Page 141 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

25. Provident fund
The Company and its employees have jointly established a provident fund in accordance

with the Provident Fund Act B.E. 2530. Both the Company and employees contributed to
the fund monthly at the rate of 5 and 3 percent of basic salary respectively. The fund, which
is managed by Kasikorn Asset Management Co., Ltd., will be paid to employees upon

termination in accordance with the fund rules. The contributions for the year 2022
amounting to approximately Baht 4 million (2021: Baht 4 million) were recognised as
expenses.

26. Commitments and contingent liabilities

As at 31 December 2022, the Company had the following outstanding commitments and

contingent liabilities.

26.1 Raw material purchase commitments

The Company entered into raw material purchase agreements amounting of USD 5
million and HKD 39 million (2021: USD 8 million). The materials will be shipped to the

Company within 69 - 142 days from the contract dates.

26.2 Guarantees

There were outstanding bank guarantees of approximately Baht 56 million (2021: Baht 57
million) issued by banks on behalf of the Company in respect of certain performance

bonds to guarantee electricity use among others.

26.3 Capital commitments

The Company had capital commitments relating to the acquisition of building and attached
facilities and machinery and equipment were as follows.

(Unit: Million)

2022 2021
Currency:

Baht 16.2 8.0
US dollar 0.4 0.8
Taiwan dollar 2.3 -

127