show inaccurate financial condition and operational results in order to mislead the public; in contravention of and shall be liable to the penalty under Sections 312 and 315 of the Securities and
scrap. This resulted in AMAC’s 2008 and 2009 financial statements to show inaccurate financial condition and operational results in order to mislead the public; in contravention of and shall be liable to
opened without requiring additional identity verification. In addition, Bitazza provided essential operational systems to Bitazza Global. The aforementioned actions by Bitazza Global and Bitazza are deemed
Changes 5 2. Risk Management and Risk Factors 8 2.1 Overall Risk Management 8 2.2 Risk Management 12 Credit Risk Management 12 Market Risk Management 15 Liquidity Risk Management 16 Operational Risk
of MACO. Cost-to-sales ratio, however, decreased from 41.6% to 39.0% primarily due to sales growth outpaced cost growth, improved operational efficiency and cost management especially in the Outdoor
comprised of (1) nationwide on-ground operational marketing expenses of Bao Dang Ladies amounted to THB 62 million, up by THB 3 million or 4.9% (2) advertising expenses in other formats amounted to THB 68
55 million or 37.5%. Such expenses comprised of (1) nationwide on-ground operational marketing expenses of Bao Dang Ladies amounted to THB 62 million, up by THB 3 million or 4.9% (2) advertising