11. Clarification and Analysis of Management
    (1) Past Operation and Financial Status
         The company has a ratio of liquidity equal to 2.63  and ratio
of debt per shareholder is equal to 0.27  and obtain return net profit
by 33.3 % of total financial statement.
         As resulted from good liquidity, so in March 1999,the company 
has brought some parts of remained amount to repay for BIBF loan which
dued at March 3, 1999  2.4 million dollars or about 90.6 million bahts 
in order to reduce debt burden and decrease the interest expenses.  It
has found that in 1998  the company obtained  net profit 375.6 million
bahts or 33.3 % of total financial statement while in 1997 the company
suffered from loss 44 million bahts.   Besides, the company has a good
assets both remained goods and trade debtor.  However, the company has
provision for obsolescence about 5 % of the balance.
         The causes of change consists of:-
         - Liquidity :
             - Increased in Cash Flow  due  to higher in exchange rate 
               while sale price remain same.
             - On November 13, 1998, the Company  received amount from
               increase capital 85 million bahts.
         - Debts :
             - The Company  repaid  for  BIBF  loan  punctually caused 
               ratio of debt decreased considerably.
         - Profit :
             - The Company  obtained  higher profit from exchange rate
               and higher sale volume by 23 %.
    (2) Future Trend
         Thought  the  economy as a whole is in sluggish state but the
company is  capable to  make  higher  sale than last year by 23 % with
believe that the industrial of this frozen fruits and vegetables still
grows further owing consumption of this products has exceed 500,000 MT.
per year while the company  exports about 3.7 % of total  consumption.
As for  the  foreign  competitor, there  are two important competitor, 
China and Taiwan which the company  has more  advantage  then China as 
the quality is better.  For Taiwan, the  problem of  uncertain climate
causes the  production  irregular.  For competition in Thailand, there
are two competitors : one is Lanna Agro-Industrial with capacity about
3,000 MT. per year  and  another is  Union  Frost  with capacity about 
3,000 MT. per year  while  the  capacity of the  company production is 
27,000 MT. per year.
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