the increase of trade receivables and unbilled receivables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 31 March 2018 31 December 2017 Trade

and repayment of short term loan from related parties Baht 166 million. (See more details in Statement of cash flows) Trade accounts receivable As of 30 September 2018, the Company and subsidiary has

(GCNT), and the Kenan Foundation Asia.  The Awards is promoted in collaboration with the European Association for Business and Commerce (EABC) and the Franco-Thai Chamber of Commerce (FTCC).  SEC

. (“IGEN-ENERGY”) Invested company IGEN Energy Co., Ltd (“IGEN-ENERGY”). 1. Transaction date Expected transaction within December 2019. Transaction could happen before expected date above upon Condition

110 per share, totaling of Baht 9.90 million from the shareholders of Trans.Ad (the “Sellers”) who are not the related persons of the Company (the “Transaction”). This Transaction is considered as an

. (“Trans.Ad”) at the price of Baht 110 per share, totaling of Baht 9.90 million from the shareholders of Trans.Ad (the “Sellers”) who are not the related persons of the Company (the “Transaction”). This

already registered the changes to the Department of Business Development, Ministry of Commerce on April 17, 2019. In this regard, the Company still uses the same stock symbol “RATCH”. Management Discussion

20.73 19.12 24.88 Year 2018 19.36 21.28 20.37 19.00 - - - - - - - - 20.00 Reference : Department of internal trade, Ministry of Commerce April 2018 The Company has set allowance for devaluation of

an unfavorable condition of the Company’s traditional trade channel because of the terminated contract with the distributor, which was effective since 30 June 2019. Further in this year, the period

economics’ slowdown is expected to continue in 2Q19 since the negative impacts remain unsolved. The global economic is expected to be pressured from an uncertainty of the USA-China Trade War. New government