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          1.  οй߷                                                                                                                                                                                                                                          
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         ݵ ʥ߷Ҩݰβȫ  ϡݲ (Ψ) Բ࿡ʳпʹ  2521  о
 βȫ ݥݲǥ  ׷и  5  ηε Ҳ࿺ᷠ3     
 Сԡ Ҩݰ̼ݷ ࿷Ц٫ еٵݡ  ࿷  гߡ ݳ׹ǥ
 мʹ̡ʸ٦ʥ߷̺ٳѨѢߥмʡʡ
                   ӷ  2532   ݵԲηٳ  ҲηСεݥݲ̷ʥãε
 7 ηε  мݵڵηӡݳײٸڡײȷ
                   ӷвʷݷΣ   2533  ݵԲ٦Ѻøס̹ʥ ݵ
 Ҩݰ׳ȡٳ ϡݲ  ̢٦ι  ݵ ԵЦ٫ݳ ϡݲ 
 й߷٦ʥҨݰ̼ݷ   ӷΣγοãγοݫ  ݷ 31 ݷΣ  2533 
еΡݸ  15.50 ηε  
                   Σ  2534   ݵԲТΩ᷵ȿӷ  ݵ  еٵݡڽز ϡݲ  
 ݵ  ..ʽ.ڽ  ϡݲ    й߷ݵо٦ʥ߷̺ٳѨѢߥ
 мʡʡ  Ρ࿺вġݷӷΣ 19.99   4.99 ηε   й߷Σγο
 ãεӡУݸãγοݫ                                     
                   Σ  2535  ݵԲϡм࿵׷Ҳ̲׷Ρ̨ΨԹ  ηβݡ-
ݼॹеԵ мӨӷΥηȿоʷȿʿ ݥݲǥԲ
࿥ηΥηȿӷвʷڷΣ  2535
                   ٴ׷  2536   Υηȿߦ ̸ݵԲη
ϷݡηΡоβȫݥоʷȿʿ  ݥݲǥ  ηॷڡݥٳ ̿α
10,100  ݷʹ  إηвٿ̿α  50 % 
                   ٴ׷  2537   ݵԲѹǾμй߷ݵΨ ϡݲ зʥΡΨݫݳݡ
ݼ̳βݡݼ  ..2535 ȷݵиʥѹǾμй߷ݵΨ ϡݲ
̸ݵԲ йй߷ "ݵ ʥ߷Ҩݰβȫ ϡݲ  (Ψ)"     
                                                                                                    
 2.  ݡƱ̡̡ʸ٦

          ݵй߷ٳʡѨѢߥԹݥβΥ  áШ  , 
 ݮп١  ӳУʥȿ΢ʥݵʥ  Ш  SEA  CHAMPION,  SEA KING,
SEA QUEEN, SEA FLOWER,  SEA STAR й߷ᷠ 
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

                                             - 3 -

                               ãΡȷʥݵ̸ݵڲݥ

 ãΡȷΥе   2539    %        2538     %        2537      %      
  ѷοٳݱ       ηε            ηε             ηε        

                  2,708.1    87.3    2,772.1    86.3    2,945.1   84.9         
                       46.5     1.5       25.7     0.8       30.1    0.9
                      18.6     0.6       35.3     1.1       44.2    1.3
          ȿۡ          328.8    10.6      379.0    11.8      447.2   12.9
ĿãΡȷ
       Υе             3,102.1   100.0    3,212.1   100.0     3466.6  100.0
ݳм (ò) ʥã 
ȷ (%)                    (3.4)              (7.3)             5.4 
ȿȳ  ٳݱʥݵ̸ݵʡȿ  ȷӷеŢʥݵ
         ݵй߷ʢݷΥݵ̸ݵ ۥԿԲǲӷΥΥ 

        2.1  ݡƱ̢ʥٳݱ
              ٳݱʥݵ̸ݵ ʡй߷о , ,   ȿۡ
 ѨѢߥ ॡѨѢߥй߷ٳݱݡʥݵ

              ѨѢߥ ѨѢߥοѸॹоοķٳԲй߷  4 ٲݡݥ 
             1.  HEAD-ON,SHELL-ON ᥵ӷǾμγٵйʡΥ
      2.  HEADLESS   ᥵ءв߲ʡ   ѳϳݥйʡΥο
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              3.  TAIL-ON  ᥵йʡʡ ѳݥйʡʥײٲ
ݸѼΥ
              4.  PEELEDй߷᥵йʡʡᥳĠڵᥨٲݡ(DEVEINED)
 Կݡ (UNDEVEINED)

           ᥲݥĵ 4 ٲ  ڵ᥹оӷǾμǲѨѢߥ  Ǿμᥳ
ѨѢߥʡȷʦΡ ݵݥٳᥨ׸ѹ̡ᥩبݸԹݥβ  COCKTAIL
SHRIMP  ݸԹݥݮп١                                                             

              ѨѢߥ عѸʥٳݱӷǾμ SLIPPER LOBSTERMEAT (з)
  SLIPPER LOBSTER TAIL (в߲)



                                              -4-

              ǲѨѢߥ ٳӷݦ׸ݷ Բѡ࠹ε (LADY FISH) ॷϿγݲ,
 ݥ, ̡Υ ̡Υʡй߷Ѹ BUTTERFLY ݸҾԹ׸ѹе

             ȿۡѨѢߥ ȿۡӨй߷ݳײٸʥݵ  4 ٲ  

              1. ȿ̲ۡʥ (CUTTLEFISH) ॷϿκٳй߷зʹȿ̲ۡʥй߷,
 ȿ̲ۡʥᥳ,  ȿ̲ۡʥʡȷݥ,  зʹȿ̲ۡʥ,  ȷĲȿۡ
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              2. ȿۡʿ  (SOFT  CUTTLEFISH/AORI  IKA) ॷϿκٳй߷ зʹ
 ȿۡʿй߷, ȿۡʿᥳ
              3.ȿۡ(SQUID)ॷϿκٳй߷ȿۡᥳ,ȿۡʲ 
              4. ȿۡ (OCTOPUS) ॷϿκٳй߷ȿۡᥳѸFLOWER 
 ȿۡᥳѸ NON FLOWER

         2.2  ٳ

        (1)  ݥٳ̹ٿαٳ٥
           ݦ׸ݷݵ̸ݵ ηٳѨѢߥĿ 4 Ѹ
й߷ʥݵ 2  ̸ݵڡ 2   ӷ 2539 ݵ̸ݵڡݥٳĿ
 17,485 ݷ ݥ
ݥٳ (ݷ)                             2539         2538       2537
                                                                                                                                                                                                                                                                
 .ʥ߷Ҩݰβȫ  (ȿʿ)           11,650       11,650     11,000
        .ʥ߷Ҩݰβȫ (̷ʥ)              1,150        1,150      1,150
. еٵݡڽ  .  (ݳη)                3,710        3,710      3,710
. ..ʽ. ڽ . (β)                  568          568        568

ٿαٳ (ݷ)                                              
.ʥ߷Ҩݰβȫ (ȿʿ)             6,708        8,030      8,757
.ʥ߷Ҩݰβȫ (̷ʥ)              1,332          929        807
. еٵݡڽ .  (ݳη)                 3,121        3,118      3,576
. ..ʽ. ڽ .(β)                   529          622        391




                                              -5-


Өݥٳ (%)
.ʥ߷Ҩݰβȫ (ȿʿ)                57.58        68.93     79.61
.ʥ߷Ҩݰβȫ (̷ʥ)                115.83        80.78      70.17
. еٵݡڽ .  (ݳη)                    84.10        84.04      96.39
. ..ʽ. ڽ .(β)                    93.13       109.51      68.84

ݳм࿢ʥٿαٳ  (%)
    .ʥ߷Ҩݰβȫ (ȿʿ)                  (16.5)     (8.3)       8.9
.ʥ߷Ҩݰβȫ (̷ʥ)                    43.4      15.1      (39.9)
.еٵݡڽز .(ݳη)                           0.1     (12.8)     (0.3)
...ʽ ڽ ϡݲ (β)                      (14.9)     59.1      (20.0)

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1. ݵ طݸΡݡݼ
   (еԵ) ϡݲ мʺΡ       Ե         1,275,800           17.01
2. Сԡ   Ҩݰ̼ݷ       Ե         1,108,800           14.78
3. Υݷ      Ҩݰ̼ݷ       Ե           887,040           11.83
4. Ϋ      еٵݡ      Ե           848,960           11.32
5. MR. H'NG CHEOW TEIK          Щ         630,000            8.40
6. Ц٫       еٵݡ      Ե           554,400            7.39
7. ݡ      еٵݡ      Ե           498,960            6.65      
8. Υ׶    еٵݡ      Ե           332,640            4.44
9. MR. H'NG KIM CHANG           Щ         315,000            4.20
10.ΥЦ٫ע     ѩ             Ե           218,200            2.91
 ȿȳ: Կڡйѹå᷵ڷϣݫӷιʷݥ    

                                             -11-

5.ݲ

           5.1  Υݲ
                Ѻݥݲʥʥݵ ʥ߷Ҩݰβȫ ϡݲ (Ψ) ̍
ݵ ΡοѺؿٵ 2 
                ̡ݵȷεȷݡ̵ŵΥå׷ʥݵ  
å׷Υ  ʥݵڷϣݫ̳ʥԲݸο߷ʸΡ̡
                ݵԿڢʸݥݸӷȷϷķٶڡѳॳᥡ  
οǷڡйѹåϷķ ѳॳʴʲʷԲ  Ҳ̍
ʥԲݸǷݸǷ׷ķȫΡ̨׿
         
           5.2  
                ̡ʥݵ    ݷ  31  ڷΣ  2540  ڲݥ
             
         ȷ/-ǡ        ױװ̹ݳ١ϥη             %                
̶η
Сԡ  Ҩݳ̼ݷ       - .. 2512-ݦ׸ݷ              73     14.8
(ױǿݳ :                    ̶η
ݳٵϺٲȿ : Կ)          ݵ ι෾Σӳ ϡݲ
                                .ǥ
                              - .. 2526-ݦ׸ݷ
                                ̶η
                                ݵ ηι෹Ρ ϡݲ
                                .Ρ .ǳ
                              - .. 2527-ݦ׸ݷ
                                ̶η
                                ݵ Ц٫ݼ ϡݲ ηٳ
                                Ѣߥ .ǥ
ݲ
Ϋ  еٵݡ         - ٫γ ġǳ         45     11.32
(й߷ʥΥݷ              ٵǥηٷ
Ҩݰ̼ݷ)                   - .. 2526-ݦ׸ݷ 
(ױǿݳ :                    ݵ еٵݡڽز ϡݲ




                                    - 12 -

ݳٵϺٲȿ : Կ)        - .. 2531-ݦ׸ݷ 
                                ݵ ..ʽ. ڽ ϡݲ

Υݷ  Ҩݰ̼ݷ          - .. 2512-ݦ׸ݷ              68     11.8
(й߷ηСԡ            ̺ݡХٷ                    
Ҩݰ̼ݷ                      ݵ ηι෾Σӳ ϡݲ
(ױǿݳ :                    .ǥ
ݳٵϺٲȿ : Կ)        - .. 2526-ݦ׸ݷ 
                                ݵ ηι෹Ρ ϡݲ
                                .Ρ  .ǳ
                              - .. 2527-ݦ׸ݷ 
                                ݵ Ц٫ݼ ϡݲ ̡ʸ٦
                                ηѢߥ .ǥ

Ц٫  еٵݡ          - .. 2512-ݦ׸ݷ        56     7.4
(й߷Υݷ              ݵ ηι෾Σӳ ϡݲ
Ҩݰ̼ݷ                      .ǥ
(ױǿݳ :                  - .. 2526-ݦ׸ݷ 
ݳٵϺٲȿ : Կ)          ݵ ηι෹Ρ ϡݲ
                                .Ρ .ǳ
                              - .. 2527-ݦ׸ݷ 
                                ݵ з ϡݲ ̡ʸ
                                ٦ٷԹݥеſЩ
                                ٥ҹ Ҳס
                              - .. 2527-ݦ׸ݷ 
                                ݵ Ц٫ݼ ϡݲ ̡ʸ٦
                                ηѢߥ .ǥ

ݡ еٵݡ          - .. 2526-ݦ׸ݷ        50     6.7
(й߷ʥΥݷ              ݵ ηι෹Ρ ϡݲ           
Ҩݳ̼ݷ)                     .Ρ .ǳ
(ױǿݳ :                  - .. 2527-ݦ׸ݷ 
ݳٵϺٲȿ : Կ)          ݵ Ц٫ݼ ϡݲ ̡ʸ٦
                                ηѢߥ .ǥ



                                  - 13 -


MR. H'NG KIM GHANG            - .. 2519-ݦ׸ݷ               62     4.2
(й߷ٲο                      EXECUTIVE  DIRECTOR
ΥЦ٫ע  ѩ)                SEA GULL FROZEN FOODSTUFFS SDN. BHD.
(ױǿݳ :                    MALAYSIA
ݳٵϺٲȿ : Կ)        - .. 2529-ݦ׸ݷ MANAGING  DIRECTOR
                                SUA HAI HUAT SDN. BHD.
                                MALAYSIA
̺ݲХٷ
ΥЦ٫ע  ѩ               - ASSUMPTION BUSINESS           39     2.9
(й߷׳ķСԡ           ADMINISTRATION  COLLEGE
̷Υݷ Ҩݰ̼ݷ        - .. 2531-ݦ׸ݷ 
(ױǿݳ  :                   ݵ ..ʽ. ڽ ϡݲ
ݳٵϺٲȿ : Կ)

.ٳټݰ  ݷ        - .. 2518 ...Խ(С)  45     - 
(ױǿݳ :                    ٵǥηٷ
ݳٵϺٲȿ : Կ)        - .. 2524 DR.ING
                                UNIVERSITE PAUL
                                SABATIER,
                              - .. 2531 ǳΦ 6
                              - .. 2533 ǳΦ 8
                                ٵǥηٷ βȫ

.                 - ٵǳݱٳ ٵ           49    - 
(ױǿݳ :                    åٵ
ݳٵϺٲȿ : Կ)        - DIPLOMA MINING EXPLORATION
                                L.T.C., THE NETHERLANDS
                              - ٫ʡ
                                APPLIED GEOLOGY, U.N.S.W.,
                                AUSTRALIA
                              - .. 2530-2532 ȷξΣ٨
                                ġȿʥٵ
                                ٵǥηٷ
                              - .. 2533 ʶ١ڻ٦
                                ۡǾ׳ȡ ǥ

                                   - 14 -

                              - .. 2534 ʥϷ
                                Ϸݡ٦̼ݰ ٨Ρ
                              - .. 2535-2538
                                ̸ڣġǳ
                                ٵǥηٷ

                       Ϸķݡηȿʥݵ   ݷ 28  ׿μݷ 2540

                ݵ ʥ߷Ҩݰβȫ ϡݲ (Ψ)
                      ݥݲǥ
                      η                 1,800  
                      Ϸݡη                   78    
                      ݥݲ̷ʥ
                      η                   240  
                      Ϸݡη                    6  
                                                _____          
                              Ŀ               2,124  
                                       _____    
                 ݵ еٵݡڽز ϡݲ
                      ݥݲݳη
                      η                   600  
                      Ϸݡη                   12               
                                                  ___
                               Ŀ                612  
                                                  ___
                 ݵ ..ʽ.ڽ ϡݲ
                      ݥݲβ
                      η                   100  
                      Ϸݡη                    5  
                                                  ___
                               Ŀ                105  
                                                  ___





                                   - 15 -

           5.3  γʸѵ
                (1)  γʸѵй߷Хٷݸ 2539
     ʺ                и̨׿       Хٷвʷ          Ҹ
                                 (ʣ)        (ʹ)          (ʹ)
 1. Сԡ   Ҩݰ̼ݷ        -            600,000.00       -
2. Ϋ      еٵݡ       -          1,320,000.00    800,000.00
3. ΥЦ٫ע     ѩ              -            480,000.00    200,000.00
4. Υݷ      Ҩݰ̼ݷ      15,000.00         -             -
5. Ц٫       еٵݡ     15,000.00         -             -    
6. ݡ      еٵݡ     15,000.00         -             -
7. MR.H'NG KIM GHANG             15,000.00         -             -
8. .ٳټݰ     ݷ     15,000.00         -             -
9. .                 15,000.00         -             -
10.MR.H'NG CHEOW TEIK              -          1,200,000.00    500,000.00
11.Լݳ      ݰ        -          1,200,000.00    500,000.00
12.ݱ      ෼١            -          1,140,000.00    450,000.00
13.       мߨХ        -          1,140,000.00    450,000.00
14.ڲ       η              -            618,000.00    140,000.00 

            (2) γʸѵ 
                Կ

          5.4   ݫΡݲ
                Կ 
          5.5   ĸ׿ӷ

                ο߷ʥʸݫСġݸοм̡ٸݳٳο̸ĸ׿
ӷڲݥ
                "οϷݡηԲĦʸХٷʥݵ ʥ߷Ҩݰβȫ ϡݲ
 (Ψ) ݸײݷ 31 ݷΣ 2539  ԲǷηĦʸåݷ 14 
׿μݷ 2540 Թķ ϷݡηӷĦʸХٷݥĳογη
ʸݫڵݸʥԹ мǲο߷ΥХٷǲη̡Хٷ áзٷη̍
ХٷǲҲءʥοԲϢᷳοݡݫڵݸʥԹԲʹٸݳШ෍
вġݸڡʷԿмӲ ϷݡηԲ̹ۡпٷٵپμĸ׿ӷηݫڢʥ
ݵ мʹӷȷʸТٶڡ ʸεӨӷĦʸ 


                                              - 16 -

ϷݡηԿ༸ʸʥʥ̸ĸ׿ӷηݫڵ̿ںá̵Υй߷ϣݫʡ
ǲο߷ʥХٷݸײݷ 31 ݷΣ 2539"

6.ٷݼʥݵ̸ݵ

           6.1  ٷ Σ Уʥݡ

              ݵ  ʥ߷Ҩݰβȫ  ϡݲ (Ψ)
                                                       ãγοݫ (ηε)
                                                           31 .. 39       
   1.  ٷķݸץ
     -  ٷ  49   оʷȿʿ  ݥݲǥ                   21.33 
    -  ٷ  61   опʥ  ݥݲ̷ʥ                      5.30         
2.  Σķݸץ
     -  ηоʷȿʿ ݥݲǥ                         111.78
     -  η̷ʥ                                           12.65
 3.  Уʥݡ׹                                         117.14
 4.     ԲѡУʥѳ ٲ УʥӨϷݡηηȷ       91.88
                                                              ______
     ݡ  ʿΣǿ                                      (126.72)
                                                              ______
         ٷΣ׹׵                                  233.36
                                                              ______

                   η̷ʥืзʵ  2    3  η  12.15 ΥΩй߷ ШΦΡ
ʥķݥݲ̷ʥ  ϣݫʥݫιΡݥ
                   ݫΠ        ݵ  ʥ߷Ҩݰβȫ   ϡݲ  (Ψ)  ݸʥ
                       ķݥݲ̷ʥ
                   ݷݫ     1  Σ  2528
                   ݫ       1  Σ  2528 - 30  ٴ׷  2532  Բݸ
                       ݫШ  ۥ  30  ٴ׷  2540
                   ݳΣШ       14,992  ε
                   ХʷԢϣݫ   κШιǥ̳ݫΡШγԹ   Ш෣οϷ
                       й߷ȷݥʳʺШΡʷݷݫΠ ᥷ Шǥķٵ



                                              - 17 -

                       ШΠШεٷԹԿԲᠴκШٷʿШγ  Ш
                       ٷʿ̣ШγοШΡȷм࿢ӷݳ 10 ʥ
                       ݳΣШвٿ

                   ݵ  еٵݡڽز  ϡݲ
                                                       ãγοݫ  (ηε)
                                                           31  ..  2539 
          1.  ٷķݸץ
     -  ٷзʵ  4    77  Υ  .пʥ .ݳη            2.24   
 2.  Σķݸץ
     -  ηݳη                                           18.17
 3.  Уʥݡ׹                                          35.01
 4.      Բѡ УʥӨϷݡηηȷ                     32.63
                                                              _______
     ݡ  ʿΣǿ                                       (41.96)
                                                              _______
         ٷ  Σ׹׵                                 46.09
                                                              _______
                   ʡΡᠸݵݥηʡȿۡืзʵ 10 2 η  73 Υ
 .пʥ .ݳη  мʵϡʡȿۡ   ॳԹݸηѨѢߥ  ٷݥ
  ݵШΦΡʥķݥݲݳη  ϣݫʥݫιΡݥ
          ݫ         ݵ  еٵݡڽز  ϡݲ  ݸʥķݥݲݳη  
          ݷݫ     ݷ  17  ٥Σ  2531
          ݫ       30    (17  ٥Σ  2531 - 16  ٥Σ  2561)
          зʵШ       10-2-73  
          ݳΣШ     Υ   14.50  ε  ʹ

                   ݵ ..ʽ ڽ ϡݲ
                                                                ãγοݫ  (ηε)
                                                             31  ..  2539
   1.  ٷķݸץ
     -  ٷ  3  η  .ʥȫ  .β                          3.16 
 2.  Σķݸץ
     -  ηβ                                              3.62



                                              - 18 -

 3.  Уʥݡ׹                                            9.11
 4.     ԲѡУʥѳॳٲУʥӨϷݡηηȷ        3.79
                                                               ______
     ݡ   ʿΣǿ                                       (9.51)
                                                               ______
          ٷ  Σ  ׹׵                              10.17
                                                               ______

          Уʥݡ  ׹ʥݵ  ̸ݵ̡ʸ

__________________________________________________________________________      
     Уʥݡ             β (ݷ)           Ϸķ (Уʥ )       Ǵη
--------------------------------------------------------------------------

1. BLAST FREEZER            4-5                     1                ǥ
                                                    1                ݳη
2. CONTACT FREEZER            1                     7                ǥ
                                                    2                ̷ʥ
                                                    2                ݳη
                                                    2                β
3. IQF                        0.5-1                 4                ǥ
                                                   1                ݳη                               
4. УʥϷѢߥ              30                     2                ǥ
5. ʥ߷                ٿαο         
                         Чʥ  500 ݷ          3 ʥ            ǥ
                             ʥ  250 ݷ          1 ʥ            ǥ
                             ʥ  150 ݷ          1 ʥ            ̷ʥ
                             ʥ  250 ݷ          2 ʥ            ݳη
                             ʥ   15 ݷ          1 ʥ            β 
_________________________________________________________________________







                                   - 19 -

         6.2  Хٷå׷ʥݵ

              ݷ  31 ݷΣ 2539 ݵХٷå׷ӷ ݵ еٵݡڽز ϡݲ  
 ݵ ..ʽ. ڽ ϡݲ ݥǲӷѺؿ٢ΥΥ


             
                         ݵ ʥ߷Ҩݰβȫ ϡݲ (Ψ) 
                                     ׷ 75 ηε             
                       
                                     
                     
                     99.96 %                          99.88 %
                      
     ݵ еٵݡڽز ϡݲ                 ݵ ..ʽ.ڽ ϡݲ 
        ׷ 20 ηε                            ׷ 5 ηε       
                 


               ʿСġݸݵڲݥԹ

    ݵ        о٦    ׷    ̢ʥ   å׷Хٷ   ãХٷå׷ 
                   ݡƱ̶٦       Ϸķ᷵   (ηε)    (ηε) 
                                             ʡ             
                                              ݵ                    
       .еٵݡڽز    ٳʡ    20 ηε    99.96      19.99      (14.25)  
                   
                            ѨѢߥ 

 ...ʽ.ڽ  ٳʡ     5 ηε     99.88       4.99       16.91          
                   
                   ѨѢߥ                                   _____      ______
                                                Ŀ       24.98        2.66 
                                                           =====      ======



                                   - 20 -
                                                    
7. ףõںùĿΥݷ
   Կ

8. ݦο         
                          
                ϶٦ѨѢߥ  й߷ٷСƳ  ʿڣοӷη
ݳײٸΡӲھγ Ш    ̸β  ॺٿαòå Σ
ݳײٸإᷠ  ʡΡݥڣοΦءݲٵټƵΥڷТ (GSP) Ρеō
Π  ȳסШ෷ԲСٲĠ  еšȾμ ԲòٵٵΥڷТ΢ʥ᥍
ѨѢߥΡеԵ ѳݷ 1 Σ 2540 й߷Թ

9. ݦ  Φںá̵ʡݲٷӦå׷

                9.1  ʼټεΥȿ
                         Կ

                9.2  Хٷݷ  
              ݵڷХٷݷӷݳ 60 ʥ׵پݥΡ̾
̳ʥοȿĠ ᥷ݸáзٷη̳ο٢ʥ̨׿ᷲ

                9.3  ݦ   (ο)
                          Կ

10. η̡Хٷ̺áзٷη

        10.1 ʸݫ̷ݫڵϣݫ
             (1)  ʸݫڢʥݵ̸ݵ 
                  ǥ  п   ٷ  ݡƦٳ
                    ݵ Ϸݡη Ǧ- Υ ϡݲ                                                                    
                             ΣΥ  514/1 ηĥ
                       Тٳ  ץеη

             (2)  ηĦʸʥʸݫӷ 3 ڵηκʸݫԲ
ο߷ӷηĦʸѸԿХʷԢ



                                   - 21 -

             (3)  ݫڵϣݫ
                  кȷǥث
                  ݵᥣкȷǥثй߷ϷķХٷеΡݸϷķȷβΦ
С߸ΡءȷԿԲᠠ  Ҳ٦ΦΡǸӷС߸ȷᠠ ̡٦ήηӷ
ݦ׸ݷʥءȷ
                  ΣٷΣ
                  ٷΣʳΣӷΣε׷ (ٶТΡʷ-ʡʷ) Σγβϡ
                  Хٷå׷ӷݵ̸ݵ 
                  ݵݷۡХٷå׷ӷݵοٶķԲ  ķХٷå׷ӷݵ
෸ݷۡοٶΣε׷ ॴй߷Хٷå׷
                  ʿΣʳݲݫ
                  ݵݲʿΣΣ׹οٶᷳй߷ 5 ۥ 20 
                  ݵݲʳݲݫڳοٶᷳй߷ 5 
                  ݫڵй߷ХٷγΥе
                  ݫڵй߷ХٷγΥеԲݷۡݫҲӨݳáй  
ݷСٲᷠ  ٷݼȷٷй߷ХٷγΥеţʠ  ݷӷԲѹå
й߷ХٷεҲӨݳáй  ݷ ʢβ׷ΡѹåԲݷۡй߷Բ
Өӷзٷη
                  
                  ᷣϷıҲ׵ٲϷķ᷵ʡ  ݷ᷹

         10.2  ΥΥΥǲáзٷηʥݵ 3  ʷݥ

                                 2539             2538          2537 (ȷ:ݷε)
     ԲĿ                2,771,461        2,855,491     3,053,826
     ᷵׷̣ӨĿ       2,658,789        2,748,338     2,966,282
     ׵                   112,672          107,153        87,544
     * (ε)             15.02            14.29         11.67
     Ϸķ                     7,500            7,500         7,500
     ٷݼĿ                 763,394          791,420       707,537
     ȷٷĿ                   191,465          279,747       250,517
     ķʥ               571,929          511,673       457,020
     ãᷳοݫ*               76.26            68.22         60.94
     Хٷݷó (ε)            9.00             8.50          7.00 



                                   - 22 -

                RATIO ANALYSIS
                                           2539      2538      2537
      RECEIVABLE TURNOVER  (TIMES)         15.9      30.9      32.5    
      COLLECTION PERIOD  (DAYS)            22.9      11.8      11.2
      ACCOUNT PAYABLE TURNOVER (TIMES)    1,064     1,264     2,562 
      PAYMENT PERIOD (DAYS)                0.34       0.3      0.14
      INVENTORY TURNOVER (TIMES)            9.3       7.9     11.58
      INVENTORY TURNOVER PERIOD (DAYS)     39.5      46.1      31.5 
      GROSS PROFIT MARGIN (%)              9.34      7.62      6.09
      NET PROFIT MARGIN (%)                4.08      3.55      2.89
      RETURN ON EQUITY (%)                19.70     19.25     19.15
      DEBT TO EQUITY (TIMES)               0.33      0.54      0.55
      PAYOUT RATIO (%)                       60        60        60 


          10.3  ʲȷᣥΥӷʡХٷᷡӷᥡʷ
                Կ

          10.4  ̿αХٷ
                Կ

          10.5  Хٷ
                ХٷԲءѷѸǲʿ

 11. ʶٸ̡Уʥݲ

           (1)  зٷη̮η̡Хٷη

                ӷĥ 3 ڵηθݵԲòå òΡ 3,053 ηε  ӷ 2537 
й߷ 2,771 ηεӷ 2539  ᥷зʥΡ׳ȡмԲǸݸݫ̸β
ӷĥ 2 ڵη úٳڹٿα̢βʥòå  й߷ȳݡʲʥ
ݵòåѳΥ߳οݵԲοοǴη̡Բ Ҳٳٷοãм࿿Ρ
  ̺ٳٷΡٲ   GROSS PROFIT MARGIN  м࿦Ρ 6.09%  ӷ 2537 й߷
 9.34% ӷ 2539   NET PROFIT MARGIN  м࿦Ρ 2.89%  й߷ 4.08% ӷ 2539 ķ
 RETURN ON EQUITY ݥݡ̲ݸӷĥ 19% ʲ 3 ڵη


                                   - 23 -


                η̵ΥХٷʥݵݲӷСڠ ᥷ܸзʥΡù̡ʸڍ
Υзʥй߷  ݵǾμʥΥХٷإ ݲķ DEBT TO EQUITY
òåΦΡ 0.55 ӷ 2537 й߷ 0.33 ӷ 2539
                ķ COLLECTION PERIOD ӷ 2539 й߷С߸ХٷЧ٢ʥݵ
ӷĥ 2537  2538 COLLECTION PERIOD ᷿Ρ ̿α 11-12 ݷ ᥷зʥΡ
ءι̦ϸΥХٷĥȷݵмԲݸķò  зʥΡóΥʥʡиӷе
̳ΥеإΡ ᥸ݵءԲݸ
                PAYMENT PERIOD ʥݵ᷿Ρ зʥΡݵХٷǲӷݲݳײٸ
  INVENTORY TURNOVER PERIOD ʥݵҲЧ ڣι̿α 35-40 ݷ
                ҲǾμĿĮη̵ΥХٷ ̹ٵپμӷзٷηʥݵ
ݲӷС
     
           (2)  ѷҷӷʷΣ
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                ݵβѷҷӷʷΣڣοԿѷʷΡᷠ  зʥΡԲڳѹм࿍
ᷣ ءڲݷηΦΡеţ ѳݷ 1 Σ 2540 ࿹еǾμԲ
ò GSP ݸѨѢߥΡеԵ еԵйеţѢॢݷΡ зʥΡ
ԵʥڷТм࿢᷹̿α 5%

 12. ףΥ٥ 
 
         ()  и  :  ݵ طݸΡݡݼ (еԵ) ϡݲ
                                        132  Σٷ 3   22
                                        ٵ  Ѣĥ׿ٷ
                                       Т׿ݷ  .  10330

          ()  ʸݫ      :  ǥ   п
                                        ٷ  ݡƦٳ
                                        ݵ  Ϸݡη  Ǧ- Υ ϡݲ
                                        ΣΥ  514/1 ηĥ
                                        Тٳ   .
                                        ҵ. (02) 280-0900

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                                   - 24 -
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                  ()   ǴηݷХٷٲʹ̦
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      ʶΣ                оХٷ       ĥХٷ      ʲΥ  ݷ 31
                                               (ηε)    .. 39 (ηε)
 Σץе ϡݲ (Ψ)      Хٷ L/C           40             -  
                                      P/N           65           10.65 
                                      L/C,T/R       20             -

ΣץԵ ϡݲ (Ψ)      Хٷ L/C          140           11.335    
                                    P/N           20             - 
                                    L/C,T/R       20             -    

Σץ׶ ϡݲ (Ψ)  Хٷ L/C          110           11.60     
                                   P/N           30             - 

ΣĥԵ ϡݲ  (Ψ) Хٷ L/C,P/N       60             -          
                                   L/C,T/R       10             -
                                   BIBF      US$ 10 η     US$ 2 η

ݵХٷ׷׳ȡ                BIBF      US$ 13 η     US$ 8 η  

SOCIETE  GENERALE  SINGAPORE        BIBF      US$  4 η     US$ 2 η  
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   ٳ                      ݫ     Хٷ            ġ ΣǴη         .̷ʥ            ....ʽ.ڽ
             1.  MR. H'NG CHEOW TEIK                5.    мߨХ           9. Υ     ٨ݥ  
             2.  Լݳ   ݰ              6. Ш  ε          10. ΥЦ٫ע      ѩ
             3.  ݫ   ෼١                  7. ŷ                11. ݡ       ٫ҫ̡
             4.      зٷݰ            8.    ǿǥױ         12. ׷        ʷݷݷ
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