The Audit Committee was appointed by the Board of Director, comprising of three independent and non-executive directors, namely Mr. Arun Ngamdee as Chairman, Mr. Prathan Rangsimaporn and Mr. Manit Boonprakob as members of the Committee. Our main duties and responsibilities are to review accuracy and sufficiency of financial reports of the Company, to provide adequate and effective internal audit and internal control system of the Company, to control the Company to comply with all related laws and regulations, to ensure sufficiency of disclosure of information by the Company, and to consider and propose the appointment of the Company auditors and their remuneration.

During the year 2007, the Audit Committee held six meetings having the followings significant matters :

1. Reviewing quarterly, annual and consolidated financial statements of the Company and its subsidiaries, prior to submission to the Board of Director, the Securities Exchange Commission and the Stock Exchange of Thailand. After due consideration of the said financial statements and discussions with external auditors and management division, we are of the opinion that the above-mentioned financial statements are recorded in accordance with generally accepted accounting principles with accuracy, completeness and sufficient disclosure of information.

2. Evaluating sufficiency and appropriateness of the Company's internal control system, through the supervision and review of the Internal Audit Office and external auditors; supporting and encouraging their independent operation; applying risk assessment as guideline for examining in order to mitigate from potential risk causing damage to business operation of the Company; discussing with internal audit officer and external auditor to consider material suggestions for enhancing efficiency of their operation and control in order to make confidence of management division, Board of Director and Audit Committee on sufficiency and appropriateness of internal control system and risk management.

3. Reviewing compliance of relevant rules, regulations and laws; following up compliance of operation systems which have already been improved and developed.

4. Reviewing Company disclosure of connected transactions or other transactions which may cause conflict of interest.

5. Reviewing organization structure, scope and responsibilities as well as charter of Internal Audit Office and annual audit plan.

6. Reviewing and discussing with management representative to acknowledge any issue(s) which might cause administrative difficulties or might have influence on the business operation of the Company; providing advice to management division as deemed appropriate.

7. Presenting Audit Committee report and advice to the Board of Director for their acknowledgement regularly in every Board of Director meeting.

For the year 2008, the Audit Committee has proposed the Board of Director to further propose to Annual General Shareholder Meeting to appoint Dr. Virach Aphimeteetamrong, Mr. Chaiyakorn Aunpitipongsa and/or Mr. Apiruk Ati-anuwat, certified auditor of Dr. Virach & Associates as the Company's auditor for the accounting period for year 2008.
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