MIRA INFORM REPORT

 

Preliminary report

 

 

Report Date :           

19.05.2012

 

IDENTIFICATION DETAILS

 

Name :

JOHNSON CONTROLS (S) PTE. LTD.

 

 

Registered Office :

10 Upper Aljunied Link #08-00 Johnson Controls Building Singapore 367904

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

14.12.1982

 

 

Com. Reg. No.:

198205221M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Building Engineering Services

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Very Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Exists

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com  while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

JOHNSON CONTROLS (S) PTE. LTD.

Registration No

:

198205221M

Date of Registration

:

14/12/1982

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 UPPER ALJUNIED LINK #08-00 JOHNSON CONTROLS BUILDING SINGAPORE 367904

Date of Change of Address

:

06/11/2006

Contact No.

:

6748 0202

Fax No.

:

6743 4420

Website

:

www.johnsoncontrols.com

Registered Activities

:

1. GENERAL BUILDING ENGINEERING SERVICES

SUPPLY, INSTALLATION AND SERVICING OF BUILDING SOLUTIONS; MARINE

2. COMMERCIAL AND INDUSTRIAL REAL ESTATE MANAGEMENT

REAL ESTATE MANAGEMENT AND OTHER RELATED SERVICES

Issued Ordinary Capital*

:

$11,923,658.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 11,923,658

Issued Preference Capital

:

$900,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 1,000

Paid-Up Ordinary Capital

:

$11,923,658.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$900,000.00 SINGAPORE, DOLLARS

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 267,521,390.00 (FY2010)

Net Worth

:

SGD - SIN 75,272,917.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

8

S1000 / SME 500 / FG50 Ranking

:

952 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

837 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

1316 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

1595 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003)

1519 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

42.33% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

JOHNSON CONTROLS HOLDING (S) PTE. LTD.

SHAREHOLDER ID

:

199602432R

NATIONALITY

:

SINGAPORE

ADDRESS

:

47 SCOTTS ROAD #17-03/04 GOLDBELL TOWERS SINGAPORE 228233

NO. OF ORD SHARES

NO. OF PREF SHARES

:

11,923,658

1,000

% OF SHAREHOLDING

:

100%

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

JEROME DENNIS OKARMA

ADDRESS

:

1109 EAST LEXINGTON BOULEVARD WHITEFISH BAY, WISCONSIN 53217, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

03/04/1991

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

023422375

 

NAME

:

R BRUCE MCDONALD

ADDRESS

:

3553 N. SHEPARD AVENUE, SHOREWOOD MILWAUKEE, WI 53211, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

31/03/2008

NATIONALITY

:

CANADIAN

I/C PASSPORT

:

BD119822

 

NAME

:

WU YUIT MAY, HELEN

ADDRESS

:

12 PARK VILLAS RISE SINGAPORE 545396

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1417541E

 

NAME

:

SOREN BJERG

ADDRESS

:

96A CORONATION ROAD WEST SINGAPORE 269314

POSITION

:

DIRECTOR

DATE OF APPT

:

28/02/2006

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2734292B

 

NAME

:

WOO MAY POH

ADDRESS

:

2 ROCHOR ROAD #05-590 ROCHOR CENTRE SINGAPORE 180002

POSITION

:

SECRETARY

DATE OF APPT

:

01/03/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7128630D

 

NAME

:

LEE WEI HSIUNG

ADDRESS

:

633 JURONG WEST STREET 65 #10-310 SINGAPORE 640633

POSITION

:

SECRETARY

DATE OF APPT

:

25/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7927166G

 

 

KEY PERSONNEL PROFILE

 

Name:

JEROME DENNIS OKARMA

NRIC Number:

023422375

Available Address:

1109 EAST LEXINGTON BOULEVARD WHITEFISH BAY, WISCONSIN 53217, USA

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

JOHNSON CONTROLS (S) PTE. LTD.

DIRECTOR

03/04/1991

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

JOHNSON CONTROLS IFM PTE LTD

STRUCK OFF

DIRECTOR

29/09/1993

-

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 8 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

4

High (>$250,000)

0

2

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

414

 

Date of Filing

:

10/04/2002

 

Amount

:

334,700.00

 

Cause

:

Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NG CHEE ENG

 

Last Update Date

:

23/01/2006

 

2)

Court

:

District Court

 

Case No.

:

1153

 

Date of Filing

:

20/03/2003

 

Amount

:

95,790.00

 

Cause

:

Good Sold And Delivered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SECURITY PRO-TELCO PTE LTD

 

Last Update Date

:

30/01/2008

 

3)

Court

:

District Court

 

Case No.

:

1936

 

Date of Filing

:

08/05/2003

 

Amount

:

61,199.97

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

JAY-TECH MARINE & PROJECTS PTE. LTD.

 

Last Update Date

:

30/01/2008

 

4)

Court

:

District Court

 

Case No.

:

5718

 

Date of Filing

:

15/12/2003

 

Amount

:

89,780.64

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FERCO SHUTTERS PTE LTD

 

Last Update Date

:

30/01/2008

 

5)

Court

:

Magistrate Court

 

Case No.

:

13614

 

Date of Filing

:

03/06/2004

 

Amount

:

SGD 50,200.00

SGD 45,000.00

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KINETIC PRODUCTS PTE LTD

 

Last Update Date

:

24/07/2008

 

6)

Court

:

Magistrate Court

 

Case No.

:

22561

 

Date of Filing

:

16/09/2004

 

Amount

:

51,324.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

STRATECH SYSTEMS LIMITED

 

Last Update Date

:

24/07/2008

 

7)

Court

:

Supreme Court

 

Case No.

:

543

 

Date of Filing

:

23/08/2007

 

Amount

:

318,995.00

 

Cause

:

Building and Construction Law

 

Case Status

:

CONCLUDED

 

Plaintiff

:

QPM ENGINEERING PTE. LTD

 

Last Update Date

:

24/07/2008

 

8)

Court

:

District Court

 

Case No.

:

2972

 

Date of Filing

:

21/08/2009

 

Amount

:

144,000.00

 

Cause

:

Contract - Sale Of Goods

 

Case Status

:

PENDING

 

Plaintiff

:

TRIDENT OFFSHORE ENGINEERING PTE LTD

 

Last Update Date

:

24/08/2009

 

COMPLIANCE

 

Date of Last AGM

:

21/03/2011

Date of Last AR

:

24/03/2011

Date of A/C Laid At Last AGM

:

30/09/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

SEP 2010

% Change

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

267,521,390

23.69

216,276,039

98,179,203

72,231,774

65,190,294

Profit/(Loss) Before Tax

26,397,994

0.93

26,155,502

7,505,157

8,938,046

(1,630,249)

Profit After Tax attributable to Shareholders

20,873,508

-8.09

22,711,783

6,324,605

7,559,303

(1,287,764)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

154,287,886

58.98

97,051,528

108,742,896

49,713,793

74,236,161

Current Assets

152,391,852

59.74

95,399,564

107,134,921

49,090,578

73,412,819

Non Current Assets

1,896,034

14.77

1,651,964

1,607,975

623,215

823,342

 

 

 

 

 

 

 

Total Liabilities

79,014,969

85.25

42,652,119

77,055,270

24,350,772

56,432,443

Current Liabilities

79,014,969

85.25

42,652,119

77,055,270

24,350,772

56,432,443

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

75,272,917

38.37

54,399,409

31,687,626

25,363,021

17,803,718

Share Capital

12,823,658

0.00

12,823,658

12,823,658

12,823,658

2,400,000

Total Reserves

62,449,259

50.21

41,575,751

18,863,968

12,539,363

15,403,718

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

SEP 2010

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

23.69

120.29

35.92

10.80

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

7.80

10.50

6.44

10.47

-1.98

Return on Equity (%)

27.73

41.75

19.96

29.80

-7.23

Return on Assets (%)

13.53

23.40

5.82

15.21

-1.73

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.05

0.78

2.43

0.96

3.17

Current Debt/Equity (Times)

1.05

0.78

2.43

0.96

3.17

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.05

1.78

3.43

1.96

4.17

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.73

2.23

0.90

1.45

0.88

Fixed Assets Turnover (Times)

141.10

130.92

61.06

115.90

79.18

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.93

2.24

1.39

2.02

1.30

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 42.33% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 7.80 per cent in FY10 (FY09: 10.50 per cent). The company is now able to book in SGD - SIN 0.08 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.11 a year ago.

 

Liquidity

Current ratio stood at 1.93 times in FY10 (FY09: 2.24 times). This means that the company has SGD - SIN 1.93 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

Leverage

Total debt-to-equity ratio notched 1.05 times in FY10, as compared with 0.78 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.05 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 27.73 per cent for Subject in the current financial period, as compared to 41.75 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 13.53 per cent (FY09: 23.40 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.73 times in FY10 (FY09: 2.23 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.86.46

Euro

1

Rs.69.49

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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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