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Page ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π 2Financial Highlight ¢âÕ¡Ÿ≈∑—Ë«‰ª 2General Information “√®“°ª√–∏“π°√√¡°“√ 4Message from the Chairman ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 5Business Characteristics ªí®®—¬§«“¡‡ ’Ë¬ß 13Risk Factors ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√∫√‘À“√ 19Shareholding Structure and Management √“¬°“√√–À«à“ß°—π 40Related Transactions §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ ·≈–º≈°“√¥”‡π‘πß“π 59Managementûs Discussion and Analysis and Operating Results √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕß∫°“√‡ß‘π 63Report of Board of Directorsû Responsibilities for Financial Statements √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ 64Report of the Audit Committee ß∫°“√‡ß‘π 65Financial Statements

Contents.indd 1 3/25/07 10:39:56 PM

2 Annual Report 2006

1. Financial Highlight

Financial summary from the Audited Financial Statements

2. General Information

Corporate InformationCompany : DSG International (Thailand) Public

Company LimitedNature of business : Product ion and distr ibut ion of

diapers for babies and adultsAddress of the : 448/11 Soi Ladphrao 53principal office (Chokechai 4), Ladphrao Road,

Ladphrao Sub-district, LadphraoDistrict, Bangkok Metropolis 10230.

Companyûs registration : 0107547001067numberWebsite : www.dsgt.co.thEmail : [email protected] : +66 2 933 2921-4,

+66 2 933 2744Facsimile : +66 2 933 2888Location of the Factory : No. 39 Village No. 1,

S I L Industrial Zone in Bualoy

1. ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π

√ÿª®“°ß∫°“√‡ß‘π∑’Ë‰¥â√—∫°“√µ√«® Õ∫·≈â«

2. ¢âÕ¡Ÿ≈∑—Ë«‰ª

¢âÕ¡Ÿ≈∫√‘…—∑

™◊ËÕ∫√‘…—∑ : ∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈(ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π)

ª√–‡¿∑∏ÿ√°‘® : ª√–°Õ∫∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à

∑’Ëµ—Èß ”π—°ß“π„À≠à : 448/11 Õ¬≈“¥æ√â“« 53 (‚™§™—¬ 4)∂ππ≈“¥æ√â“« ·¢«ß≈“¥æ√â“«‡¢µ≈“¥æ√â“« °√ÿß‡∑æ¡À“π§√ 10230

‡≈¢∑–‡∫’¬π∫√‘…—∑ : 0107547001067‡«Á∫‰´µå : www.dsgt.co.thÕ’‡¡≈å : [email protected]‚∑√»—æ∑å : +66 2 933 2921-4,

+66 2 933 2744‚∑√ “√ : +66 2 933 2888∑’Ëµ—Èß‚√ßß“π : ‡≈¢∑’Ë 39 À¡Ÿà 1 ‡¢µª√–°Õ∫°“√

Õÿµ “À°√√¡ ‡Õ ‰Õ ·Õ≈ √–∫ÿ√’µ”∫≈∫—«≈Õ¬ Õ”‡¿ÕÀπÕß·§®—ßÀ«—¥ √–∫ÿ√’ 18140

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 2548 2547Balance Sheet as of 31 December 2006 2005 2004 ‘π∑√—æ¬å√«¡ 1,403.5 1,503.3 1,568.9Total AssetÀπ’È ‘π√«¡ 561.7 1,002.9 1,174.0Total Liability à«π¢ÕßºŸâ∂◊ÕÀÿâπ 823.6 495.0 381.8Total Equity à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 18.2 5.4 13.1Minority Interest

°”‰√¢“¥∑ÿπ ÿ∑∏‘ (≈â“π∫“∑) 2549 2548 2547 (ª√–Àπ÷Ëß∑”„À¡à)

Profit & Loss for the year (Bt million) 2006 2005 2004 (pro-forma)

√“¬‰¥â®“°°“√¢“¬ 2,561.7 2,246.8 2,189.0Sales√“¬‰¥â√«¡ 2,579.9 2,266.9 2,200.0Total Revenue°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬¿“…’‡ß‘π‰¥â 211.3 145.2 131.5Profit Before Interest & Tax°”‰√ ÿ∑∏‘ 173.5 106.0 95.0Net Profit°”‰√µàÕÀÿâπ (∫“∑) 0.65 0.44 0.47EPS (Bt)®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ 265.0 240.0 200.0∂à«ßπÈ”Àπ—° (≈â“π)Weighted Shares (million)

3Annual Report 2006

‚∑√»—æ∑å : +66 3 637 3633-9‚∑√ “√ : +66 3 637 3753-4∑ÿπ®¥∑–‡∫’¬π : 300 ≈â“π∫“∑∑ÿπ∑’ËÕÕ°·≈– : 300 ≈â“π∫“∑‡√’¬°™”√–·≈â«Àÿâπ “¡—≠ : 300 ≈â“π∫“∑√“§“æ“√å : 1 ∫“∑

µ‘¥µàÕ∫√‘…—∑

∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π)448/11 ´Õ¬≈“¥æ√â“« 53 (‚™§™—¬ 4)∂ππ≈“¥æ√â“« ·¢«ß≈“¥æ√â“« ‡¢µ≈“¥æ√â“«°√ÿß‡∑æ¡À“π§√ 10230 ª√–‡∑»‰∑¬‚∑√»—æ∑å +66 2 933 2921-4, +66 2 933 2744‚∑√ “√ +66 2 933 2888Õ’‡¡≈å [email protected]

π“¬∑–‡∫’¬π∫√‘…—∑

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∂ππ√—™¥“¿‘‡…°·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110‚∑√»—æ∑å +66 2 229 2800‚∑√ “√ +66 2 359 1259

Àÿâπ®¥∑–‡∫’¬π

µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

µ—«¬àÕÀ≈—°∑√—æ¬å

DSGT

ºŸâ Õ∫∫—≠™’

∫√‘…—∑ ¥’≈Õ¬∑å ∑Ÿâ™ ‚∏¡—∑ ÿ ‰™¬¬» Õ∫∫—≠™’ ®”°—¥Õ“§“√√—®π“°“√ ™—Èπ 25183 ∂ππ “∑√„µâ ·¢«ß¬“ππ“«“‡¢µ “∑√ °√ÿß‡∑æœ 10120‚∑√»—æ∑å +66 2 676 5700‚∑√ “π +66 2 676 5757

∑’Ëª√÷°…“°ÆÀ¡“¬

∫√‘…—∑ ‰«∑å ·Õπ¥å ‡§ (ª√–‡∑»‰∑¬) ®”°—¥™—Èπ 22 Õ“§“√‡¡Õ√å§‘«√’Ë ∑“«‡«Õ√å540 ∂ππ‡æ≈‘π®‘µ ·¢«ß≈ÿ¡æ‘π’‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330‚∑√»—æ∑å +66 2 264 8000‚∑√ “√ +66 2 657 2222

Sub-district, Nong Khae District,Saraburi Province 18140

Telephone : +66 3 637 3633-9Fax : +66 3 637 3753-4Registered Capital : Baht 300 MillionIssued and : Baht 300 MillionPaid-up CapitalNo. of Ordinary Shares : Baht 300 MillionPar Value : Baht 1

Company ContactDSG International (Thailand) Public Company Limited448/11 Soi Ladphrao 53 (Chokechai 4)Ladphrao Road, Ladphrao DistrictBangkok Metropolis 10230 ThailandTel: +66 2 933 2921-4, +66 2 933 2744Fax: +66 2 933 2888Email: [email protected]

Company RegistrarThailand Securities Depository Co., Ltd.62 The Stock Exchange of Thailand Building,Ratchadaphisek Road, Klongtoey, Bangkok 10110Tel: +66 2 229 2800Fax: +66 2 359 1259

Share ListingThe Stock Exchange of Thailand (SET)

Companyûs Stock CodeDSGT

AuditorDeloitte Touche Tohmatsu Jaiyos Audit Co, Ltd.Rajanakarn Bldg. 25th Fl.,183 South Sathorn Road, Yannawa,Sathorn, Bangkok 10120Tel: +66 2 676 5700Fax: +66 2 676 5757

Legal AdvisorWhite & Case (Thailand) Limited22nd Fl., Mercury Tower,540 Ploenchit Road, Lumpini,Pathumwan, Bangkok 10330Tel: +66 2 264 8000Fax: +66 2 657 2222


3. “√®“°ª√–∏“π°√√¡°“√

„πªï 2549 ∂◊Õ‡ªìπªï∑’Ë¡’§«“¡æ‘‡»…µàÕ∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈(ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) ‚¥¬∫√‘…—∑œ ‰¥â‡¢â“‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡¡◊ËÕ«—π∑’Ë 9 ‘ßÀ“§¡2549 ÷Ëß∫√‘…—∑œ ‰¥â√—∫°“√µÕ∫√—∫‡ªìπÕ¬à“ß¥’„π™à«ß°“√¢“¬‡ πÕÀÿâπ “¡—≠µàÕª√–™“™π§√—Èß·√°

„π√Õ∫ªï 2549 ∑’Ëºà“π¡“π—Èπ ªØ‘‡ ∏‰¡à‰¥â«à“‡ªìπªï∑’Ë¡’§«“¡∑â“∑“¬µàÕ∫√‘…—∑œ ·≈–∫√‘…—∑Õ◊Ëπ Ê „πª√–‡∑»‰∑¬ ·≈–√«¡‰ª∂÷ßª√–‡∑»Õ◊Ëπ Ê ‚¥¬‡©æ“–„π¿“§Õÿµ “À°√√¡∑’ËµâÕß‡º™‘≠°—∫º≈°√–∑∫∑“ß‡»√…∞°‘®Õ—π‡°‘¥¡“®“°§«“¡º—πº«π®“°√“§“πÈ”¡—π Õ¬à“ß‰√°Áµ“¡ DSGT °Á “¡“√∂ºà“πæâπ™à«ß‡«≈“Õ—π¬“°≈”∫“°‰¥â¥â«¬¥’ æ√âÕ¡°—∫ “¡“√∂æ—≤π“¥â“π√“¬‰¥â·≈–°”‰√„πªï 2549 ¥â«¬‡√“‡™◊ËÕ«à“æ◊Èπ∞“π¢Õßª√–‡∑»‰∑¬·≈–ª√–‡∑»Õ◊Ëπ Ê „π‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ¬—ß§ß¥’·≈–¡’§«“¡‡¢â¡·¢Áß ·≈–‡æ◊ËÕ°â“«‰ª Ÿàªï 2550 ‡√“¬—ß‡™◊ËÕ«à“Õÿµ “À°√√¡ºâ“ÕâÕ¡ ”‡√Á®√Ÿª®–¥”‡π‘π·≈–°â“«Àπâ“µàÕ‰ª∑—Èß„π·≈–πÕ°ª√–‡∑»

„π à«π¢Õß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ „πªï 2549 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’°”‰√ ÿ∑∏‘§‘¥‡ªìπ®”π«π 173.49 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 63.7‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπÀπâ“ à«π°”‰√µàÕÀÿâπ (§”π«≥®“°®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° 256 ≈â“πÀÿâπ ®“°®”π«πÀÿâπ “¡—≠∑’Ë™”√–§√∫·≈â«®”π«π 300 ≈â“πÀÿâπ) §‘¥‡ªìπÕ—µ√“ 0.65 ∫“∑µàÕÀÿâπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å√«¡∑—ÈßÀ¡¥1,403.48 ≈â“π∫“∑ („πªï 2548 ¡’ ‘π∑√—æ¬å√«¡ 1,503.32 ≈â“π∫“∑)·≈–¡’Àπ’È ‘π√«¡ 561.66 ≈â“π∫“∑ („πªï 2548 ¡’Àπ’È ‘π√«¡ 1,002.95≈â“π∫“∑) ‡π◊ËÕß®“°°“√≈¥≈ß¢Õß‡ß‘π°Ÿâ®“° ∂“∫—π∑“ß°“√‡ß‘π (®”π«π172.12 ≈â“π∫“∑„πªï 2549 ·≈–®”π«π 547.47 ≈â“π∫“∑„πªï 2548)Õ—π‡ªìπº≈®“°°“√‡ πÕ¢“¬Àÿâπ “¡—≠µàÕª√–™“™π§√—Èß·√° (IPO) ·≈–°“√¥”‡π‘π∏ÿ√°‘®∑’Ëæ—≤π“¢÷Èπ

”À√—∫ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ §‘¥‡ªìπ®”π«π823.58 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ‡∑’¬∫°—∫ªï 2548 ∑’Ë¡’®”π«π 494.96 ≈â“π∫“∑ “‡Àµÿ¢Õß°“√‡æ‘Ë¡¢÷Èπ §◊Õ °“√®à“¬Àÿâπªíπº≈®”π«π 40 ≈â“πÀÿâπ°àÕπ IPO ‚¥¬¡’√“§“æ“√å≈– 1 ∫“∑ °“√‡ πÕ¢“¬Àÿâπ “¡—≠µàÕª√–™“™π§√—Èß·√°‡ªìπ®”π«π 60 ≈â“πÀÿâπ √“§“ 3.2∫“∑µàÕÀÿâπ ·≈–°”‰√ ÿ∑∏‘„πªï 2549

„πªï 2550 π’È ∫√‘…—∑œ ®–¥”‡π‘πß“πÕ¬à“ßµàÕ‡π◊ËÕß„π°‘®°√√¡‡ √‘¡ √â“ß§«“¡√Ÿâ®—°„π¬’ËÀâÕº≈‘µ¿—≥±å °“√æ—≤π“§ÿ≥¿“æ¢Õß ‘π§â“ ·≈–°“√¢¬“¬ ‘π§â“‰ª¬—ßµà“ß®—ßÀ«—¥„Àâ¡“°¢÷Èπ

„ππ“¡¢Õß§≥–°√√¡°“√∫√‘…—∑ º¡¢Õ¢Õ∫§ÿ≥ºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π∑’Ë„Àâ§«“¡‡™◊ËÕ¡—Ëπ·≈–‰«â«“ß„®„π°“√∫√‘À“√ß“π¢Õß§≥–°√√¡°“√∫√‘…—∑º¡„ππ“¡µ—«·∑π¢Õß§≥–°√√¡°“√∫√‘…—∑ ºŸâ∫√‘À“√ µ≈Õ¥®πæπ—°ß“π∑ÿ°§π ¢Õ„Àâ§”¡—Ëπ —≠≠“«à“®–ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡¡ÿàß¡—Ëπ ‡µÁ¡§«“¡ “¡“√∂ ‡æ◊ËÕ„Àâ‡°‘¥º≈ª√–‚¬™πå Ÿß ÿ¥µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“πµàÕ‰ª ÿ¥∑â“¬π’È º¡¢Õ¢Õ∫§ÿ≥≈Ÿ°§â“ ∫√‘…—∑§Ÿà§â“ ∑’Ë„Àâ°“√ π—π πÿπ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ Õ¬à“ß¥’¬‘Ëß¡“‚¥¬µ≈Õ¥

π“¬ ÿ¬ ™ÿ¬ ≈—¬ª√–∏“π°√√¡°“√

3. Message from the Chairman

The year 2006 was indeed a very special one for DSGInternational (Thailand) Public Company Limited. The companybecame listed on the Stock Exchange of Thailand on 9August 2006, and DSGT shares were very well receivedduring its IPO.

There is no denying that 2006 has been an especiallychal lenging year for DSGT as wel l as for many othercompanies in Thailand and the rest of the world. Most of theindustries had to face the economic impact brought about by thesurge of oil prices. DSGT had weathered through this difficultmoment and had improved both its revenue as well as theprofitability in 2006. We believe the fundamentals underlyingThailand and other South East Asia countries will remain good andstrong. As we move into 2007, we believe the diaper industry willcontinue to enjoy growth both domestically and regionally.

For the year 2006, the Company and its subsidiaries recorded a netprofit of Baht 173.49 million, an increase of 63.7% from the previousyear. Earnings per share (based on 265 million weighted shares of300 million paid up shares) is Baht 0.65 per share.

As at 31 December 2006, the Company and its subsidiaries havetotal assets at Baht 1,403.48 million (Baht 1,503.32 million in 2005)and total liabilities at Baht 561.66 million (Baht 1,002.95 million in2005). This was due to the reduction of loan from financial institu-tions (Baht 172.12 million in 2006 vs Baht 547.47 million in 2005)with the proceeds of IPO and improved operat ingperformance.

Shareholdersû equity of the Company and its subsidiarieswas Baht 823.58 million as of 31 December 2006 versus 494.96million at the end of 2005. The increase was due mainly to 40million of stock dividend distributed Pre IPO at Baht 1 par value, 60million shares of IPO at Baht 3.2 per share, and 2006 net profits.

In 2007, we continue our brand building activities, product qualityupgrade and distribution expansion in provinces.

On behalf of the Board of Directors, I wish to thank all ourshareholders for their confidence and support. I also wish to assureall our shareholders that we will continue to work in their bestinterests in enhancing shareholdersû value. Last but certainly notthe least, I would like to take this opportunity to express our sincerethanks and gratitude to all our business partners and customers fortheir steadfast support.

Mr. Tsui Shui LaiChairman of the Board of Directors

5Annual Report 2006

4. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® √ÿª≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß DSGT

∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (ª√–‡∑»‰∑¬) ®”°—¥ (çDSGTé)°àÕµ—Èß‡¡◊ËÕ«—π∑’Ë 20 æƒ…¿“§¡ 2537 ®“°°“√√à«¡¡◊Õ°—π¢Õß DSGIF ·≈–°≈ÿà¡§√Õ∫§√—«Õπÿ«ß»åπÿ‡§√“–Àå‡æ◊ËÕ¥”‡π‘π∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° ·≈–ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à

„πªï 2547 DSGT ‰¥â‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° 25 ≈â“π∫“∑ ‡ªìπ 200≈â“π∫“∑ ·≈–„πªï‡¥’¬«°—ππ—Èπ DSGT ‰¥âª√—∫‚§√ß √â“ß„π°“√∂◊ÕÀÿâπ‚¥¬‰¥â∂◊ÕÀÿâπ∑—ÈßÀ¡¥„π∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈ ´Õø∑å °Ÿä¥ (¡“‡≈‡ ’¬)‡Õ ¥’‡Õπ ∫’‡Õ™¥’ (çDSGMLé)∫√‘…—∑ ¥’‡Õ ®’ (¡“‡≈‡´’¬) ‡Õ ¥’‡Õπ∫’‡Õ™¥’ (çDSGMSBé) ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈ ´Õø∑å °Ÿä¥ (‡Õ ) æ’∑’Õ’ ≈‘¡‘‡µÁ¥ (çDSGSé) ∫√‘…—∑ ·Õä¥«â“π´å ‡«™¿—≥±å ®”°—¥ (çAMSé) ·≈–∂◊ÕÀÿâπ√âÕ¬≈– 60 ∫√‘…—∑ æ’∑’ ¥’‡Õ ®’ ‡´Õ¬“ ¡“ Õ‘π‚¥π’‡ ’¬ (çPTDSGé)‚¥¬«—µ∂ÿª√– ß§å„π°“√ª√—∫‚§√ß √â“ß ‡æ◊ËÕ∑’Ë®–∑”„Àâ°“√®”Àπà“¬ ‘π§â“¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ “¡“√∂§√Õ∫§≈ÿ¡‰¥â∑—Ë«∑—Èß¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ·≈–‡æ◊ËÕªÑÕß°—π§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∑’ËÕ“®‡°‘¥¢÷ÈππÕ°®“°π’È DSGT ‰¥â∑”°“√·ª√ ¿“æ∫√‘…—∑®“°‡¥‘¡∫√‘…—∑ ®”°—¥ ‡ªìπ∫√‘…—∑¡À“™π„πªïπ’ÈÕ’°¥â«¬

„π‡¥◊Õπ ¡‘∂ÿπ“¬π ªï 2549 ∫√‘…—∑œ ‰¥â∑”°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° 200≈â“π∫“∑ ‡ªìπ 300 ≈â“π∫“∑ ¡’∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ‡ªìπ 240 ≈â“π∫“∑·∫àß‡ªìπÀÿâπ “¡—≠®”π«π 240 ≈â“πÀÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1.00 ∫“∑

DSGT ‰¥â‡¢â“‡ªìπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „π«—π∑’Ë 9 ‘ßÀ“§¡ 2549 ÷Ëß‰¥â¡’°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 60≈â“πÀÿâπ‡ πÕ¢“¬„Àâ·°àª√–™“™π§√—Èß·√° ∑”„Àâªí®®ÿ∫—π DSGT ¡’∑ÿπ™”√–·≈â«‡ªìπ®”π«π∑—Èß ‘Èπ 300 ≈â“π∫“∑

ªí®®ÿ∫—π ∫√‘…—∑œ ‰¥â¥”‡π‘π∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕøîµµ’È (çFitti

®é) ‡æÁ∑‡æÁ∑ (çPet Pet

®é) ‡∫∫’È‡≈‘ø

(çBaby Love®é) ·≈–øîµµ’È‡∫ ‘§ (çFitti

® Basicé) ·≈–ºâ“ÕâÕ¡ ”‡√Á®√Ÿª

”À√—∫ºŸâ„À≠à¬’ËÀâÕ¥‘ ‚ªÑ123 (çDispo 123®é) ·Œπ¥’È (çHandyTMé)

‡´Õ√å‡∑πµ’È°“√å¥ (çCertainty® Guardé) ·≈–‡´Õ√å‡∑πµ’È (çCertainty

®é)

‚¥¬∫√‘…—∑œ ‰¥â∑”°“√¬â“¬∞“π°“√º≈‘µ®“° π‘§¡Õÿµ “À°√√¡∫“ßªŸ ‰ª∑’Ë ‡¢µª√–°Õ∫°“√Õÿµ “À°√√¡ ‡Õ ‰Õ ·Õ≈ √–∫ÿ√’ „πªï 2547 πÕ°®“°π’È ∫√‘…—∑œ ¬—ß‰¥â√—∫∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ (BOI) „π°“√º≈‘µ®“° ∂“π∑’Ëµ—Èß¢Õß∞“π°“√º≈‘µªí®®ÿ∫—π

·≈– ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 DSGT ¡’æπ—°ß“π∑—ÈßÀ¡¥ 380 §π

4. Business CharacteristicsSummary of DSGT Business Operations

DSG Internat ional (Thai land) Limited (çDSGTé) wasestablished on 20 May 1994 as a collaboration between DSGInternational Limited and the Anuwongnukroh Family, to be in thebusiness of producing and distributing baby diapers.

In 2004, DSGT increased its registered capital from Baht25 million to Baht 200 million. In the same year, DSGTrestructured its holding structure so that it wholly owns the sharesof Disposable Soft Goods (Malaysia) Sdn Bhd (çDSGMLé), DSG(Malaysia) Sdn Bhd (çDSGMSBé), Disposable Soft Goods (S)Pte Limited (çDSGSé), Advance Medical Supplies Co., Ltd. (çAMSé)and has a 60% shareholding in PT DSG Surya Mas Indonesia(çPTDSGé). The objective of the restructuring was to ensurethat the distribution of the Companyûs and subsidiariesû productswould cover the whole of Southeast Asia and also to rule out anypotential conflict of interest among the subsidiaries. The year alsosaw DSGT complete its conversion into a public company.

In June 2006, the Company increased its registered capital from Baht200 million to Baht 300 million. Paid-up capital was increased to Baht240 million, comprising of 240 million shares at Baht 1.00 par value.

DSGT was listed on the Stock Exchange of Thailand (çSETé) on9 August 2006. The Company issued 60 million new shares inthe public offering. DSGT now has a paid-up capital of Baht 300million.

Today, the Company is producing and distributing babydiapers under the brand names of çFitt i®é, çPet Pet®é,çBaby Love®é, and çFitti® Basicé and adult diapers under the brandnames of çDispo123®é, çHandyTMé, çCertainty® Guardé andçCertainty®é. The Companyûs production plant was relocated fromBangpoo Industrial Estate to SIL Industrial Estate in SaraburiProvince in 2004. The Company has been granted with variousinvestment promotional incentives by the Board of Investment (BOI)for its production from the present location.

As at 31 December 2006, DSGT has 380 employees.


∫√‘…—∑¬àÕ¬¢Õß DSGT

1) ∫√‘…—∑ ·Õä¥«â“π´å ‡«™¿—≥±å ®”°—¥ (çAMS (‰∑¬)é)

AMS (‰∑¬) ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 29 µÿ≈“§¡ 2524 ¡’∑ÿπ®¥∑–‡∫’¬π

4,000,000 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠ 4,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈–

1,000 ∫“∑ ™”√–‡µÁ¡¡Ÿ≈§à“·≈â«‚¥¬¡’§√Õ∫§√—«Õπÿ«ß»åπÿ‡§√“–Àå∂◊Õ

Àÿâπ∑—ÈßÀ¡¥ ‡æ◊ËÕπ”‡¢â“·≈–/À√◊Õ®—¥®”Àπà“¬º≈‘µ¿—≥±å ”À√—∫‡¥Á°

º≈‘µ¿—≥±å ”À√—∫ºŸâ„À≠à º≈‘µ¿—≥±å·ºàπ√Õß´—∫ º≈‘µ¿—≥±åºâ“‡¬Áπ ·≈–

º≈‘µ¿—≥±åºâ“Õπ“¡—¬ µàÕ¡“„π‡¥◊Õπæƒ…¿“§¡ 2537 ∫√‘…—∑œ‰¥â´◊ÈÕ

Àÿâπ¢Õß AMS (‰∑¬) √«¡√âÕ¬≈– 49 ®“°§√Õ∫§√—«Õπÿ«ß»åπÿ‡§√“–Àå

·≈–„Àâ AMS (‰∑¬) ∑”°“√µ≈“¥·≈–‡ªìπºŸâ®—¥®”Àπà“¬ºâ“ÕâÕ¡

”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕ øîµµ’È ‡∫∫’È‡≈‘ø ‡æÁ∑‡æÁ∑ ·≈–øîµµ’È‡∫ ‘§ ºâ“

ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à¬’ËÀâÕ ¥‘ ‚ªÑ 123 ·Œπ¥’È ‡´Õ√å‡∑πµ’È°“√å¥ ·≈–

‡´Õ√å‡∑πµ’È ”À√—∫°“√¢“¬¿“¬„πª√–‡∑»¢Õß∫√‘…—∑œ πÕ°®“°π’È AMS

(‰∑¬) ‰¥â´◊ÈÕ·≈–®—¥®”Àπà“¬·ºàπ√Õß —∫¬’ËÀâÕ´Õø‡∑Á°´å ‡∫∫’È·æÁ¥ ºâ“

‡¬Áπ¬’ËÀâÕøîµµ’È·≈–‰Œ-§Ÿ≈ ·≈–ºâ“Õπ“¡—¬¬’ËÀâÕ≈‘≈≈’Ë „π‡¥◊Õπæƒ»®‘°“¬π

2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß DSGT §√—Èß∑’Ë 2/2547 ‡¡◊ËÕ«—π∑’Ë

10 æƒ»®‘°“¬π 2547 ‰¥â¡’¡µ‘„Àâ´◊ÈÕÀÿâπ¢Õß AMS (‰∑¬) à«π∑’Ë‡À≈◊Õ

Õ’°√âÕ¬≈– 51 ®“°§√Õ∫§√—«Õπÿ«ß»åπÿ‡§√“–Àå‡æ◊ËÕªÑÕß°—π§«“¡¢—¥·¬âß

∑“ßº≈ª√–‚¬™πå∑’ËÕ“®‡°‘¥¢÷Èπ ‚¥¬‰¥â∑”°“√‚ÕπÀÿâπ ·≈–∏ÿ√°‘®‡°’Ë¬«°—∫

°“√∫√‘°“√¥â“π°“√µ≈“¥·≈–°“√®—¥®”Àπà“¬∑’Ë°√–∑”Õ¬Ÿà„Àâ·°à DSGT

‡ªìπ∑’Ë‡√’¬∫√âÕ¬·≈â«„π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2548 ªí®®ÿ∫—π AMS (‰∑¬) ‰¡à

‰¥â¥”‡π‘π∏ÿ√°‘®„¥Ê

2) ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈ ´Õø∑å °Ÿä¥ (¡“‡≈‡´’¬) ‡Õ ¥’‡Õπ ∫’‡Õ™¥’

(çDSGML (¡“‡≈‡´’¬ - ®”Àπà“¬)é)

DSGML (¡“‡≈‡´’¬ - ®”Àπà“¬) ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 16 µÿ≈“§¡ 2538

¥â«¬∑ÿπ®¥∑–‡∫’¬π 100,000 √‘ß°‘µ ·∫àß‡ªìπÀÿâπ “¡—≠ 100,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 √‘ß°‘µ·≈–¡’∑ÿπ∑’Ë™”√–·≈â« 3 √‘ß°‘µ µàÕ¡“‡¡’ËÕ«—π∑’Ë 29

æƒ»®‘°“¬π 2547 ‰¥â‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π‡ªìπ 5 ≈â“π√‘ß°‘µ ·∫àß‡ªìπÀÿâπ

“¡—≠ 5 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 √‘ß°‘µ ·≈–¡’∑ÿπ™”√–·≈â« 3,000,003

√‘ß°‘µ DSGML (¡“‡≈‡ ’¬ - ®”Àπà“¬) ª√–°Õ∫°‘®°“√®”Àπà“¬·≈–

∑”°“√µ≈“¥º≈‘µ¿—≥±åºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à„πª√–‡∑»

¡“‡≈‡´’¬ ‚¥¬®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° ÷Ëßº≈‘µ‚¥¬ DSGT ·≈–

∫√‘…—∑ ¥’‡Õ ®’ (¡“‡≈‡´’¬) ‡Õ ¥’‡Õπ ∫’‡Õ™¥’ (çDSGMSB (¡“‡≈‡´’¬ -

º≈‘µ)é) ·≈–π”‡¢â“ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à®“°∫√‘…—∑œ ∑—Èßπ’È

DSGML (¡“‡≈‡ ’¬ - ®”Àπà“¬) ®”Àπà“¬ ‘π§â“ºà“πºŸâ§â“ª≈’°·≈–√“¬¬àÕ¬

√«¡∂÷ß√â“π§â“‡™àπ §“√åøŸ ‡∑ ‚°â ‡¥Õ– ‚µ√å ‡¡¥‘π ·≈–´Ÿ‡ªÕ√å ‚µ√å™—Èππ”

µà“ßÊ „πª√–‡∑»¡“‡≈‡ ’¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 DSGML (¡“‡≈‡ ’¬

- ®”Àπà“¬) ¡’æπ—°ß“π¢“¬·≈–æπ—°ß“π°“√µ≈“¥√«¡∑—Èß ‘Èπ 96 §π

3) ∫√‘…—∑ ¥’‡Õ ®’ (¡“‡≈‡ ’¬) ‡Õ ¥’‡Õπ ∫’‡Õ™¥’ (çDSGMSB (¡“‡≈‡´’¬ - º≈‘µ)é)

DSGMSB (¡“‡≈‡´’¬ - º≈‘µ) ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 2 ∏—π«“§¡ 2541 ¥â«¬

∑ÿπ®¥∑–‡∫’¬π 5 ≈â“π√‘ß°‘µ ·∫àß‡ªìπÀÿâπ “¡—≠ 5 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1

√‘ß°‘µ ·≈–¡’∑ÿπ∑’Ë™”√–·≈â« 2 √‘ß°‘µ µàÕ¡“‡¡◊ËÕ«—π∑’Ë 8 ‡¡…“¬π 2542

‰¥â‡æ‘Ë¡∑ÿπ™”√–·≈â«‡ªìπ®”π«π 3,400,002 √‘ß°‘µ ·≈–„π«—π∑’Ë 30

æƒ»®‘°“¬π 2542 ‰¥â‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π‡ªìπ 10 ≈â“π√‘ß°‘µ ·≈–¡’∑ÿπ

™”√–·≈â« 3,400,002 √‘ß°‘µ DSGMSB (¡“‡≈‡´’¬ - º≈‘µ) ª√–°Õ∫

°‘®°“√º≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° ‚¥¬‰¥â√—∫„∫Õπÿ≠“µ°“√º≈‘µ

®“°°√–∑√«ßÕÿµ “À°√√¡¢Õßª√–‡∑»¡“‡≈‡ ’¬ (Malaysian Industrial

DSGT Subsidiaries

1) Advance Medical Supplies Co., Ltd. (çAMSé)AMS was founded on 29 October 1981 with registeredcapital of Baht 4,000,000 divided into 4,000 ordinary shares at parvalue of Baht1,000 and was fully paid-up. All shares of AMS wereheld by the Anuwongnukroh Family, with the objective to importand/or distribute baby products, adult products, absorbent sheetproducts, cold refreshing towels and sanitary napkins. Later in May1994, the Company bought 49% of AMS’ shares from theAnuwongnukroh Family and AMS was assigned to do themarketing and distribution of baby diaper products under the brandnames of Fitti, Baby Love, Pet Pet and Fitti Basic; the adult diapersunder the brand names of Dispo 123, Handy, Certainty Guard andCertainty for domestic sale. In addition, AMS purchased andarranged for the distribution of absorbent sheet under the brandnames of Softex, Baby Pad, Cool Refresh Towels under the brandnames of Fitti and High-Cool and the sanitary napkin of Lily brand.In November 2004, the extraordinary meeting of shareholders ofDSGT No. 2/2004 held on 10 November 2004, adopted a resolutionapproving the purchase of the remaining 51 percent of AMS’ sharesfrom the Anuwongnukroh Family to prevent possible conflict ofinterest that might happen. The transfer of shares and the transferof marketing and distribution business functions to DSGT havebeen completed in February 2005. Currently, AMS does not haveany operation.

2) Disposable Soft Goods (Malaysia) SDN BHD (çDSGMLé)DSGML was founded on 16 October 1995 with authorized capitalof 100,000 Ringgit divided into 100,000 shares at par value of 1Ringgit per share with the paid-up capital of 3 Ringgit. Later on 29November 2004, the Company increased its authorized capital to5 million Ringgit divided into 5 million share at par value of 1 Ringgitper share with paid-up capital of 3,000,003 Ringgit. DSGMLoperates the business of distributing and marketing of baby diapersand adult diapers in Malaysia by selling baby diapers that weremanufactured by DSGT and DSG (Malaysia) SDN BHD (çDSGMSBé)and imported adult diapers from the Company. DSGML distributesits goods by way of wholesalers and retailers as well as to retailchains such as Carrefour, Tesco, The Stores, Mydin and variousleading superstores in Malaysia. As at 31 December 2006, DSGMLhas a total of 96 sales force and marketing personnel.

3) DSG (Malaysia) SDN BHD (çDSGMSBé)DSGMSB was founded on 2 December 1998 with authorizedcapital of 5 million Ringgit divided into 5 million shares at par valueof 1 Ringgit with paid-up capital of 2 Ringgit. Later, on 8 April1999, the Company increased its paid up capital to 3,400,002Ringgit and on 30 November 1999, the Company increased itsauthorized capital to 10 million Ringgit with paid-up capital of3,400,002 Ringgit. DSGMSB operates the business ofmanufacturing baby diapers which is licensed by Malaysian

7Annual Report 2006

Development Authority: MIDA) ‡¡◊ËÕ«—π∑’Ë 19 æƒ…¿“§¡ 2542 µàÕ¡“

‡¡◊ËÕ«—π∑’Ë 9 °ÿ¡¿“æ—π∏å 2545 DSGMSB (¡“‡≈‡ ’¬ - º≈‘µ) ‰¥â√—∫

Õπÿ≠“µ„Àâ¬â“¬‚√ßß“π‰ª¬—ß‚√ßß“π·Ààß„À¡à ÷Ëßµ—ÈßÕ¬Ÿà∑’Ëπ‘§¡Õÿµ “À°√√¡

Sungai Penaga ª√–‡∑»¡“‡≈‡´’¬ ¡’‡π◊ÈÕ∑’Ë 88,400 µ“√“ßøÿµ (ª√–¡“≥

5 ‰√à) ·≈–¡’‡§√◊ËÕß®—°√ ”À√—∫º≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 3 ‡§√◊ËÕß

‚¥¬¡’°”≈—ßº≈‘µ√«¡ 312.87 ≈â“π™‘ÈπµàÕªï ∑—Èßπ’È DSGMSB (¡“‡≈‡´’¬ -

º≈‘µ) ¢“¬ ‘π§â“ „πª√–‡∑»ºà“π DSGML (¡“‡≈‡´’¬ - ®”Àπà“¬) ·≈–

àßÕÕ°‰ª¬—ßµà“ßª√–‡∑»‰¥â·°à ‘ß§‚ª√å øî≈‘ªªîπ å ‡«’¬¥π“¡ ∫√Ÿ‰π Õ‘π‡¥’¬

ª“°’ ∂“π ·≈– °≈ÿà¡ª√–‡∑»µ–«—πÕÕ°°≈“ßºà“π∫√‘…—∑„π‡§√◊Õ·≈–

∫√‘…—∑Õ◊ËπÊ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 DSGMSB (¡“‡≈‡´’¬ - º≈‘µ)

¡’æπ—°ß“π√«¡∑—Èß ‘Èπ 162 §π

4) ∫√‘…—∑ æ’∑’ ¥’‡Õ ®’ ‡´Õ¬“ ¡“ Õ‘π‚¥π’‡ ’¬ (çPTDSG (Õ‘π‚¥π’‡ ’¬)é)

PTDSG (Õ‘π‚¥π’‡ ’¬) ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 25 ‡¡…“¬π 2540 ¥â«¬°“√

√à«¡∑ÿπ√–À«à“ß DSGIF °—∫π“¬‚´≈‘ µ‘‚Õ Õ—∫¥ÿ≈ Õ‡≈Á° ÷Ëß‡ªìπºŸâ∂◊ÕÀÿâπ™“«

Õ‘π‚¥π’‡ ’¬ „πÕ—µ√“ à«πª√–¡“≥√âÕ¬≈– 60 µàÕ√âÕ¬≈– 40 ‚¥¬¡’∑ÿπ®¥

∑–‡∫’¬π 28,824 ≈â“π√Ÿ‡ªï¬ ·∫àß‡ªìπÀÿâπ “¡—≠®”π«π 12,000 Àÿâπ ¡Ÿ≈§à“

Àÿâπ≈– 2,402,000 √Ÿ‡ªï¬ ·≈–¡’∑ÿπ™”√–·≈â« 7,200 Àÿâπ √«¡¡Ÿ≈§à“

17,294.40 ≈â“π√Ÿ‡ªï¬ ‡æ◊ËÕª√–°Õ∫°‘®°“√º≈‘µ·≈–®”Àπà“¬º≈‘µ¿—≥±åºâ“

ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° ÷Ëß°√–∑”ºà“π∑“ß∫√‘…—∑ æ’∑’·æπ§à“ ‡∑‡≈πµâ“ ¡“

„πª√–‡∑»Õ‘π‚¥π’‡ ’¬ (´÷Ëß∂◊ÕÀÿâπ‚¥¬°≈ÿà¡ºŸâ∂◊ÕÀÿâπ™“«Õ‘π‚¥π’‡ ’¬¢â“ßµâπ

√âÕ¬≈– 100) ‚√ßß“π¢Õß PTDSG (Õ‘π‚¥π’‡´’¬) µ—ÈßÕ¬Ÿà∑’Ë Cikande-Serang

ª√–‡∑»Õ‘π‚¥π’‡ ’¬ ∫π‡π◊ÈÕ∑’Ëª√–¡“≥ 25 ‰√à ¡’‡§√◊ËÕß®—°√º≈‘µºâ“ÕâÕ¡

”‡√Á®√Ÿª ”À√—∫‡¥Á° 1 ‡§√◊ËÕß ·≈–°”≈—ß°“√º≈‘µ 94.23 ≈â“π™‘ÈπµàÕªï ≥ «—π

∑’Ë 31 ∏—π«“§¡ 2549 PTDSG (Õ‘π‚¥π’‡´’¬) ¡’æπ—°ß“π√«¡∑—Èß ‘Èπ 66 §π

5) ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈ Õø∑å °Ÿä¥ (‡Õ )æ’∑’Õ’ ≈‘¡‘‡µÁ¥ (çDSGS ( ‘ß§‚ª√å)é)

DSGS ( ‘ß§‚ª√å) ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 12 ‘ßÀ“§¡ 2526 ¥â«¬∑ÿπ®¥

∑–‡∫’¬π 2 ≈â“π‡À√’¬≠ ‘ß§‚ª√å ·∫àß‡ªìπÀÿâπ “¡—≠ 2 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈–

1 ‡À√’¬≠ ‘ß§‚ª√å ·≈–¡’∑ÿπ∑’Ë™”√–·≈â« 1.5 ≈â“π‡À√’¬≠ ‘ß§‚ª√å ‡æ◊ËÕ

ª√–°Õ∫°‘®°“√®”Àπà“¬ ·≈–∑”°“√µ≈“¥º≈‘µ¿—≥±åºâ“ÕâÕ¡ ”‡√Á®√Ÿª

”À√—∫‡¥Á°·≈–ºŸâ„À≠à„πª√–‡∑» ‘ß§‚ª√å ‚¥¬‡√‘Ë¡ª√–°Õ∫°‘®°“√„πªï

2534 ∑—Èßπ’È DSGS ( ‘ß§‚ª√å) π”‡¢â“ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°®“°

DSGMSB (¡“‡≈‡ ’¬ - º≈‘µ) ·≈–ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à®“°

∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 DSGS ( ‘ß§‚ª√å) ¡’æπ—°ß“π

√«¡∑—Èß ‘Èπ 15 §π

Industrial Development Authority MIDA on 19 May 1999. Later,on 9 February 2002, DSGMSB was permitted to relocate its plantto a new plant location, which is situated at Sungai PenagaIndustrial Park, Malaysia, having an area of 88,400 square feet(approximately 5 rai) with 3 machines for making baby diapers andwith a total production capacity of 312.87 million pieces per year.DSGMSB sells its products domestically via DSGML and exportsthem to Singapore, the Philippines, Vietnam, Brunei, India, Pakistanand the Middle East countries by way of its affiliates and othercompanies. As at 31 December 2006, DSGMSB has a total of162 employees.

4) PT DSG Surya Mas Indonesia (çPTDSGé)PTDSG was founded on 25 April 1997 by DSGIF holdingapproximately 60 percent and Mr. Abdul Alek Soelystio, anIndonesian partner holding 40 percent with registered capital of28,824 million Rupia divided into 12,000 ordinary shares at parvalue of 2,402,000 Rupia and paid-up capital of 7,200 shares attotal value of 17,294.40 million Rupia, with the objective to operatea business of manufacturing baby diapers and distribute theproducts through PT Panca in Indonesia. (PT Panca is wholly ownedby such Indonesian partner.) The plant of PTDSG is located atCikande-Serang, Indonesia on a total area of 25 rai. The plant has1 machine to manufacture baby diapers with production capacityof 94.23 million pieces per year. As at 31 December 2006, PTDSGhas a total of 66 employees.

5) Disposable Soft Goods (S) Pte Limited (çDSGSé)DSGS was founded on 12 August 1983 with SGD2 million ofauthorized capital, which is divided into 2 million shares at par valueof SGD1 and SGD1.5 million paid-up capital with the objective tosell and market the baby and adult diapers in Singapore. DSGScommenced operation in 1991. DSGS imports baby diapers fromDSGMSB and adult diapers from the Company. As at 31December 2006, DSGS has a total of 15 employees.


Revenue structureThe Companyûs revenue structure and that of its subsidiaries areas shown in tables below:

‚§√ß √â“ß√“¬‰¥â

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬· ¥ßµ“¡µ“√“ß¥—ßπ’È

¡Ÿ≈§à“°“√®”Àπà“¬º≈‘µ¿—≥±å¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ (¿“¬À≈—ßÀ—°√“¬°“√√–À«à“ß°—π)

Value of Sales of the Products of the Companyûs and its Subsidiaries (After Elimination of Inter-company Transactions)

Àπà«¬ : ∫“∑Unit : Baht

À¡“¬‡Àµÿ : 1 Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â‰¥â·°à Remarks: 1 Exchange Rate

2 √“¬‰¥â®“°°“√¢“¬„πª√–‡∑» À¡“¬∂÷ß √“¬‰¥â®“°°“√¢“¬„πª√–‡∑»‰∑¬ ¡“‡≈‡´’¬ Õ‘π‚¥π’‡´’¬ ·≈– ‘ß§‚ª√å

3 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß ∫√‘…—∑ æ’∑’·æπ§à“ ‡∑‡≈πµâ“ ¡“ (çPT Pancaé)4 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈ Õø∑å °Ÿä¥ ≈‘¡‘‡µÁ¥

(çDSGLé) ·≈–∫√‘…—∑ ¥‘ ‚æ -‡´‡∫‘≈ Õø∑å °Ÿä¥ (´Õß™“π) (çDSGZé)5 √“¬‰¥â®“°°“√¢“¬Õ◊Ëπ‰¥â·°à√“¬‰¥â®“°°“√¢“¬º≈‘µ¿—≥±å∑’Ë‰¡à„™à

º≈‘µ¿—≥±åºâ“ÕâÕ¡ ”‡√Á®√Ÿª ‡™àπ √“¬‰¥â®“°°“√¢“¬∫√√®ÿ¿—≥±å·ºàπ√Õß´—∫ ºâ“‡¬Áπ ºâ“Õπ“¡—¬ ‡ªìπµâπ

2 Domestic Sales mean Sales in Thailand, Malaysia, Indonesia,and Singapore

3 Related Parties means PT Panca4 Related Parties means DSGL and DSGZ5 Other sales include sales from non-diaper products i.e. absorbent

sheet, Cool Refresh Towels, and the sanitary napkin

√“¬‰¥â®“°°“√¢“¬„πª√–‡∑»2

Domestic sales2:ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 1,501.25 68.58% 1,485.44 66.11% 1,714.59 66.93%Baby diapers∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 186.85 8.53% 148.05 6.59% 144.66 5.65%Related Parties3

∫√‘…—∑Õ◊Ëπ 1,314.40 60.05% 1,337.39 59.53% 1,569.93 61.28%Othersºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 442.41 20.21% 505.10 22.48% 566.63 22.12%Adult diapers∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 49.31 2.25% 54.20 2.41% 60.43 2.36%Related Parties3

∫√‘…—∑Õ◊Ëπ 393.10 17.96% 450.90 20.07% 506.20 19.76%Others√“¬‰¥â®“°°“√¢“¬µà“ßª√–‡∑»Export sales:ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 28.38 1.30% 40.14 1.79% 72.30 2.82%Baby diapers∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß4 - - - - - -Related Parties4

∫√‘…—∑Õ◊Ëπ 28.38 1.30% 40.14 1.79% 72.30 2.82%Othersºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 116.11 5.30% 108.50 4.83% 98.97 3.87%Adult diapers∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß4 103.88 4.75% 92.52 4.12% 86.22 3.37%Related Parties4

∫√‘…—∑Õ◊Ëπ 12.23 0.56% 15.98 0.71% 12.75 0.50%Others√“¬‰¥â®“°°“√¢“¬Õ◊Ëπ5 100.82 4.61% 107.58 4.79% 109.21 4.26%Other sales5

√«¡√“¬‰¥â 2,188.97 100.00% 2,246.76 100.00% 2,561.70 100.00%Total income

25471 25481 25491

20041 20051 20061

≈â“π∫“∑ —¥ à«π ≈â“π∫“∑ —¥ à«π ≈â“π∫“∑ —¥ à«πTHB mm % THB mm % THB mm %

Õ—µ√“·≈°‡ª≈’Ë¬π ªï 2547 ªï 2548 ªï 2549Exchange rate 2004 2005 2006

1 √‘ß°‘µ¡“‡≈‡´’¬ ‡∑à“°—∫ (∫“∑) 10.4058 10.6269 10.33871 Malaysian Ringgit

1,000 √Ÿ‡ªï¬Õ‘π‚¥π’‡´’¬‡∑à“°—∫ (∫“∑) 4.3846 4.1496 4.13441,000 Indonesian Rupia

1 ¥Õ≈≈à“√å ‘ß§‚ª√å‡∑à“°—∫ (∫“∑) 24.0964 24.1545 23.83621 Singapore dollar

9Annual Report 2006



À¡“¬‡Àµÿ :1 - ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘πª√–Àπ÷Ëß∑”„À¡à ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31

∏—π«“§¡ 2547 ´÷Ëß®—¥∑”‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ- Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ª√–Àπ÷Ëß∑”„À¡à ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 §◊Õ 1 √‘ß°‘µ¡“‡≈‡´’¬‡∑à“°—∫ 10.4058 ∫“∑ 1,000 √Ÿ‡ªï¬Õ‘π‚¥π’‡´’¬ ‡∑à“°—∫ 4.3846 ∫“∑·≈– 1 ¥Õ≈≈“√å ‘ß§‚ª√å ‡∑à“°—∫ 24.0964 ∫“∑ (¢âÕ¡Ÿ≈®“°∫√‘…—∑œ)

2 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß ∫√‘…—∑ æ’∑’·æπ§à“ ‡∑‡≈πµâ“ ¡“ (çPT Pancaé)

3 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß PT Panca ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈´Õø∑å °Ÿä¥ ≈‘¡‘‡µÁ¥ (çDSGLé) ·≈–∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈´Õø∑å °Ÿä¥ (´Õß™“π) (çDSGZé)

4 √“¬‰¥â®“°°“√¢“¬Õ◊Ëπ‰¥â·°à√“¬‰¥â®“°°“√¢“¬º≈‘µ¿—≥±å∑’Ë‰¡à„™àº≈‘µ¿—≥±åºâ“ÕâÕ¡ ”‡√Á®√Ÿª ‡™àπ √“¬‰¥â®“°°“√¢“¬∫√√®ÿ¿—≥±å·ºàπ√Õß´—∫ ºâ“‡¬Áπ ºâ“Õπ“¡—¬ ‡ªìπµâπ

Àπà«¬: ≈â“π∫“∑Unit: million Baht

Remarks:1 - Data based on the Consolidated Pro forma Financial Statements

for the year ended 31 December 2004 prepared by themanagement

- Currency exchange rate applied to the Pro forma FinancialStatements for the year ended 31 December 2004 is 1Malaysian Ringgit is equal to Baht 10.4058; 1,000 IndonesianRupia is equal to Baht 4.3846 and 1 Singapore dollar is equalto Baht 24.0964 (Source: the Company)

2 Related Parties means PT Panca3 Related Parties means PT Panca, DSGL and DSGZ4 Other sales include sales from non-diaper products i.e.

absorbent sheet, Cool Refresh Towels, and the sanitary napkin

DSGML DSGMSB

ß«¥ 1 ªï ‘Èπ ÿ¥ (¡“‡≈‡´’¬- (¡“‡≈‡´’¬- PTDSG DSGS

≥ «—π∑’Ë 31 ∏—π«“§¡ 25471 DSGT AMS (‰∑¬) ®”Àπà“¬) º≈‘µ) (Õ‘π‚¥π’‡´’¬) ( ‘ß§‚ª√å) √«¡ —¥ à«π

1 year period ended TOTAL Ratio

31 December 20041

√“¬‰¥â®“°°“√¢“¬„πª√–‡∑»Domestic sales:

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 2.93 559.89 629.30 - 180.95 118.12 1,491.19 68.12%Baby diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß2 - - - - 176.79 - 176.79 8.08%Related Parties2

∫√‘…—∑Õ◊Ëπ 2.93 559.89 629.30 - 4.16 118.12 1,314.40 60.05%Others

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 4.35 351.57 20.67 - - 16.50 393.10 17.96%Adult diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß2 - - - - - - - -Related Parties2

∫√‘…—∑Õ◊Ëπ 4.35 351.57 20.67 - - 16.50 393.10 17.96%Others

√“¬‰¥â®“°°“√¢“¬µà“ßª√–‡∑»Export sales:

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 0.31 - - 36.73 - 1.40 38.43 1.75%Baby diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 - - - 10.05 - - 10.05 0.46%Related Parties3

∫√‘…—∑Õ◊Ëπ 0.31 - - 26.68 - 1.40 28.38 1.30%Others

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 163.72 - - 0.68 - 1.03 165.43 7.56%Adult diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 153.20 - - - - - 153.20 7.00%Related Parties3

∫√‘…—∑Õ◊Ëπ 10.52 - - 0.68 - 1.03 12.23 0.56%Others

√“¬‰¥â®“°°“√¢“¬Õ◊Ëπ4 10.51 87.86 - - - 2.45 100.82 4.61%Other sales4

√«¡√“¬‰¥â 181.82 999.32 649.97 37.41 180.95 139.50 2,188.97 100.00%Total income

—¥ à«π 8.31% 45.65% 29.69% 1.71% 8.27% 6.37% 100.00%Ratio





ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 465.79 46.26 731.89 - 138.63 93.17 1,475.74 65.68%Baby diapers


∫√‘…—∑Õ◊Ëπ 465.79 46.26 731.89 - 0.28 93.17 1,337.39 59.53%Others

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 382.05 30.70 23.63 - - 14.52 450.90 20.07%Adult diapers


∫√‘…—∑Õ◊Ëπ 382.05 30.70 23.63 - - 14.52 450.90 20.07%Others


ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 2.54 - - 41.19 4.87 1.24 49.84 2.22%Baby diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 - - - 9.70 - - 9.70 0.43%Related Parties3

∫√‘…—∑Õ◊Ëπ 2.54 - - 31.49 4.87 1.24 40.14 1.79%Others



∫√‘…—∑Õ◊Ëπ 14.65 - - 0.43 - 0.90 15.98 0.71%Others

√“¬‰¥â®“°°“√¢“¬Õ◊Ëπ4 98.13 7.04 - - - 2.41 107.58 4.79%Other sales4

√«¡√“¬‰¥â 1,109.88 84.00 755.52 41.62 143.50 112.24 2,246.76 100.00%Total income

—¥ à«π 49.40% 3.74% 33.63% 1.85% 6.39% 4.99% 100.00%Ratio

Àπà«¬: ≈â“π∫“∑Unit: million Baht

À¡“¬‡Àµÿ :1 - ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘πª√–Àπ÷Ëß∑”„À¡à ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31

∏—π«“§¡ 2548 ´÷Ëß®—¥∑”‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ- Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ª√–Àπ÷Ëß∑”„À¡à ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 §◊Õ 1 √‘ß°‘µ¡“‡≈‡´’¬‡∑à“°—∫ 10.6269 ∫“∑ 1,000 √Ÿ‡ªï¬Õ‘π‚¥π’‡´’¬ ‡∑à“°—∫ 4.1496∫“∑ ·≈– 1 ¥Õ≈≈“√å ‘ß§‚ª√å ‡∑à“°—∫ 24.1545 ∫“∑(¢âÕ¡Ÿ≈®“°∫√‘…—∑œ)

2 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß ∫√‘…—∑ æ’∑’·æπ§à“ ‡∑‡≈πµâ“ ¡“ (çPT Pancaé)

3 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß PT Panca ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈´Õø∑å °Ÿä¥ ≈‘¡‘‡µÁ¥ (çDSGLé) ·≈–∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈´Õø∑å °Ÿä¥ (´Õß™“π) (çDSGZé)


Remarks:1 - Data based on the Consolidated Pro forma Financial Statements

for the year ended 31 December 2005 prepared by themanagement

- Currency exchange rate applied to the Pro forma FinancialStatements for the year ended 31 December 2005 is 1Malaysian Ringgit is equal to Baht 10.6269; 1,000 IndonesianRupia is equal to Baht 4.1496 and 1 Singapore dollar is equal toBaht 24.1545 (Source: the Company)



DSGML DSGMSB



1 year period ended TOTAL Ratio

31 December 20051

11Annual Report 2006


Value of Sales of the Products of the Companyûs and its Subsidiaries (After Elimination of Inter-company Transactions)Àπà«¬: ≈â“π∫“∑Unit: million Baht

À¡“¬‡Àµÿ :1 - ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π√–À«à“ß°“≈¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ß«¥ “¡‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ÷Ëß‰¥â√—∫°“√ Õ∫∑“π®“°ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈â«

- Õ—µ√“·≈°‡ª≈’Ë¬π ∑’Ë„™â„π°“√®—¥∑”ß∫°“√‡ß‘π√–À«à“ß°“≈ ”À√—∫ß«¥ “¡‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 §◊Õ 1 √‘ß°‘µ¡“‡≈‡ ’¬‡∑à“°—∫ 10.3387 ∫“∑ 1,000 √Ÿ‡ªï¬Õ‘π‚¥π’‡´’¬ ‡∑à“°—∫ 4.1344∫“∑ ·≈– 1 ¥Õ≈≈“√å ‘ß§‚ª√å ‡∑à“°—∫ 23.8362 ∫“∑ (¢âÕ¡Ÿ≈®“°∫√‘…—∑œ)

2 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß ∫√‘…—∑ æ’∑’·æπ§à“ ‡∑‡≈πµâ“ ¡“ (çPT Pancaé)3 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ¡“¬∂÷ß PT Panca ∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈

´Õø∑å °Ÿä¥ ≈‘¡‘‡µÁ¥ (çDSGLé) ·≈–∫√‘…—∑ ¥‘ ‚æ ‡´‡∫‘≈´Õø∑å °Ÿä¥ (´Õß™“π) (çDSGZé)


Remarks:1 - Data based on the Consolidated Financial Statements for the

year ended 31 December 2006 audited by the auditor- Currency exchange rate applied to the Consolidated FinancialStatements for one year period ended 31 December 2006 is1 Malaysian Ringgit is equal to Baht 10.3387; 1,000 IndonesianRupia is equal to Baht 4.1344 and 1 Singapore dollar is equalto Baht 23.8362 (Source: the Company)



DSGML DSGMSB



1 year period ended DSGT AMS DSGML DSGMSB PTDSG DSGS TOTAL Ratio

31 December 20061


ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 560.95 (0.14) 902.99 - 137.88 105.91 1,707.59 66.66%Baby diapers


∫√‘…—∑Õ◊Ëπ 560.95 (0.14) 902.99 - 0.22 105.91 1,569.93 61.28%Others

ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à 463.44 (0.01) 27.93 - - 14.84 506.20 19.76%Adult diapers


∫√‘…—∑Õ◊Ëπ 463.44 (0.01) 27.93 - - 14.84 506.20 19.76%Others


ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á° 4.82 - - 62.02 11.42 1.04 79.30 3.10%Baby diapers

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß3 3.25 - - 3.75 - - 7.00 0.28%Related Parties3

∫√‘…—∑Õ◊Ëπ 1.57 - - 58.27 11.42 1.04 72.30 2.82%Others



∫√‘…—∑Õ◊Ëπ 11.25 - - 0.45 - 1.05 12.75 0.50%Others

√“¬‰¥â®“°°“√¢“¬Õ◊Ëπ4 108.40 - - - - 0.81 109.21 4.26%Other sales4

√«¡√“¬‰¥â 1,295.51 (0.15) 930.92 62.47 149.30 123.66 2,561.70 100.00%Total income

—¥ à«π 50.57% (0.01)% 36.34% 2.44% 5.83% 4.83% 100.00%Ratio


°“√µ≈“¥·≈–¿“«–°“√·¢àß¢—π

1) ¿“«–Õÿµ “À°√√¡¢Õßºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°

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Market Outlook and Competition

1) Industry Outlook For Disposable Baby Diapers:Industry Outlook for Baby Diapers in ThailandBaby diaper industry in Thai land has been growingconsistently at about 9-10 percent per year by the average.Currently, total market value is approximately Baht 4.6 billion orapproximately 689 mill ion pieces a year. The Companyestimated that the market for baby diapers still had ample space forconsistent growth with potential market expanding to Baht 11.2billion or 1,668 million pieces per year.

Industry Outlook for Baby Diapers in MalaysiaThe disposable baby diapers market in Malaysia is highlycompetit ive with companies competing on price sinceMalaysian consumers are very price conscious. Currently, the totalmarket value is estimated to be approximately Baht 7.7 billion ayear or equivalent to approximately 1,667 million pieces in volume.The total market potential is estimated to be Baht 8.5 billion a yearor equivalent to approximately 1,847 million pieces in volume.

Industry Outlook for Baby Diapers in IndonesiaThe disposable baby diapers market in Indonesia has the highestpotential due to its huge population and low conversion rate.Currently, the total Indonesian disposable baby diapers market isest imated at Baht 1 bi l l ion a year or equivalent toapproximately 194 million pieces in volume. The total marketpotential is estimated to be Baht 37 billion a year or equivalent toapproximately 7,400 million pieces in volume.

Industry Outlook for Baby Diapers in SingaporeCurrently, the total Singapore disposable baby diapersmarket is estimated at Baht 0.8 billion a year or equivalent toapproximately 169 million pieces in volume. The market in Singaporeis somewhat stagnant due to its low birth and high penetration rateon diaper usage.

With improved economic situations in South East Asia, the numberof babies converting from traditional cloth-diapers to disposablediapers has been increasing. In addition, daily consumption ofdiapers also increases with increased family income. Generallyspeaking, a disposable baby diaper is like an essential householdproduct for most of the families with babies. The Companyforesees a continuous growth potential of this industry in the SouthEast Asia region.

2) Industry Outlook For Disposable Adult Diapers:Industry Outlook for Adult Diapers in ThailandThe industry for adult diapers has been expanding. At present,consumers are not restricted to the elderly or patients withincontinence problems, they also include the elderly and patientsthat are bed bound. Adult diapers will therefore play an increasingrole in their daily lives as it offers more convenience, cleanlinessand hygiene for the said elderly or patients. With the improvementin economic condition and the increase in the aged population, theCompany foresees a continuous growth potential. Current market


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5. ªí®®—¬§«“¡‡ ’Ë¬ß

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size is about Baht 683 million or approximately 52.5 million piecesper year while the potential market size is estimated at Baht 3,523million or 271 million pieces per year.

Industry Outlook for Adult Diapers in MalaysiaSimilar to the situation in Thailand, the disposable adultdiapers market has been growing at about 10% per year and theCompany foresees such growth trends to continue. Currently, thetotal market value is estimated to be approximately Baht 455 milliona year or equivalent to approximately 33 million pieces in volume.The total market potential is estimated to be Baht 1,063 million ayear or equivalent to approximately 77 million pieces in volume.

Industry Outlook for Adult Diapers in IndonesiaThe improvement in Indonesian economy will encourage moreconsumption of disposable adult diapers as the product offersconvenience, cleanliness, and improves the environment hygiene.Currently, the total market value is estimated to be approximately Baht136 million a year or equivalent to approximately 7.7 million pieces involume. The total market potential is estimated to be Baht 10,190 milliona year or equivalent to approximately 579 million pieces in volume.

Industry Outlook for Adult Diapers in SingaporeDue to the current lifestyle driven by Singaporeûs socioeconomicadvancement, most people cannot spend a lot of time to take care ofthe incontinent or bed-ridden relatives, disposable adult diapersbecome an indispensable product in many households. Currently,the total market value is estimated to be approximately Baht 202million a year or equivalent to approximately 11.5 million pieces involume. The total market potential is estimated to be Baht 686 milliona year or equivalent to approximately 39 million pieces in volume.

5. Risk Factors

The risk factors mentioned in this clause are risks to some degreeof material significance that may have a negative impact on theCompany and the value of the Companyûs share. However, otherrisk factors, that are not known to the Company at this time or thatwhich the Company deems they are risks of no materialsignificance at the present time, may be the risk factors that canimpact on the Companyûs business, income, profitability, assets,liquidity, and the sources of capital or further business operation.Any forward-looking statements from the Company are also subjectto certain risks and uncertainty. Caution should be taken not toplace undue reliance on any such forward-looking statements.

Risk from the fluctuation of raw materials pricesImportant raw materials used in the manufacture of baby and adultdiapers are wood pulp, non-woven moisture transfer/blockage sheetsand Super Absorbent Polymer (çSAPé), whose total costs make upmore than 50% of total cost of raw materials. These raw materialshave the characteristics of being the commodity and imported rawmaterials. Cost of said raw materials is based on the world marketprice and is fluctuating on the basis of many factors, i.e., oil price,


§«“¡º—πº«π¢Õß√“§“«—µ∂ÿ¥‘∫®– àßº≈°√–∑∫‚¥¬µ√ßµàÕµâπ∑ÿπ°“√º≈‘µ·≈–°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ √“§“πÈ”¡—π¡’√“§“∑’Ë§ß∑’Ëª√–¡“≥ 60 ¥Õ≈≈“√å À√—∞ ·¡â«à“«—µ∂ÿ¥‘∫Õ◊ËπÊ Õ—π‰¥â·°à ‡¬◊ËÕ°√–¥“…·ºàπ àß/°—Èπ§«“¡™◊Èπ ·≈– øî≈¡å PE ®–¡’√“§“∑’Ë Ÿß¢÷Èπ‡≈Á°πâÕ¬ ·µà√“§“¢Õß “√¥Ÿ¥´—∫§«“¡™◊Èπ‰¥â¡’°“√ª√—∫≈¥≈ß ∑”„Àâ∫√‘…—∑œ‰¡à§“¥«à“®–¡’°“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß¡’π—¬ ”§—≠¢Õß√“§“«—µ∂ÿ¥‘∫¥—ß°≈à“«

§«“¡‡ ’Ë¬ß®“°°“√æ÷Ëßæ“ DSGIF ´÷Ëß‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à

¢Õß∫√‘…—∑œ

∫√‘…—∑œ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å™—Ëπ·π≈ ≈‘¡‘‡µÁ¥ ®”°—¥(DSGIF) ∑’Ë¥”‡π‘π∏ÿ√°‘®·≈–¡’∫√‘…—∑„π‡§√◊Õ∑’Ë¥”‡π‘π∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬µâÕßæ÷Ëßæ“ DSGIF „π°“√¥”‡π‘π°‘®°“√¥—ßπ’È

1) °“√®—¥À“«—µ∂ÿ¥‘∫ : DSGIF ‰¥â‡¢â“∑” —≠≠“‡°’Ë¬«°—∫°“√®—¥´◊ÈÕ«—µ∂ÿ¥‘∫¢Õß∑—Èß°≈ÿà¡∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF °—∫ºŸâ®—¥®”Àπà“¬«—µ∂ÿ¥‘∫ ‚¥¬ —≠≠“¥—ß°≈à“«§√Õ∫§≈ÿ¡∂÷ß°“√´◊ÈÕ«—µ∂ÿ¥‘∫¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥â«¬ °“√√«¡§«“¡µâÕß°“√«—µ∂ÿ¥‘∫¥—ß°≈à“«‡ªìπ°“√ √â“ßÕ”π“®°“√µàÕ√Õß„π°“√‡®√®“°—∫ºŸâ®—¥®”Àπà“¬ ∑—Èßπ’È√“§“¢Õß«—µ∂ÿ¥‘∫∑’Ë DSGIF ‰¥âµ°≈ß‰«â°—∫ºŸâ®—¥®”Àπà“¬«—µ∂ÿ¥‘∫Õ“®·µ°µà“ß°—π„π·µà≈–¿Ÿ¡‘¿“§ ‡π◊ËÕß®“°§«“¡µâÕß°“√·≈–§à“¢π àß„π·µà≈–¿Ÿ¡‘¿“§‰¡à‡∑à“°—π ¥—ßπ—ÈπÀ“° DSGIF ‰¡à„Àâ§«“¡™à«¬‡À≈◊Õ¥—ß°≈à“«·°à∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬·≈â« ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–µâÕß®—¥À“«—µ∂ÿ¥‘∫‡Õß∑”„Àâµâπ∑ÿπ«—µ∂ÿ¥‘∫¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®‡æ‘Ë¡¢÷Èπ ´÷Ëß®–¡’º≈°√–∑∫µàÕµâπ∑ÿπ°“√º≈‘µ·≈–°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

2) °“√«‘®—¬·≈–æ—≤π“ : °“√«‘®—¬·≈–æ—≤π“ ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–°√–∑”‚¥¬ DSGIF „π°“√æ—≤π“ ·≈–/À√◊Õ √√À“π«—µ°√√¡„À¡àÊ ‡æ◊ËÕº≈‘µ¿—≥±å„À¡àÀ√◊Õ‡æ◊ËÕ°“√æ—≤π“º≈‘µ¿—≥±å ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à™π‘¥„À¡à ∑—Èßπ’È∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ “¡“√∂„™âÀ√◊Õª√–¬ÿ°µåπ«—µ°√√¡„À¡àÀ√◊Õ«—µ∂ÿ¥‘∫„À¡à∑’Ëæ—≤π“‰¥â∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’ ‘ËßÕ”π«¬§«“¡ –¥«°·≈–∑√—æ¬“°√ Õ’°∑—Èß‡ªìπ°“√ ‘Èπ‡ª≈◊ÕßÀ“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–∑”°“√«‘®—¬·≈–æ—≤π“¥â«¬µπ‡Õß À“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à‰¥â√—∫Õπÿ≠“µ„Àâ„™âπ«—µ°√√¡„À¡à·≈–‡∑§‚π‚≈¬’®“°∑“ß DSGIF ®–‡ªìπ‡Àµÿ„Àâ‰¡à “¡“√∂æ—≤π“º≈‘µ¿—≥±å‰¥â

3) °“√„Àâ∫√‘°“√°“√∫√‘À“√®—¥°“√ : DSGIF „Àâ§«“¡™à«¬‡À≈◊Õ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„π¥â“π°“√∫√‘À“√®—¥°“√ ∑—Èß„π¥â“π°“√‡ß‘π(»÷°…“‚§√ß √â“ß∑“ß°“√‡ß‘π·≈–„Àâ§”·π–π”µ≈Õ¥®π„Àâ°“√ π—∫ πÿπ„π°“√®—¥À“·À≈àß‡ß‘π∑ÿπ‡æ◊ËÕ„™â„π°“√¢¬“¬∏ÿ√°‘®)°“√¥”‡π‘πß“π (µ‘¥µ“¡·≈–„Àâ°“√ π—∫ πÿπ¥â“π°“√∫√‘À“√ß“π„π°“√¥”‡π‘π∏ÿ√°‘®ª°µ‘) °“√ª√–™“ —¡æ—π∏å («“ß·ºπ°“√µ≈“¥·≈–°‘®°√√¡‡ √‘¡ √â“ß§«“¡√Ÿâ®—°„π¬’ËÀâÕº≈‘µ¿—≥±å (Brand BuildingCampaign)) ß“π‡≈¢“πÿ°“√ (¥Ÿ·≈„Àâ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ªØ‘∫—µ‘ß“π„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß)ß“π∑√—æ¬“°√∫ÿ§§≈ (®—¥„Àâ¡’°“√Ωñ°Õ∫√¡æπ—°ß“π∑’Ë‡À¡“– ¡) ‚¥¬∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–®à“¬§à“∫√‘°“√¥—ß°≈à“«„π√Ÿª¢Õß§à“∏√√¡‡π’¬¡°“√®—¥°“√ (Management Fees) „Àâ·°à DSGIF „πÕ—µ√“√âÕ¬≈– 1.0- 1.5 ¢Õß¬Õ¥¢“¬ ÿ∑∏‘‡©æ“–∑’Ë®”Àπà“¬„Àâ°—∫∫ÿ§§≈¿“¬πÕ° ∑—Èßπ’È —≠≠“¥—ß°≈à“«®–µàÕÕ“¬ÿÕ—µ‚π¡—µ‘ ¬°‡«âπ„π°√≥’∑’Ë§Ÿà —≠≠“ΩÉ“¬„¥ΩÉ“¬Àπ÷Ëß·®âß§«“¡ª√– ß§å®–¬°‡≈‘° —≠≠“ ‡ªìπ≈“¬≈—°…≥åÕ—°…√„Àâ§Ÿà —≠≠“∑√“∫≈à«ßÀπâ“‡ªìπ√–¬–‡«≈“ 12 ‡¥◊Õπ°àÕπ«—π

etc. Therefore, the fluctuation of the cost of raw materials shall havedirect impact on production cost and gross profit of the Companyand its subsidiaries. Oil prices have been stable at about US$ 60.Although materials like wood pulp and PE film have increased slightly,other materials like SAP has been softening. The Company doesnot expect significant changes in the overall raw materials costs.

Risk from being dependent on DSGIF, the major shareholderof the Company.The Company is a subsidiary of DSG International Limited (çDSGIFé),who has various affiliates in the business of producing and distrib-uting baby and adult diapers. The Company and its subsidiariesare dependent on DSGIF in the following major primary areas:1) Procurement of Raw Materials: DSGIF has entered into

supplier purchasing arrangements with several suppliers/distributors. The said procurement of the raw materials underthose arrangements also include the Companyûs and itssubsidiariesû purchase of raw materials. The consolidation ofraw material demand of DSGIF and its affiliates providesbargaining power with the suppliers. However, the price of rawmaterial in each region might be different due to the demandand freight cost in each respective region. Therefore, if DSGIFdoes not support the Company and its subsidiaries in thismatter and the Company and its subsidiaries may have topurchase raw materials on its own capacity at a higher price,which would impact their gross margin.

2) Research and Development: The research and developmentof the Company and of its subsidiaries is conducted by DSGIF,which innovates and develops new materials and technologiesfor new products and product improvements for the baby andadult diaper products. The Company and its subsidiaries havethe option to choose to use or not to use and to apply or notto apply the new materials and technologies. The Companyand its subsidiaries do not have the facilities and humanresources and it is also not economical for the Company andits subsidiar ies to conduct i ts own research anddevelopment. If the Company and its subsidiaries are notallowed to use the new innovations and technologies ofDSGIF, there may not be any new product development.

3) Operation/Management Assistance: DSGIF providesmanagement services to the Company and its subsidiaries onfinance (to study financial structure of the Company and itssubsidiaries and give advices and support on possible sourceof fund to meet the future expansion), operation (to monitorand provide management support for the day-to-dayoperations of the business of the Company and itssubsidiaries), public relation (to carry out marketing plan andbrand building campaign), company secretary (to ensure theCompany and its subsidiaries to comply with all legalrequirement), and human resources development (to providetraining courses in relation to the operation). The Company andits subsidiaries pay the management fees to DSGIF under theManagement Agreement, 1.0%-1.5% of total sales to the thirdparties based on the level of services provided by DSGIF. Thesaid agreement will be automatically renewable unless eitherparty decides to terminate the Agreement by way of giving awritten notice to the other party at least 12 months before the


‘Èπ ÿ¥ —≠≠“ ´÷ËßÀ“°¡’°“√¬°‡≈‘° —≠≠“®√‘ß√–¬–‡«≈“¥—ß°≈à“«πà“®–‡æ’¬ßæÕ∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ®– “¡“√∂ª√—∫ª√ÿß·≈–‡µ√’¬¡æ√âÕ¡„π°“√∫√‘À“√®—¥°“√¥â«¬µπ‡Õß

4) °“√„Àâ ‘∑∏‘„π°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“ : DSGIF ‰¥âÕπÿ≠“µ„Àâ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ „™â‡§√◊ËÕßÀ¡“¬°“√§â“∑’Ë DSGIF ‡ªìπ‡®â“¢Õß‚¥¬∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–®à“¬§à“≈‘¢ ‘∑∏‘Ï¥—ß°≈à“«„π√Ÿª¢Õß§à“∏√√¡‡π’¬¡°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“ (Royalty Fees) „πÕ—µ√“√âÕ¬≈– 3.5 ¢Õß√“¬‰¥â ÿ∑∏‘®“°°“√¢“¬ ‘π§â“„Àâ°—∫∫ÿ§§≈¿“¬πÕ° „Àâ·°à DSGIF À√◊Õ∫√‘…—∑„π‡§√◊Õ∑’Ë DSGIF ¡Õ∫ ‘∑∏‘„π°“√‡°Á∫§à“∏√√¡‡π’¬¡¥—ß°≈à“« ∑—Èßπ’È∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰∑¬·≈–¡“‡≈‡ ’¬‰¥â√—∫°“√ºàÕπº—π¬°‡«âπ§à“∏√√¡‡π’¬¡ ‘∑∏‘„π°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“¥—ß°≈à“«‡ªìπ‡«≈“ 5 ªï π—∫®“°«—π∑’Ë 1 ¡°√“§¡ 2548 À“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‰¡à‰¥â√—∫ ‘∑∏‘„π°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“¥—ß°≈à“«¢â“ßµâπ Õ“® àßº≈°√–∑∫µàÕ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â Õ¬à“ß‰√°Áµ“¡À“°æâπ®“°°”Àπ¥√–¬–‡«≈“ 5 ªï∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰∑¬·≈–¡“‡≈‡ ’¬‰¥â√—∫°“√¬°‡«âπ§à“∏√√¡‡π’¬¡¥—ß°≈à“«·≈– DSGIF‡√‘Ë¡‡°Á∫§à“∏√√¡‡π’¬¡ Õ—µ√“°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∑’Ë‰¥â√—∫°“√¬°‡«âπ§à“∏√√¡‡π’¬¡Õ“®≈¥≈ß

5) °“√„Àâ°“√ π—∫ πÿπ∑“ß°“√‡ß‘π : DSGIF ‰¥â„Àâ°“√ π—∫ πÿπ∑“ß°“√‡ß‘π·°à∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‡™àπ °“√„Àâ°Ÿâ¬◊¡‡æ◊ËÕ„™â‡ªìπ∑ÿπÀ¡ÿπ‡«’¬π ‚¥¬‰¡à¡’°”Àπ¥‡«≈“™”√–§◊π

®“°°“√æ÷Ëßæ“ DSGIF µ“¡∑’Ë°≈à“«¡“·≈â«¢â“ßµâπ®–‡ÀÁπ«à“ À“°∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬‰¡à‰¥â√—∫°“√ π—∫ πÿπ®“° DSGIF ·≈â« ∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘π°“√¢Õß∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬Õ“®‰¥â√—∫º≈°√–∑∫„π∑“ß≈∫Õ¬à“ß¡’π—¬ ”§—≠ Õ¬à“ß‰√°Áµ“¡„π∞“π–∑’Ë DSGIF ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ ∫√‘…—∑œ‡™◊ËÕ«à“ DSGIF ¬àÕ¡æ√âÕ¡„Àâ°“√ π—∫ πÿπ„π‡√◊ËÕß°“√¥”‡π‘πß“π„π¥â“πµà“ßÊ ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ¬à“ßµàÕ‡π◊ËÕß

§«“¡‡ ’Ë¬ß®“°°“√∑’Ë∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß

DSGIF ¥”‡π‘π∏ÿ√°‘®‡¥’¬«°—π

DSGIF ´÷Ëß‡ªìπ∫√‘…—∑·¡à¡’∫√‘…—∑„π‡§√◊ÕÕ◊ËππÕ°‡Àπ◊Õ®“°∫√‘…—∑œ·≈–

∫√‘…—∑¬àÕ¬∑’Ë¥”‡π‘π∏ÿ√°‘®‡¥’¬«°—∫∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡

”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à‡™àπ‡¥’¬«°—∫∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ß

Õ“®∂◊Õ‰¥â«à“¡’°“√·¢àß¢—π°—π∑“ß∏ÿ√°‘® ‚¥¬∫√‘…—∑„π‡§√◊Õ¥—ß°≈à“« ÷Ëß

DSGIF ‡ªìπºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥µ—ÈßÕ¬Ÿà„π À√—∞Õ‡¡√‘°“ (®”π«π 2 ∫√‘…—∑)

ŒàÕß°ß (®”π«π 1 ∫√‘…—∑) ·≈– “∏“√≥√—∞ª√–™“™π®’π (®”π«π 1

∫√‘…—∑) πÕ°®“°π’È°√√¡°“√À√◊ÕºŸâ∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

∫“ß∑à“π¥”√ßµ”·Àπàß‡ªìπ°√√¡°“√À√◊ÕºŸâ∫√‘À“√„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß

DSGIF ‰¥â°”Àπ¥¢Õ∫‡¢µ°“√µ≈“¥ ”À√—∫∫√‘…—∑„π‡§√◊Õ‰«âÕ¬à“ß™—¥‡®π

‚¥¬ DSGIF ‰¥â¡’Àπ—ß ◊Õ√—∫√Õß (Undertaking Letter) ∂÷ß DSGT ¬◊π¬—π

«à“ DSGIF ·≈–∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF ®–‰¡à∑”°“√·¢àß¢—πÀ√◊Õ

¬‘π¬Õ¡À√◊ÕÕπÿ≠“µ„Àâ∫ÿ§§≈Õ◊Ëπ„™â‡§√◊ËÕßÀ¡“¬ °“√§â“‡æ◊ËÕ¡“·¢àß¢—π°—∫

DSGT ·≈–∫√‘…—∑¬àÕ¬¢Õß DSGT „π‡¢µ∑’Ë DSGT ·≈–∫√‘…—∑¬àÕ¬ ‰¥â

√—∫ ‘∑∏‘„π°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“ (Licensed Territory) ‰¥â·°à ‰∑¬

¡“‡≈‡´’¬ Õ‘π‚¥π’‡´’¬ ·≈– ‘ß§‚ª√å ‡«âπ·µà°“√¢“¬º≈‘µ¿—≥±å¥—ß°≈à“«®–

°√–∑”ºà“π DSGT ·≈–/À√◊Õ∫√‘…—∑¬àÕ¬ ∑—Èßπ’È®π°«à“®– ‘Èπ ÿ¥ —≠≠“

Õπÿ≠“µ„Àâ„™â‡§√◊ËÕßÀ¡“¬°“√§â“¥—ß°≈à“« ‚¥¬ —≠≠“Õπÿ≠“µ„Àâ„™â

‡§√◊ËÕßÀ¡“¬°“√§â“ “¡“√∂µàÕÕ“¬ÿ‚¥¬Õ—µ‚π¡—µ‘‰¥â§√“«≈– 1 ªï

expiration of the Agreement. The notice period should besufficient for the Company and its subsidiaries to prepare toundertake the operational and management functions themselves.

4) Trademark License: DSGIF allows the Company and itssubsidiaries to use the trademarks that DSGIF is theultimate owner. In return, the Company and its subsidiariespay 3.5 percent of the net sale to the third parties asroyal ty fees under the Trademark License/Royal tyAgreement to DSGIF or its assigned affiliates. However,the Company and its subsidiar ies in Thai land andMalaysia have been granted an exemption from the royaltyfees for use of the said trademark for a period of 5 yearseffecting from 1 January 2005. Therefore, if the Companyand its subsidiaries have not been granted the aforesaidright, their businesses would be impacted. However, afterthe exemption period of 5 years and should DSGIF start tocharge the royalty fee to the Company and its subsidiariesin Thai land and Malaysia, net prof i t margin of theCompany and its subsidiaries may be reduced.

5) Financial Support: DSGIF provides financial support tothe Company and its subsidiaries such as loans forworking capital with no specific term of repayment.

Therefore, if the Company or its subsidiaries are not receivingsupport from DSGIF, the financial status and the operating resultsof the Company and its subsidiaries may be affected. However, inits capacity as the major shareholder, the Company believes thatDSGIF is committed to continue providing support in the matter ofmultifarious operations for the Company and its subsidiaries.

Risk from related companies which are affiliates of DSGIFoperating in the same businessDSGIF, the parent company, owns other affiliated companies otherthan DSGT and its subsidiaries. Those affiliates are also in the samebusiness of producing and distributing baby diapers and adult diapersas that of DSGT and its subsidiaries that may consider that there is acompetition among each other. Such affiliates are wholly owned byDSGIF and located in the United States of America (2 companies)Hong Kong (1 company), and the Peopleûs Republic of China (1 company).Moreover, some of the directors/management of the Company and itssubsidiaries are the directors/management of related companies.

DSGIF and its affiliates has covenanted not to competeagainst, nor to allow, permit or license the Trademark to any thirdperson to compete against the Company and its subsidiaries inproduction, sale, and/or distribution of the diapers or any relatedproduct manufactured with the Trademarks in the LicensedTerritory (namely Thailand, Malaysia, Indonesia, and Singapore), unlessthe sales and distribution are made by means of the inter-companysales through the Company and its subsidiaries until thetermination of Trademark License Agreement, which isautomatically renewable for a period of one year.


πÕ°®“°π’È„π¥â“π§«“¡‡À¡“– ¡∑“ß¿Ÿ¡‘»“ µ√å ®“°°“√∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’‚√ßß“πº≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª°√–®“¬Õ¬Ÿà∂÷ß “¡ª√–‡∑»„π¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ ∑”„Àâ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â‡ª√’¬∫ DSGIF·≈–∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF „π°“√·¢àß¢—π„π¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ ‡π◊ËÕß®“° “¡“√∂∫√‘À“√µâπ∑ÿπ§à“¢π àß∑’Ë„™â„π°“√ àßÕÕ°‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ°«à“ ·≈–®“°°“√∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ÷Ëßµ—ÈßÕ¬Ÿà„πª√–‡∑»‰∑¬ ¡“‡≈‡ ’¬ Õ‘π‚¥π’‡ ’¬ ·≈– ‘ß§‚ª√å ÷Ëß‡ªìπ ¡“™‘°Õ“‡´’¬π(ASEAN) ∑”„Àâ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫ª√–‚¬™πå®“°°“√®—¥µ—Èß‡¢µ°“√§â“‡ √’¢ÕßÕ“‡´’¬πÀ√◊ÕÕ“øµâ“ (ASEAN Free Trade Area : AFTA) ´÷Ëß√«¡∂÷ß°“√≈¥¿“…’π”‡¢â“º≈‘µ¿—≥±å∑’Ë∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬ àßÕÕ°‰ª¬—ßª√–‡∑» ¡“™‘° ASEAN Õ◊Ëπ ®“°‡Àµÿº≈¥—ß°≈à“«∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’»—°¬¿“æ„π°“√·¢àß¢—π„π¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ‡Àπ◊Õ°«à“ DSGIF ·≈–∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®æ‘®“√≥“ àßÕÕ° ‘π§â“‰ª¬—ßª√–‡∑»πÕ°¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâÀ“°¡’°”≈—ß°“√º≈‘µ‡À≈◊Õ®“°°“√¢“¬„π¿Ÿ¡‘¿“§ ´÷Ëß„πªí®®ÿ∫—π°“√ àßÕÕ° ‘π§â“‰ª¬—ßª√–‡∑»πÕ°¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ¡’ª√‘¡“≥πâÕ¬ Õ¬à“ß‰√°Áµ“¡°“√®”Àπà“¬ ‘π§â“„πµà“ßª√–‡∑» (πÕ°‡Àπ◊Õ®“°ª√–‡∑»‰∑¬ ¡“‡≈‡´’¬ ‘ß§‚ª√å ·≈–Õ‘π‚¥π’‡ ’¬) ∑’Ë¡’∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF ‡ªìπµ—«·∑π®”Àπà“¬ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–µâÕß®”Àπà“¬ºà“πµ—«·∑π„πª√–‡∑»π—Èπ‡∑à“π—Èπ ∑—Èßπ’È∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬°“√°”Àπ¥√“§“¢“¬∑—Èß∑’Ë‡ªìπ°“√¢“¬ºà“πÀ√◊Õ‰¡àºà“πµ—«·∑π®”Àπà“¬∑’Ë‡ªìπ∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF µ“¡À≈—°‡°≥±å‡¥’¬«°—π (‚¥¬°”Àπ¥Õ—µ√“°”‰√¢—ÈπµË”‡∑à“°—π)

§«“¡‡ ’Ë¬ß®“°°“√·¢àß¢—π„πµ≈“¥

µ≈“¥ºâ“ÕâÕ¡ ”‡√Á®√Ÿª„πªí®®ÿ∫—π¡’°“√‡µ‘∫‚µ ŸßÕ¬à“ßµàÕ‡π◊ËÕß ‡ªìπº≈„Àâ¡’°“√·¢àß¢—π∑’Ë√ÿπ·√ß ∑—Èß°“√·¢àß¢—π¥â“π√“§“·≈–°“√π”°≈¬ÿ∑∏å∑“ß°“√µ≈“¥µà“ßÊ¡“„™â §Ÿà·¢àß„πµ≈“¥∑’Ë ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â·°à 1) ∫√‘…—∑ ¬Ÿπ‘™“√å¡ ®”°—¥ (çUNCHé) ºŸâº≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕ¡“¡’Ë‚æ‚§ 2) ∫√‘…—∑ ‡Õ ’ ‡Õ ®”°—¥ (çSCAé)ºŸâº≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕ¥√“¬ å‡æÕ√å „π¿Ÿ¡‘¿“§‡Õ‡™’¬ 3)∫√‘…—∑ §‘¡‡∫Õ√å≈’Ë §≈“° å ®”°—¥ (çKMBé) ºŸâº≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕŒ—°°’È ·≈– 4) ∫√‘…—∑ ‡¥Õ– æ√ÁÕ§‡µÕ√å ·Õπ¥å ·°¡‡∫‘≈(çP&Gé) ºŸâº≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°¬’ËÀâÕ·æ¡‡æÕ√å ´÷Ëß∑—ÈßÀ¡¥‡ªìπ∫√‘…—∑„À≠à∑’Ë¡’Õ‘∑∏‘æ≈„π°“√°”Àπ¥√“§“·≈–ª√‘¡“≥°“√¢“¬ Õ’°∑—Èß¡’ß∫ª√–¡“≥°“√‚¶…≥“ Ÿß πÕ°®“°π’È Õ“®¡’ºŸâª√–°Õ∫°“√ ÷Ëß®”Àπà“¬º≈‘µ¿—≥±å‡°’Ë¬«°—∫‡¥Á°‡¢â“¡“‡ªìπ§Ÿà·¢àß√“¬„À¡à¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â

‡æ◊ËÕ∑’Ë®–√—°…“ à«π·∫àßµ≈“¥·≈–§«“¡‡ªìπºŸâπ”¢Õßµ≈“¥ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫ºŸâ„À≠à µ≈Õ¥®π°“√°â“«¢÷Èπ¡“‡ªìπºŸâπ”¢Õßµ≈“¥ºâ“ÕâÕ¡ ”À√—∫‡¥Á° ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â‡æ‘Ë¡ß∫ª√–¡“≥∑“ß°“√µ≈“¥ ‰¥â·°à§à“„™â®à“¬„π°“√‚¶…≥“·≈–§à“„™â®à“¬„π°“√ àß‡ √‘¡°“√µ≈“¥‡æ◊ËÕ°√–µÿâπ„Àâ√–≈÷°∂÷ßº≈‘µ¿—≥±å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ (Brand Awareness) ‚¥¬°“√‡æ‘Ë¡§à“„™â®à“¬¥—ß°≈à“« Õ“® àßº≈°√–∑∫µàÕ§«“¡ “¡“√∂„π°“√∑”°”‰√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ À“°°“√‚¶…≥“·≈–·ºπ àß‡ √‘¡∑“ß°“√µ≈“¥¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’º≈∑”„Àâ¬Õ¥¢“¬‡æ‘Ë¡¢÷ÈππâÕ¬°«à“§à“„™â®à“¬∑“ß°“√µ≈“¥∑’Ë‡æ‘Ë¡¢÷Èπ

πÕ°®“°π’È§ÿ≥ ¡∫—µ‘¢Õßºâ“ÕâÕ¡ ”‡√Á®√Ÿª¬—ß‡ªìπÕ’°ªí®®—¬Àπ÷Ëß∑’Ë ”§—≠∑’Ë∑”„ÀâºŸâ∫√‘‚¿§‡≈◊Õ°„™âº≈‘µ¿—≥±å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ¥—ßπ—Èπ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ÷Ëß‰¥â√—∫„∫√—∫√Õß√–∫∫∫√‘À“√ß“π§ÿ≥¿“æµ“¡¡“µ√∞“π ISO 9001:2000 ®÷ß¡’°√–∫«π°“√§«∫§ÿ¡°“√º≈‘µ„Àâº≈‘µ¿—≥±å¡’§ÿ≥¿“æ·≈–¡“µ√∞“πµ“¡∑’Ë°”Àπ¥‰«â·≈–‰¥â√—∫°“√¬Õ¡√—∫

Since DSGT and its subsidiaries have production facilities in threecountries in Southeast Asia, DSGT and its subsidiaries can takefull geographical advantage of managing more efficiently in thedelivery cost for export than DSGIF and its affiliates. In addition,being located in the countries that are members of the ASEAN, theCompany and its subsidiaries obtain benefits from the AFTA. Theimport duty of finished goods from the Company and itssubsidiaries to ASEAN member countries is lower than those fromnon-Asean countries. Therefore, DSGT and its subsidiarieshave competitive advantage in competing in the SoutheastAsian region.

DSGT and its subsidiaries may consider exporting theirproducts out of Southeast Asia region if they have excess capacity.However, the current export to countries out of Southeast Asiaregion is low. The selling in other countries (outside Thailand,Malaysia, Singapore, and Indonesia) that have the affiliates of DSGIFwho are the authorized distributors must be done through theaffiliates of DSGIF. The pricing policy for export, whether to relatedparties or third parties is based on the same criteria (sameminimum margin).

Risk from market competitionThe market for diapers, at present, has experienced continual growthresulting in fierce competition in terms of price and marketingstrategies being applied. The main competitors of the Company and itssubsidiaries are 1) Unicharm (çUNCHé), the manufacturer of babydiapers under the brand name of Mamy Poko. 2) SCA, themanufacturer of baby diapers under the brand name of Drypers inAsia, 3) Kimberly Clark (çKMBé), the manufacturer of baby diapersunder the brand name of Huggies, 4) Procter & Gamble (P&G), themanufacturer of baby diapers under the brand name of Pampers. All ofthem are large companies with influence on the pricing and the volumeof sales, in addition they have a large budget for advertisement.Moreover, there may be distributors of baby-related products edging inas a new competitor of the Company and its subsidiaries.

In order to retain its market share and its leadership for adultdiapers as well as to become a leader in the baby diaperproducts, the Company and its subsidiaries have increased themarketing budget for advertisements and promotion to strengthenbrand awareness. The said increase in marketing expenses mayhave an impact on the Companyûs and its subsidiariesûprofitability.

The Company and its subsidiaries with their management qualitystandard certification ISO 9001:2000, have a process ofproduction control to ensure the products meet the establishedquality and standard and receive acceptance from the consumers.Moreover, DSGIF, as the parent company, continuously makes


efforts to study and research to search for better raw materials toensure that the products are of superior quality to its competitors interms of absorbency, prevention of leakage and reduction of rashand skin irritation, etc.

Risk from breach of licensing agreement to use P&Gûs LegCuff Design for diaper productsAt present, the Company and its subsidiaries manufacturediapers by using the Leg Cuff Design under the patentspecified in the agreement between DSGIF in the capacity as theparent company and The Procter and Gamble (çP&Gé). Under theagreement, it stipulates that the subsidiaries of DSGIF including theCompany and its subsidiaries (excluding PTDSG) shall have the rightto use Leg Cuff Design for the manufacture of diapers under thepatent owned by P&G. The Company and its subsidiaries have topay a fee to DSGIF at the same rate that DSGIF has to pay to P&G.

Although the Company and its subsidiaries pay fees for the use ofthe Leg Cuff Design for diaper products to DSGIF in full amount,the Company and its subsidiaries may still run the risk of not beingable to use the Leg Cuff Design for their diaper products if DSGIFis not able to fulfill the full fee as stipulated in their agreement withP&G. Should DSGIF and/or its other affiliates delay payment or donot pay the fee in full, P&G may terminate the agreement andconsequently result in the Company and its subsidiaries not beingable to produce diapers with P&G’s Leg Cuff Design patent.However, the chances of DSGIF not paying the fees to P&G aresmall as this would severely impact DSGIF’s overall business. Thepatents which the Company and its subsidiaries use will be expiredon 31 October 2007. Upon this expiry, the Company and itssubsidiaries can continue to use the leg cuff design without anypayment to P&G.

Risk from fluctuation of exchange rateThe Company and its subsidiaries may be impacted by fluctuationsof the exchange rate, which will directly impact raw material costsand the gross profit. Most of the Companyûs and its subsidiariesûraw materials (eg. wood pulp, fastening tape, release tape, frontaltape, waist elastic) have to be imported. More than 90% of importand export value of the Company and its subsidiaries are US dollardenomination. However, the impact from the fluctuations of theexchange rate for import of certain raw materials may be partiallycompensated by the export income of the Companyûs and itssubsidiariesû products (natural hedge).

Besides the impact on raw material costs, the fluctuation of exchangerate also has an impact on the presentation of the Companyûs financialstatement as the Company must record and report its investments invarious subsidiaries in its Financial Statement in Thai Baht.

As at 31 December 2006, the Company and its subsidiaries didnot have any short term and long-term loans denominated in UScurrency. Also, the Company and its subsidiaries has not enteredinto any Forward Contract of foreign currency.

®“°ºŸâ∫√‘‚¿§ Õ’°∑—Èß DSGIF „π∞“π–∫√‘…—∑·¡à‰¥âæ¬“¬“¡»÷°…“·≈–§âπ§«â“«‘®—¬‡æ◊ËÕ √√À“«—µ∂ÿ¥‘∫∑’Ë„™â„π°“√º≈‘µ∑’Ë∑”„Àâº≈‘µ¿—≥±å¡’ª√– ‘∑∏‘¿“æ‡Àπ◊Õ§Ÿà·¢àß ∑—Èß„π¥â“π°“√´÷¡´—∫∑’Ë¥’ °“√ªÑÕß°—π°“√√—Ë«´÷¡·≈–°“√≈¥º¥º◊Ëπ§—π ‡ªìπµâπ

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¢Õ∫¢“¥â“π„π¢Õßºâ“ÕâÕ¡ ”‡√Á®√Ÿª (Leg Cuff Design)

ªí®®ÿ∫—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°“√º≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª‚¥¬„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π¿“¬„µâ ‘∑∏‘∫—µ√∑’Ë°”Àπ¥„π —≠≠“√–À«à“ß DSGIF „π∞“π–∫√‘…—∑·¡à¢Õß∫√‘…—∑œ °—∫∫√‘…—∑ ‡¥Õ–æ√ÁÕ§‡µÕ√å ·Õπ¥å ·°¡‡∫‘≈ ®”°—¥ (çP&Gé) ÷Ëß°”Àπ¥„Àâ∫√‘…—∑„π‡§√◊Õ¢Õß DSGIF ´÷Ëß√«¡∂÷ß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ (∑—Èßπ’È‰¡à§√Õ∫§≈ÿ¡∂÷ß PTDSG (Õ‘π‚¥π’‡ ’¬)) ¡’ ‘∑∏‘„π°“√„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π ”À√—∫ºâ“ÕâÕ¡ ”‡√Á®√Ÿª¿“¬„µâ ‘∑∏‘∫—µ√∑’Ë P&G ‡ªìπ‡®â“¢Õß ∑—Èßπ’ÈDSGIF ®–‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πÕ—µ√“‡¥’¬«°—∫∑’Ë DSGIF µâÕß™”√–„Àâ P&G ‡æ◊ËÕπ” àß„Àâ·°à P&G µàÕ‰ª

·¡â«à“∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–‰¥â™”√–§à“∏√√¡‡π’¬¡ ‘∑∏‘„π°“√„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π ”À√—∫ºâ“ÕâÕ¡ ”‡√Á®√Ÿª„Àâ·°à DSGIF §√∫µ“¡®”π«π°Áµ“¡ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®¡’§«“¡‡ ’Ë¬ß∑’Ë®–∂Ÿ°√–ß—∫ ‘∑∏‘„π°“√„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π ”À√—∫¢Õßºâ“ÕâÕ¡ ”‡√Á®√ŸªÀ“°DSGIF ‰¡à “¡“√∂™”√–§à“∏√√¡‡π’¬¡‰¥â§√∫∂â«πµ“¡®”π«π∑’Ë°”Àπ¥„π —≠≠“Õ—π‡π◊ËÕß¡“®“°°√≥’∑’Ë DSGIF ·≈–/À√◊Õ∫√‘…—∑„π‡§√◊ÕÕ◊Ëπ™”√–§à“∏√√¡‡π’¬¡≈à“™â“À√◊Õ‰¡à§√∫∂â«πµ“¡®”π«π∑’Ë°”Àπ¥ ÷Ëß®– àßº≈„Àâ DSGIF º‘¥π—¥™”√–Àπ’È ·≈– P&G Õ“®∫Õ°‡≈‘° —≠≠“ ·≈– àßº≈„Àâ∫√‘…—∑œ ·≈–∫√‘…—∑„π‡§√◊Õ®–‰¡à “¡“√∂º≈‘µºâ“ÕâÕ¡ ”‡√Á®√Ÿª ‚¥¬„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π¿“¬„µâ ‘∑∏‘∫—µ√‰¥â Õ¬à“ß‰√°Áµ“¡‚Õ°“ ∑’ËDSGIF ®–º‘¥π—¥™”√–Àπ’È ®π∑”„Àâ P&G ∫Õ°‡≈‘° —≠≠“π—Èπ‡°‘¥¢÷Èπ‰¥âπâÕ¬¡“° ‡π◊ËÕß®“°‡Àµÿ°“√≥å¥—ß°≈à“«®–°àÕ„Àâ‡°‘¥º≈°√–∑∫µàÕ∏ÿ√°‘®¢ÕßDSGIF ∑—ÈßÀ¡¥ ∑—Èßπ’È ‘∑∏‘∫—µ√∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™â®–À¡¥Õ“¬ÿ„π«—π∑’Ë 31 µÿ≈“§¡ 2550 ·≈–‡¡◊ËÕ ‘∑∏‘∫—µ√‰¥â§√∫°”Àπ¥Õ“¬ÿ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß§ß¡’ ‘∑∏‘„π°“√„™â·∫∫º≈‘µ¿—≥±å¢Õ∫¢“¥â“π„π ‚¥¬‰¡àµâÕß®à“¬§à“∏√√¡‡π’¬¡ ‘∑∏‘„Àâ·°à P&G ·µàÕ¬à“ß„¥

§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®‰¥â√—∫º≈°√–∑∫®“°§«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π ÷Ëß®– àßº≈°√–∑∫‚¥¬µ√ßµàÕµâπ∑ÿπ«—µ∂ÿ¥‘∫·≈–°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‡π◊ËÕß®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’°“√ —Ëß ◊ÈÕ«—µ∂ÿ¥‘∫µà“ßÊ∑’Ë„™â„π°“√º≈‘µ ‰¥â·°à ‡¬◊ËÕ°√–¥“… (Wood Pulp) ‡∑ª°“« (Fastening Tape,Release Tape, ·≈– Frontal Tape) À√◊Õ¬“ß¬◊¥ (Waist Elastic) ‡ªìπµâπ∑—Èßπ’È¡Ÿ≈§à“°“√π”‡¢â“·≈– àßÕÕ°¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬°«à“√âÕ¬≈– 90‡ªìπ‡ß‘π‡À√’¬≠ À√—∞ Õ¬à“ß‰√°Áµ“¡º≈°√–∑∫®“°§«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π®“°°“√ —Ëß´◊ÈÕ«—µ∂ÿ¥‘∫¥—ß°≈à“«∫“ß à«π®–∂Ÿ°™¥‡™¬¥â«¬√“¬‰¥â®“°°“√ àßº≈‘µ¿—≥±å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ÕÕ°‰ª®”Àπà“¬¬—ßµà“ßª√–‡∑» ´÷Ëß®–‰¥â√—∫º≈°√–∑∫‡™àπ‡¥’¬«°—π (Natural Hedge)

πÕ°®“°º≈°√–∑∫∑’Ë¡’µàÕµâπ∑ÿπ«—µ∂ÿ¥‘∫À≈—°·≈â« §«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π¬—ß àßº≈°√–∑∫µàÕ°“√· ¥ßß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ¥â«¬‡π◊ËÕß®“°∫√‘…—∑œµâÕß∫—π∑÷°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µà“ßÊ„πß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ‡ªìπ‡ß‘π∫“∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‰¡à¡’¬Õ¥‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–√–¬–¬“«∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ À√—∞∑—ÈßÀ¡¥ ·≈–∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’°“√∑” —≠≠“ ◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“(Forward Contract) ·µàª√–°“√„¥


§«“¡‡ ’Ë¬ß®“° ∂“π°“√≥å∑“ß°“√‡¡◊Õß ‡»√…∞°‘® ·≈–ªí®®—¬

Õ◊ËπÊ ¢Õßª√–‡∑»„π‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ

∫√‘…—∑œ¡’∫√‘…—∑¬àÕ¬´÷Ëßª√–°Õ∫∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬ºâ“ÕâÕ¡ ”‡√Á®√Ÿª ”À√—∫‡¥Á°·≈–ºŸâ„À≠à„π¡“‡≈‡ ’¬ Õ‘π‚¥π’‡ ’¬ ·≈– ‘ß§‚ª√å‚¥¬¡’¬Õ¥¢“¬§‘¥‡ªìπª√–¡“≥√âÕ¬≈– 49.43 ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ®“°ß∫°“√‡ß‘πªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ¥—ßπ—Èπ°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬∑“ß‡»√…∞°‘® °“√‡¡◊Õß √«¡∂÷ß°“√‡ª≈’Ë¬π·ª≈ßÕ—µ√“¿“…’ °“√°’¥°—π∑“ß°“√§â“¢Õßª√–‡∑»‰∑¬ ¡“‡≈‡ ’¬ Õ‘π‚¥π’‡´’¬ À√◊Õ ‘ß§‚ª√å Õ“® àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“À“°¡’°“√‡ª≈’Ë¬π·ª≈ß¥—ß°≈à“«®– àßº≈°√–∑∫µàÕº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡“°π—°‡π◊ËÕß®“°º≈‘µ¿—≥±å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡ªìπ ‘π§â“Õÿª‚¿§·≈–∫√‘‚¿§∑’Ë¡’§«“¡®”‡ªìπµàÕ°“√¥”√ß™’«‘µ¢Õßª√–™“™π∑—Ë«‰ª ´÷Ëßπà“®–‰¥â√—∫º≈°√–∑∫®“°ªí®®—¬¥—ß°≈à“«πâÕ¬°«à“ ‘π§â“øÿÉ¡‡øóÕ¬ πÕ°®“°π’È ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¬—ß¡’º≈‘µ¿—≥±å„π√–¥—∫µà“ßÊ ∑—Èß„π√–¥—∫∫π √–¥—∫°≈“ß·≈–√–¥—∫≈à“ß‡æ◊ËÕ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“‰¥â§√Õ∫§≈ÿ¡∑ÿ°°≈ÿà¡¥â«¬

πÕ°®“°π’È DSGML (¡“‡≈‡´’¬-®”Àπà“¬) ÷ËßÕ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈¢Õß§≥–Õπÿ°√√¡°“√°“√≈ß∑ÿπ‚¥¬™“«µà“ß™“µ‘ (Foreign InvestmentCommittee: FIC) ‰¥âª√–°“»„™â·π«∑“ß°“√≈ß∑ÿπ¢Õß™“«µà“ß™“µ‘(FIC Guideline) ‚¥¬°”Àπ¥„Àâ¡’™“«¡“‡≈‡´’¬ (Bumiputera) ∂◊ÕÀÿâπ„ππ‘µ‘∫ÿ§§≈ —≠™“µ‘¡“‡≈‡ ’¬Õ¬à“ßπâÕ¬√âÕ¬≈– 30 Õ¬à“ß‰√°Áµ“¡ FICGuideline ‡ªìπ‡æ’¬ß·π«∑“ß„Àâ∫√‘…—∑∑’ËÕ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈ªØ‘∫—µ‘µ“¡¡‘„™à°“√∫—ß§—∫„™âµ“¡°ÆÀ¡“¬ ∑—Èßπ’È„π°√≥’∑’Ë FIC Guideline ¡’º≈∫—ß§—∫„™â‡ªìπ°ÆÀ¡“¬ DSGML (¡“‡≈‡´’¬-®”Àπà“¬) ®–¥”‡π‘π°“√µà“ßÊ ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥µàÕ‰ª πÕ°®“°π’È°“√‡ πÕ°“√·°â‰¢æ√–√“™∫—≠≠—µ‘µà“ß¥â“«„πª√–‡∑»‰∑¬°Á‰¡à¡’º≈°√–∑∫µàÕ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬·µàÕ¬à“ß„¥

§«“¡‡ ’Ë¬ß®“°°“√¡’ºŸâ∂◊ÕÀÿâπ√“¬„À≠à∂◊ÕÀÿâπ¡“°°«à“√âÕ¬≈– 50

DSGIF ∂◊ÕÀÿâπ„π∫√‘…—∑œ ®”π«π 197.21 ≈â“πÀÿâπ À√◊Õ√âÕ¬≈– 65.74¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ∑—Èßπ’È —¥ à«π°“√∂◊ÕÀÿâπ∑’Ë¡“°°«à“°÷ËßÀπ÷Ëß¥—ß°≈à“«∑”„Àâ DSGIF “¡“√∂§«∫§ÿ¡¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‰¥â‡°◊Õ∫∑—ÈßÀ¡¥ ·µàÕ¬à“ß‰√°Áµ“¡ §≥–°√√¡°“√ DSGT·≈–ºŸâ∂◊ÕÀÿâπ„À≠à®–æ‘®“√≥“§«“¡‡ÀÁπ·≈–¢âÕ§‘¥‡ÀÁπ®“°ºŸâ∂◊ÕÀÿâπ√“¬¬àÕ¬‡ªìπ ”§—≠ ‚¥¬‡©æ“–„π‡√◊ËÕßº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ∑ÿ°§π

Risk from political, economic situation and other factorsfrom countries in Southeast Asia RegionThe Company has subsidiaries that produce and distribute babyand adult diapers in Malaysia, Indonesia and Singapore with a totalsale contribution of approximately 49.43% of the overall sales ofthe Company based on the Consolidated Financial Statement forFY 2006 ended 31 December 2006. Therefore the change ineconomic, political, and other policies like the change in tariff rate,trade restriction of Thailand, Malaysia, Indonesia or Singapore mayhave an impact on the operation of the Company and itssubsidiaries.

However, the Company and its subsidiaries believe that if suchchanges occur, they shall have less impact on disposable diapersas disposable diapers are more like essential householdproducts, not luxurious goods. In addition, the Company and itssubsidiaries have products of various levels such as high-end, middlerange and low-end level to satisfy the different demands ofcustomers.

In addition, DSGML is under the supervision and care ofForeign Investment Committee: FIC, who announced into force theFIC Guideline by requiring the Malaysian Bumiputera to hold sharesof at least 30% in a juristic person. However, this is only a guidelineto subject companies under its supervision to comply and is notthe promulgation of a law. In the event that FIC Guideline comesinto force as a law, DSGML would take various necessary actionsto further comply with the law. Recent proposed amendment inThailandûs Foreign Business Act does not have any material impacton the Company and its subsidiaries.

Risk from the major shareholder holding shares in excess of50 percentDSGIF holds 197.21 million shares or equivalent to 65.74 percentof the total subscribed shares in the Company. The shareholdingratio of more than half will enable DSGIF to have almost virtualcontrol of resolutions of the meeting of shareholders. DSGTdirectors and the major shareholder will always consider thecomments and opinions coming from the minor shareholders.Interest of all the shareholders will be considered.


6. Shareholding Structure and Management

DSGT - 10 Major Shareholders (as of 22 December 2006)

6. ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√∫√‘À“√

≥ «—π∑’Ë 22 ∏—π«“§¡ 2549 √“¬™◊ËÕºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ Ÿß ÿ¥ 10√“¬·√°

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ —¥ à«π°“√∂◊ÕÀÿâπ(√âÕ¬≈–)

Name of shareholders No. of shares held Shareholding(%)

1. ∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µÁ¥ 197,207,000 65.74DSG International Limited

2. ∫√‘…—∑ ‰∑¬ ‡ÕÁπ«’¥’Õ“√å ®”°—¥ 15,347,200 5.12Thai NVDR Co., Ltd.

3. Somers (U.K.) Limited 14,659,000 4.89

4. π“¬ª√–æ—π∏å Õπÿ«ß»åπÿ‡§√“–Àå 13,800,000 4.60Mr.Praphan Anuwongnukroh

5. π“ß ÿ«√√≥“ Õπÿ«ß»åπÿ‡§√“–Àå 13,800,000 4.60Mrs.Suwanna Anuwongnukroh

6. UBS AG, London Branch-Asia Equity 4,447,000 1.48

7. Thai Capital Fund 2,343,300 0.78

8. °Õß∑ÿπ‡ªî¥‰∑¬æ“≥‘™¬å∑«’∑√—æ¬å 3 1,961,700 0.65SCB Taweesub3 Open-end Fund

9. The Bank of New York Nominees Ltd. 1,900,000 0.63

10. °Õß∑ÿπ‡ªî¥‰∑¬æ“≥‘™¬å∑«’∑√—æ¬å 1,897,300 0.63SCB Taweesub Open-end Fund

ºŸâ∂◊ÕÀÿâπÕ◊Ëπ Ê 32,637,500 10.88Other shareholders

√«¡ 300,000,000 100.00Total


‚§√ß √â“ß°“√®—¥°“√ ∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549

Organizational Structure of DSG International (Thailand) Public Company Limitedas at 31 December 2006

§≥–°√√¡°“√∫√‘…—∑

Board of Directors

§≥–°√√¡°“√∫√‘À“√

Executive Committee

§≥–°√√¡°“√µ√«® Õ∫

Audit Committee

π“¬«àÕß ‚ª «“ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

Mr. Wong Po WahChief Executive Officer

π“¬»√—≥¬å ¥‘…¬∫ÿµ√ ”π—°µ√«® Õ∫¿“¬„π

Mr. Saran DisyabutraInternal Audit Office

π“¬‰æ√—™ Õπÿ«ß»åπÿ‡§√“–ÀåºŸâ®—¥°“√∑—Ë«‰ª

Mr. Pairat AnuwongnukrohGeneral Manager

π“¬ª√–æ—π∏å Õπÿ«ß»åπÿ‡§√“–ÀåºŸâ®—¥°“√∑—Ë«‰ªÕ“«ÿ‚

Mr. Praphan AnuwongnukrohSenior General Manager

π“¬«—≈≈¿ ‘√‘¢®√‡¥™ °ÿ≈ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥

Mr. Wallop SirikajorndechsakulMarketing Manager

π“¬‡©‘Ëß´‘« ‡¢‘ËßºŸâ®—¥°“√ΩÉ“¬º≈‘µ·≈–≈Õ®‘ µ‘° å

Mr. Cheung Siu KeungProduction and Logistics Manager

π“ß‡À≈’¬ß ‡À«à¬ À≈‘ßºŸâ®—¥°“√ΩÉ“¬∫—≠™’·≈–∏ÿ√°“√

Ms. Leung Wai LingManager of Accounting & Administration

·ºπ°¢“¬Sales

Section

·ºπ°º≈‘µ¿—≥±åProductSection

·ºπ°«‘»«°√√¡Engineering

Section

·ºπ°≈Õ®‘ µ‘° åLogisticsSection

·ºπ°µ√«® Õ∫·≈–§«∫§ÿ¡§ÿ≥¿“æQuality

Inspection andControl

·ºπ°∫—≠™’·≈–°“√‡ß‘π

Finance &Accounting

·ºπ°∏ÿ√°“√·≈–∫ÿ§§≈

Administration &Personnel


1) DSGT Board of DirectorsAs at 31 December 2006, the Companyûs Board of Directorswas comprised of 9 directors as follows:

1) §≥–°√√¡°“√∫√‘…—∑œ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 §≥–°√√¡°“√∫√‘…—∑œª√–°Õ∫¥â«¬°√√¡°“√®”π«π 9 ∑à“π ¡’¥—ßπ’È

√“¬™◊ËÕ µ”·ÀπàßList of names Positions

1. π“¬ ÿ¬ ™ÿ¬ ≈—¬ ª√–∏“π°√√¡°“√Mr. Tsui Shui Lai Chairman of the Board

2. π“¬‡À≈’¬ß ¬ÿ° øß °√√¡°“√Mr. Leung Yeuk Fong Director

3. π“¬«àÕß ‚ª «“ °√√¡°“√·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Mr. Wong Po Wah Director and Chief Executive Officer

4. π“¬‰æ√—™ Õπÿ«ß»åπÿ‡§√“–Àå °√√¡°“√·≈–ºŸâ®—¥°“√∑—Ë«‰ªMr. Pairat Anuwongnukroh Director and General Manager

5. π“¬‡©‘ß ´‘« ‡¢‘Ëß °√√¡°“√·≈–ºŸâ®—¥°“√ΩÉ“¬º≈‘µ·≈–≈Õ®‘ µ‘° åMr. Cheung Siu Keung Director and Production and Logistics Manager

6. π“¬ ÿ¢æ√ ™—™«“≈“æß…å °√√¡°“√Mr. Sukporn Chatchavalapong Director

7. π“¬‚¥π—≈ ‡Œ °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫Mr. Donald Hess Independent Director and Chairman of Audit Committee

8. π“ß “« ÿ™≠“ πææ‘¡“π °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Ms. Sutchaya Noppimarn Independent Director and Member of Audit Committee

9. π“ß«’≥“ ‡≈‘»«√∏√√¡ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Mrs. Weena Lertworratham Independent Director and Member of Audit Committee


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1. §≥–°√√¡°“√∫√‘…—∑œÕ“®·µàßµ—Èß∫ÿ§§≈Õ◊Ëπ„¥„Àâ¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑œ ¿“¬„µâ°“√§«∫§ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ À√◊ÕÕ“®¡Õ∫Õ”π“®‡æ◊ËÕ„Àâ∫ÿ§§≈¥—ß°≈à“«¡’Õ”π“®µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑œ‡ÀÁπ ¡§«√ ·≈–¿“¬„π√–¬–‡«≈“∑’Ë§≥–°√√¡°“√∫√‘…—∑œ‡ÀÁπ ¡§«√ ´÷Ëß§≥–°√√¡°“√∫√‘…—∑œÕ“®¬°‡≈‘° ‡æ‘°∂ÕπÀ√◊Õ‡ª≈’Ë¬π·ª≈ßÀ√◊Õ·°â‰¢Õ”π“®π—ÈπÊ‰¥â ∑—Èßπ’È§≥–°√√¡°“√∫√‘…—∑œ‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√∫√‘À“√¡’Õ”π“®Àπâ“∑’Ë„π°“√ªØ‘∫—µ‘ß“πµà“ßÊ ‚¥¬¡’√“¬≈–‡Õ’¬¥°“√¡Õ∫Õ”π“®µ“¡¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√ °“√¡Õ∫Õ”π“® ¥—ß°≈à“«µâÕß‰¡à¡’≈—°…≥–‡ªìπ°“√¡Õ∫Õ”π“® À√◊Õ¡Õ∫Õ”π“®™à«ß∑’Ë∑”„Àâ§≥–°√√¡°“√∫√‘À“√ À√◊ÕºŸâ√—∫¡Õ∫Õ”π“®®“°§≥–°√√¡°“√∫√‘À“√ “¡“√∂Õπÿ¡—µ‘°“√‡¢â“∑”√“¬°“√∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåÕ◊Ëπ„¥ (µ“¡∑’Ë ”π—°ß“π °.≈.µ. ª√–°“»°”Àπ¥) °—∫∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬ ¬°‡«âπ‡ªìπ°“√Õπÿ¡—µ‘√“¬°“√∑’Ë‡ªìπ‰ªµ“¡°“√§â“ª°µ‘´÷Ëß‡ªìπ‰ªµ“¡À≈—°‡°≥±å∑’Ë§≥–°√√¡°“√∫√‘…—∑œæ‘®“√≥“Õπÿ¡—µ‘‰«â

2. §≥–°√√¡°“√∫√‘…—∑œ¡’Õ”π“®°”Àπ¥·≈–·°â‰¢‡ª≈’Ë¬π·ª≈ß™◊ËÕ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π∫√‘…—∑œ‰¥â

3. §≥–°√√¡°“√∫√‘…—∑œÕ“®®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„Àâ·°àºŸâ∂◊ÕÀÿâπ‰¥â‡ªìπ§√—Èß§√“« ‡¡◊ËÕ‡ÀÁπ«à“∫√‘…—∑œ¡’º≈°”‰√ ¡§«√æÕ∑’Ë®–∑”‡™àππ—Èπ·≈–√“¬ß“π„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ§√“«µàÕ‰ª

4. §≥–°√√¡°“√∫√‘…—∑œµâÕßªØ‘∫—µ‘Àπâ“∑’Ë„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«—µ∂ÿª√– ß§å ·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ µ≈Õ¥®π¡µ‘¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡«âπ·µà„π‡√◊ËÕß∑’ËµâÕß‰¥â√—∫Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°àÕπ¥”‡π‘π°“√ ‡™àπ‡√◊ËÕß∑’Ë°ÆÀ¡“¬°”Àπ¥„ÀâµâÕß‰¥â√—∫¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ °“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π·≈–°“√ ◊ÈÕÀ√◊Õ¢“¬ ‘π∑√—æ¬å∑’Ë ”§—≠µ“¡ °Æ‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ À√◊Õµ“¡∑’ËÀπà«¬ß“π√“™°“√Õ◊ËπÊ °”Àπ¥ ‡ªìπµâπ

5. §≥–°√√¡°“√∫√‘…—∑œµâÕßª√–™ÿ¡°—πÕ¬à“ßπâÕ¬ “¡‡¥◊ÕπµàÕ§√—Èß ‚¥¬¡’°√√¡°“√¡“√à«¡ª√–™ÿ¡‰¡àπâÕ¬°«à“°÷ËßÀπ÷Ëß¢Õß®”π«π°√√¡°“√∑—ÈßÀ¡¥ °“√«‘π‘®©—¬™’È¢“¥¢Õß∑’Ëª√–™ÿ¡ §≥–°√√¡°“√„Àâ∂◊Õ‡ ’¬ß¢â“ß¡“° °√√¡°“√§πÀπ÷Ëß¡’‡ ’¬ßÀπ÷Ëß‡ ’¬ß„π°“√≈ß§–·ππ ‡«âπ·µà°√√¡°“√ ÷Ëß¡’ à«π‰¥â‡ ’¬„π‡√◊ËÕß„¥‡√◊ËÕßÀπ÷Ëß‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ„π‡√◊ËÕßπ—Èπ ·≈–∂â“§–·ππ‡ ’¬ß‡∑à“°—π „Àâª√–∏“π„π∑’Ëª√–™ÿ¡ÕÕ°‡ ’¬ß‡æ‘Ë¡¢÷ÈπÕ’°‡ ’¬ßÀπ÷Ëß‡æ◊ËÕ‡ªìπ‡ ’¬ß™’È¢“¥

6. §≥–°√√¡°“√∫√‘…—∑œµâÕß®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï¿“¬„π ’Ë‡¥◊Õπ π—∫·µà«—π ‘Èπ ÿ¥¢Õß√Õ∫ªï∫—≠™’¢Õß∫√‘…—∑œ

7. °√√¡°“√µâÕß·®âß„Àâ∫√‘…—∑œ∑√“∫‚¥¬‰¡à™—°™â“ „π°√≥’∑’Ë°√√¡°“√¡’ à«π‰¥â‡ ’¬‰¡à«à“‚¥¬µ√ßÀ√◊Õ‚¥¬ÕâÕ¡„π —≠≠“„¥∑’Ë∫√‘…—∑œ∑”¢÷ÈπÀ√◊Õ„π°√≥’∑’Ë®”π«πÀÿâπÀ√◊ÕÀÿâπ°Ÿâ¢Õß∫√‘…—∑œ À√◊Õ∫√‘…—∑„π‡§√◊Õ∑’Ë°√√¡°“√∂◊ÕÕ¬Ÿà¡’®”π«π∑’Ë‡æ‘Ë¡¢÷ÈπÀ√◊Õ≈¥≈ß

8. °√√¡°“√µâÕß‰¡àª√–°Õ∫°‘®°“√Õ—π¡’ ¿“æÕ¬à“ß‡¥’¬«°—π·≈–‡ªìπ°“√·¢àß¢—π°—∫°‘®°“√¢Õß∫√‘…—∑œ À√◊Õ‡¢â“‡ªìπÀÿâπ à«π„πÀâ“ßÀÿâπ à«π “¡—≠ À√◊Õ‡ªìπÀÿâπ à«π‰¡à®”°—¥§«“¡√—∫º‘¥„πÀâ“ßÀÿâπ à«π®”°—¥ À√◊Õ‡ªìπ°√√¡°“√¢Õß∫√‘…—∑®”°—¥À√◊Õ∫√‘…—∑¡À“™π®”°—¥Õ◊Ëπ„¥∑’Ëª√–°Õ∫°‘®°“√Õ—π¡’ ¿“æÕ¬à“ß‡¥’¬«°—π·≈–‡ªìπ°“√·¢àß¢—π°—∫°‘®°“√¢Õß∫√‘…—∑œ‰¡à«à“‡¢â“∑”‡æ◊ËÕª√–‚¬™πåµπ‡ÕßÀ√◊Õª√–‚¬™πåºŸâÕ◊Ëπ ‡«âπ·µà®–‰¥â·®âß„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫°àÕπ∑’Ë®–¡’¡µ‘·µàßµ—Èß°√√¡°“√ºŸâπ—Èπ

9. ¡’Õ”π“®æ‘®“√≥“ Õπÿ¡—µ‘ °“√°Ÿâ¬◊¡‡ß‘π °“√®—¥À“«ß‡ß‘π ‘π‡™◊ËÕ°“√ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È À√◊Õ°“√ÕÕ°µ√“ “√Àπ’È √«¡∂÷ß°“√„ÀâÀ≈—°ª√–°—π °“√§È”ª√–°—π‡ß‘π°ŸâÀ√◊Õ ‘π‡™◊ËÕ À√◊Õ°“√¢Õ ‘π‡™◊ËÕ„¥Ê¢Õß∫√‘…—∑œ

Scope of the Duty and Power of the Companyûs Board of Directors1. The Company's Board of Directors may appoint another person to

run the operation of the Company under the supervision of theBoard of Directors or grant the said person the power within thetime-frame as the Board of Directors shall see fit. The CompanyûsBoard of directors may cancel, revoke or change or amend suchpower. For this purpose, the Board of Directors grants power to theExecutive Committee to have the duty and power to perform variousworks with the details of authorization within the jurisdiction of theExecutive Committee. The said granting of power shall not becharacterized by the granting or sub-granting of power thatenables the Executive Committee or the authorized person of theExecutive Committee to approve a transaction that the authorizedperson himself or the person who may have a conflict of interest ormay have conflicts of other interests (as prescribed in theNotification by the Securities and Exchange Commission) withthe Company or its subsidiaries except the approval of thenormal business course transaction pursuant to criteria approvedby the Board of Directors of the Company.

2. The Companyûs Board of Directors shall have power to determineand revise and change the name of the Companyûs authorizeddirectors who have the power to sign binding on the Company.

3. The Companyûs Board of Directors may pay Interim Dividend to theshareholders from time to time when it deems that the Companyhas had reasonable operating profit to do so and to report to thenext meeting of the shareholders for acknowledgement.

4. The Companyûs Board of Directors must discharge its duty inaccordance with the law, objectives and the Articles of Associationof the Company as well as the resolutions of the meeting of theshareholders unless it is the matter that must be approved by theMeeting of the Shareholders before the discharge of such duty.For instance, the matters, which require the approval of the Meetingof the Shareholders, the doing of related transactions and thetrading in important assets according to the Regulations of the StockExchange of Thailand or as determined by other governmental organizations.

5. The Companyûs Board of Directors must call a meeting at least onceevery three months at which not less than half of total directorsattend. A resolution of the meeting of the Board of Directors musthave a majority of vote. One director shall be entitled to one voteunless the director who has interest in any particular matter, he orshe shall not be entitled to vote on such matter. And if the vote isequal, the Chairman of the meeting shall have a casting vote.

6. The Companyûs Board of Directors must arrange for the OrdinaryMeeting of the Shareholders to be held within 4 months of the endof the Companyûs accounting period.

7. The director must inform the Company for information without delayof the case that a director has had the interest, whether direct orindirect, in any contract entered into by the Company or in the casethe number of shares or debenture of the Company or itssubsidiaries held by the director has increased or decreased.

8. The director must not engage in a business of similar conditions toor in competition with the Companyûs business or enter into beingan ordinary partner or an unlimited partner in a limited partnership orbe a director of a company limited or another public company,which operates the same business of similar condition to andin competition with the Companyûs business, irrespective of whetheror not for the directorûs own interest or other personsû interest unlessa notice thereof has been given to the meeting of the shareholdersfor acknowledgement before adopting a resolution appointing such director.

9. The director shall have power to consider, approve the borrowing ofmoney, the obtaining of credit line, the debt restructuring or the issueof debt instruments including the provision of collateral, security againstthe loan or credit or the application for any credit facility by the Company.


2) §≥–°√√¡°“√∫√‘À“√¢Õß DSGT

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 §≥–°√√¡°“√∫√‘À“√ª√–°Õ∫¥â«¬°√√¡°“√®”π«π 4 ∑à“π ¡’¥—ßπ’È

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√

1. ¥”‡π‘π°‘®°“√·≈–∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œµ“¡«—µ∂ÿª√– ß§å¢âÕ∫—ß§—∫ π‚¬∫“¬ √–‡∫’¬∫ ¢âÕ°”Àπ¥ §” —Ëß ·≈–¡µ‘¢Õß∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ·≈–/À√◊Õ¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ∑ÿ°ª√–°“√

2. æ‘®“√≥“°”Àπ¥π‚¬∫“¬ ∑‘»∑“ß ·≈–°≈¬ÿ∑∏å °“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ °”Àπ¥·ºπ°“√‡ß‘π ß∫ª√–¡“≥ ‡æ◊ËÕπ”‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ √«¡∑—Èß§«∫§ÿ¡°”°—∫¥Ÿ·≈„Àâ°“√¥”‡π‘πß“π¢Õß§≥–∑”ß“π∑’Ë·µàßµ—Èß∫√√≈ÿµ“¡‡ªÑ“À¡“¬

3. æ‘®“√≥“‡√◊ËÕß°“√®—¥ √√ß∫ª√–¡“≥ª√–®”ªïµ“¡∑’ËΩÉ“¬®—¥°“√‡ πÕ°àÕπ∑’Ë®–π”‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œæ‘®“√≥“·≈–Õπÿ¡—µ‘

4. ¡’Õ”π“®æ‘®“√≥“ Õπÿ¡—µ‘°“√„™â®à“¬‡ß‘π„π°“√¥”‡π‘π°“√µ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑œ

5. ¡’Õ”π“®„π°“√°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫Õ—µ√“§à“®â“ß·≈–‚§√ß √â“ß‡ß‘π‡¥◊Õπ¢Õß∫√‘…—∑œ

6. Õπÿ¡—µ‘°“√„™â®à“¬‡ß‘π≈ß∑ÿπ∑’Ë ”§—≠∑’Ë‰¥â°”Àπ¥‰«â„πß∫ª√–¡“≥√“¬®à“¬ª√–®”ªïµ“¡∑’Ë®–‰¥â√—∫¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑œÀ√◊Õµ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑œ‰¥â‡§¬¡’¡µ‘Õπÿ¡—µ‘„πÀ≈—°°“√‰«â·≈â«

7. ¡’Õ”π“®æ‘®“√≥“ Õπÿ¡—µ‘ °“√„Àâ°Ÿâ¬◊¡‡ß‘πÀ√◊Õ°“√„Àâ ‘π‡™◊ËÕ„¥Ê¢Õß∫√‘…—∑œ ·°à∫√‘…—∑¬àÕ¬ µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ¿“¬„µâÀ≈—°‡°≥±åÕ”π“®„π°“√Õπÿ¡—µ‘ ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ

8. ¡’Õ”π“®æ‘®“√≥“ Õπÿ¡—µ‘ °“√°Ÿâ¬◊¡‡ß‘π °“√®—¥À“«ß‡ß‘π ‘π‡™◊ËÕ°“√ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È À√◊Õ°“√ÕÕ°µ√“ “√Àπ’È √«¡∂÷ß°“√„ÀâÀ≈—°ª√–°—π °“√§È”ª√–°—π‡ß‘π°ŸâÀ√◊Õ ‘π‡™◊ËÕ À√◊Õ°“√¢Õ ‘π‡™◊ËÕ„¥Ê¢Õß∫√‘…—∑œ ‡æ◊ËÕ‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ

9. ‡ªìπ§≥–∑’Ëª√÷°…“ΩÉ“¬®—¥°“√„π‡√◊ËÕß‡°’Ë¬«°—∫π‚¬∫“¬¥â“π°“√‡ß‘π°“√µ≈“¥ °“√∫√‘À“√ß“π∫ÿ§§≈ ·≈–¥â“π°“√ªØ‘∫—µ‘°“√Õ◊Ëπ Ê

10. ¥”‡π‘π°“√Õ◊Ëπ„¥ µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑œ¡Õ∫À¡“¬ ‡ªìπ§√“«Ê ‰ª

∑—Èßπ’È °“√√—∫¡Õ∫Õ”π“® µ≈Õ¥®π°“√¡Õ∫Õ”π“®·°à∫ÿ§§≈Õ◊Ëπ∑’Ë‡ÀÁπ ¡§«√®–‰¡à√«¡∂÷ßÕ”π“® ·≈–/À√◊Õ°“√¡Õ∫Õ”π“®„π°“√Õπÿ¡—µ‘√“¬°“√„¥∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ¡’ à«π‰¥â‡ ’¬À√◊Õº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥¢—¥·¬âß°—∫∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬ ´÷Ëß°“√Õπÿ¡—µ‘√“¬°“√„π≈—°…≥–¥—ß°≈à“«®–µâÕß‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ·≈–/À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕæ‘®“√≥“·≈–Õπÿ¡—µ‘√“¬°“√¥—ß°≈à“«µ“¡∑’Ë¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œÀ√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°”Àπ¥

2) DSGT Executive CommitteeAs at 31 December 2006, the Executiveûs Committee wascomprised of 4 members as follow:

Scope of the Duty and Power of the Executive Committee1. To operate and manage the business of the Company in every

respect according to the objectives, regulations, policies, procedures,requirements, orders and resolutions of the Meeting of the Board ofDirectors and/or of the Meeting of the Shareholders of the Company.

2. To consider setting forth the policy, direction and strategy of theoperation of the business of the Company; to determine the financialplan and budget to be presented to the meeting of the Board ofDirectors and to supervise and direct the performance of theWorking Committee to ensure the achievement of the established target.

3. To consider the allocation of annual budget as proposed by theManagement prior to being further proposed to the Meeting of theBoard of Directors of the Company for consideration and approval.

4. To have power to consider and approve the fund for normaloperation of the Companyûs business.

5. To have power to set out policy in relation to wage and salarystructure of the Company.

6. To approve significant capital investments as determined in theannual budget as may be assigned by the Companyûs Board ofDirectors or according to the resolution of the Companyûs Board ofDirectors giving approval in principle.

7. To have power to consider, approve the granting of any loan orcredit by the Company to the Companyûs subsidiaries in theproportion of shareholding and subject to the Companyûs approvalpower criteria.

8. To have power to consider and approve the borrowing of any fund,the obtaining of any credit line, the debt restructuring or the issue ofdebt instruments and the provision of security, the underwriting ofloan or credit facility of the Company for proposal to the meeting ofthe Companyûs Board of Directors.

9. To serve on the Management Advisory Board in relation tofinancial policy, marketing, personnel administration andother operational measures.

10. To perform other activit ies as may be assigned by theCompanyûs Board of Directors from time to time.

The undertaking of power as well as the granting of power to otherpersons as deemed appropriate shall exclude the power and/or thegranting of power to approve any items in which a member of theExecutive Committee or a person may have an interest or a benefit ofother description that is in conflict with the Company or its subsidiaries.The approval of items of the said characteristic must be proposed to themeeting of the Companyûs Board ofDirectors and/or the meeting of theshareholders to consider approving the said items subject to the Articlesof Association of the Company or the relevant law.

√“¬™◊ËÕ µ”·ÀπàßName Position

1. π“¬ ÿ¬ ™ÿ¬ ≈—¬ °√√¡°“√∫√‘À“√Mr. Tsui Shui Lai Executive Director

2. π“¬‡À≈’¬ß ¬ÿ° øß °√√¡°“√∫√‘À“√Mr. Leung Yeuk Fong Executive Director

3. π“¬«àÕß ‚ª «“ °√√¡°“√∫√‘À“√·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Mr. Wong Po Wah Executive Director and CEO

4. π“¬‰æ√—™ Õπÿ«ß»åπÿ‡§√“–Àå °√√¡°“√∫√‘À“√·≈–ºŸâ®—¥°“√∑—Ë«‰ªMr. Pairat Anuwongnukroh Executive Director and General Manager


‚¥¬„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√ µâÕß¡’°√√¡°“√∫√‘À“√¡“ª√–™ÿ¡‰¡àπâÕ¬°«à“ “¡„π ’Ë¢Õß®”π«π°√√¡°“√∫√‘À“√∑—ÈßÀ¡¥ ∑—Èßπ’È°√√¡°“√∫√‘À“√ “¡“√∂¡Õ∫Õ”π“®„Àâ°√√¡°“√Õ◊Ëπ ÷Ëß‰¡à„™à°√√¡°“√Õ‘ √–‡¢â“ª√–™ÿ¡·∑π‰¥â „Àâ°√√¡°“√ ÷Ëß¡“ª√–™ÿ¡‡≈◊Õ°°√√¡°“√§πÀπ÷Ëß‡ªìπª√–∏“π∑’Ëª√–™ÿ¡ °√√¡°“√§πÀπ÷Ëß¡’‡ ’¬ßÀπ÷Ëß‡ ’¬ß„π°“√≈ß§–·ππ ‡«âπ·µà°√√¡°“√´÷Ëß¡’ à«π‰¥â‡ ’¬„π‡√◊ËÕß„¥‡√◊ËÕßÀπ÷Ëß‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ„π‡√◊ËÕßπ—Èπ‚¥¬¡µ‘¢Õß∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√„Àâ∂◊Õ§–·ππ‡ ’¬ß¢â“ß¡“°·≈–∂â“§–·ππ‡ ’¬ß‡∑à“°—π „Àâª√–∏“π„π∑’Ëª√–™ÿ¡ÕÕ°‡ ’¬ß‡æ‘Ë¡¢÷ÈπÕ’°‡ ’¬ßÀπ÷Ëß‡æ◊ËÕ‡ªìπ‡ ’¬ß™’È¢“¥

3) §≥–°√√¡°“√µ√«® Õ∫

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 §≥–°√√¡°“√µ√«® Õ∫ª√–°Õ∫¥â«¬°√√¡°“√®”π«π 3 ∑à“π ¡’¥—ßπ’È

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫

1. Õ∫∑“π„Àâ∫√‘…—∑œ¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ2. Õ∫∑“π„Àâ∫√‘…—∑œ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (Internal Control) ·≈–

°“√µ√«® Õ∫¿“¬„π (Internal Audit) ∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈3. Õ∫∑“π„Àâ∫√‘…—∑œªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–

µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ

4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ ·µàßµ—Èß ·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ

5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ·≈–„Àâ§«“¡‡ÀÁπ·≈–µ√«® Õ∫„π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π

6. ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ ´÷Ëß√“¬ß“π¥—ß°≈à“«µâÕß≈ßπ“¡‚¥¬ª√–∏“π°√√¡°“√µ√«® Õ∫

7. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑œ¡Õ∫À¡“¬¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫

At the meeting of the Executive Committee, not less than three-fourthsof the total number of the members of the Executive Committee mustbe present. However, the Executive Committee can authorize anothercommittee member, who is not an independent director to attend themeeting in lieu. The attending members of the Executive Committeeare to elect one of the participants to be the chairman of the meeting.One attending member shall have one vote in casting the vote unlessthe member who may have had interest in any matter shall not beentitled to cast the vote on such matter. A resolution of the ExecutiveCommittee shall be adopted by a majority of votes and if the vote isequal, the Chairman shall have the casting vote to finalize the issue.

3) DSGT Audit CommitteeAs at 31 December 2006, the Audit Committee wascomprised of 3 members as follow:

Scope of Duty and Power of the Audit Committee

1. To review the matter to ensure that the Company has correctand adequate Financial Report.

2. To review the matter to ensure that there is a suitable andeffective internal control and internal audit systems.

3. To review the matter to ensure that the Company complieswith the law governing the securities and securities market, therules of the securities exchange or the law governing thebusiness of the Company.

4. To consider, select, propose, appoint and offer remuneration tothe Companyûs Auditor.

5. To consider and render their opinion on the matter to ensurethat the disclosure of information of the Company in the eventof the connected transactions or any transactions that mayhave had conflicts of interest are correct and complete.

6. To prepare a report of the Audit Committee to be disclosed inthe Companyûs Annual Report. The Chairman of the Audit Committee must sign such report.

7. To perform other activities as may be assigned by the CompanyûsBoard of Directors with approval of the Audit Committee.


1. π“¬‚¥π—≈ ‡Œ ª√–∏“π°√√¡°“√µ√«® Õ∫Mr. Donald Hess Chairman of the Audit Committee

2. π“ß “« ÿ™≠“ πææ‘¡“π °√√¡°“√µ√«® Õ∫Ms. Sutchaya Noppimarn Member of the Audit Committee

3. π“ß«’≥“ ‡≈‘»«√∏√√¡ °√√¡°“√µ√«® Õ∫Mrs. Weena Lertworratham Member of the Audit Committee


4) ºŸâ∫√‘À“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ¡’®”π«π 6 ∑à“π ¡’¥—ßπ’È

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õßª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

1. °”Àπ¥¿“√°‘® «—µ∂ÿª√– ß§å ·π«∑“ß ‡ªÑ“À¡“¬ π‚¬∫“¬∫√‘…—∑œ‡æ◊ËÕ‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√ ·≈–¥”‡π‘π°“√‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¿“√°‘®«—µ∂ÿª√– ß§å ·π«∑“ß‡ªÑ“À¡“¬ µ≈Õ¥®ππ‚¬∫“¬¢Õß∫√‘…—∑œ¥—ß°≈à“«¥â«¬ √«¡∂÷ß°“√ —Ëß°“√·≈–°”°—∫¥Ÿ·≈°“√¥”‡π‘πß“π‚¥¬√«¡ ¡’Õ”π“®æ‘®“√≥“«à“®â“ßæπ—°ß“π ·≈–∫√√®ÿ·µàßµ—Èß µ≈Õ¥®π°“√‚Õπ ‚¬°¬â“¬¢â“¡ “¬ß“π/ΩÉ“¬/·ºπ° À√◊Õ°“√æâπ®“°°“√‡ªìπæπ—°ß“π °”Àπ¥Õ—µ√“§à“®â“ß §à“µÕ∫·∑π‡ß‘π‚∫π— √«¡∂÷ß «— ¥‘°“√ ‡°’Ë¬«°—∫æπ—°ß“π∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ

2. ¡’Õ”π“® ÕÕ°§” —Ëß √–‡∫’¬∫ ª√–°“» ∫—π∑÷° ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªµ“¡π‚¬∫“¬·≈–º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–‡æ◊ËÕ√—°…“√–‡∫’¬∫ «‘π—¬ °“√∑”ß“π¿“¬„πÕß§å°√

3. ¥”‡π‘π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫°“√∫√‘À“√ß“π∑—Ë«‰ª¢Õß∫√‘…—∑œ4. „Àâ¡’Õ”π“®„π°“√¡Õ∫Õ”π“®™à«ß ·≈–/À√◊Õ¡Õ∫À¡“¬„Àâ∫ÿ§§≈Õ◊Ëπ

ªØ‘∫—µ‘ß“π‡©æ“–Õ¬à“ß·∑π‰¥â ‚¥¬°“√¡Õ∫Õ”π“®™à«ß ·≈–/À√◊Õ°“√¡Õ∫À¡“¬¥—ß°≈à“«„ÀâÕ¬Ÿà¿“¬„µâ¢Õ∫‡¢µ·Ààß°“√¡Õ∫Õ”π“®µ“¡Àπ—ß ◊Õ¡Õ∫Õ”π“® ·≈–/À√◊Õ„Àâ‡ªìπ‰ªµ“¡√–‡∫’¬∫ ¢âÕ°”Àπ¥À√◊Õ§” —Ëß∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑œ ·≈–/À√◊Õ∫√‘…—∑œ‰¥â°”Àπ¥‰«â

∑—Èßπ’È Õ”π“®µ≈Õ¥®π°“√¡Õ∫Õ”π“®·°à∫ÿ§§≈Õ◊Ëπ∑’Ë‡ÀÁπ ¡§«√®–‰¡à√«¡∂÷ßÕ”π“® ·≈–/À√◊Õ°“√¡Õ∫Õ”π“®„π°“√Õπÿ¡—µ‘√“¬°“√„¥∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ¡’ à«π‰¥â‡ ’¬À√◊Õº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥¢—¥·¬âß°—∫∫√‘…—∑œÀ√◊Õ∫√‘…—∑¬àÕ¬µ“¡°Æ‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ÷Ëß°“√Õπÿ¡—µ‘√“¬°“√„π≈—°…≥–¥—ß°≈à“« ®–µâÕß‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√ ∫√‘…—∑œ ·≈–/À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕæ‘®“√≥“·≈–Õπÿ¡—µ‘√“¬°“√¥—ß°≈à“«µ“¡∑’Ë¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°”Àπ¥5. ¥”‡π‘π°“√Õ◊Ëπ„¥ µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑œ¡Õ∫À¡“¬‡ªìπ§√“«Ê ‰ª

4) DSGT ExecutivesAs at 31 December 2006, the 6 excutives of the Company were:

Scope of Duty and Power of the Chief Executive Officer1. To define the missions, objectives, guidelines, goals and

companyûs policies to be presented to the meeting ofthe Executive Committee and to implement the saidmissions, object ives, guidel ines, goals, including theCompanyûs pol icies and to issue instructions and tosupervise the implementation collectively; to have the powerto recruit employees and appoint them in positions and tohave power to issue an order for the transfer of employeesacross l ine of work, department, section or terminateemployees from being an employee of the Company; todetermine the rate of wage, remuneration, bonus paymentincluding fringe benefits in relation to all members of thestaff of the Company.

2. To have the power to issue orders, regulations, rules, notifications,notices to ensure the proper implementation of the Companyûspolicy and interest and to ensure proper working regulations, anddisciplines within the organization.

3. To carry out activities in relation to general management of the Company.4. To have the power to grant substitution of power and/or grant

power to other persons to perform specific tasks by means ofsubstitution of power and/or the said granting of power shall besubjected to the scope of granting of power under the letter ofattorney and/or in accordance with the regulations, requirementsor orders as defined by the Companyûs Board of Directors and/orby the Company.

For this purpose, the power including the granting of powerto other persons as deemed appropriate shall exclude the powers and/or the granting of powers to approve any items or transactions inrespect of which the Chief Executive Officer or other persons may haveconflicts or interests of other characteristics that are in conflict with theCompany or its subsidiaries according to the rules of the Stock Ex-change of Thailand. The approval of the items or transactions of thesaid characteristics must be proposed to the Meeting of the Board ofthe Directors of the Company and/or the meeting of the shareholdersfor consideration and approval according to the Articles of Associationof the Company or of its subsidiaries or the relevant laws.5. To take other act ions as may be assigned by the

Companyûs Board of Directors from time to time.


1. π“¬«àÕß ‚ª «“ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Mr. Wong Po Wah Chief Executive Officer

2. π“¬ª√–æ—π∏å Õπÿ«ß»åπÿ‡§√“–Àå ºŸâ®—¥°“√∑—Ë«‰ªÕ“«ÿ‚ Mr. Praphan Anuwongnukroh Senior General Manager

3. π“¬‰æ√—™ Õπÿ«ß»åπÿ‡§√“–Àå ºŸâ®—¥°“√∑—Ë«‰ªMr. Pairat Anuwongnukroh General Manager

4. π“¬‡©‘ß ´‘« ‡¢‘Ëß ºŸâ®—¥°“√ΩÉ“¬º≈‘µ·≈–≈Õ®‘ µ‘° åMr. Cheung Siu Keung Production and Logistics Manager

5. π“ß‡À≈’¬ß ‡À«à¬ À≈‘ß ºŸâ®—¥°“√ΩÉ“¬∫—≠™’·≈–∏ÿ√°“√Ms. Leung Wai Ling Accounting and Administration Manager

6. π“¬«—≈≈¿ ‘√‘¢®√‡¥™ °ÿ≈ ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥Mr. Wallop Sirikajorndechsakul Marketing Manager


°“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√

∫√‘…—∑œ ‰¡à¡’§≥–°√√¡°“√ √√À“‚¥¬‡©æ“– ∑—Èßπ’È∫ÿ§§≈∑’Ë®–‰¥â√—∫°“√·µàßµ—Èß„Àâ¥”√ßµ”·Àπàß°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ®–µâÕß¡’§ÿ≥ ¡∫—µ‘§√∫µ“¡¡“µ√“ 68 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥æ.». 2535 ·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ·≈–‰¡à¡’≈—°…≥–µâÕßÀâ“¡µ“¡ª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å‡°’Ë¬«°—∫‡√◊ËÕß°“√¢ÕÕπÿ≠“µ·≈–°“√Õπÿ≠“µ„Àâ‡ πÕ¢“¬Àÿâπ∑’ËÕÕ°„À¡à©∫—∫≈ß«—π∑’Ë 22¡’π“§¡ 2543 ‚¥¬°“√§—¥‡≈◊Õ°®–¥”‡π‘π°“√¥—ßπ’È

Õß§åª√–°Õ∫·≈–°“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑œ

§≥–°√√¡°“√¢Õß∫√‘…—∑œµâÕß¡’®”π«π‰¡àπâÕ¬°«à“ 5 §π ·≈–‰¡à‡°‘π°«à“10 §π ‡≈◊Õ°µ—Èß‚¥¬∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–°√√¡°“√‰¡àπâÕ¬°«à“°÷ËßÀπ÷Ëß¢Õß®”π«π°√√¡°“√∑—ÈßÀ¡¥µâÕß¡’∂‘Ëπ∑’ËÕ¬Ÿà„πª√–‡∑»‰∑¬ ∑—Èßπ’È¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ°”Àπ¥„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡≈◊Õ°µ—Èß°√√¡°“√µ“¡À≈—°‡°≥±å·≈–«‘∏’°“√µàÕ‰ªπ’È

(1) ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπµàÕÀπ÷Ëß‡ ’¬ß(2) ºŸâ∂◊ÕÀÿâπ·µà≈–§π®–„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥µ“¡ (1)

‡≈◊Õ°µ—Èß∫ÿ§§≈‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â„π°√≥’∑’Ë‡≈◊Õ°µ—Èß∫ÿ§§≈À≈“¬§π‡ªìπ°√√¡°“√®–·∫àß§–·ππ‡ ’¬ß„Àâ·°àºŸâ„¥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â

(3) ∫ÿ§§≈∑’Ë‰¥â√—∫§–·ππ Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫‡≈◊Õ°‡ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’ À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ„Àâª√–∏“π∑’Ëª√–™ÿ¡‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥

‡¡◊ËÕ¡’°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï∑ÿ°§√—Èß „Àâ°√√¡°“√ÕÕ°®“°µ”·Àπàß®”π«πÀπ÷Ëß„π “¡¢Õß®”π«π°√√¡°“√„π¢≥–π—Èπ ∂â“®”π«π°√√¡°“√®–·∫àßÕÕ°„Àâµ√ß‡ªìπ “¡ à«π‰¡à‰¥â °Á„ÀâÕÕ°‚¥¬®”π«π„°≈â∑’Ë ÿ¥°—∫ à«πÀπ÷Ëß„π “¡ °√√¡°“√´÷Ëßæâπ®“°µ”·Àπàß Õ“®‰¥â√—∫‡≈◊Õ°„Àâ°≈—∫‡¢â“¡“√—∫µ”·ÀπàßÕ’°°Á‰¥â

Õß§åª√–°Õ∫·≈–°“√·µàßµ—Èß§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√∫√‘…—∑œ‡ªìπºŸâ·µàßµ—Èß§≥–°√√¡°“√∫√‘À“√ ‚¥¬‡≈◊Õ°µ—Èß®“°°√√¡°“√®”π«πÀπ÷Ëß¢Õß∫√‘…—

Õß§åª√–°Õ∫·≈–°“√·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√∫√‘…—∑œ‡ªìπºŸâ·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ‚¥¬·µàßµ—Èß∫ÿ§§≈∑’Ë¡’§ÿ≥ ¡∫—µ‘§√∫∂â«πµ“¡ª√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ¬à“ßπâÕ¬ 3 §π·≈–¡’«“√–°“√¥”√ßµ”·Àπàß 3 ªï

§ÿ≥ ¡∫—µ‘·≈–·π«∑“ß°“√§—¥‡≈◊Õ°°√√¡°“√µ√«® Õ∫

∫ÿ§§≈∑’Ë®–‰¥â√—∫°“√·µàßµ—Èß„Àâ¥”√ßµ”·Àπàß°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑œµâÕß¡’§ÿ≥ ¡∫—µ‘¥—ßπ’È

1. ∂◊ÕÀÿâπ‰¡à‡°‘π√âÕ¬≈– 5 ¢Õß∑ÿπ™”√–·≈â«¢Õß∫√‘…—∑œ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∑—Èßπ’Èπ—∫√«¡∂÷ßÀÿâπ∑’Ë∂◊Õ‚¥¬ºŸâ∑’Ë‡°’Ë¬«¢âÕß¥â«¬

2. ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’ à«π√à«¡„π°“√∫√‘À“√ß“π„π∫√‘…—∑œ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ √«¡∑—Èß‰¡à‡ªìπ≈Ÿ°®â“ß æπ—°ß“π À√◊Õ∑’Ëª√÷°…“∑’Ë‰¥â√—∫‡ß‘π‡¥◊Õπª√–®”®“° ∫√‘…—∑œ ∫√‘…—∑„π‡§√◊Õ∫√‘…—∑√à«¡À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ

Selection Process and Appointment of Independent DirectorsAs the Company does not have an ad-hoc RecruitmentCommittee, persons who will be elected and appointed as adirector or an executive of the Company must possess thequalifications pursuant to Section 68 of the Public Company ActB.E. 2535 and the Articles of Association of the Company anddoes not possess prohibitive characteristics pursuant to theNotification of the Securities and Exchange Commission re: Appli-cation for Permission and the Granting of Permission to Offer forSale of New Issue of Shares dated 22 March 2000.

Composition and Appointment of the Companyûs Board of DirectorsThe Companyûs Board of Directors must be comprised ofnot less than 5 directors and not more than 10 directors who shall beelected by the shareholdersû meeting. Not less than half of the numberof directors shall reside in Thailand. The Articles of Association of theCompany provides for the shareholdersû meeting to elect directorsaccording to the rules and method as follows:

(1) Each shareholder shall have one (1) vote per share;(2) Each shareholder shall exercise all votes that he/she

has under (1) to elect one (1) or several persons asdirector or directors. In the case that the shareholderselect several directors, no shareholder can divide his/her vote for any persons or group to any extent at all.

(3) The candidates shall be ranked in order descendingfrom the highest number of votes received to thelowest, and shall be appointed as directors in thatorder until all of the director positions are filled. Wherethe votes cast for candidates in descending orderare tied, which would otherwise cause the number ofdirectors to be exceeded, the chairman shall have acasting vote.

At every annual general ordinary meeting, one-third of thedirectors shall vacate the office at such time. If the number of directorscannot be divided into a multiple of 3, the number nearest to one-thirdof the directors shall then vacate the office. The directors who vacatethe office may be re-elected.

Composition and the appointment of the Executive CommitteeThe Companyûs Board of Directors shall appoint the ExecutiveCommittee from among a number of directors of the Company.

Composition and appointment of the Audit CommitteeThe Companyûs Board of Directors shall appoint the Audit Committee tobe elected from among at least 3 persons possessing full qualificationsaccording to the Notification of the Stock Exchange of Thailand and themember of the Audit Committee shall be in office for a 3-year term.

Qualifications and Criteria for recruitment of the Audit CommitteeThe persons who will be appointed as the Companyû member of AuditCommittee must:

1. Holding shares not more than 5 percent of paid-upcapital of the Company, affiliated company, associatedcompany or related company, which shall be inclusive ofthe shares held by related persons.

2. Being a director who does not take part in the managementof the Company, affiliated company, associated companyor related company, or majority shareholder of theCompany, and is not an employee, staff member ofadvisor who receives a regular salary from the Company,affiliated company, associated company or relatedcompany, or majority shareholder of the Company.


3. ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡∑—Èß„π¥â“π°“√‡ß‘π·≈–∫√‘À“√ß“π¢Õß∫√‘…—∑œ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ √«¡∂÷ß‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬„π≈—°…≥–¥—ß°≈à“«„π‡«≈“ 1 ªï °àÕπ‰¥â√—∫°“√·µàßµ—Èß‡ªìπ°√√¡°“√µ√«® Õ∫ ¬°‡«âπ§≥–°√√¡°“√∫√‘…—∑œ‰¥âæ‘®“√≥“Õ¬à“ß√Õ∫§Õ∫·≈â«‡ÀÁπ«à“°“√‡§¬¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬π—Èπ®–‰¡à¡’º≈°√–∑∫µàÕ°“√ªØ‘∫—µ‘Àπâ“∑’Ë·≈–°“√„Àâ§«“¡‡ÀÁπ∑’Ë‡ªìπÕ‘ √–¢Õß°√√¡°“√µ√«® Õ∫

4. ‡ªìπ°√√¡°“√∑’Ë‰¡à„™àºŸâ∑’Ë ‡°’Ë¬«¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ

5. ‡ªìπ°√√¡°“√∑’Ë ‰¡à ‰¥â √—∫°“√·µàßµ—È ß¢÷Èπ ‡ªìπµ—«·∑π‡æ◊ËÕ√—°…“º≈ª√–‚¬™πå¢Õß°√√¡°“√¢Õß∫√‘…—∑œ ºŸâ∂◊ÕÀÿâπ√“¬„À≠à À√◊ÕºŸâ∂◊ÕÀÿâπ ÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ

6. ‡ªìπ°√√¡°“√∑’Ë “¡“√∂ªØ‘∫—µ‘Àπâ“∑’Ë·≈–· ¥ß§«“¡‡ÀÁπÀ√◊Õ√“¬ß“πº≈°“√ªØ‘∫—µ‘ß“πµ“¡Àπâ“∑’Ë∑’Ë‰¥â√—∫¡Õ∫À¡“¬®“°§≥–°√√¡°“√¢Õß∫√‘…—∑œ‰¥â‚¥¬Õ‘ √– ‚¥¬‰¡àÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ√«¡∑—ÈßºŸâ∑’Ë‡°’Ë¬«¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢Õß∫ÿ§§≈¥—ß°≈à“«

7. ‡ªìπ°√√¡°“√∑’Ë¡’§«“¡√Ÿâ§«“¡ “¡“√∂·≈–¡’§«“¡™”π“≠∑’Ë‡À¡“– ¡

8. °√√¡°“√µ√«® Õ∫Õ¬à“ßπâÕ¬ 1 §πµâÕß¡’§«“¡√Ÿâ§«“¡‡¢â“„®À√◊Õ¡’ª√– ∫°“√≥å¥â“π∫—≠™’·≈–°“√‡ß‘π·≈–¡’§«“¡√ŸâµàÕ‡π◊ËÕß‡°’Ë¬«°—∫‡Àµÿ∑’Ë¡’µàÕ°“√‡ª≈’Ë¬π·ª≈ß¢Õß√“¬ß“π∑“ß°“√‡ß‘π

9. ‡ªìπ°√√¡°“√∑’Ë “¡“√∂Õÿ∑‘»‡«≈“Õ¬à“ß‡æ’¬ßæÕ„π°“√¥”‡π‘πß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫

°“√°”°—∫¥Ÿ·≈°‘®°“√

∫√‘…—∑œ‰¥â°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫°“√¥Ÿ·≈°‘®°“√ ‡æ◊ËÕ§«“¡‚ª√àß„ „π°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ∑ÿ°√–¥—∫™—Èπ ∑—Èß„π à«π¢Õßæπ—°ß“π√–¥—∫ªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ µ≈Õ¥®π§≥–°√√¡°“√∫√‘…—∑œ ÷Ëß‡ªìπæ◊Èπ∞“π ”§—≠„π°“√ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ·≈–‡æ‘Ë¡ª√– ‘∑∏‘º≈„π°“√ª√–°Õ∫°‘®°“√¢Õß∫√‘…—∑œ‡æ◊ËÕª√–‚¬™πå„π√–¬–¬“«¢ÕßºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ π—°≈ß∑ÿπ·≈– “∏“√≥™π∑—Ë«‰ª ¥—ßπ—Èπ∫√‘…—∑œ®÷ß‰¥â∂◊ÕªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’∑—Èß 15 ¢âÕ µ“¡·π«∑“ß¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¥—ßπ’È

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√

§≥–°√√¡°“√¢Õß∫√‘…—∑œ„Àâ§«“¡ ”§—≠„π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ °“√¡’¡“µ√∞“π∑’Ë ‡ªìπ “°≈ ·≈–§«“¡ Õ¥§≈âÕß°—∫π‚¬∫“¬¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¥â®—¥µ—Èß§≥–°√√¡°“√µ√«® Õ∫‡æ◊ËÕ™à«¬°”°—∫¥Ÿ·≈°‘®°“√„π¥â“πµà“ßÊ ‡æ◊ËÕ π—∫ πÿπ«—≤π∏√√¡Õß§å°√·≈–®√√¬“∫√√≥„π°“√¥”‡π‘π∏ÿ√°‘®∑’Ë¥’

2. ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑œ¡’π‚¬∫“¬∑’Ë®–ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ºŸâ∂◊ÕÀÿâπ “¡“√∂„™â ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π°“√‡≈◊Õ°§≥–°√√¡°“√∫√‘…—∑œ °“√≈ß¡µ‘ °“√· ¥ß§«“¡§‘¥‡ÀÁπ ·≈–°“√µ—Èß§”∂“¡„¥ÊµàÕ∑’Ëª√–™ÿ¡ µ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡ ·≈–‡√◊ËÕß∑’Ë‡ πÕ ºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬¡’ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π„π°“√√—∫∑√“∫ “√ π‡∑»∑’Ë∂Ÿ°µâÕß∑—πµàÕ‡Àµÿ°“√≥å ‡ªî¥‡º¬§√∫∂â«π ·≈– “¡“√∂µ√«® Õ∫¢âÕ¡Ÿ≈µà“ßÊ ‰¥â

3. Being a director who has no direct or indirectbenefit or interest in finance and management ofthe or majority shareholder of the Company,affiliated company, associated company or relatedcompany, or majority shareholder of the Company,including the benefit or interest of the said natureduring a period of 1 year before his appointmentas a member of the audit committee except wherethe board of directors has carefully considered thatsuch previous benefit or interest does not affectthe performance of duties and the giving ofindependent opinions.

4. Being a director who is not a related person orclose relative of any management member ormajority shareholder of the Company

5. Being a director whom is not appointed as arepresentative to safeguard interests of the Companyûsdirectors, majority shareholders or shareholders whoare related to the Companyûs majority shareholders.

6. Being capable of performing duties, giving opinions orreporting then result of performance of work accordingto the duties delegated by the board of directors freeand clear of the control of the management or themajority shareholders of the Company including relatedpersons or close relatives of the said persons.

7. Being a director who has adequate knowledge,capabilities and expertise

8. At least 1 of the members of Audit Committee musthas knowledge and experience on Financial andaccounting and the changing in financial reports

9. Being a director who is able to dedicate sufficienttime to work according to the Audit Committee duties

The 15 Principles of Good Corporate GovernanceThe Company has set up the policy in relation to supervision of the busi-ness for transparency in the operation of the Company at all levels, i.e.,operating members of the staff, executives and the directors of theCompany, which forms the important basis for improving operatingefficiency and effectiveness of the Company for long-term benefit of theshareholders, customers, investors and the general public. The Companytherefore complies with the 15 clauses of the principles of good businessgovernance according to the guidelines of the Stock Exchange of Thailand.

1. Corporate Governance PolicyThe Companyûs Board of Directors places great importance on the goodcorporate governance based on international standard and consistencywith the policy of the Stock Exchange of Thailand by establishing theAudit committee to assist with the supervision on various matters tosupport the corporate culture and ethics of good corporate governance.

2. Shareholdersû RightsThe Company has the policy of treating every shareholder equally. Theshareholders can freely exercise the right to vote in electing the CompanyûsBoard of Directors, in relation to adoption of resolutions, expression ofopinion and posing of any questions in the meeting according to theagenda and proceeding of the meeting and the proposed matters. Everyshareholder has the right and the equality of being informed of correct,update, open and complete information and the shareholders will be ableto inspect various information.


3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬°≈ÿà¡µà“ßÊ

∫√‘…—∑œ‰¥â „Àâ§«“¡ ”§—≠µàÕ ‘∑∏‘ ¢ÕßºŸâ ¡’ à «π‰¥â ‡ ’ ¬∑ÿ°°≈ÿà ¡

‰¡à«à“®–‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬¿“¬„π ‰¥â·°à ºŸâ∫√‘À“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ

À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿà·¢àß ‡®â“Àπ’È ¿“§√—∞·≈–Àπà«¬ß“π

Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß ‚¥¬∫√‘…—∑œ®–ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬·≈–

°Æ√–‡∫’¬∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ‡æ◊ËÕ„Àâ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬‡À≈à“π’È‰¥â

√—∫°“√¥Ÿ·≈Õ¬à“ß¥’ µ≈Õ¥°“√¥”‡π‘πß“π∑’Ëºà“π¡“ ∫√‘…—∑œ‰¥â¡’°“√

ªØ‘∫—µ‘µàÕæπ—°ß“πÕ¬à“ß‡∑à“‡∑’¬¡·≈–‡ªìπ∏√√¡‚¥¬„Àâº≈µÕ∫·∑π∑’Ë

‡À¡“– ¡ °“√´◊ÈÕ ‘π§â“·≈–∫√‘°“√®“°§Ÿà§â“‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢ √«¡∂÷ß

°“√ªØ‘∫—µ‘µ“¡ —≠≠“µàÕ§Ÿà§â“ ¡’§«“¡‡Õ“„®„ à·≈–√—∫º‘¥™Õ∫µàÕ≈Ÿ°§â“

√—°…“§«“¡≈—∫¢Õß≈Ÿ°§â“ Õ’°∑—Èß®√√¬“∫√√≥¢Õß∫√‘…—∑œ‰¥â¡’°“√√–∫ÿ∂÷ß

°“√ª√–æƒµ‘ªØ‘∫—µ‘¿“¬„µâ°√Õ∫°µ‘°“¢Õß°“√·¢àß¢—π∑’Ë¥’ ‰¡à· «ßÀ“

¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡≈—∫¢Õß§Ÿà·¢àß∑“ß°“√§â“¥â«¬«‘∏’°“√∑’Ë‰¡à ÿ®√‘µ‰¡à

‡À¡“– ¡

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

∫√‘…—∑œ¡’π‚¬∫“¬„π°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π‚¥¬∫√‘…—∑œ‰¥â®—¥ àßÀπ—ß ◊Õπ—¥ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“ µ≈Õ¥®π “¡“√∂ Õ∫∂“¡ · ¥ß§«“¡§‘¥‡ÀÁπ ·≈–„Àâ¢âÕ‡ πÕ·π–µà“ßÊ ‚¥¬®–¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß §√∫∂â«π‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â ∑—Èßπ’È¿“¬À≈—ß®“°°“√·ª√ ¿“æ‡ªìπ∫√‘…—∑¡À“™π®”°—¥·≈–®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑œ‰¥â°”Àπ¥∑’Ë®–®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡‡Õ° “√ª√–°Õ∫°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ËÕ„Àâ‡ªìπµ“¡√–¬–‡«≈“¢—ÈπµË”∑’Ë°ÆÀ¡“¬°”Àπ¥ ·≈–¡’π‚¬∫“¬∑’Ë®–‡æ‘Ë¡∑“ß‡≈◊Õ°„Àâ°—∫ºŸâ∂◊ÕÀÿâπ ‚¥¬„Àâ°√√¡°“√µ√«® Õ∫‡ªìπºŸâ√—∫¡Õ∫©—π∑–®“°ºŸâ∂◊ÕÀÿâπ „π°√≥’∑’ËºŸâ∂◊ÕÀÿâπ‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥âπÕ°®“°π’È∫√‘…—∑œ®–‰¥â®—¥„Àâ¡’ºŸâ·ª≈¿“…“ „π°√≥’∑’ËºŸâ¥”‡π‘π°“√ª√–™ÿ¡‡ªìπ™“«µà“ß™“µ‘ ∑—Èßπ’È‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ¡’§«“¡‡¢â“„®„π “√–¢Õß°“√ª√–™ÿ¡ ·≈– “¡“√∂ Õ∫∂“¡ À√◊Õ· ¥ß§«“¡§‘¥‡ÀÁπ‰¥âÕ¬à“ß‡µÁ¡∑’Ë

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå

§≥–°√√¡°“√¢Õß∫√‘…—∑œ ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë¡’§«“¡√Ÿâ §«“¡

“¡“√∂ ·≈–ª√– ∫°“√≥å„π°“√¥”‡π‘π∏ÿ√°‘®∑”Àπâ“∑’Ë°”Àπ¥π‚¬∫“¬

«‘ —¬∑—»πå °≈¬ÿ∑∏å ‡ªÑ“À¡“¬ ¿“√°‘® ·ºπ∏ÿ√°‘® ·≈–ß∫ª√–¡“≥¢Õß

∫√‘…—∑œµ≈Õ¥®π°”°—∫¥Ÿ·≈„ÀâΩÉ“¬®—¥°“√∫√‘À“√ß“π„Àâ‡ªìπ‰ªµ“¡

π‚¬∫“¬∑’Ë°”Àπ¥‰«âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ¿“¬„µâ°√Õ∫

¢Õß°ÆÀ¡“¬ «—µ∂ÿª√– ß§å ¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ·≈–¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

¥â«¬§«“¡√—∫º‘¥™Õ∫ ´◊ËÕ —µ¬å ÿ®√‘µ√–¡—¥√–«—ß µ“¡À≈—°°“√¢âÕæ÷ßªØ‘∫—µ‘

∑’Ë¥’ ‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘® Ÿß ÿ¥„Àâ·°à°‘®°“√ ·≈–§«“¡¡—Ëπ§ß

Ÿß ÿ¥„Àâ·°àºŸâ∂◊ÕÀÿâπ πÕ°®“°π’È∫√‘…—∑œ‰¥â„Àâ§«“¡ ”§—≠‡ªìπÕ¬à“ß¬‘ËßµàÕ

√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈–¡“µ√°“√∫√‘À“√

§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡ µ≈Õ¥®π°“√¡’√–∫∫°“√ Õ∫∑“π‡æ◊ËÕ„Àâ°“√

¥”‡π‘πß“π‡ªìπ‰ªµ“¡¢âÕ°ÆÀ¡“¬ ·≈–¡’°“√§«∫§ÿ¡∑’Ë¥’ ‡æ◊ËÕ„Àâ√–∫∫

°“√§«∫§ÿ¡¿“¬„π¡’ª√– ‘∑∏‘¿“æ·≈–‡°‘¥ª√– ‘∑∏‘º≈ Ÿß ÿ¥µàÕ∫√‘…—∑œ

πÕ°®“°π’È§≥–°√√¡°“√‡ªìπºŸâæ‘®“√≥“°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë

·≈–§«“¡√—∫º‘¥™Õ∫√–À«à“ß§≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√µ√«® Õ∫ ·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Õ¬à“ß™—¥‡®π

3. Rights of all StakeholdersThe Company has placed an importance on the right of groups withvarious interests, whether they are internal groups with interest, namely,executives and members of the staff of the Company or the externalgroups with interests such as relevant competitors, creditors, State sectorand other organizations. For this purpose, the Company will comply withthe provisions of the laws and various relevant rules and regulations toensure that the rights of these groups with interest are properly attendedto. In the past operation, the Company had treated members of the staffequally and fairly by providing suitable remuneration. The purchase ofgoods and services from trading partners has proceeded according toagreed terms as well as the compliance with the contracts made withtrading partners. The Company has paid attention to and beenaccountable to the customers, to keep the secrets of the customersconfidential. In addition, the Companyûs corporate ethics has defined thecode of practice under framework of good competitive rules, not to seekbad competition nor information, which is the secrets of the competitors bydishonest and improper means.

4. Shareholdersû MeetingThe Company has the policy to treat the shareholders equally and towhom the Company has delivered the notice of the shareholders meetingtogether with the information supporting various agenda of the meeting foradvance information to the shareholders. In addition, the shareholders willbe able to make enquir ies, express of opinion and variousrecommendations. The minutes of the meetings will be correctly andcompletely recorded to enable the shareholders to inspect. After itsconversion to a public company limited and listed in the Stock Exchangeof Thailand, the Company has intended to send to the shareholders anotice of the meeting together with support documents at least 7 days inadvance in agreement with the minimum timeframe required by law andhas the policy to provide more options to the shareholders. For thispurpose, the Audit Committee is appointed as a proxy of the shareholdersin the event that the shareholder will not be able to attend the meeting.For the shareholdersû mutual understanding, there will be a Thai translatorin case that the shareholdersû meeting is conducted by a foreigner.

5. Leadership and VisionThe Companyûs Board of Directors is comprised of personsknowledgeable in, capable of and experienced in the operation of thebusiness. The Board of Directors shall have the responsibility to set out thepolicy, vision, strategy, aim, mission, business plan and budget of theCompany. In addition, the Board of Directors shall be responsible for thesupervision of the administration and management of the operation inaccordance with the established policy efficiently and effectively within theframework of the law, objectives, Articles of Association of the Company andthe resolutions of the meeting of the shareholders responsibly, honestly,carefully based on the principles of good corporate governance. This is toadd maximum economic value to the business of the Company andmaximum security to the shareholders. Furthermore, the Company has placedan importance on the internal control system, internal audit and appropriatemanagement of risk including the cross-examination to ensure that theoperation of the Company is carried out in accordance with the law. There isa good control system to ensure maximum efficient and effective internalcontrol system for the Company. In addition, the Board of Directors is theone who considers, defines and separates clear and distinctive roles andresponsibilities among the Companyûs Board of Directors and the ExecutiveCommittee, the Audit Committee and the Chief Executive Officer.


6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

µ≈Õ¥°“√¥”‡π‘πß“π∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√ ‰¥âæ‘®“√≥“¢®—¥ªí≠À“§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåÕ¬à“ß√Õ∫§Õ∫¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ ¡’‡Àµÿº≈·≈–‡ªìπÕ‘ √–¿“¬„µâ°√Õ∫®√‘¬∏√√¡∑’Ë¥’ ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ‚¥¬√«¡‡ªìπ ”§—≠ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡‚ª√àß„ ·≈–ªÑÕß°—π°“√· «ßÀ“º≈ª√–‚¬™πå à«πµπ ∫√‘…—∑œ¡’π‚¬∫“¬Àâ“¡°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π√–¥—∫ªØ‘∫—µ‘ß“π „™â¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑„π‡§√◊Õ∑’Ë¡’ “√– ”§—≠ ·≈–¬—ß¡‘‰¥â‡ªî¥‡º¬µàÕ “∏“√≥™π‡æ◊ËÕª√–‚¬™πå¢Õßµπ‡ÕßÀ√◊ÕºŸâÕ◊Ëπ πÕ°®“°π’ÈÀ“°¡’°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ®–ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å ·≈–«‘∏’°“√µ“¡∑’Ëª√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

7. ®√‘¬∏√√¡∏ÿ√°‘®

∫√‘…—∑œ¬÷¥¡—Ëπ„π°“√°√–∑”„π ‘Ëß∑’Ë∂Ÿ°µâÕß ‡ªìπ·π«∑“ß°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ °√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π∑ÿ°§π ·≈–∫√‘…—∑œ¡’¿“√–Àπâ“∑’Ë√à«¡°—π„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ¿“¬„µâ°√Õ∫¢Õß°ÆÀ¡“¬ ·≈–¿“¬„µâ¢Õ∫‡¢µ§«“¡√—∫º‘¥™Õ∫¢Õßµπ √«¡∑—Èß„™â«‘®“√≥≠“≥Õ¬à“ß√Õ∫§Õ∫ „π°“√µ—¥ ‘π„®∑”°“√§â“ ·≈–ªØ‘∫—µ‘µπµàÕºŸâÕ◊Ëπ ≈–‡«âπ°“√°√–∑”„¥Ê ∑’Ë®–°àÕ„Àâ‡°‘¥§«“¡‡ ’Ë¬ßµàÕ§«“¡‡ ’¬À“¬·°à∫√‘…—∑œ ·≈– à«π√«¡ ·¡â«à“°“√°√–∑”¥—ß°≈à“«¥Ÿ‡ ¡◊Õπ«à“®–™à«¬‡°◊ÈÕ°Ÿ≈∏ÿ√°‘®·°à∫√‘…—∑œ πÕ°®“°π’È ∫√‘…—∑œ¬—ß‰¥â°”Àπ¥¢âÕ∫—ß§—∫‡°’Ë¬«°—∫°“√∑”ß“π‡æ◊ËÕ„Àâæπ—°ß“π∑—Ë«‰ª¬÷¥∂◊Õ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ ÷Ëß„π¢âÕ∫—ß§—∫¥—ß°≈à“«¡’°“√°”Àπ¥∫∑≈ß‚∑… À“°¡’°“√ΩÉ“Ωóπ¢âÕ∫—ß§—∫¥â«¬

8. °“√∂à«ß¥ÿ≈¢Õß§≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑¡’®”π«π 9 ∑à“π ª√–°Õ∫¥â«¬ °√√√¡°“√ ÷Ëß‡ªìπ™“«µà“ßª√–‡∑» ®”π«π 4 ∑à“π ‚¥¬

1 „π 4 ¥”√ßµ”·Àπàß‡ªìπºŸâ®—¥°“√ΩÉ“¬º≈‘µ·≈–≈Õ®‘ µ‘° å

°√√√¡°“√ ÷Ëß‡ªìπ™“«‰∑¬ ®”π«π 1 ∑à“π ‚¥¬¥”√ßµ”·Àπàß‡ªìπºŸâ®—¥°“√∑—Ë«‰ª

°√√√¡°“√ ÷Ëß¡‘‰¥â‡ªìπµ—«·∑π®“°ºŸâ∂◊ÕÀÿâπ√“¬„¥ ·≈–¡‘‰¥â¥”√ßµ”·Àπàß‡ªìπºŸâ∫√‘À“√ ®”π«π 1 ∑à“π

°√√¡°“√∑’Ë‡ªìπÕ‘ √– ®”π«π 3 ∑à“π ‚¥¬¡’°√√¡°“√1 ∑à“π ‡ªìπ™“«µà“ßª√–‡∑»

À¡“¬‡Àµÿ : ¡’°√√¡°“√‡ªìπ™“«µà“ßª√–‡∑» ®”π«π∑—ÈßÀ¡¥ 5 ∑à“π∫√‘…—∑œ¡’°√√¡°“√∑’Ë‡ªìπÕ‘ √–®”π«πÀπ÷Ëß„π “¡¢Õß°√√¡°“√∑—ÈßÀ¡¥‚¥¬„π°“√≈ß§–·ππ‡ ’¬ß„π∑’Ëª√–™ÿ¡§≥–°√√¡°“√ À“°°√√¡°“√∑à“π„¥¡’ à«π‰¥â‡ ’¬„π‡√◊ËÕß¥—ß°≈à“« ®–‰¡à¡’ ‘∑∏‘≈ß§–·ππ„π‡√◊ËÕßπ—ÈπÊ

∑—Èßπ’Èª√–∏“π°√√¡°“√∫√‘…—∑œ§◊Õπ“¬ ÿ¬ ™ÿ¬ ≈—¬ ‡ªìπ°√√¡°“√´÷Ëß‡ªìπµ—«·∑π®“° DSGIF ´÷Ëß‡ªìπ∫√‘…—∑·¡à ‡ªìπºŸâ¡’§«“¡√Ÿâ§«“¡ “¡“√∂·≈–¡’ª√– ∫°“√≥å„π∏ÿ√°‘®ºâ“ÕâÕ¡ ”‡√Á®√Ÿª¡“°«à“ 30 ªï πÕ°®“°π’È¬—ß¡’°√√¡°“√ ÷Ëß‡ªìπµ—«·∑π®“°∫√‘…—∑·¡àÕ’° 3 ∑à“π‰¥â·°àπ“¬‡À≈’¬ß ¬ÿ° øßπ“¬«àÕß ‚ª «“ ·≈–π“¬‡©‘ß ´‘« ‡¢‘Ëß ‚¥¬°√√¡°“√´÷Ëß‡ªìπµ—«·∑π®“°∫√‘…—∑·¡à∫“ß∑à“π‰¥â¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑¬àÕ¬Õ◊ËπÊ ¢Õß∫√‘…—∑·¡à´÷Ëß¥”‡π‘π∏ÿ√°‘®‡¥’¬«°—∫∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ‡™◊ËÕ«à“®–‰¡à‡°‘¥°“√·¢àß¢—π°—π‡Õß¿“¬„π°≈ÿà¡¢Õß DSGIF‡π◊ËÕß®“°¡’°“√·∫àß‡¢µ°“√∑”∏ÿ√°‘®°—πÕ¬à“ß™—¥‡®π ‚¥¬∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’ ‘∑∏‘„π°“√„™â‡§√◊ËÕßÀ¡“¬°“√§â“∑’Ë„™â‰¥â„πªí®®ÿ∫—π„πª√–‡∑»‰∑¬ ¡“‡≈‡´’¬ Õ‘π‚¥π’‡´’¬ ·≈– ‘ß§‚ª√å·µà‡æ’¬ßºŸâ‡¥’¬«

6. Conflicts of interestThroughout the past operation, the Companyûs Board of Directors andExecutive Committee have considered the elimination of problems inrelation to the conflict of interest judiciously, honestly, with reasons andindependently under the framework of good ethics in the collective interestof the Company for the sake of clarity and prevention of seeking personalinterest. The Company has the policy to prohibit directors, executives andmembers of the staff to use the inside information of material importance ofthe Company and of its subsidiaries and has not been disclosed to thepublic in oneûs own interest or other personsû interest. Moreover, if there willbe the executions of related transactions, the Company will comply with thecriteria and methods as announced by the Stock Exchange of Thailand.

7. Business EthicsThe Company adheres to doing the right thing as its operating guidelines.Every director, executive and every employee and the Company has a jointmission to perform his/her respective duty honestly within the framework ofthe law. And under the scope of its own responsibility including exercisinga judicious decision to enter into trading and in the treatment of otherpersons; to refrain from doing any act that will cause risk of damage to theCompany and the public collectively even though it is seemingly that suchact would be favorable to the business of the Company. In addition, theCompany also sets forth the regulat ions governing workperformance for compliance by all personnel as guidelines for theperformance of duty with honesty. The said regulations also provide forpenalty clause in case of violation of the regulations.

8. Equal balance of the Board of DirectorsThe Companyûs Board of Directors is comprised of 9 persons: 4 directors are foreigners, one of whom are based in DSGT

as the production and logistics manager 1 director is a Thai national and working as the General

Manager 1 director is not a representative of any shareholders and

is not an executive in the Company 3 directors are independent directors, one of whom is a foreignerRemark : Hence, there are 5 foreign directors in the Board.One third of the Companyûs directors are independentdirectors. In any case that a director has interest on the matter, heor she will not have the right to vote on that matter.

Chairman of the Board of Directors, Mr. Tsui Shui Lai, who is therepresentat ive of DSGIF (the parent company) hasknowledge and expertise in the diaper industry for more than 30years. There are 3 directors namely Mr. Leung Yeuk Fong,Mr. Wong Po Wah, and Mr. Cheung Siu Keung who arerepresentatives of DSGIF and also are directors in the DSGIFûsaffil iates, which are in the diaper industry. However, theCompany believes that it will not have any competition among thegroup of DSGIF because DSGIF has set the trade territory for itsaffiliates. Moreover, the Company has the exclusive right to use thetrademark in Thailand, Malaysia, Indonesia, and Singapore.


9. °“√√«¡À√◊Õ·¬°µ”·Àπàß

∫√‘…—∑œ¡’°“√·∫àß·¬°Àπâ“∑’Ë¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘À“√ ·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Õ¬à“ß™—¥‡®π πÕ°®“°π’È∫√‘…—∑œ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëßª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √– 3 ∑à“π‡æ◊ËÕ∑”Àπâ“µ√«® Õ∫°“√∫√‘À“√¢Õß∫√‘…—∑œ ∑—Èßπ’È ∫√‘…—∑œ‰¥â¡’°“√°”Àπ¥¢Õ∫‡¢µÕ”π“® Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘À“√ ·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Õ¬à“ß™—¥‡®π‚¥¬®–‰¡à„Àâ¡’Õ”π“®‰¡à®”°—¥

10. §à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√

∫√‘…—∑œ‰¥â°”Àπ¥π‚¬∫“¬°“√„Àâ§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√‰«âÕ¬à“ß™—¥‡®π ∑—Èßπ’È°“√æ‘®“√≥“§à“µÕ∫·∑π¢Õß°√√¡°“√„ÀâÕ¬Ÿà„πÕ”π“®Õπÿ¡—µ‘¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ à«π§à“µÕ∫·∑π¢ÕßºŸâ∫√‘À“√®–Õ¬Ÿà„πÕ”π“®Õπÿ¡—µ‘¢Õß§≥–°√√¡°“√∫√‘…—∑œ ‚¥¬°“√æ‘®“√≥“Õπÿ¡—µ‘§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√¥—ß°≈à“«®–Õ¬Ÿà „π√–¥—∫‡¥’¬«°—∫Õÿµ “À°√√¡´÷Ëß ŸßæÕ∑’Ë®–¥÷ß¥Ÿ¥·≈–√—°…“°√√¡°“√ ·≈–ºŸâ∫√‘À“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’Ë∫√‘…—∑œµâÕß°“√

§à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë∫√‘…—∑œ®à“¬„Àâ·°à°√√¡°“√∫√‘…—∑œ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ‡ªìπ¥—ßπ’È

„πªï 2549 ∫√‘…—∑œ®à“¬§à“µÕ∫·∑π„Àâ·°à°√√¡°“√·≈–ºŸâ∫√‘À“√ ‡ªìπ®”π«π‡ß‘π 1.20 ≈â“π∫“∑ ·≈– 7.86 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬‡ªìπ§à“µÕ∫·∑π„π√Ÿª‡ß‘π‡¥◊Õπ·≈–‚∫π—

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∑’Ë‡ªìπµ—«‡ß‘π„πªï 2549 ‡∑à“°—∫ 1.45 ≈â“π∫“∑ ·≈– 26.23 ≈â“π∫“∑µ“¡≈”¥—∫

9. Aggregation or Segregation of PositionsThe Company has clearly separated the duty of the Board of Directors, theExecutive Directors and the Chief Executive Officer. In addition, theCompany has appointed the Audit Committee which is comprised of3 independent directors to have the duty to audit the administration andmanagement of the Company. For this purpose, the Company has clearlydef ined the scope, powers, duty and responsibi l i ty of theExecutive Committee and the Chief Executive Officer to do away withunlimited powers.

10. Remuneration of Directors and ExecutivesThe Company has set up a clear policy for remunerating directors andexecutive directors. The consideration of the remuneration for directorsshall be within the powers of the shareholdersû meeting to approve. As forthe remuneration of the executives, it shall be within the power of theBoard of Directors to approve. The consideration for approval of theremuneration for the said directors and executives shall be at the samelevel as that of the industry, which is adequately high enough to attract andto retain the directors and executives who possess the qualificationrequired by the Company.

The cash remuneration that the Company paid to the directors for1 year period ended 31 December 2006 is as follows:

In 2006 the Company paid remuneration to directors (External directors)and executives totaling Baht 1.20 million and Baht 7.86 million,respectively in the form of salary and bonus payment.

The Company and its subsidiaries paid cash remuneration todirectors and executives totaling Baht 1.45 million and Baht 26.23million in 2006, respectively.

Àπà«¬ : ≈â“π∫“∑Unit : Million Baht

°√√¡°“√ ‡¢â“√à«¡ª√–™ÿ¡ §≥–°√√¡°“√ §≥–°√√¡°“√ §≥–°√√¡°“√ √«¡(§√—Èß) ∫√‘…—∑œ µ√«® Õ∫ ∫√‘À“√ (∫“∑)

Director Meeting Attendance BOD Audit Com Exe Com Total(time/total) (Baht)

1. π“¬ ÿ¬ ™ÿ¬ ≈—¬ 1/5 - - - -Mr. Tsui Shui Lai

2. π“¬‡À≈’¬ß ¬ÿ° øß 4/5 - - - -Mr. Leung Yeuk Fong

3. π“¬«àÕß ‚ª «“ 5/5 - - - -Mr. Wong Po Wah

4. π“¬‰æ√—™ Õπÿ«ß»åπÿ‡§√“–Àå 5/5 - - - -Mr. Pairat Anuwongnukroh

5. π“¬‡©‘ß ´‘« ‡¢‘Ëß 5/5 - - - -Mr. Cheung Siu Keung

6. π“¬ ÿ¢æ√ ™—™«“≈“æß…å 4/5 0.30 - - 0.30Mr. Sukporn Chatchavalapong

7. π“¬‚¥π—≈ ‡Œ 2/5 - 0.30 - 0.30Mr. Donald Hess

8. π“ß “« ÿ™≠“ πææ‘¡“π 5/5 - 0.30 - 0.30Ms. Sutchaya Noppimarn

9. π“ß«’≥“ ‡≈‘»«√∏√√¡ 5/5 - 0.30 - 0.30Mrs. Weena Lertworratham


∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â√—∫§à“µÕ∫·∑π∑’Ë‰¡à‡ªìπµ—«‡ß‘π„πªï 2549 ®“°∫√‘…—∑œ ∑—Èßπ’È ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ‰¥â√—∫§à“µÕ∫·∑π∑’Ë‰¡à‡ªìπµ—«‡ß‘π®”π«π3.13 ≈â“π∫“∑ ‚¥¬‡ªìπ§à“µÕ∫·∑π„π√Ÿª «— ¥‘°“√µà“ßÊ ‡™àπ §à“∑’Ëæ—°Õ“»—¬ ‡ªìπµâπ

‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫§à“µÕ∫·∑π„πªï 2549 ∑’Ë‰¡à‡ªìπµ—«‡ß‘π√«¡®”π«π 7.56 ≈â“π∫“∑

11. °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ

∫√‘…—∑œ ¡’π‚¬∫“¬®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡‡Õ° “√ª√–°Õ∫‡æ◊ËÕ„Àâ°√√¡°“√æ‘®“√≥“°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡√–¬–‡«≈“¢—ÈπµË”µ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥ „πªï 2549 §≥–°√√¡°“√¡’°“√ª√–™ÿ¡√«¡∑—Èß ‘Èπ 5 §√—Èß ·≈–‰¥â¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡‡ªìπ≈“¬≈—°…≥åÕ—°…√ ®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡∑’Ëºà“π°“√√—∫√Õß®“°§≥–°√√¡°“√∫√‘…—∑œæ√âÕ¡„Àâ°√√¡°“√·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßµ√«® Õ∫‰¥â

Õπ÷Ëß°“√ª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ∑ÿ°§√—Èß®–¡’°√√¡°“√¡“ª√–™ÿ¡§√∫Õß§åª√–™ÿ¡ ∑—Èßπ’Èªí®®ÿ∫—π∫√‘…—∑œ®–®—¥„Àâ¡’°“√√à«¡ª√–™ÿ¡∑“ß‚∑√»—æ∑å (Telephone Conference) ‡æ◊ËÕ‡æ‘Ë¡§«“¡ –¥«°·≈–‡ªî¥‚Õ°“ „Àâ°√√¡°“√∫“ß∑à“π∑’Ë‰¡à “¡“√∂‡¥‘π∑“ß¡“√à«¡ª√–™ÿ¡‰¥â· ¥ß§«“¡§‘¥‡ÀÁπ

12. §≥–Õπÿ°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑œ‰¥â·µàßµ—Èß§≥–Õπÿ°√√¡°“√‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ ¥—ßπ’È

§≥–°√√¡°“√µ√«® Õ∫ ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈–3 ªïª√–°Õ∫¥â«¬°√√¡°“√ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √–

∫√‘…—∑œ¬—ß‰¡à¡’§≥–Õπÿ°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ·µà∫√‘…—∑œ„ÀâÕ”π“®°“√°”Àπ¥π‚¬∫“¬Õ—µ√“§à“®â“ß·≈–‚§√ß √â“ß‡ß‘π‡¥◊Õπ·°à§≥–°√√¡°“√∫√‘À“√ ‚¥¬¡’°√–∫«π°“√æ‘®“√≥“§à“µÕ∫·∑π‡∫◊ÈÕßµâπ∑’Ë‡À¡“– ¡‚¥¬„™â¢âÕ¡Ÿ≈§à“µÕ∫·∑π¢Õß∫√‘…—∑„πÕÿµ “À°√√¡‡¥’¬«°—π·≈–¡’¢π“¥„°≈â‡§’¬ß°—π√«¡∑—Èßº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ ª√–°Õ∫°“√æ‘®“√≥“

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

∫√‘…—∑œ‰¥â°”Àπ¥¿“√– Àπâ“∑’Ë Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π·≈–ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å ‘π¢Õß∫√‘…—∑œ„Àâ‡°‘¥ª√–‚¬™πå ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“π ºŸâ§«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡

∫√‘…—∑œ‰¥â®—¥µ—Èß ”π—°µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ‰¥â¥”‡π‘π°“√µ“¡·π«∑“ß∑’Ë°”Àπ¥·≈–¡’ª√– ‘∑∏‘¿“æ √«¡∂÷ßµ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑œ ”π—°µ√«® Õ∫¿“¬„π¡’§«“¡‡ªìπÕ‘ √–´÷Ëß∑”„Àâ “¡“√∂∑”Àπâ“∑’Ëµ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âÕ¬à“ß‡µÁ¡∑’Ë ‚¥¬ ”π—°µ√«® Õ∫¿“¬„π “¡“√∂√“¬ß“πº≈°“√µ√«® Õ∫

‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫

14. √“¬ß“π¢Õß§≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑œ‡ªìπºŸâ √—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ·≈–®—¥„Àâ¡’√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥â«à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â

The Company and its subsidiaries did not pay non-cashremunerat ion to directors in 2006. The Company paidnon-cash remuneration to its executives totaling Baht 3.13 million inthe form of fringe benefits such as accommodation expenses, etc.

The Company and its subsidiaries paid non-cash remuneration toexecutives totaling Baht 7.56 million in 2006.

11. The Meeting of the Companyûs Board of DirectorsThe Company has a policy of delivering the notice of the meetingtogether with supporting documents to directors for considerationbefore date of meeting at least 7 days in advance. This is in accordancewith the minimum timeframe required by law. In 2006, the Board ofDirectors convened a total of 5 meetings and the minutes of themeetings were properly recorded in writing. The minutes of pastmeetings of the Board of Directors certified by the Companyûs Board ofDirectors have been properly kept for inspection by the directors orrelevant persons.

For every Board of Directorûs meeting, the number of directors physicallyattending the meeting had always been sufficient to constitute a quorum.Currently, the Company set up telephone conference for theconvenience of the director who is not able to attend the Board meeting.

12. Sub-committeeThe Companyûs Board of Directors has appointed the sub-committee toassist with the supervision of the business of the Company as follows: The Audit Committee shall be in office for a 3-year termcomprising 3 members. Every member is an independent member. The Company dose not have the Remuneration DeterminationSub-committee. However, the Company grants power to theExecutive Committee to set out a policy to determine the rate ofwage and salary structure. There is a suitable process ofconsidering preliminary remuneration based on the data of the sameindustrial companies and of nearest size combined including theoperating result to support the consideration.

13. Internal Control and Internal Audit SystemThe Company has determined clearly in writing the mission, duty, power toperform the duty of members of the staff and the executives. There is controlsystem on the utilization of the Companyûs assets and there is a clearseparation of duty of operators and the controllers. And the evaluation of theperformance is clearly separated to maintain balance and mutual audit.

The Company has set an internal audit office to have duty to conduct an auditto ensure that the main tasks and important financial activities of theCompany have been performed according to the established guidelines andwith greater efficiency. Inclusively, there will be audit of the compliance withthe law and the requirements relevant to the Company. The Office of InternalAudit is an independent unit that can maximally conduct an audit and tomaintain full balance. The Internal Audit Office can report the audit resultsdirectly to the Audit Committee.

14. Board of Directors ReportThe Board of Directors of the Company is responsible for theConsolidated Financial Statement and Financial Information as shownin the Annual Report and arranges for effective internal control tomake sure that the records of the financial information are correctand complete and sufficient to maintain the assets. This is to enable


´÷Ëß∑√—æ¬å ‘π ∑”„Àâ∑√“∫®ÿ¥ÕàÕπ·≈– “¡“√∂ªÑÕß°—π‰¡à„Àâ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠ ‚¥¬§≥–°√√¡°“√µ√«® Õ∫®–‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ

∫√‘…—∑œ¡Õ∫À¡“¬„Àâ§ÿ≥‰æ√—™ Õπÿ«ß»åπÿ‡§√“–Àå (‚∑√. +66 29332921) ‡ªìπºŸâ√—∫º‘¥™Õ∫¥Ÿ·≈ß“ππ—°≈ß∑ÿπ —¡æ—π∏å‡æ◊ËÕ¥Ÿ·≈‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ·≈–∑—Ë«∂÷ß ∑—Èß√“¬ß“π¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π ·≈–¢âÕ¡Ÿ≈∑—Ë«‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’Ë¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ ‚¥¬‡º¬·æ√à¢âÕ¡Ÿ≈ “√ π‡∑»¢Õß∫√‘…—∑œµàÕºŸâ∂◊ÕÀÿâπ π—°≈ß∑ÿπ ·≈– “∏“√≥™πºà“π™àÕß∑“ßµà“ßÊ

°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π

∫√‘…—∑œ‰¥â¡’π‚¬∫“¬Àâ“¡°√√¡°“√·≈–ºŸâ∫√‘À“√„π°“√π”¢âÕ¡Ÿ≈¿“¬„π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ ÷Ëß¬—ß‰¡à‡ªî¥‡º¬µàÕ “∏“√≥™π‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµ—« ÷Ëß√«¡∂÷ß°“√ ◊ÈÕ¢“¬À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ ‚¥¬°√√¡°“√ ºŸâ∫√‘À“√·≈–æπ—°ß“π´÷ËßÕ¬Ÿà„πÀπà«¬ß“π∑’Ë∑√“∫¢âÕ¡Ÿ≈¿“¬„π§«√À≈’°‡≈’Ë¬ßÀ√◊Õß¥°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ„π™à«ß√–¬–‡«≈“ 1‡¥◊Õπ °àÕπ°“√‡ªî¥‡º¬ß∫°“√‡ß‘π„Àâ·°à “∏“√≥™π

∫√‘…—∑œ‰¥â¥”‡π‘π°“√·®âß„ÀâºŸâ∫√‘À“√ΩÉ“¬µà“ßÊ ‡¢â“„®∂÷ß¿“√–Àπâ“∑’Ë„π°“√√“¬ß“π°“√∂◊ÕÀ≈—°∑√—æ¬å„π∫√‘…—∑œ¢Õßµπ‡Õß §Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«– µ≈Õ¥®π√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬åµ“¡¡“µ√“ 59 ·≈–∫∑°”Àπ¥≈ß‚∑…µ“¡¡“µ√“ 275 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535

À“°°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π¢Õß∫√‘…—∑œΩÉ“ΩóπÀ√◊Õ‰¡àªØ‘∫—µ‘µ“¡π‚¬∫“¬¢Õß∫√‘…—∑œ„π‡√◊ËÕß°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å‚¥¬„™â¢âÕ¡Ÿ≈¿“¬„π∫√‘…—∑œ®–≈ß‚∑…∑“ß«‘π—¬°—∫°√√¡°“√ ºŸâ∫√‘À“√ À√◊Õæπ—°ß“πºŸâπ—Èπ‚¥¬‡√‘Ë¡µ—Èß·µà°“√µ—°‡µ◊Õπ‡ªìπÀπ—ß ◊Õ µ—¥§à“®â“ß æ—°ß“π™—Ë«§√“«‚¥¬‰¡à‰¥â√—∫§à“®â“ß À√◊ÕÕ“®®–„ÀâÕÕ°®“°ß“π ∑—Èßπ’È¢÷ÈπÕ¬Ÿà°—∫§«“¡√â“¬·√ß¢Õß§«“¡º‘¥π—Èπ

π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈

∫√‘…—∑œ¡’π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈‰¡àµË”°«à“√âÕ¬≈– 40 ¢Õß°”‰√ ÿ∑∏‘∑’Ë‡À≈◊ÕÀ≈—ß®“°À—°‡ß‘π ”√Õßµ“¡®”π«π∑’Ë°ÆÀ¡“¬°”Àπ¥√«¡∂÷ß‡ß‘π ”√Õß∑ÿ°ª√–‡¿∑∑’Ë∫√‘…—∑œ‰¥â°”Àπ¥‰«â Õ¬à“ß‰√°Áµ“¡ °“√®à“¬‡ß‘πªíπº≈¥—ß°≈à“«®–¢÷ÈπÕ¬Ÿà°—∫·ºπ°“√≈ß∑ÿπ §«“¡®”‡ªìπ ·≈–§«“¡‡À¡“– ¡Õ◊ËπÊ „πÕπ“§µ ∑—Èßπ’ÈºŸâ∂◊ÕÀÿâπ®–‰¥â√—∫¬°‡«âπ‰¡àµâÕßπ”‡ß‘πªíπº≈®“°°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“° BOI ´÷Ëß‰¥â√—∫°“√¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ‰ª√«¡§”π«≥‡æ◊ËÕ‡ ’¬‡ß‘π‰¥âµ≈Õ¥√–¬–‡«≈“∑’Ë‰¥â√—∫°“√¬°‡«âπ¿“…’π—Èπ

∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈‰¡àµË”°«à“√âÕ¬≈– 40 ¢Õß°”‰√ ÿ∑∏‘∑’Ë‡À≈◊ÕÀ≈—ßÀ—°‡ß‘π ”√Õßµ“¡®”π«π∑’Ë°ÆÀ¡“¬°”Àπ¥√«¡∂÷ß‡ß‘π ”√Õß∑ÿ°ª√–‡¿∑∑’Ë∫√‘…—∑¬àÕ¬‰¥â°”Àπ¥‰«â Õ¬à“ß‰√°Áµ“¡ °“√®à“¬‡ß‘πªíπº≈¥—ß°≈à“«®–¢÷ÈπÕ¬Ÿà°—∫·ºπ°“√≈ß∑ÿπ §«“¡®”‡ªìπ ·≈–§«“¡‡À¡“– ¡Õ◊ËπÊ „πÕπ“§µ

∑—Èßπ’È°“√®à“¬‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬„π¡“‡≈‡ ’¬·≈– ‘ß§‚ª√å„Àâ·°à∫√‘…—∑œ “¡“√∂®à“¬‰¥â‡µÁ¡®”π«π‚¥¬‰¡à¡’°“√À—°¿“…’ ≥ ∑’Ë®à“¬ à«π°“√®à“¬‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬„πÕ‘π‚¥π’‡´’¬„Àâ·°à∫√‘…—∑œ ®–∂Ÿ°À—°¿“…’≥ ∑’Ë®à“¬

‚¥¬‡ß‘πªíπº≈ª√–®”ªï 2549 ‰¥â®à“¬®“°°”‰√ ‡¥◊Õπ ‘ßÀ“§¡ ∂÷ß ‡¥◊Õπ∏—π«“§¡

to pinpoint the weak points and the prevention of fraud or irregularitiesof material importance. The Audit Committee is responsible for thequality of the financial report and of the internal audit system.

15. Relations with InvestorsThe Company appointed Mr. Pairat Anuwongnukroh (Tel. No. +66 29332921) to be responsible for establishing and maintaining public relations withinvestors with regards to the disclosure of correct and complete, transparentand thorough information including the financial data, general information andinformation of material importance to the price of the Companyûs securities.These are done by means of dissemination of the Companyûs information tothe shareholders, investors and the public through various channels.

Monitoring the Usage of Internal InformationThe Company has a policy to prohibit directors and executives fromusing the internal information, which is not yet publicly disclosed, forpersonal interest. This unauthorized use includes the buying/selling ofthe Companyûs securities by directors, executives and employees whocan receive the inside information. Efforts should be made to avoid ornot to trade the companyûs shares during 1-month period before thepublic disclosure of the financial statement.

The Company has notified the executives regarding the report ofthe shareholding and the change on shareholding of the Companyûsshare by the executives and their spouses and minor children tothe Office of the Securities and Exchange Commission pursuant toSection 59 and the penalty clause pursuant to Section 275 of theSecurities and Exchange Act B.E. 2535.

If the directors, the executives and employees violate or fail to comply withthe Companyûs policy on the trading in securities by using the insideinformation, the Company will take disciplinary action against suchdirectors, the executives, or employees by firstly giving a written warning, acut of pay, temporary suspension of work without pay or ultimatelydismissal from employment depending on the gravity of such offence.

Dividend PolicyThe Company has the policy to pay dividends not less than 40% ofnet profit after legal reserve and every category of reserves determinedby the Company. However, the payment of the said dividendsdepends on the investment policy, the necessity and other require-ments in the future. To be noted, the shareholders shall be exemptedfrom bringing the dividends earned from the BOI promoted business,which is granted corporate income tax exemption, to be included inthe calculation for personal income tax throughout the period of suchtax exemption.

The subsidiaries have the policy to pay dividends not less than40% of net profit after legal reserve and every category of reservesdetermined by the subsidiaries. However, the payment of the saiddividends depends on the investment policy, the necessity andother suitability in the future.

The dividend of the subsidiaries in Malaysia and Singapore will befully remitted to the Company without any withholding taxes, whereasthe dividend of the subsidiaries in Indonesia will be subjected towithholding taxes.

The dividend in 2006 was based on the profit generated fromAugust to December.


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the

othe

rsu

bsid

iaries

par

tly b

ecau

se th

e co

mpa

ny in

Thail

and

is th

e joi

nt v

entu

re b

etwe

en D

SGIF

and

loca

l pa

rtner

and

the

man

agem

ent

supp

ort

to t

he C

ompa

ny a

nd i

ts T

hai

subs

idiar

y is

mor

e int

ense

as

com

pare

toth

e C

ompa

nyûs

sub

sidia

ry i

n In

done

siaalt

houg

h it

is als

o a

joint

ven

ture

. Mor

eove

r,th

e loc

al pa

rtner

in In

done

sia a

lso p

rovid

em

anag

emen

t su

ppor

t to

the

Ind

ones

ianCo

mpa

ny

DSG

Inte

rnat

ional

Ltd.

, (çD

SGIFé

)-

Hold

ing C

ompa

ny-

Regis

tere

d in

BVI

- He

ad O

ffice

in HK

The

Com

pany

, AM

S, D

SGM

L,DS

GM

SB,

PTDS

G,

and

DSG

Spa

id th

e M

anag

emen

t Fee

to D

SGIF

It is

1%-1

.5%

of

the

net

sale

toth

ird p

artie

s

27.0

8331

.103


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

-DS

GIF

‡ªìπ‡

®â“Àπ

’È¢Õß∫

√‘…—∑œ

AM

S(‰

∑¬)

D

SG

ML

(¡“‡

≈‡’¬

-

®”Àπ

à“¬)

DSG

MSB

(¡“

‡≈‡´

’¬ -

º≈‘µ)

PTD

SG (

Õ‘π‚¥

π’‡’¬)

·≈–

DSG

S (

‘ß§‚ª

√å) ‡

π◊ËÕß®

“° °

“√§â“

ß™”√

–§à“∏

√√¡‡

π’¬¡

°“√®

—¥°“

√(M

anag

emen

t Fee

s) §

à“∏√√

¡‡π ’¬

¡¥—ß

°≈à“«

®–∂Ÿ°

™”√–

‡ªìπ

√“¬‡

¥◊Õπ

‚¥¬‰

¡à¡’‡§

√¥‘µ‡

∑Õ¡

∑—Èßπ

’È¬Õ¥§

â“ß™”

√–¥—ß

°≈à“«

‰¡à¡’¥

Õ°‡∫

’È¬D

SGIF

is

the

c red

itor

o f t

heC

ompa

ny,

AMS

, D

SG

ML,

DSG

MSB

, PT

DSG

, an

d DS

GS

due

to th

e un

paid

man

agem

ent

fees

to

DSG

IF (

The

said

fee

sw

e re

paid

m

onth

ly

with

out

cred

it te

rm)

5.87

1‡æ

‘Ë¡¢÷Èπ:

31.

103

≈¥≈ß

: (30

.819

)Õ—µ

√“·≈

°‡ª≈

’Ë¬π:

(0.5

50)

§ß‡À

≈◊Õ:

5.60

5

5.87

1Inc

: 31.

103

Pmt:

(30.

819)

Fx: (

0.55

0)En

ding

: 5.6

05

5.60

5Õ“

¬ÿ§ß§

â“ß¬—ß

‰¡à∂÷ß

°”Àπ

¥:®”

π«π:

4.6

37‡°

‘π°”À

π¥™”

√–:

< 3

‡¥◊Õπ

: 0.3

973-

6 ‡¥

◊Õπ: 0

.274

6-12

‡¥◊Õπ

: 0.2

97

5.60

5Ag

ing:

Curre

nt: 4

.637

Ove

rdue

:<

3 m

os: 0

.397

3-6

mos

: 0.2

746-

12 m

os: 0

.297

√“¬°

“√¥—ß

°≈à“«

‡ªìπ

√“¬°

“√∑’Ë

¡‡Àµ

ÿ ¡º≈

·≈–‡

ªìπ

ª°µ

‘¢Õß

°“√¥

”‡π‘

π°“

√∑“ß

∏ÿ√°‘®

∑—Èßπ

’È‡π◊ËÕß

®“°√

“¬°“

√¥—ß°

≈à“«‰

¡à¡’°“

√‡√’¬

°‡°

Á∫¥Õ

°‡∫’È

¬ ®÷ß

∂◊Õ‰¥

â«à“‡ª

ìπ°“

√™à«¬

‡À≈◊Õ

∑“ß

¥â“π°

“√‡ß

‘π®“

° D

SGIF

´÷Ëß‡

ªìπ∫√

‘…—∑

·¡à¢Õ

ß∫√‘…

—∑œ

The

said

tra

nsac

tion

was

reas

onab

le an

dco

nsid

ered

as

a no

rmal

trans

actio

n. S

ince

itûs

inte

rest

fre

e tra

nsac

tion,

it

wou

ldco

nsid

er a

s th

e fin

anci

al as

sista

nt f

rom

DSG

IF, th

e pa

rent

com

pany

.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

1.2

DSG

IF

‡ª

ìπ≈Ÿ°

Àπ’È

¢Õß∫

√‘…—∑

œ‡π

◊ËÕß®“

°‡¥‘¡

DSG

L ‡ª

ìπ≈Ÿ°À

π’È°“√

§â“¢Õ

ß∫√‘…

—∑œ „π

¢≥–∑

’Ë DSG

IF ‡ª

ìπ≈Ÿ°

Àπ’È¢Õ

ß DS

GL

¥—ßπ—Èπ

DSG

L ®÷ß

‚Õπ≈

Ÿ°Àπ’È¢

Õßµπ

(§◊Õ

DSG

IF)

„Àâ

·°à∫

√‘…—∑

œ ‡æ

◊ËÕ‡ªìπ

°“√≈

¥®”π

«π√“

¬°“√

√–À«

à“ß∫√

‘…—∑œ

·≈–

DSG

L‚¥

¬ DS

GT

®–®à“

¬·∑π

DSG

IF „

π§à“

„™â®à“

¬∑’Ë‰¡

à‡°’Ë¬«

¢âÕß∑

“ß°“

√§â“

(§à“„

™â®à“¬

„π°“

√‡¥‘π

∑“ß¢

Õß°√

√¡°“

√)DS

GIF

is a

debt

or o

f the

Com

pany

.Si

nce

DSG

L ow

ed tr

ade

acco

unt

rece

ivabl

es to

the

Com

pany

whil

eDS

GIF

owed

acc

ount

rece

ivabl

e to

DSG

L, DS

GL,

then

, tra

nsfe

rred

itsac

coun

t re

ceiva

ble

(whi

ch w

asDS

GIF)

to th

e Co

mpa

ny, r

esult

ingin

the

decr

ease

in th

e re

lated

tran

sac

tions

bet

ween

the

Com

pany

and

DSG

L. D

SGT

pay

on b

ehalf

of

DSG

IF o

n no

n-tra

de e

xpen

se.

(trav

eling

exp

ense

for d

irect

or)

0.00

8‡æ

‘Ë¡¢÷Èπ:

0.0

80≈¥

≈ß: (

0.00

7)Õ—µ

√“·≈

°‡ª≈

’Ë¬π:

(0.0

01)

§ß‡À

≈◊Õ 0

.080

0.00

8Inc

: 0.0

80Pm

t: (0

.007

)Fx

: (0

.001

)En

ding

: 0.0

80

0.08

0Õ“

¬ÿ§ß§

â“ß¬—ß

‰¡à∂÷ß

°”Àπ

¥:®”

π«π:

0.0

80

0.08

0Ag

ing:

Curre

nt: 0

.080

√“¬°

“√¥—ß

°≈à“«

‡ªìπ

√“¬°

“√∑’Ë

¡‡Àµ

ÿ ¡º≈

·≈–‡

ªìπ°“

√≈¥®

”π«π

√“¬°

“√√–

À«à“ß

°—π·π

«∑“ß

°“√¥

”‡π‘π

ß“π¢

Õß∫√

‘…—∑œ

¬Õ¥≈

Ÿ°À

π’È§ß

‡À≈◊Õ

¥—ß°≈

à“«‰¥

â™”√–

·≈â«„

π‡¥

◊Õπ ‘ß

À“§¡

254

8 ∑—Èß

π’È®–‰

¡à¡’°“

√‚Õπ

≈Ÿ°Àπ

’È°“√§

â“„π≈

—°…≥

–π’ÈÕ’°

„πÕπ

“§µ

√“¬°

“√¥ —ß

°≈à“«

‡°‘¥

¢÷Èπ‡¡

◊ËÕ°√

√¡°“

√¢Õß

DSG

IF ®

—¥°“√

ª√–™

ÿ¡„πª

√–‡∑

»¢Õß

∫√‘…

—∑¬àÕ

¬ ‚¥

¬®”π

«π¥—ß

°≈à“«

‰¡à∂◊Õ

‡ªìππ

—¬ ”§

—≠

The

trans

actio

n wa

s re

ason

able

and

redu

ced

the

num

ber o

f rela

ted

trans

actio

nsAc

tion

of th

e Co

mpa

ny:

Such

acc

ount

rece

ivable

bala

nce

was s

ettle

din

Augu

st 2

005

and

ther

e wi

ll be

no

mor

eco

nver

sion

of tr

ade

acco

unt r

eceiv

able

into

non-

trade

acc

ount

rece

ivabl

e in

the

futu

re.

The

said

tran

sact

ion a

rose

whe

nDS

GIF

dire

ctor

s he

ld m

eetin

g in

oth

ersu

bsid

iary.

The

am

ount

of

trans

actio

n is

not s

ignific

ant.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

2.1

-∫

√‘…—∑

œ¢“¬

º≈‘µ

¿—≥

±åº

â“ÕâÕ

¡ ”

‡√Á®√

Ÿª ”À

√—∫ºŸâ„

À≠à„À

â DSG

L

The

com

pany

sol

d ad

ult

diap

ers

to D

SGL

-D

SG

L ‡ª

ìπ≈Ÿ°

Àπ’È

°“√§

â“¢Õß

∫√‘…

—∑œ

∑—Èßπ

’È∫√‘…

—∑œ„

Àâ‡§

√¥‘µ

‡∑Õ¡

„π°

“√™”

√–§à

“ ‘π

§â“·

°àDS

GL

‡ªìπ‡

«≈“

90 «

—π

DSG

L is

the

Com

pany

ûs t

rade

acco

unt r

eceiv

able

(Cre

dit t

erm

that

DSG

T giv

es to

DSG

L is

90 d

ays)

91.6

61

24.0

95‡æ

‘Ë¡¢÷Èπ:

86.

079

≈¥≈ß

: (86

.467

)Õ—µ

√“·≈

°‡ª≈

’Ë¬π:

(3.5

79)

§ß‡À

≈◊Õ: 2

0.12

824

.095

Inc: 8

6.07

8Pm

t: (8

6.46

7)Fx

: (3.

579)

Endi

ng: 2

0.12

8

86.0

79

20.1

28Õ“

¬ÿ§ß§

â“ß¬—ß

‰¡à∂÷ß

°”Àπ

¥:®”

π«π:

20.

128

20.1

28Ag

ing:

Curre

nt: 2

0.12

8

√“¬°

“√¥—ß

°≈à“«

‡ªìπ√

“¬°“

√∑“ß

°“√§

â“ª°µ

‘‚¥

¬¡’π

‚¬∫

“¬°“

√°”À

π¥√

“§“‚

¥¬„™

â«‘∏’

√“§“

∑ÿπ∫«

°°”‰

√ à«π

‡æ‘Ë¡

∑—Èßπ’ÈÕ

—µ√“¢

—ÈπµË”

¢Õß°

”‰√

à«π‡æ

‘Ë¡¥—ß°

≈à“«‡

ªìπÕ—µ

√“‡¥

’¬«°—∫

∑’Ë¢“¬

„Àâ∫ÿ§

§≈¿

“¬πÕ

°Th

e sa

id t

rans

actio

n is

a no

rmal

tra

detra

nsac

tion

with

the

pric

ing p

olicy

by

the

met

hod

of c

ost p

lus m

argin

al pr

ofit;

the

net

price

s we

re c

ompa

rabl

e to

pric

es o

ther

wise

obta

inabl

e fro

m th

ird p

artie

s.

√“¬°

“√¥—ß

°≈à“«

‡ªìπ√

“¬°“

√∑“ß

°“√§

â“ª°µ

‘‚¥

¬¡’‡ß

◊ËÕπ‰¢

∑“ß°

“√§â“

ª°µ‘

The

said

tra

nsac

tion

is a

norm

al t

rade

trans

actio

n.

2.∫√

‘…—∑

¥‘ ‚æ

‡´‡

∫‘≈ ´

Õø∑å

°Ÿä¥ ≈

‘¡‘‡µÁ¥

(çDS

GLé

)-

º≈‘µ

·≈–®

”Àπà

“¬º≈

‘µ¿

—≥±

åºâ“Õ

âÕ¡ ”

‡√Á®√

Ÿª„πª

√–‡∑

»ŒàÕß

°ß-

®¥∑–

‡∫’¬π

∫√‘…

—∑∑’Ëª√

–‡∑»

ŒàÕß°

ß-

”π—°

ß“π„

À≠àµ—Èß

Õ¬Ÿà∑’Ëª

√–‡∑

»ŒàÕß

°ß-

DS

GIF

´ ÷Ë

ß‡ªì

πºŸâ

∂◊ÕÀ

ÿâπ„À

≠à¢

Õß∫√

‘…—∑œ

∂◊ÕÀ

ÿâπ„π

DSG

L √âÕ

¬≈–

100

Disp

osab

le So

ft G

oods

Ltd

. (çD

SGLé

)-

Man

ufac

turin

g an

d di

strib

uting

diap

erpr

oduc

ts in

HK.

-Re

giste

red

in HK

-He

ad O

ffice

in HK

-DS

GIF

who

is a

majo

r sha

reho

lder

of

the

Com

pany

hold

s 10

0 pe

rcen

t of

shar

es in

DSG

L


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

2.2

∫√‘…

—∑œ ·

≈– D

SGM

SB (

¡“‡≈

‡´’¬-

º≈‘µ)

◊ÈÕ«

—µ∂ÿ¥‘∫

®“°

DSG

L

The

Com

pany

and

DSG

MSB

purc

hase

d ra

w m

ateria

ls fro

m D

SGL

-D

SG

L ‡ª

ìπ‡®

â“Àπ’È

°“√

§â“¢

Õß∫

√‘…—∑

œ D

SGM

SB (

¡“‡≈

‡’¬-

º≈‘µ)

·≈–

PTD

SG (

Õ‘π‚¥

π’‡´’¬

)

DSG

L is

the

trade

acc

ount

pay

able

of th

e Co

mpa

ny,

DSG

MSB

,PT

DSG

.

3.24

6

0.68

4‡æ

‘Ë¡¢÷Èπ:

-≈¥

≈ß: (

0.66

2)Õ—µ

√“·≈

°‡ª≈

’Ë¬π:

(0.0

22)

§ß‡À

≈◊Õ :

-0.

684

Inc: -

Pmt:

(0.6

62)

Fx:

(0.0

22)

Endi

ng: -

- - -

√“¬°

“√¥—ß

°≈à“«

‡°‘¥¢

÷Èπ®“

°°“√

§≈“¥

·§≈π

«—µ∂ÿ¥

‘∫À√◊Õ

¡’°“√

‡ª≈’Ë¬

π·ª≈

ß§ÿ≥

¡∫—µ

‘À√◊Õ

√Ÿª·∫

∫º≈‘µ

¿—≥

±å

This

trans

actio

n oc

curre

d wh

en th

ere

were

shor

tage

of

raw

mat

eria

l or

cha

nge

insp

ecific

ation

or p

rodu

ct d

esign

.

√“¬°

“√¥ —

ß°≈à“

« ‡°‘

¥®“

°°

“√∑ ’Ë

∫

√‘…—∑

œDS

GM

SB (

¡“‡≈

‡´’¬-

º≈‘µ)

·≈–

PT

DSG

(Õ‘π

‚¥π’

‡’¬)

◊ÈÕ«

—µ∂ÿ¥

‘∫®“

° D

SGL

÷Ëß√“

¬°“√

¥—ß°≈

à“«‡ª

ìπ√“¬

°“√∑

“ß°“

√§â“ª

°µ‘

The

said

tra

nsac

tion

aros

e fro

m t

hepu

rcha

se o

f raw

mat

erial

s fro

m D

SGL,

which

is a

norm

al tra

de tr

ansa

ction

.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

2.3

DS

GL

‡ªìπ

‡®â“À

π’È¢Õ

ß∫√‘…

—∑œ

DSG

MSB

(¡“

‡≈‡´

’¬ -

º≈‘µ)

·≈–

PTD

SG (

Õ‘π‚¥

π’‡

’¬) ‡

π◊ËÕß

®“°

DSG

L ”

√Õß®

à“¬§à“

„™â®à“

¬∫√‘À

“√‡™

àπ

§à“‡¥

‘π∑

“ß°√

√¡°“

√„Àâ

·°à

∫√‘…

—∑œ

DSG

MSB

(¡“

‡≈‡´

’¬ -

º≈‘µ)

·≈–

PTD

SG (

Õ‘π‚¥

π’‡’¬)

∑—Èßπ

’È‡ ß‘π

”√Õ

ß®à“

¬¥—

ß°≈à“

«∂◊Õ

‡ªìπ

°“√„

Àâ§«

“¡™à«

¬‡À

≈◊Õ∑

“ß°“

√‡ß

‘π‡æ

◊ËÕ„À

â∫√‘…

—∑œ

DS

GM

SB

(¡“‡

≈‡’¬

- º≈

‘µ) ·

≈– P

TDSG

(Õ‘π

‚¥π’‡

´’¬)

„™

â‡ªìπ

‡ß‘π

∑ÿπÀ

¡ÿπ‡«

’¬π ‚

¥¬‰¡

à¡’¥Õ°

‡∫’È¬

DSG

L is

the

cred

itor

of D

SGT,

DSG

MSB

PTD

SG p

ayab

le to

DSG

Ldu

e to

pay

men

t o f

non

-tra

deex

pens

e &

spar

e pa

rt (tr

avel

ing

expe

nse

for

dire

ctor

, adm

in. E

xp)

on b

ehalf

of D

SGT,

DSG

MSB

, and

PTDS

G.

This

pay

men

t ca

n be

treat

ed a

s an

inte

rest

-free

wor

king

capi

tal f

inanc

ing fr

om D

SGL

3.39

3‡æ

‘Ë¡¢÷Èπ:

7.4

18≈¥

≈ß: (

9.68

7)Õ—µ

√“·≈

°‡ª≈

’Ë¬π:

(0.1

46)

§ß‡À

≈◊Õ: 0

.978

3.39

3Inc

: 7.4

18Pm

t: (9

.687

)Fx

: (0

.146

)En

ding

: 0.9

78

0.97

8Õ“

¬ÿ§ß§

â“ß¬—ß

‰¡à∂÷ß

°”Àπ

¥:®”

π«π:

0.2

36‡°

‘π°”À

π¥™”

√–:

< 3

‡¥◊Õπ

: 0.0

353-

6 ‡¥

◊Õπ: 0

.022

6-12

‡¥◊Õπ

: 0.4

04>1

2 ‡¥

◊Õπ: 0

.281

0.97

8Ag

ing:

Curre

nt: 0

.236

Ove

rdue

:<

3 m

os: 0

.035

3-6

mos

: 0.0

226-

12 m

os: 0

.404

Ove

r 12

mos

: 0.2

81

√“¬°

“√¥—ß

°≈à“«

‡ªìπ

°“√™

à«¬‡À

≈◊Õ∑

“ß¥â“

π°“

√‡ß‘π

¢Õß

DSG

L ´÷Ëß

‡ªìπ∫

√‘…—∑„

π‡§√

◊Õ¢Õß

DSG

IF ´

÷Ëß‡ªì

π∫

√‘…—∑

·¡à¢Õ

ß∫√‘…

—∑œ

·≈–

√“¬°

“√¥—ß

°≈à“«

‡ªìπª

√–‚¬

™πåµàÕ

°“√¥

”‡π‘π

ß“π¢

Õß∫

√‘…—∑

œ D

SGM

SB (

¡“‡≈

‡’¬

-º≈

‘µ) ·

≈– P

TDSG

(Õ‘π

‚¥π’‡

´’¬)

·π«∑

“ß°“

√¥”‡

π ‘πß“

π¢Õß

∫√‘…

—∑œ¬Õ

¥Àπ’È

à«π„À

≠à‡ª

ìπ°“

√„Àâ

§«“¡

™à«¬‡

À≈◊Õ

∑“ß°

“√‡ß

‘π¢Õß

DSG

L ·°

à PTD

SG

The

said

tra

nsac

tion

was

rea

sona

b le

beca

use

it wa

s th

e fin

ancia

l ass

istan

t fro

mth

e af

filiat

es o

f DSG

IF, th

e pa

rent

com

pany

.M

oreo

ver,

the

trans

actio

n wa

s be

nefic

ial to

the

oper

ation

of D

SGT,

DSG

MSB

PTD

SG.

Actio

n of

the

Com

pany

:M

ost

of t

he o

utst

and i

ng b

alan

ce w

asfin

ancia

l ass

istan

t fro

m D

SGL

to P

TDSG

.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

2.4

DSG

L ‡ª

ìπ≈Ÿ°

Àπ’È¢

Õß D

SGM

SB(¡

“‡≈‡

’¬-º≈

‘µ) ‡π

◊ËÕß®“

° DS

GMSB

‰¥â ”

√Õß®

à“¬§à“

ÕÕ°·

∫∫

‚¶…

≥“

·∑π

DSG

L

DSG

L is

a de

btor

of D

SGM

SB d

ueto

DSG

MSB

paid

on

beha

lf of

DSG

L fo

r the

adv

ertis

ing d

esign

fee.

-‡æ

‘Ë¡¢÷Èπ:

0.0

80≈¥

≈ß: (

0.08

0)Õ—µ

√“·≈

°‡ª≈

’Ë¬π: -

§ß‡À

≈◊Õ: 0

.000

-Inc

: 0.0

80Pm

t: (0

.080

)Fx

: -En

ding

: 0.0

00

- -

√“¬°

“√¥—ß

°≈à“«

‡°‘¥¢

÷Èπ®“°

°“√∑

’Ë DSG

L ™Õ

∫·

π«§

‘¥„π

°“√

‚¶…

≥“∑

“ß‚∑

√∑—»

πå„π

ª√–‡

∑»¡“

‡≈‡´

’¬ ·µ

àÕ¬à“ß

‰√°Áµ

“¡√“

¬°“√

∑’Ë‡°

‘¥¢÷Èπ‰

¡à∂◊Õ‡

ªìππ—¬

”§—≠

The

said

tran

sact

ion a

rose

sinc

e DS

GL

like

the

idea

of t

he T

V ad

vertis

ing in

Mala

ysia.

The

amou

nt o

f tra

nsac

tion

is no

t sign

ifican

t.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

3.1

PTD

SG

(Õ

‘π‚¥

π’‡´

’¬)

®à“¬§

à“∏√

√¡‡π

’¬¡°“

√„™ â‡

§√◊ËÕß

À¡“¬

°“√§

â“(T

rade

mar

k Li

cens

e/R

oyal

tyFe

es)

„Àâ·°

à DSG

UK

(„π

Õ—µ√“

√âÕ¬≈

– 3.

5 ·≈

–®–≈

¥≈ß‡

À≈◊Õ√

âÕ¬≈–

2.5

µ—Èß·µ

à 1 ‡¡

…“¬

π 25

50 ‡ª

ìπµâπ

‰ª)

PTDS

G p

ays

the

trade

mar

k Ro

yalty

Fees

to D

SGUK

(3.5

% a

nd w

ill be

2.5%

in 1

Apr

il 200

7 on

ward

)

4.94

05.

108

√“¬°

“√¥—ß

°≈à“«

¡’§«

“¡ ¡

‡Àµÿ

¡º

≈·≈–

‡ªìπª

√–‚¬

™πåµàÕ

°“√¥

”‡π ‘π

ß“π∑

“ß∏ÿ√

°‘®¢Õ

ßP

TDS

G

(Õ‘π

‚¥π’

‡’¬

) ‡π

◊ËÕß®

“°§à

“∏√

√¡‡π

’¬¡¥—ß

°≈à“«

‡°‘¥

®“°°

“√∑’Ë

D

SGIF

Õπÿ≠

“µ„À

â P

TDS

G

(Õ‘π

‚¥π’

‡´’¬

) „™

â‡§

√◊ËÕßÀ

¡“¬°

“√§ â“

¢Õßµ

π„π°

“√¥”

‡π‘π∏

ÿ√°‘®

∑—Èßπ

’È PTD

SG (

Õ‘π‚¥

π’‡’¬)

µâÕß

™”√–

§à“∏√

√¡‡π

’¬¡¥—ß

°≈à“«

„Àâ D

SGU

K ´ ÷Ëß

DSG

IF¡Õ

∫À¡“

¬„Àâ‡

ªìπºŸâ‡

°Á∫§à“

∏√√¡

‡π’¬¡

¥—ß°≈

à“«∑—Èß

π’ÈÕ—µ√

“§à“∏

√√¡‡

π ’¬¡¥

—ß°≈à“

« ¡‡

Àµÿ ¡

º≈·≈

–‡ªì

πÕ—µ√

“‡¥’¬

«°—∫

∑’Ë D

SGIF

‡√’¬

°‡°Á∫

®“°∫

√‘…—∑Õ

◊Ëπ¥â«¬

The

said

tran

sact

ion h

ad its

reas

onab

lenes

san

d w

as b

ene f

icia

l to

the

bus

ines

sop

erat

ion o

f PTD

SG s

ince

the

fees

was

paid

to D

SGUK

, th

e be

nefic

iary

of D

SGIF

toco

llect

the

Roya

lty fe

es, f

or th

e rig

ht to

use

the

trade

mar

k und

er th

e Tr

adem

ark L

icens

e/Ro

yalty

Fee

s Ag

reem

ent.

The

fees

are

reas

onab

le an

d ar

e at

the

sam

e ra

te t

hat

DSG

IF ch

arge

s to

oth

er c

ompa

nies.

3.∫√

‘…—∑

¥‘ ‚æ

‡´‡

∫‘≈ ´

Õø∑å

°Ÿä¥ (

¬Ÿ‡§)

æ’·Õ

≈´’ (

çDSG

UKé)

-º≈

‘µ·≈

–®”À

πà“¬

º≈‘µ

¿—≥

±åºâ

“ÕâÕ¡

”‡√

Á®√Ÿª

‡æ◊ËÕ®

”Àπà“

¬„πª

√–‡∑

»·≈–

àßÕÕ

°‰ª¬

—ßª√–

‡∑»„

π¬ÿ‚√

ª-

®¥∑–

‡∫’¬π

∫√‘…

—∑∑’Ëª√

–‡∑»

Õ—ß°ƒ

…-

”π—°

ß“π„

À≠àµ—Èß

Õ¬Ÿà∑’Ëª

√–‡∑

»Õ—ß°

ƒ…-

DSG

IF

÷Ëß‡ªìπ

ºŸâ∂◊ÕÀ

ÿâπ„À≠

à¢Õß∫

√‘…—∑œ

∂◊ÕÀÿâπ

„π D

SGUK

√âÕ¬

≈– 1

00

Disp

osab

le So

ft G

oods

(UK)

Plc

(çDSG

UKé).

-M

anuf

actu

ring

and

dist

ribut

ing d

iaper

prod

ucts

dom

estic

and

exp

ort

toEu

rope

.-

Regis

tere

d in

UK-

Head

Offic

e in

UK-

DSG

IF wh

o is

a m

ajor s

hare

hold

er o

fth

e C

ompa

ny h

olds

100

per

cent

shar

e in

DSG

UK.


∫√‘…

—∑/∏ÿ√

°‘®À≈

—°/§«

“¡ —¡

æ—π∏

å

Com

pany

/ Na

ture

of B

usine

ss /

Relat

ionsh

ip

≈—°…

≥–√

“¬°“

√

Char

acte

ristic

s of

tran

sact

ions

¡Ÿ≈§à“

¢Õß√

“¬°“

√ ®

“°ß∫

°“√‡

ß‘π√«

¡Va

lue o

f tra

nsac

tions

(millio

n Ba

ht)

From

Con

solid

ated

Fina

ncial

Sta

tem

ent

§«“¡

‡ÀÁπ¢

Õß§≥

–°√√

¡°“√

µ√«®

Õ∫

/§«

“¡®”

‡ªìπ·

≈–§«

“¡ ¡

‡Àµÿ

¡º≈

Opi

nion

of th

e Au

dit C

omm

ittee/

Nece

ssity

and

reas

onab

lenes

s≥

31

∏.§.

48

(µ√«

® Õ∫

)Au

dite

d 31

Dec

05

≥ 3

1 ∏.

§. 4

9 (µ

√«®

Õ∫)

Audi

ted

31 D

ec 0

6

-DS

GUK

‡ªìπ‡

®â“Àπ

’È¢Õß

PTDS

G(Õ

‘π‚¥π

’‡’¬)

®“°

°“√§

â“ß™”

√–§à“

∏√√¡

‡π’¬¡

°“√„

™â‡§√

◊ËÕßÀ¡

“¬°“

√§â“

(Tra

dem

ark

Lice

nse/

Roy

alty

Fee

s) µ

“¡∑’Ë

°≈à“«

¡“·≈

â«¢â“ß

µâπ∑—È

ßπ’È§à“

∏√√¡

‡π’¬¡

¥—ß°≈

à“«®–

∂ Ÿ°™”

√–‡ª

ìπ√“

¬‰µ

√¡“

‚¥

¬¡’

‡§√¥

‘µ‡∑Õ

¡ 20

«—π

DSG

UK is

the

cred

itor o

f PTD

SGfro

m th

e un

paid

roya

lty fe

es m

entio

ned

abov

e. (

The

said

fee

swe

re p

aid q

uarte

rly w

ith 2

0 da

yscr

edit

term

)

8.70

9‡æ

‘Ë¡¢÷Èπ:

5.1

08≈¥

≈ß:

(1.3

18)

Õ—µ√“

·≈°‡

ª≈’Ë¬π

:(0

.198

)§ß

‡À≈◊Õ

: 12.

301

8.70

9Inc

: 5.1

08Pm

t: (1

.318

)Fx

: (0.

198)

Endi

ng: 1

2.30

1

12.3

01Õ“

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r NIN

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sact

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as a

nor

mal

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said

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le an

dwa

s be

nefic

ial to

the

busin

ess

oper

ation

of

the

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DSG

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anca

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Com

pany

, DS

GM

SB a

ndPT

DSG

sold

the

diape

r pro

duct

sgo

ods

to P

T Pa

nca,

which

is th

edi

strib

utor

s of

The

com

pany

and

PTDS

G in

Indo

nesia

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275

205.

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πÕ°

The

said

tran

sact

ion w

as a

nor

mal

tradi

ngtra

nsac

tion.

The

pric

ing p

olicy

is b

ased

on

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8. Managementûs Discussion and Analysisand Operating Results

1. Operating resultsThe net profit of the Company and its subsidiaries for 2006 were Baht173.49 million, an increase from previous year by Baht 67.51 millionequivalent to 63.70% growth. This was resulted from increase inrevenue, and control in cost, and selling and administrative expenses.

2. RevenueConsolidated revenues in 2006 were Baht 2,579.88 million, anincrease of Baht 312.94 million or 13.80% from the previous year.This was contributed by an increase of Baht 314.94 million in sales(or 14.02%). The sales growth was due to the increase of salevolume by 10.61% and the price increase by 3.41%

3. Cost of sales and gross profitThe cost of sales for 2006 increased from previous year by Baht152.71 million or 10.48% due to increase of sales. Gross profitincreased from 35.17% in 2005 to 37.18% in 2006. This wasmainly due to price adjustment, lower fixed overhead expenses,and lower material cost resulting from weak USD in 2006.

4. Selling and administrative expensesSelling and administrative expenses for 2006 compared to previ-ous year, had increased from Baht 665.13 million to Baht 759.24million or increased by Baht 94.11 million (or 14.15%) due toincrease in advertising and promotion expenses which supportedthe sales growth after the price increase.

5. Financial statusAssetsAs at 31 December 2006, the company and its subsidiaries hadtotal assets at Baht 1,403.48 million, a decrease from 31 December2005 by Baht 99.84 million or 6.64%. The portion of assets shownas follows:

8. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√·≈–º≈

°“√¥”‡π‘πß“π

1. º≈°“√¥”‡π‘πß“π

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’º≈°”‰√ ÿ∑∏‘ ”À√—∫ªï 2549 ®”π«π 173.49 ≈â“π∫“∑ ÷Ëß‡æ‘Ë¡¢÷Èπ®“°ªï 2548 ®”π«π 67.51 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 63.70´÷Ëß‡ªìπº≈¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â·≈–°“√§«∫§ÿ¡µâπ∑ÿπ¢“¬·≈–§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

2. √“¬‰¥â

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’√“¬‰¥â√«¡„πªï 2549 ®”π«π 2,579.88 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 312.94 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 13.80 ´÷Ëß‡ªìπº≈¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß¬Õ¥¢“¬®”π«π 314.94 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14.02 Õ—π‡π◊ËÕß®“°°“√°“√‡æ‘Ë¡¢÷Èπ¢Õßª√‘¡“≥°“√¢“¬√âÕ¬≈– 10.61 ·≈–®“°°“√ª√—∫√“§“¢“¬ ‘π§â“‡æ‘Ë¡¢÷Èπ √âÕ¬≈– 3.41

3. µâπ∑ÿπ¢“¬·≈–Õ—µ√“°”‰√¢—Èπµâπ

µâπ∑ÿπ¢“¬¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï 2549 ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ152.71 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 10.48 ‡π◊ËÕß¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß¬Õ¥¢“¬ Õ¬à“ß‰√°Áµ“¡‡¡◊ËÕæ‘®“√≥“Õ—µ√“°”‰√¢—Èπµâπ æ∫«à“Õ—µ√“°”‰√¢—Èπµâπ‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 35.17 „πªï 2548 ‡ªìπ√âÕ¬≈– 37.18 „πªï 2549‡π◊ËÕß¡“®“°°“√ª√—∫‡æ‘Ë¡¢÷Èπ¢Õß√“§“¢“¬ §à“„™â®à“¬„π°“√º≈‘µ∫“ß√“¬°“√∑’Ë‡ªìπ§à“„™â®à“¬§ß∑’Ë ·≈–√“§“«—µ∂ÿ¥‘∫∑’Ë≈¥≈ßÕ—π‡π◊ËÕß¡“®“° °ÿ≈‡ß‘π À√—∞Õ‡¡√‘°“∑’ËÕàÕπ§à“≈ß„πªï 2549

4. §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï 2549‡¡◊ËÕ‡∑’¬∫°—∫ªï 2548 ‡æ‘Ë¡¢÷Èπ®“° 665.13 ≈â“π∫“∑ ‡ªìπ 759.24 ≈â“π∫“∑À√◊Õ‡æ‘Ë¡¢÷Èπ 94.11 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 14.15 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß§à“„™â®à“¬„π°“√‚¶…≥“·≈– àß‡ √‘¡°“√¢“¬ ÷Ëß‡ªìπ‰ª‡æ◊ËÕ π—∫ πÿπ°“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬¿“¬À≈—ß®“°¡’°“√ª√—∫‡æ‘Ë¡√“§“¢“¬

5. ∞“π–°“√‡ß‘π

‘π∑√—æ¬å

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’ ‘π∑√—æ¬å√«¡1,403.48 ≈â“π∫“∑ ≈¥≈ß®“° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®”π«π99.84 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 6.64 ÷Ëß —¥ à«π¢Õß ‘π∑√—æ¬åª√–‡¿∑µà“ßÊ· ¥ß¥—ßµ“√“ßµàÕ‰ªπ’È


‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ®“°«—π∑’Ë 31 ∏—π«“§¡ 2548®”π«π 8.67 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑¡’ ¿“æ§≈àÕß∑“ß°“√‡ß‘π∑’Ë¥’¢÷Èπ¥—ß®–‡ÀÁπ‰¥â®“°ß∫°√–· ‡ß‘π ¥

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

≈Ÿ°Àπ’È°“√§â“≈¥≈ß®“° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®”π«π 27.57 ≈â“π∫“∑ ‡π◊ËÕß®“°°“√∫√‘À“√À“√®—¥‡°Á∫Àπ’È∑’Ë¡’µàÕ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥’¢÷Èπ¥—ß®–‡ÀÁπ‰¥â®“°√–¬–‡«≈“°“√‡°Á∫Àπ’È„πªï 2548 ª√–¡“≥ 91 «—π ·≈–≈¥≈ß‡ªìπ 75 «—π ≥ ‘Èπªï 2549‚¥¬√«¡·≈â«≈Ÿ°Àπ’È à«π„À≠à¢Õß∫√‘…—∑‡ªìπ≈Ÿ°Àπ’È∑’Ë¡’§ÿ≥¿“æ¥’ ¡’ ¿“æ§≈àÕß Ÿß ·≈–‡π◊ËÕß®“°≈Ÿ°Àπ’È à«π„À≠à§â“ß™”√–‰¡à‡°‘π 3 ‡¥◊Õπ ¥—ßπ—Èπ§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ëµ—Èß‰«â®÷ß‡æ’¬ßæÕ°—∫®”π«π≈Ÿ°Àπ’È∑’Ë§â“ß™”√–

‘π§â“§ß‡À≈◊Õ

‘π§â“§ß‡À≈◊Õ¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬≈¥≈ß®“° 284.80 ≈â“π∫“∑≥ ‘Èπªï 2548 ‡ªìπ 275.53 ≈â“π∫“∑ ≥ ‘Èπªï 2549 ∑—Èßπ’È‡π◊ËÕß®“°¡’°“√®—¥°“√°“√∫√‘À“√ ‘π§â“§ß§≈—ß∑’Ë¥’¢÷Èπ ‚¥¬∑—Èßπ’È‰¡à¡’º≈°√–∑∫µàÕ°“√¢“¬·≈–°“√¢π àß„Àâ≈Ÿ°§â“·µàª√–°“√„¥

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’¬Õ¥ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ®”π«π 45.19 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ 32.89 ≈â“π∫“∑Õ—π‡π◊ËÕß¡“®“°°“√≈¥≈ß¢Õß¿“…’√Õ‡√’¬°§◊π®”π«π 26.59 ≈â“π∫“∑ °“√≈¥≈ß¢Õß§à“„™â®à“¬„π°“√π”Àÿâπ‡¢â“µ≈“¥À≈—°∑√—æ¬å∑’Ë∫—π∑÷°‰«â‡ªìπ ‘π∑√—æ¬å®”π«π 16.57 ≈â“π∫“∑ ·≈–°“√‡æ‘Ë¡¢÷Èπ¢Õß‡ß‘π¡—¥®”°“√ ◊ÈÕ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å®”π«π 8.5 ≈â“π∫“∑

Cash and cash equivalentsCash and cash equivalents increased from 31 December 2005 byBaht 8.67 million due to increase of liquidity as present instatement of cash flow.

Account receivable - netAccount receivable decreased from 31 December 2005 byBaht 27.57 million resulting from improvement in related partiesûcollection. The average period of debt collection in 2005 wasapproximately 91 days and it was reduced to 75 days at the end of2006.The outstanding trade account receivables of the Company wereof good quality and high liquidity and most of overdue was lessthan 3 months. The allowance for doubtful account is adequate.

Inventories - netInventory of the Company and its subsidiaries had decreased fromBaht 284.80 million at the year ended 2005, to Baht 275.53 millionas at 31 December 2006. With improved monitoring in inventorymanagement, supply and delivery to customer were not affected.

Other current assetsAs at 31 December 2006, the Company and its subsidiaries hadother current assets of Baht 45.19 million, a decrease fromprevious year by Baht 32.89 million. This was due to a decrease intax refundable by Baht 26.59 million, decrease of IPO expense byBaht 16.57 million, and an increase of deposits for machineriesand spare parts at Baht 8.5 million.

31 ∏—π«“§¡ 2549 31 ∏—π«“§¡ 254831 December 2006 31 December 2005

®”π«π √âÕ¬≈– ®”π«π √âÕ¬≈–Amount (%) Amount (%)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 120.37 8.58 111.70 7.43Cash and cash equivalent≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 503.96 35.91 531.53 35.36Trade accounts receivable - net ‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 275.53 19.63 284.80 18.94Inventories - net ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 45.19 3.22 78.08 5.19Other current assets∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 419.73 29.90 453.55 30.17Property, plant and equipment-net ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 38.70 2.76 43.66 2.91Other non-current assets√«¡ ‘π∑√—æ¬å 1,403.48 100.00 1,503.32 100.00Total Assets


Property, plant and equipmentProperty, plant and equipment as at 31 December 2006 haddecreased by Baht 33.82 million from 31 December 2005 due todepreciation expenses at Baht 69.72 million, acquisition of machineryand equipment in this year at Baht 44.06 million, and loss fromexchange rate translation at Baht 7.20 million.

LiabilitiesAs at 31 December 2006, the Company and its subsidiaries hadtotal liabilities at Baht 561.66 million, a decrease from 31December 2005 by Baht 441.29 million or 44%. The portion ofliabilities shown as follows:

Short-term loan and long-term loanAs at 31 December 2006, the Company had total loan fromfinancial institutions at Baht 172.12 million, a decrease fromprevious year by Baht 375.35 million or 68.56%. This was due tothe cash received from the ordinary shares issuance in August2006 totaling Baht 192 million and the increase sale revenue andcollection during the year of 2006. Some of the loans were settledor partially settled to reduce interest expense.

Trade account payableAs at 31 December 2006, the Company and its subsidiarieshad trade payables of related company and other companies atBaht 7.96 million and Baht 235.20 million respectively, totaling Baht243.16 million, a decrease from end of previous year by Baht57.44 million or 19.11%. The decrease was due to sales increaseand improved cash flow.

Other current liabilitiesOther current liabilities as at 31 December 2006 decreasedfrom end of previous year by Baht 8.50 million or 5.49% due to thedecrease in accrued promotion and advertising expenses.

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å - ÿ∑∏‘

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ≈¥≈ß®“°«—π∑’Ë31 ∏—π«“§¡ 2548 ®”π«π 33.82 ≈â“π∫“∑ ‡π◊ËÕß®“°°“√≈¥≈ß¢Õß§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2549 ®”π«π 69.72 ≈â“π∫“∑ °“√≈ß∑ÿπ‡æ‘Ë¡„π‡§√◊ËÕß®—°√·≈–Õÿª°√≥å ®”π«π 44.06 ≈â“π∫“∑ ·≈–º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π®”π«π 7.20 ≈â“π∫“∑

Àπ’È ‘π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’Àπ’È ‘π√«¡ 561.66≈â“π∫“∑ ≈¥≈ß®“° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®”π«π 441.29 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 44 ÷Ëß —¥ à«π¢ÕßÀπ’È ‘πª√–‡¿∑µà“ßÊ · ¥ß¥—ßµ“√“ßµàÕ‰ªπ’È

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–√–¬–¬“«

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑¡’‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π 172.12≈â“π∫“∑ ≈¥≈ß®“°ªï 2548 ®”π«π 375.35 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 68.56‡π◊ËÕß®“°„π‡¥◊Õπ ‘ßÀ“§¡ 2549 ∫√‘…—∑‰¥â√—∫‡ß‘π®“°°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 192 ≈â“π∫“∑ ·≈–°“√‡æ‘Ë¡¢÷Èπ¢Õß¬Õ¥¢“¬·≈–°“√‡°Á∫Àπ’È®“°≈Ÿ°Àπ’È∑’Ë‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï 2549 ´÷Ëß‰¥âπ”¡“™”√–Àπ’È‡ß‘π°Ÿâ∫“ß à«π∑—Èßπ’È‡æ◊ËÕ≈¥¿“√–¥Õ°‡∫’È¬

‡®â“Àπ’È°“√§â“

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’¬Õ¥‡®â“Àπ’È°“√§â“®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·≈–∫√‘…—∑Õ◊Ëπ ®”π«π 7.96 ≈â“π∫“∑ ·≈–235.20 ≈â“π∫“∑ µ“¡≈”¥—∫ √«¡∑—Èß ‘Èπ®”π«π 243.16 ≈â“π∫“∑´÷Ëß≈¥≈ß®“° ≥ ‘Èπªï 2548 ®”π«π 57.44 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 19.11°“√≈¥≈ß¥—ß°≈à“«‡ªìπº≈®“°°“√∑’Ë∫√‘…—∑¡’°√–· ‡ß‘π ¥®“°“√¥”‡π‘πß“π¥’¢÷Èπ

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ≈¥≈ß®“°≥ «—π‡¥’¬«°—π¢Õßªï 2548 ®”π«π 8.50 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 5.49‡π◊ËÕß®“°°“√≈¥≈ß¢Õß§à“‚¶…≥“·≈– àß‡ √‘¡°“√¢“¬§â“ß®à“¬

31 ∏—π«“§¡ 2549 31 ∏—π«“§¡ 254831 December 2006 31 December 2005

®”π«π √âÕ¬≈– ®”π«π √âÕ¬≈–Amount (%) Amount (%)

*‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ 65.46 11.66 380.05 37.89Bank overdraft & short term loan‡®â“Àπ’È°“√§â“ 243.16 43.29 300.60 29.97Trade account payable*‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï 25.71 4.58 25.73 2.57Current portion of long term loansÀπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 146.38 26.06 154.88 15.44Other current liabilities*‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 80.95 14.41 141.69 14.13Long term loan√«¡Àπ’È ‘π 561.66 100.00 1,002.95 100.00Total Liabilities


à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549®”π«π 823.58 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° ≥ ‘Èπªï 2548 ®”π«π 328.62≈â“π∫“∑ À√◊Õ√âÕ¬≈– 66.39 ´÷Ëß¡’ “‡Àµÿ¥—ßµàÕ‰ªπ’È

- „π‡¥◊Õπ¡‘∂ÿπ“¬π 2549 ∫√‘…—∑®à“¬Àÿâπªíπº≈„Àâ°—∫ºŸâ∂◊ÕÀÿâπ®”π«π 40 ≈â“πÀÿâπ „π¡Ÿ≈§à“µ“¡∫—≠™’√“§“Àÿâπ≈– 1 ∫“∑

- „π‡¥◊Õπ ‘ßÀ“§¡ 2549 ∫√‘…—∑ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 60 ≈â“πÀÿâπ √“§“Àÿâπ≈– 3.2 ∫“∑ √«¡‡ªìπ‡ß‘π192 ≈â“π∫“∑ ·≈–¡’§à“„™â®à“¬„π°“√®”Àπà“¬Àÿâπ¥—ß°≈à“«®”π«π 23.32 ≈â“π∫“∑

- °”‰√ ÿ∑∏‘ ”À√—∫ªï 2549 ®”π«π 173.49 ≈â“π∫“∑- ¢“¥∑ÿπ°“√°“√·ª≈ß§à“ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„π

µà“ßª√–‡∑»®”π«π 13.55 ≈â“π∫“∑

Õ—µ√“ à«π∑“ß°“√‡ß‘π

Õ—µ√“ à«π ¿“æ§≈àÕß

„πªï 2548 ·≈– 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’Õ—µ√“ à«π ¿“æ§≈àÕß‡ªìπ1.17 ‡∑à“ ·≈– 1.97 ‡∑à“µ“¡≈”¥—∫ °“√‡æ‘Ë¡¢÷Èπ¢ÕßÕ—µ√“ à«π ¿“æ§≈àÕß¥—ß°≈à“«π—Èπ‡π◊ËÕß®“°°“√≈¥≈ßÕ¬à“ß¡’ “√– ”§—≠¢Õß‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π

Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

„πªï 2548 ·≈– 2549 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡ªìπ 2.03 ‡∑à“ ·≈– 0.68 ‡∑à“ µ“¡≈”¥—∫ ∑—Èßπ’È‡π◊ËÕß®“°°“√≈¥≈ß¢Õß‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ÷Ëß≈¥≈ßπâÕ¬°«à“°“√‡æ‘Ë¡¢÷Èπ¢Õß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Õ—µ√“º≈µÕ∫·∑π®“°¬Õ¥¢“¬

„πªï 2548 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’Õ—µ√“º≈µÕ∫·∑π®“°¬Õ¥¢“¬‡ªìπ√âÕ¬≈– 4.72 ·≈–‡æ‘Ë¡¢÷Èπ‡ªìπ√âÕ¬≈– 6.77 „πªï 2549 ∑—Èßπ’È‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õßª√‘¡“≥°“√¢“¬·≈–¬Õ¥¢“¬ ·≈–°“√≈¥≈ß¢Õßµâπ∑ÿπª√–‡¿∑§à“„™â®à“¬§ß∑’Ë·≈–µâπ∑ÿπ«—µ∂ÿ¥‘∫

Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å

Õ—µ√“ à«π§«“¡¡’ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π„π‡√◊ËÕßº≈µÕ∫·∑π®“° ‘π∑√—æ¬å¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡ªìπ√âÕ¬≈– 6.90 „πªï 2548‡æ‘Ë¡¢÷ÈπÕ¬à“ß√«¥‡√Á«‡ªìπ√âÕ¬≈– 11.94 „πªï 2549 °“√‡æ‘Ë¡¢÷Èπ¥—ß°≈à“«‡ªìπº≈®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„π¢≥–∑’Ë ‘π∑√—æ¬å¬—ß§ß¡’ª√‘¡“≥‡∑à“‡¥‘¡ ·µàÕ¬à“ß‰√°Áµ“¡§“¥À¡“¬‰¥â«à“°”≈—ß°“√º≈‘µ¬—ß§ß‡æ’¬ßæÕµàÕ°“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬„πÕπ“§µ

Shareholdersû EquityThe Company and its subsidiaries had shareholdersû equity as at 31December) 2006 totaling of Baht 823.58 million, an increase from end ofprevious year by Baht 328.62 million or 66.39%, the main reasons were:

- In June 2006, the company has issued stockdiv idends to i ts shareholders tota l ing 40 mi l l ionshares at par value of 1 Baht each.

- In August 2006, the company issued 60 mi l l ionnew ordinary shares at 3.2 Baht per share totalingBaht 192 mil l ion and deducted with IPO expenseBaht 23.32 million

- Net profit for the period of 2006 totaling Baht 173.49 million- Loss from exchange differences on translat ion of

f inancial statement of foreign subsidiaries total ingBaht 13.55 million.

Financial Ratio

Liquidity RatioIn 2005 and 2006, the Company and its subsidiaryûs liquidity ratiowere 1.17 times and 1.97 times respectively. The increase wasmainly due to material decrease in short term loan from financialinstitution.

Total Debt to EquityIn 2005 and 2006, the Company and its subsidiaryûs total debt toequity ratio were 2.03 times and 0.68 times respectively. This wasresulted from decrease in loan from financial institution, whichlowers than increase in shareholdersû equity.

Return on SaleThe Company and its subsidiaries had rate of return on sale equalto 4.72% in 2005 and increase to 6.77% in 2006. This was mainlydue to increase of sale volume and sales amount, and lower fixedoverhead expenses and material cost.

Return on AssetsThe ratio of efficiency in operation was that the Company and its subsidiarieshad the rate of return of assets equal to 6.90% in 2005 and rapid increase to11.94% in 2006. The increased of the said ratio was due to increase in netprofit of the Company and its subsidiaries while the assets were quite stable.However, it was anticipated that production capacity of the Company and itssubsidiaries would be enough to support sales growth in that future.

2549 25482006 2005

Õ—µ√“ à«π ¿“æ§≈àÕß (‡∑à“) 1.97 1.17Liquidity Ratio (times)Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 0.68 2.03Total Debt to Equity (times)Õ—µ√“º≈µÕ∫·∑π®“°¬Õ¥¢“¬ (√âÕ¬≈–) 6.77 4.72Return on Sale (%)Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) 11.94 6.90Return on Assets (%)


9. √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕß∫°“√‡ß‘π

ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ¥’‡Õ ®’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (ª√–‡∑»‰∑¬) ®”°—¥(¡À“™π)‰¥â®—¥∑”¢÷Èπ‚¥¬ Õ¥§≈âÕß°—∫À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬¡’°“√„™âπ‚¬∫“¬∑“ß∫—≠™’∑’Ë‡À¡“– ¡ ‡æ◊ËÕ„Àâ –∑âÕπ∂÷ßº≈°“√¥”‡π‘πß“π·≈–∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ πÕ°®“°π’È‰¥â¡’°“√√–∫ÿ√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡≈ß„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

ºŸâ∂◊ÕÀÿâπ·≈–∫ÿ§§≈∑’Ë¡’§«“¡ π„® ®– “¡“√∂√—∫¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ºà“π®“°ß∫°“√‡ß‘π

§≥–°√√¡°“√‰¥â·µàßµ—Èß„Àâ§≥–°√√¡°“√µ√«® Õ∫ ÷Ëß‡ªìπ°√√¡°“√Õ‘ √–¡’Àπâ“∑’Ë„π°“√µ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫∑’Ë¡’µàÕß∫°“√‡ß‘π®–∂Ÿ°∫—π∑÷°‰«â„π√“¬ß“πª√–®”ªï©∫—∫π’È¥â«¬

µ“¡√“¬≈–‡Õ’¬¥∑’Ë‰¥â¡’°“√ Õ∫∑“π·≈–ª√÷°…“°—∫ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ·≈–§≥–°√√¡°“√µ√«® Õ∫π—Èπ §≥–°√√¡°“√¢Õ·®âß«à“ ß∫°“√‡ß‘πªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ‰¥â¡’°“√‡ªî¥‡º¬Õ¬à“ß‡À¡“– ¡·≈–∂Ÿ°µâÕß∑ÿ°ª√–°“√

π“¬«àÕß ‚ª «“ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

9. Report of Board of DirectorsûResponsibilities for Financial Statements

DSG Internationnal (Thailand) Public Company Limitedûs financialstatements have been prepared in compliance with the generallyaccepted accounting principles, by way of using appropriateaccounting policy consistently to reflect the Companyûs financialperformance and position. More detailed information is alsoprovided in the notes to financial statements.

Shareholders and other interested parties shall be able to getuseful information from this financial statement.

The Board of Directors has appointed an Audit Committeecomprising of independent directors with expertise to take chargeof the quality of the Companyûs financial statements. The AuditCommitteeûs opinion of the financial statements is also given in thisAnnual Report.

Following a detailed review and discussions with the Companyûsauditors and Audit Committee, the Board of Directors is ofthe opinion that the audited financial statements as at 31December 2006 presents a fair and accurate picture of theCompanyûs financial position.

Mr. Wong Po WahChief Executive Officer


10. √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫ª√–°Õ∫¥â«¬°√√¡°“√®”π«π 3 ∑à“π §◊Õπ“¬‚¥π—≈ ‡Œ ª√–∏“π°√√¡°“√µ√«® Õ∫π“ß “« ÿ™≠“ πææ‘¡“π °√√¡°“√µ√«® Õ∫π“ß«’≥“ ‡≈‘»«√∏√√¡ °√√¡°“√µ√«® Õ∫

‚¥¬ ¡“™‘°·µà≈–∑à“π‡ªìπ°√√¡°“√Õ‘ √– ºŸâ¡’ª√– ∫°“√≥å ·≈–¡’§ÿ≥ ¡∫—µ‘µ“¡‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å

§≥–°√√¡°“√µ√«® Õ∫‰¥â∑”°“√ Õ∫∑“πß∫°“√‡ß‘πªï ‘Èπ ÿ¥ «—π∑’Ë 31∏—π«“§¡ 2549 ·≈–‰¥â‡ πÕ§«“¡§‘¥‡ÀÁπµàÕß∫°“√‡ß‘π ‚¥¬ Õ¥§≈âÕß°—∫À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª πÕ°®“°π’È§≥–°√√¡°“√µ√«® Õ∫¬—ß‰¥â Õ∫∂“¡·≈–‡ πÕ§«“¡‡ÀÁπµàÕ·ºπ°“√µ√«® Õ∫ √«¡‰ª∂÷ßº≈¢Õß°“√µ√«® Õ∫¿“¬„π ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥â«à“ √–∫∫°“√µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ π—Èπ‡æ’¬ßæÕ·≈–‡À¡“– ¡

πÕ°®“°π’È §≥–°√√¡°“√µ√«® Õ∫¬—ß∑”°“√‡ πÕ‡√◊ËÕßµàÕ §≥–°√√¡°“√∫√‘…—∑ „π°“√‡ πÕ™◊ËÕ ¥√.»ÿ¿¡‘µ√ ‡µ™–¡πµ√’°ÿ≈ À√◊Õ§ÿ≥∏π“«√√≥Õπÿ√—µπå∫¥’ À√◊Õ§ÿ≥ ¡æ√ ¥ÿ≈¬«‘∑¬å ºŸâ Õ∫∫—≠™’Õπÿ≠“µ‡≈¢∑’Ë 33563340 ·≈– 3709 µ“¡≈”¥—∫ ¢Õß∫√‘…—∑ ¥’≈Õ¬∑å ∑Ÿâ™ ‚∏¡—∑ ÿ ‰™¬¬» Õ∫∫—≠™’ ®”°—¥ ‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ ª√–®”ªï 2549 √«¡‰ª∂÷ß§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’‡æ◊ËÕ‡ πÕµàÕ„Àâ·°à∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ∑”°“√Õπÿ¡—µ‘Õ’°¥â«¬

π“¬‚¥π—≈ ‡Œ ª√–∏“π°√√¡°“√µ√«® Õ∫

10. Report of the Audit Committee

The Audit Committee of the Board of Directors is comprised of3 directors, namely:Mr. Donald Hess Chairman of the Audit CommitteeMs. Sutchaya Noppimarn Member of the Audit CommitteeMrs. Weena Lertworratham Member of the Audit Committee

Each member of the Audit Committee is an independentdirector who meets the independence, experience and otherqualifications of the Stock Exchange of Thailand and the Securities& Exchange Commission.

The Audit Committee has reviewed the Companyûs auditedfinancial statements for the year ending 31 December 2006 andhas the opinion that the financial statements have been preparedand fairly presented in accordance with generally acceptedaccounting principles. The Audit Committee has also reviewed andexpressed an opinion on the audit plan, as well as consideredresults of the audit from the Companyûs internal audit division toensure that the internal control system is adequate and appropriate.

The Audit Committee has recommended to the Board topropose Dr. Suphamit Techamontrikul or Ms Thanawan Anuratbodeeor Ms. Somporn Dulyavit, Certified Public Accountant (Thailand)Registration No. 3356, 3440 and 3709 respectively to act of DeloitteTouche Tohmatsu Jaiyos Audit Co., Ltd. as the Companyûsexternal auditor for the year 2006 and the remuneration to theOrdinary General Meeting of Shareholders for approval.

Mr. Donald HessChairman of the Audit Committee


11. ß∫°“√‡ß‘π

รายงานของผสอบบญชรบอนญาต

เสนอผถอหนและคณะกรรมการ

บรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน)

ขาพเจาไดตรวจสอบงบดลรวมของบรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) และบรษทยอย และงบดลเฉพาะของบรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) ณ วนท 31 ธนวาคม 2549 และงบกาไรขาดทนรวม งบแสดงการเปลยนแปลงสวนของผถอหนรวม และงบกระแสเงนสดรวม และงบกาไรขาดทน งบแสดงการเปลยนแปลงสวนของผถอหนและงบกระแสเงนสดเฉพาะของบรษท สาหรบปสนสดวนเดยวกน ซงผบรหารของกจการเปนผรบผดชอบตอความถกตองและครบถวนของขอมลในงบการเงนเหลาน สวนขาพเจาเปนผรบผดชอบ ในการแสดงความเหนตองบการเงนดงกลาวจากผลการตรวจสอบของขาพเจา งบการเงนรวมและงบการเงนเฉพาะของบรษทสาหรบปสนสดวนท 31 ธนวาคม 2548 ทแสดงเปรยบเทยบไดมการตรวจสอบโดยผสอบบญชอนในสานกงานเดยวกน ตามรายงานลงวนท 20 มนาคม 2549 ซงแสดงความเหนอยางไมมเงอนไข

ขาพเจาไดปฏบตงานตรวจสอบตามมาตรฐานการสอบบญชทรบรองทวไป ซงกาหนดใหขาพเจาตองวางแผนและปฏบตงานเพอใหไดความเชอมนอยางมเหตผลวา งบการเงนแสดงขอมลทขดตอขอเทจจรงอนเปนสาระสาคญหรอไม การตรวจสอบรวมถงการใชวธการทดสอบหลกฐานประกอบรายการทงทเปนจานวนเงนและการเปดเผยขอมลในงบการเงน การประเมนความเหมาะสมของหลกการบญชทกจการใชและประมาณการเกยวกบรายการทางการเงนทเปนสาระสาคญ ซงผบรหารเปนผจดทาขน ตลอดจนการประเมนถงความเหมาะสมของการแสดงรายการทนาเสนอในงบการเงนโดยรวม ขาพเจาเชอวาการตรวจสอบดงกลาวใหขอสรปทเปนเกณฑอยางเหมาะสมในการแสดงความเหนของขาพเจา

ขาพเจาเหนวา งบการเงนรวมและงบการเงนเฉพาะของบรษทขางตนน แสดงฐานะการเงน ของบรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) และบรษทยอยและของบรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) ณ วนท 31 ธนวาคม 2549

ผลการดาเนนงานและกระแสเงนสดสาหรบปสนสดวนเดยวกน โดยถกตองตามทควรในสาระสาคญตามหลกการบญชทรบรองทวไป

ดร. ศภมตร เตชะมนตรกล

กรงเทพมหานคร ผสอบบญชรบอนญาตเลขทะเบยน 3356

วนท 27 กมภาพนธ 2550 บรษท ดลอยท ทช โธมทส ไชยยศ สอบบญช จากด

dsg_Thai.indd 65 3/25/07 10:41:16 PM


บรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จำกด (มหาชน) และบรษทยอย

งบดล

ณ วนท 31 ธนวาคม 2549 และ 2548

หนวย : บาท

งบการเงนรวม งบการเงนเฉพาะของบรษท

2549 2548 2549 2548

สนทรพย

สนทรพยหมนเวยน

เงนสดและรายการเทยบเทาเงนสด 115,147,857 107,353,464 55,249,057 51,600,197

เงนลงทนชวคราว 5,223,224 4,343,105 - -

ลกหนการคา - สทธ

บรษททเกยวของกน

(หมายเหตขอ 4 และขอ 14) 84,446,291 115,241,944 42,927,097 53,445,403

บรษทอน (หมายเหตขอ 4) 419,517,789 416,288,366 271,323,502 239,906,030

ลกหนบรษททเกยวของกน (หมายเหตขอ 14) 101,660 249,411 508,528 6,807,330

เงนใหกยมระยะยาวแกบรษททเกยวของกน

ทถงกำหนดภายใน 1 ป (หมายเหตขอ 14) - - 103,167,882 43,277,626

สนคาคงเหลอ - สทธ (หมายเหตขอ 5) 275,531,048 284,795,624 106,342,930 142,264,573

ภาษรอเรยกคน 8,180,657 34,765,950 797,928 11,054,003

สนทรพยหมนเวยนอน 36,909,100 43,064,562 20,652,761 27,052,516

รวมสนทรพยหมนเวยน 945,057,626 1,006,102,426 600,969,685 575,407,678

สนทรพยไมหมนเวยน

เงนลงทนซงบนทกโดยวธสวนไดเสย

(หมายเหตขอ 6) - - 228,042,942 168,042,027

เงนใหกยมระยะยาวแกบรษททเกยวของกน

(หมายเหตขอ 14) - - 1,977,553 154,561,118

สนทรพยรอการขาย (หมายเหตขอ 7) 29,823,031 29,823,031 29,823,031 29,823,031

ทดน อาคารและอปกรณ - สทธ (หมายเหตขอ 8) 419,725,815 453,551,565 294,953,163 315,711,334

สนทรพยไมหมนเวยนอน 8,875,518 13,845,562 6,423,002 10,932,454

รวมสนทรพยไมหมนเวยน 458,424,364 497,220,158 561,219,691 679,069,964

รวมสนทรพย 1,403,481,990 1,503,322,584 1,162,189,376 1,254,477,642

หมายเหตประกอบงบการเงนเปนสวนหนงของงบการเงนน

dsg_Thai.indd 66 3/25/07 10:41:17 PM



งบดล (ตอ)




2549 2548 2549 2548

หนสนและสวนของผถอหน

หนสนหมนเวยน

เงนเบกเกนบญชและเงนกยมระยะสน

จากสถาบนการเงน (หมายเหตขอ 9) 65,464,296 380,049,283 65,003,030 380,049,283

เจาหนการคา

บรษททเกยวของกน (หมายเหตขอ 14) 7,957,037 15,614,596 7,957,037 16,487,742

บรษทอน 235,197,615 284,990,323 75,591,078 123,474,097

เจาหนบรษททเกยวของกน (หมายเหตขอ 14) 20,053,954 25,866,702 11,682,050 11,626,286

เงนกยมระยะยาวอนทถงกำหนดชำระ

ภายใน 1 ป (หมายเหตขอ 10) 25,713,408 25,726,286 25,452,000 25,452,000

คาใชจายคางจาย 110,013,681 117,691,807 66,243,595 57,349,970

หนสนหมนเวยนอน 16,312,336 11,320,787 6,026,574 3,970,728

รวมหนสนหมนเวยน 480,712,327 861,259,784 257,955,364 618,410,106

หนสนไมหมนเวยน

เงนกยมระยะยาวอน (หมายเหตขอ 10) 80,946,587 141,687,187 80,656,000 141,108,000

รวมหนสนไมหมนเวยน 80,946,587 141,687,187 80,656,000 141,108,000

รวมหนสน 561,658,914 1,002,946,971 338,611,364 759,518,106

dsg_Thai.indd 67 3/25/07 10:41:18 PM



งบดล (ตอ)




2549 2548 2549 2548

หนสนและสวนของผถอหน (ตอ)

สวนของผถอหน

ทนเรอนหน (หมายเหตขอ 11)

ทนจดทะเบยน

หนสามญ 300,000,000 หน

มลคาหนละ 1 บาท 300,000,000 300,000,000

หนสามญ 250,000,000 หน

มลคาหนละ 1 บาท 250,000,000 250,000,000

ทนทออกและชำระแลว

หนสามญ 300,000,000 หน

มลคาหนละ 1 บาท ชำระครบแลว 300,000,000 300,000,000

หนสามญ 200,000,000 หน

มลคาหนละ 1 บาท ชำระครบแลว 200,000,000 200,000,000

สวนเกนมลคาหนสามญ 173,974,474 65,293,903 173,974,474 65,293,903

ผลตางจากการแปลงคางบการเงนของบรษทยอย

ในตางประเทศ (9,243,821) 4,309,471 (9,243,821) 4,309,471

ผลตางระหวางราคาสทธตามบญชของเงนลงทน

กบตนทนการซอเงนลงทน

(หมายเหตขอ 2.8 และขอ 6) 5,993,137 5,993,137 5,993,137 5,993,137

กำไรสะสม

จดสรรแลว

สำรองตามกฎหมาย (หมายเหตขอ 13) 14,870,736 8,596,276 14,870,736 8,596,276

ยงไมไดจดสรร 337,983,486 210,766,749 337,983,486 210,766,749

รวมสวนของผถอหนบรษท 823,578,012 494,959,536 823,578,012 494,959,536

สวนของผถอหนสวนนอย 18,245,064 5,416,077 - -

รวมหนสนและสวนของผถอหน 1,403,481,990 1,503,322,584 1,162,189,376 1,254,477,642


dsg_Thai.indd 68 3/25/07 10:41:19 PM



งบกำไรขาดทน

สำหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548



2549 2548 2549 2548

รายได

รายไดจากการขาย (หมายเหตขอ 14) 2,561,702,120 2,246,763,481 1,346,603,779 1,193,328,815

สวนแบงกำไรจากเงนลงทนตามวธสวนไดเสย - - 48,002,001 34,598,251

กำไรจากอตราแลกแปลยน 5,321,539 9,839,812 - 8,760,319

รายไดอน 12,854,672 10,341,375 22,076,218 22,841,147

รวมรายได 2,579,878,331 2,266,944,668 1,416,681,998 1,259,528,532

คาใชจาย

ตนทนขาย (หมายเหตขอ 14) 1,609,306,993 1,456,595,860 818,775,934 762,533,194

คาใชจายในการขายและบรหาร

(หมายเหตขอ 14) 759,242,975 665,125,673 390,533,579 359,718,548

ขาดทนจากอตราแลกเปลยน - - 8,008,957 -

รวมคาใชจาย 2,368,549,968 2,121,721,533 1,217,318,470 1,122,251,742

กำไรกอนดอกเบยจายและภาษเงนได 211,328,363 145,223,135 199,363,528 137,276,790

ดอกเบยจาย (25,904,169) (31,262,150) (25,872,331) (30,904,220)

ภาษเงนได (หมายเหตขอ 18) (16,392,404) (15,651,886) - (392,587)

กำไรหลงดอกเบยจายและภาษเงนได 169,031,790 98,309,099 173,491,197 105,979,983

ขาดทนสทธสวนทเปนของผถอหนสวนนอย 4,459,407 7,670,884 - -

กำไรสทธ 173,491,197 105,979,983 173,491,197 105,979,983

กำไรตอหนขนพนฐาน (หมายเหตขอ 12) บาท 0.65 0.44 0.65 0.44

จำนวนหนสามญถวเฉลยถวงนำหนก

(หมายเหตขอ 12) หน 264,986,301 240,000,000 264,986,301 240,000,000


dsg_Thai.indd 69 3/25/07 10:41:21 PM


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dsg_Thai.indd 70 3/25/07 10:41:22 PM


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65,2

93,9

03

4,30

9,47

1 5,

993,

137

8,59

6,27

6 21

0,76

6,74

9 5,

416,

077

500,

375,

613

ยอดคงเ

หลอ

ตนป ณ

วนท 1

มกร

าคม 2

549

200,

000,

000

65,2

93,9

03

4,30

9,47

1 5,

993,

137

8,59

6,27

6 21

0,76

6,74

9 5,

416,

077

500,

375,

613

หนสา

มญปน

ผล

40,0

00,0

00

- -

- -

(40,

000,

000)

-

-

เพมท

นระห

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60,0

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00

132,

000,

000

- -

- -

- 19

2,00

0,00

0

หก คา

ใชจา

ยจาก

การน

ำหนส

ามญ

เสนอ

ขายต

อประ

ชาชน

-

(23,

319,

429)

-

- -

- -

(23,

319,

429)

ผลตา

งจาก

การแ

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างปร

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- -

(13,

553,

292)

-

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- 13

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สำรอ

งตาม

กฎหม

าย

- -

- -

6,27

4,46

0 (6

,274

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) -

-

กำไร

สทธ

-

- -

- -

173,

491,

197

- 17

3,49

1,19

7

สวนข

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วนนอ

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- -

- -

- 12

,828

,987

12

,828

,987

ยอดคงเ

หลอ

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วนท 3

1 ธ

นวา

คม 2

549

300,

000,

000

173,

974,

474

(9,2

43,8

21)

5,99

3,13

7 14

,870

,736

33

7,98

3,48

6 18

,245

,064

84

1,82

3,07

6

หมาย

เหตป

ระกอ

บงบก

ารเง

นเปน

สวนห

นงขอ

งงบก

ารเง

นน

dsg_Thai.indd 71 3/25/07 10:41:23 PM



งบกระแสเงนสด




2549 2548 2549 2548

กระแสเงนสดจากกจกรรมดำเนนงาน

กำไรสทธ 173,491,197 105,979,983 173,491,197 105,979,983

รายการปรบปรงเพอกระทบยอดกำไรสทธเปนเงนสดสทธ

ไดมาจากกจกรรมดำเนนงาน

สวนแบงกำไรจากเงนลงทนตามวธสวนไดเสย - - (48,002,001) (34,598,251)

คาเสอมราคาและคาตดจำหนาย 70,483,933 75,336,171 35,734,961 30,544,029

(กำไร) ขาดทนจากการขายสนทรพยถาวร (120,038) (851,665) 181,303 (231,894)

ขาดทนสทธสวนของผถอหนสวนนอย (4,459,407) (7,670,884) - -

คาเผอหนสงสยจะสญ (โอนกลบ) (10,056,406) (4,837,593) 438,716 2,423,293

คาเผอการลดราคาของสนคาลาสมย (โอนกลบ) (1,179,850) 1,597,259 (565,928) 786,175

(กำไร) ขาดทนจากอตราแลกเปลยนทยงไมเกดขน 26,414 (8,250) 2,872,926 (2,999,754)

คาใชจายอน - 725,229 - -

กำไรจากการดำเนนงานกอนการเปลยนแปลง

ในสนทรพยและหนสนดำเนนงาน 228,185,843 170,270,250 164,151,174 101,903,581

สนทรพยดำเนนงาน (เพมขน) ลดลง

ลกหนการคา - บรษททเกยวของกน 30,795,653 28,626,642 10,518,306 282,679,931

ลกหนการคา - บรษทอน 6,826,983 17,068,149 (31,856,188) (240,778,810)

ลกหนบรษททเกยวของกน 147,751 43,950,163 6,298,802 47,345,203

สนคาคงเหลอ 10,444,426 (53,972,936) 36,487,571 (52,564,296)

ภาษรอเรยกคน 26,585,293 47,470,050 10,256,075 22,570,966

สนทรพยหมนเวยนอน (10,418,763) (28,688,416) (10,174,471) (3,600,486)

สนทรพยไมหมนเวยนอน 4,208,266 (6,413,915) 4,256,126 (6,464,789)

dsg_Thai.indd 72 3/25/07 10:41:24 PM



งบกระแสเงนสด (ตอ)




2549 2548 2549 2548

กระแสเงนสดจากกจกรรมดำเนนงาน (ตอ)

หนสนดำเนนงานเพมขน (ลดลง)

เจาหนการคา - บรษททเกยวของกน (7,657,559) (108,949,327) (8,530,705) 10,568,728

เจาหนการคา - บรษทอน (49,792,708) 84,959,441 (47,883,019) 39,699,654

เจาหนบรษททเกยวของกน (5,812,748) (30,786,115) 55,764 (33,259,990)

คาใชจายคางจาย (7,678,126) (8,916,781) 8,893,625 23,144,477

หนสนหมนเวยนอน 4,782,251 (39,210,387) 1,972,566 (10,039,986)

เงนสดสทธไดมาจากกจกรรมดำเนนงาน 230,616,562 115,406,818 144,445,626 181,204,183

กระแสเงนสดจากกจกรรมลงทน

เงนใหกยมระยะยาวแกบรษททเกยวของกน - - - (114,840,000)

เงนสดรบจากเงนใหกยมระยะยาว

แกบรษททเกยวของกน - - 63,887,794 82,001,010

เงนสดชำระเพอซอทดน อาคารและอปกรณ (43,850,145) (56,188,486) (15,088,279) (60,822,773)

เงนสดรบจากการขายอปกรณ 1,060,832 1,969,285 647,176 921,496

เงนสดสทธไดมาจาก (ใชไปใน) กจกรรมลงทน (42,789,313) (54,219,201) 49,446,691 (92,740,267)

กระแสเงนสดจากกจกรรมจดหาเงน

เงนเบกเกนบญชและเงนกยมระยะสน

จากสถาบนการเงนลดลง (314,584,987) (108,122,124) (315,046,253) (108,035,040)

เงนสดจายชำระคนเงนกยมตามสญญาเชาการเงน (301,478) (268,986) - -

เงนสดจายชำระคนเงนกยมระยะยาวอน (60,452,000) (23,807,163) (60,452,000) (11,440,000)

เงนสดรบจากเงนกยมระยะยาวอน - 68,000,000 - 68,000,000

เงนสดจายสำหรบคาใชจายในการนำหนเสนอขาย

ตอประชาชน (6,745,204) (7,603,510) (6,745,204) (7,603,510)

เงนสดรบจากการออกหนสามญเพมทน 192,000,000 - 192,000,000 -

เงนสดรบจากสวนของผถอหนสวนนอย 16,467,938 - - -

เงนสดสทธใชไปในกจกรรมจดหาเงน (173,615,731) (71,801,783) (190,243,457) (59,078,550)

dsg_Thai.indd 73 3/25/07 10:41:25 PM



งบกระแสเงนสด (ตอ)




2549 2548 2549 2548

สวนปรบปรงจากการแปลงคาเงนสดของบรษทยอย

ในตางประเทศ (5,537,006) 954,353 - -

เงนสดและรายการเทยบเทาเงนสดเพมขน (ลดลง) สทธ 14,211,518 (10,614,166) 3,648,860 29,385,366

เงนสดและรายการเทยบเทาเงนสด ณ วนท 1 มกราคม 111,696,569 121,356,382 51,600,197 22,214,831

เงนสดและรายการเทยบเทาเงนสด ณ วนท 31 ธนวาคม

(หมายเหตขอ 3.1) 120,371,081 111,696,569 55,249,057 51,600,197


dsg_Thai.indd 74 3/25/07 10:41:26 PM


ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) และบรษทยอย

หมายเหตประกอบงบการเงน

สาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548

1. ขอมลทวไป

บรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) (“บรษท”) ไดจดทะเบยนจดตงเปนบรษทจากดตามกฎหมายไทย เมอวนท 20 พฤษภาคม 2537 เพอประกอบธรกจ ผลต ขายและสงออก ผาออมสาเรจรปของเดกและผใหญ โดยมสานกงานใหญตงอยท 448/11 ซอยลาดพราว 53 ถนนลาดพราว เขตลาดพราว กรงเทพมหานคร และโรงงานอยท เลขท 39 หม 1 เขตประกอบการอตสาหกรรม เอส ไอ แอล ตาบลบวลอย อาเภอหนองแค จงหวดสระบร ผถอหนใหญของบรษท ไดแก บรษท ดเอสจ อนเตอรเนชนแนล ลมเตด ซงจดทะเบยนใน บรตช เวอรจนไอสแลนด และบรษทไดแปลงสภาพจากบรษทจากดเปนบรษทมหาชนจากด เมอวนท 16 ธนวาคม 2547

เมอวนท 25 พฤศจกายน 2547 ทประชมวสามญผถอหนของบรษทฯ ไดมมตอนมตการนาหนสามญของบรษทฯ เขาเปนหลกทรพยจดทะเบยนในตลาดหลกทรพยแหงประเทศไทย (ตลท.) และในวนท 13 กนยายน 2548 คณะกรรมการกากบหลกทรพยและตลาดหลกทรพยไดอนญาตใหบรษทเสนอขายหนทออกใหมตอประชาชน (ดหมายเหตขอ 11) และในวนท 9 สงหาคม 2549 ตลาดหลกทรพยแหงประเทศไทยไดรบหนสามญของบรษทเปนหลกทรพยจดทะเบยน

ในวนท 10 มกราคม 2548 ทประชมวสามญผถอหนของบรษท แอดวานซเวชภณฑ จากด ซงเปนบรษทยอยของบรษท ไดมมตใหหยดดาเนนการและโอนธรกจทงหมดและทรพยสนบางสวนใหแกบรษทซงไดดาเนนการดงกลาวแลวในเดอนกมภาพนธ 2548

ณ วนท 31 ธนวาคม 2549 และ 2548 บรษทและบรษทยอยมจานวนพนกงานและคาใชจายพนกงานสาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 ดงน


2549 2548 2549 2548

จานวนพนกงาน (คน) 719 662 380 344

คาใชจายพนกงาน (ลานบาท) 204 202 90 87

บรษทและบรษทยอยมรายการและความสมพนธอยางมสาระสาคญกบบรษทในเครอ ดงนน งบการเงนนอาจจะไมแสดงถงเงอนไขทอาจมอยหรอผลการดาเนนงานซงอาจเกดขนในกรณทบรษทและบรษทยอยไดดาเนนงานโดยปราศจากความสมพนธกนดงกลาว

dsg_Thai.indd 75 3/25/07 10:41:26 PM


ชอบรษท ประเภทธรกจ ประเทศ จานวนหนทถอ ถอหนในอตรารอยละ

ทจดทะเบยน ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม

2549 2548 2549 2548

บรษท แอดวานซเวชภณฑ จากด (1) หยดดาเนนงาน ไทย 3,994 3,994 99.85 99.85

Disposable Soft Goods

(Malaysia) Sdn. Bhd.

จาหนายผาออมสาเรจรป

สาหรบเดกและผใหญ

มาเลเซย

3,000,003

3,000,003

100.00

100.00

DSG (Malaysia) Sdn. Bhd.

ผลตและจาหนายผาออมสาเรจรป


มาเลเซย

3,400,002

3,400,002

100.00

100.00

PT DSG Surya Mas Indonesia (2)

ผลตและจาหนายผาออมสาเรจรป


อนโดนเซย

4,319

1,799

59.97

59.97

Disposable Soft Goods (S) Pte. Ltd.

จาหนายผาออมสาเรจรป


สงคโปร

1,500,000

1,500,000

100.00

100.00

(1) บรษทยอยดงกลาวไดหยดดาเนนการ และโอนธรกจทงหมดและสนทรพยบางสวนใหกบบรษทในเดอนกมภาพนธ 2548

(2) ในเดอนพฤษภาคม 2549 บรษทยอยไดออกหนสามญเพมทนของบรษทจานวน 4,200 หน มลคาทตราไวตอหน หนละ 2,402,000 รเปยอนโดนเซย โดยจาหนายใหผถอหนเดม ซงบรษทไดลงทนเพมในบรษทยอยดงกลาวในสดสวนการถอหนเดมจานวน 2,520 หน รวมเปนเงน 25.93 ลานบาท

รายการบางรายการในงบการเงนรวมและงบการเงนเฉพาะของบรษทสาหรบปสนสดวนท 31 ธนวาคม 2548 มการจดประเภทใหมเพอใหสอดคลองกบการจดประเภทรายการสาหรบงบการเงนรวม และงบการเงนเฉพาะของบรษทสาหรบปสนสดวนท 31 ธนวาคม 2549 ดงน

- เงนลงทนชวคราว จานวน 4,343,105 บาท ในงบการเงนรวม ซงเดมรวมอยในเงนสดและรายการเทยบเทาเงนสด ไดแยกแสดงเปนรายการตางหาก

- เงนฝากประจาทใชเปนหลกประกนจานวน 1,534,321 บาท และ 1,507,152 บาท ในงบการเงนรวมและงบการเงนเฉพาะของบรษท ตามลาดบ ซงเดมแยกแสดงตางหาก ไดนาไปแสดงรวมอยในสนทรพยไมหมนเวยนอน

- สนทรพยไมมตวตน-สทธ จานวน 2,407,089 บาท และจานวน 793,543 บาท ในงบการเงนรวม และงบการเงนเฉพาะของบรษท ตามลาดบ ซงเดมรวมอยในทดน อาคารและอปกรณ-สทธ ไดนาไปแสดงรวมอยในสนทรพยไมหมนเวยนอน

- คาภาษเงนไดนตบคคลคางจายจานวน 1,087,962 บาท ในงบการเงนรวม ซงเดมแสดงแยกตางหากไดนาไปรวมอยในหนสนหมนเวยนอน

รายการบญชระหวางบรษทและบรษทยอยทมนยสาคญไดถกตดบญชออกจากงบการเงนรวมนแลว งบการเงนรวมสาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548ไดจดทาขนโดยใชงบการเงนของบรษทยอย สาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 ซงไดตรวจสอบแลว

2. เกณฑการเสนองบการเงนรวมและงบการเงนเฉพาะของบรษท และนโยบายการบญชทสาคญ

งบการเงนนไดจดทาเปนเงนบาทและเปนภาษาไทยตามมาตรฐานการบญชและวธปฏบตทางการบญชทรบรองทวไปในประเทศไทยทงน งบการเงนนมวตถประสงคทจดทาขนเพอแสดงฐานะการเงน ผลการดาเนนงานและกระแสเงนสดตามหลกการและวธปฏบตทางการบญชทรบรองทวไปในประเทศไทยเทานน

งบการเงนของบรษทไดจดทาขนตามประกาศของกรมทะเบยนการคา (ปจจบนคอ กรมพฒนาธรกจการคา) ลงวนท 14 กนยายน 2544 เรอง กาหนดรายการยอทตองมในงบการเงน พ.ศ. 2544 นอกจากนงบการเงนของบรษทไดจดทาขนตามขอบงคบของตลาดหลกทรพยแหงประเทศไทย ลงวนท 22 มกราคม 2544 เรอง การจดทาและสงงบการเงนและรายการเกยวกบฐานะการเงนและผลการดาเนนงานของบรษทจดทะเบยนพ.ศ. 2544

เพอความสะดวกของผอานงบการเงนบรษทไดจดทางบการเงนฉบบภาษาองกฤษขนจากงบการเงนฉบบภาษาไทยน ซงไดนาเสนอเพอวตถประสงคของการรายงานทางการเงนเพอใชในประเทศ

งบการเงนรวมสาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 ไดรวมบญชของบรษท ดเอสจ อนเตอรเนชนแนล (ประเทศไทย) จากด (มหาชน) (“บรษท”) และบรษทยอย ซงบรษทมอานาจควบคมหรอถอหนเกนกวารอยละหาสบของหนทมสทธออกเสยงในบรษทยอยดงกลาวดงตอไปน

dsg_Thai.indd 76 3/25/07 10:41:27 PM


นโยบายการบญชทสาคญสรปไดดงตอไปน

2.1 เงนสดและรายการเทยบเทาเงนสด เงนสดและรายการเทยบเทาเงนสด ประกอบดวย เงนสดในมอ เงนฝากธนาคาร และเงนฝากสถาบนการเงนทกประเภททถง

กาหนดจายในระยะเวลาสามเดอนหรอนอยกวา โดยไมรวมเงนฝากธนาคารทมภาระผกพน

2.2 คาเผอหนสงสยจะสญ คาเผอหนสงสยจะสญ กาหนดขนโดยประมาณจานวนหนทคาดวาจะเกบเงนไมได การประมาณดงกลาวอาศยประสบการณของ

บรษทและบรษทยอยในการเกบเงนจากลกหน ประกอบกบการพจารณาฐานะการเงนของลกหนดวย

2.3 สนคาคงเหลอ สนคาคงเหลอแสดงในราคาทน หรอมลคาสทธทจะไดรบแลวแตราคาใดจะตำกวา ราคาทนคานวณโดยวธถวเฉลยถวงนำหนก

2.4 เงนลงทนซงบนทกโดยวธสวนไดเสย เงนลงทนในบรษทยอยและบรษทรวมแสดงโดยวธสวนไดเสยในงบการเงนเฉพาะของบรษท ในกรณทมการดอยคาของเงนลงทน

ผลขาดทนของเงนลงทนจะถกบนทกในงบกาไรขาดทน

2.5 ทดน อาคารและอปกรณ ทดน แสดงในราคาทน อาคารและอปกรณ แสดงในราคาทนหกคาเสอมราคาสะสมคาเสอมราคาคานวณโดยวธเสนตรงตามอาย

การใชงานโดยประมาณของสนทรพยดงตอไปน

อาคาร 20 ป สวนปรบปรงอาคาร 7 และ 20 ป เครองจกรและอปกรณ 3 - 10 ป เครองตกแตงและตดตง 4 - 10 ป

ยานพาหนะ 4 - 8 ป

2.6 รายการทเปนเงนตราตางประเทศ

บรษทแปลงคารายการบญชในสกลเงนตราตางประเทศทเกดขนระหวางปเปนเงนบาทตามอตราแลกเปลยน ณ วนทเกดรายการ

และแปลงคาสนทรพยและหนสนทเปนตวเงนในสกลเงนตราตางประเทศ ณ วนทตามงบดลเปนเงนบาทโดยใชอตราอางองของ

ธนาคารแหงประเทศไทย ณ วนนน บรษทรบรกาไรและขาดทนจากการแลกเปลยนเมอมการชาระเงนหรอทเกดจากการแปลงคา

เปนรายไดหรอคาใชจายเมอกาไรหรอขาดทนเกดขน

การแปลงคางบการเงนตางประเทศเปนเงนบาทเพอทางบการเงนรวมใชอตราแลกเปลยนดงตอไปน

ก สนทรพยและหนสน แปลงคาโดยใชอตราแลกเปลยน ณ วนสนป

ข สวนของผถอหน แปลงคาโดยใชอตราแลกเปลยน ณ วนทเกดรายการ

ค รายไดและคาใชจาย แปลงคาโดยใชอตราแลกเปลยนถวเฉลยระหวางป

กาไร (ขาดทน) จากการแปลงคางบการเงนตางประเทศ แสดงไวภายใตสวนของผถอหน

รายการตดบญชระหวางกนใชอตราแลกเปลยน ณ วนทเกดรายการและวนทจดทางบการเงนรวม

dsg_Thai.indd 77 3/25/07 10:41:28 PM


2.7 กองทนสารองเลยงชพ

สวนสมทบเขากองทนสารองเลยงชพสาหรบพนกงานบนทกเปนคาใชจายเมอเกดรายการ

2.8 ผลตางระหวางราคาสทธตามบญชของเงนลงทนกบตนทนการซอเงนลงทน

ผลตางดงกลาวเปนผลตางระหวางราคาสทธตามบญชของเงนลงทนทไดรบมากบตนทนการซอเงนลงทนทเกดขนจากการปรบ

โครงสรางการถอหนใหมของกลมบรษท ดเอสจ และแสดงภายใตสวนของผถอหนในงบดล

2.9 การรบรรายได

บรษทรบรรายไดจากการขายเมอมการสงมอบสนคาใหลกคาสาหรบการขายในประเทศ และเมอสงสนคาใหผรบจดสงสนคาสาหรบ

การขายสงออก

2.10 ภาษเงนได

ภาษเงนไดคานวณจากกาไรทางภาษ และตงคางจายสาหรบป

2.11 กาไรตอหนขนพนฐาน

กาไรตอหนขนพนฐาน คานวณโดยหารกาไรสทธสาหรบปดวยจานวนหนสามญทคงเหลออย ณ วนสนป ในกรณทมการเพมทน

ใชจานวนหนสามญถวเฉลยถวงนำหนกตามระยะเวลาการรบชาระคาหนทออกและเรยกชาระ บรษทไมมหนสามญเทยบเทาอนคง

เหลอ ซงจะมผลกระทบตอการคานวณกาไรตอหนปรบลด

2.12 การประมาณการทางบญช ในการจดทางบการเงนใหเปนไปตามหลกการบญชทรบรองทวไป ฝายบรหารตองใชการประมาณและตงขอสมมตฐานหลาย

ประการ ซงมผลกระทบตอจานวนเงนทเกยวกบรายได คาใชจาย สนทรพยและหนสน และการเปดเผยขอมลเกยวกบสนทรพย และหนสนทอาจเกดขน ซงผลทเกดขนจรงอาจแตกตางไปจากจานวนทประมาณไว

dsg_Thai.indd 78 3/25/07 10:41:28 PM


3. ขอมลเพมเตมเกยวกบกระแสเงนสด

3.1 เงนสดและรายการเทยบเทาเงนสด ณ วนท 31 ธนวาคม 2549 และ 2548 ดงน

งบการเงนรวม งบการเงนเฉพาะของบรษท 2549 2548 2549 2548 บาท บาท บาท บาท

เงนสดและรายการเทยบเทาเงนสด 115,147,857 107,353,464 55,249,057 51,600,197

เงนลงทนชวคราว 5,223,224 4,343,105 - - 120,371,081 111,696,569 55,249,057 51,600,197

3.2 เงนสดทจายสาหรบดอกเบยและภาษเงนได สาหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 มดงน


ดอกเบย 25,941,119 31,041,027 25,796,687 30,904,220

ภาษเงนได 8,871,055 23,964,418 - 7,482,956

3.3 รายการทไมเกยวของกบเงนสด มดงน


สวนทบนทกเปนเจาหนจากการซอสนทรพยถาวร ณ วนท 1 มกราคม 857,537 19,199,559 130,172 18,949,286

บวก คาซอทดน อาคารและอปกรณ 44,059,442 37,846,464 15,551,945 42,003,659

หก สวนทจายเปนเงนสด (43,850,145) (56,188,486) (15,088,279) (60,822,773)

สวนทบนทกเปนเจาหนจากการซอสนทรพยถาวร

ณ วนท 31 ธนวาคม 1,066,834 857,537 593,838 130,172

3.4 ณ วนท 31 ธนวาคม 2549 และ 2548

วงเงนเบกเกนบญชธนาคารและเงนกยมระยะสนจากสถาบนการเงนทยงไมไดใชมดงตอไปน

(ลานบาท) งบการเงนรวม งบการเงนเฉพาะของบรษท 2549 2548 2549 2548

วงเงนเบกเกนบญชธนาคารและเงนกยม ระยะสนจากสถาบนการเงนทยงไมไดใช 240 195 240 175

dsg_Thai.indd 79 3/25/07 10:41:29 PM


4. ลกหนการคา - สทธ

บรษทและบรษทยอยมยอดลกหนการคาคงเหลอ โดยแยกตามจานวนเดอนทคางชาระไดดงน

งบการเงนรวม ณ วนท 31 ธนวาคม 2549 ณ วนท 31 ธนวาคม 2548

บรษท ทเกยวของกน

บรษทอน รวม บรษท ทเกยวของกน

บรษทอน รวม

บาท บาท บาท บาท บาท บาท

ยงไมถงกาหนดชาระ 74,468,215 340,359,370 414,827,585 104,185,650 302,088,652 406,274,302

เกนกาหนดชาระ

นอยกวาหรอเทากบ 3 เดอน 9,978,076 86,581,456 96,559,532 11,048,639 92,706,086 103,754,725

มากกวา 3 เดอน ถง 6 เดอน - 1,882,400 1,882,400 - 39,364,000 39,364,000

มากกวา 6 เดอน ถง 12 เดอน - 8,121 8,121 7,655 - 7,655

มากกวา 12 เดอน - 1,826,190 1,826,190 - 3,325,782 3,325,782

รวม 84,446,291 430,657,537 515,103,828 115,241,944 437,484,520 552,726,464

หก คาเผอหนสงสยจะสญ - (11,139,748) (11,139,748) - (21,196,154) (21,196,154)

ลกหนการคา - สทธ 84,446,291 419,517,789 503,964,080 115,241,944 416,288,366 531,530,310

งบการเงนเฉพาะของบรษท ณ วนท 31 ธนวาคม 2549 ณ วนท 31 ธนวาคม 2548

บรษท

ทเกยวของกน บรษทอน รวม บรษท

ทเกยวของกน บรษทอน รวม


ยงไมถงกาหนดชาระ 42,927,097 206,840,956 249,768,053 45,272,986 196,660,845 241,933,831

เกนกาหนดชาระ

นอยกวาหรอเทากบ 3 เดอน - 66,090,364 66,090,364 4,396,952 45,522,449 49,919,401

มากกวา 3 เดอน ถง 6 เดอน - 1,222,687 1,222,687 3,183,733 146,029 3,329,762

มากกวา 6 เดอน ถง 12 เดอน - 8,121 8,121 591,732 - 591,732

มากกวา 12 เดอน - 23,383 23,383 - - -

รวม 42,927,097 274,185,511 317,112,608 53,445,403 242,329,323 295,774,726

หก คาเผอหนสงสยจะสญ - (2,862,009) (2,862,009) - (2,423,293) (2,423,293)

ลกหนการคา - สทธ 42,927,097 271,323,502 314,250,599 53,445,403 239,906,030 293,351,433

dsg_Thai.indd 80 3/25/07 10:41:30 PM


5. สนคาคงเหลอ - สทธ

สนคาคงเหลอ - สทธ ประกอบดวย


ณ วนท ณ วนท ณ วนท ณ วนท 31 ธนวาคม 31 ธนวาคม 31 ธนวาคม 31 ธนวาคม 2549 2548 2549 2548 บาท บาท บาท บาท

วตถดบ 153,442,642 132,686,385 54,514,593 69,920,230

สนคาสาเรจรป 90,550,073 83,768,653 42,912,519 38,955,409

243,992,715 216,455,038 97,427,112 108,875,639

หก คาเผอการลดราคาของสนคาลาสมย (988,656) (2,168,506) (927,324) (1,493,252)

243,004,059 214,286,532 96,499,788 107,382,387

บวก สนคาระหวางทาง 32,526,989 70,509,092 9,843,142 34,882,186

สนคาคงเหลอ - สทธ 275,531,048 284,795,624 106,342,930 142,264,573

6. เงนลงทนซงบนทกโดยวธสวนไดเสย

เงนลงทนซงบนทกโดยวธสวนไดเสย ประกอบดวย

ชอบรษท ประเภทธรกจ ประเทศ ถอหนในอตรารอยละ ผลตางระหวาง งบการเงนเฉพาะของบรษท

ณ วนท ณ วนท ราคาสทธตามบญช ณ วนท 31 ธนวาคม 2549 ณ วนท 31 ธนวาคม 2548 31 ธนวาคม 31 ธนวาคม ของเงนลงทนกบ ราคาทน วธสวนไดเสย ราคาทน วธสวนไดเสย

2549 2548 ตนทนการซอ

เงนลงทน

ณ วนท 31 ธนวาคม

2549 และ 2548

บาท

บาท บาท บาท บาท

บรษท แอดวานซ หยดดาเนนงานในเดอน

เวชภณฑ จำกด กมภาพนธ 2548 ไทย 99.85 99.85 3,834,781 7,556,568 10,051,329 7,556,568 11,256,965

Disposable Soft Goods จำหนายผาออมสำเรจรป

(Malaysia) Sdn. Bhd. สำหรบเดกและผใหญ มาเลเซย 100.00 100.00 9,287,656 4,826,517 53,042,621 4,826,517 37,706,208

DSG (Malaysia) ผลตและจำหนายผาออม

Sdn. Bhd. สำเรจรปสำหรบเดกและผใหญ มาเลเซย 100.00 100.00 1,638,489 73,968,141 130,428,825 73,968,141 110,652,053

PT DSG Surya Mas ผลตและจำหนายผาออม

Indonesia สำเรจรปสำหรบเดกและผใหญ อนโดนเซย 59.97 59.97 (3,420,494) 52,817,850 27,878,581 26,885,260 8,426,801

Disposable Soft จำหนายผาออมสำเรจรป

Goods (S) Pte. Ltd. สำหรบเดกและผใหญ สงคโปร 100.00 100.00 (5,347,295) 14,020,259 6,641,586 14,020,259 -

5,993,137 153,189,335 228,042,942 127,256,745 168,042,027

ผลตางระหวางราคาสทธตามบญชของเงนลงทนกบตนทนการซอเงนลงทนเปนผลตางระหวางราคาสทธตามบญชของเงนลงทนทไดรบมา

กบตนทนการซอเงนลงทนทเกดขนจากการปรบโครงสรางการถอหนใหมของกลมบรษทในเดอนธนวาคม 2547 และแสดงภายใตสวน

ของผถอหนในงบดล

dsg_Thai.indd 81 3/25/07 10:41:32 PM


7. สนทรพยรอการขาย ณ วนท 31 ธนวาคม 2549 และ 2548 สนทรพยรอการขายซงมมลคาตามบญชจานวนเงนประมาณ 29.8 ลานบาท เปนสนทรพยท

มไดใชงานอนเนองมาจากการยายการผลตของบรษทไปยงโรงงานใหมในจงหวดสระบร ผบรหารของบรษทพจารณาจะจาหนายสนทรพยดงกลาว โดยสนทรพยดงกลาวไดใชเปนหลกประกนการกยมเงนระยะสนของบรษท ทงน สนทรพยรอการขายดงกลาวไดมการประเมนโดยผประเมนอสระซงมราคาประเมนทสงกวามลคาตามบญช

8. ทดน อาคารและอปกรณ - สทธ ณ วนท 31 ธนวาคม 2549 และ 2548 ทดน อาคารและอปกรณ - สทธ ประกอบดวย

งบการเงนรวม ยอดคงเหลอ เพมขน จาหนาย โอนเขา/ ปรบปรงจาก ยอดคงเหลอ

วนท ออก การแปลงคา วนท

31 ธนวาคม งบการเงน 31 ธนวาคม

2548 ตางประเทศ 2549


ราคาทน

ทดน 39,619,779 - - - (406,555) 39,213,224

อาคาร 195,858,470 - - - (937,219) 194,921,251

สวนปรบปรงอาคาร 13,037,981 806,032 (1,967,622) - (662,620) 11,213,771

เครองจกรและอปกรณ 520,567,824 12,842,496 (3,790,293) 25,984,633 (16,917,538) 538,687,122

เครองตกแตงและตดตง 31,040,778 713,552 (2,580,244) - (720,870) 28,453,216

ยานพาหนะ 41,573,664 987,745 (605,238) - (783,609) 41,172,562

รวมราคาทน 841,698,496 15,349,825 (8,943,397) 25,984,633 (20,428,411) 853,661,146

คาเสอมราคาสะสม

อาคาร (17,426,891) (9,783,686) - - 365,848 (26,844,729)

สวนปรบปรงอาคาร (7,426,504) (1,488,315) 1,931,613 - 443,650 (6,539,556)

เครองจกรและอปกรณ (329,247,854) (49,637,281) 3,446,154 - 11,841,088 (363,597,893)

เครองตกแตงและตดตง (22,176,321) (2,480,587) 2,472,370 - 643,542 (21,540,996)

ยานพาหนะ (20,564,887) (6,332,286) 160,280 - 474,960 (26,261,933)

รวมคาเสอมราคาสะสม (396,842,457) (69,722,155) 8,010,417 - 13,769,088 (444,785,107)

444,856,039 408,876,039

งานระหวางกอสราง 8,695,526 28,709,617 - (25,984,633) (570,734) 10,849,776

ทดน อาคารและอปกรณ - สทธ 453,551,565 419,725,815

คาเสอมราคาสาหรบป

2549 69,722,155

2548 75,336,171

dsg_Thai.indd 82 3/25/07 10:41:33 PM


งบการเงนเฉพาะของบรษท ยอดคงเหลอ เพมขน จาหนาย โอนเขา/ ยอดคงเหลอ วนท ออก วนท 31 ธนวาคม 31 ธนวาคม 2548 2549

บาท บาท บาท บาท บาท

ราคาทน

ทดน 30,000,000 - - - 30,000,000

อาคาร 173,682,311 - - - 173,682,311

สวนปรบปรงอาคาร 1,849,003 397,000 - - 2,246,003

เครอจกรและอปกรณ 220,621,260 5,373,296 (781,238) 9,672,618 234,885,936

เครองตกแตงและตดตง 11,355,713 92,031 (271,289) - 11,176,455

ยานพาหนะ 23,456,667 17,000 (605,238) - 22,868,429

รวมราคาทน 460,964,954 5,879,327 (1,657,765) 9,672,618 474,859,134

คาเสอมราคาสะสม

อาคาร (9,675,173) (8,684,116) - - (18,359,289)

สวนปรบปรงอาคาร (58,817) (96,568) - - (155,385)

เครอจกรและอปกรณ (123,558,869) (20,596,383) 439,841 - (143,715,411)

เครองตกแตงและตดตง (4,256,281) (1,879,184) 229,164 - (5,906,301)

ยานพาหนะ (7,704,480) (4,225,385) 160,280 - (11,769,585)

รวมคาเสอมราคาสะสม (145,253,620) (35,481,636) 829,285 - (179,905,971)

315,711,334 294,953,163

งานระหวางกอสราง - 9,672,618 - (9,672,618) -

ทดน อาคารและอปกรณ - สทธ 315,711,334 294,953,163

คาเสอมราคาสาหรบป

2549 35,481,636

2548 30,544,029

ณ วนท 31 ธนวาคม 2549 ทดนพรอมสงปลกสรางและเครองจกรของบรษท และบรษทยอยไดนาไปจานองเปนหลกประกนเงนเบกเกนบญชและเงนกยมระยะสนจากสถาบนการเงนและเงนกยมระยะยาวอน (ดหมายเหตขอ 9 และขอ 10)

ราคาทนของสนทรพยถาวรทหกคาเสอมราคาครบแลวและยงคงใชงานอย ณ วนท 31 ธนวาคม 2549 และ 2548 ของบรษทและบรษทยอยมจานวนประมาณ 212.49 ลานบาท และ 125.67 ลานบาท ตามลาดบ (บรษท : 103.11 ลานบาท และ 94.15 ลานบาท ตามลาดบ)

dsg_Thai.indd 83 3/25/07 10:41:35 PM


9. เงนเบกเกนบญชและเงนกยมระยะสนจากสถาบนการเงน

เงนเบกเกนบญชและเงนกยมระยะสนจากสถาบนการเงน ประกอบดวย

งบการเงนรวม วงเงน (ลานบาท) อตราดอกเบยรอยละตอป ณ วนท 31 ธนวาคม

2549 2548 2549 2548 2549 2548

บาท บาท

เงนเบกเกนบญช 29.00 69.00 MOR MOR 3,030 49,283

เงนเบกเกนบญช 20.00 - MOR-0.25 - - -

เงนเบกเกนบญช 10.00 - MOR - - -

เงนเบกเกนบญช 0.46 - MOR - 461,266 -

เงนกยมระยะสนจากสถาบนการเงน

- ตวสญญาใชเงน 20.00 20.00 MLR - 2.75 MLR - 2.75 20,000,000 20,000,000

- ตวสญญาใชเงน 26.00 26.00 MLR - 0.5 MLR - 0.5 - -

- ตวสญญาใชเงน 100.00 100.00 Base rate + 2 Base rate + 2 - -

- ตวสญญาใชเงน - 67.00 - Fixed deposit rate+1.5 - 67,000,000

- ตวสญญาใชเงน - 243.00 - MLR - 243,000,000

- ตวสญญาใชเงน 100.00 50.00 Market rate MLR - 1.5 45,000,000 50,000,000

305.46 575.00 65,464,296 380,049,283

ณ วนท 31 ธนวาคม 2549 เงนกยมขางตนคำประกนโดยทดน สงปลกสราง เครองจกร สนทรพยรอการขาย

ณ วนท 31 ธนวาคม 2548 เงนกยมขางตนคำประกนโดยทดน สงปลกสราง เครองจกร สนทรพยรอการขาย และหนงสอคำประกนทออกโดยบรษททเกยวของกนแหงหนง (Disposable Soft Goods Ltd.)

งบการเงนเฉพาะบรษท วงเงน (ลานบาท) อตราดอกเบยรอยละตอป ณ วนท 31 ธนวาคม

2549 2548 2549 2548 2549 2548

บาท บาท

เงนเบกเกนบญช 29.00 49.00 MOR MOR 3,030 49,283

เงนเบกเกนบญช 20.00 - MOR-0.25 - - -

เงนเบกเกนบญช 10.00 - MOR - - -

เงนกยมระยะสนจากสถาบนการเงน

- ตวสญญาใชเงน 20.00 20.00 MLR - 2.75 MLR - 2.75 20,000,000 20,000,000

- ตวสญญาใชเงน 26.00 26.00 MLR - 0.5 MLR - 0.5 - -

- ตวสญญาใชเงน 100.00 100.00 Base rate + 2 Base rate + 2 - -

- ตวสญญาใชเงน - 67.00 - Fixed deposit rate + 1.5 - 67,000,000

- ตวสญญาใชเงน - 243.00 - MLR - 243,000,000

- ตวสญญาใชเงน 100.00 50.00 Market rate MLR - 1.5 45,000,000 50,000,000

305.00 555.00 65,003,030 380,049,283

ณ วนท 31 ธนวาคม 2549 เงนกยมดงกลาวคำประกนโดยทดน สงปลกสราง เครองจกร และสนทรพยรอการขาย

ณ วนท 31 ธนวาคม 2548 เงนกดงกลาวคำประกนโดยทดน สงปลกสราง เครองจกร สนทรพยรอการขาย และหนงสอคำประกนทออกโดยบรษทยอยแหงหนง (บรษท แอดวานซเวชภณฑ จากด)

dsg_Thai 2.indd 84 3/25/07 10:42:12 PM


10. เงนกยมระยะยาวอน

เงนกยมระยะยาวอน ประกอบดวย


อตราดอกเบย ยอดเงนคงเหลอ อตราดอกเบย ยอดเงนคงเหลอ

ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม

2549 2548 2549 2548 2549 2548 2549 2548

บาท บาท บาท บาท

เงนกยมระยะยาวกำหนดชำระคน

ตงแตเดอนพฤษภาคม 2548 ถงเมษายน 2556

ผอนชำระเดอนละ1.43 ลานบาทMLR - 1 MLR - 1 91,400,000 108,560,000 MLR - 1 MLR - 1 91,400,000 108,560,000

เงนกยมเพอซอเครองจกรกำหนดชำระคน

ตงแตเดอนมกราคม 2549 ถงธนวาคม 2555

ผอนชำระเดอนละ 691,000 บาท MLR - 1 MLR - 1 14,708,000 58,000,000 MLR - 1 MLR - 1 14,708,000 58,000,000

เงนกยมภายใตสญญาเชาการเงน

กำหนดชำระคนตงแตเดอนกมภาพนธ 2547

ถงมกราคม 2552ผอนชำระเดอนละ 1,041

สงคโปรดอลลาร 2.3 2.3 551,995 853,473 - - - -

106,659,995 167,413,473 106,108,000 166,560,000

หก เงนกยมระยะยาวทถงกำหนด

ชำระภายในหนงป (25,713,408) (25,726,286) (25,452,000) (25,452,000)

80,946,587 141,687,187 80,656,000 141,108,000

ระยะเวลาในการจายชำระคน

ภายใน 1 ป 25,713,408 25,726,286 25,452,000 25,452,000

1 - 5 ป 75,346,587 102,387,187 75,056,000 101,808,000

มากกวา 5 ป 5,600,000 39,300,000 5,600,000 39,300,000

รวม 106,659,995 167,413,473 106,108,000 166,560,000

ณ วนท 31 ธนวาคม 2549 เงนกยมดงกลาวคำประกนโดยทดน สงปลกสราง และเครองจกรของบรษท

ณ วนท 31 ธนวาคม 2548 เงนกยมดงกลาวคำประกนโดยทดน สงปลกสรางและเครองจกร หนงสอคำประกนทออกโดยบรษทยอยแหงหนง (บรษท แอดวานซเวชภณฑ จำกด)

dsg_Thai 2.indd 85 3/25/07 10:42:13 PM


11. ทนเรอนหน

ในวนท 5 มถนายน 2549 ทประชมวสามญผถอหนมมตดงตอไปน

- ยกเลกการเพมทนจดทะเบยนจำนวน 50,000,000 บาท จากทนจดทะเบยนเดม 200,000,000 บาท เปนจำนวน 250,000,000 บาท ตามมตการประชมวสามญผถอหนวนท 25 พฤศจกายน 2547

- ยกเลกการจดสรรหนเพมทน เพอเสนอขายใหแกประชาชนทวไปครงแรกเปนจำนวน 50,000,000 หน มลคาหนละ 1 บาท ตามมตการประชมวสามญผถอหนวนท 25 พฤศจกายน 2547

- ลดทนจดทะเบยนของบรษทโดยยกเลกหนสามญทยงไมไดจดจำหนาย จำนวน 50,000,000 หน มลคาทตราไวหนละ 1 บาท รวมเปนเงน 50,000,000 บาท

- เพมทนจดทะเบยนจำนวน 100,000,000 บาท จากจำนวน 200,000,000 บาท ไปเปน 300,000,000 บาท โดยแบงเปนหนสามญจำนวน 300,000,000 หน มลคาหนละ 1 บาท เพอนำมาใชในการจายหนปนผลใหแกผถอหนและเพอใชคนเงนกของบรษท และเปนทนหมนเวยนในการดำเนนการของบรษท โดยบรษทไดจดทะเบยนตอกรมพฒนาธรกจการคาในวนท 7 มถนายน 2549

- จายเงนปนผลระหวางกาลโดยจายเปนหนสามญของบรษท ในอตรา 5 หนเดมตอ 1 หนใหม รวมเปนหนปนผลทงหมด 40,000,000 หน คดเปนเงนปนผล 40,000,000 บาท หรอคดเปนอตราจายปนผลหนละ 0.20 บาท

- จดสรรหนสามญเพมทนจำนวน 100,000,000 หนดงน

1) หนสามญใหม จำนวน 40,000,000 หน เพอรองรบการจายเงนปนผลเปนหนสามญของบรษทใหแกผถอหน ในอตรา 5 หนเดมตอ 1 หนใหม ใหแกผถอหนเดม ซงบรษทไดออกหนสามญปนผลดงกลาวและจดทะเบยนตอกรมพฒนาธรกจการคาแลวเมอวนท 16 มถนายน 2549

2) หนสามญใหม จำนวน 60,000,000 หน มลคาหนละ 1 บาท เพอเสนอขายใหแกประชาชนครงแรก (Initial Public Offering)

ตอมาในวนท 24-26 กรกฎาคม 2549 หนสามญใหมจำนวน 60 ลานหนไดเปดใหจองในราคาหนละ 3.2 บาท และไดรบเงนจำนวน 192 ลานบาท โดยบนทกในบญชทนจำนวน 60 ลานบาท และบนทกเปนสวนเกนมลคาหนสามญจำนวนเงน 132 ลานบาท ทงนสวนเกนมลคาหนดงกลาว ณ วนท 31 ธนวาคม 2549 ไดแสดงสทธจากคาใชจายทเกดจากการเสนอขายหนสามญตอประชาชนจำนวนเงน 23.32 ลานบาท

dsg_Thai 2.indd 86 3/25/07 10:42:14 PM


12. กำไรตอหน

ในเดอนมถนายน 2549 บรษทไดออกหนสามญปนผลแกผถอหนจำนวน 40 ลานหน มลคาหนละ 1 บาท โดยการออกหนสามญปนผลดงกลาว บรษทไดปรบกำไรตอหนขนพนฐานยอนหลง สำหรบปสนสดวนท 31 ธนวาคม 2548 เพอใหเปนไปตามมาตรฐานการบญช

สำหรบปสนสด

วนท 31 ธนวาคม 2548

งบการเงนรวม งบการเงน

เฉพาะของบรษท

จำนวนหนสามญถวเฉลยถวงนำหนกกอนปรบปรง 200,000,000 200,000,000 รายการปรบปรงหนสามญปนผลทออกในป 2549 40,000,000 40,000,000 จำนวนหนสามญถวเฉลยถวงนำหนกหลงปรบปรง หน 240,000,000 240,000,000 กำไรสทธ บาท 105,979,983 105,979,983 กำไรตอหนขนพนฐานกอนรายการปรบปรงหนสามญปนผล บาท 0.53 0.53 กำไรตอหนขนพนฐานหลงรายการปรบปรงหนสามญปนผล บาท 0.44 0.44

จำนวนหนสามญถวเฉลยถวงนำหนกคำนวณ ดงน

สำหรบปสนสด

วนท 31 ธนวาคม 2549

จำนวนหนสามญคงเหลอ ณ วนตนงวด 200,000,000 บวก หนสามญปนผล 40,000,000 บวก หนสามญถวเฉลยถวงนำหนกทออกระหวางงวด (60,000,000* 152/365) 24,986,301 จำนวนหนสามญถวเฉลยถวงนำหนก หน 264,986,301

13. สำรองตามกฎหมาย

ตามพระราชบญญตบรษทมหาชนจำกด บรษทตองจดสรรกำไรสทธประจำปสวนหนงไวเปนทนสำรองไมนอยกวารอยละ 5 ของกำไรสทธประจำปหกดวยยอดเงนขาดทนสะสมยกมา (ถาม) จนกวาสำรองนจะมจำนวนไมนอยกวารอยละ 10 ของทนจดทะเบยน ทนสำรองตามกฎหมายนหามมใหนำไปจายเปนเงนปนผล

dsg_Thai 2.indd 87 3/25/07 10:42:15 PM


14. รายการกบบรษททเกยวของกน

รายการคาของบรษทและบรษทยอยไดรวมรายการทเกดขนกบบรษททเกยวของกน ซงเกยวของกน โดยการถอหนหรอการมผถอหนหรอกรรมการบางสวนรวมกน ดงนนงบการเงนนจงแสดงถงผลของรายการเหลานตามทไดพจารณารวมกนระหวางบรษท และเปนไปตามปกตธรกจ โดยราคาขายใหแกกจการทเกยวของกน โดยทวไปจะมกำไรขนตนตำกวาราคาขายใหแกบคคลภายนอก เนองจาก สนคาจะถกขายตอใหแกลกคาอกทอดหนง และมเงอนไขการชำระเงนแตกตางกนในแตละบรษททเกยวของกนระหวาง 90 - 120 วนซงโดยเฉลยจะยาวกวาเงอนไขการชำระเงนจากบคคลภายนอก

ยอดคงเหลอทสำคญกบบรษททเกยวของกนสวนใหญประกอบดวย

ความสมพนธ งบการเงนรวม งบการเงนเฉพาะของบรษท ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม 2549 2548 2549 2548 บาท บาท บาท บาท

ลกหนการคา - บรษททเกยวของกน

Disposable Soft Goods Ltd. บรษยอยของบรษทใหญ 20,128,101 24,094,732 20,128,101 24,094,732 PT Panca Talenta Mas บรษทยอยของผถอหนสวนนอย 64,318,190 91,147,212 13,542,369 16,981,496 Disposable Soft Goods (S) Pte Ltd. บรษทยอย - - 2,807,247 10,771,183 Disposable Soft Goods (Malaysia) Sdn Bhd บรษทยอย - - 6,280,714 1,597,992 บรษท แอดวานซเวชภณฑ จำกด บรษทยอย - 168,666 -

84,446,291 115,241,944 42,927,097 53,445,403

ลกหนบรษททเกยวของกน DSG International Ltd. บรษทใหญ 79,653 7,822 79,653 -บรษท แอดวานซเวชภณฑ จำกด บรษทยอย - - - 962,189PT Panca Talenta Mas บรษทยอยของผถอหนสวนนอย 22,007 241,589 428,875 -PT DSG Surya Mas Indonesia บรษทยอย - - - 5,845,141

101,660 249,411 508,528 6,807,330

เงนใหกยมระยะยาวแกบรษททเกยวของกน PT DSG Surya Mas Indonesia (อตราดอกเบยรอยละ 8 ตอป กำหนดชำระคนภายใน 36 เดอน) บรษทยอย - - 74,259,660 107,144,250

DSG (Malaysia) Sdn. Bhd. (อตราดอกเบยรอยละ 4.7 ตอป กำหนดชำระคนภายใน 36 เดอน) บรษทยอย - - 30,885,775 73,645,732

DSG (Malaysia) Sdn. Bhd. (อตราดอกเบยรอยละ 4.7 ตอป กำหนดชำระคนภายใน 24 เดอน) บรษทยอย - - - 17,048,762

- - 105,145,435 197,838,744 หก เงนใหกยมระยะยาวแกบรษททเกยวของกน

ทถงกำหนดชำระภายในหนงป - - (103,167,882) (43,277,626) - - 1,977,553 154,561,118

dsg_Thai 2.indd 88 3/25/07 10:42:16 PM


ความสมพนธ งบการเงนรวม งบการเงนเฉพาะของบรษท ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม 2549 2548 2549 2548 บาท บาท บาท บาท

เจาหนการคา - บรษททเกยวของกน

Disposable Soft Goods Ltd. บรษทยอยของบรษทใหญ - 683,320 - 667,500 Disposable Soft Goods (Malaysia) Sdn Bhd บรษทยอย - - - 883,582 บรษท แอดวานซเวชภณฑ จำกด บรษทยอย - - - 5,384 บรษท นนา อตสาหกรรม จำกด บรษทยอยของผถอหนสวนนอย 7,957,037 14,931,276 7,957,037 14,931,276 7,957,037 15,614,596 7,957,037 16,487,742 เจาหนบรษททเกยวของกน DSG International Ltd. บรษทใหญ 5,605,102 5,870,857 3,458,445 3,194,754 Disposable Soft Goods Ltd. บรษทยอยของบรษทใหญ 977,894 3,392,418 235,739 413,167 Disposable Soft Goods (Malaysia) Sdn Bhd บรษทยอย - - 3,190,704 - Disposable Soft Goods (UK) Plc บรษทยอยของบรษทใหญ 12,300,500 8,709,352 - - DSG (Malaysia) Sdn Bhd บรษทยอย - - 126,704 82,674 บรษท แอดวานซเวชภณฑ จำกด บรษทยอย - - 3,500,000 6,395,244 Disposable Soft Goods (S) Pte.Ltd. บรษทยอย - - - 1,211 PT DSG Surya Mas Indonesia บรษทยอย - - - 6,900 PT Panca Talenta Mas บรษทยอยของผถอหนสวนนอย 1,170,458 7,894,075 1,170,458 1,532,336

20,053,954 25,866,702 11,682,050 11,626,286

ลกหนและเจาหนบรษททเกยวของกนเปนหนสนประเภททไมมดอกเบยและไมไดระบระยะเวลาในการชำระคนเงนตน

ยอดเคลอนไหวของรายการทเกดขนกบกจการทเกยวของกนทเกดขนระหวางป 2549 มดงน


งบการเงนรวม ยอดคงเหลอ เพมขน จายคน/ ปรบปรง ยอดคงเหลอ ณ วนท รบคน จาก ณ วนท 31 ธนวาคม อตรา 31 ธนวาคม 2548 แลกเปลยน 2549 ลกหนบรษททเกยวของกน DSG International Ltd. 7,822 79,653 (7,165) (657) 79,653 PT Panca Talenta Mas 241,589 50,653 (252,548) (17,687) 22,007 Disposable Soft Goods Ltd. - 80,445 (80,445) - - 249,411 210,751 (340,158) (18,344) 101,660 เจาหนกจการทเกยวของกน DSG International Ltd. 5,870,857 31,102,727 (30,818,648) (549,834) 5,605,102 Disposable Soft Goods Ltd. 3,392,418 7,418,123 (9,687,147) (145,500) 977,894 Disposable Soft Goods (UK) Plc. 8,709,352 5,108,350 (1,318,239) (198,963) 12,300,500 PT Panca Talenta Mas 7,894,075 9,732,936 (16,164,224) (292,329) 1,170,458

25,866,702 53,362,136 (57,988,258) (1,186,626) 20,053,954

dsg_Thai 2.indd 89 3/25/07 10:42:18 PM



งบการเงนเฉพาะของบรษท ยอดคงเหลอ เพมขน จายคน/ ปรบปรง ยอดคงเหลอ ณ วนท รบคน จาก ณ วนท 31 ธนวาคม อตรา 31 ธนวาคม 2548 แลกเปลยน 2549

ลกหนบรษททเกยวของกน DSG (Malaysia) Sdn. Bhd. - 3,959,550 (3,942,452) (17,098) - DSG International Ltd. - 79,653 - - 79,653 บรษท แอดวานซเวชภณฑ จำกด 962,189 95,243 (1,057,432) - - PT DSG Surya Mas Indonesia 5,845,141 9,325,901 (14,742,167) - 428,875

6,807,330 13,460,347 (19,742,051) (17,098) 508,528 เงนใหกยมระยะยาวแกบรษททเกยวของกน

PT DSG Surya Mas Indonesia 107,144,250 - (32,884,590) - 74,259,660 DSG (Malaysia) Sdn. Bhd. 90,694,494 - (50,185,726) (9,622,993) 30,885,775

197,838,744 - (83,070,316) (9,622,993) 105,145,435 หก เงนใหกยมระยะยาวแกบรษททเกยวของกน

ทถงกำหนดชำระภายในหนงป (43,277,626) (74,259,660) 10,342,080 4,027,324 (103,167,882) 154,561,118 (74,259,660) (72,728,236) (5,595,669) 1,977,553



เจาหนบรษททเกยวของกน DSG International Ltd. 3,194,754 18,130,427 (17,866,736) - 3,458,445 Disposable Soft Goods Ltd. 413,167 3,825,560 (3,968,118) (34,870) 235,739 Disposable Soft Goods (Malaysia) Sdn Bhd - 9,368,818 (6,005,538) (172,576) 3,190,704 DSG (Malaysia) Sdn. Bhd. 82,674 1,110,028 (1,029,711) (36,287) 126,704 บรษท แอดวานซเวชภณฑ จำกด 6,395,244 13,025 (2,908,269) - 3,500,000 Disposable Soft Goods (S) Pte. Ltd. 1,211 - (1,147) (64) - PT DSG Surya Mas Indonesia 6,900 23,304 (29,733) (471) - PT Panca Talenta Mas 1,532,336 3,737,620 (3,856,790) (242,708) 1,170,458

11,626,286 36,208,782 (35,666,042) (486,976) 11,682,050

dsg_Thai 2.indd 90 3/25/07 10:42:19 PM


ยอดเปลยนแปลงของรายการทเกดขนกบกจการทเกยวของกนทเกดขนระหวางป 2548 มดงน หนวย : บาท

งบการเงนรวม ยอดคงเหลอ เพมขน จายคน/ ปรบปรง ยอดคงเหล ณ วนท รบคน จาก ณ วนท 31 ธนวาคม อตรา 31 ธนวาคม 2547 แลกเปลยน 2548

ลกหนบรษทเกยวของกน DSG International Ltd. 41,396,520 66,743 (41,453,587) (1,854) 7,822 PT Panca Talenta Mas 37,802 200,482 - 3,305 241,589 บรษท นนา อตสาหกรรม จำกด 2,710,522 - (2,710,522) - - Disposable Soft Goods Ltd. 66,471 321,990 (387,847) (614) - DSG Technology Holdings Ltd. 43 - (43) - -

44,211,358 589,215 (44,551,999) 837 249,411 เจาหนกจการทเกยวของกน

DSG Technology Holdings Ltd. 22,181,260 - (22,181,260) - - DSG International Ltd. 22,686,601 26,875,960 (43,937,624) 245,920 5,870,857 Disposable Soft Goods Ltd. 2,524,300 5,846,620 (4,995,650) 17,148 3,392,418 Disposable Soft Goods (UK) Plc. 8,905,210 4,022,881 (3,857,494) (361,245) 8,709,352 PT Panca Talenta Mas - 29,644,550 (21,818,279) 67,804 7,894,075

56,297,371 66,390,011 (96,790,307) (30,373) 25,866,702 เงนกยมระยะสนจากบรษททเกยวของกน

DSG Management Ltd. 23,251,029 - (24,017,003) 765,974 -



ลกหนบรษททเกยวของกน DSG International Ltd. 40,113,492 - (40,113,492) - - บรษท แอดวานซเวชภณฑ จำกด 13,271,217 8,308,120 (20,617,148) - 962,189 Disposable Soft Goods Ltd. - 181,004 (181,004) - - PT DSG Surya Mas Indonesia 767,781 9,119,106 (4,041,746) - 5,845,141 DSG Technology Holdings Ltd. 43 - (43) - -

54,152,533 17,608,230 (64,953,433) - 6,807,330 เงนใหกยมระยะยาวแกบรษททเกยวของกน

บรษท แอดวานซเวชภณฑ จำกด 49,000,000 - (49,000,000) - - PT DSG Surya Mas Indonesia 113,000,000 - (5,855,750) - 107,144,250 DSG (Malaysia) Sdn. Bhd. - 114,840,000 (27,424,889) 3,279,383 90,694,494

162,000,000 114,840,000 (82,280,639) 3,279,383 197,838,744 หก เงนใหกยมระยะยาวแกบรษททเกยวของกน

ทถงกำหนดชำระภายในหนงป - (41,939,280) - (1,338,346) (43,277,626) 162,000,000 72,900,720 (82,280,639) 1,941,037 154,561,118

เจาหนบรษททเกยวของกน DSG Technology Holdings Ltd. 1,264,753 - (1,264,753) - - DSG International Ltd. 2,026,833 16,146,713 (14,978,792) - 3,194,754 Disposable Soft Goods Ltd. 873,771 2,159,848 (2,620,213) (239) 413,167 DSG (Malaysia) Sdn. Bhd. 2,359,477 82,674 (2,359,477) - 82,674 บรษท แอดวานซเวชภณฑ จำกด 38,108,881 20,934,814 (52,648,451) - 6,395,244 Disposable Soft Goods (S) Pte. Ltd. - 1,192 - 19 1,211 PT DSG Surya Mas Indonesia 252,561 7,058 (252,667) (52) 6,900 PT Panca Talenta Mas - 4,618,665 (3,127,902) 41,573 1,532,336

44,886,276 43,950,964 (77,252,255) 41,301 11,626,286 เจาหนคาซอสนทรพยถาวร

บรษท แอดวานซเวชภณฑ จำกด - 11,376,270 (11,376,270) - -

dsg_Thai 2.indd 91 3/25/07 10:42:21 PM


รายการทเกดขนกบกจการทเกยวของกนทสำคญทเกดขนสำหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 มดงน

ความสมพนธ นโยบาย งบการเงนรวม งบการเงนเฉพาะของบรษท การกำหนดราคา สำหรบปสนสดวนท สำหรบปสนสดวนท 31 ธนวาคม 31 ธนวาคม 2549 2548 2549 2548 บาท บาท บาท บาท

รายไดจากการขาย

บรษท แอดวานซเวชภณฑ จำกด บรษทยอย ราคาทนบวกกำไรสวนเพม - - (108,968) 47,032,725

Disposable Soft Goods Ltd. บรษทยอยของบรษทใหญ ราคาทนบวกกำไรสวนเพม 86,079,479 91,661,327 86,079,479 91,661,327

DSG (Malaysia) Sdn Bhd บรษทยอย ราคาทนบวกกำไรสวนเพม - - 317,519 5,557

Disposable Soft Goods (S) Pte Ltd. บรษทยอย ราคาทนบวกกำไรสวนเพม - - 10,698,943 14,706,663

Disposable Soft Goods (Malaysia) Sdn Bhd บรษทยอย ราคาทนบวกกำไรสวนเพม - - 39,958,803 21,444,258

PT DSG Surya Mas Indonesia บรษทยอย ราคาทนบวกกำไรสวนเพม - - 220,917 260,429

Disposable Soft Goods (Zhongshan) Ltd. บรษทยอยของบรษทใหญ ราคาทนบวกกำไรสวนเพม 591,322 1,097,847 591,322 1,097,847

PT Panca Talenta Mas บรษทยอยของ ราคาขายปลกสทธจากกำไร

ผถอหนสวนนอย ทไดรบจากการขายตอ 205,148,028 202,275,209 63,740,362 54,216,166

291,818,829 295,034,383 201,498,377 230,424,972

ซอวตถดบและสำคาสำเรจรป

บรษท แอดวานซเวชภณฑ จำกด บรษทยอย ราคาทนบวกกำไรสวนเพม - - 65,756 13,002,569

บรษท นนา อตสาหกรรม จำกด บรษทยอยของ ราคาขายปลกสทธจากกำไร

ผถอหนสวนนอย ทไดรบจากการขายตอ 85,371,436 83,952,169 84,861,031 75,319,512

Disposable Soft Goods Ltd. บรษทยอยของบรษทใหญ ราคาทนบวกกำไรสวนเพม - 3,245,551 - 642,733

Disposable Soft Goods (UK) Plc. บรษทยอยของบรษทใหญ ราคาทนบวกกำไรสวนเพม 847,175 - - -

DSG (Malaysia) Sdn. Bhd บรษทยอย ราคาทนบวกกำไรสวนเพม - - 8,191,067 24,205,880

PT DSG Surya Mas Indonesia บรษทยอย ราคาทนบวกกำไรสวนเพม - - 4,057 -

86,218,611 87,197,720 93,121,911 113,170,694

ซอสนทรพยถาวร

บรษท แอดวานซเวชภณฑ จำกด บรษทยอย มลคาตามบญชสทธบวกสวนเพม - - - 11,376,270

- - - 11,376,270

คาใชจายในการขายและบรหาร

- คาลขสทธ (รอยละ 3.5 ของยอดขายสทธ

ทจำหนายใหกบบคคลภายนอก)

Disposable Soft Goods (UK) Plc. บรษทยอยของบรษทใหญ 5,108,350 4,939,512 - -

- คาธรรมเนยมการจดการ (รอยละ 1-1.5

ของยอดขายสทธทจำหนายใหกบ

บคคลภายนอก)

DSG International Ltd. บรษทใหญ 31,102,727 27,082,762 18,130,427 15,315,132

- คาเชา

Mrs. Suwanna Anuwongnukroh ผถอหนสวนนอย ราคาตลาด 2,156,000 2,136,000 2,156,000 2,136,000

38,367,077 34,158,274 20,286,427 17,451,132

dsg_Thai 2.indd 92 3/25/07 10:42:23 PM


ความสมพนธ นโยบาย งบการเงนรวม งบการเงนเฉพาะของบรษท การกำหนดราคา สำหรบปสนสดวนท สำหรบปสนสดวนท 31 ธนวาคม 31 ธนวาคม 2549 2548 2549 2548 บาท บาท บาท บาท ดอกเบยรบ บรษท แอดวานซเวชภณฑ จำกด บรษทยอย - - - 1,246,205 PT DSG Surya Mas Indonesia บรษทยอย - - 9,271,468 11,747,928 DSG (Malaysia) Sdn. Bhd. บรษทยอย - - 3,950,550 3,368,525 - - 13,222,018 16,362,658 เงนปนผลจาย DSG International Ltd. บรษทใหญ 32,867,820 - 32,867,820 - ผถอหนอน 7,132,180 - 7,132,180 - 40,000,000 - 40,000,000 -

บรษทและบรษทยอยไดทำสญญาสทธในการใชเครองหมายการคากบ DSG Technology Holdings Limited Disposable Soft Goods (UK) Plc และ DSG International Ltd. โดยบรษทและบรษทยอยตองจายคาลขสทธโดยคำนวณในอตรารอยละ 3.5 ของยอดขายทจำหนายใหกบบคคลภายนอก ซงตอมาในป 2548 คาลขสทธดงกลาวไดมการยกเวนการจดเกบเปนเวลา 5 ป ทงนไมรวม PT DSG Surya Mas Indonesia ซงยงคงตองจายคาลขสทธดงกลาวในอตรารอยละ 3.5 ของยอดขายทจำหนายใหกบบคคลภายนอก นอกจากนน บรษทและบรษทยอยยงตองจายคาธรรมเนยมการจดการใหกบ DSG International Ltd. โดยคำนวณในอตรารอยละ 1 - 1.5 ของยอดขายทจำหนายใหกบบคคลภายนอก

15. ขอมลจำแนกตามสวนงาน

บรษทและบรษทยอยประกอบธรกจผลต ขาย และสงออก ผาออมสำเรจรปของเดกและผใหญโดยเมอพจารณาถงประเภทของกจกรรมแลวสามารถแยกรายได และกำไรจากการดำเนนงาน สำหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 ตามสวนงานไดดงน

หนวย : พนบาท

ไทย มาเลเซย อนโดนเซย สงคโปร รายการ รวม

ตดบญช

สำหรบปสนสดวนท 31 ธนวาคม 2549

รายไดจากการขาย 1,346,516 1,705,793 158,006 123,648 (772,261) 2,561,702 กำไร (ขาดทน) สทธ 124,289 44,293 (7,361) 6,092 6,178 173,491



ตดบญช

สำหรบปสนสดวนท 31 ธนวาคม 2548

รายไดจากการขาย 1,290,332 1,411,409 144,329 112,235 (711,542) 2,246,763 กำไร (ขาดทน) สทธ 72,467 50,004 (18,926) (9,871) 12,306 105,980



ตดบญช

สนทรพยรวม

ณ วนท 31 ธนวาคม 2549 1,098,969 518,141 151,824 35,536 (400,988) 1,403,482 ณ วนท 31 ธนวาคม 2548 1,229,088 540,046 177,860 43,294 (486,965) 1,503,323

dsg_Thai 2.indd 93 3/25/07 10:42:24 PM


16. สทธพเศษและหนาทในการไดรบการสงเสรมการลงทน

เมอวนท 2 พฤษภาคม 2546 บรษทไดรบบตรสงเสรมเลขท 7003(2)/2546 ซงคณะกรรมการสงเสรมการลงทนไดอนมตใหการสงเสรมในกจการผลตแผนซมซบ โดยไดรบยกเวนภาษเงนไดนตบคคลสำหรบกำไรสทธไมเกนรอยละ 100 ของเงนทนไมรวมคาทดนและทนหมนเวยนมกำหนดเวลา 7 ป นบแตวนทเรมมรายไดจากการประกอบกจการเมอวนท 28 สงหาคม 2547

ตอมาเมอวนท 25 พฤศจกายน 2547 บรษทไดรบบตรสงเรมเพมเตมเลขท 1041(2)/2548 ซงคณะกรรมการสงเสรมการลงทนไดอนมตใหการสงเสรมกจการผลตแผนซมซบ โดยไดรบลดหยอนอากรขาเขาสำหรบเครองจกรกงหนงตามทคณะกรรมการอนมต และไดรบการยกเวนภาษเงนไดนตบคคลสำหรบกำไรสทธไมเกนรอยละ 100 ของเงนลงทนไมรวมคาทดนและทนหมนเวยนมกำหนดเวลา 7 ป นบแตวนทเรมมรายไดจากการประกอบกจการเมอวนท 3 กมภาพนธ 2548

ผถอหนของบรษทจะไดรบประโยชนจากการไดรบยกเวนภาษเงนไดสำหรบเงนปนผลซงจะไดรบจากบรษทตลอดระยะเวลาทไดรบการยกเวนภาษเงนไดนตบคคลอกประการหนงดวย

บรษทจงตองปฏบตตามเงอนไขตางๆ ทกำหนดไวในบตรสงเสรม

17. การรายงานรายไดสำหรบผทไดรบการสงเสรม

ตามประกาศของสำนกงานคณะกรรมการสงเสรมการลงทนท ป. 14/2541 เรองกำหนดวธการรายงานรายไดสำหรบผไดรบการสงเสรม ลงวนท 30 ธนวาคม 2541 โดยใหบรษทแสดงยอดรายไดจากการจำหนายในประเทศและตางประเทศแยกจากกนพรอมทงแยกแสดงสวนทไดรบการสงเสรมและไมไดรบการสงเสรม สำหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 ดงน


สวนทไดรบการสงเสรม สวนทไมไดรบการสงเสรม รวม 2549 2548 2549 2548 2549 2548

รายได รายไดจากการสงออก 225,307,319 212,778,008 1,464,221 743,493 226,771,540 213,521,501 รายไดจากการขายสนคาในประเทศ 1,014,480,558 878,433,888 105,351,681 101,373,426 1,119,832,239 979,807,314

รวมรายไดจากการขาย 1,239,787,877 1,091,211,896 106,815,902 102,116,919 1,346,603,779 1,193,328,815

18. ภาษเงนได

สำหรบปสนสดวนท 31 ธนวาคม 2549 งบการเงนเฉพาะของบรษทแสดงกำไรสทธ แตไมมภาษเงนไดทตองเสย เนองจากไดรบยกเวนภาษเงนไดในกจการทไดรบการสงเสรมการลงทน สำหรบกจการทไมไดรบการสงเสรมการลงทน บรษทมผลขาดทนเนองจากตนทนสนคานำเขาและคาใชจายในการสงเสรมการขายสง

dsg_Thai 2.indd 94 3/25/07 10:42:25 PM


19. ภาระผกพนและหนงสอคำประกน

19.1 ณ วนท 31 ธนวาคม 2549 และ 2548 บรษทไดมหนงสอคำประกนคงคางซงออกโดยธนาคารแหงหนง เปนจำนวนเงน 2.12 ลานบาท และ 1.65 ลานบาท ตามลำดบ

19.2 ณ วนท 31 ธนวาคม 2548 บรษทไดคำประกนเงนกยมจากธนาคารของบรษทยอยแหงหนงเปนจำนวนเงน 30 ลานบาท

19.3 บรษทและบรษทยอยไดเชาทดนและอาคารตามสญญาเชาดำเนนงาน ซงภาระทตองจายในอนาคตตามสญญาเชาดงกลาว ดงตอไปน

หนวย : บาท งบการเงนรวม งบการเงนเฉพาะของบรษท

ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม

2549 2548 2549 2548

ภายใน 1 ป 15,710,510 13,300,811 2,178,000 1,958,0001 - 5 ป 11,213,048 1,488,448 - - รวม 26,923,558 14,789,259 2,178,000 1,958,000

19.4 บรษทและบรษทยอยมภาระผกพนจากการทำสญญาซเครองจกรเปนจำนวนเงนดงตอไปน

หนวย : ลานบาท งบการเงนรวม งบการเงนเฉพาะของบรษท

ณ วนท 31 ธนวาคม ณ วนท 31 ธนวาคม

2549 2548 2549 2548

ภาระผกพนภายใตสญญาซอเครองจกร 5.10 25.60 5.10 9.30

20. กองทนสำรองเลยงชพ

ในป 2547 บรษทไดจดตงกองทนสำรองเลยงชพขน โดยหกจากเงนเดอนพนกงานสวนหนงและบรษทจายสมทบอกสวนหนง กองทนดงกลาวไดจดทะเบยนเปนกองทนสำรองเลยงชพ ตามพระราชบญญตกองทนสำรองเลยงชพ พ.ศ. 2530

สำหรบปสนสดวนท 31 ธนวาคม 2549 และ 2548 เงนสมทบของบรษทซงบนทกเปนคาใชจายมจำนวน 2.17ลานบาท และ 1.81 ลานบาท ตามลำดบ

dsg_Thai 2.indd 95 3/25/07 10:42:26 PM


21. การเปดเผยขอมลเกยวกบเครองมอทางการเงน

บรษทไดรายงานและเปดเผยขอมลเครองมอทางการเงนของบรษทดงตอไปน

21.1 นโยบายการบญช

รายละเอยดของนโยบายการบญชทสำคญ ไดเปดเผยไวแลวในหมายเหตประกอบงบการเงนขอ 2

21.2 ความเสยงดานสนเชอ

ความเสยงดานสนเชอเกดจากลกคาไมปฏบตตามเงอนไขการซอขาย ทำใหไมสามารถเรยกเกบหนได ซงกอใหเกดความเสยหายแกบรษทและบรษทยอย บรษทและบรษทยอยมความเสยงเกยวกบการกระจกตวของสนเชอไมมาก เนองจากบรษทและบรษทยอยมนโยบายทจะทำธรกรรมสวนใหญกบบรษทในเครอในหลายประเทศ และคคาทมความนาเชอถอ เพอลดโอกาสการสญเสยทางการเงนจากการไมสามารถปฏบตตามสญญาได

สำหรบทรพยสนทางการเงนทแสดงในงบดล ราคาตามบญชของสนทรพยถอเปนมลคาสงสดของความเสยงทเกดจากการไมปฏบต ตามสญญา

21.3 ความเสยงเกยวกบอตราดอกเบย

ความเสยงเกยวกบอตราดอกเบยเกดจากการทอตราดอกเบยจะเปลยนแปลงไป ซงกอใหเกดผลเสยหายแกบรษทและบรษทยอยในงวดปจจบนและงวดตอๆ ไป ซงบรษทและบรษทยอยอาจไดรบผลกระทบจากอตราดอกเบยทจะเปลยนแปลงอยางมสาระสำคญ เนองจาก เงนกยมของบรษทสวนใหญมอตราดอกเบยลอยตว

21.4 ความเสยงจากอตราแลกเปลยนเงนตราตางประเทศ

ความเสยงจากอตราแลกเปลยนเกดจากการทอตราแลกเปลยนเงนตราตางประเทศเปลยนแปลงไป ซงกอใหเกดความเสยหายแกบรษท และบรษทยอยในงวดปจจบนและงวดตอไป ซงบรษทคาดวาผลกระทบจากการเปลยนแปลงอตราแลกเปลยนไมมสาระสำคญตอสนทรพยและหนสนทางการเงนทเปนเงนสกลตางประเทศ เนองจากบรษทและบรษทยอยไดทำสญญาหกกลบลบหนยอดคงเหลอกบบรษทในเครอ

21.5 ประมาณการราคายตธรรมสำหรบเครองมอทางการเงน

มาตรฐานการบญชของไทยฉบบท 48 “การแสดงรายการและการเปดเผยขอมลสำหรบเครองมอทางการเงน” กำหนดใหเปดเผยมลคายตธรรม ซงตองใชดลยพนจในการประมาณมลคายตธรรม ดงนน มลคายตธรรมทประมาณขนทเปดเผยในหมายเหตประกอบงบการเงนนจงไมจำเปนตองบงชถงจำนวนเงนซงเกดขนจรงในตลาดแลกเปลยนในปจจบน

การใชขอสมมตฐานทางการตลาดและหรอวธการประมาณทแตกตางกนอาจมผลกระทบทมสาระสำคญในมลคายตธรรมทประมาณขน บรษทและบรษทยอยใชวธการและขอสมมตฐานดงตอไปนในการประมาณมลคายตธรรมของเครองมอทางการเงน

เงนสดและรายการเทยบเทาเงนสด เงนลงทนชวคราว ลกหนการคา ลกหนบรษททเกยวของกน เงนเบกเกนบญชและเงนกยมระยะสนจากสถาบนการเงน เจาหนการคา เจาหนบรษททเกยวของกนและเจาหนอนมมลคาตามบญชจำนวนใกลเคยงกบมลคายตธรรมโดยประมาณ เนองจากครบกำหนดชำระในระยะเวลาอนสน

เงนใหกยมระยะยาวแกบรษททเกยวของกน มลคายตธรรมของเงนใหกยมดงกลาว ณ วนท 31 ธนวาคม 2549 และ 2548 มจำนวนประมาณ 105 ลานบาท และ 200 ลานบาท ตามลำดบ

เงนลงทนซงบนทกโดยวธสวนไดเสย มลคายตธรรมของเงนลงทนไดคำนวณตามวธการทกลาวไวในหมายเหตประกอบงบการเงนขอ 2.4

เงนกยมระยะยาวอนซงมดอกเบยลอยตว มมลคาตามบญชจำนวนใกลเคยงกบมลคายตธรรมโดยประมาณ เนองจากมอตราดอกเบยลอยตว

dsg_Thai 2.indd 96 3/25/07 10:42:27 PM


22. เหตการณภายหลงวนทในงบดล

เมอวนท 27 กมภาพนธ 2550 ทประชมคณะกรรมการมมตอนมตการจายเงนปนผลใหกบผถอหนสามญในอตรา 0.13 บาท ตอหน รวม 39 ลานบาท

23. เรองอนๆ

มาตรฐานการบญชปรบปรงใหมทยงไมมผลบงคบใช

สภาวชาชพบญชไดออกประกาศฉบบท 26/2549 เพอปรบปรงมาตรฐานการบญชฉบบท 44 เรองงบการเงนรวมและการบญชสำหรบเงนลงทนในบรษทยอย ซงกำหนดใหบรษทใหญทมการลงทนในบรษทยอย กจการทมอำนาจควบคมรวม และบรษทรวมทไมจดจำแนกเปนการลงทนสำหรบการถอเพอขายบนทกเงนลงทนดงกลาว ตามวธราคาทน หรอตามเกณฑการรบรและการวดมลคาตราสารทางการเงน (เมอมการบงคบใช) แทนวธสวนไดเสยซงใชอยในปจจบน ประกาศฉบบนใหมผลบงคบใชสำหรบงบการเงนทมรอบระยะเวลาบญชเรมในหรอหลงวนท 1 มกราคม 2550 แตสามารถนำไปปฏบตกอนวนทดงกลาวได บรษทจะเปลยนแปลงนโยบายการบญชสำหรบเงนลงทนในบรษทยอยและบรษทรวม สำหรบงบการเงนเฉพาะของบรษทในป 2550 และเพอใหงบการเงนสามารถแสดงเปรยบเทยบกนได บรษทจะตองปรบปรงงบการเงนเฉพาะของบรษทยอนหลงสำหรบป 2549 ซงจะทำใหสนทรพยและสวนของผถอหน ณ วนท 31

ธนวาคม 2549 ลดลงดวยจำนวน 74.85 ลานบาทเทากนและกำไรสทธสำหรบปสนสดวนเดยวกนลดลงจำนวน 48.00 ลานบาท

24. การอนมตงบการเงน

คณะกรรมการบรษทอนมตใหออกงบการเงนเมอวนท 27 กมภาพนธ 2550

dsg_Thai 2.indd 97 3/25/07 10:42:27 PM


11. Financial Statements

REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE SHAREHOLDERS AND THE BOARD OF DIRECTORS

DSG INTERNATIONAL (THAILAND) PUBLIC COMPANY LIMITED

We have audited the consolidated balance sheet of DSG International (Thailand) Public Company Limited and its subsidiaries and the balance sheet of DSG International (Thailand) Public Company Limited as at December 31, 2006 and the related consolidated and Companyûs statements of income, changes in shareholdersû equity and cash flows for the year then ended. These financial statements are the responsibility of the Companyûs management as to their correctness and completeness of the presentation. Our responsibility is to express an opinion on these financial statements based on our audit. The consolidated and the Companyûs financial statements for the year ended December 31, 2005, presented herein for comparison were audited by another auditor of the same firm whose audit report thereon dated March 20, 2006, expressed an unqualified opinion.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe

that our audit provides a reasonable basis for our opinion.

In our opinion, the aforementioned consolidated and Companyûs financial statements present fairly, in all material respects, the financial position of DSG International (Thailand) Public Company Limited and its subsidiaries and of DSG International (Thailand) Public Company Limited as at December 31, 2006, the results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles.

Dr. Suphamit Techamontrikul Certified Public Accountant (Thailand)

BANGKOK Registration No. 3356 February 27, 2007 DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

dsg_Eng.indd 98 3/25/07 10:43:17 PM


DSG INTERNATIONAL (THAILAND) PUBLIC COMPANY LIMITED AND SUBSIDIARIES

BALANCE SHEETS

AS AT DECEMBER 31, 2006 AND 2005

BAHT

CONSOLIDATED THE COMPANY ONLY

2006 2005 2006 2005

ASSETS

CURRENT ASSETS

Cash and cash equivalents 115,147,857 107,353,464 55,249,057 51,600,197

Current investment 5,223,224 4,343,105 - -

Trade accounts receivable - net

Related companies (Notes 4 and 14) 84,446,291 115,241,944 42,927,097 53,445,403

Others (Note 4) 419,517,789 416,288,366 271,323,502 239,906,030

Amounts due from related companies

(Note 14) 101,660 249,411 508,528 6,807,330

Current portion of long-term loans to

related companies (Note 14) - - 103,167,882 43,277,626

Inventories - net (Note 5) 275,531,048 284,795,624 106,342,930 142,264,573

Tax refundable 8,180,657 34,765,950 797,928 11,054,003

Other current assets 36,909,100 43,064,562 20,652,761 27,052,516

Total Current Assets 945,057,626 1,006,102,426 600,969,685 575,407,678

NON-CURRENT ASSETS

Investments accounted for under

the equity method (Note 6) - - 228,042,942 168,042,027

Long-term loans to related companies

(Note 14) - - 1,977,553 154,561,118

Assets held for sale (Note 7) 29,823,031 29,823,031 29,823,031 29,823,031

Property, plant and equipment - net

(Note 8) 419,725,815 453,551,565 294,953,163 315,711,334

Other non-current assets 8,875,518 13,845,562 6,423,002 10,932,454

Total Non-current Assets 458,424,364 497,220,158 561,219,691 679,069,964

TOTAL ASSETS 1,403,481,990 1,503,322,584 1,162,189,376 1,254,477,642

Notes to the financial statements form an integral part of these statements

dsg_Eng.indd 99 3/25/07 10:43:17 PM



BALANCE SHEETS (CONTINUED)


BAHT


2006 2005 2006 2005

LIABILITIES AND SHAREHOLDERSû EQUITY

CURRENT LIABILITIES

Bank overdraft and short-term loans

from financial institutions (Note 9) 65,464,296 380,049,283 65,003,030 380,049,283

Trade accounts payable

Related companies (Note 14) 7,957,037 15,614,596 7,957,037 16,487,742

Others 235,197,615 284,990,323 75,591,078 123,474,097

Amounts due to related companies

(Note 14) 20,053,954 25,866,702 11,682,050 11,626,286

Current portion of long-term loans

(Note 10) 25,713,408 25,726,286 25,452,000 25,452,000

Accrued expenses 110,013,681 117,691,807 66,243,595 57,349,970

Other current liabilities 16,312,336 11,320,787 6,026,574 3,970,728

Total Current Liabilities 480,712,327 861,259,784 257,955,364 618,410,106

NON-CURRENT LIABILITIES

Other long-term loans (Note 10) 80,946,587 141,687,187 80,656,000 141,108,000

Total Non-current Liabilities 80,946,587 141,687,187 80,656,000 141,108,000

TOTAL LIABILITIES 561,658,914 1,002,946,971 338,611,364 759,518,106

dsg_Eng.indd 100 3/25/07 10:43:18 PM



BALANCE SHEETS (CONTINUED)


BAHT


2006 2005 2006 2005

LIABILITIES AND SHAREHOLDERSû EQUITY

(CONTINUED)

SHAREHOLDERSû EQUITY

SHARE CAPITAL (Note 11)

Authorized share capital

300,000,000 ordinary shares of

Baht 1 each 300,000,000 300,000,000


Baht 1 each 250,000,000 250,000,000

Issued and paid-up share capital


Baht 1 each, fully paid 300,000,000 300,000,000


Baht 1 each, fully paid 200,000,000 200,000,000

PREMIUM ON ORDINARY SHARES 173,974,474 65,293,903 173,974,474 65,293,903

EXCHANGE DIFFERENCES ON TRANSLATION

OF THE FINANCIAL STATEMENTS OF

FOREIGN SUBSIDIARIES (9,243,821) 4,309,471 (9,243,821) 4,309,471

DIFFERENCE BETWEEN THE NET BOOK

VALUE OF INVESTMENTS AND COST

OF ACQUISITION (Notes 2.8 and 6) 5,993,137 5,993,137 5,993,137 5,993,137

RETAINED EARNINGS

Appropriated

Statutory reserve (Note 13) 14,870,736 8,596,276 14,870,736 8,596,276

Unappropriated 337,983,486 210,766,749 337,983,486 210,766,749

TOTAL SHAREHOLDERSû EQUITY

OF THE COMPANY 823,578,012 494,959,536 823,578,012 494,959,536

MINORITY INTEREST 18,245,064 5,416,077 - -

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY 1,403,481,990 1,503,322,584 1,162,189,376 1,254,477,642


dsg_Eng.indd 101 3/25/07 10:43:19 PM


DSG INTERNATIONAL (THAILAND) PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

BAHT


2006 2005 2006 2005

REVENUES

Revenue from sales (Note 14) 2,561,702,120 2,246,763,481 1,346,603,779 1,193,328,815

Share of profit from investment accounted

for under the equity method - - 48,002,001 34,598,251

Gain on exchange rate 5,321,539 9,839,812 - 8,760,319

Other income 12,854,672 10,341,375 22,076,218 22,841,147

Total Revenues 2,579,878,331 2,266,944,668 1,416,681,998 1,259,528,532

EXPENSES

Cost of sales (Note 14) 1,609,306,993 1,456,595,860 818,775,934 762,533,194

Selling and administrative expenses

(Note 14) 759,242,975 665,125,673 390,533,579 359,718,548

Loss on exchange rate - - 8,008,957 -

Total Expenses 2,368,549,968 2,121,721,533 1,217,318,470 1,122,251,742

INCOME BEFORE INTEREST EXPENSE

AND INCOME TAX 211,328,363 145,223,135 199,363,528 137,276,790

INTEREST EXPENSE (25,904,169) (31,262,150) (25,872,331) (30,904,220)

INCOME TAX (Note 18) (16,392,404) (15,651,886) - (392,587)

INCOME AFTER INTEREST EXPENSE

AND INCOME TAX 169,031,790 98,309,099 173,491,197 105,979,983

NET LOSS OF MINORITY INTEREST 4,459,407 7,670,884 - -

NET INCOME 173,491,197 105,979,983 173,491,197 105,979,983

BASIC EARNINGS PER SHARE

(Note 12) BAHT 0.65 0.44 0.65 0.44

WEIGHTED AVERAGE NUMBER

OF ORDINARY SHARES (Note 12) SHARES 264,986,301 240,000,000 264,986,301 240,000,000


dsg_Eng.indd 102 3/25/07 10:43:21 PM


DSG

IN

TERNAT

IONAL

(T

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105,

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dsg_Eng.indd 103 3/25/07 10:43:22 PM


DSG

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(T

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dsg_Eng.indd 104 3/25/07 10:43:24 PM



STATEMENTS OF CASH FLOWS


BAHT


2006 2005 2006 2005

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 173,491,197 105,979,983 173,491,197 105,979,983

Items to reconcile net income to net cash flows

from operating activities:

Share of profits from investments accounted for

under the equity method - - (48,002,001) (34,598,251)

Depreciation and amortization 70,483,933 75,336,171 35,734,961 30,544,029

(Gain) loss on sales of fixed assets (120,038) (851,665) 181,303 (231,894)

Net loss of minority interest (4,459,407) (7,670,884) - -

Allowance for bad and doubtful debts (reversal) (10,056,406) (4,837,593) 438,716 2,423,293

Allowance for obsolete inventories (reversal) (1,179,850) 1,597,259 (565,928) 786,175

Unrealized (gain) loss on exchange rate 26,414 (8,250) 2,872,926 (2,999,754)

Other expenses - 725,229 - -

Income from operations before changes

in operating assets and liabilities 228,185,843 170,270,250 164,151,174 101,903,581

Operating assets (increase) decrease

Trade accounts receivable - related companies 30,795,653 28,626,642 10,518,306 282,679,931

Trade accounts receivable - others 6,826,983 17,068,149 (31,856,188) (240,778,810)

Amounts due from related companies 147,751 43,950,163 6,298,802 47,345,203

Inventories 10,444,426 (53,972,936) 36,487,571 (52,564,296)

Tax refundable 26,585,293 47,470,050 10,256,075 22,570,966

Other current assets (10,418,763) (28,688,416) (10,174,471) (3,600,486)

Other non-current assets 4,208,266 (6,413,915) 4,256,126 (6,464,789)

Operating liabilities increase (decrease)

Trade accounts payable - related companies (7,657,559) (108,949,327) (8,530,705) 10,568,728

Trade accounts payable - others (49,792,708) 84,959,441 (47,883,019) 39,699,654

Amounts due to related companies (5,812,748) (30,786,115) 55,764 (33,259,990)

Accrued expenses (7,678,126) (8,916,781) 8,893,625 23,144,477

Other current liabilities 4,782,251 (39,210,387) 1,972,566 (10,039,986)

Net cash provided by operating activities 230,616,562 115,406,818 144,445,626 181,204,183

dsg_Eng.indd 105 3/25/07 10:43:25 PM



STATEMENTS OF CASH FLOWS (CONTINUED)


BAHT


2006 2005 2006 2005

CASH FLOWS FROM INVESTING ACTIVITIES

Long-term loans to related companies - - - (114,840,000)

Cash received from long-term loans to

related companies - - 63,887,794 82,001,010

Cash payments for purchases of property,

plant and equipment (43,850,145) (56,188,486) (15,088,279) (60,822,773)

Proceeds from sales of equipment 1,060,832 1,969,285 647,176 921,496

Net cash provided by (used in)

investing activities (42,789,313) (54,219,201) 49,446,691 (92,740,267)

CASH FLOWS FROM FINANCING ACTIVITIES

Decrease in bank overdraft and short-term

loans from financial institutions (314,584,987) (108,122,124) (315,046,253) (108,035,040)

Repayments of finance lease obligation (301,478) (268,986) - -

Repayments of other long-term loans (60,452,000) (23,807,163) (60,452,000) (11,440,000)

Cash received from other long-term loans - 68,000,000 - 68,000,000

Cash payments for initial public offering expenses (6,745,204) (7,603,510) (6,745,204) (7,603,510)

Cash received from issuance of new

ordinary shares 192,000,000 - 192,000,000 -

Cash received from minority interest 16,467,938 - - -

Net cash used in financing activities (173,615,731) (71,801,783) (190,243,457) (59,078,550)

Exchange rates difference on translation of

cash of foreign subsidiaries (5,537,006) 954,353 - -

Net increase (decrease) in cash and cash equivalents 14,211,518 (10,614,166) 3,648,860 29,385,366

Cash and cash equivalents as at January 1, 111,696,569 121,356,382 51,600,197 22,214,831

Cash and cash equivalents as at December 31,

(Note 3.1) 120,371,081 111,696,569 55,249,057 51,600,197


dsg_Eng.indd 106 3/25/07 10:43:25 PM


DSG INTERNATIONAL (THAILAND) PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS


1. GENERAL INFORMATION

DSG International (Thailand) Public Company Limited (çthe Companyé) was incorporated as a limited company under Thai laws on May 20, 1994. The Companyûs main business is to manufacture, sell and export disposable baby diapers and adult incontinence products. The registered head office is located at 448/11 Soi Latphrao 53 Latphrao Road, Latphrao, Bangkok and the factory is located at 39 Moo 1 SIL Industrial Zone, Tumbol Bualoy, Amphur Nong Kae, Saraburi Province. The major shareholder is DSG International Limited which was registered in British Virgin Island. Subsequently, it converted the Companyûs status to public company limited on December 16, 2004.

On November 25, 2004, the Extraordinary Shareholdersû Meeting of the Company passed a resolution to approve the listing of Companyûs ordinary shares on the Stock Exchange of Thailand (SET) and on September 13, 2005, the Securities and Exchange Commission permitted the Company to make public offering of the newly issued securities (see Note 11). On August 9, 2006 the Stock Exchange of Thailand registered the Companyûs ordinary shares as a listed security.

On January 10, 2005, the Extraordinary Shareholdersû Meeting of Advance Medical Supply Company Limited, a subsidiary, has passed the resolution to cease its operation and transfer its entire businesses and part of its assets to the Company in February 2005.

As at December 31, 2006 and 2005, the number of employees and staff costs of the Company and its subsidiaries for the years ended December 2006 and 2005 are as follows:

CONSOLIDATED THE COMPANY ONLY2006 2005 2006 2005

Number of employees (Persons) 719 662 380 344Staff costs (Million Baht) 204 202 90 87

The Company and its subsidiaries have extensive transactions and relationships with affiliated companies. Accordingly, the financial statements may not necessarily be indicative of the conditions that would have existed or the results of operations that would have occurred if the Company and its subsidiaries had operated without such affiliations.

2. BASIS FOR PREPARATION THE CONSOLIDATED AND THE COMPANYûS FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES

The statutory financial statements are prepared in Thai Baht and in the Thai language in conformity with accounting standards and practices generally accepted in Thailand. Accordingly, the financial statements are intended solely to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in Thailand.

The financial statements are prepared in compliance with the Notification of the Department of Commercial Registration (currently the Department of Business Development) dated September 14, 2001 regarding çThe Brief Particulars in the Financial statements B.E. 2544é. In addition, the Companyûs financial statements have been prepared in accordance with the Regulation of The Stock Exchange of Thailand (SET) dated January 22, 2001, regarding the preparation and submission of financial statements and reports for the financial position and results of operations of the listed companies B.E. 2544.

dsg_Eng.indd 107 3/25/07 10:43:26 PM


For the convenience of readers, an English translation of the financial statements has been prepared from the Thai language statutory financial statements which are issued for domestic financial reporting purposes.

The consolidated financial statements for the years ended December 31, 2006 and 2005 include the financial statements of DSG International (Thailand) Public Company Limited (çthe Companyé) and its subsidiaries in which the Company has control or invested over 50% of their voting rights. These subsidiaries are detailed as follows:

Companyûs name Major business Country of Number of shares Percentage of

shareholding incorporation As at December 31 As at December 31

2006 2005 2006 2005

Advance Medical Supply(1) Ceased operation

Company Limited Thailand 3,994 3,994 99.85 99.85

Disposable Soft Goods Sell disposable baby diapers and adult

(Malaysia) Sdn. Bhd. incontinent products Malaysia 3,000,003 3,000,003 100.00 100.00

DSG (Malaysia) Sdn. Bhd. Manufacture and sell disposable baby

diapers and adult incontinent products Malaysia 3,400,002 3,400,002 100.00 100.00

PT DSG Surya Mas Indonesia (2) Manufacture and sell disposable baby diapers and adult incontinent products Indonesia 4,319 1,799 59.97 59.97

Disposable Soft Goods (S) Pte. Ltd. Sell disposable baby diapers and adult

incontinent products Singapore 1,500,000 1,500,000 100.00 100.00

(1) The subsidiary has ceased its operation and transferred its entire businesses and part of its assets to the Company in February 2005.

(2) In May 2006, the subsidiary has increased its share capital by issuing 4,200 ordinary shares at par value of IDR 2,402,000 per share to the existing shareholders. The Company has acquired the shares at its existing holding proportion of 2,520 shares amounting to Baht 25.93 million.

Certain accounts in the consolidated and Companyûs financial statements for the year ended December 31, 2005 have been reclassified to conform to the classification used in the consolidated and Companyûs financial statements for the year ended December 31, 2006 as follows :

- Current investment of Baht 4,343,105 in consolidated financial statements, previously included in cash and cash equivalents is separately presented.

- Fixed deposit used as collateral of Baht 1,534,321 and Baht 1,507,152 in consolidated and Companyûs financial statements, respectively, previously separately presented, have been included in other non-current assets.

- Intangible assets-net of Baht 2,407,089 and Baht 793,543 in consolidated and Companyûs financial statements, respectively, previously included in property, plant and equipment-net, have been included in other non-current assets.

- Accrued income tax of Baht 1,087,962 in consolidated financial statements, previously separately presented, have been included in other current liabilities.

Significant intercompany transactions between the Company and its subsidiaries have been eliminated from the consolidated financial statements. The consolidated financial statements for the years ended December 31, 2006 and 2005 have included the subsidiariesû financial statements for the years ended December 31, 2006 and 2005 which were audited.

The significant accounting policies are summarized as below:

dsg_Eng.indd 108 3/25/07 10:43:27 PM


2.1 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand, deposits at bank and fixed deposits with financial institutions with the original maturities of three months or less and without the restriction of use.

2.2 Allowance for doubtful accounts

An allowance for doubtful accounts is provided at the estimated collection losses on receivables, based on the Company and its subsidiariesû collection experience together with a review of the financial position of the debtors.

2.3 Inventories

Inventories are stated at the lower of cost or net realizable value. Cost of finished goods and raw materials are determined on weighted average basis.

2.4 Investments accounted for under the equity method

Investments in subsidiaries and associated companies are recorded using the equity method in the Companyûs financial statements. In case an impairment in value of investment has occurred, the result loss of investment is recognized in the statement of income.

2.5 Property, plant and equipment

Land is stated at cost. Plant and equipment are stated at cost less accumulated depreciation.

Depreciation is calculated by the straight-line method at rates based on the estimated useful lives of the assets as follows:

Building 20 years Building improvements 7 and 20 years Machinery and equipment 3 - 10 years Furniture and fixture 4 - 10 years Motor vehicles 4 - 8 years

2.6 Foreign currency transactions

Transactions during the year denominated in foreign currencies are translated into Baht at the rates of exchange ruling on the transaction dates. Monetary assets and liabilities at the balance sheet date denominated in foreign currencies are translated into Baht at the reference rates of The Bank of Thailand at that date. Gains and losses on exchange arising from settlements or translations are recognized as income or expense when incurred.

The translation of foreign financial statements for the purpose of preparing the consolidated financial statements is determined using the following rates;

a. Assets and liabilities are translated at the rate prevailing at the end of year. b. Shareholdersû equity is translated at the rates prevailing on the transaction dates. c. Revenues and expenses are translated at the average rate for the year.

Gain or loss on translation of foreign financial statements is shown under shareholdersû equity.

Intercompany transactions are converted at the rates prevailing on the date of transaction and, upon elimination, at the rates prevailing on the consolidation date.

dsg_Eng.indd 109 3/25/07 10:43:28 PM


2.7 Provident fund

The contribution for employees under provident fund scheme is recorded as expenses when incurred.

2.8 Difference between the net book value of investments and costs of acquisition

This represents the difference between the net book value of investments acquired and the costs of acquisition arising from restructuring of the shareholding structure of DSG group and is presented under the shareholdersû equity heading in the balance sheet.

2.9 Income recognition

Sales are recognized upon delivery of goods to customers for domestic sales and to a common carrier for export sales.

2.10 Income tax

Income tax expense is based on taxable profit and accrued for the year.

2.11 Basic earnings per share

Basic earnings per share are calculated by dividing net income for the year by the number of ordinary shares outstanding at the balance sheet date. In case of a capital increase, the number of share is weighted according to time of subscription received. The Company did not have any common share equivalents outstanding which would have a dilutive effect on earnings per share.

2.12 Use of accounting estimates

Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities. The actual results may differ from such estimates.

dsg_Eng.indd 110 3/25/07 10:43:28 PM


3. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

3.1 Cash and cash equivalents as at December 31, 2006 and 2005 are as follows:

CONSOLIDATED THE COMPANY ONLY 2006 2005 2006 2005 Baht Baht Baht Baht

Cash and cash equivalents 115,147,857 107,353,464 55,249,057 51,600,197 Current investment 5,223,224 4,343,105 - -

120,371,081 111,696,569 55,249,057 51,600,197

3.2 Cash paid for interest expense and income tax for the years ended December 31, 2006 and 2005 are as follows:


Interest expense 25,941,119 31,041,027 25,796,687 30,904,220 Income tax 8,871,055 23,964,418 - 7,482,956

3.3 Non-cash transactions are as follows:


Liabilities incurred from acquisition of fixed assets as at January 1, 857,537 19,199,559 130,172 18,949,286 Add Purchase of property, plant and equipment 44,059,442 37,846,464 15,551,945 42,003,659 Less Cash payments (43,850,145) (56,188,486) (15,088,279) (60,822,773) Liabilities incurred from acquisition of fixed assets as at December 31, 1,066,834 857,537 593,838 130,172

3.4 As at December 31, 2006 and 2005, the unused bank overdraft and short-term loan facilities from financial institutions of are as follows:

(Million Baht) CONSOLIDATED THE COMPANY ONLY 2006 2005 2006 2005

The unused bank overdraft and short-term loan facilities from financial institutions 240 195 240 175

dsg_Eng.indd 111 3/25/07 10:43:29 PM


4. TRADE ACCOUNTS RECEIVABLE - NET

The Company and its subsidiaries had outstanding balances of trade accounts receivable aged by number of months as follows:

CONSOLIDATED As at December 31, 2006 As at December 31, 2005 Related Third Total Related Third Total parties parties parties parties Baht Baht Baht Baht Baht Baht Current 74,468,215 340,359,370 414,827,585 104,185,650 302,088,652 406,274,302 Overdue

Less than or up to 3 months 9,978,076 86,581,456 96,559,532 11,048,639 92,706,086 103,754,725 Over 3 months up to 6 months - 1,882,400 1,882,400 - 39,364,000 39,364,000 Over 6 months up to 12 months - 8,121 8,121 7,655 - 7,655 Over 12 months - 1,826,190 1,826,190 - 3,325,782 3,325,782

Total 84,446,291 430,657,537 515,103,828 115,241,944 437,484,520 552,726,464 Less Allowance for doubtful accounts - (11,139,748) (11,139,748) - (21,196,154) (21,196,154) Trade Accounts Receivable › net 84,446,291 419,517,789 503,964,080 115,241,944 416,288,366 531,530,310

THE COMPANY ONLY As at December 31, 2006 As at December 31, 2005 Related

parties Third

parties Total Related

parties Third

parties Total

Baht Baht Baht Baht Baht Baht Current 42,927,097 206,840,956 249,768,053 45,272,986 196,660,845 241,933,831 Overdue

Less than or up to 3 months - 66,090,364 66,090,364 4,396,952 45,522,449 49,919,401 Over 3 months up to 6 months - 1,222,687 1,222,687 3,183,733 146,029 3,329,762 Over 6 months up to 12 months - 8,121 8,121 591,732 - 591,732 Over 12 months - 23,383 23,383 - - -

Total 42,927,097 274,185,511 317,112,608 53,445,403 242,329,323 295,774,726 Less Allowance for doubtful accounts - (2,862,009) (2,862,009) - (2,423,293) (2,423,293) Trade Accounts Receivable - net 42,927,097 271,323,502 314,250,599 53,445,403 239,906,030 293,351,433

5. INVENTORIES - NET

Inventories - net consist of the following:

CONSOLIDATED THE COMPANY ONLY As at As at As at As at December 31, December 31, December 31, December 31, 2006 2005 2006 2005 Baht Baht Baht Baht

Raw materials 153,442,642 132,686,385 54,514,593 69,920,230 Finished goods 90,550,073 83,768,653 42,912,519 38,955,409 243,992,715 216,455,038 97,427,112 108,875,639 Less Allowance for obsolete inventories (988,656) (2,168,506) (927,324) (1,493,252) 243,004,059 214,286,532 96,499,788 107,382,387 Add Goods in transit 32,526,989 70,509,092 9,843,142 34,882,186 Inventories - net 275,531,048 284,795,624 106,342,930 142,264,573

dsg_Eng.indd 112 3/25/07 10:43:31 PM


6. INVESTMENTS ACCOUNTED FOR UNDER THE EQUITY METHOD

Investments accounted for under the equity method consist of the following:

THE COMPANY ONLY COMPANYûS NATURE OF BUSINESS COUNTRY % OF Difference As at December 31, 2006 As at December 31, 2005

NAME SHAREHOLDING between the Cost Equity Cost Equity

As at

December 31, 2006

As at December 31, 2005

net book value of investments and costs of

acquisition as at December 31, 2006

and 2005 Baht

method Baht

method Baht

method Baht

method Baht

Advance Medical Ceased operation in Supply Company February 2005 Limited Thailand 99.85 99.85 3,834,781 7,556,568 10,051,329 7,556,568 11,256,965

Disposable Soft Sell disposable baby diapers Goods (Malaysia) and adult incontinent products Sdn. Bhd. Malaysia 100.00 100.00 9,287,656 4,826,517 53,042,621 4,826,517 37,706,208

DSG (Malaysia) Manufacture and sell Sdn. Bhd. disposable baby diapers and

adult incontinent products Malaysia 100.00 100.00 1,638,489 73,968,141 130,428,825 73,968,141 110,652,053 PT DSG Surya Mas Manufacture and sell

Indonesia disposable baby diapers and adult incontinent products Indonesia 59.97 59.97 (3,420,494) 52,817,850 27,878,581 26,885,260 8,426,801

Disposable Soft Sell disposable baby diapers Goods (S) Pte. Ltd. and adult incontinent products Singapore 100.00 100.00 (5,347,295) 14,020,259 6,641,586 14,020,259 -

5,993,137 153,189,335 228,042,942 127,256,745 168,042,027

Difference between the net book value of investments and costs of acquisition represents the difference between the net book value of investments acquired and the costs of acquisition arising from restructuring of the shareholding structure of DSG group in December 2004 and is presented under shareholdersû equity heading in the balance sheet.

7. ASSETS HELD FOR SALE

As at December 31, 2006 and 2005, assets held for sale of Baht 29.8 million are assets which are retired from active use resulting from moving the Companyûs production to new factory at Saraburi Province. The management of the Company consider to dispose those assets. Such assets are pledged as collateral for short-term loans from financial institutions and appraised by independent appraiser which the appraisal value is greater than the net book value.

dsg_Eng.indd 113 3/25/07 10:43:32 PM


8. PROPERTY, PLANT AND EQUIPMENT - NET

Property, plant and equipment - net as at December 31, 2006 and 2005 consist of the following:

CONSOLIDATED Balance as at Additions Disposals Transfer in/ Adjustment Balance as atDecember 31, out for December 31,

2005 translation 2006of foreign

subsidiariesBaht Baht Baht Baht Baht Baht

Cost:

Land 39,619,779 - - - (406,555) 39,213,224

Building 195,858,470 - - - (937,219) 194,921,251

Building improvements 13,037,981 806,032 (1,967,622) - (662,620) 11,213,771

Machinery and equipment 520,567,824 12,842,496 (3,790,293) 25,984,633 (16,917,538) 538,687,122

Furniture and fixture 31,040,778 713,552 (2,580,244) - (720,870) 28,453,216

Motor vehicles 41,573,664 987,745 (605,238) - (783,609) 41,172,562

Total cost 841,698,496 15,349,825 (8,943,397) 25,984,633 (20,428,411) 853,661,146

Accumulated depreciation:

Building (17,426,891) (9,783,686) - - 365,848 (26,844,729)

Building improvements (7,426,504) (1,488,315) 1,931,613 - 443,650 (6,539,556)

Machinery and equipment (329,247,854) (49,637,281) 3,446,154 - 11,841,088 (363,597,893)

Furniture and fixture (22,176,321) (2,480,587) 2,472,370 - 643,542 (21,540,996)

Motor vehicles (20,564,887) (6,332,286) 160,280 - 474,960 (26,261,933)

Total accumulated depreciation (396,842,457) (69,722,155) 8,010,417 - 13,769,088 (444,785,107)

444,856,039 408,876,039

Construction in progress 8,695,526 28,709,617 - (25,984,633) (570,734) 10,849,776

Property, plant and

equipment - net 453,551,565 419,725,815

Depreciation for the years

2006 69,722,155

2005 75,336,171

THE COMPANY ONLY Balance as at Additions Disposals Transfer in/ Balance as at December 31, (out) December 31, 2005 2006 Baht Baht Baht Baht Baht Cost: Land 30,000,000 - - - 30,000,000 Building 173,682,311 - - - 173,682,311 Building improvements 1,849,003 397,000 - - 2,246,003 Machinery and equipment 220,621,260 5,373,296 (781,238) 9,672,618 234,885,936 Furniture and fixture 11,355,713 92,031 (271,289) - 11,176,455 Motor vehicles 23,456,667 17,000 (605,238) - 22,868,429 Total cost 460,964,954 5,879,327 (1,657,765) 9,672,618 474,859,134 Accumulated depreciation: Building (9,675,173) (8,684,116) - - (18,359,289) Building improvements (58,817) (96,568) - - (155,385) Machinery and equipment (123,558,869) (20,596,383) 439,841 - (143,715,411) Furniture and fixture (4,256,281) (1,879,184) 229,164 - (5,906,301) Motor vehicles (7,704,480) (4,225,385) 160,280 - (11,769,585) Total accumulated depreciation (145,253,620) (35,481,636) 829,285 - (179,905,971) 315,711,334 294,953,163 Construction in progress - 9,672,618 - (9,672,618) - Property, plant and equipment - net 315,711,334 294,953,163 Depreciation for the years 2006 35,481,636 2005 30,544,029

As at December 31, 2005, the Company and its subsidiariesû land, building and machinery are mortgaged as collateral for bank overdraft and short-term loan from financial institutions and other long-term loans (see Notes 9 and 10).

Costs of fixed assets which are fully depreciated and still in use of the Company and subsidiaries as at December 31, 2006 and 2005 are approximately Baht 212.49 million and Baht 125.67 million, respectively (The Company : Baht 103.11 million and Baht 94.15 million, respectively).

dsg_Eng.indd 114 3/25/07 10:43:34 PM


9. BANK OVERDRAFT AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS

Bank overdraft and short-term loans from financial institutions are as follows:

CONSOLIDATED Credit limit Interest rate p.a. (%) As at December 31,(Million Baht) 2006 2005 2006 2005

2006 2005 Baht BahtBank overdraft 29.00 69.00 MOR MOR 3,030 49,283Bank overdraft 20.00 - MOR-0.25 - - -Bank overdraft 10.00 - MOR - - -Bank overdraft 0.46 - MOR - 461,266 -Short-term loans from financial institutions

- promissory note 20.00 20.00 MLR - 2.75 MLR - 2.75 20,000,000 20,000,000- promissory note 26.00 26.00 MLR - 0.5 MLR - 0.5 - -- promissory note 100.00 100.00 Base rate + 2 Base rate + 2 - -- promissory note - 67.00 - Fixed deposit rate+1.5 - 67,000,000- promissory note - 243.00 - MLR - 243,000,000- promissory note 100.00 50.00 Market rate MLR - 1.5 45,000,000 50,000,000

305.46 575.00 65,464,296 380,049,283

As at December 31, 2006, the above loans are collaterised by land, building, machinery, assets held for sale.

As at December 31, 2005, the above loans are collaterised by land, building, machinery, assets held for sale, and letter of guarantee issued by a related company (Disposable Soft Goods Ltd.).

THE COMPANY ONLY Credit limit Interest rate p.a. (%) As at December 31, (Million Baht) 2006 2005 2006 2005 2006 2005 Baht Baht

Bank overdraft 29.00 49.00 MOR MOR 3,030 49,283 Bank overdraft 20.00 - MOR-0.25 - - - Bank overdraft 10.00 - MOR - - - Short-term loans from financial institutions

- promissory note 20.00 20.00 MLR - 2.75 MLR - 2.75 20,000,000 20,000,000 - promissory note 26.00 26.00 MLR - 0.5 MLR - 0.5 - - - promissory note 100.00 100.00 Base rate + 2 Base rate + 2 - - - promissory note - 67.00 - Fixed deposit rate + 1.5 - 67,000,000 - promissory note - 243.00 - MLR - 243,000,000 - promissory note 100.00 50.00 Market rate MLR - 1.5 45,000,000 50,000,000

305.00 555.00 65,003,030 380,049,283

As at December 31, 2006, the above loans are collaterised by land, building, machinery and assets held for sale.

As at December 31, 2005, the above loan are collaterised by land, building, machinery, assets held for sale, and letter of guarantee issued by a subsidiary, Advance Medical Supply Co., Ltd.

dsg_Eng.indd 115 3/25/07 10:43:36 PM


10. OTHER LONG-TERM LOANS

Other long-term loans consist of the following:

CONSOLIDATED THE COMPANY ONLY Interest rate p.a. (%) Balance Interest rate p.a. (%) Balance As at December 31, As at December 31, As at December 31, As at December 31,

2006 2005 2006 2005 2006 2005 2006 2005 Baht Baht Baht Baht

Long-term loan repayable from May 2005 - April 2013 on monthly basis of Baht 1.43 million MLR - 1 MLR - 1 91,400,000 108,560,000 MLR - 1 MLR - 1 91,400,000 108,560,000

Equipment loan repayable from

January of 2006 - December 2012 on monthly basis of Baht 691,000 MLR - 1 MLR - 1 14,708,000 58,000,000 MLR - 1 MLR - 1 14,708,000 58,000,000

Finance lease obligation

repayable from February of 2004 - January 2009 on monthly basis SGD 1,041 2.3 2.3 551,995 853,473 - - - -

106,659,995 167,413,473 106,108,000 166,560,000 Less Current portion of

long-term loans (25,713,408) (25,726,286) (25,452,000) (25,452,000) 80,946,587 141,687,187 80,656,000 141,108,000

Repayment terms Within 1 year 25,713,408 25,726,286 25,452,000 25,452,000 1 - 5 years 75,346,587 102,387,187 75,056,000 101,808,000 Over 5 years 5,600,000 39,300,000 5,600,000 39,300,000

Total 106,659,995 167,413,473 106,108,000 166,560,000

As at December 31, 2006, the above loans are collaterised by land, building and machinery of the Company.

As at December 31, 2005, the above loans are collaterised by land, building, and machinery, and letter of guarantee issued by a subsidiary (Advance Medical Supply Co., Ltd.).

11. SHARE CAPITAL

On June 5, 2006, the extraordinary shareholdersû meeting has passed resolutions as follows:

- The cancellation of the increase of registered capital of Baht 50,000,000 which was approved by the Extraordinary Shareholders Meeting held on November 25, 2004 to increase the registered capital from Baht 200,000,000 to Baht 250,000,000.

- The cancellation of the allocation of the increase capital of the Company for the initial public offering in the amount of 50,000,000 shares at the par value of Baht 1 per share which was approved by the Extraordinary Shareholders Meeting held on November 25, 2004.

- The decrease of the Companyûs registered capital by cancelling 50,000,000 unissued ordinary shares at the par value of Baht 1 per share, a total of Baht 50,000,000.

- The increase of the Companyûs registered capital by Baht 100,000,000 from Baht 200,000,000 to Baht 300,000,000 by issuing 300,000,000 new ordinary shares at the par value of Baht 1 for the payment of stock dividend to its shareholders and for loan repayment of the Company as well as for the working capital for the Companyûs operation. The Company registered such increase with the Department of Business Development on June 7, 2006.

dsg_Eng.indd 116 3/25/07 10:43:37 PM


- The payment of interim dividend by the ordinary shares of the Company at the rate of 5 existing shares per 1 new share, totalling 40,000,000 shares or in the amount of Baht 40,000,000 equivalent to the rate of Baht 0.20 per share.

- The allocation of new ordinary shares of 100,000,000 shares is as detailed below:

a) 40,000,000 new shares to accommodate the payment of the interim dividend at the rate of 5 existing shares to 1 new share to the existing shareholders. The Company has issued such stock dividend and registered with the Department of Business Development on June 16, 2006.

b) 60,000,000 new shares at the par value of Baht 1 per share for the Initial Public Offering.

Subsequently, on July 24 - 26, 2006, the 60 million new ordinary shears has been subscribed at Baht 3.2 per share. The Company received Baht 192 million for subscription which was recorded as capital in the amount of Baht 60 million and recorded as premium on ordinary shares of Baht 132 million. As at December 31, 2006 such premium has been netted with the expenses incurred from initial public offering of Baht 23.32 million.

12. EARNINGS PER SHARE

In June 2006, the Company has issued stock dividends to its shareholders totaling 40,000,000 shares at the par value of Baht 1. Therefore, the Company has adjusted retroactively the basic earnings per share for financial statements as at December 31, 2005 in accordance with the accounting standard.

For the year ended

December 31, 2005

Consolidated The Company

financial only

statements

Weighted average number of ordinary shares before adjustment 200,000,000 200,000,000 Adjusted stock dividend payment during the year 2006 40,000,000 40,000,000 Weighted average number of ordinary shares after adjustment Shares 240,000,000 240,000,000 Net income Baht 105,979,983 105,979,983 Basic earnings per share before adjusted stock dividend Baht 0.53 0.53 Basic earnings per share after adjusted stock dividend Baht 0.44 0.44

Weighted average number of ordinary shears is calculated as follows:

For the year ended December 31, 2006

Number of ordinary shares at the beginning of the period 200,000,000 Add Ordinary share dividend 40,000,000 Add Weighted average number of ordinary shares Issued during the period (60,000,000* 152/365) 24,986,301 Weighted average number of ordinary shares Shares 264,986,301

dsg_Eng.indd 117 3/25/07 10:43:38 PM


13. STATUTORY RESERVE

Under the Public Companies Act, the Company is required to set aside as a statutory reserve at least 5% of its net profit after deficit brought forward (if any) until the reserve is not less than 10% of the registered capital. Dividend cannot be paid out of the legal reserve.

14. TRANSACTIONS WITH RELATED COMPANIES

The Company and its subsidiariesû business includes transactions with its related companies. The relationship may be by shareholding or the companies may have the same group of shareholders or directors. Therefore, the financial statements reflect the effects of these transactions on the basis determined by the companies concerned and are in the ordinary course of business which the selling prices quoted for related parties have, generally, lower margin than margin for the third parties as the products will be resold to customers. Term of credit is varied among the related parties around 90 - 120 days which is approximately longer than that of the third parties.

Major balances with the related companies are as follows:

Relationship Consolidated The Company only As at December 31, As at December 31, 2006 2005 2006 2005 Baht Baht Baht Baht

Trade accounts receivable - related companies Disposable Soft Goods Ltd. Subsidiary of parent

company 20,128,101 24,094,732 20,128,101 24,094,732 PT Panca Talenta Mas Subsidiary of

minority shareholder 64,318,190 91,147,212 13,542,369 16,981,496 Disposable Soft Goods (S) Pte Ltd. Subsidiary - - 2,807,247 10,771,183 Disposable Soft Goods (Malaysia) Sdn Bhd Subsidiary - - 6,280,714 1,597,992 Advance Medical Supply Co., Ltd. Subsidiary - 168,666 -

84,446,291 115,241,944 42,927,097 53,445,403

Amounts due from related companiesDSG International Ltd. Parent company 79,653 7,822 79,653 -Advance Medical Supply Co., Ltd. Subsidiary - - - 962,189PT Panca Talenta Mas Subsidiary of

minority shareholder 22,007 241,589 428,875 -PT DSG Surya Mas Indonesia Subsidiary - - - 5,845,141

101,660 249,411 508,528 6,807,330

dsg_Eng.indd 118 3/25/07 10:43:39 PM


Relationship Consolidated The Company only

As at December 31, As at December 31,

2006 2005 2006 2005

Baht Baht Baht Baht

Long-term loans to related companies PT DSG Surya Mas Indonesia (interest rate 8% per annum, repayable within 36 months) Subsidiary - - 74,259,660 107,144,250

DSG (Malaysia) Sdn. Bhd. (interest rate 4.7% per annum, Repayable within 36 months) Subsidiary - - 30,885,775 73,645,732

DSG (Malaysia) Sdn. Bhd. (interest rate 4.7% per annum, Repayable within 24 months) Subsidiary - - - 17,048,762

- - 105,145,435 197,838,744 Less Current portions of long-term

Loans to related companies - - (103,167,882) (43,277,626) - - 1,977,553 154,561,118

Trade accounts payable - related companies

Disposable Soft Goods Ltd. Subsidiary of parent company - 683,320 - 667,500

Disposable Soft Goods (Malaysia) Sdn Bhd Subsidiary - - - 883,582 Advance Medical Supply Co., Ltd. Subsidiary - - - 5,384 Nina Manufacture Co., Ltd. Subsidiary of

minority shareholder 7,957,037 14,931,276 7,957,037 14,931,276 7,957,037 15,614,596 7,957,037 16,487,742

Amounts due to related companies DSG International Ltd. Parent company 5,605,102 5,870,857 3,458,445 3,194,754 Disposable Soft Goods Ltd. Subsidiary

of parent company 977,894 3,392,418 235,739 413,167 Disposable Soft Goods (Malaysia) Sdn Bhd Subsidiary - - 3,190,704 - Disposable Soft Goods (UK) Plc Subsidiary

of parent company 12,300,500 8,709,352 - - DSG (Malaysia) Sdn Bhd Subsidiary - - 126,704 82,674 Advance Medical Supply Co., Ltd. Subsidiary - - 3,500,000 6,395,244 Disposable Soft Goods (S) Pte Ltd. Subsidiary - - - 1,211 PT DSG Surya Mas Indonesia Subsidiary - - - 6,900 PT Panca Talenta Mas Subsidiary of minority shareholder 1,170,458 7,894,075 1,170,458 1,532,336

20,053,954 25,866,702 11,682,050 11,626,286

Amounts due from and due to related companies are non-interest bearing and with no repayment term.

dsg_Eng.indd 119 3/25/07 10:43:40 PM


The movements in transactions with related parties incurred during 2006 are as follows:

Baht

CONSOLIDATED Balance as at Additions Repayment/ Exchange Balance as at December 31, Receipt difference December 31, 2005 2006

Amounts due from related parties DSG International Ltd. 7,822 79,653 (7,165) (657) 79,653 PT Panca Talenta Mas 241,589 50,653 (252,548) (17,687) 22,007 Disposable Soft Goods Ltd. - 80,445 (80,445) - -

249,411 210,751 (340,158) (18,344) 101,660

Amounts due to related parties

DSG International Ltd. 5,870,857 31,102,727 (30,818,648) (549,834) 5,605,102 Disposable Soft Goods Ltd. 3,392,418 7,418,123 (9,687,147) (145,500) 977,894 Disposable Soft Goods (UK) Plc. 8,709,352 5,108,350 (1,318,239) (198,963) 12,300,500 PT Panca Talenta Mas 7,894,075 9,732,936 (16,164,224) (292,329) 1,170,458

25,866,702 53,362,136 (57,988,258) (1,186,626) 20,053,954

Baht

THE COMPANY ONLY Balance as at Additions Repayment/ Exchange Balance as atDecember 31, Receipt difference December 31,

2005 2006Amounts due from related parties

DSG (Malaysia) Sdn. Bhd. - 3,959,550 (3,942,452) (17,098) -DSG International Ltd. - 79,653 - - 79,653Advance Medical Supply Co., Ltd. 962,189 95,243 (1,057,432) - -PT DSG Surya Mas Indonesia 5,845,141 9,325,901 (14,742,167) - 428,875

6,807,330 13,460,347 (19,742,051) (17,098) 508,528

Long-term loans to related companiesPT DSG Surya Mas Indonesia 107,144,250 - (32,884,590) - 74,259,660DSG (Malaysia) Sdn. Bhd. 90,694,494 - (50,185,726) (9,622,993) 30,885,775

197,838,744 - (83,070,316) (9,622,993) 105,145,435Less Current portions of long-term

Loans to related companies (43,277,626) (74,259,660) 10,342,080 4,027,324 (103,167,882)154,561,118 (74,259,660) (72,728,236) (5,595,669) 1,977,553

Amounts due to related partiesDSG International Ltd. 3,194,754 18,130,427 (17,866,736) - 3,458,445Disposable Soft Goods Ltd. 413,167 3,825,560 (3,968,118) (34,870) 235,739Disposable Soft Goods (Malaysia) Sdn Bhd - 9,368,818 (6,005,538) (172,576) 3,190,704DSG (Malaysia) Sdn. Bhd. 82,674 1,110,028 (1,029,711) (36,287) 126,704Advance Medical Supply Co., Ltd. 6,395,244 13,025 (2,908,269) - 3,500,000Disposable Soft Goods (S) Pte Ltd. 1,211 - (1,147) (64) -PT DSG Surya Mas Indonesia 6,900 23,304 (29,733) (471) -PT Panca Talenta Mas 1,532,336 3,737,620 (3,856,790) (242,708) 1,170,458

11,626,286 36,208,782 (35,666,042) (486,976) 11,682,050

dsg_Eng.indd 120 3/25/07 10:43:42 PM


The movements in transactions with related parties incurred during 2005 are as follows:

Baht

CONSOLIDATED Balance as at Additions Repayment/ Exchange Balance as at December 31, Receipt difference December 31, 2004 2005

Amounts due from related parties DSG International Ltd. 41,396,520 66,743 (41,453,587) (1,854) 7,822 PT Panca Talenta Mas 37,802 200,482 - 3,305 241,589 Nina Manufacture Co., Ltd. 2,710,522 - (2,710,522) - - Disposable Soft Goods Ltd. 66,471 321,990 (387,847) (614) - DSG Technology Holdings Ltd. 43 - (43) - -

44,211,358 589,215 (44,551,999) 837 249,411

Amounts due to related parties DSG Technology Holdings Ltd. 22,181,260 - (22,181,260) - - DSG International Ltd. 22,686,601 26,875,960 (43,937,624) 245,920 5,870,857 Disposable Soft Goods Ltd. 2,524,300 5,846,620 (4,995,650) 17,148 3,392,418 Disposable Soft Goods (UK) Plc. 8,905,210 4,022,881 (3,857,494) (361,245) 8,709,352 PT Panca Talenta Mas - 29,644,550 (21,818,279) 67,804 7,894,075

56,297,371 66,390,011 (96,790,307) (30,373) 25,866,702

Short-term loan from a related company DSG Management Ltd. 23,251,029 - (24,017,003) 765,974 -

Baht

THE COMPANY ONLY Balance as at Additions Repayment/ Exchange Balance as at December 31, Receipt difference December 31, 2004 2005

Amounts due from related parties DSG International Ltd. 40,113,492 - (40,113,492) - - Advance Medical Supply Co., Ltd. 13,271,217 8,308,120 (20,617,148) - 962,189 Disposable Soft Goods Ltd. - 181,004 (181,004) - - PT DSG Surya Mas Indonesia 767,781 9,119,106 (4,041,746) - 5,845,141 DSG Technology Holdings Ltd. 43 - (43) - -

54,152,533 17,608,230 (64,953,433) - 6,807,330

Long-term loans to related companies - Advance Medical Supply Co., Ltd. 49,000,000 - (49,000,000) - - PT DSG Surya Mas Indonesia 113,000,000 - (5,855,750) - 107,144,250 DSG (Malaysia) Sdn. Bhd. - 114,840,000 (27,424,889) 3,279,383 90,694,494

162,000,000 114,840,000 (82,280,639) 3,279,383 197,838,744 Less Current portions of long-term loans to

related companies - (41,939,280) - (1,338,346) (43,277,626) 162,000,000 72,900,720 (82,280,639) 1,941,037 154,561,118

Amounts due to related parties DSG Technology Holdings Ltd. 1,264,753 - (1,264,753) - - DSG International Ltd. 2,026,833 16,146,713 (14,978,792) - 3,194,754 Disposable Soft Goods Ltd. 873,771 2,159,848 (2,620,213) (239) 413,167 DSG (Malaysia) Sdn. Bhd. 2,359,477 82,674 (2,359,477) - 82,674 Advance Medical Supply Co., Ltd. 38,108,881 20,934,814 (52,648,451) - 6,395,244 Disposable Soft Goods (S) Pte Ltd. - 1,192 - 19 1,211 PT DSG Surya Mas Indonesia 252,561 7,058 (252,667) (52) 6,900 PT Panca Talenta Mas - 4,618,665 (3,127,902) 41,573 1,532,336

44,886,276 43,950,964 (77,252,255) 41,301 11,626,286

Other payable›purchase of fixed assets Advance Medical Supply Co., Ltd. - 11,376,270 (11,376,270) - -

dsg_Eng.indd 121 3/25/07 10:43:44 PM


Significant transactions with related parties for the years ended December 31, 2006 and 2005 are as follows:

Relationship Pricing policies Consolidated The Company only For the years For the years ended ended December 31, December 31, 2006 2005 2006 2005 Baht Baht Baht Baht Revenue from sales Advance Medical Supply Co., Ltd. Subsidiary Cost plus margin - - (108,968) 47,032,725 Disposable Soft Goods Ltd. Subsidiary of parent company Cost plus margin 86,079,479 91,661,327 86,079,479 91,661,327 DSG (Malaysia) Sdn Bhd Subsidiary Cost plus margin - - 317,519 5,557 Disposable Soft Goods (S) Pte Ltd. Subsidiary Cost plus margin - - 10,698,943 14,706,663 Disposable Soft Goods (Malaysia) Sdn Bhd Subsidiary Cost plus margin - - 39,958,803 21,444,258

PT DSG Surya Mas Indonesia Subsidiary Cost plus margin - - 220,917 260,429 Disposable Soft Goods (Zhongshan) Ltd. Subsidiary of parent company Cost plus margin 591,322 1,097,847 591,322 1,097,847 PT Panca Talenta Mas Subsidiary of Retail price less minority shareholder distributorûs margin 205,148,028 202,275,209 63,740,362 54,216,166 291,818,829 295,034,383 201,498,377 230,424,972

Purchases of raw materials and finished goods Advance Medical Supply Co., Ltd. Subsidiary Cost plus margin - - 65,756 13,002,569 Nina Manufacture Co., Ltd. Subsidiary of Retail price less minority shareholder distributorûs margin 85,371,436 83,952,169 84,861,031 75,319,512 Disposable Soft Goods Ltd. Subsidiary of parent company Cost plus margin - 3,245,551 - 642,733 Disposable Soft Goods (UK) Plc Subsidiary of parent company 847,175 - - - DSG (Malaysia) Sdn Bhd Subsidiary Cost plus margin - - 8,191,067 24,205,880 PT DSG Surya Mas Indonesia Subsidiary Cost plus margin - 4,057 - 86,218,611 87,197,720 93,121,911 113,170,694

Purchases of fixed assets Advance Medical Supply Co., Ltd. Subsidiary Net book value plus margin - - - 11,376,270 - - - 11,376,270

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Relationship Pricing policies Consolidated The Company only For the years ended For the years ended December 31, December 31, 2006 2005 2006 2005 Baht Baht Baht Baht

Selling and administrative expenses - Royalty fees (3.5% of net

sales to third parties) Disposable Soft Goods (UK) Plc. Subsidiary of

parent company 5,108,350 4,939,512 - -

- Management fee (1-1.5% of net sales to third parties) DSG International Ltd. Parent company 31,102,727 27,082,762 18,130,427 15,315,132

- Rental expense Mrs. Suwanna Anuwongnukroh Minority shareholder Fair market value 2,156,000 2,136,000 2,156,000 2,136,000

38,367,077 34,158,274 20,286,427 17,451,132

Interest income Advance Medical Supply Co., Ltd. Subsidiary - - - 1,246,205 PT DSG Surya Mas Indonesia Subsidiary - - 9,271,468 11,747,928 DSG (Malaysia) Sdn. Bhd. Subsidiary - - 3,959,550 3,368,525

- - 13,231,018 16,362,658

Dividend payments DSG International Ltd. Parent company 32,867,820 - 32,867,820 - Other shareholders 7,132,180 - 7,132,180 -

40,000,000 - 40,000,000 -

The Company and its subsidiaries have entered into trademark license agreements with DSG Technology Holdings Limited, Disposable Soft Goods (UK) Plc. and DSG International Ltd. The Company and its subsidiaries have to pay royalty fee which was calculated at 3.5% of net sales to third parties. Subsequently, in 2005, such royalty fee has been waived for five years except PT DSG Surya Mas Indonesia who still has to pay the fee which was calculated at 3.5% of net sales to third parties. The Company and its subsidiaries also paid management fee to DSG International Ltd. based on 1% - 1.5% of net sales to third parties.

15. SEGMENT INFORMATION

The Company and its subsidiaries have been engaged to manufacture, sell, export and distribute disposable baby diapers and adult incontinence products. All business activities of the Company and its subsidiaries shall be classified by segments, based on revenues and results of operations, for the years ended December 31, 2006 and 2005 are as follows:

Thousand Baht:

Thailand Malaysia Indonesia Singapore Elimination Total

For the year ended December 31, 2006 Revenues from sales 1,346,516 1,705,793 158,006 123,648 (772,261) 2,561,702Net income (loss) 124,289 44,293 (7,361) 6,092 6,178 173,491

For the year ended December 31, 2005 Revenues from sales 1,290,332 1,411,409 144,329 112,235 (711,542) 2,246,763Net income (loss) 72,467 50,004 (18,926) (9,871) 12,306 105,980

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Thousand Baht:

Thailand Malaysia Indonesia Singapore Elimination TotalConsolidated total assetsAs at December 31, 2006 1,098,969 518,141 151,824 35,536 (400,988) 1,403,482As at December 31, 2005 1,229,088 540,046 177,860 43,294 (486,965) 1,503,323

16. THE INVESTMENT PROMOTION RIGHTS AND PRIVILEGES

On May 2, 2003, the Company received the investment promotion certificate No. 7003(2)/2546, which the Board of Investment approved the promotion for the diapers by receiving the exemption from corporate income tax on profit derived from the promoted business which is not over 100% of its investment that excluded cost of land and working capital for the period of 7 years from the date of the Company receiving revenues from the promoted business which was on August 28, 2004.

Subsequently, on November 25, 2004, the Company received another investment promotion certificate No. 1041(2)/2548 which the Board of Investment approved the promotion for the diapers by receiving 50% reduction of custom duties for machinery and the exemption from corporate income tax on profit derived from the promoted business which is not over 100% of its investment that excluded cost of land and working capital for the period of 7 years from the date of the Company receiving revenues from the promoted businesses which was on February 3, 2005.

Shareholders of the Company will receive exemption from tax on dividends received during the period in which the Company is granted exemption from corporate income tax.

The Company has to comply with certain conditions contained in the promotion certificates.

17. REVENUE REPORTING OF A PROMOTED INDUSTRY

Based on the Announcement of Board of the Investment No. Por. 14/1998 dated December 30, 1998 regarding revenue reporting of a promoted industry, the Company is required to report the revenue from domestic sales and export sales separately and to report separately between the promoted and non-promoted sectors for the years ended December 31, 2006 and 2005 as follows:

Baht Promoted Business Non- Promoted Business Total

2006 2005 2006 2005 2006 2005

IncomeIncome from export sales 225,307,319 212,778,008 1,464,221 743,493 226,771,540 213,521,501Income from domestic sales 1,014,480,558 878,433,888 105,351,681 101,373,426 1,119,832,239 979,807,314

Total income from sales 1,239,787,877 1,091,211,896 106,815,902 102,116,919 1,346,603,779 1,193,328,815

18. INCOME TAX

For the year ended December 31, 2006, the Companyûs financial statements present net income but no income tax expense is estimated as the Company receives tax exemption for promotional business. For the non-promoted business, the Company has net loss due to high imported costs and promotion expenses.

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19. COMMITMENT AND LETTER OF GUARANTEES

19.1 As at December 31, 2006 and 2005, the Company has outstanding bank guarantees issued by a bank of Baht 2.12 million and Baht 1.65 million, respectively.

19.2 As at December 31, 2005, the Company has guaranteed a bank loan of a subsidiary company in the amount of Baht 30 million.

19.3 The Company and its subsidiaries have leased land and building under operating lease contracts. Therefore, the future payments under lease contracts are summarized as follows:

Baht CONSOLIDATED THE COMPANY ONLY

As at December 31, As at December 31,

2006 2005 2006 2005

Within 1 year 15,710,510 13,300,811 2,178,000 1,958,000

1 - 5 years 11,213,048 1,488,448 - -

Total 26,923,558 14,789,259 2,178,000 1,958,000

19.4 The Company and subsidiaries have commitment by entering into purchase agreement for machinery as follows:

‹‹Million Baht CONSOLIDATED THE COMPANY ONLY As at December 31, As at December 31, 2006 2005 2006 2005 Commitments under machine purchase agreements 5.10 25.60 5.10 9.30

20. PROVIDENT FUNDS

In 2004, the Company have set up a provident fund which is contributory by employees and the Company. The fund is registered as the provident fund in accordance with the Provident Fund Act B.E. 2530 (1987).

For the years ended December 31, 2006 and 2005, the contribution made by the Company was recorded as expenses amounting to Baht 2.17 million and Baht 1.81 million, respectively.

21. DISCLOSURE OF FINANCIAL INSTRUMENTS

The Company presents and discloses financial instruments as follows:

21.1 Accounting Policies

Details of significant accounting policies are disclosed in Note 2.

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21.2 Credit Risk

Credit risk refers to the risk that counterparts will default on its trading terms and conditions resulting in collection to the Company and its subsidiaries. Concentrations of credit risk are limited since the Company and its subsidiaries have adopted the policy of dealing with affiliated companies located in many countries and with creditworthy counterparty as a mean of mitigating the risk of financial losses from defaults.

In case of recognized financial assets in the balance sheet, the carrying amounts of the assets recorded in the balance sheet represent the Companyûs maximum exposure to credit risk.

21.3 Interest Rate Risk

Interest rate risk arises from the potential for a change in interest rate to have an adverse effect on the Company and its subsidiaries in the current reporting period and in future years. The Company and its subsidiaries may incur material incremental effect from interest rate fluctuation as majority of its loans are floating interest rate loans.

21.4 Foreign Exchange Risk

Foreign exchange risk arises from the potential for a change in foreign exchange rate to have an adverse effect on the Company and its subsidiaries in the current reporting period and in future years. The Company and its subsidiaries do not expect to incur material incremental effect on its financial assets or liabilities in foreign currency as the Company and its subsidiaries have adopted the offsetting debt policy with its foreign affiliated companies.

21.5 Estimated Fair Value of Financial Instruments

Thai Accounting Standard No. 48 çFinancial Instruments Disclosure and Presentationé requires certain fair value disclosures. Considerable judgement is necessarily required in estimation of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amount that could be realized in a current market exchange.

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. The following methods and assumptions were used by the Company and its subsidiaries in estimating fair value of financial instruments:

Cash and cash equivalents, current investment, trade accounts receivable, amounts due from related companies, bank overdrafts and short-term loans from financial institutions, trade accounts payable, amounts due to related companies and other payable; the carrying values approximate their fair values due to the relatively short period to maturity.

Long-term loans to related companies: fair value of the loans as at December 31, 2006 and 2005 approximately Baht 105 million and Baht 200 million, respectively.

Investments accounted for under equity method: fair value for investments is as disclosed in Note 2.4.

Other long-term loans with floating interest rate: the carrying value approximates its fair value as interest rate of the loan is floating interest rate.

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22. EVENT AFTER THE BALANCE SHEET DATE

On February 27, 2007, Board of Directorsû meeting has passed the resolution approving a dividend payment for ordinary shareholders of Baht 0.13 per share, totaling of Baht 39 million.

23. OTHERS

Revised Thai Accounting Standard which is not yet effective.

The Federation of Accounting Professions issued the notification No. 26/2549 to revise Thai Accounting Standard No. 44 regarding Consolidated Financial Statements and Accounting for Investment in Subsidiaries. The new standard requires that parent company with investments in subsidiaries, in jointly-controlled entities, and in associated companies which are not classified as being held for sale, to account for such investments using the cost method or the recognition and measurement of financial instruments method (when effective) instead of the equity method which is currently in use. This new standard shall be applicable for financial statements for the accounting periods beginning on or after January 1, 2007, but can also be adopted prior to such date. The Company will change the accounting policy for investments in subsidiaries and associated companies for the Companyûs financial statements in 2007, and for comparison purposes, the company shall restate the Companyûs financial statements for the year ended 2006, the effect of which will be to reduce the assets and shareholdersû equity as at December 31, 2006 in the same amount by Baht 74.85 million, and to reduce net income for the year then ended by Baht 48.00 million.

24. APPROVAL OF FINANCIAL STATEMENTS

These financial statements are approved for issuing by the Board of Directors on February 27, 2007.

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Auditorûs Remuneration

In 2006, the Shareholdersû Meeting is to appoint Deloitte Touche Tohmatsu Jaiyos Audit Co., Ltd., by Dr. Suphamit Techamontrikul or Ms. Thanawan Anuratbodee or Ms. Somporn Dulyavit, Certified Public Accountant (Thailand) Registration No.3356, 3440 and 3709 respectively, to be an auditor of the Company. The audit fee for the Company was Baht 3.16 million. There was no other non-audit fee paid to Deloitte Touche Tohmatsu Jaiyos Audit Co., Ltd.

The Company and its subsidiary paid a total audit fee of Baht 5.0 million.

คาตอบแทนผสอบบญช

ในป 2549 ทประชมผถอหนแตงตงผสอบบญชจากบรษท ดลอยท ทช โธมทส ไชยยศ สอบบญช จากด อนไดแก ดร.ศภมตร เตชะมนตรกล หรอ คณธนาวรรณ อนรตนบด หรอคณสมพร ดลยวทย ผสอบบญชรบอนญาต เลขท 3356 3440 และ 3709 ตามลาดบเปนผสอบบญชของบรษทฯ คาตอบแทนผสอบบญชคดเปนจานวนเงน 3.16 ลานบาท และไมมคาตอบแทนทไมใชตวเงนจายใหแกบรษท ดลอยท ทช โธมทส ไชยยศ สอบบญช จากดแตอยางใด

สาหรบคาตอบแทนผสอบบญชในป 2549 ของบรษทฯ และบรษทยอย คดเปนจานวนเงน 5.0 ลานบาท

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dsgt 06

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