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SOLAR : Annual Report 2009

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Annual Report 2009

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Page 1: SOLAR : Annual Report 2009
Page 2: SOLAR : Annual Report 2009

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�������� ���ก�� ����������� ����������������������������������� �������� ���!�"�� “The Leader of Solar Technology”

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Page 5: SOLAR : Annual Report 2009

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Page 7: SOLAR : Annual Report 2009

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1. ���J��� ��"+������ !���!���ก!!�ก�! ก!!�ก�!�!�*�!����'�/��� ก!!�ก�!�!!*����ก3�*��%�-���� �!���'���*���/��!�*�! ���'� ��ก�!�!�"�� �!���-�ก�!�Kก"�

���==�� Master of Business Administration (Finance, Policy and Planning) University of Missouri, USA

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2549 >> $��ก12�� DAP54/2006 1�4�1��/1���13���ก���ก�������'��

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Page 8: SOLAR : Annual Report 2009

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2. �����!'�2 �!�'��� ก!!�ก�! ก!!�ก�!�!�*�!����'�/��� ก!!�ก�!�!!*����ก3�*��%�-���� �!���-�ก�!�Kก"� ���==�� Master of Business Administration, Tarleton University, Texas, USA

���==�� ��=% ���,�� �$����������C1��� �!���-�ก�!�3��� 2547 p �O ���� >> ก���ก� ������ ��������� !ก�� (�$%�) 2550 p 2551 >> ��.�/ �$��� ����$� ������ ��������� !ก�� (�$%�) 2549 p �O ���� >> ก���ก����$� ������ /�A�/��� !ก�� 2547 p ก��+(��� 2550 >> ก���ก� ������ ����2�������1�� 1� !ก�� (�$%�) 2545 p 2546 >> ��.�/ �$��� ����$� ������ �� ���� ����@ ���/����/�%���-�� !ก�� (�$%�) 2537 p 2544 >> ก���ก����$� ������ /�A�/�A� -ก��� � !ก�� (�$%�) �!���-�ก�!��!� 2547 >> $��ก12�� DAP27/2004 1�4�1��/1���13���ก���ก�������'�� ����%�ก�!+.�*�� >> 1,000,000 $���

Page 9: SOLAR : Annual Report 2009

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3. ����ก!�- '-2��!�� ก!!�ก�! �!���-�ก�!�Kก"�

���==�� 19 Financial and Supply Chain at Waikato University, Hamilton, New Zealand �!���-�ก�!�3��� 2552 p �O ���� >> ก���ก� ������ ��������� !ก�� (�$%�) 2549 p �O ���� >> ก���ก�-�.ก���ก�*2� ��ก� ������ ������� ก���R -���� 4���� � 4��� !ก�� 2549 p �O ���� >> ก���ก� ������ ������� � 1���� ��/�A� !ก�� 2548 p �O ���� >> ก���ก� ������ ������� (���(/(���� > � /�����/���� !ก�� 2545 p �O ���� >> ก���ก� ������ %2/���� /�A�/����'(�1� !ก�� ����%�ก�!+.�*�� >> 2,460,000 $���

Page 10: SOLAR : Annual Report 2009

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4. ����2�-� (-!��!�'����, ก!!�ก�!���!� ก!!�ก�!-!����� ก!!�ก�!�!�*�!����'�/��� �!���ก!!�ก�!�!!*����ก3�*��%�-���� �!���-�ก�!�Kก"� ���==�� ���% �$���,�� �$����������C1���

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Page 11: SOLAR : Annual Report 2009

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5. ��2�2�!�-� ����ก(2� ก!!�ก�!���!� ก!!�ก�!-!����� �!���-�ก�!�Kก"�

���==�� 19/C��QC1��� (/C��QC1����.$�����./�C, ก�/���) �$�������/�� ��./�C1$��Q�/���ก 1996

���==�� 19/C��QC1��� �$�������4���/�� (/ก ��������) ��./�C1$��Q�/���ก 1993

�!���-�ก�!�3��� 2552 p �O ���� >> ก���ก���1�. -�.ก���ก���� 1�� ������ ��������� !ก�� (�$%�) ก��+(��� p � �4� 2550 >> *2�/% ���%=�����/C��Qก� , Monetary and Economic Department, Bank of International Settlements (BIS) (Basel, Switzerland) (PC �ก�� 2549 p �O ���� >> *2����$� � �13���/������ก��.$�����./�C WB����$�9���2�, �4�-$����./�C'�� ก����� 2549 p ���4� 2549 >> *2���/4�.$�����1, WB����ก�/���, �4�-$����./�C'�� ���4� 2544 p ���4� 2549 >> /C��Qก���/4�.$�����1, � �1!�� , WB�ก������./�C, �4�-$����./�C'�� (P�+4� 2539 p ���4� 2544 >> /C��Qก�, � ����ก�%!�./���, 1������ก�/���, �4�-$����./�C'�� �!���-�ก�!��!� 2552 >> $��ก12�� DAP81/2009 1�4�1��/1���13���ก���ก�������'�� ����%�ก�!+.�*�� >> -0-

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Page 19: SOLAR : Annual Report 2009

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Page 21: SOLAR : Annual Report 2009

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Page 22: SOLAR : Annual Report 2009

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(31 $��� %& 2551 : �� �� &�B 300,000,000 �� � &3�%� �� ��� 1 / " "��"#���ก����0 ���� � �� �� &�B 300,000,000 �� � &3�%� �� ��� 1.00 / " 300,000,000 300,000,000 ����+ก4�&3�%� �� � 18 407,250,000 407,250,000 ����+ก4�"��, กก �.#� % �4�"��*�9� �� 11 39,806,882 - ก0 -����& ,������� � - �0 ��'. &กM�& � 19 39,650,000 39,650,000 ��'-&�-� ,����� 14,210,861 130,720,522

����6�$�"3%45��� 800,917,743 877,620,522

����(@���� �6�$�"3%45��� 888,864,248 974,046,669

�& �+�.�1��ก�/'/ก �+'4�+1=�������<�')�''/ก �+'4��#(

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���-�� �8����+�� �&�ก�� (���;) "�ก&�0�$���� �&������+6� �?��@������(! 31 ������ 2552 �� 2551

(����� : / ") 2552 2551

�� 0� � �-� , กก �) � 62,056,050 325,465,916 � �-� , กก �) �*� �&.4�.�(' 58,121,734 97,523,646

����� 0� 120,177,784 422,989,562

+��$� . �"��) � 57,599,060 263,636,914 . �"��) �*� �&.4�.�(' 57,484,099 90,146,231

��&. �"��) � 115,083,159 353,783,145

ก&�0�$�@+ 5,094,625 69,206,417 � �-� ���� � �-� ��ก+/#(���/ 547,223 1,659,605 ก0 -�, ก��.� ��ก+1�#��� 2,860,603 4,751,078 ���� N 502,738 747,139

ก&�0�ก6��6�B;�6� 9,005,189 76,364,239 %� >� ,� �>�ก �) � 17,818,784 14,225,593 %� >� ,� �>�ก �/�4� � 43,521,057 43,948,968 %� >� ,� �>�ก �2�4.-&�+.?&ก0 ��'ก �2�4.1ก.4 6,704,149 2,212,476 ��#(�'���,��3B(7��ก��/) 30,214,039 (5,305,673) %� .�/�"�23 /�4� � 16,407,930 16,187,836 ) �"��, กก �� ��%� )�'�4�"��*�9� �� 11 11,584,745 -

ก&�0� / ($����) ก6�+����"ก��'"� (113,245,515) 5,095,039 . �"��" 'ก �+'4� (3,264,146) (2,895,782)

ก&�0�/($����)������&������? (116,509,661) 2,199,257

ก&�0�+6���$�@�5@:� ก0 -�/() �"��).���� �)�(�*�(�A � (0.39) 0.01

,0 ����� �� &�B���+P�#�����'�(0 ���ก (�� �) 300,000,000 300,000,000

�& �+�.�1��ก�/'/ก �+'4�+1=�������<�')�''/ก �+'4��#(

Page 44: SOLAR : Annual Report 2009

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���-�� �8����+�� �&�ก�� (���;) "����"ก��'��(! ���"B�6�$�"3%45��� �&������+6� �?��@������(! 31 ������ 2552 �� 2551

(����� : / ") ��'�5��� �6�'ก��� ก&�0�� �� �(!��ก�� �6�'ก� ��กก��+(

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���"'��5� - +�? - 2551 300,000,000 407,250,000 - 39,650,000 128,521,265 875,421,265 ก0 -���"$4�0 ���/15 - - - - 2,199,257 2,199,257 ���"'��5� - ��� �? - 2551

300,000,000 407,250,000 - 39,650,000 130,720,522 877,620,522

����+ก4�"��, กก �.#� % �4�"��*�9� ��

11 - 39,906,882 - - 39,906,882

) �"����"$4�0 ���/15 - - - - (116,509,661) (116,509,661)

���"'��5�-��� �? - 2552 300,000,000 407,250,000 39,906,882 39,650,000 130,720,522 800,917,743

�& �+�.�1��ก�/'/ก �+'4�+1=�������<�')�''/ก �+'4��#(

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���-�� �8����+�� �&�ก�� (���;) "�ก� ��'"��� � ���(! 31 ������ 2552 �� 2551

(����� : / ") 2552 2551

ก� ��'"�����กก��ก����&�'�"� ก0 -�() �"��)��"$4 (116,509,661) 2,199,257 � �ก �1��/1��' : %� +����&� % 17,093,301 21,637,372 ��#(�'���,��3B (7��ก��/) 30,214,039 (5,305,673) (ก0 -�)) �"��"#���'-&�+ก4�)<(�, ก��.� ��ก+1�#���+'4�.� .� '1��+"Q- ��"$4 128,859 (2,559,358) %� +2����4�% � �&��(7��ก��/) (12,561) 34,250 %� +2���&3�%� �4�% ���' 1,139,035 - (ก0 -�) / ) �"��, กก �,0 ��� �+%����',�ก������1ก�!9 (172,896) 39,572 ) �"��, กก �.��,0 ��� �"��*�9�4��0 ��� 30,067 689,196 ) �"��, กก �� ��%� )�'�4�"��*�9� �� 11,584,745 - ��ก+/#(�,� � 3,264,146 2,895,782

ก&�0�($����)ก6�ก��'��(! ���"$�"������ � �� �(@���&�'�"�

(53,240,926) 19,630,398

�4�"��*�9�0 +�4�' �(+*4�&)<(�) ���' �3ก��#(ก �% 34,381,289 (93,754,466) �3ก��#(+'4�1��ก��2�' � 844,808 551,362 �4�% %'+���� (1,483,156) 137,806,510 �4�"��*�9�&��+�#������ 4,423,993 (2,413,991) �4�"��*�9-&��&��+�#������ (123,529) (49,981,431) ��#(�4��0 +�4�' �+*4�&)<(�(���') +, ��#(ก �% (4,187,089) 866,744 ��#(�4��&��+�#������ (890,578) (6,820,101)

'"����������กก��ก����&�'�"� (20,275,188) 5,885,025 ,� ���ก+/#(� (3,264,143) (2,895,782) L 6#+'4�-� �3ก��ก ! "#�,� � (1,296,257) (1,249,651)

'"��������0�����ก (B;0�B) ก��ก����&�'�"� (24,835,588) 1,739,592

�& �+�.�1��ก�/'/ก �+'4�+1=�������<�')�''/ก �+'4��#(

Page 46: SOLAR : Annual Report 2009

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���-�� �8����+�� �&�ก�� (���;) "�ก� ��'"��� � ���(! 31 ������ 2552 �� 2551

(����� : / ")

2552 2551

ก� ��'"�����กก��ก����"�� +'4�K ก�� /��ก �+'4�"#��0 -1>� +1=����ก1��ก�����' - 192,716 +'4��'"������%� ����'(+*4�&)<(�) 34,805,100 (31,392,900) +'4�K ก1��,0 �� /��ก �+'4�"#�&#) �,0 ก��>�ก �>� ���' - 10,000,000 +'4���,� �+*���8�(�"#��4� � % ������1ก�!9 (8,927,698) (24,141,987) +'4�����/, กก �,0 ��� �"#��4� � % ������1ก�!9 183,177 112,333

'"��������0�����ก(B;0�B)ก��ก����"�� 26,060,579 (45,229,838)

ก� ��'"�����กก��ก��������'"� +'4�+/4ก+ก4�/�B�#$� % ����+'4�ก3 ��&������(�, ก�� /��ก �+'4� +*4�&)<(�(���')

(4,725,979) 9,049,736

+'4�ก3 ��&������(�, กก��&ก � 3,000,000 - ��BB +�� ก �+'4������ �+*4�&)<(� - 1,648,194 ,� ��0 ����#(�4�. &��BB +�� ก �+'4� (1,672,428) (1,685,135)

'"��������0�����ก (B;0�B) ก��ก��������'"� (3,398,407) 9,012,795

'"����� �� ก��'�( �'�6�'"������" - ����� (2,173,416) (34,477,451) +'4������� �ก �+"#�/+"� +'4��� ! ���"#� 1 &ก� %& 2,975,601 37,453,052

'"����� �� ก��'�( �'�6�'"��� � ���(! 31 ������ 802,185 2,975,601

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Page 47: SOLAR : Annual Report 2009

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���-�� �8����+�� �&�ก�� (���;) ��� '�+��� ก��"�ก��'"� 31 ������ 2552 �� 2551

1. $��%���!�0�

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Page 48: SOLAR : Annual Report 2009

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2. ���ก'ก�G�Bก������&�"�ก��'"�

2.1 '/ก �+'4��#(,��"0 )<(�. && .�A �ก �/�B�#���& .�A �ก �� �' �" 'ก �+'4� ��&�<'ก �.#%� &������1@4/�.4" 'ก �/�B�#"#�1��ก Q>� 7���L �4� �#*/�B�# (R�L �4� �#*/�B�#T) ���,��"0 )<(�. &���กก �/�B�#"#���/��'"���-1)�'1��+"Q-"� ���ก ����'� �ก �>�'/ก �+'4�-� "0 )<(�+*���>� +1=�-1. &) �ก0 ���>�1��ก Qก�&*�V� $��ก4,ก �% �'���"#� 30 &ก� %& 2552 ��ก. &%� &>�*��� �/�BB�.4ก �/�B�# *.Q. 2543

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2.3 >�ก �,��"0 '/ก �+'4�>� +1=�-1. && .�A �ก �/�B�#���& .�A �ก �� �' �" 'ก �+'4� 23 /�4� �. �'>� ก �1��& !���) ��&.4A ��� �1��ก �8<�'&#2�ก��"/.��ก �ก0 ����7�/ ����ก �� �' �,0 ���'4�"#�+ก#���ก�/�4�"��*�9 ��#(�4� � �-� ���%� >� ,� �2�"#�+ก4�)<(�,�4',<'�.ก.� ', ก"#�1��& !ก �-� 1��& !ก ����) ��&&.4A �"#�>� >�ก �,��"0 '/ก �+'4�,�-� ��/ก �"/"����� '.��+����' ก �1��/1��& !ก �" '/�B�#,�/��"<ก>�'��/�B�#"#�1��& !ก ���'ก�� �-� ��/ก �"/"�����>��� %."#�-� ��/2�ก��"/

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P/�/"#� 40 ���'� �4&"��*�9+*���ก ��'"�� 1 &ก� %& 2554

Page 49: SOLAR : Annual Report 2009

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��� '-�ก?. & ก4,ก �� & ���0 & .�A �ก �/�B�#P/�/"#� 24 (1��/1��' 2550) ���P/�/"#� 40 & ���1@4/�.4ก���ก0 ���-� K[ �/�4� �)�'/�46�"S -� 1��+&4��� �+�?��� & .�A �ก �/�B�#P/�/"#� 20 ���& .�A �ก �/�B�#P/�/"#� 40 -&�+ก#���+����'ก�/$��ก4,)�'/�46�"S ����& .�A �ก �/�B�#P/�/"#� 24 (1��/1��' 2550) ,�-&�&#2�ก��"/��� '+1=�� ���0 %�B.��'/ก �+'4��0 ���/15"#�+�4�&>� & .�A �ก �/�B�#��'ก�� �

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������ �0�6�(+��+ �4�"��*�9-&�&#.��.�,�.��,0 ��� �7���4$#+� �.�'. &� ��ก �>� ' �7��1��& !���,�*4, �! ก �� ��%� � ก&#) �/�'�#( >�ก �/��"<ก������&3�%� +�4�&��ก���ก �*4, �! ก �� ��%� )�'�4�"��*�9-&�&#.��.���(� ,0 +1=�. �'>� ����*4�4,)�'K[ �/�4� �>�ก �1��& !&3�%� )�'�4�"��*�9"#�% ��� ,�-� ��/>��� %. 7���4$#ก �1��& !ก �ก����+'4���%4��� "�('�#( ก����+'4���1��& !ก �/�*�(�A �)�') �&3�ก ��0 +�4�' �"#�&#��3� ! 1W,,�/�� 8<�'1��& !ก �ก����+'4�����'ก�� �� ,+1�#����1�'-� +����', ก L �ก �!9�)�')�� ���7� &ก �+1�#����1�')�'� �-� 7%�'�� '. �"�� ก �+1�#����1�')�'��.� %4��� L ����.� �ก��&���L ��.� �"#�+ก#���) �'

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5. $��%�'��!�'+��'ก(! �ก��ก� ��'"���

5.1 +'4������� �ก �+"#�/+"� +'4��� ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

+'4���>�&�� 349,000 239,000 +'4�K ก$� % � - ก����� ���� 90,201 117,273 +'4�K ก$� % � - ��&"��*�9 362,984 2,619,328 ��� 802,185 2,975,601

5.2 � �ก �"#�-&�+1=�.��+'4� �0 ���/15�4(�������"#� 31 $��� %& 2552 ��� 2551 /�46�"S-� 7���4�% %'+����1��+L"�2'78� �9+8��9�����.���4/����+1=�' ������ 'ก���� '���+%����'.ก�.�'�����1ก�!9,0 ���1��& ! 17.70 � �/ " ��� 7.23 � �/ ". &�0 ��/

6. '"��"��;�!�����

+'4��'"������%� � ! ���"#� 31 $��� %& 2551 +1=�+'4�K ก1��,0 "#�&#����+�� %�/ก0 ��� 12 +���� ,0 ��� 1,000,000 +��#�B���� �9����AS ���1� Q, กL ��23ก*�� &#��ก+/#(�� ���� 1.42 .��15 (! ���"#� 31 $��� %& 2552: -&�&#)

7. �%ก�(@ก���� - �����

�3ก��#(ก �% - ��"$4 ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

�3ก��#(ก �% 120,988,325 155,502,042

��ก %� +2�����#(�'���,��3B (41,502,830) (11,288,791)

����� 79,485,495 144,213,251

! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S &#����3ก��#(ก �% %'+���� 7����ก. &� ����#(-� ��'�#( 2552 2551

��'-&�%�/ก0 ����0 �� 22,501,762 78,666,529

%�/ก0 ����0 ��

- -&�+ก4� 3 +���� 1,162,817 10,214,425

- & กก�� 3 +���� �<' 6 +���� 3,240,236 49,073,881

- & กก�� 6 +���� �<' 12 +���� 34,133,601 263,420

- & กก�� 12 +����)<(�-1 59,949,909 17,283,787

��� 120,988,325 155,502,042

����+�� 1ก.4ก �>� �4�+�����ก��3ก% "���-1)�'/�46�"S %�� 30 - 90 ���

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! ���"#� 31 $��� %& 2552 /�46�"S &4-� *4, �! .�('%� +2�����#(�'���,��3B�0 ���/�3ก��#(����� �ก ������A�4� �ก4,8<�'+ก4�ก0 ����0 ��& กก�� 12 +���� ,0 �����&1��& ! 52.55 � �/ " +����', ก23 /�4� �)�'/�46�"S &#%� &+����&����� ,�� & ��-� ��/�0 ����#(��'ก�� �-� +.?&,0 ���

8. �����"'��5� - �����

�4�% %'+���� - ��"$4 ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

�4�% �0 +�?,�31 31,601,124 94,392,482

��.���4/ 61,320,995 17,042,735

' ������ '"0 597,489 737,547

��-������������4(�+1���' 1,207,261 1,406,708

�4�% ����� '" ' 2,637,153 -

97,364,022 113,579,472

��ก %� +2���ก ���&3�%� ���+%�����-��� )�'�4�% %'+���� (1,227,283) (100,809)

����� 96,136,739 113,478,663

9. ������ ����'�( �5!

�4�"��*�9�&��+�#������ ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

�3ก��#(���� J 7%�'ก �� �4� - 1,998,304

+'4�,� ����'�� 1,801,701 3,148,186

�3ก��#(ก�&���* ก� (L 6#&3�%� +*4�&) 1,993,238 3,498,046

L 6#+'4�-� �3ก��ก ! "#�,� � 2,545,908 1,249,651

����N 3,137,380 2,680,370

��� 9,478,227 12,574,557

10. '"�H�ก�� �&��4���ก��'"��(!�($��&�ก��Bก��B;

+'4�K ก1��,0 $� % � 8<�'/�46�"S-� � '+1=����ก"��*�9%(0 1��ก��.��$� % �+*�����ก���'���%(0 1��ก��>� �ก������' �� �ก �.� ' N ����0 ���/�'+'4�+/4ก+ก4�/�B�#$� % �����'+'4��4�+�������� N "#�&#ก�/$� % � (�& �+�.� 14, 26.1 ��� 26.2)

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11. �(!�� ������� ���ก��� - �����

"#��4� � % ������1ก�!9 ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� ��

"#��4��������

1��/1��'"#��4�

� % ��������

1��/1��'� % �

+%����',�ก������1ก�!9

7�'' �

+%����'.ก�.�'

.4�.�('�����1ก�!9

�0 ��ก' � � �* ���

�4�"��*�9����� '

ก���� '���.4�.�(' ��&

������

31 $��� %& 2551 46,530,403 25,740,202 51,955,218 19,483,560 23,327,776 156,188,931 323,226,090

8�(�+*4�& / ��/7�� 2,210,851 16,944,167 318,182 14,049,778 14,600 15,144,679 48,682,257

,0 ��� � / 7����ก - - (15,510) (122,675) (1,400,262) (22,055,954) (23,594,401)

31 $��� %& 2552 48,741,254 42,684,369 52,257,890 33,410,663 21,942,114 149,277,656 348,313,946

�6�'�5!������� ��

31 $��� %& 2551 6,516,559 9,120,877 46,489,194 11,746,250 16,785,185 - 90,658,065

%� +����&� % �0 ���/15 1,956,742 2,444,213 4,935,105 4,628,104 2,870,631 - 16,834,795

%� +����&� % ���&���'���' - - (9,621) (56,812) (1,400,259) - (1,466,692)

31 $��� %& 2552 8,473,301 11,565,090 51,414,678 16,317,542 18,255,557 - 106,026,168

�6�'ก�����กก��+(���������� �:

31 $��� %& 2551 - - - - - - -

+*4�&)<(� - 8,005,440 31,801,442 - - - 39,806,882

31 $��� %& 2552 - 8,005,440 31,801,442 - - - 39,806,882

�6�'�5!������� �� - �6�'ก�����กก��+(���������� �:

31 $��� %& 2551 - - - - - - -

+*4�&)<(� - - - - - - -

31 $��� %& 2552 - - - - - - -

�6�'35!�ก���� �6�

31 $��� %& 2551 - - - - - - -

+*4�&)<(� 10,524,186 1,060,559 - - - - 11,584,745

31 $��� %& 2552 10,524,186 1,060,559 - - - - 11,584,745

�%��6������+�����;(

31 ������ 2552 29,743,767 38,064,160 32,644,654 17,093,121 3,686,557 149,277,656 270,509,915

31 ������ 2551 40,013,844 16,619,325 5,466,024 7,737,310 6,542,591 156,188,931 232,568,025

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55

%� +����&� % �0 ���/15���'��&��3�>�ก���&/�B�# : - 2552 2551

. �"��ก �2�4.���. �"��) � 1,869,866 9,533,351

%� >� ,� �>�ก �/�4� � 10,551,931 9,862,041

%� >� ,� �>�ก �2�4.-&�+.?&ก0 ��'ก �2�4.1ก.4 4,412,998 2,030,558

��� 16,834,795 21,425,950

+&������"#� 25 $��� %& 2552 /�46�"S -� ,��>� &#ก �1��+&4�� % "#��4� � % � ���+%����',�ก� 7��23 1��+&4�� % �4���7��>� �4$#. �"��"��"� (Cost Approach) . &� �' �)�'23 1��+&4��4��� /�46�"S -� /��"<ก&3�%� "#�+*4�&)<(�, กก �.#� % ,0 ��� 39.80 � �/ "-� >�/�B�#T����+ก4�"��, กก �.#� % �4�"��*�9T8<�'���'��3�����)�'23 ����� ���� /��"<ก&3�%� "#����',0 ��� 11.58 � �/ "-� >�/�B�# T) �"��, กก �� ��%� )�'�4�"��*�9T >�'/ก0 -�) �"��

&3�%� . �"��)�'+%����',�ก������1ก�!9���� �* ���/ '� �ก �8<�'.��%� +����&� % +.?&,0 ����� � �.�/�46�"S ��'%'>� >�ก ��0 +�4�' � ! ���"#� 31 $��� %& 2552 ��� 2551 &#,0 ���+'4�1��& ! 75.56 � �/ " ��� 6.38 � �/ " . &�0 ��/

"#��4��������1��/1��'"#��4�)�'/�46�"S ! ���"#� 31 $��� %& 2552 ��� 2551 ,0 ���+'4� 28.81 � �/ " ��� 29.99 � �/ " . &�0 ��/ -� ,�,0 ��' -� +1=����ก"��*�9%(0 1��ก���0 ���/��BB �4�+����"#�"0 ก�/$� % �>�1��+"Q���'��<�' (�& �+�.� 14 ��� 26.4)

! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S &#��BB 8�(�+%����',�ก������1ก�!9ก�//�46�">�.� '1��+"Q���'��<�' (�& �+�.� 26.6) ���-� ,� �+'4����'�� / '�����0 ���/%� 8�(�+%����',�ก������1ก�!9��'ก�� ��� �+1=�,0 ��� 263.1 � �/ " ����+1=�,0 ��� 5.6 � ��37� 8<�'���'-� >�/�B�#+'4�,� ����'�� %� +%����',�ก������1ก�!9

! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S &#��BB ก �ก���� '7�'' �+8��9��'� "4.�9���.4�.�('��//ก�/ก4,ก �% ���&>�1��+"Q���'��<�' (�& �+�.� 26.7) ���-� ,� �+'4�/ '�����0 ���/%� ก���� '���.4�.�('��//��'ก�� ��� �+1=�,0 ��� 129.94 � �/ " ��� 122.10 � �/ " . &�0 ��/

12. ������ �0�6�(+��+ J �����

�4�"��*�9-&�&#.��.� ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� ��

8�X"9���9%�&*4�+.��9

>/��/��'%�!L *

��&

����ก& ! ���"#� 1 &ก� %& 2552 262,830 2,212,458 2,475,288

8�(�+*4�& - - - 7��& - - - .��,� �>������ '15 (168,282) (90,224) (258,506) ���"'��5� � ���(! 31 ������ 2552 94,548 2,122,234 2,216,782

%� .��,0 ��� ��0 ���/15 ���'��&��3�>�%� >� ,� �>�ก �/�4� �

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13. ������ �0�6���'�( �5!

�4�"��*�9-&��&��+�#������ ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

+'4�,� ����'�� %� ��.���4/ (�& �+�.� 26.5) 103,452,000 103,452,000

%� >� ,� ���.��/�B�# (�& �+�.� 26.5) 16,983,000 16,983,000

����N 699,905 576,376

��� 121,134,905 121,011,376

14. '"�'��ก'ก����;(������� '"�ก% 5�� ��@��ก�4���ก��'"�

+'4�+/4ก+ก4�/�B�#$� % ����+'4�ก3 ��&������(�, ก�� /��ก �+'4� ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� ��.� ��ก+/#(�� ��

��.��15 2552 ��.� ��ก+/#(�� ����.��15 2551

+'4�+/4ก+ก4�/�B�#$� % � 5.75 J 6.15 43,852,178 6.75 20,164,513 "���.9�#8#"���.�h���BB >� +'4� 4.35 J 5.60 19,287,155 5.094 J 6.375 47,700,799

��� 63,139,333 67,865,312

! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S &#�'+'4�+/4ก+ก4�/�B�#����4�+��������ก�/$� % �>�1��+"Q�� ����',0 ���+'4���& 3,050 � �/ " ��� 3,035 � �/ " . &�0 ��/ 8<�'%(0 1��ก��7��+'4�K ก1��,0 (�& �+�.� 10) ���ก �,�,0 ��'"#��4�)�'/�46�"S (�& �+�.� 11)

��ก, ก�#(��'%(0 1��ก��� ��ก �7���4"$4ก ���/+'4�. &��BB , '"#�/�46�"S "0 ก�/ก�&*�V� *��'' �"��"���������ก69*��'' � 8<�'&#&3�%� ��BB ��&1��& ! 24.23 � �/ "

! ���"#� 31 $��� %& 2552 >��'+'4��4�+������'ก�� �) '. � &#�'+'4�+/4ก+ก4�/�B�#$� % ����'��<�' ,0 ��� 20 � �/ " %(0 1��ก��7�����ก"��*�9)�'ก��&ก � ���ก��&ก �/�46�"S +1=�ก �����.��

15. �(@�����'�( �5!

��#(�4��&��+�#������ ! ���"#� 31 $��� %& 2552 ��� 2551 1��ก�/� �� 2552 2551

%� >� ,� �% ',� � 4,866,981 2,410,485

+, ��#(���� J /�46�""#�+ก#���) �'ก�� - 4,815

+, ��#(%� ก���� ' 5,937,004 8,077,004

+'4���/���'�� , ก�3ก% 144,003 123,103

L 6#) � 2,097,827 3,228,814

����N 874,535 966,707

��� 13,920,350 14,810,928

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57

16. �(@��+�������';6�ก��'"�

! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S&#��BB +�� 8�(�� �* ���ก�//�46�"�4�84�'>�1��+"Q/ '���'+1=�����+�� 36 +���� ��� 48 +���� 7��/�46�"S,�. �',� �%� +�� )�(�.�0 >��� %.��'�#( 2552 2551

-&�+ก4� 1 15 822,716 1,807,829

1 - 4 15 559,335 1,382,051

��&%� +�� )�(�.�0 1,382,051 3,189,880

��ก ��ก+/#(���.��/�B�# (76,700) (212,101)

&3�%� 1W,,�/��)�'%� +�� 8�(�)�(�.�0 1,305,351 2,977,779

��ก ����"#��<'ก0 ����0 ��L �>� 1 15 J ��"$4 (767,349) (1,672,428)

����� 538,002 1,305,351

17. ��'�5���

+&������"#� 27 +&6 �� 2552 "#�1����&� &�B23 ����� �1��,0 15 2552 )�'/�46�"S &#&.4���&�.4>� ��ก���+���) ��� �� &�B+*4�&"�����>/�0 %�B���'�4"$4"#�,�8�(��� �� &�B)�'/�46�"S >� �ก� Direct Capital Corporation Limited 8<�',�+1=�23 �'"��� �>�&��//+P* �+, �,' 7��&#��ก6!�+1=�ก �+���) �.��/�%%�>��',0 ก�� (Private Placement) +*����0 -1>� +1=�+'4�"���&��+�#��>�ก �)� �$��ก4,)�'/�46�"S 7��/�46�"S ,�+*4�&"��,�"�+/#��, ก,0 ��� 300,000,000 / " �/�'��ก+1=��� �� &�B,0 ��� 300,000,000 �� � &3�%� �� �"#�.� -� �� ��� 1 / " +1=�"��,�"�+/#��,0 ��� 593,999,988 / " �/�'+1=��� �� &�B,0 ��� 593,999,988 �� � &3�%� �� �"#�.� -� �� ��� 1 / " 7��ก ���ก�� �� &�B>�&�,0 ��� 293,999,988 �� � &3�%� �� �"#�.� -� �� ��� 1 / "

/�46�"S -� ,�"�+/#��+*4�&"��. &"#�-� ก�� �-� ) '. �ก�/ก��"��'* !4��9�� �+&������"#� 7 *U6L %& 2552 ��� '-�ก?. & +&������"#� 26 .�� %& 2552 "#�1����&%!�ก��&ก �/�46�"S %��('"#� 7/2552 -� &#&.4�ก+�4กก �2���2��ก �

-� & 8<�'���ก"��*�9"#���ก>�&�)�'/�46�"S 7��-&�. �'"0 %0 +���8�(����ก"��*�9"�('�&�)�'ก4,ก �7��� Q��&.4"#�1����&23 ����� � (Whitewash) )�'/�46�" Direct Capital Corporation Limited +����', กก �* �����+�� ก �2���2�� ���&#&.4>� /�46�"S+1C�7�ก �>� 23 ���&"��� �>�&�"#�&#%� &�3 %� &� & ��+) & ����1��/1��'�����'+��4&ก ��0 +�4�' �)�'/�46�"S

18. �6�'ก��%��6���

. &*��� �/�BB�.4/�46�"&� ��,0 ก�� *.Q. 2535 & .� 51 >�ก�!#"#�/�46�"S+���) ��� ��3'ก�� &3�%� �� �"#�,�"�+/#��-� /�46�"S. �'/��"<ก R����+ก4�&3�%� �� �T +1=�"���0 ��' /�B�#"���0 ��'�#(,��0 -1,� �+1=�+'4�1W�2�-&�-�

19. �&���"+��กK���

. &*��� �/�BB�.4/�46�"&� ��,0 ก�� *.Q. 2535 & .� 116 /�46�"S,�. �',�����ก0 -���"$41��,0 15������<�'-� +1=��0 ��'. &กM�& �-&�� ��ก�� � ���� 5 )�'ก0 -���"$41��,0 15��ก� �����) �"�����&�ก& (� &#) ,�ก�� "���0 ��'�#(,�&#,0 ���-&�� ��ก�� � ���� 10 )�'"��,�"�+/#�� �0 ��'�#(,��0 -1,�����+1=�+'4�1W�2�-&�-�

Page 59: SOLAR : Annual Report 2009

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23 ����� �"#� -� ��/+'4�1W�2�, ก/�46�"S ,�-� ��/1��7���9, กก �-� ��/�ก+� �L 6# +'4�-� �0 ���/+'4�1W�2� "#�,�-� ��/, ก/�46�"S.�������+�� "#�/�46�"S-� ��/ก ��ก+� �L 6#+'4�-� �4.4/�%%�

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25. �� ก��ก��������� ก��ก���(!'ก(! �$�"ก�

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25.1 ���%'+����ก�//�%%����ก4,ก �"#�+ก#���) �'ก�� ! ���"#� 31 $��� %& 2552 ��� 2551 ����>�B�1��ก�/� �� 2552 2551

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26.3 ! ���"#� 31 $��� %& 2552 ��� 2551 /�46�"S &#��#(�4�"#�� ,+ก4�)<(�>�L ��� .��23 �� , '�0 ���/%� &+�#�� �"#�� ,

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Page 65: SOLAR : Annual Report 2009

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Page 66: SOLAR : Annual Report 2009

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Page 67: SOLAR : Annual Report 2009
Page 68: SOLAR : Annual Report 2009

1

Contents

Page

Vision, Mission , Quality Policy, Safety Policy and Environmental Policy 2

Financial Highlights 3

Message from Chief Executive Officer 4

Message from Audit Committee 5

The Board of Directors 6

Organization Chart 11

General Information 12

Nature of Business 13

Risk Factors 18

Shareholder Structure and Dividend Policy 20

Management Structure 21

Solartron and Corporate Social Responsibility 26

Corporate Governance 27

Related Party Transactions 32

Management Discussion and Analysis of Financial Position and Results of

Operations

33

Report of The Independent Certified Public Accountants 35

Financial Statements 37

Page 69: SOLAR : Annual Report 2009

2

Vision, Mission, Quality Policy, Safety Policy and Environmental Policy

Company’s Vision:

“The Leader of Solar Technology”

Company’s Mission:

SOLARTRON ran 23 years of business with the balance between “Worth” and “Value” for

Shareholders, Employees, Stakeholders, Community and the Environment, Resulting in numerous

corporate social responsibility awards and social acceptance.

Quality Policy:

“We are committed to creating innovative power of Thai consumers and engaging sustainable

development”

Solartron is committed to its policy of conducting activities without making undue impacts on its

own personnel and properties, those of its contractors, the public, and the ecology alike.

To aid continuous improvement, the Company promotes

1. Commitment to research and develop Solar Technology.

2. Commitment to increase the capabilities of employees.

3. Commitment to satisfy customers.

These commitments encourage open and honest communication, the exchange of ideas,

teamwork and collaboration, an involved and supportive leadership in all business dealings.

Safety and Environmental Policy

Solartron recognizes occupational health, Safety and Environment Management System. Safety

and Environment are the heart of our products and services. We are committed to deliver the

best of Safety and Environmental products and services to our customers and stakeholders.

List of quality standards that SOLARTRON is having:

1. Factory management (UKAS, NAC, The Ministry of Labor of Thailand surveillance audit is

required)

� ISO 9001:2008 – Operation (receiving inspection, QC inspection, process inspection,

final inspection) SGS, obtained.

� ISO 14001:2004 – SGS, obtained.

� TIS 18001:1999 – SGS, obtained.

� OHSAS18001:2007 – SGS, obtained.

� TLS 8001:2008 – (Thai Labor Standard) The Department of Labor Protection and Welfare, The

Ministry of labor, obtained.

2. Product (TUV: annual surveillance audit is required)

� TUV Rheinland (Germany), IEC 61215 Edition 2, IEC61730, obtained.

� TISI (Thai Standard), TIS 1843:2542, IEC61215 Edition 1, obtained.

� CE Mark (EU): product certification for export to EU, obtained Directive 89/336/EEC :

Electromagnetic computability.

� RoHS (EU): product certification for EU, obtained.

3. Corporate Social Responsibility: Self Declaration

Page 70: SOLAR : Annual Report 2009

3

Financial Highlights

(Unit: Million Baht, except the Number per Share)

Operation Results 2009 2008 2007

Total Revenues 124.08 430.15 115.27 Revenues from sales and services 120.18 422.99 109.04 Gross Margin 5.09 69.21 17.53 Net profit(loss) (116.51) 2.20 (91.00) EBIT (113.24) 5.09 (84.90) EBITDA (96.15) 26.73 (63.16) Financial Status Total assets 888.86 974.05 959.24 Total liabilities 87.95 96.43 83.82 Total shareholders’ equity 800.82 877.62 875.42 Financial Ratio Liquidity ratio 2.13 3.25 7.47 Total debt to equity ratio 0.11 0.11 0.10 Gross margin ratio 4.24 16.36 16.07 Profit from operation ratio (94.23) 1.20 (77.86) Net profit ratio (93.89) 0.50 (78.94) Return on Assets (12.51) 0.23 (8.18) Return on Equity (13.88) 0.25 (9.88) Earning per share* (0.39) 0.01 (0.30)

(Average 300,000,000 shares) (Average 300,000,000 shares) (Average 300,000,000 shares)

Remark *Baht per Share

Page 71: SOLAR : Annual Report 2009

4

Message from Chief Executive Officer

The global economic downturn in 2009 sent a direct impact to Thai economy. Further,

the Thai industry was dampened by the domestic political turmoil coupled with sluggish exports

amid the world economic situation and the slow investment from government and private

sectors. Therefore, in 2009 Solartron reported a negative performance.

However, Thanks to Solartron’s adaptation to the volatility with the focus on teaming up with key

global solar player, “Suntech Power” by penetrating into large-scale solar power plant. In the

early of 2010, Bangchak Petroleum Public Company Limited awarded 30 MW Solar Power Plant

Project to Suntech Solartron Consortium. This solar power plant is the biggest solar power plant in

South East Asia. This will be the first step in tapping the large scale power plant project with high

economic value in this region.

In addition, Solartron is dedicated to fighting global warming by serving the best

environmentally-friendly solar technology to ensure the well-being of the customers, the

communities and staffs, all stakeholders are given opportunities to participate in the operation

transparently in line with the sustainable development approach. Therefore in 2009 Solartron

took pride in many of its corporate social responsibility (CSR) activities that have achieved the

quote success.

Last but not least I would like to thank all staffs for their hard work and insightful knowledge and

experienced used to administer our success to help Solartron to achieve its goals. On behalf of

the Board of Solartron, I would like to express my deep gratitude to all supports who have

placed their trust in the company throughout the year.

Mrs.Patama Wongtoythong

Chief Executive Officer

Solartron Public Company Limited

Page 72: SOLAR : Annual Report 2009

5

Message from the Audit Committee

To: The Shareholders

Solartron Public Company Limited

The Audit Committee of Solartron Public Company Limited are qualified with the standards set

by the Securities and Exchange Commission. The Audit Committee has performed the duty

independently in accordance with Charter of the Audit Committee. At each meeting, the Audit

committee has reported its performance and opinion independently to the Board of Directors. In

2008, the Audit Committee held 3 meetings in which 2 meetings external auditor were invited.

The important issues of discussion are as follows:

1. Reviewed the Company’s quarterly and annual financial statements for the year 2009

prior to submitting to the Board of Directors to ensure that the financial report is conducted in

accordance with generally accepted accounting standard, along with correct and complete

information disclosure through cooperative meeting among the external auditor, management,

and accounting department.

2. Reviewed the Company’s internal control to ensure that the Company has appropriate

and adequate internal control systems by discussing with the Company’s Internal Department

and management to consider a topic of audit review.

3. Supervised the Company to comply with the laws prescribed by new Securities and

Exchange Acts, and notifications of the Securities and Exchange Commission and the Stock

Exchange of Thailand.

4. Considered state of independence of external auditor and determined the appropriate

compensation to be presented to the Board of Directors for the request of final approval from

Shareholders’ meeting. For 2010, it was considered to propose ASV & ASSOCIATES LIMITED to be

the Company’s external auditor for another one-year term.

5. Reviewed the compliance with good governance practice and monitored compliance

to the regulations regarding criteria, procedures and disclosure of connected transactions or

transactions with conflict of interests which shall be conducted for the best interest of the

Company and all shareholders.

In view of the Audit Committee, the preparation and exposure of Company’s financial

information were sufficient and in accordance with generally accepted accounting standard.

The connected transactions were conducted based on Arm’s length principle and disclosed

adequately. In addition, the Company had a proper internal control and conducted the

business in compliance with the relevant laws and regulations

Mr.Suchat Trisirivattwat

Audit Committee

Solartron Public Company Limited

Page 73: SOLAR : Annual Report 2009

6

The Board of Directors

1. Mrs.Patama Wongtoythong

Deputy Chairman of the Board

Chief Executive Officer

Risk Management Committee

Nomination and Remuneration Committee

And the company secretary

Academic background

Master’s degree Master of Business Administration in Finance, Policy and Planning,

University of Missouri, USA

Bachelor’s degree Bachelor of Business Administration in Accounting,

Thammasat University

Work Experience

2006 – Present >> Director, Solartron PCL

2008 – Present >> Chief Executive Officer, Solartron PCL

2007 – 2008 >> Deputy Chief Executive Officer, Solartron PCL

2005 – 2006 >> Chief Financial Officer, Solartron PCL

2005 – Present >> The Company Secretary, Solartron PCL

2000 – Present >> Director, B.M.S. Co., Ltd.

Training Program

2005 >> DAP54/2005 Thai Institute of Directors Association (IOD)

Number of Shares held >> -0-

Page 74: SOLAR : Annual Report 2009

7

2. Mr.Akaradej Rojmeta

Director

Risk Management Committee

Nomination and Remuneration Committee

Academic background

Master’s degree Master of Business Administration, Tarleton University, Texas,

USA

Bachelor’s degree Bachelor of Business Administration in Accounting,

Thammasat University

Work Experience

2004 – Present >> Director, Solartron PCL

2007 –2008 >> Chief Executive Officer, Solartron PCL

2006 – Present >> Executive Director, Netbay co., Ltd.

2004– Feb 2007 >> Director, Sunwood Industry PCL

2002 – 2003 >> Chief Executive Officer, Digital Onpa International PCL

1994 – 2002 >> Executive Director, GMM Grammy PCL

Training Program

2004 >> DAP27/2004 Thai Institute of Directors Association (IOD)

Number of Shares held >> 1,000,000 shares

Page 75: SOLAR : Annual Report 2009

8

3. Mr.Songkran Taechanarong

Director

Academic background

Bachelor’s degree Financial and Supply Chain at Waikato University, Hamilton,

NWZ

Training Program

2009 – Present >> Director, Solartron PCL

2005 – Present >> Director and Managing Director,

Bonanza Golf and Country Club Co., Ltd.

2005 – Present >> Director, Bonanza Resort Hotel Co., Ltd.

2005 – Present >> Director, Bonanza Property Development Co., Ltd.

2002– Present >> Director, Schuster Enterprise Co., Ltd.

Number of Shares held >> 2,460,000 shares

Page 76: SOLAR : Annual Report 2009

9

4. Mr.Suchat Trisirivattwat

Independent Director

Audit Committee

Risk Management Committee

Chairman of the Nomination and Remuneration Committee

Academic background

Master’s degree Master in Accounting, Thammasat University

Bachelor’s degree Bachelor of Business Administration in Accounting,

Thammasat University

Work Experience

2004 – Present >> Independent Director and Audit Committee,

Solartron PCL

2006 – Present >> Managing Director, Indara Insurance PCL

2004 – Present >> Director, Klangdong Lime and Expert Environment Co., Ltd.

2001 – 2009 >> Managing Director, Environmental Conservative

Service Co., Ltd.

2002– 2005 >> Managing Director, Thai Charoen Assurance PCL

Training Program

2004 >> DAP21/2004 Thai Institute of Directors Association (IOD)

2004 >> ACP1/2004 Thai Institute of Directors Association (IOD)

2006 >> DCP72/2006 Thai Institute of Directors Association (IOD)

2006 >> RCP13/2006Thai Institute of Directors Association (IOD)

2006 >> QFA4/2006 Thai Institute of Directors Association (IOD)

Number of Shares held >> -0-

Page 77: SOLAR : Annual Report 2009

10

5. Mr.Chatwaruth Musigchai

Independent Director

Audit Committee

Academic background

Master’s degree Master of Arts, Economics (finance, International economics, 1st Class

Honor), Yale University, CT, USA 1996

Bachelor’s degree Bachelor of Science, Economics (Cumm Laude), Cornell University,

New York, USA 1993

Work Experience

2009 – Present >> Independent Director and Audit Committee, Solartron PCL

Feb – Mar 2007 >> Technical Expert, Monetary and Economic Department,

Bank of International Settlements (BIS) (Basel, Switzerland)

Nov 2006 – Present >> Team Executive, International Trade in Service Team,

Data Management Department, Bank of Thailand

Sep 2006 – Nov 2006 >> Senior Analyst, Financial Market Office,

Financial Market Operation Group, Bank of Thailand

Oct 2001 – Sep 2006 >> Senior Economist, Economic Survey Team,

International Department, Bank of Thailand

May 2001– Oct 2001 >> Economist, Balance of Payments Team, Monetary Policy Group,

Bank of Thailand

Training Program

2009 >> DAP81/2009 Thai Institute of Directors Association (IOD)

Number of Shares held >> -0-

Page 78: SOLAR : Annual Report 2009

11

Organization Chart

Page 79: SOLAR : Annual Report 2009

12

General Information

Company

Name

Head Office

Solartron Public Company Limited

1000/65,66,67 PB. Tower 16th Floor

Sukhumvit 71 Road, North Klongtan,

Wattana, Bangkok 10110

Tel. +66-2-392-0224-6

Fax. +66-2-381-2971, +66-2-381-0936

Solartron

Technology

Center

88/8 km 6, Thanarach Road, Tumbol

Nongnumdang, Parkchong District,

Nakornratchasima 30130

Tel. +66-44-36-5651-3

Fax. +66-44-36-5354

Website

E-mail

www.solartron.co.th

[email protected]

Registered Capital

Registered Ordinary Shares

Par Value

Registered Ordinary Share

which paid

Registered Capital which paid

593,999,988 Baht

593,999,988 Shares

1 Baht

300,000,000 Shares

300,000,000 Baht

Established Date November 12, 1986

Type of Business Manufacturing, Surveying

Design and Installation of solar powered systems and

renewable powered systems

Company Code 0107547000877

References

Register :

Thailand Securities Depository Co., Ltd

Capital Market Academy Building, 2nd Fl.

2/7 Moo 4, (North Park Project)

Vibhavadi-Rangsit Road, Tung Song Hong,

Laksi, Bangkok 10210

Tel: +66-2-596-9000

Fax: +66-2-596-4994-6

Auditor :

Mr. Anusorn Kiatgungwalgri

The Certified Public Accountants

License

No. 2109

ASV & Associates Limited

47 Soi 53, Rama 3 Road,

Bangpongpang,

Yannawa, Bangkok 10120, Thailand

Tel. : +66-2-294-8504

Fax. : +66-2-294-2345

Lawyer :

Mr. Somkiat Ruengsurakiat

Bangkok Law Office & Associates Co., Ltd.

17 Fl., Ocean Tower II Bldg., 75/20

Sukhumvit 21 Road, Klongtoey Nua,

Wattana, Bangkok 10110, Thailand

Tel. : +66-2-661-6896-9

Fax. : +66-2-661-6895

Page 80: SOLAR : Annual Report 2009

13

Nature of Business

History and Development

Solartron Public Company Limited (The Company) was established in 1986. The

Company has been providing Thailand with solar cell systems-source of clean energy – for more

than 23 years. The Company offers turnkey service including survey, design, sizing, installation,

commissioning, monitoring, maintenance and after sale services. So far, the Company provided

more than 250,000 solar application systems all over Thailand and neighboring countries. The

Company has 80% market share of solar power project for government and local administration

sectors. At present, the company is contracting an upstream solar cell factory, with the capacity

of 30 Megawatt per year, in order to support a rapid growth of demand for solar power in

Thailand and global market. As a result, the Company has been granted BOI privilege for

corporate income tax exemption for eight years. Therefore the solar cell factory will make the

company to achieve the cost – efficiency aim, and to modify mechanism of products to satisfy

the customer’s requirements.

Products and Services of Solartron

Solartron provides good quality of solar modules according to the customer’s needs.

Every type of solar modules are accredited by TUV Rheinland, Germany, which is the best solar

laboratories in the world.

Solar Modules

Balance of System (BOS)

Controllers Inverters Lamps

Batteries Supports &

Components for Water Pumping System Water Pumps

Services

� Survey

� Design & Sizing

� Installation &

Commissioning

� Service & Maintenance

� Call Center

� Energy Service

� Training

Page 81: SOLAR : Annual Report 2009

14

Solartron Solar Modules

The popular Solartron Solar Modules are:

Solartron Solar Module

Series 150 Watt – 210 Watt

Recommended

Applications :

�Solar Power Plant

�On-grid Commercial

Systems

� High module conversion

efficiency through superior

manufacturing technology

� 25 year power output

transferable warranty

� Rigorous quality control

meeting the highest

international standards.

� Withstands high wind-

pressure and snow load,

and extreme temperature

variations.

Solartron Solar Module

Series 120 Watt – 130 Watt

Recommended

Applications :

�On-grid Residential

Roof Top systems

�On-grid Commercial

Systems

� High module efficiency

and stable power output

based on leading process

technology � 25 year

power output transferable

warranty

� Outstanding electrical

performance under high-

temperature conditions or

low-irradiance conditions

Solartron Solar Module

Series 5 Watt – 80 Watt

Recommended

Applications

�Off-grid applications

�Remote area stand-

alone applications such as

Solar Home System or

Street Lighting System

� Attractive appearance

� Easy to install.

Page 82: SOLAR : Annual Report 2009

15

Applications/Projects:

� Solar Home System

� Solar Power Water Pumping System

� Solar Hybrid System

� Solar Battery Charging System

� Solar Power Telecommunication

System

� Solar Power Street Lighting System

� Solar Power Traffic Lighting System

� Solar Power Marine Signal Buoy

� Solar Power Plant

Solar Modules Water Pump Water Storage Tower

Solar Power Water Pumping System

Solar Home System

Page 83: SOLAR : Annual Report 2009

16

Solar Power Plant

Solar Power Lighting System Solar Power Traffic Lighting System

Solar Power Telecommunication System

Page 84: SOLAR : Annual Report 2009

17

Revenue Structure

The company revenue structure for the periods 2008 and 2009 and 2010 by the type of products

and services are as follows:

Table 1 Revenue structure for the periods 2008 and 2009 and 2010

2008 2009 2010

Value

( ‘000

Baht)

% Value

( ‘000

Baht)

% Value

( ‘000

Baht)

%

1. Revenue from selling Solar

System*

94,093 81.62 97,524 22.37 58,122 46.84

2. Revenue from selling Solar

Modules / BOS

14,944 12.96 325,466 74.65 62,056 50.01

3. Other Revenue** 6,234 5.41 12,972 2.98 3,911 3.15

Total Revenue

115,271 100.00 435,970 100.00 124,089 100.00

Remark:

* Including solar cell installation services along with solar modules and balance of the

system.

** The significant other revenues consist of the revenue from interest, the profit from the

currency exchange

Page 85: SOLAR : Annual Report 2009

18

Risk Factors

1. The Economic Change

During the past 23 years, The Company has encountered with a number of economic

fluctuations particularly the high rising price crisis, global financial crisis has resulted in business

operation especially production and sales. However, the Company has focus on research and

development in order to reduce cost per unit. The Company has adjusted the marketing plan

and the production process to fit for various types of customers and to maintain the existing

customers based.

2. The Risk of the Reliability on Government Sectors

During the part 23 years, approximately 70% of the company’s revenue came from the

installation project of the solar systems for the central and local government sectors. Therefore, if

the government policy change, the projects related to the promotion of Government Policy will

be impacted it may cause a significant drop in future revenue.

However, the government classified the renewable energy as the Energy Security in the National

Energy Strategy to promote the usage of renewable energy. Initially, the government will be the

key organization to stimulate the solar energy market. This strategy has succeeded in the

developed countries such as Germany and Japan.

The Company occupied more than of 70% of the total government projects, which implies that it

has a capability in bidding and delivers the good quality of project. The company has

confidence in doing solar business in Thailand that conform the National Energy Strategy.

Therefore, Private sector and International Solar Investor trust and wants to do Solar business with

the company.

3. The Risk from the Entrance of New Competitors

Nowadays, the government has fully supported the usage of solar energy. The marketing

opportunity attracts both local and foreign companies to invest in the business. These

newcomers may seize the company’s market share and will affect the company growth in the

future. The expected newcomers can be divided into 2 categories as follow:

i. Competitors who assemble the solar modules: These competitors, both local and foreign,

are expected to be entering into the business due to the rapid expansion of the market.

Especially, the companies that already have the solar module related business in foreign

countries. These companies will have knowledge in technology and in acquiring raw materials.

However, the company has relatively high competitive advantage due to the expertise in

installing the system in remote area. The company is one of four companies that had the solar

module factory in Thailand. Also, it is in a good relationship with suppliers and customers.

Moreover, the promotion for solar module assembly line from the BOI has already been

annulled. Therefore the newcomers in this business will not anymore have tax privileges.

ii. The competitors who are to produce solar cells: The barrier of entry for this business is

higher due to long-term, investment in raw material and selection of the state of the art of

technology. Going upstream with low cost raw material in the market clearly is an important

advantage over other competitors.

Page 86: SOLAR : Annual Report 2009

19

4. The Risk of the Volatility of the Exchange Rate

The company imports most of its raw materials including solar cells. Its payment is mainly in US

dollar and Euro, while most of the products are sold in Thai Baht. If the rate of US dollar or Euro

rises comparing to Thai currency, the company cost will increase accordingly.

The company opens letter of credit (L/C) monthly with fully coverage forward contract to

protect its exchange rate risk when it expects the vulnerable of the currency.

5. The Risk of Interest Rate

The company is exposed to the interest rate risk due to the deposits made with the financial

institutes, bank overdrafts and Letter of credit (L/C) with fee charge. However, most of assets

and liabilities would have the interest adjusted in accordance with the market rate or the fixed

interest rate which is close to current make rate. The company has generally made most of its

investments with cash and repaid its loans in a consistent manner so the interest rate risk is low.

Page 87: SOLAR : Annual Report 2009

20

Shareholder Structure and Dividend Policy

As at December 30, 2009, the list and percentage of the first 10 major shareholders is as

follows:

Remark:

1 Taechanarong Group Shareholders follows:

name Number of

Shares

Percentage

1.Mr Phaivong Taechanarong 35,620,400 11.87

2.Ms Phasara Taechanarong 9,247,400 3.08

3.Mr Songkarn Taechanarong 2,460,000 0.82

4.Ms Phastamaon Taechanarong 1,181,000 0.39

2 Rojmeta Group Shareholders follows:

name Number of

Shares

Percentage

1.Ms Pornsiri Rojmeta 15,000,000 5.00

2.Mr Akaradej Rojmeta 1,000,000 0.33

Dividend Policy

The maximum company dividend policy is approximately 40 % of its Net Profit after deduction of

legal reserves.

No As at December 30, 2009

Shareholders Number of

Shares

Percentage

1. TAECHANARON GROUP1 48,508,800 16.17

2. ROJMETA GROUP2 16,000,000 5.33

3. CLEARSTREAM NOMINEES LTD. 14,716,810 4.91

4. MR.INTHARAT WONGSRI 7,000,000 2.33

5. Pol. Maj. Gen. UTIS PONGPANICH 3,949,000 1.32

6. MRS.NONTAYA APITANOTHAI 3,945,050 1.32

7. MR.SURAPAN POOMKAEW 3,480,000 1.16

8. Lt. PATTARODOM UNSUWAN 3,140,000 1.05

9. MR.VICHAI SIRIPRASERTCHOK 3,000,000 1.00

10. MR.VISNU SKULPICHETRAT 2,563,500 0.85

TOTEL 106,303,610 35.43

Page 88: SOLAR : Annual Report 2009

21

Management Structure

Management structure of company consists of 2 Committees; The Board of Director and Audit

Committee. Each Committee has duties and responsibilities as follows:

(1) Board of Directors

As of December 31, 2009, the Board comprised of 5 members and February 1, 2010 the

company had the Board of Directors of 6 members as follows:

Name BD ID AC Position

Mrs.Patama Wongtoythong* � Director

Akaradej Rojmeta � Director

Mr.Songkran Taechanarong � Director

Mr. Suchat Trisirivattwat � � � Independent Director / Audit Committee

Mr. Chatwaruth Musigchai � � � Independent Director / Audit Committee

Mrs. Ravita Pongnuchit** � � � Independent Director / Audit Committee

*Remark * Mrs.Patama Wongtoythong, Chief executive officer, is the Company Secretary.

**Mrs.Ravita Pongnuchit, as an Independent Director and Audit Committee effective

February 1, 2010

Scope of authorities and duties of the Board of Directors

1. To undertake the duties in accordance with laws, objectives and requirements of the

company and resolutions of the shareholders with due care and integrity and to look after the

interest of the company.

2. To set the business policies and direct the operations of the company and supervise the

management to ensure effectiveness and compliance with the prescribed policies and to

maximize the economic value of the business and to provide maximum business stability to

shareholders.

3. To arrange a reliable accounting system, financial reports and auditing and to set up

internal control procedures and suitable internal audit system with consistent follow-up.

4. To approve the quarterly and financial reports and auditing and the annual investment

budget and to monitor the operating results of the company, including the major progress in

various aspects.

5. To provide advice/suggestions and make a decision with due care on the agenda

proposed in the meeting of the board of directors.

6. To appoint/remove the subcommittee on specific matters as deemed suitable.

7. An independent director is ready to provide his independent judgment on the issues and

to oppose any act of other directors or the management if there is any conflict significant to the

company and the shareholders.

8. To arrange a policy on business supervision, business ethics and employee ethics as a

guideline on business conducts and to arrange and supervise the administrative work in

accordance with the good governance principles consistently.

Page 89: SOLAR : Annual Report 2009

22

9. To approve the key transactions of the company such as acquisition or disposal of assets,

expansion of the investment projects, determination of the authority to be assigned and any

action required by laws and to look after the conflict of interest among stakeholders of the

company.

10. To approve and/or grant consent on the inter-company transactions between the

company and its subsidiaries in accordance with related notifications, requirements and

guidelines of the Stock Exchange of Thailand.

11. To suspend sale or purchase of shares of the company one month before public

disclosure of the financial reports.

12. To report any shareholding by himself/herself and his/her spouse and children in the

meeting of the board of directors every quarter and to immediately inform the company if there

is any purchase or sale of sharer (securities) of the company.

13. To arrange a self assessment of the director annually.

(2) Audit Committee

Audit Committee comprises of 3 members for 2-year term service as follows:

1. Mr. Suchat Trisirivattwat Audit Committee

2. Mr. Chatwaruth Musigchai Audit Committee

3. Mrs. Ravita Pongnuchit Audit Committee (Effective on February 1, 2010)

Scope of duties and responsibilities of the audit committee

The scope of duties of the Audit Committee has been made in accordance with the

notifications issued by the Stock Exchange of Thailand:

1. To verify in assuring that the Company’s financial report is correct and actuated and

sufficiently disclosed.

2. To verify in assuring that the Company shall have the appropriated effective internal

control and internal audit systems on cooperation with the internal auditor and internal

controller and to consider the independence of the internal audit agency as well as to provide

the approval for the appointment, transfer, termination of the chief of the internal audit agency

or any other agencies responsible for the internal audit.

3. To verify in assuring that the Company has acted in compliance with the law on

Securities and Exchange, requirements of the Stock Exchange and the laws relating to the

Company’s business.

4. To consider, select, propose to appoint the independent person or persons to perform

the duty as the Company’s auditor and to propose the remuneration for such person/persons,

considering the reliability, resources adequacy, workloads and personnel’s experiences as well

as participating in the meeting with the auditor without the involvement of the Management for

at least once year.

5. To consider the related items or the items that would have the conflict to interest to meet

the requirement of law or the provision of the Stock exchange to assure that such items are

reasonable and resulted in the maximum benefit to the Company.

6. To prepare the report of the Audit Committee’s activities, consisting of the opinions

about the preparation process and the disclosure of the Company’s accurate, complete and

reliable financial report, including the options relating to the adequacy of the Company’s

internal control system by disclosing it in Company’s annual report.

Such report must be signed by the Chairman of the Audit Committee and must consist of at

least the following information:

Page 90: SOLAR : Annual Report 2009

23

6.1 The opinions about the accuracy, completion and reliability of the Company’s financial

report

6.2 The opinions about the adequacy of the Company’s internal control system.

6.3 The opinions about the act in compliance with law on Securities and Stock Exchange,

provisions of Stock Exchange or the laws relating to the Company’s business.

6.4 The opinions about the appropriateness of the auditor.

6.5 The opinions about the items that may post the conflict of interest.

6.6 The number or the meeting of the Audit Committee and each member’s meeting

participation.

6.7 The overall opinions or the observations obtained by the Audit Committee from the

operation as required in the charter.

6.8 Other items as deemed to be known by shareholders and general investors under the

scope and responsibility assigned to them by the Company’s Board of Directors.

7. Any other operations as assigned by the Company’s Board of Directors with the approval

of the Audit Committee who directly responsible for the Company’s Board of Directors who shall

remain to be responsible for the Company’s operation against the third party.

8. To verify and amend the Audit Committee charter to be up to date and to suit with the

Company’s environmental conditions and circumstances.

Independent Selection Criteria

1. Not holding shares exceeding 1% of the total shares with voting rights of the Company, its

parent Company, its associated company, or any potential conflicting person, which shall be

inclusive of the shares held by those related persons;

2. Not being nor having been a director participating in the management, employee,

officer, consultant who receiving regular salary, or controlling person over the Company, or

potential conflicting person, excepting that he/she has no such characteristic for at least two

years before the date of filling of the application with the Officer;

3. No being a person related by blood or by registration under laws as father, mother,

spouse, sibling and child, including spouse of child of executive, ,major shareholder, controlling

person of the Company or its subsidiary company;

4. Not having nor having had any business relationship with the Company, its parent

company, its associated company, or potential conflicting person as might interfere with his/her

use of independent discretion, including not being nor having been a major shareholder, a

dependent direction, including not being nor having been a major shareholder, a dependent

director, or an executive of a person who has a business relationship with the Company, its

parent company, its subsidiary company, its associated company or potential conflicting person

except that he/she has no such characteristic for at least two years before the date of filling of

the application with the office;

The business relationship mentioned in the above paragraph includes any trading transaction in

the ordinary course of business, granting and taking a lease of real property, any transaction

relating to assets or services, the grant or acceptance of financial assistance by way of loan,

guarantee or deposit of assets as security for the performance of obligations and other similar

transactions to the effect that an applicant or a party must pay a debt to the party in an

amount equal to 3% or more of its net tangible assets or Bath 20 million or more, whichever is

lower. The calculation of connected transaction value as prescribed by Notification of the

Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other

Acts of Listed Companies Concerning the Connected Transactions apply mutatis mutandis to

the method used to calculate the amount of such indebtedness. In this connection, any

indebtedness incurred during one year before the date on which the business relationship with

the same person arose must be included;

5. Not being nor having been an auditor of the Company, its parent company, its

subsidiary company, its associated company, or potential conflicting person, and not being a

major shareholder, a dependent director, an executive, or partner of the auditing firm

employing an auditor of the Company, its parent company, its subsidiary company, its

Page 91: SOLAR : Annual Report 2009

24

associated company, or potential conflicting person except that he/she has no characteristic

for at least two years before the date of filling of the application with the Office;

6. Not being nor having been any professional services provides including a legal advisor

and a financial advisor, obtaining service fees of more than Baht 2 million per annum from the

Company, its parent company, its subsidiary company, its associated company, or potential

conflicting person. If a professional adviser is a legal entity, this will include a major shareholder,

a dependent director, an executive, or a partner of such professional services provider except

he/she has no such characteristic for at least two years before the date of filling of the

application with the Office;

7. Not being a director appointed to represent any director of the Company, a major

shareholder, or a shareholder who is a related person of the Company’s major shareholder;

8. Not having any other characteristics which make it incapable of expressing an

independent opinion with regard to the Company’s operation.

Remuneration for the Board of Directors

In the company annual general shareholder meeting year of 2009 of April 27, 2009, the

compensation for the committee members was set as follows:

Monthly payment / person Meeting allowance

/time/person

The Board of Directors 10,000 15,000

Audit Committee 3,000 10,000

Nomination and Remuneration

Committee

- 8,000

Risk Management Committee - 8,000

Remark: The Chairman of every committee will get the compensation 20% more than the

committee members.

Monetary Remuneration

The total remuneration was paid as follows:

2008

2009

Total remuneration (Baht) 2,206,800 1,456,800

Number of Committee Member (Persons) 7 5

Type of remuneration Meeting allowance and

monthly payment

Meeting allowance and

monthly payment

Others Remuneration

The Company has the provident fund for the employees that began August 20, 2004 wherein

employees pay 2% of their salary and the company will match an additional 2% each month

into the provident fund.

Page 92: SOLAR : Annual Report 2009

25

The number of Board of Director Meeting and Audit Committee Meeting and the Attendance by

Individual Member of Fiscal Year 2009

Meeting of the Board of Directors

Lists of Committee Position 2008 2009

Mrs.Patama Wongtoythong Director / Chief Executive Officer

and Secretary to the Board of Director

9/9 8/8

Mr. Akaradej Rojmeta Director 8/9 8/8

Mr. Songkran Taechanarong Director 8/9 2/8

Mr. Suchat Trisirivattwat Audit Committee / Independent Director 7/9 8/8

Mr. Chatwaruth Musigchai Audit Committee / Independent Director 9/9 1/8

Meeting of Audit Committee

Lists of Committee Position 2008 2009

Mr. Suchat Trisirivattwat Audit Committee / Independent Director 6/6 3/3

Mr. Chatwaruth Musigchai Audit Committee / Independent Director 6/6 2/3

Inside Information Control

Details are provides in Corporate Governance Section in a subject of “Equitable Treatment of

Shareholders”.

Page 93: SOLAR : Annual Report 2009

26

Solartron and Corporate Social Responsibilities

The Company is confident that the development of sustainable organization not only involves

the return on investment and suitable growth for shareholders, but corporate social

responsibilities are also the identified as important to achieving the success.

The Company is mindful of replaying the benefit to the community and continuously conducts

activities that bring prosperity to the society, such as clean energy park projects that service not

only government sector but also community and students to have clean energy awareness.

Page 94: SOLAR : Annual Report 2009

27

Corporate Governance

The Board of Directors has always realized the importance of conducting business in compliance

with good corporate governance principles. The Board resolved corporate governance policy

in written to comply with the principles of corporate governance stated by the Stock Exchange

of Thailand (SET) as well as rules and regulations of the Securities Commission (SEC) which cover

the following categories:

• Right of shareholders

• Equitable treatment of shareholders

• Role of stakeholders

• Disclosure and Transparency

• Responsibilities of the Board

1. Rights of Shareholders

Solartron realizes the basic rights of shareholder which include: 1) the right to buy, sell or transfer

shares; 2) the right to gain share in Solartron’s profit; 3) the right to receive relevant and

adequate information of Solartron in a timely manner 4) the right to participate and vote in the

shareholder meetings to elect or remove member of the Board, appoint the external auditor,

and make decision on any transactions that may have any impacts on Solartron (i.e.

amendments to Solartron’s article of association of association or affidavit, capital increases or

decreases). In addition, shareholders should be fully informed of the criteria and procedures in

each agenda in an appropriate time prior to the meeting. Solartron shall avoid any actions that

violate those rights of shareholders.

In the year 2009, Solartron held the 2009 Annual General Meeting (AGM) of shareholders on April

27, 2009. All 7 directors,2 nominated director and managements in significant positions attended

the meeting, Thailand Securities Depository Co., Ltd (TSD) as SOLAR’s share registrar submitted

and invitation letter, annual report and other related information to the shareholders seven days

prior to the meeting, although no there were no special agendas required to be reviewed prior

to the meeting. In the invitation letter, Solartron completely informed shareholders of the criteria,

procedures and documents needed for registration and Solartron,s article of association related

to the meeting agenda was attach to the letter. The invitation letter, the annual report and

other related documents were also posted in Solartron,s website in advance. Shareholders

failing to attend the meeting were allowed to appoint one of those there independent directors

as their proxies. Before the meeting, the Chairman informed shareholders about voting

procedure and during the meeting the Chairman facilitated shareholders’ questions and asked

the responsible persons to answer all questions. The meeting took approximately two hours

which was enough for clarifying issues, discussing, as well as answering questions and finding

resolution. Solartron submitted the minutes of the shareholders’ meeting with voting record and

every question raised by the shareholders to the SET within fourteen days from the meeting date

and posted such minute in Solartron’s website for the shareholders’ review without waiting for

next meeting date.

2. Equitable Treatment of Shareholders

Solartron realizes that all shareholders should be treated in an equal way and fair treatment. This

includes 1) supervising the uses of shareholders’ money in proper ways; 2) ensuring that all

processes and procedures of shareholders meeting allow equitable treatment of all

shareholders, 3) allowing any shareholders who are unable to attend the meeting to appoint

their proxies; 4) setting up procedures to prevent the use of inside information for abusive self-

dealing, and 5) defining guidelines for directors and management interest reporting and

Page 95: SOLAR : Annual Report 2009

28

connected transaction to be in compliance with the rules and regulations of the SET and the

SEC.

In 2009 AGM of shareholders on April 27, 2009, Solartron proposed two independent directors so

that the shareholders could choose as their proxies in case they were unable to attend the

meeting. The shareholders could select one form which matched with their needs. Among these

proxy forms, there was the form in which shareholders were able to specify their votes. The

Chairman conducted the meeting by following the sequence of agenda defined in an

invitation letter and did not add any new agenda. During the meeting, the Chairman facilitated

shareholders’ questions and asked the responsible persons to answer all questions regardless of

the amount of shares they were holding. Solartron used voting cards for transparency and future

reference and the Chairman announced voting result and scores entitled to ask for re-checking

the scores immediately. Moreover Solartron had policies and procedures to protect of insider

information or abusive self-dealing. Those policies and procedures were conveyed to all staff

both in verbal and written forms.

3. Role of stakeholders

Solartron realizes all stakeholders should be treated fairly in accordance with their legal right as

specified in relevant laws. Solartron shall not take any action to violate the rights of such

stakeholders. It was clearly stated in the corporate governance policy that the Board shall

govern Solartron’s operation to be in compliance with the SET’s and SEC’s guideline of treatment

to stakeholders in business ethics regarding corporate social responsibility, standard practices to

customer ,fair treatment to suppliers, human right and equitable working opportunity etc. In

addition, SOLARTRON had a procedure to report significant information in which the

stakeholders should be informed of in the annual report and Solartron’s website. Such

information includes quarterly financial statement, year end financial statement, other published

information, internal control and etc. Moreover, SOLARTRON also provided channel to receive

suggestions, comments or complaints to the Compliance and Internal Audit Departments which

report directly to the Board and the Audit Committee. If the stakeholders would like to make

some inquires, they could contact investor relations as per details provided in Solartron’s website.

4. Disclosure and Transparency

Solartron realizes that all Company’s important information including financial data and non-

financial data must be accurately disclosed on a timely basis. The information should be

transparently disclosed through easy-to-access channels that are fairly accessible.

In the past fiscal year, SOLARTRON disclosed the quarterly financial statements, the year-end

financial statement, the annual report, 56-1 the report, the minutes of shareholders’ meeting, the

resolution of the Board’s meeting in significant agenda and other information. All this information

was accurately disclosed on a timely basis in both Thai and English in Solartron’s website

(www.Solartron.co.th). SOLARTRON also has investor relation function to update disclosed all

information required by SET and the SEC completely in annual report and 56-1 report which

included roles an responsibilities of the Board and committee, number of board meeting and

committee meetings, number of attendance by each member in the past year, directors’

remuneration, statement of board responsibilities concerning Solartron’s financial report

presented along with the auditor report.

5. Responsibilities of the Board

The Board realized that the Board members play an important role in corporate government for

the best interest of CNS and they are accountable to shareholder and independent of

management.

Page 96: SOLAR : Annual Report 2009

29

5.1 Board Structure

The Board of Directors comprises 5 members in proportional to Solartron’s size.

� Executive Director 2 Persons

� Non-Executive Director 3 Persons

� Independent Directors 2 Persons

Solartron has two independent directors. Solartron’s definitions of independent directors was also

considered to be in compliance with the SET’s and SEC’s rules and regulation stated in the

section of “Independent Director” Although the Chairman of the Board of Director is not an

independent director, the Chairman strictly adheres to Solartron’s good corporate governance

policy and perform in a transparent and prudent manner for the best interest of Solartron,

Solartron’s shareholders and all stakeholders.

Regarding the term of service of directors, Solartron’s Articles of Association requires one-third of

the directors to retire by rotation in every Annual General Meeting of Shareholders. If the number

of directors can not be a multiple of three, the nearest number to one-third must retire from

Solartron’s and the directors who have the longest term of service must retire by rotation.

For efficiency, The Board of Directors would carefully review the effectiveness of the directors

with the multiple board membership or the number of board positions that a director can hold.

Solartron disclosed the information about board membership position of individual director s to

shareholder in form 56-1 report and Solartron’s annual report.

Solartron provide a person in change of the company secretary function to serve the Board of

Directors in areas of providing legal advice taking care of the Board’s and monitoring

compliance to the Board’s resolutions.

The details about the list, role, duties and responsibilities of the Board of Director and company

secretary are all clearly stated in the section on ”Management Structure”.

5.2 Committees

Solartron’s has clearly separated the duties and responsibilities of key management to create

transparency. The role, duties and responsibilities of the Board of Director, the Audit Committee,

the Risk management Committee and the Nomination and Remuneration Committee are all

clearly defined in section ”Management Structure”

5.3 Role and Responsibilities of the Board

The Board of Directors review and approves key business matter such as the vision and mission of

Solartron’s strategies, financial targets, risk, major business and budget plans. The Board of the

Directors also monitors management’s performance to the efficiency. The Board of Director

conveys Solartron’s vision, mission, strategy and target to the director, executive and staff

throughout the organization via various communication channels including annual staff meeting

intranet system and e-mail system.

The Board realizes the important of conducting its business in compliance with good corporate

governance principles. The Board understands that good corporate governance is critical factor

in achieving success. Therefore, the Board has institute good corporate governance principles

through procedure to transact business in a transparent manner. In the year 2005, the Board also

resolved to announce the corporate governance policy in written. This policy was a guideline

that shall ultimately maximize shareholders’ interest while taking to consideration the interest of

all stakeholders.

The Board of Directors has formulated a Code of Business Conduct for directors, management

and employees to ensure that they are aware of Solartron’s expectations regarding the

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30

standard practices towards shareholders, customers, suppliers, competitors, colleagues and

society. The Code of Business Conduct was Prepared and distributed to all of staff in order to

disseminate clear information about Solartron‘s standard practices on such matter. Solartron

also promoted its Code of Business Conduct to all staff and set up a monitoring system to make

sure they seriously follow the rules.

The Board has policies and guideline to prevent related persons from exploiting their positions for

personal interest. Any connected transactions must be necessary for Solartron’s benefit and

comply with the SET’s and SEC’s rules and regulations.

The Board realizes the importance of good internal in areas of operating control and operating

procedures, including financial reporting. All policies about internal control are designed to

comply with the rules and regulations of authorities. As such, it’s stated in Solartron’s policy that

all departments must operate with good internal control and as comply fully with the rules and

regulation of the authorities. The compliance and internal Audit Department are responsible for

reviewing and monitoring Solartron’s operation in this respect. The function of the Compliance

and Internal Audit Departments is to evaluate the risk of internal control within Solartron’s in order

to contribute to the proper. Efficient and effective use of resources. Those in Compliance and

Internal Audit Departments should perform their jobs independently and report to the Audit

Committee and the Board of Directors on a regular basis.

5.4 Board Meetings

Solartron’s Board of Directors holds regular meetings on monthly basis, or at least, or at least on a

quarterly basis, and may hold extra meetings when necessary. The Chairman of the Board of

Director and the executive directors jointly set the agenda for the Board of Directors’ meeting,

considering the degree of importance and necessity of agenda. However, each director can

propose an issue for a meeting agenda. The company secretary will send invitation letter

attached by the meeting agenda and provide adequate document to the Board of Directors

that the directors have enough time to review the information prior to the meeting. The Board of

Director sets the schedule, time, venue of the Board of Director’ meeting in advance so that all

directors can attend the meetings.

In the Board of Directors’ meeting, the Chairman of the Board of Directors appropriately

allocates the meeting time to propose the meeting agenda and complete director discussions.

The Chairman of the Board of Director also encourages creative and careful consideration in

the meeting. To ultimately maximize shareholders’ interest, each director pay attention to each

issue presented in the meeting, including issue concerning governance of Solartron’s For the

meeting agenda that may relate to each function within Solartron’s the Board of Directors can

invite any involved executives or managements to attend the Board meeting so that they can

present details on the issues that they are directly responsible for. The Board of Director will have

a chance to know more about the executives and be able to prepare a succession plans.

In the fiscal year 2008, the Board of Director held 12 meetings. The number of Board of meetings

attended by each director is clearly disclosed in the section of “The number of Board of Director

Meeting and Audit Committee Meeting and the Attendance by Individual Member of Fiscal

Year 2008”.

5.5 Nomination and Remuneration

Nomination and Remuneration Committee considers, selects and recommends to the company

board and proposes the approval from the shareholders to appoint company director.

Company executives will be selected by top level executive group and report to the

Nomination and Remuneration Committee. The details of remuneration is stated in the section of

“Remuneration Paid to the Management”.

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31

5.6 Board and management Training

The Board of Directors encourages and facilitates training and development for directors,

managements, company secretary. Solartron’s mostly joins the program and seminar held by

the SET, the SEC and Thai Institute of Director Association.

For the past fiscal year, Solartron supported and sent directors, managements, company

secretary, all staff to attend various training courses regarding the new rules, law announced in

the year 2009 and a principle of good corporate governance, in order to the continuously

improve their skills and performance.

Connected Transactions

Connected Transaction with Parties with Possible Conflict of Interest

During the year 2009, the Company entered into the connected transactions with the parties or

persons who might have conflict of interest to the Company. Most of the transactions were

related to sales and purchased of spare parts and services. The said transactions were engaged

in accordance with the conditions mutually agreed between the Company and the related

parties, which relied on the normal business conditions. The Company already disclosed

information on such connected transactions, such as description of transactions, transactions

value, and pricing policy in note 25 in the financial statements.

Necessity and Reasonableness

Most of the connected transactions are the transactions undertaken to support previous project

of business of the Company. To enter into each previous, the Company always makes a

decision based on the utmost good faith for the Company’s benefits without any conflict of

interests.

Procedures for Connected Transaction

The Company has clearly stated the procedures for connected transaction in an authorized

manual of the Company which aligns with the regulations of the Stock Exchange of Thailand.

Policy and Possibility in conducting the Connected Transaction in Future

The Company has to enter into the connected transactions, but such transactions shall be

conducted based on the normal business conditions by not transferring any benefits to the

parties who might have the conflict of interest with the Company. The Company shall assign the

Audit Committee or the external auditor or independent specialists to consider an appropriate

value, and disclose type of transaction, value, and rational in conducting the transactions to the

shareholders as required by the notifications of the Securities and Exchange Commission and

the Stock Exchange of Thailand.

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32

Related Party Transactions

1. Connected transactions between Solartron PCL. and Forth Corporation PCL.

Size of activities

(Baht)

Relationship Description

2008 2009

The necessary and reasonable

of activities and policy to set

the price

Accompanied the

Director Who is

Mr.Sutham Malila

(Audit Committee )

Goods

(Inverter/Controller

used for electricity

production system)

324,210

-

5,350

-

It was the normal trade

activities. The product for using

in the Solar Home Project and

the quality of goods was

better than others. And the

price was lower than

others.Mr. Sutham Malila

resigned from Director at April

28,2009

2. Connected transactions between Solartron PCL. and Lives and Rich Co.,Ltd.

Size of activities

(Baht)

Relationship Description

2008 2009

The necessary and reasonable

of activities and policy to set

the price

Accompanied the

Director who is

Mr. Phaivong

Taechanarong

Advertising 550,000 - It was the advertising for

information of solar cell system

in Bangkok Today newspaper

and advertisement fees was

not expensive comparing with

others advertisement fees.

3. Connected transactions between Solartron PCL. and Fac rent Co.,Ltd.

Size of activities

(Baht)

Relationship Description

2008 2009

The necessary and reasonable

of activities and policy to set

the price

Spouse of

Mrs.Patama

Wongtoythong

Warehouse rental - 278,460 The location of warehouse is

near the Bangkok office and

the rental rate is lower than

market rate.

The above connected transactions are reasonable, equitable and in line with an ordinary and

usual course of the Company’s business and / or supporting an ordinary and usual course of the

Company’s business and / or supporting an ordinary and usual course of the Company’s

business.

Page 100: SOLAR : Annual Report 2009

33

Management Discussion and Analysis of Financial Position and

Results of Operations

Company reported the 2009 performance as follows:

Revenue from sales and service = 120.18 million baht

Gross Profit (Loss) = 116.51 million baht

Operation Results

2009

Revenue from sales and service 120.18 million baht

Gross Profit (Loss) (116.51 ) million baht

Financial Status

Current Asset 185.90 million baht

Non-Current Assets 702.96 million baht

Total Asset 888.86 million baht

Current Liabilities 87.41 million baht

Non-Current Liabilities 0.54 million baht

Total Liabilities 87.95 million baht

Registered Share Capital 594 million baht

Premium on share capital 300 million baht

Surplus on revaluation of fixed assets 39.81 million baht

Retained Earnings

- Appropriated legal reserve 39.65 million baht

- un-appropriated 14.21 million baht

Total Shareholder Equity 800.92 million baht

The global economic downturn in 2009 sent a direct impact to Solartron negative performance.

However, thanks to Solartron’s adaptation to the volatility with the focus on teaming up with key

global solar player by penetrating into large-scale solar power plant. This will make true

turnaround to Solartron.

Financial Ratio

2009 2008 2007

Current Ratio 2.13 3.25 7.47

Quick Ratio 0.92 1.92 1.02

Profit from operation ratio (94.23) 1.20 (77.86)

Net profit ratio (93.89) 0.50 (78.94)

Return on Assets (12.51) 0.23 (8.18)

Debt per Equity ratio 0.11 0.11 0.10

Page 101: SOLAR : Annual Report 2009

34

Solartron Public Company Limited

Annual financial statements

And

Audit Report of Certified Public Accountant

For the years ended

31 December 2009 and 2008

Page 102: SOLAR : Annual Report 2009

35

Report of the Independent Certified Public Accountants

THE SHAREHOLDERS AND BOARD OF DIRECTORS SOLARTRON PUBLIC COMPANY LIMITED I have audited the balance sheets as at 31 December 2009 and 2008, the related statements of income, changes in shareholders’ equity and cash flows for the years then ended of Solartron Public Company Limited. These financial statements are the responsibility of the Company’s management as to their correctness and 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 Solartron Public Company Limited as of 31 December 2009 and 2008 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Mr. Anusorn Kiatgungwalgri Certified Public Accountant No. 2109 Bangkok 2 March 2010

Page 103: SOLAR : Annual Report 2009

36

Financial Statements

Solartron Public Company Limited

Balance Sheets

As at December 31, 2009 and 2008

(Unit : Baht)

Note 2009 2008

ASSETS

CURRENT ASSETS

Cash and cash equivalents 5.1 802,185 2,975,601

Current investment 6 - 34,805,100

Trade account receivables 7 79,485,495 144,213,251

Retention receivables - 844,808

Inventories 8 96,136,739 113,478,663

Others current assets 9 9,478,227 12,574,557

Total Current Assets 185,902,646 308,891,980

NON-CURRENT ASSETS

Restricted fixed deposits at financial institutions 10 46,000,000 46,000,000

Advance payment for machine and equipment 11 263,100,000 263,100,000

Property, plant and equipment - net 11 270,509,915 232,568,025

Intangible assets - net 12 2,216,782 2,475,288

Other assets 13 121,134,905 121,011,376

Total non-current assets 702,961,602 665,154,689

Total Assets 888,864,248 974,046,669

The accompanying notes are an integral part of the financial statements.

Page 104: SOLAR : Annual Report 2009

37

Solartron Public Company Limited

Balance Sheets (Continued)

As at December 31, 2009 and 2008

(Unit : Baht)

Note 2009 2008

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Bank overdrafts and short-term loans from financial

institutions

14 63,139,333 67,865,312

Accounts payable - trade 6,581,471 10,772,128

Shot-term loan from related party 25.1 3,000,000 -

Current portion of financial leases 16 767,349 1,672,428

other current liabilities 15 13,920,350 14,810,928

Total Current Liabilities 87,408,503 95,120,796

NON-CURRENT LIABILITIES

Long term financial leases - net 16 538,002 1,305,351

Total Non-current liabilities 538,002 1,305,351

Total Liabilities 87,946,505 96,426,147

The accompanying notes are an integral part of the financial statements.

Page 105: SOLAR : Annual Report 2009

38

Solartron Public Company Limited

Balance Sheets (Continued)

As at December 31, 2009 and 2008

(Unit : Baht)

Note 2009 2008

LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)

SHAREHOLDERS’ EQUITY

17

Share capital

Registered share capital

593,999,988 ordinary shares of Baht 1.00 each 599,999,988 300,000,000

(31 December 2008 : 300,000,000 ordinary shares of Baht 1

each)

Issued and paid-up share capital

300,000,000 ordinary shares of Baht 1.00 each 300,000,000 300,000,000

Premium on share capital 18 407,250,000 407,250,000

Surplus on revaluation of fixed assets 11 39,806,882 -

Retained earnings

Appropriated – legal reserve 19 39,650,000 39,650,000

Un-appropriated 14,210,861 130,720,522

Total Shareholders’ Equity 800,917,743 877,620,522

Total Liabilities and shareholders’ equity 888,864,248 974,046,669

The accompanying notes are an integral part of the financial statements.

Page 106: SOLAR : Annual Report 2009

39

Solartron Public Company Limited

Statements of Income

For the years ended December 31, 2009 and 2008

(Unit : Baht)

Note 2009 2008

Revenues

Sales - goods 62,056,050 325,465,916

Sales – goods with installation services 58,121,734 97,523,646

Total revenues 120,177,784 422,989,562

Cost of sales

Cost of sales - goods 57,599,060 263,636,914

Cost of sales – goods with installation services 57,484,099 90,146,231

Total Cost of sales 115,083,159 353,783,145

Gross profit 5,094,625 69,206,417

Other income

Interest income 547,223 1,659,605

Gain on exchange 2,860,603 4,751,078

Other income 502,738 747,139

PROFIT BEFORE EXPENSES 9,005,189 76,364,239

Selling expense 17,818,784 14,225,593

Administrative expense 43,521,057 43,948,968

Not – full normal production capacity expenses 6,704,149 2,212,476

Allowance for doubtful debts (reversal) 30,214,039 (5,305,673)

Management benefit expenses 16,407,930 16,187,836

Loss on impairment of fixed assets 11 11,584,745 -

PROFIT / (LOSS) BEFORE FINANCE COST (113,245,515) 5,095,039

Finance cost (3,264,146) (2,895,782)

NET PROFIT / (LOSS) FOR THE YEAR (116,509,661) 2,199,257

FUNDAMENTAL EARNINGS PER SHARE

Net profit / (loss) per share (0.39) 0.01

Weighted average number of ordinary shares 300,000,000 300,000,000

The accompanying notes are an integral part of the financial statements.

Page 107: SOLAR : Annual Report 2009

40

Solartron Public Company Limited

Statement of Changes in Shareholders’ Equity

For the years ended December 31, 2009 and 2008

(Unit : Baht)

Retained earnings

Issued and

paid up share

Premium on

share

Surplus on

revaluation on

Appropriated for

Legal reserve

Unappropriated

Total

capital capital Fixed assets

Balance as at

January 1, 2008

300,000,000 407,250,000 - 39,650,000 128,521,265 966,417,555

Net profit for the

year

- - - - 2,199,257 2,199,257

Balance at

December 31, 2008

300,000,000 407,250,000 - 39,650,000 130,720,522 877,620,522

Surplus on

revaluation of fixed

assets

11 39,806,882 - - 39,806,882

Net profit for the

year

- - - - (116,509,661) (116,509,661)

Balance at

December 31, 2009

300,000,000 407,250,000 39,806,882 39,650,000 14,210,861 800,917,743

The accompanying notes are an integral part of the financial statements.

Page 108: SOLAR : Annual Report 2009

41

Solartron Public Company Limited

Statement of Cash Flows

For the years ended December 31, 2009 and 2008

(Unit : Baht)

2009 2008

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit / (loss) (116,509,661) 2,199,257

Adjustments for :

Depreciation and amortization 17,093,301 21,637,372

Allowance for doubtful debts (Reversal) 30,214,039 (5,305,673)

Unrealized(gain)/ loss on foreign exchange rate – net 128,859 (2,559,358)

Allowance for obsolete inventories(reversal) (12,561) 34,250

Allowance for diminution in value of inventories(reversal) 1,139,035 -

(Gain) / loss on disposal of fixed assets (172,896) 39,572

Disposals of fixed assets 30,067 689,196

Loss on impairment of fixed assets 11,584,745 -

Interest expenses 3,264,146 2,895,782

Profit(loss) before changes in operating assets and liabilities (53,240,926) 19,630,398

Changes in operating assets (increase) decrease

Trade accounts receivable 34,381,289 (93,754,466)

Retention receivable 844,808 551,362

Inventories (1,483,156) 137,806,510

Other current assets 4,423,993 (2,413,991)

Other non current assets (123,529) (49,981,431)

Changes in operating liabilities increase (decrease)

Trade accounts payable (4,187,089) 866,744

Other current liabilities (890,578) (6,820,101)

Cash generated from operating activities (20,275,188) 5,885,025

Cash paid for interest expense (3,264,143) (2,895,782)

Withholding income tax deducted at source (1,296,257) (1,249,651)

Net cash provided by (used in) operating activities (24,835,588) 1,739,592

The accompanying notes are an integral part of the financial statements.

Page 109: SOLAR : Annual Report 2009

42

Solartron Public Company Limited

Statement of Cash Flows (continued)

For the years ended December 31, 2009 and 2008

(Unit : Baht)

2009 2008

CASH FLOWS FROM INVESTING ACTIVITIES

Decrease in cash deposits at financial institution used

as collateral

- 192,716

(Increase) decrease in current investment 34,805,100 (31,392,900)

Decrease in restricted fixed deposits at financial

institutions

- 10,000,000

Cash paid for purchase of property, plant and

equipment

(8,927,698) (24,141,987)

Proceeds from disposal of property, plant and

equipment

183,177 112,333

Net Cash provided by (used in) Investing Activities 26,060,579 (45,229,838)

CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in bank overdrafts and short-term

loans from financial institutions

(4,725,979) 9,049,736

Shot-term loan from related party 3,000,000 -

Increase in long term financial leases - 1,648,194

Payment for liabilities under financial leases (1,672,428) (1,685,135)

Net Cash Provided by (used in) Financing Activities (3,398,407) 9,012,795

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS

(2,173,416)) (34,477,451)

CASH AND CASH EQUIVALENTS AS AT 1 JANUARY 2,975,601 37,453,052

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 802,185 2,975,601

The accompanying notes are an integral part of the financial statements.

Page 110: SOLAR : Annual Report 2009

43

SOLARTRON PUBLIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2009 AND 2008

(Unit : Baht)

1. GENERAL INFORMATION: -

1.1 Registration Solartron Public Company Limited was incorporated as a limited

company in Thailand on 12 November 1986. Subsequently, the Company registered to be a public company limited with the Department of Business Development on 24 September 2004 and was subsequently listed in The Stock Exchange of Thailand on 17 March 2005.

1.2 Office location The registered office is located at 1000/65,66,67, P.B.Tower 16th Floor, Soi

Sukhumvit 71, Sukhumvit Road, North Klongton, Wattana, Bangkok 10110, Thailand.

1.3 Main activities The Company is engaging in assembly, selling and installation of solar-cell

systems and related equipment. 1.4 Employee expenses are as follows: -

2009 2008 Employee expenses (million Baht) 30.68 37.08

1.5 Factors and affects of the Company’s businesses in the future

The Company’s businesses substantially depend on economy and the support of the government for alternative energy. These factors have significant impacts to the Company’s present and future operations because sales and the installation of solar-cell requires high investment cost and the Company’s main revenue derives from the government agencies. Furthermore, the financial crisis stem from “Sub Prime” loans in the United States has broken out and alarmingly affected worldwide capital markets and global economy. The economic downturn has substantially affected worldwide businesses including Thailand. Most governments are seriously working out stimulus packages to restore the economy but there is uncertainty about the reviving of the economy to its normalcy even. Beside, the Company has commitments to pay for the construction of solar-cell factory approximately Baht 144.72 million (Note 26.7), to pay for the purchase of machinery and equipment approximately Euro 10.9 million (Note 26.6), and to pay for the long term raw material supplies (Note 26.5); including the ability to find sustainable buyers. As a result, the Company requires additional and substantial fund to finance its acquisitions of the fixed assets and working capital as mentioned above. These financial statements have been prepared on the bases of the Company’s estimates and assumptions currently appropriated and the management is confident to have additional fund which will be contributed from a new potential investor by issuing new shares. However, they could be affected by the consequence of the above economic crisis.

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44

2. BASIS OF FINANCIAL STATEMENTS PRESENTATION

2.1 The financial statements are prepared in accordance with Thai Accounting Standards (“TAS”) and Thai Financial Reporting Standards (“TFRS”) including related interpretations and guidelines promulgated by the Federation of Accounting Professions (“FAP”) and with generally accepted accounting principles in Thailand. The presentation of the financial statements has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 30 January 2009, issued under the Accounting Act B.E. 2543.

2.2 The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

2.3 The preparation of financial statements in conformity with generally accepted accounting principles also requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results may differ from those estimates.

2.4 On 15 May 2009, FAP issued Announcement No. 12/2552 to renumber all Thai Accounting Standard (TAS) numbers to the same numbers used by the International Accounting Standard (IAS). Therefore, the numbers of Thai Accounting Standards referred in these financial statements are in line with the Announcements.

2.5 Adoption of new accounting standards The FAP has issued Notification No. 86/2551 and 16/2552, mandating the use of new

accounting standards, financial reporting standard and accounting treatment guidance as follows :- • Accounting standards, financial reporting standard and accounting treatment guidance

which are effective for the current year :- - Framework for Preparation and Presentation of Financial Statements (Revised 2007) - TAS 36 (Revised 2007) - Impairment of Assets - Thailand Financial Reporting Standard (TFRS 5) - Non – current Assets Held for

Sale (Revised 2007) and Discontinued Operations - Accounting Treatment Guidance for Leasehold Right - Accounting Treatment Guidance for Business Combination under Common Control

These accounting standards, financial reporting standard and accounting treatment guidance became effective for the financial statements for fiscal years beginning on or after 1 January 2009. The management has assessed the effect of these standards and believes that TFRS 5 (Revised 2007). Accounting Treatment Guidance for Leasehold Right and Accounting Treatment Guidance for Business Combination under Common Control is not relevant to the business of the Company, while Framework for Preparation and Presentation of Financial Statements (Revised 2007) and TAS 36 (Revised 2007) do not have significant impact on the financial statements for the current period. • Accounting standards which are not effective in the current year :-

Effective date TAS 20 -Accounting for Government Grants 1 January 2012

& Disclosure of Government Assistance TAS 24 (Revised 2007) -Related Party Disclosures 1 January 2011 TAS 40 -Investment Property 1 January 2011

However, TAS 24 (Revised 2007) and TAS 40 allows early adoption by an entity before the effective date.

The Company’s management has assessed the effect of these standards and believes that TAS 20 and TAS 40 are not relevant to the business of the Company, while TAS 24 (revised 2007) will not have any significant impact on the financial statements for the year in which it is initially applied.

2.6 For the convenience of the users and English translation of the financial statements has been prepared from the financial statements issued in Thai language.

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45

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.1 Recognition of revenues Revenue excludes value added taxes or other sales taxes and is arrived at after deduction of trade discounts.

Sale of goods Revenue from the sale of goods is recognized in the statement of income when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognized if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods.

Sales together with installation services Revenue from the sales together with installation services is recognized in the statement of income when the installation is completed, the customer has accepted the installation and the sales invoice has been issued to the customer. In the case of sales together with installation services which had long term installation services, revenue from the sales together with installation services is recognized in the statement of income by the percentage of completion method.

Interest income Interest income is recognized in the statement of income on accrual basis.

3.2 Cash and cash equivalents Cash and cash equivalents comprise cash balances, call deposits and highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose of the statement of cash flows. Cash deposits at financial institutions that have a restriction of use are presented separately as “Restricted fixed deposits at financial institutions” under “Non-current assets” in the balance sheet.

3.3 Accounts receivable - trade Accounts receivable – trade are stated at the net realizable value. The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Bad debts are written off when incurred.

3.4 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is calculated using the moving average cost method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

3.5 Operating lease Lease in which substantially all the risks and rewards of ownership of assets remain with the leaser is accounted for as operating lease. Rentals applicable to such operating leases are charged to the statement of income over the lease term.

3.6 Financial lease Lease in which substantially all the risks and rewards of ownership other than legal title are transferred to the Company is accounted for as financial lease. At inception, the fair value of the lease assets is recorded together with the obligation. The lease assets are depreciated using the straight-line method over their estimated useful lives. Interest or finance charges and depreciation are recognized as expenses in the statements of income.

3.7 Property, plant and equipment At the initial recognition, land was recorded at costs while plant and equipment were recorded at cost net of accumulated depreciation and allowance for impairment. However the Company chose to show value of lands and land improvement, building and building improvement and machinery and factory equipment at their revalued amounts. The revalued amount is the fair value determined on the basis of the property’s existing use at the date of revaluation less any subsequent accumulated depreciation and impairment losses.

Revaluations are performed by independent professional values to ensure that the carrying amount of these assets does not differ materially from that which would be determined using fair values at the reporting date.

Page 113: SOLAR : Annual Report 2009

46

Any increase in value, on revaluation, is credited to equity under the heading ‘revaluation surplus’ unless it offsets a previous decrease in value recognized in the statement of income in respect of the same asset. A decrease in value is recognized in the statement of income to the extent it exceeds an increase previously recognized in equity in respect of the same asset. The revaluation surplus is utilized by reference to the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the asset’s original cost and credited to retained earnings. Upon disposal of a revalued asset, any remaining related revaluation surplus is transferred from equity to retained earnings and is not taken into account in calculating the gain or loss on disposal.

Depreciation is charged to the statement of income on a straight-line basis over the estimated useful life of each asset. The estimated useful lives of assets are as follows:

Land improvements 5, 10 and 20 years Buildings 5, 10 and 20 years Building improvements 5 and 10 years Machinery and factory equipment 5 and 10 years Furniture, fixtures and office equipment 5 years Vehicles 5 years No depreciation is provided on land and assets under construction or installation until the

assets are ready to use. 3.8 Intangible assets

Intangible assets are stated at cost less accumulated amortization and impairment losses. Amortization is charged to the statement of income on a straight-line basis over the estimated useful life of assets as follows: Computer software 5 years Industrial standard certificate 25 years

3.9 Impairment The carrying amounts of the Company’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The impairment loss is recognized in the statement of income. Calculation of recoverable amount The recoverable amount is the greater of the assets’ net selling price or value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Impairment losses are recognized in the statement of income.

3.10 Foreign currency transactions Transactions during the year denominated in foreign currencies are converted into Baht at the rates of exchange prevailing on the transaction dates. Monetary assets and liabilities at the balance sheet date denominated in foreign currencies are translated into Baht at the reference exchange rates as determined by the Bank of Thailand at that date. Gains or losses on exchange arising on settlements and translation are recognized as income or expense in the statement of income. Derivative financial instruments are used to manage exposure to foreign exchange and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments are not used for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments.

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Derivative financial instruments are recognized initially at cost. Subsequently, they are stated at fair value. The gain or loss on re-measurement to fair value is recognized in the statement of income. The fair value of forward exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price.

3.11 Deferred charges Deferred charges of raw material will be amortized to cost of inventories delivered in the future years.

3.12 Provisions A provision is recognized in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

3.13 Income tax Since the Company incurred net loss, there is no corporate income tax for the years ended

31 December 2009. For the year ended 31 December 2008 the Company utilized corporate tax loss carried forward.

3.14 Fundamental earnings per share Net profit/ (loss) per share is calculated by dividing net profit/ (loss) for the year by weighted average number of ordinary shares during the year. In case of a capital increase, the number of ordinary shares is weighted according to time of subscription received.

4. JUDGEMENTS AND CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting

principles at times requires management to make subjective judgments and estimates

regarding matters that are inherently uncertain. These judgments and estimates affect reported

amounts and disclosures and actual results could differ. Significant judgments and estimates are as follow:

Allowance for doubtful debts

Allowances for doubtful debts are intended to adjust the value of receivables for probable

credit losses. The management uses judgment to establish reserves for estimated losses for each

outstanding debtor. The allowances for doubtful debts are determined through a combination

of analysis of debt aging, collection experience, and taking into account change in the current

economic conditions. However, the use of different estimates and assumptions could affect the amounts of

Allowances for receivable losses and adjustments to the allowances may therefore be required in the future.

Plant and equipment/Depreciation

In calculating depreciation of plant and equipment, the management estimates useful lives and

salvage values of the Company’s plant and equipment and reviews estimated useful lives and salvage values if there are any changes.

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Intangible assets

Intangibles are systematically amortized over their estimated useful lives, and are subject to

impairment if there is an indication they may be impaired. The initial recognition and

measurement of intangible assets, and subsequent impairment analysis, requires management

to make subjective judgments concerning estimates of how the acquired asset will perform in

the future using a discounted cash flow analysis which are derived from the current operating

information. Events and factors that may significantly affect the estimates include, among

others, competitive forces, changes in revenue growth trends, cost structures, changes in discount rates and specific industry or market sector conditions.

5. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

5.1 Cash and cash equivalents as at 31 December 2009 and 2008 are as follows: 2009 2008

Cash on hand 349,000 239,000 Cash at banks – Checking accounts 90,201 117,273 Cash at banks – Saving accounts 362,984 2,619,328

Total 802,185 2,975,601

5.2 Non cash transaction For the year ended 31 December 2009 and 2008, the Company capitalized inventories and materials for the construction of the factory and furniture and equipment amounting to Baht 17.70 million and Baht 7.23 million, respectively.

6. CURRENT INVESTMENT

Current investment as of 31 December 2008 is a fixed deposit of USD 1,000,000 with maturity date of 12 months and no restriction. It bears interest at the rate of 1.42 per cent per annum. (As at 31 December 2009: Nil)

7. ACCOUNTS RECEIVABLE - TRADE (net)

Trade accounts receivable - net as at 31 December 2009 and 2008, consist of the following: 2009 2008

Trade accounts receivable 120,988,325 155,502,042 Less Allowance for doubtful debts (41,502,830) (11,288,791)

Total 79,485,495 144,213,251

As at 31 December 2009 and 2008, the outstanding balances of trade accounts receivable classified by ages are as follows: 2009 2008

Current 22,501,762 78,666,529 Overdue - Not over 3 months 1,162,817 10,214,425 - Over 3 months to 6 months 3,240,236 49,073,881 - Over 6 months to 12 months 34,133,601 263,420 - Over 12 months 59,949,909 17,283,787

Total 120,988,325 155,502,042

The normal credit terms given by the Company are 30 - 90 days. As of 31 December 2009, the Company does not set aside allowance for doubtful debts for the outstanding receivable which is overdue over 12 months from the Government Agencies and the State Enterprise approximately Baht 52.55 million due to the Company’s management is confident that the amount will be recoverable in full.

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8. INVENTORIES - NET

Inventories - net as at 31 December 2009 and 2008, consist of the following: 2009 2008

Finished goods 31,601,124 94,392,482 Raw materials 61,320,995 17,042,735 Work in process 597,489 737,547 Spare parts and supplies 1,207,261 1,406,708 Goods in transit 2,637,153 -

97,364,022 113,579,472 Less Allowance for diminution in value and obsolete of inventories (1,227,283) (100,809)

Total 96,136,739 113,478,663

9. OTHER CURRENT ASSETS

Other current assets as at 31 December 2009 and 2008 consist of the following: 2009 2008

Other accounts receivable – Danida project - 1,998,304 Advance payment 1,801,701 3,148,186 Value added tax receivable 1,993,238 3,498,046 Withholding income tax deducted at source 2,545,908 1,249,651 Others 3,137,380 2,680,370

Total 9,478,227 12,574,557

10. RESTRICTED FIXED DEPOSITS AT FINANCIAL INSTITUTIONS

This account represents fixed deposits with commercial banks which have been pledged as collateral for bank guarantees issued to government agencies, for overdraft lines and other credit facilities granted by the depository banks (Note 14, 26.1 and 26.2).

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11. PROPERTY, PLANT AND EQUIPMENT - NET

Lands and land

improvement

Building and Building

improvement

Machinery and factory equipment

Furniture, fixture and office equipment Vehicles

Assets under construction

and installation

Total

Cost / Revaluation

31 December 2008 46,530,403 25,740,202 51,955,218 19,483,560 23,327,776 156,188,931 323,226,090

Acquisition/transferred in

2,210,851 16,944,167 318,182 14,049,778 14,600 15,144,679 48,682,257

Disposal/transferred out

- - (15,510) (122,675) (1,400,262) (22,055,954) (23,594,401)

31 December 2009 48,741,254 42,684,369 52,257,890 33,410,663 21,942,114 149,277,656 348,313,946

Accumulated depreciation:

31 December 2008 6,516,559 9,120,877 46,489,194 11,746,250 16,785,185 - 90,658,065

Depreciation for the year

1,956,742 2,444,213 4,935,105 4,628,104 2,870,631 - 16,834,795

Depreciation of revaluation

- - - - - - -

Depreciation on disposal

- - (9,621) (56,812) (1,400,259) - (1,466,692)

31 December 2009 8,473,301 11,565,090 51,414,678 16,317,542 18,255,557 - 106,026,168

Surplus on revaluation:

31 December 2008 - - - - - - -

Increase during the year

- 8,005,440 31,801,442 - - - 39,806,882

31 December 2009 - 8,005,440 31,801,442 - - - 39,806,882

Accumulated depreciation - Surplus on revaluation:

31 December 2008 - - - - - - -

Increase during the year

- - - - - - -

31 December 2009 - - - - - - -

Allowance for impairment loss:

31 December 2008 - - - - - - -

Increase during the year

10,524,186 1,060,559 - - - - 11,584,745

31 December 2009 10,524,186 1,060,559 - - - - 11,584,745

Net book value:

31 December 2009 29,743,767 38,064,160 32,644,654 17,093,121 3,686,557 149,277,656 270,509,915

31 December 2008 40,013,844 16,619,325 5,466,024 7,737,310 6,542,591 156,188,931 232,568,025

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2009 2008

Depreciation charges for the years are included in :-

Production cost and cost of goods sold 1,869,866 9,533,351 Administrative expenses 10,551,931 9,862,041 Not – full normal production capacity expenses

4,412,998 2,030,558

Total 16,834,795 21,425,950

On 25 December 2009, the Company had revalued lands, building and machinery by independent appraiser using “Cost Approach” method. According to the report of the independent appraiser, the Company recorded the increased in revaluation of Baht 39.80 million as “Surplus on revaluation of fixed assets” under the shareholders’ equity and the decreased in revaluation of Baht 11.58 million as “Loss on impairment of fixed assets” in the statement of income.

There are certain machinery and equipment and motor vehicles which were fully depreciated and still in use totaling approximately Baht 75.56 million and Baht 6.38 million as at 31 December 2009 and 2008, respectively.

The Company’s lands and land improvement as of 31 December 2009 and 2008, amounting to Baht 28.81 million and Baht 29.99 million, respectively have been mortgaged as collateral under a loan agreement (Note 14 and 26.4).

As of 31 December 2009 and 2008, the Company has a machinery and equipment purchase agreement with a foreign company (Note 26.6) and paid a partial advance amounting to Baht 263.1 million or Euro 5.6 million which is recorded as advance payment for machinery and equipment account.

As of 31 December 2009 and 2008, the Company has a construction and system implementation agreement with a local consortium (Note 26.7), and paid the partial advance amounting to Baht 129.94 million and Baht 122.10 million, respectively.

12. INTANGIBLE ASSETS - NET

Intangible assets as at 31 December 2009 and 2008 consist of the following:

Computer software

Industrial Standard certificate Total

Balance as at 1 January 2009 262,830 2,212,458 2,475,288

Purchase - - -

Transfer in - - -

Amortization for the year (168,282) (90,224) (258,506)

Balance as at 31 December 2009 94,548 2,122,234 2,216,782

Amortization charges for the year are included in administrative expense

13. OTHER ASSETS

Other assets as at 31 December 2009 and 2008 consist of the following: 2009 2008

Advance payments for raw materials (Note 26.5) 103,452,000 103,452,000 Deferred charges (Note 26.5) 16,983,000 16,983,000 Others 699,905 576,376

Total 121,134,905 121,011,376

14. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS

Bank overdrafts and short-term loans from financial institutions as at 31 December 2009 and 2008 consist of the following: Interest rate

per annum 2009 Interest rate per annum 2008

Bank overdrafts 5.75 – 6.15 43,852,178 6.75 20,164,513 Trust receipts and promissory notes 4.35 – 5.60 19,287,155 5.094 – 6.375 47,700,799

Total 63,139,333 67,865,312

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As at 31 December 2009 and 2008, the Company has overdraft and other credit facilities with several local banks approximately Baht 3,050 million and Baht 3,035 million, respectively which are collateralized by the pledging of the Company’s fixed deposits (Note 10) and the mortgages of the Company’s land and land improvement (Note 11).

Moreover, the Company has assigned the right to receive collections from the Company’s contract with the Department of Alternative Energy Development and Efficiency approximately Baht 24.23 million.

Bank overdraft under the above credit facilities as at 31 December 2009 of Baht 20 million has been guaranteed by investment of the Company’s director and the director’s personal guarantee.

15. OTHER CURRENT LIABILITIES

Other current liabilities as at 31 December 2009 and 2008 consist of the following: 2009 2008

Accrued expenses 4,866,981 2,410,485 Other accounts payable - related companies - 4,815 Accounts payable - construction 5,937,004 8,077,004 Advances received from customers 144,003 123,103 Output value added tax 2,097,827 3,228,814 Others 874,535 966,707

Total 13,920,350 14,810,928

16. LONG TERM FINANCIAL LEASES - NET

As at 31 December 2009 and 2008, the Company has motor vehicle hire-purchase agreements with some local leasing companies for the periods of 36 and 48 months. The Company is committed to pay the minimum future lease payments as follows: 2009 2008

Within 1 year 822,716 1,807,829 1 - 4 years 559,335 1,382,051

Total minimum lease payments 1,382,051 3,189,880 Less Deferred interest (76,700) (212,101)

Present value of minimum lease payments 1,305,351 2,977,779 Less Portion due within 1 year – net (767,349) (1,672,428)

Net 538,002 1,305,351

17. ORDINARY SHARES

On 27 April 2009, the 2009 annual general meeting of shareholders approved to issue and offer newly issued ordinary shares together with warrants to purchase the Company’s ordinary shares, specifically to Direct Capital Corporation Limited, a new potential investor, by way of private placement in order to support the Company’s working capital for the Company’s business expansion. In this connection, the Company’s registered capital will be increased from Baht 300,000,000 comprise of 300,000,000 ordinary shares, with a par value of Baht 1 each to Baht 593,999,988 comprise of 593,999,988 ordinary shares, with a par value of Baht 1 each by issuing 293,999,988 new ordinary shares, with a par value of Baht 1 each.

The Company had registered the increase of share capital with the Ministry of Commerce on 7 May 2009.

However, the Board of Directors Meeting no.7/2009 held on 26 October 2009 approved the cancellation of the waiver for Direct capital Corporation Limited of a mandatory tender offer to acquire all securities of the Company passed by a resolution of the general shareholders meeting (Whitewash) because of the overdue contribution. The Board of Directors has an intention to open the opportunity to new strategic investors, to support the company improvement and enhance the existing business operation for the further success of the company through the new strategic investor’s knowledge and experience.

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18. PREMIUM ON SHARE CAPITAL

The premium on share capital account was recorded under Section 51 of the Public Companies Act B.E. 2535, which requires a company to book proceeds from share subscription received in excess of the par value of the issued shares to the “premium on share capital account”. The account is not available for dividend distribution.

19. LEGAL RESERVE

The legal reserve is set aside under Section 116 of the Public Companies Act B.E. 2535 which requires a company to set aside as a legal reserve at least 5 percent of its net income after accumulated deficit brought forward (if any) until the reserve is not less than 10 per cent of the authorized capital. This reserve is not available for dividend distribution.

20. PROVIDENT FUND

The Company has established a contributory provident fund for its employees. Membership to the fund is on a voluntary basis. Contributions are made monthly by the employees and the Company at a rate 2% of employee’s basic salaries. The provident fund is registered with the Ministry of Finance and is managed by a licensed Fund Manager.

The Company contributed Baht 0.44 million and Baht 0.45 million to the fund and charged directly to the statement of income for the years ended 31 December 2009 and 2008, respectively.

21. SEGMENT FINANCIAL INFORMATION

The Company’s operations involve a single industry segment in manufacture and distribution of solar-cells and equipment which are used with solar-cells and are carried on in the single geographic area in Thailand. Accordingly, revenues, income and assets as reflected in these financial statements pertain to the industry segment and geographic area as mentioned above.

22. THE INVESTMENT PROMOTION RIGHTS AND PRIVILEGES

By virtue of the provisions of the Industrial Investment Promotion Act B.E. 2520, the Company has been granted privileges by the Board of Investment (BOI) relating to the assembly of solar-cell modules as per Certificate Number 1610(2)/2546 dated 6 November 2003 and the production of solar-cells as per Certificate Number 2181(9)/2548 dated 23 December 2005.

The privileges granted are as follows:-

Certificate No. Rights and Privileges

1610(2)/2546 2181(9)/2548 1. Issued date 6 November 2003 23 December 2005

2. Exemption of import duty for machinery

Exemption from import duty for machinery as approved by

the BOI

Exemption from import duty for machinery as approved by

the BOI 3. Exemption of import duty

tax for raw materials and supplies for manufacture of export sales

5 years from first import date 5 years from first import date

4. Exemption from corporate income tax

Exemption from corporate income tax not over 100% of investment (excluding land and working capital) for 8 years from the date of the

export revenue first earned (27 January 2004), which will expire on 26 January 2012.

Exemption from corporate income tax for 8 years from the date of the export revenue first earned (The Company has not yet received revenue under this

certification.)

On 26 July 2005, the BOI approved an increase in the Company’s production capacity of

solar cells from 40,000 modules per year to 195,000 modules per year, under the Certificate No. 1610(2)/2546 which had been retrospectively effective to 2 September 2004 onward. In this regard, the Company must comply with certain conditions specified in the approval letter.

Subsequently, in February 2006, the Company was granted by the BOI an increase in the Company’s production capacity of solar cells to be 269,568 modules per year and was granted

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the exemption of corporate income tax amount from not exceeding Baht 61,000,000 to not exceeding Baht 116,456,512. These rights and privileges had been retrospectively effective to 9 December 2005 onward.

The Company’s shareholders will be exempted from income tax on dividend receivable during the period in which the Company is granted exemption from corporate income tax.

As a promoted company, the Company must comply with certain conditions and restrictions provided in the promotional certificates. Revenue, cost and expenses are allocated to promoted business and non-promoted business as follows:

a. Sales, direct costs and overhead expenses are presented under each business as incurred.

b. Indirect costs and expenses are allocated to each business based on the proportion of revenues of each business.

23. REVENUE REPORTING OF A PROMOTED INDUSTRY

Based on the Announcement of the Board of Investment No. Por. 14/2541 dated 30 December 1998 regarding reporting on revenues of a promoted industry, the Company is required to report separately revenues from domestic sales and export sales and promoted and non-promoted businesses.

For the years ended 31 December 2009 and 2008, the required in formations are as follows:

For the year ended 31 December 2009

Promoted Non-promoted Total Business Business Amount

Baht Baht Baht

Revenues Revenues from local sales 8,903,056 110,040,788 118,943,844 Revenues from export sales 696,045 537,895 1,233,940

Total 9,599,101 110,578,683 120,177,784

For the year ended 31 December 2008

Promoted Non-promoted Total Business Business Amount

Baht Baht Baht

Revenues Revenues from local sales 20,778,677 188,386,492 209,165,169 Revenues from export sales 78,267,949 135,556,444 213,824,393

Total 99,046,626 323,942,936 422,989,562

24. CLASSIFICATION OF EXPENSES BY NATURE OF EXPENSES

Expense transactions classified by nature of expenses are as follows:-

2009 2008

Salary, wages and employee benefit expenses 30,678,394 37,079,830 Depreciation and amortization expenses 17,093,301 21,637,372 Raw materials and supplies used 6,916,195 43,017,479 Changes in finished goods and work in process 62,931,416 221,354,250

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25. TRANSACTIONS WITH RELATED PARTIES

The Company has transactions with related parties. These parties are invitee companies having mutual directors or companies which directors are major shareholders and/or have common directors. The financial statements reflect the effects of these transactions which are in the ordinary course of business with details as follows:

Relationship Relationship as at as at

Related parties Types of business

31 December

2009

31 December

2008

Forth Corporation PCL. Manufacturing and distribution of electronic equipment

- Co-director

Bonanza Golf and Country Club Co.,Ltd.

Golf course Common shareholders

and co-director

Common shareholders

and co-director Witheetinthai Co.,Ltd. Local sport club and selling of local

products Common

shareholders Common

shareholders Bananza Resort Hotel Co., Ltd.

Hotel Co-director Co-director

Bonanza Property Development Co., Ltd.

Water park and amusement park Co-director Co-director

California Real Estate Co., Ltd.

Construction Common shareholders

Common shareholders

Lives and Rich Co.,Ltd. Production and publicity of printed matters, radio, television and telecommunication

Common shareholders

Common shareholders and Co-director

Fac Rent Co., Ltd. Warehouse rental Co-director’ spouse

-

Mr.Akradej Rojmeta Director Director

The Company has pricing policies for its related parties’ transactions as follows:

Sales of goods

Sales of goods to related parties are made in normal course of business comparable to

those of non-related parties.

Purchases of inventories

Purchase of inventories from related parties are made in normal course of business

comparable to those of non-related parties.

Service fee and rental fee

Contract prices and agreed prices determined on the terms and conditions in normal

course of business comparable to those of non-related parties.

25.1 Balances with the related companies as at 31 December 2009 and 2008, are mainly as

follows:

Transactions / Company names 2009 2008

Other payable Forth Corporation Public Company Limited - 4,815

Short-term loan from related party

Mr. Akradej Rojmeta 3,000,000 -

Short-term loan from related party as at 31 December 2009 is a promissory note which is

repayable at call and interest free. The movement for the year is as follow:-

Balance as at 1 January 2009 -

Increase during the year 13,000,000

Decrease during the year (10,000,000)

Balance as at 31 December 2009 3,000,000

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25.2 Transactions with related companies for the year ended 31 December 2009 and 2008 are mainly as follows:

Transactions / Company names 2009 2008

Purchase of goods Forth Corporation Public Company Limited 5,350 324,210

Selling and administration expenses Lives and Rich Company Limited - 550,000 Fac rent Company Limited 278,460 -

Total selling and administration expenses 278,460 550,000

26. COMMITMENTS, LETTERS OF GUARANTEE AND CONTINGENCIES

26.1 As at 31 December 2009 and 2008, the Company has letters of guarantee issued by several local banks to guarantee the Company’s performance to government agencies of approximately Baht 276.66 million and Baht 277.18 million, respectively.

26.2 As at 31 December 2009 and 2008, the Company has unused letters of credit with certain local banks as follows: (Unit : Unit)Currency 2009 2008

- USD 28,100 1,402,358 As at 31 December 2009 and 2008, the above guarantees under 26.1 and the line of credit under 26.2 are collateralized by the pledging of the Company’s fixed deposits of Baht 46 million (Note 10).

26.3 As at 31 December 2009 and 2008, the Company was contingently liable to a contractor for damages in connection with the sales of goods with installation services for the period of 2-5 years and 1 - 4 years, respectively, ending in 2012.

26.4 As at 31 December 2009 and 2008, the Company has a long-term loan agreement of Baht

500 million with a local bank to finance the purchase of machinery and equipment for the construction of solar-cell factory. This loan is collateralized by the mortgage of the Company’s certain land, future factory, machinery, and equipment to be acquired in the future. Presently, the Company has already mortgaged certain land to the bank (Note11). In addition, the Company must comply with the conditions specified in the agreement such as maintaining the fixed deposit amount and certain financial ratios. As at 31 December 2009, such loan has not been utilized.

26.5 As at 31 December 2009 and 2008, the Company has two Long Term Wafer Supply Agreements with a foreign company. As described in the agreements, the Company agrees to pay a non-refundable and irrevocable advance payment as follows:

Agreement Dated Quantities of wafer Term of delivery Advance payment

1. 28 August 2006 19,920,000 1 January 2009 – 31 December2018 Euro 7.5 million 2. 9 May 2007 23,868,000 1 January 2010– 31December 2017 Euro 4.5 million Total Euro 12.0 million

The Company has commitments to pay annual advance payment on or before October of each year and has paid some advances as follows:

Advance payment (Euro : million)

Years Agreement 1

Agreement 2 Total Paid Balance

2006 1.50 - 1.50 1.50 -

2007 3.00 1.80 4.80(1) 0.66 (2) 4.14 2008 3.00 1.35 4.35 - 4.35

2009 - 1.35 1.35 - 1.35

Total 7.50 4.50 12.00 2.16 9.84

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(1)However, the Company failed to pay the advance payments when they fell due in the year 2007 totaling Euro 4.8 million.

(2)Therefore, on 13 August 2008, the Company entered into a new agreement to pay the supplier of Euro 1,000,000. Partial payment of Euro 660,000 (Baht 32,967,000) serves as a partial payment to the first installment of the non-refundable advanced payment under Supply Agreement 2. The remaining portion of Euro 340,000 (Baht 16,983,000) represents charges on late advance payment and in order to maintain the two Wafer Supply Agreements and to entitle to future benefits that the Company has been graciously granted such as the bridging quantities of 346,500 wafers for year 2009 at the advantageous price compared to that of the market. The amount of Euro 340,000 (Baht 16,983,000) was recorded as deferred charges (Note 13) and will be amortized to cost of inventories delivered in the future years.

As at 31 December 2008, the Company had paid the advance payment totally Euro 2.16 million (Baht 103,452,000) and leaving the outstanding balance of Euro 9.84 million.

On 1 April 2009, the Company and the supplier have agreed to revise the term of advance payments for the remaining balance of Euro 9.84 million as follows:

Due date Advance payment (Euro : million)

within Agreement 1

Agreement 2

Total

22 May 2009 1.93 - 1.93 31 October 2009 - 1.35 1.35 19 May 2011 2.04 1.24 3.28 18 May2012 2.03 1.25 3.28

Total 6.00 3.84 9.84

However, as at 31 December 2009, the Company has not paid the advance payment totaling Euro 3.28 million which was due in year 2009. At the date of this report, the Company and the supplier are negotiating to extend the term of the advance payments.

26.6 As at 31 December 2009 and 2008, the Company has a purchase agreement with a foreign company to supply machinery and equipment of Euro 17.9 million. Subsequently on 2 June 2009, both parties have amended the value of this agreement to Euro 10.9 million.

As at 31 December 2009 and 2008, the Company had paid partial advances of Euro 5.6 million (Baht 263.1 million)(Note 11). The Company thus has commitment under the agreement to pay Euro 5.3 million and Euro 12.3 million, respectively which will be paid in accordance with the terms of the agreement.

26.7 As at 31 December 2009 and 2008, the Company has a construction agreement with a consortium to construct solar-cell factory amounting to Baht 144.72 million in which the Company had paid partial payment amounting to Baht 129.94 million and Baht 122.10 million, respectively (Note 11). Therefore, the Company has the outstanding commitment of Baht 14.78 million.

27. DISCLOSURE OF INFORMATION ON FINANCIAL INSTRUMENTS

27.1 Accounting policies Accounting policies have been disclosed in Note 3.

27.2 Financial risk management policies The Company is exposed to normal business risks from changes in market interest rates and

currency exchange rates and from non-performance of contractual obligations by counterparties. The Company does not issue derivative financial instruments for speculative or trading purposes.

27.3 Credit risk The Company is exposed to credit risk primarily with respect to trade accounts receivable.

However, due to its conservative policy on granting credit to customers, and only dealing

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with creditworthy counterparties which should prove to be collectible, the Company does not anticipate material losses from its debt collection in excess of the allowance for doubtful accounts already set aside in the accounts. The carrying amount of the assets recorded in the balance sheet, net of allowance for doubtful accounts, represents the Company’s maximum exposure to credit risk.

27.4 Foreign exchange risk The Company is exposed to foreign currency risk relating to purchases which are denominated in foreign currencies. The Company primarily utilizes forward exchange contracts with maturities less than one year to hedge such financial liabilities denominated in foreign currencies. As at 31 December 2009 and 2008, assets and liabilities in foreign currencies consist of the following: (Unit : Unit)

2009 2008

Assets

Trade accounts receivable

- USD 25,430 1,237,750

- Euro 9,872 -

Liabilities

Trust receipts and promissory notes

- USD 50,688 -

- Euro - 249,900

Trade accounts payable

- USD 28,100 184,800

- Euro - 4,346

As at 31 December 2008, the Company entered into hedging contracts for existing and committed liabilities of Euro 249,900 and USD 184,800 which are due in year 2009 (as at 31 December 2009 : Nil).

27.5 Interest rate risk Interest rate risk is the risk that future movements in market interest rates will affect the

results of the Company’s operations and its cash flows. The Company is primarily exposed to interest rate risk from floating interest rates of short-term loans from financial institutions.

27.6 Liquidity risk The Company’s monitoring of its liquidity risk and maintaining a level of cash and cash

equivalents deemed adequate by management to finance the Company’s operations and to mitigate the effects of fluctuations in cash flows.

27.7 Fair value of financial instruments The following methods and assumptions are used by the Company in estimating fair value

of financial instruments: The fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. In determining the fair value of its financial assets and liabilities, the Company takes into account its current circumstances and the costs that would be incurred to exchange or settle the underlying financial instrument. The majority of long - term investments are recorded at the fair value basis that based on the latest closed prices, long - term loans to related parties carried interest at the rates varied from the current market rates. The majority of the other financial assets and liabilities are short – term. Therefore, the Company’s management believes that the fair value of the Company financial assets and financial liabilities do not materially differ from their carrying values.

28. CAPITAL MANAGEMENT

The objective of financial management of the Company is to maintain the continuity of operation capability and capital structure to be properly appropriated. The Company’s balance sheet as at 31 December 2009 has debt to equity ratio at 0.11: 1 (31 December 2008: 0.11: 1).

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29. SUBSEQUENT EVENTS

On 11 January 2010, the Company has entered into a consortium agreement with an overseas company for the bidding of a 30 Megawatts Solar Power Plant of a local company amounting to Baht 3,200 million, of which the Company’s has 35% stake. The

Consortium has been awarded the project on 22 February 2010 and will sign the contract in March 2010.

30. RECLASSIFICATION

Certain amounts in the financial statements for the year 2008 have been reclassified to conform to the year 2009 classification but with no effect to previously reported net income or shareholders' equity. The significant reclassifications are as follow:

Before

reclassification Reclassified

After

reclassification

Balance sheet

Advance payment for machinery

and equipment

Current assets Non current

assets

Property, plant and equipment 235,043,313 (2,475,288) 232,568,025

Intangible assets - 2,475,288 2,475,288

Statement of income

Directors’ remuneration 2,206,800 (2,206,800) -

Selling expenses 15,287,029 (1,061,436) 14,225,593

Administrative expenses 57,377,421 (13,428,453) 43,948,968

Management benefit expenses - 16,187,836 16,187,836

Allowance for doubtful debts

(Reversal)

- 5,305,673 5,305,673

Other income - others 6,561,665 (5,814,526) 747,139

31. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements have been approved for issuance by the Board of Directors of the Company on 2 March 2010.

Page 127: SOLAR : Annual Report 2009