5.  Operating Assets

    1.  Core assets of the Company as of March 31, 2013

+-------------------------+-----+----------+---------------------------+
| Item                    | Ow  | Net book | Encumbrance               |
|                         | ner | value    |                           |
|                         |     |          |                           |
|                         | s   | (Bt.     |                           |
|                         | hip | thousand |                           |
|                         |     | )        |                           |
+-------------------------+-----+----------+---------------------------+
| Land and improvement of | PTL | 46,162   | Land under title deeds    |
| land under title deeds  |     |          | No. 5626, 5627, and 5628  |
| no. 5626 (11 rai 18.6   | PTL | 57,019   | accommodating building    |
| sq.wah) 5627 (9 rai 3.4 |     |          | and machinery /equipment  |
| sq.wah) and 5628(8 rai  | PTL | 93,446   | of the Plain PET Film and |
| 28.9 sq.wah) totaling   |     |          | Metallized film lines     |
| 28 rai 50.9 sq.wah,     |     |          | along with Polyester      |
| located at No. 60/24,   |     |          | Chips plant are mortgaged |
| Moo 3, Siam Eastern     |     |          | with Thanachart Bank Plc, |
| Industrial Park,        |     |          | TMB Bank Plc, Bangkok     |
| Pluakdaeng District,    |     |          | Bank Plc and Bank of      |
| Rayong Province         |     |          | Ayudhya Plc as security   |
| 21140,Land under title  |     |          | against sanctioned long   |
| deed no. 1346 (8 rai 1  |     |          | term loan facility of     |
| nang 77 sq.wah) located |     |          | Euro 14 million and USD   |
| in Pluakdaeng District, |     |          | 27 million and on a       |
| Rayong Province 21140   |     |          | second charge basis to    |
|                         |     |          | secure the short term     |
| Land under title deed   |     |          | working capital limits of |
| no 5670(11 rai 79       |     |          | Thai Baht 85 million each |
| sq.wah) 5671 (11 rai 3  |     |          | to TMB Bank Plc and       |
| nang 55 sq.wah) 5672    |     |          | Thanachart Bank Plc. The  |
| (12 rai 2 nang 20       |     |          | O/S amount of these loans |
| sq.wah) totaling 35 rai |     |          | as at 31^(st) March, 2013 |
| 2 nang 54.80 sq.wah     |     |          | is Euro 1.6 million and   |
| located at No 60/91,    |     |          | USD 11.2 million. The     |
| Moo 3, Siam Eastern     |     |          | title deed 1346 is vacant |
| Industrial Park,        |     |          | until now and is also     |
| Pluakdaeng District,    |     |          | free of any charge.       |
| Rayong Province 21140   |     |          |                           |
|                         |     |          | Land under title deeds    |
| Land under Title deed   |     |          | No. 5670, 5671 & 5672     |
| No.5617 ( 5 rai 3 Nang  |     |          | have been mortgaged with  |
| 48.4 Sq.Wah) No. 5618   |     |          | Bangkok Bank Plc and Bank |
| (5 Rai 3 Nang           |     |          | of Ayudhya Plc as         |
| 71.7Sq.Wah) No. 5621 (5 |     |          | security against USD      |
| Rai 3 Nang 42.4Sq.Wah)  |     |          | 11.25 million sanctioned  |
| No. 5622 (5 Rai 3 Nang  |     |          | for the Cast              |
| 60.3 Sq.Wah) No.5623 (5 |     |          | Polypropylene plant, USD  |
| Rai 3 Nang 78.2Sq.Wah)  |     |          | 16.5 million sanctioned   |
| and No. 5624 (6 Rai     |     |          | for the Silicone Coating  |
| 65.5 Sq.Wah) Totaling   |     |          | Line and USD 10 million   |
| 35 Rai 2 Nang 65.5      |     |          | sanctioned by Bangkok     |
| Sq.Wah located 60/109,  |     |          | Bank Plc for the new      |
| Moo 3,at Siam Eastern   |     |          | Blown PP line. This land  |
| Industrial Park ,       |     |          | also accommodates the     |
| Pluakdaeng District,    |     |          | Extrusion Coating line.   |
| Rayong Province 21140   |     |          | However, the buildings of |
|                         |     |          | the Extrusion Coating     |
|                         |     |          | line are free of any      |
|                         |     |          | charge. The recycling     |
|                         |     |          | project in the process of |
|                         |     |          | implementation under the  |
|                         |     |          | Company’s subsidiary      |
|                         |     |          | EcoBlue Limited will be   |
|                         |     |          | located on a portion of   |
|                         |     |          | title deed 5671 & 5672,   |
|                         |     |          | to be leased by the       |
|                         |     |          | Company to EcoBlue        |
|                         |     |          | Limited.                  |
|                         |     |          |                           |
|                         |     |          | Land under title deeds    |
|                         |     |          | No. 5617, 5618, 5621,     |
|                         |     |          | 5622, 5623 & 5624 have    |
|                         |     |          | been mortgaged with       |
|                         |     |          | Bangkok Bank Plc and TMB  |
|                         |     |          | Bank Plc as security      |
|                         |     |          | against USD 60 million    |
|                         |     |          | sanctioned for the Thick  |
|                         |     |          | PET Film Line.            |
+-------------------------+-----+----------+---------------------------+
| Building and            | PTL | 513,181  | Book value amounting to   |
| improvement             |     |          | Baht 253 million is       |
|                         |     |          | pledged with banks        |
+-------------------------+-----+----------+---------------------------+
| Machinery and equipment | PTL | 2        | Book value amounting to   |
|                         |     | ,156,506 | Baht 1,934 million is     |
|                         |     |          | pledged with banks        |
+-------------------------+-----+----------+---------------------------+
| Office equipment and    | PTL | 11,571   | None                      |
| furniture               |     |          |                           |
+-------------------------+-----+----------+---------------------------+
| Vehicles                | PTL | 11,808   | None                      |
+-------------------------+-----+----------+---------------------------+
| Assets under            | PTL | 2        | None                      |
| co                      |     | ,105,667 |                           |
| nstruction/installation |     |          |                           |
+-------------------------+-----+----------+---------------------------+
| Machinery in Transit    | PTL | 2,235    | None                      |
+-------------------------+-----+----------+---------------------------+
| Total                   |     | 4        |                           |
|                         |     | ,997,595 |                           |
+-------------------------+-----+----------+---------------------------+

2.  Investment in subsidiary company

  PTL’s wholly owned subsidiary Polyplex (Singapore) Pte. Ltd. (PSPL),
  an investment holding company, holds 100 % stake in Polyplex Europa
  Polyester Film Sanayi Ve Ticaret Anonim Şirketi (PE), a company
  incorporated in Turkey which is manufacturing and distributing PET
  films. PTL monitors and supervises the operations of PSPL by having
  couple of representatives who sit on the latter’s board of directors.
  PE has further invested 67% in Polyplex Resins Sanayi Ve Ticaret A.S
  (PR), a new company under which a PET Bottle Grade Resin Line is being
  implemented in Turkey.

  PSPL also holds 100% stake in Polyplex (Trading) Shenzhen Co. Ltd,
  which is a trading company set up in China in the year 2009 and which
  started commercial operations in 2010.

  In January 2006, PTL had acquired 80.24% stake in Polyplex (Americas)
  Inc., to enhance its distribution network in the North American
  market. PCL, PTL’s parent company also had a 9.88% stake while the
  balance 9.88% was held by a foreign US-based shareholder. In January
  2013, PTL acquired the minority stake from the shareholders to make PA
  its 100% subsidiary. Post this acquisition, PA was merged with
  Polyplex USA LLC w.e.f 31st January, 2013.

  In 2011, PTL invested in a 100% owned subsidiary Polyplex America
  Holding Inc. (PAH), an Investment holding company, which further
  invested in Polyplex USA LLC (PUL) which is 100% owned subsidiary of
  PAH, the company under which a PET Thin Film line project has just
  been commissioned in April 2013 and a project for manufacture of PET
  Resin line is still underway.

  As a sustainability initiative, the Company is investing in a project
  to recycle process waste as well as post consumer waste. The project
  is being implemented in Thailand, under the Company’s subsidiary -
  EcoBlue Limited, in which the Company is holding 80% stake.

  The Polyplex group also has a policy on future investments in
  polyester film / related areas between the Company and its parent
  company. Investments in India/SAARC region would be decided and made
  by PCL and its other subsidiaries (excluding the Company) while
  investments In Thailand / ASEAN region as well as other countries
  would be in all likelihood be made by PTL or the subsidiaries in which
  the Company has a major stake. The above is subject to availability of
  Investible cash / ability to borrow debt by the existing / preferred
  Company as per the policy.