REVIEW REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

To the Shareholders of  MDX PUBLIC COMPANY LIMITED

1)	I have reviewed the accompanying consolidated and the Company balance sheets as at March 31, 2004, the related consolidated and the Company statements of income, changes in shareholders’ equity and cash flows for the three-month period then ended of MDX PUBLIC COMPANY LIMITED and its subsidiary companies and also the financial statements of MDX PUBLIC COMPANY LIMITED only. These financial statements are the responsibility of the Company’s management as to their correctness and completeness of the presentation.  My responsibility is to issue a report on these financial statements based on my reviews.  The financial statements of one associated company of which shareholding was made through a subsidiary company and this investment recorded by equity method for the three-month period ended on March 31, 2004, constitutes investment account equivalent to 30.06% of total assets in the consolidated balance sheet and 21.45% of total assets in the Company’s balance sheet.  And also the participating loss in this associated company for the three-month period ended on March 31, 2004 is equivalent to 47.60% of net consolidated loss in the consolidated income statement and 46.10% of total net loss in the Company’s income statement.  The financial statements of the mentioned associated company have been reviewed by another auditor whose report has been furnished to me, and the presentation of my review report in sofar as it relates to the amounts of respective transactions of such associated company which were combined in the consolidated and the Company financial statements is relied on the reviewed report of that auditor.

2)	Apart from that mentioned in the fourth paragraph, I conducted my review in accordance with the auditing  standards applicable to review engagement.  Those standards require that I plan and perform the review to obtain moderate assurance about whether the financial statements are free of material misstatement.  A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit in accordance with generally accepted auditing standards and accordingly, I do not express an opinion.

3)	As mentioned in note to financial statements No. 1.1, the consolidated financial statements of MDX PUBLIC COMPANY LIMITED and its subsidiary companies as at March 31, 2004, the Company and its subsidiaries incurred retained deficits by the amount of Baht 10,893 million, current liabilities were greater than current assets by the amount of Baht 6,884 million and total liabilities were greater than total assets by the amount of Baht 5,114 million.  As at March 31, 2004, the Company’s financial statements incurred retained deficits by the amount of Baht 11,187 million, current liabilities were greater than current assets by the amount of Baht 8,101 million and total liabilities were greater than total assets by the amount of Baht 5,879 million.  The Company is currently implementing its rehabilitation plan which has been already approved by the Central Bankruptcy Court.  This rehabilitation plan constitutes major steps as detailed in notes to financial statements No. 1.2., but some major steps are still in the process of implementation and the result of such undertaking can not be finalised at present.  For the Company’s capability to continue its operation as a going concern depends on the success of the Company’s business restructuring under the said rehabilitation plan.  However, these reviewed financial statements have been prepared under the going-concern principle with the assumption that sale or recollection of assets and repayment of debts and liabilities will be in the normal course of business without expectation of any interruption in the normal operation of the Company. 

4)	As at March 31, 2004, the financial statements of an associated foreign company, of which share holding was made through a subsidiary company, have not been reviewed by any auditor but this investment was equivalent to 15.48% of total assets in the consolidated balance sheet and 11.05% of total assets in the Company’s balance sheet.  The Company recorded participating profit in the associated company at 89% of total net loss in the consolidated income statement and 86.20% of total net loss in the Company income statement.

5)	Due to results of uncertainties as stated in the third paragraph and insufficient scope of review of the financial statements as stated in the fourth paragraph which have materially affected upon the consolidated and the Company’s financial positions as at March 31, 2004, the results of consolidated and the Company’s operations and consolidated and the Company’s cash flows for the three-month period then ended of MDX PUBLIC COMPANY LIMITED and its subsidiary companies and of MDX PUBLIC COMPANY LIMITED,  I am therefore unable to assure that the consolidated and the Company’s financial statements of MDX PUBLIC COMPANY LIMITED and its subsidiary companies and of MDX PUBLIC COMPANY LIMITED only were presented fairly, in all material respects, in accordance with generally accepted accounting principles. 

6)	The consolidated and the Company’s financial statements of MDX PUBLIC COMPANY LIMITED and its subsidiary companies and of MDX PUBLIC COMPANY LIMITED for the year ended on December 31, 2003, were audited by another auditor in the same auditing firm, who gave report without expressing opinion to the consolidated and the Company’s financial statements as reported on February 7, 2004, because of uncertainty of continued operation as going-concern of the Company and its subsidiaries, uncertainty about liability on special business tax assessed by the Revenue Department and scope limitation in case of an associated company’s financial statements which had not been audited by other auditor.  The consolidated and the Company’s balance sheets for the year ended on December 31, 2003 which are shown for comparison purpose are part of the financial statements as said above.      
7)	In addition, the consolidated and the Company’s income statements, the consolidated and the Company’s statements of changes in shareholders’ equity, the consolidated and the Company’s cash flow statements for the three-month period ended on March 31, 2003 of MDX PUBLIC COMPANY LIMITED and its subsidiaries companies and of MDX PUBLIC COMPANY LIMITED only, which were shown in comparison, were reviewed by another auditor in the same firm whose report dated May 2, 2003 stated that she was unable to assure that the consolidated and the Company’s financial statements of MDX PUBLIC COMPANY LIMITED and its subsidiaries companies and of MDX PUBLIC COMPANY LIMITED only were presented fairly, in all material respects, in accordance with generally accepted accounting principles.

SAM NAK-NGAN A.M.C. CO., LTD.

(Miss Wanraya   Puttasatiean)
Certified Public Accountant (Thailand) No. 4387

Bangkok,
April 30, 2004

October 4, 2003.