”®—¥§«“¡‰¡à ¡¥ÿ≈√–À«à“ß ¡Ÿ≈§à“ ‘π∑√—æ¬å·≈–Àπ’È ‘π¥—ß°≈à“«¢â“ßµâπ ¬‘Ëß‰ª°«à“π—Èπ à«πÀπ÷Ëß„π —≠≠“„Àâ ‘π‡™◊ËÕ®“°∏π“§“√°√ÿß‰∑¬ ∫√‘…—∑œ ¡’Àπâ“∑’ËµâÕß®—¥∑”ß∫°“√‡ß‘π„π√Ÿª °ÿ≈ ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“„Àâ·°à∏π“§“√°√ÿß‰∑¬ ·≈–§”π«≥Õ—µ√“ à«π∑“ß°“√‡ß‘πµà“ßÊ µ“¡¢âÕµ°≈ß„π —≠≠“‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫ °“√‡ß‘π∑’Ëª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞π’È ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¥â‡ªî¥‡º¬ß∫°“√‡ß‘π¥—ß°≈à“«„Àâ·°àºŸâ≈ß∑ÿπ∑’Ë π„®¥â«¬

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RESTATED US DOLLAR FINANCIAL STATEMENTS

Background of the Restated Financial Statements from THB to USD currency The restatement has been done on the basis of the Baht Financial Statements as reviewed by our Auditors and the subsequent restatement into US Dollars has been reviewed by the Independent accountants - Baker Tilly FAS (Thailand) Limited. We feel it is necessary to provide the restated USD Financial Statements to the investors, since these would give a more accurate financial position of the Company since our shipping assets are bought and sold in U.S. Dollars and so also all our shipping revenues are derived in USD. These constitute more than 95 percent of our total assets / revenues respectively. Similarly, most of our expenses are incurred in USD and therefore in respect of liabilities, our Foreign Exchange exposure is only on the uncovered Baht denominated liabilities. This leads to a mismatch in our Baht Denominated Balance Sheet where part of the fixed assets are expressed in Thai Baht at the original exchange rates (at the conversion of about Baht 25-26 per USD 1), but the liabilities are expressed in Thai Baht at the closing exchange rates of quarter (at the conversion of about Baht 39.20 per USD 1) resulting in an understatement of the value of the fixed assets in Baht term. Since almost all the fixed assets are in US Dollars, fixed assets are now restated in US Dollars at the original US Dollars value and the restatement thus removes the mismatch between asset and liability values. Moreover, in recognition of the above, as a part of our credit facility agreement with Krung Thai Bank, it is the Company没s obligation to additionally provide the restated USD Financial Statements to KTB and also to compute the Financial Covenants based on these restated Financial Statements. Accordingly, these are being provided to all interested investors also.

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185

¢Õ∫‡¢µÀπâ“∑’Ë°“√∑”ß“π ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ‰¡à‰¥â∑”°“√µ√«® Õ∫∫—≠™’À√◊Õ¢âÕ¡Ÿ≈‡æ◊ËÕ°“√∫√‘À“√ ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) √«¡∑—Èß‰¡à‰¥â∑”°“√æ‘ Ÿ®πå√“¬°“√§â“¢“¬∑’Ë∫—π∑÷°‰«â ·µàÕ¬à“ß„¥ ¥—ßπ—Èπ∫’∑’‡Õø®÷ß‰¡à “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ„πµ—«ß∫°“√‡ß‘πµà“ßÊ ‰¥â §«“¡√—∫º‘¥™Õ∫„π‡Õ° “√π’È®÷ß‡ªìπ‡æ’¬ß°“√ ·ª≈ß§à“®“°ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√µ√«® Õ∫·≈â«„ÀâÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ ‰¡à«à“„π°√≥’„¥Ê °Áµ“¡ ∫’∑’‡Õø®–‰¡à¢Õ√—∫º‘¥„π¿“√–¢“¥∑ÿπ µâπ∑ÿπ §à“§«“¡‡ ’¬À“¬ À√◊Õ§à“„™â®à“¬„¥Ê °Áµ“¡∑’Ë ‡°‘¥¢÷πÈ ®“°°“√°√–∑”©âÕ©≈ °“√‡ πÕ¢âÕ¡Ÿ≈∑’‰Ë ¡à∂°Ÿ µâÕß À√◊Õ°“√µ—ßÈ „®º‘¥π—¥™”√–‚¥¬∫√‘…∑— œ °√√¡°“√∫√‘…∑— œ æπ—°ß“π∫√‘…∑— œ À√◊Õµ—«·∑π∫√‘…—∑œ √“¬ß“π©∫—∫π’È‰¥â√—∫°“√®—¥∑”¢÷Èπ‡æ◊ËÕ‡ªìπ¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ‡®â“Àπ’È¢Õß∫√‘…—∑œ √«¡∂÷ß∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬·≈– ∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ∫’∑’‡Õø‰¡à¢Õ√—∫º‘¥™Õ∫„πæ—π∏°√√¡„¥Ê ∑’ËÕ“®¡’µàÕ∫ÿ§§≈Õ◊Ëπ∑’Ë‰¡à„™à∫ÿ§§≈∑’Ë√–∫ÿ‰«â¢â“ßµâπ ∫’∑’‡Õø¢Õ®”°—¥§«“¡√—∫º‘¥™Õ∫„¥Ê ∑’Ë‡°‘¥®“°§«“¡º‘¥æ≈“¥ À√◊Õ§«“¡‰¡à∂Ÿ°µâÕß„π°“√·ª≈π’È „π°√≥’∑’Ë¡’§«“¡ ¢—¥·¬âß‡°‘¥¢÷Èπ√–À«à“ß√“¬ß“π¿“§¿“…“Õ—ß°ƒ…·≈–¿“…“‰∑¬ ¢Õ„Àâ∑à“π¬÷¥‡Õ“µ“¡√“¬ß“π¿“§¿“…“Õ—ß°ƒ…‡ªìπÀ≈—°

∫∑ √ÿª®“°ºŸâ∫√‘À“√ ‡¡◊ËÕ«—π∑’Ë 3 °ÿ¡¿“æ—π∏å 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) ‰¥â«à“®â“ß„Àâ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ®—¥∑”√“¬ß“πª√–®”‰µ√¡“ ‡°’Ë¬«°“√ª√—∫ª√ÿßß∫°“√‡ß‘π „À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ¢Õß∫√‘…—∑œ ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘π√«¡ °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√ µ√«® Õ∫ / Õ∫∑“π¢÷Èπ °“√«à“®â“ß¥—ß°≈à“«®–‡ªìπ°“√µ√«®∑“π°“√§”π«≥µ—«‡≈¢·≈–À≈—°‡°≥±å∑’Ë„™â„π°“√ª√—∫ª√ÿß§à“ß∫¥ÿ≈ ·≈–ß∫°”‰√¢“¥∑ÿπ„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ¥—ßπ—Èπ ¢âÕ √ÿª∑’Ë‡°’Ë¬«°—∫°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑„À¡à„Àâ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°·π∫‰«â„π π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿß°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ∫’∑’‡Õø‰¥â∑”°“√√“¬ß“πº≈®“°°“√µ√«®∑“π°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π√«¡„À¡à„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ”À√—∫ √–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 „π°“√µ√«®∑“π¥—ß°≈à“« ∫’∑’‡Õø‰¥â√—∫°“√™à«¬‡À≈◊Õ·≈–§«“¡√à«¡¡◊Õ®“° æπ—°ß“π∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√‡ªìπÕ¬à“ß¥’ ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∑’Ë‰¥â¡’°“√·ª≈ß§à“‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«π—Èπ· ¥ß„Àâ‡ÀÁπ«à“¡Ÿ≈§à“√«¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π∑—Èß ‘Èπ 377 ≈â“π‡À√’¬≠ √Õ. ·≈– 206 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ ¥—ßπ—Èπ ∑ÿπ‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®÷ß¡’¡Ÿ≈§à“ 171 ≈â“π‡À√’¬≠ √Õ. „π à«π¢Õßß∫°”‰√¢“¥∑ÿπ ¡Ÿ≈§à“√«¡¢Õß√“¬‰¥â·≈–§à“„™â®à“¬ (‰¡à√«¡¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π) ¢Õß∫√‘…—∑œ „π™à«ß√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ªìπ®”π«π∑—Èß ‘Èπ 215 ≈â“π‡À√’¬≠ √Õ. ·≈– 93 ≈â“π ‡À√’¬≠ √Õ. µ“¡≈”¥—∫ °”‰√ ÿ∑∏‘À≈—ß®“°√«¡√“¬°“√Õ◊πË Ê Õ“∑‘ ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π ®”π«π 12 ≈â“π‡À√’¬≠ √Õ. ·≈â«π—Èπ ‡ªìπ®”π«π∑—Èß ‘Èπ 110 ≈â“π‡À√’¬≠ √Õ. à«π¬Õ¥°”‰√ – ¡ ‘Èπß«¥¡’¡Ÿ≈§à“‡ªìπ 120 ≈â“π‡À√’¬≠ √Õ.

186

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

SCOPE OF WORK Baker Tilly FAS (Thailand) Limited (çBTFé) has not performed an audit examination of Precious Shipping Public Company Limitedûs (çPSLé or çthe Companyé) accounts or of the management information, nor has BTF verified the underlying transactions. Therefore, BTF give no opinion on the financial statements. This is only a restatement of the THB audited financial statements into USD. In no event shall BTF be liable for any loss liability, cost, damage or expense arising in any way from fraudulent acts, misrepresentation or wilful default on the part of the Company, its directors, employees, or agents. The Report has been prepared for the use of the Company, its creditors, legal and financial advisors. BTF does not accept any responsibility or liability to other parties.

EXECUTIVE SUMMARY Precious Shipping Public Company Limited (çPSLé or çthe Companyé) on 3 February 2004 engaged Baker Tilly FAS (Thailand) Limited (çBTFé) to prepare a quarterly report on the restatement of the THB audited / reviewed consolidated financial statements into USD, prepared by the Company. The engagement includes a review of the Companysû mathematical calculation and the basis of USD restatement of both the balance sheet and income statement. Accordingly, BTF attach a summary of the basis of the restatement of the THB financial statements into USD as Policy of restatement from THB to USD Currency. BTF has undertaken to report on its review of the restated USD consolidated financial statements for the twelve-month period ended 31st December 2004. In undertaking the above, BTF were accorded the full assistance and co-operation of the PSL staff and management. The restated USD Balance Sheet as at 31st December 2004 indicates that the total assets and liabilities of PSL were USD 377 million and USD 206 million, respectively. The equity of PSL as at 31st December 2004 was therefore USD 171 million. In relation to the income statement, PSLûs total revenues and expenses, excluding interest and finance cost, for the twelve months ended 31st December 2004 were USD 215 million and USD 93 million, respectively. Net income, after including such items as interest and finance cost totaling USD 12 million, equals USD 110 million. The retained earnings at the end of the period stood at USD 120 million.

Annual Report 2004 Precious Shipping Public Company Limited

187

ß∫°“√‡ß‘π ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 - ‘π∑√—æ¬å

31/12/04 ∫“∑ ‡À√’¬≠ √Õ.

31/12/03 ∫“∑ ‡À√’¬≠ √Õ.

‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ‘π∑√—æ¬å∂“«√∑’Ë√“§“∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈ ·≈–Õÿª°√≥å‡√◊Õ‡¥‘π∑–‡≈ §à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ Õÿª°√≥å ”π—°ß“π à«πª√—∫ª√ÿß —≠≠“‡™à“ ¬“πæ“Àπ– Õ“§“√™ÿ¥·≈– à«πª√—∫ª√ÿß à«πµ°·µàß·≈–Õÿª°√≥å ”π—°ß“π Õÿª°√≥å∑“à ‡√◊Õ ß“π√–À«à“ß°àÕ √â“ß √«¡ À—°: §à“‡ ◊ËÕ¡√“§“ – ¡ √«¡ ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘ ‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ §à“§«“¡π‘¬¡ - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

188

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

1,525,115,985 31,469,215 6,520,222 196,422,282 1,759,527,704 95,045,100

39,090,804 897,269,959 22,693,576 806,599 70,185,983 1,775,130 2,299,440 58,157 167,122 20,612,060 521,316 5,034,571 83,168,282 2,103,476 45,099,096 1,073,535,724 27,151,655 2,218,964

87,700,531

2,037,650

16,062,556,514 503,228,639 8,168,304,742 305,010,737 695,911,617 16,956,048 468,160,083 11,150,635 13,900,001 356,276 16,576,118 423,335 2,981,433 76,418 2,773,880 70,156 17,099,967 438,295 13,705,876 346,646 181,693,446 7,125,233 181,693,446 7,125,233 18,401,014 471,643 18,370,004 464,611 114,582,149 4,493,418 25,870,859 663,105 17,018,414,851 529,315,657 8,984,166,298 329,084,771 (5,500,825,357) (199,317,330) (4,366,167,044) (166,692,092) 11,517,589,494 329,998,327 4,617,999,254 162,392,679 77,585,550 1,950,000 8,136,920 319,095 3,617,040 92,710 2,962,436 74,925 11,616,251,634 332,310,001 4,794,384,691 166,774,349 13,375,779,338 377,409,097 5,867,920,415 193,926,004

FINANCIAL STATEMENTS Consolidated Balance Sheet as at 31st December 2004 - Assets

31/12/04 THB Assets Current assets Cash and cash equivalents Accounts receivable - trade - net Receivable from and advances to related companies Bunker oil Other current assets Total current assets Non-current assets Investments accounted for under equity method Fixed assets at cost: Vessels & Vessels Equipment Drydock & special survey Office equipment Leasehold improvement Vehicles Buildings & improvement Furniture & fixtures Berth equipment Work in progress Total Less: Accumulated depreciation Total fixed assets - net Prepayment for vessel purchases Goodwill - net Other non-current assets Total non-current assets Total Assets

1,525,115,985 31,469,215 6,520,222 196,422,282 1,759,527,704 95,045,100

USD

31/12/03 THB

USD

39,090,804 897,269,959 22,693,576 806,599 70,185,983 1,775,130 2,299,440 58,157 167,122 20,612,060 521,316 5,034,571 83,168,282 2,103,476 45,099,096 1,073,535,724 27,151,655 2,218,964

87,700,531

2,037,650

Annual Report 2004 Precious Shipping Public Company Limited

189

ß∫°“√‡ß‘π (µàÕ) ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 - Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

31/12/04 ∫“∑ ‡À√’¬≠ √Õ.

31/12/03 ∫“∑ ‡À√’¬≠ √Õ.

Àπ’È ‘π ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’ È π‘ Àπ’ È π‘ À¡ÿπ‡«’¬π ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï √“¬‰¥â√—∫≈à«ßÀπâ“ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘ √«¡Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°·≈–™”√–·≈â« º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ ”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π °”‰√ – ¡ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ À—°: Àÿâπ∑ÿπ´◊ÈÕ§◊π √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ - ÿ∑∏‘ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

190

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

94,408,016 1,127,542,415 206,666,758 221,021,381 1,649,638,570

2,408,214 52,290,655 1,315,892 28,762,003 938,579,124 23,619,303 5,271,775 108,893,669 2,740,304 5,637,941 326,519,361 8,216,845 42,079,933 1,426,282,809 35,892,344

6,433,629,623 164,112,738 2,483,771,798 62,504,008 6,433,629,623 164,112,738 2,483,771,798 62,504,008 8,083,268,193 206,192,671 3,910,054,607 98,396,352

520,000,000 20,392,157 520,000,000 20,392,157 130,819,670 4,892,732 159,706,393 4,996,371 411,429,745 16,134,500 411,429,745 16,134,500 52,000,000 1,304,730 52,000,000 1,304,730 292,100,000 8,191,219 169,995,000 5,187,990 24,181,905 800,153 450,880,716 11,218,216 3,869,642,209 119,879,699 563,637,665 45,281,485 5,726,872,340 182,013,253 1,900,950,708 94,097,386 (450,880,716) (11,218,216) 5,275,991,624 170,795,037 1,900,950,708 94,097,386 16,519,521 421,389 56,915,100 1,432,266 5,292,511,145 171,216,426 1,957,865,808 95,529,652 13,375,779,338 377,409,097 5,867,920,415 193,926,004

FINANCIAL STATEMENTS (CONTINUED) Consolidated Balance Sheet as at 31st December 2004 - Liabilities & Shareholders' Equity

31/12/04 THB Liabilities & Shareholders' Equity Liabilities Current liabilities Trade accounts payable Current portion of long-term loans Advance received from charterers Other current liabilities Total current liabilities Non-current liabilities Long-term loans - net Total non-current liabilities Total liabilities Shareholders没 Equity Share capital - issued and paid-up Translation adjustment Premium on ordinary shares Statutory reserve - the Company Statutory reserve - subsidiaries General reserve in subsidiaries Treasury stock reserve Retained earnings Total equity attributable to shareholders Less: Treasury stock Equity attributable to shareholders - net Minority interest - equity attributable to minority shareholders of subsidiaries Total Shareholders没 Equity Total Liabilities & Shareholders没 Equity

94,408,016 1,127,542,415 206,666,758 221,021,381 1,649,638,570

USD

31/12/03 THB

USD

2,408,214 52,290,655 1,315,892 28,762,003 938,579,124 23,619,303 5,271,775 108,893,669 2,740,304 5,637,941 326,519,361 8,216,845 42,079,933 1,426,282,809 35,892,344

6,433,629,623 164,112,738 2,483,771,798 62,504,008 6,433,629,623 164,112,738 2,483,771,798 62,504,008 8,083,268,193 206,192,671 3,910,054,607 98,396,352

520,000,000 130,819,670 411,429,745 52,000,000 292,100,000 450,880,716 3,869,642,209 5,726,872,340 (450,880,716) 5,275,991,624

20,392,157 520,000,000 4,892,732 159,706,393 16,134,500 411,429,745 1,304,730 52,000,000 8,191,219 169,995,000 24,181,905 11,218,216 119,879,699 563,637,665 182,013,253 1,900,950,708 (11,218,216) 170,795,037 1,900,950,708

20,392,157 4,996,371 16,134,500 1,304,730 5,187,990 800,153 45,281,485 94,097,386 94,097,386

16,519,521 421,389 56,915,100 1,432,266 5,292,511,145 171,216,426 1,957,865,808 95,529,652 13,375,779,338 377,409,097 5,867,920,415 193,926,004

Annual Report 2004 Precious Shipping Public Company Limited

191

ß∫°“√‡ß‘π (µàÕ) ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547

12 ‡¥◊Õπ∂÷ß 31/12/04 ∫“∑ ‡À√’¬≠ √Õ.

12 ‡¥◊Õπ∂÷ß 31/12/03 ∫“∑ ‡À√’¬≠ √Õ.

ß∫°”‰√¢“¥∑ÿπ√«¡ √“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π Àπ’È Ÿ≠√—∫§◊π à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¥Õ°‡∫’¬È √—∫ √“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â §à“„™â®à“¬ §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ √“¬®à“¬∑à“‡√◊Õ πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®à“¬„π°“√∫√‘À“√ Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—Ë«§√“« ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß§à“§«“¡π‘¬¡ ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π §à“‡ ◊ËÕ¡√“§“ √«¡§à“„™â®à“¬ °”‰√°àÕπÀ—°¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π À—°: ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π °”‰√°àÕπÀ—° à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ À—°: °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ ÿ∑∏‘°àÕπ√“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿπâ °Ÿâ °”‰√ ÿ∑∏‘

192

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

8,540,256,074 211,217,118 3,796,875,589 91,163,739 18,934,196 467,983 6,259,661 151,261 378,703 9,280 177,035 2,578 33,526,580 842,398 56,139,449 26,469 184,190,660 55,963,180 1,406,145 7,344,569 181,314 13,598,921 333,041 1,261,148 30,028 1,975,703 48,816 1,760,637 42,769 8,728,117,375 214,532,564 3,990,524,730 91,390,375 1,612,521,328 39,878,230 957,395,362 128,413,341 3,186,301 306,807,237 103,357,219 2,570,716 266,620,343 1,844,291,888 45,635,247 1,530,822,942 15,082,144 374,545 13,243,470 247,033,734 6,163,600 180,015,147 5,522,540 138,102 6,705,262 1,859,699 40,951 8,136,920 319,095 1,383,295,082 39,983,245 601,964,978 3,505,222,007 92,654,785 2,332,751,799 5,222,895,368 121,877,779 1,657,772,931 (464,540,218) (11,565,428) (254,923,424) 4,758,355,150 110,312,351 1,402,849,507 (8,583,895) (211,210) (13,903,133) 4,749,771,255 110,101,141 1,388,946,374 147,612,923 4,749,771,255 110,101,141 1,536,559,297

22,936,127 7,330,573 6,347,273 36,613,973 316,996 4,303,901 160,583 1,625,991 20,719,581 63,741,025 27,649,350 (6,071,882) 21,577,468 (329,634) 21,247,834 3,538,429 24,786,263

FINANCIAL STATEMENTS (CONTINUED) Consolidated Income Statement for Twelve Months Ended 31st December 2004

12 Months to 31/12/04 THB USD

12 Months to 31/12/03 THB USD

Consolidated Income Statement Revenues Vessel operating income 8,540,256,074 211,217,118 3,796,875,589 Service income 18,934,196 467,983 6,259,661 Gain on sale of fixed assets 378,703 9,280 177,035 Gain on sale of investment in subsidiaries 33,526,580 842,398 Exchange gains 56,139,449 26,469 184,190,660 Bad debt recovery 55,963,180 1,406,145 Share of profit from investment accounted for under equity method 7,344,569 181,314 Interest income 13,598,921 333,041 1,261,148 Other income 1,975,703 48,816 1,760,637 Total revenues 8,728,117,375 214,532,564 3,990,524,730 Expenses Vessel running expenses 1,612,521,328 39,878,230 957,395,362 Voyage disbursement 128,413,341 3,186,301 306,807,237 Bunker consumption 103,357,219 2,570,716 266,620,343 Total vessel operating costs 1,844,291,888 45,635,247 1,530,822,942 Cost of services 15,082,144 374,545 13,243,470 Administrative expenses 247,033,734 6,163,600 180,015,147 Bad debt and allowance for doubtful accounts 5,522,540 138,102 6,705,262 Allowance for possible loss on current investments 1,859,699 40,951 Loss on impairment of goodwill 8,136,920 319,095 Exchange losses Depreciation 1,383,295,082 39,983,245 601,964,978 Total expenses 3,505,222,007 92,654,785 2,332,751,799 Income before interest and finance cost 5,222,895,368 121,877,779 1,657,772,931 Less: Interest and finance costs (464,540,218) (11,565,428) (254,923,424) Income before minority interest 4,758,355,150 110,312,351 1,402,849,507 Less: Net earnings of minority interest (8,583,895) (211,210) (13,903,133) Net income before extraordinary items 4,749,771,255 110,101,141 1,388,946,374 Gain on redemption of bonds 147,612,923 Net income 4,749,771,255 110,101,141 1,536,559,297

91,163,739 151,261 2,578 30,028 42,769 91,390,375 22,936,127 7,330,573 6,347,273 36,613,973 316,996 4,303,901 160,583 1,625,991 20,719,581 63,741,025 27,649,350 (6,071,882) 21,577,468 (329,634) 21,247,834 3,538,429 24,786,263

Annual Report 2004 Precious Shipping Public Company Limited

193

ß∫°“√‡ß‘π (µàÕ) ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547

12 ‡¥◊Õπ∂÷ß 31/12/04 ∫“∑ ‡À√’¬≠ √Õ.

12 ‡¥◊Õπ∂÷ß 31/12/03 ∫“∑ ‡À√’¬≠ √Õ.

ß∫°”‰√¢“¥∑ÿπ√«¡ ‡ß‘πªíπº≈ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ ‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑‰ªÀ—°¢“¥∑ÿπ – ¡ ‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡ ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ”√Õß∑—Ë«‰ª®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√ – ¡, µâπß«¥ °”‰√ – ¡, ª≈“¬ß«¥ °”‰√µàÕÀÿπâ

194

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(894,962,900) (122,105,000) (450,880,716) 24,181,905 563,637,665 3,869,642,209 9.26

(22,081,636) (260,000,000) (6,523,648) (52,000,000) (1,304,730) (3,003,229) (92,529,000) (2,331,939) 60,500,000 2,372,549 514,625,084 20,181,376 (11,218,216) 800,154 45,281,485 (1,143,517,716) 8,101,614 119,879,699 563,637,665 45,281,485 0.21 2.95 0.05

FINANCIAL STATEMENTS (CONTINUED) Consolidated Income Statement for Twelve Months Ended 31st December 2004

12 Months to 31/12/04 THB USD Consolidated Income Statement Dividend paid (894,962,900) Legal reserve - the Company Legal reserve - subsidiary (122,105,000) Transfer of statutory reserve - Company to offset deficit Transfer of premium on ordinary share to offset deficit Treasury stock reserve (450,880,716) General reserve from sale of investment in subsidiaries 24,181,905 Retained earnings, Beginning of the period 563,637,665 Retained earnings, Ending of the period 3,869,642,209 Earnings per share 9.26

12 Months to31/12/03 THB USD

Annual Report 2004 Precious Shipping Public Company Limited

195

π‚¬∫“¬∑’Ë „™â „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π ‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ("‡À√’¬≠ √Õ.") „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘ππ—πÈ ‰¥â¡°’ “√æ‘®“√≥“∂÷ß¢âÕ°”Àπ¥µà“ßÊ ∑’√Ë –∫ÿ‰«â„π¡“µ√∞“π°“√∫—≠™’¢Õß‰∑¬ Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß¡“®“°§«“¡‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘ππ’È °“√®—¥∑”ß∫°“√‡ß‘π‡À√’¬≠ √Õ. π’ÈÕ“®‰¡à®”‡ªìπ∑’Ë®–µâÕß ‡ªìπ‰ªµ“¡¡“µ√∞“π°“√∫—≠™’‰∑¬·µàÕ¬à“ß„¥ ≈—°…≥–‡©æ“–µ—«∑’Ë ”§—≠Õ¬à“ßÀπ÷Ëß„π∑’Ëπ’È‡°‘¥¢÷Èπ‡π◊ËÕß®“° ‘π∑√—æ¬å Àπ’È ‘π ·≈– °“√§â“À≈—°Ê ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ("∫√‘…—∑œ") ‰¥â‡°‘¥¢÷Èπ‚¥¬„™â‡ß‘π‡À√’¬≠ √Õ. „π°“√´◊ÈÕ¢“¬ ·≈â«®÷ß ∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π °ÿ≈‰∑¬∫“∑ µ“¡§«“¡µâÕß°“√¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ®“°∑’‰Ë ¥â°≈à“«¡“π’ È π‘ ∑√—æ¬å Àπ’ È π‘ ·≈–°“√§â“‡À≈à“π’®È ß÷ ¡’°“√ª√—∫ª√ÿß„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π®√‘ß À√◊ÕÕ—µ√“·≈°‡ª≈’¬Ë π‚¥¬ª√–¡“≥∑’„Ë ™â ≥ «—π∑’Ë∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑ Õ¬à“ß‰√°Áµ“¡ π‚¬∫“¬π’ÈÕ“®„™â‰¡à‰¥â°—∫°“√§â“¢“¬∑’Ë∫—π∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπ ‡π◊ËÕß®“° ®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß ´÷Ëß„π°√≥’π’ÈÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°®÷ß∂Ÿ° π”¡“„™â„π°“√·ª≈ß·∑π ®“°§«“¡‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«µ“¡∑’Ë‰¥â°≈à“«¡“·≈â«¢â“ßµâπ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ("∫’∑’‡Õø") ‰¥âÀ“π‚¬∫“¬∑’Ë®–∑”„Àâ¡—Ëπ„®‰¥â«à“®–‡ªìπ«‘∏’°“√ª√—∫ª√ÿß§à“∑’Ë‡À¡“– ¡∑’Ë ÿ¥„π°“√· ¥ß¡Ÿ≈§à“·≈–º≈°“√¥”‡π‘π°“√ ¢Õß∫√‘…—∑œ æ÷ßµ√–Àπ—°«à“§«“¡√—∫º‘¥™Õ∫¢Õß∫’∑’‡Õø ®”°—¥Õ¬Ÿà‡æ’¬ß°“√µ√«® Õ∫·≈–√—∫√Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘πª√–®”‰µ√¡“ / ”À√—∫ß«¥§√÷Ëßªï / ”À√—∫ß«¥ª√–®”ªï °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√ Õ∫∑“π / µ√«® Õ∫®“°ºŸâµ√«® Õ∫∫—≠™’∑’Ë‰¥â√—∫°“√·µàßµ—Èßµ“¡°ÆÀ¡“¬‡∑à“π—Èπ ¥—ßπ—Èπ¢Õ∫‡¢µÀπâ“∑’Ë®÷ß®”°—¥Õ¬Ÿà‡æ’¬ß°“√ µ√«®∑“π§«“¡∂Ÿ°µâÕß¢Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡∑à“π—Èπ ‚¥¬Õ‘ß®“°¢âÕ¡Ÿ≈∑“ß∫—≠™’∑’Ë¡’Õ¬Ÿà·≈â«„π √Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑ ®“°∑’Ë‰¥â°≈à“«¡“π’È π‚¬∫“¬°“√ª√—∫ª√ÿßß∫¥ÿ≈·≈–ß∫°”‰√¢“¥∑ÿπ¢Õß∫√‘…—∑œ ¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È:

ë ß∫¥ÿ≈ °“√·ª≈ß§à“®“°‡ß‘π‰∑¬∫“∑‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π√“¬°“√ à«π„À≠à„πß∫¥ÿ≈∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â« ¢Õß∫√‘…—∑œ π—Èπ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ „π à«π¢Õß ‘π∑√—æ¬å®–„™âÕ—µ√“´◊ÈÕ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ à«πÀπ’ È π‘ ®–„™âÕµ— √“¢“¬‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ Õ¬à“ß‰√°Áµ“¡ π‚¬∫“¬π’‰È ¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√∫“ß√“¬°“√ ‡π◊ÕË ß®“°∫√‘…∑— œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊πË ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂°Ÿ µâÕß¡“°°«à“ √“¬°“√ µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È ë ‡ß‘π≈ß∑ÿπ∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. π—Èπ ∫√‘…—∑œ ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑”°“√≈ß∑ÿππ—Èπ„π°“√·ª≈ß§à“‡ªìπ ‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ë ‡√◊Õ‡¥‘π∑–‡≈ (√«¡∂÷ß‡√◊Õ¢π∂à“¬ ‘π§â“·≈–Õÿª°√≥å) ·≈–§à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“ (Drydock and Special Survey) π—Èπ ‰¥â¡’°“√´◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π´◊ÈÕ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ë ‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ π‚¬∫“¬°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™âÕ—µ√“ ·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ¥â«¬‡™àπ°—π

196

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

POLICY OF RESTATEMENT FROM THB TO USD CURRENCY In restating the financial statements, consideration has been given to Thai GAAP. However, due to the unique nature of this restatement the provisions of Thai GAAP may not necessarily have been complied with. A significant unique feature is that many of the assets, liabilities and transactions of PSL were originally denominated in USD and translated into THB as required by the SET. In these instances these assets, liabilities and transactions have been restated into USD at the exchange rate, or estimated exchange rate, at which they were converted into THB. This, however, was not always possible in relation to the transactions recorded in the income statement, as this would require matching each transaction with the exchange rate at that date, in which case the weighted average exchange rate was applied. Based on the uniqueness of the restatement discussed above, BTF has sought to ensure the application of the most appropriate methods of restatement to reflect the underlying valuation and performance of the Company. Please note that BTFûs responsibility is limited only to check and certify the restatement of the financial statements in USD based on the quarterly / semi-annual / annual financial statements in Thai Baht currency (THB) already reviewed / audited by statutory auditors. As such, the scope is limited only to a review on the accuracy of the restatement of the financial statements based upon the existing set of accounts maintained in THB. Accordingly, the policies of the restatement of the items in the Companyûs balance sheet and income statement can be described as follows: -

ë Balance Sheet Most items in PSLûs audited / reviewed balance sheet are converted from THB into USD using the exchange rate as at the balance sheet date. THB / USDûs buying rate is applied on the asset side while the selling rate is used on the liability side. This policy, however, is not applied to some items as BTF considers an alternative policy, as described below, would provide more accurate restatement into USD. ë Investments originally made in USD were translated by PSL into THB at the historical exchange rate as at the date of the investment. Therefore, in restating in USD the historical exchange rate has been used to reverse the translation. ë Vessels (including the barge and its equipment), drydock and the special survey were originally purchased in USD currency and translated into THB at the historical exchange rate as at the acquisition date. Therefore in restating to USD the historical exchange rate has been used to reverse the translation. ë Where fixed assets were originally purchased in THB the assets are converted by PSL at the exchange rate as at the balance sheet date. This, compared with the translation of USD fixed assets, is not consistent and therefore BTF have applied the historical exchange rates to major THB fixed assets, i.e. buildings and berth equipment.

Annual Report 2004 Precious Shipping Public Company Limited

197

§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–¡’°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“ ¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ §à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‚¥¬ „™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ Õπ÷Ëß π‚¬∫“¬°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å ∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑ À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ¥â«¬‡™àπ°—π ë πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ≈Ÿ°Àπ’È·≈–‡®â“Àπ’È°“√§â“ ·≈–√“¬‰¥â√—∫≈à«ßÀπâ“®“°°“√¢π àß ‘π§â“ ‰¥â¡’°“√´◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π ‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈° ‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ë ≈—°…≥–¢Õß ‘π∑√—æ¬å·≈–Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‚¥¬¡“°®–¡’°“√À¡ÿπ‡«’¬πÕ¬à“ß¡“° ¥—ßπ—πÈ °“√·ª≈ß§à“√“¬°“√∫—≠™’ ¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ë ‘π∑√—æ¬åÕ◊Ëπ Ê ∑’ËπÕ°‡Àπ◊Õ®“° §à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“∑’Ë¬—ß‰¡à‰¥âµ—¥®à“¬π—Èπ¡’°“√´◊ÈÕ¢“¬°—π ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™â Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ë §à“§«“¡π‘¬¡‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπÀπ÷Ëß„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ à«π∑’Ë‡°‘π®“°¡Ÿ≈§à“µ“¡∫—≠™’ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«Õ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π∑”πÕß‡¥’¬«°—∫ ‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬ ‡ß‘π‰∑¬∫“∑ °“√·ª≈ß§à“√“¬°“√¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√¢÷Èπ ë ‡ß‘π°Ÿ¬â ¡◊ ®“°∏π“§“√ æ—π∏∫—µ√·ª≈ß ¿“æ ·≈–¥Õ°‡∫’¬È §â“ß®à“¬ à«π„À≠àÕ¬Ÿ„à π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“ ‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π∑”πÕß‡¥’¬«°—π‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ∑’ËÕ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑°Á¡’°“√ ·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ë à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ – ¡¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬ „™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ë º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»‚¥¬À≈—°Ê ·≈â«®–‡°’Ë¬«¢âÕß°—∫ ‘π∑√—æ¬å·≈– Àπ’ È π‘ ∑’‡Ë ªìπ °ÿ≈‡ß‘π‰∑¬∫“∑∑’∂Ë °Ÿ ª√—∫ª√ÿß§à“„À¡à„Àâ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π∑’·Ë µ°µà“ß°—π °àÕ„Àâ‡°‘¥§«“¡ ‰¡à ¡¥ÿ≈¢÷Èπ„πß∫¥ÿ≈ °√≥’‡™àππ’È®–‰¡à‡°‘¥¢÷Èπ®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡π◊ËÕß®“°‡√“∑”°“√ª√—∫ª√ÿß§à“ ®“° °ÿ≈‡ß‘π‰∑¬∫“∑°≈—∫‰ª Ÿà¡Ÿ≈§à“¥—Èß‡¥‘¡„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ®÷ß‡ªìπ∑’Ë‡¢â“„®‰¥â«à“º≈ – ¡„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ¢Õß °“√ª√—∫ª√ÿß∑’Ë‡°‘¥®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»π—Èπ ‰¡à‰¥âÀ¡“¬∂÷ß°“√ª√—∫ª√ÿß∑’Ë‡°‘¥®“°°“√·ª≈ß§à“ ‡ªìπ‡ß‘π‰∑¬∫“∑ ë ∑ÿπ‡√◊ÕπÀÿâπ ·≈– ”√Õß ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥°“√‡ª≈’Ë¬π·ª≈ß„π√“¬°“√

198

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

Depreciation of assets which were originally acquired in USD is restated using the historical exchange rate at the date of acquisition. However, where the assets were originally purchased in THB, the depreciation is converted by PSL at the exchange rate as at the balance sheet date. Again, the policy on USD and THB asset depreciation is not consistent and therefore BTF has applied the historical exchange rates to major THB fixed assets, i.e. buildings and berth equipment. ë Bunker oil, accounts receivable and payable, and advance received from charterers were originally denominated in USD and are translated into THB at the exchange rate at the balance sheet date. The restatement into USD therefore is based on the 31st December 2004 exchange rate to reverse the translation. ë The nature of other current assets and liabilities is mostly very current and therefore the exchange rate as at the balance sheet date is applied. ë Other assets, excluding unamortised drydock and special survey, are denominated in USD and are translated into THB at the exchange rate as at the balance sheet date. The restatement into USD therefore has been done at the 31st December 2004 exchange rate to reverse the translation. ë Goodwill is the excess of the investment in Great Circle Shipping Agency Limited, one of PSLûs subsidiaries, over its book value at the amount denominated in THB. Similar to fixed assets originally made in THB the restatement into USD is applied at the historical rate. ë Loans from banks, bonds and interest payable are mostly denominated in USD and are translated into THB at the exchange rate as at the balance sheet date. The restatement into USD therefore has been done at the 31st December 2004 exchange rate to reverse the translation. THB loans and debentures are also converted at the exchange rate as at the balance sheet date. ë Minority interest is derived from minority shareholdersû portion in the retained earnings of subsidiaries of PSL calculated at the balance sheet date and therefore the exchange rate as at the balance sheet date is applied. ë Translation adjustment primarily relates to THB denominated assets and liabilities restated at different exchange rates to USD resulting in an imbalance in the balance sheet. This should not occur for assets and liabilities originally denominated in USD as we have sought to restate the THB amounts to the original USD amounts. It should therefore be understood that the USD cumulative translation adjustment is not the translation of the THB translation adjustment. ë Share capital and reserves are restated at the historical exchange rates in which movements occurred.

Annual Report 2004 Precious Shipping Public Company Limited

199

ë ß∫°”‰√¢“¥∑ÿπ √“¬°“√ à«π„À≠à„πß∫°”‰√¢“¥∑ÿπ∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â«¢Õß∫√‘…—∑œ π—Èπ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â« ∂Ÿ°·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ ¢≥–π—Èπ1 ‡æ◊ËÕ„Àâ°“√ª√—∫ª√ÿß§à“„À¡à„π°“√§â“¢“¬·µà≈–√“¬°“√π’È∂Ÿ°µâÕß ¡∫Ÿ√≥å®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß π‚¬∫“¬¥—ß°≈à“«Õ¬ŸàπÕ°‡Àπ◊Õ®“°¢Õ∫‡¢µ°“√ µ√«®∑“π¢Õß∫’∑’‡Õø √“¬°“√‡À≈à“π’È‰¥â¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ¿“¬„π™à«ß√–¬–‡«≈“ 3 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ´÷Ëß (À“°√“¬‰¥â §à“„™â®à“¬ ·≈–Õ—µ√“·≈°‡ª≈’Ë¬π§àÕπ¢â“ß§ß∑’Ë) Õ—µ√“·≈°‡ª≈’Ë¬π ¥—ß°≈à“«πà“®–ª√–¡“≥Õ—µ√“·≈°‡ª≈’Ë¬π„πÕ¥’µ ”À√—∫°“√§â“·µà≈–√“¬°“√‰¥â Õ¬à“ß‰√°Áµ“¡ „π°√≥’∑’ËÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈ ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‡°‘¥°“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß‡ªìππ—¬ ”§—≠¢÷Èπ„πÕπ“§µ π‚¬∫“¬¥—ß°≈à“«Õ“®¡’°“√‡ª≈’Ë¬π·ª≈ß‡æ◊ËÕ· ¥ß „Àâ‡ÀÁπº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. „Àâ∂Ÿ°µâÕß¡“°¬‘Ëß¢÷Èπ Õπ÷Ëß π‚¬∫“¬π’È‰¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√ ∫“ß√“¬°“√ ‡π◊ÕË ß®“°∫√‘…∑— œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊πË ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂°Ÿ µâÕß¬‘ßË ¢÷πÈ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È ë „π∑”πÕß‡¥’¬«°—∫√“¬°“√§à“‡ ◊ËÕ¡√“§“ – ¡„πß∫¥ÿ≈ °“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å¥—ß°≈à“« ¡‘„™àÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«¢â“ßµâπ„π à«π¢Õßß∫¥ÿ≈ π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑π—Èπ ‰¡à Õ¥§≈âÕß °—∫π‚¬∫“¬¢â“ßµâπ ¥—ßπ—ÈπÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å®÷ß∂Ÿ°π”¡“„™â„π à«π¢Õß ‘π∑√—æ¬åÀ≈—°∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑ ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ ë °”‰√ / ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë¢“¬ ‘π∑√—æ¬å∑—Èß∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑·≈–‡ß‘π‡À√’¬≠ √Õ. ë °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π„πß∫°”‰√¢“¥∑ÿπ„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡°‘¥¢÷Èπ®“°√“¬°“√‡°’Ë¬«°—∫‡ß‘π ‘π∑√—æ¬å ∂“«√¬àÕ¬Ê √«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑ ‚¥¬¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“π’È„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ‰¥â‡ª≈’¬Ë π·ª≈ß‰ª®“°¡Ÿ≈§à“ ≥ «—π∑’Ë 30 °—π¬“¬π 2547 ‡π◊ÕË ß®“°§«“¡´—∫´âÕπ„π°“√‰¥â¡“´÷ßË µ—«‡≈¢‚¥¬≈–‡Õ’¬¥„π·µà≈–√“¬°“√ ®÷ß∂◊Õ«à“√“¬°“√‡À≈à“π’È‰¡à¡’°“√‡ª≈’Ë¬π·ª≈ßµ≈Õ¥™à«ß√–¬–‡«≈“ß∫°“√‡ß‘π π—Ëπ§◊Õµ—Èß·µà‡¥◊Õπµÿ≈“§¡ 2547 ë °”‰√®“°°“√¬°‡≈‘° —≠≠“ Swap ‰¥â∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë ¬°‡≈‘° —≠≠“ Swap ë ‡ß‘πªíπº≈∑’®Ë “à ¬„Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’‡Ë °‘¥°“√‡ª≈’¬Ë π·ª≈ß„π√“¬°“√ ë °”‰√ – ¡µâπªï‰¥â∂°Ÿ ª√—∫ª√ÿß§à“¥â«¬Õ—µ√“·≈°‡ª≈’¬Ë π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’·Ë ∑â®√‘ß ≥ ™à«ß‡«≈“∑’¡Ë °’ “√∫—π∑÷° °”‰√ – ¡ Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«„π¢â“ßµâπ Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë·∑â®√‘ß∑’Ë„™â„π°“√·ª≈ß§à“Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ π—Èπ¡’º≈µàÕ¡Ÿ≈§à“ ÿ∑∏‘¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ—π àßº≈µàÕ°”‰√ – ¡„πÕ¥’µ∑’Ëºà“π¡“ ‚ª√¥µ√–Àπ—°«à“√“¬°“√„¥Ê ∑’Ëª√“°Ø¢÷Èπ„π∫—≠™’°àÕπ‡¥◊Õπ¡‘∂ÿπ“¬π 2540 π—Èπ®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë 25.5 ‡π◊ËÕß®“°°“√≈¥§à“‡ß‘π∫“∑‰¥â‡√‘Ë¡‡°‘¥¢÷Èπ„π‡¥◊Õπ¡‘∂ÿπ“¬π 2540 „π™à«ß°àÕπ∑’Ë®–¡’°“√≈¥§à“ ‡ß‘π∫“∑π—Èπ Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ®–§àÕπ¢â“ß§ß∑’ËÕ¬Ÿà∑’Ë¡Ÿ≈§à“ 25.5 ∫“∑ / 1 ‡À√’¬≠ √Õ.

200

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√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

‡™à π Õ— µ √“

ë Income Statement Most items in the Companyûs audited / reviewed income statement were originally denominated in USD and translated into THB at the prevailing exchange rate1 at that time. In order to perfectly restate these transactions it would be necessary to match each transaction with its historical exchange rate. This is outside the scope of our review. These items have been translated using the weighted average exchange rates for three months ended 31st December 2004, which should approximate (where income, expenses and exchange rates are relatively stable) the historical exchange rates of each transaction. However should the THB / USD exchange rate change significantly in the future, the policy may be amended to better illustrate PSLûs performance in USD terms. This policy, again, is not applied to some items as we consider an alternative policy, as described below, would provide more accurate restatement in USD. ë Depreciation of assets originally acquired in USD is similar to the depreciation item in the balance sheet. This item is not directly translated using the weighted monthly average rate but the historical acquisition exchange rates. As mentioned earlier in the balance sheet section, the policy on USD and THB asset depreciation is not consistent and therefore the historical exchange rates are applied to major THB fixed assets, i.e. buildings and berth equipment. ë Gains / losses on disposal of fixed assets are converted at the actual THB / USD exchange rate as at the date of asset disposal for both USD and THB sales. ë The exchange gain in the USD Income Statement arises from THB denominated monetary assets and liabilities, minor fixed assets and current assets and liabilities which in USD terms have changed in value since 30 September 2004. Due to the complexity in obtaining detailed figures for each item it is assumed that these items are fixed for the whole financial statement period, i.e. since October 2004. ë Gain on swap termination is restated at the actual THB / USD exchange rate as at the date of swap termination. ë Dividend paid is restated at the historical exchange rates in which movements occurred. ë Retained earnings at the beginning of the year are restated into USD at the actual historical exchange rate for the periods in which retained earnings were recorded. However, as mentioned earlier, the historical rate applied to buildings and berth equipment affects their net value, which subsequently affects the retained earnings in the past. Please note that any items existing in the accounts before June 1997 are converted at THB / USD rate of 25.5 since the devaluation of THB commenced in June 1997 as before the devaluation the THB / USD exchange rate was relatively stable at THB 25.5 / USD 1.

1 The foreign exchange rate used is the monthly average rate obtained from the Bank of Thailand one month afterwards, e.g. average THB / USD rate of April is applied as the basis for the month of May figure.

Annual Report 2004 Precious Shipping Public Company Limited

201

202

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ª√–‡∑»ª“π“¡“ 99.99%

* · ¥ß°“√∂◊ÕÀÿâπ¢Õß PSL

∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ª√–‡∑»‰∑¬ 99.99%

ºŸâ∫√‘À“√‡√◊Õ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬ 100%

∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ ª√–‡∑»Õ‘π‡¥’¬ 50%*

∫√‘…—∑ ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‘‡µ¥ ª√–‡∑»Õ‘π‡¥’¬ 33.33%*

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ª√–‡∑»Õ‘π‡¥’¬ 22.40%

™◊ËÕ∫√‘…—∑ ®—¥µ—Èß¢÷Èπ„πª√–‡∑» Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ

≈”¥—∫¿“¬„π°√Õ∫

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µÁ¥ ª√–‡∑»Õ‘π‡¥’¬ 33.33%*

∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 33.33%

∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 100%*

∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 100%

°“√®—¥°“√∑à“‡√◊Õ

∫√‘…—∑ ∫√‘…—∑ ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ‰≈‡∑Õ√å‡√® ∫—≈§å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ ≈‘¡‘‡µ¥ ≈‘¡‘‡µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬ ª√–‡∑»‡¡Õ√‘‡™’¬ ª√–‡∑»‡¡Õ√‘‡™’¬ 100%* 100%* 100%*

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ ª√–‡∑»Õ—ß°ƒ… 99.99%

∫√‘°“√À“‡√◊Õ„Àâ‡™à“

∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 100%*

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 100%

∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ ª√–‡∑» ‘ß§‚ª√å 64.06%*

∫√‘…—∑„π ≈”¥—∫∑’Ë 1 ∂÷ß 34 µ“¡µ“√“ßÀπâ“ 205 99.99% ·≈– ≈”¥—∫∑’Ë 35 ∂÷ß 36 µ“¡µ“√“ßÀπâ“ 206 69.99% ª√–‡∑»‰∑¬

‡®â“¢Õß‡√◊Õ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (PSL) ª√–‡∑»‰∑¬

‚§√ß √â“ß°≈ÿà¡∫√‘…—∑

Precious Shipping (Panama) S.A. Republic of Panama 99.99%

Chartering

Annual Report 2004 Precious Shipping Public Company Limited

* Represents ownership of PSL

Regidor Pte Limited Singapore 100%*

Precious Shipping (Singapore) Pte Limited Singapore 100%

PSL Thun Shipping Pte Limited Singapore 64.06%*

Companies Nos: 1 to 34 Per list On Page 205 99.99% and Nos: 35 to 36 Per list On Page 206 69.99% Thailand

Ship Owning

Southern LPG Limited India 50%*

Precious Shipping (Mauritius) Limited Mauritius 100%

Dhamra Port Company Private Ltd. India 33.33%*

International Lighterage Limited Mauritius 100%*

Great Circle Shipping Agency Limited Thailand 99.99%

PSL Investments Limited Mauritius 100%*

Precious Shipping (UK) Limited United Kingdom 99.99%

Ship Management

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED (PSL) THAILAND

Name of Company Country of Incorporation Percentage Ownership

Legend

International Seaports (India) Pvt Ltd India 33.33%*

International Seaports Pte Limited Singapore 33.33%

Rapid Port Leasing Co. Pte Limited Singapore 100%*

International Seaports (Haldia) Pvt Ltd India 22.40%*

PSL Bulk Terminals Company Limited Mauritius 100%*

Thebes Pte Limited Singapore 100%

Port Development

CORPORATE STRUCTURE

203

¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.».2535 OTHER INFORMATION PURSUANT TO SEC.114 OF PUBLIC LIMITED COMPANIES ACT B.E 2535 √“¬≈–‡Õ’¬¥¢Õß∫√‘…—∑ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ª√–‡¿∑∏ÿ√°‘® ∑–‡∫’¬π‡≈¢∑’Ë ∑ÿπ®¥∑–‡∫’¬π

: ‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈ : ∫¡®. 309 : 520,000,000 ∫“∑ (520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)

Àÿâπ∑’ËÕÕ°·≈– ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

: 520,000,000 ∫“∑ (520,000,000 ÀÿâπÊ ≈– 1 ∫“∑) ∑’Ëµ—Èß : ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460 ‡∑‡≈Á°´å : 20412 PSL TH E-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ : ‰¡àπâÕ¬°«à“√âÕ¬≈– 25 ¢Õß°”‰√ ÿ∑∏‘ À≈—ßÀ—°¿“…’µ—Èß·µàªï 2547 ‡ªìπµâπ‰ª

DETAILS OF THE COMPANY PRECIOUS SHIPPING PUBLIC COMPANY LIMITED Business : Shipowner Registration No. : Bor Mor Jor 309 Authorized share capital : Baht 520,000,000.(520,000,000 shares of Baht 1 each) Issued and fully paid-up share capital : Baht 520,000,000 (520,000,000 shares of Baht 1 each) Location : 7th Floor, Cathay House, 8 North Sathorn Road, Silom, Bangrak, Bangkok 10500 Telephone : 66-2 237-8700-4 Fax : 66-2 236-7654, 633-8460 Telex : 20412 PSL TH E-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com Dividend Policy : Not less than 25% of Net Profit after taxes from 2004 and onwards

204

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

™◊ËÕ ·≈– ª√–‡¿∑∏ÿ√°‘® ¢Õß∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª ¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«∑—ÈßÀ¡¥¢Õß π‘µ∫‘ §ÿ §≈π—πÈ Names and category of subsidiary companies in which the Company holds more than 10% of shares sold by them. ™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht

250,000,000 250,000,000 230,000,000 230,000,000 260,000,000 260,000,000 230,000,000 230,000,000 84,000,000 84,000,000 234,000,000 234,000,000 99,000,000 99,000,000 100,000,000 100,000,000 105,000,000 105,000,000 175,000,000 175,000,000 100,000,000 100,000,000 205,000,000 205,000,000 144,000,000 144,000,000 86,000,000 86,000,000 84,000,000 84,000,000 74,000,000 74,000,000 79,000,000 79,000,000 73,000,000 73,000,000 76,000,000 76,000,000

1 ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ Precious Metals Limited 2 ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ Precious Wishes Limited 3 ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ Precious Stones Shipping Limited 4 ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ Precious Minerals Limited 5 ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ Precious Lands Limited 6 ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ Precious Rivers Limited 7 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ Precious Lakes Limited 8 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ Precious Seas Limited 9 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ Precious Stars Limited 10 ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’Ë¬π å ®”°—¥ Precious Oceans Limited 11 ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ Precious Planets Limited 12 ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ Precious Diamonds Limited 13 ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ Precious Sapphires Limited 14 ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ Precious Emeralds Limited 15 ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ Precious Rubies Limited 16 ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ Precious Opals Limited 17 ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ Precious Garnets Limited 18 ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ Precious Pearls Limited 19 ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ Precious Flowers Limited

∑ÿπ∑’ËÕÕ°·≈– —¥ à«π ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ Issued and fully paid-up Percentage of Category of business Share capital Shareholdings 250,000,000 250,000,000 230,000,000 230,000,000 260,000,000 260,000,000 230,000,000 230,000,000 84,000,000 84,000,000 234,000,000 234,000,000 99,000,000 99,000,000 100,000,000 100,000,000 105,000,000 105,000,000 175,000,000 175,000,000 100,000,000 100,000,000 205,000,000 205,000,000 144,000,000 144,000,000 86,000,000 86,000,000 84,000,000 84,000,000 74,000,000 74,000,000 79,000,000 79,000,000 73,000,000 73,000,000 76,000,000 76,000,000

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99

‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner

Annual Report 2004 Precious Shipping Public Company Limited

205

206

∑ÿπ∑’ËÕÕ°·≈– —¥ à«π ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿâπ Issued and fully paid-up Percentage of Category of business Share capital Shareholdings

™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

20 ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ Precious Forests Limited 21 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ Precious Trees Limited 22 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ Precious Ponds Limited 23 ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ Precious Ventures Limited 24 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ Precious Capitals Limited 25 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ Precious Jasmines Limited 26 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ Precious Orchids Limited 27 ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ Precious Lagoons Limited 28 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ Precious Cliffs Limited 29 ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ Precious Hills Limited 30 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ Precious Mountains Limited 31 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ Precious Resorts Limited 32 ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ Precious Comets Limited 33 ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ Precious Ornaments Limited 34 ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ Precious Cities Limited 35 ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ Precious Storage Terminals Limited 36 ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ Nedtex Limited 37 ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑

96,000,000 96,000,000 80,000,000 80,000,000 84,000,000 84,000,000 80,000,000 80,000,000 200,000,000 200,000,000 98,000,000 98,000,000 217,000,000 217,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 71,100,000 71,100,000 68,100,000 68,100,000 170,000,000 170,000,000 6,000,000 6,000,000 10,000,000 10,000,000 15,000,000

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.40 99.40 99.40 99.40 99.99 99.99 69.99 69.99 69.99 69.99 99.99

Great Circle Shipping Agency Limited

Baht

15,000,000

99.99

38 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ Precious Shipping (Mauritius) Limited 39 ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥ PSL Investments Limited 40 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ International Lighterage Limited

‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD

10,000 10,000 10,000 10,000 10,000 10,000

10,000 10,000 1,160 1,160 10,000 10,000

100 100 100* 100* 100* 100*

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ” Bulk Storage Barges §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ” Bulk Storage Barges ºŸ∫â √‘À“√‡√◊Õ ∑“ß¥â“π‡∑§π‘§ Technical Manager of ships ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company

™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

41 æ’‡Õ ·Õ≈ ∫—§≈å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ PSL Bulk Terminal Company Limited 42 ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ Rapid Port Leasing Company Pte. Ltd. 43 ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ Thebes Pte. Ltd. 44 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥

‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ ‘ß§‚ª√å SGD ‡À√’¬≠ À√—∞

10,000 10,000 1,000,000 1,000,000 100,000 100,000 6,300,000

2 2 2 2 2 2 1,815,000

100* 100* 100* 100* 100 100 33.33

USD

6,300,000

1,815,000

33.33

‡À√’¬≠ ‘ß§‚ª√å 20,000,000 SGD 20,000,000 ‡À√’¬≠ À√—∞ 500,000 USD 500,000 ‡À√’¬≠ ‘ß§‚ª√å 100,000 SGD 100,000 ‡À√’¬≠ À√—∞ 10,000 USD 10,000 ‡À√’¬≠ À√—∞ 10,000 USD 10,000 Õ‘π‡¥’¬π√Ÿªï 100,000,000

15,000,000 15,000,000 12,864 12,864 2 2 10,000 10,000 10,000 10,000 64,592,200

100 100 64.06* 64.06* 100* 100* 99.99 99.99 99.99 99.99 50*

International Seaports Pte. Ltd. 45 ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Precious Shipping (Singapore) Pte. Ltd. 46 ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ PSL Thun Shipping Pte. Ltd. 47 Regidor Pte. Ltd. Regidor Pte. Ltd. 48 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ Precious Shipping (Panama) S.A. 49 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ Precious Shipping (UK) Limited 50 ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ Southern LPG Ltd.

Indian Rs

100,000,000

64,592,200

50*

51 The Dhamra Port Company Private Ltd.

Õ‘π‡¥’¬π√Ÿªï

500,000,000

333,091,060

33.33*

The Dhamra Port Company Private Ltd.

Indian Rs

500,000,000

333,091,060

33.33*

52 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ International Seaports (India) Private Ltd.

Õ‘π‡¥’¬π√Ÿªï

30,000,000

25,005,800

33.33*

Indian Rs

30,000,000

25,005,800

33.33*

53 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ International Seaports (Haldia) Pvt. Ltd.

Õ‘π‡¥’¬π√Ÿªï

445,000,000

440,580,200

22.40*

Indian Rs

445,000,000

440,580,200

22.40*

‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ≈ß∑ÿπ„π‚§√ß°“√ “∏“√≥Ÿª‚¿§ Investment in infrastructure projects „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering ‡®â“¢Õß‡√◊Õ Shipowner ‚Œ≈¥‘Èß §—¡æ“π’ Holding company „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering »Ÿπ¬å°≈“ß°“√∫√√®ÿ·≈– ®—¥®”Àπà“¬°ä“´Àÿßµâ¡ Terminal owning, bottling and distribution of LPG °àÕ √â“ß·≈–æ—≤π“ ∑à“‡√◊Õ Port construction & Development „Àâ§”ª√÷°…“„π°“√ æ—≤π“∑à“‡√◊Õ Consultancy Service in Port Development °àÕ √â“ß·≈–æ—≤π“ ∑à“‡∑’¬∫‡√◊Õ Berth construction & Development

*(Represents ownership of PSL)

Annual Report 2004 Precious Shipping Public Company Limited

207

∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“« Address of Subsidiary Companies are as follows:

ë ë ë ë

208

∫√‘…—∑¬àÕ¬∑’Ë 1-11 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460 Subsidiary 1-11, Registered Address is at 8/27-28, 7th Floor, Cathay House, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 633-8460 ∫√‘…—∑¬àÕ¬∑’Ë 12-36 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√Õ‘π‚¥-‰∑¬ ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460 Subsidiary 12-36, Registered Address is at 8/27-28, 7th Floor, Indo-Thai Building, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 633-8460 ∫√‘…—∑¬àÕ¬∑’Ë 37 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/35 Õ“§“√§“‡∏à¬å‡Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ Subsidiary 37, Registered Address is at 8/35 Cathay House, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand ∫√‘…—∑¬àÕ¬∑’Ë 38-41 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street, Port Louis, Mauritius. Subsidiary 38-41, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street, Port Louis, Mauritius. ∫√‘…∑— ¬àÕ¬∑’Ë 42-44 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621. Subsidiary 42-44, Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621. ∫√‘…∑— ¬àÕ¬∑’Ë 45-47 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras Street, Singapore 079016 Republic of Singapore. Subsidiary 45-47 Registered Address is 79A Tras Street, Singapore 079016 Republic of Singapore. ∫√‘…—∑¬àÕ¬∑’Ë 48 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ADR Building, 13th Floor, Samuel Lewis Avenue, Panama. Subsidiary 48, Registered Address is at ADR Building, 13th Floor, Samuel Lewis Avenue, Panama. ∫√‘…—∑¬àÕ¬∑’Ë 49 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë The Quadrangle, 180 Wardour Street, London W1V 3AA. U. K. Subsidiary 49, Registered Address is at The Quadrangle, 180 Wardour Street, London W1V3AA. U. K.

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

∫√‘…—∑√à«¡∑’Ë 50 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ICM Business Centre, Ceebros Arcade 1st Floor, No.1 3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India. Associate 50, Registered Address is at ICM Business Centre, Ceebros Arcade 1st Floor, No.1 3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India. ∫√‘…—∑√à«¡∑’Ë 51 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 559, Lewis Road, 2nd floor, PSBJB Nagar, Bhubaneswar 751 014, India. Associate 51, Registered Address is at 559, Lewis Road, 2nd floor, PSBJB Nagar, Bhubaneswar 751 014, India. ∫√‘…—∑√à«¡∑’Ë 52 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë L&T House, 2nd Floor No. 10, Club House Road, Anna Salai Chennai 600 002, India Associate 52, Registered Address is at L&T House, 2nd Floor No. 10, Club House Road, Anna Salai Chennai 600 002, India ∫√‘…—∑¬àÕ¬∑’Ë 53 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 22, Lee Road, Kolkata - 700020, India Subsidiary 53, Registered Address is at 22, Lee Road, Kolkata - 700020, India

Annual Report 2004 Precious Shipping Public Company Limited

209

√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â‡¢â“∑”√“¬°“√°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßµàÕ‰ªπ’È 1. —≠≠“‡™à“ ”π—°ß“π√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß°—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ §«“¡‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ (∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑) ∑” —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√ °—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ ´÷Ëß¡’π“ß “«π‘™‘µâ“ ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ËÕß®“°π“ß “« π‘™‘µâ“ ™“Àå ‡ªìπ°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√ —≠≠“‡™à“ ”π—°ß“π¡’§«“¡®”‡ªìπµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

¡Ÿ≈§à“¢Õß√“¬°“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ‰¥â®à“¬§à“‡™à“·≈–§à“∫√‘°“√ ‡ªìπ®”π«π‡ß‘π√«¡ 1.34 ≈â“π∫“∑ §‘¥‡ªìπÕ—µ√“ à«π√âÕ¬≈– 0.03 ¢Õß ‘π∑√—æ¬å∑’Ë¡’µ—«µπ ÿ∑∏‘ ∫√‘…—∑œ ·≈–∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ‰¥â∑” —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√„πÕ—µ√“ 210 ∫“∑µàÕµ“√“ß‡¡µ√´÷Ëß‡ªìπÕ—µ√“‡™à“∑’Ë‡∑à“°—π°—∫∑’Ë∫√‘…—∑œ ·≈–∫√‘ …— ∑ ‡°√∑ ‡´Õ√å ‡ §‘ ≈ ™‘ ª ªîô ß ‡Õ‡¬π´’Ë ®”°— ¥ ‰¥â ∑” — ≠ ≠“‡™à “ ”π— ° ß“π·≈–∫√‘ ° “√°— ∫ ∫ÿ § §≈¿“¬πÕ°„π™—È π Õ◊Ë π „πÕ“§“√ ”π—°ß“π‡¥’¬«°—π∑’ËÕ—µ√“ 210 ∫“∑µàÕµ“√“ß‡¡µ√

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ ”π—°ß“π¡’§«“¡®”‡ªìπµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ∫√‘…—∑œ ·≈–∫√‘…—∑‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ®÷ßµâÕß µàÕ —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√„πªï 2548 °—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ „πÕ—µ√“§à“‡™à“Õ—µ√“‡¥’¬«°—π°—∫ªï 2547

2. ´◊ÈÕµ—Î«‡§√◊ËÕß∫‘π®“° ∫√‘…—∑·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ·≈–∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ §«“¡‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¥â´◊ÈÕµ—Î«‡§√◊ËÕß∫‘π®“° ∫√‘…—∑·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ·≈–∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ ´÷Ëß¡’π“ß “«π‘™‘µâ“ ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ËÕß®“°π“ß “«π‘™‘µâ“ ™“Àå ‡ªìπ °√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¥—ß°≈à“«

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√ ‚¥¬ª°µ‘°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ µ—Î«‡§√◊ËÕß∫‘π¡’§«“¡®”‡ªìπµ“¡ —≠≠“«à“®â“ß≈Ÿ°‡√◊Õ ‡π◊ËÕß®“° ∫√‘…—∑œ µâÕß®—¥À“µ—Î«‡§√◊ËÕß∫‘π‡æ◊ËÕ√—∫ àß≈Ÿ°‡√◊Õ‰ª∑”ß“π∫π‡√◊Õ·≈–‡¥‘π∑“ß°≈—∫®“°‡√◊Õ∑’Ë∑à“‡∑’¬∫‡√◊Õµà“ßÊ ∑—Ë«‚≈° ‡¡◊ËÕ —≠≠“ «à“®â“ß ‘Èπ ÿ¥≈ß ∫√‘…—∑·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ·≈–∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ ‰¥â∂Ÿ°‡≈◊Õ°„Àâ¡“∫√‘°“√„π‡√◊ËÕßπ’È ‚¥¬æ‘®“√≥“®“° °“√·¢àß¢—π∑“ß¥â“π√“§“·≈–∫√‘°“√ °“√„Àâ∫√‘°“√∑’Ë√«¥‡√Á«°«à“·≈–¡’ª√– ‘∑∏‘¿“æ¡“°°«à“ √«¡∑—Èß¡’ ”π—°ß“πÕ¬Ÿà„°≈â°—∫∫√‘…—∑œ ´÷Ëß∑”„Àâ‰¡à¡’ªí≠À“„π°“√√—∫ àßµ—Î«„π°√≥’‡√àß¥à«π

¡Ÿ≈§à“¢Õß√“¬°“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬´◊ÈÕµ—Î«‡§√◊ËÕß∫‘π®“° 2 ∫√‘…—∑¥—ß°≈à“«®”π«π 22.42 ≈â“π∫“∑ À√◊Õ‡∑à“°—∫√âÕ¬≈– 0.43 ¢Õß ‘π∑√—æ¬å∑’Ë¡’µ—«µπ ÿ∑∏‘

210

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

CONNECTED TRANSACTIONS The following transactions entered into by the Company and Subsidiary constitute transactions with related parties 1. Office lease agreement between the Company and subsidiary with Unistretch Limited The Relation The Office lease agreement is between the Company and Great Circle Shipping Agency Limited (subsidiary of the Company) with Unistrech Limited. Miss Nishita Shah, director of the Company is directly interested as director and shareholder of Unistretch Limited.

The Significance of the related transaction The Office lease agreement is necessary for operating the Company and Great Circle Shipping Agency Limited.

The Fairness of Terms and Conditions of the Transaction As of 31st December 2004, the Company and Great Circle Shipping Agency Limited have rental and related expense from such transaction amounting to Baht 1.34 million which is 0.03% of Net Tangible Assets. The Company and Great Circle Shipping Agency Limited have signed a lease for the office premises with Unitretch Limited at the rate of Baht 210 per square metre. The Company and Great Circle Shipping Agency Limited have also signed a lease for other office premises from a third party on other floors of the same building at the same rate of Baht 210 per square metre.

Policy in respect of future transactions with connected parties The Office is essential for operating the business of the Company so the Company has to continue to enter into lease agreement for the year 2005 on similar (or more beneficial) conditions to the year 2004.

2. Purchase of air tickets from Ambika Tours Limited and Geepee Air Service Limited The Relation The Company and subsidiaries purchased air tickets from Ambika Tours Limited and Geepee Air Service Limited in which Miss Nishita Shah is directly interested as director and shareholder.

The Significance of the related transaction Given the nature of business, air tickets are required for the crew on a regular basis to allow them to sign on/ off in different ports around the world on commencement and completion of their contracts, respectively. Ambika Tours Limited and Geepee Air Service Limited have been selected for this purpose in view of their competitive rates and service and also for their proximity to the Company没s office since this allows much quicker and efficient service.

The Fairness of Terms and Conditions of the Transaction As of 31st December 2004, the Company and subsidiaries purchased air tickets amounting to Baht 22.42 million which is 0.43% of Net Tangible Assets.

Annual Report 2004 Precious Shipping Public Company Limited

211

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ ”À√—∫ªï 2548 °“√®—¥À“µ—Î«‡§√◊ËÕß∫‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ªìπ‰ª‰¥â«à“®–¡’®”π«π¡“°°«à“ ªï 2547 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«π≈Ÿ°‡√◊Õ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ´÷Ëß‡ªìπº≈®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡√◊Õ‡¥‘π∑–‡≈ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ‰¥â∑”°“√‡ª√’¬∫‡∑’¬∫¥â“π√“§“·≈–¡“µ√∞“π¢Õß°“√„Àâ∫√‘°“√¢ÕßºŸâ®”Àπà“¬µ—Î«‡§√◊ËÕß∫‘π√“¬Õ◊ËπÊ ´÷Ëß√«¡∑—Èß∫√‘…—∑ ·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ·≈–∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ „π°√≥’∑’Ë√“§“µ—Î«‡§√◊ËÕß∫‘π·≈–¡“µ√∞“π°“√„Àâ∫√‘°“√∑’Ë‡ πÕ‚¥¬ ºŸâ®”Àπà“¬µ—Î«‡§√◊ËÕß∫‘π‰¡à‰¥â‡ªìπ‰ªµ“¡√“§“µ≈“¥‚¥¬∑—Ë«‰ª À√◊Õ‡ß◊ËÕπ‰¢µà“ßÊ ‰¡à‰¥â‡ªìπ‰ª‡æ◊ËÕº≈ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ∫√‘…—∑œ ®–‡ª≈’Ë¬π∫√‘…—∑®—¥À“µ—Î«‡§√◊ËÕß∫‘π∑—π∑’

3. §à“„™â®à“¬„π°“√µ‘¥µ—Èß·≈–∫”√ÿß√—°…“®“°∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ §«“¡‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â«à“®â“ß„Àâ∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ ‡¢â“¡“¥”‡π‘π°“√µ‘¥µ—Èß·≈–´àÕ¡∫”√ÿßÕÿª°√≥å ‡§√◊ËÕßª√—∫Õ“°“» ”À√—∫ ”π—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬´÷ËßÕ¬Ÿà√–À«à“ß°“√ª√—∫ª√ÿß„À¡à ·≈–∫√‘…—∑œ ‰¥â®à“¬§à“∫”√ÿß√—°…“ √–∫∫‡§√◊ËÕßª√—∫Õ“°“»∑’Ë ”π—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„Àâ·°à∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ ´÷Ëß‡ªìπ√“¬°“√‡°’Ë¬«‚¬ß °—π ‚¥¬¡’π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ „π∞“π–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ËÕß®“°π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ ‡ªìπ °√√¡°“√¢Õß∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√ °“√µ‘¥µ—Èß·≈–∫”√ÿß√—°…“√–∫∫‡§√◊ËÕßª√—∫Õ“°“»∑’Ë ”π—°ß“π¢Õß∫√‘…—∑œ π—Èπ¡’§«“¡®”‡ªìπ ”À√—∫°“√¥”‡π‘π∏ÿ√°‘® ¢Õß∫√‘…—∑œ ∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ ∂Ÿ°‡≈◊Õ°„Àâ¡“¥”‡π‘π°“√„π‡√◊ËÕßπ’È ‚¥¬√“§“·≈–°“√„Àâ∫√‘°“√µà“ßÊ ‡ªìπ‰ªµ“¡ °“√·¢àß¢—π‚¥¬∑—«Ë ‰ª

¡Ÿ≈§à“¢Õß√“¬°“√ ”À√—∫ªï 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ·≈–µ‘¥µ—ÈßÕÿª°√≥å‡§√◊ËÕßª√—∫Õ“°“»®“°∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ ®”π«π 1.57 ≈â“π∫“∑ ·≈–‰¥â®à“¬§à“∫”√ÿß√—°…“√–∫∫‡§√◊ËÕßª√—∫Õ“°“»®”π«π 1.65 ≈â“π∫“∑ ‡ªìπ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ 3.22 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 0.06 ¢Õß ‘π∑√—æ¬å‰¡à¡’µ—«µπ ÿ∑∏‘

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ ”À√—∫ªï 2548 ∫√‘…—∑œ ¡’§à“„™â®à“¬„π°“√∫”√ÿß√—°…“√–∫∫‡§√◊ËÕßª√—∫Õ“°“» ·µà‰¡à¡’°“√´◊ÈÕ·≈–µ‘¥µ—ÈßÕÿª°√≥å ‡§√◊ËÕßª√—∫Õ“°“» Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‰¥â∑”°“√‡ª√’¬∫‡∑’¬∫¥â“π√“§“·≈–¡“µ√∞“π¢Õß°“√„Àâ∫√‘°“√ „π°√≥’∑’Ë√“§“ ·≈–¡“µ√∞“π°“√„Àâ∫√‘°“√‰¡à‰¥â‡ªìπ‰ªµ“¡°“√·¢àß¢—π‚¥¬∑—Ë«‰ª À√◊Õ‰¡à‰¥â‡ªìπ‰ª‡æ◊ËÕº≈ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ∫√‘…—∑œ ®–‡ª≈’Ë¬πºŸâ„Àâ∫√‘°“√∑—π∑’ Õπ÷ËßºŸâµ√«® Õ∫∫—≠™’¿“¬„π‰¥âµ√«® Õ∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π¢â“ßµâπ·≈–‰¥â√“¬ß“πº≈µàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ËÕ°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫§√—Èß∑’Ë 1/2548 ·≈–‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 1/2548 ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2548 ‡æ◊ËÕ√—∫∑√“∫ ®“°§«“¡‡ÀÁπ·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√∫√‘…—∑¡’§«“¡‡ÀÁπ«à“ ∫√‘…—∑œ ¡’°Æ¢âÕ∫—ß§—∫·≈–π‚¬∫“¬ªÑÕß°—π°“√∑”√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå √“¬°“√√–À«à“ß°—π∑’ËÕ“®¡’§«“¡ ¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫—π¢â“ßµâπ‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“‚¥¬∑—Ë«‰ª ‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥ ‡ªìπ ”§—≠·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ·≈–¡’°“√‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ·≈â«„πß∫°“√‡ß‘π·≈–/À√◊Õ√“¬ß“πª√–®”ªï¢Õß ∫√‘…—∑œ

212

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Policy in respect of future transactions with connected parties For the year 2005, the Company (and subsidiaries) would have similar air ticket expenses possibly more in value than 2004 due to the increase in the number of crew as compared to the year 2004 as a consequence of the increase in number of vessels owned and operated by the Company (and subsidiaries). The Company regularly reviews the pricing and service standards of the various Vendors of the tickets including Ambika Tours Limited and Geepee Air Service Limited. If the pricing and service standards of the present Vendors are found uncompetitive with market levels and/or if the terms and conditions are not for the benefit of the Company, the Company could change the Vendors.

3. Installation and Maintenance expenses from Maxwin Engineering Ltd. The Relation The Company and subsidiaries has signed a sale and installation contract with Maxwin Engineering Ltd., for airconditioning equipment at the offices of the Company and its subsidiaries, which, are being renovated. The Company also pays maintenance expenses to Maxwin Engineering Ltd. for the air conditioning system at the offices. This is a connected transaction by virtue of Mr. Khushroo Kali Wadia being directly interested as a Director of Maxwin Engineering Ltd.

The Significance of the related transaction The installation and maintenance of air conditioning system at the offices is essential for operating the business. Maxwin Engineering Ltd. has been selected for this purpose in view of their competitive rates and service.

The Fairness of Terms and Condition of the Transaction For the year 2004, the Company and subsidiaries have signed a contract for purchase and installation of air conditioning equipment of Baht 1.57 million and also paid for maintenance expenses for the air conditioning system amounting to Baht 1.65 million. Accordingly the aggregate amount involved is Baht 3.22 million which is 0.06% of Net Tangible Assets.

Policy in respect of future transactions with connected parties For the year 2005, the Company would have the expenses for maintenance of air conditioning system but will not have any further contracts for purchase and installation of air conditioning equipment. The Company regularly reviews such maintenance contracts for pricing and service standards and if the same are not competitive and/or for the benefit of the Company, the Company could change the existing sevice provider. Internal Auditors have reviewed the above connected transactions and reported the results of their review to the Audit Committee Meeting No. 1/2005 who, in turn have also reported these transactions at the Board of Directors Meeting No. 1/2005 held on 25th February 2005 for the Board没s acknowledgement. Based on the findings and the Report from the Audit Committee, the Board of Directors is of the opinion that the Company has rules, regulations and policies for prevention of the conflict of interest transactions. The above interested party transactions are entered solely based on the market prices and for the full benefit of the Company. Adequate disclosures have been made in the financial statements and/or the Annual Report.

Annual Report 2004 Precious Shipping Public Company Limited

213

¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 (µ“¡¡“µ√“ 56 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535) ≈”¥—∫∑’Ë 1

¢âÕ¡Ÿ≈∑—«Ë ‰ª 1.1 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® 1.2 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® ¢Õßπ‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 1.3 ™◊ËÕ ∂“π∑’Ëµ—Èß ¢Õß∫ÿ§§≈Õâ“ßÕ‘ß 1.4 π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π 2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π‚¥¬ √ÿª 2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë ”§—≠

Àπâ“ 204 205-209 216 204 1 1

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 3.1 §«“¡‡ªìπ¡“·≈–≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®‚¥¬ —ß‡¢ª 3.2 ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 3.3 √ÿª°“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠¢Õß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

2-12 77 16-30

ªí®®—¬§«“¡‡ ’¬Ë ß

72, 74

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 5.1 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 5.2 °“√®—¥°“√ ë ‚§√ß √â“ß°“√®—¥°“√ ë °“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√ ë °√√¡°“√Õ‘ √– - π‘¬“¡¢Õß°√√¡°“√Õ‘ √– ë §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ë °“√°”°—∫¥Ÿ·≈°‘®°“√ ë °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π ë §«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√∑’Ë¡’µàÕ√–∫∫°“√§«∫§ÿ¡¿“¬„π

214

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√“¬°“√√–À«à“ß°—π 6.1 °“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π 6.2 §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√ 6.3 ¡“µ√°“√À√◊Õ¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π 6.4 π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π„πÕπ“§µ

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

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78 79-80 79-80 58 60, 62 36-70, 32, 34 56 66-68, 32, 34 210, 212 210, 212 210, 212 210, 212 94-116 120-200

INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2 (PURSUANT TO SECTION 56 OF SECURITIES AND EXCHANGE ACT B.E. 2535) No. 1

Details General information 1.1 Name, address and category of business 1.2 Name, address and category of juristic person in which the Company holds shares exceeding 10% 1.3 Name, address of other references 1.4 Dividend Policy Financial information 2.1 Summary of financial information 2.2 Significant financial ratios

Page No. 204 205-209 216 204 1 1

Nature of Business 3.1 Nature of business 3.2 Revenue Structure 3.3 Summary of significant changes during the year

3-13 77 17-31

Risk factors

73, 75

Shareholders structure and the Management 5.1 Major Shareholders 5.2 Management ë Management structure ë Selection of directors and management ë Independent Director - Definition of Independent Director ë Remuneration of Directors and management ë Corporate Governance ë Using internal information ë Comments from Board of Directors about internal control

79-81 79-81 59 61, 63 37-71, 33, 35 57 67-69, 33, 35

Related parties and connected transactions 6.1 Transactions between related parties 6.2 The necessity and reasonableness of transactions 6.3 Procedure to approve connected party transactions 6.4 Policy in respect of future transactions with connected parties

211, 213 211, 213 211, 213 211, 213

Explanation and Analysis of financial position and operating result

95-117

Financial Statements

121-201

Annual Report 2004 Precious Shipping Public Company Limited

215

∫ÿ§§≈Õâ“ßÕ‘ß REFERENCES 1. π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ™—Èπ 4, 6-7 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡≈¢∑’Ë 62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110 ‚∑√»—æ∑å: 66 2229 2800 ‚∑√ “√: 66 2359 1259 »Ÿπ¬å∫√‘°“√¢âÕ¡Ÿ≈: 66 2229 2888 Website : http://www.tsd.co.th E-mail : contact.tsd@set.or.th

2. ‡®â“Àπ’È‡ß‘π°ŸâÀ≈—°·≈–∏π“§“√À≈—° ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) Õ“§“√‡æ≈‘π®‘µ‡´Áπ‡µÕ√å ™—Èπ 5 ∂ππ ÿ¢ÿ¡«‘∑ ´Õ¬ 2 ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10100 ‚∑√»—æ∑å: 66 2208 8020-21, 66 2256 8146 ‚∑√ “√: 66 2256 8147 Website : http://www.ktb.co.th

3. ºŸ â Õ∫∫—≠™’ ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ™—Èπ 33 Õ“§“√‡≈§√—™¥“ 193/136-137 ∂ππ√—™¥“¿‘‡…° (‡¬◊ÈÕß»Ÿπ¬åª√–™ÿ¡·Ààß™“µ‘ ‘√‘°‘µ‘Ï) §≈Õß‡µ¬ °√ÿß‡∑æœ 10110 µŸâ ª.≥. 1047, °√ÿß‡∑æœ 10501 ‚∑√»—æ∑å: 66 2264 0777, 66 2661 9190 ‚∑√ “√: 66 2264 0789-90 Website : http://www.ey.com/th

216

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

1. SHARE REGISTRAR Thailand Securities Depository Co., Ltd. 4th, 6th-7th Floor, Stock Exchange of Thailand Building, No. 62 Ratchadapisek Road, Kwang Klongtoey, Khet Klongtoey, Bangkok 10110 Telephone: 66 2229 2800 Facsimile: 66 2359 1259 Enquiries: 66 2229 2888 Website : http://www.tsd.co.th E-mail : contact.tsd@set.or.th

2. MAIN LENDERS AND MAIN BANK Krung Thai Bank PCL Ploenchit Center 5th Floor 2 Sukhumvit Road, Soi 2, Kwang Klongtoey, Klongtoey, Bangkok 10110 Telephone: 66 2208 8020-21, 66 2256 8146 Facsimile: 66 2256 8147 Website : http://www.ktb.co.th

3. AUDITORS Ernst & Young Office Limited 33rd Floor, Lake Rajada Office Complex 193/136-137 Rajadapisek Road, (Near Queen Sirikit National Convention Centre) Klongtoey, Bangkok 10110 G.P.O. Box 1047, Bangkok 10501, Thailand Telephone: 66 2264 0777, 66 2661 9190 Facsimile: 66 2264 0789-90 Website : http://www.ey.com/th

1 2 14 16 32 36 72 76 77 78 79 82

92 94 118 120 122 140 182 196 202 204 210 214 216

√“¬ß“πª√–®”ªï 2547

Precious Shipping Public Company Limited

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED th

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ë Annual Report 2004