5 Operating Assets

  5.1 Core assets of the Company as of March 31, 2008

+---------------------------+---------+---------+---------------------+
| Item                      | Ow      | Net     | Encumbrance         |
|                           | nership | book    |                     |
|                           |         | value   |                     |
|                           |         |         |                     |
|                           |         | (Bt.    |                     |
|                           |         | t       |                     |
|                           |         | housand |                     |
|                           |         | )       |                     |
+---------------------------+---------+---------+---------------------+
| Land and improvement of   | PTL     | 46,162  | Land under title    |
| land under title deeds    |         |         | deeds No. 5626 5627 |
| no. 5626 (11 rai 18.6     | PTL     | 57,019  | and 5628            |
| 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 Plc, Thai |
| Pluakdaeng District,      |         |         | Military Bank Plc,  |
| Rayong Province           |         |         | Bangkok Bank Plc    |
| 21140,Land under title    |         |         | and Bank of Ayudhya |
| deed no. 1346 (8 rai 1    |         |         | Plc as security     |
| nang 77 sq.wah) located   |         |         | against sanctioned  |
| in Pluakdaeng District,   |         |         | long term loan      |
| Rayong Province 21140     |         |         | facility of Euro 14 |
|                           |         |         | million and USD 27  |
| Land under title deed no  |         |         | million and on a    |
| 5670(11 rai 79 sq.wah)    |         |         | second charge basis |
| 5671 (11 rai 3 nang 55    |         |         | to secure the short |
| sq.wah) 5672 (12 rai 2    |         |         | term working        |
| nang 20 sq.wah) totaling  |         |         | capital limits of   |
| 35 rai 2 nang 54.80       |         |         | Thai Baht 85        |
| sq.wah located at No      |         |         | million each to     |
| 60/91, Moo 3, Siam        |         |         | Thai Military Bank  |
| Eastern Industrial Park,  |         |         | Plc and Siam City   |
| Pluakdaeng District,      |         |         |                     |
| Rayong Province 21140     |         |         | Bank Plc            |
+---------------------------+---------+---------+---------------------+
| Building and improvement  | PTL     | 133,559 |                     |
+---------------------------+---------+---------+---------------------+
| Machinery and equipment   | PTL     | 1,      |                     |
|                           |         | 607,478 |                     |
+---------------------------+---------+---------+---------------------+
| Office equipment and      | PTL     | 6,523   | None                |
| furniture                 |         |         |                     |
+---------------------------+---------+---------+---------------------+
| Vehicles                  | PTL     | 2,711   | None                |
+---------------------------+---------+---------+---------------------+
| Assets under              | PTL     | 432,490 | None                |
| construction/installation |         |         |                     |
+---------------------------+---------+---------+---------------------+
| Total                     |         | 2,      |                     |
|                           |         | 285,942 |                     |
+---------------------------+---------+---------+---------------------+

  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 a
  representative 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(excluding PTL) 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.