5 Operating Assets

  5.1 Core assets of the Company as of March 31, 2007

+---------------------------------+-------+-------------+--------------+
| Item                            | Owne  | Net book    | Encumbrance  |
|                                 | rship | value       |              |
|                                 |       |             |              |
|                                 |       | (Bt.        |              |
|                                 |       | thousand )  |              |
+---------------------------------+-------+-------------+--------------+
| Land and improvement of land    | PTL   | 46,162      | Land under   |
| under title deeds no. 5626 (11  |       |             | title deeds  |
| rai 18.6 sq.wah) 5627 (9 rai    | PTL   | 57,019      | No. 5626 and |
| 3.4 sq.wah) and 5628(8 rai 28.9 |       |             | 5627         |
| sq.wah) totaling 28 rai 50.9    |       |             | a            |
| sq.wah, located at No. 60/24,   |       |             | ccommodating |
| Moo 3, Siam Eastern Industrial  |       |             | building and |
| Park, Pluakdaeng District,      |       |             | machinery    |
| Rayong Province 21140,Land      |       |             | /equipment   |
| under title deed no. 1346 (8    |       |             | are placed   |
| rai 1 nang 77 sq.wah) located   |       |             | with Siam    |
| in Pluakdaeng District, Rayong  |       |             | City Bank    |
| Province 21140                  |       |             | and the Thai |
|                                 |       |             | Military     |
| Land under title deed no        |       |             | Bank as      |
| 5670(11 rai 79 sq.wah) 5671 (11 |       |             | security     |
| rai 3 nang 55 sq.wah) 5672 (12  |       |             | against long |
| rai 2 nang 20 sq.wah) totaling  |       |             | term loan    |
| 35 rai 2 nang 54.80 sq.wah      |       |             | facility of  |
| located at Siam Eastern         |       |             | Euro 14      |
| Industrial Park, Pluakdaeng     |       |             | million and  |
| District, Rayong Province 21140 |       |             | short term   |
|                                 |       |             | working      |
|                                 |       |             | capital      |
|                                 |       |             | limits of    |
|                                 |       |             | Thai Baht    |
|                                 |       |             | 377 million  |
+---------------------------------+-------+-------------+--------------+
| Building and improvement        | PTL   | 136,723     |              |
+---------------------------------+-------+-------------+--------------+
| Machinery and equipment         | PTL   | 1,708,752   |              |
+---------------------------------+-------+-------------+--------------+
| Office equipment and furniture  | PTL   | 9,018       | None         |
+---------------------------------+-------+-------------+--------------+
| Vehicles                        | PTL   | 3,209       | None         |
+---------------------------------+-------+-------------+--------------+
| Assets under                    | PTL   | 6,280       | None         |
| construction/installation       |       |             |              |
+---------------------------------+-------+-------------+--------------+
| Total                           |       | 1,967,163   |              |
+---------------------------------+-------+-------------+--------------+

  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 manufacturing and distributing PET
  films. PTL monitors and supervise the operations of PSPL by having 3
  representatives who sit on the latter’s board of directors.

  PTL had invested in Polyplex (Americas) Inc. (PA) during 2005-06 and
  holds 80.24% stake. Polyplex (Americas) Inc. is a distribution company
  of PET films in USA.

  Polyplex also has an investment policy as per which PCL/subsidiary
  companies would invest in South Asian 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.