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(Translation)
Summon Notifying Court Order

(Garuda Emblem)

No. 00/2548 Legal Execution Department, Bangkhunnon Sub-District
Red Case No. 00/2543 Bangkok Noi District, Bangkok 10700
Bankruptcy Court

28 February 2005

0000 plc. Petitioning Creditor
Bankruptcy Case between
0000 Thani Co.,Ltd. et al Debtor

Summon to 0000, Creditor No.30 by Mr. AAAA BBBB as attorney in fact.

Where in this case, the Central Bankruptcy Court has issued order granting application for repayment of debt. The details appear in copy of documents attached hereto.
For that reason, please be notified accordingly; and it shall deem, upon receiving this order, that you have duly notified. You could inspect the said order with Official Receiver, Bankruptcy Division 4, Legal Executing Department, Ministry of Justice.
Since some original documents were submitted with your application If you desire to retrieve them back, please contact official after the elapse of 2 months from the date of receiving hereof.

Please Contact Ms. T T (sinature)
Tel 0-2881-4921 Ms P Kt
On behalf of Official Receiver

Central Bankruptcy Court 000/2543 T Jor.30
No 00/2548
Receipt
Date
I, AAAA BBBB, Creditor No.30, by Mr. 0000 0000 acting as attorney in fact, hereby receive summon of Official Receiver stating that I had acknowledged the Court Order Re: 0000 Thani Co.,Ltd. et al Debtor on date……………………………………………..time ………………………..…..o’clock.

00, 00th Floor, SS Road, …………………… Received by
T Subdistrict …………………… Served by Received by
S, Bangkok
Ms P K

**************************************************************

(Translation)
(Garuda Emblem)
Comment of Official Receiver Bankruptcy Division 4
On Application for Repayment Legal Execution Department
Of Creditor No. 30

Date…………………….

Red Case No 000/2543
Central Bankruptcy Court

0000 Plc. Petitioning Creditor
Between
0000 Thani Co.,Ltd. No 1,
Mr. 0000 or Mr.0000 No 2 Debtor

Case Of 00000 Creditor

The Official Receiver had already examined evidences relevant to application for repayment, and found that 0000 as Creditor No 30 has applied for repayment from assets of Mr. 0000 or 0000 Debtor No 2 on cause of indebtedness arisen from loan agreement and guarantee agreement in totaling amount of Baht 733,009,233.75. The details appeared in the application and its attachments as submitted by the Creditor.
The Official Receiver had granted all creditors and debtor a chance to examine the applications pursuant to section 104 of Bankruptcy Act BE 2483. It appeared that the Debtor No. 2 had objected this Creditor’s application. The Official Receiver then had inquired evidences relating thereto from both Creditor and Debtor.
The fact is established that 0000 Creditor No 30 is juristic person that was duly registered under law of the Federal Republic of German; its objective is to conduct business of commercial banking by accepting of deposits and granting of credits. The detail is appeared in 0000’s affidavit and its license to conduct business of commercial banking together with their translations, exhibit 5 page 4, exhibit 18/2 and exhibit 18/3.
In submitting this application for repayment, Creditor No. 30 represented by Mr. PEB, its managing director, has appointed Mr SW as attorney in fact and empowered him to delegate other to act in his stead. Mr SW has delegated Mr PR to proceed, in his stead, in submitting application for repayment. The detail appeared in exhibit 2 page 1, exhibit 10 page 36-38 and exhibit 18/1.
PFContainer Co., Ltd. (“the Company”) is limited company duly established under Civil and Commercial Code. The Company’s name in English is “HSFIBRE CONTAINER CO., LTD.”. Its objective is to operate business of importing products and raw material in category of all papered products including machinery utilized in manufacturing papered boxes. Its purpose is to produce paper and papered boxes to be distributing in both domestic and foreign markets. The Company shall be lawfully bound when its 2 directors jointly affix their signatures and stamp Company’s seal in cognizance thereof. The detail is appeared in the Company’s affidavit, exhibit 18/4.
Mr. V or ST, Debtor No 2 was directors and shareholder of the Company. The detail appeared in certified, by Registrar of Partnership and Company, copy of list of shareholder, exhibit 18/5.
The Company indebted toward Creditor No 30 on cause of indebtedness arising under 2 loan agreements as follows.
Clause 1 For the first loan agreement, the Company has signed it with Creditor No 30 on 14 June 1999 borrowing money of Deutsche Mark (“DM”)40,625,750. The Creditor No 30 has subsequently signed said loan agreement on 19 June 1999. The terms and condition on withdrawing the principal amount, as agreed therein by the Company, stating that the principal amount shall be delivered by Creditor No 30 to Sulzer-Escher Wyss GmbH, a company situated in Ravensburg, the Republic of German for settling 85 percent of the price of machinery goods that the Company had purchased from Sulzer-Escher Wyss GmbH. In taking of such principal amount, Sulzer-Escher Wyss GmbH shall deliver, 5 days in advance, payment certificate to Creditor No 30 informing the amount desired to take. After receiving such payment certificate, Creditor No 30 shall then deliver such principal amount.
The principal amount repayment, as agreed by the Company, shall be made in 20 equal installments, which shall become due for payment in every six months. The first installment shall be made within 6 months after the machinery so purchased were made ready for operation, however it shall be no later than 30 April 1991 and the next installment shall be made every six months following the due date of the prior installment. The final installment shall be however made on 31 October 2000. The Creditor No 30 shall deliver, by registered airmail, the Company the schedule of principal repayment and such schedule shall be considered as part of this agreement.
As for interest repayment in “Plafond C” facility, the Company agree to repay it in floating rate as fixed, from time to time, by Ausfuhrkredit-Gesellschaft mbH (AKA). Plafond C facility means loan directly granted to purchaser with collateral furnished. The interest repayment shall be made on every 31 March and 30 September of every year until the due date of the first installment of principal repayment; after such due date, the interest repayment shall be made simultaneously with principal repayment as above scheduled. Pursuant to clause 16.1 of the loan agreement, if the Company fail to make repayment of any installments of principal, interest or fee within time specified therefor or when any event of default occurred; it shall deem that such principal, interest, fee including any amount payable to the Creditor No 30 altogether become immediately due for payment. Interest for default, in rate of those interest specified in agreement plus 2 percent per annum, shall be demanded upon principal and other amount that debtor fail to repay within time specified, including interest that become due.
The Debtor No 2, Mr LT and Mr.ST, had enter guarantee agreement on 14 June 1989 binding themselves toward the Creditor No 30 as guarantor for securing the repayment in 75 percent of all principal amount including interest, fee and any expenses incurred under the agreement.
It has been agreed upon the Creditor No 30, the Company and Mr L T and Mr.ST the Debtor No 2 that this loan agreement shall be governed by the law of the Federal Republic of German. The detail appeared in the first loan agreement together with its translation, exhibit 18/6.
On 24 July 1989, Bangkok Metropolitan Bank Plc had issued irrevocable standby letter of credit No BMB 002/89 securing toward the Creditor No 30 the repayment in 25 percent of all principal amount including interest, fee and any expenses incurred under the agreement. The detail appeared in standby letter of credit together with its translation, exhibit 18/7.
The Creditor No 30 had consequently delivered the Company the schedule of repayment dated 17 July 1991. The detail appeared in the schedule of repayment together with its translation, exhibit 18/8.
After such loan agreement had been executed, the parties has made amendment and supplement thereto in totaling of 5 times. Mr LT, Mr.ST, the Debtor No 2 and Bangkok Metropolitan Bank Plc had agreed to be bound by terms and condition of every amendment and supplement. The main points thereof are summarized as follow;
1. The increase of credit amount from 40,625,750 DM to 55,075,750 DM (the first agreement for amendment and supplement loan agreement was signed on 10 and 15 December 1989.)
2. During the fifth agreement for amendment and supplement, the remaining principal indebtedness of 19,276,512.48 DM has been extended and re-scheduled timeframe and re-calculated the amount for the 14th to 20th installment as follow;
1) The 17th installment of DM 3,212,752.07, on 29 September 1999.
2) The 18th installment of DM 3,212,752.07, on 29 March 2000.
3) The 19th installment of DM 3,212,752.07, on 29 September 2000.
4) The 20th installment of DM 3,212,752.13, on 29 March 2001.
5) The 14th installment of DM 3,212,752.07, on 29 September 2001.
6) The 15th installment of DM 3,212,752.07, on 29 March 2002.
Amounting to 19,276,512.48 DM (the fifth agreement for amendment and supplement loan agreement was signed on 5 and 6 October 1998.)
3. Interest of floating rate had been amended to of fixed rate. For the 17th –20th installment, the interest shall be fixed at 5.7 percent per annum; and for 14th –15th installment, the interest shall be fixed at 6.25 percent per annum. The interest repayment shall be made simultaneously with the repayment of principal scheduled. (The third agreement for amendment and supplement loan agreement was signed on 30 June and 2 August 1993 and the fifth agreement for amendment and supplement loan agreement.)
4. The Company was bound to pay the Creditor No 30 the loan managing fee of 100,000 DM within 1 month from the signing date of the fifth agreement for amendment and supplement loan agreement which shall due on 6 December 1998. (The fifth agreement for amendment and supplement loan agreement.)
Any other terms and condition shall remain the same as specified in the original loan agreement. The detail appeared in those 5 agreements for amendment and supplement loan agreement with their translations, exhibit 18/9-18/13.
The Company has completely withdrew and received from the Creditor No 30 the principal amount of DM 55,075,749.85. The detail appeared in money receipt summary and those 20 payment certificates together with their translations, exhibit 18/14-18/15
The Company has repaid 13 installments from the first to the 13th amounting to DM 35,799,237.52. However, when the 17th installment become due for payment on 29 September 1999, the Company fails to repay such installment. On 29 September 1999 the Company still indebted toward the Creditor No 30 in amount of DM 19,276,512.48. The Company has then issued letter of acknowledgement of claim therefor. The detail appeared in letter of acknowledgement of claim dated 25 February 1998 and 28 September 1998 together with their translations, exhibit 18/16-18/17.
After those 5 agreements (for amendment and supplement loan agreement) has been concluded (The fifth agreement for amendment and supplement loan agreement was executed on 5 and 6 October 1998), the Company however bear indebtedness toward the Creditor No 30 in amount of 19,276,512.48 DM and loan managing fee of 100,000 DM.
Clause 2 For the second loan agreement, the Company has signed it with Creditor No 30 on 10 February 1995 borrowing money of DM 16,011,450. The Creditor No 30 has subsequently signed said loan agreement on 20 February 1995. The terms and condition on withdrawing the principal amount, as agreed therein by the Company, stating that the principal amount shall be delivered by Creditor No 30 to Voith Sulzer Papiermaschinen GmbH, a company situated in Ravensburg, the Republic of German for settling 85 percent of the price of machinery goods that the Company had purchased from Voith Sulzer Papiermaschinen GmbH. In taking of such principal amount, Voith Sulzer Papiermaschinen GmbH shall deliver, 5 days in advance, payment certificate to Creditor No 30 informing the amount desired to take. After receiving such payment certificate, Creditor No 30 shall then deliver such principal amount.
The principal amount repayment, as agreed by the Company, shall be made in 14 equal installments, which shall become due for payment in every six months. The first installment shall be made within 6 months after the machinery so purchased were made ready for operation, however it shall be no later than 30 April 1996 and the next installment shall be made every six months following the due date of the prior installment. The final installment shall be however made on 31 October 2000. The Creditor No 30 shall deliver, by registered airmail, the Company the schedule of principal repayment; and such schedule shall be considered as part of this agreement.
As for interest repayment, the Company agree to repay it in floating rate equal to Inter Bank interest rate in the Federal Republic of German (FIBOR) for period of 6 months plus 0.75 percent per annum. The interest repayment shall be made on every 31 May and 30 December of every year until the due date of the first installment of principal repayment; after such due date, the interest repayment shall be made simultaneously with principal repayment as above scheduled. Pursuant to clause 16.2 of the loan agreement, if the Company fail to make repayment of any installment principal, interest or fee within time specified therefor or when any event of default occurred; it shall deem that such principal, interest, fee including any amount payable to the Creditor No 30 altogether become immediately due for payment. Interest for default, in rate of discount interest as fixed, from time to time, by Central Bank of German plus 4 percent per annum shall be demanded upon principal and other amount that debtor fail to repay within time specified, including interest that become due for payment.
By statute come into force on 9 June 1998, the discount rate of the Central Bank of German had been repealed; and replaced from 1 January 1999 onward by base rate of the European Bank. The Central Bank of German shall publish, from time to time, such base rate in the Royal Gazette (Bundesanzeiger).
In securing the repayment of such loan, on 10 February 1995 Mr LT and Mr.ST, the Debtor No 2 agreed to bind themselves as joint debtor with the Company for making repayment of principal including interest, fee and all expenses incurred.
It has been agreed upon the Creditor No 30, the Company and Mr LT and Mr.ST the Debtor No 2 that this loan agreement shall be governed by the law of the Federal Republic of German. The detail appeared in the second loan agreement together with its translation, exhibit 18/18.
The Creditor No 30 had consequently delivered the Company the schedule of repayment dated 6 March 1997. The detail appeared in the schedule of repayment together with its translation, exhibit 18/19.
After such loan agreement had been executed, the parties has made amendment and supplement thereto in totaling of 5 times. Mr LT, Mr.ST, the Debtor No 2 and Bangkok Metropolitan Bank Plc agree to be bound by terms and condition of every amendment and supplement. The main points thereof are summarized as follow;
1. The increase of loan amount from DM 16,011,450 to DM 22,100,000 (the first agreement for amendment and supplement loan agreement was signed on 15 and 20 November 1995.)
2. In the fifth agreement for amendment and supplement, there was the remaining principal indebtedness of DM 20,521,428.57. The 2nd and 4th installment had been extended and the 5th to 14th installment had been re-scheduled and re-calculated as follow;
1) The 5th installment of DM 1,710,119.05, on 30 June 1999.
2) The 6th installment of DM 1,710,119.05, on 30 November 1999.
3) The 7th installment of DM 1,710,119.05, on 30 June 2000.
4) The 8th installment of DM 1,710,119.05, on 30 November 2000.
5) The 9th installment of DM 1,710,119.05, on 30 June 2001.
6) The 10th installment of DM 1,710,119.05, on 30 November 2001.
7) The 11th installment of DM 1,710,119.05, on 30 June 2002.
8) The 12th installment of DM 1,710,119.05, on 30 November 2002.
9) The 13th installment of DM 1,710,119.05, on 30 June 2003.
10) The 14th installment of DM 1,710,119.05, on 30 November 2003.
11) The 2nd installment of DM 1,710,119.02, on 30 June 2004.
12) The 4th installment of DM 1,710,119.05, on 30 November 2004.
Amounting to DM 20,521,428.57 (the forth agreement for amendment and supplement loan agreement was signed on 5 and 6 October 1998.)
3. The Company was bound to pay the Creditor No 30 the fee of DM 100,000 for managing loan agreement within 1 month from the signing date of the fifth agreement for amendment and supplement loan agreement which shall due on 6 December 1998. (The fifth agreement for amendment and supplement loan agreement.)
Any other terms and condition shall remain the same as specified in the original loan agreement. The detail appeared in those 5 agreements for amendment and supplement loan agreement with their translations, exhibit 18/20-18/24.
The Company has completely withdrew and received from the Creditor No 30 the principal amount of DM 21,100,00. The detail appeared in money receipt summary and those 6 payment certificates together with their translations, exhibit 18/26-18/27.
The Company had repaid the Creditor No 30 for 1 installment amounting to DM 1,578,571.52. Consequently, when the 5th installment become due for payment on 30 June 1999, the Company fails to repay such installment. The Company still indebted toward the Creditor No 30 in amount of DM 20,521,428.57. The Company has then issued letter of acknowledgement of claim therefor. The detail appeared in letter of acknowledgement of claim dated 28 September 1998 together with its translation, exhibit 18/17.
After those 5 agreements for amendment and supplement loan agreement has been concluded (The fifth agreement for amendment and supplement loan agreement was executed on 5 and 6 October 1998), the Company still however indebted toward the Creditor No 30 in amount of DM 20,521,428.57 and loan managing fee of DM 100,000.
The Creditor No 30, on 17 November 1999, has sent the Company a written notice for terminating both loan agreement and demanding all principal repayment thereunder. Subject to clause 16.1 and 16.2 of the first and second loan agreements respectively, if the Company is in default for any installments, the Creditor is then entitled to call all undue debt to become immediately due for repayment. All principal repayment was demanded by such notice to be made within 30 December 1999. The detail appeared written notice with its translation, exhibit 18/28. The Company has received the notice, but somehow fail to comply thereto.
On 21 March 2000, the Creditor No 30 has consequently sent written notice to Mr LT and Mr.ST the Debtor No 2 and Bangkok Metropolitan Bank Plc, both in capacity as the Company’s guarantor for demanding principal repayment under both loan agreement. The principal repayment was demanded by such notice to be made within 15 days upon receipt thereof. The detail appeared written notice with its translation, exhibit 18/29.
Mr LT and Mr.ST the Debtor No 2 and Bangkok Metropolitan Bank Plc both had received such written notice. Bangkok Metropolitan Bank had repaid the Creditor No 30 in 25 percent of the principal amount under the first loan agreement including outstanding interest and fee calculated up to 21 March 2000 amounting to DM 5,004,442.14. However the Debtor No 2 fail to made repayment anyhow.
On 20 October 2000, the Central Bankruptcy Court has ordered the Debtor No 2 under absolute receivership, and on such date the Debtor No 2 bear indebtedness toward the Creditor No 30 as calculated by the Creditor No 30 as follow;
1) Guaranty debt under the first loan agreement in amount of DM 15,668,834.33; the detail appeared in debt summary under the first loan agreement, exhibit 18/30.
2) Guaranty debt under the second loan agreement in amount of DM 22,183,632.44; the detail appeared in debt summary under the second loan agreement, exhibit 18/30.
Totaling amount of indebtedness was DM 37,852,466.77.
The Creditor No 30 referred exchange rate of 11 October 2000 as the date of notifying Order of Debtor No 2’s absolute receivership by Court to Official Receiver. Such referred date however is not the true date. On 11 October, 1 DM equal 19.3649 Baht as appeared in Bank Of Thailand’s announcement, exhibit 18/31 page 3; so, guaranty debt calculated in Baht currency shall be Baht 733,099,233.754. (Calculated from multiplying all guaranty debt of DM 37,852,466.77 by exchange rate of 19.3649 Baht per DM)
The Debtor submitted, within time specified by law, objection against the application for repayment, detail as follow;
Clause 1. The Debtor object that the Creditor No 30 did not has power to submit application for repayment. Since the said Creditor posses juristic personality under law of the Federal Republic of German and posses no branch in Thailand, the Creditor then posses no juristic personality under Civil and Commercial Code or any other law of Thailand. Also, both loan agreements are governed by the law of the Federal Republic of German not the law of Thailand. This Creditor was then not entitled to submit application for repayment.
Clause 2. The Debtor No 2 further object that the Creditor No 30 exercise its right dishonestly by using the exchange rate of 11 October 2000 not of the 20 October 2000’s which is the real date of absolute receivership. The exchange rate, on 11 October 2000 and 20 October 2000, were Baht 19.3649 and 18.8953 per DM respectively. The exchange rate of 20 October 2000 appeared in Bank Of Thailand’s announcement, exhibit 6 page 5. The conversion by 11 October 2000’s rate will amount to Baht 733,009,233.75, whilst by 20 October 2000’s rate will amount to only Baht 715,233,715.36. The result of the former rate will be higher than of latter rate to the difference up to Baht 17,775,518.39. The Creditor No 2 was thus not required to repay this difference amount somehow.
Clause 3. The Debtor No 2 object that this Creditor demand interests for default upon interest, such interest thus prohibited by law. In other word, besides demanding for normal default interest paid on principal of both loans agreements, the Creditor also demand default interest upon unpaid interest. That is the bearing of interest upon interest that the Creditor No 30 was not entitled to.
The detail appeared Debtor No 2 ‘s objection against application for repayment, exhibit 6 and 13.
The Debtor No 2 did not object the presentation by copies of documents, and did not suspect the authenticity of the submitted copies of documents including any other facts and laws so stated by the Creditor No 30. After weighting all relevant evidences, it is believed that there was real cause of indebtedness. The said debt occurred before the date of issuance of Court order for absolute receivership, are not bared by prescription and are not prohibited from claiming for repayment pursuant to section 94(1) of Bankruptcy Act BE 2483. This case then has disputing issues pending for decision as only
1. The Creditor No 30, as foreign creditor, has power to submit application for repayment or not.
2. The Creditor No 30 has right to use exchange rate of 11 October 2000 instead of exchange rate of 20 October 2000 or not.
3. The Creditor No 30 has right to demand default interest upon unpaid interest or not.
Clause 1. For the first issue, the Creditor No 30, as foreign creditor, has power to submit application for repayment or not. The Official Receiver is of opinion that the Creditor No 30 has power in submitting the application in this case, notwithstanding the facts that it was domiciled outside the Kingdom of Thailand. Since section 178 of Bankruptcy Act BE 2483 stating that foreign creditors domiciled outside the Kingdom may submit application for repayment upon proving that the creditors in Thailand are similarly entitled to claim for repayment in bankruptcy action under the law and before the court of the creditors’ country of nationality. And such foreign creditors must also report the amount of asset or distribution that they have receive or are entitled to receive from the same debtor’s estate located outside the Kingdom if any; If so, they must agree to deliver the asset of distributor from the debtor’s said estate to be added to the debtor’s estate in the Kingdom. In this case, it shall be under the law of the Federal Republic of German. It was found that creditors of Thai national are similarly entitled to claim for repayment of debt in bankruptcy action before the court of the Federal Republic of German as creditors of German national. The detail appeared in letter of lawyer from the Federal Republic of German acknowledging the right of creditor in the Kingdom pursuant to section 178 of Bankruptcy Act BE 2483, exhibit 18/32
Moreover, the Creditor No 30 also report that they have not received or are not entitled to receive the amount of asset or distribution from the Debtor No 2 ‘s estate located in the Federal Republic of German, they then have to submitted this application for repayment. The detail appeared in Creditor No 30’s affidavit affirming facts and opinion and other documents, exhibit 10. By these reasons, the Creditor No 30 has right to submit application for repayment in this case.
Clause 2. For the second issue, the Creditor No 30 has right to use 11 October 2000’s exchange rate instead than of 20 October 2000’s or not. The Official Receiver was of opinion it did not have that right. Since section 98 of Bankruptcy Act BE 2483 require the use of exchange rate on the day of issuing order of receivership. Notwithstanding that the Creditor No 30 had referred 11 October 2000 as the date of notifying Court order of absolute receivership, but as from the Official Receiver’s inquiry had found 20 October 2000 as the true date of absolute receivership. The detail appeared in report on inquiry for date of absolute receivership, exhibit 17. So, the conversion into Baht must use exchange rate on 20 October 2000. The Creditor No 30 has no right to use exchange rate on 11 October 2000 as earlier used.
Clause 3. For the third issue, the Creditor No 30 has right to demand default interest upon unpaid interest or not. The Official Receiver is of opinion that the applicable law, as agreed upon the creditor and the debtor, is the law of the Federal Republic of German. So the law of the Federal Republic of German shall decide the legality of the demanding of interest upon unpaid interest.
For this decision, the Creditor No 30 had submitted law on interest for loan of money of the Federal Republic of German with its translation. Pursuant to section 608 of German Civil Code, it merely states that interest shall be as those specified unless the provision of law otherwise provided. The detail appeared in exhibit 18/33. However, as from further inquiry of Official Receiver found section 289 specifically state that default interest shall not be paid upon interest. The detail appeared in exhibit 18/34. Section 289 thereof shall be considered as “the provision of law” prohibits, as pursuant to section 608 thereof, the demand of interest. By this reason, the demanding of default interest upon unpaid interest shall not be legitimate under the law of the Federal Republic of German and thus prohibiting from demanding this amount of damages that was similarly calculated as demanding default interest upon unpaid interest.
By above mentioned reasons, the Official Receiver is of opinion to grant the Creditor No 30 repayment from assets of Mr. Viboon or Suthas Techaviboon, Debtor No 2 pursuant to section 130(7) of Bankruptcy Act BE 2483. The exchange rate, for conversion of debt into Baht under both loan agreements, shall be the exchange rate in announcement of Bank of Thailand on 20 October 2000, which is the date of absolute receivership. The exchange rate on such date was DM per 18.8953 Baht, the detail appeared exhibit 6 page 5. For the grant of repayment, the details are as follow;
For the first loan agreement, the repayment was granted to the amount that the Debtor No 2, as guarantor, obliged to repay; that is 75 percent of any outstanding amount. In this case, the Debtor No 2 was required to make repayment in amount of Baht 273,176,614.697. [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 14,457,384.36 (this equal 75 percent of principal amount of DM 19,276,512.48)], together with loan managing fee that guarantor bound to repay in amount of Baht 1,417,147.50 [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 75,000 (this equal 75 percent of loan managing fee of DM 100,000)]. And the interest repayments were granted as follow;
1. Normal interest of 5.70 percent per annum upon the principal amount of Baht 182,117,743.415 [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 9,638,256.255 (this equal 75 percent of amount due for the 17th to 20th altogether of DM 12,851,008.34)]. According to the 5th agreement for amendment, the interest was fixed at 5.70 percent per annum.)] Such interest was calculated from 29 September 1999 (original due date for the 17th installment) up to 29 December 1999 (the final date prior the calling of all undue installments to become immediately due for repayment), altogether computing to 91 days.
2. Normal interest of 6.25 percent per annum upon the principal amount of Baht 91,058,871.282 [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 4,819,128.105 (this equal 75 percent of amount due for the 14th to 15th altogether of DM 6,425,504.14)]. According to the 5th agreement for amendment, the interest was fixed at 6.25 percent per annum.)] Such interest was calculated from 29 September 1999 (original due date for the 17th installment) up to 29 December 1999 (the final date prior the calling of all undue installments to become immediately due for repayment), altogether computing to 91 days.
3. Default interest of 7.70 percent per annum (result from 5.70 plus 2.00 percent pursuant to clause 13.1 of the loan agreement) upon the principal amount of Baht 182,117,743.415 [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 9,638,256.26). Such interest was calculated from 30 December 1999 (The date that event of default occurred: the Creditor demand all undue installment to become immediately due and the debtor however fail to make repayment thereto.) up to 11 October 2000 (the last date that the Creditor No 30 demand interest for default according to application for repayment), altogether computing to 286 days.
4. Default interest of 8.25 percent per annum (result from 6.25 plus 2.00 percent pursuant to clause 13.1 of the loan agreement) upon the principal amount of Baht 91,058,571.282 [Calculated from multiplying exchange rate of Baht 18.8953 per DM by amount of DM 4,819,128.05). Such interest was calculated from 30 December 1999 (The date that event of default occurred: the Creditor demand all undue installment to become immediately due and the debtor however fail to make repayment thereto.) up to 11 October 2000 (the last date that the Creditor No 30 demand interest for default according to application for repayment), altogether computing to 286 days.
Default interest shall not be demanded upon unpaid interest per the reason earlier decided, and the calculating of interest, both of normal and of default, shall be made by computing the number of days that had really elapsed, and in such computing 360 days is regarded as one year. This is pursuant to the first loan agreement, exhibit 18/6.
For the second loan agreement, the repayment was granted to the amount of Baht 385,758,549.258 (Calculated from multiplying exchange rate of Baht 18.8953 per DM by outstanding principal amount of DM 20,521,428.57), together with loan managing fee of Baht 1,889,530 (Calculated from multiplying exchange rate of Baht 18.8953 per DM by loan managing fee of DM 100,000). And the interests repayment were granted as follow;
1. Normal interest of 3.468 percent per annum (calculated from FIBOR rate, at that time, for 6 months of 2.718 plus 0.75 percent per annum, as presented by the Creditor and Debtor did not object; as appear in summary of indebtedness under the second loan agreement, exhibit 18/31) upon the principal outstanding principal of Baht 387,758,549.258 (or DM 18.8953 X 20,521,428.57), pursuant to clause 16.2 of the agreement stating if the Company is in default for any installments, the Creditor is then entitled to call all undue debt to become immediately due for repayment. Such interest was calculated from 30 June 1999 (original due date for the 5th installment) up to 29 December 1999 (the final date prior the calling of all undue installments to become immediately due for repayment), altogether computing to 182 days.
2. Default interest of Base Rate (as appeared in Central Bank of Europe’s announcement on interest, exhibit 18/25) plus 4.00 percent per annum, as pursuant to clause 13.1 of the loan agreement, upon the principal amount of Baht 387,758,549.258 (or DM 18.8953 X 20,521,428.57). Such interest was calculated from 30 December 1999 (The date that event of default occurred: the Creditor demand all undue installment to become immediately due and the debtor however fail to make repayment thereto.) up to 11 October 2000 (the last date that the Creditor No 30 demand interest for default according to application for repayment, prior to absolute receivership).
The Official Receiver dismiss the repayment of default interest upon principal amount of DM 411,802.81, calculated from 30 June 1999 up to 17 August 1999 computing to 48 days, amounting to DM 3,568.96 as appeared in summary of indebtedness under the second loan agreement, exhibit 18/31. Since the Creditor No 30 had not reported and presented evidence expressly show the cause of such principal, then this principal amount of DM 411,802 was not somehow related to the principal amount under the loan agreement. Also there was no evidence to support the existing of such principal amount.
Default interest shall not be demanded upon unpaid interest per the reason earlier decided, and the calculating of interest, both of normal and of default, shall be made by computing the number of days that had really elapsed, and in such computing 360 days is regarded as one year. This is pursuant to the second loan agreement, exhibit 18/6.
In summary, the Official Receiver grant the Creditor No 30 the repayment according to both mentioned loan agreements, by method of calculating earlier outlined, from the asset of Mr. Viboon or Suthas Techaviboon, Debtor No 2 pursuant to section 130(7) of Bankruptcy Act BE 2483. However, under placed condition that to what extent the Creditor No 30 has received repayment from the Company, as principal debtor, and/or Mr LT and/or Mr.ST, as joint guarantors, the Creditor No 30’s right to receive repayment under this case shall be reduced to such extent.

(signature) Ms T T
(signature) Mr S M
Official Receiver