Panjawattana Plastic Public Company Limited

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- 27 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20119. OTHER CURRENT ASSETSOther current assets consisted of : -Consolidated financial statementsBahtSeparate financial statements2012 2011 2012 2011Unclaimed - input VAT - 11,318.46 - 11,318.46Suspense input VAT 857,091.26 874,194.28 707,992.83 829,673.64Revenue department 2,417,818.74 5,131,882.08 - -Advance 602,322.84 1,488,189.27 499,570.08 1,346,274.38Prepaid expenses 4,327,696.85 1,495,356.44 3,992,587.80 1,437,647.78Other account receivable and other 6,136,512.70 5,353,741.91 4,732,900.11 5,322,492.18Total 14,341,442.39 14,354,682.44 9,933,050.82 8,947,406.4410. INVESTMENT IN SUBSIDIARIESInvestment in subsidiaries consist of company’s ordinary share as follows:-In ThailandSeparate financial statementCost method present inPaid up share capital (Baht) (%) Equity method (Baht) statements of financial position (Baht)Name 2012 2011 2012 2011 2012 2011 2012 20111. Millpack Co., Ltd. 30,000,000.00 30,000,000.00 99.98 99.98 49,668,343.24 32,629,747.35 29,992,500.00 29,992,500.002. Elegance Packaging Co., Ltd. 1,000,000.00 1,000,000.00 99.97 99.97 2,799,562.07 1,428,448.88 999,700.00 999,700.00In Foreign3. Panjawattana (Tianjin) Plastic Co., Ltd. 66,294,607.20 66,294,607.20 100.00 100.00 65,495,587.25 67,880,418.91 66,294,607.20 66,294,607.20117,963,492.56 101,938,615.14 97,286,807.20 97,286,807.2010.1 According to the extraordinary general meeting of shareholders no. 1/2011 held on January 28,2011, it has resolution. Approval to invest by opening a subsidiary Company in Tianjin; China tomanufacture plastic packaging. The registered capital is 900,000 U.S.Dollars (approximately Baht27 million) under the name of Panjawattana (Tianjin) Plastic Company Limited and alreadyregistered on February 14, 2011. Later, at the Board of Directors’ Meeting No.6/2011 dated June24, 2011, it had the resolution to approve the capital increase by another USD 1,300,000(approximately Baht 39 million). As at December 31, 2011, the Company had fully paid for suchinvestment yet.100
- 28 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 201110.2 According to the extraordinary general meeting of shareholders no. 1/2011 held on January 28,2011, it has resolution. Approval to invest in Milkpack Company Limited by purchasing 997shares of par value shares, the value is 2,500 per share and total amount of Baht 2,492,500, fromformer shareholders. In addition, approval to invest in increase ordinary share in amount of 5,000shares, the value is 2,500 per shares and total amount is Baht 12,500,000.00. Payment is done onMarch 1, 2011. And later, According to the extraordinary general meeting of shareholdersno.2/2011 held on November 30, 2011, it has resolution. Approval to invest in increase ordinaryshare in amount of 6,000 share, the value is 2,500 per shares and total amount is Baht15,000,000.00. Payment is done on December 13, and 27, 2011.10.3 According to the extraordinary general meeting of shareholders no. 1/2011 held on January 28,2011, it has resolution. Approval to invest in Elegance Packaging Company Limited by purchasing9,997 shares of par value shares, the value is 100 per share and total amount of Baht 999,700, fromformer shareholders. Payment is done on March 1, 2011.At the date of purchase investment in the subsidiaries (on March 1, 2011), there are differencesfrom book value and investment as following descriptions :Elegance PackagingCompany LimitedBahtMillpackCompany LimitedAssetsCash and cash equivalents 440,663.24 508,679.89 949,343.13Trade accounts receivable 6,059,681.56 263,737.92 6,323,419.48Other current asset 1,548.25 181,034.28 182,582.53Equipment,net 7.00 2,687,483.21 2,687,490.21Deposit 4,840,990.00 - 4,840,990.00Total 11,342,890.05 3,640,935.30 14,983,825.35LiabilitiesTrade account payable-related company 6,861,475.84 - 6,861,475.84Short-term loans from related person - 500,000.00 500,000.00Accrued corporate income tax 100,199.98 - 100,199.98Accrued expense 537,930.65 279,363.83 817,294.48Other current liabilities 8,885.95 117,275.94 126,161.89Total 7,508,492.42 896,639.77 8,405,132.19Net asset value 3,834,397.63 2,744,295.53 6,578,693.16Cash paid for investment 999,700.00 2,492,500.00 3,492,200.00Variance 2,834,697.63 251,795.53 3,086,493.16*The investments values are based on par value of issued and fully paid-up share capital.Capital deficiency from business combination under common control totaling Baht 19,828 is theamount that Millpack Company Limited has recalled the dividend that exceed paid to the shareholdersresulting in book value of investments in Millpack Company limited is high in the same amount.Total101
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ANNUAL REPORT 2012CONTENTS01 Messag
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VISION :“Panjawattana Plastic as
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