REVIEW  REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

To the Shareholders of THAI NAM PLASTIC PUBLIC COMPANY LIMITED.

I have reviewed the accompanying consolidated and the Company balance sheets as of June 30, 2004, the related consolidated and the Company statements of income for the three-month period and the six-month period ended on June 30, 2004 and 2003, changes in shareholders’ equity  and cash flows for the six-month period ended on June 30, 2004 and 2003 of THAI NAM PLASTIC PUBLIC COMPANY LIMITED and its subsidiary companies and also the financial statements of THAI NAM PLASTIC 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 report on these financial statements based on my review.   

Except for the statement mentioned in the third paragraph, I conducted my review in accordance with the auditing standards applicable to review engagements. These standards require that                 I plan and perform the review to obtain moderate assurance as to 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 on the reviewed financial statements.

The interim financial statements of SUNPRENE (THAILAND) COMPANY LIMITED, an associated company of THAI NAM PLASTIC PUBLIC COMPANY LIMITED, which were used to record investment by equity method for the three-month period and the six-month period ended on June 30, 2004 and 2003 pursuant to the notes to the financial statements No.5, which were combined in the financial statements, were computed from the financial statements prepared by the management of the associated company and had not yet been reviewed by me therefore  the scope of my audit  has been  limited by the circumstances.  The investment account in the associated company as of June 30, 2004 and December 31, 2003 is in amount of Baht 45.24 million and Baht 41.21 million respectively reflected in the consolidated and the Company balance sheet. In addition, participating profit in the associated company was combined in the consolidated and the Company income statements for the three month period ended on June 30, 2004 and 2003 in amount of Baht 2.18 million and 1.61 million respectively and the participating profit in the associated was combined in the consolidated and the Company income statements for the six-month period ended on June 30, 2004 and 2003 in amount of Baht 4.03 million and Baht 6.07 million respectively.
Except for the scope limitation to the consolidated and the Company financial statements for the three-month and six-month periods ended on June 30, 2004 and 2003, as stated in the third paragraph, based on my review, I found nothing that causes me to believe that such financial statements are not presented fairly, in all material respects, in conformity with generally accepted accounting principles.

Although my assurance still remains unchanged from the fourth paragraph, attention is drawn to the following  matters :
		1) Uncertainty in continued operation as a going concern of the Company in accordance with the note to the financial statements No. 1.1.
			       2)	As of June 30, 2004, the financial statements of T.N.P.INDUSTRY COMPANY LIMITED, which was a subsidiary company incorporated in the consolidated balance sheets possessed negative net assets equal to 11.82% of consolidated assets and net loss was combined in the income statement for the six-month period then ended on the same date equal in amount of Baht 3.17 million.                 The subsidiary’s auditor cannot assure that such financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles due to the impact of  the subsidiary company had incurred a loss from operation and had a substantial accumulated loss, but all financial statements of the subsidiary company were prepared under a going-concern concept.

I have ever audited the consolidated and the Company financial statements for the year ended on December 31, 2003 of THAI NAM PLASTIC PUBLIC COMPANY LIMITED and its subsidiary and of THAI NAM PLASTIC PUBLIC COMPANY LIMITED only with generally accepted auditing standards which I expressed a qualified report about the fact that the financial statements of associated company were not yet audited by respective auditor as reported thereon dated February 9, 2004.  In addition, the attention is drawn in respect of the Company and its subsidiary’s uncertainty regarding its continued operation and liquidity problem.  The comparative consolidated and the Company balance sheets as of December 31, 2003, presented herein for comparison are an integral part of the financial statements which I have audited and reported thereon.  I have not used any other auditing procedure subsequent to the date in the report.
SAM NAK-NGAN A.M.C. CO., LTD.

(Miss Susan  Eiamvanicha)
Certified Public Accountant Registration No.4306
Bangkok,
July 30, 2004