SNC: Annual Report 2004

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π) SNC FORMER PUBLIC COMPANY LIMITED

1

2

3 4

5

7 9

6

8

10

1 Aluminium pipe

2 Discharge pipe

3 Suction pipe

4 Hose Assûy Auto

5 Outlet pipe

6 Inlet pipe

7 Half union, Flare nut, Valve

8 Beading

9 Header jointing

10 Flange

1

2

3

4

5

7

9

68

10

1 Outdoor Unit Air

11 12

13

2 Solenoid Valve

3 Strainer Assûy

4 Distributor Assûy

5 Pipe Assûy

6 Pipe Comp.

7 Jointing

8 Plate

9 Tripod

10 Half union

11 Flare nut

12 Flange

13 Distributor

1 Oil cooler

2 Dis, pipe

3 Pro. pipe

4 Suc. IP.

5 Muff. pipe

6 Outer pipe

7 Dis pipe

8 Oil pipe

9 Process tube

10 Discharge tube

11 Tube suction

12 Tube oil supplier

FIC

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ContentsMessage from the Chairman 71. General Information 92. Details of the Directors and Management 133. Highlights of Financial Performance 174. Type of Business 195. Risk Factors 456. The Shareholding Structure and the Management 517. Good Corporate Governance 638. Inter-Company Transactions 699. Explanation and Analysis of Financial statements 7310. Financial Statement

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Message from the Chairman

Message from the ChairmanYear 2004 was the year of pride for SNC Former Public Company Limited since we have moved on

to another step in attaining our goals in both quality and service of our products---copper, brass and

aluminum parts among our three main targeted customers: automotive, air-conditioning and compressor

industry.

In 2004 we continually encountered economical fluctuation caused by external factors such as

the increase in oil price, Middle east war, plagues (SARS and the Bird Flu), and competitive market both

from foreign investment in Thailand and from low labour cost in china. However, as resulted from our

alliance strategy and cost reduction offer for customers by developing our operation management, we

still remain successful in our business and be able to turn a profit to our dearest shareholders. We

concentrate on international-quality service, best benefit to our shareholders and good management as

well as integrated business planning to gain our competitive advantage in the world of globalization.

One another mission is to evaluate our operation by following SETûs evaluation system. It

establishes credibility and optimal benefit to all stakeholders, and it contributes to the companyûs

increasing share value and continual growth.

As stated above, as Executive committees and the Board of Directors, we promise that we will

do their best to follow the companyûs policy and lead SNC Former to Asiaûs leading air-conditioning

parts manufacturer. Also, we would like to be thankful for all managing directors, managers, operators,

shareholders and any relevant persons who always support us.

(Mr.Somsak Thaisa-nguanvorakul)

Chairman

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SNCFORMER PUBLIC COMPAN

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1. General Information

1.1 The CompanyThe SNC Former Public Company Limited

Manufactures metal parts, pipe assembly for automobiles, air conditioners, and

compressors Paid-up capital 200 million baht

Location 103/25-34 Moo 17, Taparuk Road, Bangsaotong District,

Sub Amphur Bangsaotong, Samutprakarn 10540

Registration No. 0107574700376

Homepage www.sncformer.com

Telephone No. 0-2705-0820-5, 0-2330-3483

Fax No. 0-2330-3481-82, 0-2705-6890

1.2 Subsidiary and affiliated companyThe SNC Air-cond Company Limited

Manufactures parts for house air conditioners for 2 main customers : York and Fujitsu

100% held by the Company Paid-up capital 30 million baht

Location 211/6 Moo 3, Sukhumvit Road, Sriracha District, Chonburi 20230

Telephone No. 0-3876-8970-4

Fax No. 0-3876-8975

The SNC Comp Parts Company Limited

Manufacturers metal parts for compressor 100% held by the Company Paid-up

capital 5 million baht

Location 103/9 Moo 17, Taparuk Road, Bangsaotong District,


Telephone No. 0-2705-0820-25, 0-2330-3483

Fax No. 0-2330-3481, 0-2705-6890

The SNC Cooling Supply Company Limited

Manufacturers sets of air conditioner parts for Mitsubishi Consumer Product Company

Limited 100% held by the Company Paid up capital 5 million baht



Telephone No. 0-2705-0820-25, 0-2330-3483

Fax No. 0-2330-3481, 0-2705-6890


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The SNC Pyongsan Evolution Company Limited

Manufacturers sets of automobile air conditioner parts and room air conditioner parts

for Korean product having assembly plant in Thailand 51% held by the Company Registered

capital 32 million baht Paid up capital 8 million baht



Telephone No. 0-2705-0820-25, 0-2330-3483

Fax No. 0-2330-3481, 0-2705-6890

The SAS Innovation Company Limited

No business operation at present 100% held by the Company Registered

capital 14 million baht

1.3 Other references

Registrar The Thailand Securities Depository Company Limited

62 The Stock Exchange of Thailand Building 4th, 6th, 7th Floor

Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel: 0-2359-1200-01

Auditor Mr. Anothai Leekitwattana CPA No. 3442

Legal consultant Mr. Anek Suarod

Investor relations Mr. Surapol Yamkasem


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3. Highlights of Financial Performance

3.1 Financial ratios (See more details in Financial Statement)

The SNC Former Public Company Limited

Financial ratios

2001 2002 2003 2004Company Consolidated Consolidated Consolidated

Liquidity ratio

Liquidity ratio 1.01 0.99 1.05 2.13

Current liquidity ratio 0.75 0.76 0.9 1.68

Cash flow liquidity ratio 0 0.31 0.34 0.11

Account receivables turnover ratio 5.7 5.06 5.28 5.66

Days collectible outstanding (days) 63 71 68 65

Inventory turnover ratio 12.51 11.86 15.38 12.66

Days sale outstanding 29 30 23 29

Liability turnover ratio 7 6.21 5.95 6.25

Days payable outstanding (days) 51 58 61 58

Cash cycle 41 43 31 36

Profitability ratio

Gross profit margin ratio 23% 27% 28% 26%

Operating profit margin ratio 7% 10% 14% 14%

Net profit margin ratio 4% 6% 10% 9%

Return on equity ratio 15% 22% 52% 32%

Net profit per share (baht) 0.37 0.57 1.42 0.51

Efficiency ratio

Return on assets 7% 10% 17% 16%

Return on fixed assets 24% 41% 61% 69%

Asset turnover 4.18 3.51 4.35 5.96

Financial policy ratio

Debt to equity ratio 1.17 1.29 2.86 0.64

Debt with interest to equity ratio 0.6 0.45 0.94 0.16

Interest coverage ratio 0 8.06 22.37 30.76

Overall cashflow coverage ratio (cash basis) 0 0.66 0.47 0.16

Remarks : * The consolidated financial statements for 2002 is as if included the financial statements of the SAS

Innovation Company Limited. However, at present, this company is currently unoperated.

** In 2003, the Company has invested in the SNC Air-cond Company Limited, the Companyûs

subsidiary, on December 23rd, 2003. In 2003, this subsidiary company was not operated.

*** Net profit per share at 1 baht per share.


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Zone : EPZ) ·À≈¡©∫—ß ·≈–®”Àπà“¬„Àâ‡©æ“–≈Ÿ°§â“∑’Ëµ—ÈßÕ¬Ÿà„π‡¢µ¥—ß°≈à“« ‚¥¬¡’≈Ÿ°§â“ 2 √“¬§◊Õ York

·≈– Fujitsu ·≈–¡’≈Ÿ°§â“√“¬„À¡à‡æ‘Ë¡‡µ‘¡§◊Õ ∫√‘…—∑ ¡‘µ´Ÿ∫‘™‘ ‡Œø«’Ë Õ‘‡≈§∑√‘§ ®”°—¥ (MACO) ¡’∑ÿπ

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4. Type of Business

4.1 Type of business of the Company and its subsidiary and operation

management of the holding CompanyThe Company is highly experienced in the manufacturing process involving larger

number of workers. The Company subcontracts the parts manufacturing from the worldclass air conditioning manufacturer at a lower cost and higher quality. The Company appliesthe cost and profit center management policy to the subordinated unit with the objective ofachieving the most effective management and providing an efficient service to the customer.At present, the Company has organized 23 subordinated units. The Company also placesemphasis on the personnel by providing consistent training to every level of employeeparticularly the management level. Aside from that, the Company has 5 Japanese professionalswhose job is mainly to provide consultant and recommendation to ascertain that each jobis delegated to the right person.

The main objective of the Company is to become the leading subcontractingmanufacturer of metal parts and pipe assembly for (Original Equipment Manufacturers -OEM)substance of automobiles, air conditioners, and compressors for sale to the world-classmanufacturers of finished products. Furthermore, as soon as the AFTA Agreement is effective,the Company intends to expand its customer base to include international customersby investing with the strategic partners or acquisition of other business both locally andabroad. The new established company will be assigned absolute and clear responsibilityregarding the products and customer group as the Company has been practicing in orderto achieve an effective control of manufacturing cost and expenses including satisfyingcustomer service both in term of quality and delivery. Such excellent manufacturing processwill result in quality products generally accepted by most large manufacturers in variousindustries in which the Company believes are the most critical factors for the successin the future.

The SNC Air-Cond Company LimitedThe SNC Air-Cond Company Limited is the first company under the management

of the SNC Former to manufacture sets of parts for air-conditioners for interior use. Thecustomers will outsource some or all of the parts manufacturing to be manufactured by theCompany. After the Company has manufactured the assigned parts, the customers willattach these parts with the others automatically, which in turn, reduces the manufacturingtime and cost of the customers. Meanwhile, the Company also benefits from utilizing up tothe maximum capacity of the manufacturing factory. The SNC Air-Cond Company Limitedstarted operating commercially on January 25, 2004.

At present, the SNC Air-Cond Company Limited is located at the Lam ChabangExport Processing Zone and is currently manufacturing for customers in the same zonenamely York and Fujitsu. The newly added customer is the Mitsubishi Heavy Electric CompanyLimited (MACO) with the paid up capital of 30 million baht.


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Benefits and conditionsThe benefits of the Air-Cond Company Limited as it is located at the Lam Chabang

Export Processing Zone (Zone 2 according as defined by the Board of Investment) are asfollow:

Benefits1. Exempted from the special fees as stated by the law of the Board of Investment

except import tax, value added tax, and excise tax of machines, equipments,tools, and utensils including parts of these items necessary for the manufacturingof products or for export trade, whichever is the case.

2. Exempted from the special fees as stated by the law of the Board of Investmentfor import tax, value added tax, and excise tax of items used for manufacturingthe products.

3. Exempted from import tax, value added tax, and excise tax of items importedaccording to article 49 including the by-products or any other things remainedafter the manufacturing process.

4. Exempted or refund of tax for items legally assigned by law to be exempted orrefund of tax when exporting abroad or even taken into the Export ProcessingZone to be utilized according to article 48 and 49. (These benefits can only beapplied as long as the Air-Cond Company Limited remains in the ExportProcessing Zone).

The SNC Comp Parts Company LimitedPrior to September 2004, the Company has been responsible for both manufacturing

and distributing parts of the compressor industry. The Company has transferred the line ofmanufacturing of all parts of the compressor to the Compart Company Limited. The absolutemanufacturing separation of each line of product will enable the Company to clearly analyzethe manufacturing capability and performance of each group of products. The employeeswill also be fairly and appropriately rewarded to encourage the will power among employees,which will in turn results in higher quality, manufacturing capacity, and impressive service tocustomer to support future expansion. As a result of this organizational restructuring, theCompany no longer produces income from sales of parts of compressors from September2004 and onward. The Companyûs revenue from parts of compressors will become therevenue of the SNC Compart Company Limited instead. The SNC Compart has paid upcapital of 5 million baht.

The SNC Cooling Supply Company LimitedThis is a newly established company to manufacture parts of air-conditioner for

interior use to be distributed solely to the world largest air-conditioner manufacturer, theMitsubishi Consumer Product Company Limited.

The SNC Cooling Supply Company Limited started operating commercially in September2004 with the current paid-up capital of 10 million baht and will be increased to 30 millionbaht in 2005.


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Nissan Frontier, TEANA Sunny ™‘Èπ à«π·Õ√å√∂

Volvo ™‘Èπ à«π·Õ√å√∂

Siam Zexel Mitsubishi Lancer, Stada Pickup ™‘Èπ à«π·Õ√å√∂

Denso (Thailand) Suzuki Vitara ™‘Èπ à«π·Õ√å√∂

Sanden Theco Ford Ranger ™‘Èπ à«π·Õ√å√∂·≈–

Showa ™‘Èπ à«πÀ¡âÕπÈ”

Siam Calsonic Mazda Fighter ™‘Èπ à«π·Õ√å√∂

Calsonic Kansei Isuzu D-Max ™‘Èπ à«π·Õ√å√∂,

Toyota Tsusho √–∫∫æ«ß¡“≈—¬,

Halla Climate Conrol µ—«ªíö¡πÈ”¡—π¥’‡´≈·≈–

Delhpi Thailand ™‘Èπ à«πÀ¡âÕπÈ”

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Toyo Radiator Toyota IMV Project ™‘Èπ à«π·Õ√å√∂·≈–

™‘Èπ à«πÀ¡âÕπÈ”


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The SNC Pyongsan Evolution Company LimitedThe company is a joint venture between the Company and the South Korean strategic

partner named the Pyongsan Corporation (çPyongsané), whom is the second largestmanufacturer of metal parts and pipe assembly for automobiles in South Korea. The jointventure is 51:49 in the proportion of Thai : South Korea. The SNC Pyongsan EvolutionCompany Limited manufactures both parts for automobiles air conditioning system forcustomers with assembly plant located in Thailand and parts for air-conditioner for buildinguses for South Korean manufacturers with manufacturing plant in Thailand. Aside from that,the SNC Pyongsan Evolution Company Limited will also manufacture parts of automobilesand building air conditioners to be exported to the countries under the AFTA Agreement(Malaysia and Indonesia) and Australia.

The SNC Pyongsan Evolution Company Limited will start operating commercially inJanuary 2005 with the initial capital of 8 million baht and will increase to 32 million baht afterthe joint ventureûs signing agreement.

The SAS Innovation Company LimitedThe company owns approximately 73 rais piece of land located at Lumpang District,

Lumpang Province to support the Rectangular Economics Project Area between Thailand,China, Laos, and Myanmar, which may become the center of business expansion to southernChina. The SAS Innovation Company Limited has not started operating yet and therefore,earns no income.

Products that manufacture by using parts manufactured by the Company classified by industry

Automobile air-conditioner industry

Customer Automobile maker Car model Parts

Nissan Frontier, TEANA Sunny Air conditioner parts

Volvo Air conditioner parts

Siam Zexel Mitsubishi Lancer, Stada Pickup Air conditioner parts

Nippon Denso Suzuki Vitara Air conditioner parts

Sanden Theco Ford Ranger Air conditioner parts

Showa Radiator parts

Siam Calsonic Mazda Fighter Air conditioner parts

Calsonic Kansei Isuzu D-Max Air conditioner parts

Toyota Tsusho Steering system parts

Halla Climate Conrol Diesel pump and

Delhpi Thailand Radiator parts

Siam NSK Steering System Honda Civic, Accord, City Air conditioner parts

Toyo Radiator Toyota IMV project Air conditioner parts

Radiator pats


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Air-conditioners for interior building use industry

Trade Name

Fujitsu,York, Mitsubishi Electric, Mitsubishi Heavy, Sharp, Hitachi, Lucky Gold star, Toshiba Carrier,

Panasonic, Sanyo

Compressor Industry

Manufacturer name

1. Siam Compressor Industry

2. Hitachi Compressor (Thailand)

3. Kulthorn Kirby

4. Emerson Electric (Copeland)

5. Daikin Compressor Industries

The proportion of sales of large-scale customers during 2001-2004

2001 2002 2003 2004

Proportion of revenues from large-scale customers 56.8 76.4 55.1 38.9

No. of large-scale customers (customer) 3 4 3 3Remarks : Large-scale customers mean customer that purchases products manufactured by the Company

or its subsidiaries in the proportion of more than 10% of the total sale revenues of the groupof companies.

Distribution and distribution channel

The Company and its subsidiaries directly sells products to the customers with their

own marketing team to consistently visit the customers without any distributor or agent

involved as the Company and the customers must simultaneously develop the product for

utmost benefits of both parties. The Company emphasizes on manufacturing plan for delivering

punctuality and standardized quality. Therefore, good coordination between the customer

and the Company is particularly essential to maintain relationship among each other, which

may result in stronger business opportunity of the Company and its subsidiaries in the

future.

The Company and its subsidiaries intends to expand the market in the 3 industries in

which the Company is highly experienced particularly the automobile air conditioner industry

and air conditioner industry. The Company directly plans and offers new innovations to

customers to support the manufacturing strategy and reduce manufacturing cost. However,

the Company emphasizes on the customers with manufacturing plant located in Thailand.


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4.2. ‚§√ß √â“ß√“¬‰¥â

2545 % 2546 % 2547 %

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4.2 Income Structure

2002 % 2003 % 2004 %

(thousands baht) (thousands baht) (thousands baht)

Automobile air conditioner parts 132,445 42 162,044 34 216,795 26

House air conditioner parts 127,861 40 240,807 51 482,658 58

Compressor parts 55,491 18 67,540 14 134,810 16

Total revenue from sale 315,797 100 470,391 100 834,263 100

4.3 Over of the Industry and CompetitionThe major business of the Company and its subsidiaries manufactures metal parts

and pipe assembly of copper, brass and aluminum to be further manufactured as original

equipment in automobile industry, air conditioner industry and compressor industry. Therefore,

the industry overview and trend of these 3 industries directly affect the business operation

and performance of the Company and its subsidiaries.

1. Automobile industry

Competition of automobile maker

Local market

The local market competition is considered aggressive. Each operator applies

various types of marketing strategies to stimulate the consumerûs decision. This results

in tremendous growth in the automobile market. At present, there are 17 automobile

assembly plants in Thailand with the assembling capacity of 900,000 cars per year.

The major operators are the Isuzu Motor (Thailand) Company Limited, the Siam

Nissan Automobile Company Limited, the Toyota Motor (Thailand) Company Limited,

and the MMC Sithiphol Company Limited.

International market

Since Thailand is the center of automobile assembly business in Asia, the

important automobile export markets can be classified as follow:

1. Car export - Belgium, Japan, Australia, Indonesia, and China.

2. Van and pick-up export - England, Australia, Germany, Italy, and Spain.

3. Bus and truck export - Australia, Saudi Arabia, New Zealand, Singapore, and

Jordan.

The sales volume of automobiles locally and export during 1995-2004 and the

forecast for year 2005 and year 2010 are as follow:


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‚¥¬ª°µ‘ ºŸâº≈‘µ OEM µâÕß¥”‡π‘π°“√æ—≤π“º≈‘µ¿—≥±å™‘Èπ à«πµà“ßÕÿª°√≥åµà“ßÊ ¢Õß√∂¬πµå

√à«¡°—∫∫√‘…—∑ºŸâº≈‘µ√∂¬πµåÕ’°¥â«¬ ‡π◊ËÕß®“°°“√æ—≤π“™‘Èπ à«πµà“ßÊ „π·µà≈–√ÿàπ®–„™â√–¬–‡«≈“

ª√–¡“≥ 2-3 ªï ÷Ëß°“√æ—≤π“√à«¡°—π¥—ß°≈à“«®–∑”„ÀâºŸâº≈‘µ™‘Èπ à«π OEM ¥—ß°≈à“«‰¥â√—∫°“√

®â“ß°“√º≈‘µ®“°∫√‘…—∑ºŸâº≈‘µ√∂¬πµå πÕ°®“°π’È¬—ßµâÕß¡’√–∫∫°“√∫√‘À“√„π°“√®—¥°“√«—µ∂ÿ¥‘∫

·≈–°“√º≈‘µ„À¡à„Àâ¡’§ÿ≥¿“æ„π√–¥—∫¡“µ√∞“π “°≈‡æ◊ËÕ√—∫°—∫µ≈“¥∑’ËµâÕß°“√º≈‘µ¿—≥±å∑’Ë

Õ¥§≈âÕß„π‡√◊ËÕß°“√∫√‘À“√°“√®—¥°“√«à“¥â«¬§≈—ß ‘π§â“ °“√∫√‘À“√æ◊Èπ∑’Ë§≈—ß ‘π§â“„Àâ‡°‘¥ª√–‚¬™πå

Ÿß ÿ¥ ·≈–°“√‰À≈‡«’¬π‡¢â“¢Õß ‘π§â“Õ¬à“ß√«¥‡√Á« (Logistic and Supply Chain) ‚¥¬µâÕß

Õ“»—¬§«“¡‡™◊ËÕ¡‚¬ß¢Õß¢âÕ¡Ÿ≈ ¢à“« “√ ·≈–§«“¡µâÕß°“√¢ÕßºŸâª√–°Õ∫°“√√∂¬πµå ∑—Èßπ’È‡æ◊ËÕ

™à«¬≈¥µâπ∑ÿπ°“√º≈‘µ¢Õß∑—ÈßºŸâª√–°Õ∫°“√√∂¬πµå·≈–ºŸâº≈‘µ™‘Èπ à«π√∂¬πµåµàÕ‰ª

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Thailand, Vehicle, Total Sales, Domestic Sales, Exports in 1995-2004

2538

2539

2540

2541

2542

2543

2544

2545

2546

2547

2548

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2549

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Sales volume of automobiles locally and export during 1995-2004

Source: Thailand Automobile Industry Association

Overview of competition of automobile parts and equipment manufacturerThe automobile parts and equipment industry are a continuing section of the

automobile assembly industry. The result of the continuous growth in the automobileassembly industry from the year 1999 onward is the continued growth in the automobileparts and equipment industry. At present, most major automobile makers have theirown supply chain. In some instances such as overloaded of certain production line,that automobile maker may outsource the production to other parts manufacturers.Other instances may include a higher cost of production compared to outsourcing toother manufacturers. At present, the automobile maker has begun to emphasize onconsumersû needs and at the same time applying cost efficiency management. Therefore,similarity in automobile parts design seem to become a critical factor to encouragesharing of parts around the world, which will result in cost effective manufacturingvolume. The emphasis is to search for suppliers that manufacture quality parts at themost reasonable price. An example will include Toyota, whom has developed anddesigned automobiles in such a way that parts can be shared. Toyota will startassembling this type of cars in 2005. Any original equipment and parts manufacturer,who produces the most cost effective part will become most competitive in suchaggressive competition in the future. However, in adding value to the products, theoriginal equipment manufacturers (OEM) must continually develop the engineeringtechnology for creative design product development to be proposed to the automobilemaker aside from previously manufactured according to the specification from theautomobile maker.

Generally, the original equipment manufacturer will simultaneously developedvarious parts with the automobile maker as the parts development of each car modelnormally takes about 2-3 years. The advantage of sharing this part of developmentwith the automobile maker is the increasing tendency of manufacturing these parts atyour assembly plant. Aside from that, standardized inventory management is highlyemphasized as the market highly requires utmost utilization of ground space forinventory management and convenient logistic and supply chain. In order to achievethe manufacturing cost reduction standard, the flow of information and news networkand the needs from the automobile maker are necessary.

Thailand, Vehicle, Total Sales, Domestic Sales, Exports in 1995-2004


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√«¡∂÷ß°“√æ—≤π“ª√—∫ª√ÿß§ÿ≥¿“æ ‘π§â“·≈–∫√‘°“√Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ √â“ß§«“¡‰¥â‡ª√’¬∫

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„π√∂¬πµå¡’ºŸâº≈‘µª√–‡¿∑ OEM „π√–¥—∫ Tier 2 (ºŸâº≈‘µ™‘Èπ à«π‡æ◊ËÕ àßµàÕ„Àâ∫√‘…—∑ºŸâº≈‘µ‡§√◊ËÕß

ª√—∫Õ“°“») 3 √“¬„π‰∑¬§◊Õ∫√‘…—∑·≈–§Ÿà·¢àß¢—π´÷Ëß‡ªìπºŸâº≈‘µ —≠™“µ‘≠’ËªÿÉπ´÷Ëß¬â“¬∞“π°“√º≈‘µ

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∫∑ √ÿªÕÿµ “À°√√¡√∂¬πµå·≈–™‘Èπ à«π√∂¬πµå

®“° ¿“æ°“√·¢àß¢—π·≈–·π«‚πâ¡∏ÿ√°‘®„πÕπ“§µ √«¡∂÷ß¡“µ√°“√¢Õß√—∞∫“≈∑’Ë π—∫ πÿπ

„Àâ ‰∑¬‡ªìπ»Ÿπ¬å°“√°“√º≈‘µ√∂¬πµå‡æ◊ËÕ°“√ àßÕÕ°¢Õß¿Ÿ¡‘¿“§ ∑”„ÀâÕÿµ “À°√√¡¥—ß°≈à“«·≈–

Õÿµ “À°√√¡™‘Èπ à«π√∂¬πµå ÷Ëß‡ªìπÕÿµ “À°√√¡∑’Ë‡°’Ë¬«‡π◊ËÕß®–¡’°“√¢¬“¬µ—«Õ¬à“ßµàÕ‡π◊ËÕß Õ¬à“ß‰√

°Áµ“¡ ¿“æ°“√·¢àß¢—π¢ÕßºŸâº≈‘µ√∂¬πµåµà“ßÊ °Á®–¡’°“√·¢àß¢—π∑’Ë√ÿπ·√ß¢÷Èπ‡™àπ°—π ‡π◊ËÕß®“°

·π«‚πâ¡°“√ÕÕ°·∫∫√∂¬πµå®–‡ªìπ·∫∫°“√„™â™‘Èπ à«πµà“ßÊ √à«¡°—π ·≈–‡πâπ°“√ÕÕ°·∫∫

‡æ◊ËÕ§«“¡µâÕß°“√≈Ÿ°§â“∑—Èß∑“ß¥â“π§ÿ≥¿“æ·≈–√“§“‡ªìπÀ≈—° ‚¥¬ºŸâº≈‘µ√∂¬πµå·µà≈–√“¬

µà“ß¡’®ÿ¥¡ÿàßÀ¡“¬À≈—°§◊Õ°“√≈¥µâπ∑ÿπ°“√º≈‘µ ‡ªìπº≈„Àâ∫√‘…—∑ºŸâº≈‘µ√∂¬πµå¡’°“√®â“ßºŸâº≈‘µ™‘Èπ à«π

√“¬Õ◊ËπÊ‡ªìπºŸâº≈‘µ„Àâ·∑π À“°ºŸâº≈‘µ√“¬Õ◊ËπÊ “¡“√∂¡’µâπ∑ÿπ°“√º≈‘µ∑’ËµË”°«à“ outsourcing

‡ªìπº≈„ÀâºŸâº≈‘µ OEM ∑’Ë¡’µâπ∑ÿπ„π√–¥—∫µË” ∑”„Àâ∫√‘…—∑ “¡“√∂‡¢â“‰ª‡ªìπºŸâº≈‘µ·∑π (Supply

Chain) ¢ÕßºŸâº≈‘µ√∂¬πµå ´÷Ëß‡ªìπ‚Õ°“ ∑“ß∏ÿ√°‘®∑’Ë ”§—≠„π°“√¢¬“¬µ≈“¥∑’Ë¡’¡Ÿ≈§à“

µ≈“¥ Ÿß¡“° ®“°‡Àµÿº≈∑’Ë°≈à“« ¡“¢â“ßµâπ ‚¥¬∫√‘…—∑‰¥â‡≈Áß‡ÀÁπ∂÷ß°“√‡ª≈’Ë¬π·ª≈ß·≈–·π«‚πâ¡°“√

·¢àß¢—π„πÕπ“§µ ‡ªìπº≈„Àâ∫√‘…—∑‰¥â¡’°“√ª√—∫‚§√ß √â“ß∏ÿ√°‘® ª√—∫‚§√ß √â“ß°“√∫√‘À“√ß“π ·≈–

‡µ√’¬¡æ√âÕ¡∑“ß¥â“π°”≈—ß°“√º≈‘µ Õ“∑‘‡™àπ °“√·¬° “¬°“√º≈‘µµà“ßÊ ÕÕ°‡ªìπÀπà«¬∏ÿ√°‘®¬àÕ¬Ê

√«¡∑—Èß°“√æ—≤π“«‘®—¬º≈‘µ¿—≥±å√à«¡°—∫ºŸâº≈‘µ√∂¬πµå ‡™àπ°“√‡æ‘Ë¡¡Ÿ≈§à“‡æ‘Ë¡„Àâ·°à ‘π§â“¢Õß

∫√‘…—∑ ‚¥¬°“√°“√ª√–°Õ∫™‘Èπ à«π∑àÕ‚≈À–„Àâ‡ªìπ≈—°…≥–‡ªìπ™ÿ¥ ´÷ËßµâÕß„™â‡«≈“°«à“ 3 ªï

„π°“√∑¥ Õ∫§ÿ≥¿“æ ‘π§â“¢Õß∫√‘…—∑°«à“≈Ÿ°§â“ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå®–¬Õ¡√—∫„π

§ÿ≥¿“æ·≈–∫√‘°“√¢Õß™ÿ¥™‘Èπ à«π¢Õß∫√‘…—∑ πÕ°®“°π’È∫√‘…—∑¬—ß‰¥â‡µ√’¬¡°“√æ—≤π“∑√—æ¬“°√

∫ÿ§§≈¢Õßµπ‚¥¬‡©æ“–∫ÿ§≈“°√„π “¬ß“π°“√º≈‘µ‡æ◊ËÕ‡µ√’¬¡æ√âÕ¡·≈–√Õß√—∫µàÕ°“√·¢àß¢—π

„πÕπ“§µ ‚¥¬„πªí®®ÿ∫—π ∫√‘…—∑‡ªìπÀπ÷Ëß„π Õß√“¬¢ÕßºŸâº≈‘µ™‘Èπ à«π‡§√◊ËÕßª√—∫Õ“°“»¿“¬„π

√∂¬πµå„πª√–‡∑»‰∑¬ OEM (Tier 2) ∑’Ë “¡“√∂º≈‘µ™‘Èπ à«π·∫∫‡ªìπ™ÿ¥‡æ◊ËÕ àß„Àâ·°àºŸâº≈‘µ

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∑’Ë¥’Õ¬à“ßµàÕ‡π◊ËÕß ´÷Ëß‡ªìπº≈®“°°“√øóôπµ—«¢Õß¿“«–‡»√…∞°‘®‚¥¬√«¡·≈–¿“§Õ —ßÀ“√‘¡∑√—æ¬å

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Therefore, to become highly competitive in the future, the Companyûs policy isthe simultaneously research and development of the metal and aluminum pipe forautomobile air conditioner system, cost effective management from high volumemanufacturing, and the continuous improvement in the productûs quality and service.

At present, there are 3 original equipment manufacturers of aluminum pipe forthe cooling system of automobile air conditioner in the tier-2 level (parts manufacturersfor air conditioner manufacturer). The 3 manufacturers consist of the Company andthe other 2 Japanese companies who have moved their manufacturing base toThailand.

Summary of automobile industry and automobile parts industryThe automobile industry and automobile parts industry continually grows as

a result of the expected future competition and the Governmentûs policy that supportthe idea of Thailand as the regional center for automobile manufacturing base forexport. However, the automobile maker will face with even stronger competition. Thetendency of automotive design will emphasize on utilizing similar parts and on meetingthe customersû need both in term of pricing and quality. The objective of everyautomobile maker is to reduce manufacturing cost. As a result, the automobile makerwill outsource the manufacturing of parts to other subcontractors if the cost is tobecome lower. The original equipment manufacturer, who is able to manufacture at alower cost will become the supply chain of the automobile maker. This situationcreates a strong business opportunity for market expansion of the extremely highmarket value business. The Company has foreseen the opportunity and futurecompetition and has, therefore, reorganizes its business structure, management structure,and manufacturing capacity. The Company has started to separate each line ofproduction into small subordinated units, the research and development with theautomobile maker such as the product value adding feature by attaching parts ofmetal pipe into sets, which requires testing period of more than 3 years by themanufacturer of automobile air conditioner. Aside from that, the Company hasemphasized on personnel development particularly those in the manufacturing line tosupport the strong competition in the future. At present, the Company is one of thetwo automobile air conditioner part original equipment manufacturer (tier 2) in Thailand,who is able to manufacture set of original parts for the automobile air conditionermanufacturer.

2. Air conditioner, parts, and compressor industryThe air conditioner, parts and cooling system industry still maintain moderate

growth level, which results from the overall economic recovery particularly the realestate sector. The table below shows the manufacturing and sale volume ofair conditioner, parts and cooling system.


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°“√º≈‘µ (‡§√◊ËÕß)

- ·∫∫Àπâ“µà“ß 381,960 481,991 313,505 231,816

- ·∫∫·¬° à«π §Õπ‡¥π ‘Ëß¬Ÿπ‘µ 1,855,003 1,819,384 1,713,522 1,275,661

- ·∫∫·¬° à«π ·øπ§Õ¬ å¬Ÿπ‘µ 2,372,108 2,509,319 2,414,641 1,812,301

Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ 47% 50% 56% 79%

°“√®”Àπà“¬ (‡§√◊ËÕß)

- ·∫∫Àπâ“µà“ß 392,334 525,482 325,542 225,170

- ·∫∫·¬° à«π §Õπ‡¥π ‘Ëß¬Ÿπ‘µ 1,892,962 1,791,394 1,690,091 1,277,482

- ·∫∫·¬° à«π ·øπ§Õ¬ å¬Ÿπ‘µ 2,439,676 2,535,538 2,391,751 1,764,118

„πª√–‡∑» : µà“ßª√–‡∑» 6 : 94 10 : 90 10 : 90 11 : 89

¡Ÿ≈§à“°“√®”Àπà“¬ (≈â“π∫“∑) 32,910 31,730 33,471 23,503

Õ—µ√“°“√‡µ‘∫‚µ 44% -4% 5% 69%

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°“√º≈‘µ (™‘Èπ) 20,306,359 21,092,400 19,627,846 13,746,215

Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ 57% 44% 47% 68%

°“√®”Àπà“¬ (™‘Èπ) 21,075,099 22,419,434 20,115,868 13,897,395

„πª√–‡∑» : µà“ßª√–‡∑» 98 : 2 99 : 1 93 : 7 98 : 2

¡Ÿ≈§à“°“√®”Àπà“¬ (≈â“π∫“∑) 1,137 1,398 1,797 1,308

Õ—µ√“°“√‡µ‘∫‚µ 59% 23% 29% 75%

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°“√º≈‘µ (‡§√◊ËÕß) 6,387,484 6,530,971 5,538,447 3,239,384

Õ—µ√“°“√„™â°”≈—ß°“√º≈‘µ 58% 59% 60% 40%

°“√®”Àπà“¬ (‡§√◊ËÕß) 5,638,636 5,718,111 4,791,768 2,963,279

„πª√–‡∑» : µà“ßª√–‡∑» 34 : 66 39 : 61 44 : 56 45 : 55

¡Ÿ≈§à“°“√®”Àπà“¬ (≈â“π∫“∑) 10,786 10,329 8,363 5,094

Õ—µ√“°“√‡µ‘∫‚µ -5% -4% -20% 46%∑’Ë¡“ : ¿“Õÿµ “À°√√¡‰∑¬


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Air conditioner 2001 2002 2003 Jan-May

2004

Manufacturing (machine)

- window type 381,960 481,991 313,505 231,816

- split type (condensing unit) 1,855,003 1,819,384 1,713,522 1,275,661

- split type (fancoil unit) 2,372,108 2,509,319 2,414,641 1,812,301

Manufacturing capacity 47% 50% 56% 79%

utilization

Sales (machine)

- window type 392,334 525,482 325,542 225,170

- split type (condensing unit) 1,892,962 1,791,394 1,690,091 1,277,482

- split type (fancoil unit) 2,439,676 2,535,538 2,391,751 1,764,118

local : export 6 : 94 10 : 90 10 : 90 11 : 89

Sales volume 32,910 31,730 33,471 23,503

Growth rate 44% -4% 5% 69%

Air conditioner parts 2001 2002 2003 Jan-May

2004

Manufacturing (parts) 20,306,359 21,092,400 19,627,846 13,746,215

Manufacturing capacity utilization 57% 44% 47% 68%

Sales (parts) 21,075,099 22,419,434 20,115,868 13,897,395

Local : export 98 : 2 99 : 1 93 : 7 98 : 2

Sales volume (million baht) 1,137 1,398 1,797 1,308

Growth rate 59% 23% 29% 75%

Compressor 2001 2002 2003 Jan-May

2004

Manufacturing (parts) 6,387,484 6,530,971 5,538,447 3,239,384

Manufacturing capacity utilization 58% 59% 60% 40%

Sales (parts) 5,638,636 5,718,111 4,791,768 2,963,279

Local : export 34 : 66 39 : 61 44 : 56 45 : 55

Sales volume (million baht) 10,786 10,329 8,363 5,094

Growth rate -5% -4% -20% 46% Source : Thailand Industrial Institute


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The graph below shows the air conditioner and parts manufacturing

volume during 2001-2004

Air conditioner volume Air conditioner parts volume

* Annualize with actual data between Jan-May 04

Competition

The competition among air conditioner manufacturer is quite strong as a result

of the impact from high volume of import of air conditioner from China, Korea, and

Japan. Most air conditioner manufacturers start applying various kinds of marketing

and promotion strategy to stimulate market demand and market share. Such strategies

include reduction of selling price, installment payment with no interest, or differentiation

of product design from competitors such as health related characteristic, air cleaner

system, prevention or elimination of dust, germs killer (mould or some kind of bacteria),

or even product with self cleaning system / easy clean product.

The similar degree of competition also applies to the automobile part and

equipment manufacturing industry. Generally, the air conditioner and cooling equipment

manufacturers have their own production line of parts and equipments. There may be

some manufacturers who may outsource parts and equipment manufacturing to

subcontractor in case of over capacity utilization or higher production cost. Therefore,

the actual competitor of the automobile air conditioner original part and equipment

manufacturer and cooling system manufacturer is the air conditioner and cooling

system manufacturer themselves. The original equipment manufacturer has to create

additional value to the product and to enforce economy of scale to reduce manufacturing

cost of the air conditioner and cooling system manufacturer in order to initiate them

to outsource their production line.

Export market of air conditionerThe export volume of the air conditioner and parts has continually increased

each year except in the year 2002 when the export volume decreased. However, theJapanese air conditioner manufacturer has encountered manufacturing problem withthe assembly plant in China as a result of the cultural and social differences. Therefore,the Japanese air conditioner manufacturer begins to move their production base toThailand as there are more similarities between Thai and Japanese cultures and

Thousand Units


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society. Aside from that, the Thai political situation also encourages oversea investmentin Thailand. The growth rate of the year 2003 was at 29.05%. The growth rate of theyear 2004 (Jan.-Oct.) is at 37.97%. The major export markets are Italy, Spain, Australia,Japan, and Belgium. The growth rate of these countries stay between 12.72% -69.86%. (reference from the Office of Export Promotion, Department of ExportPromotion).

At present, there are at least 8 house air conditioner parts manufacturers ofcopper and brass pipe. However, there are only 3 original equipment manufacturersof copper pipe attached into sets namely the SNC Group and another 2 Japanesemanufacturers who have moved their assembly base to Thailand. These 2 Japanesemanufacturers only manufacture parts for the air conditioner manufacturers who havebeen their business partners prior to their movement to Thailand. The Companyapplies the strategy of being highly experienced in subcontracting the manufacturingof set of copper pipe for world-class air conditioner manufacturers at a cheaper costand higher quality than if the product is to be manufactured by the air conditionermanufacturer themselves. Therefore, the air conditioner manufacturer will finally dismissthe production line and outsource the production to the Company.

The competition in the compressor industry is equally strong as the growth ofthe compressor industry varies with the growth of the air conditioner industry.At present, the Company is the only manufacturer of copper pipe in Thailand. All the5 compressor manufacturers in Thailand are the customers of the Company.

Summary of the house air conditioner and compressor industryThe economic recovery and the recovery of the real estate sector in Thailand

together with the higher consumption volume and the movement of assembly base ofworld-class manufacturer of air conditioner to Thailand have partly shared thecompetition and the expansion of the Companyûs customer base as the Company isable to manufacture quality product at a lower cost compared to the cost of thecopper pipe manufactured by the air conditioner manufacturer themselves. The world-class manufacturers emphasize on the ability to meet the customer ùs need at thelowest cost. Therefore, the outsourcing business has gained popularity as the originalequipment manufacturers are highly experienced and can efficiently apply the concepteconomy of scale. The SNC Former Public Company Limited is therefore potentiallyaccessible to business expansion. However, the Company is alert with the competitionsuch as the preparation of the manufacturing personnel, the organizational restructuringinto individual subordinated units to enhance operating efficiency and to support themarket expansion to include house air conditioner manufacturer from abroad. TheCompany emphasize on adding value to the products by attaching different partsinto sets. The Companyûs strength is the lower manufacturing cost. The Companyûsbusiness is handled by moving the whole production line from the customers to theCompany. This strategy has proven successful as the Companyûs customer base has


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expanded. In 2003, York and Fujitsu have partially or wholly dismissed the metal pipemanufacturing and transferred to the Company. However, there is still strong competitionas a result of the inflow of product from China at a lower price. This factor mildlyaffects the Companyûs business as the product manufactured in Thailand under theCompanyûs group has higher quality and standard compared to those from China.The Thai manufacturers potentially produce higher quality products compared toother manufacturers in Asia. At present, there are 3 original house air conditioner partmanufacturers (OEM) (tier 1) in Thailand with the ability to manufacture sets of partsfor house air conditioner manufacturers. The other 2 competitors are Japanese metalpipe manufacturers that move their assembly base to Thailand along with themanufacturer. The Companyûs competitive advantages over the other manufacturersare the qualified manufacturing personnel as the Company has continually emphasizedon personnel training, providing them with appropriate remuneration, the involvementof every level of employee in the management of subordinated units, and the goodorganizational culture, all of which have contributed to the high manufacturing efficiencyat a lower cost.

Products and services

Details of the factory and location

The CompanyAt present, the Company has 1 factory located a 103/7-10, 25-34 Moo 17,

Taparuk Road, Bangsaothong District, Sub Amphur Bangsaothong, Samutprakarn 10540with the utilization space of 12,521 square meters.

The subsidiary company has 4 factories located as follow:1. The SNC Air-cond Company Limited

211/6 Moo 3, Sukumvit Road, Sriracha District, Chonburi.Utilization space : 2,275 square metersLand area : 2.8 rais

2. The SNC Comp Parts Company Limited103/9, 25-34 Moo 17, Taparuk Road, Bangsaothong District,Sub Amphur Bangsaothong, Samutprakarn 10540Utilization space : 1,386 square meters

3. The SNC Cooling Supply Company Limited103/8, 25-34 Moo 17, Taparuk Road, Bangsaothong District,Sub Amphur Bangsaothong, Samutprakarn 10540Utilization space : 2,664 square meters

4. The SNC Pyongsan Evolution Company Limited103/9, 25-34 Moo 17, Taparuk Road, Bangsaothong District,Sub Amphur Bangsaothong, Samutprakarn 10540Utilization space : 300 square meters


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Manufacturing capacity and manufacturing volume of the Company

Automobile air conditioner parts industry Unit:million parts

2001 2002 2003 2004

Maximum capacity 6.00 8.65 11.97 12.19

Actual capacity utilization 5.13 5.88 7.54 10.45

Ratio of utilizing manufacturing capacity (%) 85.50 68.00 63.00 85.70

House air conditioner parts industry Unit:million parts

2001 2002 2003 2004




Compressor parts industry Unit:million parts

2001 2002 2003 2004




Manufacturing capacity and manufacturing volume of the SNC Air-cond Company Limited.

The SNC Air-cond Company Limited started manufacturing commercially since January 2004

Room air conditioner parts industry Unit : million parts

2004

Maximum capacity 4.65

Actual capacity utilization 3.84

Ratio of utilizing manufacturing capacity (%) 82.75

Raw material and raw material distributorThe Companyûs major types of raw materials include copper, brass, and

aluminum. The proportion of the cost of these raw materials to the total manufacturingcost is 47% in 2003 and increases to 60% for the first half of 2004 as a result ofhighest increase in the price of copper for the past 10 years. Copper accounts forabout 60% of the total raw material purchasing order. The brass and aluminumaccounts for about 30% and 10% of the total raw material purchasing order for thepast 3 years. All purchasing orders are made from the local business partners. TheCompany purchases copper pipe from the one of the top distributor in Thailand atabout 30% of the total purchasing volume. This distributor has been the Companyûspartner for more than 5 years and has maintained good relationship by informingmarket situation and pricing tendency so that the Company could efficiently managethe manufacturing plan. This distributor does not distribute any other product to theCompany. Beside, the Company also makes purchase order of copper pipe fromother 4-5 manufacturers, who are small manufacturers in Thailand and other countriesto alleviate risk of raw material purchasing.


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Copper

Aluminium

Source: London Metal Exchange

It is evident from the graphs above that the copper price has tremendously

increased in the year 2004, which affects the Companyûs performance. However, the

Company has tried to minimize the risk by purchasing raw materials 3-6 months in

advance with forward pricing to assist the Company in the raw materials acquisition.

The movement of raw materialûs price in the past 3 years

Year Copper Brass AluminumPrice % of Price % of Price % of

(baht/kg) increase/ (baht/kg) increase/ (baht/kg) increase/(decrease) (decrease) (decrease)

2001 128.7 - 135.3 - 71.0 - 79.7 - 110.0 - 112.0 -

2002 139.1 - 147.8 9.2% 69.6 - 72.2 -9.4% 112.0 - 116.2 3.8%

2003 136.7 - 142.3 -3.7% 65.7 - 70.5 -2.3% 112.0 - 116.2 0.0%

2004 120.0 - 199.6 40.3% 79.0 - 139.0 97.1% 110.0 - 125.0 7.6%Remarks : % of increase / decrease is calculated from the highest price in each year

Other raw materials such as stainless and rubber pipe are purchased from

10 local distributors both locally and abroad.

Dollars/Ton

Dollars/Ton


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5. ªí®®—¬§«“¡‡ ’Ë¬ß

5.1. §«“¡¡—Ëπ§ß¢Õß≈Ÿ°§â“∫√‘…—∑ª√–°Õ∫∏ÿ√°‘®„π≈—°…≥–º≈‘µµ“¡§” —Ëß´◊ÈÕ¢Õß≈Ÿ°§â“ ´÷Ëß à«π„À≠à‡ªìπºŸâº≈‘µ∑’Ë¡’™◊ËÕ‡ ’¬ß

√–¥—∫‚≈°·≈–¡’∞“π°“√º≈‘µÕ¬Ÿà„πª√–‡∑»‰∑¬·∫àßÕÕ°‡ªìπ°≈ÿà¡„À≠àÊ ÕÕ°‡ªìπ 3 °≈ÿà¡§◊Õ °≈ÿà¡

Õÿµ “À°√√¡‡§√◊ËÕßª√—∫Õ“°“»„π√∂¬πµå ‡™àπ Siam Zexel , Nippon Denso, Calsonic °≈ÿà¡‡§√◊ËÕß

ª√—∫Õ“°“»„πÕ“§“√ ‡™àπ Mitsubishi, Fujitsu, York, Daikin ·≈–°≈ÿà¡§Õ¡‡æ√ ‡´Õ√å ‡™àπ Siam Com-

pressor, Emerson ‚¥¬„π™à«ß 2544 - 2547 ªï∑’Ëºà“π¡“∫√‘…—∑®—¥®”Àπà“¬ ‘π§â“·°à≈Ÿ°§â“√“¬„À≠à

∑’Ë ÿ¥„π·µà≈–°≈ÿà¡§‘¥‡ªìπ —¥ à«π√–À«à“ß 10 - 20% µàÕ√“¬ √«¡‡ªìπ —¥ à«πª√–¡“≥ 55 - 75% ¢Õß

√“¬‰¥â®“°°“√¢“¬ ∫√‘…—∑®÷ßÕ“®¡’§«“¡‡ ’Ë¬ß®“°°“√ Ÿ≠‡ ’¬≈Ÿ°§â“¥—ß°≈à“« ´÷ËßÕ“®¡’º≈°√–∑∫µàÕ√“¬‰¥â

·≈–°”‰√¢Õß∫√‘…—∑

Õ¬à“ß‰√°Á¥’ ∫√‘…—∑¡’·π«∑“ß≈¥º≈°√–∑∫®“°§«“¡‡ ’Ë¬ß∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√ Ÿ≠‡ ’¬≈Ÿ°§â“√“¬

„À≠à¥—ß°≈à“« ¥â«¬°“√‡ πÕ·ºπæ—≤π“º≈‘µ¿—≥±å (R&D) √à«¡°—∫≈Ÿ°§â“µ—Èß·µà‡√‘Ë¡µâπ ´÷Ëß àßº≈„Àâ∫√‘…—∑

·≈–≈Ÿ°§â“¡’°“√¢¬“¬ß“π·≈–‡µ‘∫‚µ∑“ß∏ÿ√°‘®√à«¡°—π·≈–¡’§«“¡ —¡æ—π∏å∑“ß∏ÿ√°‘®„°≈â™‘¥°—π¡“°¢÷Èπ ‚¥¬

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‰«â«“ß„®®“°≈Ÿ°§â“∑—Èß„π¥â“π§ÿ≥¿“æ √“§“ °“√ àß¡Õ∫µ√ßµ“¡°”Àπ¥‡«≈“ µ≈Õ¥®π°“√∫√‘°“√∑—Èß°àÕπ

·≈–À≈—ß°“√¢“¬∑’Ë¡’ª√– ‘∑∏‘¿“æ´÷Ëß∑”„Àâ≈Ÿ°§â“¡’§«“¡‡™◊ËÕ¡—ËπµàÕ∫√‘…—∑ ‚¥¬∫√‘…—∑‰¥â√—∫°“√§—¥‡≈◊Õ°®“°

≈Ÿ°§â“√“¬„À≠à„ÀâÕ¬Ÿà„π°≈ÿà¡ºŸâ®—¥®”Àπà“¬‡°√¥‡Õ ÷Ëß®–‡ªìπ∫√‘…—∑∑’Ë≈Ÿ°§â“¡’§«“¡æ÷ßæÕ„®·≈–¡’·π«‚πâ¡

¢Õß°“√∑”∏ÿ√°‘®√à«¡°—π¡“°¢÷Èπ„πÕπ“§µ ‡ªìπº≈„Àâ„πªï 2547 ∫√‘…—∑®—¥®”Àπà“¬ ‘π§â“·°à≈Ÿ°§â“√“¬„À≠à

¡’ —¥ à«π≈¥≈ß‡À≈◊Õ√âÕ¬≈– 38.9 ¢Õß√“¬‰¥â®“°°“√¢“¬‚¥¬√«¡ πÕ°®“°π’È ∫√‘…—∑‰¥â°√–®“¬°“√®—¥®”Àπà“¬

ºà“π≈Ÿ°§â“√“¬Õ◊ËπÊ√«¡°—πª√–¡“≥ 20-30 √“¬®“°∑—Èß 3 °≈ÿà¡Õÿµ “À°√√¡§‘¥‡ªìπ —¥ à«πª√–¡“≥

40-50% ¢Õß√“¬‰¥â®“°°“√¢“¬

°“√‡ªî¥‡ √’∑“ß°“√§â“µ“¡¢âÕµ°≈ß AFTA

¿“§√—∞∫“≈‰¥â¡’°“√ª√—∫ª√ÿß°Æ√–‡∫’¬∫·≈–¡“µ√°“√ àß‡ √‘¡√–∫∫°“√®—¥‡°Á∫¿“…’ ‘π§â“ ”‡√Á®√Ÿª

·≈–«—µ∂ÿ¥‘∫ ‡æ◊ËÕ°àÕ„Àâ‡°‘¥§«“¡‡ªìπ∏√√¡·≈–‡Õ◊ÈÕµàÕ°“√º≈‘µ °“√¢¬“¬µ≈“¥°“√§â“‡ √’√–À«à“ßª√–‡∑»

√«¡∂÷ß°“√‡®√®“≈¥¢âÕ°’¥°—π∑“ß°“√§â“∑’Ë¡‘„™à¿“…’ ‡æ◊ËÕªÑÕß°—π¡‘„Àâ¡’°“√¬â“¬∞“π°“√º≈‘µ‰ª¬—ßµ≈“¥Õ◊Ëπ

„π‡Õ‡™’¬´÷Ëßæ√âÕ¡‡ªî¥√—∫°“√≈ß∑ÿπ®“°µà“ßª√–‡∑»Õ¬Ÿà‡ ¡Õ Õ—π‡ªìπº≈‡π◊ËÕß¡“®“° AFTA ·≈–°“√

¬°‡≈‘°¢âÕ∫—ß§—∫„π°“√„™â™‘Èπ à«π¿“¬„πª√–‡∑»¢ÕßÕÿµ “À°√√¡√∂¬πµå ‡§√◊ËÕßª√—∫Õ“°“» ·≈–

§Õ¡‡æ√ ‡´Õ√å¿“¬„µâ¢âÕµ°≈ß ‘∑∏‘æ‘‡»…∑“ß¿“…’ª°µ‘ (CEPT) ´÷ËßÕ—µ√“¿“…’»ÿ≈°“°√„π√–À«à“ßª√–‡∑»

ASEAN ‡∑à“°—∫√âÕ¬≈– 0 ∂÷ß 5 „πªï 2546 ·≈–¬°‡≈‘°¢âÕ∫—ß§—∫°“√„™â™‘Èπ à«π¿“¬„πª√–‡∑» ASEAN

µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2543 ÷Ëßº≈¥—ß°≈à“«∑”„Àâ°“√π”‡¢â“™‘Èπ à«π®“°µà“ßª√–‡∑»¡“¬—ßª√–‡∑»‰∑¬

∑”‰¥âßà“¬¢÷Èπ·≈–¡’µâπ∑ÿπ∑’Ë∂Ÿ°≈ß ¥—ßπ—Èπ ºŸâº≈‘µ√∂¬πµå ºŸâº≈‘µ‡§√◊ËÕßª√—∫Õ“°“» ·≈–ºŸâº≈‘µ§Õ¡‡æ√ ‡´Õ√å

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5. Risk Factors

5.1 Stability of the customerThe Company manufactures products according to the specification stated by the

customers whom are mostly world-class manufacturers with assembly base in Thailand. Thecustomers of the Company can be classified into 3 main groups: the automobile air conditionerindustry such as Siam Zexel, Nippon denso, Calsonic, the house air conditioner industrysuch as Mitsubishi, Fujitsu, York, and Daikin, and the compressor industry such as SiamCompressor and Emerson. During 2001-2004, the Company has manufactured and suppliedproducts to the largest customer of each industry in the proportion between 10-20% perone customer or a total of 55-75% of the total sales revenue. Therefore, the Company isrunning at risk of losing this customer, which may financially affect the Company.

However, the Company has minimized the risk of depending on the major customerby preparing the research and development step at the inception stage with the customer,which in turn, results in business expansion and growth and provide closer businessrelationship. During the past 8 years of operation, the Company has consistently receivedpurchasing orders from the customers as the Company has been accredited for its productquality, pricing, delivery punctuality, and efficiency of before and after sale service. TheCompany has been assigned the top grade among the suppliers for large-scale customers,which will further leads to satisfaction and tendency of increasing business agreement in thefuture. As a result, in 2004, the proportion of supplying products to major customer reducesto 39% of the total revenues. The Company has also expanded its distribution channels toinclude another 20-30 customers from the 3 industries, which results in the proportion ofapproximately 40-50% of the total revenues.

AFTA Free Trade AgreementIn order to create fair treatment and support local manufacturing capacity, the

Government has improved the rules and criteria regarding tax collection of prefabricatedproducts and raw materials. The Government has also supported the extension of internationalfree trade area, the negotiation to reduce the trade obstruction, which is tax exclusive toprevent the movement of assembly base to other countries in Asia as a result of AFTA, thecancellation of the charter regarding the utilization of local parts in the automobile industry,air conditioner industry, and compressor industry under the agreement of normal tax benefit(CEPT) in which the custom tax rate among Asian countries equals to 0-5% in 2003, and thecancellation of the charter of utilizing only local parts from Asian countries since January1st, 2000. The result of these improvements supports the import of parts from other countriesto Thailand at a cheaper cost. Therefore, the automobile maker, the air conditioner manufacturer,and the compressor manufacturer are eligible to order the required parts from abroad.Meanwhile, the local parts manufacturers may also export their products to other countriesfor sale.


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The Company has evaluated the situation and compared the manufacturing cost of

the Company and that of the competitors particularly from other abroad, the Company still

maintains its competitive advantage in term of quality, service, pricing and relationship with

the customers. However, the Company has minimized any risk that may arise from this

factor by joint venture with South Korean partner and therefore, established a company

named the SNC Pyongsan Evolution Company Limited to manufacture and supply parts

locally and internationally to strengthen the competitiveness and minimize the business

opportunity of the competitors.

5.2 Raw materialsPurchasing dependence on the major manufacturers

The Company mainly uses 3 types of raw materials namely copper, brass, and

aluminum. The top volume purchasing order is the copper, which is approximately 50% of

the total purchasing volume. During the past 3 years, the Company has purchased copper

from one of the major manufacturers at about 30% of the total raw material purchasing

volume. For the aluminum and brass, the Company separately orders among 10-15

manufacturers. However, the reason behind the dependence on one copper manufacturer is

because this manufacturer is able to manufacture copper in the quantity and quality that the

Company needs at a reasonable price and consistently emphasizes on delivery punctuality.

The Company has good relationship with this manufacturer for more than 8 years with no

long-term contract. Normally, the Company will place purchasing order about 3-6 months in

advance by referring to the world market price in London.

In minimizing the risk of dependence on one major manufacturer, the Company has

placed purchasing order of copper with 4-5 other quality copper manufacturers whom

provide the similar quality, service, pricing, and other trade procedures. For the brass and

aluminum, the Company may import directly from Singapore, Malaysia, Japan, and China.

Pricing

The Company uses 3 major raw materials for production namely copper, brass and

aluminum. Copper is particularly essential in the manufacturing process of the Company

and it is one of the commodities that need to be imported and subject to fluctuation in

prices in the world market. For the past 10 years, the copper prices has slightly changed

except in the first half of the year 2004, which results from the collapse of 2 out of 3 worldûs

copper mines in Chili and Indonesia. The worldûs supply of copper has largely diminished

and at the same time, the demand has tremendously increased from the growth in the

economy of China. The price of copper has, therefore, almost doubled. The Company has

applied the following criteria in minimizing this risk.


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1. Consistently overview the world and local raw material market. The management of

the Company has more than 20 years experiences in this business.

2. Appropriately planned for purchasing order at specified price. The Company normally

received 3-6 months advance order from the manufacturers. If the raw material prices

particularly copper tends to increase, the Company will order in advance at an

appropriate volume sufficient for the manufacturing process.

3. Good cost management with the customer. The Company will inform the customers

about the situation in the raw material market and the necessity in price adjustment.

The Company and the customers may together share the increase in price.

5.3 Financial riskThe important financial risks are credit risk, currency exchange risk, and interest rate

risk. The Company never applies any financial derivatives in risk management. (See more

details in the notes to consolidated financial statements, the Companyûs financial statements

and topic of financial tools).

5.4 The holding of more than 50% shares by one shareholderThe Companyûs major shareholder is the SNC Holding Company Limited, (the group

of Mr. Somchai Thaisaguanvorakul is the major shareholder holding 60.78%) whose

shareholding in the Company equals to 72.14%. The group of Mr. Somchai Thaisaguanvorakul

also directly holds shares in the Company for another 13.48%, which results in the total

number of shareholding of 85.62% of outstanding shares prior to the offering of the common

shares. After the offering of the common shares, the group of Mr. Somchai Thaisaguanvorakul

reduces the shareholding proportion to 59.93%. As at December 31st, 2004, the group of

Mr. Somchai Thaisaguanvorakul holds shares of 61.24%. As a result, the major shareholder

is eligible to control the voting of the shareholdersû meeting regardless of the agendas of

appointment of the directors and the resolution approval that requires the majority vote of

the shareholdersû meeting except the law related matter or the Companyûs Code of Conduct

matter that require 3 out of 4 number of voting rights of the shareholdersû meeting. Other

shareholders may be unable to investigate and balance the power of any matter proposed

by the major shareholders.


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6. ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√

6.1. ºŸâ∂◊ÕÀÿâπ≥ «—π∑’Ë 30 ∏—π«“§¡ 2547 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√°∑’Ëª√“°Ø„π ¡ÿ¥∑–‡∫’¬πÀÿâπ ¡’¥—ßπ’È

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1 ∫√‘…—∑ ‡Õ ‡ÕÁπ ’ ‚Œ≈¥‘Èß ®”°—¥ 101,000,100 50.50

2 ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å(ª√–‡∑»‰∑¬)‡æ◊ËÕºŸâΩ“° 63,404,300 31.70

3 π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ 7,750,000 3.88

4 π“ß “«Õπß§åπ“√∂ æß…å»“‚√®πå 5,698,300 2.85

5 THAILAND SECURITIES COMPANY LIMITED FOR DEPOSITORS (F) 2,784,000 1.39

6 π“¬‡§Õ‘™‘π π“§“‚¡‚µ– 2,400,000 1.20

7 π“ß “«æ‘‰≈≈—°…≥å ¢ÿπ√—°…åæ√À¡ 2,400,000 1.20

8 MR.BANG SOO LEE 2,000,000 1.00

9 π“¬∑»æ√ ‰∑¬ ß«π«√°ÿ≈ 1,800,000 0.90

10 π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ 1,725,000 0.86

√«¡ 190,961,700 95.48

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ ‚Œ≈¥‘Èß ®”°—¥

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1 π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ 3,235,157 32.03

2 π“ß “«Õπß§åπ“√∂ æß…å»“‚√®πå 2,146,250 21.25

3 π“ß “«æ‘‰≈≈—°…≥å ¢ÿπ√—°…åæ√À¡ 757,500 7.50

4 π“¬∑»æ√ ‰∑¬ ß«π«√°ÿ≈ 757,500 7.50

5 π“¬‡§Õ‘™‘π π“§“‚¡‚µ– 757,500 7.50

6 π“¬‡§π®‘ ‚§¥“¡– 505,000 5.00

7 π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ 505,000 5.00

8 π“¬ ¡∫ÿ≠ ‡°‘¥À≈‘π 252,500 2.49

9 Õ◊ËπÊ 1,183,593 11.73

√«¡ 10,100,000 100.00


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6. The Shareholding Structure and the Management

6.1 The shareholdersAs of December 31st, 2004, the top ten shareholders are as follow:

Name No.of shares %

1. The SNC Holding Company Limited 101,000,100 50.50

2. Thailand Securities Depository Company Limited 63,404,300 31.70

3. Mr. Somchai Thaisanguanvorakul 7,750,000 3.38

4. Ms. Anongnart Pongsaroj 5,698,300 2.85

5. Thailand Securities Company Limited for depositors (F) 2,784,000 1.39

6. Mr. Keiichin Nakamoto 2,400,000 1.20

7. Ms. Pilailuck Koonrukpoma 2,400,000 1.20

8. Mr. Bang Soo Lee 2,000,000 1.00

9. Mr. Tosaporn Thaisanguanvorakul 1,800,000 0.90

10. Mr. Fumiaki Takahachi 1,725,000 0.86

Total 190,961,700 95.48

The shareholders of the SNC Holding Company Limited

Name No.of shares %

1. Mr. Somchai Thaisanguanvorakul 3,235,157 32.03

2. Ms. Anongnart Pongsaroj 2,146,250 21.25

3. Ms. Pilailuck Koonrukpoma 757,500 7.50

4. Mr. Tosaporn Thaisanguanvorakul 757,500 7.50

5. Mr. Keiichin Nakamoto 757,500 7.50

6. Mr. Kenji Kodama 505,000 5.00

7. Mr. Fumiaki Takahachi 505,000 5.00

8. Mr. Somboon Gurdlin 252,500 2.49

9. Others 1,183,593 11.73

Total 10,100,000 100.00


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°“√ √√À“°√√¡°“√ºŸâ®—¥°“√·≈–ºŸâ∫√‘À“√

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6.4. ºŸâ∫√‘À“√ 6.4.1 ª√–∏“π°√√¡°“√∑’Ëª√÷°…“

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‚¥¬ª√–∏“π°√√¡°“√∑’Ëª√÷°…“¡’¢Õ∫‡¢µÀπâ“∑’Ë„π°“√„Àâ§”ª√÷°…“·≈–·π–π”§≥–

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6.3 The selection of directors and management1. At every annual ordinary meeting, one third of the directors shall retire from office. If

the number of directors cannot be divided into exactly 3 parts, they shall retire by thenumber closest to one third. The directors that must retire from office within the firstand second year after the listed of the Company shall be selected by casting lots. Forthe years after the second year, the director who has remained in position for thelongest period shall retire from the office. The directors who retire from the positionmay choose to take the position again.

2. In case of vacancy in the Board of Directors for reason other than the retirement byrotation, the Board of Directors may elect a person who has the qualifications asstated in the article 68 of the Public Company Act 2535 and in the related notificationof the Securities and Exchange Commission as a substitute director at the nextboard meeting, unless the remaining term of the said director is less than twomonths. The substitute director shall hold office only for the remaining term of officeof the director he replaces.

The Company has appointed the nomination committee to review and appointthe policy and criteria in selecting the person to be appointed as director. Thenomination committee will propose the name of the nominees at the shareholdersûmeeting (on a case by case basis) for approval by the following criteria:(A) Each shareholder shall have a number of votes equaling the number of shares

he holds. One share equals one vote.(B) Each shareholder shall vote for one candidate at a time.(C) After the vote, the candidates shall be ranked in order descending from the

highest number of votes received to the lowest, and shall be appointed asdirectors in that order until all of the directors positions are filled. Where thevotes cast for candidates in descending order are tied, which would otherwisecause the number of directors to be exceed, the chairman of the meeting shallmake the final decision.

The selection of the Managing Director and the managementThe nominating committee will review and select the person to be appointed

as the Managing Director or the management of the Company and propose the listof nominees to the Board of Directors for approval.

6.4 The management6.4.1 Chairman of the Advisory Board

The Company has invited Professor Dr.Boonton Docktahisong, a highlyrecognized scholar. At present, he is a member of the Senate of Nakorn RatchasrimaProvince and the President of the Research Director of the Senate. In the past, hewas the Deputy Chairman of the Senate, ranked the second.

The duties and responsibilities of the Chairman of the Advisory Board is toprovide consultant and recommendation to the Companyûs Board of Directors regardingthe overview of the policy and operating procedures including the risk managementof the business.


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6.4.2 §≥–°√√¡°“√¢Õß∫√‘…—∑

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2. π“¬ ¡™—¬ ‰∑¬ ß«π«√°ÿ≈ °√√¡°“√

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8. π“¬ ÿ°‘® æ—π∏å«‘»«“ °√√¡°“√

9. π“¬ ¡™“¬ ‡µ’¬ßÀß…“°ÿ≈ °√√¡°“√

10. π“¬‡§π®‘ ‚§¥“¡– °√√¡°“√

11. π“¬øŸ¡‘‡Õ°‘ ∑“§“Œ“™‘ °√√¡°“√

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°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°º—π

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6.4.3 §≥–°√√¡°“√µ√«® Õ∫

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2. π“¬ ÿ°‘® æ—π∏å«‘»«“ °√√¡°“√µ√«® Õ∫

3. π“¬ ¡™“¬ ‡µ’¬ßÀß…“°ÿ≈ °√√¡°“√µ√«® Õ∫

6.4.4 §≥–°√√¡°“√∫√‘À“√

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3. π“¬ “¡‘µµå º≈‘µ°√√¡ °√√¡°“√∫√‘À“√

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6.4.2 The Companyûs Board of Directors

The Board of Directors as of December 30th, 2004 composes of 11 directors as

follows:

1. Mr. Somsak Thaisanguanvorakul Chairman of the Board

2. Mr. Somchai Thaisanguanvorakul Director

3. Ms. Anongnart Pongsaroj Director

4. Mr. Surapol Yamkasem Director

5. Mr. Somboon Gurdlin Director

6. Mr. Samitt Palitagram Director

7. Mr. Anavat Nawintham Director

8. Mr. Sukit Panvisavas Director

9. Mr. Somchai Thaenghongsakul Director

10. Mr. Kenji Kodama Director

11. Mr. Fumiaki Takahachi Director

(Mr. Anek Suarod is the secretary to the Board of Director)

The authorized director

Mr. Somchai Thaisanguanvorakul jointly with Mr. Surapol Yamkasem or Mr.

Somboon Gurdlin or Mr. Samitt Palitagram, one of the directors totaling 2 persons are

authorized to sign on behalf of the Company with the Companyûs seal affixed.

6.4.3 The Audit Committee

The Audit Committee as of December 30th, 2004 composes of 3 members as

follows:

1. Mr. Anavat Nawintham Chairman of the Audit Committee

2. Mr. Sukit Panvisavas Audit Committee

3. Mr. Somchai Thaenghongsakul Audit Committee

6.4.4 The Executive Committee

The Executive Committee as of December 30th, 2004 composes of 5 members

as follows:

1. Mr. Somchai Thaisanguanvorakul Chairman of the Executive Committee

2. Mr. Somboon Gurdlin Executive Committee

3. Mr. Samitt Palitagram Executive Committee

4. Mr. Kenji Kodama Executive Committee

5. Mr. Fumiaki Takahachi Executive Committee

6. Mr. Yoshimasa Hatanaka Executive Committee


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The Management

As of December 30th, 2004, the Management composes of 5 members as

follows:

1. Mr. Somchai Thaisanguanvorakul Managing Director

2. Mr. Kenji Kodama Deputy Managing Director

Automobile parts and supply chain

management

3. Mr. Fumiaki Takahachi Deputy Managing Director

Air conditioner parts and marketing

strategy

4. Mr. Yoshimasa Hatanaka Deputy Managing Director

Quality control

5. Mr. Sukhum Potisawasdee Accounting and Finance

Department

6.4.5 Nomination Committee

As of December 30th, 2004, the Companyûs nomination committee composes

of 3 persons as follow:

1. Mr. Somchai Thaisanguanvorakul Chairman of the Nomination Committee

2. Mr. Samitt Palitagram Director of the Nomination Committee

3. Mr. Somboon Gurdlin Director of the Nomination Committee

Legal dispute

In the past 10 years, none of the Companyûs directors and executive has been

dismissed, discharged, resigned, or accused of any corruption or prosecution of

bankruptcy or conviction of criminal case or dispute or undergoing lawsuit judgement.


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6.5. §à“µÕ∫·∑πºŸâ∫√‘À“√1. §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π

√“¬°“√ ªï 2546

®”π«π§π ®”π«π‡ß‘π (≈â“π∫“∑) ª√–‡¿∑§à“µÕ∫·∑π

°√√¡°“√ 4 - ‡∫’È¬ª√–™ÿ¡

ºŸâ∫√‘À“√ 4 7.03 ‡ß‘π‡¥◊Õπ «— ¥‘°“√Õ◊ËπÊ ‚∫π—

√«¡ 4 7.03 ‡∫’È¬ª√–™ÿ¡ ‡ß‘π‡¥◊Õπ «— ¥‘°“√

Õ◊ËπÊ ‚∫π—

√“¬°“√ ªï 2546

®”π«π§π ®”π«π‡ß‘π (≈â“π∫“∑) ª√–‡¿∑§à“µÕ∫·∑π

°√√¡°“√ 11 - ‡∫’È¬ª√–™ÿ¡

ºŸâ∫√‘À“√ 4 9.26 ‡ß‘π‡¥◊Õπ «— ¥‘°“√Õ◊ËπÊ ‚∫π—

√«¡ 11 9.26 ‡∫’È¬ª√–™ÿ¡ ‡ß‘π‡¥◊Õπ «— ¥‘°“√

Õ◊ËπÊ ‚∫π—

À¡“¬‡Àµÿ : ∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–®à“¬§à“µÕ∫·∑π„Àâ°—∫°√√¡°“√§√—Èß≈– 10,000 ∫“∑µàÕ∑à“π ‚¥¬ ≥ «—π∑’Ë 30 ∏—π«“§¡

2547 ∫√‘…—∑¡’°√√¡°“√®”π«π 4 ∑à“π ´÷Ëß¥”√ßµ”·Àπàß‡ªìπºŸâ∫√‘À“√

2. §à“µÕ∫·∑πÕ◊Ëπ ‡™àπ ‚§√ß°“√„Àâ ‘∑∏‘´◊ÈÕ§◊πÀÿâπ À≈—°∑√—æ¬å·ª≈ß ¿“æ Àÿâπ°Ÿâ À√◊Õ ‘∑∏‘

ª√–‚¬™πåÕ¬à“ßÕ◊Ëπ∑’ËºŸâ∫√‘À“√‰¥â√—∫®“°°≈ÿà¡∫√‘…—∑

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6.5 Managementûs Remuneration1. Monetary remuneration

Item Year 2003

No. of persons Amount (million baht) Type of remuneration

Directors 4 - Meeting allowance

Executives 4 7.03 Salary, other welfares, bonus

Total 4 7.03 Meeting allowance, salary,

welfares, bonus

Item Year 2004

No. of persons Amount (million baht) Type of remuneration

Directors 11 - Meeting allowance

Executives 4 9.26 Salary, welfares, bonus

Total 11 9.26 Meeting allowance, salary,

welfares, bonus

Remarks : The policy of the Company is to pay remuneration to the directors at 10,000

baht per one director per one time. As of December 30th, 2004, the Company

has 4 directors who are the executives.

2. Other remunerations such as rights to call back securities, convertible securities,

debentures, or other benefits granted to the executives by the Company.

-None-


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7. °“√°”°—∫¥Ÿ·≈°‘®°“√

∫√‘…—∑ ‡Õ ‡ÕÁπ ´’ øÕ√å‡¡Õ√å ®”°—¥ (¡À“™π)

√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·π«∑“ß°“√ªØ‘∫—µ‘¢Õß∫√‘…—∑

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ ∫√‘…—∑ ‰¥â°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ ‚¥¬„Àâ§«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ·≈–¡ÿàß‡πâπ°“√°”°—∫¥Ÿ·≈ΩÉ “¬∫√‘À“√„Àâ¥” ‡π‘π°“√µ“¡π‚¬∫“¬Õ¬à “ß¡’ª√– ‘∑∏‘¿“æ‡æ◊ËÕª√–‚¬™πå„π√–¬–¬“«¢ÕßºŸâ∂◊ÕÀÿâπ√«¡∑—Èß¡ÿàß‡πâπ„π‡√◊ËÕß§«“¡‚ª√àß„ „π°“√¥”‡π‘π°‘®°“√ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ „πªï 2546 ∫√‘…—∑ ¡’ ∂“π–‡ªìπ∫√‘…—∑‡Õ°™π ‚¥¬„π°“√®—¥°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·µà≈–§√—Èß∫√‘…—∑œ ‰¥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¡Õ¬à“ßπâÕ¬ 7 «—π ·≈–‰¥â¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß §√∫∂â«π ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â ∑—Èßπ’È ¿“¬À≈—ß®“°∑’Ë∫√‘…—∑‰¥â‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑œ ‰¥â¡’π‚¬∫“¬∑’Ë®–‡æ‘Ë¡∑“ß‡≈◊Õ°„Àâ°—∫ºŸâ∂◊ÕÀÿâπ ‚¥¬„Àâ°√√¡°“√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 ‰¥â·°à æπ—°ß“π·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ À√◊ÕºŸâ¡’ à«π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿà·¢àß ‡®â“Àπ’È¿“§√—∞·≈–Àπà«¬ß“πÕ◊ËπÊ∑’Ë‡°’Ë¬«¢âÕ ‡π◊ËÕß®“°∫√‘…—∑ µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸâ¡’ à«π‰¥â‡ ’¬‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß™ÿ¡™π·≈– —ß§¡ µ—«Õ¬à“ß ‡™àπ ∫√‘…—∑‰¥â‡¢â“√à«¡‡ªìπ ¡“™‘°„π°≈ÿà¡Õÿµ “À°√√¡¢Õß ¿“Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡æ◊ËÕ∑”°‘®°√√¡µà“ßÊ ‡ªìπµâπ

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¿“¬À≈—ß®“°°“√·ª√ ¿“æ‡ªìπ∫√‘…—∑¡À“™π ∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ Õ∫∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈–¢âÕ‡ πÕ·π–µà“ßÊ‚¥¬ª√–‡¥Áπ´—°∂“¡·≈–¢âÕ§‘¥‡ÀÁπ∑’Ë ”§—≠®–∂Ÿ°∫—π∑÷°‰«â„π√“¬ß“π°“√ª√–™ÿ¡

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå §≥–°√√¡°“√‰¥â¡’ à«π√à«¡„π°“√°”Àπ¥«‘ —¬∑—»πå ¿“√°‘® °≈¬ÿ∑∏å‡ªÑ“À¡“¬ ·ºπ∏ÿ√°‘® µ≈Õ¥®π°”°—∫¥Ÿ·≈„ÀâΩÉ“¬®—¥°“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡·ºπ∏ÿ√°‘®Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ √«¡∂÷ß°“√®—¥„Àâ∫√‘…—∑ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈–¡“µ√°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡ √«¡∑—Èß¡’°“√µ‘¥µ“¡°“√¥”‡π‘π°“√„π‡√◊ËÕß¥—ß°≈à“«Õ¬à“ß ¡Ë”‡ ¡Õ„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ πÕ°®“°π’È§≥–°√√¡°“√®–‡ªìπºŸâæ‘®“√≥“°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫√–À«à“ß§≥–°√√¡°“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ ·≈–°√√¡°“√ºŸâ®—¥°“√Õ¬à“ß™—¥‡®π


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7. Good Corporate Governance

The SNC Former Public Company Limited

The report of the good corporate governance

Good Corporate Governance The Companyûs Policy on Corporate Governance1. The Company has appointed the policy on good corporate

governance particularly emphasized on the internalaudit control system and to consistently monitor thatthe management strictly and efficiently follows the policy forthe utmost benefit of the shareholder. The Company alsoemphasizes on the transparency of operation, the disclosureof information and the appropriate management of risk.

2. In 2003, the Company was still a private company. In eachshareholdersû meeting, the Company delivers the invitationletter together with the agendas to the shareholders 7 daysprior to the meeting. Each agenda is composed of the directorsûopinion together with accurate and complete minutes of theprevious meeting for the shareholdersû review. However, afterthe Company has been listed in the Stock Exchange ofThailand, the Company will offer an alternative to theshareholders who are unable to attend the meeting to appointthe independent committee as their proxy.

3. The Company emphasizes the importance of rights of everygroup of stakeholders both internal stakeholders such asemployees and management and external stakeholders suchas competitors, public debtors as well as other related partiesas the Company realizes their dedication towards theCompany particularly the community and the society. Anexample would include the Companyûs application to becomemember of the industrial group under the Thailand IndustrialCouncil to be involved in various activities.

4. After being listed in the Stock Exchange of Thailand, theCompany will provide equal opportunity to the shareholdersto investigate, review, express opinion, and providerecommendations towards the operation. All questions andopinions raised at the meeting will be recorded in the minutesof the meeting.

5. The Board of Directors is involved in the appointment of theCompanyûs vision, mission, strategy, objective, business planand in monitoring that the management strictly and efficientlyfollow the business plan. The Board of Directors alsoemphasizes on the sufficiency of the internal control system,internal audit system as well as risk management system

Policy on good corporate governance

Rights and equitable treatment ofshareholders

Rights of stakeholders

Shareholdersû meeting

Leadership and Vision


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6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‡æ◊ËÕªÑÕß°—π§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√‰¥â¥Ÿ·≈Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå√«¡∑—Èß°”Àπ¥π‚¬∫“¬·≈–«‘∏’°“√¥Ÿ·≈‰¡à „ÀâºŸâ∫√‘À“√·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßπ”¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑ ‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ°√ÿ≥“¥Ÿ·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√ ‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 11

7. ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑ ‰¥â®—¥„Àâ¡’√–‡∫’¬∫·≈–·π«ªØ‘∫—µ‘‡ªìπ≈“¬≈—°…≥åÕ—°…√√«¡∂÷ß°”Àπ¥∫∑≈ß‚∑…∑“ß«‘π—¬‰«â¥â«¬ ‡æ◊ËÕ„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß¬÷¥∂◊Õ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘Àπâ“∑’Ëµ“¡¿“√°‘®¢Õß∫√‘…—∑¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑ ¡’®”π«π 11 ∑à“π ª√–°Õ∫¥â«¬- °√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ ®”π«π 3 ∑à“π- °√√¡°“√Õ‘ √– ®”π«π 3 ∑à“π§‘¥‡ªìπ√âÕ¬≈– 54.5 ¢Õß§≥–°√√¡°“√∑—Èß§≥–

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß ª√–∏“π°√√¡°“√‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√·µà∑—Èß Õß∑à“π‡ªìπµ—«·∑π®“°°≈ÿà¡ºŸâ∂◊ÕÀÿâπ„À≠à Õ¬à“ß‰√°Áµ“¡‚§√ß √â“ß§≥–°√√¡°“√¢Õß∫√‘…—∑ ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π ÷Ëß®–°àÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–°“√ Õ∫∑“π°“√∫√‘À“√ß“π

10. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ ‚¥¬„π°“√ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 10/2547 ‰¥âæ‘®“√≥“Õπÿ¡—µ‘§à“µÕ∫·∑π°√√¡°“√„ÀâÕ¬Ÿà„π√–¥—∫‡¥’¬«°—∫Õÿµ “À°√√¡ ÷Ëß Ÿß‡æ’¬ßæÕ∑’Ë®–¥÷ß¥Ÿ¥·≈–√—°…“°√√¡°“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’ËµâÕß°“√ √“¬≈–‡Õ’¬¥§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√°√ÿ≥“¥Ÿ·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9

11. °“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√¡’°”Àπ¥ª√–™ÿ¡‚¥¬ª°µ‘Õ¬à“ßπâÕ¬ªï≈– 4 §√—Èß ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√°”Àπ¥«“√–™—¥‡®π≈à«ßÀπâ“·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®”∑—Èßπ’È ∫√‘…—∑ ‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ËÕ„Àâ§≥–°√√¡°“√‰¥â¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡

12. §≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑ ‰¥â·µàßµ—Èß§≥–°√√¡°“√‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑ ¥—ßπ’È- °√√¡°“√µ√«® Õ∫ ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ª√–°Õ∫¥â«¬°√√¡°“√ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √– √“¬π“¡§≥–°√√¡°“√µ√«® Õ∫ ¢âÕ 9 ·≈–Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9

- °√√¡°“√°”Àπ¥§à“µÕ∫·∑π ‚¥¬¡’Àπâ“∑’Ë°”Àπ¥§à“µÕ∫·∑π∑’Ë®”‡ªìπ‡æ◊ËÕ®Ÿß„®√—°…“§≥–°√√¡°“√ §≥–°√√¡°“√™ÿ¥¬àÕ¬ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß∫√‘…—∑°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9

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Good Corporate Governance The Companyûs Policy on Corporate Governanceand consistently monitoring these systemûs operation in theBoard of Directorsû meeting. The Board of Directors will alsoclearly and separately appoint the duties and responsibilitiesof the Board of Directors, the Audit Committee, and theManaging Director.

6. The Board of Directors strictly monitors the transactions withpossible conflict of interest. The Board of Directors alsoappoints policy to prevent the management from using theinternal information for personal benefits. Please see detailsin the form stating the information of the securities offering,part 2 No. 11.

7. The Company has appointed the written rules and practicalcriteria of the business ethics including the disciplinarypunishment to be imposed for the related parties to be awareof and perform duties according to the Companyûs visionwith trust and honesty.

8. The Board of Directors composes of 11 members as follow:- Non-executive directors 3 persons- Independent directors 3 personsor total of 54.5% of the Board of Directors

9. The Chairman of the Board of Directors is not the sameperson as the Managing Director. However, both of them arethe major shareholders. The structure of the Board of Directorscomposes of 3 independent directors, which should balancethe power and review the management.

10. The Company has clearly stated the policy on remunerationto the Board of Directors and management and approved bythe ordinary shareholdersû meeting No. 10/2004, whichapproved that the remuneration to the directors should becompetitive with the industry and attractive enough to maintainthe qualified directors. The details of the remuneration to theBoard of Directors and management is stated in the formstating the information of the securities offering, part 2 No. 9.

11. The Board of Directors meets at least 4 times per year. Aspecial meeting may be arranged upon request. The agendasare clearly specified in advance with an agenda of reviewingthe business operation as fixed agenda. The Company willsend an invitation letter with agendas and attaching documentsto the directors 7 days prior to the meeting for the directorsûreview.

12. The Board of Directors has appointed the supportingcommittee to monitor the good corporate governance of theCompany as follow:- The Audit Committee will hold office for the 3-year term,composing of 3 independent directors. The list and duties of

Conflict of interest

Business ethics

Balance of power of non-executiveDirector

Aggregation or segregation of position

Remuneration for directors andmanagement

The Directorûs meeting

The Directors


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À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·π«∑“ß°“√ªØ‘∫—µ‘¢Õß∫√‘…—∑

- °√√¡°“√ √√À“ ‚¥¬∑”Àπâ“∑’Ë°”Àπ¥À≈—°‡°≥±å·≈–π‚¬∫“¬„π°“√ √√À“ °√√¡°“√·≈–°√√¡°“√™ÿ¥¬àÕ¬¢Õß∫√‘…—∑ √«¡∂÷ßºŸâ∫√‘À“√√–¥—∫ Ÿß °√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈‡ πÕ¢“¬À≈—°∑√—æ¬å à«π∑’Ë 2 ¢âÕ 9

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…—∑ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π∑—Èß„π√–¥—∫∫√‘À“√·≈–√–¥—∫ªØ‘∫—µ‘ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ ‚¥¬‰¥â¡’°“√°”Àπ¥¿“√–Àπâ“∑’ËÕ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√‰«âÕ¬à“ß™—¥‡®π¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å ‘π ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“πºŸâµ‘¥µ“¡§«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«°—∫√–∫∫°“√‡ß‘π ‚¥¬∫√‘…—∑ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑“ß°“√‡ß‘π‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫

∫√‘…—∑ ‰¥â®—¥µ—ÈßΩÉ“¬µ√«® Õ∫¿“¬„π ‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπΩÉ“¬‡≈¢“πÿ°“√ª√– “πß“π·≈–µ‘¥µ“¡¢âÕ¡Ÿ≈„Àâ°—∫§≥–°√√¡°“√µ√«® Õ∫‚¥¬§≥–°√√¡°“√µ√«® Õ∫®–‡ªìπºŸâ¥Ÿ·≈·≈–µ√«® Õ∫°‘®°“√¢Õß∫√‘…—∑ Õ¬à“ß‡µÁ¡√Ÿª·∫∫ ∑—Èßπ’È §≥–°√√¡°“√µ√«® Õ∫®–√“¬ß“π°“√µ√«® Õ∫µ√ßµàÕ§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑ ‰¥â¥”‡π‘π°“√µ“¡·π«∑“ß∑’Ë°”Àπ¥·≈–¡’ª√– ‘∑∏‘¿“æ ‚¥¬∫√‘…—∑ ¡’π‚¬∫“¬∑’Ë®–¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑ (Compliance Control)

14. √“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ ÷Ëß®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß ·≈–ª√–¡“≥°“√∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑—Èßπ’È ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 1/2547 ‡¡◊ËÕ«—π∑’Ë 29 ‡¡…“¬π2547 ‰¥â¡’¡µ‘·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ¿“¬À≈—ß∫√‘…—∑ ‡¢â“®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬åœ ∫√‘…—∑ ¡’π‚¬∫“¬∑’Ë ®–®— ¥ „Àâ¡’ ºŸâ ¥Ÿ ·≈ß“ππ—°≈ß∑ÿπ —¡æ—π∏å ‡æ◊Ë Õ¥Ÿ ·≈ ‡√◊Ë Õ ß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë§√∫∂â«π µ√ßµàÕ§«“¡‡ªìπ®√‘ß ‡™◊ËÕ∂◊Õ‰¥â ·≈–∑—π‡«≈“


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Good Corporate Governance The Companyûs Policy on Corporate Governancethe Audit Committee is explained in the form stating theinformation of the securities offering, part 2 No. 9.- The remuneration committee is responsible for assigningthe necessary remuneration to attract the Board of Directors,the supporting committee, and the executive management.See more details in the form stating the information of thesecurities offering, part 2 No. 9.- The Nomination Committee is responsible for theappointment of the rules and policies in selecting the directorsand the supporting committee including the executivedirectors. See more details in the form stating the informationof the securities offering, part 2 No. 9.

13. The Company emphasizes on the importance of internalcontrol system both at the management and operating level.The Company has clearly stated the operating duties andresponsibilities of the employees and management includingthe use of the Companyûs assets. The duties of the operatorand the appraisal are clearly separated to create balance ofpower and auditing. The financial internal control is also beingpracticed through the financial reports to be reported directlyto the supervisor.The Company has appointed the internal audit to be thesecretary in coordinating and monitoring operations for theAudit Committee while the Audit Committee will be fullyresponsible for auditing the Companyûs operation. The AuditCommittee will report directly to the Board of Directors toassure that the main operations and the financial activitiesstrictly and efficiently follow the appointed policy. TheCompany will induce compliance control to assure that theoperations follow the laws and related code of conduct.

14. The Board of Directors is responsible to the financialstatements of the Company, which is prepared according tothe accounting standards generally accepted by using theappropriate accounting policy and practice regularly. Thefinancial statements must also be based on prudent discretionand most reliable projection with sufficient disclosure of keyinformation in the notes to financial statements. The Boardof Directorsû meeting No. 1/2004 held on April 29th, 2004 hasthe resolution to appoint the Audit Committee, whichcomposes of the non-executive directors to be responsiblefor the accuracy of the financial statements and the internalcontrol system.

15. After being listed in the Stock Exchange of Thailand, theCompany has the policy to appoint the investor relationsofficer to monitor the accuracy, sufficiency, and timeliness indisclosing investment information.

Controlling system and internal audit

Directorsû report

Relation with investors


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8. √“¬°“√√–À«à“ß°—π8.1 √“¬°“√°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

√“¬°“√µàÕ‰ªπ’È‡ªìπ√“¬°“√∑’Ë¡’ “√– ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

√“¬°“√ ◊ÈÕ¢“¬√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

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∫“∑ ∫“∑ ∫“∑ ∫“∑

°“√¢“¬ ‘π§â“„Àâ∫√‘…—∑¬àÕ¬ - - 60,766,913 -

°“√„Àâ∫√‘°“√·°à∫√‘…—∑¬àÕ¬ - - 4,618,551 760,000

°“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬ - - 24,635,000 -

°“√¢“¬ ‘π§â“„Àâ∫√‘…—∑¬àÕ¬‡ªìπ‰ªµ“¡√“§“∑’Ëµ°≈ß°—π, °“√„Àâ∫√‘°“√·°à∫√‘…—∑¬àÕ¬‡ªìπ‰ªµ“¡√“§“∑’Ëµ°≈ß°—π ·≈–

°“√¢“¬ ‘π∑√—æ¬å∂“«√„Àâ∫√‘…—∑¬àÕ¬„™â√“§“µ“¡∫—≠™’ ÿ∑∏‘¢Õß ‘π∑√—æ¬å

¬Õ¥§â“ß™”√–®“°°“√´◊ÈÕ¢“¬√–À«à“ß°—π

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

æ.». 2547 æ.». 2546 æ.». 2547 æ.». 2546

∫“∑ ∫“∑ ∫“∑ ∫“∑

≈Ÿ°Àπ’È∫√‘…—∑¬àÕ¬ - - 48,444,945 -

‡®â“Àπ’È∫√‘…—∑¬àÕ¬ - - 4,359,596 813,200

‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

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∫“∑ ∫“∑ ∫“∑ ∫“∑

¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ 161,930 151,000 - 40,000

‡ß‘π°Ÿâ√–À«à“ßªï - 50,930 - -

®à“¬™”√–§◊π√–À«à“ßªï (161,930) (40,000) - (40,000)

¬Õ¥ª≈“¬ªï ≥ «—π∑’Ë 31 ∏—π«“§¡ - 161,930 - -

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

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∫“∑ ∫“∑ ∫“∑ ∫“∑

¬Õ¥µâπªï - - 1,085,600 -

‡ß‘π„Àâ°Ÿâ√–À«à“ßªï - - 130,000 1,085,600

‡ß‘π√—∫™”√–§◊π√–À«à“ßªï - - (1,215,600) -

¬Õ¥ª≈“¬ªï - - - 1,085,600

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à∫√‘…—∑¬àÕ¬¡’°”Àπ¥™”√–§◊π‡¡◊ËÕ∑«ß∂“¡‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 6 µàÕªï √“¬‰¥â¥Õ°‡∫’È¬

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8. Inter-Company Transactions8.1 Explanation of the Board of Directors

The following transactions are related materially to the person or business as of December 31st, 2004.

Important inter-company transactions

Consolidate financial statement Companyûs financial statement

Year 2004 Year 2003 Year 2004 Year 2003

Baht Baht Baht Baht

Sale of product to subsidiary company - - 60,766,913 -

Sale of service to subsidiary company - - 4,618,551 760,000

Sale of fixed assets to subsidiary company - - 24,635,000 -

The sale of products to subsidiary company is based on the agreed upon price. The serviceprovided to the subsidiary company is based on the agreed upon price. The sale of fixed assets tothe subsidiary company is based on the net assets value.

Overdue amount from inter-company transactions



Baht Baht Baht Baht

Account receivable, subsidiary company - - 48,444,945 -

Account payable, subsidiary company - - 4,359,596 813,200

Loan from the director



Baht Baht Baht Baht

Beginning balance as of Jan 1st 161,930 151,000 - 40,000

Additional loan - 50,930 - -

Loan repayment (161,930) (40,000) - (40,000)

Ending balance as of Dec 31st - 161,930 - -

Long-term loan to subsidiary company



Baht Baht Baht Baht

Beginning balance - - 1,085,600 -

Additional loan - - 130,000 1,085,600

Loan payment received - - (1,215,600) -

Ending balance - - - 1,085,600

The long-term loan to the subsidiary company is due upon call with interest rate at 6%per year. The interest revenue from the subsidiary in 2004 equals to 66,936 baht (year 2003 : none).


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8.2 Message from the Audit Commitee

The Audit Committeeûs Report

To shareholders

Subject Audit Committeeûs reportThe Companyûs Audit Committee composes of 3 members : the chairman and the directors. The

office term of each member of the Audit Committee is 3 years with an effective date on April 29th, 2004.

Mr. Anavat Nawintham is the Chairman of the Audit Committee. Mr. Sukit Panvisavas and Mr. Somchai

Thaenghongsakul are the directors of the Audit Committee .

In 2004, the Audit Committee has performed duties as being assigned by the Board of Directors

with the following agendas:

1. Arrange 5 ordinary meetings and invite the management to attend the meetings on call basis.

2. Review and approve the quarterly and annual financial statements with inquiries and explanations

from the Auditor, accountant including the related management to clarify the problems and explain

the important matters arise from the review and investigation of the financial statements to assure

the accuracy and the conformity to the generally accepted accounting standards.

3. Review and approve the annual business plan, annual budget and quarterly monitor the operation

of the internal compliance unit to appraise the sufficiency of the internal control system and the

corporate governance to prevent any conflict of interest or dispute against the laws and regulation

of the governing body.

4. Arrange the appraisal standard for the operating efficiency of the Audit Committee. The Audit

Committee, the Senior Vice President of Finance and Accounting, and the Vice President of the

Internal Audit has appraised the efficiency of the Audit Committee in term of training, personnel,

meeting of the Audit Committee, reports of the Audit Committee, activities of the Audit Committee,

relationship with the internal auditor / Auditor. The result of the appraisal is satisfactory.

Mr. Anavat Nawintham

Chairman of the Audit Committee


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9. Explanation and Analysis of Financial Statements

Performance of the year 2004In 2004, the Company continues to emphasize on adding values to

its products from previously manufactured small parts of one product to

manufacturing various different small parts and attach them into one set

of parts to the customer. The objective of the Company is to become

the outsourcing expert by subcontracting the manufacturing air

conditioner parts for world-class manufacturer. The Companyûs sales

revenue in 2004 results at 834 million baht, an increase of 77% compared to the sales revenue in 2003.

Such tremendous increase is primarily due to the fact that the Company has been selected to

manufacture parts for many large-scale manufacturers. The Company expects that a number of air

conditioner manufacturers will transfer their production line to the Company. Another reason for the

increase in sales revenue is resulted from the good quality of product and punctuality of delivery,

which further results in the continuous expansion of customer base in automobile industry, air conditioner

industry and compressor industry.

Revenue from automobile air conditioner partsIn 2004, the sales revenue from automobile air conditioner parts

result at 217 million baht, an increase of 34% compared to that of 2003,

which partly results from tremendous growth in the local manufacturing

of the automobile industry and the expansion of the Companyûs

customer base. The Company still maintains its strategy in simultaneously

making research and development with automobile maker for newly

developed parts. The products of the Company are also highly standardized and well accepted by

the automobile air conditioner manufacturer for a lower manufacturing cost. Therefore, the Companyûs

customer base has expanded to include more world-class manufacturer of automobile air conditioner

parts for large automobile maker. The Company growth is also partly due to the growth in the

automobile industry, which in turn results from the governmentûs policy in supporting Thailand to

become the center for automobile assembly for export particularly a 1-ton truck.

Revenue from house air conditioner partsIn 2004, the sales revenue from house air conditioner parts results at

482 million baht, an increase of 100% compared to that of 2003, which

partly results from the higher proportion of sales in set of parts rather than

just small part. The Company, under the SNC Aircond Company Limited,

has also been selected to manufacturer a line of products for York and

Fujitsu. Beside, the Company, under the SNC Former Public Company Limited, has been selected to

Million Baht

Total Sales Revenue

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9.67%

25.81%

14.04%9.42%

470

215

11779

834

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manufacture a line of products for Mitsubishi Consumer Products. Aside from that, many world-class

Japanese air conditioner manufacturers have moved their assembly base to Thailand, which definitely will

increase purchase order to the Company. The Company believes that in the future, the sales revenue will

continue to increase.

Revenue from compressor partsIn 2004, the sales revenue from manufacturing compressor parts

result in 135 million baht, an increase of 100% compared to that of 2003 as

a result of tremendous growth in the air conditioner industry and electrical

appliances industry together with the continuous improvement in the

quality of the product and punctuality of delivery. The customer is,

therefore, confident in the capability of the Company, which results in

continuous increase in manufacturing order by the customer. The pricing factor also affects as the

selling price of air conditioner has increased as a result from an increase in the cost of copper, which

is the major metal used in manufacturing. At present, the Company is the largest manufacturer of metal

pipe assembly in Thailand.

Cost of sales and profit margin ratioThe cost of sales during the year 2001-2003 has slightly changed

except in 2004 where the cost of copper, the major material used in

manufacturing house air conditioner parts and compressor, reaches its

highest in the past 10 years by increasing 40% during February-April

2004 as a result from the collapse of one of the top three largest

copper mine at time when copper is highly needed in China from the tremendous expansion of the

Chinese economy during the past 3-4 years. However, the gross profit margin of the Company in 2004

is 25.81%, a decrease of 6.6% compared to that of 2003. The reduction in the gross profit margin is

lesser in proportion to the increase in the copper price as the Company is able to simultaneously

adjust some portion of the selling price. The Company still maintains its cost-effective management

strategy by clearly separated each line of production and by creating small subordinated units within

each department to encourage thorough interaction in operation planning and problem solving among

employees in each product line. As a result, the Company operates more efficiently.

Operating profit margin ratio for automobile air conditioner partsThe operating profit margin ratio for automobile air conditioner parts in 2004 is 18.20% of sales

revenue, an increase of 6.30% compared to that of 2003.

Operating profit margin ratio for building air conditioner partsThe operating profit margin ratio for house air conditioner parts in 204 is 8.1% of the sales

revenue, a decrease from that of 2003 where the operating profit margin ratio was 9.8% of sales revenue.

The primary factor is due to the increase in copper price during the year in which copper is the major

material used in the manufacturing of the air conditioner parts. As a result, the Companyûs manufacturing

Million Baht

Revenue From Compressor parts

100

0

67.5

55.5

117.8

48

134.8

67.5

2002 2003 2003 2004

100%

145%

22%

9 month2003

9 month2004

Performance of the Compamy during 2003-2004

700800900

600500400300200100

0

13066 46

27.61%14.09%

9.67%

25.81%

14.04%9.42%

470

215

11779

834

Net ProfitGperating ProfitProfit MarginSale Revenues

Million Baht

2003 2004


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cost has also increased. However, the Company is able to partially adjust the pricing of some products.

Beside, during the third and fourth quarter of the year, the Company has started manufacturing and

selling of house air conditioner parts to the Mitsubishi Consumer Products, which results in improvement

of gross profit margin at 8.1% in 2004 compared to that of the first and second quarter.

Operating profit margin of the compressor partsThe operating profit margin of the compressor parts in 2004 is 14.8% of the sales revenue, an

increase of 24% compared to the operating profit margin in 2003, which results from the growth of sales

volume of the air conditioner industry and electrical appliances and also results from the pricing adjust-

ment in some products following the increase of copper price in the first and second quarter while the

manufacturing cost of some parts of products is still constant.

Selling and administrative expensesThe selling and administrative expenses ratio to the sales revenue in 2004 is 14.1%, a decrease of

5.87% compared to that of 2003 as a result from a tremendous increase in sales revenue and from the

Companyûs policy in emphasizing the management of net profit control in each subordinated unit, which

will be evaluated weekly. Therefore, the cost and expense management is highly efficient. However, the

reduction in selling and administrative expenses is still minimal at 5.87% due to the increase in the

number of personnel both at operating and management level and the increase in the expense of

personnel training and development to support the business expansion in 2005.

Net profitIn 2004, the Companyûs net profit is 78.5 million baht or 9.4% of the sales revenue, a decrease of

2.58% from that of 2003 as a result from an increase in the cost of materials during the year as stated

above. However, the Company has minimized the risk in the fluctuation of material price by making

advance purchase. The Company has induced many policies in maintaining the maximum amount of

profits such as the policy of controlling expense and net profit in each subordinated unit, the partial

repayment of loan to reduce the account payable outstanding, and the ability to acquire the new long-term

source of capital with lower interest rate from the new financial institution, which reduces the interest

expense of the Company.

Financial statusAs at December 31st, 2004, the Company and its subsidiaries have total assets of 680 million baht,

total liabilities of 265 million baht and shareholdersû equity of 414 million baht. The current asset to

non-current assets ratio of the Company is 74% to 26%.

The cash and deposit at financial institutions at at

December 31st, 2004 originates from the cash received from the

offering of the newly issued common shares after the Company

was listed in the Stock Exchange of Thailand.

Million Baht ROA%

Summary of the Company's assets during 2003-2004

700800

600500400300200

30%

20%

10%

0%100

0

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17%

16%

74%

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64%

51%49%

Non-Current Assets Current Assets Return from Compressor parts

2002 2003 2004


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414

22% 52% 32%

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414

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The trade account receivables as at December 31st, 2004 equals to 194 million baht, an increase of

95% compared to that of 2003. The increase in trade account receivables results from increase in sales

revenue in November and December of 2004, which are higher than the sales revenue in November and

December of 2003. The Companyûs average credit period is 60-90 days. The days collectible outstanding

in 2002, 2003, and 204 are 71 days, 68 days, and 65 days respectively, which is moderately relative to the

credit period approved by the Company. The trade account receivables with due date less than 6 months

has decreased as they become collectibles during the year.

The inventory as at December 31st, 2004 is net at 75 million baht, an increase of 95% compared to

that of last year as a result from the increase in manufacturing and selling volume. Normally, the Company

maintains the minimum amount of inventory as the Company manufactures product upon the customerûs

purchase order. The days sale outstanding period in 2002, 2003, and 2004 are 30 days, 23 days, and 29

days respectively. The increase in the number of days sale outstanding in 2004 results from the increase

in the manufacturing volume and copper price.

The property, plant, and equipment - net at December 31st, 2004 increases by 59 million baht

consisting mainly of investment in machines and equipments to support the expansion of manufacturing

capacity, which simultaneously increased with the customerûs orders. In the future, the Company expects

to increase investment in an even more updated machine and equipment to increase operating and

production efficiency. The return on assets in 2002, 2003, and 2004 are 41%, 61% and 69% respectively.

The trade account payable and notes

payable as at December 31st, 2004 equals to 130

million baht, an increase of 92% compared to that

of 2003, which varies according to the increase in

the purchasing and manufacturing volume. The

liability turnover ratio in 2004 equals to 6.25 times,

an increase of 5% compared to last year. Therefore, the days payable outstanding reduces to 58 days in

2004 compared to 61 days in 2003. The credit period granted to the Company by the supplier is generally

30-60 days.

The long-term loan as at December 31st, 2004 equals to 26 million baht, a reduction from last year

as the Company partially repaid upon due date. The interest rate is MLR-1. The collateral to the long-term

loan is the land of the subsidiary company and the director of the Company. The debt with interest to

equity ratio equals to 0.16 time, which is 83% lower than last year. The interest coverage ratio equals to

31 times, which increases by 39% compared to last year.

The shareholdersû equity as at December 31st, 2004 equals to 414 million baht, an increase of

411% compared to that of last year, which mainly results from the increase in the common shares of the

registered capital of 219 million baht, annual profit of 78 million baht and legal reserve of 4 million baht

and interim dividend payment of 30 million baht. The debt to equity ratio equals to 0.64 to 1. The return

to equity ratio equals to 32%.

Million Baht Ratio

Return on Equity Ratio



700800

600500400300200

100%

-100%

-300%

-500%

-570%100

0

92 82

414

22% 52% 32%

Shareholder's Equity

22% 52% 32%

2002

2002 2003 2004

2003 2004

Million Baht Ratio




700800

600500400300200

100%

-100%

-300%

-500%

-570%100

0

92 82

414

22% 52% 32%

Shareholder's Equity

22% 52% 32%

2002

2002 2003 2004

2003 2004

700800

600500400300200

1.0

-1.0

-3.0

-5.0

-7.0100

0

9244 8277

414

69

0.5 0.9 0.2

Liabilities wiht interest Shareholder's Equity

Liabilities and Shareholder's EquityMillion Baht


2002 2003 2004

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31 ∏—π«“§¡ 2547 ·≈– 2546

SNC F0RMER PUBLIC COMPANY LIMITEDHead office & Factory103/25-34 Moo 17 Taparuk Road, Bangsaotong Distric, Sub Amphur Bangsaotong Samutprakarn 10540 ThailandTel : 0-2330-3483, 0-2705-0820 Fax : 0-2705-6890 E-mail : [email protected] Website : www.sncformer.com

SNC: Annual Report 2004

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Transcript of SNC: Annual Report 2004