Psl 03 by Brother Roger

√“¬ß“πª√–®”ªï 2546

√“¬ß“πª√–®”ªï 2546 ANNUAL REPORT 2003

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ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ‚∑√. 66-2237-8700-4 ·øì°´å 66-2236-7654, 2633-8460 ‡∑‡≈Á°´å 20412 PSL TH ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®.309 e-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com PRECIOUS SHIPPING PUBLIC COMPANY LIMITED 7th Floor, Cathay House, 8 Noth Sathorn Road, Bangkok 10500, Thailand Tel. 66-2237-8700-4 Fax. 66-2236-7654, 2633-8460 Tlx. 20412 PSL TH Registration No. Bor Mor Jor 309 e-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

“√∫—≠ CONTENTS

1 2 12 14 26 40 44 45 46 66 67 70 78 80 82 84 88 106 150 160 166 172 174 176

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®·≈–Õÿµ “À°√√¡ §≥–°√√¡°“√∫√‘…—∑ √“¬ß“π®“°§≥–°√√¡°“√ √“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠ °Õß°”≈—ß‡√◊Õ ‚§√ß √â“ß√“¬‰¥â §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√ ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ‚§√ß √â“ß°“√®—¥°“√ ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑ §≥–ºŸâ∫√‘À“√ √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ß∫°“√‡ß‘π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 √“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π ¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 ∫ÿ§§≈Õâ“ßÕ‘ß

Financial Highlights

Nature of Business ond Industry

The Board of Directors

Board of Directors’ Report

Report on Implementation of Fifteen Principles of Good Corporate Governance

Significant Risk Factors

Fleet List

Revenue Structure

Management Discussion and Analysis

Major Shareholders

Management Structure

Board of Directors - Profile

Management Team

Audit Committee Report

Report on The Board of Directors’ Responsibilities for Financial Statements

Report of Independent Auditor

Financial Statements

107

Notes to Financial Statements

151

Restated us Dollar Financial Statements

161

Policy of Restatement from THB to USD Currency

166

Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535

173

Connected Transactions

175

Index of report in accordance with Form 56-2

176

References

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

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®ÿ¥‡¥àπ∑“ß°“√‡ß‘π

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FINANCIAL HIGHLIGHTS

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Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand √“¬°“√ Details ■ ■ ■ ■

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√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ / Vessel Operating Revenues µâπ∑ÿπ°“√‡¥‘π‡√◊Õ / Vessel Operating Costs * °”‰√¢—Èπµâπ / Gross Profit √“¬‰¥â√«¡ (‰¡à√«¡°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ) Total Revenues excl unrealised exchange gain µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“·≈–¢“¥∑ÿπ®“° Õ—µ√“·≈°ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ) Total Costs (excl. depreciation & unrelaised exchange loss) §à“‡ ◊ËÕ¡√“§“ / Depreciation * °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß Unrealized Exchange Gain (Loss) √“¬°“√æ‘‡»… / Extra-ordinary items °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net Profit (Loss) °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß Adjusted Net Profit (Loss) ** ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ / Total Current Assets ‘π∑√—æ¬å∂“«√ ( ÿ∑∏‘) / Fixed Assets (net) ‘π∑√—æ¬å√«¡ / Total Assets Àπ’È ‘πÀ¡ÿπ‡«’¬π√«¡ / Total Current Liablities ‡ß‘π°Ÿâ¬◊¡√«¡ / Total Borrowings à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Shareholdersû Equity ∑ÿπ∑’Ë‰¥â™”√–·≈â« / Paid-up Capital ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) / Book Value per share (Baht) °”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ (∫“∑) Earnings per share (Baht) ‡ß‘πªíπº≈µàÕÀÿâπ (∫“∑) / Dividend per share (Baht) Õ—µ√“°”‰√¢—Èπµâπ (√âÕ¬≈–) / Gross Profit Margin (%) Õ—µ√“°”‰√ ÿ∑∏‘ (√âÕ¬≈–) / Net Profit Margin (%) ** Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ (√âÕ¬≈–) / Return on Equity (%) Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) Return on Total Assets (%)

2546 2003

2545 2002

2544 2001

2543 2000

2542 1999

2541 1998

2540 1997

2539 1996

3,796,876 1,530,823 2,266,053 3,829,488

3,290,904 1,758,124 1,532,780 3,361,993

4,010,630 2,362,639 1,647,991 4,056,011

4,115,748 2,506,688 1,609,060 4,196,088

3,590,598 2,432,880 1,157,718 3,741,324

4,101,676 2,722,280 1,379,397 4,618,323

3,099,110 1,848,476 1,250,634 3,351,782

2,806,998 1,726,546 1,080,452 3,244,415

1,999,613

2,355,746

3,019,430

3,579,748

3,200,656

3,723,088

3,023,549

2,342,546

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601,965 161,037

634,971 40,396

544,048 (52,283)

608,723 (436,662)

678,660 (161,546)

705,197 680,421 2,395,307 (5,462,852)

548,693 0

147,613 1,536,560 1,227,910

90,762 502,434 371,276

233,068 673,318 492,533

62,403 (366,642) 7,617

238,826 (60,712) (137,992)

689,581 13,445 3,274,925 (5,801,595) 190,037 (352,188)

0 353,176 353,176

1,073,536 4,617,999 5,867,920 1,426,283 3,422,350 1,957,866 520,000 3.77 2.95 0.50 59.68 32.06 93.22 22.38

629,295 4,207,699 5,103,836 796,118 4,024,519 676,585 520,000 1.30 0.97 0.00 46.58 11.04 64.53 6.81

802,327 4,765,597 5,802,968 1,022,449 4,896,588 474,038 520,000 0.91 1.29 0.00 41.09 12.14 117.38 7.88

762,538 5,478,767 6,691,354 1,369,174 5,774,319 365,206 520,000 0.70 (0.71) 0.00 39.10 0.18 0.11

811,426 6,425,955 7,605,455 7,705,131 6,976,929 (223,529) 520,000 (0.43) (0.12) 0.00 32.24 (3.69) (1.70)

502,601 678,354 7,737,443 8,616,006 8,621,060 9,659,334 2,079,645 2,215,057 8,052,560 12,233,115 (231,344) (3,510,049) 520,000 520,000 (0.44) (6.75) 6.30 (11.16) 0.00 0.00 33.63 40.35 4.11 (10.51) 2.08 (3.74)

3,486,676 5,396,134 9,175,215 1,596,350 6,419,979 2,407,230 520,000 4.63 0.68 0.30 38.49 10.89 15.40 4.03

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* „π√–À«à“ßªï 2545 ·≈– 2546 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‰¡à‰¥â√«¡§à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õµ—¥®”Àπà“¬®”π«π 155,171æ—π∫“∑ ·≈–148,861æ—π∫“∑ µ“¡≈”¥—∫ ∑’Ë‰ª√«¡Õ¬Ÿà„π§à“‡ ◊ËÕ¡√“§“ ** µ—«‡≈¢· ¥ßº≈°√–∑∫®“°°“√‰¡àπ—∫√«¡º≈°”‰√/¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß·≈–√“¬°“√æ‘‡»…

* **

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During year 2002 and 2003 Vessel operating costs does not include amortized portion of drydock and special servey Baht 155,171 Thousand and Baht 148,861Thousand respectively, which is included in Deprecition. Figures derived by adjusting unrealized loss/gain on exchange difference and extra-ordinary items to calculate Adjusted Net Profit (loss)

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à«π¢ÕßºŸâ∂◊ÕÀÿπâ

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß

TOTAL ASSETS

SHAREHOLDERSû EQUITY (DEFICIT)

ADJUSTED NET PROFIT (LOSS)

Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand 10,000,000

8,000,000

Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand

4 2

Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand

2,500,000

1,500,000

1,200,000

900,000

500,000 6,000,000

600,000

-500,000

4 300,000

4,000,000

-1,500,000

-2,500,000 2,000,000

-300,000

-600,000

-4,000,000 2003 2002 2001 2000 1999 1998 1997 1996

2003 2002 2001 2000 1999 1998 1997 1996

4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

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1.1 §«“¡‡ªìπ¡“ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ’‡Õ ·Õ≈é) °àÕµ—Èß„πªï 1989 ·≈–‡¢â“‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥ À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡¡◊ÕË ªï 1993 ‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ‡®â“¢Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ·≈–„Àâ∫√‘°“√‡™à“‡À¡“ ”À√—∫ ¢π àß ‘π§â“·Àâß‡∑°Õß‰¡àª√–®”‡ âπ∑“ß æ’‡Õ ·Õ≈‰¥â®—¥‚§√ß √â“ß¢Õß∫√‘…—∑œ ‚¥¬¡’∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß‡√◊Õ‡æ’¬ß 1 ≈” (∫“ß ∫√‘…—∑¬àÕ¬Õ“®‡ªìπ‡®â“¢Õß‡√◊Õ 2 ≈”) ‡æ◊ËÕ®”°—¥§«“¡√—∫º‘¥„πÀπ’È ‘π ´÷Ëß‚§√ß √â“ß¥—ß°≈à“«¡’≈—°…≥–‡À¡◊Õπ°—∫‚§√ß √â“ß∫√‘…—∑ ‡¥‘π‡√◊Õ∑—«Ë ‰ª ªí®®ÿ∫π— æ’‡Õ ·Õ≈ (≥ «—π∑’Ë 15 ¡’π“§¡ 2547) ¡’‡√◊Õ ”À√—∫¢π àß ‘π§â“‡∑°Õß®”π«π 31 ≈” ·≈–‡√◊Õ¢π àß´’‡¡πµå ®”π«π 1 ≈” (ç°Õß‡√◊Õé) ´÷Ëß°Õß‡√◊Õ¢Õßæ’‡Õ ·Õ≈¡’‡¥¥‡«∑µ—π√«¡∑—Èß ‘Èπ 745,616 ‡¥¥‡«∑µ—π ‚¥¬‡√◊Õ 31 ≈”‡ªìπ‡√◊Õ∏ß‰∑¬ ·≈– ®”π«π 1 ≈”‡ªìπ‡√◊Õ∏ß∫“Œ“¡“ æ’‡Õ ·Õ≈®—¥‡ªìπÀπ÷Ëß„π∫√‘…—∑‡¥‘π‡√◊Õ∑’Ë„À≠à∑’Ë ÿ¥∑’Ë¥”‡π‘π∏ÿ√°‘®‡ªìπ‡®â“¢Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° (¢π“¥ 10,000 ∂÷ß 30,000 ‡¥¥‡«∑µ—π) ”À√—∫¢π àß ‘π§â“·Àâß‡∑°Õß„πµ≈“¥°“√‡¥‘π‡√◊Õ·∫∫‰¡àª√–®”‡ âπ∑“ß ºŸâª√–°Õ∫∏ÿ√°‘®„π °≈ÿà¡π’È¡’§«“¡À≈“°À≈“¬ ·≈–¡’≈—°…≥–‡©æ“–°≈à“«§◊ÕºŸâª√–°Õ∫°“√Àπ÷ËßÊ à«π„À≠à®–‡ªìπ‡®â“¢Õß‡√◊Õ„π¢π“¥¥—ß°≈à“«‡æ’¬ß 2-3 ≈” ∑”„Àâæ’‡Õ ·Õ≈‡ªìπºŸâª√–°Õ∫°“√„À≠à∑’Ë ÿ¥„π°≈ÿà¡π’È ºŸâ§«∫§ÿ¡∫√‘À“√°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈¥â“π‡∑§π‘§ §◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õßæ’‡Õ ·Õ≈ ·≈–‡ªìπ∫√‘…—∑∑’Ë‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π ISO 9002 æ’‡Õ ·Õ≈∫√‘À“√ß“π°Õß‡√◊Õ·∫∫‰¡àª√–®”‡ âπ∑“ß´÷Ëß¡’‡ âπ∑“ß‡¥‘π‡√◊Õ§√Õ∫§≈ÿ¡‰ª∑—Ë«‚≈° ‘π§â“æ◊Èπ∞“π∑’Ë °Õß‡√◊Õæ’‡Õ ·Õ≈ ¢π àß§◊Õ ‘π§â“∑“ß°“√‡°…µ√ ‡À≈Á° ªÿÜ¬ ‘π·√à·≈–‡π◊ÈÕ·√à ‰¡â´ÿß ·≈–Õ◊ËπÊ æ’‡Õ ·Õ≈‰¥âª√–¡“≥‡§√◊Õ¢à“¬ °“√¢π àß ‘π§â“¢Õß°Õß‡√◊Õ¢Õß∫√‘…—∑œ Õ¬à“ß§√à“«Ê ‡ªìπ 5 ¿Ÿ¡‘¿“§ª√–°Õ∫¥â«¬ À√—∞Õ‡¡√‘°“ / ·§ππ“¥“ ¬ÿ‚√ª ≈–µ‘πÕ‡¡√‘°“ -Õ“ø√‘°“ Õ‘π‡¥’¬ Õπÿ∑«’ª-µ–«—πÕÕ°°≈“ß ·≈–‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ·≈–µ–«—πÕÕ°‰°≈ °Õß‡√◊Õæ’‡Õ ·Õ≈ “¡“√∂„Àâ∫√‘°“√ „π∑à“‡√◊Õ∑’Ë¡’¢’¥®”°—¥„π‡√◊ËÕß¢Õß√àÕßπÈ”·≈–Õÿª°√≥å¢π∂à“¬ ‡π◊ËÕß®“°¢π“¥‡√◊Õ¢Õßæ’‡Õ ·Õ≈ “¡“√∂‡¢â“‡∑’¬∫∑à“„π√àÕßπÈ”µ◊Èπ‰¥â ·≈–¡’Õÿª°√≥å°“√¢π∂à“¬ ‘π§â“µ‘¥µ—Èß∫π‡√◊Õ ¢≥–∑’Ë‡√◊Õ¢π“¥„À≠à‰¡à “¡“√∂‡¢â“‡∑’¬∫∑à“‰¥â ≈—°…≥–¥—ß°≈à“«∂◊Õ‡ªìπ¢âÕ‰¥â‡ª√’¬∫ ·≈– àßº≈„Àâæ’‡Õ ·Õ≈‰¥âÕ—µ√“§à“√–«“ß¡“°°«à“ºŸâª√–°Õ∫°“√‡¥‘π‡√◊Õ¢π“¥„À≠à √Ÿª·∫∫°“√∫√‘°“√„Àâ‡™à“‡√◊Õ¢π àß ‘π§â“¢Õß æ’‡Õ ·Õ≈ ·∫àß‡ªìπ 2 ≈—°…≥– °“√‡™à“‡ªìπ√–¬–‡«≈“ (Time Charter) °“√¢Õ‡™à“≈—°…≥–π’È ºŸ‡â ™à“®–™”√–§à“‡™à“„Àâæ‡’ Õ ·Õ≈µ“¡√–¬–‡«≈“∑’µË °≈ß ºŸâ‡™à“®–‡ªìπºŸâ√—∫º‘¥™Õ∫§à“„™â®à“¬ ”À√—∫‡∑’Ë¬«°“√‡¥‘π∑“ßπ—ÈπÊ (voyage costs) ´÷Ëß√«¡∂÷ß§à“πÈ”¡—π °“√‡™à“‡ªìπ√“¬‡∑’Ë¬« (Voyage Charter) ºŸâ‡™à“®–™”√–§à“√–«“ß„Àâæ’‡Õ ·Õ≈ ”À√—∫°“√√—∫¢π àß ‘π§â“®“° ∑à“‡√◊Õµâπ∑“ß‰ª¬—ßÕ’°∑à“‡√◊Õª≈“¬∑“ß„¥Ê µ“¡∑’µË °≈ß ¥—ßπ—πÈ æ’‡Õ ·Õ≈‡ªìπºŸ√â ∫— º‘¥™Õ∫§à“„™â®“à ¬ ”À√—∫‡∑’¬Ë «°“√‡¥‘π‡√◊Õ (voyage costs) ´÷Ëß√«¡∂÷ß§à“πÈ”¡—π ‡ âπ∑“ß°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈‰¡à‰¥â°”Àπ¥µ“¬µ—« ·µà¢π÷È Õ¬Ÿ°à ∫— §«“¡µâÕß°“√¢ÕßºŸ‡â ™à“‡√◊Õ ∑’ºË “à π¡“æ∫«à“ ¡’°“√‡™à“∑—Èß 2 ≈—°…≥– Time Charter ·≈– Voyage Charter „πÕ—µ√“„°≈â‡§’¬ß°—π ‚¥¬√–¬–‡«≈“°“√‡™à“ª√–¡“≥ 1-3 ‡¥◊Õπ ·µà „π√–¬–À≈—ßπ’È —¥ à«π¢Õß°“√‡™à“·∫∫‡ªìπ√–¬–‡«≈“‡æ‘Ë¡¢÷Èπ §«“¡ “¡“√∂„π°“√„Àâ∫√‘°“√¢π àß ‘π§â“À≈“°À≈“¬ª√–‡¿∑‚¥¬‡©æ“– ‘π§â“æ◊πÈ ∞“π∑’®Ë ”‡ªìπ·≈–‰¡àª√–®”‡ âπ∑“ß ‡ªìπ “‡Àµÿ„Àâ∫√‘…—∑œ “¡“√∂≈¥§«“¡‡ ’Ë¬ß®“°º≈°√–∑∫Õ—π‡°‘¥¢÷Èπ„π¿Ÿ¡‘¿“§„¥Ê ª√–‡¿∑ ‘π§â“ ·≈– ¿“æ‡»√…∞°‘® 1.2 Õ“¬ÿ¢Õß°Õß‡√◊Õ °Õß‡√◊Õæ’‡Õ ·Õ≈®—¥‰¥â«“à ¡’Õ“¬ÿπÕâ ¬‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’¬Ë Õ“¬ÿ¢Õß°Õß‡√◊Õ∑—«Ë ‚≈° Õ“¬ÿ‡©≈’¬Ë ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ Õ¬Ÿà∑’Ëª√–¡“≥ 16 ªï

8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

NATURE OF BUSINESS AND INDUSTRY

4 2 10 M 8 6 4 2

1. NATURE OF BUSINESS

9M 1.1 Background

Precious Shipping P.C.L. (“PSL”), established in 1989 and listed on the Thailand Stock Exchange

in 1993, owns and charters dry bulk ships, on a tramp shipping basis, in the small, handy size sector of the shipping

markets. The corporate structure of PSL, similar to other shipping companies, has separate subsidiaries owning

each vessel (sometimes 2 vessels) to limit liability.

PSL presently (as on 15 March 2004) operates 31 bulkers and a cement carrier (the “Fleet”),

representing 745,616 dwt. Of the entire Fleet, 31 ships are registered under the Thai flag, and 1 under Bahamas

flag.

PSL is one of the largest pure dry cargo ship-owning companies operating in the small, handy size (10,000 to 30,000 dwt) sector of the tramp freight market. This segment is extremely fragmented and

characterized by companies owning 2 or 3 ships. PSL’s Fleet makes it one of the largest, if not the single largest

company in the world, operating in this segment. PSL’s Fleet is managed by Great Circle Shipping Agency Ltd,

Bangkok, a wholly owned subsidiary of PSL that is ISO 9002 certified.

4 2

PSL operates its Fleet on a tramp-shipping basis covering the entire world. Principal cargoes

handled by PSL are agricultural products, steel, fertilizers, ores and concentrates, logs and other items. PSL

estimates its business to be divided evenly across five regions : USA/Canada, Europe, Latin America-Africa, Indian

sub-continent - Middle East, and South East & Far East Asia. PSL operates its ships in ports that have restricted

draft and limited infrastructure (PSL ships have equipment for loading/unloading) where larger ships cannot

operate. This distinction is a comparative advantage and allows PSL to enjoy more stable charter rates than

other larger vessel operators.

The Chartering of the ships is mainly undertaken by PSL vide the following two types of Charters :

Time Charter : Under this Charter, the Charterer pays Charter Hire to PSL to operate the vessel

for an agreed time period. The Charterer bears all voyage costs including the cost of bunker fuels.

Voyage Charter : Under this Charter, the Charterer pays freight to PSL to transport a particular

cargo between two or more designated ports. In this case, the PSL bears all the voyage costs including the cost of

bunker fuels.

6 PSL’s Fleet does not follow set voyage routes, but keeps moving across the globe depending on

its charters. The Fleet is hired on both time charters as well as voyage charters, with typical charter duration of 1-3

months. The mix between the two types of business has historically been equal, although lately the proportion of

time charters has increased.

The well spread diversification and nature of its operations (dry bulk shipping in the small handy

size sector carrying ‘essential basic’ commodities) enables PSL to minimise the impact of concentration risks in

terms of regions or commodities covered, and economic cycles.

1.2 Fleet Age

PSL has a relatively young Fleet, as compared to the world average, with present average age of

about 16 years.

6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

°√“øµàÕ‰ªπ’‡È ªìπ°“√«‘‡§√“–ÀåÕ“¬ÿ¢Õß°Õß‡√◊Õ¢π àß ‘π§â“∑—«Ë ‚≈°·≈–°Õß‡√◊Õæ’‡Õ ·Õ≈ ≥ ‡¥◊Õπ ¡°√“§¡ 2547

9M 8 6 4 2 8M 8 6 4 2 7M 8 6

∑’Ë¡“®“° Clarkson Research Studies / Aries Shipbroking Ltd (CRS/Aries)

4 2

1.3 °“√¥”‡π‘π∏ÿ√°‘® √“¬‰¥â¢Õßæ’‡Õ ·Õ≈¡’°“√°√–®“¬·À≈àß∑’Ë¡“¢Õß√“¬‰¥â‡ªìπÕ¬à“ß¥’¥—ßπ’È 1.3.1 ª√–‡¿∑¢Õß ‘π§â“∑’Ë¢π àß

6M 8 6 4 2

‘π§â“ ■ ‘π§â“°“√‡°…µ√ ■ ‡À≈Á° ■ ªÿ¬ Ü ■ ·√à∏“µ‘·≈– ‘π·√à ■ º≈‘µ¿—≥±å®“°‰¡â-´ÿß ■ ∂à“πÀ‘π ■ Õ◊ËπÊ ■ √«¡

5M 8 6 4 2 4M 8 6

(®”π«π‡∑’Ë¬«¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡) 2544 2545 2546 74 (28.68%) 69 (30.26%) 66 (29.33%) 48 (18.60%) 41 (17.98%) 28 (12.45%) 35 (13.57%) 25 (10.96%) 32 (14.22%) 54 (20.93%) 29 (12.72%) 31 (13.78%) 25 (9.69%) 30 (13.16%) 23 (10.22%) 18 (6.98%) 19 (8.33%) 9 (4.00%) 4 (1.55%) 15 (6.59%) 36 (16.00%) 258 228 225

4 2

1.3.2 °“√‡™à“√“¬‡∑’Ë¬«·≈–°“√‡™à“‡ªìπ√–¬–‡«≈“ (®”π«π¢Õß‡∑’Ë¬«°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’Ë¬«°“√‡¥‘π‡√◊Õ√«¡) °“√‡™à“ 2544 2545 2546 ■ °“√‡™à“√“¬‡∑’¬ Ë « 142 112 80 (55%) (49%) (36%) ■ °“√‡™à“‡ªìπ√–¬–‡«≈“ 116 116 145 (45%) (51%) (64%)

3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

An ageing analysis as on January 2004 is given in the following graph vis-a-vis the World Fleet :

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4

1.3 Business Operations

PSL’s revenues are well diversified in terms of it’s business mix as can be seen from the following

tables :

i. Commodities/Cargoes Carried

6 (Number of Voyages and % of Total Voyages) Commodity

2001

2002

2003

■ Agricultural Commodities

74 (28.68%)

69 (30.26%)

66 (29.33%)

■ Steel

48 (18.60%)

41 (17.98%)

28 (12.45%)

■ Fertilisers

35 (13.57%)

25 (10.96%)

32 (14.22%)

■ Specialised Ores

54 (20.93%)

29 (12.72%)

31 (13.78%)

■ Forest Products/Logs

(9.69%)

30 (13.16%)

23 (10.22%)

■ Coal

(6.98%)

(8.33%)

(1.55%)

(6.59%)

■ Others ■ Total

258

228

2 5M 8

(4.00%)

36 (16.00%)

225

8 6 4

ii. Time Charter v/s Voyage Charter

(Number of Voyages and % of Total Voyages) Charter ■ Voyage Charters ■ Time Charters

2001

2002

2003

142

112

(55%)

(49%)

(36%)

116

145

(45%)

(51%)

(64%)

2 2M 8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

1.3.3 æ◊Èπ∑’Ë„π°“√„Àâ∫√‘°“√¢π àß

9M 8 6 4 2 8M 8 6 4 2 7M

1.3.4 ®”π«π‡§√◊Õ¢à“¬°“√µ≈“¥ ·≈–∑’Ëµ—Èß¢Õßπ“¬Àπâ“√“¬„À≠à

8 6 4 2 6M 8 6 4 2 5M 8

®“°°√“ø¢â“ßµâπ “¡“√∂µ—Èß¢âÕ —ß‡°µ‰¥â«à“æ’‡Õ ·Õ≈¡’‡§√◊Õ¢à“¬°“√µ≈“¥™—ÈπÀπ÷Ëß§√Õ∫§≈ÿ¡∑—Ë«‚≈° ‚¥¬¡’°“√ µ‘¥µàÕ°—π‚¥¬∑“ßÕ‘π‡µÕ√å‡πÁµ∑”„Àâ°“√µ‘¥µàÕ§√Õ∫§≈ÿ¡‡§√◊Õ¢à“¬‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–≈¥µâπ∑ÿπ°“√¥”‡π‘πß“π

6 4 2

2. ‚§√ß √â“ßÕÿµ “À°√√¡

4M 8

Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑“ß∑–‡≈ “¡“√∂®”·π°Õ¬à“ß°«â“ßÊ ‰¥â¥—ßπ’È

6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

iii. Vessel Trading Areas

9M 8 6 4 2 8M 8 6 4 2 7M

iv. Marketing network and major broker locations :

8 6 4 2 6M 8 6 4 2 5M From the above graphs it can be observed that PSL enjoys a wide coverage with its top class

world-wide marketing net work. The extensive use of the internet has allowed this coverage to be obtained in an

extremely cost effective manner.

4 2 4M

2. INDUSTRY STRUCTURE

8 6

Broadly the Shipping Industry is classified as under :

4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

2.1 µ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° (The Small Handy Size Market) µ≈“¥‡√◊Õ¢π àß¢π“¥‡≈Á°ª√–°Õ∫¥â«¬‡√◊Õ‡¥‘π∑–‡≈∑’¡Ë ¢’ π“¥ 10,000 - 30,000 ‡¥¥‡«∑µ—π §«“¡µâÕß°“√„™â∫√‘°“√ ¢Õß‡√◊Õ‡¥‘π∑–‡≈„πµ≈“¥π’È§àÕπ¢â“ß°√–®—¥°√–®“¬ Õ—π‡π◊ËÕß¡“®“°§«“¡ “¡“√∂„π°“√¢π àß ‘π§â“‰¥âÀ≈“°À≈“¬™π‘¥ ·≈– ∑à“‡√◊Õ®”π«π¡“°∑’Ë “¡“√∂„Àâ∫√‘°“√·°à‡√◊Õ‡¥‘π∑–‡≈¢π“¥π’È‰¥â Õ¬à“ß‰√°Áµ“¡≈—°…≥–¥—ß°≈à“«∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢Õß ‡√◊Õ‡¥‘π∑–‡≈¢π“¥‡≈Á°¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫§«“¡µâÕß°“√„™â‡√◊Õ∑’Ë¡’¢π“¥„À≠à°«à“ „π¥â“π¢ÕßºŸ„â Àâ∫√‘°“√∑—«Ë ‚≈°∑’¡Ë ‡’ √◊Õ„π°≈ÿ¡à π’°È °Á √–®—¥°√–®“¬ ‡√◊Õ„π°≈ÿ¡à π’¡È ª’ √–¡“≥ 3,000 ≈” (≥ ‘πÈ ªï 2546) ‚¥¬ºŸâª√–°Õ∫°“√√“¬„À≠à∑’Ë ÿ¥ ¡’‡√◊Õ‡æ’¬ß 60 ≈” À√◊Õ§‘¥‡ªìπ 2% ¢Õß à«π·∫àß„πµ≈“¥ à«π∑’Ë‡À≈◊Õ à«π„À≠à‡ªìπºŸâª√–°Õ∫°“√ ∫√‘…—∑‡Õ°™π¡’‡√◊ÕÕ¬Ÿà‡æ’¬ß‰¡à°’Ë≈” ®“°Õ¥’µ∑’Ëºà“π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈‡ªìπÕÿµ “À°√√¡∑’Ë¡’«—Ø®—°√ ‚¥¬·µà≈–√Õ∫¢Õß«—Ø®—°√®–¡’™à«ß∑’ËÕ—µ√“ §à“‡™à“¢π àß ‘π§â“≈¥µË”≈ßª√–¡“≥ Õßªï À≈—ß®“°π—πÈ ®–¡’°“√ª√—∫µ—«¢ÕßÕÿª∑“π·≈–Õÿª ß§å°Õà π∑’ÕË µ— √“§à“‡™à“¢π àß ‘π§â“®–‡√‘¡Ë ª√—∫µ—« Ÿß¢÷Èπ ™à«ßµ°µË”§√—Èß≈à“ ÿ¥‡√‘Ë¡µâπ„π°≈“ßªï 2540 Õ—π‡π◊ËÕß¡“®“°«‘°ƒµ°“√≥å‡Õ‡™’¬∑”„Àâ§«“¡µâÕß°“√¢π àß ‘π§â“∑“ß ∑–‡≈πâÕ¬≈ß Õ¬à“ß‰√°Áµ“¡°“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®„π∑ÿ°¿Ÿ¡‘¿“§¢Õß‚≈°∑”„Àâ¡’§«“¡µâÕß°“√ ‘π§â“·Àâß‡∑°Õß¡“°¢÷Èπ„πªï 2543 ·≈–¬—ß§ß¥’¢÷Èπ®π°√–∑—Ëß∂÷ß§√÷Ëß·√°¢Õßªï 2544 πÕ°®“°π’È√“§“√—∫´◊ÈÕ‡»…‡À≈Á°∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ™à«¬„Àâ‡°‘¥°“√¢“¬‡√◊Õ‡°à“ ‡æ‘Ë¡¢÷Èπ∑”„ÀâÕÿª∑“π„π°Õß‡√◊Õ°≈ÿà¡π’È≈¥≈ß·≈– àßº≈∂÷ßÕ—µ√“§à“√–«“ß∑’Ë‡æ‘Ë¡¢÷Èπ À≈—ß®“°π—Èπµ—Èß·µà ‘Èπªï 2544 µ≈“¥‰¥âª√—∫µ—« ≈¥≈ßÕ’°§√—ÈßÕ—π‡π◊ËÕß¡“®“°ªí®®—¬À≈“¬Õ¬à“ß Õ¬à“ß‰√°Áµ“¡µ≈“¥‰¥â¡’·π«‚πâ¡∑’Ë¥’¢÷Èππ—∫®“°‰µ√¡“ ∑’Ë 4 ¢Õßªï 2545 ·≈–°Á ∂Ÿ°§“¥°“√≥å«à“®–§ß‡ªìπ‡™àππ’È‰ª®π∂÷ßªï 2547 ·≈– 2548 2.2 ¿“æ√«¡¢ÕßÕÿª ß§å·≈–Õÿª∑“π ·¡â«“à Õß§åª√–°Õ∫¢Õß∫√‘…∑— œ ·≈–Õ“¬ÿ¢Õß°Õß‡√◊Õ∫√‘…∑— œ ®–¡’º≈µàÕ√“¬‰¥â·≈–§à“„™â®“à ¬°Áµ“¡·µà®“°µ“√“ß¥—ßµàÕ‰ªπ’È · ¥ß„Àâ‡ÀÁπ∂÷ßªí®®—¬¿“¬πÕ°Õ—πÀ≈“°À≈“¬´÷Ëß§√Õ∫ß”Õÿª ß§å·≈–Õÿª∑“π∑’Ë‡ªìπ à«πº≈—°¥—π„πÕÿµ “À°√√¡°“√¢π àß·≈– ‡ªìπµ—« √â“ß«ß®√¢Õß∏ÿ√°‘®

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M

2.3 ¥—™π’ Baltic Dry Index °√“ø¢â“ß„µâπ®’È –· ¥ß∂÷ß§«“¡‡ª≈’¬Ë π·ª≈ß¢Õß¥—™π’ Baltic Dry Index (BDI) ´÷ßË ‡ªìπµ—«™’πÈ ”Õ—µ√“§à“¢π àß ‘π§â“·Àâß ‡∑°Õß„π™à«ß‡«≈“ 10 ªï∑’Ëºà“π¡“ ”À√—∫‡√◊Õ¢π“¥„À≠à ®—¥∑”‚¥¬ Baltic Exchange µ—ÈßÕ¬Ÿà∑’Ë°√ÿß≈Õπ¥Õπ ·≈–‰¥â· ¥ß∂÷ß°“√ ‡ª≈’Ë¬π·ª≈ß¢Õß¥—™π’ JE Hyde Shipping Index (JEHSI) ”À√—∫‡√◊Õ¢π“¥‡≈Á° „π√–¬–‡«≈“‡¥’¬«°—π ¥—ßπ—Èπ°Õß‡√◊Õæ’‡Õ ·Õ≈®– ‡ªìπ à«πÀπ÷Ëß„π¥—™π’ JEHSI °“√‡ª√’¬∫‡∑’¬∫¢Õß¥—™π’∑—Èß Õßπ’È· ¥ß„Àâ‡ÀÁπ∂÷ß°“√º—πº«π¢ÕßÕ—µ√“§à“√–«“ß∑’ËπâÕ¬°«à“ ”À√—∫ ‡√◊Õ¢π“¥‡≈Á° ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡√◊Õ¢π“¥„À≠à„πµ≈“¥‡√◊Õ®√

8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

2.1 Small Handy Size Market

The small handy size sector is classified as the ships in the range of 10,000 - 30,000 dwt. The demand

in the small handy size market is fragmented because of the broad cargo base and multitude of ports serviced by

the market segment. However, because this segment caters to such a wide variety of cargoes and calls on smaller

ports, the demand is less volatile compared to the larger ships.

On the supply side also the industry is highly fragmented. The fleet of over 3,000 ships (as at end

2003) has the largest operator having only 60 ships or 2 percent market share. The majority of the operators

are private companies with a small number of vessels.

Historically, the shipping industry has been a very cyclical industry with approximately two years of

declining charter rates needed to stabilise supply and demand before utilisation rates and therefore freight rates

would begin to increase. The previous “down cycle” started in mid 1997 because of the demand issues associated

with the “Asian crisis”. With the gradual increase in economic growth in all regions of the world, the dry bulk demand

improved in 2000 and the improvement continued till first half of 2001. Also helping the bullish freight rates was

6 4

increased scrap prices that lead to demolition of older vessels. Thereafter, since the end of 2001, the market has

witnessed a downturn due to various factors. But the market has witnessed an upward trend since fourth quarter

2002 and that is expected to continue through year 2004 and possibly 2005.

2.2 Demand - Supply

While the composition and the age of a Company’s fleet does have an effect on it’s earnings and

expenses, the following table illustrates the various external factors governing demand and supply which drive

the shipping industry and create the business cycles.

5M 8 6 4 2 4M 8 6 4 2 3M

2.3 Baltic Dry Index

The graph below shows the movement of Baltic Dry Index (BDI), which is the leading indicator of spot

dry bulk cargo rates, calculated by the London - based Baltic Exchange over a period of last 10 years. It also shows

the movement of the JE Hyde Shipping Index over the same period. Whilst the BDI is mainly weighted towards

the larger ships, the JEHSI is geared more or less towards ships in PSL’s sector and is therefore more representative

of PSL’s fleet. The comparison of these two indexes illustrates how the small handy size sector is less volatile as

compared to the larger sectors of the tramp freight market.

6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2

2.4 °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫‡°’Ë¬«°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë ”§—≠∑’Ë„™â§«∫§ÿ¡„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ “°≈¡’¥—ßµàÕ‰ªπ’È 1. ∏ßª√–®”™“µ‘ ‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬π¿“¬„µâ∏ßª√–®”™“µ‘´ß÷Ë ®–∂◊Õ‡ªìπ°“√®¥∑–‡∫’¬π¿“¬„µâ°ÆÀ¡“¬ª√–‡∑»π—πÈ Ê ‚¥¬°“√®¥∑–‡∫’¬π‡√◊Õ®–¡’°“√ÕÕ°„∫∑–‡∫’¬π‡√◊Õ´÷Ëß‡ªìπ‡Õ° “√ ”§—≠∑’Ë‡√◊Õ·µà≈–≈”®–µâÕß¡’ ‡æ◊ËÕ∑’Ë®–‡ªìπ‡Õ° “√„Àâµ√«® Õ∫ ‰¥â‡¡◊ËÕ¡’°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈√«¡∂÷ß°“√‡¢â“‡∑’¬∫∑à“‡√◊Õµà“ßÊ ∑—Ë«‚≈° ‚¥¬∑—Ë«‰ª∑–‡∫’¬π‡√◊Õ¥—ß°≈à“«π’È®–ª√–°Õ∫‰ª¥â«¬ √“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫≈”‡√◊Õ ∏ßª√–®”‡√◊Õ ‡®â“¢Õß‡√◊Õ ·≈–°—ªµ—π‡√◊Õ 2. °ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ßª√–‡∑» °ÆÀ¡“¬æ“≥‘™¬åπ“«’√–À«à“ßª√–‡∑»‡ªìπ∑’Ë√Ÿâ®—°°—π„ππ“¡¢Õß°ÆÀ¡“¬√–À«à“ßª√–‡∑»·Ààß∑âÕß∑–‡≈´÷Ëß °ÆÀ¡“¬π’È®–§√Õ∫§≈ÿ¡∂÷ß√–‡∫’¬∫¢âÕªØ‘∫—µ‘µà“ßÊ Õ—π‡ªìπ∑’Ë¬Õ¡√—∫·≈–¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“ß‡§√àß§√—¥‚¥¬π“π“ª√–‡∑» Õß§å°“√æ“≥‘™¬åπ“«’ “°≈ (The International Maritime Organisation, IMO) ‡ªìπÕß§å°“√¢Õß Àª√–™“™“µ‘®–‡ªìπºŸâÕÕ°°Æ √–‡∫’¬∫‡æ◊ËÕ„™â∫—ß§—∫„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ√–À«à“ßª√–‡∑»„π‡√◊ËÕß¢Õß§«“¡ª≈Õ¥¿—¬„π™’«‘µ ∑√—æ¬å ‘π·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬ ·µà≈–ª√–‡∑»°Á®–¡’Àπà«¬ß“πæ“≥‘™¬åπ“«’ ”À√—∫ª√–‡∑»∑’Ë‡√’¬°°—π«à“ Port State Control ®–‡ªìπÀπà«¬ß“π∑’Ë®–§«∫§ÿ¡·≈– ∫—ß§—∫„Àâ‡√◊Õ∑’Ë‡¢â“¡“„ππà“ππÈ”¢Õßª√–‡∑»µπ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬°“√¢π àß∑“ßπÈ” “°≈ 3. °“√®—¥™—Èπ‡√◊Õ µ“¡π‚¬∫“¬«à“¥â«¬°“√ª√–°—π¿—¬∑“ßπÈ”‰¥â¡’°“√°”Àπ¥„Àâ¡’°“√®—¥™—Èπ‡√◊Õ ‚¥¬‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√ ®¥∑–‡∫’¬πÀ√◊Õ¡’°“√®—¥™—Èπ‡√◊Õ‚¥¬Àπà«¬ß“π∑’Ë¡’ª√– ∫°“√≥å ¡’™◊ËÕ‡ ’¬ß‡ªìπ∑’Ë¬Õ¡√—∫´÷Ëß‡√’¬°°—π«à“ ¡“§¡®—¥™—Èπ‡√◊Õ (Classification Societies) ‚¥¬Àπà«¬ß“ππ’È‰¥â√‘‡√‘Ë¡¢÷Èπ®“°Õπÿ —≠≠“ Load Line „πªï §.». 1930 ·≈–Õπÿ —≠≠“√–À«à“ßª√–‡∑» „πªï §.». 1955 ·≈– 1959 ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ√–À«à“ßª√–‡∑» (The International of Association Classification Societies, IACS) ‰¥â°àÕµ—Èß¢÷Èπ‡¡◊ËÕ §.». 1968 ´÷Ëß¡’ ¡“§¡®—¥™—Èπ‡√◊Õµà“ßÊ ‡¢â“√à«¡‡ªìπ ¡“™‘° ‚¥¬ ¡“§¡®—¥™—Èπ‡√◊Õ®–µ√«® Õ∫„π‡√◊ËÕß¡“µ√∞“π „π°“√°àÕ √â“ß‡√◊Õ·≈–°“√∫”√ÿß√—°…“≈”‡√◊Õ 4. °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ (The Carriage of Goods by Sea Act, COGSA) ‰¥â°”‡π‘¥¢÷Èπ¿“¬À≈—ß®“°∑’Ë ¡’°“√ª√–™ÿ¡‡°’¬Ë «°—∫°“√¢π àß∑“ßπÈ”À≈“¬§√—ßÈ √–À«à“ß°≈ÿ¡à ª√–‡∑»¬ÿ‚√ª´÷ßË ¡’¢π÷È ∑’°Ë √ÿß∫√— ‡´≈ å‚¥¬°ÆÀ¡“¬„π≈—°…≥–§≈â“¬§≈÷ß °—ππ’È°Á‰¥â¡’¢÷Èπ„πª√–‡∑» À√—∞Õ‡¡√‘°“‡™àπ‡¥’¬«°—π ‚¥¬°ÆÀ¡“¬π’È‰¥â§√Õ∫§≈ÿ¡‰ª∂÷ß°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑»

7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2

2.4 Maritime Laws and Regulations The following major laws and regulations govern the International Shipping Industry :

1. Flag State

Each ship is registered under a Flag State, which is the nation in which the ship is registered and

which holds legal jurisdiction as regards operation of the ship. The Flag State issues a Certificate of Registry, which is

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one of the essential documents that every ship has to possess before she can operate and sail from or to any port. The

certificate generally contains details of the ship, flag, owners and master.

2. International Maritime Law

Also known as the International Law of the Sea, this law covers the uniform systems and rules,

which are acknowledged and followed carefully by most nations. The International Maritime Organisation (IMO) is a

UN body, which regulates the International Shipping Industry for safety of life, property and the environment. Each

nation has its own local maritime authority generally termed as Port State Control, which ensures and enforces

compliance within their respective territorial waters.

3. Classification

The marine insurance policy is subject to a classification clause, which requires classification of

the ship. Each ship is required to be registered or classed with world-wide experienced and reputable organisations

called Classification Societies. With its origins in the Load Line Convention 1930 and international conventions in

1955 and 1959, the International Association of Classification Societies (IACS) was established in 1968 which

has leading societies as members. The classification societies ensure that standards for construction and

maintenance of the ships are complied.

2 3M

4. Carriage of Goods by Sea Act

The Carriage of Goods by Sea Act (COGSA) was introduced after many shipping conferences were held

in Brussels among various European nations interested in shipping transportation and subsequently, similar legislation

was also introduced in America. This law covers the international transportation of merchandise by sea.

2 2M 8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

§≥–°√√¡°“√∫√‘…—∑

4 2

THE BOARD OF DIRECTORS

10 M 8 6 4 2 9M 8 6 4

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞– ª√–∏“π°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫

2 8M

Admiral Dr. Amnad Chandanamattha

Chairman and Audit Committee Member

6 4 2 7M 8 6

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√∫√‘À“√

Mr. Munir Moinuddin Hashim

Executive Director

6M 8 6

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

4 2

Police LT. Gen. Kiattisak Prabhavat

Chairman of Audit Committee

and Independent Director

6 4 2 4M 8

π“¬™’√– ¿“≥ÿæß»å °√√¡°“√Õ‘ √–

6 4

Mr. Chira Panupong

Independent Director

3M 8 6 4 2

π“¬‰®ª“≈ ¡—π ÿ¢“π’ °√√¡°“√

2M 8

Mr. Jaipal Mansukhani

Director

4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√·≈–°√√¡°“√∫√‘À“√

2 8M

Mr. Khalid Moinuddin Hashim

Managing Director and Executive Director

6 4 2 7M

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ °√√¡°“√∫√‘À“√

Mr. Khushroo Kali Wadia

Executive Director

6M 8 6

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

Mr. Suphat Sivasriaumphai

Independent Director and

Audit Committee Member

6 4 2 4M 8

π“¬∏’√– «‘¿Ÿ™π‘π °√√¡°“√Õ‘ √–

6 4

Mr. Thira Wipuchanin

Independent Director

3M 8 6 4

π“ß “«π‘™‘µâ“ ™“Àå °√√¡°“√

Ms. Nishita Shah

Director

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2 1M

11 M 8 6

√“¬ß“π®“°§≥–°√√¡°“√

4 2 10 M 8 6 4 2 9M 8 6

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr.Khalid Moinuddin Hashim

2 8M 8 6 4 2

‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ

§≥–°√√¡°“√¡’§«“¡¬‘π¥’Õ¬à“ß¬‘Ëß∑’Ë®–π”‡ πÕ√“¬ß“πª√–®”ªï∑’Ë 15 ·≈–√“¬ß“πß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ∑’Ë‰¥âµ√«® Õ∫ ·≈â« ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·°àºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π‰¥â√—∫∑√“∫¥—ßπ’È ªï 2546 ‡ªìπªï∑’Ë ”§—≠®√‘ßÊ æ’‡Õ ·Õ≈ ‰¥â¡“∂÷ß§«“¡ ”‡√Á® ”§—≠Ê À≈“¬‡√◊ËÕß„π™à«ßªï∑’Ë¥’π’È ¥—ßπ’È

8 6 4 2

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¥â“π°“√¥”‡π‘π°‘®°“√„π√Õ∫ªï∑’Ëºà“π¡“∫√‘…—∑œ ¡’√“¬‰¥â√«¡‡ªìπ‡ß‘π 3,990.52 ≈â“π∫“∑ (ªï 2545 : 3,402.39 ≈â“π∫“∑) ·≈–¡’º≈°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π 1,536.56 ≈â“π∫“∑ (ªï 2545 : °”‰√ ÿ∑∏‘ 502.43 ≈â“π∫“∑) ∑—Èßπ’È√«¡∂÷ß°”‰√ ÿ∑∏‘ ®“°Õ—µ√“·≈°‡ª≈’Ë¬π®”π«π 184.19 ≈â“π∫“∑ (ªï 2545 : ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 73.12 ≈â“π∫“∑) à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¡“Õ¬Ÿà∑’Ë 1,957.87 ≈â“π∫“∑ (ªï 2545 : 676.59 ≈â“π∫“∑) ‘π∑√—æ¬å√«¡¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ¡“Õ¬Ÿà∑’Ë 5,867.92 ≈â“π∫“∑ (ªï 2545 : 5,103.84 ≈â“π∫“∑) „π√–À«à“ßªï∑’Ëºà“π¡“ ∫√‘…—∑œ ¡’°”‰√®“°°“√¥”‡π‘πß“π°àÕπ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π §à“¿“…’‡ß‘π‰¥â ·≈–√“¬°“√ æ‘‡»…‡ªìπ®”π«π 1,204.76 ≈â“π∫“∑ „π à«π¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 34 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 √“¬‰¥â √«¡ Ÿß°«à“ªï°àÕπ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥âÕ—µ√“§à“√–«“ß∑’Ë Ÿß¢÷Èπ„πªï 2546 ·¡â«à“®”π«π«—π‡¥‘π‡√◊Õ®–πâÕ¬°«à“·≈–Õ—µ√“·≈°‡ª≈’Ë¬π ‡ß‘π¥Õ≈≈“√å À√—∞µàÕ‡ß‘π∫“∑®–µË”°«à“ ∫√‘…—∑œ ¬—ß§ßπ‚¬∫“¬∑’Ë®–√—¥‡¢Á¡¢—¥§à“„™â®à“¬„π°“√∫√‘À“√‡√◊ÕÕ¬ŸàµàÕ‰ª „π™à«ßªï 2546 √–¬–‡«≈“À¬ÿ¥‡√◊Õ‡æ◊ÕË °“√´àÕ¡∫”√ÿß°ÁÕ¬Ÿ„à π√–¥—∫∑’§Ë «∫§ÿ¡‰¥â‚¥¬‡©≈’¬Ë ª√–¡“≥ 10 «—πµàÕ≈”‡√◊Õ πÕ°®“°π’ºÈ ≈¢Õß§«“¡ “¡“√∂ „π°“√∑”°”‰√·≈–°“√°Ÿ‡â ß‘π ‘π‡™◊ÕË ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞∑’‰Ë ¥â√∫— ·≈–¡’√–¬–ª≈Õ¥Àπ’È 1 ªï ‰¥â≈¥µâπ∑ÿπ¥Õ°‡∫’¬È „π√–À«à“ß ªï ∫√‘…—∑œ ®÷ß¡’√–¥—∫ ¿“æ§≈àÕß∑’Ë Ÿß¡“°„π√–À«à“ßªï 2546 ‡¥◊Õπ¡°√“§¡ ¡’°“√·°â‰¢¢âÕ°”Àπ¥·≈–‡ß◊ÕË π‰¢¢ÕßÀÿπâ °Ÿâ ‚¥¬‰¥â¬°‡≈‘°¢âÕ°”Àπ¥„π‡√◊ÕË ß°“√·ª≈ß ¿“æ‡ªìπÀÿπâ “¡—≠ ´÷Ëß‰¥â¢®—¥ªí≠À“§«“¡°≈—«®“°°“√≈¥≈ß„π —¥ à«π°“√∂◊ÕÀÿâπ¢ÕßºŸâ∂◊ÕÀÿâπªí®®ÿ∫—π≈ß ·≈–∫√‘…—∑œ ¬—ß‰¥â¬◊¥°”Àπ¥§√∫Õ“¬ÿ¢Õß ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘ππ’ÈÕÕ°‰ªÕ’° 6 ªï ‚¥¬®–¡’°”Àπ¥§√∫Õ“¬ÿ‰∂à∂Õπ„π‡¥◊Õπ¡°√“§¡ ªï 2552 „π√–À«à“ßªï∫√‘…—∑œ ¬—ß‰¥â´◊ÈÕ §◊πÀÿâπ°Ÿâ∑—ÈßÀ¡¥‚¥¬¡’ à«π≈¥≈ß√âÕ¬≈– 25 ‡∑à“°—∫«à“‡ªìπ°“√ ‘Èπ ÿ¥‚§√ß°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë∫√‘…—∑œ ∑”‰«â°àÕπÀπâ“≈ß ‡¥◊Õπ¡‘∂ÿπ“¬π §◊Õ™à«ß‡«≈“∑’Ë∫√‘…—∑œ ≈ßπ“¡ —≠≠“°Ÿâ‡ß‘π®”π«π 100 ≈â“π‡À√’¬≠ À√—∞°—∫∏π“§“√°√ÿß‰∑¬ ‡ß‘π°Ÿâπ’È ®–π”‰ª„™â‡æ◊ËÕ°“√™”√–Àπ’È‡ß‘π°Ÿâ∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà¢≥–π—Èπ∑’Ë®–∂÷ß°”Àπ¥™”√–¿“¬„π°≈“ßªï 2547 °“√√’‰ø√å·ππ (refinance) ∑”„Àâ¬◊¥°“√§√∫°”Àπ¥™”√–Àπ’È‰ª∂÷ßªï 2553 ·≈–‡ªìπ‚Õ°“ ”§—≠∑’Ë∑”„Àâ∫√‘…—∑œ “¡“√∂∑’Ë®–´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡‡æ◊ËÕ¢¬“¬ ∏ÿ√°‘®¢Õß∫√‘…—∑œ ®“°‡ß‘π°Ÿâ„À¡à®“°∏π“§“√°√ÿß‰∑¬

8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

BOARD OF DIRECTORSû REPORT

4 2 10 M 8 6 4 2 9M 8

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

Mr.Khushroo Kali Wadia

4 2 8M 8 6 4 2

TO THE MEMBERS

7M The directors are pleased to present the Fifteenth Annual Report of the Company alongwith the Audited

Financial Statements as on 31st December 2003.

2003, and what a year it was! For us at PSL we had some special milestones that were achieved during this

momentous year.

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FINANCIAL HIGHLIGHTS AND REVIEW OF THE YEAR :

8 In terms of operations, during the year under review, the Total Revenues of the Company was Baht 3,990.52

million [2002 : Baht 3,402.39 million] and the Company incurred a Net Profit of Baht 1,536.56 million [2002 : Net

Profit Baht 502.43 million]. This included a Net Gain on Foreign Exchange of Baht 184.19 million [2002 : Gain Baht

73.12 million]. The Shareholders’ Equity of the Company has increased significantly to Baht 1,957.87 million [2002

: Baht 676.59 million]. The Total Assets of the Company have increased to Baht 5,867.92 million [2002 : Baht

5,103.84 million].

During the year, the Company incurred an Operating Net Profit before Exchange Gain, Income Tax and

Extraordinary items of Baht 1,204.76 million. In terms of the earnings, the Company’s vessels achieved about 34

percent increase in yields as compared to the previous year 2002. The total revenues in absolute terms were higher

4M 8

than that of the previous year, which is mainly on account of higher yield achieved during the year 2003. The total

revenues increased during the year in spite of lower vessel operating days and lower exchange rate of U.S. Dollar to

Thai Baht as compared to the previous year. The Company has continued to keep a tight control over vessel operating

expenses and there is a marginal increase in vessel operating cost during the year 2003. The technical downtime

has also been kept under control, at an average of around 10 days per vessel, which, has led to minimum loss of

revenues. As a result of the improved profitability and new USD 100 Million facility with a 1 year moratorium on

repayment of Loans and reduction in the interest costs during the year, the Company enjoyed extremely high level

of liquidity during 2003.

January saw us stripping out the convertible feature of our outstanding bonds (RCD) and thereby ensuring

that there was no threat of any form of dilution to our existing shareholders. We also got the maturity of this

8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

√“ß«—≈¥’‡¥àπ¥â“π°“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ (SET) ‰¥â¡Õ∫√“ß«—≈π’È‡¡◊ËÕ‡¥◊Õπ°√°Æ“§¡ ·°à∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ∑’Ë¡’√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ¥’‡¥àπ ®”π«π 15 ∫√‘…—∑ ‚¥¬µ≈“¥À≈—°∑√—æ¬å‰¥âæ‘®“√≥“®“° √“¬ß“π·∫∫ 56-1 √“¬ß“πª√–®”ªï Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ ·≈–√“¬ß“π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ”À√—∫√Õ∫√–¬–∫—≠™’ ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 æ’‡Õ ·Õ≈‡ªìπÀπ÷Ëß„π∫√‘…—∑∑’Ë‰¥â√—∫¡Õ∫√“ß«—≈∑’Ëπà“¿Ÿ¡‘„®π’È ‡¥◊Õπ°—π¬“¬π ∫√‘…—∑œ ‰¥â≈ßπ“¡„π —≠≠“´◊ÈÕ¢“¬‡√◊Õ≈”·√° ®“°®”π«π 5 ≈”∑’Ë≈ßπ“¡„πªï 2546 ·≈–„πµâπ‰µ√¡“ ·√° ªï 2547 ≥ ‘Èπªï 2546 ∫√‘…—∑œ √—∫¡Õ∫‡√◊Õ‡¢â“¡“·≈â« 2 ≈” ·≈–Õ’° 3 ≈”π—Èπ àß¡Õ∫„π‡¥◊Õπ¡°√“§¡ °ÿ¡¿“æ—π∏å ·≈–¡’π“§¡ ªï 2547 ‡¥◊Õπæƒ»®‘°“¬π §◊Õ‡«≈“∑’Ë∫√‘…—∑œ ª√–°“»ªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ®à“¬‡ß‘πªíπº≈ (XD) ‡ªìπ§√—Èß·√°„π√Õ∫ 6 ªï ¥â«¬Õ—µ√“º≈µÕ∫·∑πª√–¡“≥√âÕ¬≈– 3 ®“°√“§“Àÿâπ‡©≈’Ë¬¢Õßªï 2546 ∫√‘…—∑œ À«—ß«à“π’Ë®–‡ªìπ°“√‡√‘Ë¡µâπÕ’°§√—Èß∑’Ë§«“¡ ¡—Ëπ§ß·≈–¬◊π¬ß·≈–‡ªìπ ‘Ëß∑’ËºŸâ∂◊ÕÀÿâπ “¡“√∂®–§“¥À«—ß‰¥â ¥—™π’∫Õ≈µ‘§ (BDI) ‡ªìπ§à“¥—™π’§à“√–«“ß‡√◊Õ ”À√—∫¢π àß ‘π§â“·Àâß ≥ ‘ÈπªïÕ¬Ÿà„π√–¥—∫∑’Ë Ÿß∑’Ë ÿ¥‡ªìπª√–«—µ‘°“≈∑’Ë 4,765 ®ÿ¥ ‡æ◊ËÕ„Àâµ—«‡≈¢¢Õß¥—™π’¡“ Ÿà°“√«‘‡§√“–Àå∑“ß°“√µ≈“¥∑’Ë ”§—≠ ∑à“πµâÕß¬âÕπ‰ªπ÷°∂÷ß®ÿ¥∑’Ë Ÿß ÿ¥§√—Èß≈à“ ÿ¥‡¡◊ËÕ‡¥◊Õπ ‡¡…“¬π ªï 2538 ‡¡◊ËÕ¥—™π’ Ÿß ÿ¥∑’Ë 2,362 ®ÿ¥ ¥—ßπ—Èπ„πµ≈“¥‡√◊Õ¢π àß ‘π§â“·Àâß‡∑°Õß‰¥â¢¬“¬µ—«¢÷ÈπÕ¬à“ß¡“°·≈–¢≥–π’Èµ≈“¥ °Á¬—ß¡’·π«‚πâ¡∑’Ë ŸßÕ¬à“ß∑’Ë‰¡à‡§¬‡°‘¥¢÷Èπ¡“°àÕπ √“¬‰¥âµàÕ«—πµàÕ≈”‡√◊Õ √“¬‰¥â§à“‡™à“§à“√–«“ßµàÕ«—πµàÕ≈”‡√◊Õ¢Õß‡√◊Õ¢Õß∫√‘…—∑œ °Á¡’‡æ‘Ë¡¢÷Èπ‰ª„π∑‘»∑“ß‡¥’¬«°—π°—∫ ¥—™π’ BDI ≥ ‰µ√¡“ ·√°¢Õßªï 2545 µ—«‡≈¢√“¬‰¥â§à“√–«“ß‡√◊Õ‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿà∑’Ë 6,474 ‡À√’¬≠ À√—∞ „π‰µ√¡“ ∑’Ë Õß ‡æ‘Ë¡¢÷Èπ‡ªìπ 7,643 ‡À√’¬≠ À√—∞ „π‰µ√¡“ ∑’Ë “¡°Á¥’¥µ—« Ÿß¢÷Èπ‰ª∂÷ß 7,840 ‡À√’¬≠ À√—∞ ·≈–„π‰µ√¡“ ∑’Ë ’Ë‰¥â‡æ‘Ë¡ Ÿß¢÷ÈπÕ’° ¡“Õ¬Ÿ∑à ’Ë 9,524 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2546 Õ—µ√“§à“√–«“ß‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿ∑à ’Ë 7,870 ‡À√’¬≠ À√—∞ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ ªï 2545 ∑’Ë 5,855 ‡À√’¬≠ À√—∞ ‡∑à“°—∫‡æ‘Ë¡¢÷Èπ¡“°°«à“√âÕ¬≈– 34 √“§“Àÿπâ ·≈–µ≈“¥∑ÿπ À≈—ß®“°°“√‡ª≈’¬Ë π¡Ÿ≈§à“∑’µË √“‰«â¢ÕßÀÿπâ ·≈–°“√®à“¬‡ß‘πªíπº≈ √“§“Àÿπâ ¢Õß∫√‘…∑— œ ‡¡◊ÕË «—π∑’Ë 2 ¡°√“§¡ 2546 ´÷Ëß‡ªìπ«—π·√°¢Õß°“√´◊ÈÕ¢“¬ ¡’ª√‘¡“≥°“√´◊ÈÕ¢“¬Àÿâπ¢Õß∫√‘…—∑œ ª√–¡“≥ 4,000 Àÿâπ ¡’√“§“ªî¥∑’Ë 1.97 ∫“∑ ·≈– 12 ‡¥◊ÕπµàÕ¡“ §◊Õ„π«—π∑’Ë 31 ∏—π«“§¡ 2546 «—π ÿ¥∑â“¬¢Õß°“√´◊ÈÕ¢“¬ Àÿâπ∫√‘…—∑œ ¡’ª√‘¡“≥°“√´◊ÈÕ¢“¬ 8,943,300 Àÿâπ ¡’√“§“ªî¥∑’Ë 35 ∫“∑ À√◊Õ Ÿß¢÷Èπ 18 ‡∑à“ à«π¢Õß∑ÿπµ“¡√“§“µ≈“¥‡æ‘Ë¡¢÷Èπ®“° 1,025 ≈â“π∫“∑ ‡¡◊ËÕ 2 ¡°√“§¡ 2546 ‡ªìπ 18,200 ≈â“π∫“∑ „π«—π∑’Ë 31 ∏—π«“§¡ 2546 À√◊Õ‡æ‘Ë¡¢÷Èπ 17.5 ‡∑à“ ´’Ëß‰¡àπà“·ª≈°„®‡≈¬«à“∑”‰¡Àÿâπæ’‡Õ ·Õ≈®÷ß‡ªìπÀÿâπ∑’Ë¡’ °“√ª√—∫µ—«¢Õß√“§“∑’¥Ë ’

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4

æ’‡Õ ·Õ≈‰¥â√“ß«—≈°“√√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) ‰¥â√—∫¡Õ∫√“ß«—≈°“√√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√ ®“°µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „π∞“π–∑’Ë‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π¥’‡¥àπ„π¥â“π°“√√“¬ß“π°“√ªØ‘∫—µ‘ µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ („π¿“æ) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– ª√–∏“π°√√¡°“√ æ’‡Õ ·Õ≈ √—∫¡Õ∫√“ß«—≈®“° œæ≥œ π“¬°√—∞¡πµ√’ æ—πµ”√«®‚∑ ¥√. ∑—°…‘≥ ™‘π«—µ√

3M 8 6 4

BEST CORPORATE GOVERNANCE AWARD FOR PSL

(SET) to Precious Shipping Pcl. (PSL) on 21st July, 2003. PSL’s Chairman, Admiral Amnad

Chandanamatta, is seen receiving the award from His Excellency, The Prime Minister of

The Best Corporate Governance Award was given by the Stock Exchange of Thailand

Thailand, Dr.Thaksin Shinawatra.

8 6 4 2 1M

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11 M 8 6 4 2 10 M 8 6 4 2

instrument extended by another 6 years to January 2009. During the year, despite the extension in maturity, we

bought back the entire outstanding bonds, at a tidy discount of 25%, and closed out the last of our formerly

restructured loans.

June was when we signed the Krung Thai Bank (KTB) USD 100 million loan. This was used to refinance all

our existing loans, that would have been pre-paid by the middle of 2004, and extend their maturity to 2010. This

also allowed us for the first time, in more than 6 years, to look at the possibility of buying ships and expanding our

business.

Best Corporate Governance Report Award : This award was given by the Stock Exchange of Thailand

(SET) in July to 15 of the listed companies on the SET for outstanding reports that complied with the SET’s 15 good

corporate governance principles. In considering the candidates, judges examined the 56-1 form, annual reports,

2 7M 8

∏π“§“√°√ÿß‰∑¬Õπÿ¡—µ‘‡ß‘π°Ÿâ °«à“ 4,000 ≈â“π∫“∑ „Àâæ’‡Õ ·Õ≈≈â“ßÀπ’È‡°à“·≈–´◊ÈÕ‡√◊Õ‡æ‘Ë¡

(„π¿“æ) æ‘∏’≈ßπ“¡‡´Áπ —≠≠“°Ÿâ‡ß‘π ¡√.§Ÿ™√Ÿ «“‡¥’¬ (∑’ËÀâ“®“°´â“¬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬ °“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ·≈– §ÿ≥‡¬“«≈—°…≥å ≈‘¢µ‘ «—≤π“πÿ√°— …å (∑’ Ë ®’Ë “°¢«“) ºŸÕâ ”π«¬°“√ΩÉ“¬Õ“«ÿ‚ ·≈–ºŸ∫â √‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ·≈–∑’¡ß“π¢Õß∑—Èß ÕßΩÉ“¬√à«¡‡ªìπ —°¢’æ¬“π·≈–· ¥ß √à«¡· ¥ß§«“¡¬‘π¥’„π§«“¡ ”‡√Á® ª√–°Õ∫¥â«¬ (·∂«Àπâ“) §ÿ≥ªî¬«¥’ —µ¬∫—≥±‘µ (¢«“ ÿ¥) ºŸâ™à«¬ºŸâ®—¥°“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√∏π“§“√°√ÿß‰∑¬ §ÿ≥√–æ’ °ÿ≈∂“«√ (∑’Ë Õß®“°¢«“) ºŸâÕ”π«¬°“√ΩÉ“¬ Õ“«ÿ‚ ·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ËÕ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ºŸâ™à«¬ºŸâ∫√‘À“√ß“π∏ÿ√°‘® —¡æ—π∏å ∏π“§“√°√ÿß‰∑¬ §ÿ≥ ÿ∑∏‘π’ «‘‡»… ¡‘µ (∑’Ë “¡®“°¢«“) √ÕßºŸâÕ”π«¬°“√ΩÉ“¬·≈–ºŸâ∫√‘À“√ ΩÉ“¬∏ÿ√°‘® —¡æ—π∏å ‘π‡™◊ÕË ‚§√ß°“√ ∏π“§“√°√ÿß‰∑¬ ·≈– §ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ºŸ™â «à ¬ºŸÕâ ”π«¬°“√ΩÉ“¬°“√‡ß‘πæ’‡Õ ·Õ≈ (·∂«À≈—ß) §ÿ≥ƒ∑∏‘™—¬ ß¥ß“¡ (´â“¬ ÿ¥) ∫√‘…—∑ ≈‘Èß§å‡≈‡∑Õ√å ¡√. ®ÕÀåπ §Õ√å‚¥«“ (∑’Ë Õß®“°´â“¬) ∫√‘…—∑ ‡ø√™øî≈¥å ¡√. ‰®ª“≈ ¡—π ÿ¢“π’ (∑’Ë “¡®“°´â“¬) °√√¡°“√·≈–ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡¥‘π‡√◊Õæ’‡Õ ·Õ≈ ¡√. ‡®‡√¡’Ë ‡®ππ‘Ëß å-·¡√å (∑’Ë “¡®“°¢«“) ∫√‘…—∑ ‡ø√™øî≈¥å ¡√. ªï‡µÕ√å ‡∑√´’Ë (∑’Ë Õß®“°¢«“) ∫√‘…—∑ ≈‘Èß§å‡≈ ‡∑Õ√å ·≈– ¡√. ‚√‡∫‘√åµ ¡—≈≈‘ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑¡Ÿ≈≈‘ ·§ªªîµÕ≈ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) ≈ßπ“¡‡´Áπ —≠≠“°Ÿâ‡ß‘π®”π«π 100 ≈â“π‡À√’¬≠ À√—∞ (ª√–¡“≥°«à“ 4,000 ≈â“π∫“∑) °—∫∏π“§“√°√ÿß‰∑¬ (‡§∑’∫’) ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ‚¥¬¡’ ∫√‘…—∑ ¡Ÿ≈≈‘ ·§ªªîµÕ≈ ‡ªìπºŸâ¥”‡π‘π°“√„π∞“π–∑’Ëª√÷°…“∑“ß¥â“π°“√‡ß‘π¢Õßæ’‡Õ ·Õ≈ ‡ß‘π°Ÿâ¥—ß°≈à“«‡ªìπ ‡ß‘π°Ÿ∑â §’Ë È”ª√–°—π‚¥¬ ‘π∑√—æ¬å¢Õß∫√‘…∑— œ ‡Õß ‚¥¬«ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 2,700 ≈â“π∫“∑) ®–‡ªìπ‡ß‘π°Ÿâ‡∫‘°‡ªìπß«¥‡æ◊ËÕ™”√–Àπ’È¡’À≈—°ª√–°—πªí®®ÿ∫—π∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà ·≈–«ß‡ß‘πÕ’°®”π«π 35 ≈â“π‡À√’¬≠ À√—∞ (À√◊Õª√–¡“≥°«à“ 1,400 ≈â“π∫“∑) ‡æ◊ËÕ‡ªìπ°“√´◊ÈÕ‡√◊Õ‡æ‘Ë¡ ‚¥¬ “¡“√∂‡∫‘°∂Õπ‡ß‘π°Ÿâ‰¥â ®π∂÷ß ‘Èπªï æ.». 2548

4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8

PSL SIGNS US DOLLARS 100 MILLION CREDIT FACILITY AGREEMENT WITH KTB

Seen in the picture : Mr.Khushroo Wadia (front left), PSL’s Finance Director and Khun Yaovaluk Likitwattananurak (front right), Krung Thai Bank’s Senior Vice President and Manager

Project Financing Relationship Dept, after the credit facility agreement signing while Mr.Jaipal

Mansukhani (far left) PSL’s Director, Mr.Jeremy Jennings-Mares (second from left) from

Feshfields Bruckhaus Deringer, Khun Rapee Sakunthavorn (third from right) KTB’s Assistant Corporate Relations Manager, Khun Suthini Visessmit (second from right) KTB’s Vice Presi-

dent, and Mr.Peter Treacy (far right) from Linklaters look on.

Precious Shipping PCL. (PSL) announced the signing of a US $ 100 million Credit Facility Agreement with Krung Thai Bank (KTB) on 16th June 2003. Mullis Capital was the sole

arranger and also acted as the Financial Advisor for PSL. The facility is for refinancing the

existing secured debt of PSL (US$ 65 million) plus an additional US $ 35 million for buying new

or second-hand ships.

8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

°Õß‡√◊Õ ∫√‘…—∑œ ‰¥â´◊ÈÕ‡√◊Õ∑—Èß ‘Èπ 5 ≈” (√«¡ 1 ≈”‡¡◊ËÕµâπªï 2547) ·µà„πªï 2546 √—∫¡Õ∫·≈â«‡æ’¬ß 2 ≈” à«π∑’Ë‡À≈◊Õ°Á‰¥â ∑¬Õ¬√—∫¡Õ∫µ“¡≈”¥—∫ °”≈—ß°Õß‡√◊Õ ≥ ‘Èπ ÿ¥ªï 2546 ¡’®”π«π 30 ≈” ¡’√–«“ß¢—∫∫√√∑ÿ°√«¡ 691,823 ‡¥¥‡«∑µ—π·≈– ¡’Õ“¬ÿ‡©≈’Ë¬ª√–¡“≥ 16 ªï ‡√◊Õ∑’Ë´◊ÈÕ„À¡à à«π∑’Ë‡À≈◊Õ®”π«π 3 ≈”®–∂Ÿ° àß¡Õ∫„Àâ∫√‘…—∑œ °àÕπ ‘Èπ‰µ√¡“ ·√°¢Õßªï 2547 ‡√◊Õ ∑—ÈßÀ¡¥„π°Õß‡√◊Õ¢Õß∫√‘…—∑œ ≥ ªí®®ÿ∫—π¡’ ¿“æ∑’Ë¥’‡¬’Ë¬¡·≈–‰¡à®”‡ªìπµâÕßª≈¥√–«“ß „πªï 2547 ∫√‘…—∑œ ®–¥”‡π‘π°“√‡æ‘Ë¡ °”≈—ß°Õß‡√◊ÕµàÕ‰ª¥â«¬°“√´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡‡æ◊ËÕ‡æ‘Ë¡‚Õ°“ „π°“√∑”°”‰√∑“ß∏ÿ√°‘®µàÕ‰ª à«π‡√◊ÕøŸ®‘´“π ¡“√Ÿ ∑’Ë‰¥â¥—¥·ª≈ß ‡ªìπ‡√◊Õ¢π àß§Õπ°√’µ„πªï 2541 ¬—ß§ß‡ªìπ‡√◊Õ∑’Ë∑”°”‰√‰¥âÕ¬à“ß¥’·≈–∂Ÿ°‡™à“‡À¡“≈”·∫∫√–¬–¬“«µ≈Õ¥∑—Èßªï∑’Ëºà“π¡“ ∑‘»∑“ßÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈ °“√ª≈¥√–«“ß‡√◊Õ„π°Õß‡√◊Õ‚≈°„πªï 2546 ¥”‡π‘π‰ªµ“¡∑‘»∑“ß‡¥‘¡∑’Ë‡§¬‡ªìπ¡“µ—Èß·µàªï 2545 ·µà≈¥≈ß‡¡◊ËÕ™à«ß „°≈â ‘Èπªï 2546 ¡’‡√◊Õ®”π«π 109 ≈”∂Ÿ°ª≈¥√–«“ßÕÕ°®“°°Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°¢Õß‚≈° ∂◊Õ‡ªìπÕ—µ√“≈¥≈ß¡“°°«à“ √âÕ¬≈– 3.5 ¢Õß°Õß‡√◊Õ‚≈° ‡√◊Õ∂Ÿ°ª≈¥√–«“ß∑’Ë¡’¬Õ¥ Ÿß ÿ¥§◊Õ„πªï 2543 ‚¥¬¡’Õ—µ√“≈¥≈ß√âÕ¬≈– 4.5 ¢Õß°Õß‡√◊Õ‚≈° ‡Àµÿº≈∑’ËÕ—µ√“°“√≈¥≈ß¢Õß‡√◊ÕÕàÕπµ—«≈ß‡æ√“–°“√‡ª≈’Ë¬π·ª≈ß¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ Õ—µ√“§à“‡™à“§à“√–«“ß∑’Ë‡æ‘Ë¡¢÷Èπ Õ¬à“ß¡“°„π™à«ßª≈“¬ªï 2546 ®“°µ—«‡≈¢‡√◊Õª√–‡¿∑‡Õπ°ª√– ß§å¢π“¥‡≈Á°„π°Õß‡√◊Õ‚≈°∑’Ë¡’Õ“¬ÿ¡“°°«à“ 27 ªï¡’Õ¬Ÿà¡“°°«à“ √âÕ¬≈– 25.70 ∫√‘…—∑œ ®÷ß§“¥À«—ß«à“Õ—µ√“°“√ª≈¥√–«“ß„π™à«ß 2-3 ªï¢â“ßÀπâ“πà“®–‡À¡◊ÕπÕ¥’µ∑’Ëºà“π¡“ ®”π«π≈¥≈ß ÿ∑∏‘ ¢Õß¢π“¥°Õß‡√◊Õ‚≈°‡∑à“π—Èπ∑’Ë®–‡ªìπª√–‚¬™πåµàÕÕ—µ√“§à“√–«“ß‡√◊Õ ”À√—∫ªï 2547 Õÿª∑“π¢Õß‡√◊Õ √â“ß„À¡à¡’‰¡à¡“°‡∑à“∑’Ë‡§¬¡’„πÕ¥’µ∑’Ëºà“π¡“ „π°≈ÿà¡‡√◊Õª√–‡¿∑‡§ª‰´√å¡’‡√◊ÕµàÕ„À¡à 40 ≈” À√◊Õ√âÕ¬≈– 6.5 ∑’Ë¡’°”Àπ¥ àß¡Õ∫„πªï 2547 π’È ·≈–¡’Õ’° 42 ≈” À√◊Õ√âÕ¬≈– 6.2 ∑’Ë¡’°”Àπ¥ àß¡Õ∫„πªï 2548 „π ‡√◊Õª√–‡¿∑‡§ª‰´√åπ’È¡’‡√◊Õ 74 ≈” À√◊Õª√–¡“≥√âÕ¬≈– 11.9 ¢Õß°Õß‡√◊Õ„πªí®®ÿ∫—π∑’Ë¡’Õ“¬ÿ‡°‘π 22 ªï·≈–®–µâÕß∂Ÿ°ª≈¥√–«“ß ≈ß‰ª„π√–À«à“ßªï 2547 π’È „π°≈ÿà¡‡√◊Õª√–‡¿∑ª“π“‡¡°´å¡’‡√◊ÕµàÕ„À¡à 72 ≈” À√◊Õ√âÕ¬≈– 6.7 ¡’°”Àπ¥ àß¡Õ∫„πªï 2547 π’È ·≈–Õ’° 62 ≈” À√◊Õ√âÕ¬≈– 5.80 ¡’°”Àπ¥ àß¡Õ∫„πªï 2548 °Õß‡√◊Õ°≈ÿà¡ª“π“·¡°´å¡’ 64 ≈” À√◊Õ√âÕ¬≈– 6 ∑’Ë¡’Õ“¬ÿ‡°‘π 24 ªï ·≈–®–µâÕß∂Ÿ°ª≈¥√–«“ß‰ª„π√–À«à“ßªï 2546 ¥—ßπ—Èπ®÷ß‰¥â ¡¥ÿ≈°—∫‡√◊ÕµàÕ„À¡à∑’Ë°”≈—ß®–∂Ÿ° àß¡Õ∫‡¢â“¡“ „π‡√◊Õ¢π“¥´Ÿ‡ªÕ√å ·Œπ¥’È·¡°´å ¡’‡√◊Õ 84 ≈” À√◊Õª√–¡“≥√âÕ¬≈– 6.9 ¡’°”Àπ¥ àß¡Õ∫„πªï 2547 ·≈–Õ’° 70 ≈” À√◊Õª√–¡“≥√âÕ¬≈– 5.7 ¡’ °”Àπ¥ àß¡Õ∫„πªï 2548 „π‡√◊Õª√–‡¿∑π’È¡’‡√◊Õ 78 ≈” À√◊Õª√–¡“≥√âÕ¬≈– 6.4 ®–¡’Õ“¬ÿ‡°‘π 25 ªï ·≈–πà“®–∂Ÿ°ª≈¥√–«“ß ≈ß„π™à«ß√–À«à“ßªï 2547 π’È „π√“¬ß“πª√–®”ªï©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥â· ¥ß§«“¡‡ÀÁπµàÕ ∂“π°“√≥å°“√‡¡◊Õß√–À«à“ßª√–‡∑»∑’Ëª√–‡∑»Õ‘√—°‰¥â · ¥ß∑à“∑’«à“®– àßº≈∑”„Àâ°√–· ‡»√…∞°‘®‚≈°™–≈Õµ—«≈ß æ√âÕ¡Ê ‰ª°—∫°“√º≈—°¥—π„Àâ√“§“πÈ”¡—π‚≈° Ÿß¡“°·≈–Õ“®‡°‘¥§«“¡ ‰¡à¡—Ëπ§ß∑“ß‡»√…∞°‘® ∫√‘…—∑œ ®÷ß‡™◊ËÕ«à“ ∂“π°“√≥å‡™àππ’ÈÕ“® àßº≈„Àâ‚≈°‡¢â“ Ÿà¿“«–‡»√…∞°‘®∂¥∂Õ¬·≈–°ÁÕ“®®–‡ªìπ¢à“«√â“¬ ¢Õßæ«°‡√“∑ÿ°§π Õ¬à“ß‰√°Á¥’ ”À√—∫„πÕÿµ “À°√√¡¢Õß‡√“·≈â«°≈—∫°≈“¬¡’º≈„π¥â“πµ√ß°—π¢â“¡ „πªï 2547 ‡»√…∞°‘®∑—Ë«‚≈° ‚¥¬√«¡¥Ÿ‡À¡◊Õπ«à“®–¥’ ´÷Ëß°Á‡ªìπ§√—Èß·√°π—∫·µàªï 2529 ¥—ßπ—Èπ∂â“‡»√…∞°‘®‚≈°¥’¢÷Èπ°Á®–¡’°“√¢π àß ‘π§â“∑’Ë¡’ª√‘¡“≥æ‘Ë¡¢÷Èπ¥â«¬ ¡’°“√§“¥°“√≥å®“°∫√√¥“ºŸâ√Ÿâ„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫∑’Ë·≈â««à“Õ—µ√“§à“√–«“ß ‡√◊Õ®–‡√‘Ë¡ª√—∫µ—«¥’¢÷Èπ„π™à«ß§√÷ËßªïÀ≈—ß¢Õßªï 2546 ºŸâ√Ÿâ°≈ÿà¡¥—ß°≈à“«°Á¬—ß‰¥âæ¬“°√≥åÕ’°«à“„πªï 2547 ·≈– 2548 ·≈–Õ“®®–∂÷ßªï 2549 °Áπà“®–‡ªìπªï∑’Ë¥’ ´÷Ëß∫√‘…—∑œ °Á‡ÀÁπ‡™àπ‡¥’¬«°—π

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

meeting invitation documents, and shareholders’ meeting reports of companies with accounting periods ending

December 31, 2003. PSL was one of the proud recipients of this award.

September saw us buying and taking physical possession of the first of 5 ships that we purchased during

the final quarter of 2003 and the 1st quarter of 2004. Until the end of 2003, we have taken over two of these

ships with the balance three to be taken over in January, February and March 2004.

November was when we became XD for the first time in more than 6 years with a yield, based on the

average share price for 2003, of about 3%. We hope that this will be the beginning of a stable and long term

trend at PSL and something that all the shareholders can look forward to.

The Baltic Dry Index (BDI) ended the year on an all time historic high of 4765 points. To bring this in

perspective you must remember that the last all time high was set in April 1995 when the index peaked at 2362

points. So the dry bulk market has scaled unimaginable peaks and is presently sailing in uncharted waters.

The earnings per day per ship for our fleet followed a similar pattern as the BDI. In Q1 the figure was

USD 6,474, Q2 saw it jump to USD 7,643, Q3 bumped it up to USD 7,840 and Q4 was an amazing USD 9,524!

6 4

For 2003 we averaged USD 7,870 per day per ship as compared to USD 5,854 for 2002 or an increase of over

34%!

Share Prices and Market Capitalisation, adjusted for share split and dividend, followed a similar but even

more dramatic pattern. On January 2nd 2003, on the very first day of trading a mere 4,000 shares were traded

with a closing price, duly adjusted, of 1.97 Baht. On December 27th 2003, on the last day of trading just twelve

months later, 8,943,300 shares were traded with a closing price of 35 Baht per share or almost 18 times higher!

Market Capitalisation went from 1,025 million Baht on January 2nd 2003, to 18,200 million Baht on the 27th of

December 2003 or an increase of 17.5 times! It is no wonder that we were the 2nd best performing stock in probably

the best performing stock market in the world!!

FLEET :

The Company bought 5 ships (including one ship in 2004) but took physical delivery of only 2 of them

during the year and consequently, the fleet strength at the end of the year was 30 vessels with an aggregate

capacity of 691,823 dwt and an average age of about 16 years. The balance 3 ships purchased, as detailed above,

will be physically delivered to us prior the end of Q1 of 2004. The rest of the vessels in the fleet are in good condition

and there may not be any need for disposals during the year 2004. The Company shall continue replenishing

the fleet with further vessel acquisitions and shall be on the lookout for the right opportunities. Fujisan Maru, the

2 3M

Company’s partially owned cement carrier, converted in 1998, remained gainfully employed on a long-term charter

during the entire year.

6 4 2 2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

º≈°√–∑∫®“°°Æ¢âÕ∫—ß§—∫ ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ„π∑à“‡√◊Õ¢Õß√—∞ (Port State Control) ¬—ß§ß∑”Àπâ“∑’ËºŸâ§«∫§ÿ¡µàÕ∫√√¥“‡®â“¢Õß‡√◊ÕÕ¬Ÿà ‡™àπ‡¥‘¡ ‚¥¬°“√π”‡Õ“ ç√–‡∫’¬∫ªØ‘∫—µ‘¢Õß°≈ÿà¡Õÿµ “À°√√¡¥’‡¥àπé ¡“„™â°—∫∫√√¥“‡√◊Õµà“ßÊ Õ¬à“ß‡¢â¡ß«¥ Õÿ∫—µ‘‡Àµÿ 2-3 √“¬ ∑’Ë‡°‘¥®“°πÈ”¡—π√—Ë«∑’Ë™“¬À“¥Àà“ß‰°≈π—Ëπ‡Õß∑’Ë∑”„ÀâΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊ÕÀ—π¡“‡¢â¡ß«¥°«¥¢—π‚¥¬‡æ‘Ë¡¢âÕ∫—ß§—∫¢÷Èπ¡“Õ’° 2-3 ¢âÕ ·≈–°“√∑’Ë¢âÕ∫—ß§—∫„π‡√◊ËÕß§«“¡¡—Ëπ§ß¢Õß‡√◊Õ “°≈·≈–Õÿª°√≥å∑à“‡√◊Õ (ISPS) ∑’Ë®–¡’º≈∫—ß§—∫„™â„π«—π∑’Ë 1 °√°Æ“§¡ 2547 ∫√‘…—∑œ À«—ß«à“ ΩÉ“¬µ√«®‡√◊Õ·≈–§«∫§ÿ¡‡√◊Õ„π∑à“‡√◊Õ¢Õß√—∞®–¬‘Ëß‡¢â¡ß«¥°«¥¢—π°—∫‡√◊Õ∑’ËµË”°«à“¡“µ√∞“πÀ√◊Õ∫√√¥“ ‡√◊Õ∑’Ë∑”∏ÿ√°‘®°“√§â“°—∫∑à“‡√◊Õ∑’Ë¡’¡“µ√∞“π°“√ª√–°Õ∫°“√µË”

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°Õß‡√◊Õæ’‡Õ ·Õ≈√—∫¡Õ∫√“ß«—≈ AMVER AWARDS

æ‘∏’√—∫¡Õ∫√“ß«—≈ AMVER Awards (®“°´â“¬) ¡√.‚°°“ «’. ÿ¥√“°“√å √ÕßºŸâÕ”π«¬°“√ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ¡√. √“«‘§ Õ“√å ŒŸ‚´à Õ—§√√“™∑Ÿµ∑’Ëª√÷°…“ ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ ª√–®”ª√–‡∑»‰∑¬ °—ªµ—π °“¡—≈ °ÿ¡“√ ¥—« (¢«“) ºŸâ®—¥°“√Õ“«ÿ‚ ¥â“π√–∫∫§ÿ≥¿“æ·≈–§«“¡ª≈Õ¥¿—¬ °—ªµ—π ≥√ß§å ¿Ÿà·°â«‡º◊Õ° °—ªµ—π‡√◊Õ™≈≈¥“ π“√’ π“ß “« ÿ∏“¥“ ‡¡¶√ÿàß‡√◊Õß°ÿ≈ ºŸâ®—¥°“√Õ“«ÿ‚ ΩÉ“¬°‘®°“√ —¡æ—π∏å °—ªµ—π ‚∑¡— ‡Õø. ·™§‡§≈øÕ√å¥ ∑’Ë 3 ºŸâ™à«¬∑Ÿµ∑À“√‡√◊Õª√–®” ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ª√–®” ª√–‡∑»‰∑¬ „πß“πæ‘∏’¡Õ∫√“ß«—≈ AMVER „Àâ·°à ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑ ∫√‘À“√°“√‡¥‘π‡√◊Õ„Àâ°—∫°Õß‡√◊Õ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) æ‘∏’¡Õ∫√“ß«—≈ AMVER ®—¥¢÷Èπ‡¡◊ËÕ«—π∑’Ë 29 æƒ…¿“§¡ 2546 ≥ ∂“π‡Õ°Õ—§√√“™∑Ÿµ À√—∞Õ‡¡√‘°“ ª√–®”ª√–‡∑»‰∑¬ √“ß«—≈ AMVER ‡ªìπ√“ß«—≈∑’¡Ë Õ∫„Àâ‡æ◊ÕË ‡ªìπ‡°’¬√µ‘ª√–«—µ¥‘ ‡’ ¥àπ·°à°Õß‡√◊Õ∑’∫Ë √‘À“√‚¥¬∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ „π°“√∑’‰Ë ¥âπ”‡√◊Õ∑—ßÈ À¡¥‡¢â“√à«¡„π‚§√ß°“√ ç√–∫∫°Ÿ¿â ¬— ‡√◊Õ√à«¡°—πé (Automated Mutual Assistance Vessel Rescue System) ∑’Ë¥”‡π‘π°“√‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π ™“¬Ωíòß¢Õß À√—∞Õ‡¡√‘°“ AMVER ‰¥â√—∫°“√ π—∫ πÿπ‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬Ωíòß¢Õß À√—∞Õ‡¡√‘°“ ‡ªìπ‚§√ß°“√ ∑’Ë¡’‡Õ°≈—°…≥å‚¥¥‡¥àπ‡©æ“– §«∫§ÿ¡‚¥¬„™â√–∫∫§Õ¡æ‘«‡µÕ√å ‚¥¬¡’‡√◊Õæ“≥‘™¬å∑—Ë«‚≈°Õ“ “ ¡—§√‡¢â“√à«¡ ‚§√ß°“√‡ªìπ√–∫∫‡§√◊Õ¢à“¬°“√·®âß¢à“« “√ °“√§âπÀ“ ·≈–°“√°Ÿ¿â ¬— ‡√◊Õ∑’§Ë √Õ∫§≈ÿ¡∑—«Ë ‚≈°‡æ◊ÕË „Àâ°“√™à«¬‡À≈◊Õ ‡√◊Õ∑’Ëª√– ∫¿—¬„π∑–‡≈ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ®”°—¥ (GCSHIP) §◊ÕºŸâ®—¥°“√¥â“π‡∑§π‘§°“√‡¥‘π‡√◊Õ¢Õß°Õß‡√◊Õ PSL ∑ÿ°≈” ‡ªìπ∫√‘…—∑„π‡§√◊Õ∑’Ë PSL ∂◊ÕÀÿâπ 100% ‡√◊Õ∑—ÈßÀ¡¥¢Õß PSL ∑’Ë∫√‘À“√°“√‡¥‘π‡√◊Õ‚¥¬ GCSHIP ≈â«π‰¥â √—∫√“ß«—≈¥—ß°≈à“«¢â“ßµâπ ‡√◊ÕÕ‚π¥“¥ π“√’ ‡ªìπ‡√◊Õ∑’Ë‰¥â√—∫√“ß«—≈∏ß∑Õß‡°’¬√µ‘¬» (Gold Pennant) ¥â«¬ ‡π◊ËÕß®“°‰¥â‡¢â“√à«¡„π‚§√ß°“√π’È·≈–‰¥â√—∫√“ß«—≈ AMVER µ‘¥µàÕ°—π 5 ªï

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PSL’S SHIPS GET AMVER AWARDS

Receiving AMVER Awards : from left : Koka V. Sudhakar, Great Circle Shipping Agency Vice President, Mr. Ravic Huso, Deputy Chief of Mission at the U.S. Embassy, Capt. Kamal

Kumar Dua, Senior Manager- Quality & Safety Systems of Great Circle Shipping Agency, Capt.

Narong Phukaeophuek, Ship Master of Apisara Naree, Sutada Mekrungruengkul, Senior Man-

ager - Corporate Affairs and Capt. Thomas F. Shackelford III, Naval Attach at U.S Embassy presenting at the AMVER Certificate of Merit ceremony on April 29, 2003

The awards presentation was arranged on the 29th April 2003 at the U.S. Embassy

in Bangkok. In recognition of the outstanding participation of vessels managed by Great Circle

Shipping Agency Ltd. in the Automated Mutual Assistance Vessel Rescue System (AMVER)

vessels. AMVER, sponsored by the United States Coast Guard, is a unique, computer-based,

and voluntary global ship reporting system used worldwide by search and rescue authorities

program, the U.S. Coast Guard provided certificates of recognition for each of the participating

to arrange for assistance to persons in distress at sea.

Great Circle Shipping (GCSHIP) are Technical Managers for vessels owned by Precious

Shipping Public Company Limited and is also a fully owned subsidiary of PSL. All vessels managed by GCSHIP received the above award. One of the vessels, Anodad Naree, was also awarded

a Gold pennant. A GOLD pennant is awarded for a vessel completing five consecutive years of eligibility for an AMVER award.

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THE INDUSTRY OUTLOOK :

Ship scrapping for 2003 continued in the same vein that we left off in 2002 but slowed down as we

neared the end of 2003 with a total of 109 ships being removed from our sector, resulting in a net reduction of about

3.5% in the world fleet. The highest previous reduction was in 2000 when there was a net reduction of 4.5% in

the world fleet in our sector. The reason for a slowing down in the scrapping rate has been the change in the

freight market from a state of relative strength at the beginning of the year to astronomical levels and uncharted

territory as the year 2003 ended. With over 25.70% of the world fleet in our sector being greater than 27 years

of age, we expect the scrapping rate in the next few years to reflect those of the immediate past. This consistent

net reduction in fleet size can only continue to be beneficial to freight rates.

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For the year 2004, the supply of new ships is marginally stronger than in the immediate past. In the Capesize sector 40 ships or 6.50% are scheduled for delivery in 2004 with another 42 ships or 6.20% to follow

in 2005. In this sector 74 ships or 11.90% will be over 22 years of age and likely to be scrapped during 2004.

In the Panamax sector there are 72 ships or 6.70% to be delivered during 2004 with another 62 ships or 5.80%

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contracted for delivery in 2005. The saving grace in the Panamax sector is that 64 ships or 6.0% of the fleet is

currently over 24 years of age and would likely be scrapped during 2004 thereby balancing the fresh supply.

In the Super Handymax sector 84 ships or 6.90% are scheduled for delivery in 2004 with another 70 ships or

5.70% to follow in 2005. In this sector 78 ships or 6.40% will be over 25 years of age and likely to be scrapped

during 2004.

In our last Annual Report we had commented on the geo-political situation in Iraq acting as an economic

drag whilst keeping oil prices at very high and economically unsustainable levels. We had then felt that this would

push the world into an economic recession and that would be bad news for all of us. Happily for us just the opposite

proved true. All the world economic fundamentals for 2004 appear to be pulling in the right direction for the first

time since 1986. We therefore expect that trade flows, and consequently bulk cargo movements, should increase

during the coming year.

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æ’‡Õ ·Õ≈ √à«¡·¢àß¢—π Õ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ §√—Èß∑’Ë 19 6

¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸâ®—¥°“√ ∂à“¬√Ÿª√à«¡°—∫∑’¡π—°°’Ã“§√‘°‡°Áµ¢Õß æ’‡Õ ·Õ≈ °àÕπ°“√·¢àß¢—π °—∫∑’¡ §·¡¡Õπ‡«≈∑ å ´’´’ √Õ∫√Õß™π–‡≈‘» „π°“√·¢àß¢—πÕ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ §√—Èß∑’Ë 19 ®—¥¢÷Èπ∑’Ë‚ª‚≈§≈—∫ «—πÕ“∑‘µ¬å∑’Ë 30 ¡’π“§¡ 2546 °“√·¢àß¢—π§√—Èßπ’Èπ—∫‡ªìπ§√—Èß·√°∑’Ëæ’‡Õ ·Õ≈ àß∑’¡π—°°’Ã“ ‡¢â“√à«¡°“√·¢àß¢—πÕ“√å∫’‡Õ ´’ §√‘°‡°Áµπ“π“™“µ‘´‘°‡´ ·≈– ∑’¡æ’‡Õ ·Õ≈°Á‰¥â· ¥ßº≈ß“π‰¥âÕ¬à“ß¥’‡¬’Ë¬¡ ‚¥¬ “¡“√∂‡¢â“ Ÿà√Õ∫√Õß™π–‡≈‘»‰¥â ‚¥¬æà“¬∑’¡™π–‡≈‘»ªï∑’Ë·≈â«‰ªÕ¬à“ßÀ«ÿ¥À«‘¥

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PSL PARTICIPATES IN THE 19TH RBSC INTERNATIONAL CRICKET SIXES

Mr. Khalid Hashim, Managing Director of Precious Shipping Public Company Limited

with the PSL team before the match with Commonwealth CC in the semi-finals at the 19th RBSC International Cricket Sixes held at the Polo Club on Sunday, March 30, 2003. This is the

first year that Precious Shipping Plc. sent a team to participate in the RBSC International Cricket Sixes and the team performed very well by reaching the semi-finals, in the process

defeating last year’s champions.

8 6 4 ANNUAL REPORT 2003

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ªí≠À“∑’ËÕÿµ “À°√√¡‡¥‘π‡√◊Õª√– ∫Õ¬Ÿà„πªí®®ÿ∫—π ■ °“√∑’µ Ë ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈‰¥â‡µ‘∫‚µ Ÿß‡ªìπª√–«—µ°‘ “√≥å„π√–À«à“ßªï 2546 §«“¡®”‡ªìπ„π°“√ª√—∫‚§√ß √â“ß Àπ’È®÷ß°≈“¬‡ªìπ‡√◊ËÕß≈â“ ¡—¬‰ª·≈â« ¡’‡æ’¬ß‰¡à°’Ë∫√‘…—∑∑’Ë‡À≈◊ÕÕ¬Ÿà„π°√–∫«π°“√ª√—∫‚§√ß √â“ßÀπ’È ∫√‘…—∑‡√◊Õ à«π„À≠à„π«—ππ’Èµà“ß °Á¡’‡¡Á¥‡ß‘π‡À≈◊ÕÕ¬Ÿà„π∫√‘…—∑¡“° ´÷Ëß°Áπ”¡“´◊ÈÕ‡√◊Õ¡◊Õ Õß∑’Ë¡’Õ¬Ÿà„πµ≈“¥∑”„Àâ√“§“‡√◊Õ Ÿß¢÷ÈπÕ¬à“ß∑’Ë‰¡à‡§¬¡’¡“°àÕπ ■ °“√„™â‡∑§‚π‚≈¬’¥Õ∑§Õ¡„πÕÿµ “À°√√¡°“√‡¥‘π‡√◊Õ∑–‡≈π—π È §àÕ¬Ê ®“ßÀ“¬‰ª Õ¬à“ß‰√°Áµ“¡ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å ”‡√Á®√Ÿª ”À√—∫∏ÿ√°‘®‡¥‘π‡√◊Õ∂Ÿ°‡¢’¬π¢÷πÈ ¡“„Àâ∫√‘°“√·∑π ´÷ßË °Á∑”„Àâ∫√‘…∑— ‡√◊Õ‰¥â„™âª√–‚¬™πå®“°‡∑§‚π‚≈¬’∑π— ¡—¬π’‡È æ◊ÕË ¥”‡π‘π ∏ÿ√°‘®¢Õß‡√“‰¥â¥¢’ π÷È ·≈–¡’ª√– ‘∑∏‘¿“æ¡“°¢÷πÈ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å ”‡√Á®√Ÿª¥—ß°≈à“«‰¥â‡ªìπ∑’µË Õâ ß°“√¢ÕßÕÿµ “À°√√¡‡¥‘π‡√◊Õ ■ „π√“¬ß“π©∫—∫ªï∑’Ë·≈â« ∫√‘…—∑œ ‰¥âµ—Èß§«“¡À«—ß‰«â«à“°√–· °“√§«∫√«¡°‘®°“√®–·ºà¢¬“¬¡“∂÷ß°≈ÿà¡‡√◊Õ¢π àß ‘π§â“ ·Àâß‡∑°Õß ´÷Ëß‡ªìπ°≈ÿà¡∏ÿ√°‘®‡√◊Õ∑’ËµâÕß°“√°“√§«∫√«¡°‘®°“√Õ¬à“ß¬‘Ëß ‘Ëßπ’È‰¥â‡°‘¥¢÷Èπ·≈â« ·µà°Á‡ªìπ‰ªÕ¬à“ß™â“Ê ¥â«¬°“√‡¢â“¬÷¥ °‘®°“√°Õß‡√◊Õ¢π“¥‡≈Á°‚¥¬∫√‘…—∑‡√◊Õ∑’Ë„À≠à°«à“ °“√§«∫√«¡°‘®°“√Õ’°·∫∫Àπ÷Ëß°Á§◊Õ°“√√«¡°—π¢Õß°≈ÿà¡∫√‘…—∑„À¡à‚¥¬¬—ß§ß √—°…“°“√∫√‘À“√ß“π·≈–§«“¡‡ªìπ‡®â“¢Õß¢Õß·µà≈–§π‰«â‰¥â ¥—ßπ—Èπ®–¥â«¬√Ÿª·∫∫°“√√«¡°—π·∫∫„¥°Áµ“¡ ¡—π°Á‡ªìπ ‘Ëß∑’Ëπà“¬‘π¥’ ‡æ√“–¡—π®–™à«¬„Àâ°“√¥”‡π‘π∏ÿ√°‘®¥’¢÷Èπ ”À√—∫ºŸâ¡’ à«π√à«¡∑ÿ°§π„πÕÿµ “À°√√¡π’È ‚§√ß°“√√à«¡∑ÿπ °√–∫«π°“√øóôπøŸÀ√◊Õ¬°‡≈‘°‚§√ß°“√√à«¡∑ÿπ¢Õß∫√‘…—∑œ ¬—ß¥”‡π‘πµàÕ‰ª ■ Geepee Bulk Handlers, Kandla (GPBH) : µ—ÈßÕ¬Ÿà ≥ ‡¡◊Õß Kandla ª√–‡∑»Õ‘π‡¥’¬ º≈®“°°“√À¡¥Õ“¬ÿ —¡ª∑“π°“√ ∫√‘À“√∑à“‡√◊Õ°—∫√—∞∫“≈ ∫√‘…—∑π’È®÷ßµâÕß¥”‡π‘π°“√ªî¥µ—«≈ß ■ Southern LPG (SLPG) : ¢∫«π°“√ªî¥µ—«≈ß¢Õß‚§√ß°“√√à«¡∑ÿππ’È‰¥â¡“∂÷ß¢âÕ √ÿª ‚¥¬°“√‡®√®“µàÕ√Õß‡æ◊ËÕ¢“¬‡ß‘π ≈ß∑ÿπ¢Õß∫√‘…—∑ ∫√‘…—∑πà“®–ªî¥°“√¢“¬„πÕπ“§µÕ—π„°≈âπ’È ■ International Seaports (ISPL) : §«“¡¡ÿàßÀ«—ß¢Õß‚§√ß°“√≈ß∑ÿππ’È°Á‡æ◊ËÕ°‘®°“√ “¡“√∂∑”°”‰√‰¥âµ≈Õ¥‰ª‚¥¬‰¡à¡’ ™à«ß¢“¢÷Èπ·≈–¢“≈ß Õ¬à“ß‰√°Áµ“¡¥â«¬·ºπ°“√À“‡¡Á¥‡ß‘π¡“‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ¢Õß∫√‘…—∑œ ·≈–§«“¡≈à“™â“„π°“√Õπÿ¡—µ‘‚§√ß°“√ ¢Õß√—∞∫“≈Õ‘π‡¥’¬·≈–Àπà«¬ß“π∑’‡Ë °’¬Ë «¢âÕß∑”„Àâ·ºπ°“√¢¬“¬°“√≈ß∑ÿπ„π‚§√ß°“√π’„È π∑à“‡√◊Õ°–°‘π“¥“·≈–¥√“¡√“µâÕßÀ¬ÿ¥™–ß—° º≈°Á§◊Õ ·¡â«à“®–¡’§«“¡§◊∫Àπâ“„π à«π¢ÕßÀÿâπ à«πÀ√◊Õ§«“¡§◊∫Àπâ“®“°ºŸâ√à«¡∑ÿπ√“¬„À¡à ‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ „π‚§√ß°“√π’È°Á ®–≈¥¡Ÿ≈§à“≈ß ¥—ßπ—πÈ °àÕπ∑’ Ë ¥— à«π°“√∂◊ÕÀÿπâ ®–‡°‘¥¢÷πÈ ®√‘ß ∫√‘…∑— œ ‰¥â¥”‡π‘π°“√¢“¬‚§√ß°“√≈ß∑ÿππ’ÕÈ Õ°‰ª ´÷ßË ¢≥–π’°È “√‡®√®“

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‡§√◊ËÕß¢π∂àà“¬ ‘π§â“≈ß‡√◊Õ„π√–À«à“ß°“√ªØ‘∫—µ‘ß“π ≥ ∑à“‡√◊Õ 4A ∑’Ë Œ—≈‡¥’¬ :

∑à“‡∑’¬∫‡√◊Õ·Ààßπ’È √â“ß·≈–∫√‘À“√‚¥¬ International Seaport (ISPL) ‚¥¬ PSL ¡’ÀÿâπÕ¬Ÿà√âÕ¬≈– 22.4 „π∫√‘…—∑ International Seaport (ISPL)

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MERCHANISED UNLOADERES IN OPERATION AT BERTH 4A AT HALDIA : The berth has been contructed and is Being managed by International Sea Private

Limited (ISPL). As a group, PSL, hold 22.4% stakes in International Sea Port Private Limited

(ISPL).

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The myriad of forecasts made by our industry pundits, as indicated in our last report, have been vindicated

with rates recovering strongly in the latter half of 2003. The same pundits now forecast that 2004, 2005 and,

maybe, even 2006, should be good years! We are, therefore, cautiously optimistic about the prospects for the

next three years.

REGULATORY INFLUENCES :

Port State Control (PSC) has continued its iron-man role forcing “best industry practice” levels in every

sector. The few accidents resulting in oil staining pristine beaches have helped tighten the screws by a few more

notches. With the coming into force of the International Ship and Port facility Security (ISPS) code by 1st July 2004

we expect that PSC will get even greater latitude in taking action against those ships that are deemed to be

sub-standard and or those that trade to undesirable ports of the world.

ISSUES FACING THE INDUSTRY :

■ With the Freight Markets hitting all time highs during 2003, the need for financial restructuring is a thing

of the past. Very few Companies are left in any such dire predicaments. Most Companies today have a lot of cash in

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their pockets which will be used to chase those second-hand ships that are available, driving prices that are already

very high, to levels never seen before.

■ The dot.com platforms in our industry are fading away. However many IT solution providers are making

available standardized packages that would allow us to make better use of modern technology to conduct our business

in a more efficient manner. These solution providers are to be welcomed by the progressive elements within our

industry.

2 ■ In our previous reports we had hoped that the consolidation bug would spread to the Dry Cargo Sector that

was badly in need of the same. This is happening, though rather slowly, with the take over of smaller fleets by larger

companies. Another move is the formation of Pools that are another aspect of the desire for consolidation whilst

retaining control and ownership of the individual assets. By whatever means consolidation takes place, it is to be

welcomed as it can only make life a bit better for the participants in this industry.

JOINT VENTURES :

The process of winding up or the disposal of our joint-venture investments continues.

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Geepee Bulk Handlers, Kandla (GPBH) : In view of the expiry of the concession agreement with the

Government, for the Berth, the orderly closing down of this company continues. ■

Southern LPG (SLPG) : The process of closing down this entity has been finalized. Negotiations for the

sale of our investment in this Company are ongoing and we should be able to close the sale in the near future. ■

International Seaports (ISPL) : This investment was supposed to form the basis of some non-cyclical

earning streams in the future. However, in view of the requirement to raise funds for the redemption of the RCD’s,

and the delays in receiving permissions and approvals from Government and other statutory authorities, further

investments in the Kakinada and Dhamra Port Projects were frozen, as a result of which, even if there is further

progress in these projects through the efforts of our partners or new investors, our holdings in these projects shall

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ANNUAL REPORT 2003

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11 M 8 6 4 2 10 M 8 6 4 2

°Á°â“«Àπâ“‰ª¡“°·≈â« ·≈–∫√‘…—∑œ À«—ß«à“®–‡°‘¥º≈¥’„πªïπ’È ‡¡◊ËÕ°“√≈ß∑ÿπ„π‚§√ß°“√√à«¡∑ÿπ Õß‚§√ß°“√π’È¬ÿµ‘≈ß °“√≈ß∑ÿπ¢Õß ∫√‘…—∑œ „π‚§√ß°“√∑à“‡√◊ÕŒ—≈‡¥’¬ (ª√–¡“≥√âÕ¬≈– 22.4) ·≈–°“√≈ß∑ÿπ‡¥‘¡„π∫√‘…—∑ ISPL ∑’Ë ‘ß§‚ª√å °Á®–‡ªìπ‚§√ß°“√√à«¡∑ÿπ ∑’Ë¬—ß§ß‡À≈◊ÕÕ¬Ÿà¿“¬„µâ°“√¥Ÿ·≈¢Õß ISPL §«“¡§◊∫Àπâ“¢Õß‚§√ß°“√Œ—≈‡¥’¬π—Èπ‡ªìπ‰ªµ“¡°”Àπ¥°“√∑’Ë«“ß‰«â·≈–°“√°àÕ √â“ß ¢Õß‚§√ß°“√∑à“‡√◊Õ°Á‡ √Á® ¡∫Ÿ√≥å∑—ÈßÀ¡¥·≈â« °“√‡√‘Ë¡¥”‡π‘π°“√‡™‘ßæ“≥‘™¬å‰¥â‡√‘Ë¡µâπ‡¡◊ËÕ«—π∑’Ë 15 ¡°√“§¡ 2547 ‚¥¬¡’æ‘∏’ ‡ªî¥Õ¬à“ß‡ªìπ∑“ß°“√‚¥¬√—∞¡πµ√’ À¿“æ°“√æ“≥‘™¬åπ“«’‡¡◊ËÕ«—π∑’Ë 23 °ÿ¡¿“æ—π∏å 2547 ∫∑ √ÿª „π√–À«à“ßªï 2546 æ«°‡√“§≥–ºŸâ∫√‘À“√‰¥â∫√‘À“√°‘®°“√‡æ◊ËÕ√“°∞“π·Ààß§«“¡‡µ‘∫‚µ∑’Ë·¢Áß·°√àß„Àâ°—∫∫√‘…—∑œ ·¡â«à“ ®–¡’™à«ß‡«≈“∑’Ë¬“°≈”∫“°∑’Ë ÿ¥ æ«°‡√“¬◊πÀ¬—¥∑’Ë®–™à«ß™‘ß‚Õ°“ ¢Õßµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß∑’ËÕ“®®– ‡°‘¥¢÷Èπ§√—Èß‡¥’¬«„π™’«‘µ·≈–‰¥âæÿàß‡¢â“¡“ Ÿà‡ âπ∑“ß¢Õß‡√“ æ«°‡√“À«—ß«à“®– “¡“√∂∑”µ“¡§” —≠≠“´÷Ëß‰¥âª√“°Ø·≈â«„πªï 2546 µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°§π·≈–ºŸâ¡’ à«π‰¥â‡ ’¬∑—ÈßÀ≈“¬ §«“¡µ√–Àπ—°„π ‘Ëßπ’È¢Õßæ«°‡√“¡“®“°§«“¡‡ ’¬ ≈– °“√∑”ß“πÀπ—°¢Õß ¡◊ÕÕ“™’æ¢Õß∫ÿ§≈“°√ √«¡∂÷ß∫√√¥“‡®â“Àπâ“∑’Ëª√–®”°“√∫π‡√◊Õ¢Õßæ’‡Õ ·Õ≈∑ÿ°§π ∑â“¬π’È®–¢ÕÕâ“ß§”°≈à“«∑’Ëª√“°Ø„ππ‘µ¬ “√√“¬ —ª¥“Àå·ø√å‡æ≈¬å (Fairplay Weekly) ©∫—∫«—π∑’Ë 9 µÿ≈“§¡ 2546 «à“ ç∂â“°“√¢÷Èπ≈ß¢Õßµ≈“¥ªí®®ÿ∫—ππ—Èπ‡ªìπ‡æ’¬ß·§à°“√‰µà√–¥—∫¢Õß∫√√¥“‡®â“¢Õß‡√◊Õ¢π àß ‘π§â“·Àâß‡∑°Õß ¥—ßπ—Èπæ«°‡√“°Á¬—ß‰¡à∂÷ß ®ÿ¥ Ÿß ÿ¥é (çIf riding the current market wave has been a hair-raising ride for some bulker owners, itûs becoming clear that they ainût seen nothing yet.é) §”°≈à“«π’È‡ªìπ°“√√«∫√«¡∫∑ √ÿª¢Õßªï 2546 ‰¥â‡ªìπÕ¬à“ß¥’ ªï 2547 2548 ·≈– 2549 ®– ‡ªìπªï∑’Ë¡’§«“¡À¡“¬ ”À√—∫æ«°‡√“

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11 M 8 6 4 2 10 M 8 6 4 2

be automatically diluted. Therefore, before a substantial dilution could take place, which could have had an adverse

impact on the liquidity of the sale of these investments, we had commenced efforts to sell these investments,

which are now at an advanced stage and are hopeful of a positive result this year. Once investments in these two

projects are disposed off, our investment in the Haldia port project (about 22.4%) and the original investment in

ISPL, Singapore shall be the only investments remaining alive under the ISPL umbrella. Progress on the Haldia

project was according to schedule and project construction is now entirely completed. Commercial operations

commenced on 15th January 2004, with a formal opening by the Union Minister of Shipping on 23rd February, 2004.

IN CONCLUSION :

We have managed to set up a strong growth-platform, through some very turbulent times, during 2003.

We feel that we are poised to take advantage of this once-in-a-life-time opportunity that the Dry Bulk Tramp Freight

Markets have thrown our way. With Gods Grace, we hope to be able to deliver, to our shareholders and other

stakeholders, the promise of the potential that was first shown in 2003. This realisation will, in no small measure, be

due to the very dedicated and hardworking professionals that make up the office, as well as, floating staff at PSL.

6 4

I will leave you with a quote from an article that appeared in the Fairplay Weekly magazine issue dated 9th

October 2003 “If riding the current market wave has been a hair-raising ride for some bulker owners, it’s becoming

clear that they ain’t seen nothing yet.” This quote nicely sums up what the year 2003 was all about and what, God

willing, the years 2004, 2005 and 2006 will hold in store for us.

6 4 2 5M For and on behalf of the Board of Directors

Precious Shipping Public Company Limited.

6 4 2 4M 8 6 4

(Khalid Moinuddin Hashim)

(Khushroo Kali Wadia)

Managing Director

Executive Director

2 3M 8 6 4

February 26, 2004

2 2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

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∫√‘…∑— œ ‡≈Áß‡ÀÁπ·≈–„Àâ§«“¡ ”§—≠µàÕºŸ¡â ’ «à π‰¥â‡ ’¬∑ÿ°°≈ÿ¡à ‰¡à«“à ®–‡ªìπºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬„π ‰¥â·°à æπ—°ß“π·≈–ºŸ∫â √‘À“√ ¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ À√◊ÕºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à §Ÿ§à “â ‡®â“Àπ’È ≈Ÿ°§â“ §Ÿ·à ¢àß ™ÿ¡™π ¿“§√—∞·≈–Àπà«¬ß“πÕ◊πË Ê ∑’‡Ë °’¬Ë «¢âÕß ‡π◊ÕË ß®“°∫√‘…∑— œ µ√–Àπ—°∂÷ß·√ß π—∫ πÿπ®“°ºŸ¡â ’ «à π‰¥â‡ ’¬µà“ßÊ „πÕ—π∑’®Ë –™à«¬ √â“ß§«“¡ “¡“√∂„π°“√·¢àß¢—π·≈– √â“ß°”‰√ „Àâ°—∫∫√‘…—∑œ ·≈–‡ªìπ·√ß π—∫ πÿπÕ¬à“ß¥’¬‘Ëß„π°“√ √â“ß§«“¡ ”‡√Á®„π√–¬–¬“«¢Õß∫√‘…—∑œ

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REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OF GOOD CORPORATE GOVERNANCE

4 2 10 M 8 6 4 2

1. THE CORPORATE GOVERNANCE POLICY

9M In recognition of the fact that it is important and necessary for sustainable growth of operating business

and long term shareholder value, Board of Directors have set up a Corporate Governance Policy for the Company.

Board of Directors intend to reinforce corporate governance by includes setting up the policies and directions

on operating the business, set up of adequate internal controls and internal auditing system and monitoring the

management to perform effectively under the policy to ensure the long term interests of shareholders under the

8M 8

applicable laws with full transparency and correct business ethics. A Corporate Governance Policy Manual outlining

the features of the Policy has also been drawn up by the Company.

4 2. SHAREHOLDERS : RIGHT AND EQUITABLE TREATMENT

2 7M

In the year 2003, two shareholders’ meeting was held. The meeting was an Annual General Meeting

which was held on 30 th April 2003 and an Extraordinary General Meeting which was held on 10 th September

2003 at the company’s office. The company had sent out the notice to all shareholders of the meeting including

information and documents for each agenda item to be considered by the shareholders, 14 days prior to the date

of the shareholders’ meeting. The notice was also circulated vide an advertisement in the newspapers as a reminder

and follow-up action for the benefit of the shareholders. Under each agenda item, the opinion of the Board of

Directors was included in the notice. The minutes of the meeting were also prepared and were made available for

examination.

4 2

3. VARIOUS GROUPS OF STAKEHOLDERS

5M The company foresees and recognizes the importance of all stakeholder groups whether it is the internal

stakeholders such as shareholders, employees and management of the company and subsidiaries or external

stakeholders such as creditors, suppliers, customers, communities, government agencies and other related

organizations. The Company is aware that the support from each stakeholder would help establish the company’s

competitive advantages and profitability which would contribute greatly to the company’s long term success and

prosperity.

8 6

4. SHAREHOLDERS’ MEETINGS

4 2

The Company recognizes the rights of shareholders and accords equal treatment to all shareholders in

every manner including compliance with SET/SEC regulations and recommendations for sending notices of meetings

and book closure and general conduct and procedures in the meetings. In the year 2003, 7 out of 11 directors

attended the Annual General Meeting of shareholders and 6 out of 11 directors attended the Extraordinary

General Meeting of shareholders which also included Audit Committee Member and Independent Directors. The

Auditors also attended the AGM of shareholders meeting to answer any questions raised by shareholders in

2M 8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå

9M 8

§≥–°√√¡°“√‰¥â®—¥„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π ·≈–¡“µ√°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ √«¡∑—Èß¡’°“√µ‘¥µ“¡°“√¥”‡π‘π°“√„π‡√◊ËÕß¥—ß°≈à“«Õ¬à“ß„°≈â™‘¥·≈–√“¬ß“πº≈Õ¬à“ß ¡Ë”‡ ¡Õ„π °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ¿“¬„µâ°“√¥Ÿ·≈Õ¬à“ß„°≈â™‘¥¢Õß§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√‡ªìπºŸâæ‘®“√≥“°“√°”Àπ¥·≈–·¬°∫∑∫“∑Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–Õπÿ°√√¡°“√µà“ßÊ Õ¬à“ß™—¥‡®π ¥—ß√“¬≈–‡Õ’¬¥„πÀ—«¢âÕ ç‚§√ß √â“ß°“√®—¥°“√é

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6 4

‡æ◊ËÕ‡ªìπ°“√ªÑÕß°—π√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫®÷ß‰¥â ¥Ÿ·≈Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬°”Àπ¥π‚¬∫“¬·≈–¢—ÈπµÕπ°“√Õπÿ¡—µ‘√“¬°“√∑’Ë Õ“®®–°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‰«âÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¥—ßπ’È 6.1 √“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå : §≥–°√√¡°“√∑√“∫‡ªìπÕ¬à“ß¥’∂÷ß√“¬°“√∑’ËÕ“®π”¡“´÷Ëß§«“¡ ¢—¥·¬âß∑“ßº≈ª√–‚¬™πå·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–‰¥âæ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√–¡—¥√–«—ß√Õ∫§Õ∫∑ÿ°§√—Èß √«¡∑—Èß¡’ °“√ªØ‘∫µ— µ‘ “¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ’°∑—ßÈ °“√ªØ‘∫µ— µ‘ “¡π‚¬∫“¬/·π«∑“ß¢Õß∫√‘…∑— œ ‚¥¬√“§“·≈– ‡ß◊ËÕπ‰¢‡ ¡◊Õπ∑”√“¬°“√°—∫∫ÿ§§≈¿“¬πÕ° (Arms-Length Basis) ‡ªìπ‰ª‚¥¬ª°µ‘¡“µ√∞“π∑“ß°“√§â“∑—Ë«‰ª ·≈–‰¥â‡ªî¥‡º¬ √“¬≈–‡Õ’¬¥ ¡Ÿ≈§à“√“¬°“√ §Ÿà —≠≠“ ‡Àµÿº≈/§«“¡®”‡ªìπ ‰«â„π√“¬ß“πª√–®”ªï·≈–·∫∫ 56-1 Õ¬à“ß§√∫∂â«π·≈â« Õ’°∑—Èß§≥–°√√¡°“√µ√«® Õ∫·≈–ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√«“ß·ºπß“πµ√«® Õ∫‡√◊ËÕß°“√∑”√“¬°“√∑’ËÕ“®¡’ §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬®—¥„Àâ¡’°“√∫√√®ÿ‡√◊ËÕß¥—ß°≈à“«‰«â„π·ºπ°“√µ√«® Õ∫¿“¬„π‡ªìπª√–®”∑ÿ°ªï ”À√—∫ªï 2546 ºŸâµ√«® Õ∫¿“¬„π‰¥âµ√«® Õ∫√“¬°“√¥—ß°≈à“«·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ËÕ°“√ª√–™ÿ¡§≥–°√√¡°“√ µ√«® Õ∫§√—Èß∑’Ë 1/2546 „π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2546 æ∫«à“∫√‘…—∑œ ¡’π‚¬∫“¬°“√Õπÿ¡—µ‘√“¬°“√‡æ◊ËÕªÑÕß°—π°“√∑”√“¬°“√∑’Ë Õ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬√“¬°“√∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫—π ‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“°“√·¢àß¢—π‚¥¬∑—Ë«‰ª ‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªìπ ”§—≠·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ √«¡∑—Èß‰¥â¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«„πß∫°“√‡ß‘πÕ¬à“ß ‡æ’¬ßæÕ·≈â« πÕ°®“°π’È ΩÉ“¬µ√«® Õ∫¿“¬„π‰¥âµ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫—µ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π æ.». 2546é ·≈–√“¬ß“πº≈°“√ µ√«® Õ∫µàÕ§≥–°√√¡°“√∫√‘…—∑·≈â« ´÷Ëß§≥–°√√¡°“√∫√‘…—∑‡ÀÁπ«à“√“¬°“√‡°’Ë¬«‚¬ß°—π∑’Ë∫√‘…—∑œ ¡’‡ªìπ°“√∑”√“¬°“√∑’Ë ‡À¡“– ¡·≈–‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

respect of the accounts or the conduct of the Audit. The chairman of the meeting provided equal opportunity to all

shareholders to examine the company’s operations, to ask questions and express their opinions and advice, and

ensured that all the items and resolutions were properly recorded in the minutes of meeting.

6 4

5. LEADERSHIP AND VISION

2 Board of Directors have provided for an internal control system, internal auditing and the process of

identification, assessment and measurement of risks as a part of the Risk Management system and closely

monitor these matters through periodic reports through the close supervision of the Audit Committee.

Board of Directors have clearly defined and demarcated powers, duties and responsibilities between

each committee as mentioned under the “Management Structure” section in this report.

2 7M

6. CONFLICT OF INTERESTS

8 In order to prevent the conflict of interest transactions, Board of Directors, through the Audit Committee

have supervised carefully such potential transactions by setting up a written policy and procedure of approval of the

transactions involving any potential conflict of interests and have set up an appropriate policy as follows :

2 6M

6.1 Potential conflict of interest transactions : Board of Directors are well aware of any transaction which could lead to a potential conflict of interest and/or any related party transaction, which, if any, are considered very

carefully with a view to full compliance with the relevant rules and regulations of the Stock Exchange of Thailand,

apart from compliance with the internal policies and guidelines set up by the Company. Moreover, such transactions

4 2

are entered into strictly on an “Arms-Length” basis. The terms and conditions of such transactions are always in

compliance with generally acceptable, standard commercial terms and conditions and appropriate disclosure

regarding the details of the transactions viz. value, counter-party, reason and necessity of the transaction is made

in the annual report and Form 56-1.

In addition to the above, Audit Committee and Internal Audit Department prepared the annual audit plan

to review the transactions that may cause conflict of interests. For the year 2003, the internal auditors audited

the aforesaid transactions and reported to the Audit Committee in the Audit Committee’s Meeting No. 1/2003

in February 2003. The Audit Committee found that the Company has a proper policy for approval and prevention

of abuse in such transactions. The existing conflict of interest transactions are made only on the basis of proper

comparison of market prices and for the benefit of the Company. Adequate disclosures of all such material

transactions have been made in the financial statements.

Moreover internal audit has reviewed the compliance of the Company in respect of new Notifications of

the Stock Exchange of Thailand Re: Disclosure of Information and Act of Listed Companies Concerning the Connected

Transactions, 2003. The details of the connected transactions have been explained under the topic “Connected

Transactions” in this annual report. The results of the review have been reported to the Board of Directors of the

2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

6.2 °“√¥Ÿ·≈‡√◊ÕË ß°“√„™â¢Õâ ¡Ÿ≈¿“¬„π : µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µÀ‘ ≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 °”Àπ¥„ÀâºŸâ∫√‘À“√√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ ”π—°ß“π°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å πÕ°®“°π’È‰¥â °”Àπ¥„Àâ°√√¡°“√∫√‘À“√·≈–°√√¡°“√∑”ß“π®”π«π 4 ∑à“π ´÷Ëß‰¥â∑”ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“π∫√‘…—∑ ‰¡à “¡“√∂´◊ÈÕ¢“¬ Àÿâπ∑ÿπ¢Õß∫√‘…—∑ „π™à«ß 3 —ª¥“Àå°àÕπ°“√‡ªî¥‡º¬ß∫°“√‡ß‘π ”À√—∫ªï∑’Ëµ√«® Õ∫·≈â«µàÕ “∏“√≥™π·≈– 2 —ª¥“Àå °àÕπ°“√ ‡ªî¥‡º¬ß∫°“√‡ß‘π∑’Ë Õ∫∑“π·≈â«µàÕ “∏“√≥™π ·≈– 2 «—πÀ≈—ß‡ªî¥‡º¬ß∫¥—ß°≈à“«µàÕ “∏“√≥™π

9M 8 6 4 2 8M

7. ®√‘¬∏√√¡∏ÿ√°‘®

∫√‘…—∑œ ‰¥âÕÕ°¢âÕæ÷ßªØ‘∫—µ‘‡°’Ë¬«°—∫®√√¬“∫√√≥¢Õß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√ ·≈–æπ—°ß“π ‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«∑“ß „π°“√ªØ‘∫—µ‘Àπâ“∑’Ë„Àâª√– ∫º≈ ”‡√Á®µ“¡¿“√°‘®¢Õß∫√‘…—∑œ ¥â«¬§«“¡‚ª√àß„ ´◊ËÕ —µ¬å ÿ®√‘µ ·≈–‡∑’Ë¬ß∏√√¡

6 4 2

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√

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8 6 4 2

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß

6M 8

ª√–∏“π°√√¡°“√‡ªìπ°√√¡°“√Õ‘ √–µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å ·≈–‰¡à¡’§«“¡ —¡æ—π∏å„¥Ê °—∫ΩÉ“¬∫√‘À“√ Õ’°∑—Èßª√–∏“π°√√¡°“√‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√ ‡æ◊ËÕ‡ªìπ°“√·∫àß·¬°Àπâ“∑’Ë√–À«à“ß°“√°”Àπ¥π‚¬∫“¬ °“√°”°—∫¥Ÿ·≈·≈–°“√∫√‘À“√ß“πª√–®”

6 4 2

10.§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

5M 8

ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√ ‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ π‚¬∫“¬¥—ß°≈à“«‰¥âºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« °√√¡°“√∑’Ë‰¥â√—∫¡Õ∫À¡“¬„Àâ‡ªìπ °√√¡°“√µ√«® Õ∫®–¡’§à“µÕ∫·∑π‡æ‘Ë¡µ“¡¢Õ∫‡¢µ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡¢÷Èπ à«π§à“µÕ∫·∑πºŸâ∫√‘À“√∂Ÿ°°”Àπ¥¢÷Èπ µ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑°”Àπ¥ ·≈–§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√®–∂Ÿ°æ‘®“√≥“Õπÿ¡—µ‘‚¥¬§≥– °√√¡°“√∫√‘…—∑ „πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√‡ªìπ§à“‡∫’È¬ª√–™ÿ¡ „Àâ°√√¡°“√®”π«π 10 ∑à“π ‡ªìπ®”π«π‡ß‘π 2.44 ≈â“π∫“∑ ·≈–®”π«π 12 ∑à“π ‡ªìπ®”π«π‡ß‘π 1.25 ≈â“π∫“∑µ“¡≈”¥—∫ „πªï 2546 ·≈–ªï 2545 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑π„Àâ°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

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11 M 8 6 4 2 10 M 8 6 4 2

Company. The Board of Directors of the Company is of the opinion that such transactions are fair and for the

full benefit of the Company.

6.2 Monitoring the use of insider information : Pursuant to section 59 of the Securities and Exchange

Act B.E. 2535, management is required to report the changes of stock holding to the Office of the Securities and

Exchange Commission. Moreover, the 4 working directors who are full-time employees of the Company are not

allowed to trade in the company’s shares during the period of 3 weeks (or 2 weeks) before and two days after the

annual audited (or reviewed) results respectively are announced.

8 6

7. BUSINESS ETHICS

4 The Company has set up a code of ethics for directors, management and employees as a guideline to

carry out their respective work for the company in a transparent, honest, faithful and justifiable manner.

7M 8

8. BALANCE OF POWER FOR NON-EXECUTIVE DIRECTORS

6 Currently, there are 10 directors on the Board of Directors of the Company which consists of 3

Executive Directors and 1 working director (as full-time employees of the Company), 1 Non- Executive Director and

5 Independent Directors. The Audit Committee comprises entirely of Independent Directors.

6M 8

9. AGGREGATION OR SEGREGATION OF POSITIONS

The Chairman of Board of Directors is an independent director and has no relationship with the

management, as defined by the Stock Exchange of Thailand. The Chairman is not the same person as the managing

director of the Company in order to segregate the duties between the policy maker and the policy manager.

5M 8

10. DIRECTORS AND MANAGEMENT REMUNERATION

6 4

Currently, the Company does not have a Remuneration Committee but the Company has a clear and

transparent directors’ remuneration policy which is approved by the shareholders in the shareholders’ meeting.

The directors who are also appointed as Audit Committee members are entitled to additional remuneration to

compensate for the increased scope of duties and responsibilities.

The management remuneration is fixed in accordance with the principles and policies set by the Board of

Directors and the Board of Directors directly and specifically approves the remuneration of the Executive Board.

During the year 2003 and 2002, the Company paid the Directors meeting fee as the remuneration to

10 directors and 12 directors of Baht 2.44 million and Baht 1.25 million respectively.

During the year 2003 and 2002, the Company paid the remuneration to senior management (including

the Executive Directors) as follows :

4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘

°“√ª√–™ÿ¡µ“¡«“√–æ‘‡»…

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11 M 8 6 4 2 10 M 8 6 4 2003 Description

2002

Number of persons

Amount (In million Baht)

Number of persons

Amount (In million Baht)

22.31

19.03

Salary

Bonus

5.19

4.62

Other remuneration*

18.41

15.22

Total

45.91

38.87

* Representing income tax, house rental, children’s school fees.

8 6

11. BOARD OF DIRECTORS’ MEETINGS

4 2

The Board of Directors’ meetings are held quarterly on a regular basis, but extraordinary meetings if

7M required may be called. The meeting would have the specific agenda, which would include the review of the

Company’s operations. The Company Secretary sends the notice of the meeting and relevant documents to all

directors, at least 7 days prior to the meeting date so as to allow sufficient time for them to review the information

before joining the Meeting.

Board of Directors Meetings are held about 7 to 10 days after Audit Committee meeting so that the

minutes of Audit Committee can be sent to the Board of Directors for their consideration and discussion during

the Board meeting.

In every meeting, the minutes of the meeting are recorded, reviewed and adopted by the Board of Directors.

The minutes of the meeting are kept with the Company Secretary for ready reference and review by other concerned

parties.

5M The Board of Directors’ meeting normally takes around 2-3 hours. In the year 2003, the Board of Directors

held 4 ordinary meetings and 1 extraordinary meeting. The record of attendance of the Directors is summarized as

6 4

follows :

2 4M

Attendance / Total Meeting (Times) Year 2003 Name of Director

Ordinary Meeting

Extraordinary Meeting

Admiral Dr. Amnad Chandanamattha

4/4

1/1

Mr. Khalid Moinuddin Hashim

4/4

1/1

Mr. Munir Moinuddin Hashim

4/4

1/1

Mr. Khushroo Kali Wadia

4/4

1/1

Mr. Jaipan Mansukhani

4/4

1/1

Police Lt.Gen Kiattisak Prabhavat

4/4

1/1

Mr. Chira Panupong

4/4

1/1

Mr. Thira Wipuchanin

4/4

1/1

Mr. Suphat Sivasriaumphai

3/4

1/1

Miss Nishita Shah

3/4

1/1

6 4 2

6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

12.§≥–Õπÿ°√√¡°“√

9M 8

§≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ´÷Ëß∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß ∫√‘…∑— œ ‚¥¬√“¬≈–‡Õ’¬¥¢Õß ¡“™‘°¢Õß§≥–°√√¡°“√µ√«® Õ∫ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ‰¥â°≈à“«‰«â·≈â«„π√“¬ß“πª√–®”ªïπ¿’È “¬ „µâÀ—«¢âÕ ‚§√ß √â“ß°“√®—¥°“√·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à¡’§≥–°√√¡°“√æ‘®“√≥“º≈µÕ∫·∑π ·µà∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«â Õ¬à“ß™—¥‡®π·≈–‚ª√àß„ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫π’È¿“¬„µâÀ—«¢âÕ §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

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13.√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

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∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π√–¥—∫ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ®÷ß‰¥â°”Àπ¥Õ”π“® Àπâ“∑’Ë „π°“√¥”‡π‘πß“π¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈ °“√„™â∑√—æ¬å π‘ ¢Õß∫√‘…∑— œ ‡æ◊ÕË „Àâ‡°‘¥ª√–‚¬™πå ßŸ ÿ¥µàÕ∫√‘…∑— œ ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ºË ªŸâ Ø‘∫µ— ß‘ “π ºŸµâ ¥‘ µ“¡§«∫§ÿ¡·≈–ª√–‡¡‘π º≈ÕÕ°®“°°—π ‡æ◊ËÕ√—°…“‰«â´÷Ëß°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß °—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∫√‘…—∑œ ¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªÆ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë°”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π ¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π·µà≈–·ºπ°·≈–√“¬ß“πº≈µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π¡’ §«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√ ”À√—∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«¢âÕß°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑’Ë™—¥‡®π·≈–‡æ’¬ßæÕ ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∑—Èßπ’È‡æ◊ËÕ„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å¥—ßµàÕ‰ªπ’È 1. ‡æ◊ËÕ§«“¡¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√ªØ‘∫—µ‘ß“π √«¡∑—Èß°“√„™â∑√—æ¬“°√∑’Ë¡’Õ¬ŸàÕ¬à“ß®”°—¥‡æ◊ËÕ°àÕ„Àâ‡°‘¥ ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ 2. ‡æ◊ËÕ§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß√“¬ß“π∑“ß°“√‡ß‘π 3. ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑œ ‡ªìπ‰ªµ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—Èß°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ·≈–‡æ◊ÕË „Àâ∫√√≈ÿ«µ— ∂ÿª√– ß§å¥ß— °≈à“«¢â“ßµâπ ∫√‘…∑— œ ®÷ß¡’°“√®—¥°“√√–∫∫°“√§«∫§ÿ¡¿“¬„π„Àâ‡∑’¬∫‡§’¬ß°—∫¡“µ√∞“π “°≈ À√◊Õ COSO (The Committee of Sponsoring Organizations of the Treadway Commission) ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È 1. ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ (Control Environment) ∫√‘…∑— œ „Àâ§«“¡ ”§—≠‡°’¬Ë «°—∫ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π®÷ß°”Àπ¥„Àâ®¥— ∑”§Ÿ¡à Õ◊ π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ’ ·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®¢÷ÈπÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ √«¡∑—Èßª√–°“»„Àâæπ—°ß“π∑ÿ°§π∑√“∫‡æ◊ËÕ¬÷¥∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘‡π◊ËÕß®“° ∫√‘…—∑œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«à“°“√∑”ß“π¿“¬„µâ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡∑’Ë¥’π—Èπ®– àßº≈„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªÕ¬à“ß¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈–°àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ √«¡∑—ÈßºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

12. COMMITTEE

9M The Board of Directors appointed the Audit Committee as a part of the good corporate governance policy

of the Company. The Details of the members of the committee, their duties and responsibilities are presented

under the sections on “Management Structure” and “Audit Committee Report”.

4 2

Currently, the Company does not have a Remuneration Committee but the Company has a clear and

transparent directors’ remuneration policy as explained under the section on “Directors and Management

Remuneration”.

6 13. CONTROLLING SYSTEM AND INTERNAL AUDIT

4 2

The Company recognizes the importance of internal control systems on an operational level to ensure that

the operations are conducted efficiently. Powers and Duties of operations and management level personnel are

laid down clearly. There is a proper level of control maintained on the utilization of Company’s property/assets for

the highest benefit of the Company and there is clear segregation between the operations units, control units and

assessment units for the purpose of maintaining appropriate checks and balances. Moreover, an internal control

system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting

to the relevant management.

The Company has the Internal Audit Department in order to ensure that the key operations and the

financial activities are conducted efficiently under the guidelines and relevant laws. Moreover, to ensure the Company

has complied with laws and regulations relating to the business of the Company, the Internal Audit Department

conducts regular checks. Internal auditors report directly to the Audit Committee on all matters, in order to make

the internal audit department completely independent of management.

8 6

Moreover, an internal control system for the financial and accounting functions of the Company is clearly

set up which allows adequate reporting to the relevant managers to achieve the following objectives : 1. Efficient and effective operations, including skillful use of resources for the best benefit of the Company.

2. Accurate, reliable and prompt financial reporting.

4M 8

3. Full compliance with the Company’s policies, laws and regulations.

For the achievement of such objectives, the Company has implemented the internal control system in

accordance with the recommendations of The Committee of Sponsoring Organizations of the Treadway Commission

(COSO) as follows :

1. Control Environment

The Company has forged ahead with control environment and therefore set up the Corporate Governance

Policy and Business Ethics in writing. They are published to all staff of the Company for the basis of working. The

Company recognizes that the Control Environment will lead to efficiency and effectiveness of work and brings out the

best benefits to the Company.

2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

2. °“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß (Risk Assessment) ∫√‘…∑— œ µ√–Àπ—°·≈–‡≈Áß‡ÀÁπ∂÷ß§«“¡ ”§—≠¢Õß°“√ª√–‡¡‘π§«“¡‡ ’¬Ë ß«à“‡ªìπ‡§√◊ÕË ß¡◊Õ∑’∫Ë ßà ∫Õ°≈à«ßÀπâ“∂÷ß —≠≠“≥ Õ—πµ√“¬∑’ËÕ“® √â“ß§«“¡‡ ’¬À“¬„Àâ·°à∫√‘…—∑œ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß°”Àπ¥„Àâ¡’°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ßÕÕ°‡ªìπ 2 √–¥—∫‡ªìπª√–®” ∑ÿ°ªï §◊Õ§«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√´÷Ëß°”°—∫¥Ÿ·≈‚¥¬ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–§«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡´÷Ëß‡ªìπ§«“¡√—∫º‘¥™Õ∫ √à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π·≈–ºŸâªØ‘∫—µ‘ß“π∑ÿ°ΩÉ“¬ §«“¡‡ ’Ë¬ß„π√–¥—∫Õß§å°√®–∂Ÿ°‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï à«π §«“¡‡ ’Ë¬ß„π√–¥—∫°‘®°√√¡π—Èπ®–‡ªìπ°“√ª√–‡¡‘π√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π´÷Ëß¡’§«“¡‡ªìπÕ‘ √–°—∫ºŸâªØ‘∫—µ‘ß“π„π ·µà≈–°‘®°√√¡´÷Ëß¡’§«“¡™”π“≠°“√·≈–‡¢â“„®‡ªìπÕ¬à“ß¥’∂÷ß°√–∫«π°“√∑”ß“π ·≈–π”‡ πÕºŸâ∫√‘À“√√–¥—∫ Ÿß‡æ◊ËÕæ‘®“√≥“ ∑—Èßπ’È ‡æ◊ËÕ„Àâº≈°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß‰¥â –∑âÕπ∂÷ß§«“¡‡ ’Ë¬ß∑’Ë·∑â®√‘ß∑’ËÕ“®°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–‡æ◊ËÕ„Àâ∫√‘…—∑œ “¡“√∂°”Àπ¥°≈‰°°“√§«∫§ÿ¡‰¥âÕ¬à“ß∂Ÿ°µâÕß ·≈–‡À¡“– ¡ 3. °‘®°√√¡°“√§«∫§ÿ¡ (Control Activities) °“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß¥—ß°≈à“«¢â“ßµâπ®–¥”‡π‘π°“√§«∫§Ÿàæ√âÕ¡°—∫°“√ª√–‡¡‘π°≈‰°°“√§«∫§ÿ¡‡æ◊ËÕ„Àâ¡—Ëπ„®«à“ ∫√‘…—∑œ ¡’°“√®—¥«“ß√–∫∫°“√§«∫§ÿ¡∑’Ë§√∫∂â«π ‡æ’¬ßæÕ·≈–‡À¡“– ¡ Õ¥§≈âÕß°—∫§«“¡‡ ’Ë¬ßµà“ßÊ ∑’ËÕ“®®–‡°‘¥¢÷Èπ ∑—Èßπ’È‡æ◊ËÕ ‡ªìπ°“√≈¥·≈–°√–®“¬§«“¡‡ ’Ë¬ßµà“ßÊ „Àâ àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ πâÕ¬∑’Ë ÿ¥ √«¡∑—Èß‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑œ ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ 4. “√ π‡∑»·≈–°“√ ◊ËÕ “√ (Information & Communication) ∫√‘…∑— œ „Àâ§«“¡ ”§—≠‡°’¬Ë «°—∫§«“¡∂Ÿ°µâÕß ‡™◊ÕË ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»µà“ßÊ ‚¥¬‡©æ“–∑’¡Ë π’ ¬— ”§—≠ √«¡∑—Èß§«“¡√«¥‡√Á«¢Õß°“√µ‘¥µàÕ ◊ËÕ “√ ∑—Èßπ’È‡æ◊ËÕ„Àâ°“√µ—¥ ‘π„®‡√◊ËÕßµà“ßÊ ‡ªìπ‰ªÕ¬à“ß∂Ÿ°µâÕß ·¡àπ¬” ·≈–©—∫‰« ‚¥¬®—¥„Àâ¡’ ™àÕß∑“ß°“√ ◊ËÕ “√∑—Èß¿“¬„π·≈–¿“¬πÕ°∫√‘…—∑œ Õ¬à“ß‡ªìπ√–∫∫·≈–¡’ª√– ‘∑∏‘¿“æ ”À√—∫°“√µ‘¥µàÕ ◊ËÕ “√¿“¬„π∫√‘…—∑œ ®–ºà“π√–∫∫ Intranet æπ—°ß“π„π∑ÿ°√–¥—∫™—Èπ√«¡∑—ÈßºŸâ∫√‘À“√√–¥—∫ Ÿß “¡“√∂‡¢â“∂÷ß°—π‰¥âÕ¬à“ß –¥«° √«¥‡√Á« ‡æ◊ËÕ„Àâ°“√ ª√– “π°“√∑”ß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈·≈–∫√√≈ÿ‡ªÑ“À¡“¬∑’«Ë “ß‰«â ”À√—∫°“√µ‘¥µàÕ°—∫∫ÿ§§≈¿“¬πÕ° ‡™àπ π—°≈ß∑ÿπ ‡ªìπµâπ ∫√‘…—∑œ ¡’™àÕß∑“ß°“√µ‘¥µàÕ ◊ËÕ “√ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«∫‰´¥å¢Õß ∫√‘…—∑œ √«¡∑—ÈßºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ‡Õß°Áæ√âÕ¡∑’Ë®–µÕ∫¢âÕ´—°∂“¡„πª√–‡¥Áπµà“ßÊ ®“°π—°≈ß∑ÿπ√«¡∑—ÈßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ 5. °“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈ (Monitoring & Evaluation) ∫√‘…—∑œ °”Àπ¥¡“µ√°“√„π°“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È

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º≈®“°°“√µ‘¥µ“¡·≈–°“√ª√–‡¡‘π∑’‰Ë ¥â®–∂Ÿ°π”‰ª°”Àπ¥‡ªìπ·ºπ‡™‘ß°≈¬ÿ∑∏å‡æ◊ÕË „Àâ°“√ªØ‘∫µ— ß‘ “π¡’ª√– ‘∑∏‘¿“æ·≈– ª√– ‘∑∏‘º≈¬‘Ëß¢÷Èπ πÕ°‡Àπ◊Õ®“°∑’°Ë ≈à“«¢â“ßµâπ·≈â« ∫√‘…∑— œ ¬—ß¡’Ω“É ¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’‡Ë ªìπÀπà«¬ß“πµ‘¥µ“¡·≈–ª√–‡¡‘πº≈Õ’°¥â«¬ ‚¥¬Õ¬Ÿà¿“¬„µâ°“√°”°—∫¥Ÿ·≈‚¥¬µ√ß®“°§≥–°√√¡°“√µ√«® Õ∫ ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ ¡’Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ¿“¬„µâ·π«∑“ß∑’Ë °”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„π¡’°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π„π·µà≈–°‘®°√√¡·≈–√“¬ß“πº≈µ√ßµàÕ §≥–°√√¡°“√µ√«® Õ∫ ∑—Èßπ’È‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¥”√ß‰«â´÷Ëß§«“¡‡ªìπÕ‘ √–®“°ºŸâ∫√‘À“√

8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

2. Risk Assessment

The Company recognizes the importance of Risk assessment as the tool to indicate a dangerous signal

that could result in loss and therefore, the Company has annually assessed prominent risks by dividing them into

two categories as being on 1) Organization Level that are managed by Management and published in the Company’s

annual report. or 2) Activities Level for which both, Internal Audit department as independent entity and each

specific department (being in possession of sound knowledge and skills required for operations), are responsible.

Such assessment bring out the risks that affect the Company’s operations which are then required to be managed

through a set up of correct and appropriate control systems. The results of Risk Assessment are reported

periodically to Management for consideration.

4 2

3. Control Activities

The Risk Assessment process also involves an assessment of control activities. The objective of assessment is to ensure that the Company has a good control system and conforms to the related risks to decrease/

or distribute all risks of the Company with a view to ensuring efficiency and effectiveness of operations.

6 4

4. Information & Communication

The Company recognizes the importance of accurate, reliable and prompt information & communication.

It leads to accurate and timely data being made available for decision making. The Company has provided an effective

communication system, including internal and external channels. For the internal channel, all staff and Management

can easily communicate through the Intranet System for the efficiency and effectiveness of communication and

achieve the Company’s objectives. For the external channel, the Company provides the information though the

channel of SET, the Company’s web site and the Company’s top management is very prompt in answering any

queries which may be raised by Investors or any stakeholder.

5. Monitoring & Evaluation

The Company features a performance monitoring and evaluation system as follows :

4 2 4M

Level

Monitored and Evaluated by

The frequency of monitoring and evaluation (per year)

Staff

Head of Department

At least 1 time

Management

At least 1 time

Board of Directors

At least 4 times

Head of Department Management

3M 8

The results of monitoring and evaluation are considered while setting up the Company’s strategic plans.

Moreover, Internal Audit department evaluates the monitoring systems and activities under the close

supervision of the Audit Committee. Internal Audit department also reviews whether the key operations and the

financial activities are conducted efficiently and whether the same are in compliance with relevant laws. Further, to

2M 8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

„π‡√◊ËÕß°“√∫√‘À“√§«“¡‡ ’Ë¬ß ºŸâµ√«® Õ∫¿“¬„π‰¥â Õ∫∑“π·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß ·≈–æ∫«à“∫√‘…—∑œ ¡’°“√°”Àπ¥§«“¡ ‡ ’Ë¬ß·≈–π”À≈“¬‡§√◊ËÕß¡◊Õ ”À√—∫¡“µ√°“√§«“¡‡ ’Ë¬ß¡“„™â ·≈–π”‰ª Ÿà°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∑—Èßπ’Èªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠‰¥â °≈à“«‰«â„π√“¬ß“πª√–®”ªï ∑—Èßπ’È‡æ◊ËÕº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ

9M 8 6 4

14.√“¬ß“π¢Õß§≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø „π√“¬ß“πª√–®”ªï ‚¥¬¡’°“√π”‡ πÕ√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π§«∫§Ÿ°à ∫— ß∫°“√‡ß‘π∑’µË √«® Õ∫·≈â«„π√“¬ß“πª√–®”ªïπ’È·≈â«

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7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

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11 M 8 6 4 2 10 M 8 6 4 2

ensure that the Company has complied with laws and regulations relating to the business of the Company, the Internal

Audit Department conducts regular checks. Internal auditors report directly to the Audit Committee on all matters in

order to make the internal audit department completely independent of management.

In relation to Risk Management, Internal Auditors have reviewed and assessed the risks of the

Company and found that the Company has identified the risks and has applied the various tools of measurement of

the risks and thereafter has taken steps to manage these risks. Significant risk factors are laid down in the Annual

Report for the benefit of the shareholders and investors.

8 6

14. BOARD OF DIRECTORS’ REPORT

4 The Board of Directors is responsible for the Company and its subsidiaries’ financial statements and

financial information presented in this annual report. The Report of the Board of Directors’ Responsibilities for

Financial Statements is presented along with the audit report in this annual report.

8 6

15. RELATIONS WITH INVESTORS

4 2

The Board of Directors recognizes the importance of accurate, complete and transparent disclosure of financial information and general information, which may affect the Company share price. The Company provides

the information through the channel of SET, the Company’s website and through regular newsletters and commu-

nications from the Managing Director. While the Company undertakes investor relations at the top management

level, the Company has also designated the officers as the contact points in the Company to service investors,

4 2

shareholders, analysts and public as under :

Khun Sutada Mekrungruengkul Telephone 66 2237 8700-4 ext. 954

Khun Somprathana Thepnapaplern Telephone 66 2237 8700-4 ext. 951

Or email at psl@preciousshipping.com.

4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

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„π∞“π–∑’∫Ë √‘…∑— œ ‡ªìπ‡®â“¢Õß·≈–ºŸªâ √–°Õ∫°“√‡¥‘π‡√◊Õ¢π àß ‘π§â“√–À«à“ßª√–‡∑»‚¥¬‰¡à¡¢’ Õâ ®”°—¥∑“ß¿Ÿ¡»‘ “ µ√å„¥Ê Õ“®µâÕß‡º™‘≠°—∫§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°À“¬π–∑“ßπÈ” §«“¡·ª√ª√«π¢Õß ¿“æ ‘Ëß·«¥≈âÕ¡ §«“¡ Ÿ≠À“¬À√◊Õ‡ ’¬À“¬¢Õß ‘π§â“ ·≈–∑√—æ¬å ‘πµà“ßÊ ·≈–°“√ –¥ÿ¥À¬ÿ¥≈ß¢Õß∏ÿ√°‘®Õ—π‡°‘¥¡“®“°‡§√◊ËÕß¬πµå°≈‰°¢—¥¢âÕß §«“¡º‘¥æ≈“¥¢Õß‡®â“Àπâ“∑’Ë °“√ ‡§≈◊ËÕπ‰À«∑“ß°“√‡¡◊Õß„πª√–‡∑»µà“ßÊ °“√À¬ÿ¥ß“πª√–∑â«ß¢Õß§πß“π °“√°àÕ°“√√â“¬ ‚®√ ≈—¥ §«“¡·ª√ª√«π¢Õß ¿“æ ¥‘πøÑ“Õ“°“» ∂“π°“√≥å·≈–‡Àµÿ°“√≥åÕ◊Ëπ„¥∑’ËÕ“®®–‡°‘¥¢÷Èπ ´÷Ëß ‘Ëß‡À≈à“π’È®–π”‰ª Ÿàµâπ∑ÿπ°“√¥”‡π‘πß“π∑’Ë‡æ‘Ë¡¢÷ÈπÀ√◊Õ °“√ Ÿ≠‡ ’¬√“¬‰¥â Õ¬à“ß‰√°Áµ“¡‡®â“¢Õß‡√◊ÕÀ√◊ÕºŸâª√–°Õ∫°“√‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈®–¡’°“√ª√–°—π§«“¡‡ ’Ë¬ßµà“ßÊ ‚¥¬¡’°“√ ∑”ª√–°—π¿—¬‰«â°—∫∫√‘…—∑ª√–°—π¿—¬∑’Ë‡ªìπ “°≈·≈–®–§√Õ∫§≈ÿ¡§«“¡‡ ’Ë¬ß∑—ÈßÀ¡¥ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¥â∑”ª√–°—π¿—¬‡æ◊ËÕ §ÿâ¡§√Õß§«“¡‡ ’Ë¬ß¿—¬µà“ßÊ ∑’Ë°≈à“«¡“¢â“ßµâππ’È‡Õ“‰«â·≈â« °“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ¢÷ÈπÕ¬Ÿà°“√‡ª≈’Ë¬π·ª≈ß¢Õß°ÆÀ¡“¬ªÑÕß°—π ‘Ëß·«¥≈âÕ¡·≈–°Æ√–‡∫’¬∫æ“≥‘™¬åπ“«’ ¥â“πÕ◊ËπÊ °“√∑’ËµâÕß¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬‡À≈à“π’È¡’§«“¡‡ ’Ë¬ß„π¥â“π∑’ËÕ“®µâÕß‡ ’¬§à“„™â®à“¬¡“° √«¡∂÷ß§à“„™â®à“¬ „π°“√ª√—∫ª√ÿß‡√◊ÕÀ√◊Õ‡ª≈’Ë¬π√–‡∫’¬∫ªØ‘∫—µ‘„π°“√‡¥‘π‡√◊Õ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ √–¡—¥√–«—ß„πª√–‡¥Áπ‡À≈à“π’È‡ ¡Õ¡“·≈– ‰¥â√—°…“¡“µ√∞“π§«“¡ª≈Õ¥¿—¬·≈–¡“µ√∞“π∑“ß‡∑§π‘§„ÀâÕ¬Ÿà„π√–¥—∫ “°≈µ≈Õ¥¡“ °“√¥”‡π‘π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ·≈–°“√∫√‘À“√ß“π∫√‘…—∑œ „π∞“π–∫√‘…—∑¡À“™π·≈–®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬π—πÈ µâÕßÕ“»—¬∫ÿ§≈“°√∑’¡Ë §’ «“¡‡™’¬Ë «™“≠‰¡à«“à ®–‡ªìπ≈Ÿ°‡√◊Õ∑’µË Õâ ß§«∫§ÿ¡°“√‡¥‘π‡√◊Õ À√◊ÕºŸ®â ¥— °“√√–¥—∫µà“ßÊ „π ∫√‘…—∑œ ∑’ËµâÕß°“√∫ÿ§§≈∑’Ë¡’§«“¡√Ÿâ·≈–ª√– ∫°“√≥å„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °“√∑’ËµâÕßÀ“·≈–√—°…“‰«â´÷Ëß∫ÿ§≈“°√‡À≈à“π—Èπ‡ªìπ ‘Ëß ”§—≠„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‰¥â¡’π‚¬∫“¬∑’Ë¬ÿµ‘∏√√¡·≈–‡À¡“– ¡µàÕæπ—°ß“π ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¥â ª√– ∫§«“¡ ”‡√Á®„π°“√À“·≈–√—°…“‰«â´ß÷Ë ∫ÿ§≈“°√∑’¡Ë §’ «“¡‡™’¬Ë «™“≠ ·≈–§“¥«à“∫√‘…∑— œ ®–‰¡à¡ª’ ≠ í À“¥â“π∫ÿ§≈“°√„πÕπ“§µ „π∞“π–∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ∫√‘…—∑œ µâÕßªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫µà“ßÊ ¡“°¡“¬ °“√∑’Ë ∫√‘…—∑œ ‰¡àªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–/À√◊Õ°Æ√–‡∫’¬∫„¥Ê Õ“®∑”„Àâ∫√‘…—∑œ ∂Ÿ°‡√’¬°§à“‡ ’¬À“¬À√◊Õ∂Ÿ°≈ß‚∑…∑“ß°ÆÀ¡“¬„¥µàÕ ∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√ ¥—ßπ—Èπ∫√‘…—∑œ ‰¥â¥”‡π‘πß“πÕ¬à“ß√–¡—¥√–«—ß„πª√–‡¥Áππ’È ‚¥¬¡’¡“µ√“°“√„π°“√√—∫æπ—°ß“π∑’Ë¡’§ÿ≥ ¡∫—µ‘ ‡À¡“– ¡·≈–®—¥√–∫∫ß“π„Àâ¡’ª√– ‘∑∏‘¿“æ‡æ◊ËÕ„Àâ·πà„®«à“∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ∫√‘…∑— œ‰¡à‰¥â‡º™‘≠°—∫§«“¡‡ ’¬Ë ß®“°√“§“πÈ”¡—π‚≈°∑’‡Ë æ‘¡Ë Ÿß¢÷πÈ ‡π◊ÕË ß®“°°√≥’°“√‡¥‘π‡√◊Õ·∫∫‡∑’¬Ë «°“√‡¥‘π‡√◊Õ∑’∫Ë √‘…∑— œ µâÕß‡ªìπºŸâ®à“¬§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß·µà§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ≈Ÿ°§â“®–‡ªìπºŸâ√—∫º‘¥™Õ∫‡π◊ËÕß®“°Õ—µ√“§à“√–«“ß‡√◊Õ∑’Ë°”Àπ¥·≈– ‡√’¬°‡°Á∫®“°≈Ÿ°§â“π—Èπ‰¥â√«¡§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ‰«â¥â«¬

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SIGNIFICANT RISK FACTORS

4 2 10 M 8 6 4 2

The Company has classified the various risk factors the Company is exposed to into three categories viz. Operating Risk, Financial Risk and Market Risk. The significant risk factors under each of these categories are

explained as under :

8 6

OPERATING RISK

The Company, as an owner and operator of ocean-going vessels operating without any geographical

limitations is exposed to risks of marine disaster, environmental mishaps resulting in substantial claims, cargo/

property loss or damage and business interruptions due to accidents or other events caused by mechanical failure,

human error, political action in various countries, labor strikes, terrorist actions, piracy, adverse weather conditions

and other such circumstances and events. This could result in increased costs or loss of revenues. However, to cover

against most of these risks, which are standard for an International Ship owner/Operator, insurance covers are available in the international insurance industry. Accordingly, the Company is adequately covered against such

aforesaid circumstances and events.

The operations of the Company depend on extensive and changing environment protection laws and other

maritime regulations, compliance with which may entail the risk of significant expenses, including expenses for ship

modifications and changes in operating procedures. However, the Company is vigilant on these issues and maintains

internationally prescribed safety and technical standards.

The operations of the ships and the management of the Company as a public company listed on the Stock

Exchange of Thailand require skilled personnel to be employed as crew to operate its ships and managers at the

corporate level with appropriate knowledge and experience. Sourcing and retaining such personnel is crucial for the business operations of the Company. However, due to the adoption of fair and reasonable staffing policies, the

Company has hitherto been quite successful in sourcing and retaining such highly skilled personnel, and does not

expect any future cause for concern in this regard.

As a publicly listed Company, the Company is required to comply with various laws and regulations and

failure to comply with any one or more of such law and/or regulation could expose the Company to penalties or other

legal action against the Company and its senior management. The Company remains vigilant on this issue and

has taken adequate steps to employ qualified staff and also adopted adequate and effective systems to ensure full

compliance with all laws and regulations.

The Company is not exposed to any risk of increased costs due an increase in international oil prices, since,

wherever the Company is required to incur fuel costs (in case of a Voyage Charter), increases in oil price is passed on

to the Customers since the freight rates are quoted and charged after incorporating the increased fuel cost.

FINANCIAL RISK

Almost the entire Revenues and Expenses of the Company are denominated in US Dollars. Further,

almost all the Fixed Assets of the Company, viz., ships are US Dollar based assets, since they are readily salable in

US Dollars in the International market. Therefore, the Company is exposed to a Foreign Exchange risk in respect of its

liabilities in any currency other than US Dollars. The US Dollar equivalent figure of such Thai Baht debt may increase or

decrease with a fluctuation in the prevailing Thai Baht/US Dollar rate. In recognition of this risk, the Company has

attempted to maintain least possible exposure in other currencies and accordingly as on 31st December 2003 the

Company did not have any debt denominated in Thai Baht.

A substantial portion of the Companyâ&#x20AC;&#x2122;s secured loans carry interest at floating rates based on LIBOR (London Inter-Bank offered rate) and as such, the Company is exposed to fluctuations in its interest rates due to a change in the

LIBOR. The Company monitors market interest rates regularly and remains vigilant on this issue.

6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

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With the amendment of the terms and conditions of the Redeemable Convertible Debentures (RCD), the

convertibility option in the instrument has been removed, and all the RCD are now redeemed and therefore, the

shareholders of the Company are no longer exposed to any risk of potential dilution in their shareholdings due to any

outstanding equity instruments.

4 MARKET RISK

The shipping industry and market has been cyclical, experiencing volatility in profitability, vessel values and

freight rates, resulting from changes in the supply of and demand for shipping capacity, as explained in the section on

“Nature of Business and Industry” of this Report. The Company has traditionally marketed all (except the one Cement

Carrier) its ships in the spot market and has therefore been exposed to market fluctuations and the cyclical nature of

the business. However, the Company believes that by being in the “niche” small handy size sector of the industry,

wherein there is a fundamental advantage of demand over supply, some downside protection against the cyclical

nature of the business is provided.

The demand side of the Company’s business is generated by the quantity of cargo its vessels are required

to transport. The generation of this demand is mainly dependent on World Trade and Economic Growth. Severe

depression in Growth and Trade could reduce the demand for ships. The recent spurt in demand for shipping capacity

has largely been driven by the demand from China which is importing commodities in huge quantities for major

infrastructure projects. If there is a significant reduction in the Demand from China, it could have an impact on

overall demand for Shipping Capacity, which could lead to a significant fall in freight rates and could also be coupled with a fall in ship values. The Company has recently acquired a number of second hand ships at market values while

the market has been in the midst of this upturn, and therefore, the Company is exposed to the risk of reduced

earnings and/or fall in asset values if there is any significant downturn in the market. The Company has attempted

to cover this risk by entering into period charters or contracts for a longer period for a large number of its ships,

whereby the Company is able to “lock-in” future earnings at current high freight rates.

As indicated above, the Company has entered into a number of contracts for longer periods at current high

freight rates. In case of a fall in the market and consequent fall in freight rates, the Company’s customers (Charterers)

with whom the period charters have been signed could default in their obligations, pursuant to which, the Company will

not be able to achieve the higher contracted freight rates and would then be forced to contract these ships in the

spot market in a depressed market when market freight rates would be lower. However, the Company is conscious of

the Counter-party risk associated with its period charters and accordingly takes steps in analysing the counter-party

risk of its potential charterers, particularly those with whom the Company intends to sign period charters and such

contracts (Charters) are signed only with first class charterers with the highest possible credit ratings.

The Company’s ships ply in international waters all over the world and the employment of its vessels is quite

evenly distributed, without any concentration in any particular area. As such, the Company is not exposed to a risk of

geographical concentration of the Company’s market and its customers. Therefore, any major adverse change in the

market conditions in any particular area of the world due to war, political action, or any other reason shall not result

in a significant drop in revenues.

The Company’s revenues are generated from a number of customers and the Company is not dependent on any single customer for the majority of its business. As such, the Company is not exposed to any risk of concentration

of its business with any one customer and any loss of business from one such customer shall not have any significant

impact on the Company’s business and will not result in sudden loss of revenues.

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

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Fujisan Maru * Morakot Naree Chada Naree Mukda Naree Nalinee Naree Wana Naree Jamjuree Naree Anodad Naree Rojarek Naree Monthira Naree Mallika Naree Vanda Naree Ramita Naree Sumana Naree Pawitra Naree Natcha Naree Apisara Naree Sirorat Naree Bussara Naree Suchada Naree Parinda Naree Waralee Naree Boontrika Naree Tharinee Naree Chollada Naree Salinthip Naree Dusita Naree Emwika Naree Patchara Naree Ploypailin Naree

∫“Œ“¡“ Bahamas ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai

2519 2525 2524 2524 2524 2523 2525 2523 2523 2523 2527 2528 2526 2527 2528 2527 2539 2527 2540 2537 2538 2525 2533 2537 2540 2525 2540 2540 2527 2538 √«¡

1976 1982 1981 1981 1981 1980 1982 1980 1980 1980 1984 1985 1983 1984 1985 1984 1996 1984 1997 1994 1995 1982 1990 1994 1997 1982 1997 1997 1984 1995 Total

¢π“¥√–«“ß∫√√∑ÿ° DEAD WEIGHT TONNES (DWT) 16,922 17,692 18,668 24,001 24,912 26,977 25,073 25,502 23,991 29,489 23,386 23,849 23,360 23,423 21,654 23,593 18,596 29,125 18,573 23,732 23,720 25,413 27,881 23,724 18,485 21,259 18,486 18,462 25,403 26,472 691,823

À¡“¬‡Àµÿ : * °≈ÿà¡∫√‘…—∑æ√’‡™’¬ ™‘æªîôß ∂◊ÕÀÿâπ√âÕ¬≈– 64 8

Remarks : * 64 % shares held by PSL Group

6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 As on 31st December, 2003

11 M 8 6

‚§√ß √â“ß√“¬‰¥â

4 2

REVENUE STRUCTURE

10 M 8 6 4 2

‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„π√Õ∫ 2 ªï∑’Ëºà“π¡“

Revenue structure from the operation of the Company and Subsidiaries for the last 2 years

ªï 2546 / YEAR 2003 Àπà«¬ : ≈â“π∫“∑ / UNIT : BAHT MILLION

3,796.88 (95.15%)

(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ

Vessel operating income

6.26 (0.16%)

(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√

Service income

1.26 (0.03%)

(3) ¥Õ°‡∫’È¬√—∫

Interest income

0.18 (0.00%)

(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√

Gain on disposals of fixed assets

6 4

184.19 (4.62%)

(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π

Exchange gains

1.76 (0.04%)

(6) √“¬‰¥âÕ◊Ëπ

Other income

4 2

ªï 2545 / YEAR 2002 Àπà«¬ : ≈â“π∫“∑ / UNIT : BAHT MILLION

3,290.90 (96.72%)

(1) √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ Vessel operating income

7.58 (0.22%)

(2) √“¬‰¥â®“°°“√„Àâ∫√‘°“√

Service income

3.26 (0.10%)

(3) ¥Õ°‡∫’È¬√—∫ 4

Interest income

23.66 (0.70%)

(4) °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√

4 2

Gain on disposals of fixed assets

73.12 (2.15%)

(5) °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π

Exchange gains

3.87 (0.11%)

(6) √“¬‰¥âÕ◊Ëπ Other income

8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√

4 2 10 M 8 6 4 2

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6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M

2. ∑‘»∑“ßÕÿª ß§å Õÿª∑“π¢Õß‚≈° ”À√—∫‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°

8 6 4 2 4M 8 6 4 2 3M 8 6 4

®“°°√“ø¢â“ßµâπ· ¥ß∂÷ß°“√ª≈¥√–«“ß‡√◊Õ„πªï 2546 ¬—ß§ß¥”‡π‘πÕ¬à“ßµàÕ‡π◊ËÕß®π¡’Õ—µ√“°“√ª≈¥√–«“ß„°≈â‡§’¬ß °—∫ªï 2545 ·µàÕ—µ√“°“√ª≈¥√–«“ß™–≈Õµ—«≈ß‡¡◊ËÕ„°≈â ‘Èπªï ‚¥¬‡√◊Õ„π°≈ÿà¡¢π“¥‡¥’¬«°—∫æ’‡Õ ·Õ≈∂Ÿ°ª≈¥√–«“ß∑—ÈßÀ¡¥ 109 ≈” àßº≈„Àâ¡’Õ—µ√“°“√≈¥≈ß ÿ∑∏‘ª√–¡“≥√âÕ¬≈– 3.5 „π°≈ÿà¡°Õß‡√◊Õπ’È∑—ÈßÀ¡¥ °“√≈¥≈ß Ÿß ÿ¥‡°‘¥¢÷Èπ„πªï 2543 §◊Õ¡’Õ—µ√“

2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

MANAGEMENT DISCUSSION AND ANALYSIS

4 2 10 M 8 6 4 2

1. MARKET CONDITIONS

9M Precious Shipping PCL (hereinafter referred to as PSL or the Company) continues to own and operate its

8 6

ships on a tramp-shipping basis in the small handy size sector of the Dry Bulk International Shipping market. Historically, the shipping industry has been a cyclical industry characterized by volatility with approximately

2-3 years of declining charter rates needed to stabilize supply and demand before utilization rates and consequently

freight rates begin to increase. The demand in the small handy size market is fragmented because of the broad

8M 8

cargo base and multitude of ports serviced by this market segment. However, because this segment caters to a wide

variety of cargoes and calls on smaller ports, the demand is less volatile compared to the larger ships. On the supply

side also the industry is highly fragmented. The world fleet of about 3,000 ships in this segment has the largest

operator having slightly over 60 ships or 2% market share. Since the third quarter of 2003 and particularly from

7M the last quarter, the dry bulk sector of the industry has witnessed a remarkable upturn due to a number of factors

but primarily due to a combination of increased demand from China for bulk commodities and limited supply of dry

bulk capacity leading to very high freight rates. The dry bulk sector of the industry is currently in the midst of an

unprecedented bull run of the freight market, which has resulted in record freight levels being achieved currently by

most shipping companies of the world. In view of the fact that supply is not expected to increase substantially in the

next two years through end of year 2006, coupled with continued high demand for dry bulk cargo movement in the

world, particularly into China, it is expected that the present high freight levels should continue for the next 2 or even

3 years. Consequently, the Company with its increased fleet is well poised to take advantage of the better market

conditions and achieve very good results.

2 5M

2. WORLD DEMAND-SUPPLY OUTLOOK (SMALL HANDY SIZE SECTOR ONLY)

8 6 4 2 4M 8 6 4 2 3M 8 6 4

It will be observed from the above chart that ship scrapping for 2003 continued at nearly the same pace

as in 2002 but slowed down near the end of the year with a total of 109 ships being removed from PSL’s sector,

resulting in a net reduction of about 3.5% in the world fleet. The highest previous reduction was in 2000 when there

was a net reduction of 4.5% in the world fleet in PSL’s sector. The reason for a slowing down in the scrapping rate

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

°“√≈¥≈ß ÿ∑∏‘¢Õß°Õß‡√◊Õ„π°≈ÿà¡‡√◊Õ‡¥’¬«°—∫æ’‡Õ ·Õ≈√âÕ¬≈– 4.5 „π°≈ÿà¡°Õß‡√◊Õ°≈ÿà¡π’È∑—ÈßÀ¡¥ º≈¢Õß°“√∑’ËÕ—µ√“°“√ ª≈¥√–«“ß‡√◊Õ∑’Ë‡æ‘Ë¡¢÷Èπ ∑”„ÀâÕ—µ√“§à“√–«“ß‡√◊Õ‰¥âª√—∫µ—«¢÷Èπ Ÿß ÿ¥∑”≈“¬ ∂‘µ‘ ≥ ª≈“¬ªï 2546

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4

®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ”À√—∫ªï 2547 Õÿª∑“π¢Õß‡√◊Õ„À¡à¡’‰¡à¡“°‡À¡◊Õπ„πÕ¥’µ∑’Ëºà“π¡“ °≈à“«§◊Õ„πÕ’° 3 ªï¢â“ßÀπâ“ ‡√◊Õ„π°≈ÿà¡‡¥’¬«°—∫æ’‡Õ ·Õ≈¡’§” —Ëß‡√◊ÕµàÕ„À¡à‡æ’¬ß√âÕ¬≈– 3.2 ‡¡◊ËÕ‡∑’¬∫°—∫°Õß‡√◊Õ„πªí®®ÿ∫—π ´÷Ëß¡’∂÷ß√âÕ¬≈– 25.70 ∑’Ë¡’Õ“¬ÿ¡“°°«à“ 27 ªï ¥—ßπ—Èπ¥Ÿ‡À¡◊Õπ«à“Õÿª∑“π¢Õß‡√◊Õ®–¡’¿“æ∑’Ëπà“æÕ„®Õ¬à“ß¬‘Ëß

2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

has been the change in the freight market from a state of weakness in the beginning of the year to relative strength

at the beginning of the year to astronomical levels and uncharted territory as the year 2003 ended.

8 6 4 2 8M 8 6 4 2 7M 8 6

It is evident from the above chart that, for the year 2004, the supply of new ships is marginally strong as

in the immediate past. In PSLâ&#x20AC;&#x2122;s sector, in the next three years just 3.2% of new ships have been contracted to be

built as against the existing fleet, which has 25.70% of the fleet over 27 years of age. Therefore, the supply side

appears to be most favorable.

8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ¡“°°«à“√âÕ¬≈– 59 ¢Õß‡√◊Õ„π°≈ÿà¡‡¥’¬«°—∫æ’‡Õ ·Õ≈®–¡’Õ“¬ÿ‡°‘π 20 ªï ®÷ß¡’°“√ §“¥°“√≥å«à“Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ„π 2-3 ªï¢â“ßÀπâ“‡ªìπ‡™àπ‡¥’¬«°—∫„πÕ¥’µ∑’Ëºà“π¡“ ¥—ßπ—ÈπÕ—µ√“°“√≈¥≈ß ÿ∑∏‘¢Õß°Õß‡√◊Õ ®–‡ªìπª√–‚¬™πåµàÕÕ—µ√“§à“√–«“ß‡√◊Õ

9M 8 6 4

3. √“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ

2 8M 8 6 4 2 7M 8 6 4 2 6M 8

µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ (Opex) §◊Õ§à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’¬Ë (‰¡à√«¡§à“‡ ◊ÕË ¡√“§“) µàÕ«—πµàÕ≈”‡√◊Õ §”π«≥‚¥¬ ∂◊Õ«à“¡’ 365 «—π∑”°“√„π√Õ∫ªï (°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 3.7) ´÷Ëß√«¡∂÷ß§à“„™â®à“¬ ´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) µ—¥∫—≠™’·≈–§à“„™â ”À√—∫°“√µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß∫—≠™’ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ §”π«≥®“°§à“‡™à“§à“√–«“ß‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ ‚¥¬∂◊Õ«à“¡’ 350 «—π„π√Õ∫ªï ®–‡ÀÁπ«à“√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ¢÷πÈ ‰ª¡“°°«à“ 7,870 ‡À√’¬≠ À√—∞ ¢≥–∑’§Ë “à „™â®“à ¬„π°“√‡¥‘π‡√◊Õ‚¥¬ ‡©≈’Ë¬„πªï 2546 Õ¬Ÿà∑’Ë 2,670 ‡À√’¬≠ À√—∞µàÕ«—πµàÕ≈”‡√◊Õ ªí®®ÿ∫—π∫√‘…—∑œ ¡’°”≈—ß°Õß‡√◊Õ ≥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ∑’Ë 30 ≈” ¡’√–«“ß∫√√∑ÿ°√«¡ 691,823 ‡¥¥‡«∑µ—π „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â´◊ÈÕ‡√◊Õ‡¢â“¡“‡æ‘Ë¡„π°Õß‡√◊Õ 2 ≈” ´÷Ëß ‡ªìπ°“√‡æ‘Ë¡°”≈—ß°Õß‡√◊Õ¢Õß∫√‘…—∑œ ·≈–‡ªìπ°“√∑”„ÀâÕ“¬ÿ‡©≈’Ë¬¢Õß°Õß‡√◊Õ„ÀâÕ¬Ÿà∑’Ëª√–¡“≥ 16 ªï µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’Ë¬ ¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 °“√‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ„π™à«ß§√÷ËßªïÀ≈—ß¢Õßªï 2546 ∑”„Àâ ∫√‘…—∑œ ‰¥â§à“√–«“ß‡√◊ÕµàÕ«—πµàÕ≈”‡©≈’Ë¬∑’Ë 7,870 ‡À√’¬≠ À√—∞ ´÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 34 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ∫√‘…—∑œ §“¥°“√≥å«à“Õ—µ√“§à“√–«“ß∑’Ë Ÿß¬—ß∑√ßµ—«µàÕ‰ªµ≈Õ¥ªï 2547 ·≈–®–‡æ‘Ë¡¢÷Èπ‰ªÕ’° 1-2 ªï¢â“ßÀπâ“ ¢âÕ ¡¡ÿµ‘∞“π¢Õß∫√‘…—∑œ ∑’Ë °“√§“¥°“√≥å«à“§à“√–«“ß‡√◊Õ®–ª√—∫µ—« Ÿß¢÷Èπ·≈–¬—ß§ßÕ¬Ÿà„π√–¥—∫ Ÿß¡’¥—ßπ’È ■ ‡»√…∞°‘®¢Õßª√–‡∑»®’π°”≈—ßÕ¬Ÿà„π ¿“«–¡—Ëπ§ß·≈–µ—«‡≈¢°“√π”‡¢â“·≈– àßÕÕ°∑’Ë¡’Õ¬Ÿà„π¢≥–π’Èπà“®–¬—ß§ß√—°…“ √–¥—∫‡¥’¬«°—ππ’ÈµàÕ‰ª ■ ‡»√…∞°‘®¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“°”≈—ß‡µ‘∫‚µ·≈–µ—«‡≈¢‡»√…∞°‘®®–‰¡àµ°‡°‘π°«à“∑’Ë‡§¬‡ªìπÀ√◊Õ®–‰¡à‡¢â“ Ÿà¿“«– ‡»√…∞°‘®µ°µË” ■ √“§“πÈ”¡—π®–‰¡à¢÷Èπ Ÿß‰ª°«à“ 30 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“µàÕ∫“√å‡√≈ À√◊ÕÀ“°√“§“πÈ”¡—πª√—∫µ—«¢÷Èπ Ÿß∂÷ß√–¥—∫ ¥—ß°≈à“«°Á®–‡ªìπ‡æ’¬ß√–¬–‡«≈“ —ÈπÊ ‡∑à“π—Èπ ■ ®–‰¡à¡’‡Àµÿ°“√≥å°àÕ°“√√â“¬√ÿπ·√ß∑’Ë®– àßº≈°√–∑∫µàÕ°“√§â“¢Õß‚≈°Õ’°

6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

As observed from the above charts, with over 59% of the world fleet in PSL’s sector being greater than 20

years of age, it is expected that the scrapping rate in the next few years will reflect that of the immediate past. This

consistent net reduction in fleet size is expected to be beneficial to freight rates.

6 4

3. SHIP EARNINGS AND OPERATING EXPENSES

2 8M 8 6 4 2 7M 8 6 4 2 6M 8

Opex - Average operating expenses (excluding depreciation) per day per ship computed over a 365 days

operating cycle and includes amounts amortised per accounting policy (note 3.7 of audited financial statements) for

Dry-docking and Special Survey expenses and shown as “depreciation and amortisation” in the financial statements.

Income - Average time-charter equivalent earnings per day per ship computed over a 350 days cycle

The average earnings per day per ship during 2003 reached US$ 7,870 while average daily operating

expenses per ship for 2003 were US$ 2,670 per day per ship. The fleet size as at 31st December 2003 stands at

30 ships with an aggregate capacity of 691,823 dwt. During the year 2003, the company has bought 2 vessels

which have enabled the company to increase the aggregate capacity and maintain the average age of the

Company’s fleet at around 16 years. The average daily Vessel operating cost has marginally increased as compared

to the year 2002. The significant improvement in the freight rates in the second half of 2003 has enabled the

Company to achieve average daily earnings per ship of US$ 7,870 which is a 34% increase as compared to Year

2002. The Company expects that this is likely to continue during the rest of 2004 and next 1-2 years. The main

underlying assumptions that would support the continued improvement and firming up of these freight rates in our

view are :

3M 8

■ The Chinese economy will remain stable and existing imports/exports continue to remain at about

same level.

■ The US economy will grow and will not go into a double dip or any other form of recession.

■ Oil prices will not spike above USD 30 per barrel, and if so, will not remain at such levels for any

appreciable length of time.

■ There will be no significant terrorist incident thereby hampering global trade.

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

4. º≈°“√¥”‡π‘πß“π∑“ß°“√‡ß‘π

9M 8

ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑‰¥â Õ∫∑“π‚¥¬∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ·≈–∂Ÿ°ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“·≈–¡’°“√ Õ∫∑“π‚¥¬π—°∫—≠™’Õ‘ √–-∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ®“°‡Àµÿº≈∑’Ë‰¥â Õ∏‘∫“¬„πÀπâ“√“¬ß“π°àÕπß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“(®—¥‡√’¬ß„À¡à‡æ◊ÕË · ¥ß„π√“¬ß“πª√–®”ªïπ)’È ∫√‘…∑— œ ‡ÀÁπ«à“ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“®–· ¥ß∂÷ßº≈°“√¥”‡π‘πß“π∑’Ë·∑â®√‘ß¢Õß∫√‘…—∑œ „π√–À«à“ßªï√«¡∂÷ß ‘π∑√—æ¬å Àπ’È ‘π à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈ µ“¡µ“√“ß∑’Ë®–· ¥ßµàÕ‰ªπ’È‰¥â √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ”À√—∫ 2 ªï∑’Ëºà“π¡“ ´÷Ëßµ—«‡≈¢∑’Ë· ¥ßπ—Èπ‰¥âπ”¡“ ®“°ß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß Õ∫∑“π·≈–√“¬ß“π‚¥¬ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ( ”À√—∫ªï 2545 Õ∫∑“π‚¥¬∫√‘…—∑ ‡øÕ√å‡√’¬√å ŒÕ¥®å —π ®”°—¥)

6 4 2 8M 8 6 4 2 7M 8

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë

ß∫°”‰√¢“¥∑ÿπ √“¬‰¥â√«¡ °”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA)* §à“‡ ◊ËÕ¡√“§“* °”‰√°àÕπÀ—°¥Õ°‡∫’È¬·≈–¿“…’ ¥Õ°‡∫’È¬®à“¬ °”‰√®“°°“√¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ß∫¥ÿ≈ ‡ß‘π≈ß∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈ ‡ß‘π ¥·≈–‡∑’¬∫‡∑à“‡ß‘π ¥ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å√«¡ ‡ß‘π°Ÿâ¡’À≈—°ª√–°—π Àÿâπ°Ÿâ‡ß‘π∫“∑·≈–Àÿâπ°Ÿâ¬Ÿ‚√ Àπ’ È π‘ À¡ÿπ‡«’¬π √«¡Àπ’È ‘π ∑ÿπ‡√◊ÕπÀÿâπ à«π¢ÕßºŸâ∂◊ÕÀÿâπÀ√◊Õ ‘π∑√—æ¬å ÿ∑∏‘ ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (¥Õ≈≈à“√å À√—∞)** Õ—µ√“ à«π (‡∑à“) ‡ß‘π°Ÿâ/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘π√«¡/ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‡ß‘π°Ÿ/â EBITDA Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–Àπ’È EBITDA/¥Õ°‡∫’È¬

4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2

31 ∏.§. 2545 ≈â“π¥Õ≈≈“√å À√—∞

31 ∏.§. 2546 ≈â“π¥Õ≈≈“√å À√—∞

76.82 28.28 18.30 9.98 4.68 5.30 (0.47)

91.39 46.63 17.23 29.40 6.07 23.33 24.78

0.82 290.04 7.65 14.60 179.41 72.46 20.48 9.30 102.24 20.39 77.18 0.15

2.04 305.01 22.69 27.15 193.93 86.12 0.00 12.27 98.39 20.39 95.53 0.18

1.20 1.32 3.29 1.37 6.04

0.90 1.03 1.85 4.46 7.68

* EBITDA §‘¥À≈—ß®“°°“√À—°§à“„™â®à“¬µ—¥∫—≠™’¢Õß§à“„™â®à“¬´àÕ¡·´¡„πÕŸà·Àâß (dry-docking) ·≈–§à“„™â®à“¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey) ‡™àπ‡¥’¬«°—∫ªï°àÕπÊ ´÷Ëß§à“„™â®à“¬‡À≈à“π’È∂Ÿ°√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√‡¥‘π‡√◊ÕÕ¬Ÿà·≈â« ** ®”π«πÀÿâπ¢Õß∑—Èß Õßªï§‘¥À≈—ß®“°·µ°æ“√å‡ªìπ 1 ∫“∑µàÕÀÿâπ

8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

4. FINANCIAL PERFORMANCE

9M The Thai Baht Financial Statements are audited by Ernst & Young and restated in US Dollars, which, is

then certified by Baker Tilly FAS (Thailand) Company Limited, Independent Accountants. Due to the reasons explained

in the cover note to the restated US Dollar Financial Statements (reproduced separately in this Annual Report), the

Company is of the opinion that these restated US Dollar statements provide a more realistic, true and fair view of

the financial performance of the Company during the year and also of its Assets and Liabilities on the Balance

Sheet date.

The following table summarises the performance of the company for the last 2 years. All figures

quoted are from the restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Company Limited

(For Year 2002, certified by Ferrier Hodgson.)

2 7M

For the year ended/as at

31st Dec-02

31st Dec-03

Million US$

8 6

Income Statement

Total Revenues

76.82

91.39

EBITDA*

28.28

46.63

Depreciation*

18.30

17.23

EBIT

9.98

29.40

Interest and finance costs

4.68

6.07

Operating profit (loss)

5.30

23.33

(0.47)

24.78

Net Profit (Loss)

6 4 2

Balance Sheet Investments

0.82

2.04

290.04

305.01

7.65

22.69

14.60

27.15

179.41

193.93

Secured Debt

72.46

86.12

Thai Baht and Euro Bonds (RCD)

20.48

0.00

9.30

12.27

102.24

98.39

Equity Share Capital

20.39

Total Shareholders Equity or Tangible Net Worth

77.18

95.53

0.15

0.18

Vessels at Cost Cash & Cash Equivalents Current Assets Total Assets

Current Liabilities Total Liabilities

Net Book Value per share (US$)**

4 2 4M

4 2 3M

Ratios (times) Funded Debt/Equity

1.20

0.90

Total Liabilities/Equity

1.32

1.03

Funded Debt/EBITDA

3.29

1.85

Debt Service Cover

1.37

4.46

EBITDA/Interest

6.04

7.68

2 2M

EBITDA and Depreciation are considered after depreciation of dry docking and special survey expenses consistently with previous years wherein these expenses were included in vessel running expenses. ** Number of shares in both years considered after split of par value to Baht 1 per share.

8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

4.1 √“¬‰¥â·≈–º≈°”‰√ √“¬‰¥â√«¡‡æ‘Ë¡¢÷Èπ®“° 76.82 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 91.39 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡π◊ËÕß®“° ª√—∫µ—«‡æ‘¡Ë ¢÷πÈ Õ¬à“ß¡“°¢Õß√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2546 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π Õ—π‡ªìπº≈¡“®“°°“√‡ª≈’¬Ë π·ª≈ß Õ¬à“ß°â“«°√–‚¥¥¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ ¥—ßπ—Èπ àßº≈„Àâ°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πÀ√◊Õ°”‰√°àÕπÀ—°¥Õ°‡∫’È¬ ¿“…’ ‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ®“° 28.28 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 46.63 ≈â“π ‡À√’¬≠ À√—∞„πªï 2546 ”À√—∫Õ—µ√“§à“√–«“ß‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘¡Ë ¢÷πÈ ®“° 5,854 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2545 ‡ªìπ 7,870 ‡À√’¬≠ À√—∞ ”À√—∫ªï 2546 „π¢≥–‡¥’¬«°—π∫√‘…—∑œ “¡“√∂§«∫§ÿ¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬µàÕ«—π µàÕ≈”‡√◊Õ‡æ‘Ë¡¢÷Èπ‡æ’¬ß‡≈Á°πâÕ¬®“° 2,604 ‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 2,670 ‡À√’¬≠ À√—∞ „πªï 2546 ∑—ÈßÀ¡¥π’È®÷ß‡ªìπµ—« ™’È«—¥«à“°”‰√¢—Èπµâπ„πªï 2545 ‰¥âª√—∫µ—«¥’¢÷Èπ„πªï 2546 „π√–À«à“ßªï§à“‡ ◊ËÕ¡√“§“≈¥≈ßµ“¡ —¥ à«π¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’Ë¡’Õ¬Ÿà ”À√—∫¥Õ°‡∫’È¬®à“¬‰¥â‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°®“° 4.68 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 6.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπº≈®“°°“√®à“¬§à“∏√√¡‡π’¬¡«ß‡ß‘π°Ÿâ„À¡à 100 ≈â“π ‡À√’¬≠ À√—∞ ·≈–¥Õ°‡∫’È¬®“°Àÿâπ°Ÿâ∑’ËµâÕß®à“¬®π°√–∑—ËßÀÿâπ°Ÿâ∂Ÿ°‰∂à∂Õπ ‡π◊ËÕß®“°‡ß‘π∫“∑¡’§à“·¢Áß¢÷ÈπµàÕ‡ß‘π‡À√’¬≠ À√—∞ Õ—µ√“ ·≈°‡ª≈’Ë¬π„π√–À«à“ßªï 2546 ¡’§à“µË”≈ß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡ªìπº≈„Àâ°“√·ª≈Àπ’È ‘π®“°‡ß‘π∫“∑‡ªìπ‡ß‘π‡À√’¬≠ À√—∞ ∑”„Àâ‡°‘¥°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 163 ≈â“π‡À√’¬≠ À√—∞ ´÷Ëß®”π«ππ’È∂Ÿ°√—∫√Ÿâ·≈â«„π√–À«à“ßªï 2546 ‡π◊ËÕß®“°º≈¢Õß °”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π™à«ßªï 2546 °”‰√®“°°“√¥”‡π‘πß“π∑’Ë‡æ‘Ë¡¢÷Èπ®“° 5.30 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 23.33 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 °”‰√ ÿ∑∏‘‡æ‘Ë¡®“° 0.47 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 24.78 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 ‡ªìπº≈®“°°“√‡æ‘Ë¡ Ÿß¢÷Èπ¢Õß°”‰√®“°°“√¥”‡π‘πß“π„πªï 2546 ∑’Ë¡“°°«à“ªï 2545 4.2 ‘π∑√—æ¬å Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ ■ ‡ß‘π≈ß∑ÿπ µ“√“ß¢â“ß≈à“ßπ’‡È ªìπ°“√ √ÿª ∂“π¿“æ°“√≈ß∑ÿπ∑—ßÈ À¡¥„π‚§√ß°“√√à«¡∑ÿπ„πß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 (µ—«‡≈¢‡ªìπ¥Õ≈≈“√å À√—∞)

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4

Jt Venture Project

Investment Cost

*Equity Adjt Sub Total

**Advance

Total

Investment **Advance

Singapore

Dhamra

570,000

136,200

706,200

Investment **Advance

Total

52,500

758,700

706,200

52,500

758,700

2,562,091

(80)

563,549

2,562,011

46,909

2,608,920

2,562,011

46,909

2,608,920

563,549

40,951

604,500

563,549

40,951

2,037,650

3,931,168 2,037,650

40,951

2,078,601

Kakinada

Haldia

2,037,650

Sub Total

5,733,290

136,120

5,869,410

140,360

6,009,770

3,831,760

99,409

3M 8

SLPG

872,727

GPBH****

786,193

TOTAL

6 4

7,392,210

(323,596)

549,131

565,934

1,115,065

549,131

565,934

1,115,065

786,193

(187,476) 7,204,733

706,294

7,911,027

4,380,890

665,343

5,046,233 2,823,843

40,951

2,864,794

* Equity adjustment À¡“¬∂÷ß°“√ª√—∫ª√ÿß (+ / -) µ“¡«‘∏’ à«π‰¥â‡ ’¬ ** Advance À¡“¬∂÷ß ‡ß‘π≈ß∑ÿπ∑’Ë®à“¬‰ª‡æ◊ËÕ‡ªìπ çÀÿâπ∑ÿπé ∑’ËÕ“®®–Õ¬Ÿà„π√–À«à“ß°“√ÕÕ°„∫ÀÿâπÀ√◊Õ‰¥â√—∫À≈—ß®“°«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈–· ¥ß‰«â¿“¬„µâ ç ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπÊé *** §à“‡º◊ËÕ ”À√—∫‡ß‘π≈ß∑ÿπ· ¥ß√“¬°“√„π√Ÿª¢Õß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ (Provision for possible loss on other investments) à«π§à“‡º◊ËÕ „π‡√◊ËÕßÕ◊ËπÊ · ¥ß√“¬°“√„π√Ÿª¢ÕßÀπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (Bad debts and allowance for doubtful accounts) **** ‡ß‘π≈ß∑ÿπ„π Geepee Bulk Handlers Private Limited ª√–‡∑»Õ‘π‡¥’¬ (GPBH) ‰¡à√«¡Õ¬Ÿà„π à«π¢Õß‡ß‘π≈ß∑ÿπ„πß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ‡π◊ËÕß®“°‰¥â∂Ÿ°µ—¥ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡

2 2M 8 6 4

Total

ISPL

Balance as on 31st December 2003

***Provisions made for

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

4.1 Revenues and Profitability

Total revenues have increased from US$ 76.82 Million in Year 2002 to US$ 91.39 Million in Year

2003. This is mainly due to significant improvement in average earnings per day per vessel in 2003 as compared

to the previous year due to a sharp upturn in the freight markets. Consequently, operating cashflows or Earnings

before Interest, Tax, Depreciation and Amortisation (EBITDA) have increased from US$ 28.28 Million in Year 2002

to US$ 46.63 Million in Year 2003. The earnings per day per ship have increased from US$ 5,854 in Year 2002

to US$ 7,870 in Year 2003 while daily operating expenses have been successfully controlled and have increased

marginally from US$ 2,604 in Year 2002 to US$ 2,670 in Year 2003. This indicates that gross margins have

improved significantly from Year 2002 to Year 2003.

Depreciation has reduced proportionately to the average number of Vessels operated during the Year

whereas interest and finance costs have increased substantially from US$ 4.68 Million in Year 2002 to US$ 6.07

Million in Year 2003 as a result of the fees paid for the new US$ 100 million debt facility and interest on Bonds

paid until the Bonds were redeemed. Due to the appreciation of the Thai Baht against the US Dollar, the exchange

rate during year 2003 was lower as compared to the previous year. As a result of the translation of the Thai Baht

Liabilities into U.S. Dollars, there was an exchange loss of US$ 1.63 million which was fully realized during the year

2003. Due to higher gross margin during 2003, operating profits have increased from US$ 5.30 Million in Year

2002 to US$ 23.33 Million in Year 2003.

The company’s Net Profit (loss) increased from US$ (0.47) Million in Year 2002 to US$ 24.78 Million in

Year 2003. This is mainly due to higher operating profits earned during year 2003 as compared to the year 2002.

4.2 Assets, Liabilities and Shareholders Equity

■ Investments

The following table summarises the position of all Investments in Joint Ventures in the Financial

Statements as of 31st December 2003 (figures in US Dollars) :

6 Jt Venture Project

Investment Cost

*Equity Adjt Sub Total

**Advance

Total

Balance as on 31st December 2003

***Provisions made for Investment **Advance

Total

Investment **Advance

Total

ISPL Singapore Dhamra Kakinada

4M 570,000

136,200

706,200

52,500

758,700

706,200

52,500

758,700

2,562,091

(80)

2,562,011

46,909

2,608,920

2,562,011

46,909

2,608,920

563,549

40,951

604,500

563,549

40,951

2,037,650

3,931,168 2,037,650

40,951

2,078,601

Haldia

2,037,650

Sub Total

5,733,290

136,120

5,869,410

140,360

6,009,770

3,831,760

99,409

549,131

565,934

1,115,065

549,131

565,934

1,115,065

786,193

(187,476) 7,204,733

706,294

7,911,027

4,380,890

665,343

5,046,233 2,823,843

40,951

2,864,794

SLPG

872,727

GPBH****

786,193

TOTAL

7,392,210

(323,596) 0

3M 8 6 4

* Equity adjustment means adjustments (+/-) made to value at equity method. ** Advance mean contribution made towards “Equity” for which share certificates are awaited or received after 31st December 2003 and are presented under “other current assets” *** Provisions made for “Equity” have been presented as “Provision for possible loss on other investments” and Provisions made for “Others” have been presented as “Bad debts and allowance for doubtful accounts” and both were made in the Year 2002. **** Investment in Geepee Bulk Handlers Private Limited, India (GPBH) is not reflected in the audited consolidated financial statements as “Investments” but is eliminated in the process of consolidation

2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

„π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â≈ß∑ÿπ 1.22 ≈â“π‡À√’¬≠ À√—∞ „π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√åµ (Œ—≈‡¥’¬) ´÷Ëß‡ªìπ ‚§√ß°“√√à«¡∑ÿπ∑’Ë¡’§«“¡√ÿ¥Àπâ“‰ª‡ªìπÕ¬à“ß¥’ °“√°àÕ √â“ß∑à“‡√◊Õπ’È‡ √Á® ¡∫Ÿ√≥å‡¡◊ËÕ«—π∑’Ë 7 ∏—π«“§¡ 2546 ·≈–°Á‰¥â‡√‘Ë¡‡ªî¥ °“√¥”‡π‘π°“√∑“ß∏ÿ√°‘®·≈â«‡¡◊ËÕ«—π∑’Ë 15 ¡°√“§¡ 2547 ‚¥¬¡’æ‘∏’‡ªî¥Õ¬à“ß‡ªìπ∑“ß°“√‡¡◊ËÕ«—π∑’Ë 23 °ÿ¡¿“æ—π∏å 2547 ‚¥¬ √—∞¡πµ√’«à“°“√°√–∑√«ß°“√¢π àß∑“ß‡√◊Õ¢Õßª√–‡∑»Õ‘π‡¥’¬ „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¡à‰¥âµ—Èß§à“‡º◊ËÕº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ ‡π◊ËÕß®“°‚§√ß°“√≈ß∑ÿπ∑—ÈßÀ¡¥∑’Ë¡’Õ¬Ÿà¬—ß¡’¡Ÿ≈§à“∑’Ë¥’Õ¬Ÿà ■ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2545 ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ ¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥Õ—π‡ªìπº≈¡“®“°∏ÿ√°‘®∑’Ë¥’¢÷Èπ·≈–°“√‰¥â√—∫™”√–§◊π¢ÕßÀπ’È Ÿ≠ ≈Ÿ°Àπ’È ÿ∑∏‘≈¥≈ß 1.52 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ≈Ÿ°Àπ’Èª√–°Õ∫¥â«¬‡ß‘π∑’ËµâÕß‰¥â√—∫®“°µ—«·∑π ºŸâ‡™à“‡√◊Õ∑—ÈßÀ≈“¬·≈–√“¬‰¥â§â“ß√—∫ ®“°°“√‡¥‘π‡√◊Õ·∫∫‡ªìπ√“¬‡∑’Ë¬«∑’Ë®∫ ‘Èπ·≈â« ‚¥¬∏√√¡‡π’¬¡ªØ‘∫—µ‘∑—Ë«‰ª„π∏ÿ√°‘®°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∫√‘…—∑œ ®–‡√’¬°‡°Á∫ §à“¢π àß®“°≈Ÿ°§â“≈à«ßÀπâ“‡ªìπ®”π«π√âÕ¬≈– 95 ¢Õß§à“√–«“ß„π°√≥’∑’Ë‡ªìπ°“√„Àâ∫√‘°“√‡™à“‡ªìπ√“¬‡∑’Ë¬« (Voyage Charter) ·≈–®–‡√’¬°‡°Á∫§à“‡™à“®“°≈Ÿ°§â“≈à«ßÀπâ“∑ÿ° 15 «—π „π°√≥’∑’Ë‡ªìπ°“√„Àâ‡™à“‡ªìπ√–¬–‡«≈“ (Time Charter) ¥—ßπ—Èπ®–‰¡à¡’ªí≠À“ „¥Ê ®“°°“√µ‘¥µ“¡Àπ’È ■ ‘π∑√—æ¬å∂“«√ ‘π∑√—æ¬å∂“«√‡æ‘Ë¡¢÷Èπ®“°ªï∑’Ëºà“π¡“ ´÷Ëß¡’º≈¡“®“°°“√´◊ÈÕ‡√◊Õ 2 ≈” ªï 2546 ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπµ“¡°“√ ‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ªí®®ÿ∫—π∫√‘…—∑œ ¡’°Õß‡√◊Õ∑—Èß ‘Èπ®”π«π 30 ≈” ´÷Ëß√“¬≈–‡Õ’¬¥‰¥â· ¥ß‰«â ¿“¬„µâÀ—«¢âÕ°”≈—ß°Õß‡√◊Õ„π√“¬ß“πª√–®”ªïπ’È ‡√◊Õ¢Õß∫√‘…—∑œ Õ¬Ÿà„π ¿“æ¥’‡π◊ËÕß®“°¡’°“√∫”√ÿß√—°…“Õ¬à“ßµàÕ‡π◊ËÕß‡æ◊ËÕ„Àâ‡√◊Õ ¡’¡“µ√∞“π Ÿß ÿ¥‡∑à“∑’Ë®–∑”‰¥â ■ Àπ’ È π‘ √«¡ ‡ß‘π°Ÿâ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“° 72.46 ≈â“π‡À√’¬≠ À√—∞„πªï 2545 ‡ªìπ 86.12 ≈â“π‡À√’¬≠ À√—∞„πªï 2546 „π¢≥–∑’ÀË π’‰È ¡à¡À’ ≈—°ª√–°—π∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ∂Ÿ°‰∂à∂Õπ·≈â«∑—ßÈ À¡¥ „π√–À«à“ßªï 2546 ∫√‘…∑— œ ‰¥â√∫— «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ °—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ´÷Ëß®”π«π 63.60 ≈â“π‡À√’¬≠ À√—∞ ®“°«ß‡ß‘π ‘π‡™◊ËÕπ’È„™â‰ª‡æ◊ËÕ°“√®à“¬§◊πÀπ’È¡’À≈—°ª√–°—π‡¥‘¡ ·≈–Õ’° 15.55 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ËÕ´◊ÈÕ‡√◊Õ 2 ≈” ·≈–®”π«π 6.10 ≈â“π‡À√’¬≠ À√—∞ „™â‰ª‡æ◊ÕË ´◊ÕÈ §◊πÀÿπâ °Ÿ‡â ß‘π∫“∑ ∑—ßÈ À¡¥π’ È ßà º≈„ÀâÀπ’ È π‘ √«¡≈¥≈ß®“° 102.24 ≈â“π‡À√’¬≠ À√—∞ „πªï 2545 ‡À≈◊Õ 98.39 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546 ■ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 24.78 ≈â“π‡À√’¬≠ À√—∞ ∫√‘…—∑œ ‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 6.52 ≈â“π‡À√’¬≠ À√—∞ (0.50 ∫“∑µàÕÀÿâπ) „π√–À«à“ßªï 2546 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ®”π«π 0.09 ≈â“π‡À√’¬≠ À√—∞ ∑”„Àâ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¡“Õ¬Ÿà∑’Ë 95.53 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘Èπªï 2546 ´÷Ëß‡æ‘Ë¡ ¢÷Èπ 18.35 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπµ“¡∑’Ë°≈à“«¢â“ßµâπ∑”„Àâ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µàÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“° 0.15 ‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2545 ‡ªìπ 0.18 ‡À√’¬≠ À√—∞ µàÕÀÿâπ ≥ ‘Èπªï 2546

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

During year 2003, The Company invested US$ 1.22 Million in International Seaports (Haldia) Pvt. Limited.

This joint Venture Project is progressing well. This project has completed construction on 7th December 2003, and

commercial operations started on 15th January 2004 with the formal opening on 23rd February, 2004 by the Union

Minister of Shipping, India. During year 2003, the company did not make any provision for possible loss on Invest-

ments as all the remaining investments are considered of good value.

■ Current Assets

As compared to the end of the year 2002, there is an increase in the current assets as at 31st

December 2003, due to higher cash and cash equivalents. Due to better recoveries, Receivables net of all provisions

which are part of current assets are decreased by USD 1.52 million as compared to the previous year. The amount

presented as receivables is only on account of miscellaneous dues from Agents, Charterers and accrual of income on

the basis of percentage of voyage completed. On a practical level, as is customary in the shipping business, the

Company actually collects almost all its income in advance (95% of Freight in case of a Voyage Charter and 15 days’

Hire in case of Time Charter) and as such, there is no concern on collection of receivables.

6 4

■ Fixed Assets

The fixed assets of the company have increased from previous year’s levels mainly on account of

purchase of 2 ships during year 2003. Total assets have consequently increased on account of increase in fixed

assets. As at 31st December 2003, the Company owned 30 ships, details of which have been provided in the Fleet

List separately in this Report. The ships are of good quality and continue to be maintained to the highest possible

standards.

2 ■ Total Liabilities

The company’s secured debt has increased from US$ 72.46 Million in Year 2002 to US$ 86.12

Million in Year 2003 whereas all the unsecured loans (RCD) have been redeemed in full. During the year 2003,

company availed new US$ 100 Million facilities from KTB, out of which US$ 63.60 Million was used for repaying

the then existing secured loans, US$ 15.55 Million was used for purchase of 2 vessels and US$ 6.10 Million was

used for buyback of all outstanding THB RCD. This has resulted in reduction of total liabilities from US$ 102.24 in

year 2002 to US$ 98.39 Million at the end of year 2003.

8 6

■ Shareholders Equity Due to the net profits of US$ 24.78 million earned, interim dividend of US$ 6.52 million (Baht 0.50

per share) paid during the year and net positive increase of US$ 0.09 Million on account of translation adjustment

2 3M

and minority interest, Shareholders’ Equity is now at US$ 95.53 million, which is an increase of US$ 18.35 million

over the Shareholders’ Equity as compared at the end of the previous year.

As a result of the above increase in Shareholders Equity, the net book value per share has increased

from US$ 0.15 per share as at the end of Year 2002 to US$ 0.18 per share as at the end of Year 2003.

2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

4.3 §«“¡ “¡“√∂„π°“√°àÕÀπ’È (Leverage) ¿“æ§≈àÕß (Liquidity) ·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È (Coverage) ■ §«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ ‡ªìπ‰ª„π∑“ß∑’Ë¥’¢÷Èπµ—Èß·µà¡’°“√ª√—∫‚§√ß √â“ßÀπ’È„πªï 2543 ·≈–®“° ∂“π°“√≥å∑’Ë¥’¢÷Èπ®“°°“√‰¥â«ß‡ß‘π ‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞ ®“°∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∫√‘…—∑œ ‰¥â®à“¬ §◊π‡ß‘π°Ÿâ ‰∂à∂ÕπÀÿâπ°Ÿâ ∑”„Àâ°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°Õ—µ√“ °”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï 2546 ¥—ßπ—ÈπÕ—µ√“ à«π°“√°àÕÀπ’È Leverage Ratio ¥’¢÷Èπ ‡ÀÁπ‰¥â®“°°“√≈¥≈ß¢ÕßÕ—µ√“ à«π Total Liabilities/Tangible Networth ·≈– Funded Debt/EBITDA ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 √–¥—∫Àπ’È ‘π¢Õß∫√‘…—∑œ ¡’‡æ’¬ß 1.85 ‡∑à“ ¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) ¿“æ√«¡Àπ’È¢Õß∫√‘…—∑œ (Õ—µ√“ à«π Àπ’È ‘π√«¡µàÕ ‘π∑√—æ¬å ÿ∑∏‘) π—ÈπÕ¬Ÿà„π‡°≥±å¥’¡“°∑’Ë 1.03 ‡∑à“ ´÷Ëßª√—∫µ—«¥’¢÷Èπ®“°∑’Ë¡“°°«à“ 1.32 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–‰¥âÕ¬ŸàµË”°«à“√–¥—∫ 2 ‡∑à“ ´÷Ëß‡ªìπ√–¥—∫ Ÿß ÿ¥∑’Ë°”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π ■ §«“¡ “¡“√∂„π°“√™”√–Àπ’È¢Õß∫√‘…—∑œ „π√–À«à“ßªï 2546 Õ¬Ÿà∑’Ë 4.46 ´÷Ëß°ÁÕ¬Ÿà„π√–¥—∫∑’Ë¥’°«à“ 1 ‡∑à“ ´÷Ëß °”Àπ¥‰«â„π‡ß◊ËÕπ‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’È¬ ¿“…’·≈–§à“„™â®à“¬µ—¥∫—≠™’ (EBITDA) µàÕ¥Õ°‡∫’È¬ ª√—∫µ—«¥’¢÷Èπµ—Èß·µàªï 2543 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 Õ¬Ÿà∑’Ë 7.68 ‡∑à“ Õ—µ√“ à«π∑—Èß Õß¥—ß°≈à“«· ¥ß„Àâ ‡ÀÁπ∂÷ß§«“¡ “¡“√∂Õ—π·¢Áß·°√àßµàÕ°“√™”√–Àπ’È ‘π∑’Ë¡’Õ¬Ÿàªí®®ÿ∫—πÀ√◊Õ„π∑“ßµ√ß¢â“¡§◊Õ§«“¡ “¡“√∂„π°“√®—¥À“‡ß‘π°Ÿâ∑’Ë¡“° ¢÷Èπ‡æ◊ËÕπ”¡“ª√—∫‡ª≈’Ë¬π°”≈—ß°Õß‡√◊Õ

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M

5. «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®“°∏π“§“√ °√ÿß‰∑¬ ®”°—¥ (¡À“™π)

8 6

5.1 «ß‡ß‘π ‘π‡™◊ËÕ 100 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ ‰¥â≈ßπ“¡‡´Áπµå —≠≠“°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ‡æ◊ËÕ√—∫«ß‡ß‘π ‘π‡™◊ËÕ®”π«π 100 ≈â“π‡À√’¬≥ À√—∞ ¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢À≈—°Ê ¢Õß ‘π‡™◊ËÕ¥—ß°≈à“« ¡’¥—ßπ’È ■ «ß‡ß‘π®”π«π 65 ≈â“π‡À√’¬≠ À√—∞ æ√âÕ¡ ”À√—∫°“√‡∫‘°∂Õπ∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2547 „π√Ÿª·∫∫ Tranche A ‡æ◊ËÕ®ÿ¥ª√– ß§å°“√®à“¬§◊π‡ß‘π°Ÿâ¡’À≈—°ª√–°—π‡¥‘¡ ´÷Ëß∫√‘…—∑œ ‰¥â‡∫‘°∂Õπ¡“®”π«π 63.60 ≈â“π‡À√’¬≠ À√—∞ ·≈–„π√Ÿª·∫∫ Tranche B “¡“√∂‡∫‘°∂Õπ‰¥â∂÷ßª≈“¬ªï 2548 «ß‡ß‘π 35 ≈â“π‡À√’¬≠ À√—∞ ‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ∑—Èß‡√◊Õ„À¡à·≈–‡√◊Õ¡◊Õ ÕßÀ√◊Õ ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ§◊π ´÷Ëß ≥ 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ‰¥â‡∫‘°∂Õπ‰ª ®”π«π 21.65 ≈â“π‡À√’¬≠ À√—∞ ■ ‡ß‘π°Ÿ® â –µâÕß™”√–§◊π„π‡«≈“ 7.5 ªï ‚¥¬°“√™”√–‡ªìπß«¥∑ÿ°‰µ√¡“ ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–‡ß‘π„πªï·√° ¥—ßπ—Èπ°“√™”√–§◊π‡ß‘π°Ÿâ®–‡√‘Ë¡„π«—π∑’Ë 30 °—π¬“¬π 2546 ■ Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°ŸâÕ¬Ÿà∑’Ë USD LIBOR (√“¬ 3 ‡¥◊Õπ) ∫«°¥â«¬ à«π‡æ‘Ë¡§ß∑’Ë ■ À≈—°ª√–°—π¢Õß‡ß‘π°Ÿ§ â Õ◊ „Àâ°“√®”πÕß‡√◊Õ (‡ªìπ‡√◊Õ∑’¡Ë Õ’ ¬Ÿ∑à ß—È À¡¥·≈–‡√◊Õ·µà≈–≈”∑’®Ë –´◊ÕÈ ) ·≈–§Õπ‚¥¡’‡π’¬¡ 28 ÀâÕß™ÿ¥∑’Ë∫√‘…—∑¬àÕ¬‡ªìπ‡®â“¢Õß ·≈–°“√®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬∑’Ë‡ªìπ‡®â“¢Õß‡√◊Õ·≈–§Õπ‚¥¡’‡π’¬¡ —≠≠“‚Õπ ‘∑∏‘„πºŸâ√—∫ º≈ª√–‚¬™πå°“√ª√–°—π¿—¬„π‡√◊Õ·≈–ÀâÕß™ÿ¥ ■ ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π„Àâ§”π«≥®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞µ“¡∑’‰Ë ¥â·¬°√“¬°“√µà“ßÀ“° (Õâ“ß∂÷ß√“¬°“√ 5.2 ¢â“ß∑â“¬π’È) 5.2 ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π·≈–¢âÕ∫—ß§—∫Õ◊ËπÊ ¢âÕ∫—ß§—∫¥â“π≈à“ßπ’È‡ªìπ¢âÕ∫—ß§—∫∑’Ë°”Àπ¥‚¥¬∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∑’Ë∫√‘…—∑œ ®–µâÕßªØ‘∫—µ‘µ≈Õ¥∂â“ ¬—ß¡’«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√·≈–æ‘®“√≥“®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞‡æ◊ËÕ§ß ∂“π–∑“ß°“√‡ß‘π¢Õß ∫√‘…—∑œ ‰«â„π√–¥—∫∑’Ë¬Õ¡√—∫‰¥â„π√–À«à“ß°“√‡ªìπ≈Ÿ°Àπ’È

4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

4.3 Leverage, Liquidity and Coverage

■ The company’s credit risk profile has consistently improved since the debt restructure of year

2000. It has further improved by new facility of US$ 100 Million facility from KTB. As the company repaid its debt,

redeemed the RCD, and EBITDA increased due to high margin earned during the year 2003, the leverage ratios have

improved considerably, as evident from lower Total Liabilities/Tangible Networth and Funded Debt/EBITDA. As at

31st December 2003, the company’s debt level is only 1.85 times its EBITDA. The Company’s overall gearing

(Total Liabilities/Tangible Networth) is quite strong at 1.03 times, which is an improvement from over 1.32 times as

at 31st December 2002 and well below the maximum of 2.00 times in compliance with the Financial Covenants.

■ The company’s debt service cover for year 2003 was 4.46 which is well above 1.00 times in

compliance with the Financial Covenants. The ratio of EBITDA/Interest has improved considerably since Year

2000 and it is now 7.68 times as of 31 December 2003. Both these ratios show company’s strong ability to

service the existing debt or conversely its capacity to raise more debt required for fleet replenishment.

6 5. NEW FACILITIES AVAILED FROM KRUNG THAI BANK (KTB)

4 2

5.1 US Dollars 100 Million credit facility :

On 16th June 2003, the company signed the agreement with KTB for availing the US Dollars 100

Million credit facility. The major terms and conditions of the facility are as under:

■ US Dollars 65 million was available up to June 2004, as Tranche A for the purpose of refinancing

the existing secured loans. US Dollars 63.60 million was drawn and remains outstanding as at the end of the year

2003. US Dollars 35 million available up to the end of year 2005 for the purpose of acquiring new or second hand

ships. US Dollars 21.65 million has been totally drawn down up to 31st December 2003 to acquire 2 ships and

redeem the THB RCD and remains outstanding as at the end of the year 2003.

■ The loans are to be repaid in 7.5 years in quarterly installments with a waiver on repayments during

the first year. Accordingly, repayments will commence on 30th September 2004.

■ The loans are subject to interest at the rate of 3 months’ LIBOR plus margin.

■ The loans are secured by a mortgage over the ships (existing as well as those acquired) and 28

condominium units owned by the respective subsidiaries of the Company, the pledge of 100% of the shares of the

respective subsidiaries owning the ships and the condominium units, assignment of ship proceeds and insurances of

the ships and condominium units mortgaged.

2 3M

■ Adherence to Financial Covenants by the Company (and subsidiaries) based on the consolidated US

Dollars Restated Financial Statements as listed separately. (Refer to item 5.2 hereunder)

5.2 Financial and Non-Financial Covenants :

The following are the key covenants imposed by the KTB and are to be complied by PSL in respect of

the facilities availed from KTB, and are derived from the restated US Dollar Financial Statements to maintain financial

profile of the company at acceptable level during the tenor of the debt.

8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π

¢âÕ∫—ß§—∫ §«“¡ “¡“√∂„π°“√™”√–Àπ’È ‘π (Debt Service) ¿“æ§≈àÕß (Liquidity Reserve) Àπ’È ‘πµàÕ∑ÿπ (Debt / Equity)

8 6 4 2

Õ—µ√“ —¥ à«π∑’ËµâÕßªØ‘∫—µ‘

™à«ß‡«≈“°“√∑¥ Õ∫

ªØ‘∫—µ‘µ“¡À√◊Õ‰¡à

1 ‡∑à“ 100,000 ‡À√’¬≠ À√—∞µàÕ≈”‡√◊Õ 2.00 ‡∑à“

√Õ∫ 4 ‰µ√¡“ √“¬‰µ√¡“ √“¬‰µ√¡“

„™à „™à „™à

8M 8

∫√‘…∑— œ µâÕß∑¥ Õ∫¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π¥—ß°≈à“«¢â“ßµâπ ·≈–µâÕßπ” àß„∫√—∫√Õß°“√ªØ‘∫µ— µ‘ “¡„Àâ‡®â“Àπ’‡È ªìπ√“¬‰µ√¡“ ¢âÕ∫—ß§—∫Õ◊ËπÊ ∑’Ë‰¡à‡°’Ë¬«°—∫¥â“π°“√‡ß‘π ◊∫‡π◊ËÕß®“°º≈¢Õß°“√§◊πÀπ’È‡ß‘π°Ÿâ¡’À≈—°ª√–°—π‡¥‘¡∑’Ë¡“®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ·≈–°“√‰∂à∂ÕπÀÿâπ°Ÿâ ∫√‘…—∑œ ‰¡à¡’ ¢âÕ®”°—¥„¥Ê µàÕÀ≈—°ª√–°—π∑’‰Ë ¡à‡°’¬Ë «°—∫¥â“π°“√‡ß‘πÕ’°µàÕ‰ª ¥—ßπ—πÈ π—∫·µàπ‰’È ª∫√‘…∑— œ ‰¥â‡√‘¡Ë ·ºπ°“√¢¬“¬°Õß‡√◊Õ·≈– “¡“√∂ ‰¥â®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„π®”π«π 0.50 ∫“∑µàÕÀÿâπ „πªï 2546

6 4 2 7M 8 6

6. °“√«‘‡§√“–Àåß∫°“√‡ß‘π√«¡‡ß‘π∫“∑∑’Ëµ√«® Õ∫·≈â«

4 2

6.1 °“√«‘‡§√“–Àåß∫°”‰√¢“¥∑ÿπ ■ „π√–À«à“ßªï 2546 √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ‡æ‘Ë¡¢÷Èπª√–¡“≥√âÕ¬≈– 15 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ·¡â«à“ Õ—µ√“·≈°‡ª≈’¬Ë π‡ß‘π °ÿ≈¥Õ≈≈“√åµÕà ‡ß‘π∫“∑‚¥¬‡©≈’¬Ë µË”°«à“ªï∑º’Ë “à π¡“‡≈Á°πâÕ¬ ·≈–∑’ Ë ”§—≠®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ·µà°‡Á ªìπ∑’ Ë ß— ‡°µ‰¥â«“à ¡’°“√ª√—∫µ—«‡æ‘¡Ë ¢÷πÈ Õ¬à“ß™—¥‡®π¢Õß√“¬‰¥âµÕà «—πµàÕ≈”‡√◊Õ„πªï 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ Õ—π‡ªìπº≈¡“®“°¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ ■ „π√–À«à“ßªï 2546 §à“„™â®“ à ¬„π°“√‡¥‘π‡√◊Õ≈¥≈ßª√–¡“≥√âÕ¬≈–7 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ∑—ßÈ π’‡È π◊ÕË ß®“° Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈¥Õ≈≈“√åµàÕ‡ß‘π∫“∑‚¥¬‡©≈’Ë¬µË”°«à“ªï∑’Ëºà“π¡“‡≈Á°πâÕ¬ ·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ‚¥¬¿“æ√«¡ ∫√‘…—∑œ ª√– ∫§«“¡ ”‡√Á®„π°“√√—°…“√–¥—∫µâπ∑ÿπ°“√‡¥‘π‡√◊Õ ‚¥¬‡æ‘Ë¡¢÷Èπ®“°ªï ∑’Ëºà“π¡“‡æ’¬ß√âÕ¬≈– 2 ‡∑à“π—Èπ ■ „π√–À«à“ßªï 2546 µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ√«¡≈¥≈ßª√–¡“≥√âÕ¬≈– 13 ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ‡π◊ËÕß®“° Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈¥Õ≈≈“√åµàÕ‡ß‘π∫“∑‚¥¬‡©≈’Ë¬µË”°«à“ªï∑’Ëºà“π¡“‡≈Á°πâÕ¬·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ °“√≈¥≈ß à«π„À≠à¡“®“°°“√≈¥≈ß¢Õß§à“„™â®à“¬∑à“‡√◊Õ·≈–§à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß¢Õß‡√◊Õ ´÷Ëß‡ªìπº≈ ¡“®“°°“√¡’∏ÿ√°‘®ª√–‡¿∑√“¬‡∑’Ë¬« (voyage charter) ≈¥≈ßª√–¡“≥√âÕ¬≈– 29 ‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ■ °”‰√¢—Èπµâπ„πªï 2545 ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 48 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ·¡â«à“Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘π °ÿ≈ ¥Õ≈≈“√åµàÕ‡ß‘π∫“∑‚¥¬‡©≈’Ë¬µË”°«à“ªï∑’Ëºà“π¡“‡≈Á°πâÕ¬ ·≈–∑’Ë ”§—≠®”π«π«—π„π°“√‡¥‘π‡√◊Õ„πªï 2546 ≈¥≈ß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫ °—∫ªï∑’Ëºà“π¡“ ·µà°Á‡ªìπ∑’Ë —ß‡°µ‰¥â«à“°”‰√¢—Èπµâπ‰¥â‡æ‘Ë¡ Ÿß¢÷Èπ∂÷ß√âÕ¬≈– 60 ®“°√âÕ¬≈– 47 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ Õ—π‡ªìπ º≈¡“®“°¿“«–¢“¢÷Èπ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈ ■ ®“°º≈¢Õß°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â√«¡√–À«à“ßªï 2546 π—Èπ‡æ‘Ë¡ Ÿß¢÷Èπ‡¡◊ËÕ‡∑’¬∫°—∫ªï°àÕπ ■ µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ËÕ¡√“§“) „πªï 2546 ≈¥≈ß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π¡“ ¡’ “‡ÀµÿÀ≈—°¡“®“°°“√ ≈¥≈ß¢Õßµâπ∑ÿπ°“√‡¥‘π‡√◊Õ ·≈–‰¡à¡’°“√∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ·≈–¿“√–§È”ª√–°—π®à“¬ „π√–À«à“ßªï°àÕπ

6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

Financial Covenants

9M Covenant Debt Service (DSCR) Liquidity Reserve Debt/Equity

Ratio

Test Period

Compliance

1.00 times

Rolling 4 qtrs

Yes

US$ 100,000 per vsl

Quarterly

Yes

2.00 times

Quarterly

Yes

8 6 4 2 8M

The Company is required to test the above financial covenants and send a compliance certificate on a

quarterly basis.

Non-Financial Covenants

■

As a result of the refinancing of the restructured secured debt and the redemption of the RCD, the

company is no longer subject to any significant restrictive non-financial covenants. Therefore, the company has now

commenced the expansion of its fleet of ships and has also paid an interim dividend of Baht 0.50 per share in year

2003.

6 4

6. REVIEW AND ANALYSIS OF AUDITED CONSOLIDATED THAI BAHT FINANCIAL STATEMENTS

2 6M

6.1 Analysis of Profit and Loss Account (Statement of Earnings)

■ During the year 2003 the vessel operating revenues increased by about 15% in absolute terms,

over the operating revenues of the previous year. This is in spite of lower average US Dollar/Thai Baht exchange rate

during the year and lower vessel operating days in 2003 as compared to the previous year. It is to be noted that

there was significant improvement in average earnings per day per vessel in 2003 as compared to that of the

previous year due to a sharp upturn in the freight markets.

■ During the year 2003, the vessel running expenses decreased by about 7% in absolute terms, over

the operating costs of the previous year. This is due to a lower average US Dollar/Thai Baht exchange rate during the

year, and lower vessel operating days in 2003 as compared to the previous year. On an average basis, the Company

has succeeded in maintaining the operating cost per vessel, which was only about 2% higher as compared to that of

the previous year.

■ During the year 2003, the total vessel operating costs decreased by about 13% in absolute terms,

over the total vessel operating costs of the previous year. While a slight decrease is due to decrease in lower average

US Dollar/Thai Baht exchange rate during the year, and lower vessel operating days in 2003 as compared to the

previous year, the majority of decrease is due to decrease in vessel disbursements and bunker consumption, which

was due to 29% decrease in voyage charters during the year as compared to the previous year.

8 6

■ Gross Profit has increased by about 48% as compared to the previous year. This was in spite of a

lower average US Dollar/Thai Baht exchange rate during the year and lower vessel operating days in 2003 as

compared to the previous year. It may be noted that the Gross Profit Margin has increased to 60% from 47% as

compared to the previous year, due to a sharp upturn in the freight markets and higher earnings per day per ship.

8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

■

„π√–À«à“ßªï 2546 ∫√‘…—∑œ ´◊ÈÕ‡√◊Õ 2 ≈” ∑”„Àâ¢π“¥°Õß‡√◊Õ¢Õß∫√‘…—∑œ ≥ ‘Èπ ÿ¥ªï°≈“¬‡ªìπ 30 ≈” ®“° 28 ≈” ‡¡◊ËÕªï°àÕπ ¢π“¥°Õß‡√◊Õ‡©≈’Ë¬¢Õßªï 2546 §◊Õ 29 ≈” ·≈–º≈®“°°“√ª≈¥√–«“ß‡√◊ÕÕÕ°‰ª 3 ≈” „πªï 2545 ¢π“¥ °Õß‡√◊Õ‡¡◊ËÕ ‘Èπ ÿ¥ªï§◊Õ 28 ≈” ®“° 31 ≈” ¥—ßπ—Èπ¢π“¥°Õß‡√◊Õ‡©≈’Ë¬„πªï 2545 §◊Õ 29.5 ≈” ∑—Èßπ’È‡π◊ËÕß®“°°“√≈¥≈ß¢Õß¢π“¥ °Õß‡√◊Õ‡©≈’Ë¬ ·≈–°“√§‘¥§à“‡ ◊ËÕ¡√“§“∑’Ë≈¥≈ß°«à“ªï°àÕπ ■ ‡π◊ËÕß®“°§à“‡ß‘π∫“∑·¢Áß¢÷Èπ‡¡◊ËÕ‡∑’¬∫°—∫‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®÷ßµË”°«à“Õ—µ√“·≈°‡ª≈’Ë¬π‡¡◊ËÕªï°àÕπ ‡ªìπº≈„Àâ°“√∫—π∑÷°Àπ’È ‘π °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑‡°‘¥º≈°”‰√®“° Õ—µ√“·≈°‡ª≈’Ë¬π®”π«π 184.19 ≈â“π∫“∑ ´÷Ëß‡ªìπº≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß 23.15 ≈â“π∫“∑ à«π∑’Ë‡À≈◊Õ ®”π«π 161.04 ≈â“π∫“∑‡ªìπº≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß ■ „π√–À«à“ßªï 2546 Àÿâπ°Ÿâ‰¥â∂Ÿ°´◊ÈÕ§◊π„π√“§“µË”°«à“√“§“Àπâ“µ—Î« ∑”„Àâ‡°‘¥º≈°”‰√®”π«π 147.61 ≈â“π∫“∑ ´÷Ëß‰¥â· ¥ß‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ■ ”À√—∫ªï 2546 ∫√‘…—∑œ ¡’°”‰√ ÿ∑∏‘À≈—ß®“°√“¬°“√æ‘‡»…∑—Èß ‘Èπ 1,539.56 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ ªï∑’Ëºà“π¡“®”π«π 502.43 ≈â“π∫“∑ “‡ÀµÿÀ≈—°¡“®“°º≈°”‰√ ÿ∑∏‘∑’Ë Ÿß¢÷Èπ Õ—π¡“®“°°”‰√¢—Èπµâπ∑’Ë‡æ‘Ë¡¢÷Èπ´÷Ëß¡“®“°√“¬‰¥â µàÕ«—πµàÕ≈”‡√◊Õ‚¥¬‡©≈’Ë¬‡æ‘Ë¡¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡Àµÿº≈Õ◊ËπÊ §◊Õ°”‰√∑’Ë‡æ‘Ë¡¢÷Èπ¡“®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ (‡æ‘Ë¡¢÷Èπ 56.85 ≈â“π∫“∑‡¡◊ËÕ‡∑’¬∫°—∫ªï∑’Ë·≈â«) ·≈–‰¡à¡’°“√∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ·≈–¿“√–§È”ª√–°—π®à“¬„π√–À«à“ßªï 6.2 °“√«‘‡§√“–Àåß∫¥ÿ≈ ■ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ®”π«π 444.24 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï∑’Ëºà“π ¡“ ¡’ “‡ÀµÿÀ≈—°®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ Õ—π‡ªìπº≈¡“®“°∏ÿ√°‘®∑’Ë¥’¢÷Èπ ¡’Àπ’È Ÿ≠‰¥â√—∫§◊π·≈– ≈Ÿ°Àπ’È ÿ∑∏‘∑’Ë‡ªìπ à«πÀπ÷Ëß¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π≈¥≈ß 71.83 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ∫√‘…—∑œ ¡’ ¿“æ§≈àÕßµ≈Õ¥ ªï 2546 ¥â«¬°“√¥”√ß‡ß‘π ¥∑’Ë‡æ’¬ßæÕ·≈–§“¥«à“®–√—°…“ ∂“π¿“æ¥—ß°≈à“«„Àâ¡’Õ¬ŸàµàÕ‰ª ■ ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡√◊Õ®”π«π 2 ≈” ‘π∑√—æ¬å√«¡‡æ‘Ë¡¢÷Èπ ‡ªìπº≈®“° ‘π∑√—æ¬å∂“«√·≈– ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ ■ Àπ’È ‘πÀ¡ÿπ‡«’¬π‡æ‘Ëπ¢÷Èπ 630.17 ≈â“π∫“∑‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡ß‘π°Ÿâ√–¬–¬“«∑’Ë ∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï‡æ‘Ë¡¢÷Èπ ■ ‡ß‘π°Ÿâ√«¡≈¥≈ß 602.17 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ‡π◊ËÕß®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ∑’Ë‡À≈◊ÕÕ¬Ÿà∑—ÈßÀ¡¥ ®“° °“√‡∫‘°∂Õπ«ß‡ß‘π°Ÿâ„À¡à‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ 2 ≈” ®÷ß∑”„ÀâÀπ’È¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∑—Èßπ’È‡ªìπº≈„Àâ —¥ à«π¢Õß‡ß‘π°Ÿâ√–¬–¬“«‡æ‘Ë¡¢÷Èπ„π∞“π–‡ß‘π°Ÿâ¡’À≈—°ª√–°—π∑’Ë¡“·∑π∑’ËÀÿâπ°Ÿâ∑’Ë¬—ß‰¡à §√∫°”Àπ¥°“√™”√–§◊π„πªïÀπâ“ ≥ ‘Èπªï 2546 ■ ∫√‘…∑ — œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 1,536.56 ≈â“π∫“∑ ·≈–‰¥â®“à ¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 260 ≈â“π∫“∑ ·≈–°“√‡æ‘Ë¡¢÷Èπ®”π«π 4.72 ≈â“π∫“∑„πº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π√–À«à“ßªï ∑”„Àâ à«π¢ÕßºŸâ∂◊ÕÀÿâπÕ¬Ÿà∑’Ë 1,957.87 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ 1,281.28 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡¡◊ËÕªï°àÕπ

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

■ As a result of the higher vessel operating revenues, the total revenues during the year, in absolute

terms, are also higher than that of the previous year.

■ The total costs (excluding depreciation) in 2003, as compared to the previous year, are lower mainly

on account of reduction of total vessel operating costs, and absence of the provisions made for possible loss on

Investments and the charge on account of the Guarantee Obligation during the previous year.

■ During year 2003, the company bought 2 vessels making the fleet size at the year end to 30 from

28. Average fleet size for year 2003 was 29 whereas as a consequence of the disposal of 3 vessels during the year

2002, fleet size at the year end was 28 from 31, and thus average fleet size was 29.5 for the year 2002. Due to

reduction in average fleet size, the annual charge of Depreciation is lower than that of the previous year.

■ Due to the appreciation of the Thai Baht against the US Dollar, the exchange rate as on 31

December 2003 was lower than the rate at the end of the previous year. As a result of the translation of the

US Dollar liabilities into Thai Baht, there was an exchange gain of Baht 184.19 million. However, only Baht 23.15

million was realized and the balance of Baht 161.04 million remains unrealized.

6 4

■ Certain Redeemable Convertible Debentures (RCD) were bought-back during the year at discounts

to par value, which, resulted in an aggregate gain of Baht 147.61 million. This has been classified as an Extraordinary

Gain in the Financial Statements.

■ The Company has reported Net Profit after Extraordinary Items of Baht 1,536.56 million for the

year 2003 as compared to Net Profit after Extraordinary Items of Baht 502.43 million in the previous year. The

main reason for the higher Net Profit is increase in gross profit due to an increase in average earnings per day per

vessel as compared to the previous year. The other reasons are higher gain on redemption of RCD (Baht 56.85

million more than the previous year), higher gain on exchange (Baht 110.07 million more than the previous year)

and absence of the provisions made for possible loss on Investments and the charge on account of the Guarantee

Obligation (Baht 192.94 million) during the previous year.

6.2 Analysis of Balance Sheet

■ As compared to the end of the previous year (2002), there is an increase of Baht 444.24 million in

December, 2003, mainly due to higher Cash and cash equivalents. Due to better

recoveries, Receivables, net of all provisions which are part of current assets decreased by Baht 71.83 million as

compared to the previous year. The company continues to be in a comfortable position in terms of liquidity with

adequate cash balances at all times. This has been the position throughout the year and is expected to continue.

the current assets as at 31

■ Fixed assets of the company have increased from previous year’s levels on account of the purchase

of 2 vessels. Total assets also increased on account of increase in fixed assets and current assets.

■ Total current liabilities have increased by Baht 630.17 million as compared to the previous year.

This is mainly due to the increase in the current portion of long term loan by Baht 545.19 million as compared to

the previous year.

2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

6.3 °“√«‘‡§√“–Àå°√–· ‡ß‘π ¥ ■ „π√–À«à“ßªï 2546 ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π ®”π«π 1,998.60 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 57 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õßªï∑’Ëºà“π¡“ ‡π◊ËÕß®“°°”‰√¢—Èπµâπ‡æ‘Ë¡¢÷Èπµ“¡∑’Ë‰¥âÕ∏‘∫“¬¢â“ßµâπ ■ À≈—ß®“°√“¬°“√ª√—∫ª√ÿß°“√‡ª≈’¬ Ë π·ª≈ß¢Õß‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π ∫√‘…∑— œ §ß‡À≈◊Õ‡ß‘π ¥®”π«π 2,196 ≈â“π∫“∑ ‰«â ”À√—∫„™â„π°‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡∑“ß°“√‡ß‘π ■ „π√–À«à“ßªï ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥®à“¬ÕÕ°‡æ◊ËÕ°“√´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 2 ≈” ·≈–§à“„™â®à“¬‡æ◊ËÕ°“√´àÕ¡ÕŸà·Àâß ·≈–°“√µ√«®‡√◊Õ ®”π«π 792.90 ≈â“π∫“∑ ·≈–À≈—ß®“°°“√ª√—∫ª√ÿß√“¬°“√Õ◊ËπÊ ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥ ÿ∑∏‘ ”À√—∫°‘®°√√¡ ≈ß∑ÿπ®”π«π 922.45 ≈â“π∫“∑ ■ „π√–À«à“ßªï ¡’°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ√–¬–¬“«∑’Ë¡’À≈—°ª√–°—π®”π«π 3,103 ≈â“π∫“∑ ·≈–¡’°“√‡∫‘°‡ß‘π °Ÿâ«ß‡ß‘π„À¡à ®”π«π 3,553 ≈â“π∫“∑‡¢â“¡“·∑π πÕ°®“°π—Èπ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ∑—ÈßÀ¡¥®”π«π 739 ≈â“π∫“∑ ■ µ“¡∑’Ë‰¥â°≈à“«¢â“ßµâπ ¢≥–∑’Ë°“√¢¬“¬µ—«¢Õßµ≈“¥‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ‰¥â àßº≈µàÕ°“√‡æ‘Ë¡¢÷Èπ ¢Õß°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ °“√∫√‘À“√‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ∑”„Àâ∫√‘…—∑œ “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ‰¥â·≈–¡’‡ß‘π ¥ ‡æ’¬ßæÕ‚¥¬‰¡à¡’ªí≠À“ ¿“æ§≈àÕß·µàÕ¬à“ß„¥

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

■ Total borrowings have decreased by Baht 602.17 million as compared to the previous year because

of the redemption of all the outstanding redeemable convertible debentures (RCD). Due to the drawdown of the

new credit facility for the purchase of 2 vessels, there is an increase in the secured debt as on 31st December

2003 as compared to 31st December 2002. This has also resulted in an increase in current portion of long term

loan at the end of year 2003 as secured loan has replaced the RCD, which were not due for repayment in the next

year.

8M ■ Due to the profits of Baht 1,536.56 million earned, dividend of Baht 260.00 million paid and net

positive increase of Baht 4.72 million on account of translation adjustment and minority interests during the year,

the Shareholders’ Equity is now at Baht 1,957.87 million, which is an increase of Baht 1,281.28 million over the

Shareholders’ Equity as compared to the end of the previous year.

2 7M

6.3 Analysis of Statements of Cashflows ■ During the year under review, Baht 1,998.60 million was generated from operations. This is about

57% more than the cash generated from operations in the previous year. The increase is due to the higher Gross

6 4

Profit earned for the reasons explained hereinabove.

■ After adjusting for the Working Capital Changes, the Company was left with Baht 2,196 million

available for use in investing and financing activities.

■ During the year Baht 792.90 million was paid mainly for purchase of 2 vessels and dry dock &

special survey incurred. After adjustments, the net cash inflow used in investing activities was Baht 922.45 million.

■ During the year, Baht 3,103 million of long term secured loans were repaid and a new long term

loan of Baht 3,553 million was availed. Further, Baht 739 million was utilized for the redemption of the RCD.

■ As explained above, while the increase in freight market had positive impact on the absolute Gross

Profit, efficient working capital management allowed the Company to redeem the RCD and maintain sufficient cash

balances at all times without any kind of liquidity problems.

4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à

4 2

MAJOR SHAREHOLDERS

10 M 8 6 4 2

ºŸâ∂◊ÕÀÿâπ√“¬„À≠àµ“¡ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 15 ¡’π“§¡ 2547

Major Shareholders per share register as on 15th March 2004

8 6 4

2.43 %

æ‘§∑‘§ ·Õπ¥å ´’

3.44 %

∫¡® ´‘µ’È·∫ß§å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ( “¢“ ≈—°·´¡‡∫Õ√å°)

Pictet & Cie 12,617,500 shares

Citibank International PLC (Luxembourg Branch)

6 4

2.26 %

∫√‘…—∑ ‡Õ™‡Õ ∫’´’ ( ‘ß§‚ª√å) πÕ¡‘π’ æ’∑’Õ’ ®”°—¥

17,893,400 shares

HSBC (Singapore) Nominees Pte Ltd.

11,760,300 shares

6.06 %

∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥

1.92 %

Thai NVDR Co., Ltd.

π“¬ ™“Àå ´“≈‘≈ ´’·«π∑‘≈‘≈

31,534,800 shares

Mr.Shah Salil Sevantilal

10,007,900 shares

2 6M 8

23.13 %

Õ◊πË Ê Other

120,254,250 shares

7.06 %

∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ Graintrade Limited

36,734,000 shares

8 6

24.23 %

∫√‘…—∑ ‚°≈‡∫Á°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥

125,990,000 shares

Globex Corporation Limited

4M 7.83 %

12.08 %

π“¬ ¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

π“ß “« π‘™‘µâ“ ™“Àå

Mr. Munir Moinuddin Hashim

Miss Nishita Shah

40,695,050 shares

62,793,000 shares

2 9.56 %

π“¬ §“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr. Khalid Moinuddin Hashim 49,719,800 shares

6 4 2

À¡“¬‡Àµÿ : 1 π“ß “« π‘™‘µâ“ ™“Àå ºŸâ´÷Ëß‡ªìπ°√√¡°“√¢Õß∫√‘…—∑œ ·≈– ‡ªìπ°√√¡°“√ ·≈–ºŸâ∂◊ÕÀÿâπ„À≠à„π∫√‘…—∑ ‚°≈‡∫Á°´å §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–∫√‘…—∑ ‡°√π‡∑√¥ ®”°—¥ 2 π“¬ §“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‡ªìππâÕß™“¬¢Õß π“¬ ¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

Note : 1 Miss Nishita Shah who is the Diector of the Company, is also the Director and major shareholder of Globex Corporation Limited and Graintrade Limited 2 Mr. Khalid Moinuddin Hashim is the brother of Mr. Munir Moinuddin Hashim

11 M 8 6

‚§√ß √â“ß°“√®—¥°“√

4 2

MANAGEMENT STRUCTURE

10 M 8 6 4 2

∫√‘…—∑œ ¡’ §≥–°√√¡°“√ 3 ™ÿ¥ §◊Õ ■ §≥–°√√¡°“√∫√‘…—∑ ■ §≥–°√√¡°“√∫√‘À“√ ■ §≥–°√√¡°“√µ√«® Õ∫ °“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑ ∫√‘…—∑œ °”Àπ¥„Àâ°“√·µàßµ—Èß°√√¡°“√°√–∑”‚¥¬∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ºŸâ∂◊ÕÀÿâπÀπ÷ËßÀÿâπ¡’Àπ÷Ëß§–·ππ‡ ’¬ß ‚¥¬∑’ËºŸâ∂◊ÕÀÿâπ ·µà≈–§πµâÕß„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥ ‡≈◊Õ°∫ÿ§§≈§π‡¥’¬« À√◊ÕÀ≈“¬§π ‡ªìπ°√√¡°“√ ∫ÿ§§≈´÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥ µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß„Àâ‡ªìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ ·≈–„π°√≥’∑’Ë ∫ÿ§§≈´÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π∑”„Àâ‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „ÀâºŸâ‡ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥ §≥–°√√¡°“√¡’Õ”π“®„π°“√·µàßµ—Èß°√√¡°“√∫√‘À“√®“°°√√¡°“√¢Õß∫√‘…—∑œ ‚¥¬¡’®”π«π‰¡àπâÕ¬°«à“ “¡§π‡æ◊ËÕ ∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œ §≥–°√√¡°“√∫√‘…—∑ ■ Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑ √ÿª‰«â¥—ßπ’È 1. §≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫®—¥°“√°‘®°“√∑—ÈßÀ≈“¬¢Õß∫√‘…—∑œ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë¥”‡π‘π°“√¿“¬„π¢Õ∫‡¢µ¢Õß °ÆÀ¡“¬ «—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ·≈–µ“¡¡µ‘¢Õß∑’Ëª√–™ÿ¡„À≠àºŸâ∂◊ÕÀÿâπ √«¡∑—Èß¡’Õ”π“®°√–∑”°“√„¥Ê µ“¡∑’Ë√–∫ÿ ‰«â„πÀπ—ß ◊Õ∫√‘§≥Àå π∏‘ À√◊Õ∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¥—ß°≈à“«

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4

The Company has 3 Boards / Committees

■ The Board of Directors

■ The Executive Board of Directors

■ The Audit Committee

Election of the Board of Directors

The election of Directors is conducted by the meeting of shareholders. Each shareholder has one vote

per share and each shareholder exercises all votes applicable in appointing one or more person to be a Director.

The candidates are ranked in descending order from the highest number of votes to the lowest, and are

appointed as directors in that order until the director positions are filled. Where the votes for candidates are

tied, which would otherwise cause the number of directors to be exceeded, the Chairman has the casting vote.

4 2

The Board of Directors

■ Powers, duties and responsibilities of the Board of Directors are as follows :

1. The Board of Directors perform their duties in conformity with applicable laws, and carry on the

business of the Company in accordance with the laws, the Company’s objectives and the articles of association

as well as the resolutions of the shareholders’ meetings. They are authorized to carry on any activities as

prescribed in the memorandum or those related thereto under the Public Limited Companies Act B.E. 2535

2. The Directors, in their business conduct, are expected to generally act with care to preserve the

interest of the Company

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

2. §≥–°√√¡°“√¡’Àπâ“∑’Ë°√–∑”°“√„¥Ê ‡æ◊ËÕ√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ 3. §≥–°√√¡°“√ À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÕ“®¡’¡µ‘ ¡Õ∫Õ”π“®„Àâ§≥–°√√¡°“√∫√‘À“√ À√◊Õ∫ÿ§§≈Õ◊Ëπ∑”Àπâ“∑’Ë·∑π„π ‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈– “¡“√∂°”Àπ¥√“¬™◊ËÕ°√√¡°“√∫√‘…—∑ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π∫√‘…—∑œ ‰¥â ´÷Ëß°√√¡°“√ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕºŸ°æ—π∫√‘…—∑ œ ‰¥â·°à 1) π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 2) π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3) π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ ‚¥¬°√√¡°“√∫√‘…—∑ Õß„π “¡∑à“π≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ 4. ¿“¬„µâ¢Õâ ∫—ß§—∫°ÆÀ¡“¬∫√‘…∑— ¡À“™π®”°—¥ °√√¡°“√¡’Õ”π“®∑’®Ë –¢“¬ À√◊Õ®”πÕßÕ —ßÀ“√‘¡∑√—æ¬å„¥Ê ¢Õß∫√‘…∑— œ À√◊Õ„Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å„¥Ê ¢Õß∫√‘…—∑œ °«à“ “¡ªï¢÷Èπ‰ª À√◊Õ„ÀâÀ√◊Õª√–π’ª√–πÕ¡¬Õ¡§«“¡À√◊Õ¬◊ËπøÑÕßµàÕ»“≈ À√◊Õ¡Õ∫ ¢âÕæ‘æ“∑„¥Ê „ÀâÕπÿ≠“‚µµÿ≈“°“√æ‘®“√≥“ §≥–°√√¡°“√∫√‘À“√ ■ §≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß°√√¡°“√∫√‘À“√ ¥—ß¡’√“¬™◊ËÕµàÕ‰ªπ’È 1) π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 2) π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3) π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ ■ Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√∫√‘À“√ √ÿª‰«â¥—ßπ’È 1. §≥–°√√¡°“√∫√‘À“√¡’Àπâ“∑’Ë∫√‘À“√°‘®°“√¢Õß∫√‘…—∑œ ¿“¬„µâ¡µ‘ ·≈–√–‡∫’¬∫¢âÕ∫—ß§—∫¢Õß§≥–°√√¡°“√∫√‘…—∑ 2. §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®∑”§«“¡µ°≈ßÀ√◊Õ∑” —≠≠“ºŸ°æ—π∫√‘…—∑œ ‚¥¬¢âÕµ°≈ßÀ√◊Õ —≠≠“π—Èπ®–µâÕßÕ¬Ÿà„π ¢Õ∫Õ”π“®Àπâ“∑’Ë ∑’§Ë ≥–°√√¡°“√∫√‘…∑— ‰¥â„Àâ‰«â ·≈–®–µâÕß„Àâ¡°’ √√¡°“√∫√‘À“√ Õß§π≈ßπ“¡·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…∑— œ 3. §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®°√–∑”°“√„¥Ê ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ §≥–°√√¡°“√µ√«® Õ∫ ■ §≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ËÕ«—π∑’Ë 24 ‘ßÀ“§¡ 2541 ¡’«“√–°“√¥”√ßµ”·Àπàß∑à“π≈– 2 ªï ªí®®ÿ∫—π§≥–°√√¡°“√µ√«® Õ∫¡’√“¬™◊ËÕ¥—ßπ’È 1) æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ ª√–∏“π°√√¡°“√µ√«® Õ∫ 2) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Ø∞– °√√¡°“√µ√«® Õ∫ 3) π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ °√√¡°“√µ√«® Õ∫ ■ §≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’Ë Õ∫∑“π·≈–√“¬ß“πµàÕ°√√¡°“√∫√‘…—∑„π‡√◊ËÕß¥—ßµàÕ‰ªπ’È 1. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß‡æ’¬ßæÕ·≈–∂Ÿ°µâÕß 2. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–°“√µ√«® Õ∫¿“¬„π∑’Ë¡’ª√– ‘∑∏‘¿“æ 3. Õ∫∑“π„Àâ∫√‘…∑— œ ªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å √«¡∑—ßÈ °ÆÀ¡“¬Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß 4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·µàßµ—Èß·≈–‡ πÕ§à“µÕ∫·∑π·°àºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ œ 5. æ‘®“√≥“°“√‡ªî¥‡º¬ “√ π‡∑»¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß ∑“ßº≈ª√–‚¬™πå „Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π 6. √“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ 7. ªØ‘∫—µ‘°“√Õ◊ËπÊ µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑œ ¡Õ∫À¡“¬ ¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

3. The Board of Directors or the Shareholders at their meeting are entitled to designate the authorized

directors to bind the Company and any two of the following with the Company’s Seal are authorized signatories :

1) Mr. Khalid Moinuddin Hashim

2) Mr. Munir Moinuddin Hashim

3) Mr. Khushroo Kali Wadia

4. The Board of Directors are authorized to sell or mortgage any of the Company’s immovable proper-

ties, to let any of the Company’s immovable properties for the period more than three years, to make a gift, to

compromise, to file complaints to the Court and to submit the dispute to the Arbitration.

The Executive Board of Directors

■ The following 3 directors are appointed by the Board of Directors as the Executive Directors on

the Executive Board of Directors. 1) Mr. Khalid Moinuddin Hashim

2) Mr. Munir Moinuddin Hashim

3) Mr. Khushroo Kali Wadia

■ Powers, duties and responsibilities of the Executive Board of Directors are summarized hereunder :

1. To manage the Company’s business under the resolutions / regulations of the Board of Directors.

2. To execute any agreements / contracts binding the Company of which the terms and conditions

must be in the scope of authority vested by the Board of Directors. Such agreements / contracts must be

affixed with signatures of any two Executive Directors together with the Company’s seal.

6 4

3. To generally act on behalf and in the interest of the Company and its subsidiaries as may be required

to carry on the business. The Audit Committee

■ Board of Directors have appointed the Audit Committee since 24 August 1998 with the term of

8 6

2 years for each member. The current Audit Committee Members are following 1) Police LT. Gen . Kiattisak Prabhavat

Chairman

2) Admiral Dr. Amnad Chandanamattha

Member

3) Mr. Suphat Sivasriaumphai

Member

■ The Audit Committee is responsible to review and report the following matters to the Board of Directors.

1. To review the Company’s financial reporting process to ensure accuracy and adequate disclosure.

2. To ensure that the Company has suitable and efficient internal control system and internal audit.

3. To review the performance of the Company to ensure compliance with the securities and exchange

2 3M

law, regulations of the Exchange and other laws relating to business of the Company. 4. To select and nominate an external auditor of the Company, including recommendation of remunera-

tion of the external auditor.

5. To review the disclosure of information of the Company in case that there is a connected transaction

or transaction that may lead to conflict of interest so as to ensure the accuracy and completeness.

6. To prepare a report on activities of the Audit Committee and disclose it in an annual report. Such

report must be signed by the Chairman of the Audit Committee.

7. To perform any other act as delegated by the Board of Directors and approved by the Audit Committee.

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑

4 2 10 M 8 6 4 2

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–

Admiral Dr. Amnad Chandanamattha

µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑, °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– §ÿ≥«ÿ≤°‘ “√»÷°…“ B.Sc. First-Class Hons. Ph.D. «‘»«°√√¡‡§√◊ËÕß°≈ ¡À“«‘∑¬“≈—¬ Leeds ª√–‡∑»Õ—ß°ƒ… ·≈– «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 28 ª√– ∫°“√≥å 2534 - ªí®®ÿ∫—π ■ ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ªí®®ÿ∫—π ■ ª√–∏“π°√√¡°“√ ∫√‘…—∑ Hospital Network ®”°—¥ ■ ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚√ßæ¬“∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ 2542 - ªí®®ÿ∫—π ■ °√√¡“∏‘°“√ √—∞ ¿“ 2534 ■ æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ‡ π“∏‘°“√°Õß∫—≠™“°“√∑—Ë«‰ª ■ ‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ 2532 - 2534 2531 - 2532 ■ √Õß‡®â“°√¡ÕŸà∑À“√‡√◊Õ °√¡ÕŸà∑À“√‡√◊Õ ª√–«—µ‘°“√Õ∫√¡ 3 ∏§. 2544 ■ ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 16 æ¬. 2544 ■ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 31 µ§. 2543 ■ ‡¢â“√à«¡°“√Õ∫√¡„πÀ—«¢âÕ çThe State of Corporate Governance in Europeé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ 25,000 Àÿâπ

6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8

POSITION

■ Chairman of the Board of Directors, Audit Committee Member and Independent Director

EDUCATION

■ B.Sc. First-Class Hons. Ph.D in Mechanical Engineering, University of Leeds, England ■ National Defense College Group No. 28.

EXPERIENCE

1991 - present

■ Chairman, Precious Shipping Public Company Limited.

Present

■ Chairman, Hospital Network Company Limited. Chairman, Bangkok 9 International Hospital Company Limited.

4M 1999 - present

■ Commissioner of Parliament

1991

■ Admiral, General Headquarters, Royal Thai Navy.

1989 - 1991

■ Director General, Naval Dockyard.

1988 - 1989

■ Deputy Director General, Naval Dockyard.

TRAINING

3 Dec 2001

■ Attended the training course on the topic “Chairman 2000”

16 Nov 2001

■ Attended the training course on the topic “Effective Audit Committees & Best Practices”

31 Oct 2000

■ Attended the training course on the topic “The State of Corporate Governance in Europe”

held by Thai Institute of Directors Association.

8 6

held by Thai Institute of Directors Association.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

■ 25,000 shares

11 M 8 6

BOARD OF DIRECTORS-PROFILE

4 2 10 M 8 6 4 2

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr. Khalid Moinuddin Hashim

µ”·Àπàß °√√¡°“√ºŸâ®—¥°“√ ·≈– °√√¡°“√∫√‘À“√ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√‡ß‘π ®“° ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ª√– ∫°“√≥å 2534 - ªí®®ÿ∫—π ■ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2527 - 2534 ■ À—«Àπâ“·ºπ°™‘æªîôß ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 2522 - 2526 ■ ºŸâ∫√‘À“√Õ“«ÿ‚ ∫√‘…—∑ ·æπ‚Õ‡™’Ë¬π π“«‘‡°™—Ëπ ·Õπ ‡∑√¥¥‘Èß®”°—¥ ■ (14,669,000) Àÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546

6 4 2 8M 8 6 4 2

POSITION

■ Managing Director and Executive Director

EDUCATION

■ Master Degree in Management Studies Specializing in Finance from the University of Bombay

EXPERIENCE

1991 - present

■ Managing Director, Precious Shipping Public Company Limited

1984 - 1991

■ Head of Shipping Department, Geepee Corporation Limited

1979 - 1983

■ Senior Executive, Pan Ocean Navigation & Trading Pte. Ltd.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

4 2 6M

■ (14,669,000) shares

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr. Munir Moinuddin Hashim

µ”·Àπàß ■ °√√¡°“√ (°“√æ“≥‘™¬å) ·≈–°√√¡°“√∫√‘À“√ §ÿ≥«ÿ≤°‘ “√»÷°…“ ■ ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√µ≈“¥ ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ª√– ∫°“√≥å 2534 - ªí®®ÿ∫—π ■ °√√¡°“√ (°“√æ“≥‘™¬å) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2529 - 2534 ■ À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√ ∫√‘…—∑ ®’æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 2524-2528 ■ À—«Àπâ“ΩÉ“¬ªØ‘∫—µ‘°“√æ“≥‘™¬å ∫√‘…—∑ ¡—≈¥’ø å ™‘æªîôß ®”°—¥ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ (56,865,000) Àÿâπ

2 5M 8 6 4 2 4M 8

POSITION

■ Director (Commercial) and Executive Director

EDUCATION

■ Master Degree in Management Studies Specializing in Marketing from the University of Bombay

6 4

EXPERIENCE 1991 - present

■ Director (Commercial), Precious Shipping Public Company Limited

1986 - 1991

■ Head of Operations, Geepee Corporation Limited

1981 - 1985

■ Head of Commercial Operations, Maldives Shipping Limited

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

2 3M 8

■ (56,865,000) shares

6 4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

Mr. Khushroo Kali Wadia

µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

6 4

■ ■ ■

°√√¡°“√∫√‘À“√ ª√‘≠≠“µ√’ - ∂‘µ‘, §≥‘µ»“ µ√å·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ºŸâµ√«® Õ∫∫—≠™’√—∫Õπÿ≠“µ®“° ∂“∫—πºŸâµ√«® Õ∫∫—≠™’√—∫Õπÿ≠“µ·Ààßª√–‡∑»Õ‘π‡¥’¬

ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ■ °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ■ °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥ 2537 - 2542 2540 - 2541 ■ ºŸâÕ”π«¬°“√ (°“√‡ß‘π·≈–°“√®—¥°“√) ∫√‘…—∑ ™—« å‡∑°´å ®”°—¥ 2533 - 2537 ■ ºŸâ®—¥°“√·ºπ°∫—≠™’·≈–°“√‡ß‘π °≈ÿà¡∫√‘…—∑ ·¡Á°´å«‘π ®”°—¥ ■ ºŸâ™à«¬ºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ.‡Õø.‡øÕ√å°Ÿ —π ·Õπ¥å ‚§. 2531 - 2533 ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 ■ (195,000) Àÿâπ

8M 8 6 4 2 7M 8

POSITION

■ Director (Finance) and Executive Director

EDUCATION

■ Bachelor Degree in Science from University of Bombay

■ Chartered Accountant from Institute of Chartered Accountants of India.

4 EXPERIENCE

1999 - present

1994 - 1999

1997 - 1998

1990 - 1994

1988 - 1990

■ ■ ■ ■ ■

Director (Finance), Precious Shipping Public Company Limited. Director (Finance & Accounts), Maxwin Group of Companies Vice President (Finance & Administration), Suretex Ltd. Financial Controller, Maxwin Group of Companies Assistant Manager, A.F. Ferguson & Co.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

■ (195,000) shares

π“ß “« π‘™‘µâ“ ™“Àå

Miss Nishita Shah

µ”·Àπàß ■ °√√¡°“√ §ÿ≥«ÿ≤°‘ “√»÷°…“ ■ ª√‘≠≠“µ√’ “¢“°“√®—¥°“√∏ÿ√°‘® (°“√‡ß‘π ·≈– °ØÀ¡“¬∏ÿ√°‘®), ¡À“«‘∑¬“≈—¬∫Õ µ—π, ‚√ß‡√’¬π°“√®—¥°“√ ª√– ∫°“√≥å .§. 2545 - ªí®®ÿ∫—π ■ °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 ■ 45,725,000 Àÿâπ

4 2 4M 8 6 4

POSITION

■ Director

EDUCATION

■ Bachelor of Science in Business Administration; concentration in Finance and Business Law, Boston University, School of Management

3M EXPERIENCE

Aug 2002 - Present

■ Director, Precious Shipping Public Company Limited

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

■ 45,725,000 shares

11 M 8 6 4 2 10 M 8 6 4 2

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ

Police LT. Gen. Kiattisak Prabhavat

µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“ 2498 - 2502

■

6 ■ ■ ■

2509 - 2510 2536 - 2537 ª√– ∫°“√≥å 2539 - ªí®®ÿ∫—π ªí®®ÿ∫—π

■ ■

■ ■ ■ ■ ■

2545 2539 - 2541

■ ■ ■

2538 - 2539 2537 - 2539 2537 2535 - 2537 2534 - 2535 2533 - 2534 2532 - 2533 2531 - 2532 2526 - 2531 ª√–«—µ‘°“√Õ∫√¡ 30 °.§. 2545 16 æ.¬. 2544

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

■ ■ ■ ■ ■ ■ ■ ■ ■

‚√ß‡√’¬ππ“¬√âÕ¬∑À“√∫° ª√–‡∑»Õ—ß°ƒ… ‚√ß‡√’¬π µ”√«® ª√–‡∑»Õ—ß°ƒ… ‚√ß‡√’¬π ◊∫ «π Õ∫ «π ‡Œπ¥Õπ ª√–‡∑»Õ—ß°ƒ… ‚√ß‡√’¬π ◊∫ «π Õ∫ «π·Ààß™“µ‘ ‡Õø∫’‰Õ ª√–‡∑» À√—∞Õ‡¡√‘°“ ‚√ß‡√’¬ππ—°∫√‘À“√™—Èπ Ÿß¢Õß ”π—°ß“π‡≈¢“∏‘°“√ ¢â“√“™°“√æ≈‡√◊Õπ

2 8M 8 6 4

°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ∑’Ëª√÷°…“ ∫√‘…—∑ All Seasons Property Co.,Ltd. °√√¡°“√ ∫√‘…—∑ ÕŸ™à“ ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√ ∫√‘…—∑ Perfect Place Property ®”°—¥ ∑’Ëª√÷°…“ ∫√‘…—∑ V. Group Building ∑’Ëª√÷°…“ √—∞¡πµ√’«à“°“√°√–∑√«ß§¡π“§¡ ∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ À«‘√‘¬“ ´‘µ’È ®”°—¥ (¡À“™π) ∑’Ëª√÷°…“æ‘‡»… ∫√‘…—∑ °«ß¥Õß ‡ÕÁπ‡µÕ√å‰æ√´å ®”°—¥ (¡À“™π) °√√¡°“√ °“√∑à“Õ“°“»¬“π·Ààßª√–‡∑»‰∑¬ ºŸâ∫—≠™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß ®‡√µ”√«® √Õß®‡√µ”√«® √ÕßºŸâ∫—≠™“°“√»÷°…“ ºŸâ™à«¬ºŸâ∫—≠™“°“√µ”√«®π§√∫“≈ ºŸâ∫—ß§—∫°“√Õ”π«¬°“√°Õß∫—≠™“°“√µ”√«®π§√∫“≈ ºŸâ∫—ß§—∫°“√µ”√«®®√“®√ √ÕßºŸâ∫—ß§—∫°“√µ”√«®π§√∫“≈æ√–π§√„µâ

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4

■

‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ 30 µ.§. 2543 ■ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ËÕß ç°√√¡°“√∫√‘…—∑°—∫§«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡µ“¡ æ.√.∫.°“√∫—≠™’ æ.». 2543é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ -‰¡à¡’-

8 6 4 2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 ■ Chairman of Audit Committee and Independent Director

POSITION

EDUCATION

1955-1959

6 4 1966 - 1967

1993 - 1994

■ ■ ■ ■ ■

Graduated from Royal Military Academy, England

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

Director, Precious Shipping Public Company Limited.

Police Academy, England. Hendon Detective Training School, England. Federal Bureau of Investigation, USA High Executive Training School of Civil Service Commission.

EXPERIENCE

1996 - present

Present

4 2 2002

1996 - 1998

8 6

1995 - 1996

1994 - 1996

1994 1992 - 1994

1991 - 1992

1990 - 1991

1989 - 1990

1988 - 1989 1983 - 1988

Advisor of All Seasons Property Co.,Ltd. Director, Usha Siam Steel Industries Public Company Limited Chairman, Perfect Place Condominium Company Limited Advisor, Company Affair of V. Group Building Advisor of the Minister of Communications Advisor of Sahaviriya City Public Company Limited Advisor of Guang Dong Enterprise Co., Ltd. Director of Aviation Authority of Thailand Commissioner of the Immigration Bureau Inspector General of Police Deputy Inspector General of Police Deputy Commissioner of the Police Education Bureau Assistant Commissioner of the Metropolitan Police Commander Chief of General Staff Commander Traffic Police Division Deputy Commander, Southern Bangkok Police Division

TRAINING

30 - Jul - 2002

■ Attended training course on the topic “Chairman 2000”

16 - Nov - 2001

■ Attended training course on the topic “Effective Audit Committees & Best Practices”

30 - Oct - 2000

■ Attended training course on the the topic “The Increased Liabilities of Company

held by Thai Institute of Directors Association

8 6

held by Thai Institute of Directors Association

4 2

Directors according to Accounting ACT 2000” held by Thai Institute of Directors Association

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

■ -None-

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ

Mr. Suphat Sivasriaumphai

µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√– ∫°“√≥å 2532 - ªí®®ÿ∫—π 2543 - ªí®®ÿ∫—π 2512 - ªí®®ÿ∫—π

3M 8 6

■ ■

°√√¡°“√ ·≈– °√√¡°“√µ√«® Õ∫ Õ— —¡™—≠æ“≥‘™¬å

■

°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ■ °√√¡°“√µ√«® Õ∫ ∫√‘…—∑ øîπ‘§´ æ—≈æ ·Õπ¥å ‡æ‡æÕ√å ®”°—¥ (¡À“™π) ■ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥ ■ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‰∑¬Õ—¡∫‘°â“ ‡§¡‘§—≈ å ®”°—¥ ■ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ (4,000,000) Àÿâπ

4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2 POSITION

■ Director and Audit Committee Member

EDUCATION

■ Assumption Commercial College

9M 8

EXPERIENCE 1989 - present 2000 - present 1989 - present

■ ■ ■ ■ ■

Director, Precious Shipping Public Company Limited. Audit Committee Member, Phoenix Pulp & Paper Public Company Limited.

Managing Director, Thai Filament Textiles Co., Ltd.

Managing Director, Thai Ambica Chemicals Co., Ltd.

Managing Director, Rembrandt Hotel Corporation Ltd.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

■ (4,000,000) shares

6 4

π“¬‰®ª“≈ ¡—π ÿ¢“π’

Mr.Jaipal Mansukhani

µ”·Àπàß ■ °√√¡°“√ §ÿ≥«ÿ≤°‘ “√»÷°…“ ■ Cadet, Directorate of Marine Engineering Training. ª√– ∫°“√≥å 2536 - ªí®®ÿ∫—π ■ °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ■ °√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 2544 - ªí®®ÿ∫—π 2531 - 2536 ■ ºŸâ®—¥°“√ΩÉ“¬‡∑§π‘§ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 2528 - 2530 ■ √ÕßºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ■ ºŸâ™à«¬ºŸâ§«∫§ÿ¡«‘»«°√ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ 2524 - 2527 2520 - 2524 ■ À—«Àπâ“«‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ 2514 - 2519 ■ «‘»«°√ª√–®”‡√◊Õ ∫√‘…—∑ °‘π‡¥’¬ µ’¡ π“«‘‡°™—Ëπ ®”°—¥ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.».2546 ■ (170,000) Àÿâπ

8 6 4 2 6M 8 6 4 2 5M

POSITION

■ Director

EDUCATION

■ Cadet, Directorate of Marine Engineering Training

EXPERIENCE 1993 - present 2001 - present 1988 - 2001 1985 - 1987 1981 - 1984 1977 - 1981 1971 - 1976

4 ■ ■ ■ ■ ■ ■ ■

Director, Precious Shipping Public Company Limited

Director, (Technical), Great Circle Shipping Agency Limited

Technical Manager, Great Circle Shipping Agency Limited Deputy Engineer Superintendent, Scindia Steam Navigation Limited

Assistant Engineer Superintendent, Scindia Steam Navigation Limited

Chief Engineer, Scindia Steam Navigation Limited

Marine Engineer, Scindia Steam Navigation Limited.

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

■ (170,000) shares

3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

π“¬™’√– ¿“≥ÿæß»å

Mr. Chira Panupong

µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

■ ■

■

8 6

°√√¡°“√Õ‘ √– ∏√√¡»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å B. Com. (Accountancy) Hons., University of Leeds, England. M.Sc. (Econ.), School of Economics and Political Science, University of London À≈—° Ÿµ√ Industrial Project Evaluation Course, Economic Development Institute, IBRD, «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿàπ 20

ª√– ∫°“√≥å 2543 - ªí®®ÿ∫—π ªí®®ÿ∫—π

■

POSITION

■ Independent Director

EDUCATION

■ LL.B., Thammasat University

°√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ■ ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π) ■ √Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) 2543 - 2546 ■ ª√–∏“π°√√¡°“√ ∫√‘…—∑‰µ√ ‡Õπ‡πÕ®’È ®”°—¥ ■ ‡≈¢“∏‘°“√§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ °àÕπªï 2535 ■ ”π—°ß“π‡≈¢“πÿ°“√°√¡ °√–∑√«ß°“√µà“ßª√–‡∑» ■ °√¡∑–‡∫’¬π°“√§â“ °√–∑√«ßæ“≥‘™¬å ■ ”π—°«‘™“°“√·≈–«“ß·ºπ °√–∑√«ßæ—≤π“°“√·Ààß™“µ‘ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ -‰¡à¡’-

4 2 7M 8 6 4 2 6M 8 6

■ B. Com. (Accountancy) Hons., University of Leeds, England

■ M.Sc. (Econ.), School of Economics and Political Science, University of London

■ Industrial Project Evaluation Course, Economic Development Institute, IBRD,

National Defense College Group No. 20.

EXPERIENCE

2000 - Present

■ Director, Precious Shipping Public Company Limited.

Present

■ Chairman of the Board of Directors, Banpu Public Co., Ltd. ■ Vice Chairman of Tuntex (Thailand) Public Co., Ltd.

2 4M

2000-2003

■ Chairman of the Board of Directors, Tri Energy Co.,Ltd.

Before year 1992

■ Secretary General, Board of Investment

■ Office of the Under Secretary of State, Ministry of Foreign Affairs

■ Dept. of Commercial Registration, Ministry of Commerce ■ Technical Planning Office, Ministry of National Development

INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2003

■ -None-

π“¬∏’√– «‘¿Ÿ™π‘π

Mr. Thira Wipuchanin

µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√– ∫°“√≥å 2543 - ªí®®ÿ∫—π ªí®®ÿ∫—π

4 2 2M 8

■ ■ ■ ■ ■

■

°√√¡°“√Õ‘ √– ª√‘≠≠“µ√’∑“ß∫√‘À“√∏ÿ√°‘®·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬«‘ §Õπ´‘π À√—∞Õ‡¡√‘°“ °√√¡°“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) °√√¡°“√ ∫√‘…—∑ ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π) °√√¡°“√ §≥–°√√¡°“√∏ÿ√°‘®¢π“¥°≈“ß·≈–¢π“¥¬àÕ¡ ÀÕ°“√§â“‰∑¬ ∑’Ëª√÷°…“ §≥–°√√¡°“√∏ÿ√°‘®°“√‡ß‘π·≈–°“√≈ß∑ÿπ ÀÕ°“√§â“‰∑¬

4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

■

°√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß °.ª.π ■ °√√¡°“√ ∫√‘…—∑ ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ ■ °√√¡°“√ ∫√‘…—∑ ·¡Á§‚§√ ®”°—¥ 2543 - 2546 ■ √Õß°√√¡°“√ºŸâ®—¥°“√ ∏π“§“√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààßª√–‡∑»‰∑¬ ■ °√√¡°“√ ∫√‘…—∑ ´—π‚¬ ¬Ÿπ‘‡«Õ√å·´≈ Õ’‡≈Á§∑√‘§ ®”°—¥ (¡À“™π) ■ °√√¡°“√·≈–‡À√—≠≠‘° ¡Ÿ≈π‘∏‘‡Õ°™πæ—≤π“¿Ÿ¡‘¿“§ ■ °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ∑.».∑ ·≈– °. .∑ ■ °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—Èß∫√‘…—∑¢Õß ª.µ.∑ ■ Õπÿ°√√¡°“√ §≥–Õπÿ°√√¡°“√∫√‘À“√»Ÿπ¬å√–¥¡∑ÿπ ■ √Õß°√√¡°“√ºŸâ®—¥°“√„À≠àÕ“«ÿ‚ °≈ÿà¡∫√‘…—∑æ√’‡¡’¬√å 2537 - 2540 2533 - 2537 ■ ºŸâ·∑πª√–®”ª√–‡∑»‰∑¬∫√‘…—∑æ√Ÿ‡¥Áπ‡™’¬≈ ·Õ ‡´Áµ ·¡π‡π®‡¡âπ∑å ‡Õ™’¬ ®”°—¥ 2518 - 2533 ■ √Õßª√–∏“π (°“√≈ß∑ÿπ), ∫√‘…—∑ Õ‡¡√‘°—πÕ‘π‡µÕ√å·π™™—Ëπ·π≈ ·Õ ™—«√—π å ®”°—¥ 2517 - 2518 ■ ∫√‘…—∑ ‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥ 2516 - 2517 ■ ª√–®”°Õßæ≈∑À“√¡â“ ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) „πªï æ.». 2546 ■ -‰¡à¡’-

9M 8 6 4 2 8M 8 6 4 2 7M 8

POSITION EDUCATION

■ Independent Director ■ B.Sc. in Economics and Business Administration, University of Wisconsin - Stevents Point, U.S.A.

4 2

EXPERIENCE 2000 - present Present

■ ■ ■ ■ ■ ■ ■ 2000 - 2003 ■ ■ ■ ■ ■ ■ 1994 -1997 ■ 1990 - 1994 ■ 1975 - 1990 ■ 1974 - 1975 ■ 1973 - 1974 ■ INCREASE (DECREASE)

Director, Precious Shipping Public Company Limited. Director, United Palm Oil Industry Public Company Limited. Member, Small and Medium Business Development Committee, Thai Chamber of Commerce. Advisor, Financial Services Committee, Thai Chamber of Commerce Board of Director Company Establish Preparatory Committee M.W.A Director of Dhamniti and Truth Company Limited. Director of Macro Company Limited. Senior Executive Vice President, Export - Import Bank of Thailand. Director, Sanyo Universal Electric Public Company Limited. Treasurer, The Community Support Foundation, Thailand Board of Director Company Establish Preparatory Committee/T.O.T.and C.A.T Board of Director Company Establish Preparatory Committee / P.T.T. Board member, Capital Market Opportunity Center. Senior Vice President, Premier Group of Companies. Thailand Representative, Prudential Asset Management Asia Ltd. Vice President (Investment), American International Assurance Co., Ltd. Business Loan Manager, Commercial Credit Corp. (Thailand) Ltd. Served the Royal Thai Army IN SHAREHOLDING IN THE YEAR 2003 ■ - None-

6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2

π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π

Miss Somprathana Thepnapaplern

µ”·Àπàß

■

‡≈¢“πÿ°“√∫√‘…—∑·≈–‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫

6 POSITION

■ Company Secretary and Executive Secretary of Audit Committee

2 2M 8

À¡“¬‡Àµÿ : ‡π◊ËÕß®“°¡’°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ√–À«à“ßªï®“°Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ ¥—ßπ—Èπ®”π«πÀÿâπ∑’Ë∂◊Õ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ®–§‘¥®“°¡Ÿ≈§à“∑’Ëµ√“‰«â „À¡àÀÿâπ≈– 1 ∫“∑ Note

: Increase (decrease) in shareholding is after considering the split in par value per share to Baht 1 per share.

4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

§≥–ºŸâ∫√‘À“√

4 2 10 M 8 6 4 2

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

°√√¡°“√ºŸâ®—¥°“√

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

°√√¡°“√ (°“√æ“≥‘™¬å)

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

°√√¡°“√ (°“√‡ß‘π)

π“¬‰®ª“≈ ¡—π ÿ¢“π’

°√√¡°“√ (‡∑§π‘§) ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

4 2 8M

π“¬™’≈“≈ ‚°ªîπ“∏“π µ”·Àπàß ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å) §ÿ≥«ÿ≤‘°“√»÷°…“ ª√‘≠≠“µ√’∫√‘À“√∏ÿ√°‘® ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ª√–°“»π’¬∫—µ√°“√‡¥‘π‡√◊Õ ®“° Norottam Morarjee Institute of Shipping,∫Õ¡‡∫¬å ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ■ ºŸâÕ”π«¬°“√ (°“√æ“≥‘™¬å) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2532 - 2541 ■ ºŸâ®—¥°“√ΩÉ“¬∫√‘°“√‡™à“‡√◊Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

8 6 4 2 7M 8 6

π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å µ”·Àπàß ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) §ÿ≥«ÿ≤‘°“√»÷°…“ Cadet, Directorate of Marine Engineering Training ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ■ ºŸâÕ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2532 - 2541 ■ ºŸâ®—¥°“√°Õß‡√◊Õ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

4 2 6M 8 6 4

°—ªµ—π√“øî§ π“π“ §“ª“¥‘ µ”·Àπàß ºŸâÕ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM) §ÿ≥«ÿ≤‘°“√»÷°…“ Bachelor of Science and Master Mariner ª√– ∫°“√≥å 2542- ªí®®ÿ∫—π ■ ºŸâÕ”π«¬°“√ (ISM) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2538 - 2541 ■ ºŸâ®—¥°“√¥â“π°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑» (ISM) 2529 - 2538 ■ °—ªµ—πª√–®”∑à“‡√◊Õ ∫√‘…—∑ ®’ æ’ ®”°—¥ 2522 - 2529 ■ ºŸâ§«∫§ÿ¡ ·≈– ¥Ÿ·≈‡√◊Õ ∑’Ëª√–‡∑» ‘ß§‚ª√å 2518 - 2522 ■ °—ªµ—πª√–®”‡√◊Õ

2 5M 8 6 4 2 4M 8 6

π“¬π’≈“°—πµ—π «“ ÿ‡¥«—π µ”·Àπàß ºŸâÕ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’Ë¬ß¿—¬) §ÿ≥«ÿ≤‘°“√»÷°…“ Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade Master degree in Management in Studies (M.M.S) ª√– ∫°“√≥å 2542 - ªí®®ÿ∫—π ■ ºŸâ™à«¬ºŸâÕ”π«¬ (°“√®—¥°“√¥â“π§«“¡‡ ’Ë¬ß¿—¬) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2538 - 2541 ■ ºŸâ®—¥°“√ΩÉ“¬ª√–°—π¿—¬ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) 2528 - 2538 ■ Deputy manager, Shipping Corporation of India Ltd.

4 2 3M 8 6 4 2 2M 8 6 4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

MANAGEMENT TEAM

4 2 10 M 8 6 4 2

MR. KHALID MOINUDDIN HASHIM

Managing Director

MR. MUNIR MOINUDDIN HASHIM

Director (Commercial)

MR. KHUSHROO KALI WADIA

Director (Finance)

MR. JAIPAL MANSUKHANI

Director (Technical) of Great Circle Shipping Agency Ltd.

4 2

MR. SHRILAL GOPINATHAN

Position

Vice President (Commercial)

Education

Bachelor of Commerce from the University of Bombay

Diploma in Shipping from the Norattam Morarjee Institute of Shipping, Bambay

Experience

1999 - present

■ Vice President (Commercial), Precious Shipping Public Company Limited.

1989 - 1998

■ Chartering Manager, Precious Shipping Public Company Limited.

7M 8

MR. KOKA VENKATARAMANA SUDHAKAR

Position

Vice President (Fleet Management)

Education

Cadet, Directorate of Marine Engineering Training

Experience

1999 - present

■ Vice President (Fleet Management), Precious Shipping Public Company Limited.

1989 - 1998

■ Fleet Manager, Great Circle Shipping Agency Limited.

CAPT. RAFIK NANA KAPADI

6 Position

Vice President (International Safety Management) (ISM)

Education

Bachelor of Science and Master Mariner

Experience

1999 - present

■ Vice President (ISM), Precious Shipping Public Company Limited.

1995 - 1998

■ ISM - In charge

1986 - 1995

■ Port Captain, G.P. Ltd.

1979 - 1986

■ Marine Superintendent, Singapore

1975 - 1979

■ Captain onboard the ship

4 2 5M 8

2 MR. NEELAKANTAN VASUDEVAN

Position

Vice President (Risk Management)

Education

Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade.

Master Degree in Management Studies (M.M.S)

Experience

1999 - present

■ Assistant Vice President (Risk Management),

■ Precious Shipping Public Company Limited.

1995 - 1998

■ Insurance & Claims Manager, Precious Shipping Public Company Limited.

1985 - 1995

■ Deputy Manager, Shipping Corporation of India Limited.

8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫

4 2 10 M 8 6 4 2

‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ

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8 6 4 2 2M

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√“¬ß“πª√–®”ªï 2546

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11 M 8 6

AUDIT COMMITTEE REPORT

4 2 10 M 8 6 4 2

TO THE SHAREHOLDERS,

9M The Audit Committee of Precious Shipping Public Company Limited consists of 3 independent directors viz., Police

LT. Gen. Kiattisak Prabhavat as Chairman of Audit Committee, Admiral Dr. Amnad Chandanamattha and Mr. Suphat Sivasriaumphai, both, as Audit Committee members. The Audit Committee has performed with total responsibility in

compliance with the Audit Committee Charter approved by the Board of Directors and the requirements of the Stock

Exchange Commission and the Stock Exchange of Thailand, which is summarized as follows :

■ In the year 2003, meetings of the Audit Committee have been held through the year to review financial

statements of the Company and its subsidiaries and meetings with external auditor were also held every quarter for the discussions of the Auditor’s report, financial statements and the recommendations of the relevant accounting standards.

The Audit Committee is of the opinion that the Company has a proper financial reporting process to disclose its financial

information, in which the financial statements are correct, sufficient and credible.

■ The Audit Committee has also discussed with internal auditors the scope of internal auditing, their responsi-

bilities and functions and approved the internal audit plan for the Internal Audit Department. In the year 2003, Internal Audit Department reviewed the risk assessment and internal control activities of all departments, audited the operations of some

departments, reviewed the conflict of interest transactions and reviewed the compliance with regulations and laws relating

to the business of the Company such as Thai Vessels Act and areas of potential tax exposure. Internal auditors also followed

up on the results of the aforesaid review. The results of the review and the recommendations were discussed with the

related staff and management and reported to the Audit Committee.

■ Internal Audit has reviewed the connected transactions according to the new Notification of the Stock Exchange of Thailand Re: The Disclosure and Procedures of Listed Company for Connected Transactions B.E.2546. The Company has

2 connected transactions which are classified as type 2 transactions under the notification towards office rental and air ticket

expenses. The details of the transactions have been explained under the topic “Connected Transactions” in this annual report.

The result of the review has been discussed in the Board of Directors Meeting No. 2/2004 held on 26 March 2004. Audit

Committee and Board of Directors are of the opinion that such transactions are fair and for the full benefit of the Company.

■ The Audit Committee is of the opinion that the Company has proper and adequate internal control system and no significant deficiency.

■ The Audit Committee is of the opinion that the Company has been in compliance with the laws and regulations

to which the operations of the company are subjected. Principally, these laws are the Public Companies Act, Revenue

Code, Thai vessels Act, SEC Act and regulations of the SET. ■ The Audit Committee has reported the minutes of the meeting of the Audit Committee with external auditors

and internal auditors to the Board of Directors every quarter as a matter of record and for receiving suggestions from

the Board.

For the audit of the year 2004 financial statements of the Company and subsidiaries, the Audit Committee has

proposed to the Board of Directors to consider and seek shareholders’ in the Annual General Meeting of 2004, approval for the appointment as auditors, of Ernst & Young Office Limited with a remuneration of Baht 4 million plus out of pocket

expenses. These fees are based on the number of ships as of 31 December 2003 of 29 ships (does not include 1 ship owned

by an overseas subsidiary). If there is any acquisition of any ship (s) in the year 2004, the fees would be increased at the rate

of Baht 80,000 for 1 ship owning subsidiary and Baht 100,000 for 2 ships owning subsidiary.

For and on behalf of the Audit Committee of

Precious Shipping Public Company Limited

6 4 2 2M

Police LT. Gen. Kiattisak Prabhavat Chairman of the Audit Committee

26th March 2004

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

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4 2 10 M 8 6 4 2

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(§Ÿ™√Ÿ §“≈’ «“‡¥’¬) °√√¡°“√∫√‘À“√

11 M 8 6

REPORT ON THE BOARD OF DIRECTORSû RESPONSIBILITIES FOR FINANCIAL STATEMENTS

4 2 10 M 8 6 4 2

The Board of Directors is responsible for the Company and its subsidiaries’ financial statements

and financial information presented in this annual report. The aforementioned financial statements have been

prepared in accordance with Thai Generally Accepted Accounting Principles, using appropriate accounting

policies consistently employed by the Company after applying prudent judgment and best estimation. Important

information is adequately disclosed in the notes to the financial statements.

The Board of Directors has provided for and maintained an efficient internal control system to ensure

that accounting records are accurate, complete and adequate to protect the Company’s assets and uncover

weaknesses in order to prevent fraud or materially irregular operations.

To accomplish this task, the Board of Directors has appointed an audit committee, which consists of

Non-Executive Directors and the committee is responsible for the quality of financial statements and internal

control systems, whose comments on these issues are readily included in the Audit Committee Report in this

annual report.

The Board of Directors is of the opinion that the Company’s overall internal control system has func-

tioned upto a satisfactory level and rendered credibility and reliability to the Company’s and its subsidiaries’

4 2

financial statements for the year ended December 31, 2003.

6M 8 6

For and on behalf of the Board of Directors of

Precious Shipping Public Company Limited

2 5M 8 6 4 2 4M 8

(Khalid Moinuddin Hashim) Managing Director

(Khushroo Kali Wadia) Executive Director

4 2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6

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■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

REPORT OF INDEPENDENT AUDITOR

4 2 10 M 8 6 4 2

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

9M I have audited the accompanying consolidated balance sheet of Precious Shipping Public Company Limited

and subsidiaries as at 31 December 2003, the related consolidated statements of earnings, changes in shareholders’

equity and cash flows for the year then ended, and the separate financial statements of Precious Shipping Public

Company Limited for the same period. These financial statements are the responsibility of the management of the

Company and subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to

8M 8

express an opinion on these financial statements based on my audit. I did not audit the financial statements of seven

subsidiaries incorporated overseas which are included in these consolidated financial statements. The assets and

revenues of these subsidiaries as included in the consolidated financial statements constitute 7.4% of the consolidated

total assets as at 31 December 2003, and 3.4% of the consolidated total revenues for the year then ended. In

addition, the Company’s financial statements included investments in these subsidiaries as at 31 December 2003 of

Baht 638.1 million, stated under the equity method, and share of gain from these subsidiaries for the year then ended

of Baht 25.4 million. The financial statements of these subsidiaries were audited by other auditors, whose reports

have been furnished to me, and my opinion, in sofar as it relates to the amounts included for those subsidiaries in the

consolidated financial statements and the Company’s financial statements, is based solely on the reports of these

other auditors. The consolidated financial statements and the separate financial statements of the Company for

the year ended 31 December 2002, were audited by another auditor of our firm whose report dated 10 February

2003, expressed an unqualified opinion on those statements.

4 2

I conducted my audit 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

6 4

made by management, as well as evaluating the overall financial statement presentation. I believe that my audit and

the reports of other auditors as referred to in the first paragraph, provide a reasonable basis for my opinion.

In my opinion, based on my audit and the reports of other auditors, the financial statements referred to

above present fairly, in all material respects, the financial position of Precious Shipping Public Company Limited and

subsidiaries and of Precious Shipping Public Company Limited as at 31 December 2003, and the results of their

operations and their cash flows for the year then ended, in accordance with generally accepted accounting principles.

2 3M 8 6 4

Sumalee Reewarabandith

Certified Public Accountant (Thailand) No. 3970

Ernst & Young Office Limited

Bangkok : 11 February 2004

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

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4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4

897,269,959 70,185,983

329,715,200 142,019,006

282,671,551 -

6,538,138 -

2,299,440 20,612,060 41,952,688 41,215,594 1,073,535,724

25,983,399 47,066,795 39,524,421 44,986,219 629,295,040

598,349,626 439,741 7,298,984 888,759,902

950,160,075 439,741 8,951,837 966,089,791

87,700,531 4,617,999,254 77,585,550 8,136,920 2,962,436 4,794,384,691 5,867,920,415

35,555,856 4,427,064,530 8,815,000 3,106,073 4,474,541,459 5,103,836,499

4,567,338,616 2,720,955 423,248 4,570,482,819 5,459,242,721

5,297,114,582 4,197,008 471,166 5,301,782,756 6,267,872,547

2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

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4 2 1M

√“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

11 M 8 6

BALANCE SHEETS

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED Note

2003

THE COMPANY ONLY

2002

2003

2002

ASSETS

Current assets

Cash and cash equivalents Trade accounts receivable - net

897,269,959

329,715,200

282,671,551

70,185,983

142,019,006

6,538,138

Receivable from and advances to related parties Subsidiaries

Other related companies

598,349,626

950,160,075

439,741

2,299,440

25,983,399

Bunker oil

20,612,060

47,066,795

Advances to vessel masters

41,952,688

39,524,421

Other current assets

41,215,594

44,986,219

7,298,984

8,951,837

1,073,535,724

629,295,040

888,759,902

966,089,791

4,567,338,616

5,297,114,582

4 2 7M 8 6 4

Total current assets

Non-current assets Investments accounted for under

6M 6

Other long-term investments - net

87,700,531

35,555,856

Vessels, condominium and

4,617,999,254

4,427,064,530

equity method

6 2,720,955

4,197,008

equipment - net Prepayment for vessel purchases

5M 77,585,550

Goodwill - net

8,136,920

8,815,000

Other non-current assets

2,962,436

3,106,073

423,248

471,166

Total non-current assets

4,794,384,691

4,474,541,459

4,570,482,819

5,301,782,756

Total assets

5,867,920,415

5,103,836,499

5,459,242,721

6,267,872,547

4M 8 6 4 2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

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52,290,655 -

100,232,355 -

3,596,851 2,532,517,944

10,024,159 2,430,759,380

938,579,124 108,893,669 69,601,789 34,577,673 70,161,560 152,178,339 1,426,282,809

393,385,757 74,038,616 79,681,091 21,060,600 2,092,737 125,626,789 796,117,945

242,582,284 1,311,834 33,763,593 70,161,560 11,539,947 2,895,474,013

1,429,559 21,060,600 1,253,664 1,848,784 2,466,376,146

2,483,771,798 2,483,771,798 3,910,054,607

886,736,531 2,744,396,287 3,631,132,818 4,427,250,763

662,818,000 662,818,000 3,558,292,013

886,736,531 662,818,000 1,618,368,101 3,167,922,632 5,634,298,778

5 8

5 9

10 5 8

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11 M 8 6

BALANCE SHEETS (CONTINUED)

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED Note

2003

THE COMPANY ONLY

2002

2003

2002

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Trade accounts payable

52,290,655

Payable to and advances from subsidiaries 5 Current portion of long-term loans

Advances received from charterers Accrued crew accounts Accrued guarantee obligation

Withholding tax payable Advance receipt for sale of investments

10,024,159

2,532,517,944

2,430,759,380

393,385,757

242,582,284

108,893,669

74,038,616

1,311,834

69,601,789

79,681,091

21,060,600

2,092,737

70,161,560

3,596,851

938,579,124

34,577,673

100,232,355

33,763,593

70,161,560

1,429,559

21,060,600

1,253,664

4 Other current liabilities

152,178,339

125,626,789

11,539,947

1,848,784

1,426,282,809

796,117,945

2,895,474,013

2,466,376,146

886,736,531

Subordinated loans from subsidiaries

662,818,000

Long-term loans

2,483,771,798

2,744,396,287

1,618,368,101

Total non-current liabilities

2,483,771,798

3,631,132,818

662,818,000

3,167,922,632

Total liabilities

3,910,054,607

4,427,250,763

3,558,292,013

5,634,298,778

Total current liabilities

2 6M

Non-current liabilities Redeemable convertible debentures

8 6

6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 The accompanying notes are an integral part of the financial statements.

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

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(Àπà«¬ : ∫“∑) 9M 8

À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿπâ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (2545 : Àÿâπ “¡—≠ 197,300,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 11 520,000,000 1,973,000,000 ∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« Àÿâπ “¡—≠ 520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (2545 : Àÿâπ “¡—≠ 52,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 520,000,000 520,000,000 à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 11 411,429,745 926,054,829 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 159,706,393 168,888,751 °”‰√ – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…∑— œ 11, 12 52,000,000 60,500,000 - ∫√‘…—∑¬àÕ¬ 12 169,995,000 77,466,000 ”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ 24,181,905 24,181,905 ¬—ß‰¡à‰¥â®—¥ √√ (¢“¥∑ÿπ) 563,637,665 (1,143,517,716) √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 1,900,950,708 633,573,769 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 56,915,100 43,011,967 √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,957,865,808 676,585,736 √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 5,867,920,415 5,103,836,499

4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

ß∫°“√‡ß‘π√«¡ 2546 2545

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

520,000,000

1,973,000,000

520,000,000 411,429,745 159,706,393

520,000,000 926,054,829 168,888,751

52,000,000 757,814,570 1,900,950,708 1,900,950,708 5,459,242,721

60,500,000 (1,041,869,811) 633,573,769 633,573,769 6,267,872,547

11 M 8 6

BALANCE SHEETS (CONTINUED)

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED Note

2003

THE COMPANY ONLY

2002

2003

2002

Shareholders’ equity

Share capital

2 8M

Authorised share capital

520,000,000 ordinary shares of

Baht 1 each (2002 : 197,300,000 ordinary shares of Baht 10 each)

520,000,000

1,973,000,000

520,000,000

1,973,000,000

Issued and paid-up share capital

520,000,000 ordinary shares of

Baht 1 each (2002 : 52,000,000 ordinary shares of Baht 10 each)

520,000,000

411,429,745

926,054,829

411,429,745

926,054,829

159,706,393

168,888,751

159,706,393

168,888,751

6 4

Premium on ordinary shares

Translation adjustment

2 6M

Retained earnings

Appropriated

Statutory reserve - the Company - subsidiaries

11, 12

52,000,000

60,500,000

169,995,000

77,466,000

24,181,905

563,637,665

(1,143,517,716)

757,814,570

(1,041,869,811)

1,900,950,708

633,573,769

1,900,950,708

633,573,769

General reserve in subsidiaries Unappropriated (Deficit) Total equity attributable to Company’s shareholders

52,000,000

60,500,000

Minority interest - Equity attributable to minority shareholders of subsidiaries

56,915,100

43,011,967

Total shareholders’ equity

1,957,865,808

676,585,736

1,900,950,708

633,573,769

Total liabilities and shareholders’ equity

5,867,920,415

5,103,836,499

5,459,242,721

6,267,872,547

4M 8 6 4 2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

ß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

À¡“¬‡Àµÿ

√“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ ¥Õ°‡∫’È¬√—∫ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ 7 °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 13 √“¬‰¥âÕπ◊Ë à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ √«¡√“¬‰¥â §à“„™â®“à ¬ µâπ∑ÿπ°“√‡¥‘π‡√◊Õ §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ √“¬®à“¬∑à“‡√◊Õ πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®à“¬„π°“√∫√‘À“√ Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ §à“‡ ◊ËÕ¡√“§“ 7 ¿“√–§È”ª√–°—π®à“¬ 5 §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ 6 §à“µÕ∫·∑π°√√¡°“√ 14 à«π·∫àß¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ √«¡§à“„™â®à“¬

4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4

3,796,875,589 6,259,661 1,261,148 177,035 184,190,660 1,760,637 3,990,524,730

3,290,904,183 7,580,380 3,255,056 23,662,343 73,120,913 3,865,964 3,402,388,839

286,996 22,259,875 61,187 1,688,819,220 1,711,427,278

770,405 237,296 17,099,206 1,611,425 706,643,900 726,362,232

957,395,362 306,807,237 266,620,343 1,530,822,942 13,243,470 177,572,647 6,705,262 601,964,978 2,442,500 2,332,751,799

1,030,909,341 382,177,575 345,037,438 1,758,124,354 11,422,526 156,940,127 33,552,025 634,970,791 31,589,725 161,353,402 1,252,500 433,572 379,725 2,790,018,747

164,814,134 32,970,383 1,614,542 2,442,500 201,841,559

136,836,743 4,044,813 2,181,882 31,589,725 22,955,307 1,252,500 198,860,970

2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

11 M 8 6

STATEMENTS OF EARNINGS

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED Note

THE COMPANY ONLY

2003

2002

2003

2002

3,796,875,589

3,290,904,183

Service income

6,259,661

7,580,380

Interest income

1,261,148

3,255,056

177,035

23,662,343

184,190,660

73,120,913

1,760,637

3,865,964

Revenues

Vessel operating income

Gains on disposals of fixed assets Exchange gains Other income

770,405

237,296

22,259,875

17,099,206

61,187

1,611,425

286,996 -

2 7M

Share of profit from investments accounted for under equity method Total revenues

1,688,819,220

706,643,900

3,990,524,730

3,402,388,839

1,711,427,278

726,362,232

8 6 4

Expenses

Vessel operating costs

Vessel running expenses

957,395,362

1,030,909,341

Voyage disbursements

306,807,237

382,177,575

Bunker consumption

266,620,343

345,037,438

1,530,822,942

1,758,124,354

13,243,470

11,422,526

177,572,647

156,940,127

164,814,134

136,836,743

6,705,262

33,552,025

32,970,383

4,044,813

634,970,791

1,614,542

2,181,882

Total vessel operating costs Cost of services Administrative expenses Bad debt and allowance for doubtful accounts

8 6

Depreciation

601,964,978

Guarantee obligation

31,589,725

Allowance for possible loss on

161,353,402

22,955,307

4M 8

other investments Directors’ remuneration

2,442,500

1,252,500

2,442,500

1,252,500

Share of loss from investments accounted for under equity method

433,572

Loss on sales of investments

379,725

2 3M

Total expenses

2,332,751,799

2,790,018,747

201,841,559

198,860,970

6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

ß∫°”‰√¢“¥∑ÿπ (µàÕ)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

À¡“¬‡Àµÿ

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 15 °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–√“¬°“√æ‘‡»… ¢“¥∑ÿπ (°”‰√) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈– Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â 10 °”‰√ ÿ∑∏‘ ”À√—∫ªï °”‰√µàÕÀÿπâ ¢—πÈ æ◊πÈ ∞“π °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ)

4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2

1,657,772,931 612,370,092 (254,923,424) (201,132,020) 1,402,849,507 411,238,072 (13,903,133) 433,347 1,388,946,374 411,671,419

1,509,585,719 (120,639,345) 1,388,946,374 1,388,946,374

527,501,262 (115,829,843) 411,671,419 411,671,419

147,612,923 1,536,559,297

90,762,259 502,433,678

147,612,923 1,536,559,297

90,762,259 502,433,678

2.67 0.28 2.95 520,000,000

0.79 0.18 0.97 520,000,000

2.67 0.28 2.95 520,000,000

0.79 0.18 0.97 520,000,000

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

11 M 8 6

STATEMENTS OF EARNINGS (CONTINUED)

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED Note

2003

THE COMPANY ONLY

2002

2003

2002

Earnings before interest and financial

costs and income tax Interest and financial costs Corporate income tax

1,657,772,931

612,370,092

1,509,585,719

527,501,262

(254,923,424)

(201,132,020)

(120,639,345)

(115,829,843)

2 8M 8

Earnings before minority interest and extraordinary item Net loss (earnings) of minority interest Earnings from normal items

1,402,849,507

411,238,072

(13,903,133)

433,347

1,388,946,374

411,671,419

1,388,946,374

411,671,419

1,388,946,374

411,671,419

4 2 7M 8

Extraordinary items

Gain on redemption of bonds and redeemable

4 convertible debentures

147,612,923

90,762,259

147,612,923

90,762,259

1,536,559,297

502,433,678

1,536,559,297

502,433,678

Earnings from normal items

2.67

0.79

2.67

0.79

Extraordinary item

0.28

0.18

0.28

0.18

Net earnings

2.95

0.97

2.95

0.97

520,000,000

Net earnings for the year

2 6M

Basic earnings per share

8 6

Weighted average number of ordinary shares (shares)

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M 8 6

∑ÿπ‡√◊ÕπÀÿâπ ∑’ÕË Õ°·≈– ™”√–·≈â«

4 2

à«π‡°‘π ¡Ÿ≈§à“ Àÿâπ “¡—≠

8M 8

¬Õ¥§ß‡À≈◊Õµâπªï 2545

‚Õπ°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥

‰∂à∂Õπ‰¥â‰ª Õß§åª√–°Õ∫¢ÕßÀπ’È ‘π

520,000,000

°”‰√∑’Ë¬—ß‰¡à ‡°‘¥¢÷Èπ®√‘ß º≈µà“ß®“° ®“°Àÿâπ°Ÿâ °“√·ª≈ß§à“ ·ª≈ß ¿“æ ß∫°“√‡ß‘π ™π‘¥‰∂à∂Õπ‰¥â

926,054,829 329,203,639 143,076,117

ß∫°“√‡ß‘π√«¡ °”‰√ (¢“¥∑ÿπ) – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ ∫√‘…—∑œ

”√Õß∑—«Ë ‰ª ∫√‘…—∑¬àÕ¬ ∫√‘…—∑¬àÕ¬

60,500,000

77,466,000

¬—ß‰¡à‰¥â ®—¥ √√

à«π¢Õß ºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬

24,181,905 (1,645,951,394) 39,507,244

√«¡

474,038,340

(329,203,639)

25,812,634

3,504,723

(299,886,282)

502,433,678

520,000,000

926,054,829

168,888,751

60,500,000

77,466,000

(60,500,000)

60,500,000

(514,625,084)

514,625,084

52,000,000

92,529,000

(144,529,000)

(260,000,000)

(9,182,358)

13,903,133

(514,625,084)

(8,500,000)

92,529,000

170,596,084

13,903,133

(255,279,225)

1,536,559,297

520,000,000

411,429,745

159,706,393

52,000,000

169,995,000

24,181,905

563,637,665

º≈µà“ß®“°°“√·ª≈ß§à“

ß∫°“√‡ß‘π

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π

ß∫°”‰√¢“¥∑ÿπ °”‰√ ÿ∑∏‘ ”À√—∫ªï 2545

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545

(329,203,639) 25,812,634

24,181,905 (1,143,517,716) 43,011,967

676,585,736

‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß 6

∫√‘…—∑œ ‰ªÀ—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11)

‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ª

À—°¢“¥∑ÿπ – ¡

(À¡“¬‡Àµÿ 11)

”√Õßµ“¡°ÆÀ¡“¬ (À¡“¬‡Àµÿ 12)

‡ß‘πªíπº≈®à“¬ 2

(À¡“¬‡Àµÿ 16)

º≈µà“ß®“°°“√·ª≈ß§à“

ß∫°“√‡ß‘π

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

√“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π

ß∫°”‰√¢“¥∑ÿπ °”‰√ ÿ∑∏‘ ”À√—∫ªï 2546

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

(9,182,358)

56,915,100 1,957,865,808

11 M 8 6

STATEMENTS OF CHANGES IN SHAREHOLDERSĂť EQUITY

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED

Retained earnings (deficit) Unrealised Issued and Premium gain on Appropriated paid-up Translation on ordinary redeemable Unapproshare adjustment Statutory reserve General shares convertible priated reserve in capital debentures The Company Subsidiaries subsidiaries

6 Minority interest

Total

2 8M 8

Balance - beginning of the year 2002

520,000,000

926,054,829

329,203,639

143,076,117

60,500,000

77,466,000

24,181,905 (1,645,951,394)

39,507,244

474,038,340

Transfer unrealised gain on

redeemable convertible

debentures to liabilities element

8 -

(329,203,639)

Translation adjustment

25,812,634

Minority interest

3,504,723

(329,203,639)

25,812,634

3,504,723

(299,886,282)

Net earnings for the year 2002

502,433,678

Balance - end of the year 2002

520,000,000

926,054,829

168,888,751

60,500,000

77,466,000

43,011,967

676,585,736

6 4 2

Items not yet recognised in earnings statements

6M 502,433,678

24,181,905 (1,143,517,716)

Transfer statutory reserve of the

Company to offset deficit (Note 11)

5M -

(60,500,000)

60,500,000

Transfer premium on ordinary

shares to offset deficit (Note 11)

(514,625,084)

514,625,084

Statutory reserve (Note 12)

52,000,000

92,529,000

(144,529,000)

Dividend paid (Note 16)

(260,000,000)

Translation adjustment

(9,182,358)

Minority interest

13,903,133

(9,182,358)

2 4M 8 6 4

2 Items not yet recognised in

3M earnings statements

(514,625,084)

Net earnings for the year 2003

Balance - end of the year 2003

520,000,000

411,429,745

(9,182,358)

(8,500,000)

92,529,000

170,596,084

1,536,559,297

159,706,393

52,000,000

169,995,000

24,181,905

563,637,665

13,903,133 -

(255,279,225)

1,536,559,297

56,915,100 1,957,865,808

4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ °”‰√ (¢“¥∑ÿπ) – ¡ °”‰√∑’¬Ë ß— ∑ÿπ‡√◊ÕπÀÿâπ ‰¡à‡°‘¥¢÷πÈ ®√‘ß à«π‡°‘π¡Ÿ≈§à“ º≈µà“ß®“° ®—¥ √√·≈â« ∑’ËÕÕ°·≈– ®“°Àÿπâ °Ÿâ °“√·ª≈ß§à“ ”√Õßµ“¡ ¬—ß‰¡à‰¥â Àÿâπ “¡—≠ ™”√–·≈â« ·ª≈ß ¿“æ ®—¥ √√ ß∫°“√‡ß‘π °ÆÀ¡“¬ ™π‘¥‰∂à∂Õπ‰¥â

8 6 4 2 8M 8

¬Õ¥§ß‡À≈◊Õµâπªï 2545 520,000,000 926,054,829 329,203,639 143,076,117 60,500,000 (1,544,303,489) 434,531,096 ‚Õπ°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‰ª (329,203,639) (329,203,639) Õß§åª√–°Õ∫¢ÕßÀπ’È ‘π º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 25,812,634 25,812,634 √“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπ (329,203,639) 25,812,634 (303,391,005) °”‰√ ÿ∑∏‘ ”À√—∫ªï 2545 502,433,678 502,433,678 ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2545 520,000,000 926,054,829 168,888,751 60,500,000 (1,041,869,811) 633,573,769 ‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑œ ‰ªÀ—°¢“¥∑ÿπ – ¡ (À¡“¬‡Àµÿ 11) (60,500,000) 60,500,000 ‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ‰ªÀ—°¢“¥∑ÿπ – ¡ (À¡“¬‡Àµÿ 11) (514,625,084) 514,625,084 ”√Õßµ“¡°ÆÀ¡“¬ 52,000,000 (52,000,000) (À¡“¬‡Àµÿ 12) ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 16) (260,000,000) (260,000,000) º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π (9,182,358) (9,182,358) √“¬°“√∑’Ë¬—ß‰¡à√—∫√Ÿâ„π ß∫°”‰√¢“¥∑ÿπ (514,625,084) (9,182,358) (8,500,000) 263,125,084 (269,182,358) °”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 1,536,559,297 1,536,559,297 ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 520,000,000 411,429,745 159,706,393 52,000,000 757,814,570 1,900,950,708

6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

√«¡

√“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M THE COMPANY ONLY

Issued and

Premium on

gain on

paid-up

ordinary

redeemable

share capital

convertible

Retained earnings (deficit)

Unrealised

Appropriated Unapprostatutory adjustment priated reserve Translation

Total

2 8M

debentures Balance - beginning of the year 2002

520,000,000

926,054,829

329,203,639

143,076,117

60,500,000 (1,544,303,489)

434,531,096

Transfer unrealised gain on

4 redeemable convertible debentures

to liabilities element

(329,203,639)

Translation adjustment

25,812,634

(329,203,639)

25,812,634

(303,391,005)

Net earnings for the year 2002

502,433,678

Balance - end of the year 2002

520,000,000

926,054,829

168,888,751

60,500,000 (1,041,869,811)

633,573,769

7M 8

Items not yet recognised in earnings statements

Transfer statutory reserve of the

Company to offset deficit (Note 11)

(60,500,000)

60,500,000

Transfer premium on ordinary

shares to offset deficit (Note 11)

(514,625,084)

514,625,084

Statutory reserve (Note 12)

52,000,000

(52,000,000)

Dividend paid (Note 16)

(260,000,000)

Translation adjustment

(9,182,358)

(514,625,084)

(9,182,358)

(8,500,000)

263,125,084

Net earnings for the year 2003

Balance - end of the year 2003

520,000,000

411,429,745

159,706,393

52,000,000

8 6 4

(260,000,000)

(9,182,358)

Items not yet recognised in earnings statements

8 (269,182,358)

1,536,559,297 1,536,559,297

757,814,570 1,900,950,708

2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

2 1M

11 M 8 6 4

ß∫°√–· ‡ß‘π ¥

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ Àπ’È Ÿ≠·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß à«π·∫àß (°”‰√) ¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ µ“¡«‘∏’ à«π‰¥â‡ ’¬ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ

6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ √“¬‰¥â√—∫≈à«ßÀπâ“ ¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬ ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π

1,536,559,297

502,433,678

1,536,559,297

602,643,058 6,705,262 (161,037,212)

635,648,871 33,552,025 (40,396,838)

1,614,542 32,970,383 (7,495,859)

(34,093,958)

23,683,960 26,454,735 1,342,358 143,637

(16,636,010) 14,561,952 77,601,017 1,770,387

2,953,252,895 1,652,853 47,918

60,097,620 1,182,346 (140,808)

(48,103,858) (20,552,747) 35,585,195 (878,789) 32,484,936 (4,793,871) 70,161,560 (4,588,352) (4,825,102) 2,196,350,777 1,285,399,694

(6,167,716) 101,758,564 32,509,929 70,161,560 (11,369,438) 3,016,675,708

6,431,926 470,472,342 (3,900,239) 17,458,315 362,305,600

2 1M

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

100 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

2,181,882 4,044,813 (14,030,386)

60,590,103

502,433,678

433,572 (1,688,819,220) (706,643,900) (177,035) (23,662,343) (237,296) 379,725 161,353,402 22,955,307 13,903,133 3,504,723 1,998,596,503 1,273,246,815 (125,170,857) (189,295,902)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

11 M 8 6

STATEMENTS OF CASH FLOWS

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED 2003

THE COMPANY ONLY

2002

2003

2002

Cash flows from (used in) operating activities Net earnings

4 1,536,559,297

502,433,678

1,536,559,297

502,433,678

2 8M

Adjustments to reconcile net earnings to net

cash provided by (used in) operating activities : Depreciation and amortisation Bad debt and allowance for doubtful accounts Unrealised exchange gains

602,643,058

635,648,871

1,614,542

2,181,882

6,705,262

33,552,025

32,970,383

4,044,813

(161,037,212)

(40,396,838)

(7,495,859)

(14,030,386)

2 7M

Share of (profit) loss from investments accounted for under equity method Gain on disposals of fixed assets

(177,035)

433,572

(1,688,819,220)

(706,643,900)

(23,662,343)

(237,296)

379,725

161,353,402

13,903,133

3,504,723

1,998,596,503

1,273,246,815

(125,170,857)

(189,295,902)

Trade accounts receivable

60,590,103

(34,093,958)

Receivable from and advances to related parties

23,683,960

(16,636,010)

2,953,252,895

Bunker oil

26,454,735

14,561,952

1,342,358

77,601,017

1,652,853

1,182,346

143,637

1,770,387

47,918

(140,808)

4 Loss on sales of investments

Allowance for possible loss on other investments Increase in minority interest

6M 22,955,307

8 6 4

Operating assets (increase) decrease

Other current assets Other non-current assets

2 5M

60,097,620

8 6

Operating liabilities increase (decrease) Trade accounts payable Payable to and advances from subsidiaries

(48,103,858)

(20,552,747)

(6,167,716)

6,431,926

101,758,564

470,472,342

Advances received from charterers

35,585,195

(878,789)

Withholding tax payable

32,484,936

(4,793,871)

32,509,929

Advance receipt for sale of investments

70,161,560

Other current liabilities

(4,588,352)

(4,825,102)

(11,369,438)

17,458,315

2,196,350,777

1,285,399,694

3,016,675,708

362,305,600

8 6 4

(3,900,239)

Net cash from operating activities

8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

101

2 1M

11 M 8 6 4

ß∫°√–· ‡ß‘π ¥ (µàÕ)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ ‡ß‘πΩ“°∏π“§“√∑’Ë∂÷ß°”Àπ¥®à“¬§◊π‡°‘π°«à“ 3 ‡¥◊Õπ ·≈–‡ß‘πΩ“°∑’Ë¡’¿“√–§È”ª√–°—π≈¥≈ß 14,964,636 ¢“¬‡ß‘π≈ß∑ÿπÕ◊Ëπ 708,312 ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬‡æ‘Ë¡¢÷Èπ (225,000,000) ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ‡æ‘Ë¡¢÷Èπ (52,144,675) (49,071,977) ´◊ÈÕ ‘π∑√—æ¬å∂“«√ (792,898,845) (183,265,650) (138,489) ¢“¬ ‘π∑√—æ¬å∂“«√ 176,177 131,164,634 ‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ (77,585,550) ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ (922,452,893) (85,500,045) (225,138,489) °√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥√—∫®“°‡ß‘π°Ÿ¬â ¡◊ „À¡à 3,552,990,822 249,700,826 ‡ß‘π ¥®à“¬™”√–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (3,103,415,058) (929,657,885) (1,618,368,101) ‡ß‘π ¥®à“¬™”√– ”À√—∫°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈– Àÿâπ°Ÿâ·ª≈ß ¿“æ (739,123,608) (137,167,460) (739,123,608) ‡ß‘πªíπº≈®à“¬ (260,000,000) (260,000,000) ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π °àÕπ√“¬°“√æ‘‡»… (549,547,844) (1,066,825,345) (2,367,790,883) √“¬°“√æ‘‡»… - °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈– Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â (147,612,923) (90,762,259) (147,612,923) ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (697,160,767) (1,157,587,604) (2,515,403,806) º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) (9,182,358) 25,812,634 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 567,554,759 68,124,679 276,133,413 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 329,715,200 261,590,521 6,538,138 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 897,269,959 329,715,200 282,671,551

2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

102 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

13,744,636 (1,602,565) 237,300 12,379,371 (144,039,140) (137,167,460) (281,206,600) (90,762,259) (371,968,859) 2,716,112 3,822,026 6,538,138

11 M 8 6

STATEMENTS OF CASH FLOWS (CONTINUED)

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED 2003

THE COMPANY ONLY

2002

2003

2002

Cash flows from (used in) investing activities

Decrease in deposits at banks with maturity of more than 3 months and amount pledged Sales of other investments

2 -

14,964,636

708,312

13,744,636

Increase in investments accounted for under equity method Increase in long-term investments Acquisitions of fixed assets Disposals of fixed assets Prepayment for vessel purchases

(225,000,000)

(52,144,675)

(49,071,977)

(792,898,845)

(183,265,650)

176,177

131,164,634

(77,585,550)

(138,489)

4 2 7M

(1,602,565)

237,300

4 Net cash from (used in) investing activities

(922,452,893)

(85,500,045)

(225,138,489)

12,379,371

Cash flows from (used in) financing activities

Cash received from new loans

3,552,990,822

249,700,826

Cash paid for long-term loans

(3,103,415,058)

(929,657,885)

(1,618,368,101)

(144,039,140)

(739,123,608)

(137,167,460)

(739,123,608)

(137,167,460)

(260,000,000)

8 6

Cash paid on redemption of bonds and redeemable convertible debentures Dividend paid

4 2

Net cash used in financing activities before extraordinary items

8 (549,547,844)

(1,066,825,345)

(2,367,790,883)

(281,206,600)

Extraordinary item - gains on redemption of bonds and redeemable convertible debentures

(147,612,923)

(90,762,259)

(147,612,923)

(90,762,259)

Net cash used in financing activities

(697,160,767)

(1,157,587,604)

(2,515,403,806)

(371,968,859)

(9,182,358)

25,812,634

Net increase in cash and cash equivalents

567,554,759

68,124,679

276,133,413

2,716,112

Cash and cash equivalents at beginning of year

329,715,200

261,590,521

6,538,138

3,822,026

Cash and cash equivalents at end of year

897,269,959

329,715,200

282,671,551

6,538,138

Increase (decrease) in translation adjustment

2 4M 8

6 4 2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

103

2 1M

11 M 8 6 4

ß∫°√–· ‡ß‘π ¥ (µàÕ)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

(Àπà«¬ : ∫“∑) 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ª√–°Õ∫ß∫°√–· ‡ß‘π ¥ ‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ √“¬°“√∑’Ë¡‘„™à‡ß‘π ¥ à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â ≈¥≈ß®“°°“√‰∂à∂Õπ„πÕ—µ√“§‘¥≈¥ à«π¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â ‡æ‘Ë¡¢÷Èπ®“°Õ—µ√“ à«πÕß§åª√–°Õ∫¢Õß Àπ’È ‘π ≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’Ë¬π·ª≈ß °”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°Àÿâπ°Ÿâ·ª≈ß ¿“æ ™π‘¥‰∂à∂Õπ‰¥â≈¥≈ß ®“°Õ—µ√“ à«π Õß§åª√–°Õ∫¢Õß∑ÿπ ≥ «—π∑’Ë„πß∫¥ÿ≈‡ª≈’Ë¬π·ª≈ß ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ ‚¥¬À—°°≈∫≈∫Àπ’È°—∫‡®â“Àπ’È ·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬

8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

4 2 1M

104 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

164,740,081 -

200,909,307 369,951

96,778,203 -

116,123,964 -

(227,929,718)

329,203,639

(329,203,639)

2,637,762,695

11 M 8 6

STATEMENTS OF CASH FLOWS (CONTINUED)

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At 31 December 2003 and 2002

10 M 8 6 4 2

(Unit : Baht)

9M CONSOLIDATED 2003

THE COMPANY ONLY

2002

2003

2002

Supplemental cash flow information

Cash paid during the year for Interest expenses Corporate income tax

2 164,740,081

200,909,307

96,778,203

369,951

116,123,964

Non-cash transactions

Decrease in redeemable convertible debentures due to redemption at discount

(227,929,718)

Increase in redeemable convertible debentures

from the change in proportion of liabilities element as at the balance sheet date

329,203,639

4 Decrease in unrealised gain on redeemable

convertible debentures from the change in

proportion of equity element as at the balance sheet date

8 -

(329,203,639)

Dividend income from subsidiaries offset

against payable to and advances from subsidiaries

2 -

2,637,762,695

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

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

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

105

2 1M

11 M 8 6 4

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

10 M

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545

8 6 4 2

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

9M 8 6 4 2

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥¿“¬„µâ°ÆÀ¡“¬‰∑¬·≈–®¥∑–‡∫’¬π „πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ∫√‘…—∑‚Œ≈¥‘Èß§Õ¡æ“π’ ‡æ◊ËÕ≈ß∑ÿπ„π∏ÿ√°‘®¥â“π°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑œ µ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 8 Õ“§“√§“‡∏à¬å‡Œâ“ å ™—Èπ 7 ∂ππ “∑√‡Àπ◊Õ ’≈¡ ∫“ß√—° °√ÿß‡∑æ¡À“π§√

8M 8 6 4 2 7M

2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 2.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑œ é) ·≈–∫√‘…—∑¬àÕ¬ Õ—µ√“ à«π°“√ ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬ µ≈Õ¥®π ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡¡’¥—ßπ’È

8 6

‘ß§‚ª√å

Õ—µ√“√âÕ¬≈–¢Õß °“√∂◊ÕÀÿâπ ‚¥¬ ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ·≈–∑“ßÕâÕ¡ 2546 2545 100 100

‘ß§‚ª√å ‘ß§‚ª√å ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬

100 100 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99

4 2

∫√‘…∑— ¬àÕ¬

6M 8

®—¥µ—Èß ¢÷πÈ „π ª√–‡∑»

6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

1. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ 2. ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ 3. ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ 4. ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 5. ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ 6. ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 7. ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 8. ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 9. ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ 10. ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 11. ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 12. ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 13. ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ 14. ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ 15. ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 16. ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 17. ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥

6 4 2 1M

106 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

Õ—µ√“√âÕ¬≈–¢Õß ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 ¢π àß∑“ß∑–‡≈ 1.54 1.80

100 ‚Œ≈¥‘Èß §Õ¡æ“π’* 100 ‚Œ≈¥‘ßÈ §Õ¡æ“π’* 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈ 99.99 ¢π àß∑“ß∑–‡≈

1.96 1.38 5.63 3.74 4.53 1.35 5.86 5.75 6.86 4.79 2.73 5.00 4.56 5.07

2.34 2.14 7.08 4.47 7.65 7.11 8.39 5.81 6.22 6.20 6.19

Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà „π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 0.01 0.95 3.06 3.12 7.42 3.09 1.77 3.42 3.37 3.75 3.95 3.93 3.54 3.43

2.65 4.47 6.50 3.03 3.83 3.66 3.68 3.38 3.77 3.46 4.05

11 M 8 6

NOTES TO FINANCIAL STATEMENTS

4 2

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES For the Years ended 31 December 2003 and 2002

10 M 8 6 4 2

1. GENERAL INFORMATION

9M Precious Shipping Public Company Limited was incorporated as a public limited company under Thai laws

and then listed on the Stock Exchange of Thailand. The Company engages the business in Thailand as a holding

company for investment in the business of marine transportation. Its registered office is located at No. 8 Cathay

4 2

House, 7 Floor, North Sathorn Road, Silom, Bangrak, Bangkok.

8M 2. BASIS OF CONSOLIDATION

2.1 The consolidated financial statements included the financial statements of Precious Shipping Public

Company Limited (hereinafter referred to as “the Company”), and the financial statements of its subsidiary companies

4 2

(“the subsidiaries”) for the years ended 31 December 2003 and 2002. The percentage of subsidiaries owned by the

Company, assets and revenues of the subsidiaries included in the consolidated financial statements are as follows :

8 Percentage Country Subsidiaries

of incorporation

directly and

Nature of

assets included

revenues included

indirectly owned

business

in the consolidated

total assets

total revenues

by the Company 2003

2002

Singapore

100

2. Thebes Pte. Limited

Singapore

100

3. Regidor Pte. Limited

Singapore

4. Precious Metals Limited

Percentage of total Percentage of total

4 2 6M 8

2003

2002

2003

2002

Marine transportation

1.54

1.80

0.01

0.95

100

Holding company*

100

Holding company*

Thailand

99.99

Marine transportation

1.96

2.34

3.06

2.65

5. Precious Wishes Limited

Thailand

99.99

Marine transportation

1.38

2.14

3.12

4.47

6. Precious Capitals Limited

Thailand

99.99

Marine transportation

5.63

7.08

7.42

6.50

7. Precious Oceans Limited

Thailand

99.99

Marine transportation

3.74

4.47

3.09

3.03

8. Precious Minerals Limited

Thailand

99.99

Marine transportation

4.53

1.77

9. Precious Stones Shipping Limited

Thailand

99.99

Marine transportation

1.35

10. Precious Mountains Limited

Thailand

99.99

Marine transportation

5.86

7.65

3.42

3.83

11. Precious Hills Limited

Thailand

99.99

Marine transportation

5.75

7.11

3.37

3.66

12. Precious Resorts Limited

Thailand

99.99

Marine transportation

6.86

8.39

3.75

3.68

13. Precious Lagoons Limited

Thailand

99.99

Marine transportation

4.79

5.81

3.95

3.38

14. Precious Cities Limited

Thailand

99.99

Marine transportation

2.73

15. Precious Cliffs Limited

Thailand

99.99

Marine transportation

5.00

6.22

3.93

3.77

16. Precious Stars Limited

Thailand

99.99

Marine transportation

4.56

6.20

3.54

3.46

17. Precious Seas Limited

Thailand

99.99

Marine transportation

5.07

6.19

3.43

4.05

1. Precious Shipping (Singapore)

6 4

Pte. Limited

8 6 4 2 3M 8 6 4

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

107

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

Õ—ß°ƒ… ª“π“¡“

Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß °“√∂◊ÕÀÿâπ ‚¥¬ ≈—°…≥– ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ¢Õß∏ÿ√°‘® Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ ·≈–∑“ßÕâÕ¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 2546 2545 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.71 99.99 99.99 ¢π àß∑“ß∑–‡≈ 3.28 4.60 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.14 3.33 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.76 2.62 99.99 99.99 ¢π àß∑“ß∑–‡≈ 2.00 2.63 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.12 1.46 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.74 0.95 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.10 1.75 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.92 1.43 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.78 1.53 99.99 99.99 ¢π àß∑“ß∑–‡≈ 1.14 1.33 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.87 1.51 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.79 1.22 99.99 99.99 ¢π àß∑“ß∑–‡≈* 99.99 99.99 ¢π àß∑“ß∑–‡≈* 99.99 99.99 ¢π àß∑“ß∑–‡≈* 99.99 99.99 ¢π àß∑“ß∑–‡≈ 0.47 99.99 99.99 ¢π àß∑“ß∑–‡≈ 7.54 0.07 99.99 99.99 ºŸâ∫√‘À“√‡√◊Õ 1.96 2.51 ∑“ß¥â“π‡∑§π‘§ 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.81 0.05 99.99 99.99 „Àâ∫√‘°“√‡™à“‡√◊Õ 0.50 0.08

‡¡Õ√‘‡™’¬

99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’*

‘ß§‚ª√å

99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’*

9M 8

∫√‘…∑— ¬àÕ¬

6 4

®—¥µ—Èß ¢÷πÈ „π ª√–‡∑»

2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M

18. ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 19. ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 20. ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ 21. ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 22. ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 23. ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 24. ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 25. ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 26. ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 27. ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ 28. ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 29. ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 30. ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 31. ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ 32. ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ 33. ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 34. ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 35. ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 36. ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 37. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ 38. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 39. ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 40. ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ 41. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∫—≈§å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥

8 6 4 2 1M

108 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬

‡¡Õ√‘‡™’¬

99.99 99.99 ‚Œ≈¥‘Èß §Õ¡æ“π’* 0.03

Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà „π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 3.39 3.94 6.57 8.03 7.41 6.00 3.64 3.44 3.81 4.48 2.42 3.49 2.73 4.66 3.25 3.53 3.42 3.38 4.84 2.97 3.26 2.21 3.63 2.44 3.34 2.22 0.01 0.43 0.57 0.15 0.23 0.01 -

0.03 0.02

0.01

0.04

11 M 8 6 4 2 10 M 8 6 4 2 Percentage Country Subsidiaries

of incorporation

Percentage of total Percentage of total

directly and

Nature of

assets included

revenues included

indirectly owned

business

in the consolidated

total assets

total revenues

by the Company 2003

2002

2003

2002

2003

2002

18. Precious Planets Limited

Thailand

99.99

Marine transportation

1.12

1.71

3.39

3.94

19. Precious Jasmines Limited

Thailand

99.99

Marine transportation

3.28

4.60

6.57

8.03

20. Precious Ventures Limited

Thailand

99.99

Marine transportation

2.14

3.33

7.41

6.00

21. Precious Diamonds Limited

Thailand

99.99

Marine transportation

1.76

2.62

3.64

3.44

22. Precious Orchids Limited

Thailand

99.99

Marine transportation

2.00

2.63

3.81

4.48

23. Precious Rivers Limited

Thailand

99.99

Marine transportation

1.12

1.46

2.42

3.49

24. Precious Forests Limited

Thailand

99.99

Marine transportation

0.74

0.95

2.73

4.66

25. Precious Trees Limited

Thailand

99.99

Marine transportation

1.10

1.75

3.25

3.53

26. Precious Flowers Limited

Thailand

99.99

Marine transportation

0.92

1.43

3.42

3.38

27. Precious Pearls Limited

Thailand

99.99

Marine transportation

0.78

1.53

4.84

2.97

28. Precious Emeralds Limited

Thailand

99.99

Marine transportation

1.14

1.33

3.26

2.21

29. Precious Ponds Limited

Thailand

99.99

Marine transportation

0.87

1.51

3.63

2.44

30. Precious Garnets Limited

Thailand

99.99

Marine transportation

0.79

1.22

3.34

2.22

31. Precious Rubies Limited

Thailand

99.99

Marine transportation*

0.01

32. Precious Lands Limited

Thailand

99.99

Marine transportation*

33. Precious Opals Limited

Thailand

99.99

Marine transportation*

34. Precious Lakes Limited

Thailand

99.99

Marine transportation

0.47

35. Precious Sapphires Limited

Thailand

99.99

Marine transportation

7.54

0.07

0.43

0.57

36. Great Circle Shipping

Thailand

99.99

Ship technical

1.96

2.51

0.15

0.23

8 6 4 2

Agency Limited

6M 8 6 4

management

37. Precious Shipping (UK) Limited

England

99.99

Chartering

0.81

0.05

0.01

0.03

38. Precious Shipping

Panama

99.99

Chartering

0.50

0.08

0.02

8 6 4

(Panama) S.A. 39. Precious Shipping

Mauritius

99.99

Holding company*

0.01

(Mauritius) Limited

8 40. Rapid Port Leasing

Singapore

99.99

Holding company*

Mauritius

99.99

Holding company*

0.03

0.04

Pte. Limited 41. PSL Bulk Terminal

4 2

Company Limited

2M 8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

109

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8

∫√‘…∑— ¬àÕ¬

6 4 2 8M 8 6 4 2 7M 8 6

42. ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 43. ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ 44. ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ 45. ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ 46. ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ 47. ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥

Õ—µ√“√âÕ¬≈–¢Õß ®—¥µ—Èß °“√∂◊ÕÀÿâπ ‚¥¬ ¢÷πÈ „π ∫√‘…—∑œ ∑—Èß∑“ßµ√ß ª√–‡∑» ·≈–∑“ßÕâÕ¡ 2546 2545 ‰∑¬ 99.88 99.88 ‰∑¬ 99.40 99.40 ‰∑¬ 99.40 99.40 ‡¡Õ√‘‡™’¬ 79.99 79.99 ‰∑¬ ‰∑¬

4 2 6M 8 6 4 2 5M 8 6 4 2

48. ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥ 49. ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ 50. ∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ 51. ∫√‘…—∑ ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ 52. ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œ π¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥

‡¡Õ√‘‡™’¬ ‘ß§‚ª√å ‡¡Õ√‘‡™’¬ Õ‘π‡¥’¬ Õ‘π‡¥’¬

≈—°…≥– ¢Õß∏ÿ√°‘®

‚Œ≈¥‘Èß §Õ¡æ“π’* ¢π àß∑“ß∑–‡≈* ¢π àß∑“ß∑–‡≈* ‚Œ≈¥‘Èß §Õ¡æ“π’*

69.99 69.99

§≈—ß‡°Á∫ ‘π§â“ ≈Õ¬πÈ”* 69.99 69.99 §≈—ß‡°Á∫ ‘π§â“ ≈Õ¬πÈ”* 68.96 68.96 ‚Œ≈¥‘Èß §Õ¡æ“π’* 64.06 64.06

¢π àß∑“ß∑–‡≈

59.93 59.93 ‚Œ≈¥‘Èß §Õ¡æ“π’* 59.93 59.93

Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥ ‘π∑√—æ¬å∑’Ë√«¡ Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 0.04 1.50 1.16

Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥√“¬‰¥â∑’Ë√«¡Õ¬Ÿà „π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ 2546 2545 -

0.01

2.98

3.13

3.34

4.29

0.86

0.01

„Àâ∫√‘°“√®—¥°“√ ¥â“π°“√¢π àß* 50.94 50.94 ∫√‘À“√∑à“®Õ¥‡√◊Õ* 0.55

4M 8 6 4 2 3M 8 6 4 2 2M

* ªí®®ÿ∫—π‰¥âÀ¬ÿ¥¥”‡π‘π∏ÿ√°‘®·≈â«

2.2 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πµà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ∂—«‡©≈’Ë¬ ≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ√◊ÕÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬„π√–À«à“ßªï ”À√—∫ √“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß ®“°°“√·ª≈ß§à“¥—ß°≈à“«‰¥â· ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ß§à“ ß∫°“√‡ß‘πé „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 2.3 ¬Õ¥§ß§â“ß·≈–√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’ ¢Õß∫√‘…—∑œ ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â« 2.4 ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ ‰¥âÀ—°°≈∫≈∫°—π°—∫¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë´◊ÈÕÀÿâπ º≈µà“ß‰¥â· ¥ß‡ªìπ ‘π∑√—æ¬å‰¡à¡’µ—«µπ¿“¬„µâ√“¬°“√ ç§à“§«“¡π‘¬¡é „π ß∫¥ÿ≈·≈–µ—¥®”Àπà“¬¿“¬„π√–¬–‡«≈“ 20 ªï

8 6 4 2 1M

110 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2 Percentage Country Subsidiaries

of incorporation

Percentage of total Percentage of total

directly and

Nature of

assets included

revenues included

indirectly owned

business

in the consolidated

total assets

total revenues

by the Company 2003

2002

2003

2002

2003

2002

42. Geepee Corporation Limited

Thailand

99.88

Holding company *

0.04

43. Precious Comets Limited

Thailand

99.40

Marine transportation*

44. Precious Ornaments Limited

Thailand

99.40

Marine transportation*

45. International Lighterage Limited

Mauritius

79.99

Holding company*

1.50

1.16

46. Precious Storage

Thailand

69.99

69.99 Bulk storage barges*

0.01

2 7M

Terminals Limited 47. Nedtex Limited

Thailand

69.99

69.99 Bulk storage barges*

0.01

48. PSL Investments Limited

Mauritius

68.96

Holding company*

49. PSL Thun Shipping Pte. Limited

Singapore

64.06

Marine transportation

2.98

3.13

3.34

4.29

50. Cargo Systems International

Mauritius

59.93

Holding company*

India

59.93

Handling services*

8 6 4 2 6M

Limited 51. Multi Cargo Systems

8 6

(India) Private Limited

52. Geepee Bulk Handlers Private Limited

2 India

50.94

Port management*

0.55

0.86

0.01

5M 8

*Currently suspended their businesses

6 2.2 The financial statements of the subsidiaries and associated incorporated overseas are translated into

Thai Baht at the average closing exchange rate at the balance sheet date as to assets and liabilities, and at the

average exchange rate during the year as to revenues and expenses. The resultant difference has been shown under

the caption of “Translation adjustment” in the shareholders’ equity.

8 6

2.3 Material balances and transactions between the Company and its subsidiaries, investments in the

subsidiaries in the Company’s accounts and shareholders’ equity of the subsidiaries have been eliminated from the

consolidated financial statements.

2.4 The acquisition cost of investments in the subsidiaries and the net book value of the subsidiaries at the

time of acquisition have been offset and the difference thereof have been shown as intangible asset under the heading

of “Goodwill” in balance sheet and has been amortised over a period of 20 years.

4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

111

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥‚¥¬ ¡“§¡π—°∫—≠™’·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ·Ààßª√–‡∑»‰∑¬ ·≈–‡ªìπ‰ªµ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘ππ’È‰¥â®—¥∑”¢÷Èπµ“¡À≈—°√“§“∑ÿπ‡¥‘¡ ´÷ËßÕ“®ª√—∫ª√ÿß¥â«¬°“√ µ’√“§“„À¡à¢Õß√“¬°“√∫“ß√“¬°“√∑’Ë‡ªìπÕ“§“√™ÿ¥ π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È 3.1 °“√√—∫√Ÿâ√“¬‰¥â·≈–§à“„™â®à“¬ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õª√–°Õ∫¥â«¬ √“¬‰¥â§à“‡™à“‡√◊Õ - √“¬‰¥â·≈–§à“„™â®à“¬®“°°“√„Àâ‡™à“‡√◊Õ∫—π∑÷°∫—≠™’µ“¡‡°≥±å§ß§â“ß √“¬‰¥â§à“√–«“ß‡√◊Õ - √“¬‰¥â§“à √–«“ß‡√◊Õ·≈–§à“„™â®“à ¬∫—π∑÷°∫—≠™’µ“¡√–¬–‡«≈“∑’∂Ë Õ◊ «à“‡∑’¬Ë «‡√◊Õ‰¥â π‘È ÿ¥≈ß·≈â« √“¬‰¥â®“°°“√„Àâ∫√‘°“√Õ◊Ëπ√—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕ‰¥â„Àâ∫√‘°“√·≈â« √“¬‰¥â¥Õ°‡∫’È¬√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å —¥ à«π¢Õß‡«≈“‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß¢Õß ‘π∑√—æ¬å ‡«âπ·µà®–¡’§«“¡‰¡à·πàπÕπ„π°“√√—∫™”√– 3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬∂÷ß‡ß‘π ¥·≈–‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π´÷ßË ∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬– ‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ π—∫·µà«—π∑’ËΩ“°·≈–ª√“»®“°¿“√–ºŸ°æ—π 3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬ ®– Ÿ≠‚¥¬ª√–¡“≥ ¢÷Èπ®“°®”π«πÀπ’È∑’ËÕ“®‡√’¬°‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’È‰¡à‰¥â ‚¥¬æ‘®“√≥“®“°ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π·≈–µ“¡ ∂“π–ªí®®ÿ∫—π¢Õß ≈Ÿ°Àπ’È§ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ Àπ’È Ÿ≠®–∂Ÿ°µ—¥®”Àπà“¬‡¡◊ËÕ ‰¡à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â 3.4 πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’‡¢â“°àÕπ-ÕÕ°°àÕπ) 3.5 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πß∫°“√‡ß‘π√«¡ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ · ¥ß¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ ´÷Ëß°“√∫—π∑÷°µ“¡«‘∏’ à«π‰¥â‡ ’¬π’È ‡ß‘π≈ß∑ÿπ®–∂Ÿ°∫—π∑÷°§√—Èß·√°„π√“§“∑ÿπ∑’Ë´◊ÈÕ¡“·≈–ª√—∫¥â«¬ à«π‰¥â‡ ’¬∑’Ë‡°‘¥¢÷Èπ®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡Õ—µ√“ à«π°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπÕ◊Ëπ´÷Ëß· ¥ß„π√“§“∑ÿπ ∫√‘…—∑œ ®– ∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπ ‡¡◊ËÕ√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π 3.6 ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å ‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ Õ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“°àÕπªï 2539 · ¥ß¡Ÿ≈§à“„π√“§“ª√–‡¡‘πÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ à«πÕ“§“√™ÿ¥∑’Ë´◊ÈÕ¡“ ¿“¬À≈—ß«—π∑’∑Ë ”°“√ª√–‡¡‘π∫—π∑÷°„π√“§“∑ÿπÀ—°§à“‡ ◊ÕË ¡√“§“ – ¡ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å¥ß— °≈à“«‡ªìπ¢Õß∫√‘…∑— ¬àÕ¬ ¥—ßπ—Èπ®÷ß‰¥â· ¥ß¬Õ¥ ÿ∑∏‘®“°∫—≠™’‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 3.7 §à“‡ ◊ÕË ¡√“§“ §à“‡ ◊ËÕ¡√“§“¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ (À≈—ß®“°À—°¡Ÿ≈§à“´“°) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√ ™ÿ¥ ·≈–Õÿª°√≥åÕ◊Ëπ§”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“ª√–‡¡‘π·≈â«·µà°√≥’ ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È

6 4 2 1M

112 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

3. SIGNIFICANT ACCOUNTING POLICIES

9M The financial statements have been prepared in accordance with accounting standards pronounced by

the Institute of Certified Accountants and Auditors of Thailand and with the Accounting Act B.E. 2543. The financial

statements have been prepared on the basis of historical cost, with certain items, such as condominium units,

adjusted to reflect their appraised values.

Significant accounting policies adopted by the Company and subsidiaries are summarised below:

3.1 Revenue and expense recognition Vessel operating income consist of

Time charters

- Income and expenses are recognised on an accrual basis.

Voyage charters - Income and expenses are recognised on the percentage of completion basis

(completed voyage).

Service income is recognised when service has been rendered.

Interest is recognised as income on a time proportion basis taking into accounts the effective yield rate

of assets, except for the uncertainty in the collection.

3.2 Cash and cash equivalents

Cash and cash equivalents consist of cash and deposits at financial institutions with an original maturity

of three months or less and not subject to restriction.

3.3 Trade accounts receivable and allowance for doubtful accounts Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is

provided to cover the estimated losses that may be incurred in the collection. The allowance is based on collection

experience and current status of receivables outstanding at the balance sheet date. Bad debts will be written off for

the accounts considered uncollectible.

3.4 Bunker Oil

Bunker oil is valued at cost (first-in, first-out method).

3.5 Investments

Investments in associated companies in the consolidated financial statements, investments in subsidiaries and associated companies in the Companyâ&#x20AC;&#x2122;s financial statements are valued under equity method. Under this

method, the investment is recorded at cost and for each subsequent year the investment is adjusted to incorporate

the Companyâ&#x20AC;&#x2122;s proportionate share of the operating results in the subsidiaries and associated companies.

Investments in non-marketable equity securities, which the Company holds as other investments, are

valued at cost. Allowance for possible loss on other investments is included in determining earnings when the carrying

amount exceeds its recoverable amount.

3.6 Vessels, condominium and equipment

Vessels and equipment are valued at cost less accumulated depreciation.

Condominium, acquired before 1996, are valued at appraisal value less accumulated depreciation. The

condominium acquired subsequent to the appraisal dates are valued at cost less accumulated depreciation. The surplus resulted from the revaluation is belongs to a subsidiary, which has been presented by netting off investments

accounted for under equity method.

3.7 Depreciation

Depreciation of vessels and equipment is calculated by reference to their costs (after deducting residual

value), depreciation of condominium and other equipment is calculated by reference to their costs or appraised value,

using the straight-line method over the estimated useful lives as follows :

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

113

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å 5 - 20 ªï §à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 2 ªï ·≈– 4 ªï Õ“§“√™ÿ¥ 20 ªï Õÿª°√≥å∑à“‡√◊Õ 10 ªï ‘Ëßª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“ µ“¡Õ“¬ÿ —≠≠“‡™à“ (3 ªï ·≈– 20 ªï) Õ◊πË Ê 5 ªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬ 1 ·Ààß (2545 : 4 ·Ààß) ¡’‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å´÷Ëß¡’√“§“∑ÿπ ª√–¡“≥ 228.9 ≈â“π∫“∑ (9.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 701.9 ≈â“π∫“∑ (27.7 ≈â“π‡À√’¬≠ À√—∞œ )) ‚¥¬¡’¡Ÿ≈§à“´“° 56.2 ≈â“π∫“∑ (2.2 ≈â“π‡À√’¬≠ À√—∞œ ) (2545 : 223.6 ≈â“π∫“∑ (8.8 ≈â“π‡À√’¬≠ À√—∞œ ))∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“ ‡√◊Õ‡¥‘π∑–‡≈¥—ß°≈à“«µ—Èß·µà«—π∑’Ë‰¥â¡“µ“¡«‘∏’‡ âπµ√ß‡ªìπ‡«≈“ 8 ªï (2545 : 5 ·≈– 7 ªï) ‚¥¬§”π«≥®“°√“§“∑ÿπ ÿ∑∏‘À≈—ß®“° À—°¡Ÿ≈§à“´“° „π√–À«à“ßªï 2546 ·≈– 2545 ∫√‘…—∑¬àÕ¬µ—¥ §à“‡ ◊ËÕ¡√“§“§√∫°”Àπ¥·≈â« Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬‰¥â ”√«® Õ“¬ÿ°“√„™âß“π¢Õß‡√◊Õ‡¥‘π∑–‡≈ª√–°Õ∫°—∫°“√æ‘®“√≥“¡Ÿ≈§à“´“°„À¡à ·≈–§“¥«à“‡√◊Õ®–„™âß“π‰¥âÕ’° 5 ªï ‚¥¬¡’¡Ÿ≈§à“´“°„À¡à ≈”≈– 0.7 ≈â“π‡À√’¬≠ À√—∞œ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ßµ—¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’µ“¡«‘∏’‡ âπµ√ß‡ªìπ‡«≈“ 5 ªï π—∫·µà«—π∑’Ë§√∫°”Àπ¥°“√µ—¥§à“‡ ◊ËÕ¡§√—Èß·√° §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ëµ—¥‡æ‘Ë¡„πªï 2546 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 73.5 ≈â“π∫“∑ (2545 : 77.6 ≈â“π∫“∑) 3.8 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–æ‘®“√≥“§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ‡¡◊ËÕ¡’‡§√◊ËÕß∫àß™’È«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¡’®”π«π Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÀ√◊Õ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬®–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ À√◊Õ∫—π∑÷°≈¥ à«π‡°‘π∑ÿπ„π°√≥’∑’Ë ‘π∑√—æ¬åπ—Èπ‡§¬µ’√“§“‡æ‘Ë¡·≈–®–°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√ ¥âÕ¬§à“¥—ß°≈à“«‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß ‚¥¬∫—π∑÷°‡ªìπ√“¬‰¥âÕ◊Ëπ„πß∫°”‰√¢“¥∑ÿπÀ√◊Õπ”‰ª‡æ‘Ë¡ à«π‡°‘π∑ÿπ ®“°°“√µ’√“§“ ‘π∑√—æ¬å·≈â«·µà°√≥’ 3.9 ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬¢Õß‡¥◊Õπ°àÕπ‡¥◊Õπ∑’Ë ‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“ ·≈°‡ª≈’¬Ë π ≥ «—π∑’„Ë πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’‡Ë °‘¥®“°°“√‡ª≈’¬Ë π·ª≈ß„πÕ—µ√“·≈°‡ª≈’¬Ë π‰¥â√«¡Õ¬Ÿ„à π°“√§”π«≥º≈°“√¥”‡π‘πß“π 3.10 º≈ª√–‚¬™πåæπ—°ß“π ∫√‘…—∑œ ∫√‘…—∑¬àÕ¬ ·≈–æπ—°ß“π‰¥â√à«¡°—π®¥∑–‡∫’¬π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ´÷Ëßª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡·≈–‡ß‘π∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫„Àâ‡ªìπ√“¬‡¥◊Õπ „πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π „π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬ °Õß∑ÿπœ „πªï 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.9 ≈â“π∫“∑ ·≈– 0.8 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…—∑œ : 0.6 ≈â“π∫“∑ ·≈– 0.6 ≈â“π∫“∑ µ“¡≈”¥—∫) 3.11 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√ √“¬°“√∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë ‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß®÷ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

4 2 1M

114 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 Vessels and equipment Dry-dock and special survey expenses

20 years

Berth equipment

10 years

Others

2 years and 4 years

Condominium

Leasehold improvement

5 - 20 years

8 6 4

lease periods (3 years and 20 years)

5 years

As at 31 December 2003, a subsidiary (2002 : 4 subsidiaries) has a vessel and equipment at cost of

approximately Baht 228.9 million (USD 9.2 million) (2002 : Baht 701.9 million (USD 27.7 million)), with residual value

of approximately Baht 56.2 million (USD 2.2 million) (2002 : Baht 223.6 million (USD 8.8 million)). The subsidiary

depreciated its vessel and equipment since its acquisition by the straight-line method for a period of 8 years (2002 :

5 years and 7 years) on cost net of residual value. During the year 2003 and 2002 the subsidiaries have fully depreciated their vessels ; however, the subsidiaries made a survey of the estimated useful life and residual value of

their vessels and expected that the useful life should be extended for another five years with the residual value of

USD 0.7 million per vessel. Those subsidiaries, therefore, depreciate their vessels and equipment by the straight-line

method for another period of five years on their net book value since the date first fully depreciated. Additional

depreciation expenses for the year 2003 are approximately Baht 73.5 million (2002 : Baht 77.6 million).

2 6M

3.8 Allowance for assets impairment Allowance for assets impairment has been set up when there are indications that the carrying value of

the assets may be higher than their net realisable value or fair value. The impairment losses will be recognised in the

earnings statement, or reduce the revaluation increment in assets in case that those assets are previously revalued.

The reversal of impairment losses will be recognised as part of other income or as a revaluation increment in assets

when there is an indication that the impairment losses are no longer exist or decreased.

5M 8

3.9 Foreign currencies Foreign currency transactions during the year are translated into Baht at the average rates ruling on the

previous transaction month. Monetary assets and liabilities in foreign currency outstanding on the balance sheet date

are translated into Thai Baht at the rates ruling on the balance sheet date. Exchange gains and losses are included in

determining earnings.

3.10 Employeesâ&#x20AC;&#x2122; benefits

The Company and subsidiaries and their employees have jointly registered provident fund scheme under

Provident Fund Act B.E. 2530. The funds are contributed at the rate of 5 percent of their basic salaries by both the

Company/the subsidiaries and the employees and managed by Bangkok Bank Public Company Limited. The funds will

be paid to the employees upon retirement, resignation and termination in accordance with the rules of staff provident

fund. During the years 2003 and 2002, approximately Baht 0.9 million and Baht 0.8 million, respectively, have been

contributed to the fund by the Company and subsidiaries (The Company only : Baht 0.6 million and Baht 0.6 million,

respectively).

3.11 Use of accounting estimates

Preparation of financial statements in conformity with generally accepted accounting principles

requires management to make estimates for certain accounting transactions, affecting the amounts reported in the

financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

115

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6

3.12 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ ‡æ◊ËÕ°“√§â“ ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È °“√§â“ ‡®â“Àπ’È °“√§â“·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ´÷Ëßπ‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ ∑’Ë‡°’Ë¬«¢âÕß·≈â« 3.13 °”‰√µàÕÀÿπâ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà „π√–À«à“ßªï ‚¥¬‰¥â¡’°“√ª√—∫®”π«πÀÿâπ “¡—≠µ“¡ —¥ à«π∑’Ë‡ª≈’Ë¬π‰ª¢Õß®”π«πÀÿâπ “¡—≠∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ ∑’Ëµ√“‰«âµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 11 ·≈–‰¥âª√—∫ª√ÿß®”π«πÀÿâπ “¡—≠∑’Ë„™â„π°“√§”π«≥°”‰√µàÕÀÿâπ¢Õßß«¥°àÕπ∑’Ëπ”¡“ ‡ª√’¬∫‡∑’¬∫‡ ¡◊Õπ«à“°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â‰¥â‡°‘¥¢÷Èπµ—Èß·µà«—π‡√‘Ë¡µâπ¢Õßß«¥·√°∑’Ë‡ πÕ√“¬ß“π ‰¡à¡’°“√· ¥ß°”‰√µàÕÀÿâπª√—∫≈¥ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡ß◊ËÕπ‰¢‡°’Ë¬«°—∫°“√·ª≈ßÀÿâπ°Ÿâ·ª≈ß ¿“æ‡ªìπÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ‰¥âÀ¡¥‰ªµ“¡º≈°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâµ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 10

4 2 6M 8

4. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ “¡“√∂·¬°µ“¡Õ“¬ÿ≈Ÿ°Àπ’È‰¥â¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

4 2 5M 8 6 4 2 4M 8 6

πâÕ¬°«à“ 3 ‡¥◊Õπ 3 - 6 ‡¥◊Õπ 6 - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ √«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ 2546 2545 62,016 131,366 1,111 4,907 6,292 5,518 89,759 93,170 159,178 234,961 (88,992) (92,942) 70,186 142,019

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545 1,849 2,016 1,849 2,016 (1,849) (2,016) -

4 2 3M 8 6 4 2 2M

5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…—∑œ ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (‡°’Ë¬«¢âÕß°—π‚¥¬°“√ ¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–Õ—µ√“∑’Ë√–∫ÿ„π —≠≠“√–À«à“ß∫√‘…—∑œ ·≈– ∫√‘…—∑‡À≈à“π—Èπ´÷Ëß‡ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘® ‡ß‘π∑¥√Õß®à“¬„Àâ·°à∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ·≈– ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ §‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 8 µàÕªï ”À√—∫‡ß‘π∑¥√Õß®à“¬„Àâ·°à/®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡Õ◊Ëπ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ ´÷Ëß “¡“√∂ √ÿª√“¬°“√¥—ß°≈à“«‰¥â¥—ßπ’È

8 6 4 2 1M

116 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

3.12 Financial instruments

The Company and subsidiaries have no policy to hold or issue derivative instruments for speculative

or trading purposes.

Financial instruments carried in the balance sheet include cash and cash equivalents, trade accounts

receivable, trade accounts payable and loans from financial institutions. The particular recognition methods adopted

are disclosed in the individual policy statements associated with each item.

3.13 Earnings per share

Basic earnings per share is determined by dividing net earnings for the year by the weighted average

number of ordinary shares in issue during the year, after adjusting the number of ordinary shares in proportion to the

change in the number of shares as a result of the change in par value as discussed in Note 11. The number of ordinary

shares has been adjusted as if it had changed in par value since the beginning of the reported period.

No diluted earnings per share for 2002 has been presented since the conditions for converting

debentures to the Company’s ordinary shares were cancelled in accordance with the result of the bondholders’

meeting as discussed in Note 10.

4 2

4. TRADE ACCOUNTS RECEIVABLE

6M 8

The balances of trade accounts receivable are classified by aging as follows :

(Unit : Thousand Baht)

4 CONSOLIDATED 2003 Less than 3 months

THE COMPANY ONLY

2002

2003

2002

2 5M

62,016

131,366

3 - 6 months

1,111

4,907

6 - 12 months

6,292

5,518

89,759

93,170

1,849

2,016

159,178

234,961

1,849

2,016

(1,849)

(2,016)

More than 12 months Total Less : Allowance for doubtful accounts

(88,992)

Trade accounts receivable - net

70,186

(92,942) 142,019

4 2 5. RELATED PARTY TRANSACTIONS

During the years, the Company had significant business transactions with its subsidiaries, associated and

related companies (related by way of common shareholders and/or directors). Such transactions, have been

6 4

concluded on the terms and basis as stipulated in the agreements between the Company and those companies,

were in the normal course of business. The transactions included advances to Nedtex Limited and Precious Storage

Terminals Limited charging interest at a rate of 8% per annum and advances to/from subsidiary and other associated

companies on which no interest is charged. The transactions are summarised below :

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

117

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M

ß∫°“√‡ß‘π√«¡ 2546 2545

8 6 4 2 8M 8 6 4 2

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ¥Õ°‡∫’È¬√—∫ §à“„™â®à“¬„π°“√∫√‘À“√ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π §à“‡™à“·≈–§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß §à“µ—Î«‡§√◊ËÕß∫‘π

(Àπà«¬ : æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545

642 6,612

2,615 6,612

1,365 11,731

1,569 13,382

672 3,300

786 3,673

7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

¬Õ¥§ß‡À≈◊Õ¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß‡ªìπ√“¬°“√·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷Ëßª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È (Àπà«¬ : æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 2546 ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ 90,691 90,691 ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ 134,201 99,539 116,632 117,108 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 180,514 180,514 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 61,796 61,796 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 9,020 9,020 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 39,738 495,638 445,518 89,858 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ 113,639 432,927 487,899 58,667 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ 48,350 104,818 61,650 91,518 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ 2,058 2,058 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 137,948 358,978 434,422 62,504 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 208 208 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 48,167 817,711 743,170 122,708 ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ 22,148 22,148 ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ 6,350 6,350 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 3,993 3,993 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ 449,246 421,367 27,879 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ®”°—¥ 337,639 309,532 28,107 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 51,339 51,339 √«¡ 950,160 3,096,496 3,448,307 598,349

6 4 2 1M

118 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M CONSOLIDATED 2003

THE COMPANY ONLY

2002

2003

2002

Transactions with subsidiaries

(Eliminated from consolidated financial statements)

Interest income

642

2,615

Administrative expenses

6,612

Transactions with related companies Rental and related expenses Air ticket expenses

6 1,365

1,569

672

786

11,731

13,382

3,300

3,673

2 7M 8

The outstanding balances of the above transactions have been separately shown in the balance sheets.

Details of balances are as follows :

(Unit : Thousand Baht)

THE COMPANY ONLY 2002

Increase

Decrease

2003

Receivable from and advances to subsidiaries Precious Hills Limited

90,691

134,201

Precious Capitals Limited

180,514

61,796

9,020

39,738

495,638

445,518

89,858

113,639

432,927

487,899

58,667

48,350

104,818

61,650

91,518

Precious Trees Limited

2,058

Precious Stars Limited

137,948

Precious Orchids Limited Precious Seas Limited Precious Resorts Limited Precious Shipping (Mauritius) Limited

Precious Ponds Limited

208

358,978

116,632

Great Circle Shipping Agency Limited

Precious Jasmines Limited

99,539

434,422

208

117,108

8 6 4

817,711

743,170

Geepee Corporation Limited

22,148

Nedtex Limited

6,350

Precious Lakes Limited

3,993

122,708

Precious Shipping (Panama) S.A.

449,246

421,367

27,879

Precious Shipping (UK) Limited

337,639

309,532

28,107

51,339

950,160

3,096,496

3,448,307

62,504

48,167

Total

Precious Cliffs Limited

Precious Mountains Limited

3M 8 6 4 2 2M

598,349

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

119

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

(Àπà«¬ : æ—π∫“∑)

9M 8

2545

6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4

‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √’‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥

2 2M 8 6 4 2 1M

120 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

479,206 272,285 252,014 139,924 139,447 137,667 136,394 123,036 167,820 59,274 61,076 23,876 21,322 65,933 1,902 54,143 57,195 111,517 11,189 36,390 1,166 65,969 17 17 3,623 8,357

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß

442,145 300,853 261,943 85,512 30,000 753,154 256,334 536,977 301,862 555,872 1,016 186,774 605,753 221,947 8 284,759 182,259 351,105 476,207 19,272 516,581 137 129 -

425,876 302,689 264,793 141,673 161,143 79,728 811,675 309,406 570,036 268,620 566,193 31 31 40,730 55,261 583,930 220,504 265,522 144,673 329,504 470,457 20,438 453,491 138 130 3,623 8,357

2546

495,475 270,449 249,164 83,763 8,304 57,939 77,873 69,964 134,761 92,516 50,755 23,845 21,291 26,219 133,415 75,966 58,638 8 130,754 48,775 57,991 5,750 129,059 16 16 -

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M THE COMPANY ONLY 2002

Increase

Decrease

2003

Payable to and advances from subsidiaries

Precious Shipping (Singapore) Pte. Limited

2 479,206

442,145

425,876

495,475

Precious Wishes Limited

272,285

300,853

302,689

270,449

Precious Metals Limited

252,014

261,943

264,793

249,164

Precious Minerals Limited

139,924

85,512

141,673

83,763

Precious Cities Limited

139,447

30,000

161,143

8,304

Precious Stones Shipping Limited

137,667

79,728

57,939

Precious Flowers Limited

136,394

753,154

811,675

77,873

Precious Forests Limited

123,036

256,334

309,406

69,964

Precious Planets Limited

167,820

536,977

570,036

134,761

Precious Diamonds Limited

59,274

301,862

268,620

92,516

Precious Lagoons Limited

61,076

555,872

566,193

50,755

Precious Opals Limited

23,876

23,845

Precious Lands Limited

21,322

21,291

Precious Rubies Limited

65,933

1,016

40,730

26,219

1,902

186,774

55,261

133,415

Precious Pearls Limited

54,143

605,753

583,930

75,966

Precious Garnets Limited

57,195

221,947

220,504

58,638

4 2

2 6M 8 6

Precious Sapphires Limited

Precious Ornaments Limited

4 2 5M

Precious Oceans Limited

111,517

284,759

265,522

130,754

Precious Rivers Limited

11,189

182,259

144,673

48,775

Precious Emeralds Limited

36,390

351,105

329,504

57,991

Precious Mountains Limited

476,207

470,457

5,750

1,166

19,272

20,438

65,969

516,581

453,491

129,059

Regidor Pte. Limited

137

138

Thebes Pte. Limited

129

130

Precious Storage Terminals Limited Precious Ventures Limited

Precious Shipping (Panama) S.A.

3,623

Precious Shipping (UK) Limited

8,357

4 2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

121

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

(Àπà«¬ : æ—π∫“∑)

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4

∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ √«¡

2545 2,430,759

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 28,416 23,649 347,865 336,007 383,501 377,829 8 26,708 17,505 75,000 35,878 274,518 206,676 277,624 247,741 562,689 560,975 521,410 461,667 8,868,338 8,766,579

2546 4,767 11,858 5,672 8 9,203 39,122 67,842 29,883 1,714 59,743 2,532,518

2 6M

(Àπà«¬ : æ—π∫“∑)

8 6

2545

4 2 5M 8 6 4 2 4M 8

≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µÁ¥ ∫√‘…—∑ §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‘‡µ¥ √«¡

ß∫°“√‡ß‘π√«¡ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß

440

23,683 1,860 25,983

23,683 23,683

2546

440 1,860 2,300

6 4 2 3M 8 6

„π√–À«à“ßªï 2546 ∫√‘…∑— œ ‰¥â¬°Àπ’∑È ¡’Ë Õ’ ¬Ÿ∑à ß—È À¡¥„Àâ·°à∫√‘…∑— ‡π¥‡∑Á°´å ®”°—¥ ·≈–∫√‘…∑— æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π≈— å ®”°—¥ ‡ªìπ®”π«π 14.2 ≈â“π∫“∑ ·≈– 18.8 ≈â“π∫“∑ µ“¡≈”¥—∫¬Õ¥‡®â“Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥∑’Ë · ¥ß‰«â¢“â ßµâπ‡°‘¥®“°∫√‘…∑— œ √—∫√Ÿ â «à π·∫àßº≈¢“¥∑ÿπ®“°∫√‘…∑— ¬àÕ¬µ“¡«‘∏’ à«π‰¥â‡ ’¬‡°‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¥—ß°≈à“« ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬/∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—πÕ◊πË ‡ªìπ√“¬°“√∑’‡Ë °‘¥®“°∫—≠™’‡¥‘π –æ—¥√–À«à“ß∫√‘…∑— œ ·≈–∫√‘…—∑‡À≈à“π—Èπ ´÷ËßΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“‰¡à¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß∫—π∑÷°§à“‡º◊ËÕ Àπ’È ß —¬®– Ÿ≠ ”À√—∫Àπ’È¥—ß°≈à“«

4 2 2M 8 6 4 2 1M

122 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M THE COMPANY ONLY 2002

Increase

Decrease

8 2003

Nedtex Limited

28,416

23,649

4,767

Precious Orchids Limited

347,865

336,007

11,858

Precious Hills Limited

383,501

377,829

5,672

Precious Comets Limited

Geepee Corporation Limited

26,708

Precious Lakes Limited

Precious Trees Limited

2 8M

17,505

9,203

75,000

35,878

39,122

274,518

206,676

67,842

Precious Ponds Limited

277,624

247,741

29,883

Precious Capitals Limited

562,689

560,975

1,714

Precious Jasmines Limited

521,410

461,667

59,743

8,868,338

8,766,579

2,532,518

Total

2,430,759

2 6M

(Unit : Thousand Baht)

CONSOLIDATED 2002

Increase

Decrease

2003

advances to

other related companies International Seaports Pte. Ltd.

5M 440

440

23,683

1,860

25,983

23,683

2,300

International Seaports (Haldia) Private Limited Kakinada Seaports Limited Total

8 During the year 2003, the Company has waived debts of Baht 14.2 million and Baht 18.8 million,

respectively, due from Nedtex Limited and Precious Storage Terminals Limited. Payable to and advances from Nedtex

Limited as presented above was derived from the Company recognised share of loss from investment accounted for

under equity method of that company over its investment.

3M 8

The outstanding balances of the amounts due from/to subsidiaries/other related companies represents

current accounts between the Company and those companies. The Companyâ&#x20AC;&#x2122;s management believes that no

allowance for doubtful accounts is necessary.

2 2M 8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

123

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6

‡ß‘π°Ÿâ¬◊¡¥âÕ¬ ‘∑∏‘®“°∫√‘…—∑¬àÕ¬‰¡à¡’¥Õ°‡∫’È¬ ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„πªï 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È (Àπà«¬ : æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ 143,000 143,000 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ 143,000 143,000 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ 100,750 100,750 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ 96,525 96,525 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ 95,693 95,693 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 57,850 57,850 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ 21,450 21,450 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ 4,550 4,550 √«¡ 662,818 662,818

4 2 6M 8 6 4

πÕ°®“°π’È „π√–À«à“ßªï 2545 ∫√‘…—∑œ ‰¥â∫—π∑÷°¿“√–§È”ª√–°—π®”π«π 31.6 ≈â“π∫“∑ ‡ªìπ§à“„™â®à“¬„π ß∫°”‰√ ¢“¥∑ÿπ ”À√—∫ªï 2545 ‡π◊ËÕß®“°‡®â“Àπ’È¢Õß∫√‘…—∑·ÀàßÀπ÷Ëß∑’Ë∫√‘…—∑œ ‰¥â‡§¬ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π„Àâ‰¥â‡√’¬°‡ß‘π™¥‡™¬¡“¬—ß ∫√‘…—∑œ ∫√‘…—∑œ ‰¥â®à“¬™”√–„Àâ·°à‡®â“Àπ’È√“¬¥—ß°≈à“«®”π«π 10.5 ≈â“π∫“∑„πªï 2545 à«π∑’Ë‡À≈◊Õ®”π«π 21.1 ≈â“π∫“∑ ‰¥â®à“¬™”√–„πªï 2546

2 5M

6. ‡ß‘π≈ß∑ÿπ

8 6

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑Õ◊Ëπª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’È (Àπà«¬ : æ—π∫“∑)

4 2

∂◊ÕÀÿâπ√âÕ¬≈– 2546/2545

4M 8 6 4 2 3M 8 6 4 2 2M 8

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥

6 4 2 1M

124 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

100.00 99.99 99.99 99.99 99.99 99.99 99.99 99.99

«‘∏√’ “§“∑ÿπ 2546 2545

363,338 250,000 229,999 199,999 175,000 140,000 140,000 139,999

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏’ à«π‰¥â‡ ’¬ 2546 2545

631,413 282,056 257,356 269,727 204,418 161,156 137,026 166,608

607,050 354,449 309,575 226,207 333,884 139,890 137,688 191,467

11 M 8 6 4 2 10 M 8 6 4 2

Details of subordinated interest-free loans from subsidiaries, which are repayable within 2006, are as

follows :

8 (Unit : Thousand Baht)

THE COMPANY ONLY 2003

2002

Precious Cliffs Limited

143,000

Precious Capitals Limited

143,000

Precious Jasmines Limited

100,750

Precious Stars Limited

96,525

Precious Seas Limited

95,693

Precious Orchids Limited

57,850

Precious Ponds Limited

21,450

Precious Lakes Limited

4,550

662,818

Total

2 6M

In addition, during the year 2002, the Company recorded guarantee obligation of Baht 31.6 million as an

expense in the 2002 earnings statement. This obligation is payable to claimant on account of guarantee issued. The

Company paid Baht 10.5 million to that creditor in 2002, and the remaining Baht 21.1 million was repaid in 2003.

4 2

6. INVESTMENTS

5M These represent investments in the following subsidiaries, associated and other companies :

(Unit : Thousand Baht)

Percentage of Ownership 2003/2002

Cost Method 2003

2002

THE COMPANY ONLY

Equity Method

2003

2002

4M 8

Investments accounted for under

equity method

Subsidiaries 100.00

363,338

631,413

607,050

Precious Metals Limited

99.99

250,000

282,056

354,449

Precious Wishes Limited

99.99

229,999

257,356

309,575

Precious Capitals Limited

99.99

199,999

269,727

226,207

Precious Oceans Limited

99.99

175,000

204,418

333,884

Precious Minerals Limited

99.99

140,000

161,156

139,890

Precious Stones Shipping Limited

99.99

140,000

137,026

137,688

Precious Mountains Limited

99.99

139,999

166,608

191,467

Precious Shipping (Singapore) Pte. Limited

4 2 2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

125

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

(Àπà«¬ : æ—π∫“∑)

9M 8

∂◊ÕÀÿâπ√âÕ¬≈– 2546/2545

6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ‡§) ≈‘¡‘‡µ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥

4 2 1M

126 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.88 69.99 69.99 99.99 99.99 99.99

«‘∏√’ “§“∑ÿπ 2546 2545 139,999 139,999 139,999 169,999 139,999 121,995 105,000 100,000 100,000 97,999 79,999 55,000 51,999 44,000 39,999 39,999 38,999 38,999 32,000 31,999 30,999 24,000 24,000 24,000 99,000 143,999 5,874 4,199 648 250 250 250

139,999 139,999 139,999 139,999 139,999 121,995 105,000 100,000 100,000 97,999 79,999 55,000 51,999 44,000 39,999 39,999 38,999 38,999 32,000 31,999 30,999 24,000 24,000 24,000 24,000 23,999 5,874 4,199 648 250 250 250

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏’ à«π‰¥â‡ ’¬ 2546 2545 166,685 165,275 168,277 168,342 138,638 (64,617) 135,996 131,312 129,611 174,434 140,697 94,285 89,708 58,634 57,088 61,803 65,949 66,227 52,028 61,206 54,520 26,390 21,250 23,872 70,977 127,659 (9,204) 26 (4,783) 6,690 (2,338) (173,236)

260,418 171,900 189,775 139,442 79,498 (44,821) 115,965 216,810 190,220 254,729 164,906 155,623 152,174 54,340 119,656 47,337 146,839 125,836 98,913 79,548 113,569 65,847 21,253 23,904 (3,725) 672 (3,878) (12,669) (14,290) 7,729 (97) (171,692)

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M THE COMPANY ONLY Percentage of Ownership

Cost Method

Equity Method

2002

2003

2003/2002

2003

2002

Precious Hills Limited

99.99

139,999

166,685

260,418

Precious Resorts Limited

99.99

139,999

165,275

171,900

Precious Lagoons Limited

99.99

139,999

168,277

189,775

Precious Cities Limited

99.99

169,999

139,999

168,342

139,442

Precious Cliffs Limited

99.99

139,999

138,638

79,498

Great Circle Shipping Agency Limited

99.99

121,995

(64,617)

(44,821)

Precious Stars Limited

99.99

105,000

135,996

115,965

Precious Seas Limited

99.99

100,000

131,312

216,810

Precious Planets Limited

99.99

100,000

129,611

190,220

Precious Jasmines Limited

99.99

97,999

174,434

254,729

Precious Ventures Limited

99.99

79,999

140,697

164,906

Precious Diamonds Limited

99.99

55,000

94,285

155,623

Precious Orchids Limited

99.99

51,999

89,708

152,174

Precious Rivers Limited

99.99

44,000

58,634

54,340

Precious Forests Limited

99.99

39,999

57,088

119,656

Precious Trees Limited

99.99

39,999

61,803

47,337

Precious Flowers Limited

99.99

38,999

65,949

146,839

Precious Pearls Limited

99.99

38,999

66,227

125,836

Precious Emeralds Limited

99.99

32,000

52,028

98,913

Precious Ponds Limited

99.99

31,999

61,206

79,548

Precious Garnets Limited

99.99

30,999

54,520

113,569

Precious Rubies Limited

99.99

24,000

26,390

65,847

Precious Lands Limited

99.99

24,000

21,250

21,253

Precious Opals Limited

99.99

24,000

23,872

23,904

Precious Lakes Limited

99.99

99,000

24,000

70,977

Precious Sapphires Limited

99.99

143,999

23,999

127,659

Geepee Corporation Limited

99.88

5,874

(9,204)

(3,878)

Precious Storage Terminals Limited

69.99

4,199

(12,669)

Nedtex Limited

69.99

648

(4,783)

(14,290)

Precious Shipping (UK) Limited

99.99

250

6,690

7,729

Precious Shipping (Panama) S.A.

99.99

250

(2,338)

(97)

Precious Shipping (Mauritius) Limited

99.99

250

(173,236)

(171,692)

4 2 6M 8 6 4 2 5M 8

(3,725)

672

8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

127

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

(Àπà«¬ : æ—π∫“∑)

9M 8

∂◊ÕÀÿâπ√âÕ¬≈– 2546/2545

6 4 2 8M 8 6 4 2 7M 8

∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡√®‘¥Õ√å æ’∑’Õ’ ≈‘¡‘‡µ¥ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ à«π·∫àßº≈¢“¥∑ÿπ‡°‘π°«à“‡ß‘π≈ß∑ÿπ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘

99.40 99.40 100.00 100.00

«‘∏√’ “§“∑ÿπ 2546 2545

99 99 (95) 99 99 (96) 0.0365 0.0365 (615) 0.0503 0.0503 (678) 3,703,984 3,478,984 4,311,677 4,567,339 (255,662) 4,311,677

(64) (64) (479) (532) 5,044,802 5,297,114 (252,312) 5,044,802

6 4 2 6M 8

∂◊ÕÀÿâπ√âÕ¬≈– 2546 2545

«‘∏’√“§“∑ÿπ 2546 2545

ß∫°“√‡ß‘π√«¡ «‘∏’ à«π‰¥â‡ ’¬ 2546 2545

33.33 26.37 39.96 16.65

17,225 96,889 31,716 22,144

22,955 96,889 19,365 22,144

17.92

17.83

87,701 255,675

35,556 203,530

6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8

‡ß‘π≈ß∑ÿπÕ◊πË ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µÁ¥ ∫√‘…—∑ ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‘‡µ¥ ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ ∫√‘…—∑ §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‘‡µ¥ ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ √«¡ À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ™—Ë«§√“« - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ√–¬–¬“« - ÿ∑∏‘ √«¡‡ß‘π≈ß∑ÿπÕ◊Ëπ - ÿ∑∏‘

22,955 96,889 19,365 22,144

22,955 -

87,701 35,556 249,054 196,909 22,955 22,955 (161,353) (161,353) (22,955) (22,955) 87,701 35,556 87,701 35,556 87,701 35,556 -

6 4

∫√‘…∑— œ ‰¥â· ¥ß à«π·∫àßº≈¢“¥∑ÿπ®“°∫√‘…∑— ¬àÕ¬∑’‡Ë °‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ‚¥¬· ¥ß ÿ∑∏‘°∫— ≈Ÿ°Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬

2 2M

„πß∫¥ÿ≈

8 6 4 2 1M

128 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M THE COMPANY ONLY Cost Method

Percentage of Ownership 2003/2002

2003

Equity Method

2002

2003

2002

Precious Comets Limited

99.40

(95)

(64)

Precious Ornaments Limited

99.40

(96)

(64)

Thebes Pte. Limited

100.00

0.0365

(615)

(479)

Regidor Pte. Limited

100.00

0.0503

(678)

(532)

3,703,984

3,478,984

4,311,677

5,044,802

4,567,339

5,297,114

(255,662)

(252,312)

4,311,677

5,044,802

Total net investments in subsidiaries Investments accounted for under equity method Share of losses over investments Total net investments in subsidiaries

2 8M

7M 8 6 4

(Unit : Thousand Baht)

Percentage of Ownership 2003

2002

Cost method 2003

2002

CONSOLIDATED

THE COMPANY ONLY

Equity Method

2003

2002

2003

2 6M 8

2002

Other investments

International Seaports Pte. Limited

2 33.33

33.33

17,225

22,955

Private Limited

26.37

96,889

Southern LPG Limited

39.96

31,716

19,365

Kakinada Seaports Limited

16.65

22,144

Dhamra Port Company

International Seaports (Haldia) Private Limited

4M 17.92

17.83

Total

87,701

35,556

87,701

35,556

255,675

203,530

249,054

196,909

22,955

6 4

Less : Allowance for possible loss on investments Net other investments

(161,353) (161,353)

(22,955)

87,701

35,556

Net long - term investments

87,701

35,556

Total net other investments

87,701

35,556

Net current investments

2 3M 8 6 4 2 2M

The Company has presented share of losses from subsidiaries over investments by net off the amounts

due from/to subsidiaries in the balance sheets.

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

129

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ‰¥â®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬®”π«π 27 ∫√‘…—∑ ´÷Ëß¡’¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬√«¡ 3,416.7 ≈â“π∫“∑ (2545 : ∫√‘…—∑¬àÕ¬ 23 ∫√‘…—∑ ¡Ÿ≈§à“√«¡ 3,840.4 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 „π√–À«à“ßªï 2546 ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË „πµà“ßª√–‡∑»‰¥â´Õ◊È Àÿπâ “¡—≠¢Õß∫√‘…∑— Õ‘π‡µÕ√å ‡π™—πË ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ ‡æ‘Ë¡Õ’°®”π«π 5,855,207 Àÿâπ „π√“§“¡Ÿ≈§à“∑’Ëµ√“‰«â‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 52.2 ≈â“π∫“∑ ∑”„Àâ∫√‘…—∑¬àÕ¬ ·Ààßπ—Èπ∂◊ÕÀÿâπ„π∫√‘…—∑¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 22.4 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿâπ ∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ ·≈â«®–‡∑à“°—∫√âÕ¬≈– 17.9 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« ∫√‘…—∑¥—ß°≈à“«¥”‡π‘π∏ÿ√°‘®‡°’Ë¬«°—∫°“√ ÕÕ°·∫∫ °àÕ √â“ßæ—≤π“·≈–∫√‘À“√∑à“‡∑’¬∫‡√◊Õ„πª√–‡∑»Õ‘π‡¥’¬ ªí®®ÿ∫—π∫√‘…—∑¥—ß°≈à“«¬—ßÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß∑à“‡∑’¬∫‡√◊Õ ‡¡◊ËÕ«—π∑’Ë 18 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑¬àÕ¬‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ „Àâ·°àºŸâ∂◊ÕÀÿâπ¥—ßπ’È

7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M

∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥

8 6 4 2 1M

130 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

®”π«πÀÿâπ (Àÿπâ )

Õ—µ√“Àÿâπ≈– (∫“∑)

®”π«π‡ß‘π (≈â“π∫“∑)

440,000 1,400,000 2,300,000 2,500,000 1,400,000 390,000 400,000 1,000,000 550,000 1,400,000 240,000 390,000 310,000 1,750,000 320,000 800,000 1,400,000 2,000,000 980,000 520,000 1,000,000 1,400,000 400,000 1,050,000 320,000

80.40 70.20 44.35 48.20 3.35 385.35 262.85 129.25 253.40 62.75 165.10 339.75 369.00 107.20 304.10 203.10 104.00 38.85 192.80 235.25 143.35 48.35 138.80 37.30 283.85

35.38 98.28 102.01 120.50 4.69 150.29 105.14 129.25 139.37 87.85 39.62 132.50 114.39 187.60 97.31 162.48 145.60 77.70 188.94 122.33 143.35 67.69 55.52 39.17 90.83 2,637.79

11 M 8 6 4 2 10 M 8 6 4 2

As at 31 December 2003, the Company has pledged the shares of 27 subsidiaries amounting to Baht

3,416.7 million (2002 : 23 subsidiaries amounting to Baht 3,840.4 million), stated under the equity method, with

banks to secure the long-term loans referred to in Note 8.

During the year 2003, an overseas subsidiary has additionally acquired 5,855,207 of ordinary shares of

International Seaports (Haldia) Private Limited at par value, a total of Baht 52.2 million. This represents 22.4% of

registered share capital of that company. Based on indirect holding, the Company holds 17.9% of the registered

capital of that company, which is engaged in the design, construction, development and operation of a berth in India.

The berth is currently still under construction.

On 18 November 2003, the Board of Directors Meeting of subsidiaries approved the following interim

4 2

dividend payments to the shareholders :

Number of shares

Dividend per share

Amount

(Shares)

(Baht)

(Million Baht)

440,000

80.40

35.38

Precious Mountains Limited

1,400,000

70.20

98.28

Precious Wishes Limited

2,300,000

44.35

102.01

Precious Metals Limited

2,500,000

48.20

120.50

Precious Minerals Limited

1,400,000

3.35

4.69

Precious Flowers Limited

390,000

385.35

150.29

Precious Forests Limited

400,000

262.85

105.14

Precious Planets Limited

1,000,000

129.25

550,000

253.40

139.37

1,400,000

62.75

87.85

Precious Rubies Limited

240,000

165.10

39.62

Precious Pearls Limited

390,000

339.75

132.50

Precious Garnets Limited

310,000

369.00

114.39

Precious Oceans Limited

1,750,000

107.20

187.60

320,000

304.10

97.31

Precious Rivers Limited

Precious Diamonds Limited Precious Lagoons Limited

Precious Emeralds Limited

8 6 4 2 6M 8 6 4 2 5M

800,000

203.10

162.48

Precious Hills Limited

1,400,000

104.00

145.60

Precious Capitals Limited

2,000,000

38.85

77.70

Precious Jasmines Limited

980,000

192.80

188.94

Precious Orchids Limited

520,000

235.25

122.33

Precious Seas Limited

1,000,000

143.35

Precious Resorts Limited

1,400,000

48.35

67.69

Precious Trees Limited

400,000

138.80

55.52

Precious Stars Limited

1,050,000

37.30

39.17

320,000

283.85

90.83

Precious Ventures Limited

Precious Ponds Limited

2M 8

2,637.79

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

131

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4

∫√‘…∑— œ ‰¥âπ”‡ß‘πªíπº≈√—∫®”π«π¢â“ßµâπ‰ªÀ—°°≈∫≈∫Àπ’°È ∫— ¬Õ¥§ß§â“ß∫—≠™’‡®â“Àπ’·È ≈– ‡ß‘π∑¥√Õß®à“¬®“°∫√‘…∑— ¬àÕ¬ πÕ°®“°π’È „π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬ 3 ·Ààß„πª√–‡∑»‰¥â·°à∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ ·≈–∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ‰¥â∑”°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ‚¥¬∫√‘…—∑œ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π°“√ ∂◊ÕÀÿâπ ≥ «—ππ—Èπ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 225 ≈â“π∫“∑ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ßª√–‡∑» 3 ∫√‘…—∑∑’Ë¡’Õ¬Ÿà‡¥‘¡ µ“¡«‘∏’ à«π‰¥â‡ ’¬®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2543 ‡∑à“π—Èπ ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡µ—Èß„®∑’Ë®–‡ πÕ¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈–‡ß‘π ≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ¥—ßπ—Èπ®÷ß‰¥â®—¥ª√–‡¿∑‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‡ß‘π≈ß∑ÿπ™—Ë«§√“«„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π Õ¬à“ß‰√°Áµ“¡ „π√–À«à“ßªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ‡ªìπ®”π«π 161.4 ≈â“π∫“∑ (‡©æ“– ∫√‘…—∑œ : 22.9 ≈â“π∫“∑)

2 7M

7. ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å

8 6

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡

‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ √“§“ª√–‡¡‘π

6M 8

‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ

6 4 2

6 4 2 4M 8 6 4 2 3M 8 6 4 2

√“§“∑ÿπ / √“§“ª√–‡¡‘π 31 ∏—π«“§¡ 2545 ´◊ÕÈ ‡æ‘¡Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2546 §à“‡ ◊ÕË ¡√“§“ – ¡ 31 ∏—π«“§¡ 2545 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ÕË ¡√“§“„π à«π∑’Ë µ’√“§“‡æ‘Ë¡ §à“‡ ◊ÕË ¡√“§“„π à«π∑’Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2546

175,063 175,063

8,654 7,566,468 558,325 8,124,793 114,582 601,837 189,528 791,365 (279,693) (279,693) 8,654 8,168,305 468,160 8,636,465 114,582

34,671 358 (83) 34,946

13,113 1,176 (583) 13,706

750 750

8,471,626 792,899 (280,359) 8,984,166

3,995 3,520,096 338,959 3,859,055 433 430,840 148,861 579,701

72,160 10,342

32,585 1,004

10,461 1,022

532 67

4,044,561 597,277

4,688

- (279,693) (279,693) 4,428 3,950,936 208,127 4,159,063

82,502

(585) 33,004

(81) 11,402

599

(280,359) 4,366,167

65,773 4,708 4,688 75,169

8 6 4

132 √“¬ß“πª√–®”ªï 2546

■

‘ßË µ‘¥µ—ßÈ ‘Ëßª√—∫ª√ÿß ·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å ”π—°ß“π ‡™à“

Õ“§“√™ÿ¥

Õÿª°√≥å ∑à“‡√◊Õ

Õ“§“√™ÿ¥

5M 8

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å §à“„™â®à“¬„π ‡√◊Õ·≈– °“√´àÕ¡·´¡ √«¡ Õÿª°√≥å ·≈– ”√«®‡√◊Õ

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

√«¡

11 M 8 6 4 2 10 M 8 6 4 2

The Company offset the above dividend income against amount payable to and advances from subsidiaries.

In addition, during the year 2003, 3 local subsidiaries - Precious Cities Limited, Precious Lakes Limited and

Precious Sapphires Limited - issued new ordinary shares, which the Company purchased in proportion to its shareholding

at the acquisition date, at par value, or a total of Baht 225 million.

The Company and subsidiaries have recorded investments in 3 overseas associated companies under

the equity method upto 31 December 2000 since the management of the Company and subsidiaries are making

efforts to sell these investments and the investment in other company. Therefore, the above investments have

been reclassified to current investments in current assets. During the year 2002, the Company and subsidiaries

set up the provision for possible loss on other investments of Baht 161.4 million (The Company Only : Baht 22.9

million).

2 7M

7. VESSELS, CONDOMINIUM AND EQUIPMENT

8 6

(Unit : Thousand Baht)

CONSOLIDATED

Assets at appraisal

Assets at cost

Vessels and equipment Condo-

Condo-

minium

Vessels and equipment

Dry-dock and special survey

Furniture, Total

Berth equipment

expenses

fixtures

Motor

and office

vehicles

Leasehold improve-

Total

ment

equipment

Cost/Appraised value 31 December 2002

5M 175,063

8,654

Acquisitions

Disposals

175,063

8,654

31 December 2003

7,566,468

558,325

8,124,793

601,837

189,528

791,365

(279,693)

8,168,305

468,160

8,636,465

114,582

34,671

13,113

358

1,176 (583)

(83) 34,946

13,706

750

8,471,626

792,899

(280,359)

8,984,166

750

Accumulated

depreciation 31 December 2002

65,773

3,995

3,520,096

338,959

3,859,055

72,160

32,585

10,461

532

4,044,561

Depreciation for the year

4,708

433

430,840

148,861

579,701

10,342

1,004

1,022

597,277

3M Depreciation on

8 revaluation surplus Depreciation on disposals 31 December 2003

4,688

(279,693)

75,169

4,428

3,950,936

208,127

4,159,063

82,502

4,688

(585)

(81)

(280,359)

33,004

11,402

599

6 4

4,366,167

2 2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

133

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡

‘π∑√—æ¬å ∑’Ë· ¥ßµ“¡ √“§“ª√–‡¡‘π

6 4

‘π∑√—æ¬å∑’Ë· ¥ßµ“¡√“§“∑ÿπ

2 8M 8

Õ“§“√™ÿ¥

109,290 99,894

4,659 4,226

6 4 2 7M 8 6 4 2 6M 8 6

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2545 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï ªï 2545 ªï 2546 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’°√≥’ · ¥ß¥â«¬√“§“∑ÿπ 31 ∏—π«“§¡ 2545 31 ∏—π«“§¡ 2546

‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å §à“„™â®à“¬„π ‡√◊Õ·≈– °“√´àÕ¡·´¡ √«¡ Õÿª°√≥å ·≈– ”√«®‡√◊Õ

Õÿª°√≥å ∑à“‡√◊Õ

4,046,372 219,366 4,265,738 42,422 4,217,369 260,033 4,477,402 32,080

‘ßË µ‘¥µ—ßÈ ‘Ëßª√—∫ª√ÿß ·≈–Õÿª°√≥å ¬“πæ“Àπ– ‘π∑√—æ¬å ”π—°ß“π ‡™à“ 2,086 1,942

2,652 2,304

218 151

√«¡

4,427,065 4,617,999 634,971 601,965

70,795 65,143

(Àπà«¬ : æ—π∫“∑)

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6

√“§“∑ÿπ 31 ∏—π«“§¡ 2545 ´◊ÕÈ ‡æ‘¡Ë 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2545 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 31 ∏—π«“§¡ 2546 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2545 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï ªï 2545 ªï 2546

4 2 1M

134 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

‘Ëßµ°·µàß µ‘¥µ—Èß ·≈–Õÿª°√≥å ”π—°ß“π

¬“πæ“Àπ–

‘Ëßª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“

√«¡

11,524 138 11,662

10,593 10,593

750 750

22,867 138 23,005

10,183 760 10,943

7,955 787 8,742

532 67 599

18,670 1,614 20,284

1,341 719

2,638 1,851

218 151

4,197 2,721 2,182 1,614

11 M 8 6 4 2 10 M 8 6 4 2

(Unit : Thousand Baht)

9M CONSOLIDATED Assets at appraisal

8 6

Assets at cost

Vessels and equipment Condominium

Condominium

Vessels and equipment

Dry-dock and special survey expenses

Total

Berth equipment

Furniture, fixtures and office equipment

Motor vehicles

Leasehold improvement

Total

8M 8

Net book value

31 December 2002

109,290

4,659

4,046,372

219,366

4,265,738

42,422

2,086

2,652

218

4,427,065

31 December 2003

99,894

4,226

4,217,369

260,033

4,477,402

32,080

1,942

2,304

151

4,617,999

4 2

Depreciation for the year

2002

634,971

2003

601,965

8 6

Net book value as

presented at

historical cost 31 December 2002

70,795

31 December 2003

65,143

6M 8 6 4

(Unit : Thousand Baht)

THE COMPANY ONLY Furniture, fixtures and office equipment

Motor vehicles

11,524

10,593

750

11,662

10,593

10,183

Leasehold improvement

5M 8 Total

6 4

Cost 31 December 2002 Acquisitions

2 4M

138

750

23,005

7,955

532

18,670

760

787

1,614

10,943

8,742

599

20,284

31 December 2002

1,341

2,638

218

4,197

31 December 2003

719

1,851

151

2,721

31 December 2003

138

22,867

Accumulated depreciation 31 December 2002 Depreciation for the year 31 December 2003

4 2 3M 8

Net book value

6 4 2

Depreciation for the year 2002

2,182

2003

1,614

2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

135

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4

„π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈¡◊Õ Õß®”π«π 2 ≈” „π√“§“ 15.6 ≈â“π‡À√’¬≠ À√—∞œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß‡√◊Õ‡¥‘π∑–‡≈®”π«π 30 ≈” ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π 4,217.4 ≈â“π∫“∑ (2545 : 28 ≈” ¡Ÿ≈§à“ 4,046.4 ≈â“π∫“∑) ·≈–Õ“§“√™ÿ¥´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘®”π«π 104.1 ≈â“π∫“∑ (2545 : 113.9 ≈â“π∫“∑) ‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 „π√–À«à“ßªï 2545 ∫√‘…—∑¬àÕ¬‰¥â¢“¬‡√◊Õ‡¥‘π∑–‡≈®”π«π 3 ≈” ·≈– Õ“§“√™ÿ¥ 2 ÀâÕß ‚¥¬¡’°”‰√®“°°“√¢“¬®”π«π 23.7 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õÿª°√≥å´÷Ëß‰¥â§‘¥§à“‡ ◊ËÕ¡√“§“ – ¡‰«â·≈â«‡µÁ¡ ®”π«π·µà¬—ß„™âß“πÕ¬Ÿà ‚¥¬ ‘π∑√—æ¬å¥—ß°≈à“«¡’√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 40.6 ≈â“π∫“∑ ·≈– 37.4 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“– ∫√‘…—∑œ : 15.9 ≈â“π∫“∑ ·≈– 12.4 ≈â“π∫“∑ µ“¡≈”¥—∫)

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M

8. ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«π’È‡ªìπ‡ß‘π°Ÿâ¬◊¡∑’Ë‡°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’Èµ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 6 °√°Æ“§¡ 2543 ·≈–«—π∑’Ë 10 °√°Æ“§¡ 2543 ·≈– —≠≠“„Àâ ‘π‡™◊ËÕ°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ≈ß«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ¡’¥—ßπ’È (Àπà«¬ : æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2546 2545 2546 2545 ‡ß‘π°Ÿâ¬◊¡‡¥‘¡ 1,463,931 ‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å (Commercial Loan) 1,618,368 1,618,368 ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË 34,367 55,483 ‡ß‘π°Ÿâ¬◊¡„À¡à 3,387,984 242,582 √«¡ 3,422,351 3,137,782 242,582 1,618,368 À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (938,579) (393,386) (242,582) à«π∑’Ë∂÷ß°”Àπ¥™”√–‡°‘π°«à“Àπ÷Ëßªï 2,483,772 2,744,396 1,618,368

8 6 4 2 3M 8 6 4 2 2M 8 6

‡ß‘π°Ÿâ¬◊¡‡¥‘¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬‰¡à¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡‡¥‘¡ (2545 : 241.4 ≈â“π∫“∑ ·≈– 28.2 ≈â“π‡À√’¬≠ À√—∞œ) ‡ß‘π°Ÿâ¬◊¡‡¥‘¡¡’Õ—µ√“¥Õ°‡∫’È¬∑—Èß§ß∑’Ë·≈–≈Õ¬µ—«µ“¡Õ—µ√“∑’Ë°”Àπ¥‰«â„π —≠≠“µ“¡µ“√“ß°“√®à“¬™”√–Àπ’È ‡ß‘π°Ÿâ¬◊¡ π’È®–®à“¬™”√–§◊π‡ªìπ√“¬‰µ√¡“ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2543 ·≈–®–µâÕß™”√– „ÀâÀ¡¥¿“¬„πªï 2548 „π√–À«à“ß ªï 2546 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡‡¥‘¡∑—ÈßÀ¡¥·≈â« ‡ªìπ®”π«π 241.4 ≈â“π∫“∑ ·≈– 28.2 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 48.2 ≈â“π∫“∑ 17.2 ≈â“π‡À√’¬≠ À√—∞œ ·≈– 15 ≈â“πÕ‘π‡¥’¬√Ÿªï) ‡ß‘π°Ÿ¬â ¡◊ æ“≥‘™¬å ‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å‡ªìπ‡ß‘π°Ÿâ¬◊¡ °ÿ≈‡ß‘π∫“∑§‘¥¥Õ°‡∫’È¬„πÕ—µ√“§ß∑’ËµàÕªï „π°√≥’∑’Ë∫√‘…—∑œ ‰¡à “¡“√∂®à“¬™”√–§◊πµ“¡ °”Àπ¥‡«≈“Õ—µ√“¥Õ°‡∫’¬È ®–∂Ÿ°ª√—∫‡æ‘¡Ë ¢÷πÈ Õ’°√âÕ¬≈– 1 µàÕªïπ∫— ®“°«—π∑’∂Ë ß÷ °”Àπ¥™”√– Õ¬à“ß‰√°Áµ“¡ ‡ß‘π°Ÿ¬â ¡◊ π’®È –µâÕß™”√–§◊π ‰¡à‡°‘π«—π∑’Ë 17 °√°Æ“§¡ 2548 „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡æ“≥‘™¬å∑—ÈßÀ¡¥·≈â«‡ªìπ®”π«π 1,618.4 ≈â“π∫“∑ (2545 : 83.4 ≈â“π∫“∑)

4 2 1M

136 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

During the year 2003, certain subsidiaries have purchased 2 second-hand vessels of USD 15.6 million.

As at 31 December 2003, the subsidiaries have mortgaged 30 vessels with net book value of Baht 4,217.4

million (2002 : 28 vessels amounting to Baht 4,046.4 million) and condominium units with net book value of Baht

104.1 million (2002 : Baht 113.9 million) with banks to secure long-term loans as referred to in Note 8.

During the year 2002, certain subsidiaries disposed of their 3 vessels and 2 condominium units with gain of

Baht 23.7 million.

As at 31 December 2003 and 2002, the Company and subsidiaries has fully depreciated equipment which

are still in use, the costs of such assets amounted to Baht 40.6 million and Baht 37.4 million, respectively (The

Company Only : Baht 15.9 million and Baht 12.4 million, respectively).

4 2

8. LONG-TERM LOANS

7M The long-term loans were the loans resulting from the restructuring of debts under the debt restructuring

agreement dated 6 July 2000 and 10 July 2000, and credit facilities agreement dated 16 June 2003 with Krung

Thai Bank Public Company Limited.

4 2

The outstanding balances of long-term loans as at 31 December 2003 and 2002 were as follows :

(Unit : Thousand Baht) CONSOLIDATED 2003

2002

2003

2002

Original loans

1,463,931

Commercial loans

1,618,368

55,483

Other loan

34,367

New loans

3,387,984

242,582

Total

3,422,351

3,137,782

242,582

1,618,368

(242,582)

1,618,368

Less : Current portion Long-term portion

(938,579) 2,483,772

THE COMPANY ONLY

(393,386) 2,744,396

6 4 2 5M 8 6 4 2 4M 8

Original loans

As at 31 December 2003, the subsidiaries had no outstanding balance of original loans (2002 : Baht 241.4

million and USD 28.2 million) on which interest were charged at fixed and floating rates specified in the agreements.

According to the repayment schedule, the loans were to be repaid in quarterly installments commencing 31 March

2000 until the end of 2005. During the year 2003, the subsidiaries paid all outstanding original loans by Baht

241.4 million and USD 28.2 million (2002 : Baht 48.2 million, USD 17.2 million and INR 15 million).

Commercial loans

These were Thai Baht loans which carried interest at fixed rates per annum. If the Company failed to repay

at the applicable repayment dates, interest rate was to be increased by 1% per annum from those dates. However,

the loans were finally due for repayment on 17 July 2005. During the year 2003, the Company paid all outstanding

commercial loans by Baht 1,618.4 million (2002 : Baht 83.4 million).

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

137

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8

‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ ‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ‡ªìπ‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’Ë µàÕªï ¡’°”Àπ¥®à“¬™”√–§◊π∑ÿ°À°‡¥◊Õπ∂÷ßªï 2548 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ§ß‡À≈◊Õ®”π«π 0.9 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 1.3 ≈â“π‡À√’¬≠ À√—∞œ) „π√–À«à“ßªï 2546 ∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡Õ◊Ëπ®”π«π 0.4 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 0.4 ≈â“π‡À√’¬≠ À√—∞œ) ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË §È”ª√–°—π‚¥¬°“√®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬ 1 ≈” (À¡“¬‡Àµÿ 7) ·≈–‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡å ª√–°—π¿—¬¢Õß‡√◊Õ¥—ß°≈à“«„Àâ·°à‡®â“Àπ’È ‡ß‘π°Ÿâ¬◊¡„À¡à ‡¡◊ÕË «—π∑’Ë 16 ¡‘∂πÿ “¬π 2546 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“„Àâ π‘ ‡™◊ÕË °—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞œ ‚¥¬¡’«—µ∂ÿª√– ß§å¥—ßπ’È °) ‘π‡™◊ËÕ®”π«π 65 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª™”√–§◊π‡ß‘π°Ÿâ¬◊¡°àÕπ°”Àπ¥ ”À√—∫‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ ·≈– ∫√‘…—∑¬àÕ¬∑’Ë¡’Õ¬Ÿà„πªí®®ÿ∫—π ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ¿“¬„π 12 ‡¥◊Õππ—∫·µà«—π∑’Ë≈ßπ“¡„π —≠≠“„Àâ ‘π‡™◊ËÕ ¢) ‘π‡™◊ËÕ®”π«π 35 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ·≈–/À√◊Õ ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ ‚¥¬¡’√–¬– ‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ®π∂÷ß ‘Èπªï 2548 ‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’ËµàÕªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’Ë √–∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 7.5 ªï ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–Àπ’È 1 ªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ 26 ∫√‘…—∑‰¥â‡∫‘°∂Õπ‡ß‘π°Ÿâ¬◊¡„À¡àµ“¡ °) ·≈– ¢) ·≈â« ®”π«π 63.6 ≈â“π‡À√’¬≠ À√—∞œ ·≈– 21.7 ≈â“π‡À√’¬≠ À√—∞œ µ“¡≈”¥—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ‡ß‘π°Ÿâ¬◊¡„À¡àπ’È§È”ª√–°—π‚¥¬ °) ®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬ 29 ≈” ·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 7) ¢) ®”π”Àÿâπ¢Õß∫√‘…—∑¬àÕ¬ 27 ∫√‘…—∑ (À¡“¬‡Àµÿ 6) §) ‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õ“§“√™ÿ¥¢Õß∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥∫“ßª√–°“√∑’Ë°”Àπ¥‰«â„π —≠≠“„Àâ ‘π‡™◊ËÕ Õ“∑‘ ‡™àπ °) ¥”√ß√—°…“Õ—µ√“ à«π debt service coverage ‰¡àπâÕ¬°«à“ 1 µàÕ 1 ¢) ¥”√ß√—°…“Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ (debt to equity) ‰¡à‡°‘π°«à“ 2 µàÕ 1 §) ¥”√ß‡ß‘π∑ÿπ ”√ÕßÀ¡ÿπ‡«’¬π‰¡àπâÕ¬‰ª°«à“ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈”

6 4 2 3M 8

9. ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ ‡¡◊ËÕ«—π∑’Ë 24 æƒ»®‘°“¬π 2546 ∫√‘…—∑œ ‰¥â√—∫‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß®“°°“√‡ πÕ¢“¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„πµà“ßª√–‡∑»

6 4 2

10.Àÿâπ°Ÿâ / Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â

2M 8

Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â‡°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’Èµ“¡ —≠≠“°“√ª√—∫‚§√ß √â“ßÀπ’È≈ß«—π∑’Ë 17 °√°Æ“§¡ 2543

6 4 2 1M

138 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

Other loan

Other loan represents loan of an overseas subsidiary which charges interest at the rate of LIBOR plus margin

per annum and is payable in semi-annual installments until 2005.

As at 31 December 2003, the subsidiary had outstanding other loan of USD 0.9 million (2002 : USD 1.3

million). During the year 2003, the subsidiary repaid other loan of USD 0.4 million (2002 : USD 0.4 million). The loan

is secured by the mortgage and the assignment of the insurance policy of its vessel to a creditor (Note 7).

New loans

On 16 June 2003, the Company and subsidiaries have entered into an agreement with Krung Thai Bank

6 4

Public Company Limited to obtain credit facilities of USD 100 million for the following purposes : a)

USD 65 million is to be used to refinance all outstanding loans of the Company and subsidiaries. Such

facility is to be drawn down within 12 months from the date of the agreement. b)

USD 35 million is to be used to pay for purchases of vessels and/or to fund the redemption of the Bonds.

Such facility can be drawn down until the end of 2005.

These loans carry interest at the rate of LIBOR plus margin per annum and are payable in quarterly install-

ments over a period of 7.5 years, in accordance with the proportionate amounts stipulated in the agreement, with a

waiver of debt repayment for one year.

As at 31 December 2003, USD 63.6 million and USD 21.7 million were drawn down from the loans against

a) and b), respectively, by the Company and 26 subsidiaries.

As at 31 December 2003, these loans are secured by the following:

The mortgage of 29 vessels and condominium units belonging to subsidiaries (Note 7).

The pledge of the shares of 27 subsidiaries (Note 6).

The assignment of the insurance policies of the subsidiariesâ&#x20AC;&#x2122; vessels and condominium units.

4 The Company and subsidiaries have to comply with certain conditions and restrictions provided in the credit

2 4M

facilities agreement such as : a)

Maintenance of debt service coverage ratio of at least 1 : 1.

Maintenance of debt to equity ratio of not exceeding 2 : 1.

Maintenance of available liquidity reserve of no less than USD 100,000 per vessel.

4 2

9. ADVANCE RECEIPT FOR SALE OF INVESTMENTS

3M 8

On 24 November 2003 the Company received an advance from an overseas company in relation to its offer

to sell its investments in overseas associated companies.

4 10.BONDS/REDEEMABLE CONVERTIBLE DEBENTURES

2 2M

These redeemable convertible debentures (RCDs) were issued under the terms of the debt restructuring

agreement dated 17 July 2000.

6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

139

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4

‡¡◊ËÕ«—π∑’Ë 17 °√°Æ“§¡ 2543 ∫√‘…—∑œ ‰¥âÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥âª≈Õ¥¥Õ°‡∫’È¬ °ÿ≈‡ß‘π∫“∑®”π«π 589,503,000 ∫“∑ ·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 20,936,297 ‡À√’¬≠ À√—∞œ µ“¡¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„π°“√ÕÕ° Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â °ÿ≈‡ß‘π∫“∑·≈– °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ Àÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°‰∂à∂Õπµ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑œ °”Àπ¥‰«â¿“¬„π√–¬–‡«≈“ 30 ‡¥◊Õππ—∫·µà«—π∑’ËÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¥—ß°≈à“« ´÷Ëß§√∫°”Àπ¥„π«—π∑’Ë 16 ¡°√“§¡ 2546 Õ¬à“ß‰√°Áµ“¡ ‡¡◊ËÕ«—π∑’Ë 10 ¡°√“§¡ 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ§◊π‰¥â °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â ¡’¡µ‘Õπÿ¡—µ‘¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„À¡à¢ÕßÀÿâπ°Ÿâ ‚¥¬„Àâ¡’º≈∫—ß§—∫µ—Èß·µà«—π∑’Ë 16 ¡°√“§¡ 2546 ‡ªìπµâπ‰ª ‚¥¬¡’‡π◊ÈÕÀ“ √ÿª¥—ßπ’È °) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“æ‡ªìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª ¢) ¡’¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 4.25 µàÕªï ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ¡’π“§¡ 2546 §) Àÿâπ°Ÿâ®–∂Ÿ°‰∂à∂Õπ§◊π‚¥¬∫√‘…—∑œ „π«—π∑’Ë 16 ¡°√“§¡ 2552 À√◊ÕÕ“®∂Ÿ°‰∂à∂Õπ§◊π∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥ ”À√—∫ ®”π«π‡ß‘πµâπ„π‡«≈“„¥Ê °àÕπ∑’Ë®–§√∫°”Àπ¥‰∂à∂Õπ°Á‰¥â µàÕ¡“‡¡◊ËÕ«—π∑’Ë 17 ¡°√“§¡ 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ§◊π‰¥â °ÿ≈‡ß‘π∫“∑‰¥â¡’¡µ‘Õπÿ¡—µ‘ ¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢„À¡à¢ÕßÀÿâπ°Ÿâ ‚¥¬„Àâ¡’º≈∫—ß§—∫µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2546 ‡ªìπµâπ‰ª ‚¥¬¡’‡π◊ÈÕÀ“ √ÿª¥—ßπ’È °) Àÿâπ°Ÿâ¥—ß°≈à“«®–‰¡à “¡“√∂·ª≈ß ¿“æ‡ªìπÀÿâπ∑ÿπ¢Õß∫√‘…—∑œ ‰¥âÕ’°µàÕ‰ª ¢) ¡’¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 5 µàÕªï ®π∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2549 ·≈–Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 6 µàÕªï µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 16 ¡°√“§¡ 2552 ®à“¬™”√–‡ªìπ√“¬‰µ√¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 17 ‡¡…“¬π 2546 §) Àÿâπ°Ÿâ®–∂Ÿ°‰∂à∂Õπ§◊π‚¥¬∫√‘…—∑œ ‡ªìπ√“¬‰µ√¡“ µ—Èß·µà«—π∑’Ë 17 ¡°√“§¡ 2549 ∂÷ß«—π∑’Ë 17 ¡°√“§¡ 2552 „π√–À«à“ßªï 2546 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ§ß‡À≈◊Õ∑—ÈßÀ¡¥§◊π ‚¥¬∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 13.2 ≈â“π‡À√’¬≠ À√—∞œ „π√“§“ 9.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑®”π«π 316.5 ≈â“π∫“∑ „π√“§“ 306.0 ≈â“π∫“∑ ∫√‘…—∑œ ¡’°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 147.6 ≈â“π∫“∑ ´÷Ëß∫—π∑÷°‡ªìπ√“¬°“√æ‘‡»…„π ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2546 „π√–À«à“ßªï 2545 ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®”π«π 1.5 ≈â“π‡À√’¬≠ À√—∞œ „π√“§“ 0.9 ≈â“π‡À√’¬≠ À√—∞œ ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ °ÿ≈‡ß‘π∫“∑®”π«π 163 ≈â“π∫“∑ „π√“§“ 98 ≈â“π∫“∑ ∫√‘…—∑œ ¡’ °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 90.8 ≈â“π∫“∑ ´÷Ëß∫—π∑÷°‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2545

2 4M

11.∑ÿπ‡√◊ÕπÀÿπâ

8 6 4 2 3M 8 6 4 2 2M

‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2546 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï‰¥â¡’¡µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π®“° 1,973 ≈â“π∫“∑ (Àÿâπ “¡—≠ 197.3 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 52 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ®¥∑–‡∫’¬π¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 20 æƒ…¿“§¡ 2546 ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2546 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È °) „Àâ‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â¢Õß∫√‘…—∑œ ®“°Àÿâπ≈– 10 ∫“∑‡ªìπÀÿâπ≈– 1 ∫“∑ ‚¥¬¡’∑ÿπ ®¥∑–‡∫’¬π·≈–∑ÿπ ™”√–·≈â« 520 ≈â“π∫“∑ (Àÿâπ “¡—≠ 520 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ¢) „Àâ‚Õπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬®”π«π 60.5 ≈â“π∫“∑ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠®”π«π 514.6 ≈â“π∫“∑ ‰ª™¥‡™¬∫—≠™’¢“¥∑ÿπ – ¡¢Õß∫√‘…—∑œ ´÷Ëß “¡“√∂ªØ‘∫—µ‘‰¥âµ“¡æ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 15 °—π¬“¬π 2546

8 6 4 2 1M

140 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

On 17 July 2000, the Company issued Thai Baht 589,503,000 and USD 20,936,297 of zero coupon

RCDs. Under the terms and conditions of the Thai Baht’s and US dollar’s RCDs, the Company had an option to redeem

the bonds within a period of thirty months from the issue date dued on 16 January 2003.

However, on 10 January 2003, the meeting of the holders of the USD redeemable convertible debentures passed a resolution approving new terms and conditions for the bonds, effective from 16 January 2003, which can

be summarised as follows :

The bonds are no longer convertible to shares of the Company.

The coupon rate is to be 4.25% per annum, with interest paid quarterly commencing on 31 March 2003.

The bonds will be redeemed by the Company on 16 January 2009 or may be redeemed in part or in full

6 4

at any time prior to maturity.

Subsequently, on 17 January 2003, the meeting of the holders of the Baht redeemable convertible debentures passed a resolution approving new terms and conditions for the bonds, effective from 17 January 2003,

which can be summarised as follows :

The bonds are no longer convertible to shares of the Company.

The coupon rate is to be 5% per annum until 16 January 2006 and then 6% per annum from 17

January 2006 to 16 January 2009. Interest is to be paid quarterly, commencing on 17 April 2003. c)

The bonds will be redeemed by the Company in quarterly installments, from 17 January 2006 to 17

January 2009.

During the year 2003, the Company had redeemed all outstanding Bonds by buy-back of the USD Bonds

of USD 13.2 million nominal value at the amount of USD 9.9 million and the Baht Bonds of Baht 316.5 million nominal

value at the amount of Baht 306.0 million. The redemption resulted in a gain of Baht 147.6 million which was

recorded as an extraordinary item in the 2003 earnings statement.

During the year 2002, the Company had redeemed USD RCDs of USD 1.5 million nominal value at the

amount of USD 0.9 million and the THB RCDs of Baht 163 million nominal value at the amount of Baht 98 million.

The redemption resulted in a total gain of Baht 90.8 million which was recorded as an extraordinary item in the

2002 earnings statement.

2 11. SHARE CAPITAL

4M 8

On 30 April 2003, the Annual General Meeting of shareholders of the Company passed a resolution approving a decrease of its authorised share capital from Baht 1,973 million (197.3 million ordinary shares of Baht

10 each) to be Baht 520 million (52 million ordinary shares of Baht 10 each). The Company registered the reduction

of its authorised share capital with the Ministry of Commerce on 20 May 2003.

2 3M

On 10 September 2003, the Extraordinary General Meeting of shareholders of the Company approved

the following resolutions : a)

The changing of the Company’s par value of share from Baht 10 per share to Baht 1 per share with

the authorised and paid-up share capital of Baht 520 million (520 million ordinary shares of Baht 1 each). b)

The transfer of amounts of Baht 60.5 million from its statutory reserve and Baht 514.6 million from its

premium on ordinary shares to reduce its accumulated losses in compliance with the Public Limited Companies Act.

The Company registered the changing of its par value of share with the Ministry of Commerce on 15

September 2003.

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

141

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

12. ”√Õßµ“¡°ÆÀ¡“¬

9M 8 6 4 2 8M 8

µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œ ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õß ‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“ √âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â µ“¡¡“µ√“ 1202 ·Ààßª√–¡«≈°ÆÀ¡“¬·æàß·≈–æ“≥‘™¬å ∫√‘…—∑¬àÕ¬∑’Ë®—¥µ—Èß¢÷Èπµ“¡°ÆÀ¡“¬‰∑¬µâÕß®—¥ √√∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬‰¡àπâÕ¬°«à“√âÕ¬≈–Àâ“¢Õß®”π«πº≈°”‰√´÷Ëß∫√‘…—∑∑”¡“À“‰¥â∑ÿ°§√“«∑’Ë®à“¬ ‡ß‘πªíπº≈®π°«à“∑ÿπ ”√Õßπ—Èπ ®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– ‘∫¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

6 4 2 7M

13.°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈– 2545 ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥ ¥—ßπ’È (Àπà«¬ : æ—π∫“∑)

8 6 4 2 6M 8 6

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë ¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ 2546 2545 23,154 32,725 161,037 184,191

40,396 73,121

14,030 17,099

4 2 5M 8 6

14.§à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ µ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑ ¡À“™π®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

4 2 4M 8 6 4 2

15.¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈¢Õß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2546 ·≈– 2545 ‡π◊ËÕß®“°º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“ ®“°ªï°àÕπÊ ¡’¡“°°«à“°”‰√ ÿ∑∏‘¢Õßªï¥—ß°≈à“« ∫√‘…—∑¬àÕ¬‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ”À√—∫‡ß‘π‰¥â®“°°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑» µ“¡ª√–°“»Õ∏‘∫¥’ °√¡ √√æ“°√‡°’Ë¬«°—∫¿“…’‡ß‘π‰¥â©∫—∫∑’Ë 72 ≈ß«—π∑’Ë 1 ¡°√“§¡ 2541

3M 8 6 4 2 2M

16. ‡ß‘πªíπº≈®à“¬ ‡¡◊ËÕ«—π∑’Ë 18 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈„Àâ·°à ºŸâ∂◊ÕÀÿâπ®”π«π 520 ≈â“πÀÿâπ „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ªìπ‡ß‘πªíπº≈∑—Èß ‘Èπ 260 ≈â“π∫“∑

8 6 4 2 1M

142 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

12. STATUTORY RESERVE

9M Under the Public Limited Companies Act B.E. 2535, the Company is required to set aside a reserve at least

5 percent of its net profit after deducting accumulated deficit brought forward (if any) until the reserve reaches 10

percent of the registered share capital. This reserve is not available for dividend distribution.

4 2

In accordance with Section 1202 of the Civil and Commercial Code, each time the subsidiaries (incorporated

under Thai laws) declares a dividend payment, it must allocate not less than 5 percent of its earnings to its statutory

reserve, until this statutory reserve reaches not less than 10 percent of registered share capital. This reserve is not

available for dividend distribution.

4 13. EXCHANGE GAINS

2 7M

Exchange gains for the years ended 31 December 2003 and 2002 were summarised below :

(Unit : Thousand Baht) CONSOLIDATED 2003

2002

23,154

32,725

14,764

3,069

Unrealised exchange gains

161,037

40,396

7,496

14,030

Exchange gains - net

184,191

73,121

22,260

17,099

Realised exchange gains

THE COMPANY ONLY 2003

2002

2 6M 8 6 4 2

14. DIRECTORS’ REMUNERATION

5M Directors’ remuneration represents the benefits paid to the Company’s directors in accordance with Section

90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.

6 4

15. CORPORATE INCOME TAX

2 The Company does not have corporate income tax liabilities on its net earnings for the years 2003 and

2002 because tax losses brought forward exceed the net earnings of these years.

8 6

In accordance with the Director - General’s Notification on Income Tax No. 72 dated 1 January 1998, the

subsidiaries have received an exemption from the payment of income tax for their marine transportation income.

2 16. DIVIDEND PAID

3M 8

On 18 November 2003, the Board of Directors Meeting of the Company approved the payment of an interim

dividend of 520 million shares of Baht 0.50 per share, to the Company’s shareholders, a total of Baht 260 million.

4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

143

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

17. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π

9M 8 6 4 2

®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ 2546 2545 886 833 766,545 773,621

8M 8 6 4 2 7M 8 6 4 2 6M 8

18. ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ ∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’∫“ßª√–°“√µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√ ¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈ Õ“∑‘‡™àπ ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈‡ªìπ‡«≈“ 5 - 8 ªï π—∫·µà «—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“° °“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡ ‡ªìπµâπ ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∫√‘…—∑¬àÕ¬®–µâÕß®¥∑–‡∫’¬π‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…—∑¬àÕ¬‡ªìπ ‡√◊Õ‰∑¬ ´÷ßË ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…∑— ¬àÕ¬ 26 ∫√‘…∑— ‰¥â ®¥∑–‡∫’¬π‡√◊Õ®”π«π 29 ≈”‡ªìπ‡√◊Õ‰∑¬·≈â« (2545 : ∫√‘…∑— ¬àÕ¬ 24 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 27 ≈”‡ªìπ‡√◊Õ‰∑¬) √“¬‰¥â√«¡·≈–§à“„™â®à“¬√«¡ ”À√—∫ªï 2546 ·≈– 2545 (°àÕπ°“√µ—¥√“¬°“√√–À«à“ß°—π) ®”·π°µ“¡°‘®°“√∑’Ë‰¥â√—∫ °“√ àß‡ √‘¡·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ “¡“√∂· ¥ß √ÿª‰¥â¥—ßπ’È (Àπà«¬ : æ—π∫“∑)

°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡

4 2 5M 8

√“¬‰¥â µâπ∑ÿπ·≈–§à“„™â®à“¬ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘

2546 2,485,892 1,404,889 1,081,003

2545 2,873,452 2,088,472 784,980

°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡

2546 2,113,674 1,458,933 654,741

2545 1,311,021 1,358,117 (47,096)

√«¡

2546 4,599,566 2,863,822 1,735,744

2545 4,184,473 3,446,589 737,884

6 4 2

19. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“

4M 8 6 4 2 3M 8

19.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π®“°°“√´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ 3 ≈” ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 1,450.4 ≈â“π∫“∑ (36.5 ≈â“π‡À√’¬≠ À√—∞œ) 19.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√∂Ÿ°øÑÕß‡√’¬°§à“‡ ’¬À“¬∑’Ë ‡°‘¥¢÷Èπ®“°°“√‡¥‘π‡√◊Õ∑–‡≈®”π«π‡ß‘πª√–¡“≥ 0.8 ≈â“π‡À√’¬≠ À√—∞œ (2545 : 0.6 ≈â“π‡À√’¬≠ À√—∞œ) º≈¢Õß§à“‡ ’¬À“¬ ¬—ß‰¡à∑√“∫„π¢≥–π’È ΩÉ“¬∫√‘À“√‡™◊ËÕ«à“º≈‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ„π∑’Ë ÿ¥®–‰¡à‡ªìπ “√– ”§—≠ ¥—ßπ—Èπ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à‰¥â ∫—π∑÷°§à“‡º◊ËÕ§«“¡‡ ’¬À“¬‰«â„π∫—≠™’

6 4 2 2M 8 6 4 2 1M

144 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

17. EMPLOYEES AND RELATED COSTS

9M CONSOLIDATED 2003 Number of employees at end of year

2002

886

THE COMPANY ONLY 2003

833

2002

Employee costs for the year (Thousand Baht)

766,545

773,621

141,231

113,116

8 6 4

18. PROMOTIONAL PRIVILEGES

2 Under the provisions of the Investment Promotion Act B.E. 2520, the subsidiaries were granted certain

promotional privileges for their marine transportation. The promotional privileges include, among other things,

exemption from the payment of income tax for a period of 5 - 8 years commencing as from the date of first earning

operating income on the condition that the vessels owned by the subsidiaries are registered in Thailand. As at 31

December 2003, the 26 subsidiaries have registered their 29 vessels under the Thai flag (2002 : 24 subsidiaries

have registered their 27 vessels under the Thai flag).

Revenues and expenses for 2003 and 2002 (before eliminating related transactions), classified between

8 6

promoted and non-promoted business can be summarised below :

(Unit : Thousand Baht) Promoted Business

Non-Promoted Business

Total

2003

2002

2003

2002

2003

2002

Revenues

2,485,892

2,873,452

2,113,674

1,311,021

4,599,566

4,184,473

Costs and expenses

1,404,889

2,088,472

1,458,933

1,358,117

2,863,822

3,446,589

Net earnings (loss)

1,081,003

784,980

654,741

(47,096)

1,735,744

737,884

5M 8 6 4 2 4M 8

19. COMMITMENTS AND CONTINGENT LIABILITIES

6 19.1 As at 31 December 2003, the subsidiaries have commitments of Baht 1,450.4 million (USD 36.5

million) as a result of the acquisition of 3 vessels.

19.2 As at 31 December 2003, the Company and subsidiaries have contingent liabilities as a result of being

sued for damages in maritime claims totalling USD 0.8 million (2002 : USD 0.6 million). The ultimate outcome of

these claims cannot be determined at this time, but management anticipates that no material liability will arise.

Accordingly, no provision has been provided in the accounts.

4 2 2M 8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

145

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

20.°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

9M 8 6 4 2 8M 8 6 4 2 7M 8 6

20.1 §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π √“¬‰¥â·≈–§à“„™â®“à ¬‡°◊Õ∫∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— œ ¬àÕ¬‡°‘¥®“° °ÿ≈‡ß‘π‡À√’¬≠ À√—∞œ ®÷ß‡ªìπ°“√ªÑÕß°—π §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥®“°√“¬°“√∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ À√—∞œ ‰¥â„πµ—«‡Õß Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß §ß¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“ °ÿ≈Õ◊Ëπ Õ¬à“ß‰√°Áµ“¡ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â æ‘®“√≥“·≈â«·≈–‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’Ë¬ß∑’Ë¬—ß§ß¡’Õ¬Ÿà¥—ß°≈à“« Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë„™â„π°“√·ª≈ß§à“Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 §◊Õ 1 ‡À√’¬≠ À√—∞œ ‡∑à“°—∫ 39.7378 ∫“∑ (2545 : 43.3039 ∫“∑) 20.2 §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’§«“¡‡ ’Ë¬ß ®“°Õ—µ√“¥Õ°‡∫’È¬¥—ßπ’È (Àπà«¬ : æ—π∫“∑) ®”π«π‡ß‘π¢Õß ‘π∑√—æ¬å/Àπ’È ‘π Õ—µ√“¥Õ°‡∫’¬È ‰¡à¡¿’ “√– ª√—∫¢÷Èπ≈ßµ“¡ √«¡ ¥Õ°‡∫’È¬ Õ—µ√“µ≈“¥

4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4

‘π∑√—æ¬å∑“ß°“√‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’°È “√§â“ ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë ‡°’Ë¬«¢âÕß°—π - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ √«¡ Àπ’ È π‘ ∑“ß°“√‡ß‘π ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« √«¡

896,967 -

303 70,186

897,270 70,186

0.25 -

896,967

2,299 72,788

2,299 969,755

3,422,351 3,422,351

52,291 52,291

52,291 3,422,351 3,474,642

3.55

2 3M 8 6 4 2

20.3 §«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ ∫√‘…—∑œ °”Àπ¥π‚¬∫“¬„π°“√„Àâ ‘π‡™◊ËÕ·°àºŸâ‡™à“‡√◊Õ·≈–∫ÿ§§≈¿“¬πÕ°‚¥¬®”°—¥°“√„Àâ ‘π‡™◊ËÕ‡©æ“–°—∫ ≈Ÿ°§â“™—Èπ¥’ ·≈–„Àâ§«“¡‡¢â¡ß«¥„π°“√®—¥∑”‡Õ° “√ª√–°Õ∫√“¬°“√µà“ßÊ „Àâ§√∫∂â«π‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß®“°º≈¢“¥∑ÿπ∑’Ë®– ‡°‘¥¢÷πÈ ®“°°“√º‘¥π—¥™”√–Àπ’¢È Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√‡™◊ÕË «à“§«“¡‡ ’¬Ë ß Ÿß ÿ¥¢Õß∫√‘…∑— œ ®–‡∑à“°—∫¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’°È “√§â“ À—°¥â«¬§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ë· ¥ß„πß∫¥ÿ≈

2M 8 6 4 2 1M

146 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

20. FINANCIAL INSTRUMENTS

9M 20.1 Foreign Currency Risk

Almost all revenues and expenditures of the Company and subsidiaries are denominated in U.S. dollars,

which provides a natural hedge against the currency risk associated with transactions in U.S. dollars. Consequently,

the Company and subsidiaries are exposed to a currency risk in respect of its financial instruments denominated in

other currencies. However, the Company’s management has decided to maintain an open position of this exposure.

8M 8

Exchange rate applied for translation of foreign currency liabilities as at 31 December 2003 was

USD 1 : Baht 39.7378 (2002 : Baht 43.3039).

20.2 Interest Rate Risk

As at 31 December 2003, the Company and subsidiaries had the following financial assets and

financial liabilities exposed to interest rate risk :

8 (Unit : Thousand Baht)

Amounts of assets/liabilities Floating interest rate

Non-interest bearing

Total

Average interest rate (% p.a.)

USD

Financial assets :

Cash and cash equivalents

896,967

Trade accounts receivable

303

897,270

70,186

0.25

2 5M

Receivable from and

advances to related parties - other related companies Total

896,967

2,299

72,788

969,755

4 2

Financial liabilities : Trade accounts payable

52,291

Long - term loans

3,422,351

3.55

Total

3,422,351

52,291

3,474,642

8 6 4 2

20.3 Credit Risk

The Company has established a credit policy of evaluating the creditworthiness of its charterers and

other parties and restricts its dealings to only sound parties along with tight and adequate documentation to minimize

the risk of financial loss from default. The Company’s management believes that the maximum exposure to credit risk

is limited to the carrying amount of receivables less allowance for doubtful debts as stated in the balance sheets.

2 2M 8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

147

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M 8 6 4

20.4 ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–‡ß‘π°Ÿâ¬◊¡¡’Õ—µ√“¥Õ°‡∫’È¬ „°≈â‡§’¬ß°—∫Õ—µ√“ ¥Õ°‡∫’È¬„πµ≈“¥ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®–‰¡à ·µ°µà“ßÕ¬à“ß‡ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’

2 8M

21. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π

8 6 4

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«π„À≠à‡°’Ë¬«°—∫°“√¢π àß∑“ß∑–‡≈„π¿Ÿ¡‘¿“§µà“ßÊ ∑—Ë«‚≈° ¥—ßπ—Èπ√“¬‰¥â °”‰√ ·≈– ‘π∑√—æ¬å∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷ß‡°’Ë¬«¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡‘»“ µ√åµ“¡∑’Ë°≈à“«‰«â

2 7M

22. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π

8 6 4 2 6M

°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’È‰¥â∑”¢÷Èπ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ∫√‘…—∑œ ‰¥â®—¥ª√–‡¿∑√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 „À¡à ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õßªïª®í ®ÿ∫π— ´÷ßË ‰¡à¡º’ ≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢Õß ºŸ∂â Õ◊ Àÿπâ µ“¡∑’‰Ë ¥â√“¬ß“π‰ª·≈â«

8 6 4 2

23. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ ·≈â«

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

148 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

20.4 Fair Value

Since the majority of financial assets are short-term and loans carry interest at rates close to current

market rates, the management believes that the fair value of the Company’s and subsidiaries’ financial assets and

liabilities do not materially differ from their carrying value.

4 2

21. FINANCIAL INFORMATION BY SEGMENT

8M The Company and its subsidiaries’ activities predominantly involve the shipping businesses and carries

cargo operations to various locations worldwide. As a result, all of the revenues, operating profits and assets as

reflected in these financial statements pertain mainly to the aforementioned industry segment and geographic area.

4 2

22. PRESENTATION

7M The presentation of the financial statements has been made in compliance with the Notification of the

Business Development Department dated 14 September 2001, issued under the Accounting Act B.E. 2543.

Certain amounts in the financial statements for the year ended 31 December 2002 have been reclassified

to conform to the current year’s classifications, with no effect on net earnings or shareholders’ equity previously

reported.

6M 8

23. APPROVAL OF FINANCIAL STATEMENTS

6 4

These financial statements have been approved by the Company’s directors.

2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

149

2 1M

11 M 8 6 4

ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞

2 10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2

ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È‰¥â Õ∫∑“πæ√âÕ¡√“¬ß“π‚¥¬ ‡∫‡§Õ√å ∑‘ ≈ ≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π‰¥â®—¥∑”¢÷Èπ®“°¢âÕ¡Ÿ≈°“√‡ß‘π °ÿ≈∫“∑´÷Ëß‰¥âµ√«® Õ∫·≈â«‚¥¬ºŸâ Õ∫∫—≠™’¢Õß ∫√‘…—∑œ ·≈–ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È‰¥â Õ∫∑“π·≈â«‚¥¬ π—°∫—≠™’Õ‘ √– - ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“π’È§«√Õà“π§Ÿà°—∫√“¬ß“π¢Õß‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß· ¥ß„Àâ‡ÀÁππ‚¬∫“¬„π°“√·ª≈ß§à“ß∫°“√‡ß‘π °ÿ≈∫“∑‡ªìπß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ∫√‘…—∑œ ‡ÀÁπ«à“¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“„Àâ·°àºŸâ∂◊ÕÀÿâπ ‡π◊ËÕß®“° ß∫°“√‡ß‘π¥—ß°≈à“«®–· ¥ß„Àâ‡ÀÁπ∞“π–∑“ß°“√‡ß‘π∑’Ë∂Ÿ°µâÕß¢Õß∫√‘…—∑œ ‡π◊ËÕß®“°‚¥¬æ◊Èπ∞“π·≈â« ‘π∑√—æ¬å„π°“√‡¥‘π‡√◊Õ ´÷Ëß ‡ªìπ ‘π∑√—æ¬å à«π„À≠à¢Õß∫√‘…—∑œ ®–´◊ÈÕ·≈–¢“¬¥â«¬‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ¬‘Ëß‰ª°«à“π—Èπ√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑—ÈßÀ¡¥ ¢Õß∫√‘…—∑œ °Á‰¥â√—∫‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“¥â«¬ „π∑“ß‡¥’¬«°—π§à“„™â®à“¬ à«π„À≠à¢Õß∫√‘…—∑œ °Á‡°‘¥¢÷Èπ„π√Ÿª °ÿ≈‡ß‘π ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ „π à«π∑’Ë‡°’Ë¬«°—∫Àπ’È ‘π§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß∫√‘…—∑œ ¡’‡æ’¬ß§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°°“√¡’Àπ’È ‘π∑’Ë‡ªìπ‡ß‘π °ÿ≈∫“∑‡∑à“π—Èπ ¥—ßπ—Èπ®÷ß‡°‘¥§«“¡‰¡à ¡¥ÿ≈„πß∫¥ÿ≈ °ÿ≈‡ß‘π∫“∑¢Õß∫√‘…—∑œ ´÷Ëß ‘π∑√—æ¬å à«π„À≠à∑’Ë‡ªìπ‡√◊Õ‡¥‘π ∑–‡≈¢Õß∫√‘…—∑œ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ (∑’ËÕ—µ√“·≈°‡ª≈’Ë¬πª√–¡“≥ 25-26 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) „π¢≥–∑’ËÀπ’È ‘π∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬πªí®®ÿ∫—π (∑’ËÕ—µ√“·≈°‡ª≈’Ë¬πª√–¡“≥ 40 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) °“√∫—π∑÷°¥â«¬«‘∏¥’ ß— °≈à“«∑”„Àâ¡≈Ÿ §à“¢Õß ‘π∑√—æ¬åµË”°«à“¡Ÿ≈§à“®√‘ß‡¡◊ÕË Õ¬Ÿ„à π√Ÿª °ÿ≈‡ß‘π∫“∑ ‡æ◊ÕË ‡ªìπ°“√°”®—¥§«“¡‰¡à ¡¥ÿ≈„πß∫°“√‡ß‘π ∫√‘…∑— œ ®÷ß‰¥â®¥— ∑”ß∫°“√‡ß‘π„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷ßË Õ∫∑“π‚¥¬ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ πÕ°®“°π’È à«πÀπ÷Ëß„π —≠≠“°“√ª√—∫‚§√ß √â“ßπ’È ∫√‘…—∑œ ¡’Àπâ“∑’ËµâÕß®—¥„Àâ¡’ °“√®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“·°à‡®â“π’¢È Õß∫√‘…∑— œ ·≈–§”π«≥Õ—µ√“ à«π∑“ß°“√‡ß‘πµà“ßÊ µ“¡¢âÕµ°≈ß °—∫‡®â“Àπ’È ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ëª√—∫ª√ÿß„À¡àπ’È ¥—ßπ—Èπ ∫√‘…—∑œ ®÷ß‰¥â®—¥∑”ß∫°“√‡ß‘π¥—ß°≈à“«„Àâ·°à‡®â“π’È¢Õß∫√‘…—∑œ ·≈– π” àßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡√◊ËÕ¬¡“

5M 8

¢Õ∫‡¢µÀπâ“∑’Ë°“√∑”ß“π

6 4 2 4M 8 6 4 2 3M 8 6 4

‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ‰¡à‰¥â∑”°“√µ√«® Õ∫∫—≠™’À√◊Õ¢âÕ¡Ÿ≈‡æ◊ËÕ°“√∫√‘À“√ ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) √«¡∑—Èß‰¡à‰¥â∑”°“√æ‘ Ÿ®πå√“¬°“√§â“¢“¬∑’Ë∫—π∑÷°‰«â·µà Õ¬à“ß„¥ ¥—ßπ—Èπ∫’∑’‡Õø®÷ß‰¡à “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ„πµ—«ß∫°“√‡ß‘πµà“ßÊ ‰¥â §«“¡√—∫º‘¥™Õ∫„π‡Õ° “√π’È®÷ß‡ªìπ‡æ’¬ß°“√ ·ª≈ß§à“®“°ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√µ√«® Õ∫·≈â«„ÀâÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ ‰¡à«à“„π°√≥’„¥Ê °Áµ“¡ ∫’∑’‡Õø®–‰¡à¢Õ√—∫º‘¥„π¿“√–¢“¥∑ÿπ µâπ∑ÿπ §à“§«“¡‡ ’¬À“¬ À√◊Õ§à“„™â®à“¬„¥Ê °Áµ“¡∑’Ë ‡°‘¥¢÷Èπ®“°°“√°√–∑”©âÕ©≈ °“√‡ πÕ¢âÕ¡Ÿ≈∑’Ë‰¡à∂Ÿ°µâÕß À√◊Õ°“√µ—Èß„®º‘¥π—¥™”√–‚¥¬∫√‘…—∑œ °√√¡°“√∫√‘…—∑œ æπ—°ß“π ∫√‘…—∑œ À√◊Õµ—«·∑π∫√‘…—∑œ √“¬ß“π©∫—∫π’È‰¥â√—∫°“√®—¥∑”¢÷Èπ‡æ◊ËÕ‡ªìπ¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ‡®â“Àπ’È¢Õß∫√‘…—∑œ √«¡∂÷ß∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬·≈– ∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ∫’∑’‡Õø‰¡à¢Õ√—∫º‘¥™Õ∫„πæ—π∏°√√¡„¥Ê ∑’ËÕ“®¡’µàÕ∫ÿ§§≈Õ◊Ëπ∑’Ë‰¡à„™à∫ÿ§§≈∑’Ë√–∫ÿ‰«â¢â“ßµâπ ∫’∑’‡Õø¢Õ®”°—¥§«“¡√—∫º‘¥™Õ∫„¥Ê∑’Ë‡°‘¥®“°§«“¡º‘¥æ≈“¥ À√◊Õ§«“¡‰¡à∂Ÿ°µâÕß„π°“√·ª≈π’È „π°√≥’∑’Ë¡’§«“¡¢—¥ ·¬âß‡°‘¥¢÷Èπ√–À«à“ß√“¬ß“π¿“§¿“…“Õ—ß°ƒ…·≈–¿“…“‰∑¬ ¢Õ„Àâ∑à“π¬÷¥‡Õ“µ“¡√“¬ß“π¿“§¿“…“Õ—ß°ƒ…‡ªìπÀ≈—°

2 2M 8 6 4 2 1M

150 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

RESTATED US DOLLAR FINANCIAL STATEMENTS

4 2 10 M 8 6 4 2

The Restated US Dollar Financial Statements certified by Baker Tilly FAS (Thailand) Limited along

with their report, are reproduced hereunder. The restatement has been done on the basis of the audited

Thai Baht Financial Statements and the subsequent restatement into US Dollar has been certified by the

Independent Accountants - Baker Tilly FAS (Thailand) Limited. The Restated US Dollar Financial Statements

should be read together with the Report of Baker Tilly FAS (Thailand) Limited, which contains, inter alia, the

Policy of Restatement from Thai Baht to US Dollar.

It is necessary to provide the Restated US Dollar Financial Statements to the shareholders, since,

these statements give a more accurate financial position of the Company since the shipping assets, which,

from the major bulk of the total assets of the Company are valued, bought and sold in US Dollars. Moreover,

all shipping revenues are derived in US Dollars and practically all expenses are incurred in US Dollars. In respect

of liabilities, the Company’s Foreign Exchange exposure is only on the uncovered Baht denominated liabilities.

This leads to a mismatch in the Baht Denominated Balance Sheet where the fixed assets are expressed in

Thai Baht at the original exchange rates prevailing at the time of purchase of the asset (about Baht 25-26

per US Dollar), but the liabilities are expressed in Thai Baht at the closing exchange rate as at 31st December

4 2

2003 (about Baht 40 per US Dollar) resulting in an understatement of the value of the fixed assets, in Baht

terms.

To remove the above mismatch, the Company has prepared the Restated US Dollar Financial

Statements which are then certified by Baker Tilly FAS (Thailand) Limited. In recognition of the above, as a part

of the Debt Restructure documentation, it is the Company’s obligation to additionally provide the Restated

US Dollar Financial Statements to all the Financial Creditors and also to compute the Financial Covenants

based on these Restated Financial Statements only. Accordingly, there are regularly being provided to all

financial creditors and are also released to the Stock Exchange of Thailand (SET).

6 4 2

SCOPE OF WORK

4M Baker Tilly FAS (Thailand) Limited (“BTF”) has not performed an audit examination of Precious

Shipping Public Company Limited’s (“PSL” or “the Company”) accounts or of the management information,

nor has BTF verified the underlying transactions. Therefore, BTF give no opinion on the financial statements.

This is only a restatement of the THB audited financial statements into USD.

2 3M

In no event shall BTF be liable for any loss liability, cost, damage or expense arising in any way from fraudulent acts, misrepresentation or wilful default on the part of the Company, its directors, employees, or

agents.

6 4

The Report has been prepared for the use of the Company, its creditors, legal and financial advisors.

BTF does not accept any responsibility or liability to other parties.

2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

151

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

∫∑ √ÿª®“°ºŸâ∫√‘À“√

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2

‡¡◊ËÕ«—π∑’Ë 3 °ÿ¡¿“æ—π∏å 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…—∑œé) ‰¥â«à“®â“ß„Àâ ∫√‘…—∑ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’‡Õøé) ®—¥∑”√“¬ß“πª√–®”‰µ√¡“ ‡°’Ë¬«°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ¢Õß∫√‘…—∑œ ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘π√«¡ °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π¢÷Èπ °“√«à“®â“ß¥—ß°≈à“«®–‡ªìπ°“√µ√«®∑“π°“√§”π«≥µ—«‡≈¢·≈–À≈—°‡°≥±å∑’Ë„™â„π°“√ª√—∫ª√ÿß§à“ß∫¥ÿ≈·≈–ß∫°”‰√ ¢“¥∑ÿπ„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ¥—ßπ—Èπ ¢âÕ √ÿª∑’Ë‡°’Ë¬«°—∫°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑„À¡à„Àâ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°·π∫‰«â„ππ‚¬∫“¬∑’Ë „™â „π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) ∫’∑’‡Õø‰¥â∑”°“√√“¬ß“πº≈®“°°“√µ√«®∑“π°“√ª√—∫ª√ÿß§à“ß∫°“√‡ß‘π√«¡„À¡à„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ”À√—∫ √–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√µ√«®∑“π¥—ß°≈à“« ∫’∑’‡Õø‰¥â√—∫°“√™à«¬‡À≈◊Õ·≈–§«“¡√à«¡¡◊Õ®“° æπ—°ß“π∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√‡ªìπÕ¬à“ß¥’ ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∑’Ë‰¥â¡’°“√·ª≈ß§à“‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«π—Èπ· ¥ß„Àâ‡ÀÁπ«à“¡Ÿ≈§à“√«¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π∑—Èß ‘Èπ 194 ≈â“π‡À√’¬≠ √Õ. ·≈– 98 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ ¥—ßπ—Èπ∑ÿπ ‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®÷ß¡’¡Ÿ≈§à“ 96 ≈â“π‡À√’¬≠ √Õ. „π à«π¢Õßß∫°”‰√¢“¥∑ÿπ ¡Ÿ≈§à“√«¡¢Õß√“¬‰¥â·≈–§à“„™â®à“¬ (‰¡à√«¡¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π) ¢Õß ∫√‘…—∑œ „π™à«ß√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ‡ªìπ®”π«π∑—Èß ‘Èπ 91 ≈â“π‡À√’¬≠ √Õ. ·≈– 64 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ °”‰√ ÿ∑∏‘À≈—ß®“°√«¡√“¬°“√Õ◊ËπÊ Õ“∑‘ ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ·≈–°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ ®”π«π 6 ≈â“π‡À√’¬≠ √Õ. ·≈– 3.5 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫·≈â«π—Èπ ‡ªìπ®”π«π∑—Èß ‘Èπ 24.8 ≈â“π‡À√’¬≠ √Õ. à«π¬Õ¥ °”‰√ – ¡ ‘Èπß«¥¡’¡Ÿ≈§à“‡ªìπ 45 ≈â“π‡À√’¬≠ √Õ.

5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

152 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

EXECUTIVE SUMMARY

9M Precious Shipping Public Company Limited (“PSL” or “the Company”) on 3 February 2004

engaged Baker Tilly FAS (Thailand) Limited (“BTF”) to prepare a quarterly report on the restatement of

the THB audited / reviewed consolidated financial statements into USD, prepared by the Company. The

engagement includes a review of the Company’s mathematical calculation and the basis of USD restatement

of both the balance sheet and income statement.

8M 8

Accordingly, BTF attach a summary of the basis of the restatement of the THB financial statements

into USD as Policy of restatement from THB to USD Currency.

BTF has undertaken to report on its review of the restated USD consolidated financial statements

for the twelve-month period ended 31st December 2003. In undertaking the above, BTF were accorded the

full assistance and co-operation of the PSL staff and management.

The restated USD Balance Sheet as at 31st December 2003 indicates that the total assets and

liabilities of PSL were USD 194 million and USD 98 million, respectively. The equity of PSL as at 31st December

2003 was therefore USD 96 million.

In relation to the income statement, PSL’s total revenues and expenses, excluding interest and

finance cost, for the twelve months ended 31st December 2003 were USD 91 million and USD 64 million,

respectively. Net income, after including such items as interest and finance cost and gain on redemption of

debentures totalling USD 6 million and 3.5 million, respectively, equals USD 24.8 million. The retained earnings

at the end of the period stood at USD 45 million.

2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

153

2 1M

11 M 8 6 4

ß∫°“√‡ß‘π

ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 - ‘π∑√—æ¬å

10 M 8 6 4 2

31/12/03

‘π∑√—æ¬å

8 6 4 2 8M 8 6 4

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ ≈Ÿ°Àπ’È·≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

∫“∑

31/12/02

‡À√’¬≠ √Õ.

∫“∑

‡À√’¬≠ √Õ.

897,269,959 70,185,983 2,299,440 20,612,060 83,168,282 1,073,535,724

22,693,576 1,775,130 58,157 521,316 2,103,476 27,151,655

329,715,200 142,019,006 25,983,399 47,066,795 84,510,640 629,295,040

7,650,945 3,295,510 602,937 1,092,171 1,961,045 14,602,608

87,700,531

2,037,650

35,555,856

820,000

8,168,304,742 468,160,083 16,576,118 2,773,880 13,705,876 181,693,446 18,370,004 114,582,149 8,984,166,298 (4,366,167,044) 4,617,999,254

305,010,737 11,150,635 423,335 70,156 346,646 7,125,233 464,611 4,493,418 329,084,771 (166,692,092) 162,392,679

7,566,467,585 558,324,360 16,481,783 2,773,880 13,112,287 181,693,446 18,189,970 114,582,149 8,471,625,460 (4,044,560,930) 4,427,064,530

290,040,858 13,267,209 388,495 64,367 305,758 7,125,233 422,093 4,493,418 316,107,431 (152,533,827) 163,573,604

‡ß‘π®à“¬≈à«ßÀπâ“§à“´◊ÈÕ‡√◊Õ‡¥‘π∑–‡≈ §à“§«“¡π‘¬¡ - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

77,585,550 8,136,920 2,962,436 4,794,384,691

1,950,000 319,095 74,925 166,774,349

8,815,000 3,106,073 4,474,541,459

345,686 72,076 164,811,366

√«¡ ‘π∑√—æ¬å

5,867,920,415

193,926,004

5,103,836,499

179,413,974

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ√–¬–¬“« ‘π∑√—æ¬å∂“«√∑’Ë√“§“∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈ ·≈–Õÿª°√≥å‡√◊Õ‡¥‘π∑–‡≈ §à“„™â®à“¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ Õÿª°√≥å ”π—°ß“π à«πª√—∫ª√ÿß —≠≠“‡™à“ ¬“πæ“Àπ– Õ“§“√™ÿ¥·≈– à«πª√—∫ª√ÿß à«πµ°·µàß·≈–Õÿª°√≥å ”π—°ß“π Õÿª°√≥å∑“à ‡√◊Õ √«¡ À—° : §à“‡ ◊ËÕ¡√“§“ – ¡ √«¡ ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘

4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

154 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - ASSETS

2 10 M 8 6 4 2

31/12/03 ASSETS

THB

31/12/02 USD

THB

9M USD

CURRENT ASSETS Cash and cash equivalents

6 897,269,959

22,693,576

329,715,200

7,650,945

Accounts receivable - trade - net

70,185,983

1,775,130

142,019,006

3,295,510

Receivable from and advances to

2,299,440

58,157

25,983,399

602,937

8M 8

related companies Bunker oil

20,612,060

521,316

47,066,795

1,092,171

Other current assets

83,168,282

2,103,476

84,510,640

1,961,045

1,073,535,724

27,151,655

629,295,040

14,602,608

Total current assets

2 7M 8

NON-CURRENT ASSETS Long-term investments

87,700,531

2,037,650

35,555,856

820,000

8,168,304,742

305,010,737

7,566,467,585

290,040,858

468,160,083

11,150,635

558,324,360

13,267,209

16,576,118

423,335

16,481,783

388,495

2,773,880

70,156

2,773,880

64,367

13,705,876

346,646

13,112,287

305,758

181,693,446

7,125,233

181,693,446

7,125,233

18,370,004

464,611

18,189,970

422,093

114,582,149

4,493,418

114,582,149

4,493,418

Total

8,984,166,298

329,084,771

8,471,625,460

316,107,431

Less : Accumulated depreciation

(4,366,167,044)

(166,692,092)

(4,044,560,930)

(152,533,827)

4,617,999,254

162,392,679

4,427,064,530

163,573,604

Fixed assets at cost: Vessels & Vessels Equipment Drydock & special survey Office equipment Leasehold improvement Vehicles Buildings & improvement Furniture & fixtures Berth equipment

Total fixed assets - net

2 6M 8

8 Prepayment for vessel purchases

77,585,550

1,950,000

Goodwill - net

8,136,920

319,095

8,815,000

345,686

Other non-current assets

2,962,436

74,925

3,106,073

72,076

Total non-current assets

4,794,384,691

166,774,349

4,474,541,459

164,811,366

Total Assets

5,867,920,415

193,926,004

5,103,836,499

179,413,974

4 2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

155

2 1M

11 M 8 6 4

ß∫°“√‡ß‘π

ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 - Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

10 M 8 6 4 2

31/12/03

9M 8 6 4 2 8M 8 6 4

31/12/02

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫“∑

‡À√’¬≠ √Õ.

∫“∑

‡À√’¬≠ √Õ.

Àπ’È ‘π Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï √“¬‰¥â√—∫≈à«ßÀπâ“ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π

52,290,655 938,579,124 108,893,669 326,519,361 1,426,282,809

1,315,892 23,619,303 2,740,304 8,216,845 35,892,344

100,232,355 393,385,757 74,038,616 228,461,217 796,117,945

2,314,627 9,084,303 1,709,745 5,275,765 18,384,440

Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π Àÿâπ°Ÿâ·ª≈ß ¿“æ™π‘¥‰∂à∂Õπ‰¥â ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

2,483,771,798 2,483,771,798

62,504,008 62,504,008

886,736,531 2,744,396,287 3,631,132,818

20,477,060 63,375,269 83,852,329

√«¡Àπ’È ‘π

3,910,054,607

98,396,352

4,427,250,763

102,236,769

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°·≈–™”√–·≈â« º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ ”√Õß∑—Ë«‰ª - ∫√‘…—∑¬àÕ¬ °”‰√ (¢“¥∑ÿπ) – ¡ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑

520,000,000 159,706,393 411,429,745 52,000,000 169,995,000 24,181,905 563,637,665 1,900,950,708

20,392,157 4,996,371 16,134,500 1,304,730 5,187,990 800,153 45,281,485 94,097,386

520,000,000 168,888,751 926,054,829 60,500,000 77,466,000 24,181,905 (1,143,517,716) 633,573,769

20,392,157 5,345,546 36,315,876 2,372,549 2,856,051 800,153 8,101,614 76,183,945

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬

56,915,100

1,432,266

43,011,967

993,259

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

1,957,865,808

95,529,652

676,585,736

77,177,205

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

5,867,920,415

193,926,004

5,103,836,499

179,413,974

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4 2 1M

156 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

FINANCIAL STATEMENTS

4 2

CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2003 - LIABILITIES & SHAREHOLDERS’ EQUITY

10 M 8 6 4 2 31/12/03 LIABILITIES SHAREHOLDERS’ EQUITY

THB

31/12/02 USD

THB

9M USD

LIABILITIES

Current liabilities

4 52,290,655

1,315,892

100,232,355

2,314,627

Current portion of long - term loans

938,579,124

23,619,303

393,385,757

9,084,303

Advance received from charterers

108,893,669

2,740,304

74,038,616

1,709,745

Other current liabilities

326,519,361

8,216,845

228,461,217

5,275,765

1,426,282,809

35,892,344

796,117,945

18,384,440

Trade accounts payable

Total current liabilities

2 7M

Non-current liabilities Redeemable convertible debentures Long - term loans

886,736,531

20,477,060

2,483,771,798

62,504,008

2,744,396,287

63,375,269

Total non-current liabilities

2,483,771,798

62,504,008

3,631,132,818

83,852,329

Total liabilities

3,910,054,607

98,396,352

4,427,250,763

102,236,769

8 6 4 2 6M 8 6

SHAREHOLDERS’ EQUITY

Share capital ñ issued and paid-up

520,000,000

20,392,157

520,000,000

20,392,157

Translation adjustment

159,706,393

4,996,371

168,888,751

5,345,546

Premium on ordinary shares

411,429,745

16,134,500

926,054,829

36,315,876

52,000,000

1,304,730

60,500,000

2,372,549

Statutory reserve - subsidiaries

169,995,000

5,187,990

77,466,000

2,856,051

General reserve in subsidiaries

24,181,905

800,153

24,181,905

800,153

563,637,665

45,281,485

(1,143,517,716)

8,101,614

1,900,950,708

94,097,386

633,573,769

76,183,945

Statutory reserve - the Company

Retained earnings (deficit) Total equity attributable to shareholders

2 5M

4M 8 6 4

Minority interest - equity attributable to minority shareholders of subsidiaries

56,915,100

1,432,266

43,011,967

993,259

Total Shareholders’ Equity

1,957,865,808

95,529,652

676,585,736

77,177,205

Total Liabilities & Shareholders’ Equity

5,867,920,415

193,926,004

5,103,836,499

179,413,974

2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

157

2 1M

11 M 8 6 4

ß∫°“√‡ß‘π

ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫√–¬–‡«≈“ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546

10 M 8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

ß∫°”‰√¢“¥∑ÿπ√«¡ √“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ¥Õ°‡∫’È¬√—∫ √“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â §à“„™â®“à ¬ §à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ √“¬®à“¬∑à“‡√◊Õ πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®à“¬„π°“√∫√‘À“√ Àπ’ È ≠ Ÿ ·≈–§à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπÕ◊Ëπ ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π §à“‡ ◊ÕË ¡√“§“ ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ à«π·∫àß¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¿“√–§È”ª√–°—π®à“¬ √«¡§à“„™â®“à ¬ °”‰√°àÕπÀ—°¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ·≈–¿“…’‡ß‘π‰¥â À—° : ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π °”‰√ (¢“¥∑ÿπ) °àÕπÀ—°¿“…’‡ß‘π‰¥â À—° : ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√ (¢“¥∑ÿπ) °àÕπÀ—° à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ À—° : ¢“¥∑ÿπ / (°”‰√) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢Õß ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘°àÕπ√“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ‡ß‘πªíπº≈ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…—∑¬àÕ¬ ‚Õπ ”√Õßµ“¡°ÆÀ¡“¬¢Õß∫√‘…—∑‰ªÀ—°¢“¥∑ÿπ – ¡ ‚Õπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠‰ªÀ—°¢“¥∑ÿπ – ¡ °”‰√ (¢“¥∑ÿπ) – ¡, µâπß«¥ °”‰√ (¢“¥∑ÿπ) – ¡, ª≈“¬ß«¥ °”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ

6 4 2 1M

158 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

12 ‡¥◊Õπ∂÷ß 31/12/03 ∫“∑ ‡À√’¬≠ √Õ.

12 ‡¥◊Õπ∂÷ß 31/12/02 ∫“∑ ‡À√’¬≠ √Õ.

3,796,875,589 6,259,661 177,035 184,190,660 1,261,148 1,760,637 3,990,524,730

91,163,739 151,261 2,578 30,028 42,769 91,390,375

3,290,904,183 7,580,380 23,662,343 73,120,913 3,255,056 3,865,965 3,402,388,840

76,479,387 176,275 75,615 89,766 76,821,043

957,395,362 306,807,237 266,620,343 1,530,822,942 13,243,470 180,015,147 6,705,262 601,964,978 2,332,751,799

22,936,127 7,330,573 6,347,273 36,613,973 316,996 4,303,901 160,583 1,625,991 20,719,581 63,741,025

1,030,909,341 382,177,575 345,037,438 1,758,124,354 11,422,526 158,192,627 33,552,025 161,353,403 379,725 634,970,791 433,572 31,589,725 2,790,018,748

23,965,877 8,866,846 8,013,287 40,846,010 264,986 3,672,961 970,911 4,380,891 8,788 1,283,120 22,052,344 504,573 10,034 750,000 74,744,618

1,657,772,931 (254,923,424) 1,402,849,507 1,402,849,507

27,649,350 (6,071,882) 21,577,468 21,577,468

612,370,092 (201,132,019) 411,238,073 411,238,073

2,076,425 (4,675,164) (2,598,739) (2,598,739)

(13,903,133) 1,388,946,374 147,612,923 1,536,559,297 (260,000,000) (52,000,000) (92,529,000) 60,500,000 514,625,084 (1,143,517,716) 563,637,665

(329,634) 21,247,834 3,538,429 24,786,263 (6,523,648) (1,304,730) (2,331,939) 2,372,549 20,181,376 8,101,614 45,281,485

433,347 411,671,420 90,762,259 502,433,679 (1,645,951,395) (1,143,517,716)

9,323 (2,589,416) 2,112,782 (476,634) 8,578,248 8,101,614

2.95

0.05

0.97

(0.00)

11 M 8 6

FINANCIAL STATEMENTS

4 2

CONSOLIDATED INCOME STATEMENT FOR TWELVE MONTHS ENDED 31ST DECEMBER 2003

10 M 8 6 4 2 12 MONTHS TO 31/12/03 CONSOLIDATED INCOME STATEMENT

THB

12 MONTHS TO 31/12/02

USD

THB

USD

REVENUES Vessel operating income Service income Gain on disposal of fixed assets Exchange gains Interest income Other income

3,796,875,589 6,259,661 177,035 184,190,660 1,261,148 1,760,637

91,163,739 151,261 2,578 30,028 42,769

3,290,904,183 7,580,380 23,662,343 73,120,913 3,255,056 3,865,965

76,479,387 176,275 75,615 89,766

Total revenues

3,990,524,730

91,390,375

3,402,388,840

76,821,043

957,395,362 306,807,237 266,620,343 1,530,822,942 13,243,470 180,015,147 6,705,262 -

22,936,127 7,330,573 6,347,273 36,613,973 316,996 4,303,901 160,583 -

1,030,909,341 382,177,575 345,037,438 1,758,124,354 11,422,526 158,192,627 33,552,025 161,353,403

23,965,877 8,866,846 8,013,287 40,846,010 264,986 3,672,961 970,911 4,380,891

601,964,978 -

1,625,991 20,719,581 -

379,725 634,970,791 433,572

8,788 1,283,120 22,052,344 504,573 10,034

EXPENSES Vessel running expenses Voyage disbursement Bunker consumption Total vessel operating costs Cost of services Administrative expenses Bad debt and allowance for doubtful accounts Provision for possible loss on other investments Loss on sale of investment Exchange losses Depreciation Loss on disposal of fixed assets Share of loss from investments under equity method Guarantee obligation

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2

31,589,725

750,000

2,790,018,748

74,744,618

Total expenses

2,332,751,799

63,741,025

Income before interest and finance cost and income tax Less : Interest and finance costs Income before income tax

1,657,772,931 (254,923,424) 1,402,849,507

27,649,350 (6,071,882) 21,577,468

612,370,092 (201,132,019) 411,238,073

2,076,425 (4,675,164) (2,598,739)

Less : Corporate income tax Income before minority interest after tax

1,402,849,507

21,577,468

411,238,073

(2,598,739)

Less: Net loss / (earning) of minority interest Net income before extraordinary items Gain on redemption of bonds

(13,903,133) 1,388,946,374 147,612,923

(329,634) 21,247,834 3,538,429

433,347 411,671,420 90,762,259

9,323 (2,589,416) 2,112,782

Net income

1,536,559,297

24,786,263

502,433,679

(476,634)

6M 8 6 4 2 5M 8 6 4 2 4M 8

Dividend paid Legal reserve - the Company Legal reserve - subsidiaries Transfer of statutory reserve - Company to offset deficit Transfer of premium on ordinary share to offset deficit Retained earnings, Beginning of the period Retained earnings, Ending of the period Earnings per share

(260,000,000) (52,000,000) (92,529,000)

(6,523,648) (1,304,730) (2,331,939)

60,500,000

2,372,549

6 4 2 3M 8 6

514,625,084 (1,143,517,716) 563,637,665 2.95

20,181,376 8,101,614 45,281,485

(1,645,951,395) (1,143,517,716)

0.05

0.97

4 2

8,578,248 8,101,614

2M 8

(0.00)

6 4

ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

159

2 1M

11 M 8 6 4 2 10 M

π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑ ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é)

8 6 4 2 9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M

„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘ππ—πÈ ‰¥â¡°’ “√æ‘®“√≥“∂÷ß¢âÕ°”Àπ¥µà“ßÊ ∑’√Ë –∫ÿ‰«â„π¡“µ√∞“π°“√∫—≠™’¢Õß‰∑¬ Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß¡“®“°§«“¡‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘ππ’È °“√®—¥∑”ß∫°“√‡ß‘π‡À√’¬≠ √Õ. π’ÈÕ“®‰¡à®”‡ªìπ∑’Ë®–µâÕß ‡ªìπ‰ªµ“¡¡“µ√∞“π°“√∫—≠™’‰∑¬·µàÕ¬à“ß„¥ ≈—°…≥–‡©æ“–µ—«∑’Ë ”§—≠Õ¬à“ßÀπ÷Ëß„π∑’Ëπ’È‡°‘¥¢÷Èπ‡π◊ËÕß®“° ‘π∑√—æ¬å Àπ’È ‘π ·≈–°“√§â“À≈—°Ê ¢Õß∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) (ç∫√‘…—∑œé) ‰¥â‡°‘¥¢÷Èπ‚¥¬„™â‡ß‘π‡À√’¬≠ √Õ. „π°“√´◊ÈÕ¢“¬ ·≈â«®÷ß∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π °ÿ≈‰∑¬∫“∑ µ“¡§«“¡µâÕß°“√¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ®“°∑’Ë‰¥â°≈à“«¡“π’È ‘π∑√—æ¬å Àπ’È ‘π ·≈–°“√§â“‡À≈à“π’È®÷ß¡’°“√ª√—∫ª√ÿß„À¡à‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π®√‘ß À√◊ÕÕ—µ√“·≈°‡ª≈’Ë¬π‚¥¬ ª√–¡“≥∑’„Ë ™â ≥ «—π∑’∑Ë ”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑ Õ¬à“ß‰√°Áµ“¡ π‚¬∫“¬π’ÕÈ “®„™â‰¡à‰¥â°∫— °“√§â“¢“¬∑’∫Ë π— ∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπ ‡π◊ËÕß®“°®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß ´÷Ëß„π°√≥’π’ÈÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ß πÈ”Àπ—°®÷ß∂Ÿ°π”¡“„™â„π°“√·ª≈ß·∑π ®“°§«“¡‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«µ“¡∑’Ë‰¥â°≈à“«¡“·≈â«¢â“ßµâπ ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑’ ‡Õøé) ‰¥âÀ“π‚¬∫“¬∑’Ë®–∑”„Àâ¡—Ëπ„®‰¥â«à“®–‡ªìπ«‘∏’°“√ª√—∫ª√ÿß§à“∑’Ë‡À¡“– ¡∑’Ë ÿ¥„π°“√· ¥ß¡Ÿ≈§à“·≈–º≈°“√¥”‡π‘π°“√ ¢Õß∫√‘…∑— œ æ÷ßµ√–Àπ—°«à“§«“¡√—∫º‘¥™Õ∫¢Õß∫’∑‡’ Õø®”°—¥Õ¬Ÿ‡à æ’¬ß°“√µ√«® Õ∫·≈–√—∫√Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π ‡À√’¬≠ √Õ. ‚¥¬Õ‘ß®“°ß∫°“√‡ß‘πª√–®”‰µ√¡“ / ”À√—∫ß«¥§√÷Ëßªï / ”À√—∫ß«¥ª√–®”ªï °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√—∫°“√ Õ∫∑“π / µ√«® Õ∫®“°ºŸâµ√«® Õ∫∫—≠™’∑’Ë‰¥â√—∫°“√·µàßµ—Èßµ“¡°ÆÀ¡“¬‡∑à“π—Èπ ¥—ßπ—Èπ¢Õ∫‡¢µÀπâ“∑’Ë®÷ß®”°—¥Õ¬Ÿà‡æ’¬ß°“√µ√«®∑“π§«“¡ ∂Ÿ°µâÕß¢Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π„À¡à‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡∑à“π—πÈ ‚¥¬Õ‘ß®“°¢âÕ¡Ÿ≈∑“ß∫—≠™’∑¡’Ë Õ’ ¬Ÿ·à ≈â«„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑

8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2

ß∫¥ÿ≈ °“√·ª≈ß§à“®“°‡ß‘π‰∑¬∫“∑‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π√“¬°“√ à«π„À≠à„πß∫¥ÿ≈∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â« ¢Õß∫√‘…—∑œ π—Èπ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ „π à«π¢Õß ‘π∑√—æ¬å®–„™âÕ—µ√“´◊ÈÕ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ à«πÀπ’È ‘π®–„™âÕ—µ√“¢“¬‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ Õ¬à“ß‰√°Áµ“¡ π‚¬∫“¬π’È‰¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√∫“ß √“¬°“√ ‡π◊ÕË ß®“°∫√‘…∑— œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊πË ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂°Ÿ µâÕß¡“°°«à“ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È ■ ‡ß‘π≈ß∑ÿπ∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. π—Èπ ∫√‘…—∑œ ®–„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑”°“√≈ß∑ÿππ—Èπ„π°“√·ª≈ß§à“‡ªìπ ‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ■ ‡√◊Õ‡¥‘π∑–‡≈ (√«¡∂÷ß‡√◊Õ¢π∂à“¬ ‘π§â“·≈–Õÿª°√≥å) ·≈–§à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“ (Drydock and Special Survey) π—Èπ ‰¥â¡’°“√´◊ÈÕ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“ ·≈°‡ª≈’¬Ë π ≥ «—π´◊ÕÈ ¥—ßπ—πÈ „π°“√ª√—∫ª√ÿß§à“„À¡à®ß÷ „™âÕµ— √“·≈°‡ª≈’¬Ë π¥—ß°≈à“«„π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ π‚¬∫“¬ °“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™â Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß§à“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ ¥â«¬‡™àπ°—π

2M 8 6 4 2 1M

160 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6

POLICY OF RESTATEMENT FROM THB TO USD CURRENCY

4 2 10 M 8 6 4 2

In restating the financial statements, consideration has been given to Thai GAAP. However, due to the

unique nature of this restatement the provisions of Thai GAAP may not necessarily have been complied

with. A significant unique feature is that many of the assets, liabilities and transactions of PSL were originally

denominated in USD and translated into THB as required by the SET. In these instances these assets, liabilities

and transactions have been restated into USD at the exchange rate, or estimated exchange rate, at which

they were converted into THB. This, however, was not always possible in relation to the transactions recorded

in the income statement, as this would require matching each transaction with the exchange rate at that

date, in which case the weighted average exchange rate was applied.

Based on the uniqueness of the restatement discussed above, BTF has sought to ensure the

application of the most appropriate methods of restatement to reflect the underlying valuation and

performance of the Company.

Please note that BTF’s responsibility is limited only to check and certify the restatement of the

financial statements in USD based on the quarterly / semi-annual / annual financial statements in Thai Baht

currency (THB) already reviewed / audited by statutory auditors. As such, the scope is limited only to a review

4 2

on the accuracy of the restatement of the financial statements based upon the existing set of accounts

maintained in THB.

Accordingly, the policies of the restatement of the items in the Company’s balance sheet and income

statement can be described as follows : -

4 2 5M

BALANCE SHEET

8 Most items in PSL’s audited / reviewed balance sheet are converted from THB into USD using

the exchange rate as at the balance sheet date. THB / USD’s buying rate is applied on the asset side while

the selling rate is used on the liability side. This policy, however, is not applied to some items as BTF considers

an alternative policy, as described below, would provide more accurate restatement into USD.

■

Investments originally made in USD were translated by PSL into THB at the historical exchange

rate as at the date of the investment. Therefore, in restating in USD the historical exchange rate

has been used to reverse the translation.

Vessels (including the barge and its equipment), drydock and the special survey were originally

purchased in USD currency and translated into THB at the historical exchange rate as at

the acquisition date. Therefore in restating to USD the historical exchange rate has been used

to reverse the translation.

Where fixed assets were originally purchased in THB the assets are converted by PSL at the

4 2

exchange rate as at the balance sheet date. This, compared with the translation of USD fixed

assets, is not consistent and therefore BTF have applied the historical exchange rates to major

THB fixed assets, i.e. buildings and berth equipment.

6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

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§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–¡’°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“ ¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ §à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë¡’°“√´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑π—Èπ ∫√‘…—∑œ ®–∑”°“√ ·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ Õπ÷Ëß π‚¬∫“¬°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß §à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑’‡Õø®÷ß‡ÀÁπ«à“§«√„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë´◊ÈÕ„π°“√·ª≈ß §à“‡ ◊ËÕ¡√“§“ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ¥â«¬‡™àπ°—π πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß ≈Ÿ°Àπ’·È ≈–‡®â“Àπ’°È “√§â“ ·≈–√“¬‰¥â√∫— ≈à«ßÀπâ“®“°°“√¢π àß ‘π§â“ ‰¥â¡°’ “√´◊ÕÈ ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™â Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ≈—°…≥–¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‚¥¬¡“°®–¡’°“√À¡ÿπ‡«’¬πÕ¬à“ß¡“° ¥—ßπ—Èπ°“√·ª≈ß§à“√“¬°“√ ∫—≠™’¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ‘π∑√—æ¬åÕ◊ËπÊ ∑’ËπÕ°‡Àπ◊Õ®“° §à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“∑’Ë¬—ß‰¡à‰¥âµ—¥®à“¬π—Èπ¡’°“√´◊ÈÕ¢“¬°—π ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß §à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. §à“§«“¡π‘¬¡‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥ ´÷Ëß‡ªìπÀπ÷Ëß„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ à«π∑’Ë‡°‘π®“°¡Ÿ≈§à“µ“¡∫—≠™’ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«Õ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑ ¥—ßπ—Èπ„π∑”πÕß‡¥’¬«°—∫ ‘π∑√—æ¬å∑’Ë¡’°“√ ´◊ÈÕ¥â«¬‡ß‘π‰∑¬∫“∑ °“√·ª≈ß§à“√“¬°“√¥—ß°≈à“«®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√¢÷Èπ ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√ æ—π∏∫—µ√·ª≈ß ¿“æ ·≈–¥Õ°‡∫’È¬§â“ß®à“¬ à«π„À≠àÕ¬Ÿà„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“ ‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. „π∑”πÕß‡¥’¬«°—π ‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ∑’ËÕ¬Ÿà„π√Ÿª‡ß‘π ‰∑¬∫“∑°Á¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ – ¡¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬ „™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ ¥—ßπ—Èπ„π°“√ª√—∫ª√ÿß§à“„À¡à®÷ß„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ëß∫¥ÿ≈ º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»‚¥¬À≈—°Ê ·≈â«®–‡°’Ë¬«¢âÕß°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë ‡ªìπ °ÿ≈‡ß‘π‰∑¬∫“∑∑’Ë∂Ÿ°ª√—∫ª√ÿß§à“„À¡à„Àâ‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∑’Ë·µ°µà“ß°—π °àÕ„Àâ ‡°‘¥§«“¡‰¡à ¡¥ÿ≈¢÷πÈ „πß∫¥ÿ≈ °√≥’‡™àππ’®È –‰¡à‡°‘¥¢÷πÈ ®“° ‘π∑√—æ¬å·≈–Àπ’ È π‘ ∑’‡Ë ªìπ °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡π◊ÕË ß®“° ‡√“∑”°“√ª√—∫ª√ÿß§à“®“° °ÿ≈‡ß‘π‰∑¬∫“∑°≈—∫‰ª Ÿà¡Ÿ≈§à“¥—Èß‡¥‘¡„π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ®÷ß‡ªìπ∑’Ë‡¢â“„®‰¥â«à“º≈ – ¡ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. ¢Õß°“√ª√—∫ª√ÿß∑’‡Ë °‘¥®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑»π—πÈ ‰¡à‰¥âÀ¡“¬∂÷ß °“√ª√—∫ª√ÿß∑’Ë‡°‘¥®“°°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑ ∑ÿπ‡√◊ÕπÀÿâπ ·≈– ”√Õß ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥°“√‡ª≈’Ë¬π·ª≈ß„π√“¬°“√

3M 8 6 4 2 2M 8 6 4 2 1M

162 √“¬ß“πª√–®”ªï 2546

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 ■

Depreciation of assets which were originally acquired in USD is restated using the historical

exchange rate at the date of acquisition. However, where the assets were originally purchased

in THB, the depreciation is converted by PSL at the exchange rate as at the balance sheet date.

Again, the policy on USD and THB asset depreciation is not consistent and therefore BTF has

applied the historical exchange rates to major THB fixed assets, i.e. buildings and berth equipment. ■

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Bunker oil, accounts receivable and payable, and advance received from charterers were

originally denominated in USD and are translated into THB at the exchange rate at the balance

sheet date. The restatement into USD therefore is based on the 31st December 2003 exchange

rate to reverse the translation.

The nature of other current assets and liabilities is mostly very current and therefore the

exchange rate as at the balance sheet date is applied.

Other assets, excluding unamortised drydock and special survey, are denominated in USD and

are translated into THB at the exchange rate as at the balance sheet date. The restatement

into USD therefore has been done at the 31st December 2003 exchange rate to reverse the

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translation. ■

Goodwill is the excess of the investment in Great Circle Shipping Agency Limited, one of PSL’s

subsidiaries, over its book value at the amount denominated in THB. Similar to fixed assets

originally made in THB the restatement into USD is applied at the historical rate. ■

Loans from banks, bonds and interest payable are mostly denominated in USD and are translated

into THB at the exchange rate as at the balance sheet date. The restatement into USD therefore

has been done at the 31st December 2003 exchange rate to reverse the translation. THB

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loans and debentures are also converted at the exchange rate as at the balance sheet date.

Minority interest is derived from minority shareholders’ portion in the retained earnings of

subsidiaries of PSL calculated at the balance sheet date and therefore the exchange rate as at

the balance sheet date is applied.

Translation adjustment primarily relates to THB denominated assets and liabilities restated at

different exchange rates to USD resulting in an imbalance in the balance sheet. This should not

occur for assets and liabilities originally denominated in USD as we have sought to restate the

THB amounts to the original USD amounts. It should therefore be understood that the USD

cumulative translation adjustment is not the translation of the THB translation adjustment.

3M 8

Share capital and reserves are restated at the historical exchange rates in which movements

occurred.

4 2 2M 8 6 4 ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

163

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√“¬°“√ à«π„À≠à„πß∫°”‰√¢“¥∑ÿπ∑’Ë‰¥â√—∫°“√µ√«® Õ∫ / Õ∫∑“π·≈â«¢Õß∫√‘…—∑œ π—Èπ ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«∂Ÿ° ·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ ¢≥–π—Èπ1 ‡æ◊ËÕ„Àâ°“√ª√—∫ª√ÿß§à“„À¡à„π°“√§â“¢“¬·µà≈–√“¬°“√π’È∂Ÿ°µâÕß ¡∫Ÿ√≥å®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë¡’°“√§â“¢“¬·µà≈–§√—Èß π‚¬∫“¬¥—ß°≈à“«Õ¬ŸàπÕ°‡Àπ◊Õ®“°¢Õ∫‡¢µ°“√ µ√«®∑“π¢Õß∫’∑’‡Õø √“¬°“√‡À≈à“π’È‰¥â¡’°“√·ª≈ß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ¿“¬„π™à«ß√–¬–‡«≈“ 3 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ´÷Ëß (À“°√“¬‰¥â §à“„™â®à“¬ ·≈–Õ—µ√“·≈°‡ª≈’Ë¬π§àÕπ¢â“ß§ß∑’Ë) Õ—µ√“·≈°‡ª≈’Ë¬π¥—ß°≈à“« πà“®–ª√–¡“≥Õ—µ√“·≈°‡ª≈’Ë¬π„πÕ¥’µ ”À√—∫°“√§â“·µà≈–√“¬°“√‰¥â Õ¬à“ß‰√°Áµ“¡ „π°√≥’∑’ËÕ—µ√“·≈°‡ª≈’Ë¬π ‡ß‘π °ÿ≈‰∑¬ ∫“∑ / ‡À√’¬≠ √Õ. ‡°‘¥°“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß‡ªìππ—¬ ”§—≠¢÷Èπ„πÕπ“§µ π‚¬∫“¬¥—ß°≈à“«Õ“®¡’°“√‡ª≈’Ë¬π·ª≈ß‡æ◊ËÕ· ¥ß „Àâ‡ÀÁπº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. „Àâ∂Ÿ°µâÕß¡“°¬‘Ëß¢÷Èπ Õπ÷Ëß π‚¬∫“¬π’È‰¡à‰¥â„™â„π°“√·ª≈ß§à“√“¬°“√ ∫“ß√“¬°“√ ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°µâÕß ¬‘Ëß¢÷Èπ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊Ëπ¡’¥—ßµàÕ‰ªπ’È ■ „π∑”πÕß‡¥’¬«°—∫√“¬°“√§à“‡ ◊ËÕ¡√“§“ – ¡„πß∫¥ÿ≈ °“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’‰Ë ¥â¡“¢Õß ‘π∑√—æ¬å¥ß— °≈à“« ¡‘„™àÕµ— √“·≈°‡ª≈’¬Ë π∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«¢â“ßµâπ„π à«π¢Õßß∫¥ÿ≈ π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ËÕ¡√“§“¢Õß ‘π∑√—æ¬å∑’Ë‡ªìπ ‡ß‘π‰∑¬∫“∑π—Èπ ‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬¢â“ßµâπ ¥—ßπ—ÈπÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å®÷ß∂Ÿ°π”¡“„™â „π à«π¢Õß ‘π∑√—æ¬åÀ≈—°∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑ ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑à“‡√◊Õ ■ °”‰√ / ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë¢“¬ ‘π∑√—æ¬å∑—Èß∑’Ë‡ªìπ‡ß‘π‰∑¬∫“∑·≈–‡ß‘π‡À√’¬≠ √Õ. ■ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π„πß∫°”‰√¢“¥∑ÿπ„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡°‘¥¢÷Èπ®“°√“¬°“√‡°’Ë¬«°—∫‡ß‘π ‘π∑√—æ¬å ∂“«√¬àÕ¬Ê √«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π ∑’ËÕ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π‰∑¬∫“∑ ‚¥¬¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“π’È„π √Ÿª‡ß‘π‡À√’¬≠ √Õ. ‰¥â‡ª≈’Ë¬π·ª≈ß‰ª®“°¡Ÿ≈§à“ ≥ «—π∑’Ë 30 °—π¬“¬π 2546 ‡π◊ËÕß®“°§«“¡´—∫´âÕπ„π°“√‰¥â¡“ ´÷Ëßµ—«‡≈¢‚¥¬≈–‡Õ’¬¥„π·µà≈–√“¬°“√ ®÷ß∂◊Õ«à“√“¬°“√‡À≈à“π’È‰¡à¡’°“√‡ª≈’Ë¬π·ª≈ßµ≈Õ¥™à«ß√–¬–‡«≈“ß∫°“√‡ß‘π π—Ëπ§◊Õµ—Èß·µà‡¥◊Õπµÿ≈“§¡ 2546 ■ °”‰√®“°°“√¬°‡≈‘° —≠≠“ Swap ‰¥â∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ «—π∑’Ë ¬°‡≈‘° —≠≠“ Swap ■ ‡ß‘πªíπº≈∑’Ë®à“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥°“√‡ª≈’Ë¬π·ª≈ß„π√“¬°“√ ■ °”‰√ – ¡µâπªï‰¥â∂Ÿ°ª√—∫ª√ÿß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë·∑â®√‘ß ≥ ™à«ß‡«≈“∑’Ë¡’°“√∫—π∑÷° °”‰√ – ¡ Õ¬à“ß‰√°Áµ“¡ µ“¡∑’Ë‰¥â°≈à“«‰ª·≈â«„π¢â“ßµâπ Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë·∑â®√‘ß∑’Ë„™â„π°“√·ª≈ß§à“Õ“§“√ ·≈–Õÿª°√≥å∑à“‡√◊Õπ—Èπ¡’º≈µàÕ¡Ÿ≈§à“ ÿ∑∏‘¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Õ—π àßº≈µàÕ°”‰√ – ¡„πÕ¥’µ∑’Ëºà“π¡“ ‚ª√¥µ√–Àπ—°«à“√“¬°“√„¥Ê ∑’Ëª√“°Ø¢÷Èπ„π∫—≠™’°àÕπ‡¥◊Õπ¡‘∂ÿπ“¬π 2540 π—Èπ®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë 25.5 ‡π◊ËÕß®“°°“√≈¥§à“‡ß‘π∫“∑‰¥â‡√‘Ë¡‡°‘¥¢÷Èπ„π‡¥◊Õπ¡‘∂ÿπ“¬π 2540 „π™à«ß°àÕπ∑’Ë®–¡’°“√≈¥ §à“‡ß‘π∫“∑π—Èπ Õ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ®–§àÕπ¢â“ß§ß∑’ËÕ¬Ÿà∑’Ë¡Ÿ≈§à“ 25.5 ∫“∑ / 1 ‡À√’¬≠ √Õ.

2 2M 8 6

1 Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë„™â‡ªìπÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬ª√–®”‡¥◊Õπ∑’Ë‰¥â®“°∏π“§“√·Ààßª√–‡∑»‰∑¬Àπ÷Ëß‡¥◊ÕπÀ≈—ß®“°π—Èπ ‡™àπÕ—µ√“·≈°‡ª≈’Ë¬π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‚¥¬‡©≈’Ë¬¢Õß‡¥◊Õπ‡¡…“¬π®–∂Ÿ°π”‰ª„™â‡ªìπ‡°≥±å°“√§”π«≥µ—«‡≈¢„π‡¥◊Õπæƒ…¿“§¡

4 2 1M

164 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

INCOME STATEMENT

9M Most items in the Company’s audited / reviewed income statement were originally denominated in

USD and translated into THB at the prevailing exchange rate at that time. In order to perfectly restate

these transactions it would be necessary to match each transaction with its historical exchange rate. This is

outside the scope of our review. These items have been translated using the weighted average exchange rates

for three months ended 31st December 2003, which should approximate (where income, expenses and

exchange rates are relatively stable) the historical exchange rates of each transaction. However should the

THB / USD exchange rate change significantly in the future, the policy may be amended to better illustrate

PSL’s performance in USD terms. This policy, again, is not applied to some items as we consider an alternative

policy, as described below, would provide more accurate restatement in USD. ■

Depreciation of assets originally acquired in USD is similar to the depreciation item in the

balance sheet. This item is not directly translated using the weighted monthly average rate but

the historical acquisition exchange rates. As mentioned earlier in the balance sheet section, the

■

policy on USD and THB asset depreciation is not consistent and therefore the historical

exchange rates are applied to major THB fixed assets, i.e. buildings and berth equipment.

Gains / losses on disposal of fixed assets are converted at the actual THB / USD exchange rate

as at the date of asset disposal for both USD and THB sales.

The exchange gain in the USD Income Statement arises from THB denominated monetary

assets and liabilities, minor fixed assets and current assets and liabilities which in USD terms

have changed in value since 30 September 2003. Due to the complexity in obtaining detailed

figures for each item it is assumed that these items are fixed for the whole financial statement

period, i.e. since October 2003.

Gain on swap termination is restated at the actual THB / USD exchange rate as at the date of

4 2

swap termination. ■

Dividend paid is restated at the historical exchange rates in which movements occurred.

■

Retained earnings at the beginning of the year are restated into USD at the actual historical

4M 8 6

exchange rate for the periods in which retained earnings were recorded. However, as mentioned

earlier, the historical rate applied to buildings and berth equipment affects their net value, which

subsequently affects the retained earnings in the past.

Please note that any items existing in the accounts before June 1997 are converted at THB / USD

rate of 25.5 since the devaluation of THB commenced in June 1997 as before the devaluation the THB / USD

exchange rate was relatively stable at THB 25.5 / USD 1.

4 2 2M

The foreign exchange rate used is the monthly average rate obtained from the Bank of Thailand one month afterwards, eg average THB / USD rate of April is applied as the basis for the month of May figure.

6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

165

2 1M

11 M 8 6 4

¢âÕ¡Ÿ≈Õ◊ËπÊ µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535

OTHER INFORMATION PURSUANT TO SEC.114 OF PUBLIC LIMITED COMPANIES ACT B.E 2535

10 M 8 6 4 2

√“¬≈–‡Õ’¬¥¢Õß∫√‘…—∑

9M 8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ª√–‡¿∑∏ÿ√°‘® : ‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈ ∑–‡∫’¬π‡≈¢∑’Ë : ∫.¡.® 309 ∑ÿπ®¥∑–‡∫’¬π : 520,000,000 ∫“∑ (520,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) Àÿπâ ∑’ÕË Õ°·≈– ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« : 520,000,000 ∫“∑ (520,000,000 ÀÿâπÊ ≈– 1 ∫“∑) ∑’µË ß—È : ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460 ‡∑‡≈Á°´å : 20412 PSL TH E-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

8 6 4

DETAILS OF THE COMPANY

2 5M

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED.

Business

: Shipowner

Registration No.

: Bor Mor Jor 309

Authorized share capital : Baht 520,000,000.-

2 4M 8

(520,000,000 shares of Baht 1 each) Issued and fully paid-up share capital

6 4

(520,000,000 shares of Baht 1 each) Location

6 4 2 2M

: 7th Floor, Cathay House, 8 North Sathorn Road, Silom, Bangrak, Bangkok 10500

3M 8

: Baht 520,000,000

Telephone

: 66-2 237-8700-4

Fax

: 66-2 236-7654, 633-8460

Telex

: 20412 PSL TH

E-mail

: psl@preciousshipping.com

Home page

: http://www.preciousshipping.com

8 6 4 2 1M

166 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 2

™◊ËÕ ·≈– ª√–‡¿∑∏ÿ√°‘® ¢Õß∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª ¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«∑—ÈßÀ¡¥ ¢Õßπ‘µ‘∫ÿ§§≈π—Èπ

9M 8

Names and category of subsidiary companies in which the Company holds more than 10% of shares sold

by them.

4 2

™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

NAME OF SUBSIDIARIES

CURRENCY

1 ∫√‘…—∑ æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ Precious Metals Limited 2 ∫√‘…—∑ æ√’‡™’¬ «‘™‡™ ®”°—¥ Precious Wishes Limited 3 ∫√‘…—∑ æ√’‡™’¬ ‚µπ å ™‘ªªîôß ®”°—¥ Precious Stones Shipping Limited 4 ∫√‘…—∑ æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ Precious Minerals Limited 5 ∫√‘…—∑ æ√’‡™’¬ ·≈π¥å ®”°—¥ Precious Lands Limited 6 ∫√‘…—∑ æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ Precious Rivers Limited 7 ∫√‘…—∑ æ√’‡™’¬ ‡≈§ å ®”°—¥ Precious Lakes Limited 8 ∫√‘…—∑ æ√’‡™’¬ ´’ å ®”°—¥ Precious Seas Limited 9 ∫√‘…—∑ æ√’‡™’¬ µ“√å ®”°—¥ Precious Stars Limited 10 ∫√‘…—∑ æ√’‡™’¬ ‚Õ‡™’Ë¬π å ®”°—¥ Precious Oceans Limited 11 ∫√‘…—∑ æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ Precious Planets Limited 12 ∫√‘…—∑ æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ Precious Diamonds Limited 13 ∫√‘…—∑ æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ Precious Sapphires Limited 14 ∫√‘…—∑ æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ Precious Emeralds Limited 15 ∫√‘…—∑ æ√’‡™’¬ √Ÿ∫’ å ®”°—¥ Precious Rubies Limited 16 ∫√‘…—∑ æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ Precious Opals Limited 17 ∫√‘…—∑ æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ Precious Garnets Limited 18 ∫√‘…—∑ æ√’‡™’¬ ‡æ‘√å≈ å ®”°—¥ Precious Pearls Limited 19 ∫√‘…—∑ æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ Precious Flowers Limited

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht

∑ÿπ∑’ËÕÕ°·≈– ∑ÿπ®¥∑–‡∫’¬π ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

—¥ à«π °“√∂◊ÕÀÿâπ

REGISTERED

ISSUED AND FULLY

PERCENTAGE OF

CAPITAL

PAID-UP SHARE CAPITAL

SHAREHOLDINGS

250,000,000 250,000,000 230,000,000 230,000,000 140,000,000 140,000,000 140,000,000 140,000,000 24,000,000 24,000,000 44,000,000 44,000,000 99,000,000 99,000,000 100,000,000 100,000,000 105,000,000 105,000,000 175,000,000 175,000,000 100,000,000 100,000,000 55,000,000 55,000,000 144,000,000 144,000,000 32,000,000 32,000,000 24,000,000 24,000,000 24,000,000 24,000,000 31,000,000 31,000,000 39,000,000 39,000,000 39,000,000 39,000,000

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99

ª√–‡¿∑∏ÿ√°‘®

8 CATEGORY OF BUSINESS

6 4

‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner

2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

167

2 1M

11 M 8 6 4 2 10 M 8 6 4 2 9M

™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

NAME OF SUBSIDIARIES

CURRENCY

8 6 4 2 8M 8 6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

REGISTERED

ISSUED AND FULLY

PERCENTAGE OF

CAPITAL

PAID-UP SHARE CAPITAL

SHAREHOLDINGS

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑

40,000,000 40,000,000 40,000,000 40,000,000 32,000,000 32,000,000 80,000,000 80,000,000 200,000,000 200,000,000 98,000,000 98,000,000 52,000,000 52,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 100,000 100,000 100,000 100,000 170,000,000 170,000,000 6,000,000 6,000,000 10,000,000 10,000,000 15,000,000

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.40 99.40 99.40 99.40 99.99 99.99 69.99 69.99 69.99 69.99 99.99

Great Circle Shipping Agency Limited

Baht

15,000,000

99.99

5,000,000 5,000,000 10,000 10,000 10,000 10,000 1,000,000 1,000,000

5,000,000 5,000,000 1,160 1,160 10,000 10,000 2 2

99.88 99.88 99.99* 99.99* 79.99* 79.99* 99.99 99.99

38 ∫√‘…—∑ ®’ æ’ §Õ√åªÕ‡√™—Ëπ ®”°—¥ ∫“∑ Geepee Corporation Limited Baht 39 ∫√‘…—∑ æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ PSL Investments Limited USD 40 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ International Lighterage Ltd. USD 41 ∫√‘…—∑ ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘Ëß æ’∑’Õ’ ≈‘¡‘‡µ¥ ‡À√’¬≠ À√—∞ Rapid Port Leasing Company Pte. Ltd. USD

—¥ à«π °“√∂◊ÕÀÿâπ

20 ∫√‘…—∑ æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ Precious Forests Limited 21 ∫√‘…—∑ æ√’‡™’¬ ∑√’ å ®”°—¥ Precious Trees Limited 22 ∫√‘…—∑ æ√’‡™’¬ æÕπ¥å ®”°—¥ Precious Ponds Limited 23 ∫√‘…—∑ æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ Precious Ventures Limited 24 ∫√‘…—∑ æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ Precious Capitals Limited 25 ∫√‘…—∑ æ√’‡™’¬ ®— ¡‘π å ®”°—¥ Precious Jasmines Limited 26 ∫√‘…—∑ æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ Precious Orchids Limited 27 ∫√‘…—∑ æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ Precious Lagoons Limited 28 ∫√‘…—∑ æ√’‡™’¬ §≈‘ø å ®”°—¥ Precious Cliffs Limited 29 ∫√‘…—∑ æ√’‡™’¬ Œ‘≈ å ®”°—¥ Precious Hills Limited 30 ∫√‘…—∑ æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ Precious Mountains Limited 31 ∫√‘…—∑ æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ Precious Resorts Limited 32 ∫√‘…—∑ æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ Precious Comets Limited 33 ∫√‘…—∑ æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ Precious Ornaments Limited 34 ∫√‘…—∑ æ√’‡™’¬ ´‘µ’È å ®”°—¥ Precious Cities Limited 35 ∫√‘…—∑ æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π—≈ å ®”°—¥ Precious Storage Terminals Limited 36 ∫√‘…—∑ ‡π¥‡∑Á°´å ®”°—¥ Nedtex Limited 37 ∫√‘…—∑ ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîôß ‡Õ‡¬π´’Ë ®”°—¥

∑ÿπ∑’ËÕÕ°·≈– ∑ÿπ®¥∑–‡∫’¬π ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

168 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

ª√–‡¿∑∏ÿ√°‘® CATEGORY OF BUSINESS

‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner ‡®â“¢Õß‡√◊Õ Shipowner §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ” Bulk Storage Barges §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ” Bulk Storage Barges ºŸâ∫√‘À“√‡√◊Õ ∑“ß¥â“π‡∑§π‘§ Technical Manager of ships ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company ‚Œ≈¥‘Èß §—¡æ“π’ Holding company

11 M 8 6 4 2 10 M 8 6 4 2

™◊ËÕ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

NAME OF SUBSIDIARIES

CURRENCY

42 ∫√‘…—∑ ‡∑∫ å æ’∑’Õ’ ≈‘¡‘‡µ¥ Thebes Pte. Ltd. 43 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ( ‘ß§‚ª√å) æ’ ∑’ Õ’ ≈‘¡‘‡µ¥ Precious Shipping (Singapore) Pte. Limited 44 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (ª“π“¡“) ‡Õ ‡Õ Precious Shipping (Panama) S.A. 45 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (¬Ÿ ‡§) ≈‘¡‘‡µ¥ Precious Shipping (UK) Limited 46 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ Precious Shipping (Mauritius) Limited 47 ∫√‘…—∑ æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîôß æ’∑’Õ’ ≈‘¡‘‡µ¥ PSL Thun Shipping Pte. Ltd. 48 ∫√‘…—∑ §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ≈‘¡‘‡µ¥ Cargo Systems International Ltd. 49 ∫√‘…—∑ ¡—≈µ‘§“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ Multicargo Systems (India) Private Limited 50 ∫√‘…—∑ ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‘‡µ¥ Geepee Bulk Handlers Private Limited 51 ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‘‡µ¥ Southern LPG Limited

∑ÿπ∑’ËÕÕ°·≈– ∑ÿπ®¥∑–‡∫’¬π ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

—¥ à«π °“√∂◊ÕÀÿâπ

REGISTERED

ISSUED AND FULLY

PERCENTAGE OF

CAPITAL

PAID-UP SHARE CAPITAL

SHAREHOLDINGS

ª√–‡¿∑∏ÿ√°‘®

8 CATEGORY OF BUSINESS

‡À√’¬≠ ‘ß§‚ª√å SGD ‡À√’¬≠ ‘ß§‚ª√å

100,000 100,000 20,000,000

2 2 15,000,000

100.00 100.00 100.00

‚Œ≈¥‘Èß §—¡æ“π’ Holding company „Àâ∫√‘°“√‡™à“‡√◊Õ

SGD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD Õ‘π‡¥’¬π√Ÿªï

20,000,000 10,000 10,000 10,000 10,000 10,000 10,000 500,000 500,000 1,000,000 1,000,000 5,000,000

15,000,000 10,000 10,000 10,000 10,000 10,000 10,000 12,864 12,864 100,000 100,000 3,409,020

100.00 99.99 99.99 99.99 99.99 99.99 99.99 64.06* 64.06* 59.93* 59.93* 59.93*

Indian Rs Õ‘π‡¥’¬π√Ÿªï Indian Rs Õ‘π‡¥’¬π√Ÿªï

5,000,000 50,000,000 50,000,000 100,000,000

3,409,020 50,000,000 50,000,000 64,592,200

59.93* 50.94* 50.94* 47.99*

Indian Rs

100,000,000

64,592,200

47.99*

Chartering „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering ‡®â“¢Õß‡√◊Õ Shipowner ‚Œ≈¥‘Èß §—¡æ“π’ Holding company „Àâ∫√‘°“√®—¥°“√ ¥â“π°“√¢π àß Cargo handling services ∫√‘À“√∑à“®Õ¥‡√◊Õ Port management »Ÿπ¬å°≈“ß°“√∫√√®ÿ ·≈–®—¥®”Àπà“¬°ä“´Àÿßµâ¡ Terminal owning, bottling and distribution of LPG ≈ß∑ÿπ„π‚§√ß°“√ “∏“√≥Ÿª‚¿§ Investment in infrastructure projects ‚Œ≈¥‘Èß §—¡æ“π’ Holding company °àÕ √â“ß·≈–æ—≤π“∑à“‡√◊Õ Port construction & Development °“√®—¥°“√∑à“‡√◊Õ Port Management „Àâ§”ª√÷°…“„π°“√ æ—≤π“∑à“‡√◊Õ Consultancy Service in Port Development ‚Œ≈¥‘Èß §—¡æ“π’ Holding company °àÕ √â“ß·≈–æ—≤π“ ∑à“‡∑’¬∫‡√◊Õ Berth construction & Development

52 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å æ’∑’Õ’ ≈‘¡‘‡µ¥ International Seaports Pte. Limited

‡À√’¬≠ À√—∞

6,300,000

1,815,000

34.30

USD

6,300,000

1,815,000

34.30

53 æ’‡Õ ·Õ≈ ∫—§≈å ‡∑Õ√å¡‘‡πÕ√å ≈‘¡‘‡µ¥ PSL Bulk Terminal Company Limited 54 Dhamra Port Company Limited Dhamra Port Company Limited

‡À√’¬≠ À√—∞ 10,000 USD 10,000 Õ‘π‡¥’¬π√Ÿªï 500,000,000 Indian Rs 500,000,000

2 2 333,091,060 333,091,060

99.99* 99.99* 33.33* 33.33*

55 Kakinada Seaports Limited Kakinada Seaports Limited 56 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ International Seaports (India) Private Limited 57 Regidor Pte. Ltd. Regidor Pte. Ltd. 58 ∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‘‡µ¥ International Seaports (Haldia) Pvt. Ltd.

Õ‘π‡¥’¬π√Ÿªï Indian Rs Õ‘π‡¥’¬π√Ÿªï

500,000,000 500,000,000 30,000,000

150,123,200 150,123,200 25,005,800

16.66* 16.66* 34.30*

Indian Rs

30,000,000

25,005,800

34.30*

‡À√’¬≠ ‘ß§‚ª√å 100,000 SGD 100,000 Õ‘π‡¥’¬π√Ÿªï 445,000,000

2 2 440,580,200

100.00 100.00 17.92*

440,580,200

17.92*

Indian Rs

445,000,000

2 8M

6 4 2 7M 8 6 4 2 6M 8 6 4 2 5M 8 6 4 2 4M 8 6 4 2 3M 8 6 4 2 2M 8

* (represents indirect ownership of shares)

6 4 ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

169

2 1M

11 M 8 6 4 2 10 M 8 6 4 2

∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«

9M 8 6

ADDRESS OF SUBSIDIARY COMPANIES ARE AS FOLLOWS :

■

4 2 8M

Subsidiary 1-11, Registered Address is at 8/27-28, 7th Floor, Cathay House, North Sathorn Road,

8 6

Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 633-8460 ■

4 2

∫√‘…—∑¬àÕ¬∑’Ë 12-36 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√Õ‘π‚¥-‰∑¬ ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 66-2 633-8460 Subsidiary 12-36, Registered Address is at 8/27-28, 7th Floor, Indo-Thai Building, North Sathorn Road,

Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 237-8700-4, Fax : 66-2 236-7654, 66-2 633-8460

8 6

∫√‘…—∑¬àÕ¬∑’Ë 1-11 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—Èπ 7 Õ“§“√§“‡∏à¬å‡Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 237-8700-4 ‚∑√ “√ : 66-2 236-7654, 633-8460

■

∫√‘…—∑¬àÕ¬∑’Ë 37 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/35 Õ“§“√¡‘¥·≈π¥å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

Subsidiary 37, Registered Address is at 8/35 Midland Towers, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand

6M 8

■

Subsidiary 38, Registered Address is at 8/23-26, 6th Floor North Sathorn Road, Silom, Bangrak,

Bangkok 10500, Thailand

2 5M

■

Subsidiary 39-40 Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,

Pope Hennessy Street, Port Louis.

4 ■

■

Subsidiary 44 Registered Address is at Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er,

Piso, Panama.

8 ■

∫√‘…—∑¬àÕ¬∑’Ë 45 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë The Quadrangle, 180 Wardour Street, London W1V 3AA. Subsidiary 45 Registered Address is at The Quadrangle, 180 Wardour Street, London W1V3AA.

4 2

∫√‘…—∑¬àÕ¬∑’Ë 44 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë Calle 54 Nueva Urbanizacion Obarrio, Edificio Arango Orillac 3er, Piso, Panama.

∫√‘…—∑¬àÕ¬∑’Ë 43 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore. Subsidiary 43 Registered Address is 79A Tras StreetSingapore 079106 Republic of Singapore.

6 4

∫√‘…—∑¬àÕ¬∑’Ë 41-42 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621. Subsidiary 41-42 Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

4M 8

∫√‘…—∑¬àÕ¬∑’Ë 39-40 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street, Port Louis.

∫√‘…—∑¬àÕ¬∑’Ë 38 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/23-26, ™—Èπ∑’Ë 6 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬

■

∫√‘…—∑¬àÕ¬∑’Ë 46 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street, Port Louis.

Subsidiary 46, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,

Pope Hennessy Street, Port Louis.

4 2 1M

170 √“¬ß“πª√–®”ªï 2546

■

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

11 M 8 6 4 2 10 M 8 6 4 ■

∫√‘…—∑¬àÕ¬∑’Ë 47 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras StreetSingapore 079106 Republic of Singapore.

Subsidiary 47, Registered Address is at 79A Tras StreetSingapore 079106 Republic of Singapore. ■

∫√‘…—∑¬àÕ¬∑’Ë 48 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,

Pope Hennessy Street, Port Louis.

■

Subsidiary 48, Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building,

Pope Hennessy Street, Port Louis.

2 8M

∫√‘…—∑¬àÕ¬∑’Ë 49 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.

Subsidiary 49, Registered Address is at 1003 Dalamal House, 206 Nariman Point, Mumbai 400021.

6 ■

∫√‘…—∑¬àÕ¬∑’Ë 50 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 11, Swaminarayan Building,Sector No. 9,Gandhidham - 370 201India.

Subsidiary 50, Registered Address is at 11, Swaminarayan Building,Sector No. 9,

Gandhidham - 370 201India.

7M ■

∫√‘…—∑√à«¡∑’Ë 51 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ICM Business Centre, Ceebros Arcade 1

Floor, No.1

3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India.

Associate 51, Registered Address is at ICM Business Centre, Ceebros Arcade 1st Floor, No.1

3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India. ■

∫√‘…—∑√à«¡∑’Ë 52 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

Associate 52, Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

8 ■

∫√‘…—∑√à«¡∑’Ë 53 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,

Pope Hennessy Street : Port Louis

Associate 53, Registered Address is at C/O B.C.M. (Secretaries) Ltd., Third Floor, TM Building,

Pope Hennessy Street : Port Louis ■

∫√‘…—∑√à«¡∑’Ë 54 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 133 Surya Nagar Bhubaneswar 751 003, India.

Associate 54, Registered Address is at 133 Surya Nagar Bhubaneswar 751 003, India.

6 ■

∫√‘…—∑√à«¡∑’Ë 55 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 5-10-173, Fateh Maidan Road, Hyderabad 500 004, India. Associate 55, Registered Address is at 5-10-173, fateh maidan Road, Hyderabad 500 004, India.

■

∫√‘…—∑√à«¡∑’Ë 56 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë L&T Chennai House, 2

4 2

Floor No. 10, Club House Road,

Anna Salai Chennai 600 002

Associate 56, Registered Address is at L&T Chennai House, 2nd Floor No. 10, Club House Road,

Anna Salai Chennai 600 002

4 ■

∫√‘…—∑¬àÕ¬∑’Ë 57 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

Subsidiary 57, Registered Address is at Raffles Place #18-00 Clifford Centre, Singapore 048621. ■

∫√‘…—∑¬àÕ¬∑’Ë 58 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 22 Lee Road Kolkata 700 020, India.

Subsidiary 58, Registered Address is at 22 Lee Road Kolkata 700 020, India.

6 4 2 2M 8 6 4

ANNUAL REPORT 2003

■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

171

2 1M

11 M 8 6 4

√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π

2 10 M 8 6 4 2

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â‡´Áπµå —≠≠“∫√‘°“√°—∫∫√‘…—∑∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π¥—ßµàÕ‰ªπ’È

9M 8

1. —≠≠“‡™à“ ”π—°ß“π √–À«à“ß ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬Àπ÷Ëß·Ààß °—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√ ™å ®”°—¥

6 4 2 8M 8 6 4 2 7M 8

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11 M 8 6

CONNECTED TRANSACTIONS

4 2 10 M 8 6 4 2

The following transactions entered into by the Company and Subsidiary constitute transactions with

related parties

8 6

1. OFFICE LEASE AGREEMENT BETWEEN THE COMPANY AND SUBSIDIARY WITH UNISTRETCH LIMITED

4 The Relation

The Office lease agreement is between the Company and Great Circle Shipping Agency Limited

(subsidiary of the Company) with Unistrech Limited. Miss Nishita Shah, director of the Company is directly

interested as director and shareholder of Unistretch Limited.

The Significance of the related transaction

The Office lease agreement is necessary for operating the Company and Great Circle Shipping

Agency Limited.

The Fairness of Terms and Conditions of the Transaction

December 2003, the Company and Great Circle Shipping Agency Limited have rental

and related expense from such transaction amounting to Baht 1.36 million which is 0.035% of total vessel

operating income.

As of 31

6M 2. PURCHASE OF AIR TICKETS FROM AMBIKA TOUR LIMITED AND GEEPEE AIR SERVICE LIMITED

The Relation

The Company and subsidiaries purchased air tickets from Ambika Tours Limited and Geepee Air

4 2

Service Limited in which Miss Nishita Shah is directly interested as director and shareholder.

The Significance of the related transaction

Given the nature of business, air tickets are required for the crew on a regular basis to allow them

to sign on/off in different ports around the world on commencement and completion of their contracts,

respectively.

The Fairness of Terms and Condition of the Transaction

For the year 2003, the Company and subsidiaries purchased air tickets of Baht 11.73 million from

Ambika Tours Limited and Geepee Air Service Limited. They are 0.31% of total vessel operating income.

Ambika Tours Limited and Geepee Air Service Limited have been selected for this purpose in view of their

competitive rates and service including their proximity to the Companyâ&#x20AC;&#x2122;s office.

Internal Auditors have reviewed the above connected transactions and reported the results of their

review to the Audit Committee Meeting No. 1/2004 and Board of Director Meeting No. 2/2004 held on

26 March 2004. Board of Directors is of the opinion that the Company has rules, regulations and policies

for prevention of the conflict of interest transactions. The above interested party transactions are entered

based on the market prices and for the full benefit of the Company. Adequate disclosures have been made in

the financial statements.

8 6 4 ANNUAL REPORT 2003

â&#x2013;

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

173

2 1M

11 M 8 6 4 2 10 M

¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 (µ“¡¡“µ√“ 56 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535)

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≈”¥—∫∑’Ë 1

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4. 5.

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7. 8.

À—«¢âÕ ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® 1.2 ™◊ËÕ ∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® ¢Õßπ‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑œ ∂◊ÕÀÿâπ µ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 1.3 ™◊ËÕ ∂“π∑’Ëµ—Èß ¢Õß∫ÿ§§≈Õâ“ßÕ‘ß ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π 2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π‚¥¬ √ÿª 2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë ”§—≠ ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 3.1 §«“¡‡ªìπ¡“·≈–≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®‚¥¬ —ß‡¢ª 3.2 ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 3.3 √ÿª°“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠¢Õß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® ªí®®—¬§«“¡‡ ’¬Ë ß ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 5.1 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 5.2 °“√®—¥°“√ ■ ‚§√ß √â“ß°“√®—¥°“√ ■ °“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√ ■ §à“µÕ∫·∑πºŸâ∫√‘À“√ ■ °“√°”°—∫¥Ÿ·≈°‘®°“√ ■ °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π ■ °“√§«∫§ÿ¡¿“¬„π √“¬°“√√–À«à“ß°—π 6.1 °“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π 6.2 §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√ 6.3 ¡“µ√“°“√À√◊Õ¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π 6.4 π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π ß∫°“√‡ß‘π

8 6 4 2 1M

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Àπâ“

168 169-173 176 1 1 2-10 45 14-24 40 66 67-78 67-78 30, 32 26-38, 80-82 30 34-38, 80-82 174 174 174, 28 174, 28 46-64 86-166

11 M 8 6

INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2

4 2

(PURSUANT TO SECTION 56 OF SECURITIES AND EXCHANGE ACT B.E. 2535)

10 M 8 6 4 2

No. 1

Details

Page No.

9M 8

General information

6 1.1 Name, address and category of business

168

1.2 Name, address and category of juristic person in which the

Company holds shares exceeding 10% 1.3 Name, address of other references 2.

169-173

176

Financial information

2.1 Summary of financial information

2.2 Significant financial ratios

2 7M

Nature of Business

3.1 Nature of business

3-11

3.2 Revenue Structure

3.3 Summary of significant changes during the year

15-25

Risk factors

41-43

Shareholders structure and the Management

6 4 2 6M 8 6

5.1 Major Shareholders

5.2 Management

■ Management structure

67-79

■ Selection of directors and management

67-79

■ Remuneration of management

31-32

26-39, 81-83

■ Corporate Governance ■ Using internal information

■ Comments from directors about internal control

35-39, 81-83

6 6.

Related parties and connected transactions

6.1 Transactions between related parties

175

6.2 The necessity and reasonableness of transactions

175

6.3 Procedure to approve connected party transactions

175, 29-31

6.4 Policy in respect of future transactions with connected parties

175, 29-31

Explanation and Analysis of financial position and operating result

Financial Statements

8 6 4

47-65

87-167

2M 8 6 4

ANNUAL REPORT 2003

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

175

2 1M

11 M 8 6 4 2 10 M

∫ÿ§§≈Õâ“ßÕ‘ß REFERENCES

8 6 4 2

1. π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å

1. SHARE REGISTRAR

9M 8 6 4 2 8M

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ™—Èπ 4 6-7 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡≈¢∑’Ë 62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110 ‚∑√»—æ∑å : 66 2229 2800, 66 2229 2888 ‚∑√ “√ : 66 2359 1259

Thailand Securities Depository Co., Ltd. 4th, 6th - 7th Floor, Stock Exchange of Thailand Building, 62 Ratchadapisek Road, Kwang Klongtoey, Khet Klongtoey, Bangkok 10110 Telephone : 66 2229 2800, 66 2229 2888 Facsimile : 66 2359 1259

8 6 4 2 7M 8 6 4

2. ‡®â“Àπ’È‡ß‘π°ŸâÀ≈—° ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) Õ“§“√‡æ≈‘π®‘µ‡´Áπ‡µÕ√å ™—Èπ 5 ∂ππ ÿ¢ÿ¡«‘∑ ´Õ¬ 2 ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10100 ‚∑√»—æ∑å : 66 2208 8020-21, 66 2256 8146 ‚∑√ “√ : 66 2256 8147 Website : www.ktb.co.th

2. MAIN LENDERS Krung Thai Bank PCL. Ploenchit Center 5th floor 2 Sukhumvit Road, Soi 2, Kwang Klongtoey, Klongtoey, Bangkok 10110 Telephone : 66 2208 8020-21, 66 2256 8146 Facsimile : 66 2256 8147 Website

: www.ktb.co.th

2 6M 8 6 4 2 5M 8 6

3. ºŸâ Õ∫∫—≠™’ ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ™—Èπ 33 Õ“§“√‡≈§√—™¥“ 193/136-137 ∂ππ√—™¥“¿‘‡…°µ—¥„À¡à (‡¬◊ÈÕß»Ÿπ¬åª√–™ÿ¡·Ààß™“µ‘ ‘√‘°‘µ‘Ï) §≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110 µŸâ ª.≥. 1047 °√ÿß‡∑æœ 10501 ‚∑√»—æ∑å : 66 2264 0777, 66 2661 9190 ‚∑√ “√ : 66 2264 0789-90

3. AUDITOR Ernst & Young Office Limited 33rd Floor, Lake Rajada Office Complex 193/136-137 New Rajadapisek Road, (New Queen Sirikit’s National Convention Centre) Klongtoey, Bangkok 10110 G.P.O. Box 1047, Bangkok 10501, Thailand Telephone : 66 2264 0777, 66 2661 9190 Facsimile : 66 2264 0789-90

4 2 4M 8 6 4

4. ∑’ªË √÷°…“°ÆÀ¡“¬ ∫√‘…—∑ ≈‘Èß§å‡≈‡∑Õ√å (ª√–‡∑»‰∑¬) ®”°—¥ ™—Èπ 20 ·§ªªîµÕ≈ ∑“«‡«Õ√å ÕÕ≈´’´—Ëπ ‡æ≈ ‡≈¢∑’Ë 87/1 ∂ππ«‘∑¬ÿ °√ÿß‡∑æ¡À“π§√ 10330 ‚∑√»—æ∑å : 66 2305 8000 ‚∑√ “√ : 66 2305 8010

2 3M 8 6 4 2 2M 8 6 4 2 1M

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∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®Ì“°—¥ (¡À“™π)

4. LAWYERS Linklaters (Thailand) Ltd. 20th Floor, Capital Tower All Seasons Place 87/1 Wireless Road Bangkok 10330 Telephone : 66 2305 8000 Facsimile : 66 2305 8010

“√∫—≠ CONTENTS

1 2 12 14 26 40 44 45 46 66 67 70 78 80 82 84 88 106 150 160 166 172 174 176

Financial Highlights

Nature of Business ond Industry

The Board of Directors

Board of Directors’ Report

Report on Implementation of Fifteen Principles of Good Corporate Governance

Significant Risk Factors

Fleet List

Revenue Structure

Management Discussion and Analysis

Major Shareholders

Management Structure

Board of Directors - Profile

Management Team

Audit Committee Report

Report on The Board of Directors’ Responsibilities for Financial Statements

Report of Independent Auditor

Financial Statements

107

Notes to Financial Statements

151

Restated us Dollar Financial Statements

161

Policy of Restatement from THB to USD Currency

166

Other Information Pursuant to Sec.114 of Public Limited Companies Act B.E 2535

173

Connected Transactions

175

Index of report in accordance with Form 56-2

176

References

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

√“¬ß“πª√–®”ªï 2546

√“¬ß“πª√–®”ªï 2546 ANNUAL REPORT 2003

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ANNUAL REPORT 2003

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ■

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED