initial stage of their operation, and thus exposed to high risks, including business risk, obligations of the offered debts, trading channels and transfer limitation. In addition, to manage risks and

client is aggressively concerned with maintaining the firm’s fees as low as possible. - Indications of an inappropriate limitation in https://www.sec.or.th/TH/Documents/Auditor/QAQR-04.xlsx securities

OPEC’s lowered heavy crude export after production limitation were put in place since the past January. While the closure of Japanese refineries 10 | Management Discussion and Analysis of Business

baht, or 5.37% comparing to the same period last year due to the growth of automobile’s and motorcycle’s production. 2. Increase in raw materials costs around 78.08 million baht, or 10.65% comparing to

Prachinburi province in January 2017 are also available. Chemicals were purchased for use as raw materials and distribution division include 1. Zircon Sands sold to industrial ceramics and metal foundry 2

the same period last year due to the growth of automobile’s and motorcycle’s production, as well as the higher export amount. 2. Increase in raw material costs around 102.71 million baht or 20.18

of raw materials is down. As a result, gross margins widened to 20.9% in 2017 from 14.8% in 2016. Production overhead in 2017 increased by 17.31 million baht or 15.7% from 2016 due to the cost of

GPM of Baht 63.7 million that 5.1% increased from Q1/2018 or by Baht 3.1 million mainly due to effectiveness in raw material and production cost management. - QSR business recorded its GPM of Baht 20.0

from sale. The direction of raw material is improving 3. Selling and administrative expenses was increased by 17.6 million Baht or 3.4 % from the supporting in marketing activity in all business unit. In

% comparing to the same period last year due to the growth of automobile’s and motorcycle’s production. 2. Increase in raw material costs around 30.68 million baht or 4.05% comparing to the same period last