represents revenue from hospitality business, commercial business and other businesses. Hospitality Business At present, all hospitality business of the Company was under the management of SHR, the Company’s

Corporate Group’s trade accounts receivable and other accounts receivable as at September 30, 2017 account for 16.57 percent of the total assets with 84.41 percent not yet due for payment. The Corporate Group

the Year as at 31 December 2018 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are please to inform you our management discussion and

This initiative follows the government's recent introduction of tax incentives aimed at bolstering investments in ESG stocks and strengthening the Thai capital market. These incentives apply to both

priority to the management of housing inventory and financial liquidity. (2) Rent and Service Business MK Group was able to continue to grow revenue from its rent and service business. This helped to

this year. To accomplish cost management policy, The Group will no longer accept such condition project in the future. Cost to revenue from sale of industrial equipment ratio in 2019 decreased 10.09

conditions of the loan agreement with only one commercial bank at this time as follows. (5.1) Loan Agreement in AAC-1 Project: The Corporate Group entered into a long-term loan agreement of Baht 500 million

account receivables - unrelated parties 1,377 2,452 Less: Allowance for doubtful accounts (81) (52) Trade account receivables - net 1,296 2,400 As at 31 December 2019 and 31 December 2018, the Group had the

for doubtful accounts (54) (55) Trade account receivables - net 1,289 2,400 As at 30 September 2019 and 31 December 2018, the Group had the allowance for doubtful accounts, amounting to Baht 54 million

of 2016 was decreased. As at 30 September 2017, the Group has backlog for construction service in oil and gas sector totaling of 1,157.39 Million Baht. 3. Testing and Inspection service increased from