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L.V. TECHNOLOGY Public Company Limited Annual Report 2011

Notes to the financial statements For the years ended 31 December 2011 and 2010

Movements during the years ended 31 December 2011 and 2010 of loans from a related party were as follows:

Consolidated financial statements

2011

2010

Loans from related party Short-term loans Subsidiary At 1 January Increase

-

-

At 31 December

-

-

Accrued equipment cost Associates LNV Technology Private Limited LV Technology Engineering (Tianjin) Co., Ltd.

75,607 406,279

Other related party FL Smidth Airtech Accrued commission expenses Other related party M.Y. Associates Co., Ltd

(in thousand Baht)

Separate financial statements

2011

2010

-

6,000

-

6,000

-

22,973

75,607 406,279

-

16,987

-

16,987

481,886

39,960

481,886

39,960

-

-

9,115

-

9,115

-

9,115

-

9,115

-

22,973

Significant agreements with related parties Project contract In September 2010, the Company has entered into a project contract with Kanbawza Industries Ltd. (the buyer), a company incorporated in Myanmar. According to the contract, the Company has to supply machinery, equipment and provide services and engineering supports to the buyer for the purpose of the construction of cement plant in Myanmar. The contract price is a lump sum fixed amount of USD 18,000,000. Shareholder’s agreement In May 2011, the Company has entered into a shareholder’s agreement with four other shareholders to form a jointly-controlled entity called Wing Yip International Inc. which was incorporated in Brunei. According to the agreement, the Company has to subscribe USD 9,000,000 in share capital including cash payment amounting to USD 1,000,000 and another USD 8,000,000 subscribed by providing as shareholder’s loans. Subsequently, Wing Yip International Inc. has changed its name to Global Cement Capital Partners Ltd.

139

LVT : Annual Report 2011  
LVT : Annual Report 2011  

Annual Report 2011

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