Section 1

12. Connected Transactions

1.  Characteristics of connected transactions

  For the 12-month period ending March 31, 2009, March 31, 2008 and
  March 31, 2007, the Company entered into connected transactions with
  related companies as summarized below:

Type of Connected transactions Unit: (in Thousand Baht)

+--------------------------------+------------+-----------+-----------+
|                                | Mar 31,    | Mar 31,   | Mar 31,   |
|                                | 2009       | 2008      | 2007      |
+--------------------------------+------------+-----------+-----------+
| Sales                          | 2,001,283  | 1,674,529 | 401,693   |
+--------------------------------+------------+-----------+-----------+
| Purchases                      | 1,372,951  | 1,625,232 | 2,975     |
+--------------------------------+------------+-----------+-----------+
| Interest income                | -          | -         | -         |
+--------------------------------+------------+-----------+-----------+
| Interest expenses              | -          | -         | -         |
+--------------------------------+------------+-----------+-----------+
| Trade accounts receivable      | 4,774      | 18,336    | 38,031    |
+--------------------------------+------------+-----------+-----------+
| Rec                            | 385        | 568       | 1,308     |
| eivables and loan to borrowers |            |           |           |
+--------------------------------+------------+-----------+-----------+
| Notes receivable               | -          | -         | -         |
+--------------------------------+------------+-----------+-----------+
| Trade accounts payable         | 45,473     | -         | 616       |
+--------------------------------+------------+-----------+-----------+
| Payables and loan from lenders | 24,666     | 21,995    | -         |
+--------------------------------+------------+-----------+-----------+
| Long-term loans                | 270,596    | 270,596   | 270,596   |
+--------------------------------+------------+-----------+-----------+
| Guarantees of th               | See        |           |           |
| e Company and its subsidiaries | details    |           |           |
|                                | below      |           |           |
+--------------------------------+------------+-----------+-----------+

Details of each connected transaction are as follows:

Details of Sales with related parties Unit: (in Thousand Baht)

+---+-----------------------+---------+----------+------+------+------+
| N |                       | Type of | Rela     | Am   |      |      |
| a |                       | B       | tionship | ount |      |      |
| m |                       | usiness |          | of   |      |      |
| e |                       |         |          | C    |      |      |
|   |                       |         |          | onne |      |      |
| o |                       |         |          | cted |      |      |
| f |                       |         |          | Tran |      |      |
|   |                       |         |          | sact |      |      |
| C |                       |         |          | ions |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
|   |                       |         |          | Mar  | Mar  | Mar  |
|   |                       |         |          | 31,  | 31,  | 31,  |
|   |                       |         |          | 09   | 08   | 07   |
+---+-----------------------+---------+----------+------+------+------+
| 1 | The Siam Industrial   | Manu    | Same     | 1    | 987  | 153  |
|   | Wire Co., Ltd.        | facture | group of | ,292 | ,970 | ,820 |
|   |                       | Steel   | sha      | ,514 |      |      |
|   |                       | Wire    | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 2 | Corus International   | Trading | Same     | 456  | 53   | -    |
|   | Trading Pte. Ltd.     |         | group of | ,062 | ,716 |      |
|   |                       |         | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 3 | NatSteel Trade        | Trading | Same     | 249  | 45   | 3    |
|   | International Pte.    |         | group of | ,932 | ,904 | ,677 |
|   | Ltd.                  |         | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 4 | NatSteel Trade        | Manu    | Same     | 2    | -    | -    |
|   | International Pte.    | facture | group of | ,775 |      |      |
|   | Ltd.                  | Steel   | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 5 | Tata Incorporated     | Trading | Same     | -    | 586  | 244  |
|   |                       |         | group of |      | ,917 | ,196 |
|   |                       |         | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 6 | NatSteel Asia Pte.    | Manu    | Same     | -    | 562  | -    |
|   |                       | facture | group of |      |      |      |
|   |                       | Steel   | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| T |                       |         |          | 2    | 1    | 401  |
| o |                       |         |          | ,001 | ,674 | ,693 |
| t |                       |         |          | ,283 | ,529 |      |
| a |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| - |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+

Details of Purchases with related parties Unit: (in Thousand Baht)

+---+---+---------------------+---------+----------+------+------+------+
| N |   |                     | Type of | Rela     | Am   |      |      |
| a |   |                     | B       | tionship | ount |      |      |
| m |   |                     | usiness |          | of   |      |      |
| e |   |                     |         |          | C    |      |      |
|   |   |                     |         |          | onne |      |      |
| o |   |                     |         |          | cted |      |      |
| f |   |                     |         |          | Tran |      |      |
|   |   |                     |         |          | sact |      |      |
| C |   |                     |         |          | ions |      |      |
| o |   |                     |         |          |      |      |      |
| m |   |                     |         |          |      |      |      |
| p |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| y |   |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
|   |   |                     |         |          | Mar  | Mar  | Mar  |
|   |   |                     |         |          | 31,  | 31,  | 31,  |
|   |   |                     |         |          | 09   | 08   | 07   |
+---+---+---------------------+---------+----------+------+------+------+
| 1 | T |                     | Manu    | Sha      | 620  | 705  | -    |
|   | a |                     | facture | reholder | ,334 | ,271 |      |
|   | t |                     | Steel   |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | T |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | S |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | m |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 2 | N |                     | Scrap   | Same     | 574  | 679  | -    |
|   | a |                     | Trading | group of | ,960 | ,345 |      |
|   | t |                     |         | sha      |      |      |      |
|   | F |                     |         | reholder |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | o |                     |         |          |      |      |      |
|   | u |                     |         |          |      |      |      |
|   | s |                     |         |          |      |      |      |
|   | P |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
|   | , |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 3 | T |                     | Recycle | Hold     | 144  | 193  | -    |
|   | h |                     |         | share    | ,106 | ,489 |      |
|   | e |                     |         | in       |      |      |      |
|   | S |                     |         | directly |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | m |                     |         |          |      |      |      |
|   | S |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | M |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | S |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | v |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | c |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | s |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 4 | C |                     | Trading | Same     | 32   | 32   | -    |
|   | o |                     |         | group of | ,929 | ,961 |      |
|   | r |                     |         | sha      |      |      |      |
|   | u |                     |         | reholder |      |      |      |
|   | s |                     |         |          |      |      |      |
|   | I |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | o |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | T |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | g |                     |         |          |      |      |      |
|   | P |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 5 | T |                     | Manu    | Same     | 622  | 3    | 2    |
|   | h |                     | facture | group of |      | ,505 | ,975 |
|   | e |                     | Steel   | sha      |      |      |      |
|   | S |                     | Wire    | reholder |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | m |                     |         |          |      |      |      |
|   | I |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | u |                     |         |          |      |      |      |
|   | s |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | W |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | C |                     |         |          |      |      |      |
|   | o |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
|   | , |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 6 | N |                     | Trading | Same     | -    | 10   | -    |
|   | a |                     |         | group of |      | ,661 |      |
|   | t |                     |         | sha      |      |      |      |
|   | S |                     |         | reholder |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | T |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | I |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | o |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | P |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| T |   |                     |         |          | 1    | 1    | 2    |
| o |   |                     |         |          | ,372 | ,625 | ,975 |
| t |   |                     |         |          | ,951 | ,232 |      |
| a |   |                     |         |          |      |      |      |
| l |   |                     |         |          |      |      |      |
| i |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| e |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| - |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| o |   |                     |         |          |      |      |      |
| m |   |                     |         |          |      |      |      |
| p |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| y |   |                     |         |          |      |      |      |
| p |   |                     |         |          |      |      |      |
| u |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| h |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
| e |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| i |   |                     |         |          |      |      |      |
| o |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+

Details of Interest Received with related parties

- None -

Details of Interest Paid with related parties

- None –

Details of Trade Accounts Receivable with related parties Unit: (in
Thousand Baht)

+---+-----------------------+---------+----------+------+------+------+
| N |                       | Type of | Rela     | Am   |      |      |
| a |                       | B       | tionship | ount |      |      |
| m |                       | usiness |          | of   |      |      |
| e |                       |         |          | C    |      |      |
|   |                       |         |          | onne |      |      |
| o |                       |         |          | cted |      |      |
| f |                       |         |          | Tran |      |      |
|   |                       |         |          | sact |      |      |
| C |                       |         |          | ions |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
|   |                       |         |          | Mar  | Mar  | Mar  |
|   |                       |         |          | 31,  | 31,  | 31,  |
|   |                       |         |          | 09   | 08   | 07   |
+---+-----------------------+---------+----------+------+------+------+
| 1 | The Siam Industrial   | Manu    | Same     | 2    | 9    | 34   |
|   | Wire Co., Ltd.        | facture | group of | ,250 | ,559 | ,354 |
|   |                       |         | sha      |      |      |      |
|   |                       | Wire    | reholder |      |      |      |
|   |                       | rod     |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 2 | Corus International   | Trading | Same     | 2    | -    | -    |
|   | Trading Pte Ltd.      |         | group of | ,524 |      |      |
|   |                       |         | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 3 | NatSteel Trade        | Trading | Same     | -    | 8    | 3    |
|   | International Pte.    |         | group of |      | ,215 | ,677 |
|   | Ltd.                  |         | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 4 | NatSteel Asia Pte.    | Manu    | Same     | -    | 562  | -    |
|   |                       | facture | group of |      |      |      |
|   |                       | Steel   | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| T |                       |         |          | 4    | 18   | 38   |
| o |                       |         |          | .774 | ,336 | ,031 |
| t |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| - |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
| T |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| d |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| A |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| u |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| R |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| v |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| b |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+

Details of Debtors and loan with related parties Unit: (in Thousand
Baht)

+---+-----------------------+---------+----------+------+------+------+
| N |                       | Type of | Rela     | Am   |      |      |
| a |                       | B       | tionship | ount |      |      |
| m |                       | usiness |          | of   |      |      |
| e |                       |         |          | C    |      |      |
|   |                       |         |          | onne |      |      |
| o |                       |         |          | cted |      |      |
| f |                       |         |          | Tran |      |      |
|   |                       |         |          | sact |      |      |
| C |                       |         |          | ions |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
|   |                       |         |          | Mar  | Mar  | Mar  |
|   |                       |         |          | 31,  | 31,  | 31,  |
|   |                       |         |          | 09   | 08   | 07   |
+---+-----------------------+---------+----------+------+------+------+
| 1 | The Siam Steel Mill   | Recycle | Hold     | 385  | 568  | 1    |
|   | Services              |         | share    |      |      | ,300 |
|   |                       |         | in       |      |      |      |
|   |                       |         | directly |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 2 | The Siam Industrial   | Manu    | Same     | -    | -    | 8    |
|   | Wire Co., Ltd.        | facture | group of |      |      |      |
|   |                       |         | sha      |      |      |      |
|   |                       | Wire    | reholder |      |      |      |
|   |                       | rod     |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| T |                       |         |          | 385  | 568  | 1    |
| o |                       |         |          |      |      | ,308 |
| t |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| - |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
| D |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| b |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| d |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+

Details of Notes Receivable with related parties

- None -

Details of Trade Accounts Payable with related parties Unit: (in
Thousand Baht)

+---+---+---------------------+---------+----------+------+------+------+
| N |   |                     | Type of | Rela     | Am   |      |      |
| a |   |                     | B       | tionship | ount |      |      |
| m |   |                     | usiness |          | of   |      |      |
| e |   |                     |         |          | C    |      |      |
|   |   |                     |         |          | onne |      |      |
| o |   |                     |         |          | cted |      |      |
| f |   |                     |         |          | Tran |      |      |
|   |   |                     |         |          | sact |      |      |
| C |   |                     |         |          | ions |      |      |
| o |   |                     |         |          |      |      |      |
| m |   |                     |         |          |      |      |      |
| p |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| y |   |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
|   |   |                     |         |          | Mar  | Mar  | Mar  |
|   |   |                     |         |          | 31,  | 31,  | 31,  |
|   |   |                     |         |          | 09   | 08   | 07   |
+---+---+---------------------+---------+----------+------+------+------+
| 1 | T |                     | Manu    | Sha      | 45   | -    | -    |
|   | a |                     | facture | reholder | ,473 |      |      |
|   | t |                     | Steel   |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | S |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | m |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| 2 | T |                     | Manu    | Same     | -    | -    | 616  |
|   | h |                     | facture | group of |      |      |      |
|   | e |                     |         | sha      |      |      |      |
|   | S |                     | Steel   | reholder |      |      |      |
|   | i |                     | Wire    |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | m |                     |         |          |      |      |      |
|   | I |                     |         |          |      |      |      |
|   | n |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | u |                     |         |          |      |      |      |
|   | s |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | a |                     |         |          |      |      |      |
|   | l |                     |         |          |      |      |      |
|   | W |                     |         |          |      |      |      |
|   | i |                     |         |          |      |      |      |
|   | r |                     |         |          |      |      |      |
|   | e |                     |         |          |      |      |      |
|   | C |                     |         |          |      |      |      |
|   | o |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
|   | , |                     |         |          |      |      |      |
|   | L |                     |         |          |      |      |      |
|   | t |                     |         |          |      |      |      |
|   | d |                     |         |          |      |      |      |
|   | . |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+
| T |   |                     |         |          | 45   | -    | 616  |
| o |   |                     |         |          | ,473 |      |      |
| t |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| l |   |                     |         |          |      |      |      |
| i |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| e |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| - |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| o |   |                     |         |          |      |      |      |
| m |   |                     |         |          |      |      |      |
| p |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| y |   |                     |         |          |      |      |      |
| T |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| d |   |                     |         |          |      |      |      |
| e |   |                     |         |          |      |      |      |
| A |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| o |   |                     |         |          |      |      |      |
| u |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
| P |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| y |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| b |   |                     |         |          |      |      |      |
| l |   |                     |         |          |      |      |      |
| e |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| r |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
| a |   |                     |         |          |      |      |      |
| c |   |                     |         |          |      |      |      |
| t |   |                     |         |          |      |      |      |
| i |   |                     |         |          |      |      |      |
| o |   |                     |         |          |      |      |      |
| n |   |                     |         |          |      |      |      |
| s |   |                     |         |          |      |      |      |
+---+---+---------------------+---------+----------+------+------+------+

Details of Creditors and loan with related parties ** Unit: (in Thousand
Baht)

+---+-----------------------+---------+----------+------+------+------+
| N |                       | Type of | Rela     | Am   |      |      |
| a |                       | B       | tionship | ount |      |      |
| m |                       | usiness |          | of   |      |      |
| e |                       |         |          | C    |      |      |
|   |                       |         |          | onne |      |      |
| o |                       |         |          | cted |      |      |
| f |                       |         |          | Tran |      |      |
|   |                       |         |          | sact |      |      |
| C |                       |         |          | ions |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
|   |                       |         |          | Mar  | Mar  | Mar  |
|   |                       |         |          | 31,  | 31,  | 31,  |
|   |                       |         |          | 09   | 08   | 07   |
+---+-----------------------+---------+----------+------+------+------+
| 1 | The Siam Steel Mill   | Recycle | Hold     | 12   | 8    | -    |
|   | Services              |         | share    | ,092 | ,029 |      |
|   |                       |         | in       |      |      |      |
|   |                       |         | directly |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 2 | Tata Consultancy      | c       | Same     | 9    | -    | -    |
|   | service(Thailand) Ltd | omputer | group of | ,940 |      |      |
|   |                       | con     | sha      |      |      |      |
|   |                       | sultant | reholder |      |      |      |
|   |                       | service |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 3 | Tata Steel Limited    | Manu    | Sha      | 2    | -    | -    |
|   |                       | facture | reholder | ,429 |      |      |
|   |                       | Steel   |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 4 | The Siam Industrial   | Manu    | Same     | 185  | -    | -    |
|   | Wire Co., Ltd.        | facture | group of |      |      |      |
|   |                       |         | sha      |      |      |      |
|   |                       | Steel   | reholder |      |      |      |
|   |                       | Wire    |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 5 | NatSteel Holding      | Manu    | Same     | 20   | -    | -    |
|   | Pts,Ltd.              | facture | group of |      |      |      |
|   |                       | Steel   | sha      |      |      |      |
|   |                       |         | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| 6 | INCAT (Thailand) Ltd. | C       | Same     | -    | 21   | -    |
|   |                       | omputer | group of |      | ,995 |      |
|   |                       | con     | sha      |      |      |      |
|   |                       | sulting | reholder |      |      |      |
+---+-----------------------+---------+----------+------+------+------+
| T |                       |         |          | 24   | 30   | -    |
| o |                       |         |          | ,666 | ,024 |      |
| t |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| - |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| m |                       |         |          |      |      |      |
| p |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| y |                       |         |          |      |      |      |
| C |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| e |                       |         |          |      |      |      |
| d |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| d |                       |         |          |      |      |      |
| l |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| r |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
| a |                       |         |          |      |      |      |
| c |                       |         |          |      |      |      |
| t |                       |         |          |      |      |      |
| i |                       |         |          |      |      |      |
| o |                       |         |          |      |      |      |
| n |                       |         |          |      |      |      |
| s |                       |         |          |      |      |      |
+---+-----------------------+---------+----------+------+------+------+

Remark: ** Detail of creditors and loan with related parties above was
normal transaction between the Company and its subsidiaries and related
companies, in which if the transaction above is classified as core
business of each company, it will be treated as trade accounts payable
with related parties, but if it’s not core business, the transaction
will be recorded as the creditors and loan with related parties.

+---+------------------------+---------+----------+------+------+------+
| D |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| s |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| f |                        |         |          |      |      |      |
| L |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| g |                        |         |          |      |      |      |
| - |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| r |                        |         |          |      |      |      |
| m |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| f |                        |         |          |      |      |      |
| r |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| m |                        |         |          |      |      |      |
| r |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| d |                        |         |          |      |      |      |
| p |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| r |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| s |                        |         |          |      |      |      |
| U |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| : |                        |         |          |      |      |      |
| ( |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| T |                        |         |          |      |      |      |
| h |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| u |                        |         |          |      |      |      |
| s |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| d |                        |         |          |      |      |      |
| B |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| h |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| ) |                        |         |          |      |      |      |
+---+------------------------+---------+----------+------+------+------+
| N |                        | Type of | Rela     | Am   |      |      |
| a |                        | B       | tionship | ount |      |      |
| m |                        | usiness |          | of   |      |      |
| e |                        |         |          | C    |      |      |
|   |                        |         |          | onne |      |      |
| o |                        |         |          | cted |      |      |
| f |                        |         |          | Tran |      |      |
|   |                        |         |          | sact |      |      |
| C |                        |         |          | ions |      |      |
| o |                        |         |          |      |      |      |
| m |                        |         |          |      |      |      |
| p |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| y |                        |         |          |      |      |      |
+---+------------------------+---------+----------+------+------+------+
|   |                        |         |          | Mar  | Mar  | Mar  |
|   |                        |         |          | 31,  | 31,  | 31,  |
|   |                        |         |          | 09   | 08   | 07   |
+---+------------------------+---------+----------+------+------+------+
| 1 |                        | Manuf   | Sha      | 270  | -    | -    |
| . |                        | acturer | reholder | ,596 |      |      |
| T |                        | Steel   |          |      |      |      |
| a |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| S |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| G |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| b |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| H |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| d |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| g |                        |         |          |      |      |      |
| P |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| . |                        |         |          |      |      |      |
| , |                        |         |          |      |      |      |
| L |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| d |                        |         |          |      |      |      |
| . |                        |         |          |      |      |      |
+---+------------------------+---------+----------+------+------+------+
| 2 |                        | Manuf   | Sha      | -    | 270  | 270  |
| . |                        | acturer | reholder |      | ,596 | ,596 |
| N |                        | Steel   |          |      |      |      |
| a |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| S |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| A |                        |         |          |      |      |      |
| s |                        |         |          |      |      |      |
| i |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| P |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| . |                        |         |          |      |      |      |
| , |                        |         |          |      |      |      |
| L |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| d |                        |         |          |      |      |      |
| . |                        |         |          |      |      |      |
+---+------------------------+---------+----------+------+------+------+
| T |                        |         |          | 270  | 270  | 270  |
| o |                        |         |          | ,596 | ,596 | ,596 |
| t |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| L |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
| g |                        |         |          |      |      |      |
| - |                        |         |          |      |      |      |
| t |                        |         |          |      |      |      |
| e |                        |         |          |      |      |      |
| r |                        |         |          |      |      |      |
| m |                        |         |          |      |      |      |
| l |                        |         |          |      |      |      |
| o |                        |         |          |      |      |      |
| a |                        |         |          |      |      |      |
| n |                        |         |          |      |      |      |
+---+------------------------+---------+----------+------+------+------+

Remark: During 2009, Tata Steel Group has restructured their
shareholdings, the creditor has been changed from NatSteel Asia Pte.,
Ltd. to Tata Steel Global Holding Pte., Ltd. with identical right and
responsibilities.

+--------------+---------------------------------------+--------------+
| Detail of    |                                       |              |
| the          |                                       |              |
| Guarantee of |                                       |              |
| the company  |                                       |              |
| and its      |                                       |              |
| subsidiaries |                                       |              |
| Unit: (in    |                                       |              |
| Million      |                                       |              |
| Baht)        |                                       |              |
+--------------+---------------------------------------+--------------+
| Name of      | Characteristics of Guarantee          | Guarantee    |
| Company      |                                       | Value        |
+--------------+---------------------------------------+--------------+
| TSTH         | - Guarantee for loan in accordance    | 6,100        |
|              | with loan agreement between           |              |
|              |                                       |              |
|              |   TSTH Group and BBL, SCB             |              |
+--------------+---------------------------------------+--------------+
| NTS          | - Guarantee for loan in accordance    | 6,100        |
|              | with loan agreement between           |              |
|              |                                       |              |
|              | TSTH Group and BBL, SCB               |              |
+--------------+---------------------------------------+--------------+
| SISC         | - Guarantee for loan in accordance    | 6,100        |
|              | with loan agreement between           |              |
|              |                                       |              |
|              | TSTH Group and BBL, SCB               |              |
+--------------+---------------------------------------+--------------+
| SCSC         | - Guarantee for loan in accordance    | 6,100        |
|              | with loan agreement between           |              |
|              |                                       |              |
|              | TSTH Group and BBL, SCB               |              |
+--------------+---------------------------------------+--------------+

Remark: Such guarantee is the guarantee for long-term loan between TSTH
and Bangkok Bank Public Company Limited in the amount of Baht 2,000
million, working capital of Baht 980 million and working capital from
Siam Commercial Bank Public Company Limited of Baht 3,120 million.

2.  Pricing Condition and Policy

The said connected transactions between the Company and subsidiaries or
related companies were undertaken in the ordinary course of business on
an arm’s length basis. Trading transactions as well as borrowing or
grant of loans were negotiated within the frame of market mechanism,
with prices and interest rates applicable to third parties. In the
absence of reference price or benchmark rate, prices of goods and
services were comparable to the third party prices under the same or
similar conditions or, upon significant transactions, based on the
appraised value reported by independent appraisers hired by the Company
or affiliates.

3. Necessity and Appropriateness of Connected transaction

The connected transaction is regarded as a transaction between the
Company and its related parties which has been transacted in the normal
course of business and generally accepted trading term. The benefits to
the Company from such transactions were that purchase of raw materials
ensured quality and continuity of raw material supply, sales of goods
added more channels of product distribution, and promissory notes
enhanced flexibility in operation, all of which were directed at the
optimal benefits of the Company.

4. Measures/Procedures of approving connected transaction

  In approval of connected transactions, each subsidiary, as clearly set
  forth in the Authority Table of the Company, must seek approval from
  either its Managing Director or the Company’s Board of directors or
  Executive Committee or President, depending on the amount of budget
  involved. However, the subsidiaries are empowered to approve on
  trading transactions, which arise in their ordinary course of
  business. Such authoritative power is, anyhow, reviewed on a regular
  basis for the sake of operational flexibility. Also, the Company's
  internal control system has properly been set up to guard cheats and
  corruption.

  Should there be any transactions relating to persons with conflicts of
  interest, the Company will strictly follow rules, regulations, and
  notifications of the Stock Exchange of Thailand, i.e., seeking
  approval from the Board of Directors and/or the shareholders, with the
  recommendation from the Audit Committee. Directors having interests
  and/or connection on a matter will not attend the meeting and vote on
  such matter. In addition, the Company seriously conforms to the
  accounting standards announced by the Institute of Certified
  Accountants and Auditors of Thailand with respect to the disclosure of
  connected transactions or acquisition/sale of major assets of the
  Company and its subsidiaries. Methods and procedures for the approval
  of connected transactions are established on the ground of necessity,
  reasonableness, and the optimal benefit of the Company.

Besides, the Audit Committee is entrusted to review connected
transactions on a quarterly basis to avert possible conflicts of
interest. Disclosure of connected transactions is provided in the notes
to the audited financial statements.

5. Policy or future trend of connected transaction

Future connected transactions between the Company and its subsidiaries
or related companies will be conducted in the ordinary course of
business on an arm’s length basis. In respect of transactions involving
persons with conflict of interests or having interests and/or connected
persons, the Company will perform accordingly to measures and procedures
prescribed by the Stock Exchange of Thailand.