


D.T.C. INDUSTRIES PUBLIC COMPANY LIMITED
AND ITS SUBSIDIARIES
REPORT AND INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2003

Report of Independent Auditor
To The Board of Directors and Shareholders of
D.T.C. Industries Public Company Limited
I have reviewed the accompanying consolidated balance sheet of D.T.C. Industries Public Company Limited and its subsidiaries as at 31 March 2003, the related consolidated statements of earnings, changes in shareholders' equity and cash flows for the three-month period ended 31 March 2003 and the separate financial statements of D.T.C. Industries Public Company Limited for the same period.  These financial statements are the responsibility of the Company's management as to their correctness and completeness of the presentation. My responsibility is to issue a report on these financial statements based on my review.
I conducted my review in accordance with the auditing standard applicable to review engagements.  This standard requires that I plan and perform a review to obtain moderate assurance as to whether the financial statements are free of material misstatement.  A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit.  I have not performed an audit and, accordingly, I do not express an audit opinion.
Based on my review, nothing has come to my attention that causes me to believe that the accompanying financial statements are not presented fairly, in all material respects, in accordance with generally accepted accounting principles.  In addition, I draw attention to Note 8 to the financial statements which states that As at 31 December 2000, a subsidiary has requested for compensation claim from the Company for damaged inventories amounting to Baht 4.07 million.  The subsidiary recorded as inventory balance and allowance for liability from receipt of such inventory of Baht 4.07 million.  The subsidiary has performed the physical count of inventory of which the quantities counted were less than the qualities in the documents. Those discrepancies could not be concluded.  During 2001, the subsidiary has claimed for compensation from the Company of such inventory as received from customers in 2000 and of some damaged inventory received from customers during 2001 amounting to Baht 1.01 million.  The subsidiary has respectively issued credit notes of Baht 1.92 million to customers for those damaged inventory.  The value which the subsidiary discount to customers was less than that as per the documents by Baht 3.3 million (after the adjustment of exchange rates as at period end).  The subsidiary has recorded such discrepancies as other payable - related parties.

The consolidated financial statements of D.T.C. Industries Public Company Limited and its subsidiaries for the year ended 31 December 2002 and the separate financial statements of D.T.C. Industries Public Company Limited, were audited in accordance with generally accepted auditing standards by another auditor in my firm who, under his report dated 21 February 2003, expressed an unqualified opinion on those financial statements but drew attention to the uncertainty of the amount payable to a related company and compensation in come from an overseas company.  The balance sheet as of 31 December 2002, as presented herein for comparative purpose, formed an integral part of the financial statements which that auditor audited and reported on.
The consolidated statements of earnings, changes in shareholders' equity and cash flows of D.T.C. Industries Public Company Limited and its subsidiaries for the three-month period ended 31 March 2002 and the separate financial statements of D.T.C. Industries Public Company Limited for the same period, as presented herein for comparative purpose, formed an integral part of the interim financial statements which were reviewed by the another auditor in my firm who reported, under his report dated 10 May 2002, that nothing had come to his attention that caused him to believe that the financial statements were not presented fairly, in all material respects, in accordance with generally accepted accounting principles.


						Ratana Jala
	Certified Public Accountant (Thailand) No. 3734
Ernst & Young Office Limited
Bangkok :  9 May 2003
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