MIRA INFORM REPORT

Report Date :

29.05.2007

IDENTIFICATION DETAILS

Name :	GE PACIFIC PRIVATE LIMITED
Registered Office :	^240 Tanjong Pagar Road, #02-00^, Ge Tower, Singapore – 088540
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^04/03/1970
Com. Reg. No.:	^197000148E
Legal Form :	^Pte Ltd
Line of Business :	An Investment Holding Company. The Provision of Management and Operational Headquarters Services, Financial and Treasury Services to Related Corporations and Sales, Distribution and Service of GE Products.

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

GE PACIFIC PRIVATE LIMITED

Line Of Business

AN INVESTMENT HOLDING COMPANY, THE PROVISION OF MANAGEMENT AND OPERATIONAL HEADQUARTERS SERVICES, FINANCIAL AND TREASURY SERVICES TO RELATED CORPORATIONS AND SALES, DISTRIBUTION AND SERVICE OF GE PRODUCTS

Parent Company

GE PACIFIC HOLDINGS PTE. LTD.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : US$680,971,722

Networth : US$1,672,524,910

Paid-Up Capital : US$12,881,250

Net result : US$409,399,713

Net Margin(%) : 60.12

Return on Equity(%) : 24.48

Leverage Ratio : 0.06

COMPANY IDENTIFICATION

^{Subject Company : GE PACIFIC PRIVATE LIMITED}

^{Former Name : ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE}

^LIMITED

^{Business Address: 240 TANJONG PAGAR ROAD}

^#02-00

^{GE TOWER}

^{Town: SINGAPORE}

^{Postcode: 088540}

^{County: -}

^{Country: Singapore}

^{Telephone: 6220 7022}

^{Fax: 6226 2600}

^{ROC Number: 197000148E}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A.) PRIVATE LIMITED}

^{DATE OF CHANGE OF NAME: 23/05/1990}

SUMMARY

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

^{Legal Form: Pte Ltd}

^{Date Inc.: 04/03/1970}

^{Previous Legal Form: -}

^{Summary year : 31/12/2005}

^{Sales: 680,971,722}

^{Networth : 1,672,524,910}

^{Capital: 13,092,901}

^{Paid-Up Capital: 12,881,250}

^{Employees: 383}

^{Net result : 409,399,713}

^{Share value: -}

^{AUDITOR : KPMG}

^{BASED ON ACRA'S RECORD AS AT 18/05/2007}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY: 31,482,709 SGD 31,482,709.00}

^{PAID-UP ORDINARY: - SGD 31,482,709.00}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 04/03/1970}

PRINCIPAL(S)

^{RUBY CHEAH S0082605G Director}

DIRECTOR(S)

^{RUBY CHEAH S0082605G Director}

^{Appointed on : 25/11/1988}

^{Street : 10 SWISS VIEW}

^{Town: SINGAPORE}

^{Postcode: 288016}

^{Country: Singapore}

^{RUBY CHEAH S0082605G Company Secretary}

^{Appointed on : 05/12/1998}

^{Street : 10 SWISS VIEW}

^{Town: SINGAPORE}

^{Postcode: 288016}

^{Country: Singapore}

^{LEE YOKE YING MAUREEN S2009545H Director}

^{Appointed on : 01/10/1997}

^{Street : 27 JALAN DERMAWAN}

^{POPULAR ESTATE}

^{Town: SINGAPORE}

^{Postcode: 668972}

^{Country: Singapore}

^{STEPHEN ARTHUR MALOY 701150014 Director}

^{Appointed on : 25/11/1988}

^{Street : HOUSE 67, LE CHATEAU LANE 2000}

^{JANE HE RD, CHANGNING DISTRICT}

^PRC

^{Town: SHANGHAI}

^{Postcode: 200335}

^{Country: China}

^{LOW TOCK CHEONG COLIN S1485022H Director}

^{Appointed on : 01/09/2005}

^{Street : 4 JALAN NOVENA SELATAN}

^{Town: SINGAPORE}

^{Postcode: 308585}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{QUEK NEO KIA S0050563C}

^{DYKES JAMES E S01235965}

^{MARQUIS WILLIAM P S06144352}

^{PATRICIA SEET GEOK NEO S1465985D}

^{NELSON RALPH E SA1765510}

^{BRITT NELSON FAIRCLOTH SB1006546}

^{KOERITZ ERWIN M SB2514019}

^{RITCEY JAMES W C185295}

^{WELLS GEORGE D C492315}

^{HOLM JOHN WILLIAM SZ3018397}

^{SMART J LARRY SZ5485159}

^{HUGHES RONALD MARK SZ6785747}

^{RINE JAMES L Unknown}

^{ROBERT HENRY ALBAN FARROW 740177116}

^{XIE FANG S2650302G}

ACTIVITY(IES)

^{HOLDING COMPANIES Code:11320}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT 18/05/2007}

^{1. OTHER INVESTMENT HOLDING COMPANIES;}

^{INVESTMENT HOLDING COMPANIES}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{CITIBANK N.A.}

ASSOCIATED COMPANY(IES)

^{GEM PC LTD}

^Japan

^{GE ENGINE SERVICES DISTRIBUTION}

^Japan

^{PT GE NUSANTARA TURBINE SERVICES}

^Indonesia

^{GE PACIFIC (MAURITIUS) LTD.}

^Mauritania

^{XIAMEN TOPSTAR LIGHTING CO., LTD.}

^China

^{TOSHIBA GE TURBINE SERVICES CO.,}

^Japan

^{SHENYANG GE LIMING GAS TURBINE}

^China

^{GE INDIA INDUSTRIAL (PRIVATE) LTD}

^India

SHAREHOLDERS(S)

^{GE PACIFIC HOLDINGS PTE. LTD. 31,482,709 Company}

^{Street : 240 TANJONG PAGAR ROAD}

^#12-00

^{GE TOWER}

^{Town: SINGAPORE}

^{Postcode: 088540}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{GENERAL ELECTRIC CO 30,900,066}

^{GENERAL ELECTRIC COMPANY 31,482,709}

HOLDING COMPANY

^{GE PACIFIC HOLDINGS PTE. LTD. 199801196D % : 100}

SUBSIDIARY(IES)

^{GE ENERGY SERVICES ASIA PTE LTD}

Singapore

^{GE AVIATION SERVICE OPERATION PTE LTD}

Singapore

^{GE PLASTICS SINGAPORE PRIVATE LIMITED}

Singapore

^{GE APPLIANCES TAIWAN CORPORATION}

^Taiwan

^{GE/ FITCH SINGAPORE PTE LTD}

Singapore

^{BENTLY NEVADA SALES & SERVICE SINGAPORE PTE LTD}

Singapore

^{GETOS SINGAPORE PTE LTD}

Singapore

^{GE SUPPLY ASIA PTE. LTD.}

Singapore

^{GE MEDICAL SYSTEMS (INDIA) PTE LTD}

India

^{GE MEDICAL SYSTEMS TAIWAN LTD.}

Taiwan

^{GE BETZ WATER & PROCESS CHEMICALS (WUXI) CO LTD}

China

^{GE ON WING SUPPORT (XIAMEN) CO}

China

^{GE (CHINA) RESEARCH & DEVELOPMENT CENTER CO LTD}

China

^{GE (CHINA) CO., LTD.}

China

^{GE LIGHTING CO., LTD.}

China

^{GE HYDRO EQUIPMENT ASIA CO LTD}

China

^{GE LIGHTING SYSTEMS (SHANGHAI) CO., LTD.}

China

^{SHANGHAI GE BREAKERS CO., LTD.}

China

^{SHANGHAI GE GUANGDIAN CO. LTD}

China

^{GE PLASTECH SUNSHEET (ZHONGSHAN) CO. LTD}

China

^{GE PLASTICS CHINA LTD.}

China

^{GE PLASTICS SHANGHAI CO., LTD.}

China

^{GE TOSHIBA SILICONES INTERNATIONAL TRADE (SHANGHAI) CO., LTD.}

China

^{GE TOSHIBA SILICONES SHANGHAI CO LTD}

China

^{GE ON WING SUPPORT (MALAYSIA) SDN. BHD.}

Malaysia

^{GENERAL ELECTRIC (USA) MALAYSIAN APPLIANCE COMPONENTS SDN BHD}

Malaysia

^{BENTLY NEVADA MALAYSIA SDN BHD}

Malaysia

^{GE PLASTICS MALAYSIA SDN. BHD.}

Malaysia

^{GE POWER SYSTEMS (M'SIAN) SDN BHD}

Malaysia

^{PT GE LIGHTING INDONESIA}

Indonesia

^{PT GE OPERATIONS INDONESIA}

Indonesia

^{PT GE TECHNOLOGY INDONESIA}

Indonesia

^{GE MAURITIUS LTD.}

^Mauritius

^{GE APPLIANCES ASIA LIMITED}

^{Hong Kong}

^{GE PLASTICS HONG KONG LTD.}

^{Hong Kong}

^{GE TOSHIBA SILICONES (HONG KONG) CO., LTD}

^{Hong Kong}

^{GE OWS KOREA, INC.}

Korea

^{GE APPLIANCES KOREA SERVICES CO., LTD.}

Korea

^{GE SAMSUNG LIGHTING CO., LTD.}

Korea

^{THERMOMETRICS KOREA CO., LTD.}

Korea

^{THERMOMETRICS TECHNOLOGIES LTD.}

Korea

^{GE PLASTICS KOREA LTD}

Korea

^{GE CONSUMER PRODUCTS JAPAN, LTD.}

Japan

^{GE ELANO ASIA LIMITED}

Thailand

^{GE PLASTICS (THAILAND) CO., LTD.}

Thailand

^{GE TOSHIBA SILICONES (THAILAND) LTD}

Thailand

^{BENTLY NEVADA (PHILIPPINES) CORPORATION}

Philippines

^{GE ENERGY (SINGAPORE) PTE. LTD.}

^Singapore

^{GE (USA) CONTROLS PRIVATE LIMITED}

^Singapore

^{GE POLYMERSHAPES SINGAPORE PTE LTD}

^Singapore

^{GE INFRASTRUCTURE (SHANGHAI) CO. LTD.}

China

^{GE QUARTZ (CHINA) CO. LTD}

China

^{GE INSPECTION TECHNOLOGIES JAPAN CORP.}

Japan

^{GE VIETNAM LTD}

Vietnam

^{GE HEALTHCARE PTE LTD}

Singapore

^{EST (DONGGUAN) ELECTRONICS & FIRE ALARM EQUIPMENT}

China

^{GE ENERGY SHENYANG CO LTD}

China

^{GE HANGWEI MEDICAL SYSTEMS CO LTD}

China

^{NEW CHINA CONTROL SYSTEMS LTD}

China

^{XIN HUA CONTROL ENGINEERING CO. LTD}

China

^{GE (SHANGHAI) TRADING CO. LTD}

China

^{GE HEALTHCARE LIMITED}

^{New Zealand}

^{GE HEALTHCARE BIO-SCIENCES (NZ) LIMITED}

New Zealand

^{GE ENERGY KOREA LTD}

Korea

^{GE SENSING KOREA LTD}

Korea

^{POWER O & M CO. LTD}

Korea

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 01/08/2006}

^{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 640,498,023 2,600,000 -}

^{Intangible Fixed Assets: 15,858,058 15,892,639 17,576,488}

^{Tangible Fixed Assets: 4,473,751 4,333,906 5,000,528}

^{Investments 894,893,756 831,208,008 765,965,146}

^{Total Fixed Assets: 1,555,723,588 854,034,553 791,342,162}

^{Inventories: 23,173,211 46,099,510 41,466,604}

^{Receivables: 49,637,093 60,096,544 65,093,360}

^{Cash,Banks, Securitis: 16,298,249 4,846,865 4,467,991}

^{Other current assets: 125,270,227 411,212,549 459,109,524}

^{Total Current Assets: 214,378,780 522,255,468 570,137,479}

^{TOTAL ASSETS: 1,770,102,368 1,376,290,021 1,361,479,641}

^{--- LIABILITIES}

^{Equity capital: 12,881,250 12,881,250 12,881,250}

^{Reserves: 1,659,643,660 1,276,117,347 1,103,554,915}

^{TOTAL EQUITY: 1,672,524,910 1,288,998,597 1,116,436,165}

^{L/T deffered taxes: 2,075,412 1,369,268 1,815,320}

^{Other long term Liab.: 8,083,533 - -}

^{Total L/T Liabilities: 10,158,945 1,369,268 1,815,320}

^{Trade Creditors: 74,119,918 71,418,622 62,591,590}

^{Provisions: 10,747,744 11,029,677 8,731,254}

^{Other Short term Liab.: 2,550,851 3,473,857 171,905,312}

^{Total short term Liab.: 87,418,513 85,922,156 243,228,156}

^{TOTAL LIABILITIES: 97,577,458 87,291,424 245,043,476}

PROFIT & LOSS ACCOUNT

^{Net Sales 680,971,722 416,958,822 424,749,548}

^{Result of ordinary operations - - 211,125,841}

^{NET RESULT BEFORE TAX: 413,966,454 209,377,515 245,581,532}

^{Tax : 4,566,741 12,041,435 17,092,688}

^{Net income/loss year: 409,399,713 197,336,080 228,488,844}

^{Interest Paid: 845,848 856,041 1,172}

^{Depreciation: 5,509,959 2,200,023 1,885,764}

^{Dividends: 55,000,000 54,300,000 42,000,000}

^{Wages and Salaries: 69,023,178 57,855,136 49,420,321}

^{Financial Income: - - 2,429,130}

RATIOS

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

^{Turnover per employee: 1777994.05 1088665.33 1109006.65}

^{Net result / Turnover(%): 0.60 0.47 0.54}

^{Stock / Turnover(%): 0.03 0.11 0.10}

^{Net Margin(%): 60.12 47.33 53.79}

^{Return on Equity(%): 24.48 15.31 20.47}

^{Return on Assets(%): 23.13 14.34 16.78}

^{Dividends Coverage: 7.44 3.63 5.44}

^{Net Working capital: 126960267.00 436333312.00 326909323.00}

^{Cash Ratio: 0.19 0.06 0.02}

^{Quick Ratio: 0.75 0.76 0.29}

^{Current ratio: 2.45 6.08 2.34}

^{Receivables Turnover: 26.24 51.89 55.17}

^{Leverage Ratio: 0.06 0.07 0.22}

^{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 29.75% FROM US$1,288,998,597 IN FY 2004 TO US$1,672,524,910 IN FY 2005. THIS WAS DUE TO HIGHER RESERVES OF US$1,659,643,660 (2004: US$1,276,117,347); A RISE OF 30.05% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 84.79% (2004: 83.12%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$74,119,918 (2004: US$71,418,622). THE BREAKDOWN IS AS FOLLOWS:}

^{-TRADE PAYABLES AND ACCRUED OPERATING EXPENSES - 2005: US$20,394,995 (2004: US$18,209,709)}

^{-RELATED CORPORATIONS - 2005: US$53,724,923 (2004: US$53,208,913)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY OTHER LONG-TERM LIABILITIES WHICH MADE UP 79.57% (2004: -) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$8,083,533 (2004: -). THE BREAKDOWN IS AS FOLLOWS:}

^{LIABILTIES CLASSIFIED AS HELD FOR SALE:}

^{-TRADE AND OTHER PAYABLES - 2005: US$440,287}

^{-RELATED CORPORATIONS - 2005: US$7,643,246}

^{IN ALL, LEVERAGE RATIO FELL FROM 0.07 TIMES TO 0.06 TIMES AS A RESULT OF A GREATER RELATIVE RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE, THOUGH DECLINING AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 2.45 TIMES, DOWN FROM 6.08 TIMES AND QUICK RATIO FELL TO 0.75 TIMES FROM 0.76 TIMES IN FY 2004. NET WORKING CAPITAL FELL BY 70.90% FROM US$436,333,312 IN FY 2004 TO US$126,960,267.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{CASH AND CASH EQUIVALENTS INCLUDE FUNDS IN THE CASH POOL OF THE COMPANY MANAGED BY THE COMPANY AS PART OF THE CASH MANAGEMENT AND TREASURY ACTIVITIES OF US$14,507,844 (2004: US$577,577). THE CASH POOLS BEAR INTEREST RANGING FROM 2.31% TO 4.30% (2004: 0.86% TO 2.21%) PER ANNUM.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 63.32% FROM US$416,958,822 IN FY 2004 TO US$680,971,722 AND NET PROFIT ROSE BY 1.07 TIMES TO US$409,399,713 (2004: US$197,336,080). HENCE, NET MARGIN ROSE TO 60.12% (2004: 47.33%).}

^REVENUE:

^{-SALES, DISTRIBUTION AND SERVICE - 2005: US$287,817,644 (2004: US$224,149,571)}

^{-MANAGEMENT SERVICE FEES - 2005: US$3,212,285 (2004: US$3,566,520)}

^{-INTEREST FROM CASHPOOL ACTIVITIES - 2005: US$13,526,814 (2004: US$3,904,963)}

^{-INCOME FROM CASHPOOL ACTIVITIES - 2005: US$468,569 (2004: US$259,576)}

^{-INTEREST FROM LOANS TO RELATED COMPANIES - 2005: US$7,114,014 (2004: US$6,149,680)}

^{-DIVIDEND INCOME - 2005: US$368,832,396 (2004: US$178,928,512)}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, ITS INTEREST COVERAGE WAS HEALTHY CONSIDERING THAT ITS INTEREST EXPENSES WERE LOW AT US$845,848 IN FY 2005 (2004: US$856,041).}

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE CLASSIFIED UNDER PRELIMINARY:}

^{-LOANS OWING BY RELATED CORPORATIONS - 2005: US$582,600,000 (2004: US$2,600,000)}

^{ASSETS CLASSIFIED AS HELD FOR SALE}

^{-PROPERTY, PLANT AND EQUIPMENT - 2005: -}

^{-INTANGIBLE ASSETS - 2005: US$742,213}

^{-INVENTORIES - 2005: US$40,540,635}

^{-AMOUNT DUE FROM RELATED CORPORATIONS (TRADE) - 2005: US$16,615,175}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{ASSETS/LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS}

^{A DISTRIBUTION CENTRE, PART OF THE MEDICAL DIVISION, IS PRESENTED AS HELD FOR SALE FOLLOWING THE AGREEMENT ENTERED BETWEEN THE COMPANY AND ITS RELATED CORPORATION ON 1 JANUARY 2006 TO SELL THIS DIVISION ON 1 JANUARY 2006 DUE TO ITS REGIONAL RESTRUCTURING EXERCISE. AT 31 DECEMBER 2005, THE DISPOSED DIVISION COMPRISED ASSETS OF US$57,898,023 LESS LIABILITIES OF US$8,083,533.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 04/03/1970 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A.) PRIVATE LIMITED ".}

^{SUBSEQUENTLY, ON 23/05/1990, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "GE PACIFIC PRIVATE LIMITED".}

^{AS AT 18/05/2007, THE COMPANY HAS ISSUED AND PAID UP OF 31,482,709 SHARES OF VALUE S$31,482,709.}

^{PRINCIPAL ACTIVITIES:}

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

^{1. OTHER INVESTMENT HOLDING COMPANIES; INVESTMENT HOLDING COMPANIES}

^{2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); SALES, DISTRIBUTION AND SERVICE OF GE PRODUCTS}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF AN INVESTMENT HOLDING COMPANY, THE PROVISION OF MANAGEMENT AND OPERATIONAL HEADQUARTERS SERVICES, FINANCIAL AND TREASURY SERVICES TO RELATED CORPORATIONS AND SALES, DISTRIBUTION AND SERVICE OF GE PRODUCTS.}

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

^BACKGROUND:

^{THE SUBJECT IS PART OF THE GE GROUP.IT IS A DIVERSIFIED TECHNOLOGY, MEDIA AND FINANCIAL SERVICES COMPANY.}

^{SINGAPORE AND SOUTH EAST ASIA BUSINESS INCLUDES:}

^{* CONSUMER FINANCE}

^{* COMMERCIAL FINANCE WHICH PROVIDES SME AND ENTERPRISE FINANCING SOLUTIONS}

^{* GE HEALTHCARE}

^{* CNBC ASIA-PACIFIC}

^{* A NUMBER OF KEY GE BUSINESSES HAVE THEIR REGIONAL HEADQUARTERS IN SINGAPORE WHERE THEY DIRECT THE COMPANY'S OPERATIONS IN SOUTHEAST ASI AND IN SOME CASES, THE ENTIRE ASIA PACIFIC BASIN.}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES:}

^{* SINGAPORE INTERNATIONAL CHAMBERS OF COMMERCE}

^{* AMERICAN CHAMBER OF COMMERCE}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 29/05/2007.}

^{THE IMMEDIATE AND ULTIMATE HOLDING COMPANY IS GENERAL ELECTRIC COMPANY, INCORPORATED IN THE UNITED STATES OF AMERICA.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE 2004: 383; 2003: 361; 2002: 384)}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{240 TANJONG PAGAR ROAD}

^{#12-00 GE TOWER}

^{SINGAPORE 088540}

^{- DATE OF CHANGE OF ADDRESS: 20/09/1999}

^{OTHER BUSINESS ADDRESSES:}

^{240 TANJONG PAGAR ROAD}

^{#02-00 GE TOWER}

^{SINGAPORE 088540}

^{- THE SUBJECT OCCUPIES THE WHOLE BUILDING.}

^{23 BENOI ROAD}

^{SINGAPORE 629895}

^{- GE PLASTICS}

YOUR PROVIDED ADDRESS:

298 TIONG BAHRU ROAD

#15-01/06 CENTRAL PLAZA

SINGAPORE 168730

- GE HEALTHCARE

^WEBSITE:

^{http://www.ge.com/sg}

^EMAIL:

^-

MANAGEMENT

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

^{1) STEPHEN ARTHUR MALOY, AN AMERICAN}

^{- BASED IN CHINA.}

^{2) RUBY CHEAH, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{GENERAL ELECTRIC (USA) CONTROLS PTE LTD}

^{GE MOTORS PRIVATE LIMITED}

^{GE AVIATION SERVICE OPERATION PTE LTD}

^{GE PLASTICS SINGAPORE PRIVATE LIMITED}

^{GE SUPPLY ASIA PTE LTD}

^{AIRFOIL TECHONOLOGIES SINGAPORE PTE LTD}

^{GE FANUC AUTOMATION ASIA PACIFIC PTE LTD}

^{AIRFOIL TECHNOLOGIES INTERNATIONAL INC}

^{AIRFOIL TECHONOLOGIES PTE LTD}

^{GE CAPITAL SERVICES PTE LTD}

^{3) LOW TOCK CHEONG, A SINGAPOREAN}

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

^{4) MAUREEN LEE YOKE YING, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{GE CAPITAL SERVICES PTE LTD}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

SINGAPORE’S ECONOMY GREW BY 6.6% IN 4Q 23006, AFTER A 7.0% GROWTH IN 3Q 2006. THE GROWTH MOMENTUM, ON AN ANNUALISED QUARTER-TO-QUARTER BASIS, DOUBLED TO 7.9% IN 4Q 2006, FROM 3.9% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL-YEAR REAL GDP GROTH TO 7.9%, HIGHER THAN THE 6.6% GROWTH IN 2005.

THE MANUFACTURING SECTOR GREW AT A MORE MODEST PACE OF 7.7% IN 4Q 2006, AFTER A 9.5% EXPANSION IN 3Q 2006. THIS WAS DUE MAINLY TO A FALL IN THE OUTPUT OF THE ELECTRONICS AND CHEMICALS CLUSTERS, AND SLOWER GROWTH IN THE PRECISION ENGINEERING CLUSTER. GROWTH IN THE TRANSPORT ENGINEERING CLUSTER EASED BUT REMAINED STRONG. MEANWHILE, THE BIOMEDICAL MANUFACTURING CLUSTER ACCELERATED FROM A GROWTH OF 4.7% IN 3Q 2006 TO 27% IN 4Q 2006. FOR THE WHOLE YEAR, THE MANUFACTURING SECTOR GREW BY 12%, UP FROM 9.5% IN 2005, SUPPORTED BY STRONGER PERFORMANCES IN THE TRANSPORT ENGINEERING, BIOMEDICAL

MANUFACTURING AND PRECISION ENGINEERING CLUSTERS.

THE WHOLESALE AND RETAIL TRADE SECTOR EXPANDED 6.9% IN 4Q 2006, BUT ITS GROWTH MOMENTUM WAS DOWN BY 3.5%. THE WHOLESALE SEGMENT MODERATED, WITH GROWTH OF NON-OIL RE-EXPORTS HALVED FROM 13% IN 3Q 2006 TO 6.3% IN 4Q 2006. PERFORMANCE OF THE RETAIL SEGMENT IMPROVED FURTHER AS RETAIL SALES WENT UP 7.9% IN 4Q 2006, COMPARED TO 5.2% IN THE PREVIOUS QUARTER. OVER 2006, THE WHOLESALE AND RETAIL SECTOR EXPANDED STRONGLY BY 10%, UP FROM 9.6% IN 2005.

THE FINANCIAL SERVICES SECTOR EXPANDED BY 11% IN 4Q 2006, AFTER GROWING BY 7.4% FROM THE PREVIOUS QUARTER. THE EXPANSION WAS BROAD-BASED ACROSS MOST SEGMENTS. IN PARTICULAR, THE STOCK TRADING SEGMENT ENJOYED A SHARP INCREASE IN ACTIVITY DURING THE QUARTER. FUND MANAGEMENT, ASIAN CURRENCY UNITS, AND FOREX SEGMENTS ALSO REGISTERED STRONG GROWTH IN 4Q 2006. THE STRONG PERFORMANCE IN THE FINAL QUARTER BROUGHT THE SECTOR’S FULL-YEAR GROWTH TO 9.2%, HIGHER THAN THE 7.6% GAIN IN 2005.

THE CONSTRUCTION SECTOR CONTINUED TO EXPAND BY 4.7%, FOLLOWING 5.8% IN 3Q 2006. GROWTH MOMENTUM ON A SEASONALLY ADJUSTED QUARTER-ON-QUARTER BASIS REMAINED STRONG AT 12%. CERTIFIED PAYMENTS GREW SLIGHTLY BY 0.7%, DOWN FROM 9.8% IN 3Q 2006. CONTRACTS AWARDED DIPPED 8.0% IN 4Q 2006 AFTER A RISE IN GROWTH IN THE PREVIOUS QUARTER. FOR THE YEAR, THE SECTOR GREW BY 2.7%, UP FROM 0.7% IN 2005.

THE HOTELS AND RESTAURANTS SECTOR CONTINUED TO STRENGTHEN IN 4Q 2006 WITH A 6.1% INCREASE FOLLOWING A 4.4% GROWTH IN 3Q 2006. VISITOR ARRIVALS ROSE 8.4% COMPARED WITH 4.5% IN THE PREVIOUS QUARTER. THIS HELPED TO RAISE THE AVERAGE OCCUPANCY RATE OF HOTELS TO 88% IN 4Q 2006, COMPARED TO 85% A YEAR EARLIER. HOTEL ROOM REVENUES WENT UP 12% AFTER A 28% INCREASE IN 3Q 2006. FOR THE YEAR AS A WHOLE, THE SECTOR GREW BY 5.1%, UP FROM 4.3% IN 2005, ON THE BACK OF A RECORD 9.7 MILLION VISITOR ARRIVALS.

THE FINANCIAL SERVICES SECTOR EXPANDED BY 11% IN 4Q 2006, AFTER GROWING BY 7.4% A QUARTER EARLIER. THE EXPANSION WAS BROAD-BASED ACROSS MOST SEGMENTS. IN PARTICULAR, THE STOCK TRADING SEGMENT ENJOYED AN INCREASE IN ACTIVITY DURING THE QUARTER. FUND MANAGEMENT, ASIAN CURRENCY UNITS, AND FOREX SEGMENTS ALSO REGISTERED STRONG GROWTH IN 4Q 2006. THE STRONG PERFORMANCE IN THE FINAL QUARTER BROUGHT THE SECTOR’S FULL-YEAR GROWTH TO 9.2%, HIGHER THAN THE 7.6% GAIN IN 2005.

THE TRANSPORT AND STORAGE SECTOR INCREASE BY 4.0% IN 4Q 2006, SAME AS THE PREVIOUS QUARTER. WITHIN THE SECTOR, THE AIR TRANSPORT SEGMENT TURNED IN BETTER PERFORMANCE WHILE THE WATER TRANSPORT SEGMENT MODERATED. SLOWER GROWTH WAS SEEN IN BOTH SEA CARGO AND AIR CARGO HANDLED. MEANWHILE, GROWTH IN AIR PASSENGERSHANDLED AND CONTAINER THROUGHPUT IMPROVED COMPARED TO 3Q 2006. OVERALL, THE TRANSPORT AND STORAGE SECTOR EXPANDED 4.3% IN 2006, SIMILAR TO THE 4.2% IN 2005.

THE INFORMATION AND COMMUNICATIONS SECTOR POSTED A BETTER PERFORMANCE IN 4Q 2006 WITH A GROWTH OF 6.0%, FOLLOWING A 3.6% GAIN IN 3Q 2006. THE NUMBER OF BROADBAND SUBSCRIBERS CONTINUED TO REGISTER DOUBLE-DIGIT GROWTH IN THE QUARTER. INTERNATIONAL TELEPHONE CALL DURATION AND THE NUMBER OF MOBILE PHONE SUBSCRIBERS GREW AT A FASTER PACE COMPARED TO THE PREVIOUS QUARTER. THE SECTOR EXPANDED BY 4.6% DURING THE YEAR, COMPARED TO 5.5% IN 2005.

THE BUSINESS SERVICES SECTOR ROSE BY 5.4% IN 4Q 2006, FOLLOWING A 5.1% GAIN IN THE PREVIOUS QUARTER. THE EXPANSION IN THE SECTOR WAS DRIVEN BY ACTIVITIES IN THE CONSULTANCY, ARCHITECTURAL & ENGINEERING AND BUSINESS REPRESENTATIVE OFFICES AS WELL AS REAL ESTATE SEGMENT. FOR THE YEAR AS A WHOLE, THE BUSINESS SERVICES SECTOR INCREASED BY 5.8%, SIMILAR TO THE 5.9% GROWTH ACHIEVED IN 2005.

APART FROM WHOLESALE AND RETAIL TRADE, ALL SECTORS EXPERIENCED POSITIVE GROWTH MOMENTUM IN 4Q 2006. FOR 2006 AS A WHOLE, ALL SECTORS REGISTERED GROWTH, LED BY MANUFACTURING, WHOLESALE & RETAIL TRADE AND FINANCIAL SERVICES.

OUTLOOK

THE OUTLOOK FOR THE ECONOMY IS GENERALLY POSITIVE ALTHOUGH THERE ARE SOME DOWNSIDE RISKS. THE AVIAN FLU PANDEMIC TREAT HAS RESURFACED AS A GROWING NUMBER OF COUNTRIES REPORTED CASES OF INFECTION IN BIRDS IN RECENT WEEKS. OTHER UNCERTAINTIES INCLUDE THE DISORDERLY UNWINDING OF GLOBAL IMBALANCES, TERRORISM AND THE VULNERABILITY OF OIL PRICES TO SUPPLY SHOCKS. AS A RESULT, THE ECONOMIC GROWTH FORECAST FOR 2007 IS BEING RAISE FROM 4.0% TO 6.0% TO 4.5% TO 6.5%.

REAL ESTATE DEVELOPERS AND AGENTS AND 73% OF THE REAL ESTATE FIRMS ARE THE MOST OPTIMISTIC. THIS SECTOR IS EXPECTING TO DO WELL IN THE FIRST HALF OF 2007.

THE MANUFACTURING SECTOR IS CAUTIOUSLY OPTIMISTIC ABOUT BUSINESS SITUATIONS IN THE NEXT SIX MONTHS OF 2007.

WITHIN THE FINANCIAL SERVICES INDUSTRY, 46% OF THE FIRMS, INCLUDING COMPANIES ENGAGED IN BANKING AND FINANCE, STOCK, SHARE AND BOND BROKERAGE, FUND MANAGEMENT AND INSURANCE ACTIVITIES, ANTICIPATED HIGHER LEVELS OF BUSINESS ACTIVITIES IN THE FIRST 6 MONTHS.

IN THE BUSINESS SERVICES INDUSTRY, 27% OF THE FIRMS EXPECTS BUSINESS TO PICK UP DURING THE FIRST HALF OF THE YEAR. IN PARTICULAR, FIRMS ENGAGED IN ACCOUNTING, ARCHITECTURAL AND ENGINEERING, ADVERTISING AND SECURITY SERVICES AND THE RENTING OF CONSTRUCTION AND INDUSTRIAL MACHINERY FORESEE HIGHER DEMAND FOR THEIR SERVICES.

WITHIN THE CATERING TRADE INDUSTRY, 31% OF THE FIRM EXPRESSES POSITIVE BUSINESS SENTIMENTS. MOST HOTELIERS EXPECTS TO DO WELL IN THE FIRST HALF, IN ANTICIPATION OF HIGHER TOURIST ARRIVALS AND OCCUPANCY RATE.

RETAILERS, PARTICULARLY DEPARTMENT STORES OWNERS AND RETAILER OF FURNITURE AND FURNISHINGS, PREDICTS BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS.

WHOLESALERS ARE GENERALLY LESS OPTIMISTIC ABOUT THE BUSINESS ENVIRONMENT. IN PARTICULAR, DEALERS OF JEWELLERY AND WATCHES, INDUSTRIES MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

ALSO, TRANSPORT AND COMMUNICATIONS INDUSTRY IS LESS POSITIVE ABOUT THE BUSINESS OUTLOOK. SHIPPING LINES EXPECT SLOWER BUSINESS IN THE FIRST HALF DUE TO SEASONAL FACTORS. IN CONTRAST, FIRMS PROVIDING POST AND COURIER SERVICES FORESEE MORE FAVOURABLE CONDITIONS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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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