NSOLIDATED FINANCIAL STATEMENTS 1/2000

Amount of Amount in Country of Nature of Nature of Paid up capital Investment Cost method Equity method balance sheet incorporation business relationship (Baht) portion % (Baht) (Baht) (Baht) Singer Industries (Thailand) Limited Thai Manufacturing Holding 5,000,000 99.88 4,994,000 107,938,192 107,938,192 Singer (Broker) Limited Thai Life insurance broker Holding 200,000 99.70 199,400 25,573,411 25,573,411 Singer Trading (Thailand) Limited Thai Trading Holding 125,000 99.86 124,825 116,477 116,477 Sansui (Thailand) Limited Thai Trading Holding 50,000 50.86 25,430 - - S.T.L. Electronics Limited Thai Trading Holding 5,000,000 99.84 4,992,000 - - 10,335,655 133,628,080 133,628,080 Singer Thailand Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month period ended 31 March 2000 and 1999 11 Related Party Transactions (Con't) v) Investments in subsidiaries (Con't) Company 31 December 1999 Amount of Amount in Country of Nature of Nature of Paid up capital Investment Cost method Equity method balance sheet incorporation business relationship (Baht) portion % (Baht) (Baht) (Baht) Singer Industries (Thailand) Limited Thai Manufacturing Holding 5,000,000 99.88 4,994,000 107,948,905 107,948,905 Singer (Broker) Limited Thai Life insurance Broker Holding 200,000 99.70 199,400 24,767,650 24,767,650 Singer Trading (Thailand) Limited Thai Trading Holding 125,000 99.86 124,825 128,076 128,076 Sansui (Thailand) Limited Thai Trading Holding 50,000 50.86 25,430 - - S.T.L. Electronics Limited Thai Trading Holding 5,000,000 99.84 4,992,000 - - 10,335,655 132,844,631 132,844,631 As at 31 March 2000, the negative investments in Sansui (Thailand) Limited and S.T.L. Electronics Limited are presented as liabilities arising from investments in subsidiaries amounting to Baht 46,067 and Baht 11,735,423 respectively (31 December 1999 : Baht 44,770 and Baht 9,046,805).