









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

We have reviewed the balance sheet as at June 30, 2004, the related statements of income  for the 3 months and 6 
months periods then ended June 30, 2004 and 2003, changes in shareholders equity and cash flows for the 6 
months periods then ended of  Nippon Pack (Thailand) Public Company Limited.  These interim financial 
statements are the responsibility of  the Companys management as to their correctness and completeness of the 
presentation.  Our responsibility is to issue  a report on  these interim financial statements based on our review. 
The balance sheet as at December 31, 2003 the related statements of income for the 3 months and 6 months 
periods then ended, changes in shareholders equity and cash flows for the 6 months periods then ended June 
30,2003, which have been presented herein for comparative purpose, were audited and reviewed by another 
auditor whose reports dated February 23, 2004 and  August 4, 2003 respectively are unqualified reports on those 
statements.

We conducted our  review in accordance with the standards on auditing applicable to review engagement.  This 
standard require that we plan and perform the review to obtain moderate assurance as to whether the interim 
financial statements are free of material misstatement.  A review  is limited primarily to inquire of the Company 
personnel and analytical procedures applied to financial data and thus provides less assurance than an audit in 
accordance with generally accepted auditing standards. We have not performed an audit and, accordingly, we do 
not express such an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that  the accompanying interim 
financial statements are not presented fairly, in all material respects, in conformity with generally accepted 
accounting principles.



-2-

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

In notes to the financial statements No. 6 the Company invested in marketable securities available for sale 
amounting to 84.60 million baht that is not the Company main business and as at  June 30,2004 the fair value of 
these securities have been decreased amounting to 12.70  million baht.


				
Mr.Chamras  Pingkhalasay
Certified Public Accountant  No.1470

Chamras CPA Co.,Ltd.
August 7, 2004


