Dear Shareholders,

          During the past year, the overall economy continued to decline from the previous year which cause by many factors as follows;

       1. Global economy remains weak due to the trade war between the United States and China. Resulting to many countries in the world faced to slump situation. The economy still not expand, some were in recession. Thailand is one of the country that cannot be avoid. The value of trade exports declined surprisingly, even in some months. Many industrial factories were shut down and some were reduce a working time. There are a lot of unemployed workers. The population have lower income, those things cause to the overall economy not expand because of reduction of purchasing power.

      2. Floods occurred in northeast and southern regions still causing to agricultural crops over ten thousands of rai. Also cause to drought, no water consumption to maintain crops. These reason was effect to the lower income of agriculture labor which some are even lose with more debt. Resulting to less purchasing power

      3. Politics are still not peaceful, there are always many conflicts. Politicians rarely in time to run the country because spending time to protect themselves with no stability. So that the population lack of confidence in their career and the future income.

      4. Middle level workers such as office, bank and media employees beginning to gradually lose unemployment and also aggravate to worse in economy. Moreover, this is because of many SME business have experienced liquidation. The bank has set bad debt reserve with those SME business. The income of middle class people has slightly decrease.

       As result, even though the economy in the previous year was not very well. The company was still able to increase sales even only a small amount but we can still maintain a level of net profit to be not less. Also continued to pay dividend to the shareholders consistently this year. In 2020, the company has a policy to save costs and try to reduce costs more to improve the operating results more than last year. In order by releasing new products, including increasing the efficiency of employees at all levels. We expect to be able to generate more profit than the previous

year.

        All the Board of Directors would like to express our gratitude to the shareholders for always consistently supported the company.


Yours faithfully,

Mr. Roongroj Saengsastra

Chairman 

Message from Chairman