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Clarification performance yearly 2009

Syntec Construction Public Company Limited, would like to clarify
the Company and Joint Ventures Financial Statements for the yearly 2009 ending
on 31 December 2009 , show a total profit in consolidated financial statements
of Bt318.109 million, while the same fiscal period of performance of 2008
showed a total profit of Bt267.664 million, increasing by Bt50.445 million or
increasing of 18.85% SYNTEC may clarify the reasons of increasing are as
follows :
1. The ratio of Cost of construction per Revenue from construction is
88.84% compared to 92.62% in the same period of 2008, decreasing of 3.78%.
2. Doubtful debts expenses is Bt33.875 million, while the same fiscal
period of performance of 2008 showed Bt101.703 million, decreasing by Bt67.828
million or decreasing of 66.69%.
3. Finance costs is Bt48.219 million, while the same fiscal period of
performance of 2008 showed Bt67.859 million, decreasing by Bt19.640 million or
decreasing of 28.94%.

Furthermore, the progressive status of loans to related parties are
as follows:
1. Short-term Loans to Related Parties
Joint Venture (JV)
-JV between SYNTEC and Federal Engineering Co.,Ltd., valued at
Bt14.09 million (fully provision). In the currently, the JV is in the process
of document collection for dissolved registered firm to Revenue department to
dissolve accounting required by the law.
-JV between SYNTEC and Underground Technologies (Thailand) Co., Ltd.,
valued at Bt2.22million. Increasing by Bt0.03 million from the account policy
adjustment and auditing payment. Furthermore, SYNTEC has been still following
up for the rest debt.
-SVK JV. valued at Bt4.65 million. Increasing by Bt0.01 million from
the fee of bank guarantee and auditing payment. Furthermore, SYNTEC has been
still following up for the rest debt.
-SSU JV. valued at Bt0.34 million. Increasing by Bt0.01 million from
the fee of bank guarantee and auditing payment. Furthermore, SYNTEC has been
still following up for the rest debt.
-SM JV. valued at Bt115.68 million. Increasing by Bt47.21 million
from the on-going project with National Housing Authority.
Other Related Companies
- Mivan (Thailand) Co.,Ltd. valued at Bt74.77 million due to SMJV
advance working capital to Mivan and SYNTEC has stake in SMJV for 65%. On the
other hand, Mivan is the Creditor of SMJV which SYNTEC has to take equity for
Bt77.75 million. These two records are waiting for offset.
2. Long-term Loans to Related Parties
Joint Venture (JV)
-JV between SYNTEC and Federal Engineering Co., Ltd., valued at
Bt28.65 million (fully provision). Currently, the JV is in the process of
document collection for dissolved registered firm to Revenue department to
dissolve accounting required by the law.
-Siam Syntec-Wattana Engineering Joint Venture, valued at Bt12.18
million (fully provision). Currently, SYNTEC is in the process of document
collection for dissolved registered firm to Revenue department and will set
the provision as the bad debt afterward.
Other Related Companies
-Gentech Engineering Co., Ltd., valued at Bt4.96 million (fully
provision). Currently,SYNTEC is in the process of document collection for the
pursuit litigation to the Court.
3. Other Long-term Loans
The Company has remaining 2 other long-term loans, valued at
Bt180.76 million (fully provision). These loans are Bt177.76 million to Syntec
Genesis Co., Ltd, Bt3.00 million to Metro Fabricator Co., Ltd., Currently,
SYNTEC is in the process of document collection for the pursuit litigation to
the Court.

Please be informed accordingly.

Sincerely yours,

(Mr.Somchai Sirilertpanich)
Managing Director

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