10. Financial Status and Operation Result
         10.1 Auditor and Important Accounting Policies
              (1) Mr. Pradit  Rodlytook, C.P.A. (Thailand) No. 0218 or
                  Mr. Vichai Jaturanonda, C.P.A. (Thailand) No. 1431
              (2) Opinion  in  the  Auditor's report of the past three 
                  year is unconditional
              (3) Important accounting policies
         Allowance for Doubtful Accounts
         The Company provides allowance for doubtful accounts equal to 
10 % of accounts receivable - planter.    
         Inventories
         Inventories are stated at the lower of cost(Weighted Average)
or net realisable value.
         Provision for obsolescence
         Finished goods        -  at  estimated amount of unrealisable
         Semi-product,seeds and fertilizer - 5 % of the balance
         Investment subsidiary
         Investment  in  share  of  subsidiary is accounted for by the
equity method.
         Depreciation
         The  Company  depreciates  its  assets  by  the straight-line 
method over the estimated useful lives of 5-20 years.
         Transaction of Foreign Currency Financial Statements
         The  financial  statements  of  foreign  subsidiary have been 
prepared in the  currency (reporting  currency) of country where it is
domiciled.   For  consolidation  purposes, these  financial statements
have been transacted into Thai Baht as follows:
         (a) all assets  and  liabilities at the current bank rates at
the balance  sheet  dates  except  for intercompany balances which are
translated at the rates prevailing at the transaction dates; and
         (b) revenues and expenses at average exchange rates.
         Gain  or  loss  on  transaction  is  presented  as Cumulative 
Transaction  Adjustment  under  shareholders'  equity  in  the balance
sheets.
         Foreign currency transactions
         Foreign  currency transactions are valued in term of the Thai
currency  at  the  exchange  rate  on  the dates that the transactions 
actually occurred.  The  balance  of assets and liabilities in foreign
currency  at  year  end  of  such  is  valued  in the term of the Thai 
currency at the exchange rate thereon.  Gain or loss on the conversion 
is credit to or charged against current year operations.
         Provident fund
         The  Company  established a contributory registered provident 
fund in accordance  with  the Provident Fund Act. B.E.2530.  Under the
plan.   The Company and  employees contribute to the fund at 3% of the
employees' basic  salary.   The  Company appointed The Siam Commercial
Bank Public Company Limited to manage the fund.
         Earnings (loss) per share
         Earnings (loss) per share  is computed by dividing net income
by the weighted  average  number of shares outstanding during the year
for 1998  and  by  number of shares outstanding at the end of the year
for 1997.  
         10.2 Summary on Financial Status and Operation Result
                       Balance Sheet Summary
                                                     In thousand bahts
                                         The Company only             
       ASSETS                 1998     %    1997     %    1996     %   
 Current Assts
   Cash in hand and 
     at banks                147,643  16.5   8,248   1.3   3,343   0.5
   Fixed deposits            114,498  12.8  20,000   3.1  20,000   3.3
   Unit trust                   -       -     -       -   10,000   1.6
   Accounts receivable-trade  58,728   6.5  19,277   3.0   4,894   0.8      
   Inventories               149,354  16.6 152,963  23.7 139,650  22.7
   Advances for seeds and 
     fertilizer                5,572   0.6  26,432   4.1    -       -
   Other current assets
     Accounts receivable-
       planters-net           12,479   1.4   7,647   1.2   6,604   1.1
     Value added tax due    
       for refund             10,109   1.1   3,850   0.6   6,784   1.1
     Others                    3,557   0.4   2,973   0.4   1,177   0.2  
       Total Current Assets  501,940  55.9 241,390  37.4 192,452  31.3
Invesment in a Subsidiary      9,927   1.1    -       -     -       -
Property, Plant and 
   Equipment-Net             385,674  43.0 403,575  62.6 421,843  68.7
Other Assets                      67    -       51    -       86    -   
TOTAL ASSETS                 897,608 100.0 645,016 100.0 614,381 100.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
   Bank overdrafts and 
     loans from banks          8,408   1.0  11,950   1.9   3,612   0.6
   Accounts payable           28,424   3.2  21,501   3.3  19,328   3.1
   Current portion of 
     long-term loans         121,728  13.6 174,032  27.0  79,036  12.9
   Other current liabilities
     Accrued expenses         31,502   3.5  22,005   3.4  18,154   3.0
     Others                      941   0.1     645   0.1     517   0.1
        Total Current 
          Liabilities        191,003  21.4 230,352  35.7 120,805  19.7
Long-Term Loans                  302    -  157,132  24.4 179,147  29.1
Other Liabilities              1,264   0.1     645   0.1     517   0.1
        Total Liabilities    192,569  21.5 388,129  60.2 300,469  48.9
Shareholders' Equity
   Share capital-common share Bht.10.00 par value
     Authorized share capital 21,000,000 shares
     Issued and fully paid-up 21,000,000 shares in
      1998 and 12,500,000 
      shares in 1997,1996    210,000  23.4 125,000  19.4 125,000  20.4
  Premium on share capital    68,000   7.6  68,000  10.5  68,000  11.1
  Retained earnings
     Appropriated for 
        reserve fund          21,000   2.3  16,780   2.6  16,780   2.7
     Unappropriated          406,039  45.2  47,107   7.3 104,132  16.9  
        Total Shareholders' 
          Equity             705,039  78.5 256,887  39.8 313,912  51.1
TOTAL LIABILITIES AND 
    SHAREHOLDERS' EQUITY     897,608 100.0 645,016 100.0 614,381 100.0


                      Balance Sheet Summary 
                                                     In thousand bahts
                                          Consolidated      
                                         1998           %   
          ASSETS
Current Assets
   Cash in hand and at banks            149,536       16.4
   Fixed deposits                       114,498       12.6
   Accounts receivable-trade             61,573        6.7
   Inventories                          155,463       17.0
   Advances for seeds and fertilizer      5,572        0.6
   Other current assets
     Accounts receivable-planter-net     12,480        1.4
     Value added tax due for refund      10,109        1.1
     Others                              13,886        1.5
         Total Current Assets           523,117       57.3
Good Will                                   791        0.1
Property, Plant and Equipment-Net       388,636       42.5
Other Assets                                916        0.1
TOTAL ASSETS                            913,460      100.0

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
   Bank overdrafts and loans from banks   8,408        0.9
   Accounts payable                      32,893        3.6
   Current portion of long-term loans   121,728       13.3
   Other current liabilities
     Accrued expenses                    32,125        3.5
     Others                               4,260        0.5
        Total Current Liabilities       199,414       21.8
Long-Term Loans                             302         -
Other Liabilities                         1,264        0.2
        Total Liabilities               200,980       22.0
Minority Interest                         9,097        1.0
Shareholders' Equity
   Share capital-common share Bht.10.00 par value
     Authorized share capital 21,000,000 shares
     Issued and fully paid-up 21,000,000 shares 
     in 1998                            210,000       23.0
   Premium on share capital              68,000        7.4
   Retained earnings  
     Appropriated for reserve fund       21,000        2.3
     Unappropriated                     406,039       44.5
   Cumulative Transaction Adjustment     (1,656)      (0.2)
        Total Shareholders' Equity      703,383       77.0
TOTAL LIABILITIES AND 
    SHAREHOLDERS' EQUITY                913,460      100.0
                                       

                          STATEMENT OF INCOME 
                                                     In thousand bahts
                                        The Company Only              
                              1998     %    1997     %    1996      % 
REVENUES
   Sales                   1,068,241 100.0 751,030 100.0 631,277 100.0
   Gain from exchange rate    86,121   8.1    -       -     -       -
   Other income               13,735   1.3   8,327   1.1   4,954   0.8
     Total Revenues        1,168,097 109.4 759,357 101.1 636,231 100.8
EXPENSES
   Cost of sales             597,127  55.9 445,176  59.3 447,196  70.8
   Selling and 
     administrative expenses 161,854  15.2 145,084  19.3 125,743  19.9
   Share of loss in a 
     subsidiary                1,098   0.1    -       -     -       -
   Interest expenses          21,764   2.0  26,391   3.5  29,503   4.7
   Directors remuneration      4,000   0.4   1,200   0.2   1,200   0.2
   Income tax                  6,602   0.6   2,567   0.3    -       - 
     Total Expenses          792,445  74.2 620,418  82.6 603,642  95.6  
INCOME FROM OPERATION
INCOME BEFORE 
  EXTRAORDINARY ITEM         375,652  35.2 138,939  18.5  32,589   5.2
EXTRAORDINARY ITEM
Loss on exchange rate from 
  adoption the managed 
  float net from income 
  tax Bht. 1,156,702            -       - (183,464)(24.4)   -       -  
NET INCOME (LOSS)            375,652  35.2 (44,525) (5.9) 32,589   5.2
UNAPPROPRIATED RETAINED
    EARNINGS 
     Beginning balance        47,107       104,132        98,173
 Appropriated for
     Reserve fund             (4,220)         -           (1,630)
     Dividend                (12,500)      (12,500)      (25,000)
UNAPPROPRITED RETAINED
    EARNINGS ENDING
    BALANCE                  406,039        47,107       104,132
EARNING (LOSS) PER SHARE
Net income before 
  extraordinary item           26.99         11.12          2.61
Extraordinary item               -          (14.68)          -
Net income (loss)              26.99         (3.56)         2.61
 
                       STATEMENT OF INCOME
                                                     In thousand bahts
                                        Consolidated         
                                   1998           %   
REVENUES
   Sales                         1,128,448      100.0
   Gain from exchange rate          86,121        7.6
   Other income                     14,064        1.3
       Total Revenues            1,228,633      108.9
EXPENSES
   Cost of sales                   644,421       57.1
   Selling and administrative      
        expenses                   177,007       15.7
   Interest expenses                21,816        1.9
   Directors remuneration            4,000        0.4
   Income tax                        6,602        0.6
       Total Expenses              853,846       75.7
INCOME FROM OPERATION              374,787       33.2
MINORITY INTEREST                      865        0.1
NET INCOME (LOSS)                  375,652       33.3
UNAPPROPRIATED RETAINED EARNING
  Beginning balance                 47,107
  Appropriated for
    Reserve fund                    (4,220)
    Dividend                       (12,500)
UNAPPROPRIATED RETAINED EARNING
  ENDING BALANCE                   406,039
EARNING PER SHARE                    26.99

                   STATEMENTS OF CASH FLOWS
                                                     In thousand bahts
                                                The Company only      
                                              1998     1997     1996    
Cash flows from operating activities:
Net income (loss)                            375,652  (44,525)  32,589 
Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities  
    Unrealized loss (gain) on exchange rate  (56,848) 150,608    5,400
    Bad debt and provision for doubtful
      account                                    440    1,487     -
    Provision for obsoleaence                    403    6,234     -
    Share of loss in a subsidiary              1,098     -        -
    Depreciation                              47,013   44,947   41,840
    Gain on disposal of equipment             (1,382)     (14)    -    
Net income provided by operating activities
  before changes in operating assets and 
  liabilities                                366,376  158,737   79,829
  (Increase) decrease in operating assets
     Accounts receivables-trade              (38,999) (13,544)  29,493
     Inventories                               3,206  (19,548)   3,825
     Advances for seeds and fertilizer        20,860  (26,432)    -
     Accounts receivable-planters             (5,272)  (2,530)     353
     Advances                                   -        -      12,660
     Value added tax due for refund           (6,259)   2,935   (1,932)
     Other current assets                       (584)  (1,796)      (3)
     Other assets                                (16)      35      183
  Increase (decrease) in operating liabilities
     Accounts and notes payable                6,196    1,900   (4,048)
     Accrued expenses                          9,423    3,060   (1,875)
     Other current liabilities                    77      189      (37)
     Other liabilities                           619      128       83
Net Cash Provided By Operating Activities    355,627  103,134  118,531
Cash flows from investing activities
   Decrease in short-term investments           -      10,000  (30,000)
   Increase in investment in a subsidiary    (11,025)    -        -
   Proceeds from sale of equipment             1,573       11     -
   Additions to fixed assets                 (29,066) (26,404) (40,691)
Net Cash Used In Investing Activities        (38,518) (16,393) (70,691)
Cash flows from financing activities
   Increase (decrease) in bank overdrafts    
     and loans from banks                     (3,541)   8,338  (19,736)
   Repayment of long-term loans             (152,175) (77,674)    -
   Increase in share capital                  85,000     -        -
   Diviends paid                             (12,500) (12,500) (25,000) 
Net Cash Used In Financing Activities        (83,216) (81,836) (44,736)
Net increase in cash and cash equivalents    233,893    4,905    3,104
Cash and cash equivalents, beginning of year  28,248   23,343      239
Cash and cash equivalents, end of year       262,141   28,248    3,343
Suppliment Disclosures of Cash Flows 
 information
   Cash paid during the year for :-   
      Interest                                24,944   24,961   32,517
      Corporate income tax                       298    1,169     -   
Cash and cash equivalents consist of :-
   Cash in hand and at banks                 147,643    8,248    3,343
   Fixed deposits (3 month)                  114,498   20,000   20,000
   Unit trust                                   -        -      10,000
          Total                              262,141   28,248   33,343
                                                      THE COMPANY ONLY

        Financial Ratio              Unit      1998  1997  1996 

Liquidity Ratios                                                
  Current ratio                     Time        2.6   1.0   1.6 
  Quick ratio                       Time        1.8   0.4   0.4 
Activity Ratios                                                 
  Account Receivable Turnover    Frequent time   27    62    32 
  Debt collection period            Days         13     6    11 
  Inventory Turnover             Frequent time  4.0   3.0   3.2 
  Good distribution ratio period    Days         91   122   114 
  Fixed Assets Turnover          Frequent time  1.8   1.3   1.1 
  Total Assets Turnover          Frequent time  1.2   1.2   1.0 
Leverage Ratios                                                 
  Debt Ratio                          %        21.5  60.2  48.9 
  Interest Coverage Ratio            Time      18.6  (0.6)  2.1 
  Fixed Charge Coverage Ratio        Time      10.8  (0.4)  1.1 
Profitability Ratios                                            
  Gross profit margin                 %        44.1  40.7  29.2 
  Operating profit margin             %        28.6  21.2   9.1 
  Net profit margin                   %        35.2  (5.9)  5.2 
  Return on Assets                    %        41.9  (6.9)  5.3 
  Return on Equity                    %        53.3 (17.3) 10.4 
  
  10.3 Outstanding Debt from Previous Issuance of Bills or Debentures
       - None -
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