Page 78 - Annual report eng 2019

Tycoons Worldwide Group (Thailand) Plc.

Tycoons Worldwide Group (Thailand) Public Company Limited
Notes to financial statements

For the year ended 31 December 2019

1. General information

Tycoons Worldwide Group (Thailand) Public Company Limited (“the Company”) is a public

company incorporated and domiciled in Thailand. Its parent company is Tycoons Group
International Co., Ltd. which was incorporated in Cayman. The parent company of the group is

Tycoons Group Enterprise Co., Ltd which was incorporated in Taiwan. The Company is
principally engaged in the manufacture and distribution of steel wire rods, steel annealing wire,
reinforced concrete bar, steel screw and wire products. The registered address is at

99 Moo 1, Tambol Nikompattana, Amphur Nikompattana, Rayong.

2. Basis of preparation

2.1 The financial statements have been prepared in accordance with Thai Financial Reporting
Standards enunciated under the Accounting Profession Act B.E. 2547 and their presentation

has been made in compliance with the stipulations of the Notification of the Department of
Business Development dated 11 October 2016, issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the

Company. The financial statements in English language have been translated from the Thai
language financial statements.

The financial statements have been prepared on a historical cost basis except where otherwise

disclosed in the accounting policies.

2.2 The separate financial statements present investments in associate under the cost method.

2.3 The Company holds a 30.57 percent interest in TY Steel Company Limited. Management has
considered whether the Company controls TY Steel Company Limited and concluded that the
Company has only significant influence. The Company therefore classifies the investment in TY

Steel Company Limited as investment in an associate and accounts for it under the equity
method in the financial statements in which the equity method is applied, and does not prepare

consolidated financial statements.

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