5 Operating Assets

  5.1 Core assets of the Company as of March 31, 2009

+--------------------------+----------+----------+--------------------+
| Item                     | O        | Net book | Encumbrance        |
|                          | wnership | value    |                    |
|                          |          |          |                    |
|                          |          | (Bt.     |                    |
|                          |          | thousand |                    |
|                          |          | )        |                    |
+--------------------------+----------+----------+--------------------+
| Land and improvement of  | PTL      | 46,162   | Land under title   |
| land under title deeds   |          |          | deeds No. 5626,    |
| no. 5626 (11 rai 18.6    | PTL      | 57,019   | 5627, 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 of the  |
| at No. 60/24, Moo 3,     |          |          | Plain Film and     |
| Siam Eastern Industrial  |          |          | Metallized film    |
| Park, Pluakdaeng         |          |          | lines, Polyester   |
| District, Rayong         |          |          | Chips plant are    |
| Province 21140,Land      |          |          | mortgaged with     |
| under title deed no.     |          |          | Siam City Bank     |
| 1346 (8 rai 1 nang 77    |          |          | Plc, TMB Bank Plc, |
| sq.wah) located in       |          |          | Bangkok Bank Plc   |
| Pluakdaeng District,     |          |          | and Bank of        |
| Rayong Province 21140    |          |          | Ayudhya Plc as     |
|                          |          |          | security against   |
| Land under title deed no |          |          | sanctioned long    |
| 5670(11 rai 79 sq.wah)   |          |          | term loan facility |
| 5671 (11 rai 3 nang 55   |          |          | of Euro 14 million |
| sq.wah) 5672 (12 rai 2   |          |          | and USD 27 million |
| nang 20 sq.wah) totaling |          |          | and on a second    |
| 35 rai 2 nang 54.80      |          |          | charge basis to    |
| sq.wah located at No     |          |          | secure the short   |
| 60/91, Moo 3, Siam       |          |          | term working       |
| Eastern Industrial Park, |          |          | capital limits of  |
| Pluakdaeng District,     |          |          | Thai Baht 85       |
| Rayong Province 21140    |          |          | million each to    |
|                          |          |          | TMB Bank Plc and   |
|                          |          |          | Siam City          |
|                          |          |          |                    |
|                          |          |          | Bank Plc.          |
|                          |          |          |                    |
|                          |          |          | Land under title   |
|                          |          |          | deeds No. 5670,    |
|                          |          |          | 5671 & 5672 have   |
|                          |          |          | been mortgaged     |
|                          |          |          | with Bangkok Bank  |
|                          |          |          | Plc and Bank of    |
|                          |          |          | Ayudhya Plc as     |
|                          |          |          | security against   |
|                          |          |          | USD 11.25 million  |
|                          |          |          | sanctioned for the |
|                          |          |          | Cast Poly          |
|                          |          |          | propylene project, |
|                          |          |          | which is under     |
|                          |          |          | implementation on  |
|                          |          |          | this land. This    |
|                          |          |          | land also          |
|                          |          |          | accommodates the   |
|                          |          |          | Extrusion Coating  |
|                          |          |          | line, which        |
|                          |          |          | commenced          |
|                          |          |          | production in      |
|                          |          |          | April 2008.        |
|                          |          |          | However, the       |
|                          |          |          | building and       |
|                          |          |          | machinery of the   |
|                          |          |          | Extrusion Coating  |
|                          |          |          | line are free of   |
|                          |          |          | any charge.        |
+--------------------------+----------+----------+--------------------+
| Building and improvement | PTL      | 240,779  |                    |
+--------------------------+----------+----------+--------------------+
| Machinery and equipment  | PTL      | 1        |                    |
|                          |          | ,835,708 |                    |
+--------------------------+----------+----------+--------------------+
| Office equipment and     | PTL      | 6,454    | None               |
| furniture                |          |          |                    |
+--------------------------+----------+----------+--------------------+
| Vehicles                 | PTL      | 10,272   | None               |
+--------------------------+----------+----------+--------------------+
| Assets under             | PTL      | 9,141    | None               |
| c                        |          |          |                    |
| onstruction/installation |          |          |                    |
+--------------------------+----------+----------+--------------------+
| Total                    |          | 2        |                    |
|                          |          | ,205,535 |                    |
+--------------------------+----------+----------+--------------------+

  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.

  PTL is also making an investment in the set up of a Trading Company in
  China, Polyplex (Trading) Shenzhen Co. Ltd. The company formation in
  under progress and expected to take about 3-4 months and Trading
  operations can start thereafter.

  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.