Psl 05 by Brother Roger

√“¬ß“πª√–®”ªï 2548 ± ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2548 Annual Report 2005

➣

™—πÈ 7 Õ“§“√§“‡∏à¬‡å Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å : 66-2 696-8800 ‚∑√ “√ : 66-2 236-7654, 633-8460 E-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

PRECIOUSth SHIPPING PUBLIC COMPANY LIMITED

7 Floor, Cathay House, 8 North Sathorn Road, Silom, Bangrak, Bangkok 10500 Telephone : 66-2 696-8800 Fax : 66-2 236-7654, 633-8460 E-mail : psl@preciousshipping.com Home page : http://www.preciousshipping.com

ANNUAL REPORT 2005 ± PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

“√∫—≠

CONTENTS

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

EXIT EMERGENCY WAY CO., LTD. Tel : 02-986-2525-28

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π 1 Financial Highlights ≈—°…≥–¢Õß∏ÿ√°‘®·≈–Õÿµ “À°√√¡ 2 Nature of Business and Industry §≥–°√√¡°“√∫√‘…∑— 14 The Board of Directors √“¬ß“π®“°§≥–°√√¡°“√ 16 Board of Directorsû Report √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ 30 Audit Committee Report √“¬ß“π°“√ªØ‘∫µ— µ‘ “¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ’ 15 ¢âÕ 34 Report on Implementation of fifteen principles of Good Corporate Governance ªí®®—¬§«“¡‡ ’¬Ë ß∑’ Ë ”§—≠ 70 Significant Risk Factors °Õß°”≈—ß‡√◊Õ 74 Fleet List ‚§√ß √â“ß√“¬‰¥â 75 Revenue Structure ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à 76 Major Shareholders ‚§√ß √â“ß°“√®—¥°“√ 77 Management Structure ª√–«—µ§‘ ≥–°√√¡°“√∫√‘…∑— 80 Board of Directors - Profile §≥–ºŸ∫â √‘À“√ 90 Management Team §”Õ∏‘∫“¬·≈–«‘‡§√“–Àå¢ÕßºŸ∫â √‘À“√ 94 Management Discussion and Analysis √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π 116 Report on the Board of Directorsû Responsibilities for Financial Statements √“¬ß“π¢ÕßºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ 118 Report of Independent Auditor ß∫°“√‡ß‘π 120 Financial Statements À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 138 Note to Financial Statements ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ 178 Restated US Dollar Financial Statements π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) 192 Policy of Restatement from THB to USD Currency ‚§√ß √â“ß°≈ÿ¡à ∫√‘…∑— 198 Corporate Structure ¢âÕ¡Ÿ≈Õ◊πË Ê µ“¡¡“µ√“ 114 ·Ààßæ√–√“™∫—≠≠—µ∫‘ √‘…∑— ¡À“™π ®”°—¥ æ.». 2535 200 Other Information Pursuant to sec. 114 of Public Limited Companies Act B.E. 2535 √“¬ß“π∑’‡Ë °’¬Ë «‚¬ß°—π 206 Connected Transactions ¥—™π’· ¥ß√“¬°“√∑’°Ë ”Àπ¥µ“¡·∫∫ 56-2 210 Index of Report in Accordance with form 56-2 ∫ÿ§§≈Õâ“ßÕ‘ß 212 References

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π FINANCIAL HIGHLIGHTS Àπà«¬ : æ—π∫“∑ / Unit : Baht Thousand √“¬°“√ Details

2548 2005

2547 2004

2546 2003

2545 2002

2544 2001

2543 2000

2542 1999

2541 1998

2540 1997

√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ Vessel Operating Revenues 11,006,817 8,540,256 3,796,876 3,290,904 4,010,630 4,115,748 3,590,598 4,101,676 3,099,110 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ Vessel Operating Costs ** 2,288,952 1,844,292 1,530,823 1,758,124 2,362,639 2,506,688 2,432,880 2,722,280 1,848,476 °”‰√¢—πÈ µâπ Gross Profit 8,717,865 6,695,964 2,266,053 1,532,780 1,647,991 1,609,060 1,157,718 1,379,397 1,250,634 √“¬‰¥â√«¡ (‰¡à√«¡°”‰√®“°Õ—µ√·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ) 11,090,746 8,642,496 3,829,488 3,361,993 4,056,011 4,196,088 3,741,324 4,618,323 3,351,782 Total Revenues (excl. unrealised exchange gain) µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ÕË ¡√“§“·≈–¢“¥∑ÿπ 2,881,333 2,595,051 1,999,613 2,355,746 3,019,430 3,579,748 3,200,656 3,723,088 3,023,549 ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ) Total Costs (excl. depreciation & unrealised exchange loss) §à“‡ ◊ÕË ¡√“§“ Depreciation ** 1,874,594 1,383,295 601,965 634,971 544,048 608,723 678,660 705,197 680,421 °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß (158,212) 85,621 161,037 40,396 (52,283) (436,662) (161,546) 2,395,307 (5,462,852) Unrealised Exchange Gain (Loss) √“¬°“√æ‘‡»… Extra-ordinary items 147,613 90,762 233,068 62,403 238,826 689,581 13,445 °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ Net Profit (Loss) 6,176,607 4,749,771 1,536,560 502,434 673,318 (366,642) (60,712) 3,274,925 (5,801,595) °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß Adjusted Net Profit (Loss) * 6,334,819 4,664,150 1,227,910 371,276 492,533 7,617 (137,992) 190,037 (352,188) ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ Total Current Assets 1,166,939 1,759,528 1,073,536 629,295 802,327 762,538 811,426 502,601 678,354 ‘π∑√—æ¬å∂“«√ ( ÿ∑∏‘) Fixed Assets (net) 12,496,748 11,517,589 4,617,999 4,207,699 4,765,597 5,478,767 6,425,955 7,737,443 8,616,006 ‘π∑√—æ¬å√«¡ Total Assets 13,780,608 13,375,779 5,867,920 5,103,836 5,802,968 6,691,354 7,605,455 8,621,060 9,659,334 Àπ’ È π‘ À¡ÿπ‡«’¬π√«¡ Total Current Liablities 540,935 1,649,639 1,426,283 796,118 1,022,449 1,369,174 7,705,131 2,079,645 2,215,057 ‡ß‘π°Ÿ¬â ¡◊ √«¡ Total Borrowings 3,293,968 7,561,172 3,422,350 4,024,519 4,896,588 5,774,319 6,976,929 8,052,560 12,233,115 à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Shareholdersû Equity 9,945,705 5,292,511 1,957,866 676,585 474,038 365,206 (223,529) (231,344) (3,510,049) ∑ÿπ∑’Ë‰¥â™”√–·≈â« Paid-up Capital 520,000 520,000 520,000 520,000 520,000 520,000 520,000 520,000 520,000 ¡Ÿ≈§à“µ“¡∫—≠™’µÕà Àÿπâ (∫“∑) Book Value per share (Baht) 19.63 10.45 3.77 1.30 0.91 0.70 (0.43) (0.44) (6.75) °”‰√ (¢“¥∑ÿπ) µàÕÀÿπâ (∫“∑) Earnings per share (Baht) 12.19 9.26 2.95 0.97 1.29 (0.71) (0.12) 6.30 (11.16) ‡ß‘πªíπº≈∑’®Ë “à ¬·≈â«µàÕÀÿπâ (∫“∑) Dividend paid out per share (Baht) 3.05 1.75 0.50 0.00 0.00 0.00 0.00 0.00 0.00 Õ—µ√“°”‰√¢—πÈ µâπ (√âÕ¬≈–) Gross Profit Margin (%) 79.20 78.40 59.68 46.58 41.09 39.10 32.24 33.63 40.35 Õ—µ√“°”‰√ ÿ∑∏‘ (√âÕ¬≈–) Net Profit Margin (%) * 57.12 53.97 32.06 11.04 12.14 0.18 (3.69) 4.11 (10.51) Õ—µ√“º≈µÕ∫·∑πºŸ∂â Õ◊ Àÿπâ (√âÕ¬≈–) Return on Equity (%) 83.14 128.66 93.22 64.53 117.38 Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å (√âÕ¬≈–) Return on Total Assets (%) 46.65 48.47 22.38 6.81 7.88 0.11 (1.70) 2.08 (3.74) * µ—«‡≈¢· ¥ßº≈°√–∑∫®“°°“√‰¡àπ∫— √«¡º≈°”‰√/¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß·≈–√“¬°“√æ‘‡»… ** „π√–À«à“ßªï 2545, 2546, 2547 ·≈– 2548 µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‰¡à‰¥â√«¡§à“„™â®“à ¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õµ—¥®”Àπà“¬®”π«π 155,171 æ—π∫“∑, 148,861 æ—π∫“∑, 225,152 æ—π∫“∑ ·≈– 372,008 æ—π∫“∑µ“¡≈”¥—∫ ∑’Ë‰ª√«¡Õ¬Ÿà„π§à“‡ ◊ÕË ¡√“§“ * Figures derived by adjusting unrealised loss/gain on exchange difference and extra-ordinary items to calculate Adjusted Net Profit (Loss) ** During year 2002, 2003, 2004 and 2005 Vessel operating costs does not include amortized portion of drydock and special survey Baht 155,171 Thousand, Baht 148,861 Thousand, Baht 225,152 Thousand and Baht 372,008 Thousand respectively, which is included in Deprecition.

-2,000,000

1,957,866

676,585

365,206

474,038

(223,529)

3,000,000

2,000,000 (231,344)

5,867,920

5,802,968

5,103,836

7,605,455

4,000,000

6,334,819 4,664,150

-1,000,000 (352,188)

-4,000,000 (3,510,049) 1997 1998 1999 2000 2001 2002 2003 2004 2005

8,000,000 7,000,000 6,000,000 5,000,000 4,500,000 3,000,000 2,000,000 1,000,000

1997 1998 1999 2000 2001 2002 2003 2004 2005

Àπà«¬ : æ—π∫“∑ Unit : Baht Thousand

1,227,910

8,000,000

Adjusted Net Profit (Loss)

492,533

10,000,000

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘À≈—ß°“√ª√—∫ª√ÿß

371,276

Àπà«¬ : æ—π∫“∑ Unit : Baht Thousand

7,617

Shareholdersû Equity (Deficit)

6,000,000 6,691,354

6,000,000

9,659,334

9,000,000

8,621,060

12,000,000

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

190,037

13,375,779

15,000,000

13,780,608

Àπà«¬ : æ—π∫“∑ Unit : Baht Thousand

9,945,705

Total Assets

5,292,511

‘π∑√—æ¬å√«¡

(137,992)

1997 1998 1999 2000 2001 2002 2003 2004 2005

Annual Report 2005 ± Precious Shipping Public Company Limited

≈—°…≥–¢Õß∏ÿ√°‘®·≈–Õÿµ “À°√√¡ 1. ≈—°…≥–¢Õß∏ÿ√°‘® 1.1 §«“¡‡ªìπ¡“ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) (çæ’‡Õ ·Õ≈é) °àÕµ—ßÈ „πªï 2532 ·≈–‡¢â“‡ªìπ∫√‘…∑— ®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬‡¡◊ÕË ªï 2536 ‚¥¬¥”‡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 ‡À¡◊Õπ°—∫‚§√ß √â“ß∫√‘…∑— ‡¥‘π‡√◊Õ∑—«Ë ‰ª §◊Õ¡’∫√‘…∑— ¬àÕ¬‡ªìπ‡®â“¢Õß‡√◊Õ ‡æ’¬ß 1 ≈” (∫“ß∫√‘…∑— ¬àÕ¬Õ“®‡ªìπ‡®â“¢Õß‡√◊Õ 2 ≈”) ‡æ◊ÕË ®”°—¥§«“¡√—∫º‘¥„πÀπ’ È π‘ ªí®®ÿ∫π— (≥ «—π∑’Ë 31 ¡°√“§¡ 2549) æ’‡Õ ·Õ≈ ¡’‡√◊Õ ”À√—∫¢π àß ‘π§â“‡∑°Õß®”π«π 53 ≈” ·≈–‡√◊Õ¢π àß´’‡¡πµå ®”π«π 1 ≈” (ç°Õß‡√◊Õé) ´÷ßË °Õß‡√◊Õ¢Õßæ’‡Õ ·Õ≈¡’‡¥¥‡«∑µ—π√«¡∑—ßÈ ‘πÈ 1,367,844 ‡¥¥‡«∑µ—π ‚¥¬‡√◊Õ 53 ≈”‡ªìπ‡√◊Õ∏ß‰∑¬ ·≈– ®”π«π 1 ≈”‡ªìπ‡√◊Õ∏ß∫“Œ“¡“ æ’‡Õ ·Õ≈®—¥‡ªìπÀπ÷ßË „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 ºŸªâ √–°Õ∫∏ÿ√°‘®„π°≈ÿ¡à π’¡È §’ «“¡À≈“°À≈“¬ ·≈–¡’≈°— …≥–‡©æ“– °≈à“«§◊ÕºŸªâ √–°Õ∫°“√Àπ÷ßË Ê à«π„À≠à®–‡ªìπ‡®â“¢Õß‡√◊Õ„π¢π“¥¥—ß°≈à“«‡æ’¬ß 2-3 ≈” ∑”„Àâæ‡’ Õ ·Õ≈‡ªìπÀπ÷ßË „πºŸâ ª√–°Õ∫°“√√“¬„À≠à∑ ’Ë ¥ÿ „π°≈ÿ¡à π’È ºŸ§â «∫§ÿ¡∫√‘À“√°“√‡¥‘π‡√◊Õ¥â“π‡∑§π‘§¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ §◊Õ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ ‡¬π´’Ë ®”°—¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬¢Õßæ’‡Õ ·Õ≈ ·≈–‡ªìπ∫√‘…∑— ∑’Ë‰¥â√∫— °“√√—∫√Õß¡“µ√∞“π ISO 9002 æ’‡Õ ·Õ≈∫√‘À“√ß“π°Õß‡√◊Õ·∫∫‰¡àª√–®”‡ âπ∑“ß´÷ßË ¡’‡ âπ∑“ß‡¥‘π‡√◊Õ§√Õ∫§≈ÿ¡‰ª∑—«Ë ‚≈° ‘π§â“æ◊πÈ ∞“π∑’°Ë Õß‡√◊Õæ’‡Õ ·Õ≈ ¢π àß§◊Õ ‘π§â“∑“ß°“√‡°…µ√, ‡À≈Á°, ªÿ¬Ü , ‘π·√à·≈–‡π◊ÕÈ ·√à, ‰¡â´ßÿ ·≈–Õ◊πË Ê 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” (‡√◊Õ¢Õßæ’‡Õ ·Õ≈¡’Õªÿ °√≥å¢π∂à“¬ ‘π§â“µ‘¥µ—ßÈ æ√âÕ¡Õ¬Ÿ)à ‡π◊ÕË ß®“°¢π“¥‡√◊Õ¢Õßæ’‡Õ ·Õ≈ “¡“√∂‡¢â“‡∑’¬∫∑à“„π√àÕßπÈ”µ◊πÈ ‰¥â ¢≥–∑’Ë ‡√◊Õ¢π“¥„À≠à‰¡à “¡“√∂‡¢â“‡∑’¬∫∑à“‰¥â ≈—°…≥–¥—ß°≈à“«∂◊Õ‡ªìπ¢âÕ‰¥â‡ª√’¬∫·≈– àßº≈„Àâæ‡’ Õ ·Õ≈‰¥âÕµ— √“§à“√–«“ß∑’ Ë ßŸ °«à“ºŸªâ √–°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≈‡ªìπ§à“ªØ‘∫µ— °‘ “√§«∫§ÿ¡‡√◊Õ µ“¡√–¬–‡«≈“∑’µË °≈ß ºŸ‡â ™à“®–‡ªìπºŸ√â ∫— º‘¥™Õ∫§à“„™â®“à ¬ ”À√—∫‡∑’¬Ë «°“√‡¥‘π∑“ßπ—πÈ Ê (voyage costs) ´÷ßË √«¡∂÷ß§à“πÈ”¡—π °“√‡™à“‡ªìπ√“¬‡∑’¬Ë « (Voyage Charter) ºŸ‡â ™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≈®÷ß‡ªìπºŸ√â ∫— º‘¥™Õ∫§à“„™â®“à ¬ ”À√—∫‡∑’¬Ë «°“√‡¥‘π‡√◊Õ (voyage costs) ´÷ßË √«¡∂÷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“∑—ßÈ 2 ≈—°…≥– Time Charter ·≈– Voyage Charter „πÕ—µ√“„°≈â‡§’¬ß°—π ‚¥¬√–¬–‡«≈“°“√‡™à“ª√–¡“≥ 1-3 ‡¥◊Õπ ·µà„π√–¬–À≈—ß π’ È ¥— à«π¢Õß°“√‡™à“‡ªìπ√–¬–‡«≈“‡æ‘¡Ë ¢÷πÈ ‚¥¬‡©æ“–„πªï 2547 ‡√◊Õ‡°◊Õ∫∑ÿ°≈”∂Ÿ°ª≈àÕ¬„Àâ‡™à“„π≈—°…≥–°“√‡™à“‡ªìπ√–¬–‡«≈“ §«“¡ “¡“√∂„π°“√„Àâ∫√‘°“√¢π àß ‘π§â“∑’Ë‰¡à®”°—¥‡ âπ∑“ß·≈–ª√–‡¿∑¢Õß ‘π§â“ ´÷ßË ‡ªìπ ‘π§â“æ◊πÈ ∞“π∑’®Ë ”‡ªìπ ∑”„Àâæ‡’ Õ ·Õ≈ “¡“√∂≈¥§«“¡‡ ’¬Ë ß®“°º≈°√–∑∫Õ—π‡°‘¥¢÷πÈ „π¿Ÿ¡¿‘ “§„¥Ê ª√–‡¿∑ ‘π§â“ ·≈– ¿“æ‡»√…∞°‘® 1.2 Õ“¬ÿ°Õß‡√◊Õ °Õß‡√◊Õæ’‡Õ ·Õ≈‰¡à‰¥â¡Õ’ “¬ÿ¡“°π—° ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫Õ“¬ÿ‡©≈’¬Ë ¢Õß°Õß‡√◊Õ∑—«Ë ‚≈° ªí®®ÿ∫π— Õ“¬ÿ‡©≈’¬Ë ¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈ Õ¬Ÿ∑à ª’Ë √–¡“≥ 19 ªï 2 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

NATURE OF BUSINESS AND INDUSTRY

1. Nature of Business 1.1 Background

Precious Shipping P.C.L. (çPSLé), 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 31st January 2006) operates 53 bulkers and a cement carrier (the çFleeté), representing 1,367,844 dwt. Of the entire Fleet, 53 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. PSLûs Fleet makes it one of the largest, if not the single largest company in the world, operating in this segment. PSLûs Fleet is managed by Great Circle Shipping Agency Ltd., Bangkok, a wholly owned subsidiary of PSL that is ISO 9002 certified. 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, PSL bears all the voyage costs including the cost of bunker fuels. PSLûs Fleet does not follow set voyage routes, but each ship keeps moving across the globe depending on its charters. The Fleet is hired on both, time charters as well as voyage charters, with typical voyage 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 considerably but more so in the year 2004 to an extent that almost all the ships were on time charters. The well spread diversification and nature of its operations (dry bulk shipping in the small handy size sector carrying ùessential basicû commodities) enables PSL to minimise the impact of concentration risks in terms of regions or commodities covered, and economic cycles.

1.2 Fleet Age

PSLûs fleet, as compared to the world average is not too old, with present average age of about 19 years.

Annual Report 2005 ± Precious Shipping Public Company Limited

°√“øµàÕ‰ªπ’‡È ªìπ°“√«‘‡§√“–ÀåÕ“¬ÿ¢Õß°Õß‡√◊Õ¢π àß ‘π§â“∑—«Ë ‚≈°·≈–°Õß‡√◊Õæ’‡Õ ·Õ≈ ≥ ‡¥◊Õπ ¡°√“§¡ 2549

∑’¡Ë “ : ®“° Clarkson Research Studies / Aries Shipbroking Ltd (CRS/Aries) 1.3 °“√¥”‡π‘π∏ÿ√°‘® √“¬‰¥â¢Õßæ’‡Õ ·Õ≈¡’°“√°√–®“¬·À≈àß∑’¡Ë “¢Õß√“¬‰¥â‡ªìπÕ¬à“ß¥’¥ß— π’È i. ª√–‡¿∑¢Õß ‘π§â“∑’¢Ë π àß ª√–‡¿∑ ‘π§â“

(®”π«π‡∑’¬Ë «¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’¬Ë «°“√‡¥‘π‡√◊Õ√«¡)

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

2546

2547

2548

66 (29.33%) 28 (12.45%) 32 (14.22%) 31 (13.78%) 23 (10.22%) 9 (4.00%) 36 (16.00%) 225

118 (25.54%) 85 (18.40%) 62 (13.42%) 81 (17.53%) 19 (4.11%) 45 (9.74%) 52 (11.26%) 462

139 (26.02%) 99 (18.54%) 69 (12.92%) 97 (18.16%) 32 (6.00%) 45 (8.43%) 53 (9.93%) 534

ii. °“√‡™à“‡ªìπ√“¬‡∑’¬Ë «·≈–°“√‡™à“‡ªìπ√–¬–‡«≈“ ≈—°…≥–°“√‡™à“ °“√‡™à“‡ªìπ√“¬‡∑’¬Ë « °“√‡™à“‡ªìπ√–¬–‡«≈“

(®”π«π‡∑’¬Ë «¢Õß°“√‡¥‘π‡√◊Õ·≈–√âÕ¬≈–¢Õß®”π«π‡∑’¬Ë «°“√‡¥‘π‡√◊Õ√«¡)

2546

2547

2548

80 (36%) 145 (64%)

20 (5%) 388 (95%)

37 (8%) 450 (92%)

À¡“¬‡Àµÿ : „πªï 2547 ·≈– 2548 ‡√◊Õ‡°◊Õ∫∑—ßÈ À¡¥¢Õß°Õß‡√◊Õæ’‡Õ ·Õ≈∂Ÿ°ª≈àÕ¬„Àâ‡™à“·∫∫°“√‡™à“‡ªìπ√–¬–‡«≈“·≈– ¥â«¬ —≠≠“√–¬–¬“« ´÷ßË °“√‡™à“‡ªìπ√–¬–‡«≈“π—πÈ ª√–‡¿∑¢Õß ‘π§â“∑’¢Ë π àß®–¢÷πÈ Õ¬Ÿ°à ∫— ºŸ‡â ™à“ (≈Ÿ°§â“) ·≈– “¡“√∂®–¡’‰¥â¡“°°«à“ 1 ª√–‡¿∑„πÀπ÷ßË ‡∑’¬Ë «°“√‡¥‘π‡√◊Õ ¥—ßπ—πÈ ®”π«π‡∑’¬Ë «°“√‡¥‘π‡√◊Õ„π·µà≈–ªï¢Õßªï 2547 ·≈–ªï 2548 „πµ“√“ß 1.3 (i) ¢â“ßµâπ ®÷ß¡“°°«à“ ®”π«π‡∑’¬Ë «°“√‡¥‘π‡√◊Õ„πµ“√“ß 1.3 (ii) 4 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

An age wise analysis as on January 2006 is given in the following graph vis - a - vis the World Fleet:

1.3 Business Operations

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

i. Commodities/Cargoes Carried Commodity Agricultural Commodities Steel Fertilisers Specialised Ores Forest Products/Logs Coal Others Total

(Number of Voyages and % of Total Voyages) 2003 2004 2005 66 (29.33%) 28 (12.45%) 32 (14.22%) 31 (13.78%) 23 (10.22%) 9 (4.00%) 36 (16.00%) 225

118 (25.54%) 85 (18.40%) 62 (13.42%) 81 (17.53%) 19 (4.11%) 45 (9.74%) 52 (11.26%) 462

139 (26.02%) 99 (18.54%) 69 (12.92%) 97 (18.16%) 32 (6.00%) 45 (8.43%) 53 (9.93%) 534

ii. Time Charters v/s Voyage Charters Charter Voyage Charters Time Charters

(Number of Voyages and % of Total Voyages) 2003 2004 2005 80 (36%) 145 (64%)

20 (5%) 388 (95%)

37 (8%) 450 (92%)

Note : During the years 2004 and 2005, majority of PSL没s fleet was on Period Charters (Time Charters of long

duration). In a period time charter, the commodities/cargo carried is up to the Charterer (customer) and could be more than 1 in many cases in one voyage. Therefore, number of voyages in each of the years 2004 and 2005, per 1.3 (i) above are more than that in 1.3 (ii) above. Annual Report 2005 卤 Precious Shipping Public Company Limited

iii. æ◊πÈ ∑’Ë„π°“√„Àâ∫√‘°“√¢π àß

iv. ‡§√◊Õ¢à“¬°“√µ≈“¥ ·≈–∑’µË ß—È ¢Õßπ“¬Àπâ“√“¬„À≠à

®“°°√“ø¢â“ßµâπ®–‡ÀÁπ‰¥â«“à æ’‡Õ ·Õ≈¡’‡§√◊Õ¢à“¬°“√µ≈“¥∑’§Ë √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 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

iii. Vessel Trading Areas

iv. Marketing network and major broker locations:

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.

Annual Report 2005 Âą Precious Shipping Public Company Limited

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

Precious Precious Shipping Shipping PCL PCL

2.1 µ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° (Small Handy Size Market) µ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°ª√–°Õ∫¥â«¬‡√◊Õ‡¥‘π∑–‡≈∑’¡Ë ¢’ π“¥ 10,000 - 30,000 ‡¥µ‡«∑µ—π ·¡â«“à „πªí®®ÿ∫π— Õÿµ “À°√√¡°“√‡¥‘π‡√◊Õ®–‰¥â‡√‘¡Ë √«¡‡Õ“‡√◊Õ¢π“¥ 30,000 - 40,000 ‡¥µ‡«∑µ—π¡“‰«â„πª√–‡¿∑π’¥È «â ¬ §«“¡µâÕß°“√„™â∫√‘°“√¢Õß‡√◊Õ‡¥‘π ∑–‡≈„πµ≈“¥π’È§àÕπ¢â“ßÀ≈“°À≈“¬Õ—π‡π◊ËÕß¡“®“°§«“¡ “¡“√∂„π°“√¢π àß ‘π§â“‰¥âÀ≈“¬™π‘¥·≈–∑à“‡√◊Õ®”π«π¡“°∑’Ë “¡“√∂„Àâ∫√‘°“√ ·°à‡√◊Õ‡¥‘π∑–‡≈¢π“¥π’È‰¥â ´÷ßË ≈—°…≥–¥—ß°≈à“«∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢Õß‡√◊Õ‡¥‘π∑–‡≈¢π“¥‡≈Á°¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫ °—∫§«“¡µâÕß°“√„™â‡√◊Õ∑’¡Ë ¢’ π“¥„À≠à°«à“ ºŸâ„Àâ∫√‘°“√∑—«Ë ‚≈°∑’¡Ë ‡’ √◊Õ„π°≈ÿ¡à π’¡È §’ «“¡À≈“°À≈“¬ ‡√◊Õ„π°≈ÿ¡à π’¡È ª’ √–¡“≥ 3,075 ≈” (≥ ‘πÈ ªï 2548) ‚¥¬ºŸªâ √–°Õ∫°“√ √“¬„À≠à∑ ’Ë ¥ÿ ¡’‡√◊Õ‡æ’¬ß 60 ≈” À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 2 ¢Õß à«π·∫àß„πµ≈“¥ à«π∑’‡Ë À≈◊Õ à«π„À≠à‡ªìπºŸªâ √–°Õ∫°“√∫√‘…∑— ‡Õ°™π¡’‡√◊Õ Õ¬Ÿ‡à æ’¬ß‰¡à°≈’Ë ” ®“°Õ¥’µ∑’ºË “à π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈‡ªìπÕÿµ “À°√√¡∑’¡Ë «’ Ø— ®—°√ ‚¥¬·µà≈–√Õ∫¢Õß«—Ø®—°√®–¡’™«à ß∑’ÕË 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¢÷πÈ ™à«ßµ°µË” §√—ßÈ ≈à“ ÿ¥‡√‘¡Ë µâπ„π°≈“ßªï 2540 Õ—π‡π◊ÕË ß¡“®“°«‘°ƒµ°“√≥å‡Õ‡™’¬∑”„Àâ§«“¡µâÕß°“√„™â∫√‘°“√¢π àß ‘π§â“∑“ß∑–‡≈πâÕ¬≈ß ·≈–µàÕ¡“ °“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®°Á‰¥â§Õà ¬Ê ª√—∫‡æ‘¡Ë ¢÷πÈ „π∑ÿ°¿Ÿ¡¿‘ “§¢Õß‚≈° ∑”„Àâ¡§’ «“¡µâÕß°“√¢π àß ‘π§â“·Àâß‡∑°Õß¡“°¢÷πÈ „πªï 2543 ·≈–¬—ß§ßª√—∫‡æ‘¡Ë ¢÷πÈ ®π°√–∑—ßË ∂÷ß§√÷ßË ·√°¢Õßªï 2544 πÕ°®“°π’√È “§“√—∫´◊ÕÈ ‡»…‡À≈Á°∑’ Ë ßŸ ¢÷πÈ °Á™«à ¬∑”„Àâ‡°‘¥°“√¢“¬‡√◊Õ‡°à“‡æ‘¡Ë ¢÷πÈ ∑”„Àâ Õÿª∑“π„π°Õß‡√◊Õ°≈ÿ¡à π’≈È ¥≈ß·≈– àßº≈µàÕÕ—µ√“§à“√–«“ß„Àâ‡æ‘¡Ë ¢÷πÈ À≈—ß®“° ‘πÈ ªï 2544 µ≈“¥‰¥âª√—∫µ—«≈¥≈ßÕ’°§√—ßÈ Õ—π‡π◊ÕË ß¡“®“°ªí®®—¬ À≈“¬Õ¬à“ß·≈–µàÕ¡“„π‰µ√¡“ ∑’Ë 4 ¢Õß ªï 2545 µ≈“¥°“√¢π àß∑“ß‡√◊Õ‰¥â‡√‘¡Ë ¡’°“√ª√—∫µ—«¥’¢π÷È Õ¬à“ß∑’Ë‰¡à‡§¬‡°‘¥¢÷πÈ ´÷ßË µ≈“¥‰¥âª√—∫µ—« Ÿß¢÷πÈ Õ¬à“ßµàÕ‡π◊ÕË ß¡“®π∂÷ßªï 2546 - 2547 ·≈–®π∂÷ß§√÷ßË ªï·√°¢Õßªï 2548 À≈—ß®“°π—πÈ °Á‰¥âª√—∫µ—«≈¥≈ß Õ¬à“ß‰√°Áµ“¡ ·¡â«“à µ≈“¥°“√ ¢π àß∑“ß‡√◊Õ‰¥âª√—∫µ—«≈¥≈ßÕ’°§√—ßÈ ·µà°∂Á °Ÿ §“¥°“√≥å«“à Õ—µ√“§à“√–«“ß‡√◊Õπà“®– “¡“√∂§ßÕ¬Ÿà„π√–¥—∫∑’‡Ë À¡“– ¡‰¥â ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ §à“√–«“ß‡©≈’¬Ë „πÕ¥’µ°àÕπªï 2546 ¥—ßπ—πÈ °“√§“¥°“√≥åÕπ“§µ„π™à«ß 1 - 2 ªï¢“â ßÀπâ“ §◊ÕÕ—µ√“§à“√–«“ß®–ª√—∫µ—«≈¥≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫ °—∫ªï∑º’Ë “à π¡“ (ªï 2547 - 2548) ·µàÕµ— √“§à“√–«“ßπà“®– Ÿß°«à“ ≥ ®ÿ¥∑’‡Ë §¬ Ÿß„πÕ¥’µ°àÕπ∑’µË ≈“¥§à“√–«“ß®–‡øóÕò ßøŸ≈“à ÿ¥

8 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2. Industry Structure Broadly the Shipping Industry is classified as under:

Precious Shipping PCL

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, although lately the Industry has begun including ships of 30,000 - 40,000 dwt. also in this sector. 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 about 3,075 ships (as at end 2005) has the largest operator having only about 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 çdown cycleé started in mid 1997 because of the demand issues associated with the çAsian crisisé. 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 increased scrap prices that lead to demolition of older vessels. Thereafter, since the end of 2001, the market witnessed a downturn due to various factors. But the market has witnessed an unprecedented upward trend since fourth quarter 2002, which, remained firm throughout years 2003 - 2004 and till first half of 2005 after which there has been a decline. However, even after the decline, the market is still expected to be at reasonably healthy levels compared to historical averages before 2003 and therefore, the prognosis going forward for the next year or two is that although rates will be low, as compared to the recent past (2004 - 2005) they would still be much higher than historical highs prior to the commencement of the present boom.

Annual Report 2005 ± Precious Shipping Public Company Limited

2.2 ¿“æ√«¡¢ÕßÕÿª ß§å·≈–Õÿª∑“π ·¡â«“à ¿“æ·≈–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≈“¬´÷ßË §√Õ∫ß”Õÿª ß§å·≈–Õÿª∑“π∑’‡Ë ªìπ à«πº≈—°¥—π„πÕÿµ “À°√√¡°“√¢π àß·≈–‡ªìπµ—« √â“ß«ß®√¢Õß∏ÿ√°‘®

2.3 ¥—™π’µ≈“¥°“√¢π àß∑“ß‡√◊Õ °√“ø¢â“ß„µâ√ªŸ ·√°· ¥ß∂÷ß§«“¡‡ª≈’¬Ë π·ª≈ß¢Õß¥—™π’ Baltic Dry Index (BDI) „π™à«ß 21 ªï∑º’Ë “à π¡“ ´÷ßË ¥—™π’π®’È –· ¥ßÕ—µ√“ ªí®®ÿ∫π— ¢ÕßÕ—µ√“§à“¢π àß ‘π§â“·Àâß‡∑°Õß §”≥«π‚¥¬ Baltic Exchange µ—ßÈ Õ¬Ÿ∑à °’Ë √ÿß≈Õπ¥Õπ °√“ø√Ÿª∑’Ë 2 · ¥ß∂÷ß°“√‡ª≈’¬Ë π·ª≈ß ¢Õß¥—™π’ JE Hyde Shipping Index (JEHSI) „π™à«ß 13 ªï∑º’Ë “à π¡“ °≈à“«§◊Õ BDI ®–‡ªìπ¥—™π’Õµ— √“§à“√–«“ß¢Õß‡√◊Õ¢π“¥„À≠à ·µà¥™— π’ JEHSI ®–‡ªìπ¥—™π’Õµ— √“§à“√–«“ß¢Õß‡√◊Õ¢π“¥‡≈Á°°«à“ ‡™àπ °≈ÿ¡à ‡√◊Õ¢Õßæ’‡Õ ·Õ≈ °“√«‘‡§√“–Àå‡ª√’¬∫‡∑’¬∫¢Õß¥—™π’∑ß—È Õß· ¥ß„Àâ‡ÀÁπ ∂÷ßÕ—µ√“§à“√–«“ß‡√◊Õ¢π“¥‡≈Á°¡’°“√º—πº«ππâÕ¬°«à“‡√◊Õ¢π“¥„À≠à„πµ≈“¥‡√◊Õ‰¡àª√–®”‡ âπ∑“ß

10 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2.2 Demand - Supply

While the composition and the age of a Companyûs fleet does have an effect on itûs 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.

2.3 Shipping Market Index

The first 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 21 years. The second graph shows the movement of the JE Hyde Shipping Index over the 13 years. Whilst the BDI is mainly weighted towards the larger ships, the JEHSI is geared some what towards ships in PSLûs sector and is therefore more representative of PSLûs fleet. The analysis 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.

Annual Report 2005 ± Precious Shipping Public Company Limited

2.4 °ÆÀ¡“¬æ“≥‘™¬π“«’·≈–°Æ√–‡∫’¬∫‡°’¬Ë «°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’ Ë ”§—≠∑’Ë„™â§«∫§ÿ¡„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ “°≈¡’¥ß— µàÕ‰ªπ’È 1. ∏ßª√–®”™“µ‘ ‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬π¿“¬„µâ∏ßª√–®”™“µ‘´÷Ëß®–∂◊Õ‡ªìπ°“√®¥∑–‡∫’¬π¿“¬„µâ°ÆÀ¡“¬ª√–‡∑»π—ÈπÊ °“√ ®¥∑–‡∫’¬π‡√◊Õ®–¡’°“√ÕÕ°„∫∑–‡∫’¬π‡√◊Õ´÷ßË ‡ªìπ‡Õ° “√ ”§—≠∑’‡Ë √◊Õ·µà≈–≈”®–µâÕß¡’ ‡æ◊ÕË ∑’®Ë –‡ªìπ‡Õ° “√„Àâµ√«® Õ∫‰¥â‡¡◊ÕË ¡’°“√‡¥‘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 ∏ß ª√–®”‡√◊Õ ‡®â“¢Õß‡√◊Õ ·≈–°—ªµ—π‡√◊Õ 2. °ÆÀ¡“¬æ“≥‘™¬π“«’√–À«à“ßª√–‡∑» °ÆÀ¡“¬æ“≥‘™¬π“«’√–À«à“ßª√–‡∑»‡ªìπ∑’Ë√Ÿâ®—°°—π„ππ“¡¢Õß°ÆÀ¡“¬√–À«à“ßª√–‡∑»·Ààß∑âÕß∑–‡≈´÷Ëß°ÆÀ¡“¬π’È ®–§√Õ∫§≈ÿ¡∂÷ß√–‡∫’¬∫¢âÕªØ‘∫µ— µ‘ “à ßÊ Õ—π‡ªìπ∑’¬Ë Õ¡√—∫·≈–¡’°“√ªØ‘∫µ— µ‘ “¡Õ¬à“ß‡§√àß§√—¥‚¥¬π“π“ª√–‡∑» Õß§å°“√æ“≥‘™¬π“«’ “°≈ (The International Maritime Organisation, IMO) ‡ªìπÕß§å°“√¢Õß Àª√–™“™“µ‘®–‡ªìπºŸÕâ Õ°°Æ√–‡∫’¬∫‡æ◊ÕË „™â∫ß— §—∫„πÕÿµ “À°√√¡ ‡¥‘π‡√◊Õ√–À«à“ßª√–‡∑»„π‡√◊ÕË ß¢Õß§«“¡ª≈Õ¥¿—¬„π™’«µ‘ ∑√—æ¬å π‘ ·≈– ‘ßË ·«¥≈âÕ¡ ·≈–·µà≈–ª√–‡∑»°Á®–¡’Àπà«¬ß“πæ“≥‘™¬π“«’ ”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¡“¬∑’‡Ë °’¬Ë «°—∫πà“ππÈ”¢Õßª√–‡∑»π—πÈ Ê 3. °“√®—¥™—πÈ ‡√◊Õ °√¡∏√√¡åª√–°—π¿—¬∑“ß∑–‡≈‰¥â¡°’ “√°”Àπ¥„Àâ¡°’ “√®—¥™—πÈ ‡√◊Õ ‚¥¬‡√◊Õ·µà≈–≈”®–µâÕß¡’°“√®¥∑–‡∫’¬πÀ√◊Õ¡’°“√®—¥™—πÈ ‡√◊Õ‚¥¬Àπà«¬ß“π∑’¡Ë ª’ √– ∫°“√≥å ¡’™Õ◊Ë ‡ ’¬ß‡ªìπ∑’¬Ë Õ¡√—∫´÷ßË ‡√’¬°°—π«à“ ¡“§¡®—¥™—πÈ ‡√◊Õ (Classification Societies) ‚¥¬Àπà«¬ß“ππ’È‰¥â √‘‡√‘¡Ë ¢÷πÈ ®“°Õπÿ ≠ — ≠“ Load Line „πªï §.». 1930 ·≈–Õπÿ ≠ — ≠“√–À«à“ßª√–‡∑» „πªï §.». 1955 ·≈– §.». 1959 ‚¥¬ ¡“§¡®—¥™—πÈ ‡√◊Õ √–À«à“ßª√–‡∑» (The International of Classification Societies, IACS) ‰¥â°Õà µ—ßÈ ¢÷πÈ ‡¡◊ÕË §.». 1968 ´÷ßË ¡’ ¡“§¡®—¥™—πÈ ‡√◊Õµà“ßÊ ‡¢â“√à«¡ ‡ªìπ ¡“™‘° ‚¥¬ ¡“§¡®—¥™—πÈ ‡√◊Õ®–µ√«® Õ∫„π‡√◊ÕË ß¡“µ√∞“π„π°“√°àÕ √â“ß‡√◊Õ·≈–°“√∫”√ÿß√—°…“µ—«‡√◊Õ 4. °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ °ÆÀ¡“¬°“√¢π àß ‘π§â“∑“ß∑–‡≈ (The Carriage of Goods by Sea Act, COGSA) ‰¥â°”‡π‘¥¢÷πÈ ¿“¬À≈—ß®“°∑’¡Ë °’ “√ ª√–™ÿ¡∑’‡Ë °’¬Ë «°—∫°“√¢π àß∑“ß‡√◊ÕÀ≈“¬§√—ßÈ ´÷ßË ®—¥¢÷πÈ „π°√ÿß∫√— ‡´≈ å√–À«à“ß°≈ÿ¡à ª√–‡∑»¬ÿ‚√ª∑’ Ë π„®°“√¢π àß∑“ß‡√◊Õ ·≈–µàÕ¡“°ÆÀ¡“¬ „π≈—°…≥–‡¥’¬«°—ππ’°È ‰Á ¥â¡¢’ π÷È „πª√–‡∑» À√—∞Õ‡¡√‘°“‡™àπ°—π ‚¥¬°ÆÀ¡“¬π’È‰¥â§√Õ∫§≈ÿ¡‰ª∂÷ß°“√¢π àß ‘π§â“∑“ß∑–‡≈√–À«à“ßª√–‡∑» 12 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

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 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.

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. Annual Report 2005 Âą Precious Shipping Public Company Limited

§≥–°√√¡°“√∫√‘…—∑ THE BOARD OF DIRECTORS

æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–

Admiral Dr.Amnad Chandanamattha 2

ª√–∏“π°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ Chairman and Audit Committee Member

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr.Munir Moinuddin Hashim 2

°√√¡°“√∫√‘À“√ Executive Director

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ

Police LT. Gen.Kiattisak Prabhavat 2

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– Chairman of Audit Committee and Independent Director

π“¬™’√– ¿“≥ÿæß»å

Mr.Chira Panupong 2

°√√¡°“√Õ‘ √– Independent Director

π“¬‰®ª“≈ ¡—π ÿ¢“π’

Mr.Jaipal Mansukhani 2

14 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

°√√¡°“√ Director

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

Mr.Khalid Moinuddin Hashim 2

°√√¡°“√ºŸ®â ¥— °“√·≈–°√√¡°“√∫√‘À“√ Managing Director and Executive Director

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

Mr.Khushroo Kali Wadia 2

°√√¡°“√∫√‘À“√ Executive Director

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ

Mr.Suphat Sivasriaumphai 2

°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ Independent Director and Audit Committee Member

π“¬∏’√– «‘¿Ÿ™π‘π

Mr.Thira Wipuchanin 2

°√√¡°“√Õ‘ √– Independent Director

π“ß “«π‘™‘µâ“ ™“Àå

Ms.Nishita Shah 2

°√√¡°“√ Director

Annual Report 2005 ± Precious Shipping Public Company Limited

√“¬ß“π®“°§≥–°√√¡°“√ ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√¡’§«“¡¬‘π¥’Õ¬à“ß¬‘Ëß∑’Ë®–π”‡ πÕ√“¬ß“πª√–®”ªï∑’Ë 17 ·≈–√“¬ß“π ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ∑’Ë‰¥âµ√«® Õ∫·≈â« ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·°àºŸâ∂◊ÕÀÿâπ ∑ÿ°∑à“π‰¥â√∫— ∑√“∫¥—ßπ’È ‡æ◊ÕË Õ∏‘∫“¬„Àâ‡ÀÁπÕ¬à“ß·∑â®√‘ß«à“ªï 2548 π—πÈ ‡ªìπªï∑¥’Ë ‡’ ¬’¬Ë ¡ ”À√—∫∫√‘…∑— œ Õ¬à“ß‰√ ‡√“ ¢Õ √ÿªµ—«‡≈¢º≈°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘„π™à«ß 2-3 ªï∑º’Ë “à π¡“µàÕ∑à“π¥—ßπ’È „πªï 2545 ∫√‘…∑— œ ¡’ º≈¢“¥∑ÿπ ÿ∑∏‘®”π«π 0.48 ≈â“π‡À√’¬≠ À√—∞ „πªï 2546 ∫√‘…∑— œ ¡’º≈°”‰√ ÿ∑∏‘®”π«π 24.79 ≈â“π‡À√’¬≠ À√—∞ „πªï 2547 º≈°”‰√ ÿ∑∏‘‡æ‘¡Ë ¢÷πÈ °«à“ ’‡Ë ∑à“µ—«Õ¬Ÿ∑à ’Ë 110.10 ≈â“π‡À√’¬≠ À√—∞ ·≈– ”À√—∫ªï 2548 º≈°”‰√ ÿ∑∏‘¢Õß∫√‘…∑— œ °Áæßÿà ¢÷πÈ Ÿß‰ªÕ’°°«à“√âÕ¬≈– 40 Õ¬Ÿ∑à ®’Ë ”π«π 154.22 ≈â“π‡À√’¬≠ À√—∞ π—πË §◊Õªï 2548 §◊Õªï·Ààß§«“¡¬Õ¥‡¬’¬Ë ¡¢Õß∫√‘…∑— œ

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π (®“°ß∫°“√‡ß‘π„π√Ÿª °ÿ≈‡ß‘π∫“∑) ·≈–º≈°“√¥”‡π‘πß“π„πªï∑’Ëºà“π¡“ ¥â“π°“√¥”‡π‘π°‘®°“√„π√Õ∫ªï∑º’Ë “à π¡“ ∫√‘…∑— œ ¡’√“¬‰¥â√«¡ 11,090.75 ≈â“π∫“∑ (ªï 2547: 8,728.12 ≈â“π∫“∑) ·≈–¡’º≈°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π 6,176.61 ≈â“π∫“∑ (ªï 2547: °”‰√ ÿ∑∏‘ 4,749.77 ≈â“π∫“∑) ∑—ßÈ π’√È «¡¢“¥∑ÿπ ÿ∑∏‘®“°Õ—µ√“·≈°‡ª≈’¬Ë π®”π«π 161.69 ≈â“π∫“∑ (ªï 2547: °”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π 56.14 ≈â“π∫“∑) à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ‡æ‘¡Ë ¢÷πÈ Õ¬à“ß¡“°¡“Õ¬Ÿ∑à ’Ë 9,945.70 ≈â“π∫“∑ (ªï 2547: 5,292.51 ≈â“π∫“∑) ‘π∑√—æ¬å√«¡¢Õß∫√‘…∑— œ ‡æ‘¡Ë ¢÷πÈ ¡“Õ¬Ÿ∑à ’Ë 13,780.61 ≈â“π∫“∑ (ªï 2547: 13,375.78 ≈â“π∫“∑)

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ Mr.Khalid Moinuddin Hashim

„π√–À«à“ßªï∑º’Ë “à π¡“ ∫√‘…∑— œ ¡’°”‰√®“°°“√¥”‡π‘πß“π°àÕπ°”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π §à“¿“…’‡ß‘π‰¥â·≈–√“¬°“√æ‘‡»…‡ªìπ®”π«π 6,338.29 ≈â“π∫“∑ „π à«π¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ µàÕ≈”µàÕ«—π‡æ‘¡Ë ¢÷πÈ ª√–¡“≥√âÕ¬≈– 9 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 √“¬‰¥â√«¡∑—ßÈ À¡¥ Ÿß°«à“ªï°Õà π ‡π◊ÕË ß®“°„πªï 2548 ∫√‘…∑— œ ‰¥â√∫— Õ—µ√“§à“√–«“ß∑’ Ë ßŸ ¢÷πÈ ·≈–®”π«π«—π‡¥‘π‡√◊Õ∑’ Ë ßŸ ¢÷πÈ ¥â«¬ ∫√‘…∑— œ ¬—ß§ßπ‚¬∫“¬∑’®Ë –§«∫§ÿ¡§à“„™â®“à ¬„π°“√∫√‘À“√‡√◊ÕÕ¬Ÿµà Õà ‰ª∂÷ß·¡â«“à §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ„πªï 2548 ‰¥â‡æ‘¡Ë ¢÷πÈ ´÷ßË ◊∫‡π◊ÕË ß¡“®“°§à“„™â®“à ¬„π°“√‡¢â“´àÕ¡∫”√ÿß·≈–°“√ ”√«®‡√◊Õ∑’‡Ë æ‘¡Ë ¢÷πÈ ®“° ‡√◊Õ∑’¡Ë Õ’ “¬ÿ¡“°∑—ßÈ À≈“¬„π°Õß‡√◊Õ¢Õß∫√‘…∑— œ √–¬–‡«≈“À¬ÿ¥°“√‡¥‘π‡√◊Õ‡æ◊ÕË °“√´àÕ¡∫”√ÿß‡©≈’¬Ë ª√–¡“≥ 18 «—πµàÕ≈”‡√◊Õ ´÷ßË Ÿß¢÷πÈ ·µà°¬Á ß— Õ¬Ÿà„π√–¥—∫∑’¬Ë Õ¡√—∫‰¥â‡¡◊ÕË §”π÷ß∂÷ßÕ“¬ÿ°Õß‡√◊Õ¢Õß∫√‘…∑— œ Õ’°∑—ßÈ ∫√‘…∑— œ µ—¥ ‘π„®∑’®Ë –∑”°“√´àÕ¡∫”√ÿß·≈– ”√«®‡√◊Õ ”À√—∫‡√◊Õ‡°à“∫“ß≈”¢Õß∫√‘…∑— œ °àÕπ ∂÷ß°”Àπ¥∑’µË Õâ ß‡¢â“´àÕ¡∫”√ÿß ∑—ßÈ π’‡È æ◊ÕË „Àâ¡π—Ë „®«à“‡√◊Õ‡À≈à“π—πÈ ®–‰¡àÀ¬ÿ¥™–ß—°¢≥–‡¥‘π‡√◊ÕÀ√◊Õ∂Ÿ°°—° ‚¥¬‡®â“Àπâ“∑’§Ë «∫§ÿ¡ ≥ ∑à“‡√◊Õ¢Õßª√–‡∑»µà“ßÊ ¥—ßπ—πÈ ®“°º≈¢Õß§«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–°√–· ‡ß‘π ¥∑’‡Ë æ‘¡Ë ¢÷πÈ ∑”„Àâ∫√‘…∑— œ ¡’ ¿“æ§≈àÕß∑’ Ë ßŸ ¡“°„π√–À«à“ßªï 2548 ·≈– “¡“√∂ ™”√–Àπ’‡È ß‘π°Ÿ¡â À’ ≈—°ª√–°—π§◊π°àÕπ°”Àπ¥‡ªìπ‡ß‘π 60.85 ≈â“π‡À√’¬≠ À√—∞ πÕ°‡Àπ◊Õ®“°∑’µË Õâ ß ®à“¬™”√–§◊πµ“¡°”Àπ¥°“√ª°µ‘®”π«π 52.02 ≈â“π‡À√’¬≠ À√—∞

16 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

BOARD OF DIRECTORS’ REPORT

TO THE SHAREHOLDERS:

The directors are pleased to present the Seventeenth Annual Report of the Company alongwith the Audited Financial Statements as on 31st December 2005. To really grasp how great a year 2005 has been for our Company we would like to draw your attention to the net profits (loss) over the last few years. In 2002 we incurred a net Loss of USD 0.48 million, in 2003 we earned a profit of USD 24.79 million, in 2004 it more than quadrupled to USD 110.10 million and for 2005 we had a blow out 40% higher net profit at USD 154.22 million. Thatûs how great a year 2005 has been. FINANCIAL HIGHLIGHTS (THAI BAHT TERMS) AND REVIEW OF THE YEAR:

In terms of operations, during the year under review, the Total Revenues of the Company were Baht 11,090.75 million [2004: Baht 8,728.12 million] and the Company earned a Net Profit of Baht 6,176.61 million [2004: Net Profit Baht 4,749.77 million]. This included a Net Loss on Foreign Exchange of Baht 161.69 million [2004: Gain Baht 56.14 million]. The Shareholdersû Equity of the Company has increased significantly to Baht 9,945.70 million [2004: Baht 5,292.51 million]. The Total Assets of the Company have increased to Baht 13,780.61 million [2004: Baht 13,375.78 million]. During the year, the Company earned an Operating Net Profit before Exchange Gain, Income Tax and Extraordinary items of Baht 6,338.29 million. In terms of the Earnings, the Companyûs vessels achieved about 9 percent increase in yields as compared to the previous year 2004. The total revenues in absolute terms were higher than that of the previous year, mainly on account of higher yields achieved and higher vessel operating days during the year 2005. The Company has continued to keep a tight control over vessel operating expenses although there is a marginal increase in vessel operating cost during the year 2005, due to an increase in dry-docking/special survey expenses on the older vessels in the fleet. The technical downtime has been at an average of less than 18 days per vessel, which has increased quite a bit but remains in line with the average age of the PSLûs fleet and also because we took the decision to complete the dry-docking/special surveys of some older vessels well in advance thereby ensuring that there are no breakdowns or detentions by Port State Control. As a result of the improved profitability and robust cash flows, the Company has enjoyed extremely high level of liquidity during 2005 and has actually prepaid US Dollars 60.85 million of secured loans apart from repaying US Dollars 52.02 million as scheduled.

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ Mr. Khushroo Kali Wadia

Annual Report 2005 ± Precious Shipping Public Company Limited

‰µ√¡“ ·√° Àπ—ß ◊Õæ‘¡æå∫“ß°Õ°‚æ µå ‚¥¬§«“¡√à«¡¡◊Õ°—∫ LEK §Õπ´—≈µ‘ßÈ ‰¥â®¥— ∑” °Õ√å°“√å¥¢÷πÈ ∑ÿ°Ê ªï ‡æ◊ÕË À“º≈µÕ∫·∑π √«¡¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ®¥∑–‡∫’¬πµà“ßÊ „πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ”À√—∫„πªï∑ ’Ë Õß¢Õß°“√®—¥∑” °Õ√å°“√å¥π’È æ’‡Õ ·Õ≈‰¥â ∂Ÿ°®—¥Õ—π¥—∫„ÀâÕ¬Ÿà„πÕ—π¥—∫∑’Ë 2 ”À√—∫º≈µÕ∫·∑π 3 ªï (√âÕ¬≈– 206) ·≈–‡ªìπÕ—π¥—∫∑’Ë 4 ”À√—∫º≈µÕ∫·∑π 5 ªï (√âÕ¬≈– 110) π’§Ë Õ◊ ‘ßË ¬◊π¬—π«à“∫√‘…∑— œ ‡ªìπ∫√‘…∑— ∑’πË “à ∑÷ßË ‚¥¬¡’°“√∫√‘À“√®—¥°“√∑’‡Ë ªìπ‡≈‘»„π∑ÿ°Ê √–¥—∫ ‰µ√¡“ ∑’ Ë Õß π‘µ¬ “√ Marine Money ©∫—∫‡¥◊Õπ¡‘∂πÿ “¬π 2548 ‰¥â®¥— Õ—π¥—∫„Àâæ‡’ Õ ·Õ≈Õ¬Ÿà„πÕ—π¥—∫∑’Ë 6 ®“°∫√‘…∑— ‡¥‘π‡√◊Õ ∑–‡≈™—πÈ π”∑—«Ë ‚≈° ‡™àπ Frontline ·≈– Teekay ‡ªìπµâπ ‚¥¬æ‘®“√≥“®“°º≈ª√–°Õ∫°“√¢Õßªï 2547 «‘∏°’ “√®—¥Õ—π¥—∫∑’πË µ‘ ¬ “√ Marine Money ‰¥â„™â„π°“√®—¥≈”¥—∫ §◊Õ°“√®—¥≈”¥—∫¢Õß¬Õ¥√«¡¢Õß§à“‡©≈’¬Ë ¢Õß‡°≥±å ”§—≠ 6 Õ¬à“ß¥—ßπ’§È Õ◊ : º≈µÕ∫·∑π√«¡µàÕºŸ∂â Õ◊ Àÿπâ (Total return to shareholders) Õ—µ√“°“√°àÕ√“¬‰¥â¢Õß ‘π∑√—æ¬å√«¡ (Asset turnover) °”‰√¢—πÈ µâπ (Profit margin) º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ (Return on Equity) º≈µÕ∫·∑π¢Õß ‘π∑√—æ¬å√«¡ (Return on Assets) ·≈–√“§“µ≈“¥µàÕ¡Ÿ≈§à“∑“ß∫—≠™’ (Price to book value) ∫√‘…∑— œ ‰¥â≈”¥—∫‰¡à¥π’ °— „π‡°≥±å¢Õßº≈µÕ∫·∑π√«¡µàÕºŸ∂â Õ◊ Àÿπâ ´÷ßË ∫√‘…∑— œ ∂Ÿ°®—¥Õ¬Ÿà„π≈”¥—∫∑’Ë 57 ‡π◊ÕË ß®“°¿“æ√«¡¢Õß µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‰¡à§Õà ¬¥’„π™à«ßªï 2547 ·¡â«“à §–·ππ∑’Ë‰¡à§Õà ¬¥’„π à«ππ’®È “°À° à«π¢Õß§–·ππ√«¡∑—ßÈ À¡¥ ·µà∫√‘…∑— œ °Á‰¥â§–·ππ√«¡ 99 §–·ππ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫∫√‘…∑— ∑’¥Ë ∑’ ’Ë ¥ÿ ´÷ßË ‰¥â§–·ππ 69 §–·ππ ∫√‘…∑— œ ‡ªìπ∫√‘…∑— ‡¥‘π‡√◊Õ∑–‡≈¢Õß‰∑¬∑’∂Ë °Ÿ ®—¥ Õ—π¥—∫‰«â‡ªìπÕ—π¥—∫ Ÿß ÿ¥„π√“¬™◊ÕË ∫√‘…∑— ™—πÈ π”‡À≈à“π—πÈ ‰µ√¡“ ∑’ Ë “¡ „πß“π The Engine of Growth SET Award 2005 ´÷ßË ¡’¢π÷È ∑’»Ë πŸ ¬å°“√ª√–™ÿ¡·Ààß™“µ‘ √‘ °‘ µ‘ å ‡¡◊ÕË «—π∑’Ë 18 °√°Æ“§¡ 2548 ∫√‘…∑— œ ‰¥â∂°Ÿ ‡ πÕ™◊ÕË ‡¢â“™‘ß√“ß«—≈ Best Performance ´÷ßË ¡’ 3 √“ß«—≈„π·µà≈– 8 °≈ÿ¡à Õÿµ “À°√√¡ ‚¥¬§≥–°√√¡°“√®–æ‘®“√≥“ §—¥‡≈◊Õ°®“°∫√‘…∑— ®¥∑–‡∫’¬π∑’¡Ë ’ ∂“π–∑“ß°“√‡ß‘π∑’¥Ë ’ ”À√—∫º≈°“√¥”‡π‘πß“πªï 2547 ·¡â«“à ∫√‘…∑— œ ®–‰¡à‰¥â√∫— √“ß«—≈ ·µà°“√∑’Ë‰¥â√∫— °“√‡ πÕ™◊ÕË ‡¢â“™‘ß√“ß«—≈π—πÈ ∂◊Õ‡ªìπ‡°’¬√µ‘·≈–‡ªìπ∑’¬Ë Õ¡√—∫∂÷ß¡Ÿ≈§à“∑’¥Ë ∑’ æ’Ë ‡’ Õ ·Õ≈¡’ πÕ°®“°π’È ∫√‘…∑— œ ¬—ß‰¥â§”π«≥º≈µÕ∫·∑π¢ÕßºŸ∂â Õ◊ Àÿπâ ‚¥¬§”π«≥®“°™à«ß 12 ªï∑∫’Ë √‘…∑— œ ‡√‘¡Ë ¥”‡π‘π°“√·≈–®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬åœ ‚¥¬¥Ÿ®“°√“§“ªî¥¢ÕßÀÿπâ ≥ «—π∑’Ë 16 °—π¬“¬π 2548 ·≈– ∫√‘…∑— œ ‰¥â‡√‘¡Ë ‡ªî¥°“√´◊ÕÈ ¢“¬Àÿπâ „πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡¡◊ÕË «—π∑’Ë 16 °—π¬“¬π 2536 ∫π¢âÕ ¡¡µ‘«“à π—°≈ß∑ÿπ§π Àπ÷ßË ∑’Ë‰¥â´Õ◊È Àÿπâ ¢Õß∫√‘…∑— œ ‰«â‡¡◊ÕË ¡’°“√‡ πÕ¢“¬Àÿπâ ‡ªìπ°“√∑—«Ë ‰ª‡ªìπ§√—ßÈ ·√° (IPO) ·≈–‰¥â∂Õ◊ Àÿπâ π’È‰«âµ≈Õ¥ 12 ªï π—°≈ß∑ÿπ∑à“ππ—πÈ ®–‰¥â √—∫º≈µÕ∫·∑π∂÷ß 11.07 ‡∑à“ °“√§”π«≥π’¬È ß— ‰¡à‰¥â√«¡º≈µÕ∫·∑π®“°°“√π”‡ß‘πªíπº≈∑’Ë‰¥â√∫— ‰ª≈ß∑ÿπµàÕ

‡√◊Õ ≈‘≈∑‘æ¬å π“√’ ´÷ßË ‡ªìπÀπ÷ßË „π‡√◊Õ®”π«π 54 ≈”¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) À√◊Õ çæ’‡Õ ·Õ≈é ‰¥â‡¢â“ÕŸ·à Àâß∑’ÕË ‡Ÿà √◊Õ‡Õ‡™’¬π ¡“√’π ‡´Õ√å« ‘ (ASIMAR) ∑’Ë °√ÿß‡∑æœ „π™à«ß√–À«à“ß∑’‡Ë √◊Õ‡¢â“ÕŸ·à Àâß ∫√‘…∑— œ ‰¥â®¥— „Àâº∂Ÿâ Õ◊ Àÿπâ π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å ◊ÕË ¡«≈™π·≈–ª√–™“™πºŸ â π„®∑—«Ë ‰ª‰¥â‡¢â“‡¬’¬Ë ¡™¡‡√◊Õ ∑’‡Ë ÀÁπ®“°¿“æ§≥–ºŸ‡â ¬’¬Ë ¡™¡ ‡√◊Õ·≈–°—ªµ—π∂à“¬¿“æ√à«¡°—π ≥ ∫√‘‡«≥¥â“ππÕ°¢Õß –æ“π‡√◊Õ ¡√. ´Õ¡π“∑Àå ‚°Àå (·∂«π—ßË ∑’ Ë Õß®“°´â“¬) °—ªµ—π‡√◊Õ ¡√. §“≈‘¥ Œ“™‘¡ (·∂«π—ßË ∑’ Ë “¡®“°´â“¬) °√√¡°“√ºŸ®â ¥— °“√æ’‡Õ ·Õ≈ ¡√. ¡Ÿπ√’ Œ“™‘¡ (·∂«¬◊πÀ≈—ß ÿ¥∑’ Ë ®’Ë “°¢«“) °√√¡°“√ ∫√‘À“√æ’‡Õ ·Õ≈ ∂à“¬√Ÿª√à«¡°—∫§≥–ºŸ‡â ¬’¬Ë ¡™¡‡√◊Õ M.V. Salinthip Naree, one of the 54 ships owned by PSL, was at the ASIMAR dry docks in Bangkok. During this occasion PSL organized a visit to the ship in which shareholders, journalists, analysts and others participated. This photograph, taken outside the bridge, shows Somnath Ghosh (front row: 2nd from left), Captain of the ship, Khalid Hashim (front row: 3rd from left), PSLûs Managing Director, and Munir Hashim (back row: 4th from right), Executive Director, with the visitors.

18 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The First Quarter: The Bangkok Post in conjunction with LEK Consulting makes out a Scorecard every year to see

the Total Shareholder Return from different listed companies on the SET. For the second year in a row, PSL has been in the ranking, being 2n d on a three-year return (206%) and being 4t h on a five-year (110%) basis. It just confirms what we have known all along - that PSL is an amazing company with excellent management at all levels!

The Second Quarter: The Marine Money issue for June 2005 ranked PSL as the 6t h best shipping company in

the whole world, based on results of 2004, including giants like Frontline, Teekay etc! The methodology used by Marine Money for their rankings was a simple aggregate of 6 criteria: Total return to shareholders, Asset turnover, Profit margin, Return on Equity, Return on Assets and Price to book value. We got hurt in the Total return to shareholders criteria where we were ranked 57t h due to the underperformance of the Thai stock market during 2004. Despite this poor showing on one out of the six categories we had an aggregate score of just 99 points as compared to the best company at 69 points. We were, as expected, the highest ranked Thai shipping company in that list.

The Third Quarter: The Engine of Growth SET Awards 2005 saw PSL nominated for the Best Performance award

to three listed companies in each of the eight industry groups with the best financial status and performance in 2004. Though we did not win the award, the nomination was an acknowledgement of the great value that is stored in PSL. This event took place at the Queen Sirikit National Convention Centre in Bangkok on the 18t h July 2005. We also undertook an çin-houseé exercise to calculate Total Return to Shareholders, which was calculated for the 12 years that we have been

§≥–°√√¡°“√ çæ’‡Õ ·Õ≈é √“¬ß“πºŸ∂â Õ◊ Àÿπâ „π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªïº∂Ÿâ Õ◊ Àÿπâ §√—ßÈ ∑’1Ë /2548 ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®—¥°“√ ª√–™ÿ¡ “¡—≠ª√–®”ªïº∂Ÿâ Õ◊ Àÿπâ §√—ßÈ ∑’Ë 1/2548 ‡¡◊ÕË «—π∑’Ë 29 ‡¡…“¬π 2548 ≥ ÀâÕß∫ÿ…√“§—¡ ‚√ß·√¡Õ¡“√’ ‡Õ‡∑√’¬¡ „π¿“æ®“°´â“¬‰ª¢«“ : π“ß “«»—π π’¬å ‡™“«≈‘µ ·≈–π“ß “« ÿ¡“≈’ √’«√“∫—≥±‘µ ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ ∫√‘…∑— ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ π“ß “«π‘™µ‘ “â ™“Àå °√√¡°“√ æ≈µ”√«®‚∑ ‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √– π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ °√√¡°“√∫√‘À“√ π“¬∏’√– «‘¿™Ÿ π‘π °√√¡°“√Õ‘ √– æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– ª√–∏“π°√√¡°“√ °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√ Õ‘ √– π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√ºŸ®â ¥— °“√·≈–°√√¡°“√∫√‘À“√ π“¬‰®ª“≈ ¡—π ÿ¢“π’ °√√¡°“√ π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√∫√‘À“√ ·≈– π“¬ ÿæ≤ — πå »‘«–»√’Õ”‰æ °√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √– PSL Directors brief shareholders at AGM 1/2005 Precious Shipping PCL organized the Annual General Meeting of Shareholders No. 1/2005 on 29th April, 2005 at Amari Atrium Hotel. Seen in the picture from left to right : Ms. Sansanee Chaowalit, CPA from Ernst & Young Office Limited, Ms. Sumalee Reewarabandith, Partner from Ernst & Young Office Limited, Ms. Nishita Shah, Director, Police LT. Gen. Kiattisak Prabhavat, Chairman of Audit Committee and Independent Director, Mr. Khushroo Kali Wadia, Executive Director, Mr. Thira Wipuchanin, Independent Director, Admiral Dr. Amnad Chandanamattha, Chairman, Audit Committee Member and Independent Director, Mr. Khalid Moinuddin Hashim, Managing Director and Executive Director, Mr. Jaipal Mansukhani, Director, Mr. Munir Moinuddin Hashim, Executive Director and Mr. Suphat Sivasriaumphai, Audit Committee Member and Independent Director.

Annual Report 2005 ± Precious Shipping Public Company Limited

‰µ√¡“ ∑’ Ë ’Ë „π√–À«à“ßªï 2548 ∫√‘…∑— œ ‰¥â®“à ¬™”√–Àπ’‡È ß‘π°Ÿµâ “¡·ºπ°“√™”√–§◊πµ“¡°”Àπ¥·≈–°“√™”√–§◊π°àÕπ°”Àπ¥Õ¬à“ß √«¥‡√Á« ∫√‘…∑— œ §“¥«à“®– “¡“√∂ª≈Õ¥Àπ’‡È ß‘π°Ÿâ‰¥âª√–¡“≥ ‘πÈ ‡¥◊Õπ¡‘∂πÿ “¬π 2549 ‚¥¬°“√™”√–Àπ’®È “°°√–· ‡ß‘π ¥ à«π‡°‘π∑’Ë‰¥â¡“ ®“°°“√¢¬“¬°Õß‡√◊Õ¢Õß∫√‘…∑— œ À“°æ‘®“√≥“®“° ‘πÈ ªï 2548 ∑’∫Ë √‘…∑— œ ¡’¬Õ¥Àπ’‡È ß‘π°Ÿ§â ß§â“ß°—∫∏π“§“√°√ÿß‰∑¬ 80 ≈â“π‡À√’¬≠ À√—∞ ·≈–∫√‘…∑— œ °Á¡‡’ ß‘π ¥„π¡◊ÕÕ¬Ÿªà √–¡“≥ 18 ≈â“π‡À√’¬≠ À√—∞ ¥—ßπ—πÈ ®÷ß‡ªìπ‰ª‰¥âÕ¬à“ß¡“°∑’∫Ë √‘…∑— œ ®– “¡“√∂™”√–Àπ’∑È ‡’Ë À≈◊ÕÕ¬Ÿ∑à ß—È À¡¥ ‰¥â¿“¬„π ‘πÈ ‡¥◊Õπ¡‘∂πÿ “¬π 2549 ∑—ßÈ π’∫È π‡ß◊ÕË π‰¢∑’«Ë “à ∫√‘…∑— œ ¡‘‰¥â∑”°“√¢¬“¬°Õß‡√◊ÕÕ’°‚¥¬°“√´◊ÕÈ ‡√◊Õ®“°µ≈“¥‡√◊Õ¡◊Õ Õß ¥—™π’∫Õ≈µ‘§ (Baltic Dry Index, BDI) ≥ ‘πÈ ªïÕ¬Ÿ∑à ’Ë 2,407 ®ÿ¥ ‚¥¬µË”≈ß®“°®ÿ¥‡√‘¡Ë ‡¡◊ÕË µâπªï∑’Ë 4,639 ®ÿ¥ ∂÷ß√âÕ¬≈– 48 Õ¬à“ß‰√ °Áµ“¡º≈°”‰√ ÿ∑∏‘¢Õß∫√‘…∑— œ „πªï 2548 π’È‰¥â‡æ‘¡Ë ¢÷πÈ Õ¬à“ß¡“°∂÷ß√âÕ¬≈– 40 ´÷ßË ‡ªìπ°“√¬◊π¬—πÕ’°§√—ßÈ «à“º≈°”‰√ ÿ∑∏‘¢Õß∫√‘…∑— œ π—πÈ ‰¡à¡’ §«“¡ —¡æ—π∏å°∫— ¥—™π’∫Õ≈µ‘§ (BDI) √“¬‰¥âµÕà «—πµàÕ≈”‡√◊Õ „π√–À«à“ßªï 2548 √“¬‰¥â§“à ‡™à“§à“√–«“ßµàÕ«—πµàÕ≈”‡√◊Õ¢Õß°Õß‡√◊Õ∫√‘…∑— œ ‰¥â –∑âÕπ°≈¬ÿ∑∏å„π°“√ ∑”∏ÿ√°‘®¢Õß∫√‘…∑— œ ∑’‡Ë ª≈’¬Ë π®“°°“√∑” —≠≠“„Àâ∫√‘°“√‡ªìπ√“¬‡∑’¬Ë «‡ªìπ°“√∑” —≠≠“„Àâ‡™à“‡√◊Õ√–¬–¬“«‡æ◊ÕË À≈’°‡≈’¬Ë ß§«“¡º—πº«π¢Õß Õ—µ√“§à“‡™à“‡√◊ÕµàÕ«—πµàÕ≈”∑’‡Ë ª≈’¬Ë π‰ªµ“¡°“√¢÷πÈ ≈ß¢Õß¥—™π’ BDI ≥ ‰µ√¡“ ·√°¢Õßªï 2548 µ—«‡≈¢√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿ∑à ’Ë 15,928 ‡À√’¬≠ À√—∞ „π‰µ√¡“ ∑’ Ë Õß ≈¥≈ß‡≈Á°πâÕ¬¡“Õ¬Ÿ∑à ’Ë 15,638 ‡À√’¬≠ À√—∞ „π‰µ√¡“ ∑’ Ë “¡ ≈¥≈ß‰ª‡ªìπ 13,406 ‡À√’¬≠ À√—∞ ·≈–„π‰µ√¡“ ∑’ Ë Õ’Ë ¬Ÿ∑à ’Ë 13,087 ‡À√’¬≠ À√—∞ ¥—ßπ—πÈ ”À√—∫ªï 2548 ∫√‘…∑— œ ¡’√“¬‰¥â§“à ‡™à“‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊ÕÕ¬Ÿ∑à ’Ë 14,449 ‡À√’¬≠ À√—∞ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ∑’®Ë ”π«π 13,248 ‡À√’¬≠ À√—∞ ·≈–ªï 2546 ∑’®Ë ”π«π 7,870 ‡À√’¬≠ À√—∞ ªï 2545 ∑’®Ë ”π«π 5,854 ‡À√’¬≠ À√—∞ ·≈– ªï 2544 ∑’Ë 5,855 ‡À√’¬≠ À√—∞

çæ’‡Õ ·Õ≈é ®—¥ß“π ç«—π«‘ßË ‡¥‘π‡√◊Õ∑–‡≈é §√—ßÈ ∑’Ë 2 ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) À√◊Õ çæ’‡Õ ·Õ≈é ‰¥â√«à ¡√”≈÷°∂÷ß«—π‡¥‘π‡√◊Õ∑–‡≈ “°≈ ‚¥¬°“√®—¥ß“π ç«‘ßË «—π‡¥‘π‡√◊Õ∑–‡≈é ¢÷πÈ ∑’ Ë «π≈ÿ¡æ‘π’ „π¿“æ : ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸ®â ¥— °“√æ’‡Õ ·Õ≈ æ√âÕ¡¥â«¬æπ—°ß“π∫√‘…∑— œ „πß“π ç«‘ßË «—π‡¥‘π‡√◊Õ∑–‡≈é §√—ßÈ ∑’Ë 2 „π∑ÿ°Ê ªïÕß§å°√°“√‡¥‘π‡√◊Õ∑–‡≈ “°≈ (International Maritime Organization - IMO) ®–®—¥ß“π‡©≈‘¡©≈Õß«—π‡¥‘π‡√◊Õ∑–‡≈ “°≈ ´÷ßË ‡ªìπ«—π∑’Ë ∑ÿ°ΩÉ“¬∑’‡Ë °’¬Ë «¢âÕß®–„Àâ§«“¡ ”§—≠°—∫§«“¡ª≈Õ¥¿—¬„π°“√‡¥‘π‡√◊Õ∑–‡≈·≈– ‘ßË ·«¥≈âÕ¡∑“ß∑–‡≈ „πªïπ’È §”¢«—≠¢Õß«—π‡¥‘π‡√◊Õ∑–‡≈ “°≈ 2005 §◊Õ ç°“√‡¥‘π‡√◊Õ∑–‡≈ “°≈ - ºŸ¢â π àß ‘π§â“¢Õß‚≈°é (International Shipping - Carrier of World Trade) §”¢«—≠π’È ∂Ÿ°‡≈◊Õ°¢÷πÈ ¡“‡æ◊ÕË ∑’®Ë ¥ÿ ª√–°“¬ §«“¡§‘¥·≈–¥÷ß¥Ÿ¥§«“¡ π„®„Àâµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß∫∑∫“∑∑’ Ë ”§—≠¢Õß°“√¢π àß∑“ß∑–‡≈ µàÕ‡»√…∞°‘®¢Õßπ“π“ª√–‡∑»·≈–∫∑∫“∑∑’ Ë ”§—≠ ¬‘ßË µàÕ°“√º≈—°¥—π°“√§â“√–À«à“ßª√–‡∑» °“√‡¥‘π‡√◊Õ¢π àß ‘π§â“√–À«à“ßª√–‡∑»π—πÈ ‡ªìπ√Ÿª·∫∫°“√¢π àß∑’¡Ë ª’ √– ‘∑∏‘º≈ ª≈Õ¥¿—¬ ·≈–‡ªìπ¡‘µ√µàÕ ‘ßË ·«¥≈âÕ¡Õ¬à“ß¬‘ßË 2nd Annual PSL Maritime Day Run Precious Shipping PCL, commemorated the World Maritime Day by organizing çPSL Maritime Day Runç at Lumpini Park. Mr. Khalid Hashim, Managing Director of Precious Shipping PCL along with the PSL staff participated in the 2nd annual PSL Maritme Day Run. Every year International Maritime organization (IMO) celebrates World Maritime day. The day is used to focus attention on the importance of shipping safety and the marine environment. The theme for the world Maritime Day of 2005 was çInternational Shipping - Carrier of World Tradeç The theme had been chosen to provide an ideal opportunity to draw attention to the vital role shipping plays in international economy and the significant contribution to international trade. International shipping is the most efficient, safe and environmentally friendly method of transporting goods around the world.

20 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

operating as a listed entity. Based on the closing share price as on the 16th September 2005, we started trading on the SET on the 16t h September 1993, and assuming an investor had subscribed at the IPO then in the intervening 12 years, the investor would have made a return of 11.07 times!! This computation does not assume any re-investment of the dividends into shares or any interest on the dividends themselves.

The Fourth Quarter: Debt continued to be repaid and pre-paid quite rapidly during 2005. We expect that we

should be almost debt free on a net basis by the end of June 2006 from the surplus cash-flows being generated from our expanded fleet. Considering that we ended the year 2005 with a total of just USD 80 million in outstanding debt due to KTB and cash equivalents of just over USD 18 million, it will indeed be possible to achieve near net debt free status by end June 2006. This of course presumes that we do not expand our capacity any further by purchase of ships from the second-hand market.

The Baltic Dry Index (BDI) ended the year at 2,407 points, 48% lower than from where it had started out the

year at 4,639 points, whilst our Net Profit for the year went up by an incredible 40%! This once again highlights the disconnect between the BDI and our Net Profits.

The earnings per day per ship during 2005 for our fleet did reflect our strategy to move from the spot market

to longer term charters for our fleet and thereby avoid the dramatic changes in earnings per day per ship as would have been the case had earnings followed the BDI movements. In Q1 the figure was USD 15,928, Q2 saw it slow down to USD 15,638, Q3 lost further momentum to USD 13,406 and Q4 ended at USD 13,087. For 2005 we averaged earnings of USD 14,449 per day per ship as against USD 13,248 in 2004 and as compared to USD 7,870 for 2003 and USD 5,854 in 2002 and USD 5,855 in 2001.

The China Factor continues to exert its influence on the freight markets. Despite all the ùslow downû talks

over the year, the steel production for 2005 reached a staggering figure of about 349 million tons. This would be some 25% more than the already phenomenal figure of 280.5 million tons achieved during 2004. The current opinion from the çæ’‡Õ ·Õ≈é ¡Õ∫√“ß«—≈‡À√’¬≠∑Õß „Àâ°∫— π—°‡√’¬π‡¥‘π‡√◊Õæ“≥‘™¬å¥‡’ ¥àπ (¿“æ∫π) ß“πæ‘∏¡’ Õ∫ª√–°“»π’¬∫—µ√π—°‡√’¬π‡¥‘π‡√◊Õæ“≥‘™¬å √ÿπà ∑’Ë 25 ª√–®”ªï°“√»÷°…“ 2547 ≥ »Ÿπ¬åΩ°ñ æ“≥‘™¬åπ“«’ ‡¡◊ÕË «—π∑’Ë 28 ¡‘∂πÿ “¬π æ.». 2548 (¿“æ≈à“ß) æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– ª√–∏“π°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ‰¥â√—∫‡°’¬√µ‘„Àâ‡ªìπºŸâ¡Õ∫√“ß«—≈‡À√’¬≠∑Õß„Àâ·°àπ—°‡√’¬π ‡¥‘π‡√◊Õæ“≥‘™¬å™π—È ªï∑’Ë 5 ∑’¡Ë º’ ≈°“√‡√’¬π¥’‡¥àπ 2 π“¬§◊Õ π√¥. ¡∫Ÿ√≥å —ß¢å∑Õß („π¿“æ 1) π—°‡√’¬π‡¥‘π‡√◊Õæ“≥‘™¬åΩ“É ¬‡¥‘π‡√◊Õ ·≈– π√¥. ª√–‡ √‘∞ ∑Õß‰À≈¡“ („π¿“æ 2) π—°‡√’¬π‡¥‘π‡√◊Õæ“≥‘™¬åΩ“É ¬™à“ß°≈‡√◊Õ

➊

➋

PSL Awards Gold Medals to Outstanding MMTC Officer Cadets On the occasion of the Graduation ceremony of the 25th Batch of Merchant Marine Training Centre officer cadets, Admiral Dr. Amnad Chandanamattha (on the right), Chairman of Precious Shipping Public Company Limited (PSL) presented Gold Medals to the outstanding cadets, Mr. Somboon Sangthong (picture 1), Deck Officer Cadet and Mr. Prasert Thonglaima (picture 2), Engineering Officer Cadet, on 28th June, 2005 at Merchant Marine Training Centre.

Annual Report 2005 ± Precious Shipping Public Company Limited

ªí®®—¬®“°ª√–‡∑»®’π ¬—ß§ß¡’Õ‘∑∏‘æ≈µàÕ°“√¢π àß ‘π§â“∑“ß∑–‡≈Õ¬ŸàµàÕ‰ª ·¡â«à“®–¡’°“√æŸ¥∂÷ß°“√™–≈Õµ—«Õ¬Ÿàµ≈Õ¥∑—Èßªï µ—«‡≈¢º≈º≈‘µ‡À≈Á°„πªï 2548 Ÿß∂÷ß 349 ≈â“πµ—π ´÷ßË Ÿß¢÷πÈ √âÕ¬≈– 25 ¢Õßº≈º≈‘µª√–¡“≥ 280.5 ≈â“πµ—π∑’ºË ≈‘µ‰¥â„π√–À«à“ßªï 2547 ªí®®ÿ∫π— π—°«‘‡§√“–Àå¡§’ «“¡‡ÀÁπ«à“„πªï 2549 π’È ª√–‡∑»®’π®–º≈‘µ‡À≈Á°√–À«à“ß 390-400 ≈â“πµ—π ®“°°”≈—ß§«“¡ “¡“√∂„π°“√º≈‘µ√«¡ 450 ≈â“πµ—π ´÷Ëß‡ªìπ‰ª‰¥â¡“°∑’Ëª√–‡∑»®’π®–∑”‰¥âµ“¡§”∑”π“¬π’È πÕ°®“°π’È¬—ß¡’ª√–‡∑»Õ‘π‡¥’¬ ∫√“´‘≈ ·≈–√— ‡´’¬ ∑’Ë™à«¬¢—∫‡§≈◊ËÕπ ‡»√…∞°‘®‚≈°Õ’°·√ßÀπ÷Ëß ‡§π‡πÁ∏ √ÁÕ§ÕÕø »“ µ√“®“√¬å¥â“π‡»√…∞»“ µ√å·≈–π‚¬∫“¬ “∏“√≥–·Ààß¡À“«‘∑¬“≈—¬Œ“√å«“√å¥‰¥â· ¥ß §«“¡‡ÀÁπ‡ª√’¬∫‡∑’¬∫§«“¡‡À¡◊Õπ·≈–§«“¡µà“ß√–À«à“ßª√–‡∑»Õ‘π‡¥’¬°—∫ª√–‡∑»®’π‰«â ·≈–‰¥â≈ßæ‘¡æå‡º¬·æ√à„πÀπ—ß ◊Õæ‘¡æå∫“ß°Õ°‚æ µå ©∫—∫«—π∑’Ë 20 °ÿ¡¿“æ—π∏å 2549 ¥—ßπ’È ç‚¥¬º‘«‡º‘πª√–‡∑»®’π‡ªî¥ª√–‡∑»¡“°àÕπÕ‘π‡¥’¬ ‡¡◊ÕË 25 ªï∑·’Ë ≈â« º≈º≈‘µ¢Õßª√–‡∑»Õ‘π‡¥’¬·≈– ª√–‡∑»®’ππ—πÈ Õ¬Ÿà„πª√‘¡“≥„°≈â‡§’¬ß°—π ªí®®ÿ∫π— π’È‰¡à«“à ®–«—¥‚¥¬«‘∏°’ “√„¥ ª√–‡∑»®’ππ—πÈ √Ë”√«¬°«à“ª√–‡∑»Õ‘π‡¥’¬‡ªìπ Õß‡∑à“ ª√–‡∑» Õ‘π‡¥’¬®–µâÕß∑”Õ–‰√∫â“ß‡æ◊ÕË ∑’Ë®–≈¥™àÕß«à“ßπ’È„Àâ‰¥â ‡√◊ËÕß®”‡ªìπ‡∫◊ÈÕßµâπ°Á§◊Õ‡√◊ËÕß¢Õß°“√¢“¥·§≈π∂ππ –æ“π ∑à“‡√◊Õ·≈–‚§√ß √â“ß “∏“√≥Ÿª‚¿§æ◊Èπ∞“πÕ◊ËπÊ ´÷Ëß ‘ßË ‡À≈à“π’·È µ°µà“ß®“°ª√–‡∑»®’πÕ¬à“ß¡“° ∂â“ª√–‡∑»Õ‘π‡¥’¬®–µ“¡ª√–‡∑»®’π„Àâ∑π— ª√–‡∑»Õ‘π‡¥’¬®– µâÕß∑”„Àâª√–™“™π¢Õßµπ¡’§«“¡‡ªìπ “°≈¡“°¢÷πÈ ‚¥¬„Àâª√–™“™π¢Õßµπ¡’§≥ ÿ ¿“æ™’«µ‘ ∑’¥Ë ¢’ π÷È ∑—ßÈ „π¥â“π ÿ¢¿“æÕπ“¡—¬ °“√»÷°…“ ·≈– ‚§√ß √â“ß “∏“√≥Ÿª‚¿§æ◊πÈ ∞“π ·≈–‡¡◊ÕË π—πÈ ‡√“®÷ß “¡“√∂‡√‘¡Ë ¡Õß‡ÀÁπÕ‘π‡¥’¬„π∑ÿ°Ê ∑’éË ”À√—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ∑–‡≈®–¬‘π¥’¡“°µàÕ°“√ æ—≤π“√–∫∫ “∏“√≥Ÿª‚¿§æ◊πÈ ∞“π´÷ßË ‡ªìπ ‘ßË ®”‡ªìπ„π°“√æ—≤π“ ·≈–®– àßº≈µàÕ°“√ª√—∫ —¥ à«π§«“¡µâÕß°“√¥â“π°“√¢π àß ‘π§â“ ß“ππ—°≈ß∑ÿπ —¡æ—π∏å: ‡ªìπ à«πß“πÀπ÷ßË ∑’ Ë ”§—≠¢Õß∫√‘…∑— œ °√√¡°“√ºŸ®â ¥— °“√®–‡ªìπºŸ¥â ”‡π‘π°“√¥Ÿ·≈ ¢à“« “√ ∫∑«‘‡§√“–Àå ”À√—∫π—°≈ß∑ÿπ ·≈–°“√ Road Shows „π√–À«à“ßªï 2548 ∫√‘…∑— œ ‰¥â‡¢â“√à«¡ß“π SET Opportunity Days ∑’®Ë ¥— ‚¥¬µ≈“¥À≈—°∑√—æ¬åœ ∑—ßÈ 4 ‰µ√¡“ ∫√‘…∑— œ ®–¥”‡π‘π°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏å‡™àππ’È„πªï 2549 ·≈–ªïµÕà ‰ª

æ’‡Õ ·Õ≈‰¥â√∫— °“√‡ πÕ™◊ÕË ‡¢â“™‘ß√“ß«—≈ çBEST PERFORMANCE AWARDé („π¿“æ) ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) √—∫¡Õ∫„∫ª√–°“»‡°’¬√µ‘§≥ ÿ ®“° π“¬«‘®µ‘ √ ÿæπ‘ ®‘ ª√–∏“π§≥– °√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡¡◊ÕË «—π∑’Ë 18 °√°Æ“§¡ 2548 √“ß«—≈π’µÈ ß—È ¢÷πÈ ‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ”À√—∫¡Õ∫„Àâ°∫— ∫√‘…∑— ®¥∑–‡∫’¬π„π 8 °≈ÿ¡à Õÿµ “À°√√¡∑’¡Ë ∞’ “π–∑“ß°“√‡ß‘π·≈–º≈ª√–°Õ∫°“√¥’‡¥àπ„π√Õ∫ªï 2547 √«¡∑—ßÈ ¡’ °“√ªØ‘∫—µ‘µ“¡À≈—°ªØ‘∫—µ‘„π‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–¡’ ¿“æ§≈àÕß°“√´◊ÈÕ¢“¬À≈—° ∑√—æ¬å∑¥’Ë ’ æ’‡Õ ·Õ≈ (PSL) ‡ªìπ 1 „π 3 ∫√‘…∑— „πÀ¡«¥∫√‘°“√∑’Ë‰¥â√∫— °“√‡ πÕ™◊ÕË ‡¢â“ √Õ∫ ÿ¥∑â“¬‡æ◊ÕË ™‘ß√“ß«—≈ çBEST PERFORMANCE AWARDé ¢ÕßÕÿµ “À°√√¡∫√‘°“√ PSL nominated for Best Performance Award by SET Mr. Khalid Hashim (right), Managing Director of Precious Shipping Public Company Limited (PSL) receiving the Nomination Certificate for Best Performance Award from Mr. Vijit Supinit (left), Chairman of the Stock Exchange of Thailand on July 18, 2005. The award is instituted by the Stock Exchange of Thailand for listed companies in each of the eight industry groups with the best financial status and performance in 2004 as well as their operation in compliance with information disclosure and liquidity of securities. PSL was one of the three companies nominated for the ùBest Performanceû award in the Service Sector.

22 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

analysts is that for 2006 China will produce a staggering 390 to 400 million tons of steel out of a total installed capacity of about 450 million tons! The propensity for China to surprise on the upside is not quite being given the importance that it deserves. Besides, we also have India, Brazil and Russia making economic waves. Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University made the following comments when comparing and contrasting India and China as reported in the Bangkok Post issue dated 20th February 2006: çOn the surface, China has opened up quite a lead on India. Twenty Five years ago, national output in India and China was about the same. Now, by any measure, China is more than twice as rich. What can India do to close the gap? Its biggest shortcoming is its lack of roads, bridges, ports and other infrastructure, where the contrast with China is just stunning. If India is to ever catch up with China, it must globalize more of its citizens, through better provisions of health, education and infrastructure. Only then will we start seeing India everywhere.é The shipping world welcomes such infrastructure development which are long term in nature and which are disproportionately cargo-shipment intensive.

Investor Relations is an area where we accord the greatest importance and have our Managing Director

handle the Press/analysts briefings part of investor relations. In addition to the various Road Shows during the year we also attended the 4 quarterly SET Opportunity Days during 2005. We hope to continue actively with this important part of our Investor Relations Program in 2006 and beyond. OUR FLEET:

The Company bought 2 ships in 2005 and the fleet strength at the end of the year was 54 vessels with an aggregate capacity of 1.37 million dwt, an average 25,330 dwt per ship, and an average age of about 19 years. The vessels in the fleet are in good condition and there may not be any need for disposals during the year 2006. The Company shall, however, be on the lookout for the right opportunities for fleet renewal.

π—°≈ß∑ÿπ‡¬’¬Ë ¡™¡‡√◊Õ»ÿ°√«√√≥π“√’ ·≈– ‡√◊ÕÕ‚π¥“¥ π“√’ ‡√◊Õ»ÿ°√«√√≥ π“√’ ·≈– ‡√◊Õ Õ‚π¥“¥ π“√’ ‡ªìπ‡√◊Õ Õß≈”„π®”π«π 54 ≈”¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) À√◊Õ æ’‡Õ ·Õ≈ ‰¥â‡¢â“ÕŸ·à Àâß∑’ÕË ‡Ÿà √◊Õ‡Õ‡™’¬π ¡“√’π ‡´Õ√å« ‘ (ASIMAR) ∑’°Ë √ÿß‡∑æœ „π™à«ß√–À«à“ß∑’‡Ë √◊Õ‡¢â“ÕŸ·à Àâß ∫√‘…∑— œ ‰¥âπ” ¡“™‘° ¡“§¡ àß‡ √‘¡ºŸ≈â ß∑ÿπ‰∑¬ ‰¥â‡¢â“‡¬’¬Ë ¡™¡‡√◊Õ ®“°¿“æ : ¡√. «‘‡«° ‡§. ‡¥«‘¥‘ ºŸ®â ¥— °“√Õ“«ÿ‚ ¥â“π‡∑§π‘§ ¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈– π“¬«‘°√¡ ‡°…¡«ÿ≤‘ ∑’ªË √÷°…“ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈–∑’ªË √÷°…“ ¡“§¡ àß‡ √‘¡ºŸ≈â ß∑ÿπ‰∑¬·≈–§≥–ºŸ‡â ¬’¬Ë ¡™¡‡√◊Õ∂à“¬¿“æ√à«¡°—π ≥ ∫√‘‡«≥¥â“ππÕ°¢Õß –æ“π‡√◊Õ Thai Investors visit M.V. Sukarawan Naree and M.V. Anodad Naree M.V. Sukarawan Naree and M.V. Anodad Naree, two of the 54 ships owned by PSL, were at the ASIMAR dry docks in Bangkok. During this occasion PSL organized a visit to the ship in which the member of Thai Investors Association participated. This photograph, taken outside the bridge, of M.V. Sukarawan Naree shows Mr. Vivek K. Dwivedi, Senior Manager-Technical of Precious Shipping PLC. and Mr. Vikrom Kasemvudhi, Advisor of the Stock Exchange of Thailand and Thai Investors Association with the members of Thai Investors Association.

Annual Report 2005 ± Precious Shipping Public Company Limited

°Õß‡√◊Õ¢Õß∫√‘…—∑: „πªï 2548 ∫√‘…∑— œ ‰¥â´Õ◊È ‡√◊Õ∑—ßÈ ‘πÈ 2 ≈” ∑”„Àâ°Õß‡√◊Õ¢Õß∫√‘…∑— œ ‡æ‘¡Ë ¢÷πÈ ‡ªìπ 54 ≈” ≥ ‘πÈ ªï 2548 ¡’√–«“ß∫√√∑ÿ°√«¡ 1.37 ≈â“π‡¥µ‡«∑µ—π ¡’√–«“ß∫√√∑ÿ°‡©≈’Ë¬µàÕ≈”‡√◊Õ 25,330 ‡¥µ‡«∑µ—π ·≈–¡’Õ“¬ÿ‡©≈’Ë¬ª√–¡“≥ 19 ªï ‡√◊Õ∑—ÈßÀ¡¥„π°Õß‡√◊Õ¢Õß∫√‘…—∑œ ≥ ªí®®ÿ∫π— ¡’ ¿“æ∑’¥Ë ’ ¥—ßπ—πÈ „πªï 2549 Õ“®‰¡à¡§’ «“¡®”‡ªìπµâÕßª≈¥√–«“ß Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ®–¡ÿßà ¡ÕßÀ“‚Õ°“ ∑’¥Ë ∑’ ®’Ë –ª√—∫ª√ÿß°Õß‡√◊Õ

∑‘»∑“ßÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈: °“√ª≈¥√–«“ß‡√◊Õ„π°Õß‡√◊Õ‚≈°¡’Õµ— √“≈¥≈ßÕ¬à“ß¡“° ‚¥¬‡¡◊ÕË ‘πÈ ªï¡‡’ √◊Õ‡æ’¬ß 17 ≈” ∂Ÿ°ª≈¥√–«“ßÕÕ°®“°°Õß‡√◊Õ‡Õπ°ª√– ß§å ¢π“¥‡≈Á°¢Õß‚≈° ¢≥–∑’¡Ë ‡’ √◊Õ„À¡à®”π«π 63 ≈”∂Ÿ° àß¡Õ∫‡¢â“ Ÿµà ≈“¥ àßº≈„Àâ¡°’ “√‡µ‘∫‚µ 46 ≈” À√◊Õ√âÕ¬≈– 1.52 „π°Õß‡√◊Õ‚≈° ∑”„Àâ‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°„π°Õß‡√◊Õ‚≈°¡’∑ß—È ‘πÈ 3,075 ≈” ≥ ‘πÈ ªï 2548 ‡Àµÿº≈∑’ÕË µ— √“°“√ª≈¥√–«“ß‡√◊Õ≈¥≈ß‡π◊ÕË ß®“° ¿“æ µ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈∑’ªË √—∫µ—«‡æ‘¡Ë ¢÷πÈ Õ¬à“ß¡“° Õ¬à“ß‰√°Áµ“¡¡’¢“à «¥’§Õ◊ „π‰µ√¡“ ÿ¥∑â“¬¢Õßªïπ¡’È ‡’ √◊Õ 9 ≈”∂Ÿ°ª≈¥√–«“ßÕÕ°‰ª ¢≥–∑’¡Ë ‡’ √◊Õ 14 ≈”∂Ÿ° àß¡Õ∫®“°ÕŸµà Õà ‡√◊Õ ´÷ßË ∫àß™’«È “à ·π«‚πâ¡°“√ª≈¥√–«“ß‡√◊Õ∑’§Ë Õà π¢â“ß®–™–≈Õµ—«Õ¬à“ß¡“°‡¡◊ÕË µâπªï‡√‘¡Ë ∑’®Ë – àÕ‡§â“™—¥‡®π ¡“°¢÷πÈ Õ’°§√—ßÈ ”À√—∫Õπ“§µ Õÿª∑“π¢Õß‡√◊Õ √â“ß„À¡à¡¡’ “°°«à“∑’‡Ë §¬¡’„πÕ¥’µ∑’ºË “à π¡“ „π°≈ÿ¡à ‡√◊Õª√–‡¿∑‡§ª‰´√å¡‡’ √◊ÕµàÕ„À¡à 50 ≈”À√◊Õ √âÕ¬≈– 7.5 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ∑’¡Ë °’ ”Àπ¥ àß¡Õ∫„πªï 2549 ·≈–¡’Õ°’ 36 ≈”À√◊Õ√âÕ¬≈– 5.4 ∑’¡Ë °’ ”Àπ¥ àß¡Õ∫„πªï 2550 „π‡√◊Õ ª√–‡¿∑‡§ª‰´√åπ¡’È ®’ ”π«π 68 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 10.2 ¢Õß°Õß‡√◊Õ„πªí®®ÿ∫π— ∑’¡Ë Õ’ “¬ÿ‡°‘π 22 ªï·≈–¡’‚Õ°“ ∂Ÿ°ª≈¥√–«“ß≈ß„π √–À«à“ßªï 2549 π’È ´÷ßË Õ“®∑”„ÀâÕµ— √“§à“√–«“ß‡√◊Õ≈¥≈ß∂÷ß√–¥—∫∑’‡Ë À¡“– ¡ „π°≈ÿ¡à ‡√◊Õª√–‡¿∑ª“π“‡¡°´å¡‡’ √◊ÕµàÕ„À¡à®”π«π 116 ≈” À√◊Õ√âÕ¬≈– 10.1 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 ·≈–Õ’° 95 ≈” À√◊Õ√âÕ¬≈– 8.3 ¡’°”Àπ¥ àß¡Õ∫„πªï 2550 à«π∑’Ë ™à«¬„Àâ ∂“π°“√≥å¢Õß°Õß‡√◊Õ°≈ÿ¡à ª“π“·¡°´åª≈Õ¥¿—¬§◊Õ¡’‡√◊Õ 118 ≈” À√◊Õ√âÕ¬≈– 10.3 ¡’Õ“¬ÿ‡°‘π 24 ªï ∑’ÕË “®®–∂Ÿ°ª≈¥√–«“ß„π √–À«à“ßªï 2549 ∂â“Õ—µ√“§à“√–«“ß‡√◊Õ≈¥≈ß ´÷Ëß®–∑”„Àâ‡°‘¥°“√ª√—∫ ¡¥ÿ≈¬å®π°√–∑—Ëß‰¥â¥ÿ≈¬¿“æ°—∫Õÿª∑“π‡√◊Õ∑’Ë®–‡¢â“¡“„À¡à„πµ≈“¥ À≈—ß®“°π—πÈ Õ—µ√“§à“√–«“ß‡√◊ÕÕ“®¥’¥µ—«°≈—∫¢÷πÈ ¡“„À¡à‰¥â‡√Á«¢÷πÈ ”À√—∫‡√◊Õª√–‡¿∑´Ÿ‡ªÕ√å·Œπ¥’·È ¡°´å ¡’‡√◊Õ„À¡à®”π«π 107 ≈”À√◊Õ ª√–¡“≥√âÕ¬≈– 8.2 ¢Õß°Õß‡√◊Õª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 ·≈–Õ’° 75 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 5.8 ¡’°”Àπ¥ àß¡Õ∫„π ªï 2550 „π‡√◊Õª√–‡¿∑π’È¡’‡√◊Õ 79 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 6.1 ®–¡’Õ“¬ÿ‡°‘π 25 ªï·≈–πà“®–∂Ÿ°ª≈¥√–«“ß≈ß„π√–À«à“ßªï 2549 ∂â“ §à“√–«“ß‡√◊Õ≈¥≈ß¡“° „π‡√◊Õª√–‡¿∑‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ¡’‡√◊ÕµàÕ„À¡à®”π«π 104 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 3.4 ¢Õß°Õß‡√◊Õ ª√–‡¿∑π’È ¡’°”Àπ¥ àß¡Õ∫„πªï 2549 ·≈–Õ’° 49 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 1.6 ¡’°”Àπ¥ àß¡Õ∫„πªï 2550 ”À√—∫‡√◊Õª√–‡¿∑‡¥’¬«°—∫‡√◊Õ¢Õß ∫√‘…∑— œπ’¡È ‡’ √◊Õ 932 ≈”À√◊Õª√–¡“≥√âÕ¬≈– 30.8 ®–¡’Õ“¬ÿ‡°‘π 27 ªï ·≈–πà“®–∂Ÿ°ª≈¥√–«“ß≈ß„π√–À«à“ßªï 2549 ∂â“§à“√–«“ß‡√◊Õ ≈¥≈ß¡“° ·≈–¥â«¬‡√◊Õ∑’¡Ë Õ’ “¬ÿ¡“°‡À≈à“π’È Õÿª∑“π·≈–Õÿª ß§å®–¡’°“√‡§≈◊ÕË π‰À«∑’√Ë πÿ ·√ß„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ´÷ßË ‡ªìπµ≈“¥ ‡¥’¬«°—∫∑’Ë∫√‘…—∑œ¥”‡π‘π∏ÿ√°‘®Õ¬Ÿàπ—Ëπ§◊Õµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß ”À√—∫ ¿“æ°“√·¢àß¢—π„πÕÿµ “À°√√¡‡√◊Õ ‡¥‘π∑–‡≈¢Õß∫√‘…∑— œ ªí®®ÿ∫π— °Õß‡√◊Õ¢Õß∫√‘…∑— œ¡’∑ß—È ‘πÈ ®”π«π 54 ≈” À≈—ß®“°°“√´◊ÕÈ ‡√◊Õ¡◊Õ Õß‡æ‘¡Ë √–À«à“ßªï 2548 ®”π«π 2 ≈” ∑”„Àâ ≥ ªí®®ÿ∫π— °Õß‡√◊Õ¢Õß∫√‘…∑— œ ¡’ «à π·∫àßµ≈“¥ª√–¡“≥√âÕ¬≈– 2 ¢Õß°Õß‡√◊Õ„π°≈ÿ¡à ‡√◊Õπ’È ´÷ßË ∂◊Õ‰¥â«“à ‡ªìπÀπ÷ßË „π∫√√¥“‡®â“¢Õß‡√◊Õ ¡“™‘°ºŸ∑â √ß§ÿ≥«ÿ≤¢‘ Õß ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ¡√. §“≈‘¥ Œ“™‘¡ °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ ¡À“™π (æ’‡Õ ·Õ≈) „π∞“π– ¡“™‘° ºŸ∑â √ß§ÿ≥«ÿ≤¢‘ Õß ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ √—∫¡Õ∫ª√–°“»π’¬∫—µ√ „π‚Õ°“ ∑’ Ë ”‡√Á®À≈—° Ÿµ√ª√–°“»π’¬∫—µ√°√√¡°“√®“° »“ µ√“®“√¬å À‘√≠ — √¥’»√’ ª√–∏“π§≥–°√√¡°“√ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ Graduate Member of Thai Institute of Directors Mr. Khalid Hashim (left), Managing Director of Precious Shipping Public Company Limited (PSL), as a Graduate Member of Thai Institute of Directors, receiving the certificate for completing the Director Certification Program from Prof. Hiran Radeesri (right), Chairman of Thai Institute of Directors.

24 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

THE INDUSTRY OUTLOOK:

Ship scrapping slowed down quite dramatically with a total of just 17 ships being scrapped and 63 new ships being delivered into the fleet, resulting in a positive growth of 46 ships or 1.52% in the world fleet to 3,075 ships in our sector during 2005. The reason for a slowing down in the scrapping rate has been the continued strength of the freight market. However, the good news is that in the last quarter of this year, 9 ships were scrapped as against 14 ships being delivered from the ship-yards, indicating that scrapping, which had been very restrained in the early part of the year, was starting to make headway once again. For the year ahead, the supply of new ships is quite strong. In the Capesize sector 50 ships or 7.5% are scheduled for delivery in 2006 with another 36 ships or 5.4% to follow in 2007. In this sector, 68 ships or 10.2% will be over 22 years of age and likely to be scrapped during 2006 should freight rates reach low enough levels. In the Panamax sector there are 116 ships or 10.1% to be delivered during 2006 with another 95 ships or 8.3% contracted for delivery in 2007. The saving grace in the Panamax sector is that 118 ships or 10.3% of the fleet is currently over 24 years of age and would likely be scrapped during 2006 should freight rates decline sharply enough thereby balancing out the fresh supply and restoring freight rates rather quickly. In the Super Handymax sector 107 ships or 8.2% are scheduled for delivery in 2006 with another 75 ships or 5.8% to follow in 2007. In this sector 79 ships or 6.1% will be over 25 years of age and likely to be scrapped during 2006 if freight rates drop by any appreciable margin. In the Small Handy Size sector, 104 ships or 3.4% are scheduled for delivery in 2006 with another 49 ships or 1.6% to follow in 2007. In our sector 932 ships or 30.8% will be over 27 years of age and likely to be scrapped during 2006 if freight rates drop sharply. With this extremely large overhang of very old ships, the supply demand dynamics appear to be the strongest in the small handy size sector, the sector in which your Company operates exclusively, of the Dry Bulk Tramp Freight market. Our Competitive Position within the industry with 54 ships has been strengthened with the purchase of 2 additional ships during 2005. We currently have about 2% of the world fleet in this sector which makes us one of the largest, if not the single largest, player in this sector of the market. With the ownership structure in this sector being extremely fragmented we are an established brand name with every client wanting to do business with us first before they take their custom to any of the other smaller players within the sector. The forecasts made by our industry pundits for the next 2 to 3 years indicate that rates will not reach the peaks seen in 2004 and 2005 but will certainly not come any where near the lows established in the mid 80ies or the late 90 ies. THE ISSUE FACING OUR INDUSTRY:

With the Freight Markets hitting all time highs during 2004 and 2005 most prudent Companies today have very little debt on their balance sheets with a lot of cash in their pockets which will be used to further consolidate the industry. This could happen through the judicious purchase of second-hand tonnage or via mergers and acquisitions. 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. æ’‡Õ ·Õ≈∫√‘®“§Õÿª°√≥å ”π—°ß“π„Àâ¡Ÿ≈π‘∏‘¥«ßª√–∑’ª·≈– À∑—¬¡Ÿ≈π‘∏‘ ¡√. §Ÿ™√Ÿ «“‡¥’¬ (¬◊π°≈“ß) °√√¡°“√∫√‘À“√ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ ¡À“™π (æ’ ‡Õ ·Õ≈) ∫√‘®“§Õÿª°√≥å ”π—°ß“π„Àâ°∫— ¡Ÿ≈π‘∏¥‘ «ßª√–∑’ª ·≈– À∑—¬¡Ÿ≈π‘∏‘ ‡æ◊ÕË π” ‰ª„™â„π°‘®°“√ “∏“√≥ª√–‚¬™πåµÕà ‰ª PSL Donated Office Equipments to Duang Prateep Foundation And Holt Sahathai Foundation Mr. Khushroo Wadia (middle), Executive Director of Precious Shipping Public Company Limited (PSL) donated the office equipments to representative of Duang Prateep Foundation (right) and Holt Sahathai Foundation (left). These office equipments will be used for public interest.

Annual Report 2005 ± Precious Shipping Public Company Limited

∑’Ë¡’°Õß‡√◊Õ¡“°∑’Ë ÿ¥ ∂÷ß·¡â«à“∫√‘…—∑œ®–‰¡à„™à‡®â“¢Õß‡√◊Õ‡æ’¬ß√“¬‡¥’¬«∑’Ë¡’°Õß‡√◊Õ„À≠à∑’Ë ÿ¥„π°≈ÿà¡‡√◊Õπ’È°Áµ“¡ Õ¬à“ß‰√°Á¥’‡®â“¢Õß‡√◊Õ„π °≈ÿà¡π’È¡’≈—°…≥–°√–®—¥°√–®“¬Õ¬à“ß¡“° ¥—ßπ—Èπ≈Ÿ°§â“®–π÷°∂÷ß·≈–µâÕß°“√∑’Ë®–„™â∫√‘°“√‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°¢Õß∫√‘…—∑œ°àÕπ∑’Ë®– ‰ª„™â∫√‘°“√°—∫‡®â“¢Õß‡√◊Õ√“¬¬àÕ¬Õ◊πË Ê °“√§“¥°“√≥å„π√–¬– 2-3 ªï¢“â ßÀπâ“‚¥¬ºŸ‡â ™’¬Ë «™“≠„πÕÿµ “À°√√¡‡¥‘π‡√◊Õ∑–‡≈∫àß™’«È “à Õ—µ√“§à“√–«“ß‡√◊Õ®–‰¡à¢π÷È ∂÷ß®ÿ¥ Ÿß ÿ¥ ∑’‡Ë §¬‡°‘¥„πªï 2547 ·≈– 2548 ·µà®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’Ë‰¡à≈¥µË”≈ß°«à“ ∂‘µ∑‘ ‡’Ë §¬∑”‰«â„π™à«ß°≈“ß∑»«√√… 1980 À√◊Õ™à«ßª≈“¬∑»«√√… 1990

ªí≠À“∑’ËÕÿµ “À°√√¡‡¥‘π‡√◊Õª√– ∫Õ¬Ÿà„πªí®®ÿ∫—π: °“√∑’µË ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈‰¥â‡µ‘∫‚µ Ÿß‡ªìπª√–«—µ°‘ “√≥å„π√–À«à“ßªï 2547 ·≈– 2548 ∑”„Àâ∫√‘…∑— ‡√◊Õ∑’¡Ë ™’ Õ◊Ë ‡ ’¬ß à«π¡“° ¡’Àπ’‡È À≈◊ÕÕ¬Ÿπà Õâ ¬¡“°„π∫—≠™’ß∫¥ÿ≈·≈–¡’°√–· ‡ß‘π ¥‡À≈◊ÕÕ¬Ÿ¡à “°´÷ßË ®–∂Ÿ°π”‰ª„™â„π°“√√«¡µ—«°—π„πÕÿµ “À°√√¡ π—πÈ §◊ÕÕ“®®–‡ªìπ°“√ „™â°√–· ‡ß‘π ¥π’‡È æ◊ÕË ‰≈à´Õ◊È ‡√◊Õ¡◊Õ Õß∑’¡Ë ’„π∑âÕßµ≈“¥À√◊Õ§«∫√«¡°‘®°“√À√◊Õ´◊ÕÈ °‘®°“√ Õ¬à“ß‰√°Á¥’‰¡à«“à ®–‚¥¬«‘∏’„¥ µ√“∫„¥∑’°Ë “√„™â‡ß‘π ≈ß∑ÿππ—πÈ ¬—ß«π‡«’¬πÕ¬Ÿà„πÕÿµ “À°√√¡ ‘ßË ‡À≈à“π—πÈ ‡ªìπ‡√◊ÕË ß∑’πË “à ¬‘π¥’‡æ√“–∂◊Õ‡ªìπ°“√‡µ‘∫‚µ¢ÕßÕÿµ “À°√√¡„Àâ¥¢’ π÷È

‚§√ß°“√√à«¡∑ÿπ °√–∫«π°“√¬°‡≈‘°‚§√ß°“√√à«¡∑ÿπ∑’¡Ë Õ’ ¬Ÿ¢à Õß∫√‘…∑— ¬—ß¥”‡π‘πµàÕ‰ª¥—ßπ’È — œ ‰¥â¢“¬ ‘π∑√—æ¬åÀ≈—°Ê ¢Õß∫√‘…∑— π’È 2 Southern LPG (SLPG): °√–∫«π°“√ªî¥‚§√ß°“√√à«¡∑ÿππ’È‰¥â¢Õâ ¬ÿµ·‘ ≈â« ∫√‘…∑ ‡√’¬∫√âÕ¬·≈â« ·≈–§“¥«à“®–ªî¥°“√¢“¬ à«π∑’‡Ë À≈◊Õ¢Õß∫√‘…∑— π’È‰¥âÕ¬à“ß ¡∫Ÿ√≥å„πÕπ“§µÕ—π„°≈âπ’È — œ ®–‰¥â¡√’ “¬‰¥â„πÕπ“§µ∑’·Ë πàπÕπ 2 International Seaports (ISPL): ‡¥‘¡∑’§«“¡¡ÿßà À«—ß¢Õß‚§√ß°“√≈ß∑ÿππ’°È ‡Á æ◊ÕË ∫√‘…∑ ®”π«πÀπ÷ßË ‚¥¬‰¡à¡™’ «à ß¢“¢÷πÈ ·≈–¢“≈ß Õ¬à“ß‰√°Áµ“¡¥â«¬·ºπ°“√À“‡¡Á¥‡ß‘π¡“‡æ◊ÕË ‰∂à∂ÕπÀÿπâ °Ÿâ RCD (‰∂à∂Õπ „πªï 2546) ¢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∑’‡Ë ¡◊Õß §“§‘π“¥“·≈–‡¡◊Õß∏”√“µâÕßÀ¬ÿ¥™–ß—° ·¡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 ÕÁ “®∂Ÿ°≈¥¡Ÿ≈§à“≈ß ¥—ßπ—πÈ °àÕπ∑’ Ë ¥— à«π°“√∂◊ÕÀÿπâ ∑’≈Ë ¥≈ß®–‡°‘¥¢÷πÈ ∫√‘…∑— œ ‰¥â¥”‡π‘π°“√¢“¬‚§√ß°“√≈ß∑ÿππ’ÕÈ Õ° ‰ª´÷ßË §«“¡æ¬“¬“¡π’È ∑”„Àâ∫√‘…∑— œ “¡“√∂¢“¬‚§√ß°“√≈ß∑ÿπ∑’∑Ë “à ‡√◊Õ§“§‘π“¥“ ∑à“‡√◊Õ∏”√“ ·≈– ∫√‘…∑— ISPL ( ‘ß§‚ª√å) ‰¥â„π‡«≈“ ∑’‡Ë À¡“– ¡ ∑”„Àâ∫√‘…∑— œ ‰¥â°”‰√ 3.15 ≈â“π‡À√’¬≠ À√—∞ „π√–À«à“ßªï ·≈–¡’°“√∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿππ’¥È «â ¬ ¥—ßπ—πÈ ‡¡◊ÕË ‰¥â¢“¬∑‘ßÈ ‚§√ß°“√¢Õß ISPL µ“¡∑’Ë‰¥âÕ∏‘∫“¬‰«âµÕπµâπ·≈â« ∫√‘…∑— œ ®–‡À≈◊Õ°“√≈ß∑ÿπ∑’∑Ë “à ‡√◊Õ‡¡◊ÕßŒ“≈‡¥’¬Õ’°‡æ’¬ß·Ààß‡¥’¬« (ª√–¡“≥√âÕ¬≈– 22.4 ¢Õß‡ß‘π∑ÿπ∑—ßÈ À¡¥) ´÷ßË ®–¬—ß§ßÕ¬Ÿ¿à “¬„µâ ∫√‘…∑— ISPL §«“¡§◊∫Àπâ“¢Õß‚§√ß°“√Œ“≈‡¥’¬π—πÈ √ÿ¥Àπâ“‰ªÕ¬à“ß¥’ ·≈–∫√‘…∑— œ §“¥«à“®–‰¥â√∫— ‡ß‘πªíπº≈„πªïπ’È

∫∑ √ÿª ∫√‘…—∑œ ‰¥â«“ßæ◊Èπ∞“π·Ààß§«“¡‡µ‘∫‚µ¢Õß∫√‘…—∑œ ‰«âÕ¬à“ß·¢Áß·°√àß‚¥¬°“√„™â°√–· ‡ß‘π ¥∑’Ë¡’Õ¬Ÿà¡“™”√–Àπ’È ‘π∑—ÈßÀ¡¥°àÕπ °”Àπ¥ ´÷ßË ‡ªìπ°“√ √â“ß§«“¡‰¥â‡ª√’¬∫„π°“√™à«ß™‘ß‚Õ°“ „πµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß·∫∫‰¡àª√–®”‡ âπ∑“ß∑’ÕË “®®–‡°‘¥¢÷πÈ „πÕπ“§µ ¥â«¬ æ√–æ√®“°æ√–ºŸ‡â ªìπ‡®â“æ«°‡√“À«—ß«à“®– “¡“√∂∑”µ“¡ —≠≠“∑’¡Ë °’ ∫— ºŸ∂â Õ◊ Àÿπâ ·≈–ºŸ¡â ’ «à π‰¥â‡ ’¬∑—ßÈ À≈“¬ ¥â«¬°“√‡ ’¬ ≈– °“√∑”ß“πÕ¬à“ßÀπ—° ‡¬’¬Ë ß¡◊ÕÕ“™’æ¢Õß∫ÿ§≈“°√√«¡∂÷ß∫√√¥“‡®â“Àπâ“∑’ªË √–®”°“√∫π‡√◊Õ¢Õßæ’‡Õ ·Õ≈∑ÿ°§π ®“°°“√‡ª≈’¬Ë π·ºπ°≈¬ÿ∑∏å„π°“√∑”∏ÿ√°‘®¢Õß∫√‘…∑— œ ®“°°“√„Àâ∫√‘°“√‡ªìπ√“¬‡∑’¬Ë «À√◊Õ°“√„Àâ‡™à“‡√◊Õ√–¬– —πÈ ´÷ßË ‡ªìπ≈—°…≥–°“√∑”∏ÿ√°‘®‡¡◊ÕË °àÕπªï 2546 ¡“‡ªìπ°“√∑” —≠≠“„Àâ‡™à“‡√◊Õ√–¬– ¬“«¡“°¢÷πÈ ∑”„Àâ∫√‘…∑— œ ª√– ∫§«“¡ ”‡√Á®·≈–¡’°√–· ‡ß‘π ¥∑’¡Ë π—Ë §ß °“√¡’°√–· ‡ß‘π ¥∑’¡Ë π—Ë §ß·≈–§«“¡™—¥‡®π„π√“¬‰¥â„πÕπ“§µ

26 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

JOINT VENTURES:

The process of winding up or the disposal of our joint-venture investments continues. 2 Southern LPG (SLPG): The process of closing down this entity has been finalized. We have completed the sale of the major assets in this company and we should be able to close the balance sales completely in the near future. 2 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 Redeemable Convertible Debentures (redeemed in 2003), 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 was further progress in these projects through the efforts of our partners or new investors, our holdings in these projects would have been 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 has enabled us to sell these Investments in Kakinada port, Dhamra port and ISPL (Singapore) well in time, resulting in a Profit of US Dollars 3.15 Million during the year, through a write-back of the provisions made for loss on these investments. Now having disposed off the other investments in ISPL as explained above, we have only one investment in the Haldia port project (about 22.4% of the total capital) remaining alive under the ISPL umbrella. This project is operating superbly well and we expect some dividend-flows to commence this year. IN CONCLUSION:

We have set up a very strong growth-platform for your Company by the judicious use of the cash flows generated being applied for prepayment of all debt. We feel that we are poised to take advantage of any opportunities, that the Dry Bulk Tramp Freight Markets, may throw our way in the years ahead. With Gods Grace, we hope to be able to deliver, to our shareholders and other stakeholders, the promise of this potential. This 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. With the changed business strategy of going for longer time charter contracts as opposed to the spot business, that was conducted during and up to 2003, we have been able to achieve steady cash flows whilst giving greater visibility to forward earnings. The steady cash flows, coupled with the forward visibility, have also helped us put in place a strategy to become near debt free by the end of June 2006. This will allow us to not only consolidate the growth that we had achieved during 2004 but also

®’´‡’ Õ ‡Õ (∫√‘…—∑¬àÕ¬¢Õß æ’‡Õ ·Õ≈) ‰¥â√∫— °“√µàÕÕ“¬ÿª√–°“»π’¬∫—µ√¡“µ√∞“π √–∫∫°“√∫√‘À“√ß“π§ÿ≥¿“æ ISO 9001:2000 ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ (∫√‘…∑— ¬àÕ¬¢Õß æ’‡Õ ·Õ≈) ‰¥â√∫— °“√µàÕÕ“¬ÿª√–°“»π’¬∫—µ√¡“µ√∞“π√–∫∫ °“√∫√‘À“√ß“π§ÿ≥¿“æ ISO 9001:2000 ª√–°“»π’¬∫—µ√π’È¡’Õ“¬ÿ∂÷ß«—π∑’Ë 25 æƒ»®‘°“¬π 2551 GCSA (PSLûs subsidiary) received the renewal of the Certificate of Quality Management System ISO 9001:2000 Great Circle Shipping Agency Limited (PSLûs subsidiary) received the renewal of the Certificate of Quality Management System ISO 9001:2000. This Certificate is valid till 25th November 2008

Annual Report 2005 ± Precious Shipping Public Company Limited

∑”„Àâ∫√‘…∑— œ ¡’·ºπ∑’®Ë –∑”°“√ª≈¥¿“√–Àπ’‡È ß‘π°Ÿâ„ÀâÀ¡¥¿“¬„πª≈“¬‡¥◊Õπ¡‘∂πÿ “¬π 2549 ¥â«¬ ·ºπ°≈¬ÿ∑∏å¥ß— °≈à“«‰¡à‡æ’¬ß∑”„Àâ∫√‘…∑— œ ‡µ‘∫‚µÕ¬à“ß¡—πË §ß ´÷ßË ‰¥âª√– ∫§«“¡ ”‡√Á®„π™à«ßªï 2547 ‡∑à“π—πÈ ·µà¬ß— ∑”„Àâ∫√‘…∑— œ “¡“√∂‡µ√’¬¡§«“¡æ√âÕ¡ ”À√—∫°“√¢¬“¬°‘®°“√µàÕ ‡¡◊ÕË ¡’‚Õ°“ ∑’‡Ë À¡“– ¡‰¥â °≈à“«§◊Õ‡¡◊ÕË ‰¡à¡¿’ “√–Àπ’‡È ß‘π°Ÿ®â –™à«¬„Àâ∫√‘…∑— œ ¢¬“¬ß“π‰¥âß“à ¬„πÕπ“§µ ‡π◊ÕË ß®“°∫√‘…∑— œ ¡’ª√–«—µ∑‘ ¥’Ë ’„π°“√ ®à“¬™”√–Àπ’§È π◊ ‰¥â‡√Á«°àÕπ°”Àπ¥ ∑”„Àâ∫√‘…∑— œ “¡“√∂√–¥¡‡ß‘π∑ÿπ‡æ◊ÕË °“√¢¬“¬°Õß‡√◊Õ„πÕπ“§µ®“°°“√°Ÿ¬â ¡◊ ‡æ’¬ßÕ¬à“ß‡¥’¬«‰¥â ·≈– ¥â«¬‡ªÑ“À¡“¬∑’µË ß—È „®‡™àππ’È ∫√‘…∑— œ ‰¥â‡´Áπ —≠≠“‡ªî¥«ß‡ß‘π ‘π‡™◊ÕË ®”π«π 250 ≈â“π‡À√’¬≠ À√—∞ ®“°∏π“§“√√–À«à“ßª√–‡∑»™—πÈ π”À≈“¬ ·Ààß ´÷ßË «ß‡ß‘π ‘π‡™◊ÕË π’®È –∑”„Àâ∫√‘…∑— œ “¡“√∂∑’®Ë –™à«ß™‘ß‚Õ°“ ∏ÿ√°‘®„¥Ê ∑’®Ë –‡¢â“¡“‰¥â∑π— ∑’ „ππ“¡§≥–°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π)

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬

°√√¡°“√ºŸ®â ¥— °“√

°√√¡°“√∫√‘À“√

16 ¡’π“§¡ 2549

28 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

get us ready for the next phase of expansion as and when a suitable opportunity would present itself. The prospects of future expansion, once we are debt free, should therefore not be ruled out. Besides, our enviable track record of rapid pre-payment of debt should allow our future expansion to be funded solely from new debt raised at extremely competitive levels. With this aim in mind, we have already lined up a credit facility of USD 250 million from a consortium of leading International Banks, which will enable us to react quickly to any future opportunity that may come our way. For and on behalf of the Board of Directors of Precious Shipping Public Company Limited

Mr. Khalid Moinuddin Hashim

Mr. Khushroo Kali Wadia

Managing Director

Executive Director

March 16, 2006

Annual Report 2005 Âą Precious Shipping Public Company Limited

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ ‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π‰¥â·°à æ≈.µ.∑.‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– ·≈–π“¬ ÿæ≤ — πå »‘«–»√’Õ”‰æ ‡ªìπ °√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫‰¥âªØ‘∫µ— À‘ πâ“∑’µË “¡°Æ∫—µ√§≥–°√√¡°“√µ√«® Õ∫∑’Ë‰¥â√∫— Õπÿ¡µ— ®‘ “°§≥–°√√¡°“√∫√‘…∑— ·≈– µ“¡¢âÕ°”Àπ¥¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å √«¡∑—ßÈ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ´÷ßË √ÿª‰¥â¥ß— µàÕ‰ªπ’È — ·≈– 2 „πªï 2548 ‰¥â®¥— „Àâ¡°’ “√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ÕË æ‘®“√≥“ Õ∫∑“πß∫°“√‡ß‘π¢Õß∫√‘…∑ ∫√‘…∑— ¬àÕ¬·≈–§≥–°√√¡°“√µ√«® Õ∫‰¥âª√–™ÿ¡√à«¡°—∫ºŸ â Õ∫∫—≠™’¿“¬πÕ°∑ÿ°‰µ√¡“ ‡æ◊ÕË ª√÷°…“·≈–√—∫øíß§”™’·È ®ß‡°’¬Ë «°—∫√“¬ß“π¢Õß ºŸ â Õ∫∫—≠™’ º≈°“√µ√«® Õ∫ß∫°“√‡ß‘π ·≈–¢âÕ‡ πÕ·π–‡°’¬Ë «°—∫¡“µ√∞“π°“√∫—≠™’∑‡’Ë °’¬Ë «¢âÕß §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ∫√‘…∑— œ ¡’°√–∫«π°“√®—¥∑”·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π∑’∂Ë °Ÿ µâÕß §√∫∂â«π ‡ªìπ∑’‡Ë ™◊ÕË ∂◊Õ‰¥â â √«® Õ∫¿“¬„π‡°’¬Ë «°—∫¢Õ∫‡¢µ§«“¡√—∫º‘¥™Õ∫·≈–Àπâ“∑’¢Ë Õß·ºπ°µ√«® Õ∫ 2 §≥–°√√¡°“√µ√«® Õ∫‰¥â√«à ¡ª√÷°…“°—∫ºŸµ ¿“¬„π ·≈–‰¥âÕπÿ¡µ— ·‘ ºπß“π°“√µ√«® Õ∫¢Õß·ºπ°µ√«® Õ∫¿“¬„π „πªï 2548 ·ºπ°µ√«® Õ∫¿“¬„π‰¥â∑”°“√ª√–‡¡‘π§«“¡‡ ’¬Ë ß·≈– °≈‰°°“√§«∫§ÿ¡¿“¬„π ”À√—∫∑ÿ°·ºπ°¢Õß∫√‘…∑— µ√«® Õ∫¥â“π°“√ªØ‘∫µ— ß‘ “π ”À√—∫∫“ß·ºπ° µ√«® Õ∫√“¬°“√∑’ÕË “®¡’§«“¡¢—¥·¬âß ∑“ßº≈ª√–‚¬™πå ·≈–µ√«® Õ∫°“√ªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—ßÈ °ÆÀ¡“¬µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß°—∫∫√‘…∑— ´÷ßË ‰¥â·°à °“√ªØ‘∫µ— µ‘ “¡ ‡ß◊ÕË π‰¢®“°∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ √«¡∑—ßÈ ‰¥â¥”‡π‘π°“√µ‘¥µ“¡º≈°“√µ√«® Õ∫ ”À√—∫º≈°“√µ√«® Õ∫·≈–§”‡ πÕ·π–µà“ßÊ ‰¥â¡°’ “√ æŸ¥§ÿ¬°—∫‡®â“Àπâ“∑’∑Ë ‡’Ë °’¬Ë «¢âÕß·≈–ºŸ∫â √‘À“√ ·≈–‰¥â√“¬ß“πº≈°“√µ√«® Õ∫µàÕ§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“∫√‘…∑— ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’‡Ë À¡“– ¡‡æ’¬ßæÕ·≈–‰¡à¡®’ ¥ÿ ∫°æ√àÕß∑’¡Ë ’ “√– ”§—≠ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ∫√‘…∑— œ ‰¥âªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’‡Ë °’¬Ë «¢âÕß‚¥¬µ√ßµàÕ°“√¥”‡π‘π°“√ ´÷ßË ‚¥¬À≈—°°“√·≈â«°ÆÀ¡“¬‡À≈à“π’°È §Á Õ◊ æ√–√“™∫—≠≠—µ∫‘ √‘…∑— ¡À“™π®”°—¥ ª√–¡«≈√—…Æ“°√ æ√–√“™∫—≠≠—µ‡‘ √◊Õ‰∑¬ æ√–√“™∫—≠≠—µ‘ À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å·≈–ª√–°“»µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 2 ΩÉ“¬µ√«® Õ∫¿“¬„π‰¥â Õ∫∑“π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πµ“¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫µ— °‘ “√¢Õß∫√‘…∑— ®¥∑–‡∫’¬π„π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π (©∫—∫∑’Ë 2) æ.». 2547é º≈°“√ Õ∫∑“πæ∫«à“∫√‘…∑— ¡’√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π®”π«π 3 √“¬°“√ ‚¥¬‡ªìπ√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πª√–‡¿∑∑’Ë 2 ®”π«π 2 √“¬°“√ ·≈–‡ªìπ√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π ª√–‡¿∑∑’Ë 3 ®”π«π 1 √“¬°“√ µ“¡§«“¡À¡“¬¢Õßª√–°“»©∫—∫¥—ß°≈à“« §à“µ—«Î ‡§√◊ÕË ß∫‘π·≈–§à“„™â®“à ¬„π°“√µ‘¥µ—ßÈ ·≈–´àÕ¡∫”√ÿß√—°…“ ‡§√◊ÕË ßª√—∫Õ“°“»∑’ Ë ”π—°ß“π∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬·≈–∑’§Ë Õπ‚¥¡‘‡π’¬¡¢Õß∫√‘…∑— ¬àÕ¬®—¥Õ¬Ÿà„π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πª√–‡¿∑∑’Ë 2 ´÷ßË ‡ªìπ √“¬°“√ π—∫ πÿπ∏ÿ√°‘®ª°µ‘¢Õß∫√‘…∑— „π¢≥–∑’§Ë “à ‡™à“ ”π—°ß“π®—¥Õ¬Ÿà„π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πª√–‡¿∑∑’Ë 3 §◊Õ√“¬°“√‡™à“À√◊Õ„Àâ‡™à“ Õ —ßÀ“√‘¡∑√—æ¬å√–¬– —πÈ ´÷ßË √“¬≈–‡Õ’¬¥¢Õß√“¬°“√¥—ß°≈à“«‰¥âÕ∏‘∫“¬‰«â·≈â«¿“¬„µâÀ«— ¢âÕ‡√◊ÕË ß ç√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πé „π√“¬ß“πª√–®”ªï ©∫—∫π’È º≈°“√ Õ∫∑“π‰¥â‡ πÕµàÕ§≥–°√√¡°“√∫√‘…∑— ‡æ◊ÕË ∑√“∫„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…∑— §√—ßÈ ∑’Ë 1/2549 ‡¡◊ÕË «—π∑’Ë 16 °ÿ¡¿“æ—π∏å 2549 ´÷ßË §≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√∫√‘…∑— ¡’§«“¡‡ÀÁπ«à“√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π¥—ß°≈à“«¡’§«“¡¬ÿµ∏‘ √√¡·≈–‡æ◊ÕË º≈ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…∑—

30 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

AUDIT COMMITTEE REPORT

To the Shareholders, 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 Securities and Exchange Commission and the Stock Exchange of Thailand, which is summarized as follows: 2 In the year 2005, 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 Auditorûs 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. 2 The Audit Committee has also discussed with internal auditors the scope of internal auditing, their responsibilities and functions and approved the internal audit plan for the Internal Audit Department. In the year 2005, 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 the compliance of the conditions of the Board of Investment (BOI). 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. 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. 2 Internal Auditors has reviewed the connected transactions according to the Notification of the Stock Exchange of Thailand Re: The Disclosure and Procedures of Listed Company for Connected Transactions (volume 2) B.E.2547. The Company has 3 connected transactions of which 2 are classified as type 2 transaction and 1 is classified as type 3 transaction under this notification. Air ticket expenses and maintenance expenses for air conditioning system at the main operational office and the condominium apartments of the Company and its subsidiary are classified as Type 2 which are supporting transactions for core business. Office lease rental is classified as Type 3 which is short term office rental. The details of these transactions have been explained under the topic çConnected Transactionsé in this annual report. The result of the review has been discussed in the Board of Directors Meeting No. 1/2006 held on 16 February 2006. Audit Committee and Board of Directors are of the opinion that the aforesaid transactions are fair and for the full benefit of the Company.

Annual Report 2005 ± Precious Shipping Public Company Limited

ª°µ‘°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫®–¡’¢÷Èπ°àÕπ°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ∑—Èßπ’È‡æ◊ËÕ„Àâ√“¬ß“π°“√ª√–™ÿ¡¢Õß §≥–°√√¡°“√µ√«® Õ∫ “¡“√∂ àß„Àâ§≥–°√√¡°“√°àÕπ°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…∑— ‡æ◊ÕË „Àâ§≥–°√√¡°“√∫√‘…∑— √—∫∑√“∫·≈–√—∫§” ·π–π”µà“ßÊ ®“°§≥–°√√¡°“√∫√‘…∑— §≥–°√√¡°“√µ√«® Õ∫¡’°“√æŸ¥§ÿ¬°—∫ºŸµâ √«® Õ∫¿“¬„πÕ¬à“ß ¡Ë”‡ ¡Õ∂÷ßª√–‡¥Áπµà“ßÊ ∑’ºË µŸâ √«® Õ∫¿“¬„πµ√«®æ∫®“° °“√µ√«® Õ∫ ·≈–¡’°“√®—¥ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ °“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫·µà≈–§√—ßÈ ®–„™â‡«≈“ª√–¡“≥ 2 ™—«Ë ‚¡ß ‚¥¬„πªï 2548 ∑’ºË “à π¡“ §≥–°√√¡°“√µ√«® Õ∫¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘®”π«π 4 §√—ßÈ ·≈–‰¡à¡°’ “√ª√–™ÿ¡µ“¡«“√–æ‘‡»… „π¢≥–∑’ªË ï 2547 §≥–°√√¡°“√µ√«® Õ∫¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘®”π«π 4 §√—ßÈ ·≈–ª√–™ÿ¡µ“¡«“√–æ‘‡»… 1 §√—ßÈ ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß °√√¡°“√µ√«® Õ∫·µà≈–∑à“π √ÿª‰¥â¥ß— π’È 2

°“√‡¢â“√à«¡ª√–™ÿ¡ / °“√ª√–™ÿ¡∑—ßÈ À¡¥ (§√—ßÈ ) ªï 2548 ªï 2547 °“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ °“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ °“√ª√–™ÿ¡µ“¡«“√–æ‘‡»… 4/4 4/4 1/1 4/4 4/4 1/1 3/4 3/4 1/1

√“¬™◊ÕË §≥–°√√¡°“√µ√«® Õ∫ 1. æ≈µ”√«®‚∑ ‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ 2. æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞– 3. π“¬ ÿæ≤ — πå »‘«–»√’Õ”‰æ

°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫§√—ßÈ ∑’Ë 1/2549 ‡¡◊ÕË «—π∑’Ë 7 °ÿ¡¿“æ—π∏å 2549 ‰¥â¡°’ “√æ‘®“√≥“‡√◊ÕË ß°“√·µàßµ—ßÈ ºŸ â Õ∫ ∫—≠™’¿“¬πÕ°·≈–¡’¡µ‘‡ πÕπ“¬√ÿ∑√ ‡™“«π–°«’ (ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ‡≈¢∑–‡∫’¬π 3247) ·≈–/À√◊Õπ“ß “«√ÿßâ π¿“ ‡≈‘» ÿ«√√≥°ÿ≈ (ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ‡≈¢∑–‡∫’¬π 3516) ·≈–/À√◊Õπ“ß “« ÿ¡“≈’ √’«√“∫—≥±‘µ (ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ‡≈¢∑–‡∫’¬π 3970) ´÷ßË ∑—ßÈ À¡¥ ‡ªìπºŸ â Õ∫∫—≠™’®“°∫√‘…∑— ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ‡ªìπºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬∑’®Ë ¥∑–‡∫’¬π„πª√–‡∑»‰∑¬ ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’ π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ‡π◊ÕË ß®“° ∫√‘…∑— ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ‡ªìπ∫√‘…∑— ∑’¡Ë ™’ Õ◊Ë ‡ ’¬ß‡ªìπ ∑’¬Ë Õ¡√—∫‚¥¬∑—«Ë ‰ª ¡’§«“¡‡ªìπÕ‘ √– ·≈–¡’º≈°“√ªØ‘∫µ— ß‘ “π ”À√—∫ªï∑º’Ë “à π¡“‡ªìπ∑’πË “à æ÷ßæÕ„® ‚¥¬∫√‘…∑— ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ‰¥â‡ªìπºŸµâ √«® Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬µ—ßÈ ·µàªï 2544 ‚¥¬¡’π“ß “« ÿ¡“≈’ √’«√“∫—≥±‘µ (ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3970) ‡ªìπºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— œ µ—ßÈ ·µàªï 2546 ∑’ªË √–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫‰¥âæ®‘ “√≥“§à“µÕ∫·∑π°“√ Õ∫∫—≠™’¢ÕßºŸ â Õ∫∫—≠™’¿“¬πÕ° ”À√—∫ªï 2549 ®”π«π‡ß‘π ‰¡à‡°‘π 4.96 ≈â“π∫“∑ ·¬°µà“ßÀ“°®“°§à“„™â®“à ¬‡∫Á¥‡µ≈Á¥ (ªï 2548: §à“ Õ∫∫—≠™’®”π«π 4.73 ≈â“π∫“∑ ·≈–§à“„™â®“à ¬‡∫Á¥‡µ≈Á¥®”π«π 0.04 ≈â“π∫“∑) ´÷ßË ®–‰¥â‡ πÕ„Àâº∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ æ‘®“√≥“Õπÿ¡µ— ‘ ∑’ªË √–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫¬—ß‰¥âæ®‘ “√≥“§à“µÕ∫·∑π®“°°“√ „Àâ∫√‘°“√¥â“πÕ◊πË Ê ´÷ßË ‰¡à‡°’¬Ë «¢âÕß°—∫°“√ Õ∫∫—≠™’ ®”π«π‡ß‘π‰¡à‡°‘π 0.52 ≈â“π∫“∑ (ªï 2548: 0.48 ≈â“π∫“∑) „ππ“¡§≥–°√√¡°“√µ√«® Õ∫ ¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π)

æ≈.µ.∑.‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 7 °ÿ¡¿“æ—π∏å 2549

32 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Normally the Audit Committee Meeting is held before the Board of Directors Meeting so that the minutes of the Audit Committee Meeting with internal auditors and external auditors could be sent to Board of Directors for acknowledgement and receiving suggestions from the Board. The members of Audit Committee regularly have informal discussions with internal auditors in connection with the results of the various areas of review undertaken by internal auditors. The formal Audit Committee Meeting usually takes around 2 hours. In the year 2005, Audit Committee held 4 regular meetings (2004: 4 regular meetings) and no special meeting (2004: 1 special meeting). The record of attendance of the members of Audit Committee is summarized as follows: 2

Number of Attendance / Total Meeting (Times) 2005 2004 Regular Meeting Regular Meeting Special Meeting

Name 1. Police Lt. Gen Kiattisak Prabhavat 2. Admiral Dr. Amnad Chandanamattha 3. Mr. Suphat Sivasriaumphai

4/4 4/4 3/4

1/1 1/1 1/1

Audit Committee Meeting No.1/2006 held on 7 February 2006 considered the appointment of Auditors and resolved to propose the appointment of Mr. Ruth Chaowanagawi, Certified Public Accountant (Thailand) No. 3247 and/or Miss Rungnapa Lertsuwankul, Certified Public Accountant (Thailand) No. 3516 and/or Miss Sumalee Reewarabandith, Certified Public Accountant (Thailand) No. 3970, all, of Ernst & Young Office Limited as Auditors of the Company and Thai subsidiaries for the accounting year ended December 31, 2006. Ernst & Young Office Limited is a reputable audit firm, independent and have a satisfactory performance according to past records. Ernst & Young Office Limited have been the Auditors of the Company and Thai subsidiaries since 2001. Miss Sumalee Reewarabandith, Certified Public Accountant (Thailand) No. 3970 of Ernst & Young Office Limited, has been the Company没s Auditor since the year 2003. The meeting also approved the audit fees of an amount not exceeding Baht 4.96 million plus out-of-Pocket expenses for the year 2006. (2005 Fees: Baht 4.73 million, Out-of-Pocket expenses: Baht 0.04 million) subject to further approval by shareholders. Further, the meeting also approved the fees for other services (non-audit related) of an amount not exceeding Baht 0.52 million (2005: Baht 0.48 million) For and on behalf of the Audit Committee of Precious Shipping Public Company Limited

Police LT. Gen. Kiattisak Prabhavat Chairman of the Audit Committee 7 February 2006

Annual Report 2005 卤 Precious Shipping Public Company Limited

√“¬ß“π°“√ªÆ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ §”®”°—¥§«“¡ °“√°”°—∫¥Ÿ·≈°‘®°“√ À√◊Õ Corporate Governance À¡“¬∂÷ß √–∫∫∑’®Ë ¥— „Àâ¡‚’ §√ß √â“ß·≈–°√–∫«π°“√¢Õß§«“¡ —¡æ—π∏å √–À«à“ß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√ ·≈–ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË √â“ß§«“¡ “¡“√∂„π°“√·¢àß¢—π π”‰ª Ÿ°à “√‡µ‘∫‚µ·≈–‡æ‘¡Ë §ÿ≥§à“„Àâ°∫— ºŸ∂â Õ◊ Àÿπâ „π √–¬–¬“«‚¥¬§”π÷ß∂÷ßºŸ¡â ’ «à π‰¥â‡ ’¬Õ◊πË ª√–°Õ∫ §”®”°—¥§«“¡¥—ß°≈à“«„π¢â“ßµâπ‡ªìπ‰ªµ“¡¢âÕ‡ πÕ·π–¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈– ∫√‘…∑— œ ¡’§«“¡æ¬“¬“¡Õ¬à“ß¬‘ßË ∑’®Ë –º≈—°¥—π„Àâ°“√°”°—∫¥Ÿ·≈°‘®°“√¥—ß°≈à“«‡°‘¥¢÷πÈ Õ¬à“ß ¡∫Ÿ√≥å¿“¬„πÕß§å°√

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ §≥–°√√¡°“√µ√–Àπ—°∂÷ß§«“¡ ”§—≠·≈–®”‡ªìπ¢Õß°“√°”°—∫¥Ÿ·≈°‘®°“√µàÕ°“√¥”‡π‘π∏ÿ√°‘®„Àâ¡’°“√‡®√‘≠‡µ‘∫‚µ·≈–‡æ‘Ë¡ ¡Ÿ≈§à“„Àâ·°àº∂Ÿâ Õ◊ Àÿπâ „π√–¬–¬“« ®÷ß‰¥âæ®‘ “√≥“°”Àπ¥π‚¬∫“¬‡°’¬Ë «°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√¢÷πÈ ‚¥¬§≥–°√√¡°“√∫√‘…∑— ¡’§«“¡¡ÿßà ¡—πË ·≈– µ—ßÈ „®∑’®Ë –ªØ‘∫µ— µ‘ “¡À≈—°°“√¥—ß°≈à“« ¥â«¬°“√°”Àπ¥π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ °“√„Àâ§«“¡ ”§—≠µàÕ§«“¡‡æ’¬ßæÕ ¢Õß√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π °“√°”°—∫¥Ÿ·≈ΩÉ“¬∫√‘À“√„Àâ¥”‡π‘π°“√µ“¡π‚¬∫“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ‡æ◊ÕË ª√–‚¬™πå„π √–¬–¬“«¢ÕßºŸ∂â Õ◊ Àÿπâ ¿“¬„µâ°√Õ∫¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬¥â«¬§«“¡‚ª√àß„ ·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘®∑’¥Ë ’ ·≈–‰¥â®¥— ∑”§Ÿ¡à Õ◊ π‚¬∫“¬°“√°”°—∫ ¥Ÿ·≈°‘®°“√¢÷ÈπÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ—°…√ ·≈–ª√–°“»„Àâæπ—°ß“π„π∑ÿ°√–¥—∫™—Èπ‰¥â√—∫∑√“∫ ∑—Èßπ’È‡æ◊ËÕ„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬¢Õß∫√‘…—∑œ ‰¥â¡’§«“¡µ√–Àπ—°·≈–„Àâ§«“¡ ”§—≠¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ √«¡∑—Èß°“√‡µ√’¬¡°“√∑’Ë®–‡ªî¥‡º¬π‚¬∫“¬¥—ß°≈à“«‰«â„π‡«Á∫‰´µå¢Õß ∫√‘…∑— œ ‡æ◊ÕË „Àâ∫§ÿ §≈¿“¬πÕ°‰¥â√∫— ∑√“∫ §Ÿ¡à Õ◊ π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…∑— œ §√Õ∫§≈ÿ¡À≈—° ”§—≠ 5 à«π¥—ßµàÕ‰ªπ’È 1. ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π¢ÕßºŸ∂â Õ◊ Àÿπâ ·≈–ºŸ¡â ’ «à π‰¥â‡ ’¬ 2. ‚§√ß √â“ß ∫∑∫“∑ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ·≈–§«“¡‡ªìπÕ‘ √–¢Õß§≥–°√√¡°“√∫√‘…∑— 3. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–§«“¡‚ª√àß„ 4. °“√§«∫§ÿ¡·≈–°“√∫√‘À“√§«“¡‡ ’¬Ë ß 5. ®√‘¬∏√√¡∏ÿ√°‘® §≥–°√√¡°“√¬—ß°”Àπ¥„Àâ¡°’ “√æ‘®“√≥“§Ÿ¡à Õ◊ π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√ √«¡∑—ßÈ °“√ª√–‡¡‘πº≈°“√ªØ‘∫µ— µ‘ “¡§Ÿ¡à Õ◊ π‚¬∫“¬ ¥—ß°≈à“«‡ªìπª√–®”∑ÿ°ªï ‚¥¬®–‡√‘¡Ë ∂◊ÕªØ‘∫µ— µ‘ ß—È ·µàªï 2549 ‡ªìπµâπ‰ª ∑—ßÈ π’‡È æ◊ÕË „Àâ§¡Ÿà Õ◊ π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…∑— œ ‰¥â¡°’ “√ ª√—∫ª√ÿß„Àâ¡§’ «“¡∑—π ¡—¬·≈– Õ¥§≈âÕß°—∫ ∂“π°“√≥åª®í ®ÿ∫π— ‡æ◊ÕË ‡ªìπ°“√ àß‡ √‘¡§«“¡√Ÿ§â «“¡‡¢â“„®¥â“πÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ¢’ Õß°√√¡°“√∫√‘…∑— ∫√‘…∑— œ ®÷ß π—∫ πÿπ·≈– àß‡ √‘¡„Àâ °√√¡°“√∑ÿ°∑à“π‰¥â‡¢â“√à«¡À≈—° Ÿµ√Ωñ°Õ∫√¡µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß ‡™àπÀ≈—° Ÿµ√ Director Accreditation Program (DAP) ·≈–À≈—° Ÿµ√ Director Certificate Program (DCP) ´÷ßË ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ (IOD)

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…∑— œ ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸ∂â Õ◊ Àÿπâ „π‡√◊ÕË ß∑’‡Ë °’¬Ë «°—∫°“√‡ªî¥‡º¬ “√ π‡∑» «‘∏°’ “√ªØ‘∫µ— ∑‘ “ß∫—≠™’ °“√„™â “√ π‡∑»¿“¬„π §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬ºŸ∫â √‘À“√®–µâÕß¡’§«“¡´◊ÕË —µ¬å ®ÿ √‘µ µ≈Õ¥®πµ—¥ ‘π„®¥”‡π‘π°“√„¥Ê ¥â«¬§«“¡ ÿ®√‘µ„®·≈–‡ªìπ∏√√¡ µàÕºŸ∂â Õ◊ Àÿπâ ∑—ßÈ √“¬„À≠à·≈–√“¬¬àÕ¬ ·≈–‡æ◊ÕË º≈ª√–‚¬™πå‚¥¬√«¡ ‚¥¬∫√‘…∑— œ ‰¥â¥”‡π‘π°“√„π‡√◊ÕË ßµà“ßÊ ¥—ßµàÕ‰ªπ’È

34 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

REPORT ON IMPLEMENTATION OF FIFTEEN PRINCIPLES OF GOOD CORPORATE GOVERNANCE DEFINITION

Corporate Governance is a set of structure and process of relationships between Companyûs management, its board and its shareholders to enhance its competitiveness towards business prosperity and long-term shareholder value taking into consideration the interests of other stakeholders. The above definition is as recommended by the SEC and the Company has endeavored to follow the same completely in letter and spirit. 1. The Corporate Governance Policy

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 has set up a Corporate Governance Policy for the Company. Board of Directors have reinforced corporate governance by including 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 applicable laws with full transparency and correct business ethics. A Corporate Governance Policy Manual outlining the features of the Policy have also been drawn up by the Company and already circulated to the Companyûs employees for the recognition of the necessity of Good Corporate Governance and arrangements are being made to disclose the same on the Companyûs web site. The Companyûs Corporate Governance Policy consists of: 1. Right and Equitable Treatment of Shareholders and various groups of Stakeholders 2. Structure, Rules, Duties, Responsibilities, and Independence of the Board of Directors 3. Information Disclosure and Transparency 4. Controlling System and Risk Management 5. Business Ethics Board of Directors will start the process of annual review of Corporate Governance Policy and evaluation of the policy implementation from the year 2006 so that the Corporate Governance Policy of the Company would be up to date and appropriate with the current situation. For understanding of the Good Corporate Governance by the members of Board of Directors, the Company has supports and encourages board members to attend the various training courses such as Director Accreditation Program (DAP) and Director Certificate Program (DCP) that are held by Thai Institute of Directors Association (IOD). 2. Shareholders : Right and Equitable Treatment

The Company must be responsible to the shareholders in terms of information disclosure, accounting methods, internal information usage, and conflict of interests. The management must be honest and any decision must be based on honesty and fairness to both major and minor shareholders, and for the collective benefit of all. Some of the policies and procedures followed to protect the Rights of the Companyûs shareholders are as follows:

Annual Report 2005 ± Precious Shipping Public Company Limited

2.1 æ‘®“√≥“·µàßµ—ßÈ °√√¡°“√∫√‘…∑— ‡ªìπ√“¬∫ÿ§§≈ ∫√‘…—∑œ ‰¥âª√—∫ª√ÿß‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“·µàßµ—Èß°√√¡°“√∫√‘…—∑‡ªìπ√“¬∫ÿ§§≈ √«¡∑—Èß‡æ‘Ë¡‡µ‘¡¢âÕ¡Ÿ≈Õ◊ËπÊ ¢Õß °√√¡°“√∫√‘…—∑·µà≈–∑à“π„π√“¬ß“πª√–®”ªï ·≈–‡ πÕµàÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘·µàßµ—Èß„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ ª√–®”ªï ‡æ◊ÕË „Àâº∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ‰¥â√∫— ¢âÕ¡Ÿ≈∑’∂Ë °Ÿ µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“·µàßµ—ßÈ °√√¡°“√∫√‘…∑— ´÷ßË ¢âÕ¡Ÿ≈¥—ß°≈à“« ¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È — Õ◊πË 2 ª√–«—µ‡‘ ∫◊ÕÈ ßµâπ ‰¥â·°à ™◊ÕË µ”·Àπàß Õ“¬ÿ ª√–«—µ°‘ “√»÷°…“ °“√Ωñ°Õ∫√¡ Õ“™’æ °“√‡ªìπ°√√¡°“√„π∫√‘…∑ ª√– ∫°“√≥åÕπ◊Ë Ê ·≈–¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ (∂â“¡’) —œ 2 °“√¥”√ßµ”·Àπàß„π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…∑ â ®“°µ”·Àπàßµ“¡«“√–°“√¥”√ßµ”·Àπàß) 2 «‘∏ ’ √√À“ (°√≥’æπ — ß‘ “π∑’ºË “à π¡“ ‡™àπ °“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√ 2 º≈°“√ªØ‘∫µ 2.2 æ‘®“√≥“π‚¬∫“¬·≈–§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…∑— ∫√‘…∑— œ ‰¥âªØ‘∫µ— µ‘ “¡π‚¬∫“¬«à“¥â«¬§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…∑— ´÷ßË ®–æ‘®“√≥“Õπÿ¡µ— ‚‘ ¥¬ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ „π°“√ª√–™ÿ¡ ºŸ∂â Õ◊ Àÿπâ “¡—≠ª√–®”ªï ‚¥¬À≈—°‡°≥±å/«‘∏°’ “√°”Àπ¥§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…∑— ‰¥â°≈à“«‰«â·≈â«„πÀ—«¢âÕ‡√◊ÕË ß ç§à“µÕ∫·∑π¢Õß°√√¡°“√ ·≈–ºŸ∫â √‘À“√é 2.3 æ‘®“√≥“·µàßµ—ßÈ ºŸ â Õ∫∫—≠™’¿“¬πÕ° ∫√‘…∑— œ ‰¥âªØ‘∫µ— µ‘ “¡π‚¬∫“¬«à“¥â«¬§à“µÕ∫·∑π¢ÕßºŸ â Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…∑— œ ´÷ßË ®–æ‘®“√≥“Õπÿ¡µ— ‚‘ ¥¬ºŸ∂â Õ◊ Àÿπâ ¢Õß ∫√‘…∑— œ „π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ “¡—≠ª√–®”ªï ·≈–‰¥âª√—∫ª√ÿß„Àâ¢Õâ ¡Ÿ≈ª√–°Õ∫°“√·µàßµ—ßÈ ºŸ â Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…∑— œ ¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“Õπÿ¡µ— ¢‘ ÕßºŸ∂â Õ◊ Àÿπâ ´÷ßË ¢âÕ¡Ÿ≈ª√–°Õ∫°“√·µàßµ—ßÈ ºŸ â Õ∫∫—≠™’¿“¬πÕ°¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È 2 ™◊ÕË ”π—°ß“π Õ∫∫—≠™’ 2 ™◊ÕË ºŸ â Õ∫∫—≠™’ — ‘ ‚¥¬·¬°µà“ßÀ“°Õ¬à“ß™—¥‡®π√–À«à“ß§à“ Õ∫∫—≠™’°∫— §à“∫√‘°“√Õ◊πË Ê 2 §à“µÕ∫·∑π¢ÕßºŸ â Õ∫∫—≠™’ ”À√—∫ªï∑¢’Ë ÕÕπÿ¡µ ∑’Ë‰¡à‡°’¬Ë «¢âÕß°—∫°“√ Õ∫∫—≠™’ 2 §à“µÕ∫·∑π¢ÕßºŸ â Õ∫∫—≠™’ ”À√—∫ªï∑º’Ë “à π¡“ ◊Ë Ê °—∫∫√‘…∑— œ 2 §«“¡ —¡æ—π∏åÕπ 2 ®”π«πªï∑‡’Ë ªìπºŸ â Õ∫∫—≠™’ („π°√≥’∑·’Ë µàßµ—ßÈ ºŸ â Õ∫∫—≠™’§π‡¥‘¡) 2 °“√ª√–‡¡‘πº≈ß“π„πªï∑º’Ë “à π¡“ 2 ‡Àµÿº≈„π°“√‡ª≈’¬Ë π·ª≈ßºŸ â Õ∫∫—≠™’ („π°√≥’∑¡’Ë °’ “√·µàßµ—ßÈ ºŸ â Õ∫∫—≠™’§π„À¡à)

2547

2.4 æ‘®“√≥“π‚¬∫“¬®à“¬‡ß‘πªíπº≈ ªí®®ÿ∫π— π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…∑— œ ‰¥âÕπÿ¡µ— ‚‘ ¥¬ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ‡¡◊ÕË §√—ßÈ °“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ “¡—≠ª√–®”ªï

2.5 æ‘®“√≥“·ºπ°“√´◊ÕÈ Àÿπâ §◊π ∫√‘…∑— œ ‰¥â¢ÕÕπÿ¡µ— ®‘ “°∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ”À√—∫°“√¥”‡π‘π°“√‡√◊ÕË ß°“√´◊ÕÈ Àÿπâ §◊π ‚¥¬ºŸ∂â Õ◊ Àÿπâ Õπÿ¡µ— ‘„Àâ§≥–°√√¡°“√ ∫√‘…∑— “¡“√∂∑”°“√´◊ÕÈ Àÿπâ §◊π‰¥â ‚¥¬„Àâ‡ªìπ‰ªµ“¡°Æ¢âÕ∫—ß§—∫¢Õß µ≈∑./°≈µ.

36 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2.1 Appointment of board members The Company has continuously improved the requirement of documents required for the appointment of each board member individually to give additional information in the nomineesû/existing Directorsû profile in the Companyûs Annual report and also to present to the Companyûs shareholders in the AGM. The aforesaid information is provided so that the Companyûs shareholders can get correct and complete information, which is relevant and required for their appointment as follows: 2 Nomineeûs profile: Name, position, age, education, relevant knowledge, occupation, working experiences and illegal act (if any). 2 Nomineesû positions in any materially connected business 2 Nomination procedures (in case of the directors who retire by rotation) 2 Directorsû previous performance as director in terms of meeting attendance 2.2 Consideration of the policy on directorsû remuneration The Company follows the policy of obtaining the approval of the policy on directorsû remuneration from the shareholders in the AGM and has also provided principles/procedures as explained under the çDirectors and Management Remunerationé section in this Report. 2.3 Appointment of auditors The Company follows the policy of obtaining the approval of appointment of auditors from the shareholders in the AGM and has improved the information disclosure for the correctness and completeness of the information required for the decision on the appointment of auditors. The information provided in the AGM includes details as follows: 2 Auditorûs firm 2 Auditorûs name 2 Auditorûs remuneration for approval(including separate disclosure for audit and non-audit related remuneration) 2 Auditorûs remuneration for the previous year 2 Relationship with the Company such as being the Companyûs advisor 2 Number of years as the Companyûs auditor (in case of reappointment of the present auditor) 2 Auditorûs performance 2 The reasons for changing the Auditor (in case the Company appoints a new auditor) 2.4 Consideration of the dividend policy The Company obtained the approval of the new dividend policy in the shareholdersû meeting in year 2004. 2.5 Consideration of the share repurchase plan The Company obtained the approval for the share repurchase from the shareholders in the shareholdersû meeting, authorising the Board of Directors to repurchase the Companyûs shares in accordance with SET/SEC regulations and provided the correct and complete information required for their decision.

Annual Report 2005 ± Precious Shipping Public Company Limited

2.6 Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∫√‘…∑— œ ®—¥∑”Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∑’¡Ë ¢’ Õâ ¡Ÿ≈∑’∂Ë °Ÿ µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“¢ÕßºŸ∂â Õ◊ Àÿπâ ´÷ßË ∂◊Õ‡ªìπ π‚¬∫“¬ª°µ‘¢Õß∫√‘…—∑œ ‚¥¬Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑’Ë®– àß∂÷ßºŸâ∂◊ÕÀÿâπ ”À√—∫°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï‰¥â√–∫ÿ∂÷ß®ÿ¥ª√– ß§å ‡Àµÿº≈ ·≈–§«“¡‡ÀÁπ¢Õß°√√¡°“√∫√‘…—∑ª√–°Õ∫„π·µà≈–«“√–°“√ª√–™ÿ¡ ·≈–‰¡à·°â‰¢«“√–°“√ª√–™ÿ¡∂â“‰¡à‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“° ºŸ∂â Õ◊ Àÿπâ ∫√‘…—∑œ ®–‡ªî¥‡º¬√à“ßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï 2549 ‰«â„π‡«Á∫‰´µå¢Õß∫√‘…—∑œ≈à«ßÀπâ“°àÕπ®—¥ àß„Àâ°—∫ ºŸ∂â Õ◊ Àÿπâ 2.7 ∫√‘…∑— œ ®—¥„Àâº∂Ÿâ Õ◊ Àÿπâ ‰¥â¡‚’ Õ°“ · ¥ß§«“¡‡ÀÁπÕ¬à“ß‡µÁ¡∑’Ë ‡∑à“‡∑’¬¡°—π·≈–‡æ’¬ßæÕµàÕ°“√æ‘®“√≥“„π·µà≈–«“√–°“√ª√–™ÿ¡ ·≈– π—∫ πÿπ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â´—°∂“¡„πª√–‡¥Áπ ß —¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ‚¥¬ºŸâ∫√‘À“√·≈–/À√◊ÕºŸâ∑’Ë‡°’Ë¬«¢âÕß‚¥¬µ√ß°—∫ª√–‡¥Áππ—ÈπÊ ®–‡ªìπ ºŸµâ Õ∫§”∂“¡ 2.8 ∫√‘…∑— œ ‰¥â®¥— ∑”√“¬ß“π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∑’∂Ë °Ÿ µâÕß §√∫∂â«π·≈–™—¥‡®π ´÷ßË ‰¥â∫π— ∑÷°¢âÕ¡Ÿ≈µà“ßÊ ‡™àπ √“¬™◊ÕË °√√¡°“√∑’Ë ‡¢â“√à«¡ª√–™ÿ¡ §”∂“¡/§”µÕ∫„π∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ «‘∏°’ “√≈ß§–·ππ‡ ’¬ß «‘∏π’ ∫— §–·ππ‡ ’¬ß ·≈–º≈°“√≈ß§–·ππ‡ ’¬ß 2.9 ∫√‘…∑— œ ¡’π‚¬∫“¬®—¥ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË æ‘®“√≥“Õπÿ¡µ— °‘ √≥’∑¡’Ë ‡’ Àµÿ°“√≥å ”§—≠Ê ∑’°Ë √–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ‚¥¬®—¥‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“∑’∂Ë °Ÿ µâÕß·≈–‡æ’¬ßæÕµàÕ°“√µ—¥ ‘π„®¢Õß ºŸ∂â Õ◊ Àÿπâ ‡™àπ ‡¡◊ÕË ªï 2547 °√≥’´Õ◊È ‡√◊Õ‡¥‘π∑–‡≈®”π«π 15 ≈” ‡ªìπµâπ ´÷ßË ∫√‘…∑— œ ‰¥â·µàßµ—ßÈ ∑’ªË √÷°…“Õ‘ √–‡æ◊ÕË ∑”Àπâ“∑’‡Ë ªìπ∑’ªË √÷°…“„Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ‚¥¬‡©æ“–¥â«¬ 2.10 ∫√‘…∑— œ ¡’°“√µ‘¥µ“¡·≈– Õ∫∑“π‡ß‘πªíπº≈∑’ºË ∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ¬—ß‰¡à‰¥â√∫— ·≈–æ¬“¬“¡µ‘¥µàÕ°—∫ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË „Àâº∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ∑ÿ°§π‰¥â√∫— ‡ß‘πªíπº≈®“°∫√‘…∑— œ √«¡∑—ßÈ °“√„Àâ§”·π–π”·°àº∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ∂÷ß«‘∏°’ “√√—∫‡ß‘πªíπº≈„π°√≥’∑¡’Ë ª’ ≠ í À“ µà“ßÊ πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥âµ√–Àπ—°·≈–„Àâ§«“¡ ”§—≠∂÷ß°“√ªØ‘∫µ— µ‘ Õà ºŸ∂â Õ◊ Àÿπâ Õ¬à“ß‡∑à“‡∑’¬¡°—π ∑—ßÈ „π à«π¢Õß°“√‡√’¬°ª√–™ÿ¡ ºŸ∂â Õ◊ Àÿπâ °“√®—¥ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ·≈–‡æ◊ÕË ‡ªìπ°“√ª°ªÑÕß ‘∑∏‘¢ÕßºŸ∂â Õ◊ Àÿπâ ∫√‘…∑— œ ®÷ß‰¥âªØ‘∫µ— µ‘ Õà ºŸ∂â Õ◊ Àÿπâ ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π¥—ßµàÕ‰ªπ’È â ‚¥¬§”π÷ß∂÷ß§«“¡ –¥«°„π°“√‡¢â“√à«¡ª√–™ÿ¡¢ÕßºŸ∂â Õ◊ Àÿπâ ∑ÿ°√“¬ 2 °”Àπ¥«—π ‡«≈“ ·≈– ∂“π∑’Ë „π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπ Õ¬à“ß‡∑à“‡∑’¬¡°—π â 1 Àÿπâ ¡’ ∑‘ ∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ‰¥â 1 ‡ ’¬ß 2 °”Àπ¥„Àâº∂Ÿâ Õ◊ Àÿπ 2 Õ”π«¬§«“¡ –¥«° ”À√—∫°“√≈ß§–·ππ‡ ’¬ß¥â«¬°“√®—¥„Àâ¡°’ “√¡Õ∫©—π∑– ‚¥¬®—¥·∫∫øÕ√å¡°“√¡Õ∫©—π∑– æ√âÕ¡∑—ßÈ Õ∏‘∫“¬∂÷ß¢—πÈ µÕπ«‘∏°’ “√ªØ‘∫µ— ‡‘ °’¬Ë «°—∫°“√¡Õ∫©—π∑– ·≈–æ¬“¬“¡®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ¿“¬„π√–¬–‡«≈“∑’Ë ¡“°æÕ·≈–‡∑à“∑’∫Ë √‘…∑— œ “¡“√∂°√–∑”‰¥â¿“¬„µâ¢Õâ ∫—ß§—∫µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß§◊Õ°àÕπ«—πª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ Õ¬à“ßπâÕ¬ 14 «—π 2 °”Àπ¥„Àâ¡°’ “√≈ß∑–‡∫’¬πºŸ∂â Õ◊ Àÿπâ Õ¬à“ßπâÕ¬ 1 ™—«Ë ‚¡ß °àÕπ‡√‘¡Ë ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‡æ◊ÕË „Àâ¡‡’ «≈“„π°“√≈ß∑–‡∫’¬π∑’‡Ë æ’¬ßæÕ 2 „Àâ§«“¡ ”§—≠‡°’¬Ë «°—∫°“√∑”√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π∑’ÕË “®®–π”¡“´÷ßË §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå √«¡∑—ßÈ °“√Õ∏‘∫“¬∂÷ß ≈—°…≥–¢Õß§«“¡‡°’¬Ë «‚¬ß°—π §«“¡ ”§—≠¢Õß°“√∑”√“¬°“√ ¡Ÿ≈§à“¢Õß√“¬°“√ ·≈–·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ ¥—ß√“¬≈–‡Õ’¬¥∑’°Ë ≈à“«‰«â„πÀ—«¢âÕ ç√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πé ·≈–∫√‘…∑— œ ‰¡à‡§¬¡’°√≥’‰¡àªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—ßÈ °ÆÀ¡“¬µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß°—∫√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π — µ‘ “¡Õ¬à“ß‡À¡“– ¡‡°’¬Ë «°—∫¡“µ√°“√¥Ÿ·≈°“√„™â¢Õâ ¡Ÿ≈¿“¬„π ¥—ß√“¬≈–‡Õ’¬¥∑’°Ë ≈à“«‰«â„πÀ—«¢âÕ ç°“√¥Ÿ·≈‡√◊ÕË ß 2 ªØ‘∫µ °“√„™â¢Õâ ¡Ÿ≈¿“¬„πé ·≈–¬—ß‰¡à‡§¬¡’°√≥’°“√„™â¢Õâ ¡Ÿ≈¿“¬„π¢Õß°√√¡°“√·≈–ºŸ∫â √‘À“√∫√‘…∑— œ

38 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2.6 Notice to call Shareholdersû meeting Providing a complete and correct notice with full information to call shareholdersû meeting is the normal policy. The AGMûs notice of the year 2005 included the objective and reasons for each agenda item apart from the board of directorûs comment/opinion, which, has always been included. It is made certain that the Company does not amend the agenda of the shareholdersû meeting without giving notice to shareholders. The Company will also disclose the draft notice of shareholdersû meeting of the year 2006 and onwards on the Companyûs website before sending out to shareholders. 2.7 The Company provides full opportunity for shareholders to participate in the meetings and encourages the shareholders to ask relevant questions which are answered by Management and/or related persons. 2.8 The Company prepares minutes of shareholdersû meetings and the minutes of shareholdersû meeting of 2005 are clear and complete and include the names of board membersû attendance. The minutes also includes a correct and complete recording of questions/answers from meeting, voting method, vote counting procedure and voting results. 2.9 The Company has always followed the policy of obtaining shareholdersû approval for any major events and in case of any serious situation that affected the Companyûs operations and provided the correct and complete information required for their decision. An example of this was the event of acquisition of 15 ships enbloc during the year 2004 for which the Company also appointed an Independent Advisor to advise the shareholders. 2.10 The Company follows the policy of regularly reviewing the outstanding unpaid dividends and tries to contact each shareholder who may have, for some reasons, not received the dividends. Thereafter, the Company helps shareholders in terms of reminding, advising them on the required procedures to collect the dividends. Moreover, the Company recognizes the equitable treatment of shareholders in terms of calling and holding shareholders meetings and for protecting the Rights of Shareholders for other matters by taking the following steps: 2 Date, time, venue of the meeting is convenient to attend. 2 Offering one-share-one-vote. 2 Facilitate proxy voting: clearly specifying the documents required to give proxy and by attempting to send out the Notice to the extent possible under the regulations, to the Companyûs shareholders at least 14 days prior to the meeting date. 2 Registration period is commenced at least 1 hour in advance to keep adequate time for completion of registration. 2 Providing detailed explanation of related-party transactions characterizing names, relationship, policy, and value of each transaction as explained under the çConflict of Interestsé section in this report and no non-compliance cases involving related-party transactions have been initiated. 2 Following an appropriate policy and laying down procedures for monitoring the use of insider information as explained under the çMonitoring the use of insider informationé section in this report and no cases of insider trading involving the directors and the management have been initiated.

Annual Report 2005 ± Precious Shipping Public Company Limited

„πªï 2548 ∫√‘…∑— œ ¡’°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∑—ßÈ À¡¥ 1 §√—ßÈ ‡ªìπ°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï ‡¡◊ÕË «—π∑’Ë 29 ‡¡…“¬π 2548 ∑’Ë ‚√ß·√¡ Õ¡“√’ ‡Õ‡∑√’¬¡ ‚¥¬∫√‘…∑— œ‰¥â®¥— àßÀπ—ß ◊Õπ—¥ª√–™ÿ¡æ√âÕ¡∑—ßÈ ¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ „Àâº∂Ÿâ Õ◊ Àÿπâ ∑ÿ°√“¬∑√“∫ ≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 14 «—π √«¡∑—Èßª√–°“»Àπ—ß ◊Õπ—¥ª√–™ÿ¡¥—ß°≈à“«„πÀπ—ß ◊Õæ‘¡æå ∑—Èßπ’È‡æ◊ËÕ‡ªìπ°“√√—°…“‰«â´÷Ëßº≈ª√–‚¬™πå¢Õß ºŸ∂â Õ◊ Àÿπâ ‡ªìπ ”§—≠ ”À√—∫„π·µà≈–«“√–°“√ª√–™ÿ¡π—πÈ ¡’§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√ª√–°Õ∫ ·≈–¡’°“√∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß §√∫∂â«π √«¡∑—Èß¡’°“√∫—π∑÷°ª√–‡¥Áπ§”∂“¡§”µÕ∫ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â ·≈–‰¥â‡ªî¥‡º¬√“¬ß“π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‰«â„π‡«Á∫‰´µå ¢Õß∫√‘…∑— œ

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬ ∫√‘…∑— œ ‡≈Áß‡ÀÁπ·≈–„Àâ§«“¡ ”§—≠µàÕºŸ¡â ’ «à π‰¥â‡ ’¬∑ÿ°°≈ÿ¡à ‰¡à«“à ®–‡ªìπºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬„π ‰¥â·°à ºŸ∂â Õ◊ Àÿπâ æπ—°ß“π·≈– ºŸ∫â √‘À“√¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ À√◊ÕºŸ¡â ’ «à π‰¥â‡ ’¬¿“¬πÕ° ‰¥â·°à ‡®â“Àπ’°È “√§â“ ≈Ÿ°§â“ §Ÿ·à ¢àß ™ÿ¡™π/ —ß§¡ ¿“§√—∞·≈–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¥’¬ß‘Ë „π°“√ √â“ß§«“¡ ”‡√Á®„π√–¬–¬“«¢Õß∫√‘…∑— œ ∫√‘…∑— œ Õ¬Ÿ√à –À«à“ß°“√ª√—∫ª√ÿß‡«Á∫‰´µå ¢Õß∫√‘…∑— œ ‡æ◊ÕË ‡ªî¥‚Õ°“ „Àâº¡Ÿâ ’ «à π‰¥â‡ ’¬ “¡“√∂µ‘¥µàÕ ◊ÕË “√°—∫§≥–°√√¡°“√∫√‘…∑— ºà“π∑“ß‡«Á∫‰´µå¢Õß∫√‘…∑— œ ‡æ◊ÕË · ¥ß§«“¡§‘¥ ‡ÀÁπµà“ßÊ ‰¥â ¥â“πºŸ∫â √‘À“√ : ∫√‘…∑— œ µ√–Àπ—°∂÷ß§«“¡ ”§—≠¢ÕßºŸ∫â √‘À“√´÷ßË ‡ªìπ à«πÀπ÷ßË ¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß°“√¥”‡π‘π∏ÿ√°‘®¢Õß ∫√‘…—∑œ ‚¥¬‡ πÕ§à“µÕ∫·∑π∑’Ë‡À¡“– ¡·≈–‡ª√’¬∫‡∑’¬∫°—∫§à“‡©≈’Ë¬Õÿµ “À°√√¡·≈–§à“‡©≈’Ë¬‚¥¬∑—Ë«‰ª¢Õß∫√‘…—∑®¥∑–‡∫’¬π ∫√‘…—∑œ ‡ªî¥‚Õ°“ „Àâº∫Ÿâ √‘À“√¢Õß∫√‘…∑— œ ‰¥â∑”ß“πÕ¬à“ßÕ‘ √– ª√“»®“°°“√·∑√°·´ß ¿“¬„µâ∫∑∫“∑ Àπâ“∑’·Ë ≈–§«“¡√—∫º‘¥™Õ∫∑’¡Ë Õ∫À¡“¬ ‚¥¬§≥–°√√¡°“√∫√‘…∑— ¥â“πæπ—°ß“π : ∫√‘…∑— œ µ√–Àπ—°¥’«“à æπ—°ß“π‡ªìπ à«π ”§—≠¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®Õ’°ªí®®—¬Àπ÷ßË ¢Õß°“√¥”‡π‘π∏ÿ√°‘®¢Õß ∫√‘…∑— œ ®÷ß°”Àπ¥«‘∏°’ “√®â“ßß“π §«“¡‡∑à“‡∑’¬¡°—π„π‚Õ°“ ¢Õß°“√®â“ßß“π §«“¡¡—πË §ß·≈–§«“¡°â“«Àπâ“∑“ßÕ“™’æ ·≈–À≈—°°“√Õ◊πË Ê ∑’‡Ë °’¬Ë «¢âÕß°—∫æπ—°ß“π·≈–°“√®â“ßß“π ‡æ◊ÕË „Àâ∫√‘…∑— œ ¡—πË „®«à“æπ—°ß“π¡’§«“¡√Ÿ§â «“¡™”π“≠∑’®Ë ”‡ªìπ ”À√—∫°“√¥”‡π‘πß“π„π∏ÿ√°‘® √«¡ ∂÷ß§«“¡‡¢â“„®„π¢âÕæ÷ßªØ‘∫µ— ‘ ¡“µ√∞“π∑’‡Ë °’¬Ë «¢âÕß ·π«∑“ßªØ‘∫µ— ∑‘ °’Ë ”Àπ¥‰«â ·≈–¢âÕµ°≈ß„π°“√∑’®Ë –ª√—∫ª√ÿß§«“¡√Ÿ§â «“¡ “¡“√∂‡æ◊ÕË ∑”„Àâ °“√æ—≤π“‡ªìπ‰ª„π∑‘»∑“ß‡¥’¬«°—π°—∫·π«‚πâ¡¢ÕßÕÿµ “À°√√¡„πÕπ“§µ „π à«π¢Õß≈Ÿ°‡√◊Õ ∫√‘…∑— œ ¡’À≈—°„π°“√ªØ‘∫µ— ‘ ¥—ßπ’È ∫√‘…∑— œ ‰¥â®¥— ∑”§Ÿ¡à Õ◊ ‡æ◊ÕË §«“¡ª≈Õ¥¿—¬¢÷πÈ ·≈–‡°Á∫‰«â∑‡’Ë √◊Õ∑ÿ°≈” ∑—ßÈ π’‡È æ◊ÕË „Àâ°“√¥”‡π‘π°‘®°√√¡∫π‡√◊Õ∑—ßÈ À¡¥∂Ÿ°§«∫§ÿ¡·≈– ªØ‘∫µ— ‘„Àâ∫√√≈ÿº≈ ”‡√Á®‚¥¬§”π÷ß∂÷ß°“√√—°…“§«“¡ª≈Õ¥¿—¬·≈–°“√ªÑÕß°—π‡°’¬Ë «°—∫ 1. ÿ¢Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬¢Õß≈Ÿ°‡√◊Õ·≈–∫ÿ§§≈Õ◊πË 2. ∑√—æ¬å π‘ ¢Õß∫√‘…∑— œ ·≈–¢Õß§πÕ◊πË Ê 3. ‘ßË ·«¥≈âÕ¡ ‚¥¬∑—π∑’∑≈’Ë °Ÿ ‡√◊Õ¢÷πÈ ª√–®”°“√∫π‡√◊Õ §πª√–®”‡√◊Õ∑ÿ°π“¬®–µâÕß√“¬ß“πµ—«µàÕπ“¬‡√◊Õ æ√âÕ¡∑—ßÈ àß¡Õ∫‡Õ° “√µà“ßÊ ‡™àπ Àπ—ß ◊Õ‡¥‘π∑“ß Àπ—ß ◊Õ§πª√–®”‡√◊Õ „∫ ”§—≠°“√©’¥«—§´’π —≠≠“«à“®â“ß∑’¡Ë º’ ≈∫—ß§—∫„™â ·°àπ“¬‡√◊Õ °“√ √â“ß§«“¡§ÿπâ ‡§¬°—∫‡√◊Õ ·≈– ®—¥‡°Á∫∫—≠™’√“¬°“√µà“ßÊ „π∑’Ë∑’Ë‡À¡“– ¡ ‚¥¬∑’Ë∑ÿ°ÀâÕßæ—°¢Õß≈Ÿ°‡√◊Õ®–¡’°“√ªî¥ªÑ“¬À¡“¬‡≈¢‡√◊Õ™à«¬™’«‘µµ“¡∫—≠™’√«¡æ≈ À√◊Õ®ÿ¥ √«¡æ≈„π‡Àµÿ°“√≥å©°ÿ ‡©‘π πÕ°®“°π’È ¬—ß¡’°“√‡√’¬π√Ÿâ‡°’Ë¬«°—∫°“√√«¡æ≈ °“√ª√–®” ∂“π’©ÿ°‡©‘π ∂“π’‡√◊Õ©ÿ°‡©‘π ·≈–·ºπ°“√√—°…“§«“¡ª≈Õ¥¿—¬ ´÷ßË µ‘¥ª√–°“»‰«â„πµ”·Àπàß∑’ Ë ”§—≠∫π‡√◊Õ Õ’°∑—ßÈ √“¬≈–‡Õ’¬¥§”·π–π”‡°’¬Ë «°—∫µ”·Àπàß¢ÕßÕÿª°√≥å¥∫— ‡æ≈‘ß ·≈–Õÿª°√≥å™«à ¬™’«µ‘ ∂â“‰¡à ·πà„®§”·π–π”µà“ßÊ „π·ºπ°“√ °Á “¡“√∂ Õ∫∂“¡®“°π“¬‡√◊Õ µâπ‡√◊Õ À√◊Õµâπ°≈ ‡æ◊ÕË §«“¡‡¢â“„® ‚¥¬∑’∑Ë °ÿ §πµâÕß√—∫º‘¥™Õ∫„π§«“¡ ª≈Õ¥¿—¬¢Õßµπ‡Õß·≈–√ŸÀâ πâ“∑’∑Ë ’Ë‰¥â√∫— ¡Õ∫À¡“¬„π ¿“«–°“√≥å©°ÿ ‡©‘π ·≈–®”‰«â«“à µπ¡’Àπâ“∑’ÕË –‰√ à«π°—ªµ—π‡√◊ÕÀ√◊ÕºŸ·â ∑π®–√—∫º‘¥™Õ∫ „π ∂“π°“√≥å©°ÿ ‡©‘π·≈–ª√– “π°“√ªØ‘∫µ— °‘ “√©ÿ°‡©‘π∑—ßÈ À¡¥ πÕ°®“°π—πÈ °—ªµ—π‡√◊Õ¬—ß®–µâÕß°√–∑”°“√„¥Ê °Áµ“¡ ´÷ßË ‡ªìπ ‘ßË ®”‡ªìπ ‡æ◊ÕË §«“¡ª≈Õ¥¿—¬¢Õß§πª√–®”‡√◊Õ ‡√◊Õ·≈– ‘π§â“

40 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

In the year 2005, one shareholdersû meeting was held. The Annual General Meeting was held on 29t h April 2005 at Amari Atrium Hotel. 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 shareholdersû 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 including a record of the questions and answers were also prepared and disclosed on the Companyûs web site, and were made available for examination. 3. Various groups of stakeholders

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 awares that the support from each stakeholder would help establish the Companyûs competitive advantages and profitability which would contribute greatly to the Companyûs long term success and prosperity. The Company is also in the process of improving the Companyûs web site as it is one of the intended channels for stakeholders to express their opinion. Management: The Company recognizes that the Management is one of the key success factors for the Companyûs operations and accordingly the Management remuneration is appropriately structured and comparable with the Industry and other listed companies in Thailand. The Management also is allowed to work independently without interference as defined in their duties and responsibilities, which are approved by the Board of Directors. Employees: The Company recognizes that employees are one more key success factor for the Companyûs operations. The Company provides equal opportunities in employment, job security, and career advancement, as well as adhering to other good principles related to employees and employment. The Company also ensures that employees are adequately knowledgeable and skillful to perform their jobs for the Company business, and understand relevant code of conduct and practice and are encouraged to gain knowledge and ability and keep themselves updated following Industry trends. Specifically for the crew on the Companyûs ships, the following practices are followed: The Company has provided Pocket Safety Guide and sent to all the Ships. All activities are always governed by and carried out with utmost care for the safekeeping and protection of: 1. The health and safety of the employees and of other persons; 2. Companyûs property and that of others 3. The environment Upon arrival on board, crew members are expected to report to the Master and deliver their personal papers, visa discharge book, health certificate, vaccination certificate, passport, and hire contract as applicable and familiarize themselves with the ship. Familiarization training is to be undertaken as per familiarization check list and hand over check list where appropriate and posted in their cabin are details of life boats according to the boat muster list and their muster point in the event of emergency. Moreover, the crew is expected to carefully study the emergency and boat muster lists and the safety plans which are placed at strategic locations on board. Every one is trained to be responsible for their own safety, and is made aware of their designated role in an emergency. The Master, or his substitute, has overall responsibility in all emergency operations and coordinates all emergency operation. He will take whatever actions are necessary to save the crew, vessel and cargo.

Annual Report 2005 ± Precious Shipping Public Company Limited

”À√—∫¢âÕ°”Àπ¥„ππ‚¬∫“¬‡°’¬Ë «°—∫ ÿ¢Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬π—πÈ ‡ªìππ‚¬∫“¬¢Õß∫√‘…∑— œ ∑’®Ë – àß‡ √‘¡°‘®°√√¡ ÿ¢Õπ“¡—¬·≈– §«“¡ª≈Õ¥¿—¬¢Õß≈Ÿ°‡√◊Õ ∫√‘…∑— œ „Àâ§«“¡ ”§—≠µàÕß“π¥â“π ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬ ‡∑à“‡∑’¬¡°—∫ß“π‡™‘ßæ“≥‘™¬å·≈–ß“π¥â“π°“√ªØ‘∫µ— ß‘ “π ·≈–‡ªìπ§«“¡√—∫º‘¥™Õ∫¢ÕßºŸ∫â √‘À“√ °≈à“«§◊Õ §«“¡√—∫º‘¥™Õ∫‡°’¬Ë «°—∫ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬¢Õß≈Ÿ°‡√◊Õ ¡’§«“¡™—¥‡®π·≈–°”Àπ¥ ‡ªìπ —¥ à«π ‚¥¬¡’®¥ÿ ¡ÿßà À¡“¬«à“Õÿ∫µ— ‡‘ Àµÿππ—È “¡“√∂ªÑÕß°—π‰¥â‚¥¬°“√®—¥°“√§«“¡‡ ’¬Ë ß «—µ∂ÿª√– ß§å¢Õßπ‚¬∫“¬‡°’¬Ë «°—∫ ÿ¢Õπ“¡—¬·≈– §«“¡ª≈Õ¥¿—¬ ‰¥â·°à 1. ‡æ◊ÕË ∫àß∫Õ°≈—°…≥– ‘ßË µà“ßÊ ∑’ÕË “®®–‡ªìπÕ—πµ√“¬‰¥â·≈–®—¥„Àâ¡·’ ∫∫·ºπ ‘ßË Õ”π«¬§«“¡ –¥«° ·≈–°“√«“ß·ºπ‡æ◊ÕË ¡‘„Àâ¡’ Õÿ∫µ— ‡‘ Àµÿ‡°‘¥¢÷πÈ 2. ‡æ◊ÕË √â“ß«‘∏°’ “√ªØ‘∫µ— ‘ ·≈–¡“µ√∞“π‡æ◊ÕË °àÕ„Àâ‡°‘¥§«“¡ª≈Õ¥¿—¬„π ÿ¢¿“æ·≈– ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π ”À√—∫≈Ÿ°‡√◊Õ ∑ÿ°§π 3. §πª√–®”‡√◊ÕµâÕß‰¥â√—∫°“√Ωñ°Õ∫√¡·≈–§”·π–π”¡“·≈â« ‡æ◊ËÕ “¡“√∂ªÆ‘∫—µ‘ß“πµ“¡Àπâ“∑’Ë∑’Ë√—∫º‘¥™Õ∫·≈–‡°’Ë¬«°—∫§«“¡ ª≈Õ¥¿—¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ 4. ®—¥À“·≈–√—°…“„Àâ¡™’ Õà ß∑“ß°“√µ‘¥µàÕ ◊ÕË “√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ 5. „Àâ§«“¡√Ÿ‡â °’¬Ë «°—∫ ÿ¢Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬„π∑ÿ°√–¥—∫ µ≈Õ¥®π π—∫ πÿπ„Àâ≈°Ÿ ‡√◊Õ‰¥â¡ ’ «à π√à«¡„π°“√ àß‡ √‘¡¥â“π§«“¡ ª≈Õ¥¿—¬ 6. ªØ‘∫µ— µ‘ “¡√–∫∫°“√µ√«® Õ∫‡æ◊ÕË «—¥º≈°“√®—¥‡µ√’¬¡°“√‡æ◊ÕË ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬ 7. ªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬∑’‡Ë °’¬Ë «¢âÕß ·≈–°“√ªØ‘∫µ— µ‘ “¡ ‘ßË ∑’¥Ë ∑’ ’Ë„πÕÿµ “À°√√¡ªØ‘∫µ— ‘ 8. ®—¥„Àâ≈°Ÿ ‡√◊Õ∑” —≠≠“æ√âÕ¡°—∫„Àâ§”·π–π”∑’®Ë ”‡ªìπ ‡æ◊ÕË „Àâ≈°Ÿ ‡√◊Õ∑ÿ°§π‰¥â‡¢â“„®„ππ‚¬∫“¬¢Õß∫√‘…∑— œ √«¡∑—ßÈ ¡“µ√∞“π‡æ◊ÕË §«“¡ª≈Õ¥¿—¬ ≈Ÿ°‡√◊Õ∑ÿ°§π¡’Àπâ“∑’∑Ë ®’Ë –µâÕß√—∫º‘¥™Õ∫µàÕ°“√°√–∑”·≈–√–¡—¥√–«—ß‡æ◊ÕË ªÑÕß°—πµπ‡Õß ºŸ√â «à ¡ß“π ·≈–∫ÿ§§≈Õ◊πË ®“°°“√∫“¥‡®Á∫ À√◊ÕªÑÕß°—π°“√‡®Á∫ªÉ«¬´÷ßË Õ“®‡°‘¥¢÷πÈ ®“°°“√°√–∑”¢Õß≈Ÿ°‡√◊Õ‡Õß ‚¥¬¢âÕ°”Àπ¥π‚¬∫“¬ «‘∏ª’ Ø‘∫µ— √‘ «à ¡°—π ·≈–°“√Ωñ°ªØ‘∫µ— ®‘ –‰¥â√∫— °“√∑∫∑«πÕ¬à“ß ¡Ë”‡ ¡Õ·≈–‡¡◊ÕË ¡’ª®í ®—¬„À¡àÊ ∑’‡Ë ªìπº≈µàÕ ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬ ∑—ßÈ π’‡È æ◊ÕË „Àâ·πà„®‰¥â«“à π‚¬∫“¬‡æ◊ÕË ÿ¢¿“æ·≈–§«“¡ ª≈Õ¥¿—¬¢Õß∫√‘…∑— œ ‰¥â¡°’ “√ª√—∫ª√ÿßÕ¬à“ßµàÕ‡π◊ÕË ßµ≈Õ¥‡«≈“ πÕ°®“°π’È ∫√‘…∑— œ ¬—ß‰¥â°”Àπ¥π‚¬∫“¬‡°’¬Ë «°—∫¬“‡ æµ‘¥·≈–°“√¥◊¡Ë ‡§√◊ÕË ß¥◊¡Ë ∑’¡Ë ·’ Õ≈°ÕŒÕ≈å„Àâ‡ªìπ‰ªµ“¡¢âÕ‡ πÕ·π–¢Õß OCIMF „π‡√◊ÕË ß ç§”·π–π” ”À√—∫°“√§«∫§ÿ¡¬“‡ æµ‘¥·≈–‡§√◊ÕË ß¥◊¡Ë ∑’¡Ë ·’ Õ≈°ÕŒÕ≈å∫π‡√◊Õé ´÷ßË √“¬≈–‡Õ’¬¥®–√–∫ÿÕ¬Ÿà„π§Ÿ¡à Õ◊ √–∫∫°“√ ®—¥°“√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬∫π‡√◊Õ∑ÿ°≈” √«¡∑—ßÈ ª√–°“»„Àâæπ—°ß“π∑ÿ°§π√—∫∑√“∫ ¡’Õ°’ À≈“¬ª√–°“√‡°’¬Ë «°—∫π‚¬∫“¬¥—ß°≈à“« ‡π◊ÕË ß®“°¬“‡ æµ‘¥·≈–‡§√◊ÕË ß¥◊¡Ë ∑’¡Ë ·’ Õ≈°ÕŒÕ≈åππ—È ∑”„Àâ‡°‘¥§«“¡√Ÿ â °÷ ‡©◊ÕË ¬™“„π¢≥– ªØ‘∫µ— ß‘ “π ´÷ßË Õ“®®–∑”„Àâµπ‡Õß·≈–‡æ◊ÕË π§πß“πª√–®”‡√◊Õµ°Õ¬Ÿà„π§«“¡‡ ’¬Ë ß‚¥¬‰¡à®”‡ªìπ ¥—ßπ—πÈ ∫√‘…∑— œ ®–√à«¡¡◊Õ°—∫‡®â“Àπâ“∑’µË ”√«® À√◊ÕÀπà«¬ß“π´÷ßË ¡’Õ”π“®Àπâ“∑’‡Ë °’¬Ë «¢âÕß„π°“√¥”‡π‘π§¥’ øÑÕß√âÕß ºŸâ„™âÀ√◊Õ¡’‰«â§√Õ∫§√Õß¬“‡ æµ‘¥/ ‘ßË º‘¥°ÆÀ¡“¬∫π‡√◊Õ ≈Ÿ°‡√◊Õ·µà≈–§πµâÕß‰¥â√∫— °“√æ—°ºàÕπ∑’‡Ë æ’¬ßæÕ´÷ßË ∂◊Õ«à“‡ªìπ ‘ßË ®”‡ªìπ ‡æ◊ÕË À≈’°‡≈’¬Ë ß§«“¡‡Àπ◊ÕË ¬≈â“ ·≈–§«“¡µ÷ß‡§√’¬¥ ´÷ßË Õ“® ¡’ «à π‡°’¬Ë «¢âÕß°—∫°“√‡°‘¥Õÿ∫µ— ‡‘ Àµÿ∫π‡√◊Õ ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ßªØ‘∫µ— µ‘ “¡¢âÕ°”Àπ¥‡°’¬Ë «°—∫‡«≈“°“√æ—°ºàÕπÕ¬à“ßπâÕ¬∑’ Ë ¥ÿ µ“¡Õπÿ ≠ — ≠“ √–À«à“ßª√–‡∑»«à“¥â«¬°“√Ωñ°Õ∫√¡ °“√ÕÕ°ª√–°“»π’¬∫—µ√ ·≈–°“√‡¢â“¬“¡ ”À√—∫§π∫π‡√◊Õ §.». 1995 (STCW 95) ·≈–Õπÿ ≠ — ≠“ Õß§å°“√·√ßß“π√–À«à“ßª√–‡∑» 180 ‡æ◊ÕË „Àâ‡ªìπ‰ªµ“¡«‘∏°’ “√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬¢Õß∫√‘…∑— œ Õß§å°√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬®÷ß‰¥â∂°Ÿ ‡≈◊Õ°·≈–®—¥µ—ßÈ ¢÷πÈ ‡æ◊ÕË „Àâ·πà„®‰¥â«“à §”∂“¡‡°’¬Ë «°—∫§«“¡ª≈Õ¥¿—¬·≈– ‘ßË ·«¥≈âÕ¡‰¥âπ”‰ªªØ‘∫µ— µ‘ Õà ≈Ÿ°‡√◊Õ·≈–/À√◊Õ°“√®—¥°“√¢Õß‡√◊Õ ‘ßË ∑’ÕË “®‡ªìπÕ—πµ√“¬µâÕßª√–°“»·®âß „Àâ∑√“∫∑—π∑’ ‚¥¬®–‰¡à√Õ°√–∑—ßË ¡’°“√ª√–™ÿ¡‡°’¬Ë «°—∫§«“¡ª≈Õ¥¿—¬§√—ßÈ µàÕ‰ª Õß§å°√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬¡’Àπâ“∑’√Ë ∫— º‘¥™Õ∫¥—ßµàÕ‰ªπ’È Ë” 2 «“ß·ºπ ®—¥°“√ ·≈–√à«¡¡◊Õ‡æ◊ÕË ÿ¢¿“æ·≈–§«“¡ª≈Õ¥¿—¬‡°’¬Ë «°—∫ß“π∑’∑ 2 ∫—π∑÷°ªí≠À“°“√∑”ß“π∑’‡Ë °’¬Ë «°—∫ ‘ßË ·«¥≈âÕ¡ 2 ®—¥∑”¢âÕ‡ πÕ √«¡∑—ßÈ °“√≈”¥—∫§«“¡‡√àß¥à«π·≈–µ“√“ß‡«≈“À√◊Õ∑“ßÕÕ°¢Õßªí≠À“∑’‡Ë ªìπ‰ª‰¥â 2 §«∫§ÿ¡ ¿“«–‡°’¬Ë «°—∫§«“¡ª≈Õ¥¿—¬·≈– ÿ¢¿“æ

42 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

For the Health and Safety Policy Statement, it is the Companyûs policy to conduct its activities in a manner that promotes the health and safety of its employees and so that the actions of the Company and its employees promote the health and safety of others. The Company considers health and safety to contribute equally with commercial and operation factors and to be a management responsibility. To this end, the health and safety responsibilities of all personnel have been defined and allocated. The Safety Management System is intended to affirm that the Company achieves its purpose in this area and is based on the philosophy that accidents can be prevented by the identification and management of risk. The objectives of Health and Safety Policy Statement are as follows: 1. To identify all potential hazards and design equipment, facilities and procedures with the aim of eliminating accidents; 2. To establish practices, procedures and standards which create a safe and healthy working environment for all crew members; 3. To provide employees with training and information to enable them to fulfill their responsibilities and duties in a safe and efficient manner; 4. To provide and maintain clear lines of communication; 5. To foster health and safety awareness at all levels thereby encouraging employees to participate in the enhancement of safety; 6. To operate formal monitoring systems to measure the effectiveness of the arrangements for health and safety; 7. To comply with relevant legislation and best industry practices; and 8. To provide contractors with necessary information so that they understand the Companyûs policy and meet the Companyûs safety standards in all areas. All crew members have a duty to act responsibly and to take precautions to protect themselves, their colleagues and any other persons from injury or preventable illness which might arise from their actions and to ensure that the Companyûs health and safety performance is continuously improved, the policy statement and associated procedures and practices are reviewed regularly and when any new factors affecting health and safety arise adequate steps are taken. Moreover, the Company also has a Drug and Alcohol Abuse Policy. It is based on the recommendations contained in OCIMFûs çGuidelines for the Control of Drugs and Alcohol On Board Shipé. They are detailed in the Safety Management System available on all vessels and displayed for all crew members. There are many good reasons for such a policy not least, that drugs and alcohol dull their senses while they are at work, placing them and their fellow seafarers unnecessarily at risk and the Company will co-operate fully with the police or other public authorities in the prosecution of any person using or possession Drugs or Illegal substances on board. Ensuring that each crew member gets enough rest is a necessity. In order to avoid fatigue and stress related accidents on board, minimum rest periods have been recommended by STCW 95 convention and ILO Convention 180. In order to comply with the Companyûs safety procedures, a safety organization has been appointed / elected. The organization will ensure that safety and environment questions are brought to the attention of the crew and/or the shipûs management. Potential hazards are to be noted and attended to as soon as identified, not left until the next safety meeting. The safety organization has the following responsibilities: 2 To plan, manage and coordinate occupational health and safety matters. 2 To put environmental working problems on record. 2 To make proposals, including giving priority and timetables or solution of possible problem. 2 Control safety and health conditions.

Annual Report 2005 ± Precious Shipping Public Company Limited

2 2

‡æ◊ÕË ·πà„®‰¥â«“à “‡Àµÿ¢ÕßÕÿ∫µ— ‡‘ Àµÿ °“√‡®Á∫ªÉ«¬ ·≈–°“√æ≈“¥æ≈—ßÈ ¡’°“√ Õ∫ «π·≈–π”‰ª Ÿ¡à “µ√°“√‡æ◊ÕË ªÑÕß°—π°“√‡°‘¥ ¢÷πÈ Õ’° ‡æ◊ÕË √“¬ß“π„Àâ∑√“∫‡°’¬Ë «°—∫∫∑∫—≠≠—µ´‘ ß÷Ë ¡’º≈∫—ß§—∫„™â °“√«“ßÀ≈—°°“√‡°’¬Ë «°—∫°“√Ωñ°À—¥·≈–°“√™’·È π–¢Õßπ“¬ª√–®”‡√◊Õ ·≈–≈Ÿ°‡√◊Õ

πÕ°®“°π’È ∫√‘…∑— œ ®—¥„Àâ¡π’ ‚¬∫“¬¥â“πº≈µÕ∫·∑π ”À√—∫æπ—°ß“π∑’ Ë ”π—°ß“π¢Õß∫√‘…∑— œ ∑—ßÈ „π√Ÿª¢Õß‡ß‘π‡¥◊Õπ ‚∫π— ·≈– «— ¥‘°“√µà“ßÊ ‡™àπ°“√‡ πÕ°Õß∑ÿπ ”√Õß‡≈’¬È ß™’æ µ“¡§«“¡ ¡—§√„® º≈µÕ∫·∑π¢Õßæπ—°ß“π¢÷πÈ Õ¬Ÿ°à ∫— º≈°“√ªØ‘∫µ— ß‘ “π Àπâ“∑’·Ë ≈– §«“¡√—∫º‘¥™Õ∫¢Õßæπ—°ß“π à«π‡æ‘¡Ë Õ◊πË Ê ¢÷πÈ Õ¬Ÿ°à ∫— ∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π·≈–·ºπß“π„πÕπ“§µ¢Õß∫√‘…∑— œ „π‡√◊ÕË ß °“√ √â“ß·√ß®Ÿß„®√–¬–¬“« ·¡â«“à ∫√‘…∑— œ ®–‰¡à¡º’ ≈µÕ∫·∑π√–¬–¬“« ”À√—∫æπ—°ß“π„π√Ÿª¢Õß ESOP ‡π◊ÕË ß®“°∫√‘…∑— œ ‡ÀÁπ«à“‡ªìπ‡√◊ÕË ß √“§“Àÿπâ ¢Õß∫√‘…∑— œ ´÷ßË ¢÷πÈ Õ¬Ÿ°à ∫— ªí®®—¬µà“ßÊ ´÷ßË ‰¡à “¡“√∂§«∫§ÿ¡‰¥â‚¥¬µ√ß‡™àπ‡¥’¬«°—∫Õ—µ√“§à“√–«“ß‡√◊Õ„πµ≈“¥ “°≈ πÕ°®“°π’√È “§“ Àÿπâ ¢Õß∫√‘…∑— œ °Á‰¡à‰¥â –∑âÕπ∂÷ßº≈°“√ªØ‘∫µ— ß‘ “π¢Õßæπ—°ß“π∑’·Ë ∑â®√‘ß Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â·∫àßªíπº≈°”‰√®“°°“√¥”‡π‘πß“π·°à æπ—°ß“π¢Õß∫√‘…∑— œ „π√Ÿª¢Õß‡ß‘π‚∫π— ª√–®”ªï‚¥¬æ‘®“√≥“®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ‡ª√’¬∫‡∑’¬∫°—∫‡ªÑ“À¡“¬∑’°Ë ”Àπ¥‰«â ·≈– „™â‡ªìπ‡°≥±å„π°“√®à“¬‚∫π— ª√–®”ªï·°àæπ—°ß“π ∫√‘…∑— œ ®—¥„Àâ¡°’ “√Ωñ°Õ∫√¡ ”À√—∫æπ—°ß“π∑’ÕË ¬Ÿ∑à ’Ë ”π—°ß“π·≈–∫π‡√◊Õ∑—ßÈ „π·≈–πÕ° ∂“π∑’Ë ‚¥¬∫√‘…∑— œ ®–‡ªìπºŸ√â ∫— º‘¥™Õ∫ §à“„™â®“à ¬∑—ßÈ À¡¥∑’‡Ë °‘¥¢÷πÈ πÕ°®“°π’∫È √‘…∑— œ ¬—ßÕπÿ≠“µ„Àâ≈“ß“πÀ√◊Õ°”Àπ¥‡«≈“°“√∑”ß“πºàÕπª√π‡ªìπ°√≥’æ‡‘ »… ”À√—∫æπ—°ß“π∑’µË Õâ ß°“√ »÷°…“„π√–¥—∫∑’ Ë ßŸ ¢÷πÈ √«¡∑—ßÈ °“√ àß‡ √‘¡°“√ √â“ß§«“¡ —¡æ—π∏åÕπ— ¥’√–À«à“ßæπ—°ß“π¥â«¬°—π ·≈–√–À«à“ßæπ—°ß“π°—∫ºŸ∫â √‘À“√∫√‘…∑— œ ¥â“ππ“¬Àπâ“ : ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«“à π“¬Àπâ“‡ªìπ à«πÀπ÷ßË ¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß∫√‘…∑— œ ·≈–‡ªìπºŸ∑â ¡’Ë ∫’ ∑∫“∑ ”§—≠„π∞“π–ºŸ â π—∫ πÿπ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ∫√‘…∑— œ ®÷ßªØ‘∫µ— °‘ ∫— π“¬Àπâ“¥â«¬§«“¡‡ªìπ∏√√¡µ“¡‡ß◊ÕË π‰¢°“√§â“∑’µË °≈ß√à«¡°—π ‡æ◊ÕË √â“ß§«“¡ —¡æ—π∏åÕπ— ¥’√–À«à“ß°—π„π√–¬–¬“« ¥â“π‡®â“Àπ’‡È ß‘π°Ÿ¬â ¡◊ : ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«“à ‡®â“Àπ’‡È ß‘π°Ÿ¬â ¡◊ ‡ªìπ à«πÀπ÷ßË ¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß∫√‘…∑— œ „π∞“π– ºŸ â π—∫ πÿπ¥â“π°“√‡ß‘π·°à∫√‘…∑— œ ∫√‘…∑— œ ®÷ß‰¥âªØ‘∫µ— µ‘ “¡‡ß◊ÕË π‰¢°“√°Ÿ¬â ¡◊ ‡ß‘πµà“ßÊ √«¡∑—ßÈ ªØ‘∫µ— µ‘ “¡«—µ∂ÿª√– ß§å°“√°Ÿ‡â ß‘π °“√™”√–§◊π À≈—°∑√—æ¬å§”È ª√–°—π ·≈–¢âÕµ°≈ßÕ◊πË Ê ∑’µË °≈ß√à«¡°—π√–À«à“ß ÕßΩÉ“¬ ¥â“π§Ÿ§à “â : ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’∂ß÷ §«“¡ ”§—≠¢Õß§Ÿ§à “â ¢Õß∫√‘…∑— œ ·≈–¡—πË „®«à“‡ß◊ÕË π‰¢∑“ß°“√§â“µà“ßÊ ‡ªìπ‰ª¥â«¬ §«“¡‡ªìπ∏√√¡µ“¡¡“µ√∞“π°“√§â“‚¥¬∑—«Ë ‰ª √«¡∑—ßÈ °“√ªØ‘∫µ— µ‘ “¡‡ß◊ÕË π‰¢∑“ß°“√§â“Õ¬à“ß‡§√àß§√—¥ ¥â“π≈Ÿ°§â“ : ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«“à ≈Ÿ°§â“‡ªìπ à«πÀπ÷ßË ¢Õßªí®®—¬·Ààß§«“¡ ”‡√Á®¢Õß°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ∫√‘…∑— œ ®÷ß∑”°“√ª°ªÑÕßº≈ª√–‚¬™πå¢Õß≈Ÿ°§â“ °“√µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ √«¡∑—ßÈ °“√„Àâ∫√‘°“√∑’Ë‰¥â¡“µ√∞“π ·≈–°“√√—°…“ “√ π‡∑» ∑’‡Ë ªìπ§«“¡≈—∫¢Õß≈Ÿ°§â“ ‚¥¬®–‰¡à‡ªî¥‡º¬ “√ π‡∑»¥—ß°≈à“«À“°‰¡à¡°’ “√°”Àπ¥®“°°ÆÀ¡“¬ ¢âÕ°”Àπ¥ À√◊Õ°“√¬‘π¬Õ¡®“°ºŸ‡â ªìπ‡®â“¢Õß “√ π‡∑» √«¡∂÷ßª√–‡¥Áπ∑“ß¥â“π°“√µ≈“¥ °“√°”Àπ¥√“§“ √“¬≈–‡Õ’¬¥∫√‘°“√ §ÿ≥¿“æ·≈–§«“¡ª≈Õ¥¿—¬¢Õß°“√„Àâ∫√‘°“√ ¥â“π§Ÿ·à ¢àß : ∫√‘…∑— œ ªØ‘∫µ— ¿‘ “¬„µâ°√Õ∫°µ‘°“¢Õß°“√·¢àß¢—π∑’¥Ë ’ ‰¡à∑”≈“¬™◊ÕË ‡ ’¬ß¢Õß§Ÿ·à ¢àß∑“ß°“√§â“¥â«¬°“√°≈à“«À“∫√‘…∑— ∑’Ë ‡ªìπ§Ÿ·à ¢àß∑“ß°“√§â“¥â«¬§«“¡‰¡à ®ÿ √‘µ·≈–ª√“»®“°¢âÕ¡Ÿ≈§«“¡®√‘ß √«¡∑—ßÈ ‰¡à‡¢â“∂÷ß “√ π‡∑»∑’‡Ë ªìπ§«“¡≈—∫¢Õß§Ÿ·à ¢àß¥â«¬«‘∏°’ “√∑’Ë‰¡à ®ÿ √‘µ À√◊Õ‰¡à‡À¡“– ¡ ¥â“π™ÿ¡™π·≈–/À√◊Õ —ß§¡ : ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’∂ß÷ §«“¡√—∫º‘¥™Õ∫µàÕ™ÿ¡™π·≈– —ß§¡ √«¡∂÷ß°“√ π—∫ πÿπ°‘®°√√¡ ¢Õß™ÿ¡™π·≈–°“√‡Õ“„®„ àµÕà º≈°√–∑∫µàÕºŸ∑â Õ’Ë ¬Ÿ√à Õ∫¢â“ß¡“°°«à“∑’¡Ë °’ ”Àπ¥‰«â„π°ÆÀ¡“¬ ·≈–æ¬“¬“¡§àÕ¬Ê ∑’®Ë –‡¢â“‰ª¡’ «à π√à«¡∑“ß —ß§¡ ´÷ßË ∑’ºË “à π¡“∫√‘…∑— œ ¡’°®‘ °√√¡¥â“π —ß§¡·≈–/™ÿ¡™π ¥—ßµàÕ‰ªπ’È

44 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2 2

To ensure that causes of accident, cases of illness and çnear missesé are investigated and to introduce measures to prevent recurrence. To keep itself informed about the provisions in force and lay down principles for required training and instruction of the officers and ratings.

The Company provides the remuneration for office employees as salary, bonus, and other benefits, like Provident Fund on a voluntary basis, although the same is not required by law. Remuneration is based on their performance, roles and duties and incentives/increments are also based on financial status/performance and future plans of the Company. As a long-term incentive, the Company does not have an ESOP plan in place since the Company feels that to a large extent, the share price of the Company depends on a number of factors beyond the employeesû direct control like the state of the International Freight markets and therefore, the Companyûs share price may not adequately reflect the better performance of the employees. Therefore, the Company has implemented a profit sharing scheme, which ensures that the employees are paid bonus annually based on the performance of the Company against specified quantitative targets, which are laid down annually in advance. The Company provides in-house and external training for officers of the Company both at Head Office as well as on the Ships. The costs of such training are borne by the Company. Moreover, the Company allows special leave and flexible working hours for employees who are undergoing longer term professional or degree courses. Moreover, the Company supports good relationship between all employees including the management. Brokers: The Company recognizes that the shipping brokers with whom the Company regularly deals with for obtaining business for Companyûs ships are one of the key success factors. Accordingly, terms are negotiated with a view to ensuring fairness and in keeping with industry norms so as to ensure a long term working relationship. Creditors: The Company recognizes the Financial Creditors as one more important success factor who provide funds which are particularly required for the Companyûs business which is highly capital intensive. The Company complies with all terms in borrowings including compliance with the objectives of using the borrowed funds, repayment, collateral, and other conditions as may be agreed. Suppliers: The Company recognizes the importance of satisfied Suppliers and the Company always ensures that terms and conditions for supplies are based on industry norms and practices and thereafter, agreed terms and conditions are strictly followed by the Company. Customers: The Company recognizes that the Customers are one of the key success factors for the Companyûs operations. The Company always protects customersû interests, is attentive and ultimately responsible for the needs of the customers with regard to service, and in setting and maintaining steady standards of the service. The customersû confidential information is used exclusively for concerned business, without revealing it unless required by laws, regulations, or with consent from the information owners, including issues related to marketing, market power exercises, price setting, details of services, quality and safety. Competitors: The Company acts within the rules of fair trade, not destroying trade competitorsû reputations with false allegations against their companies without truth, nor does the Company access competitorsû confidential information or use dishonest or inappropriate means for any purpose. Social Responsibility to the Community: the Company recognizes its responsibility to the Community and is often involved in supporting community activities and being attentive to the consequences of the Companyûs conduct that affect the people around more than what the laws require, including making efforts to gradually absorb social accountability.

Annual Report 2005 ± Precious Shipping Public Company Limited

2 2 2 2 2

2 2

∫√‘…∑— œ „Àâ°“√ π—π πÿπ °“√Ωñ°Õ∫√¡∫ÿ§§≈°√¢Õß»Ÿπ¬åΩ°ñ æ“≥‘™¬π“«’ (Merchant Marin Training Center) ‚¥¬°“√ „Àâ∑πÿ °“√»÷°…“·°àº¡Ÿâ º’ ≈°“√‡√’¬π¥’ ∫√‘…∑— œ ‰¥â√∫— π—°‡√’¬π∑’®Ë ∫°“√»÷°…“®“°»Ÿπ¬åΩ°ñ æ“≥‘™¬π“«’ ¡“‡ªìπæπ—°ß“π/≈Ÿ°‡√◊Õ¢Õß∫√‘…∑— œ ∫√‘…∑— œ ‰¥â∫√‘®“§Õÿª°√≥å ”π—°ß“π„Àâ·°à¡≈Ÿ π‘∏¥‘ «ßª√–∑’ª·≈– À∑—¬¡Ÿ≈π‘∏‡‘ æ◊ÕË „™â„πß“π¢Õß¡Ÿ≈π‘∏‘ „π‡¥◊Õπ¡’π“§¡ 2548 ∫√‘…∑— œ ‰¥âª√– “πß“π°—∫ ¿“°“™“¥‰∑¬„ÀâÀπà«¬‡§≈◊ÕË π∑’√Ë ∫— ∫√‘®“§‚≈À‘µ¡“√—∫∫√‘®“§∑’ Ë ”π—°ß“π∫√‘…∑— œ ”À√—∫ªï 2547 Àπà«¬‡§≈◊ÕË π∑’√Ë ∫— ∫√‘®“§‚≈À‘µ¡“√—∫∫√‘®“§‚≈À‘µ∑’∫Ë √‘…∑— œ 2 §√—ßÈ ‚¥¬ª°µ‘·≈â«∫√‘…∑— œ ¡—°®–®—¥„Àâ¡°’ “√∫√‘®“§‡ß‘π·≈– ‘ßË ¢Õß ”À√—∫ºŸ∑â ¡’Ë §’ «“¡®”‡ªìπ·≈–ºŸ∑â ¬’Ë “°‰√â ‡™àπ ∫√‘…∑— œ√à«¡°—∫ æπ—°ß“π‰¥â∫√‘®“§‡ß‘π°«à“ 1 ≈â“π∫“∑ ºà“π ¿“°“™“¥‰∑¬ ”À√—∫ºŸªâ √– ∫¿—¬∏√≥’æ∫‘ µ— ®‘ “°§≈◊πË ¬—°…å π÷ “¡‘ ·≈–‡¡◊ÕË µâπªï 2547 ∫√‘…∑— œ ‰¥â∫√‘®“§§Õ¡æ‘«‡µÕ√å·°à‚√ß‡√’¬π√–¥—∫ª√–∂¡·≈–¡—∏¬¡ ®”π«π 4 ·Ààß „π®—ßÀ«—¥√–¬Õß ∑’¡Ë π’ °— ‡√’¬π ®”π«π 877 §π „Àâ¡‚’ Õ°“ »÷°…“ ∫√‘…∑— œ ‰¥â√∫— √“ß«—≈ AMVER (Automated Mutual Assistance Vessel Rescue System/√–∫∫°“√°Ÿ¿â ¬— ‡√◊Õ√à«¡°—π) ª√–®”ªï 2546 ´÷ßË √“ß«—≈ AMVER π’È‰¥â√∫— °“√ π—∫ πÿπ‚¥¬Àπà«¬π“«‘°‚¬∏‘π≈“¥µ√–‡«π™“¬Ωíßò ¢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∑’ªË √– ∫¿—¬„π ∑–‡≈ °Õß‡√◊Õ¢Õß∫√‘…∑— œ à«π„À≠à∂Õ◊ ∏ß —≠™“µ‘‰∑¬ ∫√‘…∑— œ ®÷ßæ¬“¬“¡Õ¬à“ß¬‘ßË ‰¡à„Àâ™Õ◊Ë ‡ ’¬ß¢Õßª√–‡∑»‰∑¬‡ ’¬À“¬ ‚¥¬ ∫√‘…∑— œ ¡’§«“¡¡—πË „®«à“¡“µ√°“√¥â“π§«“¡ª≈Õ¥¿—¬¢Õß°Õß‡√◊Õ¢Õß∫√‘…∑— œ Ÿß°«à“¢âÕ∫—ß§—∫√–‡∫’¬∫ªØ‘∫µ— ‚‘ ¥¬∑—«Ë ‰ª ∫√‘…∑— œ „Àâ§«“¡™à«¬‡À≈◊Õ„π°“√ √â“ß‚√ß‡√’¬π ”À√—∫‡¥Á°∑’ªË √– ∫¿—¬®“°·ºàπ¥‘π‰À«„π¿“§µ–«—πµ°¢Õßª√–‡∑»Õ‘π‡¥’¬ ‡¡◊ÕË ªï 2544 ·≈–„π∑’ Ë ¥ÿ ‚√ß‡√’¬π¡‘µ√¿“æ Õ‘π‚¥-‰∑¬ °Á‡°‘¥¢÷πÈ ·≈– “¡“√∂‡ªî¥¥”‡π‘π°“√‰¥â·≈â«´÷ßË “¡“√∂√—∫π—°‡√’¬π ‰¥â®”π«π 700 §π∑—ßÈ „π√–¥—∫ª√–∂¡ ¡—∏¬¡µâπ √«¡∑—ßÈ ¡—∏¬¡ª≈“¬ ´÷ßË ∑”„Àâº∑Ÿâ ‡’Ë °’¬Ë «¢âÕßµà“ßÊ √Ÿ â °÷ ´“∫´÷ßÈ ·≈–ª√–∑—∫„® „π§«“¡™à«¬‡À≈◊Õ®“°ª√–‡∑»‰∑¬

¥â“πºŸ«â “ß°Æ√–‡∫’¬∫ : πÕ°‡Àπ◊Õ®“°∑’Ë‰¥â°≈à“«‰«â·≈â«„π à«π¢Õß°ÆÀ¡“¬·≈–√–‡∫’¬∫‡°’¬Ë «°—∫∏ÿ√°‘®°“√‡¥‘π‡√◊Õ„π√“¬ß“πª√–®”ªï ©∫—∫π’È ∫√‘…∑— œ µ√–Àπ—°‡ªìπÕ¬à“ß¥’«“à ºŸ«â “ß°Æ√–‡∫’¬∫§◊ÕºŸ∑â ∑’Ë ”Àπâ“∑’§Ë «∫§ÿ¡‡æ◊ÕË „Àâ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ‡ªìπ‰ª¥â«¬§«“¡¬ÿµ∏‘ √√¡ ·≈–¡’§«“¡‚ª√àß„ ∫√‘…∑— œ ®÷ßµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß°“√ªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—ßÈ °ÆÀ¡“¬µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß°—∫°“√ ¥”‡π‘πß“π¢Õß∫√‘…∑— œ ·≈–‰¥â®¥— µ—ßÈ ΩÉ“¬µ√«® Õ∫¿“¬„π‡æ◊ÕË ¥”‡π‘π°“√„π‡√◊ÕË ßπ’‚È ¥¬‡©æ“–·≈–∫√√®ÿ‡√◊ÕË ß°“√µ√«® Õ∫°“√ªÆ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫µà“ßÊ ‰«â„π·ºπ°“√µ√«® Õ∫‡ªìπª√–®”∑ÿ°ªï ·≈–√“¬ß“πº≈‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫µ“¡√“¬≈–‡Õ’¬¥∑’°Ë ≈à“«„πÀ—«¢âÕ ç√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫é ¥â“π ‘ßË ·«¥≈âÕ¡ : ∫√‘…—∑œ µ√–Àπ—°¥’«à“°“√¥”‡π‘πß“π¢Õß∏ÿ√°‘®‡¥‘π‡√◊Õ∂â“¢“¥§«“¡√—∫º‘¥™Õ∫·≈â«Õ“®¡’º≈°√–∑∫µàÕ ¿“æ ·«¥≈âÕ¡‚¥¬‡©æ“–Õ¬à“ß¬‘ßË ¡≈æ‘…∑“ßπÈ”·≈–/À√◊Õ¡≈æ‘…∑“ßÕ“°“» ”À√—∫π‚¬∫“¬°“√ªÑÕß°—π√—°…“ ‘ßË ·«¥≈âÕ¡ ∫√‘…∑— œ ‰¥â„Àâ§«“¡ ”§—≠ ‡æ◊ÕË °“√ªÑÕß°—π·≈–Õπÿ√°— …å ß‘Ë ·«¥≈âÕ¡ °“√¥”‡π‘πß“π¥â“π ‘ßË ·«¥≈âÕ¡ ¡’¥ß— π’È — µ‘ “¡¡“µ°“√ªÑÕß°—π ‘ßË ·«¥≈âÕ¡µ“¡°ÆÀ¡“¬¢ÕßÕÿµ “À°√√¡ 2 π—∫ πÿπ«‘∏°’ “√·≈–°“√ªØ‘∫µ

46 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Some of the Social and Community activities recently undertaken by the Company are as follows: 2 The Company takes an active interest in the Merchant Marine Training Center, Thailand and awards Gold medals for graduates finishing at the top of the class. 2 The Company employs most of the cadets passing out from the Merchant Marine Training Center, Thailand and thus contributes to the development of qualified Thai officers. This pool of officers is available to any/all Thai ship-owners and not just restricted to the Company. 2 The Company donated office equipments to Duang Prateep Foundation And Holt Sahathai Foundation in March 2005. 2 The Company organizes blood donation camps on a regular basis in collaboration with the Thai Red Cross. These blood donation camps have been organized since the past several years; and in 2004, two such camps have been held. 2 The Company makes regular donations to the needy and poor and for various causes. For instance, the Company, in collaboration with employees, donated over 1 million Baht to the Thai Red Cross for those affected by the Tsunami and in early 2004, donated computers to four primary/secondary schools in Rayong province for use by the 877 students studying in these schools. 2 The Company has received the 2003 Automated Mutual assistance Vessel Rescue System (AMVER) Award. AMVER, sponsored by the United States Coast Guard, is unique, computer-based, and voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to persons in distress at sea. 2 The Companyûs ships fly the Thai flag and thus act as brand ambassadors of the çThaié brand wherever the ships call. The Company makes every effort to preserve the sanctity of the çThaié brand by ensuring that all the ships are safely operated in accordance with the prevailing regulations and conventions. 2 The Company helped build a school for children affected by the earthquake which hit western India in 2001. The çIndo-Thai Friendship Schoolé is now fully operational and can accommodate 700 students in Elementary, Middle and High School levels. This has been greatly appreciated by all concerned and projects a favourable impression of Thailand.

Regulators: Apart from the various regulations, which the Companyûs ships are subjected to and explained

hereunder in this Report, on a Corporate level, the Company recognizes that Government is a regulator who is in control of the Companyûs operations in respect of the fairness and transparency of trading. The Company recognizes the significance of the compliance with the related laws and regulations and has included its review of the compliance as one of the duties of the internal audit department headed by a qualified Internal Auditor. Internal auditors provide an annual compliance review report of related laws and regulation and directly reports to Audit Committee as explained under the çAudit Committee Reporté in this Annual Report.

Environment: The Company recognizes that shipping operations if conducted irresponsibly may affect the

environment, particularly in terms of air and/ or water pollution. For the Environmental Protection Policy, the Company is committed to the protection and conservation of the environment and ranks environmental considerations equally with commercial and operational factors in managing its operations and implements this policy. To implement this policy, management: 2 Promotes procedures and practices that ensure environmental protection taking into account current legislation and industry codes and practice;

Annual Report 2005 ± Precious Shipping Public Company Limited

2 2 2 2 2 2

‡æ‘¡Ë ‡µ‘¡¡“µ°“√„¥Ê ‡æ◊ÕË ª√—∫ª√ÿß§ÿ≥¿“æ¢Õß ‘ßË ·«¥≈âÕ¡ °“√Õ∏‘∫“¬∑‘»∑“ß°“√®—¥°“√¢Õß∫√‘…∑— œ ¥â“π ‘ßË ·«¥≈âÕ¡∑’™Ë ¥— ‡®π ‡æ◊ÕË ®Ÿß„®„Àâæπ—°ß“π‰¥âªØ‘∫µ— °‘ “√‡°’¬Ë «°—∫ ‘ßË ·«¥≈âÕ¡ ¥â«¬§«“¡√Ÿ â °÷ √—∫º‘¥™Õ∫ ÕÕ°·∫∫·≈–¥”‡π‘π°“√‡°’¬Ë «°—∫‡√◊Õ„Àâ¡ª’ √– ‘∑∏‘¿“æ¡“°∑’ Ë ¥ÿ ‡æ◊ÕË °√–∑∫µàÕ ‘ßË ·«¥≈âÕ¡„ÀâπÕâ ¬∑’ Ë ¥ÿ ‡∑à“∑’®Ë –‡ªìπ‰ª‰¥â ®—¥∑”·ºπ©ÿ°‡©‘π„Àâ Õ¥§≈âÕß°—∫°ÆÀ¡“¬ ·≈–°“√ªØ‘∫µ— ∑‘ ¥’Ë ’ „Àâ§«“¡√Ÿ·â ≈–Õ”π“®Àπâ“∑’∑Ë ‡’Ë À¡“– ¡°—∫æπ—°ß“π ‡æ◊ÕË ®—¥°“√‡°’¬Ë «°—∫°“√¥”‡π‘π°“√µàÕ ‘ßË ·«¥≈âÕ¡ §«∫§ÿ¡·≈–¥Ÿ·≈°“√¥”‡π‘π°“√µàÕ ‘ßË ·«¥≈âÕ¡ ‡æ◊ÕË ·πà„®«à“‰¥â¡°’ “√π”π‚¬∫“¬‰ª„™âªØ‘∫µ— ·‘ ≈–‡ªìπ‰ªµ“¡§«“¡µâÕß°“√¢Õß °ÆÀ¡“¬

∫√‘…∑— œ ªØ‘∫µ— µ‘ “¡¢âÕ∫—ß§—∫‡æ◊ÕË °“√Õπÿ√°— …å ß‘Ë ·«¥≈âÕ¡¢ÕßÕπÿ ≠ — ≠“√–À«à“ßª√–‡∑»«à“¥â«¬°“√ªÑÕß°—π¡≈¿“«–®“°‡√◊Õ (MARPOL) ´÷ßË Õπÿ ≠ — ≠“¥—ß°≈à“«‰¥â∂°Ÿ ·∫àßÕÕ°‡ªìπ 5 ‡√◊ÕË ß §◊Õ 1. °“√ªÑÕß°—π¡≈æ‘…®“°πÈ”¡—π 2. °“√§«∫§ÿ¡¡≈æ‘…®“° “√‡§¡’‡À≈« 3. °“√ªÑÕß°—π¡≈æ‘…®“° “√Õ—πµ√“¬∑’∫Ë √√®ÿÀ∫’ ÀàÕÀ√◊ÕµŸ§â Õπ‡∑π‡πÕ√å 4. °“√ªÑÕß°—π¡≈æ‘…®“°πÈ”‡ ’¬¢Õß‡√◊Õ 5. °“√ªÑÕß°—π¡≈æ‘…®“°¢¬–¢Õß‡√◊Õ ªí®®ÿ∫π— ¡’‡æ‘¡Ë ¢÷πÈ ‡ªìπ 7 ‡√◊ÕË ß ‚¥¬ 2 ‡√◊ÕË ß∑’‡Ë æ‘¡Ë ‡¢â“¡“‰¥â·°à 6. °“√ªÑÕß°—π¡≈æ‘…∑“ßÕ“°“»®“°‡√◊Õ 7. °“√ªÑÕß°—π¡≈æ‘…®“°¢Õß‡ ’¬Àπ—°®“°‡√◊Õ ≈—°…≥–¢Õß°“√ªØ‘∫µ— ß‘ “π∫π‡√◊Õ∑—ßÈ À¡¥´÷ßË ¡’º≈‡ ’¬Ë ßµàÕ¡≈æ‘…‰¥â°”Àπ¥‰«â„π°Æ ¢âÕ∫—ß§—∫ ·≈–§”·π–π”‡æ‘¡Ë ‡µ‘¡„π§Ÿ¡à Õ◊ °“√ ªØ‘∫µ— °‘ “√∫π‡√◊Õ∑ÿ°≈”¢Õß∫√‘…∑— œ ·≈â« ‚¥¬°—ªµ—π‡√◊Õ®–‡ªìπºŸ√â ∫— º‘¥™Õ∫ ”À√—∫°“√§«∫§ÿ¡„Àâ§π∫π‡√◊Õ‰¥âªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ ∑’√Ë –∫ÿ‰«â„π§Ÿ¡à Õ◊ °“√ªØ‘∫µ— °‘ “√∫π‡√◊Õ‡æ◊ÕË ªÑÕß°—π°“√°√–∑”„¥Ê ∑’ÕË “®®– àßº≈‡ ’¬À“¬µàÕ ‘ßË ·«¥≈âÕ¡ ·≈–∑’ºË “à π¡“‰¡à‡§¬‡°‘¥‡Àµÿ°“√≥å„¥Ê ∑’ Ë ßà º≈‡ ’¬À“¬µàÕ ‘ßË ·«¥≈âÕ¡Õ¬à“ß√â“¬·√ß®“°°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ

ª√–¡«≈°Æ√–‡∫’¬∫‡°’Ë¬«°—∫°“√®—¥°“√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑» (International Safety Management Code (ISM Code)) ª√–«—µ‘ : °“√‡√’¬π√Ÿ®â “°ª√– ∫°“√≥å ‡Àµÿ°“√≥å∑“ß∑–‡≈µ≈Õ¥À≈“¬ªï∑º’Ë “à π¡“ ‰¥âπ”¡“´÷ßË ª√–¡«≈°Æ√–‡∫’¬∫‡°’¬Ë «°—∫°“√ ®—¥°“√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑» International Safety Management Code À√◊Õ ISM Code ´÷ßË Õ∏‘∫“¬∂÷ß§«“¡ª≈Õ¥¿—¬„π °“√¥”‡π‘πß“π¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–°“√ªÑÕß°—π¡≈æ‘…µà“ßÊ „π‡¥◊Õπ °√°Æ“§¡ 2541 ISM Code °≈“¬‡ªìπ¢âÕ∫—ß§—∫ ”À√—∫‡√◊Õ¢π àßºŸ‚â ¥¬ “√ ‡√◊Õ∫√√∑ÿ°πÈ”¡—π ·≈–‡√◊Õ∑’¡Ë §’ «“¡‡√Á« Ÿß ISM Code ∂Ÿ°®—¥µ—ßÈ ¢÷πÈ ‚¥¬¡’«µ— ∂ÿª√– ß§å¥“â π°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬ ‡æ◊ÕË „Àâ°“√∫√‘À“√¥â“π§«“¡ª≈Õ¥¿—¬‰¥â∂°Ÿ ®—¥µ—ßÈ ¢÷πÈ ¿“¬„πÕß§å°√ µà“ßÊ ‡™àπ ∫√‘…∑— ‡®â“¢Õß‡√◊Õ À√◊Õ∫ÿ§§≈µà“ßÊ ∑’√Ë ∫— º‘¥™Õ∫¥â“π°“√‡¥‘π‡√◊Õ‰¥â¡§’ «“¡µ√–Àπ—°∂÷ß§«“¡ ”§—≠¥â“π§«“¡ª≈Õ¥¿—¬ ∫√‘…∑— œ ®÷ß‰¥â¥”‡π‘π°“√·≈–¥”‡π‘ππ‚¬∫“¬‡æ◊ÕË „Àâ∫√√≈ÿ«µ— ∂ÿª√– ß§å¥ß— °≈à“«¢â“ßµâπ·≈â« ´÷ßË √«¡∂÷ß°“√®—¥‡µ√’¬¡‡§√◊ÕË ß¡◊ÕÕÿª°√≥å æ◊πÈ ∞“πµà“ßÊ ∑’®Ë ”‡ªìπ ·≈–°“√·µàßµ—ßÈ ∫ÿ§§≈À√◊Õ‡®â“Àπâ“∑’ Ë ”π—°ß“π´÷ßË √“¬ß“πµ√ß°—∫ºŸ∫â √‘À“√√–¥—∫ Ÿß °“√®—¥∑”§Ÿ¡à Õ◊ ¥â“π°“√∫√‘À“√§«“¡ ª≈Õ¥¿—¬ ¥â“π«‘∏°’ “√ªØ‘∫µ— µ‘ “à ßÊ ·≈–‡°Á∫√—°…“‰«â∫π‡√◊Õ

48 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Takes voluntary steps where appropriate to improve environmental performance; Communicates clear management directions to properly motivated employees so that they perform in an environmentally responsible manner; 2 Design and operate ships as efficiently as possible minimizing environmental impact and ensuring discard of waste is in strict compliance with regulations. 2 Establishes emergency plans, consistent with current legislation and good practice; 2 Communicates with employees, appropriate authorities and the public enabling the Company to respond to their environmental performance concerns; and 2 Monitors environmental performance to ensure compliance with this policy as well as the Companyûs legal requirements. The Company is committed to environmental protection through effective implementation of the international convention for the prevention of pollution from ships (MARPOL). The convention is divided into 5 areas as follows: 1. Regulations for the Prevention of Pollution by Oil. 2. Regulations for the Control of Pollution by Noxious liquid substances in bulk. 3. Regulations for the Prevention of Pollution by harmful substances carried by sea in packed forms, or in freight containers, portable tanks or road and rail tank wagons. 4. Regulations for the Prevention of Pollution by Sewage from ships. 5. Regulations for the Prevention of Pollution by Garbage from ships. Recently, it is increased to 7 areas. The additional 2 areas are as follows: 6. Regulations for the Prevention of Pollution by Air from ships. 7. Regulations for the Prevention of Pollution by Ballast. 2 2

All aspects of shipsû operations, which involve risk of pollution, are addressed in the regulations and are further discussed in the operational manuals placed on board the vessel. Captain responds to ensure that crew on board follow such regulations to prevent any situations that would have negative affect on the environment. There have been no major events from the Companyûs operations which have affected the environment. International Safety Management Code (ISM Code)

Background information:

Learning from various marine casualties over the years, çInternational Safety Management Codeé (ISM Code) was introduced by the International Maritime Organization, to enhance the safe operation of ships and pollution prevention. In July 1998 the ISM Code became mandatory for passenger ships, tankers and high-speed crafts. The Code establishes safety-management objectives and requires a safety management system (SMS) to be established by çthe Companyé, which is defined as the Ship-owner or any person, such as the Manager or Bareboat charterer, who has assumed responsibility for operating the ship. The Company is then required to establish and implement a policy for achieving these objectives. This includes providing the necessary resources and shore-based support. The Company is expected çto designate a person or persons ashore having direct access to the highest level of managementé. The procedures required by the Code should be documented and compiled in a Safety Management Manual, a copy of which is to be kept on board. The provisions of the ISM code and ISO 9001 Quality standards largely complement each other, with the latter giving more emphasis on çcustomer satisfactioné.

Annual Report 2005 ± Precious Shipping Public Company Limited

ª√–¡«≈°Æ¢âÕ∫—ß§—∫π’∂È °Ÿ π”‰ª„™â∫π‡√◊Õ·≈–∑’ Ë ”π—°ß“π ‚¥¬«—µ∂ÿª√– ß§å∑«—Ë ‰ª¢Õß ISM Code ¡’¥ß— π’È 1. ‡æ◊ÕË „Àâ‡°‘¥§«“¡ª≈Õ¥¿—¬„π∑–‡≈ 2. ‡æ◊ÕË ªÑÕß°—π°“√∫“¥‡®Á∫·≈– Ÿ≠‡ ’¬™’«µ‘ 3. ‡æ◊ÕË À≈’°‡≈’¬Ë ß°“√°√–∑”§«“¡‡ ’¬À“¬µàÕ ‘ßË ·«¥≈âÕ¡

§Ÿà¡◊Õ§ÿ≥¿“æ·≈–§«“¡ª≈Õ¥¿—¬∫π‡√◊Õ ¥â“π∑√—æ¬“°√∫ÿ§§≈ µ≈Õ¥À≈“¬ªï∑º’Ë “à π¡“∫√‘…∑— œ ‰¡à‡æ’¬ß·µà¡§’ «“¡™”π“≠¥â“π°“√∫√‘À“√°“√‡¥‘π‡√◊Õ‡∑à“π—πÈ ·µà¬ß— ‰¥â¡°’ “√æ—≤π“¥â“π§ÿ≥¿“æ ·≈– §«“¡ “¡“√∂¢Õßæπ—°ß“π∑—ßÈ ∫π‡√◊Õ·≈–∑’ Ë ”π—°ß“πÕ’°¥â«¬ ∑—ßÈ π’∫È √‘…∑— œ ‡ÀÁπ«à“∫√‘…∑— œ “¡“√∂ª√– ∫§«“¡ ”‡√Á®µ“¡‡°≥±å§≥ ÿ ¿“æ ·≈–§«“¡ª≈Õ¥¿—¬„π°“√‡¥‘π‡√◊Õ‰¥â¥«â ¬°“√Õÿ∑»‘ µπ·≈–§«“¡´◊ÕË —µ¬å¢Õß≈Ÿ°‡√◊Õ ºŸ®â ¥— °“√ΩÉ“¬µà“ßÊ ·≈–ΩÉ“¬µ√«® Õ∫∫π‡√◊Õ ∫√‘…∑— œ ®÷ß ¡’π‚¬∫“¬∑’®Ë – π—∫ πÿπ·≈– àß‡ √‘¡§«“¡√Ÿ§â «“¡ “¡“√∂·≈–ª√– ‘∑∏‘¿“æ¢Õßæ«°‡¢“‡À≈à“π—πÈ ‡æ◊ÕË √â“ß‚Õ°“ „Àâæ«°‡¢“‡À≈à“π—πÈ ‰¥â¡§’ «“¡ °â“«Àπâ“·≈–¡—πË §ß„πÀπâ“∑’°Ë “√ß“πµàÕ‰ª °“√Ωñ°Õ∫√¡ ≈Ÿ°‡√◊Õ¢Õß∫√‘…∑— œ ∂Ÿ°°”Àπ¥„Àâ¡“∑’ Ë ”π—°ß“π„À≠à¢Õß∫√‘…∑— œ ∑’°Ë √ÿß‡∑æœ‡æ◊ÕË √—∫øíß∫√√¬“¬ √ÿª°àÕπ∑’®Ë –∂Ÿ°¡Õ∫À¡“¬„ÀâªØ‘∫µ— ‘ Àπâ“∑’Ë„π°Õß‡√◊Õ¢Õß∫√‘…∑— œ ≈Ÿ°‡√◊Õ¢Õß∫√‘…∑— œ ®–‰¥â√∫— ¢âÕ¡Ÿ≈¢à“« “√∑’‡Ë ªìπª√–‚¬™πå∑‡’Ë ªìπªí®®ÿ∫π— Õ¬à“ß ¡Ë”‡ ¡Õ ‚¥¬‡©æ“–°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß ·≈–∫àÕ¬§√—ßÈ ∑’≈Ë °Ÿ ‡√◊Õ®–∂Ÿ° àß‰ªÕ∫√¡‡æ◊ÕË ‡æ‘¡Ë ‡µ‘¡§«“¡√Ÿ·â ≈–ª√– ∫°“√≥å ‚¥¬∫√‘…∑— œ ®–‡ªìπºŸ√â ∫— º‘¥™Õ∫ ¥â“π§à“„™â®“à ¬∑—ßÈ À¡¥∑’‡Ë °‘¥¢÷πÈ ‡æ◊ËÕ„Àâ≈Ÿ°‡√◊Õ„À¡à‰¥âºà“π°√–∫«π°“√‡√’¬π√Ÿâ∫π‡√◊Õ ºŸâ∫—ß§—∫∫—≠™“®–µâÕß®—¥„Àâ¡’°“√∑”°‘®°√√¡√à«¡°—π √«¡∑—Èß°“√®—¥„Àâ¡’°“√ ∑¥ Õ∫§«“¡ “¡“√∂¥â«¬√–∫∫§Õ¡æ‘«‡µÕ√å ‡æ◊ÕË «—¥√–¥—∫§«“¡ “¡“√∂¢Õß≈Ÿ°‡√◊Õ„À¡à ‚¥¬º≈∑’Ë‰¥â®“°°“√∑¥ Õ∫®–∂Ÿ°π”‰ªæ‘®“√≥“‡æ◊ÕË À“®ÿ¥ÕàÕπ·≈–π”‰ª Ÿ°à “√°”Àπ¥·π«∑“ß·°â‰¢‡æ◊ÕË ª√—∫ª√ÿß®ÿ¥ÕàÕπ¥—ß°≈à“«µàÕ‰ª ÿ¢Õπ“¡—¬ ∫√‘…∑— œ ®—¥√–∫∫‡«™°√√¡∑’‡Ë À¡“– ¡„π√–¥—∫∑’ Ë ßŸ °«à“¡“µ√∞“π¢Õß International Labor Organization (ILO) √«¡∑—ßÈ ¢âÕ ∫—ß§—∫Õ◊πË Ê ∑’‡Ë °’¬Ë «¢âÕß ´÷ßË ∑”„Àâ∫√‘…∑— œ ª√– ∫ªí≠À“°√≥’≈°Ÿ ‡√◊Õ≈â¡ªÉ«¬πâÕ¬¡“° °“√µ√«® Õ∫¿“¬„π∫π‡√◊Õ °“√∑”ß“π¢ÕßΩÉ“¬µ√«® Õ∫¿“¬„π∫π‡√◊Õ‰¡à‰¥â‡©æ“–‡®“–®ß‡©æ“–°“√ Õ∫∑“π°“√ªØ‘∫µ— µ‘ “¡ ISM Code ‡∑à“π—πÈ ·µà¬ß— √«¡ ∂÷ß°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ¢Õß∫√‘…∑— œ Õ’°¥â«¬ °“√µ√«® Õ∫¿“¬„π∫π‡√◊Õ∂Ÿ°¥”‡π‘π°“√‚¥¬∑’¡ß“π∑’¡Ë §’ ≥ ÿ ¡∫—µ·‘ ≈–ª√– ∫°“√≥å ∑’‡Ë À¡“– ¡ ·≈–√“¬ß“πº≈°“√ªØ‘∫µ— ß‘ “πµàÕ°√√¡°“√ºŸ®â ¥— °“√‚¥¬µ√ß

50 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The Code is implemented on board the vessels and offices ashore. The purpose of the Code is to provide an international standard for the safe management and operation of ships and for pollution prevention. The objectives of the ISM Code are: 1. Ensure safety at sea. 2. Prevent human injury or loss of life. 3. Avoid damage to the environment. Overview of Quality and Safety Practices on Board the Company没s ships

Human resources

Over the years the Company has not only acquired expertise in the field of ship management, but in the process has developed a pool of highly qualified and competent staff both on-board and ashore. It is through this dedicated and loyal work force of floating staff, technical superintendents, and internal auditors that the Company has been able to achieve high standards of Safety and Quality in all aspects of ship operations. It is the Company没s policy to encourage and support competent and efficient seafarers and give them the opportunity to grow within the Organization.

Training

All officers are required to visit the head office for briefing before being assigned to vessels. Here, they are briefed and updated about new developments and practices in the industry. Regular updates are also sent to the vessels. Officers are often sent to attend value addition courses in order to enhance their skills. The costs for these courses are borne by the Company. The Company is also subscribing for the best on board video training program available in the market. In order to motivate the junior officers and also keep up with the process of learning while on board, senior officers are asked to actively interact with them. In order to measure their levels of competency, computer based competency test facility is provided on board. Based on the results of these tests, officers are able to determine their weaknesses and work to improve upon on weak areas.

Health

The Company没s medical fitness requirements are higher than the standards set by International Labour Organization (ILO) and other regulatory bodies. As a result, the Company finds very few cases of fitness or sickness related problems amongst its seafarers.

Internal audits (for Ships)

Annual internal audits are conducted on board not only as a requirement of the ISM code but as a means of selfregulation. These audits are carried out by a dedicated team of qualified and experienced auditors reporting directly to the Managing Director.

Annual Report 2005 卤 Precious Shipping Public Company Limited

°“√æ—≤π“Õ¬à“ßµàÕ‡π◊ÕË ß „π°√≥’∑‡’Ë °‘¥°“√‰¡àªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫µà“ßÊ ∑’‡Ë °’¬Ë «¢âÕß À√◊ÕÕÿ∫µ— ‡‘ Àµÿµ“à ßÊ ®–∂Ÿ°π”‰ª ◊∫ «π·≈–«‘‡§√“–Àå‡æ◊ÕË À“ “‡Àµÿ ·≈–π”‰ª Ÿ°à “√°”Àπ¥«‘∏°’ “√ªÑÕß°—π∑’‡Ë À¡“– ¡µàÕ‰ª πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥â°”Àπ¥„Àâ¡°’ “√ª√–‡¡‘π®ÿ¥·¢Áß ®ÿ¥ÕàÕπ¢Õß√–∫∫ µà“ßÊ ∑’®Ë –¡’¢π÷È „πÕπ“§µ ·≈–°“√«‘‡§√“–Àåº≈°“√‰¡àªØ‘∫µ— µ‘ “¡°Æ √–‡∫’¬∫ ·≈–¢âÕ∫—ß§—∫µà“ßÊ „πªï∑º’Ë “à π¡“ √«¡∑—ßÈ °“√®—¥ª√–‡¿∑¢Õß °“√‰¡àªØ‘∫µ— µ‘ “¡¥—ß°≈à“«ÕÕ°‡ªìπÀ¡«¥À¡ŸÕà ¬à“ß™—¥‡®π ‡™àπ ®”π«πºŸâ‰¥â√∫— ∫“¥‡®Á∫ ‡§√◊ÕË ß¬πµå‡ ’¬À“¬ ‘π§â“‡ ’¬À“¬ °“√‡°¬µ◊πÈ ‡ªìπµâπ ‚¥¬∑’ªË √–‡¥Áπ§«“¡º‘¥æ≈“¥∑’‡Ë °‘¥¢÷πÈ ®–∂Ÿ°π”¡“«‘‡§√“–ÀåÕ¬à“ß≈–‡Õ’¬¥∂÷ß«‘∏°’ “√ Õ∫∑“π ·≈–¡“µ√°“√ªÑÕß°—π °“√¥”‡π‘π°“√¥—ß∑’°Ë ≈à“« π’πÈ ”‰ª Ÿ°à “√æ—≤π“√–∫∫°“√∫√‘À“√§«“¡ª≈Õ¥¿—¬ (Safety Management System) „Àâ¥¢’ π÷È Õ¬à“ßµàÕ‡π◊ÕË ß °“√·∫àßªíπ°“√‡√’¬π√Ÿâ ∫∑‡√’¬πµà“ßÊ ∑’Ë‰¥â®“°°“√‡√’¬π√Ÿ®â “°Õÿ∫µ— ‡‘ Àµÿµ“à ßÊ ·≈–§«“¡º‘¥æ≈“¥‡≈Á°Ê πâÕ¬Ê ∑’‡Ë °‘¥¢÷πÈ ®–∂Ÿ°∂à“¬∑Õ¥‚¥¬∫√‘…∑— ‡¥‘π‡√◊Õ µà“ßÊ ºà“π Marine Accident Reporting Scheme (MARS) ‡æ◊ÕË º≈ª√–‚¬™πå¢ÕßÕÿµ “À°√√¡‡√◊Õ ·≈–∑”„Àâ§«“¡ª≈Õ¥¿—¬¢Õß°“√‡¥‘π ‡√◊Õ‚¥¬∑—«Ë ‰ª Ÿß¢÷πÈ πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥âæ≤ — π“√–∫∫´Õø∑å·«√å ”À√—∫°“√¥”‡π‘πß“π„Àâ “¡“√∂‡™◊ÕË ¡‚¬ß¢âÕ¡Ÿ≈°—π‰¥â√–À«à“ß ”π—°ß“π „À≠à·≈–°Õß‡√◊Õ¢Õß∫√‘…∑— œ ´÷ßË √–∫∫¥—ß°≈à“«®–∂Ÿ°æ—≤π“„Àâ¥¢’ π÷È Õ¬à“ßµàÕ‡π◊ÕË ß ∑—ßÈ π’‡È π◊ÕË ß®“°∫√‘…∑— œ ‡ÀÁπ«à“°“√ ◊ÕË “√§◊ÕÕß§åª√–°Õ∫∑’Ë ”§—≠ ”À√—∫°“√¥”‡π‘πß“π¢Õß‡√◊Õ ·≈–‡ªìπª√–‚¬™πåµÕà ∫√‘…∑— œ „πÕπ“§µ °“√∑”ß“π‡ªìπ∑’¡ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ ·≈–√—∫º‘¥™Õ∫¥â“π°“√∫√‘À“√°“√‡¥‘π‡√◊Õ ”À√—∫ °Õß‡√◊Õ∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ‰¥â„Àâ§«“¡ ”§—≠¢Õß°“√∑”ß“π‡ªìπ∑’¡ ·≈–®—¥„Àâ¡°’ “√ª√– “πß“π∑’¥Ë ´’ ß÷Ë ™à«¬∑”„Àâ∫√‘…∑— œ ª√– ∫§«“¡ ”‡√Á® „π°“√∫√‘À“√°“√‡¥‘π‡√◊Õ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ¬—ß‰¥â√∫— ª√–°“»π’¬∫—µ√¢Õß ISM Code ·≈–°“√√—∫√Õß¡“µ√“ ∞“π§ÿ≥¿“æ ISO 9001:2000 ¥â«¬ ¢âÕ∫—ß§—∫¥â“π§«“¡¡—πË §ß¢Õß‡√◊Õ “°≈·≈–Õÿª°√≥å∑“à ‡√◊Õ (ISPS) ´÷ßË ¡’º≈∫—ß§—∫„™âµß—È ·µà‡¥◊Õπ°√°Æ“§¡ 2547 ”À√—∫‡√◊Õ¢π àßºŸ‚â ¥¬ “√ ·≈–‡√◊Õ¢π àß ‘π§â“ ·≈–‡ªìπ¢âÕ∫—ß§—∫ “°≈∑’‡Ë √◊Õ‡¥‘π ∑–‡≈·≈–∑à“‡∑’¬∫‡√◊Õµà“ßÊ ®–µâÕßªØ‘∫µ— µ‘ “¡ ·≈–¡’·π«∑“ß “°≈„π‡√◊ÕË ß°“√√à«¡¡◊Õ°—πµ√«® Õ∫°“√ªØ‘∫µ— ∑‘ §’Ë °ÿ §“¡µàÕ§«“¡ª≈Õ¥¿—¬ ”À√—∫°“√¢π àß∑“ß∑–‡≈ À≈—ß®“°‡Àµÿ°“√≥åÕπ— πà“ ≈¥„® 11 °—π¬“¬π 2544 Õß§å°√‡¥‘π‡√◊Õ “°≈ (International Maritime Organization) µà“ß‡ÀÁπ æâÕß°—π«à“§«√æ—≤π“¢âÕ∫—ß§—∫π’È„À¡à„π à«π∑’‡Ë °’¬Ë «¢âÕß°—∫§«“¡ª≈Õ¥¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–∑à“‡√◊Õ ISPS ·µ°µà“ß°—∫ ISM Code ‡π◊ÕË ß®“° ISM Code ¡’¡“¡“°°«à“ 10 ªï·≈â« „π¢≥–∑’Ë ISPS ‡æ‘ßË ®–æ—≤π“·≈–‡√‘¡Ë „™â∫ß— §—∫ ¢âÕ∫—ß§—∫¢Õß ISPS ¡’°“√‚µâ·¬âßÕ¬à“ß°«â“ß¢«“ß„π°≈ÿ¡à Õÿµ “À°√√¡‡√◊Õ‡¥‘π∑–‡≈ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√ªØ‘∫µ— µ‘ “¡¢âÕ∫—ß§—∫ ISPS ”À√—∫‡√◊Õ∑ÿ°≈”„π°Õß‡√◊Õ¢Õß∫√‘…∑— œ ¥â«¬°“√®—¥„Àâ¡°’ “√ª√–‡¡‘π§«“¡ª≈Õ¥¿—¬ ∫π‡√◊Õ·≈–°“√®—¥∑”·ºπ°“√æ—≤π“ ¥â«¬∑√—æ¬“°√µà“ßÊ ∑’¡Ë Õ’ ¬Ÿ¢à Õß∫√‘…∑— œ

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π·≈–‡ªìπ‰ªµ“¡À≈—°‡°≥±å·≈–¢âÕ‡ πÕ·π–¢Õßµ≈“¥ À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ∑—ßÈ „π à«π¢ÕßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ «—πªî¥ ¡ÿ¥ ∑–‡∫’¬πºŸ∂â Õ◊ Àÿπâ √«¡∑—ßÈ ¢—πÈ µÕπµà“ßÊ „π°“√ª√–™ÿ¡ „π¢≥–∑’°Ë “√®—¥ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ∑ÿ°§√—ßÈ ∫√‘…∑— œ ®–§”π÷ß∂÷ß§«“¡ –¥«°„π°“√‡¢â“√à«¡ ª√–™ÿ¡¢ÕßºŸ∂â Õ◊ Àÿπâ ‡ªìπ ”§—≠ ‚¥¬°√√¡°“√ºŸ®â ¥— °“√ °√√¡°“√∫√‘À“√ ª√–∏“π§≥–°√√¡°“√∫√‘…∑— ·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ‰¥â‡¢â“√à«¡°“√ª√–™ÿ¡ ·≈–‰¥â‡¢â“√à«¡°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ „π 2 §√—ßÈ ∑’ºË “à π¡“ ”À√—∫ªï 2548 ∫√‘…∑— œ ®—¥ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ®”π«π 1 §√—ßÈ ‡ªìπ°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ “¡—≠ª√–®”ªï ‚¥¬°√√¡°“√∑ÿ°∑à“π‰¥â‡¢â“√à«¡Õ¬à“ßæ√âÕ¡‡æ√’¬ß°—π ´÷ßË √«¡∂÷ß°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√ Õ‘ √– ºŸ â Õ∫∫—≠™’¿“¬πÕ°‰¥â‡¢â“√à«¡„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï‡æ◊ÕË µÕ∫§”∂“¡®“°ºŸ∂â Õ◊ Àÿπâ „πª√–‡¥Áπ∑’‡Ë °’¬Ë «°—∫¢âÕ¡Ÿ≈∑“ß∫—≠™’À√◊Õ°“√ ªØ‘∫µ— ß‘ “πµ√«® Õ∫∫—≠™’ ‚¥¬ª√–∏“π„π∑’ªË √–™ÿ¡‰¥âÕ∏‘∫“¬‡°’¬Ë «°—∫«‘∏°’ “√≈ß§–·ππ‡ ’¬ß·≈–«‘∏π’ ∫— §–·ππ‡ ’¬ß‡¡◊ÕË °“√ª√–™ÿ¡‡√‘¡Ë ¢÷πÈ ·≈– ‡ªî¥‚Õ°“ „Àâº∂Ÿâ Õ◊ Àÿπâ ¡’ ∑‘ ∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ‡ªî¥‚Õ°“ „Àâ´°— ∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ·≈– ¢âÕ‡ πÕ·π–µà“ßÊ „π·µà≈–«“√–°“√ª√–™ÿ¡ √«¡∑—Èß‰¥â∫—π∑÷°¡µ‘∑’Ëª√–™ÿ¡·≈–ª√–‡¥Áπµà“ßÊ ‰«â „π√“¬ß“π°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß·≈– §√∫∂â«π·≈â« 52 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Continual Improvement

All incidents of non-compliances, accidents and near misses are thoroughly investigated and analyzed. Procedures are reviewed immediately. Preventive measures are initiated and implemented across the fleet to eliminate the root cause. In order to identify the strengths, weaknesses and trend of the system, an annual analysis of all non-conformities is done, segregating the non-conformities under various categories. For example: total number of personnel injuries, machinery damages, cargo damages, grounding, etc. Based on the analysis, recurrent issues are identified, procedures reviewed and preventive measures implemented, thus enabling improvement of the SMS.

Sharing lessons learned

All lessons learned from various accidents and near miss incidents are shared with organisations like Marine Accident Reporting Scheme (MARS) for the mutual benefit of the industry and to enhance maritime safety in general. The Company has gone into implementation of a reputed Software covering all operations in the Head Office linking all vessels in the fleet. Communication, which is a key element of ship operation, is being further improved with obvious benefits to come.

Teamwork

Unlike a conventional ship owning Company, which, outsources the technical management of itûs ships, the Companyûs Management Company, viz. Great Circle Shipping Agency (GCSHIP) is a subsidiary company of the Company. The staff of the management Company work as one team under the same roof. Good co-ordination is achieved in all areas of ship operation by this arrangement. Besides ISM code certification, GCSHIP is also a certified ISO 9001: 2000 company. International Ship and Port facility Security Code (ISPS) Became mandatory for all passenger and cargo ships from July 2004. This code forms the international framework through which ships and port facilities can co-operate to detect and deter acts, which threaten security in the maritime transport sector. Within two months following the tragic events of 11th Sept. 2001, the International Maritime Organization unanimously agreed to the development of this new code relating to the security of ships and of port facilities in November 2001. Unlike the ISM code, which had a lead time of over 10 years, the ISPS code was adopted and implemented with very short notice. For this reason, the provisions of ISPS code are rapidly evolving and are also widely disputed in the maritime industry. GCSHIP has achieved ISPS code compliance on all vessels within the due date. On board Security assessment, development of plans and on board implementation was done with in-house resources and expertise. 4. Shareholdersû meetings

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. Managing Director, Executive Directors, the Chairman of the board, and the Chairman of the Audit Committee attend all shareholdersû meeting and attended the last two yearsû shareholdersû meetings. In the year 2005, all board members attended the Annual General Meeting of shareholders, which also included Audit Committee Members and Independent Directors. The Auditors also attended the AGM of shareholders meeting to answer any questions raised by shareholders in respect of the accounts or the conduct of the Audit. The Chairman of the meeting explained the voting procedures to shareholders when the meeting was started and provided equal opportunity to all shareholders to examine the Companyûs operations, to ask questions and express their opinions and Annual Report 2005 ± Precious Shipping Public Company Limited

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå §≥–°√√¡°“√‰¥â®¥— „Àâ∫√‘…∑— œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π °“√µ√«® Õ∫¿“¬„π·≈–¡“µ√“°“√∫√‘À“√§«“¡‡ ’¬Ë ß∑’¡Ë ª’ √– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈ √«¡∑—ßÈ ¡’°“√µ‘¥µ“¡°“√¥”‡π‘π°“√„π‡√◊ÕË ß¥—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∫ §≥–°√√¡°“√‡ªìπºŸæâ ®‘ “√≥“°”Àπ¥∫∑∫“∑Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–Õπÿ°√√¡°“√µà“ßÊ Õ¬à“ß™—¥‡®π ¥—ß√“¬≈–‡Õ’¬¥ „πÀ—«¢âÕ ç‚§√ß √â“ß°“√®—¥°“√é °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…∑— ‡¡◊ÕË «—π∑’Ë 22 æƒ»®‘°“¬π 2548‰¥â¡°’ “√æ‘®“√≥“‡√◊ÕË ß ç°“√ª√–‡¡‘π°“√ªÆ‘∫µ— ß‘ “π¢Õß§≥– °√√¡°“√∫√‘…∑— é (Board Self Assessment) ´÷ßË ¡’À«— ¢âÕ ”À√—∫ª√–‡¡‘π‰¥â·°à 2 §«“¡æ√âÕ¡¢Õß°√√¡°“√ 2 °“√°”Àπ¥°≈¬ÿ∑∏å ·≈–°“√«“ß·ºπ∏ÿ√°‘® 2 °“√®—¥°“√§«“¡‡ ’¬Ë ß·≈–°“√§«∫§ÿ¡¿“¬„π 2 °“√¥Ÿ·≈‰¡à „Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå 2 °“√§«∫§ÿ¡¥Ÿ·≈√“¬ß“π∑“ß°“√‡ß‘π·≈–°“√¥”‡π‘πß“π 2 °“√ª√–™ÿ¡§≥–°√√¡°“√ 2 °“√ √√À“ 2 °“√æ‘®“√≥“§à“µÕ∫·∑π — ß‘ “π¢Õß°√√¡°“√ºŸ®â ¥— °“√ 2 °“√ª√–‡¡‘πº≈°“√ªÆ‘∫µ º≈°“√ª√–‡¡‘π°“√ªÆ‘∫µ— ß‘ “π¢Õß§≥–°√√¡°“√∫√‘…∑— ‚¥¬√«¡Õ¬Ÿà„π‡°≥±å∑¥’Ë ’ ·≈–§≥–°√√¡°“√∫√‘…∑— ®–π”º≈°“√ª√–‡¡‘π∑’Ë ‰¥â‰ªª√—∫ª√ÿß°“√ªØ‘∫µ— À‘ πâ“∑’¢Ë Õß§≥–°√√¡°“√∫√‘…∑— „π à«π∑’¬Ë ß— ¡’§–·πππâÕ¬Õ¬Ÿà

6. §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‡æ◊ÕË ‡ªìπ°“√ªÑÕß°—π√“¬°“√∑’ÕË “®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫®÷ß‰¥â¥·Ÿ ≈Õ¬à“ß√Õ∫§Õ∫ ‡¡◊ÕË ‡°‘¥√“¬°“√∑’ÕË “®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬°”Àπ¥π‚¬∫“¬·≈–¢—πÈ µÕπ°“√Õπÿ¡µ— √‘ “¬°“√∑’ÕË “®®–°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ß º≈ª√–‚¬™πå‰«âÕ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ°— …√ ¥—ßπ’È 6.1 √“¬°“√∑’ÕË “®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå: §≥–°√√¡°“√∑√“∫‡ªìπÕ¬à“ß¥’∂÷ß√“¬°“√∑’ËÕ“®π”¡“´÷Ëß§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–‰¥â æ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√Õ∫§Õ∫∑ÿ°§√—ßÈ √«¡∑—ßÈ ¡’°“√ªØ‘∫µ— µ‘ “¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ’°∑—ßÈ °“√ªØ‘∫µ— µ‘ “¡ π‚¬∫“¬/·π«∑“ß¢Õß∫√‘…∑— œ ‚¥¬√“§“·≈–‡ß◊ÕË π‰¢‡ ¡◊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‡√◊ÕË ß¥—ß°≈à“«‰«â„π·ºπ°“√µ√«® Õ∫¿“¬„π‡ªìπª√–®”∑ÿ°ªï ”À√—∫ªï 2548 ºŸµâ √«® Õ∫ ¿“¬„π‰¥âµ√«® Õ∫√“¬°“√¥—ß°≈à“«·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ÕË °“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫§√—ßÈ ∑’Ë 1/2549 „π ‡¥◊Õπ°ÿ¡¿“æ—π∏å 2549 æ∫«à“∫√‘…—∑œ ¡’π‚¬∫“¬°“√Õπÿ¡—µ‘√“¬°“√‡æ◊ËÕªÑÕß°—π°“√∑”√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬ √“¬°“√∑’∫Ë √‘…∑— œ ¡’Õ¬Ÿà„πªí®®ÿ∫π— ‡ªìπ√“¬°“√∑’¡Ë §’ «“¡®”‡ªìπµàÕ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ·≈–‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“°“√·¢àß ¢—π‚¥¬∑—«Ë ‰ª ‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªìπ ”§—≠·≈–‡æ◊ÕË ª√–‚¬™πå ßŸ ÿ¥¢Õß∫√‘…∑— œ √«¡∑—ßÈ ‰¥â¡°’ “√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«„π√“¬ß“πª√–®”ªï Õ¬à“ß‡æ’¬ßæÕ·≈â«

54 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

advice, and ensured that all the items and resolutions including the questions and answers were properly recorded in the minutes of the meeting. 5. Leadership and Vision

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 çManagement Structureé section in this report. In Board of Directors Meeting held on 22 November 2005, Board members conducted a self-assessment through the questionnaire which covered the subjects as follows: 2 Readiness 2 Strategy Setting and Policy Making 2 Risk Management and Internal Control 2 Conflict of Interest 2 Monitoring of financial reports and the results of operation 2 Board of Directorsû meeting 2 Nomination 2 Remuneration 2 Performance Assessment for CEO The scores of Boardûs Self Assessment fall in the level of çGoodé. Board of Directors intend to use this result to further improve their performance. 6. Conflict of Interests

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:

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 are entered into strictly on an çArms-Lengthé 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 2005, the internal auditors audited the aforesaid transactions and reported to the Audit Committee in the Audit Committeeûs Meeting No. 1/2006 in February 2006. 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 Annual Report. Annual Report 2005 ± Precious Shipping Public Company Limited

πÕ°®“°π’È ΩÉ“¬µ√«® Õ∫¿“¬„π¬—ß‰¥âµ√«® Õ∫°“√ªØ‘∫µ— µ‘ “¡ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ÕË ß ç°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫µ— °‘ “√¢Õß∫√‘…∑— ®¥∑–‡∫’¬π„π√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—π (©∫—∫∑’Ë 2) æ.». 2547é ·≈–√“¬ß“πº≈°“√µ√«® Õ∫ µàÕ§≥–°√√¡°“√∫√‘…∑— ·≈â« ´÷ßË §≥–°√√¡°“√∫√‘…∑— ‡ÀÁπ«à“√“¬°“√‡°’¬Ë «‚¬ß°—π¢Õß∫√‘…∑— œ ‡ªìπ√“¬°“√∑’‡Ë À¡“– ¡·≈–‡æ◊ÕË ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…∑— œ 6.2 °“√¥Ÿ·≈‡√◊ÕË ß°“√„™â¢Õâ ¡Ÿ≈¿“¬„π: µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µÀ‘ ≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 °”Àπ¥„Àâº∫Ÿâ √‘À“√√“¬ß“π°“√‡ª≈’¬Ë π·ª≈ß °“√∂◊ÕÀ≈—°∑√—æ¬åµÕà ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å πÕ°®“°π’∫È √‘…∑— œ ‰¥â°”Àπ¥„Àâ°√√¡°“√∫√‘À“√¢Õß ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ ‰¡à “¡“√∂´◊ÕÈ ¢“¬Àÿπâ ¢Õß∫√‘…∑— œ „π™à«ß 3 —ª¥“Àå°Õà π°“√‡ªî¥‡º¬ß∫°“√‡ß‘π ”À√—∫ªï∑µ’Ë √«® 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

7. ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…∑— œ ‰¥âÕÕ°·≈–ª√–°“»¢âÕæ÷ßªØ‘∫µ— ‡‘ °’¬Ë «°—∫®√√¬“∫√√≥¢Õß°√√¡°“√ ºŸ∫â √‘À“√·≈–æπ—°ß“π ‡æ◊ÕË ¬÷¥∂◊Õ‡ªìπ·π«∑“ß„π°“√ ªØ‘∫µ— À‘ πâ“∑’Ë„Àâª√– ∫º≈ ”‡√Á®µ“¡¿“√°‘®¢Õß∫√‘…∑— œ ¥â«¬§«“¡‚ª√àß„ ´◊ÕË —µ¬å ÿ®√‘µ ·≈–‡∑’¬Ë ß∏√√¡ ·≈–∫√‘…∑— œÕ¬Ÿà„π√–À«à“ß°“√ ‡µ√’¬¡°“√∑’®Ë –‡ªî¥‡º¬√“¬≈–‡Õ’¬¥π’È‰«â„π‡«Á∫‰´µå¢Õß∫√‘…∑— œ

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√ §”®”°—¥§«“¡ °√√¡°“√Õ‘ √– (Independent Director) §◊Õ°√√¡°“√∑’Ë‰¡à¡À’ πâ“∑’Ë„π°“√®—¥°“√„π∫√‘…∑— œ À√◊Õ∫√‘…∑— ¬àÕ¬ ·≈–‡ªìπÕ‘ √–®“° ΩÉ“¬®—¥°“√√«¡∑—ßÈ ºŸ∂â Õ◊ Àÿπâ ∑’¡Ë Õ’ ”π“®§«∫§ÿ¡·≈–‰¡à¡§’ «“¡ —¡æ—π∏å∑“ß∏ÿ√°‘®·≈–Õ◊πË Ê °—∫∫√‘…∑— œ ´÷ßË Õ“®®–°√–∑∫µàÕº≈ª√–‚¬™πå¢Õß∫√‘…∑— œ ·≈–/À√◊ÕºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ∫√‘…∑— œ ‰¥â°”Àπ¥§ÿ≥ ¡∫—µ¢‘ Õß°√√¡°“√Õ‘ √–‡°’¬Ë «°—∫°“√∂◊Õ§√ÕßÀÿπâ ∫√‘…∑— œ∑’ Ë ßŸ °«à“°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫∑“ß°ÆÀ¡“¬ ´÷ßË §ÿ≥ ¡∫—µ¢‘ Õß°√√¡°“√Õ‘ √– ‰¥â·°à â ‰¡à‡°‘π√âÕ¬≈– 2 ¢Õß∑ÿπ™”√–·≈â«¢Õß∫√‘…∑— œ ∫√‘…∑— „π‡§√◊Õ ∫√‘…∑— √à«¡ À√◊Õ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß ∑—ßÈ π’È„Àâπ∫— √«¡Àÿπâ ∑’Ë 2 ∂◊ÕÀÿπ ∂◊Õ‚¥¬ºŸ∑â ‡’Ë °’¬Ë «¢âÕß¥â«¬ — œ ∫√‘…∑— „π‡§√◊Õ ∫√‘…∑— √à«¡ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß À√◊ÕºŸ∂â Õ◊ Àÿπâ √“¬„À≠à 2 ‡ªìπ°√√¡°“√∑’Ë‰¡à¡ ’ «à π√à«¡„π°“√∫√‘À“√ß“π∫√‘…∑ ¢Õß∫√‘…∑— œ 2 ‡ªìπ°√√¡°“√∑’Ë ‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â à«π‡ ’¬‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡∑—Èß„π°“√∫√‘À“√¥â“π°“√‡ß‘π·≈–°“√ ∫√‘À“√ß“π¢Õß∫√‘…∑— œ ∫√‘…∑— „π‡§√◊Õ ∫√‘…∑— √à«¡ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß À√◊ÕºŸ∂â Õ◊ Àÿπâ √“¬„À≠à¢Õß∫√‘…∑— œ â √‘À“√À√◊ÕºŸ∂â Õ◊ Àÿπâ √“¬„À≠à¢Õß∫√‘…∑— œ 2 ‡ªìπ°√√¡°“√∑’Ë‰¡à „™à‡ªìπºŸ‡â °’¬Ë «¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢ÕßºŸ∫ — ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à À√◊ÕºŸ∂â Õ◊ Àÿπâ 2 ‡ªìπ°√√¡°“√∑’Ë‰¡à‰¥â√∫— °“√·µàßµ—ßÈ ¢÷πÈ ‡ªìπµ—«·∑π‡æ◊ÕË √—°…“º≈ª√–‚¬™πå¢Õß°√√¡°“√∫√‘…∑ ´÷ßË ‡ªìπºŸ∑â ‡’Ë °’¬Ë «¢âÕß°—∫ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à¢Õß∫√‘…∑— œ Ë ’Ë‰¥â√∫— ¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…∑— ‚¥¬ 2 “¡“√∂ªØ‘∫µ— À‘ πâ“∑’Ë · ¥ß§«“¡‡ÀÁπÀ√◊Õ√“¬ß“πº≈°“√ªØ‘∫µ— ß‘ “πµ“¡Àπâ“∑’∑ ‰¡à‰¥âÕ¬Ÿ¿à “¬„µâ°“√§«∫§ÿ¡¢ÕßºŸ∫â √‘À“√À√◊ÕºŸ∂â Õ◊ Àÿπâ √“¬„À≠à¢Õß∫√‘…∑— œ √«¡∑—ßÈ ºŸ∑â ‡’Ë °’¬Ë «¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢Õß∫ÿ§§≈¥—ß°≈à“«

56 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Moreover internal audit has reviewed the compliance of the Company in respect of the 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 çConnected Transactionsé in this Annual report. The results of the review have been reported to the Board of Directors of the 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 directors in an executive position, who are full-time employees of the Company (or its subsidiary), are not allowed to trade in the Companyûs shares during the period of 3 weeks (or 2 weeks) before and two days after the annual audited (or reviewed) results respectively are announced and the rest of the management personnel are also encouraged to follow this policy 7. Business Ethics

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. It is proposed to be disclosed on the Companyûs web site. 8. Balance of power for non-executive directors

Definition of Independent Directors The Independence of the Directors of the Board of Directors is established by the appointment of Independent directors who do not manage the Company or any of its subsidiaries, are independent from the management and significant shareholders, and have no business with the Company, which may compromise the Interests of the Company and/or the Shareholders. The qualifications of Independent Director of the Company is more tightened than required by the regulations in the area of the holding of the Companyûs shares. Qualifications of Independent Directors of the Company: 2 They must not hold shares exceeding 2 percent, including shares held by a related person, of paid-up capital of the listed company or of an affiliated, an associated company or a related company. 2 They must not be involved in the day-to-day management of the Company or an affiliated company, an associated company or a related company, or with the major shareholders of the Company. 2 They must be free of any present, direct or indirect, financial or other interest in the management and business of the Company, its subsidiaries, associated companies, or its major shareholders. 2 They must not be a relative of any executive director, executive officer or major shareholder of the Company. 2 They must not be acting as a nominee or representative of any director, major shareholder or shareholders, who are a relative of any major shareholders of the Company. 2 They must be able to carry out their duties, exercise their judgement, and report the committeeûs performances, which are assigned by the board of directors without being influenced by executive directors or major shareholders of the Company, including related persons or relatives.

Annual Report 2005 ± Precious Shipping Public Company Limited

§”π‘¬“¡¢ÕßºŸ∑â ‡’Ë °’¬Ë «¢âÕß ºŸâ∑’Ë‡°’Ë¬«¢âÕß À¡“¬√«¡∂÷ßºŸâ∑’Ë¡’§«“¡ —¡æ—π∏åÀ√◊Õ‡°’Ë¬«¢âÕß°—∫∫√‘…—∑œ „π√–¥—∫∑’Ë∑”„Àâ‰¡à “¡“√∂∑”Àπâ“∑’Ë‰¥âÕ¬à“ßÕ‘ √–À√◊Õ §≈àÕßµ—« ‡™àπ §Ÿ§à “â ≈Ÿ°§â“ ‡®â“Àπ’È ≈Ÿ°Àπ’È À√◊ÕºŸ∑â ¡’Ë §’ «“¡‡°’¬Ë «¢âÕß∑“ß∏ÿ√°‘®Õ¬à“ß¡’π¬— ”§—≠ ‡ªìπµâπ ∫∑∫“∑ Àπâ“∑’·Ë ≈–§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√Õ‘ √– Ë Õ¬à“ß‡æ’¬ßæÕ∑’®Ë –ªØ‘∫µ— À‘ πâ“∑’¢Ë Õßµπ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘º≈ 2 “¡“√∂‡¢â“∂÷ß “√ π‡∑»∑“ß°“√‡ß‘π·≈–∑“ß∏ÿ√°‘®Õ◊π Ë √–™ÿ¡‡æ◊ÕË „Àâ¡π—Ë „®«à“ 2 ‡¢â“√à«¡ª√–™ÿ¡§≥–°√√¡°“√·≈–§≥–Õπÿ°√√¡°“√‡ªìπª√–®”∑ÿ°§√—ßÈ √«¡∑—ßÈ µ—ßÈ ª√–‡¥Áπ§”∂“¡„π∑’ª º≈ª√–‚¬™πå¢ÕßºŸ∂â Õ◊ Àÿπâ ·≈–ºŸ¡â ’ «à π‰¥â‡ ’¬Õ◊πË ¢Õß∫√‘…∑— œ‰¥â√∫— §«“¡§ÿ¡â §√Õß·≈–∫√‘…∑— œ¡’°“√ªØ‘∫µ— µ‘ “¡¢âÕæ÷ßªØ‘∫µ— ∑‘ ¥’Ë ’ — œ æ√âÕ¡∑’®Ë –· ¥ß§«“¡‡ÀÁπÕ¬à“ß‡ªìπÕ‘ √– µ≈Õ¥®πÕÿ∑»‘ ‡«≈“·≈– 2 ¡’§«“¡ “¡“√∂·≈–‡µÁ¡„®∑’®Ë –‡√’¬π√Ÿ∏â √ÿ °‘®¢Õß∫√‘…∑ ∑ÿ¡à ‡∑§«“¡ π„®∑’®Ë ”‡ªìπ„Àâ°∫— ∫√‘…∑— œ â √‘À“√∫√‘…∑— ‡æ◊ÕË æŸ¥§ÿ¬„πª√–‡¥Áπ∑’‡Ë °’¬Ë «¢âÕß°—∫°“√∫√‘À“√ß“π 2 ¡’§«“¡æ¬“¬“¡∑’®Ë –À“‚Õ°“ ‡¢â“æ∫ºŸ∫ — °“√·µàßµ—ßÈ „Àâ¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √–À√◊Õ°√≥’∑∂’Ë °Ÿ √âÕß¢Õ 2 ®—¥∑”Àπ—ß ◊Õ¬◊π¬—π∂÷ß§«“¡‡ªìπÕ‘ √–„π«—π∑’Ë‰¥â√∫ 2 °”Àπ¥«“√–°“√¥”√ßµ”·Àπàß∑’™Ë ¥— ‡®π·≈–‰¡à¡°’ √√¡°“√Õ‘ √–∑à“π„¥∑’¥Ë ”√ßµ”·Àπàß‡°‘π°«à“«“√–∑’°Ë ”Àπ¥ Õ¬à“ß‰√°Áµ“¡ ‡ªìπ°“√¬“°∑’®Ë –§âπÀ“ºŸ∑â ¡’Ë §’ «“¡‡À¡“– ¡∑’®Ë –‡¢â“¡“√—∫µ”·Àπàß°√√¡°“√Õ‘ √– §◊Õ‡ªìπºŸ∑â ¡’Ë §’ «“¡√Ÿ§â «“¡‡¢â“„®Õ¬à“ß¥’„π ∏ÿ√°‘®¢Õß∫√‘…—∑œ Õ’°∑—Èß„πªí®®ÿ∫—π¬—ß§ß‰¡à¡’°Æ ¢âÕ∫—ß§—∫„¥Ê ∑’Ë°”Àπ¥‡°’Ë¬«°—∫®”π«π§√—Èß¢Õß°“√¥”√ßµ”·Àπàß¢Õß °√√¡°“√Õ‘ √–∫√‘…∑— œ®÷ß‰¡à‰¥â°”Àπ¥®”π«π§√—ßÈ ¢Õß°“√¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √– ªí®®ÿ∫π— §≥–°√√¡°“√∫√‘…∑— ¡’®”π«π 10 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’‡Ë ªìπºŸ∫â √‘À“√ 3 ∑à“π °√√¡°“√ 1 ∑à“π´÷ßË ∑”Àπâ“∑’∫Ë √‘À“√ ·≈–‰¥âªØ‘∫µ— ß‘ “π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“πª√–®”„π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ °√√¡°“√∑’Ë‰¡à‰¥â‡ªìπºŸ∫â √‘À“√ 1 ∑à“π ·≈–°√√¡°“√∑’‡Ë ªìπÕ‘ √– 5 ∑à“π (‡∑à“°—∫°÷ßË Àπ÷ßË ¢Õß°√√¡°“√∫√‘…∑— ∑—ßÈ §≥–) ·≈–¡’§≥–°√√¡°“√µ√«® Õ∫´÷ßË ª√–°Õ∫¥â«¬°√√¡°“√∑’‡Ë ªìπÕ‘ √–∑—ßÈ À¡¥

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

10. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ªí®®ÿ∫π— ∫√‘…∑— œ ¬—ß‰¡à¡§’ ≥–°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π ·µàπ‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰¥â∂°Ÿ °”Àπ¥‰«âÕ¬à“ß™—¥‡®π·≈– ‚ª√àß„ ·≈–ºà“π°“√Õπÿ¡µ— ®‘ “°∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ·≈â« ”À√—∫°√√¡°“√∑’Ë‰¥â√∫— ¡Õ∫À¡“¬„Àâ‡ªìπ°√√¡°“√µ√«® Õ∫®–¡’§“à µÕ∫·∑π‡æ‘¡Ë µ“¡ ¢Õ∫‡¢µ Àπâ“∑’·Ë ≈–§«“¡√—∫º‘¥™Õ∫∑’‡Ë æ‘¡Ë ¢÷πÈ à«π§à“µÕ∫·∑πºŸ∫â √‘À“√∂Ÿ°°”Àπ¥¢÷πÈ µ“¡À≈—°°“√·≈–π‚¬∫“¬∑’§Ë ≥–°√√¡°“√∫√‘…∑— °”Àπ¥ ·≈–§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√®–∂Ÿ°æ‘®“√≥“Õπÿ¡µ— ‚‘ ¥¬§≥–°√√¡°“√∫√‘…∑— ‚¥¬æ‘®“√≥“®“°∞“π–∑“ß°“√‡ß‘π·≈–º≈ª√–°Õ∫°“√ ¢Õß∫√‘…—∑œ √«¡∑—Èßº≈°“√ªØ‘∫—µ‘∑’Ëºà“π¡“ πÕ°®“°π’È∫√‘…—∑œ ¬—ß‰¥â°”Àπ¥À≈—°‡°≥±å·≈–«‘∏’°“√æ‘®“√≥“§à“µÕ∫·∑π ”À√—∫°√√¡°“√ ∫√‘…∑— ·≈–ºŸ∫â √‘À“√‡æ◊ÕË „Àâ Õ¥§≈âÕß°—∫¡“µ√∞“π “°≈·≈– “¡“√∂‡∑’¬∫‡§’¬ß°—∫§à“‡©≈’¬Ë ‚¥¬∑—«Ë ‰ª·≈–§à“‡©≈’¬Ë ¢ÕßÕÿµ “À°√√¡‰¥â

58 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Definition of Related Persons Related persons shall include the persons who are involved in any kind of benefits or are related to the Companyûs business to a significant amount, such as suppliers, customers, or creditors. This kind of connection may affect the independent directors in carrying out their duties independently or conveniently. Independent Directorûs Rules and Duties 2 Independent directors should have access to financial and other business information adequately for them to perform their duties effectively. 2 They should regularly attend every board meeting, including committee meetings, and raise good questions to ensure the interests of Companyûs shareholdersû and the protection of rights of other stakeholdersû, and ensure that the Company complies with best practices. 2 Independent directors should possess abilities and display willingness to learn Companyûs businesses, and express their views independently, as well as dedicate time and attention to the Company as needed. 2 Independent directors should regularly hold meetings among themselves, and try in every way possible to look for opportunities in which they can discuss business management issues with the management. 2 Independent directors should submit a confirmation letter to the Company verifying their independence in accordance with the Companyûs definition, on the date they accept the appointment and every subsequent year if required. 2 It is expected that there should be specific terms given to independent directors, and no director is expected to stay on beyond a certain time limit. Nonetheless, the difficulties of searching an appropriate replacement and the benefits of the working relationship built up over the years within the independent directors and their understanding of the business is also taken into account. Accordingly, at present no time limit has been set up for the Independent directors apart from the statutory limits placed under applicable law. Currently, there are 10 directors on the Board of Directors of the Company which consists of 3 Executive Directors and 1 Director in an executive position in the Companyûs subsidiary(as full-time employees of the Company/Subsidiary), 1 Non- Executive Director and 5 Independent Directors (one half of Board of Directors). The Audit Committee comprises entirely of Independent Directors. 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 nor is he related in any way to the Managing Director of the Company in order to segregate the duties between the policy maker and the policy manager. 10. Directors and Management Remuneration

Currently, the Company does not have a Remuneration Committee but the Company has a clear and transparent directorsû remuneration policy, which is approved by the shareholders in the shareholdersû 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, which, is based on the financial status/performance of the Company and their respective performance.

Annual Report 2005 ± Precious Shipping Public Company Limited

„πªï 2548 ·≈–ªï 2547 ∫√‘…∑— œ ‰¥â®“à ¬§à“µÕ∫·∑π‡ªìπ§à“‡∫’¬È ª√–™ÿ¡„Àâ°√√¡°“√®”π«π 10 ∑à“π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È √“¬™◊ÕË °√√¡°“√ 1. æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞–*

2. π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3. π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 4. π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ 5. π“¬‰®ª“≈ ¡—π ÿ¢“π’** 6. æ≈µ”√«®‚∑ ‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ*** 7. π“¬™’√– ¿“≥ÿæß»å 8. π“¬∏’√– «‘¿™Ÿ π‘π 8. π“¬ ÿæ≤ — πå »‘«–»√’Õ”‰æ* 9. π“ß “«π‘™µ‘ “â ™“Àå

µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…∑— °√√¡°“√ºŸ®â ¥— °“√ °√√¡°“√∫√‘À“√ °√√¡°“√∫√‘À“√ °√√¡°“√ °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√ (‰¡à„™à°√√¡°“√∫√‘À“√)

®”π«π‡ß‘π (≈â“π∫“∑) 2548 2547 0.76 0.68 0.28 0.25 0.28 0.25 0.28 0.25 0.28 0.25 0.48 0.40 0.28 0.25 0.28 0.25 0.38 0.31 0.28 0.25

* ‰¥â√«¡§à“µÕ∫·∑π®“°°“√‡ªìπ°√√¡°“√µ√«® Õ∫‰«â¥«â ¬ ** ∑”Àπâ“∑’∫Ë √‘À“√·≈–∑”ß“π‡µÁ¡‡«≈“‡À¡◊Õπæπ—°ß“π„π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ *** ‰¥â√«¡§à“µÕ∫·∑π®“°°“√‡ªìπª√–∏“π§≥–°√√¡°“√µ√«® Õ∫‰«â¥«â ¬ ”À√—∫§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√·≈–ºŸ∫â √‘À“√ª√–°Õ∫¥â«¬‡ß‘π‡¥◊Õπ ‚∫π— ·≈–Õ◊πË Ê ‡™àπ §à“¿“…’‡ß‘π‰¥â §à“‡™à“∫â“π §à“ ‡≈à“‡√’¬π∫ÿµ√ ´÷ßË „πªï 2548 ·≈–ªï 2547 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â®“à ¬§à“µÕ∫·∑π„Àâ°√√¡°“√∫√‘À“√·≈–ºŸ∫â √‘À“√¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È √“¬™◊ÕË °√√¡°“√∫√‘À“√·≈–ºŸ∫â √‘À“√ 1. π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 2. π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3. π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ 4. π“¬‰®ª“≈ ¡—π ÿ¢“π’ 5. π“¬™’≈“≈ ‚°ªîπ“∏“π 6. π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å 7. π“¬‚°¥“°“√“®’∑∑‘≈ ¡Ÿ√“≈’Ë ‡¡ππÕπ 8. π“¬π’≈“°—πµ—π «“ ÿ‡¥«—π 9. π“¬ µ’‡øπ ‚§≈“ 10. π“¬°“¡“≈ °ÿ¡“√ ¥Ÿ 11. π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π 12. π“¬°‘√π— °‘ ´“√‘π“∑ ‰«¥’ 13. π“¬¬‘ßË ¬ß °—ß·Œ

60 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

µ”·Àπàß °√√¡°“√ºŸ®â ¥— °“√ °√√¡°“√ (°“√æ“≥‘™¬å) °√√¡°“√ (°“√‡ß‘π) °√√¡°“√ („π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ) ºŸÕâ ”π«¬°“√ (°“√æ“≥‘™¬å) ºŸÕâ ”π«¬°“√ (∫√‘À“√°“√‡¥‘π‡√◊Õ) ºŸÕâ ”π«¬°“√ (¥â“π‡∑§π‘§) ºŸÕâ ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’¬Ë ß) ºŸÕâ ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») ºŸÕâ ”π«¬°“√ (‡∑§‚π‚≈¬’ “√ π‡∑») ºŸ™â «à ¬ºŸÕâ ”π«¬°“√ (°“√‡ß‘π·≈–∫—≠™’) ºŸ®â ¥— °“√Õ“«ÿ‚ (∫—≠™’·≈– MIS) ºŸ®â ¥— °“√Õ“«ÿ‚ (∫—≠™’¢Õß°≈ÿ¡à ∫√‘…∑— )

®”π«π‡ß‘π (≈â“π∫“∑) 2548 2547 10.90 7.85 10.89 8.36 10.70 7.13 10.37 7.60 6.64 4.97 6.87 4.80 6.39 5.38 5.79 4.61 5.30 3.45 5.18 2.52 3.77 1.68

4.22 1.77 2.97 1.19

The Company has procedures of the consideration of remuneration of the directors and management to be in accordance with the international standard and comparable with other listed companies including transportation industry. During the years 2005 and 2004, the Company only paid the Directors meeting fees as follows:

Name of Director 1. Admiral Dr. Amnad Chandanamattha* 2. Mr. Khalid Moinuddin Hashim 3. Mr. Munir Moinuddin Hashim 4. Mr. Khushroo Kali Wadia 5. Mr. Jaipal Mansukhani** 6. Police Lt.Gen Kiattisak Prabhavat*** 7. Mr. Chira Panupong 8. Mr. Thira Wipuchanin 9. Mr. Suphat Sivasriaumphai* 10. Miss Nishita Shah

Amount (In million Baht) 2005 2004

Position Chairman of the Board of Directors Managing Director Executive Director Executive Director Director Independent Director Independent Director Independent Director Independent Director Non-executive Director

0.76 0.28 0.28 0.28 0.28 0.48 0.28 0.28 0.38 0.28

0.68 0.25 0.25 0.25 0.25 0.40 0.25 0.25 0.31 0.25

* Inclusive of fees as Audit Committee Member ** Employed in an executive position as a full-time employee in the Company没s subsidiary *** Inclusive of fees as Audit Committee Chairman The remuneration of the senior management included their salary, bonus, and other remuneration (income tax, house rental, and children没s school fees). During the years 2005 and 2004, the Company (and subsidiary) paid the remuneration to senior management (including the Executive Directors) as follows:

Name of Director and Management 1. Mr. Khalid Moinuddin Hashim 2. Mr. Munir Moinuddin Hashim 3. Mr. Khushroo Kali Wadia 4. Mr. Jaipal Mansukhani 5. Mr. Shrilal Gopinathan 6. Mr. Koka Venkataramana Sudhakar 7. Mr. Kodakara Veettil Murali Menon 8. Mr. Neelakantan Vasudevan 9. Mr. Stephen Korah 10. Mr. Kamal Kumar Dua 11. Ms. Somprathana Thepnapaplern 12. Mr. Kiran Kesarinath Vaidya 13. Mr. Yingyong Kanghae

Amount (In million Baht) 2005 2004

Position Managing Director Director (Commercial) Director (Finance) Director (full time employed in the Company没s subsidiary) Vice President (Commercial) Vice President (Fleet Management) Vice President (Technical) Vice President (Risk Management) Vice President (International Safety Management) Vice President (Information Technology) Assistant Vice President (Finance & Accounts) Senior Manager (Accounts & MIS) Senior Manager - Group Accounts

10.90 10.89 10.70 10.37

7.85 8.36 7.13 7.60

6.64 6.87 6.39 5.79 5.30

4.97 4.80 5.38 4.61 3.45

5.18 2.52

4.22 1.77

3.77 1.68

2.97 1.19

Annual Report 2005 卤 Precious Shipping Public Company Limited

°“√‡∑’¬∫‡§’¬ß§à“µÕ∫·∑π°√√¡°“√∫√‘…∑— ·≈–°√√¡°“√∫√‘À“√·≈–/À√◊ÕºŸ∫â √‘À“√°—∫§à“‡©≈’¬Ë ‚¥¬∑—«Ë ‰ª ·≈–§à“‡©≈’¬Ë ¢Õß°≈ÿ¡à ∏ÿ√°‘® ∫√‘°“√·≈–¢π àß ¡’¥ß— √“¬≈–‡Õ’¬¥¢â“ß≈à“ßπ’È Àπà«¬ : æ—π∫“∑µàÕ§πµàÕªï **∫√‘…—∑®¥∑–‡∫’¬π √“¬°“√

*æ’‡Õ ·Õ≈ 2548

2547

∫√‘…—∑®¥∑–‡∫’¬π ∫√‘…—∑®¥∑–‡∫’¬π∑’¡Ë √’ “¬‰¥â∑ß—È ªï ∫√‘…—∑®¥∑–‡∫’¬π∑—ßÈ À¡¥ „π°≈ÿ¡à ∫√‘°“√/¢π àß √–À«à“ß 5,001 - 10,000 ≈â“π∫“∑ §à“µË” ÿ¥ §à“‡©≈’¬Ë §à“ Ÿß ÿ¥ §à“µË” ÿ¥ §à“‡©≈’¬Ë §à“ Ÿß ÿ¥ §à“µË” ÿ¥ §à“‡©≈’¬Ë §à“ Ÿß ÿ¥

ª√–∏“π°√√¡°“√

660.00 600.00

50.00

758.50 4,224.00 12.00

616.80 4,224.00 240.00 1,271.40 4,224.00

°√√¡°“√∫√‘À“√

275.00 250.00

24.00

154.60

276.99 1,728.00

°√√¡°“√‰¡à∫√‘À“√

275.00 250.00

50.00

264.41 1,000.00 12.00

480.00 12.00

24.00

326.33 720.00

300.99 1,728.00 120.00

379.73 984.00

***∫√‘…—∑®¥∑–‡∫’¬π √“¬°“√

*æ’‡Õ ·Õ≈ 2548

°√√¡°“√∫√‘…∑— ºŸ∫â √‘À“√∫√‘…∑— √«¡

2547

∫√‘…—∑®¥∑–‡∫’¬π„π°≈ÿ¡à ¢π àß ·≈–‚≈®‘ µ‘° å §à“µË” ÿ¥

∫√‘…—∑®¥∑–‡∫’¬π∑—ßÈ À¡¥

§à“‡©≈’¬Ë §à“ Ÿß ÿ¥ §à“µË” ÿ¥ §à“‡©≈’¬Ë

354.75 313.13 133.33 778.46 2,192.67 6,692.31 4,946.15 925.00 4,174.19 9,028.57 7,047.06 5,259.28 1,058.33 4,952.65 11,221.24

0 0 0

§à“ Ÿß ÿ¥

∫√‘…—∑®¥∑–‡∫’¬π∑’¡Ë °’ ”‰√ ÿ∑∏‘ ∑—ßÈ ªï µ—ßÈ ·µà 1,000 ≈â“π∫“∑ ·µàπÕâ ¬°«à“ 10,000 ≈â“π∫“∑ §à“µË” ÿ¥ §à“‡©≈’¬Ë §à“ Ÿß ÿ¥

475.57 9,400.00 0 1,026.07 9,400.00 3,052.26 35,806.00 238.75 5,950.98 35,806.00 3,527.83 45,206.00 238.75 6,977.05 45,206.00

* ‡ªìπ§à“µÕ∫·∑π¢Õß∫√‘…∑— œ∑’®Ë “à ¬„π·µà≈–ªï ** ¢âÕ¡Ÿ≈®“°√“¬ß“π°“√ ”√«®§à“µÕ∫·∑π°√√¡°“√‰∑¬ ”À√—∫ªï 2547 ´÷ßË ®—¥∑”‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√ ∫√‘…∑— ‰∑¬ *** ¢âÕ¡Ÿ≈®“°√“¬ß“π§à“µÕ∫·∑π°√√¡°“√·≈–ºŸ∫â √‘À“√¢Õß∫√‘…∑— ®¥∑–‡∫’¬π ”À√—∫ªï 2547 ´÷ßË ®—¥∑”‚¥¬µ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬

11. °“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√¡’°“√ª√–™ÿ¡‚¥¬ª°µ‘‡ªìπª√–®”∑ÿ°‰µ√¡“ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘¡Ë µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√°”Àπ¥«“√–°“√ ª√–™ÿ¡Õ¬à“ß™—¥‡®π ≈à«ßÀπâ“ ·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ΩÉ“¬‡≈¢“πÿ°“√∫√‘…∑— ‰¥â®¥— àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√ª√–°Õ∫°“√æ‘®“√≥“„π·µà≈–«“√–°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ßπâÕ¬ 7 «—π ‡æ◊ÕË „Àâ§≥–°√√¡°“√ ‰¥â¡‡’ «≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡ ‚¥¬ª°µ‘°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…∑— ®–¡’¢π÷È ¿“¬À≈—ß®“°°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ 7 ∂÷ß 10 «—π ∑—ßÈ π’‡È æ◊ÕË „Àâ√“¬ß“π °“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√µ√«® Õ∫‰¥â∂Ÿ°‡ πÕ‡¢â“‰ª„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ„Àâ§≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“·≈– √—∫∑√“∫ πÕ°®“°π’È‰¥â¡°’ “√®¥∫—π∑÷°°“√ª√–™ÿ¡·≈–®—¥∑”Õ¬à“ß‡ªìπ≈“¬≈—°…≥åÕ°— …√ ¡’°“√µ√«® Õ∫·≈–√—∫√Õß√“¬ß“π°“√ª√–™ÿ¡¥—ß°≈à“« ®“°§≥–°√√¡°“√∫√‘…∑— ‚¥¬‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…∑— ‡ªìπºŸ®â ¥— ‡°Á∫√“¬ß“π°“√ª√–™ÿ¡ æ√âÕ¡„Àâ§≥–°√√¡°“√∫√‘…∑— ·≈–ºŸ∑â ‡’Ë °’¬Ë «¢âÕß µ√«® Õ∫‰¥â ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—ßÈ ®–„™â‡«≈“ª√–¡“≥ 2-3 ™—«Ë ‚¡ß ‚¥¬„πªï 2548 ∑’ºË “à π¡“ §≥–°√√¡°“√∫√‘…∑— ¡’°“√ª√–™ÿ¡µ“¡«“√– ª°µ‘®”π«π 4 §√—ßÈ ·≈–‰¡à¡°’ “√ª√–™ÿ¡µ“¡«“√–æ‘‡»… „π¢≥–∑’ªË ï 2547 §≥–°√√¡°“√¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘®”π«π 4 §√—ßÈ ·≈– ª√–™ÿ¡µ“¡«“√–æ‘‡»… 1 §√—ßÈ ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√∫√‘…∑— ·µà≈–∑à“π √ÿª‰¥â¥ß— π’È 62 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The comparison of remuneration of directors and management between the Company with other listed companies and listed companies in the service/transportation sector is as follows: Unit : Thousand Baht/Person/Year **Other listed Companies Description The Chairman Executive Director Non-Executive Director

*PSL

Listed Companies in Service All Listed Companies /Transportation Sector 2005 2004 Min. Mean Max. Min. Mean Max. 660.00 600.00 50.00 758.50 4,224.00 12.00 616.80 4,224.00 275.00 250.00 24.00 154.60 480.00 12.00 276.99 1,728.00 275.00 250.00

50.00

264.41 1,000.00 12.00

300.99 1,728.00 120.00

***Other listed Companies Description

*PSL 2005

Directors Management Total

2004

Transportation & Logistics Sector Min. Mean Max.

354.75 313.13 133.33 778.46 2,192.67 6,692.31 4,946.15 925.00 4,174.19 9,028.57 7,047.06 5,259.28 1,058.33 4,952.65 11,221.24

All Listed Companies Min. 0 0 0

Listed Companies with annual revenue 5,001 - 10,000 MB Min. Mean Max. 240.00 1,271.40 4,224.00 24.00 326.33 720.00

Mean

Max.

379.73 984.00

Listed Companies with annual profit over 1,000 but less than 10,000 MB Min. Mean Max.

475.57 9,400.00 0 1,026.07 9,400.00 3,052.26 35,806.00 238.75 5,950.98 35,806.00 3,527.83 45,206.00 238.75 6,977.05 45,206.00

* PSLûs figures are actuals of respective years ** From Thai Director Compensation Survey report for the year 2004 by Thai Institute of Directors *** From SETûs Remuneration report for the year 2004 11. Board of Directorsû Meetings

The Board of Directorsû meetings are held quarterly on a regular basis, but extraordinary meetings if required may be called. The meeting has the specific agenda, which would include the review of the Companyûs 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 Directorsû 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. The Board of Directorsû meetings normally take around 2-3 hours. In the year 2005, the Board of Directors held 4 ordinary meetings (2004: 4 ordinary meetings) and no Extraordinary meetings (2004: 1 Extraordinary meeting). The record of attendance of the Directors is summarized as follows:

Annual Report 2005 ± Precious Shipping Public Company Limited

™◊ÕË °√√¡°“√ 1. æ≈‡√◊Õ‡Õ° ¥√.Õ”π“® ®—π∑π¡—Æ∞–

2. π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3. π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 4. π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ 5. π“¬‰®ª“≈ ¡—π ÿ¢“π’ 6. æ≈µ”√«®‚∑ ‡°’¬√µ‘»°— ¥‘Ï ª√–¿“«—µ 7. π“¬™’√– ¿“≥ÿæß»å 8. π“¬∏’√– «‘¿™Ÿ π‘π 9. π“¬ ÿæ≤ — πå »‘«–»√’Õ”‰æ 10. π“ß “«π‘™µ‘ “â ™“Àå

°“√‡¢â“√à«¡ª√–™ÿ¡ / °“√ª√–™ÿ¡∑—ßÈ À¡¥ (§√—ßÈ ) ªï 2548 ªï 2547 °“√ª√–™ÿ¡ µ“¡«“√–ª°µ‘

°“√ª√–™ÿ¡ µ“¡«“√–ª°µ‘

°“√ª√–™ÿ¡ µ“¡«“√–æ‘‡»…

4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4

1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1

12. §≥–Õπÿ°√√¡°“√ §≥–°√√¡°“√∫√‘…∑— ‰¥â·µàßµ—ßÈ §≥–°√√¡°“√µ√«® Õ∫ ´÷ßË ∂◊Õ‡ªìπ à«πÀπ÷ßË ¢Õßπ‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ¢’ Õß∫√‘…∑— œ ‚¥¬ √“¬≈–‡Õ’¬¥¢Õß ¡“™‘°¢Õß§≥–°√√¡°“√µ√«® Õ∫ µ≈Õ¥®πÀπâ“∑’·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‘®“√≥“§à“µÕ∫·∑π·≈–§≥–°√√¡°“√ √√À“ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â°”Àπ¥π‚¬∫“¬ §à“µÕ∫·∑π°√√¡°“√‰«âÕ¬à“ß™—¥‡®π ¬ÿµ∏‘ √√¡·≈–‚ª√àß„ ¥—ß∑’Ë‰¥â°≈à“«‰«â·≈â«„π√“¬ß“π©∫—∫π’¿È “¬„µâÀ«— ¢âÕ ç§à“µÕ∫·∑π°√√¡°“√·≈– ºŸ∫â √‘À“√é ”À√—∫°“√ √√À“°√√¡°“√π—πÈ ‡ªìπ§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√∑—ßÈ §≥– ´÷ßË ¡’ ¥— à«π¢Õß°√√¡°“√Õ‘ √–‡ªìπ°÷ßË Àπ÷ßË ¢Õß°√√¡°“√ ∑—ßÈ §≥– ∑”„Àâ¡π—Ë „®‰¥â«“à °“√ √√À“°√√¡°“√¢Õß∫√‘…∑— œ‡ªìπ‰ªÕ¬à“ß‚ª√àß„

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…∑— œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π√–¥—∫ªØ‘∫µ— ß‘ “π‡æ◊ÕË „Àâ°“√¥”‡π‘πß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ®÷ß‰¥â°”Àπ¥ Õ”π“® Àπâ“∑’Ë „π°“√¥”‡π‘πß“π¢ÕßºŸªâ Ø‘∫µ— ß‘ “π ºŸ∫â √‘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√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ÕË √—°…“‰«â´ß÷Ë °“√ ∂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‡ πÕºŸ∫â √‘À“√ “¬ß“π∑’√Ë ∫— º‘¥™Õ∫ ∫√‘…—∑œ ¡’ΩÉ“¬µ√«® Õ∫¿“¬„π∑”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·µà≈–·ºπ°·≈–√“¬ß“πº≈µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫‡æ◊ÕË „ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π¡’§«“¡‡ªìπÕ‘ √–®“°ºŸ∫â √‘À“√ ”À√—∫°“√§«∫§ÿ¡¿“¬„π∑’‡Ë °’¬Ë «¢âÕß°—∫∑“ß°“√‡ß‘π·≈–∫—≠™’ ∫√‘…∑— œ‰¥â®¥— „Àâ¡√’ –∫∫√“¬ß“π∑’™Ë ¥— ‡®π·≈–‡æ’¬ßæÕ‡ πÕºŸ∫â √‘À“√ “¬ß“π∑’√Ë ∫— º‘¥™Õ∫ ∑—ßÈ π’‡È æ◊ÕË „Àâ∫√√≈ÿ«µ— ∂ÿª√– ß§å¥ß— µàÕ‰ªπ’È 1. ‡æ◊ÕË §«“¡¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√ªØ‘∫µ— ß‘ “π √«¡∑—ßÈ °“√„™â∑√—æ¬“°√∑’¡Ë Õ’ ¬ŸÕà ¬à“ß®”°—¥‡æ◊ÕË °àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…∑— œ 2. ‡æ◊ÕË §«“¡∂Ÿ°µâÕß ‡™◊ÕË ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß√“¬ß“π∑“ß°“√‡ß‘π

64 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Name of Director 1. Admiral Dr. Amnad Chandanamattha 2. Mr. Khalid Moinuddin Hashim 3. Mr. Munir Moinuddin Hashim 4. Mr. Khushroo Kali Wadia 5. Mr. Jaipal Mansukhani 6. Police Lt.Gen Kiattisak Prabhavat 7. Mr. Chira Panupong 8. Mr. Thira Wipuchanin 9. Mr. Suphat Sivasriaumphai 10. Miss Nishita Shah

Attendance / Total Meetings (Times) Year 2005 Year 2004 Ordinary Ordinary Extraordinary Meeting Meeting Meeting 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4

4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4

1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1

12. Committee

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 çManagement Structureé and çAudit Committee Reporté. Currently, the Company does not have a Remuneration Committee but the Company has a clear and transparent directorsû remuneration policy as explained under the section on çDirectors and Management Remunerationé. The Company does not have a Nomination Committee but the Board of Directors is responsible for the nomination of the members of Board of Director and the Board believes that the process of nomination is transparent and fair, particularly because half of Board of Directors are Independent Directors. 13. Controlling System and Internal Audit

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 Companyûs 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 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. 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. Annual Report 2005 ± Precious Shipping Public Company Limited

3. ‡æ◊ÕË „Àâ°“√ªØ‘∫µ— ß‘ “π¢Õß∫√‘…∑— œ ‡ªìπ‰ªµ“¡°Æ√–‡∫’¬∫ ¢âÕ∫—ß§—∫ √«¡∑—ßÈ °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—°…√ ‡æ◊ËÕ„Àâæπ—°ß“π∑ÿ°§π‰¥âµ√–Àπ—°·≈–¬÷¥∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘‡π◊ËÕß®“°∫√‘…—∑œ µ√–Àπ—° ‡ªìπÕ¬à“ß¥’«“à °“√∑”ß“π¿“¬„µâ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡∑’¥Ë π’ π—È ®– àßº≈„Àâ°“√ªØ‘∫µ— ß‘ “π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈– °àÕ„Àâ‡°‘¥ª√–‚¬™πå ßŸ ÿ¥µàÕ∫√‘…∑— œ √«¡∑—ßÈ ºŸ∑â ‡’Ë °’¬Ë «¢âÕß∑ÿ°ΩÉ“¬ 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√“¬ ∑’ÕË “® √â“ß§«“¡‡ ’¬À“¬„Àâ·°à∫√‘…∑— œ ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß°”Àπ¥„Àâ¡°’ “√ª√–‡¡‘π§«“¡‡ ’¬Ë ßÕÕ°‡ªìπ 2 √–¥—∫‡ªìπª√–®”∑ÿ°ªï §◊Õ§«“¡‡ ’¬Ë ß „π√–¥—∫Õß§å°√´÷ßË °”°—∫¥Ÿ·≈‚¥¬ºŸ∫â √‘À“√√–¥—∫ Ÿß ·≈–§«“¡‡ ’¬Ë ß„π√–¥—∫°‘®°√√¡´÷ßË ‡ªìπ§«“¡√—∫º‘¥™Õ∫√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π ·≈–ºŸªâ Ø‘∫µ— ß‘ “π∑ÿ°ΩÉ“¬ §«“¡‡ ’¬Ë ß„π√–¥—∫Õß§å°√‰¥â∂°Ÿ ‡ªî¥‡º¬‰«â·≈â«„π√“¬ß“πª√–®”ªïπ’È à«π§«“¡‡ ’¬Ë ß„π√–¥—∫°‘®°√√¡π—πÈ ®–‡ªìπ°“√ ª√–‡¡‘π√à«¡°—π√–À«à“ßΩÉ“¬µ√«® Õ∫¿“¬„π´÷ßË ¡’§«“¡‡ªìπÕ‘ √–°—∫ºŸªâ Ø‘∫µ— ß‘ “π„π·µà≈–°‘®°√√¡´÷ßË ¡’§«“¡™”π“≠°“√·≈–‡¢â“„®‡ªìπÕ¬à“ß¥’ ∂÷ß°√–∫«π°“√∑”ß“π ·≈–π”‡ πÕºŸ∫â √‘À“√√–¥—∫ Ÿß‡æ◊ÕË æ‘®“√≥“ ∑—ßÈ π’‡È æ◊ÕË „Àâº≈°“√ª√–‡¡‘π§«“¡‡ ’¬Ë ß‰¥â –∑âÕπ∂÷ß§«“¡‡ ’¬Ë ß∑’·Ë ∑â®√‘ß∑’Ë Õ“®°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ·≈–‡æ◊ÕË „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 ∑’ÕË “®®–‡°‘¥¢÷πÈ ∑—ßÈ π’‡È æ◊ÕË ‡ªìπ°“√≈¥·≈–°√–®“¬ §«“¡‡ ’¬Ë ßµà“ßÊ „Àâ ßà º≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ πâÕ¬∑’ Ë ¥ÿ √«¡∑—ßÈ ‡æ◊ÕË „Àâ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈ 4. “√ π‡∑»·≈–°“√ ◊ÕË “√ (Information & Communication) ∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫§«“¡∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â·≈–∑—π‡«≈“¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»µà“ßÊ ∑—Èßπ’È‡æ◊ËÕ„Àâ°“√µ—¥ ‘π„® ‡√◊ÕË ßµà“ßÊ ‡ªìπ‰ªÕ¬à“ß∂Ÿ°µâÕß ·¡àπ¬” ·≈–√«¥‡√Á«‚¥¬®—¥„Àâ¡™’ Õà ß∑“ß°“√ ◊ÕË “√∑—ßÈ ¿“¬„π·≈–¿“¬πÕ°∫√‘…∑— œ Õ¬à“ß‡ªìπ√–∫∫·≈–¡’ ª√– ‘∑∏‘¿“æ ”À√—∫°“√µ‘¥µàÕ ◊ÕË “√¿“¬„π∫√‘…∑— œ ®–ºà“π√–∫∫ Intranet æπ—°ß“π„π∑ÿ°√–¥—∫™—πÈ √«¡∑—ßÈ ºŸ∫â √‘À“√√–¥—∫ Ÿß “¡“√∂‡¢â“ ∂÷ß°—π‰¥âÕ¬à“ß –¥«° √«¥‡√Á«‡æ◊ÕË „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 ¡’™Õà ß∑“ß°“√µ‘¥µàÕ ◊ÕË “√ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢Õâ ¡Ÿ≈µà“ßÊ ¢Õß µ≈“¥À≈—°∑√—æ¬å ‡«Á∫‰´µå¢Õß∫√‘…∑— œ √«¡∑—ßÈ ºŸ∫â √‘À“√¢Õß∫√‘…∑— œ ‡Õß°Áæ√âÕ¡∑’®Ë –µÕ∫¢âÕ´—°∂“¡„πª√–‡¥Áπµà“ßÊ ®“°π—°≈ß∑ÿπ√«¡∑—ßÈ ºŸ¡â ’ à«π‰¥â‡ ’¬Õ◊πË Ê 5. °“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈ (Monitoring & Evaluation) ∫√‘…∑— œ °”Àπ¥¡“µ√°“√„π°“√µ‘¥µ“¡·≈–ª√–‡¡‘πº≈°“√ªØ‘∫µ— ß‘ “π ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È √–¥—∫°“√ª√–‡¡‘π æπ—°ß“π À—«Àπâ“·ºπ° ºŸ∫â √‘À“√√–¥—∫ Ÿß

ºŸªâ √–‡¡‘π À—«Àπâ“·ºπ° ºŸ∫â √‘À“√√–¥—∫ Ÿß §≥–°√√¡°“√∫√‘…∑—

§«“¡∂’¢Ë Õß°“√µ‘¥µ“¡ ·≈–ª√–‡¡‘πº≈°“√∑”ß“π (µàÕªï) Õ¬à“ßπâÕ¬ 1 §√—ßÈ Õ¬à“ßπâÕ¬ 1 §√—ßÈ Õ¬à“ßπâÕ¬ 4 §√—ßÈ

º≈®“°°“√µ‘¥µ“¡·≈–°“√ª√–‡¡‘π ∑’Ë ‰¥â®–∂Ÿ°π”‰ª°”Àπ¥‡ªìπ·ºπ‡™‘ß°≈¬ÿ∑∏å‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¡’ª√– ‘∑∏‘¿“æ·≈– ª√– ‘∑∏‘º≈¬‘ßË ¢÷πÈ

66 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

3. Full compliance with the Companyûs 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 recognised by the staff of the Company as the basis of working. The Company recognizes that the Control Environment will lead to efficiency and effectiveness of work and bring out the best benefits to the Company. 2. Risk Assessment The Company recognizes the importance of Risk assessment as a 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 Companyûs Annual report, 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 Companyûs 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. 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/distribute all risks of the Company with a view to ensuring efficiency and effectiveness of operations. 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 enabling the efficiency and effectiveness of communication and to achieve the Companyûs objectives. For the external channel, the Company provides the information though the channel of SET, the Companyûs web site and the Companyûs 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:

Level Staff Head of Department Management

Monitored and Evaluated by

The frequency of monitoring and evaluation (per year)

Head of Department Management Board of Directors

At least 1 time At least 1 time At least 4 times

The results of monitoring and evaluation are considered while setting up the Companyûs strategic plans.

Annual Report 2005 ± Precious Shipping Public Company Limited

14. √“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…∑— ‡ªìπºŸ√â ∫— º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’ªË √“°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√–®”ªï π’·È ≈â«

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ §≥–°√√¡°“√„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’¡Ë §’ «“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ∑—ßÈ √“¬ß“π¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π·≈–¢âÕ¡Ÿ≈ ∑—«Ë ‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’ÕË “®¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…∑— œ ‚¥¬‰¥â‡º¬·æ√à¢Õâ ¡Ÿ≈¢à“« “√µà“ßÊ ¥—ß°≈à“«‡æ◊ÕË „Àâº≈Ÿâ ß∑ÿπ ·≈–ºŸ∑â ‡’Ë °’¬Ë «¢âÕß√—∫∑√“∫ ‚¥¬ºà“π™àÕß∑“ß°“√‡º¬·æ√à¢Õâ ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡«Á∫‰´µå¢Õß∫√‘…∑— œ ®¥À¡“¬·®âß¢à“«·≈–®“° °“√µ‘¥µàÕ°—∫°√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— œ „Àâ§«“¡ ”§—≠µàÕºŸ≈â ß∑ÿπ ¥—ßπ—πÈ ºŸ∫â √‘À“√√–¥—∫ Ÿß®–‡ªìπºŸ√â ∫— º‘¥™Õ∫„π à«π∑’‡Ë °’¬Ë «°—∫°“√∫√‘°“√ π—°≈ß∑ÿπ¥â«¬ ∫√‘…∑— œ ‰¥â°”Àπ¥∫ÿ§§≈‡æ◊ÕË „Àâ∫√‘°“√¢âÕ¡Ÿ≈¢à“« “√ ”À√—∫ºŸ≈â ß∑ÿπ ºŸ∂â Õ◊ Àÿπâ π—°«‘‡§√“–Àå·≈–ª√–™“™π∑—«Ë ‰ª ´÷ßË ¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È §ÿ≥§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ °√√¡°“√ºŸ®â ¥— °“√∫√‘…∑— ‚∑√»—æ∑å 66 2696 8801 Õ’‡¡≈å kh@preciousshipping.com §ÿ≥§Ÿ™√Ÿ §“≈’ «“‡¥’¬ °√√¡°“√∫√‘À“√ ‚∑√»—æ∑å 66 2696 8836 Õ’‡¡≈å kw@preciousshipping.com §ÿ≥ ÿ∏“¥“ ‡¡¶√ÿßà ‡√◊Õß°ÿ≈ ºŸ®â ¥— °“√Õ“«ÿ‚ - °‘®°“√ —¡æ—π∏å ‚∑√»—æ∑å 66 2696 8820 Õ’‡¡≈å corp@preciousshipping.com §ÿ≥ ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π ºŸ™â «à ¬ºŸÕâ ”π«¬°“√ (°“√‡ß‘π·≈–∫—≠™’) ‚∑√»—æ∑å 66 2696 8856 Õ’‡¡≈å som@preciousshipping.com ∫√‘…∑— œ ‰¥â‡¢â“√à«¡°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏åµ“à ßÊ ¡“°¡“¬ ‚¥¬°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏å∑ ’Ë ”§—≠Ê ‰¥â√–∫ÿ‰«â·≈â«„π√“¬ß“π®“° §≥–°√√¡°“√ ”À√—∫√“¬≈–‡Õ’¬¥¢Õß°‘®°√√¡π—°≈ß∑ÿπ —¡æ—π∏å„π™à«ß “¡ªï∑º’Ë “à π ¡’¥ß— π’È ªï / ®”π«π§√—ßÈ

æ∫ª–°—∫ π—°«‘‡§√“–Àå

æ∫ª–°—∫ π—°≈ß∑ÿπ

°“√π”‡ πÕ (Presentations)

°“√„Àâ ¡— ¿“…≥å ·°àÀπ—ß ◊Õæ‘¡æå·≈–∑’«’

√«¡

2548 2547 2546

43 27 19

23 18 16

16 10 7

5 7 4

87 62 46

68 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

14. Board of Directorsû Report

The Board of Directors is responsible for the Company and its subsidiariesû financial statements and financial information presented in this Annual report. The Report of the Board of Directorsû Responsibilities for Financial Statements is presented along with the audit report in this Annual report. 15. Relations with investors

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 Companyûs website and through regular newsletters and communications from the Managing Director. While the Company undertakes investor relations at the top management level, the Company has also designated the persons as the contact points in the Company to service investors, shareholders, analysts and public as under: Mr. Khalid Moinuddin Hashim Managing Director Telephone 66 2696 8801 email at kh@preciousshipping.com Mr. Khushroo Kali Wadia Executive Director Telephone 66 2696 8836 email at kw@preciousshipping.com Khun Sutada Mekrungruengkul Senior Manager-Corporate Affairs Telephone 66 2696 8820 email at corp@preciousshipping.com Khun Somprathana Thepnapaplern AVP (Finance & Account) Telephone 66 2696 8856 email at som@preciousshipping.com The Company has joined many events for press/analysts briefings, which are attended personally by the Managing Director. Some of the major events in which the Company participated have been enumerated in the Board of Directorsû Report. Details of number of press/analysts and other company presentations in which the Company participated during the last three years are summarised as under:

Year / Times

Analyst Meetings

Investor Meetings

Presentations

Press & TV Interview

Total

2005 2004 2003

43 27 19

23 18 16

16 10 7

5 7 4

87 62 46

Annual Report 2005 ± Precious Shipping Public Company Limited

ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë ”§—≠ ∫√‘…∑— œ ‰¥â·∫àßª√–‡¿∑ªí®®—¬§«“¡‡ ’¬Ë ß ”§—≠Ê ∑’ÕË “®‡°‘¥¢÷πÈ °—∫∫√‘…∑— œ ‡ªìπ 3 ª√–‡¿∑ ª√–°Õ∫¥â«¬§«“¡‡ ’¬Ë ß®“°°“√¥”‡π‘π ∏ÿ√°‘® §«“¡‡ ’¬Ë ß∑“ß°“√‡ß‘π·≈–§«“¡‡ ’¬Ë ß∑“ß°“√µ≈“¥ ´÷ßË ªí®®—¬§«“¡‡ ’¬Ë ß„π·µà≈–ª√–‡¿∑¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È

§«“¡‡ ’Ë¬ß®“°°“√¥”‡π‘πß“π „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 ‘ßË ·«¥≈âÕ¡ §«“¡ Ÿ≠À“¬À√◊Õ‡ ’¬À“¬¢Õß ‘π§â“·≈–∑√—æ¬å π‘ µà“ßÊ ·≈–°“√ –¥ÿ¥À¬ÿ¥≈ß¢Õß∏ÿ√°‘®Õ—π‡°‘¥¡“®“°‡§√◊ÕË ß¬πµå°≈‰°¢—¥¢âÕß §«“¡º‘¥æ≈“¥¢Õß‡®â“Àπâ“∑’Ë °“√‡§≈◊ÕË π‰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°“√≥åÕπ◊Ë „¥ ∑’ÕË “®®–‡°‘¥¢÷πÈ ´÷ßË ‘ßË ‡À≈à“π’®È –π”‰ª Ÿµà πâ ∑ÿπ°“√¥”‡π‘πß“π∑’‡Ë æ‘¡Ë ¢÷πÈ À√◊Õ°“√ Ÿ≠‡ ’¬√“¬‰¥â Õ¬à“ß‰√°Áµ“¡‡®â“¢Õß‡√◊ÕÀ√◊ÕºŸªâ √–°Õ∫°“√ ‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈®–¡’°“√ª√–°—π§«“¡‡ ’¬Ë ßµà“ßÊ ‚¥¬¡’°“√∑”ª√–°—π¿—¬‰«â°∫— ∫√‘…∑— ª√–°—π¿—¬∑’‡Ë ªìπ “°≈·≈–®–§√Õ∫§≈ÿ¡§«“¡‡ ’¬Ë ß ∑—ßÈ À¡¥ ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß‰¥â∑”ª√–°—π¿—¬‡æ◊ÕË §ÿ¡â §√Õß§«“¡‡ ’¬Ë ß¿—¬µà“ßÊ ∑’°Ë ≈à“«¡“¢â“ßµâππ’‡È Õ“‰«â·≈â« °“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ¢÷πÈ Õ¬Ÿ°à “√‡ª≈’¬Ë π·ª≈ß¢Õß°ÆÀ¡“¬ªÑÕß°—π ‘ßË ·«¥≈âÕ¡·≈–°Ø√–‡∫’¬∫æ“≥‘™¬åπ“«’¥“â πÕ◊πË Ê °“√∑’Ë µâÕß¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬‡À≈à“π’¡È §’ «“¡‡ ’¬Ë ß„π¥â“π∑’ÕË “®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 ∑’µË Õâ ß°“√∫ÿ§§≈ ∑’¡Ë §’ «“¡√Ÿ·â ≈–ª√– ∫°“√≥å„π∏ÿ√°‘®°“√‡¥‘π‡√◊Õ °“√∑’µË Õâ ßÀ“·≈–√—°…“‰«â´ß÷Ë ∫ÿ§≈“°√‡À≈à“π—πÈ ‡ªìπ ‘ßË ”§—≠„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â¡π’ ‚¬∫“¬∑’¬Ë µÿ ∏‘ √√¡·≈–‡À¡“– ¡µàÕæπ—°ß“π ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß‰¥âª√– ∫§«“¡ ”‡√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¡“¬∑—ßÈ µàÕ∫√‘…∑— œ ·≈–ºŸ∫â √‘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◊ÕË „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 °≈à“«§◊Õ„π°√≥’°“√‡¥‘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—πÈ ‰¥â√«¡§à“πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß∑’‡Ë æ‘¡Ë ¢÷πÈ ‰«â¥«â ¬

§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π √“¬‰¥â·≈–§à“„™â®“à ¬ à«π„À≠à¢Õß∫√‘…∑— œ ®–‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞ √«¡∑—ßÈ ‘π∑√—æ¬å∂“«√ à«π„À≠à¢Õß∫√‘…∑— œ §◊Õ‡√◊Õ‡¥‘π∑–‡≈ °Á¡æ’ π◊È ∞“π‡ªìπ‡ß‘π¥Õ≈≈à“√å À√—∞ ‡π◊ÕË ß®“°‡√◊Õ‡¥‘π∑–‡≈¡’µ≈“¥°“√´◊ÕÈ ¢“¬ “°≈∑’‡Ë ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞ ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß¡’§«“¡‡ ’¬Ë ß µàÕ°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π‡ß‘πµ√“µà“ßª√–‡∑»®“°Àπ’ È π‘ ¢Õß∫√‘…∑— œ ∑’ÕË ¬Ÿà„π√Ÿª °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑»Õ◊πË ∑’¡Ë ‘„™à‡ß‘π¥Õ≈≈à“√å À√—∞ °≈à“«§◊ÕÀπ’ È π‘ ∑’ÕË ¬Ÿà„π√Ÿª °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑»Õ◊πË ∑’¡Ë ‘„™à‡ß‘π¥Õ≈≈à“√å À√—∞‡¡◊ÕË ‡∑’¬∫‡∑à“‡ªìπ‡ß‘π¥Õ≈≈à“√å À√—∞Õ“®‡æ‘¡Ë ¢÷πÈ À√◊Õ≈¥≈ßµ“¡ Õ—µ√“·≈°‡ª≈’¬Ë π ∫√‘…∑— œ µ√–Àπ—°¥’∂ß÷ §«“¡‡ ’¬Ë ß®“°Õ—µ√“·≈°‡ª≈’¬Ë ππ’¥È ß— π—πÈ ‰¥âæ¬“¬“¡≈¥§«“¡‡ ’¬Ë ß®“° °ÿ≈‡ß‘πÕ◊πË Ê ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ ‰¡à¡À’ π’‡È ß‘π°Ÿ‡â ªìπ‡ß‘π °ÿ≈Õ◊πË Ê ‡À≈◊ÕÕ¬Ÿ¬à °‡«âπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞ Õ’°∑—ßÈ ∫√‘…∑— œ ¡’°“√¥”√ß‡ß‘π ¥„π∫—≠™’ ∏π“§“√‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞‡°◊Õ∫∑—ßÈ À¡¥ ‡æ◊ÕË ‰¡à„Àâ‡°‘¥§«“¡‡ ’¬Ë ß®“°°“√¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π°—∫∫—≠™’‡À≈à“π’‡È ¡◊ÕË ‡∑’¬∫‡ªìπ ‡ß‘π¥Õ≈≈à“√å À√—∞ Õ¬à“ß‰√°Á¥°’ §Á «√µ√–Àπ—°«à“∫√‘…∑— œ ¡’§«“¡‡ ’¬Ë ß®“°¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π‡ªìπ °ÿ≈‡ß‘π∫“∑∑’¡Ë “®“°°“√·ª≈ß§à“ 70 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

SIGNIFICANT RISK FACTORS

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: 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 the risk of realising a Foreign Exchange loss in respect of its liabilities in any currency other than US Dollars. The US Dollar equivalent figure of such Ă§Non-USDĂŠ denominated debt may increase or decrease with a fluctuation in the respective exchange rate. In recognition of this risk, the Company has attempted to maintain least possible exposure in other currencies and accordingly as on 31st December 2005 the Company did not have any funded debt denominated in any currency other than US Dollars. The Company also maintains almost all its Bank balances in US Dollars whereby there is no risk of realising any loss on these balances, in US Dollar terms. However, it must be noted that the Company is exposed to an exchange loss in Thai Baht terms on translation of its US Dollar denominated Assets, Liabilities, Income and Expenses, but, almost the whole of this loss remains unrealised as the same arises only out of the Currency translation from US Dollars to Thai Baht in the Thai Baht Financial Statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

‘π∑√—æ¬å Àπ’ È π‘ √“¬‰¥â ·≈–§à“„™â®“à ¬µà“ßÊ ¢Õß∫√‘…∑— œ ∑’ÕË ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑ ·µà‡°◊Õ∫∑—ßÈ À¡¥¢Õß°“√¢“¥∑ÿππ’È ‡ªìπ°“√¢“¥∑ÿπ∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß‡π◊ÕË ß®“°‡ªìπ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π„π°“√·ª≈ß§à“‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑„πß∫°“√‡ß‘π ∫“∑‡∑à“π—πÈ ‡ß‘π°Ÿ¡â À’ ≈—°ª√–°—π¢Õß∫√‘…∑— œ ®–¡’Õµ— √“¥Õ°‡∫’¬È ≈Õ¬µ—«µ“¡Õ—µ√“ LIBOR (Õ—µ√“¥Õ°‡∫’¬È √–À«à“ß∏π“§“√„π°√ÿß≈Õπ¥Õπ) ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß¡’§«“¡‡ ’¬Ë ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’¬È Õ—π‡π◊ÕË ß¡“®“°°“√‡ª≈’¬Ë π·ª≈ß¢ÕßÕ—µ√“¥Õ°‡∫’¬È LIBOR ∫√‘…∑— œ ‰¥âµ¥‘ µ“¡ §«“¡‡§≈◊ÕË π‰À«·≈–‡ΩÑ“√–«—ßÕ—µ√“¥Õ°‡∫’¬È „πµ≈“¥‡ß‘πÕ¬à“ß ¡Ë”‡ ¡Õ

§«“¡‡ ’Ë¬ß∑“ß°“√µ≈“¥ Õÿµ “À°√√¡·≈–µ≈“¥°“√‡¥‘π‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈®–¢÷πÈ ≈ß‡ªìπ«—Ø®—°√ ¡’§«“¡º—πº«π„π‡√◊ÕË ß¢Õß°“√∑”°”‰√ ¡Ÿ≈§à“‡√◊Õ ·≈–Õ—µ√“§à“√–«“ß ´÷ßË ‡ªìπº≈®“°°“√‡ª≈’¬Ë π·ª≈ß„πÕÿª ß§å·≈–Õÿª∑“π¢Õß°Õß‡√◊Õ µ“¡∑’Ë‰¥âÕ∏‘∫“¬¿“¬„µâÀ«— ¢âÕ ç≈—°…≥–°“√ª√–°Õ∫ ∏ÿ√°‘®·≈–Õÿµ “À°√√¡é ‚¥¬ª°µ‘∫√‘…∑— œ ‰¥â∑”µ≈“¥„π≈—°…≥– —≠≠“√–¬– —πÈ (spot market) °—∫‡√◊Õ¢Õß∫√‘…∑— œ ∑—ßÈ À¡¥ ¥—ßπ—πÈ ∫√‘…∑— œ ®–¡’§«“¡‡ ’¬Ë ß®“°§«“¡º—πº«π¢Õßµ≈“¥·≈–«—Ø®—°√¢Õß∏ÿ√°‘® Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‡™◊ÕË ¡—πË «à“°“√∑’∫Ë √‘…∑— œ ¡’°≈ÿ¡à µ≈“¥‡©æ“–°≈ÿ¡à §◊ÕÕ¬Ÿà „π°≈ÿ¡à ‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°´÷ßË ¡’ª®í ®—¬æ◊πÈ ∞“π∑’‡Ë ªìπ∫«°§◊Õ¡’Õªÿ ß§å¡“°°«à“Õÿª∑“π ®–‡ªìπµ—«™à«¬æ¬ÿß„π™à«ß¿“«–µ°µË”¢Õß«—Ø®—°√¢Õß ∏ÿ√°‘®·≈–∑”„Àâ∫√‘…∑— œ ‰¥â√∫— º≈°√–∑∫πâÕ¬≈ß Õÿª ß§å¢Õß∏ÿ√°‘®¢Õß∫√‘…—∑œ π—Èπ‡°‘¥®“°ª√‘¡“≥¢Õß ‘π§â“∑’ËµâÕß°“√¢π àß °“√°àÕ‡°‘¥¢ÕßÕÿª ß§åπ’È¢÷ÈπÕ¬Ÿà°—∫°“√§â“‚≈°·≈– °“√‡®√‘≠‡µ‘∫‚µ¢Õß‡»√…∞°‘® ¿“«–∂¥∂Õ¬¢Õß°“√‡®√‘≠‡µ‘∫‚µ¢Õß‡»√…∞°‘®·≈–°“√§â“®–∑”„ÀâÕÿª ß§å‡√◊Õ≈¥≈ß ªí®®ÿ∫—π§«“¡µâÕß°“√ ¢π àß ‘π§â“∑“ß∑–‡≈‡æ‘Ë¡¡“°¢÷Èπ ‡π◊ËÕß®“°¡’§«“¡µâÕß°“√¡“®“°ª√–‡∑»®’π∑’ËµâÕß°“√π”‡¢â“ ‘π§â“‡æ◊ËÕ°“√°àÕ √â“ß “∏“√≥Ÿª‚¿§æ◊Èπ∞“π ®”π«π¡“° ¥—ßπ—πÈ ∂â“§«“¡µâÕß°“√ ‘π§â“∑’¡Ë “®“°ª√–‡∑»®’π≈¥≈ß ‚¥¬‡©æ“–„πªï - Õßªï¢“â ßÀπâ“ ‡¡◊ÕË Õÿª∑“π §◊Õ ‡√◊Õ∑’µË Õà „À¡à‰¥â∂°Ÿ §“¥°“√≥å«“à ®–‡¢â“ Ÿµà ≈“¥¢π àß ·≈–®– àßº≈°√–∑∫µàÕÕÿª ß§å·≈–Õÿª∑“π∑’¡Ë Õ’ ¬Ÿà„πµ≈“¥°“√¢π àß ´÷ßË ®–∑”„ÀâÕµ— √“§à“√–«“ß≈¥≈ßÕ¬à“ß ¡’π¬— ”§—≠ ·≈–√«¡∂÷ß°“√≈¥≈ß¢Õß¡Ÿ≈§à“‡√◊Õ‡™àπ°—π ∫√‘…∑— œ ‰¥â‡æ‘¡Ë °”≈—ß°Õß‡√◊Õ‚¥¬°“√´◊ÕÈ ‡√◊Õ¡◊Õ Õß‡¢â“¡“‡æ‘¡Ë ‡µ‘¡ ≥ √“§“µ≈“¥„π ªï 2547 ´÷ßË µ≈“¥Õ¬Ÿà„π™à«ß¢“¢÷πÈ ¥—ßπ—πÈ ∫√‘…∑— œ ¡’§«“¡‡ ’¬Ë ß®“°°“√≈¥≈ß¢Õß√“¬‰¥â·≈–/À√◊Õ¡Ÿ≈§à“‡√◊Õ∑’ÕË “®≈¥≈ß∂â“µ≈“¥¡’°“√ª√—∫µ—« ≈¥≈ßÕ¬à“ß¡’ “√– ”§—≠ Õ¬à“ß‰√°Á¥∫’ √‘…∑— œ ‰¥âæ¬“¬“¡≈¥§«“¡‡ ’¬Ë ß¥—ß°≈à“«‚¥¬‡√◊Õ‡°◊Õ∫∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ‰¥â„Àâ‡™à“‡ªìπ —≠≠“√–¬– ¬“«‡æ‘¡Ë ¡“°¢÷πÈ ∑”„Àâ∫√‘…∑— œ “¡“√∂¡’√“¬‰¥â§“à ‡™à“„πÕπ“§µ∑’ÕË µ— √“§à“‡™à“ªí®®ÿ∫π— ∑’ Ë ßŸ °«à“ °“√∑” —≠≠“„Àâ‡™à“‡ªìπ√–¬–¬“«∑’‡Ë æ‘¡Ë ¢÷πÈ π’È ∂◊Õ«à“‡ªìπ°“√‡ª≈’¬Ë π·ª≈ß∑’ Ë ”§—≠¢Õß¬ÿ∑∏»“ µ√å„π°“√¥”‡π‘π∏ÿ√°‘® °≈à“«§◊Õ∫√‘…∑— œ ‰¥â‡ª≈’¬Ë π®“°°“√¥”‡π‘π∏ÿ√°‘®®“°„Àâ∫√‘°“√°“√‡™à“ ‡ªìπ√–¬–‡«≈“À√◊Õ°“√‡™à“‡ªìπ√“¬‡∑’¬Ë «∑’ Ë ≠ — ≠“√–¬– —πÈ (spot market) ‡ªìπ°“√∑” —≠≠“√–¬–¬“« ¥—ßπ—πÈ À“°µ≈“¥¡’°“√ª√—∫µ—« Ÿß¢÷πÈ Õ’°Õ¬à“ß¡’π¬— ”§—≠„πÕπ“§µ °ÁÀ¡“¬∂÷ß∫√‘…∑— œ ¢“¥∑ÿπ∑“ß‚Õ°“ ∑’®Ë –∑”°”‰√‡æ‘¡Ë ¢÷πÈ Õ’° Õ¬à“ß‰√°Á¥∫’ √‘…∑— œ ¡’§«“¡‡ÀÁπ«à“ ®–‡ªìπ°“√ √Õ∫§Õ∫°«à“∑’®Ë –∑” —≠≠“ºŸ°¡—¥√“¬‰¥â„πÕπ“§µ‰«â ≥ Õ—µ√“§à“√–«“ß´÷ßË Ÿß‡¡◊ÕË ª≈“¬ªï 2547 ·≈–¬ÿ∑∏»“ µ√å°“√¥”‡π‘π∏ÿ√°‘®π’È‰¥âæ ‘ ®Ÿ πå ·≈â««à“‡¡◊ÕË µ≈“¥§à“√–«“ßªí®®ÿ∫π— (spot market) ‰¥âÕÕà πµ—«≈ß‡¡◊ÕË µâπªï 2548 ·µà∫√‘…∑— œ ¬—ß§ß¡’√“¬‰¥â∑ ’Ë ßŸ °«à“µ≈“¥ ¥—ßπ—πÈ ∫√‘…∑— œ ®– ¬—ß§ß¥”‡π‘π¬ÿ∑∏»“ µ√å°“√∑” —≠≠“√–¬–¬“«µàÕ‰ª ‡æ’ÕË „Àâ·πà„®«à“®–¡’√“¬‰¥âÕ¬à“ß¡—πË §ß ‚¥¬‡©æ“–‡¡◊ÕË √–¥—∫Õ—µ√“§à“√–«“ßªí®®ÿ∫π— ¬—ß §ßÕ¬Ÿà „π√–¥—∫ Ÿß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫Õ—µ√“§à“√–«“ß∑’ËµË”„πÕ¥’µ ·≈–®–∑”„Àâº≈µÕ∫·∑πÕ¬Ÿà „π√–¥—∫¥’‡·¡â«à“®–µË”°«à“ªï∑’Ëºà“π¡“°Áµ“¡ ¥—ßπ—πÈ ∂â“ ¿“«–µ≈“¥„πÕπ“§µ‡°‘¥µ°µË”·≈–‡ªìπº≈„ÀâÕµ— √“§à“‡™à“≈¥≈ß ≈Ÿ°§â“¢Õß∫√‘…∑— œ ∑’∑Ë ” —≠≠“‡™à“√–¬–¬“«‰«âÕ“®‰¡àªØ‘∫µ— µ‘ “¡ —≠≠“‡™à“ ∑”„Àâ∫√‘…∑— œ ‰¡à “¡“√∂¡’Õµ— √“§à“‡™à“∑’ Ë ßŸ µ“¡∑’∑Ë ” —≠≠“‰«â ·≈–Õ“®∂Ÿ°∫—ß§—∫„Àâ‡™à“‡√◊Õ„πÕ—µ√“ ≥ ¢≥–π—πÈ Ê ´÷ßË µ≈“¥µ°µË” ·≈–¡’Õµ— √“§à“‡™à“§à“√–«“ßµË”°«à“∑’∑Ë ” —≠≠“‰«â Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’¬Ë ß®“°°“√∑’§Ë Ÿà ≠ — ≠“‰¡àªØ‘∫µ— µ‘ “¡ —≠≠“„π √–¬–¬“« ¥—ßπ—πÈ ∫√‘…∑— œ ‰¥â∑”°“√«‘‡§√“–Àå≈°Ÿ §â“ (ºŸ‡â ™à“‡√◊Õ) ∑’®Ë –∑” —≠≠“‡™à“„π√–¬–¬“«‚¥¬®–‡≈◊Õ°≈Ÿ°§â“∑’¥Ë ·’ ≈–¡’‡§√¥‘µ Ÿß∑’ Ë ¥ÿ ‡√◊Õ¢Õß∫√‘…∑— œ ‡¥‘π‡√◊Õ„ππà“ππÈ” “°≈∑—«Ë ‚≈°·≈–°“√„Àâ∫√‘°“√°Á‡ªìπ‰ª„π —¥ à«π∑’°Ë √–®“¬‡∑à“Ê °—π∑—«Ë ‚≈°‚¥¬‰¡à‰¥â‡©æ“–‡®“–®ß ∑’ Ë «à π„¥ à«πÀπ÷ßË ‡∑à“π—πÈ ¥â«¬‡Àµÿπ∫’È √‘…∑— œ ®÷ß‰¡à¡§’ «“¡‡ ’¬Ë ß¥â“π¿Ÿ¡»‘ “ µ√å„π°“√µ≈“¥·≈–≈Ÿ°§â“¢Õß∫√‘…∑— œ ¥—ßπ—πÈ §«“¡‡ª≈’¬Ë π·ª≈ß„π æ◊Èπ∑’Ë „¥æ◊Èπ∑’ËÀπ÷Ëß¢Õß‚≈°Õ—π‡π◊ËÕß¡“®“° ß§√“¡À√◊Õ°“√°àÕ°“√∑“ß°“√‡¡◊Õß À√◊Õ¥â«¬‡Àµÿº≈„¥Ê °Áµ“¡®–‰¡à àßº≈°√–∑∫ ”§—≠∑’Ë∑”„Àâ √“¬‰¥â¢Õß∫√‘…∑— œ ≈¥≈ß‰¥â √“¬‰¥â¢Õß∫√‘…∑— œ ¡“®“°®”π«π¢Õß≈Ÿ°§â“À≈“°À≈“¬ ·≈–‰¡à¢π÷È µàÕ≈Ÿ°§â“√“¬„¥√“¬Àπ÷ßË „π°“√¥”‡π‘π∏ÿ√°‘® ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß ‰¡à¡§’ «“¡‡ ’¬Ë ßµàÕ°“√∑’®Ë –µâÕß∑”∏ÿ√°‘®°—∫≈Ÿ°§â“‡æ’¬ß√“¬‡¥’¬«À√◊Õ‰¥â√∫— º≈°√–∑∫√ÿπ·√ßÀ√◊Õ Ÿ≠‡ ’¬√“¬‰¥âÀ“°≈Ÿ°§â“√“¬π—πÈ Ê ª√– ∫¿“«– ¢“¥∑ÿπ

72 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The Companyûs 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. 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 çNature of Business and Industryé of this Report. The Company had traditionally marketed all its ships in the spot market and had therefore been exposed to market fluctuations and the cyclical nature of the business. However, the Company believed that by being in the ùnicheû 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 was provided. The demand side of the Companyûs 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, particularly in the next year or two when there is a significant supply of new ships expected to enter the market, it could have an impact on the overall demand/supply balance in 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 acquired a number of second hand ships at market values in 2004 while the market had 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 attempted to cover this risk by entering into period charters or contracts for a longer period for almost all its ships, whereby the Company was able to çlock-iné future earnings at the then existing higher freight rates. This was a significant change in the Companyûs strategy of doing business, whereby the Company had deviated from itûs traditional policy of trading on the spot market with Voyage Charters and/or Time Charters of very short durations. If the market had moved significantly higher thereafter, it could have meant a potential opportunity loss for the Company, but in the Companyûs opinion, it was prudent to çlock-iné the future earnings, at the higher freight rates in late 2004, and this strategy was finally vindicated when the freight spot markets witnessed a fall after early 2005 but the Companyûs earnings outperformed the market. The Company continues to follow this strategy of booking longer term period charters to ensure stability in earnings, particularly when the current levels are still much higher than previous historical lows and still provide very healthy returns even at these current levels which are much lower than that of the previous year. In case of a further fall in the market and consequent fall in freight rates, the Companyûs 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 longer period charters and such contracts (Charters) are signed only with first class charterers with the highest possible credit ratings. The Companyûs 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 Companyûs market and its customers. Therefore, any major adverse change in the market conditions in any one particular area of the world due to war, political action, or any other reason shall not result in a significant drop in revenues. The Companyûs 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 Companyûs business and will not result in sudden loss of revenues.

Annual Report 2005 ± Precious Shipping Public Company Limited

°Õß°”≈—ß‡√◊Õ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

FLEET LIST (As on 31 December 2005) ≈”∑’Ë No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46 47 48 49 50 51 52 53 54

™◊ÕË ‡√◊Õ Vessel Name øŸ®´‘ “π ¡“√Ÿ * ¡√°µ π“√’ ™Æ“ π“√’ ¡ÿ°¥“ π“√’ π≈‘π’ π“√’ «π– π“√’ ®“¡®ÿ√’ π“√’ Õ‚π¥“¥ π“√’ √®‡√¢ π“√’ ¡≥±‘√“ π“√’ ¡—≈≈‘°“ π“√’ ·«π¥“ π“√’ √¡‘µ“ π“√’ ÿ¡π“ π“√’ ¿«‘µ√“ π“√’ π—™™“ π“√’ Õ¿‘ √“ π“√’ »‘‚√√—µπå π“√’ ∫ÿ…√“ π“√’ ÿ™“¥“ π“√’ ª√‘≥¥“ π“√’ «√“≈’ π“√’ ∫ÿ≥±√‘°“ π“√’ ∏“√‘≥’ π“√’ ™≈≈¥“ π“√’ ≈‘≈∑‘æ¬å π“√’ ¥ÿ µ‘ “ π“√’ ‡Õ¡«‘°“ π“√’ æ—™√– π“√’ æ≈Õ¬‰æ≈‘π π“√’ π’√– π“√’ Ωπ∏‘¥“ π“√’ √—µπ– π“√’ ÿ∏“∑‘æ¬å π“√’ °π° π“√’ »ÿ°√«√√≥ π“√’ ∏“¡‘ “ π“√’ π‘¿“ π“√’ «√¥“ π“√’ ¥“√‘π∑√å π“√’ ‚°‡¡π π“√’ π—¬π“ π“√’ ‚ÕªÕ≈ π“√’ °ƒµ‘°“ π“√’ Õ√≥“ π“√’ ¡≥’ ¡ÿ∑√ π“√’ ΩπÕ√ÿ≥ π“√’ ¡‚π√“Àå π“√’ ™‚≈∏√ π“√’ »√—≥¬“ π“√’ ÿ®µ‘ √“ π“√’ «‘®µ‘ √“ π“√’ Õÿ√«’ π“√’ ¡“∏«’ π“√’

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 Neera Naree Fonthida Naree Rattana Naree Suthathip Naree Kanok Naree Sukarawan Naree Thamisa Naree Nipha Naree Worada Naree Darin Naree Gomain Naree Nayana Naree Opal Naree Kritika Naree Urana Naree Manisamut Naree Fonarun Naree Manora Naree Chalothorn Naree Saranya Naree Sujitra Naree Vijitra Naree Urawee Naree Mathawee Naree

—≠™“µ‘

FLAG

∫“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 ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai ‰∑¬ Thai

À¡“¬‡Àµÿ * ** *** **** Remarks

¢π“¥√–«“ß∫√√∑ÿ° **¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ***¡Ÿ≈§à“∑’‡Ë Õ“ª√–°—π¿—¬ ªï∑ ’Ë √â“ß Year Built Dead Weight (≈â“π‡À√’¬≠ À√—∞œ) (≈â“π‡À√’¬≠ À√—∞œ) æ.». Tonnes (DWT) **Net Book Value (Million US$) ***Insured Value (Million US$) 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 2529 2538 2545 2526 2528 2528 2525 2527 2526 2527 2526 2528 2525 2525 2526 2526 2527 2527 2539 2534 2538 2540 2540 2539

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 1986 1995 2002 1983 1985 1985 1982 1984 1983 1984 1983 1985 1982 1982 1983 1983 1984 1984 1996 1991 1995 1997 1997 1996 √«¡ Total

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 25,309 28,484 28,442 25,404 33,024 25,729 34,072 33,024 25,424 30,898 23,796 23,846 28,780 34,072 33,005 21,341 22,835 29,159 27,079 28,583 28,290 28,646 28,415 28,364 1,367,844

0.59 2.29 0.80 0.96 0.93 1.55 2.72 2.05 2.07 1.07 2.04 3.26 1.80 2.16 2.76 1.91 9.64 2.59 10.12 8.90 9.68 1.60 7.00 9.11 10.71 2.14 10.62 11.16 3.21 10.08 5.27 11.13 17.62 4.09 6.63 6.28 3.99 6.27 4.06 5.23 4.34 6.88 3.37 3.20 3.96 3.42 4.25 4.27 15.33 13.27 12.96 14.82 24.05 23.77 343.98

°≈ÿ¡à ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ∂◊ÕÀÿπâ √âÕ¬≈– 64 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’À¡“¬∂÷ß¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®“°ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª¥Õ≈≈à“√å À√—∞ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“∑’‡Ë Õ“ª√–°—π¿—¬À¡“¬∂÷ß®”π«π‡ß‘π´÷ßË ®–‰¥â√∫— ®“°ºŸ√â ∫— ª√–°—π¿—¬„π°√≥’‡°‘¥§«“¡‡ ’¬À“¬‚¥¬ ‘πÈ ‡™‘ßµàÕµ—«‡√◊Õ ¡Ÿ≈§à“∑’‡Ë Õ“ª√–°—π¿—¬ ”À√—∫ªï 2549 ´÷ßË ‰¥â·°â‰¢ª√—∫ª√ÿß·≈â«¡’®”π«π√«¡∑—ßÈ ‘πÈ 601.80 ≈â“π‡À√’¬≠ À√—∞ ‡æ◊ÕË ‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ ‡√◊Õ≈”¥—∫∑’Ë 2 ∂÷ß 51 ‰¥â∂°Ÿ ®”πÕß‰«â°∫— ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ·≈–‡√◊Õ≈”¥—∫∑’Ë 1 ·≈–≈”¥—∫∑’Ë 52 ∂÷ß 54 ª≈Õ¥®“°°“√‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ * 64% shares held by PSL Group ** Net Book Value is as per restated US Dollars financial statements as on 31st December 2005 *** Insured Value means amount to be received from the insurer in case of total loss of the Vessel **** The Insured Value for 2006 has been revised to an aggregate of USD 601.80 million. As security against loans, Ship Nos.2 to 51 are mortgaged to Krung Thai Bank PCL and Ship No. 1 and 52 to 54 are free of any security interests.

74 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

7.00 8.00 16.00 7.50 7.50 9.00 7.00 8.00 15.50 10.50 4.50 7.50 9.75 15.50 15.00 16.00 15.50 11.00 4.25 10.00 9.50 15.50 3.50 7.50 15.50 15.50 10.00 8.00 10.50 18.50 11.25 19.50 23.00 19.50 11.00 10.25 11.00 12.00 11.00 8.50 10.50 9.50 9.75 9.00 9.50 11.00 9.25 12.75 11.00 17.50 19.50 20.50 25.25 25.00 ****656.00

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

√“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ °”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π √“¬‰¥âÕπ◊Ë √«¡√“¬‰¥â

2548

2547

≈â“π∫“∑

√âÕ¬≈–

≈â“π∫“∑

√âÕ¬≈–

11,006.82 0.00 83.93 11,090.75

99.24 0.00 0.76 100.00

8,540.26 56.14 131.72 8,728.12

97.85 0.64 1.51 100.00

Revenue Structure from the Operation of the Company and Subsidiaries for the last 2 years

Revenue Vessel operating income Exchange gains Other income Total

2005

2004

Baht Million

11,006.82 0.00 83.93 11,090.75

99.24 0.00 0.76 100.00

8,540.26 56.14 131.72 8,728.12

97.85 0.64 1.51 100.00

Annual Report 2005 ± Precious Shipping Public Company Limited

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à MAJOR SHAREHOLDERS ºŸâ∂◊ÕÀÿâπ√“¬„À≠àµ“¡ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ¡°√“§¡ 2549 Major Shareholders per share register as on 31st January 2006

‡≈¢∑’Ë No.

2 3 4 5 6 7 8 9 10 11 √«¡∑—ßÈ À¡¥ Grand Total

™◊ÕË Name ∫√‘…∑— ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—πË ®”°—¥ Globex Corporation Limited π“ß “« π‘™µ‘ “â ™“Àå Miss. Nishita Shah ∫√‘…∑— ‡°√π‡∑√¥ ®”°—¥ Graintrade Limited ∫√‘…∑— ¬Ÿπ ‘ ‡µ√∑™å ®”°—¥ Unistretch Limited ** √«¡ ®”π«πÀÿπâ ∑’ÕË ¬Ÿ¿à “¬„µâ°“√§«∫§ÿ¡¢Õß π. π‘™µ‘ “â ™“Àå ** Total shares under control of Ms. Nishita Shah π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ Mr. Khalid Moinuddin Hashim π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ Mr. Munir Moinuddin Hashim π“ßÕ‘ √—∑ Œ“™‘¡ (¿√‘¬“ π“¬ ¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) Mrs. Ishrat Hashim (wife of Mr.Munir Moinuddin Hashim) *** √«¡ ®”π«πÀÿπâ ∑’∂Ë Õ◊ §√Õß‚¥¬µ√–°Ÿ≈ Œ“™‘¡ *** Total shareholding of Hashim family ∫√‘…∑— ‰∑¬ ‡ÕÁπ«’¥Õ’ “√å ®”°—¥ Thai NVDR Limited **** ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) **** Precious Shipping Public Company Limited øÕµ‘ ‚°≈∫Õ≈ §“ ‚µ¥’È ‡´Õ√å« ‘ ‡ÕÁπ.«’. Fortis Global Custody Services N.V. ∫√‘…∑— ¡ª√– ß§å ·≈π¥å ®”°—¥ (¡À“™π) Somprasong Land Public Company Limited ¥Õ∑‡™Õ√å ·∫ß§å ‡Õ®’, ·ø√ß‡øî√∑å DEUTSCHE BANK AG, FRANKFURT π“¬ ™“Àå ´“≈‘≈ ´’·«π‡∑‘≈ Mr. Shah Salil Sevantial æ‘§∑‘§ ·Õπ¥å ´’ Pictet & Cie THE BANK OF NEW YORK NOMINEES LTD A/C BANK OF NEW YORK EUROPE LTD - DIRECT CLIENTS Õ◊πË Ê (ºŸ∂â Õ◊ Àÿπâ √“¬Õ◊πË Ê ∑’∂Ë Õ◊ Àÿπâ πâÕ¬°«à“√âÕ¬≈– 1 µàÕ√“¬) Others (shareholders holding less than 1 percent each) 2549 : ºŸ∂â Õ◊ Àÿπâ 5,573 √“¬ / 2548 : ºŸ∂â Õ◊ Àÿπâ 3,879 √“¬ 2006 : 5,573 shareholders / 2005 : 3,879 shareholders

≥ «—π∑’Ë 31st ¡°√“§¡ 2549 As on 31 January 2006 ®”π«πÀÿπâ √âÕ¬≈– No.of shares Percentage 130,290,000 25.06%

*≥ «—π∑’Ë 31st ¡°√“§¡ 2548 * As on 31 January 2005 ®”π«πÀÿπâ √âÕ¬≈– No.of shares Percentage 116,790,000 22.46%

49,293,000

9.48%

62,793,000

12.08%

36,734,000

7.06%

36,734,000

7.06%

3,800,200

0.73%

3,500,200

0.67%

220,117,200

42.33%

219,817,200

42.27%

49,879,800

9.59%

49,819,800

9.58%

37,527,050

7.22%

37,432,050

7.20%

3,348,000

0.64%

3,348,000

0.64%

90,754,850

17.45%

90,599,850

17.42%

27,675,547

5.32%

22,807,100

4.39%

13,386,300

2.57%

13,386,300

2.57%

12,000,000

2.31%

15,000,000

2.89%

7,000,000

1.35%

7,000,000

1.35%

5,000,000

0.96%

0.00%

4,882,000

0.94%

10,007,900

1.92%

4,809,500

0.93%

6,400,500

1.23%

4,744,000

0.91%

0.00%

129,630,603

24.93%

134,981,150

25.96%

520,000,000

100.00%

520,000,000

100.00%

À¡“¬‡Àµÿ : * · ¥ß°“√∂◊Õ§√ÕßÀÿπâ ∑’Ë‰¥â‡ªî¥‡º¬„π√“¬ß“πª√–®”ªï 2547 ** π“ß “« π‘™µ‘ “â ™“Àå ºŸ´â ß÷Ë ‡ªìπ°√√¡°“√¢Õß∫√‘…∑— œ ·≈–‡ªìπ°√√¡°“√ ·≈–ºŸ∂â Õ◊ Àÿπâ „À≠à„π ∫√‘…∑— ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—πË ®”°—¥, ∫√‘…∑— ‡°√π‡∑√¥ ®”°—¥ ·≈– ∫√‘…∑— ¬Ÿπ ‘ ‡µ√∑™å ®”°—¥ *** π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ ‡ªìπæ’™Ë “¬¢Õß π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ **** · ¥ß®”π«πÀÿπâ ∑’´Ë Õ◊È §◊π¢Õß∫√‘…∑— œ Note : * Per disclosure made in Annual Report 2004 ** Miss Nishita Shah who is the Director of the Company is also the Director and major shareholder of Globex Corporation Limited, Graintrade Limited and Unistretch Limited. *** Mr. Khalid Moinuddin Hashim is the brother of Mr. Munir Moinuddin Hashim. **** This represents the treasury stock of the Company. 76 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

‚§√ß √â“ß°“√®—¥°“√ MANAGEMENT STRUCTURE ∫√‘…—∑œ ¡’ §≥–°√√¡°“√ 3 ™ÿ¥ §◊Õ 2 2 2

§≥–°√√¡°“√∫√‘…∑— §≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√µ√«® Õ∫

°“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑ ∫√‘…∑— œ °”Àπ¥„Àâ°“√·µàßµ—ßÈ °√√¡°“√°√–∑”‚¥¬∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ºŸ∂â Õ◊ Àÿπâ Àπ÷ßË Àÿπâ ¡’Àπ÷ßË §–·ππ‡ ’¬ß ‚¥¬∑’ºË ∂Ÿâ Õ◊ Àÿπâ ·µà≈–§π µâÕß„™â§–·ππ‡ ’¬ß∑’¡Ë Õ’ ¬Ÿ∑à ß—È À¡¥ ‡≈◊Õ°∫ÿ§§≈§π‡¥’¬« À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√ ∫ÿ§§≈´÷ßË ‰¥â√∫— §–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ ‰¥â√∫— °“√‡≈◊Õ°µ—ßÈ „Àâ‡ªìπ°√√¡°“√ ‡∑à“®”π«π°√√¡°“√∑’®Ë –æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—ßÈ „π§√—ßÈ π—πÈ ·≈–„π°√≥’∑∫’Ë §ÿ §≈´÷ßË ‰¥â√∫— °“√‡≈◊Õ°µ—ßÈ „π ≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π∑”„Àâ‡°‘π®”π«π°√√¡°“√∑’®Ë –æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—ßÈ „π§√—ßÈ π—πÈ „Àâº‡Ÿâ ªìπª√–∏“π‡ªìπºŸÕâ Õ°‡ ’¬ß™’¢È “¥ §≥–°√√¡°“√¡’Õ”π“®„π°“√·µàßµ—ßÈ °√√¡°“√∫√‘À“√®“°°√√¡°“√¢Õß∫√‘…∑— œ ‚¥¬¡’®”π«π‰¡àπÕâ ¬°«à“ “¡§π‡æ◊ÕË ∫√‘À“√°‘®°“√ ¢Õß∫√‘…∑— œ

§≥–°√√¡°“√∫√‘…—∑ Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…∑— √ÿª‰«â¥ß— π’È 1. §≥–°√√¡°“√‡ªìπºŸ√â ∫— º‘¥™Õ∫®—¥°“√°‘®°“√∑—ßÈ À≈“¬¢Õß∫√‘…∑— œ ‚¥¬¡’Õ”π“®Àπâ“∑’¥Ë ”‡π‘π°“√¿“¬„π¢Õ∫‡¢µ¢Õß°ÆÀ¡“¬ «—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…∑— œ ·≈–µ“¡¡µ‘¢Õß∑’ªË √–™ÿ¡„À≠àº∂Ÿâ Õ◊ Àÿπâ √«¡∑—ßÈ ¡’Õ”π“®°√–∑”°“√„¥Ê µ“¡∑’√Ë –∫ÿ‰«â„πÀπ—ß ◊Õ∫√‘§≥Àå π∏‘ À√◊Õ∑’‡Ë °’¬Ë «¢âÕß°—∫°“√¥—ß°≈à“« 2

The Company has 3 Boards / Committees 2 The Board of Directors 2 The Executive Board of Directors 2 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. The Board of Directors 2 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 Companyûs objectives and the articles of association as well as the resolutions of the shareholdersû 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 Annual Report 2005 ± Precious Shipping Public Company Limited

2. §≥–°√√¡°“√ ¡’Àπâ“∑’°Ë √–∑”°“√„¥Ê ‡æ◊ÕË √—°…“º≈ª√–‚¬™πå¢Õß∫√‘…∑— œ 3. §≥–°√√¡°“√ À√◊Õ∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ Õ“®¡’¡µ‘¡Õ∫Õ”π“®„Àâ§≥–°√√¡°“√∫√‘À“√ À√◊Õ∫ÿ§§≈Õ◊πË ∑”Àπâ“∑’·Ë ∑π„π‡√◊ÕË ß∑’Ë ‡°’¬Ë «°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ·≈– “¡“√∂°”Àπ¥√“¬™◊ÕË °√√¡°“√∫√‘…∑— ºŸ¡â Õ’ ”π“®≈ß≈“¬¡◊Õ™◊ÕË ºŸ°æ—π∫√‘…∑— œ ‰¥â ´÷ßË ªí®®ÿ∫π— °√√¡°“√ ºŸ¡â Õ’ ”π“®≈ß≈“¬¡◊Õ™◊ÕË ºŸ°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™◊ÕË √à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…∑— œ ¿“¬„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¢π÷È ‰ª À√◊Õ„ÀâÀ√◊Õª√–π’ª√–πÕ¡¬Õ¡§«“¡À√◊Õ¬◊πË øÑÕßµàÕ»“≈ À√◊Õ¡Õ∫¢âÕæ‘æ“∑„¥Ê „Àâ Õπÿ≠“‚µµÿ≈“°“√æ‘®“√≥“

§≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘…∑— ‰¥â·µàßµ—ßÈ °√√¡°“√∫√‘À“√ ¥—ß¡’√“¬™◊ÕË µàÕ‰ªπ’È 1) π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 2) π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ 3) π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ 2 Õ”π“® Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√∫√‘À“√ √ÿª‰«â¥ß— π’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—πÈ ®–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◊ÕË º≈ª√–‚¬™πå¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ 2

§≥–°√√¡°“√µ√«® Õ∫ °√√¡°“√∫√‘…∑— ‰¥â·µàßµ—ßÈ §≥–°√√¡°“√µ√«® Õ∫ ‡¡◊ÕË «—π∑’Ë 24 ‘ßÀ“§¡ 2541 ¡’«“√–°“√¥”√ßµ”·Àπàß∑à“π≈– 2 ªï ªí®®ÿ∫π— §≥–°√√¡°“√µ√«® Õ∫¡’√“¬™◊ÕË ¥—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∫ 2 §≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’ Ë Õ∫∑“π·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…∑— „π‡√◊ÕË ß¥—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◊πË Ê ∑’‡Ë °’¬Ë «¢âÕß 4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·µàßµ—ßÈ ·≈–‡ πÕ§à“µÕ∫·∑πºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— œ 5. æ‘®“√≥“°“√‡ªî¥‡º¬ “√ π‡∑»¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ß º≈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◊πË Ê µ“¡∑’§Ë ≥–°√√¡°“√¢Õß∫√‘…∑— œ ¡Õ∫À¡“¬ ·≈–¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫ 2

78 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2. The Directors, in their business conduct, are expected to generally act with care to preserve the interest of the Company 3. The Board of Directors or the Shareholders at their meeting are entitled to designate the authorized directors to bind the Company and accordingly, any two of the following with the Companyûs Seal are the present authorized signatories: 1) Mr. Khalid Moinuddin Hashim 2) Mr. Munir Moinuddin Hashim 3) Mr. Khushroo Kali Wadia 4. The Board of Directors are inter alia authorized to sell or mortgage any of the Companyûs immovable properties, to let any of the Companyûs 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 2 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 2 Powers, duties and responsibilities of the Executive Board of Directors are summarized hereunder: 1. To manage the Companyûs 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 Companyûs seal. 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 2 Board of Directors have appointed the Audit Committee since 24 August 1998 with the term of 2 years for each member. The current Audit Committee Members are as follows: 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. 2 1. To review the Companyûs 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 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 remuneration 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 the 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 accepted by the Audit Committee.

Annual Report 2005 ± Precious Shipping Public Company Limited

ª√–«—µ‘§≥–°√√¡°“√∫√‘…—∑ BOARD OF DIRECTORS-PROFILE æ≈‡√◊Õ‡Õ° ¥√. Õ”π“® ®—π∑π¡—Æ∞– µ”·Àπàß Õ“¬ÿ ª√–«—µ°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 11 ¡.§. 2549

Admiral Dr. Amnad Chandanamattha

3 3 3 3 3 3

ª√–∏“π°√√¡°“√∫√‘…∑— °√√¡°“√µ√«® Õ∫ °√√¡°“√Õ‘ √– 75 ªï B.Sc. First-Class Hons. Ph.D. «‘»«°√√¡‡§√◊ÕË ß°≈ ¡À“«‘∑¬“≈—¬ Leeds ª√–‡∑»Õ—ß°ƒ… «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ «.ª.Õ. √ÿπà 28

‡¢â“√à«¡ª√–™ÿ¡‡æ◊ÕË √—∫∑√“∫ ç∑‘»∑“ß·≈–π‚¬∫“¬‡»√…∞°‘®¢Õß√—∞∫“≈„πªï 2549é ∫√√¬“¬‚¥¬ π“¬°√—∞¡πµ√’ æ—πµ”√«®‚∑ ¥√. ∑—°…‘≥ ™‘π«—µ√ ‡¢â“√à«¡Õ∫√∫„πÀ—«¢âÕ çDirector Accreditation Programé (DAP) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ÕË ß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡„πÀ—«¢âÕ çThe State of Corporate Governance in Europeé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬

21 °.¬. 2547 3 ∏.§. 2544 16 æ.¬. 2544 31 µ.§. 2543 ª√– ∫°“√≥åÕπ◊Ë Ê 2534 - ªí®®ÿ∫π— ªí®®ÿ∫π—

3 3 3 3

POSITION

3 3 3 3 3 3

Chairman of the Board of Directors Audit Committee Member Independent Director 75 years B.Sc. First-Class Hons. Ph.D in Mechanical Engineering, University of Leeds, England. National Defense College Group No. 28.

Attended the seminar on the topic çTrend and Economicsû policy of Government for the year 2006é speech by Prime Minister Thaksin Shinawatra Attended the training course on the topic çDirector Accreditation Programé (DAP) held by Thai Institute of Directors Association. Attended the training course on the topic çChairman 2000é held by Thai Institute of Directors Association. Attended the training course on the topic çEffective Audit Committees & Best Practicesé held by Thai Institute of Directors Association. Attended the training course on the topic çThe State of Corporate Governance in Europeé held by Thai Institute of Directors Association.

ª√–∏“π°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√ ∫√‘…∑— Hospital Network ®”°—¥ ª√–∏“π°√√¡°“√ ∫√‘…∑— ‚√ßæ¬“∫“≈ ∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—πË ·π≈ ®”°—¥ 2542 - ªí®®ÿ∫π— °√√¡“∏‘°“√ √—∞ ¿“ 2534 æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ ‡ π“∏‘°“√°Õß∫—≠™“°“√∑—«Ë ‰ª 2532 - 2534 ‡®â“°√¡ÕŸ∑à À“√‡√◊Õ °√¡ÕŸ∑à À“√‡√◊Õ 2531 - 2532 √Õß‡®â“°√¡ÕŸ∑à À“√‡√◊Õ °√¡ÕŸ∑à À“√‡√◊Õ Õ“™’æÀ≈—° 3 ¢â“√“™°“√∫”π“≠-æ≈‡√◊Õ‡Õ°·Ààß√“™π“«’‰∑¬ 3 π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 ª√–∏“π°√√¡°“√ ∫√‘…∑ — Hospital Network ®”°—¥ 3 ª√–∏“π°√√¡°“√ ∫√‘…∑ — ‚√ßæ¬“∫“≈∫“ß°Õ° 9 Õ‘π‡µÕ√å‡π™—πË ·π≈ ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 1,158,000 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 205,000 Àÿπâ

AGE EDUCATION TRAINING 11-Jan-2006

3 3 3 3 3 3 3

21-Sep-2004

3-Dec-2001 16-Nov-2001

3 3

31-Oct-2000

80 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

EXPERIENCE 1991 - present Present

Chairman, Precious Shipping Public Company Limited. Chairman, Hospital Network Company Limited. Chairman, Bangkok 9 International Hospital Company Limited. 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. OCCUPATION Retired Government officer - Admiral of General Headquarters, Royal Thai Navy Business man. DIRECTOR IN OTHER COMPANIES 3 Chairman, Hospital Network Company Limited 3 Chairman, Bangkok 9 International Hospital Company Limited. POSITION HELD IN RELATED COMPANIES 3 Nil NO. OF SHARES HELD AS OF YEAR END 2005 3 1,158,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 205,000 shares 3 3 3 3 3 3 3 3 3

π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 2548

Mr. Khalid Moinuddin Hashim

3 3 3 3

°√√¡°“√ºŸ®â ¥— °“√ °√√¡°“√∫√‘À“√ 53 ªï ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√‡ß‘π ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

¡“™‘°ºŸ∑â √ß§ÿ≥«ÿ≤‘ ¢Õß ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ (IOD) ´÷ßË ‰¥â√∫— ª√–°“»π’¬∫—µ√ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ [Directors Certification Program (DCP)] Class 57/2005

ª√– ∫°“√≥åÕπ◊Ë 2534 - ªí®®ÿ∫π— 3 °√√¡°“√ºŸ®â ¥— °“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2527 - 2534 3 À—«Àπâ“·ºπ°™‘æªîßô ∫√‘…∑— ®’æ’ §Õ√åªÕ‡√™—πË ®”°—¥ 2522 - 2526 3 ºŸ∫â √‘À“√Õ“«ÿ‚ ∫√‘…∑— ·æπ‚Õ‡™’¬Ë π π“«‘‡°™—πË ·Õπ ‡∑√¥¥‘ßÈ ®”°—¥ Õ“™’æÀ≈—° 3 °√√¡°“√ºŸ®â ¥— °“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 2539 - ªí®®ÿ∫π— 3 °√√¡°“√ The Swedish Club ªí®®ÿ∫π— 3 Regional Committee Member, American Bureau of Shipping 3 Austral-Asia Regional Committee Member, Bureau Veritas °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 °√√¡°“√ ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 49,879,800 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 60,000 Àÿπâ POSITION AGE EDUCATION TRAINING 2005

3 Managing Director 3 Executive Director 3 53 years 3 Master Degree in Management Studies Specializing in Finance from the University of Bombay. 3 Graduate member of Thai Institute of Directors (IOD) - Completed

Class 57/2005

çDirectors Certificate Programé (DCP),

EXPERIENCE 1991 - present 3 Managing Director, Precious Shipping Public Company Limited. 1984 - 1991 3 Head of Shipping Department, Geepee Corporation Limited. 1979 - 1983 3 Senior Executive, Pan Ocean Navigation & Trading Pte. Ltd. OCCUPATION 3 Managing Director and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES 1996 - present 3 Director, The Swedish Club. Present 3 Regional Committee Member, American Bureau of Shipping. 3 Austral-Asia Regional Committee Member, Bureau Veritas POSITION HELD IN RELATED COMPANIES 3 Director of the Companyûs subsidiaries NO. OF SHARES HELD AS OF YEAR END 2005 3 49,879,800 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 60,000 shares

Annual Report 2005 ± Precious Shipping Public Company Limited

π“¬¡Ÿπ’√ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 2548

Mr. Munir Moinuddin Hashim

3 3 3 3

°√√¡°“√ (°“√æ“≥‘™¬å) °√√¡°“√∫√‘À“√ 51 ªï ª√‘≠≠“‚∑¥â“π°“√∫√‘À“√ “¢“°“√µ≈“¥ ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å

ª√– ∫°“√≥åÕπ◊Ë Ê 2534 - ªí®®ÿ∫π— 3 °√√¡°“√ (°“√æ“≥‘™¬å) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2529 - 2534 3 À—«Àπâ“ΩÉ“¬ªØ‘∫µ— °‘ “√ ∫√‘…∑— ®’æ’ §Õ√åªÕ‡√™—πË ®”°—¥ 2524 - 2528 3 À—«Àπâ“ΩÉ“¬ªØ‘∫µ— °‘ “√æ“≥‘™¬å ∫√‘…∑— ¡—≈¥’ø å ™‘æªîßô ®”°—¥ Õ“™’æÀ≈—° 3 °√√¡°“√ (°“√æ“≥‘™¬å) ·≈– °√√¡°“√∫√‘À“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 2542 - ªí®®ÿ∫π— 3 °√√¡°“√ UK Defence Club °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 °√√¡°“√ ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 37,527,050 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 95,000 Àÿπâ POSITION AGE EDUCATION TRAINING 2005

3 Director (Commercial) 3 Executive Director 3 51 years 3 Master Degree in Management Studies Specializing in Marketing from the University of Bombay. 3 Graduate member of Thai Institute of Directors (IOD) - Completed

Class 57/2005

çDirectors Certificate Programé (DCP),

EXPERIENCE 1991 - present 3 Director (Commercial), Precious Shipping Public Company Limited. 1986 - 1991 3 Head of Operations, Geepee Corporation Limited. 1981 - 1985 3 Head of Commercial Operations, Maldives Shipping Limited. OCCUPATION 3 Director (Commercial) and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES 1999 - present 3 Director, UK Defence Club. POSITION HELD IN RELATED COMPANIES 3 Director of the Companyûs subsidiaries. NO. OF SHARES HELD AS OF YEAR END 2005 3 37,527,050 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 95,000 shares

82 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

π“¬§Ÿ™√Ÿ §“≈’ «“‡¥’¬ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 2548

Mr. Khushroo Kali Wadia

3 3 3 3 3

°√√¡°“√ (°“√‡ß‘π) °√√¡°“√∫√‘À“√ 43 ªï ª√‘≠≠“µ√’ - ∂‘µ,‘ §≥‘µ»“ µ√å·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ºŸµâ √«® Õ∫∫—≠™’√∫— Õπÿ≠“µ®“° ∂“∫—πºŸµâ √«® Õ∫∫—≠™’√∫— Õπÿ≠“µ·Ààßª√–‡∑»Õ‘π‡¥’¬

¡“™‘°ºŸ∑â √ß§ÿ≥«ÿ≤‘ ¢Õß ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ (IOD) ´÷ßË ‰¥â√∫— ª√–°“»π’¬∫—µ√ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ [Directors Certification Program (DCP)] Class 64/2005

ª√– ∫°“√≥åÕπ◊Ë Ê 2542 - ªí®®ÿ∫π— 3 °√√¡°“√ (°“√‡ß‘π) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2537 - 2542 3 °√√¡°“√ (°“√‡ß‘π·≈–∫—≠™’) °≈ÿ¡à ∫√‘…∑— ·¡Á°´å«π‘ ®”°—¥ 2540 - 2541 3 ºŸÕâ ”π«¬°“√ (°“√‡ß‘π·≈–°“√®—¥°“√) ∫√‘…∑— ™—« å‡∑°´å ®”°—¥ 2533 - 2537 3 ºŸ®â ¥— °“√·ºπ°∫—≠™’·≈–°“√‡ß‘π °≈ÿ¡à ∫√‘…∑— ·¡Á°´å«π‘ ®”°—¥ 2531 - 2533 3 ºŸ™â «à ¬ºŸ®â ¥— °“√ ∫√‘…∑— ‡Õ.‡Õø.‡øÕ√å° Ÿ π— ·Õπ¥å ‚§ Õ“™’æÀ≈—° 3 °√√¡°“√ (°“√‡ß‘π) ·≈– °√√¡°“√∫√‘À“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 °√√¡°“√ ∫√‘…∑— ·¡Á°«‘π ∫‘«‡¥Õ√å ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ·¡Á°´å«π‘ Õæ“√å∑‡¡âπ∑å ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ¥‘ ‡Õ‡∑√’¬¡ ‚Œ‡µÁ≈ ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 °√√¡°“√ ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 519,200 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 5,000 Àÿπâ POSITION AGE EDUCATION TRAINING 2005

3 Director (Finance) 3 Executive Director 3 43 years 3 Bachelor Degree in Science from University of Bombay. 3 Chartered Accountant from Institute of Chartered Accountants of India. 3 Graduate member of Thai Institute of Directors (IOD) - Completed

Class 64/2005 .

çDirectors Certificate Programé (DCP),

EXPERIENCE 1999 - present 3 Director (Finance), Precious Shipping Public Company Limited. 1994 - 1999 3 Director (Finance & Accounts), Maxwin Group of Companies 1997 - 1998 3 Vice President (Finance & Administration), Suretex Limited. 1990 - 1994 3 Financial Controller, Maxwin Group of Companies. 1988 - 1990 3 Assistant Manager, A.F. Ferguson & Co. OCCUPATION 3 Director (Finance) and Executive Director, Precious Shipping Public Company Limited. DIRECTOR IN OTHER COMPANIES 3 Director, Maxwin Builders Ltd. 3 Director, Maxwin Apartments Ltd. 3 Director, The Atrium Hotel Ltd. POSITION HELD IN RELATED COMPANIES 3 Director of the Companyûs subsidiaries NO. OF SHARES HELD AS OF YEAR END 2005 3 519,200 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 5,000

Annual Report 2005 ± Precious Shipping Public Company Limited

π“ß “« π‘™‘µâ“ ™“Àå

Miss Nishita Shah

µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 2545 - ªí®®ÿ∫π— 2547 ª√– ∫°“√≥åÕπ◊Ë Ê 2545 - ªí®®ÿ∫π— ªí®®ÿ∫π—

3 3 3

°√√¡°“√ 26 ªï ª√‘≠≠“µ√’ “¢“°“√®—¥°“√∏ÿ√°‘® (°“√‡ß‘π ·≈– °ÆÀ¡“¬∏ÿ√°‘®), ¡À“«‘∑¬“≈—¬∫Õ µ—π, ‚√ß‡√’¬π°“√®—¥°“√

3 3

Management, °≈ÿ¡à ∫√‘…∑— ®’æ’ ”‡√Á®°“√Ωñ°Õ∫√¡ çAnatomy of Shippingé course, Seatrade Academy/Cambridge Academy of Transport

POSITION AGE EDUCATION

3 Director 3 26 years 3 Bachelor of Science in Business Administration; concentration in Finance and Business Law,

°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °√√¡°“√ ∫√‘…∑— ¬Ÿπ ‘ ‡µ√ ´å ®”°—¥ °√√¡°“√ ∫√‘…∑— ·Õ¡∫‘°“â ∑—«√å ®”°—¥ °√√¡°“√ ∫√‘…∑— ®’æ’ ·Õ√å ‡´Õ√å« ‘ ®”°—¥ °√√¡°“√ ∫√‘…∑— ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—πË ®”°—¥ °√√¡°“√ ∫√‘…∑— ‡°√π‡∑√¥ ®”°—¥ °√√¡°“√ ∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥ Õ“™’æÀ≈—° °√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 °√√¡°“√ ∫√‘…∑— ¬Ÿπ ‘ ‡µ√ ´å ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ·Õ¡∫‘°“â ∑—«√å ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ®’æ’ ·Õ√å ‡´Õ√å« ‘ ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ‚°≈‡∫ä°´å §Õ√åªÕ‡√™—πË ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ‡°√π‡∑√¥ ®”°—¥ 3 °√√¡°“√ ∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 °√√¡°“√ ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 49,293,000 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 (13,500,000) Àÿπâ

TRAINING 2002 - Present 2004 EXPERIENCE 2002 - Present Present

3 3 3 3 3 3 3 3

Boston University, School of Management.

3 Management, GP Group of Companies 3 Completed çAnatomy of Shippingé course, Seatrade Academy/Cambridge Academy of Transport 3 Director, Precious Shipping Public Company Limited 3 Director, Globex Corporation Limited 3 Director, Graintrade Limited. 3 Director, Unistretch Limited. 3 Director, Ambika Tour Limited. 3 Director, Geepee Air Service Limited. 3 Director, Maxwin Engineering Limited. 3 Director, Precious Shipping Public Company Limited.

OCCUPATION DIRECTOR IN OTHER COMPANIES 3 Director, Globex Corporation Limited. 3 Director, Graintrade Limited. 3 Director, Unistretch Limited. 3 Director, Ambika Tour Limited. 3 Director, Geepee Air Service Limited. 3 Director, Maxwin Engineering Limited. POSITION HELD IN RELATED COMPANIES NO. OF SHARES HELD AS OF YEAR END 2005 INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005

84 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

3 Director of the Companyûs subsidiaries. 3 49,293,000 shares 3 (13,500,000) shares

π“¬ ÿæ—≤πå »‘«–»√’Õ”‰æ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Ωñ°Õ∫√¡ ª√– ∫°“√≥åÕπ◊Ë Ê 2532 - ªí®®ÿ∫π— 2532 - ªí®®ÿ∫π—

3 3 3 3 3

Mr. Suphat Sivasriaumphai

°√√¡°“√µ√«® Õ∫ °√√¡°“√Õ‘ √– 59 ªï Õ— —¡™—≠æ“≥‘™¬å ∑”ß“π·≈–‡√’¬π®“°ª√– ∫°“√≥å„π°“√√à«¡≈ß∑ÿπ°—∫∫√‘…∑— „À≠à∑¡’Ë ™’ Õ◊Ë ‡ ’¬ß´÷ßË ¡’∑ß—È ™“«≠’ªË πÿÉ , Õ‡¡√‘°π— ·≈– Õ‘π‡¥’¬π

°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥ °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ‰∑¬Õ—¡∫‘°“â ‡§¡‘§≈— å ®”°—¥ °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—πË ®”°—¥ Õ“™’æÀ≈—° ∫√‘À“√∫√‘…∑— µà“ßÊ ¢Õß§√Õ∫§√—« °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ‰∑¬øî≈“‡¡π∑å ‡∑Á°´å‰∑≈å ®”°—¥ 3 °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ‰∑¬Õ—¡∫‘°“â ‡§¡‘§≈— å ®”°—¥ 3 °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ·√¡·∫√π¥∑å ‚Œ‡µÁ≈ §Õ√åªÕ‡√™—πË ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 2,800,000 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 ‰¡à¡’ POSITION AGE EDUCATION TRAINING EXPERIENCE 1989 - present 1989 - present

3 3 3 3 3

3 Audit Committee Member 3 Independent Director 3 59 years 3 Assumption Commercial College 3 Working/training & Experience with many joint venture companies including large Japanese,

American and Indian companies.

3 Director, Precious Shipping Public Company Limited. 3 Managing Director, Thai Filament Textiles Company Limited. 3 Managing Director, Thai Ambica Chemicals Company Limited. 3 Managing Director, Rembrandt Hotel Corporation Limited. 3 Managing family owned companies

OCCUPATION DIRECTOR IN OTHER COMPANIES 3 Managing Director, Thai Filament Textiles Company Limited. 3 Managing Director, Thai Ambica Chemicals Company Limited. 3 Managing Director, Rembrandt Hotel Corporation Limited. POSITION HELD IN RELATED COMPANIES 3 Nil NO. OF SHARES HELD AS OF YEAR END 2005 3 2,800,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 Nil

Annual Report 2005 ± Precious Shipping Public Company Limited

æ≈µ”√«®‚∑ ‡°’¬√µ‘»—°¥‘Ï ª√–¿“«—µ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ 2498 - 2502 2509 - 2510 2536 - 2537 ª√–«—µ°‘ “√Õ∫√¡ 26 °.¬. 2548 21 °.¬. 2547 30 °.§. 2545 16 æ.¬. 2544 30 µ.§. 2543 ª√– ∫°“√≥å 2539 - ªí®®ÿ∫π— ªí®®ÿ∫π—

Police LT. Gen. Kiattisak Prabhavat

3 3

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 70 ªï

3 3 3 3

‚√ß‡√’¬ππ“¬√âÕ¬∑À“√∫° ª√–‡∑»Õ—ß°ƒ… 3 ‚√ß‡√’¬πµ”√«® 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“√™—πÈ Ÿß¢Õß ”π—°ß“π‡≈¢“∏‘°“√ ¢â“√“™°“√æ≈‡√◊Õπ

3 3 3 3 3

‡¢â“√à«¡ —¡π“‡√◊ÕË ß çCorporate Governance Roundtableé ‚¥¬ §≥–°√√¡°“√∫√√…—∑¿‘∫“≈·Ààß™“µ‘ ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Accreditation Programé (DAP) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ÕË ß çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ÕË ß çEffective Audit Committees & Best Practicesé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡°“√Õ∫√¡‡√◊ÕË ß ç°√√¡°“√∫√‘…∑— °—∫§«“¡√—∫º‘¥™Õ∫∑’‡Ë æ‘¡Ë µ“¡ æ.√.∫. °“√∫—≠™’ æ.». 2543é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬

°√√¡°“√Õ‘ √–

°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) Advisor Chairman - Company Affair ∫√‘…∑— ·Õπ‡´Õ√å ®”°—¥ 3 ∑’ªË √÷°…“ ∫√‘…∑— All Seasons Property ®”°—¥ °√√¡°“√ ∫√‘…∑— ÕŸ™“à ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π) 3 ª√–∏“π°√√¡°“√ ∫√‘…∑ — Perfect Place Property ®”°—¥ ∑’ªË √÷°…“ - Company Affair ∫√‘…∑— V. Group Building 2545 ∑’ªË √÷°…“ √—∞¡πµ√’«“à °“√°√–∑√«ß§¡π“§¡ 2539 - 2541 ∑’ªË √÷°…“æ‘‡»… ∫√‘…∑— À«‘√¬‘ “ ´‘µ’È ®”°—¥ (¡À“™π) 3 ∑’ª Ë √÷°…“æ‘‡»… ∫√‘…∑— °«ß¥Õß ‡ÕÁπ‡µÕ√å‰æ√´å ®”°—¥ (¡À“™π) 2538 - 2539 °√√¡°“√ °“√∑à“Õ“°“»¬“π·Ààßª√–‡∑»‰∑¬ 2537 - 2539 ºŸ∫â ≠ — ™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß 2537 ®‡√µ”√«® 2535 - 2537 √Õß®‡√µ”√«® 2534 - 2535 √ÕßºŸ∫â ≠ — ™“°“√»÷°…“ 2533 - 2534 ºŸ™â «à ¬ºŸ∫â ≠ — ™“°“√µ”√«®π§√∫“≈ 2532 - 2533 ºŸ∫â ß— §—∫°“√Õ”π«¬°“√°Õß∫—≠™“°“√µ”√«®π§√∫“≈ 2531 - 2532 ºŸ∫â ß— §—∫°“√µ”√«®®√“®√ 2526 - 2531 √ÕßºŸ∫â ß— §—∫°“√µ”√«®π§√∫“≈æ√–π§√„µâ Õ“™’æÀ≈—° ¢â“√“™°“√∫”π“≠„πµ”Àπàßæ≈µ”√«®‚∑ - ºŸ∫â ≠ — ™“°“√ ”π—°ß“πµ√«®§π‡¢â“‡¡◊Õß 3 π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 °√√¡°“√ ∫√‘…∑ — ÕŸ™“à ¬“¡ µ’≈ Õ‘π¥— ∑√’ å ®”°—¥ (¡À“™π) 3 ª√–∏“π°√√¡°“√ ∫√‘…∑ — Perfect Place Property ®”°—¥ °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 ‰¡à¡’ POSITION AGE EDUCATION 1955 - 1959 1966 - 1967 1993 - 1994 TRAINING 26 Sep 2005 21 Sep 2004 30 Jul 2002 16 Nov 2001 30 Oct 2000 EXPERIENCE 1996 - present Present 2002 1996 - 1998 1995 - 1996 1994 - 1996 1994

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

3 3

Chairman of Audit Committee 70 years

Independent Director

3 3 3 3

Graduated from Royal Military Academy, England. Hendon Detective Training School, England. Federal Bureau of Investigation, USA High Executive Training School of Civil Service Commission.

Police Academy, England.

Attended Seminar on the topic çCorporate Governance Roundtableé held by Sub-Committee of the National Corporate Governance Committee 3 Attended training course on the topic çDirector Accreditation Programé (DAP) held by Thai Institute of Directors Association. 3 Attended training course on the topic çChairman 2000 held by Thai Institute of Directors Association 3 Attended training course on the topic çEffective Audit Committees & Best Practicesé held by Thai Institute of Directors Association 3 Attended training course on the topic çThe Increased Liabilities of Company Directors according to Accounting ACT 2000 held by Thai Institute of Directors Association. 3

3 3 3 3 3 3 3 3 3

Director, Precious Shipping Public Company Limited. Advisor Chairman - Company Affair of Anxir Company Limited. Director, Usha Siam Steel Industries Public Company Limited. Advisor, Company Affair of V. Group Building. Advisor, the Minister of Communications. Advisor, Sahaviriya City Public Company Limited. Director, Aviation Authority of Thailand. Commissioner of the Immigration Bureau. Inspector General of Police.

86 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

3 3

Advisor, All Seasons Property Company Limited. Chairman, Perfect Place Condominium Company Limited.

Advisor, Guang Dong Enterprise Company Limited.

1992 - 1994 1991 - 1992 1990 - 1991 1989 - 1990 1988 - 1989 1983 - 1988 OCCUPATION

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. Retired Government officer - Police Lieutenant General, Commissioner of the Immigration Bureau Business man. DIRECTOR IN OTHER COMPANIES 3 Director, Usha Siam Steel Industries Public Company Limited. 3 Chairman, Perfect Place Condominium Company Limited. POSITION HELD IN RELATED COMPANIES 3 Nil NO. OF SHARES HELD AS OF YEAR END 2005 3 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 Nil 3 3 3 3 3 3 3 3

π“¬‰®ª“≈ ¡—π ÿ¢“π’ µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ ª√–«—µ°‘ “√Õ∫√¡ 2548

Mr. Jaipal Mansukhani

3 3 3

°√√¡°“√ 56 ªï Cadet, Directorate of Marine Engineering Training.

ª√– ∫°“√≥å 2536 - ªí®®ÿ∫π— 3 °√√¡°“√ ∫√‘…∑ — æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2544 - ªí®®ÿ∫π— 3 °√√¡°“√ (‡∑§π‘§) ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ 2531 - 2544 3 ºŸ®â ¥— °“√ΩÉ“¬‡∑§π‘§ ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ 2528 - 2530 3 √ÕßºŸ§â «∫§ÿ¡«‘»«°√ ∫√‘…∑ — °‘π‡¥’¬ µ’¡ π“«‘‡°™—πË ®”°—¥ 2524 - 2527 3 ºŸ™â «à ¬ºŸ§â «∫§ÿ¡«‘»«°√ ∫√‘…∑ — °‘π‡¥’¬ µ’¡ π“«‘‡°™—πË ®”°—¥ 2520 - 2524 3 À—«Àπâ“«‘»«°√ª√–®”‡√◊Õ ∫√‘…∑ — °‘π‡¥’¬ µ’¡ π“«‘‡°™—πË ®”°—¥ 2514 - 2519 3 «‘»«°√ª√–®”‡√◊Õ ∫√‘…∑ — °‘π‡¥’¬ µ’¡ π“«‘‡°™—πË ®”°—¥ Õ“™’æÀ≈—° 3 °√√¡°“√ ∫√‘…∑ — æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 3 °√√¡°“√ (‡∑§π‘§) ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 Member Regional Technical Committee, Nippon Kaiji Kyokai. 3 Member Regional Technical Committee, American Bureau of Shipping. 3 Member Regional Technical Committee, Bureau Veritas. °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 °√√¡°“√ (‡∑§π‘§) ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 68,000 Àÿπâ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 22,800 Àÿπâ POSITION 3 Director AGE 3 56 years EDUCATION 3 Cadet, Directorate of Marine Engineering Training. TRAINING 2005 3 Graduate member of Thai Institute of Directors (IOD) - Completed çDirectors Certificate Programé (DCP), Class 64/2005. EXPERIENCE 1993 - present 3 Director, Precious Shipping Public Company Limited. 2001 - present 3 Director (Technical), Great Circle Shipping Agency Limited. 1988 - 2001 3 Technical Manager, Great Circle Shipping Agency Limited. 1985 - 1987 3 Deputy Engineer Superintendent, Scindia Steam Navigation Limited. 1981 - 1984 3 Assistant Engineer Superintendent,Scindia Steam Navigation Limited 1977 - 1981 3 Chief Engineer, Scindia Steam Navigation Limited. 1971 - 1976 3 Marine Engineer, Scindia Steam Navigation Limited. OCCUPATION 3 Director, Precious Shipping Public Company Limited. 3 Director (Technical), Great Circle Shipping Agency Limited. DIRECTOR IN OTHER COMPANIES 3 Member Regional Technical Committee, Nippon Kaiji Kyokai. 3 Member Regional Technical Committee, American Bureau of Shipping. 3 Member Regional Technical Committee, Bureau Veritas. POSITION HELD IN RELATED COMPANIES 3 Director (Technical), Great Circle Shipping Agency Limited. NO. OF SHARES HELD AS OF YEAR END 2005 3 68,000 shares INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 22,800 shares

Annual Report 2005 ± Precious Shipping Public Company Limited

π“¬™’√– ¿“≥ÿæß»å µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“

°“√Ωñ°Õ∫√¡ 2546 2545 ª√– ∫°“√≥å 2543 - ªí®®ÿ∫π— ªí®®ÿ∫π—

Mr. Chira Panupong

3 3 3 3 3 3 3

°√√¡°“√Õ‘ √– 73 ªï ∏√√¡»“ 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. √ÿπà 20

3 3

‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çDirector Accreditation Program No. 2/2546ç (DAP 2/2546) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çChairman 2000é ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬

°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) √Õßª√–∏“π°√√¡°“√ ·≈– °√√¡°“√Õ‘ √– ∫√‘…∑— ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√ ∫√‘…∑— ¡∫Ÿ√≥å ·Õä¥«“π´å ‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) √Õßª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√∫√‘À“√ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑— Õ¡µ– §Õ√åªÕ‡√™—πË ®”°—¥ (¡À“™π) √Õßª√–∏“π°√√¡°“√ ∫√‘…∑— ∑’ æ’ ∑’ ªî‚µ√‡§¡‘§Õ≈ å ®”°—¥ (¡À“™π) °àÕπªï 2549 ª√–∏“π°√√¡°“√ ∫√‘…∑— ∫â“πªŸ ®”°—¥ (¡À“™π) 2543 - 2546 ª√–∏“π°√√¡°“√ ∫√‘…∑— ‰µ√ ‡Õπ‡πÕ®’È ®”°—¥ °àÕπªï 2535 ‡≈¢“∏‘°“√§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ 3 ”π—°ß“π‡≈¢“πÿ°“√°√¡ °√–∑√«ß°“√µà“ßª√–‡∑» °√¡∑–‡∫’¬π°“√§â“ °√–∑√«ßæ“≥‘™¬å 3 ”π—°«‘™“°“√·≈–«“ß·ºπ °√–∑√«ßæ—≤π“ —ß§¡·≈–§«“¡¡—πË §ß¢Õß¡πÿ…¬å Õ“™’æÀ≈—° ¢â“√“™°“√∫”π“≠ 3 π—°∏ÿ√°‘® °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 √Õßª√–∏“π°√√¡°“√ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑ — ∑ÿπ‡∑Á°´å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) 3 ª√–∏“π°√√¡°“√ ∫√‘…∑ — ¡∫Ÿ√≥å ·Õä¥«“π´å ‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) 3 √Õßª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√∫√‘À“√ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑ — Õ¡µ– §Õ√åªÕ‡√™—πË ®”°—¥ (¡À“™π) 3 √Õßª√–∏“π°√√¡°“√ ∫√‘…∑ — ∑’ æ’ ∑’ ªî‚µ√‡§¡‘§Õ≈ å ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 ‰¡à¡’ POSITION AGE EDUCATION TRAINING 2003 2002 EXPERIENCE 2000 - Present Present

3 3 3 3 3 3 3 3 3 3

3 3 3 3 3 3

Independent Director 73 years LL.B., Thammasat University. 3 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 from IBRD. National Defense College Group No. 20.

Attended training course on the topic çDirector Accreditation Program No.2/2003é (DAP 2/2003) held by Thai Institute of Directors Association. 3 Attended training course on the topic çChairman 2000é held by Thai Institute of Directors Association 3

Director, Precious Shipping Public Company Limited. Vice Chairman and Independent Director, Tuntex (Thailand) Public Company Limited. Chairman of the Board of Directors, Somboon Advance Technology Public Company Limited Vice Chairman, Chairman of the Executive Board and Independent Director, Amata Corporation Public Company Limited Vice Chairman, TPT Petrochemicals Public Company Limited Before year 2006 Chairman of the Board of Directors, Banpu Public Company Limited 2000 - 2003 Chairman of the Board of Directors, Tri Energy Company Limited. Before year 1992 Secretary General, Board of Investment. 3 Office of the Under Secretary of State, Ministry of Foreign Affairs. Department of Commercial Registration, Ministry of Commerce. Technical Planning Office, Ministry of Social Development and Human Security. OCCUPATION Retired Government officer 3 Business man DIRECTOR IN OTHER COMPANIES 3 Vice Chairman and Independent Director, Tuntex (Thailand) Public Company Limited. 3 Chairman of the Board of Directors, Somboon Advance Technology Public Company Limited 3 Vice Chairman, Chairman of the Executive Board and Independent Director, Amata Corporation Public Company Limited 3 Vice Chairman, TPT Petrochemicals Public Company Limited POSITION HELD IN RELATED COMPANIES 3 Nil NO. OF SHARES HELD AS OF YEAR END 2005 3 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 Nil 3 3 3 3 3 3 3 3 3 3 3

88 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

π“¬∏’√– «‘¿Ÿ™π‘π µ”·Àπàß Õ“¬ÿ §ÿ≥«ÿ≤°‘ “√»÷°…“ °“√Ωñ°Õ∫√¡ 2548 2544 ª√– ∫°“√≥å 2543 - ªí®®ÿ∫π— ªí®®ÿ∫π—

Mr. Thira Wipuchanin

3 3 3

°√√¡°“√Õ‘ √– 56 ªï ª√‘≠≠“µ√’∑“ß∫√‘À“√∏ÿ√°‘®·≈–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬«‘ §Õπ´‘π À√—∞Õ‡¡√‘°“

3 3

‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çAudit Committee Programé (ACP) ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ ¡“™‘°ºŸ∑â √ß§ÿ≥«ÿ≤‘ ¢Õß ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ (IOD) ´÷ßË ‰¥â√∫— ª√–°“»π’¬∫—µ√ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ [Directors Certification Program (DCP)] Class 6/2001

°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈– °√√¡°“√Õ‘ √– ∫√‘…∑— ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π) °√√¡°“√ ∫√‘…∑— ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ °√√¡°“√Õ‘ √– ·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…∑— ¬“¡·¡Á§‚§√ ®”°—¥ (¡À“™π) °√√¡°“√Õ‘ √– ·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…∑— ‡ß‘π∑ÿπ °√ÿß‡∑æ∏π“∑√ ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑— Õ‘π‡µÕ√å‰Œ¥å ®”°—¥ (¡À“™π) 2543 - 2546 √Õß°√√¡°“√ºŸ®â ¥— °“√ ∏π“§“√‡æ◊ÕË °“√ àßÕÕ°·≈–π”‡¢â“·Ààßª√–‡∑»‰∑¬ °√√¡°“√ ∫√‘…∑— ´—π‚¬ ¬Ÿπ‡‘ «Õ√å·´≈ Õ’‡≈Á§∑√‘§ ®”°—¥ (¡À“™π) 3 °√√¡°“√·≈–‡À√—≠≠‘° ¡Ÿ≈π‘∏‡‘ Õ°™πæ—≤π“¿Ÿ¡¿‘ “§ ª√–‡∑»‰∑¬ °√√¡°“√ºŸ∑â √ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—ßÈ ∫√‘…∑— ¢Õß ∑.».∑ ·≈– °. .∑ °√√¡°“√ºŸ∑â √ß§ÿ≥«ÿ≤‘ §≥–°√√¡°“√‡µ√’¬¡°“√®—¥µ—ßÈ ∫√‘…∑— ¢Õß ª.µ.∑ Õπÿ°√√¡°“√ §≥–Õπÿ°√√¡°“√∫√‘À“√»Ÿπ¬å√–¥¡∑ÿπ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 2537 - 2540 √Õß°√√¡°“√ºŸ®â ¥— °“√„À≠àÕ“«ÿ‚ °≈ÿ¡à ∫√‘…∑— æ√’‡¡’¬√å 2533 - 2537 ºŸ·â ∑πª√–®”ª√–‡∑»‰∑¬ ∫√‘…∑— æ√Ÿ‡¥Áπ‡™’¬≈ ·Õ ‡´Áµ ·¡π‡π®‡¡âπ∑å ‡Õ‡™’¬ ®”°—¥ 2518 - 2533 √Õßª√–∏“π (°“√≈ß∑ÿπ) ∫√‘…∑— Õ‡¡√‘°π— Õ‘π‡µÕ√å·π™™—πË ·π≈ ·Õ ™—«√—π å ®”°—¥ 2517 - 2518 ºŸ®â ¥— °“√ ‘π‡™◊ÕË ∏ÿ√°‘® ∫√‘…∑— ‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥ 2516 - 2517 ª√–®”°Õßæ≈∑À“√¡â“ Õ“™’æÀ≈—° °√√¡°“√∫√‘…∑— °“√¥”√ßµ”·Àπàß°√√¡°“√„π∫√‘…—∑Õ◊πË Ê 3 ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑ — ÀÕÿµ “À°√√¡πÈ”¡—πª“≈å¡ ®”°—¥ (¡À“™π) 3 °√√¡°“√ ∫√‘…∑ — ∏√√¡π‘µ‘ ·≈– ∑√Ÿ∏ ®”°—¥ 3 °√√¡°“√Õ‘ √– ·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…∑ — ¬“¡·¡Á§‚§√ ®”°—¥ (¡À“™π) 3 °√√¡°“√Õ‘ √– ·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…∑ — ‡ß‘π∑ÿπ °√ÿß‡∑æ∏π“∑√ ®”°—¥ (¡À“™π) 3 ª√–∏“π°√√¡°“√ ·≈–°√√¡°“√Õ‘ √– ∫√‘…∑ — Õ‘π‡µÕ√å‰Œ¥å ®”°—¥ (¡À“™π) °“√¥”√ßµ”·Àπàßµà“ßÊ „π∏ÿ√°‘®∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ ®”π«πÀÿπâ ∑’‡Ë æ‘¡Ë ¢÷πÈ (≈¥≈ß) „πªï æ.». 2548 3 ‰¡à¡’ POSITION 3 Independent Director AGE 3 56 years EDUCATION 3 B.Sc. in Economics and Business Administration, University of Wisconsin - Stevents Point, U.S.A. TRAINING 2005 3 Attended training course on the topic çAudit Committee Programé (ACP) held by Thai Institute of Directors Association. 2001 3 Graduate member of Thai Institute of Directors (IOD) - Completed çDirectors Certificate Programé (DCP), Class 6/2001 EXPERIENCE 2000 - present 3 Director, Precious Shipping Public Company Limited Present 3 Chairman of the Audit Committee and Independent Director, United Palm Oil Industry Public Company Limited. 3 Director, Dhamniti and Truth Company Limited. 3 Independent Director and Audit Committee member, Siam Makro Public Company Limited 3 Independent Director and Audit Committee member, Bangkok First Investment & Trust Public Company Limited. 3 Chairman of the Board of Director and Independent Director, Interhides Public Company Limited. 2000 - 2003 3 Senior Executive Vice President, Export - Import Bank of Thailand 3 Director, Sanyo Universal Electric Public Company Limited. 3 Treasurer, The Community Support Foundation, Thailand 3 Board of Director Company Establish Preparatory Committee / T.O.T. and C.A.T 3 Board of Director Company Establish Preparatory Committee / P.T.T. 3 Board member, Capital Market Opportunity Center / SET 1994 - 1997 3 Senior Vice President, Premier Group of Companies 1990 - 1994 3 Thailand Representative, Prudential Asset Management Asia Limited 1975 - 1990 3 Vice President (Investment), American International Assurance Company Limited. 1974 - 1975 3 Business Loan Manager, Commercial Credit Corporation (Thailand) Limited. 1973 - 1974 3 Served the Royal Thai Army OCCUPATION 3 Company Director DIRECTOR IN OTHER COMPANIES 3 Chairman of the Audit Committee and Independent Director, United Palm Oil Industry Public Company Limited. 3 Director, Dhamniti and Truth Company Limited. 3 Independent Director and Audit Committee member, Siam Makro Public Company Limited 3 Independent Director and Audit Committee member, Bangkok First Investment & Trust Public Company Limited. 3 Chairman of the Board of Director and Independent Director, Interhides Public Company Limited. POSITION HELD IN RELATED COMPANIES 3 Nil NO. OF SHARES HELD AS OF YEAR END 2005 3 Nil INCREASE (DECREASE) IN SHAREHOLDING IN THE YEAR 2005 3 Nil 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

Annual Report 2005 ± Precious Shipping Public Company Limited

§≥–ºŸâ∫√‘À“√ MANAGEMENT TEAM 2 π“¬§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ * Mr.Khalid Moinuddin Hashim* 2 π“¬¡Ÿπ√’ ¡Õ¬πŸ¥¥‘π Œ“™‘¡ * Mr.Munir Moinuddin Hashim* π“¬§Ÿ ™√Ÿ §“≈’ «“‡¥’¬ * 2 Mr.Khushroo Kali Wadia* 2 π“¬‰®ª“≈ ¡—π ÿ¢“π’ * Mr.Jaipal Mansukhani*

°√√¡°“√ºŸ®â ¥— °“√ Managing Director °√√¡°“√ (°“√æ“≥‘™¬å) Director (Commercial) °√√¡°“√ (°“√‡ß‘π) Director (Finance) °√√¡°“√ (‡∑§π‘§) ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ (∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ) Director (Technical) of Great Circle Shipping Agency Ltd. (Companyûs Subsidiary) * ”À√—∫ª√–«—µ‘ - °√ÿ≥“¥ŸÀ«— ¢âÕ ª√–«—µ§‘ ≥–°√√¡°“√∫√‘…∑— * For profile, please refer to Board of Directors - Profile.

π“¬™’≈“≈ ‚°ªîπ“∏“π Mr. Shrilal Gopinathan µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

3 3 3

ºŸÕâ ”π«¬°“√ (°“√æ“≥‘™¬å) ª√‘≠≠“µ√’∫√‘À“√∏ÿ√°‘® ®“°¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å ª√–°“»π’¬∫—µ√°“√‡¥‘π‡√◊Õ ®“° Norottam Morarjee Institute of Shipping, ∫Õ¡‡∫¬å

3 3 3

Vice President (Commercial) Bachelor of Commerce from the University of Bombay Diploma in Shipping from the Norattam Morarjee Institute of Shipping, Bombay

ª√– ∫°“√≥å 2542 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (°“√æ“≥‘™¬å) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2532 - 2541 3 ºŸ®â ¥ — °“√ΩÉ“¬∫√‘°“√‡™à“‡√◊Õ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 276,800 Àÿπ â POSITION EDUCATION

EXPERIENCE 1999 - present 3 Vice President (Commercial), Precious Shipping Public Company Limited. 1989 - 1998 3 Chartering Manager, Precious Shipping Public Company Limited. NO. OF SHARES HELDS AS OF YEAR END 2005 3 276,800 shares

π“¬‚§§“ ‡«π§“µ“√“¡“π“ ÿ¥“°“√å Mr. Koka Venkataramana Sudhakar µ”·Àπàß 3 ºŸÕ â ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) §ÿ≥«ÿ≤°‘ “√»÷°…“ 3 Cadet, Directorate of Marine Engineering Training ª√– ∫°“√≥å 2542 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (∫√‘À“√°Õß‡√◊Õ) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2532 - 2541 3 ºŸ®â ¥ — °“√°Õß‡√◊Õ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 5,000 Àÿπ â POSITION 3 Vice President (Fleet Management) EDUCATION 3 Cadet, Directorate of Marine Engineering Training EXPERIENCE 1999 - present 3 Vice President (Fleet Management), Precious Shipping Public Company Limited. 1989 - 1998 3 Fleet Manager, Great Circle Shipping Agency Limited. NO. OF SHARES HELDS AS OF YEAR END 2005 3 5,000 shares

90 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

π“¬π’≈“°—πµ—π «“ ÿ‡¥«—π Mr. Neelakantan Vasudevan µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

3 3 3

ºŸÕâ ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’¬Ë ß¿—¬) Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade Master degree in Management in Studies (M.M.S)

3 3 3

Vice President (Risk Management), Precious Shipping Public Company Limited Post Graduate Diploma in International Trade from Indian Institute of Foreign Trade. Master Degree in Management Studies (M.M.S)

ª√– ∫°“√≥å 2548 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’¬Ë ß¿—¬) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2542 - 2547 3 ºŸ™â «à ¬ºŸÕ â ”π«¬°“√ (°“√®—¥°“√¥â“π§«“¡‡ ’¬Ë ß¿—¬) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2538 - 2541 3 ºŸ®â ¥ — °“√ΩÉ“¬ª√–°—π¿—¬ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2528 - 2538 3 √ÕßºŸ®â ¥ — °“√ ∫√‘…∑— Shipping Corporation of India Ltd. ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 50,200 Àÿπ â POSITION EDUCATION

EXPERIENCE 2005 - present 3 Vice President (Risk Management) 1999 - 2004 3 Assistant Vice President (Risk Management), Precious Shipping Public Company Limited. 1995 - 1998 3 Insurance & Claims Manager, Precious Shipping Public Company Limited. 1985 - 1995 3 Deputy Manager, Shipping Corporation of India Limited. NO. OF SHARES HELDS AS OF YEAR END 2005 3 50,200 shares

π“¬ µ’‡øπ ‚°≈“ Mr. Stephen Korah µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

3 3 3

ºŸÕâ ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM) First Class Marine Engineer Graduate Directorate of Marine Engineering Training, Kolkatta, Õ‘π‡¥’¬

3 3 3

Vice President (International Safety Management) (ISM) First Class Marine Engineer Graduate Directorate of Marine Engineering Training, Kolkatta, India

ª√– ∫°“√≥å 2548 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM) 2547 - 2548 3 ºŸ™â «à ¬ºŸÕ â ”π«¬°“√ (∫√‘À“√§«“¡ª≈Õ¥¿—¬√–À«à“ßª√–‡∑») (ISM), ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2539 - 2547 3 Quality System Manager (ISM Team) ∫√‘…∑ — æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2537 - 2539 3 Technical Superintendent, ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ 2531 - 2537 3 Technical Superintendent, ESSAR SISCO Ship Management Co., Chennai, Õ‘π‡¥’¬ 2529 - 2531 3 µâπ°≈ª√–®”‡√◊Õ (Chief Engineer) 2521 - 2529 3 π“¬™à“ßª√–®”‡√◊Õ (Marine Engineer) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ POSITION EDUCATION EXPERIENCE 2005 - present 2004 - 2005

Vice President (International Safety Management)(ISM), Precious Shipping Public Company Limited Assistant Vice President (International Safety Management) (ISM), Precious Shipping Public Company Limited. 1996 - 2004 3 Quality Systems Manager (ISM Team), Precious Shipping Public Company Limited 1994 - 1996 3 Technical Superintendent, Great Circle Shipping Agency Limited 1988 - 1994 3 Technical Superintendent, ESSAR SISCO Ship Management Co, Chennai, India. 1986 - 1988 3 Chief Engineer on Ships. 1978 - 1986 3 Marine Engineer on Ships. NO. OF SHARES HELDS AS OF YEAR END 2005 3 Nil 3 3

Annual Report 2005 ± Precious Shipping Public Company Limited

π“¬‚°¥“°“√“®’∑∑‘≈ ¡Ÿ√“≈’Ë ‡¡ππÕπ Mr. Kodakaraveettil Murali Menon µ”·Àπàß 3 ºŸÕ â ”π«¬°“√ (‡∑§π‘§) §ÿ≥«ÿ≤°‘ “√»÷°…“ 3 Marine Engineer (Class One), Marine Engineering College, Õ‘π‡¥’¬ ª√– ∫°“√≥å 2548 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (‡∑§π‘§) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2541 - 2547 3 ºŸ™â «à ¬ºŸÕ â ”π«¬°“√ (‡∑§π‘§) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2535 - 2541 3 Superintendent (‡∑§π‘§) ∫√‘…∑ — æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2531 - 2535 3 Chief Engineer ∫√‘…∑ — æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2527 - 2531 3 Chief Engineer, Seaarland Ship management, Austria ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 124,000 Àÿπ â POSITION 3 Vice President (Technical) EDUCATION 3 Marine Engineer (Class One), Marine Engineering College, India EXPERIENCE 2005 - present 3 Vice President (Technical), Precious Shipping Public Company Limited 1998 - 2004 3 Assistant Vice President (Technical), Precious Shipping Public Company Limited 1992 - 1998 3 Superintendent (Technical), Precious Shipping Public Company Limited 1988 - 1992 3 Chief Engineer, Precious Shipping Public Company Limited 1984 - 1988 3 Chief Engineer, Seaarland Ship management, Austria NO. OF SHARES HELDS AS OF YEAR END 2005 3 124,000 shares

π“¬°“¡“≈ °ÿ¡“√ ¥Ÿ Mr. Kamal Kumar Dua µ”·Àπàß 3 ºŸÕ â ”π«¬°“√ (‡∑§‚π‚≈¬’ “√ π‡∑») §ÿ≥«ÿ≤°‘ “√»÷°…“ 3 Computer Science ¡À“«‘∑¬“≈—¬Õ— —¡™—≠ °√ÿß‡∑æœ ª√– ∫°“√≥å 2548 - ªí®®ÿ∫π— 3 ºŸÕ â ”π«¬°“√ (‡∑§‚π‚≈¬’ “√ π‡∑») ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2543 - 2547 3 ºŸ™â «à ¬ºŸÕ â ”π«¬°“√ (‡∑§‚π‚≈¬’ “√ π‡∑») ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2539 - 2543 3 ºŸ®â ¥ — °“√Õ“«ÿ‚ (ISM) 2539 3 °—∫µ—π‡√◊Õ ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ 2531 - 2539 3 π“¬ª√–®”‡√◊Õ (Deck Officer) ∫√‘…∑ — ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 110,500 Àÿπ â Position 3 Vice President (Information Technology) Education 3 Computer Science, Assumption University, Bangkok Experience 2005 - present 3 Vice President (Information Technology), Precious Shipping Public Company Limited 2000 - 2004 3 Assistant Vice President (Information Technology), Precious Shipping Public Company Limited 1996 - 2000 3 Senior Manager (ISM) 1996 3 Master, Great Circle Shipping Agency Limited 1988 - 1996 3 Deck Officer, great Circle Shipping Agency Limited No. of shares helds as of year end 2005 3 110,500 shares

π“¬°‘√—π °‘ ´“√‘π“∑ ‰«¥’ Mr. Kiran Kesarinath Vaidya µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

3 3 3

ºŸ®â ¥— °“√Õ“«ÿ‚ (∫—≠™’ ·≈– MIS) ª√‘≠≠“µ√’ °“√æ“≥‘™¬å ¡À“«‘∑¬“≈—¬∫Õ¡‡∫¬å, Õ‘π‡¥’¬ ºŸµâ √«® Õ∫∫—≠™’√∫— Õπÿ≠“µ ®“° ∂“∫—πºŸµâ √«® Õ∫∫—≠™’√∫— Õπÿ≠“µ·Ààßª√–‡∑»Õ‘π‡¥’¬

ª√– ∫°“√≥å 2536 - ªí®®ÿ∫π— 3 ºŸ®â ¥ — °“√Õ“«ÿ‚ (∫—≠™’ ·≈– MIS) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’

92 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

POSITION EDUCATION

3 3 3

Senior Manager (Accounts & MIS) Bachelor of Commerce, University of Bombay, India Chartered Accountant from the Institute of Chartered Accountants of India.

EXPERIENCE 1993 - present 3 Senior Manager (Accounts & MIS), Precious Shipping Public Company Limited NO. OF SHARES HELDS AS OF YEAR END 2005 3 Nil

π“ß “« ¡ª√“√∂π“ ‡∑æπ¿“‡æ≈‘π Ms. Somprathana Thepnapaplern µ”·Àπàß §ÿ≥«ÿ≤°‘ “√»÷°…“

3 3 3 3

ºŸ™â «à ¬ºŸÕâ ”π«¬°“√ (°“√‡ß‘π·≈–∫—≠™’) ‡≈¢“πÿ°“√∫√‘…∑— ª√‘≠≠“‚∑°“√∫—≠™’ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ ®“° ¿“«‘™“™’æ∫—≠™’

3 3 3 3

Assistant Vice President (Finance & Accounts) Company Secretary Master of Science in Accounting, Thammasat University Certified Public Accountant of Federation of Accounting professions

°“√Ωñ°Õ∫√¡ µÿ≈“§¡ 2547 3 ‡¢â“√à«¡Õ∫√¡„πÀ—«¢âÕ çCompany Secretary Programé ®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑ — ‰∑¬ ª√– ∫°“√≥å 2542 - ªí®®ÿ∫π— 3 ºŸ™â «à ¬ºŸÕ â ”π«¬°“√ (°“√‡ß‘π·≈–∫—≠™’) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2539 - 2542 3 ºŸ®â ¥ — °“√°“√‡ß‘π ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2535 - 2539 3 ºŸ™â «à ¬ºŸ â Õ∫∫—≠™’ ∫√‘…∑— ‡Õ ®’«’ ≥ ∂≈“ß ®”°—¥ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ POSITION EDUCATION

TRAINING October 2004 3 Attended the training course on the topic çCompany Secretary Programé held by the Thai Institute of Directors EXPERIENCE 1999 - present 3 Assistant Vice President (Finance & Accounts), Precious Shipping Public Company Limited. 1996 - 1999 3 Finance Executive, Precious Shipping Public Company Limited. 1992 - 1996 3 Senior Auditors, SGV-Na Thalang & Co., Ltd. NO. OF SHARES HELDS AS OF YEAR END 2005 3 Nil

π“¬¬‘Ëß¬ß °—ß·Œ Mr. Yingyong Kanghae µ”·Àπàß 3 ºŸ®â ¥ — °“√Õ“«ÿ‚ (∫—≠™’¢Õß°≈ÿ¡à ∫√‘…∑— ) §ÿ≥«ÿ≤°‘ “√»÷°…“ 3 ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ (∫—≠™’) ¡À“«‘∑¬“≈—¬√“¡§”·Àß ª√– ∫°“√≥å 2539 - ªí®®ÿ∫π— 3 ºŸ®â ¥ — °“√Õ“«ÿ‚ (∫—≠™’¢Õß°≈ÿ¡à ∫√‘…∑— ) ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) 2536 - 2539 3 ºŸ â Õ∫∫—≠™’ ∫√‘…∑— ¥’≈Õ¬∑å ∑Ÿ™â ‚∏¡—∑ ÿ ‰™¬¬ ®”°—¥ ®”π«πÀÿπâ ∑’∂Ë Õ◊ ≥ ‘πÈ ªï æ.». 2548 3 ‰¡à¡’ POSITION 3 Senior Manager - Group Accounts EDUCATION 3 Master of Business Administration (Accounts), Ramkhamhaeng University EXPERIENCE 1996 - present 3 Senior Manager - Group Accounts, Precious Shipping Public Company Limited 1993 - 1996 3 Auditor, Deloitte Touche Tohmatsu Jaiyos Co., Ltd NO. OF SHARES HELDS AS OF YEAR END 2005 3 Nil

Annual Report 2005 ± Precious Shipping Public Company Limited

§”Õ∏‘∫“¬·≈–«‘‡§√“–Àå¢ÕßºŸâ∫√‘À“√ 1. ≈—°…≥–¢Õßµ≈“¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) (çæ’‡Õ ·Õ≈À√◊Õ∫√‘…∑— œé) ¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ‡®â“¢Õß‡√◊Õ·≈–‡¥‘π‡√◊Õ·∫∫‰¡àª√–®” ‡ âπ∑“ßÕ¬Ÿà„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á° ”À√—∫¢π àß ‘π§â“·Àâß‡∑°Õß√–À«à“ßª√–‡∑» ”À√—∫ªï 2548 ∫√‘…∑— œ ¬—ß§ß¥”‡π‘π°≈¬ÿ∑∏å „π°“√∑”∏ÿ√°‘®µàÕ‡π◊ÕË ß®“°ªï 2547 ¥â«¬°“√∑” —≠≠“„Àâ‡™à“‡√◊Õ„π√–¬–¬“«µ—ßÈ ·µà 3 ‡¥◊Õπ ∂÷ß 5 ªï ¥â«¬Õ—µ√“§à“‡™à“‡√◊Õ∑’ Ë ßŸ ‡¡◊ÕË µâÕß¡’°“√ µàÕ —≠≠“À√◊Õ∑” —≠≠“„À¡à ®“°Õ¥’µ∑’ºË “à π¡“Õÿµ “À°√√¡¢π àß∑“ß∑–‡≈π—∫‡ªìπÕÿµ “À°√√¡∑’¡Ë «’ Ø— ®—°√ ‚¥¬§«“¡º—π·ª√¢Õß«—Ø®—°√·µà≈–√Õ∫®–¡’°“√ª√—∫µ—« ≈¥≈ß¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ‡æ◊ËÕ„Àâ‡°‘¥§«“¡ ¡¥ÿ≈¬å¢Õß Õÿª ß§å·≈–Õÿª∑“πÕ¬Ÿàª√–¡“≥ 2-3 ªï °àÕπ∑’ËÕ—µ√“§à“‡™à“·≈–§à“√–«“ß‡√◊Õ®– ‡√‘Ë¡ª√—∫µ—« Ÿß¢÷Èπ §«“¡µâÕß°“√¢Õß°“√¢π àß ‘π§â“„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°π—Èπ§àÕπ¢â“ß°√–®—¥°√–®“¬ ‡æ√“–«à“ª√–‡¿∑¢Õß ‘π§â“¡’§«“¡À≈“°À≈“¬·≈–¡’∑“à ‡√◊Õ„Àâ∫√‘°“√®”π«π¡“° Õ¬à“ß‰√°Áµ“¡ ‡æ√“–«à“„πµ≈“¥‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°„Àâ∫√‘°“√¢π àß ‘π§â“ À≈“°À≈“¬™π‘¥°«à“·≈– “¡“√∂¢π∂à“¬ ‘π§â“∑’∑Ë “à ‡√◊Õ‡≈Á°°«à“‰¥â ∑”„Àâ§«“¡µâÕß°“√¢π àß ‘π§â“¡’§«“¡º—πº«ππâÕ¬°«à“‡¡◊ÕË ‡∑’¬∫°—∫§«“¡ µâÕß°“√¢Õß‡√◊Õ¢π“¥„À≠à „π¥â“π¢ÕßÕÿª∑“π°Á‡™àπ°—π‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á°®–¡’‡®â“¢Õß‡√◊ÕÀ≈“°À≈“¬ ®”π«π‡√◊Õ∑—ßÈ À¡¥∑—«Ë ‚≈° ¢Õß°Õß‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°π’¡È ª’ √–¡“≥ 3,000 ≈” ·≈–‡®â“¢Õß°Õß‡√◊Õ√“¬„À≠à∑ ’Ë ¥ÿ „π‚≈°„π°≈ÿ¡à ‡√◊Õ¢π“¥‡≈Á°¡’°Õß‡√◊Õª√–¡“≥ 60 ≈” À√◊Õ§‘¥‡ªìπª√–¡“≥√âÕ¬≈– 2 ¢Õß à«π·∫àßµ≈“¥ π—∫®“° ‘πÈ ªï 2546 ‡ªìπµâπ¡“ Õ—µ√“§à“√–«“ßµ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß‰¥âª√—∫µ—« Ÿß¢÷πÈ Õ¬à“ß‰¡à‡§¬¡’¡“°àÕπÕ—π‡π◊ÕË ß¡“®“° ªí®®—¬À≈“¬ª√–°“√ ·µàª®í ®—¬æ◊πÈ ∞“π∑’ Ë ”§—≠π—πÈ ¡“®“°ª√‘¡“≥§«“¡µâÕß°“√¢π àß ‘π§â“‡∑°Õß®“°ª√–‡∑»®’π·≈–®”π«π®”°—¥¢Õß‡√◊Õ∑’Ë„Àâ ∫√‘°“√‰¥â ´÷ßË π”¡“ Ÿ°à “√‡æ‘¡Ë Ÿß¢÷πÈ Õ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ °≈à“«§◊Õ „π‰µ√¡“ ·√°¢Õßªï 2548 µ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß¡’ Õ—µ√“°“√‡µ‘∫‚µ Ÿß àßº≈„ÀâÕµ— √“§à“√–«“ß‡√◊Õ ‰¥â∑” ∂‘µ ‘ ßŸ ÿ¥§√—ßÈ „À¡à„π∑ÿ°∫√‘…∑— ‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈ ·≈–À≈—ß®“°‰µ√¡“ Õß¢Õßªï 2548 ‡ªìπµâπ¡“ Õ—µ√“§à“√–«“ß‡√◊Õ‡√‘¡Ë ∑√ßµ—«·≈–≈¥µË”≈ß®π°√–∑—ßË ‰µ√¡“ ÿ¥∑â“¬¢Õßªï ·≈– àßº≈„Àâ√“¬‰¥â¢Õß∫√‘…∑— œ „π™à«ß§√÷ßË ªïÀ≈—ß ¢Õßªï 2548 ≈¥≈ß Õ¬à“ß‰√°Áµ“¡ ∂÷ß·¡â«“à Õ—µ√“§à“√–«“ß‡√◊Õ„πÕ’° 1 À√◊Õ 2 ªï ¢â“ßÀπâ“π’®È –≈¥µË”≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ·≈– 2548 ∑’ºË “à π¡“ ·µà§“¥«à“µ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õß®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’¥Ë ‡’ ¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫°àÕπªï 2546 §◊ÕÕ—µ√“§à“√–«“ß‡√◊Õπà“®– ¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’ Ë ßŸ °«à“‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫µ≈“¥°àÕπÀπâ“ ∑’∏Ë √ÿ °‘®π’È‰¥â‡øóÕò ßøŸ„π§√—ßÈ π’∑È æ’Ë ß÷ ºà“π¡“

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

94 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

MANAGEMENT DISCUSSION AND ANALYSIS

1. Market conditions

Precious Shipping PCL (hereinafter referred to as PSL or the Company) continues to own and operate its ships on a tramp-shipping basis in the small handy size sector of the Dry Bulk International Shipping market. PSL has continued its business strategy followed during the year 2004, also in year 2005 and has entered into long term time charter (Period Charters) at reasonably high freight rates for periods ranging from 3 months to 5 years at opportune time through further renewals/extensions of charters, or otherwise. 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 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 end of year 2003, 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 was in the midst of an unprecedented bull run of the freight market during 1st quarter of 2005, which has resulted in record freight levels being achieved during first quarter of 2005 by most shipping companies of the world. However quarter 2 of 2005 onwards freight rates have steadily decreased till the last quarter of 2005, which has dropped the average yield achieved by the company during second half of 2005. However, even after the decline, the market is still expected to be at reasonably healthy levels compared to historical averages before 2003 and therefore, the prognosis going forward for the next year or two is that although rates will be low, as compared to the recent past (2004-2005), they would still be higher than historical highs prior to the commencement of the present boom. 2. World Demand-Supply Outlook (Small handy size sector only)

Annual Report 2005 Âą Precious Shipping Public Company Limited

®“°°√“ø¢â“ßµâπ· ¥ß∂÷ß°“√≈¥≈ßÕ¬à“ßµàÕ‡π◊ÕË ß®π°√–∑—ßË ªï 2546 ¢Õß°Õß‡√◊Õ∑—ßÈ À¡¥„π°≈ÿ¡à ‡√◊ÕÕ‡π°ª√– ß§å¢π“¥‡≈Á° Õ¬à“ß‰√°Á¥’ „π√–À«à“ßªï 2547 °Õß‡√◊Õ‚≈°‡æ‘¡Ë ÿ∑∏‘®”π«π 1 ≈” ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 „π¢≥–∑’√Ë –À«à“ßªï 2548 °Õß‡√◊Õ‚≈°‡æ‘¡Ë ®”π«π 46 ≈” ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ∑—ßÈ π’‡È π◊ÕË ß®“°Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ§àÕ¬Ê≈¥≈ß ‡æ√“–√“¬‰¥âÕµ— √“§à“√–«“ß‡√◊Õ„π√–À«à“ßªï 2547 - 2548 ‰¥â‡æ‘¡Ë Ÿß¢÷πÈ ‡¡◊ÕË ‡∑’¬∫°—∫ªï 2546 ·≈–§“¥«à“®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’¥Ë µ’ Õà ‰ªÕ’°„πªï 2549 ·≈– 2550

®“°°√“ø¢â“ßµâπ· ¥ß„Àâ‡ÀÁπ«à“ ”À√—∫ªï 2549 Õÿª∑“π¢Õß‡√◊Õ„À¡à¡¡’ “°¢÷πÈ ®“°„πÕ¥’µ∑’ºË “à π¡“ Õ¬à“ß‰√°Áµ“¡ „πÕ’° 3 ªï¢“â ß Àπâ“‡√◊Õ„π°≈ÿ¡à ‡¥’¬«°—∫æ’‡Õ ·Õ≈¡’§” —ßË µàÕ„À¡à‡æ’¬ß√âÕ¬≈– 5.4 ‡¡◊ÕË ‡∑’¬∫°—∫°Õß‡√◊Õ„πªí®®ÿ∫π— ·µà®–¡’∂ß÷ √âÕ¬≈– 40.0 ∑’¡Ë Õ’ “¬ÿ¡“°°«à“ 25 ªï ¥—ßπ—πÈ ¥Ÿ‡À¡◊Õπ«à“Õÿª∑“π‡√◊Õ®–¡’¿“æ‡ªìπ∑’πË “à æÕ„®Õ¬à“ß¬‘ßË

96 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

It will be observed from the above chart that there has been continuous reduction in annual fleet size until 2003. However, during the year 2004, a net increase of one vessel to the world fleet took place as compared to that at the end of year 2003. During year 2005, 46 vessels were added as compared to that at the end of year 2004. This is on account of a slowdown in the scrapping rate, the reason for which, was the upward trend witnessed in the freight markets during the years 2004-2005 as compared to year 2003 and continued healthy expectations through the years 2006 & 2007.

It is evident from the above chart that, for the year 2006, the supply of new ships is marginally stronger than the immediate past. However, in the next three years just 5.4% of new ships have been contracted to be built as against the existing fleet, which has 40.0% of the fleet over 25 years of age. Therefore, the supply side appears to be most favorable.

Annual Report 2005 Âą Precious Shipping Public Company Limited

®“°°√“ø¢â“ßµâπ·≈–§”Õ∏‘∫“¬∑’Ë‰¥â°≈à“«‰«â‡°’¬Ë «°—∫Õ“¬ÿ¢Õß°Õß‡√◊Õ („π¢âÕ 1.2 ¢Õß ‡√◊ÕË ß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®) · ¥ß„Àâ ‡ÀÁπ«à“ ¡“°°«à“√âÕ¬≈– 62.5 ¢Õß‡√◊Õ„π°≈ÿ¡à ‡¥’¬«°—∫æ’‡Õ ·Õ≈®–¡’Õ“¬ÿ‡°‘π 20 ªï ®÷ß¡’°“√§“¥°“√≥å«“à Õ—µ√“°“√ª≈¥√–«“ß‡√◊Õ§«√®– ‡æ‘¡Ë ¢÷πÈ ‚¥¬‡©æ“–Õ¬à“ß¬‘ßË ∂â“µ≈“¥ª√—∫µ—«≈¥≈ß Õ—ππ’‡È ªìπ°“√Õ∏‘∫“¬∂÷ß°“√ª√—∫µ—«¢ÕßÕÿª ß§å·≈–Õÿª∑“π„Àâ ¡¥ÿ≈ ´÷ßË ‡ªìπÕ’°‡Àµÿº≈Àπ÷ßË ∑’·Ë ¥ß„Àâ‡ÀÁπ«à“°≈ÿ¡à ‡√◊Õ‡Õπ°ª√– ß§å¢π“¥‡≈Á°¬—ß§ß¡’∑»‘ ∑“ß∑’¥Ë ’„πÕ’° 2-3 ªï¢“â ßÀπâ“

3. √“¬‰¥â ·≈–§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ

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 ·≈–√«¡§à“„™â®“à ¬µ—¥∫—≠™’µ“¡π‚¬∫“¬∑“ß°“√∫—≠™’ (°√ÿ≥“¥Ÿ√“¬≈–‡Õ’¬¥‡æ‘¡Ë ‡µ‘¡„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 3.7) §◊Õ§à“„™â®“à ¬´àÕ¡·´¡ ”À√—∫¢÷πÈ ÕŸ·à Àâß (dry-docking) µ—¥∫—≠™’·≈–§à“„™â®“à ¬„π°“√µ√«®‡√◊Õ (special survey) µ—¥∫—≠™’µ“¡ π‚¬∫“¬∑“ß∫—≠™’ ´÷ßË √«¡Õ¬Ÿà„π à«π¢Õß§à“‡ ◊ÕË ¡√“§“·≈–§à“„™â®“à ¬µ—¥∫—≠™’„πß∫°“√‡ß‘π¢Õß∫√‘…∑— œ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ §”π«≥®“°§à“√–«“ß‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ ‚¥¬∂◊Õ«à“¡’ 350 «—π„π√Õ∫ªï

98 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

As observed from the above charts and chart for fleet age (please refer to No. 1.2 of Nature of Business), with over 62.5% of the world fleet in PSL sector being greater than 20 years of age, it is expected that the scrapping rate should pick up particularly if the freight markets fall, thereby, providing a natural self-correction factor to balance supply and demand, consequently ensuring a resistance level to falling freight rates. This is one of the reasons for the continued optimism over the next 2/3 years in the small handy-size sector. 3. Ship Earnings and Operating Expenses

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 included in Ă§depreciation and amortisationĂŠ in the financial statements. Income-Average time-charter equivalent earnings per day per ship computed over a 350 days cycle.

Annual Report 2005 Âą Precious Shipping Public Company Limited

®–‡ÀÁπ«à“√“¬‰¥â‡©≈’Ë¬µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2548 Õ¬Ÿà∑’Ë 14,449 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ ¢≥–∑’Ë§à“„™â®à“¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’Ë¬ Õ¬Ÿ∑à ’Ë 3,055 ‡À√’¬≠ À√—∞Õ‡¡√‘°“µàÕ«—πµàÕ≈”‡√◊Õ ªí®®ÿ∫π— ∫√‘…∑— œ ¡’°”≈—ß°Õß‡√◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∑’Ë 54 ≈” ¡’√–«“ß∫√√∑ÿ°√«¡ 1,367,844 ‡¥µ‡«∑µ—π „π√–À«à“ßªï 2548 ∫√‘…∑— œ ‰¥â´Õ◊È ‡√◊Õ‡¢â“¡“‡æ‘¡Ë „π°Õß‡√◊Õ 2 ≈” ‡ªìπ°“√‡æ‘¡Ë °”≈—ß°Õß‡√◊Õ¢Õß∫√‘…∑— œ Õ“¬ÿ‡©≈’¬Ë ¢Õß°Õß‡√◊ÕÕ¬Ÿ∑à ª’Ë √–¡“≥ 19 ªï §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‡©≈’¬Ë ¢Õß∫√‘…∑— œ ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 µ“¡‡Àµÿº≈∑’®Ë –°≈à“«¥â“π≈à“ßπ’È °“√‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡“°¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ„π§√÷Ëßªï·√°¢Õßªï 2548 ∑”„Àâ∫√‘…—∑œ ‰¥â§à“√–«“ß‡√◊ÕµàÕ«—πµàÕ≈”‡©≈’Ë¬∑’Ë 14,449 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ ´÷ßË ‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 9 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 µ≈“¥Õ—µ√“§à“√–«“ß‡√◊Õ„πÕ’° 1 À√◊Õ 2 ªï ¢â“ßÀπâ“π’∂È °Ÿ §“¥°“√≥å«“à ®– ≈¥µË”≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ·≈– 2548 ∑’ºË “à π¡“ Õ¬à“ß‰√°Áµ“¡µ≈“¥¢π àß ‘π§â“·Àâß‡∑°Õßπà“®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’¥Ë ‡’ ¡◊ÕË ‡ª√’¬∫ ‡∑’¬∫°—∫°àÕπªï 2546 §◊ÕÕ—µ√“§à“√–«“ß‡√◊Õ®–¬—ß§ßÕ¬Ÿà„π√–¥—∫∑’ Ë ßŸ °«à“‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫µ≈“¥°àÕπÀπâ“∑’µË ≈“¥π’È‰¥â‡øóÕò ßøŸ (ªï 25472548) ∫π¢âÕ ¡¡ÿµ∞‘ “π¥—ßπ’È 2 ‡»√…∞°‘®¢Õßª√–‡∑»®’π·≈–Õ‘π‡¥’¬®–¡—Ëπ§ß·≈–µ—«‡≈¢°“√π”‡¢â“·≈– àßÕÕ°∑’Ë¡’Õ¬Ÿà „π¢≥–π’È®–¬—ß§ß√—°…“√–¥—∫‡¥’¬«°—ππ’È µàÕ‰ª À√◊Õ‡æ‘¡Ë Ÿß¢÷πÈ 2 ‡»√…∞°‘®¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“®–‡µ‘∫‚µ·≈–®–‰¡à‡¢â“ Ÿ¿à “«–‡»√…∞°‘®µ°µË” 2 √“§“πÈ”¡—π®–‰¡à¢π÷È Ÿß‰ª°«à“ 75 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“µàÕ∫“√å‡√≈ À√◊ÕÀ“°√“§“πÈ”¡—πª√—∫µ—«¢÷πÈ Ÿß∂÷ß√–¥—∫¥—ß°≈à“«°Á®– ‰¡àÕ¬Ÿ‡à ªìπ√–¬–‡«≈“π“π 2 ®–‰¡à¡‡’ Àµÿ°“√≥å°Õà °“√√â“¬√ÿπ·√ß∑’®Ë – àßº≈°√–∑∫µàÕ°“√§â“¢Õß‚≈° §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ¢Õß∫√‘…∑— œ ‡æ‘¡Ë ¢÷πÈ ®“° 2,810 ¥Õ≈≈à“√å À√—∞„πªï 2547 ‡ªìπ 3,055 ¥Õ≈≈à“√å À√—∞„π ªï 2548 Õ¬à“ß‰√°Áµ“¡ §à“„™â®“à ¬ à«ππ’¢È Õß∫√‘…∑— œ ¬—ß§ßµË”°«à“§à“‡©≈’¬Ë Õÿµ “À°√√¡ (‰¡à√«¡µâπ∑ÿπ°“√´àÕ¡·´¡„πÕŸ·à Àâß·≈– ”√«®‡√◊Õ) ¢âÕ¡Ÿ≈¢Õß§à“‡©≈’¬Ë Õÿµ “À°√√¡∑’¡Ë Õ’ ¬Ÿ à ”À√—∫ªï 2547 ‰¥â· ¥ß√“¬≈–‡Õ’¬¥µ“¡µ“√“ß¢â“ß≈à“ßπ’È µ“√“ß°“√‡ª√’¬∫‡∑’¬∫§à“„™â®“à ¬„π°“√‡¥‘π‡√◊ÕµàÕ«—πµàÕ≈”‡√◊Õ¢Õß∫√‘…—∑œ °—∫§à“‡©≈’¬Ë Õÿµ “À°√√¡ (®—¥∑”‚¥¬ Moore Stephens & Co.) √“¬°“√

§à“‡©≈’¬Ë Õÿµ “À°√√¡ 2547 ‡À√’¬≠ À√—∞µàÕ«—π

∫√‘…—∑œ 2547 ‡À√’¬≠ À√—∞µàÕ«—π

∫√‘…—∑œ 2548 ‡À√’¬≠ À√—∞µàÕ«—π

§à“·√ß≈Ÿ°‡√◊Õ §à“‡ ∫’¬ß§≈—ß §à“„™â®“à ¬Õ◊πË Ê ∑’‡Ë °’¬Ë «°—∫≈Ÿ°‡√◊Õ √«¡§à“„™â®“à ¬≈Ÿ°‡√◊Õ §à“πÈ”¡—πÀ≈àÕ≈◊πË §à“æ— ¥ÿ¿≥ — ±åÕπ◊Ë Ê √«¡§à“æ— ¥ÿ¿≥ — ±å §à“Õ–‰À≈à §à“´àÕ¡·´¡·≈–∫”√ÿß√—°…“ √«¡§à“´àÕ¡·´¡·≈–∫”√ÿß√—°…“ §à“‡∫’¬È ª√–°—π¿—¬§«“¡√—∫º‘¥™Õ∫∑’¡Ë µ’ Õà ‘π§â“ ·≈–∫ÿ§§≈∑’ Ë “¡ §à“‡∫’¬È ª√–°—π¿—¬Õ◊πË Ê √«¡§à“‡∫’¬È ª√–°—π¿—¬ §à“„™â®“à ¬„π°“√®¥∑–‡∫’¬π‡√◊Õ §à“„™â®“à ¬„π°“√∫√‘À“√ §à“„™â®“à ¬‡∫Á¥‡µ≈Á¥ √«¡§à“„™â®“à ¬„π°“√¥”‡π‘πß“π

1,100 128 164 1,392 177 263 440 278 274 552 200 155 355 23 405 170 598

1,141 136 122 1,399 184 221 405 212 100 312 124 131 255 0 152 22 174

1,222 143 151 1,516 185 204 389 185 107 292 145 160 305 0 117 23 140

√«¡§à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ $3,337 $2,545 $2,642 À¡“¬‡Àµÿ : §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ¢ÕßÕÿµ “À°√√¡®—¥∑”‚¥¬∫√‘…∑— Moore Stephens & Co. 100 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The average earnings per day per ship during 2005 reached US$ 14,449 while average daily operating expenses per ship for 2005 was US$ 3,055 per day per ship. The fleet size as at 31s t December 2005 stands at 54 ships with an aggregate capacity of 1,367,844 dwt. During the year 2005, the company has bought 2 vessels which have enabled the company to increase the aggregate capacity. The average age of the Company没s fleet is about 19 years. The average daily Vessel operating expenses has marginally increased as compared to the year 2004 on account of the reasons outlined hereunder. The significant improvement in the freight rates during first half of year 2005 has enabled the Company to achieve average daily earnings per ship of US$ 14,449 which is about 9% higher as compared to Year 2004. The market is still expected to be at reasonably healthy levels compared to historical averages before 2003 and therefore, the prognosis going forward for the next year or two is that although rates will be low as compared to the recent past (2004-2005), they would still be higher than historical highs prior to the commencement of the present boom. The main underlying assumptions that would support healthy levels in our view are: 2 The Chinese and Indian economies will remain stable and existing imports/exports continue to remain at about same or increased levels. 2 The US economy will grow and will not go into a double dip or any other form of recession. 2 Oil prices will not spike above US Dollars 75 per barrel, and if so, will not remain at such levels for any appreciable length of time. 2 There will be no significant terrorist incident thereby hampering global trade. PSL没s daily operating expenses per ship have increased from US$ 2,810 per day in year 2004 to US$ 3,055 per day in year 2005. However it remained far below the industry没s average calculated excluding Dry dock and special survey cost (Year 2004) as explained in the following Table:

PSL OPEX Comparison with Industry (compiled by Moore Stephens & Co.) Particulars Crew Wages Provisions Crew Other Crew Cost Total Lubricants Stores Other Stores Total Spares Repairs & Maintenance Repairs & Maintenance Total P & I Insurance Insurance Insurance Total Registration Costs Management Fees Sundries Administration Total

Total Operating Costs

Industry 2004 US$ (Per Day) 1,100 128 164 1,392 177 263 440 278 274 552 200 155 355 23 405 170 598 $3,337

PSL 2004 US$ (Per Day) 1,141 136 122 1,399 184 221 405 212 100 312 124 131 255 0 152 22 174 $2,545

PSL 2005 US$ (Per Day) 1,222 143 151 1,516 185 204 389 185 107 292 145 160 305 0 117 23 140 $2,642

Annual Report 2005 卤 Precious Shipping Public Company Limited

101

‡Àµÿº≈À≈—°∑’∑Ë ”„Àâµπâ ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ¢Õß∫√‘…∑— œ„πªï 2548 ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 §◊Õ: 2 ‡ß‘π‡¥◊Õπ≈Ÿ°‡√◊Õ‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 10 ‡π◊ÕË ß®“°§«“¡µâÕß°“√≈Ÿ°‡√◊Õ∑—ßÈ ‚≈°‡æ‘¡Ë Ÿß¢÷πÈ àßº≈„ÀâÕµ— √“§à“®â“ß≈Ÿ°‡√◊Õ‡æ‘¡Ë Ÿß¢÷πÈ µ“¡ ‰ª¥â«¬ à«π “‡Àµÿ∑∑’Ë ”„Àâ§“à „™â®“à ¬‡°’¬Ë «°—∫≈Ÿ°‡√◊Õ‡æ‘¡Ë ¢÷πÈ π—πÈ ‡π◊ÕË ß¡“®“°‡√◊Õ à«π„À≠à¢Õß∫√‘…∑— œ ®–‡¢â“‡∑’¬∫∑à“‡æ◊ÕË —∫‡ª≈’¬Ë π ≈Ÿ°‡√◊Õ„π·∂∫§“≈‘‡∫’¬π Õ‡¡√‘°“°≈“ß ·≈–Õ‡¡√‘°“„µâ ´÷ßË §à“µ—«Î ‡§√◊ÕË ß∫‘π„π·∂∫π—πÈ §àÕπ¢â“ß Ÿß‡¡◊ÕË ‡∑’¬∫°—∫·∂∫Õ◊πË Ê 2 µâπ∑ÿπ„π°“√´àÕ¡·´¡„πÕŸ·à Àâß·≈– ”√«®‡√◊Õ‡æ‘¡Ë ¢÷πÈ ‡π◊ÕË ß®“°‡À≈Á°¡’√“§“ Ÿß¢÷πÈ ·≈–§«“¡µâÕß°“√ª√‘¡“≥‡À≈Á°∑’‡Ë æ‘¡Ë ¢÷πÈ ‡æ◊ÕË „™â ”À√—∫´àÕ¡·´¡‡√◊Õ∑’¡Ë Õ’ “¬ÿ¡“° 2 µâπ∑ÿπ‡∫’È¬ª√–°—π¿—¬‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢ÕßÕ—µ√“§à“‡∫’È¬ª√–°—π¿—¬„πµ≈“¥ª√–°—π¿—¬„πªï 2548 ·≈–¡Ÿ≈§à“‡Õ“ ª√–°—π¿—¬‡√◊Õ¢Õß∫√‘…∑— œ ”À√—∫ªï 2548 ∑’ Ë ßŸ ¢÷πÈ ª√–¡“≥√âÕ¬≈– 20 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“

4. º≈°“√¥”‡π‘πß“π∑“ß°“√‡ß‘π ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑‰¥âµ√«® Õ∫‚¥¬∫√‘…∑— ”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‰¥âÕ∏‘∫“¬„πÀπâ“√“¬ß“π°àÕπ ß∫°“√‡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 ”À√—∫ªï∑·’Ë ∑â®√‘ß·≈–∂Ÿ°µâÕß¢Õß∫√‘…∑— œ ¡“°°«à“ ·≈–√«¡∂÷ß ‘π∑√—æ¬å Àπ’ È π‘ ≥ «—π∑’Ë„πß∫¥ÿ≈ µ“¡µ“√“ß∑’®Ë –· ¥ßµàÕ‰ªπ’È‰¥â √ÿªº≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ”À√—∫ 2 ªï∑º’Ë “à π¡“ ´÷ßË µ—«‡≈¢∑’·Ë ¥ßπ—πÈ ‰¥âπ”¡“®“°ß∫°“√‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷ßË Õ∫∑“π·≈–√“¬ß“π‚¥¬ ∫√‘…∑— ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ”À√—∫ªï π‘È ÿ¥ ≥ «—π∑’Ë ß∫°”‰√¢“¥∑ÿπ √“¬‰¥â√«¡ °”‰√°àÕπÀ—°¥Õ°‡∫’¬È ¿“…’‡ß‘π‰¥â §à“‡ ◊ÕË ¡√“§“·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA)* §à“‡ ◊ÕË ¡√“§“* °”‰√°àÕπÀ—°¥Õ°‡∫’¬È ·≈–¿“…’ ¥Õ°‡∫’¬È ®à“¬ °”‰√®“°°“√¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ß∫¥ÿ≈ ‡ß‘π≈ß∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈ (√“§“∑ÿπ) §à“„™â®“à ¬´àÕ¡·´¡„πÕŸ·à Àâß (dry-docking) ·≈–§à“„™â®“à ¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey) √Õµ—¥∫—≠™’ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å√«¡ ‡ß‘π°Ÿ¡â À’ ≈—°ª√–°—π Àπ’ È π‘ À¡ÿπ‡«’¬π √«¡Àπ’ È π‘ ∑ÿπ‡√◊ÕπÀÿπâ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ À√◊Õ ‘π∑√—æ¬å∑¡’Ë µ’ «— µπ ÿ∑∏‘ ¡Ÿ≈§à“µ“¡∫—≠™’µÕà Àÿπâ (¥Õ≈≈à“√å À√—∞) Õ—µ√“ à«π (‡∑à“) ‡ß‘π°Ÿ/â à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Àπ’ È π‘ √«¡/ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ‡ß‘π°Ÿ/â EBITDA Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–Àπ’È EBITDA/¥Õ°‡∫’¬È 102 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

31 ∏.§. 2547 ≈â“π¥Õ≈≈“√å À√—∞

31 ∏.§. 2548 ≈â“π¥Õ≈≈“√å À√—∞

214.53 154.07 34.49 119.58 11.57 108.01 110.10

277.09 202.34 42.09 160.25 9.75 150.50 154.22

2.22 503.23 16.96

2.68 552.48 32.82

39.09 45.10 377.41 192.87 13.32 206.19 20.39 171.22 0.34

18.02 28.47 379.98 80.00 13.14 93.14 20.39 286.84 0.57

1.13 1.20 1.25 3.26 13.32

0.28 0.32 0.40 3.44 20.74

Further, specifically for the Company, some major reasons for the increase in the daily operating expenses as compared to 2004 are summarised as under: 2 Crew salaries increased by about 10% as worldwide demand for crew have increased resulting in demand for higher wage scales. Crew manning costs also increased substantially as large number of vessel trading in ports in the Caribbean and Central/South America resulted in higher air travel costs. 2 Drydock and Special Survey costs increased substantially due to higher steel prices and requirement for extensive steel renewals during dry-docking of older vessels. Insurance costs increased due to higher rates in Insurance market in 2005 and about 20 % higher Insured 2 value of the vessels as compared to the last year. 4. Financial Performance

The Thai Baht Financial Statements are audited by Ernst & Young and restated in US Dollars, which, are 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 the year ended/as at Income Statement Total Revenues Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA)* Depreciation* EBIT Interest and finance costs Operating profit (loss) Net Profit (Loss) Balance Sheet Investments Vessels at Cost Dry dock and Special Survey Cash & Cash Equivalents Current Assets Total Assets Secured Debt Current Liabilities Total Liabilities Equity Share Capital Total Shareholders Equity or Tangible Net Worth Net Book Value per share (US$) Ratios (times) Funded Debt/Equity Total Liabilities/Equity Funded Debt/EBITDA Debt Service Cover EBITDA/Interest

31st Dec-04 Million US$

31st Dec-05 Million US$

214.53 154.07 34.49 119.58 11.57 108.01 110.10

277.09 202.34 42.09 160.25 9.75 150.50 154.22

2.22 503.23 16.96 39.09 45.10 377.41 192.87 13.32 206.19 20.39 171.22 0.34

2.68 552.48 32.82 18.02 28.47 379.98 80.00 13.14 93.14 20.39 286.84 0.57

1.13 1.20 1.25 3.26 13.32

0.28 0.32 0.40 3.44 20.74

Annual Report 2005 Âą Precious Shipping Public Company Limited

103

* EBITDA ·≈–§à“‡ ◊ÕË ¡√“§“§‘¥À≈—ß®“°°“√À—°§à“„™â®“à ¬µ—¥∫—≠™’¢Õß§à“„™â®“à ¬´àÕ¡·´¡„πÕŸ·à Àâß (dry-docking) ·≈–§à“„™â®“à ¬ ”À√—∫°“√µ√«®‡√◊Õ (special survey) ´÷ßË §à“„™â®“à ¬‡À≈à“π’∂È °Ÿ √«¡Õ¬Ÿà„π§à“„™â®“à ¬„π°“√‡¥‘π‡√◊ÕÕ¬Ÿ·à ≈â«‡æ◊ÕË „™â ”À√—∫§”π«≥ EBITDA µ“¡π‚¬∫“¬∫√‘…∑— ∑’°Ë ”Àπ¥„Àâ¡°’ “√‡ªî¥‡º¬§à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ 4.1 √“¬‰¥â·≈–º≈°”‰√ √“¬‰¥â√«¡‡æ‘¡Ë ¢÷πÈ ®“° 214.53 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπ 277.09 ≈â“π‡À√’¬≠ À√—∞ „πªï2548 ‡π◊ÕË ß®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2548 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π Õ—π‡ªìπº≈¡“®“°°“√°“√ª√—∫µ—«¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈„π ™à«ß§√÷ßË ªï·√°¢Õßªï 2548·≈–°“√‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ¢Õß∫√‘…∑— œ ®“° 16,336 «—π„πªï 2547 ‡ªìπ 19,306 «—π„πªï 2548 àßº≈„Àâ°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πÀ√◊Õ°”‰√°àÕπÀ—°¥Õ°‡∫’¬È ¿“…’‡ß‘π‰¥â §à“‡ ◊ÕË ¡√“§“·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA) ‡æ‘¡Ë ¢÷πÈ ®“° 154.07 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπ 202.34 ≈â“π‡À√’¬≠ À√—∞„πªï 2548 ”À√—∫√“¬‰¥â‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘¡Ë ¢÷πÈ ®“° 13,248 ‡À√’¬≠ À√—∞ „πªï 2547 ‡ªìπ 14,449 ‡À√’¬≠ À√—∞„πªï 2548 „π¢≥–‡¥’¬«°—πµâπ∑ÿπ°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ‡æ‘¡Ë ¢÷πÈ ®“° 2,810 ‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπ 3,055 ‡À√’¬≠ À√—∞ „πªï 2548 ∑—ßÈ À¡¥π’®È ß÷ ‡ªìπµ—«™’«È ¥— «à“°”‰√¢—πÈ µâπ„πªï 2548 ‰¥âª√—∫µ—«¥’¢π÷È ®“° ªï 2547 ∂÷ß·¡â«“à µâπ∑ÿπ°“√‡¥‘π‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ®–‡æ‘¡Ë ¢÷πÈ ·µà°¬Á ß— §ßµË”°«à“§à“‡©≈’¬Ë Õÿµ “À°√√¡ªï 2547 ¥—ß√“¬≈–‡Õ’¬¥∑’Ë °≈à“«‰«â„πÀ—«¢âÕ 3 ‡√◊ÕË ß ç√“¬‰¥â ·≈–§à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õé „π√–À«à“ßªï§“à ‡ ◊ÕË ¡√“§“‡æ‘¡Ë ¢÷πÈ µ“¡ —¥ à«π¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’¡Ë Õ’ ¬Ÿà ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π≈¥≈ßÕ¬à“ß¡“° ®“° 11.57 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπ 9.75 ≈â“π‡À√’¬≠ À√—∞„πªï 2548 ‡ªìπº≈®“°°“√≈¥≈ß¢Õß®”π«π‡ß‘π°Ÿ¬â ¡◊ ®“°°“√®à“¬™”√– Àπ’°È Õà π°”Àπ¥ „π¢≥–∑’ÕË µ— √“¥Õ°‡∫’¬È LIBOR „π√–À«à“ßªï 2548 ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ´÷ßË ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬ ∑“ß°“√‡ß‘ππ’È‰¥â√«¡§à“∏√√¡‡π’¬¡°“√¢Õ‡ß‘π°Ÿ·â ≈–§à“„™â®“à ¬Õ◊πË Ê ®”π«π 1.58 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫°“√¢Õ ‘π‡™◊ÕË „À¡à„π«ß‡ß‘π 250 ≈â“π‡À√’¬≠ À√—∞ Õ’°∑—ßÈ §à“‡ß‘π∫“∑¡’§“à ÕàÕπ≈ß‡¡◊ÕË ‡∑’¬∫°—∫‡ß‘π‡À√’¬≠ À√—∞ Õ—µ√“·≈°‡ª≈’¬Ë π ≥ ‘πÈ ªï 2548 ®÷ß¡’§“à Ÿß¢÷πÈ ‡≈Á°πâÕ¬‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ‡ªìπº≈„Àâ°“√·ª≈ß ‘π∑√—æ¬å®“°‡ß‘π∫“∑‡ªìπ‡ß‘π‡À√’¬≠ À√—∞‡°‘¥º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‰¡à‡°‘¥¢÷Èπ®√‘ß ®”π«π 0.13 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2548 ·≈–‡π◊ÕË ß®“°º≈¢Õß°”‰√¢—πÈ µâπ∑’‡Ë æ‘¡Ë ¢÷πÈ „π™à«ßªï 2548 √«¡∑—ßÈ °“√‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π „π°“√‡¥‘π‡√◊Õ ∑”„Àâ°”‰√®“°°“√¥”‡π‘πß“π‡æ‘¡Ë ¢÷πÈ ®“° 108.01 ≈â“π‡À√’¬≠ À√—∞ „πªï 2547 ‡ªìπ 150.50 ≈â“π‡À√’¬≠ À√—∞„πªï 2548 °”‰√ ÿ∑∏‘¢Õß∫√‘…∑— œ ‡æ‘¡Ë ®“° 110.10 ≈â“π‡À√’¬≠ À√—∞„πªï 2547 ‡ªìπ 154.22 ≈â“π‡À√’¬≠ À√—∞„πªï 2548 ‡ªìπº≈®“° °“√‡æ‘¡Ë Ÿß¢÷πÈ ¢Õß°”‰√®“°°“√¥”‡π‘πß“π·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ∑’ Ë ßŸ ¢÷πÈ „πªï 2548 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 4.2 ‘π∑√—æ¬å Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ 2 ‡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«“§¡ 2548 (µ—«‡≈¢‡ªìπ ¥Õ≈≈à“√å À√—∞) ‚§√ß°“√√à«¡∑ÿπ

‡ß‘π≈ß∑ÿπ √“§“∑ÿπ * à«πª√—∫ª√ÿß «‘∏ ’ «à π‰¥â‡ ’¬

√«¡

**‡ß‘π≈ß∑ÿπ ®à“¬≈à«ßÀπâ“

√«¡

***§à“‡º◊ÕË ”À√—∫ ‡ß‘π≈ß∑ÿπ **‡ß‘π≈ß∑ÿπ ®à“¬≈à«ßÀπâ“

‡ß‘π≈ß∑ÿπ√–¬– —πÈ SLPG ‡ß‘π≈ß∑ÿπ√–¬–¬“« ISPL - Œ“≈‡¥’¬

2,037,650 639,428 2,677,078

√«¡∑—ßÈ À¡¥

2,910,377 315,832 3,226,209 565,934 3,792,143 549,131

872,727 (323,596)

549,131 565,934 1,115,065 549,131

104 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2,677,078

√«¡

565,934 1,115,065

¬Õ¥§ß‡À≈◊Õ ( ÿ∑∏‘) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ √«¡ ®à“¬≈à«ßÀπâ“ -

2,677,078

565,934 1,115,065 2,677,078

2,677,078

* EBITDA and Depreciation are considered after depreciation of dry docking and special survey expenses. These expenses are included in vessel running expenses for the purpose of computing EBITDA, which is in line with company没s policy of disclosing average daily vessel running expenses.

4.1 Revenues and Profitability

Total revenues have increased from US$ 214.53 Million in Year 2004 to US$ 277.09 Million in Year 2005. This is mainly due to improvement in average earnings per day per vessel in 2005 as compared to the previous year due to a upturn in the freight markets during first half of year 2005 and increase in number of Vessel operating days from 16,336 days in year 2004 to 19,306 days in year 2005. Consequently, operating cash flows or Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) have increased from US$ 154.07 Million in Year 2004 to US$ 202.34 Million in Year 2005. The earnings per day per ship have increased from US$ 13,248 in Year 2004 to US$ 14,449 in Year 2005 while daily operating expenses have increased from US$ 2,810 in Year 2004 to US$ 3,055 in Year 2005. This indicates that gross margins have improved marginally from Year 2004 to Year 2005. Even though daily operating expenses have increased marginally, it remained far below the industry没s average (year 2004) as explained above in No. 3. Depreciation has increased proportionately with the average number of Vessels operated during the Year. Interest and finance costs have decreased substantially from US$ 11.57 Million in Year 2004 to US$ 9.75 Million in Year 2005 as a result of decrease in loan amount resulting from prepayments to the Bank. This is in spite of increase in average LIBOR during year 2005 as compared to year 2004. This also included US$ 1.58 Million paid during the year as upfront fees and other expenses for the new credit facility of US$ 250 Million. Due to the marginal depreciation of the Thai Baht against the US Dollar, the exchange rate as at the end of year 2005 was slightly higher as compared to the previous year. As a result of the translation of the Thai Baht denominated assets into U.S. Dollars, there was an unrealized exchange loss of US$ 0.13 million in year 2005. Due to slightly higher gross margin during 2005 and an increase in vessel operating days, operating profits have increased from US$ 108.01 Million in Year 2004 to US$ 150.50 Million in Year 2005. The company没s Net Profit (loss) increased from US$ 110.10 Million in Year 2004 to US$ 154.22 Million in Year 2005. This is mainly due to higher operating profits and higher number of operating days during year 2005 as compared to the year 2004.

4.2 Assets, Liabilities and Shareholders Equity 2 Investments

The following table summarises the position of all Investments in Joint Ventures in the Financial Statements as of 31 December 2005(figures in US Dollars): St

Jt. Venture Project

Investment Cost

*Equity Adjt

Total

**Advance

Total

Investment **Advance

Current Investment SLPG 872,727 (323,596) 549,131 565,934 1,115,065 549,131 Long Term Investment ISPL-Haldia 2,037,650 639,428 2,677,078 2,677,078 TOTAL

Balance as on 31st December 2005

***Provision made for

2,910,377 315,832 3,226,209 565,934 3,792,143 549,131

Total

565,934 1,115,065

Investment Advance

Total

2,677,078

565,934 1,115,065 2,677,078

2,677,078

Annual Report 2005 卤 Precious Shipping Public Company Limited

105

* à«πª√—∫ª√ÿßµ“¡«‘∏ ’ «à π‰¥â‡ ’¬ À¡“¬∂÷ß°“√ª√—∫ª√ÿß (+ / -) µ“¡«‘∏ ’ «à π‰¥â‡ ’¬ ** ‡ß‘π≈ß∑ÿπ®à“¬≈à«ßÀπâ“ À¡“¬∂÷ß ‡ß‘π≈ß∑ÿπ∑’®Ë “à ¬‰ª‡æ◊ÕË ‡ªìπ çÀÿπâ ∑ÿπé ∑’ÕË “®®–Õ¬Ÿà„π√–À«à“ß°“√ÕÕ°„∫Àÿπâ À√◊Õ‰¥â√∫— À≈—ß®“° «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈–· ¥ß‰«â¿“¬„µâ ç ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË Êé *** §à“‡º◊ÕË ”À√—∫ ç‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠é · ¥ß√“¬°“√„π√Ÿª¢Õß§à“‡º◊ÕË º≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ (Allowance for possible loss on other investments) à«π§à“‡º◊ÕË „π‡√◊ÕË ßÕ◊πË Ê · ¥ß√“¬°“√„π√Ÿª¢ÕßÀπ’ È ≠ Ÿ ·≈–§à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ (Bad debts and allowance for doubtful accounts) ´÷ßË ∫√‘…∑— œ ∫—π∑÷°‰«â„πªï 2545 „π√–À«à“ßªï 2548 ∫√‘…∑— œ ®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ∑’√Ë “§“¢“¬ 2.54 ≈â“π ‡À√’¬≠ À√—∞ ‚¥¬∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ®”π«π 2.56 ≈â“π‡À√’¬≠ À√—∞ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬∫—π∑÷°º≈ ¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ·≈â«„π√–À«à“ßªï 2545 ·≈–∫—π∑÷°º≈¢“¥∑ÿπ®”π«π 0.02 ≈â“π ‡À√’¬≠ À√—∞ πÕ°®“°π’∫È √‘…∑— œ ¬—ß®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥ ∑’√Ë “§“¢“¬ 0.61 ≈â“π‡À√’¬≠ À√—∞ ‚¥¬∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ®”π«π 0.61 ≈â“π‡À√’¬≠ À√—∞ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬∫—π∑÷°º≈¢“¥∑ÿπ®“° ‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥·≈â«„π√–À«à“ßªï 2545 ·≈–∫√‘…∑— œ ¬—ß®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥ ∑’√Ë “§“¢“¬ 1 ‡À√’¬≠ À√—∞ ·≈–√—∫√Ÿ¢â “¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π‡ß‘π 0.76 ≈â“π‡À√’¬≠ À√—∞ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ®”π«π 0.76 ≈â“π‡À√’¬≠ À√—∞ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬ ∫—π∑÷°º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥·≈â«„π√–À«à“ßªï 2545 ∫√‘…∑— œ√—∫√Ÿºâ ≈ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥ ®”π«π 3.15 ≈â“π‡À√’¬≠ À√—∞ ®“°°“√∫—π∑÷°‚Õπ°≈—∫§à“ ‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ¥—ß√“¬≈–‡Õ’¬¥∑’°Ë ≈à“«¢â“ßµâπ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ≈¥≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 ‡π◊ÕË ß®“°°“√≈¥≈ß¢Õß‡ß‘π ¥·≈– √“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’ È ∑ÿ ∏‘‡æ‘¡Ë ¢÷πÈ 3.50 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ∑—ßÈ π’‡È π◊ÕË ß®“°≈Ÿ°Àπ’µÈ “¡ —≠≠“‡™à“‡ªìπ√“¬ ‡∑’¬Ë « (Voyage Charter) ∑’¬Ë ß— „Àâ∫√‘°“√‰¡à‡ √Á® (Õ¬Ÿà„π√–À«à“ß°“√„Àâ∫√‘°“√) ≥ ‘πÈ ªï 2548 ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ ≥ ‘πÈ ªï 2547 ´÷ßË ≈Ÿ°Àπ’ªÈ √–°Õ∫¥â«¬‡ß‘π∑’µË Õâ ß‰¥â√∫— ®“°µ—«·∑π ºŸ‡â ™à“‡√◊Õ∑—ßÈ À≈“¬·≈–√“¬‰¥â§“â ß√—∫®“°°“√‡¥‘π‡√◊Õ·∫∫‡ªìπ√“¬‡∑’¬Ë «∑’®Ë ∫ ‘πÈ ·≈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—πÈ ®–‰¡à¡ª’ ≠ í À“„¥Ê ®“°°“√µ‘¥µ“¡Àπ’È 2

‘π∑√—æ¬å∂“«√ ‘π∑√—æ¬å∂“«√‡æ‘¡Ë ¢÷πÈ ®“°ªï∑º’Ë “à π¡“ ´÷ßË ¡’º≈¡“®“°°“√´◊ÕÈ ‡√◊Õ 2 ≈” „π√–À«à“ßªï 2548 ¥â«¬°√–· ‡ß‘π ¥®“°°“√ ¥”‡π‘πß“π ‘π∑√—æ¬å√«¡‡æ‘¡Ë ¢÷πÈ µ“¡°“√‡æ‘¡Ë ¢÷πÈ ¢Õß ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ªí®®ÿ∫π— ∫√‘…∑— œ ¡’°Õß‡√◊Õ∑—ßÈ ‘πÈ ®”π«π 54 ≈” ´÷ßË √“¬≈–‡Õ’¬¥‰¥â· ¥ß‰«â¿“¬„µâÀ«— ¢âÕ°”≈—ß°Õß‡√◊Õ„π√“¬ß“πª√–®”ªïπ’È ‡√◊Õ¢Õß∫√‘…∑— œ Õ¬Ÿà„π ¿“æ¥’‡π◊ÕË ß®“°¡’°“√∫”√ÿß√—°…“Õ¬à“ßµàÕ‡π◊ÕË ß ‡æ◊ÕË „Àâ‡√◊Õ¡’¡“µ√∞“π Ÿß ÿ¥‡∑à“∑’®Ë –∑”‰¥â ´÷ßË √“¬≈–‡Õ’¬¥¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’´Ë Õ◊È „πªï 2548 ‰¥â·°à 2

≈”∑’Ë

1 2

™◊ÕË ‡√◊Õ

Õÿ√«’ π“√’ ¡“∏«’ π“√’ √«¡∑—ßÈ ‘πÈ

106 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

ªï∑ ’Ë √â“ß §.».

¢π“¥√–«“ß∫√√∑ÿ°

√“§“∑’´Ë Õ◊È (≈â“π‡À√’¬≠ À√—∞)

1997 1996

28,415 28,364 56,779

24.90 24.60 49.50

* Equity adjustment means adjustments (+/-) made to value at equity method. ** Advance means contribution made towards çEquityé for which share certificates are awaited or received after 31s t December 2005 and are presented under çother current assetsé *** Provisions made for çInvestmentsé towards çEquityé component were presented as çAllowance for loss on current investmentsé and Provisions made for çOthersé towards çAdvanceé were presented as çBad debts and allowance for doubtful accountsé both of which were made in the Year 2002. During year 2005, the Company disposed of the whole of the companyûs investment in equity shares of Dhamra Port Company Limited at a price of US Dollars 2.54 million. The Company reversed the provision of US Dollars 2.56 million made for loss on investments in equity shares of Dhamra Port Company Limited during year 2002 and recorded a loss of US Dollars 0.02 million. Further, the Company also disposed of the whole of the companyûs investment in equity shares of Kakinada Seaports Limited at a price of US Dollars 0.61 million. The Company reversed the provision of US Dollars 0.61 million made for loss on investments in equity shares of Kakinada Seaports Limited during year 2002. The Company also disposed of the whole of the companyûs investment in equity shares of International Seaports Pte Limited at a price of US Dollar 1 realising loss on the sale of investment of US Dollars 0.76 Million. However, this was fully provided for and therefore the Company reversed the provision of US Dollars 0.76 million made for loss on investments in equity shares of International Seaports Pte Limited during year 2002. The company has recorded net positive gain of US Dollars 3.15 Million for sale of Investments in ISPL projects due to reversal of the provisions as explained above. 2

Current Assets

Fixed Assets

As compared to the end of the year 2004, there is a decrease in the current assets as at 31s t December 2005, due to lower cash and cash equivalents. çReceivablesé net of all provisions which are part of current assets have increased by US Dollars 3.50 million as compared to the previous year. The increase is mainly on account of higher unfinished voyage charters as at the end of 2005 as compared to that as at the end of 2004 and consequently, 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. In any case, 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 daysû Hire in case of Time Charter) and as such, there is no concern on collection of receivables. The fixed assets of the company have increased from previous yearûs levels mainly on account of purchase of 2 ships during year 2005 from operating cashflows. Total assets have consequently increased on account of increase in fixed assets. As at 31st December 2005, the Company owned 54 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. The details of the vessels acquired in year 2005 are as under: Sr. 1 2

Vessel Name Urawee Naree Mathawee Naree Total

Year Built

DWT

Cost Mil.$

1997 1996

28,415 28,364 56,779

24.90 24.60 49.50

Annual Report 2005 ± Precious Shipping Public Company Limited

107

Àπ’ È π‘ √«¡ ‡ß‘π°Ÿ¡â À’ ≈—°ª√–°—π¢Õß∫√‘…∑— œ ≈¥≈ß®“° 192.87 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘πÈ ªï 2547 ‡ªìπ 80.00 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘πÈ ªï 2548 ∫√‘…∑— œ ®à“¬™”√–Àπ’‡È ß‘π°Ÿâ 52.02 ≈â“π‡À√’¬≠ À√—∞·°à∏π“§“√°√ÿß‰∑¬ µ“¡ —≠≠“‡ß‘π°Ÿ¬â ¡◊ Õ’°∑—ßÈ ∫√‘…∑— œ ‰¥âπ”°√–· ‡ß‘π ¥ à«π‡°‘π ®“°°“√¥”‡π‘πß“π„π√–À«à“ßªï ®à“¬™”√–§◊π‡ß‘π°Ÿ°â Õà π°”Àπ¥®”π«π 60.85 ≈â“π‡À√’¬≠ À√—∞ ∑—ßÈ À¡¥π’ È ßà º≈„ÀâÀπ’ È π‘ √«¡≈¥≈ß®“° 206.19 ≈â“π‡À√’¬≠ À√—∞ „πªï 2547 ‡ªìπ 93.14 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘πÈ ªï 2548 πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥â´Õ◊È ‡√◊Õ‡¥‘π∑–‡≈®”π«π 2 ≈” §‘¥‡ªìπ‡ß‘π®”π«π 49.50 ≈â“π‡À√’¬≠ À√—∞¥â«¬°√–· ‡ß‘π ¥ à«π‡°‘π®“°°“√¥”‡π‘πß“π ¥—ß√“¬≈–‡Õ’¬¥∑’Ë‰¥â°≈à“«‰«â·≈â«„π¢â“ßµâπ ·≈–„π √–À«à“ßªï 2548 ∫√‘…∑— œ ‰¥â°¬Ÿâ ¡◊ ‡ß‘π®”π«π 250 ≈â“π‡À√’¬≠ À√—∞®“° °≈ÿ¡à ∏π“§“√√“¬„À¡à ‚¥¬ ≥ ‘πÈ ªï 2548 ∫√‘…∑— œ ¬—ß‰¡à‰¥â¡°’ “√‡∫‘°„™â «ß‡ß‘π°Ÿ¬â ¡◊ „À¡àπ’È √“¬≈–‡Õ’¬¥∑’ Ë ”§—≠¢Õß‡ß‘π°Ÿ¬â ¡◊ „À¡à®“°°≈ÿ¡à ∏π“§“√√“¬„À¡àπ’È ®–‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 5 ¥â“π≈à“ßπ’È ∫√‘…∑— œ ¡’·ºπ∑’Ë ®–π”°√–· ‡ß‘π ¥ à«π‡°‘π®“°°“√¥”‡π‘πß“π„πªï 2549 (À≈—ß®“°®à“¬‡ß‘πªíπº≈) ¡“®à“¬§◊π‡ß‘π°Ÿ¬â ¡◊ ∑’‡Ë À≈◊ÕÕ¬Ÿà 2

à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ∫√‘…∑— œ ¡’º≈°”‰√ ÿ∑∏‘®”π«π 154.22 ≈â“π‡À√’¬≠ À√—∞ ”À√—∫ªï 2548 ∫√‘…∑— œ ‰¥â®“à ¬‡ß‘πªíπº≈ß«¥ ÿ¥∑â“¬ ”À√—∫ º≈°“√¥”‡π‘πß“πªï 2547 ®”π«π 19.87 ≈â“π‡À√’¬≠ À√—∞ (1.55 ∫“∑µàÕÀÿπâ ) ‚¥¬‡ß‘πªíπº≈¥—ß°≈à“«‰¥â®“à ¬„π‡¥◊Õπ æƒ…¿“§¡ªï 2548 πÕ°®“°π’∫È √‘…∑— œ ‰¥â®“à ¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫ªï 2548 ®”π«π 18.45 ≈â“π‡À√’¬≠ À√—∞ (1.50 ∫“∑µàÕÀÿπâ ) ´÷ßË ®à“¬·≈â«„π‡¥◊Õπ °—π¬“¬πªï 2548 ·≈–º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π·≈– à«π‰¥â‡ ’¬¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬≈¥≈ß®”π«π 0.28 ≈â“π‡À√’¬≠ À√—∞ ∑”„Àâ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¡“Õ¬Ÿ∑à ’Ë 286.84 ≈â“π‡À√’¬≠ À√—∞ ≥ ‘πÈ ªï 2548 ´÷ßË ‡æ‘¡Ë ¢÷πÈ 115.62 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ¥—ßπ—πÈ °“√‡æ‘¡Ë ¢÷πÈ „π à«π¢ÕßºŸ∂â Õ◊ Àÿπâ µ“¡∑’°Ë ≈à“«¢â“ßµâπ∑”„Àâ¡≈Ÿ §à“ ÿ∑∏‘µ“¡∫—≠™’µÕà Àÿπâ ‡æ‘¡Ë ¢÷πÈ ®“° 0.34 ‡À√’¬≠ À√—∞µàÕÀÿπâ ≥ ‘πÈ ªï 2547 ‡ªìπ 0.57 ‡À√’¬≠ À√—∞µàÕÀÿπâ ≥ ‘πÈ ªï 2548 2

4.3 §«“¡ “¡“√∂„π°“√°àÕÀπ’È (Leverage) ¿“æ§≈àÕß (Liquidity) ·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È (Coverage) §«“¡‡ ’Ë¬ß¥â“π ‘π‡™◊ËÕ¢Õß∫√‘…—∑‡ªìπ‰ª„π∑“ß∑’Ë¥’¢÷Èπµ—Èß·µà¡’°“√ª√—∫‚§√ß √â“ßÀπ’È „πªï 2543 °”‰√°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ ¥Õ°‡∫’¬È ¿“…’·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA) ‡æ‘¡Ë ¢÷πÈ ‡π◊ÕË ß®“°Õ—µ√“°”‰√¢—πÈ µâπ∑’‡Ë æ‘¡Ë ¢÷πÈ „π√–À«à“ßªï 2548 ¥—ßπ—πÈ Õ—µ√“ à«π°“√°àÕÀπ’È Leverage Ratio ¥’¢π÷È ‡ÀÁπ‰¥â®“°°“√≈¥≈ß¢ÕßÕ—µ√“ à«π Funded Debt/EBITDA ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 √–¥—∫Àπ’ È π‘ ¢Õß∫√‘…∑— œ ¡’ ‡æ’¬ß 0.40 ‡∑à“¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ÕË ¡√“§“ ¥Õ°‡∫’¬È ¿“…’·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA) ¿“æ√«¡Àπ’¢È Õß∫√‘…∑— œ (Õ—µ√“ à«πÀπ’ È π‘ √«¡ µàÕ ‘π∑√—æ¬å ∑ÿ ∏‘) π—πÈ ≈¥≈ß‡ªìπ 0.32 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®“° 1.20 ‡∑à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡π◊ÕË ß®“°‰¥â¡°’ “√®à“¬ ™”√–Àπ’µÈ “¡ß«¥°“√™”√–‡ß‘π∑’°Ë ”Àπ¥‰«â·≈–°“√®à“¬§◊π‡ß‘π°Ÿ°â Õà π°”Àπ¥®”π«π√«¡ 112.87 ≈â“π‡À√’¬≠ À√—∞„π√–À«à“ßªï 2548 ·≈– ∑”„ÀâÕµ— √“ à«ππ’È‰¥âÕ¬Ÿµà ”Ë °«à“√–¥—∫ 2 ‡∑à“ ´÷ßË ‡ªìπ√–¥—∫ Ÿß ÿ¥∑’¬Ë Õ¡√—∫‰¥â ∑’°Ë ”Àπ¥‰«â„π‡ß◊ÕË π‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π ¥—ß§”Õ∏‘∫“¬∑’°Ë ≈à“« ‰«â „π¢â“ßµâπ∑”„Àâ§“¥«à“Õ—µ√“ à«ππ’È®–¥’¢÷Èπ„πÕπ“§µ‡æ√“–°“√®à“¬™”√–Àπ’Èµ“¡ß«¥°“√™”√–‡ß‘π∑’Ë°”Àπ¥‰«â ·≈–®–¡’°“√®à“¬§◊π‡ß‘π°Ÿâ °àÕπ°”Àπ¥ §«“¡ “¡“√∂„π°“√™”√–Àπ’È¢Õß∫√‘…—∑œ ”À√—∫ªï 2548 Õ¬Ÿà∑’Ë 3.44 ´÷ËßÕ¬Ÿà„π√–¥—∫∑’Ë¥’¡“°°«à“ 1 ‡∑à“ ´÷Ëß°”Àπ¥‰«â „π ‡ß◊ÕË π‰¢¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π¢Õß°”‰√°àÕπÀ—°§à“‡ ◊ÕË ¡√“§“ ¥Õ°‡∫’¬È ¿“…’·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (EBITDA) µàÕ¥Õ°‡∫’¬È ª√—∫ µ—«¥’¢π÷È µ—ßÈ ·µàªï 2543 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 Õ¬Ÿ∑à ’Ë 20.74 ‡∑à“ Õ—µ√“ à«π∑—ßÈ Õß¥—ß°≈à“«· ¥ß„Àâ‡ÀÁπ∂÷ß§«“¡ “¡“√∂Õ—π·¢Áß·°√àß µàÕ°“√™”√–Àπ’È ‘π ∑’Ë¡’Õ¬Ÿàªí®®ÿ∫—π À√◊Õ°≈à“«Õ’°π—¬Àπ÷Ëß°Á§◊Õ§«“¡ “¡“√∂„π°“√®—¥À“‡ß‘π°Ÿâ∑’Ë¥’¡“°¢÷Èπ À“°µâÕß°“√‡ß‘π ∑ÿπ‡æ◊ËÕπ”¡“ ª√—∫‡ª≈’¬Ë π°”≈—ß°Õß‡√◊Õ

5. «ß‡ß‘π ‘π‡™◊ËÕ„À¡à®“° Den Norske Bank (DNB) „π∞“π–‡ªìπºŸâ„Àâ°Ÿâ·≈–ºŸâ®—¥À“‡ß‘π°Ÿâ√à«¡°—∫∏π“§“√µà“ßª√–‡∑»Õ◊ËπÊ Õ’° 4 ∏π“§“√ (‡®â“Àπ’È‡ß‘π°Ÿâ√“¬„À¡à)

5.1 «ß‡ß‘π ‘π‡™◊ÕË 250 ≈â“π‡À√’¬≠ À√—∞ ‡¡◊ÕË «—π∑’Ë 22 ‘ßÀ“§¡ 2548 ∫√‘…∑— œ ‰¥â≈ßπ“¡„π —≠≠“«ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π·∫∫¡’À≈—°ª√–°—π°—∫‡®â“Àπ’√È “¬„À¡à®”π«π 250 ≈â“π‡À√’¬≠ À√—∞

108 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Total Liabilities

Shareholders Equity

The companyûs secured debt has decreased from US$ 192.87 Million as at the end of Year 2004 to US$ 80.00 Million as at the end of Year 2005. The Company repaid US$ 52.02 Million to Banks against its repayment obligation. In view of the substantial excess operating cash flows generated during the year, the Company also pre-paid an additional US$ 60.85 million during the year. This has resulted in decrease of total liabilities from US$ 206.19 Million in year 2004 to US$ 93.14 Million at the end of year 2005. In addition, PSL paid US$ 49.50 Million for acquisition of 2 vessels (as explained above) out of the free cash flows available with the Company. During the year 2005, company was granted new US$ 250 Million facilities from New Lenders which remains fully undrawn at the end of year 2005. The salient features of the new facility acquired from New Lenders have been explained in No. 5 hereunder. The Company intends to continue to utilise a substantial portion of the excess cash generated by the Company in 2006 (after dividend payments) towards pre-paying the balance of existing outstanding debt. Due to the net profits of US$ 154.22 million earned during the year, final dividend for year 2004 of US$ 19.87 million (Baht 1.55 per share) paid in May 2005, & interim dividend for year 2005 of US$ 18.45 million (Baht 1.50 per share) paid in September 2005, and net decrease of US$ 0.28 million on account of translation adjustment and minority interest, the Shareholdersû Equity is now at US$ 286.84 million, which is an increase of US$ 115.62 million over the Shareholdersû Equity as compared to 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$ 0.34 per share as at the end of Year 2004 to US$ 0.57 per share as at the end of Year 2005.

4.3 Leverage, Liquidity and Coverage 2

The companyûs credit risk profile has consistently improved since the debt restructure of year 2000. As the companyûs EBITDA increased due to high margins during 2005, the leverage ratios have improved considerably, as evident from lower Funded Debt/EBITDA. As at 31s t December 2005, the companyûs debt level is only 0.40 times its EBITDA. The Companyûs overall gearing (Total Liabilities/Tangible Networth) is at 0.32 times as at 31s t December 2005, which has decreased from 1.20 times as at 31s t December 2004, due to the repayment and prepayment of loan from KTB of US$ 112.87 Million during 2005 which was well below the required maximum of 2.00 times to be in compliance with the Financial Covenants. As explained above, this ratio is expected to improve further during the year as the Company repays and pre-pays the debt from KTB. The companyûs debt service cover for year 2005 was 3.44 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 20.74 times as of 31s t December 2005. Both these ratios show Companyûs strong ability to service the existing debt or conversely its capacity to raise more debt if required for fleet replenishment.

5. New facilities availed from Den Norske Bank (DNB) as Mandated Lead Arranger and a consortium of 4 International Banks (New Lenders)

5.1 US Dollars 250 Million credit facility:

On 22 August 2005, the company signed the Revolving Acquisition and Refinancing Facility (RARF) agreement with New Lenders for availing US Dollars 250 Million.

Annual Report 2005 ± Precious Shipping Public Company Limited

109

¢âÕ°”Àπ¥·≈–‡ß◊ÕË π‰¢À≈—°Ê „π —≠≠“«ß‡ß‘π ‘π‡™◊ÕË „À¡à ¡’¥ß— π’È 2 «—µ∂ÿª√– ß§å‡æ◊ÕË π”‡ß‘π‰ª®—¥´◊ÕÈ ‡√◊Õ¢π àß∑“ß∑–‡≈·≈–™”√–§◊π‡ß‘π°Ÿ¬â ¡◊ ®“°∏π“§“√°√ÿß‰∑¬ ´÷ßË ≥ «—π∑’Ë 31 ¡°√“§¡ 2549 ∫√‘…∑— œ ¬—ß‰¡à¡°’ “√‡∫‘°„™â«ß‡ß‘π ‘π‡™◊ÕË π’È ‚¥¬«ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π¥—ß°≈à“«π’¡È √’ –¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿ®â π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈–®–∂Ÿ°·ª≈ß ¿“æ‚¥¬Õ—µ‚π¡—µ‡‘ ªìπ«ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π≈¥≈ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 À√◊Õ°àÕπÀπâ“π’∂È “â À“°∫√‘…∑— œ ·≈–‡®â“Àπ’‡È ß‘π°Ÿ√â “¬„À¡à¡°’ “√µ°≈ß¬‘π¬Õ¡√à«¡°—π 2 «ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π≈¥≈ß ¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’√Ë –∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ‡√‘¡Ë µ—ßÈ ·µà¡π’ “§¡ 2550 ®π∂÷ß ¡‘∂πÿ “¬π 2557 2 Õ—µ√“¥Õ°‡∫’¬È ‡ß‘π°ŸÕâ ¬Ÿ∑à ’Ë LIBOR ∫«°¥â«¬ à«π‡æ‘¡Ë §ß∑’µË Õà ªï 2 À≈—°ª√–°—π¢Õß‡ß‘π°Ÿâ§◊Õ„Àâ°“√®”πÕß‡√◊Õ‡¥‘π∑–‡≈µ“¡∑’Ë°”Àπ¥‰«â °“√‚Õπº≈ª√–‚¬™πå „π°√¡∏√√¡åª√–°—π¿—¬¢Õß ‡√◊Õ‡¥‘π∑–‡≈·≈–°“√‚Õπº≈ª√–‚¬™πå„π‡ß‘π√“¬‰¥â¢Õß‡√◊Õ‡¥‘π∑–‡≈ 2 ¢âÕ∫—ß§—∫Õ—µ√“ à«π∑“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“π≈à“ßπ’)È 5.2 ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π·≈–¢âÕ∫—ß§—∫Õ◊πË Ê ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π¥â“π≈à“ßπ’‡È ªìπ¢âÕ∫—ß§—∫∑’°Ë ”Àπ¥‚¥¬‡®â“Àπ’‡È ß‘π°Ÿ√â “¬„À¡à ∫√‘…∑— œ ®–µâÕßªÆ‘∫µ— µ‘ ≈Õ¥√–¬–‡«≈“∂â“¬—ß¡’ «ß‡ß‘π ‘π‡™◊ÕË ®“°‡®â“Àπ’‡È ß‘π°Ÿ√â “¬„À¡à ‚¥¬„Àâ§”π«≥®“°ß∫°“√‡ß‘π√«¡ª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ ‡æ◊ÕË „Àâ·πà„®«à“ ∂“π–∑“ß°“√‡ß‘π ¢Õß∫√‘…∑— œ ®–§ß‰«â„π√–¥—∫∑’¬Ë Õ¡√—∫‰¥â ¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π Õ—µ√“ —¥ à«π ∑’µË Õâ ßªÆ‘∫µ— ‘

™à«ß‡«≈“°“√∑¥ Õ∫

Õ¬Ÿ¿à “¬„µâ ¢âÕ∫—ß§—∫À√◊Õ‰¡à

‰¡à‡°‘π°«à“ 2 ‡∑à“

√“¬‰µ√¡“

„™à

‰¡à‡°‘π°«à“ 5 ‡∑à“

√“¬‰µ√¡“

„™à

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

√“¬‰µ√¡“

„™à

Õ—µ√“ à«π∑“ß°“√‡ß‘π ‡ß‘π°Ÿ¬â ¡◊ µàÕ∑ÿπ (Funded Debt/Equity) ‡ß‘π°Ÿ¬â ¡◊ µàÕ°”‰√°àÕπÀ—°§à“‡ ◊ÕË ¡√“§“ ¥Õ°‡∫’¬È ¿“…’·≈–§à“„™â®“à ¬µ—¥∫—≠™’ (Funded Debt/EBITDA) ¿“æ§≈àÕß (Liquidity Reserve)

∫√‘…∑— œ µâÕß§”π«≥¢âÕ∫—ß§—∫∑“ß°“√‡ß‘π¥—ß°≈à“«¢â“ßµâπ ·≈–µâÕßπ” àß„∫√—∫√Õß°“√ªÆ‘∫µ— µ‘ “¡„Àâ∏π“§“√‡ªìπ√“¬‰µ√¡“ ¢âÕ∫—ß§—∫Õ◊πË Ê ∑’Ë‰¡à‡°’¬Ë «°—∫¥â“π°“√‡ß‘π 2 ∫√‘…∑— œ ‰¡à¡¢’ Õâ ®”°—¥„¥Ê ∑’Ë‰¡à‡°’¬Ë «°—∫¥â“π°“√‡ß‘π ∑’¡Ë ’ “√– ”§—≠

6. °“√«‘‡§√“–Àåß∫°“√‡ß‘π√«¡‡ß‘π∫“∑∑’Ëµ√«® Õ∫·≈â« 6.1 °“√«‘‡§√“–Àåß∫°”‰√¢“¥∑ÿπ 2 „π√–À«à“ßªï 2548 √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ‡æ‘¡Ë ¢÷πÈ ª√–¡“≥√âÕ¬≈– 29 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ´÷ßË ¡’ “‡ÀµÿÀ≈—°®“° °“√‡æ‘¡Ë ¢÷πÈ ‡≈Á°πâÕ¬¢Õß§à“√–«“ß‡√◊Õ‡©≈’¬Ë µàÕ«—πµàÕ≈”‡√◊Õ„πªï 2548 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ Õ—π‡ªìπº≈¡“®“° ¿“«–¢“¢÷πÈ ¢Õßµ≈“¥¢π àß ‘π§â“∑“ß∑–‡≈„π™à«ß§√÷ßË ªï·√°¢Õßªï 2548 ·≈–®”π«π«—π„π°“√‡¥‘π‡√◊Õ‡æ‘¡Ë ¢÷πÈ ®“° 16,336 «—π„πªï 2547 ‡ªìπ 19,306 «—π„πªï 2548 √“¬‰¥â∑‡’Ë æ‘¡Ë ¢÷πÈ “‡ÀµÿÀ≈—°¡“®“°∫√‘…∑— œ‰¥â√∫— Õ—µ√“§à“√–«“ß‡√◊Õ∑’ Ë ßŸ ·¡â«“à Õ—µ√“§à“√–«“ß„πµ≈“¥ “°≈¢Õß°“√¢π àß ‘π§â“·Àâß‡∑°Õß®–µ°µË”≈ßµ—ßÈ ·µà‰µ√¡“ Õß¢Õßªï 2548 ‡ªìπº≈¡“®“° ∫√‘…∑— œ ‰¥â„™â°≈¬ÿ∑∏¥â«¬°“√∑” —≠≠“‡™à“‡√◊Õ√–¬–¬“« ”À√—∫‡√◊Õ à«π„À≠à¢Õß∫√‘…∑— œ „π¢≥–µ≈“¥¬—ß§ß¡’§“à √–«“ß‡√◊Õ 110 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The major terms and conditions of the additional facility are as under: 2 This facility to be used for purchase of vessels and to refinance all outstanding loan from Krung Thai bank Public company Limited. Out of this facility, no draw down is made as of 31s t January 2006. This additional facility RARF is to be drawn down by 31 December 2006 and thereafter is automatically to be converted to a Revolving Reducing Credit Facility (RRCF) as at 31 December 2006 or earlier if mutually agreed between the PSL and New Lenders. 2 The RRCF to be repaid quarterly, per the proportions stipulated in the agreement, from March 2007 until June 2014 2 The loans are subject to interest at the rate of LIBOR plus margin. 2 The loan is secured by the mortgage of certain vessels, the assignment of the beneficiary rights under the insurance policies and revenues earned from the mortgaged vessels. 2 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 New Lenders and are to be complied by PSL in respect of the facilities availed from the New Lenders, 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.

Financial Covenants Covenant Funded Debt/Equity Funded Debt/EBITDA Liquidity Reserve basis.

RatioTest 2.00 times maximum 5.00 times maximum US$ 100,000 per vsl

Period Quarterly Quarterly Quarterly

Compliance Yes Yes Yes

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

Non-Financial Covenants 2

The company is not subject to any significant restrictive non-financial covenants.

6. Review and Analysis of Audited Consolidated Thai Baht Financial Statements

6.1 Analysis of Profit and Loss Account (Statement of Earnings) 2

During the year 2005 the vessel operating revenues increased by about 29% in absolute terms, over the operating revenues of the previous year. This is mainly due to slight improvement in average earnings per day per vessel in 2005 as compared to the previous year due to a upturn during the first half of year 2005 in the freight markets and increase in number of Vessel operating days from 16,336 days in year 2004 to 19,306 days in year 2005. The higher average daily earnings have been achieved by the Company in spite of a fall in International Freight market levels from the second quarter of 2005, as a result of the Company没s strategy of fixing long term charters at higher rates when the markets were at higher levels for a majority of the Company没s ships, which allowed the Company to lock-in high charter rates and have a steady guaranteed source of income without remaining exposed to the spot market. This is in spite of a Annual Report 2005 卤 Precious Shipping Public Company Limited

111

2 2 2 2

Õ¬Ÿà„π√–¥—∫ Ÿß ∑”„Àâ∫√‘…∑— œ “¡“√∂ºŸ°¡—¥§à“‡™à“‰«â„πÕ—µ√“§à“√–«“ß‡√◊Õ∑’ Ë ßŸ ·≈–¡’√“¬‰¥â∑·’Ë πàπÕπ ‚¥¬‰¡àµÕâ ß√—∫º≈ °√–∑∫¢Õß§«“¡º—πº«π¢Õßµ≈“¥ªí®®ÿ∫π— ·¡â«“à Õ—µ√“·≈°‡ª≈’¬Ë π‡ß‘π °ÿ≈¥Õ≈≈“√åµÕà ‡ß‘π∫“∑‚¥¬‡©≈’¬Ë √–À«à“ßªï 2548 ®–µË”°«à“‡≈Á°πâÕ¬‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 „π√–À«à“ßªï 2548 §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‡æ‘¡Ë ¢÷πÈ ª√–¡“≥√âÕ¬≈– 23 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ∑—ßÈ π’‡È π◊ÕË ß®“°°“√ ‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ·≈–°“√‡æ‘¡Ë ¢÷πÈ ¢Õß§à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ‚¥¬‡©≈’¬Ë µàÕ«—π„πªï 2548 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫ °—∫ªï 2547 ‚¥¬¿“æ√«¡∫√‘…∑— œ ª√– ∫§«“¡ ”‡√Á®„π°“√√—°…“√–¥—∫µâπ∑ÿπ°“√‡¥‘π‡√◊Õ ·≈–∑”„Àâµπâ ∑ÿπ„π°“√‡¥‘π‡√◊Õ ¢Õß∫√‘…∑— œ Õ¬Ÿà„π√–¥—∫∑’µË ”Ë °«à“§à“‡©≈’¬Ë Õÿµ “À°√√¡ ¥—ß∑’Ë‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 3 „π√–À«à“ßªï 2548 µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ√«¡‡æ‘¡Ë ¢÷πÈ ª√–¡“≥√âÕ¬≈– 24 ‡¡◊ÕË ‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ∑—ßÈ π’‡È π◊ÕË ß®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß§à“„™â®“à ¬∑à“‡√◊Õ·≈–§à“πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß¢Õß‡√◊Õ ´÷ßË ‡ªìπº≈¡“®“°°“√¡’∏√ÿ °‘®ª√–‡¿∑√“¬‡∑’¬Ë « (voyage charter) ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ Õ¬à“ß‰√°Áµ“¡µâπ∑ÿπ„π°“√‡¥‘π‡√◊Õ∑’‡Ë æ‘¡Ë ¢÷πÈ π’¡È ‡’ Àµÿº≈À≈—°¡“®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß§à“„™â®“à ¬ „π°“√‡¥‘π„π√–À«à“ßªïµ“¡∑’Ë‰¥âÕ∏‘∫“¬‰«â·≈â«„π¢â“ßµâπ ·≈–°“√‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ °”‰√¢—πÈ µâπ„πªï 2548 ‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 30 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ·µà°‡Á ªìπ∑’ Ë ß— ‡°µ‰¥â«“à °”‰√¢—πÈ µâπ‰¥â‡æ‘¡Ë Ÿß¢÷πÈ ∂÷ß√âÕ¬≈– 79 ®“°√âÕ¬≈– 78 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ∑—ßÈ π’‡È π◊ÕË ß®“°°“√‡æ‘¡Ë ¢÷πÈ ¢ÕßÕ—µ√“§à“√–«“ß‡√◊Õ ®“°º≈¢Õß°“√‡æ‘¡Ë ¢÷πÈ ¢Õß√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑”„Àâ√“¬‰¥â√«¡√–À«à“ßªï 2548‡æ‘¡Ë Ÿß¢÷πÈ ‡¡◊ÕË ‡∑’¬∫°—∫ªï°Õà π µâπ∑ÿπ√«¡ (‰¡à√«¡§à“‡ ◊ÕË ¡√“§“) „πªï 2548 ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ¡’ “‡ÀµÿÀ≈—°¡“®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß µâπ∑ÿπ°“√‡¥‘π‡√◊Õ ‡π◊ÕË ß®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π„π°“√‡¥‘π‡√◊Õ „π√–À«à“ßªï 2548 µ“¡∑’ÕË ∏‘∫“¬‰«â·≈â«„π¢âÕ 4.2 ∫√‘…∑— ´◊ÕÈ ‡√◊Õ 2 ≈” ∑”„Àâ¢π“¥°Õß‡√◊Õ¢Õß∫√‘…∑— ≥ ‘πÈ ªï 2548 ‡æ‘¡Ë ¢÷πÈ ‡ªìπ 54 ≈” ®“° 52 ≈” ‡¡◊ÕË ªï°Õà π ¢π“¥°Õß‡√◊Õ‡©≈’¬Ë ¢Õßªï 2548 §◊Õ 53 ≈” ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ 45 ≈”„πªï 2547 ·≈–®“°°“√‡æ‘¡Ë °Õß‡√◊Õ∑”„Àâ§“à ‡ ◊ÕË ¡√“§“ Ÿß°«à“ªï°Õà π ‡π◊ÕË ß®“°§à“‡ß‘π∫“∑ÕàÕπ§à“≈ß‡¡◊ÕË ‡∑’¬∫°—∫‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ Õ—µ√“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®÷ßµË”°«à“Õ—µ√“·≈°‡ª≈’¬Ë π‡¡◊ÕË ªï°Õà π ‡ªìπº≈„Àâ°“√∫—π∑÷°Àπ’ È π‘ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞‡ªìπ‡ß‘π∫“∑‡°‘¥º≈¢“¥∑ÿπ®“°Õ—µ√“ ·≈°‡ª≈’¬Ë π®”π«π 161.69 ≈â“π∫“∑´÷ßË ‡ªìπº≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’‡Ë °‘¥¢÷πÈ ®√‘ß‡æ’¬ß 3.48 ≈â“π∫“∑ à«π∑’Ë ‡À≈◊Õ®”π«π 158.21 ≈â“π∫“∑‡ªìπº≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß „π√–À«à“ßªï 2548 ∫√‘…∑— œ ®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ∑’√Ë “§“¢“¬ 97.72 ≈â“π∫“∑ ‚¥¬∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ®”π«π 96.88 ≈â“π∫“∑ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬∫—π∑÷° º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ·≈â«„π√–À«à“ßªï 2545 ·≈–∫—π∑÷° º≈°”‰√®”π«π 0.84 ≈â“π‡À√’¬≠∫“∑ πÕ°®“°π’È„π√–À«à“ßªï 2548 ∫√‘…∑— œ ®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥ ∑’√Ë “§“¢“¬ 24.22 ≈â“π∫“∑ ‚¥¬∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ ®”π«π 24.00 ≈â“π∫“∑ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬∫—π∑÷°º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥ ·≈â«„π√–À«à“ßªï 2545 ·≈–∫—π∑÷°º≈°”‰√®”π«π 0.22 ≈â“π‡À√’¬≠∫“∑ ·≈–„π√–À«à“ßªï 2548 ∫√‘…∑— œ ®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥ ∑’√Ë “§“¢“¬ 40 ∫“∑ ·≈–√—∫√Ÿâ ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π‡ß‘π 25.23 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â∫π— ∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ ®“°‡ß‘π≈ß∑ÿπ®”π«π 25.23 ≈â“π∫“∑ ´÷ßË ∫√‘…∑— œ ‰¥â‡§¬∫—π∑÷°º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— Õ‘π‡µÕ√å ‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥ ·≈â«„π√–À«à“ßªï 2545 ”À√—∫ªï 2548 ∫√‘…∑— œ ¡’°”‰√ ÿ∑∏‘À≈—ß®“°√“¬°“√æ‘‡»…∑—ßÈ ‘πÈ 6,176.61 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ®”π«π 4,749.77 ≈â“π∫“∑ ´÷ßË ‡Àµÿº≈∑’∑Ë ”„Àâº≈°”‰√ ÿ∑∏‘√–À«à“ßªï 2548 ‡æ‘¡Ë Ÿß¢÷πÈ ¡“®“°°”‰√¢—πÈ µâπ∑’‡Ë æ‘¡Ë ¢÷πÈ ‡π◊ÕË ß®“°®“°√“¬‰¥âµÕà «—πµàÕ≈”‡√◊Õ‚¥¬‡©≈’¬Ë ‡æ‘¡Ë ¢÷πÈ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ·≈–°“√‡æ‘¡Ë ¢÷πÈ ¢Õß®”π«π«—π„π°“√‡¥‘π ‡√◊Õ √«¡∑—ßÈ °“√∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ®”π«π 146.12 ≈â“π∫“∑

112 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

2 2 2 2

marginal lower average US Dollar/Thai Baht exchange rate during the year 2005 as compared to year 2004. During the year 2005, the vessel running expenses increased by about 23% in absolute terms, over the previous year. This is due to an increase in number of Vessel operating days and increase in average daily running expenses in year 2005 as compared to year 2004. On an average basis, the Company has succeeded in maintaining the daily average running cost per vessel, at reasonable levels and lower than the Industry average (as explained in No. 3 hereinabove). During the year 2005, the total vessel operating costs increased by about 24% in absolute terms, over the total vessel operating costs of the previous year. During year 2005 vessel disbursements and bunker consumption increased due to increase in voyage charters during the year as compared to the previous year. However, the increase in operating cost is mainly due to higher vessel running costs during the year as explained hereinabove and higher vessel operating days. Gross Profit has increased by about 30% as compared to the previous year. It may be noted that the Gross Profit Margin has increased to 79% from 78% as compared to the previous year due to the higher yields. 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 2005, as compared to the previous year, are higher on account of increase in total vessel operating costs mainly because of the increased number of vessel operating days. During year 2005, as explained in 4.2 above, the company bought 2 vessels during the year bringing the fleet size at the end of the year to 54 vessels as compared to 52 vessels as at the end of the previous year (2004). Average fleet size for year 2005 was 53 as compared to 45 for the year 2004. Due to the increase in average fleet size, the annual Depreciation charge is higher than that of the previous year. Due to the depreciation of the Thai Baht against the US Dollar, the exchange rate as on 31st December 2005 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 a net exchange loss of Baht 161.69 million. However, only Baht 3.48 million, out of this was realized loss during the period and Baht 158.21 million remains as unrealized Loss. During year 2005, the Company disposed of the whole of the company没s investment in equity shares of Dhamra Port Company Limited at a price of Baht 97.72 million. The Company reversed the provision of Baht 96.88 million made for loss on investments in equity shares of Dhamra Port Company Limited during year 2002 and recorded a gain of Baht 0.84 million. Further the Company disposed of the whole of the company没s investment in equity shares of Kakinada Seaports Limited at a price of Baht 24.22 million. The Company reversed the provision of Baht 24.00 million made for loss on investments in equity shares of Kakinada Seaports Limited during year 2002 and recorded a gain of Baht 0.22 million. The Company also disposed of the whole of the company没s investment in equity shares of International Seaports Pte Limited at a price of Baht 40 realising loss on the sale of investment of Baht 25.23 Million. However, the Company reversed the provision of Baht 25.23 million made for loss on investments in equity shares of International Seaports Pte Limited during year 2002. The Company has reported Net Profit after Extraordinary Items of Baht 6,176.61 million for the year 2005 as compared to Net Profit after Extraordinary Items of Baht 4,749.77 million in the previous year. The main reasons for the higher Net Profit during the year 2005 is the increase in gross profit due to an increase in average earnings per day per vessel as compared to the previous year, the increase in vessel operating days and the reversal of allowance for loss on investments of Baht 146.12 million.

Annual Report 2005 卤 Precious Shipping Public Company Limited

113

6.2 °“√«‘‡§√“–Àåß∫¥ÿ≈ 2 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ≈¥≈ß®”π«π 592.59 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï∑º’Ë “à π¡“ ¡’ “‡Àµÿ À≈—°®“°°“√≈¥≈ß¢Õß‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥®“°°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ°àÕπ°”Àπ¥®”π«π 60.85 ≈â“π ‡À√’¬≠ À√—∞ À√◊Õ§‘¥‡ªìπ 2,385.67 ≈â“π∫“∑ ¡’≈°Ÿ Àπ’ È ∑ÿ ∏‘∑‡’Ë ªìπ à«πÀπ÷ßË ¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‡æ‘¡Ë ¢÷πÈ 144.93 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ‡π◊ÕË ß®“°°“√≈¥≈ß¢Õß —¥ à«π‡√◊Õ‡™à“·∫∫‡ªìπ√–¬–‡«≈“ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ¡’ ¿“æ§≈àÕß ∑’¥Ë µ’ ≈Õ¥ªï 2548 2 ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡π◊ËÕß®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß‡√◊Õ®”π«π 2 ≈” µ“¡∑’ËÕ∏‘∫“¬‰«â·≈â«„π¢âÕ 4.2 ‘π∑√—æ¬å√«¡‡æ‘¡Ë ¢÷πÈ ‡ªìπº≈®“°°“√‡æ‘¡Ë ¢÷πÈ ¢Õß ‘π∑√—æ¬å∂“«√ 2 Àπ’ È π‘ À¡ÿπ‡«’¬π≈¥≈ß 1,108.70 ≈â“π∫“∑‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ‡π◊ÕË ß®“°°“√≈¥≈ß¢Õß‡ß‘π°Ÿ√â –¬–¬“«∑’∂Ë ß÷ °”Àπ¥ ™”√–¿“¬„π 1 ªï®”π«π 1,127.54 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ´÷ßË ‡ªìπº≈®“°°“√®à“¬™”√–§◊π‡ß‘π°Ÿ°â Õà π°”Àπ¥ ‡π◊ÕË ß®“°∫√‘…∑— œ ¡’ ¿“æ§≈àÕß∑’¥Ë µ’ ≈Õ¥ªï 2548 2 ‡ß‘π°Ÿ√â «¡ ≈¥≈ß 4,267.20 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π‡π◊ÕË ß®“°°“√®à“¬™”√–Àπ’µÈ “¡ß«¥°“√™”√–‡ß‘π∑’°Ë ”Àπ¥ ‰«â®”π«π 2,039.30 ≈â“π∫“∑·≈–°“√®à“¬§◊π‡ß‘π°Ÿ°â Õà π°”Àπ¥Õ’°®”π«π 2,385.67 ≈â“π∫“∑ „π√–À«à“ßªï 2548 ‡ªìπ º≈„Àâ ¥— à«π¢Õß‡ß‘π°Ÿ√â –¬–¬“«∑’∂Ë ß÷ °”Àπ¥™”√–¿“¬„π 1 ªï≈¥≈ß‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π 2 ∫√‘…∑— œ ¡’º≈®“°°”‰√ ÿ∑∏‘®”π«π 6,176.61 ≈â“π∫“∑ ·≈–‰¥â®“à ¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«π 1,543.66 ≈â“π∫“∑ ·≈–°“√‡æ‘Ë¡¢÷Èπ®”π«π 20.24 ≈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¢ÕßºŸ∂â Õ◊ Àÿπâ ‡æ‘¡Ë ¢÷πÈ 4,653.19 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ªï°Õà π ¡“Õ¬Ÿ∑à ’Ë 9,945.70 ≈â“π∫“∑ 6.3 °“√«‘‡§√“–Àå°√–· ‡ß‘π ¥ 2 „π√–À«à“ßªï2548 ∫√‘…∑— œ ¡’°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π ®”π«π 8,096.40 ≈â“π∫“∑ ´÷ßË ‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 36 ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õßªï∑º’Ë “à π¡“ ‡π◊ÕË ß®“°°”‰√¢—πÈ µâπ‡æ‘¡Ë ¢÷πÈ µ“¡∑’Ë‰¥âÕ∏‘∫“¬¢â“ßµâπ 2 À≈—ß®“°√“¬°“√ª√—∫ª√ÿß°“√‡ª≈’¬Ë π·ª≈ß¢Õß‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π ∫√‘…∑— œ §ß‡À≈◊Õ‡ß‘π ¥®”π«π 7,903.71 ≈â“π∫“∑‰«â ”À√—∫„™â„π°‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡∑“ß°“√‡ß‘π 2 „π√–À«à“ßªï ∫√‘…∑— œ ¡’°√–· ‡ß‘π ¥®à“¬ÕÕ°‡æ◊ÕË °“√´◊ÕÈ ‡√◊Õ‡¥‘π∑–‡≈ 2 ≈” ·≈–§à“„™â®“à ¬‡æ◊ÕË °“√´àÕ¡ÕŸ·à Àâß·≈–°“√ µ√«®‡√◊Õ ®”π«π 2,853.75 ≈â“π∫“∑ ·≈–À≈—ß®“°°“√ª√—∫ª√ÿß√“¬°“√Õ◊πË Ê ∫√‘…∑— œ ¡’°√–· ‡ß‘π ¥ ÿ∑∏‘ ”À√—∫°‘®°√√¡ ≈ß∑ÿπ®”π«π 2,731.24 ≈â“π∫“∑ 2 „π√–À«à“ßªï ¡’°“√®à“¬™”√–§◊π‡ß‘π°Ÿ√â –¬–¬“«∑’¡Ë À’ ≈—°ª√–°—π®”π«π 4,424.97 ≈â“π∫“∑ 2 „π√–À«à“ßªï ¡’°“√®à“¬‡ß‘πªíπº≈®”π«π 1,543.66 ≈â“π∫“∑ 2 µ“¡∑’Ë‰¥â°≈à“«¢â“ßµâπ ¢≥–∑’°Ë “√¢¬“¬µ—«¢Õßµ≈“¥‡√◊Õ¢π àß ‘π§â“∑“ß∑–‡≈∑’ Ë ßŸ ¢÷πÈ ‰¥â ßà º≈µàÕ°“√‡æ‘¡Ë ¢÷πÈ ¢Õß°”‰√ ¢—Èπµâπ·≈–°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–°“√∫√‘À“√‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ∑”„Àâ∫√‘…—∑œ “¡“√∂®à“¬™”√–‡ß‘π°Ÿ¬â ¡◊ °àÕπ°”Àπ¥®”π«π 2,385.67 ≈â“π∫“∑ ·≈–¡’‡ß‘π ¥§ß‡À≈◊Õ∑’‡Ë æ’¬ßæÕ‚¥¬‰¡à¡ª’ ≠ í À“ ¿“æ §≈àÕß·µàÕ¬à“ß„¥

114 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

6.2 Analysis of Balance Sheet 2

As compared to the end of the previous year (2004), there is decrease of Baht 592.59 million in the current assets as at 31st December, 2005, mainly due to lower Cash and cash equivalents resulting from prepayments of USD 60.85 million equivalent to Baht 2,385.67 Million to KTB. Receivables, net of all provisions which are part of current assets increased by Baht 144.93 million as compared to the previous year on account of lower proportion of time charters. The company continues to be in an extremely comfortable position in terms of liquidity with more than adequate cash balances at all times. Fixed assets of the company have increased from previous year没s levels on account of the purchase of 2 vessels described in 4.2 above. Total assets consequently increased on account of increase in fixed assets and current assets. Total current liabilities have decreased by Baht 1,108.70 million as compared to the previous year. This is mainly due to the decrease in the current portion of long term loan by Baht 1,127.54 million as compared to the previous year on account of prepayments to KTB due to extremely comfortable position in terms of liquidity with more than adequate cash balances at all times. Total borrowings have decreased by Baht 4,267.20 million as compared to the previous year due to contractual repayment of debt by Baht 2,039.30 Million and prepayment of Baht 2,385.67 Million to KTB during year 2005. As mentioned above, this has also resulted in decrease in current portion of long term loan at the end of year 2005 as compared to the end of the previous year. Due to the profits of Baht 6,176.61 million earned, dividends of Baht 1,543.66 million paid, and net positive increase of Baht 20.24 million on account of translation adjustment and minority interests during the year, the Shareholders没 Equity is now at Baht 9,945.70 million, which is an increase of Baht 4,653.19 million over the Shareholders没 Equity as compared to the end of the previous year.

6.3 Analysis of Statements of Cash flows 2

2 2 2 2 2

During the year under review, Baht 8,096.40 million was generated from operations. This is about 36% more than the cash generated from operations in the previous year. The increase is due to the higher Gross Profit earned for the reasons explained hereinabove. After adjusting for the Working Capital Changes, the Company was left with Baht 7,903.71 million available for use in investing and financing activities. During the year, Baht 2,853.75 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 2,731.24 million. During the year, Baht 4,424.97 million of long term secured loans were repaid. During the year, Baht 1,543.66 million was paid out as Dividends. As explained above, while the increase in freight market had positive impact on the absolute Gross Profit and the consequent operating cash flows, efficient working capital management also allowed the Company to prepay Secured loans of Baht 2,385.67 Million and maintain sufficient cash balances at all times without any kind of liquidity problems.

Annual Report 2005 卤 Precious Shipping Public Company Limited

115

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π §≥–°√√¡°“√‡ªìπºŸ√â ∫— º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’ªË √“°Ø„π√“¬ß“π ª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷πÈ µ“¡¡“µ√“∞“π°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª„πª√–‡∑»‰∑¬ ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑‡’Ë À¡– ¡·≈–∂◊ÕªØ‘∫µ— ‘ Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥≈ÿ ¬æ‘π®‘ Õ¬à“ß√Õ∫§Õ∫·≈–ª√–¡“≥°“√∑’¥Ë ∑’ ’Ë ¥ÿ „π°“√®—¥∑” √«¡∑—ßÈ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ„π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π §≥–°√√¡°“√‰¥â®¥— „Àâ¡·’ ≈–°“√¥”√ß√—°…“‰«â´ß÷Ë √–∫∫§«∫§ÿ¡¿“¬„π∑’¡Ë ª’ √– ‘∑∏‘º≈ ‡æ◊ÕË „Àâ¡π—Ë „®‰¥âÕ¬à“ß¡’‡Àµÿº≈«à“°“√∫—π∑÷° ¢âÕ¡Ÿ≈∑“ß∫—≠™’¡§’ «“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’®Ë –¥”√ß√—°…“‰«â´ß÷Ë ∑√—æ¬å π‘ ¢Õß∫√‘…∑— œ ·≈–‡æ◊ÕË „Àâ∑√“∫∂÷ß®ÿ¥ÕàÕπ‡æ◊ÕË ªÑÕß°—π‰¡à„Àâ ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’ºË ¥‘ ª°µ‘Õ¬à“ß¡’ “√– ”§—≠ „π°“√π’È §≥–°√√¡°“√‰¥â·µàßµ—ßÈ §≥–°√√¡°“√µ√«® Õ∫ ´÷ßË ª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–∑ÿ°∑à“π ‡ªìπºŸ¥â ·Ÿ ≈√—∫º‘¥™Õ∫‡°’¬Ë «°—∫ §ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π ·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’¬Ë «°—∫‡√◊ÕË ßπ’ªÈ √“°Æ„π√“¬ß“π¢Õß §≥–°√√¡°“√µ√«® Õ∫´÷ßË · ¥ß‰«â„π√“¬ß“πª√–®”ªï·≈â« §≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…∑— œ ‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’πË “à æÕ„®·≈– “¡“√∂ √â“ß§«“¡‡™◊ÕË ¡—πË Õ¬à“ß ¡’‡Àµÿº≈µàÕ§«“¡‡™◊ÕË ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

„ππ“¡¢Õß§≥–°√√¡°“√ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π)

(§“≈‘¥ ¡Õ¬πŸ¥¥‘π Œ“™‘¡) °√√¡°“√ºŸ®â ¥— °“√

116 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

(§Ÿ™√Ÿ §“≈’ «“‡¥’¬) °√√¡°“√∫√‘À“√

REPORT ON THE BOARD OF DIRECTORS’ RESPONSIBILITIES FOR FINANCIAL STATEMENTS The Board of Directors is responsible for the Company and its subsidiariesû 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 Companyûs 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 fully of Independent Directors and the committee is, inter alia 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 Companyûs overall internal control system has functioned upto a satisfactory level and rendered credibility and reliability to the Companyûs and its subsidiariesû financial statements for the year ended December 31, 2005. For and on behalf of the Board of Directors of Precious Shipping Public Company Limited

Khalid Moinuddin Hashim Managing Director

Khushroo Kali Wadia Executive Director

Annual Report 2005 ± Precious Shipping Public Company Limited

117

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡ πÕµàÕºŸâ∂◊ÕÀÿâπ·≈–§≥–°√√¡°“√¢Õß ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’¬Ë π·ª≈ß à«π¢Õß ºŸ∂â Õ◊ Àÿπâ √«¡ ·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï π‘È ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ·≈–‰¥âµ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ßË ºŸ∫â √‘À“√¢Õß°‘®°“√‡ªìπºŸ√â ∫— º‘¥™Õ∫µàÕ§«“¡ ∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√ µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¡à‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…∑— ¬àÕ¬„πµà“ßª√–‡∑»®”π«π 4 ∫√‘…∑— (2547: 6 ∫√‘…∑— ) ∑’√Ë «¡Õ¬Ÿà„π ß∫°“√‡ß‘π√«¡π’È ´÷ßË ¡’¬Õ¥ ‘π∑√—æ¬å§¥‘ ‡ªìπ√âÕ¬≈– 3.5 ·≈–√âÕ¬≈– 5.9 ¢Õß¬Õ¥ ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 µ“¡≈”¥—∫ ·≈–¬Õ¥√“¬‰¥â§‘¥‡ªìπ√âÕ¬≈– 1.5 ·≈–√âÕ¬≈– 1.7 ¢Õß¬Õ¥√“¬‰¥â√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï µ“¡≈”¥—∫ πÕ°®“°π’È ß∫°“√‡ß‘π‡©æ“–∫√‘…∑— œ ‰¥â√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬¥—ß°≈à“«µ“¡«‘∏ ’ «à π‰¥â‡ ’¬®”π«π 734.6 ≈â“π∫“∑ ·≈– 655.2 ≈â“π ∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 µ“¡≈”¥—∫ ·≈– à«π·∫àß°”‰√¢Õß∫√‘…∑— ¬àÕ¬®”π«π 191.4 ≈â“π∫“∑ ·≈– 37.6 ≈â“π∫“∑ ”À√—∫ªï π‘È ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï µ“¡≈”¥—∫ ß∫°“√‡ß‘π¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“«µ√«® Õ∫‚¥¬ºŸ â Õ∫∫—≠™’Õπ◊Ë ‚¥¬¢â“æ‡®â“‰¥â√∫— √“¬ß“π ¢ÕßºŸ â Õ∫∫—≠™’ππ—È ·≈–§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“„π à«π∑’‡Ë °’¬Ë «¢âÕß°—∫®”π«π‡ß‘π¢Õß√“¬°“√µà“ßÊ ¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“«´÷ßË √«¡Õ¬Ÿà„πß∫°“√‡ß‘π √«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…∑— œ ‰¥â∂Õ◊ µ“¡√“¬ß“π¢ÕßºŸ â Õ∫∫—≠™’Õπ◊Ë π—πÈ ¢â“æ‡®â“‰¥âªØ‘∫µ— ß‘ “πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ´÷ßË °”Àπ¥„Àâ¢“â æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫µ— ß‘ “π‡æ◊ÕË „Àâ ‰¥â§«“¡‡™◊ÕË ¡—πË Õ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’¢Ë ¥— µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«∏‘ °’ “√∑¥ Õ∫ À≈—°∞“πª√–°Õ∫√“¬°“√∑—ßÈ ∑’‡Ë ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑°’Ë ®‘ °“√„™â ·≈–ª√–¡“≥°“√‡°’¬Ë «°—∫√“¬°“√∑“ß°“√‡ß‘π∑’‡Ë ªìπ “√– ”§—≠ ´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑”¢÷πÈ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√ · ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«ª√–°Õ∫°—∫√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’Õ◊Ëπ∑’Ë°≈à“«∂÷ß„π «√√§·√°„Àâ¢Õâ √ÿª∑’‡Ë ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“·≈–√“¬ß“π¢ÕßºŸ â Õ∫∫—≠™’Õπ◊Ë ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’·È ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï π‘È ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’§Ë «√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë √—∫√Õß∑—«Ë ‰ª

ÿ¡“≈’ √’«√“∫—≥±‘µ

ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3970 ∫√‘…∑— ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿß‡∑æœ: 16 °ÿ¡¿“æ—π∏å 2549 118 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

REPORT OF INDEPENDENT AUDITOR

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

I have audited the accompanying consolidated balance sheets of Precious Shipping Public Company Limited and subsidiaries as at 31 December 2005 and 2004, the related consolidated statements of earnings, changes in shareholders没 equity and cash flows for the years then ended, and the separate financial statements of Precious Shipping Public Company Limited for the same periods. 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 express an opinion on these financial statements based on my audits. I did not audit the financial statements of 4 subsidiaries (2004: 6 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 3.5% and 5.9% of the consolidated total assets as at 31 December 2005 and 2004, respectively, and 1.5% and 1.7% of the consolidated total revenues for the years then ended, respectively. In addition, the Company没s financial statements included investments in these subsidiaries as at 31 December 2005 and 2004 of Baht 734.6 million and Baht 655.2 million, respectively, stated under the equity method, and share of profit from these subsidiaries for the years then ended of Baht 191.4 million and Baht 37.6 million, respectively. The financial statements of these subsidiaries were audited by other auditors, whose reports have been furnished to me, and my opinion, in so far as it relates to the amounts included for those subsidiaries in the consolidated financial statements and the Company没s financial statements, is based solely on the reports of these other auditors. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits 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 audits 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 2005 and 2004, and the results of their operations and their cash flows for the years then ended, in accordance with generally accepted accounting principles.

Sumalee Reewarabandith

Certified Public Accountant (Thailand) No. 3970 Ernst & Young Office Limited Bangkok: 16 February 2006

Annual Report 2005 卤 Precious Shipping Public Company Limited

119

ß∫¥ÿ≈ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ ‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ™—«Ë §√“« - ÿ∑∏‘ ≈Ÿ°Àπ’°È “√§â“ - ÿ∑∏‘ ≈Ÿ°Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…∑— ¬àÕ¬ πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß ‡ß‘π∑¥√Õß®à“¬·°à°ª— µ—π‡√◊Õ §à“ ‘π‰À¡∑¥·∑π§â“ß√—∫ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 120 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

6 4 5

ß∫°“√‡ß‘π√«¡ 2548 2547

738,622,662 176,402,542 63,433,373 92,544,826 50,767,056 45,168,857 1,166,939,316

1,525,115,985 31,469,215 6,520,222 83,812,962 75,790,474 36,818,846 1,759,527,704

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

10,865,512 13,669,084 2,289,263,063 1,090,713,797 598,109 19,471,644 10,326,665 2,320,198,328 1,114,709,546

6 113,305,776 95,045,100 9,347,793,063 7,144,160,451 7 12,496,747,668 11,517,589,494 53,978,906 35,133,349 3,615,540 3,617,040 656,712 658,211 12,613,668,984 11,616,251,634 9,402,428,681 7,179,952,011 13,780,608,300 13,375,779,338 11,722,627,009 8,294,661,557

BALANCE SHEETS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT 31 DECEMBER 2005 AND 2004

Note

CONSOLIDATED 2005 2004

(Unit : Baht) THE COMPANY ONLY 2005 2004

ASSETS Current assets Cash and cash equivalents 738,622,662 1,525,115,985 10,865,512 Current investments - net 6 Trade accounts receivable - net 4 176,402,542 31,469,215 Receivable from and advances to subsidiaries 5 2,289,263,063 Bunker oil 63,433,373 6,520,222 Advances to vessel masters 92,544,826 83,812,962 Claim recoverable 50,767,056 75,790,474 598,109 Other current assets 45,168,857 36,818,846 19,471,644 Total current assets 1,166,939,316 1,759,527,704 2,320,198,328 Non-current assets Investments accounted for under equity method 6 113,305,776 95,045,100 9,347,793,063 Vessels, condominium and equipment - net 7 12,496,747,668 11,517,589,494 53,978,906 Other non-current assets 3,615,540 3,617,040 656,712 Total non-current assets 12,613,668,984 11,616,251,634 9,402,428,681 Total assets 13,780,608,300 13,375,779,338 11,722,627,009

13,669,084 1,090,713,797 10,326,665 1,114,709,546 7,144,160,451 35,133,349 658,211 7,179,952,011 8,294,661,557

The accompanying notes are an integral part of the financial statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

121

ß∫¥ÿ≈ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Àπ’ È π‘ À¡ÿπ‡«’¬π ‡®â“Àπ’°È “√§â“ ‡®â“Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…∑— ¬àÕ¬ 5 ‡ß‘π°Ÿ¬â ¡◊ ¥âÕ¬ ‘∑∏‘®“°∫√‘…∑— ¬àÕ¬∑’∂Ë ß÷ °”Àπ¥ ™”√–¿“¬„πÀπ÷ßË ªï 5 ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«∑’∂Ë ß÷ °”Àπ¥™”√–¿“¬„πÀπ÷ßË ªï 8 √“¬‰¥â√∫— ≈à«ßÀπâ“ §à“„™â®“à ¬‡°’¬Ë «°—∫≈Ÿ°‡√◊Õ§â“ß®à“¬ §à“„™â®“à ¬§â“ß®à“¬ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿ¬â ¡◊ ¥âÕ¬ ‘∑∏‘®“°∫√‘…∑— ¬àÕ¬ 5 ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« 8 √«¡Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 122 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

ß∫°“√‡ß‘π√«¡ 2548 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

117,581,885 -

94,408,016 -

5,374,750 1,093,714,629

2,810,845 2,329,913,508

125,615,195 104,110,529 154,360,379 39,267,544 540,935,532

1,127,542,415 206,666,758 105,582,018 81,647,582 33,791,781 1,649,638,570

662,818,000 11,232,664 9,666,998 1,782,807,041

1,294,162 11,450,000 10,383,418 2,355,851,933

3,293,967,999 3,293,967,999 3,834,903,531

6,433,629,623 6,433,629,623 8,083,268,193

1,782,807,041

662,818,000 662,818,000 3,018,669,933

BALANCE SHEETS (Continued) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT 31 DECEMBER 2005 AND 2004

Note

CONSOLIDATED 2005 2004

LIABILITIES AND SHAREHOLDERS没 EQUITY Current liabilities Trade accounts payable 117,581,885 Payable to and advances from subsidiaries 5 Current portion of subordinated loans from subsidiaries 5 Current portion of long-term loans 8 Advances received from charterers 125,615,195 Accrued crew accounts 104,110,529 Accrued expenses 154,360,379 Other current liabilities 39,267,544 Total current liabilities 540,935,532 Non-current liabilities Subordinated loans from subsidiaries 5 Long-term loans 8 3,293,967,999 Total non-current liabilities 3,293,967,999 Total liabilities 3,834,903,531

94,408,016

(Unit : Baht) THE COMPANY ONLY 2005 2004

5,374,750

2,810,845

1,093,714,629 2,329,913,508

1,127,542,415 206,666,758 105,582,018 81,647,582 33,791,781 1,649,638,570

662,818,000 1,294,162 11,232,664 11,450,000 9,666,998 10,383,418 1,782,807,041 2,355,851,933

6,433,629,623 6,433,629,623 8,083,268,193

662,818,000 662,818,000 1,782,807,041 3,018,669,933

The accompanying notes are an integral part of the financial statements. Annual Report 2005 卤 Precious Shipping Public Company Limited

123

À¡“¬‡Àµÿ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ∑ÿπ‡√◊ÕπÀÿπâ ∑ÿπ®¥∑–‡∫’¬π Àÿπâ “¡—≠ 520,000,000 Àÿπâ ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑ ∑ÿπ∑’ÕË Õ°·≈–™”√–·≈â« Àÿπâ “¡—≠ 520,000,000 Àÿπâ ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑ à«π‡°‘π¡Ÿ≈§à“Àÿπâ “¡—≠ º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…∑— œ - ∫√‘…∑— ¬àÕ¬ ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π ¬—ß‰¡à‰¥â®¥— √√ √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ À—°: Àÿπâ ∑ÿπ´◊ÕÈ §◊π √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ - ÿ∑∏‘ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬¢Õß∫√‘…∑— ¬àÕ¬ √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ √«¡Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

ß∫°“√‡ß‘π√«¡ 2548 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

520,000,000

520,000,000 411,429,745 161,698,471

520,000,000 411,429,745 130,819,670

520,000,000 411,429,745 161,698,471

520,000,000 411,429,745 130,819,670

52,000,000 399,010,000 450,880,716 8,395,681,752 10,390,700,684 11 (450,880,716) 9,939,819,968 5,884,801 9,945,704,769 13,780,608,300

52,000,000 292,100,000 450,880,716 3,869,642,209 5,726,872,340 (450,880,716) 5,275,991,624 16,519,521 5,292,511,145 13,375,779,338

52,000,000 450,880,716 8,794,691,752 10,390,700,684 (450,880,716) 9,939,819,968 9,939,819,968 11,722,627,009

52,000,000 450,880,716 4,161,742,209 5,726,872,340 (450,880,716) 5,275,991,624 5,275,991,624 8,294,661,557

9 9 10

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 124 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

BALANCE SHEETS (Continued) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT 31 DECEMBER 2005 AND 2004

Note Shareholdersû equity Share capital Registered share capital 520,000,000 ordinary shares of Baht 1 each Issued and paid-up share capital 520,000,000 ordinary shares of Baht 1 each Premium on ordinary shares Translation adjustment Retained earnings Appropriated Statutory reserve - the Company - subsidiaries Treasury stock reserve Unappropriated Total equity attributable to Companyûs shareholders Less: Treasury stock Equity attributable to the Companyûs shareholders - net Minority interest - Equity attributable to minority shareholders of subsidiaries Total shareholdersû equity Total liabilities and shareholdersû equity

9 9 10

CONSOLIDATED 2005 2004

(Unit : Baht) THE COMPANY ONLY 2005 2004

520,000,000

520,000,000 411,429,745 161,698,471

520,000,000 411,429,745 130,819,670

520,000,000 411,429,745 161,698,471

520,000,000 411,429,745 130,819,670

52,000,000 399,010,000 450,880,716 8,395,681,752

52,000,000 292,100,000 450,880,716 3,869,642,209

10,390,700,684 11 (450,880,716) 9,939,819,968

52,000,000 52,000,000 450,880,716 450,880,716 8,794,691,752 4,161,742,209

5,726,872,340 10,390,700,684 5,726,872,340 (450,880,716) (450,880,716) (450,880,716) 5,275,991,624

9,939,819,968 5,275,991,624

5,884,801 16,519,521 9,945,704,769 5,292,511,145 9,939,819,968 5,275,991,624 13,780,608,300 13,375,779,338 11,722,627,009 8,294,661,557

The accompanying notes are an integral part of the financial statements. Annual Report 2005 ± Precious Shipping Public Company Limited

125

ß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ √“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ 5 °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ 6 °”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π 12 Àπ’ È ≠ Ÿ √—∫§◊π 6 ¥Õ°‡∫’¬È √—∫ √“¬‰¥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‡™◊ÕÈ ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ §à“‡ ◊ÕË ¡√“§“ 7 µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®“à ¬„π°“√∫√‘À“√ 5 Àπ’ È ≠ Ÿ ·≈–Àπ’ È ß —¬®– Ÿ≠ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“§à“§«“¡π‘¬¡ §à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—«Ë §√“« (‚Õπ°≈—∫) 6 ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“« 6 ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π 12 §à“µÕ∫·∑π°√√¡°“√ 13 √«¡§à“„™â®“à ¬ À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 126 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

ß∫°“√‡ß‘π√«¡ 2548 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

11,006,816,578 24,014,938 36,390,460 5,262,965 18,260,676 11,090,745,617

8,540,256,075 18,934,195 33,526,580 56,139,449 55,963,180 13,598,921 2,354,406 7,344,569 8,728,117,375

94,930,609 16,761,136 7,801,542 1,493,977 6,376,796,781 6,497,784,045

33,526,580 15,442,973 55,963,180 2,052,252 419,170 4,846,823,585 4,954,227,740

1,984,275,808 153,510,628 151,165,533 2,288,951,969 1,874,594,367 23,188,287 264,186,003 17,183,476 (146,123,966) 24,184,706 161,686,785 3,547,500 4,511,399,127

1,612,521,328 128,413,341 103,357,219 1,844,291,888 1,383,295,082 15,082,144 243,902,484 5,522,540 8,136,920 1,859,699 3,131,250 3,505,222,007

3,184,182 231,007,661 6,822,164 (25,230,946) 25,230,906 3,547,500 244,561,467

2,076,090 185,922,427 3,131,250 191,129,767

STATEMENTS OF EARNINGS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note Revenues Vessel operating income Service income 5 Gains on sales of investments in subsidiaries 6 Exchange gains 12 Bad debt recovery 6 Interest income Other income Share of profit from investments accounted for under equity method Total revenues Expenses Vessel operating costs Vessel running expenses Voyage disbursements Bunker consumption Total vessel operating costs Depreciation 7 Cost of services Administrative expenses 5 Bad debt and allowance for doubtful accounts Loss on impairment of goodwill Allowance for loss on current investments (reversal) 6 Loss on sales of current investments 6 Exchange losses 12 Directors没 remuneration 13 Total expenses

CONSOLIDATED 2005 2004

(Unit : Baht) THE COMPANY ONLY 2005 2004

11,006,816,578 24,014,938 36,390,460 5,262,965

8,540,256,075 18,934,195 33,526,580 56,139,449 55,963,180 13,598,921 2,354,406

94,930,609 16,761,136 7,801,542 1,493,977

33,526,580 15,442,973 55,963,180 2,052,252 419,170

18,260,676 11,090,745,617

7,344,569 8,728,117,375

6,376,796,781 6,497,784,045

4,846,823,585 4,954,227,740

1,984,275,808 153,510,628 151,165,533 2,288,951,969 1,874,594,367 23,188,287 264,186,003 17,183,476 -

1,612,521,328 128,413,341 103,357,219 1,844,291,888 1,383,295,082 15,082,144 243,902,484 5,522,540 8,136,920

3,184,182 231,007,661 6,822,164 -

2,076,090 185,922,427 -

(146,123,966) 24,184,706 161,686,785 3,547,500 4,511,399,127

1,859,699 3,131,250 3,505,222,007

(25,230,946) 25,230,906 3,547,500 244,561,467

3,131,250 191,129,767

The accompanying notes are an integral part of the financial statements. Annual Report 2005 卤 Precious Shipping Public Company Limited

127

ß∫°”‰√¢“¥∑ÿπ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ °”‰√°àÕπ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π °”‰√°àÕπ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ °”‰√ ÿ∑∏‘ «à π∑’‡Ë ªìπ¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ °”‰√ ÿ∑∏‘ ”À√—∫ªï °”‰√µàÕÀÿπâ ¢—πÈ æ◊πÈ ∞“π °”‰√ ÿ∑∏‘ ®”π«πÀÿπâ “¡—≠∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—° (Àÿπâ )

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 128 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

ß∫°“√‡ß‘π√«¡ 2548 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

6,579,346,490 (392,158,580) 6,187,187,910 (10,581,192) 6,176,606,718

5,222,895,368 (464,540,218) 4,758,355,150 (8,583,895) 4,749,771,255

6,253,222,578 (76,615,860) 6,176,606,718 6,176,606,718

4,763,097,973 (13,326,718) 4,749,771,255 4,749,771,255

12.19 506,613,700

9.26 512,727,294

12.19 506,613,700

9.26 512,727,294

STATEMENTS OF EARNINGS (Continued) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note Earnings before interest and financial costs Interest and financial costs Earnings before minority interest Net earnings of minority interest Net earnings for the year Basic earnings per share Net earnings Weighted average number of ordinary shares (shares)

(Unit : Baht) THE COMPANY ONLY 2005 2004

CONSOLIDATED 2005 2004 6,579,346,490 (392,158,580) 6,187,187,910 (10,581,192) 6,176,606,718

5,222,895,368 (464,540,218) 4,758,355,150 (8,583,895) 4,749,771,255

6,253,222,578 (76,615,860) 6,176,606,718 6,176,606,718

4,763,097,973 (13,326,718) 4,749,771,255 4,749,771,255

12.19

9.26

12.19

9.26

506,613,700

512,727,294

506,613,700

512,727,294

The accompanying notes are an integral part of the financial statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

129

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ °”‰√ – ¡ ®—¥ √√·≈â«

À¡“¬‡Àµÿ

¬Õ¥§ß‡À≈◊Õµâπªï 2547 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ ”√Õß∑—«Ë ‰ª≈¥≈ß®“°°“√¢“¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ Àÿπâ ∑ÿπ´◊ÕÈ §◊π„π√–À«à“ßªï ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π °”‰√ ÿ∑∏‘ ”À√—∫ªï 2547 ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬·°àº∂Ÿâ Õ◊ Àÿπâ à«ππâÕ¬ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬≈¥≈ß ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ „π∫√‘…∑— ¬àÕ¬ °”‰√ ÿ∑∏‘ «à π∑’‡Ë ªìπ¢Õß ºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ °”‰√ ÿ∑∏‘ ”À√—∫ªï 2548 ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬·°àº∂Ÿâ Õ◊ Àÿπâ à«ππâÕ¬ °”‰√ ÿ∑∏‘ «à π∑’‡Ë ªìπ¢Õß ºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2548

9 6 11 10 15

9 15

∑ÿπ‡√◊ÕπÀÿâπ ∑’ËÕÕ°·≈– ™”√–·≈â«

à«π‡°‘π ¡Ÿ≈§à“ Àÿâπ “¡—≠

º≈µà“ß®“° °“√·ª≈ß§à“ ß∫°“√‡ß‘π

”√Õßµ“¡°ÆÀ¡“¬ ∫√‘…—∑œ

∫√‘…—∑¬àÕ¬

”√Õß∑—Ë«‰ª ∫√‘…—∑¬àÕ¬

520,000,000 411,429,745 159,706,393 52,000,000 169,995,000 24,181,905 (28,886,723) 122,105,000 -

”√ÕßÀÿâπ ∑ÿπ´◊ÈÕ§◊π

¬—ß‰¡à ‰¥â ®—¥ √√

Àÿâπ∑ÿπ´◊ÈÕ§◊π

563,637,665 (122,105,000)

à«π¢Õß ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

56,915,100 1,957,865,808 (28,886,723) -

(24,181,905) 24,181,905 (450,880,716) 450,880,716 (450,880,716) 4,749,771,255 (894,962,900) (44,698,321)

√«¡

(450,880,716) 4,749,771,255 (894,962,900) (44,698,321)

(4,281,153) (4,281,153)

520,000,000 411,429,745 130,819,670 52,000,000 292,100,000 30,878,801 106,910,000 -

8,583,895 8,583,895 450,880,716 3,869,642,209 (450,880,716) 16,519,521 5,292,511,145 30,878,801 (106,910,000) 6,176,606,718 6,176,606,718 - (1,543,657,175) - (1,543,657,175) (21,215,912) (21,215,912)

520,000,000 411,429,745 161,698,471 52,000,000 399,010,000

10,581,192 10,581,192 450,880,716 8,395,681,752 (450,880,716) 5,884,801 9,945,704,769

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 130 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

STATEMENTS OF CHANGES IN SHAREHOLDERSâ&#x20AC;&#x2122; EQUITY PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

(Unit : Baht) CONSOLIDATED Retained Earnings Appropriated

Note

Balance - beginning of the year 2004 Translation adjustment Statutory reserve 9 Decrease in general reserve from sales of investments in subsidiaries 6 Increase in treasury stock during the year 11 Treasury stock reserve 10 Net earnings for the year 2004 Dividend paid 15 Dividend paid to minority interest Decrease in minority interest from sales of investments in subsidiaries Net earnings of minority interest Balance - end of the year 2004 Translation adjustment Statutory reserve 9 Net earnings for the year 2005 Dividend paid 15 Dividend paid to minority interest Net earnings of minority interest Balance - end of the year 2005

Issued and Premium General Statutory reserve paid-up on ordinary Translation reserve in share capital shares adjustment The Company Subsidiaries subsidiaries

Treasury stock reserve

Unappropriated

Treasury stock

520,000,000 411,429,745 159,706,393 52,000,000 169,995,000 24,181,905 (28,886,723) 122,105,000 -

563,637,665 (122,105,000)

24,181,905

Minority interest

56,915,100 1,957,865,808 (28,886,723) -

(24,181,905)

(450,880,716) 450,880,716 (450,880,716) 4,749,771,255 (894,962,900) (44,698,321)

450,880,716 3,869,642,209 (450,880,716) (106,910,000) 6,176,606,718 - (1,543,657,175) 450,880,716 8,395,681,752 (450,880,716)

520,000,000 411,429,745 130,819,670 52,000,000 292,100,000 30,878,801 106,910,000 520,000,000 411,429,745 161,698,471 52,000,000 399,010,000

Total

(450,880,716) 4,749,771,255 (894,962,900) (44,698,321)

(4,281,153) (4,281,153) 8,583,895 8,583,895 16,519,521 5,292,511,145 30,878,801 6,176,606,718 - (1,543,657,175) (21,215,912) (21,215,912) 10,581,192 10,581,192 5,884,801 9,945,704,769

The accompanying notes are an integral part of the financial statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

131

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ °”‰√ – ¡ À¡“¬‡Àµÿ

¬Õ¥§ß‡À≈◊Õµâπªï 2547 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π Àÿπâ ∑ÿπ´◊ÕÈ §◊π„π√–À«à“ßªï ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π °”‰√ ÿ∑∏‘ ”À√—∫ªï 2547 ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ ÿ∑∏‘ ”À√—∫ªï 2548 ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2548

11 10 15

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°

à«π‡°‘π¡Ÿ≈§à“

·≈–™”√–·≈â«

Àÿâπ “¡—≠

520,000,000 520,000,000 520,000,000

411,429,745 411,429,745 411,429,745

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 132 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

º≈µà“ß®“°°“√

®—¥ √√·≈â«

·ª≈ß§à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ¬—ß‰¡à ‰¥â®—¥ √√

159,706,393 (28,886,723) 130,819,670 30,878,801 161,698,471

52,000,000 52,000,000 52,000,000

757,814,570 450,880,716 (450,880,716) 4,749,771,255 (894,962,900) 450,880,716 4 ,161,742,209 6,176,606,718 (1,543,657,175) 450,880,716 8,794,691,752

Àÿâπ∑ÿπ´◊ÈÕ§◊π

(450,880,716) (450,880,716) (450,880,716)

√«¡

1,900,950,708 (28,886,723) (450,880,716) 4,749,771,255 (894,962,900) 5,275,991,624 30,878,801 6,176,606,718 (1,543,657,175) 9,939,819,968

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Continued) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

(Unit : Baht) THE COMPANY ONLY

Note

Balance - beginning of the year 2004 Translation adjustment Increase in treasury stock during the year Treasury stock reserve Net earnings for the year 2004 Dividend paid Balance - end of the year 2004 Translation adjustment Net earnings for the year 2005 Dividend paid Balance - end of the year 2005

11 10 15

Retained Earnings

Issued and paid-up share capital

Premium on ordinary shares

Translation adjustment

520,000,000 -

411,429,745 -

159,706,393 (28,886,723)

52,000,000 -

520,000,000 520,000,000

411,429,745 411,429,745

130,819,670 30,878,801 161,698,471

52,000,000 52,000,000

Appropriated Statutory reserve Treasury stock

Unappropriated

757,814,570 -

450,880,716 (450,880,716) 4,749,771,255 (894,962,900) 450,880,716 4 ,161,742,209 6,176,606,718 (1,543,657,175) 450,880,716 8,794,691,752

Treasury stock

Total

1,900,950,708 (28,886,723)

(450,880,716) (450,880,716) (450,880,716)

(450,880,716) 4,749,771,255 (894,962,900) 5,275,991,624 30,878,801 6,176,606,718 (1,543,657,175) 9,939,819,968

The accompanying notes are an integral part of the financial statements. Annual Report 2005 ± Precious Shipping Public Company Limited

133

ß∫°√–· ‡ß‘π ¥ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

ß∫°“√‡ß‘π√«¡ 2548 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ”À√—∫ªï ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π: §à“‡ ◊ÕË ¡√“§“ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“§à“§«“¡π‘¬¡ Àπ’ È ≠ Ÿ √—∫§◊π Àπ’ È ≠ Ÿ ·≈–Àπ’ È ß —¬®– Ÿ≠ §à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—«Ë §√“« (‚Õπ°≈—∫) ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“« °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ ¢“¥∑ÿπ (°”‰√) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π ∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏ ’ «à π‰¥â‡ ’¬ °”‰√®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ °”‰√ ÿ∑∏‘ «à π∑’‡Ë ªìπ¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ °”‰√ (¢“¥∑ÿπ) ®“°°“√¥”‡π‘πß“π°àÕπ°“√ ‡ª≈’¬Ë π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’ È π‘ ¥”‡π‘πß“π ‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘¡Ë ¢÷πÈ ) ≈¥≈ß ≈Ÿ°Àπ’°È “√§â“ ≈Ÿ°Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…∑— ¬àÕ¬ πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË Àπ’ È π‘ ¥”‡π‘πß“π‡æ‘¡Ë ¢÷πÈ (≈¥≈ß) ‡®â“Àπ’°È “√§â“ ‡®â“Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…∑— ¬àÕ¬ √“¬‰¥â√∫— ≈à«ßÀπâ“ §à“„™â®“à ¬§â“ß®à“¬·≈–Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 134 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

6,176,606,718

4,749,771,255

6,176,606,718

4,749,771,255

1,874,594,367 17,183,476

1,383,295,082 8,136,920 (55,963,180) 5,522,540

3,184,182 6,822,164

2,076,090 (55,963,180) -

(146,123,966) 24,184,706 -

1,859,699 (33,526,580)

(25,230,946) 25,230,906 -

(33,526,580)

158,212,245 (18,260,676) (575,834) 10,581,192

(85,621,150) 200,687 (67,417) (7,344,569) (6,376,796,781) (4,846,823,585) (378,703) (298,490) (378,703) 8,583,895 -

8,096,402,228

5,974,335,209

(190,281,560)

(184,912,120)

(155,376,687) (56,913,150) 2,234,229 1,500

31,328,583 439,741 3,585,493,705 3,113,908,848 14,091,838 (113,339,453) (16,565,253) (3,027,681) (681,100) 1,500 (234,963)

22,309,628 43,952,804 2,363,217 (736,260) (1,236,198,879) (202,604,436) (81,662,778) 103,210,753 (1,294,162) 76,715,479 (381,000) (933,756) (23,860,174) 7,903,710,449 6,052,957,375 2,142,584,812 2,698,533,214

STATEMENTS OF CASH FLOWS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

CONSOLIDATED 2005 2004 Cash flows from operating activities Net earnings for the year Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation Loss on impairment of goodwill Bad debt recovery Bad debt and allowance for doubtful accounts Allowance for loss on current investments (reversal) Loss on sales of current investments Gain on sales of investments in subsidiaries Unrealised exchange losses (gains) Share of profit from investments accounted for under equity method Gain on disposals of fixed assets Net earnings of minority interest Earnings (losses) from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease Trade accounts receivable Receivable from and advances to subsidiaries Bunker oil Other current assets Other non-current assets Operating liabilities increase (decrease) Trade accounts payable Payable to and advances from subsidiaries Advances received from charterers Accrued expenses and other current liabilities Net cash from operating activities

(Unit : Baht) THE COMPANY ONLY 2005 2004

6,176,606,718

4,749,771,255

6,176,606,718

4,749,771,255

1,874,594,367 17,183,476

1,383,295,082 8,136,920 (55,963,180) 5,522,540

3,184,182 6,822,164

2,076,090 (55,963,180) -

(146,123,966) 24,184,706 158,212,245

1,859,699 (33,526,580) (85,621,150)

(25,230,946) 25,230,906 200,687

(33,526,580) (67,417)

(18,260,676) (575,834) 10,581,192

(7,344,569) (378,703) 8,583,895

8,096,402,228

5,974,335,209

(190,281,560)

(184,912,120)

(155,376,687) (56,913,150) 2,234,229 1,500

31,328,583 439,741 14,091,838 (113,339,453) (681,100)

3,585,493,705 (16,565,253) 1,500

3,113,908,848 (3,027,681) (234,963)

22,309,628 (81,662,778) 76,715,479 7,903,710,449

43,952,804 103,210,753 (381,000) 6,052,957,375

2,363,217 (1,236,198,879) (1,294,162) (933,756) 2,142,584,812

(736,260) (202,604,436) (23,860,174) 2,698,533,214

(6,376,796,781) (4,846,823,585) (298,490) (378,703) -

The accompanying notes are an integral part of the financial statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

135

ß∫°√–· ‡ß‘π ¥ (µàÕ) ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

ß∫°“√‡ß‘π√«¡ 2548 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“« ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥¢Õß ∫√‘…∑— ¬àÕ¬∑’®Ë ”Àπà“¬‰ª ‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬‡æ‘¡Ë ¢÷πÈ ´◊ÕÈ ‘π∑√—æ¬å∂“«√ ‡ß‘π ¥√—∫®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥√—∫®“°‡ß‘π°Ÿ¬â ¡◊ „À¡à ‡ß‘π ¥®à“¬§◊π‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« ‡ß‘π ¥®à“¬Àÿπâ ∑ÿπ´◊ÕÈ §◊π ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬·°àº∂Ÿâ Õ◊ Àÿπâ à«ππâÕ¬ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π‡æ‘¡Ë ¢÷πÈ (≈¥≈ß) ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘¡Ë ¢÷πÈ (≈¥≈ß) ÿ∑∏‘ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï ¢âÕ¡Ÿ≈‡æ‘¡Ë ‡µ‘¡ª√–°Õ∫ß∫°√–· ‡ß‘π ¥ ‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫ ¥Õ°‡∫’¬È ®à“¬ √“¬°“√∑’¡Ë ‘„™à‡ß‘π ¥ ‡ß‘πªíπº≈√—∫®“°∫√‘…∑— ¬àÕ¬‚¥¬À—°°≈∫≈∫Àπ’°È ∫— ≈Ÿ°Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬ ‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ ·≈–Àπ’ È ≠ Ÿ √—∫§◊π ‚¥¬À—°°≈∫≈∫Àπ’°È ∫— ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ßË ¢Õßß∫°“√‡ß‘ππ’È 136 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

121,939,260

(182,001) (2,853,752,651) (8,232,385,353) 575,944 511,600 (2,731,237,44) (8,232,055,754) (4,424,972,039) (1,543,657,175) (21,215,912) (5,989,845,126) 30,878,801 (786,493,323) 1,525,115,985 738,622,662

313,798,534 -

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547 40

(580,000,000) (1,345,000,000) (22,029,812) (34,621,381) 298,563 511,600 (601,731,209) (1,379,109,781)

7,252,848,008 (3,033,842,191) (242,582,284) (450,880,716) (450,880,716) (894,962,900) (1,543,657,175) (894,962,900) (44,698,321) 2,828,463,880 (1,543,657,175) (1,588,425,900) (21,519,475) 627,846,026 (2,803,572) (269,002,467) 897,269,959 13,669,084 282,671,551 1,525,115,985 10,865,512 13,669,084

318,741,686 70,161,560

4,651,524,166 -

711,792 3,610,363,585 70,161,560

STATEMENTS OF CASH FLOWS (Continued) PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

CONSOLIDATED 2005 2004 Cash flows from investing activities Cash received from sales of current investments Cash and cash equivalents of divested subsidiaries Increase in investments accounted for under equity method Acquisitions of fixed assets Cash received from disposals of fixed assets Net cash used in investing activities Cash flows from financing activities Cash received from new loans Cash paid for long-term loans Cash paid for treasury stock Dividend paid Dividend paid to minority interest Net cash from (used in) financing activities Increase (decrease) in translation adjustment Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental cash flow information Cash paid during the year for Interest expense Non-cash transactions Dividend income from subsidiaries offset against receivable from/payable to subsidiaries Cash received from sales of investments in subsidiaries and bad debt recovery offset against advance receipt for sales of investments

121,939,260 -

(Unit : Baht) THE COMPANY ONLY 2005 2004

(182,001)

40 -

(2,853,752,651) 575,944 (2,731,237,447)

(8,232,385,353) 511,600 (8,232,055,754)

(580,000,000) (1,345,000,000) (22,029,812) (34,621,381) 298,563 511,600 (601,731,209) (1,379,109,781)

(4,424,972,039) (1,543,657,175) (21,215,912) (5,989,845,126) 30,878,801 (786,493,323) 1,525,115,985 738,622,662

7,252,848,008 (3,033,842,191) (450,880,716) (894,962,900) (44,698,321) 2,828,463,880 (21,519,475) 627,846,026 897,269,959 1,525,115,985

(242,582,284) (450,880,716) (1,543,657,175) (894,962,900) (1,543,657,175) (1,588,425,900) (2,803,572) (269,002,467) 13,669,084 282,671,551 10,865,512 13,669,084

313,798,534

318,741,686

70,161,560

4,651,524,166

711,792

3,610,363,585

70,161,560

The accompanying notes are an integral part of the financial statements. Annual Report 2005 Âą Precious Shipping Public Company Limited

137

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ®¥∑–‡∫’¬π‡ªìπ∫√‘…∑— ¡À“™π®”°—¥¿“¬„µâ°ÆÀ¡“¬‰∑¬·≈–®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬ ∫√‘…∑— œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬‚¥¬¥”‡π‘π∏ÿ√°‘®À≈—°‡ªìπ∫√‘…∑— ‚Œ≈¥‘ßÈ §Õ¡æ“π’‡æ◊ÕË ≈ß∑ÿπ„π∏ÿ√°‘®¥â“π°“√¢π àß ‘π§â“∑“ß∑–‡≈ ∑’ÕË ¬Ÿ¢à Õß∫√‘…∑— œ µ“¡∑’®Ë ¥∑–‡∫’¬πµ—ßÈ Õ¬Ÿ‡à ≈¢∑’Ë 8 Õ“§“√§“‡∏à¬‡å Œâ“ å ™—πÈ 7 ∂ππ “∑√‡Àπ◊Õ ’≈¡ ∫“ß√—° °√ÿß‡∑æ¡À“π§√

2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 2.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®¥— ∑”¢÷πÈ ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) (´÷ßË µàÕ‰ªπ’‡È √’¬°«à“ ç∫√‘…∑— œé) ·≈–∫√‘…∑— ¬àÕ¬ Õ—µ√“ à«π°“√∂◊ÕÀÿπâ ¢Õß∫√‘…∑— œ „π∫√‘…∑— ¬àÕ¬ µ≈Õ¥®π ‘π∑√—æ¬å√«¡·≈– √“¬‰¥â√«¡¢Õß∫√‘…∑— ¬àÕ¬´÷ßË √«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡¡’¥ß— π’:È -

∫√‘…—∑¬àÕ¬

Õ—µ√“√âÕ¬≈–¢Õß ®—¥µ—ßÈ °“√∂◊ÕÀÿπâ ‚¥¬ ¢÷πÈ „π ∫√‘…—∑œ ∑—ßÈ ª√–‡∑» ∑“ßµ√ß·≈–∑“ßÕâÕ¡ 2548

∫√‘…—∑¬àÕ¬∑’∂Ë Õ◊ Àÿπâ ‚¥¬∫√‘…—∑œ 1. ∫√‘…∑— æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ 2. ∫√‘…∑— æ√’‡™’¬ «‘™‡™ ®”°—¥ 3. ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ 4. ∫√‘…∑— æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 5. ∫√‘…∑— æ√’‡™’¬ ·≈π¥å ®”°—¥ 6. ∫√‘…∑— æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 7. ∫√‘…∑— æ√’‡™’¬ ‡≈§ å ®”°—¥ 8. ∫√‘…∑— æ√’‡™’¬ ´’ å ®”°—¥ 9. ∫√‘…∑— æ√’‡™’¬ µ“√å ®”°—¥ 10. ∫√‘…∑— æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ 11. ∫√‘…∑— æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ 12. ∫√‘…∑— æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 13. ∫√‘…∑— æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ 14. ∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 15. ∫√‘…∑— æ√’‡™’¬ √Ÿ∫ ’ å ®”°—¥ 16. ∫√‘…∑— æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 17. ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 18. ∫√‘…∑— æ√’‡™’¬ ‡æ‘√≈å å ®”°—¥ 19. ∫√‘…∑— æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 20. ∫√‘…∑— æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 21. ∫√‘…∑— æ√’‡™’¬ ∑√’ å ®”°—¥ 22. ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ 23. ∫√‘…∑— æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥

‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬ ‰∑¬

138 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

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

≈—°…≥– ¢Õß∏ÿ√°‘®

2547 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

¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈

Õ—µ√“√âÕ¬≈–¢Õß Õ—µ√“√âÕ¬≈–¢Õß ¬Õ¥ ‘π∑√—æ¬å∑√’Ë «¡ ¬Õ¥√“¬‰¥â∑√’Ë «¡ Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ Õ¬Ÿà„π¬Õ¥√“¬‰¥â√«¡ „πß∫°“√‡ß‘π√«¡ „πß∫°“√‡ß‘π√«¡ 2548

2547

2548

2547

2.67 2.34 5.05 4.99 1.23 5.43 1.54 1.86 1.76 1.38 2.29 4.63 2.92 8.93 1.38 1.19 8.60 1.57 1.61 2.11 2.13 2.61 1.06

3.77 3.64 6.43 5.75 1.78 6.04 1.79 1.98 1.89 1.39 2.28 6.04 3.08 1.92 1.58 1.53 2.05 2.00 2.08 2.53 2.04 2.51 1.22

3.78 3.90 2.25 3.97 1.96 3.73 2.07 2.08 1.32 2.16 3.57 5.19 1.26 4.71 1.95 2.45 4.32 3.18 4.41 4.43 3.43 3.13 3.46

3.11 5.07 2.35 3.61 1.82 4.57 2.25 2.58 1.20 1.30 4.65 3.74 1.73 3.77 1.82 0.85 3.26 4.40 3.26 3.69 3.86 3.55 4.18

NOTES TO FINANCIAL STATEMENTS PRECIOUS SHIPPING PUBLIC COMPANY LIMITED AND SUBSIDIARIES FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

1. GENERAL INFORMATION

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 House, 7th Floor, North Sathorn Road, Silom, Bangrak, Bangkok. 2. BASIS OF CONSOLIDATION

2.1 The consolidated financial statements included the financial statements of Precious Shipping Public Company Limited (hereinafter referred to as çthe Companyé), and the financial statements of its subsidiary companies (çthe subsidiariesé) for the years ended 31 December 2005 and 2004. The percentage of subsidiaries owned by the Company, assets and revenues of the subsidiaries included in the consolidated financial statements are as follows: -

Subsidiaries

Country Percentage of directly and incor- indirectly owned poration by the Company 2005

Subsidiaries held by the Company 1. Precious Metals Limited 2. Precious Wishes Limited 3. Precious Stones Shipping Limited 4. Precious Minerals Limited 5. Precious Lands Limited 6. Precious Rivers Limited 7. Precious Lakes Limited 8. Precious Seas Limited 9. Precious Stars Limited 10. Precious Oceans Limited 11. Precious Planets Limited 12. Precious Diamonds Limited 13. Precious Sapphires Limited 14. Precious Emeralds Limited 15. Precious Rubies Limited 16. Precious Opals Limited 17. Precious Garnets Limited 18. Precious Pearls Limited 19. Precious Flowers Limited 20. Precious Forests Limited 21. Precious Trees Limited 22. Precious Ponds Limited 23. Precious Ventures Limited

Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand

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

Nature of business

2004 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

Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation

Percentage of total assets included in the consolidated total assets

Percentage of total revenues included in the consolidated total revenues

2005

2004

2005

2004

2.67 2.34 5.05 4.99 1.23 5.43 1.54 1.86 1.76 1.38 2.29 4.63 2.92 8.93 1.38 1.19 8.60 1.57 1.61 2.11 2.13 2.61 1.06

3.77 3.64 6.43 5.75 1.78 6.04 1.79 1.98 1.89 1.39 2.28 6.04 3.08 1.92 1.58 1.53 2.05 2.00 2.08 2.53 2.04 2.51 1.22

3.78 3.90 2.25 3.97 1.96 3.73 2.07 2.08 1.32 2.16 3.57 5.19 1.26 4.71 1.95 2.45 4.32 3.18 4.41 4.43 3.43 3.13 3.46

3.11 5.07 2.35 3.61 1.82 4.57 2.25 2.58 1.20 1.30 4.65 3.74 1.73 3.77 1.82 0.85 3.26 4.40 3.26 3.69 3.86 3.55 4.18

Annual Report 2005 ± Precious Shipping Public Company Limited

139

∫√‘…—∑¬àÕ¬

Õ—µ√“√âÕ¬≈–¢Õß ®—¥µ—ßÈ °“√∂◊ÕÀÿπâ ‚¥¬ ¢÷πÈ „π ∫√‘…—∑œ ∑—ßÈ ª√–‡∑» ∑“ßµ√ß·≈–∑“ßÕâÕ¡ 2548

24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42.

∫√‘…∑— æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´‘µ ’È å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…∑— ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π≈— å ®”°—¥ ∫√‘…∑— ‡∑∫ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (¬Ÿ ‡§) ≈‘¡‡‘ µ¥ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥

∫√‘…—∑¬àÕ¬∑’∂Ë Õ◊ Àÿπâ ‚¥¬∫√‘…—∑¬àÕ¬ 43. ∫√‘…∑— ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘ßË æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ 44. ∫√‘…∑— æ’‡Õ ·Õ≈ ∫—≈§å ‡∑Õ√å¡‡‘ πÕ√å ≈‘¡‡‘ µ¥ 45. ∫√‘…∑— æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‡‘ µ¥ 46. ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ 47. ∫√‘…∑— æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîßô æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ 48. ∫√‘…∑— ‡√®‘¥Õ√å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥

≈—°…≥– ¢Õß∏ÿ√°‘®

2547

2548

2547

‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 99.99 ‰∑¬ 69.99 ‰∑¬ 69.99 ‘ß§‚ª√å 100.00 ª“π“¡“ 99.99 ‡¡Õ√‘‡™’¬ 100.00 ‘ß§‚ª√å 100.00 Õ—ß°ƒ… 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 69.99 69.99 100.00 99.99 100.00 100.00 99.99 99.99

¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ ¢π àß∑“ß∑–‡≈ §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”* §≈—ß‡°Á∫ ‘π§â“≈Õ¬πÈ”* ‚Œ≈¥‘ßÈ §Õ¡æ“π’* „Àâ∫√‘°“√‡™à“‡√◊Õ ‚Œ≈¥‘ßÈ §Õ¡æ“π’* ¢π àß∑“ß∑–‡≈ „Àâ∫√‘°“√‡™à“‡√◊Õ ºŸ∫â √‘À“√‡√◊Õ ∑“ß¥â“π‡∑§π‘§

2.08 1.03 5.32 1.90 1.98 2.22 2.28 2.80 3.31 0.94 1.13 0.84 2.11 0.23 0.78

2.43 1.09 5.66 2.03 2.19 2.32 2.41 2.83 3.58 1.38 1.34 0.24 4.41 0.10 0.87

4.03 3.70 3.57 1.55 1.59 1.57 1.49 1.56 1.96 2.69 1.72 0.01 0.13 0.24

4.46 4.38 3.28 1.99 1.93 1.41 1.91 2.02 1.99 0.86 1.48 0.52 0.04 0.22

‘ß§‚ª√å ‡¡Õ√‘‡™’¬ ‡¡Õ√‘‡™’¬ ‡¡Õ√‘‡™’¬ ‘ß§‚ª√å ‘ß§‚ª√å

100.00 100.00 100.00 100.00 64.06 100.00

‚Œ≈¥‘ßÈ §Õ¡æ“π’* ‚Œ≈¥‘ßÈ §Õ¡æ“π’* ‚Œ≈¥‘ßÈ §Õ¡æ“π’* ‚Œ≈¥‘ßÈ §Õ¡æ“π’ ¢π àß∑“ß∑–‡≈ ‚Œ≈¥‘ßÈ §Õ¡æ“π’*

0.82 0.33 -

0.71 0.65 -

0.16 1.24 -

0.08 1.57 -

100.00 100.00 100.00 100.00 64.06 100.00

* ªí®®ÿ∫π— ‰¥âÀ¬ÿ¥¥”‡π‘π∏ÿ√°‘®·≈â«

2.2 °“√‡ª≈’¬Ë π·ª≈ß‚§√ß √â“ß¢Õß°≈ÿ¡à ∫√‘…∑— „π√–À«à“ßªï 2547 ¡’¥ß— π’:È „π‡¥◊Õπ¡‘∂πÿ “¬π 2547 ∫√‘…∑— œ ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ®’æ’ §Õ√åªÕ‡√™—πË ®”°—¥ ·≈–∫√‘…∑— ¬àÕ¬ (∫√‘…∑— §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å‡π™—πË ·π≈ ≈‘¡‡‘ µ¥ ∫√‘…∑— ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ·≈–∫√‘…∑— ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥) ∑—ßÈ ®”π«π„Àâ·°à∫§ÿ §≈¿“¬πÕ°µ“¡∑’°Ë ≈à“«‰«â„πÀ¡“¬‡Àµÿ 6 ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ßÀ¬ÿ¥√—∫√Ÿ‡â ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬µ“¡«‘∏ ’ «à π ‰¥â‡ ’¬·≈–‰¡àπ”ß∫¥ÿ≈¢Õß∫√‘…∑— ¬àÕ¬¡“√«¡„π°“√®—¥∑”ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Õ¬à“ß‰√°Áµ“¡ ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ‰¥â√«¡√“¬‰¥â·≈–§à“„™â®“à ¬¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“« ”À√—∫√Õ∫√–¬–‡«≈“µ—ßÈ ·µà«π— ∑’Ë 1 ¡°√“§¡ 2547 ∂÷ß «—π∑’Ë 30 ¡‘∂πÿ “¬π 2547 («—π∑’∫Ë √‘…∑— œ À¡¥Õ”π“®„π°“√§«∫§ÿ¡∫√‘…∑— ¬àÕ¬)

140 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Subsidiaries

24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42.

Precious Capitals Limited Precious Jasmines Limited Precious Orchids Limited Precious Lagoons Limited Precious Cliffs Limited Precious Hills Limited Precious Mountains Limited Precious Resorts Limited Precious Cities Limited Precious Comets Limited Precious Ornaments Limited Nedtex Limited Precious Storage Terminals Limited Thebes Pte. Limited Precious Shipping (Panama) S.A. Precious Shipping (Mauritius) Limited Precious Shipping (Singapore) Pte. Limited Precious Shipping (UK) Limited Great Circle Shipping Agency Limited

Subsidiaries held by subsidiaries 43. Rapid Port Leasing Pte. Limited 44. PSL Bulk Terminal Company Limited 45. PSL Investments Limited 46. International Lighterage Limited 47. PSL Thun Shipping Pte. Limited 48. Regidor Pte. Limited

Country Percentage of directly and incor- indirectly owned poration by the Company 2005

2004

Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Singapore Panama Mauritius Singapore England Thailand

99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 69.99 69.99 100.00 99.99 100.00 100.00 99.99 99.99

Singapore Mauritius Mauritius Mauritius Singapore Singapore

100.00 100.00 100.00 100.00 64.06 100.00

Nature of business

Percentage of total assets included in the consolidated total assets

Percentage of total revenues included in the consolidated total revenues

2005

2004

2005

2004

Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Marine transportation Bulk storage barges* Bulk storage barges* Holding company* Chartering Holding company* Marine transportation Chartering Ship technical management

2.08 1.03 5.32 1.90 1.98 2.22 2.28 2.80 3.31 0.94 1.13 0.84 2.11 0.23 0.78

2.43 1.09 5.66 2.03 2.19 2.32 2.41 2.83 3.58 1.38 1.34 0.24 4.41 0.10 0.87

4.03 3.70 3.57 1.55 1.59 1.57 1.49 1.56 1.96 2.69 1.72 0.01 0.13 0.24

4.46 4.38 3.28 1.99 1.93 1.41 1.91 2.02 1.99 0.86 1.48 0.52 0.04 0.22

Holding company* Holding company* Holding company* Holding company Marine transportation Holding company*

0.82 0.33 -

0.71 0.65 -

0.16 1.24 -

0.08 1.57 -

* Currently suspended their businesses

2.2 There has been the following change in the structure of the group company during the year 2004: In June 2004, the Company disposed the whole of its investment in the ordinary shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited, Geepee Bulk Handlers Private Limited and Multi Cargo Systems (India) Private Limited) to another party, as discussed in Note 6. The Company has therefore stopped using the equity method to account for its investment in these former subsidiaries and has not included their balance sheets in the consolidated balance sheet as at 31 December 2004. However, the consolidated earnings statement for the year ended 31 December 2004 included the revenues and expenses of the former subsidiaries for the period as from 1 January 2004 to 30 June 2004 (the termination date of the Company没s control over these former subsidiaries).

Annual Report 2005 卤 Precious Shipping Public Company Limited

141

∫√‘…∑— ®’æ’ §Õ√åªÕ‡√™—πË ®”°—¥ ·≈–∫√‘…∑— ¬àÕ¬¥—ß°≈à“«¡’¡≈Ÿ §à“ ‘π∑√—æ¬å ∑ÿ ∏‘ ≥ «—π∑’Ë 30 ¡‘∂πÿ “¬π 2547 ´÷ßË ‡ªìπ«—π∑’®Ë ”Àπà“¬ ‡ß‘π≈ß∑ÿπ¥—ßµàÕ‰ªπ’:È (Àπà«¬: æ—π∫“∑) ‘π∑√—æ¬å ‡ß‘π ¥·≈–‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬å Àπ’ È π‘ ‡®â“Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬®“°°‘®°“√Õ◊πË Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’ È π‘ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬¢Õß∫√‘…∑— ¬àÕ¬ ‘π∑√—æ¬å ∑ÿ ∏‘µ¥‘ ≈∫

182 86 26,953 26 27,247 18,032 17,285 35,317 4,301 (12,371)

2.3 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡„πµà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬ ≥ «—π∑’Ë „π ß∫¥ÿ≈ ”À√—∫ ‘π∑√—æ¬å·≈–Àπ’ È π‘ À√◊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¢ÕßºŸ∂â Õ◊ Àÿπâ 2.4 ¬Õ¥§ß§â“ß·≈–√“¬°“√√–À«à“ß°—π∑’¡Ë ’ “√– ”§—≠¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬„π∫—≠™’¢Õß∫√‘…∑— œ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ¬àÕ¬‰¥âµ¥— ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ ß∫°“√‡ß‘ππ’®È ¥— ∑”¢÷πÈ µ“¡¡“µ√∞“π°“√∫—≠™’¿“¬„µâæ√–√“™∫—≠≠—µ«‘ ™‘ “™’æ∫—≠™’ æ.». 2547 ·≈–®—¥∑”¢÷πÈ µ“¡À≈—°√“§“∑ÿπ‡¥‘¡ ´÷ßË Õ“®ª√—∫ª√ÿß¥â«¬°“√µ’√“§“„À¡à¢Õß√“¬°“√∫“ß√“¬°“√∑’‡Ë ªìπÕ“§“√™ÿ¥ π‚¬∫“¬°“√∫—≠™’∑ ’Ë ”§—≠¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‚¥¬ √ÿª¡’¥ß— µàÕ‰ªπ’:È -

§ß§â“ß

3.1 °“√√—∫√Ÿ√â “¬‰¥â·≈–§à“„™â®“à ¬ √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ (ª√–°Õ∫¥â«¬ √“¬‰¥â§“à ‡™à“‡√◊Õ·≈–√“¬‰¥â§“à √–«“ß‡√◊Õ) ·≈–§à“„™â®“à ¬∑’‡Ë °’¬Ë «¢âÕß∫—π∑÷°∫—≠™’µ“¡‡°≥±å

√“¬‰¥â®“°°“√„Àâ∫√‘°“√Õ◊πË √—∫√Ÿ‡â ªìπ√“¬‰¥â‡¡◊ÕË ‰¥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— ∑’ΩË “°·≈–ª√“»®“°¿“√–ºŸ°æ—π 3.3 ≈Ÿ°Àπ’°È “√§â“·≈–§à“‡º◊ÕË Àπ’ 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 ∑’ÕË “®‡√’¬°‡°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“¬‡¡◊ÕË ‰¡à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â 142 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The net asset value of Geepee Corporation Limited and its subsidiaries as at 30 June 2004, the date of the disposal of the investment, was as follows: (Unit: Thousand Baht) Assets Cash and deposits at financial institutions Other current assets Equipment - net Other non-current assets Total assets Liabilities Payable to and advances from other company Other current liabilities Total liabilities Minority interest - Equity attributable to minority shareholders of subsidiaries Negative net assets

182 86 26,953 26 27,247 18,032 17,285 35,317 4,301 (12,371)

2.3 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 çTranslation adjustmenté in the shareholdersû equity. 2.4 Material balances and transactions between the Company and its subsidiaries, investments in the subsidiaries in the Companyûs accounts and shareholdersû equity of the subsidiaries have been eliminated from the consolidated financial statements. 3. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E. 2547 and 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 and voyage charters) and related expenses are recognised on an accrual basis. 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. Annual Report 2005 ± Precious Shipping Public Company Limited

143

3.4 πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß πÈ”¡—π‡™◊ÕÈ ‡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◊πË ´÷ßË · ¥ß„π√“§“∑ÿπ ∫√‘…∑— œ ®–∫—π∑÷°§à“‡º◊ÕË º≈¢“¥∑ÿπ ®“°‡ß‘π≈ß∑ÿπÕ◊πË „πß∫°”‰√¢“¥∑ÿπ ‡¡◊ÕË √“§“µ“¡∫—≠™’ ßŸ °«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“‡ ◊ÕË ¡√“§“ – ¡ Õ“§“√™ÿ¥∑’´Ë Õ◊È ¡“°àÕπªï 2539 · ¥ß¡Ÿ≈§à“„π√“§“ª√–‡¡‘πÀ—°§à“‡ ◊ÕË ¡√“§“ – ¡ à«πÕ“§“√™ÿ¥∑’´Ë Õ◊È ¡“¿“¬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—πÈ ®÷ß‰¥â· ¥ß¬Õ¥ ÿ∑∏‘®“° ∫—≠™’‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ 3.7 §à“‡ ◊ÕË ¡√“§“ §à“‡ ◊ÕË ¡√“§“¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ (À≈—ß®“°À—°¡Ÿ≈§à“´“°) §à“‡ ◊ÕË ¡√“§“¢ÕßÕ“§“√™ÿ¥·≈–Õÿª°√≥å Õ◊πË §”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“ª√–‡¡‘π·≈â«·µà°√≥’ ‚¥¬«‘∏‡’ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’:È ‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å 3 - 20 ªï §à“„™â®“à ¬„π°“√´àÕ¡·´¡·≈– ”√«®‡√◊Õ 2 ªï ·≈– 4 ªï Õ“§“√™ÿ¥ 20 ªï ‘ßË ª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“ µ“¡Õ“¬ÿ ≠ — ≠“‡™à“ (3 ªï ·≈– 20 ªï) Õ◊πË Ê 5 ªï ‰¡à¡°’ “√§‘¥§à“‡ ◊ÕË ¡√“§“ ”À√—∫ß“π√–À«à“ß∑” ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— ¬àÕ¬ 17 ·Ààß (2547: 15 ·Ààß) ¡’‡√◊Õ‡¥‘π∑–‡≈´÷ßË ¡’√“§“∑ÿπª√–¡“≥ 3,799.4 ≈â“π∫“∑ (148.5 ≈â“π‡À√’¬≠ À√—∞œ) (2547: 3,302.3 ≈â“π∫“∑ (128.5 ≈â“π‡À√’¬≠ À√—∞œ)) ‚¥¬¡’¡≈Ÿ §à“´“° 1,221.7 ≈â“π∫“∑ (45.8 ≈â“π ‡À√’¬≠ À√—∞œ) (2547: 1,106.0 ≈â“π∫“∑ (41.2 ≈â“π‡À√’¬≠ À√—∞œ))∫√‘…∑— ¬àÕ¬µ—¥§à“‡ ◊ÕË ¡√“§“‡√◊Õ‡¥‘π∑–‡≈¥—ß°≈à“«µ—ßÈ ·µà«π— ∑’Ë‰¥â¡“µ“¡ «‘∏‡’ âπµ√ß ‚¥¬§”π«≥®“°√“§“∑ÿπ ÿ∑∏‘À≈—ß®“°À—°¡Ÿ≈§à“´“° ´÷ßË ‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬‡À≈à“π—πÈ ‰¥â∂°Ÿ µ—¥§à“‡ ◊ÕË ¡√“§“®π§√∫ °”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¬®÷ßµ—¥§à“‡ ◊ÕË ¡√“§“®“°¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’À≈—ß®“° À—°¡Ÿ≈§à“´“°„À¡àµ“¡«‘∏‡’ âπµ√ß‡ªìπ‡«≈“ 5 ªï π—∫·µà«π— ∑’§Ë √∫°”Àπ¥°“√µ—¥§à“‡ ◊ÕË ¡√“§“§√—ßÈ ·√° §à“‡ ◊ÕË ¡√“§“ ”À√—∫ à«π∑’µË ¥— ‡æ‘¡Ë „πªï 2548 ‡ªìπ®”π«π‡ß‘π 139.1 ≈â“π∫“∑ (2547: 136.1 ≈â“π∫“∑) 3.8 §à“‡º◊ÕË °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®–æ‘®“√≥“§à“‡º◊ÕË °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ‡¡◊ÕË ¡’‡§√◊ÕË ß∫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∏‘ √√¡ ‚¥¬®–√—∫√Ÿºâ ≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπÀ√◊Õ∫—π∑÷°≈¥ à«π‡°‘π∑ÿπ„π°√≥’∑’Ë ‘π∑√—æ¬åππ—È ‡§¬µ’√“§“‡æ‘¡Ë ·≈–®–°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ÕË ¡’¢Õâ ∫àß™’«È “à °“√¥âÕ¬§à“¥—ß°≈à“«‰¡à¡Õ’ ¬ŸÕà °’ µàÕ‰ªÀ√◊Õ‡ªìπ‰ª„π∑“ß ∑’≈Ë ¥≈ß ‚¥¬∫—π∑÷°‡ªìπ√“¬‰¥âÕπ◊Ë „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∫“∑‚¥¬„™âÕµ— √“·≈°‡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∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë„πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’‡Ë °‘¥®“°°“√‡ª≈’¬Ë π·ª≈ß„πÕ—µ√“·≈°‡ª≈’¬Ë π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π 144 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

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 Company没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 Company没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 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 belong 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: Vessels and equipment 3 - 20 years Dry-dock and special survey expenses 2 years and 4 years Condominium 20 years Leasehold improvement lease periods (3 years and 20 years) Others 5 years No depreciation is provided for work in progress. As at 31 December 2005, 17 subsidiaries (2004: 15 subsidiaries) have vessels at cost of approximately Baht 3,799.4 million (USD 148.5 million) (2004: Baht 3,302.3 million (USD 128.5 million)), with residual value of approximately Baht 1,221.7 million (USD 45.8 million) (2004: Baht 1,106.0 million (USD 41.2 million)). The subsidiaries depreciated their vessels since their acquisition by the straight-line method on cost net of residual value. The vessels of the subsidiaries have been fully depreciated; 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 by the straight-line method for another period of five years on their net book value (after deducting new residual value) since the date first fully depreciated. Additional depreciation expenses for the year 2005 are Baht 139.1 million (2004: Baht 136.1 million). 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. 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. Annual Report 2005 卤 Precious Shipping Public Company Limited

145

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 ´÷ßË ª√–°Õ∫¥â«¬‡ß‘π∑’æË π—°ß“π®à“¬ – ¡‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπ ·≈–‡ß‘π∑’∫Ë √‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬®à“¬ ¡∑∫ „Àâ„πÕ—µ√“‡¥’¬«°—π °Õß∑ÿπ ”√Õß‡≈’¬È ß™’æπ’∫È √‘À“√‚¥¬∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π„π°√≥’∑Õ’Ë Õ°®“°ß“π µ“¡√–‡∫’¬∫¢Õß°Õß∑ÿπœ „πªï 2548 ·≈– 2547 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â®“à ¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ‡ªìπ®”π«π‡ß‘π 1.3 ≈â“π∫“∑ ·≈– 1.1 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…∑— œ : 0.8 ≈â“π∫“∑ ·≈– 0.7 ≈â“π∫“∑ µ“¡≈”¥—∫) 3.11 ‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¡à¡π’ ‚¬∫“¬∑’®Ë –ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæπ— ∏å∑“ß°“√‡ß‘π‡æ◊ÕË °“√ ‡°Áß°”‰√À√◊Õ‡æ◊ÕË °“√§â“ ‡§√◊ÕË ß¡◊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°Ÿ¬â ¡◊ ®“° ∂“∫—π°“√‡ß‘π ´÷ßË π‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ∑’‡Ë °’¬Ë «¢âÕß·≈â« 3.12 Àÿπâ ∑ÿπ´◊ÕÈ §◊π Àÿâπ∑ÿπ´◊ÈÕ§◊π· ¥ß¡Ÿ≈§à“„πß∫¥ÿ≈¥â«¬√“§“∑ÿπ‡ªìπ√“¬°“√À—°®“° à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ À“°√“§“¢“¬¢ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π Ÿß°«à“ √“§“´◊ÈÕ¢ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π ∫√‘…—∑œ®–√—∫√Ÿâº≈µà“ß‡¢â“∫—≠™’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ∑ÿπ´◊ÈÕ§◊π·≈–À“°√“§“¢“¬¢ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊πµË”°«à“√“§“´◊ÈÕ¢Õß Àÿπâ ∑ÿπ´◊ÕÈ §◊π ∫√‘…∑— œ ®–π”º≈µà“ßÀ—°®“° à«π‡°‘π¡Ÿ≈§à“Àÿπâ ∑ÿπ´◊ÕÈ §◊π„ÀâÀ¡¥‰ª°àÕπ ·≈â«®÷ßπ”º≈µà“ß∑’‡Ë À≈◊ÕÕ¬Ÿà‰ªÀ—°®“°∫—≠™’°”‰√ – ¡ 3.13 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√√“¬°“√∫—≠™’∫“ß √“¬°“√ ´÷ßË ¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’·Ë ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’‡Ë °‘¥¢÷πÈ ®√‘ß„π¿“¬À≈—ß®÷ßÕ“® ·µ°µà“ß‰ª®“°®”π«π∑’ªË √–¡“≥‰«â 3.14 °”‰√µàÕÀÿπâ ¢—πÈ æ◊πÈ ∞“π °”‰√µàÕÀÿπâ ¢—πÈ æ◊πÈ ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥«â ¬®”π«π∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°¢ÕßÀÿπâ “¡—≠∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ° ∑’ÕË Õ°Õ¬Ÿà„π√–À«à“ßªï

4. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’°È “√§â“ “¡“√∂·¬°µ“¡Õ“¬ÿ≈°Ÿ Àπ’È‰¥â¥ß— π’:È -

(Àπà«¬: æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ 2548 2547 πâÕ¬°«à“ 3 ‡¥◊Õπ 3 - 6 ‡¥◊Õπ 6 - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ √«¡ À—°: §à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’°È “√§â“ - ÿ∑∏‘

146 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

149,571 23,773 2,916 23,554 199,814 (23,411) 176,403

15,224 12,182 3,303 69,498 100,207 (68,738) 31,469

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547 -

1,825 1,825 (1,825) -

3.10 Employees没 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 2005 and 2004, Baht 1.3 million and Baht 1.1 million, respectively, have been contributed to the fund by the Company and subsidiaries (The Company only: Baht 0.8 million and Baht 0.7 million, respectively). 3.11 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. 3.12 Treasury stock Treasury stock is stated at cost and presented as a deduction from shareholders没 equity. Gains on disposal of treasury stock are determined by reference to the carrying amount and are presented as premium on treasury stock. Losses on disposal of treasury stock are determined by reference to the carrying amount and are presented in premium on treasury stock and retained earnings, consecutively. 3.13 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. 3.14 Basic earnings per share Basic earnings per share is determined by dividing net earnings for the year by the weighted average number of ordinary shares held by outsiders outstanding during the year. 4. TRADE ACCOUNTS RECEIVABLE

The balances of trade accounts receivable are classified by aging as follows: CONSOLIDATED 2005 2004 Less than 3 months 3 - 6 months 6 - 12 months More than 12 months Total Less: Allowance for doubtful accounts Trade accounts receivable - net

149,571 23,773 2,916 23,554 199,814 (23,411) 176,403

15,224 12,182 3,303 69,498 100,207 (68,738) 31,469

(Unit: Thousand Baht) THE COMPANY ONLY 2005 2004 -

1,825 1,825 (1,825) -

Annual Report 2005 卤 Precious Shipping Public Company Limited

147

5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…∑— œ¡’√“¬°“√∏ÿ√°‘®∑’ Ë ”§—≠°—∫∫√‘…∑— ¬àÕ¬ ∫√‘…∑— √à«¡·≈–∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π (‡°’¬Ë «¢âÕß°—π‚¥¬°“√¡’º∂Ÿâ Õ◊ Àÿπâ ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–Õ—µ√“∑’Ë√–∫ÿ„π —≠≠“√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑‡À≈à“π—Èπ ‰¡à¡’ °“√§‘¥¥Õ°‡∫’¬È ”À√—∫‡ß‘π∑¥√Õß®à“¬„Àâ·°à/®“°∫√‘…∑— ¬àÕ¬ √“¬°“√∏ÿ√°‘®¥—ß°≈à“« √ÿª‰¥â¥ß— π’:È (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ 2548 2547 √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (‰¥âµ¥— ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) √“¬‰¥â®“°°“√„Àâ∫√‘°“√ ‡ß‘πªíπº≈√—∫ §à“„™â®“à ¬„π°“√∫√‘À“√ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’‡Ë °’¬Ë «¢âÕß°—π §à“„™â®“à ¬„π°“√∫√‘À“√

30,170

23,768

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547

94,931 4,651,524 10,673

3,610,364 9,918

6,943

4,640

¬Õ¥§ß‡À≈◊Õ¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß‡ªìπ√“¬°“√·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷ßË ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’:È -

2547 ≈Ÿ°Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬·°à∫√‘…—∑¬àÕ¬ ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ 148 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

69,214 124,080 11,505 8,333 376,815 29,294 124,128 33,865 23,559

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡æ‘¡Ë ¢÷πÈ ≈¥≈ß 557,208 770,967 707,153 178,103 103,606 530,355 719,792 220,084 1,270,700 1,267,173 480,549 385,624 421,494 387,673 263,712 516,333 147,146 129,342 146,412

474,027 712,304 616,693 223,376 122,016 526,699 719,594 146,057 777,039 760,628 480,063 377,581 431,761 395,061 357,182 544,702 162,622 159,623 153,133

(Àπà«¬: æ—π∫“∑) 2548 83,181 58,663 90,460 23,941 105,670 3,656 198 74,027 493,661 506,545 486 8,043 1,238 945 283,345 925 108,652 3,584 16,838

5. RELATED PARTY TRANSACTIONS

During the years, the Company had significant business transactions with its subsidiary, associated and related companies (related by way of common shareholders and/or directors). Such transactions, have been concluded on the terms and basis as stipulated in the agreements between the Company and those companies. No interest was charged on advances to/from subsidiaries. The transactions are summarised below: (Unit: Thousand Baht) CONSOLIDATED 2005 2004 Transactions with subsidiaries (Eliminated from consolidated financial statements) Service income Dividend received Administrative expenses Transactions with related companies Administrative expenses

30,170

23,768

THE COMPANY ONLY 2005 2004

94,931 4,651,524 10,673

3,610,364 9,918

6,943

4,640

The outstanding balances of the above transactions have been separately shown in the balance sheets. Details of balances are as follows: (Unit: Thousand Baht) 2004 Receivable from and advances to subsidiaries Precious Stones Shipping Limited Precious Minerals Limited Precious Rivers Limited Precious Seas Limited Precious Stars Limited Precious Planets Limited Precious Diamonds Limited Precious Sapphires Limited Precious Emeralds Limited Precious Garnets Limited Precious Trees Limited Precious Ponds Limited Precious Capitals Limited Precious Jasmines Limited Precious Orchids Limited Precious Lagoons Limited Precious Cliffs Limited Precious Hills Limited Precious Mountains Limited

69,214 124,080 11,505 8,333 376,815 29,294 124,128 33,865 23,559

THE COMPANY ONLY Increase Decrease 557,208 770,967 707,153 178,103 103,606 530,355 719,792 220,084 1,270,700 1,267,173 480,549 385,624 421,494 387,673 263,712 516,333 147,146 129,342 146,412

474,027 712,304 616,693 223,376 122,016 526,699 719,594 146,057 777,039 760,628 480,063 377,581 431,761 395,061 357,182 544,702 162,622 159,623 153,133

2005 83,181 58,663 90,460 23,941 105,670 3,656 198 74,027 493,661 506,545 486 8,043 1,238 945 283,345 925 108,652 3,584 16,838

Annual Report 2005 Âą Precious Shipping Public Company Limited

149

(Àπà«¬: æ—π∫“∑) 2547

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡æ‘¡Ë ¢÷πÈ ≈¥≈ß

2548

∫√‘…∑— æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´‘µ ’È å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π≈— å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (¬Ÿ‡§) ≈‘¡‡‘ µ¥ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ √«¡

75,846 94,951 7,785 111,339 1,090,714

153,101 261,027 13 221,240 145,330 133,481 4,001 10,121,619

145,875 230,221 150,451 126,338 115,121 14,903 8,923,070

83,072 30,806 13 70,789 113,943 26,145 100,437 2,289,263

‡®â“Àπ’·È ≈–‡ß‘π∑¥√Õß®à“¬®“°∫√‘…—∑¬àÕ¬ ∫√‘…∑— æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·´ø‰ø√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √Ÿ∫ ’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡æ‘√≈å å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´‘µ ’È å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…∑— ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…∑— ‡∑∫ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ √«¡

142,399 152,726 106,521 170,078 91,247 140,725 44,289 89,329 136,915 101,277 20,135 121,910 110,595 68,122 112,705 105,228 103,527 96,313 106,713 45,539 18,185 19,193 80,152 95,764 4,762 9 11,503 34,053 2,329,914

770,745 834,216 329,458 221,153 325,654 247,601 238,209 292,537 447,332 480,823 424,073 344,821 261,337 3 490,716 5,708,678

793,492 866,984 106,521 170,078 388,936 140,725 263,136 318,694 136,915 101,277 20,135 121,910 348,191 266,593 112,705 382,365 500,165 568,792 106,713 45,539 397,735 19,193 329,416 323,687 9 11,503 103,468 6,944,877

119,652 119,958 31,769 2,306 96,289 10,005 39,738 15,400 50,694 8,344 44,523 95,557 33,414 4,753 12 421,301 1,093,715

150 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

(Unit: Thousand Baht) 2004

THE COMPANY ONLY Increase Decrease

2005

Precious Resorts Limited Precious Cities Limited Precious Storage Terminals Limited Precious Shipping (Panama) S.A. Precious Shipping (Mauritius) Limited Pecious Shipping (UK) Limited Great Circle Shipping Agency Limited Total

75,846 94,951 7,785 111,339 1,090,714

153,101 261,027 13 221,240 145,330 133,481 4,001 10,121,619

145,875 230,221 150,451 126,338 115,121 14,903 8,923,070

83,072 30,806 13 70,789 113,943 26,145 100,437 2,289,263

Payable to and advances from subsidiaries Precious Metals Limited Precious Wishes Limited Precious Stones Shipping Limited Precious Minerals Limited Precious Lands Limited Precious Rivers Limited Precious Lakes Limited Precious Oceans Limited Precious Planets Limited Precious Diamonds Limited Precious Sapphires Limited Precious Emeralds Limited Precious Rubies Limited Precious Opals Limited Precious Garnets Limited Precious Pearls Limited Precious Flowers Limited Precious Forests Limited Precious Trees Limited Precious Ponds Limited Precious Ventures Limited Precious Cities Limited Precious Comets Limited Precious Ornaments Limited Nedtex Limited Thebes Pte. Limited Precious Shipping (Panama) S.A. Precious Shipping (Singapore) Pte. Limited Total

770,745 834,216 329,458 221,153 325,654 247,601 238,209 292,537 447,332 480,823 424,073 344,821 261,337 3 490,716 5,708,678

119,652 119,958 31,769 2,306 96,289 10,005 39,738 15,400 50,694 8,344 44,523 95,557 33,414 4,753 12 421,301 1,093,715

Annual Report 2005 Âą Precious Shipping Public Company Limited

151

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬‡ªìπ√“¬°“√∑’‡Ë °‘¥®“°∫—≠™’‡¥‘π –æ—¥√–À«à“ß∫√‘…∑— œ·≈–∫√‘…∑— ‡À≈à“π—πÈ ´÷ßË ΩÉ“¬∫√‘À“√ ¢Õß∫√‘…∑— œ‡™◊ÕË «à“‰¡à¡§’ «“¡®”‡ªìπ∑’®Ë –µâÕß∫—π∑÷°§à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ ”À√—∫Àπ’¥È ß— °≈à“« ‡ß‘π°Ÿ¬â ¡◊ ¥âÕ¬ ‘∑∏‘®“°∫√‘…∑— ¬àÕ¬‰¡à¡¥’ Õ°‡∫’¬È ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°√°Æ“§¡ 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’:È (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547 143,000 143,000 143,000 143,000 100,750 100,750 96,525 96,525 95,693 95,693 57,850 57,850 21,450 21,450 4,550 4,550 662,818 662,818 (662,818) 662,818

∫√‘…∑— æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡≈§ å ®”°—¥ √«¡ À—°: à«π∑’∂Ë ß÷ °”Àπ¥™”√–¿“¬„πÀπ÷ßË ªï à«π∑’∂Ë ß÷ °”Àπ¥™”√–‡°‘π°«à“Àπ÷ßË ªï

6. ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ ∫√‘…∑— √à«¡·≈–∫√‘…∑— Õ◊πË ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’:È -

∂◊ÕÀÿπâ √âÕ¬≈– 2548 2547 ‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ ∫√‘…—∑¬àÕ¬ ∫√‘…∑— æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ «‘™‡™ ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·≈π¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡≈§ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µ“√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚Õ‡™’¬π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·æ≈π‡πµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·´ø‰ø√å ®”°—¥

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

152 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

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

(Àπà«¬: æ—π∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏√’ “§“∑ÿπ «‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547 2548 2547

250,000 229,999 260,000 230,000 84,000 234,000 99,000 100,000 105,000 175,000 100,000 205,000 143,999

332,353 291,541 332,517 332,812 106,764 375,493 142,680 289,334 195,848 246,729 164,858 370,233 210,327

296,296 301,279 320,294 323,854 115,806 315,537 128,052 209,690 147,901 203,039 155,343 280,970 177,493

‡ß‘πªíπº≈√—∫ 2548 2547

198,249 260,819 121,420 229,079 103,067 125,190 119,393 89,999 26,250 130,375 209,299 270,804 27,360

105,000 183,999 36,400 108,800 29,400 180,939 52,470 77,999 29,400 49,000 231,999 148,349 24,480

The outstanding balances of the amounts due from/to subsidiaries represent current accounts between the Company and those companies. The Company没s management believes that no allowance for doubtful accounts is necessary. Details of subordinated interest-free loans from subsidiaries, which are repayable within July 2006, are as follows: (Unit: Thousand Baht) THE COMPANY ONLY 2005 2004 Precious Cliffs Limited Precious Capitals Limited Precious Jasmines Limited Precious Stars Limited Precious Seas Limited Precious Orchids Limited Precious Ponds Limited Precious Lakes Limited Total Less: Current portion Long-term portion

143,000 143,000 100,750 96,525 95,693 57,850 21,450 4,550 662,818 (662,818) -

143,000 143,000 100,750 96,525 95,693 57,850 21,450 4,550 662,818 662,818

6. INVESTMENTS

These represent investments in the following subsidiaries, associated and other companies: -

Percentage of ownership 2005 2004 Investments accounted for under equity method Subsidiaries Precious Metals Limited Precious Wishes Limited Precious Stones Shipping Limited Precious Minerals Limited Precious Lands Limited Precious Rivers Limited Precious Lakes Limited Precious Seas Limited Precious Stars Limited Precious Oceans Limited Precious Planets Limited Precious Diamonds Limited Precious Sapphires Limited

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

THE COMPANY ONLY Cost method Equity method 2005 2004 2005 2004

250,000 229,999 260,000 230,000 84,000 234,000 99,000 100,000 105,000 175,000 100,000 205,000 143,999

332,353 291,541 332,517 332,812 106,764 375,493 142,680 289,334 195,848 246,729 164,858 370,233 210,327

296,296 301,279 320,294 323,854 115,806 315,537 128,052 209,690 147,901 203,039 155,343 280,970 177,493

(Unit: Thousand Baht) Dividend received 2005 2004

198,249 260,819 121,420 229,079 103,067 125,190 119,393 89,999 26,250 130,375 209,299 270,804 27,360

105,000 183,999 36,400 108,800 29,400 180,939 52,470 77,999 29,400 49,000 231,999 148,349 24,480

Annual Report 2005 卤 Precious Shipping Public Company Limited

153

(Àπà«¬: æ—π∫“∑)

∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √Ÿ∫ ’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡æ‘√≈å å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ∑√’ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡«Áπ‡®Õ√å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ·§ªªîµÕ≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ®— ¡‘π å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ≈“°Ÿπ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §≈‘ø å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ Œ‘≈ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ‡¡“πå‡∑àπ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ √’ Õ√å∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ´‘µ ’È å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ ÕÕπ“‡¡âπ∑å ®”°—¥ ∫√‘…∑— ‡π¥‡∑Á°´å ®”°—¥ ∫√‘…∑— æ√’‡™’¬ µÕ‡√® ‡∑Õ¡‘π≈— å ®”°—¥ ∫√‘…∑— ‡∑∫ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (¬Ÿ‡§) ≈‘¡‡‘ µ¥ ∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ à«π·∫àßº≈¢“¥∑ÿπ‡°‘π°«à“‡ß‘π≈ß∑ÿπ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - ÿ∑∏‘

∂◊ÕÀÿπâ √âÕ¬≈– 2548 2547

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏√’ “§“∑ÿπ «‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547 2548 2547

‡ß‘πªíπº≈√—∫ 2548 2547

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 69.99

366,000 84,000 74,000 378,999 72,999 75,999 95,999 79,999 83,999 79,999 199,999 97,999 216,999 139,999 139,999 139,999 139,999 139,999 169,999 71,099 68,099 648

86,000 84,000 74,000 78,999 72,999 75,999 95,999 79,999 83,999 79,999 199,999 97,999 216,999 139,999 139,999 139,999 139,999 139,999 169,999 71,099 68,099 648

613,926 105,326 118,600 538,416 109,942 163,220 174,841 153,528 234,580 124,332 370,712 204,542 479,687 218,203 266,262 262,614 256,569 260,139 288,832 132,141 101,160 (4,817)

138,149 115,029 63,527 128,335 122,529 122,258 154,002 130,717 118,998 120,130 345,234 152,699 372,261 164,348 222,747 191,787 214,226 219,614 210,161 73,545 90,492 (4,794)

107,155 64,511 83,619 103,805 150,233 278,006 253,342 193,039 53,256 256,078 297,999 232,259 130,200 50,400 63,000 35,000 56,000 63,000 49,300 136,937 83,081 -

161,249 42,840 101,909 202,938 138,699 149,279 184,799 165,479 283,998 181,999 283,218 76,459 111,999 28,000 32,200 58,800 58,800 59,500 29,964 -

69.99 100.00

4,199 0.0365

(9) (795)

15 (651)

99.99

250

44,138

42,579

100.00

250

(28,750) (171,765)

100.00 99.99

363,338 250

729,590 5,004

99.99

154 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

121,995 121,995 (93,303) 5,623,110 5,043,110 9,220,119 9,347,793 (127,674) 9,220,119

650,232 4,992

(82,982) 6,883,968 4,651,524 3,610,364 7,144,160 (260,192) 6,883,968

(Unit: Thousand Baht) Percentage of ownership 2005 2004 Precious Emeralds Limited Precious Rubies Limited Precious Opals Limited Precious Garnets Limited Precious Pearls Limited Precious Flowers Limited Precious Forests Limited Precious Trees Limited Precious Ponds Limited Precious Ventures Limited Precious Capitals Limited Precious Jasmines Limited Precious Orchids Limited Precious Lagoons Limited Precious Cliffs Limited Precious Hills Limited Precious Mountains Limited Precious Resorts Limited Precious Cities Limited Precious Comets Limited Precious Ornaments Limited Nedtex Limited Precious Storage Terminals Limited Thebes Pte. Limited Precious Shipping (Panama) S.A. Precious Shipping (Mauritius) Limited Precious Shipping (Singapore) Pte. Limited Precious Shipping (UK) Limited Great Circle Shipping Agency Limited Total net investments in subsidiaries Investments accounted for under equity method Share of losses over investments Total net investments in subsidiaries

THE COMPANY ONLY Cost method Equity method 2005 2004 2005 2004

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 69.99 69.99 100.00 99.99

366,000 84,000 74,000 378,999 72,999 75,999 95,999 79,999 83,999 79,999 199,999 97,999 216,999 139,999 139,999 139,999 139,999 139,999 169,999 71,099 68,099 648 4,199 0.0365 250

86,000 84,000 74,000 78,999 72,999 75,999 95,999 79,999 83,999 79,999 199,999 97,999 216,999 139,999 139,999 139,999 139,999 139,999 169,999 71,099 68,099 648 4,199 0.0365 250

100.00

250

100.00 99.99

363,338 250

99.99

613,926 105,326 118,600 538,416 109,942 163,220 174,841 153,528 234,580 124,332 370,712 204,542 479,687 218,203 266,262 262,614 256,569 260,139 288,832 132,141 101,160 (4,817) (9) (795) 44,138

138,149 115,029 63,527 128,335 122,529 122,258 154,002 130,717 118,998 120,130 345,234 152,699 372,261 164,348 222,747 191,787 214,226 219,614 210,161 73,545 90,492 (4,794) 15 (651) 42,579

Dividend received 2005 2004 107,155 64,511 83,619 103,805 150,233 278,006 253,342 193,039 53,256 256,078 297,999 232,259 130,200 50,400 63,000 35,000 56,000 63,000 49,300 136,937 83,081 -

161,249 42,840 101,909 202,938 138,699 149,279 184,799 165,479 283,998 181,999 283,218 76,459 111,999 28,000 32,200 58,800 58,800 59,500 29,964 -

(28,750) (171,765)

729,590 5,004

650,232 4,992

121,995 121,995 (93,303) (82,982) 5,623,110 5,043,110 9,220,119 6,883,968 4,651,524 3,610,364 9,347,793 7,144,160 (127,674) (260,192) 9,220,119 6,883,968

Annual Report 2005 Âą Precious Shipping Public Company Limited

155

∫√‘…∑— 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¬„πß∫¥ÿ≈ ∫√‘…∑— œ‰¥âπ”‡ß‘πªíπº≈√—∫‰ªÀ—°°≈∫≈∫Àπ’°È ∫— ¬Õ¥§ß§â“ß∫—≠™’≈°Ÿ Àπ’/È ‡®â“Àπ’∫È √‘…∑— ¬àÕ¬„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ‰¥â®”π”Àÿπâ ¢Õß∫√‘…∑— ¬àÕ¬®”π«π 35 ∫√‘…∑— ´÷ßË ¡’¡≈Ÿ §à“µ“¡«‘∏ ’ «à π‰¥â‡ ’¬√«¡ 8,475.8 ≈â“π∫“∑ (2547: ∫√‘…∑— ¬àÕ¬ 35 ∫√‘…∑— ¡Ÿ≈§à“√«¡ 6,363.4 ≈â“π∫“∑) ‰«â°∫— ∏π“§“√‡æ◊ÕË §È”ª√–°—π‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«µ“¡∑’°Ë ≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 „π√–À«à“ßªï 2548 ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ ¡’°“√‡ª≈’¬Ë π·ª≈ß¥—ßπ’:È °) ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË „πµà“ßª√–‡∑» (∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥) ‰¥â√∫— ‡ß‘πªíπº≈®“°∫√‘…∑— ¬àÕ¬ (∫√‘…∑— æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîßô æ’∑Õ’ ’ ≈‘¡‡‘ µ¥) ‡ªìπ®”π«π‡ß‘π 1.6 ≈â“π‡À√’¬≠ ‘ß§‚ª√å ¢) ∫√‘…∑— ¬àÕ¬ 2 ·Ààß„πª√–‡∑»‰¥â∑”°“√ÕÕ°Àÿπâ “¡—≠‡æ‘¡Ë ∑ÿπ ‚¥¬∫√‘…∑— œ‰¥â´Õ◊È ‡ß‘π≈ß∑ÿπ‡æ‘¡Ë µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ≥ «—ππ—πÈ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿπâ “¡—≠¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 580 ≈â“π∫“∑¥—ßπ’:È ®”π«π‡ß‘π (≈â“π∫“∑) ∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈≈å ®”°—¥ 280 ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 300 √«¡ 580 „π√–À«à“ßªï 2547 ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ ¡’°“√‡ª≈’¬Ë π·ª≈ß¥—ßπ’:È °) ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË „πµà“ßª√–‡∑» (∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥) ‰¥â√∫— ‡ß‘πªíπº≈®“°∫√‘…∑— ¬àÕ¬ (∫√‘…∑— æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîßô æ’∑Õ’ ’ ≈‘¡‡‘ µ¥) ‡ªìπ®”π«π‡ß‘π 3.4 ≈â“π‡À√’¬≠ ‘ß§‚ª√å ¢) ∫√‘…∑— œ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— ®’æ’ §Õ√åªÕ‡√™—πË ®”°—¥ ·≈–∫√‘…∑— ¬àÕ¬ (∫√‘…∑— §“√å‚°â ´‘ ‡µÁ¡ Õ‘π‡µÕ√å ‡π™—πË ·π≈ ≈‘¡‡‘ µ¥ ∫√‘…∑— ®’æ’ ∫—≈§å ·Œπ¥å‡¥≈Õ å ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ·≈–∫√‘…∑— ¡—≈µ‘ §“√å‚°â ´‘ ‡µÁ¡ å (Õ‘π‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥) „Àâ·°à ∫ÿ§§≈¿“¬πÕ°∑—ßÈ ®”π«π„π√“§“¢“¬ 14.2 ≈â“π∫“∑ ‚¥¬∫√‘…∑— œ‰¥âπ”¡Ÿ≈§à“∑’Ë‰¥â√∫— ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬¥—ß°≈à“«‰ªÀ—°°≈∫ ≈∫Àπ’°È ∫— ∫—≠™’ ç‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπé ·≈–¡’°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬‡ªìπ®”π«π 33.5 ≈â“π∫“∑ ´÷ßË ‰¥â ∫—π∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπªï 2547 ·≈â« ”√Õß∑—«Ë ‰ª¢Õß∫√‘…∑— ¬àÕ¬„πß∫°“√‡ß‘π√«¡®”π«π 24.2 ≈â“π∫“∑ ‰¥âµ¥— ÕÕ°®“°ß∫°“√‡ß‘π √«¡·≈â« πÕ°®“°π’È ‡ß‘π√—∫≈à«ßÀπâ“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ à«π∑’‡Ë À≈◊ÕÕ’°®”π«π 56.0 ≈â“π∫“∑ ‰¥â∂°Ÿ π”‰ª®à“¬™”√–·∑π≈Ÿ°Àπ’®È “°°“√ ¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— √à«¡µà“ßª√–‡∑»·ÀàßÀπ÷ßË ´÷ßË ∫√‘…∑— œ‰¥âµ¥— ‡ªìπÀπ’ È ≠ Ÿ ‰ª·≈â«„πªï 2545 ¥—ßπ—πÈ ∫√‘…∑— œ®÷ß∫—π∑÷°®”π«π‡ß‘π¥—ß°≈à“« ‡ªìπÀπ’ È ≠ Ÿ √—∫§◊π„πß∫°”‰√¢“¥∑ÿπªï 2547 §) ∫√‘…∑— œ‰¥â´Õ◊È Àÿπâ “¡—≠¢Õß∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË „πµà“ßª√–‡∑» (∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥) ‡æ‘¡Ë Õ’°®”π«π 1 Àÿâπ „π¡Ÿ≈§à“∑’Ëµ√“‰«â‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 1 ‡À√’¬≠ À√—∞œ ∑”„Àâ∫√‘…—∑œ∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 100.0 ¢Õß ∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…∑— ¬àÕ¬ ß) ∫√‘…∑— œ‰¥â‚ÕπÀÿπâ “¡—≠∑—ßÈ À¡¥¢Õß∫√‘…∑— ‡√®‘¥Õ√å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ „Àâ·°à∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Õ¬à“ß‰√°Áµ“¡ À“°§”π«≥ —¥ à«π°“√∂◊ÕÀÿπâ ∑“ßÕâÕ¡‚¥¬∫√‘…∑— œ·≈â« ∫√‘…∑— œ¬—ß§ß∂◊ÕÀÿπâ „π∫√‘…∑— ‡√®‘¥Õ√å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ‡∑à“°—∫√âÕ¬≈– 100.0 ‡™àπ‡¥‘¡

156 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The Company has presented share of losses from subsidiaries over investments by net off the amounts receivable from/payable to subsidiaries in the balance sheets. The Company offset the above dividend income against amount receivable from/payable to subsidiaries in the balance sheets. As at 31 December 2005, the Company has pledged the shares of 35 subsidiaries amounting to Baht 8,475.8 million (2004: 35 subsidiaries amounting to Baht 6,363.4 million), stated under the equity method, with banks to secure the longterm loans as referred to in Note 8. During the year 2005, there have been the following changes in the investments in subsidiaries: a) An overseas subsidiary (Precious Shipping (Singapore) Pte. Limited) received dividend amounting to SGD 1.6 million from an overseas subsidiary (PSL Thun Shipping Pte. Limited). b) The 2 local subsidiaries 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 580 million, as follows: Amount (Million Baht) Precious Emeralds Limited 280 Precious Garnets Limited 300 Total 580 During the year 2004, there have been the following changes in the investments in subsidiaries: a) An overseas subsidiary (Precious Shipping (Singapore) Pte. Limited) received dividend amounting to SGD 3.4 million from an overseas subsidiary (PSL Thun Shipping Pte. Limited). b) The Company disposed of the whole of the Companyûs investment in the ordinary shares of Geepee Corporation Limited and its subsidiaries (Cargo Systems International Limited, Geepee Bulk Handlers Private Limited and Multi Cargo Systems (India) Private Limited), to another party at a price of Baht 14.2 million. The Company offset the cash received from the sale of the investment in these subsidiaries against çadvance receipt for sale of investmentsé and recorded a gain of Baht 33.5 million in the earnings statement of the year 2004. General reserve of subsidiaries amounting to Baht 24.2 million has been written-off from the consolidated financial statements. In addition, the remaining balance of advance receipt for sale of investments, amounting to Baht 56.0 million, was paid to the Company on behalf of an account receivable arising from the sale of an investment in an overseas associated company, which the Company wrote off as bad debt in the year 2002. The Company therefore recorded the amount as çbad debt recoveryé in the earnings statement of the year 2004. c) The Company acquired 1 additional ordinary share in an overseas subsidiary (Precious Shipping (Mauritius) Limited) at par value, a total of USD 1. As a result, the Company holds 100.0 percent of the registered share capital of that subsidiary. d) The Company transferred all ordinary shares of Regidor Pte. Limited to Precious Shipping (Singapore) Pte. Limited. However, based on its indirect holding, the Company still holds 100.0 percent of the registered capital of that company.

Annual Report 2005 ± Precious Shipping Public Company Limited

157

®) ∫√‘…∑— ¬àÕ¬ 17 ·Ààß„πª√–‡∑»‰¥â∑”°“√ÕÕ°Àÿπâ “¡—≠‡æ‘¡Ë ∑ÿπ ‚¥¬∫√‘…∑— œ‰¥â´Õ◊È ‡ß‘π≈ß∑ÿπ‡æ‘¡Ë µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ≥ «—ππ—πÈ ¥â«¬¡Ÿ≈§à“µ√“‰«â¢ÕßÀÿπâ “¡—≠¢Õß∫√‘…∑— ¬àÕ¬¥—ß°≈à“«√«¡‡ªìπ‡ß‘π 1,345 ≈â“π∫“∑ ¥—ßπ’:È ®”π«π‡ß‘π (≈â“π∫“∑) ∫√‘…∑— æ√’‡™’¬ °“√å‡πÁµ å ®”°—¥ 48 ∫√‘…∑— æ√’‡™’¬ ·≈π¥å ®”°—¥ 60 ∫√‘…∑— æ√’‡™’¬ ‡æ‘√≈å å ®”°—¥ 34 ∫√‘…∑— æ√’‡™’¬ øÕ‡√ ∑å ®”°—¥ 56 ∫√‘…∑— æ√’‡™’¬ √Ÿ∫ ’ å ®”°—¥ 60 ∫√‘…∑— æ√’‡™’¬ æÕπ¥å ®”°—¥ 52 ∫√‘…∑— æ√’‡™’¬ ‚ÕªÕ≈ å ®”°—¥ 50 ∫√‘…∑— æ√’‡™’¬ §Õ¡‡¡Á∑ å ®”°—¥ 71 ∫√‘…∑— æ√’‡™’¬ ‡ÕÁ¡‡¡Õ√—≈ å ®”°—¥ 54 ∫√‘…∑— æ√’‡™’¬ ÕÕπ“‡¡âπ∑ å ®”°—¥ 68 ∫√‘…∑— æ√’‡™’¬ ∑√’ å ®”°—¥ 40 ∫√‘…∑— æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ 37 ∫√‘…∑— æ√’‡™’¬ √‘‡«Õ√å ®”°—¥ 190 ∫√‘…∑— æ√’‡™’¬ ‰¥¡Õπ¥å ®”°—¥ 150 ∫√‘…∑— æ√’‡™’¬ ÕÕ§‘¥ å ®”°—¥ 165 ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ 120 ∫√‘…∑— æ√’‡™’¬ ¡‘‡πÕ√—≈ å ®”°—¥ 90 √«¡ 1,345 (Àπà«¬: æ—π∫“∑) ∂◊ÕÀÿπâ √âÕ¬≈– 2548 2547

∫√‘…—∑√à«¡∑’∂Ë Õ◊ Àÿπâ ‚¥¬∫√‘…—∑¬àÕ¬ ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥

22.40

ß∫°“√‡ß‘π√«¡ «‘∏√’ “§“∑ÿπ 2548 2547

87,701

«‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547

113,306

95,045

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…∑— √à«¡∑’∂Ë Õ◊ Àÿπâ ‚¥¬∫√‘…∑— ¬àÕ¬ ”À√—∫ªï 2548 ®”π«π‡ß‘π 18.3 ≈â“π∫“∑ ´÷ßË √«¡Õ¬Ÿà„πß∫°”‰√ ¢“¥∑ÿπ√«¡§”π«≥®“°ß∫°“√‡ß‘π ≥ «—π∑’Ë 30 °—π¬“¬π 2548 ´÷ßË ®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√¢Õß∫√‘…∑— √à«¡·≈–¬—ß‰¡à‰¥â Õ∫∑“π‚¥¬ºŸ â Õ∫∫—≠™’ ¢Õß∫√‘…∑— π—πÈ „π√–À«à“ßªï 2547 ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‘‡µ¥ ‰¥â´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ ‡æ‘¡Ë Õ’°®”π«π 2,000 Àÿπâ ∑”„Àâ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ∂◊ÕÀÿπâ „π∫√‘…∑— ¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 100.0 ¢Õß ∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑π—Èπ º≈¢Õß√“¬°“√´◊ÈÕÀÿâππ’È∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬∫√‘…—∑œ„π∫√‘…—∑ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ‡æ‘¡Ë ¢÷πÈ ®“°√âÕ¬≈– 17.92 ‡ªìπ√âÕ¬≈– 22.40 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…∑— ¥—ß°≈à“«

158 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

e) The 17 local subsidiaries issued new ordinary shares, which the Company purchased in proportion to its shareholding at the acquisition dates, at par value, or a total of Baht 1,345 million, as follows: Amount (Million Baht) Precious Garnets Limited 48 Precious Lands Limited 60 Precious Pearls Limited 34 Precious Forests Limited 56 Precious Rubies Limited 60 Precious Ponds Limited 52 Precious Opals Limited 50 Precious Comets Limited 71 Precious Emeralds Limited 54 Precious Ornaments Limited 68 Precious Trees Limited 40 Precious Flowers Limited 37 Precious Rivers Limited 190 Precious Diamonds Limited 150 Precious Orchids Limited 165 Precious Stones Shipping Limited 120 Precious Minerals Limited 90 Total 1,345 (Unit: Thousand Baht) CONSOLIDATED Percentage of ownership Cost method Associate held by a subsidiary International Seaports (Haldia) Private Limited

Equity method

2005

2004

2005

2004

2005

2004

22.40

87,701

113,306

95,045

Shares of profit from investment in associate held by a subsidiary for the year 2005 amounting to Baht 18.3 million included in the consolidated statement of earnings was recorded based on financial statements as at 30 September 2005 prepared by the management of that company and not reviewed by its auditor. During the year 2004, Precious Shipping (Mauritius) Limited acquired an additional 2,000 ordinary shares of International Lighterage Limited, meaning that Precious Shipping (Mauritius) Limited now holds 100.0 percent of the registered share capital of that company. As a result of this transaction, the shareholding of the Company in International Seaports (Haldia) Private Limited has increased from 17.92 percent to 22.40 percent of registered share capital.

Annual Report 2005 Âą Precious Shipping Public Company Limited

159

(Àπà«¬: æ—π∫“∑)

‡ß‘π≈ß∑ÿπ™—«Ë §√“« ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ∫√‘…∑— ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‡‘ µ¥ ∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥ √«¡ À—°: §à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ™—«Ë §√“« - ÿ∑∏‘

∂◊ÕÀÿπâ √âÕ¬≈– 2548 2547

«‘∏√’ “§“∑ÿπ 2548 2547

50.00 -

19,501 96,889 31,716 31,716 24,004 31,716 172,110

34.30 33.33 50.00 8.95

ß∫°“√‡ß‘π√«¡ «‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547

19,365 19,365 (19,365) -

25,231 96,889 19,365 24,004 165,489 (165,489) -

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ «‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547

25,231 25,231 (25,231) -

∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„π∫√‘…∑— √à«¡„πµà“ßª√–‡∑» 1 ∫√‘…∑— (2547: 3 ∫√‘…∑— ) ∑’¡Ë Õ’ ¬Ÿ‡à ¥‘¡µ“¡«‘∏ ’ «à π‰¥â‡ ’¬ ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2543 ‡∑à“π—πÈ ‡π◊ÕË ß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¡’§«“¡µ—ßÈ „®∑’®Ë –‡ πÕ¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“« ¥—ßπ—πÈ ®÷ß‰¥â®¥— ª√–‡¿∑‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‡ß‘π≈ß∑ÿπ™—«Ë §√“«„π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â∫π— ∑÷° §à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π 19.4 ≈â“π∫“∑ (2547: 165.5 ≈â“π∫“∑) (‡©æ“–∫√‘…∑— œ, 2547: 25.2 ≈â“π∫“∑) „π√–À«à“ßªï 2548 ‡ß‘π≈ß∑ÿπ™—«Ë §√“«¢Õß∫√‘…∑— œ ¡’°“√‡ª≈’¬Ë π·ª≈ß¥—ßπ’:È °) ∫√‘…∑— æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‡‘ µ¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ (‚¥¬°“√∂◊ÕÀÿπâ ºà“π∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥) ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«„π∫√‘…∑— ∏”√“ æÕ√å∑ ‰æ√‡«∑ ≈‘¡‡‘ µ¥ „Àâ·°à∫§ÿ §≈¿“¬πÕ°∑—ßÈ ®”π«π„π√“§“¢“¬ 111 ≈â“πÕ‘π‡¥’¬ √Ÿªï ´÷ßË ‡ªìπ√“§“∑ÿπ‡¥‘¡¢Õß‡ß‘π≈ß∑ÿπ (‡∑’¬∫‡∑à“ 97.7 ≈â“π∫“∑ ≥ «—π∑’®Ë ”Àπà“¬‡ß‘π≈ß∑ÿπ) ‚¥¬∫√‘…∑— ¬àÕ¬‰¥â√∫— ™”√–‡ß‘π·≈â«„π‡¥◊Õπ ¡’π“§¡·≈–‡¡…“¬π 2548 ·≈–‰¥â√∫— °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«‡ªìπ®”π«π‡ß‘π 0.8 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ™—«Ë §√“«¥—ß°≈à“«∫√‘…∑— ¬àÕ¬ ‰¥â‡§¬∫—π∑÷°§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π 96.9 ≈â“π∫“∑ ¥—ßπ—Èπ ∫√‘…—∑¬àÕ¬®÷ßµâÕß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“° ‡ß‘π≈ß∑ÿπ™—«Ë §√“«∑—ßÈ ®”π«π„πß∫°”‰√¢“¥∑ÿπªï 2548 ¢) ∫√‘…—∑ æ’‡Õ ·Õ≈ ∫—≈§å ‡∑Õ√å¡‘π—≈ ≈‘¡‘‡µ¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ (‚¥¬°“√∂◊ÕÀÿâπºà“π∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥) ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«„π∫√‘…∑— §“§‘π“¥“ ´’æÕ√å∑ å ≈‘¡‡‘ µ¥ „Àâ·°à∫§ÿ §≈¿“¬πÕ°∑—ßÈ ®”π«π„π√“§“¢“¬ 26.8 ≈â“πÕ‘π‡¥’¬√Ÿªï ´÷ßË ‡ªìπ√“§“∑ÿπ‡¥‘¡¢Õß‡ß‘π≈ß∑ÿπ (‡∑’¬∫‡∑à“ 24.2 ≈â“π∫“∑ ≥ «—π∑’®Ë ”Àπà“¬‡ß‘π≈ß∑ÿπ) ‚¥¬∫√‘…∑— ¬àÕ¬‰¥â√∫— ™”√–‡ß‘π·≈â« „π‡¥◊Õπæƒ…¿“§¡ 2548 ·≈–‰¥â√∫— °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«‡ªìπ®”π«π‡ß‘π 0.2 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ™—«Ë §√“«¥—ß°≈à“«∫√‘…∑— ¬àÕ¬ ‰¥â‡§¬∫—π∑÷°§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π 24.0 ≈â“π∫“∑ ¥—ßπ—πÈ ∫√‘…∑— ¬àÕ¬®÷ßµâÕß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π ≈ß∑ÿπ™—«Ë §√“«∑—ßÈ ®”π«π„πß∫°”‰√¢“¥∑ÿπªï 2548 §) ∫√‘…∑— œ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«„π∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å æ’∑Õ’ ’ ≈‘¡‡‘ µÁ¥ „Àâ·°à∫§ÿ §≈¿“¬πÕ°∑—ßÈ ®”π«π „π√“§“¢“¬ 1 ‡À√’¬≠ À√—∞œ (‡∑’¬∫‡∑à“ 39.8 ∫“∑ ≥ «—π∑’®Ë ”Àπà“¬‡ß‘π≈ß∑ÿπ) ´÷ßË ∫√‘…∑— ¥—ß°≈à“«¡’º≈¢“¥∑ÿπ‡°‘π∑ÿπ ∫√‘…∑— œ‰¥â√∫— √Ÿâ ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“«‡ªìπ®”π«π‡ß‘π 25.2 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ™—«Ë §√“«¥—ß°≈à“«∫√‘…∑— œ‰¥â‡§¬∫—π∑÷°§à“‡º◊ÕË º≈¢“¥∑ÿπ®“° ‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π 25.2 ≈â“π∫“∑ ¥—ßπ—Èπ ∫√‘…—∑œ®÷ßµâÕß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—Ë«§√“«∑—Èß®”π«π„πß∫°”‰√ ¢“¥∑ÿπªï 2548 „π√–À«à“ßªï 2547 ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ‰¥â´Õ◊È ‡ß‘π≈ß∑ÿπ‡æ‘¡Ë „π∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ ∑”„Àâ ¥— à«π°“√∂◊ÕÀÿπâ ¢Õß∫√‘…∑— œ„π∫√‘…∑— ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‡‘ µ¥ ‡æ‘¡Ë ¢÷πÈ ®“°√âÕ¬≈– 47.99 ‡ªìπ√âÕ¬≈– 50.00

160 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

(Unit: Thousand Baht) Percentage of ownership 2005 Current investments International Seaports Pte. Limited Dhamra Port Company Private Limited Southern LPG Limited 50.00 Kakinada Seaports Limited Total Less: Allowance for loss on investments Current investments - net

Cost method

CONSOLIDATED Equity method

THE COMPANY ONLY Equity method

2004

2005

2004

2005

2004

2005

2004

34.30

19,501

25,231

31,716 31,716

96,889 31,716 24,004 172,110

96,889 19,365 19,365 24,004 19,365 165,489 (19,365) (165,489) -

25,231 (25,231) -

33.33 50.00 8.95

The Company and subsidiaries recorded investment in an overseas associated company (2004: 3 companies) under equity method only until 31 December 2000, since the management of the Company and the subsidiaries are making efforts to sell these investments. The investments have therefore been reclassified as current investments, under current assets. As at 31 December 2005, the Company and subsidiaries have set up provision for loss on investments of Baht 19.4 million (2004: Baht 165.5 million) (The Company only, 2004: Baht 25.2 million). During the year 2005, there have been the following changes in the current investments: a) PSL Investments Limited, a subsidiary of the Company (shareholding is through Precious Shipping (Mauritius) Limited), disposed of its current investment in Dhamra Port Company Private Limited to another party at a price equal to its original cost of INR 111 million (equivalent to Baht 97.7 million at the date of disposal). The subsidiary received payment in March and April 2005. This represents a gain on the sale of this current investment of Baht 0.8 million. Since the subsidiary had previously set up provision for loss on this current investment amounting to Baht 96.9 million, such amount was reversed in the earnings statement of the year 2005. b) PSL Bulk Terminal Company Limited, a subsidiary of the Company (shareholding is through Precious Shipping (Mauritius) Limited), disposed of its current investment in Kakinada Seaports Limited to another party at a price equal to its original cost of INR 26.8 million (equivalent to Baht 24.2 million at the date of disposal). The subsidiary received payment in May 2005. This represents a gain on the sale of this current investment of Baht 0.2 million. Since the subsidiary had previously set up provision for loss on this current investment amounting to Baht 24.0 million, such amount was reversed in the earnings statement of the year 2005. c) The Company disposed of its current investment in International Seaports Pte. Limited, which had a capital deficit, to another party at a price of USD 1 (equivalent to Baht 39.8 at the date of disposal), realising a loss on the sale of this current investment of Baht 25.2 million. Since the Company had previously set up provision for loss on this current investment amounting to Baht 25.2 million, such amount was reversed in the earnings statement of the year 2005. During the year 2004, Precious Shipping (Mauritius) Limited acquired the additional share capital of International Lighterage Limited, meaning that the proportion of shareholding of the Company in Southern LPG Limited increased from 47.99 percent to 50.00 percent.

Annual Report 2005 Âą Precious Shipping Public Company Limited

161

7. ‡√◊Õ‡¥‘π∑–‡≈ Õ“§“√™ÿ¥·≈–Õÿª°√≥å (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ ‘π∑√—æ¬å∑’Ë · ¥ßµ“¡ √“§“ª√–‡¡‘π

Õ“§“√™ÿ¥ √“§“∑ÿπ / √“§“ª√–‡¡‘π 31 ∏—π«“§¡ 2547 ´◊ÕÈ ‡æ‘¡Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2548 §à“‡ ◊ÕË ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ÕË ¡√“§“ ”À√—∫ªï §à“‡ ◊ÕË ¡√“§“„π à«π∑’Ë µ’√“§“‡æ‘¡Ë §à“‡ ◊ÕË ¡√“§“„π à«π∑’Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ÕË ¡√“§“ ”À√—∫ªï 2547 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’°√≥’ · ¥ß¥â«¬√“§“∑ÿπ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548

175,063 175,063

Õ“§“√™ÿ¥

‘π∑√—æ¬å∑·’Ë ¥ßµ“¡√“§“∑ÿπ ‡√◊Õ‡¥‘π∑–‡≈·≈–Õÿª°√≥å §à“„™â®“à ¬„π ‘ßË µ‘¥µ—ßÈ ·≈– ‡√◊Õ·≈– °“√´àÕ¡·´¡ Õÿª°√≥å ‘ßË ª√—∫ª√ÿß ß“π Õÿª°√≥å ·≈– ”√«®‡√◊Õ √«¡ ”π—°ß“π ¬“πæ“Àπ– ‘π∑√—æ¬å‡™à“ √–À«à“ß∑”

√«¡

8,863 16,062,557 695,912 16,758,469 32,299 2,012,725 813,987 2,826,712 1,990 (208) (179,843) (179,843) (1,204) 8,655 18,075,282 1,330,056 19,405,338 33,085

17,100 3,330 (2,738) 17,692

750 750

84,565 4,708

4,862 433

27,942 1,386

11,005 2,170

669 70

5,500,826 1,869,906

4,688

93,961

5,295

(2,738) 10,437

739

(183,785) 7,191,635

90,498 81,102

4,001 3,360

6,095 7,255

81 11

5,091,372 280,411 5,371,783 1,489,131 372,008 1,861,139 -

(179,843) (179,843) (1,204) 6,580,503 472,576 7,053,079 28,124 10,971,185 415,501 11,386,686 11,494,779 857,480 12,352,259

4,357 4,961

25,871 17,018,415 21,929 2,853,961 (183,993) 47,800 19,688,383

25,871 11,517,589 47,800 12,496,748 1,383,295 1,874,594

59,492 53,840

162 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

7. VESSELS, CONDOMINIUM AND EQUIPMENT

(Unit: Thousand Baht) CONSOLIDATED Assets at appraisal

Condominium Cost / Appraised value 31 December 2004 Acquisitions Disposals 31 December 2005 Accumulated depreciation 31 December 2004 Depreciation for the year Depreciation on revaluation surplus Depreciation on disposals 31 December 2005 Net book value 31 December 2004 31 December 2005 Depreciation for the year 2004 2005 Net book value as presented at historical cost 31 December 2004 31 December 2005

175,063 175,063

Assets at cost Vessels and equipment Dry-dock Vessels and special Condoand survey minium equipment expenses Total

Furniture, fixtures Leasehold and office Motor improve- Work in equipment vehicles ment progress

Total

8,863 16,062,557 695,912 16,758,469 32,299 2,012,725 813,987 2,826,712 1,990 (208) (179,843) (179,843) (1,204) 8,655 18,075,282 1,330,056 19,405,338 33,085

17,100 3,330 (2,738) 17,692

750 750

84,565 4,708

4,862 433

5,091,372 280,411 5,371,783 1,489,131 372,008 1,861,139

11,005 2,170

669 70

5,500,826 1,869,906

4,688 93,961

5,295

(179,843) (179,843) (1,204) 6,580,503 472,576 7,053,079 28,124

(2,738) 10,437

739

4,688 (183,785) 7,191,635

90,498 81,102

4,001 3,360

6,095 7,255

81 11

10,971,185 415,501 11,386,686 11,494,779 857,480 12,352,259

27,942 1,386

4,357 4,961

25,871 17,018,415 21,929 2,853,961 - (183,993) 47,800 19,688,383

25,871 11,517,589 47,800 12,496,748

1,383,295 1,874,594

59,492 53,840

Annual Report 2005 Âą Precious Shipping Public Company Limited

163

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 ´◊ÕÈ ‡æ‘¡Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2548 §à“‡ ◊ÕË ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ÕË ¡√“§“ ”À√—∫ªï §à“‡ ◊ÕË ¡√“§“„π à«π∑’®Ë ”Àπà“¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ÕË ¡√“§“ ”À√—∫ªï 2547 2548

‘ßË µ°·µàß µ‘¥µ—ßÈ ·≈–Õÿª°√≥å ”π—°ß“π

¬“πæ“Àπ–

‘ßË ª√—∫ª√ÿß ‘π∑√—æ¬å‡™à“

ß“π √–À«à“ß∑”

√«¡

9,190 1,887 (698) 10,379

13,987 3,330 (1,299) 16,018

750 750

25,721 16,813 42,534

49,648 22,030 (1,997) 69,681

5,249 1,179 (698) 5,730

8,597 1,935 (1,299) 9,233

669 70 739

14,515 3,184 (1,997) 15,702

3,941 4,649

5,390 6,785

81 11

25,721 42,534

35,133 53,979 2,076 3,184

„π√–À«à“ßªï 2548 ∫√‘…∑— ¬àÕ¬‰¥â´Õ◊È ‡√◊Õ‡¥‘π∑–‡≈¡◊Õ Õß®”π«π 2 ≈” „π√“§“ 49.5 ≈â“π‡À√’¬≠ À√—∞œ (2547: 22 ≈”„π√“§“ 199.2 ≈â“π‡À√’¬≠ À√—∞œ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß‡√◊Õ‡¥‘π∑–‡≈®”π«π 50 ≈” ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π 8,929.4 ≈â“π∫“∑ (2547: 51 ≈” ¡Ÿ≈§à“ 10,332.7 ≈â“π∫“∑) ·≈–Õ“§“√™ÿ¥´÷ßË ¡’¡≈Ÿ §à“ ÿ∑∏‘µ“¡∫—≠™’®”π«π 84.5 ≈â“π∫“∑ (2547: 94.5 ≈â“π∫“∑) ‰«â°∫— ∏π“§“√‡æ◊ÕË §È”ª√–°—π‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«µ“¡∑’°Ë ≈à“«‰«â„πÀ¡“¬‡Àµÿ 8 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑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 34.2 ≈â“π∫“∑ ·≈– 37.0 ≈â“π∫“∑ µ“¡≈”¥—∫ (‡©æ“–∫√‘…∑— œ : 10.9 ≈â“π∫“∑ ·≈– 12.1 ≈â“π∫“∑ µ“¡≈”¥—∫)

8. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¡’¥ß— π’:È -

‡ß‘π°Ÿ¬â ¡◊ „À¡à ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË √«¡ À—°: à«π∑’∂Ë ß÷ °”Àπ¥™”√–¿“¬„πÀπ÷ßË ªï à«π∑’∂Ë ß÷ °”Àπ¥™”√–‡°‘π°«à“Àπ÷ßË ªï 164 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

(Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ 2548 2547 3,293,968 3,293,968 3,293,968

7,543,592 17,580 7,561,172 (1,127,542) 6,433,630

(Unit: Thousand Baht)

THE COMPANY ONLY

Cost 31 December 2004 Acquisitions Disposals 31 December 2005 Accumulated depreciation 31 December 2004 Depreciation for the year Depreciation on disposals 31 December 2005 Net book value 31 December 2004 31 December 2005 Depreciation for the year 2004 2005

Furniture, fixtures and office equipment

Motor vehicles

Leasehold improvement

Work in progress

Total

9,190 1,887 (698) 10,379

13,987 3,330 (1,299) 16,018

750 750

25,721 16,813 42,534

49,648 22,030 (1,997) 69,681

5,249 1,179 (698) 5,730

8,597 1,935 (1,299) 9,233

669 70 739

14,515 3,184 (1,997) 15,702

3,941 4,649

5,390 6,785

81 11

25,721 42,534

35,133 53,979 2,076 3,184

During the year 2005, the subsidiaries purchased 2 second-hand vessels for a total of USD 49.5 million (2004: 22 second-hand vessels for USD 199.2 million) As at 31 December 2005, the subsidiaries have mortgaged 50 vessels with net book value of Baht 8,929.4 million (2004: 51 vessels amounting to Baht 10,332.7 million) and condominium units with net book value of Baht 84.5 million (2004: Baht 94.5 million) with banks to secure long-term loans as referred to in Note 8. As at 31 December 2005 and 2004, the Company and subsidiaries have fully depreciated equipment which are still in use, the costs of such assets amounted to Baht 34.2 million and Baht 37.0 million, respectively (The Company only: Baht 10.9 million and Baht 12.1 million, respectively). 8. LONG-TERM LOANS

The outstanding balances of long-term loans as at 31 December 2005 and 2004 were as follows: (Unit: Thousand Baht) CONSOLIDATED 2005 2004 New loans Other loan Total Less: Current portion Long-term portion

3,293,968 3,293,968 3,293,968

7,543,592 17,580 7,561,172 (1,127,542) 6,433,630

Annual Report 2005 Âą Precious Shipping Public Company Limited

165

‡ß‘π°Ÿ¬â ¡◊ „À¡à 1) ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰¥â≈ßπ“¡„π —≠≠“„Àâ ‘π‡™◊ËÕ°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ®”π«π 100 ≈â“π‡À√’¬≠ À√—∞œ ‚¥¬¡’«µ— ∂ÿª√– ß§å¥ß— π’:È °) «ß‡ß‘π ‘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„π¢≥–π—πÈ ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿ¿â “¬„π 12 ‡¥◊Õππ—∫·µà«π— ∑’≈Ë ßπ“¡„π —≠≠“„Àâ π‘ ‡™◊ÕË ¢) «ß‡ß‘π ‘π‡™◊ÕË ®”π«π 35 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ÕË π”‰ª®—¥´◊ÕÈ ‡√◊Õ¢π àß∑“ß∑–‡≈ ·≈–/À√◊Õ ‡æ◊ÕË ‰∂à∂ÕπÀÿπâ °Ÿâ ‚¥¬¡’√–¬– ‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿ®â π∂÷ß ‘πÈ ªï 2548 ‡¡◊ÕË «—π∑’Ë 18 ¡’π“§¡ 2547 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“·°â‰¢„Àâ π‘ ‡™◊ÕË ‡æ‘¡Ë ‡µ‘¡°—∫∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ‚¥¬¡’«ß‡ß‘π ‘π‡™◊ÕË „À¡à‡æ‘¡Ë ¢÷πÈ ®“°‡¥‘¡¥—ßπ’:È §) «ß‡ß‘π ‘π‡™◊ËÕ®”π«π 170 ≈â“π‡À√’¬≠ À√—∞œ ‡æ◊ËÕπ”‰ª®—¥´◊ÈÕ‡√◊Õ¢π àß∑“ß∑–‡≈ ‚¥¬¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿâ®π∂÷ß «—π∑’Ë 31 ∏—π«“§¡ 2547 ß) «ß‡ß‘π ‘π‡™◊ÕË ‡æ◊ÕË „™â‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π°“√¥”‡π‘πß“π´÷ßË ª√–°Õ∫¥â«¬: 3 «ß‡ß‘π‡∫‘°‡°‘π∫—≠™’®”π«π‰¡à‡°‘π 10 ≈â“π∫“∑ 3 «ß‡ß‘πÀπ—ß ◊Õ§È”ª√–°—π®”π«π‰¡à‡°‘π 105 ≈â“π∫“∑ 3 «ß‡ß‘π‡æ◊ÕË °“√·≈°‡ª≈’¬Ë π‡ß‘πµ√“µà“ßª√–‡∑»®”π«π‰¡à‡°‘π 20 ≈â“π‡À√’¬≠ À√—∞œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¬—ß‰¡à¡°’ “√‡∫‘°„™â«ß‡ß‘π ‘π‡™◊ÕË „π à«π ß) ‡ß‘π°Ÿ¬â ¡◊ °) ·≈– ¢) §‘¥¥Õ°‡∫’¬È „πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’µË Õà ªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’√Ë –∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 7.5 ªï ‚¥¬¡’√–¬–‡«≈“ª≈Õ¥°“√™”√–Àπ’È 1 ªï ‡ß‘π°Ÿ¬â ¡◊ §) §‘¥¥Õ°‡∫’¬È „πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’µË Õà ªï ·≈–¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’√Ë –∫ÿ„π —≠≠“‡ªìπ √“¬‰µ√¡“ ¿“¬„π√–¬–‡«≈“ 9 ªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— ¬àÕ¬ 34 ∫√‘…∑— (2547: 34 ∫√‘…∑— ) ¡’¬Õ¥‡ß‘π°Ÿ¬â ¡◊ §ß§â“ß®”π«π 80.0 ≈â“π‡À√’¬≠ À√—∞œ (2547: 192.4 ≈â“π‡À√’¬≠ À√—∞œ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ß‘π°Ÿ¬â ¡◊ „À¡àπ§’È ”È ª√–°—π‚¥¬: °) ®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬ 50 ≈” (2547: 50 ≈”) ·≈–Õ“§“√™ÿ¥¢Õß∫√‘…∑— ¬àÕ¬ (À¡“¬‡Àµÿ 7) ¢) ®”π”Àÿπâ ¢Õß∫√‘…∑— ¬àÕ¬ 35 ∫√‘…∑— (2547: 35 ∫√‘…∑— ) (À¡“¬‡Àµÿ 6) §) ‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬¢Õß‡√◊Õ‡¥‘π∑–‡≈·≈–Õ“§“√™ÿ¥¢Õß∫√‘…∑— ¬àÕ¬„Àâ·°à‡®â“Àπ’È ß) ‚Õπº≈ª√–‚¬™πå „π‡ß‘π√“¬‰¥â¢Õß‡√◊Õ·≈–∫—≠™’‡ß‘πΩ“°∏π“§“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È „π°√≥’∑’Ë∫√‘…—∑œ ·≈–∫√‘…∑— ¬àÕ¬º‘¥‡ß◊ÕË π‰¢„π —≠≠“‡ß‘π°Ÿâ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬µâÕßªØ‘∫µ— µ‘ “¡‡ß◊ÕË π‰¢·≈–¢âÕ°”Àπ¥∫“ßª√–°“√∑’°Ë ”Àπ¥‰«â„π —≠≠“„Àâ π‘ ‡™◊ÕË Õ“∑‘‡™àπ °) ¥”√ß√—°…“Õ—µ√“ à«π debt service coverage ‰¡àπÕâ ¬°«à“ 1 µàÕ 1 ¢) ¥”√ß√—°…“Õ—µ√“ à«πÀπ’ È π‘ µàÕ∑ÿπ (debt to equity) ‰¡à‡°‘π°«à“ 2 µàÕ 1 §) ¥”√ß‡ß‘π∑ÿπ ”√Õß∑ÿπÀ¡ÿπ‡«’¬π‰¡àπÕâ ¬‰ª°«à“ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈” 2) ‡¡◊ÕË «—π∑’Ë 22 ‘ßÀ“§¡ 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬„πª√–‡∑»‰¥â≈ßπ“¡„π —≠≠“«ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π·∫∫¡’À≈—°ª√–°—π °—∫∏π“§“√µà“ßª√–‡∑»À≈“¬·Ààß®”π«π 250 ≈â“π‡À√’¬≠ À√—∞œ §‘¥¥Õ°‡∫’¬È „πÕ—µ√“ LIBOR ∫«°¥â«¬ à«π‡æ‘¡Ë §ß∑’µË Õà ªï ´÷ßË Õâ“ßÕ‘ß°—∫º≈ °“√¥”‡π‘πß“π√«¡¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬„π·µà≈–‰µ√¡“ ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’:È °) «ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π ¡’«µ— ∂ÿª√– ß§å„π°“√°Ÿ¬â ¡◊ ¥—ßµàÕ‰ªπ’:È 3 ‡æ◊ÕË π”‰ª®—¥´◊ÕÈ ‡√◊Õ¢π àß∑“ß∑–‡≈ 3 ‡æ◊ÕË ™”√–§◊π‡ß‘π°Ÿ¬â ¡◊ ®“°∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) «ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π¥—ß°≈à“«¡’√–¬–‡«≈“‡∫‘°∂Õπ‡ß‘π°Ÿ®â π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈–®–∂Ÿ°·ª≈ß ¿“æ‚¥¬Õ—µ‚π¡—µ‡‘ ªìπ «ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π≈¥≈ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 À√◊Õ°àÕπÀπâ“π’∂È “â À“°ºŸ°â ·Ÿâ ≈–ºŸâ„Àâ°¡Ÿâ °’ “√µ°≈ß¬‘π¬Õ¡√à«¡°—π ¢) «ß‡ß‘π ‘π‡™◊ÕË À¡ÿπ‡«’¬π≈¥≈ß ¡’°”Àπ¥™”√–§◊πµ“¡ —¥ à«π∑’√Ë –∫ÿ„π —≠≠“‡ªìπ√“¬‰µ√¡“ ‡√‘¡Ë µ—ßÈ ·µà¡π’ “§¡ 2550 ®π∂÷ß ¡‘∂πÿ “¬π 2557

166 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

New loans 1) On 16 June 2003, the Company and local subsidiaries entered into an agreement with Krung Thai Bank Public Company Limited to obtain credit facilities of USD 100 million for the following purposes: a) A facility of USD 65 million to be used to refinance all outstanding loans of the Company and subsidiaries. Such facility was to be drawn down within 12 months from the date of the agreement. b) A facility of USD 35 million 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. On 18 March 2004 the Company and subsidiaries entered into an amendment and restatement agreement with Krung Thai Bank Public Company Limited to obtain the following additional credit facilities: c) A facility of USD 170 million to be used to pay for purchases of vessels. Such facility was to be drawn down by 31 December 2004. d) Credit facilities for use as working capital consisting of: 3 an overdraft facility up to an aggregate amount not exceeding Baht 10 million. 3 a letter of guarantee facility up to an aggregate amount not exceeding Baht 105 million. 3 a foreign currency exchange facility up to an aggregate amount not exceeding USD 20 million. As at 31 December 2005, no draw down has been made from facility d). Facilities a) and b) carried interest at the rate of LIBOR plus a margin per annum. They were payable in quarterly installments over a period of 7.5 years, in accordance with the proportionate amounts stipulated in the agreement, with a one year grace period. Facility c) carried interest at the rate of LIBOR plus a margin per annum and was payable in quarterly installments of the proportionate amounts stipulated in the agreement, over a period of 9 years. As at 31 December 2005, the 34 subsidiaries (2004: 34 companies) have outstanding loan balance by USD 80.0 million (2004: USD 192.4 million). As at 31 December 2005, these loans are secured by the following: a) The mortgage of 50 vessels (2004: 50 vessels) and condominium units belonging to subsidiaries (Note 7). b) The pledge of the shares of 35 subsidiaries (2004: 35 subsidiaries) (Note 6). c) The assignment of the beneficiary rights under insurance policies for the subsidiaries没 vessels and condominium units. d) The assignment of the revenues from vessels and deposit accounts of the Company and subsidiaries if they breach the conditions in the loan agreements. The Company and subsidiaries have to comply with certain conditions and restrictions provided in the loan agreement such as: a) Maintenance of a debt service coverage ratio of at least 1 : 1. b) Maintenance of a debt to equity ratio not exceeding 2 : 1. c) Maintenance of available liquid reserves of no less than USD 100,000 per vessel. 2) On 22 August 2005, the Company and local subsidiaries entered into a secured revolving loan facility agreement with overseas banks to obtain credit facilities of USD 250 million carrying interest at the rate of LIBOR plus a margin per annum, the margin of which is based on the consolidated operating results of the Company and subsidiaries of each quarter. The details are as follows: a) A Revolving Acquisition and Refinancing Facility (RARF) is to be used as follows: 3 Purchases of vessels 3 Refinance all outstanding loans from Krung Thai Bank Public Company Limited Such facility is to be drawn down by 31 December 2006 and is automatically to be converted to a Revolving Reducing Credit Facility (RRCF) as at 31 December 2006, or earlier if mutually agreed between the borrower and the lenders. b) A Revolving Reducing Credit Facility (RRCF) to be repaid quarterly, per the proportions stipulated in the agreement, from March 2007 until June 2014. Annual Report 2005 卤 Precious Shipping Public Company Limited

167

«ß‡ß‘π ‘π‡™◊ÕË ¥—ß°≈à“« §È”ª√–°—π‚¥¬°“√®¥®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬ °“√‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬¢Õß ‡√◊Õ‡¥‘π∑–‡≈∑’Ë‡ªìπÀ≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬„Àâ·°à‡®â“Àπ’È ·≈–°“√‚Õπº≈ª√–‚¬™πå„π‡ß‘π√“¬‰¥â¢Õß‡√◊Õ‡¥‘π∑–‡≈∑’Ë‡ªìπÀ≈—°ª√–°—π¢Õß ∫√‘…∑— ¬àÕ¬„Àâ·°à‡®â“Àπ’È —≠≠“‡ß‘π°Ÿ¬â ¡◊ ‰¥â√–∫ÿ¢Õâ ªØ‘∫µ— ·‘ ≈–¢âÕ®”°—¥∫“ßª√–°“√ ‡™àπ °“√®à“¬‡ß‘πªíπº≈®–‰¡à “¡“√∂°√–∑”‰¥â„π°√≥’∑∫’Ë √‘…∑— œ·≈– ∫√‘…∑— ¬àÕ¬º‘¥π—¥™”√–Àπ’È °“√®”πÕß/®”π” °“√§È”ª√–°—πÀπ’ È π‘ ‡ß◊ÕË π‰¢„π°“√®”Àπà“¬°Õß‡√◊Õ∫“ß≈” ·≈–°“√¥”√ßÕ—µ√“ à«π∑“ß°“√ ‡ß‘π Õ“∑‘‡™àπ °) ¥”√ß√—°…“Õ—µ√“ à«π funded debt to total shareholdersû equity ‰¡à‡°‘π°«à“ 2 µàÕ 1 ¢) ¥”√ß√—°…“Õ—µ√“ à«π funded debt to EBITDA ‰¡à‡°‘π°«à“ 5 µàÕ 1 §) ¥”√ß‡ß‘π∑ÿπÀ¡ÿπ‡«’¬πÕ¬à“ßπâÕ¬‡∑à“°—∫ 100,000 ‡À√’¬≠ À√—∞œ µàÕ‡√◊Õ‡¥‘π∑–‡≈ 1 ≈” ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¬—ß‰¡à¡°’ “√„™â«ß‡ß‘π ‘π‡™◊ÕË „π à«ππ’È ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË ‡ªìπ‡ß‘π°Ÿ¬â ¡◊ ¢Õß∫√‘…∑— ¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷ßË §‘¥¥Õ°‡∫’¬È „πÕ—µ√“ LIBOR ∫«°¥â«¬Õ—µ√“√âÕ¬≈–§ß∑’µË Õà ªï ¡’°”Àπ¥ ®à“¬™”√–§◊π∑ÿ°À°‡¥◊Õπ∂÷ßªï 2548 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— ¬àÕ¬‰¡à¡¬’ Õ¥‡ß‘π°Ÿ¬â ¡◊ Õ◊πË §ß‡À≈◊Õ·≈â« (2547: 0.5 ≈â“π‡À√’¬≠ À√—∞œ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π°Ÿ¬â ¡◊ Õ◊πË §È”ª√–°—π‚¥¬°“√®”πÕß‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬ 1 ≈” (À¡“¬‡Àµÿ 7) ·≈–‚Õπº≈ª√–‚¬™πå„π°√¡∏√√¡åª√–°—π¿—¬ ¢Õß‡√◊Õ¥—ß°≈à“«„Àâ·°à‡®â“Àπ’È

9. ”√Õßµ“¡°ÆÀ¡“¬ µ“¡æ√–√“™∫—≠≠—µ∫‘ √‘…∑— ¡À“™π®”°—¥ æ.». 2535 ∫√‘…∑— œ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï «à πÀπ÷ßË ‰«â‡ªìπ∑ÿπ ”√Õß‰¡àπÕâ ¬°«à“ √âÕ¬≈–Àâ“¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ°— ¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’®È –¡’®”π«π‰¡àπÕâ ¬°«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—ßÈ ¢÷πÈ µ“¡°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

10. ”√ÕßÀÿâπ∑ÿπ´◊ÈÕ§◊π µ“¡Àπ—ß ◊Õ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å∑’Ë °≈µ.™ . («) 2/2548 ·≈–Àπ—ß ◊Õ ¿“«‘™“™’æ∫—≠™’ ∑’Ë . «∫™. 016/2548 ∫√‘…∑— ¡À“™π®”°—¥∑’¡Ë °’ “√´◊ÕÈ Àÿπâ §◊πµâÕß¡’°”‰√ – ¡‰¡àπÕâ ¬°«à“¡Ÿ≈§à“Àÿπâ ´◊ÕÈ §◊π∑’¬Ë ß— §ß‡À≈◊ÕÕ¬Ÿà„π∫—≠™’ ·≈–„π°√≥’∑®’Ë – π”°”‰√ – ¡‰ª®à“¬‡ß‘πªíπº≈ °”‰√ – ¡§ß‡À≈◊ÕÀ≈—ß®“°®à“¬‡ß‘πªíπº≈µâÕß¡’®”π«π‰¡àπâÕ¬°«à“Àÿâπ´◊ÈÕ§◊π∑’Ë¬—ß§ß‡À≈◊ÕÕ¬Ÿà„π∫—≠™’¥â«¬ ‡™àπ°—π ¥—ßπ—πÈ ∫√‘…∑— œ‰¥â∂Õ◊ ªØ‘∫µ— µ‘ “¡·π«∑“ß¥—ß°≈à“« ‚¥¬°“√®—¥ √√°”‰√ – ¡‡ªìπ ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π‡∑à“°—∫®”π«π‡ß‘π∑’Ë‰¥â®“à ¬´◊ÕÈ Àÿπâ §◊π

11. Àÿâπ∑ÿπ´◊ÈÕ§◊π Àÿπâ ∑ÿπ´◊ÕÈ §◊πª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’:È ß∫°“√‡ß‘π√«¡/ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ 2548 2547 ¡Ÿ≈§à“Àÿπâ ∑ÿπ´◊ÕÈ §◊π (∫“∑) ®”π«πÀÿπâ ∑ÿπ´◊ÕÈ §◊π (Àÿπâ ) √“§“‡©≈’¬Ë Àÿπâ ≈– (∫“∑) Õ—µ√“√âÕ¬≈–¢Õß®”π«πÀÿπâ ∑ÿπ´◊ÕÈ §◊πµàÕ®”π«πÀÿπâ ∑’∫Ë √‘…∑— œÕÕ° 168 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

450,880,716 13,386,300 33.6823 2.57

The loan is secured by the mortgage of certain of the subsidiaries没 vessels, the assignment of the beneficiary rights under the insurance policies for the mortgaged vessels of the subsidiaries, and the assignment of the revenues earned from the mortgaged vessels of the subsidiaries to the lenders. The loan agreement includes certain covenants and restrictions pertaining to, among other things, non-payment of dividend in an event of default, the pledge/mortgage of assets, the provision of guarantees for liabilities, conditions on the disposal of certain vessels, and the maintenance of financial ratios such as: a) Maintenance of a funded debt to total shareholders没 equity ratio not exceeding 2:1. b) Maintenance of a funded debt to EBITDA not exceeding 5:1. c) Maintenance of minimum free liquidity of USD 100,000 per vessel. As at 31 December 2005, no draw down has been made from this facility. Other loan Other loan represented loan of an overseas subsidiary which charged interest at the rate of LIBOR plus a margin per annum and was payable in semi-annual installments until 2005. As at 31 December 2005, the subsidiary has no other outstanding loan (2004: USD 0.5 million). As at 31 December 2004, the loan was secured by the mortgage of the subsidiary没s vessel and the assignment of the beneficiary rights under insurance policy of its vessel to a creditor (Note 7). 9. STATUTORY RESERVE

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. 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. 10. TREASURY STOCK RESERVE

Under the notification of Office of Securities and Exchange Commission no. Gor. Lor. Tor. Chor. Sor. (Wor.) 2/2548 and the notification of the Federation of Accounting Professions no. Sor. Sor. Wor. Bor. Chor. 016/2548 public companies buying back their own shares (treasury shares) must have retained earnings in an amount not less than the outstanding balance of the treasury shares, and if retained earnings are appropriated for dividend payment the balance of retained earnings remaining after such payment must likewise be no less than the balance of the treasury shares. The Company proceeded in accordance with these guidelines and appropriated an amount of retained earnings to the treasury stock reserve equal to the amount paid to acquire the shares. 11. TREASURY STOCK

Details of treasury stock are as follows: -

Value of treasury stock (Baht) Number of treasury shares (Shares) Average price per share (Baht) The percentage of number of treasury shares to the share capital issued by the Company

CONSOLIDATED/THE COMPANY ONLY 2005 2004 450,880,716 450,880,716 13,386,300 13,386,300 33.6823 33.6823 2.57

2.57

Annual Report 2005 卤 Precious Shipping Public Company Limited

169

√–¬–‡«≈“®”Àπà“¬Àÿπâ ∑ÿπ∑’´Ë Õ◊È §◊π‡√‘¡Ë µ—ßÈ ·µà«π— ∑’Ë 10 ‡¡…“¬π 2548 ∂÷ß«—π∑’Ë 8 µÿ≈“§¡ 2550 (¿“¬À≈—ß 6 ‡¥◊Õππ—∫·µà°“√´◊ÕÈ Àÿπâ §◊π‡ √Á® ‘πÈ ·µàµÕâ ß‰¡à‡°‘π 3 ªï) À“°∫√‘…∑— œ‰¡à “¡“√∂®”Àπà“¬Àÿπâ ∑’´Ë Õ◊È §◊π∑—ßÈ À¡¥¿“¬„π√–¬–‡«≈“∑’°Ë ”Àπ¥ ∫√‘…∑— œ®–≈¥∑ÿπ™”√–·≈â« ‚¥¬«‘∏µ’ ¥— Àÿπâ ®¥∑–‡∫’¬π∑’´Ë Õ◊È §◊π·≈–¬—ß¡‘‰¥â®”Àπà“¬∑—ßÈ À¡¥

12. °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ª√–°Õ∫¥â«¬√“¬≈–‡Õ’¬¥¥—ßπ’:È (Àπà«¬: æ—π∫“∑) ß∫°“√‡ß‘π√«¡ 2548 2547 °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’‡Ë °‘¥¢÷πÈ ®√‘ß °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß °”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π - ÿ∑∏‘

(3,475) (158,212) (161,687)

(29,482) 85,621 56,139

15,376 67 15,443

13. §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“√

14. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ∫√‘…∑— œ‰¡à¡¿’ “√–¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈¢Õß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2548 ·≈– 2547 ‡π◊ÕË ß®“°º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“®“°ªï°Õà πÊ ¡’¡“°°«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 πÕ°®“°π’È ∫√‘…∑— ¬àÕ¬¬—ß‰¥â√∫— ¬°‡«âπ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈

15. ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈∑’ªË √–°“»®à“¬„πªï 2548 ¡’¥ß— π’:È °) ‡ß‘πªíπº≈®“°°”‰√ªï 2547

Õπÿ¡µ— ‚‘ ¥¬ ∑’ªË √–™ÿ¡ “¡—≠ª√–®”ªïº∂Ÿâ Õ◊ Àÿπâ «—π∑’Ë 29 ‡¡…“¬π 2548

√«¡‡ß‘πªíπº≈ (≈â“π∫“∑)

‡ß‘πªíπº≈µàÕÀÿπâ (∫“∑)

785.3

1.55

≥ «—π∑’ªË ¥î ¡ÿ¥∑–‡∫’¬πÀÿπâ ®”π«πÀÿπâ ¢Õß∫√‘…∑— œ ∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–¡’ ∑‘ ∏‘Ï‰¥â√∫— ‡ß‘πªíπº≈¡’®”π«π 506,147,500 Àÿπâ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—ßÈ ‘πÈ 784.5 ≈â“π∫“∑ ¢) ‡ß‘πªíπº≈√–À«à“ß°“≈®“°º≈°“√ ∑’ªË √–™ÿ¡§≥–°√√¡°“√∫√‘…∑— œ ¥”‡π‘πß“π ”À√—∫ß«¥À°‡¥◊Õπ «—π∑’Ë 18 ‘ßÀ“§¡ 2548 ‘πÈ ÿ¥«—π∑’Ë 30 ¡‘∂πÿ “¬π 2548 759.9 1.50 ≥ «—π∑’ªË ¥î ¡ÿ¥∑–‡∫’¬πÀÿπâ ®”π«πÀÿπâ ¢Õß∫√‘…∑— œ ∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–¡’ ∑‘ ∏‘Ï‰¥â√∫— ‡ß‘πªíπº≈¡’®”π«π 506,085,700 Àÿπâ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—ßÈ ‘πÈ 759.1 ≈â“π∫“∑ 170 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

The period for disposal of the repurchased shares is 10 April 2005 to 8 October 2007 (at least 6 months but not more than 3 years after the date the share repurchase scheme is completed). In the event, the Company does not or is unable to dispose of the repurchased shares within such period, the Company will reduce its capital by cancelling the remaining unsold shares. 12. EXCHANGE GAINS (LOSSES)

Exchange gains (losses) for the years ended 31 December 2005 and 2004 were summarised below: (Unit: Thousand Baht) CONSOLIDATED 2005 2004 Realised exchange gains (losses) Unrealised exchange gains (losses) Exchange gains (losses) - net

(3,475) (158,212) (161,687)

(29,482) 85,621 56,139

THE COMPANY ONLY 2005 2004 16,962 (201) 16,761

15,376 67 15,443

13. DIRECTORSû REMUNERATION

Directorsû remuneration represents the benefits paid to the Companyûs directors in accordance with Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors. 14. CORPORATE INCOME TAX

The Company does not have corporate income tax liabilities on its net earnings for the years 2005 and 2004 because tax losses brought forward exceed the net earnings of these years. In accordance with the Director - Generalûs Notification on Income Tax No. 72 dated 1 January 1998, the subsidiaries are exempted from the payment of income tax on their marine transportation income. In addition, the subsidiaries are exempted from the payment of income tax on their marine transportation business under the provisions of the Investment Promotion Act B.E. 2520. 15. DIVIDEND PAID

Dividends declared in the year 2005 consist of the following: Approved by a) Final dividends on 2004 earnings

Annual General Meeting of the shareholders on 29 April 2005

Total dividends Dividend per share (Million Baht) (Baht) 785.3

1.55

As at the closing date of the share register 506,147,500 of the Companyûs ordinary shares were held by parties other than the Company itself and are entitle to receive dividend. The total dividend paid was thus Baht 784.5 million. Approved by Total dividends Dividend per share (Million Baht) (Baht) b) Interim dividends on operating Board of Directorsû meeting results for the period ended on 18 August 2005 30 June 2005 759.9 1.50 As at the closing date of the share register 506,085,700 of the Companyûs ordinary shares were held by parties other than the Company itself and are entitle to receive dividend. The total dividend paid was thus Baht 759.1 million. Annual Report 2005 ± Precious Shipping Public Company Limited

171

‡ß‘πªíπº≈∑’ªË √–°“»®à“¬„πªï 2547 ¡’¥ß— π’:È §) ‡ß‘πªíπº≈®“°°”‰√ªï 2546

Õπÿ¡µ— ‚‘ ¥¬ ∑’ªË √–™ÿ¡ “¡—≠ª√–®”ªïº∂Ÿâ Õ◊ Àÿπâ «—π∑’Ë 30 ‡¡…“¬π 2547

√«¡‡ß‘πªíπº≈ (≈â“π∫“∑)

‡ß‘πªíπº≈µàÕÀÿπâ (∫“∑)

390.0

0.75

≥ «—π∑’ªË ¥î ¡ÿ¥∑–‡∫’¬πÀÿπâ ®”π«πÀÿπâ ¢Õß∫√‘…∑— œ ∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–¡’ ∑‘ ∏‘Ï‰¥â√∫— ‡ß‘πªíπº≈¡’®”π«π 517,665,600 Àÿπâ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—ßÈ ‘πÈ 388.2 ≈â“π∫“∑ ß) ‡ß‘πªíπº≈√–À«à“ß°“≈®“°º≈°“√ ∑’ªË √–™ÿ¡§≥–°√√¡°“√∫√‘…∑— œ ¥”‡π‘πß“π ”À√—∫ß«¥À°‡¥◊Õπ «—π∑’Ë 20 ‘ßÀ“§¡ 2547 ‘πÈ ÿ¥«—π∑’Ë 30 ¡‘∂πÿ “¬π 2547 520.0 1.00 ≥ «—π∑’ªË ¥î ¡ÿ¥∑–‡∫’¬πÀÿπâ ®”π«πÀÿπâ ¢Õß∫√‘…∑— œ ∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–¡’ ∑‘ ∏‘Ï‰¥â√∫— ‡ß‘πªíπº≈¡’®”π«π 506,713,700 Àÿπâ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬∑—ßÈ ‘πÈ 506.7 ≈â“π∫“∑

16. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ß∫°“√‡ß‘π√«¡ 2548 2547 ®”π«πæπ—°ß“π ≥ «—π ‘πÈ ªï §à“„™â®“à ¬‡°’¬Ë «°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑)

1,524 1,401,337

1,435 1,095,038

78 153,726

17. ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ ∫√‘…∑— ¬àÕ¬‰¥â√∫— ‘∑∏‘æ‡‘ »…∑“ß¿“…’∫“ßª√–°“√µ“¡æ√–√“™∫—≠≠—µ ‘ ßà ‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ”À√—∫°‘®°“√¢π àß∑“ß∑–‡≈ ”À√—∫‡√◊Õ‡¥‘π∑–‡≈ Õ“∑‘‡™àπ ‰¥â√∫— ¬°‡«âπ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈‡ªìπ‡«≈“ 5 - 8 ªï π—∫·µà«π— ∑’‡Ë √‘¡Ë ¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√∫— °“√ àß‡ √‘¡ ‡ªìπµâπ ‚¥¬¡’‡ß◊ÕË π‰¢«à“∫√‘…∑— ¬àÕ¬®–µâÕß®¥∑–‡∫’¬π‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— ¬àÕ¬‡ªìπ‡√◊Õ‰∑¬ ´÷ßË ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— ¬àÕ¬ 34 ∫√‘…∑— ‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 53 ≈”‡ªìπ‡√◊Õ‰∑¬·≈â« (2547: ∫√‘…∑— ¬àÕ¬ 34 ∫√‘…∑— ‰¥â®¥∑–‡∫’¬π‡√◊Õ®”π«π 51 ≈”‡ªìπ‡√◊Õ ‰∑¬) √“¬‰¥â√«¡·≈–§à“„™â®“à ¬√«¡ ”À√—∫ªï 2548 ·≈– 2547 (°àÕπ°“√µ—¥√“¬°“√√–À«à“ß°—π) ®”·π°µ“¡°‘®°“√∑’Ë‰¥â√∫— °“√ àß‡ √‘¡ ·≈–°‘®°“√∑’Ë‰¡à‰¥â√∫— °“√ àß‡ √‘¡ “¡“√∂· ¥ß √ÿª‰¥â¥ß— π’:È (Àπà«¬: æ—π∫“∑)

√“¬‰¥â µâπ∑ÿπ·≈–§à“„™â®“à ¬ °”‰√ ÿ∑∏‘

°‘®°“√∑’Ë‰¥â√∫— °“√ àß‡ √‘¡ 2548 2547

°‘®°“√∑’Ë‰¡à‰¥â√∫— °“√ àß‡ √‘¡ 2548 2547

6,461,058 3,106,156 3,354,902

5,009,365 1,940,500 3,068,865

172 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

5,445,471 2,604,364 2,841,107

3,599,227 1,542,418 2,056,809

√«¡ 2548

2547

11,470,423 5,046,656 6,423,767

9,044,698 4,146,782 4,897,916

Dividends declared in the year 2004 consist of the following: Approved by c) Final dividends on 2003 earnings

Annual General Meeting of the shareholders on 30 April 2004

Total dividends Dividend per share (Million Baht) (Baht) 390.0

0.75

As at the closing date of the share register 517,665,600 of the Company没s ordinary shares were held by parties other than the Company itself and are entitle to receive dividend. The total dividend paid was thus Baht 388.2 million. d) Interim dividends on operating Board of Directors没 meeting results for the period ended on 20 August 2004 30 June 2004 520.0 1.00 As at the closing date of the share register 506,713,700 of the Company没s ordinary shares were held by parties other than the Company itself and are entitle to receive dividend. The total dividend paid was thus Baht 506.7 million. 16. EMPLOYEES AND RELATED COSTS

CONSOLIDATED 2005 2004 Number of employees at end of year Employee costs for the year (Thousand Baht)

1,524 1,401,337

1,435 1,095,038

THE COMPANY ONLY 2005 2004 79 197,727

78 153,726

17. PROMOTIONAL PRIVILEGES

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 2005, the 34 subsidiaries have registered their 53 vessels under the Thai flag (2004: 34 subsidiaries have registered their 51 vessels under the Thai flag). Revenues and expenses for 2005 and 2004 (before eliminating related transactions), classified between promoted and non-promoted business can be summarised below: (Unit: Thousand Baht) Promoted Business 2005 2004 Revenues Costs and expenses Net earnings

6,461,058 3,106,156 3,354,902

5,445,471 2,604,364 2,841,107

Non-Promoted Business 2005 2004 5,009,365 1,940,500 3,068,865

2005

Total

2004

3,599,227 11,470,423 9,044,698 1,542,418 5,046,656 4,146,782 2,056,809 6,423,767 4,897,916

Annual Report 2005 卤 Precious Shipping Public Company Limited

173

18. Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¡’Àπ’ È π‘ ∑’ÕË “®‡°‘¥¢÷πÈ ®“°°“√∂Ÿ°øÑÕß‡√’¬°§à“‡ ’¬À“¬∑’‡Ë °‘¥¢÷πÈ ®“°°“√‡¥‘π‡√◊Õ ∑–‡≈®”π«π‡ß‘πª√–¡“≥ 0.8 ≈â“π‡À√’¬≠ À√—∞œ (2547: 0.6 ≈â“π‡À√’¬≠ À√—∞œ) º≈¢Õß§à“‡ ’¬À“¬¬—ß‰¡à∑√“∫„π¢≥–π’È ΩÉ“¬∫√‘À“√ ‡™◊ÕË «à“º≈‡ ’¬À“¬∑’‡Ë °‘¥¢÷πÈ „π∑’ Ë ¥ÿ ®–‰¡à‡ªìπ “√– ”§—≠ ¥—ßπ—πÈ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®÷ß‰¡à‰¥â∫π— ∑÷°§à“‡º◊ÕË §«“¡‡ ’¬À“¬‰«â„π∫—≠™’

19. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π 19.1 §«“¡‡ ’¬Ë ß®“°Õ—µ√“·≈°‡ª≈’¬Ë π √“¬‰¥â·≈–§à“„™â®“à ¬‡°◊Õ∫∑—ßÈ À¡¥¢Õß∫√‘…∑— 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√—∫‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π∑’‡Ë ªìπ‡ß‘πµ√“ °ÿ≈Õ◊πË ´÷ßË ΩÉ“¬∫√‘À“√¢Õß∫√‘…∑— œ‰¥âæ®‘ “√≥“·≈â«·≈–‰¥âµ√–Àπ—°∂÷ß§«“¡‡ ’¬Ë ß∑’¬Ë ß— §ß¡’Õ¬Ÿ¥à ß— °≈à“« Õ—µ√“·≈°‡ª≈’¬Ë π∑’Ë„™â„π°“√·ª≈ß§à“ ‘π∑√—æ¬å·≈–Àπ’ È π‘ ∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §◊Õ 1 ‡À√’¬≠ À√—∞œ ‡∑à“°—∫ 40.9826 ∫“∑ ·≈– 41.1746 ∫“∑ µ“¡≈”¥—∫ (2547: 38.9198 ∫“∑ ·≈– 39.2025 ∫“∑ µ“¡≈”¥—∫)

¥—ßπ’:È -

19.2 §«“¡‡ ’¬Ë ß®“°Õ—µ√“¥Õ°‡∫’¬È ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¡’ π‘ ∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’ È π‘ ∑“ß°“√‡ß‘π∑’¡Ë §’ «“¡‡ ’¬Ë ß®“°Õ—µ√“¥Õ°‡∫’¬È (Àπà«¬: æ—π∫“∑) ®”π«π‡ß‘π¢Õß ‘π∑√—æ¬å/Àπ’ È π‘ Õ—µ√“¥Õ°‡∫’¬È §ß∑’∑Ë ∂’Ë ß÷ Õ—µ√“¥Õ°‡∫’¬È °”Àπ¥™”√– ª√—∫¢÷πÈ ≈ßµ“¡ ¿“¬„π 1 ªï ‰¡à¡¿’ “√– Õ—µ√“µ≈“¥ À√◊ÕπâÕ¬°«à“ ¥Õ°‡∫’¬È

‘π∑√—æ¬å∑“ß°“√‡ß‘π: ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ Àπ’ È π‘ ∑“ß°“√‡ß‘π: ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«

ª√—∫¢÷πÈ ≈ßµ“¡ Õ—µ√“µ≈“¥ °ÿ≈‡À√’¬≠ À√—∞œ

§ß∑’Ë °ÿ≈‡À√’¬≠ À√—∞œ

517,284

208,400

12,939

738,623

2.70

3.746

3,293,968

6.405

19.3 §«“¡‡ ’¬Ë ß¥â“π ‘π‡™◊ÕË ∫√‘…∑— œ°”Àπ¥π‚¬∫“¬„π°“√„Àâ π‘ ‡™◊ÕË ·°àº‡Ÿâ ™à“‡√◊Õ·≈–∫ÿ§§≈¿“¬πÕ°‚¥¬®”°—¥°“√„Àâ π‘ ‡™◊ÕË ‡©æ“–°—∫≈Ÿ°§â“™—πÈ ¥’ ·≈–„Àâ§«“¡ ‡¢â¡ß«¥„π°“√®—¥∑”‡Õ° “√ª√–°Õ∫√“¬°“√µà“ßÊ „Àâ§√∫∂â«π‡æ◊ÕË ≈¥§«“¡‡ ’¬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◊ÕË Àπ’ È ß —¬®– Ÿ≠∑’·Ë ¥ß„πß∫¥ÿ≈ 19.4 ¡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‡™◊ÕË «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“¡∫—≠™’

174 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

18. CONTINGENT LIABILITIES

As at 31 December 2005, the Company and subsidiaries have contingent liabilities as a result of being sued for damages in maritime claims totalling USD 0.8 million (2004: 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. 19. FINANCIAL INSTRUMENTS

19.1 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 Companyûs management has decided to maintain an open position of this exposure. Exchange rate applied for translation of foreign currency assets and liabilities as at 31 December 2005 was USD 1: Baht 40.9826 and Baht 41.1746, respectively (2004: Baht 38.9198 and Baht 39.2025, respectively). 19.2 Interest Rate Risk As at 31 December 2005, the Company and subsidiaries have the following financial assets and financial liabilities exposed to interest rate risk: (Unit: Thousand Baht)

Floating interest rate Financial assets: Cash and cash equivalents Financial liabilities: Long-term loans

Amounts of assets/liabilities Fixed interest maturing in Non1 year interest or less bearing

Average interest rate (% p.a.) Total

Floating USD currency

Fixed USD currency

517,284

208,400

12,939

738,623

2.70

3.746

3,293,968

6.405

19.3 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 Companyûs 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. 19.4 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 Companyûs and subsidiariesû financial assets and liabilities do not materially differ from their carrying value.

Annual Report 2005 ± Precious Shipping Public Company Limited

175

20. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«π„À≠à‡°’¬Ë «°—∫°“√¢π àß∑“ß∑–‡≈„π¿Ÿ¡¿‘ “§µà“ßÊ∑—«Ë ‚≈° ¥—ßπ—πÈ √“¬‰¥â °”‰√·≈– ‘π∑√—æ¬å ∑—ßÈ À¡¥∑’·Ë ¥ß„πß∫°“√‡ß‘π®÷ß‡°’¬Ë «¢âÕß°—∫ à«πß“π∑“ß∏ÿ√°‘®·≈– à«πß“π∑“ß¿Ÿ¡»‘ “ µ√åµ“¡∑’°Ë ≈à“«‰«â

21. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π °“√· ¥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

22. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√∫— °“√Õπÿ¡µ— ‘„Àâ‡º¬·æ√à®“°§≥–°√√¡°“√∫√‘…∑— œ „π«—π∑’Ë 16 °ÿ¡¿“æ—π∏å 2549

176 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

20. FINANCIAL INFORMATION BY SEGMENT

The Company and its subsidiaries没 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. 21. PRESENTATION

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. 22. APPROVAL OF FINANCIAL STATEMENTS

These financial statements were authorised for issue by the Board of Directors on 16 February 2006.

Annual Report 2005 卤 Precious Shipping Public Company Limited

177

ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ‡Àµÿº≈¢Õß°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ °“√ª√—∫ª√ÿßß∫°“√‡ß‘π‰¥â®¥— ∑”¢÷πÈ ®“°¢âÕ¡Ÿ≈ß∫°“√‡ß‘π °ÿ≈‡ß‘π∫“∑´÷ßË ‰¥âµ√«® Õ∫·≈â«‚¥¬ºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— œ ·≈–ß∫°“√ ‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞π’È‰¥â Õ∫∑“π·≈â«‚¥¬ π—°∫—≠™’Õ ‘ √– - ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ ∫√‘…∑— œ ‡ÀÁπ«à“¡’§«“¡®”‡ªìπ∑’®Ë –µâÕß®—¥∑”ß∫°“√‡ß‘πª√—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“„Àâ·°àπ°— ≈ß∑ÿπ ‡π◊ÕË ß®“°ß∫°“√‡ß‘π¥—ß°≈à“« ®–· ¥ß „Àâ‡ÀÁπ∞“π–∑“ß°“√‡ß‘π∑’∂Ë °Ÿ µâÕß¢Õß∫√‘…∑— œ ‡π◊ÕË ß®“°‚¥¬æ◊πÈ ∞“π·≈â« ∫√‘…∑— œ ®–´◊ÕÈ ·≈–¢“¬ ‘π∑√—æ¬å„π°“√‡¥‘π‡√◊Õ¢Õß∫√‘…∑— œ ∑—ßÈ À¡¥ ¥â«¬‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ·≈–√“¬‰¥â®“°°“√‡¥‘π‡√◊Õ∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ®–‰¥â√∫— ‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“¥â«¬ ´÷ßË ∂◊Õ«à“ ¡“°°«à“√âÕ¬≈– 95 ¢Õß ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡µ“¡≈”¥—∫ „π∑“ß‡¥’¬«°—πÀπ’‡È ß‘π°Ÿ∑â ß—È À¡¥·≈–§à“„™â®“à ¬ à«π„À≠à¢Õß∫√‘…∑— œ ®–‡°‘¥ ¢÷πÈ „π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ ¥—ßπ—πÈ ®÷ß‰¡à‡°‘¥§«“¡ ¡¥ÿ≈„πß∫¥ÿ≈¢Õß∫√‘…∑— œ ´÷ßË ‘π∑√—æ¬å∫“ß à«π∑’‡Ë ªìπ‡√◊Õ‡¥‘π∑–‡≈¢Õß∫√‘…∑— œ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’¬Ë π ≥ «—π∑’´Ë Õ◊È ¡“„πÕ¥’µ (∑’ÕË µ— √“·≈°‡ª≈’¬Ë πª√–¡“≥ 25-26 ∫“∑ µàÕ 1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) „π¢≥–∑’ÀË π’ È π‘ ∂Ÿ°∫—π∑÷°‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’¬Ë πªí®®ÿ∫π— (∑’ÕË µ— √“·≈°‡ª≈’¬Ë πª√–¡“≥ 41.17 ∫“∑ µàÕ1 ¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“) °“√∫—π∑÷°¥â«¬«‘∏¥’ ß— °≈à“«∑”„Àâ¡≈Ÿ §à“¢Õß ‘π∑√—æ¬åµ”Ë °«à“¡Ÿ≈§à“®√‘ß‡¡◊ÕË Õ¬Ÿà„π√Ÿª °ÿ≈‡ß‘π∫“∑ ‡π◊ÕË ß®“° ‘π∑√—æ¬å∂“«√‡°◊Õ∫∑—ßÈ À¡¥¢Õß∫√‘…∑— œ ´÷ßË ¡’¡≈Ÿ §à“‡ªìπ‡ß‘π °ÿ≈¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“ °“√ª√—∫ª√ÿß ‘π∑√—æ¬å∂“«√„ÀâÕ¬Ÿà „π√Ÿª °ÿ≈‡ß‘π¥Õ≈≈à“√å À√—∞Õ‡¡√‘°“´÷Ëß‡ªìπ√“§“ ≥ «—π∑’Ë´◊ÈÕ¡“„πÕ¥’µ®÷ß‡ªìπ°“√°”®—¥§«“¡‰¡à ¡¥ÿ≈√–À«à“ß¡Ÿ≈§à“ ‘π∑√—æ¬å·≈–Àπ’È ‘π ¥—ß°≈à“«¢â“ßµâπ ¬‘Ëß‰ª°«à“π—Èπ à«πÀπ÷Ëß„π —≠≠“„Àâ ‘π‡™◊ËÕ®“°∏π“§“√°√ÿß‰∑¬ ∫√‘…—∑œ ¡’Àπâ“∑’ËµâÕß®—¥∑”ß∫°“√‡ß‘π„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞ Õ‡¡√‘°“„Àâ·°à∏π“§“√°√ÿß‰∑¬ ·≈–§”π«≥Õ—µ√“ à«π∑“ß°“√‡ß‘πµà“ßÊ µ“¡¢âÕµ°≈ß„π —≠≠“‚¥¬„™â¢Õâ ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’ªË √—∫ª√ÿß„π√Ÿª °ÿ≈¥Õ≈≈à“√å À√—∞π’È ¥—ßπ—πÈ ∫√‘…∑— œ ®÷ß‰¥â‡ªî¥‡º¬ß∫°“√‡ß‘π¥—ß°≈à“«„Àâ·°àº≈Ÿâ ß∑ÿπ∑’ Ë π„®¥â«¬

178 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

RESTATED US DOLLAR FINANCIAL STATEMENTS

BACKGROUND OF THE RESTATED FINANCIAL STATEMENTS FROM THB TO USD CURRENCY

The restatement has been done on the basis of the Baht Financial Statements as audited by our Auditors and the subsequent restatement into US Dollars has been reviewed by the Independent accountants - Baker Tilly FAS (Thailand) Limited. We feel it is necessary to provide the restated USD Financial Statements to the investors, since these would give a more accurate financial position of the Company since our shipping assets are bought and sold in U.S. Dollars and so also all our shipping revenues are derived in USD. These constitute more than 95 percent of our total assets / revenues respectively. Similarly, all of our liabilities and most of our expenses are incurred in USD. This leads to a mismatch in our Baht Denominated Balance Sheet where some of the fixed assets are expressed in Thai Baht at the original exchange rates (at the conversion of about Baht 25-26 per USD1), but the liabilities are expressed in Thai Baht at the closing exchange rates of quarter (at the conversion of about Baht 41.17 per USD1) resulting in an understatement of the value of the fixed assets in Baht terms. Since almost all the fixed assets are in US Dollars, fixed assets are now restated in US Dollars at the original US Dollars value and the restatement thus removes the mismatch between asset and liability values. Moreover, in recognition of the above, as a part of our credit facility agreement with Krung Thai Bank, it is the Company没s obligation to additionally provide the restated USD Financial Statements to KTB and also to compute the Financial Covenants based on these restated Financial Statements. Accordingly, these are being provided to all interested investors also.

Annual Report 2005 卤 Precious Shipping Public Company Limited

179

180 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Annual Report 2005 Âą Precious Shipping Public Company Limited

181

¢Õ∫‡¢µÀπâ“∑’Ë°“√∑”ß“π ‡∫‡§Õ√å ∑‘≈≈’Ë ‡Õø ‡Õ ‡Õ (ª√–‡∑»‰∑¬) ®”°—¥ (ç∫’∑‡’ Õøé) ‰¡à‰¥â∑”°“√µ√«® Õ∫∫—≠™’À√◊Õ¢âÕ¡Ÿ≈‡æ◊ÕË °“√∫√‘À“√¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) (çæ√’‡™’¬ é À√◊Õ ç∫√‘…∑— œé) √«¡∑—ßÈ ‰¡à‰¥â∑”°“√æ‘ ®Ÿ πå√“¬°“√§â“¢“¬∑’∫Ë π— ∑÷°‰«â·µàÕ¬à“ß„¥ ¥—ßπ—πÈ ∫’∑‡’ 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—ßÈ „®º‘¥π—¥™”√–‚¥¬∫√‘…∑— œ °√√¡°“√∫√‘…∑— œ æπ—°ß“π∫√‘…∑— œ À√◊Õµ—«·∑π∫√‘…∑— œ √“¬ß“π©∫—∫π’È‰¥â√∫— °“√®—¥∑”¢÷πÈ ‡æ◊ÕË ‡ªìπ¢âÕ¡Ÿ≈¢Õß∫√‘…∑— œ ‡®â“Àπ’¢È Õß∫√‘…∑— œ √«¡∂÷ß∑’ªË √÷°…“∑“ß°ÆÀ¡“¬·≈–∑“ß°“√‡ß‘π¢Õß ∫√‘…∑— œ ∫’∑‡’ Õø‰¡à¢Õ√—∫º‘¥™Õ∫„πæ—π∏°√√¡„¥Ê∑’ÕË “®¡’µÕà ∫ÿ§§≈Õ◊πË ∑’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‡°‘¥¢÷πÈ √–À«à“ß√“¬ß“π¿“§¿“…“Õ—ß°ƒ…·≈–¿“…“‰∑¬ ¢Õ„Àâ∑“à π¬÷¥‡Õ“µ“¡√“¬ß“π¿“§¿“…“Õ—ß°ƒ…‡ªìπÀ≈—°

∫∑ √ÿª®“°ºŸâ∫√‘À“√ ‡¡◊ÕË «—π∑’Ë 3 °ÿ¡¿“æ—π∏å 2547 ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡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¢÷πÈ °“√«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—πÈ ¢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 ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 „π°“√µ√«®∑“π¥—ß°≈à“« ∫’∑‡’ Õø‰¥â√∫— °“√™à«¬‡À≈◊Õ·≈–§«“¡√à«¡¡◊Õ®“°æπ—°ß“π∫√‘…∑— œ·≈–ºŸ∫â √‘À“√ ‡ªìπÕ¬à“ß¥’ ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∑’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∑—ßÈ ‘πÈ 380 ≈â“π‡À√’¬≠ √Õ. ·≈– 93 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ ¥—ßπ—πÈ ∑ÿπ‡√◊ÕπÀÿπâ ¢Õß∫√‘…∑— œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®÷ß¡’¡≈Ÿ §à“ 287 ≈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 ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π∑—ßÈ ‘πÈ 277 ≈â“π‡À√’¬≠ √Õ. ·≈– 113 ≈â“π‡À√’¬≠ √Õ. µ“¡≈”¥—∫ °”‰√ ÿ∑∏‘À≈—ß®“°√«¡√“¬°“√Õ◊πË Ê Õ“∑‘ ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π®”π«π 10 ≈â“π‡À√’¬≠ √Õ. ·≈â«π—πÈ ‡ªìπ®”π«π∑—ßÈ ‘πÈ 154 ≈â“π ‡À√’¬≠ √Õ. à«π¬Õ¥°”‰√ – ¡ ‘πÈ ß«¥¡’¡≈Ÿ §à“‡ªìπ 233 ≈â“π‡À√’¬≠ √Õ.

182 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

SCOPE OF WORK

Baker Tilly FAS (Thailand) Limited (çBTFé) has not performed an audit examination of Precious Shipping Public Company Limitedûs (çPSLé or çthe Companyé) 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. In no event shall BTF be liable for any loss liability, cost, damage or expense arising in any way from fraudulent acts, misrepresentation or willful default on the part of the Company, its directors, employees, or agents. 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. EXECUTIVE SUMMARY

Precious Shipping Public Company Limited (çPSLé or çthe Companyé) on 3 February 2004 engaged Baker Tilly FAS (Thailand) Limited (çBTFé) 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 Companyûs mathematical calculation and the basis of USD restatement of both the balance sheet and income statement. 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 2005. 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 2005 indicates that the total assets and liabilities of PSL were USD 380 million and USD 93 million, respectively. The equity of PSL as at 31st December 2005 was therefore USD 287 million. In relation to the income statement, PSLûs total revenues and expenses, excluding interest and finance cost, for the twelve months ended 31st December 2005 were USD 277 million and USD 113 million, respectively. Net income, after including such items as interest and finance cost totalling USD 10 million, equals USD 154 million. The retained earnings at the end of the period stood at USD 233 million.

Annual Report 2005 ± Precious Shipping Public Company Limited

183

ß∫°“√‡ß‘π ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 - ‘π∑√—æ¬å

‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’°È “√§â“ - ÿ∑∏‘ πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

31/12/2548 ∫“∑ ‡À√’¬≠ √Õ.

31/12/2547 ∫“∑ ‡À√’¬≠ √Õ.

738,622,662 176,402,542 63,433,373 188,480,739 1,166,939,316

18,022,836 4,304,328 1,547,812 4,599,043 28,474,019

1,525,115,985 31,469,215 6,520,222 196,422,282 1,759,527,704

39,090,804 806,599 167,122 5,034,571 45,099,096

95,045,100

2,218,964

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ´÷ßË ∫—π∑÷°‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ ‘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 ß“π√–À«à“ß°àÕ √â“ß √«¡ À—°: §à“‡ ◊ÕË ¡√“§“ – ¡ √«¡ ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

113,305,776

2,677,078

18,075,281,129 1,330,055,394 15,472,539 2,773,880 17,691,807 181,693,446 17,614,732 47,799,578 19,688,382,505 (7,191,634,837) 12,496,747,668 3,615,540 12,613,668,984

552,480,091 32,816,634 377,539 67,684 431,691 7,125,233 429,810 1,166,338 594,895,020 (246,152,441) 348,742,579 88,221 351,507,878

16,062,556,514 695,911,617 13,900,001 2,981,433 17,099,967 181,693,446 18,401,014 25,870,859 17,018,414,851 (5,500,825,357) 11,517,589,494 3,617,040 11,616,251,634

503,228,639 16,956,048 356,276 76,418 438,295 7,125,233 471,643 663,105 529,315,657 (199,317,330) 329,998,327 92,710 332,310,001

√«¡ ‘π∑√—æ¬å

13,780,608,300

379,981,897

13,375,779,338

377,409,097

184 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET

Assets Current assets Cash and cash equivalents Trade accounts receivable - net Bunker oil Other current assets Total current assets

THB

31/12/2005

USD

AS AT 31ST DECEMBER 2005 - ASSETS

THB

31/12/2004

USD

738,622,662 176,402,542 63,433,373 188,480,739 1,166,939,316

18,022,836 4,304,328 1,547,812 4,599,043 28,474,019

1,525,115,985 31,469,215 6,520,222 196,422,282 1,759,527,704

39,090,804 806,599 167,122 5,034,571 45,099,096

95,045,100

2,218,964

Non-current assets Investments accounted for under equity method Fixed assets at cost Vessels and Vessels Equipment Drydock and special survey Office equipment Leasehold improvement Vehicles Buildings and improvement Furniture and fixtures Work in progress Total Less: Accumulated depreciation Total Fixed assets - net Other non-current assets Total non-current assets

113,305,776

2,677,078

18,075,281,129 1,330,055,394 15,472,539 2,773,880 17,691,807 181,693,446 17,614,732 47,799,578 19,688,382,505 (7,191,634,837) 12,496,747,668 3,615,540 12,613,668,984

552,480,091 32,816,634 377,539 67,684 431,691 7,125,233 429,810 1,166,338 594,895,020 (246,152,441) 348,742,579 88,221 351,507,878

16,062,556,514 695,911,617 13,900,001 2,981,433 17,099,967 181,693,446 18,401,014 25,870,859 17,018,414,851 (5,500,825,357) 11,517,589,494 3,617,040 11,616,251,634

503,228,639 16,956,048 356,276 76,418 438,295 7,125,233 471,643 663,105 529,315,657 (199,317,330) 329,998,327 92,710 332,310,001

Total Assets

13,780,608,300

379,981,897

13,375,779,338

377,409,097

Annual Report 2005 Âą Precious Shipping Public Company Limited

185

ß∫°“√‡ß‘π (µàÕ) ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 - Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Àπ’ È π‘ Àπ’ È π‘ À¡ÿπ‡«’¬π ‡®â“Àπ’°È “√§â“ ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«∑’∂Ë ß÷ °”Àπ¥™”√–¿“¬„π 1 ªï √“¬‰¥â√∫— ≈à«ßÀπâ“ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π

31/12/2548 ∫“∑ ‡À√’¬≠ √Õ.

31/12/2547 ∫“∑ ‡À√’¬≠ √Õ.

117,581,885 125,615,195 297,738,452 540,935,532

2,855,690 3,050,793 7,231,119 13,137,602

94,408,016 1,127,542,415 206,666,758 221,021,381 1,649,638,570

2,408,214 28,762,003 5,271,775 5,637,941 42,079,933

Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« - ÿ∑∏‘ √«¡Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π

3,293,967,999 3,293,967,999

80,000,000 80,000,000

6,433,629,623 6,433,629,623

164,112,738 164,112,738

√«¡Àπ’ È π‘

3,834,903,531

93,137,602

8,083,268,193

206,192,671

à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ∑ÿπ‡√◊ÕπÀÿπâ ∑’ÕË Õ°·≈–™”√–·≈â« º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π à«π‡°‘π¡Ÿ≈§à“Àÿπâ “¡—≠ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…∑— œ ”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…∑— ¬àÕ¬ ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π °”‰√ – ¡ √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ À—° : Àÿπâ ∑ÿπ´◊ÕÈ §◊π √«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ - ÿ∑∏‘

520,000,000 161,698,471 411,429,745 52,000,000 399,010,000 450,880,716 8,395,681,752 10,390,700,684 (450,880,716) 9,939,819,968

20,392,157 4,902,595 16,134,500 1,304,730 10,893,517 11,218,216 233,073,873 297,919,588 (11,218,216) 286,701,372

520,000,000 130,819,670 411,429,745 52,000,000 292,100,000 450,880,716 3,869,642,209 5,726,872,340 (450,880,716) 5,275,991,624

20,392,157 4,892,732 16,134,500 1,304,730 8,191,219 11,218,216 119,879,699 182,013,253 (11,218,216) 170,795,037

à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬¢Õß∫√‘…∑— ¬àÕ¬

5,884,801

142,923

16,519,521

421,389

9,945,704,769

286,844,295

5,292,511,145

171,216,426

13,780,608,300

379,981,897

13,375,779,338

377,409,097

√«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ √«¡Àπ’ È π‘ ·≈– à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

186 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

FINANCIAL STATEMENTS (Continued) CONSOLIDATE BALANCE SHEET

Liabilities and Shareholdersû Equity Liabilities Current liabilities Trade accounts payable Current portion of long - term loans Advance received from charterers Other current liabilities Total current liabilities

THB

AS AT 31ST DECEMBER 2005 - LIABILITIES AND SHAREHOLDERSû EQUITY

31/12/2005

USD

THB

31/12/2004

USD

117,581,885 125,615,195 297,738,452 540,935,532

2,855,690 3,050,793 7,231,119 13,137,602

94,408,016 1,127,542,415 206,666,758 221,021,381 1,649,638,570

2,408,214 28,762,003 5,271,775 5,637,941 42,079,933

Non-current liabilities Long - term liabilities - net Total non-current liabilities

3,293,967,999 3,293,967,999

80,000,000 80,000,000

6,433,629,623 6,433,629,623

164,112,738 164,112,738

Total Liabilities

3,834,903,531

93,137,602

8,083,268,193

206,192,671

520,000,000 161,698,471 411,429,745 52,000,000 399,010,000 450,880,716 8,395,681,752

20,392,157 4,902,595 16,134,500 1,304,730 10,893,517 11,218,216 233,073,873

520,000,000 130,819,670 411,429,745 52,000,000 292,100,000 450,880,716 3,869,642,209

20,392,157 4,892,732 16,134,500 1,304,730 8,191,219 11,218,216 119,879,699

10,390,700,684 (450,880,716)

297,919,588 (11,218,216)

5,726,872,340 (450,880,716)

182,013,253 (11,218,216)

9,939,819,968

286,701,372

5,275,991,624

170,795,037

5,884,801 9,945,704,769

142,923 286,844,295

16,519,521 5,292,511,145

421,389 171,216,426

13,780,608,300

379,981,897

13,375,779,338

377,409,097

Shareholdersû Equity Share capital - issued and paid - up Translation adjustment Premium on ordinary shares Statutory reserve - the Company Statutory reserve - subsidiaries Treasury stock reserve Retained Earnings Total equity attributable to the Companyûs shareholders Less: Treasury stock Equity attributable to the Companyûs shareholders - net inority interest - equity attributable to minority shareholders of subsidiaries Total Shareholdersû Equity Total Liabilities and Shareholdersû Equity

Annual Report 2005 ± Precious Shipping Public Company Limited

187

ß∫°“√‡ß‘π (µàÕ) ß∫°”‰√¢“¥∑ÿπ√«¡ ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548

ß∫°”‰√¢“¥∑ÿπ√«¡ √“¬‰¥â √“¬‰¥â®“°°“√‡¥‘π‡√◊Õ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ °”‰√®“°Õ—µ√“·≈°‡ª≈’¬Ë π ¥Õ°‡∫’¬È √—∫ à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏ ’ «à π‰¥â‡ ’¬ Àπ’ È ≠ Ÿ √—∫§◊π √“¬‰¥âÕπ◊Ë √«¡√“¬‰¥â §à“„™â®“à ¬ §à“„™â®“à ¬„π°“√‡¥‘π‡√◊Õ √“¬®à“¬∑à“‡√◊Õ πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß √«¡µâπ∑ÿπ°“√‡¥‘π‡√◊Õ µâπ∑ÿπ°“√„Àâ∫√‘°“√ §à“„™â®“à ¬„π°“√∫√‘À“√ Àπ’ È ≠ Ÿ ·≈–Àπ’ È ß —¬®– Ÿ≠ §à“‡º◊ÕË º≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ™—«Ë §√“« (‚Õπ°≈—∫) ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ™—«Ë §√“« ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß§à“§«“¡π‘¬¡ ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π §à“‡ ◊ÕË ¡√“§“ √«¡§à“„™â®“à ¬ °”‰√°àÕπÀ—°¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π

188 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

12 ‡¥◊Õπ∂÷ß 31/12/2548 ∫“∑ ‡À√’¬≠ √Õ.

12 ‡¥◊Õπ∂÷ß 31/12/2547 ∫“∑ ‡À√’¬≠ √Õ.

11,006,816,578 24,014,938 36,390,460 18,260,676 5,262,965 11,090,745,617

274,996,143 597,935 911,952 458,114 128,796 277,092,940

8,540,256,075 18,934,195 33,526,580 56,139,449 13,598,921 7,344,569 55,963,180 2,354,406 8,728,117,375

211,217,118 467,983 842,398 26,469 333,041 181,314 1,406,145 58,096 214,532,564

1,984,275,808 153,510,628 151,165,533 2,288,951,969 23,188,287 267,733,503 17,183,476 (146,123,966) 24,184,706 161,686,785 1,874,594,367 4,511,399,127 6,579,346,490

49,476,404 3,762,004 3,702,762 56,941,170 576,397 6,661,471 415,892 (3,925,211) 773,338 130,344 51,284,550 112,857,951 164,234,989

1,612,521,328 128,413,341 103,357,219 1,844,291,888 15,082,144 247,033,734 5,522,540 1,859,699 8,136,920 1,383,295,082 3,505,222,007 5,222,895,368

39,878,230 3,186,301 2,570,716 45,635,247 374,545 6,163,600 138,102 40,951 319,095 39,983,245 92,654,785 121,877,779

FINANCIAL STATEMENTS (Continued) CONSOLIDATED INCOME STATEMENT

Consolidated Income Statement Revenues Vessel operating income Service income Gain on sale of investment in subsidiaries Exchange gains Interest income Share of profit from investments accounted for under equity method Bad debt recovery Other income Total revenues Expenses Vessel running expenses Voyage disbursements Bunker consumption Total vessel operating costs Cost of services Administrative expenses Bad debt and allowance for doubtful accounts Allowance for loss on current investments (Reversal) Loss on sales of current investments Loss on impairment of goodwill Exchange losses Depreciation Total expenses Earnings before interest and financial costs

12 Months to 31/12/2005 THB USD

ENDED 31ST DECEMBER 2005

12 Months to 31/12/2004 THB USD

11,006,816,578 24,014,938 36,390,460

274,996,143 597,935 911,952

8,540,256,075 18,934,195 33,526,580 56,139,449 13,598,921

211,217,118 467,983 842,398 26,469 333,041

18,260,676 5,262,965 11,090,745,617

458,114 128,796 277,092,940

7,344,569 55,963,180 2,354,406 8,728,117,375

181,314 1,406,145 58,096 214,532,564

1,984,275,808 153,510,628 151,165,533 2,288,951,969 23,188,287 267,733,503 17,183,476

49,476,404 3,762,004 3,702,762 56,941,170 576,397 6,661,471 415,892

1,612,521,328 128,413,341 103,357,219 1,844,291,888 15,082,144 247,033,734 5,522,540

39,878,230 3,186,301 2,570,716 45,635,247 374,545 6,163,600 138,102

(146,123,966) 24,184,706 161,686,785 1,874,594,367 4,511,399,127 6,579,346,490

(3,925,211) 773,338 130,344 51,284,550 112,857,951 164,234,989

1,859,699 8,136,920 1,383,295,082 3,505,222,007 5,222,895,368

40,951 319,095 39,983,245 92,654,785 121,877,779

Annual Report 2005 Âą Precious Shipping Public Company Limited

189

ß∫°“√‡ß‘π (µàÕ) ß∫°”‰√¢“¥∑ÿπ√«¡ ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548

ß∫°”‰√¢“¥∑ÿπ√«¡

12 ‡¥◊Õπ∂÷ß 31/12/2548 ∫“∑ ‡À√’¬≠ √Õ.

12 ‡¥◊Õπ∂÷ß 31/12/2547 ∫“∑ ‡À√’¬≠ √Õ.

°”‰√°àÕπÀ—°¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π À—° : ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬∑“ß°“√‡ß‘π °”‰√°àÕπÀ—° à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬ À—° : °”‰√ ÿ∑∏‘ «à π∑’‡Ë ªìπ¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬

6,579,346,490 (392,158,580) 6,187,187,910 (10,581,192)

164,234,989 (9,753,629) 154,481,360 (263,135)

5,222,895,368 (464,540,218) 4,758,355,150 (8,583,895)

121,877,779 (11,565,428) 110,312,351 (211,210)

°”‰√ ÿ∑∏‘

6,176,606,718

154,218,225

4,749,771,255

110,101,141

”√Õßµ“¡°ÆÀ¡“¬ - ∫√‘…∑— ¬àÕ¬ ”√ÕßÀÿπâ ∑ÿπ´◊ÕÈ §◊π ”√Õß∑—«Ë ‰ª®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬ ‡ß‘πªíπº≈®à“¬ °”‰√ – ¡, µâπß«¥ °”‰√ – ¡, ª≈“¬ß«¥

(106,910,000) (1,543,657,175) 3,869,642,209 8,395,681,752

(2,702,298) (38,321,753) 119,879,699 233,073,873

(122,105,000) (450,880,716) 24,181,905 (894,962,900) 563,637,665 3,869,642,209

(3,003,229) (11,218,216) 800,154 (22,081,636) 45,281,485 119,879,699

12.19

0.30

9.26

0.21

°”‰√µàÕÀÿπâ

190 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

FINANCIAL STATEMENTS (Continued) CONSOLIDATED INCOME STATEMENT

Consolidated Income Statement

12 Months to 31/12/2005 THB USD

ENDED 31ST DECEMBER 2005

12 Months to 31/12/2004 THB USD

Earnings before interest and financial costs Less: Interest and financial costs Earnings before minority interest Less: Net earnings of minority interest

6,579,346,490 (392,158,580) 6,187,187,910 (10,581,192)

164,234,989 (9,753,629) 154,481,360 (263,135)

5,222,895,368 (464,540,218) 4,758,355,150 (8,583,895)

121,877,779 (11,565,428) 110,312,351 (211,210)

Net earnings

6,176,606,718

154,218,225

4,749,771,255

110,101,141

Statutory reserve - subsidiaries Treasury stock reserve General reserve for sale of investment in subsidiaries Dividend paid

(106,910,000) -

(2,702,298) -

(122,105,000) (450,880,716)

(3,003,229) (11,218,216)

(1,543,657,175)

(38,321,753)

24,181,905 (894,962,900)

800,154 (22,081,636)

Retained earnings, Beginning of the period Retained earnings, Ending of the period

3,869,642,209 8,395,681,752

119,879,699 233,073,873

563,637,665 3,869,642,209

45,281,485 119,879,699

12.19

0.30

9.26

0.21

Earnings per share

Annual Report 2005 Âą Precious Shipping Public Company Limited

191

π‚¬∫“¬∑’Ë„™â„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘π °ÿ≈‰∑¬∫“∑‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ (ç‡À√’¬≠ √Õ.é) „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◊ÕË ß¡“ ®“°§«“¡‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«„π°“√ª√—∫ª√ÿßß∫°“√‡ß‘ππ’È °“√®—¥∑”ß∫°“√‡ß‘π‡À√’¬≠ √Õ. π’ÕÈ “®‰¡à®”‡ªìπ∑’®Ë –µâÕß‡ªìπ‰ªµ“¡¡“µ√∞“π °“√∫—≠™’‰∑¬·µàÕ¬à“ß„¥ ≈—°…≥–‡©æ“–µ—«∑’ Ë ”§—≠Õ¬à“ßÀπ÷ßË „π∑’πË ‡’È °‘¥¢÷πÈ ‡π◊ÕË ß®“° ‘π∑√—æ¬å Àπ’ È π‘ ·≈–°“√§â“À≈—°Ê ¢Õß∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) (ç∫√‘…∑— œé) ‰¥â‡°‘¥¢÷πÈ ‚¥¬„™â‡ß‘π‡À√’¬≠ √Õ. „π°“√´◊ÕÈ ¢“¬ ·≈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. ‚¥¬„™âÕµ— √“·≈°‡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◊ÕË ß®“°®”‡ªìπ®–µâÕß∑”°“√À“Õ—µ√“·≈°‡ª≈’¬Ë π ≥ «—π∑’¡Ë °’ “√§â“¢“¬ ·µà≈–§√—ßÈ ´÷ßË „π°√≥’πÕ’È µ— √“·≈°‡ª≈’¬Ë π∂—«‡©≈’¬Ë ∂à«ßπÈ”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¡π—Ë „®‰¥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«¥§√÷ßË ªï / ”À√—∫ß«¥ª√–®”ªï °ÿ≈‰∑¬∫“∑∑’Ë‰¥â√∫— °“√ Õ∫∑“π / µ√«® Õ∫®“° ºŸµâ √«® Õ∫∫—≠™’∑’Ë‰¥â√∫— °“√·µàßµ—ßÈ µ“¡°ÆÀ¡“¬‡∑à“π—πÈ ¥—ßπ—πÈ ¢Õ∫‡¢µÀπâ“∑’®Ë ß÷ ®”°—¥Õ¬Ÿ‡à æ’¬ß°“√µ√«®∑“π§«“¡∂Ÿ°µâÕß¢Õß°“√ª√—∫ª√ÿß ß∫°“√‡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‰∑¬∫“∑ ®“°∑’Ë‰¥â°≈à“«¡“π’È π‚¬∫“¬°“√ª√—∫ª√ÿßß∫¥ÿ≈·≈–ß∫°”‰√¢“¥∑ÿπ¢Õß∫√‘…∑— œ ¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’:È

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—πÈ ®–„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë„πß∫¥ÿ≈ „π à«π¢Õß ‘π∑√—æ¬å®–„™âÕµ— √“´◊ÕÈ ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. „π°“√·ª≈ß§à“ à«πÀπ’ È π‘ ®–„™â Õ—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◊Ëπ®–· ¥ß°“√ª√—∫ª√ÿß§à“„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‰¥â∂Ÿ°µâÕß¡“°°«à“ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π √Ÿª·∫∫Õ◊πË ¡’¥ß— µàÕ‰ªπ’È ‡ß‘π≈ß∑ÿπ∑’‡Ë ªìπ‡ß‘π‡À√’¬≠ √Õ. π—πÈ ∫√‘…∑— œ ®–„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’∑Ë ”°“√≈ß∑ÿππ—πÈ „π°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑ ¥—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. 3

‡√◊Õ‡¥‘π∑–‡≈ (√«¡∂÷ß‡√◊Õ¢π∂à“¬ ‘π§â“·≈–Õÿª°√≥å) ·≈–§à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“ (Drydock and Special Survey) π—πÈ ‰¥â¡°’ “√´◊ÕÈ ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕµ— √“·≈°‡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. 3

‘π∑√—æ¬å∑¡’Ë °’ “√´◊ÕÈ ¥â«¬‡ß‘π‰∑¬∫“∑π—πÈ ∫√‘…∑— œ ®–∑”°“√·ª≈ß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥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“§«√„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’´Ë Õ◊È „π°“√·ª≈ß §à“ ‘π∑√—æ¬å∑‡’Ë ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑“à ‡√◊Õ¥â«¬‡™àπ°—π 3

192 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

POLICY OF RESTATEMENT FROM THB TO USD CURRENCY

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 BTFûs 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 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 Companyûs balance sheet and income statement can be described as follows: Balance Sheet

Most items in PSLûs audited / reviewed balance sheet are converted from THB into USD using the exchange rate as at the balance sheet date. THB / USDûs 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. 3

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. 3

Where fixed assets were originally purchased in THB the assets are converted by PSL at the 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. 3

Annual Report 2005 ± Precious Shipping Public Company Limited

193

§à“‡ ◊ÕË ¡√“§“¢Õß ‘π∑√—æ¬å∑´’Ë Õ◊È ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–¡’°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë‰¥â¡“¢Õß ‘π∑√—æ¬å ¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ §à“‡ ◊ÕË ¡√“§“¢Õß ‘π∑√—æ¬å∑¡’Ë °’ “√´◊ÕÈ ¥â«¬‡ß‘π‰∑¬∫“∑π—πÈ ∫√‘…∑— œ ®–∑”°“√·ª≈ß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë ß∫¥ÿ≈ Õπ÷ßË π‚¬∫“¬°“√ª√—∫ª√ÿß§à“π’È‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬°“√·ª≈ß§à“‡ ◊ÕË ¡√“§“¢Õß ‘π∑√—æ¬å∑‡’Ë ªìπ‡ß‘π‡À√’¬≠ √Õ. ∫’∑‡’ Õø®÷ß‡ÀÁπ«à“ §«√„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’´Ë Õ◊È „π°“√·ª≈ß§à“‡ ◊ÕË ¡√“§“ ‘π∑√—æ¬å∑‡’Ë ªìπ‡ß‘π‰∑¬∫“∑À≈—°Ê ‰¥â·°à Õ“§“√·≈–Õÿª°√≥å∑“à ‡√◊Õ¥â«¬‡™àπ°—π 3

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‰∑¬∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ ¥—ßπ—πÈ „π°“√ª√—∫ª√ÿß§à“„À¡à®ß÷ „™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. 3

≈—°…≥–¢Õß ‘π∑√—æ¬å·≈–Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‚¥¬¡“°®–¡’°“√À¡ÿπ‡«’¬πÕ¬à“ß¡“° ¥—ßπ—πÈ °“√·ª≈ß§à“√“¬°“√∫—≠™’¥ß— °≈à“« ®÷ß„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ 3

‘π∑√—æ¬åÕπ◊Ë Ê ∑’πË Õ°‡Àπ◊Õ®“°§à“´àÕ¡·´¡·≈– ”√«®‡√◊Õµ“¡°”Àπ¥‡«≈“∑’¬Ë ß— ‰¡à‰¥âµ¥— ®à“¬π—πÈ ¡’°“√´◊ÕÈ ¢“¬°—π‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«®÷ß·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ ¥—ßπ—πÈ „π°“√ª√—∫ª√ÿß§à“„À¡à®ß÷ „™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 „π°“√·ª≈ß§à“°≈—∫‡ªìπ‡ß‘π‡À√’¬≠ √Õ. 3

§à“§«“¡π‘¬¡‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ´÷ßË ‡ªìπÀπ÷ßË „π∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ à«π∑’‡Ë °‘π®“° ¡Ÿ≈§à“µ“¡∫—≠™’ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«Õ¬Ÿà„π√Ÿª‡ß‘π‰∑¬∫“∑ ¥—ßπ—πÈ „π∑”πÕß‡¥’¬«°—∫ ‘π∑√—æ¬å∑¡’Ë °’ “√´◊ÕÈ ¥â«¬‡ß‘π‰∑¬∫“∑ °“√·ª≈ß§à“√“¬°“√ ¥—ß°≈à“«®÷ß„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’‡Ë °‘¥√“¬°“√¢÷πÈ 3

‡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‰∑¬∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ ¥—ßπ—πÈ „π°“√ª√—∫ª√ÿß§à“„À¡à®ß÷ „™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 „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∑’ßË ∫¥ÿ≈ 3

à«π‰¥â‡ ’¬¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ – ¡¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ®–∑”°“√·ª≈ß§à“‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕ—µ√“ ·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ ¥—ßπ—πÈ „π°“√ª√—∫ª√ÿß§à“„À¡à®ß÷ „™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’ßË ∫¥ÿ≈ 3

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. ‚¥¬„™âÕµ— √“·≈°‡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 Ÿ¡à ≈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‰∑¬∫“∑ 3

∑ÿπ‡√◊ÕπÀÿπâ ·≈– ”√Õß ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’‡Ë °‘¥°“√‡ª≈’¬Ë π·ª≈ß„π√“¬°“√

194 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

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. 3

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 2005 exchange rate to reverse the translation. 3

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. 3

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 2005 exchange rate to reverse the translation. 3

Goodwill is the excess of the investment in Great Circle Shipping Agency Limited, one of PSL没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. 3

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 2005 exchange rate to reverse the translation. THB loans and debentures are also converted at the exchange rate as at the balance sheet date. 3

Minority interest is derived from minority shareholders没 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. 3

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. 3

Share capital and reserves are restated at the historical exchange rates in which movements occurred.

Annual Report 2005 卤 Precious Shipping Public Company Limited

195

ß∫°”‰√¢“¥∑ÿπ √“¬°“√ à«π„À≠à„πß∫°”‰√¢“¥∑ÿπ∑’Ë‰¥â√∫— °“√µ√«® Õ∫ / Õ∫∑“π·≈â«¢Õß∫√‘…∑— œ π—πÈ ‡ªìπ‡ß‘π‡À√’¬≠ √Õ. ·≈â«∂Ÿ°·ª≈ß§à“ ‡ªìπ‡ß‘π‰∑¬∫“∑‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ ¢≥–π—πÈ 1 ‡æ◊ÕË „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≈–§√—ßÈ π‚¬∫“¬¥—ß°≈à“«Õ¬Ÿπà Õ°‡Àπ◊Õ®“°¢Õ∫‡¢µ°“√µ√«®∑“π¢Õß∫’∑‡’ Õø √“¬°“√ ‡À≈à“π’È‰¥â¡°’ “√·ª≈ß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°√“¬‡¥◊Õπ¿“¬„π™à«ß√–¬–‡«≈“ 3 ‡¥◊Õπ ‘πÈ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ´÷ßË (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°√≥’∑Õ’Ë µ— √“·≈°‡ª≈’¬Ë π‡ß‘π °ÿ≈‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‡°‘¥°“√‡ª≈’¬Ë π·ª≈ßÕ¬à“ß‡ªìππ—¬ ”§—≠¢÷πÈ „πÕπ“§µ π‚¬∫“¬¥—ß°≈à“«Õ“®¡’°“√‡ª≈’¬Ë π·ª≈ß‡æ◊ÕË · ¥ß„Àâ‡ÀÁπº≈ª√–°Õ∫°“√¢Õß∫√‘…∑— œ „π√Ÿª‡ß‘π‡À√’¬≠ √Õ. „Àâ∂°Ÿ µâÕß¡“°¬‘ßË ¢÷πÈ Õπ÷ßË 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¬‘ßË ¢÷πÈ √“¬°“√µà“ßÊ ∑’Ë„™âπ‚¬∫“¬„π√Ÿª·∫∫Õ◊πË ¡’¥ß— µàÕ‰ªπ’È „π∑”πÕß‡¥’¬«°—∫√“¬°“√§à“‡ ◊ÕË ¡√“§“ – ¡„πß∫¥ÿ≈ °“√·ª≈ß§à“‡ ◊ÕË ¡√“§“¢Õß ‘π∑√—æ¬å∑´’Ë Õ◊È ¥â«¬‡ß‘π‡À√’¬≠ √Õ. ®–„™â Õ—µ√“·≈°‡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“‡ ◊ÕË ¡√“§“¢Õß ‘π∑√—æ¬å∑‡’Ë ªìπ‡ß‘π‰∑¬∫“∑π—πÈ ‰¡à Õ¥§≈âÕß°—∫π‚¬∫“¬¢â“ßµâπ ¥—ßπ—πÈ Õ—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 3

°”‰√ / ¢“¥∑ÿπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’¬Ë π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’·Ë ∑â®√‘ß ≥ «—π∑’Ë ¢“¬ ‘π∑√—æ¬å∑ß—È ∑’‡Ë ªìπ‡ß‘π‰∑¬∫“∑·≈–‡ß‘π‡À√’¬≠ √Õ. 3

°”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’¬Ë π„πß∫°”‰√¢“¥∑ÿπ„π√Ÿª °ÿ≈‡ß‘π‡À√’¬≠ √Õ. ‡°‘¥¢÷πÈ ®“°√“¬°“√‡°’¬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 2548 ‡π◊ÕË ß®“°§«“¡´—∫´âÕπ„π°“√‰¥â¡“´÷ßË µ—«‡≈¢‚¥¬≈–‡Õ’¬¥„π·µà≈–√“¬°“√ ®÷ß∂◊Õ«à“ √“¬°“√‡À≈à“π’È‰¡à¡°’ “√‡ª≈’¬Ë π·ª≈ßµ≈Õ¥™à«ß√–¬–‡«≈“ß∫°“√‡ß‘π π—πË §◊Õµ—ßÈ ·µà‡¥◊Õπµÿ≈“§¡ 2548 3

°”‰√®“°°“√¬°‡≈‘° —≠≠“ Swap ‰¥â∂°Ÿ ·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’¬Ë π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’·Ë ∑â®√‘ß ≥ «—π∑’¬Ë °‡≈‘°

‡ß‘πªíπº≈∑’®Ë “à ¬„Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ®–∑”°“√ª√—∫ª√ÿß§à“‚¥¬„™âÕµ— √“·≈°‡ª≈’¬Ë π ≥ «—π∑’‡Ë °‘¥°“√‡ª≈’¬Ë π·ª≈ß„π√“¬°“√

—≠≠“ Swap

°”‰√ – ¡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—πÈ ¡’º≈µàÕ¡Ÿ≈§à“ ÿ∑∏‘ ¢Õß ‘π∑√—æ¬å¥ß— °≈à“« Õ—π àßº≈µàÕ°”‰√ – ¡„πÕ¥’µ∑’ºË “à π¡“ 3

‚ª√¥µ√–Àπ—°«à“√“¬°“√„¥Ê ∑’ªË √“°Ø¢÷πÈ „π∫—≠™’°Õà π‡¥◊Õπ¡‘∂πÿ “¬π 2540 π—πÈ ®–∂Ÿ°·ª≈ß§à“¥â«¬Õ—µ√“·≈°‡ª≈’¬Ë π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ∑’Ë 25.5 ‡π◊ÕË ß®“°°“√≈¥§à“‡ß‘π∫“∑‰¥â‡√‘¡Ë ‡°‘¥¢÷πÈ „π‡¥◊Õπ¡‘∂πÿ “¬π 2540 „π™à«ß°àÕπ∑’®Ë –¡’°“√≈¥§à“‡ß‘π∫“∑π—πÈ Õ—µ√“·≈°‡ª≈’¬Ë π ‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ®–§àÕπ¢â“ß§ß∑’ÕË ¬Ÿ∑à ¡’Ë ≈Ÿ §à“ 25.5 ∫“∑ / 1 ‡À√’¬≠ √Õ.

Õ—µ√“·≈°‡ª≈’¬Ë π‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë„™â‡ªìπÕ—µ√“·≈°‡ª≈’¬Ë π∂—«‡©≈’¬Ë ª√–®”‡¥◊Õπ∑’Ë‰¥â®“°∏π“§“√·Ààßª√–‡∑»‰∑¬Àπ÷ßË ‡¥◊ÕπÀ≈—ß®“°π—πÈ ‡™àπÕ—µ√“·≈°‡ª≈’¬Ë π‰∑¬∫“∑ / ‡À√’¬≠ √Õ. ‚¥¬‡©≈’¬Ë ¢Õß‡¥◊Õπ‡¡…“¬π®–∂Ÿ°π”‰ª„™â‡ªìπ‡°≥±å°“√§”π«≥µ—«‡≈¢„π‡¥◊Õπæƒ…¿“§¡

196 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Income Statement

Most items in the Company没s audited / reviewed income statement were originally denominated in USD and translated into THB at the prevailing exchange rate1 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 2005, 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没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. 3

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. 3

The exchange gain (loss) 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 30th September 2005. 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 2005. 3

Gain on swap termination is restated at the actual THB / USD exchange rate as at the date of swap

Dividend paid is restated at the historical exchange rates in which movements occurred.

termination.

Retained earnings at the beginning of the year are restated into USD at the actual historical 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. 3

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.

The foreign exchange rate used is the monthy 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. Annual Report 2005 卤 Precious Shipping Public Company Limited

197

‚§√ß √â“ß°≈ÿà¡∫√‘…—∑ CORPORATE STRUCTURE

‡®â“¢Õß‡√◊Õ SHIP OWNING

∫√‘…∑— „π≈”¥—∫∑’Ë 1-34 µ“¡µ“√“ßÀπâ“ 201

99.99%

·≈–≈”¥—∫∑’Ë 35-36 µ“¡µ“√“ßÀπâ“ 202 69.99% ª√–‡∑»‰∑¬

„Àâ∫√‘°“√‡™à“‡√◊Õ CHARTERING

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ª√–‡∑» ‘ß§‚ª√å

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ ª√–‡∑»ª“π“¡“

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (¬Ÿ‡§) ≈‘¡‡‘ µ¥ ª√–‡∑»Õ—ß°ƒ…

Precious Shipping (Singapore) Pte Limited Singapore

Precious Shipping (Panama) S.A. Republic of Panama

Precious Shipping (UK) Limited United Kingdom

100%

Companies Nos : 1 to 34 Per list On Page 201 99.99% and Nos: 35 to 36 Per list On Page 202 69.99%

Thailand

100%

99.99% 99.99%

∫√‘…∑— æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîßô æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ª√–‡∑» ‘ß§‚ª√å

∫√‘…∑— ‡√®‘¥Õ√å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ª√–‡∑» ‘ß§‚ª√å

PSL Thun Shipping Pte Limited Singapore

Regidor Pte Limited Singapore

64.06%* 64.06%*

99.99% 99.99%

100%* 100%*

≈”¥—∫¿“¬„π°√Õ∫

™◊ÕË ∫√‘…∑— / ®—¥µ—ßÈ ¢÷πÈ „πª√–‡∑» / Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿπâ

Legend

* · ¥ß°“√∂◊ÕÀÿπâ ¢Õß PSL * Represents ownweship of PSL 198 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Name of Company / Country of Incorporation / Percentage Ownership

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

ºŸâ∫√‘À“√‡√◊Õ SHIP MANAGEMENT

°“√®—¥°“√∑à“‡√◊Õ PORT DEVELOPMENT

∫√‘…∑— ‡°√∑ ‡´Õ√å‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥ ª√–‡∑»‰∑¬

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬

∫√‘…∑— ‡∑∫ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ª√–‡∑» ‘ß§‚ª√å

Great Circle Shipping Agency Limited Thailand

Precious Shipping (Mauritius) Limited Mauritius

Thebes Pte Limited Singapore

99.99%

100%

99.99%

100%

∫√‘…∑— æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‡‘ µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬

∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬

∫√‘…∑— æ’‡Õ ·Õ≈ ∫—≈§å ‡∑Õ√å¡‡‘ πÕ√å ≈‘¡‡‘ µ¥ ª√–‡∑»‡¡Õ√‘‡™’¬

∫√‘…∑— ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘ßË æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ ª√–‡∑» ‘ß§‚ª√å

PSL Investments Limited Mauritius

International Lighterage Limited Mauritius

PSL Bulk Terminals Company Limited Mauritius

Rapid Port Leasing Co. Pte Limited Singapore

∫√‘…∑— ‡´“πå‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‡‘ µ¥ ª√–‡∑»Õ‘π‡¥’¬

∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥ ª√–‡∑»Õ‘π‡¥’¬

Southern LPG Limited India

International Seaports (Haldia) Pvt Ltd India

100%* 100%*

50%* 50%*

100%* 100%*

22.40%* 22.40%*

Annual Report 2005 ± Precious Shipping Public Company Limited

199

¢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 √“¬≈–‡Õ’¬¥¢Õß∫√‘…—∑ ∫√‘…—∑ æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π) ª√–‡¿∑∏ÿ√°‘® 3 ‡®â“¢Õß‡√◊Õ‡¥‘π∑–‡≈ *∑–‡∫’¬π‡≈¢∑’Ë 3 0107537000629 (‡¥‘¡‡≈¢∑’Ë ∫.¡.® 309) ∑ÿπ®¥∑–‡∫’¬π 3 520,000,000 ∫“∑ (520,000,000 Àÿπ â ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑) Àÿπâ ∑’ÕË Õ°·≈– ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 3 520,000,000 ∫“∑ (520,000,000 Àÿπ â ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑) ∑’µË ß—È 3 ™—π È 7 Õ“§“√§“‡∏à¬‡å Œâ“ å 8 ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å 3 66-2 696-8800 ‚∑√ “√ 3 66-2 236-7654 E-mail 3 psl@preciousshipping.com Home page 3 http://www.preciousshipping.com π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ 3 ‰¡àπÕ â ¬°«à“√âÕ¬≈– 25 ¢Õß°”‰√ ÿ∑∏‘ À≈—ßÀ—°¿“…’µß—È ·µàªï 2547 ‡ªìπµâπ‰ª Details of the Company

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED Business 3 Shipowner *Registration No. 3 0107537000629 (Previous No. Bor Mor Jor 309) Authorized share capital 3 Baht 520,000,000.- (520,000,000 shares of Baht 1 each) Issued and fully paid-up share capital 3 Baht 520,000,000 (520,000,000 shares of Baht 1 each) Location 3 7th Floor, Cathay House, 8 North Sathorn Road, Silom, Bangrak, Bangkok 10500 Telephone 3 66-2 696-8800 Fax 3 66-2 236-7654 E-mail 3 psl@preciousshipping.com Home page 3 http://www.preciousshipping.com Dividend Policy 3 Not less than 25% of Net Profit after taxes from 2004 and onwards * À¡“¬‡Àµÿ : µ—ßÈ ·µà«π— ∑’Ë 4 ¡°√“§¡ 2549 °√¡æ—≤π“∏ÿ√°‘®°“√§â“ (°√¡œ), °√–∑√«ßæ“≥‘™¬å ‰¥â∑”°“√·°â‰¢ª√—∫‡ª≈’¬Ë π‡≈¢∑–‡∫’¬π¢Õß∏ÿ√°‘® ‚¥¬‰¥â·°â‰¢®“°‡≈¢∑–‡∫’¬π‡¥‘¡„Àâ‡ªìπ‡≈¢ 13 À≈—° ·≈–‡æ◊ÕË ªÑÕß°—π§«“¡ —∫ π√–À«à“ß‡≈¢∑–‡∫’¬π‡¥‘¡ °—∫‡≈¢∑–‡∫’¬π„À¡à „π ‡Õ° “√∑’°Ë √¡œ ÕÕ°„Àâ°∫— ∏ÿ√°‘®∑ÿ°©∫—∫ ®–ª√“°Ø‡≈¢∑–‡∫’¬π‡°à“§«∫§Ÿà‰ª°—∫ ‡≈¢∑–‡∫’¬π 13 À≈—° ∑’Ë‰¥âª√—∫·°â‰¢„À¡à¥«â ¬∑ÿ°§√—ßÈ * Note

: With effect from 4 January 2006, the Department of Business Development (DBD), Ministry of Commercial has changed the registration number of Juristic to the newly 13 digit registration number. These previous and newly registration numbers will be both appeared together on all certificates issued by DBD.

200 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

™◊ÕË ·≈– ª√–‡¿∑∏ÿ√°‘® ¢Õß∫√‘…∑— ¬àÕ¬∑’∫Ë √‘…∑— œ ∂◊ÕÀÿπâ µ—ßÈ ·µà√Õâ ¬≈– 10 ¢÷πÈ ‰ª ¢Õß®”π«πÀÿπâ ∑’®Ë ”Àπà“¬‰¥â·≈â«∑—ßÈ À¡¥¢Õßπ‘µ∫‘ §ÿ §≈π—πÈ Names and category of subsidiary companies in which the Company holds more than 10% of shares sold by them. ™◊ÕË ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht

250,000,000 250,000,000 230,000,000 230,000,000 260,000,000 260,000,000 230,000,000 230,000,000 84,000,000 84,000,000 234,000,000 234,000,000 99,000,000 99,000,000 100,000,000 100,000,000 105,000,000 105,000,000 175,000,000 175,000,000 100,000,000 100,000,000 205,000,000 205,000,000 144,000,000 144,000,000 366,000,000 366,000,000 84,000,000 84,000,000 74,000,000 74,000,000 379,000,000 379,000,000

1. ∫√‘…∑— æ√’‡™’¬ ‡¡Á∑∑—≈´å ®”°—¥ Precious Metals Limited 2. ∫√‘…∑— æ√’‡™’¬ «‘™‡™ ®”°—¥ Precious Wishes Limited 3. ∫√‘…∑— æ√’‡™’¬ ‚µπ å ™‘ªªîßô ®”°—¥ 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

∑ÿπ∑’ÕË Õ°·≈– —¥ à«π ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿπâ Issued and fully paid-up Percentage of Category of Share capital Shareholdings business 250,000,000 250,000,000 230,000,000 230,000,000 260,000,000 260,000,000 230,000,000 230,000,000 84,000,000 84,000,000 234,000,000 234,000,000 99,000,000 99,000,000 100,000,000 100,000,000 105,000,000 105,000,000 175,000,000 175,000,000 100,000,000 100,000,000 205,000,000 205,000,000 144,000,000 144,000,000 366,000,000 366,000,000 84,000,000 84,000,000 74,000,000 74,000,000 379,000,000 379,000,000

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

‡®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

Annual Report 2005 ± Precious Shipping Public Company Limited

201

™◊ÕË ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

18. ∫√‘…∑— æ√’‡™’¬ ‡æ‘√≈å å ®”°—¥ Precious Pearls Limited 19. ∫√‘…∑— æ√’‡™’¬ ø≈“«‡«Õ√å ®”°—¥ Precious Flowers Limited 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‡§‘≈ ™‘ªªîßô ‡Õ‡¬π´’Ë ®”°—¥

∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑ Baht ∫“∑

73,000,000 73,000,000 76,000,000 76,000,000 96,000,000 96,000,000 80,000,000 80,000,000 84,000,000 84,000,000 80,000,000 80,000,000 200,000,000 200,000,000 98,000,000 98,000,000 217,000,000 217,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 71,100,000 71,100,000 68,100,000 68,100,000 170,000,000 170,000,000 6,000,000 6,000,000 10,000,000 10,000,000 15,000,000

Great Circle Shipping Agency Limited

Baht

15,000,000

99.99

202 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

∑ÿπ∑’ÕË Õ°·≈– —¥ à«π ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿπâ Issued and fully paid-up Percentage of Category of Share capital Shareholdings 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 ‡®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 ºŸ∫â √‘À“√‡√◊Õ∑“ß ¥â“π‡∑§π‘§ Technical Manager of ships

™◊ÕË ∫√‘…—∑¬àÕ¬

°ÿ≈‡ß‘π

∑ÿπ®¥∑–‡∫’¬π

Name of Subsidiaries

Currency

Registered Capital

38. ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (‡¡Õ√‘‡™’¬ ) ≈‘¡‡‘ µ¥ Precious Shipping (Mauritius) Limited 39. ∫√‘…∑— æ’‡Õ ·Õ≈ Õ‘π‡« ∑å‡¡π∑å ≈‘¡‡‘ µ¥ PSL Investments Limited 40. ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ‰≈‡∑Õ√å‡√® ≈‘¡‡‘ µ¥ International Lighterage Limited 41. ∫√‘…∑— æ’‡Õ ·Õ≈ ∫—§≈å ‡∑Õ√å¡‡‘ πÕ√å ≈‘¡‡‘ µ¥ PSL Bulk Terminal Company Limited 42. ∫√‘…∑— ·√ææ‘¥ æÕ√å∑ ≈‘ ´‘ßË æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Rapid Port Leasing Company Pte. Ltd. 43. ∫√‘…∑— ‡∑∫ å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Thebes Pte. Ltd. 44. ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ( ‘ß§‚ª√å) æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Precious Shipping (Singapore) Pte. Ltd. 45. ∫√‘…∑— æ’‡Õ ·Õ≈ ∑ÿπ ™‘ªªîßô æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ PSL Thun Shipping Pte. Ltd. 46. ∫√‘…∑— ‡√®‘¥Õ√å æ’∑Õ’ ’ ≈‘¡‡‘ µ¥ Regidor Pte. Ltd. 47. ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (ª“π“¡“) ‡Õ ‡Õ Precious Shipping (Panama) S.A. 48. ∫√‘…∑— æ√’‡™’¬ ™‘æªîßô (¬Ÿ ‡§) ≈‘¡‡‘ µ¥ Precious Shipping (UK) Limited 49. ∫√‘…∑— ‡´“∑å‡∑Õ√åπ ·Õ≈æ’®’ ≈‘¡‡‘ µ¥

‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ ‘ß§‚ª√å SGD ‡À√’¬≠ ‘ß§‚ª√å

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000,000 1,000,000 100,000 100,000 20,000,000

10,000 10,000 1,160 1,160 10,000 10,000 2 2 2 2 2 2 15,000,000

100 100 100* 100* 100* 100* 100* 100* 100* 100* 100 100 100

‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company „Àâ∫√‘°“√‡™à“‡√◊Õ

SGD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ ‘ß§‚ª√å SGD ‡À√’¬≠ À√—∞ USD ‡À√’¬≠ À√—∞ USD Õ‘π‡¥’¬π√Ÿªï

20,000,000 500,000 500,000 100,000 100,000 10,000 10,000 10,000 10,000 100,000,000

15,000,000 12,864 12,864 2 2 10,000 10,000 10,000 10,000 64,592,200

100 64.06* 64.06* 100* 100* 99.99 99.99 99.99 99.99 50*

Indian Rs

100,000,000

64,592,200

50*

Chartering ‡®â“¢Õß‡√◊Õ Shipowner ‚Œ≈¥‘ßÈ §—¡æ“π’ Holding company „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering „Àâ∫√‘°“√‡™à“‡√◊Õ Chartering »Ÿπ¬å°≈“ß °“√∫√√®ÿ ·≈– ®—¥®”Àπà“¬ °ä“´Àÿßµâ¡ Terminal owning, bottling and

Southern LPG Ltd.

∑ÿπ∑’ÕË Õ°·≈– —¥ à«π ª√–‡¿∑∏ÿ√°‘® ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« °“√∂◊ÕÀÿπâ Issued and fully paid-up Percentage of Category of Share capital Shareholdings business

distribution 50. ∫√‘…∑— Õ‘π‡µÕ√å‡π™—πË ·π≈ ´’æÕ√å∑ å (Œ“≈‡¥’¬) ‰æ√‡«∑ ≈‘¡‡‘ µ¥ International Seaports (Haldia) Pvt. Ltd.

Õ‘π‡¥’¬π√Ÿªï

445,000,000

440,580,200

22.40*

Indian Rs

445,000,000

440,580,200

22.40*

of LPG °àÕ √â“ß·≈– æ—≤π“ ∑à“‡∑’¬∫‡√◊Õ Berth construction & Development

* (represents indirect ownership of shares)

Annual Report 2005 ± Precious Shipping Public Company Limited

203

∂“π∑’Ëµ—Èß ”π—°ß“π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“« Address of Subsidiary Companies are as follows:

∫√‘…—∑¬àÕ¬∑’Ë 1-36 Subsidiary 1-36 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/27-28 ™—πÈ 7 Õ“§“√§“‡∏à¬‡å Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°

°√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 696-8800 ‚∑√ “√ : 66-2 236-7654, 633-8460 3 Registered Address is at 8/27-28, 7th Floor, Cathay House, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 696-8800, Fax : 66-2 236-7654, 633-8460 ∫√‘…—∑¬àÕ¬∑’Ë 37 Subsidiary 37 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 8/35 Õ“§“√§“‡∏à¬‡å Œâ“ å ∂ππ “∑√‡Àπ◊Õ ·¢«ß ’≈¡ ‡¢µ∫“ß√—°

°√ÿß‡∑æ¡À“π§√ 10500 ª√–‡∑»‰∑¬ ‚∑√»—æ∑å : 66-2 696-8900 ‚∑√ “√ : 66-2 237-7842, 02 633-8468 3 Registered Address is at 8/35 Cathay House, North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand, Tel : 66-2 696-8900, Fax : 66-2 237-7842, 66-2 633-8468 ∫√‘…—∑¬àÕ¬∑’Ë 38-41 Subsidiary 38-41 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street,

Port Louis, Mauritius. 3 Registered Address is at c/o B.C.M. (Secretaries) Ltd, Third Floor, TM Building, Pope Hennessy Street, Port Louis. Mauritius ∫√‘…—∑¬àÕ¬∑’Ë 42-43 Subsidiary 42-43 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 24 Raffles Place #18-00 Clifford Centre, Singapore 048621. 3 Registered Address is at 24 Raffles Place #18-00 Clifford Centre, Singapore 048621.

∫√‘…—∑¬àÕ¬∑’Ë 44-46 Subsidiary 44-46 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 79A Tras Street, Singapore 079016 Republic of Singapore. 3 Registered Address is 79A Tras Street, Singapore 079016 Republic of Singapore.

204 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

∫√‘…—∑¬àÕ¬∑’Ë 47 Subsidiary 47 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ADR Building, 13th Floor Samuel Lewis Avenue, Panama. 3 Registered Address is at ADR Building, 13th Floor, Samuel Lewis Avenue, Panama.

∫√‘…—∑¬àÕ¬∑’Ë 48 Subsidiary 48 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë The Quadrangle, 180 Wardour Street, London W1V 3AA. U. K. 3 Registered Address is at The Quadrangle, 180 Wardour Street, London W1V3AA. U. K.

∫√‘…—∑√à«¡∑’Ë 49 Associate 49 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë ICM Business Centre, Ceebros Arcade 1st Floor, No.1 3rd Cross Street,

Kasturba Nagar, Adyar, Chennai 600 020 India. 3 Registered Address is at ICM Business Centre, Ceebros Arcade 1st Floor, No.1 3rd Cross Street, Kasturba Nagar, Adyar, Chennai 600 020 India. ∫√‘…—∑¬àÕ¬∑’Ë 50 Subsidiary 50 3 ”π—°ß“π®¥∑–‡∫’¬π‡≈¢∑’Ë 22, Lee Road., Kolkata - 700 020, India 3 Registered Address is at 22, Lee Road., Kolkata - 700 020, India

Annual Report 2005 ± Precious Shipping Public Company Limited

205

√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â‡¢â“∑”√“¬°“√∑’Ë¡’ “√– ”§—≠°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßµàÕ‰ªπ’È 1. —≠≠“‡™à“ ”π—°ß“π√–À«à“ß∫√‘…—∑œ °—∫∫√‘…—∑ ¬Ÿπ‘ ‡µ√∑™å ®”°—¥ §«“¡‡°’¬Ë «‚¬ß°—π

∫√‘…∑— œ ∑” —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√°—∫∫√‘…∑— ¬Ÿπ ‘ ‡µ√∑™å ®”°—¥ ´÷ßË ¡’π“ß “«π‘™µ‘ “â ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…∑— œ ‡ªìπºŸ¡â ’ «à π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ÕË ß®“°π“ß “«π‘™µ‘ “â ™“Àå ‡ªìπ°√√¡°“√·≈–ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ¬Ÿπ ‘ ‡µ√∑™å ®”°—¥

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√

—≠≠“‡™à“ ”π—°ß“π¡’§«“¡®”‡ªìπµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ

¡Ÿ≈§à“¢Õß√“¬°“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ ‰¥â®“à ¬§à“‡™à“·≈–§à“∫√‘°“√‡ªìπ®”π«π‡ß‘π√«¡ 1.89 ≈â“π∫“∑ §‘¥‡ªìπÕ—µ√“ à«π√âÕ¬≈– 0.02 ¢Õß ‘π∑√—æ¬å∑¡’Ë µ’ «— µπ ÿ∑∏‘ ‚¥¬∫√‘…∑— œ ‰¥â∑” —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√„πÕ—µ√“ 210 ∫“∑µàÕµ“√“ß‡¡µ√ ´÷ßË ‡ªìπÕ—µ√“‡™à“∑’‡Ë ∑à“°—π °—∫∑’∫Ë √‘…∑— œ ‰¥â∑” —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√°—∫∫ÿ§§≈¿“¬πÕ°„π™—πÈ Õ◊πË „πÕ“§“√ ”π—°ß“π‡¥’¬«°—π∑’ÕË µ— √“ 210 ∫“∑µàÕµ“√“ß‡¡µ√

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ

”π—°ß“π¡’§«“¡®”‡ªìπµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ∫√‘…∑— œ ®÷ßµâÕßµàÕ —≠≠“‡™à“ ”π—°ß“π·≈–∫√‘°“√„πªï 2549 °—∫∫√‘…∑— ¬Ÿπ ‘ ‡µ√∑™å ®”°—¥ „πÕ—µ√“§à“‡™à“Õ—µ√“‡¥’¬«°—π°—∫ªï 2548

2. ´◊ÈÕµ—Î«‡§√◊ËÕß∫‘π®“° ∫√‘…—∑ ·Õ¡∫‘°â“ ∑—«√å ®”°—¥ ·≈–∫√‘…—∑ ®’æ’ ·Õ√å ‡´Õ√å«‘ ®”°—¥ §«“¡‡°’¬Ë «‚¬ß°—π

∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¢Õß∫√‘…∑— œ ‰¥â´Õ◊È µ—«Î ‡§√◊ÕË ß∫‘π®“° ∫√‘…∑— ·Õ¡∫‘°“â ∑—«√å ®”°—¥ ·≈–∫√‘…∑— ®’æ’ ·Õ√å ‡´Õ√å« ‘ ®”°—¥ ´÷ßË ¡’ π“ß “«π‘™µ‘ “â ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…∑— œ ‡ªìπºŸ¡â ’ «à π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ÕË ß®“°π“ß “«π‘™µ‘ “â ™“Àå ‡ªìπ°√√¡°“√·≈–ºŸ∂â Õ◊ Àÿπâ ¢Õß ∫√‘…∑— ¥—ß°≈à“«

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√

‚¥¬ª°µ‘°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ µ—«Î ‡§√◊ÕË ß∫‘π¡’§«“¡®”‡ªìπµ“¡ —≠≠“«à“®â“ß≈Ÿ°‡√◊Õ ‡π◊ÕË ß®“°∫√‘…∑— œ µâÕß ®—¥À“µ—«Î ‡§√◊ÕË ß∫‘π‡æ◊ÕË √—∫ àß≈Ÿ°‡√◊Õ‰ª∑”ß“π∫π‡√◊Õ·≈–‡¥‘π∑“ß°≈—∫®“°‡√◊Õ∑’∑Ë “à ‡∑’¬∫‡√◊Õµà“ßÊ ∑—«Ë ‚≈° ‡¡◊ÕË —≠≠“«à“®â“ß ‘πÈ ÿ¥≈ß ∫√‘…∑— ·Õ¡∫‘°“â ∑—«√å ®”°—¥ ·≈–∫√‘…∑— ®’æ’ ·Õ√å ‡´Õ√å« ‘ ®”°—¥ ‰¥â∂°Ÿ ‡≈◊Õ°„Àâ¡“∫√‘°“√„π‡√◊ÕË ßπ’È ‚¥¬æ‘®“√≥“®“°°“√·¢àß¢—π∑“ß¥â“π√“§“·≈– ∫√‘°“√ °“√„Àâ∫√‘°“√∑’√Ë «¥‡√Á«°«à“·≈–¡’ª√– ‘∑∏‘¿“æ¡“°°«à“ √«¡∑—ßÈ ¡’ ”π—°ß“πÕ¬Ÿà„°≈â°∫— ∫√‘…∑— œ ´÷ßË ∑”„Àâ‰¡à¡ª’ ≠ í À“„π°“√√—∫ àßµ—«Î „π °√≥’‡√àß¥à«π

¡Ÿ≈§à“¢Õß√“¬°“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬´◊ÕÈ µ—«Î ‡§√◊ÕË ß∫‘π®“° 2 ∫√‘…∑— ¥—ß°≈à“«®”π«π 26.19 ≈â“π∫“∑ À√◊Õ‡∑à“°—∫ √âÕ¬≈– 0.26 ¢Õß ‘π∑√—æ¬å∑¡’Ë µ’ «— µπ ÿ∑∏‘

206 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

CONNECTED TRANSACTIONS

The following significant transactions entered into by the Company and Subsidiaries constitute transactions with related parties 1. Office lease agreement between the Company and Unistretch Limited

The Relation

The Office lease agreement is between the Company and 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.

The Fairness of Terms and Conditions of the Transaction

As of 31s t December 2005, the Company has rental and related expense from such transaction amounting to Baht 1.89 million which is 0.02 % of Net Tangible Assets. The Company has signed a lease for the office premises with Unitretch Limited at the rate of Baht 210 per square metre. The Company has also signed a lease for other office premises from a third party on other floors of the same building at the same rate of Baht 210 per square metre.

Policy in respect of future transactions with connected parties

The Office is essential for operating the business of the Company so the Company has to continue to enter into lease agreement for the year 2006 on similar (or more beneficial) conditions to the year 2005. 2. Purchase of air tickets from Ambika Tours Limited and Geepee Air Service Limited

The Relation

The Company and subsidiaries purchased air tickets from Ambika Tours Limited and Geepee Air 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. Ambika Tours Limited and Geepee Air Service Limited have been selected for this purpose in view of their competitive rates and service and also for their proximity to the Company没s office since this allows much quicker and efficient service.

The Fairness of Terms and Conditions of the Transaction

As of 31st December 2005, the Company and subsidiaries purchased air tickets amounting to Baht 26.19 million which is 0.26 % of Net Tangible Assets.

Annual Report 2005 卤 Precious Shipping Public Company Limited

207

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ

”À√—∫ªï 2549 °“√®—¥À“µ—«Î ‡§√◊ÕË ß∫‘π¢Õß∫√‘…∑— œ (·≈–∫√‘…∑— ¬àÕ¬) ¡’§«“¡‡ªìπ‰ª‰¥â«“à ®–¡’®”π«π¡“°°«à“ ªï 2548 ´÷ßË ‡ªìπº≈®“° °“√‡æ‘¡Ë ¢÷πÈ ¢Õß√“§“µ—«Î ‡§√◊ÕË ß∫‘π®“°°“√ª√—∫µ—«‡æ‘¡Ë ¢÷πÈ ¢Õß√“§“µ—«Î ‡§√◊ÕË ß∫‘π„π∑âÕßµ≈“¥ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— œ ‰¥â∑”°“√‡ª√’¬∫‡∑’¬∫ ¥â“π√“§“·≈–¡“µ√“∞“π¢Õß°“√„Àâ∫√‘°“√¢ÕßºŸ®â ”Àπà“¬µ—«Î ‡§√◊ÕË ß∫‘π√“¬Õ◊πË Ê ´÷ßË √«¡∑—ßÈ ∫√‘…∑— ·Õ¡∫‘°“â ∑—«√å ®”°—¥ ·≈–∫√‘…∑— ®’æ’ ·Õ√å ‡´Õ√å« ‘ ®”°—¥ „π°√≥’∑√’Ë “§“µ—«Î ‡§√◊ÕË ß∫‘π·≈–¡“µ√∞“π°“√„Àâ∫√‘°“√∑’‡Ë πÕ‚¥¬ºŸ®â ”Àπà“¬µ—«Î ‡§√◊ÕË ß∫‘π‰¡à‰¥â‡ªìπ‰ªµ“¡√“§“µ≈“¥‚¥¬∑—«Ë ‰ª À√◊Õ‡ß◊ÕË π‰¢µà“ßÊ ‰¡à‰¥â‡ªìπ‰ª‡æ◊ÕË º≈ª√–‚¬™πå ßŸ ÿ¥¢Õß∫√‘…∑— œ ∫√‘…∑— œ ®–‡ª≈’¬Ë π∫√‘…∑— ®—¥À“µ—«Î ‡§√◊ÕË ß∫‘π∑—π∑’

3. §à“„™â®à“¬„π°“√∫”√ÿß√—°…“®“°∫√‘…—∑ ·¡Á°´å«‘π ‡ÕÁπ®‘‡π’¬√‘Ëß ®”°—¥ §«“¡‡°’¬Ë «‚¬ß°—π

∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ ‰¥â®“à ¬§à“∫”√ÿß√—°…“ ”À√—∫√–∫∫‡§√◊ÕË ßª√—∫Õ“°“»∑’ Ë ”π—°ß“π·≈–∑’æË °— Õ“»—¬¢Õßæπ—°ß“π¢Õß∫√‘…∑— œ ·≈– ∫√‘…∑— ¬àÕ¬„Àâ·°à∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥ ´÷ßË ‡ªìπ√“¬°“√‡°’¬Ë «‚¬ß°—π ‚¥¬¡’π“ß “«π‘™µ‘ “â ™“Àå „π∞“π–°√√¡°“√¢Õß∫√‘…∑— œ ‡ªìπ ºŸ¡â ’ «à π‰¥â‡ ’¬‚¥¬µ√ß ‡π◊ÕË ß®“°π“ß “«π‘™µ‘ “â ™“Àå ‡ªìπ°√√¡°“√·≈–ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥

§«“¡ ”§—≠¢Õß°“√∑”√“¬°“√

°“√∫”√ÿß√—°…“√–∫∫‡§√◊ÕË ßª√—∫Õ“°“»∑’ Ë ”π—°ß“π¢Õß∫√‘…∑— œ ·≈–∑’æË °— Õ“»—¬π—πÈ ¡’§«“¡®”‡ªìπ ”À√—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…∑— œ ·≈–§«“¡‡ªìπÕ¬Ÿ¢à Õßæπ—°ß“π¢Õß∫√‘…∑— œ ∑’‡Ë ªìπ§πµà“ß™“µ‘ ∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥ ∂Ÿ°‡≈◊Õ°„Àâ¡“¥”‡π‘π°“√„π‡√◊ÕË ßπ’È ‚¥¬ √“§“·≈–°“√„Àâ∫√‘°“√µà“ßÊ ‡ªìπ‰ªµ“¡°“√·¢àß¢—π‚¥¬∑—«Ë ‰ª

¡Ÿ≈§à“¢Õß√“¬°“√

”À√—∫ªï 2548 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‰¥â®“à ¬§à“∫”√ÿß√—°…“√–∫∫‡§√◊ÕË ßª√—∫Õ“°“»®”π«π 1.38 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 0.01 ¢Õß ‘π∑√—æ¬å∑¡’Ë µ’ «— µπ ÿ∑∏‘

·π«‚πâ¡°“√∑”√“¬°“√„πÕπ“§µ

”À√—∫ªï 2549 ∫√‘…∑— œ ¬—ß§ß¡’§“à „™â®“à ¬„π°“√∫”√ÿß√—°…“√–∫∫‡§√◊ÕË ßª√—∫Õ“°“»°—∫∫√‘…∑— ·¡Á°´å«π‘ ‡ÕÁπ®‘‡π’¬√‘ßË ®”°—¥ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ‰¥â∑”°“√‡ª√’¬∫‡∑’¬∫¥â“π√“§“·≈–¡“µ√∞“π¢Õß°“√„Àâ∫√‘°“√ „π°√≥’∑’Ë√“§“·≈–¡“µ√∞“π°“√„Àâ∫√‘°“√‰¡à‰¥â ‡ªìπ‰ªµ“¡°“√·¢àß¢—π‚¥¬∑—«Ë ‰ª À√◊Õ‰¡à‰¥â‡ªìπ‰ª‡æ◊ÕË º≈ª√–‚¬™πå ßŸ ÿ¥¢Õß∫√‘…∑— œ ∫√‘…∑— œ ®–‡ª≈’¬Ë πºŸâ„Àâ∫√‘°“√∑—π∑’ Õπ÷ËßºŸâµ√«® Õ∫∫—≠™’¿“¬„π‰¥âµ√«® Õ∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π¢â“ßµâπ·≈–‰¥â√“¬ß“πº≈µàÕ§≥–°√√¡°“√µ√«® Õ∫‡¡◊ËÕ°“√ ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫§√—ßÈ ∑’Ë 1/2549 ·≈–‡ πÕµàÕ∑’ªË √–™ÿ¡§≥–°√√¡°“√∫√‘…∑— §√—ßÈ ∑’Ë 1/2549 ‡¡◊ÕË «—π∑’Ë 16 °ÿ¡¿“æ—π∏å 2549 ‡æ◊ÕË √—∫∑√“∫ ®“°§«“¡‡ÀÁπ·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√∫√‘…∑— ¡’§«“¡‡ÀÁπ«à“∫√‘…∑— œ ¡’°Æ ¢âÕ∫—ß§—∫·≈–π‚¬∫“¬ ªÑÕß°—π°“√∑”√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∑’Ë‡æ’¬ßæÕ √“¬°“√√–À«à“ß°—π∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∑’Ë∫√‘…—∑œ ¡’Õ¬Ÿà„πªí®®ÿ∫π— ¢â“ßµâπ‡ªìπ‰ªµ“¡¡“µ√∞“π∑“ß°“√§â“‚¥¬∑—«Ë ‰ª ‚¥¬¬÷¥∂◊Õ√“§“µ≈“¥‡ªìπ ”§—≠·≈–‡æ◊ÕË ª√–‚¬™πå ßŸ ÿ¥¢Õß∫√‘…∑— œ ·≈– ¡’°“√‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ·≈â«„πß∫°“√‡ß‘π·≈–/À√◊Õ√“¬ß“πª√–®”ªï¢Õß∫√‘…∑— œ

208 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

Policy in respect of future transactions with connected parties

For the year 2006, the Company (and subsidiaries) would have similar air ticket expenses possibly more in value than 2005 due to the increase in price as a consequence of the market price increase . The Company regularly reviews the pricing and service standards of the various Vendors of the tickets including Ambika Tours Limited and Geepee Air Service Limited. If the pricing and service standards of the present Vendors are found uncompetitive with market levels and/or if the terms and conditions are not for the benefit of the Company, the Company could change the Vendors. 3. Maintenance expenses from Maxwin Engineering Ltd.

The Relation

The Company and subsidiary pay maintenance expenses to Maxwin Engineering Ltd. for the air conditioning system at the main operational offices and the condominium apartments of the Company and its subsidiary. This is a connected transaction since Miss Nishita Shah, director of the Company is directly interested as director and shareholder of Maxwin Engineering Ltd.

The Significance of the related transaction

The maintenance of air conditioning system at the main operational offices and the condominium apartments are essential for operating the business and residence of the Company没s expatiate staffs respectively. Maxwin Engineering Ltd. has been selected for this purpose in view of their competitive rates and service.

The Fairness of Terms and Condition of the Transaction

For the year 2005, the Company and subsidiary have paid for maintenance expenses for the air conditioning system amounting to Baht 1.38 million which is 0.01 % of Net Tangible Assets.

Policy in respect of future transactions with connected parties

For the year 2006, the Company would have the expenses for maintenance of air conditioning system from Maxwin Engineering Ltd. The Company regularly reviews such maintenance contracts for pricing and service standards and if the same are not competitive and/or for the benefit of the Company, the Company could change the existing sevice provider. Internal Auditors have reviewed the above connected transactions and reported the results of their review to the Audit Committee Meeting No. 1/2006 who, in turn have also reported these transactions at the Board of Directors Meeting No. 1/2006 held on 16th February 2006 for the Board没s acknowledgement. Based on the findings and the Report from the Audit Committee, the Board of Directors is of the opinion that the Company has adequate rules, regulations and policies for prevention of the conflict of interest transactions and that above interested party transactions are entered solely based on the market prices and for the full benefit of the Company. Adequate disclosures have been made in the financial statements and/or the Annual Report.

Annual Report 2005 卤 Precious Shipping Public Company Limited

209

¥—™π’· ¥ß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 (µ“¡¡“µ√“ 56 ·Ààßæ√–√“™∫—≠≠—µÀ‘ ≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535) ≈”¥—∫∑’Ë 1

À—«¢âÕ ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1 ™◊ÕË ∂“π∑’µË ß—È ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® 1.2 ™◊ÕË ∂“π∑’µË ß—È ”π—°ß“π„À≠à ª√–‡¿∑∏ÿ√°‘® ¢Õßπ‘µ∫‘ §ÿ §≈∑’∫Ë √‘…∑— œ ∂◊ÕÀÿπâ µ—ßÈ ·µà√Õâ ¬≈– 10 ¢÷πÈ ‰ª 1.3 ™◊ÕË ∂“π∑’µË ß—È ¢Õß∫ÿ§§≈Õâ“ßÕ‘ß 1.4 π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π 2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π‚¥¬ √ÿª 2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’ Ë ”§—≠

Àπâ“ 200 201-205 212 200 1 1

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 3.1 §«“¡‡ªìπ¡“·≈–≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®‚¥¬ —ß‡¢ª 3.2 ‚§√ß √â“ß√“¬‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ 3.3 √ÿª°“√‡ª≈’¬Ë π·ª≈ß∑’ Ë ”§—≠¢Õß≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

2-12 75 16-28

ªí®®—¬§«“¡‡ ’Ë¬ß

70, 72

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 5.1 ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à 5.2 °“√®—¥°“√ 2 ‚§√ß √â“ß°“√®—¥°“√ 2 °“√·µàßµ—ß È °√√¡°“√·≈–ºŸ∫â √‘À“√ 2 °√√¡°“√Õ‘ √– - π‘¬“¡¢Õß°√√¡°“√Õ‘ √– 2 §à“µÕ∫·∑π°√√¡°“√ ·≈–ºŸ∫ â √‘À“√ 2 °“√°”°—∫¥Ÿ·≈°‘®°“√ 2 °“√¥Ÿ·≈‡√◊Õ Ë ß°“√„™â¢Õâ ¡Ÿ≈¿“¬„π 2 §«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√∑’¡ Ë µ’ Õà °“√§«∫§ÿ¡¿“¬„π

77-78 77-78 56 58, 60, 62 34-68, 30, 32 56 64, 66, 30, 32

√“¬°“√√–À«à“ß°—π 6.1 °“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π 6.2 §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√ 6.3 ¡“µ√“°“√À√◊Õ¢—πÈ µÕπ°“√Õπÿ¡µ— °‘ “√∑”√“¬°“√√–À«à“ß°—π 6.4 π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π

206, 208 206, 208 206, 208 206, 208

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π

94-114

ß∫°“√‡ß‘π

118-196

210 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

INDEX OF REPORT IN ACCORDANCE WITH FORM 56-2

(PURSUANT TO SECTION 56 OF SECURITIES AND EXCHANGE ACT B.E. 2535) No.

Details

Page No.

General information 1.1 Name, address and category of business 1.2 Name, address and category of juristic person in which the Company holds shares exceeding 10% 1.3 Name, address of other references 1.4 Dividend Policy Financial information 2.1 Summary of financial information 2.2 Significant financial ratios

200 201-205 212 200 1 1

Nature of Business 3.1 Nature of business 3.2 Revenue Structure 3.3 Summary of significant changes during the year

3-13 75 17-29

Risk factors

71, 73

Shareholders structure and the Management 5.1 Major Shareholders 5.2 Management 2 Management structure 2 Selection of directors and management 2 Independent Director - Definition of Independent Director 2 Remuneration of Directors and management 2 Corporate Governance 2 Using internal information 2 Comments from Board of Directors about internal control

77, 79 77, 79 57 59, 61, 63 35-69, 31, 33 57 65, 67, 31, 33

Related parties and connected transactions 6.1 Transactions between related parties 6.2 The necessity and reasonableness of transactions 6.3 Procedure to approve connected party transactions 6.4 Policy in respect of future transactions with connected parties

207, 209 207, 209 207, 209 207, 209

Explanation and Analysis of financial position and operating result

95-115

Financial Statements

119-197

Annual Report 2005 Âą Precious Shipping Public Company Limited

211

∫ÿ§§≈Õâ“ßÕ‘ß REFERENCES π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å 3

Share Registrar

∫√‘…—∑ »Ÿπ¬å√∫— Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ™—πÈ 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 : 66-2 229-2800 ‚∑√ “√ : 66-2 359-1259 »Ÿπ¬å∫√‘°“√¢âÕ¡Ÿ≈ : 66-2 229-2888 Website : http://www.tsd.co.th E-mail : contact.tsd@set.or.th ΩÉ“¬π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å - à«π∫√‘°“√ºŸÕâ Õ°À≈—°∑√—æ¬å 1 Õ“§“√ ∂“∫—π«‘∑¬“°“√µ≈“¥∑ÿπ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 2/7 À¡Ÿ∑à ’Ë 4 (‚§√ß°“√πÕ√å∏ª“√å§) ∂ππ«‘¿“«¥’√ß— ‘µ °¡ 27 ·¢«ß∑ÿßà ÕßÀâÕß ‡¢µÀ≈—° ’Ë °√ÿß‡∑æœ 10210 ‚∑√»—æ∑å : 66-2 596-9000 Thailand Securities Depository Co., Ltd. 4th, 6th - 7th Floor, Stock Exchange of Thailand Building, No. 62 Ratchadapisek Road, Kwang Klongtoey, Khet Klongtoey, Bangkok 10110 Telephone : 66-2 229-2800 Facsimile : 66-2 359-1259 Enquiries : 66-2 229-2888 Website : http://www.tsd.co.th E-mail : contact.tsd@set.or.th Registration Service Department - Issuer Service Unit 1 Capital Market Academy Building, The Stock Exchange of Thailand 2/7 Moo 4, (North Park Project) Vibhavadi-Rangsit Road, Km. 27, Tung Song Hong, Laksi, Bangkok 10210 Telephone : 66-2 596-9000

‡®â“Àπ’È‡ß‘π°ŸâÀ≈—°·≈–∏π“§“√À≈—° 3

Main Lenders and Main Bank

∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) Õ“§“√‡æ≈‘π®‘µ‡´Áπ‡µÕ√å ™—πÈ 5 ∂ππ ÿ¢¡ÿ «‘∑ ´Õ¬ 2 ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10100 ‚∑√»—æ∑å : 66-2 208-8020-21, 66-2 256-8146 ‚∑√ “√ : 66-2 256-8147 Website : http://www.ktb.co.th Krung Thai Bank PCL Ploenchit Center 5th floor, 2 Sukhumvit Road, Soi 2, Kwang Klongtoey, Klongtoey, Bangkok 10110 Telephone : 66-2 208-8020-21, 66-2 256-8146 Facsimile : 66-2 256-8147 Website : http://www.ktb.co.th

ºŸâ Õ∫∫—≠™’ 3

Auditors

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ™—πÈ 33 Õ“§“√‡≈§√—™¥“ 193/136-137 ∂ππ√—™¥“¿‘‡…° (‡¬◊ÕÈ ß»Ÿπ¬åª√–™ÿ¡·Ààß™“µ‘ √‘ °‘ µ‘ )‘Ï §≈Õß‡µ¬ °√ÿß‡∑æœ 10110 µŸâ ª.≥. 1047, °√ÿß‡∑æœ 10501 ‚∑√»—æ∑å : 66-2 264-0777, 66-2 661-9190 ‚∑√ “√ : 66-2 264-0789-90 Website : http://www.ey.com/th Ernst & Young Office Limited 33rd Floor, Lake Rajada Office Complex 193/136-137 Rajadapisek Road, (Near Queen Sirikit National Convention Centre) Klongtoey, Bangkok 10110 G.P.O. Box 1047, Bangkok 10501, Thailand Telephone : 66-2 264-0777, 66-2 661-9190 Facsimile : 66-2 264-0789-90 Website : http://www.ey.com/th 212 รายงานประจำป 2548 ± บริษทั พรีเชียส ชิพปง จำกัด (มหาชน)

“√∫—≠

CONTENTS

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

EXIT EMERGENCY WAY CO., LTD. Tel : 02-986-2525-28

√“¬ß“πª√–®”ªï 2548 ± ∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2548 Annual Report 2005

➣

PRECIOUSth SHIPPING PUBLIC COMPANY LIMITED

ANNUAL REPORT 2005 ± PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

∫√‘…∑— æ√’‡™’¬ ™‘æªîßô ®”°—¥ (¡À“™π)

∫√‘…—∑ æ√’‡™’¬ ™‘æªîôß ®”°—¥ (¡À“™π)

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED