to average Total Equity Yours faithfully, (Mr. Hiroaki Sano) Managing Director 2017 2016 Gross profit margin 20.6% 13.5% Net profit margin 11.6% 7.1% Debt to Equity ratio 0.11 0.15 Earnings per share

. The Company has drawdown loan for acquisition of subsidiary shares in 2Q’18 causing rising debt level at the end of December 2018 and subsequently paid down loan from its operating cash flow and

respectively, equivalent to 50.8% and 70.9% respectively of the total Liabilities. Current Liabilities as of year 2019, mainly due to an increase of debt under trust receipt. 2. Non-current Liabilities As of the

MB and THB 382.1 MB respectively, equivalent to 50.8% and 69.2% respectively of the total Liabilities. Current Liabilities as of year 2019, mainly due to an increase of debt under trust receipt. 2. Non

sector. Financing Cost The financing cost was barely zero during 1Q’20 as debt was paid-off. Net Profit Net profit of 1Q’20 plunged by 53% yoy. The company has sold land in 1Q’19 yielding profit before

Company and its subsidiary, please kindly find the following attachment. Please kindly be informed accordingly. You’re faithfully, Mr. Geza Emil Perlaki Managing Director http://www.goldenlime.co.th

subsidiary, please kindly find the following attachment. Please kindly be informed accordingly. Yours faithfully, Mr. Geza Emil Perlaki Managing Director For period ended 31 March 2020 MANAGEMENT DISCUSSION

348.8 MB respectively, equivalent to 50.8% and 63.8% respectively of the total Liabilities. Current Liabilities as of year 2019, mainly due to an increase of debt under trust receipt. 2. Non-current

power, as farm income continued to be constrained by low prices of agricultural products and nonfarm income remained lackluster. Moreover, high levels of household debt caused the generation of new loans

ทดสอบกระดาษหัวจดหมาย IRC 5 -Translation- November 22, 2019 Subject: Management Discussion and Analysis Fiscal Year 2019 To: Managing Director The Stock Exchange of Thailand Inoue Rubber (Thailand