





CHARN ISSARA DEVELOPMENT PUBLIC COMPANY LIMITED
REPORT AND FINANCIAL STATEMENTS
31 DECEMBER 2003 AND 2002

Report of Independent Auditor
To The Board of Directors and Shareholders of
Charn Issara Development Public Company Limited
I have audited the consolidated balance sheets of Charn Issara Development Public Company Limited and 
its subsidiary companies as at 31 December 2003 and 2002, and the related consolidated statements of 
earnings, changes in shareholders equity and cash flows for the years then ended, and the separate financial 
statements of Charn Issara Development Public Company Limited. These financial statements are the 
responsibility of the Companys management as to their correctness and the completeness of the 
presentation.  My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing standards.  Those standards require 
that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are 
free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the 
amounts and disclosures in the financial statements.  An audit also includes assessing the accounting 
principles used and significant estimates made by management, as well as evaluating the overall financial 
statement presentation.  I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial 
position of Charn Issara Development Public Company Limited and its subsidiary companies and of Charn 
Issara Development Public Company Limited as at 31 December 2003 and 2002, the results of their 
operations and cash flows for the years then ended in accordance with generally accepted accounting 
principles.


						Thipawan Nananuwat
				         Certified Public Accountant (Thailand) 3459
Ernst & Young Office Limited
Bangkok  :  28 January 2004
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