2013 Annual Report Thai Wah Starch Public Company Limited Annual Report Thai Wah Starch Public Company Limited 21/59,21/63-64 Thai Wah Tower 1, 20 th - 21st Floor, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 Thai Wah Starch Public Company Limited Tel : 02-285-0040 Fax : 02-285-0270 E-mail :
[email protected] Home Page : http://www.thaiwah.com Annual Report Contents Message from the Management 3 Financial Highlights 5 Management Discussion and Analysis (MD&A) 8 Board of Directors and Managements of the Company 12 Details of Position of Directors and Executives 19 Abbreviation 21 Policy and Business Overview 22 Subsidiaries or Related Companies in which the Company has shareholdings exceeding 10 percent 25 Nature of the Business 31 Risk Factors 36 General Information 38 Major Shareholders 39 Dividend Payment Policies and Remuneration Policy 40 Management 41 Corporate Governance 48 Corporate Social Responsibility 59 Internal Control and Risk Management 64 Opinion of the Board of Directors on the Company’s Internal Control 67 Report of the Audit Committee 68 Board of Directors’ Responsibilities for the Company’s Financial Statements 70 Financial Statements 72 Persons with Mutual Interest and Connected Transactions 120 Reference 124 Annual Report 013 Message from Management 2013 was a very challenging year for the Company; its market-oriented pricing mechanism. China’s demand for business was carried out in unfavourable circumstances the Company’s products declined during the first half of including, for instance, a global economic slowdown, the year because of the economic slowdown which fluctuations in the strength of the Baht and an increase increased again in the third quarter of the year.