Panjawattana Plastic Public Company Limited

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- 13 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20112. CRITERIA FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENT(a) This consolidated financial statement has included the financial statement of Panjawattana PlasticPublic Company Limited and its subsidiaries, as well as the mutually controlled entity or has thesignificant influence as follows:Shareholding ratio(Percentage of registered shares amount)Company Type Location 2012 2011SubsidiariesMillpack Co., Ltd. Manufacturer of packaging Bangkok 99.98% 99.98%Elegance Packaging Co., Ltd. Trading of lid Bangkok 99.97% 99.97%Panjawattana (Tianjin) Plastic Co., Ltd. Manufacturer of packaging Tianjin (China) 100.00% 100.00%A combination of entities or business under common control:-Panjawatana Maketing Co., Ltd. Manufacturer (Dormant) Bangkok - -(b) The Company has included the financial statement of subsidiaries and the mutually controlled entityor has the significant influence in the consolidated financial statement since the acquisition date (datethat the Company has authority to control the subsidiaries and the mutually controlled entity or has thesignificant influence) to the date that the Company has ended its authority to control the subsidiariesand the mutually controlled entity or has the significant influence.(c) The financial statement of the subsidiaries and the mutually controlled entity or has the significantinfluence has been prepared by adoption of significant accounting policies the same as the financialstatement of the Company.(d) Assets and liabilities as specified in the financial statement of the subsidiaries, which established inforeign countries, are converted into Thai Baht at the date of exchange rate specified in statement offinancial position. For converted revenues and expenses into Thai baht by using monthly averageexchange rates and difference from the conversion have been shown in transaction of “Differencesfrom translation of foreign entity” in shareholders’ equity.(e) The remaining balances for significant transactions between the Company and its subsidiaries and themutually controlled entity or has the significant influence have been deleted from the consolidatedfinancial statement.86
- 14 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20113. SIGNIFICANT ACCOUNTING POLICIES3.1 Basis for preparation of the financial statementsThe financial statements have been prepared in accordance with the accounting standardsprescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 bycomplying with the financial reporting standards for Publicly Accountable Entities. The presentationof the financial statements has been made in compliance with the Notification of the Department ofBusiness Development, the Ministry of Commerce, re : the financial statements presentation for publiclimited company, issued under the Accounting Act B.E.2543.The financial statements have been prepared on a historical cost basis except whereotherwise disclosed in the accounting policies.The financial statements in Thai language are the official statutory financial statements of theCompany. The financial statements in English language have been translated from such financialstatements in Thai language.3.2 New accounting standards issued during the period and not yet effectiveOn March 15, 2012, the Federation of Accounting Professions (FAP) has issued thefinancial reporting standard TFRS 8: Operating Segments, which is effective for fiscal yearbeginning on or after January 1, 2013.The management of the Company is evaluating the impact on the financial statements whenthis financial reporting standard is initially applied.3.3 Recognition of revenues and expensesSale of goodsSale of goods are recognized upon delivery and the significant risks and rewards ofownership of the goods have passed to the buyer. And the Company and its subsidiaries will notrecognized the revenues, if the management retains either continuing managerial involvement oreffective control over the goods sold or unable to measured reliably on the amount of revenues andits costs or having uncertainty on return of the goods sold.Interest incomeThe Company and its subsidiaries recognized interest income on the accrued basis byconsider the effective rate.Other income and expenseThe Company and its subsidiaries recognized other incomes and expenses based on the accrualbasis.87
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ANNUAL REPORT 2012CONTENTS01 Messag
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VISION :“Panjawattana Plastic as
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