SYNEX: Annual Report 2009

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03

Developing a comprehensive communication and computer technology

business in compliance with ethics, personnel empowerment, and society

development for profits and competitiveness with long-term sustainability

Visions

6Cs Strategies

Customer Relationship Management (CRM) :

Creating long-term and continuous relations with customers.

Customized Training Programs :

Promoting the capacity development and learning

opportunities for employees and trade partners to

develop innovations for ultimate common benefits.

Communication :

Enhancing internal and external communication

efficiency by adopting new technologies to promptly

and accurately transfer knowledge, information,

and news.

Channel :

Increasing distribution and service channels with

the expansion of service centers and the customer

base for higher coverage and better access to

consumers.

Cost Saving :

Controlling the operating expenses and the management

system for efficiency.

Corporate Social Responsibility (CSR) :

Focusing on concretely practicing corporate social

responsibility by participating in CSR activities jointly

arranged with the employees for social contributions.

Visions and 6Cs Strategies

Message from the chairman

Mr. Supant Mongkolsuthree President and Chief Executive Officer

In 2009, the Company succeeded in turning the economic crisis into business opportunities

with the proactive market expansion both in the metropolitan Bangkok and the upcountry areas. The

success generated from the customer confidence in the “Trusted by SYNNEX” guarantee label on the

product packaging, assuring customers of the efficiency of products and services; variants of IT

products; increase in distribution and service channels in terms of branch and service center;

development of web-based services; financial support for the Company’s dealers with the credit line

expansion despite being in the slow-growing economic period; and cooperation from the Management

and employees in cost saving.

The above-mentioned strategies to boost growth resulted in the total income of 13,490.12

Million Baht in 2009, increasing by 1,934.80 Million Baht, or 16.74%. The income acceleration was a

result of the sales of HP and Asus notebooks, parts, printers, and network solution system products,

especially the Seagate products that the Company has been trusted as the sole distributor in Thailand

since July 2009. Consequently, the Company’s net profit in 2009 rose to 202.77 Million Baht, increasing

by 79.79 Million Baht, or 64.88% from 2008, and the Board of Directors, based on the outstanding

performance of the Company, resolved to pay dividend at the total amount of 0.22 Baht per share for

the year 2009.

Apart from contributing to the society in terms of technology advancement through the

IT business, the Company has been determined to be socially responsible along side. In 2009, the

Company presented 2 cars (Toyota Yaris model) to Her Royal Highness Princess Chakri Sirindhorn for

the purpose of utilizing under the activities of the Thai Red Cross Society. In addition, the Company

donated computers and computer peripherals under the “Suk Sala” Project, another project initiated

by Her Royal Highness Chakri Sirindhorn Princess covering the boarder patrol police schools using IT

equipment and technology to support medical care for people living in the remote areas with poor

health care facilities. Moreover, the Company has launched the “Library by SYNNEX IT” Project with

the selection of schools located countrywide to support computers and learning system via electronic

books (Electronic Library). In 2009, the Company achieved the target of transferring the electronic

library to 20 schools and the Company has planned to continue this Project in 2010 in order to reach

the target of covering schools from all provinces in the country.

During the past 20 years and onward, the company has been determined to retain the

quality and service to be the leading operator of the country’s IT business with sustainability in its

growth and continuity of implementing activities conveying corporate social responsibility. On behalf

of the Company’s employees, I would like to thank all shareholders, trade partners, employees, and

relevant parties for supporting the operations of the Company. We have been and will be determined

in practicing in compliance with the principles of good corporate governance for the best interests of

the Company’s shareholders.

As a final point, I would like all the holies in the world to bless all of you and your family

with happiness and success for every desired wish everlastingly.

04

Mr.Supant MongkolsuthreePresidentand Chief Executive Officer

05

Board of Directors

Mr. Supant Mongkolsuthree President

Mr. Tu Shu-Wu Director

06

1

1

2

2

Mr. Virachai Srikajon Director

Mr. Huang Chi-Cheng Director

Mr. Lee Lee-Shen Director

07

3

3

4

5

54

Mr. Wei Hui Director

Mr. Tu Shu-Chyuan Director

Mr. Puttipan Tayarachkul Director

08

6 7

6

7

8

8

Mr.Somchai Apiwattanapron Independent Director and Chairman of the Audit Committee

Ms.Maleeratna Plumchitchom Independent Director and Audit Committee Member

Mr.Vissut Sethaput Independent Director and Audit Committee Member

09

9

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10 11

Mr. Anuchit BoonyalugSenior Executive Vice President– Sales & Marketing

Mr. Puttipan TayarachkulSenior Executive Vice President– Operations

Mr. Supant Mongkolsuthree Chief Executive Officer

Management Team

Mr.Cherdchai Srikhamroon

Vice President – Internal Audit

Ms.Kamonsri BoonjangVice President – Accounting

Ms. Suvannee LeeExecutive Vice President– Marketing, Marcom

Ms. Kingkaew JutasompakornExecutive Vice President– Logistic & Assembly Mr. Chanchai Akaravetwattana

Vice President– Marketing (Commercial)

Mr. Prasit PanvichienVice President – Branch

Mr. Niti PetchnaithamVice President – Cnex Shop

Ms. Sutida MongkolsuthreeCorporate Secretary

Mr. Boonchai EkapisitVice President – Sales BKK

1110

9 6 11 10 12

4 2

1

5

3 7 813

1

2

3

4

5

Ms. Suporn LertteerapanyawongVice President– Finance & Purchasing

6

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13

Financial Highlights

Financial Highlights

Total Revenues

Growth Rate

Operating Results

2009 2008 2007

As of 31 December, 2009 (Unit: Thousand Baht)

Key figures

10,485,810

8.16%

11,555,322

10.20%

13,490,124

16.74%

Net Profit

Growth Rate

139,912

34.50%

122,982

-12.10%

202,767

64.88%

Total Assets

Total Liabilities

Shareholders’ Equity

Financial Position

2,798,403

1,877,560

920,842

3,165,213

1,955,688

1,209,525

3,282,432

1,996,727

1,285,704

Gross Profit Margin

Net Profit Margin

Return on Equity

Current Ratio

Debt to Equity Ratio

Financial Ratio

6.46%

1.33%

16.55%

1.35

2.04

5.85%

1.06%

11.55%

1.49

1.62

5.50%

1.50%

16.25%

1.50

1.55

13

General Information

Related Information

2,000,000

10,485,810

11,555,322Total Revenues

13,490,124

139,912

122,982

202,767

2550 2551 2552

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

บาท

0

Net Profit

2550 2551 2552

160,000

140,000

120,000

100,000

80,000

180,000

200,000

220,000

บาท

0

500,000

2,798,403

Financial Position

2550 2551 2552

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

บาท

0

Total Assets

Total Liabilities

Shareholders’ Equity

3,165,213 3,282,432

1,877,560 1,955,688 1,996,727

920,842 1,209,525 1,285,704

14

General Information

Company Name : SYNNEX (THAILAND) PUBLIC COMPANY LIMITED

Stock Code : SYNEX

Registration No. : 0107550000203

Registered capital : 705,000,000 Baht

Paid-up capital : 680,000,000 Baht

Par value : 1 Baht per value

Type of Business : Distribution of computers, computer peripherals, software, and information systems

Address : 433 Sukontasawat Rd., Khwang/Khet Lardprao, Bangkok,10230

Telephone No. : 0-2553-8888

Fax No. : 0-2578-8181

Home Page : http://www.synnex.co.th

Subsidiary’s Name : PRISM SOLUTIONS CO.,LTD.

Registration No. : 0105539018019

Registered capital : 8,000,000 Baht

Paid-up capital : 8,000,000 Baht

Par value : 100 Baht per value

Type of Business : Support of training, installation, and maintenance services on advanced

computer programs and information systems for customers both before

and after sales with on-site servicing available

Address : 433 Sukontasawat Rd., Khwang/Khet Lardprao, Bangkok,10230

Telephone No. : 0-2553-8888 Ext. 8502-3, 8509, 8519

Fax No. : 0-2553-2009

Home Page : http://www.prism.co.th

15

Related Information

References

Registrar : Thailand Securities Depository Co., Ltd.

62 The Stock Exchange of Thailand Building,

Rachadapisek Road, Klongtoey, Bangkok 10110

Telephone No. 66(0) 2229 2800

Fax No. 66(0) 2359 1259

Auditor : SAM NAK-NGAN A.M.C. Co., Ltd.

191 Silom Complex Building, 19th Floor, 4th Unit, Silom Road, Silom,

Bangrak, Bangkok 10500

Telephone No. 66(0) 2231 3980-7

Fax No. 66(0) 2231 3988

Home Page: www.amc-mri.com

16

Nature of Business

Company’s Background and Major Developments

17

The Company was incorporated as Compex

(Thailand) Company Limited on 5 April 1988 with

the registered and paid-up capital of 1,000,000 Baht.

The Company was a subsidiary of T.K.S. Inter

Printing Company (laterregistered as a listed

company and changed its title in 1997 to T.K.S.

Enterprise Public Company Limited and in 2002

to T.K.S. Technologies Public Company Limited)

founded to import and distribute computers,

computer peripherals, software programs, and

IT systems) with T.K.S. Technologies Public

Company Limited holding 99.99% of the registered

and paid-up capital.

In 1997, the Company increased the

registered and paid-up capital to 100,000,000 Baht

and in 1999, Synnex Technology International

Corp. from Taiwan, one of the world’s top three

computer and IT distributors with networks in

the USA, Australia, China, Hong Kong, New Zealand,

and India, as realizing the growth potential of

Thailand’s computer and IT business, decided

to invest in Compex (Thailand) via King’s Eye

Investments Ltd., its subsidiary on investment,

with the shareholding ratio at 49% of the

Company’s registered and paid-up capital. In

this connection, Synnex Technology International

Corp. has operated the computer and IT business

in Taiwan since 1988 and was officially listed in

the Taiwan Stock Exchange in 1995.

In 2002, the Company changed its name

to “Synnex (Thailand) Company Limited” and

relocated the headquarters to Sukontasawat

Road (which is in proximity with Ekamai-Ramintra

Express Way) where the Company’s transport

and distribution terminal has been established

and managed applying the distribution technology

transferred from the Taiwan’s Synnex Group.

When the accumulated work experiences and

expertise of the Company’s Management in

trading computers and computer peripherals

were added up with the capacity and business

familiarity of the Synnex Group from Taiwan,

the Company’s growth was quickly accelerated

to the point where the registered and paid-up

capital reaching up to 500,000,000 Baht in 2004.

On 30 November 2007, the Company

registered with the Ministry of Commerce as a

listed company on 30 November 2007 and altered

its name accordingly from “Synnex (Thailand)

Company Limited” to “Synnex (Thailand) Public

Company Limited” and increased the registered

and paid-up capital from 500,000,000 Baht to

705,000,000 Baht by launching 205,000,000 common

stocks with the par value of 1 Baht per share to

be offered to the existing shareholders of T.K.S.

Technologies Public Company Limited at the

amount not exceeding 57,000,000 stocks to be

publicly traded at the amount totaling 123,000,000

stocks and to accommodate the exercise of ESOP

warrants that the Company had launched for its

directors and employees at the amount comprising

25,000,000 stocks.

The Company’s listing on the Stock

Exchange of Thailand would not only relieve the

burden on finding sources of funding but also

increase the Company’s investment value.

Elaborately, the Company’s first common stock

offering to the general public and the registration

as a listed company in the SET would enable

the Company to access a variety of funding

sources and own a sufficient amount of the

working capital to expand the Company’s market

share and to be utilized as currents of the

Company. It is expected that aforementioned

spin-off would affect the operating results

including the net profit of the consolidated

financial statements of T.K.S. Technologies

Public Company Limited in the future by 29%,

yet, lessen its burden of finding the sources of

funding and enable the concentration on the

printing services for digital prints and mails as

well as security forms which all are highly

prospective for growth. Thus, since expecting

that such spin-off would not significantly affect

T.K.S. Technologies Public Company Limited’s

operating results including the net profit of its

future consolidated financial statements, the

Extraordinary General Meeting of Shareholders

no. 3/2007, as held on 20 November 2007, resolved

the listing of the Company on the Stock Exchange

of Thailand.

In this connection, after the initial public

offering of the 180,000,000 common stocks and

the 25,000,000 units of non-transferrable ESOP

warrants with the holders’ names specified to

the Company’s directors and employees, the

shareholding ratio of the parent company would

be decreased by 13.24%, or from 50% to 36.76%,

of the registered and paid-up capital of the

Company after the initial public offering and the

exercise of ESOP warrants issued to the directors

and employees. However, the Company allocated

the common stocks offered to the existing minor

shareholders of T.K.S. Technologies Public

Company Limited at the amount not exceeding

57,000,000 stocks according to the Pre-emptive

Right at the same price offered to the public in

order that they could retain their profit’s shares

and rights to vote. If the minor common stock

holders of the parent company did not exercise

such right, their shares in the Company’s profit

and rights to vote would be diluted, or the dilution

effect, at the rate of 26.48% of the profit and

voting right before the first offering and 29.08%

after the first offering and the exercise of ESOP

warrants of the directors and employees of the

Company.

18

Timeline of Company’s Major Changes and Development

EVENT

1988

1990

1991

1992

1994

1996

1997

1998

On 24 June 1998, the Company increased the registered and paid-up capital from 100,000,000

Baht to 135,000,000 Baht with the par value of 100 Baht per share. In 1998, the Company

also opened the first upcountry branch in Khon Kaen.

On 26 March 1997, the Company increased the registered and paid-up capital from

50,000,000 Baht to 100,000,000 Baht with the par value of 100 Baht per share.

In addition, the Company was appointed as an authorized distributor of every Intel product

line in Thailand.

On 9 February 1996, the Company founded Prism Solutions Company Limited with the initial

registered capital of 2,000,000 Baht, with the Company’s shareholding ratio of 99.99% of the

registered and paid-up capital of Prism Solutions Co., Ltd., to operate support services on

training, installation, and maintenance of advanced computer programs.

Furthermore, on 13 May 1996, the Company increased the registered and paid-up capital

from 40,000,000 Baht to 50,000,000 Baht with the par value of 100 Baht per share.

On 21 March 1994, the Company increased the registered and paid-up capital from 12,000,000

Baht to 20,000,000 Baht with the par value of 100 Baht per share and later increased to

40,000,000 Baht with the par value of 100 Baht per share on 2 August 1994.

On 2 April 1992, the Company increased the registered and paid-up capital from 8,000,000

Baht to 12,000,000 Baht with the par value of 100 Baht per share.

On 16 July 1991, the Company increased the registered and paid-up capital from 2,000,000


T.K.S. Technologies Public Company Limited, Wholesaler of stationery, office paper,

computer-related tools and consumables, on 5 April 1988, founded Compex (Thailand)

Company Limited to import and distribute computers, computer peripherals, software, and

IT system with the registered and paid-up capital of 1,000,000 Baht with 10,000 common

stocks with the par value of 100 Baht per share.

1990 On 4 April 1990, the Company increased the registered and paid-up capital from


Moreover, the Company was appointed as an authorized distributor of Seagate Hard Disk

Drive in Thailand.

19

EVENT

2002

2003

2004

2005

2006

On 24 February 2004, the Company increased the registered and paid-up capital from


On top of that, the Company was certified ISO 9001:2008 from Bureau Veritas Certification

Company Limited for Configure-To-Order computer and after-sale services.

The Company started implementing Automatic Storage and Retrieval System (ASRS), an

automatic, computer-controlled warehouse management system, of which the installation

was completed in 2007.

Prism Solutions Company Limited sold all stocks at the ratio of 25% of the paid-up capital

of Zenith Comp Company Limited, which operates the business of software distribution,

computer system design and installation, software consultancy and training, to the previous

shareholders, at book value.

On 28 February 2003, the Company increased the registered and paid-up capital from


On 1 March 2002, the Company increased the registered and paid-up capital from 260,000,000


In addition, Compex (Thailand) Company Limited changed its name to Synnex (Thailand)

Company Limited as well as relocating the Company’s headquarters to Sukontasawat Road

(which is in proximity with Ekamai-Ramintra Express Way) where the Company’s transport

and distribution terminal was established and managed applying the distribution technology

transferred from the Taiwan’s Synnex Group.


20

1999

Synnex Technology International Corp. from Taiwan, which is a giant distributor of computer

peripherals and IT products of the world, invested in the company with the shareholding

ratio of 49%. On 2 February 1999, the Company increased the registered and paid-up

capital from 135,000,000 Baht to 180,000,000 Baht with the par value of 100 Baht per share.

In addition, on 22 June 1999, the Company increased the registered and paid-up capital of

Prism Solutions Company Limited to 8,000,000 Baht.

On 27 October 1999, the Company increased the registered and paid-up capital to 260,000,000

Baht with the par value of 100 Baht per share.


EVENT

2008

2009

The Company became a listed company on the Stock Exchange of Thailand and made the

initial public offering of its stocks on 16 June 2008.

The Company utilized its capital to fund the construction of a new building at the

Headquarters in response to the business growth and expansion which is expected to be

completed in the second quarter of 2010. In addition, in commemoration of the 20th

anniversary of the Company’s establishment in 2009, the Company has set a Corporate

Social Responsibility (CSR) program in a form of e-library titled “Library IT by Synnex” that

the Company succeeded in achieving the target of providing computer and IT products for

the countrywide 20 educational institutes qualified according to the selection criteria.

21

2007

On 7 June 2007, the Company was certified on Quality of Work Life from Thai Health

Promotion Foundation.

In addition, the Company founded CNEX shop in forms of a franchise business. To the

franchisee, the Company offers the distribution right of products from the Company, model

of CNEX Shop, decoration, logo, trademark, poster advertisement, packaging, advisory on

the finance and accounting system, and business management technique to the investors.

Moreover, on 7 September 2007, the Company was presented a certificate on Thai Industrial

Standard for Personal Computer from Thai Industrial Standards Institute, Ministry of Industry.

Also, the Extraordinary General Shareholder Meeting no. 2/2007 on 29 November 2007

resolved to register the Company as a listed company and changed the par value of the

Company from 100 Baht to 1 Baht per share. It was also resolved to increase the registered

capital by 205,000,000 Baht by issuing 205,000,000 stocks with the par value of 1 Baht per

share and allocated 180,000,000 common stocks offered to the existing shareholders of

T.K.S. Technologies Public Company Limited according to the Pre-emptive Right at the

amount not exceeding 57,000,000 stocks and offered to the public at the amount of

123,000,000 stocks. The Company also allocated 25,000,000 common stocks for capital

increase to accommodate warrant exercise of common stocks to be issued and offered to

the Company’s directors and employees. The Company registered with the Ministry of

Commerce as a listed company on 30 November 2007 and changed the name from Synnex

(Thailand) Company Limited to Synnex (Thailand) Public Company Limited.

Overall Picture of Business Operations of Company and Subsidiary

22

Synnex (Thailand) Public Company Limited

distributes computers, computer peripherals,

software, IT system, and computer consumables

of over 50 world-recognized brands while the

Company’s customer base includes countrywide

computer retailers and wholesalers, local-branded

computer manufacturers, department stores,

superstores, and stationary shops, and etc.

As a result of the long engagement of T.K.S.

Technologies Public Company Limited in the

business of consumable product distribution

while the Company’s Management have

extensively experienced in trading computers

and computer peripherals, when combined with

Synnex Group from Taiwan, it creates an

advantage on the Company’s warehouse

management system which has been widely

recognized by global producers. Hence, the

ompany has been authorized as the distributor

of products from every corner of the world,

claiming the Company as the distributor with

the most diverse and comprehensive product

lines to satisfy the needs of consumers in Thailand.

Meanwhile, the Company is a direct party in

entering into distribution contracts with product

manufacturers without any involvement from

Synnex Group from Taiwan.

At present, there is no limitation for the

Company to expand the market abroad, however,

there is no such policy since the Company sees

that the domestic market for computers and

computer peripherals is still expandable. However,

Synnex Group from Taiwan does not specify any

condition limiting the expansion of the Company

overseas.

From the diversity of the comprehensive

product lines and credibility of the Company,

both partners and customers of the Company

are all confident in placing orders for products

from the Company due to the speedy process

and convenience in sale transactions and

after-sale services. At present, the products

distributed can be categorized into 8 lines with

details as follows

Component Product Group (CPG)

IPG incorporates printing products and main products

are namely Inkjet Printer, Laser Printer and All-in-One

Printer. The company is the authorized distributor

of products of Canon, Epson, Fuji Xerox, Hp, and

Samsung.

Image & Printing Product Group (IPG)

Component Product Group (CPG)Component Product Group (CPG)

IPG incorporates printing products and main products

are namely Inkjet Printer, Laser Printer and All-in-Oneare namely Inkjet Printer, Laser Printer and All-in-Oneare namely Inkjet Printer, Laser Printer and All-in-Oneare namely Inkjet Printer, Laser Printer and All-in-One

Printer. The company is the authorized distributor

of products of Canon, Epson, Fuji Xerox, Hp, andof products of Canon, Epson, Fuji Xerox, Hp, andof products of Canon, Epson, Fuji Xerox, Hp, andof products of Canon, Epson, Fuji Xerox, Hp, and

Samsung.Samsung.

Image & Printing Product Group (IPG)

Consumables & Supply Group (CSG)

CSG covers consumables and supplies which

constantly need to be purchased for replacement.

The main products include, for example, Ink

Cartridge, Toner, and Ribbon. The Company is the

authorized distributor of Brother, Canon, Epson,

Fuji Xerox, Fullmark, HP and Samsung which are

all popular brands welcomed by consumers. On

top of the above-mentioned products, this group

also includes T.K.S.-branded continuous form.

CPG includes computer components comprising of

such main products as Hard Disk Drive, CPU,

Motherboard, DRAM, CD-ROM, and DVD-RW. The

Company is the authorized distributor of Seagate,

the leader of Hard Disk Drive market, and Western

Digital products. As for CPU, the Company is the

authorized distributor of Intel, the leading brand in

the CPU market. Moreover, the Company sells

Motherboard of Asustek Gigabyte’s brand (Asustek’s

share in the market is significant.) and distributes

DRAM of Kingston and DVD-RW of Asustek, LG, and

Samsung.

23

Network Product Group (NPG)

NPG products encompasses network components

comprising of such main products as Switch, UPS,

Server, Network Cabling System, Wireless LAN, Hub,

and Router. The Company is the authorized distributor

of network products of 3COM, APC, AMP, Compex,

Cisco, Planet and Zyxel, which are all leading brands

in the network market.

Network Product Group (NPG)Network Product Group (NPG)Network Product Group (NPG)Network Product Group (NPG)Network Product Group (NPG)Network Product Group (NPG)

NPG products encompasses network componentsNPG products encompasses network components

comprising of such main products as Switch, UPS,comprising of such main products as Switch, UPS,comprising of such main products as Switch, UPS,comprising of such main products as Switch, UPS,comprising of such main products as Switch, UPS,comprising of such main products as Switch, UPS,

Server, Network Cabling System, Wireless LAN, Hub,Server, Network Cabling System, Wireless LAN, Hub,

and Router. The Company is the authorized distributorand Router. The Company is the authorized distributor

of network products of 3COM, APC, AMP, Compex,of network products of 3COM, APC, AMP, Compex,

Cisco, Planet and Zyxel, which are all leading brandsCisco, Planet and Zyxel, which are all leading brands

in the network market.in the network market.

SPG encompasses complete and semi-complete

computer sets with such main products as Notebook

and Desktop PC. The brands are composed of Dell,

Hp, Kohjinsha, Lenovo, and Samsung. The Company

also distributes Asustek and BenQ brands as well as

Configure-to-Order (CTO) computers. One brand under

SPG is Lemel which belongs to the Taiwan’s Synnex

Group.

System Product Group (SPG)

Display Product Group (DPG)

DPG includes such main products as Display Screen.

The Company is the authorized distributor of Asustek,

BenQ, EIZO, LG, Lemel, Phillips and Samsung, which

is the leader of display screen market. Moreover,

the Company is the sole authorized importer and

distributor of EIZO Screen in Thailand.

24

Multimedia Consumer Electronic ProductGroup (MCE)

MCE Product Group covers electronic devices used

with computers. The main products are, for example,

USB Flash Drive, Flash Card, External Hard Drive, MP3,

Projector, Digital Camera, GPS Device, and GPS+PDA

Telephone. The Company is the sole importer and

distributor of Mio GPS+PDA Telephone as well as

Navman and Mio products. In addition, the Company

distributes Aidata, Imation, Lemel, Pretec, Seagate,

Sandisk, and Kingston, which is the leader of the USB

Flash Drive market.

Software Product Group (SWG)

Multimedia Consumer Electronic ProductMultimedia Consumer Electronic ProductGroup (MCE)Group (MCE)Group (MCE)Group (MCE)Group (MCE)Group (MCE)

MCE Product Group covers electronic devices usedMCE Product Group covers electronic devices usedMCE Product Group covers electronic devices usedMCE Product Group covers electronic devices usedMCE Product Group covers electronic devices usedMCE Product Group covers electronic devices used

with computers. The main products are, for example,with computers. The main products are, for example,

USB Flash Drive, Flash Card, External Hard Drive, MP3,USB Flash Drive, Flash Card, External Hard Drive, MP3,USB Flash Drive, Flash Card, External Hard Drive, MP3,USB Flash Drive, Flash Card, External Hard Drive, MP3,USB Flash Drive, Flash Card, External Hard Drive, MP3,USB Flash Drive, Flash Card, External Hard Drive, MP3,

Projector, Digital Camera, GPS Device, and GPS+PDAProjector, Digital Camera, GPS Device, and GPS+PDA

Telephone. The Company is the sole importer andTelephone. The Company is the sole importer andTelephone. The Company is the sole importer andTelephone. The Company is the sole importer andTelephone. The Company is the sole importer andTelephone. The Company is the sole importer and

distributor of Mio GPS+PDA Telephone as well asdistributor of Mio GPS+PDA Telephone as well as

Navman and Mio products. In addition, the CompanyNavman and Mio products. In addition, the Company

distributes Aidata, Imation, Lemel, Pretec, Seagate,distributes Aidata, Imation, Lemel, Pretec, Seagate,

Sandisk, and Kingston, which is the leader of the USBSandisk, and Kingston, which is the leader of the USB

Flash Drive market.Flash Drive market.

25

SWG consists of software products featuring such

main products as Operating System Software for PC,

Application Software, Operating System for Server,

and Safety Software for Network. The Company is

the authorized distributor of Autodesk, CA, Microsoft

(the number one leader of the software market), and

Trend Micro brands.

Synnex Group, Taiwan

Subsidiary

26

The Synnex Group from Taiwan, a major

shareholder (via King’s Eye Investments Ltd.),

is a distributor of computers and IT equipment

in such countries as Taiwan, the United States,

Australia, China, Hong Kong, New Zealand, and

India. Despite the similarity in terms of business

nature, the Taiwan’s Synnex Group, based on

their oversea investment’s policy, is determined

in jointly investing with a local partner with

financial security and business familiarity in

such country and, at present, declares no

intention of the Group in entering the market

directly in Thailand. Moreover, another asset of

the Company realized and desired by the

Taiwan’s Synnex Group lies in the fact that

members of Management comprises of all Thais

with experiences related to the distribution of

computers and computer peripherals in Thailand

for more than 10 years since the Company, by

the business nature, requires the familiarity in

both distribution and management of distribut

on channels which cover all customers groups.

At present, there is no limitation for the

Company to expand the market abroad, however,

there is no such policy since the Company sees

that the domestic market for computers and

computer peripherals is still expandable.

However, Synnex Group from Taiwan does not

specify any condition limiting the expansion of

the Company overseas.

Prism Solutions Company Limited

(“the Subsidiary”) was founded on 9 February

1996 with the initial registered capital of 2,000,000

Baht with the Company’s shareholding ratio of

99.99% of the registered and paid-up capital to

support a training service on advanced computer

programs and network. Later, on 22 June 1999,

the Subsidiary increased the registered and

paid-up capital to 8,000,000 Baht and in 2006,

the Subsidiary expanded its service range to

cover installation and maintenance services of

advanced computer programs in order to promote

its company performance.

The on-site service is another range of

services developed based on the Company’s

awareness of the need for the maintenance

service on network, hardware, and software of

the corporate customers countrywide.

Since the Company’s branch offices are

located throughout the country, a number of

interested customers have trusted the Company

to perform the on-site service by personnel of

related expertise. At present, the Company offers

the on-site hardware maintenance service for

Lemel PC users by approaching the target group,

or users in search for application advices in order

to directly satisfy the customers’ needs by

checking, monitoring, and troubleshooting

computers and peripherals.

Revenue Structure

Revenue from sales

1. Component Product Group

2. Consumables and Supply Group

3. Image and Printing Product Group

4. Network Product Group

5. Display Product Group

6. System Product Group

7. Multimedia Consumer Electronic

Product Group

8. Software Product Group

9. Others

Total Revenues

Revenue from service

Total Revenues from Sales and Service

Growth rate of Revenue from Sales and Service

2007

Value % Value % Value %

2008 2009

Unit: Million Baht

Source: The Company

Revenue Structure

3,218

2,217

1,206

1,057

958

717

671

431

8

10,483

12

10,495

30.7%

21.1%

11.5%

10.1%

9.1%

6.8%

6.4%

4.1%

0.1%

99.9%

0.1%

100.0%

11.8% 9.6% 16.7%

2,417

2,516

1,175

1,088

1,012

1,890

889

494

8

11,489

14

11,503

21.01%

21.87%

10.22%

9.46%

8.80%

16.43%

7.73%

4.30%

0.07%

99.88%

0.1%

100%

2,736

2,382

1,530

916

1,042

3,215

1,103

474

12

13,411

16

13,427

20.38%

17.74%

11.39%

6.83%

7.76%

23.95%

8.22%

3.53%

0.09%

99.88%

0.12%

100%

Business Objectives

The Company’s supreme objective is to

become a leader in distributing computers,

peripherals, software, and consumables with a

wide assortment of products manufactured by

the world’s leading producers under the concept

of one-stop shopping for customer convenience.

In 2010, apart from expanding the market share,

the Company also aims at accelerating the

volume of the active customer base to reach

4,500 customers in order to achieve the target

growth of this year. In addition, the Company is

clearly committed to be a good and sustainable

business partner with producers, provide

efficient services for consumers, and endeavor

in developing the “Trusted by Synnex” label to

remain credible and trusted by consumers.

Moreover, the Company is determined to develop

and manage distribution channels to be more

efficient by providing fast merchandise delivery

to response to the customers’ needs for their

highest satisfaction.

27

Industrial Condition and Competition Strategies

Corporate Social Responsibility and Environmental Activities

Overall Picture of the Industry

Source: Software Industry Promotion Agency (SIPA)

Computer and ICT Market Value from 2007 - 2009

As for the expenditure on computers and

ICT of the three main economic sectors in

Thailand, it was found that in 2009 the spending

of the private sector under the computer service

group was the highest among the three sectors

at 59.45% or 28,775 Million Baht in value with the

decreasing growth rate compared to that of 2008.

At the same time, the government sector spent

on computer services at 18,431 Million Baht or

38.10%, increasing by 1.9% from last year. In

addition, the expense of the household and SME

sector for computer services in 2009 was 2% of

the total market or 1,186 Million Baht in value.

Industrial Condition and Competition Strategies

1. Computer Hardware

2. Computer Software

3. Computer Service

Total Market Value

(Data Communication Device excluded)

4. Data Communication Device

Total Market Value

2007

Value Value Value

2008 2009

Unit: Million Baht

Product Group

68,159

56,616

21,536

146,311

53,569

199,880

34.10%

28.30%

10.70%

73.10%

26.90%

100.00%

75,720

62,937

24,981

163,638

59,868

223,506

33.90%

28.20%

10.20%

73.30%

27.80%

100.00%

80,869

64,365

48,372

193,606

63,540

257,146

31.45%

25.03%

18.81%

75.29%

24.71%

100.00%


Note: Expense in the data communication device product group cannot be separately calculated. 1

Government Sector

Private Sector

Household

and SME Sector

Total

Hardware Software Service

Unit: Million Baht

Economic Sector

11,039

22,012

47,818

80,869

13.65%

27.22%

59.13%

100.00%

Expenditure on Computer and ICT Categorized by Economic Sector in 2009 1

43.49%

45.09%

11.42%

100.00%

18,431

28,755

1,186

48,372

38.10%

59.45%

2%

100.00%

Total

57,465

79,787

56,354

193,606

29.68%

41.21%

29.11%

100.00%

27,995

29,020

7,350

64,365

29

In 2009, National Electronics and Computer

Technology Center (NECTEC) found that the

market value of computer and information and

Communication technology (IT)’s product groups

in Thailand was at 257,146 Million Baht. It is

expected that the market growth shall rise by

10.5% or 284,049 Million Baht in value in 2010.

Percentage Percentage Percentage

Value Value ValuePercentage Percentage Percentage Value Percentage


The computer hardware market value in

2009 totaled 80,869 Million Baht, increasing from

2008 by 2.5% (the segment’s growth rate was

calculated using the total sum at 77,619 Million

Baht, excluding the values of Projector and UPS

product types which were both surveyed in 2009

for the first time). Products with the highest

sales include Desktop Computer, Notebook

Computer, and Netbook Computer which added

up to 64% of the total computer hardware market.

In 2010, it is expected that the value of this product

group will rise to 88,040 Million Baht that equals

to 8.9% for the growth rate which is rather high.

1. Network

2. Computer and Peripherals

2.1 Computer

- Desktop Computer

- Notebook Computer

- Server

2.2 Display Screen

- CRT

- LCD

2.3 Printer

- Impacted

- Inkjet

- Laser

2.4 Data Storage

- Hard Disk

- Enterprise Storage

2.5 Other Peripherals

- Scanner

- Digital camera

- PDA

Total (Projector and UPS excluded)

Projector

UPS

Total Value of Computer Hardware Market

2007

Amount Value Amount Value Amount Value

2008 2009

(Unit: Thousand Unit/ Million Baht)

Product Type

n/a

n/a

1,980

1,200

770

10

254.5

52.5

212

1,359

75

1,050

234

n/a

n/a

n/a

880

24

850

6

n/a

n/a

8,916

59,243

40,369

21,000

19,250

119

1,504

168

1,336

4,991

938

2,710

1,343

3,275

1,465

1,810

9,105

120

8,925

60

68,159

n/a

n/a

n/a

2,580

1,300

1,200

80

325.5

26.5

300

1,355

62

1,043

250.5

n/a

n/a

n/a

1,019

15

1,000

4

n/a

n/a

8,660

67,060

49,850

21,450

27,600

800

1,274

74

1,200

3,931

620

1,967

1,344

3,360

1,460

1,900

8,645

105

8,500

40

75,720

n/a

n/a

n/a

n/a

1,280

1,400

130

420

0

420

1,368

55

1,040

273

n/a

n/a

n/a

1,030

16.5

1,010

3.5

n/a

60

n/a

n/a

7,890

69,729

51,824

20,864

29,400

1,560

1,638

0

1,638

3,933

523

2,008

1,403

3,600

1,700

1,900

8,734

116

8,500

33

77,619

1,500

1,750

80,869

30

Computer Hardware Market Value from 2007 – 2009

As for the computer software market, the

total value in 2009 was 64,365 Million Baht with

the growth rate of 2.3%. Of all software product

types, the Enterprise Software was the type that

seized the biggest share at 56,062 Million Baht

or 0.9% of the computer and ICT product market;

the Mobile Application came in second at 3,069

Million Baht with the growth rate of 16.3%, and

the Embedded Software was ranked third at 2,760

Million Baht with the growth rate of 17.0%. It is

expected that in 2010, the estimated value of the

Enterprise Software shall be at 58,071Million

Baht or increasing from 2009 by 3.6%, while

that of Mobile Application shall be at 3,720 Million

Baht or growing by 21.2% and that of the

Embedded Software shall rise to 3,423 Million

Baht or expanding by 24%.


Computer Software Market Value from 2007 – 2009

1. Enterprise Software

2. Mobile Application

3. Embedded Software

4. Animation

5. Others

Total

2007 2008 2009

Unit: Million Baht

Product Type

50,470

2,133

1,937

n/a

2,075

56,616

55,547

2,640

2,359

n/a

2,391

62,937

56,062

3,069

2,760

n/a

2,474

64,365

89.10%

3.80%

3.40%

n/a

3.70%

100%

88.30%

4.20%

3.70%

n/a

3.80%

100%

87.10%

4.77%

4.29%

n/a

3.84%

100%

Regarding the computer service market,

the value totaled 48,372 Million Baht in 2009.

Among all services, IT Consulting possessed the

biggest growth rate at 19.0% or 2,170 Million

Baht in value since government organizations

and large-sized enterprises realized the necessity

to adopt the IT Consulting for developing their

organizational strategic planning, especially in

financial and banking sectors that IT has been

adopted to benefit several aspects of their

administration and management. In 2009, the

Software and Data Maintenance was ranked

second to IT Consulting in terms of growth

which is as high as 18.7% or 1,027 Million Baht

in value. The growth of IT Outsourcing service

was ranked third at the rate of 16.7%.

In 2009, the market of SI and Network

Services achieved the highest growth at 64.6%

or 31,224 Million Baht in value. At the same time,

the market growth of Data Center and Disaster

Recovery Center was at 9.9% or 4,799 Million

Baht in value while the rate of market growth

of IT Outsourcing reached 9.8% or 4,761 Million

Baht in value.


omputer Service Market Value from 2007-2009

1. System Integrator : SI & Network Services

2. Software and Data Maintenance Services

3. Hardware Maintenance Services

4. Data Center and Disaster Recovery Center

5. IT related Training & Education

6. IT Consulting

7. IT Outsourcing

Total

2007 2008 2009

Unit: Million Baht

Product Type

11,036

709

2,482

1,007

1,390

1,510

3,291

21,425

12,872

865

2,612

1,228

1,501

1,823

4,080

24,981

31,244

1,027

2,862

4,779

1,529

2,170

4,761

48,372

51.50%

3.30%

11.50%

4.70%

6.40%

7.00%

15.30%

100%

51.50%

3.40%

10.40%

4.90%

6.00%

7.20%

16.30%

100%

64.59%

2.12%

5.92%

9.88%

3.16%

4.49%

9.84%

100%

31

Value Value ValuePercentage Percentage Percentage


At present, there are several factors driving

the growth of computer and information

technology market. Examples of growth-

stimulating factors are price competition which

results in price reduction of several products;

technology development that has increased

hardware efficiency such as the improvement

on the CPU processing system from Dual Core

to Core 2 Dual and the development of the new

Windows operating system, Windows Vista; the

higher demand of people residing in upcountry

areas in computers for education; the expiry of

existing computers and computer peripherals;

stronger competition in developing the IT system

for the business operations of financial and

banking sectors; adding of new technologies to

PDA phones; upgrading of resolutions of digital

cameras; and organizing of computer and

technology exhibitions. In addition, the most

significant factor that has contributed to the

growth of computer and ICT market is the price

reduction of notebook computers to the range

that boosts up demands from consumers looking

for purchasing new computers and first-time

computer buyers.

Following the economic crisis in 2008, the

Thai economy in 2009 continued its depression

which led to the recession in spending of the

business and government sectors that affected

the overall picture of the ICT market.

In 2009, the value of the total spending of

the Thai economy for ICT products and services

was at 555,501 Million Baht or increasing from

2008 by only 6.0%. However, it was found that

the majority of the spending was in the

communication market which equaled to 65.1%

of the ICT market or 3.6 Hundred Thousand Baht.

At the same time, the spending in computer

hardware, software and service markets was

80,869, 64,365, and 48,372 Million Baht respectively.

When compared to the growth of the ICT market

in 2009, that of 2010 is expected to be better as

a result of the trend in the recovery of domestic

and global economies. Moreover, in case the

auction of the 3G license succeeds, a higher

volume in the purchasing of related equipments

and services shall be seen.

Competition Strategies

The Company has been transferred the

technology in modern inventory management

and distribution system from Synnex Group,

Taiwan, possesses distribution channels as well

as the customer base with countrywide coverage,

and excels at providing prompt after-sale services.

The Company’s current competition strategies

are as follows:

1. The Company aims at retaining the

market share of main product groups namely

Component Product Group, Image and Printing

Product Group, and Consumable and Supply

Product Group with the use of wide and large

customer base to cover areas and expand

branches in order to quickly respond to the

upcountry market and to reduce the transportation

expense. As for technical products requiring

expertise such as those in Network Product

Group and Software Product Group, the Company

has made an investment in personnel by employing

sale engineers to provide support services to

dealers of technical products. Moreover, the

Company shall increase the size of the Company’s

market share for computer and networking

products which are currently small by importing

products of brands with high market shares such

as Hp for desktop personal computers and

notebooks for corporate and general consumers.

2. The Company is determined at expanding

branch offices under the concept of serving as

Sale Office, Service Center, and Warehouse in

one office to major provinces all over the country.

At present, there are 22 branches operated

countrywide, facilitating and accelerating the

speed of performing services on sales and repair

and claiming.

32

ระยะเวลาการขายสินคาของสินคาคงคลัง (Inventory/Sales Ratio) หมายถึง จำนวนสัปดาหที่บร�ษัทฯ สามารถขายสินคาคงคลัง

ที่มีอยู โดยผูจัดการผลิตภัณฑจะใชอัตราสวนดังกลาวในการคำนวณการสั่งสินคาใหม หร�อระบายสินคาคงคลังเดิม

1

1

3. The Company strives at developing

better coverage for product distribution via as

much as 5,000 dealers all over the country,

including those with large distribution channels

such as IT retail chains and groups, enabling the

Company to distribute product with comparatively

wider area coverage.

4. The Company positions products

distributed at the middle to high levels since

these products are of high quality and popularity,

yielding the profit per unit at a higher level than

distributing products targeted at the low-end

market.

5. The Company prioritizes products with

high yields by making any necessary investments

related to the high-yield products to develop

distribution channels as well as cooperating

with their product manufacturers to improve

channels for distribution and increase the sales

volume of these highly profitable products.

6. The Company distributes products of

reliable quality since the Company does the

pre-launch product testing and selects products

globally recognized and guaranteed by the

manufacturers, giving customers the confidence

in placing product orders. Furthermore, the

warranty label “Trusted By SYNNEX” ensures

customers in terms of quality of products,

quality of services both before and after sales,

and countrywide coverage of distribution channels.

7. The Company’s founding of CNEX Shop

under the concept of “Chic, Choice, Companion,

and Convenience” has added up a distribution

channel for the Company to interact more with

consumers. At present, there are 18 branches

(including the branch at the Headquarters) of

CNEX Shop operated and the Company aims to

increase the number of branches up to 250

branches within 5 years. The Company offers

the distribution right of products from the

Company in forms of a franchise shop that

includes the model of CNEX Shop, decoration,

logo, trademark, poster advertisement, package

and advice on business and management

technique to the investors under the condition

that products must be ordered solely from the

Company.

8. The Company ensures customers with

the efficient after-sale service with two options

on the product warranty as follows:

1. Claimed products requiring replacement

will be replaced immediately with products stored

in the warehouse of the Service Department.

2. Claimed products not qualified for

immediate replacement will take 3 - 7 days in

repairing.

9. The Company guarantees product

claiming for products of current models which

belongs to such major brands as Intel, Seagate,

Kingston, Western Digital, and Lemel in order

to create customers’ satisfaction. At present,

the Company’s warranty system is more than

95% successful and more products will be

included under the system in time to come.

10. The Company operates on the Global

System, the management system transferred

from Synnex Group, Taiwan that enables the

real-time connection between the Company

and branch offices to check the credit balance

of customers, confirm delivery readiness of the

stocks, and plans delivery routes in order to

prepare and deliver products efficiently. Ninety-

nine percent of the goods can be delivered to

purchasers in Bangkok within half a day after

purchase orders are made while 95% of the

ordered goods can be delivered within 1 day

outside Bangkok. Moreover, the Global System

allows the calculation of inventory/sales-out

ratio for every item in the warehouse for product

managers to efficiently manage the inventory.

11. The Company has invested in the

storage and distribution management system

with the founding of a center for managing

products stored and distributed, which is

located on Sukontasawat Road near Ekkamai -

Ramintra Expressway. In 2007, the Company

adopted the Automatic Storage and Retrieval

System (ASRS) which enables the automatic

storage and retrieval of goods in the warehouse

with mechanic arms and conveyor belts

33

Target Customers

The Company acts as an intermediary

between manufacturers and customers operating

the computer business by being an authorized

distributor of approximately as much as 50 brands

and distributes products to over 5,000 target

customers or countrywide computer and IT

business entrepreneurs without committing

controlled by the computer for efficient

merchandise storage and searching. At present,

ASRS has been connected with the Global System

for better efficiency.

12. The Company circulates a monthly

computer-related newsletter named “Synnex

(Thailand) Pricelist” as free copies to dealers

and IT shop customers to disseminate news,

updates, and technical information on newly

launched products and inform the wholesale

prices of the merchandise. Moreover, customers

can check for updates on prices during the month

via the Company’s website, www.synnex.co.th.

13. The Company launches free copies of

a newsletter targeting end-users named

“Synnextra” which is issued every 45 day and

circulated nationwide to retail and IT shops.

The newsletter contains details of ICT products

and information on end-user prices of the

Company. The end-users can visit the Company’s

website and download the online version of the

Synnextra newsletter.

14. The Company trades under the pledge

from major-branded manufacturers for product

rotation and price protection, enabling the

Company to reduce risks from the inventory

stock and changes in the technology.

15. The Company distributes desktop PCs

under the Taiwan Group’s trademark “Lemel”

by selecting dealers who are qualified by their

determination and access a variety of market

channels. Meanwhile, for the end-user market,

the Company distributes Lemel-branded desktop

PCs via the selected department stores to

increase the number of selling points and

convenience for general customers. In addition,

the outstanding points of Lemel-branded desktop

PCs are positioned on its built-to-order concept

and 3-year warranty which ensure customers

with confidence in the product quality.

16. The Company employs the efficient

market structure which starts from providing

consultancy on the selection of products with

functions suiting the needs of customers, sale

promotions, and the after-sale service.

17. The Company has specifically formed

a working team to arrange seminars and

roadshow events to introduce newly launched

products to customers as well as a marketing

team to communicate and promote the information

to customers on details of products, product

management, and activities related to sales,

marketing, and social responsibility.

18. The Company has developed a pre-sale

engineering and project engineering team

comprising engineers and technical staff to

inform and promote the understanding on

specifications of technical products to customers

while the after-sale service for troubleshooting

of hardware and software products is supported

by a technical support engineering team.

19. The Company is able to consistently

and promptly introduce new products to the

market based on the Company’s long and positive

relations with domestic and international

product manufacturers.

20. The Company has passed the ISO 9001:2000

certification from the Bureau Veritas Certification

and the Industrial Standard certification for

built-to-order computers from the Thai Industrial

Standards Institute, Ministry of Industry.

34

direct sales transactions with end-users. In this

connection, the Company’s customers are divided

into 7 groups as follows:

1.Corporate Reseller

2.Retailer (i.e. shops located in Pantip

Plaza)

3.Wholesaler/Trader

Sales Categorized by Customer Group

2009 2008 2007

Unit: Million Baht

Customer Category

1.Corporate Reseller

2.Retailer

3.Wholesaler/Trader

4.Modern Trade

5.Value Added Reseller/System Integrator

6.Stationery Shop

7.Original Equipment Manufacturer

Others

Total Sales

3,279

2,710

2,319

932

661

428

113

41

10,483

3,580

3,097

2,186

1,349

661

480

123

110

11,586

3,852

3,858

2,574

1,470

645

882

208

11

13,500

31.30%

25.80%

22.10%

8.90%

6.30%

4.10%

1.10%

0.40%

100.00%

30.90%

26.73%

18.87%

11.64%

5.71%

4.14%

1.06%

0.95%

100.00%

28.53%

28.58%

19.07%

10.89%

4.78%

6.53%

1.54%

0.08%

100.00%

Source: The Company

4.Modern Trade (i.e. IT City, Powerbuy,

Office Club, Tesco Lotus, and Makro)

5.Value Added Reseller/System Integrator

(VAR/SI)

6.Stationery Shop

7.Original Equipment Manufacturer (OEM)

35


CNEX Shop

CNEX Shop is a one stop IT shop established

by Synnex (Thailand) Public Company Limited to

create another distribution channel outreaching

to retail customers. The objective of CNEX Shop

is to be an IT shop filled with a wide assortment

of products that respond most efficiently to the

needs of customers.

The goal of CNEX Shop is to open more

branches covering Bangkok and other provinces

up to 30 branches in total by 2010.

CNEX Shop has been originated under the

concept of “Chic, Choice, Companion, and

Convenience”.

Synnex (Thailand) Public Company Limited

has founded CNEX Shop under the marketing

concept of outreaching to more customers on a

franchise basis. To the franchisee, the Company

offers the distribution right of products from the

Company in forms of a franchise shop that

includes the model of CNEX Shop, decoration,

logo, trademark, poster advertisement, package

and advice on business and management

technique to the investors.

The investors must order products only

from the Company while the Company provides

training for CNEX Shop staff of every branch in

order to reach the same standard and supports

the franchisee on advertisement and PR planning

and subsidy for shop decoration. The Company

selects investors to become CNEX Shop’spartners

based on their experience and know-how in

computer and IT business with financial reliability

and experienced staff in sale and management.

The Company charges each franchisee on the

management fee of 1% of the sales and and

product manufacturers from the advertisement fee.

At present, there are 18 branches of CNEX

Shop (including the Headquarters) as follows:

1. Synnex (Thailand) Public Company Limited

(Headquarters, Floor 1)

2. Pantip Plaza, Floor 2

3. Fashion Island, Floor 3

4. Tesco Lotus, Salaya, Floor 1

5. IT Mall (Fortune), Floor 4

6. Future Park, Rangsit, Floor 3

7. Seacon Square, Floor 1

8. The Old Siam Plaza, Floor 3

9. Pantip Plaza (Bangkapi), Floor 2

10. Central Plaza, Chaengwattana, Floor 4

11. Central Plaza, Rama II, Floor 2

12. The Mall, Bang Kae, Floor 3

13. Chamchuri Square, Floor 2

14. Soi La Salle

15. The Paseo, Lardkrabang

16. Big C, Suksawat

17. Convention Center Building, Government

Complex, Chaengwattana, Floor 1

18. Central Plaza, Chonburi, Floor 2

Prism Solutions Company Limited

Prism Solutions Company Limited (“the

Subsidiary”) supports services on training on

the operation of computer programs and the

Information Communication Technology (ICT).

The Subsidiary also provides installation and

maintenance services for advanced computer

programs both before and after sales as well as

on-site services. The Subsidiary is the training

center for the following computer programs and

the ICT:

Training Center Service

Lotus Authorized Education Center

Computer Associates Authorized Training Center

Novell Authorized Education Center

Autodesk Authorized Training Center

Training on the operation and development of the

operating system in the organization

Training on the management and backup of the

organization database

Training on the operation of programs on the network

Training on the execution of the Autocad Program

Source: Prism Solutions Company Limited

36

Corporate Social Responsibility and Environmental Activities

Presented the Red Cross Awards Medal (First Class)from H.R.H Princess Maha Chakri Sirindhorn

Bestowing Car and IT equipment to the Thai Red Cross Society

H.R.H. Princess Maha Chakri Sirindhorn, Executive

Vice President of the Council of the Thai Red

Cross Society presented the Red Cross Awards

Medal (First Class) to Mr. Supant Mongkolsuthree

on the occasion of the Company’s donation to

the Thai Red Cross Society.

Mr. Supant Mongkolsuthree and Management’s members of Synnex (Thailand) PCL. had an audiencewith .R.H. Princess Maha Chakri Sirindhorn to bestow a Toyota sedan of Yaris model and IT equipmentto use for benefits of the Thai Red Cross Society.

On Tuesday, 1 December 2009, H.R.H. Princess Maha Chakri Sirindhorn paid a royal visit to PiyachatPattana School under the royal patronage of H.R.H. Princess in Nakhorn Nayok Province to see theschool’s activities and present badges to the School’s sponsors on the occasion of celebratingthe School’s 20th anniversary. In this connection, Mr. Puttipan Tayarachkul, Senior Executive VicePresident (SEVP), Administrations, of Synnex (Thailand) PCL. was presented the badge and had anaudience with Her Royal Highness in presenting the explanation during her royal visit at the ITLibrary by Synnex Project’s site at the School.

IT Library by Synnex Project’s Site Royally Visited byH.R.H. Princess Maha Chakri Sirindhorn

37

Corporate Social Responsibility Activities (CSR)

1. Educational Activities

1.1 Synnex (Thailand) PCL. donated computers andIT equipment to border patrol police schools in MaeHongson Province and Tak Province under the SukSala Project which has been initiated by H.R.H.Princess Maha Chakri Sirindhorn. In collaborationwith the Royal Thai Army and National DefenseCollege alumni, B.E. 2546 (2003) batch, the Companycontributed to the Suk Sala Project with the objectivesof utilizing technology, IT equipment, and computersfor distant medical treatment. Mr. Puttipan Tayarachkul,SEVP,Administrations, was a representative of theCompany in the transferring ceremony which wasjoined by Lieutenant-General Kittitat Bamnetpan,Director of Channel 5, on 19 August 2009.

1.2 Promotion of Thai Education via IT Library by Synnex Project of Synnex (Thailand) PCL.

Resulting from the Thai Government’spolicies concerning the reform of education usingcomputers as means for learning and knowledgeexploration, the information and communicationtechnology has considerably influenced thelifestyles of Thai adolescents. The key strategiesof the empowerment of a large-sized populationof teachers and educational personnel professingin educational service areas throughout thecountry are training and distant training usingpotent educational institutes as a base as wellas promoting opportunities for students to learnand exchange ideas from each other, building alearning community for capacity developmentand sustainable growth with the information andcommunication technology. With the aims of creating a model on thepromotion of knowledge regarding the informationand communication technology and developingthe computer-troubleshooting ability and otherIT-related skills of Thai students, youths, and thegeneral public to be internationally comparableas well as celebrating the 20th anniversary of theCompany, Synnex (Thailand) PCL., therefore,came up with an initiative to found an IT library project to promote Thai education, or “Library ITby Synnex Project” as a core activity on CorporateSocial Responsibility (CSR) of the Company forboth Management and employees to participatein socially beneficial activities. The goal of this

Project in 2009 was the implementation at 20target schools countrywide for donating computersets and IT equipment. The Company’s mission under the “LibraryIT by Synnex Project” is to provide computersand IT-related products with the electronic librarymanagement program’s software supported bySolution Corner (1998) Co., Ltd. with the intentionto create another channel on education promotionand information retrieval system as well as toexpand the number of IT libraries for the 20 schoolsacross the country qualified according to thestrict and concrete selection criteria of the Project. Mr. Supant Mongkolsuthree, President andChief Executive Officer, said “I hope that the“Library IT by Synnex Project” will benefit thequalified schools and encourage these educationalinstitutes comprising of teachers and studentsas well as the general public to explore newknowledge sources and retrieve the up-to-dateinformation on the IT management system beforetranslating learning into the practice of computersand IT system of their own schools which equalsthe uplifting of their quality of education.” In this connection, details of the transferringand the electronic library management program’straining under the Project by Synnex (Thailand)PCL. at the qualified schools countrywide aredescribed as follows:

Library IT by Synnex Project Implemented at Schools Countrywide

38

Mr. Sumeth Chailertwanijkul, Satul Provincial Governor, invited by Mr. SupantMongkolsuthree to be the honorary president of the ceremony on 9 September 2009,witnessing the transferring of computers and IT equipment to schools in Satul Province as follows

1. Ban Koh Adang School, Satul Province2. Ban Tanyong Kaboy Chaipattana School, Satul Province3. Koh Sarai Chaipattana School, Satul Province4. Ban Koh Bulone School, Satul Province

the ceremony of transferring computers and IT equipment in Ratchaburi Priovincewas arranged on 3 September 2009 and presided over by Mr. Suthep Komonpamorn, Provincial Governor, and joined by the Company’s Management with the 2 schools as follows as recipients:

1. Chumchon Ban Bor School, Ratchaburi Province2. Wat Sridaram School (Tep Cheuy Prachanukul) School, Ratchaburi Province

on 19 August 2009, Management’s members of the Company participated in thetransferring ceremony at the following 4 schools:

1. Ban Thung Yang Hua Fai Wittaya School, Chiang Rai Province2. Chiang Dao Wittayakom School, Chiang Mai Province3. Prao Wittayakom School, Chiang Mai Province4. Bang Sai Pittayakom School, Pichit Province

on 1 September 2009, the Company’s Management’s members led thetransferring ceremony at 3 schools as follows:

1. Wat Nong Krok School, Buriram Province2. Chumchon Ban Hua Kua School, Khon Khaen Province3. Ban Prabat Tarua School, Khon Khaen Province

In the Northern region

In the Northeastern region

In the Central region

In the Southern region

39

Mr. Preecha Kamonbutr, Nakhorn Nayok Provincial Governor and President of ProvincialNakhorn Nayok Red Cross Chapter, presided over the ceremony held on 23 September 2009and witnessed the transferring of computers and IT equipment to the following schools in Nakorn Nayok Province.

1. Patra Pitayacharn School, Nakorn Nayok Province2. Piyachat Pattana School, Nakorn Nayok Province

1. Plukchit School, Bangkok Province2. Wat Bung Thong Lang School, Bangkok Province3. Sotatasanasuksa School, Nonthaburi Province

In the Eastern regionMr. Poolsak Panutnorapan, Provincial Governor of Chantaburi, presided over theceremony arranged on 22 September 2009 as the honorary president as members ofManagement of Synnex (Thailand) PCL. handed over computers and IT equipment to 2 schools as follows:

1. Wat Wan Yao Lang School (Ratpanyanukul) School,Chantaburi Province2. Ban Makam (Sakorn Makam Ratch) School,Chantaburi Province

In Bangkok and metropolitant areasthere were 3 schools qualified according to the selection criteria ofthe Company as follows:

40

2. Capacity and Skill Development and Open-HouseActivities

2.1 The Human Resources’ Department’s Manager of

Synnex (Thailand) PCL. participated as a guest speaker

on careers guidance in the last orientation of graduating

students at Nawamintrachutit Industrial and Community

College.

2.2 In 2009, the Company hosted open-house eventswelcoming various organizations from both businessand educational sectors with members of the Company’sManagement greeting and lecturing to the visitors onManagement System, Automatic Storage and RetrievalSystem (ASRS) and Shipping and Dispatch System,Computer’s Configure-to-Order (CTO) system, and etc.The visitors in 2009 were listed as follows: - Officials from Office of the Public Sector Development Commission - Finalists of Young Financial Star Competition 2009 (YFS 2009) - Members of Thai Value Investment Club - Group of students from Intrachai Commercial College

1.3 In 2009, Synnex (Thailand) PCL. donated computers

for promoting education to schools and charity

organizations such as Minburi Technical College,

Kanchanapisek Samutprakan Technical College,

Metropolitan Polytechnic College, and Family Care

Cambodia.

41

3.2 The Company’s employees participated in blood

donation every 3 months to the Thai Red Cross Society,

contributing to the blood reserve for patients under

medical treatments.

3.3 The Company’s employees made merits and offered

Buddha images to 9 temples in Samut Songkhram

Province.

3.4 The Company’s employees donated the jointly

collected money for the purpose of building the main

Buddha image at Dong Long Tepmuni Hermitage in

Phetchabun Province.

3. Beneficial Activities for Society, Environment, andPublic Safety

3.1 Synnex (Thailand) PCL. supported 2 sets of computer,

LCD screen, and peripherals to Khok Khram Police

Station for the general public’s usage on information

and news retrieval under the “Internet for People

Project”. The Company also provided 2 more sets to

the police station for data verification on criminal

records, vehicle registration plates, and arrest warrants

for investigation and tracking on crime offenders.

42

4.2 The Company’s representatives paid a visit toPolice Captain Suraphol Daojaeng, Deputy TrafficInspector of Khok Khram Police Station with a souvenirbasket during his recovery at a hospital from an injuryfrom suppressing a motorcycle gang’s road speeding.

4.3 The Company donated non-used computer partsand peripherals under the “One Person, One MeritProject” by the IT Correspondent Club.

4.1 Synnex (Thailand) PCL. participated in the event “108th Anniversary of Royal Police Cadet Academy”,in Sampran District, Nakhon Pathom Province, on 13 October 2009, marking the Thai Police Day.The event comprised the oath-taking ceremony as well as the trooping the color of the cadets andpolicemen, which interested the general public. The event was presided over by Police GeneralPrateep Tanprasert, Acting Inspector General of Police of Thailand, who was joined by Mr. SupantMongkolsuthree, President and CEO of the Company who also acts as Chairman of Activity PromotionCommittee of the Royal Police Cadet Academy. The activities included a fair titled “Road of Morality”,an IT exhibition, and other exhibitions by the cadets and the public.

4. Activities Supporting Government Agencies and Other Organizations

43

5.2 The Company participated in friendly matchesunder the 2009 Sports Day event of the IT CorrespondentClub.

5. Activities Promoting Health and Sport

5.3 The Company’s employees donated sports tools and fixed the playground equipment for childrenat Wat Takian School in Lopburi Province.

5.1 Synnex (Thailand) PCL. together with T.K.S.Technologies PCL. arranged friendly badmintonmatches to promote good relations between staffmembers of the 2 companies.

44

Internal Activities

The Celebration of the Company’s 20th Anniversary

- The Company’s staff members offered foods to monks, making merits together.- Representatives from the Head Office and regional branches participated in the raising of the national flag and the 20th Anniversary flag as well as singing to the national anthem and the Company’s theme song.

- The Company welcomed the honorableguest, Mother Suchada Mongkolsuthree,to greet and sign her name on theE-Photo Electronic Board. She thankedevery employee for working withdetermination, resulting in the Company’ssuccess and growth, and gave herblessings to them.

The year 2009 marked an auspiciousoccasion of Synnex (Thailand) PCL., or the 20thanniversary of its business operations. Mr. SupantMongkolsuthree, President and CEO, ledManagement’s members and employees to joinan internal event that demonstrated pride andharmony of everyone in the Company throughoutthese 20 years, resulting in the Company’s wideacceptance in the IT market. Everyone in theorganization took part in an oath-taking ceremony

to be determined in retaining the quality ofproducts and service in order to see the Companybeing the leader in the IT business with steadyand continuous growths and building trusts andconfidence of vendors, dealers, and shareholders,as reflected in the Company’s widely accepted“Trusted by Synnex” logo. Moreover, everyonein the organization gave their words in jointlycontributing to the homeland and the Thai nation.

Event’s Highlight Photos

45

- Moment of impression came when all members of Management and employees together sang abirthday song to the President and CEO, Mr. Supant Mongkolsuthree, who, in return, thanked andwished everyone all the best.

- Included in this event, everyone celebrated the Songkran Festival with a water blessing ceremonyasking for blessings from Management and enjoyed themselves further with a water splashing activity.

- On the occasion of the Company’s 20th anniversary, Synnex (Thailand) PCL. declared its determinationto carry out the “IT Library by Synnex Project” to promote the nation’s IT study by involving allemployees to participate in socially beneficial activities, according to the Company’s core CSR policy:“Nation Development by IT by Synnex”. As part of the above-mentioned internal event, Mr. SupantMongkolsuthree assigned “5-Region Mission” to members of Management to carry out the missionof transferring computers and electronic library’s management software to 20 schools countrywide.This Project would be continuously implemented to increase channels on education promotion,IT data retrieval system, and expand the number of IT libraries under the Project to cover all provinces.

46

Marketing Activities

Dealer-Empowering “Synnex Roadmap” Event:A Preparation for the Regional IT Market’s Growth

The Company has arranged the “Synnex

Roadmap” event for 5 consecutive years and this

year’s event was held under the theme of “Riding

Growth with Trust and Reliability” in order to

celebrate the Company’s 20th anniversary with

the event organized in forms of grand seminars

during the period from August – September 2009

for dealers in the Northern, Northeastern, and

Southern regions who actively participated in.

The objectives of the event were to create

competitiveness and empowering capacity

among dealers for business profits as well as

adding up the body of knowledge in management

and administration using advanced techniques

with more than 20 vendors of celebrated brands

joining.

An academic forum was included as part

of each seminar under the topic “Retail Business

in the Current of Economic Instability and Impact

from 2009 Influenza Pandemic”, as moderated

by Ms. Saisawat Lertcharoensermsuk, General

Manager, B3 Inventory Management of The Mall

Group with more than 10-year experience in

large retailing.

And on the auspicious occasion of the 20th

anniversary of the Company, Synnex (Thailand)

PCL. held a thank you party in which awards were

presented to dealers in every business region

for their long IT business relations with and the

confidence given to the Company. Moreover,

high-ranking members of the Company’s

Management also held a friendly, informal

discussion session exchanging experiences with

the dealers as part of each seminar.

47

all products labeled with the “Trusted by Synnex”logo are up to the same standards. The imagebuilding of the logo upon customers’ minds ofSynnex (Thailand) PCL. is part of the marketingactivities which aim at strengthening countrywidedistribution channels, enabling dealers for highersales and reflecting the growth from sales of theCompany in the same direction.

Activities on the Promotion of Distribution Channels

“Trusted by Synnex” Logo Reinforced for Customer’sConfidence in 2009 Commart Comtech Exhibition

Mr. Anuchit Boonyalug, SEVP, Sales andMarketing, and other top members of the Company’sManagement and staff members visited dealer’sexhibition booths while reinforcing the importanceof selecting products with the “Trusted by Synnex”logo to customers. The logo assures productsare of quality and with standards as well asguarantees the excellent, fast, and efficientafter-sale service. Customers are reassured that

48

Synnex (Thailand) asOfficial Partner of The15 Memorial of TerngLee Jwin Concert for

Rewarding and Satisfyingfor Customers

In commemorating the 20 anniversary of the Company, Synnex(Thailand) PCL., offered a customer rewarding campaign tomajor dealers whose family descent is largely Chinese whichincluded the offering of tickets to the 15 Memorial of theTerng Lee Jwin Concert with members of Management givinga warm welcome to customers at the cocktail bar inside theevent as well as the sales promotion program for Fullmarkand T.K.S. products.

C-NEX Shop’s Grand Opening @ Central PlazaDepartment Store in Chonburi Province – the18th Branch and the 1st in the Region Mr. AnuchitBoonyalug, SEVP, Sales and Marketing, Synnex(Thailand) PCL., presided over the openingceremony of C-NEX Shop at Central PlazaDepartment Store in Chonburi Province, markingthe first opening of C-NEX Shop’s branch in theregion. On this occasion, Mr. Niwat Sirisuthiworanan,the shop’s franchisee gave him a warm welcome.

Synnex (Thailand) PCL. boosted its growth withthe opening of the 15th branch of C-NEX Shopon 18 July 2009. Mr. Supant Mongkolsuthree,President and CEO, led the shop’s official opening’sceremony at The Paseo Mall, demonstrating theCompany’s strong capability and buildingcustomer’s confidence in C-NEX Shop.

C- NEX Shop’s Grand Opening @ Big C HypermarketStore, Suksawat Branch Synnex (Thailand) PCL.opened the 16th branch of C- NEX Shop on 4 July2009 at Big C Hypermarket Store, Suksawat Branch.

49

50

Company’s Risks

The risks set forth under this topic are not the entire risks facing the Company but the risks which may affect the Company’s operations in the future and these risks are classified as follows:

1. Risk of Changes in Technology and Product Development The Company distributes computers and products related to the information technology of which related technologies and innovations are quickly developed, so that the Company needs to track changes closely and continuously to study the trends of products demanded in the consumer market, monitor the inventory control, and purchasing appropriately, as inventory items become outdated easily as technologies evolve. However, the Company has been transferred information and technology from the major shareholder, or Synnex Group from Taiwan, which is highly successful in the business of distributing computers and information technology products as well as expert in assessing the needs and trends of the market and owns an advanced inventory management system administered by computer, so that the Company is able to handle technology changes. In addition, as being a giant distributor of computers and IT products in Thailand, the Company is offered favorable conditions such as special discounts when placing orders in great quantities, product rotation for obsolete models, and price protection for discounted models from a variety of giant suppliers and manufacturers, relieving the Company off the inventory aging problem. Meanwhile, the Company sets the allowance of diminution in slow-moving, obsolete inventories too.

2. Risk from Accounts Receivable At present, the competition regarding the offering of credit terms is rather high. The Company sets a concrete policy concerning collection and credit control with consistency in monitoring debt payments. Customers encountering financial problems are immediately tracked by the collection team with due dates specified for each procedure carried out by the collection team, the sales team, or the legal team. The Company, in addition, exercises measures to control credit and payment terms in order to reduce and prevent the risk from accounts receivable.

3. Risk from the Foreign Exchange Rates The Company imports products from abroad with bids and payments principally calculated in the U.S. dollar currency while imported products are distributed entirely domestically. Oversea products represent 50 - 60% of the total product-purchasing orders of the Company. However, the Company has come up with a policy hedging the risk from the fluctuating foreign exchange rates by entering into forward contracts of the foreign exchange market. To prevent the risk of exchange rates, the Company generally forwards it 70 – 80% of the value of a purchasing order. Yet, the Company doesn’t own a policy over speculation in the foreign exchange market.

4. Risk from the Working Capital. Every year, the Company’s sales revenue has grown at a steadily increasing trend, resulting in the need to steadily increase the working capital to manage the accounts receivable and inventory as sales increase. The Company’s working capital has been funded by the use of short-term loans from financial

51

institutions for liquidity. Days in inventory are approximately controlled at 30 days and the Company has developed a rigorous credit control system with customers with constant reviews on credit lines. The average collection period takes 43 days while the average payment period of the Company is at 20 days as the Company generally makes payments in cash or early payments to get discounts from the manufacturers. With the good rapports built between the Company and a number of commercial banks, there are constant chances for the Company to negotiate and review the loan balance, interest rates, and banks’ fees to achieve the appropriate level of the financial costs. Meanwhile, the Company’s funding from the public offering of common stocks has resulted in the Company’s working capital growing stronger and debt-per-capital ratio of the Company getting better.

5. Risk from Low Gross Profit Margin The business of distributing computers, peripherals, software programs, and IT networks yields a low level of the gross profit margin. As a result, such factors as the foreign currency exchange rates, quality of debtors, and depreciation cost from new investment and inventory management may affect the Company’s net profit and performance. However, the Company pays attention to and prepares against the exchange rate’s risk with such protection measures as the insurance for the account receivable’s damage as well as the strict inventory management and budgeting. These measures reduce effects of the aforementioned factors on the net gross profit. Moreover, at present, the Company is determined to be appointed as the sole distributors of several product brands to enable the Company to set prices and achieve a higher level of the gross profit margin.

6. Risks from Issuing ESOP Warrants to the Company’s Board of Directors and Employees The Extraordinary General Shareholders’ Meeting No. 2/2007 held on 29 November 2007 resolved to issue the Employee Stock Option warrants (“warrants”) with the holders’ names specified and non-transferable subscription rights to purchase common stocks to the Company’s directors and employees at the amount of 25,000,000 units with the par value of 0 Baht and 5-year validity starting from the issuing and offering date. Each warrant entitles the holder thereof to purchase one common stock at a 25 percent discount of the price of initial public offering. As a result, the investors bare higher risks than the warrant holders and there is a risk that the Company’s stock price would drop if stocks are sold after their warrant exercise, possibly leading to the dilution effect. However, the ESOP warrants issued to the Company’s directors and employees are applied under the condition that the warrant can be exercised one year after the issuing and offering date. Each warrant holder may firstly exercise the right at the amount not exceeding 10% of all warrant units allocated. Every six month afterward, the holder may exercise their right at the rate not exceeding 7.5%, 7.5%, 10%, 10%, 12.5%, 12.5%, 15%, and 15% of all the allocated warrants respectively. Such period limit has helped preventing the increase in the stock volume during the period when the Company’s stocks were initially traded in the Stock Exchange Market. When all units of the ESOP warrants exercised, they will be converted to 25,000,000 common stocks which equal to 3.55% of all shares of the common stocks being offered to the public and to the directors and employees of the Company.

52

List of Major Shareholders

Top 10 Shareholders as of 31 December 2009

Dividend Policy and Payment The Company and the Subsidiary shares a policy of paying a minimum of 40% of the net profit after tax. The Company and the Subsidiary shall pay no dividend when accumulating deficits. However, such payments are subject to future capitalizations, to the approval by the Company’s Board of Directors, as well as to the availability of earnings to distribute.

1 T.K.S TECHNOLOGIES PUBLIC COMPANY LIMITED 269,715,600 39.66

2 KING’S EYE INVESTMENTS LTD. 245,000,000 36.03

3 BNP PARIBAS PRIVATE BANK HONG KONG BRANCH 21,846,300 3.21

4 AMERICAN INTERNATIONAL ASSURANCE COMPANY, 20,000,000 2.94

LIMITED-TIGER

5 NORTRUST NOMINEES LIMITED-NORTHERN TRUST 12,079,800 1.78

GUERNSEY CLIENTS

6 SYNNEX (THAILAND) PUBLIC COMPANY LIMITED* 11,000,000 1.62

7 ALBOUYS NOMINEES LIMITED 7,834,900 1.15

8 THAI NVDR LTD. 6,485,438 0.95

9 MR.PUTTIPAN TAYARACHKUL 5,000,000 0.74

10 MR.NARONG WANGCHAROENWONG 4,374,182 0.64

*The Board of Directors’ Meeting no. 4/2008 as held on 10 November 2008 resolved to purchase treasury stocks in the Stock Exchange of Thailand totaling 60,384,000 stocks which equals to 8.88 of the paid-up capital. The treasury stock purchasing ended on 24 May 2009 with the total 11,000,000 stocks repurchased, or 1.62% of the paid-up capital.

Rank Major Shareholders Number of Shares (%)

53

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54

The structure of the Board of the Directors of the Company consists of the Board of Directors and the Audit Committee as follows:

The Board of Directors As of 31 December 2008, the Board of Directors comprises of the following 11 directors:

Authorized Directors Regarding the Legal Binding of the Company The Company stipulates that at least 2 directors jointly sign together with the corporate seal affixed. Directors who are authorized signatories are Mr. Supant Mongkolsuthree, Mr. Weerachai Srikajorn, Mr. Tu Shu-Wu, Mr. Puttipan Tayarachkul, Mr. Huang Chi Chiang, Mr. Wei Hui, Mr. Lee Lee-Shen and Mr. Tu Shu-Chyuan. Two out of these eight directors shall sign together with the corporate seal affixed. Scope of Authorities and Responsibilities of the Company’s Directors 1. Arranging the Annual General Shareholders’ Meeting within 4 months from the end of the accounting period of the Company. 2. Arranging the Board of Directors’ Meeting at least once per 3 months. 3. Preparing the balance sheet and the income statement of the Company, as certified by the auditor, at the end of the Company’s accounting period to be presented to the Shareholders’ Meeting for consideration and approval. 4. Giving proxies to any directors or any other persons to act on behalf of them under the supervision of the Board of Directors or assigning the proxies to have authorization, as deemed appropriate and within the period considered properly (The directors shall be able to revoke or amend the proxy or the scope of authorization as seen appropriate.) 5. Defining objectives, aims, directions, policy, work plan and budget of the Company, supervising Management and the administration of Management to be in line with the given policies except for the following items which require prior approval from the Shareholders’ Meeting; matters stipulated by the law to require the Shareholders’ Meeting approval such as the increase and decrease in capital; debenture

Management’s Structure

No. Name – Last Name Position

1 Mr.Supant Mongkolsuthree President2 Mr.Tu Shu-Wu Director3 Mr.Virachai Srikajon Director4 Mr.Huang Chi-Cheng Director5 Mr.Lee Lee-Shen Director6 Mr.Wei Hui Director7 Mr.Tu Shu-Chyuan Director8 Mr.Puttipan Tayarachkul Director9 Mr.Somchai Apiwattanapron Independent Director and Chairman of the Audit Committee10 Ms.Maleeratna Plumchitchom Independent Director and Audit Committee Member11 Mr.Vissut Sethaput Independent Director and Audit Committee Member

55

launching, sale or transfer of the whole or part of the Company’s business or purchase or taking of transfer of another Company’s business; amendment of Memorandum of Association or Article of Association, and etc., and supervising the Company to comply with the Stock Exchange of Thailand laws and regulations such as connected transactions and purchase or sale of major assets under the regulations of the Stock Exchange of Thailand or laws relevant to the Company’s business. 6. Reviewing the organization’s chart and appointing members of Management, the President, and members of other committees as considered appropriate. 7. Monitoring continuously the operations to be in line with the work plan and budget. 8. Not conducting business in the same and competitive manner with the Company’s business or act as partners in any general partnership or general partner of limited partnership or director of a private company or other companies conducting the same and competitive business with the Company’s business either for their benefits or others’ unless the Shareholders’ Meeting have been informed before the appointment’s resolution. 9. Informing the Company immediately if they are direct or indirect stakeholders of the contracts made by the Company or holding more or less shares or debenture in the Company or any affiliated company. Criminal Record of the Directors - None - Qualifications of Independent Committee Members The Independent Committee is a major component or mechanism of the system of the Good Corporate Governance of the Company. As a result, qualifications of the Independent Committee are specified as follows: 1. Holding shares at the ratio not exceeding 1% of the paid-up capital of the Company, the Subsidiary, affiliated company, associate company, or related company. The amount of shares held by related persons shall be counted. 2. Not participating in the management of the Company, subsidiary, affiliated company, associate company, related company, or major shareholder of the Company either. The directors must not be employees or consultants on the payroll with the Company, subsidiary, affiliated company, associate company, related company, or major shareholder of the Company. 3. Having no interest or stake, direct or indirect, in terms of finance and the management of the Company, subsidiary, affiliated company, associate company, or related Company (They must have neither interest nor stake in such manner for the period of 2 years before the appointment as members of the Independent Committee.) 4. Not being related persons or close relatives of Management or major shareholders of the Company. 5. Not being proxies tending the interests of the Company’s directors, major shareholders, or shareholders who are related to the major shareholders of the Company. 6. Being able to independently act and express their opinions or report their performances on duties assigned by the Company’s directors with no influence from Management or major shareholders of the Company including related persons and close relative of such persons. 7. If being a part of the Independent Committee of any affiliated company, disclosing such information and revealing the remuneration package received from that company. 8. Not being members of the Board of Directors in any listed affiliated company. The Independent Committee members must have gone through the selection process by the Board of Directors.

56

Audit Committee As of 31 December 2008, the Audit Committee consists of the following 3 members:

Scope of Authorities and Responsibilities of the Audit Committee The roles and responsibilities of the Company’s Audit Committee shall include the following: 1. Ensuring that the Company’s Financial Statement is correct and sufficient. 2. Ensuring that the Company has developed and followed an adequate system of internal control and the functional independence of the internal auditors as well as approving the appointment, reassignment and dismissal of the Head of Internal Audit Department or officers responsible for the internal audit function. 3. Overseeing the Company’s compliance with SET regulations and relevant acts. 4. Meeting exclusively with the independent auditors, without management present at least once a year apart from selecting, nominating, and proposing the remuneration of the Company’s independent auditors. 5. Reviewing related party transactions or any transactions leading to conflicts of interest and ensuring that such transactions are conducted in the normal course of business and in the best interests of the Company. 6. Preparing for the Audit Committee’s report to be published in the Annual Report of the Company with the certifying signature of the Chairman of the Audit Committee while the report must incorporate the following details at minimum: • Opinion on the assessment of the validity, adequacy, and reliability of the Company’s financial statements. • Opinion on the assessment of the adequacy of the Company’s internal control system. • Opinion on the assessment of the Company’s conforming to law and regulations regarding securities and exchange as well as rules of practice of Securities and Exchange Commission’s or law and regulations related to the business operations of the Company. • Opinion on the assessment of the suitability of the Company’s auditor. • Opinion on the assessment of the transactions potential to be in conflict with the Company’s interests. • Number of meetings held among the Audit Committee’s members and the meeting attendance of each member. • Overall opinions or remarks regarding the practice of duties of the Audit Committee’s members according to the Charter as reflected upon by others. • Other aspects of information, as seen proper by the Audit Committee and under the scope of duties and responsibilities assigned by the Board of Directors, that the Company’s shareholders and investors in general should be aware of. 7. Performing other tasks as assigned by the Board of Directors with the consent of the Audit Committee.


1 Mr.Somchai Apiwattanapron Chairman of the Audit Committee2 Ms.Maleeratna Plumchitchom Audit Committee Member3 Mr.Vissut Sethaput Audit Committee Member

57

Investment Committee The Board of Directors’ Meeting no. 1/2008 on 15 February 2008 resolved to appoint 2 Investment Committee members as follows:

Scope of Authorities and Responsibilities of the Investment Committee The Investment Committee has the scope of duties and responsibilities and to the Board of Directors on the following matters: 1. Defining policies and principles for the Company’s investment as well as the limit and scope of investment in each kind of investment securities. 2. Approving additional types of investment not allowed in the investment policies and defining the limit of in such investment securities. 3. Approving the change of the Company’s custodian. 4. Arranging the Independent Committee’s Meeting for at least once per 3 months to verify investment transactions to be in line with the Company’s regulations and consider expressing their opinions on investment issues brought to discuss in the Meeting.

Company’s Management On 31 December 2009, there are 7 members of the Company’s Management as follows:

Scope of Authorities and Responsibilities of the Chief Executive Officer 1. Supervising and controlling the routine business and/or management of the Company. 2. Implementing or operating the business to be in line with the policy, work plan, and the budget approved by the Company’s Board of Directors. 3. Being an authorized person of the Company to manage the Company’s business to be in line with the objectives, restrictions, policies, regulations, rules, orders, resolutions of the Shareholders’ Meeting and/or resolutions of the Board of Directors’ Meeting. 4. Defining the business plan and budget to be presented to the Board of Directors for approval and have the authority to approve the payment for regular operations of the Company.



1 Mr. Supant Mongkolsuthree Chairman of the Investment Committee2 Mr. Tu Shu-Wu Director of Investment Committee

1 Mr. Supant Mongkolsuthree Chief Executive Officer2 Mr. Puttipan Tayarachkul Senior Executive Vice President – Operations3 Mr. Anuchit Boonyalug Senior Executive Vice President – Sales & Marketing4 Ms. Suvannee Lee Executive Vice President – Marketing, Marcom 5 Ms. Kingkaew Jutasompakorn Executive Vice President – Logistic & Assembly 6 Ms. Suporn Lertteerapanyawong Vice President – Finance & Purchasing7 Ms. Kamonsri Boonjang Vice President – Accounting

58

5. Authorized to approve the payment for major investments which have been included in the annual expense budget as assigned by the Board of Directors or whose principles have been previously approved by the Board of Directors. 6. Defining the loan, loan provision or launching of fixed income securities and guarantee, loan guarantee or loan grant or any loan request procedures of the Company to be presented for the Board of Directors’ approval. 7. Setting up missions, objectives, directions, and policies of the Company as well as commanding and supervising the overall operation of the Company. 8. Authorized to assign proxies and/or other parties to act for specific transactions by means of using letters of proxies and in line with regulations or orders of the Board of Directors and/or as defined by the Company. The CEO and 2 out of 3 SEVPs must jointly sign such proxy letters with the corporate seal affixed. 9. Following up and assessing the Company’s performance to prevent damages from any internal and external risk factors on a regular basis. 10. Authorized to approve the Company’s engaging in business contracts as well as other contracts beneficial for the Company’s business operations and defining relevant procedures to report to the Board of Directors while the CEO and 2 out of 3 SEVPs must jointly sign such contracts with the corporate seal affixed. 11. Authorized to approve allocation of bonus, rewards, and any forms of remuneration approved by the Board of Directors to staff members, or employees, or any parties working for the Company. 12. Authorized to approve the employment, appointment, and transferring of employees across groups/sections/departments or discharging any employees as well as defining levels of salaries, forms of remuneration, bonus payment, and welfare benefits for all employees. 13. Authorized to issue orders, regulations, announcements, and memorandum in order to see that the Company’s operations are in line with policies and benefits of the Company and to retain work disciplines in the organization. 14. Performing other duties as assigned by the Board of Directors. The authorities and assignment of proxies to any parties as seen proper by the CEO shall not include the authorities and/or proxy assignment to approve any transactions he or other stakeholders has/have conflicts of interest with the Company or the Subsidiary according to the regulations of the Security Exchange of Thailand. The approval of transactions in this category must be proposed to the Board of Directors or the Shareholder’s Meeting to consider and approve according to the Company’s Articles of Association or relevant acts. The Board of Directors’ Meeting no. 1/2007 as held on 11 December 2007 and the Board of Directors’ Meeting no. 1/2008 on 15 February 2008 resolved to authorize Management for ordering check payment for normal purchase orders of the Company with details as follows:

Balance Signing Condition for Ordering Check Payment

Not over than 50,000 Baht Sales Department Director or Territory Sales Department Manager jointly signs with Branch Manager or 2 out of 3 finance officers sign together.Not over than 20,000,000 Baht CEO or SEVP – Administration or 2 out of 3 Finance Department Directors sign together.Over than 20,000,000 Baht CEO jointly signs with SEVP – Administration or 2 out of 3 Finance Department Directors sign together.

59

Selection of the Board of Directors and Management The Company does not have a committee appointed in particular for the selection of the Board of Directors and Management’s members, so any candidates to be appointed must be qualified according to Section 68 of Public Company Limited Act, B.E. 2535 and the Company’s Articles of Association and must not possess forbidden qualifications according to the Security Exchange of Thailand’ s announcement no. Kor.Jor. 12/2543 on Permission Application and Permission to Offer Newly Issued Shares dated 22 March 2000. The selection procedure is as follows: Composition and the Appointment of the Board of Directors Details of the selection, appointment, impeachment and discharge of the Board of Directors are summarized as follows: 1. The Board of Directors comprises at least 5 persons and not less than half of the Board must reside in Thailand. 2. The selection of the Board of Directors must be approved by the Shareholder’s General Meeting with the following criteria and procedures: • A shareholder is entitled to the number of votes equal to the number of shares held. • Each shareholder can exercise their existing votes for one or several candidates. In case of electing several persons to be directors, the votes cannot be divided in favor or against any candidates. • The candidates having highest votes will be appointed as directors. The number of appointed candidates must be equal to number of vacant positions for appointment at that time. In case the number of candidates having equal votes is more than that of the vacant positions, the Chairman shall make the final decision. 3. In each Annual General Meeting of Shareholders, at least 1/3 of directors must be rotated. If the number of the directors cannot be divided by 3, the closest number of 1/3 shall be applied. The directors to be rotated in the first and second years after the Company’s incorporation shall be selected by drawing. After that the directors who are in their positions for the longest period of time shall retire. The rotated directors can be re-elected. 4. A director desiring to resign from his position shall file a resignation request to the Company. The resignation shall be effective from the day the resignation letter reaches the Company. 5. In case of vacancy from any reason apart from rotation, the Board of Directors may nominate a qualified person with qualifications not forbidden by the Public Company Limited Act to be a director in the following Board of Directors’ Meeting except that the remaining term of such position is less than 2 months. The replacing director’s term shall be equal to the remaining term of the replaced director. The resolution of the Board of Directors must be composed of not less than 3/4 of the total remaining number of directors. 6. The Shareholder’s meeting may resolve to discharge any director before the term expires with not less than ¾ votes of the shareholders attending the meeting and having right to vote with not less than ½ of the total shares held by the attending shareholders who have the voting right. Composition and the Appointment of the Audit Committee The Board of Directors shall propose the appointment of the Audit Committee to the Shareholder’s Meeting. The candidates must be qualified according the acts, announcements, regulations, and/or rules of the Security Exchange of Thailand. The number of the Committee must not be less than 3 persons with the term of 2 years. At least 1 member must be trained and experienced in accounting and finance. Composition and the Appointment of Management The Board of Directors and/or any person assigned by the Board of Directors will consider the appointment of Management’s members based on experiences and expertise in relevant fields.

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Remunerations of Directors and Management

Financial Remuneration

Directors In 2007, 2008, and 2009, the Company financially remunerates the directors, that is, subsidizing the meeting allowance, at the amount totaling 271,000 Baht, 654,000 Baht, and 1,496,000 Baht respectively while details of the meeting attendance and allowance of the Company’s directors are listed in the table below:

As approved in the 2009 Annual General Meeting of Shareholders, which was held on 17 April 2009, the directors and independent directors are financially remunerated per one round of meeting as follows: 30,000 Baht for President of the Board of Directors; 20,000 Baht for the Chairman of the Audit Committee; 20,000 Baht for a director; and 18,000 Baht for a member of the Audit Committee * The Board of Directors’ Meeting no. 4/2008, as held on 10 November 2008, reached an unanimous resolution approving the appointment, which has been effective since 10 November 2008, of Mr. Tu Shu-Chyuan as an authorized director regarding the legal binding of the Company as well as acknowledging the resignation of Mr. Hu Jia-Lung.

Management

List of Directors

Type of Financial Remuneration Number (Persons)

Number (Persons)

Number (Persons)

Financial Amount

(Million Baht)

Financial Amount

(Million Baht)

Financial Amount

(Million Baht)

Director Director DirectorIndependent Director

Independent Director

Independent Director

Amount of

Remu-neration

Amount of

Remu-neration

Amount of

Remu-neration

Number of Meeting(s) Attended



Year 2009

Year 2009 Year 2008 Year 2007

Year 2008 Year 2007

1. Mr. Supant Mongkolsuthree 4/4 - 108,000 4/4 - 72,000 6/6 - 38,000

2. Mr. Virachai Srikajon 4/4 - 75,000 4/4 - 60,000 6/6 - 35,000

3. Mr. Puttipan Tayarachkul 1/1 - 75,000 1/1 - 15,000 5/5 - 20,000

4. Mr. Tu Shu-Wu 3/4 - 55,000 4/4 - 60,000 6/6 - 25,000

5. Mr. Wei Hui 1/2 - 20,000

6. Mr. Huang Chi-Cheng 1/4 - 15,000 2/4 - 30,000 5/6 - 20,000

7. Mr. Lee Lee-Shen 1/4 - 20,000 3/4 - 45,000 1/1 - 15,000

8. Mr. Tu Shu-Chyuan* 3/4 - 55,000

9. Mr. Somchai Apiwattanapron 4/4 16/16 371,000 4/4 4/4 132,000 1/1 1/1 33,000

10. Ms. Maleeratna Plumchitchom 4/4 17/17 378,000 4/4 4/4 120,000 1/1 1/1 30,000

11. Mr. Vissut Sethaput 4/4 14/14 324,000 4/4 4/4 120,000 1/1 1/1 30,000

Salary, Bonus, and Employer Contribution to the Master Fund 7 20.81 7 20.71 7 13.90Total 7 20.81 7 20.71 7 13.90

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Other Remuneration The Extraordinary Meeting of Shareholders no. 2/2007 as held on 29 November 2007 resolved to issue and allocate warrants to purchase the Company’s common stocks (hereinafter referred to as “the warrants”) for the directors and employees with the warrant holders’ names specified and non-transferrable ownership of 25,000,000 units. This amount of warrant units represented 3.55% of the registered and paid-up capital after the initial public offering of common stocks and the allotment of warrants, building up the incentives and morale of the directors and employees whose contributions during the past years of serving the Company had driven the organization toward success, for the ultimate benefit of the Company (according to item number 8.2 of the details specified in the warrants regarding the warrant offering to the Company’s directors and employees). Any director whose another status was an employee of the Company was eligible to be allocated warrants as either director or employee in respect of the higher amount of warrants offered. In this connection, there was neither director nor employee who was allotted higher than 1,250,000 stocks or 5% of the total warrant units offered. The criteria of the allocation involved the ranking position and employment year of each director and employee. The Company’s Board of Directors authorized the warrant allocation of 3,730,000 units to the directors and 5,850,000 units to Management, representing 14.92% and 23.40% of the total warrant units allocated on this round respectively. Units of warrants allotted to the Company’s directors and Management are as listed below:

Board of Directors1. Mr. Supant Mongkolsuthree 1,250,000 5.00%2. Mr. Virachai Srikajon 400,000 1.60%3. Mr. Tu Shu-Wu 400,000 1.60%4. Mr. Hu Jia-Lung 400,000 1.60%5. Mr. Huang Chi-Cheng 400,000 1.60%6. Mr. Lee Lee-Shen 220,000 0.88%7. Mr. Somchai Apiwattanapron 220,000 0.88%8. Ms. Maleeratna Plumchitchom 220,000 0.88%9. Mr. Vissut Sethaput 220,000 0.88%Total of Board of Directors 3,730,000 14.92%Management 1. Mr. Puttipan Tayarachkul 1,250,000 5.00%2. Mr. Anuchit Boonyalug 1,200,000 4.80%3. Ms. Suvannee Lee 1,000,000 4.00%4. Ms. Kingkaew Jutasompakorn 1,000,000 4.00%5. Ms. Suporn Lertteerapanyawong 600,000 2.40%6. Ms. Kamonsri Boonjang 800,000 3.20%Total of Management 5,850,000 23.40%Totals of Board of Directors and Management 9,580,000 38.32%

Source: The Company

Name ListAmount of Warrant Allotment (Units)

Ratio to Total Warrant Units Allotted

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Corporate Governance Principle The Board of Directors followed the Code of Best Practices for the Company’s directors, which is in line with the Best Practices for Directors of Listed Companies in order to be in compliance with the procedure of the Stock Exchange of Thailand. The 5 principles of the Code, as designated by the SET, are as presented below: 1. Right of Shareholders During the past year, the Company organized the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) with the meeting notice of each meeting circulated to the shareholders prior to the meeting day within a period as defined by the SET. Also, the Company published the meeting notice and minutes on www.synnex.co.th while the Company’s directors also attended both meeting rounds of the AGM and EGM. 2. Equal Treatment of Shareholders In each shareholder’s meeting, the Company enclosed proxy forms for the shareholders to assign any persons to attend the meeting on their behalf. 3. Roles of Stakeholders The shareholders had been equally remunerated and given the equal voting right as well as the opportunities to ask questions in the meeting. Besides, the Company launched a satisfaction questionnaire enabling the customers to comment on the quality, service, and other aspects, so that the Company could work on better satisfying the customers through the employees. Internally, as practiced in the previous years, the Company held the annual general meeting to inform employees of the policies and assessment on the Company’s performance while the employees could ask questions and comment to Management. Finally, the Company has been certified the ISO9001 and ISO14001 certificates for the environment control in order to assure residents of the nearby communities of the environmental safety. 4. Disclosure of Information and Transparency The Board of Directors, Management, and the Auditor of the Company attended the AGM to collaboratively answer questions to disclose the information on related points and for transparency. 5. Responsibility of the Board of the Directors The Company’s Board of Directors is comprised of 12 members and, among these members, there are 4 independent directors while at least 1 member of the Audit Committee possesses of the knowledge and specialty in accounting and finance.

Internal Data Use The Company has defined policies and measures preventing Management from exploiting internal data for personal benefits and stock investment as follows: The Company forbids employees from leaking confidential data to irrelevant agencies and persons. In case any employees or members of Management disclose such data for personal benefits or making transactions possible to create conflicts of interest with the Company, it shall be deemed as a serious offense which may lead to a disciplinary punishment. The Company prohibits the directors and Management from exploiting the Company’s core internal data and encourages that any directors, members of Management, and employees whose job responsibilities allow them to access the core data of the organization to refrain from trading the Company’s stock at least 1 month prior to the disclosure of financial statements to the public.

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The Company instructed the directors and Management to build up their knowledge and understanding on their duty to report on the shareholding of the Company according to Section 59 to comply with the Security Exchange of Thailand regarding the Company’s Shareholding Report, penalty on failure to follow Section 275 of the B.E 2535 Security and Security Exchange of Thailand Act, and the regulation of the Security Exchange of Thailand, including the change in security holding of the spouse and minor children. Moreover, the directors and Management must submit copies of their reports to the Company on the same day that they report to the Security Exchange of Thailand, which is within 3 working days.

Personnel

On the 31st of December in 2007, 2008, and 2009, the Company employed approximately 543, 605, and 611 employees (excluding Management) respectively as follows:

The Subsidiary employed averagely 31, 40, and 39 employees respectively on the 31st of December in 2007, 2008 and 2009.

Financial Remuneration In 2007, 2008, and 2009, the Company remunerated the employees in forms of salary, commission, bonus, and other welfare benefits as follows:

1. Sales Department 200 195 1642. Marketing Department 90 96 923. Finance Department 29 29 294. Accounting Department 18 18 175. Repair and Customer Service Department 102 92 816. Logistics and Assembly Department 135 137 1287. HR and Administration Department 28 28 238. Management Information System Department 9 10 9Total 611 605 543

Source: the Company

Salary and Bonus 163.47 162.86 145.94Provident Fund Subsidy 2.67 2.20 1.64Commission 32.36 28.19 24.29Other Welfare Benefits 11.46 12.13 7.81Total 209.96 205.38 179.68

Department

Type of Remuneration

Number of Employee (Persons

Employee Remuneration (Million Baht)

2009

2009

2008

2008

2007

2007

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Other Remuneration The Extraordinary Meeting of Shareholders no. 2/2550 as held on 29 November 2007 resolved to issue and allocate warrants to purchase the Company’s common stocks (hereinafter referred to as “the warrants”) for the directors and employees with the warrant holders’ names specified and non-transferrable ownership of 25,000,000 units. This amount of warrant units represented 3.55% of the registered and paid-up capital after the initial public offering of common stocks and the allotment of warrants, building up the incentives and morale of the directors and employees whose contributions during the past years of serving the Company had driven the organization toward success, for the ultimate benefit of the Company (according to item number 8.2 of the details specified in the warrants regarding the warrant offering to the Company’s directors and employees). The Company’s Board of Directors authorized the warrant allocation of 15,420,000 units to the employees, representing 61.68% of the total warrant units allocated on this round respectively.

Major Labor Conflicts during the Past 3 Years

None

Personnel Empowerment Policies The Company’s personnel empowerment policies promote the attending of employees to internal and external meetings, seminars, and training sessions to empower them to compete within the highly competitive conditions. The personnel empowerment policies are divided into the following categories: Sale and Marketing: The Company trains employees on qualifications of products using new technologies that the Company is the authorized distributor. The training is made on a weekly basis since the Company prioritizes transferring knowledge to the sales employees regularly. Moreover, the Company, in collaboration with educational institutes, arranges analytic and strategic marketing courses. Management Information System: The Company provides an in-house training to the employees on the use of information system in various aspects, especially the programs used internally for the employees to utilize the Company’s information system most efficiently. Maintenance Service: The Company, jointly with various vendors, organizes a product maintenance training to enable related employees to provide maintenance services for products using new technologies. General Administration: Under the Company’s management policies, the development of personnel capacity, work efficiency, and delivery of quality products are all emphasized. The Company puts an emphasis on organizing, on a regular basis, in-house and external trainings to develop the employees’ working skills along with competence on management and administration inside and outside the organization. The Company has made related investments by building fully-equipped training facilities and arranged training programs with other organizations and institutes for the Company’s personnel such as a mini MBA course for junior and middle-level Management. Talent Management: The Company has promoted the Development Group to develop and train talented and good employees to empower them to be prompt for future promotions and create their loyalty toward the Company. In-house Training: The Company arranges in-house training sessions with the Company’s staff members including members of Management and well-experienced employees as trainers to share the know-how with the fellow Company’s employees. Moreover, the Company’s corporate culture focuses on achievements and teamwork using the following strategies; unifying the employees’ goals with the Company’s, determining the remuneration rates of the employees based on how efficient their work performances are toward achieving the Company’s objectives with the policy of maintaining the remuneration rates at the appropriate level to attract the employees to continue working with the Company in the long run, and improving the life quality of employees at all levels by promoting the organizing of activities giving the moral support such as labor-relation and health-promotion activities.

65

Related Transactions

Conditions of Related Transactions The related transactions as a result of the business operations of the Company with parties potential for having conflicts of interest for the year ending 31 December 2009 can be summarized in terms of conditions and value of the related transactions as listed by companies as follows:

Related Company Relationship Value (Thousand Baht) Transaction Condition Comments of Audit Committee

Prism Solution

Company Limited

T.K.S. Technologies

Public Company

Limited

Subsidiary

Associate

- Merchandise/

service selling

- Accounts and

notes receivable

- Merchandise

purchasing

- Other accounts

payable

- Loan accounts

- Interest expense3

- Merchandise/

service selling

- Accounts and

notes receivable

- Merchandise

purchasing

- Trade accounts

payable

- Notes payable

3,444

148

15,899

1,189

18,000

484

7,581

1,044

179,892

9,128

6,293

- Selling

merchandise and

providing venue

rental service

with equipment

and utilities

- Paying the sales promotion fee in terms of techniques (before and after sales) for products distributed by the Company

- Selling

computer

peripherals, ink

toner and ribbon

cartridges

- Purchasing

office paper,

warranty

certificates, and

ink ribbon

cartridges

- The Company’s selling prices of merchandise and service were higher than costs under the normal course of business that can be referred to the market prices. Based on the above grounds, the related transactions were deemed necessary, reasonable, and beneficial for the Company.

- The transactions were

considered necessary, reasonable,

and beneficial for the Company.

- The Company’s selling prices of merchandise were higher than costs under the normal course of business that can be referred to the market prices. Based on the above grounds, the related transactions were deemed necessary, reasonable,

and beneficial for the Company.

- The Company’s purchasing prices of merchandise for the business operations and re-distribution were as mutually agreed and the prices were after the product cost, packaging and labor costs, and gross profit margin. When compared to the market prices, such transactions were made in a normal course. Based on the above grounds, the related transactions were deemed necessary, reasonable, and beneficial for the Company.

66

1 In Quarter 2 of 2008, Kings Eye Investments Ltd. decreased its stockholding ratio from 49.00 % to 36.03% and changed its status from the parent company to an associate company. 2 The Company changed the status from being a subsidiary of T.K.S. Technologies Public Company Limited to an associate company since T.K.S. Technologies PCL. held only 39.66% of stocks in the Company and the Management structures of the two companies were amended and became detached from each other on 1 July 2009. 3 The loan between the Company and the Subsidiary was made in forms of promissory notes to which payments are made on demand with the interest rate at 2.50% per annum.

Measurement or Procedure for Related Transactions Approval

The procedure of the related transactions approval starts from submitting these transactions to the meeting of the Board of Directors for their consideration and approval with the Audit Committee members attending to jointly consider and provide comments on the necessity and reasonability of each transaction. The procedure of approval is in accordance with the law on Securities and Stock Exchange as well as regulations, announcements, orders, or rules of the Stock Exchange of Thailand. Directors are not eligible to consider and vote for the approval of the related transaction of which they are stakeholders. Moreover, there shall be disclosure of the related transactions in the footnote of the financial statement of the Company and/or Subsidiary.

บริษัทที่เกี่ยวข�อง ความสัมพันธ� มูลค�า(พันบาท) ลักษณะรายการ ความเห็นคณะกรรมการตรวจสอบ

T.K.S. Siam Press Management Company Limited

Synnex Global Ltd.

Associate

Associate

- Merchandise/ service selling - Accounts and notes receivable - Other accounts payable - Loan accounts - Notes payable - Service fee - Other accounts payable - Property purchasing

2,976

465

18,352

1,875842

5,9845,984

113

- Selling computer peripherals, ink toner cartridges, and network products

- Ordering journals and brochures for sales promotion

- Paying for consultancy fee and support service for the maintenance of Global Enterprise Software Enterprise Software

- The Company’s selling prices of merchandise were higher than costs under the normal course of business that can be referred to the market prices. Based on the above grounds, the related transactions were deemed necessary, reasonable, and beneficial for the Company.

- The printing service fee was similar to the market price under the normal course of business that can be referred to the market prices. Based on the above grounds, the related transactions were deemed necessary, reasonable, and beneficial for the Company. - The related transactions were deemed necessary, reasonable, and beneficial for the Company.

67

Policies and Trend of Related Transactions with Parties Potential for Having Conflicts of Interest with in the Future As for normal business transactions or transactions supporting the normal trade with general terms of trade such as purchasing and selling of merchandise and service, the Company determines that the committing of related transactions must be applied under conditions according to the normal course of business and at the market price that can be compared with external parties. Conditions in the trade contract must also be strictly complied with while the pricing and other conditions ought to be clearly defined and justified without mischievous transferring of benefits. The Accounting Department is responsible for reporting on the related transactions while the Internal Audit Department is in charge of auditing the information and present to the Audit Committee to consider and comment in terms of suitability and reasonability every quarter.

As for normal business transactions or transactions supporting the normal trade without general terms of trade and other related transactions, the Company rules that the committing of related transactions must be proposed to the Board of Directors’ Meeting for approval with the Audit Committee providing comments on the necessity and reasonability of each transaction in prior. In additions, each transaction committed ought to be in compliance with the law on Securities and Stock Exchange; regulations, announcements, orders, or rules of the Stock Exchange of Thailand; and regulations concerning the disclosure of information regarding related transactions and acquisitions or sales of key assets of the Company or Subsidiary. In case the Audit Committee is not accustomed with the reviewing of related transactions, the Company will provide an independent expert to comment on such transactions to benefit the decision making of the Board of Directors or shareholders as proper. Directors are not eligible to consider and vote for the approval of the related transaction of which they are stakeholders. As for normal business transactions, without general terms of trade, with Synnex Group, Taiwan, according to the Global Enterprise Software License Agreement and Trademark License Agreement dated 11 December 2007 (according to details in item 5.4 of the summary of the Trademark License Agreement and item 5.5 of the sum-mary of the Global Enterprise Software License Agreement), the Company is eligible to use the Global Enterprise Software, the corporate name, SYNNEX, and the Lemel trademark from Synnex Global Ltd. with no time limit as long as Synnex Group holds not less than 20% of stocks of the registered and paid-up capital of the Company (via Kings Eye Investments Ltd.) and does not give any written intention to terminate the Company’s use of the corporate name and trademark from Synnex Group. In this regard the Company’s payment for the license fee of the Global Enterprise Software will be strictly in compliance with the License Agreement. As for the potential related transactions in the future, the directors must comply with regulations and they must not approve any transactions that they or other people may have conflicts of interest in any man-ner with the Company and /or Subsidiary. Besides, the directors must not assign other people to act on their behalf on such transactions, which ought to be disclosed to the Board of Directors of the Company and/or Subsidiary for consideration as well.

The future trend of the related transactions will be committed under the normal trade of which the Company shall see into that these transactions are done with transparency and in compliance with the Com-pany’s policies on related transactions, which are strictly in line with the regulations of the Stock Exchange of Thailand and other agencies concerned. Moreover, the Company expects a future related transaction with Synnex Global Ltd. for the development fee of the Warehouse Management System to connect with the ASRS system and Global Enterprise Software at the approximate amount of 10 Million Baht. This amount is calcu-lated based on the rate of the development fee for developing a project and/or new program according to estimated man-hours in the development.

68

Management Discussion and Analysis : MD&A

Performance

Income

The Company and its subsidiary posted the total income of 10,485.81 Million Baht, 11,555.32 Million Baht and 13,490.12 Million Baht in 2007, 2008 and 2009 respectively. The total income of the Company expanded in 2007, 2008 and 2009 at the rate of 8.16%, 10.2% and 16.74% compared to the previous year respectively. The total income of the Company comprised income from sales of computers and computer peripherals, service income and other income. The Company generated its revenues primarily from sales of computers and computer peripherals and it recorded the total revenue of 10,422.03 Million Baht, 11,488.99 Million Baht and 13,411.10 Million Baht in 2007, 2008 and 2009 or grew by 11.77%, 10.24% and 16.73% in 2007, 2008 and 2009 respectively compared to the same period previous year. In 2009, the growth of Company’s revenue, which was higher than industrial average, was largely fuelled by a growth in the number of sales of HP and Asus notebooks, parts, printers and network solutions especially Seagate products of which the company is appointed as a sole distributor in Thailand. Income from sales and service for 2009 increased by 16.73% compared to the same period last year. System Product Group (SPG) and Component Product Group (CPG) were the main revenue generator, with 23.95% and 20.38% of total revenue from sales and service, while Consumables & Supply Group (CSG) enjoyed the third place of revenue generator, with 17.74 of total revenue from sales and service. The Company’s service incomes for 2007, 2008, and 2009 were 11.53 Million Baht, 14.37 Million Baht and 16.35 Million Baht respectively or 0.1% of the total income. The service incomes consisted of income from after sale service operated by Repair and After Sale Service Department, income from training, income from installation and maintenance service of advanced computer program both before and after sale as well as on-site service of subsidiary and finally income from being service center for products of which the Company distributes.

The Company’s other incomes in 2007-2009 are as follows:

Owing to Baht currency appreciation, gain (loss) from exchange rate had slightly increased in 2009; however, the Company does not aim to make profits from exchange rate movement with the policy of preventing exchange rate risk at the amount of 70-80% of the purchase value. In the past 3 years, there was evidently no loss from exchange rate.

Interest Income 2,751.00 4,059.11 1,883.51Dividend 2,520.00 1,800.00 461.15Gain (Loss) from Exchange rate 43,856.02 40,121.31 45,262.83Bad debt recoveries 854.40 1,075.03 2,130.95Others 12,693.05 4,908.75 2,512.01Total other income 62,674.47 51,964.20 52,250.44

2009 2008 2007Type of Income

Unit: Thousand Baht

69

As for bad debt recoveries, the Company will be recording the transaction once the Company has received compensation from Insurance Company in case the debtor insured by the Company has a problem or in case the Company can collect debt payment from account receivable that is written off as bad debt in the previous accounting period.

Earnings Before Interest and Taxes and Net Profit

The Company’s earnings before interest and taxes were 248.35 Million Baht, 219.92 Million Baht and 310.48 Million Baht in 2007, 2008 and 2009 respectively with the growth rate of 26.23%, (11.45%) and 41.18% in 2007, 2008 and 2009 respectively. The Company’s operating profit margins were 2.38%, 1.91% and 2.31% in 2007, 2008 and 2009 respectively. The Company recognized its net profit of 139.91 Million Baht, 122.98 Million Baht and 202.77 Million Baht in 2007, 2008 and 2009 respectively with the growth rate of 34.51%, (12.10%) and 64.88% in 2007, 2008 and 2009 respectively. A decrease in net profit of 2008 resulted from a recessed economy in the fourth quarter of 2008 affecting IT business in terms of sales, gross profit and also influencing Baht depreciation. The Company’s net profit margin was at the rate of 1.33%, 1.06% and 1.50% in 2007, 2008 and 2009 respectively. An increase in net profit margin was primarily due to an increase in profit and a decrease in interest expense.

Financial Status

Asset

Total assets of the Company and Subsidiaries were in total of 2,798.40 Million Baht, 3,165.21 Million Baht, and 3,282.43 Million Baht as at 31 December 2007, 2008 and 2009 respectively. The Company’s assets comprised current asset with the amount of 2,392.91 Million Baht, 2,769.29 Million Baht and 2,899.99 Million Baht or represented 85.51%, 87.49% and 88.35% of the total asset in 2007, 2008 and 2009 respectively and non-current asset with the amount of 405.50 Million Baht, 395.92 Million Baht and 382.44 Million Baht or 14.49%, 12.51% and 11.65% of total asset in 2007, 2008 and 2009 respectively. The majority of assets are current assets including account receivable, note receivable, and inventory that are in line with typical distribution business relying on working capital. As of 31 December 2009, the Company’s current asset consisted of account receivable and note receivable at the amount of 1,683.32 Million Baht or 51.28% of the total asset, went up from 2008 by 472.05 Million Baht or 38.97%. An increase in account receivable and note receivable on 31 December 2009 was in line with the growth in sales revenue of the Company. The inventories were in total of 978.53 Million Baht, 1,107.36 Million Baht and 1,082.00 Million Baht or represented 34.97%, 34.99% and 32.96% of the total asset in 2007, 2008 and 2009 respectively. An increase in inventory as of 31 December 2008 was owing to the order of new products-such as HP Notebook, whereas a decrease in inventory as of 31 December 2009 was on account of the inventory management policy, which attempts to maintain an adequate supply of goods.

70

Asset Quality (A) Net Account Receivable and Note Receivable

(B) Inventory

Account receivable and note receivable of the Company and Subsidiary were 1,199.48 Million Baht, 1,211.27 Million Baht and 1,683.32 Million Baht in 2007, 2008 and 2009 respectively. In 2009, account receivable and note receivable increased by 38.97% compared to 2008 and average credit term in 2009 was 43 days since the corporate customers including government agencies, banks or large organizations would receive longer credit term.

The Company and Subsidiary’s inventories were 978.53 Million Baht, 1,107.36 Million Baht and 1,082.00 Million Baht in 2007, 2008 and 2009 respectively with the average sale period in 2008 and 2009 at 30 days.

As a result of the growth in sales every year, the higher working capital is required to cope with an increase in account receivable and inventory. The Company, therefore; makes the bank loan request. According to the nature of the business, the operating activities are generating positive or negative cash flows. Cash collections on accounts receivable will turn the cash flow from operating activities to be positive, while purchasing goods will make the cash flow from operating activities negative. One of the main reasons

Liquidity

Unit: Million Baht

Unit: Million Baht

Unit: Thousand Baht

Account Receivable and Note Receivable-Net 1,683.32 1,211.27 1,199.48Average Period of Credit Term (Day) 43 42 38

Net Inventory 1,082.00 1,107.36 978.53Average Period of Sale (Day) 30 30 27

2009

2009

2008

2008

2007

2007

31 Dec,2009 31 Dec,2008 31 Dec,2007

Net profit before tax 274,845.72 168,913.79 199,992.21Adjustments to reconcile net profit 88,440.91 120,319.29 105,236.39Profit from operating activities before 363,286.63 289,233.08 305,228.60changes in operating assets and liabilities Change in asset (429,003.59) (241,388.22) (510,739.02)Change in liability 129,575.48 (212,437.89) 39,840.85Cash flow from operating activities 63,858.52 (164,593.03) (165,669.57)Cash flow from investing activities (1,186.26) (24,561.73 ) (109,788.41)Cash flow from financing activities (334,484.47) 358,889.95 337,601.73Net increase (decrease) in cash and cash (271,812.21) 169,735.19 62,143.76equivalent Cash and cash equivalent at the beginning of the period 297,509.79 27,774.60 65,630.85Cash and cash equivalent at the end of the period 25,697.58 297,509.79 127,774.60

71

for the Company to experience a negative cash flow from operating activities is faster payment or payment to receive trade discount from manufacturers. Overdraft and short-term loan from financial institutions can be used to strengthen liquidity or to obtain benefits from such discount only if the Company considers that the discount rate is significantly higher than loan interest rate and at that time the Company’s loans from several commercial banks are sufficient to its business operation without any liquidity problems. Due to an investment in ASRS, the cash flow from investing activities in 2007 was negative (109.79) Million Baht. In 2008 and 2009, the amount of cash flow from investing activities was (24.56) and (1.18) Million Baht respectively since there was no significant investment expense. In 2007, the Company’s liquidity ratio was equal to 1.35 times and quick ratio was equal to 0.75 times compared to 1.49 times and 0.81 times in 2008. In 2009, the liquidity ratio was equal to 1.50 times and quick ratio rose to 0.89 times due to the policy on inventory and goods management to be appropriate and sufficient for sales. The quick ratio of the Company was relatively low since it is necessary for IT distribution business to keep a certain number of inventories, which can be delivered to customers in time.

Liability

The Company’s liabilities were in total of 1,877.56 Million Baht, 1,955.69 Million Baht and 1,996.73 Million Baht or climbed up by 35.15%, 4.16% and 2.10% at the end of 2007, 2008 and 2009 respectively. In 2008, the total liabilities rose due to overdraft and short-term loan that went up to 1,163.90 Million Baht while long-term loan decreased to 82.70 Million Baht because of loan repayment. As of 31 December 2009, the total liabilities increased due to an increase in account payable and note payable to 722.89 Million Baht while overdraft and short-term loan decreased to 1,006.12 Million Baht and long-term loan declined to 47.66 Million Baht as a result of debt repayment. As of 31 December 2007 and 2008, there was no overdraft balance while as of 31 December 2009, the overdraft turned out to be 7.23 Million Baht from overdraft of a commercial bank with floating interest rate based on Minimum Overdraft Rate (MOR) per year but without collateral. Loan from financial institution is divided as trust receipt and loan in a form of 1-3 month promissory note with interest rate based on market rate such as MMR. The Company’s loan security is savings account, mortgage of land, building and some parts of machine, transfer of insurance claim right of the mortgaged asset and goods to the lender. The loan from financial institutions was in total of 956.32 Million Baht, 1,163.90 Million Baht and 1,006.12 Million Baht at the end of 2007, 2008 and 2009 respectively. The short-term liabilities with interest were in total of 991.36 Million Baht, 1,199.55 Million Baht and 1,042.19 Million Baht or 52.80%, 61.34% and 52.19% of total liabilities in 2007, 2008 and 2009 respectively while long-term liabilities were in total of 96.74 Million Baht, 82.70 Million Baht and 47.66 Million Baht or 5.15%, 4.23% and 2.39% of total liabilities at the end of 2007, 2008 and 2009 respectively. It can be seen that the working capital management was suitable since working capital was financed with short-term loans to acquire inventory and to accommodate expansion of account receivable and note receivable. The Company’s debt to shareholder’s equity ratio was equal to 2.04 times, 1.62 times and 1.55 times for the year ending 31 December 2007, 2008 and 2009 respectively. Compared to other companies in the industry, this ratio was moderate.

72

Shareholder’s Equity As of 31 December 2007, shareholder’s equity was 920.84 Million Baht and retained earnings before appropriation was 402.79 Million Baht. An increase in such earnings was due to a good performance of the company. When considering the past performance, the retained earnings would rise constantly on a good operating performance leading to the increase in shareholder’s equity. However, in 2007, the Company paid dividend to its shareholders at the rate of 0.26 Baht totaling 130 Million Baht. As of 31 December 2008, shareholder’s equity was 830.18 Million Baht and retained earnings before appropriation were 312.86 Million Baht. The Board of Directors Meeting No.2/2008 held on 5 May, 2008 unanimously resolved to pay interim dividend to the shareholders at the rate of 0.40 Baht totaling 200 Million Baht and approved 10 Million Baht as legal reserve. The Board of Directors Meeting No. 4/2008 held on 10 November, 2008 resolved to buy back shares for financial management due to a surplus liquidity. As a result, the Company bought back 60.38 Million shares with the balance not exceeding 71.25 Million Baht at the period starting from 25 November, 2008 – 24 May, 2009. The criteria of common stock price would be in accordance with agreements of Security Exchange of Thailand. The Company will sell the treasury shares not over than 3 years after the buyback transaction is done.

The treasury stock as of 31 December 2009 and 2008 is as follows: 31 December 2009 31 December 2008 Value of treasury stock (Baht) 12,179,006.30 6,881,968.18 Number of treasury stock (Share) 11,000,000 6,923,800 Average price per share (Baht) 1.10 0.99 Percentage of treasury stock per the number of issued 1.62 1.02 and paid-up shares

As of 31 December 2008, shareholder’s equity was 1,209.53 Million Baht and unappropriated retained earnings were 178.89 Million Baht. The legal reserve was 17.41 Million Baht and the treasury stock reserve was recorded equal to the amount paid for treasury stocks of 6.88 Million Baht until the treasury stocks have been sold. As of 31 December 2009, shareholder’s equity was 1,285.70 Million Baht and unappropriated retained earnings were 232.22 Million Baht. The legal reserve was 27.43 Million Baht and the treasury stock reserve was recorded equal to the amount paid for treasury stocks of 12.18 Million Baht until the treasury stocks have been sold.

Remuneration for Auditors

Remuneration and other audit feeThe company agreed to pay audit fee for accounting period of 2009 as follows:

No. Company/Subsidiary Auditor Audit Fee

1 Synnex (Thailand) Public Company Limited Miss Prapasri Leelasupa 640,000.00 2 Prism Solution Company Limited Miss Vitita Sujitranuch 60,000.00 Total Audit Fee 700,000.00

73

Report of the Audit Committee as of Year 2009 The Audit Committee of Synnex (Thailand) Public Company Limited comprises of 3 independent directors namely Mr. Somchai Apiwatanaporn, Chairman of the Committee, and Mrs. Maleeratna Pleumchitchom and Mr. Vissut Sethaput, who are both members of the Committee. All members of the Committee are neither members of Management nor employees of the Company. In 2009, there were 5 rounds of the Audit Committee’s Meeting to audit the financial statements and results of the internal audit of the Company. The Internal Audit Department’s Manager was also invited to attend each round of the Meeting to ensure sufficiency of the information supplied to the Audit Committee. Moreover, the Company’s Auditor was invited to join the Meeting on 15 February 2010 to report on their audit of the financial statements of the year ended 31 December 2009 upon which they expressed an unqualified opinion. For the other items of the financial statements based on their audit, nothing caused them to believe that the financial statements were not presented fairly, in all material respects in accordance with generally accepted accounting principles with sufficient disclosure of information. As a result, the Audit Committee resolved that the 2009 financial statements were approved and proper to be presented to the Board of Directors’ Meeting to consider submitting them to the Shareholders’ Meeting for approval. The Audit Committee reviewed and approved the Audit Committee Charter, principles, and the scope of duties and responsibilities of the Audit Committee to be in line with the Securities and Exchange Act. The Audit Committee considered and provided suggestions as well as approvals for the action plan of the Internal Audit Department for the year 2010. In addition, the Audit Committee monitored the results of the Company’s risk management in every aspect, reported on the results of the internal audit and the monitoring of problem-solving measures, and oversaw the performance of the Internal Audit Department to be in compliance with the career standard, in order to reasonably reassure the Company that the existing internal control system is sufficient and suitable for the Company’s endeavor to achieve the objectives efficiently. The Audit Committee appraised the performance of the Company’s Auditor during the year in terms of its promptness to comply with the auditing and audit reporting standards and resolved to choose Sam Nak-Ngan A.M.C. Company Limited to be the Company’s Auditor for the year 2010 and defined their remuneration. The Audit Committee shall further propose the resolution regarding the Company’s Auditor to the Shareholders’ Meeting. [Mr. Somchai Apiwattanapron] Chairman of the Audit Committee, On behalf of the Audit Committee

74

Report on the Board of Directors’ Liability on Financial Statements

The Board of Directors of Synnex (Thailand) Public Company Limited heeds practicing the principles of good corporate governance by controlling the administration and management of the Company to be in line with the objectives and regulations of the Company as well as supervising the reporting of financial statements based on accurate and complete accounting records that reflects the Company’s actual operating results. The Board of Directors has appointed the Audit Committee which comprises of independent directors, whose qualifications are in compliance with the regulations of the Stock Exchange of Thailand, to audit the financial statements accurately and sufficiently while thoroughly disclosing the information of related transactions or possible conflicts of interest, as defined by the Stock Exchange of Thailand and relevant regulations, to the Board of Directors. The Board of Directors reached the agreement that the financial statements of the Company and the Subsidiary of the year 2009, as audited by the Audit Committee in collaboration with the Company’s Management and the Auditor, accurately shows the essence of the financial status and operating results of the Company and the Subsidiary in accordance with generally accepted accounting principles.

( Mr. Supant Mongkolsuthree ) President

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rese

nt

1984

– P

rese

nt

2008

– P

rese

nt

2007

– P

rese

nt

2008

– P

rese

nt

1991

– P

rese

nt

Dire

ctor

Advi

sor

Man

agin

g Di

rect

orCh

airm

an o

f the

Au

dit C

omm

ittee

Audi

t Com

mitt

ee M

embe

rDi

rect

or

Dire

ctor

Exec

utiv

e Pr

esid

ent

Dire

ctor

Assi

stan

t Vic

e Pr

esid

ent

Dire

ctor

Vice

Pre

siden

t - A

dmin

istra

tion

Dire

ctor

Vice

Pre

side

nt -

Log

istic

s,

Info

rmat

ion Te

chno

logy,

Serv

ices

Dire

ctor

Gene

ral M

anag

er –

Bus

ines

s De

velo

pmen

t

Dire

ctor

Seni

or E

xecu

tive

Vice

Pr

esid

ent –

Ope

ratio

ns

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

dT.

K.S.

Tec

hnol

ogie

s Pu

blic

Com

pany

Lim

ited

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

d

Patk

ol P

ublic

Com

pany

Lim

ited

Thai

Sto

rage

Bat

tery

Pub

lic C

ompa

ny L

imite

d

Synn

ex T

echn

olog

y In

tern

atio

nal C

orp.

Synn

ex T

echn

olog

y In

tern

atio

nal C

orp.

Synn

ex T

echn

olog

y In

tern

atio

nal C

orp.

Synn

ex T

echn

olog

y In

tern

atio

nal C

orp.

Synn

ex T

echn

olog

y In

tern

atio

nal C

orp .

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Nam

e –

Last

Nam

ePo

sitio

nEd

ucat

ion

Rela

tions

w

ith

Man

agem

ent

Ratio

of

Com

pany

’s

Stoc

k Ow

ners

hip

(%)1

5-Ye

ars

Wor

k Ex

perie

nce

Pe

riod

Posi

tion

Title

of O

rgan

izat

ion/

Com

pany

/

Busi

ness

Typ

e

Age

(Yrs

)

--

--

77

Mr.

Som

chai

Api

wat

tana

pron

Inde

pend

ent

Dire

ctor

an

d Ch

airm

an o

f the

Aud

it Co

mm

ittee

- Ce

rtific

ate

of “

Dire

ctor

Ce

rtific

atio

n Pr

ogra

m” (

DCP)

, Cl

ass

52 i

n B.

E. 2

550,

Tha

i In

stitu

te o

f Dire

ctor

s (IO

D)-

Certi

ficat

e of

TLC

A Ex

ecut

ive

Deve

lopm

ent P

rogr

am (E

DP),

Clas

s 1 in

B.E

. 255

1, T

hai L

isted

Co

mpa

nies

Ass

ocia

tion

- M

aste

r of A

rts (P

ublic

Affa

irs),

Ram

kham

haen

g Un

iver

sity

- Ba

chel

or o

f Bus

ines

s Ad

min

istra

tion

(Acc

ount

ing)

, Ra

mkh

amha

eng

Univ

ersi

ty-

Certi

ficat

e Pr

ogra

m o

f N

atio

nal D

efen

se C

olle

ge

(NDC

) in

B.E.

254

6 -

Certi

ficat

e of

“Di

rect

or

Accr

edita

tion

Prog

ram

” (D

AP),

Clas

s 14

in

B.E.

254

7, T

hai

Inst

itute

of D

irect

ors

(IOD)

- Ce

rtific

ate

of “

Dire

ctor

Ce

rtific

atio

n Pr

ogra

m” (

DCP)

, Cl

ass

74 i

n B.

E. 2

549,

Tha

i In

stitu

te o

f Dire

ctor

s (IO

D)-

Certi

ficat

e of

Sen

ior E

xecu

tive

Deve

lopm

ent P

rogr

am,

Capi

tal M

arke

t Aca

dem

y (C

MA)

, Cla

ss 5

in B

.E. 2

552

- Ce

rtific

ate

of “A

udit

Com

mitt

ee

Prog

ram

” (A

CP) i

n B.

E. 2

551,

Th

ai In

stitu

te o

f Dire

ctor

s (IO

D)

60-

-

1991

– 19

96

Nov,

2007

- Pr

esen

t

2006

– P

rese

nt

2006

– P

rese

nt

2005

– P

rese

nt

2005

– P

rese

nt

2010

– P

rese

nt

2008

– 2

009

2003

– 2

008

Dire

ctor

Inde

pend

ent D

irect

or a

ndCh

airm

an o

f the

Aud

it Co

mm

ittee

Ch

airm

an o

f the

Aud

it Co

mm

ittee

Pres

iden

t of T

he P

layi

ng

Card

Man

ufac

turin

g Fa

ctor

yEx

ecut

ive

Dire

ctor

of L

iquo

r Di

still

ery

Orga

niza

tion

Dire

ctor

of T

ax A

ccou

ntin

g

Prof

essi

onHe

ad o

f Ins

pect

ors

Insp

ecto

rVi

ce D

irect

or

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Robi

nson

Dep

artm

ent S

tore

s Pu

blic

Com

pany

Lim

ited

Exci

se D

epar

tmen

t, M

inis

try o

f Fin

ance

Exci

se D

epar

tmen

t, M

inis

try o

f Fin

ance

Fede

ratio

n of

Acc

ount

ing

Prof

essi

ons

Min

istry

of F

inan

ceM

inis

try o

f Fin

ance

Exci

se D

epar

tmen

t, M

inis

try o

f Fin

ance

Nam

e –

Last

Nam

ePo

sitio

nEd

ucat

ion

Rela

tions

w

ith

Man

agem

ent

Ratio

of

Com

pany

’s

Stoc

k Ow

ners

hip

(%)1

5-Ye

ars

Wor

k Ex

perie

nce

Pe

riod

Posi

tion

Title

of O

rgan

izat

ion/

Com

pany

/

Busi

ness

Typ

e

Age

(Yrs

)

78

Mr.

Viss

ut S

etha

put

Inde

pend

ent D

irect

or a

nd

Audi

t Com

mitt

ee M

embe

r

Mrs.

Male

erat

na P

lum

chitc

hom

Inde

pend

ent D

irect

or a

ndAu

dit C

omm

ittee

Mem

ber

- M

aste

r of E

ngin

eerin

g,

McG

ill U

nive

rsity

, Can

ada

- Ba

chel

or o

f Eng

inee

ring,

M

cGill

Uni

vers

ity, C

anad

a-

Certi

ficat

e of

“Di

rect

or

Certi

ficat

ion

Prog

ram

” (DC

P),

Clas

s 49

in B

.E. 2

547,

Tha

i In

stitu

te o

f Dire

ctor

s (IO

D)-

Certi

ficat

e of

“Au

dit

Com

mitt

ee P

rogr

am”

(ACP

), Cl

ass

9 in

B.E

. 254

8, T

hai

Inst

itute

of D

irect

ors

(IOD)

- M

aste

r of B

usin

ess

Adm

inis

tratio

n, M

ichi

gan

St

ate

Univ

ersi

ty, U

SA-

Bach

elor

of A

ccou

ntan

cy,

Chu

lalo

ngko

rn U

nive

rsity

- Ce

rtific

ate

Prog

ram

of

Nat

iona

l Ins

titut

e of

De

fens

e St

udie

s (N

IDs)

, cla

ss

11, N

atio

nal D

efen

se C

olle

ge

(NDC

) -

Certi

ficat

e of

“Di

rect

or

Certi

ficat

ion

Prog

ram

” (DC

P),

Clas

s 45

in

B.E.

254

7, T

hai

Inst

itute

of D

irect

ors

(IOD)

- Ce

rtific

ate

of S

enio

r Ex

ecut

ive

Deve

lopm

ent

Prog

ram

, Cap

ital M

arke

t Ac

adem

y (C

MA)

, Cla

ss 6

62 65

- -

- -

2007

– P

rese

nt

2004

– P

rese

nt

2005

– 2

007

2002

– 2

004

1986

– 2

002

Nov,

2007

- Pr

esen

t

Pres

ent

Pres

ent

Pres

ent

2006

– 2

007

1999

– 2

005

Inde

pend

ent D

irect

or a

nd

Audi

t Com

mitt

ee M

embe

r Ad

viso

r

Inde

pend

ent D

irect

or a

nd

Audi

t Com

mitt

ee M

embe

r Vi

ce M

anag

ing

Dire

ctor

Vice

Man

agin

g Di

rect

or

Inde

pend

ent D

irect

or a

nd

Audi

t Com

mitt

ee M

embe

r Pr

esid

ent

Advi

sor

Inde

pend

ent D

irect

or

Inde

pend

ent D

irect

or a

ndAu

dit C

omm

ittee

Mem

ber

Vice

Man

agin

g Di

rect

or

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Offic

e of

Sm

all a

nd M

ediu

m E

nter

pris

es

Prom

otio

nT.

K.S.

Tec

hnol

ogie

s Pu

blic

Com

pany

Lim

ited

Gove

rnm

ent H

ousi

ng B

ank

Siam

Com

mer

cial

Ban

k Pu

blic

Co

mpa

ny L

imite

d

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Know

ledg

e Pl

us In

stitu

teTh

anac

hart

Asia

n Ph

ytoc

eutic

als

Publ

ic Co

mpa

ny L

imite

d

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

d

Siam

Com

mer

cial B

ank

Publ

ic Co

mpa

ny L

imite

d

Nam

e –

Last

Nam

ePo

sitio

nEd

ucat

ion

Rela

tions

w

ith

Man

agem

ent

Ratio

of

Com

pany

’s

Stoc

k Ow

ners

hip

(%)1

5-Ye

ars

Wor

k Ex

perie

nce

Pe

riod

Posi

tion

Title

of O

rgan

izat

ion/

Com

pany

/

Busi

ness

Typ

e

Age

(Yrs

)

79

Mr.

Anuc

hit B

oony

alug

Seni

or E

xecu

tive

Vice

Pr

esid

ent –

Sal

es &

Mar

ketin

g

Ms.

Suv

anne

e Le

e Ex

ecut

ive

Vice

Pre

side

nt –

M

arke

ting,

Mar

com

Ms.

King

kaew

Jut

asom

pako

rn

Exec

utiv

e Vi

ce P

resi

dent

–

Logi

stic

s an

d As

sem

bly

Ms. S

upor

n Le

rttee

rapa

nyaw

ong

Vice

Pre

side

nt –

Fin

ance

Ms.

Kam

onsr

i Boo

njan

gVi

ce P

resi

dent

– A

ccou

ntin

g M

r. Ch

erdc

hai S

rikha

mro

onVi

ce P

resi

dent

– In

tern

al

Audi

t

- Mas

ter o

f Com

pute

r Scie

nces

, W

est C

oast

Uni

vers

ity, U

SA-

Bach

elor

of S

cien

ce in

St

atis

tical

Sci

ence

, Kas

etsa

rt Un

iver

sity

- Ce

rtific

ate

of T

LCA

Exec

utiv

e De

velo

pmen

t Pro

gram

(EDP

), Cl

ass 2

in B

.E. 2

551,

Tha

i List

ed

Com

pani

es A

ssoc

iatio

n

- M

aste

r of P

ublic

Ad

min

istra

tion,

Ch

ulal

ongk

orn

Univ

ersi

ty

- Ba

chel

or o

f Eco

nom

ics,

Th

amm

asar

t Uni

vers

ity-

Bach

elor

of

Man

agem

ent

Scie

nce,

Suk

hoth

ai

Tham

mat

hira

t Ope

n Un

iver

sity

- Ce

rtific

ate

of T

LCA

Exec

utive

De

velo

pmen

t Pro

gram

(EDP

), Cl

ass 3

in B

.E. 2

552,

Tha

i List

ed

Com

pani

es A

ssoc

iatio

n

- Ba

chel

or o

f Bus

ines

s Ad

min

istra

tion,

Suk

hoth

ai

Tham

mat

hira

t Ope

n Un

ivers

ity-

Certi

ficat

e of

TLC

A Ex

ecut

ive

Deve

lopm

ent

Prog

ram

(EDP

), Cl

ass 3

in B

.E.

2552

, Tha

i Lis

ted

Com

pani

es

Asso

ciat

ion

- Ba

chel

or o

f Ac

coun

tanc

y,

Ram

kham

haen

g Un

iver

sity

- M

aste

r of M

anag

emen

t,

Nat

iona

l Ins

titut

e of

De

velo

pmen

t Adm

inis

tratio

n -

Bach

elor

of

Acco

unta

ncy,

Fa

culty

of

Busi

ness

Ad

min

istra

tion,

Kirk

Uni

vers

ity

57 52 5346

- - - -

0.00

0003

%

0.00

0003

%

0.00

0003

%

0.00

0003

%

1993

– P

rese

nt

1988

- 1

993

1978

– 1

988

2002

– P

rese

nt

1989

– 2

002

1996

– P

rese

nt

1981

– 1

996

2004

– P

rese

nt

1993

– 2

004

1993

– P

rese

nt

2009

– P

rese

nt

2007

– 2

009

2003

– 2

007

Seni

or E

xecu

tive

Vice

Pr

esid

ent –

Sal

es a

nd

Mar

ketin

gFi

rmw

are

engi

neer

Prod

uctio

n M

anag

er

Vice

Pre

side

nt –

Pro

duct

Man

agem

ent &

Mar

ketin

g Co

mm

unic

atio

nM

anag

er –

Sal

es &

Mar

ketin

g

Vice

Pre

side

nt –

Log

istic

s

and

Asse

mbl

yOf

fice

Man

ager

Vice

Pre

side

nt –

Fin

ance

De

partm

ent

Man

ager

– F

inan

ce

Depa

rtmen

t

Dire

ctor

– A

ccou

ntin

g

Depa

rtmen

t

Dire

ctor

– In

tern

al A

udit

Depa

rtmen

tM

anag

er -

Inte

rnal

Aud

it De

partm

ent

Man

ager

– O

pera

tions

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Geni

sco

Tech

nolo

gy C

orpo

ratio

n, U

SADa

ta E

lect

roni

cs In

c., U

SA

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

d

Synn

ex (T

haila

nd) P

ublic

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ited

Chia

Tai

Com

pany

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Synn

ex (T

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T.K.

S. T

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Publ

ic C

ompa

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Synn

ex (T

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ublic

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pany

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ited

49 52

- --

0.00

0003

%

Nam

e –

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Nam

ePo

sitio

nEd

ucat

ion

Rela

tions

w

ith

Man

agem

ent

Ratio

of

Com

pany

’s

Stoc

k Ow

ners

hip

(%)1

5-Ye

ars

Wor

k Ex

perie

nce

Pe

riod

Posi

tion

Title

of O

rgan

izat

ion/

Com

pany

/

Busi

ness

Typ

e

Age

(Yrs

)

80

Mr.

Chan

chai

Aka

rave

twat

tana

Vice

Pre

side

nt –

MKT

. Co

mm

erci

al

Mr.

Boon

chai

Eka

pisi

t Vi

ce P

resi

dent

– S

ales

, BKK

Mr.

Niti

Pet

chna

itham

Vice

Pre

side

nt –

CN

EX S

hop

Mr.

Pras

it Pa

nvic

hien

Vice

Pre

side

nt –

Reg

iona

l Sa

les

Ms.

Sut

ida

Mon

gkol

suth

ree

Corp

orat

e Se

cret

ary

Mas

ter

of C

ompu

ter

Scie

nce,

As

sum

ptio

n Un

iver

sity

(A

BAC)

- Bac

helo

r of B

usin

ess

Adm

inist

ratio

n in

Mar

ketin

g,

Ram

kham

haen

g Un

ivers

ity

- Ba

chel

or o

f Mar

ketin

g,

Ram

kham

haen

g Un

iver

sity

- Ba

chel

or o

f Arts

in P

oliti

cal

Scie

nce,

Ra

mkh

amha

eng

Univ

ersi

ty

- Ce

rtific

ate

of M

ini M

BA

Prog

ram

“M

oder

n IT

CEO

”,

Facu

lty o

f Com

mer

ce a

nd

Acco

unta

ncy,

Ch

ulal

ongk

orn

Univ

ersi

ty

- M

aste

r of S

cien

ce in

In

tern

atio

nal M

anag

emen

t,

Quee

n M

ary,

Uni

vers

ity o

f Lo

ndon

, UK

- Ba

chel

or o

f Ad

min

istra

tion

in F

inan

ce a

nd B

anki

ng,

Chul

alon

gkor

n Un

iver

sity

4748 46 40 28

-- - - -

0.00

0003

%

- - - -

1996

– 2

003

1989

– 1

996

2006

– P

rese

nt

2002

– 2

006

2006

– P

rese

nt

2002

– 2

006

1996

– 2

002

2007

– P

rese

nt

200

5 –

2007

2003

– 2

005

2010

– P

rese

nt

2006

– 2

009

1998

– 2

006

2009

– P

rese

nt

2004

– 2

006

Man

ager

– O

pera

tions

and

Fa

ctor

yM

anag

er –

Acc

ount

ing

&

Fina

nce

Mar

ketin

g Di

rect

or –

Ne

twor

k &

Softw

are

Prod

ucts

Gene

ral M

anag

er

Sale

s Dire

ctor

– B

angk

ok A

rea

Man

ager

– S

ales

Dep

artm

ent

Man

ager

– S

ales

Dep

artm

ent

Vice

Pre

siden

t – C

NEX

Shop

De

partm

ent

Dire

ctor –

Who

lesale

s & S

pecia

l Ch

anne

l Dep

artm

ent

Gene

ral M

anag

er –

Con

sum

er

Prod

ucts

Vice

Pre

side

nt –

Reg

iona

l Sa

les

and

Oper

atio

ns

Depa

rtmen

tM

anag

er –

Reg

iona

l Sal

es

and

Oper

atio

ns D

epar

tmen

tRe

gion

al B

ranc

h M

anag

er –

No

rth

Corp

orat

e Se

cret

ary

Man

agem

ent T

rain

ee-

Inst

itutio

nal D

eale

r-

Secu

ritie

s An

alys

t

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

d

T.K.

S. T

echn

olog

ies

Publ

ic C

ompa

ny L

imite

d

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Net

band

Con

sulti

ng C

ompa

ny L

imite

d

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Phili

ps E

lect

roni

cs C

ompa

ny L

imite

d Sy

nnex

(Tha

iland

) Pub

lic C

ompa

ny L

imite

d

IT D

istri

butio

n Co

mpa

ny L

imite

d

SIS

Dist

ribut

ion

(Tha

iland

) Pub

lic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

Synn

ex (T

haila

nd) P

ublic

Com

pany

Lim

ited

UOB

Kay

Hian

Sec

uriti

es (T

haila

nd)

Publ

ic C

ompa

ny L

imite

d

1 Rat

io o

f Com

pany

’s S

tock

Ow

ners

hip

incl

udes

thos

e ow

nerd

by

rela

ted

pers

ons

as s

tate

d in

Sec

uriti

es a

nd E

xcha

nge

B.E.

253

5

Nam

e –

Last

Nam

ePo

sitio

nEd

ucat

ion

Rela

tions

w

ith

Man

agem

ent

Ratio

of

Com

pany

’s

Stoc

k Ow

ners

hip

(%)1

5-Ye

ars

Wor

k Ex

perie

nce

Pe

riod

Posi

tion

Title

of O

rgan

izat

ion/

Com

pany

/

Busi

ness

Typ

e

Age

(Yrs

)

81

Consolidated Financial StatementsDecember 31, 2009

SYNEX: Annual Report 2009

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Transcript of SYNEX: Annual Report 2009