CHARN ISSARA DEVELOPMENT PUBLIC COMPANY LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO FINANCIAL STATEMENTS
1.	GENERAL INFORMATION
	Charn Issara Development Public Company Limited was incorporated as a limited company and 
subsequently transferred to be a public company under Thai laws.  The Company operates in Thailand 
and its principal activity is sales or lease of office condominium and real estate development with its 
registered address being located at No. 2922/181-187, New Petchburi Road, Bangkapi Sub-district, 
Huaykwang District, Bangkok.
2.	BASIS OF CONSOLIDATION
	2.1	The consolidated financial statements include the financial statements of Charn Issara 
Development Public Company Limited (hereinafter called Company) and its two subsidiaries, 
Charn Issara Residence Co., Ltd. and Charn Issara Viphapol Co., Ltd. (hereinafter called 
subsidiaries) in which the Company holds 60% and 50% of equity, respectively.
	2.2	Share capital of the subsidiaries has been eliminated from the consolidated financial statements.
3.	SIGNIFICANT ACCOUNTING POLICIES
	The financial statements have been prepared in accordance with accounting standards pronounced by 
the Institute of Certified Accountants and Auditors of Thailand which are effective under the 
Accounting Act B.E. 2543.  
	Significant accounting policies adopted by the Company and its subsidiary company are summarized 
below :-

	3.1	Revenue recognition
		a)	Revenue from long-term lease
			Revenue from long-term lease is recognised evenly over the lease period.
		b)	Rental and services income
			Rental income of units in office buildings and plaza is recognised on a time proportion 
basis.  Related services income is recognised when service rendered.
		c)	Revenue from sales of condominium unit
			Revenue from sales of condominiums units is recognized when agreements to purchase and 
to sell those units have been executed and the ownerships have been transferred to buyers 
after all payments received from the buyers.
		d)	Sales of land
			Sales of land are recognized upon the occurrence of transfer of land ownership to the 
customer.
	3.2	Cost of rental / services and cost of sales
		In determining cost of rental and services, expenses directly allocated with the office building 
such as household taxes, facilities expenses and depreciation expenses are attributed to cost of 
rental and services on the basis of used area.
		The cost of construction actually incurred but not yet recognized as cost of sales in the earnings 
statement is presented as Project under development in the balance sheet.
	3.3	Cash and cash equivalents
		Cash and cash equivalents include cash in hand and at banks and deposit with finance company 
with an original maturity of 3 months or less and free from commitments.

3.4	Trade accounts receivable and allowance for doubtful accounts
Trade accounts receivable are stated at the net realisable value.  Allowance for doubtful debts is 
provided for on the basis of collection experience and payment ability of the accounts receivable 
at the end of the year, taking into account the adequacy of allowance for doubtful accounts of 
overdue balance of each debtor.  Bad debts will be written of for the accounts considered 
uncollectible.
	3.5	Capitalisation of interest costs
		The interest costs of borrowings for use in the construction of the projects is capitalized as part of 
the costs of those assets, with capitalization ceasing when the projects are completed, or when the 
construction is suspended and until active development resumes.
	3.6	Investments in subsidiary company
	Investments in subsidiary company (in the Company's financial statements) are stated under the 
equity method.
3.7	Investments in related company
		Investments in related company which are non-marketable equity securities and held as other 
investments are valued at cost.  Loss on impairment of investment value, if any, is included in 
determining earnings.
	3.8	Investment in property fund 
		Investment in property fund units, which is held as investment in an associated company, is stated 
under the equity method.
		The financial statements of the property fund are prepared under accounting policies which differ 
from those of the Company in some respects. However, for the purpose of recording the 
Companys interest in the equity of the property fund, the Company has not adjusted the property 
funds financial statements to state then under the same accounting policies as applied by the 
Company.

	3.9	Property, plant and equipment and depreciation
		Property is stated at cost.  Plant and equipment are stated at cost less accumulated depreciation.  
Depreciation of plant and equipment is calculated by reference to their costs on a straight-line 
basis over the estimated useful lives as follows :-
		Office condominium	20, 30 years
		Building improvement		10 years
		Furniture and other office equipment	3, 5 years	
		Motor vehicles	5 years
		No depreciation is provided for land.
	3.10	Foreign currencies
		Transactions in foreign currencies incurred during the year are translated into Baht at the rates 
ruling at the transaction dates.  Assets and liabilities denominated in foreign currency outstanding 
at the balance sheet date are translated into Baht at the rates ruling at the balance sheet date.
		Exchange gains and losses are included in determining earnings.
3.11	Use of accounting estimates
Preparation of financial statements in conformity with generally accepted accounting principles 
in certain circumstances requires management to make estimates and assumptions that affect the 
amounts reported in the accompanying financial statements and notes thereto.  Actual results may 
differ from those estimates.
	3.12	Basic earnings per share
		Basic earnings per share is determined by dividing net earnings for the year by the weighted 
average number of ordinary shares held by outsiders and outstanding during the year. 
	

	3.13	Financial instruments
The Company has no policy to speculate in or engage in the trading of any financial derivative 
instruments.
	Financial instruments carried in the balance sheet include cash and bank balances, trade accounts 
receivable, trade accounts payable, and loan from financial institution and director.  The particular 
recognition methods adopted are disclosed in the individual policy statements associated with 
each item.
4.	ACCOUNTS RECEIVABLE - TRADE
	As at 31 December 2003 and 2002, the aging of the outstanding balances of trade accounts receivable 
were as follows :-


(Unit : Baht)

Consolidated
The Company Only

2003
2002
2003
2002
Related parties




Not yet due
-
14,837
-
14,837
Under 3 months
527,565
37,609
2,996,365
37,609
Overdue 3 to 6 months
-
66,198
4,650,000
66,198
Overdue 6 to 12 months
-
-
-
-
Overdue 12 months
202,245
29,154
202,245
29,154

729,810
147,798
7,848,610
147,798
Others




Not yet due
3,904,582
3,803,885
3,904,582
3,803,885
Under 3 months
5,692,004
4,026,338
5,692,004
4,026,338
Overdue 3 to 6 months
514,241
778,160
514,241
778,160
Overdue 6 to 12 months
49,664
-
49,664
-
Overdue 12 months
8,481,316
7,209,073
8,481,316
7,209,073

18,641,807
15,817,456
18,641,807
15,817,456
Total accounts receivable - trade
19,371,617
15,965,254
26,490,417
15,965,254
Less : Allowance for doubtful debts
(6,152,247)
(4,215,912)
(6,152,247)
(4,215,912)
Total accounts receivable  trade - net
13,219,370
11,749,342
20,338,170
11,749,342
5.	RELATED PARTY TRANSACTIONS
	During the years, the Company had business transactions with its subsidiaries (eliminated from the 
consolidated financial statements), associated company, related companies (related by way of common 
directors and/or shareholders), director and shareholders.   Such transactions, which have been 
concluded on the terms and basis as determined by the Company, its director,  its shareholders and those 
companies, are summarised below :-
(Unit : Million Baht)

Consolidated
The Company Only
Pricing policy

2003
2002
2003
2002

Transactions with subsidiaries





   (Eliminated from the consolidated





      financial statements)





   Interest income
-
-
0.53
-
Interest at 6.5 - 7.75% per annum
   Management fee income
-
-
7.05
-
Contract price
Transaction with associated company





   Gain on sale of condominium units
55.52
-
55.52
-
Contract price
   Management fee income
1.95
-
1.95
-
Contract price
Transaction with related companies, director and shareholders

   Rental and service income
0.14
0.42
0.14
0.42
Contract price
   Management fee income
21.86
20.40
21.50
20.40
Contract price
   Gain on capital return from 





      Investment in related company
6.01
2.73
6.01
2.73
Agreed price
   Interest expenses
0.23
0.04
-
-
Interest at 2 - 7.75% per annum
   Commission income and sales of land
9.35
-
9.35
-
3% of selling price
		

	The outstanding balances of the above transactions as at 31 December 2003 and 2002 are separately 
shown in the balance sheet as follows :-
 (Unit : Baht)

Consolidated
The Company Only

2003
2002
2003
2002
Trade accounts receivable - subsidiary




Charn Issara Residence Company Limited
-
-
7,050,000
-
Charn Issara Viphapol Company Limited
-
-
68,800
-
Trade accounts receivable - associate company




Bangkok Commercial Property Fund
447,565
-
447,565
-
Trade accounts receivable - related parties




CIH Development Company Limited
-
1,693
-
1,693
C.M. Restaurant Company Limited
202,245
146,105
202,245
146,105
International Resources Development Limited
80,000
-
80,000
-

729,810
147,798
7,848,610
147,798
Less : Allowance for doubtful debts
(202,245)
-
(202,245)
-
Total
527,565
147,798
7,646,365
147,798
	During the third quarter of 2002, the Company entered into a debt restructuring agreement with C.M. 
Restaurant Co., Ltd. and waived outstanding debt (after offsetting deposit received) of approximately 
Baht 7.4 million to such company.  The Company recorded such transaction by reversal of trade account 
receivable and allowance for doubtful debt in the balance sheet as at 31 December 2002.
(Unit : Baht)

Consolidated
The Company Only

2003
2002
2003
2002
Loans to subsidiary




Charn Issara Viphapol Co., Ltd.




Balance - brought forward
-
-
-
-
Lending during the year
-
-
12,595,017
-
Ending balances
-
-
12,595,017
-
	

(Unit : Baht)

Consolidated

2003
2002
Short-term loan from related company


CIH Development Company Limited


   Balance - brought forward
10,000,000
-
   Cash received from loan during the year
6,000,000
10,000,000
   Loan repayment during the year
(16,000,000)
-
   Ending balances
-
10,000,000
Long-term loan from shareholder


   Balance - brought forward
4,000,000
-
   Cash received from loan during the year
-
4,000,000
   Loan repayment during the year
(4,000,000)
-
   Ending balances
-
4,000,000
Long-term loan from director


   Balance - brought forward
-
-
   Cash received from loan during the year
12,596,610
-
   Ending balances
12,596,610
-
(Unit : Baht)

Consolidated and the Company Only 

2003
2002
Advance payment from director


Managing Director
-
1,000,000
Unearned income from related company


International Resources Development Ltd.
-
2,970,000



Amount due from related parties


Amount due from related companies


International Resources Development Ltd.
6,381,292
-
Amount due from associated company


Bangkok Commercial Property Fund
57,783
-
Total amount due from related parties
6,439,075
-
Amount due to associated company


Bangkok Commercial Property Fund
13,680,297
-

6.	RESTRICTED BANK DEPOSITS
	As at 31 December 2003, the Company and its subsidiaries had pledged its fixed deposits of 
approximately Baht 3.4 million (2002 : Baht 3.2 million) to secure bank guarantees issued by banks on 
behalf of the Company and its subsidiaries.
7.	INVESTMENT ACCOUNTED FOR UNDER EQUITY METHOD/ EXCESS OF LOSS OVER 
COST OF INVESTMENT IN SUBSIDIARY COMPANY 
(Unit : Baht)








Percentage of
Investment
Company Name
Type of business
Paid up capital
Shareholding
Cost method
Equity method


2003
2002
2003
2002
2003
2002
2003
2002




%
%




Investment in subsidiaries








Charn Issara 
Property








   Residence Co., Ltd.
   development
100,000,000
100,000
60
60
60,000,000
60,000
59,063,225
(231,051)
Charn Issara
Property








   Viphapol Co., Ltd.
   development
6,00,0000
-
50
-
2,999,700
-
2,875,286
-
Total investment in subsidiaries




62,999,700
60,000
61,938,511
(231,051)
Investment in associated company








Bangkok 
Invest in








   Commercial 
   Property








   Property Fund

1,000,000,000
-
33.3
-
333,000,000
-
316,982,876
-
Total investment in subsidiary and associated companies



395,999,700
60,000
378,921,387
(231,051)
	On 12 march and 27 March 2003 extraordinary meetings of the shareholders of Charn Issara Residence 
Co., Ltd. resolved to increase its share capital from Baht 100,000 (1,000 ordinary shares of Baht 100 
each) to Baht 100,000,000 (1,000,000 ordinary shares of Baht 100 each). The Company would like to 
maintain its holding percentage through additional investment in the subsidiary company amounting to 
59,940,000 Baht. The above company already registered the capital increase with the Ministry of 
Commerce.
	On 7 October 2003, the Company invested in 29,997 ordinary shares with a par value of Baht 100 each, 
fully paid up, in Charn Issara Viphapol Co., Ltd., representing a 50% interest in this company. This 
company is a newly established company and has yet to commence its operations.
	The meeting of the Board of Directors No. 9/2003 held on 10 September 2003, approved a resolution to 
proceed the asset management and investment project by property fund management (Fund 1). Below 
are the procedures of the above project:-
	1.	The Company exercised the right to buy back the condominium units from a bank in accordance 
with debt restructuring agreement of Baht 276.7 million.
	2.	The Company sold some of its condominium units and construction thereon to property fund at a 
total of Baht 711 million.
	3.	The Company acted as the Asset manager and Property manager when the property fund is 
established.
	4.	The Company invested in property fund amounting to Baht 333 million.
	5.	The Company requested a loan from a local bank to be used in buying back the condominium 
units and invest in property fund as mentioned above.
	The computation of the Companys share of loss from investment in an associated company (Bangkok 
Commercial Property Fund) for the period was based on interim financial statements reviewed by the 
funds auditor.
	The property fund unit certificates have been pledged as collateral for a loan obtained by the Company.
8.	INVESTMENT IN RELATED COMPANY
Company (Nature of business)
Paid up capital
Percentage of investment
Investment (Cost)

Million Baht
2003
2002
2003
2002


Percent
Percent
Baht
Baht
International Resources Development 
Ltd. (Property development)
2,048
16
16
173,541,133
180,320,257
	During the third quarter of 2002, the Company purchased investment in International Resources 
Development Ltd. representing 3,402,269 ordinary shares and 58,100 preference shares with a par value 
of Baht 100 each, fully paid up from related companies and the Company's directors at a price of Baht 
53 per share.
	During the fourth quarter of 2002, the Company received cash return from capital reduction in 58,100 
preference shares of such company at Baht 100 each and recorded the gain on such capital return of 
approximately Baht 2.7 million in the earnings statements for the year ended 31 December 2002.
	During the second quarter of 2003, the Company received cash return form capital reduction in 127,908 
ordinary shares of related company at Baht 100 each and recorded the gain on such capital return of 
approximately Baht 6 million in the earnings statements for the current year.
	However, as at 31 December 2003, the investee company is not still to operate its project.
9.	PROPERTY, PLANT AND EQUIPMENT

	(Unit : Baht)

Consolidated




Furniture and

Construction 



Office
Building
other office
Motor
in


Land
condominium
improvement
equipment
vehicles
progress
Total
Cost







31 December 2002
60,865,879
489,436,469
29,618,918
11,684,295
5,003,179
-
596,608,740
Purchases
39,530,269
237,150,590
-
4,614,333
66,876
3,274,398
284,636,466
Disposals
(92,539,829)
(691,106,464)
(17,050,967)
-
-
-
(800,697,260)
31 December 2003
7,856,319
35,480,595
12,567,951
16,298,628
5,070,055
3,274,398
80,547,946
Accumulated depreciation






31 December 2002
-
130,762,621
15,907,449
9,860,234
1,218,611
-
157,748,915
Depreciation for the year
-
13,715,766
2,667,587
1,358,740
1,544,833
-
19,286,926
Disposals
-
(135,406,322)
(9,812,411)
-
-
-
(145,218,733)
31 December 2003
-
9,072,065
8,762,625
11,218,974
2,763,444
-
31,817,108
Net book value







31 December 2003
7,856,319
26,408,530
3,805,326
5,079,654
2,306,611
3,274,398
48,730,838
31 December 2002
60,865,879
358,673,848
13,711,469
1,824,061
3,784,568
-
438,859,825








Depreciation in the earnings statements for the year
2003





19,286,926
2002





21,061,632




(Unit : Baht)

The Company Only




Furniture and

Construction



Office
Building
other office
Motor
in


Land
condominium
improvement
equipment
vehicles
progress
Total
Cost







31 December 2002
60,865,879
489,436,469
29,618,918
11,672,295
5,003,179
-
596,596,740
Purchases
39,530,269
237,150,590
-
4,266,801
66,876
3,274,398
284,288,934
Disposals
(92,539,829)
(691,106,464)
(17,050,967)
-
-
-
(800,697,260)
31 December 2003
7,856,319
35,480,595
12,567,951
15,939,096
5,070,055
3,274,398
80,188,414
Accumulated depreciation






31 December 2002
-
130,762,621
15,907,449
9,859,846
1,218,611
-
157,748,527
Depreciation for the year
-
13,715,766
2,667,587
1,322,260
1,544,833
-
19,250,446
Disposals
-
(135,406,322)
(9,812,411)
-
-
-
(145,218,733)
31 December 2003
-
9,072,065
8,762,625
11,182,106
2,763,444
-
31,780,240
Net book value







31 December 2003
7,856,319
26,408,530
3,805,326
4,756,990
2,306,611
3,274,398
48,408,174
31 December 2002
60,865,879
358,673,848
13,711,469
1,812,449
3,784,568
-
438,848,213








Depreciation in the earnings statements for the year
2003





19,250,446
2002





21,061,244
	As at 31 December 2002, the balances included the Companys land and office condominium with a 
total net book value of approximately Baht 420 million which the Company has been mortgaged with a 
financial institution to secure against long-term loan as mentioned in Note 11 to the financial statements.
	As at 31 December 2003 certain equipment items have been fully depreciated but are still in use. The 
original cost, before deducting accumulated depreciation, of those assets amounted to Baht 7 million.
10.	SHORT-TERM LOANS
The outstanding balance represents a loan obtained from a local bank to purchase property fund units. 
Interest on the loan is charged at 4.5% per annum and the loan is to be repaid within 3 November 2004. 
	The facility is secured by the pledge of the property fund unit certificates.
The loan agreement contains certain conditions which the Company has to observe, such as the 
maintenance of debt to equity ratio.
11.	LONG-TERM LOANS
	(Unit : Baht)

Consolidated
The Company Only

2003
2002
2003
2002
Long-term loans
378,129,001
190,000,000
254,827,747
190,000,000
Less : current portion of long-term loans
-
(8,400,000)
-
(8,400,000)
Long-term Loans - net
378,129,001
181,600,000
254,827,747
181,600,000
In 2002, the Company entered into loan agreements with a finance company to obtain a loan facility of 
Baht 250 million, which as at 31 December 2002, the Company had drawn down Baht 190 million from 
such loan facility. The loan is repayable on a monthly basis totaling 90 installments, commencing in 
April 2003 and subject to interest at the rate of MLR per annum of Siam Commercial Bank Plc. During 
the year, the Company has drawn down the remaining loan facility of Baht 60 million from such 
finance company.
The loan agreement contains certain conditions which the Company has to observe, such as the 
maintenance of debt to equity ratio.
The Company has mortgaged most of title deed of office condominium units and another plot of land 
and construction thereon to secure against long-term loan as mentioned in note 9.  
The Company made full repayment of such loans in October 2003.
On 19 March 2003, the Company entered into loan agreements with a local bank to obtain a loan 
facility of Baht 535 million to be used for construction of the Companys project.  As at 31 December 
2003 the Company had drawn down Baht 263 million from the loan facility provided by the bank. 
Interest on the loans is charged at MLR per annum and the loans are due for repayment whenever 
mortgaged assets are released for sale to customers of the project, at a rate of 70 percent of the price at 
which the land and construction is sold. However, the loan is to be repaid in full on or before 18 March 
2006.
This facility is secured by the mortgage of land and construction thereon in the project of the Company.

During the year 2003, two subsidiaries entered into loan agreements with local finance companies to 
obtain facilities to totaling Baht 488 million in order to purchase land and facilitate the operation of 
their projects. As at 31 December 2003 the subsidiaries had drawn down Baht 132 million from the loan 
facilities. Interest on the loans are charged at rates close to MLR per annum of Siam Commercial Bank 
Plc. and the loans are due for repayment whenever mortgaged assets are released for sale to customers 
of the project at a rate stipulated in the loan agreements. However, the loans are to be repaid in full on 
or before 2006.
This loan facilities are secured by the mortgage of land and construction thereon in the projects of the 
subsidiaries.
The loan agreement stipulates certain covenants normal for long-term loans such as restrictions on the 
disposal of fixed assets or the creation of lien thereon, the increase of capital, and the reduction of 
capital.
12.	SHARE CAPITAL
	12.1	By the resolution of the extraordinary meeting of the shareholders no. 1/2002 on 5 July 2002, the 
Company was approved to decrease the registered capital of Baht 360 million (3.6 million 
ordinary shares of Baht 100 each), resulting in the decrease in its registered capital from Baht 800 
million (8 million ordinary shares of Baht 100 each) to Baht 440 million (4.4 million ordinary 
shares of Baht 100 each) in order to decrease its deficit.  The Company had registered such share 
capital decrease with the Ministry of Commerce on 11 September 2002.
	12.2	By the resolution of the extraordinary meeting of the shareholder no 3/2002 on 25 September 
2002, the Company was approved to process as follows :-
		12.2.1	Change its par value from Baht 100 per share to Baht 5 per share, causing the registered 
share capital to be Baht 88 million ordinary shares of Baht 5 each.  The Company had 
registered such par value change with the Ministry of Commerce on 26 September 2002.
	

		12.2.2	Increase the registered share capital from Baht 440 million (88 million ordinary shares of 
Baht 5 each) to Baht 600 million by issuing 32 million new ordinary shares of Baht 5 
each to reserve for initial public offering and allocate to the Companys director and 
employee.  The Company had registered such share capital increase with the Ministry of 
Commerce on 30 September 2002.
		During the fourth quarter of 2002, the Company received the share subscriptions for 32 million 
shares, consisting of 30 million shares with a selling price of Baht 6.1 each and 2 million shares 
with a selling price of Baht 5 each.  The premium of Baht 33 million on the share capital 
subscription, net of related subscription expenses of approximately Baht 9 million, was presented 
as share premium.
13.	STATUTORY RESERVE
	According to the Public Limited Companies Act B.E. 2535, the Company is required to set aside a 
statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward 
(if any) until the reserve reaches 10 percent of the registered share capital.  The statutory reserve could 
not be used for dividend payment. 
14.	RENTAL AND SERVICES INCOME
	Formerly, this included rental and services income generated from 191 office and shop condominium 
units representing approximately 49 percent of the area available for rental, which the Company 
transferred to a bank in settlement of debt and then leased back from the bank, in accordance with the 
debt restructuring agreement. The Company had first option to purchase the above condominium units 
or to arrange for third parties to buy them, until 29 June 2003. However, the Company entered into an 
agreement with the bank to lease the condominiums for a period of 1 year, commencing immediately 
after the expiry date of such option and successfully negotiated to extend the repurchase option for 
another six months. Subsequently, on 24 October 2003, the Company bought back 69 condominium 
units at the price used for the transfer of ownership in settlement of debt, plus interest determined at the 
rate of 5.75% per annum as from the transfer date to the buy back date. In addition, the Company has 
successfully negotiated an extension of the buy back option for the remaining condominium units to 31 
December 2004. The Company is currently seeking financing to buy back these remaining units.
15.	DIRECTORS REMUNERATION
	Directors remuneration represents the benefits paid to the Companys directors in accordance with 
Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to 
executive directors.
16.	CORPORATE INCOME TAX
	No corporate income tax was payable on the earnings for the year since the tax losses brought forward 
from previous years exceed net earnings for the year. 
	Corporate income tax for the year of the subsidiary company was calculated based on accounting profit 
after adding back expenses which are non deductible for tax computation purposes, and deducting tax 
losses brought forward from prior year.
17.	DIVIDEND
At the Annual General Meeting of the Companys shareholders No. 1/2003 held on 24 April 2003, it 
was resolved that the Company pay a dividend of Baht 0.15 per share (totaling Baht 18 million) to its 
shareholders in respect of the 2002 earnings. Such dividend was already paid and recorded during the 
current year.
18.	NUMBER OF EMPLOYEES AND RELATED COSTS

2003
2002
Number of employees at end of year (Persons)
50
29
Employee costs for the year (Thousand Baht)
17,416
10,597
19.	PROVIDENT FUND
	The Company and its employees jointly established a provident fund as approved by the Ministry of 
Finance in accordance with the Provident Fund Act B.E. 2530.  Such fund is monthly contributed by 
both the employees and the Company at the rate of 5 percent of their basic salaries.
	The fund is managed by BOA Asset Management Company Limited and will be paid to the employees 
upon termination in accordance with the rules of the fund.  During the current year, Baht 210,991 has 
been contributed to the fund by the Company.
20.	COMMITMENTS
1)	As at 31 December 2003, the Company and its subsidiaries had outstanding lease and service 
commitments totaling approximately Baht 28.8 million as follows payable to a bank in 
accordance with the debt restructuring agreement and to other companies.
					Period (Year)	Million Baht	
			   1	13.1
			2 - 4	15.7
	2)	As at 31 December 2003, the Company and its subsidiaries had outstanding commitments 
totaling approximately Baht 121 million in respect of survey, design and construction agreements 
in relation Company and its subsidiariess projects.
	3)	As at 31 December 2003, the Company had outstanding commitments amounting to Baht 19 
million in respect of agreement for the improvement and decoration of the condominium units it 
rents from a company.
21.	BANK GUARANTEES
	As at 31 December 2003, there were outstanding bank guarantees of Baht 23 million (2002 : Baht 6 
million) issued by the bank on behalf of the Company and its subsidiaries as required in the normal 
course of business of the Company and its subsidiaries.
22.	FINANCIAL INFORMATION BY SEGMENT
	The Company and its subsidiaries are engaged in lease of office condominium and real estate 
development business. The Company and its subsidiaries are carried on in the single geographic area in 
Thailand.

	Financial information from the earnings statements regarding business segments of the Company and its 
subsidiaries for the years ended 31 December 2003 and 2002 are as follows :-

(Unit : Million Baht)

For the year ended 31 December

Lease of office condominium
Real estate development
Total

2003
2002
2003
2002
2003
2002







Revenue from sales and services
845
152
46
-
891
152
Earnings from operations
104
57
19
-
123
57
Other income




50
36
Selling, administrative and interest expenses




(86)
(42)
Share of loss from investment in associate company




(16)
-
Corporate income tax




(2)
-
Minority interest in net loss of subsidiaries




1
-
Net earnings




70
51
	Financial information from the balance sheet regarding business segments of the Company and its 
subsidiaries as at 31 December 2003 and 2002 are as follows :-



(Unit : Million Baht)

Lease of office condominium
Real estate development
Total

2003
2002
2003
2002
2003
2002







Project under development
-
-
693
-
693
-
Property, plant and equipment - net
46
439
3
-
49
439
Other assets




673
487
Total assets




1,415
926
23.	FINANCIAL INSTRUMENTS
Financial risk management and policies
The Company is exposed to risks from changes in market interest rates and from nonperformance of 
contractual obligations by counterparties. It does not hold or issue derivative instruments for speculative 
or trading purposes.

Interest rate risk
The interest rate risk is the risk that future movements in market interest rates will affect the results of 
the Companys operations and its cash flows. The Companys exposure to interest rate risk relates 
primarily to its deposits with financial institutions and loans. However, the Company does not use 
derivative financial instruments to hedge such risk. 
Foreign currency risk
The Company has no exposure to foreign currency risk since the majority of financial transactions are 
in Baht currency.
Credit risk
The Company is exposed to credit risk primarily with respect to trade accounts receivable. However, 
due to the large number and diversity of the entities comprising the Company customer base, the 
Company does not anticipate material losses from its debt collection and believes that the maximum 
exposure to credit risk is limited to the carrying amount of receivables less allowance for doubtful debts 
as stated in the balance sheets.
Fair value
	Since the majority of the financial assets are short-term and that the loans carry interest at rates close to 
current market rates, the management believes that the fair value of the Company and its subsidiaries 
financial assets and liabilities do not materially differ from their carrying value.
24.	PRESENTATION
	The presentation of the financial statements has been made in compliance with the stipulations of the 
Notification of the Department of Business Development dated 14 September 2001, issued under the 
Accounting Act B.E. 2543.
	Certain amounts in the financial statements for the year ended 31 December 2002 have been reclassified 
to conform to the current years classifications, with no effect on previously reported not earnings or 
shareholders equity.
25.	APPROVAL OF FINANCIAL STATEMENTS
	These financial statements have been approved by the director of the Company.
-  7  -

