MIRA INFORM REPORT

Report Date :

02.03.2007

IDENTIFICATION DETAILS

Name :	PERKINELMER SINGAPORE PTE LTD
Registered Office :	^28 Ayer Rajah Crescent, #04-01, Singapore 139959
Country :	^Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^14/10/1997
Com. Reg. No.:	^199707113D
Legal Form :	^Pte Ltd
Line of Business :	The manufacture and sale of Optoelectronic products and the manufacture, service and Sale of Analytical Instruments

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

PERKINELMER SINGAPORE PTE LTD

Line Of Business 

THE MANUFACTURE AND SALE OF OPTOELECTRONIC PRODUCTS AND THE MANUFACTURE, SERVICE AND SALE OF ANALYTICAL INSTRUMENTS

Parent Company

PERKINELMER INTERNATIONAL C.V.

(PERCENTAGE OF SHAREHOLDING: 99%)

Financial Elements

FY 2005

COMPANY

Sales : S$1,018,770,000

Networth : S$103,645,000

Paid-Up Capital : S$5,000,000

Net result : S$46,991,000

Net Margin(%) : 4.61

Return on Equity(%) : 45.34

Leverage Ratio : -42.26

Note: Based on Accounting and Corporate Regulatory Authority’s (ACRA) record dated 26/02/2007, the paid-up capital has increased to S$53,752,003.

COMPANY IDENTIFICATION

^{Subject Company : PERKINELMER SINGAPORE PTE LTD}

^{Former Name : BERKSHIRE INVESTMENTS PL (05/02/98)}

^{Business Address : 28 AYER RAJAH CRESCENT}

^#04-01

^{Town : SINGAPORE}

^{Postcode : 139959}

^{County : -}

^{Country : Singapore}

^{Telephone : 6311 4888}

^{Fax : 6872 3226}

^{ROC Number : 199707113D}

^{Reg. Town : -}

PREVIOUS IDENTIFICATION

^{EG&G SINGAPORE PTE LTD}

^{DATE OF CHANGE OF NAME: 25/10/1999}

^{BERKSHIRE INVESTMENTS PTE LTD}

^{DATE OF CHANGE OF NAME: 05/02/1998}

SUMMARY

^{All amounts in this report are in : SGD unless otherwise stated}

^{Legal Form : Pte Ltd}

^{Date Inc. : 14/10/1997}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 1,018,770,000}

^{Networth : 103,645,000}

^{Capital : 5,000,000}

^{Paid-Up Capital : 5,000,000}

^{Employees : 300}

^{Net result : 46,991,000}

^{Share value : 1}

^{AUDITOR : DELOITTE & TOUCHE}

REFERENCES

^{Litigation : Yes}

^{Company status : TRADING}

^{Started : 14/10/1997}

PRINCIPAL(S)

^{TUEN POH YEAN S2571866F Director}

DIRECTOR(S)

^{KRISTINA F. KEEGAN 141044697 Director}

^{Appointed on : 20/08/2002}

^{Street : 15 NORWOOD ROAD WEST HARTFORD}

^CONNECTICUT

^{Town :}

^{Postcode : 06117}

^{Country : United States}

^{JOHN LEO HEALY 210450839 Director}

^{Appointed on : 01/09/2004}

^{Street : 45 WILLIAM STREET}

^{WELLESLEY, 02481-4008}

^{Town : MASSACHUSETTS}

^{Postcode :}

^{Country : United States}

^{TUEN POH YEAN S2571866F Director}

^{Appointed on : 19/09/2005}

^{Street : 39 SIMEI RISE}

^#01-20

^{SAVANAH CONDOPARK}

^{Town : SINGAPORE}

^{Postcode : 528783}

^{Country : Singapore}

^{ROBERT JOHN BUCKLEY G5836300L Director}

^{Appointed on : 19/09/2005}

^{Street : 2A CORNWALL GARDENS}

^#05-18

^{THE CORNWALL}

^{Town : SINGAPORE}

^{Postcode : 269678}

^{Country : Singapore}

^{HO WUI MEE MARIAN S1787009B Company Secretary}

^{Appointed on : 01/12/2006}

^{Street : 16 SHAN ROAD}

^#02-02

^{PINNACLE 16}

^{Town : SINGAPORE}

^{Postcode : 328107}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{TAN YONG CHIN S0100654A}

^{LEE LI LIN S1175101F}

^{SEOW MAY LING CARRIE S1516073Z}

^{JOSEF JOHANN ZIMLICH K7282376}

^{TAN THUAN SIAH S2636294F}

^{ANGELO D CASTELLANA 101296774}

^{CHOY KAH HENG A8624788}

^{WILLIAM C SULLIVAN 101866651}

^{TERRANCE L CARLSON 034764867}

^{HEATH ALAN MITTS 132128337}

^{DOUGLAS SCOTT PRINCE 155910416}

^{TAN TENG HOCK JOHN S1625442H}

^{M. SIVAANANTHAN S0181790F}

^{TAY SEOW WAH S1618139J}

^{DOREEN NG MEI LING S7439674G}

ACTIVITY(IES)

^{SENSORS And SENSING EQUIPMENT Code:19132}

^{ENGINEERS - ELECTRICAL Code:7970}

^{BASED ON ACRA'S RECORD AS AT 26/02/2007}

^{1) OTHER SERVICE ACTIVITIES; MANUFACTURING, DESIGNING AND DEALING IN THERMOPILES,}

^{SENSORS AND FLASHTUBES, ETC}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{STANDARD CHARTERED BANK}

SHAREHOLDERS(S)

^{PERKINELMER INSTRUMENTS 49,505 Company}

^{Street : PO BOX 309 GEORGE TOWN}

^{GRAND CAYMAN}

^Town:

^Postcode:

^{Country: Cayman Islands}

^{PERKINELMER INTERNATIONAL C.V. 4,950,495 Company}

^{Street : LIJNDONK 256 4825 BG BREDA}

^Town:

^Postcode:

^{Country: Netherlands}

FORMER SHAREHOLDER(S)

^{EG & G INSTRUMENTS INTERNATIONAL 49,505}

^{WELLESLEY INTERNATIONAL C .V 4,950,495}

HOLDING COMPANY

^{PERKINELMER INTERNATIONAL C.V. UF33656Z % : 99.00}

SUBSIDIARY(IES)

^{FLUID SCIENCES SINGAPORE PTE LTD}

Singapore

^{PERKINELMER INSTRUMENTS (SHANGHAI) CO LIMITED}

China

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

^{Type Of Case: Magistrate Court - W/S}

^{Case Number: MCS03992/2001}

Defendant PERKINELMER SINGAPORE PTE LTD ROC # : 199707113D

FINANCIAL ELEMENTS

^{All amounts in this report are in : SGD}

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 02/10/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004 31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS}

^{Preliminary Exp 1,513,000 - -}

^{Intangible Fixed Assets: 117,596,000 158,385,000 182,788,000}

^{Tangible Fixed Assets: 14,026,000 18,841,000 18,890,000}

^{Investments 6,940,000 6,107,000 6,005,000}

^{Total Fixed Assets: 140,075,000 183,333,000 207,683,000}

^{Inventories: 65,214,000 69,752,000 54,731,000}

^{Receivables: 367,933,000 456,957,000 301,127,000}

^{Cash,Banks, Securitis: 28,037,000 57,484,000 32,927,000}

^{Other current assets: 91,942,000 98,530,000 24,192,000}

^{Total Current Assets: 553,126,000 682,723,000 412,977,000}

^{TOTAL ASSETS: 693,201,000 866,056,000 620,660,000}

^{--- LIABILITIES}

^{Equity capital: 5,000,000 5,000,000 5,000,000}

^{Reserves: 3,104,000 -1,131,000 -}

^{Profit & lost Account: 46,789,000 44,598,000 13,494,000}

^{Surplus equity: 48,752,000 48,752,000 48,752,000}

^{TOTAL EQUITY: 103,645,000 97,219,000 67,246,000}

^{Long Term Loans: 197,110,000}

^{L/T deffered taxes: 2,538,000 3,729,000 2,200,000}

^{Other long term Liab.: 341,061,000 382,491,000}

^{Total L/T Liabilities: 199,648,000 344,790,000 384,691,000}

^{Trade Creditors: 315,744,000 263,114,000 149,211,000}

^{Prepay. & Def. charges: 5,079,000 12,751,000 3,842,000}

^{Provisions: 6,490,000 5,569,000 5,183,000}

^{Other Short term Liab.: 62,595,000 142,613,000 10,487,000}

^{Total short term Liab.: 389,908,000 424,047,000 168,723,000}

^{TOTAL LIABILITIES: 589,556,000 768,837,000 553,414,000}

PROFIT & LOSS ACCOUNT

^{Net Sales 1,018,770,000 958,416,000 324,295,000}

^{Gross Profit: 341,274,000 309,108,000 101,757,000}

^{Result of ordinary operations - - 14,473,000}

^{NET RESULT BEFORE TAX: 54,368,000 36,918,000 14,828,000}

^{Tax : 7,377,000 5,814,000 1,746,000}

^{Net income/loss year: 46,991,000 31,104,000 13,082,000}

^{Interest Paid: 9,573,000 12,260,000 33,000}

^{Depreciation: 3,983,000 8,052,000 6,689,000}

^{Dividends: 44,800,000 - -}

^{Directors Emoluments: 740,000 531,000 887,000}

^{Purchases,Sces & Other}

^{Goods: 677,496,000 649,308,000 -}

^{Wages and Salaries: 29,828,000 26,120,000 22,439,000}

^{Financial Income: 2,303,000 3,016,000 -}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Turnover per employee: 3395900.00 3194720.00 1080983.33}

^{Net result / Turnover(%): 0.05 0.03 0.04}

^{Fin. Charges / Turnover(%):0.01 0.01 0.00}

^{Stock / Turnover(%): 0.06 0.07 0.17}

^{Net Margin(%): 4.61 3.25 4.03}

^{Return on Equity(%): 45.34 31.99 19.45}

^{Return on Assets(%): 6.78 3.59 2.11}

^{Dividends Coverage: 1.05 1.05 1.05}

^{Net Working capital: 163218000.00 258676000.00 244254000.00}

^{Cash Ratio: 0.07 0.14 0.20}

^{Quick Ratio: 1.02 1.21 1.98}

^{Current ratio: 1.42 1.61 2.45}

^{Receivables Turnover: 130.02 171.64 334.28}

^{Leverage Ratio: -42.26 -12.57 -4.79}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Dividends Coverage : Net income loss year/Dividends}

^{Net Working capital : Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 6.61% FROM S$97,219,000 IN FY 2004 TO S$103,645,000 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$46,789,000 (2004: S$44,598,000); A RISE OF 4.91% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 80.98% (2004: 62.05%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$315,744,000 (2004: S$263,114,000). THE BREAKDOWN IS AS FOLLOWS:}

^{-OUTSIDE PARTIES - 2005: S$54,683,000 (2004: S$44,305,000)}

^{-DEFERRED REVENUE - 2005: S$34,052,000 (2004: S$31,724,000)}

^{-RELATED COMPANIES - 2005: S$227,009,000 (2004: S$187,085,000)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY LONG-TERM LOANS WHICH MADE UP 98.73% (2004: -) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$197,110,000 (2004: -). THE BREAKDOWN IS AS FOLLOWS:}

^{-BANK LOAN - 2005: S$197,110,000 (2004: -)}

^{IN ALL, LEVERAGE RATIO IS SIGNIFICANT AT -42.26 TIMES AS A RESULT OF A SUBSTANTIALLY GREATER TOTAL LIABILITIES THAN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION HAS WEAKENED AS SEEN FROM THE DECLINE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 1.42 TIMES, DOWN FROM 1.61 TIMES AND QUICK RATIO DECLINED TO 1.02 TIMES FROM 1.21 TIMES IN FY 2004.}

^{SIMILARLY, NET WORKING CAPITAL FELL BY 36.90% FROM S$258,676,000 IN FY 2004 TO S$163,218,000.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 6.29% FROM S$958,416,000 IN FY 2004 TO S$1,018,770,000 AND NET PROFIT ROSE BY 51.08% TO S$46,991,000 (2004: S$31,104,000). HENCE, NET MARGIN ROSE TO 4.61% (2004: 3.25%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BANK LOAN}

^{THE BANK LOAN OF S$197 MILLION (2004: NIL) IS AN UNSECURED REVOLVING CREDIT FACILITY, WHICH BEARS INTEREST AT FLOATING RATE OF 1 MONTH EURIBOR PLUS 0.60%, BASED ON THE ULTIMATE HOLDING COMPANY'S CURRENT CREDIT RATING OF BBB-1/BAA3. THE EFFECTIVE INTEREST RATE OF THE BORROWINGS AS AT DECEMBER 31, 2005 WAS 3.04%. THE CREDIT FACILITY WAS RAISED ON OCTOBER 31, 2005 AND MATURES ON OCTOBER 31, 2010. THE DIRECTORS ESTIMATE THE FAIR VALUE OF THE LOAN TO BE EQUAL TO THE CARRYING VALUE.}

^{CONTINGENT LIABILITIES}

^{LETTER OF GUARANTEE (UNSECURED) – 2005: S$1,446,000 (2004: S$387,000)}

^{EVENTS AFTER BALANCE SHEET DATE}

^{IN FEBRUARY 2006, THE COMPANY'S SUBSIDIARY, FLUID SCIENCES SINGAPORE PTE LTD, DISPOSED OF ITS SEMICONDUCTOR BUSINESS FOR A CONSIDERATION OF APPROXIMATELY US$3.9 MILLION (S$6.3 MILLION).}

BACKGROUND/OPERATION

^{THE SUBJECT WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 14/10/1997 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER THE NAMESTYLE OF "BERKSHIRE INVESTMENTS PTE LTD".}

^{SUBSEQUENTLY, ON 05/02/1998, THE SUBJECT CHANGED TO ITS NAMESTYLE OF "EG&G SINGAPORE PTE LTD".}

^{SUBSEQUENTLY, ON 25/10/1999, THE SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "PERKINELMER SINGAPORE PTE LTD".}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) OTHER SERVICE ACTIVITIES; MANUFACTURING, DESIGNING AND DEALING IN THERMOPILES,}

^{SENSORS AND FLASHTUBES, ETC}

^{2) MANUFACTURING INDUSTRIES}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE MANUFACTURE AND SALE OF OPTOELECTRONIC PRODUCTS AND THE MANUFACTURE, SERVICE AND SALE OF ANALYTICAL INSTRUMENTS.}

^{THE COMPANY ALSO OPERATES AS A PRINCIPAL IN THE EUROPEAN BUSINESS STRUCTURE OF THE LIFE AND ANALYTICAL SCIENCES BUSINESS.}

^{FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^{BACKGROUND OF PERKINELMER, INC:}

^{PERKINELMER, INC. IS A GLOBAL TECHNOLOGY LEADER DRIVING GROWTH AND INNOVATION IN HEALTH SCIENCES AND INDUSTRIAL SCIENCES MARKETS TO IMPROVE THE QUALITY OF LIFE. THE COMPANY REPORTED REVENUES OF $1.7 BILLION IN 2004, HAS 10,000 EMPLOYEES SERVING CUSTOMERS IN MORE THAN 125 COUNTRIES, AND IS A COMPONENT OF THE S&P 500 INDEX.}

^{1) THE LIFE & ANALYTICAL SCIENCES (LAS) DIVISION OF PERKINELMER PROVIDES DRUG DISCOVERY,}

^{GENETIC SCREENING AND CHEMICAL ANALYSIS INSTRUMENTATION, REAGENTS AND SERVICES}

^{FOR SCIENTIFIC RESEARCH AND CLINICAL APPLICATIONS.}

^{BRANDS (PRODUCTS):}

^{* DELFIA RESEARCH AND GENETIC SCREENING SOLUTIONS FROM WALLAC}

^{* THE AANALYST SERIES OF ATOMIC ABSORPTION SPECTROMETERS}

^{* OPTIMA AND ELAN ICP SPECTROMETERS}

^{* MULTIPROBE AUTOMATED LIQUID HANDLING SYSTEMS}

^{* THE CLARUS FAMILY OF GAS CHROMATOGRAPHS}

^{* LABWORKS LIMS/ENTERPRISE SOFTWARE SOLUTIONS}

^{* ONESOURCE LABORATORY SERVICES}

^{* ENVISION AND VICTOR™ MULTILABEL PLATE READERS}

^{* TOTALCHROM CHROMATOGRAPHY DATA HANDLING SOFTWARE}

^{* THE SPECTRUM SERIES OF FT-IR AND FT-NIR SYSTEMS}

^{* ULTRAVIEW LIVE CELL IMAGING}

^{* REAGENTS AND RADIOCHEMICAL ASSAY KITS FROM NEN}

^{* PROXCISION, PROXPRESS AND PROTOF GEL-BASED PROTEOMICS SOLUTIONS}

^{INDUSTRIES SERVED:}

^{* AGRO/FOOD/BEVERAGE TESTING}

^{* CHEMICAL ANALYSIS}

^{* DRUG DISCOVERY}

^{* ENVIRONMENTAL ASSESSMENT}

^{* FORENSICS}

^{* GENETIC SCREENING}

^{* LIFE SCIENCE RESEARCH}

^{* MATERIALS CHARACTERIZATION}

^{* NEONATAL SCREENING}

^{* PHARMACEUTICAL MANUFACTURING}

^{* PRENATAL SCREENING}

^{2) PERKINELMER OPTOELECTRONICS IS A GLOBAL TECHNOLOGY LEADER PROVIDING MARKET-}

^{DRIVEN, INTEGRATED SOLUTIONS FOR BIOMEDICAL AND INDUSTRIAL APPLICATIONS.}

^PRODUCTS:

^{* DIGITAL IMAGING}

^{* SENSORS}

^{* CERMAX® XENON LIGHTING}

^{* FLASH LIGHTING}

^{* LED SOLUTIONS}

^{* BIOMEDICAL SYSTEMS}

^{* INDUSTRIAL SYSTEMS}

^{* SPECIALTY PRODUCTS}

^{INDUSTRIES SERVED:}

^{* BIOTECH IMAGING}

^{* MEDICAL IMAGING}

^{* INDUSTRIAL SMART DEVICES}

^SUPPLIERS:

^{* CP SOLUTIONS PTE LTD}

^{NEWS: PERKINELMER COMPLETES ACQUISITION OF EUROSCREEN PRODUCTS SA AND EVOTEC TECHNOLOGIES "EXTRACTS"}

^{-SOURCE: PERKINELMER WEBSITE}

^{DATE: 10/01/2007}

^{BOSTON - PERKINELMER, INC. (NYSE: PKI), A GLOBAL TECHNOLOGY LEADER IN HEALTH SCIENCES AND PHOTONICS, TODAY REPORTED THAT IT HAS SUCCESSFULLY COMPLETED TWO PREVIOUSLY ANNOUNCED ACQUISITIONS THAT WILL EXTEND ITS ORTFOLIO OF ADVANCED TOOLS FOR CELLULAR ANALYSIS, AND STRENGTHEN ITS LEADERSHIP POSITION IN THE RAPIDLY GROWING AREA OF HIGH CONTENT SCREENING (HCS). IN THE FOURTH QUARTER OF 2006, THE COMPANY ANNOUNCED ITS INTENT TO ACQUIRE EUROSCREEN PRODUCTS S.A., THE GOSSELIES, BELGIUM-BASED DEVELOPER OF THE INNOVATIVE AEQUOSCREEN(TM) CELLULAR ASSAY PLATFORM, AND HAMBURG, GERMANY-BASED EVOTEC TECHNOLOGIES, A LEADING PROVIDER OF HIGH-PERFORMANCE CELLULAR SCREENING SYSTEMS. PERKINELMER REPORTED THAT THE EUROSCREEN PRODUCTS ACQUISITION WAS FINALIZED EARLIER TODAY, AND THE EVOTEC TECHNOLOGIES TRANSACTION WAS COMPLETED AT YEAR-END 2006.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 01/03/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 300+}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 01/03/2007.}

^{THE COMPANY IS A SUBSIDIARY OF PERKINELMER INTERNATIONAL C.V., A PARTNERSHIP FORMED IN THE NETHERLANDS. THE COMPANY'S ULTIMATE HOLDING COMPANY IS PERKINELMER INC., INCROPORATED IN THE UNITED STATES OF AMERICA.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE (2004: 498; 2003: 522; 2002: 443; 2001: 457)}

^{* GROUP - 2005: - (2004: - )}

^{REGISTERED ADDRESS:}

^{80 RAFFLES PLACE}

^{#32-01 UOB PLAZA 1}

^{SINGAPORE 048624}

^{- DATE OF CHANGE OF ADDRESS: 09/01/2003}

^{BUSINESS ADDRESS:}

^{28 AYER RAJAH CRESCENT}

^#04-01

^{SINGAPORE 139959}

^{- MANUFACTURING OF LIFE AND ANALYTICAL SCIENCES}

^{TEL: 6779 9555}

^{FAX: 6872 6595}

^{OTHER BUSINESS ADDRESS:}

^{47 AYER RAJAH CRESCENT}

^#06-12

^{SINGAPORE 139947}

^{- MANUFACTURING OF OPTOELECTRONICS}

^WEBSITE:

^{http://www.perkinelmer.com}

^EMAIL:

^{hr@perkinelmer.com}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THE REPORT ARE:}

^{1) KRISTINA F. KEEGAN, AN AMERICAN}

^{-BASED IN UNITED STATES OF AMERICA.}

^{2) JOHN LEO HEALY, AN AMERICAN}

^{- BASED IN UNITED STATES OF AMERICA.}

^{3) ROBERT JOHN BUKLEY, AN AMERICAN}

^{- BASED IN SINGAPORE.}

^{4) TUEN POH YEAN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

Singapore’s Country Rating 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

• ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
• ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
• WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
• A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
• THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
• GREAT POLITICAL STABILITY.

WEAKNESSES

• ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
• MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
• REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
• AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

MANUFACTURING SECTOR

SINGAPORE'S MANUFACTURING SECTOR, WHICH MAKES UP ABOUT A QUARTER OF SINGAPORE’S ECONOMY, EXPANDED 22.5 PERCENT FROM JUNE LAST YEAR, MORE THAN TWICE THE 10.6 PER CENT PACE IN MAY. THIS WAS LED BY A SURGE IN DRUGS AND SEMICONDUCTOR OUTPUT, AND CONTINUED STRENGTH IN RIG-BUILDING. THE SURPRISINGLY STRONG JUNE NUMBERS MEAN THAT IN THE APRIL-TO-JUNE QUARTER, MANUFACTURING OUTPUT JUMPED 12.5 PER CENT.

TOTAL MANUFACTURING OUTPUT EXPANDED BY 20 PER CENT IN THE FIRST QUARTER OF 2006, IMPROVING FROM THE 14 PER CENT GROWTH IN THE PREVIOUS QUARTER. ALL CLUSTERS, EXCEPT CHEMICALS AND GENERAL MANUFACTURING, RECORDED DOUBLEDIGIT GAINS IN THE QUARTER. EXCLUDING THE BIOMEDICAL MANUFACTURING CLUSTER, MANUFACTURING OUTPUT GREW BY 15 PER CENT.

INDUSTRY CLUSTER	% GROWTH IN JUNE (YEAR-ON-YEAR)	% GROWTH IN APRIL-TO-JUNE QUARTER (YEAR-ON-YEAR)	% GROWTH IN FIRST HALF OF 2006 (YEAR-ON-YEAR)
BIOMEDICAL MANUFACTURING	59.4	15.6	29.6
TRANSPORT ENGINEERING	30.4	29.4	34.2
PRECISION ENGINEERING	15.4	10.6	12.4
ELECTRONICS	10.3	9.8	12.6
GENERAL MANUFACTURING	8.1	4.6	5.1
CHEMICALS	3.4	5.4	4.1
TOTAL	22.5	12.5	16.4

SOURCE: ECONOMIC DEVELOPMENT BOARD

PERFORMANCE BY CLUSTER

THE GENERAL MANUFACTURING INDUSTRIES EXPANDED BY 5.4 PER CENT, PICKING UP PACE FROM THE 3.3 PER CENT GROWTH IN THE FOURTH QUARTER OF 2005. WHILE THE PRINTING INDUSTRIES GREW 7.4 PER CENT, THE FOOD AND BEVERAGES INDUSTRIES CONTRACTED BY 1.2 PER CENT.

BUSINESS EXPECTATIONS FOR JULY TO DECEMBER 2006

SINGAPORE MANUFACTURERS REMAIN POSITIVE ABOUT BUSINESS PROSPECTS IN THE SECOND HALF OF THIS YEAR. OVERALL, A NET WEIGHTED 26% OF MANUFACTURERS, WHO WERE POLLED IN JUNE AND JULY SAID THEY EXPECT AN IMPROVED BUSINESS ENVIRONMENT IN THE JULY-DECEMBER PERIOD, UNCHANGED FROM THE PREVIOUS SURVEY COVERING APRIL TO SEPTEMBER.

MANUFACTURERS GENERALLY EXPECT POSITIVE CONDITIONS IN THE SECOND QUARTER OF 2006 TO BE MAINTAINED IN THE SECOND HALF OF THE YEAR. OVERALL, THE MANUFACTURING SECTOR’S OUTLOOK REMAINS ROSY, ACCORDING TO THE EDB SURVEY.

EXTRACTED FROM:

CHANNELNEWSASIA

ECONOMIC DEVELOPMENT BOARD (EDB)

MINISTRY OF TRADE AND INDUSTRY (MTI)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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