11. Clarification and Analyses of the Management
    (1) Past Operation and Financial Status
         In 1999,  the  company  earned  a  total  income  of 959 million 
bahts, decrease from the  total income in 1998   1,168  million bahts, in 
other  words,  the  decrease  rate  was 17.9 %  and  net  profit  in 1999 
decreased from 1998 196  million bahts or decreased  52.2 %  result  from 
of a decrease in an  exchange rate loss of BIBF loan of 84 million bahts, 
decrease in profit from  exchange  rate when  compare  with  last year of 
58 million bahts, decrease in profit  from  sale decrease of  61  million  
bahts, decrease in  interest  expenses of 20 million bahts, share of loss 
in a  subsidiary  company  4  million  bahts, impairment charge  relating
to  property  5  million  bahts,  other  income  decrease 6 million bahts 
and  other expenses decrease 2 million bahts.
         For  the  subsidiary  company, there  was  a  sales volume of 58 
million bahts in 1999,  other  income  0.12  million bahts  and a loss of 
10 million bahts.

        Financial status
        As of December 31, 1999,  Balance sheets  of the company's assets 
was 861 million bahts decreased from  the  previous year 36 million bahts 
which mainly resulted from the  decreased in  current  assets  17 million
bahts  and  decreased  of  permanent  assets  21  million  bahts.    Also 
investment in subsidiary company increased by 2 million bahts.
        The debt-to-equity  ratio  was 0.08, a decrease  from 0.27 in the
previous year.  The decrease was caused by a decrease  from  the  Company 
paid of long term loan on March 4, 1999  and  as well as  the decrease in 
profit this year.   Thus, the  company's investment structure in 1999 was 
very stable.
        When consider from  the financial liquidity, the ratio of current
assets-to-current  liabilities  was  7.99    compared  to  2.61   in  the 
preceding year.  The company had very  sound  liquidity as  evidenced  by  
the  increase  in  the  company's  cash, bank  deposits  and  short  term 
investment of  233  million  bahts of 48 % of total  current assets.
        The  subsidiary  company  possessed totals of assets, liabilities 
and shareholders' equity of 34.8,21.8 and 13.0 million baht respectively.




    (2) Future Trend
        In 2000,the main motive the country economic is export. Expansion
rate estimates not less than 10 % and should be  more  than last year and 
through  the  policy of  deficit budget proceeded by the State would make 
more consumption.  Also the trend of expanding  Small and Medium business 
due to flow of the Bank loan by the Commercial Bank for such business.  
        For the company,believe the  business still remain good with sale
target at 16,000 - 17,000 MT. and as  from  the assessment, exchange rate
should stand at level 36-39 Bahts/US Dollar. 



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