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J4K Corporation Co., LTD Ramindra Rd. 56 Soi Ramintra 19, Bangkok, Thailand j4kconsulting@gmail.com www.j4kconsulting.com Company Representative Kasama Tasanavites

ACCOunting service

PROPOSAL prepared for City Airways The following is our proposal on an accounting service to City Airways Co., Ltd. which includes, our accounting approach, values we will add, and our professional fees. Š Copyright 2013 J4K Corporation Ltd |Strictly Confidential | All Rights Reserved


ABOUT US J4K Corporation Co.,Ltd. set up by talented individuals who have more than 9 years experience in accounting and audit services industry. Our professional team are not only your accountants but we will be your independent financial advisors. We assist our clients to reach their goal and maximise value of the business. With our industry knowledge, we apply our expertise to advice clients in all aspects of accountancy, finance and tax. What do we do? We provide diverse business services including company registration, accounting service, audit service, tax consultant, and business liquidation. How do we do it? Our approach will be developed for each client from a thorough understanding of business framework combining with an analysis of business risks and concerning issues.

ACCOunting service

PROPOSAL

To cITY aiRWAYS


(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

cover letter City Airways Co., LTD

24 / March / 2014

Private and Confidential 184/6, 10th Floor, Forum Tower Ratchadaphisek Rd. Huai Khwang Bangkok 10310, Thailand

PROPOSAL TO PROVIDE PROFESSIONAL ACCOUNTING SERVICES We are pleased to have this opportunity to present our proposal on an accounting service to City Airways Co., Ltd. (‘the Company’). We have prepared an estimated level of effort after consideration of your business and requirements. We believe J4K Consulting (‘J4K’) is in the right position to serve you as your independent financial consultants because we will: • Maximize your business value: Our teams of professional Certified Public Accountants have extensive working experience in relevant industries with world leading professional services companies. Team members are aware of the factors that may negatively affect the Company. We are prepared to serve City Airways in order to maximize your value under business requirements. • Offer the best advice: Our deep knowledge of business requirements will ensure that City Airways gets the best advice under the specific situations or business issues including financial reporting and tax issues. • Provide you practical business recommendations: We have extensive operational experience of large, medium and small companies in Thailand. This will allow us to recommend you what are the best practices for each application processes and systems. • Apply risk based approach: Our accounting approach will primarily begin with deep understanding in your business. By focusing on areas of businesses and control risks, our strategies are efficient and deliver value beyond our report. We also emphasize on regular communication throughout the year with your team and the early identification with resolution of issues. All issues found will be officially reported with detailed explanations of the solutions. Our team is enthusiastic about the opportunity to serve you. We honestly believe that by choosing us as your professional financial advisors, you will not only get the high quality of work and additional value as promised but also long term business partner to support you at any times you need. It is our pleasure to discuss our proposal and your requirements in more details and we look forward to hearing from you. Yours faithfully,

Kasama Tasanavites (CPA, Thailand) Managing Director, J4K Corporation Co.,LTD.


We’d love to work with you and your business in the most simple, flexible, and efficient manner possible. We know accounting can be annoying, difficult, and complicated – but that’s really why we are here. We want to make it simple enough for you to understand, better yet, to enjoy. Kasama Tasanavites, Managing Director


(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

Table of content Page Title

Page Number

About US

1

Cover letter

2

VALUE WE WILL bring

5

your requirements

7

project timeline

8

our team

9

professional fee

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contact@j4kconsulting.com | www.j4kconsulting.com | (+66) 81 - 913 -5445

the value we will bring Your professional accounting service can be simple We do not believe in one time service. We want to be your long-term business partner. To work with you as you grow and to make the operational and accounting process easier, in the way that is flexible, and accommodate with your growing needs, are our primary objectives. Invest your time with us in the first year service, and our professional team will handle all the rest. Our main objective is to have a deep understanding of your business framework and add value to your system while making sure your accounts fairly represent your business, which will allow you to have a clear picture in order to make your crucial decisions. As professional accountants, we can help you improve your business processes and control. Good process and control will increase work efficiency by addressing the errors at the early stages and avoiding misreporting. Your professional accounting service can be flexible Our team will be available to discuss your business issues as they arise and to be able to assist you in developing useful and cost effective solutions to accounting and related business issues. Throughout our service, the knowledge transfer process is embedded. We will make sure that your team completely understand our recommendations and can apply on the practical perspective.

Your professional accounting service tailored to your business

Our approach to City Airways will be built on developing a thorough understanding of your business framework. Importantly, it will also combine with an analysis of your business risks and issues as you concern. From our operational experiences in local and international practice, we can bring the best practice to your business. Not only accounting system is concerned, but also main operational systems will be evaluated thoroughly in order to make sure that the company’s accounts are fairly presented.

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(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

Your financial statements will be finished within deadline.

Our extensive experience will ensure that your financial statements are completed within the deadline which is required by group and local statutory requirements. Our approach is simple, to the point, and is carried out in a way that ensures your costs are minimised.

You will benefit from dedicated 1:1 consulting on the most efficient process.

Whatever your questions may be, whenever they may arise, we will address them, on a 1:1 basis. You can speak to our expert accountants over the phone, online, at your office, or at our office – whatever works for you best.

Your information is safe – you can trust us.

All of information provided to our teams is strictly confidential, physically stored in a secure strong room, and/or systematically encrypted on a secured server at our head office.

Your financial statements will be prepared to cater to the Revenue Department’s requirements.

Our expert accountants are fully aware of all the requirements and criteria set forth by the Revenue Department. We will ensure that your financial statements answer any/every question they may have.

All your requirements will be met with seamless flexibility

A strong relationship with you is our utmost priority – this is why we will tailor-make our accounting service for you, and ensure that every aspect of it is as flexible as physically possible.

No hidden fees, registration fees, unreasonable terms or anything of that sort!

Transparency is at the heart of the J4K approach – we are completely open right from the word go. We put all our cards on the table, so there are no surprises; you will know exactly what you are paying for, how much it costs, and the value we will add.

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(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

Your Requirements The appointed accountant will be responsible for: Bookkeeping of all domestic transactions for 12 months from 1 January 2013 to 31 December 2013. Preparation of bank reconciliation to ensure the accuracy of bank balance in the financial statements. The accuracy and completeness of general ledgers. Preparation of fixed asset registration and depreciation recordings which comply with Thai accounting standard. Preparation of the financial statements in accordance with the Thai generally accepted accounting standards (“GAAP”) including the financial position of the Company as at the balance sheet date, the results of operations for the year end, and notes to financial statements. Submitting the corporate income tax filing for 2013 Submitting financial statements for the year ended 31 December 2013 to government authorities both the Revenue Department and Department of Business Development within deadline

We understand that your requirement is to have an audit of the Company’s financial statements for the year ending 31 December 2013. The appointed auditor (J4K partner) will be responsible for performing an audit in accordance with the Thai generally accepted auditing standards and giving an opinion whether the financial statements present fairly, in all material respects, the financial position of the Company as at the balance sheet date, and the results of operations for the year then ending in accordance with the generally accepted accounting standards in Thailand.

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Meeting your requirements - Quick and on-time accounting process - Accountants that are capable to handle Thai GAAP issues, provide advice to the Company’s management - Professional Financial Statements that are prepared to cater to the Revenue Department’s requirements - Dedicated 1:1 consulting on the most efficient process - Seamless flexibility so as to meet your specific requirements throughout the process - No hidden fees or unreasonable terms and conditions - Confidentiality that matches the way we deal with our bank


PROJEct TimeLine

“

Achieving the deadline is dependent on receiving information according to an agreed timetable. We expect that management will complete client assistance package including supporting schedules before we start the fieldwork.

MARCH Proposal Submission

2014 APRIL

Initial Planning

Fieldwork

�

MAY Report Submission

Beginning of April: - Understand the business and operational systems - Risk assessment - Evaluation of control systems

End of March - Proposal submitted

Mid of April:

Mid of May :

- Bookkeeping

- Review of work and report submission

- Preparation of financial statements

End of April:

End of May:

- Report findings - Final submission and recommendto government ations authorities

ACCOunting service

PROPOSAL

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contact@j4kconsulting.com | www.j4kconsulting.com | (+66) 81 - 913 -5445

our TEAM Managing Director

KASAMA TASANAVITES

Kasama qualified as a Thai CPA. She has been in accounting and audit services industry for more than 9 years. During that time, she had over 6 year’s experience with PricewaterhouseCoopers (PwC) not only in auditing and business assurance services but also in operational audit. She received Outstanding Employee Award demonstrating top 10% performance for 4 consecutive years in her PwC career. Such award is determined based on leadership, relationship management, collaboration, and work quality. Kasama Tasanavites CPA, MSc, BBA (66) 2552 8367 101 (office) (66) 2521 4923 (fax) kt@j4kconsulting.com

Her portfolio included banks, insurance, securities, and manufacturing; notable clients included: CIMB, AIA, Seamico Securities Plc, and Bausch and Lomb, Sri Trang Agro-Industry Public Company Limited. She was a part of IPO team of Sri Trang Agro-Industry and AIA. She was also a youngest team manager ever appointed to deal with AIA’s IPO on the Hang Seng exchange. She got the highest score from client evaluation based on a preparation of value-added management control reports; coordinating with clients to receive recommendations on internal controls in order to develop and implement various process improvements. Her main areas of technical advice on accounting issues are within the context of Thai Accounting Standards. Kasama has a bachelor degree of Business Administration (2nd class honors in accounting) from Thammasat University, one of the most disctinctive business in Thailand and a master’s degree in Finance and Investment (Merit) from University of Exeter Business School, awarded as University of the year 2012-2013. Her English is fluent. Kasama was assigned as a representative of PwC Bangkok office at PwC Hong Kong on a 10-week project in Hong Kong with colleagues from Korea, Singapore, and China to create critical action plans to be utilized in customer relationship management initiatives meet with client requirements and satisfaction. She was also invited to lecture undergraduate students on auditing at Assumption University.

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(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

Signing Partner

Duangkamon lucksutham

Duangkamon qualified as Thai CPA. She has been in financial services industry for more than 8 years with over 4 years’ experience with PricewaterhouseCoopers (PwC). Her main portfolio includes manufacturing, financial institutions, insurance, and provident fund. She was in an audit team of Dairy Plus Company Limited, American International Assurance Thailand (AIA), ACE Life Assurance Company Limited, QBE Insurance (Thailand) Company Limited.

Duangkamon Lucksutham CPA, MSc, BSc (66) 8 1250 2525 (mobile) dl@j4kconsulting.com

Duangkamon is currently a signing partner of J4K Consulting. She has an extensive experience in information system audit, collect and analyse data to detect deficient controls, duplicated effort, fraud, or non-compliance with laws, regulations, and management policies, and provide recommendations. She also has direct experience in an evaluation of taxpayer finances to determine tax liability by examining records, tax returns, and related documents. She has a bachelor degree of Accountancy (1st class honors) and a master’s degree in International Economics and Finance from Chulalongkorn University. Her English is fluent.

Pakaporn thongyai na ayutthaya

Audit Manager

Pakaporn qualified as Thai CPA. She had over 5 years’ experience with PricewaterhouseCoopers (PwC) not only in auditing and business assurance services but also in advisory project. Her main portfolio includes manufacturing, financial institutions, banks, leasing, and funds. Her major audit clients includes Central Group, Bank of China Bangkok Branch, Kim Eng Securities (Thailand) Public Company Limited, Macquarie Securities (Thailand), American Express (Thai), WHA corporation Group, WHA Property Fund and Capital Engineering Network PCL Group. Her main responsibilities are conduct in-depth business and market research and analysis for clients, identify all relevant risks, design and tailor audit approaches to risks identified for each client, prepare statutory financial statements for each client in accordance with Thai generally accepted auditing standards (GAAS) and Thai Generally accepted accounting principles (GAAP) and manage overall workflow of the teams.

Pakaporn Thongyai NA Ayuttaya, CPA, BBA (66) 8 0607 8889 (mobile) pt@j4kconsulting.com

Pakaporn was evaluated as ‘Outperformer’ for 4 years in her career, an award given to 10% of the peer level and also received a ‘Fast promotion’ in 2010, an award given to less than 2% of the entire company. Such award is determined based on leadership and advancement in managerial skills. Pakaporn has a bachelor degree of Business Administration, English Program, (2nd class honors in accounting). She Joined an exchange student program in USA and attended local high school as a sophomore and graduated top of her class with outstanding performance (Honor Roll) award. Her English is fluent.

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contact@j4kconsulting.com | www.j4kconsulting.com | (+66) 81 - 913 -5445

Senior Associate

Kraswan Ananrojwong CPA, MBA, BBA

kraswan anarojwong

Kraswan qualified as Thai CPA. She has been in the audit industry for 5 years with over 3 years’ experience with PricewaterhouseCoopers (PwC). She managed the audit master plan, forecasted budgeting, mobilized the engagement team, evaluated audit risks, developed control testing of operational and financial systems, performed financial analytical procedures for financial statements including balance sheets, P&L, and statements of cash flow, evaluated and revised internal controls, performed substantive testing, and developed audit working reports according to local and international GAAPs. She performed audit testing for diverse international companies and departments e.g. credit analysis for CIMB Bank, expense for AIA, loans for Tokyo Leasing, interbank for Bank of China, sales for AT&T, and investment for Barclays. Kraswan has a bachelor degree of Accountancy major in Auditing (1st class honors) from Chulalongkorn University and a master’s degree in Business Administration from Babson College, F.W. Olin Graduate School of Business, Boston USA. Her English is fluent.

kittipong santisarUn

Senior Associate

Kittipong qualified as Thai CPA. He has over 6 years’ experience in providing audit services to client. His main portfolio includes small to large companies in various industry such as Daily Plus Company Limited, American International Assurance Thailand (AIA), AXA Insurance Public Company Limited, and Bank of China. This cumulative experience will enable him to quickly understand company’s business framework, assess key risk of client’s businesses, then apply proper accounting standards under specific situations, and analyze financial information and ratio to address the issues that may be hidden. Kittipong has a bachelor degree of Business Administration, 1st class honours, in accounting from Kasetsart University. His English is fluent.

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Kittipong Santisarun, CPA, BBA


(+66) 81 - 913 - 5445 | www.j4kconsulting.com | contact@j4kconsulting.com

Our Professional Fee Our fees reflect the thoroughness of our service offering and our commitment to deliver the excellent quality, transparency and value for money. Proposed fees are based primarily on the right number of hours from different levels and skill set of our experienced service team in delivering and ensuring high quality audit work in accordance with Thai Accounting Standards, and your needs and expectations, which are our top priority. Out-of-pocket expenses including travelling and accommodation costs will be billed to you on an actual incur basis. Any such expenses will be sent for your approval in order to ensure transparency and fairness.

Accounting service for local financial statements :

Statutory audit of the financial statements :

150,000 Baht

120,000 Baht

This service covers all of your requirements as aforementioned

J4K Partner will perform an audit in accordance with the Thai generally accepted auditing standards and giving an opinion whether the financial statements present fairly.

Additional service that may be included

Audit of Cash Flow Statement 10,000 Baht Financial Advisory To be discussed

Please feel free to contact Ms. Kasama at 08 1913 5445 or Ms. Duangkamon at 08 1250 2525 if you have any questions regarding our proposal or if you would like to discuss with us in more details.

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Accounting Service Proposal