5 Operating Assets

1.  Core assets of the Company as of March 31, 2006

+-----------------------------+------+-----------+-------------------+
| Item                        | O    | Net book  | Encumbrance       |
|                             | wner | value     |                   |
|                             | ship |           |                   |
|                             |      | (Bt.      |                   |
|                             |      | thousand  |                   |
|                             |      | )         |                   |
+-----------------------------+------+-----------+-------------------+
| Land and improvement of     | PTL  | 46,162    | Land under title  |
| land under title deeds no.  |      |           | deeds No. 5626    |
| 5626 (11 rai 18.6 sq. wah)  |      |           | and 5627          |
| 5627 (9 rai 3.4 sq.wah) and |      |           | accommodating     |
| 5628 (8 rai 28.9 sq.wah)    |      |           | building and      |
| totaling 28 rai 50.9        |      |           | machinery         |
| sq.wah, located at No.      |      |           | /equipment are    |
| 60/24, Moo 3, Siam Eastern  |      |           | placed with Siam  |
| Industrial Park, Pluakdaeng |      |           | City Bank and the |
| District, Rayong Province   |      |           | Thai Military     |
| 21140                       |      |           | Bank as security  |
|                             |      |           | against long term |
| land under title deeds no.  |      |           | loan facility of  |
| 1346 (8 rai 1 nang 77       |      |           | Euro 14 million   |
| sq.wah) located in          |      |           | and short term    |
| Pluakdaeng District, Rayong |      |           | working capital   |
| Province 21140              |      |           | limits of Thai    |
|                             |      |           | Baht 377 million. |
+-----------------------------+------+-----------+-------------------+
| Building and improvement    | PTL  | 139,852   |                   |
+-----------------------------+------+-----------+-------------------+
| Machinery and equipment     | PTL  | 1,787,393 |                   |
+-----------------------------+------+-----------+-------------------+
| Office equipment and        | PTL  | 7,447     | None              |
| furniture                   |      |           |                   |
+-----------------------------+------+-----------+-------------------+
| Vehicles                    | PTL  | 6,331     | None              |
+-----------------------------+------+-----------+-------------------+
| Assets under                | PTL  | 23,689    | None              |
| construction/installation   |      |           |                   |
+-----------------------------+------+-----------+-------------------+
| Total                       |      | 2,010,874 |                   |
+-----------------------------+------+-----------+-------------------+

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 invested in Polyplex (Americas) Inc. (PA) during 2005-06 and holds
  80.24% stake. Polyplex (Americas) Inc. is 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.