REVIEW REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To The Board of Directors of   NIPPON PACK (THAILAND) PUBLIC COMPANY LIMITED 	                                                              
I have reviewed the accompanying balance sheet of NIPPON PACK (THAILAND) PUBLIC 
COMPANY LIMITED as at September 30, 2003, and the related statements of income for the three 
months period and for the nine months period then ended September 30, 2003 and 2002, changes in 
shareholders equity, and cash flows for the nine months period then ended September 30, 2003 and 
2002,  These financial statements are the responsibility of the Companys 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 Standard on Auditing applicable to review 
engagements.  This Standard requires that I plan and perform the 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 provide 
less assurance than an audit in accordance with generally accepted auditing standards, and accordingly, 
I do not express an audit opinion.
Based on my reviews, nothing has come to my attention that causes us to believe that the 
accompanying financial statements are not presented fairly, in all material respects, in accordance with 
generally accepted accounting principles.
I have previously audited, in accordance with generally accepted auditing standards, the 
financial statements of NIPPON PACK (THAILAND) PUBLIC COMPANY LIMITED for the 
year then ended December 31, 2002, and expressed an unqualified opinion in my report dated February 
25, 2003. The balance sheet as at December 31, 2002, presented herein for comparison, has been 
derived from such financial statements, which I have audited and reported on.  I have not performed any 
other audit procedures subsequent to such report date. 


PIPAT & ASSOCIATES CO., LTD.		(Pipat Pusayanonda)
Bangkok		 Certified Public Accountant
November 3, 2003		 of Thailand No. 56

















	NIPPON PACK (THAILAND) PUBLIC COMPANY LIMITED 	                                                              
	Reviewed



	Financial Statements
	As at September 30, 2003
