Progress Report On The Application Of Fund

26th  July, 2005

Subject: Progress report on the application of fund from capital increase

To: President
      The Stock Exchange of Thailand
 
Polyplex (Thailand) Plc. (PTL), through its initial public offering (IPO) of
ordinary shares on November 30, 2004 and December 1, 2004, received a fund
totaling Baht 1,610.46 million after the deduction of securities offering
expenses.  The objectives of PTL's application of fund from capital increase
(as stated in the prospectus) were as follows:

1) Procurement of machinery for Metallised Film Project for Baht 100 million
2) Procurement of Slitting machine & other equipments for Baht 125 million
3) Working capital of Baht 300 - 400 million
4) Loan repayment of Baht 985.46 - 1,085.46 million
The amount to be used as per the objectives totaled Baht 1,610.46 million

PTL would like to inform of the utilization of fund from such capital increase
as of June 30, 2005 as follows:
1) Payment of machinery for Metallised Film Project of Baht 69.86 million
2) Procurement of Slitting machine and other capital expenditure of Baht 7.44
   million
3) Working Capital of Baht 400 million
4) Loan repayment of Baht 1,051.81 million
The amount of fund from capital increase actually used by PTL upto 30 June 2005
totaled Baht 1,529.11 million.

The amount of fund lying unused as on 30 June 2005 of Baht 81.35 million

Please be informed accordingly.
Yours sincerely,


Mr. Manish Gupta
Director