10. Financial status and operation performances
         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 is made where necessary for obsolete
inventories.
         Investment in Subsidiary
         Provision are  recorded for  impairment in value.  Therefore the 
Company's interest in the subsidiary is carried in the  balance  sheet an 
amount  that reflects its share of the net assets of the subsidiaries.
         The decline in  investment  value in subsidiary will be recorded 
as a word for adjustment in investment value.
         Property, Plant and Equipment
         The property, plant and equipment is initially recorded at cost.
Premises  and  equipment, except land are stated at  historical cost less
accumulated depreciatiion.
         Depreciation is calculated on  the straight line method to their
residual values over their estimated useful life as follows:
               Buildings                        20  years
               Machinery and equipment          10  years
               Vehicles                          5  years
               Office equipment                  5  years
       Where the carrying amount of an asset is greater than its estimated
recoverable  amount, it is written  down  immediately  to  its recoverable 
amount.   Estimated  recoverable  amount is the  higher of the anticipated
discounted cash flows from the  continuing use of the asset and the amount
obtainable from the sale of the asset less any costs of disposal.
         Gains and losses on disposal of property, plant and equipment are
determined  by  reference  to  their  carrying  amount  and are taken into 
account in determining operating profit.

         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.
         (b) revenues and expenses at average exchange rates.
        Gain or loss on transaction is presented as Cumulative Transaction 
Adjustment arison from the transaction of foreign currency and shown 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 per share
         Earnings  per  share is  calculated  by  dividing  the net income 
attributable  to  shareholders  by  weighted  average  number of  ordinary
shares in issue  during the year.  Earnings per share after the impairment
loss is calculated as follows:









                                                        In Baht           
                                                    1999         1998   
         Net income attribute to shareholders   
           Before impairment charge             184,930,339  375,651,776 
         Less Impairment charge attributed
                to the statement of income       (5,528,835)        -   
         Net income                             179,401,504  375,651,776    
         Weighted average number of 
           shares (shares)                       21,000,000   13,916,666
         Earning per share before impairment
           Charge                                      8.81        26.99
         Less Impairment charge attributed
                to the statement of income            (0.27)         -  
         Earning per share                             8.54        26.99   
         10.2 Summary on Financial Status and Operation Result
                       Balance Sheet Summary          In thousand bahts
                                         The Company only             
       ASSETS                 1999     %    1998     %    1997     %   
 Current Assets
   Cash in hand and 
     at banks                212,575  24.7 147,643  16.5   8,248   1.3 
   Short-term investments     20,838   2.4 114,498  12.8  20,000   3.1 
   Accounts receivable-trade  27,612   3.2  58,728   6.5  19,277   3.0     
   Inventories               186,974  21.7 149,354  16.6 152,963  23.7 
   Other current assets
     Accounts receivable-
       planters-net           19,353   2.3  12,479   1.4   7,647   1.2  
     Value added tax due    
       for refund             15,686   1.8  10,109   1.1   3,850   0.6 
     Advances for seeds and
       fertilizer               -       -    5,572   0.6  26,432   4.4
     Others                    1,473   0.2   3,557   0.4   2,973   0.4   
       Total Current Assets  484,511  56.3 501,940  55.9 241,390  37.4 
Invesments in Subsidiary      12,194   1.4   9,927   1.1    -       -  
Property, Plant and 
   Equipment-Net             364,329  42.3 385,674  43.0 403,575  62.6 
Other Assets                      72    -       67    -       51    -    
TOTAL ASSETS                 861,106 100.0 897,608 100.0 645,016 100.0 

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
   Bank overdrafts             3,048   0.4   8,408   1.0  11,950   1.9  
   Accounts payable           30,677   3.6  28,424   3.2  21,501   3.3  
   Current portion of 
     long-term loans             302    -  121,728  13.6 174,032  27.0  
   Other current liabilities
     Accrued expenses         23,743   2.8  31,502   3.5  22,005   3.4 
     Others                    2,896   0.3   2,205   0.2   1,509   0.2 
        Total Current 
          Liabilities         60,666   7.1 192,267  21.5 230,997  35.8 
Long-Term Loans                 -       -      302    -  157,132  24.4 
        Total Liabilities     60,666   7.1 192,569  21.5 388,129  60.2 
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
      1999, 1998* and 12,500,000 
      shares in 1997         210,000  24.4 210,000  23.4 125,000  19.4 
  Premium on share capital    68,000   7.9  68,000   7.6  68,000  10.5 
  Retained earnings
     Appropriated for 
        reserve fund          21,000   2.4  21,000   2.3  16,780   2.6  
     Unappropriated          501,440  58.2 406,039  45.2  47,107   7.3   
        Total Shareholders' 
          Equity             800,440  92.9 705,039  78.5 256,887  39.8 
TOTAL LIABILITIES AND 
    SHAREHOLDERS' EQUITY     861,106 100.0 897,608 100.0 645,016 100.0 

Remark: The issued and fully paid-up 21 million shares in November 1998.









                      Balance Sheet Summary 
                                                     In thousand bahts
                                                 Consolidated            
                                         1999        %      1998      %  
          ASSETS
Current Assets
   Cash in hand and at banks            215,667     24.1   149,536   16.4
   Short-term investments                20,838      2.3   114,498   12.6
   Accounts receivable-trade             31,926      3.5    61,573    6.7
   Inventories                          200,662     22.4   155,463   17.0
   Other current assets
     Accounts receivable-planter-net     19,353      2.2    12,480    1.4
     Value added tax due for refund      18,551      2.1    10,109    1.1
     Advances for seeds and fertilizer     -          -      5,572    0.6
     Others                               5,983      0.7    13,886    1.5
         Total Current Assets           512,980     57.3   523,117   57.3
Good Will                                   593      0.1       791    0.1
Property, Plant and Equipment-Net       381,093     42.5   388,636   42.5
Other Assets                              1,214      0.1       916    0.1
TOTAL ASSETS                            895,880    100.0   913,460  100.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
   Bank overdrafts                        3,048      0.3     8,408    0.9
   Accounts payable                      47,163      5.3    32,893    3.6
   Current portion of long-term loans       302       -    121,728   13.3
   Other current liabilities
     Accrued expenses                    27,633      3.1    32,125    3.5
     Others                               4,368      0.5     5,524    0.7
        Total Current Liabilities        82,514      9.2   200,678   22.0
Long-Term Loans                            -          -        302     - 
        Total Liabilities                82,514      9.2   200,980   22.0
Minority Interest                        15,934      1.8     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 1999 and 1998                   210,000     23.4   210,000   23.0
   Premium on share capital              68,000      7.6    68,000    7.4
   Retained earnings  
     Appropriated for reserve fund       21,000      2.3    21,000    2.3
     Unappropriated                     501,440     56.0   406,039   44.5
   Cumulative Transaction Adjustment     (3,009)    (0.3)   (1,656)  (0.2)
        Total Shareholders' Equity      797,432     89.0   703,383   77.0
TOTAL LIABILITIES AND 
    SHAREHOLDERS' EQUITY                895,880    100.0   913,460  100.0


                          STATEMENT OF INCOME 
                                                     In thousand bahts
                                          The Company Only              
                              1999     %     1998      %    1997     %  
REVENUES
   Sales                    949,282  100.0 1,068,241 100.0 751,030 100.0 
   Gain from exchange rate    2,265    0.2    86,121   8.1    -       -  
   Other income               7,768    0.8    13,735   1.3   8,327   1.1 
     Total Revenues         959,315  101.0 1,168,097 109.4 759,357 101.1 
EXPENSES
   Cost of sales            597,864   63.0   597,127  55.9 445,176  59.3 
   Selling and 
     administrative expenses163,724   17.2   161,854  15.2 145,084  19.3 
   Share of loss in a 
     subsidiary               5,318    0.5     1,098   0.1    -       - 
   Impairment charge
     relating to property     5,529    0.6      -       -     -       -
   Interest expenses          1,606    0.2    21,764   2.0  26,391   3.5
   Directors remuneration     4,000    0.4     4,000   0.4   1,200   0.2 
   Income tax                 1,873    0.2     6,602   0.6   2,567   0.3 
     Total Expenses         779,914   82.1   792,445  74.2 620,418  82.6   
INCOME BEFORE 
  EXTRAORDINARY ITEM        179,401   18.9   375,652  35.2 138,939  18.5 

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)           179,401  100.0   375,652  35.2 (44,525) (5.9)
UNAPPROPRIATED RETAINED
    EARNINGS 
     Beginning balance      406,039           47,107       104,132   
 Appropriated for
     Reserve fund              -              (4,220)         -       
     Dividend               (84,000)         (12,500)      (12,500)   
UNAPPROPRITED RETAINED
    EARNINGS ENDING
    BALANCE                 501,440          406,039        47,107    
EARNING (LOSS) PER SHARE
Net income before 
  extraordinary item           8.54            26.99         11.12  
Extraordinary item              -                -          (14.68) 
Net income (loss)              8.54            26.99         (3.56) 

                       STATEMENT OF INCOME
                                             Consolidated             
                                   1999        %       1998        %  
REVENUES
   Sales                         1,007,726   100.0   1,128,448   100.0
   Gain from exchange rate           2,265     0.2      86,121     7.6
   Other income                      7,893     0.8      14,064     1.3
       Total Revenues            1,017,884   101.0   1,228,633   108.9










EXPENSES
   Cost of sales                   655,993    65.1     644,421    57.1
   Selling and administrative      
        expenses                   174,321    17.3     177,007    15.7
   Impairment charge relating
        to preperty                  5,529     0.5        -         -
   Interest expenses                 1,686     0.2      21,816     1.9
   Directors remuneration            4,000     0.4       4,000     0.4
   Income tax                        1,873     0.2       6,602     0.6
       Total Expenses              843,402    83.7     853,846    75.7
INCOME FROM OPERATION              174,482    17.3     374,787    33.2
MINORITY INTEREST                    4,919     0.5         865     0.1
NET INCOME (LOSS)                  179,401    17.8     375,652    33.3
UNAPPROPRIATED RETAINED EARNING
  Beginning balance                406,039              47,107
  Appropriated for
    Reserve fund                      -                 (4,220)
    Dividend                       (84,000)            (12,500)
UNAPPROPRIATED RETAINED EARNING
  ENDING BALANCE                   501,440             406,039
EARNING PER SHARE                     8.54               26.99


















                   STATEMENTS OF CASH FLOWS          In thousand bahts
                                                The Company only      
                                              1999     1998     1997    
Cash flows from operating activities:
Net income (loss)                            179,401  375,652  (44,525)   
Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities  
    Unrealized loss (gain) on exchange rate    1,461  (56,848) 150,608   
    Bad debt and provision for doubtful
      account                                    504      440    1,487 
    Provision for obsoleaence                  1,456      403    6,234 
    Share of loss in a subsidiary              5,317    1,098     -    
    Loss on the change in value of investments   293     -        -
    Impairment change relating to property     5,529     -        -
    Depreciation                              49,381   47,013   44,947 
    Gain on disposal of equipment               (796)  (1,382)     (14) 
  Change in  operating assets and liabilities
     Accounts receivables-trade               31,430  (38,999) (13,544) 
     Inventories                             (39,076)   3,206  (19,548) 
     Advances for seeds and fertilizer         5,572   20,860  (26,432) 
     Accounts receivable-planters             (7,377)  (5,272)  (2,530) 
     Value added tax due for refund           (5,578)  (6,259)   2,935  
     Other current assets                      2,084     (584)  (1,796) 
     Other assets                                 (5)     (16)      35  
     Accounts and notes payable                1,132    6,195    1,900   
     Accrued expenses                         (7,909)   9,423    3,060   
     Other current liabilities                  (690)     697      317   
Net Cash Provided By Operating Activities    223,509  355,627  103,134  
Cash flows from investing activities
   Decrease in short-term investments           -        -      10,000  
   Increase in investment in subsidiary       (7,878) (11,025)    -     
   Proceeds from sale of equipment             1,179    1,573       11  
   Additions to fixed assets                 (33,279) (29,066) (26,404) 
Net Cash Used In Investing Activities        (39,977) (38,518) (16,393) 




Cash flows from financing activities
   Increase (decrease) in bank overdrafts     (5,360)  (3,541)   8,338 
   Repayment of long-term loans             (122,901)(152,175) (77,674)   
   Increase in share capital                    -      85,000     -       
   Diviends paid                             (84,000) (12,500) (12,500)  
Net Cash Used In Financing Activities       (212,261) (83,216) (81,836) 
Net increase (decrease) in cash and 
  cash equivalents                           (28,729) 233,893    4,905  
Cash and cash equivalents, beginning of year 262,141   28,248   23,343 
Cash and cash equivalents, end of year       233,412  262,141   28,248 

Suppliment Disclosures of Cash Flows information
   Cash paid during the year for :-   
      Interest                                 3,850   24,944   24,961 
      Corporate income tax                     6,767      298    1,169 
Cash and cash equivalents consist of :-
   Cash in hand and at banks                 212,575  147,643    8,248   
   Fixed deposits (3 month)                   20,838  114,498   20,000   
          Total                              233,412  262,141   28,248  

                         Statement of Cash FlowS
                                                (Unit : Thousand Baht)
                                                       Consolidated   
                                                          1999        
Cash Flows from operating activities:
  Net income                                             179,401
  Adjustments to reconcile net income to net
    cash provided by (used in) operating activities    
      Unrealized loss(gain) on exchange rate               1,461
      Bad debt and provision for doubtful account            504
      Provision for obsolescence                           1,456
      Impairment change relating to property               5,529
      Minority interest in subsidiary                     (4,919)
      Amortization of excess of cost of investment           198
      Cumulative Transaction Adjustment                   (1,353)
      Depreciation                                        50,270
      Gain on disposal of equipment                         (796)


  Change in operating assets and liabilities
      Accounts receivable - trade                         29,962
      Inventories                                        (46,656)
      Advances for seeds and fertilizer                    5,572
      Accounts receivable - planters                      (7,377)
      Value added tax due for refund                      (8,442)
      Other current assets                                 7,903
      Other assets                                          (298)
      Accounts and notes payable                          13,148
      Accrued expenses                                    (4,642)
      Other current liabilities                           (1,155)
Net Cash Provided by Operating Activities                219,766
Cash Flows from Investing Activities
  Increase in investment in subsidiaries                   1,179
  Proceeds from sale of equipment                        (47,970)
Net Cash Used In Investing Activities                    (46,790)
Cash Flows from Financing Activities
  Decrease in bank overdrafts                             (5,360)
  Repayment of long - term loans                        (122,901) 
  Cash received from mainority interest for capital       11,755 
  Dividend                                               (84,000)
Net Cash Used In Financing Activities                   (200,505)
                           
Net Increase(Decrease) in Cash and Cash Equivalents      (27,529)  
Cash and Cash Equivalents,Beginning of Year              264,034
Cash and Cash Equivalents, End of Year                   236,505

Supplement Disclosures of Cash Flows Information
  Cash paid during the year for:-
       Interest                                            3,930
       Corporate income tax                                6,767

Cash and Cash Equivalents consist of:-
       Cash in hand and at banks                         215,667
       Fixed doppsots (3 month)                           20,838
            Total                                        236,505



                                                   The Company Only   

        Financial Ratio              Unit      1999  1998  1997 

Liquidity Ratios                                                
  Current ratio                     Time        7.9   2.6   1.0  
  Quick ratio                       Time        4.9   1.8   0.4  
Activity Ratios                                                 
  Account Receivable Turnover    Frequent time   22    27    62 
  Debt collection period            Days         17    13     6 
  Inventory Turnover             Frequent time  3.6   4.0   3.0 
  Good distribution ratio period    Days        101    91   122 
  Fixed Assets Turnover          Frequent time  1.5   1.8   1.3 
  Total Assets Turnover          Frequent time  1.1   1.2   1.2 
Leverage Ratios                                                 
  Debt Ratio                          %         7.1  21.5  60.2 
  Interest Coverage Ratio            Time     113.9  18.6  (0.6)
  Fixed Charge Coverage Ratio        Time       1.5   1.9  (0.5)
Profitability Ratios                                            
  Gross profit margin                 %        37.0  44.1  40.7 
  Operating profit margin             %        19.4  28.6  21.2 
  Net profit margin                   %        18.9  35.2  (5.9)
  Return on Assets                    %        20.8  41.9  (6.9) 
  Return on Equity                    %        22.4  53.3 (17.3) 
 














                                                 Consolidated  

         Financial Ratio             Unit      1999  1998 

Liquidity Ratios                                          
  Current ratio                      Time       6.2   2.6 
  Quick ratio                        Time       3.8   1.8 
Activity Ratios                                           
  Account Receivable Turnover    Frequent time   22    18 
  Debt collection period             Days        17    20 
  Inventory Turnover             Frequent time  3.7   4.1 
  Good distribution ratio period     Days        99    89 
  Fixed Assets Turnover          Frequent time  1.5   1.9 
  Total Assets Turnover          Frequent time  1.1   1.2 
Leverage Ratios                                           
  Debt ratio                          %         9.2  22.0 
  Interest coverage ratio            Time     105.6  18.5 
  Fixed charge coverage ratio        Time       1.5   1.9 
Profitability Ratios                                      
  Gross profit margin                 %        34.9  42.9 
  Operating profit margin             %        17.2  26.9 
  Net profit margin                   %        17.8  33.3 
  Return on Assets                    %        20.0  41.1 
  Return on Equity                    %        22.5  53.4 

  10.3 Outstanding Debt from Previous Issuance of Bills or Debentures
       - None -

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