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∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED

√“¬ß“πª√–®”ªï 2548 Annual Report 2005

“√∫—≠Àπâ“

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“√®“°ª√–∏“π°√√¡°“√ 3

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ 4

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¿“æ√«¡¢Õß°“√ª√–°Õ∫∏ÿ√°‘® 8

ªí®®—¬‡ ’Ë¬ß 9

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·ºπ¿Ÿ¡‘ 13

‚§√ß √â“ß°“√®—¥°“√ 14

°“√°”°—∫¥Ÿ·≈ 18

√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π 20

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√“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π 22

Contents

Our Vision

Financial Highlights 52

Message form Chairman of the Borad 53

The Audit Committeeûs Report 54

General Information 55

Corporate information 56

Major Shareholders 57

Businesse overview 58

Risk Factors 59

Industrial Situation and competition 61

Organization Chart 63

Manangment Structure 64

Corporate Governance 68

Connected Transaction 70

Management Discussion and Analysis 71

Auditorûs Report & Financial Report 72

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PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED


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‚∑√»—æ∑å : 02 596900

‚∑√ “√ : 02 8324994-6

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ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ : π“¬ª√–¥‘…∞å √Õ¥≈Õ¬∑ÿ°¢å

‡≈¢∑–‡∫’¬π : 218

∫√‘…—∑ : ‡Õ ‡Õ ∑’ ¡“ ‡µÕ√å ®”°—¥

∑’Ëµ—Èß : 790/12 ∑ÕßÀ≈àÕ ∑“«‡«Õ√å ´Õ¬∑ÕßÀ≈àÕ 18

∂ππ ÿ¢ÿ¡«‘∑ 55 ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ 10110

Tel : 02-38188016-7, 02-7148842-3

Fax : 02-3815716

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

6



¢âÕ¡Ÿ≈‡°’Ë¬«°—∫∫√‘…—∑

™◊ËÕ∫√‘…—∑ : ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® : ª√–°Õ∫∏ÿ√°‘®‡ªìπºŸâ·ª√√Ÿª·≈–®—¥®”Àπà“¬ ‘π§â“‡À≈Á°·ºàπ√’¥‡¬Áπ ‡À≈Á°‡§≈◊Õ∫‡§¡’¥â«¬‰øøÑ“ (Electro-

Galvanized Steel) ·ºàπÀ≈—ß§“‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’ (Roll Forming Metal Sheet)

º≈‘µ¿—≥±å‚§√ßÀ≈—ß§“∫â“π çSmartrussé ‡À≈Á°‚§√ß§√à“«‡æ¥“π·≈–ºπ—ß (C-line, C-u, T-bar) ·≈–

‡À≈Á°°≈â“·√ß¥÷ß Ÿß™ÿ∫ —ß°– ’√Ÿªµ—«´’ (C-Channel Galvanized High Tensile Strength)

∑’Ëµ—Èß ”π—°ß“π„À≠à : ‡≈¢∑’Ë 108/3 À¡Ÿà∑’Ë 1 ∂ππæ√–√“¡ 2 µ”∫≈∫“ßπÈ”®◊¥

Õ”‡¿Õ‡¡◊Õß ¡ÿ∑√ “§√ ®—ßÀ«—¥ ¡ÿ∑√ “§√ 74000

∑’Ëµ—Èß ”π—°ß“π “¢“ : 1. ‡≈¢∑’Ë 222 À¡Ÿà∑’Ë 6 µ”∫≈·¡à√”æ÷ß Õ”‡¿Õ∫“ß –æ“π ®—ßÀ«—¥ª√–®«∫§’√’¢—π∏å 77140

2. ‡≈¢∑’Ë 108/9 À¡Ÿà∑’Ë 1 ∂ππæ√–√“¡ 2 µ”∫≈∫“ßπÈ”®◊¥

Õ”‡¿Õ‡¡◊Õß ¡ÿ∑√ “§√ ®—ßÀ«—¥ ¡ÿ∑√ “§√ 74000

3. ‡≈¢∑’Ë 4 À¡Ÿà∑’Ë 6 ∂ππæ√–√“¡ 2 µ”∫≈‚§°¢“¡ Õ”‡¿Õ‡¡◊Õß ¡ÿ∑√ “§√ ®—ßÀ«—¥ ¡ÿ∑√ “§√ 74000

4. ‡≈¢∑’Ë 55/93 À¡Ÿà∑’Ë 9 ·¢«ß∫“ß¡¥ ‡¢µ®Õ¡∑Õß °√ÿß‡∑æ¡À“π§√

‡≈¢∑–‡∫’¬π∫√‘…—∑ : 0107574800196

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7



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√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ √âÕ¬≈–

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π“ß™‰¡æ√ ¬ß«ß»å‰æ∫Ÿ≈¬å 60.000,000.00 12.00

π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å 24,000,000.00 4.80

π“¬ ‘ßÀπ“∑ ∫—µ√ ¡∫Ÿ√≥å 12,000,000.00 2.40

π“¬ ÿ°‘® ‡ß“«‘»‘…Æå°ÿ≈ 8,000,000.00 1.60

π“¬¿—∑√æ≈ ∫—µ√ ¡∫Ÿ√≥å 6,000,000.00 1.20

√«¡ 499,842,900.00 99.97

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

8



¿“æ√«¡¢Õß°“√ª√–°Õ∫∏ÿ√°‘®

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‡√‘Ë¡·√° ®”π«π 6 ≈â“π∫“∑ ‡æ◊ËÕª√–°Õ∫∏ÿ√°‘®´◊ÈÕ¡“-¢“¬‰ª ‡À≈Á°·ºàπ√’¥‡¬Áπ (Cold rolled steel) ‚¥¬°“√π”‡¢â“ ‘π§â“®“°µà“ß

ª√–‡∑»‡ªìπÀ≈—° ·≈–æ—≤π“¡“‡ªìπºŸâ·ª√√Ÿª ‘π§â“‡À≈Á°‚¥¬‡√‘Ë¡µ‘¥µ—Èß‡§√◊ËÕß®—°√ ”À√—∫°“√µ—¥‡À≈Á°·ºàπ√’¥‡¬Áπ·≈–‡À≈Á°·ºàπ‡§≈◊Õ∫

‡§¡’¥â«¬‰øøÑ“ (Electro-galvanized Steel) ·≈–„πªï 2540 À≈—ß®“°∑’Ë¡’°“√º≈‘µ‡À≈Á°·ºàπ√’¥‡¬Áπ„πª√–‡∑» ∫√‘…—∑®÷ßÀ—π¡“´◊ÈÕ®“°

ºŸâº≈‘µ„πª√–‡∑» µàÕ¡“„πªï 2547 ∫√‘…—∑‰¥â´◊ÈÕ ‘π∑√—æ¬å·≈–°“√¥”‡π‘π∏ÿ√°‘®º≈‘µ·ºàπÀ≈—ß‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’ (Roll

Forming Metal Sheet) ·≈–º≈‘µ¿—≥±å‚§√ßÀ≈—ß§“∫â“π çSmartruss ®“°∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ ·≈–‰¥â‡√‘Ë¡·ª√√Ÿª·≈–

®”Àπà“¬ ‘π§â“‡À≈Á°™π‘¥Õ◊Ëπ ‡™àπ ‡À≈Á°‚§√ß§√à“«‡æ¥“π·≈–ºπ—ß (C-line, C-u, T-bar) ·≈–‡À≈Á°°≈â“·√ß¥÷ß Ÿß™ÿ∫ —ß°– ’√Ÿªµ—«´’

(C-Channel Galvanized High Tensile Strength)

πÕ°®“°∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈â«¬—ß¡’∫√‘…—∑¬àÕ¬ 1 ·Ààß §◊Õ ∫√‘…—∑ ‡Õ . ´’ µ’≈‡«Õ√å§ ®”°—¥ ¡’∑ÿπ

®¥∑–‡∫’¬π·≈–‡√’¬°™”√–·≈â« 10 ≈â“π∫“∑ ÷Ëß®—¥µ—Èß¢÷Èπ‡æ◊ËÕ¥”‡π‘π∏ÿ√°‘®∫√‘°“√µ‘¥µ—Èß·ºàπÀ≈—ß§“‡À≈Á°‡§≈◊Õ∫ ’ ·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’

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3,000,000 µ“√“ß‡¡µ√µàÕªï ‡À≈Á°‚§√ß§√à“«‡æ¥“π·≈–ºπ—ß 10,000,000 ‡ âπµàÕªï ·≈–‡À≈Á°°≈â“·√ß¥÷ß Ÿß™ÿ∫ —ß°– ’√Ÿªµ—«´’ 12,000

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50 : 50 ‡π◊ËÕß®“°·ºàπÀ≈—ß§“‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’®–‡ªìπ°“√º≈‘µµ“¡§” —Ëß‡∑à“π—Èπ

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9



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(Thai Cold Rolled Steel Sheet Public Company Limited : TCRSS) ·≈–∫√‘…—∑ ¬“¡¬Ÿ‰π‡µÁ¥ µ’≈ (1995) ®”°—¥ (Siam United

Steel (1995) Company Limited : SUS) ¡’°”≈—ß°“√º≈‘µ‡À≈Á°·ºàπ√’¥‡¬Áπ™π‘¥¡â«π ‡∑à“°—∫ 1.0 ≈â“πµ—πµàÕªï ·≈– 1.2 ≈â“πµ—πµàÕ

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10



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11



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12



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·µà°”≈—ß°“√º≈‘µ„πª√–‡∑»¬—ß‰¡à‡æ’¬ßæÕ°—∫§«“¡µâÕß°“√ ∑”„Àâ¬—ßµâÕßæ÷Ëß°“√π”‡¢â“®“°µà“ßª√–‡∑» ‡™àπ °“√π”‡¢â“°“√ºŸâº≈‘µ„π

∑«’ªÕ‡¡√‘°“„µâ ‡ªìπµâπ

3. Õÿµ “À°√√¡‡À≈Á°¢—Èπª≈“¬

‰¥â·°à ¢—ÈπµÕπ°“√·ª√√Ÿªº≈‘µ¿—≥±å‡À≈Á°¢—Èπ°≈“ß ‚¥¬°“√π”‡À≈Á°·∑àß™π‘¥µà“ßÊ ·ª√√Ÿª¥â«¬°“√√’¥ ‡™àπ °“√π” Slab ‰ª

√’¥‡ªìπ‡À≈Á°·ºàπ√’¥√âÕπ À√◊Õ°“√π” Billet ‰ª√’¥‡ªìπ‡À≈Á°‡ âπ ‡ªìπµâπ ´÷ËßºŸâº≈‘µ„πª√–‡∑»∑’ËÕ¬Ÿà„πÕÿµ “À°√√¡‡À≈Á°¢—Èππ’È §◊Õ ∫√‘…—∑

À«‘√‘¬“ µ’≈Õ‘π¥— ∑√’ ®”°—¥ (¡À“™π) º≈‘µ¿—≥±å‡À≈Á°·ºàπ√’¥√âÕπ∑’Ë‰¥â®“°¢—ÈπµÕππ’È∫“ß à«π®–π”‰ª„™â‡ªìπ«—µ∂ÿ¥‘∫„π°“√º≈‘µ

‡À≈Á°·ºàπ√’¥‡¬Áπ ´÷Ëß∫√‘…—∑º≈‘µ‡À≈Á°·ºàπ√’¥‡¬Áπ™π‘¥¡â«π„πª√–‡∑» ¡’‡æ’¬ß 2 ∫√‘…—∑ ‰¥â·°à ∫√‘…—∑‡À≈Á°·ºàπ√’¥‡¬Áπ ®”°—¥ (¡À“™π)

(∫√‘…—∑√à«¡∑ÿπ√–À«à“ß∫√‘…—∑ À«‘√‘¬“ µ’≈Õ‘π¥— ∑√’ ®”°—¥ (¡À“™π) ·≈–°≈ÿà¡ºŸâº≈‘µ‡À≈Á°®“°≠’ËªÿÉπ‰¥â·°à ∫√‘…—∑ ¡“√Ÿ‡∫π’ §Õ√åªÕ√å‡√™—Ëπ

·≈–∫√‘…—∑ ‡®‡Õø Õ’ µ’≈ §Õ√å‡ªÕ√å™—Ëπ) ·≈– ∫√‘…—∑ ¬“¡¬Ÿ‰π‡µÁ¥ (1995) ®”°—¥ (∫√‘…—∑√à«¡∑ÿπ√–À«à“ß°≈ÿà¡∫√‘…—∑ªŸπ´‘‡¡πµå‰∑¬

·≈–°≈ÿà¡ºŸâº≈‘µ‡À≈Á°®“°≠’ËªÿÉπ‰¥â·°à ∫√‘…—∑ π‘ªªÕπ µ’≈ §Õ√åªÕ√å‡√™—Ëπ ·≈– ∫√‘…—∑ §“«“´“°‘ µ’≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥)

Õÿµ “À°√√¡‡À≈Á°„πª√–‡∑»‰∑¬ à«π„À≠à Õ¬Ÿà„πÕÿµ “À°√√¡‡À≈Á°¢—Èπª≈“¬ √«¡∑—Èß∏ÿ√°‘®¢Õß∫√‘…—∑¥â«¬ ‚¥¬º≈‘µ¿—≥±å‡À≈Á°

®“°¢—ÈπµÕππ’È·∫àßÕÕ°µ“¡√Ÿª∑√ß¢Õßº≈‘µ¿—≥±å‰¥â‡ªìπ 2 ≈—°…≥– ¥—ßπ’È

1. °≈ÿà¡‡À≈Á°∑√ß¬“« (Long product) À√◊Õ‡À≈Á°‡ âπ´÷Ëß„™â„πÕÿµ “À°√√¡°àÕ √â“ß ‚¥¬®–ºà“π°“√º≈‘µ®“°°“√À≈Õ¡ ‘π·√à‡À≈Á°

(Pig iron) À√◊Õ‡»…‡À≈Á° „Àâ‡ªìπ‡À≈Á°·∑àß‡À≈’Ë¬¡ (Billet) ®“°π—Èπ®÷ßπ”‰ª√’¥„Àâ‡ªìπ‡ âπ À√◊Õ‡À≈Á°≈«¥

2. °≈ÿà¡‡À≈Á°∑√ß·∫π (Flat product) ‰¥â·°à ‡À≈Á°·ºàπ√’¥√âÕπ·≈–‡À≈Á°·ºàπ√’¥‡¬Áπ ‚¥¬¢—ÈπµÕπ°“√º≈‘µ‡À≈Á°·ºàπ√’¥√âÕπ

‡°‘¥®“°°“√π” ‘π·√à‡À≈Á° À√◊Õ‡»…‡À≈Á° ·≈– ‘π·√àµà“ßÊ ‡™àπ ¡—ß°“π’ π”¡“À≈Õ¡„π‡µ“À≈Õ¡‡æ◊ËÕº≈‘µ‡À≈Á°·ºàπÀπ“ (Slab)

®“°π—Èπ®÷ßπ”‰ª√’¥„Àâ‡ªìπ‡À≈Á°·ºàπ∑’Ë∫“ß≈ßÀ√◊Õ‡√’¬°«à“ ‡À≈Á°·ºàπ√’¥√âÕπ ÷Ëß„™â‡ªìπ™‘Èπ à«π√∂¬πµå ‡™àπ ·™ ´’ ‡ªìπµâπ ‡À≈Á°√Ÿªæ√√≥

‡™àπ ∑àÕ‡À≈Á° ‡À≈Á°‚§√ß √â“ß√Ÿªµ—«´’ ∑’Ë‰ª„™â„πÕÿµ “À°√√¡ °àÕ √â“ß ‡øÕ√åπ‘‡®Õ√å ‡ªìπµâπ „π¢≥–∑’Ë¢∫«π°“√º≈‘µ‡À≈Á°·ºàπ√’¥

‡¬Áπ‡°‘¥®“°°“√π”‡À≈Á°·ºàπ√’¥√âÕπ∫“ßª√–‡¿∑¡“‡ªìπ«—µ∂ÿ¥‘∫„π¢∫«π°“√º≈‘µ ‚¥¬π”‡À≈Á°·ºàπ√’¥√âÕπ¡“ºà“π°“√√’¥Õ’°§√—Èß‡æ◊ËÕ

„Àâ¡’¢π“¥∫“ß ·≈–¡’æ◊Èπº‘«∑’Ë¡’§«“¡‡√’¬∫ ´÷Ëßπ”‰ª„™â‡ªìπ«—µ∂ÿ¥‘∫„π°“√º≈‘µ™‘Èπß“π„πÕÿµ “À°√√¡µà“ßÊ ∑’ËµâÕß°“√„™â‡À≈Á°∑’Ë¡’

§«“¡∫“ß·≈–º‘« —¡º— ∑’Ë‡√’¬∫ ‡™àπ ∫“ß à«π¢Õßµ—«∂—ß√∂¬πµå·≈–‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å ‡ªìπµâπ

13



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13√“¬ß“πª√–®”ªï 2548 Annual Report 2005

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

14



‚§√ß √â“ß°“√®—¥°“√

‚§√ß √â“ß°“√®—¥°“√¢Õß∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·∫àßÕÕ°‡ªìπ 4 √–¥—∫

1. §≥–°√√¡°“√∫√‘…—∑

2. §≥–°√√¡°“√µ√«® Õ∫

3. ª√–∏“π·≈–°√√¡°“√ºŸâ®—¥°“√

4. §≥–°√√¡°“√∫√‘À“√

°√√¡°“√∫√‘…—∑

§≥–°√√¡°“√∫√‘…—∑ ª√–°Õ∫¥â«¬°√√¡°“√∑—Èß ‘Èπ 8 ∑à“π ·∫àß‡ªìπ°√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ 5 ∑à“π ·≈–°√√¡°“√Õ‘ √– 3

∑à“π

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑

1. §≥–°√√¡°“√¡’Õ”π“®Àπâ“∑’Ë®—¥°“√∫√‘…—∑„Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å ¢âÕ∫—ß§—∫ ·≈–¡µ‘¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

2. §≥–°√√¡°“√®–¡Õ∫Õ”π“®„Àâ·°à°√√¡°“√§πÀπ÷ËßÀ√◊ÕÀ≈“¬§πÀ√◊Õ∫ÿ§§≈Õ◊Ëπ„¥ªØ‘∫—µ‘°“√√à«¡°—πÀ√◊Õ·¬°°—π‡æ◊ËÕ°√–∑”

Õ¬à“ßÀπ÷ËßÕ¬à“ß„¥µ“¡«—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ ‚¥¬„Àâ§à“µÕ∫·∑πµ“¡∑’Ë§≥–°√√¡°“√°”Àπ¥ §≥–°√√¡°“√¡’ ‘∑∏‘

‡ª≈’Ë¬π·ª≈ßÀ√◊Õ∂ÕπÕ”π“®∑’Ë‰¥â¡Õ∫„Àâ‰«â·°à∫ÿ§§≈π—Èπ À√◊Õ„Àâ∫ÿ§§≈π—Èπæâπ®“°Àπâ“∑’Ë·≈–·µàßµ—Èß∫ÿ§§≈Õ◊Ëπ¢÷Èπ·∑π„π‡¡◊ËÕæ‘®“√≥“

‡ÀÁπ‡À¡“– ¡ ∫ÿ§§≈ºŸâ‰¥â√—∫¡Õ∫Õ”π“®À√◊Õ·µàßµ—Èßπ—Èπ®–µâÕßªØ‘∫—µ‘ß“πµ“¡¢âÕ∫—ß§—∫ §” —Ëß·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√‰¥â„Àâ‰«â

3. §≥–°√√¡°“√Õ“®·µàßµ—Èß∫ÿ§§≈Õ◊Ëπ„¥„Àâ¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑¿“¬„µâ°“√§«∫§ÿ¡¢Õß§≥–°√√¡°“√ À√◊ÕÕ“®¡Õ∫

Õ”π“®‡æ◊ËÕ„Àâ∫ÿ§§≈¥—ß°≈à“«¡’Õ”π“®µ“¡∑’Ë§≥–°√√¡°“√‡ÀÁπ ¡§«√·≈–¿“¬„π√–¬–‡«≈“µ“¡∑’Ë§≥–°√√¡°“√‡ÀÁπ ¡§«√ ÷Ëß§≥–

°√√¡°“√Õ“®¬°‡≈‘° ‡æ‘°∂Õπ ‡ª≈’Ë¬π·ª≈ß À√◊Õ·°â‰¢Õ”π“®π—ÈπÊ ‰¥â

4. µ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑§≥–°√√¡°“√µâÕßª√–™ÿ¡Õ¬à“ßπâÕ¬ “¡‡¥◊ÕπµàÕ§√—Èß

5. §≥–°√√¡°“√µâÕß®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡ªìπ°“√ª√–™ÿ¡ “¡—≠ ª√–®”ªï¿“¬„π ’Ë‡¥◊Õππ—∫·µà«—π ‘Èπ ÿ¥¢Õß√Õ∫ªï

∫—≠™’¢Õß∫√‘…—∑ ·≈–§≥–°√√¡°“√®–‡√’¬°ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡ªìπ°“√ª√–™ÿ¡«‘ “¡—≠‡¡◊ËÕ„¥°Á‰¥â ÿ¥·µà®–‡ÀÁπ ¡§«√ À√◊ÕºŸâ∂◊ÕÀÿâπ´÷Ëß¡’Àÿâπ

π—∫√«¡°—π‰¥â‰¡àπâÕ¬°«à“Àπ÷Ëß„πÀâ“¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â∑—ÈßÀ¡¥ À√◊ÕºŸâ∂◊ÕÀÿâπ‰¡àπâÕ¬°«à“¬’Ë ‘∫Àâ“§π ´÷Ëß¡’Àÿâππ—∫√«¡°—π‰¥â‰¡à

πâÕ¬°«à“Àπ÷Ëß„π ‘∫¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â∑—ÈßÀ¡¥ ®–‡¢â“™◊ËÕ°—π∑”Àπ—ß ◊Õ¢Õ„Àâ§≥–°√√¡°“√‡√’¬°ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡ªìπ°“√

ª√–™ÿ¡«‘ “¡—≠‡¡◊ËÕ„¥°Á‰¥â ‚¥¬µâÕß√–∫ÿ‡Àµÿº≈„π°“√¢Õ‡√’¬°ª√–™ÿ¡„Àâ™—¥‡®π„πÀπ—ß ◊Õ¥—ß°≈à“«¥â«¬ „π°√≥’‡™àππ’È§≥–°√√¡°“√

µâÕß®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¿“¬„πÀπ÷Ëß‡¥◊Õππ—∫·µà«—π‰¥â√—∫Àπ—ß ◊Õ®“°ºŸâ∂◊ÕÀÿâπ

6. §≥–°√√¡°“√µâÕß®—¥∑”√“¬ß“πª√–®”ªï ‚¥¬Õ¬à“ßπâÕ¬µâÕßª√“°Ø√“¬ß“πµ“¡∑’Ë¢âÕ∫—ß§—∫¢Õß∫√‘…—∑‰¥â°”Àπ¥‰«â

7. §≥–°√√¡°“√¡’Õ”π“®‡ πÕº≈°”‰√∑’Ë‰¥â„πªï„¥À√◊Õ∑’Ë – ¡‰«â„πªï°àÕπÕÕ°®à“¬‡ªìπ‡ß‘πªíπº≈„πªï„¥Ê „Àâ·°àºŸâ∂◊ÕÀÿâπ

À√◊Õ‡ πÕ„Àâ®—¥º≈°”‰√‡ªìπª√–°“√Õ◊Ëπ°Á‰¥â

8. §≥–°√√¡°“√Õ“®®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„Àâ·°àºŸâ∂◊ÕÀÿâπ‰¥â‡ªìπ§√—Èß§√“«‡¡◊ËÕ‡ÀÁπ«à“∫√‘…—∑¡’°”‰√ ¡§«√æÕ∑’Ë®–∑”‡™àππ—Èπ

·≈–‡¡◊ËÕ‰¥â®à“¬‡ß‘πªíπº≈·≈â«„Àâ√“¬ß“π„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫„π°“√ª√–™ÿ¡§√“«µàÕ‰ª

‡«âπ·µà‡√◊ËÕß¥—ßµàÕ‰ªπ’È ®–°√–∑”‰¥âµàÕ‡¡◊ËÕ‰¥â√—∫Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°àÕπ ∑—Èßπ’È°”Àπ¥„Àâ√“¬°“√∑’Ë°√√¡°“√À√◊Õ

∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåÕ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ „Àâ°√√¡°“√´÷Ëß¡’ à«π

‰¥â‡ ’¬„π‡√◊ËÕßπ—Èπ ‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ„π‡√◊ËÕßπ—Èπ

15



‡√◊ËÕß∑’Ë°ÆÀ¡“¬°”Àπ¥„ÀâµâÕß‰¥â¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

°“√∑”√“¬°“√∑’Ë°√√¡°“√¡’ à«π‰¥â‡ ’¬·≈–Õ¬Ÿà„π¢à“¬∑’Ë°ÆÀ¡“¬ À√◊Õ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å√–∫ÿ„ÀâµâÕß‰¥â√—∫Õπÿ¡—µ‘

®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

πÕ°®“°π—Èπ„π°√≥’¥—ßµàÕ‰ªπ’È®–µâÕß‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°∑’Ëª√–™ÿ¡§≥–°√√¡°“√·≈–∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¥â«¬§–·ππ‡ ’¬ß

‰¡àπâÕ¬°«à“ 3 „π 4 ¢Õß®”π«π‡ ’¬ß∑—ÈßÀ¡¥¢ÕßºŸâ∂◊ÕÀÿâπ∑’Ë‡¢â“ª√–™ÿ¡·≈–¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ

- °“√¢“¬À√◊Õ‚Õπ°‘®°“√¢Õß∫√‘…—∑∑—ÈßÀ¡¥À√◊Õ∫“ß à«π∑’Ë ”§—≠

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- °“√∑” ·°â‰¢ À√◊Õ‡≈‘° —≠≠“ ‡°’Ë¬«°—∫°“√„Àâ‡™à“°‘®°“√¢Õß∫√‘…—∑∑—ÈßÀ¡¥À√◊Õ∫“ß à«π∑’Ë ”§—≠ °“√¡Õ∫À¡“¬„Àâ∫ÿ§§≈

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‰æ∫Ÿ≈¬å À√◊Õ π“ß™‰¡æ√ ¬ß«ß»å‰æ∫Ÿ≈¬å §π„¥§πÀπ÷Ëß≈ß≈“¬¡◊Õ™◊ËÕ √à«¡°—∫ π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å À√◊Õ π“¬ ÿ°‘® ‡ß“«‘»‘…Øå°ÿ≈

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1. ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπµàÕÀπ÷Ëß‡ ’¬ß

2. °“√‡≈◊Õ°µ—Èß°√√¡°“√®–≈ß§–·ππ‡ ’¬ß‡≈◊Õ°µ—Èß‡ªìπ√“¬∫ÿ§§≈À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â ∑—Èßπ’È µ“¡·µà∑’Ëª√–™ÿ¡ºŸâ∂◊Õ

Àÿâπ®–‡ÀÁπ§«√ ‚¥¬„π°“√ÕÕ°‡ ’¬ß≈ß§–·ππ ‰¡à«à“®–‡ªìπ°“√‡≈◊Õ°µ—Èß‡ªìπ√“¬∫ÿ§§≈À√◊ÕÀ≈“¬§π ∫ÿ§§≈·µà≈–§π∑’ËºŸâ∂◊ÕÀÿâπÕÕ°

‡ ’¬ß‡≈◊Õ°µ—Èß®–‰¥â√—∫§–·ππ‡ ’¬ß®“°ºŸâ∂◊ÕÀÿâπµ“¡®”π«πÀÿâπ∑’ËºŸâ∂◊ÕÀÿâππ—Èπ¡’Õ¬Ÿà∑—ÈßÀ¡¥µ“¡¢âÕ 1 ‚¥¬ºŸâ∂◊ÕÀÿâπ¥—ß°≈à“«®–·∫àß§–·ππ

‡ ’¬ß·°àºŸâÀπ÷ËßºŸâ„¥¡“°À√◊ÕπâÕ¬‡æ’¬ß„¥‰¡à‰¥â

3. ∫ÿ§§≈´÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß‡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‡≈◊Õ°µ—Èß

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∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

16



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

1. Õ∫∑“π„Àâ∫√‘…—∑¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ ‚¥¬°“√ª√– “πß“π°—∫ºŸâ Õ∫∫—≠™’¿“¬πÕ°

·≈–ºŸâ∫√‘À“√∑’Ë√—∫º‘¥™Õ∫®—¥∑”√“¬ß“π∑“ß°“√‡ß‘π∑—Èß√“¬‰µ√¡“ ·≈–ª√–®”ªï §≥–°√√¡°“√µ√«® Õ∫Õ“®‡ πÕ·π–

„ÀâºŸâ Õ∫∫—≠™’ Õ∫∑“πÀ√◊Õµ√«® Õ∫√“¬°“√„¥Ê ∑’Ë‡ÀÁπ«à“®”‡ªìπ·≈–‡ªìπ‡√◊ËÕß ”§—≠„π√–À«à“ß°“√µ√«® Õ∫∫—≠™’¢Õß

∫√‘…—∑°Á‰¥â

2. Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (Internal Control) ·≈–°“√µ√«® Õ∫¿“¬„π (Internal Audit) ∑’Ë¡’§«“¡

‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ ‚¥¬ Õ∫∑“π√à«¡°—∫ºŸâ Õ∫∫—≠™’¿“¬πÕ°·≈–ºŸâµ√«® Õ∫¿“¬„π

3. Õ∫∑“π°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õß

µ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®À≈—°∑√—æ¬å

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

∫—≠™’‚¥¬§”π÷ß∂÷ß§«“¡πà“‡™◊ËÕ∂◊Õ §«“¡‡æ’¬ßæÕ¢Õß∑√—æ¬“°√ ·≈–ª√‘¡“≥ß“πµ√«® Õ∫¢Õß ”π—°ß“πµ√«® Õ∫∫—≠™’π—Èπ

√«¡∂÷ßª√– ∫°“√≥å¢Õß∫ÿ§≈“°√∑’Ë‰¥â√—∫¡Õ∫À¡“¬„Àâ∑”°“√µ√«® Õ∫∫—≠™’¢Õß∫√‘…—∑

5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√‡°’Ë¬«‚¬ß 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∫√‘…—∑ ´÷Ëß√“¬ß“π

¥—ß°≈à“«≈ßπ“¡‚¥¬ª√–∏“π°√√¡°“√µ√«® Õ∫ √“¬°“√¥—ß°≈à“«§«√ª√–°Õ∫¥â«¬¢âÕ¡Ÿ≈¥—ßµàÕ‰ªπ’È

- §«“¡‡ÀÁπ‡°’Ë¬«°—∫°√–∫«π°“√®—¥∑”·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑∂÷ß§«“¡∂Ÿ°µâÕß §√∫∂â«π

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- §«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑

- ‡Àµÿº≈∑’Ë‡™◊ËÕ«à“ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑‡À¡“– ¡∑’Ë®–‰¥â√—∫°“√·µàßµ—ÈßµàÕ‰ªÕ’°«“√–Àπ÷Ëß

- §«“¡‡ÀÁπ‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å

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

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1. °”Àπ¥π‚¬∫“¬ °≈¬ÿ∑∏å ‚§√ß √â“ß°“√∫√‘À“√ß“π ·≈–Õ”π“®°“√∫√‘À“√µà“ßÊ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß·≈– π—∫ πÿπµàÕ

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2. ¥Ÿ·≈ ∫√‘À“√ ¥”‡π‘πß“π ·≈–ªØ‘∫—µ‘ß“πª√–®”µ“¡ª°µ‘∏ÿ√°‘®‡æ◊ËÕª√–‚¬™πå¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å·≈–¢âÕ

∫—ß§—∫¢Õß∫√‘…—∑ µ≈Õ¥®π√–‡∫’¬∫ ¡µ‘ π‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥∑’Ë°”Àπ¥·≈–Õπÿ¡—µ‘‚¥¬∑’Ëª√–™ÿ¡§≥–°√√¡°“√

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3. ®—¥∑”·ºπ°“√¥”‡π‘π∏ÿ√°‘® ·≈–ß∫ª√–¡“≥ª√–®”ªï„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬¢Õß§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕπ”‡ πÕµàÕ

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4. æ‘®“√≥“°≈—Ëπ°√Õß¢âÕ¡Ÿ≈·≈–¢âÕ‡∑Á®®√‘ß „π‡√◊ËÕß∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¥”‡π‘π∏ÿ√°‘®°àÕπ∑’Ë®–π”‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑

5. ¡’Õ”π“®„π°“√Õπÿ¡—µ‘§à“„™â®à“¬‡æ◊ËÕ°√√¡µ“¡ª°µ‘¢Õß∫√‘…—∑ ‡™àπ §à“„™â®à“¬¥”‡π‘πß“π ·≈–§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

‚¥¬¡’«ß‡ß‘π°“√Õπÿ¡—µ‘√“¬°“√¥—ß°≈à“«µàÕ§√—Èß‰¡à‡°‘π°«à“√“¬°“√≈– 100 ≈â“π∫“∑ À√◊Õµ“¡«ß‡ß‘π∑’Ë§≥–°√√¡°“√°”Àπ¥

6. °”°—∫¥Ÿ·≈·≈–µ‘¥µ“¡º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–‡À¡“– ¡°—∫¿“«–¢Õß∏ÿ√°‘®‡æ◊ËÕ

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7. ¥”‡π‘π°“√Õ◊ËπÊ µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑¡Õ∫À¡“¬

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2. π“ß™‰¡æ√ ¬ß«ß»å‰æ∫Ÿ≈¬å ºŸâÕ”π«¬°“√¥â“π∫—≠™’≈–°“√‡ß‘π

3. π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å ºŸâÕ”π«¬°“√¥â“π°“√º≈‘µ

4. π“¬ ÿ°‘® ‡ß“«‘»‘…Æå°ÿ≈ ºŸâÕ”π«¬°“√¥â“π°“√µ≈“¥

5. π“¬ ‘ßÀπ“∑ ∫—µ√ ¡∫ÿ√≥å ºŸâ®—¥°“√ΩÉ“¬°“√º≈‘µ 1

6. π“¬¿—∑√æ≈ ∫—µ√ ¡∫Ÿ√≥å ºŸâ®—¥°“√ΩÉ“¬°“√º≈‘µ 2

7. π“ß “«¢π‘…∞“ æ√âÕ¡æ√“¬ ºŸâ®—¥°“√ΩÉ“¬∫—≠™’·≈–°“√‡ß‘π

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

18



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¡’°“√ªØ‘∫—µ‘µ“¡À≈—°°“√¥—ß°≈à“«¥—ßµàÕ‰ªπ’È

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√

§≥–°√√¡°“√‰¥â°”Àπ¥π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘® Ÿß ÿ¥·°àºŸâ∂◊ÕÀÿâπ·≈–°“√

‡µ‘∫‚µ¢Õß∫√‘…—∑Õ¬à“ß¬—Ëß¬◊π ‚¥¬°”°—∫¥Ÿ·≈„ÀâΩÉ“¬∫√‘À“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë°”Àπ¥ √«¡∑—Èß¥Ÿ·≈„Àâ¡’°“√µ√«® Õ∫

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2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ

„πªï 2547 ∫√‘…—∑¡’ ∂“π–‡ªìπ∫√‘…—∑‡Õ°™π °“√®—¥°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·µà≈–§√—Èß®—¥∑’Ë∫√‘…—∑ ‚¥¬∫√‘…—∑‰¥â®—¥ àßÀπ—ß ◊Õπ—¥

ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 7 «—π ÷Ëß‡ªìπ‰ªµ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑

·≈–‰¥â¡’°“√®—¥∑”∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß§√∫∂â«π æ√âÕ¡∑—Èß‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«®

Õ∫°“√¥”‡π‘π°“√ Õ∫∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ„π∑’Ëª√–™ÿ¡ ‚¥¬„π·µà≈–«“√–¡’§«“¡‡ÀÁπ¢Õß°√√¡°“√∫√‘…—∑ª√–°Õ∫ ∑—Èßπ’È„πªï

2548 ¿“¬À≈—ß®“°°“√‡¢â“‡ªìπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·≈â« ∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–‡æ‘Ë¡√–¬–‡«≈“≈à«ßÀπâ“„π°“√®—¥

àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡·≈–®–‡æ‘Ë¡∑“ß‡≈◊Õ°„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‚¥¬„Àâ°√√¡°“√µ√«® Õ∫‡ªìπºŸâ√—∫¡Õ∫Õ”π“®®“°ºŸâ∂◊ÕÀÿâπ„π°√≥’∑’ËºŸâ∂◊ÕÀÿâπ

‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥â

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬

∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠µàÕ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ‰¡à«à“®–‡ªìπºŸâ¡’ à«π‰¥â‡ ’¬¿“¬„π ‡™àπ æπ—°ß“π·≈–ºŸâ∫√‘À“√¢Õß

∫√‘…—∑ À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿà·¢àß ‡®â“Àπ’È ¿“§√—∞·≈–Àπà«¬ß“πÕ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß ‡π◊ËÕß®“°∫√‘…—∑µ√–Àπ—°∂÷ß·√ß

π—∫ πÿπ®“°ºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ ´÷Ëß®– √â“ß§«“¡ “¡“√∂„π°“√·¢àß¢—π·≈– √â“ß°”‰√„Àâ°—∫∫√‘…—∑ ´÷Ëß∂◊Õ«à“‡ªìπ°“√ √â“ß§«“¡

”‡√Á®„π√–¬–¬“«¢Õß∫√‘…—∑‰¥â °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„πªï 2547 ¡’°√√¡°“√‡¢â“√à«¡ª√–™ÿ¡§√∫∑ÿ°∑à“π ‡π◊ËÕß®“°∫√‘…—∑∂◊Õ«à“ °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡ªìπ‡Àµÿ°“√≥å ”§—≠

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‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ Õ∫∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈–¢âÕ‡ πÕ·π–µà“ßÊ √«¡∑—Èß‰¥â∫—π∑÷°ª√–‡¥Áπ

´—°∂“¡·≈–¢âÕ§‘¥‡ÀÁπ∑’Ë ”§—≠‰«â„π√“¬ß“π°“√ª√–™ÿ¡·≈â«

„πªï 2548 ‡¡◊ËÕ∫√‘…—∑‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑®–¬—ß§ßπ‚¬∫“¬¥—ß°≈à“«¢â“ßµâπµàÕ‰ª

4. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå

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¢Õß∫√‘…—∑¡’∫∑∫“∑∑’Ë‡¢â¡ß«¥‡æ‘Ë¡¢÷Èπ ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¡“µ√∞“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

19



5. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

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√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå : §≥–°√√¡°“√‰¥â∑√“∫∂÷ß√“¬°“√∑’Ë¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå √“¬°“√

∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–‰¥âæ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√Õ∫§Õ∫∑ÿ°§√—Èß √«¡∑—Èß¡’°“√ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å ‚¥¬

√“§“·≈–‡ß◊ËÕπ‰¢‡ ¡◊Õπ∑”√“¬°“√°—∫∫ÿ§§≈¿“¬πÕ° (Armûs Length Basis) ·≈–®–‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥ ¡Ÿ≈§à“√“¬°“√ §Ÿà —≠≠“

‡Àµÿº≈/§«“¡®”‡ªìπ ‰«â„π√“¬ß“πª√–®”ªï

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

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√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π

∫√‘…—∑‰¥â¥”‡π‘π°“√√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ®”π«πÀπ÷Ëß°—∫ΩÉ“¬µà“ßÊ ¥—ß¡’√“¬≈–‡Õ’¬¥¥—ßª√“°Ø„πÀ¡“¬‡Àµÿ ∑’Ë 20 ¢Õßß∫°“√‡ß‘π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

π‚¬∫“¬¥â“π√“§“

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∫√‘…—∑ ‡Õ ´’ µ’≈‡«Õ√å§ ®”°—¥

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∫√‘…—∑ ‡Õ ´’ µ’≈‡«Õ√å§ ®”°—¥

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1. ∂“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘π°“√

∫√‘…—∑¡’√“¬‰¥âÀ≈—°®“°°“√®”Àπà“¬‡À≈Á°·ºàπ√’¥‡¬Áπ§‘¥‡ªìπ√âÕ¬≈– 93.20 √âÕ¬≈– 93.18 ·≈–√âÕ¬≈– 89.54 ¢Õß√“¬‰¥â∑—ÈßÀ¡¥

„πªï 2545 ∂÷ß 2547 µ“¡≈”¥—∫ ´÷Ëß√“¬‰¥â„π à«π¥—ß°≈à“«‡æ‘Ë¡¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß∑ÿ°ªï®“° 895.39 ≈â“π∫“∑„πªï 2545 ‡ªìπ 1,132.28

≈â“π∫“∑·≈– 1,488.92 ≈â“π∫“∑„πªï 2546 ·≈–2547 µ“¡≈”¥—∫ “‡ÀµÿÀ≈—°¢Õß°“√‡æ‘Ë¡¢÷Èπ¡“®“°„π™à«ßªï 2545 ∂÷ß 2547 §◊Õ

√“§“‡©≈’Ë¬¢Õßº≈‘µ¿—≥±å‡À≈Á°·ºàπ√’¥‡¬Áπª√—∫µ—«‡æ‘Ë¡¢÷Èπ¡“‚¥¬µ≈Õ¥®“° 22 ∫“∑µàÕ°‘‚≈°√—¡„π‰µ√¡“ 1 ªï 2546 ‡æ‘Ë¡¢÷Èπ‡ªìπ 25

∫“∑µàÕ°‘‚≈°√—¡„π‰µ√¡“ 1 ªï 2547 ·≈–‡ªìπ 32 ∫“∑µàÕ°‘‚≈°√—¡„π‰µ√¡“ 4 ªï 2547 √«¡∑—Èßª√‘¡“≥°“√¢“¬‡À≈Á°·ºàπ√’¥‡¬Áπ

‡æ‘Ë¡¢÷Èπ®“° 40,700 µ—π „πªï 2545 ‡ªìπ 45,291 ·≈– 46,529 µ—π „πªï 2546 ·≈–ªï 2547 ·≈– ‘π§â“§ß‡À≈◊Õ‰¥âµ√ßµ“¡§«“¡‡ªìπ

®√‘ß¡“°°«à“ Õ¬à“ß‰√°Áµ“¡ºŸâ∫√‘À“√¢Õß∫√‘…—∑‰¥â∑”°“√‡ª√’¬∫‡∑’¬∫¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ‚¥¬„™â«‘∏’∑—Èß Õßæ∫«à“ ªï 2547 ¡’º≈°√–∑∫

∑”„Àâµâπ∑ÿπ¢“¬¢Õß«‘∏’∂—Ë«‡©≈’Ë¬πÈ”Àπ—°µË”°«à“ 4.23 ≈â“π∫“∑

„π™à«ßªï 2545-2547 ∫√‘…—∑¡’°”‰√¢—Èπµâπ‡æ‘Ë¡ Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß∑ÿ°ªï ®“° 50.24 ≈â“π∫“∑„πªï 2545 ‡ªìπ 61.28 ≈â“π∫“∑

·≈– 120.29 ≈â“π∫“∑„πªï 2546 ·≈–ªï 2547 µ“¡≈”¥—∫ §‘¥‡ªìπ√âÕ¬≈– 5.23 „πªï 2545 ‡ªìπ√âÕ¬≈– 3.97 ·≈–√âÕ¬≈– 7.24 „πªï 2546

·≈–ªï 2547 µ“¡≈”¥—∫ ‡π◊ËÕß®“°√“¬‰¥â®“°°“√¢“¬‡À≈Á°√’¥‡¬Áπ∑’Ë‡æ‘Ë¡¢÷Èπ √«¡∂÷ßÕ—µ√“ à«π¢Õßµâπ∑ÿπ¢“¬·≈–µâπ∑ÿπ°“√„Àâ∫√‘°“√

µàÕ√“¬‰¥â®“°ß“π¢“¬·≈–∫√‘°“√≈¥≈ß®“° “‡Àµÿ∑’Ë°≈à“«¡“·≈â«¢â“ßµâπ

„π ªï 2548 ∫√‘…—∑¡’°”‰√¢—Èπµâπ 263.70 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 11.39 ¢Õß√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ ÷Ëß Ÿß¢÷Èπ ‡π◊ËÕß®“°

√“¬‰¥â®“°°“√®”Àπà“¬‡À≈Á°√’¥‡¬Áπ‡æ‘Ë¡¢÷Èπ·≈–√“¬‰¥â®“°°“√®”Àπà“¬·ºàπÀ≈—ß§“‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’∑’Ë‡æ‘Ë¡¢÷Èπ √«¡

∂÷ßÕ—µ√“°”‰√¢—Èπµâπ¢Õßº≈‘µ¿—≥±å·ºàπÀ≈—ß§“‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’∑’Ë Ÿß°«à“º≈‘µ¿—≥±å‡À≈Á°·ºàπ√’¥‡¬Áπ¥â«¬

°”‰√ ÿ∑∏‘

∫√‘…—∑¡’°”‰√ ÿ∑∏‘ 3.00 ≈â“π∫“∑ 5.85 ≈â“π∫“∑·≈– 49.67 ≈â“π∫“∑„πªï 2545 ∂÷ßªï 2547 µ“¡≈”¥—∫ ‡µ‘∫‚µ√âÕ¬≈– 94.74

·≈–√âÕ¬≈– 749.33 „πªï 2546 ·≈–ªï 2547 µ“¡≈”¥—∫ ‡¡◊ËÕæ‘®“√≥“∂÷ßÕ—µ√“ à«π°”‰√ ÿ∑∏‘ æ∫«à“ —¥ à«π¥—ß°≈à“«‡∑à“°—∫√âÕ¬≈– 0.31

√âÕ¬≈– 0.48 ·≈–√âÕ¬≈– 2.99 „πªï 2545 ∂÷ßªï 2547 µ“¡≈”¥—∫ ´÷Ëß “‡ÀµÿÀ≈—°∑’Ë∑”„Àâ∫√‘…—∑¡’°”‰√ ÿ∑∏‘‡æ‘Ë¡ Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß∑ÿ°ªï

§◊Õ √“¬‰¥â√«¡¢Õß∫√‘…—∑∑’Ë‡æ‘Ë¡ Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß∑ÿ°ªï ·≈–°“√§«∫§ÿ¡µâπ∑ÿπ¢“¬·≈–°“√®—¥°“√∫√‘À“√∑’Ë¡’ª√– ‘∑∏‘¿“æ Ÿß¢÷Èπ

„π ªï 2548 ∫√‘…—∑¡’°”‰√ ÿ∑∏‘ 78.41 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 3.38 ¢Õß√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ · ¥ß„Àâ‡ÀÁπ∂÷ß

§«“¡ “¡“√∂„π°“√∑”°”‰√¢Õß∫√‘…—∑∑’Ëª√—∫µ—«„π∑‘»∑“ß∑’Ë¥’¢÷Èπ ∑—Èßπ’È¡’ “‡ÀµÿÀ≈—°®“°∫√‘…—∑‰¥â‡æ‘Ë¡ —¥ à«π°“√®”Àπà“¬·ºàπÀ≈—ß§“

‡À≈Á°‡§≈◊Õ∫ ’·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’ ·≈–∫√‘…—∑ÕÕ°º≈‘µ¿—≥±å„À¡à §◊Õ ‡À≈Á°°≈â“·√ß¥÷ß Ÿß√Ÿªµ—«´’, ‡À≈Á°‚§√ß§√à“« ·≈– ·ºàπ

À≈—ß§“‡À≈Á°‡§≈◊Õ∫©π«π°—π§«“¡√âÕπ (PU) ´÷Ëßº≈‘µ¿—≥±å‡À≈à“π’È¡’Õ—µ√“°”‰√¢—Èπµâπ∑’Ë Ÿßº≈‘µ¿—≥±å‡À≈Á°·ºàπ√’¥‡¬Áπ

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

22



∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

(‡¥‘¡™◊ËÕ ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥)

ß∫°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

23



√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

‡ πÕ §≥–°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

(‡¥‘¡™◊ËÕ ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥)

¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡

·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‰¥âµ√«® Õ∫

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ß∫°”‰√¢“¥∑ÿπ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ·≈–ß∫°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡

∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈

°“√µ√«® Õ∫¢Õß¢â“æ‡®â“

¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫—µ‘ß“π

‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√

„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢Õß

À≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠´÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√

ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ

‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π√«¡¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 º≈°“√¥”‡π‘πß“π√«¡·≈–

°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈– ß∫°“√‡ß‘π‡©æ“–

∫√‘…—∑¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 º≈°“√¥”‡π‘πß“π ·≈– °√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π

‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß

∑—Ë«‰ª

(π“¬ª√–¥‘…∞ √Õ¥≈Õ¬∑ÿ°¢å)

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑’Ë 218

∫√‘…—∑ ‡Õ‡Õ ∑’ ¡“ ‡µÕ√å ®”°—¥

«—π∑’Ë 24 °ÿ¡¿“æ—π∏å 2549

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

24



∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬(‡¥‘¡™◊ËÕ ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥)

ß∫¥ÿ≈≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À¡“¬‡Àµÿ 2548 2548 2547

‘π∑√—æ¬å

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 4 118,055,837 105,308,024 99,835,331

‡ß‘π≈ß∑ÿπ™—Ë«§√“« 10,000,000 10,000,000 -

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 5,20.2 - - 19,004,290

- ∫√‘…—∑Õ◊Ëπ- ÿ∑∏‘ 5 60,698,777 455,719,292 321,912,317

‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 6 389,679,528 389,679,528 334,303,855

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 7 63,296,302 63,229,052 66,946,213

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 1,041,730,444 1,023,935,896 842,002,006

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘πΩ“°ª√–®”∑’Ëµ‘¥¿“√–§È”ª√–°—π 8 1,080,372 1,080,372 611,471

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 9 - 11,922,426 -

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 10 509,509,072 508,736,853 280,423,868

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 961,956 961,956 6,639,600

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 511,551,400 522,701,607 287,674,939

√«¡ ‘π∑√—æ¬å 1,553,281,844 1,546,637,503 1,129,676,945

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

25




ß∫¥ÿ≈ (µàÕ)≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À¡“¬‡Àµÿ 2548 2548 2547

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ

®“° ∂“∫—π°“√‡ß‘π 11 - - 100,000,000

‡®â“Àπ’È°“√§â“ -∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 20.2 - - 36,525,326

-∫√‘…—∑Õ◊Ëπ 313,819,926 313,162,549 389,335,914

‡®â“Àπ’ÈÕ◊Ëπ -∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 20.2 - - 107,672,100

-∫√‘…—∑Õ◊Ëπ 18,428,402 18,428,402 105,006,259

Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ à«π∑’Ë§√∫°”Àπ¥

™”√–¿“¬„πÀπ÷Ëßªï 12 19,369,626 19,095,736 853,358

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π

à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 14 31,000,000 31,000,000 640,875

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

§à“„™â®à“¬§â“ß®à“¬ 6,782,841 6,506,269 1,758,852

¿“…’‡ß‘π‰¥â§â“ß®à“¬ 391,207 - 19,357,185

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 13 30,367,073 29,387,407 6,472,469

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 37,541,121 35,893,676 27,588,506

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 420,159,075 417,580,363 767,622,338

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ - ÿ∑∏‘ 12 52,683,954 52,569,833 1,423,971

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π - ÿ∑∏‘ 14 199,000,000 199,000,000 1,051,030

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 251,683,954 251,569,833 2,475,001

√«¡Àπ’È ‘π 671,843,029 669,150,196 770,097,339


∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

26




ß∫¥ÿ≈ (µàÕ)≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À¡“¬‡Àµÿ 2548 2548 2547

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π 15

Àÿâπ “¡—≠ 500,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(2547 : 3,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 100 ∫“∑) 500,000,000 500,000,000 300,000,000

∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« 15

Àÿâπ “¡—≠ 500,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(2547 : 3,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 100 ∫“∑) 500,000,000 500,000,000 300,000,000

à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 15 239,500,000 239,500,000 -

√“¬°“√ª√—∫ª√ÿß®“°√“¬°“√√«¡°‘®°“√

∑’ËÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π 3.10 3,951,508 - -

°”‰√ – ¡

®—¥ √√‡æ◊ËÕ ”√Õßµ“¡°ÆÀ¡“¬ 16 3,920,385 3,920,385 -

¬—ß‰¡à®—¥ √√ 134,066,922 134,066,922 59,579,606

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 881,438,815 877,487,307 359,579,606

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,553,281,844 1,546,637,503 1,129,676,945


27




ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À¡“¬‡Àµÿ 2548 2548 2547

√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ 2,293,097,139 2,293,809,631 1,637,886,675

√“¬‰¥â®“°°“√„Àâ∫√‘°“√ 18,402,484 - 23,965,467

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

µ“¡«‘∏’ à«π‰¥â‡ ’¬ - 1,923,026 -

√“¬‰¥âÕ◊Ëπ 2,198,047 2,270,979 1,014,874

√«¡√“¬‰¥â 2,313,697,670 2,298,003,636 1,662,867,016

§à“„™â®à“¬

µâπ∑ÿπ¢“¬ 2,036,815,282 2,036,815,282 1,541,561,679

µâπ∑ÿπ°“√„Àâ∫√‘°“√ 13,180,091 - -

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 139,362,818 137,892,338 49,023,002

√«¡§à“„™â®à“¬ 2,189,358,191 2,174,707,620 1,590,584,681

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â 124,339,479 123,296,016 72,282,335

¥Õ°‡∫’È¬®à“¬ (13,387,351) (13,329,478) (364,423)

¿“…’‡ß‘π‰¥â (32,544,427) (31,558,837) (22,246,625)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 78,407,701 78,407,701 49,671,287

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 17

°”‰√ ÿ∑∏‘ ”À√—∫ªï 0.17 0.17 0.49


∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

28



∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬(‡¥‘¡™◊ËÕ ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥)ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

°”‰√ – ¡

∑ÿπ‡√◊ÕπÀÿâπ ®—¥ √√‡æ◊ËÕ

∑’ËÕÕ° à«π‡°‘π¡Ÿ≈§à“ ”√Õß

À¡“¬‡Àµÿ ·≈–™”√–·≈â« Àÿâπ “¡—≠ µ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ √«¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 6,000,000 - - 9,908,319 15,908,319

‡æ‘Ë¡∑ÿπ 15 294,000,000 - - - 294,000,000

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 49,671.287 49.671.287

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 300,000,000 - - 59,579,606 359,579,606

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 300,000,000 - - 59,579,606 359,579,606

‡æ‘Ë¡∑ÿπ 15 200,000,000 239,500,000 - - 439,500,000

”√Õßµ“¡°ÆÀ¡“¬ 16 - - 3,920,385 (3,920,385) -

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 78,407,701 78,407,701

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 500,000,000 239,500,000 3,920,385 134,066,922 877,487,307


29




ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548

∫“∑

√“¬°“√ª√—∫ª√ÿß °”‰√ – ¡

®“°√“¬°“√

√«¡°‘®°“√∑’Ë

∑ÿπ‡√◊ÕπÀÿâπ∑’Ë à«π‡°‘π Õ¬Ÿà¿“¬„µâ°“√ ®—¥ √√‡æ◊ËÕ

ÕÕ°·≈– ¡Ÿ≈§à“Àÿâπ §«∫§ÿ¡ ”√Õß ¬—ß‰¡à‰¥â

À¡“¬‡Àµÿ ™”√–·≈â« “¡—≠ ‡¥’¬«°—π µ“¡°ÆÀ¡“¬ ®—¥ √√ √«¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 300,000,000 - - - 59,579,606 359,579,606

‡æ‘Ë¡∑ÿπ 15 200,000,000 239,500,000 - - - 439,500,000

º≈°√–∑∫®“°°“√´◊ÈÕ‡ß‘π≈ß∑ÿπ„π

∫√‘…—∑¬àÕ¬ 3.10 - - 3,951,508 - - 3,951,508

”√Õßµ“¡°ÆÀ¡“¬ 16 - - - 3,920,385 (3,920,385) -

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - - 78,407,701 78,407,701

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 500,000,000 239,500,000 3,951,508 3,920,385 134,066,922 881,438,815


∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

30




ß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

°”‰√ ÿ∑∏‘ ”À√—∫ªï 78,407,701 78,407,701 49,671,287

√“¬°“√ª√—∫°√–∑∫°”‰√ ÿ∑∏‘„™â‰ª„π°‘®°√√¡¥”‡π‘πß“π

§à“‡ ◊ËÕ¡√“§“∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å 36,679,443 36,365,354 11,641,288

(°≈—∫√“¬°“√)Àπ’È ß —¬®– Ÿ≠ (91,812) (222,248) 222,248

¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬µ—¥®à“¬ 136,741 - -

§à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“ 25,000,000 25,000,000 -

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - (1,923,026) -

°”‰√®“°°‘®°√√¡¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß

„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π 140,132,073 137,627,781 61,534,823

‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ)

‡ß‘π≈ß∑ÿπ™—Ë«§√“« (10,000,000) (10,000,000) -

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 25,289,999 19,004,290 2,903,989

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑Õ◊Ëπ (137,851,208) (133,584,727) (59,589,100)

‘π§â“§ß‡À≈◊Õ (80,375,673) (80,375,673) (263,706,670)

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 8,617,584 5,616,770 (66,222,991)

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 5,677,644 5,677,644 (5,028,198)

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)

‡®â“Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (36,689,401) (36,525,326) (266,880,554)

‡®â“Àπ’È°“√§â“ - ∫√‘…—∑Õ◊Ëπ (75,515,988) (76,173,365) 289,264,944

‡®â“Àπ’ÈÕ◊Ëπ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (108,172,100) (107,672,100) -

‡®â“Àπ’ÈÕ◊Ëπ - ∫√‘…—∑Õ◊Ëπ (86,201,232) (86,201,232) 11,263,383

§à“„™â®à“¬§â“ß®à“¬ 4,884,153 4,770,568 1,557,326

¿“…’‡ß‘π‰¥â§â“ß®à“¬ (19,603,175) (19,357,185) 16,345,961

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 22,452,081 22,828,469 5,861,024

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡¥”‡π‘πß“π (347,355,243) (354,364,086) (272,696,063)


31




ß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–§È”ª√–°—π‡æ‘Ë¡¢÷Èπ (468,901) (468,901) (611,471)

‡ß‘π ¥®à“¬‡æ◊ËÕ´◊ÈÕ∫√‘…—∑¬àÕ¬ ÿ∑∏‘®“°‡ß‘π ¥∑’Ë‰¥â¡“ (3,324,746) - -

(¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡)

‡ß‘π ¥®à“¬‡æ◊ËÕ´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - (9,999,400) -

‡ß‘π ¥®à“¬‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

(¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡) (198,172,566) (198,172,566) (44,290,500)

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ (201,966,213) (208,640,867) (44,901,971)

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ

®“° ∂“∫—π°“√‡ß‘π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (100,609,900) (100,000,000) 100,000,000

‡ß‘π ¥√—∫®“°°“√‡æ‘Ë¡∑ÿπ 439,500,000 439,500,000 294,000,000

®à“¬§◊πÀπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ (1,348,138) (1,022,354) (1,143,727

‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 230,000,000 230,000,000 -

®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π - - (628,193)

®à“¬™”√–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - - -

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡®—¥À“‡ß‘π 567,541,962 568,477,646 392,228,080

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ - ÿ∑∏‘ 18,220,506 5,472,693 74,630,046

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªï 99,835,331 99,835,331 25,205,285

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπªï 118,055,837 105,308,024 99,835,331

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡

1. ‡ß‘π ¥®à“¬„π√–À«à“ßªï

¥Õ°‡∫’È¬®à“¬ 13,354,485 13,329,478 364,423

¿“…’‡ß‘π‰¥â 53,775,852 52,811,029 6,109,643


∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

32




ß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

2. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

√“¬≈–‡Õ’¬¥∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’Ë‰¥â¡“„π√–À«à“ßªï¡’¥—ßπ’È

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’Ë‰¥â¡“√–À«à“ßªï 268,626,535 268,626,535 245,700,185

ª√—∫ª√ÿß‡®â“Àπ’È®“°°“√ ◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ (43,375) (43,375) (201,409,685)

Àπ’È ‘πµ“¡ —≠≠“‡™à“´◊ÈÕ‡æ‘Ë¡¢÷Èπ (70,410,594) (70,410,594) -

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’Ë‰¥â¡“‚¥¬°“√™”√–‡ªìπ‡ß‘π ¥ 198,172,566 198,172,566 44,290,500

√“¬≈–‡Õ’¬¥∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ∑’Ë¢“¬‰ª„π√–À«à“ßªï¡’¥—ßπ’È

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’Ë¢“¬‰ª√–À«à“ßªï 3,948,196 3,948,196 -

ª√—∫ª√ÿß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ (1,899,609) (1,899,609) -

‡®â“Àπ’ÈÕ◊Ëπ - ∫√‘…—∑Õ◊Ëπ≈¥≈ß (420,000 (420,000) -

§à“„™â®à“¬§â“ß®à“¬≈¥≈ß (23,151) (23,151) -

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 86,469 86,469 -

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«≈¥≈ß (1,691,905) (1,691,905) -

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’Ë¢“¬‰ª‚¥¬°“√√—∫™”√–‡ªìπ‡ß‘π ¥ - - -

3. „π‡¥◊Õπ¡°√“§¡ 2548 ∫√‘…—∑‰¥â´◊ÈÕ∏ÿ√°‘®‚¥¬¡’¡Ÿ≈§à“µ“¡∫—≠™’

¢Õß ‘π∑√—æ¬å ÿ∑∏‘„π∫√‘…—∑¬àÕ¬ ¥—ßπ’È

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 1,675,254

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 6,285,709

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑Õ◊Ëπ 843,440

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 3,204,805

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 1,086,308

‡®â“Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (609,900)

‡®â“Àπ’È°“√§â“ - ∫√‘…—∑Õ◊Ëπ (164,075)

‡®â“Àπ’ÈÕ◊Ëπ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (500,000)

§à“„™â®à“¬§â“ß®à“¬ (162,987)

¿“…’‡ß‘π‰¥â§â“ß®à“¬ (637,197)

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (1,356,054)

Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ (713,795)

¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ÿ∑∏‘∑’Ë‰¥â√—∫ 8,951,508

À—° ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥∑’Ë¡’Õ¬Ÿà„π∫√‘…—∑¬àÕ¬

≥ «—π ◊ÈÕ°‘®°“√ (1,675,254)

√“¬°“√ª√—∫ª√ÿß®“°√“¬°“√√«¡°‘®°“√∑’ËÕ¬Ÿà¿“¬„µâ°“√

§«∫§ÿ¡‡¥’¬«°—π (3,951,508)

‡ß‘π ¥®à“¬‡æ◊ËÕ´◊ÈÕ∫√‘…—∑¬àÕ¬ ÿ∑∏‘®“°‡ß‘π ¥∑’Ë‰¥â¡“ 3,324,746


33



À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ ‡ªìπ∫√‘…—∑¡À“™π ∑’Ëµ—Èß¢÷Èπ·≈–¡’∑’ËÕ¬Ÿàµ“¡∑’Ë‰¥â®¥∑–‡∫’¬π‰«â¥—ßπ’È

”π—°ß“π„À≠àµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 108/3 À¡Ÿà∑’Ë 1 ∂ππæ√–√“¡ 2 µ”∫≈∫“ßπÈ”®◊¥ Õ”‡¿Õ‡¡◊Õß ¡ÿ∑√ “§√ ®—ßÀ«—¥ ¡ÿ∑√ “§√

”π—°ß“π “¢“∑’Ë 1 µ—ÈßÕ¬Ÿà‡≈¢∑’Ë 222 À¡Ÿà∑’Ë 6 µ”∫≈·¡à√”æ÷ß Õ”‡¿Õ∫“ß –æ“π ®—ßÀ«—¥ª√–®«∫§’√’¢—π∏å

”π—°ß“π “¢“∑’Ë 2 µ—ÈßÕ¬Ÿà‡≈¢∑’Ë 108/9 À¡Ÿà∑’Ë 1 ∂ππæ√–√“¡ 2 µ”∫≈∫“ßπÈ”®◊¥ Õ”‡¿Õ‡¡◊Õß ¡ÿ∑√ “§√ ®—ßÀ«—¥ ¡ÿ∑√ “§√

”π—°ß“π “¢“∑’Ë 3 µ—ÈßÕ¬Ÿà‡≈¢∑’Ë 4 À¡Ÿà∑’Ë 6 µ”∫≈‚§°¢“¡ Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥ ¡ÿ∑√ “§√

”π—°ß“π “¢“∑’Ë 4 µ—ÈßÕ¬Ÿà‡≈¢∑’Ë 55/93 À¡Ÿà∑’Ë 9 ·¢«ß∫“ß¡¥ ‡¢µ®Õ¡∑Õß °√ÿß‡∑æ¡À“π§√

∫√‘…—∑¥”‡π‘π∏ÿ√°‘®À≈—°„π∏ÿ√°‘®°“√·ª√√Ÿª·≈–®”Àπà“¬ ‡À≈Á°·ºàπ√’¥‡¬Áπ ‡À≈Á°°≈â“·√ß¥÷ß Ÿß™ÿ∫ —ß°– ’ ‡À≈Á°‡§≈◊Õ∫‡§¡’¥â«¬

‰øøÑ“ ‡À≈Á°‚§√ß§√à“«‡æ¥“π·≈–ºπ—ß ·ºàπÀ≈—ß§“·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’

µ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 20 °—π¬“¬π 2547 ·≈– 12 µÿ≈“§¡ 2547 ¢Õß∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈ ®”°—¥ ¡’¡µ‘

‡ÀÁπ™Õ∫„Àâ‡ª≈’Ë¬π·ª≈ß™◊ËÕ¢Õß∫√‘…—∑ ®“°‡¥‘¡ ç∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈ ®”°—¥é ‡ªìπ ç∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥é

µ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 24 °ÿ¡¿“æ—π∏å 2548 ·≈–«—π∑’Ë 17 ¡’π“§¡ 2548 ¢Õß∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥

¡’¡µ‘‡ÀÁπ™Õ∫„Àâ·ª√ ¿“æ∫√‘…—∑ ‡ªìπ∫√‘…—∑¡À“™π®”°—¥ ‚¥¬¡’¡µ‘„Àâ„™â™◊ËÕ®¥∑–‡∫’¬π¢Õß∫√‘…—∑∑—Èß„π¿“…“‰∑¬·≈–¿“…“Õ—ß°ƒ…

¿“¬À≈—ß®“°°“√·ª√ ¿“æ‡ªìπ∫√‘…—∑¡À“™π ‡ªìπ ç∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)é ·≈– çPERMSIN STEEL WORKS

PUBLIC COMPANY LIMITEDé µ“¡≈”¥—∫ ∫√‘…—∑‰¥â®¥∑–‡∫’¬π·ª√ ¿“æ‡ªìπ∫√‘…—∑¡À“™π‡¡◊ËÕ«—π∑’Ë 23 ¡’π“§¡ 2548 ·≈–‰¥â®¥

∑–‡∫’¬π‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡¡◊ËÕ«—π∑’Ë 14 °√°Æ“§¡ 2548

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¡’æπ—°ß“π√«¡∑—Èß ‘Èπ 353 §π (2547 : 321 §π)

2. ¡Ÿ≈∞“π ”À√—∫ß∫°“√‡ß‘π·≈–À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑‰¥â®—¥∑”¢÷Èπµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª¿“¬„µâæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543

´÷ËßÀ¡“¬§«“¡∂÷ß ¡“µ√∞“π°“√∫—≠™’∑’ËÕÕ°¿“¬„µâæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–µ“¡¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√

°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å«à“¥â«¬°“√®—¥∑”·≈–π”‡ πÕ√“¬ß“π∑“ß°“√‡ß‘π¿“¬„µâæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–

µ≈“¥À≈—°∑√—æ¬å æ.». 2535

ß∫°“√‡ß‘π√«¡‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ §◊Õ ∫√‘…—∑ ‡Õ .

´’. µ’≈‡«Õ√å§ ®”°—¥ ÷Ëß®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑®”°—¥ ‚¥¬∫√‘…—∑‡¢â“∂◊ÕÀÿâπ∑—ÈßÀ¡¥√âÕ¬≈– 100 ¢Õß∑ÿπ®¥∑–‡∫’¬π ‡¡◊ËÕ«—π∑’Ë 20 ¡°√“§¡

2548 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«¥”‡π‘π∏ÿ√°‘®√—∫µ‘¥µ—ÈßÀ≈—ß§“

√“¬°“√∫—≠™’∑’Ë ”§—≠√–À«à“ß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑’Ë√«¡„πß∫°“√‡ß‘π√«¡‰¥âÀ—°°≈∫≈∫°—π·≈â«

ç∫√‘…—∑é À¡“¬∂÷ß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π) ç°≈ÿà¡∫√‘…—∑é À¡“¬∂÷ß ∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

·≈–∫√‘…—∑¬àÕ¬ §◊Õ ∫√‘…—∑ ‡Õ .´’. µ’≈‡«Õ√å§ ®”°—¥

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑‰¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡„π°“√«—¥¡Ÿ≈§à“¢ÕßÕß§åª√–°Õ∫¢Õßß∫°“√‡ß‘π

¬°‡«âπ‡ß‘π≈ß∑ÿπ∫“ßª√–‡¿∑´÷Ëß„™â¡Ÿ≈§à“¬ÿµ‘∏√√¡ µ“¡∑’ËÕ∏‘∫“¬„ππ‚¬∫“¬°“√∫—≠™’

°“√®—¥∑”ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑„Àâ Õ¥§≈âÕß°—∫À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ÷Ëß°”Àπ¥„Àâ

ΩÉ“¬∫√‘À“√ª√–¡“≥°“√·≈–°”Àπ¥ ¡¡µ‘∞“π∑’Ë‡°’Ë¬«¢âÕß°—π®–¡’º≈µàÕµ—«‡≈¢¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π √«¡∑—Èß‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

34



‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ≥ «—π∑’Ë„πß∫°“√‡ß‘π ·≈–¢âÕ¡Ÿ≈√“¬‰¥â·≈–§à“„™â®à“¬„π√Õ∫√–¬–‡«≈“∑’Ë‡ πÕß∫°“√‡ß‘π¥—ß°≈à“«

µ—«‡≈¢∑’Ë‡°‘¥¢÷Èπ®√‘ßÕ“®·µ°µà“ß®“°µ—«‡≈¢ª√–¡“≥°“√ ∂÷ß·¡â«à“µ—«‡≈¢ª√–¡“≥°“√‰¥â®—¥∑”¢÷Èπ¥â«¬§«“¡‡¢â“„®∑’Ë¥’∑’Ë ÿ¥„π

‡Àµÿ°“√≥å·≈– ‘Ëß∑’Ë‰¥â°√–∑”‰ª„πªí®®ÿ∫—π

‡æ◊ËÕ§«“¡ –¥«°¢ÕßºŸâ„™âß∫°“√‡ß‘π ®÷ß‰¥â¡’°“√·ª≈ßß∫°“√‡ß‘π‡ªìπ¿“…“Õ—ß°ƒ…®“°ß∫°“√‡ß‘πµ“¡°ÆÀ¡“¬∑’Ë®—¥∑”‡ªìπ¿“…“‰∑¬

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠∑’Ë„™â„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑¡’¥—ßµàÕ‰ªπ’È

3.1 °“√„™âª√–¡“≥°“√

°“√®—¥∑”ß∫°“√‡ß‘π„Àâ Õ¥§≈âÕß°—∫À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬µâÕß„ÀâΩÉ“¬∫√‘À“√°”Àπ¥ª√–¡“≥°“√·≈–¢âÕ

¡¡µ‘ ÷Ëß¡’º≈°—∫µ—«‡≈¢¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë√“¬ß“π‰«â„πß∫°“√‡ß‘π °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ‘π∑√—æ¬å∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ

≥ «—π∑’Ë„πß∫°“√‡ß‘π·≈–µ—«‡≈¢√“¬‰¥â·≈–§à“„™â®à“¬„πªï∑’Ë√“¬ß“π‰«â„πß∫°“√‡ß‘π ¥—ßπ—Èπº≈∑’Ë‡°‘¥®√‘ßÕ“®µà“ß‰ª®“°ª√–¡“≥°“√

3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥„π¡◊Õ·≈–‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ‡ß‘π ¥‡ªìπ‡ß‘π∑’Ë°≈ÿà¡∫√‘…—∑‡°Á∫‰«â„™â‡æ◊ËÕ

«—µ∂ÿª√– ß§å∑—Ë«‰ª à«π‡ß‘πΩ“° ∂“∫—π°“√‡ß‘ππ—Èπ√«¡∂÷ß‡ß‘πΩ“°ÕÕ¡∑√—æ¬å√–¬– —Èπ ´÷Ëß‡ªìπ‡ß‘π≈ß∑ÿπ∑’Ë¡’ ¿“æ§≈àÕß Ÿß·≈–æ√âÕ¡∑’Ë

®–‡ª≈’Ë¬π‡ªìπ‡ß‘π ¥∑’Ë·πàπÕπ‡¡◊ËÕ§√∫°”Àπ¥¿“¬„π “¡(3)‡¥◊ÕπÀ√◊ÕπâÕ¬°«à“´÷Ëß¡’§«“¡‡ ’Ë¬ß„π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“πâÕ¬

3.3 ‡ß‘π≈ß∑ÿπ™—Ë«§√“«

°≈ÿà¡∫√‘…—∑‰¥â®—¥ª√–‡¿∑‡ß‘π≈ß∑ÿπ∑’ËπÕ°‡Àπ◊Õ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬‡ªìπ‡ß‘π≈ß∑ÿπ‡æ◊ËÕ§â“ °“√®—¥ª√–‡¿∑‡ªìπ‰ªµ“¡‡ªÑ“

À¡“¬°“√≈ß∑ÿπ∑’ËΩÉ“¬∫√‘À“√µâÕß°“√ ‡¡◊ËÕ‰¥â¡“´÷Ëß‡ß‘π≈ß∑ÿππ—ÈπΩÉ“¬∫√‘À“√°”Àπ¥°“√®—¥ª√–‡¿∑∑’Ë‡À¡“– ¡ ”À√—∫‡ß‘π≈ß∑ÿπ ≥

‡«≈“∑’Ë≈ß∑ÿπ·≈–∑∫∑«π°“√®—¥ª√–‡¿∑‡ªìπª°µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ‡ß‘π≈ß∑ÿπ∑’Ë‰¥â¡“‡æ◊ËÕ‡ªÑ“À¡“¬À≈—°„π°“√À“°”‰√®“°°“√

‡ª≈’Ë¬π·ª≈ß√“§“„π™à«ß‡«≈“ —Èπ∂Ÿ°®—¥ª√–‡¿∑‡ªìπ‡ß‘π≈ß∑ÿπ‡æ◊ËÕ§â“·≈–· ¥ß√«¡Õ¬Ÿà„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‚¥¬°”Àπ¥™à«ß‡«≈“ —Èπ

‡ß‘π≈ß∑ÿπ‡æ◊ËÕ§â“ “¡“√∂´◊ÈÕ¢“¬„πµ≈“¥´◊ÈÕ¢“¬§≈àÕß·≈–«—¥¡Ÿ≈§à“¥â«¬√“§“µ≈“¥ ≥ «—π∑”°“√ ÿ¥∑â“¬¢Õß«—π∑’Ë„πß∫¥ÿ≈ √“¬°“√

°”‰√·≈–√“¬°“√¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß¢Õß‡ß‘π≈ß∑ÿπ‡æ◊ËÕ§â“√—∫√Ÿâ√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ· ¥ß√«¡‰«â„π√“¬‰¥âÕ◊Ëπ à«π„πß∫

°√–· ‡ß‘π ¥‰¥â· ¥ß‡ß‘π≈ß∑ÿπ‡æ’ËÕ§â“√«¡Õ¬Ÿà„π°‘®°√√¡¥”‡π‘πß“π‚¥¬· ¥ß‡ªìπ à«πÀπ÷Ëß¢Õß°“√‡ª≈’Ë¬π·ª≈ß‡ß‘π∑ÿπ¥”‡π‘πß“πÀ¡ÿπ‡«’¬π

3.4 ≈Ÿ°Àπ’È°“√§â“

≈Ÿ°Àπ’È°“√§â“· ¥ß¥â«¬¡Ÿ≈§à“µ“¡„∫·®âß√“¬°“√ À—°¥â«¬§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠´÷Ëßª√–¡“≥®“°°“√ Õ∫∑“π¬Õ¥§ß‡À≈◊Õ ≥ «—π

‘Èπß«¥ ¡Ÿ≈§à“¢Õß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠°Á§◊Õº≈µà“ß√–À«à“ß√“§“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È°“√§â“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â

√—∫®“°≈Ÿ°Àπ’È°“√§â“ Àπ’È Ÿ≠∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßß«¥µ—¥‡ªìπ§à“„™â®à“¬‡¡◊ËÕ “¡“√∂√–∫ÿ‰¥â

3.5 ‘π§â“§ß‡À≈◊Õ

‘π§â“§ß‡À≈◊Õ· ¥ß¥â«¬√“§“∑ÿπÀ√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ √“§“∑ÿπ¢Õß ‘π§â“§”π«≥‚¥¬«‘∏’∂—«‡©≈’Ë¬

∂à«ßπÈ”Àπ—° µâπ∑ÿπ¢Õß°“√´◊ÈÕª√–°Õ∫¥â«¬√“§“´◊ÈÕ ·≈–§à“„™â®à“¬∑“ßµ√ß∑’Ë‡°’Ë¬«¢âÕß°—∫°“√´◊ÈÕ ‘π§â“π—Èπ ‡™àπ§à“Õ“°√¢“‡¢â“·≈–§à“

35



¢π àß À—°¥â«¬ à«π≈¥·≈–‡ß‘π∑’Ë‰¥â√—∫§◊π®“°°“√´◊ÈÕ ‘π§â“ µâπ∑ÿπ¢Õß ‘π§â“ ”‡√Á®√Ÿªª√–°Õ∫¥â«¬§à“«—µ∂ÿ¥‘∫ §à“·√ß∑“ßµ√ß §à“„™â

®à“¬Õ◊Ëπ∑“ßµ√ß ·≈–§à“‚ Àÿâ¬„π°“√º≈‘µ´÷Ëßªíπ à«πµ“¡‡°≥±å°“√¥”‡π‘πß“πµ“¡ª°µ‘ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ª√–¡“≥®“°√“§“∑’Ë§“¥

«à“®–¢“¬‰¥âµ“¡ª°µ‘¢Õß∏ÿ√°‘®À—°¥â«¬§à“„™â®à“¬∑’Ë®”‡ªìπ‡æ◊ËÕ„Àâ ‘π§â“π—Èπ ”‡√Á®√Ÿª·≈–§à“„™â®à“¬„π°“√¢“¬ ∫√‘…—∑∫—π∑÷°‡∑à“∑’Ë®”‡ªìπ

”À√—∫∫—≠™’§à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“‡°à“ ≈â“ ¡—¬ À√◊Õ‡ ◊ËÕ¡§ÿ≥¿“æ

„πªï 2548 ∫√‘…—∑‰¥â‡ª≈’Ë¬π·ª≈ß°“√§”π«≥√“§“∑ÿπ¢Õß ‘π§â“®“°«‘∏’‡¢â“°àÕπÕÕ°°àÕπ‡ªìπ«‘∏’∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° °“√‡ª≈’Ë¬π·ª≈ß

¥—ß°≈à“«‰¥â√—∫Õπÿ¡—µ‘®“°°√¡ √√æ“°√ ‡¡◊ËÕ«—π∑’Ë 25 æƒ…¿“§¡ 2548

3.6 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

∫√‘…—∑¬àÕ¬À¡“¬∂÷ß∫√‘…—∑∑’Ë∫√‘…—∑„À≠à„π°≈ÿà¡∫√‘…—∑¡’ ‘∑∏‘ÕÕ°‡ ’¬ß∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡¡“°°«à“°÷ËßÀπ÷Ëß¢Õß ‘∑∏‘„π°“√ÕÕ°

‡ ’¬ß∑—ÈßÀ¡¥ À√◊Õ¡’Õ”π“®„π°“√§«∫§ÿ¡π‚¬∫“¬°“√‡ß‘π·≈–°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â∂Ÿ°π”¡“√«¡„π

°“√®—¥∑”ß∫°“√‡ß‘π ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë∫√‘…—∑„À≠à¡’Õ”π“®§«∫§ÿ¡ ®π∂÷ß«—π∑’Ë∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â¢“¬ÕÕ°‰ª √“¬°“√·≈–¬Õ¥§ß

‡À≈◊Õ√–À«à“ß°≈ÿà¡∫√‘…—∑œ µ≈Õ¥®π°”‰√¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â« π‚¬∫“¬°“√∫—≠™’ ”À√—∫∫√‘…—∑

¬àÕ¬®–‡ª≈’Ë¬π·ª≈ß‡æ◊ËÕ„™âπ‚¬∫“¬∫—≠™’‡¥’¬«°—∫°≈ÿà¡∫√‘…—∑„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬· ¥ß„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑‚¥¬„™â«‘∏’ à«π‰¥â‡ ’¬

√“¬™◊ËÕ¢Õß∫√‘…—∑¬àÕ¬¢Õß°≈ÿà¡∫√‘…—∑‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 20

3.7 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å √—∫√Ÿâ‡¡◊ËÕ‡√‘Ë¡·√°µ“¡√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ß¥â«¬√“§“∑ÿπÀ—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡

§à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ß ‡æ◊ËÕ≈¥√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·µà≈–™π‘¥µ≈Õ¥ª√–¡“≥°“√Õ“¬ÿ°“√„Àâª√–‚¬™πå

¢Õß ‘π∑√—æ¬å¥—ßµàÕ‰ªπ’È ¬°‡«âπ∑’Ë¥‘π´÷Ëß∂◊Õ«à“ª√–¡“≥°“√Õ“¬ÿ°“√„Àâª√–‚¬™πå¡’‰¡à®”°—¥

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 20 ªï

‡§√◊ËÕß®—°√·≈–Õÿª°√≥å‚√ßß“π 5 ªï

‡§√◊ËÕßµ°·µàß ·≈–‡§√◊ËÕß„™â ”π—°ß“π 5 ªï

¬“πæ“Àπ– 5 ªï

„π°√≥’∑’Ë√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π´÷Ëß§”π«≥®“°¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß°√–· ‡ß‘π ¥∑’Ë§“¥«à“®–‡°‘¥„π

Õπ“§µ®“°°“√„™â ‘π∑√—æ¬åÕ¬à“ßµàÕ‡π◊ËÕß À√◊Õ®”π«π∑’Ë®–‰¥â√—∫®“°°“√®”Àπà“¬ ‘π∑√—æ¬åÀ—°¥â«¬µâπ∑ÿπ®“°°“√®”Àπà“¬ ‘π∑√—æ¬å

π—Èπ·≈â«·µà®”π«π„¥®– Ÿß°«à“ √“§“µ“¡∫—≠™’®–∂Ÿ°ª√—∫≈¥„Àâ‡∑à“°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π

°“√´àÕ¡·´¡·≈–∫”√ÿß√—°…“ ®–√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπ„π√–À«à“ßß«¥∫—≠™’∑’Ë‡°‘¥√“¬°“√¢÷Èπ µâπ∑ÿπ¢Õß°“√ª√—∫ª√ÿß„Àâ¥’¢÷Èπ

Õ¬à“ß ”§—≠®–∂Ÿ°√«¡‰«â„π√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà∑’Ëª√–‚¬™πå‡™‘ß‡»√…∞°‘®„πÕπ“§µ∑’Ë®–‰À≈

‡¢â“ Ÿà∫√‘…—∑®–¡’¡Ÿ≈§à“ Ÿß‡°‘π°«à“¡“µ√∞“π°“√„™âª√–‚¬™πå‡¥‘¡¢Õß ‘π∑√—æ¬å∑’Ë¡’‰«âµ—Èß·µàµâπ‡¡◊ËÕ‰¥â¡“´÷Ëß ‘π∑√—æ¬å∑’Ë¡’Õ¬Ÿà„πªí®®ÿ∫—π

°“√ª√—∫ª√ÿßÀ≈—°®–∂Ÿ°µ—¥§à“‡ ◊ËÕ¡√“§“µ≈Õ¥Õ“¬ÿ°“√„Àâª√–‚¬™πå∑’Ë‡À≈◊ÕÕ¬Ÿà¢Õß ‘π∑√—æ¬å∑’Ë‡°’Ë¬«¢âÕß §à“´àÕ¡·´¡·≈–§à“∫”√ÿß√—°…“

√—∫√Ÿâ‡ªìπ§à“„™â®à“¬„π√Õ∫√–¬–‡«≈“∫—≠™’∑’Ë‡°‘¥¢÷Èπ

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

36



µâπ∑ÿπ¥Õ°‡∫’È¬ ”À√—∫°“√°Ÿâ¬◊¡‡æ◊ËÕ‡ªìπ‡ß‘π∑ÿπ„π°“√°àÕ √â“ß‡æ◊ËÕ„Àâ‰¥â¡“´÷Ëß∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‰¥â∫—π∑÷°‡ªìπ à«πÀπ÷Ëß¢Õß

µâπ∑ÿπ¢Õß ‘π∑√—æ¬åµ≈Õ¥™à«ß‡«≈“∑’Ë®– √â“ß„Àâ‡ √Á®·≈–‡µ√’¬¡ ‘π∑√—æ¬å„ÀâÕ¬Ÿà„π ¿“ææ√âÕ¡∑’Ë®–„™â‰¥âµ“¡«—µ∂ÿª√– ß§å µâπ∑ÿπ°“√°Ÿâ

¬◊¡ª√–°Õ∫¥â«¬¥Õ°‡∫’È¬∑’Ë‡°‘¥®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ÿ∑∏‘®“°°“√µ—¥®”Àπà“¬§à“„™â®à“¬∑“ß°“√‡ß‘π∑’Ë‡°’Ë¬«¢âÕß°—π

°”‰√¢“¥∑ÿπ®“°°“√¢“¬∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å°”Àπ¥¢÷Èπ®“°√“§“µ“¡∫—≠™’ ·≈–‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥°”‰√®“°°“√

¥”‡π‘πß“π

3.8 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ·≈– ‘π∑√—æ¬å∑’Ë‰¡à‡ªìπ ‘π∑√—æ¬å∑“ß°“√‡ß‘π ®–¡’°“√∑∫∑«π°“√¥âÕ¬§à“ ‡¡◊ËÕ¡’‡Àµÿ°“√≥åÀ√◊Õ ∂“π°“√≥å

∫àß™’È«à“√“§“µ“¡∫—≠™’Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π √“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“®–√—∫√Ÿâ‡¡◊ËÕ√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å

Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ´÷Ëß¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π§◊Õ®”π«π∑’Ë Ÿß°«à“√–À«à“ß√“§“¢“¬ ÿ∑∏‘‡∑’¬∫°—∫¡Ÿ≈§à“®“°°“√„™â

‘π∑√—æ¬å®–∂Ÿ°®—¥‡ªìπ°≈ÿà¡∑’Ë‡≈Á°∑’Ë ÿ¥´÷Ëß‡ªìπÀπà«¬∑’Ë°àÕ„Àâ‡°‘¥°√–· ‡ß‘π ¥∑’Ë “¡“√∂·¬°ÕÕ°¡“‰¥â ‡æ◊ËÕ«—µ∂ÿª√– ß§å¢Õß°“√

ª√–‡¡‘π°“√¥âÕ¬§à“ ≥ «—π∑’Ë„πß∫¥ÿ≈ °≈ÿà¡∫√‘…—∑µâÕß°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°¥âÕ¬§à“¢Õß ‘π∑√—æ¬å∑’Ë°≈ÿà¡∫√‘…—∑√—∫√Ÿâ„πß«¥°àÕπ

‡¡◊ËÕª√–¡“≥°“√∑’Ë„™â°”Àπ¥¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π‰¥â‡ª≈’Ë¬π·ª≈ß‰ª¿“¬À≈—ß®“°∑’Ë°≈ÿà¡∫√‘…—∑‰¥â√—∫√Ÿâ√“¬°“√¢“¥∑ÿπ®“°°“√

¥âÕ¬§à“·≈â«

3.9 —≠≠“‡™à“√–¬–¬“«

—≠≠“‡™à“¬“πæ“Àπ–∑’Ë§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π¢Õß§«“¡‡ªìπ‡®â“¢Õß à«π„À≠à‰¥â‚Õπ‰ª„Àâ°—∫ºŸâ‡™à“∂◊Õ‡ªìπ —≠≠“‡™à“°“√‡ß‘π

—≠≠“‡™à“°“√‡ß‘π®–∫—π∑÷°‡ªìπ√“¬®à“¬ΩÉ“¬∑ÿπ¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë‡™à“ À√◊Õ¡Ÿ≈§à“ªí®®ÿ∫—π ÿ∑∏‘¢Õß®”π«π‡ß‘π∑’ËµâÕß®à“¬

µ“¡ —≠≠“‡™à“ ·≈â«·µà¡Ÿ≈§à“„¥®–µË”°«à“ ‚¥¬®”π«π‡ß‘π∑’ËµâÕß®à“¬®–ªíπ à«π√–À«à“ßÀπ’È ‘π·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π‡æ◊ËÕ„Àâ‰¥âÕ—µ√“

¥Õ°‡∫’È¬§ß∑’ËµàÕÀπ’È ‘π§ß§â“ßÕ¬Ÿà‚¥¬æ‘®“√≥“·¬°·µà≈– —≠≠“ ¿“√–ºŸ°æ—πµ“¡ —≠≠“‡™à“À—°§à“„™â®à“¬∑“ß°“√‡ß‘π®–∫—π∑÷°‡ªìπÀπ’È

‘π√–¬–¬“« à«π¥Õ°‡∫’È¬®à“¬®–∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπµ≈Õ¥Õ“¬ÿ¢Õß —≠≠“‡™à“ ‘π∑√—æ¬å∑’Ë‰¥â¡“µ“¡ —≠≠“‡™à“°“√‡ß‘π®–§‘¥§à“

‡ ◊ËÕ¡√“§“µ≈Õ¥Õ“¬ÿ°“√„™âß“π¢Õß ‘π∑√—æ¬å∑’Ë‡™à“ À√◊ÕÕ“¬ÿ¢Õß —≠≠“‡™à“ ·≈â«·µà√–¬–‡«≈“„¥®–µË”°«à“

—≠≠“√–¬–¬“«‡æ◊ËÕ‡™à“ ‘π∑√—æ¬å‚¥¬∑’Ë§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π¢Õß§«“¡‡ªìπ‡®â“¢Õß à«π„À≠àµ°Õ¬Ÿà°—∫ºŸâ„Àâ‡™à“ ®–®—¥‡ªìπ

—≠≠“‡™à“¥”‡π‘πß“π ‡ß‘π∑’ËµâÕß®à“¬¿“¬„µâ —≠≠“‡™à“¥”‡π‘πß“π ( ÿ∑∏‘®“° ‘ËßµÕ∫·∑π®Ÿß„®∑’Ë‰¥â√—∫®“°ºŸâ„Àâ‡™à“) ®–∫—π∑÷°„πß∫

°”‰√¢“¥∑ÿπ‚¥¬„™â«‘∏’‡ âπµ√ßµ≈Õ¥Õ“¬ÿ¢Õß —≠≠“‡™à“π—Èπ

3.10 √“¬°“√ª√—∫ª√ÿß®“°√“¬°“√√«¡°‘®°“√∑’ËÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π

‡¡◊ËÕ«—π∑’Ë 20 ¡°√“§¡ 2548 ∫√‘…—∑‰¥â´◊ÈÕÀÿâπ “¡—≠¢Õß ∫√‘…—∑ ‡Õ .´’. µ’≈‡«Õ√å§ ®”°—¥ „π —¥ à«π§‘¥‡ªìπ√âÕ¬≈– 100 ¢Õß∑ÿπ

®¥∑–‡∫’¬π ∫√‘…—∑ ‡Õ .´’. µ’≈‡«Õ√å§ ®”°—¥ √“¬°“√¥—ß°≈à“«‡ªìπ√“¬°“√¢Õß°‘®°“√¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π ´÷Ëß‰¡à§√Õ∫§≈ÿ¡

‚¥¬¡“µ√∞“π°“√∫—≠™’‰∑¬©∫—∫∑’Ë 43 ‡√◊ËÕß°“√√«¡∏ÿ√°‘® ¥—ßπ’È∫√‘…—∑‰¡à‰¥â„™â«‘∏’∫—π∑÷°∫—≠™’ ”À√—∫°“√´◊ÈÕ°‘®°“√°—∫√“¬°“√¥—ß°≈à“«

·µà„™â‡°≥±å¡Ÿ≈§à“µ“¡√“§“∑ÿπ∑’Ë¡’Õ¬Ÿà ”À√—∫√“¬°“√¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π

·π«ªÆ‘∫—µ‘∑“ß°“√∫—≠™’∑’Ë°≈à“«¢â“ßµâπÕ¬Ÿà¿“¬„µâ¢Õ∫‡¢µ·¡à∫∑°“√∫—≠™’‰∑¬´÷Ëß Õ¥§≈âÕß°—∫§«“¡‡ÀÁπ¢ÕßºŸâ —ß‡°µ°“√≥å

®“°§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°≈µ.) ¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“ „π√–À«à“ß°“√æ‘®“√≥“ EITF 85-21 ‡√◊ËÕß

çChanges of Ownership Resulting in a New Basis of Accountingé ÷Ëß¡’§«“¡‡ÀÁπ«à“§«√„™â‡°≥±å¡Ÿ≈§à“µ“¡√“§“∑ÿπ∑’Ë¡’Õ¬Ÿà

”À√—∫∫—π∑÷°∫—≠™’ ‘π∑√—æ¬å ÿ∑∏‘∑’Ë¡’°“√§«∫√«¡√–À«à“ß∫√‘…—∑·¡à°—∫∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑¢Õß·µà≈–ΩÉ“¬

37



∫√‘…—∑œ √—∫√Ÿâº≈µà“ß√–À«à“ß√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ®à“¬´◊ÈÕ ´÷Ëß Ÿß°«à“√“§“®à“¬´◊ÈÕ ‡ªìπ

√“¬°“√ª√—∫ª√ÿß®“°√“¬°“√√«¡°‘®°“√∑’ËÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π ‚¥¬∫√‘…—∑œ · ¥ß‰«â¿“¬„µâ à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈·≈–®–

∑¬Õ¬‚Õπ‡¢â“∫—≠™’°”‰√ – ¡‡¡◊ËÕ∫√‘…—∑¬àÕ¬®à“¬‡ß‘πªíπº≈ À√◊Õ®”Àπà“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«ÕÕ°‰ª

3.11 °“√√—∫√Ÿâ√“¬‰¥â

√“¬‰¥âª√–°Õ∫¥â«¬¡Ÿ≈§à“µ“¡„∫ àß ‘π§â“∑’Ë¢“¬·≈–∫√‘°“√∑’Ë„Àâ‚¥¬‡ªìπ®”π«π‡ß‘π ÿ∑∏‘®“°¿“…’¢“¬ ‡ß‘π§◊π·≈– à«π≈¥ √“¬

‰¥â®“°°“√¢“¬ ‘π§â“√—∫√Ÿâ‡¡◊ËÕ§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π∑’Ë‡ªìπ “√– ”§—≠¢Õß§«“¡‡ªìπ‡®â“¢Õß ‘π§â“‰¥â‚Õπ‰ª¬—ßºŸâ´◊ÈÕ·≈â« √“¬‰¥â

®“°°“√„Àâ∫√‘°“√·°à≈Ÿ°§â“√—∫√Ÿâ‡¡◊ËÕ‰¥â„Àâ∫√‘°“√·°à≈Ÿ°§â“·≈â«

√“¬‰¥â¥Õ°‡∫’È¬√—∫√Ÿâµ“¡‡°≥±å§ß§â“ß

3.12 °“√·ª≈ß§à“‡ß‘πµ√“µà“ßª√–‡∑»

°≈ÿà¡∫√‘…—∑·ª≈ß§à“√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»„Àâ‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡°‘¥√“¬°“√ ·≈–·ª≈ß

§à“ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë„πß∫¥ÿ≈„Àâ‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈

√“¬°“√°”‰√·≈–√“¬°“√¢“¥∑ÿπ∑’Ë‡°‘¥®“°√—∫À√◊Õ®à“¬™”√–∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ·≈–∑’Ë‡°‘¥°“√·ª≈ß§à“ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë

‡ªìπµ—«‡ß‘π¥—ß°≈à“« ‰¥â∫—π∑÷°∑—π∑’„πß∫°”‰√¢“¥∑ÿπ

3.13 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°„π√–À«à“ßªï

3.14 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

‘π∑√—æ¬å∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ≈Ÿ°Àπ’È°“√§â“ ‡ß‘πΩ“°

ª√–®” ·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬ ‡®â“Àπ’È°“√§â“ Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ ·≈–‡ß‘π°Ÿâ¬◊¡ ´÷Ëß

π‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ∑’Ë‡°’Ë¬«¢âÕß °≈ÿà¡∫√‘…—∑‰¡à‰¥â„™â‡§√◊ËÕß¡◊Õ∑“ß°“√

‡ß‘πÕ◊Ëπ‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß®“°°“√º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»·≈–Õ—µ√“¥Õ°‡∫’È¬

3.15 ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°—∫∫√‘…—∑À¡“¬∂÷ß∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡∫√‘…—∑ ∂Ÿ°§«∫§ÿ¡‚¥¬∫√‘…—∑‰¡à«à“ ®–‡ªìπ

‚¥¬∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡ À√◊ÕÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π°—∫∫√‘…—∑ √«¡∂÷ß∫√‘…—∑∑’Ë∑”Àπâ“∑’Ë∂◊ÕÀÿâπ ∫√‘…—∑¬àÕ¬ ·≈–°‘®°“√∑’Ë‡ªìπ

∫√‘…—∑¬àÕ¬„π‡§√◊Õ‡¥’¬«°—π πÕ°®“°π’È∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¬—ßÀ¡“¬√«¡∂÷ß∫√‘…—∑√à«¡·≈–∫ÿ§§≈´÷Ëß∂◊ÕÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß

‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡·≈–¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠°—∫∫√‘…—∑ ºŸâ∫√‘À“√ ”§—≠ °√√¡°“√À√◊Õ æπ—°ß“π¢Õß∫√‘…—∑ µ≈Õ¥∑—Èß

¡“™‘°„π§√Õ∫§√—«∑’Ë„°≈â™‘¥°—∫∫ÿ§§≈¥—ß°≈à“« ·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫∫ÿ§§≈‡À≈à“π—Èπ

„π°“√æ‘®“√≥“§«“¡ —¡æ—π∏å√–À«à“ß∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°—∫∫√‘…—∑·µà≈–√“¬°“√ ∫√‘…—∑§”π÷ß∂÷ß‡π◊ÈÕÀ“¢Õß§«“¡ —¡æ—π∏å

¡“°°«à“√Ÿª·∫∫∑“ß°ÆÀ¡“¬

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

38



3.16 ª√–¡“≥°“√Àπ’È ‘π

°≈ÿà¡∫√‘…—∑®–∫—π∑÷°ª√–¡“≥°“√Àπ’È ‘π‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà¢Õß°“√‡°‘¥¿“√–ºŸ°æ—π„πªí®®ÿ∫—πµ“¡°ÆÀ¡“¬À√◊Õ

®“°°“√Õπÿ¡“πÕ—π‡ªìπº≈ ◊∫‡π◊ËÕß¡“®“°‡Àµÿ°“√≥å„πÕ¥’µ ¿“√–ºŸ°æ—π¥—ß°≈à“«§“¥«à“®– àßº≈„ÀâµâÕß‡°‘¥°“√‰À≈ÕÕ°¢Õß

∑√—æ¬“°√‡æ◊ËÕ®à“¬™”√–¿“√–ºŸ°æ—π·≈–®”π«π∑’ËµâÕß®à“¬ “¡“√∂ª√–¡“≥°“√‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ √“¬®à“¬∑’Ë®–‰¥â√—∫§◊π∫—π∑÷°‡ªìπ

‘π∑√—æ¬å·¬°µà“ßÀ“°°ÁµàÕ‡¡◊ËÕ°“√‰¥â√—∫§◊π§“¥«à“®–‰¥â√—∫Õ¬à“ß·πàπÕπ‡¡◊ËÕ‰¥â®à“¬™”√–ª√–¡“≥°“√Àπ’È ‘π‰ª·≈â«

4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

‡ß‘π ¥ 1,652,139 994,714 428,344

‡ß‘πΩ“°∏π“§“√ª√–‡¿∑®à“¬§◊π‡¡◊ËÕ∑«ß∂“¡ 116,403,698 104,313,310 99,406,987

118,055,837 105,308,024 99,835,331

5 ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

≈Ÿ°Àπ’È°“√§â“ - - 19,004,290

∫√‘…—∑Õ◊Ëπ

≈Ÿ°Àπ’È°“√§â“ 363,565,165 358,558,074 245,638,716

‡™Á§√—∫≈ß«—π∑’Ë≈à«ßÀπâ“ 97,264,048 97,161,218 76,495,849

460,829,213 455,719,292 322,134,565

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (130,436) - (222,248)

≈Ÿ°Àπ’È°“√§â“∫√‘…—∑Õ◊Ëπ - ÿ∑∏‘ 460,698,777 455,719,292 321,912,317

≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß™”√–‰¥â¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

‰¡à‡°‘π 3 ‡¥◊Õπ - - 11,400,253

3 - 6 ‡¥◊Õπ - - 7,491,020

6 - 12 ‡¥◊Õπ - - 113,017

≈Ÿ°Àπ’È°“√§â“∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - - 19,004,290

39



∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

∫√‘…—∑Õ◊Ëπ

‰¡à‡°‘π 3 ‡¥◊Õπ 412,657,887 411,985,576 145,921,684

3 - 6 ‡¥◊Õπ 25,957,534 25,741,765 157,803,761

6 - 12 ‡¥◊Õπ 22,083,356 17,991,951 14,893,735

‡°‘π°«à“ 12 ‡¥◊Õπ 130,436 - 3,515,385

460,829,213 455,719,292 322,134,565

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (130,436) - (222,248)

≈Ÿ°Àπ’È°“√§â“∫√‘…—∑Õ◊Ëπ - ÿ∑∏‘ 460,698,777 455,719,292 321,912,317

6. ‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

«—µ∂ÿ¥‘∫ 68,021,582 68,021,582 66,543,195

«— ¥ÿ ‘Èπ‡ª≈◊Õß 355,805 355,805 476,637

‘π§â“ ”‡√Á®√Ÿª 346,302,141 346,302,141 267,284,023

√«¡ 414,679,528 414,679,528 334,303,855

À—° §à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“ (25,000,000) (25,000,000) -

ÿ∑∏‘ 389,679,528 389,679,528 334,303,855

7. ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

≈Ÿ°Àπ’È°√¡ √√æ“°√ 33,940,690 33,940,690 30,335,670

‡ß‘π¡—¥®”§à“ ‘π§â“ 25,600,000 25,600,000 35,590,000

Õ◊ËπÊ 3,755,612 3,688,362 1,020,543

√«¡ 63,296,302 63,229,052 66,946,213

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

40



8. ‡ß‘πΩ“°ª√–®”∑’Ëµ‘¥¿“√–§È”ª√–°—π≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¡’‡ß‘πΩ“°ª√–®”°—∫∏π“§“√æ“≥‘™¬å·ÀàßÀπ÷Ëß®”π«π‡ß‘πª√–¡“≥ 1.08 ≈â“π∫“∑ (2547 :

0.6 ≈â“π∫“∑) ‰¥âπ”‰ª‡ªìπÀ≈—°∑√—æ¬å‡æ◊ËÕ§È”ª√–°—π‰øøÑ“ ·≈–ß“πµ‘¥µ—Èß„Àâ°—∫≈Ÿ°§â“√“¬Àπ÷Ëß

9. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ‡ß‘π≈ß∑ÿπ∑’Ë· ¥ß„πß∫°“√‡ß‘π¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È

∑ÿπ —¥ à«π ∫“∑

™”√–·≈â« ‡ß‘π≈ß∑ÿπ 2548 2547

(∫“∑) 2548 2547 «‘∏’ à«π‰¥â‡ ’¬ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ «‘∏’√“§“∑ÿπ

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ 10,000,000 100 - 11,922,426 9,999,400 - -

√“¬°“√‡§≈◊ËÕπ‰À«¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∑’Ë· ¥ß„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’√“¬≈–‡Õ’¬¥¥—ß

µàÕ‰ªπ’È

∫“∑

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

¬Õ¥¬°¡“µâπªï -

´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 9,999,400

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 1,923,026

¬Õ¥¬°‰ª ‘Èπªï 11,922,426

41



10. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ß∫°“√‡ß‘π√«¡

∫“∑

Õ“§“√·≈– ‡§√◊ËÕß®—°√ ‡§√◊ËÕßµ°·µàß ß“π√–À«à“ß

∑’Ë¥‘π ‘Ëßª≈Ÿ° √â“ß ·≈–Õÿª°√≥å ·≈–‡§√◊ËÕß„™â ¬“πæ“Àπ– °àÕ √â“ß √«¡

‚√ßß“π ”π—°ß“π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

√“§“∑ÿπ 81,933,585 46,379,091 133,163,132 6,037,049 35,008,475 40,418,657 342,939,989

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ - (9,071,761) (32,384,988) (4,563,130) (16,496,242) - (62,516,121)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

√“¬°“√√–À«à“ßªï ‘Èπ ÿ¥

«—π∑’Ë 31 ∏—π«“§¡ 2548

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µâπªï 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

∫«° ‘π∑√—æ¬å‰¥â¡“®“°

°“√´◊ÈÕ°‘®°“√- ÿ∑∏‘ - - 6,479 78,743 1,001,086 - 1,086,308

∫«° ◊ÈÕ ‘π∑√—æ¬å 5,392,000 540,673 92,952,693 2,331,046 12,435,514 154,974,609 268,626,535

À—° ®”Àπà“¬ ‘π∑√—æ¬å (2,712,923) (1,235,273) - - - - (3,948,196)

À—° §à“‡ ◊ËÕ¡√“§“ - (2,297,509) (27,246,903) (718,502) (6,416,529) - (36,679,443)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ‘Èπªï 84,612,662 34,315,221 166,490,413 3,165,206 25,532,304 195,393,266 509,509,072

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

√“§“∑ÿπ 84,612,662 45,559,489 226,123,825 8,469,789 48,904,737 195,393,266 609,063,768

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ - (11,244,268) (59,633,412) (5,304,583) (23,372,433) - (99,554,696)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 84,612,662 34,315,221 166,490,413 3,165,206 25,532,304 195,393,266 509,509,072

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

√“§“∑ÿπ 81,933,585 46,379,091 133,163,132 6,037,049 35,008,475 40,418,657 342,939,989

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ - (9,071,761) (32,384,988) (4,563,130) (16,496,242) - (62,516,121)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

√“¬°“√√–À«à“ßªï ‘Èπ ÿ¥

«—π∑’Ë 31 ∏—π«“§¡ 2548

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µâπªï 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

∫«° ´◊ÈÕ ‘π∑√—æ¬å 5,392,000 540,673 92,952,693 2,331,046 12,435,514 154,974,609 268,626,535

À—° ®”Àπà“¬ ‘π∑√—æ¬å (2,712,923) (1,235,273) - - - - (3,948,196)

À—° §à“‡ ◊ËÕ¡√“§“ - (2,297,509) (27,245,303) (698,163) (6,124,379) - (36,365,354)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ‘Èπªï 84,612,662 34,315,221 166,485,534 3,106,802 24,823,368 195,393,266 508,736,853

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

√“§“∑ÿπ 84,612,662 45,559,489 226,115,825 8,368,095 47,443,989 195,393,266 607,493,326

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ - (11,244,268) (59,630,291) (5,261,293) (22,620,621) - (98,756,473)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 84,612,662 34,315,221 166,485,534 3,106,802 24,823,368 195,393,266 508,736,853

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

42



∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß„πß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ¡Ÿ≈§à“ 112.7 ≈â“π∫“∑ (2547 : ‰¡à¡’) ‰¥â∂Ÿ°®¥®”πÕß‰«â

‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π«ß‡ß‘π‡∫‘°‡°‘π∫—≠™’ (À¡“¬‡Àµÿ 11) ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (À¡“¬‡Àµÿ 14)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑¡’ ‘π∑√—æ¬å∂“«√´÷Ëß‰¥â§‘¥§à“‡ ◊ËÕ¡√“§“ – ¡‰«â·≈â«‡µÁ¡®”π«π·µà¬—ß„™âß“πÕ¬Ÿà

‚¥¬ ‘π∑√—æ¬å¥—ß°≈à“«¡’√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 39.1 ≈â“π∫“∑ ·≈– 40.0 ≈â“π∫“∑µ“¡≈”¥—∫

11. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

‡ß‘π‡∫‘°‡°‘π∫—≠™’ - - -

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π - - 100,000,000

√«¡ - - 100,000,000

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¡’‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ°—∫∏π“§“√æ“≥‘™¬å·ÀàßÀπ÷Ëß„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ®”π«π‡ß‘π 100

≈â“π∫“∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 2.5 µàÕªï ´÷Ëß§√∫°”Àπ¥™”√–§◊π„π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2548

∫√‘…—∑¡’«ß‡ß‘π‡∫‘°‡°‘π∫—≠™’®“°∏π“§“√æ“≥‘™¬å Õß·Ààß√«¡ 55 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547: ‰¡à¡’) «ß‡ß‘π‡∫‘°‡°‘π∫—≠™’¥—ß

°≈à“« ¡’Õ—µ√“¥Õ°‡∫’È¬ MOR µàÕªï ∫√‘…—∑¡’«ß‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ„π√Ÿª¢Õßµ—Î« —≠≠“„™â‡ß‘π®”π«π 120 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 :

µ—Î« —≠≠“„™â‡ß‘π·≈–µ—Î«·≈°‡ß‘π ®”π«π 100 ≈â“π∫“∑·≈– 150 ≈â“π∫“∑) ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 2.5 µàÕªï ·≈–√âÕ¬≈– 4.5

µàÕªïµ“¡≈”¥—∫ (31 ∏—π«“§¡ 2547 : Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 2.5 µàÕªï) ·≈–∫√‘…—∑¡’«ß‡ß‘π‡≈µ‡µÕ√åÕÕø‡§√¥‘µ ·≈–∑√— µå√’´’∑√«¡

®”π«π 100 ≈â“π∫“∑

«ß‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π §È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß (À¡“¬‡Àµÿ

10) ·≈–°√√¡°“√¢Õß∫√‘…—∑

12. Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ - ÿ∑∏‘∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ 82,238,169 81,803,588 2,452,623

À—° ¥Õ°‡∫’È¬‡™à“´◊ÈÕ√Õµ—¥∫—≠™’ (10,184,589) (10,138,019) (175,294)

√«¡ 72,053,580 71,665,569 2,277,329

À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (19,369,626) (19,095,736) (853,358)

Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“´◊ÈÕ - ÿ∑∏‘ 52,683,954 52,569,833 1,423,971

43



13. Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

‡ß‘π¡—¥®”√—∫≈à«ßÀπâ“ 26,816,575 26,375,343 3,224,524

¿“…’¡Ÿ≈§à“‡æ‘Ë¡§â“ß®à“¬ 373,639 315,299 1,668,623

Õ◊ËπÊ 3,176,859 2,696,765 1,579,322

30,367,073 29,387,407 6,472,469

14. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π - ÿ∑∏‘∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π 230,000,000 230,000,000 1,691,905

À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (31,000,000) (31,000,000) (640,875)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π- ÿ∑∏‘ 199,000,000 199,000,000 1,051,030

°“√‡ª≈’Ë¬π·ª≈ß¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 “¡“√∂«‘‡§√“–Àå‰¥â¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

√“§“µ“¡∫—≠™’µâπªï 1,691,905 1,691,905

°Ÿâ‡æ‘Ë¡√–À«à“ßªï 230,000,000 230,000,000

®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–À«à“ßªï (1,691,905) (1,691,905)

√“§“µ“¡∫—≠™’ ‘Èπªï 230,000,000 230,000,000

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π Õß·Ààß ‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π·≈–°àÕ √â“ß§≈—ß ‘π§â“ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√

®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß (À¡“¬‡Àµÿ 10) ‘∑∏‘°“√‡™à“∑’Ë¥‘π ·≈–°√√¡°“√∫√‘…—∑

15. ∑ÿπ‡√◊ÕπÀÿâπµ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 9 ¡‘∂ÿπ“¬π 2547 ·≈–«—π∑’Ë 10 °√°Æ“§¡ 2547 ¢Õß∫√‘…—∑ ¡’¡µ‘‡ÀÁπ™Õ∫„Àâ‡æ‘Ë¡

∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 6,000,000 ∫“∑ (À°≈â“π∫“∑) ‡ªìπ 100,000,000 ∫“∑ (Àπ÷Ëß√âÕ¬≈â“π∫“∑) ‚¥¬®¥∑–‡∫’¬π‡ªìπÀÿâπ “¡—≠

™π‘¥‡¥’¬«°—π‡ªìπ®”π«π 1,000,000 Àÿâπ (Àπ÷Ëß≈â“πÀÿâπ) ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 100 ∫“∑ (Àπ÷Ëß√âÕ¬∫“∑) ∫√‘…—∑‰¥â®¥∑–‡∫’¬π°“√

‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 19 °√°Æ“§¡ 2547

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

44



µ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 23 µÿ≈“§¡ 2547 ·≈–«—π∑’Ë 8 æƒ»®‘°“¬π 2547 ¢Õß∫√‘…—∑ ¡’¡µ‘‡ÀÁπ™Õ∫„Àâ‡æ‘Ë¡

∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 100,000,000 ∫“∑ (Àπ÷Ëß√âÕ¬≈â“π∫“∑) ‡ªìπ 300,000,000 ∫“∑ ( “¡√âÕ¬≈â“π∫“∑) ‚¥¬®¥∑–‡∫’¬π‡ªìπÀÿâπ

“¡—≠™π‘¥‡¥’¬«°—π‡ªìπ®”π«π 3,000,000 Àÿâπ ( “¡≈â“πÀÿâπ) ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 100 ∫“∑ (Àπ÷Ëß√âÕ¬∫“∑) ∫√‘…—∑‰¥â®¥∑–‡∫’¬π

°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 19 æƒ»®‘°“¬π 2547

µ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 30 ∏—π«“§¡ 2547 ·≈–«—π∑’Ë 17 ¡°√“§¡ 2548 ¢Õß∫√‘…—∑ ¡’¡µ‘‡ÀÁπ™Õ∫„Àâ‡æ‘Ë¡

∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 300,000,000 ∫“∑ ( “¡√âÕ¬≈â“π∫“∑) ‡ªìπ 400,000,000 ∫“∑ ( ’Ë√âÕ¬≈â“π∫“∑) ‚¥¬®¥∑–‡∫’¬π‡ªìπÀÿâπ

“¡—≠™π‘¥‡¥’¬«°—π‡ªìπ®”π«π 4,000,000 Àÿâπ ( ’Ë≈â“πÀÿâπ) ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 100 ∫“∑ (Àπ÷Ëß√âÕ¬∫“∑) ∫√‘…—∑‰¥â®¥∑–‡∫’¬π°“√

‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 27 ¡°√“§¡ 2548

µ“¡¡µ‘∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑‡¡◊ËÕ«—π∑’Ë 17 ¡’π“§¡ 2548 ¡’¡µ‘„Àâ·ª≈ß¡Ÿ≈§à“Àÿâπ¢Õß∫√‘…—∑®“°¡Ÿ≈§à“∑’Ëµ√“‰«â Àÿâπ≈–

100 ∫“∑ ‡ªìπ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ¿“¬À≈—ß®“°°“√·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“« ∑ÿπ®¥∑–‡∫’¬π∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â«®–‡ª≈’Ë¬π®“°

®”π«π 4,000,000 Àÿâπ ‡ªìπ 400,000,000 Àÿâπ ∫√‘…—∑‰¥âπ”¡µ‘·°â‰¢π’È‰ª®¥∑–‡∫’¬π°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 23 ¡’π“§¡ 2548

µ“¡¡µ‘∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑‡¡◊ËÕ«—π∑’Ë 17 ¡’π“§¡ 2548 ¡’¡µ‘‡ÀÁπ™Õ∫„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 400,000,000

∫“∑ ‡ªìπ 500,000,000 ∫“∑ ‚¥¬®¥∑–‡∫’¬π‡ªìπÀÿâπ “¡—≠™π‘¥‡¥’¬«°—π‡ªìπ®”π«π 500,000,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑

∫√‘…—∑‰¥â®¥∑–‡∫’¬π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 23 ¡’π“§¡ 2548

∫√‘…—∑‰¥âÕÕ°®”Àπà“¬Àÿâπ “¡—≠µàÕ∫ÿ§§≈∑—Ë«‰ª®”π«π 100,000,000 Àÿâπ„π√“§“Àÿâπ≈– 3.50 ∫“∑ ‚¥¬¿“¬À≈—ß®“°°“√ÕÕ°

Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ∫√‘…—∑®–¡’∑ÿπ‡√◊ÕÀÿâπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â«‡æ‘Ë¡¢÷Èπ®”π«π 100,000,000 ∫“∑ ·≈–¡’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠

ÿ∑∏‘®“°µâπ∑ÿπ°“√®—¥®”Àπà“¬Àÿâπ¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®”π«π 239,500,000 ∫“∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 Àÿâπ “¡—≠®¥∑–‡∫’¬π∑—ÈßÀ¡¥¡’¡Ÿ≈§à“∑—Èß ‘Èπ 500,000,000 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠ 500,000,000 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (31 ∏—π«“§¡ 2547 : 300,000,000 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠®”π«π 3,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 100 ∫“∑)

·≈–¡’Àÿâπ “¡—≠∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â«¡’®”π«π 500,000,000 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠®”π«π 500,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(31 ∏—π«“§¡ 2547 : 300,000,000 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠ 3,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 100 ∫“∑) ∫√‘…—∑¡’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠

ÿ∑∏‘®“°µâπ∑ÿπ°“√®—¥®”Àπà“¬Àÿâπ¥—ß°≈à“«®”π«π 239,500,000 ∫“∑ (31 ∏—π«“§¡ 2547 : ‰¡à¡’)

16. ”√Õßµ“¡°ÆÀ¡“¬µ“¡æ√–√“™∫—≠≠—µ‘¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑µâÕß®—¥ √√∑ÿπ ”√ÕßÕ¬à“ßπâÕ¬√âÕ¬≈– 5 ¢Õß°”‰√ª√–®”ªïÀ≈—ßÀ—°º≈

¢“¥∑ÿπ – ¡µâπªï (∂â“¡’) ®π°«à“∑ÿπ ”√Õß¥—ß°≈à“«¡’®”π«π‡∑à“°—∫√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π∑ÿπ ”√Õßπ’È‰¡àÕ“®π”‰ª®à“¬‡ªìπ

‡ß‘πªíπº≈‰¥â

45



17. °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2547

°”‰√ ÿ∑∏‘ ”À√—∫ªï (∫“∑) 78,407,101 49,671,287

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

∑’ËÕÕ°®”Àπà“¬√–À«à“ßªï (Àÿâπ) 455,514,075 100,557,914

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π (∫“∑) 0.17 0.49

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ”À√—∫ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑‰¥â§”π«≥¢÷Èπ

„À¡à ‡æ◊ËÕ„Àâ “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â°—∫°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π¢Õßªïªí®®ÿ∫—π

18. °”‰√®“°°“√¥”‡π‘πß“π√“¬°“√∫“ß√“¬°“√∑’Ë√«¡Õ¬Ÿà„π°“√§”π«≥°”‰√®“°°“√¥”‡π‘πß“π “¡“√∂π”¡“·¬°µ“¡≈—°…≥–‰¥â¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑» 562,903 562,903 928,683

(°≈—∫√“¬°“√)Àπ’È ß —¬®– Ÿ≠ (91,812) (222,248) 222,248

§à“‡ ◊ËÕ¡√“§“∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å 36,679,443 36,365,354 11,641,288

§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π 63,776,024 62,039,173 27,617,280

19. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π∫√‘…—∑¥”‡π‘π∏ÿ√°‘®À≈—°„π∏ÿ√°‘®°“√·ª√√Ÿª·≈–®”Àπà“¬ ‡À≈Á°·ºàπ√’¥‡¬Áπ ‡À≈Á°°≈â“·√ß¥÷ß Ÿß™ÿ∫ —ß°– ’ ‡À≈Á°‡§≈◊Õ∫‡§¡’¥â«¬

‰øøÑ“ ‡À≈Á°‚§√ß§√à“«‡æ¥“π·≈–ºπ—ß ·ºàπÀ≈—ß§“·≈–ºπ—ß‡À≈Á°‡§≈◊Õ∫ ’ ∫√‘…—∑ª√–°Õ∫°‘®°“√„π à«πß“π∑“ß∏ÿ√°‘®§◊Õ°“√º≈‘µ

·≈–®—¥®”Àπà“¬ ·≈–√—∫®â“ßµ—¥ ·≈–¥”‡π‘π∏ÿ√°‘®„π à«πß“π∑“ß¿Ÿ¡‘»“ µ√å‚¥¬®”Àπà“¬ ‘π∑√—æ¬åª√–‡¿∑‡¥’¬«°—π∑—Èß„πª√–‡∑»·≈–

µà“ßª√–‡∑» ¥—ßπ—Èπ√“¬°“√∑“ß°“√‡ß‘π∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷ß‡°’Ë¬«¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡‘»“ µ√åµ“¡

∑’Ë°≈à“«¢â“ßµâπ‡π◊ËÕß®“°º≈‘µ¿—≥±å‰¡àµà“ß°—π·¡â®–®”Àπà“¬„π‡¢µ¿Ÿ¡‘»“ µ√åµà“ß°—π ¥—ßπ—Èπ À≈—°‡°≥±å„π°“√®”·π°µ“¡ à«πß“π®–

‡°‘¥®“°°“√®”·π°√“¬‰¥âµ“¡‡¢µ¿Ÿ¡‘»“ µ√å·≈–º≈‘µ¿—≥±å‡ªìπÀ≈—°

√“¬‰¥â·≈–§à“„™â®à“¬®”·π°µ“¡ à«πß“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

46



∫“∑

®—¥ ∫√‘…—∑¬àÕ¬

®”Àπà“¬‡À≈Á° √—∫®â“ßµ—¥‡À≈Á° √«¡ √—∫®â“ßµ‘¥µ—Èß √“¬°“√µ—¥∫—≠™’ √«¡

¢“¬„πª√–‡∑» 2,276,704,691 - 2,276,704,691 18,402,557 (712,492) 2,294,394,756

¢“¬µà“ßª√–‡∑» 27,930,559 - 27,930,559 - - 27,930,559

√«¡ 2,304,635,250 - 2,304,635,250 18,402,557 (712,492) 2,322,325,315

À—° à«π≈¥·≈–√—∫§◊π (10,825,619) - (10,825,619) (73) - (10,825,692)

√“¬‰¥â®“°°“√¢“¬ ‘π§â“·≈–

∫√‘°“√ - ÿ∑∏‘ 2,293,809,631 - 2,293,809,631 18,402,484 (712,492) 2,311,499,623

µâπ∑ÿπ¢“¬·≈–∫√‘°“√ (2,036,815,282) (13,892,583) 712,492 (2,049,995,373)

°”‰√¢—Èπµâπ 256,994,349 4,509,901 - 261,504,250

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ

„π∫√‘…—∑¬àÕ¬ 1,923,026 - (1,923,026) -

√“¬‰¥âÕ◊Ëπ 2,270,979 7,547 (80,479) 2,198,047

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ (137,892,338) (1,550,959) 80,479 (139,362,818)

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–

¿“…’‡ß‘π‰¥â 123,296,016 2,966,489 (1,923,026) 124,339,479

¥Õ°‡∫’È¬®à“¬ (13,329,478) (57,873) - (13,387,351)

¿“…’‡ß‘π‰¥â (31,558,837) (985,590) - (32,544,427)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 78,407,701 1,923,026 (1,923,026) 78,407,70

√“¬‰¥â·≈–§à“„™â®à“¬®”·π°µ“¡ à«πß“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ª√–°Õ∫¥â«¬

∫“∑

®—¥®”Àπà“¬‡À≈Á° √—∫®â“ßµ—¥‡À≈Á° √«¡

¢“¬„πª√–‡∑» 1,605,049,358 23,965,467 1,629,014,825

¢“¬µà“ßª√–‡∑» 37,091,441 - 37,091,441

√«¡ 1,642,140,799 23,965,467 1,666,106,266

À—° à«π≈¥·≈–√—∫§◊π (4,254,124) - (4,254,124)

√«¡√“¬‰¥â®“°°“√¢“¬ ‘π§â“·≈–∫√‘°“√ - ÿ∑∏‘ 1,637,886,675 23,965,467 1,661,852,142

µâπ∑ÿπ¢“¬·≈–∫√‘°“√ (1,541,561,679)

°”‰√¢—Èπµâπ 120,290,463

√“¬‰¥âÕ◊Ëπ 1,014,874

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ (49,023,002)

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â 72,282,335

¥Õ°‡∫’È¬®à“¬ (364,423)

¿“…’‡ß‘π‰¥â (22,246,625)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 49,671,287

47



20. √“¬°“√°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

20.1 ≈—°…≥–§«“¡ —¡æ—π∏å

„π√–À«à“ßªï 2548 ∫√‘…—∑¡’°“√‡ª≈’Ë¬π·ª≈ß‚§√ß √â“ßºŸâ∫√‘À“√¢Õß∫√‘…—∑ ∑”„Àâ§«“¡ —¡æ—π∏å¢Õß∫√‘…—∑ ·≈–

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ª≈’Ë¬π·ª≈ß‰ª¥—ßπ’È

≈—°…≥–§«“¡ —¡æ—π∏å

2548 2547

∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ ∂◊ÕÀÿâπ‚¥¬∫√‘…—∑ 100% ∂◊ÕÀÿâπ‚¥¬°√√¡°“√∫√‘…—∑

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ ∂◊ÕÀÿâπ‚¥¬°√√¡°“√∫√‘…—∑ ∂◊ÕÀÿâπ‚¥¬°√√¡°“√∫√‘…—∑

∫√‘…—∑ ‡æ‘Ë¡™—¬æ“≥‘™¬å ®”°—¥ ≠“µ‘ π‘∑¢Õß°√√¡°“√ ≠“µ‘ π‘∑¢Õß°√√¡°“√

∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π

π“¬«’√–™—¬ ÿ∏’√™—¬ - ≠“µ‘ π‘∑¢Õß°√√¡°“√

π“¬™Ÿ‡°’¬√µ‘ ¬ß«ß»å‰æ∫Ÿ≈¬å °√√¡°“√ °√√¡°“√

π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å °√√¡°“√ °√√¡°“√

√“¬°“√√–À«à“ß°‘®°“√À√◊Õ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π ¡’π‚¬∫“¬°“√§‘¥√“§“¥—ßπ’È

* °“√´◊ÈÕ¢“¬ ‘π§â“·≈–∫√‘°“√√–À«à“ß∫√‘…—∑ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π§‘¥√“§“„°≈â‡§’¬ß°—∫√“§“∑’Ë§‘¥·°à∫ÿ§§≈¿“¬πÕ°

„π√–À«à“ßªï 2547 ∫√‘…—∑‰¥â¡’°“√‡ª≈’Ë¬π·ª≈ß‚§√ß √â“ßºŸâ∫√‘À“√¢Õß∫√‘…—∑ ∑”„Àâ§«“¡ —¡æ—π∏å¢Õß∫√‘…—∑°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

Õ’° 4 ∫√‘…—∑ §◊Õ ∫√‘…—∑ §Õ ‚¡‡√§√’‡Õ™—Ëπ ®”°—¥, ∫√‘…—∑ ‘π∏’√™—¬ ®”°—¥, ∫√‘…—∑ ‡Õ‡´’¬‡¡∑—≈ ®”°—¥ (¡À“™π), ·≈–∫√‘…—∑ µ’≈

‡´Áπ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ ‰¥â‡ª≈’Ë¬π‡ªìπ∫√‘…—∑Õ◊Ëπ

20.2 ¬Õ¥§ß‡À≈◊Õ√–À«à“ß∫√‘…—∑ ∫ÿ§§≈·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

¬Õ¥§ß‡À≈◊Õ√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¡’¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

≈Ÿ°Àπ’È°“√§â“

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 19,004,290

‡®â“Àπ’È°“√§â“

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 36,525,326

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

48



∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

‡®â“Àπ’È´◊ÈÕ∑’Ë¥‘π ·≈–‡§√◊ËÕß®—°√

π“¬«’√–™—¬ ÿ∏’√™—¬ - - 62,501,380

π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å - - 2,125,435

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ - - 1,273,835

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 41,771,450

- - 107,672,100

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π

π“¬™Ÿ‡°’¬√µ‘ ¬ß«ß»å‰æ∫Ÿ≈¬å - - -

°“√‡ª≈’Ë¬π·ª≈ß¢Õß‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 “¡“√∂«‘‡§√“–Àå‰¥â

¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

- π“¬™Ÿ‡°’¬√µ‘ ¬ß«ß»å‰æ∫Ÿ≈¬å

(Õ—µ√“¥Õ°‡∫’È¬ 2.5% µàÕªï)

√“§“µ“¡∫—≠™’µâπªï - -

°Ÿâ¬◊¡‡æ‘Ë¡√–À«à“ßªï 265,000,000 265,000,000

®à“¬™”√–√–À«à“ßªï (265,000,000) (265,000,000)

√“§“µ“¡∫—≠™’ ‘Èπªï - -

20.2 √“¬‰¥â·≈–§à“„™â®à“¬√–À«à“ß∫√‘…—∑°—∫∫ÿ§§≈·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

√“¬‰¥â·≈–§à“„™â®à“¬√–À«à“ß∫√‘…—∑°—∫∫ÿ§§≈·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈–

2547 ¡’¥—ßπ’È

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

√“¬‰¥â®“°°“√¢“¬ ‘π§â“

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ - 712,492 -

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 11,298,113

∫√‘…—∑ ‘π∏’√™—¬ ®”°—¥ - - 45,376,448

∫√‘…—∑ µ’≈‡´Áπ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ - - 46,860,602

∫√‘…—∑ ‡æ‘Ë¡™—¬æ“≥‘™¬å ®”°—¥ 39,982,536 39,982,536 57,934,842

∫√‘…—∑ ‡æ‘Ë¡ À“¬ µ’≈ ®”°—¥ - - 1,874,532

39,982,536 40,695,028 163,344,537

49



∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2548 2547

√“¬‰¥â∫√‘°“√

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 23,302,455

- - 23,302,455

√“¬‰¥âÕ◊Ëπ

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ - 80,479 -

- 80,479 -

´◊ÈÕ ‘π§â“ «—µ∂ÿ¥‘∫ ·≈– ∫√‘°“√

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 56,317,073

∫√‘…—∑ ‘π∏’√™—¬ ®”°—¥ - - 107,715,082

∫√‘…—∑ µ’≈‡´Áπ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ - - 19,421,230

∫√‘…—∑ ‡æ‘Ë¡™—¬‡∑√¥ ®”°—¥ - - 10,274,195

∫√‘…—∑ ‡æ‘Ë¡™—¬æ“≥‘™¬å ®”°—¥ 112,561,583 112,561,583 63,546,082

∫√‘…—∑ ‡Õ‡™’¬ ‡¡∑—≈ ®”°—¥ (¡À“™π) - - 65,552,995

112,561,583 112,561,583 322,826,657

´◊ÈÕ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å

∫√‘…—∑ ¬“¡§—≈‡≈Õ√å™’∑ ®”°—¥ - - 51,205,675

∫√‘…—∑ µ’≈‡´Áπ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ - - 21,855,000

∫√‘…—∑ ‡Õ . ’. µ’≈‡«Õ√å§ ®”°—¥ - - 1,273,232

∫√‘…—∑ §Õ ‚¡‡√§√’‡Õ™—Ëπ ®”°—¥ - - 59,760,000

π“¬«’√–™—¬ ÿ∏’√™—¬ - - 64,326,500

π“¬™Ÿ™’æ ¬ß«ß»å‰æ∫Ÿ≈¬å - - 2,160,000

- - 200,580,407

¥Õ°‡∫’È¬®à“¬

π“¬™Ÿ‡°’¬√µ‘ ¬ß«ß»å‰æ∫Ÿ≈¬å 1,634,932 1,634,932 -

21. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ‡¡◊ËÕ«—π∑’Ë 18 °ÿ¡¿“æ—π∏å 2548 ∫√‘…—∑‰¥â®—¥µ—Èß‡ß‘π°Õß∑ÿπ ”√Õß‡≈’È¬ß™’ææπ—°ß“πµ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß

‡≈’È¬ß™’æ æ.». 2530 µ“¡√–‡∫’¬∫°Õß∑ÿπ ∫√‘…—∑·≈–æπ—°ß“πµâÕß®à“¬‡ß‘π ¡∑∫·≈–‡ß‘π – ¡‡¢â“°Õß∑ÿππ’È‡ªìπ√âÕ¬≈–¢Õß‡ß‘π‡¥◊Õπ

æπ—°ß“π¥â«¬®”π«π∑’Ë‡∑à“°—π ∫√‘…—∑‰¥â·µàßµ—ÈßºŸâ®—¥°“√°Õß∑ÿπ ‡æ◊ËÕ∫√‘À“√°Õß∑ÿπ„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥¢Õß°Æ°√–∑√«ß©∫—∫∑’Ë 2

(æ.». 2532) ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530

∫√‘…—∑®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘π 0.6 ≈â“π∫“∑

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

50



22. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π°) π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π

°≈ÿà¡∫√‘…—∑¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬ ·≈–°≈ÿà¡∫√‘…—∑‰¡à‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π∫√‘À“√§«“¡‡ ’Ë¬ß

¥—ß°≈à“«

°≈ÿà¡∫√‘…—∑‰¡à¡’π‚¬∫“¬ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“

¢) §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬

°≈ÿà¡∫√‘…—∑¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡π◊ËÕß®“°¡’‡ß‘πΩ“°·≈–¡’Àπ’È ‘π°—∫ ∂“∫—π°“√‡ß‘π Õ¬à“ß‰√°Áµ“¡ °≈ÿà¡∫√‘…—∑‡™◊ËÕ«à“

§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥„πÕπ“§µ®–‰¡à àßº≈°√–∑∫Õ¬à“ß‡ªìπ “√– ”§—≠µàÕº≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥

¢Õß°‘®°“√ ¥—ßπ—Èπ°≈ÿà¡∫√‘…—∑®÷ß¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«

§) §«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ

°≈ÿà¡∫√‘…—∑¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫≈Ÿ°§â“ Õ¬à“ß‰√°Áµ“¡‡π◊ËÕß®“° °≈ÿà¡∫√‘…—∑¡’∞“π¢Õß≈Ÿ°§â“∑’ËÀ≈“°À≈“¬

·≈–¡’®”π«π¡“°√“¬ ¥—ßπ—Èπ°≈ÿà¡∫√‘…—∑®÷ß‰¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬Õ¬à“ß‡ªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È®“°≈Ÿ°Àπ’È‡À≈à“π—Èπ

°≈ÿà¡∫√‘…—∑‰¥âª√–¡“≥§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ‚¥¬Õ“»—¬°“√ª√–‡¡‘πº≈¢ÕßΩÉ“¬∫√‘À“√‡°’Ë¬«°—∫§«“¡ “¡“√∂„π°“√®à“¬™”√–Àπ’È¢Õß

≈Ÿ°Àπ’È∑’Ë§ß§â“ßÕ¬Ÿà ≥ «—π ‘Èπªï

ß) ¡Ÿ≈§à“¬ÿµ‘∏√√¡

√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π Õ—π‰¥â·°à ‡ß‘π ¥ ·≈–‡ß‘πΩ“°∏π“§“√ ≈Ÿ°Àπ’È·≈–‡®â“Àπ’È°“√§â“ ≈Ÿ°Àπ’È

·≈–‡®â“Àπ’ÈÕ◊Ëπ ·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π¡’¡Ÿ≈§à“„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

23. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ

°) Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¡’Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√

‡æ◊ËÕ§È”ª√–°—π°“√®à“¬™”√–§à“„™â‰øøÑ“·≈–√–∫∫ “∏“√≥Ÿª‚¿§¢Õß∫√‘…—∑‡ªìπ®”π«π 890,000 ∫“∑

‡æ◊ËÕ§È”ª√–°—πß“πµ‘¥µ—Èß ”À√—∫≈Ÿ°§â“√“¬Àπ÷Ëß√–¬–‡«≈“ 5 ªï ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 17 ¡’π“§¡ 2548 ‘Èπ ÿ¥«—π∑’Ë 16 ¡’π“§¡

2553 ®”π«π 139,560 ∫“∑

¢) —≠≠“‡™à“∑’Ë¥‘π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¡’ —≠≠“‡™à“∑’Ë¥‘π®”π«π 3 —≠≠“°—∫∫ÿ§§≈Õ◊Ëπ ‡æ◊ËÕ„™â‡ªìπ ∂“π∑’Ëª≈Ÿ° √â“ßÕ“§“√ ”π—°ß“π

‚°¥—ß‡°Á∫æ—° ‘π§â“ „πÕ—µ√“§à“‡™à“√«¡ ”À√—∫ 3 —≠≠“‡ªìπ®”π«π‡ß‘π 103,217 ∫“∑µàÕ‡¥◊Õπ ‘∑∏‘°“√‡™à“¥—ß°≈à“«¢â“ßµâπµ‘¥¿“√–

§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (À¡“¬‡Àµÿ 14)

24. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘πß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑π’È‰¥â√—∫Õπÿ¡—µ‘®“°§≥–°√√¡°“√¢Õß∫√‘…—∑·≈â«

51



PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED AND SUBSIDIARY

(FORMERLY KNOWN AS çPERMSIN STEEL WORKS COMPANY LIMITEDé)

∫√‘…—∑ ‡æ‘Ë¡ ‘π µ’≈‡«‘§ å ®”°—¥ (¡À“™π)

52



Financial Highlights

(Unit : million Baht)

2548 +/-(%) 2547 +/-(%) 2546 +/-(%)

Balance Sheet

Current Assests 1,041.73 + 23.72 842.00 + 121.01 380.98

Total Assests 1,553.28 + 37.50 1,129.68 + 163.35 428.96

Current Liabilities 420.16 - 45.26 767.62 + 87.80 408.74

Total Liabilities 671.84 - 12.76 770.09 + 86.44 413.05

Shareholdersû Equity 881.44 + 145.13 359.58 + 2,160 15.91

Income Statement

Revenue from sales 2,293.09 + 40.00 1,637.89 + 36.33 1,201.44

Total Revenue 2,313.69 + 39.14 1,662.87 + 37.27 1,215.09

Cost of goods sales 2,050.00 + 24.80 1,541.56 + 32.15 1,166.49

Genneral and Administrative Expenses 139.36 + 64.82 49.02 + 26.93 38.62

Interest Expense 13.39 + 3,619 0.36 + 414.29 0.07

Gross Profit 263.69 + 48.60 121.31 + 59.94 48.60

Tax 32.54 + 4.07 22.25 + 446.68 4.07

Net Profut 78.40 + 5.84 49.68 + 88.24 5.84

Financial Ratio

Cerrent Ratio (Times) 2.48 + 126.03 1.10 + 17.68 0.93

Debt to Equity Ratio (Times) 0.76 - 64.38 2.14 - 91.76 25.96

Gross Profit Margin (%) 11.40 + 57.41 7.24 + 82.37 3.97

Net Profit Margin (%) 3.39 + 10.78 3.06 + 524.49 0.49

Returm On Assest (%) 0.08 14.39 0.07 + 133.33 0.03

Book Value per Share (Baht) 1.77 + 47.50 1.2 - 54.72 2.65

Earnings per Share (Baht) 0.17 - 65.31 0.49 - 99.49 97.47

53



Chairmanûs Messages

To Shareholders

In 2005, there has been significance change in Permsin Steel Works Public Company Limited. The success of

securities listing of Permsin Steel Works Public Company Limited on the Stock Exchange of Thailand will provide a

platform from which to pursue further growth, promote companyûs operations and quality standards in accordance

with laws and regulations of a public company. I believed this significance change will support the growth of the

company abundantly and created appropriate returns to all shareholders.

In 2005, the company has successfully achieved its business operations when compared to the past. The

company has increased sales revenues from 1,637.89 million Baht in 2004 to 2,293.10 million Baht in 2005 or an

increase of 40%. While net profits increased from 49.67 million Baht in 2004 to 78.41 million Baht in 2005 or an increase

of 58%. The growth is due to the rapid expansion of the company. Nevertheless, the company has directed strategies

to further growth. By increased capital and registered in the Stock Exchange of Thailand, the company has capital

of 881.44 million Baht to facilitate future assets expansions.

There are two main operating types of businesses under the companyûs current operation models, which are

transformations and distributions of cold rolled steel and manufactures and distributions of roll foaming metal sheet.

The distributions of cold rolled steel and roll foaming metal sheet decreased the fluctuations of companyûs profits. In

the past, cold rolled steel, which was the companyûs main products, has higher price fluctuations. The expansion of

roll foaming metal sheet distributions provides less price fluctuations for raw materials. The above mentioned has been

followed in accordance with companyûs growth ambitions that focused on spreading of raw materials priceûs

fluctuations. Also, the companyûs expansion into new industries will provide further growth of profits and in marketing

aspects. I believed the companyûs strategic will have high outcome for all shareholders.

Finally, I would like to take this opportunity to extend my appreciation to our shareholders, customers, suppliers

and employees for their dedications and commitments to the success of Permsin Steel Works Public Company

Limited. On behalf of the management, I will dedicate my time and sole in managing the company with my full

efforts for our success future.

Mr. Chukiat Yongvongphaibul

Chief Executive Office

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54



The Audit Committeeûs Report

The Audit Committee of Permsin Steel Works Public Company Limited consisted of 3 directors, which are

General Montri Supaporn Police Major General Sahaschai Indrasukhri and Mr.Khan Akaworawit Each is an

independent director who has the complete qualifications as specified by the Stock Exchange of Thailand. Mr. Khan

Akaworawit has the knowledge and experience in accounting and finance.

In 2005, the Audit Committee has held 3 meetings. Each meeting consists of audit directors, companyûs

management, and auditors. Occasionally, head of internal audit attends the meetings as appropriated topics are

discussed and can be concluded as follows.

The Audit Committee hold meetings with the managers and auditors in reviewing the companyûs quarterly

and year 2005 financial statements. From reviewing, the Audit Committee has concluded the financial statements are

accurately prepared and disclosed sufficient information in accordance with laws and regulations of general

accounting standards. The Audit Committee also considered information disclosures of connected transactions to be

correct and evident.

There is also unrealized loss set from diminution of inventory due to increase in steel price, which has

significance value to the company.

With regards to conflict of interest business transactions, the Audit Committee has concluded the independent,

duties and responsibilities of the companyûs directors. The conclusions also include the correctness of the company

in accordance with the Stock Exchange of Thailand.

In regards to risk management, the Audit Committee has reviewed and concluded that the company has

managed each type of risks effectively, especially those risks involving investments. Also, the company has managed

inventory effectively according to the changing environment of current markets.

The Audit Committee has evaluated the company according to laws and regulations of the Stock Exchange

of Thailand and other related government sectors. The company has been operated under a good and appropriate

internal audit system.

The Audit Committee had Independent in practice of the assigned tasks and receives good cooperation from

the management and auditors. The Audit Committee has reviewed and proposed, in the Annual General meeting,

to the Board of Directors for approval of Mr.Pradit Lodloytuk, CPA No.218 or Mr. Wichai Jaturamon, CPA No.1431

or Miss Nongram Laohaarediluk CPA No.4334 of AST Master Company Limited to be the Companyûs auditors for the

year 2006

The Audit Committee

55



General Information

SECURITIES REGISTRAR

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NORTHPARK ∑ÿàß ÕßÀâÕß ‡¢µÀ≈—° ’Ë °√ÿß‡∑æ 10210

‚∑√»—æ∑å : 02 596900

‚∑√ “√ : 02xxxxxxxx

Company : Thailand securities Depository Company Limited

Address : 2/7 Moo 4

The Stock Exchange of Thailand Building

North Park

AUDITOR

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AUDITOR : Mr. Prad Rodloytuk

Audit License No. : 218

Company name : AST Master Company Limited

Address : 790/12 Thong Lor 18, Sukhumvit 55 Rd.,

Klong Toey, Bangkok 10110

Tel : 02-38188016-7, 02-7148842-3

Fax : 02-3815716

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56



Corporate Information

COMPANY NAME : PERMSIN STEEL WORK PUBLIC COMPANY LIMITED (PERM)

TYPE OF BUSINESS : PERM is transformer and seller of cold rolled steel, Electro-Galvanized Steel,

transforms and sells roof forming metal sheet for factoring building, office building and

residency under brand çSunteché which is registered by PERM. Perm is the dealer çSmartrussé

house truss form BHP Steel Lysaght (Thailand) transforms and sells C-line, C-u, T-bar,

transforms and sells C-Channel Galvanized High Tensile Strength)

HEAD OFFICE : 108/3 Moo 1 Rama 2 Rd., Bangnumjued, Muang, Samutsakorn province 7400

FACTORY LOCATION : 1. 222 Moo 6 Mearumpueng, Bangsapan, Phachubkirikan 77140

2. 108/9 Moo 1 Rama 2 Rd., Bangnumjued, Muang, Samutsakon province 7400

3. 4 Moo 6 Rama 2 Rd., Koak- Kam, Muang, Samutsakorn province 74000

4. 55/93 Moo 9 Rama 2 Rd., Bangmod, Jomthong, Bangkok

COMPANY REGISTER : 0107574800196

TELPHONE : 0-2416-9978-84

FAX : 0-2416-9985-86

Home Page : www.permsin.com, www.suntechthai.com

Email Address : [email protected]

57



Major Shareholders

Sharehoder No of shares % of Holding

Mr. Chukait Youngvongpaibul 215,950,000 43.19

Thailand Securities depository company limited 173,892,900.00 34.78

Mrs. Chamaipor Youngvongpaiboon 60.000,000.00 12.00

Mr. Choocheep Youngvongpaibul 24,000,000.00 4.80

Mr. Singhanart Butsomboon 12,000,000.00 2.40

Mr. Sukhit Ngouvisitkul 8,000,000.00 1.60

Mr. Pattaraphol Butsomboon 6,000,000.00 1.20

Total 499,842,900.00 99.97

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Business Overview

Permsin Steel Works Public Company Limited (the company) was established on 22 October 1989 with initial

registered and paid-up capital of 6 million Baht as a trading company of cold rolled steel by mainly imported steel

from other countries. The company has transformed into a steel manufacturer by purchased and installed cutting

machine for cold rolled coil and electro-galvanized steel. In 1997, after its production of cold rolled coil, the company

decided to purchase coil domestically. In 2004, the company has purchased assets, roll forming metal sheet

transformer, and çSmartrussé brand for residency from Siam Colour Sheet Company Limited. And thus, the company

has transformed and sold other steel products such as C-Line, C-U, T-Bar and C-Channel Galvanized High Tensile

Strength.

Permsin Steel Works Public Company Limitedûs subsidiary company, S.C. Steel Works Company Limited, with

initial registered and paid-up capital of 10 million Baht, provides metal sheet installation services.

The companyûs full production capacities are as follow:

- Cold rolled coil - 100,000 tons per year

- Roofing and walling color metal sheet - 3,000,000 square meters per year

- C-Line, C-U, and T-Bar - 10,000,000 units per year

- C-Channel Galvanized High Tensile Strength - 12,000 tons per year

Currently, the companyûs capacity utilizations of each category is about 60, 70, 30, and 10 percent respectively.

The company mainly sells products directly to end user customers, who then use it as raw materials in many

industries, such as automobile industry, electric appliance industry, steel furniture industry, steel pipe industry, and

construction industry. For C-Line, C-U and T-Bar, 90% of productions are sold to contractors and traders. For roll forming

metal sheet, the company sells directly to customers and construction contractors in proportion of 50:50 due to

specified order are manufactured.

The company recognizes the importance of quality of products, services and on-time delivery. The company

received ISO 9002 : 1994 in management servicing and transforming of roofing from EAQA / EIT-CBO Institution and

Industrial Product Standard for C-Line, C-U, T-Bar and steel roof products Thai Industrial Standard Institute Ministry of

Industry.

59



Risk Factors

Risk factors that may have an effect on companyûs operations, financial status, and overall performance are

listed below.

1. Risk factors in Operation

Risk associated with the reliability on major steel producers

- Cold rolled coil

Currently, there are only two domestic cold rolled coil manufacturers, which are Thai Cold Rolled Steel Sheet

Public Company Limited : TCRSS and Siam United Steel (1995) Company Limited : SUS with production capacity of

1.0 million tons per year and 1.2 million tons per year, respectively. There is no relationship between Permsin Steel

Works Public Company Limited and the two cold rolled coil manufacturers. The Company purchases cold rolled coil

from these two manufacturers, which may face the risk of lacking raw material if the two manufacturers unable to

deliver the raw material on time and the Company is unable to find other manufacturers for substitution. With the

lack of raw material, there will be an effect on production and thus on delivering products to customers.

- Color Metal Sheet

Color metal sheet is the raw material for roof and siding color metal sheet. The Company purchases color

metal sheet from Bluescope Steel (Thailand) Company Limited which is one of the two domestic color metal sheet

manufacturers. The purchase to Bluescope came from customersû orders. The Company may face the risk of lacking

raw material if Bluescope is unable to deliver the raw material on time and the Company is unable to find other

manufacturers for substitution. With the lack of raw material, there will be an effect on production and thus on

delivering products to customers.

However, from Companyûs past operations, the Company never faced the lacking of raw materials for

production. This is due to large purchase of raw materials, good relationships, and good account without bad credit

with Bluescope Steel (Thailand) Company Limited.

Risk associated with competitive law change

- Cold rolled coil anti-dumping duty imposition

The dumping of cold rolled coil in 2001-2002 from Russia and Kazakhstan reduced the steel price dramatically.

This caused high competition in domestic steel manufacturing and also in price competition. The Ministry of

Commerce imposed temporary anti-dumping of imported cold rolled coil, cutting sheet and slitting sheet to protect

domestic production from Russia and Kazakhstan (No.3) on 23 January 2003. By setting anti-dumping duties at the

rate of 35.80-64.70 of CIF value from Russia and 26.36 of CIF value from Kazakhstan. The anti-dumping duty imposition

lasted for 5 years that will end in 2008, caused the cold rolled coilûs price in Russia and Kazahkstan to be higher than

those produce domestically. Therefore, if the anti-dumping duty imposition expired, the imported cold rolled coil price

may be lower than those produce domestically by dumping prices by other countries. The companyûs ability to

compete may be reduced if it cannot find lower price of raw material for manufacturing.

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60



- Risk related to ASEAN Free Trade Agreement (AFTA)

The current tariff rate for imported cold rolled coil is at 5%. However, under Agreement on the Common

Effective Preferential Tariff (CEPT) Scheme for ASEAN Free Trade Area (AFTA), tariff rate for imported cold rolled coil

will be reduced to 0-5% within 10 years due in 2010. This will unavoidably lead to a cheaper imported cold rolled coil

in the future and also an increase in foreign competitors.

Risk from the fluctuation of raw material price

The cold rolled coil is the companyûs raw material. Its price is in line with hot rolled coil. Hot rolled coil is the

raw material of the cold rolled coil. In the past few years, coil rolled coil price fluctuates according to hot rolled coil

due to world high demand especially in China and US. This demand is affected by the growth of economy and also

other factor i.e. foreign exchange rates, tariff and surcharge. The company might anticipate some risks if the product

price cannot be adjusted to the increase of the raw material price.

Risk associated with exchange rates

The company imports Electro-Galvanized Steel and Galvanized Steel Coil occasionally. These raw materials

are in terms of US Dollar. With each import, the company uses letter of credit of the related for imported of raw

materials. The use of related companyûs letter of credit is because the company has not yet requested for opening

of its own letter of credit. The related company will purchase raw materials for the company in terms of Thai Baht.

Therefore, in 2004, the company is not effected by the exchange rates. But currently, the company has its own letter

of credit line and purchases directly from other countries. The company is now effected by the fluctuations of

exchange rates from purchase of raw materials.

2. Risk related to management

Risk from management dependence

The good relationships among key managers, raw material suppliers, and customers promote the firmûs

performance. This facilitates the company to find sources for cheap materials and also be informed of new

production technology and new products. The firmûs performance may be effected if the company looses those key

managers.

However, the company recognized those risks and thus continuous seeing the importance of personal

development. Currently, there are key managers in each department who have his/her limited power to make

decisions.

61



Industry and Competition

Marketing Tactics

The company focuses on introducing new products and to expand its market shares to customersû demand

of higher quality products in lieu of regular products, with competitive price. The companyûs tactics can be divided

into the following.

1. To develop new products by adding values to current products by companyûs operation or out-sourcing

for higher product values and to expand new products to end-user such as electro-galvanized steel, C-Line, C-U, T-

Bar and C-Channel galvanized high tensile strength. These tactics has been used continuously in companyûs

operation to gain advantage in competing with other companies.

2. To expand marketing by introducing new products for current customerûs demand such as C-Channel

galvanized high tensile strength and to facilitate and provide options for roof truss. Introduction of new products will

enable the company to penetrate into new group of customers such as cement roof tile groups.

3. To improve distributions and supports so there is competitive advantage over its competitors such as

improving roofing and walling color metal sheet engineering department by delivery on-time tasks.

4. To have good relationship with its suppliers good channel of product distributions. The company purchased

cold rolled coil (companyûs raw material) domestically from only 2 manufacturers which are Thai Cold Rolled Steel

Sheet Public Company Limited : TRCSS located at Bang Sa-Phan, Prajuabkirikan Province and Siam United Steel (1995)

Company Limited (SUS) located at Rayong Province. Color metal sheet are purchased from Bluescope Steel

(Thailand) Company Limited. The company has maintained better relationships with these suppliers by continuously

purchased materials regardless of increasing/decreasing in steel demand. These good relations will be best for the

company in the long term.

5. To set quality standard of its human resources department. Due to the continuously expansion of sales and

new products development in markets, the company has hired new employees with the ability and the knowledge.

At the same time, there are training programs available continuously.

Steel Industry Situation and Competition

Steel Industry can be divided into 3 levels as follow:

1. Primary Steel Industry

Iron smelting process - to separate steel from mineral steel by smelting to get liquid steel and forming into billet

called pig iron. This process involved large amount of investment. Countries with iron smelting process are Japan,

Russia, Brazil and Australia. Currently, Thailand has not yet adopted this process.

2. Secondary Steel Industry

Cast iron manufacturing - to decrease the volume of nonferrous metal and improve mixtures according to the

demand. This can be done by taking pig iron from smelting furnace and then transforming into cast iron or by

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62



smelting steel scrap in electric smelt furnace. These are then formed into billet, bloom, and slab, which are raw

materials in manufacturing long products and flat products. Currently, there are two manufacturers in Thailand,

which are G Steel Public Company Limited and Nakorn Thai Strip Mill Public Company Limited. And yet, there are

higher demands than productions and thus the use of imports from other countries such as South America.

3. Finish Steel Product Industry

The process involved the secondary steel product transformation by forming of billet such as forming slab into

hot rolled coil or forming billet into steel bars. Thailandûs manufacturer is Sahaviriya Steel Industry Public Company

Limited. Some of hot rolled coil from this process will be used as raw materials of cold rolled coil production. There

are two domestic manufacturers, which are Cold Rolled Coil Public Company Limited and Siam United (1995)

Company Limited. Cold Rolled Coil Public Company Limited is investment company between Sahaviriya Steel Industry

Public Company Limited and Marubenee Corporation Company and JFE Steel Corporation Company, both of which

are Japanese steel manufacturers. While Siam United (1995) Company Limited is investment company between Thai

Cement Group and Nippon Steel Corporation - a Japanese steel manufacturer and Kavasaki Steel Corporation

Company Limited.

Most of Thailandûs Steel Industry is the secondary steel industry, which included Permsin Steel Works Public

Company Limited. The products of secondary steel industry can be divided into two types as follows:

1. Long product or steel bar used in construction industry is manufactured by smelting of pig iron or scrap

steel into billet and forming to steel bar or wire rod.

2. Flat product - hot rolled coil and cold rolled coil. Hot rolled coil production process involved iron ore or

scrap steel or other mineral such as manganese smelt in furnace for slap production, and form thinner to produce

hot rolled coil. Hot rolled coil are used in automobiles such as chassis, cold form steel shapes such as steel pipe, C-

Channel used in construction industry or furniture industry. Cold rolled coil process involved the use of hot rolled coil

as raw materials by formation into thinner coil with smoother surfaces. And can be used as raw materials in industries

such as automobile and computer industry.

63



Org

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tion

Char

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Chief Finan

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r

Mrs. C

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Prod

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Mr.

Singh

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Board

of D

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Audit co

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Pres

iden

t & C

EO

Mr.

Chu

kiat Yo

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ongp

haibul

Intemal a

udit

Acco

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Finan

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IV

Chief M

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Office

r

Mr.

Sukh

it Ng

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Prod

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ager D

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Mr.

Patta

raph

ol B

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mbo

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Perso

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Busin

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Deve

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Accu

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& Finan

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anag

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Miss K

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Promprai

Chief O

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Mr.

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64



Management Structure

Management Structure of Permsin Steel Works Public Company Limited is divided into 4 groups as follows:

1. The Board of Directors

2. The Audit Committee

3. The President and The Managing Director

4. The Management Committee

The Board of Directors

The Board of Directors consists of 8 members being 5 management directors and 3 independent directors.

Scope of Powers and Duties of The Board of Directors

1. The Board of Directors has the powers, duties, and responsibilities to conduct the operations of the company

in accordance with the Companyûs objectives, applicable laws and resolutions of shareholdersû meetings.

2. The Board of Directors can authorise one or several directors or anyone to perform individually or separately

any actions in accordance with companyûs objectives and applicable laws with remunerations set by The Board of

Directors. The Board of Directors has the sole discretion to revoke or modify such granting of authorisation and

designate another person as The Board of Directors may see fit. The designated person or granted power-of-attorney

person must perform actions in accordance with companyûs objectives, applicable laws, and policies set out by The

Board of Directors.

3. The Board of Directors may authorise any person to conduct the companyûs operation under the supervision

of The Board of Directors or grant a power-of-attorney to such designated person to have authority within a specify

time as The Board of Directors see fit. The Board of Directors may revoke or modify such granting of authorisation.

4. The Board of Directors must call a meeting at least once every three months.

5. The Board of Directors must hold the annual general meeting of shareholders within four months from the

close of the companyûs accounting period. In addition, The Board of Directors may call for extraordinary general

meetings anytime if required. Shareholders with shares totalling no less than one fifth of total shares or shareholder no

less than 25 persons with shares totalling no less than one tenth of total shares may put names in letter with reasons

requesting for The Board of Directors to call for an extraordinary shareholdersû meeting. In this case, The Board of

Directors must hold shareholdersû meeting within one month after receipt of letter from shareholders.

6. The Board of Directors must prepare annual report in accordance with rules and regulations set by the

company.

7. The Board of Directors has the authority to provide shareholders with current year or accumulated profits for

dividend distributions or to hold those profits for other use.

8. The Board of Directors may pay dividend during accounting period to shareholders, as there is sufficient

profit available to do so. Once dividends are paid, a report must be provided to shareholders in the next

shareholdersû meeting.

65



With the following exception events, an approval from shareholdersû meeting is required before any actions

can be taken. A report must indicate transactions, which may cause conflict of interests between the Management

or any related person and the company or its subsidiary company. Therefore, those directors or person who have

interests with specified transactions are not entitled to vote.

Legal issues are approved in shareholdersû meeting.

Interest transactions between directors and/or management and within applicable laws or set by Stock

Exchange must be approved by shareholdersû meeting.

In addition, the following events needed approval from The Board of Directors and shareholdersû with votes

no less than three forth of the total entitled votes.

The sale or transfer of the company in whole or in part.

The purchase or transfer of another company or other public company.

The make, modify or cancelled of contracts related to the rent of company in whole or in part. Also, to

assign other person to manage the company or to merge with other companies with the purpose of profit/

loss division.

The modifying of companyûs prospectus or companyûs rules and regulations.

The increase/decrease of capital, issue bonds, and take over or close of company.

Other issues according to legal laws and regulations.

Authorised Directors

The names and numbers of authorised directors who have authority to bind the company are Mr. Chukiat

Yongvongpaibul, Chairman of The Board of Directors/Managing Directors and Mrs. Chamaiporn Yongvongpaibul,

Director signing together with the companyûs seal affixed or Mr. Chukiat Yongvongpaibul or Mrs. Chamaiporn

Yongvongpaibul signing only together with Mr. Choocheep Yongvongpaibul or Mr. Sukhit Ngouvisitkul, or Mr. Singhanart

Batsomboon which makes two signatures with the companyûs seal affixed.

Election of the Directors and the Management

Elections of Directors and Manager are as follows:

The Board of Directors consists of at least 8 persons considered by shareholdersû meeting. The Board of

Directors appointed directors and may appointed vice chairman, manager or other person as appropriate as

Chairman of Board of Directors. At least half of the directors must reside in Thailand.

Directors are appointed in accordance with the following:

1. Each shareholder is entitled to one vote per share held.

2. Each shareholder may exercise the votes in electing one or more persons to be directors according to

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66



shareholdersû meeting. Each candidate is to receive votes according to No. 1 and each vote is indivisible.

3. The candidates obtaining the highest numbers of votes shall be appointed directors. In case of tied votes

and with number over limitation of directors approved in shareholdersû meeting, The Chairman of The Board of

Directors will make the determination.

The Audit Committee

The Audit Committee consists of 3 directors with power, duties and responsibilities as follows:

1. To review the sufficiency, creditability and objectivity of the financial reporting by coordinating with the

external auditors and management responsible for preparing the quarterly and yearly financial reports. The

Audit Committee may suggests issues or matters to be included for review or audit by the external auditors

during its audit of the company.

2. To review the adequacy and effectiveness of internal control systems and internal audit functions by

coordination with the external auditors and internal auditors.

3. To review compliance with the Securities and Exchange Acts, Regulations of the Stock Exchange of

Thailand, and any other relevant laws.

4. To consider and advise on the appointment of the external auditors including the audit fee by considering

the creditability, the adequacy of its resources, the firmûs audit engagements, and the experience of its

supervisory and professional staff.

5. To consider compliance with all connected transaction disclosures or the conflict-of-interests disclosures.

6. To prepare activities report of the Audit Committee in the companyûs annual report, which must be signed

by the Chairman of the Audit Committee. Such activities reports should express:

- opinions in the accuracy and completeness of the procedures for preparation of the report and

information disclosures.

- opinions on the sufficiency of the internal control system of the company.

- opinions on the performance, appointment, revocation, and remuneration of the internal auditor for

next term.

- opinions on compliance with the Securities and Exchange Acts, Regulations of the Stock Exchange of

Thailand, and any other relevant laws.

- any other relevant reports/information that should be informed to shareholders or other investors within

the responsibility and duties given by the companyûs Board of Directors.

7. To take care of any other matters assigned by The Board of Directors, such as reviewing the companyûs

financial and risk management policies, reviewing compliance with the Code of Corporate Conduct of

the Management, and reviewing with the companyûs management all important reports which must be

disclosed to the public according to the law (e.g. Management Discussion and Analysis, etc.)

67



Managing Directors

The scope of work duties and responsibilities of the Managing Directors are as follows:

1. To prepare policies, business plans, management and authorization structure in accordance and support

to the changing economy.

2. To oversee, manage, and perform duties for day-to-day administrative for the benefits and regulations of

the company including discipline, policies, business plans and budget reports as approved by The Board

of Directors and relevant laws.

3. To prepare business plans and annual budgets in accordance with The Board of Directorsû policies for

approval of the Management Committee.

4. To evaluate information and truthfulness relating to companyûs operation before considering to The Board

of Directors.

5. To have the authority to approve normal expenditures such as operations, companyûs extensions and

management expenditures with the approved limitation of 100 million Baht per transaction or limitation

approved by The Board of Directors.

6. To follow up on companyûs operation to ensure quality performance for the affair of the companyûs

management and relevant laws.

7. To act according to The Board of Directorsû directions.

With respect to authorisation above, the Managing Directors must act according to rules and regulations set/

approved by The Board of Directors/The Management Committee. There shall be no approval of transactions for self

or other who has interests with the company or its subsidiary company and must report these transactions to The

Board of Directors/The Management Committee. The Managing Director cannot approve or act on other duties not

specified above, with the exceptions from The Board of Directors.

The Management Committee

The Management Committee consists of 7 managers.

1. Mr. Chukait Yongvongphaibul President / Chief Executive Officer

2. Mrs. Chamaiporn Yongvongpaiboon Chief Financial Officer

3. Mr.Choocheep Yongvongpaiboon Chief Operation Officer

4. Mr.Sukhit Ngouvisitkul Chief Marketing Officer

5. Mr. Singhanart Butsomboon Production Manager Dept1

6. Mr. Pattaraphol Butsomboon Production Manager Dept 2

7. Miss Kanittha Promprai Finance & Accounting Manager

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Corporate Governance

In order to comply with Code of Best Practices, the company approved the below as guidelines necessary

to further developed companyûs operations. And to support the companyûs quality performance of the management

which brings confidence within the shareholders, investors, and others. Currently, the company has complied with the

following:

1. Policy on Corporate Governance

The Board of Directors has set business plans and policies for companyûs operations in order to increase

economy values to shareholders and the growth of the company. The company has adopted strict internal audits

and controls systems.

2. Shareholderûs Rights

In 2004, when the company has not yet become a public company, it holds meetings at the companyûs

office. Meeting agendas and related information was sent 7 days in advance. A accurate minutes of meeting has

been recorded with the chance for all shareholders to ask questions and express opinions. At each meeting, agendas

and related information must accompanied by the Managing Directorûs opinions. In 2005, after the company has

registered in Stock Exchange of Thailand, it planned to extend the 7 days notice in sending agendas and will provide

option for shareholders with proxy forms to appoint the Audit Committee in case shareholders is unable to attend the

meetings.

3. Stakeholderûs Rights

The company recognizes the importance of all stakeholdersû rights, including employees, company managers,

competitors, creditors, government or other related institutions. The company has strongly appreciated all supports

that will able the company to compete effectively and thus bring profits to the company. Therefore, the recognition

will bring success in the long term.

4. Shareholdersû Meeting

All directors attended shareholdersû meetings in 2004 as the company recognized its importance.

The company endeavours to provide sufficient information and answers to questions asked by the shareholders.

The Chairman of the meeting treated all shareholders equally in regards to auditing the companyûs operations

including asking questions, giving opinions and suggestions which are recorded in companyûs agendas.

In 2005, the company still maintains the above policies after its registration in the Stock Exchange of Thailand.

5. Vision and Leadership

After its registration with the Stock Exchange of Thailand, the company has tightened policies in managementûs

roles for the best standards in companyûs performance.

69



6. Conflict of Interest

The company has a policy on conflict of interest issues. The Board of Directors carefully monitors transactions

that could lead to conflict of interests. The policy includes restriction directors to use companyûs information for the

benefit of personal use.

Conflict of Interest Transactions : the Board of Directors recognized conflict of interest transactions and

connected transactions. Both kind of transactions are carefully and reasonable monitored, and followed by rules and

regulations of The Stock Exchange of Thailand in accordance with the Armûs Length Basis. Details of all transactions

are disclosed and recorded in the annual report.

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Connected Transactions

The company has a number of connected transaction details of which are set out in note 20 of the Financial

Statements as at 31 December 2005.

Price Policy

The Audit Committee will consider the necessary of those transactions between the subsidiary company or

with any persons who has conflict of interest with the company by comparing the connected transaction prices to

the market prices.

Justification Business Transaction

Business transactions with the connected persons after transformation from a private to a public company and the

registered in the Stock Exchange of Thailand, directors and managers must followed those rules and regulations of the

Stock Market Exchange of Thailand. Directors or managers who have conflict of interest with the set up of future

business transactions, must disclosed all interests and must received approval before making any decisions.

Note

Directors and/or Shareholders of S.C. Steel Works Company Limited are as follow:

Mr. Chukiat Yongvongpaibul, Director and Shareholder of Permsin Steel Works Public Company Limited /

Director and Shareholder of S.C. Steel Works Company Limited

Mrs. Chamaiporn Yongvongpaibul, Director and Shareholder of Permsin Steel Works Public Company

Limited / Director and Shareholder of S.C. Steel Works Company Limited

Mr. Choocheep Yongvongpaibul, Director and Shareholder of Permsin Steel Works Public Company Limited

/ Director and Shareholder of S.C. Steel Works Company Limited

Mr. Sukhit Ngouvisitkul, Director and Shareholder of Permsin Steel Works Public Company Limited / Director

and Shareholder of S.C. Steel Works Company Limited

Mr. Singhanart Batsomboon, Director and Shareholder of Permsin Steel Works Public Company Limited /

Director and Shareholder of S.C. Steel Works Company Limited

71



Operations and Financial Analysis

Permsin Steel Works Public Company Limited is in the business mainly of cold rolled coil transformer and

distributor. And with managementûs expertise and experience in steel business, enable the management to recognize

the demand of cold rolled coil transforming. Therefore, in the 4th quarter of 2004, the company has set up machinery

for roofing and walling truss transformers, C-Channel Galvanized High Tensile Strength, and included the purchased

of Siam Colour Sheet Company Limited, which manufacture and distribute roofing and walling color metal sheet.

Roofing color metal sheet is a new type of roof to replace the previous type of roofing. It is very important to consider

and analyse the companyûs operation for the past 12 months. From overview, the company is growing rapidly from

2004 due to continuously increase of average pricing of cold rolled coil. During 2002-2005, Thailandûs economy

growth has an impact on construction industry, steel furniture industry, electronic industry, automobile industry, and

steel pipe industry. These industries are the companyûs customers and are increasing and continuously in demand of

steel product.

1. Financial and Operations Status

The companyûs income mainly came from distributions of cold rolled coil at 93.2%, 93.18%, and 89.54% of total

income in 2002, 2003, and 2004 respectively. The increase in revenue from 895.39 million Baht in 2002 to 1,132.38

million Baht in 2003 and 1,488.92 million Baht in 2004 are mainly due to continuously increase in average pricing of

cold rolled coil. During 2002-2004, the price of cold rolled coil increased from 22 Baht per kilo in the 1st quarter of

2003 to 25 Baht per kilo in the 1st quarter of 2004, and to 32 Baht per kilo in the 4th quarter of 2004. Also, sales

revenues of cold rolled coil have increased from 40,700 tons in 2002 to 45,291 tons in 2003 to 46,529 tons in 2004.

Product inventory values have remained closely with the books. The management has compared inventory values by

using 2 methods and concluded in 2004, the effect on costing by averaging is under by 4.23 million Baht.

During 2002-2004, the companyûs operating profit has continuously and highly increased from 50.24 million

Baht in 2002 to 61.28 million Baht in 2003 to 120.29 million Baht in 2004 at 5.23% in 2002, 3.97% and 7.24% in 2003 and

2004 respectively. The increased are due to the sales increased of cold rolled coil and the decreased in proportions

of sales and services costs.

In 2005, the companyûs operating profit is 263.70 million Baht at 11.39% of sales and services revenues, which

is higher due to increase distributions of cold rolled coil and roofing and walling color metal sheet including higher

profit rates of roofing and walling color metal sheet than cold rolled coil.

Net ProfitsThe company has net profits of 3 million Baht, 5.85 million Baht and 49.67 million Baht between 2002-2004,

respectively with growth of 94.74% in 2003 and 749.33% in 2004. Once net profits proportion rate is analysed, the rate

is .31%, .48% and 2.99% in 2002-2004, respectively. The main reasons for the companyûs increase in net profits are the

yearly increased of revenue, costing control and management improvement.

In 2005, the company has net profits of 78.41 million Baht at 3.38% of sales revenues from sales and services.

It shows that the companyûs ability to make good profits. The main reasons for such success are the new distribution

lines of roofing and walling color metal sheet and new products such as C-Channel Galvanized High Tensile Strength,

C-Line, C-U, T-Bar, and Roofing metal sheet with insulated PU which provide higher operating income than cold rolled

coil.

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PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED AND SUBSIDIARY

(FORMERLY KNOWN AS çPERMSIN STEEL WORKS COMPANY LIMITEDé)

FINANCIAL STATEMENTS AND REPORT OF CERTIFIED PUBLIC ACCOUNTANTFOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

EXPRESSED IN THAI BAHT

73



Report Of Certified Public Accountant

To The Board of Directors and Shareholdersû of Permsin Steel Works Public Company Limited

(Formerly known as çPermsin Steel Company Limitedé)

I have audited the consolidated balance sheet of Permsin Steel Works Public Company Limited and subsidiary

as at December 31, 2005, the consolidated statements of income, changes in shareholdersû equity and cash flow for

the year then ended. I have also audited the balance sheets as at December 31, 2005 and 2004, the statements

of income, changes in shareholdersû equity and cash flows for the years then ended of Permsin Steel Works Public

Company Limited. These financial statements are the responsibility of the Companyûs managements as to their

correctness and the completeness of the presentation. My responsibility is to issue a report on these financial

statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require

that I plan and perform an audit to obtain reasonable assurance about whether the financial statements are free

of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant

estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my

audits provide a reasonable basis for my opinion.

In my opinion, the consolidated financial statements referred to above present fairly, in all material respects,

the consolidated financial position as at December 31, 2005, and the consolidated result of operation, and cash flow

for the year then ended of Permsin Steel Works Public Company Limited and subsidiary. The Company financial

statements referred to above present fairly, in all material respects, the Company financial position as at December

31, 2005 and 2004, and the Company results of operations, and cash flows for the years then ended of Permsin Steel

Works Public Company Limited, in accordance with generally accepted accounting principles.

(PRADIT RODLOYTUK)

Certified Public Accountant

Registration No. 218

Ast Master Co.,Ltd.

February 24, 2006

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74



PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED AND SUBSIDIARY(FORMERLY KNOWN AS çPERMSIN STEEL WORKS COMPANY LIMITEDé)

BALANCE SHEETSAS AT DECEMBER 31, 2005 AND 2004

In Baht

Consolidated The Company Only

NOTE 2005 2005 2004

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 118,055,837 105,308,024 99,835,331

Current investment 10,000,000 10,000,000 -

Trade accounts receivable

- Related companies 5,20.2 - - 19,004,290

- Other companies-net 5 460,698,777 455,719,292 321,912,317

Inventories-net 6 389,679,528 389,679,528 334,303,855

Other current assets 7 63,296,302 63,229,052 66,946,213

Total current assets 1,041,730,444 1,023,935,896 842,002,006

NON CURRENT ASSETS

Fixed deposits pledged as collateral 8 1,080,372 1,080,372 611,471

Investment in subsidiary 9 - 11,922,426 -

Property, plant and equipment-net 10 509,509,072 508,736,853 280,423,868

Other non current assets 961,956 961,956 6,639,600

Total non current assets 511,551,400 522,701,607 287,674,939

TOTAL ASSETS 1,553,281,844 1,546,637,503 1,129,676,945

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

75




BALANCE SHEETS (CONûT)AS AT DECEMBER 31, 2005 AND 2004

In Baht


NOTE 2005 2005 2004

LIABILITIES AND

SHAREHOLDERSû EQUITY

CURRENT LIABILITES

Overdraft and short-term loans from

financial institutions 11 - - 100,000,000

Trade accounts payable

- Related companies 20.2 - - 36,525,326

- Other companies 313,819,926 313,162,549 389,335,914

Other accounts payable

- Related companies 20.2 - - 107,672,100

- Other companies 18,428,402 18,428,402 105,006,259

Current portion of liabilities under

hire-purchase agreements 12 19,369,626 19,095,736 853,358

Current portion of long-term loan

from financial institution 14 31,000,000 31,000,000 640,875

Other current liabilities

Accrued expenses 6,782,841 6,506,269 1,758,852

Income tax payable 391,207 - 19,357,185

Other current liabilitites 13 30,367,073 29,387,407 6,472,469

Total other current liabilities 37,541,121 35,893,676 27,588,506

Total current liabilities 420,159,075 417,580,363 767,622,338

NON CURRENT LIBILITIES

Liabilities under hire-purchase

agreements-net 12 52,683,954 52,569,833 1,423,971

Long-term loan from financial

institution-net 14 199,000,000 199,000,000 ,051,030

Total non-current liabilities 251,683,954 251,569,833 2,475,001

TOTAL LIABILITIES 671,843,029 669,150,196 770,097,339


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76




BALANCE SHEETS (CON’T)AS AT DECEMBER 31, 2005 AND 2004

In Baht


NOTE 2005 2005 2004

LIABILITIES AND

SHAREHOLDERSû EQUITY (CONûT)

SHAREHOLDERSû EQUITY

Share capital 15

Authorised share capital

2005 : 500,000,000 ordinary shares

of Baht 1 each


of Baht 100 each 500,000,000 500,000,000 300,000,000

Issued and paid up share capital 15


of Baht 1 each


of Baht 100 each 500,000,000 500,000,000 300,000,000

Premium on common shares 15 239,500,000 239,500,000 -

Adjustment arising from business

acquistion under common control 3.10 3,951,508 - -

Retained Earnings

Appropriated for Legal reserve 16 3,920,385 3,920,355 -

Unappropriated 134,066,922 134,066,952 59,579,606

TOTAL SHAREHOLDERSû EQUITY 881,438,815 877,487,307 359,579,606

TOTAL LIABILITIES AND

SHAREHOLDERSû EQUITY 1,553,281,844 1,546,637,503 1,129,676,945


77




STATEMENTS OF INCOMEFOR THE YEAR ENDED DECEMBER 31, 2005

In Baht


NOTE 2005 2005 2004

REVENUES

Sales 2,293,097,139 2,293,809,631 1,637,886,675

Service revenue 18,402,484 - 23,965,467

Share of profit of investment in subsidiary

under equity method - 1,923,026 -

Other income 2,198,047 2,270,979 1,014,874

Total Revenues 2,313,697,670 2,298,003,636 1,662,867,016

EXPENSES

Cost of sales 2,036,815,282 2,036,815,282 1,541,561,679

Cost of services 13,180,091 - -

Selling and administrative expenses 139,362,818 137,892,338 49,023,002

Total Expenses 2,189,358,191 2,174,707,620 1,590,584,681

Profit before interest expenses and income tax 124,339,479 123,296,016 72,282,335

Interest expenses (13,387,351) (13,329,478) (364,423)

Income tax (32,544,427) (31,558,837) (22,246,625)

NET INCOME FOR THE YEARS 78,407,701 78,407,701 49,671,287

BASIC EARNINGS PER SHARE 17

NET INCOME FOR THE YEARS 0.17 0.17 0.49


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78



PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED AND SUBSIDIARY(FORMERLY KNOWN AS PERMSIN STEEL WORKS COMPANY LIMITED)

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYFOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

In Baht

Retained earnings

Issued and Premium on Appropriated

paid-up share common for Legal

NOTES capital shares reserve Unappropriated Total

Balance as at January 1, 2004 6,000,000 - - 9,908,319 15,908,319

Increase in share capital 15 294,000,000 - - - 294,000,000

Net income for the year - - - 49,671,287 49,671,287

Balance as at December 31, 2004 300,000,000 - - 59,579,606 359,579,606

Balance as at January 1, 2005 300,000,000 - - 59,579,606 359,579,606

Increase in share capital 15 200,000,000 239,500,000 - - 439,500,000

Legal Reserve 16 - - 3,920,385 (3,920,385) -

Net income for the year - - - 78,407,701 78,407,701

Balance as at December 31, 2005 500,000,000 239,500,000 3,920,385 134,066,922 877,487,307


79



PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED AND SUBSIDIARY(FORMERLY KNOWN AS PERMSIN STEEL WORKS COMPANY LIMITED)CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2005

In Baht

Retained earnings

Adjustmentarising frombusiness

Issued and Premium on acquistion Appropriatedpaid-up common under common for Legal

NOTES share capital shares common control reserve Unappropriated Total

Balance as at January 1, 2005 300,000,000 - - - 59,579,606 359,579,606

Increase in share capital 15 200,000,000 239,500,000 - - - 439,500,000

The effect from acquisition of

investment in subsidiary 3.10 - - 3,951,508 - - 3,951,508

Legal Reserve 16 - - - 3,920,385 (3,920,385) -

Net income for the year - - - - 78,407,701 78,407,701

Balance as at December 31, 2005 500,000,000 239,500,000 3,951,508 3,920,385 134,066,922 881,438,815


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80




STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

In Baht


2005 2005 2004

Cash flows from operating activities

Net income for the years 78,407,701 78,407,701 49,671,287

Adjustments to reconcile net income to net cash

used in operating activities

Depreciation 36,679,443 36,365,354 11,641,288

(Reverse) doubtful debts (91,812) (222,248) 222,248

Write off withholding tax 136,741 - -

Unrealized loss from diminution of inventories 25,000,000 25,000,000 -

Share of profit of investment in subsidiary under equity - (1,923,026) -

method Profit from operating activities before

change in operational assets and liabilities 140,132,073 137,627,781 61,534,823

Decrease (Increase) in operational assets

Current investments (10,000,000) (10,000,000) -

Trade accounts receivable - Related companies 25,289,999 19,004,290 2,903,989

Trade accounts receivable - Other companies (137,851,208) (133,584,727) (59,589,100)

Inventories (80,375,673) (80,375,673) (263,706,670)

Other current assets 8,617,584 5,616,770 (66,222,991)

Other non current assets 5,677,644 5,677,644 (5,028,198)

Increase (Decrease) in operational liabilities

Trade accounts payable - Related companies (36,689,401) (36,525,326) (266,880,554)

Trade accounts payable - Other companies (75,515,988) (76,173,365) 289,264,944

Other accounts payable - Related parties (108,172,100) (107,672,100) -

Other accounts payable - Other companies (86,201,232) (86,201,232) 11,263,383

Accrued expenses 4,884,153 4,770,568 1,557,326

Income tax payable (19,603,175) (19,357,185) 16,345,961

Other current liabilities 22,452,081 22,828,469 5,861,024

Net cash used in operating activities (347,355,243) (354,364,086) (272,696,063)


81




STATEMENTS OF CASH FLOWS (CONûT)FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

In Baht


2005 2005 2004

Cash flows from investing activities

Increase in fixed deposits pledged as collateral (468,901) (468,901) (611,471)

Acquisition of subsidiary, net of cash acquired (3,324,746) - -

(supplement disclosure of cash flows information)

Cash paid for purchase of investment in subsidiary - (9,999,400) -

Cash paid for purchase of property, plant and equipment (198,172,566) (198,172,566) (44,290,500)

(supplement disclosure of cash flows information)

Net cash used in investing activities (201,966,213) (208,640,867) (44,901,971)

Cash flows from financing activities

Increase in overdraft and short term loans from

financial institutions (100,609,900) (100,000,000) 100,000,000

Proceed from issue of ordinary shares 439,500,000 439,500,000 294,000,000

Payment of liabilities under lease agreements (1,348,138) (1,022,354) (1,143,727)

Proceed from long-term loan from financial institutions 230,000,000 230,000,000 -

Payments of long-term loan from financial institutions - - (628,193)

Net cash provided by financing activities 567,541,962 568,477,646 392,228,080

Net increase in cash and cash equivalents 18,220,506 5,472,693 74,630,046

Cash and cash equivalents, the beginning of the years 99,835,331 99,835,331 25,205,285

Cash and cash equivalents, the end of the years 118,055,837 105,308,024 99,835,331

SUPPLEMENT DISCLOSURE OF

CASH FLOWS INFORMATION

1. Cash paid during the years

Interest paid 13,354,485 13,329,478 364,423

Income tax paid 53,775,852 52,811,029 6,109,643


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82




STATEMENTS OF CASH FLOWS (CON’T)FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

In Baht


2005 2005 2004

2. Property, plant and equipment

The detail of cash paid for purchase of property,

plant and equipment is as follow;

Addition during the years 268,626,535 268,626,535 245,700,185

Adjust Increase in payable from

acquisition of property, plant and equipment (43,375) (43,375) (201,409,685)

Increase in liabilities under lease agreements (70,410,594) (70,410,594) -

Cash paid for purchase of property, plant and equipment 198,172,566 198,172,566 44,290,500

The detail of cash paid for sales of property,

plant and equipment is as follow;

Disposals during the years 3,948,196 3,948,196 -

Adjust Increase in other current assets (1,899,609) (1,899,609) -

Decrease in other account payable - other companies (420,000) (420,000) -

Decrease in accrued expense (23,151) (23,151) -

Increase in other current liabilities 86,469 86,469 -

Decrease in long-term loan (1,691,905) (1,691,905) -

Cash provided by purchase of property, plant and equipment - - -

3. During January 2005, the company has acquired the business

of subsidiary with the book value of net assets as follow:

Cash and cash equivalents 1,675,254

Trade ccounts receivable

- Related companies 6,285,709

- Other companies 843,440

Other current assets 3,204,805

Property, plant and equipment-net 1,086,308


- Related companies (609,900)

- Other companies (164,075)

Other accounts payable

- Related parties (500,000)

Accrued expenses (162,987)

Income tax payable (637,197)

Other current liabilitites (1,356,054)

Liabilities under lease agreements (713,795)

Book value of net assets acquired 8,951,508

Less Cash and cash equivalents of subsidiary at acquisition date (1,675,254)

Adjustment arising from business acquistion under common control (3,951,508)

Acquisition of subsidiary, net of cash acquired 3,324,746


83



1. GENERAL INFORMATIONPermsin Steel Works Company Limited is a public company. The address of its registered office is as follows :

Head Office is located at 108/3 Moo 1 Rama 2 Rd., Bangnumjued Muang Samutsakorn.

Branch 1 is located at 222 Moo 6 Maeramphueng District Bangsaphan, Prachuackhirikhan.

Branch 2 is located at 108/9 Moo 1 Rama 2 Rd., Bangnumjued Muang Samutsakorn.

Branch 3 is located at 4 Moo 6 Koak- Kam District Muang Samutsakorn.

Branch 4 is located at 55/93 Moo 9 Rama 2 Rd., Bangmod Jomchong Bangkok.

The principal business operation of the Company is to produce and sell of cold rolled steel, c-channel

galvanized high tensile strength, electro-galvanized steel, c-ling, c-u, t-bar and roll forming metal sheet.

On September 20, 2004 and October 12, 2004, the shareholders at the Extraordinary Meeting passed a

resolution to change its registration name from çPERMSIN STEEL COMPANY LIMITEDé to çPERMSIN STEEL WORKS

COMPANY LIMITED.é

On February 24, and March 17, 2005, the shareholders at the Extraordinary Meeting passed a resolution to

register as a public limited company and change its registration name to çPERMSIN STEEL WORKS PUBLIC COMPANY

LIMITED.é The Company registered the change of status with the Ministry of Commerce on March 23, 2005, and listed

on the Stock Exchange of Thailand on July 14, 2005.

As at December 31, 2005, The Company employed 353 people (2004 : 321 people).

2. BASIS FOR FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIALSTATEMENTS PREPARATIONThe Consolidated and Company financial statements have been prepared in accordance with Thai Generally

Accepted Accounting Principles under the Accounting Act B.E. 2543, being those Thai Accounting Standards issued

under the Accounting Profession Act B.E. 2547, and the financial reporting requirements of the Securities and

Exchange Commission under the Securities and Exchange Act B.E. 2535.

The Consolidated financial statements of PERMSIN STEEL WORKS PUBLIC COMPANY LIMITED and subsidiary, S.C.

Steel Works Company Limited. The Company holds 100% of the subsidiaryûs registered share capital on January 20,

2005. The principal business operation of the subsidiary is providing roof installation service.

The significant transactions between the Company and the subsidiary have been eliminated in the interim

consolidated financial statements.

çThe Companyé represents çPermsin Steel Works Public Company Limited,é while çThe Groupé represents

çPermsin Steel Works Public Company Limitedé and subsidiary which is çS.C. Steel Works Company Limitedé

The Consolidated and Companyûs financial statements have been prepared under the historical cost convention

except as disclosed in the accounting policies below.

Notes To Financial Statements

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84



The preparation of Consolidated and Company financial statements in conformity with Thai generally accepted

accounting principles requires management to make estimates and assumptions that affect the reported amounts of

assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the

amounts of revenues and expenses in the reported periods. Although these estimates are based on managementûs

best knowledge of current events and actions, actual results may differ from those estimates.

For the convenience of the user, an English translation of the Consolidated and Company financial statements

has been prepared from the statutory financial statements that are issued in the Thai language.

3. SIGNIFICANT ACCOUNTING POLICIESThe principal accounting policies adopted in the preparation of these Consolidated and Company financial

statements are set out below;

3.1 Use of estimates

The preparation of financial statements in conformity with Thai generally accepted accounting principles

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,

the disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues

and expenses in the reported periods. Actual results may differ from those estimates.

3.2 Cash and cash equivalents

Cash and cash equivalents include cash on hand and cash deposits at financial institutions. The Group

maintains cash on hand for general use. Cash deposits at financial institutions, including short - term saving deposits,

are highly liquid investments that are readily convertible to known amounts with original maturities of three (3) months

or less and that are subject to an insignificant risk of change in value.

3.3 Current investment

Investment other than investment in subsidiary is classified into trading investment. The classification is

dependent on the purpose for which the investment was acquired. Management determines the appropriate

classification of its investment at the time of the purchase and re-evaluates such designation on a regular basis.

Investments that are acquired principally for the purpose of generating a profit from short-term fluctuations in price

are classified as trading investment and included in current assets; for the purpose of these financial statements short

term is defined.

Trading investment is traded in active markets and valued at market value at the close of business on the

balance sheet date. In the statement of income, the unrealised gains and losses of trading investment is recognised

in the other income. In the statement of cash flow, trading investment is presented within the section on operating

activities as part of changes in working capital.

85



3.4 Trade accounts receivable

Trade accounts receivable are carried at original invoice amount less allowance for doubtful receivables

based on a review of all outstanding amounts at the year end. The amount of the allowance is the difference

between the carrying amount of the receivable and the amount expected to be collectible. Bad debts are written

off during the year in which they are identified.

3.5 Inventories

Inventories are stated at the lower of cost or net realisable value. Cost is determined by the weighted

average method. The cost of purchase comprises both the purchase price and costs directly attributable to the

acquisition of the inventory, such as import duties and transportation charges, less all attributable discounts, allowances

or rebates. The cost of finished goods comprises raw materials, direct labour, other direct costs and related

production overheads, the latter being allocated on the basis of normal operating activities. Net realisable value is

the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expenses.

Allowance is made, where necessary, for obsolete, slow-moving and defective inventories.

In year 2005, the Company has changed the calculation inventories cost from çfirst-in first-out methodé to çthe

weighted average method.é This change is approved by the Revenue Department on May 25, 2005.

3.6 Investment in subsidiary

Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting

rights or otherwise has power to exercise control over the operations are consolidated. Subsidiaries are consolidated

from the date on which control is transferred to the Group and are no longer consolidated from the date that control

ceases. All intercompany transactions, balances and unrealised gains on transactions between group companies are

eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting

policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.

Investments in associates are reported by using the equity method of accounting in The Companyûs separate

financial statements.

A list of The Groupûs principal associates is set out in Note 20.

3.7 Property, plant and equipment

Property, plant and equipment are initially recorded at cost. Building and equipment are stated at historical

cost less accumulated depreciation.

Depreciation is calculated on the straight line method to write off the cost or the revalued amount of each

asset, except for land which is considered to have an indefinite life, to its residual value over the estimated useful life

as follows:

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Buildings 20 years

Machineries and equipment 5 years

Furniture, fixtures and office equipment 5 years

Motor vehicles 5 years

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down

immediately to its recoverable amount. Estimated recoverable amount is the higher of the anticipated discounted

cash flows from the continuing use of the asset and the amount obtainable from the sale of the asset less any costs

of disposal.

Repairs and maintenance are charged to the income statement during the financial period in which they are

incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that future

economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the

Company. Major renovations are depreciated over the remaining useful life of the related asset.

Interest costs on borrowings to finance the construction of property, plant and equipment are capitalized as

part of cost of the asset, during the period of time required to complete and prepare the property for its intended

use. The borrowing costs include interest on long-term borrowing net of amortization of related deferred financial

cost.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are

included in operating profit.

3.8 Impairment of assets

Property, plant and equipment and other non-financial assets, and intangible assets are reviewed for impairment

losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An

impairment loss is recognised for the amount by which the carrying amount of the assets exceeds its recoverable

amount which is the higher of an assetûs net selling price and value in use. For the purposes of assessing impairment,

assets are grouped at the lowest level for

which there is separately identifiable cash flows (cash-generating units). Non-financial assets that suffered an

impairment are reviewed for possible reversal of the impairment at each reporting date.

3.9 Leases

Leases of vehicles which substantially transfer all the risks and rewards of ownership are classified as finance

leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value of the leased

property or the present value of the minimum lease payments. Each lease payment is allocated to the principal and

to the finance charges so as to achieve a constant rate on the finance balance outstanding. The outstanding rental

obligations, net of finance charges, are included in other long-term payables. The interest element of the finance

87



cost is charged to the statement of income over the lease period so as to achieve a constant periodic rate of

interest on the remaining balance of the liability for each period. The property, plant or equipment acquired under

finance leases is depreciated over the shorter of the useful life of the asset or the lease term.

Leases not transferring a significant portion of the risks and rewards of ownership to the lessee are classified

as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are

charged to the statement of income on a straight-line basis over the period of the lease.

3.10 Adjustment for the combination of entity under common controls

On January 20, 2005, the Company acquired 100% of the share capital of SC Steel Work Company Limited.

These activity was a transaction between enterprise under common control. Those transactions were excluded from

the scope of Thai Accounting Standard no. 43, çBusiness Combination.é The Company had therefore not accounted

for this transaction as an acquisition but applied the predecessor basis for common control transactions.

The above accounting treatment which was in the scope of the Thai Accounting Framework is supported by

the opinion of US SEC observer in the discussions of EITF 85-21, çChanges of Ownership Resulting in a New Basis of

Accountingé, which stated that the transfer of net assets between a parent and its subsidiary should be accounted

for at predecessor cost in the separate financial statements of each entity.

The Company had recognized the excess of the book value of acquired net assets over the cost of

acquisition as çAdjustment for the combination of entity under common controls.é The Adjustment is presented in the

equity portion of balance sheet and will be directly transferred to retained earning, when the subsidiary pays

dividends or the parent company disposes the investment.

3.11 Revenue recognition

Revenue comprises the invoiced value for the sale of goods and services net of output tax, rebates and

discounts. Revenue from sales of goods is recognised when significant risks and rewards of ownership of the goods

are transferred to the buyer. Revenue from rendering services is recognised when the service is rendered.

Interest incomes are recognized on an accrual basis.

3.12 Foreign currency translation

Foreign currency transactions are translated into Thai Baht using the exchange rates prevailing at the date of

the transaction. Monetary assets and liabilities denominated in foreign currency are translated to Thai Baht at the

exchange rate prevailing at the balance sheet date. Gains and losses resulting from the settlement of foreign

currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies,

are recognised in the statement of income.

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3.13 Basic Earnings Per Share

Basic earning per share is calculated by dividing the net income attributable to shareholders by the weighted

average number of ordinary shares during the year.

3.14 Financial instruments

Financial assets carried on the balance sheet include cash and cash equivalents, current investment, trade

accounts receivable, fix deposit and other accounts receivable. Financial liabilities carried on the balance sheet

include trade account payable leases and loans from financial institutions. The particular recognition methods

adopted are disclosed in the individual policy statements associated with each item. The Company did not adopt

any derivative strategies to manage the fluctuation of foreign currency and interest rates.

3.15 Related parties

Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are

controlled by, or are under common control with, the Company, including holding companies, subsidiaries and

fellow subsidiaries are related parties of the Company. Associates and individuals owning, directly or indirectly, an

interest in the voting power of the Company that gives them significant influence over the enterprise, key management

personnel, including directors and officers of the Company and close members of the family of these individuals and

companies associated with these individuals also constitute related parties.

In considering each possible related party relationship, attention is directed to the substance of the relationship,

and not merely the legal form.

3.16 Provision

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past

events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of

the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance

contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.

4. CASH AND CASH EQUIVALENTSIn Baht


2005 2005 2004

Cash on hand 1,652,139 994,714 428,344

Deposits held at call with banks 116,403,698 104,313,310 99,406,987

Total 118,055,837 105,308,024 99,835,331

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5. TRADE ACCOUNTS RECEIVABLE- NETIn Baht


2005 2005 2004

Related companies

Trade accounts receivable -

related companies - - 19,004,290

Other companies

Trade accounts receivable 363,565,165 358,558,074 245,638,716

Posted date cheques received 97,264,048 97,161,218 76,495,849

460,829,213 455,719,292 322,134,565

Less : Provision for doubtful accounts (130,436) - (222,248)

Trade accounts receivable-other

companies - net 460,698,777 455,719,292 321,912,317

Outstanding trade accounts receivable as at December 31 2005 and 2004, can be analysed as follows;

In Baht


2005 2005 2004

Related companies

Up to 3 months - - 11,400,253

3 - 6 months - - 7,491,020

6 - 12 months - - 113,017


related companies - - 19,004,290

Other companies

Up to 3 months 412,657,887 411,985,576 145,921,684

3 - 6 months 25,957,534 25,741,765 157,803,761

6 - 12 months 22,083,356 17,991,951 14,893,735

Over 12 months 130,436 - 3,515,385

460,829,213 455,719,292 322,134,565

Less : Provision for doubtful accounts (130,436) - (222,248)


other companies - net 460,698,777 455,719,292 321,912,317

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6. INVENTORIESIn Baht


2005 2005 2004

Raw Materials 68,021,582 68,021,582 66,543,195

Supplies 355,805 355,805 476,637

Finished goods 346,302,141 346,302,141 267,284,023

Total 414,679,528 414,679,528 334,303,855

Less : Provision for diminution of inventories (25,000,000) (25,000,000) -

Net 389,679,528 389,679,528 334,303,855

7. OTHER CURRENT ASSETSIn Baht


2005 2005 2004

Accounts receivable - Revenue Department 33,940,690 33,940,690 30,335,670

Deposits for goods 25,600,000 25,600,000 35,590,000

Others 3,755,612 3,688,362 1,020,543

Total 63,296,302 63,229,052 66,946,213

8. FIXED DEPOSITS PLEDGED AS COLLATERALAs at December 31, 2005, The Company held fixed deposits with a financial institution amounting of Baht 1.08

million (2547 : Baht 0.6 million) which were pledged as collateral for electricity usage and installation work for a

customer.

9. INVESTMENT IN SUBSIDIARYAs at December 31, 2005 and 2004, the detail of investment presented in the financial statements was as

follows:

In Baht

Paid up % Holdings December 31, 2005 December 31, 2004

Capital 2005 2004 Equity Cost Equity Cost

S.C. Steel Works Co., Ltd. 10,000,000 100 - 11,922,426 9,999,400 - -

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The movement of investment in subsidiary in The Company financial statement for the year ended December

31, 2005 was as follow:

In Baht

The Company Only

Beginning balance -

Purchase of investment in subsidiary 9,999,400

Share of gain of investment in subsidiary 1,923,026

Ending balance 11,922,426

10. PROPERTY, PLANT AND EQUIPMENT - NET

Consolidated

In Baht

Furniture,

Machineries Fixtures

and and Office Motor Construction

Land Buildings equipment equipment vehicles in progress Total

As at December 31, 2004

Cost 81,933,585 46,379,091 133,163,132 6,037,049 35,008,475 40,418,657 342,939,989

Less : Accumulated

Depreciation - (9,071,761) (32,384,988) (4,563,130) (16,496,242) - (62,516,121)

Net book value 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

Transactions during the year

ended December 31, 2005

Opening net book value 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

Add : Fixed asset acquired

by business acquisition-net - - 6,479 78,743 1,001,086 - 1,086,308

Add : Additions 5,392,000 540,673 92,952,693 2,331,046 12,435,514 154,974,609 268,626,535

Less : Disposals (2,712,923) (1,235,273) - - - - (3,948,196)

Less : Depreciation - (2,297,509) (27,246,903) (718,502) (6,416,529) - (36,679,443)

Ending net book value 84,612,662 34,315,221 166,490,413 3,165,206 25,532,304 195,393,266 509,509,072


Cost 84,612,662 45,559,489 226,123,825 8,469,789 48,904,737 195,393,266 609,063,768

Less Accumulative depreciation - (11,244,268) (59,633,412) (5,304,583) (23,372,433) - (99,554,696)

Net book value 84,612,662 34,315,221 166,490,413 3,165,206 25,532,304 195,393,266 509,509,072


Cost 81,933,585 46,379,091 133,163,132 6,037,049 35,008,475 40,418,657 342,939,989

Less : Accumulated Depreciation - (9,071,761) (32,384,988) (4,563,130) (16,496,242) - (62,516,121)

Net book value 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

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In Baht

Furniture,

Machineries Fixtures

and and Office Motor Construction

Land Buildings equipment equipment vehicles in progress Total

Transactions during the year

ended December 31, 2005

Opening net book value 81,933,585 37,307,330 100,778,144 1,473,919 18,512,233 40,418,657 280,423,868

Add : Additions 5,392,000 540,673 92,952,693 2,331,046 12,435,514 154,974,609 268,626,535

Less : Disposals (2,712,923) (1,235,273) - - - - (3,948,196)

Less : Depreciation - (2,297,509) (27,246,903) (698,163) (6,124,379) - (36,365,354)

Ending net book value 84,612,662 34,315,221 166,490,413 3,106,802 24,823,368 195,393,266 508,736,853


Cost 84,612,662 45,559,489 226,123,825 8,368,095 47,443,989 195,393,266 607,493,326

Less : Accumulative depreciation - (11,244,268) (59,633,412) (5,261,293) (22,620,621) - (98,756,473)

Net book value 84,612,662 34,315,221 166,490,413 3,106,802 24,823,368 195,393,266 508,736,853

Land and buildings in the financial statements amounting of Baht 112.7 million (2004: None) is mortgaged as

collateral for overdraft (Note 11) long-term loan from financial institution (Note 14)

As at 31 December 2005 and 2004, the Company has fully depreciated of property, plant and equipment

which are still in use, the cost of such assets amounted to Baht 39.1 million and Baht 40.0 million respectively.

11. BANK OVERDRAFT AND SHORT-TERM LOAN FROM FINANCIAL INSTITUTIONIn Baht


2005 2005 2004

Bank overdraft - - -

Short-term loan from financial institution - - 100,000,000

Total - - 100,000,000

As at December 31, 2004 the Company holds short-term loan facilities in a form of promissory notes amounting

of Baht 100 million. The loan charged interest at the rate of 2.5% per annum with due date in February 2005.

The Company has overdraft facility from two commercial bank amounted to Baht 55 million (2004: none) The

facility charged interest at the rate of MOR per annum. The Company also holds short-term loan facilities in promissory

note amounted to Baht 120 million (2004 : promissory note and Bill of exchange amounted to Baht 100 million and

Baht 150 million respectively.) The loans charged interest at 2.5% - 6.25% per annum respectively. (2004 : 2.5% per

annum). The Company has also credit facilities in letter of credit and trust receipt in the amount of Baht 100 million.

93



The overdraft facilities and the short-term loan facilities are secured over land and structures thereon (Note 10)

and guaranteed by the Companyûs directors.

12. LIABILITIES UNDER LEASE AGREEMENTS - NETIn Baht


2005 2005 2004

Liabilities under lease agreements 82,238,169 81,803,588 2,452,623

Less : Deferred interest charges (10,184,589) (10,138,019) (175,294)

Total 72,053,580 71,665,569 2,277,329

Less : Current portion (19,369,626) (19,095,736) (853,358)

Liabilities under lease agreements - net 52,683,954 52,569,833 1,423,971

13. OTHER CURRENT LIABILITITESIn Baht


2005 2005 2004

Advance received 26,816,575 26,375,343 3,224,524

Accrued value add tax 373,639 315,299 1,668,623

Others 3,176,859 2,696,765 1,579,322

30,367,073 29,387,407 6,472,469

14. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS-NETIn Baht


2005 2005 2004

Long-term loans from financial institution 230,000,000 230,000,000 1,691,905

Less : Current portion (31,000,000) (31,000,000) (640,875)

Long-term loans from financial

institutions-net 199,000,000 199,000,000 1,051,030

The movement of loans from financial institutions for the year ended December 31, 2005 can be analysed as

follows:

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In Baht


As at January 1, 2005 1,691,905 1,691,905

Addition loans during the year 230,000,000 230,000,000

Repayment of loan during the year (1,691,905) (1,691,905)

As at December 31, 2005 230,000,000 230,000,000

Long-term loans from two financial institutions for purchase piece of land and warehouse construction. The

long-term loan facilities are secured over land and structures thereon (Note 11), superficiary right, and guaranteed by

the Companyûs directors.

15. SHARE CAPITALAt the extraordinary shareholdersû meeting held on June 9, 2004 and July 10, 2004, the shareholders passed

the resolution to increase the authorised share capital from Baht 6 million to Baht 100 million by registering 1 million

common shares with par value of Baht 100 per share. The Company registered such increase of authorised capital

with the Ministry of Commerce on July 19, 2004.

At the extraordinary shareholdersû meeting held on October 23, 2004 and November 8, 2004, the shareholders

passed the resolution to increase the authorized share capital from Baht 100 million to Baht 300 million by registering

3 million common shares with par value of Baht 100 per share. The Company registered such increase of authorised

capital with the Ministry of Commerce on November 19, 2004.

At the extraordinary shareholdersû meeting held on December 30, 2004 and January 17, 2005, the shareholders

passed the resolution to increase the authorized share capital from Baht 300 million to Baht 400 million by registering

4 million common shares with par value of Baht 100 per share. The Company registered such increase of authorised

capital with the Ministry of Commerce on January 27, 2005

At the annual shareholdersû meeting held on March 17, 2005, the shareholders approve the change of par

value from Baht 100 per share to Baht 1 per share ; as a result, the number of authorised share capital changed from

4,000,000 shares to 400,000,000 shares. The Company registered with the Ministry of Commerce on March 23, 2005.

At the annual shareholdersû meeting held on March 17, 2005, the shareholders passed the resolution to

increase the authorised share capital from Baht 400,000,000 to Baht 500,000,000 by registering 500,000,000 common

shares with par value of Baht 1 per share. The Company registered such increase of authorised capital with the

Ministry of Commerce on March 23, 2005.

The Company issued and sale of 100,000,000 new common shares at the selling price of Baht 3.50 per share.

After issue of new common shares, The Companyûs issued and paid-up capital increased by Baht 100,000,000 and

premium on share capital (less the cost directly attributed to the sell of share) increased by Baht 239,500,000.

95



As at December 31, 2005, the authrorised share capital was Baht 500,000,000 with the number of common

share 500,000,000 shares at par value of Baht 1 per shares (December 31, 2004 : Baht 300,000,000, 3,000,000 shares

at par value of Baht 100 per shares) The issued and paid-up share capital was Baht 500,000,000 with the number of

share 500,000,000 shares at par value of Baht 1 per share (December 31, 2004 : Baht 300,000,000, 3,000,000 shares at

Baht 100 per share) The Company recognized premium on share capital (less the cost directly attributed to the sell

of share) of Baht 239,500,000 (December 31, 2004 : None.)

16. LEGAL RESERVEUnder the provisions of the Thai Public Company Limited Act B.E. 2535, the Company is required to appropriate

at least 5% of its annual net income after deduction of the deficit brought forward (if any) as reserve fund until the

reserve equal to 10% of authorized share capital. The reserve is not available for dividend distribution.

17. BASIC EARNINGS PER SHAREIn Baht

Consolidated and The Company Only

2005 2004

Net income for the years (Baht) 78,407,101 49,671,287

Weighted average number of

Ordinary shares in issue (share) 455,514,075 100,557,914

Basic earnings per share (Baht) 0.17 0.49

Earnings per share for the year ended December 31, 2004 for the consolidated and the financial statements

have been recalculated for comparative purpose with those of current years.

18. PROFIT FROM OPERATINGSome transactions included in calculated operating income can classified by nature as follows:

In Baht


2005 2005 2004

Gain on exchange rate 562,903 562,903 928,683

(Reverse) Doubtful debts (91,812) (222,248) 222,248

Depreciation 36,679,443 36,365,354 11,641,288

Staff cost 63,776,024 62,039,173 27,617,280

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19. SEGMENT INFORMATIONThe Company is engaged in the business of manufacturing and distributing yarns and fabrics, in mainly two

geographical areas, domestic and foreign countries, and fabric weaving service rendered locally. Financial transactions

shown in the financial statements are related to the aforesaid industrial segment and geographical areas. Since there

are no differences in its products even for sales in different geographical areas, the sales are segmented by

geographical areas and by products, while other segment information is mainly categorized by products.

Revenues and expenses classified by segment for the years ended December 31, 2005 are as follows:

Baht

Sales of Subsidiaryûs

Coils & metal Cutting cutting Elimination

sheets metal sheets Total metal sheets Entries Total

Local sales 2,276,704,691 - 2,276,704,691 18,402,557 (712,492) 2,294,3947,56

Export sales 27,930,559 - 27,930,559 - - 27,930,559

Total sales 2,304,635,250 - 2,304,635,250 18,402,557 (712,492) 2,322,325,315

Less : Sales discount and sales

return (10,825,619) - (10,825,619) (73) - (10,825,692)

Net Sales and service income 2,293,809,631 - 2,293,809,631 18,402,484 (712,492) 2,311,499,623

Cost of sales and services (2,036,815,282) (13,892,583) 712,492 (2,049,995,373)

Gross Profit 256,994,349 4,509,901 - 261,504,250

Share of gain of investment in

subsidiary 1,923,026 - (1,923,026) -

Other income 2,270,979 7,547 (80,479) 2,198,047

Selling and administrative

expenses (137,892,338) (1,550,959) 80,479 (139,362,818)

Income before interest

expenses and income tax 123,296,016 2,966,489 (1,923,026) 124,339,479

Interest expenses (13,329,478) (57,873) - (13,387,351)

Income tax (31,558,837) (985,590) - (32,544,427)

Net income for the year 78,407,701 1,923,026 (1,923,026) 78,407,701

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Revenues and expenses classified by segment for the years ended December 31, 2004 are as follows:

In Baht

Sales of coils Cutting

& metal sheets metal sheets Total

Local sales 1,605,049,358 23,965,467 1,629,014,825

Export sales 37,091,441 - 37,091,441

Total sales 1,642,140,799 23,965,467 1,666,106,266

Less : Sales discount and sales return (4,254,124) - (4,254,124)

Net Sales and service income 1,637,886,675 23,965,467 1,661,852,142

Cost of sales and services (1,541,561,679)

Gross Profit 120,290,463

Other income 1,014,874

Selling and administrative expenses (49,023,002)

Income before interest expenses and

income tax 72,282,335

Interest expenses (364,423)

Income tax (22,246,625)

Net income for the year 49,671,287

20. TRANSACTIONS WITH RELATED PARTIES

20.1) Relationship

During the year 2005, The Company has changed the structure of its board of management causing

the change of relationship among The Company, the subsidiary and the related companies as follow;

Relationship

2005 2004

Subsidiary

S.C. Steel Works Co., Ltd. 100% shareholding Share hold by directors

Related Companies

Siam Colour Sheet Co., Ltd. Share hold by directors Share hold by directors

Permchai Panich Co., Ltd. Close relative of directors Close relative of directors

Related parties

Mr. Veerachai Suteerachai - Close relative of directors

Mr. Chukiat Yongwongpaibul Director Director

Mr. Choocheep Yongwongpaibul Director Director

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The pricing policies between the company and related parties are as follow ;

* The Company charged the prices of sales and services to related companies approximate to those

charged to third parties.

During the year 2004, The Company changed the structure of its board of management causing the

relationship between The Company and four companies comprising Cosmo Recreation Co.,Ltd., Sinteerachai Co.,Ltd

, Asia Metal PLC., and Steel Center (Thailand) Co.,Ltd. to change from related companies to other companies.

20.2) Balances of transactions between the Company and related parties

Balances of transactions with related companies as at December 31, 2005 and 2004 are as

follows :

In Baht


2005 2005 2004

Trade accounts receivable

Siam Colour Sheet Co., Ltd. - - 19,004,290



Payable from purchase of property,

plant and Equipment

Mr. Veerachai Suteerachai - - 62,501,380

Mr. Choocheep Yongwongpaibul - - 2,125,435

S.C. Steel Works Co., Ltd. - - 1,273,835


- - 107,672,100

Short-term loans from related party

Mr. Chukiat Yongwongpaibul - - -

The movement of short-term loans from related party for the year ended December 31, 2005 was as follow:

In Baht


Beginning balance - -

Additions during the year 265,000,000 265,000,000

Repayment during the year (265,000,000) (265,000,000)

Ending balance - -

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Revenues and expenses transactions with related parties for years ended December 31, 2005 and 2004 are as

follows:

In Baht


2005 2005 2004

Sales

S. C. Steel Works Co., Ltd. - 712,492 -


Teerachai Capital Co., Ltd. - - 45,376,448

Steel Center (Thailand) Co., Ltd. - - 46,860,602

Permchai Panich Co., Ltd. 39,982,536 39,982,536 57,934,842

Perm-Sahai Steel Co., Ltd. - - 1,874,532

39,982,536 40,695,028 163,344,537

Service income


- - 23,302,455

Other income

S. C. Steel Works Co., Ltd. - 80,479 -

- 80,479 -

Purchase


Teerachai Capital Co., Ltd. - - 107,715,082


Permchai Trade Co., Ltd. - - 10,274,195

Permchai Panich Co., Ltd. 112,561,583 112,561,583 63,546,082

Asia Metal PLC. - - 65,552,995

112,561,583 112,561,583 322,826,657

Purchase of property, plant and

equipment



S. C. Steel Works Co., Ltd. - - 1,273,232

Cosmo Recreation Co., Ltd. - - 59,760,000

Mr. Veerachai Suteerachai - - 64,326,500

Mr. Choocheep Yongwongpaibul - - 2,160,000

- - 200,580,407

Interest expense

Mr. Chukiat Yongwongpaibul 1,634,932 1,634,932 -

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21. REGISTERED PROVIDENT FUND PLANOn February 18, 2005, The Company established a contributory registered provident fund in accordance with

the Provident Fund Act.B.E. 2530. Under the plan, the Company and employees contribute to the fund at certain

percentage of the employeeûs basic salary. The Company appointed a fund manager to manage the fund in

accordance with the terms and conditions prescribed in the Ministerial Regulation No.2 (B.E. 2532) issued under the

Provident Fund Act B.E.2530.

The Company has paid contribution to provident fund in the amount of Baht 0.6 million for the year ended

December 31, 2005.

22. FINANCIAL INSTRUMENTS

A) FINANCIAL RISK MANAGEMENT POLICIES

The principal financial risks faced by the Group are interest rate risk and credit risk. The Group did not adopt

any derivative strategies to manage such exposures

The Group did not intend to engage in trading derivative instruments for speculative purposes

B) INTEREST RATE RISK

The Group was exposed to interest risks because it held deposits to and loan from financial institutions.

However, such financial assets and liabilities are short-term, The Group believed that the future fluctuation on market

interest rate would not provided significant effect to their operation and cash flow; therefore, no financial derivative

was adopted to manage such risks.

C) CREDIT RISK

The Group was exposed to credit risk. However, due to the large number and diversity of the entities

comprising the Companyûs customer base, The Group does not anticipate material losses from its debt collection.

The Group estimated the allowance for doubtful accounts from the ending balance of accounts receivable. The

estimate was made by considering the customerûs past collection experiences.

D) FAIR VALUE

The financial assets and liabilities include cash and deposit held from financial institutions, trade accounts

receivable and payable, other receivable and payable, and long-term loan from financial institution. Their carried

values approximate to their fair values

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23. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

A) BANK GUARANTEE ISSUED BY BANK

As at December 31, 2005, The company had letters of guarantee issued by bank

for the payment of electricity and utility fee amounting of Baht 890,000.

For the installation work for 5 years, start on March 17, 2005 to March 16, 2010 in the amounting of Baht

139,560.

B) Land lease agreements

As at December 31, 2005, The company had three land lease agreements with other persons to construct

office building and warehouse in totaling rental fee amounting of Baht 103,217 per month.

24. APPROVAL OF FINANCIAL STATEMENTSThese consolidated and Companyís financial statements have been approved by the board of directors of the

company.

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