NSOLIDATED FINANCIAL STATEMENTS Q2/2542

5.4 Short-term loans to related parties are summarized as follows : CONSOLIDATED THE COMPANY 1999 1998 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Policy for charging interest on loans Subsidiary Sino-Thai Construction Service Company Limited - - 148,004 - 5.47875-7.7575% Associated Company Thai Maintenance Contracting Company Limited 7,000 - 7,000 - 12% Other Related Parties 75,029 - - - Total Loans 82,029 - 155,004 - 5.5 Investments and loans 5.5.1 Investments in related parties THE COMPANY Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Joint ventures Philipp Holzmann (Thai)/ U.T.M. Engineering/ Sino-Thai Joint Venture Thailand Joint venture - - 100 - - - 8,248 - - - Zueblin-W&F-Stecon Joint Venture Thailand Joint venture - - 33 - - - - - - - The Joint Venture of Tomen Enterprise (Bangkok) Company Limited/Sino-Thai Engineering and Construction Public Company Limited/ Totems Company Limited Thailand Joint venture - - 33 - - - 71 - - - Total Investment in Joint Ventures - - 8,319 - - - THE COMPANY Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Subsidiaries Sino-Thai Construction Rental, Trading Services Company Limited in construction equipment and Shareholders and heavy machinery Thailand Co-management 30,000 30,000 99.99 99.99 29,999 29,999 2,627 - - - Sino-Thai Resources Development Public Shareholders and Company Limited Mining Thailand Co-management 130,000 130,000 51.16 51.16 201,442 201,442 62,313 67,066 - - Total Investments in Subsidiaries 231,441 231,441 64,940 67,066 - - Associated Companies HTR Corporation Limited Real estate Development Thailand Shareholders 500,000 500,000 47.6 47.6 329,990 329,990 252,798 277,416 - - STP & I Public Company Steel fabrication, Limited steel construction, Industrial boilers and pressure vessels manufacturing Thailand Shareholders - 250,000 - 24 - 59,999 - 181,800 - - DKK Sino-Thai Engineering Telecommunications Company Limited and transmission lines Thailand Shareholders 8,000 8,000 35 35 2,800 2,800 30,972 31,661 - - ACS Asia Limited Light steels fabrication Thailand Shareholders 10,000 10,000 50 50 5,000 5,000 8,986 8,986 - - ACS Asia (1996) Company Manufacturing cable Limited support system Thailand Shareholders - 15,000 - 50 - 7,500 - 14,225 - - THE COMPANY Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Associated Companies MMR Asia Electrical and Company Limited instrumentation contractor Thailand Shareholders - 30,000 - 45.12 - 8,999 - - - - Thai Maintenance Maintenance Contracting service for Company Limited industrial plants Thailand Shareholders 12,315 12,315 25.14 30 2,340 2,340 7,474 4,485 - - 340,130 416,628 300,230 518,573 - - Less Allowance for revaluation of investment (8,986) (8,986) Total Investments in Associated Companies 291,244 509,587 Others related parties Available for sale securities STP & I Public Company Steel fabrication, Limited steel construction, industrial boilers and pressure vessels manufacturing Thailand Shareholders 250,000 - 10 - 75,750 - - - - - Nakornthai Stripmill Public Company Limited Thailand Shareholders 8,600,000 5,600,000 0.80 3.01 110,000 254,000 - - - - Thanayong Public Company Limited Thailand Shareholders 3,064,557 3,064,557 0.02 0.02 10,033 10,033 - - - - 195,783 264,033 - - - - Less Allowance for revaluation available for sale securities (112,616) (146,486) - - - - Total investments in Available for sales securities 83,167 117,547 - - - - THE COMPANY Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 General Securities Abico Land Company Limited Thailand Shareholders 200,000 200,000 15 15 30,000 30,000 - - - - Nithipat Leasing Company Limited Thailand Shareholders 800,000 800,000 11.25 11.25 97,168 97,168 - - - - National Insurance Company Limited Thailand Shareholders - 300,000 - 10 - 30,000 - - - - National Life Insurance Company Limited Thailand Shareholders - 500,000 - 10 - 50,000 - - - - Peroxy Thai Company Limited Thailand Shareholders 793,000 793,000 2.73 2.73 21,650 21,650 - - - - The Preferred Shares- Subordinated Debentures of Thai Farmer Bank Public Company Limited Fund Thailand 40,000,000 - 0.25 - 100,000 - - - - - Other 32,232 62,232 - - - - Total 281,050 291,050 - - - - Less Allowance for revaluation of General securities (32,082) (32,082) - - Total investments in General securities 248,968 258,968 - - Total investments in Other related parties 332,135 376,515 - - CONSOLIDATED Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Joint ventures Philipp Holzmann (Thai)/ U.T.M. Engineering/ Sino-Thai Joint Venture Thailand Joint Venture - - 100 - - - 8,248 - - - Zueblin-W&F-Stecon Joint Venture Thailand Joint Venture - - 33 - - - - - - - The Joint Venture of Tomen Enterprise (Bangkok) Company Limited/Sino-Thai Engineering and Construction Public Company Limited/ Totems Company Limited Thailand Joint Venture - - 33 - - - 71 - - - Total Investment in Joint Ventures - - 8,319 - - - CONSOLIDATED Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Associated Companies HTR Corporation Limited Real estate Development Thailand Shareholders 500,000 500,000 47.6 47.6 329,990 329,990 252,798 277,416 - - STP & I Public Company Steel fabrication, Limited steel construction, industrial boilers and pressure vessels manufacturing Thailand Shareholders - 250,000 - 24 - 59,999 - 181,800 - - DKK Sino-Thai Engineering Telecommunications Company Limited and transmission lines Thailand Shareholders 8,000 8,000 35 35 2,800 2,800 30,972 31,661 - - ACS Asia Limited Light steel Fabrication Thailand Shareholders 10,000 10,000 50 50 5,000 5,000 8,986 8,986 - ACS Asia (1996) Company Manufacturing cable Limited support system Thailand Shareholders - 15,000 - 50 - 7,500 - 14,225 - - MMR Asia Company Limited Electrical and instrumentation contractor Thailand Shareholders - 30,000 - 45.12 - 11,999 3,000 3,000 - - Thai Maintenance contracting Maintenance Company Limited service for industrial plants Thailand Shareholders 12,315 12,315 25.14 30 2,340 2,340 7,474 4,485 - - 340,130 419,628 303,230 521,573 - - Less Allowance for revaluation of investment (11,986) (8,986) Total Investments in Associated Companies 291,244 512,587 CONSOLIDATED Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Other related parties Available for sale securities STP & I Public Company Steel fabrication, Limited steel construction, Industrial boilers and pressure vessels manufacturing Thailand Shareholders 250,000 - 10 - 75,750 - - - - - Nakornthai Stripmill Public Company Limited Thailand Shareholders 8,600,000 5,600,000 0.80 3.01 110,000 254,000 - - - - Thanayong Public Company Limited Thailand Shareholders 3,064,557 3,064,557 0.02 0.02 10,033 10,033 - - - - 195,783 264,033 - - - - Less Allowance for revaluation of Available for sale securities (112,616) (146,486) - - Total investment in Avaiable for sales securities 83,167 117,547 - - General Securities Abico Land Company Limited Thailand Shareholders 200,000 200,000 15 15 30,000 30,000 - - - - Nithipat Leasing Company Limited Thailand Shareholders 800,000 800,000 15 15 129,568 129,568 - - - - National Insurance Company Limited Thailand Shareholders - 300,000 - 10 - 30,000 - - - - National Life Insurance Company Limited Thailand Shareholders - 500,000 - 10 - 50,000 - - - - CONSOLIDATED Company's name Type of Business Country Relation Issued shares capital Percentage of Cost method Equity method Dividend 1999 1998 share holding 1999 1998 1999 1998 1999 1998 Baht'000 Baht'000 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Baht'000 Peroxy Thai Company Limited Thailand Shareholders 793,000 793,000 2.73 2.73 21,650 21,650 - - - - The Preferred Shares- Subordinated Debentures of Thai Farmers Bank Public Company Limited Fund Thailand 40,000,000 - 0.25 - 100,000 - - - - - Others 34,032 64,032 - - - - 315,250 325,050 - - - - Less Allowance for revaluation of General securities (32,082) (32,082) - - Total investments in General securities 283,168 293,168 - - Total Investment in Other related parties 366,335 410,715 - - 5.5.2 Loans to related parties CONSOLIDATED THE COMPANY 1999 1998 1999 1998 Baht'000 Baht'000 Baht'000 Baht'000 Policy for charging interest on loans Joint Venture Philipp Holzmann (Thai) /U.T.M. Engineering / Sino-Thai Joint Venture - 344,175 - 344,175 15% The Joint Venture of Tomen Enterprise (Bangkok) Company Limited/Sino-Thai Engineering and Construction Public Company Limited/Totems Company Limited 1,416 - 1,416 - 15% 1,416 344,175 1,416 344,175 Subsidiaries Sino-Thai Construction Service Company Limited - - - 228,469 7.2774-24% Sino-Thai Resources Development Public Company Limited - - - 540 17% - - - 229,009 Associated Companies MMR Asia Company Limited - 4,000 - 4,000 17% ACS Asia (1996) Company Limited - 5,094 - 5,094 14.75% - 9,094 - 9,094 Other Related parties Others 4,578 4,240 4,578 4,240 13-18% Less Allowance for doubtful accounts (90) - (90) - 4,488 4,240 4,488 4,240 Total Loans 5,904 357,509 5,904 586,518 Total Investments and Loans 671,802 1,280,811 702,542 1,539,686 As at June 30, 1999 and 1998, the Company recorded deficit in shareholders' equity of associated companies and joint venture amounting to approximately Baht 26.15 million and Baht 5.68 million respectively in the consolidated financial statements, and record Baht 26.15 million and Baht 14.49 million respectively in the company' s financial statements which was shown under other liabilities. The Company recorded investments in associated companies and joint ventures by using the equity method in the financial statements for the three-month period and six-month period ended June 30, 1999 on the basis of the financial information obtained from the management which had not been audited or reviewed by the auditors in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand for the recording of investments in associated companies and joint ventures. The Company recorded investments in subsidiaries and associated companies by using the equity method in the financial statements for the three-month period and six-month period ended June 30, 1998 on the basis of the financial information obtained from the management which had not been audited or reviewed by the auditors in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand for the recording of investments in subsidiaries and associated companies. (More)