5 Operating Assets

5.1 Core assets of the Company as of March 31, 2005

+---------------------------+---------+-----------+-------------------+
| Item                      | Ow      | Net book  | Encumbrance       |
|                           | nership | value     |                   |
|                           |         |           |                   |
|                           |         | (Bt.      |                   |
|                           |         | thousand  |                   |
|                           |         | )         |                   |
+---------------------------+---------+-----------+-------------------+
| Land and improvement of   | PTL     | 43,102    | Land under title  |
| land under title deeds    |         |           | deeds No. 5626    |
| no. 5626 (11 rai 18.6     |         |           | and 5627          |
| sq.wah) 5627 (9 rai 3.4   |         |           | accommodating     |
| sq.wah) and 5628(8 rai    |         |           | building and      |
| 28.9 sq.wah) totaling 28  |         |           | machinery         |
| rai 50.9 sq.wah, located  |         |           | /equipment are    |
| at No. 60/24, Moo 3, Siam |         |           | placed with Siam  |
| Eastern Industrial Park,  |         |           | City Bank and the |
| Pluakdaeng District,      |         |           | Thai Military     |
| Rayong Province 21140     |         |           | Bank as security  |
|                           |         |           | against long term |
|                           |         |           | loan facility of  |
|                           |         |           | USD 29.45 million |
|                           |         |           | (since prepaid in |
|                           |         |           | full) and short   |
|                           |         |           | term working      |
|                           |         |           | capital limits of |
|                           |         |           | USD 9 million.    |
+---------------------------+---------+-----------+-------------------+
| Building and improvement  | PTL     | 143,621   |                   |
+---------------------------+---------+-----------+-------------------+
| Machinery and equipment   | PTL     | 1,772,638 |                   |
+---------------------------+---------+-----------+-------------------+
| Office equipment and      | PTL     | 11,186    | None              |
| furniture                 |         |           |                   |
+---------------------------+---------+-----------+-------------------+
| Vehicles                  | PTL     | 6,921     | None              |
+---------------------------+---------+-----------+-------------------+
| Total                     |         | 1,977,468 |                   |
+---------------------------+---------+-----------+-------------------+

5.2 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, a company
  incorporated in Turkey which is in the process of construction of a
  Greenfield PET film plant. PTL monitors and supervise the operations
  of PSPL by having 3 representatives who sit on the latter’s board of
  directors.

  Polyplex also has an investment policy as per which PCL/subsidiary
  companies would invest in South Asia region provided that the markets
  it serves does not overlap with the markets served by PTL.
  PTL/subsidiary companies would invest in Thailand and ASEAN region
  while in other areas, PTL is more likely to make the investment as its
  size, profitability and cash flow is double that of PCL.