Financial Statements
NOTES TO THE FINANCIAL STATEMENTS Chow Steel Industries Public Company Limited and its subsidiary NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
1. GENERAL INFORMATION
Chow Steel Industries Public Company Limited was incorporated in Thailand. The principal business operation of the Company is to produce and sell of steel billet. Its major shareholders are Jiratomsiri’s Group (owned 64%). The address of its registered is located at as follows : • Head Office is located at 209/1 K.Tower,18thFl, Unit3, Sukhumvit 21(Asoke), Klongtoey Nua, Wattana, Bangkok. • Factory branch.1 is located at 518/1 Moo 9 Nongki District, Kabinburi, Prachinburi. • Factory branch.2 is located at 518/3 Moo 9 Nongki District, Kabinburi, Prachinburi. The Company was listed on the Stock Exchange of Thailand on 21December 2011 and the Company’s stocks were traded on the MAI (Market of Alternative Investment).
2. BASIS FOR CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS PREPARATION
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The consolidated and the separate financial statements have been prepared in accordance with Thai Generally Accepted Accounting Principles under the Accounting Act, B.E.2543 being those Thai financial Reporting Accounting Standards issued under the Accounting Profession Act, B.E. 2547 and the financial reporting requirements of the Securities and Exchange Commission under the Securities and Exchange Act. The preparation of financial statements in conformity with Thai generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses in the reported periods. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ from those estimates. The consolidated financial statements of Chow Steel Industries Public Company Limited and subsidiary, Vertex Logistics Service Co., Ltd., which is engaged in the business of logistic service. The Company holds 40% of the subsidiary’s registered share capital since 1 January 2010. Chow Steel Industries Public Company Limited has power in control a subsidiary, therefore, the Company presents consolidated financial statements. The significant transactions between the Company and the subsidiary have been eliminated in the consolidated financial statements. “The Company” represents “Chow Steel Industries Public Company Limited,” while “The Group” represents “Chow Steel Industries Public Company Limited” and its subsidiary which is “Vertex Logistics Service Co., Ltd.”. For the convenience of the user, an English translation of the financial statements has been prepared from the statutory financial statements that are issued in the Thai language.
Chow steel Industries Public Company Limited