281.2 million Baht from the previous fiscal year or 14.0% due to benefit from raw material. 3. Selling and administrative expenses decreased by 13.6 million Baht or 2.5%, the company emphasize on the

-term loans and Account payable in Q1, 2019 has increased compare to Q1 in 2018 at 9.40 million baht or 14.70 % following the fact that the company has a rising sale trend, so it has to ordered more raw

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-006 Subject Management Discussion and Analysis for

Granary Public Company Limited and its subsidiaries, would like to present the Management Discussion and Analysis (MD&A) of 2018 as follows: Management Discussion and Analysis (MD&A) Patum Rice Mill and

income 7,113 19,836 -12,723 -64.14% 2,919 7,490 -4,571 -61.03% Total Revenue 1,172,362 1,087,913 84,449 7.76% 541,444 520,106 21,338 4.10% Company total revenue on six-month and 2nd quarter of year 2020

amounting to 1,128 MTHB, decreasing from 1,374 MTHB of the year 2018 which mainly due to decline of main raw materials’ price. 4. At the end of 2019, the Company and its subsidiary had net property, plant and

from (1) and (2), it has been found that the Company still has high limitation. Hence, the Company has studied the possibility to move the location of the project to reduce the distance for raw material

resolution of the Board of Director Meeting No. 1/2019, held on February 25th, 2019 of Hwa Fong Rubber (Thailand) Public Company Limited. that approved renew the Technical Cooperation Agreement between Hwa

of 108.62 Million Baht. By this, the reason came from subsidiary (Rayong Wire Industries Public Company Limited has reserve cash for payment of raw materials and more inventory of 149.66 Million Baht

resolution of the Board of Director Meeting No. 7/2018, held on August 6th, 2018 of Hwa Fong Rubber (Thailand) Public Company Limited. that approved renew the Technical Cooperation Agreement between Hwa Fong