” trademark to the Company. Key undertaking : NMG repays certain amount of outstanding debts to the Company within 7 working days from the Completion Date. 3.2 Business and Komchadluek Trademark Sellers : (1

3,300 3,400 6M/16 6M/17 - 2 1 % Y o Y - 1 7 % -12% YoY -12% YoY Page 3 However, Branded export sales continued to grow strongly by c.20%, since the Company has been working closely with its distributors

issued shares can be used for business expansion, secure the construction projects and investments in various projects of the Company, and as working capital for the Company's business operations, thereby

, mainly due to an increase in loans from financial institutions for the Company’s working capital and investments. Shareholders' Equity As at 31 March 2018, the Company and its subsidiaries had total equity

and subsidiaries have loaned from the related-parties to use as working capital. In 2019 the Company and subsidiaries had tax expense of 4.41 million Baht and 3.20 million Baht in 2018. In 2019, the

in 2020 and in 2019 of 6.44 million Baht and 3.71 million Baht, respectively. The Company and its Subsidiaries loans from financial institutions and from related parties to support working capital. In

working capital of the Company. 11. Conditions precedent to completion of the transactions Conditions precedent in Share Acquisition Transaction with Hero Experience will be in according to the Share

of fund The fund used for payment in Share Acquisition Transaction for total price of Baht 280,000,000 will be from working capital of the Company. 11. Conditions precedent to completion of the

). However, the financial costs from these funding sources were very high. The Company had no ability to compete with the HRC import price from time to time. Moreover, lack of working capital caused the

transaction amount is USD 5.80 million paid from Ratch-Lao Services Company Limited’s working capital and loan. Management Discussion and Analysis For the Year Ended December 31, 2018 Page 5 On January 3, 2019