Annual Report 2010 and will recognize the amount exceeding the accrued interest as income in the period that the Company received the payment. On May 18, 2010, in civil case, the Legal Execution Department has executed to confiscate the mortgaged land, and has appraised the land which worth approximately Baht 19.44 million. Later on the Execution Department officer has announced date for auction of the land that first auction on December 2, 2010, second auction on December 9, 2010, third auction on December 16, 2010 and forth auction on December 23, 2010. On December 2, 2010 there is a limited company (registered on December 1, 2010 with Baht 1 million register capital) offered the highest price at Baht 43.20 million The Company disputed the offering price, then the officer order to postpone the auction to December 9, 2010 and order the offering company to commit the highest offering price. On December 9, 2010 no one offer higher price than Baht 43.20 million. The Execution Officer order to sell the land at Baht 43.20 million and order the buyer to pay the balance of Baht 43.15 million (the Baht 43.20 million auction price less Baht 5 thousand deposit) within 15 days. Later on the buyer has requested to extent the balance payment another 90 days. The Execution Officer has approved the extension period to March 24, 2011. For the structure on the land, due to the construction permit is in other person’s name, the process of the structure confiscating is anticipates that may be after the completion of the land auction. Moreover, the handed-over common shares of a company as collateral and others personal assets of the borrower, will be confiscated if the amount on the land and the structure auction is not sufficient to repay the debt. Presently, the factors cause the Company unable to determine a suitable net realizable value of the receivable. Thus, no allowance for doubtful accounts has been provided during this quarter.
11. RECEIVABLE FROM SALE OF LAND On September 30, 2009, the Company sold the land that was not used for the operation to an outsider and not being related to the Company base on the price appraised by an independent appraiser for Baht 86.86 million. On December 31, 2009, the outstanding of receivable from sale of land of Baht 19.84 million was settled by a postdated chegue dated on March 31, 2010. The Company has received the payment accordingly.
12. OTHER CURRENT ASSETS
Other current assets consisted of:
Notes
Prepaid expenses Value added tax receivable Advance on purchase and others Accrued interest Others Total
118
4
C.I.Group Public Company Limited
Consolidated Financial Statement December 31 2010 2009
1,837,087 22,006 14,284,105 - 16,775,661 32,918,859
BAHT
1,127,239 2,126,523 1,949,330 15,719 19,854,566 25,073,377
Separate Financial Statement December 31 2010 2009
1,653,294 - 14,158,562 2,315,978 3,052,619 21,180,453
899,166 2,029,068 606,015 1,345,018 3,861,463 8,740,730