Part 1

Executive Summary

Polyplex (Thailand) Plc. (“PTL” or “the Company”), which was
incorporated on March 26, 2002 under the promotional privileges of the
Board of Investment (BoI), is in the business of manufacturing and
distributing Thin Polyester (“PET”) film. PTL is currently 70%-owned
subsidiary, through direct and indirect shareholding, of the India-based
Polyplex Corporation Limited (“PCL”), which is in the same business as
the Company’s for the last 17 years.

PET film is a high performance film produced from PET resin (also known
as PET chips). It is a versatile product catering to a broad range of
packaging, industrial, electrical, magnetic media and imaging
applications. Another broad classification made by the Industry is Thin
(including Magnetic media) and Thick PET films. The Company produces
only thin films and operates in the packaging, industrial and electrical
segments.

PTL’s plant, which is located at Siam Eastern Industrial Park, Rayong
Province, accommodates two PET film production lines each with a
production capacity of 19,500 tons per year, aggregating to a total
production capacity of 39,000 tons per year. The BOI has recently
granted approval for restatement of the capacity of both the Pet film
lines at an aggregate of 48000 tons per year. During 2004-05, the
Company has also set up capacity for PET resin to serve as raw material
for its PET film production, in two phases with an aggregate production
capacity of 52,500 tons per year. The company expects to start
production from its forward integration metalliser project in June-2005.

PTL began commercial operations from its first PET film line in April
2003 with the second line commissioned in November 2003. Its sales
accounted for Bt. 1,645.47 million in 2003/04, rising to Bt. 3,262.97
million in the year 2004/05, an increase of 198.30% arising primarily
from the full scale operation on both the production lines as well as
improved productivity. Around 90% of PTL’s revenue comes from exports.
The key financial indicators for the Company are given below:

  ------------------ ------- --------------- --------------- --------------
                     Unit    2002-03         2003-04         2004-05

                             Apr 02 - Mar 03 Apr 03 - Mar 04 Apr 04 - Mar
                                                             05

  Revenues           Bt. Mn. 0               1,718           3,355

  Operating Profit   Bt. Mn. -23             321             655

  Operating Profit   (%)     N.A.            19.52%          20.08%
  Margin                                                     

  Net Profit         Bt. Mn. -23             367             721

  Net Profit Margin  (%)     n.a.            21.37%          21.49%

  Earning Per Share  Bt. Mn. -3.14           35.94*          1.58**

  Return on Assets   (%)     n.a.            23.20%          24.30%

  Return on Equity   (%)     -6.84%          57.86%          34.67%

  Debt to Equity     Times   2.02            1.31            0.17
  Ratio                                                      
  ------------------ ------- --------------- --------------- --------------

* Par value Bt. 10 per share

** Par value Bt. 1 per share

In the year 2004/05, the Company and its subsidiaries has recorded
higher revenues of Bt. 3,355 million with net profit margins of 21.49%,
and an EPS of 1.58 (with par value of Bt. 1 per share). The return on
assets has also been higher at 24.30%. And with addition to share
capital and accumulated profits, return on equity has been lower at
34.67% during the year 2004/05.

As of March 31, 2005, PTL’s and its subsidiaries’ assets account for Bt.
3,766 million, total liabilities Bt. 546 million, and shareholders’
equity Bt. 3,220 million. It’s paid up registered capital is Bt. 800
million, divided into 800 million ordinary shares of par value of Bt. 1
each. On Nov’ 30 /Dec’ 1, 2004, the company had made an Initial Public
Offer for common shares aggregating 240 million shares of par value of 1
Baht each at an IPO price of Baht 6.90 per share.

(The investors should study the details in Part 2 before making
investment decision.)