









Report of Independent Auditor
To the Shareholders and Board of  Directors of  
Nippon Pack (Thailand) Public Company Limited

We have audited the balance sheet of Nippon Pack (Thailand) Public Company Limited as at March 31, 2004  the 
related statements of income, changes in shareholders equity and cash flows for the three months period then 
ended.  These financial statements are the responsibility of  the Companys management as to their correctness 
and completeness of the presentation.  Our responsibility is to express an opinion of these financial statements 
based on our audits. The balance sheet as at December 31, 2003 the related statements of income, changes in 
shareholders equity and cash flows for the three months period then ended March 31,2003, which have been 
presented herein for comparative purpose, were audited and reviewed by another auditor whose reports dated 
February 23, 2004 and May 8,2003 respectively are unqualified reports on those statements.

We conducted our audits in accordance with generally accepted auditing standards.  Those standards require that 
we 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 statements presentation.  
We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial 
position of  Nippon Pack (Thailand) Public Company Limited as at  March 31, 2004 , the results of its operations 
and cash flows for the three months period then ended in conformity with generally accepted accounting 
principles.





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We would like to draw your attention, being not affected our opinion in the preceding paragraph. 

In notes to the financial statements No. 6 the Company invested in marketable securities available for sale 
amounting to 97.30 million baht that is not the Company main business and as at March 31,2004 the fair value of 
these securities have been decreased amounting to 17.25 million baht.


			
	
Mr.Chamras  Pingkhalasay
Certified Public Accountant  No.1470

Chamras CPA Co.,Ltd.
May 20, 2004



