6. NEW PROJECTS AND PROJECTS IN PROGRESS

+---------------+----------------+-----------------+------------------+
| PROJECT       | TYPE           | LOCATION        | PROGRESS         |
+---------------+----------------+-----------------+------------------+
| 1.            | Development of | Amphoe Muang,   | In cooperation   |
|  Agricultural | land           |                 | with             |
|               |                | Prachin Buri    |                  |
|               | for            | province        | Kasetsart        |
|   Development | experimental   |                 | University to    |
|               |                |                 |                  |
|     and       | plantation and |                 | lay out the      |
|               |                |                 | master plan      |
|               | agricultural   |                 |                  |
| Demonstration | training       |                 | and utilize the  |
|               |                |                 | use of           |
|     Center    | center         |                 |                  |
|               |                |                 | land             |
+---------------+----------------+-----------------+------------------+
| 2.  Khon Kaen | Warehouse      | Amphoe Muang,   | Under            |
|               |                |                 | construction     |
|     Depot     | Construction   | Khon Kaen       |                  |
|               |                | province        |                  |
+---------------+----------------+-----------------+------------------+
| 3.  Si Sa Ket | Warehouse      | Amphoe Muang,   | Under land       |
|               |                |                 | development      |
|     Depot     | Construction   | Si Sa Ket       |                  |
|               |                | province        |                  |
+---------------+----------------+-----------------+------------------+
| 4.  Udon      | Warehouse      | Amphoe Muang,   | Under land       |
|     Thani     |                |                 | development      |
|               | Construction   | Udon Thani      |                  |
|     Depot     |                | province        |                  |
+---------------+----------------+-----------------+------------------+
| 5.  Surin     | Warehouse      | Amphoe Muang,   | Under            |
|     Depot     |                |                 | construction     |
|               | Construction   | Surin province  |                  |
+---------------+----------------+-----------------+------------------+
| 6.  Kamphaeng | Warehouse      | Amphoe Muang,   | Under land       |
|               |                |                 | development      |
|     Phet      | Construction   | Kamphaeng Phet  |                  |
|     Depot     |                |                 |                  |
|               |                | Province        |                  |
+---------------+----------------+-----------------+------------------+
| 7.  Bang Poo  | Land           | Amphoe Bang     | Conducting       |
|               | development    | Poo,            | feasibility      |
|               |                |                 | study and on the |
|               | for commercial | Samut Prakan    | process of land  |
|               |                | province        | improvement      |
|               | purpose        |                 | including road   |
|               |                |                 | construction     |
+---------------+----------------+-----------------+------------------+

6.1

+----------------+-----------------+----------------+------------------+
| PROJECT        | TYPE            | LOCATION       | PROGRESS         |
+----------------+-----------------+----------------+------------------+
| Agricultural   | Development of  | Amphoe Muang,  | In cooperation   |
|                | land            |                | with             |
| Development    |                 | Prachin Buri   |                  |
| and            | for             |                | Kasetsart        |
|                | experimental    | Province       | University to    |
| Demonstration  |                 |                |                  |
|                | plantation and  |                | lay out the      |
| Center         |                 |                | master plan      |
|                | agricultural    |                |                  |
|                | training        |                | and utilize the  |
|                |                 |                | use of           |
|                | center          |                |                  |
|                |                 |                | land             |
+----------------+-----------------+----------------+------------------+

Deliberation and Analysis of the Project of the Management:

Under the promotional privileges blessing from the Board of Investment
(BOI) on November 29, 1991, accompanied with the support and assistance
from the Faculty of Agriculture, Kasetsart University, under the
cooperation agreement signed in April 1994, the company has set up the
Agricultural Development and Demonstration Center (ADDC) aiming at
developing and transferring agricultural technology, especially on the
appropriate utilization of soil, water resources, cultivation system,
applications of fertilizer, foliar fertilizer, seeds and agro-chemicals,
etc., as well as organizing training courses for farmers and students
whereby giving them opportunities to practice modern agricultural
methods towards the profitable crop and better income.

Master plan of this project has been completed, with estimated
investment of 640 million Baht. Revenues will be derived from providing
services on agricultural research and development for outsiders and sale
of agricultural products from the demonstration farms.

The project site will be on a 1,600 Rai of land in Tambon Bang Decha,
Amphoe Muang, Prachin Buri province.

6.2

+---------------+---------------+-----------------+--------------------+
| PROJECT       | TYPE          | LOCATION        | PROGRESS           |
+---------------+---------------+-----------------+--------------------+
| Khon Kaen     | Warehouse     | Amphoe Muang,   | under construction |
| Depot         |               |                 |                    |
|               | construction  | Khon Kaen       |                    |
|               |               | province        |                    |
+---------------+---------------+-----------------+--------------------+

Deliberation and Analysis of the Project of the Management:

To support the marketing aim in achieving 1.5 million tons, it deems
appropriate to lay down logistic strategic plan to prevent the future
storage space problem, by planning to invest in establishing our own
depots in the strategic marketing area in the Northeast which will in
turn enable us to supply our fertilizers to farmers in time of need
during the planting season, while avoiding the traffic congestion in
Bangkok.

Khon Kaen province is one of the important strategic area for our depot
project. Construction of warehouse on a 33 Rai 1 Ngan 15.5 Wa has been
underway and upon completion, it will have the annual storage capacity
of 100,000 metric tons to provide services for the farmers in the upper
Northeast area and employing not less than 150 workers. In addition,
this warehouse will earn revenues during the off season by providing
storage services for agricultural crops.

6.3

+--------------+--------------+------------------+-------------------+
| PROJECT      | TYPE         | LOCATION         | PROGRESS          |
+--------------+--------------+------------------+-------------------+
| Si Sa Ket    | Warehouse    | Amphoe Muang,    | Under land        |
| Depot        |              |                  | development       |
|              | construction | Si Sa Ket        |                   |
|              |              | province         |                   |
+--------------+--------------+------------------+-------------------+

Deliberation and Analysis of the Project of the Management:

To support the marketing aim in achieving 1.5 million tons in the
future, it deems appropriate to lay down logistic strategic plan to
prevent the future storage space problem, by planning to invest in
establishing our own depots in the strategic marketing area in the
Northeast which will in turn enable us to supply our fertilizers to
farmers in time of need during the planting season, while avoiding the
traffic congestion in Bangkok.

Si Sa Ket province is one of the important strategic area for our depot
project. The warehouse will be constructed on the 131 Rai of land
compound with the storage capacity of 200,000 metric tons annually to
provide services for the farmers in the lower part of the Northeast area
and will employ not less than 200 workers. In addition, this warehouse
will earn revenues during the off season by providing storage services
for agricultural crops.

6.4

+----------------+--------------+-----------------+-------------------+
| PROJECT        | TYPE         | LOCATION        | PROGRESS          |
+----------------+--------------+-----------------+-------------------+
| Udon Thani     | Warehouse    | Amphoe Muang,   | under land        |
| Depot          |              |                 | development       |
|                | construction | Udon Thani      |                   |
|                |              | province        |                   |
+----------------+--------------+-----------------+-------------------+

Deliberation and Analysis of the Project of the Management:

To support the marketing aim in achieving 1.5 million tons in the
future, it deems appropriate to lay down logistic strategic plan to
prevent the future storage space problem, by planning to invest in
establishing our own depots in the strategic marketing area in the
Northeast which will in turn enable us to supply our fertilizers to
farmers in time of need during the planting season, while avoiding the
traffic congestion in Bangkok.

Udon Thani province is one of the important strategic area for our depot
project. The warehouse will be established on 44 Rai of land, having the
annual storage capacity of 200,000 metric tons, for providing services
to farmers in the upper part of Northeast area, and will employ not less
than 200 workers. In addition, this warehouse will earn revenues during
the off season by providing storage services for agricultural crops

6.5

+---------------+---------------+-----------------+--------------------+
| PROJECT       | TYPE          | LOCATION        | PROGRESS           |
+---------------+---------------+-----------------+--------------------+
| Surin Depot   | Warehouse     | Amphoe Muang,   | under construction |
|               |               |                 |                    |
|               | construction  | Surin province  |                    |
+---------------+---------------+-----------------+--------------------+

Deliberation and Analysis of the Project of the Management:

To support the marketing aim in achieving 1.5 million tons, it deems
appropriate to lay down logistic strategic plan to prevent the future
storage space problem, by planning to invest in establishing our own
depots in the strategic marketing area in the Northeast which will in
turn enable us to supply our fertilizers to farmers in time of need
during the planting season, while avoiding the traffic congestion in
Bangkok.

Surin province is one of the important strategic area for our depot
project. Construction of warehouse on a 66 Rai of land has been underway
and upon completion, it will have the annual storage capacity of 200,000
metric tons to provide services for the farmers in the lower part of
Northeast area and employing not less than 200 workers. In addition,
this warehouse will earn revenues during the off season by providing
storage services for agricultural crops.

6.6

+--------------+--------------+------------------+-------------------+
| PROJECT      | TYPE         | LOCATION         | PROGRESS          |
+--------------+--------------+------------------+-------------------+
| Kamphaeng    | Warehouse    | Amphoe Muang,    | Under land        |
|              |              |                  | development       |
| Phet Depot   | construction | Kamphaeng Phet   |                   |
|              |              |                  |                   |
|              |              | province         |                   |
+--------------+--------------+------------------+-------------------+

Deliberation and Analysis of the Project of the Management:

To support the marketing aim in achieving 1.5 million tons in the
future, it deems appropriate to lay down logistic strategic plan to
prevent the future storage space problem, by planning to invest in
establishing our own depots in the strategic marketing area in the
Northeast which will in turn enable us to supply our fertilizers to
farmers in time of need during the planting season, while avoiding the
traffic congestion in Bangkok.

Kamphaeng Phet province is one of the important strategic area for our
depot project. The 65 Rai of land will be developed to set up a
warehouse with annual storage capacity of 200,000 metric tons for
catering services to customers in the Northern area, and will employ not
less than 200 workers. In addition, this warehouse will earn revenues
during the off season by providing storage services for agricultural
crops.

6.7

+------------+----------------+------------------+--------------------+
| PROJECT    | TYPE           | LOCATION         | PROGRESS           |
+------------+----------------+------------------+--------------------+
| Bang Poo   | Land           | Amphoe Bang Poo, | under land         |
|            | development    |                  | development        |
|            |                | Samut Prakan     |                    |
|            | for commercial | province         | and studying the   |
|            |                |                  |                    |
|            | purpose        |                  | feasibility for    |
|            |                |                  |                    |
|            |                |                  | commercial use     |
+------------+----------------+------------------+--------------------+

Deliberation and Analysis of the Project of the Management:

Considering that industrial factories expanded in the last decade in the
area of Samut Prakan province, coupled with the previous government
policy in supporting the factories to be located in this province, the
company has procured land for establishing the industrial estate.
Unfortunately, the present economic crisis has limited the expansion of
industries, therefore, the company has to review the marketing plan in
looking for other profitable business by studying to develop the
existing land for commercial purpose.