11. Inter-company Transactions

  11.1 Related transactions

The Company had inter-company transactions with other related persons
who may have conflicts of interest, details of which are contained in
Notes 4 of the consolidated financial statements for the year ended
2005, which can be summarised as follows:

+--------+--------+-----+----+-----------+-----------+---------------+
| C      | De     | Dur | O  | De        | Plan      | Notes         |
| ompany | script | ing | ut | scription | Admini    |               |
|        | ion of | 2   | st | of        | strator’s |               |
|        |  trans | 005 | an | rel       | opinion   |               |
|        | action | Tr  | di | ationship |           |               |
|        |        | ans | ng | and       |           |               |
|        |        | act | T  | be        |           |               |
|        |        | ion | ra | neficiary |           |               |
|        |        | Va  | ns |           |           |               |
|        |        | lue | ac |           |           |               |
|        |        | (m  | ti |           |           |               |
|        |        | ill | on |           |           |               |
|        |        | ion | V  |           |           |               |
|        |        | Ba  | al |           |           |               |
|        |        | ht) | ue |           |           |               |
|        |        |     | (m |           |           |               |
|        |        |     | il |           |           |               |
|        |        |     | li |           |           |               |
|        |        |     | on |           |           |               |
|        |        |     | B  |           |           |               |
|        |        |     | ah |           |           |               |
|        |        |     | t) |           |           |               |
+========+========+=====+====+===========+===========+===============+
| S      | -      |     | 13 | The       | This      | The Company   |
| untech | A      |     | 3. | Hor       | tr        | hires Suntech |
| Scrap  | ccount |     | 81 | rungruang | ansaction | Scrap         |
| Proc   | p      |     |    | through   | was in    | Processing    |
| essing | ayable |     |    | Suntech   | normal    | Co., Ltd. for |
| Co.,   |        |     |    | Group     | course of | collection,   |
| Ltd.   |        |     |    | holds     | business  | supply and    |
|        |        |     |    | shares at | of the    | processing of |
|        |        |     |    | 99.99 %.  | Company   | domestic      |
|        |        |     |    | Mr.       |           | scrap as      |
|        |        |     |    | Sawasdi   |           | requirement.  |
|        |        |     |    | Hor       |           | However, Co.  |
|        |        |     |    | rungruang |           | did not enter |
|        |        |     |    | is the    |           | into any      |
|        |        |     |    | director. |           | long-term     |
|        |        |     |    |           |           | contract with |
|        |        |     |    |           |           | Suntech Scrap |
|        |        |     |    |           |           | Processing    |
|        |        |     |    |           |           | Co., Ltd. The |
|        |        |     |    |           |           | contracts     |
|        |        |     |    |           |           | were made     |
|        |        |     |    |           |           | separately.   |
|        |        |     |    |           |           | The price is  |
|        |        |     |    |           |           | negotiated by |
|        |        |     |    |           |           | transaction   |
|        |        |     |    |           |           | to            |
|        |        |     |    |           |           | transaction   |
|        |        |     |    |           |           | basis based   |
|        |        |     |    |           |           | on market     |
|        |        |     |    |           |           | price.        |
+--------+--------+-----+----+-----------+-----------+---------------+
|        | - Raw  | 2,  |    |           |           |               |
|        | ma     | 886 |    |           |           |               |
|        | terial | .61 |    |           |           |               |
|        | pur    |     |    |           |           |               |
|        | chases |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        | -      | 48  |    |           |           |               |
|        | Other  | .12 |    |           |           |               |
|        | ex     |     |    |           |           |               |
|        | penses |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| Sr     | -      |     | 9  |   The     | This      | 1. Accrued    |
| iracha | A      |     | 3. |   Hor     | tr        | expenses are  |
| H      | ccrued |     | 30 | rungruang | ansaction | the expense   |
| arbour | ex     |     |    |   holds   | was in    | for using     |
| Plc.   | penses |     |    |   shares  | normal    | harbour and   |
|        |        |     |    |   at      | course of | equipment for |
|        |        |     |    |   25.30 % | business  | scrap import  |
|        |        |     |    |   and Mr. | of the    | and steel     |
|        |        |     |    |   Sawasdi | Company   | coil export.  |
|        |        |     |    |   Hor     |           |               |
|        |        |     |    | rungruang |           | 2. This is    |
|        |        |     |    |   is      |           | the expense   |
|        |        |     |    |   a       |           | for bulk      |
|        |        |     |    | uthorized |           | cargo         |
|        |        |     |    |           |           | handling      |
|        |        |     |    | directors |           | (both import  |
|        |        |     |    |   of      |           | and export).  |
|        |        |     |    |           |           | However, Co.  |
|        |        |     |    |  Sriracha |           | did not enter |
|        |        |     |    |   Harbour |           | into any      |
|        |        |     |    |   Plc.    |           | long-term     |
|        |        |     |    |           |           | contract with |
|        |        |     |    |           |           | Sriracha      |
|        |        |     |    |           |           | Harbour. The  |
|        |        |     |    |           |           | price is      |
|        |        |     |    |           |           | negotiated by |
|        |        |     |    |           |           | transaction   |
|        |        |     |    |           |           | to            |
|        |        |     |    |           |           | transaction   |
|        |        |     |    |           |           | basis based   |
|        |        |     |    |           |           | on market     |
|        |        |     |    |           |           | price.        |
+--------+--------+-----+----+-----------+-----------+---------------+
|        | - Port | 96  |    |           |           |               |
|        | ha     | .75 |    |           |           |               |
|        | ndling |     |    |           |           |               |
|        | ex     |     |    |           |           |               |
|        | penses |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| H      | -      | 14  | 3. | 1.        | This      | This is the   |
| emaraj | A      | .61 | 24 | Hemaraj   | tr        | expense for   |
| Land   | ccrued |     |    | Land and  | ansaction | raw water and |
| and    | ex     |     |    | Deve      | was in    | i             |
| Devel  | penses |     |    | lopment’s | normal    | nfrastructure |
| opment |        |     |    | sha       | course of | maintenance   |
| Plc.   | -      |     |    | reholding | business  | fee.          |
|        | Other  |     |    | in NSM is | of the    |               |
|        | ex     |     |    | 0.11 %    | Company.  |               |
|        | penses |     |    |           | Hemaraj   |               |
|        |        |     |    | 2. The    | also      |               |
|        |        |     |    | Hor       | provides  |               |
|        |        |     |    | rungruang | service   |               |
|        |        |     |    | holds     | to other  |               |
|        |        |     |    | shares at | companies |               |
|        |        |     |    | 12.04 %.  | in Bowin  |               |
|        |        |     |    | Mr.       | I         |               |
|        |        |     |    | Sawasdi   | ndustrial |               |
|        |        |     |    | Hor       | Estate.   |               |
|        |        |     |    | rungruang | This      |               |
|        |        |     |    | is the    | expense   |               |
|        |        |     |    | a         | is        |               |
|        |        |     |    | uthorized | r         |               |
|        |        |     |    | director. | easonable |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           | and same  |               |
|        |        |     |    |           | as those  |               |
|        |        |     |    |           | charged   |               |
|        |        |     |    |           | to other  |               |
|        |        |     |    |           | companies |               |
|        |        |     |    |           | in Bowin  |               |
|        |        |     |    |           | I         |               |
|        |        |     |    |           | ndustrial |               |
|        |        |     |    |           | Estate.   |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| S      | -      | 2   | 1. | 1.        | This      | These are the |
| untech | A      | .30 | 92 | Suntech   | tr        | expenses for  |
| Group  | ccount |     |    | Group’s   | ansaction | material      |
| Plc.   | p      |     |    | sha       | was in    | purchasing    |
|        | ayable |     |    | reholding | normal    | and temporary |
|        |        |     |    | in NSM is | course of | land rental   |
|        | - Raw  |     |    | 0.54 %.   | business  | for           |
|        | ma     |     |    |           | of the    | construction  |
|        | terial |     |    | 2. The    | Company   | workers.      |
|        | pur    |     |    | Hor       |           | Suntech Group |
|        | chases |     |    | rungruang |           | is in the     |
|        |        |     |    | hold      |           | process of    |
|        |        |     |    | shares at |           | i             |
|        |        |     |    | 40.83 %.  |           | mplementation |
|        |        |     |    | Mr.       |           | of its        |
|        |        |     |    | Sawasdi   |           | business      |
|        |        |     |    | Hor       |           | r             |
|        |        |     |    | rungruang |           | eorganisation |
|        |        |     |    | is        |           | plan with     |
|        |        |     |    | executive |           | Srisongkram   |
|        |        |     |    | director  |           | Planner being |
|        |        |     |    | of        |           | the Plan      |
|        |        |     |    | Suntech   |           | A             |
|        |        |     |    | Group.    |           | dministrator. |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| Metal  | -      |     | 43 | The       | The Baht  | Two loans     |
| Star   | Loans  |     | 7. | Hor       | 350       | were granted  |
| Co.,   | and    |     | 56 | rungruang | million   | to Metal Star |
| Ltd.   | a      |     |    | holds     | loans for | consisting of |
|        | ccrued |     |    | shares at | business  | Baht 350      |
|        | in     |     |    |           | operation | million and   |
|        | terest |     |    | 50 %      | of the    | Baht 70       |
|        | rece   |     |    |           | Company   | Million. The  |
|        | ivable |     |    |           | and was   | Company has   |
|        |        |     |    |           | approved  | set allowance |
|        |        |     |    |           | by the    | for doubtful  |
|        |        |     |    |           | meeting   | for the total |
|        |        |     |    |           | of the    | amount of     |
|        |        |     |    |           | Company’s | these two     |
|        |        |     |    |           | shar      | loans         |
|        |        |     |    |           | eholders. | covering both |
|        |        |     |    |           | The Baht  | principal and |
|        |        |     |    |           | 70        | accrued       |
|        |        |     |    |           | million   | interest.     |
|        |        |     |    |           | loans are |               |
|        |        |     |    |           | ratified  |               |
|        |        |     |    |           | by the    |               |
|        |        |     |    |           | Plan      |               |
|        |        |     |    |           | Admi      |               |
|        |        |     |    |           | nistrator |               |
|        |        |     |    |           | on the    |               |
|        |        |     |    |           | Effective |               |
|        |        |     |    |           | Date.     |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| Steel  | -      |     | 0. | At        | This      | This          |
| Top    | A      |     | 27 | present,  | tr        | receivable    |
| Co.,   | dvance |     |    | the       | ansaction | was from      |
| Ltd.   | rece   |     |    | Hor       | was in    | apartment     |
|        | ivable |     |    | rungruang | normal    | rental. The   |
|        |        |     |    | through   | course of | Company has   |
|        |        |     |    | Suntech   | business  | set allowance |
|        |        |     |    | Group     | of the    | for doubtful  |
|        |        |     |    | holds     | Company   | for the       |
|        |        |     |    | shares at |           | amount of     |
|        |        |     |    | 58.64 %.  |           | Baht 0.23     |
|        |        |     |    | Mr.       |           | million.      |
|        |        |     |    | Sawasdi   |           |               |
|        |        |     |    | Hor       |           |               |
|        |        |     |    | rungruang |           |               |
|        |        |     |    | is the    |           |               |
|        |        |     |    | a         |           |               |
|        |        |     |    | uthorized |           |               |
|        |        |     |    | director. |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| N.T.S. | -      |     | 1  | Mr.       | This      | 1.  This      |
| Steel  | A      |     | 3. | Sawasdi   | tr        |               |
| Group  | dvance |     | 97 | Hor       | ansaction |    receivable |
| Plc.   | rece   |     |    | rungruang | was in    |     was from  |
|        | ivable |     |    | is the    | normal    |     material  |
|        |        |     |    | a         | course of |     lend. The |
|        |        |     |    | uthorized | business  |     Company   |
|        |        |     |    | director  | of the    |     has set   |
|        |        |     |    | of        | Company   |     allowance |
|        |        |     |    | M         |           |     for       |
|        |        |     |    | illennium |           |     doubtful  |
|        |        |     |    | Steel     |           |     for the   |
|        |        |     |    | Plc.      |           |     amount of |
|        |        |     |    | which     |           |     Baht 2.42 |
|        |        |     |    | holds     |           |     million.  |
|        |        |     |    | shares of |           |               |
|        |        |     |    | N.T.S. at |           | 2             |
|        |        |     |    | 99.66 %   |           | .  Refundable |
|        |        |     |    |           |           |     deposits  |
|        |        |     |    |           |           |     for water |
|        |        |     |    |           |           |     usage of  |
|        |        |     |    |           |           |     Baht 60   |
|        |        |     |    |           |           |     million   |
|        |        |     |    |           |           |     under a   |
|        |        |     |    |           |           |     19 year   |
|        |        |     |    |           |           |     agreement |
|        |        |     |    |           |           |     executed  |
|        |        |     |    |           |           |     on        |
|        |        |     |    |           |           |     February  |
|        |        |     |    |           |           |     1, 1997.  |
|        |        |     |    |           |           |     On 15     |
|        |        |     |    |           |           |     November  |
|        |        |     |    |           |           |     2001 the  |
|        |        |     |    |           |           |     Central   |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    Bankruptcy |
|        |        |     |    |           |           |     Court     |
|        |        |     |    |           |           |     granted   |
|        |        |     |    |           |           |     an order  |
|        |        |     |    |           |           |     in favor  |
|        |        |     |    |           |           |     of the    |
|        |        |     |    |           |           |     Company   |
|        |        |     |    |           |           |     to        |
|        |        |     |    |           |           |     receive   |
|        |        |     |    |           |           |     an amount |
|        |        |     |    |           |           |     of Baht   |
|        |        |     |    |           |           |     58.14     |
|        |        |     |    |           |           |     million   |
|        |        |     |    |           |           |     against   |
|        |        |     |    |           |           |     the said  |
|        |        |     |    |           |           |     amount.   |
|        |        |     |    |           |           |     This is   |
|        |        |     |    |           |           |     payable   |
|        |        |     |    |           |           |     by the    |
|        |        |     |    |           |           |     related   |
|        |        |     |    |           |           |     party     |
|        |        |     |    |           |           |     within 10 |
|        |        |     |    |           |           |     year,     |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    commencing |
|        |        |     |    |           |           |     on the    |
|        |        |     |    |           |           |     5^(th)    |
|        |        |     |    |           |           |     year,     |
|        |        |     |    |           |           |     pursuant  |
|        |        |     |    |           |           |     to the    |
|        |        |     |    |           |           |     effective |
|        |        |     |    |           |           |     date of   |
|        |        |     |    |           |           |     the       |
|        |        |     |    |           |           |     r         |
|        |        |     |    |           |           | ehabilitation |
|        |        |     |    |           |           |     plan of   |
|        |        |     |    |           |           |     the       |
|        |        |     |    |           |           |     related   |
|        |        |     |    |           |           |     company,  |
|        |        |     |    |           |           |     dated 29  |
|        |        |     |    |           |           |     N         |
|        |        |     |    |           |           | ovember 2002. |
|        |        |     |    |           |           |     The       |
|        |        |     |    |           |           |     related   |
|        |        |     |    |           |           |     party has |
|        |        |     |    |           |           |     also      |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    terminated |
|        |        |     |    |           |           |     the water |
|        |        |     |    |           |           |     usage     |
|        |        |     |    |           |           |     agreement |
|        |        |     |    |           |           |     effective |
|        |        |     |    |           |           |     from 13   |
|        |        |     |    |           |           |     September |
|        |        |     |    |           |           |     2002 in   |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    accordance |
|        |        |     |    |           |           |     with the  |
|        |        |     |    |           |           |     r         |
|        |        |     |    |           |           | ehabilitation |
|        |        |     |    |           |           |     plan.     |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           | 3.  Accounts  |
|        |        |     |    |           |           |     payable   |
|        |        |     |    |           |           |     for raw   |
|        |        |     |    |           |           |     water     |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           | 4.  Accrued   |
|        |        |     |    |           |           |     expenses  |
|        |        |     |    |           |           |     for       |
|        |        |     |    |           |           |     rental    |
|        |        |     |    |           |           |     fee of    |
|        |        |     |    |           |           |     the       |
|        |        |     |    |           |           |     employee  |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    apartments |
|        |        |     |    |           |           |     which is  |
|        |        |     |    |           |           |               |
|        |        |     |    |           |           |    reasonable |
|        |        |     |    |           |           |     price.    |
+--------+--------+-----+----+-----------+-----------+---------------+
|        | -      |     | 5  |           |           |               |
|        | Refu   |     | 8. |           |           |               |
|        | ndable |     | 14 |           |           |               |
|        | de     |     |    |           |           |               |
|        | posits |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        | -      |     | 5. |           |           |               |
|        | Ac     |     | 03 |           |           |               |
|        | counts |     |    |           |           |               |
|        | p      |     | 2  |           |           |               |
|        | ayable |     | 0. |           |           |               |
|        |        |     | 78 |           |           |               |
|        | -      |     |    |           |           |               |
|        | A      |     |    |           |           |               |
|        | ccrued |     |    |           |           |               |
|        | ex     |     |    |           |           |               |
|        | penses |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
|        |        |     |    |           |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+
| Tak-   | -      |     | 7  | Ms.       | Loans are | The Company   |
| Ka-Pon | Loans  |     | 5. | Siriwan   | ratified  | has set       |
| Co.,   | and    |     | 29 | Hor       | by the    | allowance for |
| Ltd.   | a      |     |    | rungruang | Plan      | doubtful for  |
|        | ccrued |     |    | is the    | Admi      | the total     |
|        | in     |     |    | a         | nistrator | amount of     |
|        | terest |     |    | uthorized | on the    | this loan     |
|        | rece   |     |    | director. | Effective | covering both |
|        | ivable |     |    |           | Date.     | principal and |
|        |        |     |    |           |           | accrued       |
|        |        |     |    |           |           | interest.     |
+--------+--------+-----+----+-----------+-----------+---------------+
| North  | -      |     | 0. | T         | Loans are | The Company   |
| S      | Loans  |     | 57 | ak-Ka-Pon | ratified  | has set       |
| athorn | and    |     |    | holds     | by the    | allowance for |
| P      | a      |     |    | shares at | Plan      | doubtful for  |
| attana | ccrued |     |    | 99.99%    | Admi      | the total     |
| Co.,   | in     |     |    |           | nistrator | amount of     |
| Ltd.   | terest |     |    |           | on the    | this loan     |
|        | rece   |     |    |           | Effective | covering both |
|        | ivable |     |    |           | Date.     | principal and |
|        |        |     |    |           |           | accrued       |
|        |        |     |    |           |           | interest.     |
+--------+--------+-----+----+-----------+-----------+---------------+
| Nako   | -      |     | 8  | The       | Loans are | The Company   |
| rnthai | Loans  |     | 7. | Hor       | ratified  | has set       |
| Inte   | and    |     | 82 | rungruang | by the    | allowance for |
| grated | a      |     |    | holds     | Plan      | doubtful for  |
| Steels | ccrued |     |    | shares at | Admi      | the total     |
| Co.,   | in     |     |    | 55.47 %   | nistrator | amount of     |
| Ltd.   | terest |     |    | and Mr.   | on the    | this loan     |
|        | rece   |     |    | Kosol     | Effective | covering both |
|        | ivable |     |    | Hor       | Date.     | principal and |
|        |        |     |    | rungruang |           | accrued       |
|        |        |     |    | is        |           | interest.     |
|        |        |     |    | a         |           |               |
|        |        |     |    | uthorized |           |               |
|        |        |     |    | director. |           |               |
+--------+--------+-----+----+-----------+-----------+---------------+

  11.2 Necessity and Reasonableness of Related Transactions

Trading

  The above inter-company transactions were undertaken for the maximum
  benefit of the Company and were subject to the normal terms and
  conditions of business relationships and purchase of goods and
  services in general. From the outset, the Management of the Company
  established the procedures for the above transactions to be the same
  as for transactions with general customers. All inter-company
  transactions reflect applicable market prices.

  Financial support

  The financial support for Metal Star Company Limited, Nakornthai
  Integrated Steels Company Limited and Tak Ka-Pon Company Limited was
  the loan, which incurred in the normal course of business and was for
  the best benefit of the Company.

  The loan granted to Metal Star in the amount of Baht 350 million was
  approved by the Extraordinary Meeting of Shareholders of the Company
  No. 1/2540 held on October 22, 1997. However, for another loan granted
  to Metal Star in the amount of Baht 70 million, to Nakornthai
  Integrated Steels in the amount of Baht 70 million and to Tak Ka-Pon
  in the amount of Baht 60 million, the Plan Administrator, with
  approval of the Creditors’ Committee, is of the opinion that by the
  power of the Plan Administrator, these transactions are ratified upon
  achieving the Effective Date.

  The Company has set allowance for doubtful for these loans covering
  both principal and accrued interest. With this, there should be no
  material effect on the Company’s financial status and operation. The
  Company expects that it will not receive repayment under these loans.

  Advance Payment

  Advance Payments are normal transactions of the Company which are
  Advance for Value Added Tax and Import Duty to Sriracha Harbour Public
  Company Limited to clear material from custom duty for the Company.

  Accrued Expenditure

  The accrued expenditures are normal transactions of the Company, such
  as, service and maintenance provided by Hemaraj Land Development
  Public Company Limited and fee for using the harbour of Sriracha
  Harbour Public Company Limited for the export of steel coils and
  import of raw material.

  11.3 Measures or Procedures to Approve Related Transactions

  Since the Company is a listed company, its practice regarding related
  transactions is conducted according to the rules and regulations of
  the SET. Management is highly aware of the sensitivity of this issue
  and closely monitors any situation in which a potential related
  transaction could occur. Directors of the Company who are not deemed
  to be connected parties to a transaction are responsible for making
  decisions in regard to the said connected transaction; however, this
  does not apply to connected transactions that are normal business
  transactions.

  Upon the termination of the reorganization of the Company and the
  resuming trading of the Company’s shares, the process for the approval
  of connected transactions will follow the Company’s rule to obtain
  Board approval and/or shareholders' approval and/or an opinion from
  independent directors (dependent on the necessity and transaction
  value), which complies with the SET’s regulations.

  11.4 Potential Future Related Transactions

  Normal Course of Business

  The Company is expected to continue its business transactions with
  subsidiaries, affiliated companies, and related companies with regard
  to the sale and purchase of products and raw materials in the normal
  course of business.

  Inter-company Loan

  The Company will not provide loan to its related companies for
  conducting of the Company’s business. If necessary, the Company will
  do it by itself and comply with the procedure and guidelines for
  obtaining approval of related transactions. The Board of Directors
  shall not approve any transactions in which they have interest or any
  persons have conflict of interest with the Company as per the scope of
  specified power of the Board of Directors.