Progress report on the application of fund

30th  January, 2006

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 were as follows:

1) Procurement of machinery for Metallised Film Project for Baht 100 million
2) Procurement of Slitting machine & other equipments for Baht 58.65 million
3) Working capital of Baht 400 million
4) Loan repayment of Baht 1,051.81 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 December 31, 2005 as follows:
1) Payment of machinery for Metallised Film Project of Baht 100.00 million
2) Procurement of Slitting machine and other capital expenditure of Baht
   58.65 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 31 December
2005 totaled Baht 1,610.46 million.

The amount of fund has been completely used till 31 December 2005 for the
specified purposes.

Please be informed accordingly.
Yours sincerely,



Mr. Manish Gupta
Director