7. Assets of The Company and Its Subsidiary 

7.1 Land, Buildings, and Machines

The details of various locations and land area are as follows :

Location Land Area Ownership Rai Ngan Wah

1. Factory at Angthong 95 0 22 Owned by the company

2. Worker Colony at

Angthong 3 0 0 Owned by the company

3. Storage tanks at

Sriracha 9 0 28 Owned by the company

Total 107 0 50

Total Book Value of Land = Baht 36,261,283

The company does not have any machines and equipment which is having the
Book Value of more than 10% of the total assets. All the assets are
shown at Net Book Value in the financial statement.

Details of Property, Plant, and Equipment

  -------------- ---------------------------------- --------------- ----------------
                 Items                              The Company     Consolidated

  1              Land                               36,261,283      65,761,283

  2              Buildings, Road and Lease Right    203,052,943     289,943,790

  3              Plant & Machinery                  1,972,400,393   2,664,531,715

  4              Furniture, Office Equipment and    56,538,313      73,074,506
                 Software                                           

  5              Motor Vehicles                     14,890,703      20,340,931

  6              Machinery Under Financial Lease    156,554,413     156,554,413

  7              Machinery in Progress              32,870,117      34,426,262

  Total Cost                                        2,472,568,165   3,284,632,900

  Less                                              1,757,673,048   2,101,064,406
  Accumulated                                                       
  Depreciation                                                      

  Total Net Book                                    714,895,117     1,183,568,494
  Value                                                             
  -------------- ---------------------------------- --------------- ----------------

7.2 Investment in Subsidiary and Associated Companies

+----------+-----------+----------+------+-------+-------+------------+
| Company  | Activity  | Paid-up  | %    | Cost  | Value | Other      |
| Name     |           | Capital  | S    | of    | of    | Major      |
|          |           | (MB)     | hare | Inves | Inves | Sh         |
|          |           |          | Hold | tment | tment | areholders |
|          |           |          | ings | (MB)  | (MB)  |            |
|          |           |          |      |       |       | (>10%)     |
+----------+-----------+----------+------+-------+-------+------------+
| Su       |           |          |      |       |       |            |
| bsidiary |           |          |      |       |       |            |
| C        |           |          |      |       |       |            |
| ompanies |           |          |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+
| Thai     | Ma        | 130.00   | 6    | 78.00 | 1     | 1.  Malton |
| S        | nufacture |          | 0.00 |       | 10.57 |            |
| ulphites | of Sodium |          |      |       |       |    Limited |
| and      | Sulphite  |          |      |       |       |     (10%)  |
| C        | and       |          |      |       |       |            |
| hemicals | Sodium    |          |      |       |       | 2.  Mirapa |
| Co.,Ltd. | Metab     |          |      |       |       |     Ltd.   |
|          | isulphite |          |      |       |       |     (10%)  |
+----------+-----------+----------+------+-------+-------+------------+
| Liaoning | Ma        | 61.796   | 7    | 2     | 1     | 1.         |
| Birla    | nufacture | (Million | 1.00 | 18.44 | 93.52 | Dashiqiao  |
| Carbon   | of Carbon | RMB)     |      |       |       | Ronghua    |
| Co.,Ltd  | Black     |          |      |       |       | Chemicals  |
|          |           |          |      |       |       | Co.,Ltd    |
| (Re      |           |          |      |       |       |            |
| gistered |           |          |      |       |       | (29%)      |
| in       |           |          |      |       |       |            |
| China)   |           |          |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+
| As       |           |          |      |       |       |            |
| sociated |           |          |      |       |       |            |
| C        |           |          |      |       |       |            |
| ompanies |           |          |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+
| Thai     | Ma        | 650.00   | 4    | 3     | 1     | Thai Rayon |
| Organic  | nufacture |          | 9.00 | 18.50 | 90.97 | Plc. (49%) |
| C        | of        | (Common  |      |       |       |            |
| hemicals | Epichl    | Share)   | 5    | 6     | 6     |            |
| Co.,Ltd. | orohydrin |          | 0.00 | 00.00 | 00.00 |            |
|          | & Caustic | 1,200.00 |      |       |       |            |
|          | Soda      |          |      |       |       |            |
|          |           | (P       |      |       |       |            |
|          |           | referred |      |       |       |            |
|          |           | Share)   |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+
| P.T.     | Ma        | 42,549   | 4    | 1     | 3     | 1.  Thai   |
| Indo     | nufacture |          | 0.00 | 96.95 | 26.25 |     Rayon  |
| Liberty  | of        | (Million |      |       |       |     Plc.   |
| Textiles | Synthetic | I        |      |       |       |     (40%)  |
| (Re      | Yarn      | ndonesia |      |       |       |            |
| gistered |           | Rupiah)  |      |       |       | 2.  C      |
| in       |           |          |      |       |       | heddington |
| In       |           |          |      |       |       |            |
| donesia) |           |          |      |       |       |    Trading |
|          |           |          |      |       |       |            |
|          |           |          |      |       |       |    Company |
|          |           |          |      |       |       |     Inc.   |
|          |           |          |      |       |       |     (16%)  |
+----------+-----------+----------+------+-------+-------+------------+
| Related  |           |          |      |       |       |            |
| Company  |           |          |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+
| Thai     | Ma        | 400.00   | 1    | 79.50 | 2     | 1.  Thai   |
| Epoxy    | nufacture |          | 9.88 |       | 20.83 |     Rayon  |
| and      | of Epoxy  |          |      |       |       |     Plc.   |
| Allied   | Resins    |          |      |       |       |     (16%)  |
| Products |           |          |      |       |       |            |
| Co.,Ltd. |           |          |      |       |       | 2.  Indo   |
|          |           |          |      |       |       |     Thai   |
|          |           |          |      |       |       |     Syn    |
|          |           |          |      |       |       | thetic(8%) |
+----------+-----------+----------+------+-------+-------+------------+
| Thai     | Ma        | 712.50   | 1    | 2     | 3     | 1.  Thai   |
| Acrylic  | nufacture |          | 5.98 | 23.20 | 79.84 |     Rayon  |
| Fibre    | of        |          |      |       |       |     Plc.   |
| Co.,Ltd. | Acrylic   |          |      |       |       |     (30%)  |
|          | Fibre     |          |      |       |       |            |
|          |           |          |      |       |       | 2.  Mr.    |
|          |           |          |      |       |       |            |
|          |           |          |      |       |       |   Songkram |
|          |           |          |      |       |       |            |
|          |           |          |      |       |       |  Cheevapra |
|          |           |          |      |       |       | watdamrong |
|          |           |          |      |       |       |            |
|          |           |          |      |       |       |   (12.50%) |
+----------+-----------+----------+------+-------+-------+------------+
| Pan      | Ma        | 22.00M   | 5.03 | 20.04 | 3     | N.A.       |
| Century  | nufacture |          |      |       | 9.356 |            |
| Oleoc    | of Palm   | (M       |      | (MB)  |       |            |
| hemicals | Oils,     | alaysian |      |       | (MB)  |            |
| Sdn.     | Grecering | Ringgit) |      |       |       |            |
| Bhd.     |           |          |      |       |       |            |
| (Re      |           |          |      |       |       |            |
| gistered |           |          |      |       |       |            |
| in       |           |          |      |       |       |            |
| M        |           |          |      |       |       |            |
| alaysia) |           |          |      |       |       |            |
+----------+-----------+----------+------+-------+-------+------------+

Value of investment is taken as per net worth or book value of investee
companies as per notes 8 and 9 to our financial statements as on
31/12/03.

7.3 Net Asset Values (Consolidated Basis)

1)  Net Book Value of the company’s total assets can be mentioned as
    under :

a)  Property, Plant and Equipment (Net Book Value after depreciation)

  = Book value as per Balance Sheet Baht 1,183,568,494

b)  Net worth of Investment Baht 1,439,957,790

c)  Assets other than fixed assets & investments above Baht
    2,358,470,810

  Net Book Value of the company’s total assets [ a) + b) + c) ] Baht
  4,981,997,094

2)  The value of Net Book Value as per 1) deducted by contingent
    liabilities is as follow :

  Net Book Value of the company’s total assets Baht 4,981,997,094

  Less Contingent liabilities Baht 741,516,099

  - Bank guarantees Baht 45,200,000

-   Cost of land, buildings and machinery

Mortgaged by subsidiary company Baht 696,316,099

The value of Net Book Value after deducted by contingent liabilities
Baht 4,240,480,995

3)  The value of Net Book Value of the Asset Per Share as per 1) and 2)

  The value of Net Book Value after deducted by contingent liabilities
  Baht 4,240,480,995

  Less Total Liabilities Baht 655,621,792

  Net Asset Value Baht 3,584,859,203

  No. of Shares 300,000,000

  Net Asset Value Per Share Baht 11.95

The machine that BV > 10% of total asset as on 31 December 2003.

The company does not have machines that BV > 10% of total asset
(498.20million Baht)