VIEWED QUARTER-2 1997/1998

SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE THREE MONTHS ENDED 31 DECEMBER Consolidated Company 1997 1996 1997 1996 Baht Baht Baht Baht Share capital - ordinary shares Beginning balance 270,000,000 270,000,000 270,000,000 270,000,000 Addition during the period - - - - Ending balance 270,000,000 270,000,000 270,000,000 270,000,000 Additional paid-in capital Share premium Beginning balance 225,000,000 225,000,000 225,000,000 225,000,000 Addition during the period - - - - Ending balance 225,000,000 225,000,000 225,000,000 225,000,000 Surplus on revaluation of land Beginning balance 235,866,403 235,866,403 128,788,768 128,788,768 Addition during the period - - - - Ending balance 235,866,403 235,866,403 128,788,768 128,788,768 Retained earnings Appropriated - legal reserve Beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Addition during the period - - - - Ending balance 27,000,000 27,000,000 27,000,000 27,000,000 Unappropriated retained earnings Beginning balance 1,538,063,061 1,668,090,739 1,495,364,598 1,620,184,435 Less: Dividends 162,000,000 261,900,000 162,000,000 261,900,000 Legal reserve - - - - Add: Net income (loss) for the period (204,782,836) 122,770,649 (198,001,081) 121,220,332 Ending balance 1,171,280,225 1,528,961,388 1,135,363,517 1,479,504,767 TOTAL SHAREHOLDERS'EQUITY 1,929,146,628 2,286,827,791 1,786,152,285 2,130,293,535 SINER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED 31 DECEMBER Consolidated Company 1997 1996 1997 1996 Baht Baht Baht Baht Share capital - ordinary shares Beginning balance 270,000,000 270,000,000 270,000,000 270,000,000 Addition during the period - - - - Ending balance 270,000,000 270,000,000 270,000,000 270,000,000 Additional paid-in capital Share premium Beginning balance 225,000,000 225,000,000 225,000,000 225,000,000 Addition during the period - - - - Ending balance 225,000,000 225,000,000 225,000,000 225,000,000 Surplus on revaluation of land Beginning balance 235,866,403 235,866,403 128,788,768 128,788,768 Addition during the period - - - - Ending balance 235,866,403 235,866,403 128,788,768 128,788,768 Retained earnings Appropriated - legal reserve Beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Addition during the period - - - - Ending balance 27,000,000 27,000,000 27,000,000 27,000,000 Unappropriated retained earnings Beginning balance 1,650,118,799 1,541,696,211 1,598,960,890 1,499,899,677 Less: Dividends 162,000,000 261,900,000 162,000,000 261,900,000 Legal reserve - - - - Add: Net income (loss) for the period (316,838,574) 249,165,177 (301,597,373) 241,505,090 Ending balance 1,171,280,225 1,528,961,388 1,135,363,517 1,479,504,767 TOTAL SHAREHOLDERS' EQUITY 1,929,146,628 2,286,827,791 1,786,152,285 2,130,293,535 TOTAL SHAREHOLDERS+ EQUITY 1,929,146,628 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE THREE MONTHS ENDED 31 DECEMBER Consolidated company 1997 1996 1997 1996 Baht Baht Baht Baht Unappropriated retained earnings Beginning balance 1,538,063,061 1,668,090,739 1,495,364,598 1,620,184,435 Net income (loss) for the period (204,782,836) 122,770,649 (198,001,081) 121,220,332 Dividends (162,000,000) (261,900,000) (162,000,000) (261,900,000) Additional legal reserve for the period - - - - Unappropriated retained earnings 1,171,280,225 1,528,961,388 1,135,363,517 1,479,504,767 Appropriated retained earnings Legal reserve, beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Additional reserve for the period - - - - Appropriated retained earnings 27,000,000 27,000,000 27,000,000 27,000,000 Retained earnings 1,198,280,225 1,555,961,388 1,162,363,517 1,506,504,767 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE SIX MONTHS ENDED 31 DECEMBER Consolidated Company 1997 1996 1997 1996 Baht Baht Baht Baht Unappropriated retained earnings Beginning balance 1,650,118,799 1,541,696,211 1,598,960,890 1,499,899,677 Net income (loss) for the period (316,838,574) 249,165,177 (301,597,373) 241,505,090 Dividends (162,000,000) (261,900,000) (162,000,000) (261,900,000) Additional legal reserve for the period - - - - Unappropriated retained earnings 1,171,280,225 1,528,961,388 1,135,363,517 1,479,504,767 Appropriated retained earnings Legal reserve, beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Additional reserve for the period - - - - Appropriated retained earnings 27,000,000 27,000,000 27,000,000 27,000,000 Retained earnings 1,198,280,225 1,555,961,388 1,162,363,517 1,506,504,767 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED 31 DECEMBER Consolidated Company 1997 1996 1997 1996 Baht Baht Baht Baht CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) for the period (204,782,836) 122,770,649 (198,001,081) 121,220,332 Adjusted by: Depreciation 10,922,421 10,789,069 10,190,805 10,074,340 Amortisation of prepaid rent 6,956,193 6,543,479 6,956,193 6,543,479 Allowance for doubtful accounts 20,330,000 8,060,000 20,330,000 8,060,000 Allowance for inventory obsolescence 9,000,000 3,000,000 9,000,000 3,000,000 Gain on disposal of fixed assets (305,550) - (305,550) - Unrealised loss on exchange rate 39,822,929 - 39,822,929 - Decrease in inventories 239,885,098 234,154,030 248,269,966 238,969,842 Decrease (increase) in debtors and other current assets 418,308,045 (163,462,103) 388,731,472 (166,186,061) (Decrease) in creditors and other current liabilities (113,307,438) (112,683,999) (105,763,900) (152,691,924) (Decrease) in bank overdrafts and short-term loans (113,625,108) (222,886,478) (106,925,278) (184,974,860) Increase (decrease) in accrued income tax (96,051,288) (102,311,796) (94,077,680) (100,109,326) Net cash inflow (outflow) from operating activities 217,152,466 (216,027,149) 218,227,867 (216,094,178) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of fixed assets 429,636 - 429,636 - Purchases of fixed assets (12,805,062) (24,050,255) (12,615,824)(23,967,966) (Increase) in prepaid rent(4,803,670) (5,373,440) (4,803,670) (5,373,440) (Increase) in receivable from and loans to employees (416,149) (1,133,362) (328,650) (170,300) Investment in subsidiary - - (1,248,000) - Net cash (outflow) from investing activities (17,595,245) (30,557,057) (18,566,508) (29,511,706) SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) (Cont'd) FOR THE THREE MONTHS ENDED 31 DECEMBER Consolidated Company 1997 1996 1997 1996 Baht Baht Baht Baht CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term loans (60,000,000) (164,000,000) (60,000,000) (164,000,000) Proceeds from long-term loans 100,000,000 762,600,000 100,000,000 762,600,000 Increase (decrease) in employees security deposits and (828,994) 39,828,079 (831,130) 38,919,136 provident funds Dividends paid (151,272,084) (259,650,046) (151,272,084) (259,650,046) Net cash inflow (outflow) from financing activities (112,101,078) 378,778,033 (112,103,214) 377,869,090 Increase in cash and cash equivalents 87,456,143 132,193,827 87,558,154 132,263,206 Cash and cash equivalents at beginning of the period 56,410,947 77,109,755 54,735,350 75,354,427 Cash and cash equivalents at end of the period 143,867,090 209,303,582 142,293,504 207,617,633 ADDITIONAL CASH FLOWS INFORMATION Interest paid during the period 129,370,883 113,533,172 127,074,315 111,304,765 Income tax paid during the period 96,814,424 160,988,641 94,218,126 157,053,457 (More)