HIPOTESIS ESPECÍFICA

Particulars (Unit : Thousand Baht)

31 December 2013 % 31 December 2014 % 31 December 2015 %

(Audited) (Audited) (Audited)

Revenues

Revenues from Sales 652,743,268 100.0 723,335,793 100.0 722,068,419 100.0

Other Revenues 4,806,762 0.7 87,047,432 12.0 23,320,881 3.2

Total Revenues 657,550,030 100.7 810,383,225 112.0 745,389,300 103.2

Costs and expenses

Costs of Sales (584,320,644) 89.5 (626,896,753) 86.7 (646,616,875) 89.6

Selling expenses (452,093) 0.1 (2,730,802) 0.4 (4,922,629) 0.7

Administrative expenses (34,702,381) 5.3 (55,600,695) 7.7 (29,223,698) 4.0

Total costs and expenses (619,475,118) 94.9 (685,228,250) 94.7 (680,763,202) 94.3 Profit before finance cost and income

tax expenses 38,074,912 5.8 125,154,975 17.3 64,626,098 9.0

finance cost (10,584,126) 1.6 (12,665,892) 1.8 (16,590,693) 2.3

Profit before income tax 27,490,786 4.2 112,489,083 15.6 48,035,405 6.7 Corporate income tax (5,511,168) 0.8 (22,607,606) 3.1 (9,846,310) 1.4

Page 5/6 Financial Ratios 31 December 2013 31 December 2014 31 December

2015

Liquidity Ratio (times) 1.2 1.6 1.9

Gross Profit 10.4% 13.3% 10.1%

Net Profit 3.3% 11.1% 5.1%

Yield per shareholder 14.4% 37.0% 13.6%

Yield from assets 5.1% 13.0% 6.7%

Debt to Portion of shareholders ratio(times) 1.8 1.8 1.0

Financial Statements Analysis Operating Result

Revenue from sale and service

-In 2015, the Company had the total revenue in the amount of 745.39 Million Baht, divided into the revenue from sale in the amount of 722.07 Million Baht, or other revenue in the amount of 23.32 Million Baht, decreased in the amount of 64.99 Million Baht or representing 8.01 % when compared with 2014 due to the decease of revenue from sale was in the amount of 1.27 Million Baht or decreased by 0.17%. In addition, other revenue decreased in the amount of 63.73 Million Baht. As in 2014, C&A had sold the assets, as a result, there was the income from the sale of structures and building, accordingly, other revenues had greatly decreased.

-In 2014, the Company had the total revenue in the amount of 723.34 Million Baht and other revenue in the amount of 87.05 Million Baht, the total revenue increased in the amount of 152.79 Million Baht or representing 23.24 % when compared with 2013 due to the increase of revenue from sale of ammonia (which increased from the previous year) in the amount of 70.60 Million Baht or representing 10.82 %, and other revenue increased in the amount of 82.24 Million Baht from the sale of structures and building,

Cost of sale and service

-In 2015, cost of sale and service of C&A was in the amount of 646.62 Million Baht, increased in the amount of 19.72 Million Baht or representing 3.15% from the amount 629.90 Million Baht when compared with the previous year.

While, the cost of sale and service of C&A in 2014 was in the amount of 629.90 Million Baht, increased in the amount of 42.58 Million Baht or representing 7.29% from the amount 584.32 Million Baht when compared with the previous year.

Profit before expenses

-In 2015, C&A had the profit before expenses in the amount of 75.45 Million Baht, decreased in the amount of 20.99 Million Baht or representing 21.76 % when compared with the profit before expenses of 2014 in the amount of 96.44 Million Baht. In 2015, as C&A had the increased cost of sale while the revenue from sale decreased, as a result, the profit before expenses of 2015 decreased.

In 2014, C&A had the profit before expenses in the amount of 96.44 Million Baht, increased in the amount of 28.02 Million Baht or representing 40.95 % when compared with the profit before expenses in the amount of 68.24 Million Baht of 2013.

Gross expenses

-In 2015, C&A had the gross expenses in the amount of 34.15 Million Baht, or decreased in the amount of 24.18 Million Baht or representing 41.45 % when compared with the previous year. Because, in 2015, there was no expense of development of land on the leased premises when compared with the year 2014.

Page 6/6 Million Baht or representing 65.95 % from the expenses in the amount of 35.15Million Baht of the previous year, resulting from the record of expense of development of land on the leased premises.

Financial Status Total assets

As of 31 December 2015, C&A’s total assets were in the amount of 569.79 Million Baht, decreased from the previous year in the amount of 119.9 Million Baht or decreased by 17.38% because the current assets decreased in the amount of 115.88 Million Baht, and the non-current assets decreased in the amount of 115.88 Million Baht.

As of 31 December 2014, C&A’s total assets were in the amount of 689.69 Million Baht, increased from the previous year in the amount of 255.92 Million Baht or decreased by 59.00%% because the current assets increased in the amount of 365.23 Million Baht, and the non-current assets decreased in the amount of 109.31 Million Baht.

Total liabilities

As of 31 December 2015, the C&A’s total liabilities were in the amount of 288.64 Million Baht, comprising the current liabilities in the amount of 285.17 Million Baht and the non-current liabilities were in the amount of 3.46 Million Baht, because the total liabilities decreased from the previous year in the amount of 158.09 Million Baht or representing 35.38% because the current liabilities decreased in the amount of 146 Million Baht, and the non-current liabilities decreased in the amount of 12.63Million Baht.

As of 31 December 2014, the C&A’s total liabilities were in the amount of 446.73 Million Baht, comprising the current liabilities in the amount of 430.64 Million Baht and the non-current liabilities were in the amount of 16.09 Million Baht, because the total liabilities increased from the previous year in the amount of 166.04 Million Baht or representing 59.14% because the current liabilities increased in the amount of 175.63 Million Baht, and the non-current liabilities decreased in the amount of 9.59Million Baht.

Portion of the shareholders

As of 31 December 2015, the portion of shareholders was in the amount of 281.15 Million Baht or increased by 15.72% when compared with the portion of shareholders as of 31 December 2014 in the amount of 242.96 Million Baht.

Significant Financial Ratios Profitability

-In 2015, C&A had gross profit at 10.12% while the net profit was at 5.12%. C&A’s profitability decreased when compared with the previous year. In 2014, C&A had gross profit at 13.33% due to the increase of ammonia cost of sale in 2015 and the net profit was at 11.08%.

Ability of Property Management

-In 2015, C&A’s trade account receivables current ratio was 7.74 times and the debt collection period was 47 days on average, the inventories current ratio was 102.70 times and the selling period was 3 days on average. While in 2014, C&A’s trade account receivables current ratio was 8.53 times and the debt collection period was 43 days on average, the inventories current ratio was 85.46 times, as a result, the selling period was 4 days on average.

C&A had the yield from assets at 6.70% in 2015, decreased from 2014 where the yield from assets was at 13.03% due to the decrease of other revenue in 2015 from the sale of structures and buildings.

Liquidity and Capital Adequacy

In 2015, C&A’s liquidity ratio was 1.94 times, increased from 2014 where liquidity ratio was 1.55 times, the cash cycle was 3 days. With regard to the debt payment ability in 2015, C&A’s debt to portion of shareholders was 1.03 times, decreased from 2014 where debt to portion of shareholders was 1.84 times due to the decrease of total liabilities and the increase of such portion of shareholders.

Page 1/3 Summary of Information of SC Carrier Co.,Ltd. (“SCC”)

(source: website BOL by Business Online Public Company Limited)

General Information

Company’s Name: SC Carrier Co.,Ltd. English name: SC Carrier Co.,Ltd. Registration date: 2 June 1988

Company’s registration number: 0105531040261 (previous Reg.No.was 4030/2531) Registered capital: 450,000,000 Baht

Paid-up capital: 450,000,000 Baht

Business category: To render the land transportation service

Head office location: No.88, the Parkland Road, Bangna Sub-district, Bangna District, Bangkok 10260

Tel.No.: 02-341-9005

Telefax: -

Policy and Business Operation Overview

SCC was firstly registered under the name of SC Rubber Co.,Ltd. 2 June 1988, its initial registered capital was in the amount of 20 Million Baht for rendering the service of transportation of chemical products and petroleum product i.e. oil, gas, chemical product and operated the industry of petrochemical oil. Later, its name was changed to be SC Carrier Co.,Ltd. on 28 November 1995.

Previously, SCC had increased its registered capital and paid-up capital for many times. Most recently, on 1 August 2012, SCM had increased its registered capital from 400,000,000 Baht to be 450,000,000 Baht, divided into 4,500,000 shares, whose the par value was 100 Baht per share. On 30 April 2015, SCC’s paid-up capital was in the total amount of 450,000,000 Baht.

Board of Directors 1. Mr.Nattaphob Ratanasuwantawee 2. Mr.Nattaphong Ratanasuwantawee 3. Mrs.Cholruedee Ruentawin 4. Mrs.Bongkot Rungkornpaisarn 5. Mr.Wiboon Rasmeepaisarn 6. Mrs.Wimol Duncharoensukjit

Mr.Nattaphob Ratanasuwantawee signs and affixes the corporate seal, or Mr.Nattaphong Ratanasuwantawee jointly signs with Mrs.Bongkot Rungkornpaisarn or Mrs.Cholruedee Ruentawin totaling 2 persons and affix the corporate seal.

Page 2/3 Name list of Shareholders

Name list of Shareholders as of 30 April 2015

No.

Shareholders Name list Number of

shares % Total value of shares(Baht) 1 Mr.Nattaphob Ratanasuwantawee 4,149,996 92.22% 414,999,600 2 Mr.Nattaphong Ratanasuwantawee 350,000 7.78% 35,000,000 3 Mrs.Cholruedee Ruentawin 1 0.00% 100 4 Mrs.Bongkot Rungkornpaisarn 1 0.00% 100 5 Mr.Wiboon Rasmeepaisarn 1 0.00% 100 6 Mrs.Wimol Duncharoensukjit 1 0.00% 100 Total 4,500,000 100.00% 450,000,000

Summary of Financial Statements Financial Status Statements

Particulars (Unit : Thousand Baht)

31 December 2013

% 31 December 2014 % 31 December 2015 %

(Audited) (Audited) (Audited)

ASSETS

CURENT ASSETS

Cash and deposit at financial

institution 10,821,053 0.3 7,981,127 0.2 21,759,908 0.6

Trade accounts receivable 305,849,141 7.6 303,732,106 8.2 459,939,632 11.8

Short-term loan 345,227,341 8.6 339,320,260 9.2 448,063,797 11.4

Inventories – net 10,886,506 0.3 10,029,255 0.3 17,447,171 0.4

Other current assets 275,297,512 6.9 432,909,936 11.7 293,607,179 7.5 Total Current Assets 948,081,553 23.7 1,093,972,684 29.7 1,240,817,687 31.7 Loan and long-term investment 16,000,000 0.4 16,000,000 0.4 16,000,000 0.4 Land, building and equipment - net 2,800,520,521 70.0 2,487,823,321 67.4 2,476,787,705 63.3 Other non-Current Assets 233,722,172 5.8 91,261,670 2.5 179,882,730 4.6 Total non-Current Assets 3,050,242,693 76.3 2,595,084,991 70.3 2,672,670,435 68.3 TOTAL ASSETS 3,998,324,246 100.0 3,689,057,675 100.0 3,913,488,122 100.0