Document:

SICCO                                                                    CAD-012

                               Guarantee Contract

This contract is made at Sin Industries Finance Public Company Limited,  3rd-4th
Floor Sinthon Tower II, 130-132  Wireless  Road,  Lumpini,  Pathum Wan,  Bangkok
Metropolis 10330, on 19 October 2000, as evidence that the undersigned,

a.     Mr. Vichai Raksriaksorn,  aged 42, Thai race, Thai nationality,  residing
       at House No. 20, Soi Sukhumvit 64, Bang Chak  Sub-district,  Phra Khanong
       District, Bangkok Metropolis, and                          -Signed-

b.     Mr. Viratana Suntaranond, aged 59, Thai race, Thai nationality,  residing
       at House No.141-143-145,  Soi Sukha 1,Wat Ratchabopit Sub-district,  Phra
       Nakhon District, Bangkok Metropolis,                       -Signed-

c.     King Power Tax Fee Co., Ltd., with offices at 989, Rama I Road, Pathum
       Wan Sub-district, Pathum Wan District, Bangkok Metropolis, -Signed-
                                         (Seal of King Power Tax Free Co., Ltd.)

hereinafter  called the  "Guarantor"  consent to guarantee  the  performance  of
obligations of King Power Duty Fee Co., Ltd.,  hereinafter  called the "Debtor,"
to Sin  Industries  Finance  Public  Company  Limited,  hereinafter  called  the
"Company," for the total amount of guarantee Baht 30,000,000.00  (Thirty Million
Baht Only), as follows :

1.     The obligations  under this contract are loans, debt related to sale at a
       discount or acceptance of sale at a discount of promissory notes or other
       debt  related  to  promissory  notes,  debt  related  to the  letters  of
       guarantee  issued by the company for the debtor,  and the existing  debts
       the  debtor  has with the bank  and/or the debts the debtor may have with
       the bank in the  future.  In case the  company  has taken Thai  Baht,  in
       whichever  amount,  to purchase or exchange into the foreign  currency to
       perform the  obligations  according to the guarantee under this contract,
       such amount of Thai Baht shall be deemed as the amount of guarantee  that
       the  guarantor  shall be  liable  to the  company  under  this  guarantee
       contract.

       Both parties  mutually  understand  that the guarantor shall be liable to
       not only the guarantee  amount  prescribed  above (if any),  but also the
       accessories thereof such as the unpaid interest and compensation  payment
       of the debtor,  encumbrances which are accessories of debt, including all
       damages that the company has to pay for collection or litigation  against
       the debtor for enforcement of the performance of obligations as well.

       As the guarantee  under this contract is for the existing  debts that the
       debtor has with the company and/or the debts the debtor may have with the
       bank in the future,  the guarantor  agree that for as long as the company
       has not canceled the guarantee under this contract though at any time the
       debtor may have no obligation with the company,  the guarantor agree that
       this  guarantee  contract  shall remain  valid in order to guarantee  the
       future debt.

<PAGE>

2.     In case the debtor  fails to  perform  the above  obligations,  be it all
       items or separate item, or is subject to  receivership by court order, or
       dies or becomes  incompetence  or  quasi-incompetence  or  disappears  or
       leaves  the  residence  and cannot be found,  or under any  circumstances
       causing the company not to receive  performance of the said  obligations,
       or the debtor can no longer take advantage of the beginning or the end of
       the term,  or in case the debtor has entered into a compromise  agreement
       with the company and then  defaulted  on the  compromise  agreement,  the
       guarantor  agree to be liable as the joint  debtor with the debtor of the
       obligations  under Clause 1 and/or the  obligation  under the  compromise
       agreement  made between the debtor and the company  immediately,  whereby
       the guarantor  agree to perform the  obligations to the company  promptly
       and/or consent the company to deduct such amount from the deposits and/or
       right of claim and/or  foreclose  the pledged  property of the  guarantor
       under  Clause 9, as the  company  wishes,  without  having to demand  the
       debtor to  perform  the  obligations  first  though  the  debtor may have
       property,  and without  prejudice  to the right of the company to proceed
       with  litigation  against the debtor,  the heir or the estate  and/or the
       subrogee  of  the  rights  and  duties  of  the  debtor  to  perform  the
       obligations first as the company deems  appropriate,  and in such case if
       the company has received  performance of  obligations or having  received
       but not in full amount,  the guarantor consent that the company has taken
       such action for the guarantor  and the  guarantor  consent to perform the
       outstanding  amount  promptly and consent to pay all fees and/or expenses
       that the company has paid for the said  proceedings,  whether the company
       has  notified  the  guarantor  before or not, and whether the company may
       demand or proceed with litigation  against the guarantor jointly with the
       debtor, the heir or estate,  and/or the subrogee of the rights and duties
       of the debtor or not.

3.     This guarantee shall be valid  continuously,  whereby the guarantor shall
       not revoke it under any circumstances, for as long as the company has not
       received  performance of obligations under Clause 1 and/or the obligation
       under the compromise agreement entered between the debtor and the company
       in full,  and/or in case the guarantor  dies, the guarantor  consent that
       the  obligations  or duties of the guarantor  under this  contract  shall
       devolve  to the heir or the  estate or the  subrogee  of the  rights  and
       duties of the guarantor in full amount of the  obligations for as long as
       the company has not received performance of the obligations  described in
       Clause 1 in full.

4.     This guarantee shall bind the guarantor completely,  though it may appear
       at a later date that the debtor shall not be liable to the company due to
       the fact that such agreement was entered with  misunderstanding or due to
       being an incompetent  person,  disregarding  the fact that at the time of
       entering  into  this  Guarantee  Contract,  the  guarantor  know  of  the
       misunderstanding or incompetence or not.

5.     The company reserves the right to claim or not to claim or to release any
       guarantor,  without  having to request  for  consent  or to notify  other
       guarantor, thereby the remaining guarantor shall continue to be liable to
       the total obligations accordingly.

<PAGE>

6.     In case the debtor dies and the company has not sued for enforcement from
       the heir or the  estate  or the  subrogee  of  rights  and  duties of the
       debtor,  until one year from the date of death,  the guarantor  shall not
       raise  preclusion by prescription  as a defense against the company,  and
       shall consent to be liable to performance of the outstanding  obligations
       to the company accordingly.

7.     The guarantor  consent the company to grant leniency to the debtor as the
       company deems  appropriate  without having to notify any or all guarantor
       first,  and it shall be deemed that the guarantor  agree to such leniency
       on every occasion, and that the guarantor waive the right on the debtor's
       defense  against the company  when the company  demands the  guarantor to
       comply with the contract.

8.     Though it may appear that any act of the company may cause the  guarantor
       to be unable to  subrogate,  either in whole or in part,  of the  rights,
       mortgage,  pledge or  preference  right which the debtor has submitted to
       the company prior to or at the time of entering into this  contract,  the
       liabilities  of the guarantor  under this contract shall not be relieved,
       either in whole or in part.

9.     The  guarantor  consent  the  company to deduct  money from the  existing
       deposits  and/or right of claim of the guarantor  having with the company
       for  performance  of  obligations  of the  guarantor  under this contract
       immediately,  and other  property of the  guarantor in  possession of the
       company shall be deemed as having been pledged the with the company,  and
       the  guarantor  consent  the  company  to  foreclose  the  pledge of such
       property for performance of obligations of the guarantor.

10.    The guarantor consent that any act of the debtor or a third party causing
       an interruption  to the  prescription of the debts under guarantee to the
       disadvantage of the debtor, it shall be the disadvantage of the guarantor
       as well.

11.    The guarantor consent the company to transfer any right of claim that the
       company has with the guarantor, either in whole in part, to any person as
       the company deems appropriate, thereby the guarantor consent to be liable
       to  performance  of  obligations  of the  debtor  continuously  until the
       company  and  the   transferee  of  the  right  of  claim  have  received
       performance of the obligations under Clause 1 in full.

12.    In case any part or clause of this  contract  is  invalid,  both  parties
       agree that only that  particular  part or clause shall be invalid,  while
       the  remaining  part being  valid shall  continue to bind  parties to the
       contract accordingly.

13.    All correspondence, letters and/or notices that the company has forwarded
       to the  guarantor,  by registered  or regular  mail, or by messenger,  if
       having been forwarded to the above address herein,  it shall be deemed as
       having been  legitimately  forwarded to the guarantor,  without regard to
       whether there is a recipient or not, and though it could not be forwarded
       due to the fact that such address has been changed or demolished  and the
       guarantor  has failed to notify such change or  demolition  in writing to
       the bank,  or due to the fact that such  address  could not be found,  it
       shall be deemed that the guarantor has acknowledged the same accordingly.

<PAGE>

The  guarantor,  having  read  and  understood  the  contents  of this  contract
entirely, hereunder sign their names in the presence of witnesses.

                                     - signed -                    Guarantor
                              (Mr. Vichai Raksriaksorn)

                                     - signed -                    Guarantor
                             (Mr. Viratana Suntaranond)

(Seal of King Power Tax Free Co., Ltd.)

                                     - signed -                    Guarantor
                            (King Power Tax Free Co., Ltd.)

                                     - signed -                    Witness
                            (Mr. Wichai Chokphattharamontri)

                                     - signed -                    Witness
                                (Miss Wikanda Motdara)SIAM CITY BANK PUBLIC COMPANY LIMITED

                               Guarantee Contract

                                                             Made at Head Office

                                                                  23 August 2000

-Signed-          I,  Mr.  Viratana  Suntaranond,   aged  59,  Thai  race,  Thai
nationality,  residing at House No.  141-143-145,  Soi Sukha 1, Wat  Ratchabopit
Sub-district, Phra Nakhon District, Bangkok Metropolis, and

-Signed-          I,  Mr.  Vichai   Raksriaksorn,   aged  42,  Thai  race,  Thai
nationality, residing at House No. 20, Soi Sukhumvit 64, Bang Chak Sub-district,
Phra Khanong District, Bangkok Metropolis

hereinafter  called the  "Guarantor"  agree to make this contract with Siam City
Bank Public Company Limited, hereinafter called the "Bank" as evidence that :

1.     Whereas the bank has granted King Power Duty Fee Co.,  Ltd.,  hereinafter
       called the "Debtor," to borrow money or draw  overdraft or create various
       debts such as opening letter of credit, making trust receipt,  requesting
       for  issuance  of all kinds of letter of  guarantee,  aval of  promissory
       notes,  sale  at a  discount  of  promissory  notes  or  transferable  or
       non-transferable instrument, BIBF loan, or any other financial instrument
       or commercial instrument, or extension of credit facilities to the debtor
       in any form,  or the  debtor is liable to  reimbursement  of money to the
       bank, for the total amount of Baht  100,000,000.00  (One Hundred  Million
       Baht  Only),  the  guarantor  agree  to  guarantee   performance  of  the
       obligations, be it the existing credit facilities or liabilities or to be
       incurred in the future,  including the unpaid  interest and  compensation
       payment of the debtor, as well as accessories thereof which shall include
       transfer of the credit facilities and debt to other branch of the bank.

2.     If the debtor  fails to perform  the  obligations  under  Clause 1 due to
       whatever reasons,  or is subject to receivership by court order,  becomes
       bankrupted,   dies,  becomes  incompetent  person,  disappears  from  the
       residence,   or  any  circumstances  causing  the  bank  not  to  receive
       performance  of  obligations  under Clause 1, either in whole or in part,
       and  whether  it is due  date  according  to the  agreement  or not,  the
       guarantor  consent  to be  liable  as joint  debtor  for  performance  of
       obligations according to such agreement immediately.

3.     If the bank extends period of performance of obligations to the debtor or
       changes the condition of debt in any case,  including  change of interest
       rate  according to the bank"s  procedure,  with or without  notifying the
       guarantor,  it shall be deemed that the guarantor  consent to the same on
       every  occasion  and  shall  not cite  such  extension  or change or debt
       structuring as the reason for relieving the guarantor"s liability.

<PAGE>

4.     In case the debtor is in default  or unable to perform  the  obligations,
       the guarantor shall waive the right to demand the bank to enforce payment
       from the debtor"s  property before demanding  payment from the guarantor,
       and shall not cite the debtor"s defense that the guarantor are not liable
       because  prescription of such debt has expired for enforcement of payment
       from the debtor or the heir or the executor of the estate or the subrogee
       of rights and duties of the  debtor,  and shall waive the right to make a
       defense  on the  advantage  of the  time of  beginning  or the end of the
       debtor and that of the guarantor,  without  prejudice to the right of the
       bank to demand or enter an action against the debtor or the estate or the
       subrogee  of rights and duties of the debtor to perform  the  obligations
       first, as the bank deems  appropriate.  In this case, if the bank has not
       received  performance of obligations in full, the guarantor  consent that
       such action of the bank shall be deemed for the benefit of the guarantor,
       therefore the guarantor agree to immediately  pay the outstanding  amount
       and shall reimburse all fees and expenses paid by the bank in this regard
       whether  the  bank has  notified  the  guarantor  or not and  though  not
       demanding or taking legal action  against the guarantor  jointly with the
       debtor or the estate or the subrogee or rights and duties of the debtor.

5.     This guarantee shall bind the guarantor completely though it may be cited
       that the  debtor is an  incompetent  person or  bankrupted  or subject to
       receivership  by court order, or entering into the agreement and creating
       the debt due to misunderstanding  and whether the guarantor have known of
       such incompetence or  misunderstanding or not. The guarantor shall not be
       released  from  liabilities  for the full amount due to the fact that the
       bank has released other guarantor or liable person,  or the bank may take
       any action causing the guarantor not to be able to subrogate, in whole in
       part,  the rights of mortgage,  pledge,  preferential  right or any right
       already  given or may be  given  to the  bank  prior to or at the time of
       making this guarantee contract.

6.     The  guarantor  agree  that  this  guarantee   contract  shall  be  valid
       continuously,  whereby the guarantor  shall be released from  liabilities
       after the debtor has performed  the  obligations  or the  guarantor  have
       performed  the   obligations   on  behalf  of  the  debtor  to  the  bank
       accordingly,  and the bank shall  permit the release  from  guarantee  in
       writing  only.  Restructuring  of the debt, by changing of subject of the
       obligations or change of the debtor, shall not relieve the guarantor from
       the liabilities under this contract.

7.     Should  there  by any  money  of the  guarantor,  and/or  money  that the
       guarantor  are a joint owner with other  person(s),  in deposit  accounts
       with the  bank,  and/or  money of the  guarantor  and/or  money  that the
       guarantor  are a joint  owner with  other  person(s)  having in hand,  in
       possession,  retention,  or within the authority of the bank"s  executor,
       the  guarantor  consent the bank to deduct the whole amount of such money
       to perform the obligations and/or the guarantor"s  liabilities under this
       contract at any time that the bank deems  appropriate,  whether such debt
       or  liability  becomes  due or not,  and  without  having to  notify  the
       guarantor in advance.

<PAGE>

8.     If the guarantor is in breach of any clause herein,  the guarantor  agree
       to compensate for all damages occurred to the bank due to the guarantor"s
       breach of  contract,  including  all expenses  incurred  for  requesting,
       demanding, taking legal action, execution of the judgment,  investigation
       of property, and enforcement for performance of obligations in full.

The guarantor have read and  understood  this contract  entirely,  and hereunder
sign their names (and affix seal if any) in the presence of witnesses.

             - signed -       Guarantor            - signed -        Guarantor
    (Mr. Viratana Suntaranond)              (Mr. Vichai Raksriaksorn)

             - signed -       Witness              - signed -        Witness
      (Mr. Chanwut Amnuaisin)               (Mr. Sathian Sanelaksana)

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