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Annual Report 2006 - As of December 31, 2007 �

CONTENTS

Highlight of Consolidated Financial Statements 2

Message by the Chairman 4

1. GENERAL INFORMATION 9

2. NATURE OF BUSINESS 14

3. STRUCTURE OF SHAREHOLDERS AND MANAGEMENT 27

• Report by Nominating and Remuneration Committee 41

4. RISK FACTORS 54

5. RELATED PARTY TRANSACTIONS 57

6. MANAGEMENT’S DISCUSSION AND ANALYSIS OF BUSINESS PERFORMANCE 59

7. IMPORTANT CHANGES AND SIGNIFICANT EVENTS OVER THE PAST YEAR 69

Report by the Board of Directors on its Accountability to Financial Statements 77

Audit Committee Report 78

Auditor’s Report and Financial Statements Attached Sheet

Annual Report 2006 - As of December 31, 2007�

HIGHLIGHT OF CONSOLIDATED FINANCIAL STATEMENTS

2007 2006 2005

CONSOLIDATED BALANCE SHEETS

Assets 6,878,961 6,702,399 6,119,661

Liabilities 1,816,115 1,741,923 1,508,768

Shareholders' equity 5,062,846 4,960,476 4,610,893

CONSOLIDATED INCOME STATEMENTS

Total revenues 5,611,088 5,365,455 4,728,394

Total expenses 5,351,712 5,042,638 4,421,405

Profit from operating activities 259,376 322,817 306,989

Net profit for year 174,404 396,419 263,904

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities 534,024 596,978 731,071

Cash flows from investing activities (462,836) (318,977) (209,252)

Cash flows from financing activities (71,379) (350,119) (505,072)

Cash and Cash equivalence at year end 275,611 275,802 347,920

KEY FINANCIAL RATIOS

Current Ratio (times) 1.8 1.6 1.8

Account Receivable Turnover (days) 68.2 62.5 65.4

Inventory Turnover (days) 30.0 30.2 28.7

Account Payable Turnover (days) 64.8 60.8 57.9

Gross Profit Ratio to Sales (%) 19.8 21.0 20.5

Net Profit Ratio to Total Revenues (%) 3.1 7.4 5.6

Return on Total Assets (%) 2.6 6.2 4.3

Debt to Equity Ratio (times) 0.4 0.4 0.3

Unit : Thousand Baht


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Message by the Chairman

In the calendar year 2007 the Thai Baht continued a trend of appreciation ending the year with a greater than 18% increase against the US dollar over the prior 2 year period. This coupled with the continued downward trend of the global valuation of the US dollar resulted in immense pressure on costs and gross margin in the Company’s domestic and export portfolios. Despite this global turbulence, Management stayed true to the course of investment in people, technology and leading edge manufacturing facilities and equipment. These investments are key to the overall strategy to prepare the Company of leadership, success and profitability Calendar 2007 saw the Company invest in new leapfrog technology in our Battery Operations, Industrial Containers, Logistics and Packaging businesses while working on developing a foot hold in the Beverage Industry. Management is united in its approval of significant investments in these areas with a holistic plan to move away from conventional and commonly used technologies and equipment in order to differentiate the Company by bold moves striking at the core of non-value added activities and costs. In addition to investments in capital technology platforms, the Management united behind a bold move to consolidate the two largest molding operations, Suksawat factory and Amata Nakorn Chonburi factory, into its world class facility in Amata Nakorn. The re-engineering and consolidation initiatives will target eliminating non value added costs, scrap, and under absorption. In conjunction with the focus on elimination of non value added costs, Management is focused on the introduction of high value added products such as Molded in Decoration for food and beverage packaging and automotive applications. Srithai Superware is recognized as a Thai icon, and as befitting the statue of this great company, Management is proud to announce that the center piece of our strategy is increased focus on our shared environment. We have made major investments in leading edge manufacturing equipments from Canada and Japan. Those equipments have the capability to process resin at greatly reduced consumption of electricity. In fact our goal is to create one of the world’s most energy efficient injection molding operations globally. We have engaged


leaders in the industry to assist us optimizing the molding operations including machine design and operation, mold process cooling, resin processing and product handling. Further to our focus on industrial resource preservation, we have a team researching the preservation of one of Thailand’s most important natural resources from the mounting commercial pressure for pallets. Deforestation is a real issue facing all Thai people, and Srithai proud to be a leader in investing in developing a solution to provide competitively priced plastic products to reduce the need for wooden pallets, boxes and other logistic products. For 45 great years we have been a people company and together we have built great brand equity in Srithai Superware both at home and abroad, however the journey to world class requires that we examine and upgrade in all areas of our businesses to benefit fully from our investments in technology and equipment, we must, and we will invest more in our Srithai people. I am delighted to report that our new Human Resource Developments (HRD) team has been embraced and supported by all Senior Management and the long road to unleashing the power of people is well under way. Our biggest asset is not our Srithai people, it will be our great Srithai people This is a demanding and endless task and the one to which I pledge my utmost support. Great people, great factories, leading technology and equipment are still incomplete if we do not unleash and empower them with the invisible backbone and network of Information Technologies and Communications. Again we are challenged by the breadth of this task, to seamlessly bind Srithai together with real time capability to communicate, plan and execute. Management again unanimously supported embracing investing in making Srithai the easiest company to do business with, with fast accurate and transparent reporting capabilities. Looking outside our company we are now exporting our global brand leading melamine table-wares to nearly 90 countries worldwide. Our continued export drive to reach 100 this year, 2008, is ambitious and now within our reach. This bold goal will bring benefits beyond increased revenues; it creates new skilled jobs for our workers and brings Thailand’s global reach spreading a better understanding for our culture and the quality of Thai products. To support our global leadership, we have increased our production capability in Ho Chi Minh City facility in Vietnam and are now engaged in due diligence with a view to expanding in India to tap the huge domestic market there. Korat is the home of Srithai Superware’s melamine products and success and this plant will receive the same scrutiny as all our other operations. We will invest in people, technology to enhance our productivity and profitability, and similar to Amata we will focus on energy consumption and the environment. Sustainable profitability is a product of excellence in execution and innovation, in this past year we at Srithai have been developing our core Direct Sales capability into a new Multi Level Marketing (MLM) This will expand our sales capability rapidly via the talented and highly motivated independent business owners in the MLM business concept. We have piloted this project this past year and now ready for a full scale launch in Q3 of 2008. Our Trading activities also allow us to rapidly expand, however without the additional burden of the capital intensive manufacturing factories and equipment. Our merchandizing experts source products of exceptional quality, value and unique characteristics from all corners of the world to be locally distributed through our existing distribution channels. The Management and I are grateful to all our stakeholders, our great Srithai people, our partners and suppliers, you our shareholders, and all who support us in our quest for global brand recognition and a world class reputation synonymous with quality and profitability.

Mr. Sanan Angubolkul Chairman


BOARD OF DIRECTORS SHAREHOLDING STRUCTURE OF SRITHAI SUPERWARE GROUP - BUSINESS LINE

Standing from left to right : Mr. Enghug Nontikarn, Mr. Suchat Boonbanjerdsri, Mr. Manit Ativanichayaphong,

Mr. Naphol Lertsumitkul, Mr. Thawee Kongyungyuen

Seated from left to right : Mr. Prin Bholnivas, Mr. Sanan Angubolkul, Prof. Viroj Lowhaphandu,

Mrs. Srisuda Lertsumitkul


SHAREHOLDING STRUCTURE OF SRITHAI SUPERWARE GROUP - BUSINESS LINE

Srithai Moulds71.0%

Srithai Miyagawa51.0%

S.K.I Ceramics42.0%

Srithai Shin-Osaka40.0%

Srithai Packaging39.2%

LN Srithai Comm20.0%

Srithai-Otto50.0%

Srithai Sanko48.0%

Srithai WBG47.0%

Srithai Superware Public Company Limted

Plastic Trading Mould & Others

Srithai (Vietnam)95.8%

Srithai Nanoplast70.0%

Thai MFC45.0%

Beijing Huatai40.0%

PT. Srithai Maspion32.5%

Soko Srithai24.0%

Takahashi Korat19.0%

Takahashi Plastic16.5%

Thai Takahashi Plastics25.0%


SHAREHOLDING STRUCTURE OF SRITHAI SUPERWARE GROUP

Srithai Superware Public Company Limted

Srithai-Otto50.0%

Associates Joint Venture

Srithai (Vietnam)95.8%

Srithai Moulds71.0%

Srithai Nanoplast70.0%

Srithai Miyagawa51.0%

Srithai Shin-Osaka40.0%

Remark :

(1) Srithai Shin-Osaka Co., Ltd. is a subsidiary. Eventhough the Company holds shares in it less than half but the

Company has controlling votes, directly or indirectly, and controlling power on its financial policy and operation.

(2) Srithai (Vietnam) Co., Ltd. increased its capital by the amount equivalent to USD 1 million on August 13,

2007. The Company was the sole investor of this amount, resulting in an increase of our shareholding interest

from 95.3% to 95.8%.

(3) The Company purchased 1,600,000 existing shares at the price of THB 16 million from Thai MFC Co., Ltd

an associated company, resulting in an increase of our shareholding interest from 30% to 70% and change of its

status from an associated company to a subsidiary.

(4) S.K.I. Ceramics. Co., Ltd. registered an increase of capital from THB 120 million to THB 125 million with

the Ministry of Commerce on July 2, 2007. The Company has invested THB 3 million in this capital increase,

resulting in the shareholding ratio of the Company rise up from 41.2% to 42%.

Srithai Sanko48.0%

Srithai WBG47.0%

Thai MFC45.0%

S.K.I. Ceramics42.0%

Beijing Huatai40.0%

Srithai Packaging39.2%

Subsidiary

PT. Srithai Maspion32.5%

Thai Takahashi Plastics25.0%

Soko Srithai24.0%

LN Srithai Comm20.0%

Takahashi Korat19.0%

Takahashi Plastics16.5%


1. GENERAL INFORMATION

Srithai Superware Public Company Limited

Head Office : 355 Suksawat Rd., Soi 36, Bangpakok, Rasburana, Bangkok 10140 Tel. : 66 2427 0088 Fax : 66 2428 �675 URL : www.srithaisuperware.com

Registration Number : 0107536001516

Share Registrar : Location :

Thailand Securities Depository Co., Ltd. 62 The Stock Exchange of Thailand Bldg., Rachadapisek Road, Khwaeng Klongtoey, Khet Klongtoey, Bangkok 10110 Tel. : 66 235� 1200-1 Fax : 66 235� 125�

Auditor : Mr. Prasan Chuaphanich Certified Public Accountant (Thailand) No. 3051 PricewaterhouseCoopers ABAS Limited 15th Floor, Bangkok City Tower, 17�/74-80 South Sathorn Road, Bangkok 10120 Tel. : 66 2286 ��, 66 2344 1000 Fax : 66 2286 5050 Accounting Period January 1 - December 31

Legal Advisor : Niti-Pricha Office 6�/33 Soi Athens Theater, Phayathai, Bangkok 10400 Tel. : 66 2252 �4�4, 66 2251 3225 Fax : 66 2251 3226, 66 2255 5201

Security Agent : Siam City Bank Public Company Limited Head Office 1101 New Petchburi Road, Rajthevi, Bangkok 10400 Tel : 66 2208 5000 Fax : 66 2253 6227

Managerial Contract : No

Annual Report 2007 - As of December 31, 2007 10

JURISTIC PERSON’S SHARES OF WHICH THE COMPANY HOLDS MORE THAN 10% Subsidiary Companies 1. Company Name : Srithai (Vietnam) Co., Ltd.(1)

Location : � Street 2, Song Than 1 Industrial Park, Di An District, Binh Duong Province, Socialist Republic of Vietnam Type of Business : Manufacture of Plastic Products Telephone : 84 650 7�0023-4 Fax : 84 650 7�0025 Paid-up Capital : Dong 10�,337,834,503 (1) Srithai (Vietnam) Co., Ltd. increased its capital by the amount equivalent to USD 1 million on August 13, 2007. The Company was the sole investor of this amount, resulting in an increase of our shareholding interest from �5.3% to �5.8%.

2. Company Name : Srithai Moulds Co., Ltd. Location : 55/1, 55/6 Moo 1, Nong-Samsak, Amphoe Ban Bueng, Chon Buri Type of Business : Manufacture of Moulds Telephone : 0 3837 �280-2 Fax : 0 3847 6352 Number of shares issued and paid up : 1,000,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 100,000,000 3. Company Name : Srithai Nanoplast Co., Ltd. (2)

Location : 42 Moo 4, Tambon Bualoy, Amphoe Nhong Kae, Saraburi Type of Business : Manufacture of Plastic Products Telephone : 0 3637 3251-5 Fax : 0 3637 3256 Number of shares issued and paid up : 4,000,000 shares, paid-up per share : Baht 10 Paid-up Capital : Baht 40,000,000 (2) The Company purchased 1,600,000 existing shares at the price of THB 16 million from Thai MFC Co. Ltd. an associated company, resulting in an increase of our shareholding interest from 30% to 70% and change of its status from an associated company to a subsidiary.

4. Company Name : Srithai Miyagawa Co., Ltd. Location : 53� Moo 4, Tambon Prak-Sa, Amphoe Mueang, Samut Prakan Type of Business : Manufacture of Moulds and Plastic Products Telephone : 0 2324 0�11 Fax : 0 2324 0427 Number of shares issued and paid up : 1,200,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 120,000,000


5. Company Name : Srithai Shin-Osaka Co., Ltd. Location : 1/132 Moo 2, Tambon Ta-sai, Amphoe Mueang, Samut Sakorn Type of Business : Mould Laminating Telephone : 0 344� 0130-1 Fax : 0 344� 0132 Number of shares issued and paid up : 600,000 shares, paid-up per share : Baht 83 Paid-up Capital : Baht 4�,800,000 Associated Companies 1. Company Name : Srithai Sanko Co., Ltd. Location : 355 Moo 4, Soi Suksawat 36, Suksawat Rd., Bangpakok, Rasburana, Bangkok Type of Business : Trading Company Telephone : 0 2427 0088 Fax : 0 2428 ��35 Number of shares issued and paid up : 200,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 20,000,000 2. Company Name : Srithai WBG Co., Ltd. Location : 355 Moo 4, Soi Suksawat 36, Suksawat Rd, Bangpakok, Rasburana, Bangkok Type of Business : Distribution of Food Supplement and Health Care Products under Network Marketing System Telephone : 0 2427 0088 Fax : 0 2428 ��38 Number of shares issued and paid up : 800,000 shares, paid-up per share : Baht 10 Paid-up Capital : Baht 8,000,000 3. Company Name : Thai MFC Co., Ltd. Location : 1 Siam Cement Road, Bang Sue, Bangkok Type of Business : Manufacture of Melamine Powder Telephone : 0 2586 38�5 Fax : 0 2586 4878 Number of shares issued and paid up : 2,000,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 200,000,000 4. Company Name : S.K.I. Ceramics Co., Ltd. (3)

Location : 7/101 Moo 4, Tambon Mab Yang Porn, Amphoe Pluak Daeng, Rayong Type of Business : Manufacture of Ceramics Tableware Telephone : 0 38�5 6025 Fax : 0 38�5 6030 Number of shares issued and paid up : 12,500,000 shares, paid-up per share : Baht 10 Paid-up Capital : Baht 125,000,000 (3) An increase of capital from THB 120 million to THB 125 million was registered with the Ministry of Commerce on July 2, 2007. The Company has invested THB 3 million in this capital increase, resulting in the shareholding ratio of the Company rise up from 41.2% to 42%.


5. Company Name : Beijing Huatai Replica of Porcelain Products Co., Ltd. Location : Xi Guan Street No. 104, Tongxian, Beijing, P.R.C. Type of Business : Manufacture of Melamine Products Telephone : 86 10 6�54 7477 Fax : 86 10 6�54 1�24 Paid-up Capital : Yuan 8,�47,�25 6. Company Name : Srithai Packaging Co., Ltd. Location : 30/27 Moo 2, Tambon Khok Kham, Amphoe Mueang Samut Sakhon, Samut Sakhon Type of Business : Manufacture of Packaging Telephone : 0 3445 2100-7 Fax : 0 3445 2108-� Number of shares issued and paid up : 600,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 60,000,000 7. Company Name : PT. Srithai Maspion Indonesia Location : Ji Kembang Jepun 38, 40 Surabaya, Indonesia Type of Business : Manufacture of Melamine Products Telephone : 62 31 8�1 3004 Fax : 62 31 8�1 3630 Number of shares issued and paid up : �,320 shares, paid-up per share : Rupiah 1,115,250 Paid-up Capital : Rupiah 10,3�4,130,000 8. Company Name : Thai Takahashi Plastics Co., Ltd. Location : 47� Moo 4, Tambon Prak-Sa, Amphoe Mueang, Samut Prakan Type of Business : Manufacture of Plastic Products Telephone : 0 2324 0730 Fax : 0 2324 06�8-� Number of shares issued and paid up : 200,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 20,000,000 9. Company Name : Soko Srithai Co., Ltd. Location : �4 Moo 5, Wellgrow Industrial Estate, Bangna-Trad Highway Km. 36, Tambon Bang-Samak, Amphoe Bang Pakong, Chachengsao 24130 Type of Business : Manufacture of Plastic Products Telephone : 0 3857 0265-8 Fax : 0 3857 0271 Number of shares issued and paid up : 250,000 shares, paid-up per share : Baht 1,000 Paid-up Capital : Baht 250,000,000


10. Company Name : LN Srithai Comm Co., Ltd. Location : 71/12 Moo 5, Tambon Tha-Kam, Amphoe Bang Pakong, Chachengsao Type of Business : Manufacture of Telephone Sets Telephone : 0 3857 3061-3 Fax : 0 3857 3064 Number of shares issued and paid up : 76,000 shares, paid-up per share : Baht 1,000 Paid-up Capital : Baht 76,000,000 11. Company Name : Takahashi Korat (1995) Co., Ltd. Location : 47� Moo 4, Tambon Prak-Sa, Amphoe Mueang, Samut Prakan Type of Business : Manufacture of Plastic Products (for electronics) Telephone : 0 2324 0730 Fax : 0 2324 06�8-� Number of shares issued and paid up : 1,500,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 150,000,000 12. Company Name : Takahashi Plastics Co., Ltd. Location : 47� Moo 4, Tambon Prak-Sa, Amphoe Mueang, Samut Prakan Type of Business : Manufacture of Plastic Products Telephone : 0 2324 0730 Fax : 0 2324 06�8-� Number of shares issued and paid up : 400,000 shares, paid-up per share : Baht 100 Paid-up Capital : Baht 40,000,000 Joint Venture Company 1. Company Name : Srithai-Otto (Thailand) Co., Ltd. Location : 355 Moo 4, Soi Suksawat 36, Suksawat Rd., Bangpakok, Rasburana, Bangkok Type of Business : Trading Company Telephone : 0 2427 0088 Fax : 0 2874 5015 Number of shares issued and paid up : 200,000 shares, paid-up per share : Baht 50 Paid-up Capital : Baht 10,000,000


2. NATURE OF BUSINESS

2.1 COMPANY BACKGROUND Srithai Superware Public Company Limited, “the Company”, initially operated under the name “Srithai Plastic Industry Limited Partnership”. It was found by Mr. Sumit Lertsumitkul on August 1, 1�63, to operate as a manufacturer and distributor of household plasticware. In 1�72, the business was renamed “Srithai Superware Limited Partnership” and the management team was reorganized. Mr. Sanan Angubolkul was appointed as Factory Manager at that time. A new product line, melamine tableware, was added. In 1�7�, the l imited partnership was transformed into a company limited under the name “Srithai Superware Company Limited”, after which the Company kept on expanding. The Company was listed in The Stock Exchange of Thailand on October 2, 1��1, with an increase of registered capital from Baht 170 million to Baht 200 million. The Company was transformed into a public company limited on December 13, 1��3. The Company increased its registered capital again to Baht 470 million on January 14, 1��4, and subsequently to Baht 500 million on March 1�, 1��6, with fully paid-up share capital of Baht 400 million. In July 1��7, under the pressure of economic crisis in the Asia-Pacific region, the Company announced debt restructuring. The Company later agreed with a creditor to file a petition to Court for business reorganization under the bankruptcy law. The Court approved the petition on May 28, 1��, and the reorganization plan on December 30, 1��, by appointing SGV-Na Thalang & Co., Ltd. as plan administrator. In the first quarter of 2000, Srithai Rungruengsaap (1��) Co., Ltd., a subsidiary, was established to hold parts of assets of the Company in line with the

structure as indicated in the approved reorganization plan, to whom parts of land and shares in related companies of the Company were sold. On April 28, 2000, the Company converted a portion of debt to equity according to the reorganization plan. It resulted in an increase in paid-up capital from Baht 400 million to Baht 2,857 million. The remainder portion of the affected debts was converted to Secured Floating Rate Notes (FRN) amounting to USD 84.2 million, redeemable in 5 years. The Company repaid and prepaid the FRN from time to time. Implementation of the business reorganization plan of the Company had been completed. On July 15, 2002, the Southern Bangkok Civil Court passed an order to release the Company from the reorganization plan by virtue of Section �0/70 of the Bankruptcy Act B.E. 2483. As a result, the Management team of the Company resumed managerial power again. On July 1�, 2002, the Company signed a Syndicated Long-term Loan Agreement with the Siam City Bank Pcl. and the Bangkok Bank Pcl. amounted THB 2,100 million. The loan was used to repay all the Secured Floating Rate Notes, and freed the Company from all offshore loans. After borrowing the syndicated long-term loan, the Company has repaid and prepaid many installments. The Company could fully repay the principal amount of the long-term loan to the two banks during the year 2007. On August 12, 2005 Mr. Sumit Lertsumitkul, late Chairman of the Board of Directors of the Company passed away. Her Royal Highness Princess Maha Chakri Sirindhorn graciously presided over the cremation ceremony of Mr. Sumit Lertsumitkul on March 10, 2006. Meanwhile, the Board of Directors in the meeting no. 5/2548, held on September 7, 2005,


unanimously appointed Mr. Sanan Angubolkul, President, to be Chairman and President of the Company. The Board did not appoint a new director to replace Mr. Sumit Lertsumitkul. On June 21, 2006, an entire business transfer agreement was signed between the Company and Srithai Rungruengsaap (1��) Co., Ltd., the subsidiary. At the 25th Annual General Meeting of Shareholders (for the year 2005) on April 28, 2006, a resolution was passed to accept the transfer of the entire business of the subsidiary in order to simplify the structure of investments within the Group. Subsequently, Srithai Rungruengsaap (1��) Co., Ltd. registered its dissolution with the Ministry of Commerce on July 14, 2006. It liquidated its assets in the year 2007. The Company has restructured its lines of businesses according to the resolution of Board Meeting no.6/254�, held on September 2�, 2006. The new structure comprises a plastic business line, of which main products are industrial products and household products, a trading business line, and a supporting business line. The new structure has been in effect since October 1, 2006.

The Board of Directors’ meeting no. 8/2550, held on December 15, 2007, unanimously approved Re-engineering Plan and activity plan and new business as strategies for attaining sustainable growth along the path to become a World-Class Company in the future by adjusting management process and slashing production overhead costs of industrial products to enhance competitiveness, profitability and product differentiation and value-adding. A part of the plan is to relocate the industrial product plant from Suksawat to Amata Plant in Chonburi Province, replacing old machines with new machines and investment in new molds for new products. 2.2 BUSINESS OUTLOOK OF SRITHAI SUPERWARE GROUP Business outlook of Srithai Superware Group is mostly under the same structure as that of our core businesses, i.e. Plastic Business Line which comprises industrial products and household products and Trading Business Line. The Company has set its strategy of doing integrated businesses to reduce dependency on outs iders , so tha t competitiveness of the Group could be enhanced. Mould-making subsidiaries and other affiliated companies that cannot be classified under the two main business lines are grouped under “other businesses”.


STRUCTURE OF TOTAL SALES OF SRITHAI SUPERWARE GROUP

Unit of Total Sales : Million Baht

2007 Sales (%) 2007 2006 2005

Domestic Export Sales % Sales % Sales %

Plastic BusinessesSrithai Superware Pcl. 7� 21 4,545 35.2 4,366 30.� 3,826 32.6Srithai (Vietnam) Co., Ltd. (Sales in Vietnam)

86 14 1�� 1.5 138 1.0 132 1.1

Srithai Nanoplast Co., Ltd. 100 0 5� 0.5 16 0.1 12 0.1Srithai Miyagawa Co., Ltd. 63 37 483 3.7 366 2.6 254 2.2Thai MFC Co., Ltd. 34 66 561 4.4 643 4.6 506 4.3Beijing Huatai Replica of Porcelain Products Co., Ltd. (Sales in China)

100 0 76 0.6 84 0.6 82 0.7

PT. Srithai Maspion Indonesia(Sales in Indonesia)

100 0 70 0.6 64 0.4 62 0.5

Soko Srithai Co., Ltd. 46 54 5 0.0 141 1.0 137 1.2Takahashi Korat (1��5) Co., Ltd. 100 0 3,23� 25.1 4,�20 34.� 3,481 2�.6Takahashi Plastics Co., Ltd. 72 28 37� 2.� 606 4.3 630 5.4Total Plastic Businesses 9,616 74.5 11,344 80.4 9,122 77.7Trading BusinessesSrithai Superware Pcl. 100 0 67 0.5 55 0.4 32 0.3

STRUCTURE OF REVENUE The structure of revenue of the Group can be classified by business lines : Plastic Business Line comprising Industrial Products and Household Products, Trading Business Line, and Mould-Making Business Line as described below :-

CONSOLIDATED

For the year ended December 31, 2007 (Unit : Thousand Baht)

Plastics Business

Trading and Moulds

Businesses Total

Household Products Industrial Products

Domestic Production

Overseas Production

Domestic Production

Overseas Production

Sales and hire of work 1,644,048 2,532 3,460,130 205,821 353,�08 5,666,43�

Revenues from subsidiaries (4) (�16) (13,816) (1,215) (87,033) (102,�84)

Total Sales and hire of work 1,644,044 1,616 3,446,314 204,606 266,875 5,563,455

Remark : Additional information classified by business line and geographic segments was disclosed in notes to financial statements for the year ended December 31, 2007, page 20


2007 Sales (%) 2007 2006 2005

Domestic Export Sales % Sales % Sales %

Srithai-Otto (Thailand) Co., Ltd. 100 0 48 0.4 73 0.5 42 0.4Srithai Sanko Co., Ltd. (1) 100 0 52 0.4 1� 0.2 0 0.0Srithai WBG Co., Ltd. 100 0 3 0.0 0 0.0 0 0.0Srithai Plaschem (Thailand) Co., Ltd. (2)

- - 0 0.0 15 0.1 25 0.2

Total Trading Businesses 170 1.3 162 1.2 99 0.9Other Businesses- Mould-MakingSrithai Superware Pcl. 75 25 45 0.4 75 0.5 137 1.2Srithai Moulds Co., Ltd. 100 0 106 0.8 127 0.� 151 1.3Srithai Miyagawa Co., Ltd. 100 0 �6 0.7 173 1.2 16� 1.4Srithai Shin-Osaka Co., Ltd. 100 0 13 0.1 33 0.3 1� 0.2Total Mould-Making 260 2.0 408 2.9 476 4.1- OthersSrithai Superware Pcl. 87 13 55 0.4 48 0.3 38 0.3Srithai Rungruengsaap (1��) Co., Ltd. (3) (Rental Income)

- - 0 0.0 27 0.2 57 0.5

S.K.I. Ceramics Co., Ltd. 6 �4 2�5 2.3 341 2.4 345 2.�Srithai Packaging Co., Ltd. 100 0 105 0.8 128 0.� 130 1.1LN Srithai Comm Co., Ltd. (5) 1 �� 2,40� 18.7 1,653 11.7 1,468 12.5Total Others 2,864 22.2 2,197 15.5 2,038 17.3Grand Total 12,910 100.0 14,111 100.0 11,735 100.0

(1) Srithai Sanko Co., Ltd. was registered on January 20, 2006. (2) Srithai Plaschem (Thailand) Co., Ltd. had registered its dissolution on October 31, 2006. (3) Srithai Rungruengsaap (1��) Co., Ltd. had registered its dissolution on July 14, 2006.

Remarks : 1. Structure of Sales information of the Company and group companies, shown comparatively for 3 years 2005-2007, were from

financial statements of each company without eliminating inter-company transactions. 2. Exchange rates used in the calculation of sales of foreign associates were as shown below:-

2007 2006 2005

Srithai (Vietnam) Co., Ltd. Baht 1 = 476.1�0 VND Baht 1 = 454.545 VND Baht 1 = 384.615 VNDBeijing Huatai Replicaof Porcelain Products Co., Ltd. Baht 1 = 0.218 RMB Baht 1 = 0.218 RMB Baht 1 = 0.1�� RMBPT. Srithai Maspion Indonesia Baht 1 = 2�5.412 RP Baht 1 = 266.830 RP Baht 1 = 255.�51 RP

STRUCTURE OF TOTAL SALES OF SRITHAI SUPERWARE GROUP (CONT.) Unit of Total Sales : Million Baht


2.3 Vision, Mission and Business Direction of the Company The Company has announced its Vision, Mission and Business Direction for the year 2007-200� (revised version) so that the executives and all staffs could share a common understanding and coordinating among them to push forward the Company to achieve the desired direction. Besides, the Company has released its Vision, Mission and Business Direction to public, partners and stakeholders for their acknowledgement in order to increase their confidence in the future of the Company and have them proceed to do business with the Company with certainty.

Vision To be a leading company of Thailand in the manufacturer and distribution of plastic products for industrial and household uses that gain international recognition.

Mission 1. Mission in Marketing Gain more market share in local market, and expand export markets with quality and standardized products. 2. Mission in Production 2.1 Offer high quality products with lower costs at competitive prices to the world markets, supported by standardized production-management system. 2.2 Improve and develop new products to fulfill demand in markets. 3. Mission in Customer Satisfaction Improve and maintain quality standard of goods so as to build up confidence and customer satisfaction by providing impressive services to customers regularly. 4. Mission in Management Promote personnel development for enhancing their value adding, advancement in career path and their safety at work places. Be aware of corporate social responsibility and environmental protection.

Business Direction of Srithai Superware Pcl. for period 2007- 2009

(Revision) 1. During 2007- 200� we shall focus on quality

growth as described below:- Plastic Business : • Export Markets Focus on sustainably aggressive growth by covering markets in 100 countries. • Domestic Markets Focus on continual growth. Maintain our market shares and secured profitability. Attach importance on product lines of high market growth. Focus on profitable products. • Product Lines Focus on development of Expansion production technology for industrial goods and household goods so as to expand new product lines in an aim to cover as many market targets as possible. • Production Base Target at countries of high Expansion potential in production work such as Vietnam and India. Trading Business : • Expand business for widening product varieties

by doing trading business. 2. We shall expand our production capacity and

invest in moulds and machines of high efficiency, so that worthwhile return on investment could be expected.

3. We are committed to build up corporate culture under which our staffs will work as a team with very high team spirit, so as to assure that our customers are well serviced inside and outside our organization. Focus will be given to the success of teams. Our organization will reward the persons participating in the success of their teams.

4. We shall focus on quality improvement of our goods, reduction of production costs, and punctual delivery of goods to customers. These factors will boost up our competitiveness and

Annual Report 2007 - As of December 31, 2007 1�

maintain our leadership in the markets for our main products forever.

5. We are committed to fully utilize our modern information technology to provide useful and timely information to our Management teams, so that decision-making process will be made effective.

6. We shall emphasize on innovations and human resource development to fulfill need of our organizational growth.

In year 2007, the Company has made a progress in proceeding as per the plan and has proceeded in accordance with the business target as described below: Plastic Business Line It consists of industrial products and household products. 1. At present, export market coverage of the

Company was �0 countries worldwide, as compared with the target of 100 countries within the year 2008.

2. The Company has focused on manufacturing and distributing goods of high market growth and profitable products as following:- 2.1 The Company set up Re-engineering Plan

and New Activity and Business Plan in order to use them as strategy for pushing the Company’s growth constantly and sustainably. It also determined to become world-class company in the future by changing management style, reducing cost of production of industrial products so that they can be competitive and made more profitable. It also differentiated its products and added value to them. One of the plan was to centralize production of industrial products at Amata Nakorn in Chonburi Province, replace old machines with new machines and invest in moulds to make more new products. Source of fund for investment came from operating cash flow of the Company and additional borrowing from local banks.

2.2 The Company has collaborated with its business alliance on technology transfer on designing, manufacturing and distributing toilet seats. The products were manufactured at Korat and Amata Nakorn in Chonburi plants which received BOI privilege. In the year 2007, the Company started to receive income from toilet seats. It targeted to develop its production process and quali ty of products in accordance with the market expansion in the future.

2.3 The Company has focused on producing and selling Material Handling product group such as crate, pallet, and pail, manufactured at Amata Nakorn in Chonburi Province. The Company has invested to increase the production capacity due to rapid growth of sales of Material Handling product group that received BOI privilege.

2.4 Automobile parts are one of the products in industrial part group of products that create a lot of sales revenue due to high increase of growth in the market. The Company tried to develop production technology and quality continuously to increase the confidence and trust of customers who are automobile and motorcycle factories. Automobile parts are products that required high quali ty manufacturing. In 2007, the Company has received Certif icate on ISO/TS 16�4�:2002 for automobile parts from United Registrar of Systems (Thailand) Ltd. “URS” which is quality standard for automobile industry and is widely accepted all over the world This proofs that the Company is the leader in manufacturing of high standard automobile parts.


2.5 The Company strongly determined to develop and focus on food packaging such as drinking cups, popcorn bags, yokurt cups and food packaging that can put in microwave oven or for one time use as seen in convenience stores. Technology of manufacturing of these products is Thin Wall Injection Molding in which in Thailand there are less competitors. Besides, the Company has implemented new technology called In Mold Labeling or MLM which sticked to the product without reprinting it outside. The target of development of such products has already been implemented in the Re-engineering Plan and New Activity and Business Plan of the Company and is in the stage of studying, designing and developing more products to have better quality and higher standard. The process of production is treated for better environment and social responsibility. The Company tried to expand the market of packaging products due to the market of food industry being very big with high growth that can increase its sales revenue.

3. The Company has been expanding production base of household products to Vietnam by increasing capital of Srithai (Vietnam) Co., Ltd. so as to add another production line. Srithai Vietnam is a subsidiary company in which the Company has �5.84% interest. It has long been operating in Vietnam. The expansion of production base in Vietnam will enhance price competitiveness of the Company because there are abundant low-cost labour in Vietnam. Srithai Vietnam started to earn revenue from production and sales of houseware since 3rd quarter of 2007. It has manufactured the products and sold to India and through sales agents in Vietnam.

4. Regarding our plan to set up a production base in India which is another country of high production potential, the Company is negotiating

with a business alliance. It will consume time to do legal and marketing feasibility studies. The Company will take due care in evaluation of this project to assure good return on investment.

5. The Company has a plan to increase production capacity of household products by investing in additional melamine compression machine, so as to support the business growth and expand both domestic and export customer bases.

Trading Business line The Company has launched Lock & Lock food containers imported from Korea and gadgets for use in kitchen and catering under leading brands, i.e. Abert, Broggi and Ghidini from Italy. Besides, other products such as tables, sum loungers, and artificial rattan chairs under Evolutiff and Kettal brands imported from France and Spain are also available. Our products are recognized and welcomed by customers. The Company has been trying to select quality products to serve our customers continually by focussing on products of high market potential with reasonable prices and differentiated features. The Company also has a policy to distribute full ranges of products of the same group or products serving the same group of customers. The Company has started to access HoReCa business comprising hotels, restaurants, and catering. During the year 2008, the Company has planned to diversify its product ranges under trading business line by putting attention on consumable products such as food supplement, cosmetics, skin lotion, etc. to distribute it to customers in order to boost up sales revenue of our trading business line. The target is to promote trading business as one of major income generators in the future. Other Operations By year end 2007 the Company has set up an additional direct-sales channel to do business under MLM concept (Multi-Level Marketing), apart from the existing SLM concept (Single-Level


Marketing) which has been operating successfully during the past 35 years. The Company has full confidence in our MLM business which will be launched in the 2nd quarter of the year 2008. The MLM business will facilitate wider distribution of our various product ranges and easier access to target groups of customers. It will be an efficient income generator of the Company. In forming strategies and plans, the Company wishes to differentiate its products and make them harder for competitors to compete, thus makes its business to expand and grow continuously and sustainably. It has set its sales target to reach THB10 billion in the next 5 years. 2.4 Business Operation by Business Line 2.4.1 Plastic Business The Company’s plastic business unit has been categorized by its main products i.e. industrial products and household products. The categorization was made according to the function of the products and has been detailed as following:- (1) Industrial Products (a) Description of Product or Service Engineering Parts -parts that are used in the assembly of industrial products such as microwave oven, air-conditioner, refrigerator, washing machine, parts for automobiles and motorcycle fax machine, printer etc. in which the Company can provide both manufacturing and assembling parts for the above mentioned products. Battery Cases -Exterior plastic case, lid and anode & cathode of batteries for cars and motorcycles. Pallet -Low-rise rectangular plastic pedestal used for putting on with goods in warehouse. There are openings inside the pallet for forks of forklift trucks to insert for lifting. Bottle Crate -Plastic crates with inside divided into small sockets for keeping upright bottles such as soft drink and beer and other drinks, etc. Container -Pail for paint, chemical, lubricant and grease

Garbage Bin -Large garbage bin with wheels for sidewalk or public places Crate -Fish crate, spare part box, milk crate and crate for fruits & vegetables Premium Products -Made-to-order products for free gift promotional campaign of brand-owners and department stores. Mostly products are designed by brand owners and printed with customers’ brands. Other Products -Accessories, decorations, and appliances etc. (b) Marketing and Competition Description of Customer Customers who buy automotive and motorcycle parts and battery cases use the products for further assembly in their production process. Customers who buy pallets, bottle crates, pails, garbage bins, and container crates are end-users such as manufacturing plants. Premium products are directly sold to brand-owners and retailers for their promotional campaign. Accessories, decorations, and appliances are sold through sale agents or retailers who distributed the products to the consumers. Credit term Usually credit term of 30-�0 days is granted to customers of plastic products. Sales in grand sales event are made in cash. Competitive Strategy Emphasis is put on high quality products, wide variety of products and complete integration of services, owing to the fact that certain related companies can produce moulds for customers. Distribution Channel Plastic products are distributed through the following Export Sales : 10.0% Domestic Sales : �0.0% Distributors are Srithai Marketing Co., Ltd., Siam Melamine Marketing Co., Ltd., Srithai-Otto (Thailand) Co., Ltd., Tanasiri Industries Co., Ltd. and S. Sirithai Trading Co., Ltd. They have been our trade partners for a very long time.


(c) Competitive Environment Most plastic product producers focus on any one particular area of specialization, and compete only in their niche markets. For instance, producers of household plastic products will only produce household products and not other. There are about 4,000 plastic factories in the country. Mostly they are shop-house factories or household factories with low investment and low technology. Large plastic factories that are able to produce plastic products for supply to businesses and consumers are only handful as it requires large investment, high quality control, and advanced technology. Additionally, brand name is also important in creating creditability among customers, especially for manufacturing of engineering parts which requires high quality and timeliness of delivery. However, plastic resin market had driven up resin prices sharply and continually, resulting in closure of many small plasticware factories. Srithai Superware Group is the leader in plastic industry because our production capacity is as high as 40,000 tons per annum. Srithai operates 3 plastic factories. We have expertise in producing plastic precision parts such as engineering and vehicle parts. Plastic business has high potential to grow in line with economic growth of Thailand. Size of the Company as Compared to Competitors’ The Company cannot compare its size with its competitors because there are thousands of plastic injection factories, medium and small. Therefore, size can be estimated from market shares as follow:- market share battery cases 70% industrial parts 60% Material Handling 50-60% (d) Sourcing of Products or Services (Plastic Business) The Company operates 3 plastic product factories at Suksawat, Amatanakorn Chonburi and Bangpu. The 3 factories are differentiated according to specialized production skills as follows:

Suksawat Factory Producing small engineering parts i.e. parts of electricity products and vehicle parts etc., household products, and accessories. Amatanakorn Chonburi Factory Producing pallets, bottle crates, container, garbage bin, decorations and industrial parts of big size - i.e. parts of electricity products and vehicle parts etc. Bangpu Factory Producing battery cases. Important raw materials are various types of plastic resin, which are purchased domestically from distributors of many producers. There are no problems about raw material quality or shortage. However, when crude oil price rose, the price of plastic resin also increased. In principle, the Company could also increase sales price of products because there was an arrangement for such increase by taking order from the customers in advance and focusing on OEM business which can reduce risk from price fluctuation of raw materials. The production process does not cause any environmental impacts. (e) Pending Orders Customer-base of the Company is extensive; therefore, the Company did not rely on big customers whose pending orders valued more than 10% of total revenue. (2) Household Products (a) Description of Product or Service Household Products comprise tableware and kitchenware made of melamine powder and beautifully decorated with printed patterns or cartoons characters. They include dish, bowl, rice bowl, ladle, spoon, cup etc. The manufacturing plant received promotional privileges from The Board of Investment. (b) Marketing and Competition Description of Customers distributed by the sale agents and direct sales and export. Credit term Usually credit term of 30 - 150 days is granted to wholesalers. Sales in grand sales event are made in cash and direct sales are also mostly made in cash.


Competitive Strategy Emphasis is made on high quality product with beautiful decoration and colorful design along with product shapes which are suitable for multi-purpose functions. Distribution Channel Household products have the following distribution channels: Export Sales : 3�.5% Domestic Sales : 60.5% Distributors are Siam Melamine Marketing Co., Ltd. and Srithai Marketing Co., Ltd. They have been our trade partners for a very long time. (c) Competitive Environment Houseware that made of melamine powder which heat resistant up to 100 oC is suitable for manufacturing food container because it is safe for consumer and there are not so many producers in the market. Melamine products of the Company are durable and composed of many beautiful designs, and due to the use of 100% melamine powder thus make the Company’s houseware become popular in the markets both local and abroad. Export markets can be expanded to neighbouring countries and developed countries. The Company is the largest manufacturer of melamine products in Thailand. It has added production base in Vietnam in 2007 in order to reduce production cost and increase competitiveness of the Company Presently the Company is the market leader for household plastic product made of melamine distributed under our 6 brands, i.e. Superware, Vanda, Flowerware, Melamineware, UNICA and Ektra. In Thailand, the Company is the only distributor who deploys a team force of direct sales. Size of the Company as Compared to Competitors’ The Company is biggest in term of market share and production capacity. Our production capacity is 11,000 tons per annum. The second runner-up is Melamine Thai Co., Ltd. with capacity of 1,000 tons per annum, and the third is Malaplast Co., Ltd. with capacity of 700 tons per annum.

(d) Sourcing of Product or Service The Company produces its household plastic products made of melamine at the factory in Nakorn Rachasrima province, in Suranaree Industrial Estate. Total production capacity is 11,000 tons per year, the largest melamine product producer in Thailand. Production is mainly made to purchase orders from overseas, and to satisfy demand for certain popular designs in the domestic market. Major raw material is melamine powder, almost all purchased from domestic producers, i.e. Thai MFC Co., Ltd., Thai K.K. Co., Ltd. and Matsushita Electric Works (Ayuthaya) Ltd. These companies have maintained good relationship with the Company. There are no problems on quality or shortage of raw material, and the production process causes no environmental impacts. The Company buys melamine powder from Thai MFC Co., Ltd. more than 50% of total purchase. Apart from the standard quality, purchase price is reasonable due to Thai MFC Co., Ltd. being an affiliate. (e) Pending Orders The Company sells to tens of thousands of customers in domestic and export markets, both consumers and distributors. There is no pending order amounted more than 10% of total revenue. “Ektra” products are made of plastic or melamine. It is designed for Metro living people to be in line with the popularity of designed products that are suitable for modern living. This creates the expansion of upper-class customers. Ektra products are popular quite satisfactorily, especially Modern Catering products that are tableware in modern style. The Company sells these products through direct sales, department stores, shops and export market. 2.4.2 Trading Business Line Trading business is a new business line resulting from the restructuring of the Company’s businesses. The purpose of trading business line is to be another source of revenue of the Company in


addition to the main source of revenue from plastic business and to support the increasing role of the Company’s trading business so that business planning and management could be clarified. Details of trading business and products are as follow:- (a) Description of Product or Service Products categorized under trading business line comprise:- Domestic Products Bedding and cooking utensils. Imported Products Lock & Lock food preservation box imported from Korea, Gadgets used in kitchen and catering under brand names “Albert”, “Broggi”, and “Ghidini” from Italy, tables, sun loungers, and artificial rattan chairs under brand name “Evolutif” and “Kettal” from France and Spain respectively. (b) Marketing and Competition Description of Customer End users and HoReCa business which consists of Hotel , Restaurant, and Catering. Credit term Usually credit term of �0 - 150 days is granted to wholesalers. Sales in grand sales event are made in cash and direct sales are also mostly made in cash. Competitive Strategy Emphasis on products that are high potential in the market and reasonable price as well as are differentiated from existing products locally, and mostly imported. Besides, the Company emphasizes on selling products in full cycle or group of products that can be offered to same group of customers or sell through direct selling system of the Company in order to more approach its target groups of customers. Distribution Channel Partly distributed through sale agents and distributed through direct selling to consumers. (c) Competitive Environment The Company committed itself to pick up products of high quality and popularity to be distributed to customers. We also do the market

survey in order to pick up the right product that could satisfy the customer. We continually launch marketing and sales activit ies. Moreover, distribution channels of the Company - sales agents, direct sales, and department stores allow recognition and make easy access to our product for consumers. As a result, our products become well-known and accepted among customers, and have high potential to be the products of common use and to gain more sales in the future. Anyway, the Company carefully studied products and market in order to avoid unnecessary risk and competition. Besides, trading business does not require large investment. If any product is not lucrative or not welcome by consumers, the Company could give up distribution of that product with very little impact. It is a good point of this type of business.

Size of the Company as Compared to Competitors’ The Company cannot compare size of trading business with its competitors’ because there are many types of products and of different applications. Therefore, there are many competitors of many sizes. Besides, trading business of the Company is at its early stage so that the Company could not evaluate market condition of each product and determine market share. (d) Sourcing of Products or Services The Company procures products from both local and international sources. The Company does not face product shortage problem eventhough most products are popular and well-accepted among customers since the Company has had good relationship with the manufacturers.

(e) Pending Orders The Company distributed products to various types of customers - i.e. end users, retailers, sales agents and HoReCa (Hotel, Restaurant, and Catering). In addition, revenue proportion of trading business in the year 2007 is still small as compared to total revenue of the Company. Therefore, there is no pending order amounted more than 10% of total revenue.


2.4.3 Other Business Other business line comprises mould-making business which is supporting plastic business, and other businesses other than plastic business and trading business as following:- (1) Mould-Making Business The Company does not itself make moulds for sale to outsiders. Mould-making business has been operated by our subsidiaries, namely Srithai Miyagawa Co., Ltd. and Srithai Moulds Co., Ltd. Both companies are leaders in this business. Their products are supplied to automobile industry, electrical appliance industry and toiletry products which require very high precision of injected parts. Srithai Shin-Osaka Co., Ltd., another company in Srithai Group, has been providing mould laminating business. (a) Description of Product or Service It is a hire-of-work to make moulds for plastic injection or melamine compression as per designs and sizes described by clients, including mould repair services. (b) Marketing and Competition Plastic Injection molding business still expands continuously due to other manufacturers trying to reduce cost by switching raw materials from metal to plastic. This includes automobile parts industry, electrical appliance industry, toiletry industry, etc., thus enables plastic injection molding business to expand greatly in Thailand. Meanwhile, both Thai and foreign investors are interested in plastic injection molding business more and more, from small-scale enterprise investing THB 5 million to large-scale enterprise investing more than THB 100 million. Computer software and modern machines help increase efficiency of production of molds greatly. Enterprise has provided and developed personnel who can use computer software and modern machines efficiently in order to reduce production cost and can be competitive in mold industry. However, at present manufacturers of molds in the Republic of Korea, Taiwan, and China are competing with each other

strongly in offering lower price to customers eventhough there was problem about quality. Due to high competition in some industry such as electrical appliances, the manufacturers prefer using molds offered at lower prices. Small enterprises in Thailand are increasing their competitiveness in producing small-sized molds. Therefore, mold makers should compete with themselves in increasing the competitiveness in producing injection molds that are more complicated and reduce production cost. (c) Status and Competitiveness Molds that are use for producing automobile parts, electrical appliances and toiletry products must be high quality molds in order to get nice and durable products and can be competitive in the market. At present, Srithai Miyakawa Co., Ltd. and Srithai Mold Co., Ltd. have provided machines with computer software and other modern equipments to produce plastic injection 200-300 molds per year for total value of THB 200-300 million. Customers are confident in these two mold-makers and lire them. In 2007 production capacity of the two companies were not at full scale throughout the year due to higher competition in pricing. However, both companies have tried to reduce cost in order to increase ability of price competitiveness. Size of the Company as Compared to Competitors’ Srithai Miyagawa Co., Ltd. has invested in tools, machinery and man-power to be able to make moulds of weight 200 kgs. up to 5,000 kgs., whereas Srithai Moulds Co., Ltd. can make large mould of weight up to 10,000 kgs. There are about 50 competitors of the same size with us. However, those competitors have special skill in different areas of products. As a result, competition is not so high. (d) Sourcing of Product or Service (Mould-Making Business) Iron ingot is the raw material of mould-making. There are many import agents for iron ingots in Thailand. Hence, competition among those


import agents is high. Mould-making companies of ours can then procure iron ingots easily without shortage of supply. (e) Pending Orders As at December 31, 2007, Srithai Miyakawa Co., Ltd. and Srithai Shin-Osaka Co., Ltd. showed that their work to be submitted to customers were not more than 10% of total income but Srithai Mold Co., Ltd. contained work that had not been submitted to customers more than 10% of its total revenue due to the need of more time for production and its order coming at the end of 2007. Such pending work is expected to deliver to customers within 2-3 months. (2) Other Businesses (a) Description of Product or Service S.K.I. Ceramics Co., Ltd. Manufacturing ceramic tablewares. Srithai Packaging Co., Ltd. Manufacturing paper box for industrial users. LN Srithai Comm Co., Ltd. Manufacturing telephone equipments, both with cord and cordless, and switching board. (b) Marketing, Competition, and Competitive Environment S.K.I. Ceramics Co., Ltd. Very high competition in business. Products of the company are exported to U.S.A. and Japan under brand names of customers. Besides, the company has sold ceramic products under “Miyako” Brand for local customers in order to increase sales channels for the company. Srithai Packaging Co., Ltd. Facing strong competition. However, it can retain a group of loyal customers with its quality and service, so there is no problem.

LN Srithai Comm Co., Ltd. Most of its products are for export. Major customer is the parent company in Korea. The company acts as a production base for the parent company. (c) Sourcing of Product or Service S.K.I. Ceramics Co., Ltd. Major raw materials are clay which are purchased from both local trader and abroad; stickers and coating solution which are purchased from a shareholder, Iwatani International Corporation (Osaka). There is no raw material shortage problem. Srithai Packaging Co., Ltd. Major raw materials are card board and craft paper, which are all purchased from domestic suppliers. Sometimes price of paper pulp rises, causing price of paper to increase to some extent. There is no problem of raw material shortage. LN Srithai Comm Co., Ltd. Major raw materials are IC and electronics parts imported from overseas distributors. There is no raw material shortage problem as these products are generally available. Plastic components are outsourced from local plastic injection factories. Since there are so many plastic injection factories, there is no problem of shortage of supplier. (d) Pending Orders S.K.I. Ceramics Co., Ltd., Srithai Packaging Co., Ltd., and LN Srithai Comm Co., Ltd. had no pending order valued more than 10% of total revenue.


3. STRUCTURE OF SHAREHOLDERS AND MANAGEMENT

3.1 LIST OF 10 MAJOR SHAREHOLDERS As of January 4, 2008 3.1.1 SHAREHOLDERS WHO COULD PARTICIPATE IN FORMULATION OF POLICIES

Name Rank Shares % Major Business

MR. SANAN ANGUBOLKUL 1 37,082,351 12.�8 Chairman and President of Srithai Superware Pcl.

MRS. SRISUDA LERTSUMITKUL 3 15,206,400 5.32 Director of Srithai Superware Pcl. 3.1.2 SHAREHOLDERS WHO COULD NOT PARTICIPATE IN FORMULATION OF CORPORATE POLICIES

Name Rank Shares %

MS. MAYUREE SIRIVAJANANGKUL 2 15,336,44� 5.37

PERSHING LLC-CUSTOMER SAFEKEEPING 4 13,630,200 4.77

MR. SOMBAT & MS. NALINEE LERTSUMITKUL 5 11,411,700 3.��

HSBC BANK PLC - CLIENTS GENERAL A/C 6 10,680,000 3.74

MR. SOMYOD LERTSUMITKUL 7 10,070,7�6 3.52

MS. BUNNAPA LERTSUMITKUL 8 7,320,000 2.56

MR. SOMSAK LERTSUMITKUL � 7,103,570 2.4�

MR. KAMONPLUST MEKWORAWUT 10 6,652,500 2.33

Total shares of 10 major shareholders 134,493,966 47.07

Total common shares 285,714,286 100.00 Remark : 1. The Company has purchased the treasury stocks of 14,723,806 shares or 5.15% of total ordinary

shares. 2. Investors can check name-list of the current top 10 major shareholders shown in the Company’s

website before arrival of the Annual General Meeting of Shareholders.

3.2 MANAGEMENT The Board of Directors is responsible for overall management of the Company. According to the Articles of Association, the Board consists of at least 5 directors but not more than 12 directors, and at least 3 of them must be independent directors. At least half a number of Directors representing in the Meeting of the Board of

Directors constitutes a quorum. The Meeting of Shareholders nominates Directors. The term of Directorship is 3 years. Any director whose term is expired can be re-elected by the Meeting of Shareholders. Management conducts business on behalf of the Board of Directors.


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Annual Report 2007 - As of December 31, 2007 2�

3.2.2 BOARD OF DIRECTORS : AUTHORITY AND RESPONSIBILITIES BOARD OF DIRECTORS

1. Mr. Sanan Angubolkul Chairman, President and Nominating and Remuneration Committee Member

2. Prof. Viroj Lowhaphandu Independent Director and Chairman of the Audit Committee 3. Mr. Enghug Nontikarn Independent Director, Audit Committee Member and

Chairman of the Nominating and Remuneration Committee 4. Mr. Suchat Boonbanjerdsri Independent Director and Audit Committee Member 5. Mrs. Srisuda Lertsumitkul Director 6. Mr. Manit Ativanichayaphong Director and Risk Management Sub-Committee Member 7. Mr. Thawee Kongyungyuen Director 8. Mr. Naphol Lertsumitkul Director �. Mr. Prin Bholnivas Director, Nominating and Remuneration Committee Member,

Chairman of the Risk Management Sub-Committee and Board of Directors Secretary

Remark : Mr. Thawee Kongyungyuen passed away on January 12, 2008. AUTHORITY AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS

The Board of Directors has the following authorities and responsibilities : 1. Performing duties in accordance with the law,

the Objects and Articles of Association of the Company as well as the resolution of the Meeting of Shareholders;

2. Prescribing business policies and targets for the Management to follow;

3. Monitoring and controlling Management to conduct business efficiently and in good faith, and to follow shareholders’ resolution;

4. Calling for the Meeting of the Shareholders at least once a year to report business performance and to request for the resolutions on matters beyond the power of the Board of Directors e.g. declaration of dividend;

5. Calling for the Meeting of the Board of Directors at least once every three month;

6. Entering into any transaction or any act which may have material effect on financial position, obligation on liabilities, and reputation of the Company, e.g. borrowing money from financial institution;

7. Entering into any connected transaction that requires no approval of Shareholders’ Meeting between the Company, its subsidiaries, or affiliated companies and connected persons;

8. Setting up internal control system and efficient internal auditing procedure;

�. Directing and monitoring the accuracy, completeness, and transparency of financial reporting and reporting of other information to shareholders and other concerned parties;

10. Nominating and defining scope of duties and responsibilities of ad-hoc committee in any particular issue;

11. Nominating and changing authorized signatories who can bind the Company;

12. Setting up policies, business strategies, business plan, and annual budget for the Company;

13. Following up results of work and business results quarterly and annually of the Company, and comparing it to budget;

14. Entering into any contract that is not normal business of the Company, or any material contract of normal business nature;


3.2.3 MANAGEMENT : AUTHORITY AND RESPONSIBILITIES

MANAGEMENT (Definitions as set by the Office of the Securities and Exchange Commission)

1. Mr. Sanan Angubolkul Chairman and President 2. Mr. Prin Bholnivas Chief Financial Officer 3. Mr. Manit Ativanichayaphong Acting Chief Operating Officer, Trading Business Director

and Acting Direct Sale Director 4. Mr. Naphol Lertsumitkul Assistant to the President 5. Mr. Thawee Kongyungyuen Factory Director (Korat) 6. Mr. Prayoon Kajitte Personnel and Administration Director 7. Ms. Bunnapa Lertsumitkul Human Resource Development Director 8. Mr. Apisit Tangsatit Factory Director (Bangpoo & Amatanakorn Chonburi) �. Mr. Pawat Chalermpong Marketing Director (Industrial Products) 10. Ms. Nitaya Prasertnukulphol Marketing Director (Household Products) 11. Mr. Pongsak Kantiratanawong Marketing Director - Packaging Products

Remark : Mr. Thawee Kongyungyuen passed away on January 12, 2008. AUTHORITY AND RESPONSIBILITIES OF THE MANAGEMENT

The Management will manage the Company so as to assure that work plan being implemented and policies of the Board being followed. The Management will carry out any assignment from the Board as follows: 1. Managing, directing and monitoring the

performance of the Company in order to be efficient, comply with the direction and objectives of the Company and keep up the strength of business as stated by policies of the Board of Directors;

2. Screening any agenda to be proposed to the Board of Directors and carrying out any assignment from the Board;

3. Reporting to the Board; 4. Planning and screening all short-term and

long-term plans so as to achieve purpose and objectives of the Company;

5. Planning financial management so as to diminish financial burdens and to solidify the financing structure of the Company; and

6. Performing duties in compliance with the laws, the objectives and Articles of Association of the Company.

BOARD OF DIRECTORS SECRETARY Mr. Prin Bholnivas

15. Directing and monitoring the compliance to principles of good corporate governance; and

16. Amending or changing the scope of authorities and responsibilities of the Board as mentioned above.


3.2.4 BACKGROUND INFORMATION ABOUNT DIRECTORS AND EXECUTIVES

1) Mr. Sanan Angubolkul Position : Chairman, President and Age 62 Years Nominating and Remuneration Committee Member Has authority to sign for the Company as per Certification

Document Education : Bachelor Degree in Business Administration University of Oglethorpe, Atlanta, Georgia, U.S.A. Honorary Doctorate Degree in Business Administration

From Chiang-Mai University Honorary Doctorate Degree in Marketing from Sripatum University Certificate of Achievement, 3rd Class

The National Defence College of Thailand Training : Chairman 2000 Program, class no. 4/2001 Thai Institute of Directors Association Experience : 1�72 - Present Srithai Superware Pcl. No. of Share : 37,082,351 Shares or 12.�8 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing

companies / company related to business of the Company

: None

2) Prof. Viroj Lowhaphandu Position : Independent Director and Chairman of the Audit Committee Age 78 Years Has no authority to sign for the Company Education : Bachelor of Commerce and Bachelor of Law Thammasat University Higher Diploma in Accountancy, Thammasat University Master of Business Administration The American University, Washington D.C., U.S.A. Honorary Doctorate Degree in Accounting

Thammasat University Certificate of Achievement, 22nd Class

The National Defence College of Thailand Honorary Doctorate Degree (Business Administration-Banking)

Sripatum University Training : Director Certification Program (DCP) Thai Institute of Directors Association Certified Professional Internal Auditors Certified Public Accountant (Thailand) Experience : 1�80 - 1�85 Director General of Treasury Department 1�85 - 1�86 Director General of Revenue Department 1�86 - 1��0 Director General of Customs Department 1��0 - 1��1 Director General of Excise Department 1�76 - Present Director and Treasurer, Ajinomoto Foundation 1�87 - Present Chairman Bangpra Golf International Co., Ltd. 1��1 - Present Executive Director Central Plaza Hotel Pcl. 1��1 - Present Member of the Board of Trustee and Chairman

of the Audit Committee The University of the Thai Chamber of Commerce


1�� - Present Director and Chairman of the Audit Committee Don Muang Tollway Pcl.

1�� - Present Director and Chairman of the Audit Committee Siam Food Products Pcl.

2004 - Present Chairman of the CPA Examination Sub-Committee Federation of Accounting Professions

2002 - Present Independent Director and Chairman of the Audit Committee Srithai Superware Pcl.

No. of Share : 0 Share or 0.00 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing


: None

3) Mr. Enghug Nontikarn Position : Independent Director, Audit Committee Member and Age 52 Years Chairman of the Nominating and Remuneration Committee Has no authority to sign for the Company Education : M.B.A. - Faculty of Commerce & Accountancy, Thammasat University Training : Director Accreditation Program (DAP) Thai Institute of Directors Association Experience : 1�7� - 1��1 Krung Thai Bank Pcl. 1��1 - 1��5 Bangkok Metropolitan Bank Pcl. 1��5 - 1��8 Senior Vice President

Siam City Bank Pcl. 1��8 - 2001 Executive Vice President

Siam City Bank Pcl. 2002 - 2006 First Executive Vice President Siam City Bank Pcl. 2006 - Present Vice President

Siam City Bank Pcl. 2002 - Present Independent Director, Audit Committee

Member and Chairman of the Nominating and Remuneration Committee Srithai Superware Pcl.

No. of Share (included shares held by spouse)

: 5,�00 Share or 0.00 percent (as of January 4, 2008)

Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing


: None


4) Mr. Suchat Boonbanjerdsri Position : Independent Director and Audit Committee Member Age 4� Years Has no authority to sign for the Company Education : M.B.A. - Finance & Marketing Wharton School, University of Pennsylvania, U.S.A. Bachelor of Quantitative Economics, 2nd class honor Chulalongkorn University Training : Directors Certification Program (DCP) Audit Committee Program (ACP) Thai Institute of Directors Association Experience : 1�85 - 1�86 Dealer - Treasury Department Kasikornbank Pcl. 1�86 - 1��4 Manager, Los Angeles Branch Kasikornbank Pcl. 1�87 Guest Lecturer, M.B.A. Program Thammasat University

Kasetsart University 1��4 - 1��6 Senior Vice President Asset Plus Securities Co., Ltd. 1��6 - 1��7 Managing Director

Dynamic Eastern Pcl. 1��7 - 1��8 Non core Sale Department

Financial Restructuring Authority of Thailand 1�� - 2000 Advisor

Sub-Committee on Fiscal, Banking and Financial Institution House of Representatives

2000 Guest Lecturer, M.B.A. Program Siam University 2001 - 2002 Director

Aeronautical Radio of Thailand Co., Ltd. A state enterprise under the Ministry of

Transport and Communication 2001 - 2002 Director

Siam Syntech Construction Pcl. 2001 - 2005 Advisor

Sub-Committee on Economics Development House of Representatives

2002 - 2006 Advisor, Risk Management Committee Aeronautical Radio of Thailand Co., Ltd. 2002 - Present Director

Practicum Engineering Co., Ltd. 2002 - Present Independent Director and Audit Committee Member Srithai Superware Pcl.

No. of Share : 0 Shares or 0.00 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing


: None


5) Mrs. Srisuda Lertsumitkul Position : Director Age 68 Years Has no authority to sign for the Company Education : Elementary school Experience : Co-Founder of Srithai Superware Pcl. Training : Never take any training course of Thai Institute of Directors

Association No. of Share : 15,206,400 Shares or 5.32 percent (as of January 4, 2008) Relationship among Directors : Mother of Mr. Naphol and Ms. Bunnapa Lertsumitkul Illegal acts in the past 10 years : None Position in competing


: None

6) Mr. Manit Ativanichayaphong Position : Director, Risk Management Sub-Committee Member, Age 63 Years Acting Chief Operating Off ice, Trading Business

Director and Acting Direct Sale Director Has authority to sign for the Company as per Certification

Document Education : Bachelor Degree in Marketing, Ramkamhaeng University Training : Director Certification Program (DCP) Thai Institute of Directors Association Experience : 1�67 - 1�74 Account Executive Grant Advertising International Inc. 1�74 - Present Srithai Superware Pcl. No. of Share

(included shares held by spouse) : 1,148,720 Shares or 0.40 percent (as of January 4, 2008)

Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing

companies /company related to business of the Company

: None

7) Mr. Thawee Kongyungyuen Position : Director and Factory Director (Korat) Age 61 Years Has authority to sign for the Company as per Certification

Document Education : Associate Degree, Thai-German Technical Institute Training : Director Accreditation Program (DAP) Thai Institute of Directors Association Experience : 1�72 - January 12, 2008 Srithai Superware Pcl.

(passed away on January 12, 2008) No. of Share : 1,268,000 Shares or 0.44 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing


: None


8) Mr. Naphol Lertsumitkul Position : Director and Assistant to the President Age 47 Years Has authority to sign for the Company as per Certification

Document Education : Associate of Applied Science in Business Management University of Houston, Texas, U.S.A. Training : Director Certification Program (DCP) Thai Institute of Directors Association Experience : 1�86 - Present Srithai Superware Pcl. No. of Share : 4,051,700 Shares or 1.42 percent (as of January 4, 2008) Relationship among Directors : Son of Mrs. Srisuda Lertsumitkul Illegal acts in the past 10 years : None Position in competing


: None

9) Mr. Prin Bholnivas Position : Director, Nominating and Remuneration Committee Age 52 Years Member, Chairman of the Risk Management

Sub-Committee, Board of Directors Secretary and Chief Financial Off ice

Has authority to sign for the Company as per Certification Document

Education : B.B.A. (Accounting), Thammasat University M.B.A. (Accounting), University of Wisconsin - Madison, Wisconsin, U.S.A. Training : Director Certification Program (DCP)

Role of the Compensation Committee (RCC) Audit Committee Program (ACP) Company Secretary Program

Thai Institute of Directors Association Experience : 1�82 - 1�8� Chief of Financial Analysis & Planning

Division, Accounting and Finance Department, State Railways of Thailand

1�8� - 1��2 Financial Controller Sunny’s Supermarket Co., Ltd. 1��2 - 1��3 Senior Manager - Management Information

System Division, Accounting Department TelecomAsia Corporation Pcl. 1��3 - 2000 Assistant Vice President - Finance & Accounting, Marketing and Distribution Business Group, Charoen Pokphand Group 2000 - Present Srithai Superware Pcl. No. of Share : 200,000 Shares or 0.07 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None Position in competing


: None


10) Mr. Prayoon Kajitte Position : Personnel and Administration Director Age 57 Years Has no authority to sign for the Company Education : Associate Degree, Rajamangala Institute Bangkok Technical Campus Experience : 1�72 - 1�74 Technician, Anglo-Thai Industrial Co., Ltd. 1�75 - Present Srithai Superware Pcl. No. of Share : �0,000 Shares or 0.03 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None 11) Ms. Bunnapa Lertsumitkul Position : Human Resource Development Director Age 46 Years Has no authority to sign for the Company Education : City of London Polytechnic Experience : 1�84 - Present Srithai Superware Pcl. No. of Share : 7,320,000 Shares or 2.56 percent (as of January 4, 2008) Relationship among Directors : Daughter of Mrs. Srisuda Lertsumitkul Illegal acts in the past 10 years : None 12) Mr. Apisit Tangsatit Position : Risk Management Sub-Committee Member and Age 50 Years Factory Director (Bangpoo & Amatanakorn Chonburi) Has no authority to sign for the Company Education : Bachelor Degree in Mechanics King Mongkut’s University of Technology Thonburi Experience : 1�83 - Present Srithai Superware Pcl. No. of Share : 30,142 Shares or 0.01 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None 13) Mr. Pawat Chalermpong Position : Risk Management Sub-Committee Member and Age 47 Years Marketing Director (Industrial Products) Has no authority to sign for the Company Education : Bachelor Degree in Business Administration (Marketing)

Ramkamhaeng University M.B.A, Webster University, St. Louis, U.S.A. Experience : 1�87 - 1�88 Account Executive Fareast Advertising Pcl. 1�88 - 1��0 Import & Export Department Siam Commercial Bank Pcl. 1��0 - 1��3 Manager of Finance Shinawatra Computer and

Communication Pcl. 1��3 - Present Srithai Superware Pcl. No. of Share : 30,000 Shares or 0.01 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None


14) Ms. Nitaya Prasertnukulphol Position : Risk Management Sub-Committee Member and Age 48 Years Marketing Director (Household Products) Has no authority to sign for the Company Education : M.B.A. (Marketing), Thammasat University Experience : 1�86 - 1��4 Marketing Manager Berli Jucker (Public) Co., Ltd. 1��4 - 2000 Director of Marketing & Sales International Beauty Products Co., Ltd.

Thailand (a subsidiary company of The Tempo Group, Indonesia)

2000 - 2006 Senior Technical Adviser in Marketing & Sales, PT. Barclay Products, Indonesia (a subsidiary company of The Tempo Group, Indonesia)

2006 - Present Srithai Superware Pcl. No. of Share : 0 Shares or 0.00 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None 15) Mr. Pongsak Kantiratanawong Position : Marketing Director - Packaging Products Age 50 Years Has no authority to sign for the Company Education : B. Sc. (Biochemistry), Chulalongkorn University MBA (Marketing), Thammasat University Experience : 1�80 - 1�85 Technical Sales Representative Hoechst Thai Ltd. 1�85 Marketing Off ice

SCT Co., Ltd. 1�86 - 1��3 Senior Marketing Manager Thai Modern Plastic Industry Co., Ltd. 1��3 - 2007 Vice President C.P. Packaging Industry Co., Ltd. 2007 - Present Srithai Superware Pcl. No. of Share : 0 Shares or 0.00 percent (as of January 4, 2008) Relationship among Directors : None Illegal acts in the past 10 years : None


3.2.5 Attendance of Directors at meetings In the year 2007, there were 8 Board Meetings and 4 Audit Committee Meetings. Attendance report of Directors and Audit Committee Members is shown hereunder:-

Board of Directors’ Name Number of Meetings Attended

Board of Directors’ Meetings

Audit Committee’s Meetings

Mr. Sanan Angubolkul 8 - Prof. Viroj Lowhaphandu 7 4 Mr. Enghug Nontikarn 8 4 Mr. Suchat Boonbanjerdsri 8 4 Mrs. Srisuda Lertsumitkul 7 - Mr. Manit Ativanichayaphong 8 -

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