:: Annual Report 2011 ::

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Message from the chairman fi'IS'i1mJSSlltl'ISU"'ilifti'IS

Message from

the Managing Director

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Report of the Audit CommiHee

Report ol Nominating Commitlee ~

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Nature of Business Operation

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lndusiry and Competitions

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Related Tronsoctions S1EJ.tnut:J"Jl1Suiilifll611li6Jfltli.-'11SSVmseiaS1EJ.rn.m1Jmsa3u

Report of the Boord of Directors' Responsibilities S1EJJ'JU'ilrJJficmt.nltyiiS'Im1JiY1DI

Independent Certified Public Accountants' Report JtJtJ 1St3u

Financial Statements

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~rol Information

Tirathai Public Company Limited Annual Report 2011

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Financial Highlights

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2009 2553 I 2010 2554 I

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Unit: Million Baht

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Total Revenue

2,263.72

1,519.93

1,882.95

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Revenue from Sales & Service

2,223. 16

1,492.04

1,854.68

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Gross Profit

575.33

431.29

555.11

EBITDA

346.79

240.76

308.32

EBIT

312.57

205.10

268.21

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Net Profit

220.75

142.73

199.42

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Unit: Million Baht

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Total Assets

1,967.07

1,685.46

1,938.96

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Total Liabilities

1'183.44

753.73

874.83

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Shareholders' Equity

783.63

931.73

1,064.13

25.88%

28.91%

29.93%

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Financial Ratio

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Gross Profit Margin (%)

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Net Profit Margin (%)

9.75%

9.39%

10.59%

~~11~'l'U~~~tl1J LLVI'U~tl~UVIf~eJ1'll-l (%)

Return on Asset (%)

16.10%

7.82%

11 .00%

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Return on Equity(%)

30.47%

16.64%

19.98%

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Debt I Equity Ratio (times)

1.51

0.81

0.82

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Unit: BahUshare

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Book Value Per Share

3.87

3.75

3.80

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Earning Per Share

1.09

0.59

0.73

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Dividend Per Share

0.55

0.30

0.40

'11~1tnffilj'ut~: 1 tJ1\1 L~flLtlt!JuLYi!JtJ I Par Value at Baht 1 each for comparision 28.91 %

2552/2009

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2554/2011

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29.93%

Marg1n

40.00% . - - - - - - - - - - - - - - - - - - 30.47%

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2554/2011

2552/2009 •

2553/2010

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2554/2011

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In 201 1, transformer industry improved because of better economic situation. In additional, the Company was not affected by the great flood in the 4th quarter of 2011 . Thanks to the Board is vision, together with carefully formulated policy and strategies to control the risks at acceptable level, the Company enjoyed gross revenue at 1,882.95 million baht and gross profit at 29.93%, compared to 1,519.93 million baht and 28.91% respectively in 2010. In 201 1, we were rated excellent or 94% by Thai Investors Association for organizing annual shareholdersi meeting, very good or 81% by Thai Institute of Directors (IOD) under the category of Corporate Governance of Thai Listed Company, and BBB+ Stable by TRIS Credit Rating. The Board strongly believes that the cautious formulation of policies and strategies in accordance with the situation can control the risks at a proper level and enhance the efficiency of organization management to achieve the Company's goal. Furthermore, good corporate governance is one of mission that we have to maintain and improve in order to enhance the stakeholders' confidence. On this occasion, I, on behalf of the Board of Directors, would like to express my sincere gratitude to all shareholders for the trust in our operation and all patrons for the constant support. Also, my thanks extend to the management and every staff member w ho have cooperated with one another, been dedicated to their duties, and been responsible for the assignment. This plays a major part in the Company's strength, leading to its stability, sustainable growth and goal achievement.

as. noosb nocfaalsuli L.ls:s1unssums Dr. Tongtaj Hongladarom Chairman of the Board of Directors

Tirathai Public Company Limited Annual Report 2011

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Thanks to recovering economy and the right direction of Board's policies and strategies in 2011 , the Company enjoyed the received order volume at 2,137 million baht or 91% increase from the last year . The backlog order as of December 31, 2011, also increased to 936 million baht or 61% increase from 2010. That is why the Company eamed 1,882.95 million baht in revenue, increasing by 24% from the previous year. In additional, the effective cost management and expense control under budget helped the company gain 29.93% of gross profit and 10.59% of net profit, compared to 28.91% and 9.39% in 2010 respectively. To keep the growth rate at 10-20% in 2012, the Company still follows its policy to maintain the gross profit at 20-25%, expand the service, and invest in related industries, in parallel with retaining the appropriate market share and using other measures to manage risks at a controllable level. Year 2012 is the Company's 25th anniversary in the industry. At this age, it would be a person who has reached maturity, full of energy, know ledge and expertise to create work. It also has strong determination to keep improving itself to ensure sustainable quality and effective products. On behalf of all executives and staff members, we will remain committed to conduct business in compliance with the our vision and mission based on corporate governance to ensure that the Company will be the leader in manufactu ring and distributing transformers as well as being a comprehensive service provider in Asian and Oceanic region. We w ill also make sure that the Company w ill enjoy sustainable growth to add the value to the business, which w ill benefit all shareholders and stakeholders.

u1EJ8uwus :::>oliLllu nssun1sv(l:>an1s Mr. Sumpan Vongphan Managing Director

003

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S1fJJ1Ufl~fiSS1Jfi1SCJSJ~CffJ1J Report of the Audit Committee

as. W82 aolSSSU t.Js:sluAru:nssunlscs~vaou

Dr. Pisit Leeahtam Chairman of the Audit Committee

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I'ICU~n11lJn111111'l'li'lflUjjl'l~1lJL\IU~1 um~ij1~UUn11f'I~UfllJl11Ulu~Ll.llJ1~1'1lJLJ;U~rtflLLII~I'l1lJ11tll'li'1~f'l~1lJL~fliUfl!h~l'llJL1-l'jl'llJ~!ItJi!ll'l~1lJL~fl1;('11fl~~Un11L~U I'ICU~n1ffin111111'l'l!lflU 1;rtJ{j~l.l\i1~;(~ul'l~1lJLUUiil'l1~ LLII~'I~I.J{j~l-lU1~;r~tlf'l~1lJ*iu L~lllll'um~jjn1111i1L~U~1Uf11ULifmrri1rlU~LL!In'lm~~ The Audit Committee, consisting of independent directors with independent qualification in accordance with the announcement of Stock Exchange of Thailand, has performed the duties within the scope of authority and responsibility in compliance with SET's regulation. The committee has reviewed the appropriateness and efficiency of the Company's internal control system based on the information provided by internal auditor, report of external auditor and the management. The committee also gave advices to the management to ensure more efficient and effective operation of the Company, which is in line with SET's guideline for Audit Committee. In 2010, the Audit Committee formally convened four meetings in order to review and exercise the followings: 1. Reviewed the Company's quarterly and annual financial statements before proposing them to the Board to ensure that they are prepared in accordance with generally accepted accounting principle and are of accurate and sufficient disclosure as regulated by the government. 2 . Supervised the disclosure of information on related transactions or possible conflict of interest to ensure transparency, correctness and adequacy. 3. Reviewed the adequacy and appropriateness of the internal control system to ensure that the system is compliance with the law and related regulations; and also supervised the Company's operation to comply with the practice of the good corporate governance policy. 4. Supervised and closely monitored the Company's internal auditing to ensure the auditor's absolute independency, reviewed and deliberate annual internal audit plans, and reviewed the audit results to ensure the Company's efficient internal control. 5. Considered and proposed the appointment of the Company's external auditors and their annual remuneration to the Board for consideration and subsequently proposed to shareholders for consideration and approval at Annual General Meeting. 6. Reviewed and discussed with the external auditor on the relevant matter found during the auditing process to ensure that management executes the appropriate measure and actions to that matters accordingly. The Audit Committee has an opinion that the Company has appropriate and sufficient internal control system and can reasonably build confidence in the credibility of financial statement. The Audit Committee has independently performed their duties with their best effort to ensure that the company's operation complies with the practice of good corporate governance.

L.ls:s"JuF1ru:nssumsasovaou Dr. Pisit Leeahtam Chairman of the Audit Committee

Tirathai Public Company Limited Annual Report 2011

S1fJJ1Ufl~fiSS1Jfi1SC1SSff1 Report of Nominating Committee

as. 111Sf..lnJ unJoanaTt5A , , L.Js:s1uAru:nssun1sassn1 Dr. Rein Boondiskulchok Chairman of the Nominating Committee L1uu vi1u~iit1~u

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L'IJL~tl'IJfll-Jl11-A'Ufi 2555 In 2011 , the Board of Directors has appointed the Nominating Committee, consisting of 3 Board of Directors' members, to perform their duties of nominating the Company's Director; for transparency and fair treatment to all stakeholders; for efficiency of its corporate activities; and in compliance with the Good Corporate Governance Policy of the Company and with the Principle of Good Corporate Governance of the Stock Exchange of Thailand (SET). Each director of the Nominating Committee shall assume the office for a term of one year, which will be completed in February 2012. l'lru::nr1l-Jn11fl1rll1

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~l'lru::n11l-Jn11ri1llUfiiH 1'll-Jii~ 1r!i~1LU'IJn11~nll1 LL~::Lfl'IJtJ;tll.ll'lfl~~~lll-J1::fll-Jl-J1~1NI'i1ullu~n11l-Jn11'l~~tJ7::1l-JIQCitJ~'IJW"'l11tu1tJ~~

The Nominating Committee has determined the qualifications of Directors to be nominated according to structure, size and composition of the Board as specified by the Board of Directors and select the persons who have the said qualifications and propose those names to shareholders at AGM for consideration and approval.

l'!ru::nnl-Jn11M1ll11~4'filtJ1::1l-J1'll-J~~iu 1 flf~ LfiltJiiti~nm1L'ih1'll-Jl.J1::1l-J'lltl~l'lru::n11l-Jn11~11\n LLlli~::vi1u~~~

'lutl 2554

The Nominating Committee has convened one meeting in 2011 , with the records of attendance of each director as follows: tn~'M\l4 Position

Name 1111

L\路i1tJC\11.jC\I;}~~flt'llf'1

Dr. Rein Boondiskulchok u1ufi 11 Liij

flnnu~!'l

Mr. Teeravut Supaviriyakul U1tlfJUn1l-J

VI~Llll'l

Mr. Upakrom Thaweephoke

m'i:::n"i'll'il.:Jfltu:::n'i'i~m'itWi'l-nthl~i'u'i'ilutl

n1'Li1~'l 1/1 1/1

U1!:ti1unnl-Jn11

Chairman n11l-Jn11M1~1

1/1 1/1

Nominating Committee nnl-Jn11M1~1

1/1 1/1

Nominating Committee

2554

-a'iu'ti~.:Jd

'\um1l.J1::'Ql-JI'lru::n11l-Jn11M1\nf'1f~~ 1/2554 Lrit11'~~ 14 fll-Jm-A'ufi 2554 1~~1LUUn11M1\nn11l-Jn11 L~tJL;r1l-J1~1NI'i1Lmtl~u'llu~VitJtJn

1111l-J'l11!:LLI'I!:\J'lLfl'IJtl;tll.ll'lflfl~1~fu~fiiL~tlnLti'IJnr1l-Jn11llitJ~l.J1::'1jl-Jfl12J'ClJ~iitJ~'IJ~f~~ 1/2554 uit11''1J~ 21

Ll-Jb'1tJ'IJ 2554

L~tlW"'l11tu1tl~l-J'i

Mission of the Nominating Committee for the year 2011 is summarized as follows: At Nominating Committee's Meeting No. 1/2011 held on 14 February 2011 , it was considered and nominated directors to replace those retiring from the office and proposed their names to shareholders at AGM No. 1/2011 on 21 April 2011 for consideration and approval. 'luu1l-J~ru::nr7l-Jn11~111.11

On behalf of Nominating Committee

1t1sEJru L!rYOEl'letT~Fl L.Js:s1ut1ru:nssumsassn1

as.

Dr. Rein Boondiskulchok Chairman of the Nominating Committee

DOS

~1~~1UU~~i1u 2554

()06 tJ;HYI

ihl'rl~ i1n~ (JJ'VI1~U} ...:::..

«:/

fl~fiSSllfi1S11S1Jn '!CU1 JU'ri1~01Yilntn'(!~l!lll I

01fil011\Jf ll 100

Education 1 100

• mcyqpLfln Major PH.D

tTIIItl-n&rmiie

(u\uum

tl1=-iiimnh~111

Percent of 1hareholding

Eperience

0.50%

• 2551 - ii'I'!UII

University of Mlssoun-Columbia • D1rectors Accred1ta11on Program (DAPI. 2006 • The Role of C~a1rman (RCM), 2005

tlr::ti111nn~mrtnn~mrtiM::

um tir1Yiu <i1ril'l M-11'11111

• 2553-2553

tlr::ti111n71~n171'111ll1

um tir1Yiu <i1ril'l Ml1'11111

• 2548 - 2550

• Major PH.D University of Missouri-Columbia

0.50%

tlr::ti111nn~n11

um tirhm <i1ri111 (~'1-11'1111)

• 2008 - Present - Chairman, Board of Directors/

• Directors Accreditation Program

Independent Director,

(DAPI. 2006 • The Role of Chairman (RCMI, 2005

Tirathai Public Company Limited • 2010-2010 - Chairman, Nominating Committee, Tirathai Public Company Limited • 2005-2007 - Chairman, Board of Directors, Tirathai Public Company Limited

'!N1JU'rl1~n1film:t1'(!~1!" I

m Yilneuf ll 100

Education 1 100

• mcucu1~'11'11'111:jl'l'lnn~l'l11'1~f 11vlvh 1

tTIIIthUmfiltl

(u\uum Percent of lhereholding 1277%

'!-.i1!l~nrn!~,_.1:j\'ltJ1fltJ

• The Role of •

D~rectors

C~a~rman

D~rectors

• 2554 - i!'I'!UII

(RCMl. 2005

- nn~mr um tir1l'lu <i1ri" (~1-11'11111 - nn~mrum1r um tir1l'lu <i1ri111 (~'1-11'11111 - nn~mr~4'1'1mr um tir1VIu <i1ril'l (~'1-11'11111

Certification Program

(DCPI. 2004 • Finar ce for Non-F1nance (FNI. 2004

tlr::ti111nn~ mrum11

um tir1Y~u <i1ril'l 1~1-11'11111

• 2548 - ii'I'!UII

Accreditation Program

(DAPI. 2004 •

Eperience

D~rector

• 2550-2550

tlr::ti111n11~n111'111ll1

um tir1Y~u <i1ri1'1 (~'1-11'11111

• Successful Formulatioo and Execut1on of Strategy (SEFI. 5/2009

• 2548-2550

• The Role of Co'l'lpensat1on Committee

RCC12/2011

• Bachelor Degree, Engineering (Electrical), Chulalongkorn University • The Role of Chairman (RCM), 2005

12.77%

~f1'1n11~1u:jl'l'ln11~

um tir1Y~u <i1ril'l (~'1-11'11111

• 2011 - Present - Chairman of Executive Committee, Tirathai Public Company Limited

• Directors Accreditation Program IDAP), 2004

• 2005 - Present - Director,T~rathai Public Company Limited

• Directors Certification Program

- Executive Director,Tirathai Public Company Limited

(DCPI. 2004

- Managing Director, Tirathai Public Company Limited

• Finance for Non-Finance Director (FN), 2004

• 2007 - 2007

• Successful Formulation and Execution

T~rathai Public Company Limited • 2005-2007

of Strategy (SEFI. 5/2009 • The Role of Compensation Committee RCC12/2011

- Chairman of Nominating Committee,

- Engineering Manager,Tirathai Public Company Limited

Tirathai Public Company Limited Annual Report 2011

007

Board of Directors '!N11iiYI1~mfillnlf1t!~l!"'' mfilntstJfN 100 Education / 100

l111humtii•

1(u'luum Percent of

Eperience

ahereholding

• mtyty,•ir ~~,,,1f'l'lnrnJf'l11111lf (fjlllii1Un11) 'j'ri1fl~n1tUIJU11'1ltnti'tJ • Directors Accred1tation Program (DAP). 2004 • D<rectors Certification Program (DCPI, 2004 • Audit Committee Program (ACP), 2008 • Developing Corporate Governance Po 1cy, 2008 • Chartered D;rector Class (CDCJ.2008 • s~ccessful Formulat'on & ExecJtiOn the Strategy, 4/2009 • Momtoring the System of Internal Cortrol and Risk Managenrent. 5/2009 • Momtoring the Internal Aud1t Function. 5/2009 • Monitoring the Quality of F nanc1al Report1ng. 7/2009 • M&A-F<nding Opportunity during Cns1s. 2009

2.61%

• Bachelor Degree, Engineering (Industrial), Chulalongkorn University • D<rectors Accreditation Program (DAPI. 2004 • Directors Certification Program (DCPI. 2004 • Audit Committee Program (ACPI. 2008 • Developing Corporate Governance Policy, 2008 • Chartered Director Class (CDCJ.2008 • Successful Formulation & Execution the Strategy, 4/2009 • Monitoring the System of Internal Control and Risk Management. 5/2009 • Monitoring the Internal Audit Function, 5/2009 • Monitoring the Quality of Financial Reporting, 7/2009 • M&A-Finding Opportunity during Crisis, 2009

2.61%

'!N11iiYI1~n1filln1"1t!~l!ll I

mtilntltJfN 100

Education / 100

• • -

2554 - U'l'jUU n111Jn1111111-11 tJM ii11VIu <i1ri111 (IJU1'11UI 2551 - U'l'jUU . ~4'~n11~1tln1f ,1u ucy;i ~~~:;LVI~LULftUII"fiiULVIrl tJM iir1VIu <i1ri111 (IJU1'11U) Ll'l,111fn11 tJM ii11VItJ <i1ri111 (IJU1'11U) 2548 - U'l'jUU n111Jn11 ii11'1lu <i1ri111 (IJU1'11UI n111Jmru'hl11 iir1'1lu <i1ri111 (IJU1'11Ul 2548-2550

• • - 1tl~ n1nJn11~4'"'m' (~1umn1uufl:;n1flllfl1111) tJM ii11VItJ <i1ri111 (IJU1'11U) - ~4'111n11~1Un11L1U Ufl:;uty;i tJM ii11VItJ <i1ri111 (IJU1'11U)

• • • • -

201 0 - Present Nomjnating Cornn-Onee Member, Tiratnai Pubfc Ccmpany Umited 2008 - Present Finance, Accounting and Information Technology Manager, Tirathai Public Company Limited Company Secretary, Tirathai Public Company Limited 2005 - Present Director, Tirathai Public Company Limited Executive Director, Tirathai Public Company Limited 2005 - 2007 Deputy Managing Director (Finance and Marketing). Tirathai Public Company Limited Finance and Accounting Manager, Tiratha1Publ~ Ccmpany Umited

l111humth

1(u'luum Percent of

Eperience

ehereholding

• mtyty,•ir 111,n1f'l'lnrnJf'l11111lf (fllllll,,m,,

4.19%

Adamson Un1vers1ty th:;LVJf'IVl~tluul'f • D<rectors Accred1tation Program (DAPI. 2004

• 2548 - U'l'jUU - n1nJn11 tJM ii11VItJ <i1ri111 (IJU1'11U) - n1nJn11tJrn11

tJM ii11VIu <i1ri111 (IJU1'11U) - ~4'111n11~1tltJ~i11

tJM ii11VIU <i1ri1J1 (IJU1'11U)

• Bachelor Degree, Engineering (Industrial). Adamson University of Philippine • Directors Accreditation Program (DAPI. 2004

4.19%

• 2005 - Present - Director, Tirathai Public Company Limited - Executive Director, Tirathai Public Company Limited - Production Manager, Tirathai Public Company Limited

~1U~1UU~:i1U 2554

Q08

tJ;tiYJ ihLYIU

i1n~ (~VI11fU) c:...-

.c:.

ft~f}SS1Jf}1S1JS1Jn '!N11ii·rn~mfiln'ln\l~l!" 1 miilnsutN 100

Education 1100

• mt\jt\j1 Pir

ft1'111:jl'l~nmU'11ftlllf (1vlfhl

tTIIIWnlmtiitl

1fu'"um

Percent of lhareholding 3.31%

ftmUUIVII'I1UtfiU'I'l7~'l!IIJinfl1 :jl'ltJ11'11111fiUl.j7 • mt\jt\j11VI ilf!til'l1ftiii71Jt.I1Utu~lll

Eperience

• 2551 - U'l"jUU -

~4'111n17~1U'II1U UM n7ll'IU •i1n111 (IJ\.11'11U)

ft1'111:j'll1mN'~tm:l'l~11.1i'lllllti~

• 2548 - U'l"jUU - n111.1n11

1Jil111'1U1tl'Uin'tllll71'1°~111f

• D1rector Accreditat1on Program IDAPI. 2004

UM n:ll'IU <i1n111 (IJ\.11'11UI

• Finance for Nco-Finance Director (FN). 2004

- n : :1.1mru'lt.!17 UM n7ll'IU <i1n111 (IJ\.11'11U)

• 2548- 2551 -

~4'111n17~1Un11111fl1111 UM n7ll'IU <i1n111 (IJ\.11'11UI

• Bachelor Degree, Engineering (Electrical),

3.31%

King Mongkut Institute of Technology, Thonburi

• 2008 - Present - Sales Manager,

• Master of Arts (Conflict Management) Kasetsart University

Tirathai Public Company Limited • 2005 - Present - Director,

• Director Accreditation Program IDAP), 2004 • Finance for Non-Finance Director IFN). 2004

Tirathai Public Company Limited - Executive Director, Tirathai Public Company Lim1ted • 2005-2008 - Marketing Manager, Tirathai Public Company Limited

'!N11ii·rmmtiln'ln\l~l!" I

miilns\Jfll 100

Education 110 0

• mcucu1t\'l ft1'111u'lt.!1:~7n'l

tTIIIWnlmtiltl

1fu'"v*"

Percent of lhareholding 073%

IJ\.11:jl'ltJ1!i'Uti171JI'I1 ftlllf

UM n1ll'IU <i1n111 (IJ\.11'11Ul

"!'ri1fl~nmr~.~"'1:jl'lmilu

• 2551 - U'l"jUU - ~4'111n17~1U~1~11~U4'111t.l111fi~'IIU~~

• D1rectors Accreditation Program IDAP), 2004 D~rectors

• 2554 - U'l"jUU - n7:1.1mru'lt.!17

• mcucu1111'1 ft1'111:jl'ln::IJI'I1~'~"' ilrlvhl

•

Eperience

Cert1ficat1on Program (DCP). 2004

UM n 7ll'IU <i1n111 (IJ\.11'11U)

• 2548 - U'l"jUU - n111.1n11 UM n7ll'IU <i1n1'1 (IJ\.11'11U) 2548-2550 - :!l~n:71Jn11~4'1'1n11 ir.l1ut15~m:1 UM n7ll'IU <i1n111 (1Jt.I1'11U) - ~4'111n11~1utl:~nu~nLn1'" UM n71VIU <i1n1'1 (IJ\.11'11U)

• Master Degree of Business Administration, Thammasat University • Bachelor Degree, Engineering IEiectricall, Chulalongkorn University • Directors Accreditation Program IDAP), 2004 • Directors Certification Program IDCP). 2004

0.73%

• 2011 - Present - Executive Director, Tirathai Public Company Limited • 2008 - Present - Logistic Manager. Tirathai Public Company Limited • 2005 - Present - Director, Tirathai Public Company Limited • 2005-2007 - Deputy Managing Director (Operation). Tirathai Public Company Limited - Standard System Development Manager, Tirathai Public Company Limited

Tirathai Public Company Limited Annual Report 2011

009

Board of Directors '!lll'l~·rn~m,illnl!rl\!~1!" 1 m7ilntlll71.110 0

Education f 100

• 1R!II!II11'i1111111tjhm1j:ii~

..Mhurmilts

'i"'"um

Percent of ahereholding 2.24%

Eperience

• 2551 - U~'jUU

- ~<1'111mrr.l1uV1rnmn:~'11ffi u11::

(n17L~UUII::n171!U11'111) ~~~1::iVItnfl!Jnt~ LVIYI

tjhmth!n~1u

• Directors Accreditation Program !DAPl, 2004

unm li:1VI!J <i1Ji111 (~111'11U)

• Company Secretary Program, 2005

• 2548 - U"''JUU

n n~m:

u'hi'VI lir1VIu <i1 n111

(~111'11Ul

• 2548. 2550

- ~<1'111m:r.l1uu'hn~~1t.1 u11ifl li:1VI!J <i1Ji111 (~111'11U)

• Bachelor of Business Administration

2.24%

(Finance and Banking) Bangkok University

• 2008 - Present

- Human Resource and Office

• Directors Accreditation Program (DAP). 2004

Administration Manager,

• Company Secretary Program. 2005

Tirathai Public Company Limited • 2005 - Present

- Director, Tirathai Public Company Limited • 2005- 2007

- General Administration Manager, Tirathai Public Company Limited

'!lll'l~'n~m7illm.t1\!~l!" I m'lilntl\171.1100

..,.th"rmilts (11\"um

Education f 100

Percent of ahereholding

• 1R!II!II11VI 111'111n1:<1'111m: llmuuutu~PI

7.70%

Eperience

• 2552 - U"''jUU

- 1fl~ nrr~n1r~<1'111n1r

urn1r1jrii~l'l~uVIf '!li1fl~mnr~~~,::iVIu111'u

• Directors Accreditation Program (DAP). 2006

AIRA Secunlles Public Co . Ltd • 2548 . U"''jUU

n n~mr

unm li11VI!J <i1Ji111 (~\11'11U) • 2553. 2553

n n~m111rn. 1

u'hi'VI lir1VIu <i1 n111 (~111'11Ul • 2550. 2551

n n~mr111111 1

u'hi'VI lir1VIu <i1n111

• Master Degree of Management. Sasin Graduate Institute of Business Administration, Chulalongkorn University • Directors Accreditation Program (DAP), 2006

7.70%

(~111'11Ul

• 2009 - Present

- Executive Vice President. AIRA Securities Public Co., Ltd. • 2005 · Present

- Director, Tirathai Public Company Limited • 2010

- Nominating Committee Member, Tirathai Public Company Limited • 2007 - 2008

- Nominating Committee Member, Tirathai Public Company Limited

~1U~1UU~~i1n 2554

010 tJ~'rl ihl'rlu i1n~

(li'H11fu) ...:>.

c:..-

fl~fJSS1JfJ1S1JS1Jn f1J11111il,~ms;lm:~1t!~t!" 1 mf'ilntltJfll 100

tTMhvrmiitl !Jv,vum

Education / 100

Pen:ent of ahereholding

• m(\J(\J1Lfln ~1'111LI'Int31'1 1~Plf

0.06%

~nn1YitJ11i'tJ~11~lJ~ tJr::LYII'ILULtiflfLL~U~~~

Eperience

• 2548 -

if,,,;"

tJr.:fi"''U'lm.Jn1t~'l"l"'fttu~.ofl:nt71.1mt 1Jn1r ~t~liU .j1f1" (lJ\t1'!!U)

• il.,.:\j

• Dtrectors Certtf>catlon Program (DCP #18/2002)

- tlr.:t~"U'lm.m,,. uM ,~n1t1 ~1tJ" ~!lflLf:Y' -

l.lt::!"''U"lt11Jn1tfltl"'ft!lu ~:nm.r"t "M \n~t!O ~ •~lllVi'll .;,;-, tW1,t.l

;,n" (t.Wt"'1uJ

- "11JJmr tM h~ ~n.~~ur1'hl :fl ~fl;.fl 1\J>:lr~\ni.;,n• ,,.~,,\ll

- ~.:t.t::t11t1.nmn1: ~::,.b::n"unmn1tJI11"1ft'!l1J

t.ihW\tftnflmd ll!;\!1 ttlr.:.YI~lYIW i 1ri1'1 !)JV",UI -

1fl~'L1::1i1'Unmn11 LLfl:lJr.:n.,unm.m·u"tl"~flfltJ

tftlJ'J'hh! ;1;;i if.~tLPI~"fltUf ~'1ri"ll I:JV'l1l.J t.b::ti"'W'lmJn1tfiM"'ft'!lu w.fl:::nm.r'~t

untr I."A\.1 ,.,. ,,,1nlU ;,n, 1~v11t.•

tJn:'!i"'U'ltnJr(l1fl'l"l.<;jfltlU

l.l.fl::nm.r,,.

UM "'ltlfli; illtl!J~ ~11il'l I)J\t"', Ul - tlt::'6"''U'lf11Jn1t tJtifl ~U.,.,fl\.U'-flf -i... ~, - ""''"'tlt:<i1tlm•~·.n "ii>t ,,z;~ ""'"" :tlm•~\•w .;,,... - rns.~n1r uM ;~t:~a ..-.tt.,oult8M -i... ~, - tlt::!i"lu"lm.m"'t uM LrLu..,..~!(•.,flfi';U'ft ~,n, - ~ruu~ ~ru:::Jin!)flt"'ft rf }..lof11.,tnitJL~M·.·.u.

~Uu"'tJn~tn}..~"''l.,tl"iu SJY"'irtn&i"uL'III'Itt.~ft~rnJ....:,.ftnt~~,,.

- tl>:f'llM1nnotlh MWfJ1'tA1Lll.Btf••"•!.1•u -

\.l"'tJnft/l"lriSJ Z'lJ"'II).Jnfl~l';,\.l~flt$j~

- r:n.~n1mftna111: 'lufn'"r tJn.~ . u.n::: Lrlft tunLu'n::::LrLnth • 2550

- ""''inoJd"•fl~""'t'll ''~

2550 r-:n.~"'fin1wnfl~ IJI:::Lt.~'!tnntn."lfin"1 tU11t'Wf3fimtaru 2550

• 2553.2553

- rtnJn"'fft1'WI1 tJM ?t1rt -i"'n'll (SJ~'"',\.l! • 2544 2046

-• 1540 r""""~'"""'~'ll !'&' Pic · 15'4 - f31Jwitt1u., nt:::Y1r..:mrPifl~ • 2538.2540 - '~'lU ~~"n11t"'~ lJ}.., 5\.l1f'l11"l~LYI,_. •

• B.S., M.S., and Phd. in Economics, the Netherlands School of Economics, Erasmus University, Rotterdam, the Netherlands • Directors Certificotion Program (DCP #18/2002)

0.06%

• -

2534 . 2537 ~!"1\.l"ltJn"'tft"''r''l"lO"t fi\.l'll'l'lt~1Hht::Lflflllrt

2005 - Present Cha1rrnan of Audit Commrttee. Independent Director. Tirathal Public Company Umited • Present - Chairman, Prueksa Real Estate Pic. - Cha1rman of the Aud1t Committee and Independent D1 rector. Global Connections Pic. - Independent D1rector, The Mandann Onental Hotel (Tha1landl Pic - Vice Chairman of the Board and Cha1rman of Audit Comm1ttee. KGI SecuritieS (Thailand) Pic. - Vice Chairman of the Board and Chairman of Audit Committee, TPT Petrochemical Pic - Chairman of the Audit Committee and Independent D1 rector. Pan Rajathevi Group Pic. - Cha1rman of the Aud1t Committee and Independent D1rector, Quality Mineral Pic. - D1rector, P. Planner Co.• Ltd - County Chairman Tha iland, Jardme Matheson (Thailand) Ltd. - Independent Director, GS Property Pic. - Chairman, Thai Tank Terminal Co.. Ltd. - Dean, Faculty of Econom1cs, Ch1ang Mai University - Vice Chairman of the University Council, University of Technology Rajamonkol Krungthep - Prestdent. Netherlands - Tha1Chamber of Commerce _ President, Provident Fund Assoccation - Course Formulating Member, Prachat1pok lnst1tute (of the Thai Par1iamentl • 2007 - Member & Spokesman of the Constitution Drafting Committee, National Constitution Drafting Assembly • 2010 . 2010 - Nom1nating Committee Member, Tiratha1Public Company Um1ted • 2001 - 2003 - Pres1dent & CEO. TI&T Pic • 1997 . 2001 - Deputy Mimster of Finance, Ministry of Finance • 1995 . 1997 - Executive VICe President, Head of Investment Banking Group, Bangkok Bank Pic . • 1991 -1994 - D1rector. Ofhce of the Governor. Bank of Tha1land

Tirathai Public Company Limited Annual Report 2011

011

Board of Directors f!N11ii·vn~m7ilm"1\!~'!" 1 m7ilntl\J7l.l 100

Education I 100

• mtlJtlJ111ii-111'11111'1~nm.Jl'l 1111'1f

1..-.,rmh ~1111l1Vwl Percent of ..,ereholding

0.04%

'!~111~n1cUI.J).I11VIIJ1fl!J

Eperience

• 2554 - U'l'jUU

• Directors Accreditation Program(DAPI. 2005

- n111.Jn11ft1\'\-11 UM ih\Yi!J ~1rllll (I.J).I1'11UI

• Audit Committee ProgramiACPI, 2005 • lmprovrng the Quality of F1nancral Reporting (QFRI. 2006

• 2548 - U'l'jUU - nttl.ln11~t~ ::: UM ihll'IIJ ~,,, (I.J).I1'liUI -

n111.Jn111'1l"l'III~U

UM ihl VIIJ ~, ,, (I.J).I1'liUI • 2530 - U'l'jUU -

n111.Jn11~<1'1'1n11 W'ln.LI'I~~U111'1~n111.J

• 2550- 2552 - n111.Jn11111m1

• Bachelor Degree. Engineering (Industrial),

0.04%

Chulalongkorn University • Directors Accreditation Program(DAPI. 2005

um ihll'IIJ ~1ri'l'l (I.J'"1'liUI

• 2011 - Present - Nominating Committee Member, Tirathai Public Company Limited

• Audit Committee Program(ACPI. 2005

• 2005- Now - Director, Tirathai Public Company Limited

• Improving the Quality of Financial Reporting (QFRI. 2006

- Audit Committee Member, Tirathai Public Company Limited • 1987-Now - Managing Director. Engineering Development K Partnership • 2007- 2009 - Nominating Committee Member, Tirathai Public Company Limited

f!N11iil'l1~m7ilm:n\!~'!" 1 m7ilntl\Jfl.l 100

Education I 100

• mtlJtlJ1 L~ n 111'1111Mn111.lfll'l!l1).1n11LIII:: n1?<1'1'1n11 1D Engl. Asra~ lnst,tute of Technology

lMh11rmh ~,,\J1VM Percent of ..,ereholding

0.04%

• mtlJtlJ11YIII1'11111'1~n11l.Jfll'l!l1).1n11LIII:: n11<1'1'1n11 1M.Eng). Asran lnstrtute of Technology

• 2554 - U'l'jUU n111.Jn1Tft1m1 tJM ii1lY11J ~1 rll'l II.J\-11'11UI • 2548 - U'I"'UU - n111.Jn1ffi~::: ihlYIIJ ~1n111 (I.J\-11'liUI - nn l.ln11fll"l'lllflU ii1lY11J ~1 n11 (I.J\-11'liUI • 2547 - U'l'jUU - nni.Jn11 nfi7LI!1Ui Y111UIIUflf111 ~1 rll' • 2539 - il<~'jUU - n11l.Jn11 UM nfi7LIIlUi Lll.l't;iULUfl1 ~1rl111 • 2528 - U"''jUU . - n11l.Jn11 U'hi'YI ni'I7LIIlUi f'lflruflfLriU ~1rli!l • 2550 - 2552 - tJt::s1un::I.Jn11111m1 UM iit \Yi!J ~1rllll (I.J\-11'1:UI

um um um

• mt1Jt1J1'i1111'11111'1~nni.Jfl1'1!11).1n11 'j~111~n1cUI.J).I11VIIJ1fl!J • Drrectors Accredrtation Program(DAPI. 2005 • Audit Commrttee ProgramiACPI. 2005 • lmprovrng the Quality of F1nancial Reporting IQFRI. 2006

• Ph.D.of Industrial Engineering and Management (D.Eng). Asian Institute of Technology • Master Degree of Industrial Engineering and Management (M.Engl, Asian Institute of Technology • Bachelor Degree of Industrial Engineering, Chulalongkorn University • Directors Accreditation Program (DAPI, 2005 • Audit Committee Program (ACPI. 2005 • Improving the Quality of Financial Reporting (QFR). 2006

Eperience

0.04%

• 2011 - Present - Nominating Committee Member, Tirathai Public Company Limited • 2005 - Now - Independent Director I Audit Committee Member, Tirathai Public Company Limited • 2004- Now - Director, Midland Transport Co.. Ltd. • 1996 - Now - Director, Midland Machinery Co., Ltd. • 1985-Now - Director, Midland Corporation Co., Ltd . • 2007 - 2009 - Chairman of Nominating Committee. Tirathai Public Company Limited

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Tirathai Public Company Limited Annual Report 2011

Tirathai Public Company Limited's Activities for the year 2011 In 2011, Tirathai Public Company Limited held various activities apart from its commitment to manufacture good quality products. The Company has been reliable and has long been well accepted among national and international clients, particularly among the government agencies working on energy, including the Metropolitan Electricity Authority, Electricity Generating Authority of Thailand, Provincial Electricity Authority, as well as among the private sector both domestically and internationally. In 2011, there was the crisis of the biggest flood in the history of Thailand. Tirathai Public Company Limited eagerly took part in helping its customers restore their power transformers being inundated. As a part of the team and work preparation, the Company published the guidelines for inspection of the conditions of inundated power transformers. Besides, it also established the working teams to give advices and arranged all necessary parts and equipment to check the system and to repair. restore, and to provide the reserved power transformers for bringing in and distributing the electricity in the urgent cases. The Company expedited its provision of consultation and advices to some companies, such as Fabrinet Company in Patumthani Province, to prepare the reserved power transformers in case that the existing transformer was not able to distribute the electricity. Consequently, the company was able to distribute electricity from mid November 2011. As for the urgent distribution of electricity, the Company cooperated with Electricity Generating Authority of Thailand (EGAT) by providing the reserved power transformers to EGAT to install in place of the inundated power transformers at Bhumipol Hospital so that the electricity distribution was possible as of November 21st, 2011.

013

11U~1U~1~i1u 2554

014 tJ;,;YJ ihlYJu i1n~ (JJ~11fu)

1lllfiuii~nss11 Event Calendar m'l::1uil 2554 uiiY1"1 V\ll'l\ll~'lu1'111~H11\11,1n m1l1Hh Ul'l1't1fl1\l n~u. 1um1fl\IU1~RQ!Q!1~£1111tJ't1~a~tlft\llwih 21f'I1\I011 1't1qi 1um1Na~'t1~ilLLtlft\l Power Transformer ~ft::'tl~a~tJft-ri·nnhu ~ftfh11'1,;\ln1111)lnl1 517 ~1\JlJ1Yilf'lul«'fmiiu1iifi1n ·"tuEJ1YI1

RuA1A~ ~11m1l~Yl1UI'I1't1ft1\l ~1)lft\I\J1)lL;IutfQ!Q!1thlrialf'lu

RQ!Q!1LL1mtlum1Na~'t1~mLtlft\ll~Yl1rhi\l Power Transformer 1JU1f'l 36/48/60 MVA 115/24 kV V1U1\J 4 ~ilf'l 11~\jftfh 75 i1UtJ1YI ~ft:: RQ!Q!1ii 2 LtlunTlNa~'t1~mLtlft\llwi11 CSP Type Transformer 11U1f'l 225 kVA 2400~-~16/240 v V1U1U 680 ~ilf'l 11~\jftfh 442 11UtJ1YI ii\l'l::vi1n11iif'll'i\1,;'1L1lf'I\JI'I'l't1ft1\l In 2011. the Company received an honor from the Metropolitan Electricity Authority (MEA) in signing the purchase contracts of 2 big projects in production of a power transformer and distribution transformer at the total value of over 517 Million Baht. It is an honor to have Mr. Artorn Sinsawat. MEA Governor. to sign the two purchase contracts. the first one is for the manufacturing of 4 units of Power Transformer at the size of 36/48/60 MVA 115/24 kV for the total amount of 75 Million Baht, and the second one is for the manufacturing of 680 units of CSP Type Transformer at the size of 225 kVA 24000-416/240 V for the total amount of 442 Million Baht to be installed all over the metropolitan area. (: -----------...~

n111Wii1N1liNiif'l~lf\ltl1::LYif'llY1tJ (nWN.) l~~nfl\1~\1££1 't1~£1LLtlLNlwi11rhf\l f'I11Mi'-iliEJi~oLft1lil No.S1 00108-02280-TS11 -TX-04-11~Nif'l't1~0~tlft\llWi11thf\I'IIU1f'l 300 MVA 230/121-22KV Auto-Transformer 41U1U 3 Lf'I~0\1 ~ftfi1\11\J11~ 162,133,650 tJ1Yl LY1a1id1't1'ftJiillli\llla1t1lwi11~1\I~\1~1'JU 2 LLR::iial~11't1l!mLtlfl\l fi\lnli11LfJU't1~0~tlft\llWi1111U1f'llhft'\li!1't1qiiltlf'lyj Na~/11tl1Utl1:: LYli'l iin«1u The Electricity Generating Authority of Thailand (EGAT) agreed to buy the power transformer in accordance with the Purchase Order No.S100108-0228Q-TS11-TX-04-1 requiring the manufacturing of 3 Power Transformers at the size of 300 MVA 230/121-22KV Auto-Transformer for the total amount of 162,133,650 Baht to be used in the installation of Lampoon Power Station 2. These transformers are considered the transformers with the largest power to be manufactured domestically.

YI1\1«1U0111YlYl1thUil~ll11'1 l~itJ)l£1tJRQ!Q!1 £il"lJ1tJ " 't1l1o~tlft\llwil1 IQ!Q!1Lft11YI.I tln.'t1.064/2554 't1l!amJfl\l 1oo kVA 3 Ph

22 kV 41U1U 800 Ll'l~£1\1 ~flfi1 127.424.000 lJ1'1'1 LLfl::R(\!Q!1Lfl"lJYl tln.'t1. 06512554 ,~mLtlft\1 160 kVA 3 Ph 22 kV v1u1u 800 Ll'l~£1\1 \jftfi1 167.120.000 u1Y1 '11n u1uru1\ll'i'fl'n~ ri1)l Lfli'l ~·:hm, m1l~vh R1UIJiill11'1 (nwn.) ~)lou As for the Provincial Electricity Authority, the Company received the contract No. Por Kor Hor 064/2554 for 800 units of transformers at the size of 100 kVA 3 Ph 22 kV for the total value of 127.424,000 Baht, and the contract No. Por Kor Hor 065/2554 for 800 units of transformers at the size of 160 kVA 3 Ph 22 kV for the total value of 167,120,000 Baht, from Mr. Narongsak Kamalace. Governor of the Provincial Electricity Authority (PEA).

Tirathai Public Company Limited Annual Report 2011

'llflfiuii~fiSSlJ Event Calendar J..wnana.4.1wri-.1 Wl::fl-nauieilnl&nJ;H'Yiflilil~il 2554 tun 2554 YIJJ1u)l1 tJ~,;-YI ihlYiv i1nCi1 ()J'r11'!fu) m1V'Ci1 ii1n1111§n)l1fl)I1!J

,l..,n17'WtJ1.l::N'~"YIU "

Opportunity Day

....

~~eil~~-v"

Nln11MLUU'I11Ul uu.fi~::lfl'l)J1R 'Wie)Jli'I1Ri1'111'111)J ~'!fe,j'u ~~~::1'111)1

u.t'l1u.nmEmJ~Yil~.rtJun~"YJU u.~::un1LI'I71::l1 m~::~e)J1~'lfu mh" fiDLiffh1fll£1fl,f..,U Emphasis on Company's strength and confidence for the

year 2011 In 2011,TRT also held various activities including the meeting with Investors on the "Opportunity Day" to explain about the perfonnance In each quarter. as well as to build confidence in the strength of the Company for the investors. analysts, and the press continuously for the whole year.

~·~---------------~

ii1lYiu th~fila+& 1h:tnfN'l11a.auih&wa U1UYI£1'11lf'll Yl'l1&f&fi11M 1.l1::111UO'l'l)ln1'l 'Wi£l)J~1U U1U a)J~UD 1'11,_;1.l1U fl'l111011fft~n11 1J~,;'YI £i11YIU i1nt1 ()l'r11'11U) i1)J

th::'Jl)J1VIqift1,j''l!~fi£l~ 'IIEmJWYI"I 1.h::i1il 2554 L~£lRlllN~IIi1Lilu \11U'!l!l'111J~gYI ~La::n11£l'f~n11ffllfnrhl11(Yiilll1::i1il 2553 u.a::m'l ~1!JL~UUUN~lu£i'fl'l1 0.30 1J1Yifi~ TRT held the shareholders'

meeting and announced the

dividend Mr. Tongtaj Hongladarom, President of TRT joined in the AGM 2011 to conclude the performance of the Company. to approve the allocation of net profit for the year 2010 and the payment of dividend at the rate of 0.30 Baht per share.

~------------~~

n1n1111Y11~~1ui~fl11lti0

2554

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. "'

~ ...

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5 "5th Sepaktakraw Invitational

EGAT-Tl RATHAI-EQCO Rayong Tour 2011' 11'11ii'IIU::Lilfl1.h::UlYI 'lf1!J ~iiu 1 l~~~~~riii)JNl)JR'l~'llVIU (Vi)J'V101.l1::LYifllYIU) WL3u11da 100,000 1J1VI yj1£l)Jtl1!J'l1\11~ LLft::1.l1::UlYIYilV'11 11'11ift'IIU::Liifl

flu

EGAT (Vi)J•nnll"l::~VIAlVI!J) i'tJ~~U"l1'111~ 40,000 1J1YI 'Wi£luli1omia ru h\J~)J~U~ii!J)J NU1)J0\1110ft1'11'l::U!l'l1 Social activities for the year 2010 TRT has substantially supported social activities and has continuously put great interest in sports issues. In 2011. the Company held an international Takraw (rattan ball) game. or the ' 5th Sepaktakraw Invitational EGAT-TIRATHAI-EQCO Rayong Tour 2011 ", in which the winner of male type Division 1, Tirathai Club (from Thailand) received the award of 100,000 Baht and the Championship Cup, while the winner of female type, EGAT (from Thailand) received the award of 40,000 Baht and the Championship Cup. The game was held at the gymnasium of Central Sports Center. Rayong Province.

015

11U~1U~1~i1u 2554

016 tJ;,;YJ ihlYJu i1n~ (JJ~11fu)

1lllfiuii~nss11 Event Calendar

uiM'm

~\ILfl"i)JnT~L~ui'h~1t~t7::n'楼!l'll!Ntl~'lfULU~)J'lfU !l1~7::l111-J 13-15 D ~ !l.Lii!l-JVH~ <l.'il!lULLriu ii-J!l~"tULLNUn17~\ILfli)Jn17L~UnW1tll7::ni!l'lltl\ILLNU~'V11lr11fltll{ 5 iJ 'il!l\11JiH'VI'1

The Company supported Takraw playing of the youth aged between 13 and 15 in Amphur Muangpol Khonkaen Province as a part of its five-year strategic plan.

uiM''V1"1

V-JfNiim7~1'lJU1

LLl'l::!lm)JWUn路nuuiM''V1"1

mh-J~mll!l-J

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Vtlll1trn~t~t7L'Vl~il~ Lilu~-mii1-J1u~iit.J,-::~'Vlnmw iu~ 30 ~-Jl11~)J 2554

The Company also develops and provides training for its employees continuously. the Training Course for Efficient Supervisor on August, 30th. 2011, and the

Vtlll1trn~t~t7m7fli1-J~t~td111n1'n,;a-JLL'l~tH~t:J)J iu~ 14 !lu11~)J w.rt. 2554 Training Course on Environmental Awareness Raising on December 14th, 2011 .

11U~1U~1~i1u 2554 tJ;HYI ihlYIU i1fi~ (JJVI11fU}

utia1fus1a1ntYtta::ufav1Bf11S41a tauiluua 'U

Major shareholders and Dividend Policy

Top ten shareholders as of 30 December 2011

U'1U~2-J~ufi 'l-.ll.:fthu

35.736,298

12.768%

CIM8 SECURITIES (SINGAPORE) PTE. LTD.

21,515.700

7.687%

'U'1U"l'1:i''l'V1U

11.71 4,040

4 .185%

U'1U'tl'luiu M'l"l'U'1

9,270.740

3.312%

'U'1m.h::n"l ~~lil L~!lM'l'l

8,891,666

3.177%

'U.~.'l!lJ'U'I~:i' ~'1'1!

7,841 ,300

2.801%

'U'1U'fjthi'2-J 'Vl~Lml

7,307.780

2.611 %

8. u1-:J~uulf ~u~t'l!~uulf '

6,263, 690

2.238%

9. u1u~:i'iu :i'~'Vl!l'l

6,206.400

2.21 7%

6,028,233

2.154%

r;JC1'1l~'U:i''1 U'1l'U

159,122,549

56.850%

:i''l2-J

279,898,396

100.000 %

~'l'U2-J'1~

10.

'U1U'il1J~U 'l-1~1J'l!1~

\UJ1!JL1-t&) :

...

~n~~ufi1~u~

LL~:: 3-4,

7-8 LU'U

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fi1~lJ~ 2 LU'Uil~tjM~~'1.:!1h::L'Vli"'L'U3'1'U:: Custodian '!1~-:J'U'ltJL~ "Nt' ;.:JLU'Un11~n'11'!1~.:JlJ'1m, Note:

The 151 and 3rd- 4th, ?'hand a'h in the shareholders' list are the Executives and Directors of the Company. The 2"d is the custodian (foreign juristic company) of Mr. Tai Chong Yih , w ho is Director of the Company.

u'i:tJu1tJm'l<i1m1uuu~:.~oa

u1~Y1'1ilULtJlJ1tJ<i1tJL~uuu~~hJu~tJn~1 -

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.,.. "

n'11tl~~lll"l'1n'V1u1::"l~~Cltl~'U

Dividend Policy The Company has the policy to pay dividend at the rate not less than 50% of net profit after tax and legal reserve. How ever the dividend payment has to pass the shareholders' resolution at the AGM .

Tirathai Public Company Limited Annual Report 2011

ff1SJC1S1Jft1Stf}lft1S Managementâ&#x20AC;˘s Structure

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Tirathai Public Company Limited Annual Report 2011

Management Structure of the Company's committees consists of 4 committees including the Board of Directors, the Audit Committee, the Nominating Committee, and the Executive Committee, whose names and scope of powers and duties are as follows:

Board of Directors 51

As of December 31 , 2011 , the Board of Directors consists of 11 members; each of them shall assume the office for a term of three years:

Term to be ended by 1. Dr. Tongtaj Hongladarom 2. Mr. Sampan Vongphan

Chairman/Independent Director Vice Chairman

28/4/2012

3. 4. 5. 6. 7. 8. 9.

Mr. Upakrom Thaweephoke

Director

21/4/2013

Mr. Charuvit Suanmalee Mr. Ouichai Siriwajana

Director Director

21/4/2014

Mr. Amporntat Poolcharoen

Director

28/4/2012

Ms. Sunan Santichotinan Mr. Tai Chong Yih

Director Director

21/4/2014

Dr. Pisit Leeahtam

Independent Director/Chairman of the Audit Committee

21/4/2014 21/4/2013

11 . Dr. Rein Boondiskulchok

Independent Director/Audit Committee Independent Director/Audit Committee

Miss Pinya Karsemwongjit

Secretary to the Board of Directors

10. Mr. Teeravut Supaviriyakul

28/4/2012

21 /4/2013

28/4/2012

21 /4/2013

Authorized Directors Authorized directors of the Company include Mr. Sampan Vongphan , signing together with Mr. Upakrom Thaweephoke or Mr. Amporntat Poolcharoen or Mr. Charuvit Suanmalee or Mr. Ouichai Siriwajana or Ms. Sunan Santichotinan, totally 2 persons. and affixed with the corporate seal.

Powers and duties of the Board of Directors 1. Operate the Company's businesses in accordance with the law, objectives and regulations of the Company, as well as resolutions of the shareholders' meetings, with honesty, awareness and protection of benefits of the Company; 2. Make plans and determine policies on the business management of the Company, and audit the operating result of the Company; 3. Prescribe rules and regulations of the Company; 4. The Board of Directors may appoint the Executive Committee or authorize one or several director(s) or other person(s) to take any action(s) in lieu of the Board of Directors, thus, within the scope of the powers and duties of the Board of Directors; and shall be entitled to terminate, revoke, amend , or change the said authorization; 5. Consider and approve other significant deals in connection with the Company, or as it may deem expedient to carry out such deals for the benefits of the Company; Except for powers of the following actions which may be taken when receiving a prior approval from the shareholders' meeting; provided always that any transactions which any director or parties who may have conflict of interests or being stakeholder(s) or may have conflict of interests in any other nature with the Company, the director who is a stakeholder in such transactions shall have no voting right over such transactions. - Transactions which are required by law to receive resolutions of the shareholders' meeting such as transfer or sales of business, increase of capital, merger, etc.; -Transactions in which any director is a stakeholder and being required by law or regulations of the Stock Exchange of Thailand to receive prior approval from the shareholders' meeting;

Audit Committee As of December 31

2011 , the Audit Committee of the Company consists of 3 members; each of them shall assume the

office for a term of three years:

Term to be ended by 1. Dr. Pisit Leeahtam

Chairman

28/2/2014

2. Mr.Teeravut Supaviriyakul

Audit Committee Member

28/2/2014

3. Dr. Rein Boondiskulchok

Audit Committee Member

28/2/2014

Mr. Amornphong Nuanvivat

Secretary to the Audit Committee

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Tirathai Public Company Limited Annual Report 2011

Management Powers and duties of the Audit Committee 1. To review the Company's financial reporting process to ensure that it is accurate and adequate. 2. To review the Company's internal control system and internal audit system to ensure that they are suitable and efficient, to determine and internal audit unit's independence, as well as to approve the appointment, transfer and dismissal of the chief of an internal audit unit or any other unit in charge of and internal audit. 3. To review the performance of the Company to ensure compliance with the Securities and Exchange law, regulations of The Stock Exchange of Thailand or laws relating to the Company's business. 4. To consider, select and a nominate an external auditor of the Company, Including recommendation of remuneration of the external auditor and to attend a meeting with the auditor without the presence of the management as least once a year. 5. To review the connected transactions, or the transaction that may lead to conflicts of interests, to ensure that they are in compliance with the laws and regulations of the Stock Exchange of Thailand and are reasonable and for the highest benefit of the Company. 6. To prepare, and to disclose in the Company's annual report, and Audit Committee's report which must be signed by the Chairman of the Audit Committee and should consist of information as follows : (a) an opinion on the accuracy, completeness and creditability of the Company's financial report (b) an opinion on the adequacy of the Company's internal control system , (c) an opinion on the compliance with the law and regulations of The securities and Exchange, and regulations of the Stock Exchange of Thailand or the laws relating to the Company's business, (d) an opinion on the suitability of and auditor, (e) an opinion on the transactions that may lead to conflicts of interests,

(f) The number of the Audit Committee meetings, and the attendance of such meetings by each committee member, (g) An opinion or overview comment received by the Audit Conmittee from its performance of duties in accordance with the charter and (h) Other transactions which, according to the Audit Committee's opinion , should be known to the shareholders and general investors, subject to the scope of duties and responsibilities assigned by the Company's board of directors 7. To perform and other act as assigned by the Company's board of director, with the approval of the Audit Committee.

Nominating Committee As of December 31 st, 2011, the Nominating Committee of the Company consists of 3 members; each of them shall assume the office for a term of one year: Term to be ended by 1. Dr. Rein Boondiskulchok

Chairman

28/2/2012

2. Mr. Teeravut Supaviriyakul

Nominating Committee Member

28/2/2012

3. Mr. Upakrom Thaweephoke

Nominating Committee Member

28/2/2012

Duties and Responsibilities of the Nominating Committee 1. Determine the qualifications of the Directors to be nominated according to structure, size and composition of the Board as specified by the Board of Directors. 2. Select the persons who have qualifications as specified by the Board to be nominated as directors and propose their names to Board of Director for consideration; Executive Committee As of December 31 st, 2011 , the Executive Committee of the Company consists of 5 members; each of them shall assume the office for a term of one year: Term to be ended by 1. Mr. Sampan Vongphan

Chairman

28/2/2012

2. Mr. Upakrom Thaweephoke

Executive Director

28/2/2012

3. Mr. Charuvit Suanmalee

Executive Director

28/2/2012

4. Mr. Ouichai Siriwajana

Executive Director

28/2/2012

5. Mr. Amporntat Poolcharoen

Executive Director

28/2/2012

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Tirathai Public Company Limited Annual Report 2011

Management Powers and duties of the Executive Committee 1. Supervise the business operations of the Company in accordance with its business policies, business plans, and business strategies as approved by the Board of Directors; 2. Approve the expenses or payments in connection with the business operations or investment in new projects or new purchase or sale of fixed assets of the Company at each time, with the value limit of 200 million Baht; 3. Approve the job work order, quotations, execution of contracts or borrowing, guaranty, or any juristic act in normal course of business of the Company, within the amount limit of 1,000 million Baht; 4. Determine the structure of organization and management covering the details of selection, training, employment, and employment termination. 5. Provide the employees' welfare in accordance with circumstances, traditions, and the applicable law; 6. Consider the execution of contracts of the Company and its subsidiaries relating to finance , borrowing, and guaranty at each time, with the amount limit of 5 million Baht; 7. Consider the sessions before submitting them to the Board of Directors for approval; 8. Recommend the Board of Directors to give approvals on goals, business policies, business plans, business strategies, management power, annual expense budget, scope of powers and duties of the Managing Director; 9. Perform other duties as assigned by the Board of Directors at each time; 10. Supervise the business operations of the Company in accordance with the law, objectives and regulations of the Company, as well as resolutions of the shareholders' meetings; Provided that the above-said authorization to the Executive Committee shall be under the criteria of law, and rules and regulations of the Company; and in case of any actions which have or may have benefits or interests of any Executive Director or parties in conflict (as per the Announcement of the Securities and Exchange Commission), the Executive Committee shall propose the said transactions to the Board of Directors for further consideration whereas, such Executive Director and parties which may be in conflict shall have no voting right in the Board of Directors' Meeting on the said transactions. The Management 8

As of December 31 \ 2011 , the Management of the Company consists of 9 members, as follows; Managing Director 1. Mr. Sampan Vongphan 2. Mr. Yossagorn Burakamkowit

Assistant Managing Director (CRM)

3. Mr. Chumporn Koopipat 4. Mr. Upakrom Thaweephoke

Assistant Managing Director (Marketing) Finance, Accounting and Information Technology Manager/Company Secretary

5. Mr. Amporntat Poolcharoen

Logistic Manager

6. Mr. Charuvit Suanmalee 7. Mr. Ouichai Siriwajana

Production Manager Marketing Manager

8. Ms. Sunan Santichotinan

Human Resources & Office Administration Manager

9. Mr. Somsak Kooamornpatana

Engineering Manager

Powers and duties of the Managing Director Operate and manage the normal business operations of the Company; 1. Take actions and manage the business operations of the Company in accordance with the business policies, business plans, and business strategies, as approved by the Board of Directors; 2. Approve the expenses or payments under projects or investment or trading of fixed assets of the Company, as approved by the Executive Committee; 3. Approve the expenses in normal business operations of the Company within the amount limit of 1.0 million Baht at each time; 4. Authorize or assign any other person as the Managing Director may think fit to perform the duties on his behalf in matters which may be necessary and expedient according to the law, rules and regulations of the Company; 5. Perform other duties as assigned by the Board of Directors and/or by the Executive Committee on a case-by-case basis; 6. Take actions and approve the acceptance of employment, job work orders, and agreements to be binding the normal business operations of the Company; whereas, the said amount limit shall be in accordance with the regulations on power of approval and operation of the Company, which have been considered by the Board of Directors; provided that the said amount limit may be adjusted as may be suitable and at the discretion of the Board of Directors; Provided always that the above-said authorization to the Managing Director shall be in accordance with the law, rules and regulations of the Company; and in case of any actions, which have or may have conflict of interests with the Managing Director or parties in conflict, the Managing Director shall have no power to approve the said actions; however, the Managing Director shall submit the said matter to the Board of Directors for further consideration.

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Tirathai Public Company Limited Annual Report 2011

Management Nomination of Directors and the Management

Directors of the Company shall be nominated by the Nominating Committee; whereas, the Nominating Committee shall select persons to assume the office of the Board of Directors by taking account of knowledge, abilities, and business-related experiences or may consider the experienced major shareholders of the Company; however, the appointment of new directors shall be considered by the Board of Directors' meeting attended by the Audit Committee. Moreover, the appointment of the Board of Directors shall be approved by the resolution of the shareholders' meeting according to the Company's Regulations prescribing that the shareholders' meeting shall elect the directors according to the criteria and procedures, as follows: (a) A shareholder shall have one vote per one share; (b) Each shareholder shall use all of his/her votes under (a) to elect one or several person(s) as directors without dividing any portions of his/her votes to any person ; (c) Persons who have received highest votes will be elected as directors equal to the number of directors required. In case, the number of persons who have been elected with equal lower votes exceeds the number of directors required in such election, the Chairman will have the casting vote In each AGM, one-third of directors must be released from office. In case , the number of directors cannot be divided into three portions, the most approximate number to one-third of the directors shall be released from office. Directors to be released from office in the first year and in the second year after the Company's registration shall be selected by drawing lots. Meanwhile, in the following years, directors who have longest been in office will be released from office. Retiring directors may be reelected . Criteria for Selection of Audit Directorsllndependent Directors

The Audit Committee consists of 3 independent directors; each of them shall assume the office for a term of three years. The Company has its policy to select the audit directors whose qualifications shall be as follows: 1. Hold shares not exceeding 1% of the paid-up capital of the Company; 2. Being a director not involved in the management of the Company and its related companies; 3. Being a director who shall not be an employee, staff or consultant paid with regular salaries by the Company, its related companies, or major shareholders of the Company; 4. Being a director who has neither direct nor indirect interests in terms of finance and management of the Company, affiliated companies, or major shareholders of the Company; 5. Being a director who has never had any interests under Clause 4 within 2 years before being appointed as an audit director; 6. Being a director who is not a related person or close relative of the management or major shareholders of the Company; 7. Being a director who is not appointed as a representative to protect interests of directors of the Company, major shareholders or shareholders who are related persons of major shareholders of the Company; 8. Being able to perform duties, to give comments or reports on the work performance result according to the duties commissioned by the Board of Directors and shall not be under the control of the management or major shareholders of the Company, including related persons or close relatives of the said persons; Moreover, the Company has considered other aspects of qualifications such as experience, knowledge, expertise, and ethics, thus, for the maximum benefits of the Company. Nomination of the Management

The Board of Directors and the management are ensure that the recruitment and action plans for nomination of the top management will have been practically managed through the principle of human resources management.

11U~1U~1~i1u 2554 tJ;HYI ihlYIU i1fi~ (JJVI11fU} C./

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300,000

150,000

160,000

300,000

120,000

250,000

2. U1tJ~J.Jwufi 'N,;thu

180,000

75,000

80,000

120,000

60,000

125,000

3. U1tJflUn1l-J Yl~Lnl'l

180,000

75,000

80,000

120,000

60,000

125,000

4. U1tJtll-J'I'iTYliJl ~~L"l1(\!

120,000

60,000

80,000

120,000

60,000

125,000

5. U1tJ"l1fi YltJ f1'lUl-J1~

180,000

75,000

80,000

120,000

60,000

125,000

6. U1tJ~'ltJoUtJ M'l"lU1

180,000

75,000

80,000

120,000

60,000

125,000

7. U1-:J~uuvf ~U~L'l!~uuvf

120,000

60,000

80,000

120,000

60,000

125,000

120,000

75,000

80,000

120,000

60,000

125,000

240,000*

210,000*

160,000

240,000*

180,000*

250,000

10. U1tJfir11il1 ~fl~tJ~~

180,000*

135,000*

80,000

180,000*

120,000*

125,000

11. (;11. L1-i~tJ(\! l..j(\1 ~f1~~ L'l!l'l

180,000*

135,000*

80,000

180,000*

120,000*

125,000

1,980,000

1,125,000

1,040,000

1,740,000

960,000

1,625,000

U1tJL~ "l-:Ji ~

(;]1.

~~3 ~fl1!'m).J

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10*

19,118,620

19,228,293

10**

5,476,226

6,762,750

24,594,846

25,991 ,043

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Tirathai Public Company Limited Annual Report 2011

Management Remuneration of the Management Remuneration in Cash Remunerations of the Board of Directors and Audit Committee

1. Dr. Tongtaj Hongladarom

300,000

150,000

160,000

300,000

120,000

250,000

2. Mr. Sampan Vongphan

180,000

75,000

80,000

120,000

60,000

125,000

3. Mr. Upakrom Thaweephoke

180,000

75,000

80,000

120,000

60,000

125,000

4. Mr. Amporntat Poolcharoen

120,000

60,000

80,000

120,000

60,000

125,000

4. Mr. Charuvit Suanmalee

180,000

75,000

80,000

120,000

60,000

125,000

5. Mr. Ouichai Siriwajana

180,000

75,000

80,000

120,000

60,000

125,000

7. Ms. Sunan Santichotinan

120,000

60,000

80,000

120,000

60,000

125,000

8. Mr. Tai Chong Yih

120,000

75,000

80,000

120,000

60,000

125,000

9. Dr. Pisit Leeahtam

240,000*

210,000*

160,000

240,000*

180,000*

250,000

10. Mr. Teeravut Supaviriyakul

180,000*

135,000*

80,000

180,000*

120,000*

125,000

11. Dr. Rein Boondiskulchok

180,000*

135,000*

80,000

180,000*

120,000*

125,000

1,980,000

1,125,000

1,040,000

1,740,000

960,000

1,625,000

Total

• Inclusive of remunerations of Audit Committee for Chairman 10,000 Baht per month and for Member 5,000 Baht per month and meeting allowance for Chairman 30,000 Baht per time and for member 15,000 Baht per time. •• Shareholders' resolution at AMG 1/2011 approved the directors' remunerations, meeting allowances and bonuses for the year 2011 within the amount limit of 5 million Baht. Remunerations of the Management

Total remunerations•••

10*

19,118,620

19,228,293

Total bonuses

10**

5,476,226

6,762 ,750

24,594,846

25,991 ,043

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• Inclusive of remuneration for Chairman of Executive Committee 30,000 Baht per month and for Executive member 5,000 Baht per month. •• Inclusive of 2010 bonus of Chairman of Executive Committee 144,000 Baht ••• Remunerations include salaries and other benefits.

Other Remunerations -None-

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance The Company has realized the significance of its good corporate governance and has thus prescribed the code of conduct relating to the business ethics for transparency of operation of work of staff at all levels; moreover, the Company's management has pushed the establishment of corporate governance culture as a basis of sustainable growth and generation of added value to all stakeholders (please see further information in Form 56-1 ). Corporate Governance Policy To achieve the Company's objectives of business operation ; to create responsibilities for performance of work according to the duties; to generate honesty-based transparency; to increase sustainable business competitiveness; and to increase the confidence of stakeholders, the Board of Directors has determined its corporate governance policy, as follows: 1. Operate the business with transparency and accountability; and disclose adequate information for all stakeholders; 2. Manage the Company's affairs at its full capabilities for the maximum benefits of shareholders; 3. Provide the risk management and control system; operate the Company's businesses with reasonable care; evaluate the risks; and determine strategies for correction and monitoring of risk management on a regular basis; 4. Provide equal and fair treatment to shareholders and all stakeholders; 5. Clearly organize the structure of roles, duties, and responsibilities of each group of directors; 6. Encourage the management and all employees to perform their duties with business ethics and righteousness; 1

The Company has been registered with MAl on May 10 h, 2006; whereas, the Board of Directors and the management of the Company has its policy to operate businesses with transparency, to adhere to the principle of merit and to comply with the law and the corporate governance policy of the Company; therefore, the Company has implemented its corporate governance policy for the purposes of transparency and accountability; and has disclosed adequate information to all related parties. The Company has reported the result of implementation of its good corporate governance policy in 2011 according to the principle of good corporate governance of registered companies of 2006, as follows: 1 Right of Shareholders The Board of Directors has given the priority to the right of shareholders; and the Company has implemented its corporate governance policy by taking account of shareholders' rights, as follows: Structure of Shareholders The Company has organized clear and transparent structure of shareholding between the Company and its subsidiaries; and has disclosed the names, no. of shares and proportion of shareholding of major shareholders of the Company and its subsidiaries in Form 56-1 and the Annual Report. Encouragement on the Exercise of Shareholders' Rights The Company has its practical procedures to maintain and to protect its shareholders' rights as from determining the good corporate governance policy with concerns of its shareholders' rights and encouraging shareholders to exercise the said rights and their fundamental rights after the trading of securities, rights to receive dividend, supervising the coordination between shareholders and the Registrar of Thailand Securities Depository Co., Ltd . (TSD), as well as establishing a work unit to handle inquiries and to facilitate shareholders regarding the registration work; moreover, the Company has promoted the active roles of shareholders in the shareholders' meetings, including the right of meeting attendance, the voting right, and the expression of opinions so that shareholders will have active participation in considering the crucial matters. Facilitation on the exercise of right of meeting attendance and the voting right of shareholders The Company has facilitated its shareholders regarding the attendance and the exercise of the voting right in meetings and has refrained from any action which may impair their opportunities to attend meetings; and has managed to promote the exercise of right of shareholders before, during, and after the date of shareholders' meetings, in compliance with principles and guidelines specified in "AGM Checklist", prescribed by the Thai Investors Association, the Limited Companies Association, and the Securities and Exchange Commission . The Company has been evaluated by the Thai Investors Association , the Limited Companies Association, and the Securities and Exchange Commission in the AGM 2011 at the level of 90-99%.

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance 2 Fair Treatment to Shareholders The Company has taken account of equality among all groups of shareholders so that shareholders shall have opportunities to participate in its administration of work; and has promoted the mechanism for balance of power and audit of the company's operations; whereas, the principle of fair treatment to shareholders shall be as follows:

Shareholders' Meeting The Company has realized that shareholders' meeting is a channel that shareholders shall be able to exercise their right of audit and control of the company's operations; therefore , the Company has created the supportive environment of shareholders' meeting so that shareholders shall have an opportunity to exercise their rights and to receive equal treatment. In 2011, the Company has convened one shareholders' meeting (AGM); whereas, the Board of Directors has supervised the arrangement of shareholders' meeting and has invited all shareholders, and has notified them of the date, time, venue, as well as agenda of the meeting. The Board of Directors has duly convened the shareholders' meeting within adequate time and has promoted the equal opportunities for inquiries, expression of opinions, and recommendations to all shareholders; moreover, the Company has safely kept the approved minutes of shareholders' meeting systematically for easy and convenient accesses.

Provision of the Protection System and Audit of Internal Data Use The Board of Directors has given the priority to the provision of protection system and audit of internal data use to prevent from exploiting the internal data for the purpose of trading of securities; and has prescribed guidelines for keeping and prevention of internal data use, which shall be strictly observed throughout the organization. Moreover, directors and the management have recognized the obligations and responsibility to prepare and disclose the report on the holding of the Company's securities to the Office of Securities and Exchange Commission , as per Clause 59 of the Securities and Exchange Act 1992.

3. Awareness of the Stakeholders' Roles The Board of Directors is aware of rights and roles of inside and outside stakeholders and has prescribed the Company's mission to become a reliable organization that provides maximum returns to stakeholders; and has also prescribed the written policy and ethical standards on fair treatment to stakeholders to be complied with by the Board of Directors and employees at all levels. The Board of Directors has given the priority to the rights of all groups of stakeholders through its "core value" project, which consists of TQIC (Team work, Quality, Integrity and Customer Focus), established by means of brainstorming between the management and employees at all levels and being created from the insiders' selfness for practical implementation. This core value was communicated to staff at all levels and was applied to the recruitment of new staff for clear understanding of guidelines of the Company's business operations. The Board of Directors and the top management are confident that the organizational values and culture, which are determined by the demand and directions of personnel within the organization, shall lead to practical implementation and implantation of good consciousness in accordance with the ethical principle of business operation of the Company, which emphasizes the transparency and fair treatment to all groups of stakeholders in order to achieve the goal of the organization and is simultaneously used as a mechanism to protect rights and benefits of all groups of stakeholders; therefore, it can be trusted that the Company has equally given the priority to all groups of stakeholders including shareholders, employees, business partners and creditors, customers, competitors, communities, society, and the environment; moreover, it has prescribed the procedures covering the rights and benefits that the stakeholders should be given, as follows:

Shareholders The Company has its policy to take care of the shareholders' right regarding the obtainment of information, voting rights, right to receive fair treatment; moreover, the Company has continuously produced its satisfactory operating result and has given the added value and satisfactory returns to its shareholders. The Board of Directors shall approve measures for related transactions; meanwhile, directors who are stakeholders shall refrain from voting for approval of the said transactions; moreover, the Board of Directors shall strictly supervise the related transactions and acquisition and disposal of assets in accordance with the regulations of the Stock Exchange of Thailand (SET).

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Employees The Company has considered that employees are one of the crucial factors to the organization's successes, and has thus determined to develop various factors, for being organizations of learning, to strengthen the organizational structure, to promote team working, to give reasonable returns, The Company has also provided the company's welfare including group insurance, personal accident insurance, provident fund and saving and credit cooperation, etc. The company is also accredited with TIS/OHSAS 18001 Standard for occupational health and safety management and also to give priority to its employyees' potential development, to pass on the knowledge, and to welcome all opinions and suggestions from employees by way of establishing its core value, which includes its adherence to the integrity. Business Partners and Creditor The Company has its policy of fair treatment to business partners and creditors strictly in compliance with the law and commercial conditions under the agreements mutually executed, including business ethics and guidelines of good and fair practices relating to borrowing of money from creditors and repayments of debts; whereas, in the previous year, the Company had no disputes with its business partners or creditors. Customers The Company has taken good cares and responsibilities for its customers by manufacturing standard quality products that meet the customers' demands and emphasizing the quality of products and services as well as reasonable prices, and punctual delivery of products. In case, there are obstacles preventing the delivery of products according to the scheduled time, the Company shall notify its customers in advance to discuss and find collective solutions to the problems. Competitors The Company has complied with the rules of fair competitions to maintain the code of conduct for competitions; whereas, in the previous year, the Company had no disputes with its commercial competitors. Communities, Society, and Environment The Company has taken its great cares for environmental protection and has prevented any potential environmental impacts to communities and the society. According to implementation of the said policy, the Company has been accredited with ISO 14001 Standard in 2006 and will be accredited with TIS/OHSAS 18001 Standard for occupational health and safety management on 11 September 2009 4. Disclosure of Information and Transparency The Company is aware of complete, reliable, transparent, adequate and immediate disclosure of information, including financial and non-financial data of the Company so that all stakeholders shall have equal and convenient accesses to the information. For transparent disclosure of information within the organization , the Company has organized meetings between the management and department heads to acknowledge the directions of the Company's business operations and to exchange the information and to pass on the policy implementation to their direct subordinates and to provide channels for employees' knowledge sharing; for disclosure of information outside the organization, the Company has complied with the Requirements of the Stock Exchange of Thailand (SET) and has disclosed the information both in Thai and English languages through SET channels and the Company's website. The Board of Directors has given the priority to the quality of financial statements and accuracy of information given therein in accordance with the standard of accounting. The Company has supervised and managed the financial statements to be audited by an independent auditor and by the Audit Committee. The Board of Directors has given a report on its responsibilities to prepare financial statements in the Annual Report. Moreover, in 2011, the Company has given the priority to regular publication of its operating results in overview and its progress through Opportunity Day activities and the media to provide another channel for distribution of the Company's information to the general public. Relationship with Investors The Company has established the Investor Relations Section as a direct channel to communicate with shareholders, small investors and institutional investors, analysts, and other related parties such as the Stock Exchange of Thailand and Office of the Securities and Exchange Commission. For duly compliance with the law and regulations, the Company has prepared the investor relations work plans throughout the year; meanwhile, the top management of the Company and the Investor Relations Section have opportunities to give information on business activities; provided that shareholders, investors, analysts, and interest persons may directly contact the Investor Relations Section at Tel.02-769-7699 Ext.1220 or email: ir@tirathai.co.th

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance 5 Responsibilities of the Board of Directors Structure of the Board of Directors The Board of Directors, which is regarded as the key element of good corporate governance, must consist of personnel with knowledge, expertise, and experiences in favor of the Company's operations. Over a half of the Board of Directors of the Company have the required knowledge and direct experience in transformer business management; meanwhile, the rest of them have the abilities and knowledge in other business fields such as finance, economics, etc.; and all directors have already taken the training course from the IOD; moreover, the term in office of directors, and qualifications of the Company's directors, including appointment and removal of directors must be approved by shareholders at AGM. The Company has balanced the power of non-executive directors by not giving any person or group of persons the sole decision-making power, in order to establish the mechanism of balance of power and effective management. The Board of Directors consists of 11 members, including 6 executive directors, 2 non-executive directors (including 1 independent director), and 3 independent/audit directors. The Company has totally 4 independent directors or equal to 36% of the total directors; and the Board of Directors has considered that the said proportions are suitable. Executive directors are able to give in-depth comments; meanwhile, non-executive directors are industrial experts; therefore, creative opinions are expressed in the Board of Directors' meetings; and the Board of Directors' decisions are based on the overall benefits of the Company. Components of the Board of Directors The Board of Directors shall have their full qualifications as prescribed by law and shall be the qualified persons from different business fields so as to integrate their necessary knowledge and abilities and to devote their efforts and time to perform the duties of directors of the Company; whereas, the procedures of appointment of directors are clear and transparent; and personal records of all directors are disclosed; and at each time of director replacement, the newly appointed directors shall promptly receive the information, which is necessary and beneficial to perform the duties of directors of the Company or not later than 3 months after the date of appointment. Chairman of the Board of Directors shall not be the same person as the Managing Director and the duties of determination of corporate governance policy and administration of regular work must be clearly separated ; the Chairman shall have independence to express opinions and shall have a casting vote, in case of equal votes in the Board of Directors' meeting, according to the Company's Regulations. Vice Chairman of the Board of Directors shall have duties, according to the Company's Regulations, in any affair assigned by the Chairman of the Board of Directors; and shall perform the duties in lieu of the Chairman of the Board of Directors in the event that the Chairman of the Board of Directors is unable to perform the duties on a temporary basis or when the position of Chairman of the Board of Directors is vacant. Independent Directors. The Company has determined the qualifications of independent directors according to the Regulations of the Office of Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) so that the independent directors of the Company shall have their genuine independence, which is suitable for characteristics of the Company. (Please see details of qualifications of independent directors in "Criteria for Selection of Audit Director/Independent Director" Page 27). Managing Director shall be appointed and determined with the scope of power according to the period of time and amounts for entering into juristic acts by the Board of Directors' meetings; and shall have the power to take actions according to the resolutions of the Board of Directors; whereas, power, duties, and responsibilities for normal business operations of the Company shall be in accordance with the policy of the Board of Directors and with the principle of good corporate governance. Company Secretary shall be obliged to handle the Board of Directors' meeting and shareholders' meeting effectively by taking account of rights and equality of shareholders, to give recommendations and supports to the Board of Directors' affairs governing the law, rules, regulations, requirements, and related procedures, and to give information that the Board of Directors and the newly appointed directors should be informed, and to supervise the compliance with the principle of corporate governance and to communicate/to take care of shareholders properly. Subcommittees For compliance with the principle of good corporate governance, the Board of Directors has set up 2 subcommittees to consider and review specific crucial operations carefully and effectively; whereas, the components and rules/duties of the subcommittees are clearly determined. 2 Subcommittees consist of:

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Audit Committee In 2011 , the Audit Committee has convened 4 meetings. Each member of the Audit Committee shall assume the office for a term of three years and shall always report to the Board of Directors. The Audit Committee has performed its duties in accordance with the Audit Committee's charters approved by the Board of Directors; moreover, the Audit Committee has prepared the report of the Audit Committee in the Annual Report. (Please see details of components, roles, and duties of the Audit Committee on Page 23).

Records of attendance of each director of the Audit Committee are as follows:

1. Dr. Pisit Leeahtam

3/4

2. Mr. Teeravut Supaviriyakul

4/4

3. Dr. Rein Boondiskulchok

4/4

Nominating Committee The Nominating Committee consists of 3 Board of directors' members and 2 out of 3 are the independent directors, Each of them shall assume the office for a term of 1 year. In 2011, the Nominating Committee has convened a meeting to nominate persons to assume the post in place of the retiring directors and to propose their names to the Board for consideration as per the criteria for nomination of directors, with fairness and transparency; and has prepared a report of the Nominating Committee in the Annual Report. (Please see details of roles, and duties of the Nominating Committee on Page 23).

Records of attendance of each director of the Nominating Committee are as follows:

1. Dr. Rein Boondiskulchok

1/1

2012

2. Mr. Teeravut Supaviriyakul

1/1

2012

3. Mr. Upakrom Thaweephoke

1/1

2012

Roles, Duties, and Responsibilities of the Board of Directors The Board of Directors is aware of its obligations to supervise the business for the maximum benefits of the Company and has its roles, duties, and responsibilities to consider the principle of law, the Company's regulations, resolutions of the shareholders' meetings, and the principle of good corporate governance in an honest and responsible manner, to disclose the information transparently, and to supervise the administration of work of the Management according to the goals and for the maximum benefits of shareholders, as well as benefits of all stakeholders. All members of the Board of Directors have the leadership, visions , and independence in their decision making for the maximum benefits of the shareholders. To strengthen the good corporate governance principle effectively, the Board of Directors has approved and determined the policy and principle of good corporate governance in writing; and the implementation of the said policy shall be reviewed on a regular basis.

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Board of Directors' Meetings The Company has its policy to convene the Board of Directors' meetings in every 3 months; and to convene the Executive Committee's meetings in every month; whereby, the date/time of the Board of Directors' meeting shall be fixed in advance throughout the year and shall be notified to all directors so that the directors shall be able to manage their time to attend the meetings; and special and extraordinary meetings may be convened as may be necessary; provided that half of the total directors shall attend the meeting to constitute a quorum. Regarding the determination of agendas, the Chairman shall approve the agendas after discussion with the Managing Director; whereby, each director shall have independence to propose matters to be included in agendas; provided that the Company shall submit invitations to the meeting, agendas and meeting documents for 7 days prior to the date of meeting so that the Board of Directors shall have enough time to study the information thoroughly before the meeting; and after the meeting, the company secretary shall prepare the minutes of the meeting with complete details thereof; and minutes certified and signed by the Chairman of the Meeting shall be systematically kept as reference for inspection by directors and related parties. In 2011, the Board of Directors has convened 5 ordinary meetings; whereas, the records of attendance of each director can be summarized, as follows:

1. Dr. Tongtaj Hongladarom

6/6

5/5

2. Mr. Sampan Vongphan

6/6

5/5

3. Mr. Upakrom Thaweephoke

6/6

5/5

4. Mr. Charuvit Suanmalee

6/6

5/5

5. Mr. Ouichai Siriwajana

6/6

5/5

6. Mr. Amporntat Poolcharoen

6/6

5/5

7. Ms. Sunan Santichotinan

5/6

5/5

8. Mr. Tai Chong Yih

6/6

5/5

9. Dr. Pisit Leeahtam

5/6

4/5

10. Mr. Teeravut Supaviriyakul

6/6

5/5

11 . Dr. Rein Boondiskulchok

6/6

5/5

Self-Evaluation of the Board of Directors The Board of Directors has realized the significance of self-evaluation of work performance to be used as guidelines for the audit of the Board of Directors' performance of duties, thus, in accordance with the principle of good corporate governance. In 2011, the Board of Directors has approved the self- evaluation of its work performance by using the Self-Evaluation Form prescribed by the Corporate Governance Development Center for the Registered Companies. The result of overall evaluation including recommendation and additional comments obtained from the result of performance evaluation of the Board of Directors, shall be considered to find guidelines for improvement of operations in order to support the Board of Directors' operations more effectively. Business Ethics The Company has prepared the code of conduct relating to the business ethics of the Board of Directors, the Management, and employees, to be adhered by all related parties as the guidelines for performance of duties in accordance with the Company's missions with honesty and fair treatment to the Company, all groups of stakeholders, and the society as a whole.

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Policy on Remunerations for Directors and the Management The Company has clearly and transparently determined the policy on remunerations for its directors at reasonable levels and in accordance with the situations of the industry in order to attract and maintain the directors with required qualifications. Remunerations must be approved by the shareholders' meeting. The Company has fixed the remunerations for the Management in accordance with the principle and policy prescribed by the Board of Directors, which is in connection with the operating result of the Company and the performance of work of each of the management. At present, the Company still does not have the Remuneration Committee but has proper remuneration consideration procedures based on the data of remunerations of companies of similar sizes within the industry, as well as the operating result of the Company. (Please see details in Remunerations of Directors and Management) Development of Directors and the Management The Company has promoted and facilitated the training sessions and knowledge dissemination to personnel involved in the corporate governance system at all levels including Chairman, directors, independent directors, audit directors, the management, and the company secretary for continuous self-development and self-improvement. At present, personnel involved in the said corporate governance system has passed several training programs organized by IOD, the Stock Exchange of Thailand , and the Office of Securities and Exchange Commission. Succession Plan Regarding the succession plan and nomination of the top management, the Board of Directors and the management are aware of actions to ensure that the Company shall be able to select personnel to assume responsibilities in the managerial posts properly; provided that concrete processes and action plans shall be provided in accordance with the principle of human resources management. Control System and Internal Audit The Company has given the priority to the internal control system both at the managerial level and the operational level, and has determined the obligations and powers of operators, committees, and the management team clearly in writing, and has supervised the utilization of the Company's assets, and has separated the duties of operators, controllers, and evaluators for balance of powers and cross-examinations, and has also determined the internal control relating to the financial system and has provided the financial reporting system to be proposed to the responsible line management. The Audit Committee, in cooperation with the Management, has reviewed the internal control system of the Company and agreed that the internal control system of the Company is adequate and suitable. Moreover, on November 301h, 2004, the Company has entered into an agreement with ANS Business Consultant Co., Ltd., which shall be renewed in every 2 years, to perform an internal audit for the Company, thus, to ensure that the operation of main work and significant financial activities of the Company shall be in accordance with the prescribed guidelines and to audit the compliance with the law and provisions in connection with the Company and to ensure that the said outside auditor shall have its full independence to perform the audit and to balance the power; the Board of Directors has thus determined that the said audit company shall directly report the audit result to the Audit Committee and shall determine the scope of such audit in cooperation with the Audit Committee. (Please see details of the internal audit system in Internal Control) Conflict of Interests The Board of Directors shall have to deal with transactions which may have conflict of interests and shall carefully consider the suitability of the said transactions based mainly on the Company's benefits. In case, the Company has any transactions which may have conflict of interests, the Company shall submit the said transactions to the Audit Committee for comments and shall then propose the said transactions for the Board of Directors' consideration. The Company shall strictly comply with criteria prescribed by the Stock Exchange of Thailand. The Board of Directors has prescribed that any stakeholder shall not be allowed to take part in the decision-making process to consider the transactions between the Company and the said stakeholder. In 2011 , the Board of Directors has not received any report on conflict of interests; therefore , it has not submitted the said matter to the Audit Committee for consideration and comments.

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Use of Internal Data

The Board of Directors has determined guidelines for data storage and protection, which shall be strictly complied with throughout the organization, as follows: 1. The Company has prescribed the protection of internal data use and prohibited the organizations involved from disclosing the internal data to non-related persons or organizations; 2. The management of the Company who has received any significant data, which may have potential impacts on stock price changes, shall not make use of the data before disclosing such data to the general public; moreover, the management shall not be allowed to trade the Company's stocks for 1 months and within 24 hours before and after the period when the financial statements or the significant data have been disclosed to the general public; and shall not be allowed to disclose such significant data to the third persons; 3. Directors and the management of the Company shall be obliged to report their stockholding as per Clause 59, thus, to be in accordance with the Announcement of the Office of Securities and Exchange Commission No.Sor.Jor.14/2540 on the preparation and disclosure of stockholding reports; 4. Punishments shall be prescribed and imposed on any person who violates the measures of internal data protection; and circular letters thereof shall be given to employees and the management; In the previous year, the Company has not received any report or complaint on commission of offences or any punishment of violators of internal data protection measures issued by directors, the management, and the related persons; Personnel

As of December 31st, 2011, the Company has totally 497 employees, dividing into 105 office employees and 392 line production employees. In 2011, the Company had no labour disputes. Remunerations for Employees

As of December 31st. 2011 , the Company has paid the remunerations to its employees in terms of salaries, wages, providents fund, bonuses and other benefits totally 177.81 million Baht. Personnel Development Policy

The Company has its policy to develop the work skills, knowledge and abilities of personnel and to maintain the skilled personnel to work for the Company in the long term , and to provide them with the career advancement. The Company has organized training programs which are suitable to each line of work; for examples, new employee training , computer skill training, production technology training, etc. Internal Control

According to the Board of Directors' Meeting No.1/2012, attended by 3 members of the Audit Committee, the Board of Directors and the Audit Committee have mutually agreed that the internal control system of the Company is adequate and suitable as usual which can be summarized as follows: Organization and its Environment

The Company has prescribed its organizational structure suitably in accordance with the business condition and effective operation; provided that the Company has determined its policy, targets, and action plans by taking account of fair treatment to its business partners, customers, society, and the environment. The Board of Directors has supervised the implementation of the policy and has prescribed the clear and measurable goals of its business operation so as to achieve the given objectives and for the long-term interests of the Company and all groups of stakeholders. Moreover, the Company has prescribed the work procedures in writing and has modified them to suit the Company's businesses; actual performances have been audited and monitored in terms of accounting and financial transactions, administration and various operations for example sales, services, design and product development, procurement, inventory control, raw materials including fix assets control etc.

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Tirathai Public Company Limited Annual Report 2011

Corporate Governance Risk Management The Company has evaluated the risks at the level of organizations, activities, and working processes, which are supervised by the management and operators in such activities or working processes; and has jointly prescribed its plans and measures to control the potential risks. Control of Operation of Work by the Management and the Operators The Company has set the work plan in overall and implementation plan of various operation units including report the results compared to the target from period to period. The Management team, Executive Directors and Board of Directors have supervised the implementation of the said plan on a monthly and quarterly basis respectively. The Company has clearly prescribed the scope of powers and duties and the approved amount limit of the management at each level in writing and the administration of subsidiaries has followed up by Executive Committee on a regular basis. Regarding the performance of work of the operators, the Company has assigned a consulting agency to carry out the work in the capacity of an internal auditor and to audit operational processes according to the annual audit plan as approved by the Audit Committee; and it was found that there were no potential dishonest operations or mistakes which may cause severe damage; and there was no misuse of the Company's assets. Regarding the performance of work, in case, the internal auditor has found any non-compliance with the regulations or the operation manual or has found any opportunities to improve the work efficiency, the internal auditor has given recommendations to the management responsible for such processes to make improvements for more concise, correct, and effective operations. Information System and Communications The Company has provided adequate and significant information for the Board of Directors and the management for their decision making ; and has always recorded and concluded the comments in the minutes of the meeting; and has organized the information system for effective communication with employees at all levels within the organization; and has kept supplementary documents for accounting recording as prescribed by law; and has convened meetings between the Audit Committee and the certified auditor to review the accounting policy in accordance with the generally accepted principle of accounting to be suitable to the businesses; and has considered essential matters according to the report of the certified auditor. In previous year, the Company has developed and stared test-running the information system and the internal data communication system and still keep on developing those systems for more accuracy, up-to-date and effectively. Monitoring System The Company has convened 4 ordinary meetings per year of the Board of Directors; and it may add special sessions as may be necessary and suitable; and the Executive Committee meetings shall be regularly convened on a monthly basis to consider and follow up the operating result of the management whether it is in accordance with the targets. In any Board of Directors' meeting or the Executive Committee's meeting, in case, the operating result fails to meet the target, a resolution shall be given to the related parties for correction Moreover, the Company has assigned the Audit Committee to monitor and audit the performance of work in accordance with the rules and regulations of the Company and with its good internal control system in 4 ordinary meetings per year; and the Audit Committee shall report the audit result to the Board of Directors on a quarterly basis. In 2011 , the internal auditor has found that there were no potential dishonest operations or mistakes which may cause severe damage; and there was no misuse of the Company's assets. In case, the internal auditor has found that the said event has occurred, the internal auditor must report the Audit Committee immediately so that the Audit Committee shall report the said event to the Board of Directors for subsequent corrections. The Company's auditor, i.e., Mrs. Natsarak Sarochanunjeen CPA Registration No. 4563 has audited the consolidated financial statements and separate financial statements as of December 31 51, 2011; and has reviewed the internal accounting control system to determine the audit and scope of operations for the said period of time; and has not found any material mistakes to recommend the Company to improve the internal control.

Tirathai Public Company Limited Annual Report 2011

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Tirathai Public Co., Ltd., is a manufacturer of made-to-order transformers for domestic and overseas distribution and service provider of transformer installation, maintenance, and testing. During 2010-2011, the Company and its subsidiaries have generated over 70% of the total incomes from domestic markets. The Company has 2 manufacturing plants; one for manufacturing power transformer and the second one for distribution transformer. At present, the Company is the sole local manufacturer of transformers in Thailand, which has manufactured both power transformers and distribution transformers and has received the transfer of manufacturing technology from Siemens Transformers Austria GmbH & Co KG (VA TECH EBG Transformatoren GmbH & Co) of Austria; and Fuji Electric Systems Co. , Ltd. of Japan , who are the world's leading manufacturers of transformers. Currently, the Company is holding shares in 3 subsidiaries that supply the transformer's components to the Company. They are as follows; Thai Fin Co., Ltd., located in Bangpu Industrial Estate, is operating a business of manufacturing, distribution, repairs, and maintenance of transformer tank body and accessories including cover, fins, clamps etc., and has manufactured and distributed the products to the Company only. The Company has increased its investments in Thai Fin Co., Ltd., totally 5 million Baht in September 2006 for purchase and improvements of tools, machineries, and factory buildings in order to meet the expansion of production capacity; as a result, Thai Fin Co., Ltd ., has its paid-up registered capital of totally 15 million Baht. HTT (Thailand) Co., Ltd., located in Bangpu Industrial Estate, is operating a business of manufacturing and distribution of dry coils, cast resin, which are components of distribution transformer (dry coils, cast resin) and providing services of repair and maintenance of the said coils. HTT (Thailand) Co., Ltd ., shall distribute the majority of its products to the Company. At HTT's AGM 2009 held on 20/4/2009, it had unanimously resolved to close down HTT's business because the market of its products are shrunk and at the current economic situation resulting, it continues being a non performing business. HTT has already ceased its operation since it registered with Ministry of Commerce on 28 April 2009 and is in process of liquidation. Tirathai E&S Co. , Ltd ., is providing sales, installation and services of power transformers products and being established under the business plan as a separated business unit in order to increase the flexibility of management and competitions in the markets. Tirathai E&S Co., Ltd., has now started its operation since 3rd quarter 2010.

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200 MVA LLN11i'u't'l'lYl1 230 KV

LL~:;d:Ju~~~l?l 1 1u 2

Tirathai Public Company Limited Annual Report 2011

Nature of Business Operation Products and Services The Company's products and services are divided into 2 types; they are transformer products and services, as follows :

Transformers The Company's transformer products are classified into 3 types, according to the electrical power and voltage, as follows:

Power Transformers Transformers which have the electrical power of over 10 MVA or having the voltage of over 36 kV (maximum electrical power is 300 MVA; and maximum voltage is 230 kV) or massive MVA shall be able to supply more electricity. This type of transformer uses oils as an insulator to prevent short circuits in transformers. The Company has manufactured the power transformers under the technology of Siemens Transformers Austria GmbH & Co KG (VA TECH EBG Transformatoren GmbH & Co) of Austria and Fuji Electric Systems Co. , Ltd. of Japan. Since power transformers are of large sizes; therefore, before delivering the products to customers, the Company shall disassemble components of transformers as may be necessary, thus. to facilitate the transportation . Regarding the assembling and installation of power transformers, the Company shall calculate the service fees separately from the prices of transformers; and such services must be provided by experts. The majority of users of power transformers are manufacturers and suppliers of electrical energy such as the Electricity Generating Authority of Thailand (EGAT), the Provincial Electricity Authority (PEA), the Metropolitan Electricity Authority (MEA), industrial estates and large-size industrial factories, which use the electricity from the transmission line, etc. At present, the Company is regarded as one of the three manufacturers in Thailand that can manufacture power transformers of 200 MVA 230 kV; and one of the two manufacturers in Thailand that can manufacture power transformers of 300 MVA 230 kV.

051

052

11U~1U~1~i1u 2554 1.J;,;Y1 ihlYJu i1n~ (JJ~11fu)

,~'ilUUt'I.:JLYHh'i~uu<I'T!.nh!J (Distribution Transformer) '1-l!Jt:i LLUrl-lLvlV111!:'U'U'-i'T\.lU1EJ ~tl

n1~.:JLvlVl1UtltJn':i1'!-1-;tl LYhnu 10

'1-l!Jt:ILLUrl-l~fu 1vlV11"l1n~1EJ1!:'U'U'-i'1'1-1U1EJ (Distribution Line) 'lltl路:Jn11LvlV11 tJ n ;j., ::dlu 'l-l!Jt:ILLU rl-l

L).Jn!:L'lrll1iLLtl)JLLUf (MVA)

LLrl!:LLN~'ULvlVl1UtlEJn':i1l-11tJLYhnu

36 nLrlL'lrll1f (kV)

Tirathai Public Company Limited Annual Report 2011

Nature of Business Operation Distribution Transformers Distribution transformers are the transformers that receive the electricity from the distribution line of the Electricity Generating Authority. Normally, distribution transformers will have the electric power of not more than 10 MVA; and the voltage of not more than 36 kV.

053

054

11U~1U~1~i1u 2554 1.J;,;Y1 ihlYJu i1n~ (JJ~11fu)

,~'ilUUt'I.:JLYHh'!lu~VlLI'Iti (Special Transformer)

urlffl'1i1"ll1lL!1iU1U!if1Un1~1:J~lllVI~tlLLU~NLvlfhi!Ui1lflLI'!~ ;-.ltltlnLLUULL!'l::I:J~lllLI1lUL'U'I'i1::lll1).Jn1~1oD.:J1'ULL!'l::l')nJ~).JU~~\jn~1n1VI'Ui1l

Li1lt.Jn1~tltln LLUU LL£~::~'VI f'ltuL!'IUn111:J ~ lll~1-iit!ui1u1-.l~'lu~ LLlllnllh-lLU"l1nm::u'lUn111:J~ lllVI,jtl LLU!'l.:J1vHhun ~ ;-lliitl-ltl1 fit.Jf'l'l1).Ji f'l'l1).J~1).J1~t1

~tl-.l~e.J~lllLUUtlti1-.l).J1n Vl,jtlLLU!'l~L'f'lvhllui1lflLI'I~ L!ifLLrl Vl~tlLLU£1-lL'f'l~1m::LL~~iiuLUUn1::LL~lllN (Rectifier Transformer) ;~1-ii'luLN-.11\J ~lll~1VIn11).JLf'li1 Vl,jtlLLU£1-lL'f'l~1~1-iilum~VI£1tl).JL£~VI:: (Induction Furna~e Transformer) ;~1-nlUfllll~1VIn1~).JVI£1tl).JLflVI:: vt'1tlVI,jtlLLUfl~~1-if'll'!'l'U ~u L'llu on~Lf'I'Utltlt.J!f LUU!iiu Li1lt.Jl.J1M'VI'111i1LU'Un111:J~lllVI,jtlLLUfl~'llUI1lU111tJ11iiL'VIf'IL'ULflU'lltl-.ll.J11ffi Fuji Electric Systems Co., Ltd u~::L'VII'lc1J~u

-.l1U\J~n1"i (Services)

-.l1uu1m~~tl~u11ffi'1 LUU-.l1U1~u1m~L~m;rtl-.lrll.JVI,jmLU~NL'I'l~1 ;~i1f'l'l1).JVI£~1nVI£~1ULL£~::1~u1m1lllfltll1l 24 i'l~-.1 L~tl1tl-.lfu f'l'l1).Jiiitl~n1rLL£~::1~f'l'l1).J~::i1l'lnLLri\jn~1 ulM''VI'1Luum~1~u1mTLI1lt.Jlitjf'lfl1m~i1f'l'l1).Ji f'l'l1).J~1).J1~t1 f'l'l1).JL~tl'l'll1t1J LL£~::1-DLri~tl~jjtl ~~u~l7u1um11~u1m~nu\jn~1 ~1VIfl.J-l1UU1n11~u1M''VI1~u1m~nu\jn~11!ii'LLri ~1uu1m1~11l~~VI~tlLLUfl~L'I'l~1 (Erection & Installation). -.l1UU1n11L~).JJ1l7UVI,jtlLLUfl-lL'f'l~1 (Oil Filling). ~1uu1mnht-lfn~VI,jtlLLUfl-lL'f'l~1 (Maintenance). -.l1UU1mnu'i'l'll'litl).JLL'l!).JVI,jtlLLUfl~L'f'l~1 (Modify and Repairing). ~1UU1n11'VIi1lfltll.J (Testing) LLfl::~1UU1n11L'lhVI,jtlLLUfl~L'I'l~1 (Transformers Rental Services)

Tirathai Public Company Limited Annual Report 2011

Nature of Business Operation Special Transformers The Company has its strong points in manufacturing special transformers, which are particularly designed and manufactured according to the objectives of use and specifications prescribed by the customers. Parts of the design and the manufacturing technology are different from the production process of normal transformers, which require a lot of expertise of the manufacturers. Special transformers include rectifier transformers, which are used in chemical industrial factories, induction furnace transformers, which are used in metals smelting industry; or transformers using other insulators such as silicone oil, etc. The Company has manufactured this type of transformers under the technology of Fuji Electric Systems Co., Ltd. of Japan.

Services The Company's services are diversified and provided , in connection with transformers, for 24 hours a day in order to meet the customers' demands and to provide convenience to customers. The Company has emphasized its service provision to customers by using specialized personnel and modern tools and equipment. Our service includes erection and installation of transformers, oil filling services, maintenance services, modification and repairs services, testing services, and Transformers rental services.

055

Q66

11U~1U~1~i1u 2554

tJ;,;YJ ihlYJu

i1n~ (JJ~1~u)

lft1~a;1~11ul~~e~u~~u~~u~~ueu 11'1'hlA11\I'i1 !J11ii'IJEhlU1-H'VI"1~~1'l::u1-Hvn'.i!l£J1u-l i1\IU 2552

Ci\1 2554

~~Aiil\1(;)\l,j'

iJ 2553 %

iJ 2554 %

848.49

37.48

514.52

33.85

448.75

23.83

567.46

25.06

484.64

31.89

1,037.55

55.10

1.08

0.05

6.29

0.41

6.08

0.32

,005.45

66.15 1,492.38

256.96

11.35

136.34

8.97

140.40

7.46

466.78

20.62

283.91

18.68

151 .57

8.05

6.66

0.29

0.72

0.05

1.77

0.99

32.27

420.97

27.70

293.74

48.83

650.86

42.82

589.15

31 .29

45.68

768.55

50.56

1,189.12

63.15

0.34

7.02

0.46

7.85

0.42

,426.43

93.84 1'786.12

65.61

4.32

52.17

27.90

1.84

44.66

,519.93

100.00 1,882.95

100%

N1'UU1'Vl

90%

2,500 .--- - - - - - - - - - - - - - - - -

80% 70%

2,000

60% 50%

1,500

40% 1,000

30% 20%

500

10% 0%

2552

2553

2554

2552

2553

•

11~11u1~~1noh.nJm~fl

•

11~11u1"11iia ulla~1~ihri111'~

•

11u~1nn11l~u'!m1

•

11~11u1~~1nltnh• •~fl

•

11~11u1"11iiaulla~1~il11•1Illi1mhu

•

11~11u1"d1ull1•nau 11iiaull a~1~ihri1o~

2554 •

11u1~ilu1 11u1"11~

Tirathai Public Company Limited Annual Report 2011

Income Structure Income structure of the Company and its Subsidiaries Income Structure of the Company and its subsidiaries 2008-2010 is shown below:

2009

2010

2011

Operated

INCOMES

M Baht

o/o

M Baht

Incomes- Local Power Transformers

The Company

848.49

37.48

514.52

33.85

448.75

23.83

Distribution Transformers

The Company

567.46

25.06

484.64

31.89

1,037.55

55.10

1.08

0.05

6.29

0.41

6.08

0.32

Components of Transformers

The Company I Subsidiaries

Total Incomes • Local

,005.45

66.15 1,492.38

Incomes- Export Power Transformers

The Company

256.96

11.35

136.34

8.97

140.40

7.46

Distribution Transformers

The Company

466.78

20.62

283.91

18.68

151 .57

8.05

6.66

0.29

0.72

0.05

1.77

0.99

32.27

420.97

27.70

293.74

Components of Transformers

The Company I Subsidiaries

Total Incomes • Export Total Income from Power Transformers

The Company

1'105.45

48.83

650.86

42.82

589.15

31.29

Total Income from Distribution Transformers

The Company

1,034.24

45.68

768.55

50.56

1,189.12

63.15

7.74

0.34

7.02

0.46

7.85

0.42

Total Income from Componenls of Transformers The Company I Subsidiaries

Total income from Sales

,426.43

93.84 1,786.12

Income from Servive

65.61

4.32

52.17

Other Incomes •

27.90

1.84

44.66

,519.93

Grand Total Incomes

100.00 1,882.95

• Other incomes comprise of Interest eamed, other income, including income from subsidary company of 16.45 millon Baht

100% 90%

M Bath 2,500 . - - - - - - - - - - - - - - - - - - -

80% 70%

2,000

60% 50%

1,500

40%

1,000

30%

20%

500

10%

2009

2010 •

Total Income • Export

•

Total Income • Local

2011

2010

2009 •

Total Income from Power Transformers

•

b~~~~~:~~::,~formers

•

Income from Service

6~~~:~: ~f~ansformers

2011 •

Other Income Grand Total Income

11U~1UU1~~U 2554

tJitiYJ ihlYJu ~nfl (a.~'tt11fu)

uefti't.Jfhiri'olutJ't::L'Wlff 'f1il£J LLtla\11vlVl1'l::Utr~1'f1U1 fJ -,ilmLtla\11vlVl1ri1Lr\l

380.46 333.07

33.92 29.69

1,103.67 736.16

713.53

63.61

1,839.83

150.40 257.86

13.41 22.99

178.62 119.01

408.26

36.39

297.64

't'la.lflflftWfhlri'e,f-3lUtJ't::L'WlffUlil::Pi1-3tl't::L'Wlff 'f1iJ£J LLUa\11vlVl1'i::UU~1'f1U1 fJ -,ilmLtla\11vlVl1ri1~\l

530.86 590.93

47.32 52.68

1,282.29 855.18

'f1il£J LLtla\11vlVl1'i::UU~1'f1U1 fJ -,ilmLtla\11vlVl1ri1 ~\I

424.98

73.27

713.97

580.05

100.00

935.59

flflftWfhlri'oPi1-3tl't::LY1ff 'f1il£J LLtla\11vlVl1'l::UU~1'f1U1 fJ -,ilmLtla\11vlVl1ri1~\l

Tirathai Public Company Limited Annual Report 2011

Income Structure Table of Orders Received and the Backlog Orders in 2009-2011

380.46 333.07

33.92 29.69

1,103.67 736.16

51 .63 34.44

713.53

63.61

1,839.83

88.01

150.40 257.86

13.41 22.99

178.62 119.01

8.36 5.57

408.26

36.39

297.64

13.82

Power Transformers

530.86 590.93

47.32 52.68

1,282.29 855.18

59.99 40.01

Power Transformers

424.98

73.27

713.97

580.05

100.00

935.59

Distribution Transformers Power Transformers

Orders Received - Export Distribution Transformers Power Transformers

Total Orders Received both Local & Export Distribution Transformers

11U~1U~1~i1u 2554

Q8o tJ;,;YJ ihlYJu i1n~ (JJ~11fu) I

i11J~fJI71C11Hi1SSJJlta~i11Sll'lJJ'lJU 'I n11=~~a1~n~~~ua=n1~u~~u m1=e~a1~n~~~

1 A ~ tJ ~'11~~•••·"' "' ' 'UEhl .,j .,j ~ ~ ~ ~ •nn1 ••·"' .,j "' ~ .r ~lllf'l1'110'l"i~n1"i N~II1'111.J!JL~ nn1 ~1JU~IIIf'l1'110'l"ii.JIIIEIL ~~~:an!J1'1JEN01Jyj~'ll'll1\H '1J'Il~:U'IJ'fj~'ll'll1'Uyj'IJ!j1'U'lJEl'llljO

tJ "i:: ~'VIfl

~~~::ill'l111.JN1~Cl! mh'lli.J10~ Ell'l111.J ~U'UEJ ~'lJEl'lltl"i::'1J1'1J'U LL~:: 01"itl"i::OEJlJ~"inV'llfl'll~lllf'l1'11n"l"ii.J~1'11 'l ~ i1 El'llV1 n'l1iJEJ ~~tl~'111vlW1 LU'UN alllnru'rl v!1-n'('U"i::lJlJ~'IlLL~::"i::lJlJ~1!J1vlvh

n1"i'li!J1!J~1'llfl'llEJI11~1'11n"i"ii.J'I1iJEJ~~tl~'ll1vlVl1 v::'ll!J1!J~111111.JI'l111.J~fl'lln1"itlii.J1ru1vlVl1~~fii.J~'Il~u n1"i'll!J1!J~1'1JEJ'Iltl"i::'1J1n"i

~1VI1'11 ~fl"i11!lnv ~~~::m"i'liJ1!J~1'liEJ'Ilml'l~lllf'l1'11m"ii.J

L111 !J~ui'l11"itJi~VI"11~tJ"i:: ~iju i1

l'l111.J~EJ\Im;1vlVl1~~fi~.J~u

n1"i'll!J1!J

~I.Jn::111111i'tfuv::ill'l111.J

!liEJ'Iln1"i1i'l1iJm~tl~'111vlY11ri1a'll (Power Transformer) tl"i::I.J1CU 2 ~I.Jn::L1~11i'~~Eli.J~~tJ{ (MVA) ~~~::ill'l111.J!liEJ'Iln1"i1i'l1iJm~tl~'ll1vlVl1"i::lJlJ~1'11th!J (Distribution Transformer) tl"i::I.J1ru 4

~I.Jn::b~lli'~~Eli.J~~tJf (MVA) ~ViEJ1-n'tu'l::lJlJ~'IlLL~::"i::lJlJ~1!J1vlVl1 ~'11,1n1"i'li!J1!J~1'1JEl'llEllllf'l1'11n"i'li.J'I1iJm~tl~'ll

1vlVl1 V'll711.J1tJ fi'lllll ~1111'liEJ'Il'l1iJ EJ L~tl ~'111vlVl1~~m EJVIIII ~~VIU'I1iJEJ ~~tJ ~'111vlVl1 ~~I.J ~ n~1 !J

uu11WiePIQ1~n~~~iJmL1.1a'lllwYhi11an

V1001"i'll~1!J~1'lJEl'llEllllf'l1'110"i"ii.J'11iJ El ~~tJ f.N1 vlVlTvl f'IElllll'l~El'll riu 01"i'll !J1!J ~1'1JEJ'Ill'l111.J!li El'll 01"i'fj a'll'll1'U1 WW1

~'ll,r'U~~'U1LUI.J l'l111.J ~'lld ~Lu1LUI.JI'l111.J!lia'llm"i'fja'll'll1'U1ww1~11~n (EIA) t .l"i:: ~VIfl~'11'l;!VLI.Jin1 Li'Ju~\1,1

!liEJ'Iln1"i'fja'll'll1'U1ww,1uEJ'U11'l111~::vi11ii'VI"i11Jfi'll ~~ u•Lui.J'liEl'llEl111f'l1'11m"ii.J'I1iJEJ ~~tJ~'Il1vlw11~

lnf~rmation

1l 2553 - 2573 V10n1"itl"i::I.J1CUn1'i'lJEl\lf'!Cl1U'U Energy

Adm inistration

35,000

fl11)Jilf!l~n171vlvl1,t~~UJfl1Uti7~L'I'Ifi~PIR1'1'1n77)J

30,000

.,.

25,000

20,000

15,000

___.,__

-~~

"' '00: '~

fl11)Jilf!l~n171vlYl1,r~'I'I)Jfl1ut17~L'I'IAri1a~~PLJu1

.&;

___.,__ 10,000 5,000

fl11)Jilf!l~n171vlvl11ut17~L'I'IAri1a~~PLJu11uu.nu Lmilv

fl11)J!li'!l~n171vlYl1,t11tm %fi1Lil~!Jn17Lti~!J\JLLtiLNfl11)Jilfll~n171illriYl1

Pi!lu.r~LLfiil

2546-2573

~111: tlmll'u Energy Information Administration (EIA) th~L'I'IIlllll'l']mllim 11111ULI1~ : ~111J~o~m,t1'11anth~noujl\1v fi111Jiio~n1,,o~n~llll,mlll~~tl111n7,11 n~llll,:LYIIlri1l1'~liiLIU1 n~IIIIM1W1'11L'iv~ ua:qhll~d'uoon 1~vn~llll,mlllri1l1'~liiLIU1 \J,:noujl\1v A1Uil,:L'I'IIlri1l1'~liiLIU11uLLO\JLm;!v LLa: \J,:L'I'IIlri1l1'~li'ILIU1~u1uLm\J Lm;!v ~:'l'uoonna1~ a1win1 mllin1nfl1~ua:mllim111 A1Uil,:L'I'IIl~~~~111n7,1J!l,:na\JI\1v Rlli']DLlJim LLfl\11~1 Liln;iln qh\JPI:l\1~0 cil~u ODIIL~'iULLfl:\h;iuflUM R1\I\J,:L'I'IIlfi1l1'~liiLIU11UUO\JLOL;iV \J,:OD\Jili1V \J,:L'I'IIl~\1 ~ULfiV LLfl:lh:L'I'II'Ifi1l1'~liiLIU11UUO\JLOL£V~\I'f

v1n-ii'EJI.J~I'l111.J~EJ'Iln1"i'fja\J'Il1'U1vlVl1~1L~n

vm'iu1~i1~1L~nil L~'U1lUI.JI'l111.J!liEJ-J m"iwa\1'111\J1 vlVl1~1L~mvi1.J~uv1n 14,781

~u~1u

n1~111111i'i1LI.J'Il 1~1l 2546 ~ilu 30,11 6 ~'U~1un1a111111i'i1LI.J'Il1ull 2573 ~IIILU'Un17~fii.J~'U~\l~!JtJ"i::I.J1CUi'EJ!Ja:: 2.7 ~EliJ LIII!JL~'U1LUI.Ji'I111.J

!ifEl'llm"i1 ww11utJ"i:: ~Vlfl~ n1a'11~(llJ'U1ill'l111.J!liEJ'Ilm"i1ww1L'1 \lni11utJ"i:: ~Vlfl1utJ"i:: ~VIAEllll~,..,m"ii.J~'Il ~L~ll

2558

il'lll'l111.J~ El\1 m"i1ww1f'l'llf'llll

~1u1'11qji.J1V1ntl"i:: ~VIfl1u~~Clu~miiv ~'liu tl"i:: ~VIfl~u ~u~~!J ~~a::tl"i:: ~ Vlflri1a'll~tiU'U1·~u1u~~Clu~mii!J il'llilEi'lll"i1n1"i~ fii.J~EJu'llEJ\Im"i1-E'tw~,

EJ~~.,::~u OlJ

4.8%, 4.6 %

ua::4.4%

11111.Jil'1~u if1~l.li!Ju~iifluriualll"i1n1"i~fii.J~ilil

1ul.l"i::~VIfl~lllf'l1'11n"i"ii.J El~~"i::~lJ

4.7%

'liEJ'Ill'l111.J!liEJ'Iln1"i1-b'tvlw11utJ7::~VIflri1N'Il~(llJu11u~~Clu~mii!J

~L~:: 1 .5% 11111.J1.h~u ~'lltfuui~VI'1 ~~'1l~ii'UI'l111.JN1~Cl!'llEl'llll1~1111'11iJmLtl~'111WVl1ri1N'Il'llfl'lltl'i::~VIA

~ri1a'll~(lllu11u~~Clu Lmii!J Llllmuw1::mh'll~'ll1utJ"i::~VIfl ~uL~!J I.J1LaLii!J Li!JIII'U11.J \J"i1u .,~., il'llLilutJ"i::LVIfl~ilalll"i1L~uLII1V11'11Lfl"i11!nv~~ L~~::tJ"i:: LVlfl1u LLCllJ LEJ ~ii !J~u 'l ~).]f'I11.J1"iClNall1'11iJil ~Ll.la'll LEJ'Il1~ '11iEJ !liEJ'Il01"i'l1iJEJ ~Ltla'll1 vlVl1ri1a'll~il~rumwLLa::"i11'11vl Lilun7"ii.J LIII!J1i ~ilu

El'll"'tJ"i::OEJlJ'I1il'll1'Un1"in1'11'UIIl~AVI1'1ln1'i'li!J1!J;!1'U~n'lh1u~1'11tl"i::LVIfl~'ll1'U'i::!J::lfuLL~::'i::!J::!J11

Tl~.

25,000 TlJI, 36,350

44,150

45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000

2539

2544

2549

- t1~m1,ruo

~ln!A:.:t.u'n

c::::J .. 11:::::1

,...,.,t.

umAm I

~:1'ummnrw

2554

2559

c::::J .m, •...,., c::::l l.ll\f9 1 ut.l!ilfll c::::J ~ -

~tnJ~~o&n

~ Total

~~1 : The Freedonia Group Inc.

Tirathai Public Company Limited Annual Report 2011

Industry and Competitions Situation of the Industry and Competitions Situation of t he Industry Transformer manufacturing industry is a linkage industry in connection with the electrical energy, which is regarded as a fundamental energy of all countries and of great importance to the living condition of people and business operations of industries because transformers shall be used in the power supply and distribution system . The transformer industry shall expand according to the increasing demand of electricity, increase of population, economic expansion , and expansion of the industrial sectors; whereas, the management of the Company has evaluated that every 1 megawatt of increasing demand of electricity, the demand for power transformer shall be approximately 2 MVA, and the demand for distribution transformer shall be approximately 4 MVA for use in the power supply and distribution system; provided that the expansion of the transformer industry shall include the market of replacement transformers. Trends of Transformer Industry Worldwide According to the expansion of the transformer industry, which is in accordance with the increasing demand of electricity, the trends of demand for electrical energy shall imply the trends of transformer industry. According to the estimation of the Energy Information Administration (EIA) of the United States of America, the trends of demand of electrical energy worldwide during 2010-2030 shall be as follows: Trends of Worldwide Demand of Electrical Energy 35,000 30,000

5 0

= "'

~ ~

30,116

Electricity Demand in Industrial Countries

25,000

___.,___

Electricity Demand in Developing Countries 15,000

iii

Electricity Demand in Developing Countries (Asia)

20,000

___.,___

Worldwide Electricity Demand

10,000

o/o OF Average Changes in Electricity

5,000

Demand 2003-2030

2003

2010 F

2015 F

2020 F

2025 F

2030 F

Source: Energy Information Administration (EIA) of the United States of America Remarl<s: "Worldwide Electricity Demand" consists of the electricity demands in industrial countries, developing countries, Soviet Union, and Eastern Europe; whereas, developing countries consist of developing countries in Asia, the Middle East, Africa, Central America and South America; meanwhile, industrial countries consist of United States of America, Canada, Mexico, Western Europe, Japan, Australia, and New Zealand; and developing countries in Asia consist of China, India, and other dev eloping countries.

According to the data of worldwide electricity demand, it can be seen that the worldwide electricity demand tends to increase from 14,781 billion Kilowatt-Hour in 2003 to 30,116 billion Kilowatt-Hour in 2030, or increased by 2.7% p.a.; whereas, the electricity demand in developing countries tends to be higher than those in the industrial countries as from 2015; and the majority of highest electricity demand is from countries in Asia such as China, India, and other developing countries in Asia of which the annual increase rates of electricity use are 4 .8%, 4.6%, and 4.4% respectively; meanwhile, the annual increase rates of electricity use of developing countries in Asia and in the industrial countries are 4.7% and 1.5% respectively. Therefore, the Company has given the priority to the transformer markets of developing countries in Asia, particularly India, Malaysia, Vietnam, Brunei, etc., which have good economic growth rates, and other Asian countries which cannot produce transformers or demanding quality power transformers at reasonable prices. This factor shall also be considered in determining the directions of overseas customer base expansion both in the short term and the long term. Worldwide Demand of Transformers in Value Million US$

Million US$

Tota1, 44,150

25,000

40,000

Total, Je,350

45,000

35,000 30,000

20,000 15,000

25,000

10,000 5,000 0

Northern Nnerlca

Weslilm Europe

c::::J """" c::::::J Sou1hAmerica -

NrlcaiMlddle East

~ \Jnited StateofAmerica Asia/Padfic

I::::]

Japon

E:astemEI.WlJP8

- - Total

: The Freedonia Group Inc.

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,::l.Jl.JN~1111 vlVl1~1u1.,qj LL~::,::uu~\11vlVl1vY\I.,~~'llil\I'I.J,:: LVIfi1VIu~::(;i1 Lilum,L?tu m,1vlVl1 N1UN~IIl (nvlN.) ~1u,::uu<i1.,tl1u~::a~ mu11ifm'ifii1LilUn1'i'llil\ln1,1vlVl1UI'l'i.,~1\l (nvlu.) LL~::m'i1vlVl1~1UIJil1111'l (nvln) .y1, nvlu. ~::.J1un'i::LLl'l1vlVl11'11LLri~-ii'l.vlVl11uL'IJI1l v-,.,l'li1n~\ILVI'I'l uuVItl~ u~::a~m'I.J11m, ~1u nvln ~::.J1um::LLa1vlVl11'11LLri~'iilvlVl11uL'Ill1lV\I.,l'li1~u -r Yim~avr,.,~?t

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f...

35,000

.......... 6r

30,000 25,000 20,000 15,000 10,000 5,000

•

'lf~'l'li'f1R-.11i1PI

-A- GOP % ....._ Ylttl l'fii'JI~IiiiU'iiu

12.00%

10.00% 8.00%

r-- -

r-- r--

r-- r-- r--

r-- r--

6.00%

[llib.., ~

4.00%

1--

r-- r-- r--

1-- -

'r--

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,..-----

2.00%

r-- r-- -

,_ 0.00% !--

r-- r--

~ --r

2552

2553

2554

2555

2556

2557

2558

2559

2580

258 1

2562

2563

2564

22, 044

22,690

23, 788

24,995

26,111

27, 101

28,081

29,176

30,453

31,766

32,9 15

34,107

35,507

-2 .30%

7.80%

4. 02%

4.24%

4 .06%

4. 78%

4.46%

4.28%

4 .28%

4 .10%

4.15%

4.24 %

4.16%

0.12

2 .93%

4. 84%

5.07%

4.46%

3. 79%

3 .62%

3 .90%

4.38%

4.31 %

3.62%

3.61 %

4.12%

-2.00% -4.00%

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Tirathai Public Company Limited Annual Report 2011

Industry and Competitions According to the trends of worldwide demand of electrical energy and the quantity of worldwide demand of transformers, it can be seen that the trends of growth are relevant, i.e., when the worldwide demand of electrical energy increases, the demand of transformers shall also increase; therefore, in the future, the transformer industry worldwide tends to be growing continuously. Domestic Demand of Electrical Energy Since 2003, the demand of electrical energy in Thailand has continuously increased. When compared to the worldwide demand of energy, the demand of electrical energy in Thailand has increased in accordance with the increases of population, economic expansion, and expansion of the industrial sector. The structure of power generation businesses and the demand of electricity in Thailand are as follows: Structure of Domestic Electricity Businesses At present, the structure of electricity businesses in Thailand starts from power plants located far away from sources of electricity generation, then , the voltage will be increased by transformers; and the electric current will be sent through the high-voltage transmission system along the transmission lines. When having reached the areas which have demand of electricity or communities, the voltage will be reduced by transformers as may be suitable, then, the electric current will be sent through the distribution system along the transmission lines; and the voltage will be suitably decreased once again before distributing electricity to users. Structure of electricity businesses in Thailand can be divided into 3 systems, including: 1. Generation System;

2. Transmission System;

3. Distribution System;

The majority of the generation system and the whole transmission system in Thailand is operated by the Electricity Generating Authority of Thailand (EGAT); meanwhile, the distribution system is operated by the Metropolitan Electricity Authority (MEA) and the Provincial Electricity Authority (PEA); whereas, MEA shall supply electricity to users in Bangkok, Nonthaburi, and Samut Prakarn ; meanwhile, PEA shall supply electricity to users in other provinces.

Electricity Demand Forecast (PDP 2010)

Megawatt

40,000

f....

35,000

..........

30,000 25,000 20,000 15,000 10,000 5,000

â&#x20AC;˘

Peak Electricity Demand ...... GDP % ......_. %of Change

12.00%

10.00%

Âˇ~

r--f r- -

8.00%

r- r- r-

6.00%

1--

r----

r---- r---- r----

r---- r---- r---- r--

2.00%

r- r- r- -

r- r- r-

0.00%

r- -

1--

1"-.

4.00%

r--

1--

r. r. 1--

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

22,044

22,690

23,788

24,995

26,111

27,101

28,081

29.176

30.453

31,766

32.915

34.107

35.507

-2.30%

7.80%

<4.02%

4 .24%

4.06%

4.78%

4.46%

4 .28%

4.28%

4.10%

4.15%

4.24%

4.18%

0 .12

2.93%

4 .84%

5.07%

4.46%

3 .79%

3 .62%

3 .90%

4.38%

4.3 1%

3.62%

3.61 %

4 .12%

-2.00% -4.00%

Source : Table of Electricity Demand Forecast, February 2010 (PDP 2010)

According to PDP 2010 (2010-2030), the peak electricity demand forecast in 2030 will be at a level of 52,890 MV. The peak electricity demand forecast in 2010-2020, having an increase average rate at 4.99% p.a. and in 2021-2030 at a rate of 3.83% p.a. , in overall from 2010-2030, the increase average rate will be at 4.2% p.a. compare to GOP growth rate in the same period will be at 4.28% p.a. As it can say that the peak electricity demand has been change in the same direction as the GOP growth rate. As a result of PDP 2010, the electricity demand during 2010-2013 will increase by 3.93% p.a. which is growing in the same direction as the demand of the transformer, having an increase average rate of 4.75% p.a. Moreover, budget approx 2,000-2,200 million Baht will be provided in each year from the Government sector to procure the transformer products in order to support an increase in demand of electricity according to PDP 2010.

063

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Industry and Competitions Market Value of Transformers Products in Thailand (Million US$) 200 180 160 140 120 100 80 60

Market Value of Transformers

(Million US$)

Source : GOBI

In 2011, the electric consumption of whole country slightly decreased from 149,301 GWH in 2010 to 148,989 GWH in 2011 or decreased by 0.21 %, resulting from the big flood in 4th Quarter 2011, especially in area of Metropolitan Electricity Authority (MEA) under the sector of industrial, small general service and residential, representing 24% of total electric consumption for whole country. This caused the positive impact in term of an increase in the received order in 2011 for the repair and replacement orders by 2%. The local transformer industry was improved, resulting from an increase in received order from 1,122 million baht in 2010 to 2,137 million baht in 2011 , mostly from local, representing 86% and from export 14%, this showed that the oversea transformer industry was still slow down. Electric Consumption for Whole Country 2006-2011 .-----------------------------------------,-12.00 0.00 8.00 6.00 4 .00 2 .00 0.00 Source : EPPO

Trends of Transformer Industry in Thailand Regarding the trends of transformer industry in Thailand, the structure has been changed from importation to import- substitution industry. Ratios of domestic use/exportation have changed from 80:20 in 2006 to 70:30 from 2007 and the exportation growth rate seems to be increased continuously because the local manufacturer of transformer could increase their production capacity and could produce a variety of products that meet the demand of foreign customers more effectively; meanwhile, the quality of products is more acceptable to foreign markets. Competitions Regarding the competition in the transformer industry, the Company has divided its markets into Distribution transformer market and power transformer market; whereas, there are 25 manufacturing companies in the Distribution transformer market, totally owned by Thai entrepreneurs; the Company has 8 competitors with their production capacities , accredited with ISO 9000, the Thai Industrial Standard, and Short Circuit Test. The rest are small and medium-sized manufacturers, whose strong points are mainly the distribution prices; and customer groups of each size of manufacturers are also different; meanwhile, in the power transformer market, manufacturers must have a lot of knowledge, skills, expertise, and experiences, modern technology of production, as well as researches and development in order to produce high quality transformers that meet the prescribed standards and specifications, as well as the customer's demand of stability of electrical system; as a result, the power transformer market is very difficult to entry for new competitors. At present, the Company is the only one manufacturer in Thailand that can produce of both power and distribution transformer and being one of three manufactures in Thailand who produces the power transformer at capacity not exceeding 100 MVA 230 kV system and being one of two manufacturers at production capacity from 100 -300 MVA 230 kV system. Regarding the foreign market, the Company has its production capacity of power transformers (230 kV) and has launched its production and distributed its product to domestic customers; as a result, the Company is capable of expanding its markets of power transformers of this size to foreign market including Vietnam, India, Sri Lanka, Pakistan, with the market value of hundreds of million US dollars; meanwhile, the Company can still maintain its existing markets including distribution transformers and large -size power transformers (not exceeding 132 kV) covering the markets in Vietnam , Malaysia, Singapore, Brunei, the Philippines, India, Napal , Sri Lanka, and Australia; and has been well accepted by transnational companies including Fuji Electric System Co., Ltd. , and Samsung Co., Ltd. , by welcoming the Company's transformers to participate in mega projects such as petrochemical projects in different countries, which reflects the Company's competitiveness at an international level in accordance with the Company's policy and its targeted export of 30-35%

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Tirathai Public Company Limited Annual Report 2011

Risk Factors Risks from Business Operation Risks of Incomes from Bids The Company and its subsidiaries have the main incomes from bids invited by state enterprise power producers in Thailand , including Metropolitan Electricity Authority (MEA), Electricity Generating Authority of Thailand (EGAT) and the Provincial Electricity Authority (PEA). In 2011 , the Company and its subsidiaries had orders from MEA and PEA equivalents to 27% and 17% of total revenue respectively; therefore, the said amounts of incomes depended on uncertain opportunities of the Company to win the bids, and on the economic condition, and budgets of the said organizations. As of 31 December 2011 , the Company and its subsidiaries had its remaining projects on hand to be handed over in 2012 to this group, totally 355.69 million Baht. In addition, the Company have increased its production capacity of up to 300 MVA 230 kV. , As a result, the Company has become one of the two manufacturers in Thailand that can manufacture power transformers of 300 MVA 230 kV; therefore, the Company expects to generate its consistent incomes. Risks from Fluctuations of Prices of Main Raw Materials Main raw materials for the manufacturing of transformers including, insulated copper wire, silicon steel , transformer body, and transformer oil, in 2011 were equal to 34, 18, 15, and 7 of the cost of sales and services , respectively. Prices of the said raw materials shall vary according to demands and supplies in the world markets; in particular, copper prices in the world markets have been fluctuated significantly since 2006. In 2011, copper prices in the world markets have been fluctuated from time to time. The Company and its subsidiaries have kept an eye on situation of copper prices and have adjusted the strategy to uphold the selling prices in conformity with the cost and have managed the purchasing of raw materials effectively; as a result, in 2011 , the Company and its subsidiaries had the gross profit of 29.93% when compared to 28.91% in 2009. The Company and its subsidiaries have continued to apply the existing measures in 2012 including keeping a close watch on the situation of prices of raw materials and revising the strategies, as may be suitable. The Company expected that the risks on prices of raw materials would be at a controllable level. Risks from Termination of Copyright Acquisition Contracts on Transformer Manufacturing Technology The Company has received the transfer of transformer manufacturing technology from Siemens Transformers Austria GmbH & Co KG of Australia (VA TECH EBG Transformatoren GmbH&Co. of Austria) and Fuji Electric Systems Co. , Ltd. of Japan; whereas, the Company has entered into copyright acquisition contracts on transformer manufacturing technology with the two manufacturers in 1994 and 1996, respectively. Both manufacturers are the world is leading manufacturers of transformers and have been acceptable to the transformer manufacturing industry for a long time; as a result, the Companyis products have been trusted by customers for the high quality. Fuji Electric Co Ltd and Siemens Transformers Austria GmbH & Co KG Contracts will be expired in February and November 2011 respectively. TRTis products, however, are widely accepted in local and international level in terms of quality and reasonable price, under the technology transferred from both licensors. After having conducted the product research and development with both companies, the companyis engineers can further develop the products by themselves with no need of the licensors[ technology. Thanks to their competence and technology, the products under the trademark of iTirathaii are made possible. In 2009, TRT was extremely proud to have suitable qualifications under the condition of Electricity Generating Authority of Thailand and Metropolitan Electricity Authority to attend the official auction for 300-MVA-230-kV transformers. This reflects the Companyis competitive potential, especially for large transformer, readiness and an opportunity for expanding the local and overseas market base. Thus, there is no need of the license from Siemens Transformers Austria GmbH & Co KG of Australia and Fuji Electric Systems co Ltd of Japan. Furthermore, both of them are good business partners. Discontinuing, the contract therefore does not cause any future risk. Risks from Dependency on Key Account Customers In 2011, the proportion of sales for private, export and state enterprise sectors were equivalents to 38%, 16% and 46% respectively. The Company and its subsidiaries have not sold the products to any particular customer or country for over 30% of the total sales. In 2012, the Company and its subsidiaries have continued to apply the existing marketing policy and will revise the strategies upon the situations and suitability. Moreover, the Company has increased its production capacity of up to 300 MVA 230kV, giving, the Company has an opportunity to expand its market base both local and overseas. The Company, therefore, is confident that it will be able to manage the risks from dependency on a key account customer efficiently. Financial Risks Risks from Exchange Rates The Company and its subsidiaries have had incomes from sales and costs in foreign currencies (costs include cost of sales and services, selling and administrative expenses, and interest); mostly in US dollars, Singapore dollars, and Euro; meanwhile, other minor currencies include Swiss franc, Swedish krona, and Japanese yen; therefore, the Company and its subsidiaries have the risks from the said exchange rates. However, the Company has determined its policy to prevent the risks from exchange rates in US dollars by opening a savings account in US dollars for making a natural hedge. The Company was able to settle the payments of raw materials in US dollars; and using it for the estimation of transformer prices. The Company has provided an allowance for fluctuation of exchange rates at a certain level. In addition, the foreign currency rate is fluctuated significantly upon the economic condition. The Company is realized the significance of the said risk, and therefore, has a policy to apply for the forward contract with the financial institution as itis appropriate in order to minimize risk as well. Risks from Nonpayment of Dividend The Company has its policy to pay dividend at the rate of 50% of the net profits after deducting legal reserves and corporate income tax. As of December 31st, 2011 and 2010, the Company and its subsidiaries had the total liabilities of 874.83 million Baht and 753.73 million Baht and the equities of 1,064.13 million Baht and 931.73 million Baht, respectively; as a result, the debt-to-equity ratios as of December 31st, 2011 and 2010, were 0.82 and 0.81 times respectively, as the Company has well and proper managed its business and therefore, there is no risk from nonpayment of dividend

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Tirathai Public Company Limited Annual Report 2011

Related Transactions Related Transactions with Parties in Conflict

As of 31 December 2011 , the Company has no related transactions with parties in conflict as defined in Clause no.15 "Parties in Conflict" in the Notification of SEC and SET No. Kor Chor: 17/2551 dated 15 December 2008

The related transactions with parties in conflict to be occurred in the future

The Company has the procedure and policy in dealing with the related transactions as follows:

Procedures of Related Transaction Approval

Regarding the related transactions of the Company which may occur to parties in conflict, the Company has its policy not to enter into any related transactions with parties in conflict, except for inevitable cases, thus, to ensure the transparency and confidence to investors; whereby, the Company shall consider only normal business transactions for the maximum benefits of the Company under the same conditions as other business partners. The Company shall assign the Audit Committee to give comments on the necessity and suitability of such transactions. In case, the Audit Committee has no expertise in considering the related transactions which may occur, the Company shall assign independent expert or auditor of the Company to give comments on the said transactions for decision making of the Audit Committee or shareholders, as the case may be.

Policy and Trends on Related Transactions

The Company, in cooperation with the Audit Committee, shall consider the reasonableness and fair rate of returns of such related transactions which may occur; and shall give its approval according to the related procedures and regulations; and shall disclose the types and value of related transactions of the Company with parties in conflict under the announcements and regulations of the Securities and Exchange Commission.

Regarding the related transactions which may occur to parties in conflict of interest or stakeholders, the Company has its policy to assign the Audit Committee to give comments on the rate of returns, including necessity and suitability of such transactions by casting votes in such meetings; provided that any directors who are stakeholders shall have no voting rights.

Investor Protection Measures

For the purpose of investor protection, in case, there are related transactions of the Company occurring to parties in conflict of interests or stakeholders or my have conflict of interests in the future, the Company shall propose such related transactions to the Board of Directors' Meeting attended by the Audit Committee to consider the related transactions with fair treatment; and shall have its policy to determine reasonable prices. In case, the Audit Committee has no expertise in considering the related transactions which may occur, the Company shall assign independent expert or auditor of the Company to give comments on the said transactions for decision making of the Board of Directors or shareholders, as the case may be. The Board of Directors shall comply with the law governing securities and stock market, and regulations, announcements, orders, or requirements of the Stock Exchange of Thailand (SET); and shall comply with the regulations on the disclosure of information on such related transactions, and acquisitions or disposal of major assets of the Company, except for related transactions which are within the normal course of business; and shall have its policy to determine prices and conditions which are the market prices or indifferent to the third parties.

The Company shall disclose the related transactions in the Notes to Financial Statements which have been audited by the Company's auditor; whereas, the Company shall have its policy to enter into related transactions only in connection with the main businesses of the Company. At present, the Company has assigned the Audit Committee to audit the related transactions and the internal control system of the Company, thus, to ensure the transparency and confidence to investors; moreover, the Company has adhered to the principle of reduction of all risks to the businesses; and has assigned the Audit Committee to supervise the said risk factors in detail.

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Mr. Sumpan Vongphan Managing Director

Tirathai Public Company Limited Annual Report 2011

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To The Shareholders and Board of Directors of Tira Thai Public Company Limited I have audited the accompanying consolidated statement of financial position of Tira Thai Public Company Limited and its subsidiaries as of December 31 , 2011 , the related consolidated statements of changes in shareholders' equity, comprehensive income and cash flows for the years then ended. I have also audited the separate financial statements for the same years of Tira Thai Public Company Limited. These financial statements are the responsibility of the Company's management as to their correctness and completeness of the presentation . My responsibility is to express an opinion on these financial statements based on my audits. The consolidated financial statements of Tira Thai Public Company Limited and its subsidiaries and the separate financial statements of Tira Thai Public Company Limited for the year ended December 31, 2010, presented herein for comparison, were audited by another auditor in my office, in accordance with generally accepted auditing standards and expressed an unqualified opinion in her report dated February 25, 2011 . I conducted my audit 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 provides a reasonable basis for my opinion. In my opinion, the financial statements above present fairly, in all material respects, the financial positions of Tira Thai Public Company Limited and its subsidiaries as of December 31, 2011 , the results of their operations and cash flows for the years then ended and the financial positions of Tira Thai Public Company Limited as of December 31, 2011, the results of its operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Without qualifying my opinion, I draw attention the matters to note 1.4.1 to the financial statements stated that in the current year, the Company and its subsidiaries have applied certain newly issued and revised financial reporting standards which are relevant to the Company and its subsidiaries. Accordingly, the comparative financial statements for the year ended December 31, 2010 have been presented in accordance with the financial statements for the year ended December 31 , 2011.

NATSARAK SAROCHANUNJEEN Certified Public Accountant Registration No. 4563

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268,549,893.90

229,352,231.76

253,682,089.21

224,406,100.80

627,704.08

7,322,998.95

627,704.08

7,322,998,.95

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

7,439,703.26

4,580,607.23

9,294,379.42

6,068,963.30

}(,4

~n~ut~u

L~u1l10~m::v::m1LLrin<~m,.~Vi L~v1iit~,:ni'u -

rhuVifi.Jrh~ul'l'li17::mv1u~it.JiJ

~VIii

1,101 ,659.37

717,546,986.67

639,023,492.95

716,820,309.82

635,491 ,245.75

8,904,400.35

26,419,487.56

8,904,400.35

26,419,487.56

3,228,861 .16

3,893,955.85

3,064,242.87

3,769,839.66

14,999,400.00

17,402,041.87

Nuwr'r'4!!~~uLivu~u - L~'U~1tJfi1.J~U11'hNU~1 4

- tl'U'1

71~NUVI'l'r'4EJ~~'ULivu

W'rlil'l!fui'HaiUL~!JU

L~'Ufl.J'Vj'U1~u%'VI£itltJ - ~VIii

L~'U fl.J'Vj'U1:: tJ:: tl11 ~'U o~ -

Vll'IU tl1i'l17LLfl ::~ umru - ~\'Ill

N'UVI'l'r'46l~ih;)1(11'U - ~VIii

9 LLfl:: 13

264,498,488.06

206,724,440.34

264,228,627.23

206,458,813.66

11, 13 LLfl:: 15

256,494,665.28

239,739,960.77

240,374,090.61

223,031 ,672.33

24,436,131 .89

28,800,548.89

24,436,131.89

28,800,548.89

29.4

11,750,000.00

NUVI'l'r'46i.~~~uLivu~u ""

......

L.J'U~l11"11i'l1'lftl\'ll'I'U

~'U'1

71~auwl'V46l~~~ULi vu 'J1a~W'r1n..v

11 '750,000.00

5,836,107.77

2,935,895.10

5,296,312.37

2,638,209.59

563,015,393.00

478,200,845.10

561 ,084,562.10

478,331 ,286.34

Tirathai Public Company Limited Annual Report 2011

J1Jlliff)JJ11W:f11SlJU ui,;'YI 5,1YI!J

~1rllil

(1J'111'l!'U)

LL!l~ui,;'Yiti!l!J

th1iuilft'U~Iil i'uil

31 ll'U11fliJ 2554

LL!l~

2553

,dau-.,;.~uL~t~u

L3uLflmiiuucyiiua:: L3u{!D;.~1:: v::iu~1nL'Ir:nuum1L3u

258,783,614.91

97,297,653.00

247,129,925.63

96,873,926.86

177,538.24

190,294.11

11 ,349,993.35

9,264,683.17

210,317,942.03

240,805,396.32

205,151 ,028.32

237,446,196.04

34,509,855.27

34,229,929.93

33,640,146.32

33,517,144.38

49,745,162.28

57,715,991.41

49,745,1 68.28

57,715,991.41

200,000,000.00

150,000,000.00

200,000,000.00

150,000,000.00

9,731 ,573.22

27,860,765.50

9, 731,573.22

LV1l1dm1~h -

n~m1BU

LV1l1d~u - 1'111-H-i1tJ~1\IV1tJ l1d~u 1:: v::v11~fi\ln1l1ulil'li11::mv1uwd\li.J .... x•

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•

.,.

L\I'U!JV;J1::tJ::I'lU~1nn~m1BU

ll1~L3u1tii~1\IV1V

27,860,765.50

t11::;.~1rum11'11!l1m'll1 L·ih~~1vr:h~::~nt11:: LiluLVi;.~

2,490,827.00

l1d~ul1~ULivu~u - L3u7mb\ll1U11'11~U~1nm11i~VIn~!l~u~11Jcy

19 LLa:: 20

44,455,440.00

- L3U7'tJth\ll1U11'11~'U~1

9,022,933.63

35,779,181 .99

9,022,933.63

68,468.70

111,776.30

68,468.70

35,779,181.99 111 ,776.30

12,812,317.69

7,799,912.08

11 ,574,596.79

7,435,512.96

874,835,992.56

753,726,979.55

860,374,399.83

757,941 ,257.52

280,322,000.00

279,898,396.00

248,145,586.00

279,898,396.00

248,145,586.00

259,604,686.84

196,099,066.84

259,604,686.84

196,099,066.84

28,032,200.00

27,339,503.44

28,032,200.00

27,339,503.44

1,938,958,197.53

1,685,457,582.98

1,923,118,006.34

1,679,577,441 .88

,dw'Ui'HIJUL~!JU .II

l1'U~'U1:: tJ::tJ11

1111::~n~W·II'lti1::1tJ'lfUYitl'n\11'U

111.md~u1~l1~\JLivu

11~l1d~u

ahu'Do.:~eao~ \'l'UL~El'U~'U

\'l'U~IilVI:: LU[J'U

~'U~11Jcy 280,322,000 ~'U 3Jt<ll'i1~'UI'l:: 1.00 tJ1VI ru 31 ll'U11~;J 2554 LLI'l:: 2553

\'l'U~BEl0~1l1U1tJLLI'l::'li1'i::L~;Jl;jl'll'i1LL~1 ~'U~11Jcy 279,898,396 ~'U 'JI'll'i1~'UI'l:: 1.00 tJ1VI ru 31 ll'U11~;J 2554 LLI'l::~11Jcy 248,145,586 ~'U

'JI'll'i1~UI'l:: 1.00 tJ1VI ru 31 nu11~;.~ 2553 l'i1ULi'i'Ul;jl'll'i1~'U

n1hL'1::~;.~ ~lil~11LL~1 - N11El\llii1;.!0!Jl1;.!1[J

u\11~1~~191~11 (ll1Vl1N\1~1nn11

t11'tll.il\l'l'lu'll!l\ln~m11l1~ L~B1u~ 31 iju1~;.~ 2548) 11;JI'i1U'liB\INii!l~UtJi,;'YI1l1n i " ' •t: 1'11u1~LRVin~ijD1'U1~~1tJ~;J '

~1U~1UU~~i1u 2554 lJ;HYI

ihl'rlu

i1n~ (JJ'H11fU)

Statements of Financial Position Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

BATH

ASSETS

CURRENT ASSETS Cash and cash equivalents

Current investments Trade receivable- net Other receivables

268,549,893.90

229,352,231.76

253,682,089.21

224,406,100.80

627,704.08

7,322,998.95

627,704.08

7,322,998,.95

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

7,439,703.26

4,580,607.23

9,294,379.42

6,068,963.30

717,546,986.67

639,023,492.95

716,820,309.82

635,491 ,245.75

8,904,400.35

26,419,487.56

8,904,400.35

26,419,487.56

3,228,861 .16

3,893,955.85

3,064,242.87

3,769,839.66

14,999,400.00

17,402,041.87

4 5 and 13 6

Current portion of long - term loans to related parties - net Inventories - net

1,101 ,659.37

Other current assets -Advances payment for goods -Others Total Current Assets NON -CURRENT ASSETS

Investments in subsidiaries - net Other long - term investments Long - term loans to related parties - net Property, plant and equipment - net Intangible assets - net

8 9 and 13

264,498,488.06

206,724,440.34

264,228,627.23

206,458,813.66

11, 13and 15

256,494,665.28

239,739,960.77

240,374,090.61

223,031 ,672.33

24,436,131 .89

28,800,548.89

24,436,131.89

28,800,548.89

29.4

11,750,000.00

Other non - current assets - Deposit for acquistion of land -Others

5,836,107.77

11 ,750,000.00 2,935,895.10

5,296,312.37

2,638,209.59

Total Non - Current Assets TOTAL ASSETS The accompanying notes to financial statements are an integral part of these statements.

Tirathai Public Company Limited Annual Report 2011

Statements of Financial Position Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

BATH

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Bank overdrafts and short - term loans from financial institutions

258,783,614.91

97,297,653.00

247,129,925.63

96,873,926.86

177,538.24

190,294.11

11,349,993.35

9,264,683.17

210,317,942.03

240,805,396.32

205,151 ,028.32

237,446,196.04

34,509,855.27

34,229,929.93

33,640,146.32

33,517,144.38

Trade payable - Related parties -Others Other payables - accrued expenses Current portion of long - term liabilities

49,745,162.28

57,715,991 .41

49,745,168.28

57,715,991.41

Short - term loans from others

200,000,000.00

150,000,000.00

200,000,000.00

150,000,000.00

27,860,765.50

9,731 ,573.22

27,860,765.50

9,731 ,573.22

Income tax payable Provision for expected additional assessed import duty 16

2,490,427.00

2,490,827.00

44,455,440.00

Other current liabilities - Share subscription received in advance from exercise of warrants

19 and 20

- Advances received for goods - Accrued dividand payment -Others

9,022,933.63

35,779,181.99

9,022,933.63

68,468.70

111 ,776.30

68,468.70

35,779,181.99 111,776.30

12,812,317.69

7,799,912.08

11 ,574,596.79

7,435,512.96

874,825,992.56

753,726,979.55

860,374,399.83

757,941 ,257.52

280,322,000.00

279,898,396.00

248,145,586.00

279,898,396.00

248,145,586.00

259,604,686.84

196,099,066.84

259,604,686.84

196,099,066.84

28,032,200.00

27,339,503.44

28,032,200.00

27,339,503.44

1,938,958,197.53

1,685,457,582.98

1,923,118,006.34

1,679,577,441.88

Total current liabilities NON - CURRENT LIABILITIES

Long - term liabilities

Employee benefit obligation

Total non - current liabilities Total liabilities SHAREHOLDER' EQUITY

Share Capital

Authorized share capital 280,322,000 ordinary shares of Baht 1.00 each as of December 31, 2011 and 2010 Issued and fully paid - up share capital 279,898,396 ordinary shares of Baht 1.00 each as of December 31 , 2011 and 248,145,586 ordinary shares of Baht 1.00 each as of December 31 , 2010 Share premium on issure of share Retained earnings Appropriated - Legal reserve

Unappropriated (after quasi - reorganization effective on March 31 , 2005)

Total equity of parent Company's shareholders Non - controlling interests Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

The accompanying notes to financial statements are an integral part of these statements.

,1U~1U~,~~U 2554

1.J~YI ihlYIU ~n~ (JJVI1'!fU)

J1Jtj1Isu1mnuriJmtCTs~ 'I uiH'VI ii,1VI!J V10~ (lJ'111W) LL~~uiH'VIti!J!J

R1'11iuil§u~~ 1uil 3 1 nU11fllJ 2554 LLa~ 2553

1J1YI

.,,tJl~

·n£J161-v1nnTl'D1£J 11£J161-v1nnTl1\1u7ml

1,802,508,055.1 0

1,426,427,677.91

1,786,047,599.39

1,426,410,871.91

52,172,223.19

65,607,450.93

52,295,633.19

65,720,300.93

28,271 ,903.34

19,909,232.93

27,402,913.64

19,303,957.30

1,882,952,181.63

1,519,932,033.85

1,865,746,146.22

1,519,422,802.22

11£J1!ii~u - n11,"V1ntJIII11 LL~m1J~£J'U

7,987,672.08

- ~'U'l 11~11£J161

7,987,672.08

thli~tJ

!iiUVI'U'D1£J

1,284,217,947.43

1,041,463,793.79

1,289,167,627.24

1,059,468,347. 73

liiuVIUn111\1u7m1

15,348,765.14

19,276,692.36

12,679,717.32

16,375,564.20

~h1-Hv1£J1unwn1£J

109,732,371 .71

79,058,984.85

109,556,746.63

79,058,984.85

~h1-HV1£J1um1U7l111

198,231 ,111 .66

175,031,432.23

174,708,022.21

159,800,167.88

' '

~h1-Hv1£J~u

- 'li1CiiVI'U"V1nBIII11 LL~m1..l~£J'U ' - 1..l-l'ULYi~m,61nmh'liEhlL~U~\IYJU

7,207,339.27

!iiUVI'UVI1\In11L~'U

21,295,669.91

11~~h1iv1£J

ri1l., (111lii,.U) rieuth1iri1tJil1HLaulR • ,.,1iri1tJmiLaul~ ,;,,., (111fii'J'U) lih~itru ,;,1., (111fii'Ju) LiifiiLiil;~~ulif,~-run ,;,,., (111fil,.u) LUfiiL1il;"1aJiif1~-run n1.,uti\lilum1., (111fii'JU) lif1~-fuil

6,944,134.41

25,881 ,670.80

2,402,641.87

872,353.73

21 ,058,413.42

25,855,772.62

1,340,712,574.03

1,341,431,191.01

246,918,976.51

179,219,459.82

249,228,843.12

177,991,611.21

47,498,507.23

36,486,542.41

47,498,507.23

36,486,542.41

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

199,420,469.28

142,732,917.41

201,730,335.89

141,505,068.80

199,420,902.35

142,733,148.35

201 ,730,335.89

141,505,068.80

(433.07)

(230.94)

199,420,469.28

142,732,917.41

201,730,335.89

141,505,068.80

199,420,902.35

142,733,148.35

201,730,335.89

141,505,068.80

(433.07)

(230.94)

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

n1h ('li1VlYJUl R1uYiLilu'lln\l~~n~uu7HVI1..,q~

0.73

0.59

0.74

0.59

n111 ('li1111VIU) !lin\1u1..l-lu~"' ' ' n11, ('ll111lYJUl R1uYiLilu'lln\l~~n~uu7HVI1..,q~

0.73

0.55

0.74

0.54

R1uii Li~IU'DD\H:J~n\1uuiH'VI1l1qi " ' R1Uil LU'U'D£l\IR1'U161 LN£Jifh.Ji:iei1U1'VI'I11JI'I~

n1.,uti\liluri1l., (111fii'JU) LUfiiLiil;~.,,aJ R1uviLtlu-n£J\I N~n\1uui,;-V11l1q! " ' R1uii LUU'D£l\IR1u161 LN£Jifb.Jiiei1U1"VI'I1UI'I~

n1l., (111fii'JU) fiil~U n111 ('li1CiiYJU) !li£J~U.ff'U~'U!1'U

'111.J1!JL'11lJllh::nmN1JnTlL~U~!JLUUN1U'I1,j~'!l!l~~lJnTlL~U,j'

Tirathai Public Company Limited Annual Report 2011

Statements Of Comprehensive Income Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

REVENUES Revenues from sales Revenues from services

1,802,508,055.10

1,426,427,677.91

1,786,047,599.39

1,426,410,871.91

52,172,223.19

65,607,450.93

52,295,633.19

65,720,300.93

Other income

7,987,672.08

- Gain on exchange rate -Others Total revenues

7,987,672.08

28,271 ,903.34

19,909,232.93

27,402,913.64

19,303,957.30

1,882,952,181.63

1,519,932,033.85

1,865,746,146.22

1,519,422,802.22

1,284,217,947.43

1,041,463,793.79

1,289,167,627.24

1,059,468,347.73

EXPENSES Cost of sales

Cost of services

15,348,765.14

19,276,692.36

12,679,717.32

16,375,564.20

Selling expenses

109,732,371 .71

79,058,984.85

109,556,746.63

79,058,984.85

Administrative expenses

198,231 ,111 .66

175,031,432.23

174,708,022.21

159,800,167.88

Others expenses

6,944,134.41

7,207,339.27

- Loss on exchange rate -Adjustment for increase in impaiment on investment Finance cost Total Expenses

872,353.73

21 ,295,669.91

25,881 ,670.80

21 ,058,413.42

25,855,772.62

246,918,976.51

179,219,459.82

249,228,843.12

177,991 ,611.21

47,498,507.23

36,486,542.41

47,498,507.23

36,486,542.41

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

199,420,902.35

142,733,148.35

201,730,335.89

141,505,068.80

(433.07)

(230.94)

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

199,420,902.35

142,733,148.35

201 ,730,335.89

141,505,068.80

(433.07)

(230.94)

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

0.73

0.59

0.74

0.59

0.73

0.55

0.74

0.54

PROFIT (LOSS) BEFORE TAX EXPENSES TAX EXPENSES

2,402,641.87

PROFIT (LOSS) FOR THE YEARS OTHER COMPREHENSIVE INCOME (EXPENSE) FOR THE YEARS TOTAL COMPREHENSIVE INCOME (EXPENSE) FOR THE YEARS PROFIT (LOSS) ATTRIBUTABLE TO: EQUITY HOLDERS OF THE PARENT NON - CONTROLLING INTERESTS

TOTAL COMPREHENSIVE INCOME ATIRIBUTABLE TO: EQUITY HOLDERS OF THE PARENT NON - CONTROLLING INTERESTS

EARNINGS (LOSS) PER SHARE

BASIC EARNINGS PER SHARE PROFIT (LOSS) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT DILUTED EARNINGS (LOSS) PER SHARE PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

The accompanying notes to financial statements are an integral part of these statements.

,1U~1U~,~~U 2554 1.J~YI ihlYIU ~n~ (JJVI1'!fU)

J1JfJS~lll1lJUt1VI U1YI

n1::usLausfl~1nii~n11)lti1Lilu-31U rhhhwl'u il

199,420,469.28

142,732,917.41

201,730,335.89

141,505,068.80

40,106,571.18

35,662,303.03

37,985,753.18

33,446,238.64

11tJn111.l'lum::'llurh11~'111id'luL~U«(;l 'lu (-11t~) ·•nnn'ln11).1~1LUU\11U :

~1L~Ell.J'i11'11LL~::~11iflilV1l1U1tJ m;;L~UL~ \1n ru Yi-11t~liflilu(\!ii 'll1(;1'11\J (ri1h)

'11mi\JI'i1LL~nLu~tJUYi!i-JLlJLnliliJu

'll1(;l'll\J (ri1h)

'11nn11~1il111'11l1~n'l11vui"1

'lJ1(;1'/l\J'I1nf!ufi1L~fli.Jfl"tnl'lLL~::~1tf,j'tJ

.,,i~Cl!LLfl::.,li&\lat~'I::~Cl! (n~m1t~m1~1L~tmli&\lat~'I::~Cl!) (~lil) '11nn1'il'.ifltJ~1'llfl\JL~U~\1'11U ' (ri1h) '11nn1-,'ll1t~vi~u fl11'11-,LL~::~l.Jn-,n!

331,810.12 2,224,533.69

(1 ,117,626. 18)

2,224,533.69

(1,117,626.18)

114,130.00

(150,780.00)

114,130.00

(150,780.00)

908,382.56

647,909.98

908,382.56

734,561.49

(306,216.78)

746,940.00

(507,809.47)

746,940.00

2,402,641 .87

872,353.73

(552,891 .54)

(179,529.71 )

(552,891.54)

l.JfuLYi)J 'll1(;l'llu

m-,::Nn~UN~U1::1t~'llUVnl'n\11U

(179,529.71 ) 6,612,571.39

6,312,510.39

" v :t lilflnL1JtJ'i1J

(6, 150, 159.10)

(2,321 ,369. 71)

(6, 119,552.85)

(2,292,336.98)

li!U'/lU'I11\In1-,L~U

21,295,669.91

25,881,670.80

21 ,058.413.42

25,855,772.62

~11-if-11tJtnHL~UL~

47,498,507.23

36,486,542.41

47,498,507.23

36,486,542.41

(74,219,968.44)

217,913,227.79

(74,213, 135.25)

217,895,503.23

(3,053,033.39)

750,161.57

(2, 170,234.60)

771 ,407.40

(79,431 ,876.28)

117,057,323.12

(82,237,446.63)

120,305,466.70

19,669,550.87

(25,514,030.74)

18,220,684.00

(25, 778,702.91)

.. :t ~nl1Un1'i~1~1il~\l (Ll'li.J'llU) ,f.,.j

.:.

~nl1Ufl\J~{;l~\l (Ll'l)J'lJU)

f!U~11'1\1Ll1~fl~lil~\l

(Lvi)JiJU)

flu'llfl'lVl1~ULitJU~U~Iil~\l (Lvii.J~U) L~1l1dm-,fi1 - n'lm-,YiL~tJ1iffl\IOULvii.JiJU (~lil~\1)

(12,755.87)

(978,852.09)

3,026, 736.31

1,032,271 .92

(32,857 ,879.62)

(14,401 ,110.39)

(34,665,593.05)

(14,592,923.95)

279,925.34

(21,022,721.68)

(389,288.08)

(21,017,159.68)

'r1df!ul1~ULitJU~ULVi)JiJU (~lil~\1)

(25.413,992.12)

(21,464,184.52)

(25,830,939.13)

(21 '1 58,904.09)

-11Wl1HL~UL~

(29,660,365.04)

(39,525,061.81)

(29,369,314.95)

(38,528,640.56)

86,844,535.1 0

451,162, 177.57

85,799,784.82

454,462.161 .05

L~1l1dn11fl1

,f.,.j

.:.

n'ln11~\JLyj)JiJU (~liltN)

L~1l1Ufl\JLW)J'lJ\J (~lil~\1)

L~ua-(;l~'lln1~).11 {1-b'lu) '11nn'lm-,)J~1Lilu\11u

- ·lid .. .:t 'r11J1ElL'r111J tl 'l::n!llN1Jn1'lL\l'UfiDL 'U 1'U'r1'U\l'IJ!N\l1Jn1'l L\l'U'U

Tirathai Public Company Limited Annual Report 2011

Statements Of Cash Flows Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

BAHT

CASH FLOWS FROM OPERATING ACTIVITIES :

199,420,469.28

142,732,917.41

201 ,730,335.89

141,505,068.80

40,106,571.18

35,662,303.03

37,985,753.18

33,446,238.64

2,224,533.69

(1 ,117,626.18)

2,224,533.69

(1,117,626.18)

Loss (gain) from decline in value of marketable securities

114,130.00

(150,780.00)

114,130.00

(150,780.00)

Loss from defective and obsolete inventories

908,382.56

647,909.98

908,382.56

734,561 .49

(306,216.78)

746,940.00

(507,809.47)

746,940.00

2,402,641 .87

872,353.73

(179,529.71)

(552,891 .54)

Profit for the year Adjustments to reconciles net profit to net cash provided by (use in) operating activities: Depreciation and amortization expenses

331,810.12

Withholding tax write - off Unrealized loss (gain) on exchange rate

Bad debt and doubtful accounts (reversal of allowance for doubtful account) Adjustment for increase (decrease) in impairment on investments Loss (gain) on sale property, plant and equipment

(179,529.71)

Employee benefit obligation

6,612,571.39

(552,891.54)

6,312,510.39

Interest income

(6,150,159.10)

(2,321,369.71)

(6,119,552.85)

(2,292,336.98)

Finance cost

21 ,295,669.91

25,881,670.80

21 ,058,413.42

25,855,772.62

47,498,507.23

36,486,542.41

47,498,507.23

36,486,542.41

Decrease (increase) in trade receivables

(7 4,219,968.44)

217,913,227.79

(74,213, 135.25)

217,895,503.23

Decrease (increase) in other receivables

(3,053,033.39)

750,161.57

(2,170,234.60)

771,407.40

(79,431 ,876.28)

117,057,323.12

(82,237,446.63)

120,305,466.70

19,669,550.87

(25,514,030.74)

18,220,684.00

(25, 778,702.91)

(12,755.87)

(978,852.09)

3,026, 736.31

1,032,271 .92

(32,857 ,879.62)

(14,401 ,110.39)

(34,665,593.05)

(14,592,923.95)

279,925.34

(21 ,022,721.68)

(389,288.08)

(21 ,017,159.68)

Income tax expenses

Decrease (increase) in inventories Decrease (increase) in other current assets Increase (decrease) in trade payable- related parties Increase (decrease) in trade payable- other Increase (decrease) in other payables Increase (decrease) in other current liabilities

(25,413,992.12)

(21 ,464,184.52)

(25,830,939.13)

(21 '158,904.09)

Income tax paid

(29,660,365.04)

(39,525,061.81)

(29,369,314.95)

(38,528,640.56)

86,844,535.10

451,162,177.57

85,799,784.82

454,462.161 .05

Net cash inflow (outflow) from operating activities

The accompanying notes to financial statements are an integral part of these statements.

,1U~1U~,~~U 2554 1.J~YI ihlYIU ~n~ (JJVI1'!fU)

J1JfJS~lll1lJUt1VI 1J1YI

n1::LLSL~S91~1nn~n11~tih'I'!U ~

)(

"iU~ElnLUll

)(

L\1Ufl\I'!U'lf1~111fl~fl\l (L'VUJ'lJU) '

......

.I.a..

5,094,977.58

2,487,566.69

5,064,371.33

2,458,533.96

6,581 ,164.87

(58,089.80)

6,581,164.87

(58,089.80)

~1[JL\IU)J~~11'11'lfElVI~U

(11 ,750,000.00)

or ... 'lfElVI~U

(51,951,865.69)

(41 ,803,714.99)

(50,418,757.46)

(41,273,576.16)

179,536.71

640,841.12

179,532.71

640,841.12

(57,774,047.72)

6,074,232.35

(57,769,813.57)

5,806,676.50

(545,000.00)

(12,518,204.36)

(545,000.00)

(12,518,204.36)

·' .. El 11'111LLt'l::~uO"iCU

L~U&~7'U~10011~1-.,tl1llvi6\u El1~11LLt'l::~l.Jmru .. 4 L\IUfl\l'l'lU'l::ll :: m1EJUfl~t'l\l

(LVll-J'lJU)

~UVI1VHJb.Jij~1lliUfl~fl\l (Lfi)JiU) ~uVJ1'Vj!i't~-.,~uLillui5ua~a\l (Lvi)Jiu)

(11,750,000.00)

(2,849,412.67)

(113,014,646.92)

(2,658,1 02. 78)

(45,177,368.99)

(111,316,604.90)

(44,943,818.74)

n1::usL~S91~1nii~n,,~i91'M1Lau

L~u1ufi1\IWLi11'11'11U~10011 1-ii~Vlii~El'I1UN1l!n • • •t<'Lfi)JiU ~1llliiU'!UVI1\1011L~U

L~ULUOLnUU'lJiiLLfl::L~'UQU)J'l::ll::tfu-v1n&cnuun1'lL~'ULvi)Ji'U (R~R\1) -

_!::

44,455,440.00

(fllllfl\1)

.: )(

L\IUIJli)J'l::li::~U'V10~1'11'1t'lLLt'l::O'V01'lEJULyj)J'lJU (fl~fl\1)

-.,d~u'l::ll::m1Lvi)Jiu (a~a\1) L~U&~1U~10011LW)J'!U ·•hm~UUW.Jt'l

44,455,440.00

(20,839,295.14)

(27,875,097.95)

(20,184,297.47)

(27,849,199.77)

163,856,387.24

(248,1 00,653.73)

152,626,424.10

(248,483,558.47)

(57 ,608,486.44)

(98,554,333.13)

(57,608,486.44)

(98,554,333.13)

50,802,990.00

29,128,524.00

50,802,990.00

29,128,524.00

(120,843,821 .70)

(131,139,842.90)

(120,843,821. 70)

(131,139,842.90)

65,367.773.96

(432,085,963. 71)

54,792,808.49

(432,442,970.27)

39,197,662.14

(26,101,155.13)

29,275,988.41

(22,924,627.96)

268,549,893.90

229,352,231.76

253,682,089.21

50,000,000.00

100.80

Laus91ua::11lln11LiiuuL,j1Laus91 N -luRuil Laus91ua::11lln11LiiuUL,j1Laus91 N -luiun

247

728.76

224,406,100.80

011LU91LNliL~~Lfi~th::nilth'ltJn1::LLSL~US91 n~O"i'l)JVf'l~m::VIUL~U&~ - 1au L~'U1u fi1\IVI1hh~U'V1 nm'l1naVliiia~UN1ll'l!11.1 LUUVlUL1au~uviaan LLt'l::'ii1'l:: LLa1 LLR:: S1'U Ln'U~Mh~u Li1EJ\I'V1nu7,;'Vl"1

Ltli'V~Vl:: LU liULvi)J'I'lU

vi'ii1'l::LLa1'V10n1'l1ifRVlii~\lnfi11LU'U~1'U1U 44,455,440.00 U1Vl1ULlll'l)J1fl 1 il 2554 LLR::~1'U1'U 107,380,734.00 U1Vl1ULlll'l)J1fl 1 il 2553 - ui,;'Vl"1

LLt'l::ui,;'Vl~ElllL~tlij~lli1)J)J1lll'l~1Un1'l"i1li\11'UVI1\IOT'iL~uviaan LLt'l::ti1utl1\11-.,~

WUnLvi)JiU~1U1U

41,433,476.04

U1Vl1U\IU01'lL~U'l1)J

LLt'l::41U1U 35,037,522.04

;j\lijNflYh1'11n1L"ifl::fi)Jfl~t'l\1 LLfl::lm::~n~UNflU'l::1ll'lfU

U1Vl1U\IUn1'lL~UL\lW1::u7,;'Vl

Tirathai Public Company Limited Annual Report 2011

Statements Of Cash Flows Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

BAHT

CASH FLOWS FROM INVESTING ACTIVITIES : Interest receied

5,094,977.58

2,487,566.69

5,064,371.33

2,458,533.96

Decrease (increase) in current investments

6,581,164.87

(58,089.80)

6,581 '164.87

(58,089.80)

Deposit paid for acquisition of land

(11 ,750,000.00)

Acquisition in property, plant and equipment

(51 ,951 ,865.69)

(11 ,750,000.00) (41 ,803,714.99)

(50,418,757.46)

(41 ,273,576.16)

Proceeds from sale of property, plant and equipment

179,536.71

640,841.12

179,532.71

640,841 .12

Decrease (increase) in other long- term investments

(57,774,047.72)

6,074,232.35

(57,769,813.57)

5,806,676.50

(545,000.00)

(12,518,204.36)

(545,000.00)

(12,518,204.36)

Decrease (increase) in intangible assets Decrease (increase) in other non- current assets

Net cash inflow (outflow) from investing activities

(2,849,412.67)

(113,014,646.92)

(2,658,1 02. 78)

(45,177,368.99)

(111 ,316,604.90)

(44,943,818.74)

CASH FLOWS FROM FINANCING ACTIVITIES : Share subscription received in advance from exercise of warrants Finance cost paid

44,455,440.00

(20,839,295.14)

(27,875,097.95)

(20,184,297.47)

(27,849,199.77)

163,856,387.24

(248,100,653.73)

152,626,424.10

(248,483,558.47)

Increase (decrease) in bank overdrafts and short- term loans from financial institutions Increase (decrease) in short- term loans from others Increase (decrease) in long - term liabilities Cash received from share capital increase

50,000,000.00 (57,608,486.44)

50,000,000.00 (98,554,333.13)

(57,608,486.44)

(98,554,333.13)

50,802,990.00

29,128,524.00

50,802,990.00

29,128,524.00

(120,843,821 .70)

(131,139,842.90)

(120,843,821. 70)

(131,139,842.90)

65,367' 773.96

(432,085,963.71)

54,792,808.49

(432,442,970.27)

39,197,662.14

(26,101 '155.13)

29,275,988.41

(22,924,627.96)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEARS

229,352,231 .76

255,453,386.89

224,406,100.80

247,330,728.76

CASH AND CASH EQUIVALENTS, ENDING OF YEARS

268,549,893.90

229,352,231.76

253,682,089.21

224,406,100.80

Dividend paid

Net cash inflow (outflow) from financing activities

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

SUPPLEMENTAL DISCLOSURES OF The accompanying notes to financial statements are an integral part of these statements.

CASH FLOWS INFORMATION Activities not affecting cash : -Transfer "share subscription received in advance from exercise of warrants" to "issued and fully paid - up share capital" and "premium on share capital" due to this transaction had been registered amount of Baht 44,455,440.00 in the 1 st quarter of 2011 and amount of Baht 107,380,734.00 in the 1 st quarter of 2010. - The Company and subsidiary have applied newly issued financial reporting standards. The effects of the application are decrease in retained earning and increase in employee benefit obligation of Baht 41 ,433,476.04 on the consolidated financial statements and Baht 35,037,522.04 on the separate financial statements.

U'ilVlL~Url.:JL\.I~'ill~\.ttJ 2553 Ly;l-JVJU~U~111''1)

Y~uvl'il'iln<i1\nl1!1 ..J ... • ... ' , ., , ~ l'l'lULnUJ.ttlfi1'111U LLtl::111r.:LRIJ~tUI1LUI'l " ' 202,642,500 .00

105,092,894.84

45,503,086.00

91 ,006,172.00

ri1btU:tiJ.t ... ., ... .,... .. llltl'i'iLLtl'l !1./I\J.t11'1..1'1tl'l'l

20,264,250.00

455,627,098.97

~11'il.:Jml-Jn~~l-J1U <i1m~uilue.~~ U'ilVlrl.:l L\.l~'iltJ~1UU 2553

142,733, 148.35 7,075,253.44

U'ilVlrl.:IL\.I~'iltJ~1UU

2553

248,145,586.00

~UTUUNLL~'l

Ly;l-J't'J'U~U~111''1) ri'1h ('li1V1VJUl

\J'i~Y!'h.uy

1,527.11

142,733,148.35

783,628,270.92 136,509,258.00

(230.94)

142,732,917.41

(7,075,253.44)

196,099,066.84

248,145,586.00

196,099,066.84

31 ,752,810 .00

63,505,620.00

27,339,503.44

(41 ,433,220.20)

(255.84)

(41 ,433,476.04)

418,711,930.78

890,296,087.06

1,040.33

890,297,127.39

199,420,902.35 22

<i1m~uilue.~~

95,258,430.00

LUV1L~'f"'1'll-J~1~fuil

~11'il.:Jiil1l-Jn~~mu

692,696.56

::lc~

!; ~ 5 ~

~ :::J !0 " .....,"\ ~· - ) "'- ~

1,296.17

27,339,503.44

"'' ~ ""'~

~' rA

e.~~m:::'VIU'll'il.:Jmm..J~uum..J ~.:~ ULU1J1Un11U'IJ~

'i'lJ.t

136,509,258.00

ri'1h ('li1V1VJUl LUV1L~'f"'T'll-J~1~futl

~· ~

'i'UJti'lU'II'il-llcl'ii'ilt.\'u .. ... " , '

783,626,743.81

~. ~

199,420,902.35

(433.07)

199,420,469.28

g ~ ~· Q.J~

~ ~. ·"',.~· ~ ..,, .:

~i. ~

(692,696.56)

§t Q.J

U'ilVlrl.:l L\.l~'ilU~1UU 2554

279,898,396.00

259,604,686.84

607.26

28,032,200.00

?! ~

! ~-

\UI1tJL\-IIIJU1::nfllN1.Jn11L~UClfiLUUI'!'lU\-Iti~'llfi~~1.Jn1"~U;1

~ ~ w

Q) Retained earnings

Issued and fully I Share premium Note

--1 paid-up share capital 1 on Issue of share

L __ _

Beginning balance of year 2010 Increased in ordinary share capital

19 Total comprehensive income (loss) for the year Legal reserve Dividend paid

202,642,500.00 45,503,086.00

105,092,894.84 91 ,006,172.00

20,264,250.00

455,627,098.97

783,626,743.81 136,509,258.00

1,527.11

783,628,270.92 136,509,258.00

142,733, 148.35

142,733,148.35

(230.94)

142,732,917.41

(7,075,253.44)

(131 '139,842.90) 248,145,586.00

196,099,066.84

27,339,503.44

248,145,586.00

196,099,066.84

27,339,503.44

Increased in ordinary share capital 19 Total comprehensive income (loss) for the year Legal reserve 22

31,752,810.00

63,505,620.00

Ending balance of year 2011

Total

Unappropriated

Ending balance of year 2010 Effect of changes in accounting policy 3 Ending balance of year 2010 after adjustment

Dividend paid

Non-contralllng Interests

Appropriated

7,075,253.44

Total equity attributable to the parent's shareholders

(433.07) 692,696.56

23 259,604 ,686.84

The accompanying notes to financial statements are an integral part of these statements.

=~~ Q)

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Tirathai Public Company Limited Annual Report 2011

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

tbulilu\jafi'"lu EJtlliiL~Ui'l'llLVIatl~UtJ 2553

LYl)J'flU~Uiil117qJ

202,642,500.00

105,092,894.84

45,503,086.00

91,006,172.00

TUI

20,264,250.00

~1m~uilw<1~

aa\ill'l'llmam..J~,an 2553

248,145,586.00

196,099,066.84

774,761,700.46

141 ,505,068.80

141,505,068.80

136,509,258.00

ri11"iliiVIii

N1"it~\llll1).1n!Jt1ma

446,762,055.62

7,075,253.44

(7 ,075,253.44)

(131 ,139,842.90)

27,339,503.44

450,052,028.08

921,636,184.36

(35,037,522.04)

(35,037 ,522.04)

415,014,506.04

886,598,662.32

201,730,335.89

201 '730,335.89

N~n'l::VIlJ'llfl'lln17LtlfiEJULLU~'Il u 1m.J1EJn17UqJii

EJ~Iili'l'llLVIR1ltJtnEJtl 2553 ~tJfutJl\ILL~1 LYl)J'flU~Uiil1!7qJ ri117 ('111\il'flU)

248,145,586.00

196,099,066.84

31 ,752,810.00

63,505,620.00

27,339,503.44

95,258,430.00

LUiiiLiili~'l'l)JN1VIflJtl

N17fl\llll1).1n!Jt1).11EJ

~1EJL~UUUN~

EJfllili'l'llLVIRflU~1EJtl 2554

692,696.56

279,898,396.00

259,604,686.84

28,032,200.00

(692,696.56) (120,843,821. 495,208,323.67 1,062,743,606.51

· ·ud..

-.r t12J1VL,.,")1.1 'l::O£l1J\11J01'l L-3UCl£lL U 1 U,.,U-3'liEJ\I-31Jn1'lL-3UU

Issued and fully Share premium paid · up share capital on Issue of share Beginning balance of year 2010

202,642,500.00

105,092,894.84

45,503,086.00

91,006,172.00

Unappropriated 20,264,250.00

Total

446,762,055.62

774,761 ,700.46

141 ,505,068.80

Increased in ordinary share capital

136,509,258.00

Net profit Legal reserve

7,075,253.44

(7 ,075,253.44)

Dividend paid

(131 '139,842.90)

(131,139,842.90)

27,339,503.44

450,052,028.08

921,636,184.36

(35,037 ,522.04)

(35,037,522.04)

415,014,506.04

886,598,662.32

Ending balance of year 2010

248,145,586.00

196,099,066.84

Effectofchangesin accounting policy

Ending balance of year 2010 after adjustment

248,145,586.00

196,099,066.84

31 ,752,810.00

63,505,620.00

27,339,503.44

Increased in ordinary share capital

95,258,430.00

Total comprehensive income (loss) for the year

201 ,730,335.89

Legal reserve

Dividend paid

Ending balance of year 2011

692,696.56 279,898,396.00

259,604,686.84

28,032,200.00

201,730,335.89

(692,696.56) 495,208,323.67 1,062,743,606.51

The accompanying note to financial statements are an integral part of these statements.

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

1. GENERAL INFORMATION 1.1 General matter The Company was incorporated as a limited company under the Thai Civil Commercial Code on August 20, 1987, and changed its status to a public limited company under the Public Limited Company Act on July 13, 2005 and the Company's share had been approved to be listed in the Market for Alternative Investment (MAl) on May 10, 2006. The address of its registered office is 516/1 Moo 4 Bangpoo Industrial Estate, Sukhumvit Road Samutprakarn. The Company operates in Thailand, with the principal activity in manufacturing, repairing and maintenance service of transformer and sales transformer equipment. 1.2 Basis for preparation of financial statements These financial statements have been prepared in accordance with financial reporting standards and guidelines promulgated by the Federation of Accounting professions. These financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. An English language version of the financial statements has been prepared from the statutory financial statements that were issued in Thai language. In case of conflict of difference in understanding, the financial statements in Thai language shall prevail. These consolidated financial statements include the financial statements of Tira Thai Public Company Limited and its subsidiaries, in which it holds over 50% of issuing share and a subsidiary company which is controlled by the Company, as follows: Holding of Investment (%) Company Subsidiary Companies: Tira Thai E&S Co., Ltd. Thai Fin Co., Ltd. HTI (Thailand) Co., Ltd.

Type of Business Distribution, installation and maintenance service of electrical power equipment Manufacturing, repairing and maintenance service of transformer equipment Manufacturing coil of DRY TYPE transformer including repairing and maintenance service of such transformer

Relationship Direct shareholding and joint directors Direct shareholding and joint directors. Direct shareholding and joint directors.

2011

2010

99.99

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Significant intercompany transactions are eliminated from the consolidated financial statements.

HTT (Thailand) Company Limited had been registered to dissolve with the Ministry of commerce on April 28, 2009 and it is in the process to register for liquidation. And on June 14, 2011, the Legal Execution Department stated that the said subsidiary has no any asset to pay any claim back to the Company. Therefore the Company's managements approved to write off the investment and all of the subsidiaryis accounting balances and its financial statement has not been included in these consolidated financial statements

onward. Following, HTT (Thailand) Company Limited had been registered for liquidation with the Ministry of Commerce on September 22, 2011. 1.3 Related parties 1.3.1 Through shareholding and/or director are as follow: - Tira Thai E&S Company Limited - Thai Fin Company Limited - Thai Corrugate Company Limited - HTI (Thailand) Company Limited (Commencing September 22, 2011, HTT is not a related party of the Company and its subsidiaries as stated in note 1.2)

1.3.2 Through director and/or the shareholder are as follow: - Mr. Sumpun Vongphan - Mr. Upakrom Thaweephoke - Mr. Chanuvit Suanmalee - Mr. Ouichai Siriwajana

1.4 Adoption of new financial reporting standards 1.4.1 Financial reporting standards which are effective for the current year During year 2010 and the 1st quarter of year 2011, the Federation of Accounting Professions has issued a number of revised and new financial reporting standards which are effective for financial statements year beginning on or after January 1, 2011 and relevant to the Company's business as follows: TAS 1 Presentation of Financial Statements (revised 2009) TAS 2 Inventories (revised 2009) TAS 7 Statement of Cash Flows (revised 2009) TAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (revised 2009) TAS 10 Events after the Reporting Period (revised 2009) TAS 16 Property, Plant and Equipment (revised 2009) TAS 17 Leases (revised 2009) TAS 18 Revenue (revised 2009) TAS 19 Employee Benefits TAS 23 Borrowing Costs (revised 2009) TAS 24 Related Party Disclosures (revised 2009) TAS 27 Consolidated and Separate Financial Statements (revised 2009) TAS 33 Earnings per Share (revised 2009) TAS 34 Interim Financial Reporting (revised 2009) TAS 36 Impairment of Assets (revised 2009) TAS 37 Provisions, Contingent Liabilities and Contingent Assets (revised 2009) TAS 38 Intangible Assets (revised 2009) TFRS 2 Share - based Payment TFRS 3 Business Combinations (revised 2009) Adoption of the above financial reporting standards in the current year do not have material effect on the financial statements except as stated in note 2.13, 2.14 and 3 to the financial statements.

1.4.2 Financial reporting standards which are not effective for the current year During year 2010 and the 1st quarter of year 2011, the Federation of Accounting Professions has issued the revised and new financial reporting standards which are effective for financial statements year beginning on or after January 1, 2013 as follows: TAS 12 Income Taxes TAS 20 Accounting for Government Grants and Disclosure of Government Assistance (revised 2009) TAS 21 The Effects of Changes in Foreign Exchange Rates (revised 2009) Tl10 Tl21 Tl25

Government Assistance - No Specific Relation to Operating Activities Income Taxes - Recovery of Revalued Non - Depreciable Assets Income Taxes- Changes in the Tax Status of an Entity or its Shareholders The Company shall adopt the above financial reporting standards on the effective date, however, the management considers that TAS 20 (revised 2009), TAS 21 (revised 2009) and Tl 10 do not have material effect on the financial statements. This excludes TAS 12 Tl 21 and Tl 25 for which the management is still considering the effect to the financial statements for the year in which they are initially applied.

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2.15

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Revenue recognition Revenues from sale are recognized as revenue when goods are delivered and the risk and reward of goods ownership are transferred to customers. Revenues from services are recognized when services are rendered . 2.2 Cash and cash equivalents Cash and cash equivalents consist of cash in hand, cash at bank, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. Current investments - investment units Investment units are stated at fair value. 2.4 Allowance for doubtful accounts The Company provides allowance for doubtful accounts by reviewing the current status of existing receivables and losses were estimated on the amounts anticipated uncollectable. 2.5 Inventories 2.3

Finished goods and work in process are stated at standard cost (which approximates actual cost by weighted average method) or net realizable value whichever is lower. Raw materials are stated at cost (FIFO) or net realizable value whichever is lower. 2.6 Investments in subsidiaries Investments in subsidiaries in the separate financial statements are recorded under the cost method . Allowances for impairment of investment have been provided by taking the net book value and excluding intercompany profit (loss). 2.7 Other long -term investments Investments in ordinary shares of a related company are presented as the general investment at book value. The investment had been transferred from investment in a subsidiary. As at the transferred date, the book value of investments is zero. And the investments which additionally invested from the increased share capital are stated at cost. Allowance for diminution in value of investments shall be provided by taking the net book value and other relevant factors into consideration . YEARS 2.8 Property, plant and equipment Building and construction 3-20 Land is stated at cost and other fixed assets are stated at cost net of Machineries, tools and equipment 5-10 accumulated depreciation. Depreciation is calculated on straight- line method 5-10 Furnitures and office equipment based on the estimated useful lives of the assets as follows: Vehicles 5 2.9 Intangible assets Intangible asset is stated at less amortization. Amortization of intangible asset is calculated by reference to its cost on the straight - line basis over 5 years. 2.10 Foreign currency transactions Transactions in foreign currencies are converted at the exchange rate of the transaction date. Assets and liabilities in foreign currencies at the end of year are converted into Baht at the bank buying and selling rates on the statements of financial position date, respectively. Gain or loss from translations are included in determining earnings. 2.11 Financial instruments Financial instruments carried in the statements of financial position include deposits with financial institutions, investment, trade receivables and payables, lending and borrowings. The particular recognition methods adopted are disclosed in the individual policy associated with each item. 2.12 Accounting judgments and estimates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgments and estimates regarding matters that are inherently uncertain. These judgments and estimates affect reported amounts and disclosures and actual results could differ. 2.13 Employee benefits Salaries, wages, bonuses, contributions to the social security fund , provident fund and other benefits are recognized as expenses when incurred. Severance Payment are recognized as expenses along the service period of employees. The Company's post- employment benefit obligations are estimated under the actuarial assumption. Previously, the obligations were recognized as expenses when incurred. 2.14 Employee benefit obligation The Company and its subsidiary recorded post- employment benefit obligations (not separated fund from the Company's assets) as specified in the Thai Law which estimated under the actuarial assumptions by a qualified actuary. However, the actual benefit obligations may be different from the estimate. The Company and its subsidiary selected to recognized the said employee benefit obligations as of December 31 , 2010 amounted Baht 41 .43 million of the company and its subsidiary and Baht 35.04 million of the Company by adjust to the retained earnings as of January 1, 2011 , in accordance with the transitional treatment of TAS 19 as disclosed in note 3 to the financial statements. 2.15 Basic earnings per share Basic earnings per share is determined by dividing the profit {loss) for the year by the weighted average number of ordinary shares outstanding.

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TM097**, TM008***

TM097**

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

3. EFFECT FROM INITIAL ADOPTION OF FINANCIAL REPORTING STANDARDS In the current year, the Company and its subsidiary adopted the revised and new financial reporting standards as stated in note 1.4.1 to the financial statements which had the effects on the financial statements as follows:

CONSOLIDATED SEPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS - Statement of financial position as of December 31, 2011 - Increase in employee benefit obligation

48.05

41.35

- Decrease in retained earnings as of January 1, 2011

41 .43

35.04

- Statement of comprehensive income for the year ended December 31 , 2011 - Increase in employee benefit expenses resulting to: - Increase in administrative expenses

7.61

6.53

- Decrease in net profit

7.61

6.53

- Decrease in basic earnings per share (Baht)

0.03

- Movement in the present value of the employee benefit obligation -Employee benefit obligation as at January 1, 2011

41 .43

35.04

- Benefits paid

(0.99)

(0.22)

8.40

7.44

48.05

41.35

December 31 , 2011 - Current service costs

6.77

6.04

- Interest cost

1.63

1.40

- Current service cost and interest -Actuarial gain (loss) -Employee benefit obligation as at December 31 , 2011 - Expenses recognised in profit or loss for the year ended

-Actuarial gain (loss) Total

CONSOUDATED SEPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS -Principal actuarial assumptions as at December 31 , 2011 Discount rate Salary increase rate Employee turnover rate Mortality rate

3.65-4.00

4 .00

8.00

0-16.00*

TM097**, TM008***

TM097**

• Based on the wighted average by age group of employees •• Reference from TM0 97 : Thai Mortality Ordinary Table 1997 ••• Reference from TM008 : Thai Mortality Ordinary Table 2008

- .Presentation of financial statements According to TAS 1 Presentation of Financial Statements (revised 2009) requires " Changes in shareholder's equity, not arising from transaction with shareholders, only for the transactions that are not recognized in profit or loss " to be presented as " items of other comprehensive income" as a part of statements of comprehensive income. The comparative data were represented to comply with the requirements of revised financial reporting standards.

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2554

2553

620,010.00

734 ,140.00

620,010.00

734,140.00

7,694.08

6,588,858.95

7,694.08

6,588,858.95

627,704.08

7,322,998.95

627,704.08

7,322,998.95

2554

2553

2554

2553

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417,995.98

383,659,507.83

310,984,433.08

383,654,571 .21

384,077,503.81

311,402,429.06

383,654,571 .21

310,986,329.65

(14,432,248.70)

(14,738,465.48)

(14,014,252.72)

(14,320,469.50)

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

2554

2553

2554

2553

264,407,909.77

225,252,382.48

264,407,294.52

225,254,814.05

93,252,092.25

38,857,555.24

93,247,770.88

38,857 ,020.24

712,751.55

4,005,841.05

712,751.55

4,005,841 .05

310,986,329.65

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1'166,300.00

24,538,450.24

43,286,650.29

24,120,454.26

42,868,654.31

384,077,503.81

311,402,429.06

383,654,571.21

310,986,329.65

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

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(14,738,465.48)

(14,320,469.50)

(1 ,298,783.22)

1,605,000.00

(14,432,248.70)

(14,014,252.72)

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

4. CURRENTINVESTMENTS SEPARATE FINANCIAL STATEMENTS

CONSOLIDATED

FINANCIAL STATEMENTS

Investment units Fixed deposits Total current investments

620,010.00

734 ,140.00

620,010.00

734 ,140.00

7,694.08

6,588,858.95

7,694.08

6,588,858.95

627,704.08

7,322,998.95

627,704.08

7,322,998.95

5. TRADE RECEIVABLES - NET CONSOLJDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

Trade receivables 417,995.98

417,995.98

-Others

383,659,507.83

310,984,433.08

383,654,571.21

Total

384,077,503.81

311,402,429.06

383,654,571.21

310,986,329.65

Less Allowance for doubtful accounts

(14,432,248.70)

(14,738,465.48)

(14,014,252.72)

(14,320,469.50)

Trade receivables - net

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

- Related party

310,986,329.65

As of December 31, 2011 and 2010, the trade receivables are classified by aging as follows:

SEPARATE FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

Current

264,407,909.77

225,252,382.48

264,407,294.52

225,254,814.05

93,252,092.25

38,857,555.24

93,247,770.88

38,857 ,020.24

712,751.55

4,005,841 .05

712,751.55

4,005,841 .05

Overdue Less than 3 months Over 3 months to 6 months Over 6 months to 12 months Over than 12 months

1 '166,300.00

24,538,450.24

43,286,650.29

24,120,454.26

42,868,654.31

384,077,503.81

311,402,429.06

383,654,571.21

310,986,329.65

Less Allowance for doubtful accounts

(14,432,248.70)

(14,738,465.48)

(14,014,252.72)

(14,320,469.50)

Trade receivables - net

369,645,255.11

296,663,963.58

369,640,318.49

296,665,860.15

Total

The change in the Allowance for doubtful accounts for the year ended December 31, 2011 is as follow :

CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

(14,738,465.48)

(14,320,469.50)

Increased during the year

(1 ,298,783.22)

( 1,298,783.22)

Received during the year

1,605,000.00

(14,432,248.70)

(14,014,252.72)

Beginning balance

Decreased due to write - off Ending balance

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2554

2553

3,320,447.48

451 ,763.29

5,100,447.48

403,893.01

1,007,419.08

575,538.94

1,853,937.36 1'185,364.92

3,715,362.77

3,121 ,424.86

3,618,393.00

3,029,661.02

7,439,703.26

4,580,607.23

9,294,379.42

6,068,963.30

62,633,197.38

61 ,595,844.91

65,333,311.95

61,415,818.45

~u~11::'t111\1Na!ll

218,883,109.31

199,447,056.03

217,296,869.44

198,537,722.94

l l'lClliilJ

419,359,307.57

365,551 ,024.65

417,518,756.02

363,108,137.00

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22,370,002.85

17,219,815.24

22,370,002.85

17,219,815.24

723,245,617.11

643,813,740.83

722,518,940.26

640,281 ,493.63

(5,698,630.44)

(4,790,247.88)

(5,698,630.44)

(4,790,247.88)

717,546,986.67

639,023,492.95

716,820,309.82

635,491 ,245.75

(4,790,247.88)

(908,382.56)

(5,698,630.44)

a!lla\1 Liia\l-v1n'lnuawlh

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

6. OTHER RECEIVABLES Other receivables, as follows:

Accrued other incomes

CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

3,320,447.48

451,763.29

5,100,447.48

403,893.01

1,007,419.08

575,538.94

1,185,364.92

Prepaid expenses

3,715,362.77

3,121 ,424.86

3,618,393.00

3,029,661.02

Total

7,439,703.26

4,580,607.23

9,294,379.42

6,068,963.30

Advances payment

1,853,937.36

7. INVENTORIES路 NET SEPARATE FINANCIAL STATEMENTS

62,633,197.38

61 ,595,844.91

65,333,311.95

61 ,415,818.45

Work in process

Finished goods

218,883,109.31

199,447,056.03

217,296,869.44

198,537 ,722.94

Raw materials

419,359,307.57

365,551 ,024.65

417,518,756.02

363,108,137.00

Raw materials in Transit Total

22,370,002.85

17,219,815.24

22,370,002.85

17,219,815.24

723,245,617.11

643,813,740.83

722,518,940.26

640,281,493.63

717,546,986.67

639,023,492.95

716,820,309.82

635,491 ,245.75

Less Allowance for defective and obsolete inventories Inventories - net

Movement of allowance for decline in value of inventories for the year ended December 31 , 2011 is as follows:

CONSOLIDATED

Beginning balance Allowwance increased during the year

FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

(4,790,247.88)

(908,382.56)

(908,382 .56)

(5,698,630.44)

Allowwance decreased due to sale inventories Allowwance decreased due to write - off Ending balance

5. .......

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(607,241.18)

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5,624,501 .00 19,998,700.00 25,623,201 .00

li'n l'i1L~fln17~ami1 L~UI'hl'VJU1uuiMYIVflU-~Yiii

14,999,400.00 117,402,041.87

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8. INVESMENT IN SUBSIDIARIES - NET

SEPARATE FINANCIAL STATEMENTS Million Baht Paid- up share capital

Investment Holding of Book value

Cost method

investment

::t Type of Business

Relationship

2011

2010

2011

2010

2011

2010

2011

2010

:;: !!1.

Subsidiaries Company Tirathai E&S Co., Ltd.

and maintenance

5.0

power equipment Manufacturing, repairing and maintenance service

o· ()

and joint directors

service of electrical

Thai Fin Co., Ltd.

c 2:

I Distribution, installation I Direct shareholding 5.0

99.99%

4,999,300.00

(607 ,241 . 18)

2,402,641 .87

~ z

it O

I Direct shareholding

~ ~

and joint directors

of transformer equipment

:::1

15.0

99.99%

14,999,400.00 114,999,400.00

I 21 ,953,068.87 I 28,639,606.35

~ en

(/)

§. ~

HTI (Thailand) Co., Ltd (A) 1 Manufacturing coil of DRY TYPE transformer

§; 0

Direct shareholding and joint directors

16· "T1

-1

,., )> z ;::. 16 z Oi 0

iil ...

(J)

including repairing and maintenance service of such transformer

99.99%

5 ,624,501 .00 19,998,700.00 25 ,623,201 .00

(4,999,30.00)

I (8,221 ,159.13)

Investment in subsidiaries - net

-·

15.0

Less Allowance for impairment

14,999,400.00117,402 ,041 .87

(22,084,001 .

~ -

~ en ·

)>~ o

'1? £ ~ ~ ~

~ 0 !. 3

"' m

-~» <D ::::s

(A) In the 2nd quarter of year 2011, the investment in subsidiary amount Baht 5 .62 million had been written off as described in note 1.2 to the financial statements.

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2553

2554

2553

L~'IJfhlYl'IJLtll1UI'I1~q) -

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ll'IJ11~~ 2554

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6,000,000.00

69,240,000.00

66,370,000.00

69,240,000.00

66,370,000.00

189,258,488.06

134,354,440.34

188,988,627.23

134,088,813.66

264,498,488.06

206,724,440.34

264,228,627.23

206,458,813.66

L~'IJN1nu-,:;~1LLfl::l'hLflnL~U lt!iu1lu1-liLU'IJVIa'nYl1'VHJ~1U-,:;nuL~UQU~~1nl!U1~1-,

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Lfll'l LI'lDfDD~L~-,~1'1 1\lL~'IJLUnLii'WU'lJiiLLfl::VIU\lND~i1u-,:;nuLYlD~-,ii~'llD\llJi~Yl"1LLfl::lJi~YlUDfl

1uL~DUVjC]~111~~ 2551 ui~Yl"1 l~i}D~ULvi~L~~~1'1J1U 6 ~1UlJ1Yl 1uui~YlviLRfJ1ifD\lOUoii1\l~'IJ 1'11~tr(;lfl'1'W'lJEI\lL~Ufl\lVjUvj~DD~

Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

9. OTHER LONG-TERM INVESTMENT

....... holding

For the year ended December 31 , 201 1 and 2010

CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

(%) Investment in ordinary shares - General investment - Related company: Thai Corrugate Co.,Ltd.

10.0%

6,000,000.00

Bills of exchange

6,000,000.00

66,370,000.00

69,240,000.00

66,370,000.00

206,724,440.34

264,228,627.23

206,458,813.66

Fixed deposits Total Other Long -Term Investments

13.66 264,498,488.06

As of December 31, 2011 and 2010, fixed deposits and bills of exchange are pledged to secure bank overdrafts and loans from banks, letter of credits and letter of guarantees. In May 2008, the Company purchase the increased share capital of the above related company amounted Baht 6 million in proportion of the share holding.

~1U~1UU~~~U 2554

1.J~YI il~lYIU ~n~

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10. L~ul-MQ"~J.J1::m:o11 ..... ._

(JJ't11'!fU)

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flflflfh'IL'Hafl lU

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31 iu11ftJ.I 2553

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10,928,974.76

c;)flnLfl!.J~1\Ii1J

559,469.18

flflflfNL'Hafl lU

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10,928,974.76 559,469. 18 11 ,488,44 3.94

11,488,443.94

"'i"l)J

31 iu11ftJ.I 2554

( 11 ,488,44 3.94 )

(11 ,488,443.94 )

~n N'•u~Ci.Jri1"t1U{;l'7i1,-::mu1u"t1ti.Jil

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92,715.79

"t1n 1'11LNElVIU~\I !.J~::~qJ

(29,781,461.94 )

flflflft-.1L'H88 lU

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31 iu11 ftJ.I 2554

21,361,430.76

9,428,974.76

92,715.79

20,352,487.18

(9,428,974.76)

9,428,974.76

30,883,121.31

"'i"l)J v

31 iu11ftJ.I 2553

......,

..: .:t

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30, 790,405.52

c;lflnLfl!.Jili1\li1J

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1 '1 0 1,659.37

N1u~Ci..:Jri1V1Uc;l'7i1"'i::mu1uV~if"il

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LUU 2551)

(1 ' 10 1 ,659.37)

1,101,659.37

L~ULl1r'iV)J"'i::!.J::!.J11LLri

" ....n~n'l"'i)J~Ln!.l"l~El\lnu-~~n .. ..I " "' '

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6.00

1J7H~"111ifiu'7i1"'i::~UL~UiifU~1U1U 4.46 ~1U1J1~ LLfl::c;lflnLfl!.J~1\Ii1J~1U1U 1.54 ~1U1J1~ 11)JLUUL~U ~1U1J1~ ~1nL~U~1J1H~~Lfl!.J1iifl\IOU~\Imh111ifiu'7i1"'i::rh~UL~)J'VlU LU111l"'i)J1~ 2 U 2554 L~ULl1QV)J~1U1U 21.36 ~1U1J1~LLfl::{;lflnLfl!.J~1\Ii1J~1U1U 0.09 ~1U1J1~ 11iftM(;lflfln~1nUqJiilll1)Jvlm<l111-J LUL&iEJUV'H'J 'Mll11'1)J 2551

LU"t1)J1!.JL"t1~tJ-,::nEJU\11Jn1"'iL~uiiEJ 1.2

Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

10. LONG - TERM LOANS TO

BAHT

RELATED PARTIES -NET

CONSOLIDATED FINANCIAL STATEMENTS Balance as of December 31, 2010

Loans

10,928,974.76

Accrued interest Total Less Allowance for doubtful account

For the year ended December 31 , 2011 and 2010

559,469.18

Decrease

Increase

Balance as of December 31, 2011

10,928,974.76 559,469.18

11 ,488,443.94

(11 ,488,443.94)

Less Current portion

Long - term loans to related parties - net

(11 ,488,443.94)

BAHT SEPARATE FINANCIAL STATEMENTS Balance as of December 31, 2010 Loans

30,790,405.52

Accrued interest Total Less Allowance for doubtful account

92,715.79

Increase

Decrease

Balance as of December 31, 2011

21 ,361,430.76

9,428,974.76

92,715.79

20,352,487.18

(9,428,974.76)

30,883,121 .31 (29,781 ,461 .94)

9,428,974.76

1,101,659.37 Less - Current portion (Net from allowance for doubtful accounts amounted Baht 20.35 million in year 2008)

1'101 ,659.37 (1 '101 ,659.37)

Long - term loans to related parties - net

In October 2005, the Company changed from promissory notes on call without collateral to long - term loan contracts. The principals and accrued interest income to be repayable in 2 - 8 six - month installments commencing from within year 2006 and within year 2011 and the interest rate of MLR + 0 .5% p.a. Starting from year 2005, the Company and its subsidiaries stop recognizing interest income of a related company and provided for allowance for doubtful debts of the total amount due to the uncertainty of ability to receive any payment due in year 2011 and in year 2012, respectively. In May, 2008, the Company received the principals amounted Baht 4.46 million and accrued interest income amounted Baht 1.54 million totaling Baht 6.00 million received from the increased share capital of the said related company. In the 2nd quarter of year 2011 , loans amount of Baht 21 .36 million and accrued interest amount of Baht 0.09 million had been written off as described in note 1.2 to the financial statements.

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li'U11r!)J 2553

101,912,995.00

210,024,370.93

380,638,145.31

34,805,707.36

3,906,185.01

38,457,063.40

fl~fl\l

101 ,912,995.00

213,930,555.94

1u~ 31

li'U11r!)J 2554

419,095,208.71

19,018,466.79

265,000.00

746,664,685.39

2,176,673.36

5,786,616.82

1,625,327 .10

51 ,951 ,865.69

(482,957.44)

(3,717 ,000.00)

(4,199,957.44)

36,499,423.28

21 ,088,083.61

1,890,327.10

794 ,416,593.64

1u~ 31

(137 ,374, 177.10)

(330,238,733.88)

(25,635,447.61)

(13,676,366.03)

(9,909, 716.55)

(20, 102,004.85)

(3,302,458.26)

(1 ,882,974.52)

(506,924,724.62)

Lyj)J'lJ'U fl~fl\l

482,951 .44

3,716,999.00

4,199,950.44

(147 ,283,893.65)

(350,340,738.73)

(28,454,954.43)

(11 ,842,341 .55)

(537,921 ,928.36)

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1u~ 31

D'U11r!)J 2554

(35,197' 154.18)

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101 ,912,995.00

72,650,193.83

50,399,411.43

9,170,259.75

5,342,1 00.76

265,000.00

239,739,960.77

1u~ 31

nu11fl)J 2554

101 ,912,995.00

66,646,662.29

68,754,469.98

8,044,468.85

9,245,742.06

1,890,327 .10

256,494,665.28

l'i1L~£l)J'l1rl1~h~1fUiJ 2554

LLfl:: 2553

ii~1'U1'UL~'U 35,197,154.18 1.J1'n LLfi::~1'U1'U 34,325,316.90

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11. PROPERTY, PLANT AND EQUIPMENT - NET BAHT I

CONSOLIDATED FINANCIAL STATEMENTS ::1

Building and Construction

Land

Machineries, tools and equipment

Furniture and office equipment

Vehicles

Building in Progress

iil

Total

::r

!!!. 'U

c;·

Cost As of December 31, 2010

() 0

101,912,995.00

210,024,370.93

Increase

Decrease

101 ,912,995.00

213,930,555.94

As of December 31, 2011

3,906,185.01

380,638,145.31

34,805,707.36

19,018,466.79

265,000.00

746,664,685.39

"' ::J

38,457,063.40

2,176,673.36

5,786,616.82

1,625,327 .10

51 ,951 ,865.69

(482,957.44)

(3,717 ,000.00)

(4,199,957.44)

1S' Q

36,499,423.28

21 ,088,083.61

1,890,327. 10

794 ,416,593.64

419,095,208.71

Accumulated depreciation

(137,374, 177.10)

(330,238,733.88)

(25,635,447.61)

(13,676,366.03)

(9,909, 716.55)

(20, 102,004.85)

(3,302,458.26)

(1 ,882,974.52)

(506,924,724.62)

Increase Decrease

482,951.44

3,716,999.00

4,199,950.44

As of December 31, 2011

(147,283,893.65)

(350,340,738.73)

(28,454,954.43)

(11 ,842,341 .55)

(537,921 ,928.36)

As of December 31, 2010

(35, 197' 154.18)

Net book value

~ z ~ --~ ~ m

ienri' en

§. -I §; O

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101 ,912,995.00

72,650,193.83

50,399,411.43

9,170,259.75

5,342,1 00.76

265,000.00

239,739,960. 77

As of December 31, 2011

101 ,912,995.00

66,646,662.29

68,754,469.98

8,044,468.85

9,245,742.06

1,890,327 .1 0

256,494,665.28

...::r"'' Ill

Z .,ffi' n ~ ~

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£ Depreciation charges for the year 2011 and 2010 amounted to Baht 35,197,154.18 and Baht 34 ,325,316.90, respectively are included in determining earnings.

::!

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191 ,647,930.19

351,269,131.14

32,692,008.95

18,449,614.65

265,000.00

687,776,679.93

3,906,185.01

37,121,003.40

1,979,625.13

5, 786,616.82

1,625,327.10

50,418,757.46

(402,050.00)

(3,717 ,000.00)

34,269,584.08

20,519,231.47

fll1ll'hl ru 1uii 31 liu11f'I)J 2554

93,452,995.00

195,554,115.20

388,390,134.54

(4,119,050.00) 1,890,327.10

734,076,387.39

thLi£1al11fl1if::ifa~ ru

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(124,320, 112.13)

(303,570,302.52)

(23, 726,505.59)

13,128,087.36)

(464,745,007 .60)

(8,990,897.43)

(19,032,911 .05)

(3,177,777.30)

(1,874,750.40)

(33,076,336.18)

402,048.00

3,716,999.00

4,119,047.00

(26,502,234.89)

(11 ,285,838.76)

(493,702,296. 78)

fll1lfl\l ru

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liu11f'I)J 2554

(133,311,009.56)

(322,603,213.57)

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67,327,818.06

47,698,828.62

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5,321,527.29

265,000.00

223,031,672.33

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LLa:; 2553

62,243,105.64

ii~1\J1\JL~\J 33,076,336.18

tn'r'l

65,786,920.97

LLfi::~1\J1\J 32,109,252.51

7,767,349.19

tn'r'l

9,233,932.71

1,890,327.10

240,374,090.61

l'l1)Jii1~U 11li'l1)Jfl~L\Jri11'll1ifl'lJ1l11VJULUVi1::'lJfl\IU1i'r'lLL~1

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341.39

313.64

327.14

301.47

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BAHT I

SEPARATE FINANCIAL STATEMENTS Building and Construction

Machineries, tools and equipment

93,452,995.00

191 ,647,930.19

351,269,131.14

32,692,008.95

3 ,906,185.01

37,121,003.40

93,452,995.00

195,554, 115.20

Land

Furniture and office equipment

Building in Progress

Total

18,449,614.65

265,000.00

687,776,679.93

1 ,979,625.13

5, 786,616.82

1 ,625,327 .10

50,418,757.46

(402,050.00)

(3,717 ,000.00)

(4, 119,050.00)

388,390,134.54

34,269,584.08

20,519,231.47

1,890,327. 10

734,076,387.39

Vehicles

Cost As of December 31 , 2010 Increase Decrease As of December 31, 2011

::1 iil

::r

Accumulated depreciation

!!!.

As of December 31, 2010

(124,320, 112. 13)

(303,570,302.52)

(23, 726,505.59)

13,128,087.36)

(464,745,007 .60)

Increase

(8,990,897.43)

(19,032,911 .05)

(3,177,777.30)

(1 ,874,750.40)

(33,076,336.18)

Decrease

402,048.00

3,716,999.00

4,119,047.00

As of December 31, 2011

(133,311 ,009.56)

(322,603,213.57)

(26,502,234.89)

(11 ,285,838.76)

c;·

() 0

"' ::J

(493,702,296. 78)

Net book value

~ z

1S' Q

As of December 31, 2010

93,452,995.00

67,327,818.06

47,698,828.62

8 ,965,503.36

5,321,527.29

265,000.00

223,031,672.33

As of December 31, 2011

93,452,995.00

62,243,105.64

65,786,920.97

7 ,767,349.19

9,233,932.71

1 ,890,327 .1 0

240,374 ,090.61

~ --~ ~ m

ienri' en

§. -I §; O

Depreciation charges for the year 2011 and 2010 amounted to Baht 33,076,336.18 and Baht 32,109,2252.51 , respectively are included in determining earnings. As of December 31 , 2011 and 2010, land, building and construction , and machineries are mortgaged to several local banks and financial institutions as security against bank overdrafts and loan from banks, letter of credit and letter of guarantees. As of December 31 , 2011 and 2010, the Company and its subsidiaries have fully depreciated fixed assets but are still in use in the original cost as follows:

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SEPARATE FINANCIAL STATEMENTS

::r

ffi' Z

CONSOLIDATED FINANCIAL STATEMENTS

Ill

;: )> ~

BAHT

::!

.."''

"', -Z

[ ~ ~ m

As of December 3 1, 2011

341.39

313.64

~ 3:

As of December 31, 2010

327.14

301.47

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11,726,704.36

11 ,725,900.00

11,726,704.36

(11 725 900.00)

(1,227,090.00) (1,227,090.00)

(2,345,340.88) (2,345,340.88)

11,043,8 10.00

flMfl~

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(41 ,673,880.53)

11 ,726,704.36

11,725,900.00

28,800,548.89

9,381,363.48

24,436,131.89

U1'll

w rrnLawnn:uM •haanLLuuNiM'am

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18il'l1i~

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(1,227,090.00)

(2,345,340.88)

(38,1 01,449.65

flMfl~

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11,725,900.00

(36,764,463.53) (1,336,986.12)

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11,726,704.36 -

42,112,408.06

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42,112,408.06

L~ IJ'IIU

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65,565,012.42 545,000.00 -

(11 725 900.00)

11 ,726,704.36

66,110,012.42

(2,345,340.88)

(36, 764,463.53) (4,909,417.00)

1,227,090.00)

(41 ,673,880.53)

11,043,8 10.00

11 ,726,704.36 9,381,363.48

11,725,900.00

28,800,548.89 24,436,131.89

~hllil1l<hriU1!Ja1\1fuiJ 2554 LLN:: 2553 iiV1U1U 4,909,417 U1Yl LLN::V1U1U 1,336,986.13 U1Yl lll1~th~'u 1!li-n~1l!J1Uri11 'l\1~!l'll1l11YIULL~1

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ii'l1"1'\'lUL~~V1U1U 35.43 ~1UU1Yl

13. LauLUnLOUU'l!;iua::LaUQV)I't::v::lu

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11,636,526.59

12,072,625.0 1

4,412,936.71

11,648,898.87

38,090,000.00

35,140,536.00 212,006,552.32 258,783,6 14.9 1

1,498,000.00 45,637,027.99 97,297,653.00

35,140,536.00 207,576,452.92 247,129,925.63

1,498,000.00 45,637,027.99 96,873,926.86

lli"1il'tj!tj!1HiL~U'!I1UflM {il"~71Mnmfluinuat 6.50 finil1uil 2553) lli"1 uam~u'!11uaM

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2553

LvimtJu\-ltrnl.J'l::nuLauou~ u%''1'1 ., 1~vi1R'tycy11aual'lnn;'lV'~ LnuLauv1n~n'Yidm'l~1

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3.91-4.19

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

12. INTANGIBLE ASSETS路 NET

For the year ended December 31 , 2011 and 2010

BAHT CONSOLIDATED FINANCIAL STATEMENTS Deferred product design expenses

Cost As of December 31, 201 0 Increase Decrease Transfer in (out) As of December 31, 2011 Accumulated amortization As of December 31 , 201 0 Increase Decrease As of December 31, 201 1 Net book value As of December 31 , 201 0 As of December 31 , 2011

Computer software

Expense for Quality Certification

Computer software under development

42,112,408.06

11,726,704.36

11,725,900.00

545,000.00

42,112,408.06

11 725 900.00 12,270,900.00

(36,764,463.53) (1 ,336,986.12)

(1 ,227,090.00)

Total

65,565,012.42 545,000.00

(11 725 900.00)

11,726,704.36

(2,345,340.88)

66,110,012.42 (36,764,463.53) (4,909,417.00)

(38, 101 ,449.65)

(1 ,227,090.00)

(2,345,340.88)

5,347,944.53

11 ,726,704.36

11,725,900.00

28,800,548.89

4,010,958.41

11,043,810.00

9,381,363.48

24,436,131 .89

(41 ,673,880.53)

BAHT SEPARATE FINANCIAL STATEMENTS Deferred product design expenses Cost As of December 31, 201 0 Increase Decrease Transfer in (out) As of December 31 , 2011 Accumulated amortization As of December 31, 201 0 Increase Decrease As of December 31, 2011 Net book value As of December 31, 201 0 As of December 31 , 2011

Computer software

Expense for Quality Certification

Computer software under development

Total

42,112,408.06

11,726,704.36

11,725,900.00

545,000.00

(11 725 900.00)

42,112,408.06

11 725 900.00 12,270,900.00

11 ,726,704.36

66,110,012.42

(36,764,463.53) (1 ,336,986.12)

(1 ,227,090.00)

(2,345,340.88)

(36,764,463.53) (4,909,417.00)

65,565,012.42 545,000.00

(38,101,449.65)

(1 ,227,090.00)

(2,345,340.88)

(41 ,673,880.53)

5,347,944.53

11 ,726,704.36

11 ,725,900.00

28,800,548.89

4,010,958.41

11 ,043,810.00

9,381 ,363.48

24,436,131 .89

Amortized for the year 2011 and 2010 amounted to Baht 4,909,417.00 and Baht 1,366,986.13, respectively are included in determining earnings. As of December 31, 2011 and 2010, deferred product design expenses have been fully amortized but expected to utilize in the original cost amounted Baht 35.43 million.

13. BANK OVERDRAFTS AND SHORT 路TERM LOANS FROM FINANCIAL INSTITUTIONS Bank overdrafts Discounted promissory notes (interest rate of 6.50% p.a. in year 201 0) Discounted bill of exchange (interest rate of 2.35-2.45% p.a. in year 2011 and 3.15% p.a. in year 201 0) Trust receipts Total

BAHT CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

2011

2010

11 ,636,526.59

12,072,625.01

2011

2010

38,090,000.00

35,140,536.00 212,006,552.32 258,783,614.91

1,498,000.00 45,637,027.99 97,297,653.00

35,140,536.00 207,576,452.92 247,129,925.63

1,498,000.00 45,637,027.99

4,412,936.71

11 ,648,898.87

96,873.926.86

Bank overdrafts and loans from several local banks are secured by the mortgage of land, building and construction , together with guarantee by cash at banks and directors. As of December 31 , 2010 as a guarantee for repayment of loans, the Company had transferred the right to collect trade receivable to a local bank of Baht 39.02 million. 14. SHORT路 TERM LOANS FROM OTHERS As of December 31, 2011 and 2010, short- term loans are discounted bill of exchange to a security company with interest at the rate of 3.91-4.19% p.a. and 4.01 % p.a. repectively, which are unsecured.

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7,996,485.80

41 ,641 ,780.25

82,130,308.25

41,641,780.25

82,130,308.25

31 ,584,728.91

40,708,201 .55

31 ,584, 728.91

40,708,201.55

73,226,509.16

130,834,995.60

73,226,509.16

130,834,995.60

(49,745, 162.28)

(57 ,715,991.41)

(49,745,162.28)

(57' 715,991.41)

23,481,346.88

73,119,004.19

23,481,346.88

73, 119,004.19

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

15. LONG路 TERM LIABILITIES

For the year ended December 31, 2011 and 2010

BAHT CONSOLIDATED FINANCIAL STATEMENTS 2011

SEPARATE FINANCIAL STATEMENTS

2010

2011

2010

7,996,485.80

Loan from a local bank no.1

41,641 ,780.25

82,130,308.25

41,641,780.25

82,130,308.25

Loan from a local bank no.2

31,584,728.91

40,708,201 .55

31,584,728.91

40,708,201.55

Loan from debts restructuring agreements

Less Current portion Long - term liabilitirs - net

73,226,509.16

130,834,995.60

73,226,509.16

130,834,995.60

(49,745,162.28)

(57,715,991.41)

(49,745, 162.28)

(57,715,991.41)

23,481 ,346.88

73,119,004.19

23,481 ,346.88

73,119,004.19

The Company Loans from debts restructuring agreements The Company had entered into debts restructuring agreements with several local banks and financial institutions in year 1999 and 2000 under various terms. In year 2001, the Company had amended the debts restructuring agreement signed in year 2000 and 1999 with the above banks and financial institutions as follows: 1. The principals to be repayable in 17 - 20 six - month installments commencing from year 2003 and the interest shall be at the rate of MLR p.a. commencing from year 2001 . 2. Payment of accrued interest expenses installment commencing from year 2005 as follows: 2.1 Starting January 1, 2005 to December 31, 2007, payment in monthly installments at 1% p.a. on the principal's balance. 2.2 Starting January 1, 2008 to December 31 , 2010, payment in equal quarterly installments. In April 2008, the Company has repaid loans from debts restructuring agreements for all banks and financial institutions except a local bank. On February 18, 2010, the Company had amended the debts restructuring agreement with above local bank relating to the interest rate change from at the rate of MLR p.a. on the principal's balance to at the rate as follows: -Since the date of amendment up to 1 year, the interest shall be at the rate of MLR- 1% p.a. on the principal's balance. - Afterward, the interest shall be at the rate of MLR - 0.25% p.a. on the principal's balance. These loans are secured by the mortgage of land, building and construction , machineries, together with the guarantee by a subsidiary. Under the debts restructuring agreement, the Company shall comply to various conditions and obligations i.e. the maintenance of financial ratios. Loan from a local bank no.1 On March 14, 2008, the Company had entered into a loan agreement with a local bank in the amount of Baht 208 million being used to repay loans from debts restructuring agreements for all banks and financial institutions except a local bank. The Company is able to drawdown the loan in installment when necessary with interest at the rate as follows: - Starting the 1st month to the 12th month on each drawdown date, interest at the rate MLR - 1% p.a. -Starting the 13th month to the 60th month on each drawdown date, interest at the rate MLR- 0.25% p.a. The principals are repayable equally in 10 six - month installments according to the drawdown principal and the interest are payable in every month. This loan is secured by the mortgage of land, building and construction , machineries, together with the guarantee by a subsidiary. Under the loan agreement, the Company shall comply w ith various conditions and obligations i.e. the maintenance of financial ratios. Loan from a local bank no.2 On June 1, 2010, the Company had entered into a loan agreement with a local bank in the amount of Baht 46 million for acquisition of land to construct a new factory. The interest is at the rate of MLR- 1% p.a. and the Company had amended the loan agreement with the above bank that the Company shall submit the investment plan to the bank within 1 year commencing from the date of loan agreement. If the Company cannot submit the plan under the agreement, the interest rate shall change from MLR- 1% p.a. to MLR + 1% p.a. The principal and interest are repayable in every month not less than Baht 950,000 starting June 2010, and paid within 5 years commencing from the date of loan agreement. This loan is secured by the mortgage of the said land.

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TAP CHANGER

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2.32 0.95

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1.1 2

1.12

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

16. PROVISION FOR EXPECTED ADDITIONAL ASSESSED IMPORT DUTY At the end of year 2008 and the beginning of year 2009, the Customs Department had notified the Company to pay additional assessed import duty from previously being paid at 1% to 10% on the imported raw materials "ON- LOAD TAP CHANGER" and "HV. BUSHING" in the past year for all electrical industrial companies. However, the Customs Department has adjusted the import duty rate of importing the said raw materials from 10% to 0% in the year 2008. Regarding the above notification from the Customs Department, the Company has estimated the additional import duty to be paid for the imported raw materials in the past 5 years which the Company has not received the notification from the Customs Department. The changes in the provision for expected additional assessed import duty during the year ended December 31 , 2011 , is as follow

MILLION BAHT CONSOLIDATED FINANCIAL STATEMENTS Begining balance Realised loss Reversal of over provision Ending balance

SEPARATE FINANCIAL STATEMENT

2.49

(2.49)

17. DEBENTURES At the Annual General Meeting of Shareholders held on April 21 , 2011 , the shareholders approved to issue and offer unsecured and unsubordinated debentures not exceeding Baht 1,000 million and the maturity period of the debentures not exceeding 7 years, to be used for supporting the Company's business expanding and working capital requirement. The terms and conditions of the debentures shall be determined by the Managing of Directors.

18. FINANCIAL INSTRUMENTS Interest rate risk The interest rate risk is the risk that future movements in market interest rates will affect the results of the operations of the

Company and its subsidiaries and their cash flows. The Company's and its subsidiaries' exposure to interest rate risk relates primarily to their deposits with financial institutions, lending and borrowings. However, these financial assets and liabilities bear interest rates at market interest rates which the Company and its subsidiaries anticipate non material risk from interest rates. Foreign currency risk

As of December 31 , 2011 and 2010, the Company and its subsidiaries are exposed to foreign currency risk primarily to foreign currency denominated asset and liabilities, which currently are not hedged by any derivative financial instrument as follows:

UNIT : MILLION CONSOLIDATED FINANCIAL STATEMENTS

Foreign currency denominated asset Trade account receivables - US DOLLAR - SINGAPORE DOLLAR Foreign currency denominated liabilities Short - term loans from financial institutions - Discounted bill of exchange -US DOLLAR -Trust receipts -US DOLLAR -EURO - SWEDISH KRONA - SWISS FRANC Trade account payables -US DOLLAR -EURO - SWEDISH KRONA - SWISS FRANC - YEN

SEPARATE FINANCIAL STATEMENT

2554

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1.45 0.43

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0.02

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Credit risk

The Company and its subsidiaries are exposed to credit risk deal with the trade accounts receivable. However, due to the Company and its subsidiaries have diversified customer base and their prudent credit policies, they do not anticipate material losses from their collection from trade accounts receivable. Fair value

The management believes that the fair value of the Company and its subsidiaries' financial assets and liabilities does not materially differ from their carrying value.

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(Employee Stock Ownership Plan

LLNVI\I~Vlii1V~£J01VlUVI111'l1n111-if~VliiLVhnu 3.00 U1Vl lJi!lifU 1u1i'III11~1U 1 1ud11'11l!LLNVI\I~Vliilli1l 1 iiUN1l7'l!

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2552

vi'-:Jnawii1-:J~u ~-:Jd - 1iiLLON~1liiUL~~1u1u~

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2552

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2554

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67,547,319 VIU1£J

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<i1u1u

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10,132,000 VIU1£J

67,547,319 VIU1£J

2,533,000 2,809,180 3,059,947 2,931.11 7 556,567

VIU1£J '11ti·m '11U1£J '11ti1u '11U1£J

67,547,319 34,010,561 26,583,286 14.426,636 -

VIU1£J '11ti1u '11U1£J '11ti1u '11U1£J

2,256,820 2,282,233 2,661 ,830 2,374,550 201 .oso 355,51 7

'11U1£J '11ti1u '11U1£J '11ti1u '11U1£J '11ti1u

33,536,758 7.427,275 12.156,650 14,358,730 67,906

'11U1£J '11ti1u '11U1£J '11ti1u '11U1£J '11ti1u

6,770,460.00 6,846,699.00 7,985,490.00 7,123,650.00 603,150.00

1J1'Vl 1J1'Vl 1J1'Vl 1J1'Vl 1J1'Vl

100,610,274.00 22,281 ,825.00 36,469,950.00 43,076,190.00 -

1J1'Vl 1J1Vl 1J1'Vl 1J1Vl 1J1'Vl

Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

19. SHARE CAPITAL The Company: At the Annual General Meeting of Shareholders held on April 28, 2009, the shareholders approved to decrease the par value of the ordinary shares from Baht 2.00 per share to Baht 1.00 per share and increase the authorized share capital from Baht 202.64 million (202,642,500 ordinary shares at Baht 1.00 each) to Baht 280.32 million (280,322,000 ordinary shares at Baht 1.00 each) to provide and reserve for the warrants not over 10,132,000 units and not over 67,547,500 units to be issued and offered to the Company's directors and employees under the Employee Stock Ownership Plan (ESOP) and to the existing shareholders (TRT - W1 ), respectively. In case of the expiration exercised date, there are the remaining unexercised warrants resulting the remaining allotted ordinary shares, the Board of Directors has been given the authority to reconsider the remaining allotted ordinary shares. These had been registered with the Ministry of Commerce on May 7, 2009. On December 30, 2009, the Company's directors and employees, and the existing shareholders exercised to purchase totaling 35,793,578 ordinary shares at Baht 3.00 each, totaling Baht 107,380,734.00. The increased paid- up share capital from this transaction had been registered with the Ministry of Commerce on January 13, 2010. On June 30, 2010, the Company's directors and employees, and the existing shareholders exercised to purchase totaling 9, 709,508 ordinary shares at Baht 3.00 each, totaling Baht 29, 128,524.00. The increased paid - up share capital from this transaction had been registered with the Ministry of Commerce on July 12, 2010. On December 30, 2010, the Company's directors and employees, and the existing shareholders exercised to purchase totaling 14,818,480 ordinary shares at Baht 3.00 each, totaling Baht 44,455,440.00. The increased paid- up share capital from this transaction had been registered with the Ministry of Commerce on January 10, 2011. On May 27, 2011 , the existing shareholders exercised to purchase totaling 14,358,730 ordinary shares at Baht 3.00 each, totaling Baht 43,076, 190.00. The increased paid - up share capital from this transaction had been registered with the Ministry of Commerce on June 7, 2011. On June 30, 2011 , the Company's directors and employees exercised to purchase totaling 2,374,550 ordinary shares at Baht 3.00 each , totaling Baht 7,123,650.00 which the Company has received from these exercises amount of Baht 2,505,450.00 within June 30, 2011 and Baht 4,618,200.00 on July 5, 2011 .The increased paid - up share capital from this transaction had been registered with the Ministry of Commerce on July 12, 2011. On September 30, 2011, the Company's directors and employees exercised to purchase totaling 201,050 ordinary shares at Baht 3.00 each , totaling Baht 603,150.00. The increased paid- up share capital from this transaction had been registered with the Ministry of Commerce on October 10, 2011 .

20. WARRANTS The Company: At the Annual General Meeting of Shareholders held on April 28, 2009, the shareholders approved to issue and offer the Warrant No. 1 as follows: -Not over 67 ,547,500 units to the existing shareholders (TRT- W1 ), free of charge, with the ratio of 3 existing ordinary shares per 1 warrant. These warrants are exercisable at one warrant per one ordinary share at Baht 3.00 per share for a period of 2 years from issued date. - 10,132,000 units to the Company's directors and employees under the Employee Stock Ownership Plan (ESOP), free of charge , with the ratio of 3 existing ordinary shares per 1 warrant. These warrants are exercisable at one warrant per one ordinary share at Baht 3.00 per share for a period of 2 years from issued date. At the Board of Directors' Meeting no. 2/2552 held on May 13, 2009, the Board of Directors approved to issue and offer the above warrants to the existing shareholders on May 28, 2009 and determined the last exercisable date which is May 27, 2011, and to the Company's directors and employees on October 1, 2009 and determined the last exercisable date which is September 30, 2011. On July 9, 2009, the warrants 67,547,319 units of the existing shareholders had been approved to be listed securities in the Market for Alternative Investment (MAl). These warrants are exercisable on the last date of June and December of each year. The first exercise date is December 30, 2009. The exercises of warrants, ESOP and TRT- W1 are as follows: ESOP Warrants are offered Exercisable Right -No.1 - No.2 -No.3 - No.4 (the last exercised date of TRT 路 W1) - No.5 (the last exercised date of ESOP) Warrants have been exercised -No.1 - No.2 -No.3 - No.4 -No.5 Remaining balance of total warrants Net cash received from these exercises - No.1 -No.2 - No.3 -No.4 - No.5

TRT-W1

10,132,000 Units

67,547,319 Units

2,533,000 Units 2,809,180 Units 3,059,947 Units 2,931 ,117 Units 556,567 Units

67,547,319 Units 34,010,561 Units 26,583,286 Units 14,426,636 Units -Units

2,256,820 2,282,233 2,661 ,830 2,374,550 201 ,050 355,517

Units Units Units Units Units Units

33,536,758 Units 7,427,275 Units 12,156,650 Units 14,358,730 Units -Units 67,906 Units

Baht 6,770,460.00 Baht 6,846,699.00 Baht 7,985,490.00 Baht 7,123,650.00 Baht 603, 150.00

Baht 100,610,274.00 Baht 22,281 ,825.00 Baht 36,469,950.00 Baht 43,076,190.00 Baht-

As of December 31, 2011 , the remaining balance of warrants were expired to exercise right

,1U~1U~,~~U 2554

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(JJ'V11'JJU)

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22.

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23. shmauilut.~a

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24. OO\IYIUS110\IL~fl\lfli

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25. thli~1v~1~inHw=

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tta:: 2553

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f1Jil"nlftrnll

2554

2553

2554

2553

nTmJiiuuLLll~~tullUilhth~~,u

ua~~1U1~1li1~,;1afla~ (L~IAu)

~ERUIIi11h~~J1l l~~il\uu~:-J'LI'j~ULUaE~1,;'lu 1h11i<i1uN~u,~tmuwun~1u fh~E!JLLYIU~!Jill11

fi1LREIJ11fl1UA~fi11191~1\lU1V 111fl')U'11nRulli1LiiEIJLl/11WUa:~1Ll!JV ll,j"~I\!LLa~ll,j"Ll~RV'I~~I\! (nLl!J11Un11ihL~E~Ll~RV~~~I\!) 111M')u (rhh) <~1mt~11LLamuiivu

(20,4 73,405. 75) 1,169,000.00 1,099,577,029.17 201,734,876.94 35,150,542.84 40,106,571 .18 908,382.56

(15,069,931.03) 120,000.00 904,346,723.25 160,896,743.81 32,526,862.50 35,662,303.03 734,561.49

(22,676,640.00) 1,169,000.00 1,129,093,561.94 175,676,139.14 30,316,042.84 37,985,753.18 908,382.56

(11 ,079,238.21) 120,000.00 935,481 ,950.36 142,278,830.31 28,739,846.50 33,446,238.64 734,561 .49

(306,216.78) 7,207,339.27

1,605,000.00 (7,987,672.08)

(507,809.47) 6,944,134.41

1,605,000.00 (7,987,672.08)

26. m1fi1u1ruth11fieliu

n11fl1"U1CUri1t1<Ji!l~"U1"U\11Jn11L~"U11~LLI'l::\11Jn11L~UL\lW1::1J~HV1 R1~1'uiJ~"Uf{(;ll"U~ 31 ll"U111'l~ 2554 lnrfufl~ 31 .run-nL;iuLow1:l!M

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Ltl'l:: 2553

1.11::0!l1J~1tJ

fvnMt 21154 11ft 2&63 .nln"nlftrnll

.nln11L;iuLQW1:tiM

2554

2553

2554

2553

2554

2553

2554

2553

rhl1Li1u~LUil11E~eflE~u!Ji,;'YJ11lqj uiuu1~rhh~jYiii

199.42

142.73

201.73

141 .51

199.42

rhh~itun111hu1rurhhPiD~u (~1u!J1YJ)

199.42 271.95

142.73 241 .86

201.73 271.95

141 .51 241.86

199.42 271.95

142.73 142.73 241.86

201.73 201.73 271.95

141.51 141.51 241.86

19.39

271.95 0.73

241.86 0.59

271.95 0.74

241.86 0.59

271.95 0.73

261.25 0.55

271.95 0.74

261.25 0.54

~1U1U~ULl11l"I\!~EEn411lU1VU~1tl1LOiiVti1~J1\lU"n ~ull11l"I\!Li1ULYiiJ'I1n1utf111'1\!LLLlfl~RYJii~'I~~E ~ULl11JI\!~NIJ~~i1EEnlflul!J'\r:iiu~~~EIJILYIU 41u1u~ull111'l!t11Loiivti1~J,!lun~i 1um11i1u1rurhl1fiE~u (~1u~u) rhl1fiE~U (U1YJhlu)

Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31, 2011 and 2010

21. REDUCTION OF ACCUMULATED DEFICIT At the extraordinary shareholders' meeting held on May 9, 2005, the shareholders had approved the elimination of the Company's accumulated deficit as of March 31 , 2005 by transfers from the paid - in capital from reduction in par value and the premium on share capital. 22. LEGAL RESERVE Under the Public Limited Companies Act., the Company is required to set aside as legal reserve of at least 5% of its net income at each dividend declaration until the reserve reaches 10% of authorized share capital. This reserve is not available for dividend distribution. 23. DIVIDEND PAID At the shareholders' meetings held on April 21, 2011 and April 21 , 2010, the shareholders approved to pay dividend amounted Baht 78.89 million at Baht 0.30 per share and amounted Baht 131.14 million at Baht 0.55 per share, respectively. At the directors' meeting held on August 11 , 2011 approved to pay interim dividend amounted Baht 41 .95 million at Baht 0.15 per share 24. PROVIDENT FUND Under Provident Fund Act., the Company, its subsidiaries and their employees have joined a TISCO Ruamtun 2 Registered Provident Fund scheme in September 2005. This fund is managed by an approved financial institution. Each employee contributes an amount depending on his/her length of service and the Company contributes the same amount. 25. EXPENSES BY NATURE The significant expenses classified by nature for the years ended December 31, 2011 and 2010 are as follows:

BAHT CONSOLIDATED FINANCIAL STATEMENTS

2011 Changes in inventories of finished goods and work in process decrease (increase) Purchase finished goods Raw materials and consumables used Employee benefits expenses Management benefit expense Depreciation and amortization expenses Loss from defective and obsolete inventories Bad debt and doubtful accounts (reversal allowance for doubtful account) Loss (gain) on exchange rate

SEPARATE FINANCIAL STATEMENTS

2010

2011

2010

(20,473,405.75) 1'169,000.00 1,099,577,029.17 201 ,734,876.94 35,150,542.84 40,106,571 .18 908,382.56

(15,069,931 .03) 120,000.00 904,346,723.25 160,896,743.81 32,526,862.50 35,662,303.03 734,561.49

(22.676,640.00) 1,169,000.00 1'129,093,561.94 175,676,139.14 30,316,042.84 37,985,753.18 908,382.56

(11,079,238.2 1) 120,000.00 935,481 ,950.36 142,278,830.31 28,739,846.50 33,446,238.64 734,561.49

(306,216. 78) 7,207,339.27

1,605,000.00 (7,987,672.08)

(507,809.47) 6,944,134.41

1,605,000.00 (7,987,672.08)

26. EARNINGS PER SHARE COMPUTATION Earnings per share computation in the consolidated and separate financial statements for the years ended December 31, 2011 and 2010, consisted of:

For the years ended December31, 2011and 2010 CONSOLIDATED FINANCIAL STATEMENTS

Profit attributable to equity holders of the parent Adjustment of profit for the years Profit for the calculation of earning per share (million Baht) The weighted average number of ordinary shares outstanding The incremental ordinary shares from the warrants assumed to be issued without consideration The weighted average number of ordinary shares for the calculation of earnings per share (million shares) Earnings per share (Baht I share)

SEPARATE FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

2011

2010

2011

2010

2011

2010

2011

2010

199.42

142.73

201 .73

141 .51

199.42

142.73

201.73

141.51

199.42 271 .95

142.73 241 .86

201 .73 271.95

141 .51 241.86

199.42 271.95

142.73 241.86

201.73 271.95

141.51 241.86

19.39

271 .95 0.73

241 .86 0.59

271.95 0.74

241.86 0.59

271.95 0.73

261.25 0.55

271.95 0.74

261.25 0.54

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25.71

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1.66

0.17

0.18

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3.16

19.64

3.16

19.64

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10.93

9.43

30.79

0.56

(11.49)

(11 .49)

(9.43)

(29.78)

0. 18

0.19

11.35

9.26

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0.02

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Vi L~ [J'liJfl\1 71~fi\INI'ltl7::1[J'l1UCilfllJLL'VlU1U7tl~u ~\ld~u1l1WlJfl\IU1,;-'Vll1~1[Jfi\IUI'11'11'lViri1l1UCiiCil1~n!Jl1~1[Ji11ii1[Jll~n'V17'WVLLI'l::Cill'l1Cilll~n'Vli''WV

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2554

2553

2554

2553

35,150,542.84

32,526,862.50

30,316,042.84

28,739,846.50

Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

27. TRANSACTIONS WITH RELATED PARTIES The significant business transactions with related parties for the year 2011 and 2010 are as follows:

MILUONBAHT Transfer pricing policy (In year 2011 only)

CONSOUDATED FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS 2011

2010

2011

2010

0.02

0.03

Cost plus agreed margin

0.12

0.11

Cost plus agreed margin

Interest income

Rental income

0.12

Contract prices

25.71

7.99

108.83

64.37

Not different from the unrelated parties

Revenues from sales Revenues from services

Purchase

No interest charge due to stop recognition according to note 10 to the financial statements

The outstanding balances of the transactions with related parties as presented in the statements of financial position are as follows:

MILUONBAHT CONSOLIDATED FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS

Trade receivable

2011

2010

2011

2010

0.42

(0.42)

1.78

1.66

0.17

0.18

3.16

19.64

3.16

19.64

10.93

9.43

30.79

0.56

0.09

(11.49)

(9.43)

(29.78)

0.18

0.19

11.35

9.26

0.02

Allowance for doubtful accounttrade receivable Accrued income Advance payments Advance payment for goods Long - term loans Accrued interest income Allowance for doubtful accountlong - term loans and accrued interest income Trade payables Accrued expenses

Management benefit expenses Management benefit expenses consist the benefits paid to the Company's management such as salaries and related benefit including the benefit paid by other means. The Company's management are the persons who are defined under the Securities and Exchange. Management benefit expenses for the years ended December 31, 2011 and 2010 are as follows:

BAHT CONSOLIDATED FINANCIAL STATEMENTS

Management benefit expenses

SEPARATE FINANCIAL STATEMENTS

2011

2010

2011

2010

35,150,542.84

32,526,862.50

30,316,042.84

28,739,846.50

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1.95 5. 10 0.84

3.90 3.26 0.62

1.95 4.61 0.69

I'Mml -3Un1-,L~al

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7.71

7.63

7.37

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52.51

25.79

52.51

25.79

496.02

344.99

483.44

341.92

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

28. AGREEMENTS - The Company has signed a license agreement with a foreign company and a technical assistance agreement with another foreign campany and has been committed to play fees at the rate specified in the agreement. - The Company and its subsidiaries have long - term lease commitment outstanding on a warehouse, vehicles, and equipment for the expiration dates range from 2011-2015. Future minimum payments under the leases are as follows:

PERIOD (MIWON BAHT) CONSOLIDATED FINANCIAL STATEMENTS Lease agreements Warehouse Vehicles Equipment

SEPARATE FINANCIAL STATEMENTS

Not later than one year

Later than one year and not later than five years

Not later than one year

Later than one year and not later than five years

3.90 3.60 0.67

1.95 5.10 0.84

3.90 3.26 0.62

1.95 4.61 0.69

Rental expenses under the above leases for the years ended December 31 , 2011 and 2010 are as follows:

MILUONBAHT CONSOLIDATED FINANCIAL STATEMENTS

Rental expenses

2011 7.98

SEPARATE FINANCIAL STATEMENTS

2010

2011

2010

7.71

7.63

7.37

29. COMMITMENT AND CONTINGENT LIABILITIES As of December 31 , 2011 and 2010, the Company and its subsidiaries have commitments and contingent liabilities as follows: MILLION BAHT CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

2011

2010

2011

2010

52.51

25.79

52.51

25.79

496.02

344.99

483.44

341.92

29.1 Unused letters of credit in foreign currency (equivalent to Thai Baht)

29.2 Contingent liabilities to bank for letter of guarantees

29.3 As of December 31, 2011, the Company has contingent liabilities for guarantee to a subsidiary company's credit facilities of Baht 10 million with a financial institution.

29.4 In November 2011, the Company paid a deposit for acquisition of land to construct a factory in amount of Baht 11.75 million and as of December 31 , 2011, it had commitment of Baht 105.75 million . However, on January 12, 2012, the Company has paid up the said amount and the ownership has been transferred to the Company.

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2554

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1,559.57

1,069.93

295.11

422.11

1,854.68

1,492.04

497.59

344.49

57.52

96.59

555.11

431.29

28.27

27.90

l'h1~~1£J1Un11'll1£J

109.73

79.06

f'h1~~1£J1um"luim"l

198.23

175.03

7.21

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25.88

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36.49

199.42

142.73

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271.51

98. 14

105.34

369.65

296.66

256.49

239.74

1,312.82

1,149.06

1,938.96

1,685.46

31. ll1HL~ul~

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

30. FINANCIAL INFORMATION BY SEGMENT

The Company's and its subsidiaries' operations involve the manufacturing, repairing and maintenance service of transformer equipment, which are carried on in both Thailand and foreign countries. Financial informations of the Company and its subsidiaries as of December 31 , 2011 and 2010, broken down by geographic segment, are as follows:

MILLION BAHT CONSOLIDATED FINANCIAL STATEMENT

Domestic Revenues from sale and servives Gross profit

Total

Foreign

2011

2010

2011

2010

2011

2010

1,559.57

1,069.93

295.11

422.11

1,854.68

1,492.04

497.59

344.49

57.52

96.59

555.11

431.29

28.27

27.90

Other income Selling expenses

109.73

79.06

Administrative expenses

198.23

175.03

Others expense Finance cost Income tax expenses Profit (loss) for the years Trade receivable - net

271 .51

191 .32

98.14

105.34

7.21

21 .29

25.88

47.50

36.49

199.42

142.73

369.65

296.66

256.49

239.74

Other assets

1,312.82

1,149.06

Total assets

1,938.96

1,685.46

Property, plant and equipment - net

31 . TAX EXPENSES

For the year ended December 31 , 2011 , the Company has written off the loans and accrued interest to bad debts as described in the note 1.2 to financial statements which is according to the procedures and conditions specified in the Revenue Code, effecting decrease in taxable profit. 32. EVENT AFTER THE REPORTING PERIOD

On January 19, 2012, the Company has guaranteed the credit facilities in amount of Baht 175.5 million to a subsidiary.

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~u1lit'f1i)J1::u::&u

4,580,607.23

6,068,963.30

1,837,945.84

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26,419A87.56

26,419,487.56

34,894,050.64

(31,000,094.79)

3,893,955.85

34,420,344.68

(30,650,505.02)

3,769,839.66

34,229,929.93

33,517,144.38

26,521,468.82

(26,521 ,468.82)

26,009,999.98

(26,009,999.98)

15,508,373.19

(7,708,461.11)

14,942,657.36

(7,507,144.40)

7,799,912.08

7,435,512.96

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9,791,905.36

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74,172,376.64

4,886,608.21

79,058,984.85

74,172,376.64

4,886,608.21

79,058,984.85

- l'h1-H~1u1um1uil111

157,1 83,083.30

17,848,348.93

175,031,432.23

145,738,834.95

14,061,332.93

159,800,167.88

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32,526,862.50

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28,739,846.50

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1,041 ,463,793.79 1,049,676,442.37

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Tirathai Public Company Limited Annual Report 2011

NOTES TO FINANCIAL STATEMENTS Tirathai Public Company Limited and it's Subsidiaries

For the year ended December 31 , 2011 and 2010

33. RECLASSIFICATION OF ACCOUNTS

Certain accounts in the financial statements as presented herein for comparative purpose have been reclassified to conform with the current period's classifications , with no effect on the net profit (loss) or shareholders' equity as previously reported. The significant reclassifications are as follows: BAHT CONSOLIDATED FINANCIAL STATEMENTS As previously reported

SEPARATE FINANCIAL STATEMENTS

After Reclassification Reclassification

As previously reported

Reclassification

After Reclassification

Statement of financial position as at December 31 , 2010 - Other receivables

4,580,607.23

6,068,963.30

- Short -term loans to related parties

1,837,945.84

(1 ,837,945.84)

26,419,487.56

- Other current assets -

26,419,487.56

34,894,050.64

(31,000,094.79)

3,893,955.85

34,420,344.68

(30,650,505.02)

3,769,839.66

34,229,929.93

33,517,144.38

- Accrued expenses

26,521,468.82

(26,521,468.82)

26,009,999.98

(26,009,999.98)

-Others

15,508,373.19

(7,708,461.11)

7, 799,912.08

14,942,657.36

(7,507,144.40)

7,435,512.96

- Advances payment for goods -Others - Other payables - accrued expenses - Other current liabilities

BAHT CONSOLIDATED FINANCIAL STATEMENTS As previously reported

Reclassification

After Reclassification

SEPARATE FINANCIAL STATEMENTS As previously reported

Reclassification

After Reclassification

Statement of comprehensive income for the year ended December 31 , 2010 - Cost of sales

1,031,671 ,888.43

9,791,905.36

- Selling expenses

74,172,376.64

4,886,608.21

1,041,463,793.79 1,049,676,442.37 79,058,984.85

74,172,376.64

9,791 ,905.36

1,059,468,347.73

4,886,608.21

79,058,984.85

-Administrative expenses

157,183,083.30

17,848,348.93

175,031,432.23

- Management benefit expenses

32,526,862.50

(32,526,862.50)

145,738,834.95

14,061 ,332.93

159,800,167.88

28,739,846.50

(28,739,846.50)

34. APPROVAL OF FINANCIAL STATEMENTS

The financial statements have been approved on February 24, 2012, by the Board of Directors of the Company.

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(02) 234-1676 (02) 237-2133

Name Nature of Business

Head office Registration Number Website Telephone Fax Registered Capital Paid-up Capital Number of Issued Ordinary Shares Par Value Investor Relation Email Tel Reference Registrar Address Telephone Facsimile Auditor

Address Tel Fax

Tirathai Public Company Limited ("Company") Manufacturer and distributor for both distribution and power transformers including installation service, oil filtering and filling service, maintenance, modification and repair, and testing of the transformers together with providing transformer rental service to customers. 516/1 Moo 4 (Bangpoo Industrial Estate), Sukhumvit Rood , Tambon Prakekasa, Ampur Muang, Samutprakan, 10280 0107574800498 www.tirathai.co.th (02) 769-7699 (02) 323-0910, (02) 709-3236 Baht 280,322,000 Baht 279,898,396 (as of 31 December 2011) 279,898,396 shares (as of 31 December 2011) Baht 1 per shares Mr. Upakrom Thaweephoke, Executive Director and Company Secretary ir@tirathai.co.th (02) 769-7699 ext. 1220 Thailand Securities Depository Company Limited The Stock Exchange of Thailand Building, 62 Ratchadapisek Road, Klongtoey, Bangkok 10110 (02) 229-2800 (02) 359-1259 1. Mrs. Kesree Narongdej CPA No. 76 or 2. Mrs. Natsarak Sarochahunjeen CPA No.4563 or CPA No.4885 3. Mr. Sumit Khopaiboon A.M.T Associates Company Limited 491 /27 Silom Plaza, Silom Road , Bangrak, Bangkok 10500 (02) 234-1676 (02) 237-2133

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