(b) Financial Statements. The financial statements and the related notes thereto included in the Registration Statement and Prospectus present fairly the financial position of the Company as of the dates indicated and the results of its operations and the changes in its cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in Thailand (“Thai GAAP”) applied on a consistent basis, and subject to the limitations and qualifications therein contained. Since the date of the last audited financial statements of the Company referred to in the Registration Statement and Prospectus, there has been no material adverse effect on the condition (financial or other), prospects, result of operations or general affairs or business prospects of the Company except as disclosed in the Registration Statement and Prospectus.
(c) No Material Adverse Change. Since the respective dates of the most recent audited or reviewed financial statements of the Company in the Registration Statement and Prospectus, excepts as otherwise stated therein, (i) there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company, whether or not arising in the ordinary course of business (a “Material Adverse Effect”), (ii) there have been no transactions entered into by the Company other than those in the ordinary course of business, which are material with respect to the Company, and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company.